WEDNESDAY 15TH MAY 2024

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Presidency, VIPs Now to Pay at Airport Tollgates After N10bn Loss

Aviation sector gets approval to procure N4.2 billion aircraft recovery equipment Says cybersecurity levy suspended for review FG to transform infrastructure, housing sectors

Targets N20trn pension fund for devt To provide 48-hour visa service for investors Urges labour not to derail power sector transformation plan, to look into electricity tariff hike

Nume Ekeghe and Dike Onwuamaeze

Deji Elumoye in Abuja

President Bola Tinubu has hailed the efforts of the High Powered Presidential Committee (HPPC) on Nigeria’s Extended Continental Shelf Project, which worked over many years for the extension of Nigeria’s

Deji Elumoye in Abuja

The Federal Executive Council (FEC), yesterday, at the end of a two-day meeting, took some far-reaching deci-

L-R: Author, Magnus Onyibe; Chairman of the occassion, Gen. Yakubu Gowon; Author's wife, Helen; Veteran Newscaster, Julie Coker and former Delta State Governor, James Ibori, during launch of the book, Leading from the Streets by Mr Onyibe in Lagos … recently

BrieFing the press on the decisions By Fec...

FG Unveils New Initiative to Boost Mining Sector, Attract Global Investors

Alake seeks Senate support for exploration funding

Folalumi Alaran in Abuja

To boost ease of doing business in the mining sector, the federal government through the Ministry of Solid Minerals Development has launched the Nigeria Mineral Resources Decision Support System (NMDSS).

This comes just as the Minister of Solid Minerals Development, Dele Alake, yesterday, solicited the support of the Senate for increase in funding for the ministry in order to enhance its capacity to carry out detailed exploration of the nation's vast mineral deposits.

However, at the launch of the NMDSS, Alake, stated that the portal underscored the commitment of the federal government to expanding access of prospective investors to necessary information about Nigeria's mineral deposits, policies guiding the mining sector and incentives for investment from anywhere in the world.

The NMDSS is a marketing strategy to enhance the ease of doing business in the solid minerals sector.

Alake explained: "Before, if you are a prospective foreign investor, you have to travel to Nigeria with your contingent to access required information. But with this launch today, anywhere you are in the world, with a click of a button, you can access all the information you require to make informed investment decisions about the mining sector."

Speaking further, Alake emphasised that the support system would assist critical stakeholders in the mining sector and potential investors to garner requisite information,

bringing them closer to the industry and providing answers to pertinent questions about mineral deposits and mining infrastructure amongst others.

Highlighting on-going efforts to sanitise the mining sector, the Minister revealed that nefarious activities of illegal miners were being curbed by the recently unveiled mining marshals, whilst about 152 cooperatives had been formed by artisanal miners to legalise their operations, in line with his 7-point agenda.

In his remarks, the Minister of Interior, Hon. Tunji Olubunmi-Ojo, lauded the transformative leadership that his solid minerals counterpart had brought to bear on the mining sector, noting that the launch of the NMDSS was a game-changer that would attract more foreign investments.

"Saudi Arabia today has non-oil industry contributing of over 50 per cent to her Gross Domestic Product (GDP). If Saudi Arabia can do it, Nigeria can do it and the journey starts with the ministry of solid minerals.

“With a workaholic and visionary minister like Dr. Alake, working earnestly to attract the big players and also supporting local operators, the sky is the starting point.

“For us in the Ministry of Interior, we are there to support because a reformed mining industry is the pivot of the Renewed Hope agenda, "Olubunmi-Ojo added.

The Permanent Secretary, Ministry of Solid Minerals Development, Dr. Mary Ogbe, in her closing remarks, charged stakeholders in the mining sector and Nigerians at large to market the nation's vast solid

minerals potentials, stressing that reforms of the present administration are steadily repositioning the mining sector.

The NMDSS is a comprehensive software platform that serves as a one-stop shop for investors seeking credible and decisive information about Nigeria's mineral resources, facilities and infrastructure.

Meanwhile, Alake has solicited the support of the Senate for increase in funding for the ministry to enhance its capacity to carry out detailed

exploration of the nation's vast mineral deposits.

Speaking during the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Alake identified the twin issues of poor funding for exploration and insecurity as the main challenges hampering the development of the mining sector whilst limiting its role as the pivot of diversification of the economy.

Alake, bemoaned the country's low investment in mining explora-

tion, revealing that a total of $2.5 million was invested last year, citing figures from Standard & Poor's report.

Standard & Poor, a global rating agency, had ranked Nigeria's exploration budget 12th in Africa and placed Ivory Coast in the top position with $147 million.

"When we compare the exploration budgets of other African countries with ours, it is depressing.

According to Standard & Poor, as of 2023, Nigeria’s investment in

exploration was $2.5 million dollars against $147 million of Ivory Coast and $133 million of Congo.

“In our determination to compete, we had proposed a budget of N70 billion to invest in exploration that would cover the entire Nigerian landscape. Going by the budget of Year 2024, our capacity to move at our desired speed may be undermined. We need your support to fund exploration and kit our personnel to regulate the sector, "Alake asserted.

Obaseki: How We Grew Edo’s Economy from $10bn to Over $26bn in Seven Years

Edo State Governor, Mr. Godwin Obaseki, has said reforms introduced by his government to rejig the State’s economy, support investment inflow and guarantee an enabling environment for businesses led to the growth of the State’s economy from about $10 billion to over $26 billion in the last seven and a half years.

A statement yesterday, quoted Obaseki to have said this while speaking to journalists in Benin City.

He explained that the reforms cut across various sectors of the State’s economy including agriculture, culture and tourism, entertainment, and energy, among others.

According to him, “When I assumed office, in terms of GDP, the economy was about $10.6 billion but today, at the last count, it was about $26 billion. We have doubled tremendously. The important thing

is what has led to this?

“We have been able to attract substantial investments and investors by just creating the enabling business environment. Today, the main contributor to our GDP is agriculture. What have we done with agriculture? We looked around and said, where do we have the competitive advantage?

“We are the home of oil palm, so we went back to the drawing board and asked ourselves what to do with this asset. We went to Malaysia and everywhere else and decided to start a programme to develop our oil palm.”

Speaking further, the Governor said: “Even though we had Okomu and Presco here, the two largest agric companies quoted on the Stock Exchange, we said let’s do more; let’s double the acres under cultivation.

“So, we set up an oil palm programme, not just allocating lands, it’s a programme where we decided to provide a certain amount of land for the cultivation of oil palm because oil palm is a very prolific crop; there is no waste. So, we did it in two phases. In the first phase, we did a forest audit.

“We identified degraded forest lands that will never be able to grow back as forest and I took that and we got over 120,000 hectares of such and then began to prepare them for oil palm cultivation. “We did the survey, and made sure that under the program we got certification from a body called RSPO, the global body responsible for promoting responsible oil palm production, because if you don’t have the certification and they don’t certify your palm to make sure that in producing that palm, you didn’t deforest, you didn’t treat communities improperly, some companies like Unilever, PZ and others will not touch your palm.

Akinwale

The House of Representatives Committee on Financial Crimes has described the allegation concerning $140 million bribery scandal made by the Chief Executive Officer of Binance, Mr. Richard Teng, against the committee as diversionary.

The Chairman of the committee, Ginger Onwusibe, stated this while addressing a press conference in Abuja, yesterday.

He recalled that on January 8, Binance employees had a face-toface meeting with three members of the committee at the House of Representatives building for a scheduled pre-hearing engagement in private.

The lawmaker said the meeting was chaired by Hon. Peter Akpanke, Hon. Philip Agbese, and on. Peter Aniekwe, as well as a clerk.

billions of dollars in tax revenue.

He noted that during the conversation, the Committee highlighted the important nature of the issues at hand and the lengths to which they were prepared to go to summon Binance. Onwusibe, explained that the allegations against Binance by several Civil Society Organisations including violations of the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, violations of the provisions of the Investments and Securities Act, 2007, and the Rules on Issuance, Offering Platforms and Custody of Digital Assets, May 2022 and violation of relevant provisions of Nigeria’s Tax laws resulting in tax evasion, defrauding Nigeria of

He said the Committee pursuant to its constitutional and legitimate functions promptly commenced investigation of the said petitions by inviting Binance to appear before it and give clarifications on the allegations.

The lawmaker noted that an invitation letter dated December 8, 2023, was formally sent via email to Teng, inviting the organisation to appear before the Committee.

He said following formal communications between the Committee and Binance, January 10, 2024, was agreed upon by the parties as a convenient date for a Public Hearing on the matter.

Onwusibe, noted that on January 8, 2024, the Committee represented by

three of its members and its Clerk led by Akpanke, met with a six-member team representing Binance.

He stressed that the petition was made available to the Binance team to assist them in preparing for the Public Hearing scheduled for the 10th day of January 2024.

The lawmaker emphasised that the meeting was open, transparent and ended on a cordial note.

Onwusibe added: “No solicitation or demands of any type was made by representatives of the Committee to Binance at the meeting.”

The lawmaker stressed that on the 10th of January, 2024, Binance failed to appear for the public hearing having earlier forwarded a request for extension of time to enable the organisation prepare adequately.

The Chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has been formally appointed as the President of the France Nigeria Business Council (FNBC) by the President of the French Republic, President Emmanuel Macron.

A statement yesterday, disclosed that the appointment was made the esteemed Choose France Summit 2024, held on Monday.

The statement added: “The France Nigeria Business Council (FNBC) stands as a pivotal coalition of Nigerian private sector business leaders, committed to enhancing bilateral relations between Nigeria and France.

“Its core objectives revolve around the facilitation of trade, investments, infrastructural development, job creation, and cultural integration between the two nations.

“Since its establishment in June 2021 under the auspices of President

Emmanuel Macron, the FNBC has diligently utilised its member network to champion investments across key business sectors, fostering cultural understanding and driving economic growth between Nigeria and France. Notably, it has catalysed Nigerian businesses' ventures into investment opportunities within France.” Comprising 13 distinguished members, the Council boasts prominent figures including Aigboje Aig-Imoukhuede (President), Abdul Samad Rabiu, Gilbert Chagoury, Mike Adenuga, Aliko Dangote, Jim Ovia, Tony Elumelu, and John Coumantaros. Additionally, Kola Karim, Leo Stan Ekeh, Daisy Danjuma, Gbenga Agboola, and Jean Haas serve as integral members, with Jean Haas holding the position of Secretary. Aig-Imoukhuede's appointment follows the passing of Herbert Wigwe, the Council's former President, in February 2024.

Adedayo

in Abuja

L -R: Special Adviser to the President on Information and Strategy, Bayo Onanuga; Minister of Finance and Co-ordinating Economy, Wale Edun and the Minister of Information and National Orientation, Mohammed Idris addressing the State House Correspondents shortly after Federal Executive Council meeting held at the Presidential Villa, Abuja…yesterday

PHOTO: GODWIN OMOIGUI.

At Tax Conference, Sanwo-Olu, Ahmad Sokoto,

Amosun, Others

Seek Greater Efforts to Boost Internally Generated Revenues

Zulum, auditor-general allege unbridled corruption in tax administration, say system lack of transparency, accountability the focus on integrating the growing remote workforce into the tax net are commendable initiatives.”

Governor of Lagos State, Mr. Babajide Sanwo-Olu, alongside his counterparts from Sokoto and Borno States yesterday emphasised the need to make the country's tax system more transparent and accountable to Nigerians to boost confidence and voluntary compliance.

Also, former Governor of Ogun State, Senator Ibikunle Amosun, said the country must depart from funding national and sub-national budgets from borrowing by committing to growing Internally Generated Revenue (IGR) while Borno State Governor, Prof. Babagana Zulum, criticised the inefficiencies and corruption in tax administration.

The stakeholders spoke at the open-

ing of the 26th Annual Tax Conference organized by the Chartered Institute of Taxation of Nigeria (CITN), with the theme, “Sustainable Tax Culture and Economic Roadmap for Nation Building", in Abuja, where the Accountant General of the Federation (AGF), Dr. Sakirat Madein, further challenged the tax professionals to do more to boost the country’s non-oil revenues.

Sanwo-Olu said building a tax culture that is sustainable, required concerted efforts on the part of the government to be transparent, accountable, and efficient in tax administration.

He said taxpayers needed to see that their contributions are being used effectively for public services and infrastructural development.

Represented by his Special Adviser on Taxation and Revenue, Mr. Abdul -Kabir Opeyemi Ogungbo, the governor said the theme of the conference was apt and timely given that Nigeria, like many other nations, is currently facing significant economic challenges.

He said building a strong and sustainable future through a robust tax system that fosters economic growth and development had become inevitable.

He however, urged the taxpayer to have a shift in mindset, pointing out that paying taxes should not be seen as a burden, but as an investment in the collective future.

Sanwo-Olu said, “We must all understand the crucial role taxes play in building a better Nigeria

for ourselves and for generations to come.

“The theme also highlights the need for a clear economic roadmap which should take note of the architecture of our developmental ideologies as they are designed to provide the government with the necessary resources to cater for the social needs of its citizens, therefore we need a tax system that incentivizes investment, job creation, and economic diversification.

“We need to explore innovative ways to expand the tax base, while fostering a business environment that allows our economy to thrive.

The good news is that Nigeria is already taking positive steps in these directions. The recent efforts to streamline state-level taxes and

Otu Secures $3.5bn Afreximbank Funding for Bakassi Deep Seaport

Bassey inyang in Calabar Cross River State Government has secured a $3.5 billion funding from the African Export-importbank (Afreximbank) for some of its key infrastructure projects in the State.

The State Governor, Senator Bassey Otu, who was in Egypt, last week, for a workshop, also visited the Afreximbank in Cairo, to explore partnership in key infrastructure projects to be undertaken in the state.

The workshops held during the visit culminated in the signing of a project preparation facility for the development of a deep seaport estimated to cost $3.5 billion.

Afreximbank is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade.

In securing the funding at a workshop attended by the governor as well as some of the key members of his government, at the bank's headquarters in Cairo, Egypt, Otu noted that, "This is a world-class partnership that will result in positioning Cross River State economically."

Otu, who expressed excitement about the collaboration with Afreximbank, emphasised the importance of the projects in driving economic growth and development in the state, highlighting the potential for attracting foreign investment and stimulating economic growth.

At the visit to Afreximbank, Otu also had extensive Government-toBusiness (G2B) meetings with tier

1 companies including Orascom Construction, Elsewedy Electric, and Hassan Allam Holdings.

One of the highlights of Otu's engagement in Cairo was the signing of Project Preparation Facility Agreement and Financial Advisory Agreement with Afreximbank for two major projects in Cross River - the Bakassi Deep Seaport and 217km Superhighway integrated Project, as well as the Obudu Cattle Ranch and Mountain Resort project.

Otu, who underlined the positive impact the projects would have on the state's economy, also disclosed that, "while the Bakassi Deep Seaport and Superhighway projects are expected to boost trade and commerce, the Obudu Cattle Ranch and Mountain Resort project will promote tourism and create job opportunities for the people of Cross River State."

He also hinted that, "following the signing of the agreement, Afreximbank will now serve as the Mandated Lead Arranger for these projects, marking a significant partnership for the state."

At the signing of the agreement were top executives of Afreximbank, including the President and Chairman of the Board, Prof. Benedict Oramah; Executive Vice Presidents, Senior Directors, and Heads of Strategic Business Units were present at the signing ceremony in Cairo, Egypt. They expressed their commitment to supporting the development of Cross River State through these projects, praising Governor Otu for his vision and leadership.

The signing of these agreements,

according to Oramah, "marks a significant milestone in the partnership between Cross River State and Afreximbank,” stressing that, "It is expected to pave the way for further collaboration and investment opportunities in Cross River, driving economic growth and development.

"The agreements signed with Afreximbank and the tier 1 companies represent a major step forward in positioning Cross River State as a key player in the global economy,

creating opportunities for growth and development in the region."

Otu, thanked Afreximbank and the tier 1 companies for their support and partnership, reiterating his commitment to driving economic growth and development in Cross River State through strategic partnerships and investments.

He noted that, "the signing of these agreements marks a significant milestone in the partnership between Cross River State and Afreximbank.

According to him, a thriving tax system is not just about collecting revenue, but empowering Nigerians to be active participants in nationbuilding.

The governor said, “By ensuring a system that is transparent, efficient, and fosters a sense of shared responsibility, we can unlock Nigeria's true economic potential.”

“The CITN plays a vital role in fostering this vital shift. Your commitment to professional excellence and education is instrumental in ensuring a tax system that is fair, efficient, and promotes economic development.

“I am confident that the discussions that will be held during this conference will pave the way for a brighter future, one where a robust tax culture fuels sustainable economic growth and propels Nigeria towards a future of shared prosperity.”

However, Amosun who declared the conference open, said borrowing to fund the budgets was not the way to go amid the current national economic challenge when “our nation and its constituent states and local governments are going through very difficult times and finding it hard to provide for its teeming populace, acceptable standards of living, employment with the growing population of youths, infrastructure and basic amenities that will make life more meaningful”.

This came as the AuditorGeneral for the Federation (AuGF), Mr. Shaakaa Chira, also said the country’s tax system was plagued by instances of tax evasion especially by the upper class, and inability of the

administrators to properly account for taxes collected.

Zulum, who was represented by the Deputy Governor of Borno State, Umar Kadafur, noted that while tax revenues remained an important fiscal tool for economic development, poverty alleviation and investments among others, the country is yet to have a resemblance of a good tax system.

He said the system is currently marked by reported culture of tax evasion and avoidance, coupled with the inability of tax authorities to tax the shallow economy which is exemplified by low level of revenue. He said there are every indication that the country’s tax system is still evolving, adding that it is further characterized by multiplicity of taxes, lack of transparency, and complexity of tax laws, among others.

He said to many taxpayers, the fundamental principles of governance had been defeated while the moral obligations to pay taxes no longer exist.

While calling for critical reforms, he lamented what he called manipulation and connivance of multinationals with tax administration to short-change the system, adding that this represented one of the hallmarks of corruption in both the oil and governance system. The Borno State governor further berated the alleged political protection of tax evaders both in public and private sectors as well as protection of individuals and businesses related to political parties which he termed as most pronounced tax infractions in the country.

Interpol, UNODC, FATF Urge Countries to Strengthen Anti-money Laundering Measures

ndubuisi Francis in Abuja

The International Police Organisation (Interpol), the United Nations Office on Drugs and Crime (UNODC) and the Financial Action Task Force (FATF) have raised the alarm on the danger of organised crime to the integrity of the global financial system, and urged countries to step up Anti-Money Laundering (AML) measures to combat transnational crime.

Leaders of the three global bodies made the call at the 33rd UN Commission on Crime Prevention and Criminal Justice event in Vienna, Austria.

High-level participants at the event with the theme, “Taking the

Profits out of Crime: Accelerating the Effective Implementation of AntiMoney Laundering and Countering the Financing of Terrorism Standards Globally,” discussed capacity building, the effective implementation of the risk-based approach, multi-sectoral partnerships, and technology as the key accelerators to boost effectiveness in the global fight against financial crime.

Interpol is an international organisation that facilitates worldwide police cooperation and crime control while UNODC is the UN agency that focuses on tackling the trafficking and abuse of illicit drugs, crime prevention and criminal justice, international terrorism, and political corruption.

FATF is an independent inter-

governmental body which helps develop and promote policies to protect the global financial system against money laundering, terrorism financing, and other facets of corruption. According to the three organisations, money laundering and terrorism financing were, “fuelling instability, violence, and exploitation worldwide.”

In a move described as unprecedented, the global agencies' leaders, explained that their call for action was necessary for countries to target the 'huge' illicit profits generated by transnational organised crimes, adding that, "these profits facilitate conflicts, fund terrorism, and negatively impact vulnerable populations." Their call for countries to strengthen AML measures was coming at a time Nigeria was still under FAFT grey list for some lapses in its AML/CFT measures. FATF had in February 2023 placed Nigeria and South Africa on its grey list. FATF’s grey list, which is issued three times a year, includes countries in which there are major issues with AML/CFT legislations and regulations.

The three anti-financial crimes leaders stated that by introducing tougher AML measures, countries could, “more effectively combat and disrupt organised crime networks and enhance the effectiveness of crime prevention efforts.”

L-R: Group Head, Ogun Retail, Mr Bashir Adepoju; Group Head, Public Sector, West, Mr Timothy Arowoogun; MD/CEO, First Bank Plc, Olusegun Alebiosu; Ogun State Governor, Prince Dapo Abiodun; Special Assistant to the MD, Mr Kunle Amujo and the Business Manager, Public Sector, Ogun, Mr Adeniran Oladele, when the management team of First Bank Plc visited the governor in his office at Oke-Mosan, Abeokuta... yesterday

James emejo in Abuja

OPENING OF WEST AFRICA AUTOMOTIVE SHOW...

Nigeria’s BHM Ranked among Africa's Fastest Growing Companies for Second Straight Year

Nseobong Okon-Ekong

BlackHouse Media (BHM) has secured a place on the Financial Times' prestigious list of Africa's Fastest Growing Companies for the second consecutive year. This was a remarkable achievement for an independent communications consultancy.

It is a positive indication for a privately held public relations firm to be honoured by the publication, one of the world's leading financial and business newspapers.

Now in its third year, the FT ranks independent African companies by

their organic, internally stimulated compound annual growth rate (CAGR) in revenue for the period under review.

The research was carried out by Statista, a leading data and analytics company. There are also 149 other organisations on the list this year, including major players like Enara Group, Egypt; Moniepoint Inc, Nigeria; as well as real estate companies like Africa Works, Mauritius.

BHM ranked number 89 this year.

"The incredible support from our clients and partners across the world has been instrumental in our

growth," said Ayeni Adekunle who founded the company in 2006 after having worked as a journalist with Nigerian publications, THISDAY and The Punch.

“This recognition is further validation of our strategic vision, and our ambition to build the first truly global communications services company with African roots," he added.

BHM operates in Lagos Nigeria, Accra Ghana and Nairobi Kenya as well as in Edinburgh and London in the UK. Last year, through the ID Africa imprint, it expanded into Kenya and Ghana, with plans to

open up other African countries later this year. A US operation is also set to begin later in August.

“This is a testament to the hard work of our people and the incredible support we’ve enjoyed from partners and clients," added the company’s Executive Director, Femi Falodun.

BHM employs around 100 people in Ghana, Tanzania, Kenya, Nigeria, and the UK. Its clients include renowned brands like The Macallan, Heineken/Nigerian Breweries Plc., DSTV, Showmax, MTN Nigeria Communications Plc., Honeywell Group, FCMB Group Plc, and many others. It is the only public relations and communications company on the prestigious FT ranking.

champions. "The FT-Statista ranking reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets," the article stated.

According to the ranking data, BHM achieved an impressive compound annual growth rate of 29.27 per cent between 2019 and 2022 and an absolute growth of 116 per cent.

The agency's work is constantly strengthened by data and research.

continent and globally. Every recognition we receive along the way strengthens our resolve to succeed. We have an unwavering belief in the continent and its people, and the value we can bring to the world."

Peter Uzoho

Shell Nigeria Exploration and Production Company Limited (SNEPCo) produced more oil at Bonga in 2023, compared to the previous year 2022, a review of the company's operations has shown.

According to the review, Nigeria’s first deep-water development produced some 138,000 barrels of oil per day (boepd) in 2023, compared to around 101,000 in 2022.

Among other factors, the company explained that the improvement was driven by drilling of new wells, optimising reservoir and facility management and excellent asset

management.

“Bonga continues to justify the investments and hard work that led to its discovery,” SNEPCo's Managing Director, Elohor Aiboni, stated.

“The uptick in production is the result of commitment by staff, continuous improvements in production processes and maintenance and the support of the Nigerian National Petroleum Company Ltd (NNPC) and our co-venture partners – TotalEnergies Nigeria Limited, Nigerian Agip Exploration and Esso Exploration and Production Nigeria Limited.

“Working together, we will continue to power lives and deliver

Onyejeocha

value to all stakeholders," she said.

Bonga, began production in November 2005, through the 225,000-barrels-per-day capacity Bonga Floating Production, Storage and Offloading (FPSO), anchored 120 kilometres offshore.

The FPSO exported the one billionth barrel of oil last year.

The operations have resulted in remittance of taxes and royalties to the Nigerian government to finance development, development of indigenous contactors and service providers, and a wide-ranging social investment portfolio which has improved lives across the country, Shell further stated in the review.

The ranking was created by the FT and Statista to showcase the continent's private growth

Investment in its communities is a key value for BHM. It created the annual World PR Day on 16 July 2021 to promote the value of public relations to management. Last year the commemorative day was recognised by 30 public relations associations and 10,000 practitioners in 60 countries.

President of the Nigeria Labour Congress (NLC), Joe Ajaero has warned Mr. Peter Obi and any other aspirant for the Presidency under the Labour Party (LP) that the labour unions would disown them if they adopt policies of the International Monetary Fund (IMF) and the World Bank if elected Nigeria’s President.

Ajaero spoke yesterday, during

Blames Nigeria 's Economic Downturn on Low Productivity Index

Onyebuchi Ezigbo in Abuja

As Nigeria grapples with the challenge of repositioning her economy, the Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha, has attributed the inability to achieve developmental targets to low productivity index.

Onyejeocha, who stated this at the 5th National Productivity Summit held in Abuja, yesterday, said studies conducted by the National Productivity Centre showed that Nigeria's commitment to productivity improvement over the years had been on the low side.

productivity index in all the sectors of the economy.

"As such, developmental goals were hardly achieved, while poverty remained high even in the face of potential for rapid and sustained economic growth (NPC, 2019).

"The country has performed poorly in terms of productivity, as, at best, it has recorded occasional marginal improvements in its productivity profile, resulting in high incidence of poverty - about 35 percent of the population lives in extreme poverty."

and innovation.

He said over 30 years of study of the total factor productivity of the Nigerian economy showed very high technical inefficiency, “and we felt that focusing on this at the summit will complement the efforts of President Bola Tinubu's promotion of the digital economy.”

he came on board in 2023.

According to him, “We cannot be productive if we are not efficient in life. And I think as a nation and as a country, we must be concerned about the super-productivity of the business environment."

In his remarks, the Minister of Interior, Olubunmi Tunji-Ojo, urged the National Productivity Center to up its performance, adding that a lot still needed to be done to improve on the productivity of the nation's workforce.

The Chairperson of the Planning Committee of the Summit, Mrs. Titilola Oshati, said the objectives of the conference was to raise awareness on the importance of science, technology and innovation in enhancing productivity and achieving sustainable development in Nigeria. She also said part of the objectives was to explore areas of collaboration and partnerships between government, private sector, members of academia and the civil society towards improving productivity in the country. Shell’s Bonga Produced 138,000bpd Crude Oil in 2023

Last year, it published four reports including research on the impact of the cost-of-living crisis on the African diaspora living in the UK and a report on the African PR industry - the Africa PR & Communications Report.

Ayeni added, "Our mission is to serve clients across the African

Meanwhile, BHM has also been recognised as a top five fastest growing consultancy in EMEA/ APAC by PRovoke Media, and earned a total of 17 nominations and two wins in two years at the prestigious SABRE Awards.

She said: "Despite the various economic plans and efforts, economic growth and development appear to be moving at snail speed. This is as a result of the nation's low

While welcoming participants at the Summit, the Director General of NPC, Dr. Nasir Raji-Mustapha, said this year's Productivity Summit was aimed at achieving higher productivity and national development by leveraging on science, technology

The Minister, who highlighted the importance of technology in boosting productivity, explained how his ministry was able to clear 204,000 international passports backlogs, using automated processes, when

an interview on Channels television.

Ajaero, said the position of the Labour movement on the removal of petrol subsidy and electricity subsidy was fixed.

He stressed that the Labour movement would have it rough with any president elected on the platform of the Labour party who implements policies of the Bretton Woods institutions.

According to Ajaero “He (Obi) is the presidential candidate of the Labour Party but does he own the NLC or the LP? Why can’t you separate them?

“Whosoever is the presidential candidate or official of the LP must buy into our projects. If he says he was going to undertake those policies, let him be elected and try such policies.

“Whether a presidential candidate of a party that Labour forms would dictate for Labour? The answer is known to everybody. The policies of Labour, the ideologies of Labour are clear and we are going to pursue it.

“If anybody is coming with another ideology, he is going to have it tough with us because that is not what we stand for.

“It (our approach) would have been the worst for anybody flying the flag of the LP to come and implement these policies, to come and adopt the policies of the IMF and the World Bank.”

Speaking further, he said: “It would have been worse for the person. In fact, we would disown the person, he would be on his own. We have

to make this distinction clear.”

Speaking on the issue of electricity tariff hike and inflation, Ajaero said the recent increase by the Nigerian Electricity Regulatory Commission (NERC) and distribution companies in the country must be immediately reversed.

He explained, “Unknown to people, this issue of tariff increase is determined by inflation and the value of the currency.

“NERC takes these two major variables to determine tariff increase. Unknown to the same NERC, each time you increase tariff, it leads to another inflation which within few months, they would see demand for another tariff increase. And this is happening on and on and there is no control over it.”

The increase saw the customers paying N225 kilowatt per hour from the current N66, a development that has been met with criticism by many Nigerians.

The NLC and the Trade Union Congress (TUC) subsequently picketed NERC offices and discos on Monday to press home their demands.

But, Ajaero kicked against the “politics of reduction” embarked upon by NERC in recent times.

Ajaero stressed that the reduction after tariff increase won’t stand, insisting that NERC and the power Distribution Companies must first reverse the tariff to the old rates and come to the negotiation table with labour unions and other stakeholders on an agreeable way forward.

L-R: President, Amalgamated Spear Parts and Motor Dealers Association (ASPMDA), Ngozi Emechebe; CEO SAGLEV Electric Vehicles Motors, Sam Faleye; President Nigeria Automotive Design and Development Council,

Joseph Osanipin; and the Conference Chairman, Luqman Mamudu at the opening of the West Africa Automotive Show held at the Landmark in Lagos….yesterday

PHOTO: SUNDAY ADIGUN

Chuks Okocha in Abuja

CBN Appoints Nine Pre-shipment Inspection Agents, Two Evaluation Teams for Oil, Gas Exports

In an apparent move to step up transparency and accountability in crude oil and gas sales, the Central Bank of Nigeria (CBN) has appointed 11 pre-shipment agents comprising nine inspection agents and two monitoring and evaluation agents for oil and gas exports in Nigeria.

The appointment was contained in a circular entitled, TED/FEM/ PUB/FPC/OO1/014, dated May 13, 2024, signed by the CBN's Director, Trade and Exchange Department, Dr. Hassan Mahmud.

It revealed that the appointments take effect immediately.

fees or the e-tag at all the 24 federal airports across the country.

The decision followed a revelation at the meeting that the federal government had been losing 82 per cent or about N10 billion revenue that ought to accrue from airport tollgates.

The council also approved a memorandum for the procurement of aircraft recovery equipment, designed to respond to occasions of breakdown of aircraft from the runways, as recently experienced in Lagos.

The aviation ministry received FEC’s approval for the procurement of equipment at the cost of N4.2 billion, expected to be completed within 12 months.

Other decisions taken at the FEC meeting included that the recent suspension of the controversial cybersecurity levy was done in order for the policy to be properly reviewed.

FEC approved an initiative aimed at transforming the country's infrastructure and housing sector, and targeted N20 trillion pension fund for infrastructure development.

In the same breath, FEC announced plans to streamline its visa regime so that applicants, who wanted to invest in Nigeria, could obtain visa within 48 hours.

FEC appealed to organised labour not to derail its transformation plan for the power sector, even as it promised to look into labour’s demand for reversal of the electricity tariff hike.

Aviation Sector

Minister of Aviation and Aerospace Management, Festus Keyamo, was the first to hint at some of FEC’s decisions, during the gathering presided by President Bola Tinubu at State House, Abuja.

Keyamo said when his ministry presented a memorandum detailing the financial loss from the exemptions, FEC approved that all exemptions for very important personalities (VIPs), with regard to payment for access into airports in the country, be cancelled,. He lamented that because of the

maritime boundaries in accordance with the United Nations Convention on the Law of the Sea (UNCLOS), 1982.

The president expressed his appreciation to the team of experts yesterday in Abuja after receiving their report.

The report contained a United Nations approval granting Nigeria about 16,300 square kilometres in additional maritime territory, which is about five times the size of Lagos State.

Tinubu listened to technical presentations by Professor Larry Awosika, a marine scientist and member of the committee, and Surveyor Aliyu Omar, Secretary of the HPPC.

According to a statement issued by Media Adviser to the President, Ajuri Ngelale, the experts have been involved in the project since Nigeria's initial submission to extend its continental shelf to the United Nations Commission on the Limits of the Continental Shelf (CLCS) in 2009. They informed the president that the United Nations had approved Nigeria's submission, granting sovereignty over additional square kilometres of maritime territory.

The appointments came coming a little over three months after President Bola Tinubu had in January, instructed the CBN to assume control of crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL).

The presidential directive required the NNPCL to submit all receipts for crude oil sales to the CBN for vetting and documentation, and it was aimed to close any potential gaps in reporting and ensure accurate records of oil revenue.

The CBN circular seen by THISDAY yesterday, stated that the appointments included nine pre-shipment inspection agents

exemption, which the VIPs had explored to escape paying what was due to government, the larger part of the actual projected revenue was lost.

The minister said the council mandated the Secretary to the Government of the Federation (SGF), George Akume, to send out a service-wide circular, informing all concerned of the cancellation of the exemption, adding that his ministry would follow up on that circular with another memorandum.

Keyamo stated, “No more exemption. When we came to office, we met a tradition on the ground where at the end of the year, all manners of VIPs would approach us for what they call complimentary e-tags or complimentary stickers, whereby you see them coming into our airports nationwide. They don't pay the access fees.

“They don't pay for parking, they don't pay for essential services at airports, and they are VIPs. And I told myself and my team, I said not under my watch. It will not happen.

“If this tradition has been existing for years, I will not allow it to happen, because it is inconceivable that in our country, it is the VIPs that don't pay for services but it is the poor men that pay for services.

“The VIPs were supposed to have money to pay for services, but they compel poor men to pay for services and I said no. So, I got my team together, I said we need the backing of Council to compel everybody.

“In fact, guess what? Our memo says with the exception of the president and the vice president, and the president overruled me and said he and the vice president will pay, he said everybody.”

The minister added, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 per cent in the negative. In other words, where we are supposed to have a 100 per cent contract, the

Omar told the president, “When the HPPC briefed former President Muhammadu Buhari in 2022 on the status of the project, the United Nations Commission on the Limits of the Continental Shelf (CLCS) was still considering Nigeria's submission and having technical interactions with the HPPC.

''These interactions and consideration have now culminated in the approval for Nigeria to extend its continental shelf beyond 200m (200 nautical miles).

''As it stands now, the area approved for Nigeria is about 16,300 square kilometres, which is about five times the size of Lagos State.” He added that the official notification of the decision was conveyed to Nigeria by the United Nations Commission on the Limits of the Continental Shelf (CLCS) in August 2023, shortly after Tinubu assumed office.

Omar outlined the available options for Nigeria following the approval: According to him: ''The first option is to take the area gained and finalise the registration with the UN Secretary-General and close everything, meaning that we are satisfied with what we got. This

and two monitoring and evaluation agents.

The circular listed the nine Pre-Shipment Inspection Agents as follows: Neroli Technologies Limited to be in charge of Qua Iboe, Forcados, and Bonny; Holborn Oil and Gas Inter Ltd to monitor Usman, Egina, and Yoho; while Swede Control Intertek Ltd will monitor Ima (Otakikpo), Erha, and Ajapa.

Others are Fel Tov Energy & Investment Ltd for Tulja, Antan and Odudu; JBIS Inter and Resources Ltd to be incharge of Agbami, Bonga, Okoro and Akpo; Patibon Services Ltd to monitor Ebok, Oyo,

e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling.

“That is how bad it is. Eighteen per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss at my sector and I ask myself, which other sector will I go to that they give me anything free?”

Keyamo also said, “I'll give another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250 million or N260 million from that gate every month.

“That gate, because of exemptions, the return is less than N100 million every month. That also, of course, breeds corruption because now you cannot track, you cannot have the audit trail of those free tags that you now give to our people to give out to people.

“So, it was approved that the SGF should send a system-wide circular to everybody. We are going to also write to everybody, be it in the judiciary, the legislature, the executive, the military high command.

“They can buy for their personnel yearly. You don't have to pay every time you pass. Buy the yearly tags for all your officers. You have the money, pay us, so that we can improve services at the airport.”

On the approval for the procurement of aircraft recovery equipment, Keyamo said, “We got approval for that as part of ICAO's requirements in the sum of N4.2 billion and a fraction, inclusive of VAT, with a completion period of 12 months to supply and also to train the handlers of these equipment to handle them and remove disabled aircraft from our runways.”

Governance and Leadership

Addressing the recent suspension of the controversial cybersecurity levy, the Information and National Orientation minister, Muhammed Idris,

will take at least one year.

''The second option is to take what we have right now, acquire more data, do a support write-up, and make a revised submission as recommended by CLCS for further consideration. This will take another four years.

''Either way (options), Nigeria will keep what has been approved.”

In his presentation, Awosika explained that the approval came after years of meticulous scientific research on geophysics, geology, geography, and diplomatic efforts, which solidified Nigeria's legal rights over a vast expanse of seabed and subsoil beyond its traditional territorial waters.

The university don highlighted the economic potential of the newly acquired territory, which included hydrocarbons, gas, solid minerals, and a wide variety of sedentary species.

He, however, cautioned against total disclosure of sensitive data acquired during surveys, stating that this would jeopardise confidentiality, as Nigeria was expected to monetise the information to recover project expenses.

Responding, Tinubu thanked the experts for their diligence, and

Peninton, E.A, and Okwori; while Offshores Bulk Inspection Co Ltd is responsible for Escravos, Brass and Anyyala-Madu. Furthermore, Candid Oil Services Ltd is to man Okono, Ugo-Cha, Abo and Aje; while Dakee Engineering and Construction Limited will be incharge of LNG, Escravos and Bonny River Terminal (BRT).

However, under the two Monitoring and Evaluation Agents, Arlington Securities Nigeria Limited would monitor the works of JBIS, Offshore Bulk Inspection Co.Ltd, Neroli Holborn Oil Gas, Dakee Engineering & Construction Ltd (Gas), and DV Howells Nigeria

said, “The cybersecurity levy has been suspended. It is undergoing review. It has been put on hold for now."

The Central Bank of Nigeria (CBN) had recently issued a directive to all banks and financial institutions about the implementation of a cybersecurity levy on all electronic banking transactions.

This new levy, set at 0.5 per cent of the value of every electronic transaction, was introduced in response to escalating concerns over cyber threats, and it followed the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

CBN said the measure was crucial for enhancing the security framework of financial operations across the country.

However, the levy drew criticism from businesses and the general public over fears that it could worsen the country's already dire economic situation.

Idris also hinted at plans to streamline the visa regime so that applicants, who wanted to invest in Nigeria, could obtain visa within 48 hours. He said it was part of the decisions reached at the end of the two-day FEC meeting.

He said the review was necessary to foster ease of doing business on Nigerian soil.

According to him, a tripartite committee has been setup to work towards the actualisation of the initiative.

Idris stated, “Now, the Federal Executive Council has noted that our visa processes are becoming cumbersome and this is not encouraging investors to come in easily because, as the President has indicated, the ease of doing business is also tied to the ease of visa application.

“Therefore, the FEC has set up a committee to look at our visa processes to reduce the cumbersome nature of these visa processes, meaning that those investors or tourists who want to come into Nigeria will find it a lot

emphasised the significance of the achievement for Nigeria’s economic and strategic interests.

“This is big congratulations for Nigeria,” he said, while recounting how Buhari had briefed him on the importance of the project.

He said, “At COP28 in Dubai, I also exchanged views with President Lula of Brazil on the need for collaboration within our economic and maritime boundaries.

''Today, it is a great honour for me to receive this report. I have listened attentively to this very specialised report, and I know it took a whole lot of effort to get to this stage.

''I commend the team, and we must take advantage of this and invite you again to have a repeat of this knowledge exploration on geography, hydrography, and the marine life.

''Nigeria is grateful for the efforts that you put into gaining additional territory for the country without going to war. Some nations went to war, lost people and economic opportunities.

''We lost nothing but have gained great benefits for Nigeria. We will pursue the best option for the country".

Limited.

Similarly, DV Howells Nigeria Limited was put in charge of Feltov Energy, Swede Control, Patibon Services, and Candid Oil Services Ltd.

The CBN also stated that the directive had been communicated to authorised dealers listed as the Nigerian Customs Services, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), all terminal operators, and all oil and gas companies.

easier to go into this country, provided they follow all the laid down processes.

“This includes the e-visa platform, which has already been discussed. The federal government is also mulling the idea of every visa application being processed within the next 48 hours.”

Economy and Infrastructure

The initiative, aimed at transforming the country's infrastructure and housing sector, was tailored to meet the urgent demand for critical infrastructure and affordable homeownership, fostering job creation, inclusive growth, and long-term productivity enhancement.

It will unlock private-sector funds, which Nigerians could access for 25year mortgages at low interest rates to realise their dream of owning homes. The federal government also outlined plans to tap from locally available funds, such as pension and life insurance, to develop infrastructure in the country.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, while briefing newsmen, said there was over N20 trillion of such funds available in the country. Edun said, “Nigeria is resilient, Nigerians are resilient. And the fact

Continued

NAIrA CoNTINueS To WeAkeN AgAINST DollAr, offICIAl WINDoW N1,520.40/$1, PArAllel MArkeT N1,535/$1

a decline in transactions of 40.85 per cent, to $128.76 million compared to the $217.64 million recorded on Monday.

Furthermore, the highest spot rate observed stood at N1,568, with the lowest spot rate recorded at N1,350.

Meanwhile, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, has expressed concern over the significant depreciation of the naira, noting that it poses multiple challenges for the country.

Oye, in a statement, expressed worry over the impact of the currency depreciation on import costs and inflation, reiterating the need for the government to stabilise the Naira by potentially pegging and defending it.

He said: “The significant depreciation of the Naira, now at N1500 to the dollar, poses multiple challenges for Nigeria. The weakening currency increases import costs, affecting prices of everything from food to electronics, thereby fuelling inflation and reducing the purchasing power of Nigerians, especially those on fixed incomes.

“Higher import costs also escalate production expenses in sectors reliant on foreign materials, impacting overall business operations.

“Government and business foreign debt servicing costs rise as more Naira is needed per dollar, straining financial resources and potentially reducing public service funding. While a weaker Naira might attract foreign investment by making assets cheaper, it could also deter investors seeking stability.”

However, on a positive note, he stressed that a devalued Naira enhances the competitiveness of non-oil exports like agriculture and manufacturing on the global market.

But he added that this benefit is contingent on the country's ability to efficiently increase production.

“Domestically, the economic uncertainty discourages consumer spending and confidence. For households receiving foreign remittances, the value of received funds increases, offering some relief. Conversely, expenses for foreign travel and education escalate, impacting affordability,” he added.

The NACCIMA President advised that given these complexities, it was crucial for the government to stabilise the Naira by potentially pegging and defending it, rather than leaving it to market forces, a strategy even economically stronger nations like Qatar and Saudi Arabia employ.

Also, Oye, has reaffirmed the association’s commitment to fostering sustainable economic ties with China and addressing the challenges faced by Nigerian exporters in the Chinese market.

He reaffirmed this when NACCIMA hosted a delegation from Hunan Province, China, at the Abuja Chamber of Commerce and Industry (ACCI) office, as part of its renewed efforts to strengthen the bilateral trade relationship between Nigeria and China.

Oye, who was represented by the ACCI President, Mr. Emeka Obegolu, highlighted the need to expand the range of Nigerian agro commodities included on China's protocol list, and expressed concerns regarding the issuance and acceptance of letters of credit between Nigerian and Chinese banks.

He also underscored the importance of the current discussions as a pathway to increased trade opportunities and highlighted the need for dialogue to resolve the issues surrounding financial instruments critical to international trade.

The NACCIMA president added that the association was poised to work closely with the Hunan delegation and other relevant stakeholders to pave the way for a more inclusive trade agreement that would offer benefits to Nigerian exporters and Chinese importers and support the establishment of a Nigerian business presence in Hunan.

He said: “NACCIMA remains dedicated to enhancing its role as a pivotal force in the advancement of commerce and industry, not only within the Nigerian economy but also in its international engagements, particularly with China.”

The 22-member Chinese delegation, which was led by the Director General of the Department of Commerce of Hunan Province, Mr. Shen Yumou, also included government officials, business leaders, and representatives from the Bank of China. They were joined by the NACCIMA Coordinator in China and Chairman of Zeenab Foods Limited, Dr. Victor Ayemere. Yumou, acknowledged the strength of the bilateral relationship and expressed his willingness to enhance cooperation as part of the broader China-Africa Initiative. He also announced the upcoming China-Africa Economic Trade Expo to be hosted in Nigeria in November 2024 and promised further collaboration details to NACCIMA.

Peter Uzoho

CBN Governor, Yemi Cardoso

Email: deji.elumoye@thisdaylive.com

How Did Senate Fare Under Akpabio’s

Mon-Charles Egbo writes about how the Red Chamber of the National assembly has fared in the third quarter under the leadership of Senator Godswill akpabio.

Two examples of what Nigeria gains when the executive begins to recognize legislative resolutions were demonstrated during the third quarter activities of the 10th Senate.

Sequel to its probe of the state of affairs of the Nigerian Postal Service (NIPOST), the senate discovered that “the sum of N10 billion released by the Ministry of Finance for the proposed NIPOST restructuring and recapitalisation” was “injudiciously utilised”. There was also a revelation that two subsidiary firms namely the NIPOST Properties and Development Company and NIPOST Transport and Logistics Services Limited were used to perpetrate the fraud. Acting on the recommendations, the Corporate Affairs Commission (CAC) revoked the certificates of incorporation of those companies, thus dissolving them.

Again, the senate, through a motion, had lamented that despite being “a nation blessed with abundant natural ore resources”, Nigeria “currently expends about $3.3bn annually on importation of steel” simply because the country is “plagued by moribund Ajaokuta and Delta Steel that have become conduit pipes for diversion of public funds at the expense of Nigerian tax payers”. Consequently, it launched an investigation into “the affairs of Ajaokuta Steel Company Limited and the National Iron Ore Mining Company”.

Also, guided by the discovery that the fortunes of the steel company declined to a state of inoperativeness the moment the foreign firm called Tyamzhpromexport (TPE) left it in 1994, the senate, among other far-reaching recommendations, called for the federal government’s deliberate actions by way of “adopting a strategic implementation Plan on Steel Development in Nigeria, bearing in mind the importance of steel to Nigeria’s quests for industrialization and economic self-reliance”.

It did not take long before the federal government announced that it had engaged the same Tyamzhpromexport to resuscitate the Ajaokuta Steel Company Limited.

Who says Nigeria will not witness a quantum leap in socio-economic developments in the face of a purposeful collaboration that is driven by mutual respect among the arms of a government, particularly the legislature and the executive?

But irrespective of the disposition of the executive towards legislative outputs, an objective review shows that the 10th Senate is indeed unwavering in its commitment to discharging the statutory roles of legislation, representation and oversight.

The Red Chamber commenced the third quarter with the continuation of its intervention on insecurity.

Lamenting yet again that “despite the public outcry and previous Resolutions of the National Assembly as regards the criminal activities (particularly) of those terrorists parading as herdsmen, there seems to be no visible action on the part of the government”, the senate resolved to address the challenge of insecurity robustly and comprehensively.

In what seemed a replica of its first quarter’s one-off approach to the road infrastructure collapse, this senate revisited and reviewed the reports of the 8th and 9th senates on internal security followed by a strategic meeting with the presidency for extensive deliberations on the recommendations “with a view to finding solution to the spate of insecurity plaguing the nation”.

To make the efforts broad-based, it hosted an expanded stakeholders’ engagement that involved the security chiefs, the national security adviser, heads of security and intelligence community as well as the ministers of finance, defence and police affairs including the respective ministers of state.

On another hand, the Senate invited for security briefings, the minister of the federal capital territory, the commissioner of police and other heads of security agencies on how to ensure the safety of the FCT residents.

Furthermore, the senate variously urged “the federal government to recruit more police personnel to bolster security force’s

capacity to combat kidnappings and other criminal activities effectively, to provide adequate mobility resources for the police to enhance their ability to respond swiftly to security threats and conduct patrols effectively” and then for “the Nigerian Communications Commission to urgently ensure the functionality of dedicated emergency numbers for ambulance, and fire service emergencies to enhance swift response to security and public safety incidents”.

These followed the consideration of motions bordering on the “loss of lives, including those of security personnel and wanton destruction” in Okokolo, Abuge and Ochotonya communities in Agatu LGA, and also “the brutal killings of 11 residents of Mbanyange community of Logo LGA, all of Benue State, “several cases of kidnapping all over the country where huge ransoms have been paid and most victims still get killed” such

as the FCT, “killing of two traditional rulers in Ekiti State and the abduction of primary school pupils”, bomb explosion at Bodija, Ibadan in Oyo State where not less than five lives were lost and several residential houses, schools, hotels, religious/worship centres were destroyed” in addition to “the killings of several residents of Mangu, Bokkos and Barkin Ladi communities in Plateau State”.

Others included the “need to urgently enhance security measures in FCT” and then “the persistent killings in Katsina South senatorial district” as well as the “continued killings by suspected terrorists parading as herdsmen and increasing insecurity in Kwande, Ukum, Logo and Katsina-Ala local government areas of Benue-North-East senatorial district”.

Then on the reported “stealing, abduction and trafficking in children in Gwagwalada, Kwali and Kuje area councils of the FCT” where 40 children were confirmed missing with three recovered so far, the senate asked the security agencies to “put modalities in place for the recovery of the missing children and to ensure that justice is not only seen to be done but must

Who says Nigeria will not witness a quantum leap in socio-economic developments in the face of a purposeful collaboration that is driven by mutual respect among the arms of a government, particularly the legislature and the executive? But irrespective of the disposition of the executive towards legislative outputs, an objective review shows that the 10th Senate is indeed unwavering in its commitment to discharging the statutory roles of legislation, representation and oversight. The Red Chamber commenced the third quarter with the continuation of its intervention on insecurity. Lamenting yet again that despite the public outcry and previous Resolutions of the National Assembly as regards the criminal activities (particularly) of those terrorists parading as herdsmen, there seems to be no visible action on the part of the government, the senate resolved to address the challenge of insecurity robustly and comprehensively.

be done speedily to serve as deterrent and as well assuage the feelings of the victims”. It further called on “the Federal Capital Territory Social Development Department to ensure proper registration of motherless babies homes in the FCT”.

On the killing of Nigerian Army personnel in Okuama community, Delta State, the senate called for “a fair and transparent process” in dealing with those responsible, and also for the federal government to hasten the recruitment and training of more police personnel to take up policing responsibilities while the Nigerian Army play their primary role in the affairs of the country”

Meanwhile, the senate called on “the Police Service Commission and the Nigeria Police Force to Adhere to the Federal Character Principle in the Recruitment of Constables into the Nigeria Police Force” by recruiting “a minimum of 10 candidates from each of the 774 local government councils in Nigeria” rather than going about it on state basis which will “lead to disproportional and lopsided” exercise.

On the challenge of out-of-school children in Nigeria, the senate has activated an internal mechanism to work with the Ministry of Education and related agencies as well as governments at all levels and stakeholders including nongovernmental organizations to “implement targeted intervention programmes that will address all the factors militating against free access to quality and basic education particularly, multidimensional poverty and insecurity”. Again, while the senate investigated “the various issues that are hindering the benefits of the host communities and the entire Delta-North senatorial district of Delta State from receiving the full advantages of electricity supply from the Okpai Independent Power Plant”, it called for urgent reconstruction and rehabilitation as well as provision of relief materials to enable the families and businesses affected by the “devastating fire outbreak in Misau Central Market” in Bauchi State to rebuild their lives. However, on a sad note, the senate, while mourning the passing away of some former lawmakers, called for their immortalization by naming senate committee rooms respectively after the late senators Bukar Abba Ibrahim, Abubakar Sodangi Danso and the Olubadan of Ibadan, Oba Dr. Mohood Lekan Balogun while the Navy School in Ikot Ntuen, Ekparakwa in Akwa-Ibom State be renamed Senator Bob Ittak Ekarika Naval School.

Also on the unfortunate death of Chief Herbert Wigwe in a helicopter crash that also took the lives of his wife, son and friend in the United States of America, the Senate called on “the United States of America through its embassy and its relevant agencies in conjunction with our Ministry of Foreign Affairs and the Nigeria Safety Investigation Bureau under the Ministry of Aviation, to meet with its USA counterpart to conduct a comprehensive investigation into the immediate and remote cause(s) of this unfortunate tragedy and publicly disclose their findings”.

Then of course, petitions were received from Nigerians who were variously victims of injustice in the hands of individuals and organizations. During the period, the report on a “Petition from Igwe Chukwuemeka Cyprain against the University of Abuja for alleged wrongful accusation, detention and rustication” was considered.

The senate recommended that the University should reinstate the petitioner “as a bona-fide student of the University, restore his access to the University student’s portal and recommend him for mobilization into the 2023 National Youth Service Corps (NYSC) programme in fulfilment with the assurance given to the committee by the University, having received a written apology letter from Mr. Igwe”.

-Egbo, a parliamentary affairs analyst, writes from Abuja.

Akpabio

Email: chiemelie.ezeobi@thisdaylive.com, 07010510430

Nurturing the Next Generation of Green Innovators, Entrepreneurs in Nigeria

As part of efforts to strengthen research in the field of renewable energy and foster entrepreneurship in the youth population, Sahara Group recently partnered the University of Lagos, UNILAG, in hosting the maiden Entrepreneurship, Innovation and Business Incubation Certificate, EIBIC, programme, Esther Oluku reports

In today’s constantly evolving world, the need for innovators has never been more significant, the several environmental challenges and the urgent need for sustainable solutions. Fostering a culture of innovation and entrepreneurship among youths is important in addressing these issues.

The youths – Gen-Zs or Gen- Xs as they’re called, can be equipped to recognize, and tackle a range of these challenges, spanning from climate change to improving access to quality healthcare, addressing inequality and enhancing educational systems.

Sustainable Partnership with UNILAG

Recognising this, Sahara Group – a leading international energy and infrastructure conglomerate with operations across Africa, Asia, Europe and the Middle East – embarked on a journey of Making a Difference in partnership with the renowned University of Lagos (UNILAG).

With a business history spanning nearly three decades, Sahara Group has thrived through the driving forces of innovation and extrapreneurship, propelling its growth across Africa, Asia, Europe, and the Middle East.

Two years ago, Sahara Group announced the establishment of the Sahara School of Innovation and Extrapreneurship (SSIE) at the University of Lagos, to serve as a platform for promoting innovations and solutions that will facilitate sustainable development and global competitiveness in Africa.

The alliance, which started with the donation of a learning institute; the Sahara Group School of Innovation and Entrepreneurship (SGSIE), has over the last 19 months grown into a partnership for the promotion of learning on the subject of green energy for the continent.

With just five months to the projected completion of the SGSIE, the Group's Director, Sustainability and Governance, Ms. Ejiro Gray, in a statement then said the institute will speed up learning in green energy and create a platform to "facilitate sustainable development and global competitiveness in Africa".

In furtherance of this mandate, Gray had explained that the group is keen on supporting outstanding students through the provision of grants to the best-graduating students in selected disciplines.

Also, in her response then, the Vice-Chancellor, of the University of Lagos, Prof. Folasade Ogunsola, noted that the partnership aligns with the aspirations of the school as it aims to bridge the existing gaps between the town and the gown to breed workplace ready students.

As an Institution of academic learning, she said the school will continue to encourage avenues that position it as a reference point for future oriented learning in line with its 60th-anniversary theme: "Eyes on the Future".

Essentially, at Sahara Group, their commitment to Bringing Energy to Life Responsibly was further underscored through the partnership

with the University of Lagos – the overarching goal being the energy conglomerate’s commitment to actively cultivating younger generations to promote a culture of innovation and sustainability.

"Sahara Group is deeply invested in the younger generation, recognising them as catalysts for change who possess the capacity to shape a more sustainable future for generations to come,” said Bethel Obioma, Head, Corporate Communications at Sahara Group.

Creating Awareness on Innovation, Entrepreneurship through EIBIC

In alignment with the Sahara School of Innovation and Extrapreneurship being established, the University of Lagos Entrepreneurship and Skills Development Centre (ESDC), organised the Entrepreneurship, Innovation, and Business Incubation Certification (EIBIC) program, a five-day program targeting over 11,000 first year students from all faculties.

Sahara Group’s sessions fueled the flame on the topic Green Innovation and Energy Entrepreneurship, the Director of Sustainability and Governance, Ejiro Gray and the Group Head Corporate Communications, Bethel Obioma, led a team of Saharians with a mission to “engage and elicit” students’ interest towards green innovation.

Throughout the five-day session, the students learned about Sahara Group’s business operations and a diverse array of topics encompassing Green Innovation and Energy Entrepreneurship. The sessions covered an extensive range of subjects, spanning from renewable

energy technologies to sustainable business practices.

The Sahara team shared case studies and stories of successful entrepreneurs, including Sahara Group’s Executive Director, Mr. Temitope Shonubi an alumnus of the University of Lagos. The students were also inspired by the facilitators to apply their newfound knowledge to create impactful sustainable solutions that will address local and global environmental concerns.

It would therefore be safe to say it was the need to stimulate conversations around innovation and entrepreneurship that formed the fulcrum of engagements at the maiden edition of EIBIC.

Essentially, the EIBIC Programme is aimed at instilling an entrepreneurial spirit in students and guiding them to become business owners and employers of labour before and after graduation.

The Programme runs concurrently with students' main course of study, and participants are awarded an additional certificate in entrepreneurship upon graduation.

In her remarks, Gray stated that the need for Innovation is imminent and young people must be engaged to drive future developments through knowledge of emerging global trends and concerns.

She said: "In today’s constantly evolving world, the need for innovators has never been more significant as it is now with environmental challenges and the urgent need for sustainable solutions.

"Fostering a culture of innovation and entrepreneurship among the youth is important in addressing these issues. The youth population can be equipped to recognise, and tackle a range of these challenges spanning from climate change to improving access to quality healthcare, addressing inequality and enhancing educational systems."

In an interview afterwards, participants of the EIBIC stated that beyond their course of study, the training opened up their minds to

problem-solving and independent reasoning.

For five-year engineering student of the Department of Systems Engineering Ammar Ibrahim, the course shifted his focus from seeing his course of study as the end but as as a means to whatever end he desired.

"In my course, we were taught how to identify problems, find solutions and stretch the genius of our thinking. I understand now that as I studied Engineering, that doesn't mean I must practice as an engineer. I can create and collaborate."

Another participant, Ms. Inuseria Adeola, a student of the department of Political Science, stated that from the EIBIC, she has "gotten more knowledge and Information about how government policies influence businesses and the plans of entrepreneurs of a country.

"The three goals to be precise to become an entrepreneur are profits, policies and people. So whatever you want to do as an entrepreneur, in setting up your business, make sure you do consider these".

Fireside Chat

Afterwards, Sahara Group hosted a fireside chat for attendees and potential innovators and entrepreneurs. This aspect of the session canvassed the need to champion innovation around renewable energy technologies and sustainable business practices with facilitators charging students to apply their newfound knowledge to create impactful sustainable solutions to address local and global environmental concerns.

According to Ademilola Arogundade, Sahara Strategy Analyst, the group is willing to encourage students who develop projects around green energy with grants to help them scale their research.

He said: "The training they get here will enable them to work on their project so that we can have sustainable energy. They can create. Students can come with their sustainable energy solution and stand to potentially win a grant.

"It is important for the young to know the importance of sustainability because really the world is changing. We want the young to know that this where the world is shifting to. They have to start thinking about sustainability and how green things would be. We have to get the human resource to tap into their thinkings so that they can use their minds to create things that would help Nigeria and Africa."

Also speaking, Omobolanle Adesulu, Sahara Business Performance Analyst, noted that a key lesson for participants is the impact of climate change on the environment and how intentionality is needed to mitigate its adverse effects.

"It is important to know the impact of industrialisation on the environment such that whatever we are doing, we ought to be deliberate. We encourage students to bring new ideas and to create new ways to do things," she added.

Bethel Obioma, Head, Corporate Communications at Sahara Group (in wine red) flanked by other Sahara staff and UNILAG students at the fireside chat

Ejiro Gray, Director, Governance and Sustainability, Sahara Group with a UNILAG student at at the Entrepreneur Innovation, and Business Incubation Certification (EIBIC) program held at the University of Lagos

Damilola Praiseworth, Brand and Communications Strategy Manager (fourth left); Omobolanle Adesulu, Business Performance Analyst, (middle); and Strategy Analyst at Sahara Group, Ademilola Arogundade (fourth right), with some students at the Sahara Group Fireside chat

VICTOR C. ARIOLE argues that wrong taxation causes distortions and negatively impacts economic growth.

BREAKING AWAY FROM AUSTERITY MEASURES

Nigeria must break away from austerity so says the Director General, West African Institute for Financial and Economic Management, Dr. Baba Yusuf Musa. Musa was at the Arthur Mbanefo Center of Unilag delivering a lecture in honour of Prof. Ndubisi Nwokoma who serves as Unilag’s Director, Center for Economic Policy Analysis and Research and is about to retiring.

Dr. Musa does not believe in imposing austerity measures on countries like Nigeria where service industry contributes over 50% of the GDP which makes unemployment very high as what constitute services do not need so many people to be employed. They form what Global Risk Index refers to as Artificial Intelligence generated misinformation and disinformation, cyber attacks, cost-of-living crisis, political polarisation and manoeuvres, wrong agreements by private sectors that create hidden debts that must be settled by Nigeria, whether government knows about it or not as long as it is a service rendered to any tier of the government – local, state or federal. An example is like a state government assuring a foreign airline to make the state its destination with assurance that no fewer than 40 passengers must embark

on it at any time hence an agreement that must be satisfied and must remain a debt that must be paid whenever the airline fails to get the expected passengers. It does not involve employing people to incur such expenses and it does not help Nigeria. That amounts to part of the $8 billion per annum debt servicing that is not sustainable if Nigeria must grow its economy that is still far below meetings its potential so as to attain a better threshold of better living for its populace recorded at present as in the range of 88.25% misery index; that is, almost 89% of Nigerians are living in multi-dimensional poverty.

According to Musa, 70% of Nigerians that are of working age cannot be in agriculture that is still manually carried out to contribute greater percentage of the GDP. That makes for nominal GDP not quite agreeing with real GDP because for 70% of workforce to remain in a sector like agriculture that contributes only 21% of the GDP, a reverse GDP contributing factor must be initiated to have agriculture and manufacturing surpassing the service industry. If it is not done, there will be continuous value addition decline that will land more Nigerians into multi-dimensional poverty. Macro-economic policy, inclusive of fiscal dimension of it, must take that into consideration. Nigeria as at now is not on a sustainable development path because there is no defined long-term plan that the government is pursuing. The government is leaning on rolling plan which is like a tortuous journey that has no defined goal and has no plan to meet the Sustainable Development Goal of United Nations that ends in 2030. At best, the SDG2, which is zero hunger could be attained out of the 17 SDGs. Attaining SDG2 is a mere competition with crude mammals who woke up every morning pursuing preys or scavenging for

foods or grazing shrubs. For Dr Musa, it does not say anything good about Nigeria with its over 200 million people seeking for little leverage from government to be able to fend for themselves and aspire to a better level of self-esteem; just make electricity available to Nigerians and see their immense potential.

Government revenue collection process is very much a key factor in assuring the populace of better distribution of wealth, not necessarily excessive tax imposition on the people. Wrong taxation according to Musa is the extent of the misallocation of resources on the structure of taxation which impedes on labour supply, national savings, investment and marginal tax rates. Indeed you cannot be waiving taxes or duties for politicians and their cronies and expect to be helping in revenue collection for the prosperity of the nation. Professor Akpan Ekpo the chairman of the occasion does not agree less as wrong taxation causes distortions and negatively impacts on economic growth. It does not help in solving socioeconomic problems like poverty, unemployment, hunger, subpar investment and illiteracy. What is worse, the same group that ought to compete with government in solving such problems seems to be the ones benefiting from government’s wrong policies and being the one government of today runs to as its economic team - interested parties in activities that seem to be distorting the current macroeconomic state of Nigeria. They seem also to be enjoying one waiver or the other intended to help stimulate Nigeria’s economy which is not effectively felt.

Revenue collection that would have seen the government collecting greater revenue in royalty, mineral resources, oil production is greatly undermined because of activities of economic saboteurs somehow known but condoned by the government.

Nigeria’s GDP per capita of about $2000 is very far from world average of about $13,000 not to talk of that of USA that is about $70,000; hence the need for government to stop talking about imposing austerity measures on Nigerians, and plan to embark on a long-term economic plan that could kick Nigeria away from poverty like the Chinese did when the Millennium Development Goals (MDG) were set, lifting over 250 million people out of poverty. Nigeria can do that with good development plan as against current handto-mouth, “stomach infrastructure” approach to governance.

Professor Nwokoma who is the focus of the gathering happens to be known in the circle as a “Physical Scientist in the midst of social scientists because he has no patience for “everything being equal”. He feels that holding on to what is physically certain to happen must be the focus of economic planning and its policy determinant. So, Nigerian policymakers must know that natural endowment of the nation remains what is physically certain to grow Nigeria’s economy while speculating on other things that could probably work or refuse to work. No one should fool Nigerians that oil, gas, lithium, gold, uranium, copper, coal, zinc and other mineral resources in Nigeria currently exploited by fewer Nigerians and their foreign partners are not capable of lifting Nigerians out of poverty. Just five million barrels of oil a day could do that for Nigerians not to talk of the enormous gas on Nigerian soil being now canalised to Europe – via two routes, coast and Sahara – so as to give more to whom more is given already.

Ariole

is Professor of French and Francophone Studies University of Lagos

NNANNA UDE

remembers his father, Anyim Ude

‘TIME HELPS. IT DOESN'T HEAL, BUT IT HELPS’

Today marks exactly one year since my father passed on to eternal glory. I admired and loved him so much and still do. His physical absence on earth has been very painful and difficult for me, and I have mourned him the entire year. During these past 12 months, I have gone through it mostly crying at nights, staring into space, reminiscing on the beautiful moments I shared with him, honouring his memory, reflecting on his impactful life, and celebrating his enduring legacy. It made me more introverted than I have ever been and largely kept away from social media, I have not posted anything new on my handles and pages since he was laid to rest in July last year. I have also been quite inactive on WhatsApp groups and largely remained reclusive, most of the time. Even my milestone birthday just six weeks ago, was marked in solitude, at least until I was ‘ambushed’ by my immediate family and a few friends.

I have missed him greatly, the phone conversations that never happen again and his messages that I yearn to read each day. I wish I can now answer those missed calls that I failed to return, much to his constant chagrin, or at least return them and hear his voice again. I know he would begin with, “what’s on?” We

have a passion for public affairs, an interest I picked from him, and we spent hours reviewing the events of the day or week, whether local or global. My dad loved a good story, either telling it himself or poking further to get more details from you. Time passes, and the moment is gone.

As soon as the news of his passing was made public, I was told by early callers that I had to be strong for my mother and siblings. It forced me to grieve in silence, which was a very excruciating experience. But just five days later, alone in my room, I could not hold back the tears anymore. It burst out and flowed for some time until I allowed a phone call from a friend to interrupt it. I realised that crying did not make me less a man. Many friends shared words of encouragement with me during that period but one that prepared me for the long road ahead came from a dear friend and sister. She said, “Time helps. It doesn't heal, but it helps”. Even though I shed more tears in the days that followed that first outburst, it always actually made me stronger in the weeks to come as we commenced arrangements to bid farewell to his earthly body.

His funeral was a celebration of his life of service to God, family, society, community, and humanity. It was a 10-day honour for a man of many parts. I am still in awe and very thankful for the outpouring of prayers, love, and support to our family from friends and wellwishers in different corners of the world. It not only helped us through those dark moments of loss but made it easier for us to soothe the pain of grief. We still owe each one of them a debt of gratitude. I am glad that we gave him a modest and befitting burial ceremony to commend his soul to the Almighty God and commit his body to the earth. After the ceremonies were over, not a few friends would say “congratulations” to me and I usually responded in chuckling bewilderment, “Why? I just buried my father”. I always found it strange but amusing.

His 82 years on earth taught me several lessons about service to God through witnessing and evangelism; service to family by espousing the values of integrity, honesty, sincerity, courage, and absolute faith in God; service to the community by giving off talent, time, energy, and resources to make an impact; service to the society by providing leadership when called upon to do so; and service to humanity by playing an active role in making the world a better place. As a Presbyterian, and a Christian for that matter, he had a strong conviction that it is not just about being a regular Sunday worshipper or holding a position in Church but maintaining a personal relationship with God that reflects in his life. As a journalist he wanted to get out the news so that the people will be better informed, as a public servant he believed that the duty of government is to serve the people and as a community leader he was committed to the development of the people. His book, “A Personal Odyssey”, is an in-depth account of his efforts to orchestrate the transformation of our community with projects and employment opportunities for our people. He was not a perfect man, as he would always remind us, but he strived for perfection in every bit of his life. I am and will remain eternally grateful to God for the extraordinary gift of a father like him. His impactful life of service has stiffened my resolve to honour his memory through the Anyim Ude Memorial Project. For a start, his memorial website, www.anyimude.com, will always be updated as an online repository of his life and work including his writings as a journalist and legacies in public service. His memorial YouTube channel will also share videos of his life and times. I will also ensure that his memoirs which he started three years ago, and almost completed, is published. In addition, the aims and objectives of a nonprofit organization he founded, Senator Anyim Ude Foundation, to promote the ideals of transparency and accountability in public service, provide opportunities for education for indigent and exceptional students, provide good healthcare support services especially for the sick and vulnerable, support the elderly and empower widows and youth will be achieved in fulfilment of his aspirations. The Anyim Ude Prize for Investigative Journalism which debuted this year will continue to be awarded to the Best Investigative Reporter of the Year, and we are excited that Umar Audu, a journalist with Daily Nigerian newspaper, is the maiden recipient of the prize for his undercover report exposing a certificate racketeering syndicate in the neighbouring Benin Republic that specialises in selling university degree certificates to willing buyers in Nigeria. It was presented at an award ceremony to commemorate World Press Freedom Day by the Nigeria Union of Journalists (NUJ) in Abuja earlier this month. I know that my father will be thrilled by the choice. Subsequently, an Anyim Ude Community Service Leadership Programme will be inaugurated to recognize, reward, and encourage a young person who takes initiative, organizes, and motivates others to make a positive impact in the development of our community, Akaeze.

As my one-year mourning period comes to an end, his immortalisation in my memories will remain forever. But I begin a journey that will open a new chapter in my personal and public life. In the days, weeks, months, and years ahead, I will also live up to my responsibility to take care of my Mum and our family, and always be there for them.

Ude writes from Lagos

Editor,

Editorial Page PETER

ISHAKA

Email peter.ishaka@thisdaylive.com

THE DEEPENING CRISIS IN RIVERS STATE

It is time to end the costly crisis

Amid renewed threat of impeachment by some lawmakers, Rivers State governor Siminalayi Fubara has relocated the House of Assembly to the Government House, Port Harcourt. He claimed that the current state of the chamber is unsafe for legislation as it constituted a threat to lives. So, invariably we now have the executive and the legislature under the same roof making nonsense of the separation of powers doctrine without which there can be no transparency and accountability in governance. But we understand what led to this aberration.

The Rivers State House of Assembly has been engulfed in crisis since last October, after some lawmakers loyal to Fubara’s predecessor and current Federal Capital Territory (FCT) Minister, Nyesom Wike initiated impeachment proceedings against him. That development led to the bombing of a section of the assembly complex. The power tussle between Fubara and Wike has since split the 31-member assembly into two factions. What could trigger another round of violence is the fear that the residential quarters of the lawmakers, built only two years ago, may also be demolished after the unannounced visit of the governor last week.

the state like the rest of the country are worsening because politicians are fighting over control of public resources and ‘political structure’. As things stand, the people are the ultimate losers.

President Tinubu must not allow petty politics in the state to endanger that axis of our national security

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

The crisis in Port Harcourt is clearly getting messier by the day and casting stark light on the country’s political landscape vitiated with power struggles and political instability. Although President Bola Tinubu has intervened twice to harmonise the relations between the warring parties, the political situation is still deteriorating badly. Indeed, Tinubu’s peace deal was observed more or less in the breach as each side does what they like. In the absence of a functioning House of Assembly, and with a politically embattled state chief executive, no semblance of governance and orderly social existence is now possible. In the meantime, the various challenges that confront

T H I S D AY

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI

DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE

DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI

SNR. ASSOCIATE DIRECTOR ERIC OJEH

ASSOCIATE DIRECTOR PATRICK EIMIUHI

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor

JUSTICE FOR DCP ABBA KYARI

The recent tragic passing of the mother of DCP Abba Kyari, Yachilla, has raised concerns about getting justice because the allegations levelled against Abba Kyari are bailable in nature.

While offering prayers for the eternal repose of the deceased, we all must acknowledge the significant contributions of the seasoned police officer to the development of Nigeria’s security at large.

DCP Kyari no doubt excelled in his chosen profession hence this clarion call to help remind everyone of the preciousness of life and the importance of standing together in times of tragedy. This is evident through the genuine massive support indicating the outpouring of love and condolences to show solidarity to Abba Kyari and his family during this difficult moment. This case raises a number of issues that border on the violation of fundamental human rights

of Abba Kyari who played a vital role in the police service and will continue to give his best to the nation.

It is therefore time for the federal government to honor and respect his sacrifices to our dear nation. Otherwise, people of his caliber and patriotism would be demoralised and lose confidence in the true meaning of honesty and service to the nation.

We therefore call on the President Bola Tinubu administration to wade into the matter and order for his release and reinstatement to service.

This would be a fitting tribute to his mother’s memory and a testament to the nation’s commitment to justice, fairness, and recognition of outstanding and unprecedented service to Nigeria.

Abbas Abdullahi Yakasai, Coordinator,

The present crisis in Rivers is unnecessary and seems simulated by vested interests. The move to impeach the governor is not only premature but reeks of political mischief. It showcases the assembly members as more interested in yet unstated matters than the good governance and peaceful progress of their state. But there must be a limit to meaningless politics. As this newspaper stated earlier in this space, Wike, a serving federal minister cannot be seen as acting in a manner that is likely to imperil the peace and security of his home state while being entrusted with the fate of the nation’s capital. He cannot continue to cheer on the legislators who are overheating the state by their actions. As a former governor, Wike must create room for his successor to improve on his achievements instead of endangering them, for the sake of the people.

Similarly, Fubara cannot continue to conduct the business of government in contempt of the state legislature, the engine room of democracy. And he cannot, under any guise, assume the powers of the legislature in Rivers State. It is even more unfortunate that the judiciary has been dragged into the dirty politics that has nothing to do with the welfare of the people.

But this crisis also has serious national security implications and that is why the federal government cannot be insulated from it. Rivers remains one of the most strategic states in the country. It is the cosmopolitan home base of the nation’s oil and gas industry. It is home to the nation’s second most important sea access and marine economy. It boasts a few industries as well as manufacturing and hospitality concerns. President Tinubu must not allow petty politics in the state to endanger that axis of our national security.

NEGATIVE CAN BE THE RIGHT ANSWER

There has been a recent incident where some male senior students have rated their fellow female classmate's appearances in terms that include the phrases "Cutie" and the repugnant term "Unrapeable". The school suspended a number of boys and then expelled two. There was generally praise for this action although some argued for an approach of not removing the problem and trying to remedy it but this is a flawed approach.

There are repeated stories in many papers of people, often young, who are bailed, for acts of violence and destruction, and then go on to repeat their behaviour. Sometimes they should be held in custody, for the safety of the general population, until a court addresses the matter. Surely people have a right to work and learn in a positive environment free from harassment of any form. The number of people who are this disruptive is small but their effects are big.

Perhaps the concept is best represented by a Star Trek quote “The Needs of the Many Outweigh the Needs of the Few”.

Dennis Fitzgerald, Melbourne, Australia

One Voice Development Initiative

Thisday Afrinvest Index Down 0.5%

Thisday Afrinvest 40 index shed 0.5% to print at 3,976.71 points due to sell pressure on ZENITH( 0.9%), UBA ( 2.3%), and FBNH ( 2.0%). Cumulatively, these stocks account for 17.1% of the index.

Bearish Sentiment Prevails... ASI down 0.2%

The local bourse maintained its negative trajectory as selloffs on DANGSUGAR ( 10.0%), UBA ( 2.3%), and FBNH ( 2.0%) dragged the NGX ASI lower by 0.2% to 97,473.98 points. As such, YTD return declined to 30.4% (previously: 30.7%) while market capitalisation dipped 0.2% to ₦55.1tn. Activity level waned as volume and value traded decreased 30.2% and 48.9% to 306.6m and ₦5.8bn, respectively.

Mixed Sector Performance

Performance across sectors within our purview was mixed as three indices lost, one gained, while the AFR ICT and Oil & Gas indices closed flat. The Insurance and Banking indices shed 1.1% and 1.0% respectively, following losses in NEM ( 9.7%), UBA ( 2.3%), and FBNH ( 2.0%). Likewise, Consumer Goods index fell by 0.8% due to price decline in DANGSUGAR ( 10.0%) and PZ ( 10.0%). Conversley, price appreciation on WAPCO (+0.3%) and CUTIX (+8.3%) pushed the Industrial Goods index by 2bps.

Outlook

Investor sentiment, as measured by market breadth, improved to 0.03x from 0.06x in the prior session as 22 stocks advanced, 20 declined while 77 closed flat. Today, we expect the bearish performance to linger as the market remains short of positive catalyst despite improved investor sentiment.

Wednesday, May 15, 2024

THISDAY AFRINVEST 40 INDEX

Cement Producers Groan as Cost of Production, OPEX Jumped to

Following astronomical inflation rate in Nigeria, cement producing companies are struggling to stay in business as just the to three producers declared a whooping N824.3 billion cost of production and Operating Expenses (OPEX) in the first quarter (Q1) ended March 31, 2024.

This is a significant increase of 112 per cent from N388.8 billion declared in the first quarter ended March 2023.

The three companies are; Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc.

Inflation rate in Nigeria increased to 33.20 per cent in March compared to 22.04 per cent according to a report by the National Bureau of Statistics (NBS) in March 2023.

At 33.20 per cent, the inflation rate in Nigeria hits the highest peak since March 1996. The high inflation is mainly driven by the sharp fall in Naira coupled with

the removal of fuel subsidy.

The local currency closed March 2024 at N1330.26 against the dollar at the official rate compared to N460.35 against the dollar March 2023.

Analysis of the companies’ Q1 results showed that Dangote Cement reported N398.16 billion cost of production in Q1 2024, a growth of 143.3 per cent from N163.67billion in Q1 2023, while its OPEX hits N190.79billion in Q1 2024, about 118 per cent growth from N87.39billion declared in Q1 2023.

For BUA Cement, the company declared N116.19billion cost of production in Q1 2024, representing 108 per cent from N55.98billion reported in Q1 2023 as its OPEX stood at N11.51billion in Q1 2024, a decline of 4.4 per cent from N12.03billion declared in Q1 2023.

In addition, Lafarge Africa announced N72.13billion in Q1 2024 cost of production, 59 per cent growth from N45.34biillion in Q1 2023, as its OPEX rise to N35.53billion in Q1 2024, a growth

of 45 per cent from N24.43billion in Q1 2023.

Cement makers in Nigeria have been at the receiving end of the deteriorating Nigerian economy, which has pushed up costs production amid modest purchasing power.

Manufacturing companies in Nigeria are faced with power shortages, weak local raw materials, insecurity and a poor state of infrastructure.

Increasing operational costs have been at the heart of the rising price of cement, which revved up abysmally in first three months of 2024, forcing the stoppage of several construction works.

Currently, the price of cement hovers around N9,000 and N15,000 per bag in some major cities in country.

Specifically, Dangote Cement benefited from the hike in price of cement as its revenue closed Q1 2024 at N817.35 billion, representing 101 per cent increase from N406.72billion

reported in Q1 2023.

On its part, BUA Cement declared N161.13 billion revenue in Q1 2024, a growth of 52 per cent from N106.35 billion in Q1 2023 while Lafarge Africa announced N137.77 billion revenue in Q1 2024, about 50 per cent from N91.8billion reported in Q1 2023.

Amid hike in cost of production, OPEX, and N10.06 billion foreign exchange loss, BUA Cement declared N21.29 billion profit before tax in Q1 2024, a decline of nearly 40 per cent from N35.46billion reported in Q1 2023.

Also, Lafarge Africa announced N8.71 billion profit before tax in Q1 2024, a decline of per cent from N22.48billion reported in Q1 2023, attributable to N21.8 billion net foreign exchange loss.

Commenting, the CEO, Lafarge Africa, Lolu Alade-Akinyemi stated, “foreign exchange losses was due to further Naira devaluation in the quarter, resulted in a PAT decline of 65

per cent. In spite of the challenging macroeconomic environment, we continue to focus on delivering sustainable value for all our stakeholders, positioning us for sustainable growth over the medium to long term.”

Dangote Cement is the only company that declared impressive growth in profit before tax in the period under review.

The company announced N166.4 billion profit before tax in Q1 2024, a growth of 13 per cent from N146.8billion in Q1 2023.

The CEO, Dangote Cement, Arvind Pathak in a statement said: “Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1per cent to 4.6Mt in the quarter. Similarly, our panAfrica operations continued an upward trajectory, with volumes up 3.1per cent to 2.7Mt, buoyed by increased sales in Zambia and Congo.

“Despite elevated cost pressures,

increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively. Group revenue more than doubled to N817.4 billion, while Group EBITDA rose 66.6per cent to N309.5billion. PAT was up 2.9per cent at N112.7billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.

During the quarter, we intensified our emphasis on exports, dispatching 7 ships from Nigeria to Ghana and Cameroon. As a result, our Nigerian exports surged by 87.2per cent, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy. We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future.”

Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) has reveal a significant increase in the total enrolment of Bank Verification Numbers (BVN), with a growth of 1.75 million over the span of five months, reaching 61.87 million as of May 2024.

According to the NIBSS figures, the BVN enrolment stood at 60,115,360 at the close of 2023. However, the latest data for May 2024 indicates a notable rise to 61,873,166, marking an increase of 1,757,806 within the stated period. Furthermore, data from April 2024 suggests that BVN enrolment experienced a monthly growth

of 267,905, with the total count reaching 61,605,261 by the end of that month.

It would be recalled that in a strategic move aimed at fortifying financial integrity and regulatory compliance, the Central Bank of Nigeria (CBN) made a significant announcement in December of the preceding year. The directive,

slated to take effect from April 2024, outlined stringent measures concerning accounts lacking both a Bank Verification Number (BVN) and a National Identification Number (NIN).

Through a comprehensive circular, the apex bank underscored the imperative of aligning banking operations with robust security

protocols and regulatory standards.

As part of this initiative, financial institutions were instructed to impose a “Post no Debit” restriction on all existing Tier-1 accounts and wallets that failed to comply with BVN or NIN requirements.

The implementation of this restriction marks a pivotal step in bolstering customer identification protocols and safeguarding against potentially fraudulent activities within the financial ecosystem. By mandating the freezing of accounts without BVN or NIN, the CBN aims to mitigate risks associated with unverified transactions and enhance transparency across the banking sector.

Nume ekeghe

Kayode tokede

Human Resource, Avila Naturalle, Mrs. Omotola Adebambo; Executive Director Regulatory & Compliance, Mr. Oludaisi Olubunmi; Diamond Partner, Mrs. Chinyere Orji; President/ CEO, Avila group, Dr. Temitope Mayegun; her husband, Abiodun Meyegun; Executive Director, Brands & Strategy, Mr. Sylvester Iriogbe, and Executive Director, Business Development, Mrs. Motunrayo Merander, during the official launching of Avila Naturalle African Black Soaps, held in Lagos… recently

LASAA Unveils Amnesty Programme to Enhance Signage Registration, Payment Processes

The Lagos State Signage and Advertising Agency (LASAA) has introduced the LASAA Amnesty

Programme (LASAAMP), an initiative aimed at streamlining registration and payment processes for both new and existing signage owners.

The Managing Director of LASAA, Fatiu Akiolu in a statement said the LASAAMP initiative is designed to provide seamless registration and payment options while promoting

adherence to signage regulations.

“Our LASAAMP campaign is geared towards simplifying the payment process for all business owners, with a strong emphasis on

Uwaleke Lauds SEC on Private Companies’ Securities Rules

Kayode Tokede

The President of Capital Market Academics of Nigeria, Professor Uche Uwaleke has commended the Securities and Exchange Commission (SEC) for its new rules on the issuance and allotment of private companies’ securities.

Uwaleke, while reacting to the new rules released by the Commission described the new regulation as a welcome development geared toward enhancing investors’ protection.

The capital market expert advised the Commission to carry out massive sensitisation of the rules to enhance compliance and reduce violations caused by ignorance.

He said, “I think the new rule is a welcome development. The idea of capping the maximum debt capital that can be raised is intended to discourage reckless risk-taking on the part of private companies.

“Enforcement of rules is enhanced by stiff sanctions which is why I support the relatively huge fine.

Given that one person can now form and incorporate a private company in Nigeria and that the minimum share capital to incorporate a private company is only N100,000, going by the CAMA of 2020, I think the cap of N15 billion is for private companies.

“Other considerations in the CAMA which tend to lend credence to a reduced limit for capital raise

include the fact that the appointment of a company secretary is now optional for a private company. New private companies need not appoint auditors although the rule requires that such a company must have a minimum of three years track record”.

Uwaleke, however, suggested that maximum capital raise be reduced from N15 billion to N10 billion within one year such that the fine of N100 million minimum will represent one per cent of the amount.

SEC said the rules applied to debt securities issuances by private companies either by way of public offer, private placement or other methods as may be approved by the Commission.

According to the SEC, any person who issued or allotted securities without its prior approval or violated any provisions of its regulations will pay a penalty of N10 million in the first instance.

The Commission added a sum of N100,000 for every day if the violation continues.

Others are registered exchanges and platforms which admit debt securities issued by private companies for trading, price discussion or information repository purposes.

On proceeds utilisation, the Commission held that issuers are prohibited from using the proceeds of the issues for purposes other than those stated in the offer document without its prior approval.

Abbey Mortgage Bank Calls for Equal Opportunities

Ayodeji Ake

In a bid to create more awareness about autism, the leading Mortgage bank in Africa, Abbey Mortgage Bank, recently, staged a walk in Lagos to demand equal opportunities and freedom for autistic persons in Nigeria

The programme themed, “Abbey Walk for Autism Awareness,” saw staff of banks, led by their MD/CEO Mobolaji Adewumi, stage a charity walk from the bank’s head office on Karimu Kotun to Falomo Bridge Ikoyi, through Alfred Rewane road, before returning to the office.

Heirs Energies CEO and Transcorp Group’s President/Group CEO; Osayande Igiehon and Dr. Owen Omogiafo, OON, will join global business leaders at the 17th German-African Energy Forum in Hamburg, Germany, this week. As leaders of one of Africa’s largest integrated energy businesses, the Heirs and Transcorp team bring a unique perspective on Africa and the opportunities in the African energy space. Heirs Holdings has rapidly implemented founder Tony Elumelu’s commitment to bring

for Persons with Autism

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

Speaking during the autism awareness walk, Adewumi noted, “At Abbey Mortgage Bank, we believe in not only building dreams through our mortgage and financial services but also in supporting causes that make a

robust power supply to Africa and ensure African natural resources drive value creation in Africa.

The executives will echo Elumelu’s message to COP28 in Dubai – that equitable transition must work for Africa.

Themed, “Africa’s energy roadmap: Breaking new grounds for greener economies,” Omogiafo and Igiehon will speak on panel sessions addressing Africa’s unique energy needs and the continent’s potential for green industrialisation. Omogiafo will present

meaningful difference in people’s lives. Autism awareness is an issue close to our hearts, and we are proud to champion this cause and spread awareness in our community.”

Mobolaji further noted that, ”Autism is a complex neurodevelopmental disorder that affects millions worldwide and despite its prevalence, awareness, and understanding, it remains limited in many communities.

“Abbey Mortgage Bank recognizes the significance of raising awareness about this important issue, understanding that education and support are

recommendations for aligning off-grid and on grid solutions to boost power capacity and drive industrial growth in Africa, on her panel themed “Renewables for industrial growth”. Transcorp is one of the largest power producers in Nigeria, and now supplies West Africa, with strategic investments in the energy sector through Transcorp Power Plc, Transafam Power, and Transcorp Energy.

Igiehon will emphasise the importance of achieving energy sufficiency in Africa, as a foundation

crucial in improving the lives of individuals and families affected by autism,” he noted.

“The Abbey Walk was part of the bank’s 32nd-anniversary commemorations, showing Abbey Mortgage Bank’s commitment to not only facilitating dreams through financial solutions but also supporting and spreading awareness for important causes. As the bank continues to grow over the years, it remains dedicated to making a positive impact in the lives of individuals and communities, while championing causes that matter,” he explained.

for sustainable development and economic growth. On his panel entitled “Africa’s Climate Action is Gaining Momentum – Green Industrialization, Climate Finance, Carbon Markets, and Policy Changes”, he will advocate for an approach that leverages Africa’s diverse energy resources, including both conventional and renewable sources, to bridge the energy access gap and provide reliable, affordable power to households, businesses, and industries.

compliance and the consequences of non-compliance with signage regulations. This initiative is especially beneficial for small and medium-sized enterprises facing challenges with current payment procedures.

“As part of the LASAAMP initiative, LASAA is introducing Quick Payment Process helplines to guide business owners through the payment process effortlessly,” he said.

LASAA’s Head of Strategy and Corporate Communication, Mr. Temitope Akande, explained that during the amnesty period, which is scheduled to run from May 15th to June 25th, all signage applications and payment renewals will be treated as amnesty registrations.

“This presents a unique opportunity for both walk-in

customers and existing clients to renew their registrations and benefit from the streamlined payment process,” he noted.

Akande further highlighted that LASAA has deployed dedicated teams across its five divisions in Lagos State - Ikeja, Badagry, Ikorodu, Lagos Island, and Epe - to ensure efficiency and prompt response. Each region will have Monitoring & Inspection staff overseeing registration, payment processes, and conditional approvals within 48 hours of receiving the registration request.

Furthermore, LASAA’s Head of Innovation and Operation, Mr. Gbolahan Dixon, emphasised that each team will be led by a supervisor who will manage a WhatsAppenabled line to address inquiries promptly, round-the-clock (24/7).

Nigerian Exchange (NGX) Limited has listed the N4.075 billion of AVA Infrastructure Series 1 Fund on its trading platform.

The NGX in a statement signed by the head, Issuers Regulation Department of NGX, Godstime Iwenekhai stated that, “trading license holders are hereby notified of the listing of AVA Global Asset Managers Limited’s AVA Infrastructure Series 1 Fund of 4,075 units of N1 million each issued at par under the N200 billion issuance programme.”

AVA Infrastructure Series 1 Fund’s 4,075 units were listed on the Main Board of NGX at N1 million each as a closed-end Fund and naira-denominated unit trust scheme. AVA Capital Partners Limited is the Issuing House for the Fund, the Trustee to the Fund is STL Trustees Limited, Custodian of the Fund is United Bank of Africa Plc and the Registrar for the Fund is Cordros Registrars Limited.

The statement added that the Securities and Exchange Commission (SEC) approved the N200 billion Infrastructure Fund of asset management firm, AVA Global Asset Managers Limited.

AVA Global Asset Managers, it stated, recently launched its Series I issuance of the fund, sized at up to N200 billion on January 29, 2024 and closed on March 6, 2024, aim at bolstering infrastructural development within the country.

“The fund aims to address Nigeria’s infrastructure gaps by strategically channelling institutional capital into infrastructure projects

and is designed to encourage innovative businesses in sectors such as power, telecommunications, agribusiness and supporting infrastructure, gas distribution, processing, and storage.

“The fund’s main objective is to deliver consistent and reliable income to unit holders through debt financing for infrastructure projects in Nigeria. It seeks to focus on projects or businesses that offer vital economic and social services, exhibit stable cash flows, and utilise long-lived assets,” the Managing Director of AVA Global Asset Managers, Mr. Efe Shaire said. Shaire stated that the fund aimed to strategically allocate private credit with a focus on impactful projects with robust and predictable future cash flows.

He emphasized the importance of private sector involvement in infrastructure financing, stressing the necessity for collaborative efforts, innovative financial products, and other strategic initiatives from private sector entities.

“The listing of the fund on NGX is a clear indication of the growing interest and demand for sustainable investing in Africa and the Exchange’s commitment to the same. NGX is committed to give visibility to sustainable financial instruments listed on its platform and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market, “the NGX said.

Nume Ekeghe

L-R: Director

Photo:

up level education changing accept insurance repudiate good whether rates Mohammed Kari one tenure Sunday despite his which that he second term, same week hands of industry performance of fate of the insurance uplift the honourably, present caution like the which even commissioners, Thomas time any capital whose firms capital mouth from against it.

Omosehin and NAICOM Banana Peel

As Ayo Omosehin takes his seat as the new Commissioner for Insurance, industry observes have cautioned him to beware of some banana peels and traps that slipped his predecessors off their positions, writes ebere Nwoji

The new Commissioner for Insurance, Mr Olusegun Ayo Omosehin ,penultimate week officially assumed duty as National Insurance Commission (NAICOM), Chief Executive Officer and the federal government’s adviser on insurance matters.

The entire industry players and stakeholders welcomed him wholeheartedly with lots of expectations and hopes.

A sign of this is a joyful reception given to him by the management and staff of the commission on his first day of resumption. He as als received a good number of courtesy visits by various stakeholders in the insurance industry with the Nigerian Insurers Association being at the vanguard of the visit.

On his part, Omosehin had during a short interactive session with management and staff of NAICOM asserted that the executive management and staff which is currently under his control would set a new tone for the insurance sector adding that the commission would definitely contribute its quota towards achieving the N1 trillion economy target of the federal government.

His official statement at his first resumption in office depicts a sense of readiness to work and ability to make positive changes in the commission during his tenure.

This is in line with the confidence and hope reposed on him by his professional colleagues shortly after his appointment.

INdustry OBservers’ WArNINg

But while Omoshehin adjusts his seat to start work in his new office, industry observers have sounded a note of caution for him to beware of some traps and banana peels inside and at the corridor of the commission that caused his predecessors to have slipped off and failed.

These peels are so slippery that despite the influence, management expertise, connections and achievements of some of his predecessors, they were removed from office while in extreme cases some were jailed and could not come out until their death.

Indeed, with the exception of Mr Fola Daniel who peacefully served his two tenures in office, no other commissioner was able to enjoy two tenures in office not withstanding their strength and connections.

For instance, Chief Oladipo Bailey spent seven and half years as commissioner for insurance in NAICOM but was almost disgraced out of office. His tenure spanned from 1997 to 2004. His tenure was known for tearing down structural defects and setting up new structures in the commission.

His greatest achievement was safeguarding the insurance industry from bank predation and other hawks in the finance sector of the economy. He successfully lobbied government to stop banks under the guise of universal banking from taking over insurance business convincing government that it would cause crisis in the economy. This led to reversal of universal banking by the Central Bank of Nigeria (CBN) some years back. Bailey also supervised the upward review of the capital base of insurance firms as prescribed by the insurance Act of 1997 from N20 million to N50 million for life insurance, and N150 million for life special business and from N90 million to N350 million for composite firms.

Despite these achievements, Bailey, towards the end of his tenure faced charges of financial impropriety as he was accused of inflating the cost of printing the new Vehicle Insurance Stickers (VISER).

According to his accusers, he awarded the contract for the printing of the stickers at N50 per unit as against the N39 demanded by the contractor. The action made the government to lose about N35 million. When the Commission’s Tenders’ Board discovered this, the government set up a committee to probe the insurance commissioner. He was said to have been found guilty and the committee recommended an outright sack. However, the president, apparently succumbing to pleas for mercy, converted the recommendation to a retirement.

LIke BAILey, LIke ChukWuLOzIe

Chukwulozie took over from Bailey as commissioner for insurance between 2004 and 2007.

He supervised the last recapitalisation exercise in the industry which was adjudged very successful by all standards by stakeholders. In 2007 his office mandated reinsurance companies to raise their capital base from N350 million to N10 billion, while life and general insurers were asked to raise theirs from N150 million to N2 billion and N200 million to N3 billion respectively.

At the end of the exercise, the capital base of

the entire industry was raised from a paltry N2 billion to over N200 billion. The capacity of the industry to take on high ticket risks, meet claims obligations and train its workforce improved significantly at the end of the exercise.

Chukwulozie worked tirelessly for the Local Content Policy in Oil and Gas business in conjunction with the Nigerian Content Development and Monitoring Board. This policy has become the backbone of many non-life insurers who are slowly growing their capacity to effectively participate in this juicy but very risky business year on year.

Chukwulozie also caused the separation of operation of insurance companies into life and non-life companies and insisted that the two lines of business which composite insurers used to merge be separated and accounted for separately.

He insisted that operators interested in doing composite business must register separate life and general insurance companies, an exercise which ultimately exposed the huge pension and life insurance hole in the books of many composite insurers then. This directive generated bad blood for him by the affected operators who could not get him to reverse it and subsequently got his successor to reverse it as soon as he came into office.

Also during Chukwulozie’s tenure in office, many insurance companies got their shares listed on the floor of the Nigerian Stock Exchange (NSE) and for some weeks, insurance stock led trading on the floor of the exchange.

Another major achievements of Chukwulozie was the partial autonomy which the regulatory body got during former President Olusegun Obasanjo’s administration in 2007.

Despite these achievements, his tenure ended in sad mood as he bagged 15 years imprisonment from an Abuja High Court over N10.4million fraud.

He was arraigned by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), on a five-count charge for using private interest to furnish his official residence and demanding for a percentage in a contract he awarded. A statement by the then commission’s Head of Media and Events, Mr. Folu Olamiti, said the conviction was in 2007, with his wife, Angela, and a former Deputy Commissioner in charge of Finance and Administration, Adedolapo Ogungbe, charged to court over N10.4 million fraud.

In his rulling, the judge said: “The ICPC has proved beyond reasonable doubt that a commissioner of NAICOM Chukwulozie, demanded fifty per cent of fees paid to liquidators of Gateway Insurance Plc. Beyond reasonable doubt is the standard of evidence required to validate a criminal conviction. Generally the prosecution bears the burden of proof and is required to prove their case.” The former

commissioner died in the course of the matter.

After him, Fola Daniel was appointed Commissioner for Insurance in 2007, about two years after the removal of Chukwulozie from office. When he came into office, the technical capacity was below internationally accepted regulatory indices; with core technical staff capacity of less than 20 and 153 poorly trained auxiliary staff. This was further compounded by low staff morale owing to poor working condition/environment and poor remuneration.

Daniel during his first tenure tried successfully to address these issues. He laid off most of the dead woods in the commission and engaged qualified, experienced and vibrant workers to carry on the business of the commission nationwide. The regulator had series of court cases against the umbrella body of insurers in the country, Nigerian Insurers Association (NIA), and the brokers’

body, Nigerian Council of Registered Insurance Brokers (NCRIB). Daniel ensured that these were promptly settled and achieved harmony in the industry.

Determined to raise the contribution of the insurance industry to the nation’s Gross Domestic Product (GDP), Daniel introduced the Market Development & Restructuring Initiative (MDRI), a programme that sought to deepen insurance penetration in the country by enforcing five of the insurances made compulsory in the country. It collaborated with other regulators including the National Pension Commission (PenCom), National Health Insurance Scheme (NHIS) and other government agencies to ensure relevant stakeholders buy insurance.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

ProPerty & environment

South Energx: Realignment of Lagos-Calabar Coastal Road Consumes Eko Atlantic Land, N87bn Lost

Bennett Oghifo

South Energyx Nigeria Ltd., owner of the Eko Atlantic City in Lagos, is bemoaning the loss of about N87 billion, an estimated cost of the reclamation/sand filling it did, to the realignment of the Lagos-Calabar Coastal Road.

According to the Assistant Public Relations Officer of South Energyx, Mr Larry

Akanbi, there are two issues at stake- the land they reclaimed that the coastal road will now pass through, and the rift between them and the owner of Landmark Beach, who they said, believes the Eko Atlantic City reclamation would eventually turn their beach to dry ground, thus dressing them in the cloak of aggressors in the eyes of the public.

Akanbi said, “We need to put the records straight that we are the victims here and not the aggressors, as we are made to look like.”

The federal government, he said, shifted the right of way (ROW) of the coastal road, bending it into the land reclaimed by them to save some valuable structures at the Landmark Centre.”

He said the Water Corpo-

ration Road was truly the original alignment they wanted to use but if they start from this end, by the time they get to where Queens Event Center is now, the event of demolition would be more massive than what they have now.

“They now said okay, there would be less demolition. In fact, there is hardly any serious demolition right now in the sense that what has happened

really is not like any of the structure of Landmark is affected; what has been consumed is the beach.

“Now, our position is that, you did not even own the beach, where you are using today, as the beach is part of our land -Eko Atlantic cityand that ideally you should be paying us money but we have not asked you for any money because we were not

in need of the land then.”

“Now, what the federal government has even done is to save some of the structures because they said that if they go by their own original alignment, it will consume part of the event center and the Mall. What this means is that Eko Atlantic city itself will suffer loss of land because the coastal road now enters into the land of Eko Atlantic City.

Design Union Launches The Pier Waterfront Apartments in Barbados

A leading property de -

company in

Nigeria, Design Union, has announced its premiere project –The Pier Waterfront Apartments, Barbados, at

its sponsorship of the 60th Anniversary of the American International School of Lagos (AISL) held on May 4, 2024,

at the Eko Hotel & Suites.

Attendees of the event got serenaded to an unforgettable evening of celebration and networking. As part of its commitment to fostering communal living and pioneering brave innovation, Design Union, through a raffle draw, awarded select attendees with an exclusive, all-expense-paid trip to the picturesque Caribbean Island of Barbados.

The well-attended event attracted captains of industries, the AISL Alumni community, and key partners of the prestigious educational institution. Aside from the announcement of the lucky recipient of the all-expensepaid trip to Barbados and other amazing rewards like

free wellness and treatment sessions at the Ehima Cave Spa and free brunch at the exotic Gabriel’s Restaurant in Victoria Island, the event hit its crescendo when Design Union unpacked the stellar features of its latest laudable project, The Pier Waterfront Apartments in Bridgetown, Barbados.

“We are excited to announce the launch of our maiden waterfront residential project in Barbados. This property is designed to raise the standards of exclusive living in a breathtaking country where serenity, peace, and security intersect to deliver the mesmerizing feeling of royalty. With access to boats, yachts, and some of the world’s most beautiful

beaches, The Pier Waterfront Apartments will be the perfect getaway location for the truly discerning,” said Anthony Aihie, Chief Executive Officer of Design Union.

“Investing in these premium waterfront apartments automatically qualifies buyers for permanent residency and eventually citizenship of this picturesque Caribbean paradise. With a great educational system, low crime rate, excellent infrastructures, stable currency, and political climate, intending residents will be delighted with this lovely Island whose passport is ranked 17th on the Global Index with access to 158 countries visa-free,” Anthony added.

NIQS Calls for Reliable Construction Industry Cost-database

Bennett Oghifo

The President of the Nigerian Institute of Quantity Surveyors (NIQS), QS Kene Christopher Nzekwe has said that recent events in Nigeria, such as the effects of hyperinflation on the economy and its impact on cost management of construction projects, have revealed the need for a reliable Construction Industry Cost-database.

“In the same vein, the NIQS has taken the bull by the horn to champion a reliable costdatabase for the industry. This is geared towards contributing meaningful data and indices to the National Statistics when it comes to construction and to create a veritable database for estimation and cost management

of construction projects.”

Nzekwe stated this at a two-day zonal workshop on ‘Building a Resilient CostBased Knowledge Economy in the Nigerian Construction Industry: Evolving a Cost Database for Estimation and Cost Management of Construction Projects’ held at the International Conference Centre, University of Ibadan, Ibadan, Oyo State, recently.

Nzekwe said, “It is therefore incumbent on the NIQS at this material time to provide the construction industry in Nigeria a reliable cost database that would meet every global standard of what a reliable cost database should be.

“Thus far the cost database committee of the institute is

working assiduously to make this project a reality.

“The development and growth of any country or state is highly dependent on her level of infrastructure development and the commitment of the leadership to continue to ensure infrastructure delivery.”

He commended the Governor of Oyo State, Engr. Seyi Makinde “for his laudable developmental trajectories such as the “Roadmap for Accelerated Development in Oyo State”. This roadmap muted in 2019 rests on four pillars of education, healthcare, security and the adoption of the State to use agribusiness to drive the economy of the State has shown visible results even to the casual visitors to Oyo State.”

Ofure Launches G Premium Plus Provides Access to Global Real Estate Deals

In the last couple of decades, the global real estate market has experienced considerable growth, with nations in Africa, including Nigeria, emerging as key players and drivers of this growth.

From outstanding developments in the city of Lagos to the skyscrapers of Dubai, the demand for luxury properties continues to soar, attracting investors from around the world.

Grace Ofure, a Nigerian female real estate developer and consultant, is one of the frontline players in this market.

Recently, she launched a new venture called G Premium Plus with which she plans to tap and explore real estate investment opportunities beyond Africa.

According to her, the G Premium Plus is driven by her passion for real estate and her commitment to empower others, pointing out that her entrepreneurial journey has taken yet another significant turn with the launch of this venture.

Ofure, who is also an economist and businesswoman, has made a mark in her entrepreneurial journey which started over two decades ago when she sold second-hand clothes

known locally as ‘Okrika’. She was introduced into the world of real estate by an old classmate who saw her potential.

Her new venture offers a wide range of services tailored towards the needs of high-networth individuals worldwide. It also offers cross-border real estate investment which allows investors to explore lucrative real estate opportunities across vibrant urban landscapes and serene coastal locations.

Guided by her expertise in the Nigerian real estate market and her global vision, Ofure ensures that G Premium Plus provides potential clients access to promising real estate deals

around the world.

Additionally, the new venture offers immigration investment solutions and alternative asset opportunities just as it provides consultancy services, all aimed at helping clients diversify their portfolios and achieve their financial goals.

G Premium Plus, which has its head office in Dubai, embodies the founder’s vision of building a global business that transcends geographical boundaries.

Ofure recalls taking her classmate’s advice wholeheartedly, saying that it set her on a path that led to remarkable success. “With a Bachelor of

Arts in Business Administration from Bendel State University (now Ambrose Alli University) and more knowledge from the Owner’s Management Programme at Lagos Business School, I embarked on my entrepreneurial journey with a clear vision and unwavering determination,” she disclosed.

According to her, it was from here that she took a significant leap forward in 2019 to launch Lifecard International Investment Limited, noting that, with committed leadership, Lifecard rapidly expanded its footprint, establishing presence in multiple countries within Africa.

She emphasized that her

journey from selling Okrika on the streets of Ekpoma to leading a global enterprise is a testament to her resilience, vision, and unwavering commitment to excellence.

Ofure believes that success is not just about financial prosperity, but also about making a meaningful impact on society. Through Lifecard International Investment, the Grace Ofure Foundation, and now G Premium Plus, she continues to inspire countless individuals to dream big and pursue their paths to success. As her story shows, with dedication and determination, anything is possible.

R-L: MD Design Union, Anthony Aihie; Raffle Winner, Chinyere Ugo-Nnabuife; and GM, Consulting, Nkechinyere Okwara

Bennett Oghifo

velopment

Fadekemi Ajakaiye

L-R: Chairman NIQS Lagos State Chapter, QS Olanrewaju Farotimi; NIQS Treasurer, QS Theophilus Eguh; OAU DVC (Academics), QS Prof. Olubola Babalola; NIQS President, QS Kene Nzekwe; QS Prof (Emeritus). Godwin O. Jagboro; NIQS Secretary General, QS Rotimi Ojelade; and QS Prof. Henry Odeyinka, during the presentation of the Distinguished Alumnus Award to the NIQS President on the occasion of the Guest Lecture Series of the QS Department of OAU Ile Ife... recently

CITYSTRINGS

Transforming Water Transportation in 1,000 Days of LAGFERRY's Operations

Funmi Ogundare writes that when the commercial operations of Lagos Ferry Services was inaugurated by Governor Babajide Sanwo-Olu at Badore Terminal, Ajah Eti-Osa in February 10, 2020, it has been an eventful journey of commuting Lagosians and businesses on the inland waterways in the over 1,000 days of the administration

Despite months of lockdown occasioned by the global outbreak of Corona virus and the destructive #EndSars protest, the Lagos state-owned commercial ferry operator; LAGFERRY was able to navigate the murky water, positively changed the narratives, berthed technology-driven safe and efficient water transportation model and practically translate the vision of Governor Sanwo-Olu .

The vision was to create a smart-city with functional multi-modal transportation system by optimising the socio-economic potentials of the natural water bodies in the state, as part of the robust initiatives contained in the Strategic Transportation Master Plan (STMP).

Today, under the Babajide SanwoOlu's administration, the relaunched LAGFERRY is running water transport in 24 routes from 16 terminals/jetties with 19 commercial boats, While government is rehabilitating and constructing 15 new terminals/jetties across the state.

Lagos State, the economic hub of Nigeria, faces numerous challenges in its transportation sector coupled with the ever-increasing population, congested roads, and inadequate public transport infrastructure.

This have made it crucial to explore alternative modes of transportation, hence, the need for the state, under the leadership of Governor Babajide SanwoOlu, to embark on an ambitious plan to revolutionise water transportation which is a key focus area. Now in its 1,000th day, with a vision of enhancing mobility, reducing traffic congestion, and boosting the blue economy, the Director, Public Affairs, LAGFERRY, Akeem Odusina, stated that the administration has so far, implemented various initiatives and developments to transform water transportation in Lagos State.

To achieve the vision, he stated that the governor assembled a team of experienced and dedicated professionals and experts in maritime affairs, transport, and urban planning, to work together and comprehensively assess the existing infrastructure and bottlenecks, as well as collaborated with various stakeholders to identify the key challenges and develop strategies for improvement.

" This process involved consultations

with experts, public hearings, and a detailed feasibility study to execute the government's plans effectively and efficiently thus paving the way for the blue economy."

To facilitate seamless water transportation, he added that the state has invested in the establishment and renovation of terminals, landings, (floating) jetty(ies) along various waterways.

These terminals, he noted, serve as key transit points, enabling commuters to board and disembark from boats and ferries comfortably and safely.

"Furthermore, water transportation in Lagos state caters to a diverse range of passengers with different backgrounds. From daily commuters to tourists and business travelers, the water transport system offers a convenient and efficient mode of travel. The inclusive approach of the initiative has ensured that the needs and preferences of all passengers are taken into consideration," he stated.

The primary objective of LAGFERRY, the director stated, is to provide safe, efficient, and reliable water transportation services to the people, adding that .the vision is to be the go-to model and alpha solution provider in the business of water transportation which is in consonance with the Lagos State T.H.E.M.E.S PLUS agenda of the Governor Babajide Sanwo-Olu's administration.

"It is aimed at enabling intermodal movement options and promotion of commerce and tourism, through the provision of safe

efficient and technologically-driven ferry services manned by competent workforce to ensure environmental sustainability.

"Hence Mr. Governor's vision for water transportation in Lagos State is to create an efficient, reliable, and sustainable mode of transportation that meets the needs of the growing population.

"By completing strategic projects and leveraging technological innovations, the aim is to make water transportation an attractive option for commuters and optimise the blue economy potential of Lagos' waterways," Odusina stressed .

He explained that the state blessed with vast water bodies, including the atlantic ocean, lagoons, and creeks, prioritised the development and utilisation of these waterways, leading to a significant increase in the availability of routes for water transportation.

The director added that the governor's passion for improving water transportation is evident in his commitment to creating an integrated multi-modal transport system that seamlessly connects road, rail, and water transportation. "By promoting water transportation as a viable alternative to road transport, he aims to ease traffic congestion and significantly reduce travel time for commuters. Under his leadership, the Lagos state government has demonstrated unwavering commitment to transforming water transportation by allocating substantial resources and implementing comprehensive policies and projects. This commitment is driven by the belief that efficient and sustainable water transportation is vital for the economic growth and development of the state."

Under the watch of the Managing Director, Lagos Ferry Services, Hon. Abdoulbaq Ladi Balogun, he noted that significant efforts have been made to improve and

In addition to the infrastructure improvements and technological advancements, the government has also encouraged creative initiatives to promote water transportation. These include cultural events like Lagos water regatta, weddings, tourism campaigns, and educational programmes that highlight the historical and environmental significance of Lagos' waterways

develop the water transportation sector in the state, through the recent construction and completion of a state-of-the-art modern floating pontoon at CMS-Marina to provide a convenient berthing point and movement for commuting residents and visitors alike.

"it also constructed a well-equipped E-fleet surveillance systems with modern technology to monitor boat arrival and take-off on the waterways. The government has made strategic investments in ensuring the availability of amenities that are well-equipped and furnished, as well as state-of-the-art terminals, jetties, ticketing booths, waiting areas and security measures to improve the overall passenger experience. Furthermore, efforts have been made to improve last-mile connectivity by providing connectivity between waterways and other modes of transportation, such as buses and motorcycles."

He emphasised on the relationship between the development of water transportation and the optimization of the blue economy, saying that by harnessing the potential of the waterways, the state is creating employment opportunities and economic growth in industries such as fishing, aquaculture, tourism, and maritime activities.

According to him, "In addition to the infrastructure improvements and technological advancements, the government has also encouraged creative initiatives to promote water transportation. These include cultural events like Lagos water regatta, weddings, tourism campaigns, and educational programmes that highlight the historical and environmental significance of Lagos' waterways. By fostering community engagement, these initiatives aim to increase public appreciation for water transportation."

The transformation of water transportation in the state has not been without challenges, as Odusina listed them to include; inadequate infrastructure, encroachment on waterways, insufficient public awareness, insufficient boats/ferries and the need for increased security and safety measures.

" However, the government remains committed to addressing these challenges through sustained efforts and collaborations with relevant stakeholders such as LASWA, NIWA, among others."

LAGFERRY sailors with Governor Babajide Sanwo-Olu and deputy, Dr. Obafemi Hazmat

Governor Sanwo-Olu and Dr. Hamzat inside the ferry

Education

Chinedu-Okoro: Why Govt Must Provide Basic Amenities, Reduce Taxes for Schools to Thrive

Mrs. Doris Chinedu-Okoro is the founder and Chief Executive Officer of Evergreen Group, a conglomerate of schools in Enugu. In this interview with Funmi Ogundare, she explained why the government must provide basic amenities such as water, light, and good roads and reduce taxes, especially for private schools to survive. She also emphasised teacher education and welfare so that the teaching profession can attract the best, among other issues. Excerpts:

You recently held a conference on South-East educators. What is your assessment? Did it make the necessary impact that you envisaged?

I will take the assessment from the participants or delegates from the points of vendors and educators in the South-East generally. So what I can is that the conference was very impactful. Honestly, we’re still getting responses and feedback from all the participants. The delegates were so excited. As I said, the first time we had an interview, I told you the main objective for this South-East is for them to know. You can only desire what you know and desire what you’ve seen. We realised that there were lots of things that the educators were not aware of, so bringing industry experts and some vendors into Enugu state, was for them to know that it is possible and it is also obtainable. So they were so excited and they felt like, Oh, my God! This is what we’re looking for. From the vendors, some of them sold out completely what they came with. From the southeast, we had a lot of participants from Anambra, Enugu, Abia, and Imo, and they were asking how they could be of help for the 2025 programme so they can start organising their people from those states. So the programme was very impactful, useful and rewarding.

What are the challenges you encountered in putting such a programme together?

First of all, finance because it was very expensive to do that. We needed to get industry experts from all over and most times take up their bills for their accommodation, flights and all that. So, finance was a huge challenge initially. However, we started getting vendors who were buying up booths, so we had to raise the money. Another feature we

encountered was their mindset. The mindset of educators in the South-East is still being worked on. So, this is the first of its kind, so I can’t tell you that, Oh! everybody got involved. Not all of them, but we can score ourselves 80 per cent. However, we want everybody to be involved. We want every educator in the southeast to understand the trends. So, it was a huge challenge. I can tell you, most of the time, we did leg work. We were visiting them in their schools, educating and telling them what they stand to benefit from and if they got involved and become part of the South-East educators’ conference, so that’s basically the challenge. Another challenge is government

responses. We expected huge support from the government not just in terms of finance but also in sponsoring educators. Anything you’re doing in the education sector, you should be mindful of the fact that if it’s only one sector going in this particular industry, it can’t work. The private and public sectors are complementary in the education industry. In this country, you notice the wide gap between private and public schools. When a conference like this comes up, you expect the government to key into it by sponsoring some of their school leaders to come so that they can understand that as the children from private schools are coming up to navigate their world, it will also be the same with children coming from public schools. So, it was also another challenge having a government buy into it and sponsor a lot of school leaders coming from public schools.

You talked about mindsets; how easy was it to make them buy into the idea? Yes, mindset is a huge challenge here. What you don’t know, you don’t know it. One thing about this sector is that it is the most dynamic. The education sector changes like the speed of light. As to learning the best practices, if you turn, there has been a change. The mindset that we are trying to change is to tell them to come out and learn. Don’t stay on what you learnt 10 years ago because it is no longer relevant. So, people’s mindsets are so fixed the way they used to be? It can’t be the way it used to be. You need to come out and find out what is obtainable now.

How would you describe the education landscape in the South-East as of today? I don’t know whether I am the only one feeling it, but I feel something shifted. I can tell you that for free. So there’s a mindset shift.

Recently, somebody came to meet me in my office. I had never met her, but she said she had heard about the conference but had missed it. She asked that I include her in whatever we are doing. So there is a sort of shift now, which is what we were actually gunning for. Not everyone attended, but as many that came, there was a mindset shift. When we started this conference, I never thought we were going to run it again, but with the way things are looking, we need to start planning for 2025. Even if we don’t want to do it, people are already requesting it.

What’s your view about teacher education and recruitment?

For you to be who you are, somebody needs to educate you, somebody needs to teach you. Because of the way I look at learning and teaching, teacher education needs to be looked into with all seriousness, even if the government decides to look into other departments or other sections of education. So, even a teacher education curriculum needs to be structured to ensure those skills for the teachers. We are the recruiters of labour in this industry, and we realised that each time people come and write tests or do oral interviews, we see foundational gaps. You see somebody who studied the English language and graduated from university but does not know anything about nouns. So, most of the time, we recruit and start training. Basic training is not just about skills, but starts with basic grammar structure, sentence structure, etc. These people are supposed to have an impact on the field. You can only teach what you know.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

UNILAG Professor Launches Foundation to Support Indigent, Brilliant Students

Uchechukwu Nnaike

As part of activities marking his 60th birthday, Mike Adebamowo, a professor of Architecture at the University of Lagos (UNILAG), has unveiled the Professor Mike Adebamowo Foundation (PMAF) to support indigent university students through school.

Adebamowo, the Executive Director of UNILAG Business School, said the occasion hinged on the grace of God, which he has enjoyed in all ramifications of his life from childhood to adulthood.

He said he enjoyed many scholarships, which enabled him to complete his university education easily without any burden on his parents. So, to celebrate his 60th birthday, he called on relatives and friends to partner with him to set up the foundation to help the

less privileged, especially the indigent students in Nigerian universities.

He said the aim is that no student will be short-changed or stagnated because of finances, adding that the foundation will mentor the students to build their character and build a better society.

Adebamowo said the foundation is starting with N60 million and hopes to seek support and grants both locally and internationally to extend the scholarship to other levels of education.

“We believe our own little way in setting up this foundation will be to give back and raise a godly generation, who are also morally sound and with great intellectual acumen that will

come up with innovations, among other things,” he said.

The Chairman of the board of trustees of the foundation, Pastor Toks Oshokoya, said in addition to granting financial support to indigent students in any Nigerian university, the foundation will ensure continuous monitoring and evaluation of the progress of the beneficiaries, avail them a job-related ecosystem and mentorship.

He said the foundation will rigorously work through very open processes as developed by the board of trustees in selecting and considering beneficiaries.

Oshokoya added that interested students will register and establish engagement with the foundation. He said the foundation would pay the school fees of each beneficiary, and the allowances to provide for feeding would

be paid into the student’s account.

He said the committee will monitor and evaluate the beneficiaries’ total progress yearly, adding that the foundation will celebrate its milestones with lectures on education, leadership, and social responsibility.

Former Vice-Chancellor of UNILAG, Prof. Oluwatoyin Ogundipe, said the foundation is needed, especially considering the country’s current economic situation.

He called for foundations that would provide financial support, mentor the students, and follow up to ensure their well-being.

The Deputy Vice-Chancellor (Management Services), Prof. Lucian Chukwu, said the celebrator showed exemplary and trailblazing leadership in all his responsibilities at the university and commended him for his efforts in the academic community.

Heroes Awards: Dufil Commences Search for Exceptional Children

Uchechukwu

Dufil Prima Foods Ltd, makers of Indomie Instant Noodles, has launched the 16th edition of its corporate social responsibility initiative, the Indomie Heroes Awards, with a call for entries.

The initiative seeks to identify, recognise, celebrate, and reward the positive and heroic efforts of children aged 15 years and below.

The annual Indomie Heroes Awards has become a source of inspiration, celebrating the selflessness and bravery of young heroes across the country.

This year’s edition, tagged ‘Unsung Heroes’, will feature a collection of captivating and inspiring stories from different states across Nigeria’s six

geopolitical zones.

The company said commendable acts of physical, social, and intellectual bravery had often gone unnoticed and uncelebrated until it introduced the programme.

Briefing journalists in Lagos, the Group Corporate Communications and Events Manager, Dufil Prima Foods Ltd, Temitope Ashiwaju, disclosed that the field search exercise has already kicked off. Online submissions commenced on May 9, 2024, and will continue until June 30, 2024.

He said all entries will be subjected to a screening process, and a team of credible judges will select the winners in a final selection process.

“The Indomie Heroes Award is dedicated to acknowledging heroic feats achieved by Nigerian children, effectively investing in the future of our nation,” noted Ashiwaju. “Our commitment over the past 16 years as a company to positively impact the lives of our core consumers, children, remains steadfast.”

According to him, the company created the social responsibility initiative in 2008 to shine the spotlight on the Nigerian child.

“This award is to recognise children who have, against all odds, exhibited extraordinary acts of bravery in the face of danger and societal challenges which have sometimes even brought them injury. The award seeks to extol the exemplary accomplishments of children who have shown

courage and determination in situations that ordinarily would bring fear. It is also meant to encourage excellence, reward merit and inspire selflessness and patriotism in our youngsters,” he said.

The 2024 edition of the award will include three categories: physical bravery, intellectual bravery, and social bravery. Three children will be awarded winners, and each deserving recipient will receive N1.5 million, among other rewards. Explaining the categories, Ashiwaju said the physical bravery award is for children who have shown physical bravery in a challenging situation, and, at great personal risk, have saved lives or extensive damage to property or others by their actions.

Chinedu-Okoro

Nnaike

Chrisland Empowers Learners, Warns against Bullying

Funmi Ogundare

The Head of Risk, Compliance Safeguarding and Child Protection, Chrisland Schools, Mrs. Kemi Fajemirokun, has warned against bullying in schools, saying that love should be paramount and learners should be learners to make them less susceptible to bullying or abuse.

Fajemirokun said this recently at the school’s Safeguarding Week, which aimed to raise awareness about the effects and protection from all forms of bullying and sensitise students about the importance of speaking up.

The programme, ‘Promoting Total Well-being and Positive Mental Health Through Protection from Cyberbullying and General Bullying’, is usually held during the second week of each term across all its branches in Lagos and Abuja.

Fajemirokun stressed the need for its learners to stay safe and strong throughout the term and speak up against bullying.

She explained that the term’s theme was chosen through a questionnaire survey conducted to understand the concerns of the children.

“This week-long event is designed to empower learners and provide them with the necessary tools and knowledge to navigate each term safely and confidently,” said Fajemirokun. “The chosen theme will resonate throughout the term.”

Activities during the safeguarding week were conducted across different branches of the school to ensure maximum participation and impact.

The activities included song presentations, playlets, debates, drama presentations, spoken word performances, and talk shows. Additionally, safeguarding ambassadors for each level were reintroduced and encouraged to be exemplary in their roles.

During one of the sessions, Maureen Ada-Leonard, an organisational psychologist, advised the learners to communicate with their parents and counsellors at school.

She emphasised the importance of upholding moral values such as respect, integrity, and responsibility while likening the mind to an open space.

Ada-Leonard, a Chrisland High School Ikeja parent and Managing Partner of Etinard Consulting Limited, cautioned against taking in anything unhealthy. She emphasised the need for a holistic approach from home and school in raising a well-rounded child, adding that educators should be positive role models.

“It is the image the children see that they aspire to become,” she stated.

Another parent, Mrs. Opeoluwa Adeyemi, urged learners at Chrisland School Ladipo-Oluwole to remain vigilant, emphasising that bullying can occur not only within the school premises but also outside of it.

She pointed out, “Bullying does not only take place in school; it can happen anywhere. However, its effects can be felt or observed while the child is at school.”

TETFund Enlists Transportation University, Daura, in 2025 Infrastructure Intervention

Kasim Sumaina in Abuja

The Minister of Transportation, Senator Said Alkali, has disclosed that through concerted efforts, the University of Transportation, Daura, has been enlisted and incorporated among tertiary institutions qualified for next year’s Tertiary Education Trust Fund (TETFund).

Alkali made this known during his visit and facility assessment of the university at Daura, Katsina.

Alkali, in a statement in Abuja, noted that when he took over as the Minister

of Transportation, President Bola Tinubu directed him to continue with all existing contracts, stating, “Not only to continue but to sustain the contracts in the Ministry of Transportation.”

Alkali added that he embarked on an inspection tour along the rail corridor, which included the University of Transportation, Daura, constructed by Messrs China Civil Engineering and Construction Company (CCECC) as a corporate social responsibility. He observed, among other things, that the institution was unmistakably lacking

in certain infrastructure.

According to him, he has made considerable progress with the assistance and collaboration of the Ministry of Education, the National Universities Commission, the Joint Admissions and Matriculation Board, and TETFund.

Alkali said, “We have approached TeTFund, and the university has made all the checklists of the TETFund, so we will be enlisted against next year so that we have more infrastructure for the university to grow.”

Alkali maintained that the university was not included

in the federal government’s 2023 appropriation. Tinubu has approved the institution’s inclusion in the 2024 appropriation, even as he acknowledged the role of the NUC in appointing Ahmadu Bello University as a mentor University to enable the university to commence admission for the 2023-2024 academic year. He believed that a journey of a thousand miles starts with one step and fervently believed that the university would attain the lofty expectation of being established in no distant time.

Grooming Endowment Trust, AFED Reward Teachers

Funmi Ogundare

Grooming Endowment Trust (GET) and the Association for Formidable Education (AFED), have awarded a grant of N200,000 each to 12 exceptional teachers from underserved communities across Nigeria.

They include: Adetomiwa Awofeso, a teacher at Whanyinna Children Foundation School, Makoko Lagos; Cornelia

Udoh of Faithword Embassy Academy, Rivers State; Abigail Ekot, of Moslem Primary School, Ijebu-Ode, Ogun State; Blessing Titiloye of Omole Senior Grammar School, Lagos; Faith Arigbe, teaches at Jesnefer School, Delta State; and Dorathy Stephen who works with Maple Leaf Early Years Foundation, Bauchi State.

Others are: Lucius Suku of UBE Primary School, Kaduna State; Temitope Olaoluwa Emosu,

an educator at the Emeritus Prof T.O. Ogunlesi Model Secondary School, Ogun State; Christy Annger of Kent Academy Miango, Plateau State; Deborah Daniel, a teacher at IFAN School, Nassarawa State, among others.

Speaking during a virtual award ceremony, the Operations Manager for GET, Michael Adoghe, commended the teachers for their grit and determination in the face of

challenges.

“We were quite pleased at the application turnout and it speaks to the dedication of Nigerian teachers. Despite the challenges, we received over 500 applications from six geo-political zones and each teacher had a wonderful story to share.”

“We are honoured to be able to provide support to 12 teachers and are hopeful that this helps alleviate their struggles and

enable them to perform more effectively.”

He recalled that applications opened earlier in February 2024, calling teachers and educators across the country to present a case for grant funding, adding that GETAP sought to bring awareness to the plight of Nigerian teachers and also provide financial aid to facilitate better learning for the students.

“With over 500 applications

across the six geo-political zones, applications closed in March. After a thorough review process by an internal panel of judges, 60 teachers were selected.

“The 60 shortlisted teachers then proceeded to the second stage of interviews which featured a detailed application form and social media videos detailing why they should be selected for the funding,” the operations manager said.

Group Calls for Urgent Action on the Future of Nigerian Boy Child

The Boy-child Transformation Centre (BTC), a transformational platform that provides positive and permanent shift in the quality of life of the boy child, has appealed to all stakeholders to prioritise the well-being and development of the boy child in Nigeria.

In a statement signed by its founder, Ms. Nkiruka Moghalu Joel, the organisation advocated for the moral and character development of young boys,

amid challenges like inadequate familial support, abandonment, societal pressures, and negative influences, while emphasising the need to instil in them integrity, empathy, and positive values for positive societal contribution.

“In this month dedicated to celebrating the boy-child, we call upon all stakeholders, including the government, religious bodies, parents, primary guardians, schools, leaders, and the entire community, to address these

pressing issues. We can only encourage the growth of morally upright young men who will make valuable contributions to the development and advancement of our country by working together and making deliberate efforts in this regard,” Joel said.

In 2023, BTC hosted its annual ‘Walk in My Shoes’, a creative expression initiative for boys to showcase their talents and abilities, resulting in numerous awards. This year, the initiative

will prioritise mentorship opportunities, building upon the success of the previous edition. Inaugural mentors were Dr. Tunji Olugbodi, EVC, Verdant Zeal Group; Kola Oyeyemi, CEO, AXIOM Intel LTD; Oladipo Adesida, COO, Verdant Zeal Group; Tola Ogunmekan, a seasoned banker and financial advisor, and Michael Oloyede, a renowned drummer, musician, educator, and composer, among others. They will be joined

by additional mentors in the upcoming event themed: ‘Walk in My Shoes - the Mentor’s Feet’ scheduled for May 26, 2024. Joel commended government agencies such as the Economic and Financial Crimes Commission (EFCC) for their “proactive measures in recent times towards taking a special interest in at-risk youths and playing a vital role in redirecting the trajectories of young men while offering them a chance at a brighter future”.

Katagum LGA Awards Scholarship to Student with 347 UTME Score

Segun Awofadeji in Bauchi

The Caretaker Committee

Chairman of Katagum LGA in Bauchi, Musa Azare, has paid Abdullahi Aliyu Garba’s school fees. Garba scored 347 in the recent JAMB UTME.

Azare said the boy had written the LGA’s name in gold. Azare said, “I saw the name on social media, and because he is from my local government, my attention was drawn to the news. I traced the boy through my people in Azare. We identified

him and asked them to bring him to my office.”

Azare added, “He was brought to my office, and we sat down and talked for a few moments, after which I promised to settle all his school fees for four years whenever he got admitted into

the university. He chose BUK to read Software Engineering. His school fees are about N500,000. For now, he remains the overall best student in Katagum LGA JAMB history as far as we know.”

The boy’s father, Aliyu Garba, said the chairman of Katagum

LGA saw his result on social media and tried to find out more about him. He asked the boy to come and see him in the office.

“When the boy went, the chairman congratulated him and promised to put him on scholarship so that the Council

“As an implementing partner, BTC is committed to changing the narrative and trajectory of boys aged 5 -19 across Nigeria. Its programmes and initiatives aim to equip boys with the necessary skills, values, and opportunities to thrive in today’s complex and rapidly changing world. However, it cannot do this alone. BTC needs the support and collaboration of all stakeholders to effect meaningful and sustainable change,” she said.

will pay all his school fees and other requirements for the duration of four years,” he added. “I want to call on the attention of our leaders to emulate what he has done so that our children can have the opportunity to attend school.”

L-R: Group Corporate Communications and Events Manager, Dufil Prima Foods LTD, Temitope Ashiwaju; Associate Consultant, Chain Reactions Africa, Oluwadamilola Olujide; National Coordinator, Indomie Fan Club, Karishma Rustagi; and Senior Consultant, Chain Reactions Africa, Chidiebere Onuorha, at a press conference to kick off the 16th Indomie Heroes Awards in Lagos... recently

NIA Pledges Collaboration With NAICOM for Consolidated Insurance Bill

Ebere Nwoji

The Nigerian Insurers Association (NIA) has said that it would collaborate with the National Insurance Commission (NAICOM) to implement the 10-year strategic plan and finalise the consolidated insurance bill.

The association also expressed its willingness to collaborate with the new Executives of NAICOM in their effort to elevate the insurance sector to greater heights.

The NIA said this when its staff paid a courtesy visit to the

commission in Abuja. The delegation was briefed on the commission’s ongoing review of its strategic plan to align it with the Nigerian Insurance Industry’s 10-year strategic plan.

The Commissioner for Insurance, Olusegun Ayo Omosehin at the meeting assured continued collaboration with the NIA to safeguard consumer rights, particularly in ensuring the prompt settlement of genuine claims.

In his concluding remarks, the Commissioner for Insurance affirmed the executive management’s

ambition to drive growth in the Nigerian insurance market.

He said there was a collaborative spirit between NAICOM and NIA, highlighting a shared commitment to advancing the insurance sector and protecting the interests of consumers.

During the meeting, the NIA incoming Chairman congratulated the recently appointed Executive Management and expressed gratitude to the Commission for its pivotal role in maintaining a fair and stable insurance sector.

Coronation Champions Africa’s Future as Gold Sponsor of Africa CEO Forum

Coronation Group Limited (Coronation), Africa’s premier financial service s partner dedicated to driving transformative change and prosperity across the continent, has announced its Gold sponsorship of the 2024 Africa CEO Forum, set to convene in Kigali.

The 11th annual summit of the Africa CEO Forum will bring together over 1,800 CEOs, Heads of State, and Prime Ministers from around the world under the theme, “At the Table or on the Menu? A Critical Moment to Shape the Future of Africa.” The forum will feature over 60 panel discussions, public-private workshops, and closed-door roundtables, exploring pivotal topics such as Carbon Markets, Unlocking Climate Finance, and The Silent P: Adding Philanthropy to Public-Private Partnerships. Firmly established in Nigeria and Ghana, Coronation Group aims to provide

transformational solutions to the unique challenges facing African economies. By leveraging its strategic partnership with Access Holdings and M-PESA, Coronation stands out as a leading orchestrator of platforms and ventures that enable sustainable wealth creation across the continent. Founded by Aigboje AigImoukhuede, a visionary African banker, investor, and philanthropist with an impressive track record of building outstanding African financial institutions, Coronation is evolving into a Pan-African financial services powerhouse.

CEO/Managing Director of Coronation Group Limited, Wole Onasanya, expressed his enthusiasm, stating, “As a trusted partner in Africa’s financial landscape, Coronation Group is proud to support the Africa CEO Forum as a Gold sponsor. This is a testament to our unwavering commitment to driving

transformative change and fostering prosperity across the continent. Through strategic partnerships and innovative solutions, we are dedicated to building enduring legacies and empowering financial independence for all Africans. We look forward to engaging with industry leaders, fostering meaningful dialogue, and exploring collaboration opportunities that will shape the future of Africa’s financial landscape.”

The forum will be attended by CEO/Managing Director of Coronation Group Limited, Wole Onasanya, CEO of Coronation Capital Limited, Kayode Akindele, who will be speaking on a panel session, and Adebayo Adewolu, CEO of Trium Limited, among others. Their presence underscores Coronation’s commitment to fostering dialogue and collaboration towards a prosperous future for Africa.

FMN’s Golden Penny Rewards Outstanding Dealers

Through its quest for nurturing valuable partnerships, Golden Penny Foods, the iconic brand of Flour Mills of Nigeria Plc (FMN) rewards outstanding dealers at its annual B2C Sales and Marketing conference. The event took place on Wednesday the 8th of May 2024 at the Lagos Continental Hotel, Lagos. The event, which attracted dealers from across the country, concluded with a grand awards ceremony where top-performing dealers were honoured with prestigious awards and significant cash prizes.

This year’s conference, themed, “Breakthrough Leadership and Extreme Execution,” aimed to foster closer collaborations between the Group and its extensive dealer network, focusing on strategies to enhance customer satisfaction, shared value and drive mutual growth. The event featured a series of workshops, keynote speeches, awards ceremony, and panel discussions led by industry experts and top executives from Flour Mills. Managing Director, Food Division, Devlin M. Hainsworth, opened the

ceremony with a speech highlighting the importance of dealer partnerships in the company’s growth strategy. “Our dealers are not just distributors; they are our partners in progress. it’s been truly inspiring today what we’ve witnessed. Not only have our partners traversed a very challenging year, they grew their business and they grew our business. This conference is a reaffirmation of our commitment to empowering and enriching our partnerships,” Devlin stated.

Exclusive Networks Inaugurates W’African office in Lagos

Exclusive Networks, a global cyber security specialist organisation, recently, inaugurated it’s West African office in Victoria Island, Lagos, with the aim of creating job opportunities and contributing to the technology landscape in the country.

Speaking with journalists at the opening ceremony, the Group Managing Director for Africa, Anton Jacobzs explained that its goal is to be the distributor of choice within

the African region, adding that it has doing business in Nigeria remotely in the last 15 years.

The inauguration of the new office, he said, was also due to its increasing market share and clientele base.

“We are a cybersecurity focused entity. We will be bringing the most relevant expertise and skills. So the experience is to help our partners access business from a cybersecurity perspective, which add values to them.

“We are in Nigeria for the long run, we have been

operating remotely and people are on ground. I think that in order to be relevant, you need to be present.”

Jacobzs stated that the organisation boasts of highly skilled people and partners; and in 2023, it achieved a business turnover of £5 billion.

“Exclusive Networks is listed on the French stock exchange. It is a compliant organisation with 22,000 partners, offices in 43 countries and render services in 173 countries with well over 2,000 staff.”

Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE)

Associate Professor of Entrepreneurship and Management, Lagos Business School, Dr. Henrietta Onwuegbuzie; Senior Consultant BMI Finishing School, Unachukwu Nnamdi and President, Tehila Music, Dr. Timothy Ogboruche during a press conference in Lagos…recently

Funmi Ogundare

SEC to Work With EFCC on Foreign Exchange Trading Manipulations

Kayode Tokede

The Securities and Exchange Commission (SEC), yesterday pledged to work with the Economic and Financial Crimes Commission (EFCC) in a bid to ensure that trading manipulations are reduced in the virtual space.

Acting Director General of the SEC, Dr. Emomotimi Agama stated this when he received a team from the EFCC

led by the Executive Chairman Mr. Ola Olukoyede in Abuja. Agama stated that as apex regulator of the capital market, the SEC is ready to co-operate with the EFCC in order to achieve the national objective of making sure that illegality is not allowed to thrive.

He said, “It is a great pleasure to receive you here today. This is a testament to the relationship we have and the value you place on the

SEC and the best interest of Nigeria. We believe this will be the beginning of greater things to come. My desire is for us to strengthen the existing Memorandum of Understanding we have and ensure it is more effective in dealing with current issues.

“We believe this form of co-operation is in the best interest of Nigerians. Only last week, met the fintech community and we made it

clear to them that the SEC will not condone illegal trading on any platform especially P2P. it’s a dangerous trend and we cannot allow it continue. This collaboration is very necessary for us to get out of this forex crisis.”

He disclosed that the commission is planning an economic regulatory hub where it can upload requests and other regulators/sister agencies would be able to respond

immediately thereby reducing incidences of delay.

He aded, “We plan to create an economic regulatory hub we can upload requests and other regulators can respond immediately. Time to market is very important in the work we do and we need to have information and responses in a timely manner.

“We will do all we need to do to ensure our markets are free from manipulations. We

will enforce where necessary to send a strong message that it is no longer business as usual.

“We are examining our virtual regulations to cover all areas and are open to reviews to have a better document and a well regulated market. we are striving to close all the gaps and this co-operation will enable us block every gap in our bid to regulate the virtual space and give comfort to Nigerians.”

PRICES FOR SECURITIES TRADED ASOF MAY 14 /24

focus

As Zenith Bank’s Onyeagwu Ignites Zenpay Fintech, Partners AfCFTA

Weighing the evolving fintech ecosystem’s future, critical in the financial services sector, Dr. Ebenezer Onyeagwu, the outgoing MD/CEO of Zenith Bank Plc, now chairman of Zenpay Limited, a Zenith Bank subsidiary, initiates a smart partnership with AfCFTA to ease trade within the continent, Louis Achi writes

Under the nimble guidance of Dr. Ebenezer Onyeagwu, the outgoing Managing Director/Chief Executive Officer of Zenith Bank Plc, Zenpay Limited, a wholly owned subsidiary of Zenith Bank which he chairs , last week, signed an agreement with the African Continental Free Trade Area (AfCFTA) secretariat for the development and deployment of the SMARTAfCFTA portal to facilitate trade within the African continent.

Onyeagwu cuts to the heart of the unseemly intra-African trade quandary. His words: “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”

Clearly, the foregoing regressive scenario urgently needed to be changed and intra-continental trade transformed to benefit Africa. But this also needed a visioner who leads from the front. And that is where Onyeagwu who had birthed the cutting-edge growth and governance models that transformed Zenith Bank - steps in.

Apparently, one of the more recent spin-offs from his impactful financial services sector trajectory is initiating this cutting-edge partnership with AfCFTA. This hardly surprising.

Onyeagwu is reputed to regularly reject staying tamely at the end of received policy prescriptions. He covets knowledge-driven innovations, proactive engagement with stake-holders, policy makers and sure-footed action. These dimensions have been boldly mirrored in his leadership of Zenith Bank Plc, one of the continent’s now transformed financial services behemoths - even as he exits in June.

As it were, Zenpay Limited which he chairs, last week signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent.

The agreement which was signed by Onyeagwu and the Secretary-General of AfCFTA, Mr. Wamkele Mene, trails the Memorandum of Understanding (MoU) which was previously signed by both

parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export held on Wednesday, 8 August, 2023.

On his part, speaking during the agreement signing, Mr. Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He also appreciated Jim Ovia, the Founder and Chairman of Zenith Bank Plc,

for his commitment to the project.

His words: “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement.

“Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their profit margins to their stakeholders, but are motivated by our shared duty towards the continent.”

For context and more clarity, the African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want. It is a high ambition trade agreement, which aims to bring together all 55 member states of the African Union, covering a market of more than 1.3 billion people, with a comprehensive scope that includes critical areas of Africa’s economy, such as digital trade and investment protection, amongst other areas.

As it were, by eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in valueadded production and trade across all services sectors of Africa’s economy, at a potential of 52.3 percent.

On the other hand, SMARTAfCFTA, as Mene had earlier intimated, is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

A sound professional and bold leader, it could be recalled that Onyeagwu’s ground-breaking five-year tenure which ends in a fortnight saw Zenith Bank

Plc transform into an innovative, sector-leading continental behemoth. Dame (Dr.) Adaora Umeoji takes the baton from Onyeagwu and assumes office as the new MD/CEO on June 1 2024.

Unquestionably, Onyeagwu’s astute corporate governance stewardship as Zenith Bank boss would no doubt rub off on Zenpay Limited, Zenith Bank’s fintech subsidiary as the innovative trade platform engages Africa, especially with its new partnership with AfCFTA. He is expected to choreograph and fundamentally guide the expansion of trade flows in Africa.

Onyeagwu’s chairmanship of Zenpay Limited coincides with significant global disruptions that vanquished traditional business playbooks. It’s no secret that the unprecedented economic conditions wrought by the global pandemic, seismic shifts on the global scene mirrored by the West’s new nationalism, Sino-America tensions, the ongoing Russo-Ukranian conflict and the more recent Middle East tension which continue to impact diverse planetary business eco-systems frames a very challenging environment to drive a unique, visionary partnership like the Zenpay-AfCFTA one.

A particular challenge here is the perceived weakness of laudable intra-continental initiatives often undermined by exploitative extra continental forces. But many industry analysts believe that if Onyeagwu could weather the enervating storms, thrown his way at Zenith Bank while remaining a disciplined, focused turf player in the high-octane powerful financial services sector, the glittering stripes he rightly earned can see him through his latest responsibility.

He is justifiably expected to bring to his new mandate astute strategic thinking, inspirational leadership, sheer energy and his vintage consummate entrepreneurial skill.

His unique traits are anchored on fetching humility, notable consistency, stern discipline, deep ethics, unrelenting hard work and outstanding professionalism. He is indeed an inspirational leader with impeccable track records of excellence. Bristling with about 35 years of industry experience, Onyeagwu has certainly paid his dues and as he turns his attention to new, novel responsibility of engaging Africa for Africans, only few doubt his innate ability to deliver the goods.

Security Firm Announces Launch of Drone Plant, Eyes Govt Partnership

The Group Chief Operating Officer of SP Offshore Group, Obafemi Adekunle, has announced the company’s plan for a military grade drone manufacturing plant launch, with cutting edge technologies, a first of its kind in Nigeria. A statement by the company further said that Adekunle paid a condolence

visit to the National Security Adviser (NSA) Nuhu Ribadu, over the demise of his brother.

The launch which is scheduled for the 3rd quarter of this year, was announced in a press statement signed by the Group’s Company Secretary, Ms Mina Park-Okoloko. According to the statement, SPO

Group is incorporated and with subsidiaries on three continents.

“Our deep local knowledge and broad relationship network, affords us an easy access to capital, proprietary deal flow and key sector insight. SPO primary objective is to achieve attractive returns while maintaining a strong risk management strategy.

“The defence industry in Africa is a strategic and economic asset, and from a socio-economic point of view, the industry contributes significantly to sustaining the military capabilities of African states. It is growing rapidly, with Algeria, Nigeria, and South Africa, already making intra-regional military equipment sales.

“Africa needs a capable defence industry for strategic reasons because of the instability in the continent and the need to be able to protect against the effect of the instability from the Middle East.

“ It is to that that effect that SPO Dynamics Systems was created. With a projected production capacity of

Enugu Gov Awards Full Scholarship to 17-year-old Aspiring Pilot, Clears N23m Fees

Governor of Enugu State, Dr. Peter Mbah, yesterday received in his office Israel Echezona, a 17-year-old indigene of the state, who emerged the overall best candidate in the Nigerian College of Aviation Technology (NCAT), Zaria, entrance examination.

Mbah also awarded him full scholarship to train as a pilot, stressing that the gesture was in line with his administration’s drive to equip the children and youths of the state with the requisite education and skills to excel in life. He urged him to continue on the path of excellence to justify the investment and confidence vested in him by the state.

1,000 drones monthly, making it the largest drone plant in Africa.

Receiving the beneficiary, his mother, Mrs. Ukamaka Echezona, and two others at the Government House, Mbah said the state would not only offset the N23.2 million initial fee, but also take charge of all remaining financial obligations until the recipient completes the programme.

“Look up to God, pray and work hard. Nigeria is our country. Meet your government. The other governors, who are like Governor Peter Mbah, might help you in sponsorship of your education,” he stated.

“I congratulate you on your admission. You have made us proud and this is exactly what we want for the youths of our state. We will give you full support going forward. So, the ball is now in your court. Go and make us proud,” Mbah stated. Reacting, Echezona pledged to make Enugu state proud, saying the governor had shown that there was hope for Nigeria. He urged the youths not to lose hope, but work hard to be the best in whatever they do.

On her part, the mother of the beneficiary, Mrs. Echezona, while thanking Mbah said she had lost hope, given the money involved, adding that she was also surprised at the speed the governor attended to their plea for help, as suggested by the former councillor for Mgbagbu-Owa Ward I, Stephen Okafor.

“I am filled with joy. When the admission came out, I saw the money, and I said I could not continue because it is not what I can attain. But I was

encouraged that this is a rare admission; that the government could be interested in it. “We wrote to our councillor, who took it up. Within one week, we are here and have met and talked with the governor.

“I did not know that a government can be this kind and the governor has already proven that even ordinary people can come close to a governor. I am overwhelmed, having a handshake with the governor and he told us he is taking full responsibility for this child as his own.

“Meanwhile, we are based in the North, but I have heard good things about him in the very short time he is in office. We came into Enugu State and I can testify that

he is working well.

“I can confess the good things I heard about him. He is working and he is doing well. My prayer for him is that God will give him long life to be able to reap the fruits of his labour,” she said.

Also speaking, the former councillor, Okafor, said he wrote to the governor for help towards Echezona’s admission given the value the governor places on education.

“I put down a letter to the Govern- ment House. The letter did not take time, just a day, His Excellency called us. Today he said he is taking full responsibility for everything. So, he has shown us that Enugu state is our own,” Okafor stated.

“The company aims to transform industries like defence, energy, logistics, agriculture, law enforcement agencies like customs , immigration, police etc,” the statement said. It listed the services provided by the firm as: Military and Tactical Training, Ship boarding Simulators and Security Vessels, Air Combats Simulators and Helicopters, Threat Assessment and Data Tracking, Weapons, Drones and Combat Equipment, Port and Airport Security as well as Pipeline Surveillance and Protection.

“The west doesn’t make drones based on Africa’s needs. China, Israel, the United States and others develop and test their drones first for their security issues and decide on the features to commercialise , because they do not like to commercialise all their researches and innovations. We now purchase or order these drones to adapt them to our terrain.

“Sometimes they wait 10-20 years to make some technologies available on the market , which put us at disadvantage mostly because imagine being 10-20 years behind when we could have developed our own technology during that time .

Onyeagwu

British Envoy visits sEnatE...

L-R: Senate Whip, Ali Ndume; British High Commissioner to Nigeria, Dr Richard Montgomery;

Again, Komolafe Promises to Conduct Fair, Transparent Oil Bid Round

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has again, pledged to ensure a fair and transparent process in the ongoing bid round for 19 oil blocks.

Speaking yesterday at the Miami International Roadshow for the 2024 licensing round hosted by the commission, in collaboration with the Petroleum Technology Association of Nigeria (PETAN), in Florida, Komolafe described the exercise as an unprecedented opportunity to unlock Nigeria's vast hydrocarbon potential and attract investment.

He stressed that the round introduces 12 meticulously selected blocks across diverse geological spectra — from the fertile onshore basins to the promising continental

shelves and the untapped depths of Nigeria’s deep offshore territories. Each block , he said, has been chosen for its potential to bolster the country’s national reserves and stimulate economic vitality.

“Permit me to express that the NUPRC on behalf of the Federal Republic of Nigeria is committed to conducting the licensing round in a fair, competitive and transparent manner and ensuring a level playing field for both indigenous and international investors.

“Our approach is underpinned by the robust legal framework of the Petroleum Industry Act 2021(PIA), which ensures compliance with best practices to boost investors’ confidence,” Komolafe stated.

According to him, aside the 12 blocks, seven deep offshore blocks from the 2022 mini-bid round exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m

to 3,100m, shall also be concluded along with the ongoing round.

To ensure the seamlessness of the licensing round exercise, Komolafe stated that the NUPRC, in collaboration with the National Data Repository and multi-client partners, guarantees access to comprehensive and high-quality geological data, facilitating informed decision-making and strategic investments.

Komolafe expressed the hope that the licencing round is expected to be a huge success for Nigeria and is a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilisation and end to end development across the value chain.

He stated that it will also strengthen energy security and economy, providing occasion to gainfully engage the pool of

competent companies in the oil & gas sector with multiplier effect in employment opportunities, enabling transfer of technology, valorising petroleum assets in the Nigerian territory and attracting investments.

In addition, the licensing round, he said, presents Nigeria with the opportunity to reinforce its commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI).

“On the global scale, the licensing round will no doubt be beneficial to all stakeholders and will in the long run contribute to long-term global energy sufficiency.

“Interestingly, the licensing round process was formulated in cognisance of global energy sustainability goals. The implementation process will, in addition to technical and commercial considerations, pay the requisite attention to strategies, processes and

Abia Releases Forensic Report, Reveals N12.8 Billion Paid to Ghost Contractors

After weeks of altercations with his predecessor, Governor Alex Otti has finally made good his promise to make public the forensic report showing financial malfeasance by the immediate past administration.

The 359-page report prepared by KPMG, which was engaged for the job on July 13, 2023, was released yesterday, by the State Commissioner for Information and Culture, Mr. Okey Kanu, shortly after briefing journalists on the outcome of this week's meeting of the State Executive Council.

Part of the report revealed that N12,800,851,500.00 was paid to four contractors, "for contracts that do not appear to exist, per available records and discussions with relevant officials."

According to the report the alleged phony contracts included N10,000,000,000 paid, "to Ferotex on 25 September 2020 for the “construction of Abia State airport.

"N2,000,000,000.00 (was paid) on June 6, 2022 and September 1, 2022, to Logistics De-Luke, for the “delivery of 22 different brand-new vehicles” while N9,279,800,000.00 was paid to seven contractors "with no records that the contracts were executed, per schedules of contracts provided and discussions with relevant officials".

Kanu, said Governor Alex Otti meant everything he had said about the payment of N10 billion for Abia airport that not seen to exist anywhere

in the state, as well as other phony contracts awarded and paid for by the past government.

According to him, the release of the forensic report for public view would give the people of Abia, Nigerians and indeed the global community an idea of how Abia State was mercilessly raped by those entrusted with authority to pilot its affairs between May 29, 2015 and May 28, 2023.

The report dated March 2, 2024, signed by partner, enterprise risk services, Saheed Olawuyi, was addressed to the Abia State Accountant General, Dr. Njum Onyemenam, after the process review covering May 29, 2015 to May 28, 2023.

It showed that the immediate past government paid the sum of N131,877,519,592.0622 to 231 contractors, through three means, namely Contractor Finance Facilities, government bank accounts and procuring MDAs - Ministry of Works and ASOPADEC .

While reviewing sample payments of N107,234,358,515.21 of the N131,877,519,592.06, it was discovered that N15,936,522,309.43 was paid to 6, 324 contractors, "with no supporting documents maintained by the Cash Office, Office of the AG (Accountant General)."

The forensic report also identified instances where contracts were awarded in disregard to Section 24 of Abia State Procurement Law and Section 3303 of the Abia State Financial Regulations.

To substantiate this claim, the forensic auditors cited payment of N4,000,000,000.00, with substantial upfront payments (i.e. 92% of contract value) that was made to Track Care Global Construction for six projects.

The financial recklessness of the period under review, the report noted, showed that the then Governor approved 3,535 contracts amounting to N83,382,082,143.10, with no records of evidence in line with the state government's practice. "Ministry of Works awarded N2,831,458,377.40 worth of contracts to Arab Contractors for the 'Reconstruction of Aba Road Umuahia from Enugu – Port Harcourt Express way junction to Railway Crossing at Old Umuahia', without records of competitive bids, contrary to Section 26 (1) of the State’s Procurement Law.”

implementable plans consistent with net zero carbon emission targets, eliminating gas flares as well as overall environmental, social and governance (ESG) considerations.

“ The oil and gas industry in Nigeria has embraced the reality of energy transition and is taking strategic position to leverage on the opportunities presented by the unfolding era.

“ However, it is worthy to recognise that recent events around the globe indicate that fossil fuels will continue to be a core part of the global energy mix well into the future, even beyond the set 2050 targets for achieving net-zero carbon emission,” Komolafe explained.

In addition, recognising that the era of frontloaded huge signature bonuses is over, he stated that Nigeria under President Bola Tinubu, as Minster of Petroleum Resources has become a lot more proactive and pragmatic in ensuring that entry fees do not constitute a barrier to entry for investment in exploration blocks offered.

“As a responsible regulator, the commission will continue to review the prevailing global investment climate to ensure that the entry fees associated with all licensing rounds are competitive in the context of global realities.

“Broadly speaking, competitive entry fees that are responsive to prevailing realities will be adopted in the 2024 Block licensing rounds. Also, considerations for the commerciality of projects will be made on a caseby-case basis for the determination of appropriate entry fees.

“In the case of the 2024 licensing round, the commission will implement suitable models that support investments and guarantee value

for stakeholders in accordance with the government aspirations,” the NUPRC chief executive noted. He extended invitation to Nigeria’s global partners to join in the venture as the guidelines for participation are structured to ensure fairness and strategic partnership, fostering not just economic returns but also technological exchange and capacity building.

“This 2024 block licensing round is not merely a transactional opportunity; it is a testament to Nigeria's commitment to advancing a resilient and sustainable Industry.

“As we stand at the threshold of history in our energy sector, let us collaborate to harness the opportunities that promise not only to meet the immediate needs of our growing economies but also to secure a sustainable future for the next generations for shared prosperity,” he said.

Also speaking, Senator Ekong Williams, Chairman, Senate Committee on Upstream Petroleum Resources, said that Nigeria’s upstream petroleum holds immense promise for investors seeking to capitalise on abundant oil and gas resources, a conducive investment climate, and a government committed to fostering growth and prosperity.

The Nigeria 2024 licensing round, he said, presents a unique opportunity to access strategic acreages, unlock new reserves, and partner with industry leaders in driving Nigeria's and global energy future. Aside the hydrocarbon resources, he said that Nigeria benefits from a well-developed infrastructure network, including pipelines, terminals, and export facilities, that provides access to regional and global markets.

Olaopa Decries Education without Skills, Lauds New FG's Model

The Chairman, Federal Civil Service Commission (FCSC) Prof. Tunji Olaopa yesterday expressed concern over an education system that does not impact learners with skills, lauding the federal government's approval of the National Certificate of Education- Bachelor of Education (NCE-B.Ed) certificate model for colleges of education.

According to him, the theory that only universities can produce the needed manpower in the country will lead to a situation of whitecollar jobbers, with the result the national skills disequilibrium that has made Nigeria to rely largely on her neighbours in the sub-region for basic and master artisans, vocational and technical education skills and expertise.

This situation, he said, has in turn made a mess of the many governments’ job creation and

poverty reduction programmes."

He said if was s important that the nation should confront what he described as the "current national craze for certification that is devoid of skills content.”

He said this is complicated by government discriminatory skills pricing, cadre classification and grading, as well as career progression parameters which increasingly put more weight on the size of certificates rather than what the holders can offer as skill and acumen.

Against this background he said that he fully supports the need to upgrade more Colleges of Education (COEs) to degree-awarding institutions, one that enables a two-step NCE-B.Ed. certification model.

"This of course has strong implications that will demand that COEs reengineer their backend capability readiness through institutional repro-

filing of curricula, pedagogy, as well as mobilise for greater investment in staffing.

“Also in infrastructural development, faculty upgrade to build research-reinforced pedagogical capabilities of the COEs’ regular faculty members and the entire workforce", he said.

Olaopa said he hopes that in the long-run, the B.Ed. will not subsume and totally eliminate the NCE programme.

According to Olaopa, in today’s world, students and the youth demographic are not only the largest consumer of ICT contents, they are also the leading creators of online contents, many of which are educational in nature.

He said: "In other words, to what extent has open and distance learning leveraged students’ use of expensive smart phones for learning? How fast

are we teachers catching up with the opportunity afforded by social media technologies to connect with the new digital generation students as part of rejigging the learning and teaching processes?

"It is also relevant to ask the question on the extent that the tertiary education research programmes reflect and envision the technology innovation model of the Silicon Valley-higher education connect as found in the Boston axis of the USA, and Bangalore in India.

“And how much of these advances are we taking advantage of for more cost-effective education delivery with less of traditional brick-and-mortal mode, with regard to resolving the problem of the shortage of teachers, examination malpractices, cultism, exorbitant cost of printing and distribution of hard copy textbooks?"

President of the Senate, Godswill Akpabio; Juliana Stoyanova; and Chairman, Senate Committee on Appropriation, Solomon Adeola, during a courtesy visit by the UK Envoy to the Senate President in his office ... yesterday

Emmanuel Ugwu-nwogo in Umuahia

Emmanuel addeh in Abuja

Continues online

At the 2024 US-AfricA BUSineSS SUmmit...

UK Sets Agenda for National Assembly on Constitution Review

Identifies state police, poverty alleviation, gender inclusiveness

Sunday Aborisade in Abuja

The British Government, yesterday, urged the National Assembly to consider the issue of state police, gender inclusiveness and poverty alleviation as it prepares to further amend the 1999 constitution.

The United Kingdom stated this through the British High Commissioner to Nigeria, Dr Richard Montgomery, during a courtesy call on the President of the Senate, Senator Godswill Akpabio.

The British Envoy said he was in the office of the Senate President to understand his vision, and priorities for the 10th National Assembly.

He explained that the United Kingdom has a long standing relationship with Nigeria, hence its government was interested in the affairs of the country.

"The UK and Nigeria have a long standing relationship based on a shared history and we have incredibly strong people to people links between our country.

"We have very significant connections between our democracies and our democratic institutions, whether it's our parliaments or National Assembly, or it's the Westminster foundation for democracy, or it is the constant exchange between parliamentarian here and parliamentarian in the UK.

"The reason why I wanted to pay my respects, pay my courtesy call, but also bring my delegation, is that where possible, we would like to understand your vision, your priorities for the 10th National Assembly.

"Before, I table a few issues for interest and possible conversation, I would just like to make a broader statement about the UK Nigeria relationship.

"We have very strong links between our mutual diasporas. There are many British people here, who work in Nigeria and there are many Nigerians that work in the UK.

"Of course, we're bound together by family, friendships, business, all those people to people links. That is why the UK has a very large diplomatic mission here to facilitate those links."

Montgomery explained that in the first year of his tenure as British High Commissioner, which coincided with the first year of a new administration under President Bola Tinubu, there has been a robust relationship between the Britain and Nigeria.

He said, "The first year has seen, I think, a significant elevation in the relationships that are being established between my government and the government of the Federal Republic of Nigeria.

"Those relationships have been elevated in a number of quite specific areas of mutual interest and I hope mutual benefit."

He explained that the UK foreign secretary had the privilege of being the first international notable leader to come and call on Tinubu when he was inaugurated.

He said, "We agreed then that we should talk more about security defence, about investment and trade.

"I'm delighted to say that in

February this year, our two governments signed a renewed security defence partnership and we signed an enhanced trade and investment partnership.

"Then in March, we held migration Justice Home affairs talks, which is a regular annual dialogue.

"We have been talking to the Ministry of Foreign Affairs about global, regional foreign affairs issues that we need to have a constant dialogue on how to share views between our two sovereign powers.

"So, my general statement is that Nigeria and the UK have tried to significantly elevate our engagement and I think that has seen some very important steps forward.

"This (National Assembly) is the seat of Nigeria's democracy and it is the role of any sensible diplomatic mission to understand the priorities and the debate in your parliament, in your National Assembly.

"I came to understand how you see the Nigeria challenge, the Nigeria progress, the renewed hope agenda, how diplomatic international partners can get behind that.

"Also to understand the debate that you're having about the big and bold economic reforms that are happening, some of the constitutional review debates that you're doing.

"Here, if you'll forgive me, I'm creating a little bit of an agenda for you to either respond on or ignore.

I'm sure there are other distinguished senators or principal office holders who may want to weigh in.

"We are watching your debate about issues like state police, issues like promoting better representation for women in politics and in parliament, issues like the palliatives and social safety nets that need to go alongside the difficult economic reforms, but very impressive economic reforms that are being undertaken.

"There may be other constitutional issues that you are debating that it is important for us to understand," he added.

Akpabio, however, assured the international community that the 10th

Senate National Assembly would welcome suggestions and advice while amending the Constitution. He pledged that the National Assembly would address all the issues involving the current challenges confronting Nigeria in the areas of security, gender inclusiveness and poverty.

"While amending the Constitution and the Electoral Act, efforts would be made to pay special attention to the poor women representation in government.

"We did not do well in the last election regarding women inclusiveness but President Bola Tinubu has made up for the shortfall in his appointments.

$360m Azikiel Refinery Targets Mechanical Completion by Year End, Production Begins 2025

Nigeria's second biggest privateowned oil refinery, the 12,000 barrels per day (bpd) Azikiel Petroleum Refinery phase one currently under construction in Gbarain, Yenagoa, Bayelsa State has exceeded 87 per cent completion and fast approaching mechanical completion by the end of this year.

The promoters of the hydro skimming refinery, the Azikel Group, anticipates mechanical completion in 2024 and commercial production operations by 2025. The

company added that the planned phase two which would commence immediately upon the commercial operation of the phase one was a 25,000-barrels per day facility.

When fully on-stream, the refinery would produce two million litres of premium petroleum products of EURO V grade per annum, including petrol, aviation fuel, diesel among others, and hopes to be able to determine the costs and quality of petrol in the country.

The project is being delivered by United States-based Original Equipment Manufacturer (OEM)

and engineering, procurement and construction (EPC) contractor, McDermott, which manufactured the Inside Battery Limits (ISBL) Process Modules of the refinery in US.

Providing the overview and current status of the project during an exclusive interaction with THISDAY, President of Azikel Refinery, Dr Eruani Azibapu, revealed that 90 per cent of the Process Modules of the ISBL of the facility had been shipped into the country, while the Outside Battery Limits(OSBL) and Balance of Plant (BOP) are already completed and installed.

Azikiel Group is a conglomerate of major subsidiaries involved in dredging, power generation, aviation and a mini refinery in the US and the Niger Delta-based hydroskimming refinery.

commence production at the refinery. He described the refinery as the hope of the Niger Delta and Bayelsa, saying the multi-million-dollar facility stood to be a model for what is possible in Nigeria.

Highlighting the values of the project to the country's economy, Azibapu noted that aside adding value to the Nigerian crude oil, the company has created over 80,000 indirect employment and over 700 direct employment.

He added, “When the refinery is running, there will be a lot of businesses that will emerge, people doing trucking and all that. Direct employment will be over 3000 people.

The Central Bank of Nigeria (CBN) has been advised to shelve the idea of issuing pilgrims Basic Travel Allowance (BTA) through payment cards. The advice was given yesterday by Independent Hajj Reporters (IHR) in a statement by its national coordinator Ibrahim Mohammed.

IHR stated that with less than 24 hours to the commencement of airlift of pilgrims to the holy land, the CBN was said to have directed some commercial Banks to pay pilgrims only $200 in cash out of the $500 each pilgrim was expected to receive while the remaining $300 would be given on a payment card.

“This year’s intending pilgrims have already gone through a lot of uncertainties ranging from forex policy induced rise in Hajj fare to reduction in BTA. This decision by the apex bank will only add to their woes.

“It is common knowledge that most of our pilgrims come from the rural areas and are not familiar with virtual financial transactions, most do not even know how to use an ATM card.

“Also, most ATM machines in Saudi Arabia are configured in Arabic which poses more challenges to even those who are well acquainted with E-transaction.

“Also, most travelers are often

charged very high for using ATM machines in foreign countries, and with a depleted BAT already in place, the use of the cards for withdrawals in Saudi Arabia will only add to the pilgrim's misery,” IHR said.

The CSO also stated that there were very few ATM machines available around the Misfalah/ Kudai and Shahrah Mansur areas where most Nigerian pilgrims stay, adding that, “this lack of access will also be a serious problem. About 75 percent of Nigerian pilgrims are first timers who mostly find it difficult to locate their accommodations in Makkah due to heavy traffic and unique nature of the buildings - how

will they locate an ATM Machine in such a situation?”

The statement added that most of the pilgrims would also find it difficult to pay for services using the card.

“Purchase of drinking water and other basic necessities will be a problem for the pilgrims this year, if the CBN insists on giving them payment cards.

“Not forgetting that, it is easier for an average person to guard their cash than a card, therefore, the tendency of pilgrims losing the cards are very high. Government policies should be tailored towards making life easier for the citizen, not complicating it.

"Today, Azikiel Refinery has progressed exceedingly. We are now at 87 per cent completion in the overall.

"We are anticipating achieving mechanical completion by the end of this year. And of course, commercial production is going to be by next year when we will be receiving crude oil and then fire on.

"The Refinery is being manufactured by Mc Demott in the US. 90 per cent of the Process Modules of the ISBL has been shipped," Azibapu said.

He admitted that accessing foreign exchange had posed a challenge in executing the project, noting that there were not many options other than achieving completion to

“So, I derive joy that I've been able to create the machine that is not only creating wealth but also giving lives to people and driving industrialisation of Nigeria.

"So, the good story is that we are there at completion, we are finishing the project and bringing hope and glory to the people of Nigeria and Bayelsa State."

Azikel Refinery is one of the success partnership from equity participation investment of $20 million by the Nigerian Content Development and Monitoring Board (NCDMB) which ascribes a 10 per cent investment shares to the NCDMB.

The further expansion of the refinery complex into the phase 2 of 25,000 barrels per day would further guarantee availability of refine petroleum products in Nigeria.

Peter Uzoho

L-R: Director of Strategy, Cavista Holdings, Kabir Shagaya; Chairman, Cavista Holdings and Chairman, Corporate Council on Africa, John Olajide; Director, Outsource Global, Amal Hassan, and the President, NACCIMA, Dele Kelvin Oye Esq., at the 2024 US-Africa Business Summit, in Dallas, Texas.

LAunch of nIgErIA MInErALS rESourcE DEcISIon Support SyStEM SoftwArE...

Otti: Political Crisis Can't Distract Fubara from Improving the Welfare of His People

Says power belongs to God I inherited huge debt from Wike, Rivers governor declares

Blessing Ibunge in Port Harcourt Abia State Governor, Dr Alex Otti, said he did not believe any distraction was enough to take the focus of his Rivers State counterpart, Siminalayi Fubara, from improving the interest and welfare of the people.

Otti spoke when he inaugurated the reconstructed 10.89KM AletoOgale-Ebubu-Eteo Road in Eleme Local Government Area. That was as Fubara revealed that a huge debt burden was left behind for his administration to settle, with several contractors

who handled different projects for the immediate past administration of Nyesom Wike, under whom he was Accountant-General. Otti commended Fubara for remembering to execute a road project in Eleme community, where he once lived.

The Abia State governor stated, "I have always said it that leadership is about service. Anytime leadership departs from service, then, you are getting it wrong. Service should be service to the people, not service to self or very few interests. Anytime you are serving few people rather

WRPC Employees Protest Poor Remuneration, Seek Tinubu, Kyari's Help

Sylvester Idowu in Warri

Support staff of the Warri Refining and Petrochemical Company (WRPC) in Delta state have appealed to President Bola Tinubu to urgently address the "injustice," and "workplace slavery" unleashed on them by the management of the company.

The protesting staff, during a peaceful protest at the premises of the company yesterday, also called on the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC), Mele Kyari to intervene in their plight.

The workers lamented that

since 2015, their call for salary raise and other allowances have been left unattended to which led to another week long protest in 2019, after which management of the WRPC were summoned to the House of Representatives.

They complained that a follow-up protest in 2022 also yielded no result noting that now that the refinery is almost 95 per cent completed, they won't want to continue with the slavery salary entitlements from the management of the company.

The protesters, clad in black attires and chanting solidarity songs bore placards with inscriptions such as "Renumeration: Health coverage,

hazard, pension, leave, transport, lunch, housing allowances," "Workplace oppression/discrimination," "Support staff actively participated in Quick-Fix project. Retirees called back to reap the reward," among others.

Speaking to journalists on the day two of the protest yesterday, Lead Representative of the support workers at WRPC, Dafe Ighomitedo, said the protest was against poor earnings and perceived failure of management to boycott, deprive and short-change them, in respect to the Quick-Fix project which they have seen to 95 per cent completion.

"We are calling on our president

Despite Our Efforts, You’ve Abandoned Us, Livid APC Women Leaders Tell Ganduje

Adedayo Akinwale in Abuja

A forum of Women Leaders of the All Progressives Congress (APC) across the 36 states and the Federal Capital Territory (FCT) has lamented that they are not being carried along in the scheme of things in the party.

President of the forum, Patricia Yakubu, stated their position yesterday in Abuja during a courtesy call on the national chairman of APC, Dr. Abdullah Ganduje. Yakubu said, “The states’ women leaders will want to advocate that we should be carried along in all the affairs pertaining to women in the states. We are closer to the party women at the grassroots, the largest voting bloc in the secular world. Our demography should not be neglected.

“Since after the elections, Your Excellency may note that only one bag of rice and one paper wrapper was given to the states women leaders from the national

secretariat of the party. Nothing was given to us during Easter, the Ramadan fasting period and Salah festivities.

“Even the palliatives that were distributed were not given to the women leaders for onward distribution to the grassroots. We party women waited and waited and waited to no avail, very sad.”

Yakubu recalled that during the 2023 elections, the women slept on the grass in open spaces during the electioneering period to ensure victory.

She noted that the house of one of them was demolished on the election day by the opposition party in her state to distract her from canvassing votes for the party, while the son of one of them was kidnapped a day to the presidential election Yakubu explained, “Another woman was detained in the police station for three days on the election day. Then one of us was involved in a ghastly motor accident during the campaign, because they did

not want to hear of APC in her community and is still in and out of the hospital.

“Many of us got their cars damaged and some completely lost their personal cars during the campaigns and today, they are not mobile.”

Yakubu pointed out that federal government empowerment programmes that had to do with women sounded like news to them.

She added, “That the national woman leader and her deputy should involve the state women leaders in all their programmes from the designing stage so as to attract our full participation and involvement, by so doing will help capture the peculiarities of the various states.

“We, the women leaders of the 36 states and the FCT, pray the national woman leader and her deputy to periodically interact with women leaders at the state level, so as to have full knowledge of happenings at the grassroots and proffer solutions.”

who doesn't want oppression to see that we are being treated as slaves here. He should come and intervene. We know he has a good heart towards the youths and we expect him to spring to action. This is the oil and gas industry and we know what is obtainable everywhere.

"We are support staff, not cursed people. There are support staff everywhere in the oil and gas sector, but they are treated fairly. So we want Mr. President to move in swiftly, using his good office and his good heart as a father, so that we too can smile and progress together, even as the nation progresses.

than the majority, you need to go and look at yourself again.

"So, for me, it's all about good governance. Clearly, Governor Fubara came prepared, and I don't believe that any distraction is enough to take his focus away from improving the welfare and interest of the people.

"So, I can assure you, Rivers people, that the dividends of democracy that you are seeing now is still a dress rehearsal. It is early in the morning, and I am sure that in no distant future, you will be seeing more."

The Abia State governor charged Eleme and the people of Rivers State to continue to support their governor to do more to make life easy for the majority. He said no matter how the dice was flipped, "Power belongs to God. No human can arrogate to himself the capacity to give power, except you have the capacity to give life. Of course, you can take life, but you cannot give it."

Fubara, while speaking on the ongoing projects in the state, emphasised, "This is to let the world know that if there is one problem this administration has, it is the huge debt burden. Most of the projects that are being commissioned, the contractors are coming for their balance-payment and it is running

into billions. "I have said that I don't want to talk. I don't want to talk because I was part of that system. But, when you keep pushing me to talk, I will say it so that the people will know the true situation of things and be properly informed." He added, "What we are doing today, is it not help to the federal government? Is it not to show that this government has the interest of the people at heart and it is supporting and doing everything to make the federal government succeed?

"So, when people come out and say some funny things, I laugh. Why are we doing this? When this administration came on board, Mr President christened his mantra 'Renewed Hope' to give Nigerians hope.

"What we are doing today in this state is giving our people that hope to complement what Mr President is doing at the national level. It is not about social media. We are talking about action. Genuine actions that make positive impact in the lives of our people."

Fubara explained that the rationale behind the invitation extended to Otti, to inaugurate the project, was that he was not an artificial integrity man but a pragmatic man.

Nigerian Engineers Brainstorm on Power Sector Challenges, Want Sustainable Solutions

Emmanuel Addeh in Abuja

The Nigerian Society of Engineers (NSE) yesterday began a series of roundtable sessions to proffer solutions to the country’s electricity supply gap challenges, tapping on the experience of its members who work in the sector.

Opening the session in Abuja, the National President of the group, Margaret Oguntala stated that the brainstorming session was necessary, given the multitude of enquiries from Nigerians who would like to know the position of the NSE.

Oguntala, the first female NSE leader in the 66-year history of the body, stated that power supply remains critical to the survival of any modern society, advising the panellists to come up with a blueprint as to how the power sector can be revamped.

As the umbrella engineering body in the country, Oguntala said it was necessary for those in the field as well as the NSE to collaborate, with a view to passing the recommendations

to government for further possible action.

“So, I thought at this point that it's necessary for us as colleagues to sit down and have a roundtable, particularly with those of you who are experts there. You know what the situation exactly is there.

“You can advise on what NSE can do, what role the NSE should play, and what we can contribute as N advocacy body of engineers and also contribute to national development because one of our core objectives is to act as an influencer with the government.

“But before we can do that effectively, we felt that we would need to hear from you, what you really think and the challenges that you might also have delivering on your duties,” she stressed.

Also speaking at the opening session, representatives of the Kano Electricity Distribution Company (Disco), led by Suleiman Jafar, an engineer, described the sector as a very complex one. He argued that the recent seg-

mentation of electricity customers into bands was an indication that Nigeria does not have enough of the product, prompting the National Electricity Regulatory Commission (NERC), to come up with a system to manage the little that is available.

“The highest generation that we have at present is about 4,000mw, plus or minus, which is not sufficient for the country,” Jafar stated.

While admitting that the operators have not done enough in terms of investment in infrastructure, he argued that the Discos are mostly at the receiving end of public discontent because they are the revenue collec- tors and interface with consumers.

“The sector being a capital intensive one, governments need to intervene to make the generation, to make the power available. So let the power be available.

“Government and the professionals can sit down and see what available resources we have that we can turn it into electricity generation. The second thing is when we are going to make the tariff adjustment, let it be scientific.

R-L: Executive Secretary, Solid Minerals Development Fund (SMDF), Hajiya Fatima Shinkafi, Minister of Interior, Olubunmi Tunji-Ojo, Minister of Solid Minerals Development, Dr. Dele Alake and Permanent Secretary, Ministry of Solid Minerals Development, Dr. Mary Ogbe during the official launch of Nigeria Minerals Resource Decision Support System Software in Abuja ... yesterday

APC StAtE WOMEn LEAdErS vISIt GAndujE...

FG Says It Won’t Force Dangote to Sell Products at Fixed Prices

The federal government yesterday said it won’t fix prices for the new Dangote Refinery, saying it would be a purely commercial decision by the company to choose its rates.

Speaking in Abuja during a meeting with key oil marketing companies, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, stated that whatever price the company sells will have to do with the agreement between both parties.

He stressed that though the government was encouraging local refining of petroleum products to reduce imports, it would not compel oil marketers to buy from Dangote Refinery as the decision was commercial.

“We allayed the fears of the marketers and we told them that Dangote refinery is a major achievement in our country because in the past we were importing every litre of petroleum products we required except those supplied by modular refineries.

“And as an oil producing country, we believe at NMDPRA that we should support our local industry. And that is why we encourage our marketers to patronise our local refineries.

“But, at the same time, it is a commercial decision that they will have to make between the suppliers and the clients. NMDPRA will not determine how much it is sold or how much you are buying.

“It is their own decision to go to Dangote refinery and purchase, and for Dangote refinery to determine

the price they sell. As a regulator, we are only interested that the nation is well supplied,” Ahmed stated.

He further urged oil marketers to open Compressed Natural Gas (CNG) points at their filling stations to increase accessibility for consumers. Ahmed added that new applications for retail licences would no longer be approved without CNG points.

He described the push by the

federal government to encourage the use of CNG as an alternative petrol as a revolution, said the government was determined to reduce the burden of petrol on the economy.

“We hope to see very soon CNG add-ons in most of our upcoming and larger petrol stations just like we have PMS (petrol) AGO (diesel) and DPK (kerosene) so that we can have easy access for the consumers.

“But first, we have to address the

supply side and we are working with the producing companies, our sister agency, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Limited (NNPC) as well as the GACN (Gas Aggregation Company of Nigeria) to ensure that the product is also available at competitive cost to the consumers.

“This will align us with the president’s objective of transforming the

country into more CNG for mobility rather than depending heavily on PMS. So, we are appealing to the companies to also invest and ensure that the point of sale for CNG is available to consumers.

“Once we are done with consultations, we will require that CNG add-ons be put in petrol stations and for new applications, one of the requirements will be that you must have CNG add-on in the petrol

station,” he said. On the recent shortage of petrol across the country, Ahmed blamed it on the logistics problem faced by NNPC in moving product from offshore to onshore depots. Also speaking on behalf of the companies, the Chief Executive of Matrix Energy, Mr. Abdukabir Aliu, said the companies were ready to support the government in its effort to increase energy sources for Nigerians.

Nigeria, UN Launch US$306m Appeal Fund to Tackle Urgent Food, Nutrition Crisis

An appeal for US$306 million has been launched by Nigeria and the United Nations to tackle projected food security and nutrition crisis in Borno, Adamawa and Yobe (BAY) states during the lean season of May to September.

The appeal was launched yesterday in Abuja with the aim of fast-tracking food assistance, nutrition supplies and services, clean water, healthcare, and protection support to people in severe need during the period in the three states that were heavily impacted by the over one decade Boko Haram crisis.

According to the government-led Cadre Harmonisé analysis released in March this year, some 4.8 million people were estimated to be facing severe food insecurity, the highest levels in seven years in the BAY states,

The report specified that children, pregnant and lactating women, older persons, and people living with disabilities were among the most vulnerable.

The appeal is expected to provide urgent succour to 2.8 million and make them insusceptible to the lean season food insecurity and nutrition crisis with a multi sectoral plan put in place.

A statement by United Nations Office for the Coordination of Humanitarian Affairs (OCHA), said the food and nutrition crisis, which has been compounded by soaring food prices, was primarily due to continued conflict and insecurity in the BAY states, alongside climate change impacts.

“It threatens to become catastrophic without immediate and coordinated intervention. The prices of staple foods like beans and maize have increased by 300 to 400 per cent

Six More CUSTECH Students

Rescued by Security Agencies in Kogi

Ibrahim Oyewale in Lokoja

Six more students of Confluence University of Science and Technology

CUSTECH, Osara, who kidnapped by unknown gunmen, have been rescued, following the combined efforts of security agencies, local hunters and vigilance group.

This was contained in a statement on the update of the situation in CUSTECH, signed by the Commissioner for Information and Communications, Kingsley Fanwo.

Unknown gunmen had attacked the institution last Thursday night, and abducted many students. But

as at yesterday, at least 20 victims had been reunited with their parents.

"The Kogi State Government wishes to announce the rescue of six more students, bringing the number of kidnapped students rescued to twenty (20). Our data shows that there are four students yet to be found.

"The fierce gun battle between security agents and the kidnappers forced the kidnappers to succumb to superior firepower and abandon the kidnapped students. Some of the kidnappers escaped with severe injuries.

"Nine students had been rescued first while five others were found the

following morning. The families of the six students just rescued have confirmed that the students have arrived home.

"The Executive Governor of Kogi State, His Excellency , Usman Ododo, has expressed deep appreciation to the Joint Forces that carried out the operations, urging them to continue the search until the last student is found.

"We wish to assure the public that the security architecture around our schools has been recalibrated for efficiency and early warning alarm to prevent future occurrence," the commissioner stated.

over the past year following the removal of the fuel subsidy and the depreciation of the naira. Inflation is outpacing the ability of families to cope, making essential food items unaffordable,” it said.

It claimed that the malnutrition rates were of great concern, adding: “Approximately 700,000 children under five are projected to be acutely malnourished over the next six months, including 230,000 who are expected to be severely acutely malnourished and at risk of death if they do not receive timely treatment and nutrition support.”

Speaking at the launch, the Director General of the National Emergency

Management Agency, Zubaida Umar said, “The mobilisation of funding and resources to address this lean season food security and nutrition crisis envisaged in the north-eastern part of the country is a step in the right direction in complementing the Federal Government’s efforts to prevent the deaths of people as a result of malnutrition-related complications, adoption of negative coping mechanisms and other health related issues among others.”

Announcing the release of $11 million from the Nigeria Humanitarian Fund to jumpstart the emergency response, United Nations Resident and Humanitarian Coordinator

Mohamed Malick Fall, addressed the essence of the initiative.

“I am confident that we have the capacity to address these increased needs in support of Government efforts, what we need now are resources. Joining hands together, pooling resources, to save lives and stop the suffering,” he said.

Acting Representative of UNICEF Nigeria, Dr Rownak Khan, on his part, said, “UNICEF is deeply concerned about the escalating food security and nutrition crisis in the BAY states. The alarming rise in severe acute malnutrition among children underscores the urgent need for immediate action.”

Over 11 Million Nigerians Living with Diabetes, Says CAPPA

Blessing Ibunge in Port Harcourt

A Non-Governmental Organisation (NGO), the Corporate Accountability and Public Participation Africa (CAPPA) has decried the increasing rate of people affected with diabetes in Nigeria, saying that victims living with the disease across the country are over 11 million.

The Executive Director of CAPPA, Akinbode Oluwafemi, who mentioned this at a two-day Journalism training on Effective Sugar-Sweetened Beverages (SSB) Tax and Industry Monitoring, held in Port Harcourt, said Nigeria's status as the fourth largest consumer of soft drinks globally is a looming health epidemic if not addressed promptly.

Oluwafemi said the habitual consumption of sugar sweetened beverages, has not only affected the individual consumers, but a serious threat to the health and wellbeing of

the nation at large.

He said: "In Nigeria, studies have shown that close to 30 per cent of annual deaths are due to NonCommunicable Diseases (NCD), which are primarily linked to unhealthy diets, particularly the consumption of sugar-sweetened beverages, also known as soft drink".

He said the adverse effects of the preventable diseases on productivity, revenue loss, and human lives underscores the urgency for effective policy solution on the SSBs.

"The government initiated an Excise Duty of N10 per litre on all carbonated SSBs through the 2021 Finance Act and began its implementation in June 2022".

"The objective of this measure is to reduce the excessive consumption of sugary drinks. However, though the initiated is a step in the right direction, it falls short of the global recommendation

of at least a 20 percent increase in the final retail price of SSBs, " he added. He said effective implementation of an excise on SSBs is a vital public health measure aimed at curbing the rising tide of NCDs, urging that regulatory agencies should therefore promote policies that prioritise public health over corporate profit.

In her remarks, the Rivers State Commissioner for Health, Dr Adaeze Oreh, noted that "a staggering rate of 41 million people are lost to NCDs deaths annually, and NCD deaths in Nigeria accounts for 30 per cent of annual deaths." Represented by Dr Ifeoma Nwadiutor, State Epidemiologist, Oreh said with the present data, it is therefore paramount to address the root causes of these preventable illnesses, especially dealing with the excessive consumption of sugar sweetened beverages by Nigerians.

Emmanuel Addeh in Abuja

Michael Olugbode in Abuja

L-R: Adamawa State, APC Women Leader, Maria Ejielo; APC National Chairman, Dr. Abdullahi Ganduje; APC National Woman Leader, Dr. Mary Alile and Osun State counterpart, Fakande Kudirat, during the APC State Women Leaders visit to the party's headquarters in Abuja... yesterday PhOtO: ENOCK REUBEN

WEdding EngAgEmEnt...

INEC Seeks CSOs’ Help to Mobilise for CVR in Edo, Ondo Governorship Elections

The Independent National Electoral Commission (INEC) has urged the Civil Society Organisations (CSOs) to help the commission in mobilis-

ing prospective registrants for the Continuous Voter Registration (CVR) exercise ahead of the Edo and Ondo States governorship elections. INEC Chairman, Prof. Mahmood Yakubu, made the call yesterday

in Abuja at the second quarterly consultative meeting with the CSOs. The commission had Monday announced the timetable for the CVR as part of preparations for the Edo and Ondo State Governorship

elections.

It added that the CVR would take place simultaneously in the two states from Monday May 27 2024 to Wednesday June 5, 2024, between 9.00am and 3.00pm daily,

including the weekend.

The Edo State governorship election is holding on Saturday, September 21, 2024, while the Ondo election holds on Saturday, November 16, 2024.

“The commission, therefore, ap-

Court Orders APC, Aiyedatiwa to Defend Suit against Ondo Gubernatorial Primary

Alex Enumah in Abuja

Justice Inyang Edem Ekwo of the Federal High Court, Abuja, has ordered the All Progressives Congress (APC), to file its defence in a suit seeking the nullification of the April 20, primary election that produced incumbent Governor, Mr Lucky Aiyedatiwa, as its candidate in the forthcoming governorship election in Ondo State.

Beside the APC, Aiyedatiwa

is that even before we start looking to foreign investors, we start looking to foreign funding, there is available in Nigeria, long term funds to fund infrastructure projects, and it's within the pension, the life insurance and investment fund industry, generally.

“There is upwards of N20 trillion available, and much of it is in short term funding that doesn't need to be. Pension money is long term. People save over their lifetime for their pension.

“And so, in conversation, in consultation, collaboration and cooperation with the private sector, we are now able to announce and with the full knowledge and support of all parties, that there will be an initiative to fund growth through investment in infrastructure, including housing, provision of mortgages, long term mortgages, 25 year mortgages at relatively low interest rates.

“Initially, of course, the government will stand back and provide some support, particularly in this era of high interest rates, but eventually as interest rates come down, there should be less role for the government through providing, for example, guarantees and so forth.

“So, we can look forward to these huge funds being leveraged with the expertise, the ability, the capacity of the private sector, partnering government to drive economic growth.”

Edun stated further, “On the supply side, construction of houses will be funded. On the demand side mortgages will be made available so that those constructing houses have an outlet and Nigerians who are saving so much by way of pension funds, have the added bonus of access to affordable mortgages.

and the Independent National Electoral Commission (INEC) were also to respond to the suit filed by a governorship aspirant, Senator Jimoh Ibrahim.

The judge's order was sequel to claim by the APC that it had written a letter to the Chief Judge of the Federal High Court requesting for transfer of the case from Abuja to Ondo State.

The court had on May 8, ordered the service of the suit on the governor through substituted means by placing

“That really is the long and short of this initiative and you also as much as anybody else can understand and see what it means in the construction industry to do for the country.

“That is the plan, that is the target that is the hope. And in this particular case, you have the best and the brightest that Nigeria has to offer, putting their minds together and committing to achieve the goals.”

Edun, spoke against the backdrop of Tinubu’s macroeconomic reforms, “which are necessary and could not be delayed a moment longer.” He said the reforms were still on and were beginning to yield the desired results.

Edun added, “They were already delayed. Those reforms, which are still in process, and which are beginning to give benefits in various areas, particularly in terms of trying to stabilise the economy, the exchange rate, bring inflation down, and eventually get interest rates down.

“But on the other hand, Mr. President has been consistent and he has also been commended, I must say, both around the world, for the fact that he is committed to intervening on behalf of the poor and the vulnerable in order to ease the pains of this necessary reform. But at the same time, given where we are in terms of stabilisation, it is time to focus on economic growth.

“And one of the key drivers of economic growth is investment in infrastructure, in housing, power, rail, roads, water transport, even technology. These are key drivers of economic growth.

“They increase products. When you invest in them, you get increased productivity, you get economic growth, and you get job creation,

same at the headquarters of the APC in Abuja.

The court further fixed May 14 for hearing since, the APC and INEC, who were 1st and 3rd respondents, had already been served with the court documents.

However, when the matter came up yesterday, plaintiff's lawyer, Chief Chris Uche, SAN, informed the court that while the 1st and 3rd respondents had served him with their memorandum of appearance, the trio were yet to

which reduces poverty, and that is the strategy.

“So, it's two pronged and we're not pivoting towards this all important growth and you say where were the resources come from?”

Power Sector

Minister of Power, Bayo Adelabu, assured labour unions that the demands they placed before government during their Monday protest were being considered.

Adelabu stressed that the federal government had noted their grievances, received their demands, and would be engaging further with them, adding that the Tinubu administration is a listening government.

He stated, "The first question was about the recent labour unions’ peaceful protest with regard to the recently increased tariffs for Band A customers in Nigeria’s electricity supply industry.

“Let me first make it abundantly clear that we are in democracy, so there are fundamental human rights. I cannot deny people their rights. It’s the right of labour to protest peacefully and to come up with their demands, from the perspective they saw what we did.

“It is clearly allowed. It is legitimate and it is understandable. So, we cannot stop them from organising a peaceful protest or laying down their demands. Let me make that clear. President Bola Tinubu administration is also a listening government.

“We have heard their demands, we're going to look at it, we'll make further engagements and I believe we're going to reach a peaceful resolution with labour because no government can succeed without

serve him with their defence.

Responding, APC's lawyer, Chief Tayo Oyetibo, SAN, who observed that he was still within time to respond, informed the court of a letter to the Chief Judge of the Federal High Court seeking the transfer of the case to the Akure division of the Federal High Court, since the primary election been contested was held in Akure, Ondo State.

Bode Olanipekun, SAN and Chief Charles Edosanwan, SAN, who

cooperation, collaboration and partnership with the labour unions.

“So, we welcome the peaceful protest and I'm happy that it was not a violent protest. They’ve made their positions known and government has taken in their demands and we’re looking at it.

“But one thing that I want to state here is, from the statistics of those affected by the hike in tariff, the people on the road yesterday, who embarked on the peaceful protests, more than 95 per cent of them are not affected by the increase in the tariff of electricity.

“They still enjoy almost 70 per cent government subsidy in the tariff they pay because the average cost of generating, transmitting and distributing electricity is not less than N180 today.

“A lot of them are paying below N60, so they still enjoy government’s subsidy. So, when they say we should reverse the recently increased tariff, sincerely it’s not affecting them. That's one position.”

Adelabu, however, appealed to the labour and the entire populace to be patient with the administration in its strategy to restructure the power sector into a standard and more efficient sector, which delivered the desired services to all Nigerians.

He said the current administration was aware of the decaying state of the country's power sector, which had been so for almost 60 years.

But Adelabu said the plan of the Tinubu administration was to correct the situation.

He stated, “My appeal again is that they should, please, not derail or distract our transformation plan for the industry. We have a clearly

represented Aiyedatiwa and INEC respectively aligned themselves with the submissions of Oyetibo.

In a short ruling, Ekwo, who demonstrated willingness to determine the matter expeditiously, ordered the respondents to file their responses within the time stipulated by law, while awaiting the decision of the CJ.

While stating that the said letter for transfer was not yet before the court, he subsequently fixed May 29, for hearing.

documented reform roadmap to take us to our desired destination, where we're going to have reliable, functional, cost-effective and affordable electricity in Nigeria.

“It cannot be achieved overnight because this is a decay of almost 60 years, which we are trying to correct. Nobody promised us or assured us that the road will be smooth. We knew it’s going to be rough, but we must weather the storm, which is going to be temporary.

“It's a lot of sacrifice from everybody; from the government’s side, from the people’s side, from the private sector side. So, we must bear this sacrifice for us to have a permanent gain.

“I don't want us to go back to the situation we were in February and March, where we had very low generation. We all felt the impact of this whereby electricity supply was very low and every household, every company, every institution, felt it.

“From the little reform that we've embarked upon since the beginning of April, we have seen the impact, that electricity has improved and it can only get better. So, I'm appealing to everybody that one should not toy with this.

The power ministry, yesterday, got approvals for the three memoranda it presented before the FEC, all aimed at strengthening the country's power infrastructure nationwide.

Adelabu said the first approval was for the procurement of 10 transformers and 10 reactors for the Transmission Company of Nigeria (TCN) at a total cost of $4.8 million and N102 million, respectively.

He said they would enhance the optimal performance of the national

peals to CSOs to join us in mobilising prospective registrants for the exercise, particularly on the need to register early and not wait until the deadline approaches when the registration centres will be inundated by eleventh hour registrants.

“As we inch closer to Election Day in Edo State, it is also imperative to remind CSOs of the need to submit your applications for election observation in earnest along with the required supporting documents and a realistic number of individual observers. Doing so will enable the commission to produce and deliver the identity cards for observers in good time.

“The Commission will not entertain requests outside the deadline for the receipt of applications from interested observer groups or process applications that do not meet the criteria,” he stated.

grid, reduce the risk of electrical shock and equipment damage, and protect personnel from the effects of high voltage.

He stated, "The second approval is for the construction of a 93-kilometer transmission lines at Oji River/9th Mile for the 132 KV double circuit transmission line, at a cost of $33.9 million and N10.1 million naira.

"This project will stabilise the national grid and expand its capacity, in line with the national grid expansion plan and the Presidential Power Initiative to increase the end-to-end capacity of the national grid.

"The third approval is for the supply and installation of 15 units of emergency restoration systems for 330 KV and 132 KV transmission lines, to enable the quick fixing of vandalised and damaged power infrastructure, valued at $14 million.

"This is a response to the impact of vandalism on power transmission assets, particularly in the North-east region, where there has been a blackout for the past two weeks due to vandalism.

"The Transmission Company of Nigeria (TCN) is working to fix the vandalised assets and restore normalcy to the region by the end of the month.

"The emergency restoration system will ensure 24/7 uninterrupted power supply, and the government is committed to ensuring the stability, sustainability, and cost-effectiveness of power supply, as well as planning for future growth.

"Overall, these approvals demonstrate the government's commitment to addressing the challenges in the power sector and providing reliable power to citizens, which is critical for economic growth and development."

Adedayo Akinwale in Abuja

L-R: Chief Executive Officer, Barbican Energy and Logistics Limited, Prince Demola Adetona; Mother of the bride, Linda Jane Thomas; The bride Emily Ndukwu-James; Executive Chairman, Ardova Plc, Alhaji Abdulwasiu Sowami; The Groom, Neil James, Father of the Bride and Chairman of Ignite Energy Limited, Chief Brendan Ndukwu. during the wedding engagement of the couple in Ikeja, Lagos... recently

IMPROVING TAX AUDIT CAPACITY…

Federal Inland Revenue (FIRS) representative, Mr. Olatunji Olabode (left), presenting a souvenir to Mr. Bernd Otto Schlenther of Tax Inspection Without Borders (TIWD) from the Organisation for Economic Co-operation and Development/United Nations Development Programme( OECD/UNDP) in Abuja…recently

Three Killed, Scores Kidnapped as Bandits Raid Niger Community

Laleye Dipo in Minna

No fewer than three villagers, including an unnamed pastor of Evangelical Church of West Africa ECWA at Majure village in the Munya Local Government Area of Niger State, have been killed by gunmen.

It was learnt that those killed were on their farms near the church when they were attacked by the assailants.

According to an eyewitness, a pastor of another church,

ThISDAY learnt that two other members of the church were also killed in the incident that took place on Monday’s evening.

Lawmaker Seeks Youth Empowerment as Way out of Insecurity, Unemployment

Gideon Arinze in Enugu

The member representing Enugu North and South federal constitution at the National Assembly, Chimaobi Atu, has called on leaders at all levels to invest in youth empowerment in order to tackle widespread insecurity and unemployment in the country.

Atu made the call yesterday in Enugu during the takeoff of the training and empowerment of 150 Senior Secondary School (SS3) students and fresh school leavers across his constituency.

The training, which will last for four days, between May 14

and 18, 2024, will empower participants with skills on the production and marketing of chemical products.

In his address, Atu said the goal was to build young people in Enugu State who are economically self-reliant and socially responsible and who cannot contribute to the growth and development of the country.

He noted that part of the reasons why there is an increase in crime rate in Nigeria is because there are millions of people who do not have jobs and the only way to survive is to take to crime.

‘Yoruba’ll Champion Nation’s Progress’

The Yoruba Unity Forum (YUF) yesterday, declared that the ethnic group will continue to put itself in strong position within the context of Nigeria and champion the cause of progress and development in the country.

The forum, which described the recent activities of the Yoruba Nation agitators as misguided, said the elders have warned the agitators that the Yoruba race’s interest would be best protected within the context of one Nigeria.

According to the leader of the Forum, Senator Femi

Okurounmu, who led others on a courtesy visit to Governor Seyi Makinde of Oyo State, the Forum comprises Yoruba leaders of thought across political party lines, who came together to protect the interest of Yorubaland. Okurounmu stated that the forum was in Ibadan to visit and congratulate the governor, describing his leadership as active, vibrant and formidable.

He said: “We are a delegation of the Yoruba Unity Forum, a forum of all Yoruba across party lines, who have put themselves together to protect the interest of Yorubaland in the context of one Nigeria.

Explosions Reported Near Shell Gas Plant in Bayelsa

Multiple explosions were yesterday reported at the gas processing plant operated by the Shell Petroleum Development Company of Nigeria (SPDC) at Gbarain, Yenagoa Local Government Area of Bayelsa State. According to the News Agency of Nigeria (NAN), the gas plant feeds the Nigerian Liquefied Natural Gas (NLNG) export terminal in Bonny Island, Rivers State.

A community source said the explosion occurred on a pipeline feeding the gas plant.

Also, a resident, Jessie David, claimed the blast was traced to a pipeline attacked by suspected vandals which led to explosions and eruption of thick smoke and gaseous emission.

He explained that the operator of the plant was alerted, and the line was isolated, to reduce the pressure. Confirming the incident, SPDC spokesman, Michael Adande, noted that the incident occurred near the facility and that the cause was yet to be ascertained.

including his wife and child, are still missing, raising suspicion that they could have been killed or among those kidnapped.

One of the remains of the two slain ECWA’s members, according to the eyewitness, was interred late Monday’s

evening while the other was buried yesterday.

The Niger State Secretary of the Christian Association of

yesterday confirmed the death of the two church members to THISDAY.

Suspected Suicide Bomber Arrested with Explosives in Banking Hall in Jos

Seriki Adinoyi in Jos

Suspected suicide bomber and student of Plateau State Polytechnic, Barkin Ladi, Benjamin Basil, has been arrested with explosives strapped around his belly in the banking hall of United Bank for Africa (UBA), Sparkling Junction, Dadin Kowa, Jos, Plateau State.

The suspect had made his

way into the banking hall with customers of the bank when he presented a note to a cashier demanding the sum of N100 million under threat and warning that if his request was not granted, he would detonate the explosives.

The cashier immediately reported to the manager of the bank who promptly directed the security men to open emergency

exit for customers to escape. He also called the Police at Rantya division close to the bank.

Realising that customers have started running out of the banking hall, the suspect joined them, but he was arrested by the bank security guards before he could escape.

But before the arrival of anti-bomb squad, angry mob and the bank security guards had descended on him. He was later handed over to the police who has now commenced investigation.

The bank staff member, who narrated the incident on the condition of anonymity, said he suspected that the explosives device was a fake one to have passed through the Mantrap door undetected.

Forex Crisis: SEC Pledges to Cooperate with EFCC

The Securities and Exchange Commission has pledged to work with the Economic and Financial Crimes Commission (EFCC) to ensure reduction in virtual trading manipulations.

Acting Director-General of SEC, Dr. Emomotimi Agama, said this in Abuja yesterday when a team

from the EFCC led by its Executive Chairman, Mr Ola Olukoyede, visited him.

Agama said that SEC would cooperate with EFCC to achieve national objectives of making sure that illegality was not allowed to thrive.

”We believe this will be the

beginning of greater things to come.

”Our desire is for us to strengthen the existing Memorandum of Understanding (MoU) we have and ensure it is more effective in dealing with current issues.

”Only last week, we met the fintech community and we made it clear to them that SEC will not condone illegal trading on any platform especially Peer- to- Peer (P2P).

”It is a dangerous trend and we cannot allow it to continue, this collaboration is very necessary for us to get out of this forex crisis,” the D-G said.

CLO Lampoons FG, Marketers over Artificial Scarcity of Fuel

Okon Bassey in Uyo

The Civil Liberties Organisation (CLO) in Akwa Ibom State has expressed disappointment over the inability of the federal government to control the unscrupulous attitude of petrol marketers that has led to the lingering high cost of fuel in many parts of the country.

It has also called on both the authorities of the NYSC and Akwa Ibom State Government to expedite efforts and ensure the release of the remaining NYSC members held captive by kidnappers in Zamfara State.

A statement endorsed by its state Chairman, Godknows Njoku, and Vice Chairman, Eridiong Obong, at the end of its monthly meeting and made available to journalists in Uyo described the activities of the marketers as economic sabotage.

The statement described as regrettable lack of seriousness shown by the federal government towards controlling the activities of middlemen and other operators in the downstream sector. This, the body said has led to marketers taking law into their hands by creating artificial situations in order to hike the price of the commodity.

Nigeria Calls for Collaboration among ECOWAS States to Develop Tourism Sector

Michael Olugbode in abuja

The Nigeria Government has called for a collaboration among the countries of Economic Community of West African States (ECOWAS) to develop the tourism potential of the

subregion and place West Africa in prime position to compete with other regions.

The Director-General of the Nigerian Tourism Development Corporation, Folorunsho Coker, also called for the streamlining of policies on tourism in

Omolabake Fasogbon

The federal government has been called on to initiate a new legislation that would decriminalise attempted suicide to promote support for survivors.

A mental health advocacy organisation, Asido Foundation, made

the call during an advocacy visit to the Attorney General and Minister of Justice, Mr. Lateef Fagbemi.

The foundation stated that the legislation would put Nigeria on the same page with the global society.

The Chairman of the foundation’s board of trustee, Mr. Meka Olusola, said that the implementation of the

countries in the subregion while delivering a speech at the opening ceremony of the meeting of experts and stakeholders of the private tourism industry on the monitoring and evaluation mechanism of ECOTOUR 19-29 and the ECOWAS Tourism Accommodation regulator in Abuja yesterday.

Coker said: “It’s the season to collaborate not to compete,” adding that: “It’s in the spirit of collaboration that we will grow pan-African tourism.

Criminalising Attempted Suicide Unproductive, FG Told

Mental Health Act and adopting international standards for mental health, is crucial to protect the human rights of persons with mental disorders as well as 50 million at-risk Nigerians.

He worried that criminalising attempted suicide in the country, which attracts a penalty of one year imprisonment, remained a threat amid whopping one million deaths to suicide annually.

On his part, the Founder and CEO of the foundation, Dr. Jibril Abdulmalik, said that mental health conditions, especially depression, were behind majority of attempted suicide cases, prompting legalisation of the act globally.

Obaship Tussle: Twists as DSS Operatives Arrest Two Persons in Ogun

James Sowole in abeokuta

Operatives of the Department of State Services (DSS) have arrested two persons, Fatai Ajibola and Sunday Oyero, for their alleged involvement in the crisis that engulfed Agisasa community

in Ipokia Local Government Area of Ogun State. The twist of the arrest was the controversy on whether the suspects were arrested within or outside the premises of the state High Court in Ilaro, Yewa South LGA.

The suspects had, prelude to their arrest, appeared before Justice A. Shobayo in a case of arson among others, instituted against them over obaship crisis in the community.

While a report said that the two were arrested within the

court premises contrary to the order of Justice Shobayo that no arrest should be made within the court, a source within the secret police disclosed that the arrest of the duo was effected outside the court by operatives of the Command.

Nigeria (CAN), Pastor Raphael Opawoye,

Kemi Olaitan in Ibadan

Injury Worries Threaten Finidi’s ‘Debut’ With Super Eagles

Osimhen latest player to join four others on the sideline

uro Ikhazuagbe

With Victor Osimhen now joining the likes of injured players like Moses Simon, Tyrone Ebuehi, Bruno Onyemaechi and Zaidu Sanusi on the sideline, newly appointed Super Eagles Head Coach, Finidi George, is going grew on how to prosecute the two World Cup qualifier scheduled for next month against South Africa in Uyo and Benin Republic in Abidjan.

Osimhen is the latest Super Eagles

player to get injured in club duty for Napoli.

The reigning African Player of the Year did not train with his teammates in Naples on Monday. Napoli officials admitted to Italian media yesterday that Osimhen only went through recovery work for a muscle injury which means he could be a doubt for the game against Fiorentina with two matches to go to the end of the Serie A season.

AC Milan’s Samuel Chukwueze

Aruna, Meshref Reclaim ITTF Africa Cup Titles

Quadri Aruna and Dina Meshref reclaimed the ITTF Africa Cup title after winning the 2024 edition at BK Arena in Kigali, Rwanda. Aruna, the top seed still fresh from his exploits at the WTT Saudi Smash, was again unstoppable with a commanding win in the final against Egypt’s Mohamed El-Beiali.

The one-sided final saw Aruna effortlessly take down the Egyptian with a 4-0 (11-5, 11-6, 12-10, 11-3) win to emerge as the new Africa Cup champion after losing the title to Egypt’s Omar Assar in 2018.

“There was never an easy win in any competition, and I am happy that I gave my best and my best resulted in the victory. It has always been in me not to give up, even when I am down, and I am happy that all my hardwork paid off with the victory. I must commend Rwanda for providing good facilities and their hospitality for us, the players, and I look forward to returning again to

this beautiful country,” World No. 19 said.

Like Aruna, Meshref was at her best after coming back from 2-0 down to defeat her compatriot, Mariam Alhodaby, 4-3 to become the new Africa Cup champion after losing the last two editions in the final.

A relieved Meshref described the victory as crucial, particularly coming back from injury. “I am happy that I was able to come back, especially coming back from an injury I sustained before the tournament. I must thank my family and my mother, who sacrificed to be with me in Rwanda. It was a tough win for me here in this beautiful country of Rwanda, and I will cherish this moment for a very long time to come,” she said.

The tournament has over 50 players from 14 countries taking part as players brace up for the African Olympic Qualification Tournament, which begins on May 16 and ends on May 18.

is also now a huge doubt for the World Cup qualifiers on account of a hamstring injury.

Finidi was unveiled by the Nigeria Football Federation (NFF), on Monday on a short-term contract of one year. Now, he faces the likely absence of three key players from the Super Eagles’ 2023 Africa Cup of Nations squad with barely three weeks to the first game again th

the Southy.

In addition, left-back Bruno Onyemaechi has been ruled out for the rest of the campaign due to a knee injury. With the Super Eagles also sweating over the fitness of Zaidu Sanusi, and Moses Simon.

As the new head coach, Finidi aims to guide the Super Eagles to qualification for the 2026 FIFA World Cup for the first time since 2018.

“My first goal is to secure qualification for the 2026 FIFA World Cup by winning the upcoming matches against South Africa and Benin Republic,” stated George, as quoted by NFF.com.

He emphasized the importance of preparing for the 2025 AFCON qualifiers, underscoring his commitment to enhancing the team’s performance as per his contract

with the NFF.

“The 2025 AFCON qualifiers will commence soon, and we must be prepared for those as well. I am aware of the NFF’s expectations, and I will work diligently to elevate the team,” he added. George, now the highest-paid indigenous coach in Nigeria, aims to demonstrate his capabilities when his team faces South Africa and Benin.

last

Erling Haaland scored twice to settle Manchester City's nerves as the Premier League champions beat Tottenham 2-0 to take a giant step towards a historic fourth consecutive English title last night..

The Norwegian forward tapped home a pinpoint Kevin De Bruyne cross early in the second half to score City's first-ever league goal at the Tottenham Hotspur Stadium and netted a late penalty to seal the three points.

The win took Pep Guardiola's team two points clear of Arsenal at the top of the table and means victory at the Etihad against West

Ebi Egbe Tasks Bayelsa on Completion of Asuama Sports Complex

Managing Director/ Chief Executive Officer of Monimichelle Sports Facility Construction Limited, Chief Ebi Egbe has advised Bayelsa State Governor, Senator Diri Douye to Channel the resources he planned to use in building a new stadium in the state into completing the abandoned Asuama Sports Academy in Kolokuma/Opokuma Local Government Area of the state. He gave the advice while speaking on a radio programme on Eagles 93.1 FM monitored by newstap. com.ng According to the sports facility

construction expert popularly known as ' Money Love' the academy when completed will turn the state into a sports hub in the country.

" It's unfortunate that the Asuama Sports Academy Complex has not been completed after spending more than N3 billion on the project and instead of planning how to complete it, they're talking about starting another stadium project.

" There's need for Bayelsa State Government to complete this project because if we're talking about grassroots sports development, Asuama is the place to be.

"It is a good concept and project that can help Bayelsa and that's why I will not support the constitution of a new stadium when that one has not been completed.

"Let's go and revisit Asuama and complete it. The Academy has two standard football pitches, two athletics tracks, basketball Court, Power gym, handball and volleyball courts , a standard swimming pool for competition and good internal road network and so many other facilities and as such we cannot abandon that project and start thinking of starting a new one", Ebi Egbe concluded.

Ham on Sunday will make them champions for a fourth straight season, regardless of the Gunners' result against Everton. Defeat for Spurs also guarantees that Aston Villa will finish in the fourth Champions League spot, joining City, Arsenal and Liverpool in Europe's top-tier competition next season.

The build-up to the game in north London was dominated by a fierce debate over whether home fans wanted their own team to lose in order to leave City in the driving seat, with Arsenal their nearest challengers.

The Spurs supporters made their

Both sides settled quickly and Spurs had the first sight of goal when a raking ball from Pierre-Emile Hojbjerg found Brennan Johnson on the right.

Olawale Ajimotokan in Abuja

All eyes will be on Francis Epe, Sunday Olapade and Kamilu Bako as they mastermind Nigeria's bid for a convincing outing at the 54- hole second eTranzact Golf Classic that tees off today at IBB International Golf and Country Club, Abuja.

Coincidentally, Epe, who sits on top of Nigeria's ranking order is the defending champion of eTranzact Classic and will give other contenders a run for a chunk of the N20 million prize money.

Also in the frame is Nigeria's No 2 player, Olapade, on account of his fourth-place finish at Cameroon Open last weekend.

Other contenders include, former Nigeria number one, Kamalu Bako, youngster Okoko Godwin, Kabiru H. Mohammaed, Marcus Elisha and George Inalegwu.

They will be against top entries from Ghana led by Bary Yaw, Augustine Manasseh and Kofi Owusu. The tournament runs on the platform of the Professional Golf Development (PGD) Tour which is in its second season.

The Managing Director, eTranzact, Niyi Toluwalope, echoed hope that the tournament will provide a platform for the local professionals to flourish.

“These young Nigerians are full of potential. We are proud to have created this platform for them to showcase their potential. This is our vision, that like the Super Fintech that we are, to always promote healthy and innovative competition that will drive the country forward,” Toluwalope said.

A strong field of 185 professionals and category 1 and club amateur players will exhibit

shot-making abilities over three days in Abuja. The PDG Tour Commissioner, Femi Olagbenro, said the eTranzact event fulfills the objective of the Tour in helping source professional golf events and keeping the abundant golf talent in the country engaged.

“This year we have staged three events on the PGD Tour and the eTranzact is the latest. We are glad at the impact the event is making. Today the Nigeria circuit has become very dynamic because of the flair that PGD Tour has brought to the fore," Olagbemiro said.

The eTranzact Classic will have a mid-way cut after 36 holes, where the top 30 in the professional category will proceed to the classification round along with club amateurs on Friday, May 17, 2024.

Manchester City players celebrating Erling Haaland’s brace against Tottenham

night as the Cityzens leapfrog Arsenal to the top of the Premier League with a game to end of season

Aruna Quadri in joyful mode shortly after reclaiming the ITTF Africa Cup Title in Kigali, Rwanda...last night

feelings towards their bitter local rivals clear in the opening minutes, with chants of "Stand up if you hate Arsenal" ringing around the stadium.

MISSILE

Gov Obaseki to Federal Govt

“Unless we redesign the system, we will not get the full potential of the country. If you are relying on crude oil, the system should allow you to produce more. Today, we are producing 1.2 million barrels per day, and it cannot keep us. Even security will not grow, and you cannot secure this country from the centre anymore. So, our country needs a redesign urgently. This design has expired, redesign” --EdoStateGovernor,GodwinObaseki,warns thatNigeria’scurrentdesignhasexpiredandneedsredesigningforittosurvive.

SamAmADI

Cyber Charge, Taxation and Minimum Wage

In the last couple of weeks, two issues have dominated discussion about Tinubu’s economy: the imposition of a cyber security charge on Nigerian bank customers by the Central Bank of Nigeria (CBN) and the demand by organized labour through the Nigeran Labour Congress (NLC) and the Trade Union Congress (TUC) for a minimum wage increase from N30,000 to N615,000. These issues are woven around the idea of taxation. A cardinal pillar of Tinubu’s economics, whatever that means, is the need to increase tax revenue. The current fiscal crisis arising from dwindling revenue, rising costs of debts and drastic devaluation of the naira mean that the government will be looking out for where to collect more money from the people. When you are a government that sees taxation as a prime fiscal policy, this disposition may become an obsession. Of course, improving taxation is important for Nigeria’s economy and politics. It is argued that if our public expenditure is funded by taxes more than natural resources revenue, we could develop a real culture of democratic accountability as who pays the piper calls the tune. Taxation has the consequence of raising civil activism in defence of good governance. We see evidence of this in the recent outcry over the cyber security charge. So here we are debating whether bank customers should be charged 0.5% of almost every transaction they make based on a directive from the CBN to all commercial banks. According to the CBN directives, the charge is authorised by the Cyber Security (Prohibition and Prevention (amendment)) Act 2024 which instructs the banks to collect the charge from customers and pay into a

National Cyber Security Fund under the management of the National Security Adviser to the President. The directive has triggered outcry by many Nigerians and threat of industrial action by the leadership of organized labour. Amid the furore, the House of Representatives advised the Central Bank to rescind the order. Interestingly, the House through a motion by its minority leaders, Hon. Kingsley Chinda, noted that the directive that the banks charge 0.5% of customers’ transfers contravenes Section 44(2) of

the law that prescribes that only specified businesses should pay the charge, namely financial institutions, telecommunication companies, and internet service providers. By expanding the ‘tax’ to transactions by ordinary customers, the Central Bank has exceeded the powers denoted to it by the National Assembly in the Act. In lawyers’ language, the directive is ultra vires the powers of the Central Bank. After this legislative order, President Tinubu responds by directing the CBN to suspend execution of its directive.

In spite of the presidential directive to suspend the charge, we need to contextualize the directives from the Central Bank to understand what is wrong with public policy administration in Nigeria. Why did the CBN include ordinary financial transactions in the charge? Why did the federal legislature consider the imposition of a tax in the guise of a bank charge a proper response to the challenge of building a strong institutional protection against cyber attacks? Furthermore, what makes the Office of the National Security Adviser (ONSA) the best manager of a fund to develop infrastructure against cyber attacks?

The inclusion of ordinary customer transactions in the charge must be an intentional act to expand the fund. Based on annual financial transactions, inclusion of ordinary customer transactions will boost the fund with trillions of naira. This will be a classic case of easy tax collection with little administrative costs. Tax avoidance will be minimal as almost every transaction will be captured. So, in the context of obsession with fiscal buoyancy by present officials, deliberate avoidance of law in the quest for more tax revenue will not be a conspiracy theory. There must be something

magnuSONYIbe

intentional about it. The other possible explanation could be that those who promoted the amendment thought they had reflected their intention to include every financial transaction but did not realize that the actual texts of the law remained. So, the intent was to include all financial transactions. But bad legal drafting defeated that intention. A charitable explanation is that the actual intent was to exclude ordinary financial transactions. But the CBN blundered in crafting its implementation order. Notwithstanding whether there is a drafting error or not, the first point to note is that what government imposes by the charge is a tax, and not a bank charge. The nature of a bank charge is that it is tied to a service provided by the bank. There are numerous such charges. We may argue that they are excessive. But each of them is well-defined as a fee paid for a stated service provided by the bank. It is the bank that provides the service that takes the benefits. But the cyber security charge is not a charge in respect of services rendered by the bank. It is a tax to raise revenue for the government to build technological resilience against cyber attacks. The Act states that the fund will be managed by the ONSA subject to audit. It is hard to understand the policy thinking that gives the ONSA, an advisory office, the statutory responsibility for project management for an expansive subject matter like cyber security. From the Act, part of the fund will be used to train cyber security professionals. How is the NSA the best person to manage such human capital development?

“Leading from the Streets”

The much-awaited public presentation of the book, “Leading From The Streets: Media Interventions By A Public Intellectual, 19992019,” authored by myself, took place at the prestigious Alliance Française/Mike Adenuga, Ikoyi, Lagos, with aplomb on Wednesday, 8th May 2024. It was a three-in-one event that featured the unveiling of the book, a panel discussion on the theme “Tinubunomics: What’s Working, What’s Not Working, Why, And Way Forward,” and honors bestowed on six exemplary leaders from outside the corridors of power for their contributions to society by Leading From The Streets and not corridors of political power. The public presentation and unveiling of the book were attended by Gen. Yakubu Gowon, who served as the chairman of the occasion, the former governor of Ogun State, Aremo Segun Osoba, a media royalty, former Cross Rivers State governor, the effervescent Mr. Donald Duke, and the man who charted a path for me in politics, former Delta State governor and irrepressible national political leader, Chief James Ibori. Intellectual governors, Prof. Charles Soludo of Anambra State, and his Edo State counterpart, Mr. Godwin Obaseki, were unavoidably absent as they are outside the shores of our country, but they sent words and representatives.

The private sector was also well represented, with the Chairman of HEIRS Holdings/UBA, Mr. Tony Elumelu, represented by the company secretary of UBA, Mr. Billy Odum, as well as Mr. Nnamdi Okonkwo, GMD/ CEO of First Bank Holding, in attendance, personally amongst many others such as Mr. Henry Imasekha, an investment banker/Chairman of Berkely Group, and Mr. J.K Randle, one of the foremost accountants in our

country. Other private sector players, too numerous to list in this short piece, were well represented, and we are most grateful to all of them.

As one of the readers of the book pointed out, because it captures the socioeconomic and political developments in Nigeria between 1999 and 2019 in one volume, any researcher who wants to learn about the dynamics of change in the evolution of politics, societal issues, and the economy of Nigeria should plan to have the book

as a companion because it would be a useful compass.

Rt. Hon. Femi Gbajabiamila, who is the Chief of Staff to President Bola Tinubu, was unable to personally attend the event due to prior engagements but offered to send a representative to attend on his behalf. In a letter affirming his support for the book, he made the following observation: “By documenting history in books, we make ourselves part of the timeless fabric of humanity. That is as close to immortality as we can hope for.”

He then concluded by stating: “For many years, you have been one of the preeminent public intellectuals in our country. I’m glad that your contributions through the years are now available in one easily accessible volume, and I congratulate you on this publication.”

The Rt. Hon. Gbajabiamila’s complimentary statement provides the answer to the question that has been agitating the minds of some Nigerians who have been wondering why I published “Leading From The Streets,” which was presented to the public on 8th May. As the Chief of Staff to President Tinubu rightly noted, the book chronicles my personal contributions to nation-building through media articles spanning two decades of Nigeria’s return to multi-party democracy now encapsulated in one tome.

The hope is that the nuggets of wisdom contained in the book would give confidence to the masses and nudge long-suffering Nigerians towards pulling their skills and resources together for the prosperity of the nation and her people. It is also expected to guide those leading from the corridors of political power presently and in the future to learn from the documented past records of their predecessors so that they can avoid the mistakes of the past occupants of the seats that they presently occupy.

There is a popular aphorism: “If you want to hide something from the black man, hide it in a book.” To the best of my knowledge, no convincing evidence has been produced to back up that adumbration. So, I do not subscribe to that notion; hence, I embarked on the mission of democratizing access to the book, “Leading From The Streets,” by distributing over two hundred copies nationwide free-of-charge to governors, National Assembly members, the Presidency - Vice President’s office, and the office of the Chief of Staff to the President.

The Chief Executive Officers (CEOs) of major private sector firms in telecommunications, oil/gas, including major players in the financial services sector, as well as heads of development and money deposit banks, are also among those to whom invitations were extended and copies of the book were sent.

A significant number of ministers, heads of departments, and agencies of the government were also sent copies of the book via GiG Logistics, which is an indigenous courier firm competing with multinational logistics firms like UPS, DHL, FedEx, etc. For patriotic reasons, GiG is my preferred choice for distributing the books.

In fact, the preference for GiG is my way of promoting the “Made in Nigeria” or “Nigeria First” mantra, which, in my view, should define the government at this point in time when Nigerians are groaning under the yoke of hardship arising from ongoing reforms in the economy, especially as the masses are complaining about the high cost of governance and the increasing burden of more taxation being imposed on them.

President Bola Tinubu Gen Yakubu Gowon