MONDAY 15TH MAY 2023

CBN Doubles Down in Fight against Spiraling Inflation

Seeks to enhance effectiveness of monetary policy transmission

Obinna Chima and Dike Onwuamaeze

The Central Bank of Nigeria (CBN) has reiterated its commitment to

continue to take steps to control the country’s spiraling inflation which rose to 22.04 per cent in April. This was just as the Nigeria Employers’ Consultative Association

(NECA) yesterday, urged the federal government to reverse the newly introduced Fiscal Policy Measures (FPM) and Tariff Amendment for 2023, scheduled to take effect from

1st June, 2023, which it described as a landmine for manufacturers and other businesses in the affected sectors of the economy. At 22.04 per cent, inflation in

www.thisdaylive.com

the country is at 17-year high, the highest since 2005. Speaking at the opening session of a two-day retreat organised by the Monetary Policy Department of Continued on page 8

the CBN, with the theme: “Monetary Targeting Policy Framework in Nigeria – An Appraisal of its

Outgoing Govs Commence Valedictory Session Today

Chuks Okocha in Abuja

As May 29 draws increasingly closer for elected governors who are in

the final stretch of their last days in office, the Nigeria Governors’ Forum (NGF), will beginning from today, conduct a session for the

incoming governors and the 17 outgoing governors at the banquet hall of the presidential Villa, Abuja. The meeting which would feature

talks on the economy, security and good governance, would see former governors giving pep talks on how the outgoing governors would retire

fruitfully back into civilian life.

Security, good governance, economy top agenda at session Okonjo-Iweala, Adesina, Mayor of New York to deliver addresses, Tony Blair, Jean Pierre Mbassi, others to grace event Ex-govs to give talks on life after office to 17 retiring colleagues induction programme for the incoming and the returning

Speaking to newsmen, the Executive Director of the NGF, Abdullahi Shittu, said the

Akpabio Reaches Out to Aggrieved Senators-elect

Pledges 10th NASS will pursue pro-business legislations Sanwo-Olu backs

Receives senators-elect in Lagos, urges inclusion in choice of presiding officers

Obinna Chima

The Senator-elect representing Akwa Ibom North-west and the nominee of the All Progressive Congress (APC) for the position of the Senate President, Senator Godswill Akpabio, yesterday, disclosed that he has commenced extensive reconciliatory move as well as an enlightenment campaign to pacify aggrieved lawmakers, following the decision of the party

The former Minister of Niger Delta Affairs, who said this during an interactive session with journalists in Lagos, also vowed that if elected the Senate President, the 10th Assembly under his leadership would

Continued on page 8

TransitionNews

10th Assembly: Northern Group Threatens to Withdraw Support for APC, Tinubu

Says North’s leadership of legislature non-negotiable

Emmanuel Addeh in Abuja

A Northern group, the Democratic Research Institute (DRI), led by Prof. Tukur Muhammad-Baba, at the weekend vowed to withdraw support for the All Progressives Congress (APC) and the next administration

led by Bola Tinubu, if they fail to ensure that the 10th National Assembly is led by somebody from the region. The group, in a communiqué signed by Muhammad-Baba , chair of DRI and its Secretary, Dr. Benjamin Izra Dikki, noted that the region will need constant access to political and

Group Rejects APC’s Micro-zoning of Deputy Speakership to S’East

David-Chyddy Eleke in Awka

A South East-based youth group, Coalition of South East Youth Leaders (COSEYL), has rejected the micro-zoning of the position of Deputy Speaker of House of Representatives to the South East.

The group, in a press release by its President-General and Publicity Secretary, Hon. Goodluck Ibem and Comrade Okey Nwaoru, said it was insulting to zone such a position to the South East. The group also added that Kalu who was penciled down for the office still has his victory being contested, and could not represent the Igbo nation.

“While the political goal and aspiration of Ndigbo is beyond the post of the senate president, we cannot identify with a character like Benjamin Kalu, not to talk of endorsing him to represent the political interest of the entire South East as a federal parliamentarian holding the post of the Deputy Speaker.

“For emphasis, the Igbo

are a major ethnic group in Nigeria, also one of the tripodal arrangement upon which the nation itself stands. We cannot be reduced to the background by the APC-led federal government, no matter the scheming or agenda.

“How can a region like the South East, with its homogeneous makeup, be relegated when it comes to sharing the spoils, if not for the phobia APC has about the Igbo nation, which the party has continued to uphold.

“The post of a Deputy Speaker is beneath the political aspiration of Ndigbo and we reject and shall continue to resist it. We call on wellmeaning sons and daughters of Igboland to disregard the endorsement of Benjamin Kalu.”

The group further condemned the APC zoning arrangement, saying, “This charade by the APC is an insult to the political sensibility of Ndigbo and we reject it in its entirety, no matter those behind it, and will continue to reject it.”

economic stake in power to ensure that the region gets certain incentives.

Rising from the meeting, the group stressed that the north gave Tinubu and his party, the APC, the largest number of votes in last February 25 presidential election and therefore deserve to be considered first before any other part of the country for the leadership of the legislature.

According to DRI, this has become even more imperative because the north does not currently head the executive or even the judiciary.

The roundtable which held in Kaduna for various stakeholders of the Northern region of Nigeria with the Theme: “Nation Building and Democracy: The Imperative

of Participation, Equity and Equitable Development of Northern Nigeria”, it said, was aimed at addressing the socio-political challenges that face the ‘contagious’ region of Nigeria.

The group added that the roundtable was also a response to the current political situation in the country, the promulgation of the 10th National Assembly ,particularly its leadership and the need to avoid the crisis of misrepresentations and distributions of rewards for political participation in the 2023 general elections, especially the presidential election.

According to the DRI, while the north gave the APC and Tinubu 63.5 per cent of the total votes he garnered, the

entire south gave just over 36 per cent, with the South-west giving the president-elect 25.7 per cent. According to the group, the South-south offered 9.1 per cent while the South-east gave him and the APC 1.45 per cent.

In contrast, he said the north-west gave Tinubu and APC 30 per cent, North-central 20 per cent and the North-east 13.5 per cent.

Based on the contributions of the North in the just-concluded general elections, as evidenced in the roundtable which drew participants from all the 19 Northern states, the group concluded that the progress, transformation and development of the region was hinged on its stake in government, particularly access to political, economic

incentives and opportunities.

It therefore, resolved to :”Demand the leadership of the National Assembly in consonance with the provisions of section 14 and sub-sections (1), (2) and (3) of the 1999 Constitution, as amended.”

It added: “ This is necessary because the North is not in control of both the executive and the judiciary arms of government. This demand is non-negotiable.” The North, it said, also demands fair share of ministerial and other appointments.

“Such appointments should take cognisance of competence, integrity and track record, otherwise the region is left with no option than to de-invest its support for the government and the party in subsequent elections,” it noted.

Group Backs APC Zoning Formula Despite Criticism

Fidelis David in Akure

A political group under the auspices of Tinubu Hope of Nigeria Vanguard, yesterday, commended the President-elect, Bola Tinubu, and the ruling All Progressives Congress (APC), over its decision to zone the leadership positions of the 10th National Assembly.

Reacting to the criticism of the zoning arrangement especially, by the opposition, the convener and leader of the group, Olurotimi Daudu, justified that, if the leadership positions at the NASS were not shared across all the geopolitical zones, it could lead to marginalisation of some geopolitical zones, which

according to him, would not be in the interest of anyone.

Daudu noted that the sharing of the leadership positions as proposed by the Tinubu and the APC aligned with the principles of Justice, fairness, inclusivity and national cohesion, adding that, the whole arrangement sought to foster stronger unity among the various sections of the country.

“It’s imperative for us, a support group, to lend our voice in support of the zoning arrangement as agreed to by the President-elect, Asiwaju Bola Ahmed Tinubu. We have an abiding trust in the capacity of Asiwaju as the president to reduce inter ethnic tensions and depend national unity.

“I, therefore, advise all those who are opposed to the zoning formula to sheathe their sword and cooperate with the president-elect. It is needless to start any form of distraction at a time, when the need to renew the hope of Nigerians has become compelling.”

The group also backed the emergence of Senator Akpabio as the Senate President in the 10th NASS, stressing that Akpabio would provide the much needed robust and stimulating leadership.

“People forget so easily that Senator Akpabio as a seasoned statesman has made profound and critical sacrifices for the unity, stability and progress of our country. He was the

first aspirant to step down for the president-elect at the presidential primaries of the APC.

“He was very forthright and statesmanlike on the night. He is a former governor, Senator and most recently, minister. He is well equipped and positioned to work with Asiwaju to turn around paradigm of leadership for the benefit of Nigerians.

“Our advice to the Presidentelect as a group is that he should remain focused and ignore unhealthy tantrums emanating from the opposition. Nigerians are solidly behind him and trust in his ability to provide some kind of inspirational leadership we crave for.”

Tinubu

Adamu

10th Senate: Ex-South-south Lawmakers Clash With North-West Coalition

Sunday Aborisade in Abuja

A coalition of various groups in the North West geopolitical zone under the aegis of Northern Business Roundtable and a group of former National Assembly members from the South-South, yesterday, laid separate claims to the position of the 10th Senate

Presidency.

They asked the leadership of the All Progressives Congress (APC) and the President-elect, Bola Tinubu, to respect their individual positions or risk a dramatic legislative display at the red chamber on the day of 10th National Assembly inauguration.

While the North West Coalition

Senate Indicts Justice Ministry Over N10.4bn Judgement Debts Disbursement

Sunday Aborisade in Abuja

The Senate has indicted the Ministry of Justice over its inability to provide details of how N10.4bn judgment debt was disbursed to beneficiaries.

Judgement debt refers to money that a court of law orders the losing party to pay to the winning party.

The parties in the case may either be an individual, a family, a company, an institution or a government.

The indictment followed the consideration of the 2017 and 2018 reports of the Auditor General For the Federation which was scrutinised by the Senate Public Accounts Committee (SPAC) chaired by Senator Mathew Uhroghide.

The Senate ordered the Ministry to stop further disbursement of the Judgement debt.

It also demanded that the committee responsible for the disbursement should be reconstituted while evidence of the transactions should be forwarded to the Auditor General and the Senate Panel within 30 days.

The Auditor-General’s report stated that the committee saddled with the responsibility of managing the disbursement of judgement debt was dissolved in 2013.

It said that as of the time when the N10.4bn was disbursed by the Ministry of Justice in 2017, the committee had yet to be reconstituted.

The report added that lack of control, as witnessed in the disbursement of the judgement debt, could lead to loss of public

funds.

It recommended that the Solicitor-General of the Federation and permanent secretary in the Ministry of Justice should immediately constitute the committee as required by law.

The report read in part, “Examination of the Budget of the Federal Ministry of Justice revealed that the sum of N460.95m was appropriated for payment of judgment debts for 2016 and N10bn appropriated for 2017, totalling N10.46bn.

“Further examination revealed that the committee saddled with the responsibility of managing the fund was dissolved after the 2013 financial year and is yet to be reconstituted after the 2016 and 2017 appropriations.

“However, the ministry has been disbursing this sum without a committee in place. Lack of control could lead to loss of public funds.”

The Senate has also ordered authorities of eight federal universities to refund N4.7 billion mismanaged by their management to the Federation Account.

The affected institutions are, the University of Ilorin , University of Abuja , University of Uyo, Federal University , Birim Kebbi, Federal University, Lafia, Federal University, Wukari, Modibo Adams University of Technology, Yola and Federal University of Petroleum, Effurun

The 2016 and 2017 Auditor General reports indicted the universities which was upheld by Senate Public Accounts Committee and also considered and approved by the Senate.

group said the position should go to Senator-elect Abdulaziz Yari, the South-South ex-federal legislators said any elected senator from the South-south was qualified to take the seat.

Both groups addressed journalists at separate fora in Abuja.

The National Coordinator of the Peoples Support Group, Hajia Larai Kolo, spoke on behalf of the Northern Business Roundtable while Rt. Hon. John Agoda and Senator Clever Ikisekpo, spoke on behalf of 16 other federal lawmakers.

The North West group expressed surprise over the zoning arrangements for the 10th National Assembly leadership positions recently announced by the APC and demanded a reversal of the action.

“We in the North West were taken aback and very surprised by the purported zoning announcement and the thought that such could be contemplated, knowing that we bring the highest number of votes to the table during elections. To whom much is given, much is also expected, the North West in the current dispensation and the last presidential election gave the highest votes.

“Apart from this, it is noteworthy that the APC Governors from the North

West led their other colleagues to demand that the Presidency should be zoned to the South. This alone, common sense should prevail that after the presidency has been zoned and delivered to the South, the Vice-President to the North East, the next position should go to the North West.

“It will be a betrayal to the people of the North West if the Senate President is not given to us. If the issue is not addressed immediately and anomaly corrected, any Senator who votes for anyone who is not from the North West for the position of the Senate President will no longer enjoy our support and that of our traditional leaders.”

The group, however, said, “Competence, character, and pedigree should determine positions, and Senator Abdulaziz Yari, Zamfara West Senator-elect has what it takes to be the country’s next Senate President. He is well known and has done very well.”

In their own submissions, the Forum of the former South-South National Assembly members, noted that it was the prerogative of Senators-elect to choose their presiding officers, they urged the APC and Tinubu, to resist any attempt to review the zoning arrangements that had already been announced.

While saying ranking should

not be a major consideration for electing the Senate President, the Forum said, “Unlike the House of Representatives, where only ranking members can aspire to the Speakership and Deputy Speakership positions, all Senators-elect are qualified to contest for the offices of Senate President and Deputy Senate President.”

According to the group, “The composition of the Government of the Federation or any of (its agencies and the conduct of its affairs shall be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few states or from a few ethnic or other sectional groups in that Government or any of its agencies.

“In compliance with this Constitutional position, the country’s ethno-religious, cultural, and regional diversity and balance must be considered. In this context, the existing arrangement, whereby the office of the President of the Senate, the Deputy Senate President, the Speaker of the House of Representatives, and the Deputy Speaker of the House of Representatives are rotated between Northern and Southern

Nigeria, be strictly adhered to.

“We strongly commend, appreciate and applaud the leadership for zoning the Office of the Senate President to the South-South and urge that this zoning be sustained.”

Meanwhile, the Campaign for Democracy (CD) in a statement by its National President, Ifeanyi Odili, has cautioned desperate aspirants for the positions of the Senate President to apply caution so as not to plunge Nigeria into a fresh political quagmire.

The CD said it had “noticed with great concern, the unpleasant permutation going on at the National Assembly (both Green and Red chambers). The rate at which politicians have been using their ill-gotten wealth to woo old and new members to garner support for the Senate Presidency and House of Reps speakership is alarming, embarrassing, portraying the image of the nation in a bad light.

“It is sad to note that Nigerian politicians had yet to understand that it is critical for them to shun corruption at this stage of our nation’s building. They don’t want to accept that the level of political, and economic lopsidedness bedeviling the nation is a direct consequence of their corruption and unpatriotic attitude to the nation.”

10th House Leadership: Reject Imposition of Tajudeen Abass, Group Tells Reps Members

Juliet Akoje in Abuja

A group called True Democrats yesterday after an emergency meeting opposed the ongoing moves to impose Hon. Tajudeen Abass as Speaker of the 10th House of Representatives. In a statement made available to newsmen yesterday in Abuja and signed by the national coordinator of the group, Dr Mustapha Yusuf, the group argued that the move is antithetical to the tenets of democracy and the rule of law.

The group further warned the House of Representatives members elect to guard against any action that would compromise the independence of the legislature, calling on members elect to freely choose from among aspirants jostling for the seat of the Speaker of the House of Representatives based on their pedigree, level of acceptability, competence and experience over the years.

The group also urged the President-elect and the leadership of the APC to

drop the idea of imposing Tajudeen Abass on members of the House in the interest of peace and tranquility in the country.

“The President-elect must not allow anti-democratic forces not to cajole him into interfering in a function exclusively provided for the legislators by the Nigerian Constitution. Those behind it are doing so for their own personal and selfish biddings which is inimical to our nations democracy”

“The idea is to have

an independent arm of government called the legislature for the purpose of providing checks and balances in such a manner to avoid the concentration of powers in one body as this would lead to usurp of powers and consequently degenerate to dictatorship, tyranny and operation”

“We must do things the right way. We must not allow imposition of principal officers of the national Assembly on our legislators”

Abass

Yari

Alleged Oil Theft: Owners of 3m Barrelscapacity MT Heroic Idun Apologise to Nigeria

OPEC confirms Nigeria produced less than 1m bpd in April

Emmanuel Addeh in Abuja

The owners of MT Heroic Idun, the vessel which was last year accused of attempting to illegally lift crude oil in Nigeria waters without clearance, has apologised to the Nigerian Navy.

The alleged 3 million barrelscapacity rogue tanker, which made the news at the time, was eventually moved from Bioko in Equatorial Guinea, where it had escaped and returned to Nigerian waters after negotiations between both countries.

The Nigerian Navy had expressed anger after the crew members of the large facility raised a false alarm on its personnel that were attempting to probe into their activities, tagging them sea pirates.

In November 2022, a Nigerian court ordered that all the 26

Continued Relevance to the Price Stability Mandate,” in Lagos, at the weekend, CBN’s Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora, pointed out that inflation in Nigeria was far from where the central bank wants it to be.

He, however noted that the global economy was in dire straits in terms of the fight against inflation, which globally has remained high.

“So, when you come back to Nigeria, our financial system is still stable, but we cannot deny that there are spillovers from these global issues occurring all around the world. Inflation in Nigeria is not anywhere where we want it to be. A child that was born the last time we had single-digit inflation is already in primary two. So, you can imagine have double-digit inflation for the last seven or eight years, that is a lot. So, the retreat that will last over the last two days is really timely,” Obiora explained.

According to him, “If you look at the key objectives of monetary policy, whether in the university, the central bank or a global financial institution, they are price stability, but as you can attest from what is going on in the world today, global inflation is anything but stable.

“We know that right now it is projected to be at 6.6 per cent for 2023. But if you look at country by country, you will find out that we are really in dire strait when it comes to global inflation. For

governors was NGFs flagship programme, where the incoming governors would be supported with special tools to usher them into office in a seamless manner and to assist them move away from campaigns to governance.

He said the induction seminar would feature talks on fruitful retirement by the outgoing governors into the larger socially, and that the occasion would accord the governors an opportunity to share experiences and compare notes to further strengthen service delivery to the Nigerian people at the subnational level.

Shittu explained that speakers were invited from all parts of the world, from among heads of governments, members of the diplomatic corps, captains of industry and other categories of guests, who had accomplished and distinguished history of service to their people to inspire the governors to hit the ground running.

According to the NGF Executive Director, "Eric Adams, the Mayor of New York City, which, if it were a country would have the nineth-largest gross metropolitan product (GMP) of $1.66 trillion, is visiting Africa for the first time,

crew members of the vessel be remanded inside the ship until the commencement of their trial. The vessel had 16 foreign crewmembers, who are citizens of Poland, India, Sri-Lanka and Pakistan. Others were Nigerian.

They were accused of unlawful entrance into Akpo oil field in Nigeria, raising false piracy alarm to avoid arrest and an attempt to lift crude oil without clearance, thereby violating sections of the Suppression of Piracy and Other Maritime Offences (SPOMO) Act 2019.

However, THISDAY learnt that the crew which was earlier arrested and prosecuted for the criminal offence, was released after fulfilment of a plea bargain agreement with the federal government.

“At 2130 hours on August 8, 2022, the tanker Heroic Idun

example, 32 per cent of countries in the world today have registered inflation at greater than 10 per cent.

“If you look at Europe for example, over 45 per cent of European countries have inflation that is greater than 10 per cent and within the countries that account for 85 per cent of global Gross Domestic Product (GDP), 65 per cent of that slice have inflation greater than five per cent.

“So, that is a big headache that monetary policy is trying to grapple with at this point in time. Of course, inflation is not an end in itself, it is a means to an end. Obviously, we know that a lot of central banks have been going through aggressive tightening to fight inflation. But that aggressive tightening including from the CBN seems to be having an effect on financial stability around the world.”

Furthermore, Obiora pointed out that the present global headwinds, has resulted in the collapse of some financial institutions, namely Credit Swiss of Switzerland and Silicon Valley Bank, Signature Bank and First Republic Bank in the United States.

“Now, in the last 40 years, we have had about 90 banks in the US, with assets of over $1 billion collapse. Just to put it in perspective how difficult or how bad things are right now, of those 90 banks with assets of over $1 billion actually collapsed in the last one month.

is known to have applied digital methods to fight crime in NYC.

“Also expected to speak at the NGF induction is Professor Peter Anyang Nyongo, Governor of the Kisumu County in Kenya, who transformed Kenya’s hospital fund to a national health insurance fund, reduced poverty and brought Kisumu County to compete in poverty reduction, education and infrastructure with modern cities around the globe.

“Also invited to the NGF induction are Former British Prime Minister Tony Blair, Mr Jean Pierre Elong Mbassi, the Secretary General of United Cities and Local Governments of Africa and President William Ruto of Kenya.

“Also Dr Ngozi Okonjo Iweala, Director General of the World trade Organization, Amina Jane Mohammed, Deputy Secretary General of the United Nations and Dr Akinwumi Adeshina of the African Development Bank, bring their experiences to bear on the occasion.

"The NGF is a credible, nonpartisan association of the 36 democratically elected governors of Nigeria. Its vision is to promote

(IMO: 9858058) received voyage orders to approach the Akpo Terminal to load a cargo of oil. While waiting to load, the vessel was approached by what the owners now know was a Nigerian patrol vessel.

“Heroic Idun was ordered to follow the patrol vessel back to Bonny. Subsequently, this approach has been reported as what was thought at the time to be a possible piracy attack.

“The owners, on behalf of their vessel and crew, wish to publicly apologise to the federal government of Nigeria for that report and express their sincere regret for the difficulties presented to the navy and any embarrassment that may have resulted from this incident.

“At no time did the owners wish to undermine the reputation of the Nigerian navy or the efforts

Look at the amount of assets that these three that collapsed own, they are actually in the top four of the largest banks that collapsed in the US.

“The only bank that is larger than them that collapsed was Washington Mutual that collapsed in 2008, during the global financial crisis of 2007/2008. So, my point is that the three banks that collapsed in the last one month are seriously significant banks, holding assets of over $200 billion each. So, when you come back to Nigeria and look at the fact that in all of these, our financial system is still stable, but we cannot deny that there are spillovers from these global issues occurring all around the world. So, this retreat is timely.”

In his opening remarks, the Director, Monetary Policy Department, CBN, Dr. Hassan Mahmud, expressed confidence that the retreat would produce outcomes that would instigate policy reforms in the CBN as the Bank strives to achieve its core price stability mandate.

He said in recent years, monetary policy has had to contend with shocks of increasingly new dimensions, ranging from the global financial crisis between 2007 and 2009; various oil price shocks, the COVID-19 pandemic and most recently, the war between Russia and Ukraine. According to him, these developments have resulted

inclusiveness, democratic values, good governance, and sustainable development at the sub-national level.

“By virtue of this mandate, over the years, the forum has continuously evolved to become a veritable platform that leverages the potential of states to address critical issues of national importance."

He said the NGF Secretariat (NGFS) served as the technical and administrative arm of the Forum, as a policy hub and one-stop resource centre for the 36 States, adding that, the secretariat’s strategic role was driven by consensus and collaborative action, capacity to promote subnational development, effective stakeholder relationship, and high-level advocacy to the governors, who are key decisionmakers at the subnational level."

He further said the induction programme is organised as part of NGF’s onboarding plan for new and outgoing governors as they transition into new roles.

"The induction aims to create a platform that will enable new governors fully understand the responsibilities, organisation, and cultural values, along with

undertaken by the Nigerian Navy in countering piracy and oil theft in Nigerian waters.

“Following issuance of the court order on May 9, 2023, the owners are pleased that this unfortunate incident has now been resolved and are grateful for the Nigerian authorities' assistance in reaching this conclusion,” Idun Maritime Limited, stressed.

The organisation added that it was looking forward to being able to repatriate its crew back to their families and to successful future trading activities within Nigeria.

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) has confirmed that Nigeria only produced 999,000bpd in April, losing 270,000 bpd of oil compared to its 1.268 million bpd production figure in March. The information is coming after

in various shocks to the global economy, requiring changing responses to subdue both the monetary and fiscal authorities in the advanced and emerging economies.

“At the CBN, we migrated over the years from the Exchange Rate Targeting Framework to a Monetary Targeting Framework and a subsequent veiled attempt at a phased migration to Inflation Targeting, adopting a hybrid approach between the Monetary Targeting Framework with elements of Inflation Targeting.

“Monetary targeting is a policy framework that involves setting a target for monetary aggregate, such as the money supply, and adjusting monetary policy to achieve that target. In the case of Nigeria, monetary targeting was adopted as the main policy framework since the 1990s, focusing on controlling the growth of money supply to achieve price stability.

“However, over time, the effectiveness of monetary targeting in achieving price stability in Nigeria has been called into question. One of the main challenges has been the difficulty of accurately measuring and controlling money supply in the face of financial innovation and the growth of non-bank financial institutions. In addition, the relationship between money supply and inflation has become

Continued on page 43

key processes of governance and equip them with knowledge and skills that will ease their transition to governing," he said.

The 2023 Induction is scheduled to hold from Monday 15th to Wednesday 17th May 2023 at the Presidential Banquet Hall, State House, Abuja.

The event, which will be declared open by President Muhammadu Buhari, would bring together newly elected, re-elected, past governors, national and international leaders, captains of industries and development partners.

It would also kickstarts NGF’s knowledge-based process of ensuring that the new governors become integrated and effective members of the Forum.

"The second part of this programme (17th -19th May, 2023) will focus on the governors’ spouses summit designed to strategise on how the activities of the governors’ spouses can best complement the roles of the governors in promoting good governance at the sub-national level, and help the spouses better understand the processes of transitioning to their new roles as first ladies," The NGF executive director explained.

a period of seeming respite, with Nigeria’s crude oil production falling to a seven-month low, a blow to recent gains made from the renewed efforts by the federal government to tackle oil theft and pipeline vandalism in the Niger Delta.

The OPEC data released in its latest Monthly Oil Market Report (MOMR) for May also aligned with data obtained from the industry regulator, the Nigerian Upstream Petroleum Regulatory

SENATORS-ELECT

pursue pro-business legislations in order to create more conducive environment for businesses to thrive so as to support the ailing economy.

Also yesterday, Lagos State Governor, Babajide Sanwo-Olu, pitched his support for the ‘Stability Group’ rooting for the emergence of Akpabio and Senator Barau Jibrin as President and Deputy President of the 10th Senate.

Akpabio, who was accompanied to the media briefing with his supporters known as the ‘Stability Group,’ including the party’s nominee for Deputy Senate President, Jibrin, said presently, he has secured the support of about 69 senators-elect ahead of voting next month.

The Stability Group comprises the 69 senators-elect who had already appended their signatures for the emergence of Akpabio and Jubrin.

He recalled that following extensive consultations with the president-elect, Bola Ahmed Tinubu and other party stakeholders, the National Working Committee of the APC recently reached an agreement on a formula that resulted in the zoning of the Senate Presidency to the South-south geopolitical zone, and the Deputy Senate Presidency to the North-west geopolitical zone.

“There are several contenders for the Offices of the President and Deputy President of the Senate. I, however, believe that Senator Jibrin and I possess the required ranking, status and deep legislative experience.

“These qualities are of competence, vision, patriotism, a deep love for our country, and a thorough understanding of the relationship between the executive and legislature.

“I believe that my uncommon public sector experience and track records spanning over 24 years where I served at the State Executive Council as Hon. Commissioner for Local Government and Chieftaincy affairs, Governor of a State, Senate Minority Leader, and in the Federal Executive Council as a Hon. Minister, provides me with the unique experience required to drive the legislative agenda of the 10th National Assembly.

“We are both (with Jibrin) committed to working tirelessly to ensure that the Nigerian Senate serves as a true voice of the people. We are also deeply committed to promoting transparency and accountability, values that we believe must be at the heart of everything that is done in the Senate.

“We are however not oblivious of some angst that this zoning arrangement may have caused some aspirants. For this reason, we are embarking on an extensive reconciliatory move, as well as an enlightenment campaign to brief relevant stakeholders on details of our prospective legislative agenda.

“We have recently emerged from an extremely competitive electioneering period and expectedly some nerves are still frayed. The joint leadership

Commission (NUPRC), last week.

The depleted production figure last month was partly connected with the shutting down of oil platforms and declaration of force majeure by Exxon Mobil in Nigeria mid last month, especially at the Qua Iboe asset.

The decision to declare force majeure followed an industrial action by the company's in-house workers union, the company said in a statement in April, THISDAY learnt.

partnership between Senator Jibrin, myself, and the Stability Group of Senators seek to ensure unity and peace in our country.

“We are confident that in the end we will reconcile all in the overriding interests of our dear nation. We will ensure that the members of the 10th Assembly put aside their differences and focus on activities that are for the common good of the Nigerian people,” the former Akwa Ibom Governor said. He expressed belief that the legislature must operate independently, without undue interference from the executive branch.

This, he said means that both arms of government must respect the principles of separation of powers, and not infringe on each other’s constitutional responsibilities.

According to him, the country is at crossroad as untenable macroeconomic indices such as high inflation rate, high level unemployment, low revenues, and low domestic manufacturing resulting in an over dependency on imports are some of the challenges the Senate must work in tandem with the executive to address.

He stressed that a multifaceted approach to solving these challenges was required, saying that the Senate must lead the charge in contributing to the growth of the domestic economy. “We shall ensure pro-business legislation to create a more conducive environment for businesses to thrive must be designed and implemented; regular and extensive oversight of government spending to ensure that public funds are being used effectively and efficiently must be conducted; and we must provide legislation that enables support for small and medium-sized enterprises, and helps to reduce the barriers to entry for small businesses.

“These categories of legislation as well as others that promote the growth of the economy, and help create a more prosperous and vibrant nation must be our priority,” he added.

Akpabio listed some of the priorities of the 10th Assembly to include the provision of quality, stable and inclusive leadership at the National Assembly with a view to providing robust legislative intervention and making relevant laws for good governance; galvanise a united and virile support base that will provide credible government policies for the advancement of good governance, rule of law and progressive National Assembly and sustain the January to December budget circle.

Some others are to develop and promote innovative bills that would enhance revenue generation while exercising effective oversight function on government expenditure; support members in bill and motion drafting, presentation of legislative arguments, legislative

AKPABIO REACHES OUT TO AGGRIEVED

WHY I WANT TO BE SENATE PRESIDENT…

Fuel Subsidy: SERAP Urges World Bank to Suspend Disbursement of $800m Loan to FG

Udora Orizu in Abuja

The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, David Malpass, to use his good office to suspend any disbursement of the $800 million loan to the federal government and to request the incoming administration to provide satisfactory explanations for the loan.

SERAP also urged Malpass and the World Bank to reopen discussion on the reportedly approved $800 million loan with the incoming administration to clarify the details on the rationale and use of the loan because the term of office of the government of President Muhammadu Buhari ends in May 2023.

The federal government in April, had announced its plan to spend the $800 million loan as, “part of its subsidy palliatives measures.”

Also, last week, President Buhari had requested the Senate’s approval for $800 million loan to finance the National Social Safety Network Programme.

Though the federal government had clarified that it was not seeking another $800 million loan from the World Bank to cushion the impact of the impending removal of petroleum subsidy on vulnerable Nigerians, SERAP in the letter dated May 13, 2023, and signed by its Deputy Director, Kolawole Oluwadare, said the

World Bank should comply with its own Articles of Agreement in disbursing any loans.

According to the organisation, the Bank should not sacrifice international standards in the rush to disburse the $800 million loan to the Nigerian government.

SERAP, therefore advised that suspending any disbursement

of the loan to the government would reduce the risks and vulnerability to corruption and mismanagement.

The letter, read in part: “SERAP is concerned that the government is seeking to spend the loan when it has barely two weeks to leave office and when the project objectives and intended

purposes for which the loan is reportedly approved and will be disbursed remain unclear.

“The government has not satisfactorily explained or justified the need for the loan at this time, especially given the lack of clarity on its use and the crippling debt burden, and the disproportionately negative impact

of these retrogressive measures on poor Nigerians.

“The World Bank cannot close its eyes to these important transparency, accountability and human rights issues. The National Economic Council (NEC) on April 27 reportedly suspended the planned removal of subsidy on petroleum products by the

end of the Buhari administration. “We would consider the option of pursuing legal action should the World Bank refuse to suspend the disbursement of the loan to the Federal Government and to implement the other recommendations contained in this letter, and we may join the government in any such suit.”

NEPAD Pledges Support for Dredging of Oguta Lake, Orashi River

The African Union Development Agency-New Partnership for African Development (AUDANEPAD) has expressed readiness to collaborate with the federal government and Imo state government in ensuring the realisation of the objectives of the dredging of Oguta Lake and Orashi River.

The Chief Executive Officer of AUDA-NEPAD, Gloria Akobundu, who described the project as innovative and timely, said the organisation was ready to offer necessary assistance in the area of mobilisation of funds and technical assistance to see that the dream of constructing the seaport was realised.

The Vice President, Prof. Yemi Osinbajo, had last week flagged off the hypographic survey/dredging of sea route, stretching from Oguta Lake to Orashi River to Degema

Obaseki Launches

Edo State Governor, Mr. Godwin Obaseki, at the weekend, unveiled a music talent hunt named after the outgoing Chairman of the Christian Association of Nigeria (CAN), Edo State, Bishop Oyenude Kure, to discover and groom musical talents in the state.

Obaseki made the announcement at the thanksgiving service for the outgoing CAN chairman held at Evidence of the Gospel Church in Benin City.

The governor was accompanied by his wife, Betsy, and his deputy, Philip Shaibu, among other top government functionaries.

He said, “The church is so connected to young people and young people in Nigeria have become the real creative engine for

and the Atlantic Ocean.

The project which involves the clearance of the entire route was initiated by Governor Hope Uzodimma, as part of innovative efforts to open up the economic corridor in the south-east and enhance maritime security in the Niger Delta region.

It would be executed in partnership of the Nigerian Navy along with a consortium of international companies, under the Private Public Partnership (PPP) arrangement.

Speaking in an interview THISDAY, at the weekend, Akobundu said part of mandate of NEPAD was to support such an intervention project and help mobilise resources from government and private sector investors to execute the project.

She said the seaport would be realised if all stakeholders give support to the Imo state government in its execution.

Music Talent

our continent. You turn on musical channels today, Nigerian artists are all over, particularly Christian artists. For this reason, today, we will sow the seed in Edo and begin to groom our own Christian stars because of the young stars I saw minister here today.

“I have decided to establish the Bishop Kure Prize for musical talent in the church. The government and CAN as a body will set up the structure at zonal levels. The three Senatorial zones will be represented and we will have competition from Christian groups and bands of churches at the different senatorial levels.

“By October, the contest at the senatorial level will begin. We will give prizes, and by December, we will have the state final of this contest.

"Like I said it takes a visionary leader and a deep thinker to understand his environment, identify challenges and proffer solutions.

“For me, coming from African Union Development Agency it is a realisable project because the mandate of NEPAD is designed for such an intervention project and it is also designed to mobilise resources for such project and it is also designed to work with public and private sector PPP to be able to create jobs for our youths, grow the economy and at the same time ensure quality and good governance.

"So looking at it from our study, our mandate from the vision of the leaders putting together the African Union development agency and in realisation of Agenda 2063.

“We are all clamouring for, the Africa we want, the Nigeria we desire to have, it is a win-win thing for Nigeria, it is a win-win thing for Imo state and for Africa at

large because that project is going to curb insecurity, strengthen the economic growth,” she added.

She said Oguta remains one of the oil trade zones, adding that if not protected and harnessed for economic development, Nigeria would be the loser.

While commending the foresight exhibited by the Imo state government in embarking on the project, the NEPAD Akobundu said the developmental project falls squarely on the mandate set for the African Union Development Agency.

When asked about NEPAD's attraction to the Oguta Lake project, Akobundu said: "Nigeria needs to be developed we shouldn't care what region should have whatever it has but wherever the opportunity to put up a facility that can support the development and economic growth of the country we shouldn't hesitate to do so.

"So I see that particular project as a win-win, economic growth, development, job creation and stability of peace and security in the country."

In addition, Akobundu said the partnership with the Nigerian Navy was already a kudos to not just Imo state, but Nigeria and Africa at large because it will help in securing our border line. "Don't forget that particular project cuts across various communities and rivers straight to the Atlantic Ocean which you are talking of movement of vessels both the big and small, the pirates and others," she said.

Speaking on the economic and social benefit of the project, she said it would no doubt boost the economy and job creation in the country, especially the immediate communities and reduce the perennial traffic gridlock witnessed at the Apapa and Tin-Can Island Ports in Lagos.

Contest to Discover, Groom Local Artistes

It will be at the Sir Victor Uwaifo Sound Stage, which is the biggest soundstage in this country, and the winner or winners of that festival and the competition will be rewarded heavily.”

According to him, “The whole idea is to strengthen the connection between the young people, the church, and their creative ability. The creative industry has become so large and prosperous and the church has to be part of it and Edo must lead in this direction. I expect the youths to be part of the contest as I want to see the churches in Edo South with the best singers, choristers, bands, and the best musical directors, same in Edo North and Central, leading to the selection of those that will represent Edo nationally and

internationally.

“The prize they will get will be the Bishop Kure Prize for Christian Music. This is a token to help us remind you that during your tenure as the Chairman of CAN, you went beyond the call of duty to bring everybody together, bring the church and the state together, and also brought all arms of the Christian faith together to ensure we enjoy peace and prosperity in Edo State.”

Betsy Obaseki, in her sermon, titled ‘Unity of the Church’ said, “We should preach and live out the full gospel as we should be involved in virtually all, in government, politics and all aspects of the economy. We should have ourselves to blame for any failure.”

Meanwhile, Guinness Nigeria Plc

has made an investment worth over N3 billion in Edo State.

The Managing Director, Guinness Nigeria Plc, John Mmsunga disclosed this when he led members of the Board of Directors and other leadership of Guinness Nigeria Plc on a courtesy visit at the Government House, Benin City.

Commending the governor for the business-friendly environment provided by the government, including adequate security and quality infrastructure, among others, Mmsunga said the reforms have boosted investors’ confidence, placing Edo as a safe haven for investments.

He said, “I am pleased to tell you that we have put in 4 million pounds and will be commissioning our new water treatment plant which will be

ready in the next three or four weeks and we will like to invite you to the commissioning.

“The plant takes used factory water and recycles it to the point where you can drink it.”

The Managing Director noted, “I thank you for creating the environment that allowed us to continue investing in our facilities.

In the last six years, we have seen infrastructure development around the State.

In his response, Obaseki pledged that his government would sustain ongoing reforms and programmes across all sectors of the State in line with the Making Edo Great Again (MEGA) Agenda, ensuring the State is the best and safest place to live and do business.

Onyebuchi Ezigbo in Abuja

L-R: Senator Jubrin Barau(Kano North), Deputy Senate President aspirant, Senator Godswill Akpabio(Akwa Ibom North-West Senator-Elect), Senate President aspirant, Senator Solomon Olamilekan Adeola (Lagos West), Senator Opeyemi Bamidele (Ekiti Central), Senator Mukhail Adetokunbo Abiru (Lagos East) at a media parley in Lagos... yesterday

OBASEKI ADVOCATES FOR MORE ROLES FOR YOUTHS IN GOVERNANCE…

CBN Wades into Telcos, Banks’ Dispute over N120bn Debt

Blames dispute on unresolved technical issues

The Central Bank of Nigeria (CBN) yesterday, disclosed that it has waded into the current disagreement between telecoms firms and deposit money banks (DMBs) over non-payment for the provision of the Unrestructured Supplementary Service Data (USSD) to bank users by service providers.

Telecoms operators in Nigeria had on Friday withdrawn their services to banks, causing customers difficulty in accessing online banking transactions that depend on the platform. These are transactions conducted on mobile phones like fund transfers through shortcodes, and checking of bank details and account balances, among other services with or without data or internet services.

However, in a statement yesterday, the spokesperson for the CBN, Dr. Isa Abdulmumin, explained that the apex bank was on top of

the situation, blaming the dispute on technical issues regarding the definition of a successful transaction from a bank and telco perspective.

He said, “The CBN is very much aware of the protracted dispute between the banks and telcos and has been engaging all stakeholders to ensure an amicable resolution.

“Indeed, it was due to the direct intervention of the CBN (or CBN Governor) in March 2021 that a per session price of N6.98 (including settling any outstanding fees) was agreed upon between the banks and telcos.

“As far as we are aware, since 2021, DMBs continue to collect the USSD fees and remit the same on behalf of the telcos based on that agreement.

“We understand the latest dispute concerns technical issues regarding the definition of a successful transaction from a bank and telco perspective.

The apex bank’s image maker

explained that the USSD fees are charged by DMBs using an automated system which bills the customer for a successful transaction only after a banking service is consumed.

He explained further that for the telcos, a successful transaction happens once the customer has dialled the USSD short-code which may not lead to the consummation of a banking service.

“Whilst such truncated transactions are not registered on the DMBs collection platform and thus not billed to bank customers, telcos expect the DMBs to charge customers once the short-code is dialled, whether or not a financial transaction is consummated.,” he said.

Giving a further explanation of the role of the CBN, Abdulmumin said “At a recent meeting of the DMBs & Telco representatives chaired by the Governor of the CBN to resolve the issue, he acknowledged the telcos right to collect all legitimately earned

fees due to them and to recover their cost.

“Following the discussion, the direct billing model was proposed as a lasting solution to the issue. This would enable telcos full visibility of USSD transactions and allow them to charge their customers directly. The feasibility of the model is still being worked out by the relevant stakeholders.”

He described the USSD as a critical channel leveraged primarily by the financially excluded, vulnerable and critical mass, saying the CBN remains committed to ensuring that the areas of contention related to the selection of telco charges for USSD are resolved in the interest of the financial system and overall economy.

However, reacting to the development in an interview with THISDAY at the weekend, the Director of Public Affairs of the Nigerian Communications Commission (NCC), Mr. Reuben Muoka confirmed that the

NAICOM Issues Guidelines for Takaful and Retakaful Insurance Operations

Demands transparent, customer-centric services devoid of fraud, other malpractices

James Emejo in Abuja

The National Insurance Commission (NAICOM) has released guidelines for the operations of takaful and retakaful insurance in the country. The framework, which was made available to journalists over the weekend, sets out the minimum standards required from takaful insurance operators in their dealings with participants/policyholders, shareholders and other stakeholders, and seeks to promote greater fairness and transparency between policyholders and the operators.

The “Market Conduct Guidelines for Takaful and Retakaful Insurance Operators,” among other things, stipulate the general licensing and authorisation requirements for takaful insurance operators and intermediaries – as well as spelt out the responsibility of operators in ensuring that their activities are properly coordinated and carried out in a professional manner.

Specifically, the regulation prohibits takaful insurance practitioners from any form of unfair practice including making or causing to be made

any misrepresentation concerning the benefits, advantages, conditions, or terms of a takaful policy as well as providing false information or failure to make full disclosure of all requested information on an application for services/products. The guidelines also frown at using false or misleading information to induce the lapse, forfeiture, exchange, conversion, or surrender of a takaful policy and further bars operators from obtaining money or property by means of any untrue statement of a material fact or any omission of a material fact necessary in order to make the statement made (in light of the circumstances under which it was made) not misleading.

NAICOM Head, Corporate Communication and Market Development, Mr. Rasaaq Salami, said the move was part of the commission’s strategic objectives to drive innovation of products and services and ensure that operators are professional in the conduct of their businesses in line with best practices.

Furthermore, the guidelines

specified that it shall be illegal for any takaful insurance operator and intermediary to solicit, offer or allow commissions and/or rebates in the transaction of takaful businesses except as provided by the extant insurance laws or approved by NAICOM.

The document stated, “For the avoidance of doubts, overriding commission, business acquisition fees and other similar fees not provided for by the Nigerian Insurance Laws shall not be solicited, deducted, offered or paid in Takaful Insurance transaction.

“A takaful insurance operator, who grants or receives a rebate, offer, demand, pay or receive commission in any form contrary to the extant insurance laws and regulations issued by the commission may, in addition to the penalty prescribed therein, be liable to other penalties as may be prescribed from time to time by the commission.”

Under the new regime, an Insurance Broker who fails to notify the operator of any contribution received on his behalf shall be liable to a penalty in the sum between

1 and 10 times the contribution/ premium subject to a minimum of N500,000 in each case of failure to notify.

Also, where contribution is paid to a lead operator in the case of CoTakaful, the lead operator shall act as if it were a broker as prescribed in the guidelines.

In this case, a lead operator who fails to notify all CoTakaful operators of any contribution received on their behalf shall be liable to a penalty in the sum between 1 and 10 times the contribution/premium subject to a minimum of N500,000 in each case of failure to notify.

Similarly, failure by lead operator to remit to other CoTakaful contribution received on their behalf within 30 days of receipt shall be liable to a penalty in the sum between 1 and 10 times the amount of contribution not remitted subject to a minimum of N500,000 for each unremitted contribution.

The document also spelt out the requirements for foreign facultative retakaful placements in terms of arrangements and exposure limits among others.

commission had to succumb to the complaints of service providers by permitting them to withdraw their services from banks.

It was gathered that the Minister of Communications and Digital Economy, Isa Pantami had called a meeting between the telcos, NCC, and all the banks last Thursday, to broker peace but the banks were said to have shunned the meeting.

The NCC director said efforts were made to resolve the debt issue as far back as 2021, but the banks demonstrated reluctance to pay, a development he blamed on the lack of a signed agreement between the two parties which prevents the telecom firms from taking the banks to court.

He wondered why banks would continue to make deductions from users of the USSD services, but refuse to pay their debt to service providers that have been incurring expenses for the infrastructure being used for the service.

“We know that if they were under the agreement, the telecom firms would have gone to court now for implementation. However, because of the understanding that the issue was being resolved and that all the parties would sign the agreement, the banks refused to

pay. They have been on it for a long time but right now, the commission believes that it's like these people are becoming difficult because these services were rendered with infrastructure.

“It’s like the old days of NITEL when government agencies refused to pay after having enjoyed all the services. At the end of the day, NITEL would not have money to maintain their equipment and people will come back and say NITEL is inefficient,” Muoka said.

Providing further clarifications on the development, Muoka stated that “Banks were charging any amount for the USSD services. They were making money off subscribers. Some of them were charging excessively.

“So we did what we call price determination. When we determined the price for everything, that is, what it cost them to offer the service. That is part of our regulation.

“So after the regulation, it means the nature of banks’ charges for the service would change, but there were a few disagreements here and there. Then by 2021, there was a meeting held between the Central Bank of Nigeria, by that time they had attracted N40 billion, but they were not paying the operators at all.

Buhari Salutes ICPC Chairman, Owasanoye, on His 60th Birthday

Deji Elumoye in Abuja

President Muhammadu Buhari has sent warm greetings to Chairman of the Independent Corrupt Practices and other Related Offences Commission (ICPC), Prof Bolaji Olufunmileyi Owasanoye on his 60th birthday on May 15, 2023.

The president, according to a statement yesterday, by his media adviser, Femi Adesina, joined family members, friends and professional associates in celebrating the lawyer and scholar, who brought more depth into investigation and prosecution of corrupt practices, by working with others on Asset Recovery Strategy; Whistle Blower Policy; Non-conviction Based Asset Recovery Framework; Management of Recovered Assets Framework; Plea Bargain Manual and Corruption Case Management Manual.

Buhari hailed the courage,

adeptness and rigorousness of the former Executive Secretary and Head of Secretariat of the Presidential Advisory Committee Against Corruption (PACAC), who drove the advisory and strategic work of the think-tank to prepare key policy and anticorruption strategy interventions of the government since 2015.

The president noted his contributions to the law profession in Nigeria and beyond, with a commendable profile of working as Director of Research, and later Research Fellow at Nigerian Institute of Advanced Legal Studies, Professorial Research Associate, School of Oriental and African Studies University of London, and Visiting Professor, University of Pretoria, while consulting for many multilateral institutions. Buhari prayed that the Almighty God would strengthen the Chairman of ICPC in health, insight and capacity to keep serving the nation.

Festus Akanbi in Lagos and James Emejo in Abuja

L-R: Mandela Washington Fellows (MWFs) 2023, Dr. Uyiosa David Obasohan, and Engr. Osato Omo Osemwingie; President, Mandela Washington Fellowship Alumni Association of Nigeria (MWFAAN), Olorunfunmi Adebajo; Edo State Governor, Mr. Godwin Obaseki; Godbless Otubure; former president of MWFAAN, Olumide Lawal, and the Chief of Staff to the Governor, Hon. Osaigbovo Iyoha, during a courtesy visit, at the Government House in Benin City... yesterday

24TH FOUNDERS' DAY OF IGBINEDION UNIVERSITY…

L-R: Vice Chancellor, Igbinedion University, Okada, Edo State, Prof. Lawrence Ezumonye; South African High Commissioner to Nigeria, Mr. Thamsanqa Dennis Mseleku, and former Governor of Edo State, Chief Lucky Igbinedion, who represented the Founder/Chancellor, Chief Gabriel Igbinedion, at the 24th Founder's Day lecture held at Igbinedion University, Okada, Edo State... recently

PSC: Assaulting Officer on Duty Diminishes Sanctity of Nigeria's Symbol of Authority

Says Seun's conduct unbecoming, calls for his immediate arraignment

Kingsley Nwezeh in Abuja

The Police Service Commission (PSC), weekend, said the conduct of Afrobeat Singer, Seun Kuti, who slapped a police officer on duty, diminished the sanctity of Nigeria's symbol of authority as represented by the Nigeria police. A viral video showed the artiste hitting a police officer on his cheek over some misunderstanding. Following the development,

the Inspector-General of Police, Usman Baba, Saturday, ordered Kuti’s arrest.

A statement by Force Headquarters, said the musician was captured on video assaulting a police officer in uniform.

But in a social media post, the musician alleged attempted murder of himself and his family by the police officer in question.

The statement by the PSC in Abuja, however, condemned in strong terms, the assault on the police officer by the musician.

Education: Three Million Girls Benefit from World Bank Assisted Project

Kuni Tyessi in Abuja

Not less than three million girls have so far benefitted from the Adolescent Girls Initiative for Learning and Empowerment (AGILE), a World Bank Assisted Project in promoting education and its opportunities for adolescent girls aged between 10 and 20.

This was disclosed by the national project coordinator of AGILE, Amina Uba Haruna, at the national flag-off of the programme titled "Madubi," a Hausa word which means 'mirror.' She said the initiative was aimed at advocating the importance of girl-child education in Nigeria. She said the programme which is currently being run in seven states namely Borno, Ekiti, Kaduna, Kano, Katsina, Kebbi and Plateau States, was aimed at encouraging young girls to properly choose their destinies in which educations serves as proper foundation.

She also called for the enrollment of more female teachers in schools, saying this would attract more girls, while noting that other communities would soon join to create

opportunities for girls in the aforementioned locations.

"The Madubi is a national campaign that we want to advocate more on the outside society to know the importance of girl child education in Nigeria, that is why we adopt this word from Hausa because it is a mirror. That girl in a mirror is you, me and us.

"More than three million have been adopted so far under AGILE project. We have renovated about 5000 class rooms, we are now going on construction, then we have financial incentives where it will allow these girls to retain them to schools. We have financial incentives for beneficiaries and care givers also.

“Most of the states are going to join the project in June, about eleven states. The present states implementing this are Borno, Ekiti, Kaduna, Kano, Kebbi and Katsina, then Plateau state.

"More female teachers are needed in these schools so as to attract more girls in terms of enrolment. More states are expected to join and they include states like Adamawa, Kogi, Kwara, Niger, Sokoto, Zamfara" she added.

Artiste engages Femi Falana, to report to police today

"The Police Service Commission wishes to condemn in strong terms the assault of a police officer in uniform and on official duty in Lagos by one Seun Kuti.

"The commission, however, commends the Inspector-General of Police, Usman Baba, for his prompt action in ordering the arrest and prosecution of Seun, who obviously has diminished the sanctity of the symbol of authority of the Nigerian nation," it said.

The statement signed by the Commission’s spokesperson, Ikechukwu Ani, said, "The commission demands that the culprit must be arraigned immediately and that the Inspector- General must ensure that the matter is followed to its logical conclusion to restore public confidence in the Nigeria Police as the lead agency in internal security and in its ability to maintain law and order and also protect lives

and properties.

"Chairman of the Commission, Solomon Arase and former Inspector-General of Police, said no matter the offence the police officer committed, nobody, including Seun Kuti, has the right to assault a policeman in uniform and on official duty."

Arase frowned at the effrontery of the musician to slap the police officer, insisting that Nigeria was not a Hobbesian state, where might is right.

"We must, as a civilised people, explore established channels of complaints against alleged infractions by law enforcement officials rather than this uncouth behaviour in assaulting the symbol of authority in our country. We look forward to the prompt prosecution of Seun to act as a deterrent to others of his ilk," he said. He further commended the police officer for refusing to be

provoked by the action of his aggressor, a development he said would have been more fatal.

The PSC boss said it was unfortunate that at a time the management of the Nigeria Police was dealing decisively with officers, who harass, intimidate or assault civilians on our roads and work places, the same police officers have become victims of the actions of some "uncultured elites."

"The police should use the present incident to set an example that this will never be tolerated in Nigeria, a country governed by laws, rules and regulations," Arase said, noting that the groundswell of public opinion against the conduct of the abuser was indicative of the love and respect Nigerians have for the law enforcement officers.

This, he said, underscored the need for all police officers to continually respect the right of

the populace and be professional in all their conduct.

Seun had, in an Instagram post, alleged that the police officer in question had apologised over an alleged attempt to kill him and his family.

“He tried to kill me and my family. I have the proof but I am not desperate. He has apologised and I have agreed not to press charges. Mind your business. Don't allow the poor guy to lose his job," he said.

Meanwhile, Human Rights Lawyer, Femi Falana, has hinted that the Afrobeat musician sought his legal services after he assaulted a police officer.

Falana, who confirmed the development, said the singer had sufficient evidence to defend himself.

"He is going to report himself to the police tomorrow morning. There is no problem at all,” Falana reportedly said.

Sanwo-Olu Makes Surprise Appearance at Guinness Record Cooking Contest

Governor cheers young woman chef for global prize

Governor Babajide Sanwo-Olu made a surprise appearance at Amore Gardens in Lekki, yesterday, to motivate and celebrate a young talented Lagos-based chef, Hilda Baci, who is making a global record in Longest Cook-a-thon contest.

According to a statement, Hilda was challenging the current Guinness World Record set by an Indian chef, who made a global recognition in the craft, cooking for 86 hours in a stretch.

The Akwa Ibom indigene and owner of My Food My Hilda Restaurant in Lekki, who had been nursing the dream to participate in the food contest for five years, was expected

to surpass the cooking time to become a Guinness World Record holder.

The chef had cooked for 68 hours when Sanwo-Olu stopped by to boost her morale.

The governor’s appearance generated spontaneous excitement among the crowd of youths who gathered at the garden.

Hilda’s mother, Mrs. Lynda Brown, and some family members were also around to support her.

Sanwo-Olu made a brief entry into the kitchen in order not to disrupt the event flow. During a chat with the Governor, the chef offered a taste of some of the delicacies prepared, including

Akwa Ibom’s traditional Edika Ikong and Egusi soup.

“The governor witnessed the moment Hilda hit 69th hour in the kitchen, which was at exactly 1pm on Sunday. The show was being watched live across social media platforms,” the statement added.

Addressing the crowd, SanwoOlu said: “My presence here is to encourage a young talented citizen who has been making all of us proud. You can see the Nigerian spirit popping out from her; the resilient spirit that Lagos is known for. We can also feel the Akwa Ibom spirit.

“Hilda is a great inspiration and motivator displaying the values of our country. I wish her the strength

and courage to finish well and break the global record. Having made history with the largest cupcakes, we are expecting to have another first for our country and State.”

The governor urged youths across the country, who had been cheering her on social media, not to relent in sending their wishes, stressing that the global record would be their collective win.

At the time of this report, Chef Hilda had cooked over 100 different meals served freely to over 4,000 youths who turned up for dinner at the garden.

The show was expected to wind up at 4pm today, when the chef would have made a new global record.

As Akeredolu Kicks against APC’s Zoning Formula for 10th N’Assembly...

Fidelis David writes that Ondo state Governor and Chairman of Soutern Governors Forum, Rotimi Akeredolu, described last week’s zoning arrangement released by the leadership of his party, the All Progressives Congress, for the presiding officers of the 10th National Assembly as brazenly unjust and skewed.

The APC leadership last Monday officially confirmed the endorsement of a former Minister of Niger Delta Affairs, Senator Godwill Akpabio, (from Akwa Ibom State in Southsouth) for Senate President, and Tajudeen Abbas (from Kaduna State in North-west) for Speaker of the House of Representatives.

Announcing the zoning formula, after an NWC meeting in Abuja, National Publicity Secretary of the party, Felix Morka, also confirmed the endorsement of Senator Barau Jubrin (North-west) as Deputy Senate President, and Ben Kalu (South-east) as Deputy Speaker of the House.

However, the zoning formula has caused so much discontent among political stakeholders and lawmakers, who described the move as undemocratic.

Also, the move left open the possibility of a scenario where the minority parties can retake control of the green chamber if their combined strength operates on the same page and this, the PDP, as the main opposition party, senses that it might be able to pull off the 2015 Saraki/Dogara coup by galvanizing the other minority parties to challenge the ruling party, which itself, has been seemingly unfair the directions it wants to go.

The PDP has 29 Senators and 102 members of House of Representatives-elect for the 10th Assembly. However, in 2015, it had 48 senators and 140 members which enabled Senator Bukola Saraki and Yakubu Dogara to seize control of both the Senate and the House of Representatives after the 2015 elections.

The proposed zoning formula by APC National Working Committee (NWC) was also rejected by the Chairman, South West Governors’ Forum and Ondo State governor, Oluwarotimi Akeredolu, saying it is brazenly skewed, unjust, and targeted against some zones and individuals.

Akeredolu, in a statement he personally signed, described the zoning plan as a skewed and unworkable arrangement that reinforced injustice and enhanced inequity.

The statement, titled, “Proposed APC Zoning Formula for NASS Leadership Positions is a Skewed Arrangement that Reinforces Injustice And Enhances Inequity,” read, “It is with great concern, and, indeed, with a huge burden that I read in the news of the purported zoning arrangement released by the National Working Committee of our party, the All Progressives Congress (APC), as regards the leadership positions in the yet-to-be inaugurated National Assembly.

“Aside the unpretentious ambiguity in the purported press statement issued by the leadership of the APC, the contents, intentions and motives of the zoning formula represent early signs of steps aimed at attempts to cabin the hard-earned presidency for our leader, Asiwaju Bola Ahmed Tinubu, by a few individuals with eyes on ASO ROCK POWER BUTTONS.

“It is trite to aver that it stands logic on the head that one geo-political zone, North-west, in this regard, will be favoured with two presiding officers positions out of four while North-central suffers the consequences for its innocence and shrewd loyalty by having none.

“It is an insidious permutation that North-east will be deprived in the face of the unsavoury generosity dispensed through two slots to a particular geo-political zone. It is self-repudiating for one to argue, therefore, that the Speaker of the House of Representatives cannot also emerge from the North-east.”

Akeredolu alleged that the move to zone the National Assembly leadership positions on the behest of interested personalities with perceived closeness to the president-elect manifestly laid a dangerous foundation of distrust, needless suspicion, and structures nothing but a combination of booby traps, which the party must avoid.

The governor stated, “Let the North play a stronger, more robust and all-inclusive role in the emergence of the positions zoned to the region, especially the speakership. Furthermore, it strikes a huge ingratitude that the role of the Progressive Governors Forum appears unimportant.

“As leaders of the party in their respective

states, there cannot be a greater disservice to them that a consensus was yet to be reached when the NWC hurriedly released a dangerous tool for the opposition in the guise of a zoning formula. To me, even on this note, it’s unacceptable.

“Does it not also exude a serious discomfort that the aspirants to the speakership were not consulted, approached and effectively engaged before the purported zoning formula? It does, and clearly so.

“It is in this regard that I salute the courage of the speakership aspirants for their show of solidarity, companionship and applaudable love for the party in their rejection,

resentment and objection to the brazenly

teleguided zoning arrangement that is skewed and targeted against some zones and identi- fied individuals.

“The action of the Speakership aspirants is commendable just as they are urged to ensure they pursue this to a logical conclusion. This is an unworkable arrangement that reinforces injustice and enhances inequity, and I join them in rejecting this zoning formula.”

Akeredolu then called on the NWC of the party to follow the path of purity and justice. He charged Tinubu to interrogate the skewed arrangement and give direction that would reflect the party’s collective commitment to equality and fairness.

Hope 2015 Scenario Won’t Come into

Play?

Meanwhile, some aspirants to the office of Speaker of the House of Representatives and several members-elect also warned the APC National Working Committee (NWC) and other party stakeholders to prepare for a repeat of the 2015 scenario should the party allow the released zoning formula to stand. Senators and House of Representatives members had in 2015 defied the ruling party’s choices and elected their own independent candidates for principal positions in the two chambers of the National Assembly.

Also, some members-elect alleged that the current crisis is being caused by the Speaker of the House of Reps, Femi Gbajabiamila, advising Tinubu not to be misled by Gbajabiamila but should consult widely among lawmakers to know the facts on ground.

For the speakership position, it was also learnt that aspirants are now seeking to form a consensus candidate to tackle Tajudeen Abbas. Recall that aggrieved lawmakers — Muktar Betara, Idris Wase, Aminu Jaji, Alhassan Doguwa, and Sada Soli — allied in a bid to battle Abbas, the candidate said to have been endorsed by the President-elect, Bola Tinubu.

In the same vein, the Coalition of Northern Groups (CNG) warned that any attempt to foist a National Assembly leadership on the country would be completely resisted.

Spokesperson of the group, Abdul-Azeez Suleiman, while addressing a press conference in Abuja, called on the leadership of APC to reclaim its statesmanship by immediately reversing the decision on Akpabio and Abbass.

With members-elect for the 10th Assembly, it is obvious that the Peoples Democratic Party (PDP) has become weakened compared to its performance in previous exercises. This suggests that it has a more minimal leverage in the race to produce the presiding officers of the legislature. Therefore, the APC must put its house in order to avoid PDP, working with other minority parties to take control of the leadership of the NASS.

However, with the President-elect, Bola Tinubu, currently on a trip outside there seems to be a vacuum and the decision on the race appears to be facing uncertainty until his return.

In conclusion, the National Chairman of All Progressives Congress (APC), Senator Abdullahi Adamu, has admitted that the leadership of the ruling party did not consult sufficiently before arriving at its position on zoning and choice of nominees for the headship of the 10th National Assembly. Therefore, the leadership of the ruling party should set the stage for the emergence of a credible National Assembly leadership through democratic elections by its members as enshrined in the constitution.

Akeredolu

The action of the Speakership aspirants is commendable just as they are urged to ensure they pursue this to a logical conclusion. This is an unworkable arrangement that reinforces injustice and enhances inequity, and I join them in rejecting this zoning formula.

Akeredolu then called on the NWC of the party to follow the path of purity and justice. He charged Tinubu to interrogate the skewed arrangement and give direction that would reflect the party’s collective commitment to equality and fairness

Emefiele: The Unrelenting Driver of Made-in-Nigeria, Non-oil Exports

Nigeria with current population of over 200 million people and variety of natural resources, there is no doubt that domestic production is the way to go for the country. That is why successive governments over the years have designed programmes and initiatives to encourage local production of goods and services and in most cases, encourage exports of goods and services in the non-oil sector.

Indeed, since he assumed the position of the Governor of the Central Bank of Nigeria (CBN), almost nine years ago, Mr. Godwin Emefiele, has been unrelenting in his advocacy for the support of domestic production in order to arrest the high level of youth unemployment in the country, lessen the alarming level of insecurity in the country, boost the country’s Gross Domestic Product (GDP) and encourage exports.

A lot of finished products in Nigeria are imported from countries that have developed a very vibrant manufacturing industry. These countries have profited from the developmental benefits that a flourishing manufacturing sector provides.

That is why despite the challenges and distractions it has had to contend with over the years, the apex bank under the leadership of Emefiele has taken major leaps to support the diversification of the economy away from largely oil-based economy through its numerous interventions. Today, the country has moved from depending on rice importation to being an exporter of the product.

Since Emefiele came on board, the CBN has supported non-oil sectors such as agriculture, manufacturing, health care, education, power and aviation and other allied economic value chains.

The building of a more sophisticated economy anchored on agriculture, MSMEs, industrial and manufacturing concerns has become the major component of the bank’s monetary policy, in view of the recent challenges posed by the impact of Covid-19 and the Russia invasion of Ukraine.

The Emefiele-led CBN saw weakness on the part of the fiscal authorities because the fiscal space was narrow and the space to release money to catalyse the economy on the fiscal side was slim, prompting the apex bank to increase its intervention in the economy.

In fact, the apex bank’s flagship Anchor Borrowers’ Programme (ABP) that heralded the rice revolution in Nigeria, changed the long-standing dependence on imported rice as the country is not only depending on domestic production, but has become a rice exporting country.

In addition, there is also the Commercial Agriculture Credit Scheme (CACS), a major special purpose vehicle to support commercial farmers in the country in different value chains including oil palm, cotton, cocoa, among others.

“Nigeria has largely depended on the oil sector for revenue generation over the past four decades and the sustained decline in crude oil production continues to negatively undermine the performance of the economy. Thus, there is the urgent need for a conscientious effort to diversify to other non-oil sectors. “As I have often said, it is important that we work to create an economy that will enable us feed ourselves, create jobs for our teeming youths and improve the standard of living of our people.

“With our population growing by over three percent per annum over the past seven years, against a less than steady growth in output since 2019, expanding the production and industrial capacity of the economy must be given special attention to ensure overall macroeconomic stability,” Emefiele stressed recently. He explained: “In the agriculture sector, we found that the big problem we have is the movement of goods from farm to market. It is a logistics and transportation problem. We got approval from the Presidency to reposition the Nigeria Commodity Exchange which plays a pivotal role in the movement of goods from farm to market. Another important move is the creation of the Infraco. You all know that infrastructure has been

a problem in Nigeria.

“We are trying to set up a world class infrastructure to begin to see how to revamp Nigeria’s infrastructure without placing a burden on the federal government. So, the question now is where do you (Nigerians in the diaspora) stand? We would like you to come join and work with us.”

According to Emefiele, “our continued support to the manufacturing sector and MSMEs have been yielding great results as the implementation of 44 items not valid for FX for imports has revealed. Our intervention in the health sector, for example has begun to reduce the health care tourism being sought outside the country which is helping to conserve our foreign exchange and improve our well-being.

“Furthermore, the 100 for 100 Policy on Production and Productivity (PPP), which is targeted at harnessing our local raw materials to increase our domestic production, as well as exports through our deliberate credit and other supports, will soon begin to yield quality results.

“Moreso, the RT200 FX initiative designed to take advantage of our large domestic production to other regional markets is targeted to increase foreign exchange inflows to the economy and support exchange rate stability. In addition, the on-going work at the Dangote Refinery, when fully completed, will stop fuel importation just as we witnessed in cement, sugar and fertilizer market.”

Just last week, in line with his unrelenting push to support the diversification, Emefiele, disclosed that the Race to $200 billion in foreign exchange (FX) repatriation programme (RT200) of the bank has boosted repatriation of funds into the country by 40 per cent in 2022. In the first quarter of 2023, the country recorded $1.7 billion inflows due to the non-oil export initiative.

Speaking during the third edition of the biannual RT200 non-oil export summit held in Lagos, where stakeholders converged to discuss, “RT200: Challenges and Prospects to Success,” Emefiele also said the apex bank was monitoring some shipping companies aiding and abetting the smuggling of goods, warning that there were plans to sanction such companies by placing a post-no debit (PND) on the bank accounts.

Emefiele said: “Today, I am happy to note that the RT200 programme has made good progress in export proceed repatriation since its establishment in February 2022.

“When we started between February and March, it was only $62 million, by the second quarter it had risen to about $600 million and by the third quarter it had risen to over $900 million.

“Available data shows that repatriation due

to the programme increased by 40 per cent from $3 billion in 2021, to $5.6 billion at the end of 2022. The momentum for 2023 is equally showing strong numbers and impressive prospects.

“In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy while about $790 million was sold at the investors and exporters’ (I&E) window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.

“Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for rebate. So, we encourage those holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling at the I&E window.”

He said shipping companies involved in smuggling goods out of the country would be penalised and urged them not to encourage criminality.

Emefiele added: “All we do is to monitor and appeal to exporters and for people to export and when they do export, that they should repatriate their proceeds for the good of their company and the country in general.

“We keep hearing cases of people trying as much as possible to sidestep the process and all I can do now is to appeal to those of us who want to export without documentation to please try as much as possible to desist from this practice.

“We will continue to engage customs, we will continue to engage the Nigeria Ports Authority and we will continue to engage the shipping lines and agents to ensure that we nip in the bud the incidences of exporting without documentation.”

Lagos state Governor, Babajide Sanwo-Olu commended the CBN, even as he said he anticipated that the summit would birth more policies that would encourage more non-oil exports.

Sanwo-Olu, who was represented by the Commissioner in charge of Economic Planning and Budget, Mr. Samuel Egube said: “The Central Bank of Nigeria is demonstrating serious commitments to the success of these initiatives through a range of incentives, aimed at encouraging increased activities in the non -oil export sector as well as repatriation of foreign exchange into the Nigerian economy.

“It is also encouraging to note that this program, in addition to several other initiatives by the federal government is yielding the desired results as shown by the recent reports of the Nigerian Export Promotion Council indicating that our non-oil exports grew by about 40 per cent in 2022 to $4.2 billion.

“We must be courageous and think deeply in evaluating all ideas and figuring out how to combat even some of our challenges, including topical issues, like the human resource exports, also known as the ‘Japa’ phenomenon into sustainable advantages for national developments and a source of non-oil exports that could result in huge diaspora remittances.”

Buhari (right) and Emefiele during the eNaira-launch

Obinna Chima  highlights efforts by the Central Bank of Nigeria under the leadership of Godwin Emefiele to support domestic production and non-oil exports in the country

REAL SECTOR INTERVENTIONS

Today, the central bank’s interventions aimed at stimulating production and productivity across the real sector showed that between January and February 2023, N12.65 billion was disbursed to three agricultural projects under the Anchor Borrowers’ Programme, bringing the cumulative disbursement under the Programme to N1.09 trillion to over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland across the country.

Interestingly, total repayments under the Anchor Borrower Programme is presently at 52.39 per cent of total exposure and the central bank has continued to reiterate its commitment to its developmental mandate of stimulating access to finance for the real sector.

Some of the commodities that have received support under the Anchor Borrowers’ Programme include rice, wheat, cowpea, millet, maize, cotton, fish, soya bean, poultry, cassava, groundnut, ginger, sorghum, oil palm, cocoa, sesame, tomato, castor seed, yellow pepper, onions, and cattle/dairy.

The programme which was introduced by the Emefiele-led CBN has contributed significantly to increased national output of focal commodities, with maize and rice peaking at 12.2 million metric tonnes and 9.0 million metric tonnes in 2021 and 2022, respectively, as the Acting Director, Corporate Communications, CBN, Dr. Isa Abdulmumin revealed recently.

According to the CBN spokesman, the programme had also helped to improve the national average yield per hectare of these commodities, with productivity per hectare almost doubling within the eight years of the Programme’s implementation.

Additionally, the central bank has also released the sum of N23.70 billion under the N1 trillion Real Sector Facility to eight new real sector projects in agriculture, manufacturing, and services. Cumulative disbursements under the Real Sector Facility currently stands at N2.43 trillion, disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects.

Under the 100 for 100 Policy on Production and Productivity (PPP), designed to fast track productive activities in priority sectors, the central bank has also supported a lot of local manufacturers. It has released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of distribution companies (Discos) aimed at improving their liquidity status and aid their recovery of legacy debt, with the cumulative disbursement under the facility at N254.39 billion.

RICE REVOLUTION

The CBN-led rice revolution initiative has also yielded positive impact with over 750 per cent increase in local production. Today, Nigeria can now boost of about 60 integrated rice mills with a combine production capacity of three million metric tons as against less than 350,000 metric tons capacity with 10 integrated millers before the Anchor Borrower Programme commenced in 2015. Although, the country’s local production was still below expectation considering the potentiality, Nigeria has made giant stride compared to the capacity before 2015.

“When the Buhari administration came on board in 2015, he directed that we must start thinking on how to diversify the economy rather than relying solely on oil. The president emphasised that we must grow what we eat and eat what we grow.

“That was when he took all the governors to Kebbi State and personally planted a seed of rice. Incidentally, that seed has grown into Nigeria rice revolution we are witnessing today. Before the Anchor Borrower Initiative in 2015, the country has less than 10 integrated rice mills with combine capacity of 350 metric tons. Today, we have over 60 integrated mills with capacity of 3 million metric tons,” Emefiele said.

TEXTILE SECTOR INTERVENTION

The CBN also invested over N120 billion across the Cotton, Textile and Garment (CTG) value chain since the inception of its intervention programme in the industry. Through its development finance initiatives, over 320,000 farmers had been financed between 2018 to date. This was expected to enhance the production capacity of the ginneries in producing over 102,000 metric tonnes of cotton lint, which should meet and surpass

the cotton lint requirement of the textile industry in the country. The domestic demand for cotton is currently met through local production, thereby halting the importation of cotton for the textile industry as well as increasing capacity utilisation of ginneries, which now operate throughout the year compared to months in the recent past. In all, over 20 ginneries had been resuscitated nationwide and more are expected to become operational this year.

He said the apex bank’s enhanced drive toward anti-smuggling was already yielding positive result with over 15 textile smugglers’ accounts frozen.

“A lot of progress has been made, but at the same time more needs to be done to ensure that we build an inclusive economy that supports domestic production of goods and services, while offering job opportunities to teeming Nigerians.

“This assignment has been bestowed upon us all by the President of the Federal Republic of Nigeria, Muhammadu Buhari, who remains extremely supportive of the agricultural sector revolution due to its role in ensuring food security, creating jobs and stabilising the Nigerian economy,” CBN’s Deputy Governor in charge of Corporate Services, Mr. Edward Adamu explained.

Adamu said the revival of the textile sector remained vital to the country’s growth objectives, adding that the CBN’s interventions were designed to resuscitate and return the industries back to its glorious days of job creation, economic diversification and achieving self-sufficiency in cotton production as well as minimise and eradicate smuggling and dumping of textile goods and facilitation foreign reserves’ accretion.

On his part, CBN Director, Development Finance Department, Mr. Yila Yusuf, identified smuggling of textiles as the biggest challenge in the efforts to reposition the sector.

“As you are aware a lot of them (smugglers) their accounts have been blocked. As restitution, we are telling them to go patronise the local textile factories,” he said.

He said the CBN was also working with the uniform services to enhance patronage of locally-made fabrics which are of high quality.

FINANCIAL SYSTEM STABILITY

While it is on record that some developed countries have recorded bank failures in recent times, the Nigerian banking sector has remained safe and sound. We have seen for examples, one of the most iconic financial institutions in the world, Credit Swiss of Switzerland that collapsed last month; in the United States, three significant, although regional commercial banks filed for bankruptcy – the Silicon Valley Bank, Signature Bank and First Republic Bank. Now, in the last 40 years, we have had about 90 banks in the US, with assets of over $1 billion collapse.

This was why Emefiele recently advised governors of central banks and other African financial sector regulators to improve their supervisory roles to forestall any run on financial institutions in their countries. Commenting further on the current global dynamics and specific policy developments in Nigeria to address emerging shocks, he advised central banks on the continent to draw lessons from the recent failures of four financial institutions.

He highlighted measures the CBN took to avoid contagion effects on banks in the country.

Emefiele, while sharing Nigeria’s experience in regulating banks, noted that the threats posed to the financial system necessitated the release of new guidelines and regulations to tackle potential infringements and, in the process, protect depositors’ funds as well as promote greater transparency in the sector.

Emefiele told his audience that, “regulators must be prepared for what I call the rainy day. What umbrella have you built to ensure that depositors don’t face the risk of losing their deposits? That should be a lesson to regulators globally.

“People have always said that the Nigerian banking system is one of the most regulated. We are not saying there are no cases where banks

have crisis in Nigeria, but we try as much as possible to ensure that we insulate the banking system from serious occurrences.

“It is only in Nigeria and very few countries in the world that you would hear that if a bank collects for instance, $100 from a customer as deposit, today, $32.5 of that must be kept at the CBN.

“It is to keep that fund to make sure in this kind of situation where they are crisis; we also maintain that bank would maintain a specified liquidity ratio and it is only in Nigeria that we insist that banks must have a minimum level of capital adequacy ratio.

“It is Nigeria and some few countries in the world that if you are a young bank, after declaring profit, we insist that 25 per cent must be held in a statutory reserve fund to boost your retained earnings and capital adequacy ratio. These are the kind of things regulators need to begin to look at increasingly. So, as a regulator, you need to begin to think of how to insulate your banking industry. Regulators must begin to begin to be much more responsible.

“We have often said it that in Nigeria, we believe that when there is a crisis, we make sure that depositors are protected and we make sure no depositor loss their money.”

FINANCIAL INCLUSION AND eNAIRA

The global economy is now characteried by rapid digitalisation across all sectors, particularly the financial system where Nigeria remains the leader of innovation and out of the box thinking.

As part of apex bank’s efforts in entrenching a resilient payments system, it has over the years established strategic initiatives and policies in the financial sector such as the Payments System Vision 2020 (2007), National Financial Inclusion Strategy (2012, 2018), Cash-less Policy (2012), Framework for Regulatory Sandbox Operations (2018, 2021), Open Banking Initiative (2021), among others.

Under the National Digital Economy Policy and Strategy (2020 – 2030), the industry is poised to accelerate the private sector-led efforts towards building a nation where digital innovation and entrepreneurship are used to create value and prosperity for all.

Consequently, the Nigerian payment ecosystem has witnessed tremendous improvement over the years. To consolidate its efforts towards engendering a digital economy, the Bank deployed the eNaira, Africa’s first Central Bank Digital Currency (CBDC) in preparation for the payment landscape of the future, given the potential benefits that will accrue to a digital economy.

The eNaira provides Nigerians with a cheap, generally accepted, safe and trusted means of payment and seeks to enhance financial inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem, improve availability and usability of central bank money, facilitate diaspora remittances, reduce the cost of processing cash, and reduce cost and improve efficiency of cross-border payment among others.

Through the evolution of offline payments channels like agent networks, USSD, wearables, cards and near field communication technology, the eNaira would give access to financial services to underserved and unbanked segments of the population.

The eNaira platform also provides an innovative layer for products and services to be built with the aim of enhancing Nigerians’ participation in the digital economy and promote further development of a burgeoning Fintech ecosystem.

Whilst celebrating the successes achieved following the launch of the eNaira and the global recognition of the great job on-going by the CBN, it must be acknowledged that the journey ahead requires cutting-edge innovation and out of the box thinking to achieve the set-out objectives of economic diversification.

Consequently, out of the box solutions would be the ones that drive financial inclusion, SME growth and the creation of start-ups; facilitate cross border trades and transfers as well as

international remittances and FX exchanges; ensure effective implementation of welfare-inclined government programmes; and enhance efficiency in the interbank market.

COVID-19 INTERVENTION

The COVID-19 came with a lot of disruptions that affected economic activities in country across the world. The pandemic which started as a health crisis transformed to an economic crisis and necessitated response from fiscal and monetary policy authorities across the globe, including in Nigeria.

In Nigeria, in line with the first-responder approach, the Emefiele-led central bank acted swiftly, almost when the first case broke out in the country by unveiling a raft of measures to moderate the impact of the virus on households, businesses as well as the economy.

Precisely, Emefiele announced an extension of the moratorium on the apex bank’s interventions programmes, interest rate reduction, creation of a N100 billion targeted credit facility; N100 billion health sector intervention facility and N1 trillion for the manufacturing sector. Some other measures included strengthening the central bank’s Loan to Deposit Ratio (LDR) policy and regulatory forbearance.

Also, as part of efforts to stimulate infrastructural development across the country, the CBN, working with the fiscal authorities also established a N15 trillion infrastructure development company (Infraco).

In addition, Emefiele was also instrumental to the formation of the private-sector-led Coalition Against COVID-19 (CACOVID), which was able to mobilise billions of naira and has immensely supported the country’s COVID-19 fight by setting up healthcare facilities across the country as well as in distributing palliatives to states.

The health sector facility provided loans to pharmaceutical companies to expand/open their drug manufacturing plants in the country and also for hospitals and healthcare practitioners to expand/ build health facilities.

As part of efforts to stimulate infrastructural development across the country, the CBN, working with the fiscal authorities also established a N15 trillion infrastructure development company (Infraco).

To Emefiele, the disruptions caused by the pandemic was an opportunity to re-echo a persistent message the CBN has been sending for a long time, on the need to reset the economy and to birth “a new Nigeria.”

According to him, for a country of over 200 million people, projected to be almost 450 million in a few decades, “we can no longer ignore repeated warnings about the dangers that lie ahead if we do not begin to depend largely on what we produce locally because the security and well-being of our nation is contingent on building a well-diversified and inclusive economy.”

This, he said informed the central bank’s aggressive development finance interventions.

“The CBN has indeed created several lending programmes and provided hundreds of billions to smallholder farmers and industrial processors in several key agricultural produce. These policies are aimed at positioning Nigeria to become a self-sufficient food producer, creating millions of jobs, supplying key markets across the country and dampening the effects of exchange rate movements on local prices,” he explained.

This philosophy, according to Emefiele, has been the consistent theme of the CBN’s policies over the last couple of years, just as he cited the restriction of access to foreign exchange from some items at its window.

Emefiele said: “Many times, the bank has been accused of promoting protectionist policies. My answer has always been that leaders are first and foremost accountable to their own citizens.

“And if the vagaries of international trade threaten their well-being, leaders have to react by compelling some change patterns of trade to the greater good of their citizens.”

He said the measures were deliberately designed to both support the federal government’s immediate fight against COVID-19 and also build a more resilient, more self-reliant Nigerian economy.

Generally, there is need for Nigerians to continue to support the federal government and the central bank in the quest to deliver high-quality infrastructure, encourage domestic production in large-scale so as to diversify the economy.

Rice Pyramid Abuja

Textile industry

www.thisdaylive.com

PEBEC AND THE POWER OF ONE

PEBEC honours deserving agencies and individuals who made significant contributions, writes

BASHIR IBRAHIM HASSAN

opinion@thisdaylive.com

Nigeria will achieve industrialisation if the nation mobilises the citizens for learning, reckons

INDUSTRIALISATION AS SOLUTION TO UNEMPLOYMENT AND POVERTY

The most important function of the intelligentsia/intellectuals of a nation is to provide the knowledge for guiding the growth and development of their nation. When the intelligentsia/intellectuals of a nation are unable to provide the needed knowledge for guiding the development of the nation, it mops, drifts and stagnates. Nigeria has been moping, drifting and stagnating since independence. Our nation introduced the Structural Adjustment Programme (SAP) to Nigeria and over 30

See page 25

BRAIMOH STAT AGENDA FOR KOGI

Braimoh will change the landscape of Kogi for the benefit of the people, writes

ABU ABDULLAHI

planning in 2021. Nigeria is facing serious

written to demonstrate, using historical and that Nigeria needs to solve it main problem. Our historical research revealed, that all

modern Western Europe – ancient Gaul, was in 406 A. D. The various ethnic groups in the evading ethnics groups metamorphosed into the Kingdom of England in the tenth

See page 25

EDITORIAL TACKLING HUNGER IN NIGERIA

All through the 1500s, English farm families were dispossessed of their land and forced to look after themselves as best population that was destitute rose the common people in England were forced into begging, stealing and prostitution

make a living themselves. This thinking individuals and government concerning

colonies in the New World – the Americas. solutions to the problems of the English poor. sent to the colonies where people were in land. That was the beginning of how the

agriculture did not solve the problem of World Wars.

the future of America rests on sound public education was common among themselves did not have opportunities for educated people. The New England States education had been practiced longest and where it was most developed that the greatest manufacturing development process. That is the reason economists and other social scientists and their friends: accountants, bankers, understand it and cannot manage it.

demonstrates that rapid economic growth

industrialisation is achieved through of knowledgeable, skilled and competent the learning rate the higher is the rate of progress. European and Asian kingdoms and monarchies did not encourage

The learning people appreciate in of learning. So, the learning process can Doing that and scaling, we developed a

European nations, the colonies won the war and the United States was born. The destitute of colonial America was faced

was made up of villages which had no contact with each other. The mother, father and children worked to provide food, shelter and clothing.

The United States was a special case which demonstrated that learning

basis for achieving sustainable

F.E OGBIMI

HASSAN

PEBEC AND THE POWER OF ONE

Inside the Banquet Hall of the State House on 26 April, 2023, it was colour and glitz when the Presidential Enabling Business Environment Council (PEBEC) organized its 5th awards ceremony to appreciate the public and private sectors who have made over the past two years.

PEBEC is chaired by the Vice President, with the minister of Industry, Trade & Investment as Vice Chair. It consists of 13 key ministers, the Secretary to the Government of the Federation, the Head of Civil Service of the Federation and the Governor of the Central Bank of Nigeria. PEBEC also

At the ceremony, it was not the fact that, in the last seven years, the Council delivered over 180 reforms to enable the nation’s business environment that underscored its accomplishments but, rather, the sheer number of stakeholder organizations that it has brought together to achieve the common purpose of making the system work for medium, small and micro enterprises (MSMEs).

The whole atmosphere was a spectacle. To start with, participants in the event were ushered into a section of the hall and acquainted with a simulation of the way things were in Nigeria before PEBEC. Images were invoked of a business environment that crippled investments by both foreign and local investors – derelict infrastructure, cumbersome procedures and a general unattractive setting for investment.

Shortly after, visitors were led into a hall adorned with banners announcing, indeed brandishing the PEBEC era and the reforms – and business types that have lifted Nigeria to the top league of nations that have created vastly enhanced environments for businesses investors, nurtured and thrive.

BRAIMOH STAT AGENDA FOR KOGI

It has often been mentioned in enlightened circles that what Nigeria needs to develop and break the current cycle of poverty is for the helmsmen in her sub-nationalities (states) to be creative, committed, and courageous. If these helmsmen which we call governors stop behaving like emperors who believe they are entitled to rule and grab power for power’s sake, if the governors start behaving like men with genuine and positive changes, the story of Nigeria will change for good.

It is for this reason that some commentators believe the voters in Nigeria should care more about who is elected governor in their respective states rather than focus on the presidency. Incidentally, after the last general elections, three governorship seats are up for contestants to vie for later this year. Those are the governorship seats in Bayelsa, Imo, and Kogi States.

My focus is Kogi State where I come from

is playing, the government will be able to protect the interest of its people and that follows the discovery of mineral resources in commercial quantities as it has happened in other parts of the country.

Part of the economic plan being enunciated by Braimoh is the need to put system aimed at putting a premium value on the huge land resource in the state. He believes that the 29,833 Square Kilometres of land (more than the entire land mass in the Southeast geo-political zone) which makes Kogi State the 13th largest state in Nigeria, the government can empower the people and create wealth for them by converting the land assets into wealth for the owners.

This, he said, will be done through creation of a land bank to support industrialisation, housing, and other infrastructure development and progressive urban/rural development plan.

has representations from the National Assembly and the Judiciary, as well as State Governments (Lagos and Kano), Local Governments (AMAC) and the private sector. Among the important dignitaries at the event were the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha; Ministers of Finance, Budget and National Planning (Zainab Ahmed); Trade, Industry and Investment (Niyi Adebayo) as well as heads and personnel of international The World Bank, African Development Bank (AfDB), Nigerian Export-Import Bank (NEXIM), among others.

was on “The PEBEC Experience”, which started at 4 p.m. It featured interactive sessions at which attendees engaged with PEBEC’s partners and learnt about their various interventions aimed at improving the business environment in Nigeria.

This was followed by the awards ceremony and dinner, where deserving awardees were honored for their outstanding of doing business in Nigeria. The awards included the Executive Order 001 Award for the Top 5 most improved ministries, departments and agencies (MDAs); the Impact Awards to recognize the support of journalists, development partner institutions and individuals; the NAP 7.0 Award to and individuals to the 7th PEBEC National Action Plan reform cycle; the Judiciary Award, where Special Recognition Awards were given to state judiciaries which have distinguished themselves in the operations and performance of the Small Claims Courts in their respective jurisdictions; Legislative Awards for stakeholders who collaborated to implement legislative reforms; and Subnational EoDB Ranking Awards to honour states with the highest scores based on empirical data from micro, small and medium-sized enterprises (MSMEs) in the 2021 and 2023 subnational EoDB Ranking conducted by the PEBEC.

The second segment of the evening’s program was the presentation of awards. The stage was enlivened by the use of a mixture of music (old Nigerian highlife and contemporary pop tunes) and dance to arrest the attention of the large audience made up of representatives of ministries, departments and agencies (MDAs) of the federal and state governments.

President, Prof. Yemi Osinbajo, who highlighted the strides that Nigeria has made since the advent of the Presidential Enabling Business Environment Council (PEBEC), of which he is chairman.

In addition to the delivery of about 180 reforms, he said that PEBEC has also developed homegrown National Action Plans (NAPs) to implement priority reforms by select MDAs for each annual reform cycle. He further elaborated on the achievements of the Council since its inception in 2016. The Vice President said: “What we have seen possibilities for a new Nigeria. The private sector also deserves our heartfelt gratitude and commendation for its commitment and collaboration, especially their contributions in technical support and capacity building. They take much of the credit for the quality output of the EBES, especially through the

In conveying the appreciation of President Muhammadu Buhari to members of the Council and to every stakeholder that has made the PEBEC success possible, he said: “But we must all remember that success births success.”

At the event, the Vice President was himself honored with “The PEBEC Catalyst Award”, a new category of award “reserved for the most impactful, dedicated and consistent supporter of the implementation of ease of doing business reforms,” according to the citation, which also credited the Vice President with going “over and above the call of duty in the course of supporting the delivery of reforms for micro, small and medium-sized enterprises operating in Nigeria, making it an easier place to start and grow a business.”

Hassan writes from Abuja

and the only one where the incumbent is not contesting. The election will hold on November 11 and many of the candidates have been going around meeting with stakeholders. However, of all of them, I have not seen the one who dwells more on ideas and what plans he has to change the story of the state for the better like 46-year-old Olayinka Adenenho Braimoh, the candidate of the Action Alliance (AA).

The man who is a businessman and real estate developer has been talking about improving the standard of living of the people, making government an enabler to jumpstart economic activities that will attract investors from across the world, and making the environment become so energized that in every corner, ordinary people in the state can be part of the plan to realise both their collective and individual potential.

On a few occasions, I have listened to him address groups or speak on the mass media about his plan to build a robust and thriving economy, using a code name - STAT and I am impressed. STAT stands for Solid Minerals, Tourism, Agriculture, and Trade. “Our objective is to grow the economy through strategic partnerships in the mining of abundant solid minerals. This will help create job opportunities, increase revenue, and enhance the state’s economic potential”, he stated in his policy document.

He further explained that the plan is for Kogi State to key into the shift of emphasis by the federal government to solid minerals by partnering with Abuja in directing and attracting the attention of investors to the various gems under the land in Kogi State.

When he started talking about tourism and the potential it has for developing the economy of Kogi State, one will marvel at the extent of research and investigation that has gone into formulating his thoughts. He will be talking about the number of visitors that could come into the state yearly, the number of hotel bed spaces that can be let out, and the average amount of money that could translate into, the volume of food items that the agricultural sector could provide to the tourism industry and the amount of money that the tourists could spend within the state thereby creating huge other residents.

Hear him: “We plan to explore the State with its historical sites and water bodies. This will create a modern economy and attract huge investments in the hospitality industry, resulting in more employment opportunities and increased internally generated revenue for funding infrastructure development and social services”.

On Agriculture, he plans to leverage the fact that this is the main occupation of the people and all that is needed is for government to help them by creating the atmosphere for mechanised commercial agriculture to thrive. The government will also help small-scale farmers with good seedlings, fertilizers, and other aids that will tremendously improve their yields. It will also help to source loans and the right market for their produce.

The plan is to make Kogi State the true food basket of Nigeria by leveraging its rich land resources and its strategic location which makes it share a border with 10 states and the federal capital. “Kogi State can feed the whole of Nigeria African sub-region. With agriculture we and help create job opportunities”, he once told an audience in Lokoja.

Abdullahi writes from Igalamella, Kogi State

PEBEC honours deserving agencies and individuals who made significant contributions, writes BASHIR IBRAHIM

Braimoh will change the landscape of Kogi for the benefit of the people, writes ABU ABDULLAHI

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

TACKLING HUNGER IN NIGERIA

Government must do much more to fight poverty

In a country so blessed with arable land and natural resources, Nigerians deserve a life free from hunger. Unfortunately, both poverty and hunger continue to saturate the country’s from the World Food Programme, no fewer than 8.4 million Nigerians in the Northeast are food insecure in a nation where 70 per cent live below the half the population, most severely in the northeast and northwest regions. In addition, Nigeria is also to the report. “This has had an adverse impact on agricultural output and increased the vulnerability

Indices of hunger and poverty have been pervasive over the years.

Millions of Nigerians meal a day. The hunger crisis is exacerbated by between farmers and herders in the food belt of the nation. Besides, the COVID-19 pandemic of 2020 constricted the economy and raised the level joblessness. For an economy that largely depends on imports - from petrol to fertilizers - the impact on the people has been rather tough. Today, Nigerians are reeling from soaring prices of commodities. The Boko Haram insurgency has not only led to the death of thousands of Nigerians but also led to widespread displacement of million others from their communities and farms.

Before the recent alarm, similar sentiment had been expressed by the United Nations organ, Food and Agricultural Organisation (FAO) with prediction of a looming hunger in Nigeria and 20 other countries in the coming months. The gravity of the situation was better expressed in a statement by the FAO Director-General, Qu Dongyu who last year noted

ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

Letters to the Editor

incumbent upon all of us to act now and to act fast to save lives, safeguard livelihoods and prevent the Going by available statistics, in the three states of Borno, Adamawa and Yobe, about 4.5 million people are reportedly at risk of hunger and more than 700,000 of that number are at imminent risk of starvation. In the 2022 Global Hunger Index, Nigeria ranked 103rd out of the 121 countries, chalking up a The International Monetary Fund (IMF) had last year warned that Nigeria could slip into food crisis and that it could degenerate into social unrest. According food crisis would result from the recent widespread damage to farmlands across the states, and the rising price of fertilizer. In addition, IMF noted that the nation’s wide exchange rate, the high volatility on the parallel market and the government’s continued dependence on the CBN prices.

A recent FAO report on Cadre Harmonise (CH), a tool used by the Food Security Sector (FSS) partners to calculate food security and nutrition situation in each location, within a certain period was quite disturbing. Highlighted in the report is the damage caused by the Central Bank of Nigeria (CBN)’s naira re-design policy. The report further noted that food consumption level had remained inadequate and below the desired threshold across most of the states, and that in some local government areas (LGAs) in Adamawa, Borno and Yobe, food consumption was so critical that they had fallen under the crisis phase. What the foregoing suggests is that there will be no honeymoon period for the incoming administration of Bola Ahmed Tinubu. The situation in the country is already very dire. Tackling hunger must be number one priority on the agenda.

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

LETTERS

BUHARI’S EIGHT YEARS IN POWER

President Muhammadu Buhari administration will come to an end on May 29, 2023. Bola Ahmed Tinubu will take the reins elections conducted on 25 February, by INEC, returned him as the president- elect.

hari’s years in power. Buhari’s political odyssey began in 2007 when he contested the position of president under the platform Umaru Musa Yar’Adua emerged president under the Peoples Democratic Party (PDP). There was another futile attempt in 2011. However, as fate will have it in 2015, progressive politiparty, the APC, with which Buhari rode to power.curity, corruption and above all, formulating good policies that will stabilize the country’s bad economy. The posers now beg-

To the credit of the administration, the war against Boko Haram

insurgents recorded tremendous and appreciative success. The murderous group has been tamed by our gallant soldiers with the remnants resorting to attacking only soft targets. While Boko Haram has been degraded in the north-eastern states, the emergence of bandits in North-west, killer herdsmen in north-central and IPOB in Southeast have exacerbated tension in the country. The non-state actors and other terrorists have continued to unleash terror on hapless Nigerians. The attendant consequences of their incessant attacks are humanitarian crisis and looming food due to frequent and coordinated attacks of these criminals.

President Buhari is a no-nonsense president who abhors corleader. This quality has endeared him to many Nigerians. Regrettably, corruption has blossomed under his nose. Some memThe corruption charges against the former minister of power, Sale Mamman, is one among many. While the anti-corruption agency, EFCC and its sister agency ICPC, have been allowed to operate without let or hindrance, the pardon granted to former Plateau and Taraba State governors, Dariye and Nyame shocked

Nigerians and mocked the administration’s war against corruption. These ex- governors and other corrupt politicians whose sources of wealth are questionable should be cooling their feet in jail.

Despite this, the administration initiated and implemented various policies through CBN and other social investment programs, oversighted by the federal ministry of humanitarianmensional poverty index report placed 133 million Nigerians below poverty line. Unemployment has jumped up exponenAdded to the burden of our fragile economy is 77trillions foreign and domestic debt incurred by the government. No wonder, President Buhari recently asked Nigerians for forgiveness. The eight years he spent in power were wasted as he failed to transform the country. The incoming administration of Bola Ahmed Tinubu should brace up for the challenges ahead. Interestingly, his antecedent as tax guru who governed and transformed Lagos State to a mega city speaks volume about his capability.

Ibrahim Mustapha Pambegua, Kaduna State

There will be no honeymoon period for the incoming administration of Bola Ahmed Tinubu. The situation in the country is already very dire. Tackling hunger must be number one priority on the agenda

RATES AS AT MAY 12,2023

Amid Hike in Rates, PFAs Exposure in FGN Securities Up 17% to N29.66trn

Kayode Tokede

The hike in Monetary Policy Rate (MPR) by Central Bank of Nigeria (CBN) in an effort to tackle double-digit inflation is driving Pension Fund Administrators (PFAs) to gilt edge securities as their exposure to federal government papers increased by nearly 17 per cent to N29.66 trillion in the first quarter (Q1) of 2023 from N25.36 trillion reported in the first quarter of (Q1) 2022.

The federal government securities include FGN Bonds,

Treasury Bills, Agency Bonds, Sukuk, and Green Bonds.

Data obtained from National Pension Commission revealed that PFAs exposure in FGN securities reached N9.48 trillion in January 2023, a 14 per cent high when compared to N8.35 trillion in January 2022.

It inched up higher in February as it increased to N9.98 trillion, a 17.3 per cent growth from N8.51 trillion reported in February 2023.

PFA exposure in FGN securities closed March at N10.2 trillion, a 20 per cent

increase from N8.5 trillion in March 2022.

Since June 2022, the CBN, has raised MPR five times to 18 per cent at its last Monetary Policy Committee (MPC) meeting in a bid to curtail the steady rise in the inflation rate to 22.04 per cent in March 2023.

The MPR is the benchmark for determining the interest rate charged by banks and also influences the yields on fixed-income securities.

The hike in MPR prompted a general rise in interest rates with yields

on one-month deposits rising to 7.12 per cent in Q1 2023 from 3.33per cent in Q1 2022.

Similarly, the interest rate on the federal government’s Treasury bills rose to 3.81 per cent in Q1 2023 from 1.75 per cent in Q1 of last year.

Analysts believe PFAs are taking position in FGN securities in a move to beat inflation and invest in securities that are risk-free.

According to the Vice President, Highcap Securities, Mr. David

Adnori, the rush in PFAs’ investments in FGN securities over the last three months is triggered by high interest rate regime following the increase of the MPR by the CBN to tackle rising inflation. He said, “I had foreseen PFAs investment in FGN securities in the Q1 2023 to continue to grow but investments in stock market will be based on the yield environment, the performance of the stock market during the year and the corporate performance of listed companies for 2022 financial year.”

On his own part, Managing Director/CEO of APT Securities and Funds Limited, Mr. Garba Kurfi, expressed that, “The Investment in FGN Bonds by PFAs is necessary because of its availability and risk-free when compared with the other securities. Most aged people prefer their money to be invested in less risky assets. There are no available instruments to invest like bonds with high interest rates.

The story continues online on www.thisdaylive.com

NAICOM Moves to Safeguard Insurance Consumers, Unveils Guidelines to Regulate Sandbox Operations

James Emejo in Abuja

The National Insurance Commission (NAICOM), has released guidelines for the regulation of sandbox operations in the insurance industry.

Head, Corporate Communication and Market Development, NAICOM, Mr. Rasaaq Salami, said the move was part of the commission’s strategic objectives to drive innovation of products and

services and ensure that operators are professional in the conduct of their businesses in line with best practices.

The regulation, which became effective on May 1, 2023, seeks to set standards for live trials or demonstrations of new innovative products in the industry.

The “Insurance Regulatory Sandbox Operational Guidelines”, also seek to provide insurance institutions,

other firms and persons the opportunity to test business models, products and services that will enhance efficiency in meeting consumers’ needs; encourage innovation that will drive financial inclusion and positive competition as well as promote and deliver economic benefits, by lowering the cost of business operations.

To safeguard consumers, the framework required applicants to have a minimum

professional indemnity of N500 million among other regulatory requirements.

Essentially, professional indemnity insurance protects the operator against claims for loss or damage made by clients or third parties as a result of the impact of service negligence or negligent advice offered – and claims can be made against a service provider even if

offered for free.

According to NAICOM, the regulatory sandbox refers to a consciously established relaxed regulatory environment for the testing of innovative products, services, business models, and channels of distribution subject to regulatory discretions and set parameters that have the potential of improving insurance inclusiveness and service efficiency in the country.

MARKET DATA AS AT FRIDAY, MAY 12, 2023

The commission, however, specified the possible areas of innovation that will be allowed into the regulatory sandbox. These include insurance solicitation or distribution; insurance products; underwriting, policy and claims servicing; and any other activity within the insurance value chain.

The story continues online on www.thisdaylive.com

NPA Boss Wins Maritime Icon of the Year Award

In recognition of his fast track of the approval processes leading to the operationalization of Nigeria’s first deep seaport, unprecedented revenue generation and remittances to consolidated revenue fund, port infrastructure renewal, the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, has been awarded the 2022 maritime icon of the year by Champion Newspapers.

Bello-Koko was also applauded for his milestone steps towards the deployment of the Port Community System (PCS) to lay the groundwork for the National Single Window that is necessary to tackle the challenge of duplicity of functions and attendant delays in the Ports and facilitation of the renewed export orientation of the federal government and efforts towards increased utilization of ports in the eastern region.

The award organisers also praised Bello-Koko for injecting fresh impetus into the authority and trajectory as an agency of first choice that contributed immensely to the economic and social development of the country through increased revenue generation.

According to the Group Managing Director, Champion Newspapers, Dr Nwadiuto Iheakanwa, Bello-Koko’s ingenuity has made the nation’s seaports surmount some of the known challenges that have made the nation’s ports largely inefficient over the years.

“On all scores, our findings, largely corroborated by that of independent assessors, confirm that NPA under your management in the last four years has received fresh impetus due largely from your exemplary leadership skills, sustained its solid tradition of

excellence and trajectory as an agency of first choice and agency that has made the country proud and contributed immensely to its economic and social development.

“Your ingenious, creative, pragmatic and resilient approach to leadership has brought a lot of transformation to the NPA which has continued to surmount some of the known challenges that have made the nation’s ports largely inefficient over the years. This includes infrastructure deficits, policy and regulatory inconsistencies, overlapping functions, and duplication of roles among ministries, departments and agencies operating at the ports and high incidence of infractions. They described BelloKoko as a pragmatic leader that has distinguished himself as a dynamic business administrator, innovative manager, and a technocrat.”

Again, Stakeholders Oppose to NITDA’s Bill, Call for Review

Emma Okonji

Stakeholders in the Information and Communications Technology (ICT) industry have again opposed to the planned amendment of the National Information Technology Development Agency (NITDA) Bill, which seeks to enact an Act that will empower NITDA to provide for the administration, implementation and regulation of Information Technology Systems and Practice in Nigeria.

The Nigeria Computer Society (NCS), at the weekend, held a virtual press conference, where it joined other industry stakeholders to oppose the bill, insisting that

the bill does not represent the national interest of the country, since it neglects the input of industry stakeholders.

NCS President, Prof. Adesina Sodiya who addressed NCS council members and the media on the NITDA’s bill, said NITDA was established as Information Technology (IT) Development Agency for the implementation of IT policies in the country and not as a regulator, as contained in the bill.

According to Sodiya, “NITDA was established as an IT Development Agency for the implementation of IT policies in the country. Industry stakeholders were

RSA Transfer Window: Enhancing Service Delivery Across Pension Industry

not carried along in the formulation of the NITDA bill and the bill does not reflect the position of industry stakeholders because our views were not represented in the bill. We have taken a closer look at the bill and discovered that it is not good for the development of Information Technology in Nigeria.

“We have approached NITDA’s management and told them of the implication of the bill, but we have since realised that the bill is being pushed by the Minister of Communication and Digital Economy, Dr. Isa Ibrahim Pantam, in collaboration with NITDA, to the detriment of industry stakeholders and the IT industry.”

Caverton Reports N5.16bn Loss-After-Tax

Chinedu Eze

Caverton Offshore Support Group Plc, has announced its audited results for the year ended December 31, 2022, showing a Loss-After-Tax of N5.16 billion.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, “Coming off the back of a difficult 2022 for the company this loss was anticipated and the Group’s management has already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded. Whilst offshore helicopter logistics has accounted for a substantial amount of the company’s revenue over the past decade, the Group has refocused its efforts on diversifying its business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development. While reconsolidating on our aviation oil

contracts and industry market share, efforts are underway to boost revenue and reduce our operating and finance costs.

“Our Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the earning capacity of the Group. We have already commenced third party maintenance of helicopter aircraft in Nigeria and given our Free Trade Zone status, we are also attractive to operators and aircraft owners in neighboring West African countries who have also had to endure the arduous task of sending aircraft and engines to Europe for heavy maintenance.

We are confident that the level of patronage we have witnessed over the first quarter of the year will herald improved revenues for 2023. Furthermore, coming off the successful reception of our AW139 flight training simulator, a second Simulator for the smaller AW 109

helicopter is due to arrive in the second quarter of 2023.”

Makanjuola said the subsidiary has been at the forefront of promoting and supporting improved water transportation. As a result of the growing interest in waterways transportation, the quality and safety of water ferries has been a major talking point amongst both regulators, passengers and operators.

He disclosed that Caverton recently invested in a boatyard where the company is currently building GRP passenger ferries and security boats to promote and encourage safe water transportation.

“These marine vessels are being built to the highest safety and quality standards under international marine vessel classification agency guidelines. Marine vessels are classified according to the soundness of their structure and design and classification agency guidelines are there to ensure the vessels meet an acceptable standard of stability, safety and environmental impact acceptability, ”he stated.

SWIPHA Obtains WHO Product Prequalification

In what could be described as another first among many by the company, Swiss Pharma Nigeria Limited (SWIPHA), a subsidiary of Servier, a French multinational pharmaceutical company, has received WHO prequalification of Zinc Dispersible 20mg Tablet from the World Health Organization (WHO). SWIPHA is the first company in Africa to obtain WHO prequalification for Zinc Tablet.

According to the Managing Director of Swiss Pharma Nigeria Limited, Frederic Lieutaud, the WHO pre- qualification is a rigorous process that evaluates pharmaceutical products based on their quality, safety, and efficacy. This recognition

is considered worldwide as a symbol of excellence in pharmaceutical manufacturing.

“We are thrilled to announce to the public that we have received World Health Organization prequalification of Zinc Dispersible 20mg Tablet on the 2nd day of May 2023. As many of you may know, our company has been dedicated to providing high-quality pharmaceutical products that meet the highest safety and efficacy standards for over 47 years,” he said.

He added that the company could only have achieved the feat with the support of its partners and clients. “We want to convey

One of the crucial innovations in the Contributory Pension Scheme (CPS) in Nigeria was the introduction of the Retirement Savings Account (RSA) Transfer, which allows RSA holders to transfer their RSAs from one Pension Fund Administrator (PFA) to another through the Retirement Savings Account Transfer System (RTS) deployed by the National Pension Commission (PenCom).

Section 13 of the Pension Reform Act 2014 enables a holder of an RSA to not more than once a year transfer his RSA. The commencement of the RSA transfer process has been a significant milestone attained by PenCom in implementing the CPS, considering that it has been on the drawing board since the advent of the Pension Reform.

The Commission undertook the in-house development and consequent deployment of the Enhanced Contributor Registration System (ECRS) in June 2019, which made it possible to commence RSA transfer. The ECRS enable the unique identification of contributors registered on the Commission’s database, a critical requirement for smooth RSA transfers.

The development of the RSA Transfer System (RTS) followed the ECRS. As the Application is tagged, the RTS is a unique and robust electronic platform that enables seamless RSA transfers. The Application is used for submitting, processing and monitoring RSA transfer requests.

Meanwhile, to facilitate RSA holders’ ability to make informed choices on service delivery, the Commission has expanded its minimum disclosure requirements by providing more statistics on pension industry performance. A special section on the Commission’s website has been created, containing relevant information on the RSA transfer for the guidance of RSA holders.

In addition, the Commission has also developed the minimum information disclosure requirements to be adopted by all PFAs to enhance the high level of transparency required for the effective operation of the RSA Transfer System.

PROCESS OF RSA TRANSFER

of every quarter, four times a year (March, June, September and December). However, only requests received latest by the end of the second month of a transfer quarter (February, May, August and November) are treated within the quarter. All transfer requests received within the third month of a quarter are processed in the next quarter.

After a successful RSA transfer, the RSA holder should advise their employer of the new PFA for subsequent remittance of their monthly pension contributions. The RSA holder should also contact their new PFA to ensure that the RSA balance transferred is accurate.

OUTLOOK OF THE RSA TRANSFER

Activating the RSA transfer is expected to result in improved service delivery across the pension industry as PFAs engage in healthy competition by providing enhanced service offerings to benefit RSA holders.

The RSA Transfer process has inbuilt controls that ensure only a legitimate RSA holder can initiate and transfer their RSA. One of the ways the controls are achieved is by verifying the RSA holder’s live fingerprint on the National Identity Management Commission (NIMC) database. Furthermore, there are strict administrative sanctions for infractions committed by PFAs, while PenCom monitors the entire process to ensure compliance.

our most profound appreciation to some of our partners, regulatory bodies and customers, including the United States Agency for International Development (USAID), National Agency for Food and Drug Administration and Control (NAFDAC), World Health Organization (WHO) Nigeria, Servier Generic Group, the United States Pharmacopoeia – Promoting the Quality of Medicines Plus (USP-PQM+), Maternal and Child Centre, Amuwo Odofin, Lagos, the General Hospital Alimosho, Lagos, Adeoyo Maternity Teaching Hospital, Ibadan and all other stakeholders who supported our journey to prequalification,” he said.

To initiate an RSA transfer, the RSA holder is not required to go to their current PFA (Transferring PFA). Instead, the RSA holder should approach the PFA they intend to transfer to (Receiving PFA) and provide their RSA PIN, surname, current telephone number and email address. The Receiving PFA will validate the biodata of the RSA holder requesting a transfer. After that, the RSA holder’s fingerprint will be captured to authenticate their identity as the final step to conclude the transfer request. The Receiving PFA prints two copies of a confirmation slip, which the RSA holder should sign as proof that they initiated the transfer; finally, the PFA retains a copy of the confirmation slip while a copy is given to the RSA holder.

RSA transfer requests received through the RTS are batched and processed at the end

Meanwhile, a total of 34,283 RSAs were transferred in the first week of January 2023. The transfers were in respect of requests submitted by PFAs between 1 September 2022 and 30 November 2022. The total value of the pension assets in respect of the 34,283 RSAs transferred was N 131.79 billion.

Furthermore, from 1 January to 31 March 2023, a total of 28,112 RSA transfer requests were submitted by PFAs on behalf of RSA holders, out of which 24,985 requests were concluded in the first week of April 2023.

In conclusion, the Commission urges all RSA holders to continue supporting the pension industry in maintaining ethical standards by basing their decision to transfer their RSA solely on objective considerations as the Commission and PFAs continue to provide better solutions to enhance Service delivery in the Nigerian Pension Industry.

PENCOM DG, Aisha Dahir-Umar

Report: Data Encryption from Ransomware R eaches Highest Level in 4 Years

Emma Okonji Sophos, a global leader in innovation and delivery of cybersecurity-as-a-service, has released its annual report tagged, “State of Ransomware 2023,” which revealed that hackers succeeded in encrypting data of organisations in 76 per cent of ransomware attacks.

This, according to the report, is the highest rate of data encryption from ransomware since Sophos started issuing the report in 2020.

The survey also revealed that when organisations pay ransom to get their data decrypted, they ended up doubling their recovery costs to

as much as $750,000, adding that paying the ransom usually means longer recovery times.

“Overall, 66 per cent of the organisations surveyed were attacked by ransomware, the same percentage as the previous year. This suggests that the rate of ransomware attacks has remained steady, despite any perceived reduction in attacks,” the report said.

Analysing the report, Field CTO at Sophos, Chester Wisniewski, said: “Rates of encryption have returned to very high levels after a temporary dip during the pandemic, which raises concern. Ransomware crews have been

refining their methodologies of attack and accelerating their attacks to reduce the time for defenders to disrupt their schemes.

“Incident costs rise significantly when ransoms are paid. Most victims will not be able to recover all their files by simply buying the encryption keys. They must rebuild and recover from backups as well. Paying ransoms not only enriches criminals, but it also slows incident response and adds cost to an already devastatingly expensive situation.”

According to Wisniewski, when analysing the root cause of ransomware attacks, the most common was an exploited vulnerability, followed by

TICT Receives Largest Containership to Berth in Lagos

The Tincan Island Container Terminal Ltd (TICT) last week in Lagos received MSC MAUREEN, the largest containership ever to berth at Lagos ports.

The MSC MAUREEN, currently sailing under the flag of Panama, is a 6,750 TEU ship with a draught of 12metres, length overall of 300metres and beam of 40metres.

The historic berthing of the ship was witnessed by senior officials of TICT, Mediterranean Shipping Company (MSC), Nigerian Ports Authority (NPA), and Nigeria Customs Service (NCS), among others.

Speaking at the event, the Managing Director of MSC Nigeria Limited, Andrew Lynch said the successful berthing of the ship will bring significant economic benefits to Nigeria.

He said in addition to the economies of scale that the large vessel brings, it will also boost Nigeria’s export drive as it will depart the shores of the country with export commodities meant for the international market.

“This feat will help us reduce cost and create economies of scale for importers and exporters. Tin Can and Apapa ports remain very important for the Nigerian economy so if larger vessels come here, it will be a great benefit to everyone. We have seen that we can do it and this will make Lagos more competitive because the larger the vessel, the lower the freight rate becomes in terms of imports and exports,” Lynch said. Also speaking, the Chief Operations Officer of TICT, Edward Ancly, described the berthing of MSC MAUREEN at the terminal as a great achievement.

Mutfwang Pledges to Collaborate with PAN to Train Mechanics

Seriki Adinoyi in Jos

compromised credentials.

“Overall, 46 per cent of organisations surveyed that had their data encrypted paid the ransom. However, larger organisations were far more likely to pay. In fact, more than half of businesses with revenue of $500 million or more paid the ransom, with the highest rate reported by those with revenue over $5 billion. This could partially be due to the fact that larger companies are more likely to have a standalone cyber insurance policy that covers ransom payments, “the report said.

Plateau State Governor-elect, Caleb Mutfwang has committed to collaborate with PAN Nigeria Limited and its training school to provide modern skills to auto technicians (Mechanics) in Plateau state.

Mutfwang stated this when he received the Management of PAN Nigeria Limited led by the Ag. Managing Director/CEO Ms. Taiwo Oluleye on a solidarity visit at the Government House Lodge, Rayfield, Jos. The Governor-elect, who had worked in PAN Nigeria Limited when it was Peugeot brand, was exited to receive his visitors. He recalled his leadership experience that placed him in a vantage position for service to God and humanity.

He pledged to collaborate with the company, particularly the training school to improve and provide modern skills to Auto technicians (Mechanics) in Plateau State now that modern vehicles are computerized.

He said, “You recall that when I was Chairman of local government council, I sent 12 people to Peugeot training school and they spent nine months; we wanted to start a mechanic village in the local government but our effort was thwarted.

“I believe there will be a point of collaboration between the training school and us to improve our manpower here in Plateau State. As we speak, the Peugeot graduates trained while I was Local Government chairman are also here on a solidarity visit, some of them have gone to places, and one is in Japan now.”

“It is a major change in our operation. It is the first time we would see a 300metres length overall vessel coming into Lagos port, so it is going to give more capacity to the shipping lines and bring more business to Nigeria. I am very glad it happened here and in TICT,” he said.

Also speaking, the Port Manager of Tin-Can Island Port Complex, Buba Jubril commended officials of the Nigerian Ports Authority for working together with the ship crew, the terminal operator and other relevant stakeholders to successfully berth the ship.

NGX to Woo Retail Investors on Savings Bonds

Kayode Tokede

In line with its mandate to promote investor participation in Nigeria’s capital market, and enhance the secondary market, Nigerian Exchange Limited (NGX) in collaboration with Afrinvest is set to woo investors on the importance of investing in FGN Savings Bond.

The NGX Savings Bond webinar is expected to deepen the savings culture among retail investors; reduce the barrier to contributing to National development for all Nigerians irrespective of income level; provide insights that will enable participants to benefit from the favourable returns available in the capital market; and improve liquidity of FGN Savings Bond in the Secondary market.

It will be recalled that the DMO, on behalf of the Federal Government of Nigeria, launched a retail investment programme – the “Federal Government of Nigeria

(FGN) Savings Bond” –to help enhance the savings culture among Nigerians while providing all citizens irrespective of income level, an opportunity to contribute to National Development; as well as the comparatively favourable returns available in the capital market.

FGN Savings Bond is safe and backed by the full faith and credit of the Federal Government of Nigeria, with quarterly coupon payments to bondholders.

According to a recent report, NGX saw N11.23 billion in Federal Government of Nigeria bond listings which constituted FGN Savings Bonds with maturities ranging between 2024 and 2026.

Lagos State Government issued the only bond by a sub-sovereign entity with its N137.33 billion series 1V, 10-year 13 per cent, Fixed Rate Bonds due 2031 under its N500 billion debt issuance program.

L-R: An official of Tincan Island Container Terminal (TICT), Arisekola Saka; Assistant Harbour Master, Tin-Can Port, Captain Si mpa Habib; Port Manager, Tin Can Island Port Complex, Jubril Buba; Deputy Comptroller (Enforcement), Tin Can Island Customs Command, Nigeria Customs Service (NCS), Aliyu Ga mbo and Head of Operations, TICT, Russell Osah, when MSC MAUREEN — the largest containership ever to visit Lagos ports, berthed at TICT… recently

This Week In Tech

Tech Top 5 News

LINKEDIN TO CUT 176,000 JOBS

LinkedIn’s professional networking platform has announced plans to lay off 716 employees worldwide. In a message to its employees, the move will affect around 3.5 per cent of LinkedIn’s approximately 19,000 employees worldwide.

While many tech companies, including Meta, Google parent Alphabet, Twitter, Microsoft, and many others, have recently made large cuts to their workforce, labour experts have pointed to that aggressive hiring paired with a slowing economy as the reason for the rolling cuts.

LinkedIn CEO Ryan Roslansky said in the message that the company had been “seeing shifts in customer behaviour and slower revenue growth” as of late, making the layoffs necessary.

But along with the cuts, he said the company would also be hiring in areas where it needed people most, adding, “We are ensuring we have the right roles for the work required. This involves both reducing roles, and it also includes opening more than 250 new roles in specific segments of our operations, new business and account management teams starting on May 15.”

Roslansky did not provide details, as some other companies going through with layoffs have done, about what severance pay, health care and other benefits departing employees might receive.

“And I want all of you to know that the entire leadership team and I are dedicated to helping our colleagues during this transition and ensuring that they are treated with the care and respect they deserve,” he wrote.

FIFTEEN THINGS GOOGLE ANNOUNCED DURING GOOGLE IO 2023

At the annual Google I/O developer conference, a wide array of innovative technologies and updates were showcased, all aimed at enhancing user experiences across various platforms. Google emphasised its commitment to improving search experiences and ensuring user safety by introducing new generative AI capabilities for search and implementing advanced tools for online protection.

Below are the 15 significant announcements made at Google IO.

PaLM 2: next-generation language model: Google has unveiled PaLM 2, a next-generation language model designed to improve language translation, reasoning, and coding capabilities. The model is more heavily trained on multilingual text, demonstrating advanced logic, common sense reasoning, and mathematics proficiency.

Expansion of Bard: The waitlist has now been removed, making Bard available in English in over 180 countries and territories, with the addition of Japanese and Korean languages, and planning to support the world’s top 40 languages.

Image capabilities: Google is making it easier to prompt Bard with images using Google Lens. This integration of images with text in Bard aims to enrich the user experience by providing visually informative responses to queries.

Developer features for Bard: Google is introducing three new ways to use Bard based on developer feedback: Making code citations even more precise by showing you the source of specific blocks of code.

Integration into apps: Bard will be integrating with various Google apps and services like Docs, Drive, Gmail, Maps, and more while maintaining user control over privacy settings.

Integrating generative AI across all the Workspace apps: The new features help one write, organise, visualise, accelerate workflows, have richer meetings, and much more.

Duet AI for Workspace: Google is bringing the generative AI experience to Gmail on mobile and embedding generative AI into Slides so one can easily create unique visuals with a few words.

Simplifying shopping with generative AI: Google is using generative AI to make shopping faster and much easier, providing users with a snapshot of noteworthy factors to consider when searching for a product.

Search Labs: Google’s advanced generative AI capabilities are now accessible through Search Labs, an innovative platform that allows users to explore and engage with early-stage experiments in search.

Magic Compose: Magic Compose, a new Messages by Google feature powered by generative AI, can help you add an extra spark of personality to your conversations.

New AI features in Android: Google’s upcoming Android 14 update (expected later this year) promises to change how users personalise their smartphone experience, taking customization to the next level.

Reimagine Your Photos with Magic Editor in

Tech Personality of The Week

TOPE AWOTONA

This week’s tech personality is Tope Awotona. He is the founder and CEO of Calendly. Calendly is a software company that develops a business communication platform for teams to schedule, prepare and follow up on external meetings.

Awotona founded Calendly in 2013 to simplify scheduling for everyone without back-and-forth emails. With his strategic direction, the platform has grown and evolved to over 10 million monthly users.

Before Calendly, Tope spent most of his career in enterprise software sales, working for companies such as IBM, Perceptive Software, and Dell Technologies and launching a series of startups. He was honoured with the recipient of the 2021 Atlanta Business Chronicle Most Admired CEO Award and the 2019 Comparably Best CEOs Award.

In January 2021, Calendly raised $350 million from investment firms OpenView Venture Partners and Iconiq at a reported $3 billion valuation. In July 2021, during the Covid outbreak, Awotona closed the company’s Atlanta headquarters and took the company remote.

In January 2022, the company received attention on Twitter when a Silicon Valley entrepreneur criticised the etiquette behind sending a Calendly link, and others defended the process. The company reported a large spike in sign-ups after the social media attention.

Google Photos: The new experimental editing feature, Magic Editor, powered by generative AI, will enable users to make complex photo edits effortlessly without requiring professional editing skills.

Features and updates to enhance online safety and trust: Google’s new suite of features and updates aims to improve online safety and provide users with reliable access to trustworthy content and information.

Spam view in Drive: Google’s ongoing efforts to protect Gmail users from unwanted messages, which currently block over 99.9 per cent of spam, phishing, and malware, are now being extended to Google Drive with “Spam View”, a new feature that simplifies the process of separating and reviewing files, allowing users to identify potential spam and stay safe from unwanted or abusive content.

New additions to the Pixel family: Google’s Pixel product line continues to expand by introducing three new devices: the Pixel 7a, Pixel Fold, and Pixel Tablet.

APRIL 2023’S MOST WANTED MALWARE, QBOT LAUNCHES SUBSTANTIAL MALSPAM CAMPAIGN

Check Point® Software Technologies, a leading provider of cybersecurity solutions globally, has published its April 2023 Global Threat Index report for April 2023.

Researchers uncovered a substantial Qbot malspam campaign distributed through malicious PDF files attached to emails seen in multiple languages. Meanwhile, Internetof-Things (IoT) malware Mirai made the list for the first time in a year after exploiting a new vulnerability in TP-Link routers, and healthcare moved up to become the second most exploited industry.

The Qbot campaign seen last month involves a new delivery method in which targets are sent an email with an attachment that contains protected PDF files. Once these are downloaded, the Qbot malware is installed on the device. Researchers found instances of the malspam sent in multiple languages, meaning organisations can be targeted worldwide.

Last month also saw the return of Mirai, one of the most popular IoT malware. Researchers discovered it was exploiting a new zero-day vulnerability CVE-2023-1380 to attack TP-Link routers and add them to its botnet, which has been used to facilitate some of the most disruptive distributed DDoS attacks on record.

There was also a change in impacted industries, with healthcare overtaking the government as the second most exploited sector in April. Attacks on healthcare institutions have been well documented, and some countries continue to face constant assaults.

The industry remains a lucrative target for hackers as it gives them potential access to confidential patient data and payment information. It could have implications for pharmaceutical companies as it could lead to leaks regarding clinical trials or new medical drugs and devices.

The VP of Research, Check Point Software, Maya Horowitz, said, “Cybercriminals are constantly working on new methods to bypass restrictions, and these campaigns are further proof of how malware adapts to survive. With Qbot on the offensive again, it acts as another reminder of the importance of having comprehensive cybersecurity in place and due diligence when it comes to trusting the origins and intent of an email.”

ELON MUSK ANNOUNCES NEW TWITTER CEO WILL BE FEMALE

Billionaire Elon Musk has announced that the new CEO of Twitter, an unnamed woman, will take over in about six weeks.

Musk, who bought Twitter last autumn, has long insisted he is not the company’s permanent CEO. The Tesla boss tweeted he will transition to become the social media platform’s executive chairman and chief technology officer.

In mid-November, just a few weeks after buying Twitter for €40.24 billion, he told a Delaware court that he did not want to be the CEO of any company.

“I expect to reduce my time at Twitter and find somebody else to run Twitter over time,” Musk said while testifying.

More than a month later, he tweeted in December: “I will resign as CEO as soon as I find someone foolish enough to take the job.” The pledge came after millions of Twitter users asked him to step down in a Twitter poll the billionaire himself created and promised to abide by.

Shares of Tesla rose about two per cent Thursday after Musk made.

NIGERIANS TO PAY MORE FOR SOCIAL MEDIA ADS

The Advertising Regulatory Council of Nigeria (ARCON) has started the implementation of its new vetting rates for all social media ads in Nigeria.

According to the new rates, Nigerians can pay as high as N100,000 for the approval of social media adverts if they want their adverts to be vetted within eight working hours, like a day.

However, the normal vetting, which takes seven days, costs N7,500. For social media advert to be vetted in 16 hours (i.e. two days), an advertiser will need to cough up N70,000.

ARCON has been developing rules and regulations to monitor the adverts in the social media space, which has not been strictly adhered to by creators in Nigeria.

In December 2022, the regulatory body mandated skit makers, social media influencers, and bloggers, among others, to seek its approval before advertising any product or service online. The body added that this was in line with the Nigerian Code of Advertising Practice provisions and the ARCON Act No. 23 of 2022.

The notice signed by its director-general, Olalekan Fadolapo, stated that most of the advertisements this group exposed were unethical, with unverified claims and misinformation and in violation of the Nigerian Code of Advertising Practice.

“By this public notice, brand owners, digital agencies, secondary digital media space owners (i.e. bloggers, vloggers, influencers, comedians, skit makers, etc.), and other advertising stakeholders in the digital online media space are advised to obtain pre-exposure approval of all advertisements, advertising, and marketing communications in accordance with the Nigerian Code of Advertising Practice and the ARCON Act No. 23 of 2022,” said the notice.

HOMES & DESIGN

NUC Tower As Abuja’s Architectural Standout

The National Universities Commission (NUC) regulates the activities of Nigeria’s universities from its choice location in Abuja. Bennett Oghifo writes that the NUC operates from a sturdy and aesthetically appealing triangular edifice

The National Universities Commission’s building is located in a serene environment away from heavy traffic. This, perhaps, explains why its unique architecture goes noticed, unlike other public buildings.

The building is a veritable cone with a broad base, which narrows gracefully to the top, where it is supposed to be cooler. The top does not only accommodate the chief executive but also the building’s intelligent equipment and power machines.

It is a massive concrete work held in place by concealed columns, which presents a Christmas tree roundness of its balconies. This enhances traffic ease within the various floors. In the middle of the building’s front view is

a modern glass wall that serves as an aesthetic enhancer and receptacle for natural lighting to the foyer and the stairways.

The approach view of the building presents a heavy drop-off canopy. Granite is used on the floors, and internal walls have light decoration. It is a huge building on a well-tended piece of land that could stretch across two streets and rises to several floors from its foundation.

For the structure to stand so elegant, much work must have been done on the foundation. Usually, the best materials and methods in foundation engineering are adopted to construct an enduring building of this stature.

Architects design such buildings to

have steel and wire mesh foundations pieced together into a raft, even though Abuja’s terrain is firm, unlike that of Lagos. However, the type of foundation used must be based on the product of an adequate soil test embarked upon by the consultants. From this firm foundation erupts huge columns to primarily serve as load-bearing structures.

The building has a basement floor, a reception foyer, and a purposebuilt formwork, behind which is a lovely reception area with decorated marble tiles that mirror everything within view.

High-speed passenger lift and a broad staircase lined with handrails. The lift shaft has formwork at the rear and the side. A glass curtain

wall, which functions as a window, drapes the side of the staircase.

Every room has a low ceiling, brightly lit by short-spaced boxed daylights at the edge, of which are fine smoke sensors and water sprinkler ducts designed for fire fighting.

Security checks and movement control begins at the reception area, fitted with modern adaptations for modern gadgets for fluid business.

On the ground behind is a large parking area for tenants and visitors. The movement of vehicles is facilitated by an inflow and outflow exit system. Ornamental trees demarcate each parking lot. The layout and greening are purpose-built to soothe users’ nerves and, consequently, a conservationists’ dream environment.

Rethinking Monetary Policy in Uncertain Times

The level of uncertainty in the world economy that was aggravated by the outbreak of the COVID-19, was recently heightened by the outbreak Russia’s war in Ukraine. Clearly, these have remained a strain on the global economy, as it has led to upsurge in energy and food prices, which are currently driving galloping inflation rate and weighing on economic growth.

Owing to this, many countries that included The United Kingdom, United States of America, South Africa, Ghana, India, among several others have all raised interest rates in their bid to fight rising inflation.

Some are also rethinking their approaches to monetary policy as they continue to weigh the best tools to apply to calm the markets and cool down inflation.

Globally, it has been accepted that monetary policy required some time to exact an impact on the real economy, and thus, central banks might need to take certain policy actions based on inflation forecasts rather than its current value.

This meant that the central bank may need to forecast the future path of inflation, which is then compared with a specified tool that could address it. This is in line with central bank’s major function of ensuring price stability, which is the primary goal of monetary policy in almost every jurisdiction.

High rates of inflation impact negatively on a country’s economic performance as it prevents rational decisions on the part of savers and investors, and tends to divert scarce resources away from productive uses.

An environment of sustained price stability helps economic agents to plan and form better expectations of the future path of the economy. It also enables them to make informed and better long term economic decisions. The consensus is that the best contribution a central bank could make to sustainable economic growth and enhance the welfare of the citizenry is to achieve and sustain price stability. This is why some economists hold the view that the worst gift to an ordinary citizen

is high rate of inflation.

To achieve this objective, a typical central bank’s toolkit is enriched with diverse monetary policy strategies, which evolve from its monetary policy framework.

However, with spiraling inflation after decades of quiescence, central banks are presently rethinking their approach to monetary policy.

Monetary theory in Economics is consisted of various schools of thought rather than a single unified model. Each of these schools emphasise different forces that drive inflation and recommends a distinct policy response. The International Monetary Fund (IMF), in a recent report, stated that different times have raised different challenges—and each requires its own policy approach.

The multilateral institution stressed that a resurgence of inflation requires yet another shift in emphasis in monetary policy and imposes on central banks the need to review their monetary policy tools.

These clearly were some of the reasons that necessitated a two-day retreat by the Monetary Policy Department of the CBN that took place in Lagos last weekend.

The theme of the retreat was “Monetary Targeting Policy Framework in Nigeria – An Appraisal of its Continued Relevance to the Price Stability Mandate.” The annual gathering was for the regulators to appraise its monetary policy framework. It also afforded the central bank officials to look at money supply, base money, its open market operations and other liquidity instruments in the banking industry.

Monetary targeting is a policy framework that involves setting a target for monetary aggregate, such as the money supply, and adjusting monetary policy to achieve that target. In the case of Nigeria, monetary targeting has been adopted as the main policy framework since the 1990s. It focused on controlling the growth of money supply to achieve price stability.

The framework for monetary policy consists of its objectives as well as the instruments and operating procedures for achieving the stated objectives. Globally, there are different strategies used by central banks in the conduct of monetary policy. These strategies affect the operating, intermediate, and ultimate targets through different channels.

The common strategies include monetary targeting, exchange rate targeting, interest rate targeting, nominal gross domestic product or output targeting, and inflation targeting.

Generally, as monetary policy objectives have evolved over time, so also have the strategies (frameworks) used to attain them. As the names imply, those policy regimes could target a monetary aggregate, exchange rate, and inflation measure, output, or interest rate in the bid to achieve the goal of price stability.

On the other hand, inflation targeting is a monetary policy strategy in which a central bank forecasts and makes public a target inflation rate and then, attempts to steer actual inflation towards the target through the use of key monetary policy instruments, such as central bank policy rate, OMO bills, repo and reverse repo and other monetary policy tools.

It is, therefore, a framework in which the primary goal of monetary policy is to achieve price stability in accordance with an inflation target. In Nigeria, under the inflation-targeting framework, the target was set by the government between three to six per cent per annum, but presently inflation is at 22 per cent.

The Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora, pointed out that the key objectives of monetary policy, whether in the university, the central bank or a global financial institution, remained price stability.

He, however, noted that from what is going on in the world today, global inflation is

anything but stable. “We know that right now global inflation is projected to be at 6.6 per cent for 2023. But if you look at country by country, you will find out that we are really in dire strait when it comes to global inflation. For example, 32 per cent of countries in the world today have registered inflation at greater than 10 per cent.

“If you look at Europe for example, over 45 per cent of European countries have inflation that is greater than 10 per cent and within the countries that account for 85 per cent of global Gross Domestic Product (GDP), 65 per cent of that slice have inflation greater than 5.0 per cent. So, that is a big headache that monetary policy is trying to grapple with at this point in time.

“Of course, inflation is not an end in itself, it is a means to an end. You moderate inflation so that output would have meaning on the lives of people. But if you look at GDP, we are also struggling. The last World Economic Outlook (WEO) of the IMF projects that global GDP growth this year would be 2.8 per cent and three per cent next year.

“For the advanced countries, they projected that it would be 1.8 per cent this year and 2.2 per cent next year and obviously emerging countries are projected to grow at 3.9 per cent this year and 4.2 per cent next year and within that bucket, Nigeria is projected to grow at 3.2 per cent this year and three per cent next year.

“The second largest economy in Africa is 0.1 per cent this year, which for me is a stagnation because statistically you really cannot measure 0.1 per cent, and only 1.8 per cent next year. So, you will find that we are dealing with a twin evil of very slow growth and high inflation and there are other difficulties that the global economy is grappling with,” the deputy CBN governor stated in his presentation.

He also noted the tightness in the labour market, where many employers have job openings that they could not find the right people with right skill sets to fill.

With rising level of uncertainty across the globe, central banks are rethinking their approach to monetary policy, writes Obinna Chima

Three Things Nigeria Can Do to Improve Access to Affordable Homes

Kalim Shah

Millions of Nigerians struggle to access affordable housing – a growing housing need that is only getting worse. Left unchecked, the housing gap will widen as Nigeria’s population doubles to an estimated 400 million by 2050 and urbanisation rises.

Nigeria’s housing sector will need an average of 700,000 homes to be built annually over the next 20 years to close the housing gap. Amid higher inflation, rising interest rates –and other economic challenges, house prices and rents have been on the rise.

While there are several issues affecting the country’s ability to meet its housing target, there are three things Nigeria can do to address the major issues bedeviling the sector and deliver more affordable housing to its citizens. These are to prioritize mortgage financing, reduce the cost of construction and ease land ownership and means of acquisition.

High interest rates on mortgages and low wages are among the major factors making it difficult for most Nigerians to access mortgage finance to own a home. Most people cannot afford mortgage financing amid interest rates that are up to 25 percent per annum for a tenor of up to 20 years. With the home ownership rate in Nigeria at 25 per cent, the demand for mortgage financing across the country is estimated between N15-20 trillion.

Reducing mortgage interest rates and strengthening mortgage policies and procedures, especially the cost and time needed to apply for a mortgage, could help more aspiring homebuyers to purchase homes. For instance, supporting commercial and primary mortgage banks to engage in long-term financing, particularly for low-income earners, would be a positive step.

Getting interest rates on mortgages to single digit rates is linked to Nigeria’s macroeconomic performance; and attainable over time as the economy recovers and attains sustainable economic growth and development in the medium to long-term.

The current economic challenges have also impacted the cost of construction. Potential homeowners and developers are struggling with the rising cost of building materials, which account for about 80 percent of the cost of a building. Most building materials on the market have an imported component

with the foreign exchange rate volatility priced in by developers. The situation drives the cost of homeownership and rents higher, further affecting affordability.

Local production would be ideal for building materials that can be produced competitively compared to imports. The development of bulk procurement programs

to support building at scale can improve efficiencies in the value chains and drive down the cost of building materials such as cement and granite – and this can feed into affordability. This process should also support efficiencies and innovation in affordable housing, including designs to maximise space and layout, modern

Rethinking Monetary Policy in Uncertain Times

“Obviously, we know that a lot of central banks have been going through aggressive tightening to fight inflation. But that aggressive tightening, including from the CBN, seems to be having an effect on financial stability around the world.

“We have seen for examples, one of the most iconic financial institutions in the world, Credit Swiss of Switzerland, disappear last month; in the United States, three significant, although regional commercial banks filed for bankruptcy – the Silicon Valley Bank, Signature Bank and First Republic Bank.

“Now, in the last 40 years, we have had about 90 banks in the US, with assets of over $1 billion collapse. Just to put it in perspective how difficult or how bad things are right now, of those 90 banks with assets of over $1 billion actually collapsed in the last one month, look at the amount of assets that these three that collapsed own. They are actually in the top four of the largest banks that collapsed in the United States.

“The only bank that is larger than them that collapsed was Washington Mutual that collapsed in 2008, during the global financial crisis of 2007/2008.

“So, my point is that the three banks that collapsed in the last one month are seriously significant banks, holding assets of over $200 billion each. So, when you come back to Nigeria and look at the fact that in all of these, our financial system is still stable, but we cannot deny that there are spillovers from these global issues occurring all around the world.

“Inflation in Nigeria is not anywhere where we want it to be. A child that was born the last time we had single-digit inflation is already in primary two. So, you can imagine having double-digit inflation for the last seven or eight years, that is a lot,” Obiora added.

In his remarks, the Director, Monetary Policy Department, CBN, Dr. Hassan Mahmud, explained that in recent years, monetary policy has had to contend with shocks of increasingly new dimensions, ranging from the global financial crisis between 2007 and 2009; various oil price shocks, the COVID-19 pandemic and most recently, the war between Russia and Ukraine.

“These developments have resulted in various shocks to the global economy, requiring changing responses to subdue both the monetary and fiscal authorities in the advanced and emerging economies.

“At the CBN, we migrated over the years from the exchange rate targeting framework to a monetary targeting framework and a subsequent veiled attempt at a phased migration to inflation targeting, adopting a hybrid approach of monetary targeting framework with elements of inflation targeting.

“Over time, the effectiveness of monetary targeting in achieving price stability in Nigeria has been called into question.

One of the main challenges has been the difficulty of accurately measuring and

construction methods, and new technology that would contribute to reducing building and maintenance costs. Green building techniques will be key to reduce operating costs and support Nigeria meet its Nationally Determined Contributions (NDCs) to reduce greenhouse gas emissions.

Inaccessibility of land is another major hindrance to the development of the housing sector. Land acquisition and title registration procedures in Nigeria are among the most cumbersome, expensive, and lengthy in the world. Costs range from 20 per cent to as high as 30 per cent of the value of the property – two to three times as high as the average cost in Africa – making formal acquisition and titling simply beyond the means of most homebuyers.

The country must take a critical look at land policy and regulation to improve land accessibility by easing the consents required to transfer title deeds and simplifying the land title registration process. Simple land allocation systems would ensure better access to land, speedier registration, and faster assignment of land titles.

IFC has been a strong partner to Nigeria, focused on deploying investments that are critical to supporting sectors that can deliver on the country’s key development needs of diversified growth, inclusion, sustainability, and job creation – housing is one of those priorities.

Increasing the availability and accessibility of affordable homes to more Nigerians will require urgent collaboration and action among public and private sector stakeholders. This is just the first step to IFC’s work that will support private and public sector partners to making affordable housing a reality for more people.

While the housing deficit remains a big issue in Nigeria, requiring an estimated N3.5 trillion annually, I believe now is the time for stronger collaboration between key stakeholders focused on targeted engagements with policymakers, as this will have a farreaching impact in addressing the issues and closing the housing gap.

controlling money supply in the face of financial innovation and the growth of non-bank financial institutions.

“In addition, the relationship between money supply and inflation has become less predictable in recent years, further complicating the use of monetary targeting as a policy tool.

“Despite these challenges, some argue that monetary policy targeting still remains a relevant policy framework in Nigeria. Proponents of monetary targeting argue that it provides a clear anchor for monetary policy and that the central bank can adjust its operations to measure better and control the money supply. In addition, they argue that monetary targeting can help to anchor inflation expectations, which is important for maintaining price stability,” he added.

According to the CBN director, the continued relevance of monetary targeting depended on several factors, including the effectiveness of the central bank’s operational framework, the accuracy of monetary aggregates as a measure of inflationary pressures and the ability of monetary policy to influence the behavior of economic agents.

Ultimately, the central bank will need to interrogate the continued relevance of monetary targeting framework to address the series of new and developing shocks impacting the Nigerian economy, as well as the advantages the inflation targeting framework may hold for us as a central

bank, he added.

To the Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Dr. Baba Musa, there are presently so many uncertainties in the world. Musa pointed out that “you cannot do inflation targeting where there is this level of uncertainty.”

“Even the mandate of central banks is being questioned because now with the experience of the COVID-19, the mandate of central banks have expanded beyond price stability. There are so many things central banks have delved into, which are actually fiscal policy.

“Janet Yellen in her first interview gave a big summary of the role of central banks today. In her own thinking, central banks’ responsibility is to worry about everything. If there is unemployment, it is the central bank that worries, so with foreign reserves, price stability and they worry virtually about everything in the economy,” Musa added.

However, a Professor of Economics at Princeton University, USA, Professor Markus Brunnermeier, noted that to address these problems, central banks should return to a monetary approach in which stabilising inflation expectations is a central priority.

Policy cannot tighten only after inflation occurs. Instead, central banks should take action as soon as there are warning signals. Central banks must incorporate both households’ and financial markets’ expectations of future inflation, since those expectations shape both aggregate demand conditions and asset prices, Brunnermeier added.

Buhari

Stakeholders Urge FG to Define Beverage Tax, Apply Proceeds to Health Projects

James Emejo

For the umpteenth time, stakeholders in the health sector have urged the federal government to define the N10 per litre excise tax on all non-alcoholic, carbonated and sweetened beverages as contained in the 2021 Finance Act.

The stakeholders, at a media roundtable organised by the National Action on Sugar Reduction (NASR) and Gatefield in Abuja, further highlighted the significance of healthy food policies, particularly the Sugar-Sweetened

Beverage (SSB) tax, which was recently introduced by the government.

Gatefield pro-health journalism fellow, Rachel Abujah, said Nigeria currently lacked an efficient food policy, adding that the government should define the tax and earmark it for health purposes.

Abujah also tasked the government to ensure that the funds from the tax are used appropriately, as well as earmarked to improve public health.

Also, speaking at the event, Advocacy Specialist

at Gatefield, Shirley Ewang, stressed the need to intensify advocacy for the sustenance and increase of the sugar tax in Nigeria, lamenting that it was rather unfortunate that the beverage industry is currently pushing back on the tax and calling for its removal.

However, a representative from Global Health Advocacy Incubator, Joy Amafah, highlighted the rise of non-communicable diseases (NCDs) in the country and the importance of healthy food policies in reducing and preventing them.

CAC Boss Reiterates Commitment to Quality Customer Service

The Registrar General/ Chief Executive, Corporate Affairs Commission (CAC), Alhaj Garba Abubakar, said customers can now leverage its Customer Relationship Management (CRM) system which is in conformity with global best practices to resolve their challenges in record time.

Speaking during the presentation of the Servicom Compliance Evaluation (SCE) by the SERVOCOM National

Coordinator/Chief Executive, Nnena Akajemeli to the commission, Abubakar thanked the service assessment agency for the evaluation and feedback, which he described as key to an organisation that has over the years been committed to continuous improvement in its processes and procedures.

The CAC boss noted that the Servicom compliance evaluation was particularly apt and reassured of the commission’s resolve to ensure continuous reforms as the only agency

MARKET INDICATORS

of government that operates a self-service portal enabling customers access to start-to-finish transactions.

The registrar-general also committed to ensuring full implementation of the Servicom recommendations for the benefit of the commission’s valued customers.

SERVICOM is an acronym for Service Compact with All Nigerians, which was established in 2004 as the outcome of a three-day special presidential retreat on service delivery.

NCC Expresses Concern over Frequent Complaints from Telecoms Consumers

Kemi Olaitan

The Chairman, Board of Commissioners, Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has said the Commission is inundated with frequent complaints from telecoms consumers on depletion of internet data and other related issues.

This is just as he said to resolve this, the Consumers Affairs Bureau (CAB), has embarked on sensitization exercises to educate consumers on various ways to manage internet data and other issues.

Akande while speaking at the Telecoms Campus Conversation, tagged, “Data Depletion Issue: Tips on Data Usage for Better

Quality of Experience”, held at the University of Ibadan, said consumers sensitizations became necessary for Board and Management of NCC in implementing mandates of the Commission, as enshrined in Nigerian Communication Act (NCA), 2003, which one of is protection of the rights and interests of consumers.

According to him, the commission has various consumer-centric initiatives towards protecting consumers against unfair practice by the service providers, stating that this is consistent with the mandate of the Commission to protect, Inform and educate consumers.

Akande however said every

aspect of the sensistisation program has been designed to enable the consumers whom he described as a critical stakeholder to be better informed on issues related to data depletion.

The Head, Consumers Affairs Bureau, of the Commission, Mr. Ayanbamiji Ojo, urged telecommunications subscribers to first lodge their complains to their service providers, and later contacted NCC if their plights are not addressed.

The President of Student Union Government (SUG) (UI), Adewole Adeyinka, in his remarks, thanked the NCC for the initiative, calling for more communications gadgets for students of the institution to aid their academics.

Group Harps on Financial Resilience for Women, Youth

James Emejo

The Dare-to-Inspire initiative has stated that the substantial impact of sound financial health remained a strong determination for navigating life’s challenges.

To this end, speakers at the 7th edition of the Dare to Inspire conference with the theme: “Sustainable Roadmap to Achieving Financial Resilience”,

The organisers noted that young women and youths face significant challenges getting adequate resources to achieve self-sustenance, be free from unproductive debt, as well as have savings/investments to further grow wealth.

The convener of the an-

nual programme, Bunmi Ghiazat Adebimpe highlighted the impact of unforeseen circumstances on individuals with perceived sufficient income when there is no well-laid plan in place.

One of the speakers, Toyin Kekere-Ekun, highlighted the need to build buffers to cater for the rainy days adding that maintaining adequate savings remained the backbone of securing one’s financial future.

She also stressed the need to document all earnings and spending in order to critically assess needs and wants and use debts for beneficial future returns.

Also, in her paper titled “The Power of Negotiation, Maximizing your Income to

Money Market Indicators (in Percentage)

Make Smart Choices”, Dr. Wura Abiola, emphasised the huge impact negotiation has on the different aspects of financial well-being from the context of family, work and individuals as economic agents.

She further highlighted women’s role as crucial in ensuring that the wealth and income of a family are sustainable. On her part, Jennifer Ogunyemi, who spoke on “Overcoming Financial Challenges: Strategies for Resilience and Success”, shared invaluable lessons learnt from her personal experience and encouraged participants to seek education as a means to achieve financial success.

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

OPEC DAILY BASKET PRICE AS AT 8 MARCH, 2023

L-R: Executive Director Finance & Administration Nigerian Ports Authority (NPA), Ms. Adenrele Susanna Adesina receiving Champion Newspapers’ “Maritime Icon of the Year Award” from Prof. Garba Dambatta, CEO Nigerian Communications Commission (NCC), on behalf of the MD/CEO of NPA, Mohammed Bello Koko in Lagos…recently

Kasim Sumaina

SEC Harps on Investors Safety in Rolling Out Reg ulatory Programme for Fintechs

Kayode Tokede

The Securities and Exchange Commission (SEC) has said that the safety of investors and their investments in the capital market is one of its cardinal objectives in rolling out its Regulatory Incubation Programme for Fintechs. This was stated by Director, Registration, Exchanges, Market Infrastructure and Innovation, Mr. Abdulkadir Abbas during

an interview in Abuja. Abbas stated that the regulatory incubation program is a program that is designed as an interim measure to actually facilitate genuine regulation of Fintechs activities that will conform to the capital market issues.

He said the idea of coming up with this program which is like a sandbox, is to be able to come and test innovative ideas as stated in the SEC guidelines adding that the

incubation period would be open for one year.

According to Abbas, “It is just for testing, it will not be approved at that stage but all Fintech ideas that conforms with investment activities are defined in Investment and Securities Act 2007 can be tested under that kind of program. As we informed the market, there is going to be an initial assessment before it can be on-boarded into the

regulatory incubation program.

The SEC Director said the Commission through the RI, is providing an avenue where fintechs can test their ideas without affecting the market integrity adding that one of the other objective is to be able to create an opportunity to solve an existing problem in the market.

Abbas stated that the takeoff has been very encouraging with the SEC gaining traction with

market participants showing more interest and have commenced the first stage which is the initial fintech assessment route.

He disclosed that before the take-off of the RI, the SEC has been having engagement with various fintech applicants some of whom are existing capital market operators.

“Some are existing market operators; some are actually new interests into the market

so we have been having this kind of engagement. And from the time when we announced the takeoff till today, what has been happening is that a lot of applicants are actually accessing what we call the initial assessment form so there is a need which we can now be able to provide the initial information and that is the first stage of on boarding you into the RI, that is where we are now.

PRICES FOR SECURITIES TRADED ASOF MAY/12/23

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

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

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

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as at 11May-2023, unless otherwise stated.

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

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

GUINNESS SOUVENIR FOR OBASEKI…

Buhari's Government Marked By Insecurity, Corruption, Hardship, Says Archbishop Ibezim

Declares redesigned currency a failed policy that inflicted suffering

David-Chyddy Eleke in Awka

The Archbishop of Church of Nigeria, Anglican Communion, Most Reverend Dr Alexander Ibezim, has said the administration of the outgoing president, Muhammadu Buhari, was fraught with several challenges, including insecurity, corruption and hardship among

others.

Delivering his presidential charge at the weekend during the 1st Session of the 13th Synod of the Awka Diocese of the church, which held at St Peter’s Anglican Church, Agulu, Anaocha Local Government Area of Anambra State, Ibezim said the redesigned naira notes was a failed policy that inflicted suffering on the

Support Evidence-based Policymaking, WTO Urges Researchers

Oluchi

Chibuzor

The Deputy Director-General of World Trade Organisation (WTO), Anabel González, has urged researchers, universities and think-tanks to provide intellectual support for the rules-based trading system in the global economy.

She said this they could achieve by acting more like “plumbers” to help policymakers find pragmatic solutions to concrete trade policy problems.

She stated this at the 2023 Heckscher-Ohlin Conference held by the Swedish National Board of Trade and the Stockholm School of Economics Center for Asian Studies.

At the event, she told participants that international trade remains a central pillar of global prosperity and a contributor to addressing global challenges,

She noted that in an age awash with information, a rigorous approach to developing and testing ideas was more important than ever. According to her, it was only by understanding the ideas, theories and even myths shaping the world that “we can harness the right ones and reject the wrong ones."

“Without the facts, without rigorous analysis, above all without discussing, debating and testing ideas, the world is flying blind," she added.

At the conference, González stressed that rigorous thinking

was especially important in times of crises since crises were often catalysts for profound change.

“The dramatic changes in the trade policy landscape witnessed over the past few years are no exception. Data, research and analysis are needed to inform the way forward and avoid decisions that, though well-intentioned, leave the world worse off.

“The research community can and must do more to shape the narrative of trade and economic integration, especially with respect to the potential for trade to address the big challenges of the 21st century, from tackling climate change to strengthening preparedness for future pandemics and from bolstering socio-economic inclusion to promoting peace and security.

“And economists need to think and act more like “plumbers”, to borrow from the Nobel laureate Esther Duflo. Those in the policymaking community need to get their hands dirty with the details and messiness of policymaking so that they can play a greater role in influencing policy outcomes,” she said.

While in Stockholm, DDG González also participated in a roundtable discussion organized by the International Chamber of Commerce Sweden and the Trade Experettes on the future of the WTO.

Nigerian people. According to him, Buhari's government inflicted all manner of hardship and suffering on Nigerians, including killings, kidnapping, looting, inflation, unemployment and other forms of hardship.

“These eight years have been very challenging. The administration was marked with incessant killings, kidnappings, unresolved agitations, looting and inflation, increased rate of unemployment and hardship, lopsided appointments, and fuel scarcity.

“The people are yet to breathe the air of democracy. Our politicians show little or no interest in the people they are supposed to be representing. The people are tired and they are yearning for a new Nigeria.

"Nigeria as a nation is blessed by God with human and material resources, which ought to be utilised for the good of the people, but unfortunately, the resources that are meant for the benefit of all have been hijacked by few in authority," he said.

He identified the introduction of new naira notes as one of

Buhari's failed policies, which further plunged the citizens into suffering, even though the policy was good, poor circulation, he maintained, marred it.

He urged the Central Bank of Nigeria (CBN) to ensure adequate circulation of the new notes before the 31st December deadline so as to avoid subjecting the people to another phase of suffering.

The Archbishop told Nigerians to keep their hopes alive, while commending the pattern of voting in the last election as championed by the youths.

"A new Nigeria, where justice, fairness, equity, peace and progress reign would emerge at the end," he said, just as he knocked the Independent National Electoral Commission (INEC) for its performance during the presidential election, saying the institution dashed the hope of millions of Nigerians.

The Anglican prelate, however, urged the incoming government to place the interest of the people above ethnicity and acrimony, stressing that a progressive city would thrive on fairness and justice.

Two Businessmen Excrete 193 Cocaine Pellets in NDLEA Custody

Michael Olugbode in Abuja

Two businessmen arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) for cocaine ingestion at the Nnamdi Azikiwe International Airport, Abuja, have excreted a total of 193 pellets of the drug after three days in observatory custody.

A statement yesterday, by the spokesman of the anti-narcotics agency, Femi Babafemi, said the traffickers: Onoh Ebere, 49, and Christian IOgbuji, 47 - were intercepted at the Abuja airport last Wednesday, upon their arrival from Uganda via Addis Ababa, onboard Ethiopian Airlines flight ET 951.

He said though both suspects have businesses they manage in Nigeria, but alleged that their main source of income had been drug trafficking.

He disclosed that they both travelled to Uganda and from there crossed over to Addis Ababa, Ethiopia, where they picked the consignments before returning to Abuja with Lagos, as their final destination.

Babafemi said after days in excretion room, Ebere Onoh excreted a total of 100 pellets weighing 2.137 kilogrammes while

Christian Ogbuji expelled 93 pellets hidden in his stomach with a gross weight of 1.986 kilogrammes.

“In other clampdowns, NDLEA operatives in raids of two notorious drug joints, Zaro bunk in Bama road, Sabongari and the Sani Abacha indoor stadium, both in Kano metropolis attested a total of 160 suspects with different quantities of illicit substances.

“Also, two suspects: Abubakar Sallau, 55, and Nazifi Abdullahi, 25, were arrested last Saturday along Kano-Maiduguri road, with 5,000 pills of tramadol 200mg, while a total of 65,200 tablets of tramadol and exol-5 were seized from the duo of Adamu Nagati, 30, and Ali Nasiru, 35.

“This is even as operatives in Abuja also arrested 25 suspects in raids across Tora Bora, Gwarinpa village, 3rd avenue in Gwarinpa, Karamo, Garki market, Sabongari Bwari and New Kucigoro IDP camp, within the FCT,” the statement added.

Babafemi said another bid to smuggle into Lagos a consignment of 24 kilogrammes cannabis indica concealed in imported used cars from Canada was again frustrated by NDLEA operatives who seized the illicit substance last Thursday, during a joint 100 per

cent examination of a container marked, MSMU 7412069, at the Prime Connection Bonded terminal, off Oshodi-Apapa expressway.

He noted that two clearing agents linked with the container, Chief G.O. Njokwu and Mr. Christopher Obialor, have been arrested in collaboration with men of Customs Service.

In the same vein, operatives of the Directorate of Operations and General Investigation, DOGI, attached to courier firms have intercepted a Saudi Arabia-bound 398grams of cocaine hidden in native dresses during outward clearance of goods.

“A female suspect, Fatima Hassan was arrested last Friday, in Lagos with 33.5 kilogrammes of cannabis sativa, while 44 kilogrammes of the same substance was recovered same day from the Lagos Island warehouse of a fleeing drug dealer.

“The previous day, another suspect, Peter Joseph was arrested along Lagos/ibadan expressway with 10,000 pills of tramadol 250mg and 1,500 tablets of Rohypnol concealed inside his Toyota Sienna vehicle, with registration number NRK 961XB.

“Similarly, a total of 68,300 pills of various opioids mainly

tramadol were recovered from one Bello Usman when the truck conveying the illicit drugs was intercepted in Awka, Anambra state. In the same vein, 460,000mls of Akuskura in 7,800 bottles were seized from a dealer, Mohammed Kyari, 42, when he was arrested in Gamboru Ngala town, Borno State last Wednesday.

“NDLEA operatives supported by soldiers raided the hideout of a notorious drug dealer, Jimoh Lekan (aka 'komokomo') in Owode, Ogun state where 134 kilogrammes cannabis was recovered from his store last Thursday, their counterparts in Plateau state last Tuesday arrested a suspect Bashir Usman, 32, at the Gangare Area of Jos, with 43.951 kilogrammes of cannabis,” the statement added.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Retd) while commending the officers and men of NAIA, Tincan, Kano, FCT, Lagos, Ogun, Taraba, Borno, Plateau and Anambra Commands of the agency as well as those of DOGI for their resilience.

He however urged them and their peers across the country to intensify their drug supply reduction and drug demand reduction activities.

Managing Director, Guinness Nigeria Plc, John Mmsunga (right) presenting a souvenir to the Edo State Governor, Mr. Godwin Obaseki, during a courtesy visit, at the Government House in Benin City... yesterday

CAN ENDORSES UZODIMMA FOR SECOND TERM …

L-R: Emeritus Prelate of the Methodist Church of Nigeria, Most Rev. Dr. Samuel Uche; Governor Hope Uzodimma of Imo State and the Chairman of Christian Council of Nigeria, Most Rev. Dr. David Onuoha, when CAN met at the weekend in Owerri to endorse the governor for re-election and to pray for the full implementation of the Imo Charter of Equity as crafted by Imo State Council of Elders... yesterday

Army Court-martials Maj-Gen over Alleged Diversion of Funds

Kingsley Nwezeh in Abuja

The Nigerian Army, weekend, said a former Group Managing Director, Nigeria Army Property Limited (NAPL), Maj Gen. UM Mohammed, was facing a courtmartial over alleged diversion of funds while in office.

A statement in Abuja by the Director, Army Public Relations, Brig Gen Onyema Nwachukwu, said the senior officer was facing trial following an indictment by a military police investigation and recommendation for trial.

“The general is being tried having been indicted by a military police investigation and recommendation for trial. Therefore, the media report on the ongoing Court Martial process of Maj Gen. Mohammed, is ill-conceived and a campaign of calumny.

“Indeed, Maj Gen Muhammed is facing army court-martial over alleged offences of theft of various sums of money belonging to NAPL and forgery. It is expedient to clear the air on the despicably false report

and calculated attempt to cast aspersion on the ongoing court martial,” the statement stated.

The statement affirmed that the trial had already progressed to an advanced stage, and that the prosecution had put forward the evidence against the general as well as closed its case, disclosing further that the accused had opened his defence and testifying as First Defence Witness (DW1).

“For the avoidance of doubt, without being sub-judicial, the former GMD NAPL is facing trial in relation to alleged offences of theft of various sums of money belonging to NAPL and forgery. These are all acts declared as offences punishable under the provisions of various extant penal laws in Nigeria.

“To set the records straight, upon investigation and indictment of the accused senior officer by military police investigations, the Army Headquarters convened a special court martial. This is to try the senior officer as a procedure to legally recover the sums of money he allegedly fraudulently acquired

from the coffers of NAPL during his tenure as GMD.

“The details of the outcome of the court martial will be provided at the end of the court martial proceedings.

It is instructive to point out, that trials are lawfully provided in the Armed Forces Act (AFA) as one of the disciplinary tools in the armed forces,” it said said.

The Army Headquarters said the Court of Appeal and Supreme Court had in multiple instances validated the procedures, findings, and sentences of court-martial, maintaining that court martials like all other criminal trials, were held in the open.

It said the trial of Maj Gen Mohammed was taking place at the Army Headquarters Command Officers’ Mess, Asokoro Abuja and not shrouded in secrecy as being insinuated.

“The trial has been opened and the Defence has presented adequate representation in court.The accused senior officer’s family members, friends, and associates attend and observe the court proceedings till

date, without hindrance.

“It is factual that Maj Gen Mohammed ought to have proceeded on retirement, however, provisions of the Armed Forces Act (specifically Section 169) permits the retention in service of such a personnel, who has pending disciplinary case(s) to allow extant legal processes.

“Furthermore, it is also a fact that members of the Special Court Martial trying Maj Gen Mohammed are all junior to him. This is permissible in special circumstances, as the Armed Forces Act provides for this contingency in Section 133(7), where the convening officer is required to obtain the consent of an appropriate superior to appoint any such officers as members of the court.

“The requisite consent was obtained before convening the Special Court Martial trying the accused senior officer," it said, noting that the general's legal team included two senior advocates and six lawyers, including a retired military officer.

such detention, where the rights and wellbeing of such detainees were given prime consideration, stating that at the onset of the trial, Maj Gen. Mohammed requested to be granted bail inter-alia on health grounds, the court declined the bail application taking cognisance of the humongous amount of monies allegedly stolen in the indictment, which could encourage the accused senior officer to abscond.

It said the court granted visitation rights to some family members, including his two wives, son, daughter, and brother as requested by the accused officer, and that these persons have been visiting him regularly at the detention facility.

On the issue of the accused senior officer’s health, the army spokesman said Mohammed’s state

It further hinted that Mohammed was currently being detained at a military location purposely-built for Francis Sardauna in Katsina

of health was being examined daily to determine his fitness to stand trial before the commencement of proceedings for the day.

He said the holding facility where he was being detained was serviced by the Army Command and NAOWA Hospital, adding that the medical facilities were open to the accused officer whenever required.

“It is crucial to state clearly, that it is inappropriate and amounts to unlawful interference with the administration of justice to peddle inaccurate reports and comments on a matter currently under judicial adjudication (sub-judice).

“All the statements reported to have been made about certain persons and funds disbursement were made in the course of the trial by a witness in the defence of his case.

Katsina Begins Immunisation of 2.9 Million Children against Polio

Tallen

Harps on Advocacy, Education to End GBV Menace

Says in-coming govt will do justice to women

Kuni Tyessi in Abuja

The Minister of Women Affairs, Paullen Tallen, yesterday, harped on the need for consistent advocacy and education, which she claimed were answers to the rising case of gender based violence.

Tallen, who also spoke on the just concluded general and gubernatorial election, stated that it had never been bad for Nigerian women as only three senators won the elections.

She, however, said she was optimistic that the in-coming president, Bola Tinubu would do something about it, as well as do justice to the Nigerian women by compensating them at all levels with the 35 per cent

affirmative action.

Speaking in Abuja at a book presentation titled: "Rona's Trauma", a true life story dealing with abuse, trauma and the healing process, Tallen revealed that her handover notes would include notes in the case of the late gospel crooner, Osinachi Nwachukwu, whose ill-treatment by her husband led to her death.

"It is the worse time for Nigerian women and with the parties not being fair to women despite having credible women. 35 per cent affirmative action is the least we expected.

"We are sure that the in-coming president will do something about it. I am sure he will do justice to that. It is my prayer that God should guide him to compensate

women at all levels and give them the 35 per cent,” she said.

Reacting to the discussion on mental health with the theme: "How does a woman protect her mental health and not lose herself and identity in a relationship/ marriage?", Tallen said from research and experience, women who are well-informed can make choices and informed decision as well as walk out of a toxic marriages.

"Women are going through so much and we are going through a turbulent world. However, education is key. With education, a woman is well informed and can make choices. She can make informed decision and can walk out of a toxic marriage. Look at the case of Osinachi, it is one case

out of many and out of many, only few are reported. Out of 19 cases, only one is reported and they abound in rural areas.

"Thank God my priest is here and you've heard from him. The Catholic church does not condone managing a toxic relationship. It allows for temporary separation. Osinachi wouldn't allow people to help her talk about it. This is because people going through trauma always want their cases to be handled just the way they want it. Osinachi's case will be in my handover notes.

"Advocacy is key as genderbased violence is on the increase and women suffer more. It is gladdening to know that more women are getting aware and are coming out," she said.

Katsina State government has commenced the immunisation of 2.9 million children against polio virus and other vaccinepreventable diseases across the 34 local government areas of the state.

The Executive Secretary of the State Primary Healthcare Agency, Dr. Shamsuddeen Yahaya, who disclosed this while briefing journalists, said the exercise targeted children between the age of zero to 59 months.

He explained that the agency would work with other development partners and nongovernmental organisations to ensure that children in the security compromised local governments, wards, hard-to-reach communities and settlements were reached out for the vaccination.

He added that the first phase of the exercise which commenced on 13th to 18th May, would cover 17 local governments while the second phase which began from the 21st to the 26th of May, 2023, would cover the remaining 17 local government areas.

The executive secretary said although Nigeria had been certified

polio-free since 2020, the country has two circulating variants of the polio virus which has the potential to spread and cause serious setbacks to its citizens.

He said: "Based on that, the National Primary Healthcare Development Agency and all other partners deemed it fit to carry out this campaign to strengthen our immunity and ensure that the virus does not creep back into our communities.

"We have divided the state into two. We are starting with 17 LGAs in the first batch and the second batch which will commence from 19th to 24th May, 2023

"There is going to be an injection for children between six weeks and 59 months of age while the other oral vaccine is going to be for children from zero to 59 months. All these vaccines are safe."

Yahaya added that the integrated campaign alongside a series of activities and conferences aimed at mobilising the communities to come out and take the vaccines had since commenced.

He, however, noted that other routine immunisation services were going to be continued in order to ensure that the state has healthy children.

PRESENTING AWARDS FOR OUTSTANDING PERFORMANCES...

NDDC: Court Restrains Onochie from Exercising Executive Powers

Voids appointment of personal staff

(NDDC), Lauretta Onochie, has no executive powers in the day-to-day running of the commission.

A Federal High Court in Warri, Delta State, has held that the Chairman of the Board of the Niger Delta Development Commission

The court, in a judgment delivered on May 9, consequently barred Onochie from further exercising any executive function in

Buhari Inaugurates Six TETFUND Projects Across Ekiti Varsities

Gbenga

Sodeinde in Ado Ekiti

President Muhammadu Buhari at the weekend inaugurated six projects sponsored by the Tertiary Education Trust Fund (TETFund) across three universities in Ekiti State.

The president inaugurated a N318 million vocational education workshop at the Bamidele Olumilua University of Education Science and Technology Ikere-Ekiti (BOUESTI); faculty of Social Sciences twin lecture theatre and medical ward for the University Health Centre in Ekiti State University, Ado-Ekiti, worth N306 million and the N369 million construction and furnishings of lecture theatre block"A" for Faculty of Science at the Federal University Oye-Ekiti (FUOYE) totalling N995.6 million.

Represented by the Minister of Industry, Trade and Investment, Niyi Adebayo, the president commended the Executive Secretary of TETFund, Sonny Echono, and his team for their efforts in effectively discharging the mandate of the Fund for the continuous development of public tertiary education in the country. He explained that the administration was committed to providing the enabling infrastructures and facilities for institutions to be globally competitive, adding that education remain one of the critical indices for socio-economic development in any country.

According to him, the federal government through TETfund had expended over N600 million on 155 lecturers from BUOSTI in both local and foreign institutions for masters and Ph.D programmes, commending the vice chancellor, Professor Victor Adeoluwa for the developmental strides in the state-owned university. He said, "Education as we all

know, plays a critical role in the socioeconomic development of nations, and therefore, the commissioning of these projects will today at the university would in no small measure further enhance teaching and learning and improvement of academic standards.

"I wish to reiterate that education forms an integral part of the President Muhammadu Buhari administration's agenda, hence the federal government would continue to provide necessary support towards making our educational institutions globally competitive for economic and technological development of the country.

"It is on record that through the support of the federal government, TETFund has performed exceptionally in the provision of physical infrastructure, support for academic staff training and development, book publication, ICT, Research and Development amongst others in public tertiary educational institutions across the country."

Speaking, Echono said, "our gathering here today points to one thing - efficient management, prudence and success in the execution and delivery of projects funded from public funds allocated by the federal government through TETFund for the provision of requisite infrastructure to aid teaching, learning and research, in line with mandate that sets up the Fund."

He added, " TETFund as an interventionist agency that is established by the Act of Parliament, has ensured equity in the allocation of funds to the three tiers of its beneficiaries in line with the enabling laws governing the activities of the agency.

the Commission, and went ahead to void every executive function carried out by Onochie, including the appointment of her 18 personal aides.

Justice Okon Abang, who delivered the judgment held that the board chairman acted ultra vires when she assumed the task of the Managing Director of the NDDC, Chief Samuel Ogboku.

One Dr Mike Oberabor had dragged the NDDC, Onochie and Ogboku before the Federal High Court, seeking an interpretation of the NDDC Act, 2000 and other relevant statute and documents relating to the running of the commission.

Oberabor had sued for himself and on behalf of Oberabor OremeEgbede families of Olomoro Community in Isoko South local community of Delta State.

However, delivering judgment in the suit marked: FHC/WR/ CS/14/2023, Abang held that after

due consideration of the relevant provisions of the NDDC Act, 2000 and other documents, it was established that the appointment of the 2nd Defendant as the Chairman of the board of the 1st Defendant on part time basis is to oversee and preside over the meetings of the board.

He said "the defendant being the Managing Director of the 1st defendant, the Chief Executive Officer and Accounting Officer of the 1st defendant is saddled with the responsibility of the day-to-day running and management of the 1st defendant."

A Certified True Copy of the enrolled order of the court obtained exclusively by THISDAY, showed that Onochie despite being served with originating processes, including hearing notice was absent in court and was not represented.

Amongst documents the court said it relied upon in arriving at its decision are the NDDC Act,

2000; the circular issued by the presidency on the revised frequency of meeting for part time members of Government Committees, Boards of Federal Agencies; Statutory Corporations and Government owned companies, and the circular issued by office of the Accountant General of the Federation dated 16/1/2023 on the subject matter of dispute between parties.

Part of the enrolled order read:

"It is hereby adjudged, ordered and declared as follows, ‘That the 3rd Defendant as the Managing Director of the Niger Delta Development Commission is the person statutorily empowered by the NDDC ACT to perform and wield the executive functions, powers and day to day running and management of the Commission to the exclusion of other members of the Board of the NDDC including the 2nd.

"That all actions of the 2nd Defendant including but not limited

CBN DOUBLES DOWN IN FIGHT AGAINST SPIRALING INFLATION

less predictable in recent years, further complicating the use of monetary targeting as a policy tool,” he explained.

NECA to FG: Reverse New Fiscal Policy Measure, Its Landmine for Manufacturers, Other Businesses

Meanwhile, NECA has urged the federal government to reverse the newly introduced FPM and Tariff Amendment for 2023, scheduled to take effect from 1st June, 2023, which it described as a landmine for manufacturers and other businesses in the affected sectors of the economy.

The Director-General of NECA, Mr. Adewale-Smatt Oyerinde, stated this yesterday, in a press statement that was titled, “The Fiscal Policy Measures and Tariff Amendment: NECA Urges a Reversal,” that the fiscal policy measure, as proposed would neither promote economic growth nor achieve the longterm revenue projections of the government.

Oyerinde, said , “the circular by the Honourable Minister of Finance, Budget and National Planning introducing the FPM and Tax Amendment, with increases ranging from 20 per cent – 100 per cent on previously approved rates for alcoholic beverages, tobacco, wines and spirits as well as the introduction of Green tax (10 per cent excise duty on single use plastics, including plastic containers, films and bags) and telecommunications tax of five per cent is not only worrisome, but also a landmine for businesses in the sector.”

He opined that, “while the government's new Fiscal Policy Measures would largely affect manufacturers, it also has the potential to disrupt the whole organised private sector’s valuechain, with consequential effects on Nigerians as a whole.”

Oyerinde, stated clearly that while the OPS understood the revenue challenges faced by government, “the proposed increases will naturally spike the cost of production and reduce

the competitiveness of Nigerian manufacturers in both local and international markets.

“With recent reports of unemployment rate hovering over 40 per cent, the Nigerian economy will be further hard-pressed to withstand the likely loss of jobs that follow these increases.”

He averred that, “it is no secret that Foreign Direct Investments (FDIs) to Nigeria has continued to slump as the country recorded only $1.06 billion in capital importation in the fourth quarter (Q4) of 2022. This brought total capital importation for the 2022 fiscal year to $5.33 billion, the lowest since 2017.

“A major factor is government’s seeming policy inconsistencies, which makes planning difficult. Beyond these consequences, the proposed increases, if implemented could aggravate smuggling, stifle growth of businesses in the sector, promote the production of fake products, reduce the purchasing power of Nigerians and ultimately reduce government’s projected revenue across board.”

While calling on the federal government to suspend the

to the appointment of her personal aides carried out in exercise of executive functions and powers in the Niger Delta Development Commission since her assumption of duty on the 4th day of January, 2023 are ultra vires her powers and therefore null and void and of no effect whatsoever.

"That the 2nd Defendant is restrained from carrying out and/or exercising any executive functions and powers in the Niger Delta Development Commission, the 1st Defendant herein. The 2nd Defendant is further restrained from interfering with the 3rd Defendant's executive functions, powers and day to day running and management of Niger Delta Development Commission the 1st Defendant herein."

Meanwhile, the court awarded cost of one hundred thousand naira (N100,000.00) in favour of the plaintiff, payable by the 2nd Defendant forthwith.

implementation of the newly introduced Fiscal Policy Measure and maintain status quo of no excise increase as prescribed in the 2022 Fiscal Policy Measures approved by the President earlier in 2022, the director general of NECA also argued that, “government should, as a matter urgency and national importance suspend the implementation of the Fiscal Policy Measure and Tariff Amendment as currently proposed and revert to the 2022 Fiscal Policy Measure roadmap, built to expire in 2024, while extensive consultation with organised businesses is stepped up.

“With over 60 different taxes and levies currently being paid by organised businesses and about 20 bills pending at the National Assembly with financial implications for businesses, the best that Government can do is not to over-burden the sector or cause the relocation of many more to other climes.

“The fiscal policy measure, as proposed will neither promote economic growth nor achieve the long-term revenue projection of government.”

L-R: CEO/Editor-in-Chief National Dailys, Mr. Sylvester Ebhodaghe; Keynote Speaker and Former President, Chief Olusegun Obasanj o (GCFR) presenting Awards for outstanding Performances to Inspector General of Police (IG), Usman Aikali Baba while Chairman of the occasion, Prince Julius Adelusi at the National Da ily”s Awards in Lagos...weekend MUBO PETERS

Chuks Okocha and Alex Enumah in Abuja

LAFARGE AFRICA ANNUAL MEDICAL OUTREACH...

FG Ends Evacuation of Stranded Nigerians from Sudan

2,518 Nigerians airlifted

Olawale Ajimotokan and Kasim

Sumaina in Abuja

The federal government has ended the emergency evacuation exercise for stranded Nigerians fleeing the armed conflicts in Sudan.

The last batch of the stranded returnees, numbering 147, arrived

Nnamdi Azikiwe International Airport, Abuja from Port Sudan over the weekend.

It brought the total number of Nigerian citizens evacuated from the north African country to 2,518 in 15 flights that were deployed between May 3rd and 13th.

The last batch of the returnees

Engineers Plan Nationwide Strike over Killing, Kidnapping of Members

Emmanuel Addeh in Abuja

The Nigerian Society of Engineers (NSE) at the weekend threatened to embark on a nationwide industrial action if the government fails to henceforth protect its members deployed for assignments around the country.

Speaking during a press briefing in Abuja, to bring their ordeal to public notice, President and Chairman-in-Council, NSE, Tasiu Gidari-Wudil, explained that the killing and abduction of its members had increased in recent years.

He added that over the years, the national secretariat of the organisation has been inundated with reports of abduction and vicious killings of its members from different parts of the country, especially in the South-east region.

The most recent of such cases, Gidari-Wudil said, was the report of the killing of its member, Donatus Ofobuikem Udeh, who was reported to have been abducted on Saturday, April 22, 2023 in Enugu.

“Three days later, his mutilated, lifeless body and vehicle were found at different locations within 9th Mile Corner, Ngwo, Enugu on Tuesday, April 25, 2023. The late Udeh was, until his demise, the vice chairman of the Enugu Branch of the Nigerian Society of Engineers,” he added.

Previously, in a similar brutal manner, the NSE chair stated that five engineers from NELAN Engineering Consulting Limited were reportedly abducted on their way to inspect a project site in Ebonyi State on November 3, 2021.

He listed the victims as Nelson Onyemeh, Earnest Edeani, Ikechukwu Ejiofor, Samuel Aneke and Stanley Nwazulum.

According to the NSE president, they were reported to be on a supervisory visit to the $150 million, Abakaliki Ring Road project, funded by the African Development Bank (AfDB), when the misfortune befell them.

“Until this moment, there is no closure to that case; the police have not unravelled the seeming mystery behind the disappearance of the hardworking professionals, and there is only a presumption of their deaths in the hearts of their family members and the public.

“Presently, the life of one of our executive committee members is under threat just because she is supervising a project in Ebonyi. There are other similar cases too many to mention,” he noted.

Gidari-Wudil explained that in a country where the pursuit of legitimate livelihood was supposedly guaranteed under the laws, it was a shame to continually witness the cruel killing of NSE members without any respite from the government.

He recalled that the primary purpose of government was the security and welfare of the people, as provided in section 14(b) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“The extent of development or otherwise of any nation is conversely dependent on the degree of value placed on technological expertise and manpower. The engineer changes the world by creating solutions for advancement.

“The engineer saves lives and improves the quality of living by her innovative ideas and inventions. The slain engineers in the examples above were exactly on such patriotic nation-building and economy- stimulating course when they were cut down.

were received at the airport by the representative of the Minister of Humanitarian Affairs, Disaster Management and Social Development, Dr. Nasir Sani-Gwarzo, who is also the Chairman of the Situation Room on the evacuation exercise. Also present was the representative of the Minister of Foreign Affairs, Amb. Janet Olisa, who is the Director overseeing the Office of the Permanent Secretary as well as other senior government officials from the National Emergency Management Agency (NEMA), the National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI),

and Nigerians in Diaspora Commission (NiDCOM) among other Ministries, Departments and Agencies involved in the evacuation exercise. In a joint statement signed yesterday by Sani-Gwarzo and Olisa on behalf of the federal government, they commended and appreciated the efforts of all the personnel deployed towards the successful evacuation exercise, notably the crew of the NAF C130, officers and airmen of 063 NAF Hospital, personnel of the Nigerian Police Force and Nigerian Security and Civil Defence Corp Disaster Response Units, M of Health Port Health officers, Federal Airports Authority, Air

Peace, Azman Airline, Max Air, Sudanese Tarco Aviation, Dangote Group of Companies, MTN, the media among other partners and stakeholders.

However, the Director General, NEMA, Mustapha Habib Ahmed, while briefing journalists on the evacuation process in Abuja, gave a breakdown of the evacuees and revealed that a total of 23 sick Nigerians were received.

Out of these, 10 were treated on arrival by officials of NEMA, Port Health and other medical personnel within the airport, while 13 were referred to the 108 Nigerian Airforce hospital Abuja.

He explained that amongst

AKPABIO REACHES OUT TO AGGRIEVED SENATORS-ELECT

briefs and general understanding of parliamentary practices and procedures and support members to develop Legislative Agenda, Constituency work-plan (CWP) and Integrated Representation Model.

In his remarks, Jibrin said he decided to go with the decision of the party because of national interest.

According to him, Akpabio remains the most experienced among the elected senators from the south-south.

Also, Senator Ali Ndume, who is the Director General of the Akpabio Campaign, said the choice of Akpabio, “is the right thing to do at this time.”

“If it is about the Senate President, all of us are qualified, but we have to look at the interest of the party, the country and that of the institution.

“This was the basis and our president-elect decided on Akpabio as the preferred candidate,” he added.

In a related development, SanwoOlu has pitched his support for Akpabio and Jibrin

The Governor said he aligned himself with All Progressives Congress (APC) zoning decision, having read the legislative agenda being pushed forward by the Akpabio-led team to raise the bar of lawmaking and readiness to collaborate with the incoming administration of the President-elect, Asiwaju Bola Ahmed Tinubu.

According to a statement, SanwoOlu openly endorsed Akpabio and Jibrin when he received members of the Stability Group in a consultative

visit at the State House in Marina.

The senators-elect’s visit to the Governor came a day after members-elect for the House of Representatives visited Sanwo-Olu for consultation.

Sanwo-Olu said the party nomination process to pave the way for election of senate leadership was in order, stressing that Akpabio’s team possessed the political credentials and leadership qualities to bring about uncommon transformation in our country.

The governor urged the senate leadership nominees to make purposeful legislations as their priority, while maintaining harmonious working relationships with other arms of the government without compromising the Red Chamber’s independence.

He said: “Having discussed extensively and listened to all the plans and agenda presented by Stability Group led by Senator Akpabio, I believe it is proper and appropriate that we, in Lagos, give them our official endorsement.

“This is a project for the stability of the country, which will benefit Nigerians, especially the people who elected these distinguished lawmakers-elect. They are committed to working harmoniously with the executive and this will bring about a winwin for all our citizens and for democracy.

“We are encouraging other lawmakers-elect who are yet to be on this team to fall in line. I will also appeal to the Stability Group to continue their consultation and collaboration, and not to take

anyone for granted.

“They have personally assured me that they will make the senate leadership as inclusive as possible. The diversity they are preaching is reflected in the number of the senators-elect on the team; it is not one party. The membership cuts across all the parties that are represented in the National Assembly.

“I believe the incoming 10th National Assembly will be about great possibilities and shaping new course for the nation. Given the outstanding profile and experience Senator Akpabio and his team are bringing to the table, I believe there will be new standards and new legislative records will break. I will only urge the incoming senate leadership to surpass whatever achievements recorded by the 9th senate.”

Akpabio, a former Senate minority leader representing Akwa Ibom North-West, described Tinubu as “God’s own choice” for the country's leadership, saying the incoming administration required the support of dynamic legislative leadership to work together in order to achieve promises made to Nigerians.

The former Akwa Ibom Governor pledged he would deploy multifaceted, multi-dimensional and national approach to lawmaking if he is elected senate president. He said the senate under his leadership would have a complete control over its affairs without being confrontational with the executive.

Akpabio said he and his deputy would work with the Tinubu

these was an 8-day old baby who was delivered while the mother was awaiting airlift from Port Sudan.

According to him, "The baby is currently being treated for jaundice at the University of Abuja Teaching Hospital, Gwagwalada. While a patient with hand injury is being treated at Federal Medical Centre, Jabi, Abuja.

"We thank God Almighty that no life of any Nigerian was lost during the crisis so far and during the evacuation."

Ahmed added that the evacuation process has come to an end after the federal government has successfully evacuated all those willing to come home.

administration to make the country better and bring legislations that will support development.

He said: “The Stability Group of the 10th senate is made up of men and women of integrity. We came today to show ourselves to the Governor and also solicit for his support. He has not only thrown his support behind us, he has shown so much hospitality. “Today, he stood before the cameras to endorse my humble self to become the president of the 10th senate and Senator Jibrin as Deputy Senate President-designate.

“We are not taking this support for granted. This team has senators-elect from different political backgrounds and parties; we are determined to ensure collaboration and support for the incoming administration of Tinubu whose presidency is a nationalistic project that will bring positive development to Nigeria.

“We want him to replicate what has happened in Lagos in the last 24 years of democracy to cover the rest of the country.

“Particularly, we are challenged by the economy; we want to see serious improvement in the IGR of the nation to enable us repay our loan facilities. We want to see more foreign direct investment in the country. We will support him through favourable legislations to ensure Nigeria remains investmentfriendly and a business destination in Africa.”

Akpabio urged Sanwo-Olu to reach out to his governor colleagues on behalf of the group in order to pave the way for smooth legislative transition in the National Assembly.

L-R. Environment Manager, Lafarge Africa Plc, Ishaq Mohammod; Community Relations Manager, Lafarge Africa Plc, Brenda Effiom; Commissioner for Health, Cross River State, Dr. Janet Ekpeyong; Public Affairs Manager, Lafarge Africa Plc, Inyang Bassey; and Production Analyst, Lafarge Africa Plc, Afoke Orok at the flag off of Lafarge Africa Annual Medical Outreach for Host Communities of Akamkpa, Akpabuyo and Calabar Municipality at Abiati ….yesterday

NEWLY PROMOTED…

L-R: Newly promoted Deputy Comptroller General(DCG) of Nigeria Immigration Service(NIS), Dominic Asogwa; Comptroller General, NIS, Isah Jere Idris, and newly promoted DCG NIS, Dora Amahian, after the duo’s decoration in Abuja...recently

Anambra Labour Party Disowns Apapa, Backs Abure, Obi

David-Chyddy Eleke in Awka

The Anambra State Chapter of Labour Party (LP) has disowned the party’s factional National Chairman, Mr. Lamidi Apapa, declared its allegiance to Mr. Julius Abure-led national executive of the party.

The State Chairman of Labour Party, Hon. Ugochukwu Emeh, stated this yesterday in a press conference in Awka, the state’s

capital.

The chapter said that it supported the party’s presidential flag bearer in the February 25, 2023 general election, Mr. Peter Obi, and his running mate, Senator Yusuf Datti Baba-Ahmed, in their ongoing legal battle at the election petitions tribunal.

Emeh, who addressed journalists after a state executive meeting of the Labour Party, said: “At the conclusion of the

Makinde: I’ll Soon Appoint Permanent Secretaries to Vacant Positions

Kemi OlaitaninIbadan

Governor Seyi Makinde of Oyo

State, has said he will soon appoint Permanent Secretaries to vacant positions in the state’s civil service, following the advice of the retired Head of Service, Alhaja Amidat Ololade Agboola.

The governor, who stated this while speaking at the retirement and thanksgiving programme of the retired Head of Service(HoS) held in Ibadan, said the ex-HoS was committed to workers’ welfare.

He also said it was commendable that the out-gone HoS did not recommend any staff for dismissal all through her four year tenure, stating that his administration will soon purchase official vehicles for serving Permanent Secretaries and Tutors-General in the state.

Governor Makinde, who described Alhaja Ololade Agboola, as a team player who contributed immensely to the success of his administration in the past four years, adding that she was so passionate about Service to the state.

While admitting that Alhaja Agboola was a member of his administration’s think tank, the governor noted that his government was successful in putting the right pegs in the right holes

He also stated that since it came into office, his administration has refused to base its decisions on sentiments such as religion or region.

Alhaja Agboola, in her remarks, thanked God and Governor Makinde for giving her the opportunity to serve the state as Head of Service, despite all odds.

Emerging Africa Capital Repays N1.1bn Commercial Paper

Emerging Africa Capital Limited has successful redeemed the total sum of N1.13 billion Series 1 Commercial Paper (CP) issued on November 1, 2022, on the Nigerian debt capital market(DCP) through FMDQ Securities Exchange Limited platform under its N15 billion CP Issuance Programme.

The 182 days CP was issued at a discount rate of 16.94 per cent and achieved a 100 per cent subscription rate as a first-time issuer.

According to the company, this impressive subscription level demonstrates investors’ confidence in the company’s impressive profile and the ability of its management team to deliver value to its stakeholders.

Speaking on the successful redemption of the CP, the Executive Vice Chairman/Group Chief Executive Officer of Emerging Africa Capital, Toyin F. Sanni, said: “The successful redemption of the N1.13 billion Series 1 CP reflects

our company’s commitment to ensuring transparency and trustworthiness in maintaining investor confidence in the Nigerian DCP.”

She expressed her gratitude to all investors for their trust and confidence in the company and promised to continue to deliver substantial value to its stakeholders.

The Emerging Africa Group is a leading Investment Banking and Financial Services provider licensed by the Securities and Exchange Commission to provide issuing house/underwriting, trust, and asset management services with investments in financial technology, microfinance banking, venture capital and capacity building. The group prides itself in creating value for stakeholders through a combination of direct equity investments in our subsidiary companies and by arranging/ facilitating debt and equity capital financing for our clients.

meeting the party made far reaching resolutions.

“A vote of confidence is hereby passed on the national leadership of LP, led by the national chairman of our great

party, Mr. Julius Abure; the National Secretary, Mr. Umar Farouk Ibrahim; the National Organising Secretary, Mr. Clement Ojukwu and the Treasurer, Oluchi Okpara.

“This is in regards to the sterling performance they have rendered to the party in their various capacities as national officers and leaders of the party.

“We also resolved that the Mr.

Lamidi Apapa and his pocket group’s attempt to fractionalise the leadership of LP was an attempt in futility and an unwarranted meddlesomeness that should not be allowed at all.

Alabi: Kwara South Senatorial Lacks Clear-cut Leadership

Hammed Shittu in Ilorin

Kwara State Deputy Governor, Mr. Kayode Alabi, has expressed deep concern over lack of clear-cut leadership that would provide directions for economic prosperity and political emancipation of the people of the Kwara South senatorial district of the state.

Speaking at Oko town in Irepodun Local Government Area of the state on the sideline of the Kwara South Leaders Retreat, Alabi said:“To achieve our goals of creating prosperous Kwara South, we need a leader that would be providing directions. Nothing meaningful can be achieved without a clear-cut leader as a group of people.

“Everybody is claiming to be a leader in Kwara South, and it can never work like that. We need to choose a leader that will be speaking for us.”

The deputy governor: “We can only achieved our desires when we work and come together as one strong voice. “Nobody will fight for us, we have to do it by ourselves.

It’s normal to have political differences but passion for development must bring us together.

“We must reason beyond personal interest, the people that often have the privilege to talk to the people in authority must be seen championing our collective interest of development, not sycophancy and selfish agenda.

Car Dealer Allegedly Kidnapped by Business Ally Demands Justice

Lagos car dealer, Adekeye Adeyemi, who was allegedly abducted in April, 2022 has cried out for justice one year after he regained freedom from his abductors.

Adeyemi alleged that his abduction was orchestrated by someone suspected to be his business partner after a failed business deal, adding that he had only escaped death after police intervened by providence.

According to Adeyemi, while briefing the press in Lagos recently, the matter has since been taken to court, adding there were moves by some powerful forces to truncate justice.

Adeyemi recounted how his assailant tortured him to the point of death and went as far as sending video recordings of same to his family members and those on his contact list.

He noted that his ill mother

suffered shock after sighting the video and later passed away as result.

He pleaded with relevant authority to intervene in the matter at ensuring that justice was served accordingly He said one of those who supervised his torture in Ojodu Lagos was being detained in Ikoyi prison, while a warrant of arrest had been issued for the other two. He alleged that one of the suspects had jumped bail about three times.

He said: “I got wind of moves by some influential persons to kill the case. I plead that relevant authority should intervene and not let me suffer in vain. I have suffered several health challenges after the incident and that I’m still alive today was divine. I can’t recall the series of test I have run and the amount of money I spent on sick bed. I just started regaining the use of my right ear.”

Bauchi SDP Senatorial Candidate Defects to APC

Segun Awofadeji in Bauchi

A senatorial candidate of the Social Democratic Party (SDP) for the Bauchi North district in the 2023 general election and former House of Representative member who represented Katagum Federal Constituency, Hon. Ibrahim Mohammed Baba, has dumped

the SDP for the All Progressives Congress (APC) in the state.

Baba, who announced his resignation from SDP yesterday in Katagum Local Government Area where he was simultaneously received by APC chairman of the Nasarawa Bakin Kasuwa ward in Katagum LG, Malam Adamu Abubakar.

Baba represented Katagum

federal constituency in the House between 2015 and 2019 under the APC, but later had problems with the party and dumped it.

Speaking to the press shortly after declaring for the APC, Baba said that he was returning to the party to join its reinvigoration and betterment for Nigeria in general, having once been an insider.

He said: “The main reason for my coming back into the APC is to partake in rectifying some of its identified anomalies while placing it on a sound footing ahead, recalling that some APC members in Bauchi have different reasons for leaving the party, some were annoyed by acts of omission, especially during and after the party primaries.

Politicians Cautioned to Stop Heating up the Polity

Omon-Julius Onabu in Asaba

Renowned technocrat and community leader Obi Patrick Onyeobi, has cautioned politicians against fueling crisis in Asaba, the Delta State capital, and neighboring communities because of political difference. Specifically, Onyeobi, who is the

Iyase (traditional prime minister) of Asaba, appealed to sons and daughters of the area not to heat up Aniocha/Oshimili Federal Constituency, which includes Asaba, in the name of politics. He warned that development will always elude an area where there is no peace, unity and love among the inhabitants of such

area.

He admonished the people to always resist the temptation of supporting evil just because of what they stand or hope to benefit as such would only become “the fertilizer that will nurture their future trouble.”

Speaking with newsmen in Asaba yesterday, Onyeobi

expressed concern about the alleged bad blood between two illustrious sons of Aniocha/ Oshimili who contested the recent national assembly election won by Ngozi Lawrence Okolie of the Labour Party with the House Minority Leader, Hon Ndudi Elumelu of the PDP as the closest rival.

Oye Defies Court Order, Convenes APGA NEC Meeting

David-Chyddy ElekeinAwka

The embattled National Chairman of All Progressives Grand Alliance (APGA), Chief Victor Ikechukwu Oye, reportedly held a National Executive Committee (NEC) meeting in Awka, the Anambra State capital.

On May 10, 2023, the Federal Capital Territory High Court 40 sitting in Bwari, Abuja, ordered Chief Oye to stop parading himself as the national chairman of the party. Also, the court restrained him from holding any gatherings, meetings, congresses or convention in the name of APGA NEC or

NWC, declaring such congress and convention as null and void, an order that he flouted by holding the NEC meeting.

But Oye, who was said to have presided over the NEC meeting in Awka, Anambra State, dismissed the insistence by parallel Chairman, Mr. Edozie Njoku, had no right

to conduct the May 31st National Convention, contending that no court ruling forbids him from doing so. He said: “As you can see this is APGA and this is APGA for real and don’t mind all those things that you read and hear about because they are not APGA.

Task Force DG Raises the Alarm Over Proliferations of Dangerous Weapons in Kogi

Ibrahim Oyewale in Lokoja

The Director General, Special Task Force on Illegal Smuggling of Fire arms in Kogi state, Mr. Friday Sani Makama has raised the alarm over the proliferation of fire arms among youths in Kogi East ahead of

November 11 Governorship election in Kogi State. While addressing journalists in Lokoja yesterday, Makama explained that some influential personality in the Eastern axis are already empowering some youths with dangerous weapons to cause mayhem in

Ikpeazu Accepts Responsibility for Salary Arrears

Emmanuel Ugwu-Nwogo in Umuahia

As industrial unrest continues to rock Abia State following unpaid salary arrears, the state Governor, Okezie Ikpeazu, has accepted responsibility for the crisis, saying he would not blame his predecessors.

The immediate-past state governor, Senator Theodore Orji, had at the weekend lashed out at Ikpeazu, saying the governor should carry his cross and not blame the past administration for the unpaid salaries.

Orji in a statement issued by his liaison officer, Ifeanyi Umere, absolved himself and his administration from blame over the salary arrears. The former governor insisted that when he left office, core civil servants were not owed even a month salary while parastatals were owed between two and four months’ arrears.

“For the avoidance of doubt, neither myself nor my administration is responsible for the staggering salary arrears owed civil servants, parastatals and pensioners in the state,” the former governor said.

Senator Yari Tasks Senators-elect on Unity

Former Governor of Zamfara, Abdulaziz Yari, who won the Zamfara West Senatorial position under the All Progressives Congress (APC) has tasked all senators-elect, and tasked them to unify the country.

He urged them not to disappoint on the confidence reposed in them but to deliver democracy dividends to Nigerians.

According to him, the division among Nigerians resulting from religious, tribal and ethnic sentiments is a narrative we must all work together to change for the country to move forward.

He said:”The voyage you are embarking on is a journey for the unification of Nigeria. This is an opportunity to rebuild this country in the interest of all.”

Kogi next election. The former lawmaker noted that his office could not be distracted by ethnic bias , stressing that the task force is ready to clamp down on any miscreant across the three

Senatorial districts. He described as unfortunate the mis-conception of some individuals concerning the task force set up by Governor Yahaya Bello of Kogi State to mop up the illegal arms

handling across the three senatorial districts.

“The governor under studied all my achievements in the past and marry it with my admission into the international police corporation and said,

we can still make use of this man, bring all this youths and convince them to return arms under their control so that the State can be free of armed robbery, kidnapping, thuggery and many more.

CSO: Student Lawyers Save 1,400 Awaiting Trial Inmates in Abuja, Nasarawa

Sunday Aborisade in Abuja

A civil society organization(CSO), the Network of University Legal Aid Institutions, (NULAI), said in Abuja yesterday that it had saved about 1, 400 pre-trial detention cases in the Federal Capital Territory (FCT) and Keffi, Nasarawa State in five years.

The President of NULAI, Prof. Ernest Ojukwu (SAN), who stated this at an event in Abuja yesterday said 500 university students collaborated with NULAI to offer pro bono service.

The forum was organised by NULAI with the support of United States Department of State

International Narcotics and Law Enforcement and Partners Global.

The project was on “Reforming Pretrial Detention in Nigeria

(RPDN): Project Retrospective Outlook Close - out Session”

Ojukwu was represented by the Executive Director NULAI, Dr Mukhtar Nasiru.

He said that the project started

in 2018 and had been impactful. Ojukwu said: “There is no iota of doubt this is the most impactful project NULAI has ever been involved in.

“This is certain because the reports are showing some amazing statistics of impacts that have been made on different fronts.

Group Urges APC to Throw National Assembly Leadership Open

A group of Nigerians under the aegis, Citizens Advocacy Group has called on the ruling All Progressives Congress (APC) to allow members of the newly elected National Assembly to choose their leadership of the Senate and House of Representatives in cognisance of separation of powers, insisting that the imposition of leadership

on the legislature is undemocratic. The group in a statement made available to THISDAY yesterday and signed by its Convener, Chris Sunday George and Secretary, Haruna Kabir, said it rejected the “imposition of candidate for the position of the Senate President for the 10th National Assembly.”

The group averred that the

decision by the leadership of the APC to choose the Senate President for the 109-member Senate is an affront on the principle of separation of power.

“The decision by the National Working Committee (NWC) of the APCto impose a candidate on the Senate as the president of the next upper legislative arm of the National Assembly has

been generating an uproar in the polity. You will recall that the APC NWC has released the zoning of offices for the 10th National Assembly. A document issued after the NWC meeting in Abuja, showed that the Senate President would come from the South-south and specifically, Senator Godswill Akpabio (Akwa Ibom).

Guber Election: Diri Enjoins Bayelsans to Renew Support for PDP

Olusegun Samuel in Yenagoa

Ahead of the November 11 governorship election in Bayelsa State, the State Governor, Senator Douye Diri, has enjoined the people to reaffirm their abiding love and support for the Peoples’ Democratic Party (PDP), and his administration.

Governor Diri spoke during the Thanksgiving Service that rounded off the third session of the eight Synod of the Niger Delta West Diocese at St Peter’s Anglican Church, Nedugo-Gbarain, in Yenagoa Local Government Area of the state.

Aligning his remarks with the

theme of the Synod: Christ Is Our Cornerstone,” the governor, who was represented by the Deputy Governor of Bayelsa State, Senator Lawrence Ewhrudjakpo, noted that giving his administration a second term would enable it to consolidate and record more achievements for the state.

He stressed the need for the

church to educate the people on the benefits of re-electing a team that is clearly doing well on all fronts.

The governor pointed out that although Bayelsa has not fully actualised the dreams of its founding fathers, it had made tremendous progress, especially in the past few years.

Sports Ministry Begins Dismantling of Dilapidated Masts at Sportscity

Olawale Ajimotokan in Abuja

After the crashing to the ground of one of the floodlight masts inside the National Stadium in Lagos, the Federal Ministry of Youth & Sports Development (FMY&SD) at the weekend began the dismantling of the rest three masts to avoid casualty at the arena.

One of the floodlight mast inside the facility built in 1972 to host the 1973 All Africa Games crashed to the ground during a heavy rain storm

in Lagos on April 19. Athletes and workers of the facility were saved the agony of becoming victim to the crashed mast because it was happened at night.

After taking a tour of the stadium, Sports Minister, Chief Sunday Dare, ordered the closure of the facilities to outsiders to avoid casualties that may happen from the crashing of another of the dilapidated masts.

The ministry’s facility officials attributed the unfortunate incident to the decay and abandonment of

the stadium for close to 19 years. Although the exact cost of the damage is yet to be determined, the ministry directed at the weekend that the three other floodlight masts be pulled down to avert similar collapse or tragedy at the Lagos Sportscity.

The Sports Minister had after inspecting the crashed mast admitted that wether elements and several years of lack of maintenance had done enough damage to the edifice. “Thank God, there was no

casualty. I also inspected the three other light masts, and the effects of age and weather elements were visible… clearly, they are also suspect after 51 years,” recalled the minister.

The minister’s Adopt-Initiative at the Ministry led to the support given by billionaire sports betting magnate, Chief Kessington Adebutu, to kick-start the rehabilitations of the stadium abandoned for close to two decades.

The repairs covered three areas

notably the pitch, tartan tracks and the digital scoreboard. Several troubled areas are still awaiting attention to put the stadium back to shape.

Already, the concession process of the national stadium to the private sector is being fast tracked with the guidance of the ICRC.

In a document released this week, Nigerians are able to glean the efforts of the Ministry of Youth and Sports in fixing the Lagos, Abuja, and Ibadan Stadiums.

Sunday Dare...Sports Minister

For Lagos, about 12 areas are functional, including the swimming pool, sports hall, where various events could be held, tennis courts, legacy training pitch, among others.

Ruthless Brighton End Arsenal’s Title Hopes

Man City to wrap up title at home against Chelsea on Sunday

Arsenal's fading title hopes were dealt a devastating blow after losing to Brighton 0-3 to leave leaders Manchester City one win from a fifth Premier League title in six seasons.

The maximum number of points Arsenal can now score is 87, while City have 85 with matches against Chelsea (home), Brighton (away) and Brentford (away) to come.

The Gunners needed to respond after City's 3-0 win over Everton earlier on Sunday left Mikel Arteta's side trailing by four points in the race for the title.

PREMIER LEAGUE

On a deeply frustrating day for Arsenal, Leandro Trossard hit the bar against his former club while Martin Odegaard and Bukayo Saka both went close before Julio Enciso's close-range header put BrightonSubstituteahead.Deniz

Undav doubled the lead after lobbing Aaron Ramsdale in the 86th minute before Pervis Estupinan added to Arsenal's misery with Brighton's third in the 96th minute.

Napoli Review Salary Cap Upward to Keep Osimhen

Chelsea’s player-plus-cash offer for the Nigerian likely to fail

Femi Solaja with agency reports

Napoli’s quest to retain their ‘priceless’ forward, Victor Osimhen, received a big boost over the weekend following the decision of the Serie A champions to review their salary cap upward.

Although Osimhen failed to score in Napoli’s 2-0 loss at Monza last night, the new salary regime, means the Super Eagles forward will not only get a pay rise but becomes one of the highest wage earners in the Naples’ side.

According to soccernet .com, the development is a major blow to Chelsea who are the latest suitor in the struggle for Osimhen’s signature in summer transfer window.

Chelsea were reported to have made their first move to secure Osimhen’s services, proposing a player-plus-cash deal before Napoli.

However, Napoli whose valuation of the Nigerian international at a staggering €150 million, are believed to have resisted whatever that Chelsea

have put forward. The Italian topflight league champions are desirous of retaining their prized asset in their bid to defend their Scudetto title and mount a strong challenge in the Champions League next season.

Club President, Aurelio De Laurentiis, is keen on holding onto the prolific forward, and his renowned negotiating skills may come into play during discussions.

Reports in weekend edition of La Repubblica (as per Tutto Napoli) suggests that Napoli are considering a Cavani-style arrangement to retain Osimhen for another season.

The proposed formula involves offering the striker a substantial increase in salary and the promise of a future transfer at the end of next season.

This approach would deviate from Napoli’s usual salary structure, which is capped at €3.5 million net. Osimhen’s exceptional performances and potential have prompted Napoli to consider this exception to their wage policy.

Ikeja Club Golfer, Hakeem Ishola, Wins Maiden Stableford Cup

Hakeem Ishola, on Saturday, emerged winner of the inaugural edition of the Ikeja Golf Club Stableford Cup.

He scored 44 points playing off handicap 14 to come top among a pool of 120 golfers from various golf clubs across the country who participated in the tournament.

Ishola, who won a trophy and a golf bag for his feat, expressed his delight at becoming the winner of the maiden edition of the tournament and attributed his victory to constant practice.

“I am very happy and I am proud of myself for this feat, I feel it is my day and I am glad I made the best of it,” Ishola said.

Commending the incumbent Ikeja

City will win the Premier League title next Sunday in front of their own fans at Etihad Stadium if they beat Chelsea at (16:00 BST), even if Arsenal defeat Nottingham Forest at the City Ground on Saturday (17:30).

However, City will be confirmed champions without playing on Saturday if the Gunners lose at Forest.

In a game littered with niggly fouls, Arsenal lost Brazil forward Gabriel Martinelli to injury in the

first half after a foul by Brighton's Ecuador midfielder Moises Caicedo, who the Gunners tried to signin January.

Brighton, who are chasing a place in Europe for the first time, had gone close through Enciso before

the Paraguay forward stunned the Emirates with his 51st-minute goal. The win lifted the Seagulls above both Aston Villa and Tottenham into sixth on 58 points, four behind fifth-placed Liverpool with one game in hand.

AFN Has No Contract With Premium Trust Bank, Says Olopade

Board members of the Athletics Federation of Nigeria (AFN), have been told to put aside their differences and concentrate on building a formidable squad for the nation, particularly as the countdown begins for the 2023 World Athletics Championship in Budapest, Hungary.

Chief Executive Officer of Nilayo Sports Management, Chief Bukola Olopade, who is AFN's Chief Marketing Consultant, stated yesterday that quarrel over a non-existing sponsorship money by some board members was unhealthy for the federation.

with some of them.

“In the first place, AFN does not have a contract with Premium Trust Bank, rather, it was my company, Nilayo Sports, that signed a sponsorship deal with them (Premium Trust Bank).

“As the Chief Marketing Consult to AFN, we (Nilayo Sports) signed a three-year-sponsorship on behalf of Premium Trust Bank with the AFN. Money that comes from the sponsorship deal is not given to any individual. It is tied to competitions.

“In other words, the AFN will

have to write to Premium Trust Bank, through Nilayo Sports, for money to be released for major competitions, including the World Athletics Championship.

“Nilayo Sports Management is not happy with the unnecessary rumour of scramble for sponsorship money going on within the AFN board. We are doing our best to position the AFN to meet its financial challenges and some people are trying to make things difficult for us. It not good. As far as I am concerned, Chief Tonobok Okowa

usually go the extra miles before he gets money to sponsor athletes to competitions. I doubt if he will be able to recover all his money back. He needs encouragement from the board members," Olopade clarified from London.

Premium Trust Bank, in the last one year, has impacted so much on the nation's athletics, particularly with the sponsorship of the duo of Tobi Amusan and Ese Brume, as well as the Bank’s role during the last National Sports Festival held in Asaba, Delta State.

Golf Club Captain, Shina Akinyemi and the rest of executive committee members, Ishola said, “This is a wonderful event. Akinyemi has raised the bar with the competitions, organization, the souvenirs, the prices and participation. All of these have taken the bar a notch higher.”

The runner-up was ChiChi Alamu who scored 41 points to also emerge as the highest ranked female, while Rasheed Adebisi scored 40 points to earn the second runner-up prize.

In his address, Ikeja Golf Club Captain, Akinyemi expressed his gratitude to Overland Properties Limited, Qshop, Saros Lifecare and Rockstar Energy drink for sponsoring and refreshing the tournament.

There have been uneasy disquiet within the AFN family since last week following an online publication of a plot to convene Congress to perhaps plot the removal of President Tonobok Okowa over issues concerning money realised from sponsorship.

But Olopade, who spoke from London, yesterday, cleared the air about sponsorship money paid to the AFN.

“It is unfortunate that some of the board members are accusing Okowa wrongly over issues he knows nothing about. I heard this rumour of some of the members scrambling for sponsorship money before I traveled out of Nigeria, and I have expressed my disappointment

25 Winners from LGAs Begin Delta Headmasters’ Cup Zonal Playoffs

The Zonal elimination of the Zenith Bank sponsored Delta State Headmasters’ Cup Football Competition starts today in various centres across the state.

Winners of the preliminaries from all the 25 Local Government Areas in the state are expected to be on parade from today. The young lads will be vying for honours to book a place in the quarterfinal stage of the competition scheduled to end on Friday May

19in Asaba.

In some of the preliminary results, Ozoma-Ukwu Primary School defeated Isselegu Primary School 4-2 to emerge representatives of Ndokwa East Local Government Area while in Ughelli North Local Government Area, Iwreko Primary School was 3-0 better than Destiny Primary School just as Okpolo Primary School, Enweh, was ruthless by whipping Emo -Ode Primary School, Irri, 6-0 to emerge victorious

in Isoko South, In Burutu Local Government Area, Ekpebiwe Primary School, Ogulagha, fought hard to pip Egobiri Primary School , Egodor 4- 3 to book a place in the zonal playoffs. Other qualifiers are UkwuaniEsume-Uku P/S, Obiaruku, Uvwie- Oghorume P/S, Effurun, Warri North - Ojomba P/S , Koko, Warri South - Ogedegbe P/S, Warri and Warri South West -Ewein P/S, Ogbe-Ijoh.

Brighton players did the unimaginable at the Emirates Stadium in North London last night, effectively dealing Arsenal’s Premier League title a blow with the 3-0 defeat of the Gunners.

Arsenal coach, Mikel Arteta

MISSILE

Osinbajo to Nigerians

“I attend a lot of conferences and I have never seen a conference where anyone is speaking ill of their country or running down their country. When we get home, we can criticise ourselves, but we must talk up our country. We belong to one side, and that side is the Nigerian side. We must make sure that in every way we can, we give the very best impression of our country. Our country is not its politicians, it's not its religious leaders, it is you and I” –Vice President Yemi Osinbajo, advising Nigerians not to wash their dirty linens  in public.

Dog That Looks Like Embassy MAHMUDJEGA

VIEW FROM THE GALLERY

Walking through the lobby of Abuja’s Transcorp Hilton Hotel on my way to Arise TV studio, I initially thought that I had strayed into the Willard Hotel lobby in Washington DC. We are in a transition period in Nigeria, two weeks to the inauguration of a new President, a new National Assembly, 18 new state governors and ten more governors who are to commence their second terms in office. No wonder, the Transcorp hotel lobby is buzzing, with groups of young and not-so-young men and women whispering, laughing, their eyes keenly watching doors and elevators, or sometimes perusing leaked lists of proposed appointees, many of them make-believe.

Willard Hotel lobby in Washington DC is said to be the source of the political phrase “lobby”. Since the 1850s, as soon as American elections are over, “lobbyists” were said to fill its halls, puffing cigars and lobbying for positions in the incoming Administration. When the old Union Civil War commander General Ulysses Grant was elected US President in 1869, he was said to often sit in a comfortable leather chair in the Willard Hotel lobby, puffing a cigar and sipping brandy. Its reputation as the mecca of political lobbying was greatly enhanced as a result.

Lobbying for positions does not start in hotel lobbies. The late Senator Edward [Ted] Kennedy told a story during a Democratic Party fundraising dinner sometime in 2004. It was about an event that happened in 1968, during his late elder brother Senator Robert [Bobby] Kennedy’s ill-fated campaign for the Democratic Party’s presidential nomination for that year.

Ted Kennedy said the then Deputy Attorney General of the United States in the Johnson administration had quit his post and joined Bobby Kennedy’s campaign team in the Democratic Party primaries. One day, the candidate and his campaign team found themselves stranded for many hours at a small airport due to bad weather. Bobby Kennedy’s dog was very tired, so he asked the former Deputy Attorney General to take the dog for a walk around the airport. As they were walking around, they encountered an aggressive journalist, I think William Safire. Safire promptly accosted the man and said, “I don’t understand this at all! You were the Deputy Attorney General in the Johnson administration, and you resigned and came here, just to walk Kennedy’s dog? I don’t understand it at all!” The man stared at the dog and said, “Well Mr Safire, I know this may look like a dog to you, but it looks more like an Embassy to me!”

If a presidential aspirant’s pet dog looked like an Embassy to an American politician, imagine what a President-elect’s pussy cat, chicken, race horse, abandoned cane chair, thrown away shaving stick, unused running

shoes, not to mention his trademark cap, will look to a Nigerian political lobbyist. The abandoned cane chair will look like a Cabinet seat; a pet pussy cat will look like a Board chairmanship; while the trademark cap on a lobbyist’s head will look very much like an oil lifting contract.

No wonder President-elect Tinubu travelled out again because in Nigeria here, if he does like General Grant and sits in a Transcorp hotel lobby to sip zobo, it will require a Guards Brigade battalion to control the crowd. Unlike in the US where a lobbyist will walk up to Grant and extend a handshake, here people will bow and tremble, prostrate, do dubale, even roll on the ground or jump, twist and turn in front of the President-elect.

Right now, the fiercest lobby on the Nigerian political scene is for leadership positions in the incoming 10th National Assembly, which is to be inaugurated a week after the President and Vice President are sworn in on May 29. The ruling APC has a majority in the incoming Senate but has slightly less than a majority in the incoming House of Representatives. If the party holds together, then it will produce the Senate President, his deputy and the Senate Leader. As for the House, seven minority parties, which together command a small majority, have set up a harmonisation committee by which they hope to close ranks and produce the Speaker, Deputy Speaker and possibly the House Leader as well.

Trouble however burst into the open when APC’s National Working Committee [NWC] announced that it had zoned the positions to various geopolitical zones. It went a step further and named the persons that it would want to hold the key positions. Powerful aspirants for the

same positions immediately erupted against both the zoning and the anointing.

On at least three occasions in this Republic, there was a tug of war within the majority party in the election of Assembly leaders. In 1999, majority of PDP senators, said to have been mobilised by Vice President Atiku Abubakar, nominated Dr. Chuba Okadigbo for Senate President but President Obasanjo, who saw it as an affront, instead sponsored Senator Evan Enwerem and mobilised minority APP and AD members to help elect him.

In 2011, President Jonathan and PDP leadership wanted Mrs. Mulikat AdeolaAkande as House Speaker but Aminu Waziri Tambuwal launched an insurgent bid, went into hiding, put together a majority of MPs, camouflaged in Niger Delta attire, was smuggled into the chamber through the back door, was sandwiched in his seat by loyal MPs to prevent a rumoured abduction, and went on to defeat the Presidency’s candidate by a wide margin. And then in 2015, President Buhari made the dreadful mistake of convening an APC caucus meeting at the same hour that he earlier proclaimed for inaugurating the Senate. As a result, majority of APC senators were away when minority PDP senators helped to elect Senator Bukola Saraki as Senate President and were rewarded with the deputy’s seat.

APC National Chairman Abdullahi Adamu has said the NWC will look again at its zoning formula. Trying to change it will however bring more problems because both Senator Godswill Akpabio and Alhaji Tajudeen Abbas, who were anointed for Senate President and House Speaker, have put together large band of supporters of their own. Most probably they have already promised to give out juicy committee chairmanships to some key allies. Abbas’ position is more precarious because even a united APC caucus cannot elect him as Speaker. It must pinch a few MPs from the minority parties, using legislative and even Executive appointments as inducements. NPN did the same in 1979 when, recognising its leading but minority position, it struck an accord with NPP just before Inauguration Day. It paid for it with Assembly posts as well as ministerial positions.

Jostling for Executive positions is less open because, unlike the National Assembly, there will be no further voting. Some excitable APC men launched a campaign last month for their favoured candidates for the incoming President’s Chief of Staff. Such a position is not amenable to a public campaign, or even to zoning. A stroke of the President’s pen is all that is needed to grant hundreds if not thousands of ministerial, ambassadorial, board, security and agency headships. It is a tricky business with two, extremely

different precedents. On the one hand, APC branches in the states will be clamouring to nominate prospective ministers and other high officials based on promises and horse trading that took place in the states as part of the election campaign. From 1999 to 2011, PDP Presidents granted this wish and asked each state branch to nominate three persons out of whom the President will select as minister. In 1999 however, the wily Obasanjo added another six cabinet nominees, one per geopolitical zone, which he chose himself, and which turned out to be the most senior ministers. In 2015 President Buhari went to the other extreme, told APC governors that they should go and appoint their own commissioners while he appointed his own ministers, and took almost no nominations from party branches. It made for a lot of bitterness in party ranks.

One of the trickiest choice aspects for President-elect Tinubu is what to do with outgoing APC governors, ten of them in four geo political zones, including the Director General of his campaign, and five of them from the Northwest zone alone. The late Sarkin Sudan Alhaji Shehu Malami told me that he was present in 1979 when President-elect Shehu Shagari offered his campaign’s Director General, Alhaji Umaru Dikko, a ministerial post. Dikko promptly said that a campaign DG should be able to choose his preferred post, and that he wanted to be Secretary to the Federal Government [SFG, now called SGF].

Outgoing APC governors such as Masari, Ganduje, Lalong, Bagudu, El-Rufa’i, Badaru, Umahi and Ayade have high expectations because they were the bedrock of Asiwaju Tinubu’s primary and general election campaign. It was the Northern APC governors that stood firmly, apparently against President Buhari’s wish, for a power shift to the South and for a Tinubu victory. They also strenuously fought against cashless policy, the biggest impediment that APC candidates faced in the election. Whether the new President can appoint all or many of the former governors into his cabinet is a tricky proposition, however. In 2007 when President Umaru Yar’adua was drawing up his cabinet list, PDP leaders rose in arms and said those who served two terms as governors should not become ministers. He however managed to appoint a few of them. Unlike in 2007 when Yar’adua was essentially rail-roaded to primary and general election victory by an overwhelming Obasanjo, the bedrock of APC’s victorious 2023 campaign was probably the APC governors.

If therefore, these days, you see a man in the Hilton Hotel lobby or alighting from a black Jeep, staring intently at his Tinubu-style cap, don’t blame him. It probably looks to him like a Cabinet chair or a juicy Embassy.

Adamu