MONDAY 10TH MAY 2021 by THISDAY Newspapers Ltd

FG Mulls Extension of Petrol Parity Fund to Gas Supply Nationwide Emmanuel Addeh in Abuja The federal yesterday indicated that it is considering extending the current equalisation scheme in the petrol supply system in the country to the movement of gas across the country to make the product

more available and accessible to Nigerians. Speaking yesterday during an interactive session with energy correspondents in Abuja, the Executive Secretary, Petroleum Equalisation Fund (PEF) Management Board, Mr Ahmed Bobboi, noted that

when the policy becomes functional, it will help tackle inflation associated with increases in gas products. PEF's main function is to ensure price uniformity of petroleum products via the reimbursement of marketers for trucking products to filling

stations anywhere in Nigeria. The executive secretary stated that the scheme had yet to fully take off because the government was still propagating the use of gas as an alternative fuel and was yet to get its full adoption by the majority of Nigerians.

of the Petroleum Industry Bill (PIB) which will clearly spell out the new functions of the PEF, stressing that whatever role is assigned the petrol equalisation board will determine the next line

He noted that 2021 to 2030 had been declared as the “Decade of Gas”, explaining that a lot of consultations were still ongoing with all relevant agencies to make the proposal become a reality. Bobboi stated that the policy was also awaiting the passage

Continued on page 11

APC, PDP Trade Words over Review of Payroll... Page 10 Monday 10 May, 2021 Vol 26. No 9527. Price: N250

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FG, Govs Table Revenue-sharing Model to End Financial Autonomy Dispute States to set up revenue allocation committees New system takes effect 45 days after agreement Onyebuchi Ezigbo in Abuja The federal government and governors of the 36 states of the federation have agreed on a revenue-sharing formula

to resolve the raging dispute over the full implementation of financial autonomy for state judiciaries and legislatures. If the agreement is accepted by judicial and parliamentary

workers, who have been on a strike for over one month to press home their demands for financial autonomy for the two arms of government in the 36 states of the federation,

funds from the Federation Account due to each state are to be jointly shared among the executive, legislature and judiciary in each state. The new proposal, which

was given to the leadership of both the Judiciary Staff Union of Nigeria (JUSUN) and Parliamentary Staff Association of Nigeria (PASAN) at a conciliatory

meeting last Thursday in Abuja, seeks to replicate the federal revenue-sharing structure in the states. Continued on page 11

Buhari Mourns Victims of Insecurity, Condemns Nationwide Bloodletting Bandits kill 11, injure three in Kaduna, Katsina Deji Elumoye in Abuja, John Shiklam in Kaduna, Emmanuel Ugwu-Nwogo in Umuahia and Dike Onwuamaeze in Lagos President Muhammadu Buhari yesterday bemoaned the killings in the country that have worsened the nation’s security challenges. The president, in a statement by his spokesman, Mallam Garba Shehu, condoled with the relatives of those who lost their lives in what he called madness going on nationwide. The killings continued at the weekend as bandits murdered no fewer than 11 persons in Katsina and Kaduna States. Also, gunmen sustained their attacks on police facilities in the South-east as they hit a police station in Umuahia, Abia State capital. Buhari, who called for a lowkey Eid al-Fitr celebration as a

result of the global COVID-19 pandemic said: "As Muslims in Nigeria join others globally in preparations towards Eid al-Fitr, a day that is celebrated to mark the end of Ramadan, the month of fasting, President Buhari has directed that all celebrations are limited due to the global Coronavirus crisis. "To this end, the president, first family, his personal aides, members of the cabinet and service chiefs who choose to remain in Abuja will congregate in full compliance with COVID-19 protocols at the forecourt of the Presidential Villa, Abuja to observe the Eid prayers by 9:00 am. "Thereafter, there will be no traditional Sallah homage to the president by religious, community and political leaders as was the case last year, the Continued on page 11

PDP Consults Babangida, to Meet Obasanjo, Jonathan, Others...Page 8

FOR SAFER ROADS... L-R: Delta State Governor, Senator Ifeanyi Okowa; Vice President Yemi Osinbajo (SAN); and Obi of Owa Kingdom, Dr. Emmanuel Efeizomor II, during the inauguration of the Federal Road Safety Corps Marshall Inspectorate Training School in Owa-Alero…recently

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NEWS PDP Consults Babangida, to Meet Obasanjo, Jonathan over National Issues Group News Editor Ejiofor Alike

Email Ejiofor.Alike@thisdaylive.com, 08066066268

Chuks Okocha in Abuja Members of the National Working Committee (NWC) of the Peoples Democratic Party (PDP) have met with a former military President, General Ibrahim Babangida (rtd), on the state of the nation. The party chiefs are also billed to meet former Presidents Olusegun Obasanjo and Goodluck Jonathan, as well as a former President of the Senate, Senator David Mark. The party had last week said it would commence consultations with critical stakeholders across the six geo-political zones in furtherance of its democratic efforts to rescue the nation from misrule. The party had added that it was working on templates that would enable it to, within the ambits of laws, further harness suggestions from Nigerians on democratic means to tackle the festering insecurity, guarantee the safety of lives and property as well as restore national stability and cohesiveness. THISDAY gathered that it was in line with this pledge that the NWC led by the PDP National Chairman, Prince Uche Secondus, met with Babangida on the state of the nation in his residence in Minna, Niger State at the weekend. Though there was no official

communication on the outcome of the meeting between the PDP leadership and Babangida, THISDAY gathered that the state of insecurity in Nigeria dominated the discussion. It was also learnt that another issue discussed was what a source privy to the meeting described as the internal affairs of the PDP as a political party. THISDAY was further told that the PDP leadership will this week meet with Obasanjo and Jonathan as well as Mark. The party has also slated to meet former senate presidents, Dr. Bukola Saraki and Anyim Pius Anyim. It was not certain if the meeting between Babangida and the PDP leadership discussed issues on how the presidential candidate of the PDP would emerge as well as the report of the committee led by Bauchi State Governor, Senator Bala Mohammed, that threw open the PDP presidential ticket to all zones. While receiving former Minister of Information and National Orientation and founding National Secretary of the PDP, Prof. Jerry Gana, who recently returned to the party, Secondus had said the main objective of the PDP was to rescue the nation from misrule. “The main objective of the PDP is to rescue our nation

from collapse. Our country is threatened and this is not a joke. We are confronted with

guerrilla warfare and the very foundation of our country is being threatened. That is why

the PDP is leading the charge in seeking a solution to the ugly situation our nation has

been plunged into by the All Progressives Congress (APC),” he said.

MENTORING THE DIASPORA... L-R: Minister of State for Foreign Aﬀairs, Ambassador Zuberu Dada (left), and Chairman, Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa, at the inaugural Diaspora Quarterly lecture Series Webinar in Abuja…weekend

el-Rufai’s Allegation of Persecution Unfounded, Says Jonathan Accuses gov of becoming bitter after losing vice presidential bid Chuks Okocha in Abuja Former President Goodluck Jonathan has described the allegation of persecution made against his administration by Kaduna State Governor, Malam Nasir el-Rufai, as a mere figment of his imagination and concocted to attract cheap attention and undeserving popularity. Jonathan, in a statement by his spokesman, Mr. Reno Omokri, said the allegation by el-Rufai that he was to be arrested in furtherance of the second term bid of the former president was untrue. He said: “Nigerians may recall that Mr. el-Rufai was on a self-imposed exile during the administration of the late great President Umar Musa Yar’Adua. “Mr. el-Rufai only returned to Nigeria on May 5, 2010, the very same day that President

Yar’Adua died. He returned because he believed that under then-President Jonathan the atmosphere was more conducive for him. This is borne out by a Wikileaks’ cable, in which Mr. el-Rufai admitted that former President Jonathan is ‘clean and honest.’ “After this diplomatic cable was published by local and international media on October 8, 2011, Mr. el-Rufai admitted that he indeed made those comments. “Exactly six days after his return, Mr. el-Rufai visited then President Jonathan at the Aso Rock Presidential Villa, on Tuesday, May 11, 2010, and then held a press conference outside the then president’s office, where he made unsolicited comments asking Dr. Jonathan to contest the 2011 elections and said that he would support him.

“After the then President named Mr. Namadi Sambo as his vice president, two days later on May 13, 2010, Mr. el-Rufai became very bitter and made plans to leave the Peoples Democratic Party and began to undermine the Jonathan administration." The statement said despite the governor's anti-government activities, Jonathan declined to move against el-Rufai. He said in keeping with the Jonathan doctrine of having no enemy to fight, he refused to move against el-Rufai. According to the statement, “Security reports received by the then president indicated that Mr. el-Rufai was engaged in provocative activities in order to instigate his own arrest, because he felt it would boost his popularity. “As such, he made several

false and provocative comments that were injurious to Nigeria’s peace, unity and progress, as well as to our good relations with neighbouring nations, including that then-President Jonathan founded and funded Boko Haram to the tune of N50 billion to give Islam a bad name, which Mr. el-Rufai made on September 8, 2014. “That then President Jonathan had gone to the Republic of Chad to plan Boko Haram attacks with the late President Deby, which he made on November 25, 2014. And that he el-Rufai, along with [now president] Buhari, and several other prominent Nigerians were on a hit list of people to be shot and killed by the Jonathan administration, which he made on January 5, 2014." According to the statement, Jonathan resisted the urge to

order el-Rufai's arrest and subsequent prosecution in order not to heighten political tension. It said: “Mr. Nasir el-Rufai worked closely with thenPresident Olusegun Obasanjo, who has described him in his book, My Watch Volume 2, as follows: ‘Nasir’s penchant for reputation savaging is almost pathological. Why does he do it? I recognised his weaknesses; the worst being his inability to be loyal to anybody or any issue consistently for long, but only to Nasir el-Rufai. “He barefacedly lied which he did to me against his colleagues and so-called friends. I have heard of how he ruthlessly savaged the reputation of his uncle, a man who was like, in the African setting, his foster father. I shuddered when I heard the story of what he did to his half-brother in the Air Force who

is senior to him in age.’ “Malam el-Rufai was also exposed as a pathological liar on page 272 of ‘Power, Politics and Death: A Front-row Account of Nigeria Under the late President Umaru Musa Yar’Adua,’ written by former THISDAY Editor and spokesman to President Yar’Adua, Mr. Segun Adeniyi. “Finally, Mr. el-Rufai has been described as ‘a liar’ and fetish person by his former political patron, Alhaji Atiku Abubakar, who he credits with bringing him into the Obasanjo administration. “With such testimonials about his character from people with initiate knowledge of his personality, Nigerians should not be surprised about Mr. el-Rufai’s most recent assertions.” He urged Nigerians to ignore el-Rufai, but to pray for peace, progress and stability of the nation.

Coalition of Civil Societies Call for Mass Action against Buhari May 26 Gboyega Akinsanmi in Lagos and Olawale Ajimotokan in Abuja The Joint Action Civil Society Coalition/Nigeria Mourns has called on Nigerians to participate in a series of mass action across the country on May 26 against the administration of President Muhammadu Buhari to indicate their disavowal with the insecurity sweeping across the country. The coalition of 127 civil society groups issued the statement yesterday titled: State of the Nation: A Call to President Muhammadu Buhari to Stop the Bleeding and Take Action to End the carnage. Some of the notable signatories of the statement with hashtag #NigeriaBleeds included Yiaga Africa, Baobab for Women’s

Human Rights, Centre for Democracy and Development (CDD), West Africa, Action Aid, African Centre for Leadership, Strategy and Development (Centre LSD), African Centre for Media and Information Literacy (AFRICMIL) Alliances for Africa, Bimbo Odukoya Foundation (BOF), Cece Yara Foundation, Centre for Transparency Advocacy (CTA), Centre for Women's Health and Information (CEWHIN), CITAD, TAP N’Itiative, Women in Media and Communications Initiative and Women's Crisis Centre, Owerri. They also urged the public to participate in solemn assemblies across the country to commemorate the 4th National Day of Mourning

and Remembrance of Victims of Mass Atrocities on May 28 as well as boycott all Democracy Day activities on May 29, 2021, in protest against the deplorable state of democracy in the country. The statement was a follow up to the coalition’s last joint statement issued in February 2021, where it catalogued the assortment of mass atrocities plaguing the country, in particular: the unending insurgency in the North East with the military often bearing the brunt of the government’s security failures. In the last statement, it had demanded that the President should step aside if he is not able to fulfil his constitutional duties or, that the National Assembly should initiate impeachment

proceedings against him on grounds of gross misconduct as provided for in Section 143 of the 1999 Constitution of the Federal Republic of Nigeria. “We are appalled to note that despite our strongly-worded statement, President Buhari’s government has failed to heed our call to fulfil his role as Commander in Chief of the Armed Forces and Nigeria’s democratically elected President. We are therefore left with no other option than to take action to drive home our call to the government. “We again call on the Muhammadu Buhari led national government and the state governments to rise up to their constitutional duties as enshrined in S14(2)(b), to ensure the security

and the welfare of all Nigerians, and pull the nation back from the path of destruction,” the coalition demanded. It noted that insecurity has continued to pervade the country after a sharp increase of 43 per cent in mass atrocities in 2020. The coalition noted that: “In the first quarter of 2021 (January to March), we recorded an all-time quarterly high of almost 2,000 fatalities from mass atrocities incidents across the country. This week, across the six geopolitical zones, there were escalated combustions of violence resulting in even more deaths.” It accused the government of meting out attacks and gross injustices against peaceful protesters by the security agents while terrorists who were

carrying out mass murder, rape, maiming and kidnapping on women and children were feted, granted amnesty and paid by the government. The civil societies coalition also pilloried the government for failing to bring to justice herdsmen and their financiers, who are perpetrating an onslaught on unarmed farming communities while also downplaying the criminality of the large scale terrorist attacks in the North-west. It alleged other forms of insecurity to include industrialscale kidnappings all across the country, extrajudicial killings by state security agents in various forms, inter-ethnic violence and menace of political cult gangs and ethnic militia.

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NEWS

APC, PDP Trade Words over Review of Payroll Chuks Okocha and Adedayo Akinwale in Abuja The All Progressives Congress (APC) and the Peoples Democratic Party (PDP) yesterday engaged in a war of words over the plan by the federal government to review the workers’ payrolls in order to cut costs. While the PDP said that intelligence at its disposal indicated that the leaders of the APC recommended the widely condemned move to slash workers’ meagre salaries, the APC described the claim by the main opposition party as comical tales. The PDP in a statement by the National Publicity Secretary, Mr. Kola Ologbondiyan, described as wicked and completely unacceptable that APC leaders could go after workers’ salaries even after their party had endorsed the increase in the cost of fuel, electricity and other tariffs, leading to the steep rise in the cost of food and other essential commodities beyond the reach of millions of Nigerians. According to the PDP, "Our party rejects the baseless argument that the move to cut salaries is necessitated by dwindling revenue to finance the national budget. "Rather than impose more hardship on our workers, the APC and its administration should realign the budget by removing their padded figures as well as end the exposed

looting in the integrated payment system, where trillion of naira are being siphoned through non-existent workers and overheads," it said. The main opposition party said the APC and its administration should return the over N15 trillion stolen by APC leaders from various agencies of government and channel same to governance. It further said that it was distasteful that the APC and the Buhari’s administration were contemplating a salary cut in a country with a paltry N30,000 monthly minimum wage. The PDP said that it found it appalling that at a time leaders of other countries were seeking ways to provide economic stimulus and incentives for their citizens, the APC and the Buhari were rather seeking to cut salaries in a country with frightening 33.3 per cent unemployment rate; where over 60 million citizens had lost their jobs while over 40 million businesses were closed within six years of the APC administration. "Our party cautions that APC and its administration against the proposed salary cut as it will trigger an immediate negative spiral effect, particularly with the escalated cases of terrorism and other social vices, confronting our nation," the PDP said. But in a swift response, the APC has described the PDP

claim on the purported plan to slash workers' salaries as a comical tales. The National Secretary of the Caretaker/Extraordinary Convention Planning Committee, Sen. John Akpanudoedehe, said in a statement issued yesterday in Abuja that the ruling party

was proud of its credentials as a truly progressive and people-centred political party. "The Peoples Democratic Party (PDP) is up to its comical tales on what it terms ‘intelligence at its disposal’ to slash the salaries of workers in the country. Clearly only the PDP believes its tales."

APC added that from President Buhari administration's several social investments programmes targeted at citizens living on the margin; implementation of the improved minimum wage; the Economic Sustainability Plan to the mass housing programme benefitting

thousands, the present government's commitment to the welfare of Nigerian workers had been tested, proven and unmatched. The ruling party stressed that its administration would continue to match words with actions in line with its electoral promises.

FROM EAST TO WEST... Abia State Governor, Dr. Okezie Ikpeazu (left), and Ekiti State Governor, Dr. Kayode Fayemi, during the burial of former Commissioner of Police, Chief Benjamin Olatise (rtd), in Aisegba-Ekiti…weekend

Senate: 60 Agencies Failed to Remit N3tn into Federation Account Ahmed: Affected parastatals now paying back Deji Elumoye in Abuja The Senate has disclosed that no fewer than 60 federal government agencies failed to remit over N3 trillion generated revenue into the Federation Account from 2014 to 2020. This is just as the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said that some of the affected parastatals have started crediting government coffers with the outstanding revenues they generated in the last six years. The Senate Committee on Finance headed by Senator Olamilekan Adeola made the allegation in the course of investigating revenue remittances by MDAs between 2014-2020 and payment of one per cent Stamp Duty on all contract awards by the MDAs within the same period. Although the committee did not categorically mention the agencies involved but

THISDAY findings revealed that almost all the revenuegenerating agencies of the government failed to remit generated fund into the coffers of the government. Adeola explained that over N3 trillion of generated revenue of the government were trapped with the MDAs, which might have spent them on frivolous expenditures contrary to the provisions of the 1999 Constitution of the Federal Republic of Nigeria (As amended) and the 2007 Fiscal Responsibility Act (FRA). The ranking Senator spoke at the weekend when the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; DirectorGeneral of Budget Office, Mr. Ben Akabueze; Auditor General of the Federation, Mr. Idris Ahmed and other heads of agencies appeared before the committee over the ongoing investigation into revenue remittances by

MDAs between 2014 and 2020. According to him, from submissions already made and calculations from the Fiscal Responsibility Commission, about 60 Government Owned Enterprises (GOEs), may have about N3trillion of government revenue still unremitted in their coffers or already spent on frivolous expenditure contrary to the Constitution and Fiscal Responsibility Act, 2007. He said: "The reconciliation done so far by the Office of Accountant General of the Federation is in excess of over a trillion naira going to like two, three trillion Naira or thereabouts and these monies are still hanging in the hands of these agencies and we have asked the office of Accountant General to get the money into the government coffers and we discovered that they are giving them a payment notice without necessarily following up this process. "We have noticed that in

the so-called 80 per cent of operational surplus the agencies refer to, many of these agencies proved frivolous expenditure and they have taken advantage of the current system and refuse to remit this amount as at when due. We tried to audit the account of these agencies year in year out for the past five years and some of the revelation are scaring. How do we explain that an agency of government that has a provision in the budget for Capital, Overhead and Personel, in their audited account, they have gross revenue of N500 million and they are asking for N200 million?". He added that since the commencement of the investigations some agencies have complied with the committee's directive with some of them paying back tens of millions of Naira with receipts to show from the Office of the Accountant

General of the Federation. “There is no gainsaying the fact that if these revenues are paid to the Consolidated Revenue Fund (CRF) for proper appropriation by the parliament during budget considerations, we are going to reduce dramatically the size of our deficit and hopefully, minimise our borrowing. “We cannot continue to run government business as we used to do in this time when there are huge demands for government to fund needed infrastructure and other socioeconomic programmes”. Adeola stressed that the minister and other top officials were invited to get their full buy-in and also brief them on the revelations unearthed by the over fourweek-long investigations with many agencies committing all manner of illegalities relating to the expenditure of government funds that should rightly be paid into the Consolidated Revenue

Fund (CRF). The minister, in her contribution, confirmed that in recent times a good number of agencies have been directed to pay back revenues collected on behalf of federal government as required by the law. Ahmed added that the executive arm of government is also scrutinising the application of the template of calculating and deducting operating surpluses by agencies of government to ensure that the right amount is paid to the government. On his part, the DG, Budget Office, Akabueze clarified that the issue of operating surpluses does not apply to any government agencies that are fully funded by government, stressing that all revenue generated by such agencies must be paid in full into the CRF as it is illegal to spend out of such money without appropriation by the National Assembly.

NASU Urges FG to Halt Planned Slash of Workers’ Salaries Onyebuchi Ezigbo in Abuja The Non-Academic Staff Union of Educational and Associated Institutions (NASU) has described the decision of the federal government to reduce salaries of civil servants as insensitive, provocative and inciting. In statement issued yesterday by the General Secretary of

NASU, Prince Peters A. Adeyemi, it pleaded with President Muhammadu Buhari to have a rethink on the policy direction of his government. It said embarking on a pay-cut at a time, when for the same economic reasons, the United States of America is considering raising its minimum wage to 15 dollars an hour, is not desirable. “To continue on this line

of policy will only provoke Nigerian workers and incite them towards negative actions that may lead to unintended outcomes,” he said. NASU said it viewed the recent pronouncement by the federal government that the government has decided to reduce salaries of federal civil servants as an act of insensitivity, provocative and inciting.

The union said the Minister of Finance Mrs. Zainab Ahmed, was reported to have said on May 4, 2021, at a ‘National Policy Dialogue on Corruption and Cost of Governance in Nigeria’, organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in Abuja that the review of salaries of civil servants and some federal agencies was part of measures

to reduce cost of governance. She was further quoted to have stated that the National Salaries, Incomes and Wages Commission (NSIWC) has been directed to review salaries of civil servants and some federal agencies. NASU observed that President Buhari had refused to yield to the pressure from some individuals in his administration, who have

continued to urge him to retrench workers. It also noted that the administration had continued to pay salaries regularly despite challenges, adding that the act is commendable. The group said the reason given by the Minister of Finance for the policy statement is the desire of the government to reduce cost of governance.

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Army Arrests 13 Suspected Boko Haram Members in Kano Mosque 400 killed in April, says report Dike Onwuamaeze in Lagos and Ibrahim Shuaibu in Kano Troops of the 3rd Brigade of the Nigerian Army in Kano have raided Filin Lazio in Hotoro quarters of Nassarawa Local Government Area of Kano State and arrested 13 suspected members of Boko Haram. The arrest came just as the Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, has estimated that 400 Nigerians were killed in April by suspected Boko Haram insurgents, bandits, herdsmen and other non-state actors. A source, who spoke on condition of anonymity, told journalists yesterday that the military operation in Kano was carried out while the Muslim faithful were breaking their Ramadan fast. "The sudden operation took the residents by surprise and that compelled many of them

to flee the area,” the source said. It was gathered that the targeted mosque belongs to some indigenes of Borno State, who fled the North-east following the intensity of the nefarious activities of Boko Haram insurgents. According to the source, the troops also took away some items from the surroundings of the mosque before whisking away the suspects. The army spokesperson, Captain Njoka Irabor, who confirmed the operation, said he could not give the exact number of suspects arrested. Meanwhile, the Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, has estimated that 400 Nigerians lost their lives due to the activities of the Boko Haram, bandits, herdsmen and other forms of insecurities in April. Rewane, in a report, which he presented at the monthly Lagos Business School’s executive breakfast session for May

predicted that Nigeria’s Gross Domestic Product (GDP) might improve in the second quarter of 2021, while revenue available for sharing by the three tiers of government may hit N700 billion in May. The report also stated that Nigeria went up on the global ranking of terrorist attacks from the fourth position in 2018 to third position in 2020. Rewane said: “The economic losses the country might suffer as a result of the worsening insecurity would include escalating food crisis as farming activities decline, spiralling inflation, loss of new investments and increase in capital flight, no hub status as African Continental Free Trade Area agreement progresses, squeeze incorporate gains and displacement effect and rise in emigration.” He also projected a potential rise in Nigeria’s GDP in the second quarter from 2.5 per cent to above three per cent. “The GDP growth could stall

in Q1 due to the base year effect. But Q2 GDP is estimated at 3.7 per cent mainly due to the resilience of the informal sector, massive vaccination and herd immunity,” he added. He based his projection on historical facts that showed that economic booms follow each post-pandemic era. He said: “Pandemic occurs once in every 100 years. But GDP tends to bounce back after a period of disruptions such as wars and pandemics. Evidence from earlier pandemics suggests that people accumulate savings as spending opportunities decline. “The great lockdown during COVID-19 pandemic is not any different. As the economy recovers and activities increase spending rises, leading to a post-pandemic boom.” Rewane also predicted that the Purchasing Manager Index (PMI) could climb to 55 points in May as economic activities improve and would be supported by better access to foreign exchange

to acquire raw materials. “Total value of transactions fell by 6.3 per cent to N23.19 trillion in April 2021 from N24.75 trillion in March 2021. However, the value of transactions is expected to rise towards N25trillion in May 2021. “Also, on the backdrop of increasing economic activities the FAAC allocation will go up by 12.5 per cent to N681.3billion in April 2021 from N605.59 billion in March 2021 and might hit N700 billion in May 2021. It will be supported by exchange rate gains, VAT and Company Income Tax revenue, imports and excise duty. The rise in the FAAC will temporarily support state and local governments’ financial obligations,” he added. Yet, headline inflation, according to him, could hit 20 per cent in May but would be expected to taper down slightly in Q3 to 17.5 per cent. He said: “Inflation is currently100 per cent above CBN’s nine per cent threshold.

Inflationary pressure will continue to weaken disposable income and manufacturers' profitability and will be beyond the monetary phenomenon in Nigeria. “It is also episodic and will be driven by factors specific to a particular period. These factors are 42 per cent structural, 25 per cent monetary and 30 per cent transient. “Interest rate on treasury bills will continue to rise as 364-day t/bill rates fast approaching 12 per cent per annum in Q2. “Our view is that a $4 billion to $5billion disbursement to the market by the CBN will reduce external reserves by $2 billion to $3billion. It will allow the parallel market to converge towards N470/$ and reduce naira liquidity in the system and push interest rates up at the interbank market by 300-400bps.” He stated that “an approach to the Eurobond market would make Nigeria move towards exchange rate correction.”

But if you are doing all that is provided in the proposed template, there will be no need to invoke the Executive Order," he said. The striking judicial and legislative workers had earlier vowed not to compromise on their demands for the implementation of 1999 Constitution as altered. The workers said last week at a meeting with a federal government team, led by Minister of Labour and Employment, Dr. Chris Ngige, that the issue of financial autonomy for state legislatures and judiciaries was a constitutional provision that did not warrant any negotiation with governors. JUSUN and PASAN had also insisted that the governors must fully implement financial

autonomy for the two arms of government in the 36 states of the federation as guaranteed by the constitution before the strike would be called off. The federal government had also pleaded with the unions to consider the efforts being made to resolve the dispute and suspend their strike to enable the court and legislatures to reopen. Ngige had said last week that progress had been made in about 90 per cent of the issues in dispute. However, the meeting between the federal government team and the leadership of the unions had ended with an agreement that the unions should go and study the government’s proposal before the next meeting, billed for tomorrow.

outfit “Operation Safe Haven.” Also yesterday, gunmen attacked a police station, named after a former InspectorGeneral (IG), Mr. Mike Okiro, in Umuahia. The news of the attack caused pandemonium in the town as churches abruptly ended their services to enable worshippers flee to safety. The Police Public Relations Officer (PPRO) of the state command, Mr. Geoffrey Ogbonna, confirmed the incident while speaking with THISDAY on phone. He said the attack occurred at 9.45 am, adding that the attackers came in a bus and two Sienna SUVs. He stated that a police officer was shot and wounded in the leg during the attack. According to the PPRO, the building was not burnt as the

roof did not catch fire when torched. However, he said the hoodlums invaded the offices and gathered files, documents and furniture and set them ablaze. Also, two vehicles and two motorcycles on the premises were burnt. The attack on the Mike Okiro Police Station was the first such incident in Umuahia although no fewer than four police stations have been razed in the state this year.

FG, GOVS TABLE REVENUE-SHARING MODEL TO END FINANCIAL AUTONOMY DISPUTE THISDAY gathered that under the new template, the governors will establish, within 45 days of the agreement, States Accounts Allocation Committee (SAAC) to share revenues among the executive, the judiciary and the legislature, the same way the Federal Accounts Allocation Committee (FAAC) shares revenue between the federal, states and local government councils. The proposal also stipulates that the Accountant General of the Federation (AGF) will invoke Executive Order 10 against any state that fails to abide by the terms of the agreement. A presidency source told THISDAY at the weekend that among the new offers made to the judiciary and legislative workers by the federal and state governments was a

reassurance that state governors are committed to implementing full financial autonomy for the two arms of government. "They also agreed that they will set up all the structures necessary for the implementation of the financial autonomy, including the budget committee where the judiciaries and state legislatures will forward their expenditure estimates. That will be based on the budget envelope of the projected annual revenue earning for the arms of government as is being done at the federal level," he said. According to the source, when the executive, judiciary and legislature prepare their annual budget estimates, they will forward them to the state House of Assembly for consideration and approvals. "So when the revenue comes

from the federal and the Internally Generated Revenue (IGR), the State Fund Allocation Committee will now convene the State Accounts Allocations Committee (SAAC), which will now oversee the disbursement of money to different arms of government," he stated. He added that each state will ensure that it establishes Fund Allocation Committee for its legislature and judiciary to be headed by the head of the courts and the legislature. "The two arms of government will also be expected to set up a tenders’ board to be headed by the court registrar and clerk of the state Houses Assembly,” he said. He added that the same structure at the federal level would be transposed down to the states.

He said the same template used by the National Judicial Council (NJC) at the federal level would be adopted in disbursing funds to the judiciary in the states. He said under the new arrangement, state Fund Allocation Committee would be headed by the state Commissioner for Finance. Also, state Houses of Assembly will be allocated funds in the same manner that the National Assembly receives its allocation after the budget approval. "So, if there is a breach on the part of the state government that will trigger off Executive Order 10, which empowers the Accountant-General of the Federation to remit funds directly to the state judicial and legislative arms of government.

BUHARI MOURNS VICTIMS OF INSECURITY, CONDEMNS NATIONWIDE BLOODLETTING president encouraged such leaders to be content with modest celebrations at home in view of the pandemic." Buhari thanked Islamic clerics and other religious leaders who continue to pray for the wellbeing of the nation and its people. The president called on all local leaders to talk to their youths and warn them against being used to incite and foment violence, saying that "if we attack institutions guarding us, who will protect us in future emergencies?"

Bandits Kill 11, Injure Three in Kaduna, Katsina Meanwhile, no fewer than 11 persons were confirmed killed while three others were injured

by bandits in a fresh reprisal by suspected bandits at Tsatskiya community in Safana Local Government Area of Katsina State and another separate attack by gunmen in Kaduna. A retired army sergeant, his wife and daughter-in-law were killed in the Kaduna incident. The bandits who attacked Katsina community on Saturday were believed to be avenging a mob action against two of the bandits’ informants who were reportedly killed by some people in the community. The bandits, who were said to have invaded the community in the afternoon, also wounded three others who are currently receiving treatment at a Dutsinma town hospital. Residents confirmed that the bandits were on a reprisal over the recent killing of their informants.

One of the informants was said to have been killed four days ago in a nearby community called Hakon Kartakawa. The Police Public Relations Officer in the state, Mr. Gambo Isah, a superintendent of police, confirmed the incident yesterday. “During the attack, two people were equally wounded and are still receiving medical attention at Dutsinma General Hospital,” he said. Following the attack, the residents of Tsatskiya community and other neighbouring villages fled the village to Dutsinma town for safety. In another incident, a retired army sergeant, Christopher Madaki, his wife and daughterin-law were killed by bandits following an attack on Golkofa

community, Jama’a Local Government Area of Kaduna State. However, his son, Mr. Clement Madaki, was only injured. Kaduna State Commissioner for Internal Security and Home Affairs, Mr. Samuel Aruwan, confirmed the killings in a statement yesterday in Kaduna. Aruwan said the killings took place on Saturday night when bandits invaded the community. The commissioner also said a breakdown of law and order was averted in Kachia town, headquarters of Kachia LGA following the alleged killing of one Hamidu Nura by one Abba Muhammad. Aruwan said the killings in Golkofa were reported to the state government by the Kaduna State Police Command and the Defence Headquarters

FG MULLS EXTENSION OF PETROL PARITY FUND TO GAS SUPPLY NATIONWIDE of action on the proposed scheme. “This is the (equalisation) scheme that we are trying to extend to gas because the government has declared the decade of gas and we have seen that this has been working for the economy for over 45 years effectively. “Because things are much better and if you want to see the benefits, then look at it that in the absence of this scheme what happens to other commodities, the economy, to inflation and then many

businesses would have been adversely affected. “If it’s working well for petrol and government wants to promote the use of gas, if we can take the practice to gas, we believe that it will add value to the economy in so many ways in the value chain,” Bobboi argued. He maintained that when the government extends the practice to the gas sector, it will help many Nigerian homes abandon the use of firewood and reduce deforestation. According to him, it will

also eliminate the health hazards associated with the use of high carbon fuels like firewood, especially in rural and remote areas. “This will make the product available because we have a lot of gas in the country, it will make it affordable which will incentivise the marketers to take it to the last mile, the consumer will also be incentivised because the marketer will bring down his price. This will do a lot of good to the economy. This is our view,” he noted.

Bobboi who took time to break down the continuing relevance of the petrol equalisation fund noted that government was not paying a dime in ensuring parity of petrol price in the country, adding that the consumer pays for it. The executive secretary emphasised that “bridging” had become even more relevant because most of the pipelines that were supposed to take the products to many parts of the country had been vandalised.

He stressed that the original reason for the bridging the policy was to act as a buffer on consumers during turnaround-maintenance, adding that even the existing depots have not been functioning properly. “The pipelines have been vandalised, now instead of 30 per cent maximum bridging, it is now about 100 per cent. The cheapest we can have is 98 to 99 per cent because the movement through the pipelines is very low,” he stated.

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MONDAY MAY 10, 2021 • T H I S D AY

T H I S D AY • MONDAY, MAY 10, 2021

COMMENT

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

SYLVA, ADDAX PETROLEUM LICENCE AND FAIRYTALES Ojie Ejemhen writes that the attack on the minister of state for petroleum resources is unfortunate

n the past one month, the Nigerian media space has been awash with incredible news primarily about the politics of the recent revocation and reversal as well as the restoration by the Presidency of Oil Mining Licenses (OMLs) 123, 124, 126 and 137, operated by Swiss-based Addax Petroleum and run by Sinopec, a Chinese oil firm, in joint Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation (NNPC). Originally, the asset was projected to produce 130,000 barrels of crude daily. However, due to poor management by Sinopec and NNPC its operation resulted in a major shift in the original production arrangement. The federal government was deeply upset with Addax Petroleum proxy over the poor management of the assets. Besides, the government was equally upset by the fact that Addax Petroleum leased the assets to Sinopec without following due process and without the knowledge of the Ministry of Petroleum Resources. Those familiar with the details of the contract said Addax Petroleum behind the scene dealing over the oil concession robbed Nigeria of billions of dollars in royalty that have been paid to the government. As specified in Section 24 of the Petroleum Act, the Ministry of Petroleum Resources is empowered to revoke any license that contravenes the law against the interest of the country. Clearly, the Addax Petroleum underhand dealings with Sinopec was a violation of the laid down Petroleum law. And since the revocation of the licenses, Chief Timipre Sylva, the Minister of State for Petroleum Resources, has been the subject of strident vilification by agents of those who have interest in the deal. The minister has been buffeted on all sides with all sorts of insults and innuendos. He has been accused of allocating the Addax Petroleum-Sinopec oil mining leases (OMLs) to his friends, cronies and family members until the revocation was reversed a few days ago by the president. Sadly, Sylva has even been accused of sharing a whopping $100 million bribe from the winners of the new marginal fields with other Nigerians. Incredible! This unfounded allegations and smear campaigns against the ex-Bayelsa State Governor smacks of sheer wickedness by the men with the tar brush. It is nothing other than to frustrate the reform agenda of the government in the oil and gas sector spearheaded by the minister. In the first place, where can one possibly hide such a whopping amount of money without trace by the anti-graft agencies? But in a society where truth is scarce, anybody can believe anything. What do you expect in a country where no one trusts anything and anybody in government? One thing that these fairy tale bearers are doing is hurting the psyche of our nation. They may think they are hurting Sylva or the President with their virulent attacks. They are destroying the investment foundation of Nigeria. With the growing false and negative media narratives, no sensible business man or country would want to come to Nigeria to invest or bring his or her hard-earned money to a country where those in position of authorities have been labeled thieves. No sensible businessman would do that. On the long run who suffers? It’s not Buhari or any other Nigerian, but the Nigerian state. It will bleed for this callous and wicked

IF IT IS TRUE WE CANNOT MAKE AN OMELET WITHOUT BREAKING AN EGG, THEN IS IT POSSIBLE TO HAVE A TURNAROUND IN THE OIL AND GAS INDUSTRY WITHOUT MAKING SOME PAINFUL SACRIFICES?

promotion of falsehood. One would have been surprised if Sylva was praised by industry players or some Nigerians who never see anything good in government for the revolutionary steps he has taken since coming on board as minister of state for Petroleum Resources in about two years now. The principled push for the passage of the PIB into law; the determination to remove fuel subsidy, as well as the gas revolution embarked upon by the Buhari government are key enough to draw the ire of naysayers and those who think it is still business as usual in the petroleum and gas sector. Or do you think those who failed to win the marginal oil field bids would sit in the comfort of their rooms and cry? Hell no! The attacks on Sylva and the others are the handiwork of those who do not want progress in the oil and gas sector. It is the handiwork of those who still want the sleaze and financial malfeasance in the oil and gas sector to continue. They are the ones fighting back and smearing Mr. Sylva. It is sad that despite the well-intentioned policies and programmes of the present administration to reform the nation’s oil and gas sector in particular and the entire petroleum industry in general, Nigerians have continued to criticize and engage in needless controversies. If it is true we cannot make an omelet without breaking an egg, then is it possible to have a turnaround in the oil and gas industry without making some painful sacrifices? It is understandable that most of these criticisms and controversies are generally as a result of deep-seated negative perception about policies and programmes borne out of years of cynicism about their approach and handling by the previous administrations. However, there must be a counter-poise to avoid the derailment of the objectives of these policies and programmes, which by all intents and purposes, could be disastrous for the country and the economy if the critics succeed. A careful analysis would reveal that there is no viable alternative to the issue of deregulation of the downstream sector of the nation’s petroleum industry and continued overhaul of the rotten oil and gas sector, which previous administrations attempted and failed, because they lacked the political will to pursue it to logical conclusion. For the nation to end the years of economic haemorrhage through the corruption-infested fuel subsidy regime, it is inevitable for the government to take the hard decision of deregulation, without which the nation would continue to enrich a few individuals to our collective detriment as a nation. For those who believe in changes, there is no credible fallback position on the issue of rehabilitation of the nation’s refineries, since it is clear that the nation cannot afford to either continue to spend its lean resources on the importation of petroleum products, or building a new refinery at this time. The government has assured the rehabilitation of the refineries would be different from similar programmes embarked upon by previous administrations. The sane thing to do is not to criticise, but to bend backwards and support Sylva and the government’s effort to fix the industry for the benefit of all Nigerians. Ejemhen wrote from Garki, Abuja

LEADERSHIP ABOVE THE NOISE

Okowa embodies peace, temperance and fairness, writes Jackson Udema

eadership is in doing, not in talking. All great leaders act. No pontification. No story-telling. They brace up to confront situations knowing that challenges are not fixed by mere words or sophistry of language. Delta governor, Dr. Ifeanyi Okowa, belongs to this class of leaders who lead by action, not by words. He leads above the noise. Unfortunately, the Nigerian public space is full of noise. A cacophony of the absurd, the jesters and the downright whimsical. Delta is one of the top states with the highest noise pitches. It’s the theatre of hate politics, ethnic jingoism and road-side gossip of unfounded tales. Delta is the nursery of empty-headed critics and cheap jobbers whose lot is to sling mud and deliberately plot mischief as a routine. It’s within this maddening ambience that Okowa thrives as governor. But the man who set a record of qualifying as a medical doctor at 22 from the University of Ibadan in 1981 has learnt to silence the garrulous mob with his trademark imprimatur of development. Those who had been to Delta State or who lived in the state before May 29, 2015 when he was inaugurated as the democratically-elected governor of the state always testify to one truism: The transformational leadership of Okowa which has birthed several infrastructure from roads, healthcare, agriculture, industry, education among others in different parts of the state. Delta has a history of intermittent upheavals; if it’s not inter-communal crisis, it’s a group of young men fighting, justifiably, with the feudal lords from the centre to push for resource control or at the very least compensation for the despoliation of their environment and by extension their farmlands, fish ponds and their other sources of livelihood rendered unusable by oil

majors prospecting for crude oil. But Okowa has restored calm to the once febrile and volatile communities. And it’s down to his leadership style. He believes that two wrongs cannot make a right. He is a protagonist of equity, fairness and justice. He preaches peace and lives it. Former president, Dr. Goodluck Jonathan, himself a man of peace, in referencing the politics and campaign messages of his then main challenger in the 2015 election, Mr. Muhammadu Buhari, and his All Progressives Congress (APC) once said “you cannot give peace if all that is in you is bitterness.” Okowa embodies peace, calmness, temperance and fairness. And he acts peacefully with calm temperance to beget fairness and equity. It’s little wonder that under his tenure, the state has remained largely calm. The edgy frontiers in the creeks have relapsed to a calm mode. The implication is that Nigeria is able to meet its crude oil production capacity barring OPEC recommendations. Just for a moment, imagine that conflicts in the creeks hampered crude production in this season of low oil prices. Imagine the creeks in feisty conflagration such that Nigeria is not able to meet her OPEC production quota. The picture would have been scarier. It would mean even poorer dollar receipts for the nation. It would mean more oil majors invoking force majeure. And then, the nation loses. It is no longer news that the pandemic has dealt a deadly blow to global economy. Nigeria and other nations that depend chiefly on crude oil export for revenue suffered the most. This meant low revenue allocations to states far less than they used to receive from the Federation Account. And that was the perfect alibi trot out by some governors to justify their non-performance. But in the midst of this low revenue, a few governors have overcome the

inertia of non-performance. They did not only fulfil their recurrent obligations, they also were not held back in executing significant quantum of capital projects. Okowa is a stand-out member of this class of performing governors. The reason for his outlier performance is down to fiscal prudence and strategic prioritization of projects. Thus, with a lean purse compared to pre-2015 era, he has distinguished himself as a miracle worker, road master, promise-keeper (Ekwueme) among other monikers. Coming into office on the wave of a SMART agenda, Okowa’s transformational leadership has birthed a new Delta in road infrastructure, healthcare, sports development, education, agriculture and human capital development through skills acquisition, improved formal and technical education. Delta, the other half of the old Bendel State (MidWestern Region) famed for sporting excellence and peerless academic distinction, at a time lost its lustre. But Okowa is restoring the old order, resetting the state to its default mode as the birthplace of sports legends, tech whizzes, successful farmers, thriving cottage industries and academic prodigies. Reviving the Stephen Keshi stadium in Asaba, a historical monument that has unjustly suffered decades-long neglect, was a major step in attracting major international sporting engagements to the state. The Senior African Athletics Championships which held in Asaba in 2018 during which athletes from about 50 African countries converged on Asaba spoke volume of the restoration of the state’s sporting glory. The reality that Delta could boldly throw its door open for the national team, the Super Eagles, to hold their matches in Asaba is evidential of the march of Delta to its old glory of being the theatre of sporting activities in the country. The outstanding

performance of the state in recent National Sports Festivals attests to this. Okowa’s passion for sports and his zeal for sports development have revived sporting competitiveness in the state exemplified in the ascendancy of inter-school sports championships among other grassroots competitions. It’s not for nothing that Okowa is called the Road Master. Even his most acerbic critics agree that he has been bullish with road construction and opening up the state and inter-linking remote communities to boost agriculture, investment and trade. No governor in the history of the state has constructed more bridges and roads than Okowa including roads within the littoral communities in Ijaw heartland such that for once, persons from these riverine communities can drive their vehicles to their villages, something never before thought was possible. In his six years in office, it’s fair to say that Okowa has out-performed expectation, lived up to his campaign promises, and brought development closer to all Deltans in line with his slogan – Prosperity for all Deltans. All this in a period of economic strangulation occasioned by dipping oil prices and a treacherous pandemic. Yet, in spite of his remarkable accomplishments, Okowa has remained coy and quiet, preferring his works to speak for him rather than trumpeting his achievements. This is despite the madcap noise and vainglorious criticisms laced with venom and marinated with mischief being thrown at him by the opposition and their cheap recruits. This is the stuff of good leaders. They stay demurred even in the midst of banal provocation typified by noise and boastful clatter. It’s called leadership above the noise. Okowa is a master in this turf. Udema wrote from Warri

T H I S D AY • MONDAY, MAY 10, 2021

EDITORIAL ABSENCE OF GOOD GOVERNANCE The Chandler good governance ranking is another wake-up call

anked 102nd out of 104 countries captured in the inaugural Chandler Good Governance Index (CGGI) which classifies countries in terms of government capabilities and outcomes, Nigeria has again attracted another emblem of shame. With the data aggregated to produce a score on a scale of 0 (lowest) to 1 (highest), Nigeria scored 0.319 points. The only countries behind Nigeria were Zimbabwe and Venezuela, while Mauritius, at number 38 on the log, remains Africa’s best performer. But the report did not come as a surprise. A cursory glance at how citizens access the good life in terms of basic amenities and the rule of law shows that governance is far removed from most Nigerians. In its place, crass opportunism, hurriedly formulated and wrongly implemented policies and a preference for mediocrity have become the norm. With headquarters in Singapore, the Chandler Institute of Governance (CIG) is an international non-profit organisation, founded on the notion that prosperous nations can only be built by good government. Its index focuses on seven IN THE PAST DECADE, pillars: leadership WHATEVER THE and foresight; robust PARAMETERS USED AND laws and policies; REGARDLESS OF THE strong institutions; financial stewardship; SECTOR PREVIEWED, attractive marketplace; NIGERIA’S RANKING HAS global influence BEEN ON A FREE FALL and reputation; and helping people rise. Meanwhile, the features of a good government, according to the United Nations, include being transparent, accountable, responsive, equitable and inclusive, participatory, in addition to the rule of law, consensus building, efficiency and effectiveness. These attributes are considered deficient in our country today. In the past decade, whatever the parameters used and regardless of the sector previewed, Nigeria’s ranking has been on a free fall. Take, for instance, the Corruption Perception Index (CPI) 2020 published by

Letters to the Editor

Transparency International. Nigeria occupies the 149th position out of the 180 countries surveyed and was scored 25 out of 100 points. With the current ranking, Nigeria is now the second most corrupt country in West Africa with Guinea-Bissau the only country rated worse in the sub-region. On the standards of living, Nigerians are living under extreme poverty, amidst serious security challenges. The nation has been branded the headquarters of poverty in the world, taking over from India. This is also not a surprise given the current reality. Insecurity in the 36 states of the federation has decreased the quality of life for citizens. In a report by Doctors Without Borders, many in the northeast, northwest and northcentral states are said to have been cut off from all humanitarian aid due to ﬁghting between the Nigerian military and bandits, insurgents, violent herders, and sundry criminal cartels.

I T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, DAVIDSON IRIEKPEN, MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

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

n most global rankings, Nigeria leads from behind. Our country has an unemployment rate of over 30 per cent. Nigeria’s job scarcity is exempliﬁed by the fact that nearly one million people applied for 10,000 positions in the Nigerian police force recently. Nigeria is at the bottom of countries in terms of happiness. A recent study ranks happiness by combining statistics on per capita GDP, freedom to make life decisions, healthy life expectancy, generosity, social support, generosity, and perceptions of corruption. The CGGI ranking speaks volumes of the quality of governance in our country. Yet, the reality is that, even without these ﬁgures, it is apparent that governance is at its lowest ebb and that most of the people in charge at practically all levels have not lived up to expectations. And although there is a semblance of government in place, real governance is seriously absent. What many discerning country men and women now do is independently provide for themselves. While the report may therefore not have come to many as a surprise, it should be another wake-up call for those in authority. There should be a total attitudinal reorientation in government circles as Nigeria is gradually becoming the cynosure for the wrong reasons.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 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 (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

AS LAGOS LIFTS WATER TRANSPORTATION…

“

The current traffic situation indicates that 95 per cent of transportation is done by road in our state of over 22 million people with about 25 per cent of the landmass consisting of waterways.’’ – Babajide Sanwo-Olu Over the last 725 days, addressing the transportation and traffic challenges of Lagos State has been a major preoccupation of the Babajide Sanwo-Olu Administration. In realization of the strategic role of transportation as a key driver of economic development, the Sanwo-Olu-led government made Traffic Management and Transportation a foremost part of its T.H.E.M.E.S (acronyms for Traffic Management and Transportation, Health and Environment, Education and Technology, Making Lagos a 21ST Economy, Entertainment and Tourism and Governance and Security) Developmental Agenda. Since his inauguration on May 29th, 2019, Governor Sanwo-Olu has made the attainment of enhanced transportation system a major focus of his administration. Consequently, roads are being expanded and rehabilitated across the state. This led to intense road construction projects across the state. Some of the critical highways and roads being constructed include the LagosBadagry Expressway, Pen Cinema Bridge and adjoining roads, Ojota stretch of the Ikorodu Road, Motorways-Kudirat Abiola Way, Agric/ Ishawo Road and Ijede Road in Ikorodu, and Lekki-Epe Expressway from Abraham Adesanya to Eleko Junction. Others are Cele-Ijesha Link Bridge, 31 network of roads in Ojokoro, Oniru network of roads, in Victoria Island, Ijesha-Lawanson Junction by Otun Oba Bus-Stop and Ishaga road by LUTH, Ondo Street, Ebute-Metta, Agbado road, Ifako-Ijaiye to name a few. Similarly, the government embarked on junction improvement works as well as construction of roads across all wards in the state.

However, the need to exploit alternative means of transportation mode cannot be over-emphasized given the megacity status of the state. One of such other alternatives being exploited by the current administration is water transportation. In February, 2020, Governor Sanwo-Olu formally kicked off commercial waterways’ transportation with the official launch of eight new modern speed boats. Three of the boats have the capacity to carry 60 passengers, two were built to carry 50 passengers, while two others have capacities for 40 passengers. Also, three others could convey 30 passengers, four will carry 25 passengers while two will carry 25 passengers. The six routes the boats have been plying include Ikorodu to Falomo; Ikorodu to Ebute Ero and Marina; Ebute Ojo to Ijegun Egba, Apapa and Marina; Bayeku to Oke Ira Nla and Falomo; Mile 2 to Marina, and Badore to Ijede. With this renewed impetus, the narrative of water transportation in Lagos is already changing for good. On 7th September, 2020, the Sanwo-Olu administration recorded a major milestone in its quest to deliver an effective and integrated intermodal transportation as LAGFERRY celebrated its 100,000th passenger at the Ipakodo Terminal, Ikorodu, since the commissioning of new ferries. This is coming on the heels of the celebration of the 60,000th passenger on 30th June, 2020 immediately after the resumption of services due to the coronavirus pandemic. The milestone is, no doubt, a good indicator that shows that Lagosians are beginning to embrace water transportation. However, the government is not resting on its oars as LAGFERRY has deployed more boats and increased daily trips in order to provide a safe, fast and reliable alternative mode of transportation. Also, four new

navigable ferry routes have been opened up to complement existing routes. The channelisation, which involves dredging of ferry routes, creating a path of 40-metre width and four-meter minimum depth to accommodate bigger boat movement includes the channelisation of 4km ferry route from Mile 2 to Marina already in use, channelisation of 6.4km ferry route from Ebute (Ikorodu) – Ilaje (Falomo), 10.3km route from Ojo to Badagry and 4.10km Ilaje (Bariga) to white-sand in Oyingbo which are almost completed”. The new routes are to complement the existing ones, namely, Ipakodo (Ikorodu) to Addax/five cowries in Falomo; Ipakodo (Ikorodu) to CMS/Marina; and Badore (Tarzan) to Ijede; Ebute Ojo to Liverpool to CMS/Marina. Others are Mile 2 Liverpool- CMS/Marina, Baiyeku (Ikorodu) to Oke-Ira Nla to Badore in Ajah and Ilaje to Bariga to Ebute Ero and CMS. To further improve safety on the waterways and also free the waterways of wreckage and debris, prevent erosion and degradation of the shorelines, the government has removed four abandoned wrecked ships, debris and unwanted objects found on the waterways. Similarly, 15 new reinforced concrete jetties, located at various riverine areas of the state, would soon be commissioned for the use of Lagosians before the end of the year. This is expected to raise the capacity of LAGFERRY to move 75,000 to 100,000 passengers daily. With the current level of investment in water transportation, Lagos, no doubt, stands to experience appreciable upsurge in socio-economic activities. For instance, the expansion of trade to the Lekki Free Trade Zone will be easy to access by water from international waterways to local inland waterways. Bolaji Odumade, Ministry of Information and Strategy, Alausa, Lagos

MONDAY MAY 10, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY MAY 10, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

Merry-Go-Round at NDDC: Heading for a Break? Nseobong Okon-Ekong writes that the predictable gimmick of interim management committees and forensic audit reports deployed by Senator Godswill Akpabio, Minister of Niger Delta Aﬀairs to delay inauguration of the Niger Delta Development Commission Board is about to run its course

Buhari

Lawan

Gbajabiamila

Akpabio

may be the reason he did not play his role as Senate Minority Leader well. He remained passive in that office throughout his tenure, markedly refusing to criticize the government in power or turn the fire of the opposition against them, as he was already nursing the idea of switching political party loyalty from the PDP to the All Progressives Congress (APC). In his time as governor, Akpabio was generous to many, Akwa Ibomites and non-indigenes alike. It was widely known that Akpabio suffered from Oniomania, sometimes called compulsive buying disorder, that is, spending far beyond what is necessary. Some of the advertised edifices initiated by his administration were not only haphazardly done, but commissioned at outlandish ceremonies, even when they were incomplete. The story profligacy can be seen in the Godswill Akpabio Stadium, the Ibom Specialist Hospital, e-library, Ibom Tropicana and the Four Points by Sheraton Hotel in Ikot Ekpene. They all had an outer casing that were nicely done to cover a crude and rough skeleton; more like a painted sepulcher-a decorated tomb filled with bones of the dead. It is the current administration of Governor Udom Emmanuel that has concealed his infamy by retooling the projects and getting them to work properly. Akpabio’s loss in the February 23, 2019 National Assembly elections was inconceivable to many. Although he devoted huge sums of money to the campaign, his efforts were thwarted by diverse interests within and outside Akwa Ibom who worked against the emergence of an increasingly

powerful Akpabio at the centre of power in Abuja. Accusing fingers have been pointed at the former National Chairman of the APC, Adams Oshiomhole and Minister of Transportation, Rotimi Amaechi, who were alleged to be uncomfortable with the idea of another powerful figure from the Southsouth. However, the tragedy of the APC in the 2019 national elections was also self-inflicted, because some influential personalities who found themselves in the same political camp for the first time could not bury their ego and self interest to work for the collective good. At the time, Akpabio defected to the APC, Akpabio’s arch-rival, Senator John Akpan Udoedeghe, Secretary of the APC National Caretaker and Extra-Ordinary Convention Committee, Obong Umana Okon Umana, the party’s governorship candidate in the 2015 election, Obong Nsima Ekere, who carried the APC governorship flag in the 2019 election, Group Captain (rtd.), Sam Ewang, a former military administrator of Rivers State and Senator Ita Enang, presidential aide on Niger Delta Affairs were already in the party. But Akpabio shoved them all aside and assumed the position of the leader of the APC in Akwa Ibom State, thereby clinching the ministerial slot for the state. Once he was made Minister of Niger Delta Affairs, it was payback time for the likes of Oshiomhole and Amaechi.

to pair with Akpabio as Minister of State in the Ministry of Niger Delta Affairs. The combination spelt trouble for Akpabio and he knew it. With his strong links to the human rights community and friendship with the media, Keyamo would not be a docile accomplice to the dishonest financial activities which Akpabio was planning. He pressured to have Keyamo re-assigned. His wish was granted. Keyamo was made to swap places with Senator Tayo Alasoadura in the Ministry of Labour and Employment. On October 18, 2019, President Muhamnadu Buhari had requested the Senate to confirm appointment of a 16 – member board of the Niger Delta Development Commission (NDDC). Buhari sought the Senate’s confirmation for Dr Pius Odubu, former Edo state deputy governor as chairman of the NDDC, Chief Bernard Okumagba as Managing Director and 14 others as members of its board. The president’s letter read: “In accordance with the provision of Section 2(2)(a) of the Niger Delta Development Commission (NDDC) (Establishment) Act, 2000, I write to forward, for confirmation by the Senate of the Federal Republic of Nigeria, the under listed nominees for appointment into the NDDC board, to occupy the positions indicated against their names.” The written request was read on the floor of the Senate on Tuesday, October 22, 2019 by Senate President Ahmad Lawan. The upper legislative chamber went to work quickly, with a directive to its standing committee on NDDC to screen the nominees and file a report under one week. Headed by Senator Peter Nwaoboshi (PDP Delta North), the committee reported back on 15 out of the 16 nominees on Thursday, October 31, 2019. Based on this, the Senate confirmed their appointments on Tuesday, November 5, 2019. But members of the NDDC Board duly nominated by the President and screened by the Senate are yet to be inaugurated. The NDDC rose from the ashes of the Oil Mineral Producing Areas Development Commission (OMPADEC). The nine states that makes up the Niger Delta region include Abia, Akwa Ibom, Bayelsa, Delta, Cross River, Delta, Edo, Imo, Ondo and Rivers. Mr. Pius Odubu, chairman of the NDDC Board in-waiting had served Oshiomhole as Deputy Governor of Edo. Allowing a Chairman with known links and loyalty to Oshiomhole is not an option Akpabio is willing to consider; so the forensic audit which was not originally his idea has become a very useful gimmick to delay the inauguration of the NDDC board until Akpabio can achieve his ultimate aim to disband the Odubu-led board and have the board reconstituted. His plans appear to be working, so far, as

enator Godswill Obot Akpabio, Minister of Niger Delta Affairs is used to having his way. As Governor of Akwa Ibom State between 2007 and 2015, things had to be done his way or no way. He ruled when the Naira was relatively strong, compared to what we have today. At the peak of his power in 2013, former Minister of Finance and now the Director General of the World Trade Organisation revealed that revenue allocation to Akwa Ibom State was far in excess of the national budgets of countries like Ghana and Liberia. Akwa Ibom State got about USD1.7 billion (N260 billion) from the Federation Account in 2013. In one of his brash statements, Akpabio was famously quoted saying that “what money can’t do, more money can do.” But the former governor found out in the 2019 national elections, in which he made a bid to return to the Senate to represent Akwa Ibom North West, that he was wrong. He had left office in 2015 as executive governor and descended to the position of a Senator where he had no executive power and his jurisdiction was limited to representation of one-third of the state in the federal legislature. Even this section, that are clearly, his kith-and-kin rejected him in the 2019 senatorial election for taking his leave of the Peoples Democratic Party (PDP) and pursuing a personal agenda to play big on the national political scene. The scandal of the 2019 Akwa Ibom North West senatorial continues to haunt Akpabio. Two months ago, a High Court in Akwa-Ibom State sentenced Professor Peter Ogban to three years in prison, for election fraud. He was found guilty of fraudulent manipulation of election results, publishing and announcing of false results. He was also asked to pay N100,000 fine. Ogban was the Returning Officer in the 2019 general elections in Akwa Ibom North-West District, was charged for manipulating the election results to put the APC ahead of its main rival, the PDP. Akpabio was the APC candidate in the election. The PDP candidate was Obong Chris Ekpenyong, a former deputy governor in Akwa Ibom State, who was declared winner. Akpabio’s shameful defeat in that election was one of the most talked about upsets. Many within and outside Akwa Ibom thought, albeit wrongly, that the state was wrapped around Akpabio’s little finger; that all the former Senate Minority Leader needed to do was sneeze and the oil rich state would catch cold. The Akpabio plan was to return to Senate and fight to become Senate President and if he couldn’t get it, settle for Deputy Senate President, which he was assured was zoned to the South-south (that position is now occupied by Senator Ovie Omo-Agege from Delta State). That

Akpabio Takes Pound of Flesh When President Muhammadu Buhari constituted the cabinet for his second tenure, Chief Festus Keyamo (SAN) was announced

In his time as governor, Akpabio was generous to many, Akwa Ibomites and non-indigenes alike. It was widely known that Akpabio suffered from Oniomania, sometimes called compulsive buying disorder, that is, spending far beyond what is necessary. Some of the advertised edifices initiated by his administration were not only haphazardly done, but commissioned at outlandish ceremonies, even when they were incomplete. The story profligacy can be seen in the Godswill Akpabio Stadium, the Ibom Specialist Hospital, e-library, Ibom Tropicana and the Four Points by Sheraton Hotel in Ikot Ekpene. They all had an outer casing that were nicely done to cover a crude and rough skeleton; more like a painted sepulcher-a decorated tomb filled with bones of the dead

T H I S D AY ˾ MONDAY MAY 10, 2021

MONDAY DISCOURSE

Alasoadura

Akwa

Pondei

Nunieh

the Presidency and federal legislators who should normally insist that the right thing is done have entered into a conspiracy of silence, allowing Akpabio to have a free reign to run the affairs of the NDDC as he pleases.

has not submitted his committee report to the House neither has any mention of it been made. While Pondei was lucky to be brought back to life, Ibanga Bassey Etang, acting Executive Director, finance and administration of the NDDC died under mysterious circumstances that got the Akwa Ibom State Governor Udom Emmanuel, saying that he will ask questions about his death at the right time. When he sold the idea of an Interim Management for the NDDC in October 2019, even after the names of the Governing Board had been sent by the President to the Senate for statutory screening and the Senate subsequently screened and confirmed them, Akpabio said his illegal Interim Management Committee will only stay in office for six months to supervise the audit after which the Board will be inaugurated. As the appointed time of March 2020 was closing in, Akpabio sacked his first IMC acting Managing Director Ms Joi Nunieh and appointed a new acting Managing Director, Prof Pondei and extended the stay of this IMC to December 2020, by which time he said the audit will be concluded and the Board put in place. Again, he sacked the Interim Management Committee and appointed his close ally, Mr. Effiong Okon Akwa, as Interim Sole Administrator with a promised forensic audit completion date of March 2021. Akpabio has shifted the goalpost yet again, promising a new completion date in July 2021. But stakeholders in the Niger Delta do not believe him anymore. They know Akpabio is capable of coming up with the most ludicrous excuse to keep the NDDC Board from resuming its work until he can find a reason to have it reconstituted.

for public officers by the law.” Governors of the South-south states have also stated clearly that the current interim management system in NDDC does not represent the interest of the people. ‘We believe that it is best for both the country, for the states of the Niger Delta and for the people of the Niger Delta when the due process is followed by the reconstitution of the board.” Chairman of the South-south Governors Forum and Governor of Delta State, Senator Ifeanyi Okowa made this assertion at the end of the forum’s meeting which held at the Government House, Port Harcourt. Okowa said, “The NDDC is actually run in such a manner that it is actually not truly beneficial to our people, because there is no stakeholders input in the running of the affairs of the NDDC. We do know that there is a forensic audit taking place and if that is the reason the board has not been constituted, our advice is that monies being sent to the NDDC should be put in an escrow account until a board is constituted and then proper processes are followed in the expenditure of the money in such a way it will be visibly accountable in the best interest of the peoples of the Niger Delta.” Boma Ebiakpo, National Chairman of Niger Delta Peoples’ Forum, warned that the Niger Delta region was on the verge of being engulfed in major crises instigated by the refusal of Senator Godswill Akpabio, Minister of Niger Delta Affairs to inaugurate the Board of the Niger Delta Development Commission He said it was important that the peace of the Niger Delta is not troubled at this time when Nigeria is facing multiple conflicts across the country. “The IYC, various socio political groups in the region, and indeed the governors of the constituent states and stakeholders have demanded an end to the appointment of illegal Interim Managements for the NDDC by the Niger Delta Minister Chief Godswill Akpabio. Akpabio who has been employing every excuse to run the NDDC like his personal property,” he stated. The Ovie of Idjerhe Kingdom, Delta State, His Royal Majesty, King Obukohwo Whiskey Udurhie I, described the ongoing forensic audit by the Ministry of Niger

Delta Affairs as a fraud. According to him, the NDDC Act 2000 does not recognize an Interim Management Committee, not to talk of Sole Administrator. “Of course, we are all witnesses to the fact that under the interim management committee, N87 billion allegedly grew wings and flew out of the coffers of NDDC. A budget of about N500 billion has been passed for the NDDC for an individual to superintend. The Idjerhe clan in Delta State is a major oil-producing community and for two years, NDDC has not done anything here because there is no structure. From the happenings we are beginning to think that the Federal Government is collaborating with the Minister to undo the Niger Delta people and one of these days they will wake up to scrap the commission. It is now very clear that the Forensic Audit of the commission is a scam. Nothing is going on there. As a major oil-producing region, nobody has come to my domain, Idjerhe, to say they want to verify the project of NDDC in the region. With over 50 communities in my domain, there are abandoned NDDC projects, so, if they are carrying out forensic auditing they would have visited some of the projects, but they have not come here.” Damian Nwikinaka, National Chairman of Niger Delta Renaissance Coalition, wonders why President Muhammadu Buhari and the National Assembly are quiet while the Minister of Niger Delta Affairs, Senator Godswill Akpabio runs the Niger Delta Development Commission in contravention of the laws establishing the agency.”

Unending Cycle of Interim Administration Akpabio is not a stranger to NDDC affairs. As Governor of Akwa Ibom State between 2007 and 2015 he nominated a chairman, a managing director and NDDC state representatives. He nominated Mr. Bassey Dan-Abia, a former MD of the NDDC. As the only agency of government under the Niger Delta Ministry Affairs and one that was conceived to address the neglect of the Niger Delta, the region of the country that produces her oil and gas wealth, the huge funds committed to development of infrastructure and human capital does not reflect the glaring abject poverty in the region. In 2014, the Senate approved a budget of N322.6 billion for the NDDC. The Senate has approved N241 billion as the 2016 NDDC budget. The House of Representatives passed an Appropriation bill of N346.388 billion for the 2019 operations of the NDDC. However, their counterparts in the Senate waited till 10 days to the end of the year to approve the 2020 budget of N453.2 billion for the NDDC. The Senate reneged on its promise to decline approval of a budget for the commission until its board is constituted. The Interim Management Committee (IMC) of the NDDC had a hard time trying to defend financial anomalies and other allegations of fraud and embezzlement of funds which federal lawmakers observed in the 2019 budget performance. A former acting Managing Director of the NDDC, Dr. Joi Nunieh opened the can of worms at the NDDC in her bid to ensure a thorough forensic audit of the over N2 trillion alleged indebtedness of the NDDC. In order to forestall exploitation of the process, she wanted the Financial Intelligent Unit and the World Bank to supervise the audit of the. But powerful interest groups including persons from The Presidency and federal legislators who have been feeding fat from the corruption at the NDDC used the excuse of an alleged insubordination against Akpabio to throw Nunieh out. Her strong allegations, with documentary evidence, against the Minister were ignored. No one cared to know why she slapped the Minister, an incident, Akpabio did not deny. Nunieh was replaced with Professor Kemebradikumo Pondei. Again, it was another scandal filled phase that ended with an unfortunate drama of infamy on live television. A skilled mudslinger, Akpabio climbed back from the pit into which he was being buried by a House of Representatives committee headed by Hon. Bunmi Tunji-Ojo (APC-Ondo) probing allegations of financial fraud at the NDDC. Under pressure from the probe panel, the former Governor of Akwa Ibom had fired back that most of the contracts at the NDDC were executed by federal legislators. It was a shocking revelation that many were not prepared for. Fully aware of the implication should he allow Akpabio to continue, Tunji-Ojo, pleaded with the Minister to “off his mic.” For full impact, Pondei slipped into unconsciousness and had to be resuscitated. The activities of the committee ended abruptly that day and has since not resumed. Till today, Tunji-Ojo

Niger Deltans Reject Illegality Joseph Ambakederimo, Lead Executive Director, Global Forum for Accountability and Transparency has made a strong case for the removal of Mr. Effiong Akwa, Sole Administrator of the Niger Delta Development Commission. According to the group, “From emerging and confirmed reports in the media, the NDDC Sole Administrator deliberately refused to abide by extant rules in the declaration of his assets as mandated

When he sold the idea of an Interim Management for the NDDC in October 2019, even after the names of the Governing Board had been sent by the President to the Senate for statutory screening and the Senate subsequently screened and confirmed them, Akpabio said his illegal Interim Management Committee will only stay in office for six months to supervise the audit after which the Board will be inaugurated. As the appointed time of March 2020 was closing in, Akpabio sacked his first IMC acting Managing Director Ms Joi Nunieh and appointed a new acting Managing Director, Prof Pondei and extended the stay of this IMC to December 2020, by which time he said the audit will be concluded and the Board put in place. Again, he sacked the Interim Management Committee and appointed his close ally, Mr. Effiong Okon Akwa, as Interim Sole Administrator with a promised forensic audit completion date of March 2021. Akpabio has shifted the goalpost yet again, promising a new completion date in July 2021

Ajulo Goes to Court Meanwhile, a Federal High Court in Abuja has granted leave to a Constitutional Lawyer and Right Activist, Dr. Olukayode Ajulo to file an Originating Summons against the Niger Delta Development Commission for failure to grant his requests pursuant to the provisions of the Freedom of Information Act (FOI) which among others include the publication of the budgetary appropriations made by the National Assembly to the Niger Delta Development Commission from 2010 to 2020 and the names and designation of members of the National Assembly who have been awarded contracts by the NDDC or who have otherwise benefitted in any manner howsoever from the budgetary funds of the Commission from 2010 to 2020. Moving the motion exparte, a lawyer in the law firm of Messrs. Kayode Ajulo & Co.Castle of Law, Ifunanya Okeke Esq, who led Eme Jackson Esq. and Glory Uhunmwangho Esq. noted that Dr. Olukayode Ajulo had written to the NDDC requesting same to fulfill its statutory obligations under the FOI Act and to comply with the provisions of Section 2(3), (4) and (5), Section 29(1) and (2) and Section 13 of the Act. She further noted that since NDDC received and acknowledged receipt of the letters dated 2nd September, 2020 and 29th September, 2020 respectively which were also copied to the Attorney General of the Federation and the National Assembly, it has refused to comply with the requests contained in the letters. Justice A. I Chikere accordingly granted Dr. Olukayode Ajulo leave to apply for judicial review of the actions of NDDC and its officials under the FOI Act and claim the reliefs he is seeking. However, the ongoing strike by the Judicial Staff Union of Nigeria (JUSUN) has stalled continuation of the case.

T H I S D AY ˾ MONDAY MAY 10, 2021

POLITICS

For 74 Deregistered Political Parties, the Battle is Finally Lost The Supreme Court agrees that the Independent National Electoral Commission was right and acted within its powers when it deregistered 74 political parties last year, writes Chuks Okocha

Muhammad

Yakubu

Fasua, Founder, ANRP

Party (YPP) and Zenith Labour Party (ZLP). But some political parties went to court to challenge the decision of INEC to de-register them. There were conflicting judgments, one in favour of the de-registration and the other against the exercise. This forced INEC to seek the Supreme Court decision. The hopes of the 74 political parties that were deregistered by INEC in February 2020 for failure to win in any contest after the 2019 general election to be re-listed on the ballot box has been permanently dented by the Supreme Court. The commission had said its decision followed a comparative review and court-ordered re-run elections arising from litigations on political parties in the last elections. It further said the political parties performed poorly and failed to win at least one seat in the last general election. INEC also said the parties breached the requirement for registration of political parties under section 225 of the Nigerian constitution. Expectedly, the exercise sparked public debate as to whether the electoral umpire has the constitutional power to make such a move. Reacting to the judgment, the President of the Inter Party Advisory Council (IPAC), Dr. Leonard Nzenwa hailed the judgment and said the judgment had ended all speculations and as it will aid INEC to now focus on critical issues in preparation for delivering credible, free and fair 2023 general election. He explained that the judgment of the apex court will help INEC in planning. He wondered how the commission fared with 23,000 candidates that contested the 2019 general election. Also speaking, the Council of Nigerian Ethnic Youth Leaders called on the National Assembly to quickly amend the Constitution and Electoral Act to stop further registration of more political parties saying the 18 remaining parties should be enough to satisfy all political tendencies in the country. But some of the affected parties kicked against INEC’s action, insisting that it acted against them illegally.

All Grand Alliance Party (AGAP), Fresh Democratic Party (FDP) and Alliance for Democracy (AD) cried foul and accused the electoral umpire of illegality. On their part, KOWA Party, Abundant Nigeria Renewal Party (ANRP), and the Socialist Party of Nigeria criticized the judgment wondering why the Supreme Court should stop Nigerians from associating with one another. A legal practitioner, Emeka Udeh wondered how the apex court could rule against freedom of association as enshrined in the constitution. He opened that political parties are not necessarily meant to win elections but to also canvass opinions on policies of government. Though, he said, “as the court pleases, I can’t fault the Supreme Court but I hold the opinion that it is against the spirit of association by individuals to freely meet and hold opinions.” Taking a stance, the Youths Alliance for Democratic Advancement also supported the decision of the Supreme. Court. The organization issued a statement advancing reasons for standing with the apex court. “The country’s electioneering process would continue to suffer retrogression with the long list of political parties on the ballot, which constitutes confusion and accounts for a high number of void votes, was allowed to remain. The Ekiti State Coordinator of the NGO, Michael Ogungbemi, had said, “the idea that 91 parties participated in the general election was not good,” adding that registering 91 political parties in a developing country like Nigeria with high level of illiteracy would not help the electoral system. “Instead, INEC should tentatively register most of these parties for local governments and state houses of assembly elections with performance benchmarks or criteria that if they score certain percentage of votes, they would qualify to participate in the governorship and National Assembly elections and up to the Presidential election. “If not checked and controlled, INEC may register up to 300 political parties before 2023. Apart from these, INEC would not be able to manage this number of political parties in the

he main function of a political party is to spur members to contest elections. Apart from contesting election, political parties canvass various policies and programmes for the people as a pressure group. They play an important role in decision-making to help legislation and execution of policies. These political parties, when successful in elections, form and run the government. So, the function of a political party is not limited to winning elections. Be that as it may, Nigeria has witnessed a proliferation of political parties since the return to democratic rule in the Fourth Republic. Three parties: The Peoples Democratic Party (PDP), Alliance for Democracy (AD) and the All Peoples Party (APP) were registered by the military government for the elections in 1999. But in the 2019 general election (20 years later), a record number of 91 political parties fielded over 23,000 candidates. This was absurd and the chairman of the Independent National Electoral Commission (INEC) Prof. Mahmood Yakubu in explaining how the decision to delist none performing parties said that the commission reached the conclusion after the 2019 general election, including court-ordered re-run elections arising from litigations, saying, the Commission was able to determine the performance of political parties in the elections. He added that the political parties were also assessed on the basis of their performance in the Area Council elections in the Federal Capital Territory (FCT), which coincided with the 2019 general election to arrive at the decision. He further rationalized the action, saying, “Prior to the Fourth Alteration, the Electoral Act 2010 (as amended) had provided for deregistration of political parties. Based on this provision, the Commission, between 2011 and 2013, deregistered 39 political parties As a regulatory body, the 1999 constitution as amended in section 225A empowers INEC to carry out its regulatory duties. The section provides that INEC shall have power to deregister a political party for (a) breach of any of the requirements for registration (b) failure to win at least 25 per cent of votes cast in (i) on state of the federation in a presidential election or (ii) one local government of the state in a governorship election (c) failure to win at least (i) one ward in the chairmanship election (ii) one seat in the national or state House of Assembly election or (iii) one seat in the councillorship election. With the action, only 16 political parties now exist in the country as against 92. They are Accord Party (AP), Action Alliance (AA), African Action Congress (AAC), African Democratic Congress (ADC), African Democratic Party (ADP), All Progressives Congress (APC), All Progressives Grand Alliance (APGA) and Allied Peoples Movement (APM). Others are Labour Party (LP), New Nigeria Peoples Party (NNPP), National Rescue Movement (NRM), Peoples Democratic Party (PDP), Peoples Redemption Party (PRP), Social Democratic Party (SDP), Young Progressives

On their part, KOWA Party, Abundant Nigeria Renewal Party (ANRP), and the Socialist Party of Nigeria criticized the judgment wondering why the Supreme Court should stop Nigerians from associating with one another. A legal practitioner, Emeka Udeh wondered how the apex court could rule against freedom of association as enshrined in the constitution. He opened that political parties are not necessarily meant to win elections but to also canvass opinions on policies of government. Though, he said, “as the court pleases, I can’t fault the Supreme Court but I hold the opinion that it is against the spirit of association by individuals to freely meet and hold opinions

Sonaiya, ex-Presidential candidate, KOWA Party

future,” he added. Prior to INEC decision that was ratified by the apex court, many Nigerians had at various times called for the whittling down of the number of parties in the country. For instance, former Senate President in the aborted Third Republic, Chief Ameh Ebute, expressed concerns over the existence of 68 registered political parties in the political terrain, saying they were unwieldy for the nation’s democracy to make any meaningful development. Ebute had argued that registration of multiple political parties without firm ideology was counter-productive to flourishing partisan politics. He explained, “On the issue of political parties, it is my view that there is no political ideology for politicians to consider before jumping from one party to the other. The only ideology for now is fighting for access to the national cake so as to have a share of it. I am in support of a two-party system. This will enable politicians choose whether to be a progressive or a conservative.” Also last year, the Director-General, National Institute for Legislative and Democratic Studies (NILDS), an arm of the National Assembly, Prof. Abubakar Sulaiman, said 91 registered political parties were too unwieldy for the country. Sulaiman, who served as National Planning Minister under former President Goodluck Jonathan’s administration, argued that Nigeria requires just three functional political parties to deepen democratic culture among the citizenry. He said that “Some political parties today don’t even have offices in various states across the country, but then, they occupy space on the ballot paper, thereby causing confusion. When you talk about the inconclusive election, over-voting, some Nigerians in the rural areas could not differentiate between certain symbols because we have a ballot paper that is as long as one kilometre. So, the earlier we have a ‘guided democracy’ the better for us,” he said. What many Nigerians say for now is the abuse of every process, explaining that the Supreme Court judgement was an extreme to curb the abuse by Nigerians. Though, they accepted that there could be further roles that political parties could play in a democracy. Along this line of thought, some Nigerians have called for a halt to further registration of political parties to enable INEC adequate time for the 2023 general elections. An INEC official told THISDAY that the Supreme Court judgment may not stop the commission from registering more political parties as at the last count there are more than 100 request from groups seeking for registration as political parties. He said, “the only thing that could stop INEC from registering more political parties is a legislation and amendment of the constitution, less the commission would be accused of blocking the political space where politicians can ventilate their views, when they are choked.”

T H I S D AY ˾ ͯͮ˜ ͰͮͰͯ

FEATURES

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

The Intractable Apapa Gridlock Are truck and tanker drivers and their owners bigger and more powerful than the federal and state governments? Why then is it difficult to tame them in order to ease movement in and out of Apapa? Asks Davidson Iriekpen

Gridlock caused by the dilapidated Oshodi-Apapa Expressway

Ijora bridge locked

or residents of Apapa and those who transact business in the area, the last two weeks have been horrendous. The traffic situation into the port city has been an abiding source of heartache and nightmare. Everyday of last week, they spent three to four hours to get to their destinations, which is very dangerous to their mental health. The usually one-lane access left for commuters and cars have been taken over by trucks and tankers, leaving them into total disappointment and frustration. The electronic e-Call Up platform, an innovative approach initiated by the Nigerian Port Authority (NPA) and the Lagos State government, which had breathed relief for residents and motorists plying the corridor, has collapsed. The innovation which had substantially decongested major access roads into the port city has failed abysmally. The significance of the e-Call Up System is that instead of queuing up on the roads leading to the ports, importers and exporters are supposed to log in online

Failed portion of Tin-Can Gate

to indicate the movement of their trucks towards the ports. The ports authority would then give the necessary approval to ensure that the inflow and outflow of trucks is orderly. Under that framework, the Nigeria Ports Authority has provided 17 designated and approved truck parks where trucks are required to wait before they are given what is called truck pass. It is a pre-gate system. You are called up. You wait at the provided pre-gate location. When it is your turn you approach the ports, or exit. Cargo owners are also required to stop returning empty containers to the ports. For the two weeks that the electronic call-up system lasted, truckers had gently filed into the seaports without any hindrance to relief of other road users. The ever-busy Wharf road, leading to Apapa Port was vacated by deviant trucks that used to clog the roads, streets and bridges. Sanity was thought to be gradually returning to the Apapa corridor. Even the police, operatives of the Federal Road Safety Corps and other

law enforcement agents who were seriously benefitting and profiting from the confusion, were beginning to feels the heat. Their bribes were dwindling. But with the collapse of the e-Call Up system, the trucks and tankers have returned with much ferocity, frustrating movement in and out of business district. This has left many observers and analysts wondering if anything can ever work in Nigeria? They also wonder if the tanker and truck drivers and their owners are bigger than the government? Recall that following public outcry over the intractable gridlock in Apapa, President Muhammadu Buhari in 2019 gave an ultimatum to the trailer drivers to vacate Apapa roads and bridges within 72 hours. Before then, Governor Babajide Sanwo-Olu had reportedly vowed to end the Apapa gridlock within 60 days of his administration, though he later denied the claim. The presidential directive followed an emergency meeting convened by Buhari and chaired by Vice President Yemi Osinbajo on April 25, 2019. A taskforce

headed by Osinbajo, which was set up following the meeting immediately swung into action. The terms of reference of the taskforce, which was to report directly to the president, included the development of an efficient and effective management plan for the entire port area traffic, including fuel distribution and business district traffic; enforcing the permanent removal of all stationary trucks on the highway and the development of an effective manual call-up system, pending the introduction of the electronic truck call-up system. It also included the implementation of a workable Empty Container Truck handling policy, among others. This was followed by the withdrawal of the Nigerian Navy personnel and all other military formations from traffic management duties in the Apapa area, while military and paramilitary checkpoints in front of the ports and environs were to be dismantled. In their place, the police and Lagos State Traffic Management Agency (LASTMA) were authorised to move to the area as the lead traffic management agency, while

T H I S D AY ˾ ͯͮ˜ ͰͮͰͯ

FEATURES

Confusion at ijora

the NPA was asked to commence the immediate use of the Lilipond Terminal and Trailer Park A as truck Transit Park. The taskforce had two weeks to complete its assignment. By December 2020, when the taskforce ended its assignment and declared that 95 per cent of its job had been done, commuters, motorists and stakeholders did not see any significant improvement. Instead allegations of extortion and corruption trailed its activities. From then till now, the chaos and confusion in and out of Apapa have never ceased. Instead of leaving at least one lane for cars, truck and tanker drivers with the assitance of policemen and others have virtually taken over the link roads, thereby, making life hellish for residents, workers and commuters. Meanwhile, the endless construction works around the Liverpool Roundabouts and the Mile 2-Tin-Can axis of the OshodiApapa Expressway have worsened the situation, making the gridlock to defy all known logic. Currently, what road users see are truck drivers parking recklessly at the middle of the roads without respecting the rights of other road users. Amidst the chaos, uniformed personnel on duty reportedly fleece the truck drivers. All that is needed to jump the queue is to bribe the uniformed personnel. From Eko Bridge to Creek Road in Apapa, there are over 18 checkpoints where truck and trailer drivers cleared after parting with bribes not less than N1,000 in the full glare of people day and night. If they want the policemen to escort them, the bribe increases to as much as between N5,000 to N10,000. Many believe that the chaos on Apapa roads is certainly a national embarrassment. They believe that there are readily no solution available on hand to address the problem. Even hoodlums and traffic armed robbers have cashed in on the situation to unleash their nefarious activities on innocent citizens by dispossessing them of their valuables and sometimes maiming their victims. Last December, following public outcry, the Lagos State government vowed to set up a special team to takeover traffic management from the PTT. Governor Babajide Sanwo-Olu, after an unscheduled inspection of the roads to have a first hand assessment of traffic situation at the ports and its environ, said a stakeholders' meeting, involving the NPA, haulage transport unions, port operators, among others would be convened to work out means of solving the protracted traffic

Congestion on the Oshodi-Apapa Expressway

gridlock in Apapa, as well as having a more efficient, effective port operations in the general interest of the publics. The outcome of the meeting was the e-Call Up System that failed woefully. The governor even went ahead to issue a stern warning to individuals and maritime operators that want to reverse the progress being recorded along the Apapa corridor. He vowed that the state government would resist any attempt from any quarters to bring back the problem. He threatened to publish the names of uncooperative stakeholders who do not want the Apapa gridlock to ease off. All the threats have come to nothing but mere words. Even stakeholders operating within and around the seaports frequently indulge in blame game, accusing each other of responsibility for the confusion in the port city. While the Committee of Freight Forwarders and Maritime Truckers (COFFAMAT) blamed the NPA officials, Presidential Taskforce on Port Decongestion and the police for the corruption that allowed truck drivers to park indiscriminately on the road, the Council of Maritime Transport Union

and Association (COMTUA) absolved the police and the taskforce, accusing COFFAMAT, truck drivers and other stakeholders of not playing by the rules. As a way out of the melee, a former National Publicity Secretary of the Association of Nigeria Licensed Customs Agents (ANLCA), Joe Sanni, suggested the need for stakeholders in the maritime industry to come together to form a committee of relevant players in the sector to bring sanity to the area. He said being victims of the effect of the gridlock in terms of economic and health concerns, they would take the issue seriously. Sanni added that the best way out is the formation of a stakeholders’ committee with a definite rule of engagement to manage the traffic situation in and around Apapa. He pointed out that once the rules of engagement are agreed upon by all, offenders cannot only be sanctioned but can also be taken to court. While that is still in the pipeline, a businessman, Justice Okeke, who has often been frustrated over the traffic crisis in Apapa, said: “Apapa is just an ungoverned territory. Even though there is absence of government in every aspect

of our lives in Nigeria, the one in Apapa is really appalling. One does not always see government presence in the area. Everything is just in complete disarray. The police and other traffic officials that are in charge of bringing sanity to the area are always helping themselves.” Another stakeholder, Olarenwaju Adewale, expressed concern for the bridges which the truck and tanker drivers constantly park on everyday and everynight without anybody raising any eyebrow. According to him, this is a threat to lives and infrastructure. “For about eight years consecutively, truck and tanker drivers have constantly parked on the bridges everyday and everynight, every week, month and year without anybody saying anything. This, in my opinion is a huge threat to human lives and infrastructure. I am not pessimist but I believe that this could be danger waiting to happen.” While businesses, mental health and the neighbourhood are being left to suffer, Nigerians are anxiously waiting for the federal and state governments to urgently act to save the country from what is happening in Apapa.

MONDAY MAY 10, 2021 • T H I S D AY

T H I S D AY ˾ ͯͮ˜ 2021

BUSINESSWORLD

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

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Quick Takes CIBN Holds 2021 AGM

ANNUAL GENERAL MEETING

L-R: ExecutiveSecretary,BankDirectors’ Association of Nigeria (BDAN) Ms. Adebukola Orenuga ;President,Mrs.Osaretin Demuren;Council Member,Mrs.FunkeFeyisitan Ladimeji and GeneralSecretary,Dr.JudeMonye,duringtheassociation’s24thannualgeneralmeetingheldinLagos...recently

Investors Stake N16bn on 1.4 Billion Shares Goddy Egene The Nigerian equities market attracted investment inflow of N15.918 billion last week staked on 1.419 billion shares in 18,459 deals. This indicated an increase by 46.3 per cent from the N10.883 billion invested in 1.441 billion shares in 19,614 deals the previous week. However, the Nigerian Stock Exchange Limited (NGX) AllShare Index (ASI) depreciated by 1.6 per cent to close at 39,198.75, while market capitalisation declined to N20.431 trillion. Market analysts attributed the depreciation to profit taking in bellwether stocks following some gains

INVESTMENT recorded in the month April. Some of the stocks that suffered profit taking included Stanbic IBTC Holdings Plc, MTN Nigeria Plc and Dangote Cement Plc. Analysts at Cordros Securities said the bears would likely remain in control of the market in the new month. “With the first quarter (Q1) of 2021 earnings season now out of the way, we believe a “choppy theme” will be the order of the day as investors keep their gaze on yield movements in the fixed income (FI) market. “The bears will likely main-

tain dominance as the absence of positive triggers will limit buying interest from the bulls. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,” they said. An analysis of the performance showed that the Financial Services Industry led the activity chart with 1.069 billion shares valued at N9.531billion traded in 10,907deals; thus contributing 75.34 per cent and 59.88 per cent to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 60.762million

shares worth N2.005billion in 1,070deals. The third place was Consumer Goods Industry, with a turnover of 57.023 million shares worth N1.029billion in 2,831deals. Trading in the top three equities namely Access Bank Plc, FBN Holdings Plc and Zenith Bank Plc accounted for 609.988 million shares worth N6.593billion in 4,870deals. The price movement chart showed that 31 equities appreciated in price lower than 36 in the previous week, while 37 equities depreciated lower than 41 equities in the previous week. Royal Exchange Plc led the price gainers with 22.6 Continued on page 24

African Oil, Gas Refiners Seek Action on Clean Energy Transition Emmanuel Addeh in Abuja The African Refiners and Distribution Association (ARDA) has called for a consensus by all stakeholders on the need for the continent to quickly take visible steps as the rest of world moves towards cleaner and renewable sources of energy. The ARDA joined by other experts in the Liquefied Petroleum Gas (LPG) industry maintained that there’s a looming danger if Africa is left behind in the new energy transition milieu. Executive Secretary of the association, Mr. Anibor Kragha, explained that it has become more important for Africans to embrace modern clean energy now as over 850 million Africans still depend on solid fuels or biomass for cooking. Speaking during a workshop organised by ARDA on the need for the adoption of clean cooking fuels, the petroleum

ENERGY expert emphasised that without strategic efforts towards energy transition, especially for cooking, solid fuels may continue to kill over 600,000 Africans yearly due to household air pollution. Also present at the event were industry majors, including Global LPG Partnership (GLPGP), World LPG Association (WLA), Clean Cooking Alliance (CCA), Shell Foundation and Oryx Energies. Against the backdrop of the continent’s growing population, the stakeholders insisted on the need for energy transition in the face of projected growing energy demands, noting that it remains sacrosanct. At the meeting, Kragha who insisted on the need for the development of a robust African LPG value chain, highlighted the commodity as a credible near-term solution

for reducing carbon emissions against polluting solid fuels. He stressed that health challenges loom in Africa if steps are not urgently taken to transition into cleaner fuels in line with the United Nations Sustainable Development Goals (SDGs). He posited that the continent must aim at fostering collaboration and sharing of best practices to mitigate projected challenges that could undermine energy transition on the continent. “The deployment of the planned Africa LPG sector development fund to finance national LPG ecosystems at country-level will ensure a robust, full value chain approach to drive sustainable investments and accelerate LPG adoption across the continent. “An integrated ecosystem approach for deploying sustainable investments across the LPG value chain is essential in Africa’s drive towards worldclass per capita consumption

of LPG”, he stated. Kragha disclosed that ARDA is currently working with the African Union (AU) to reduce sulphur content in fuels, stressing that other workshops on storage and distribution, refining and specifications, human capital, sustainable financing and regulation were being lined up. In his comments, the Chairman of GLPGP, Kimball Chen, said LPG for clean cooking in Africa remained a priority for the international community, governments and various institutions as well as private sector capital providers as shown by recent LPG feasibility studies in Kenya, Rwanda, Sierra Leone and Uganda. Also speaking, the Global Head, Oil & Gas Coverage at Standard Bank, Mr. Dele Kuti, said there was need to ensure an enabling environment for

The Chartered Institute of Bankers of Nigeria (CIBN) has concluded arrangements to hold its 2021 Annual General Meeting (AGM) on Saturday, May 15, 2021. The hybrid event will hold online via the zoom platform and physical venue at its Lagos office. The meeting which will be presided over by the President/Chairman of Council, Dr. Bayo Olugbemi, is expected to be attended by top bankers and other distinguished dignitaries from other sectors of the economy such as Chairmen of banks; MD/Chief Executives of banks, past presidents of the institute, Presidents of other professional bodies, top government functionaries,fellows,honouraryseniormembers,associates,microfinance certified and among others. According to a statement, the annual reports, accounts, auditor’s report, adoption of the minutes of last year’s AGM and other important matters affecting the institute and the welfare of members would be considered at the meeting. It is expected that members of the institute all over the world will join via zoom and youtube platforms as well as participate actively at the discussions for the interest of the banking profession and industry in the country.

Nigerian ipNX Gets Global Ranking

ipNX, Nigeria’s broadband internet service provider, has been recognised by Ookla, a global player in broadband network testing applications as the fastest fixed broadband provider in Nigeria for Q1 2021. According to Ookla Global Intelligence report, ipNX was also ranked as the provider with the highest consistency score in Nigeria for Q1 2021. The results were based on analysis by Ookla taken from January through March 2021 With over nine million tests each day, Ookla Speedtest has the most comprehensive view of worldwide internet performance. The Speedtest award for top network provider is determined using a ‘SpeedScore’thatmeasureseachprovider’snetworkdownloadandupload speeds to rank its network speed performance. Ookla’s Consistency Score measures the percentage of a network provider’s sampled data thatequalsorexceedsthethreshold,whichbestsupportstheapplications and experiences consumers use the most for fixed network threshold of 25 Mbps download. Analysing the report, the Divisional CEO, ipNX Retail, Kene Eneh, said: “The results released by Ookla show that our customers are experiencing the fastest internet speeds that they need for today and for the future. “Over the past several years, we have invested significant resources into expanding our capacity and delivering unrivalled service quality on our Fibre Optic network and services respectively. “With the launch of our FOS Xtreme Series with 200Mbps speed offering, we currently provide the fastest internet speeds for homes and businesses in the country and this is enabling richer digital experiences for our customers”. In 2020, ipNX was also awarded the best Broadband Service Provider and Internet Service Provider by Nigeria Technology Awards (NiTA). This is yet another significant milestone for ipNX, and builds on her strong legacy of technology leadership and innovation in the industry.

Firm Reaches Safety Excellence Level

Century Group, one of the promoters of the annual HSE Summit has hit a major safety milestone in one of its operations. Specifically, the field development and production activities on going at OML 113, Aje Field which is the asset that formally inducted Lagos State into the league of oil producing states. According the company’s QHSE Manager, Mr. Idonbaa Egberipou, and content in circulation through the official social media accounts of the company, it on Thursday the 29th day of April, 2021 reached a new level of safety excellence on both process and personnel safety.The company clocked1,862days(5years)LTIfreeman-hoursonboardtheFPSOTamara Nanaye. The company which is associated with the annual HSE Summit “HSE in our DNA,” through this achievement said it has proven that its commitment to safety is not a gimmick. CG has grown to be one of the largest indigenous operators of Floating, Production, Storage and Offloading Vessels (FPSO’s) and flow stations in Sub-Saharan Africa.

“We have identifiedAfrica to be a vast pool of opportunities with over 370 million unbanked adults, $9.2 billion in remittances and cross border payments, 89 cities of over 1.3 billion inhabitants by 2025 and the overallAfrican financial ecosystem” GMD/CEO, Access Bank,

Continued on page 24

Herbert Wigwe

T H I S D AY ˾ ͯͮ˜ ͰͮͰͯ

BUSINESSWORLD INVESTORS STAKE N16BN ON 1.4 BILLION SHARES per cent, trailed by Sovereign Trust Insurance Plc with 17.3 per cent. Access Bank Plc chalked up 11.6 per cent, just as Union Bank of Nigeria Plc garnered 10.2 per cent. Conoil Plc and LASACO Assurance Plc chalked up 10 per cent and 9.8 per cent respectively. Conversely, Linkage Assurance Plc led the price losers with 18.8 per cent, followed by Courtville Business Solutions Plc with 13 per cent. NEM Insurance Plc declined by 10.8 per cent, while B.O.C Gases Plc and SCOA Nigeria Plc shed 9.9 per cent and 9.6 per cent in that order. AFRICAN OIL, GAS REFINERS SEEK ACTION ON CLEAN ENERGY TRANSITION

financing of LPG projects. He stressed that population growth, new product lines and the drive for cleaner energy supply in future make has made LPG investments a viable option. President Muhammadu Buhari recently underscored the need to drive the country’s economic development by tapping Nigeria’s enormous gas resources. He had said given the country’s potential of about 600 trillion cubic feet of gas, the commodity has the capacity to diversify Nigeria’s economy if deployed appropriately. He pledged that his administration would fully utilise the enormous gas resources in the country to grow the economy and drive industrialisation within 10 years. According to him, the rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country and the government intends to seize the opportunity. He said his administration had prioritised gas development and recorded remarkable progress, adding that Nigeria is a gas nation with a little oil, but the country has focused on oil over the years.

NEWS

‘Nigeria’s Contract with Canadian Firm Pulled Power Sector’ Peter Uzoho A former Executive Director in charge of Finance and Accounts at the Transmission Company of Nigeria (TCN), Mr. Sonny Iroche, has said the contract entered into between Nigeria and Manitoba Hydro International (MHI), a Canadian power company, caused regression in the country’s power sector. Iroche, described the contract which was for the Canadian firm to efficiently manage the TCN, as one of the weird contracts that should not have happened in the power sector. Iroche, who is currently the Executive Chairman of Strategic Alliance Promotion Company based in Lagos and Abuja, said this during an interview on ‘The Morning Show’, a flagship programme of Arise News Channel, THISDAY’s broadcast station. Sequel to the privatisation of generation and distribution companies under the defunct Power Holding Company of Nigeria (PHCN), the federal government in line with the power sector reforms, had contracted MHI to manage the TCN for an initial period of three years. The contract which was first signed in 2012, for a period of three years, expired in 2015, and was subsequently renewed for another term of one year before it eventually expired in 2016, and was not renewed. Iroche spoke on the heels of frequent calls by some stakeholders and analysts for the unbundling

Dike Onwuamaeze The Commissioner of Insurance, Mr. Sunday Thomas, has charged practitioners in insurance sector to embrace disruptive business models in order to be able to build an industry that would withstand future changes in the sector. Thomas, gave this charge recently, when he spoke at the Lagos Chamber of Commerce and Industry’s (LCCI) 2021 Insurance Stakeholders’ Consultative Forum with the theme “Nigeria’s Insurance Industry: Breaking New Frontiers,” which was hosted virtually in Lagos. He said insurance operators in the country should avoid too

Comms/e-Business Editor

Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor (Energy) Emmanuel Addeh (Energy) Reporters

Nosa Alekhuogie (ICT) Peter Uzoho (Energy)

generate, they transmit and they distribute, which was what the old NEPA, the old PHCN was. When we re-phased and unbundled PHCN to 18 companies, that is 11 Discos, six Gencos and one TCN, you didn’t need to bring a company that is in your old mould to come and be a management contractor.” “Manitoba didn’t do a good job. Manitoba pulled Nigerian power sector back. By the four years that they were there, we were paying them in dollars and they were really not staff of Manitoba Canada. They hired

some Asians from wherever they could get them.” The erstwhile executive director of TCN noted that the MHI team was not found competent at all and that there was always clashes between the Manitoba executives and the Nigerian executives during the time the contract lasted. He revealed that throughout their stay at the Abuja headquarters of the TCN, the Manitoba team never left Abuja on an inspection visit to agency’s substations and work centres located all over the country, adding that the contract was a bad marriage.

SPECIAL RECOGNITION

L-R:MD,CAPPlc,Mr.DavidWright; MarketingDirector,MonumentDistillersNigeriaMr.AjiborodeAbiodun,andManagingDirector,BusinessDay,Mr.OghoOkiti, attheNigerianInvestorValueAwardswhereCAPreceivedanawardforthe mostprofitablecompanyindustrialgoods,buildingmaterialschemicalsandpaints subsector,heldin Lagos...recently

much reactive thinking and embrace disruptive innovation since the things the industry have been leaning on might not sustain it in the nearest future. He said: “We are living in an age of disruption. The insurance sector is facing significant waves of disruption and important decisions about market positioning, ecosystem relationship, technology, investments in skills requirements need to be taken,” adding that, “key drivers of change include the changing nature of risks which are now too complex to fit into the insurance industry’s traditional lines of business structure. “The time for talent development for disruptive innovation is

now for a new market and value network. It, therefore, means that to break new frontiers is to at least be an inch ahead of unavoidable disruptions of our business models, markets etc. So, it is not just innovating but rather disruptive innovation.” He said the quest for talent development and disruptive innovation would enable the industry to move from the status quo, adding that, “one assurance I can give is that the NAICOM will never go against any great idea that will create desired result. Let all of us come together and look for ways we can create a future for our industry. “We want innovations that are

disruptive to create the needed market. Therefore, we must have a mindset that is disruptive.” He said it was expected that companies should ensure that capital management in ways that would create value in the face of the new market frontiers, while, “its primary objective must be to optimise capital structure, performance and adequate for risk undertaken.” Thomas, noted that the prevailing low insurance penetration in the country, “is a sign that there are more grounds to be tilled and more harvests to be made.” He said there was need for regulatory reforms that would reposition NAICOM for both

today and the future by breaking existing barriers in the insurance sector because, “we (NAICOM) are concerned about our service delivery and it is important for us to focus on it.” He also added that the new insurance bill, which is before the National Assembly, would introduce improvements in the legal regulatory framework of the Nigerian insurance industry. The President of the LCCI, Mrs. Toki Mabogunje, in her opening remarks said the essence of the forum was to facilitate exchange of ideas that would move the insurance sector forward and enable it to play its sustainable role in the Nigerian economy.

FG Reaffirms Support for Entrepreneurs

Obinna Chima Goddy Egene

first place because, to procure any services by government, parastatals and agencies of government ought to go through the due process commission which was done. “And to be honest with you, Manitoba did not feature top, it was actually another foreign company. But be that as it may, Manitoba got the management contract and I worked with them and I was one of those who opposed them because Manitoba is a little local government in Canada that at best, generates 5,000 megawatts. “And it’s a vertically integrated power system, which is, they

Insurance Commissioner Tasks Operators on Disruptive Innovations

Group Business Editor Capital Market Editor

of TCN for better management and performance as a key arm of the Nigeria power sector. He argued that MHI was given the contract despite the fact that it did not emerge as one of the top companies deemed qualified for the contract by the procurement commission. He noted that MHI was also operating in the mould of the defunct National Electric Power Authority (NEPA) and the PHCN with their analogue systems. He said: “The Manitoba management contract was one of those weird contracts that we shouldn’t have gone into in the

James Emejo and Folalumi Alaran The Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum, has reaffirmed the commitment of the federal government towards sustainable development of Nigerian entrepreneurs. Katagum, during a meeting with a delegation from the Nigeria Entrepreneurs Forum (NEF) and the Organisation of Women in International Trade (OWIT) Nigeria, led by the President Nigeria Entrepreneurs Forum

(NEF), Dr. Sidney Inegbedion, in Abuja, noted that the present administration had put in place various programmes, including Export Expansion Grant EEG, MSMEs Survival Fund and the National Diaspora Policy as part of efforts aimed at encouraging the growth of small scale businesses in the country. She, therefore, advised NEF and OWIT to take full advantage of the African Continental Free Trade Area (AfCFTA), which commenced in January to enhance their business activities and boost the economy.

In a statement by the Assistant Director, Information, FMITI, Mrs. Oluwakemi Ogunmakinwa, the minister, further urged the entrepreneurs to take advantage of its various laudable programmes on micro, small and medium scale enterprises (MSMEs) to enhance their productivity. She expressed the ministry’s readiness to collaborate and support the associations in realising their mandate most, particularly in the area of youth and women empowerment. However, Inegbedion had

told the minister that the purpose of their visit was to brief her on the modalities for implementing the Memorandum of Understanding (MOU) signed between NEF and OWIT. He said the organisation which was established since 2010, is a private sector driven with focus on stimulating the economic development of the country. He added that NEF had over the years been providing capacity building and competency based leadership training for some departments in the

ministry of Industry, Trade and Investment as part of its contributions to national economic development. He added that the body had also implemented effective management and leadership training towards Nigeria engagement in AfCFTA, among others. On her part, President of OWIT Nigeria, Blessing Irabor, said the organisation was in partnership with NEF and other relevant stakeholders to advance Nigeria’s commitments to gender equality through international trade and investments.

T H I S D AY ˾ ͯͮ˜ ͰͮͰͯ

‘Plant Variety Protection Bill Will Improve Food Security’ Ugo Aliogo The Director-General, National Agricultural Seeds Council (NASC), Dr. Philip Ojo, has stated that the Plant Variety Protection (PVP) Bill will provide intellectual property protection to breeders and improve food security in Nigeria. Ojo, disclosed this during a virtual meeting organised by the Nigerian Economic Summit Group (NESG) and the National Agricultural Seeds Council (NASC) in collaboration with the Alliance for a Green Revolution in Africa (AGRA) with the theme: ‘Expert review of the Plant Variety Protection Bill: Significance and Constraints.’ He said the NASC and other stakeholders have helped facilitate the PVP bill which is currently awaiting Presidential assent. Delivering his presentation titled: “Significance of the PVP Act to the Seeds Subsector and the Nigerian Food and Agriculture Ecosystem,” Ojo said the bill is a legal designation to protect plant breeders and help encourage breeders to get incentives from their inventions. In her opening remarks, NESG Board member, Dr. Ndidi Nwuneli, disclosed that the PVP bill has an important role to play as it would unlock a lot of potentials across Nigeria’s Agricultural ecosystem while protecting farmers. Nwuneli, who is also the Co-Founder/Managing Partner

of Sahel Consulting Agriculture and Nutrition Limited, posited that without access to alternative sources of food or income, smallholder farmers are highly vulnerable to fluctuations in weather patterns, changes in government support and shifts in both local and international markets. She said there was a need for all stakeholders to work collectively to transform Nigeria’s food ecosystem. During the panel session, Trade Expert, Trade Law Centre (TRALAC), Western Cape region of South Africa, Dr. Olumuyiwa Bamidele Alaba, posited that the World Trade Organisation (WTO) does not have specific laws around PVP. He charged countries to interact and sign negotiating treaties among each other, “and that there are international laws that espouse Protection of breeders’ right and that of locals and the investors.” Director of the Ecological Think-Tank, Health of Mother Earth Foundation (HOMEF), Mr. Nnimmo Bassey, revealed that the productivity of small-scale farmers is always underestimated and more support should be given to them as opposed to transnational corporations. He revealed that farmers have over the years successfully selected the best seeds and research has shown that the future of food production is reliant on small-scale farmers.

Lagos Commodities Exchange Set to List First Gold Goddy Egene The Lagos Commodities and Futures Exchange (LCFE) is set to admit Dukia Gold‘s diversified financial instruments, backed by gold as the underlying assets in a sector worth over N300 trillion. Addressing journalists at the pre-listing media interactive session in Lagos, the Dukia Gold’s Chairman of Dukia Gold, Mr. Tunde Fagbemi, said that the instruments which would be in form of Exchange Traded Notes (ETN), Commercial Papers (CP) and other gold-backed securities would enable the company deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the government to diversify external reserve and create massive employment across the metal production value chain. Fagbemi hailed the Ministry of Mines and Steel Development and the Securities and Exchange Commission (SEC)

for supporting trading of gold in Nigeria, saying this remained one of the ways to diversify Nigeria’s sources of foreign exchange at this critical period of Nigeria’s economy. He said: “We are proud to be the first Gold company whose products would be listed on the LFCE. The listing shall enable us facilitate our infrastructure development, expand capacity and create fungible products. This has potential to shore up Nigeria’s foreign reserve and create an alternative window for preservation of pension funds. A gold-backed security is a hedge against inflation and convenient preservation of capital.” According to him, they have refinery services to smelt metals with capacity to meet local and international demand. “As a global player, we comply with the practices and procedures of London Bullion Market Association (LBMA) and many other international bodies. Our refinery will also have multiplier effects on the

development of rural areas anywhere it is located. There must be constant power supply, good road network and other social amenities, apart from employment opportunities for the rural dwellers,” Fagbemi said. Speaking in the same vein, the MD/CEO of Heritage Bank Plc, Ifie Sekibo, who was represented by the Divisional Head, Strategy and Business Solutions, Heritage Bank and only licenced gold settlement bank in Nigeria, Mr. Olusegun Akanji, stated that the bank had created a buying centre for verification of quality and quantity of gold and reference price to ensure price discovery in line with the global standard. According to him, every transaction is auditable to protect investors. The Managing Director, LCFE, Mr Akin AkeredoluAle, who commended SEC for issuing the exchange a licence to trade gold said commodities exchanges play strategic roles introducing structures into the ecosystem which was in urgent need for

regulation, funding and data collation “ Nigeria’s International Trade in Solid Minerals and commodities is behind par and the absence of a listed gold investible instrument on a commodities exchange limits export potential for the exploration of solid minerals in Nigeria, particularly Gold. The need to harness the potential growth in the Nigerian Solid Mineral/ Gold sector and commodity trades justifies the timely establishment of a gold trading platform and the objectives of the promoters of Dukia Gold,” he said. According to him, LCFE is ready to support all the stakeholders in the Gold Sector in the areas of market creation, dissemination of market information, price risk management, reduction of counter party risk for trades, price discovery and transparency, standardisation, facilitation of commodity finance and innovative applications for an exchange mechanism.

FG Assures NSC of Support on Harness Solid Minerals Seriki Adinoyi in Jos The Minister of Transportation, Mr. Rotimi Amaechi has given the assurance of the federal government’s support to the Nigerian Shippers Council (NSC) by collaborating with the agency and Plateau State to harness the state’s rich solid mineral resources potential in order to achieve the much needed diversification of Nigerian economy. According to him, Plateau state is known for solid mineral resources such as tin, Platinum, zinc, and iron ore, even as the temperate climate of the state supports certain agricultural produce. Speaking on Friday during an inauguration ceremony of the NSC North-central zonal coordinating office complex in Jos, Amaechi said the resources would need access to both domestic and international markets, and the dry port in Heipang, Jos, will provide such access. He added that the strategic location of the North-central coordinating office was to ensure delivery of council’s services in the North-central zone. “I therefore implore the good people of Plateau state to put it in optimal and beneficial use when completed.” Amaechi went on to say that the Federal Ministry of Transportation, through the NSC activities, highlights the benefits of the maritime sector as the best alternative for economic diversification. “Let me state categorically that the transportation sector has the potential for employment, investment, and growth of our nation’s international trade.” The Minister said the maritime

resource centre that the council was promoting is a project with tremendous economic potentials for the state in terms of employment, tourism, and intellectual development. “Our vision is to re-engineer the economy by establishing modern transport infrastructure that will strengthen the nation’s logistics value chain and support the development of the non-oil sector.” Also speaking, the governor of Plateau state, Mr. Simon Lalong said having the North-central coordinating office in Jos will add a lot of value to the general development of the Inland Container terminal, and will facilitate the economy. He recalled that Plateau state has been a centre for economic and socio political activities in Nigeria right from colonial times because of its serenity, centrality, easy access, good weather, mining and agricultural activities, hospitality and tourists attraction. While appreciating the Minister of Transportation and the Governor for their support, the Executive Secretary/CEO of the NSC, Mr. Hassan Bello said that the NSC has a dream of building an international resource centre which would cost N15,000, 000 in Jos. According to him, “This is a massive and magnificent monument that will include a 5-Star hotel, shopping mall, restaurant, multipurpose halls, conference center (automate) with a capacity of 2,500 persons. The project will be delivered through Public Private Partnership (PPP) and supported at all times by the NSC.”

SUPPORTINGENTREPRENEURSHIP

L-R:PeopleDirector,InternationalBreweriesPlc,MarilynMaduka;Chairman,AdvisoryBoard,InternationalBreweriesFoundation,PeterBamkole;Director forEmployment,LagosStateMinistryofWealthCreationandEmployment,MrsIyaboSeriki-Bello;andFinanceDirector,InternationalBreweriesPlc,Bruno Zambrano,atthelaunchofthe2021KickstartentrepreneurshipprogrammebyInternationalBreweriesFoundationinLagos...recently ETOPUKUTT

ALTON Challenges African Youths on Nation-building Emma Okonji The Association of Licensed Telecoms Operators of Nigeria (ALTON), has called on African youths, Nigeria inclusive, to rise up to the challenge of rebuilding African nations, saying the future of any economy lies in the hands of youths. ALTON Chairman, Gbenga Adebayo, said instead of migrating to other continents of the world in search of greener pastures, adequate security and economic stability, African youths must look inwards and remain in Africa to develop the region. Adebayo gave the advice at the weekend in Lagos, while receiving the Nelson Mandela African Patriot Award of Excellence, presented to him by the Trans-African Youth Initiative (TAYI). The body also recognised ALTON as Most Productive Telecoms Association in Africa. According to Adebayo, “Africa is faced with many challenges such as insecurity and emigration of youths across

the West African region. In Nigeria, the challenges of kidnapping and banditry are on the rise, and ALTON is vey concerned about these African challenges. Investment thrives where it is welcomed and if there is no stability in the African economies, investors will not come to invest. Today the African region is losing its population to other economies because the youths are migrating in search of better socio-economic guarantees. ALTON therefore challenge African youths to take responsibility now and in the future because the future is in the hands of the youths. African youths must remain in the African region to rebuild the economies of the region.” He further said if all youths in the region decided to migrate to other regions, “who would then rebuild the Africa region.” “African youths therefore have a duty to remain in the region through thick and thin to rebuild the region, he added, and advised the youth

leaders of TAYI to encourage its members and other youths across Africa to remain in Africa to rebuild the African economy, which includes the Nigerian economy. “There are influx of foreign goods into Africa and if African youths continue to migrate out of Africa, time will come when Africa can not produce local goods for African consumption, thereby leaving the African economy in the hands of foreigners,” Adebayo said. He used the occasion of the awards to thank the Trans-African Youth Initiative for the recognition bestowed upon him as “African Patriotic Leader” as well as the recognition of ALTON as “Most Productive Telecoms Association in Africa.” ALTON’s Publicity Secretary, Mr. Damian Udeh, also thanked TAYI for the recognitions, and advised the youth leaders to always inculcate the right values among its members and

the African youths. Country Representative of TAYI, Ambassador Bakare Luqman, who led the delegation of TAYI to present the awards, said the decision to present the wards to Adebayo and ALTON, was taken at its national executive meeting held at the United Nations Youth Assembly, in New Portein, South Africa. “Indeed, the recipients have won the hearts of African Youths by their conducts and credentials as distinguished leader and dogged administrator, and Adebayo has publicly showed that he is a bastion of hope and a statesman per excellence,” Luqman said. Trans-African Youths Initiative is the voice of 1.2 billion young people of the Commonwealth. It is the largest youth-led organisation in Africa, which plays the integral role of advancing youth development agenda and co-ordination of activities and policies of the 54 Commonwealth nations in the field of youth.

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Ekechukwu: Subduing Insecurity, Corruption Will Spur Economic Growth Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, in this interview says with growing insecurity as well as policy inconsistency, it would be difficult for the government to persuade foreign investors to commit resources to the country. The former Director General of the Abuja Chamber of Commerce and Industry also proffers solutions to the rising inflation, high cost of funds and unemployment among other economic challenges. James Emejo brings the excerpts: What’s your assessment of the economy particularly amidst the COVID-19 pandemic? For an economy to grow, there has to be concerted efforts from the monetary and fiscal authorities and from other major government and private sector areas. Many times, we concentrate our efforts around the monetary policy and whatever efforts that they must have gained would be dissolved by activities of the fiscal policy. And of course, when all these policies are put in place, it is expected that situations like corruption, nepotism, and situations that are adverse to the growth of any economy would not be existing. And so, we expect that when knowledgeable policy making takes place in the fiscal and monetary policy, we expect that the system is supposed to start building from there and with all the supports of the federal government policies on their own, having to do with growing and expanding the frontiers of business that would actually drive the revenue base of the country and grow many sectors of the economy. Countries that have done well have taken advantage of areas of their strengths and for many years, oil became an area of our strength but also became one if the things killing our economy because we lost every bit of processing and refining of oil while we send out our crude, we are also supposed to be refining our oil locally in order for us to reduce the consumption of foreign currency. If that was not enough, we also should have developed many other sectors that we considered more profitable and that will have competitive advantage over many other countries. The mining sector has been neglected or overlooked for many years. A single item in that sector could actually sustain this particular country and here we have a lot of them and we are not doing a lot about them. I can tell you that if we have a very sincere purpose to grow the solid minerals sector, we don’t even have to mine half of them to actually turn around our economy. The agricultural sector is one sector that is doing well right now - but of course, it’s also experiencing its downturn considering the insecurity in the various farms. And so, we need to address our economic growth sector by sector. Now, today, we are seeing how well we are growing in the ICT world and in that space, we can sustain to this growth and use it to cover the lapses we are having in some other sectors. But the level we have grown in the ICT, we can also grow in many other sectors; manufacturing is one other sector that will continue to create employment and lack of it will also create a high level of unemployment. It will also drive the revenue base of the country. Imagine that there are 50 new factories or old factories that have been resuscitated and are doing very well. From the 50 companies we are going to be having value added tax, and personal income tax, and so you will see the revenue base we are losing for not having this real sector producing at even half the capacity. So, it’s important that we make the manufacturing sector grow again. A lot has been said about it but I have not seen enough efforts to match the things said towards growing this sector. Given that the agricultural sector is growing as I said, and if we add the manufacturing sector to it and some other sectors to what we already have today, you will see that the unemployment rate that is already as high as 33 per cent and other vices affecting our economy would obviously be reduced drastically. So, having survived the economic recession recently, and of course, we survived it so quickly - many people are asking what happened and how did it happen - but I can tell you that what happened was the fact that the government kept on spending probably far beyond the budgeted amount. How did such amounts come, we do not know but I know that in the monetary policy system, there’s always ways

factors actually affecting investments in Nigeria. Availability of funds is also not there. Most of the funds we have in Nigeria are usually short-term funds. And the conditions that will even make it possible for you to attract long-term funds are very stringent and makes it difficult for a beginner or small business owner to access long term funds. I know that certain development banks have been providing opportunities for people to access long term funds but many times the conditions are such that they cannot afford and so we need to have other things that will make it possible for businesses to access funds at very cheap interest rates. So these are all the things and there are so many of them but each of these is contributing to the hardship of doing business in Nigeria.

Ekechukwu and means of actually spending just to spend out of recession and that’s actually what the CBN did to be able to take us out of recession. But we need to sustain the growth that we have experienced in all the sectors and the fastest means to grow and sustain this growth is to eliminate the level of insecurity that is bedeviling the country today. So, these and other things put together should be able to take us out of the hard economic crisis. There have been reported capital ﬂight from Nigeria in recent times, what are really the investors’ concerns about the economy? No investor would want to come into a country where there’s insecurity, even when they are secure, you will see the policies are not stable and consistent. Insecurity has held back a lot of developmental programmes that we should have expected in this country and once we are able to address insecurity, many other indicators are going to be looking well. When we talked

For an economy to grow, there has to be concerted efforts from the monetary and ﬁscal authorities and from other major government and private sector areas. Many times, we concentrate our efforts around the monetary policy and whatever efforts that they must have gained would be dissolved by activities of the ﬁscal policy

about the foreign direct investment not going like other African countries, we know the reason. Once we are able to solve the insecurity in this country, all the other indicators are going to start looking positive. For emphasis, the first fear of an average investor into Nigeria is the level of insecurity. Inconsistency of policy is another factor that is actually a bane in the growth of investments in Nigeria. You see, for an investor to come into Nigeria, there are so many things to they are going to be looking at; the stock market, and money market, how well are they doing? How stable are they? You know in all the ease of doing business areas, government has tried to highlight many of the areas that they would want to reduce the burden of doing business. But, there are so many areas that government has not been able to address - areas of corruption, somebody having to come into this country and has the wherewithal to do business in this country but cannot do it because the level of corruption is so high and so you need to get something processed and fo you to get something processed it is so difficult because someone wants to take certain gratification before he does them. So we need to fight corruption head-on in order for us to invite the kinds of investors to that we want to have. Cost of fund is another thing to that is a problem in this country. Cost of fund is very high and cost of doing business is also very high. When we talk about cost of doing business we are taking about cost of electricity in order words, cost of power and energy which are very high. We are talking about exchange rate of the naira to other currencies which is also very high. We are talking about other costs of doing business, the fact that you must own your own electricity, you must own your own security - the fact that you cannot protect yourself and so for any movement you do, you have to involve the police. These are all the things increasing the cost of production and the cost of doing business in Nigeria. Now, it makes it difficult for products manufactured in Nigeria to compete favourably with products that are imported and so there are too many

Amidst rising public debt stock and dwindling government revenues and issues around repayment, how does this impinge on investor conﬁdence in the country? Yes, for other government to government relationship and business to government relationship and business to business relationship coming from outside the country, they’ll look at a lot of things. They’ll look at our debt burden and the size of our local and international debt and they’ll also look at the percentage of our budget used to repay our loans. When they look at all these things you see that the credit ratings that they may give to our country would drop basically. And when the credit rating drops, the interest rate they are going to charge the country will increase and so you see that countries with good, high credit rating receive funds at very cheap rates. But for Nigeria with very high risk of borrowing, you see that interest rates are usually very high. There are several things international development banks look at before they give facilities to the country including the unemployment rate, per capita income as well as the growth of your population. When they look at all these things, they’ll now look at the size of your budget and see whether it’s even something you can possibly pay back if you borrow and over a period of time. Relationship of the country with the international body also counts and these are the things you can always get when you have contact people who believe in what you ate a doing. Today, inﬂation constitutes a major risk to the macro-economy, much higher than the MPR. What is really is the way forward for Nigeria? Yes, because there are external factors away from the monetary policy, which are affecting inflation rate. Actually it is the MPR that is usually determined by the level of inflation. Usually when inflation goes up and down, it will affects the MPR. But the monetary policy body has refused to allow the MPR to move along the same correlation with the inflation rate. The reason is that the CBN has done everything to bring down interest rate. In other words, they want both the borrowing and lending rates to be as low as possible. Now, if the CBN now decides to follow the high rate of inflation to influence how high the MPR would go, then all the efforts they made in the past to be able to reduce interest rate would go lost. So CBN has retained MPR irrespective of high the inflation rate has gone just because it wants to achieve low interest rate for to there to be flow of funds into the system. Now, when the interest rate is very high, very few people will access funds and when interest rate is as low as possible, more people will access funds and the more the people access funds, the more the stimulation of the system. It also affects CONTINUED ON PAGE 27

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EKECHUKWU: SUBDUING INSECURITY, CORRUPTION WILL SPUR ECONOMIC GROWTH adversely the exchange rate because when there is so much access to funds locally, there’ll be so much demand for exchange rate and for foreign currency and when that happens it puts the foreign reserves and exchange rate under serious challenge. You’ll see that many times, the tools of monetary policy work against themselves, many times. As you are trying to focus on a particular one, it’s affecting the other one adversely. All that is necessary for the CBN to do is to concentrate on the particular one they want to achieve. So, right now we are talking about interest rate being low, they’re not bothered whether inflation rate is very high because even if they do everything they can do within the monetary policy, there are other factors affecting the high inflation rate. So it is good for them to concentrate on what the interest rate is, as low as it is today. But I am still not satisfied on how the CBN has handled the interest rate regime because I expect that if deposit rates are as low as we’ve seen today, I expect that CBN should put a cap on lending rates to the extent that there shouldn’t be more than three per cent spread between deposit and lending rates. If that is done, you will see that a bank that accepts deposit at the rate of say five per cent per annum, should not give out facility beyond eight per cent per annum if there’s a cap. But CBN has allowed the lending rate to be floating and to that extent, what they have achieved in deposit rate is not giving us the desired results in lending rates. So, I do not know why they allowed it to float, they obviously have their reasons but the actual result would come when there’s a cap to what lending rate would be based on what the deposit rate is. When we achieve that, then we know that rates are forced down by regulation by the regulation of the CBN. Do you see inﬂation moderating in the near future? Only few things can either stabilise inflation rate or bring it down. Of course, you know the uptick in the food inflation is what is affecting the headline inflation adversely. So, once we identify that one that is causing the uptick, which is the food inflation, it will obviously bring the average down so the headline is going to be minimal. What is even causing the food inflation is the same insecurity we talked about, it’s the same difficulty in moving goods from one place to another. Many farmers have left their farms, many products rotten in bushes and are destroyed in various farms and so it becomes difficult for us to have enough to go round the country. The only way right now to solve that problem is to open our borders to importation of these food items and once we open our borders to importation of food items to the extent that thing would come in and force the local prices down so when the demand and supply of these goods are competing with themselves, you will see that these prices would go down and that would force the food inflation down. Once the food inflation goes down, the headline inflation will also go down. I am thinking that if we have shortfall in supply of food items, we need to open our borders for food to be imported in order to force the prices down and that’ll bring down the inflation rate. What is your opinion on the current foreign exchange regime? The issue with the exchange rate in Nigeria is also an issue with demand and supply of the foreign currency. The exchange rate is as high as it is just because there’s short supply of same. If we have so much supply of foreign currency in the country, you will see that people who stockpile will even bring out the ones they have and everybody will have it. And because our revenue base is limited, and export sector is not doing so well, we do not have the size of foreign inflows that we expect to have. If we had it, the country would have been awashed with foreign currencies and of course, everybody will have access to it. Because we don’t have enough of it, there’s scarcity and that’s what is making the demand to rise. I expect that whenever oil prices rise and we sell up to our installed capacity, then we are going to be having these rates come down. I also expect that any particular period we stop importation of petroleum products, the biggest consumer of foreign currency, any particular

Greenage Restates Commitment to Sustainable Student Housing Financing Hamid Ayodeji

Ekechukwu year we stop the importation of petroleum products, that particularly year, we will start having improvement in the rates. So until that happens, we are not likely to have improvements in that rate and except the price of crude oil rises so much that we are going to have enough revenue to supply enough into the market, it will still remain so. It has not much to do with the management of foreign exchange regime, but has to do with the demand and supply of it. Once we have enough, we are going to have enough to go round and vis-a-vis. Unemployment remains a challenge to the present administration. As an investment and ﬁnance expert, what recommendations would you put forward to policy makers? The mistakes that various successive governments and politician make is to think that when they say they will create employment, they are going to be employing people in different departments of government. That’s a very big mistake. Now, what the system actually needs is an enabling environment for the private sector to thrive; if today the government builds a rail system from the west to the north, there will be a lot of employment opportunities that would be created not just by the government but by all the services that have been rendered right from the start of the journey to the end. Even as we are talking about food scarcity today, if we have every state government decide to have a greenhouse farm to the extent that you make sure that every empty land is converted to a greenhouse farm, you will see that we are going to have food sufficiency so much that nobody will be moving food from north to south as the case may be. So, when you have all state governments for example having their greenhouse farm producing the peppers, tomatoes, okro... you will see that jobs are created everywhere. Now, if we ensure that the things that are making factories to shut down are corrected, that’s just the way to create employment because the more the factories are shut down, the more banks are shutting down, the more the unemployment rate increases. So, we need to identify those things that are making these factories to shut down and solve them and make frantic efforts to say this period, we are going to concentrate on why factories in textile industry shut down and you address all their problems and make them all functional again. You go from sector to sector. You will see that by the time 10 different factories that has closed down say in Kaduna, start working again, the number of jobs that would be created will be massive. Michelin Nigeria Limited was where I did my youth services. Michelin notified government about the problems they were going through, but government didn’t listen to them and the company shut down and well over 3,000 staff were laid off. And the same thing happened to Dunlop tyres in this country. So, once we identified the problems why these companies are shutting, we solve the problems and then employment will start rising sector by sector, that is the way to grow employment not by announcing that you are going to create jobs- how are you going to create jobs when there’s no private sector driven efforts being made. You don’t create jobs by creating new ministries and parastatals because you can’t afford to pay them as a government.

Greenage Development Managers, a private equitydriven fund and provider of on-campus student and faculty housing projects, has announced a long-term commitment to the IFC’s EDGE (Excellence in Design for Greater Efficiencies), an international green building certification system. Greenage Development Managers are also leveraging the institutional mechanism provided by the Infrastructure Bank Plc in Nigeria to ensure sustainability of the Green Student Housing Projects. The aim is to transform the student housing sector by delivering purpose-built, resource-efficient student housing in higher institutions across Nigeria with Greenage’s $150 million sustainable housing fund. The fund is committed to develop 100,000 bedspaces across Nigeria over 10 years, with an

initial ticket size of $50 million for its first phase of delivery. The Greenage student housing programme is a private sector initiative that consists of a 10-year plan to provide modern, secure, affordable and green accommodations to complement campus architecture across Nigeria. Speaking at the groundbreaking ceremony, the company’s director, Mr. Marcellinus Nnaedozie, said the Greenage approach to student housing offers the most affordable, sustainable and desirable strategy to meet the housing objectives of higher institutions in Nigeria. “Supported by our private equity partners and and The Infrastructure Bank Plc alongside other multilateral institutions, Greenage is highly confident in its ability to deliver its proposed 10-year programme starting with the groundbreaking development of 500-1,000 bed spaces at Veritas University, Bwari Abuja,” Nnaedozie said. IFC’s Director, Climate Business

Department, Mr. Vivek Pathak, said, “Through the adoption of EDGE, Greenage has been able to unlock new sources of investment for universities that will help address the student housing gap in Nigeria, while controlling the use of natural resources.” Greenage will work with local vendors, suppliers, consultants and subcontractors to procure materials and equipment to produce high quality, durable, resource-efficient buildings. By working collaboratively with institutions to carefully design and build new on-campus housing, Greenage can fully meet the demands, needs and preferences of university communities in Nigeria, while limiting impacts on the environment. The Acting MD/CEO, Infrastructure Bank Plc, Mr. Ross Oluyede, stated that they were proud to partner Greenage towards changing the housing experience for students in Nigeria.

International Breweries to Reward Young Entrepreneurs Nume Ekeghe As part of its commitment to bringing people together for a better world and its objective of delivering impactful, developmental and sustainable projects, the International Breweries Plc has launched the sixth edition of its Kickstart entrepreneurship programme. The initiative is targeted at enterprise growth and development for young entrepreneurs between the ages of 18 and 35. Speaking during a media briefing recently, Managing Director, International Breweries Plc, Hugo Rocha expressed delight that the Kickstart Initiative had evolved from the regional programme it used to be, to an inclusive national programme that reaches the six geopolitical zones and 36 states of Nigeria. “Over the years, we have held the conviction that the energy, zeal, and brilliance of the youths of Nigeria who constitute about 70 percent of the total population should be tapped and channelled to productive use. This is the logic behind Kickstart – to promote a culture of entrepreneurship

among young people through training, provision of capital and mentorship,” Rocha said. Rocha stated that, “as International Breweries celebrates its 50th Anniversary this year, I am pleased that the results of a 3-year impact assessment study that we commissioned on Kickstart came out positive and gives us the confidence to continue to support young people to achieve their dream of entrepreneurship. We remain steadfast in our commitment towards the economic development of Nigeria” Also speaking at the media briefing, the Chairman, Advisory Board, International Breweries Foundation, Peter Bamkole explained that International Breweries Plc and its foundation was dedicated to continuing to contribute its quota towards tackling the twin challenges of unemployment and poverty while promoting Decent Work and Economic Growth in line with Goad 8 of the United Nations Sustainable Development Goal (UNSDGs). “By creating Kickstart, International Breweries Foundation

set out to be the nursery of innovation in business where budding enterprise managers are groomed—held by the hand and taken through the rigour of entrepreneurial work. We aim to produce well-rounded entrepreneurs who understand and are prepared to put in the work it takes to do business successfully in a unique climate like ours.” Bamkole said. Over the past five years, the Kickstart initiative has provided training, mentoring, and seed capital of N325,136 million (in total) for 274 grantees; 708 direct beneficiaries and 2,832 indirect beneficiaries across a wide range of business sectors; with the result of the creation of about 571 jobs and 1,392 new jobs projected across the six geopolitical zones of Nigeria. Speaking on the mechanics of the award, Legal and Corporate Affairs Director, International Breweries Plc, Temitope Oguntokun revealed that the award is in three phases: the application phase, the training phase and the pitch fest phase which is the final selection of grantees by judges.

Finalists Emerge in JCI Nigeria Award The list of the finalists for the 2021 Ten Outstanding Young Persons (TOYP) Award of the Junior Chamber International (JCI) Nigeria, has been released by the local planning committee. Speaking on the list of the finalists, the Chairperson, 2021 JCI Nigeria TOYP Award Planning Committee, Oluwakemi Irinoye, was quoted in a statement to have disclosed that the finalists were selected by the Award Panel of Judges out of the shortlisted 50 from the initial total of 1027 entries received for the 2021 edition of the global award. “The process of determining the final honourees is rigorous because of the commitment of JCI Nigeria to sustain the integrity of the TOYP Award. Some of the successful nominees also stood a chance of emerging as honorees

at the global JCI TOYP event in Johannesburg, South Africa in November 2021.” Irinoye noted that the finalists would now go into the voting phase by the general public for honours in the 10 categories of the award. According to the list, Olumide Adeleye and Mariam Akpaokagi were shortlisted in the Cultural Achievement category; the trio of Samirah Isa Modibbo, Zuriel Oduwole and Gideon Olanrewaju were shortlisted for the Contribution to Children, World Peace and Human Right category; while Alexander Ezenagu was the only nominee for the Academic Accomplishment category. For the Business, Economic or Entrepreneurial Accomplishment, Uche Eze will contend with Abiodun Adereni and Sijibomi Ogundele. Omotola Fawunmi,

Arinze Madueke and Amina Yahaya will vie for honour in the Humanitarian and Voluntary Leadership while Adereti Francis, Olivia Onyemaobi and Osahon Micheal will contest in the Medical Innovation category. In the Moral and Environmental Leadership category, Olalekan Sipasi, Kelo Uchendu and Olufunto Boroffice will compete. Nigeria’s female football superstar, Asisat Oshoala is up against her fellow teammate Desire Oparanozie and Eyitayo Ogunmola in the Personal Achievement category while Hamzat Bala Lawal, Joana Nnazua Kolo and Ayotunde Adenuga are the finalists in the Political, Legal and Government. In the Scientific and/ or Technical Development, Amanda Obidike, Shola Akinlade and Oreoluwa Shomolu Lesi will battle for honour.

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How Failure to Deregulate Downstream Sector Bleeds Economy Patrick Atuanya

macroeconomic environment is getting significantly worse. Inflation has accelerated to a four-year high of 18.17 percent in the month of March 2021, with food inflation (22.95%) at levels never seen since the National Bureau of Statistics started collating data. The jobless rate in Nigeria rose to 33.3% in the three months through December 2020, according to the NBS. A third of the 69.7 million-strong labour force in Africa’s most-populous nation either did nothing or worked for less than 20 hours a week, making them unemployed, according to the Nigerian definition. Another 15.9 million worked less than 40 hours a week, making them underemployed.

eregulation. How this one word remains an enigma with regards to the downstream oil and gas sector in Nigeria must be one of the wonders of the world. How can it be that something so glaringly and clearly the best way to go for Nigeria is not being adopted – especially when short term fixes like subsidies and pseudo deregulation policies have failed to make any impact? The billions of naira Africa’s largest oil-producing country commits to subsidising petrol is no longer news, but what is more infuriating is the opportunity cost forgone in a slow growing economy that could use more private sector investments for job creation and growth. The situation concerning the opaque petrol subsidy is having such a negative impact on the Nigerian economy, that despite a 62 per cent increase in oil prices compared to the 2021 budget benchmark, every gain from oil exports is now almost entirely cancelled out by the costly subsidy regime. Analysts have called several times for full deregulation of the downstream petroleum sector because subsidies on fuel are no longer sustainable. Unfortunately, the government has yet to muster the political will to effect this change even when oil prices were near $10 a barrel last year. The federal government is currently in protracted talks with labour unions who have threatened to shut down the country if the government deregulates without fixing the refineries. However, the petrol subsidy regime and the accompanying endless corruption, smuggling and dearth of investments in the downstream sector are indicative of an urgent need to end subsidies and implement deregulation fully. If the Nigeria National Petroleum Corporation (NNPC) does not make any contribution to the federal purse in May, it would be the first time it has happened in decades and would be a blow to the federal, state, and local governments that rely on cash from the state oil company for a significant chunk of their revenues. What this portends in an increasingly fractious state of the nation can only be better imagined. Financial experts have raised concern about the opaque system that is bleeding Nigeria’s economy considering the high level of life-threatening hunger in a country with over 95.9 million people living in extreme poverty, overtaking India according to a 2018 Brookings Institution report, despite having only a fifth of India’s population. According to a Department of Petroleum Resources (DPR) report on 30 September 2020, Nigeria had spent N10.7 trillion on fuel subsidies in the last 10 years. The NNPC could have saved on these costs and passed on such savings as extra income on to the three tiers of government if customers paid market prices for gasoline, supporters of deregulation have argued. What N10 trillion can do for the Nigerian economy Reﬁneries Dr Chijioke Nwaozuzu, a petroleum policy expert

Buhari

Senate President, Ahmed Lawan

writing from Emerald Energy Institute, University of Port Harcourt estimated the construction cost of a 100,000 barrels per day (bpd) refinery plant at $2 billion (about N758 billion using Central Bank of Nigeria’s (CBN) official exchange rate of N379 as at April 30, 2021). This means the N10.7 trillion spent on fuel subsidies in the last 10 years, could have helped the country construct at least 14 of such refineries instead of importing light petroleum products.

higher petrol prices, but the pain is less compared to the huge pain of paying for petrol subsidy.” A professor of economics and former president of Nigerian Association for Energy Economics (NAEE), Wumi Iledare said payments of subsidy is a gorilla that has swallowed Nigeria’s economy despite benefiting the elites more than the populace. “Beyond the removal of subsidy, the government needs to be more decisive about the Petroleum Industry Bill (PIB) and act fast because time is running out,” Iledare said. While it is important to pass the PIB speedily, Wale Ajayi, a partner, Tax, Regulatory and People Services at KPMG recommends that the government and industry operators should periodically engage an independent consulting firm to evaluate the issues and concerns raised by the operators. “This will greatly help to narrow the differences and enhance transparency and trust between both parties,” Ajayi said.

Primary health center & Education Using Freedom of Information requests and analysis by transparency campaign group Public Private Development Centre, it would cost an estimated N28 million to build one primary health care centre and N 17 million for a 3-block classroom. This means N10.7 trillion is capable of building 382,142 primary health centers or 629,411 classrooms (3-block) needed across Nigeria’s 774 local governments. Housing The N10.7 trillion is capable of building at least 713,333 3-bedroom homes valued at N15 million each, a development that can play a big role in reducing Nigeria’s housing deficit projected at 20 million homes. Water supply Also, N10.7 trillion can construct at least 17.83 million boreholes at N600,000 each across the country, this could have reduced the challenges of proper sanitation caused by acute water scarcity in Nigerian communities, especially rural areas. What Experts are saying Joe Nwakwue, a former council chair at the Society of Petroleum Engineers (SPE) said the cost of subsidy since inception is far higher than the estimated N10.7 trillion, however recent events show Nigeria is still not learning. “Every concerned Nigerian including labour unions need to understand the opportunity cost of the current lower price of petrol, which is cancerous to the economy,” Nwakwue said. He added, “Of course things will be tough with

Unsustainable The latest development serves as a timely reminder of the opportunity that Nigeria missed in 2016 to abandon the wasteful practice, which richer countries began to embrace during the global oil price crash. Contrary to the perception of many Nigerians, Nigeria is neither oil-rich nor is it able to afford the subsidy. Oil production in Nigeria is lower than during the 1970s even as its population has nearly tripled, and even though Saudi Arabia, which can be considered oil-rich, produces five times more oil than Nigeria and exports 27 times more per person, Saudis pay more for petrol than Nigerians. The Group Managing Director of the NNPC, Mele Kyari said recently that the current system was temporary, and the government was working on a permanent mechanism to enable market-based prices, and private sector imports, while protecting consumers. “It has become more confusing,” said Bello Rabiu, a former NNPC chief operating officer and group executive director. “Any time there is no transparency, definitely there will be corruption.” Other experts noted that the situation is becoming unsustainable especially at a time Nigeria’s

The need for deregulation is now Most stakeholders say deregulation will bring succor to Nigeria’s downstream sector as well as to consumers of petroleum products, who have had to bear the brunt of induced scarcity and the opportunity cost spent on oil subsidy that could have been used in the health sector or provision of infrastructure services to the citizenry. Other experts explained that deregulating the downstream sector is the only way petroleum products coming into the country will stay and not find their way to neighboring economies. “Liberalisation of the sector will quickly facilitate the development of the oil industry as it will encourage competition and the government task is to act as a regulator by preventing monopoly,” Huub Stokman, managing director of OVH Energy said at an industry event. Stokman believes that government understands that it’s in the best interest of Nigeria in the long term to liberalise the downstream petroleum sector so it can free itself from the burden of under-recovery, subsidy – monies that can be reinvested into infrastructural development, education, and health care among others to enhance the living standards of the average Nigerian. Before now, Nigeria’s downstream sector was the darling of all either to the government, investors, or the public, however in the last 10 years, investors in the nation’s capital market have continued to demonstrate low appetite towards shares of downstream companies listed on the Nigerian Stock Exchange (NSE). Nigeria’s inability to refine adequate petroleum products domestically to meet local demand has continued to render the downstream sector vulnerable to foreign exchange volatility, particularly for petroleum independent marketers. Since 2015, Africa’s biggest oil-producing country has prioritised fuel subsidy spending over N1 trillion per annum, which is higher than funds allocated to education, health, and Defense and Agricultural and rural development that would have increased the economic growth or standard of living of its over 200 million people. Although, for a vast majority of its 200 million people, cheaper fuel is the only benefit they see from a state that built no social-safety net for its citizens during the oil boom. t"UVBOZB UIF QVCMJTIFS PG .POFZ$FOUSBM /FXTQBQFS XSPUF GSPN -BHPT

Revisiting OMLs’Revocation, Reversal Saga Kema Maxwell President Muhammadu Buhari had in March approved a decision to revoke the Oil Mining Licences of Addax Petroleum being managed by Sinopec and domicile same with the Nigerian National Petroleum Corporation (NNPC) for allocation to new operators. The industry regulator, the Department of Petroleum Resources (DPR) announced the revocation of the Production Sharing Contract (PSC) of four Oil Mining Licences (OMLs) previously managed by the Chinese oil company Sinopec and assigned the rights to an indigenous consortium. Our Group, Good Governance Advocates, which is committed to transparency in government was enthusiastic that it was not just a well thought-out decision based on the economics of the Production Sharing Contract but a pragmatic one that is necessary in view of the dire state of our national assets. However, few weeks later President Buhari, again ordered the DPR to restore the four Oil Mining Licenses revoked from Addax Petroleum. In a statement by Garba Shehu, Senior Special Assistant to President Buhari on Media and Publicity, it said: “President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124,

126 and 137 to the Nigeria National Petroleum Corporation, NNPC which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks.” Interestingly, before the reversal of the OMLs license revocation, President Muhammadu Buhari had also set up a committee to investigate alleged “breach” of agreement by Addax Petroleum. The committee headed by a former senator, Magnus Abe, while submitting its report to the Minister for State for Petroleum Resources, Timipre Sylva, in Abuja, had accused the company of causing the country a huge economic loss. But in the face of the seeming uncertainty surrounding the revocation, restoration of Addax OML License, and the report of the Committee set up by President Muhammadu Buhari on the issue, which allegedly indicted Addax for wasting millions of dollars, the DPR still need commendation for taking concrete steps to boost the revenue accruing to the Government in underperforming assets. It is widely acknowledged that Nigeria and China continue to enjoy cordial economic, political and social ties, and support the mutual development of both countries. However, the Magnus Abe Committee set up by

President Buhari noted that the actions of Addax/ Sinopec had put over 3,000 Nigerians out of work. The report of the Committee headed by Senator Magnus Abe stated that, “Over one billion dollars have been invested in this. Addax Petroleum called off the project over an issue that was totally unrelated to this project. That action put over 3000 Nigerians out of work. It wasted millions of dollars of the hard-earned currency that this country earned.” Government should consider the concluding comments of the Magnus Abe Committee which investigated the breach of agreement by Addax that “we felt that the public should be aware of the extent of damage that was done to waste indigenous resources, the economic waste, not only were the workers affected but other projects.” Moreover, the choice of consortium is also in accordance with the Nigerian Oil and Gas Industry Content Development (Local Content) Act which was enacted in 2020 to promote indigenous operation of Nigeria’s oil and gas assets. Under the Act, seasoned Nigerian independent operators are to be given first consideration in the award of oil blocks and oil field licenses. It is important to understand the history of the four oil blocks (OMLs 123, 124, 126 and 137) and why the federal government took the decision to

reallocate the assets. In 1998, the NNPC entered into a 20-year PSC (Production Sharing Contract) in respect of certain oil mining leases (OMLs) with Addax Petroleum, a company listed on the Toronto Stock Exchange (TSX), which was to expire in 2018. The PSC was subsequently extended for a further four years, until 2022. By 2009, Addax had increased production in these OMLs to about 130,000 bpd (barrels of oil per day). In 2009, Sinopec (a Chinese state-owned company) purchased Addax Petroleum. As a result, Sinopec obtained the rights to these assets. No payments were made to the Federal Government during the purchase by either party. From a high of about 130,000 bpd in 2009, daily production dropped to 25,000 bpd in 2021, more than 80 percent decline. In addition, large gas resources in the assets remain undeveloped, and no effort had been made to recover associated gas, which is flared in contravention of the Federal Government’s policy and international best-practice. t.BYXFMM JT UIF /BUJPOBM 1SFTJEFOU PG (PPE (PWFSOBODF "EWPDBUFT NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY MAY 10, 2021 • T H I S D AY

IMAGES

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Photo Editor ÌÓÙÎßØ ÔËÖË Email ËÌÓÙÎßØ˛ËÔËÖË̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×

L-R: Chairperson, LOC Benin Law Week, Mrs Benedicta Okoduwa; Immediate past LOC Law Week Chairman., Mr Nosa EDO-OSAGIE; Mrs Patricia Iyomon; Past NBA Benin Chairman, Mr George Igbokwe SAN; Member Judicial Service Commission, Mr Dele Edokpayi; NBA Benin Secretary, Mr Lawani Andrew and NBA Benin Chairman, Mr Pius Oiwoh, during the Opening day of the NBA Benin Law week ceremony in Benin...recently

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MONDAY MAY 10, 2021 • T H I S D AY

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CITYSTRINGS

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

Impact on Humanity through Philanthropy and Service With a remarkable milestone since it was Chartered in 1961 in Nigeria, the Rotary Club of Lagos has undoubtedly made enviable impact on the communities in Lagos and Ogun States Rebecca Ejifoma, who spoke with the club President, Rotarian Dare Adeyeri, writes that as they gear to mark its Diamond Jubilee on May 30, philanthropy and acts of service would continue to be the ethos on which they operate

otary is a perfect description of philanthropy and service to humanity. It is a leading non-governmental organisation that has distinguished itself in Nigeria and the world. Chartered in 1961, the Rotary Club of Lagos currently has over 100 members. The first meeting of the new Club took place in May 30 1961 with Chief S.L Edu as its Charter President. Other charter members included distinguished Nigerians such as Sir Adetokunbo Ademola, Sir Mobolaji Mark Anthony, C.P Leventis, Sir Adeyemo Alakija, Ambassador Joseph Palmer the very first United States Ambassador to Nigeria, among others. With such illustrious names, there is no doubt that the story of the Rotary Club of Lagos is synonymous with the history of Nigeria. Giving more hints during this interactive session with newsmen at the Micasa Haven in Lekki Lagos, the President of the Rotary Club of Lagos and Captain of all the Rotary Presidents in District 9110 (Lagos and Ogun States), Rotarian Dare Adeyeri, expressed positively how far the club has come. “I was not around when the Rotary Club of Lagos was founded. A couple of years later, I came along. From what I have gathered, the Rotary Club of Lagos is the pre-eminent Rotary Club of Nigeria. It has always attracted men and women who have paved the way for others in their professions in business and in community,” he reminisced. In an unbroken history of 60 years, Adeyeri gushed about how the club is not just parading prominent men and women in the society, but that it has carried out projects which have significantly impacted lives in urban and rural areas of our communities in Lagos and Ogun States. He further listed seven areas that have benefitted from its philanthropic gestures. He said these are areas where they perceived a need, with underprivileged or disadvantaged people. “Especially at these times where we all need to come together and support the efforts at all levels of our country in fighting diseases.” According to the president, “Now that we have COVID-19, Rotary is doing its best. It has done that in the past 60 years providing clean water, sanitation and hygiene.” Recalling some of their projects, Adeyeri said in 2016, they provided water to Lafiaji Junior and Senior High schools; provided potable water for the Sandgrouse Market; creating major water project in Coker Town in Ogun State which it just finished drilling. Some of its recent projects included the provision of water, street lights like solar lamp to each home in the entire Itamarun Community in Lekki. “We provided millions of naira in micro credit interest free loans repayable and renewable every six months. Basic Amenities “At Itamarun, we gave the community health kits because, just last year, we found that out of 10 births, seven children died and are thrown into the Atlantic", according to the Matron.

even before we die, we are already beginning to shut our own lifestyle; hence, this area of focus in supporting our environment". Tree Planting Rotary club of Lagos is synonymous for tree planting and protecting the environment. Today, it has planted trees at Lekki Conservation Centre, with Bowen College in line with this vision. Adeyeri adds, “We are also involved in projects that clean our environment and make people's lives better.” To achieve this, he admitted that the Rotary Club of Lagos acquired some acres of land to build a primary school for the Itamarun community. “We are working with the Lagos State government to make that a reality.” International Outreach While counting its numerous strides, Adeyeri enthused that in 60 years, the Rotary Club of Lagos has done a lot to alleviate poverty, make life easier for a lot of people both at home and abroad. Last year, Rotary took a tour to Ghana, made donations to motherless babies homes, and gave financial assistance to support them. It also partnered a Rotary Club of Kigali Virunga in Rwanda during an Exchange programme. “We also partnered a Rotary Club in Germany. We are partners in the water project all over the world,” he stated.

Rotarian Dare Adeyeri

Supporting Education Among its achievements, Adeyeri talked about the club's support for four schools: Kuramo Junior High School; Victoria Island Junior High School; Lafiaji Junior and Senior High schools "where we are building a laboratory – a science technology and mathematics laboratories. "We donated books to Igbobi College, planted 30 trees as part of our tree planting campaign and sponsored three of their students to the District Interact Conference this year." Boosting Economy More so, the Rotary Club of Lagos is enthusiastic about growing local economy, helping people who would not ordinarily be able to attract loans from banks to be able to do that in three markets. He explained: “We have a portfolio of N5.2 million used for interest-free micro loans. Over 30 beneficiaries in Itamarun Community; over 28 in Sandgrouse market, and over 20 in Oke Arin market under the community and economic development

programme. We bought a palm kernel crusher in Itamarun market to assist their trade.” Championing the Environment Indeed, the club passionately champions programmes that are healthy for the environment worldwide. “We are saying that the environment is changing as a result of human activities. Business schools and researchers are telling us that we are consuming 50 per cent more than what the earth can produce. “That means we are consuming 150 per cent of what we are producing. This means we are beginning to eat the food that belongs to our future generations and that is causing a lot of pressure on the earth.” Adeyeri soon bemoaned the effect of climate change. “It is because of the way we use energy. We see the effect of dessert encroachment, therefore, we have to be serious about our environment.” Now for the president, if 150 per cent is consumed today, 300 per cent would be consumed tomorrow. “So,

Creating Impact Speaking of his emergence as the president on July 1 last year, Adeyeri announced that his tenure will end on June 30, 2021. “Babawale Agbeyangi, a financial services advisor, will take over from me as President of the Club on July 1 this year and I know he can’t wait to start,” he chuckled. The president emphasised on the need to create an impact on lives as Rotarians. “I’m happy to say that as president at the end of this month, we would have done 38 projects this Rotary year. I don’t think in the history of the Rotary of Lagos we have done this much number in a year,” he said. 60th Anniversary in View The drums will soon be rolled out to celebrate the Rotary Club of Lagos at 60. The event will hold at the Oriental Hotel in Victoria Island, Lagos on May 30. Adeyeri confirmed that Lagos State Governor, Babajide Sanwo-Olu, would grace the occasion as the special guest of honour. We expect 200 guests at the gala nite, while others from around the world will connect virtually. “This is like a celebration of Rotary in Nigeria. This may be the only anniversary celebrated in Nigeria this year and therefore becomes a celebration of Rotary in Nigeria. A large number of Rotary clubs around the world will witness this grand celebration. “Already, we have received solidarity and messages of goodwill from Rotary Clubs all over the world, including from Rotary International President, Holger Knaack; past Rotary International President, Jon B. Majiyagbe; and District Governor Bola Oyebade, amongst others.

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CRIME&SECURITY

Mounting Outrage over Murder of Akwa Ibom Job Seeker Chilling revelations and growing outrage have trailed the tragic death of Ini-Ubong Umoren, a job seeker lured to a purported job interview by an alleged serial rapist and ritualist. Yinka Olatunbosun reports

University of Uyo students in a procession for late Ini-Ubong

Placard-carrying protesters on their way to the governor's oﬃce in Akwa Ibom

ni-Ubong Umoren, 26, a philosophy graduate from the University of Uyo, Akwa Ibom needed a job so badly. She had been marketing skin care products while awaiting her letter of deployment to proceed for the one-year mandatory National Youth Service Corp Programme. Her friend, Umoh Uduak had just moved to Lagos earlier that week to start a job. After making a post on Twitter seeking for a job, she was reached by a stranger who would later invite her for an interview. On Thursday April 29, while chatting with Uduak, Ini-Ubong revealed why she didn’t want to go for the interview. “She said she didn’t have money,’’ Uduak recalled in a televised interview. “So, I sent her N2,000 and told her that before leaving she should tell someone around her where she was going. She said she was going to forward the phone number of the person that invited her for the interview to her sister so that she won’t get lost. She said it jokingly.’’ When Ini-Ubong sent another message regarding the long distant to her destination, her friend advised her to return home but then it was too late. She had arrived at the uncompleted building. At about 4:16pm, Ini-Ubong attempted to send a video to her Uduak who promptly called back. Agonising screams came from the other side of the line that jolted Uduak’s senses. Frustrated after futile efforts to reach her, she reached out to someone who knew Ini-ubong’s sister, Ifiok Umoren, who took immediate action upon the knowledge. She reported the case at a police station. The police asked her to wait for 24-hours before a search party would be launched. There is a general misconception that a person must be absent for at least 24hours before being legally classed as missing. Perhaps, this should not be the case in a suspected criminal abduction matter. Still, Ifiok returned the next day at 8:30am and the police reportedly asked her to hire a van and fuel it. Umoh, who had raised alarm on the social media rallied for contribution that was sent to Ifiok to assist the police with the investigation. Meanwhile, citizen intervention proved to be very proactive in this investigation. The suspect, named Ezekiel Uduak Akpan had been traced on social media. He had deleted all his social media accounts as soon as the public outrage mounted. By Sunday, May 3, the news of Ini-Ubong’s death has spread like wildfire and was number one trend on Twitter. “Indeed, he assaulted her both sexually and

The deceased physically and thereafter, he confessed and was able to take us to the shallow grave where he buried her. We were able to exhume the body. As we speak the body has been deposited at Uyo General Hospital. The essence of doing that is so that autopsy can be conducted,’’ Odiko Macdon, the Police Public Relations Officer, Akwa Ibom State revealed in a press briefing. The outpouring of sympathy was no match to the outrage that followed. The hashtag JusticeforHinnyUmoren was raging on. Top celebrities and politicians joined the movement. For instance, the former Vice-President and Presidential Aspirant, Atiku Abubakar tweeted: “Over the past two days, I saw how Ini-Ubong Umoren united Nigerians in a way that was admirable, yet tragic. This is heart-rending.’’ Following the rumours that the suspect may have some political affiliations, the Chairman, Uruan Local government, Iniobong Ekpenyong had promptly released a press statement debunking any report of being contacted by Uduak Friday Akpan or listening to any confession from him. Protesters in Uruan local government had destroyed and attempted to raze down the building at the crime scene. According to reports, the suspect allegedly carried out the criminal act alongside his family members and there are fears that the Umoren family may

not get justice. Meanwhile, the social media had been set agog by disturbing images and videos taken from the crime scene at Unung Ikono Ufok, Uruan Local Government Area. In a virtual tour on May 7, posted by a BBCPidgin Correspondent, the reporter described the compound as stinking, with offensive smell. “There are shallow graves everywhere,’’ he said, repeatedly. Some of the exhibits found in the building include exercise books, certificates, textbooks, mostly female shoes, NYSC boot, a large soakaway with six deep partitions. While it is not clear why the crime scene had not been cordoned off by the police, or the exhibits taken into custody to aid further investigation, IniUbong’s friend, Umoh tweeted: “To speed up the decay process, he would pour acid on his victims’ body after killing them before burying them. Several containers of raw acid were found in the crime scene.’’ She also claimed to have been reached by previous victims who escaped from the suspect but had not reported the matter to the police. She described her late friend as intelligent and hardworking. “She was an orphan. Sometimes, she didn’t make it to class because she was somewhere teaching. Ini Umoren didn’t keep late nights. She tells me whenever she had to go somewhere,’’

she revealed. On May 7, the list for the next NYSC batch was finally released with Ini-Ubong toping her department with a CGPA of 4.12, causing more pains and anguish for her friends and family. The human right community has risen to the call for justice for Ini-Ubong. Students of the deceased’s alma mater marched to the government house in Uyo to demand for thorough investigation and speedy trial. Their demand had also compelled members of House of Reps to call on the Inspector General of Police to take over Ini-Ubong Umoren’s murder investigation. While also reacting to this, an advocate for women’s right and Director, Chief Communication Officer, Red Eye Development Initiative, Ekaette George condemned the cycle of impunity that has emboldened criminals in Nigeria. “This case is another sad commentary on our social system. First, a young man who has confessed to being a serial rapist, that has successfully targeted young women and sexually assaulted them, was left roaming the streets. He had become so emboldened that he was luring his victims on cyberspace. Secondly, young people are desperate to make positive contributions to society but opportunities are almost non-existent. "But what is worse, for young women, the horrors of accessing scarce opportunities are unspeakable. Many who are getting raped, assaulted and harassed are swallowing hard and moving on albeit broken. Unfortunately, Ini- Ubong was not spared to live and tell. Her family was not given a chance to have their daughter grow and fight -with their support - to survive the extreme blood sport that is being a woman in Nigeria. “As insecurity worsens in the country, women are paying not just the collective fear but also with their bodies being taken as spoils of war. And some with their lives. No! No young woman should have to suffer these atrocities. We create monsters that will consume us when we condone violence against women. We should all resolve that if we have a neighbor, a friend, a relative, a brother, a son, a husband that we know is a rapist... we will expose them as soon as we know it. "Then, we will have saved someone's life. We must, as a matter of urgency begin to make the rapists uncomfortable rather than victims. There is no reason a woman who has been raped should hesitate to seek help and justice. We should stop assigning blame to victims,’’ she said.

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BUSINESS/MONEYGUIDE

Fitch Affirms FBN Holdings’Ratings at ‘B-’Negative Ȋ ¢Ȃ ȱ ȱ ȱ Ȃ ȱ ȱ Goddy Egene Fitch has affirmed its Long-Term Issuer Default Ratings (IDRs) of FBN Holdings Plc (FBNH) and its primary operating subsidiary, First Bank of Nigeria Limited (FBN), at ‘B-’with a Negative Outlook. This is just as Moody’s Investors Service has placed all long-term ratings and assessments of First Bank of Nigeria Limited on review for downgrade. According to the Fitch the affirmation reflected its view that the impact of the Central Bank of Nigeria’s (CBN) replacement of FBN Holdings and First Bank’s boards, the identification of corporate governance failings and the imposition of corrective measures are tolerable at the rating level. The CBN last month removed the non-executive directors on the boards of FBNH and FBN –a domestic systemically important bank- and replaced them with its own appointees. The CBN said its actions were in the interest of financial stability and minority shareholders. It also said it acted because FBN had made significant executive management changes, including

replacing the CEO, without prior notice or approval of the regulator. The CBN also highlighted corporate governance failings pertaining to long-standing and problematic related-party exposures, and failure to comply with regulatory directives. Owing to this, Fitch stated: “We have assessed the near-term financial impact of these actions on FBNH and FBN and believe this is tolerable at the rating level, even though the final outcome is uncertain. “In our view, any remedial actions imposed by the CBN, including a potential reclassification of related-party exposures as impaired, will not have a material effect on the group’s asset quality, profitability and capitalisation.” Fitch said this does not consider any possible additional actions by the CBN, especially if FBN fails to implement the regulator’s corrective measures or if there were any further uncovering of corporate governance irregularities. “The outlook remains negative, reflecting FBNH’s pre-existing asset quality and capitalisation weaknesses as well as the

group’s corporate governance weaknesses highlighted by the CBN. These could put pressure on the ratings,” it said. According to Fitch, rating considers the group’s exposure to Nigeria’s volatile operating environment and also factors invulnerability in its capital position in the context of moderate earnings generation and asset-quality pressures, where headroom above the minimum regulatory capital requirements is also moderate. “Capitalisation is a factor of high importance to the Viability Rating (VR). The new boards appointed to FBNH and FBN comprise individuals with sufficient experience and expertise. “However, we view such major change as hugely disruptive. There are no changes in FBNH and FBN’s executive management team. We believe the governance shortcomings cited by the CBN reflect poorly on FBNH’s reputation and on the group’s governance and control practices. “As a result, we have revised down our assessment of FBNH’s Management and Strategy score to ‘b-’ from ‘b’.

More Winners Emerge in UBA Savings Promo Nume Ekeghe United Bank for Africa (UBA) Plc has rewarded 10 of its loyal customers with a total sum of N10 million in the quarterly draws of its ongoing savings promo. This promo, which is held every quarter, is intended to appreciate loyal customers of the bank, who have stayed with the bank over the years, and offers fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from several Promo. The virtual and transparent electronic draw which was held on Friday, was transmitted live via zoom and the Facebook platform in strict compliance with social distancing rules as directed by the federal and Lagos State governments. UBA’s Head Personal Banking, Osita Ede, who addressed participants just before the draws,

said there was no better time to give back and delight customers than this challenging economic period where people need all the support, they can get to make life more meaningful. He said, “As a bank, UBA has been rewarding customers, we have been doing this for several years now; from the Wise Savers Promo, Bumper Draws, and now this. We have been doing this to touch lives and to show appreciation to our customers to tell them we are grateful for their business. This is also an opportunity to reward them for their loyalty to the bank.” Ede added that the promo was also a way of encouraging savings in a bid towards promoting financial inclusion, as statistics show that a lot of Nigerians are still largely under-banked. “Our key objective is to encourage our customers to save regularly. We are here to support them and encourage them to save and ultimately

grow as well, because we are aware that they are invaluable to all that we do;” Ede explained. A representative of the National Regulatory Commission, Peace Ibadie, who witnessed the draws, congratulated the 10 winners and commended the bank for its efforts at rewarding loyal customers especially in the tough economic and business environment. The winners who cut across all the zones of the country were: Emeka Onyemauche; Ezeigbokwe Oluebube Purity; Omoniyi A Jaiyeola; Olawale Omotayo Idowu; Zaharadeen Yandaki Umar; Aliyu Yaro Bakari; Samuel Enan Esua; Joseph Eze; Deborah Folusho Adebayo and Lucia Chinyere Adim. When contacted via their mobile phone, the winners expressed gratitude to the bank as they said the winnings would go a long way in meeting their pressing needs especially in these trying times.

Heritage Bank Partners Road Transport Workers Heritage Bank in partnership with the Road Transport Employee’s Association of Nigeria (RTEAN) has launched the Travelers’ Accident Insurance Scheme (TAIS) to assist road accident victims across the country. The scheme which was launched on Friday, aims to address deaths associated with inability of travelers involved in accident to offset hospital bills. The Regional Executive, Abuja and North, Heritage Bank Plc, George Okoh-Oboh, while speaking at the launch of the scheme in Abuja, commended the thoughtfulness of the association in coming up with such program to save the lives of accident victims. He stated that the partnership would help address the road safety crisis due to the tragic loss from a road crash death

or severe injury which was compounded by the harm to families, social networks, and national economies. According to him, the majority of victims are part of the working-age population (between 15 and 64 years old). In fact, road crashes have become the #1 killer of the young worldwide. He pledged the continued support of the bank in ensuring the success of the scheme. Okoh-Oboh said, “At Heritage Bank, we believe in this project and we are ready to support it as it seeks to address accidents on the road. “This project will save lives of many Nigerians, so we are not just here to see what comes in but we are here to add value and ensure that it succeeds.” The National President of RTEAN, Musa Muhammed,

in his remarks said the scheme aims at promoting the welfare of passengers, while ensuring security for passengers’ property. He explained that the scheme would provide support to passengers who may be involved in accident at the course of their journeys. “This scheme covers all Nigerians involved in accidents that require medical attention while on a road trip. This is part of effort to assist and improve the Nigerians transport system,” he added. According to him, the scheme will cover only parks owned and operated by members of the Road Transport Workers Association. He further stressed the need for the government to deepen investments in road infrastructure, while ensuring security along the major road.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, 6 MAY 2021

The price of OPEC basket of thirteen crudes stood at $67.49 a barrel on Thursday, compared with $68.20 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), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY ˾ ͯͮ˜ ͰͮͰͯ

Ardova Grows Profit Before Tax by 107% to N1.2bn in Three Months Goddy Egene Ardova Plc has reported a growth of 107 per cent in profit before tax (PBT) to N1.2 billion in the first quarter (Q1) ended March 31, 2021, up from N0.58 billion in the corresponding period of 2020. The unaudited results indicated that the firm recorded revenue of N41.6 billion as against N52 billion in 2020. Operating expenses fell 24 per cent from

N2.6 billion to N1.9 billion. PBT printed at N1.2 billion, from N0.58 billion, while profit after tax (PAT) improved from N0.49 billion to N0.85 billion in 2021. Earnings per share jumped from 38 kobo to 65 kobo, thereby raising the hopes of higher dividend payout. Commenting on the results, the Chief Executive Officer, Ardova Plc, Olumide Adeosun, said: “We had a good start in the Q1 of 2021 despite the premium motor

P R I C E S MAIN BOARD

F O R DEALS

spirit (PMS) supply challenges that impacted product volumes and top line revenue across the downstream sector. Ardova Plc delivered significant improvement in margins and continued its steady track towards core asset optimization and improved operational efficiency. Our resolve to build a resilient and agile enterprise was evident in the sterling growth of 108 per cent in PBT achieved by the firm. We delivered this performance

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

through the efficient distribution of our white products across our value chain and a stronger focus on growing revenue from our non-fuel businesses.” According to him, margins came in higher at 7.7 per cent from 5.4 per cent in the corresponding period, while operating expense declined by 24.3 per cent amidst a high inflationary pressured environment. “Our operational efficiency ratio further improved to 4.7

T R A D E D MAIN BOARD

A S

per cent from 5.0 per cent reported in Q1 2020. Working capital position remained healthy with a debt coverage of 21.1 per cent at the company and 37.6 per cent at the group. The improved capital position further reflects the strength of our balance sheet as we drive our growth aspirations with investments made in clean energy solutions. The group’s haulage and transportation business, Axles and Cartage,

O F

also achieved a positive gross margin of 43 per cent within the first three months of the year, reflecting our drive to build a viable and well-diversified business. The performance of this business within a short cycle also serves as a pointer to the sustainable returns we intend to achieve once our liquified petroleum gas and renewable energy projects commence full operations,” Adeosun said.

0 7 / 0 5 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY MAY 10, 2021 • T H I S D AY

MONDAY, MAY 10, 2021 ˾ T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 06May-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 151.91 153.40 -6.10% Afrinvest Plutus Fund 100.00 100.00 3.53% Nigeria International Debt Fund 299.89 299.89 -24.48% Afrinvest Dollar Fund 110.48 110.48 -1.43% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 4.27% AIICO Balanced Fund 3.33 3.49 -6.10% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 1.40% Anchoria Equity Fund 126.67 128.14 -4.77% Anchoria Fixed Income Fund 1.06 1.06 -20.32% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 18.86 19.42 3.97% ARM Discovery Balanced Fund 412.04 424.46 2.91% ARM Ethical Fund 36.82 37.93 9.23% ARM Eurobond Fund ($) 1.20 1.20 -1.80% ARM Fixed Income Fund 1.02 1.03 -8.70% ARM Money Market Fund 1.00 1.00 2.87% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.97 103.97 2.22% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 1.96 1.96 -26.18% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.17 2.21 -9.08% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 0.73% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 3.36% Paramount Equity Fund 15.87 15.59 -2.54% Women's Investment Fund 130.53 131.89 -1.97% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 3.58% Cordros Milestone Fund 2023 113.59 114.29 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 106.31 106.31 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 1.51% Coronation Balanced Fund 1.16 1.17 -3.37% Coronation Fixed Income Fund 1.36 1.36 -14.41% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 3.16% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 2.51% EDC Nigeria Fixed Income Fund 1,161.07 1,167.36 -3.10% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,363.13 1,363.13 8.42% FBN Balanced Fund 184.11 185.36 -1.90% FBN Halal Fund 109.23 109.23 5.14% FBN Money Market Fund 100.00 100.00 4.38% FBN Nigeria Eurobond (USD) Fund - Retail 124.56 124.56 3.32% FBN Smart Beta Equity Fund 150.12 152.18 -0.70% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 2.37% Legacy Debt Fund 3.93 3.93 1.54% Legacy Equity Fund 1.57 1.60 3.00% Legacy USD Bond Fund 1.16 1.16 1.69% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A FSDH Treasury Bills Fund N/A N/A N/A

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 3.71% Vantage Balanced Fund 2.72 2.79 18.78% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 148.06 148.49 -4.73% Vantage Equity Income Fund (VEIF) - June Year End 1.20 1.24 26.71% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 5.83% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.37 1.39 0.69% Lotus Halal Fixed Income Fund 1,131.98 1,131.98 2.52% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 10.61 10.6784 Meristem Money Market Fund 10.00 10.00 4.82% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.62 1.64 7.36% PACAM Fixed Income Fund 12.38 12.44 2.05% PACAM Money Market Fund 10.00 10.00 2.38% PACAM Equity Fund 1.56 1.57 -1.23% PACAM EuroBond Fund 110.55 113.47 1.14% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 127.58 129.71 8.01% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 2.49% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,106.62 3,130.99 -3.41% Stanbic IBTC Bond Fund 228.87 228.87 1.79% Stanbic IBTC Ethical Fund 1.15 1.17 -1.69% Stanbic IBTC Guaranteed Investment Fund 299.99 299.99 1.81% Stanbic IBTC Iman Fund 213.83 216.43 -2.16% Stanbic IBTC Money Market Fund 100.00 100.00 4.29% Stanbic IBTC Nigerian Equity Fund 10,069.08 10,195.61 -4.13% Stanbic IBTC Dollar Fund (USD) 1.25 1.25 1.92% Stanbic IBTC Shariah Fixed Income Fund 113.40 113.40 2.09% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 100.79 100.79 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.33 1.35 -2.72% United Capital Bond Fund 1.93 1.93 2.18% United Capital Equity Fund 0.88 0.90 1.92% United Capital Money Market Fund 1.00 1.00 5.89% United Capital Eurobond Fund 120.07 120.07 2.55% United Capital Wealth for Women Fund 1.07 1.09 -1.49% United capital Sukuk Fund 1.04 1.04 4.15% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.01 12.11 1.18% Zenith Ethical Fund 13.29 13.41 8.80% Zenith Income Fund 24.32 24.32 1.41% Zenith Money Market Fund 1.00 1.00 3.08%

REITS NAV Per Share

Yield / T-Rtn

122.84 53.12

1.74% 1.37%

Bid Price

Offer Price

Yield / T-Rtn

12.49 121.53 95.55

12.59 121.53 97.30

-5.47% -0.17% -3.86%

Fund Name SFS REIT Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.62 5.58 16.83 1.00 19.09 159.45

3.66 5.66 16.93 1.00 19.29 161.45

-3.97% -2.00% 2.99% 2.66% -6.94% -27.07%

NAV Per Share

Yield / T-Rtn

107.52

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

MONDAY MAY 10, 2021 • T H I S D AY

MONDAY MAY 10, 2021 ˾ T H I S D AY

NEWSXTRA

Gunmen Kill Two Policemen, Five Others in Akwa Ibom, Anambra Okon Bassey in Uyo Unknown gunmen have reportedly killed two policemen and razed a police station at Mkpatak, Essien Udim Local Government Area of Akwa Ibom State. This is coming as no fewer than five persons have also been killed by gunmen in Ozubulu, in the Ekwusigo Local Government Area of Anambra State The hoodlums also reportedly

killed 12 cows in a coordinated attack that took place around 5p.m. in Akwa Ibom State yesterday. The gunmen were also said to have attacked a police station in Abak LGA area. It was gathered the burning of the police station at Mkpatak, the killing of the two officers and 12 cows were carried out in coordinated attacks in three different locations of the LGA. The attacks came barely 24

hours after five police officers and a police officer’s wife were killed in an attack on Idoro Ikpe police station in Ini LGA on Saturday. The officers were killed in Ukana Ikot Ntuen while the cows were killed at Afaha Ikot Ebak in the same LGA. According to the source, one of the officers was burnt inside his car while the other officer on motorcycle was shot by the

hoodlums. Akwa Ibom Police spokesman, Odiko Macdon, who confirmed the attacks, however said he was yet to get official reports, adding the police are following the trend. He said the command has demanded for an update on the incident. He said the Commissioner of Police, Andrew Amiengheme, has ordered deployment of tactical team

to the affected areas. In a related development, no fewer than five persons have been reportedly killed by gunmen in Ozubulu, in the Ekwusigo Local Government Area of Anambra State The office and vehicles belonging to the vigilance group in the area were set ablaze. The State Police Public Relations Officer, Ikenga Tochukwu confirmed the incident but did not disclose the number of

casualties. ”Yes, there was an attack on Ozubulu but not the police station but vigilante office by the hoodlums “They came in Sienna vehicles, motorcycles and attacked the office of the vigilante. Security operatives have been deployed to the area and normalcy has been restored.” He said the incident happened around 7pm yesterday

NDLEA Uncovers Online Drug Trafficking Cartel, Arrests five in Abuja Intercepts 75.8kg skunk in Ondo, Rivers Operatives of the National Drug Law Enforcement Agency (NDLEA), at the weekend uncovered an online drug trafficking cartel that sells drugged cookies, cakes, brownies and all sorts of illicit substances to residents of Abuja and beyond, using the cyber space as its platform. As a result, five members of the organised drug criminal group were arrested during sting operations carried out between Friday, May 7, and Saturday, May 8, 2021 by officers of the FCT Command of the agency during which different brands of illicit drugs were recovered from them. The nabbed drug dealers include Queen Nvene, Collins Ozoemena, Samson Peter, Chika Nvene, and Habila Musa. According to a statement by the spokesman of the agency, Mr. Femi Babafemi, the group specialises in clandestine production of drug based cookies, brownies and other edibles; markets and sells same online, through their Twitter and Instagram handles. They also market and sell all types of marijuana; Arizona, Colorado and Loud, among other illicit drugs, online.

While Queen Nvene, a graduate of Business Administration, produces drug cookies and brownies and sells same on Instagram, Collins Ozoemena sells all types of illicit drugs, especially Loud and Skunk online. Samson Peter on the other hand, is the manager of SK Express Courier Company, who manages motorcycles and dispatch riders to deliver illicit drugs from Collins and drugged edibles (cookies, cakes and brownies) from Queen and Chika, both sisters. Members of the cartel operate from different locations within the FCT but operate as a network. Their arrest followed online orders of drug-based edibles by undercover agents. Supplies of brownies and cookies were delivered and received from different SK Express dispatch riders at various times by narcotic operatives before the final sting operation. According to the Commander, FCT Command of the Agency, Mohammed Malami Sokoto, follow-up raids of their various locations in Gudu, Kubwa, Lokogoma, Apo and Damangazo all in Abuja, led to the seizure of some illicit substances.

Insecurity: Emir of Daura Suspends Sallah Activities The Emir of Daura, Dr Faruk Umar, has suspended activities marking the end of the Ramadan fast in the emirate council, citing security reasons for the development. The royal father instead directed district heads in the council to join the people in their domains to pray for peace in Nigeria. Among the affected activities is the procession (Durbar) to the Emir’s Palace on Sallah Day. The Emir has also directed that no district head should visit him

on that day. The directive was contained in a circular dated May 6, 2021, and addressed to the district heads in the emirate. The circular was signed by Danejin Daura, Alhaji Abdulmimini Sahihu. It read in part, “The Emir instructed me to inform you that, due to the insecurity in the country, kidnappings for ransom and other threats to national stability, the usual Sallah Durbar will not hold this Eid-el-Fitr.”

CORRIGENDUM In a letter, ‘How the media can get its grove back,’ published yesterday, Sunday, May 9, 2021, we mistakenly published the photograph of Prince Nduka Obaigbena, Publisher of THISDAY, as President of the Nigerian Newspapers’ Proprietors Association (NPAN). That is not correct. Prince Obaigbena’s tenure as President ended last December. Mallam Kabiru Yusuf, Chairman of Trust Media Limited, is the current President of NPAN. The error is regretted. -Editor

WE SHARE YOUR GRIEFS…

L-R: Webmaster and Head of Technical Services, ARISE NEWS Channel, Mr. Fred Ojeh; Group Executive Director, THISDAY Newspapers, Mr. Israel Iwegbu; a family friend, Mr. Nduka Omodon; Senior Associate Director, THISDAY Newspapers, Mr. Eric Ojeh; and a family friend, Mr. Fidelis Elema, at the final burial of the late Mrs. Ezinne Anna Ojeh, in Agbor, Delta State…weekend AYO AJAYI

Military Begins Operation to Rid Benue, Nasarawa, Taraba of Bandits George Okoh in Makurdi The Nigerian military has commenced a seven-day operation with the codename: Operation Whirl Stroke (OPWS) to clear Benue, Nasarawa and Taraba States of bandits’ activities This was disclosed yesterday by a military source in Makurdi, the Benue State capital. The source said the operation was sequel to the incessant bandits’ operations in some communities

across the states, which had resulted in the death of so many people. He disclosed that the clearance operation covers some islands behind NASME barracks in Makurdi and Gbajimba in Guma Local Government Area of Benue State, where it is believed that the bandits, who normally come from Nasarawa State, have their hideouts where they launch attacks on innocent people. The military source further

revealed that the operation was to cover the Sankera axis of Logo, Ukum and Katsina-Ala LGA to Yoyo River and Kwente in Kwande LGA of Benue State, where the militia, led by one Chekere also known as Azonto, terrorise locals. He urged members of the public to remain calm and go about their legitimate business without fear, saying the operation targets specific locations and is meant to bring about peace in all

communities of the three states to enable farmers go to their farms and return in peace. He noted that the outcome of the operation, which is still ongoing, would be made known by the military high command at the appropriate time. Residents of Makurdi town woke up yesterday morning with military helicopters hovering around the town and driving them into panic.

Truck Conveying Ammunition Falls in Onitsha, Spills Bullets on Street David-Chyddy Eleke in Awka A fully loaded truck with cartons of bullets yesterday morning fell into a ditch in Onitsha, Anambra State, spilling its content in the street of the commercial city. THISDAY gathered that the incident happened I the morning on Awka Road as worshipers made their way

to church. A source, who confirmed the incident, said: “The truck fell, and the entire streets were filled with bullets. Some boys even scooped some with their hands and ran away, before security agents arrived at the scene.” The source said the driver of the truck and his truck conductor abandoned the truck after the accident occurred, disappearing into thin air.

According to him, “The incident attracted heavy security presence in the Awka Road area and Shoprite axis of the city this (yesterday) morning. The police first arrived in the area before soldiers came. They later brought a tipper, and used pay loader to scoop the scattered bullets into the tipper. “The tipper had to make three trips to carry all the bullets to unknown destination

before the truck was finally towed out of the ditch.” When THISDAY contacted the state Police Public Relations Officer, DSP Tochukwu Ikenga, he denied any knowledge of the incident. He said: “I have received a report of a fallen truck in that area, but I was not told the content of the truck. If I get to know anything new, I will let you know.”

Fate of Other Abducted Passengers Uncertain as ABSU Students Regain Freedom Emmanuel Ugwu-Nwogo in Umuahia Five days after their abduction by gunmen on Okigwe-Uturu road, Abia State, nothing has been heard about the passengers who were kidnapped along with students of the Abia State University, Uturu (ABSU). Apart from the passengers of the minibus on which the students were travelling, occupants of two other vehicles, a Toyota Camry and Sienna, were said to have been

among those abducted by the hoodlums. But so far, the exact number of people in the captivity of the criminal gang remains unknown, and no information has come out concerning their fate. The Abia State Governor, Dr. Okezie Ikpeazu, had late Saturday night announced the release of the only student in the custody of the abductors. Two other students had escaped, though they were initially thought to have been

held by the hoodlums. Ikpeazu broke the news via his official Twitter handle @ Governorikpeazu, saying he was exceedingly happy at the development, as he vowed that he would “surely take justice to those involved in the kidnap and will not cohabit with criminal elements. “It is with a great joy and a very pleasant sense of relief that I announce that the only kidnapped ABSU student who was still in custody of the hoodlums that abducted

some people few days ago on the Okigwe-Uturu road has been freed.” Though Ikpeazu said he had spoken with the freed student and her mother minutes before he announced her release, he was not forthcoming with the circumstances that made the criminal gang to free the student. However, he expressed gratitude to God and lauded security agents and the management of ABSU “for a job well done leading to this good news.”

MONDAY MAY 10, 2021, ˾ T H I S D AY

NEWSXTRA

Akwa Ibom Community Petitions DSS over Beheading of Natives Kingsley Nwezeh in Abuja The people of Enwang community, headquarters of Mbo Local Government Area of Akwa Ibom State have petitioned the Director-General of the Department of State Services (DSS), Mr. Yusuf Magaji Bichi, over the alleged gruesome killing of members of the community by attackers from a neighbouring community, Uko Nteghe Uda. The petitioners alleged that the victims of the attack were beheaded and their heads taken away by the attackers. They said the attackers completely destroyed 14 houses and set other houses ablaze, including the residence of former Inspector-General of Police, late Mr. Etim Inyang. In the petition titled: ‘A Petition and Passionate Appeal for the Investigation of the Unprovoked Invasion and Attack of the People of Enwang Community, Headquarters of Mbo LGA of Akwa Ibom State by their Uko Nteghe Usa neighbours’, the people said four members of the Enwang were beheaded while the attackers made away with heads of the victims. The petition signed by the National Coordinator of the Society for the Promotion of Human Rights and Justice, Mr. Udo Eke-Okon, said the invasion of the community was triggered by the rape of a 50-year-old woman in the community. “The prelude to the organised invasion of Enwang community happened in the morning of January 6, 2021, when an Uko Nteghe Uda carpenter, Mr. Eteka Edet John, accosted a 50-year-old, Mrs. Arit Asuquo of Eyo Atabia Ufiok in Uko Akpan Enwang, who went to fetch firewood and mercilessly raped her, after thoroughly beating her to submission. “This matter was officially reported at the Divisional Police Headquarters in

Enwang. However, the police did not prosecute the case further, as they alleged that ‘the big men’ of Uko Nteghe Uda have intervened and ‘killed the matter’,” they stated. The community said militants from the neighbouring community launched the first attack on farmers, who were cultivating their farmland. According to the people, “As this is the time of the year when our people normally prepare their farmlands for cultivation, on January 19, 2021, a section of the Enwang community, notably Eyo Evai, Eyo Ukut, Eyo Udombo and part of Uko Akpan villages who have over the years exclusively farmed Uko Ateni, went to the said farmland to clear and prepare it for cultivation. “For the avoidance of doubt, part of this farmland has been a cause for legal disputes for many years between Uko Akai Uko Akpan in Enwang and Uko Akai Uko Nteghe in Uda. “It needs be emphasised here that villagers of the Enwang community, who went for the clearing of Uko Ateni did so on the strength of the Oron High Court judgement in suit No: HOR/1/2013 delivered by Hon Justice Theresa E Obot on February 19, 2020, which ruled that the communities should restrict themselves to their ancestral boundaries.” The petitioners noted that the judgement was never appealed by the people of Uko Nteghe Uda. The judgement declared in part: “That the Uko Akai Uko Akpan people and Uko Akai Uko Nteghe people shall continue to share and cultivate their communal land as they have been doing since time immemorial.” The Enwang natives said: “The unexpected and bloody attack did not stop in the farmland, as many heavily armed Uko Nteghe militants and their mercenaries also

Niger Explains Death of 28 Passengers in Boat Mishap Laleye Dipo in Minna The Niger State Emergency Management Agency NSEMA has stated that 28 passengers have died in a boat mishap that occurred last Saturday in the state. The Director General of the NSEMA, Mr. Ibrahim Ahmed Inga, told THISDAY on Sunday that the bodies of the deceased have been recovered and buried. Inga also said that seven passengers in the boat are still missing. According to him, the boat carrying about 100 passengers broke into two after running into a tree’s trump 50 meters to its destination. He said that 68 people survived the mishap while 28 corpses were recovered

and buried. The director general commiserated with families of the deceased and urged them to take the losses as an act of God. It will be recalled that the boat was said to be conveying Tijana villagers in Munya Local Government from the popular Zumba market on Saturday when the accident occurred at about 6 p.m. Unconfirmed reports claimed the affected people were trying to return to their ancestral homes after relocating to safer grounds as a result of bandits’ attacks. The Head of the Zumba market traders, Mr. Ahmed Adamu, confirmed the story and put the death toll at 15 with 17 others rescued.

invaded Enwang, damaged and burned several buildings on the same day.” The petition added that the militants launched another attack on the community while

at a meeting with officials of Akwa Ibom State Government, who had intervened in the matter. “We hereby most respectfully appeal to the DG

of the DSS to use his good office to direct a thorough investigation into the matter with the aim of bringing the perpetrators and their sponsors to justice. This is

the only way to bring about closure of th i s s a d e v e n t and the ugly scars it has left in the psyche and memory of Enwang people,” it stated.

FIFTY-NINE HEARTY CHEERS…

L-R: Executive Director, Institutional Banking, Sterling Bank, Mr. Emmanuel Emefienim; Non-Executive Director, Mrs. Folasade Kilaso; Managing Director/CEO, Mr. Abubakar Suleiman; Chairman, Mr. Asue Ighodalo; Company Secretary, Mrs.Temitayo Adegoke; and Executive Director, Corporate and Investment Banking, Mr. Yemi Odubiyi, at the bank’s 59th Annual General Meeting in Lagos…yesterday

SERAP Urges Buhari to Probe N39bn Duplicated, Mysterious Projects by MDAs Udora Orizu in Abuja Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, and appropriate anti-corruption

agencies to investigate government Ministries, Departments and Agencies (MDAs) and members of the National Assembly suspected to be responsible for inserting N39.5 billion for 316 duplicated and mysterious projects in the 2021 budget. In the letter dated May 8,

2021, and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said the misallocation of public funds for duplicated and mysterious projects has seriously undermined the ability of the indicted MDAs and the government to ensure respect for Nigerians’ human

rights through developing and implementing wellthought-out policies, plans, and budgets. SERAP expressed concerns that the N39.5 billion duplicated and mysterious projects may have been used as a ploy to divert and steal vital resources from MDAs.

Oshiomhole: I Would Have Been an Ex-convict A former National Chairman of the ruling All Progressives Congress (APC) and former Governor of Edo State, Comrade Adams Oshiomhole at the weekend recounted how he would have been an ex-convict in Nigeria were it not for the courage of the Nigerian judiciary in upholding the rule of law. He explained that in spite of his traumatic experiences as President

of the Nigeria Labour Congress (NLC) during the administration of President Olusegun Obasanjo, he still rallied the labour union against the planned removal of the then president from office in 2002. Oshiomhole who was speaking when he received the leadership of Law Students Association of Nigeria (LAWSAN) led by its president, Mr. Blessing

Agbonmhere, said Nigeria cannot afford to negate the rule of law in its dealings. The association had informed Oshiomhole of its decision to invite him as a guest speaker to its rule of law conference slated to hold later in the year. Addressing the delegation, Oshiomhole said; “I am delighted to welcome you. I thank you for considering me worthy to be a

guest speaker in which the issue of the rule of law will take centre stage knowing very well that I am not a lawyer even though in the course of my journey in life, I realised that I wished I had read law but I know it is too late for me now. I know nothing is ever late but I didn’t want to read law for reading sake but that I can practice.

Enugu First Lady Calls for Prayers over Nation’s Security The wife of Enugu State Governor, Mrs. Monica Ugochi Ugwuanyi, yesterday participated in the state’s monthly prayer session at Michael Okpara Square, Enugu, where she called on women to pray fervently for God’s intervention in the security and economic challenges confronting the nation. Mrs. Ugwuanyi who stressed that prayer was key to stemming the tide of security challenges in

the country, enjoined women to pray hard and watch over their homes, especially the conduct of their children at all times. “We have to sit up. Women are for prayers, some of our husbands do not have time. Women are agents of peace,” she said. Reminding the women of their noble role in the family in particular and society in general, the Enugu State Governor’s wife

maintained that their contributions and dedication to God through prayers and promotion of good virtues would go a long way to bring permanent solutions to the nation’s challenges. Also speaking, the Permanent Secretary, Enugu State Post Primary Schools Management Board (PPSMB), Evangelist Favour Ugwuanyi encouraged women to intensify efforts in

praying as well as have prayer partners, expressing optimism that “with prayers, Nigeria would be restored to its glories”. The religious event witnessed prayers, praise songs and distribution of items to women by Enugu State First Lady, who also reiterated her advice on strict adherence to COVID-19 protocol for the containment of the spread of the virus.

Akeredolu Reviews Curfew Imposed on Ondo Community James Sowole in Akure The Ondo State Government has reviewed the 24-hour curfew imposed on Ikare, the headquarters of Akoko North East Local Government Area of the state. Consequently, the state Governor, Mr. Oluwarotimi Akeredolu, has directed that from May 10, 2021, the curfew

be effective from 7 p.m. to 7 a.m. The partial relaxation of curfew was contained in a statement signed by the Commissioner for Information and Orientation, Mr. Donald Ojogo. The governor had last week imposed a 24-hour curfew on the Ikare community following violence that rocked the town over the chieftaincy title of Olokoja. The violence led the killing of

four persons while several others were injured with many property destroyed. Ojogo said: “The state government had monitored developments in the town since the imposition of the curfew just as security agencies diligently and professionally enforced the order to restore peace in the community. “The review of the curfew order is, therefore, the outcome of the assessment of the situation so far.

“It must, however, be noted that any further breach of the peace shall attract more stringent measures from the government to achieve peace. The government shall be most decisive than ever. “All residents of the town are enjoined to abide by this fresh directive and take maximum advantage of this window to deepen harmony and brotherliness among one another.

MONDAY MAY 10, 2021˾ T H I S D AY

NEWSXTRA

Babangida, Secondus, ACF Console Adeboye over Son’s Death FEC, SGF, PDP chairman commiserate with Taraba gov

Chuks Okocha in Abuja and John Shiklam in Kaduna Former Military President, General Ibrahim Babangida (rtd); National Chairman of the Peoples Democratic Party (PDP), and the Arewa Consultative Forum (ACF) have commiserated with the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye over the death of his son, Pastor Dare. The Federal Executive Council (FEC); Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha and Secondus have also consoled the Taraba State Governor, Mr. Darius Ishaku on the death of the former Minister of Women Affairs, Hajia Aisha Al-Hassan. In a statement he issued yesterday, Babangida said that it was with a heavy heart that he conveyed his condolence message to the RCCG general overseer over the death. Babangida said the death of Dare came to him as a rude shock, adding that one could not question the Almighty God for his decisions in the lives of men. “As mere mortals, we await our appointment with God at any

point in time. It is not a thing we have any control of, once it is time, only God has the ultimate decision, irrespective of age. “But the death of a young man would naturally hurt us, as one would expect our children to be around to organise our funeral. It is painful and very agonising to hear of this sad loss.” ACF has also commiserated with Adeboye over the death of his son. The ACF, in a statement issued yesterday in Kaduna, said it was shocked by the news of Dare’s death. “We of the Arewa Consultative Forum, received with shock, news of the death of Pastor Oluwadamilare Temitayo Adeboye a few days ago. “We were more shocked by the news that the deceased son of the revered General Overseer of the Redeemed Christian Church of God was not sick at the time he died but passed on peacefully in his sleep. “We are sure that as a man of God, Pastor Enoch Adeboye has taken the death of his third son whom he fondly called a miracle child in good faith”, the forum said. The statement signed by the

spokesman of the ACF, Mr. Emmanuel Yawe, said the forum mourned with the family and the entire RCCG over the painful incident. On his part, the National Chairman of the PDP, Secondus has sent messages of condolence to Ishaku and Adeboye on the death of the former Minister of Women Affairs, Hajia Aisha AlHassan and Pastor Dare Adeboye, respectively. In his letter addressed to Ishaku, the SGF, on behalf of the Federal Executive Council (FEC)

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that it was forging closer ties with the Corporate Affairs Commission (CAC) to unravel the actual owners of oilfields and other assets in the country. NEITI disclosed that both organisations have resolved to establish a joint coordination committee to identify, document and disclose the owners under the country’s implementation of “Beneficial Ownership” policy of the global Extractive Industries Transparency Initiative (EITI). A statement by the NEITI’s Head of Communications and Advocacy, Mrs. Obiageli Onuorah, noted that the decisions were taken at a meeting between the management of the two agencies

held in Abuja. Speaking during the meeting, the Executive Secretary of NEITI, Dr. Ogbonnaya Orji described the CAC as a dependable ally in Nigeria’s implementation of the global EITI’s beneficial ownership disclosure requirements. The NEITI executive secretary explained that the documentation of the owners of the assets would help to check illicit financial flows, terrorism financing, tax evasion and diversion of government revenues. “The CAC has the institutional responsibility of keeping the register of all companies doing business in Nigeria while NEITI sits on information and data on oil assets, key players and investors in the extractive industries. We therefore need each other to build a consolidated data base on beneficial ownership disclosures.

Following the spate of insecurity across the federation, the Loveworld Nation, a.k.a Christ Embassy, has planned to organise the 2021 Global Ministers’ Classroom (GMC), under the International School of Ministry (ISM), to train and equip religious leaders on winning souls for Christ and to help combat insecurity in Nigeria through advocacy for repentance. Speaking at a press conference in Abuja, weekend, the

“The knowledge repository in the two agencies makes it important for us to work together to ensure that the commitment made by Nigeria to the international community on effective implementation of beneficial ownership in the extractive industry is realised,” Orji explained. He described access to information by the citizens as the power to hold government and companies doing business in Nigeria accountable. “The exclusion of information about our natural resources was at a huge cost to the Nigerian economy and affected Nigeria’s optimisation of revenues from its natural resource wealth. “With your cooperation and reputation, we can help our government fight the resource curse which is the reason the EITI and NEITI exist,” Orji said.

UTM Offshore Signs Contracts with Japanese, American Firms on LNG Floating Plant Peter Uzoho UTM Offshore, an indigenous oil and gas company, has commenced the development of its 176 million cubic feet per day Liquefied Natural Gas (LNG) floating plant with the Pre-Front End Engineering Design (Pre-FEED) contract of the facility billed for signing tomorrow (Tuesday) between the Nigerian firm and its foreign contractors, JGC Corporations, a Japanese engineering company. UTM said it would also on the said date, sign a contract with Kellog Brown & Root –KBR Engineering Company, a US-based Engineering, Procurement and Construction (EPC) company, as owners’ engineer, to carry

out a third-party review of the Pre-FEED deliverables from JGC on its behalf. UTM Offshore disclosed this in a letter signed by its Managing Director/Chief Executive Officer, Mr. Julius Rone, and addressed to one of its partners, a copy of which was seen by THISDAY. It said the signing ceremony for the two contracts would be done virtually in Lagos. The Department of Petroleum Resources (DPR) had in February issued Licence-to-Establish (LTE) for the first floating LNG production plant for the processing of 176 million cubic feet per day of natural gas and condensate to UTM Offshore Limited. The Director of DPR, Mr. Sarki

and described his death as a huge loss. Secondus in a statement by his media aide, Mr. Ike Abonyi regretted that death came too early to such resourceful and hardworking young man. He however noted that God his creator knows best and cannot be questioned by man. He however said that having died in Jesus Christ, the young Pastor will make heaven to the joy and satisfaction of all. He urged the Senior Adeboye and the entire family to be

consoled in the exemplary life Dare lived that may merit him eternal rest. In a similar letter to the Taraba State governor, Secondus said Hajia Al-Hassan’s death came as a huge shock and described her as a woman of substance who contributed immensely to the state and national development. Secondus urged the people of Taraba State and Senior Pastor Adeboye to take solace in the fact that they died leaving behind huge legacies and achievements

Insecurity: Christ Embassy Organises Global Ministers’ Classroom for Religious Leaders

NEITI Seeks Ties With CAC to Unveil Real Owners of Oil, Mining Assets Emmanuel Addeh in Abuja

commiserated with the governor over the death of the former minister. The SGF extolled the virtues of the former minister. “Her selfless devotion and patriotism to the growth of Nigeria and furtherance of democracy is inarguable and highly commendable. She will not be soon forgotten for her deeds and memory will remain with us for eternity and serve as a source of encouragement and inspiration,” Mustapha explained. In a separate letter to Adeboye, Secondus expressed sorrow over the loss of the young Adeboye

Auwalu, had stated during the presentation of the licence to the company in Abuja that the licence signified a major milestone and a reinforcement of the promise and commitment of President Muhammadu Buhari to Nigerians to promote indigenous participation in the oil and gas sector. He had also stated that the move was to ensure that companies come to Nigeria and do business in an equitable way, to stimulate the economy and create jobs for Nigerians, adding that the licence was a demonstration of governments resolve to harness safe and reliable technology for the development of the oil and gas industry.

Coordinator, ISM Abuja, Princess Nkoyo, said that the conference would hold between May 21 and 22, with participants drawn from states across the federation and around the world. he said: “I am delighted and honoured to welcome you to this special Press Conference for Global Ministers’ Classroom with our Man of God, Rev. (Dr) Chris Oyakhilome. Firstly, we’d like to thank our Man of God, Pastor Chris,

for the amazing vision of the International School of Ministry, which is to train and equip ministers of the gospel of Christ. “Over the years, the ISM has given thousands the opportunity of being tutored by our Man of God, Rev. Chris Oyakhilome and be imparted with the peculiar grace at work in His ministry. “Global Ministers’ Classroom is a specialised training program for

ministers of the Gospel, under the auspices of International School of Ministry. This year is the 3rd edition of this historic and life transforming conference, with ministers of the gospel around the world.” She added that the conference would be a very special meeting, where ministers of the Gospel all around the globe would be impacted with the revelatory knowledge of God’s words on evangelism in these last days.

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Anambra Communities Allege Killing of Three Persons By Herdsmen No fewer than 10 communities in Anambra State have alleged that suspected herdsmen killed three

persons and injured many in the Awka North Local Government Area of the state.

Makinde Condoles with Adeboye over Son’s Death Oyo State governor, Mr. Seyi Makinde, has expressed his condolences to the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye and his wife, on the demise of their son, Pastor Dare Adeboye. Makinde, who described the young Adeboye’s death as shocking and sad, encouraged the family and the RCCG to continue to draw strength from God, who knows all things and cannot be questioned. A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, quoted the governor as praying to God to grant the family the strength and grace for this period. “The news of the death of

Pastor Dare came as a shock and it broke my heart. But as believers, bound to demonstrate absolute trust in God and faith for all times, we accept the passage of our brother and pray God to grant him rest. “I condole with my father, Papa E.A. Adeboye and Mama, Pastor Dare’s wife and his siblings as well as the RCCG family. “Assured that the family will continue to draw strength from God, who remains unquestionable and all-knowing, I pray God to continue to be the source of comfort for everyone and to give them the strength to go through this period. “Please accept my condolences with the highest of regards.”

Akwa Ibom APC Tasks Emmanuel on Insecurity The Akwa Ibom State chapter of the All Progessives Congress (APC) has charged Governor Udom Emmanuel to rise up the challenge of insecurity facing the state. In a statement issued yesterday, the main opposition party in the state urged the governor to show leadership by speaking to Akwa Ibom people urgently on the security challenges in the state. The statement signed by the Publicity Secretary of the party, Nkereuwem Enyongekere noted that in the last couple of months, no fewer than five police stations had been ravaged and 15 policemen killed in Essien Udim, Ika, Ini and Abak local government areas in Akwa Ibom State by gunmen suspected to be members of Indigenous Peoples of Biafra (IPOB) and their militia wing, Eastern Security Network (ESN). APC stated that by targeting the security forces, the gunmen were deliberately planning to weaken the people’s defence and overrun the state. “IPOB intends to make our state part of Biafra. Our people therefore feel terrorised and traumatised. The sense of insecurity enveloping the state is so overwhelming that the US Embassy in Abuja has

advised its citizens not to visit Akwa Ibom State and a few other states like Borno, Yobe and Zamfara. “Similar destructions and killings are also going on in Port Harcourt, Rivers State where policemen and soldiers are also murdered and police stations set alight on a fairly regular basis. Governor Nyesom Wike has blamed the killings of policemen and military officials in his state on those he calls ‘secessionists,” APC explained. The party described it as disturbing and ominous that Emmanuel had never uttered a word of condolences and sympathies to the security agencies or assurances to the people of the state since the destruction of police stations and killings of policemen started in the state. “Our governor has been muted, silent and absent as insecurity envelops the state. When the US ambassador to Nigeria, Mary Beth Leonard, visited Gov Udom Emmanuel last week in Uyo, the governor was heard begging the diplomat to help get Akwa Ibom delisted from the advisory list. The governor’s request shows how ignorant he is on the intricacies of US national security,” APC added.

Bauchi Kills 27,000 Birds to Curb Spread of Avian Influenza Segun Awofadeji in Bauchi Avian Influenza (bird flu) outbreak has killed no fewer than 50,000 birds in Bauchi State, as 27,000 of them were deliberately slaughtered by poultry farmers to prevent the spread of the disease in the state. The state Commissioner for Agriculture and Rural Development, Sama’ila Adamu Burga, who made this known to journalists yesterday, said Bauchi

and Toro Local Government Areas were badly hit by the bird flu. He, however, called on poultry farmers to adhere strictly to the guidelines on marketing, movement of poultry products, general hygiene, consumption of wholesome poultry and poultry products. Burga said seven states, including Bauchi, are suffering from the disease from January this year to date.

Addressing journalists yesterday, the representatives of the 10 communities in the area lamented what they called the criminal activities of suspected herdsmen operating in their forests and farmlands. They alleged that a number of their people had been kidnapped for ransom, while others have been killed. One of the victims, Oke

Jideofor, who hails from Amanuke community, alleged that he was shot by the suspected herdsmen on his way to a neighbouring Achalla community on Saturday. Jideofor who had bandage and plaster on his heads, hands and legs, said, “The people shot me on my way to Achalla. They were about three in number.” Another victim, a native of Isuaniocha, said he was attacked

on the same Urum-Achalla Road in a vehicle with a certain woman from Mgbakwu community whom he called Ikemfuna’s wife. He said, “That woman that was killed, I was with her in the same vehicle. My right hand is paralysed because of the injury I sustained. “The woman was beaten to death. They dragged me into the bush. I was released

when my wife paid N1million ransom.. “They killed a man from Achalla. His people raided the bush to avenge his death but the suspects ran away.” The state Police Public Relations Officer, Ikenga Tochukwu, said the state police command had not received any official report on the incident.

FOURTEEN HEARTY CHEERS…

L-R: Group Head, Human Resources, Resort International Limited (RIL), Mr. Ola Azeez; Group Head, Plant and Facility, RIL, Mr. Adebola Adebanjo; Managing Associate, Babalakin & Co; Mr. Kubi Udofia; Group Head, Finance, RIL Ms. Yosola Popoola; Acting Head of Business, Bi-Courtney Aviation Services Limited, (BASL), Mr. Ralph Uchegbu; and Group Business Development Manager, RIL, Ms. Adekunbi Ademiluyi, cutting the cake to mark the 14th anniversary of Murtala Muhammed Airport Terminal Two, Lagos (MMA2), operated by BASL, in Lagos…weekend

INEC: New Settlements, Other Areas Get 770 Additional Polling Units in Gombe Segun Awofadeji in Gombe The Independent National Electoral Commission (INEC) in Gombe State has said it is expanding its electoral polling units with an additional 770 new ones across the state. The Resident Electoral Commissioner (REC), Alhaji Umar Ibrahim, stated at the weekend during a stakeholders’ meeting that new settlements are among areas that would mostly benefit from the creation of the new units

which was last created over 25 years ago. The meeting was on the expansion of voters’ access to polling units held at the conference hall of the Federal Secretariat in Gombe. He said the expansion became necessary following embarrassing challenges that included congestion at polling units due to growth in population; long distance between polling units which affects voter turnout among other reasons during elections.

According to him, “It is worthy to note that the current polling unit structure used by the commission was created since 1996, which is almost three decades now.” He explained that during these three decades, stakeholders have witnessed a number of embarrassing challenges that affected health and safety of voters and election officials. The REC stated further that after a successful expansion

exercise which took staff of the commission into the field, Gombe State would now have an additional 770 polling units more to the existing 2,218 making a total of 2,988 polling units in the state. He said: “This represents a percentage increase of about 35 percent which comes very timely and handy as the commission plans to roll out Continuous Voter Registration (CVR) early next month.”

DSO Not Backed By Law, Lacks Coherent Strategy, Says Lawyer A United Kingdom-based Nigerian lawyer, Mr. Timothy E. Agbo, has described the country’s country’s digital switchover (DSO) programme as having neither a legal backing nor a coherent strategy. The programme, which began in 2012, has largely been marked by unsteady implementation, resulting in two missed deadlines and a halt in 2018. However, it was on 30 April restarted in Lagos State and is expected to be completed in three years. Agbo, who was a broadcaster

before going to study law, is of the view that the completion rests on hope rather than expectation, as the programme is not backed by any law and its implementation is incoherent. He explained that countries that have completed the DSO programme had digital transition legislations in place. These, he said, guided the programme in terms of financing and milestones. He noted that such legislations focused on industry-specific challenges and assisted in the delivery of endto-end digital capabilities—from

strategy development, to technology implementation, to managed services. “In the UK, they had the Transition Act, the legal framework enacted by parliament on which the programme was based. We have no such here. What we have is murky and means, for example, that content owners who wish to establish new television platforms are unaware of the licensing framework,” Agbo said. He argued that the country lost an opportunity to draft a new body of regulations and digital licensing

during last year’s review of the National Broadcasting Code. “We wasted the opportunity because the review was rushed and the amendments failed to address the digital switchover programme. This has created uncertainty, which will affect investor confidence in the envisaged digital broadcasting ecosystem. “It is unclear what the new digital platform or channel application and licensing processes are. What the Federal Government is harping on is the 2014 DSO Whitepaper, which is no law. “

Two Fake Military Officers Nabbed in Delta Sylvester Idowu in Warri The operatives of the Delta State Police Command have arrested two persons, including a woman, for allegedly parading themselves as military officers. The suspects, Ms. Jemilia Suleiman, (48) and Mr. Monagor Charles (61), were apprehended

last week in a hotel in Effurun with military uniforms and other accessories. A security source said: “The suspects with the camouflage uniforms had lodged at Beji Court Hotel in Bendel Estate, Off Airport Road, Effurun, Uvwie Local Government Area of the state where surveillance

operatives in conjunction with military personnel arrested them.” The arrest of the suspects was confirmed by the Delta State Police Public Relations Officer (PPRO), DSP. Bright Edafe, who said that Jemilia hailed from Plateau State while Monagor is from Ndokwa in Delta State. Edafe said that 10 pairs of army

camouflage uniforms; six T-shirts; jungle caps; one T-shirt and one singlet, all of military camouflage were recovered. “The lady suspect confessed that she bought the said uniform in the market and used it to earn a living. Investigation is ongoing,” Edafe added.

MONDAY MAY 10, 2021 ˾ T H I S D AY

24 HOURS...

Insecurity: South-west Speakers Urge Govs to Strengthen Forest Rangers, Buy Drones, Choppers The speakers of the states’ houses of assembly in the South-West states have asked governors in the geopolitical zone to jointly acquire security drones and helicopters for surveillance purposes in order

to fight the growing insecurity in the area. In a communiqué issued after their meeting, which was signed by the Chairman of the conference, Hon. Bamidele Oloyelooun, in

Suspended FUOYE Bursar Accuses School of Harassment, Humiliation Victor Ogunje in Ado Ekiti Few days after the Registrar of the Federal University Oye Ekiti (FUOYE), Mr. Olatunbosun Odusanya, was sacked, the Bursar of the institution, Mrs. Bolatito Akande, has accused the management of the university of allegedly chasing and harassing her with security agencies after being ‘illegally’ suspended. Akande, who was until May 7, 2021, the bursar of the university, regretted how the security agents deployed by the school Vice Chancellor, Prof Abayomi Fashina, had last Thursday prevented her from entering her office ‘despite not being found culpable of any offence’. Odusanya, who was the immediate-past registrar, was last week sacked by the Governing Council of the university over alleged gross misconduct. But the Special Adviser on

Media Matters to the Vice Chancellor, Wole Balogun, denied the allegation, saying all the security men deployed were at the gate and could not have prevented anyone from entering her office. Addressing journalists yesterday, Akande explained that the personal assistant to the vice-chancellor sent a message to her last week inundating her of a petition written by the Joint Action Committee against her, and that a panel has been set up by the management to probe all the allegations raised. Akande said she found it demeaning, humiliating and dehumanising that she was harassed by security agencies while trying to gain access to her office last Thursday, saying such brigandage shouldn’t exist in any higher institution of learning.

Ekiti Receives 40,000 Doses of COVID-19Vaccines Victor Ogunje in Ado Ekiti Ekiti State Government has taken delivery of another 40,000 doses of AstraZeneca vaccines from the National Primary Health Care Development Agency (NPHCDA). In a statement made available to journalists in Ado Ekiti, yesterday, the state Commissioner for Health, Dr. Oyebanji Filani, said the delivery of the second consignment of the 40,000 doses of COVID-19 vaccines would enable the state to continue inoculating its residents against the virus. The commissioner said the consignment would be deployed in the 16 local government areas of the state to give those at the hinterlands to have access. He noted that “52,960 doses of the vaccines earlier delivered to the state were duly utilised. We are committed to providing

quality and accessible health-care for our people. “The state would leave no stone unturned towards ensuring that people in the state are aptly vaccinated against COVID-19. “I advise residents of the state to take advantage of the government gesture to get vaccinated, because getting immunised remained the most effective way to check the virus. “I also appeal to the people to continue adhering to required public health and social measures outlined by the government to curtail the spread of the virus. “It is still necessary and sacrosanct to wear facemask in public gatherings, maintain hand hygiene through proper hand washing, use of alcohol based sanitizers and social distancing even after receiving the vaccines.”

Aisha Buhari Donates Food Items to IDPs in Niger Laleye Dipo in Minna The wife of President Muhammadu Buhari, Aisha, yesterday donated some food items to the Internally Displaced Persons (IDPs) in Gwada town of Niger State. The items donated included 1,000 bags of 5kg bags of rice; 1,000 packaged food items; 150 cartons of noodles among others. The wife of the Governor of Niger State, Dr. Amina Sani Bello, handed over the items to the Director-General of the Niger State Emergency Management Agency (NSEMA), Alhaji Ibrahim

Ahmed Inga, at the Gwada IDP camps. In a brief remark, Inga appreciated the gesture of the first lady, saying the donations will go a long way to ameliorate the sufferings of the IDPs. Inga, who said the materials would be distributed judiciously, recalled that the Niger State Government had also recently donated some food and nonfood items to the IDPs. He solicited more support from public-spirited individuals and organisations to enable the IDPs live nearnormal lives

Ibadan, Oyo State, the speakers also asked the governors to empower forest rangers in their states to begin aggressive combing of forests to dislodge criminals occupying the areas and perpetrating criminal activities from there. “The efforts of the state governments in the region in addressing the security challenges are yielding positive results, while calling on the Federal Government

to take more proactive steps to urgently restore peace to the troubled spots as well as the entire country. It is also imperative that government should mete out appropriate sanctions and send strong warning to people behind the various dastardly acts. “The forum noted further and advocated that the governors of the South-West states should come together to procure drones and at least three helicopters for the

aerial surveillance of the entire region. “They should adequately empower the forest rangers in their states to embark on aggressive patrol of the forest areas. This step will no doubt change the security architecture of the South-West states. “The laws establishing the Western Nigeria Security Network (Amotekun Corps) as passed by the Houses of Assembly should

be strengthened to give room for the recruitment of able-bodied unemployed youths, as this will help in surveillance, information and intelligence gathering. “The present Nigeria police are doing their best in securing the nation, but the Conference insists on the establishment of state police to complement the efforts of the security agencies,” the communiqué explained.

ALL EYES ON MINES…

L-R: Akwa Ibom State Commissioner for Environment and Solid Minerals, Mr. Charles Udoh; Minister of State for Mines and Steel Development, Mr. Uchechukwu Sampson Ogah; and the Managing Director of ALSCON, Mr. Zavalov Dmitry, during the minister’s tour of the ALSCON facilities in Ikot-Abasi, Akwa Ibom State…weekend KASIM SUMAINA

Gbajabiamila Condemns Violence against Policemen Kingsley Nwezeh in Abuja The Speaker of the House of Representatives, Hon. Femi Gbajabiamila, weekend condemned the growing violence unleashed against personnel of the Nigerian Police by criminal elements and called for adequate funding for the security agency in order to tackle insecurity. The Speaker, who was represented by Hon. Lynda Ikpeazu at the inauguration of Course 2 Participants 2021 of

the National Institute for Policy Studies, Jabi, Abuja, said Nigeria could not afford to be losing police personnel in a war they were not fully equipped to contain. He also said one of the major challenges facing the Nigeria Police in the current insecurity bedevilling the country was lack of adequate and modern equipment to prosecute the war. According to him, “We all know that right now in Nigeria is not the best of times for us. There are lots of security challenges. My point

is that all lives matter. For you to do your job well, you must be properly equipped. I would like to say on behalf of the Speaker, Femi Gbajabiamila; Chairman of the House Committee on Police Affairs and the House of Representatives that we will always be ready to support you. “If people are not well equipped, there is no way you can send them out there to go and fight and be killed. So, it becomes the responsibility of

the police and the IG to let us know where we can come in as legislators.” Also speaking at the event, the Senate Committee Chairman on Police Affairs, Senator Haliru Jika, who represented President of the Senate, Dr. Ahmad Lawan, tasked the graduating officers “to know that their opinions and interpretations matter, though what matters most is the action they take to make the world a safer place”.

Nigeria will Remain One Despite Challenges, Says Na’Allah Deji Elumoye in Abuja A member of the National Assembly, Senator Balla Ibn Na’Allah, has stressed that despite myriad of problems facing Nigeria, the country will remain one indivisible entity. He also canvassed for the support of the citizenry towards government’s efforts to fight security challenges facing the country. The chairman of the Senate

Committee on Air Force, who spoke at the weekend with journalists after a visit to President Muhammadu Buhari at the State House in Abuja, emphasised that what was binding the country together was far greater than the one that can divide it “Whether anybody likes it or not, the truth is that this country will remain one because the factors that bring the country together are stronger than the ones that seek to divide it, and I think that

every responsible Nigerian should understand this and kowtow to it as well as make sure that he gives his or her own contribution to ensure that we have a very formidable and resilient country, where we can at least begin to love one another, do justice to ourselves, and build a society that every citizen of this country will be proud of, and that is a collective responsibility,” the lawmaker said. Na’Allah, a former deputy Senate leader, canvassed for

the involvement of the citizens in the fight against insecurity, saying: “Every responsible individual in this country has a responsibility to key into this trying moment because we all must have a country first before we begin to talk about our differences or whatever our concerns are that are private.” He added that the people who see Nigeria as a country worth living in should equally accept the fact that a country worth living in is a country worth dying for.

FG to Connect ALSCON Plant to National Grid Kasim Sumaina in Abuja President Muhammadu Buhari has approved the supply of power to the the Aluminum Smelter Company of Nigeria (ALSCON) as a demonstration of his administration’s resolve to resuscitate the company and return it to full production capacity. The move, according to Buhari, is to ensure that the nation’s economy is revamped through the mineral and metals sector.

This was disclosed by the Minister of State for Mines and Steel Development, Dr. Uchechukwu Sampson Ogah, during his extensive tour of the ALSCON facility in Ikot-Abasi, Akwa Ibom. Ogah stated that the Federal Executive Council (FEC) described the approval to connect the company to the national grid as a sign that Buhari’s administration is committed to ensuring that the ALSCON is functional due to its

great economic potential that would benefit not just Nigeria but Africa. Ogah, in a statement that was issued yesterday by the Director of Press, Ministry of Mines and Steel Development, Mrs. Etore Thomas, stated that the company could employ about two thousand Nigerians when it began full operations. He added that the federal government would provide all necessary support to see that the

plant is up and running. The minister called on stakeholders and operators to ensure they always obtain the relevant licences and pay due royalties to the Federation Account in order to enable government meet its obligations to the citizens. Ogah noted that the mineral resources in the state could create wealth for the people of Akwa Ibom if the operators would be willing to work together and synergise.

˜ ͹͸˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

D’banj Appointed Nigeria’s Captain to FIA Motorsports Games in France Olawale Ajimotokan in Abuja Musical icon Mr Oladapo Daniel Oyebanjo, better known with stage name, D’banj has been appointed the team captain and spokesman for Nigeria to the 2021 FIA Motorsport Games in Marseille, France. The President of the Automobile and Touring Club of Nigeria (ATCN), Ishaku Bamaiyi, announced the appointment over the weekend at the unveiling of the FIA sanctioned Racing Nigeria Motorsport Games in Abuja. The unveiling was attended by the Deputy Governor of Zamfara State, Madi Aliyu Gusau and the Director-General National Automotive Design and Development Council (NADDC), Jelani Aliyu. D’banj expressed excitement for the opportunity to lead the Nigerian team. He said motorsport would provide a massive opportunity for the Nigerian youth to be engaged.

He also added that his involvement in motorsport would ensure that the sport receives positive vibes, right exposure, funding and required investment. Bamaiyi said that Dbanj ticked all the requirements set by Federation International de I’Automobile (FIA) as he is a motorsport enthusiast, an icon and a popular figure in the country. He noted that the inaugural Festival of Motorsport, which holds in Abuja from June 16 to 19 2021, will serve as the qualifying series for the FIA Motorsport Games to give everyone the opportunity to try out his/her skills. He listed the disciplines that will be competed for at the Festival billed for Baze University and Central Park, Abuja to include Karting (junior and senior), Karting endurance, Karting Slalom, Auto Slalom, Digital Games, Drifting and Rally 2. According to Bamaiyi, to

reinforce its support to the development of motorsport in Nigeria, FIA has appointed Emirates Motorsport Organization (EMSO) as the regional training provider to train Nigerians. He added that the Festival of Motorsport will be the platform to train Nigerians and prepare them for international competitions

whether organised by the FIA or affiliate clubs, except where it is for individuals. In his keynote address, the Deputy Governor of Zamfara State, Aliyu Gusau, described the appointment of D’banj as team captain as merited. Gusau, a former winner of 2014 Motor Treasure Hunt expressed delight that the

aspiration for Nigeria to be represented on the global stage one is coming to fruition. He expressed optimism that Team Nigeria will do well in international competitions and urged the management of ATCN to partner with the federal government and the corporate world for best outings.

On his part, Aliyu who described racing as a magnificent sport said the unveiling is a milestone for motorsport and the youth of the country. He challenged the youth to use motorsport to showcase the potential of Nigeria as a country that is relevant on the global stage.

NPFL: Akwa Utd Leapfrog Kwara Utd to Summit Akwa United stepped up to the top of the Nigerian Professional Football League (NPFL)table in place of Kwara United yesterday as the Ilorin team dropped to third spot. Both Akwa United and Kano Pillars are a point ahead of Kwara United but the former have goal difference in their favour. Rivers United are fourth, while Rangers topple Enyimba at fifth; the People’s Elephant stepping down to seventh. Warri Wolves move out of the bottom four, replaced by Sunshine Stars. The other occupants of the relegation zone are unchaged: Katsina United, FC IfeanyiUbah and bottom-placed Adamawa United. At the Nnamdi Azikwe Stadium, Enugu, Rangers dispatched Enyimba 2-0 in an

oriental derby. Both goals came from the spot with Christian Nnaji scoring the first in the 57th minute and Elijah Ani converting the second on 90 minutes. Heartland recorded the only away win of the day with Kingsley Maduforo scoring the winning goal in the 1-0 victory at Adamawa United. In Port Harcourt, SundayAdetunji scored for the second consecutive game as Rivers United beat Dakkada 2-0. Kano Pillars missed the chance to secure top spot after they conceded a late equaliser in the 1-1 draw against Warri Wolves in Ozoro. Auwalu Usman put Pillars ahead two minutes before the hour mark, while Mark Daniel levelled scores for Warri Wolves from the spot four minutes from time.

Eberechi Eze Not for Sale, Crystal Palace’ Boss, Hodgson Warns Crystal Palace manager Roy Hodgson has insisted that Eberechi Eze will remain at the club in summer. Eze has caught the eye with a number of impressive displays for the Eagles following his arrival from Sky Bet Championship club Queens Park Rangers last summer. The midfielder scored a sublime goal and provided an assist in the side’s 2-0 win against Sheffield United at the Bramall Lane on Saturday.

Eberechi Eze...not for sale this summer

On potential suitors trying to prise Eze away from Selhurst Park come the end of the season, Hodgson said: “It has not really occurred to me as we’ve only just signed him. “It was quite an investment for our club to pay 15 (million pounds) and then five (million pounds) in add-ons – that’s quite a big investment for us. I wasn’t contemplating that it was an investment that would only last one season and then he would move somewhere else, so I hope that is not the case. “I am pretty sure the club will work very, very hard to make sure any interest in him will be warded off because we bought him into the football club to play for us and to make us better, we didn’t bring him into the club to make some small profit on a transfer at the end of the first season. “It is his first season since coming from the Championship and you expect people to need a bit of time to get fully adjusted to play at this level, and we are delighted with him.”

Mr Oladapo Daniel Oyebanjo (D’banj) (left) and the Deputy Governor of Zamfara State, Madi Aliyu Gusau at the unveiling ....over the weekend

Oshoala Joins Barca Femeni to Celebrate Retaining Primera Iberdrola Femi Solaja with agency report With one step away from becoming European Women’s football champion, Super Falcons’ Captain and Barçelona Femeni colleagues have retained the Primera iberdrola league title last night. The UEFAWomen Champions League finalists last term, won the title in grand style after a lone goal away win at Tenerife. Although the Nigerian star player was not featured in the match, her sterling performance in the season stands her out as one of the heroines of the season

with 26 wins from 26 games, while their immediate pursuers, Levante, stumbled at Espanyol. The combination of results has mathematically given Barça their second consecutive title and sixth in their history (2012, 2013, 2014, 2015, 2020 and 2021). This is a record-breaking Barça team. Never before had they won 26 straight games in the championship. Now, they have 30 (25 + 5) across the last two seasons, equalling Levante’s record between 2000/01 and 2001/02. Another mark that the Catalans have beaten is that of most league

titles. They now surpass Athletic Club (5) and lead the all-time list for the first time. It was Bruna Vilamala’s against goalie Granadilla late first half that was that settled the match. The Catalans won last year’s title when the season was ended prematurely due to the Covid-19 pandemic. It has long seemed a case of if rather than when they were going to clinch the title this campaign after making a breathtaking start and never relenting. They have won all 26 of their games to lead the standings on

78 points, scoring 128 goals while only conceding five. They are 16 points above second-placed Levante with three games in hand. They are also unbeaten in the league since February 2019. Lluis Cortes’ side will meet Chelsea in the Champions League final on May 16, hoping to win the tournament for the first time in their history. Current ‘African Footballer of the year’ winner, Oshoala, scored Barcelona’s only goal in the 1-4 loss to Lyon in the final of the tournament three seasons ago.

Chioma Ajunwa’s Grassroots Sports Project Takes off in Lagos The first in the series of the Chioma Ajunwa Foundation grassroots sports initiative is expected to take off today at the Yaba College of Technology Sports Complex in Lagos. Over 700 kids drawn from 35 schools will

participate in the talent hunt programme for athletics, football and taekwondo. “We are expecting a big turn out of pupils for the event. “We have 35 kids from 20 schools participating in the sports drill,” said

Prince Henry Amike who is director general of the Chioma Ajunwa Foundation. After Lagos, the train will move to Abia, Edo, Anambra, Enugu, Ebonyi, Imo and Abuja. The programme is part

of the events to mark the 25th anniversary of Chioma Ajunwa winning the 1996 Olympics women’s long jump gold. It was the first of it’s kind in Africa. The 7.12m remains the African and Nigeria record to date.

Sports Minister Charges Para- Athletes team to Be worthy Ambassadors of the Country Minister of Youth and Sports Development, Mr Sunday Dare, has charged Nigeria’s Para-Athletes to Notwil, Switzerland to be worthy Ambassadors of the country as they seek to qualify for the 2020 Paralympics taking place in Tokyo later in the year. The Minister gave the

charge when he bade farewell to the team for the Qualifiers on Sunday through the Nnamdi Azikiwe International Airport, Abuja. “Nigeria is solidly behind your bid for qualification for the Para- Athletics event in Notwil, Switzerland. “There is no doubt about your abilities which you

have always proved over the years. You must be worthy Ambassadors of our dear country by conducting yourselves very well to attain the best standards for Qualifiers. “Dont be distracted, Nigerians are solidly behind you. You have always made us proud and we are confident that you will not

disappoint this time by reaching the qualification threshold. We have done our bit, now the ball is in your court to ensure that Nigeria’s flag flies high” 10 Athletes will be seeking to qualify in the Para-Athletics event taking place from 11th -17th May 2021 at Notwil Switzerland.

Monday May 10, 2021

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Ortom to El-Rufai “El-Rufai is one of the real enemies of this country who do not hide their divisive tendencies by elevating nepotism and ethnicity above the good values that have held Nigeria together over the decades” – Benue State Governor, Samuel Ortom, describing his Kaduna State counterpart, Nasir El-Rufai, as one of the persons misleading President Buhari.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Gates, Windows and Exits “Now I understand why he called it Microsoft”- An African American Lady

omeone told me this interesting story a few years back which I cannot confirm its veracity. It was several decades ago that Bill Gates met this young beautiful African American and immediately fell in love with her. They speak for few moments and Bill invited her to a date. The young woman was excited to meet Bill and was particularly enamored by his intelligence. She would want the date to happen yesterday. To her shock, Bill proposed that the date held in a week’s time. Well, what could she do? She agreed and on the set date, she had a very good time with Bill. Fast forward to the day that the lady was visiting Bill Gate’s house for the first time. She was happy with the level of organisation and after meals, they retired to the bedroom. Not too long after, the lady stormed out of the bedroom looking very disappointed. She was speaking to no one in particular, but was heard saying, “now, I understand why he named it Microsoft”. That was obviously years before Bill met Melinda. The Bill and Melinda Gates divorce saga is the dream of comedians and satirists. In the world of divorce, nothing can top this unless maybe when it involves the Royal House of Windsor. They haven’t disappointed as they have walked all over the matter lampooning poor Bill and Melinda from all angles. It is the price of fame and fortune and I believe that they knew from day one that it goes with the territory. William Henry Gates III was born on October 28, 1955 in Seattle, Washington. As a child, he started showing signs of a genius such that he wrote his first software program at the age of 13, when he was in Preparatory School. He was so brilliant that he provided technology solutions for his school even at that tender age. He became a National Merit Scholar and graduated from high school in 1973. He emerged with almost a perfect score in Scholastic Aptitude Test (SAT) garnering 1590 out of the possible 1600 marks and was expectedly admitted into Harvard University same year. Two years later, Gates voluntarily dropped out from Harvard to pursue his dream of setting up a technology business. While at Harvard, he met and became friends with another equally brilliant student, Steve Ballmer. As Bill left Harvard, Steve continued and graduated Magna Cum Laude (Second Class Honours, Upper Division). As fate would have it, Steve was to join Microsoft years later and actually succeeded Bill Gates as CEO in the year 2000. Bill Gates founded Microsoft with his school friend, Paul Allen in 1975 in New Mexico, United States. He is reputed to be one of the major brains behind the microcomputer revolution of the century. He led Microsoft to become the largest software company in the world and stepped down as CEO in 2000, even though he remained as Chairman until 2014. He, however, chose to support the company by assuming the role of technology adviser to the company and completely retired from Microsoft in March 2020 to pursue his new interest in philanthropy on the platform of the Bill and Melinda Gates Foundation. Amongst his several other inventions, one of his most successful was the Windows. It was first released in 1985 as a graphic user interface software solution. He subsequently released the earth-shaking Windows 95, a decade later making Microsoft the undisputed leader in the field of personal computing. Many other versions and improvements were made to Windows over time, the latest being Windows 10, released in 2020. With his success in business came a lot

Bill and Melinda Gates of wealth and fame. For years now, he has been listed as one of the wealthiest people in the world. His net worth is put at over $145b. Besides Microsoft, he was a major investor in Warren Buffet’s Berkshire Hathaway where he sat on the board until 2014, amongst a lot of other investments. His leadership style is said to be combative, and he is also said to have a caustic tongue, particularly with non-performers. Melinda Ann Gates, nee French, was born on August 15, 1964 in Dallas Texas. Like Bill, she was a very brilliant student. At age 14, she had already been introduced to computing by her father. She was on top of her class at St. Monica Catholic School and was best graduating student and Valedictorian in her high school at Ursuline Academy, Dallas in 1982. She proceeded to Duke University from where she graduated with Honours in Computer Science and Economics in 1986. A year later, she received an MBA from the same University. She took a job as a mathematics and computer engineering teacher from where she joined Microsoft as a Marketing Manager in 1987. That same year, she started dating her CEO, Bill Gates after meeting at a fair in New York. They got married in 1994 and two years later, she left Microsoft to focus on family. As if to give credence to the story of the African American lady cited above, after the overtures by Bill, he had proposed a dinner date two weeks in advance. The shocked Melinda declined the offer and requested that he asked her closer to the time! This pointed to how full Bill Gates’ diary had always been. Their marriage is blessed with three children, Jennifer, 25; Rory, 21; and Phoebe, 18. In the year 2000, they set up what is known today as the largest charity outfit in the world, The Bill and Melinda Gates Foundation. The Foundation has spent over $50b in philanthropic work and has assets valued at about $35b. It must be noted that while it is said that the charity side of the Gates is Melinda’s passion while the ‘techy’ side is Bill’s passion, Bill had another Foundation that was set up in 1994 which was rolled into the Bill and Melinda Gates Foundation. The Foundation’s goal initially was to provide laptops to every classroom and support education around the world. Subsequently, other areas like climate change, global health and development, became major areas of focus for the Foundation. The Foundation has made a strong impact in the eradication of

communicable diseases around the world and supported access to vaccines to the poor in Africa and elsewhere. One of its major goals is to provide 120m women and girls, particularly in poor nations with contraceptive services. Bill Gates believes strongly in population control and this has attracted criticisms from pundits who have associated him with all sorts of conspiracy theories, particularly with the outbreak of Covid-19. In 2010, Bill Gates and Warren Buffet set up “The Giving Pledge” where they and other billionaires pledge to give out no less than 50% of their wealth to charity. At the last count, more than 170 billionaires around the world have signed up to the pledge. On Monday, May 3, 2021, the world woke up to a shocking divorce announcement from this otherwise wonderful couple. I have, in the past, heard people reference Bill and Melinda Gates as the ideal couple and role model. In the announcement, they claimed that they no longer believed they could grow together as a couple in the next phase of their lives. “After a great deal of thought and a lot of work on our relationship, we have made the decision to end our marriage. Over the last 27years, we have raised three incredible children and built a Foundation that works all over the world to enable all people to lead healthy, productive lives”. What could have gone wrong with this marriage after such a long time with three grown up children? Many theories are being propounded as their joint statement left a lot of gaps. Ordinarily, divorces and break up of marriages are a daily occurrence in the Western world and should not generate the kind of interest that the Gates are generating. However, because of their position and what they represent, the dust raised by this separation and eventual divorce would not settle very soon. Some other divorces that had attracted this kind of interest included those of Prince Charles of England decades ago, and of Jeff Bezos and Mackenzie Scott who packed up their marriage after 25 years and four children. This divorce ended up with a 4% stake in Amazon, amounting to over $38b as divorce settlement. Mackenzie in return said she was giving up 50% of the wealth through ‘The Giving Pledge’ to charity. As the French would say, ‘Cherchez la femme’ – Always look for the woman! Somehow, there is always the story of another woman in the

picture. In the case of Jeff Bezos, a certain Lauren Sanchez was alleged to be having an affair with the billionaire which contributed to the crash of the marriage. Then enter the Tesla wizard Elon Musk, who has been divorced 3 times, twice from Justin who had 5 children for him. The other one Riley received a tidy $20m settlement from Musk. Another shocking divorce was that of the 45th Vice President of the Unites States, the urbane Al Gore and his wife Tipper who separated after 40 years of marriage with 4 children. Sequel to the Bill and Melinda Gates divorce announcement, nothing prepared the world for this separation. They seemed to have deceived everyone in their public pronouncements, expressing deep love for each other and demonstrating how they complemented each other. In Bill’s own words, “some people see Melinda as the heart of our Foundation, the emotional core, but as she knows, I’m more emotional than people realise, I know she’s more analytical than people realise. When I get really enthusiastic about something, I count on her to make sure I’m being realistic. She helps me understand when I can push our teams harder and when I need to ease off. On her own part, Melinda had these to say “Bill is very open-minded which isn’t necessarily how people perceive him. I love Bill because he has a kind heart, listens to other people, and lets himself be moved by what they say. When I tell a story about what I have seen, he feels it. He might ask me to gather some data for good measure, but he doesn’t doubt the reality of my experiences or the soundness of my judgement.” These statements were made barely three years ago. Just last year, Bill posted a message on his Instagram to the effect that he couldn’t ask for a better partner on this journey of life and on their 26th wedding anniversary, Melinda had posted “I’m still marveling at just how full a heart can get. Happy anniversary to the man who keeps me dancing through life.” One theory is that the lockdown following the pandemic, which had most people holed up in their homes could have been responsible for this breakup. The veracity of this claim is not farfetched as a lot of marriages were reported to have hit the rocks owing to the long stay of couples together as against what it was in the past. Couples who hardly had time to stay at home suddenly had time in their hands and things that were hitherto ignored or were not observable assumed prominence. This is even truer for someone like Bill who had worked round the clock for several decades and only took a retirement just around the outbreak of the pandemic. Some theorists had naturally blamed the strange woman, in this case, Ann Winblad. The story had surfaced in the media that Bill got Melinda’s consent to spend long weekends every year with his ex-girlfriend Ms. Winblad, 70, before they got married. This arrangement as much as it sounds interesting doesn’t look like a plausible reason for the breakup as it had been in place for 27years without any issues. The question is, why should it be an issue now? Some people have argued that the foundation of the relationship was faulty in the first place. The argument is that Melinda came to work at Microsoft and that it was fundamentally flawed for the CEO to begin to chase around his staff or for the staff to begin to chase around her CEO. While this argument is in the realm of morality, Melinda’s mum was one of those who stood against the relationship in the early stages and advised her daughter to avoid the office romance. They still went ahead, and the rest is now history. May be there is something to learn here.

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