WEDNESDAY 22TH MAY 2024

UK Govt: Nigeria’s Capital Market Needs $10bn Financing Yearly to Meet SDGs by 2030

The UK government yesterday, said it was committed to supporting Nigeria to develop its thriving capital market and sees its Mobilising Institutional

Capital Through Listed Product Structures (MOBILIST) programme as a strong basis for collaboration with Nigeria’s financial sector. The UK government also said Nigeria’s capital market could help

contribute to the delivery of the country’s economic goals, including the ambition to transition to clean energy solutions, but would need about $10 billion in financing per year to meet the Sustainable Development

Goals (SDGs) by 2030. At two MOBILIST events hosted by the Nigerian Exchange Limited (NGX) and the British Deputy High Commission (BDHC) in Lagos yesterday, the UK government

underlined its commitment to work with Nigeria to enable private capital mobilisation at scale. The events in the Nigeria’s financial hub brought together stakeholders from across the finance

community, including representatives of the Securities and Exchange Commission (SEC) and pension fund industry, to discuss opportunities to

Continued on page 9

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Minimum Wage talks: Labour rejects NECA, FG's Offer of N54,000... Page 5 Prosecutor says He Was told iCC Was Established for African, russian

&

Ganduje: Although Not Election Period Yet, We’re Working to Secure Tinubu’s Reelection

FG’s policies focused on what works best for Nigeria, Shettima’s aide discloses National Chairman of All Progressives Congress (APC), Dr Abdullahi

Again, CBN Raises MPR to

to Subdue Inflation

Cardoso: Monetary tightening yielding desired outcomes, banking system safe, sound despite headwinds Plans stronger regulatory framework for fintechs NECA, Teriba, CPPE say aggressive monetary tightening squeezing businesses, hurting borrowers Naira sustains gains on official window, stable at parallel FX market

James Emejo in Abuja, Nume Ekeghe and Dike Onwuamaeze in Lagos Walking the talk, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday resolved to further raise the Monetary Policy Rate (MPR), the benchmark interest rate by 150 basis points to 26.25 per cent from 24.75 per cent, in its sustained effort to bring down inflation.

However, reacting to the decision of the MPC, Director General of Nigeria Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde; Chief Executive Officer, Economic Associates, Dr. Ayo Teriba; Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf; Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu;

Continued on page 9 Continued

Emma Okonji and Oluchi Chibuzor

L-R: ,Chairman Senate Committee on Agriculture, Saliu Mustapha; Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, President of the Senate, Godswill Akpabio; and Chairman, Senate Committee on NDDC, Asuquo Ekpenyong, during a courtesy call on the Senate President by the

Deji Elumoye and Adedayo Akinwale in Abuja

APC PROFESSIONALS FORUM POLICY ROUNDTABLE...

L-R: National Chairman, All Progressives Congress (APC), Dr. Abdulahi Ganduje, in tete a tete with former Governor of

policy roundtable in Abuja ... yesterday

Minimum Wage Talks: Labour Rejects NECA, FG's Offer of N54,000

Onyebuchi Ezigbo in Abuja

The Organised Labour yesterday, rejected federal government's new minimum wage offer of N54,000. Following the outright rejection of government's N48,000 by organised labour representatives - Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at their previous engagement, the government side yesterday decided to raise it's offer to N54,000 to be at par with what the organised private sector

proposed.

Speaking to journalists after the resumed meeting of the Tripartite Committee on Minimum Wage yesterday, a member of committee representing NLC, Professor Theophilus Ndubuaku, said that labour has maintained position on it's demand for N615,000 as new minimum wage.

He also said that the May 31 deadline labour had given to the government to conclude every negotiations still stands, adding that

AFD, EU Support NAPTIN with $46m to Boost Skills in Nigeria’s Power Sector

The European Union (EU) and Agence Française de Développement (AFD) are collaborating with the National Power Training Institute of Nigeria (NAPTIN) to boost skills and capacity in Nigeria’s power sector for enhanced service delivery.

Under the “Enhancing Vocational Training Delivery for the Nigerian Power Sector” Project jointly funded by the EU and AFD, NAPTIN would receive up to $46 million to help in providing power sector stakeholders with a workforce whose skills have been developed and capacities adapted to their needs.

According to a statement yesterday, at the 10th Steering Committee Meeting of the project held in NAPTIN Headquarters, Abuja, on the April 18th 2024, stakeholders reviewed the progress

made by the initiative, including upscaling the training catalogues; developing, renovating and equipping NAPTIN’s training centers with state-of-the-art standards and equipment; and enhancing the corporate governance and business model of NAPTIN.

“With the biggest hydropower producer and the largest oil reserves in the ECOWAS region, Nigeria also offers great potential for renewable energy.

“In order to have these resources managed by the most skilled workers, NAPTIN was established as part of a larger framework for a robust training program for the power sector. It aims to continuously develop the capacity of the power sector personnel and coordinate training activities across the country and the continent,” the statement added.

there may not be any other notice to government for strike if it fails to keep to the deadline.

He explained that before the N54,000 offer was made, it took the government team time to make up their mind.

According to him, the government's team wasted time coming up with a position before the Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha made the pronouncement of N54,000.

"We still told them that the ground they shifted was not enough and that they have not started the negotiation because as at now, the take home of the lowest paid worker is over

N70,000. So, by their own standard we have not started negotiating minimum wage.

"What we are negotiating now is wage reduction because what they are now telling us is that if we walk out from there, if we agree on N54,000, that means we will come out and tell people who are already earning N77,000 that their wage has been reduced.

"We told them that it is not possible for workers to start earning less than what he/she was earning. Is it that there is reduction on inflation or that the cost of living has improved, or is it that the cost of food has come down?

Tinubu Inaugurates

"Why will they now be negotiating wage reduction? It's unthinkable, we cannot be involved in this kind of a thing - that labour will sit down and be negotiating wage reduction. On what will it be based? Will it be based on the fact that the money they are collecting now since petroleum subsidy was removed has reduced?

"Or why will they now be talking about wage reduction when even the inflation is going higher and the cost of living is going higher? So, we told them that that it is not acceptable, but then we had to adjourn because we cannot continue to negotiate without the presence of governors, it will not augur well for the Tripartite

Committee.

"They said they didn't know why the governors were not there, six of them are supposed to be on that committee. We told them that this is a serious matter because when they refuse to come even if at the end we agree on anything they will say it's not binding on them because they were not there.

"There was a permanent secretary that represented one governor and the person has no input, so nobody will take decision on their (governors) behalf when they are not there. So we said let's adjourn and invite the governors formally. So, we had to adjourn to tomorrow (today) by 4pm."

15-member NEITI Board, Recommits to Removing Opacity in Extractive Industry

Emmanuel Addeh in Abuja

President Bola Ahmed Tinubu yesterday inaugurated the National Stakeholders Working Group (NSWG) of the Extractive Industries Transparency Initiative (NEITI), pledging to ensure transparency in Nigeria’s extractive sector.

The president also reaffirmed Nigeria’s commitment to the implementation of the principles and Standard of the global Extractive Industries Transparency Initiative (EITI) in Nigeria.

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume,

who also chairs the new NEITI board, the president stated that transparency in the extractive sector as well as prudent management of Nigeria’s resources was central to his administration's economic agenda and the anticorruption policies of the government.

“The present administration is passionate and remains fully committed to the global extractive industries transparency initiative, the work of NEITI and the visible impacts which the EITI process has achieved so far in Nigeria.

“Our faith in the EITI process is not just because it is central to our key government agendas,

NCC to Review Three Regulatory Instruments

The Nigerian Communication Commission (NCC) has decided to review three regulatory instruments which include the telecoms networks interconnection regulations; guidelines on procedures for granting approvals to disconnect telecoms operators and guidelines for disputes resolution.

NCC’s Executive Vice Chairman, Dr. Aminu Maida, who disclosed this at the opening of a public inquiry on three subsidiary regulations of the Commission, yesterday, in Abuja, said the review was critical to the growth of the telecoms industry.

He pointed out that the review was in a bid to avoid the interconnection debt crisis that had occurred between two telecoms companies - MTN and Glo.

He stated that the interconnection regulatory instrument plays a vital role in seamless communication between two different networks and grows the industry.

"The first regulatory instrument in our agenda today is the telecoms networks interconnection regulation. As we all know, interconnection plays a vital role in seamless communications between two different networks, and facilitating the growth of the telecom industry in Nigeria.

"This review is crucial to keep pace

with technological advancements, foster competition, protect consumers' interest and align with international standards and improve regulatory efficiency in the industry.

"The guidelines for procedures for granting approvals to disconnect telecoms operators: As the industry continues to evolve, there may be instances where the disconnection of operators become necessary. These guidelines are procedural framework through which such approval are granted to ensure that they are carried out in a transparent and accountable manner.

"Guidelines for disputes resolution: Disputes are inevitable part of any industry. There should be a robust

framework for disputes resolution.

The guidelines aim to provide a clear and transparent mechanism for resolving conflicts within the telecoms sector, promote timely resolution and ensuring that all stakeholders are treated fairly.

"As this needs arise, we must evaluate and review the guidelines to ensure they are effective in resolving conflicts and promoting a stable telecoms ecosystem.

"These regulatory instruments have played a vital role in driving our telecommunications landscape and it is essential that we revisit and revise them to address emerging challenges, trends and opportunities in the industry.

but also because, over the years, NEITI has demonstrated a high degree of competence, integrity and commitment to the values that the country requires to achieve economic growth and development in the sector through availability of reliable information and data required for national planning and reforms.

“NEITI has supported phenomenal revenue growth in the sector through meticulous application of EITI principles. Our national and global focus are on energy security, efficiency and justice in energy financing, renewables and control of emissions.

“ The work of NEITI is so important to our country and particularly this administration in helping us to define our country’s engagement strategy on the energy transition debate through consultations, constructive engagement driven by reliable information and data”, the president affirmed.

Tinubu emphasised NEITI's non-partisan nature, calling on the NSWG members to conduct themselves according to the EITI that defines the function of the NSWG to be focused on policy and oversight, not day-to-day management.

“It is also necessary for me to stress that your appointment is a part-time one. Your appointment as a member of the NSWG is not a full-time job and as members, please note this very carefully to avoid getting involved on issues of day-to-day management which

is the work of NEITI management under the leadership of the executive secretary. You are therefore advised to conduct yourselves in accordance with this requirement,” he added.

Addressing the board shortly after inauguration, Akume stated that his appointment demonstrates the federal government’s prompt and timely response to the recent global EITI assessment of Nigeria’s implementation of the initiative which among other observations stressed the urgent need to reconstitute NEITI’s board to avoid sanctions.

The chairman of the board stressed the need for the new NEITI board to immediately take steps to address the other outstanding issues raised by the EITI validation report which the NEITI secretariat has already prepared a detailed corrective action plan for the board to consider.

“This board has the responsibility to understand the issues and provide policy support to the secretariat to successfully implement the plan. Nigeria scored 72 points in that global assessment and it is my hope that Nigeria will score 100 points at the next validation due in January 2026 under this board and my chairmanship”

“Our duty as a board is to provide strong policy direction for NEITI and the extractive sector for the full implementation of the EITI principles and standards to ensure transparency and accountability in the sector.

Emma Okonji in Lagos and Oghenevwede Ohwovoriole in Abuja

Bauchi State, Dr. Isa Yuguda, during the APC Professionals Forum

Photo: ENoCK REUBEN

FRC, NNPCL Bicker over Remittances to CRF

The Fiscal Responsibility Commission (FRC) yesterday, said the agency had no record of remittances by the Nigerian National Petroleum Company Limited

FG

(NNPCL) as expected by law. However, in reaction, the Chief Financial Officer of the NNPCL, Umar Ajiya, said the national oil company had remitted all it ought to have remitted up to the point that it was no longer a corporation.

Chairman of the FRC, Victor Mururako, made the allegation against the NNPCL in Abuja, when he appeared before the House of Representatives on Finance. Muruako, who was represented by Mrs. Victoria Adizou-Angakuru,

said between 2007 and 2018, they computed liabilities against NNPCL.

He explained: “Ours is just a plea as regards their remittance to the purse of the government, which is the Consolidated Revenue

Unveils Portal for Sale of New Houses, Pledges to Ensure Transparency

Partnering firms say Nigerians to buy houses from comfort of their homes

The federal government yesterday launched a portal that will enable Nigerians carry out all their transactions in the purchase of Renewed Hope Housing estates nationwide, insisting that no citizen needs to know anyone in government once they qualify for the scheme.

Speaking at the unveiling of the Renewed Hope Housing Platform, in Abuja, the Minister of Housing, Ahmed Dangiwa stated that President Bola Tinubu was determined to break all the barriers to homeownership for Nigerians.

He assured that the event was in line with government’s promise to facilitate and promote the creation of technology systems and private sector-led initiatives that will make it simpler, easier, and more convenient for Nigerians to own their homes.

Dangiwa said the new platform provides an online, transparent, easy-to-use, integrated web-based application for the sale of homes under the Renewed Hope Cities and Estates Programme of the Ministry, which the president launched earlier this year.

Describing the new portal as smooth and straightforward, he stated that it ensures a seamless and secure registration process with identity verification, enabling potential homeowners to efficiently search for properties using various filters, ensuring they find homes that meet their specific needs.

“The platform also integrates features that offer flexible payment options, including both one-time payments and instalment plans, catering to different financial situations. It also provides easy access to mortgage plans, allowing homebuyers to check their eligibility and apply from anywhere in the world.

“It supports equity contributions for mortgages, streamlining financial planning for buyers. Integrated features like credit checks and bank

statement generation simplify the application process. Buyers can also apply for the release of up to 25 per cent of their Retirement Savings Account (RSA) balance for additional financial support,” he said.

Dangiwa stressed that the ministry was not duplicating housing delivery systems, but supports the mainstreaming of a better, carefully designed, more efficient, and futuristic housing platform that builds on the lessons learned from earlier ones.

“As you may recall, in December 2023, we signed a Memorandum of Understanding (MoU) with a consortium of developers led by Continental Civil to deliver 100,000 housing units nationwide.

“This platform is a key part of this partnership. With this online housing sales platform, we aim to streamline the process for the marketing and sale of houses being built under the Renewed Hope Cities and Estates Programme,” he added.

“Currently, we have Estates in 12 locations and 3 Cities across the country. The Estates are sited in Yobe, Gombe, Ebonyi, Abia, Nasarawa, Benue, Akwa Ibom, Delta, Katsina, Sokoto, Oyo and Osun. The Cities are in Abuja, Kano and Lagos,” he added.

Also speaking, Managing Director of Quantum Agency Services Limited, the marketing partners for the project, Adetola Jagunna, said the new arrangement will be very different feom what obtained in the past.

She said that from the comfort of their homes, Nigerians can start from the beginning to the end once they log on to the platform, including pre-qualification to repayment and offer letter with a step-by-step display of the completion rate during the process.

“You can get your offer letter from the platform. There’s no bureaucracy. You accept your offer letter on the platform, you can make your initial deposit from the platform, you get your receipt

generated from the platform, get your allocation from the platform and then it's off the market.

“So this is very different. It is not the one that you say, it's been distributed among them. No. The same way I am going to apply is the same way every other person is going to apply,” she added.

She added that it was also very deliberate to make it affordable since government is trying to provide housing for even first-time low-income earners who want to own homes.

In his remarks, Consultant to the consortium, Continental Civil and Ceezalli, responsible

for the delivery of some 100,000 housing units, Damola Akindolire, described the programme as transformative.

He argued that economies thrive when the private sector is given an opportunity to engage, stressing that while it took months and years in the past, the process is now shorter and more transparent.

“It brings about accountability. It brings about efficiency. And from the comfort of your living room or your office space, you can access any of the estates or units being built under the Renewed Hope Citizens Estates Programme,” he added.

Fund (CRF).

“The Commission has observed that NNPCL has not really been having a good rapport with the FRC. They have been meeting other agencies like RMFAC and OAGF to resolve disputes regarding their operating surplus remittances, but they have never come to FRC for reconciliation.

“Our table shows that from 2007 to 2018, we have computed liabilities against NNPCL but we are not saying these liabilities are still existing but we don't have any evidence as against any remittance they could have made.

“We want to plead that they should also meet with the FRC, the custodians of the Act in which these other agencies are using to determine their liability.”

However, in response, Ajiya, said the national oil company had reconciled up to the point that they were no longer a corporation.

“As a corporation, we are obligated by law to remit operating surplus and we have evidence that we have remitted all that should be remitted,” he said.

The Committee Chairman, Hon James Faleke directed the NNPCL to reconcile its accounts and give feedback by next Wednesday.

Meanwhile, the House of Committee on Finance queried

the National Social Insurance Trust Fund (NSITF) over discrepancies in the submissions and resolved to place it on status enquiry. This followed inconsistencies in the submissions by the agency to the Committee in the ongoing probe to monitor revenue by Ministries, Departments and Agencies of the federal government.

Managing Director of NSITF, Mrs Maureen Allagoa, appeared before the committee but delegated the responsibility to make submission of the agency to the Director, Finance and Administration, Adedeji Adegoke.

The Committee queried the agency over discrepancies in the submissions and resolved to place it on status enquiry.

“In view of the various submissions available to us as a committee and the discrepancy noticeable in all of your submissions I hereby move that a status enquiry be set to comprehensively the true position of the workings of your agency.

“The status enquiry is from 2018 to date. This means a comprehensive analysis of all their records. Get ready, we are coming and can request for any relevant documents anytime. We would not be giving you notice. Reconcile all your records,” Faleke ruled.

Fubara: My Administration Started Taking Decisions, Confronting Governance in Feb

blessing ibunge in Port Harcourt

Rivers State Governor, Siminalayi Fubara, has reiterated that the projects he was inaugurating were accomplishments of four months because his administration has only started taking decisions, and confronting governance in February, 2024.

He, however, assured the people that his administration would continue to deliver projects that impact positively on the people directly while also empowering them to live better lives.

Fubara gave the assurances yesterday during the inauguration of Egbeda Internal Roads project in Emohua Local Government Area.

He stated that the Egbeda Internal Roads Project, has been accomplished to satisfy the needs of the people by making them happy and solving the perennial flooding problems experienced in the area.

The governor acknowledged the support of the people before, during and after the elections, and said what his administration owed them was the dividends of democracy that included projects and social service

delivery.

Fubara insisted that good governance, service and projects were being delivered at a cost-effective rate.

"We are just starting but I assure you more attention. If in four months, we can do this, and we are getting

this level of applause, you can imagine what will happen when we do one year of our record time, two years of our own record time, Rivers State would have experienced something different from the regular governance.

"I know why I said four months. We started full governance in February, 2024. That was when we started taking decisions, when we started confronting governance. And I am proud to say that our people are happy with what we have done.”

ECOWAS Parliament Proposes Mediation Committee for Mali, Burkina Faso, Niger

Michael olugbode in Abuja Economic Community of West African States (ECOWAS) Parliament has proposed the appointment of an Adhoc Mediation Committee to prevail on Mali, Burkina Faso and Niger, to retrace their steps and reunite with other member nations.

Acting Speaker of the Parliament, Barau Jibrin, who is also the Deputy President of the Nigerian Senate, said the machinery has been set in motion to do this.

Jibrin, speaking at the opening of 2024 Second Extraordinary Session of

the Sixth Legislature of the ECOWAS Parliament in Kano State yesterday, noted that there was no alternative to a strong united regional bloc.

''I will, in consultation with my colleagues on the Bureau, be proposing the appointment of an Ad hoc Mediation Committee whose mandate will be to work with all stakeholders in getting our brothers to rescind their decision and come home and work towards promoting dialogue with a view to resolving conflicts in the region.

“It’s no doubt that we are stronger and there is absolutely no alternative to our collective

aspirations of a united, peaceful and secure ECOWAS,” he said. Niger, Mali and Burkina Faso had in January this year announced their withdrawal from the Economic Community of West African States, ECOWAS.

The junta-led countries had been suspended from the regional bloc for coup d’état and were urged to return to democratic rule.

But in a shocking reaction to the suspension, the three governments took the decision to withdraw from ECOWAS as according to them it was a "sovereign decision" to withdraw from the regional bloc.

L–R: Chairman, Nigerian Exchange Limited (NGX), Mr. Ahonsi Unuigbe; British Deputy High Commissioner, Mr. Johnny Baxter; and acting Chief Executive Officer, NGX, Mr. Jude Chiemeka, during the Public Markets-focused Finance Engagement organised by Mobilist & NGX in Lagos... yesterday

emmanuel addeh in Abuja

adedayo akinwale in Abuja

INAUGURAtION OF LAFARGE AFRICA SUPPLIERS SUMMIt...

L-R: Legal Compliance Officer, Nigeria Area Compliance Officer East and South Africa, Lafarge Africa Plc. Mrs. Anuoluwapo Gbadegesin; Procurement and Operations Planning Director, Lafarge Africa Plc. Mr. Saeed Ande; Assistant Chief Enterprise Officer, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Leke Babalola; GMD/CEO, Lafarge Africa Plc. Mr. Lolu AladeAkinyemi; Manager for Governance, Risk and Compliance, PwC Nigeria, Mrs. Temilola Abdul; Group Managing Director, Bhojsons Group, Mr. Vishant Dalamal; and Head of Acquisition and Specialised Sectors, Stanbic IBTC Bank, Mr. Patrick Eneh at the Inaugural Lafarge Africa Suppliers’ Summit at Eko Hotels and Suites, Victoria Island, Lagos... on Monday

Agora Policy: Despite International Endorsement,

Macroeconomic Variables Not Favouring Nigerians

Agora Policy, a Nigerian think tank and non-profit organisation, has argued that despite the international endorsement of the Bola Tinubu administration's policies, Nigerians had yet to feel the favourable impact of the government’s recent decisions.

In its latest report on Nigeria’s monetary policy, the Waziri Adio-led group stated that at the heart of the ongoing divergence is the lack of a concerted effort by policymakers to address the forex liquidity problem that underlies the exchange rate turmoil.

“Despite strong action on the monetary policy front, which has garnered widespread praise from domestic and international observers, Nigeria’s key macroeconomic variables have yet to respond favourably for the populace.

“At the heart of this ongoing divergence is the lack of a concerted effort by policymakers to address the forex liquidity problem that underlies the exchange rate turmoil.

“Specifically, the absence of a tractable source of USD liquidity to fill the shortfall from oil flows, which remain largely encumbered, continues to hinder the Central Bank of Nigeria (CBN) efforts to manage the foreign exchange situation," Agora explained.

It argued that without tangible progress on this front, the persistent weakness of the Naira will continue to drive higher inflation, necessitating even higher interest rates and leaving a precarious outlook for non-oil sector growth.

The group stressed that Nigeria’s external sector gap, looking at the shortfall between the current account is largely driven by negative trends

in foreign net flows and ongoing domestic financial outflows, reflecting the negative impact of the previous era policy of negative real interest rates.

“To bridge that 2023 gap, Nigeria would have needed total flows of $7-$10 billion to prevent significant external reserve drawdowns. Though a return to orthodox policies has partially addressed this issue, a complete restoration to historical trend levels will take time. In short, Nigeria needs a temporary dollar liquidity bridge to allow reforms to take effect.

“Beyond the rhetoric of orthodox reforms, Nigeria’s economic managers need to directly address the forex illiquidity problem by exploring optimal solutions. “These options include a possible Eurobond sale in the $5-10 billion range, though this might be challenging to execute without commercially punitive terms,” it added.

It emphasised that asset sales have

been suggested as a way to raise dollar flows, including the sale of certain strategic public corporations.

However, Agora explained that outside the oil sector, Nigeria lacks assets of sufficient strategic value to raise large sums quickly.

‘’Another option is the possibility of sovereign placements, similar to Egypt’s receipt of large foreign dollar deposits from the UAE, alongside support from the EU, UK, and western donors.

“However, such flows depend on international diplomacy, and Nigeria lacks a strong history of focused international relations to unlock capital flows. Alternatively, engaging multilateral agencies like the International Monetary Fund (IMF) for financing options within the context of a reform programme is a viable route.

“Given the difficult reforms undertaken over the last 12 months (hikes in fuel and electricity prices and a shift to a flexible exchange

WHO Targets

The World Health Organisation (WHO) has said it has launched the second edition of sodium benchmark on processed foods expected to guide countries in setting feasible and effective sodium reformulation programme.

Speaking at this year's World Salt Awareness Day organised bytge Federal Ministry of Health and Social Welfare in Abuja, the WHO Country Representative, Dr. Walter Kazadi Mulombo, said this year's

rate system), Nigeria is in a position to negotiate a favourable financing package,” the group posited.

While these are fiscal decisions, not within the monetary policy remit, Agora policy said they are crucial for the CBN to stabilise the Naira exchange rate.

Success in this area, it argued, would stabilise exchange rate trends associated with portfolio flows and build confidence to unlock private and foreign USD flows.

Over the medium term, Nigeria, it said, must focus on restoring organic dollar flows from oil exports by clearing the backlog of encumbrances.

Transparency regarding the nature and size of these liabilities will improve confidence about potential timelines for reserve recovery.

“Beyond the immediate forex liquidity problem, there is a pressing need for a credible basis for conducting monetary policy over the medium term. While various Nigerian central bank

governors have considered inflation targeting, these have largely been declarative positions without the empirical groundwork for setting achievable inflation targets and the policy leeway to attain these goals.

"The crisis of the last 12 months has underscored the importance of the exchange rate in anchoring inflationary expectations. In a small open economy like Nigeria, monetary policy must balance exchange rate stability, crucial for near-term inflation, with non-mineral export competitiveness.

“This boils down to achieving a Naira Real Effective Exchange Rate (REER) level that anchors inflationary expectations sustainably.

"Additionally, there is a need to clarify monetary policy implementation in light of Nigeria’s regime of fiscal liquidity dominance. Nigeria’s fiscal petrodollar-to-Naira monetisation generates surplus Naira liquidity, complicating the execution of monetary policy.

“Unlike other oil-exporting countries that use fiscal rules to determine the rate of export USD monetisation, Nigeria injects transformed export dollars to Naira at a fiat exchange rate, leading to excess financial system liquidity,” it pointed out.

The significant costs associated with curbing the impact of this excess Naira liquidity on inflation and USD demand, it stressed , drive actual monetary policy.

It argued that recalibrating Nigeria’s monetary policy implementation toolkit to address monthly government liquidity transformations was central to improving monetary policy transmission.

"Ideally, this would require a fiscal rule which requires political capital to reform. If the status quo persists, the default monetary policy posture will be to constantly curtail financial system liquidity to manage the fallout of excess liquidity on USD demand,” it argued.

30% Global Reduction in Sodium In-take

World Salt Awareness Week aims to encourage the implementation of evidence-based interventions to reduce salt consumption in the population to protect cardiovascular health and help prevent many other diseases.

He explained that this year’s theme was, “It's time to shine the spotlight on salt," was meant to highlight the issue of the “hidden" salt (sodium) in many processed and ultra-processed products.

He further said three-quarters of sodium in the diet comes from

ultra-processed and processed foods, such as bread, sauces and dressings, crackers and cookies, ready-to-eat meals,

According to Molumbo, salt/ sodium intake reduction was one of the most cost-effective interventions to check hypertension and cardiovascular diseases. He said WHO recommends less than five grammes of salt per day for an adult which is less than tea-spoonful.

"The objective of these benchmarks is to achieve a 30 percent global reduction in sodium intake. We

Tollgate Fees: House Directs Aviation Minister, Others to Exempt Members of Armed Forces

The House of Representatives has directed the Minister of Aviation to mandate the relevant authorities to exempt Members of the Armed Forces from tollgate and parking fees at airports, seaports and train stations across Nigeria.

The resolution followed the adoption of a motion of urgent national importance on the, “need to waive tollgate fees in all Nigerian airports for members of the armed forces of Nigeria,” moved by Hon. Abdussammad Dasuki, during plenary yesterday.

Dasuki, noted that it was reported on May 14, 2024, by

online and print media that the Minister of Aviation had announced that the Federal Executive Council (FEC) approved the cancellation of all exemptions on airport access payments for VIPs in Nigeria due to the huge revenue losses they cause to the federal government. He also noted that the Minister of Aviation would implement the decision of the FEC by sending out circulars to relevant authorities in a matter of days. The lawmaker further noted that men and women of the Armed Forces, “honour our nation with the highest form of service and without reservation; keeping us

safe from harm, protecting our wealth and territorial integrity, ensuring safe navigation on our territorial waters, protecting our borders including the Gulf of Guinea, Creeks, Sahara Desert and forests, and fighting armed bandits who invade our communities.”

Dasuki added: "It is important to show gratitude by honouring our brothers and sisters who are voluntarily serving under our flag, putting in their active years to keep our nation safe with some losing their lives, and some becoming disabled from the battlefield amidst other effects."

He stressed that honouring men and women in uniform, and

also encouraging fellow citizens to acknowledge their service to the nation is the right step to take as a way to appreciate the immeasurable sacrifices they make.

"Honoring those who fight for our survival, will also inspire our youths to enrol in the military not as a means of escaping the web of unemployment, but as a valuable call to higher service to the nation. Concerned that members of the Armed Forces are subjected to paying for access to our airports where they are also expected to protect citizens and foreigners alike whether or not they are on duty and even while they are passengers themselves.

will like to reiterate our commitment to supporting the country in the development and implementation priority Activities towards sodium reduction.

"We therefore join our voices to this call-to-action with a call to: countries to adopt the global sodium benchmarks to reduce their populations’ sodium intake, We urge Industries to implement the global sodium benchmarks, reformulate food products," he said.

The WHO scribe said the organisation along with other partners are working with the federal government to develop national targets setting and sodium benchmarking.

According to WHO Country Representative, the collaboration would help to accelerate reformulation action, adding that it also continues to monitor progress in reduction sodium intake around the world by updating on sodium country card and periodically publishing global sodium reduction reports.

Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, who was represented by the Permanent Secretary in the ministry, Daju Kachallom said an estimated 10 percent of hypertension cases in the country was being caused by excessive salt consumption.

He listed measures being taken by government to address excessive salt consumption in the country to include implementation of the National Multi-sectoral Action Plan (NMSAP) for the prevention and control of Non-Communicable Diseases 2019

which aims at combating the silent epidemic of non-communicable diseases through strategic policy intervention.

Another step being taken by government was the revision of the national policy on food safety and quality and its implementation plan for 2023.

"This revision includes a crucial emphasis on healthy diets and underscores the importance of developing a National Guideline for Sodium Reduction," she said.

The minister also said the ministry has inaugurated the National Technical Working Group on Sodium Reduction.

"Together, they are developing the first National Guideline on Sodium Reduction. This groundbreaking work is expected to reach completion in the 3rd Quarter of 2024. We have initiated the development of the First National Sodium Benchmark.

"This involves drafting mandatory sodium targets for selected food categories, a step that will pave the way for scientific and measurable progress in our fight against excessive salt consumption," she said.

On its part, the National Agency for Food and Drug Administration and Control (NAFDAC), said that apart from promoting public health through sensitisation and advocacy on sodium/salt reduction, it carried out stakeholders’ engagements and implementation of mandatory nutrition labelling, introduction of front-of-pack labelling and encouraging industry to reformulate food products.

Emmanuel Addeh in Abuja

Juliet Akoje in Abuja

Onyebuchi Ezigbo in Abuja

Prosecutor Says He Was Told ICC Was Established for African, Russian Leaders

Says he won’t be swayed by criticisms

Emmanuel Addeh in Abuja

The Chief Prosecutor of the International Criminal Court (ICC), Karim Khan, has disclosed that he was expressly told that the court is not for Europe and American leaders, but for African and Russian deviants.

Speaking with CNN’s Christiane Amanpour, a British Iranian journalist, Khan lamented the seeming double standard exhibited by the West, saying that the comments by US lawmakers, vowing to ensure sanctions against the organisation and its leaders, was obviously a threat.

In a move rarely seen, Khan, had applied for arrest warrants for Israeli Prime Minister, Benjamin Netanyahu, an American ally, as well as the country’s Defence Minister, Yoav Gallant.

Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng; and Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, argued that it would further squeeze operators in the real sector of the economy, have negative consequences on borrowers and slowdown economic growth.

The apex bank recently signaled a return to orthodox monetary policy regime as CBN Governor, Mr. Olayemi Cardoso, vowed to continue to adopt a contractionary policy stance to tackle inflation to achieve price stability – as long as it takes.

The CBN had raised interest rates by a total of 7.5 per cent since its maiden meeting in February as manufacturers continue to groan under high cost of funds. The MPR is the rate at which commercial banks borrow from the economy and often determines the cost of funds.

The bank at yesterday’s meeting, however, retained the asymmetric corridor around the MPR at +100/-300 basis points, and left Cash Reserve Ratio of Deposit Money Banks, and the Liquidity Ratio unchanged at 45 per cent and 30 per cent respectively.

Addressing journalists after the two-day meeting of the MPC in Abuja, Cardoso, said the focus of the committee remained to achieve price

APC Professionals Forum Policy Roundtable Conference on "Asiwaju Score Card Series". He praised the Tinubu leadership and said Nigeria was on the path of progress, with ongoing reforms across key sectors of the economy.

Special Adviser to the President on General Duties, in the Office of the Vice President), Dr. Aliyu Modibbo, who was also at the event, said the programmes and policies of the administration of Tinubu were focused on what worked best for the country, given its present circumstances.

The APC chairman, who spoke about the intentions of the APC, said the National Working Committee (NWC) of the party was working to reinvigorate the party to get new state governors come 2027.

He reaffirmed his commitment to the ideals of APC to set new standards and benchmarks in the nation's democratic sphere, stating that the party is “reinvigorating itself to ensure that success across board in future elections”.

Ganduje stated, “Even though it is not yet an election period, we are reinvigorating that party to ensure that come 2027, we will retain and get new governors, as well as Mr President to secure another mandate to continue with his government's policies and programmes.

“We are gradually restructuring our party into a truly grassroots progressive party. We have directed our state chapters to liaise with their respective governors and other stakeholders to ensure that we have full-fledged, functional offices in every political ward and state to enable

The ICC prosecutor said his office had applied to the world court’s pre-trial chamber for arrest warrants for the military and political leaders on both Israeli and Hamas’ sides for war crimes.

While the Hamas leaders are wanted for crimes of extermination, murder, hostage taking, rape, sexual assault and torture, Netanyahu and Gallant are accused of extermination, causing starvation as a method of war, the denial of humanitarian relief supplies and deliberately targeting civilians

The ICC has previously issued warrants for the Russia’s Vladimir Putin, Muammar Gaddafi of Libya, and the Ugandan warlord Joseph Kony.

But President Joe Biden and US lawmakers quickly rose in defence

stability by effectively using tools available to the monetary authority to rein in inflation.

He said the MPC was faced with the option of either continuing with policy tightening or hold to observe the impact of previous rate hikes.

The CBN governor said, “Following an extensive review of risks and the near-term inflation outlook, the balance of risks suggests further tightening of policy to build on the benefits accruing from previous rate hikes.”

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities soared to 33.69 per cent in April with the food index peaking at 40.53 per cent year-on-year.

He said the MPC members observed that while year-on-year headline inflation in April 2024 rose moderately, the month-on-month measures of headline, food and core all declined significantly, coupled with a month-on-month decline of both headline and food indexes in March 2024.

This, he said, suggested that the recent tight monetary policy stance of the apex was beginning to yield the desired outcomes. He said the rate of increase in prices had now moderated.

The committee pointed out that inflationary pressure continued to

our members across the country to have symbolic representation in their“Thisneighbourhood. measure will ensure that party activities are rolled out all year round, not during political campaigning and elections only.”

The APC national chairma said the NWC had also constituted a committee that would reconcile all aggrieved party members, and such committees would be established at the state, local government and ward levels.

On his part, Modibbo declared, “Every country's journey is distinct. Every country is shaped by its economic history and challenges. We respect the efforts of other nations, but we are focused on what works best for Nigeria."

He said the eight-point agenda of the Tinubu administration provided a clear framework for its policies and programmes, even as he outlined core areas of concentration.

These, he said, included driving "job creation, economic growth, food security, poverty eradication, access to capital, the rule of law, anti-corruption efforts, and inclusive development.

“These initiatives are not just plans on paper; they are actions being implemented to create tangible improvements in the lives of everyday Nigerians.

“Similarly, we are also focused on reducing unemployment and underemployment through various initiatives, including the Outsource to Nigeria Initiative, Investment in Digital and Creative Enterprises, and the Expanded National MSME Clinics. These programs are designed to create more job opportunities and

of the Israeli leader, slamming the ICC and calling the warrants “outrageous.”

However, in an interview with CNN, Khan stated that ultimately, he was only sticking with the rule of law by attempting to declare Israeli and Hamas leaders as war criminals.

He acknowledged that in the last two years he had worked amicably with the Joe Biden administration, whether it's in Ukraine or Dafur, explaining that American values were against bullying.

“It's against the untrammelled power against the most vulnerable, it's the rights to the dignity of the individual. It's the protection of babies. I mean, these are fundamental American values that should engender bipartisan support.

“Now, of course, this situation

be driven largely by food inflation, attributable to rising cost of transportation of farm produce; infrastructure-related constraints along the line of distribution network; security challenges in some food producing areas; and exchange rate pass-through to domestic prices for imported food items.

The MPC urged the fiscal authority to do more to address the security of farming communities to guarantee improved food production in these areas.

The committee further observed the recent volatility in the foreign exchange market, which it attributed to seasonal demand – a “reflection of the interplay between demand and supply in a freely functioning market system”.

The committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the CBN to sustain its focus on accretion to reserves.

Cardoso, who read the committee’s communique, said members commended the apex bank for the recent approval of licenses of 14 international Money Transfer operators (IMTOS), adding that this was expected to improve competition and lower the cost of transactions, and attract more remittances through formal channels.

foster economic inclusivity.

“This initiative will empower our youth and ensure that they have the resources needed to succeed, and I assure you that the policy is in place to offer interventions to vulnerable or disadvantaged Nigerians without discrimination or favouritism”.

Chairman, Board of Trustees, of APC Professionals Forum, Dr Isa Yuguda, said the roundtable was organised to take stock of the first year of Tinubu's Renewed Hope Agenda under the banner of the Asiwaju scorecard series.

Citing examples across different

solve some of the principal barriers to increasing investment in the SDGs via public markets.

This week’s events come after former UK Foreign Secretary James Cleverly’s visit to Nigeria last year and his participation in the launch of the partnership between MOBILIST and NGX intended to catalyse greater investment in the SDGs via new investment structures listed on the exchange.

MOBILIST provides investment capital in the form of equity as well as technical assistance to overcome barriers and enable the listing of pioneering products that can mobilise institutional capital at scale to deal with the twin challenges of development and the climate transition.

British Deputy High Commissioner Jonny Baxter, while delivering his remarks at the event, said: “The UK government is committed to supporting Nigeria in the continued

unfortunately, lies on the fault of international politics and strategic interests. And of course, I've had some elected leaders speak to me and we're very, very blunt.

“This court is built for Africa and for folks like Vladimir Putin, was what one senior leader told me. But we don't do it like that. This court is the legacy of Nuremberg, this court is a sad indictment of humanity.

“This court should be the triumph of law, over power and brute force and grab what you can, take what you want, do what you will. And we're not going to be dissuaded by threats or any other activities because in the end, we have to fulfil our responsibilities as prosecutors, as the men and women of the office, as judges, as the registry.

He said the committee noted with satisfaction that the banking system remains safe, sound, and stable, despite the headwinds confronting the economy.

It also commended the recent recapitalisation initiative and urged the management to sustain its regulatory oversight to ensure the continued stability of the banking system.

According to him, members focused on the best policy approach to continue to guide the economy towards achieving an overall macroeconomic balance.

Asked about the disposition of the central bank to the fact that inflation pressure had persisted despite the recent aggressive MPR hikes, Cardoso said: “It is important to say that in terms of looking at the inflationary pressure over the past year, yes, it may appear that inflation is indeed getting more and more of an issue and frankly.

“However, I think there is light at the end of the tunnel, and that is because much as we see an increase in inflationary figures, way to go down to the specifics in terms of food, in terms of core, headline inflation, you'll see that it is moderating and decelerating in increment, and that's the good news.”

The CBN governor added, “For first time since October, we

sectors, including the oil and gas industry, Yuguda said Tinubu had been vindicated in his insistence on removal of subsidy on petrol.

He explained, “Indeed, the president has today been proved right with the manner petrol importation has gone down by 50 per cent since June 2023 and it is almost certain to go down more in a few months when the 650,000 barrels per day Dangote Refinery begins to produce PMS locally as well as the impending resumption of production at the Port Harcourt and Warri Refineries.”

development of its capital market to help deliver the country’s economic goals, including its ambitions to transition to clean energy solutions.

“A liquid and well-regulated capital market benefits the entire economy by enabling companies to raise capital to fund their expansion, which in turn helps deliver crucial development, job opportunities and improved incomes.

“MOBILIST’s focus on stimulating the creation of innovative listed products can make a unique and impactful contribution to achieving these objectives.”

In his goodwill remarks, the Chairman, NGX, Ahonsi, Unuigbe, highlighted the need for addressing barriers hindering public listings through collaborative discussions.

According to Unuigbe, “The discussions we have today are crucial as we address barriers hindering public listings and explore

“And this is something bigger than ourselves, which is the fidelity to justice. And we're not going to be swayed by the different types of threats, some of which are from Republicans or maybe not," he maintained.

US senators and US congress people, mostly Republicans, had written a letter signed by Senator Tom Cotton, Mitch McConnell, Ted Cruz, Marco Rubio and others, to target the ICC and its leaders if Khan went ahead with the resolve to declare Netanyahu a war criminal.

“If you move forward with the measures indicated in the report, we will move to end all America’s support for the ICC, sanction your employees and associates and you and your families from the United States,” the lawmakers

have seen a relatively significant moderation in the rate of increase on those components of inflation. So, that is very good news. I believe very strongly that the tools that the central bank is using are working.

“I have said several times that there's no magic wand, these are things that need to take their own time, the pass-through and the effect of the measures in advanced countries in developing countries, they take time; but at least I am confident that the figures show it themselves that we are beginning to get some relief.

“And I believe that in another couple of months or so, we will see more positive outcomes from what the central bank has been doing.”

On why the central bank initially introduced the controversial cybersecurity levy which had now been suspended, Cardoso said, “Now for clarity, the cybersecurity levy originated from the CyberCrime Act in 2015 and 2024. The Act introduced the levy. It is important to say that given that it is an Act, it was considered extensively by both the House of Representatives and the Senate, and of course there was a public hearing as a result.

“After that, there was the issue of the levy which was stated clearly as 0.5 per cent, and was embedded within the final law.

“As central bank and as bankers to the government, we were merely implementing the law that had been enacted, and subsequently, as the federal government amended its position, we withdrew the circular that we issued to the various banks.”

The CBN governor also spoke on the recent directive of the apex bank that barred fintechs from onboarding new customers, noting that it was in the interest of Nigerians that the platform remained safe and secure. He also refuted suggestions that fintech may have been solely targeted.

He also clarified that contrary to reports, the central bank has not revoked the operating licenses of fintechs, adding that the current moves by the apex bank was to

actionable solutions. By overcoming these obstacles, we can unlock the full potential of our capital market, enabling more businesses to access the funding they need to grow and thrive. Some of these obstacles are significant such as regulatory challenges, high listing costs, and market volatility.”

MOBILIST Programme Lead at the FCDO, Ross Ferguson said: “MOBILIST is the expression of the UK’s conviction that public markets have a underutilised but potentially critical role in financing sustainable development at scale by mobilising private capital to flow where it is needed most – to the firms that are going to contribute most to solving developmental challenges and help deliver a fair and orderly climate transition for Nigeria.”

While delivering the welcome address, the Acting CEO of NGX, Jude Chiemeka, emphasised the

Karim Khan

had threatened. But Khan stated that there were ‘hotheads’ everywhere, but added that there are also people that are mature statesman and stateswoman and leaders that have fidelity to something greater than themselves.

ensure that they operate in a properly regulated manner amid cases of money-laundering and other abuses. He said, “The fintechs have not been singled out, or any exceptional kinds of treatment, they have not. So, I have read a couple of things in the press more recently, and I want to assure you that that is the farthest from the truth.

“On the contrary, we are very proud of what the fintechs over the years have been able to do for the country and the positive impact that it is having not just in the country but globally. So, it is for us to support them and help them to strengthen what they've already been able to accomplish.

“However, regulation is very critical in a sector that seems to have grown so incredibly rapidly. More recently we had spoken about that in the past, we had cause to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the more heavilyregulated banking system.

“And we all know some of the issues that came out with crypto and some of the messages that we put out after that, which of course, gave us some cause to know that there was a need for heightened surveillance.

“And again, we are very happy that we have been able to have a very major handshake with the law enforcement agencies, which have helped in no small measure for us to identify where the potential leakages are and the places where we need to tighten regulation and surveillance.”

Cardoso said, “And for that reason, we were concerned about how we saw issues of money-laundering and illicit flows as they made their way within various sub-sectors of the financial industry. “We felt there was a need for us to take a breather and see how we could work with the different players there to strengthen regulations, not by any means to

Continued on page 36

impact of the partnership with MOBILIST.

He stated: “Our partnership with MOBILIST is geared towards advancing market efficiency, sustainability reporting, and integrating Environmental, Social, and Governance (ESG) principles.

“This event represents a significant milestone in our ongoing efforts to enhance the performance and deepening of Nigeria’s capital market by promoting sustainable capital flows and enhancing listing diversity.

“The discussions from today are poised to yield actionable insights on how we can collectively catalyse economic growth through the capital market. By harnessing the potential of our capital market, we can unlock new opportunities for funding businesses, fostering entrepreneurship, and ultimately driving sustainable development across Nigeria.”

G

politics

Email: deji.elumoye@thisdaylive.com

How Constitutional Is Soludo’s Quarterly Sack of Anambra LG Chairmen?

David-Chyddy Eleke writes about Governor Charles Soludo’s recent sack of all the 21 local government chairmen in anambra state and wonders if the governor’s quarterly act since 2022 is constitutional.

For two years since he has been governor of Anambra State, Chief Chukwuma Soludo, has been running the 21 local government councils in the state with members of his party, handpicked by himself. This is despite his campaign promise in 2021 that one of his priorities would be to conduct local government election, an exercise that has not been held since over 14 years ago.

The local government system in Anambra state which over the years have been run by transition/caretaker committees involves a set of people, who ordinarily should stay in office for just three months to take care of the affairs of the councils as arrangements are made to elect substantive chairmen.

But in Anambra, Soludo’s predecessor, Chief Willie Obiano, used his cronies to run the council, while renewing their tenure every three months by writing to the state assembly, until the end of his eight-year term.

Soludo also continued with the arrangement, and within two years, he has renewed the appointment of the same set of chairmen seven times, until last weekend, when he announced a sack of all of them.

In a letter dated May 17, 2024, signed by the Commissioner for Local Government, Chieftaincy and Community Affairs, Mr Tony Collins Nwabunwanne, Soludo directed the Chairmen to handover the affairs of their Local Government Councils to the Head of Local Government Administration (HLGA) latest on Monday, 20/05/2024.

The letter read in part: “Following the expiration of your tenure as Transition Committee Chairman, you are hereby directed to handover the affairs of your Local Government Council to the Head of Local Government Administration (HLGA), in your respective Local Government Councils.

This directive takes effect from Monday, 20th day of May, 2024. Thank you for your service to the state. All replies to be addressed to the Honourable Commissioner.”

Considering the fact that there is still no State Independent Electoral Commission (SIEC) in place, many political analysts in the state have concluded that even though Soludo has sacked his cronies as chairmen, there may not be plans to hold any local government election soon, rather, the governor may replace them with a different set of cronies. This has elicited outcry from some well meaning individuals in the state.

The member representing Ogbaru Federal Constituency in the House of Representatives, Hon. Afam Ogene, has condemned any plans to appoint a new set of administrators. Ogene, who is the Labour Party’s House Caucus Leader said: “Records show that Governor Soludo changes LGA Transition Committee members every three months, and has therefore, made these curious changes seven times since assumption of office in 2022. By the time he makes another of such change this month, that would be the eighth time within two years in office.

“That to me, would be an inglorious record by a democratically elected governor. This puppeteering style of leadership, which toys with the destiny, aspiration and desires of the grassroots, must be resisted and not allowed to continue to shrink the development potential of the LGAs. The local government ought to be the most important tier of government, as envisaged by the Nigerian Constitution, because it’s not

only the tier that is closest to the people, it is also the obvious foundation of both the subnational and the federal government. And should not be at the whims of state governors.

“Such undemocratic practice of appointing LGA administrators, rather that democratic election, is an enabler of impunity and lack of democratic accountability and also hurts transparency in the local governments and the state as a whole, as those so appointed would only scramble for personal interests during the three months of their stay in office. This does not help the management

of scarce resources or the development of the LGAs.

“What manner of meaningful development plan would a Transition Committee chairman articulate and execute within a period of three months? Isn’t it troubling that Governor Soludo, a prominent economist, is promoting this charade? What really is Governor Soludo afraid of in conducting elections in the LGAs, in line with his campaign promises and the desires of the people in the grassroots and provisions of the Constitution?”, the lawmaker queried.

Meanwhile, THISDAY gathered that there is already a directive by the governor for all stakeholders of All Progressives Grand Alliance (APGA) in all

Records show that Governor Soludo changes LGA Transition Committee members every three months, and has therefore, made these curious changes seven times since assumption of office in 2022. By the time he makes another of such change this month, that would be the eighth time within two years in office. That to me, would be an inglorious record by a democratically elected governor. This puppeteering style of leadership, which toys with the destiny, aspiration and desires of the grassroots, must be resisted and not allowed to continue to shrink the development potential of the LGAs. The local government ought to be the most important tier of government, as envisaged by the Nigerian Constitution, because it’s not only the tier that is closest to the people, it is also the obvious foundation of both the subnational and the federal government. And should not be at the whims of state governors.

the local government to come together and nominate three persons for possible consideration as the chairman of such local government. It was gathered that the directive which was handed over through the office of the Special Adviser to the Governor on Political Matters, Dr. Alex Obiogbolu, insisted that all three nominations must include at least a female nominee.

A source said: “The party stakeholders in each Local Government are expected to meet on May 18th or 19th 2024, to consider and recommend for his consideration, three persons for the position of TC Chairman and three persons for Local Government Education Secretaries. The three recommendations for Transition Committee Chairmen shall include at least one woman; while the three recommendations for Education Secretary shall be two women and one man.”

He said the circular emphasized that persons for the Transition Chairmen must be persons of good standing, and with demonstrable competence and passion to contribute to the transformation of the Local Government.

Already, there are protests in some local governments about plans to foist some nominees on the local government. In Idemili South Local Government Area, political turmoil erupted as stakeholders vehemently opposed the reappointment of former TC Chairman, Hon. Amaka Obi. Protesters who stormed the local government secretariat in Ojoto said there were feelers that the powers that be in the local government have plan to reappoint the lady politician again, after she had already done two years.

The protesters contended that she was from Awka Etiti, which is just one out of the many communities that make up the local government area. They also insisted that before her, the former chairman who held sway was from same community, and that there was need for rotation.

The protesters said: “Idemmili South comprises Akwu-Ukwu, Alor, Awka-Etiti, Ojoto, Nnokwa, Oba, and Nnobi, yet Awka Etiti alone has monopolized the chairmanship position for an uninterrupted eight-year period, contravening democratic principles and zoning arrangements. Hon. Don Unachukwu, from Awka-Etiti, served as transition Chairman of Idemmili South from 2016 to 2022, before Hon. Amaka Obi, hailing from the same Awka-Etiti, assumed office in 2022. The reshuffle in local government leadership, by Governor Soludo’s administration, is expected to uphold equity and fairness in Idemmili South and accommodate other communities in the local government area.”

Beyond all these, the Senator representing Anambra South Senatorial district, Ifeanyi Ubah, has condemned the refusal of past and current administrations of the state to conduct local government elections in the state in the last 18 years. Ubah speaking on the floor of the Senate lamented that Anambra State has not conducted local government elections in the last 18 years.

He said; “If we want to promote good governance in this country, we need to look at section 7 of the 1999 constitutional framework so we can start having value for democracy in our respective states. In a state like Anambra State has not conducted elections in the last 18 years. When you look at the decadence of governance, poor infrastructure, non employment of youths and other economic problems is due to the non implementation of the 1999 constitutional framework.”

Soludo

How ActionAid Nigeria is Building Capacity for Positive Social Change

ActionAid Nigeria, a subsidiary of ActionAid International, recently organised a three-day training for Movement groups in Lagos. Esther Oluku reports that it was part of the nationwide capacity building campaign to strengthen movements with the requisite knowledge to drive positive social change

"For to be free is not only to cast off one's chains but to live in a way that respects and enhances the freedom of others" Nelson Mandela

"When I arrived at Ikoyi prison, we were in a small room that naturally would have been for two persons max. We were more than a hundred in that room. When we want to sit down, we had to sit with our laps spread open so that another person can sit within them.

"You will sit like that from morning till 7pm and within this time, you would be granted only 15 minutes break to use the restroom and eat. When it is 7pm, you have to sleep, and how do you sleep, on one shoulder.

"Another time I spent in prison was the new year of 2011. I spent my first 11 days across different police cells. First, I was detained at Abattoir in Abuja at a Special Anti Robbery Squad detention centre and from there I was moved and remanded at a solitary confinement at Kuje Prison.

"From there I was dumped at the Police headquarters all within 11 days before I was granted bail. These detentions have not deterred my spirit. In all, they have only reinforced my conviction that we live in a system of injustice and we must address it," said the Director, Take It Back Movement Nigeria, Sanyaolu Juwon on the sidelines of the three day capacity building training themed party: "Movement Mindset" organised by ActionAid Nigeria, recently.

What are Social Movements?

A Social Movement is the coming together of dissatisfied people in society to confront existing social injustices for the purpose of catalysing positive social change. These groups are organically inspired and steered by the collective power of people united in purpose towards achieving a particular goal.

The target of Social Movement may include the upholding of fundamental human rights of a people, championing the cause of social justice and serving as a medium for checkmating government programmes and policies for the prevention of arbitrary rule.

Social movements cuts across various sectors of the economy such as education, politics, human rights and democracy amongst others. Their activities include organisation of members passionate about their set goals, periodic meetings and trainings for members and members of the public and periodic organisation of demonstrations to raise awareness on pressing social issues.

Modern Social Movements as an Offshoot of the Civil Rights Movements

The origin of social movements can be traced to the early Civil Rights Movements around

the world. In the early days of Civil Rights Movements, the demands of groups were centered around leveling the grounds of social interactions and creating equal opportunities for people of all race, ethnicity and colour to thrive.

From Martin Luther King in America to Mahatma Gandhi in India, Nelson Mandela in South Africa to the various nationalists movements across Africa, one thing lies at the core; the need to correct existing social norms and a quest for the dividends of democracy and fundamental human rights

Civil rights movement were borne out of a determination to assert the identity and uniqueness of groups as a significant aspect of an entire social structure.

With the removal of race barriers in apartheid South Africa and America

and the attainment of independence in former European colonies came the need to address new problems of neocolonialism with it's attendant characteristics of repression and injustice giving birth to the need for modern Social Movements.

In Nigeria, from the Aba Women Riot of the 1800s to the very recent #EndSars protest of 2020, Social Movements stand as a veritable tool to confront breaches in fundamental human rights of a people.

Social

Movements

as a Catalyst for Social Change

The United Nations International Children Educational Fund (UNICEF) submits that social movements are at the core of social change.

All over the world, Social Movements have been a veritable tool for holding government to account by serving as a means of checkmating government policies and programmes to prevent

All areas of the economy are inadvertently linked and when there is friction or imbalance in one sector, it has a ripple effect on other sectors hence the need to empower Social Movements with the requisite knowledge to work efficiently across Nigeria

arbitrary rule.

In Nigeria, social movements lie at the crux of Nigeria's independence, women inclusion in politics and the breakthrough of democracy, a government of the people, by the people and for the people.

Declining Power of Social Movement in Nigeria

With the 2020 #EndSars Movement which has variously been described as an unprecedented expression of youth social restiveness on the subject of police brutality and the fall out of the 2023 elections which followed a torturous journey to it's resolution, the majority of young people have recoiled from activism.

This situation, explained a facilitator at the Movement Mindset training by ActionAid, Ms. Josephine Adokwu, is a stage in the life cycle of Movements which should be accepted but not stayed at.

This viewpoints was shared by many attendees at the event and through training, ActionAid Nigeria has expressed it's vision to strengthen the capacity of Movements and lift 50 million Nigerians out of poverty by 2034.

ActionAid Intervention

The Social Mobilisation Manager, ActionAid Nigeria, Mr. Seun Akioye, who spoke with journalists on the sidelines of the event stated that among the most challenging of problems at the moment is the widening class difference in modern Nigerian society necessitated by skyrocketing inflation rates and cut-throat prices of essential commodities like food.

Akioye noted that all areas of the economy are inadvertently linked and when there is friction or imbalance in one sector, it has a ripple effect on other sectors hence the need to empower Social Movements with the requisite knowledge to work efficiently across Nigeria.

He said: "We believe that we need to harness the power in the collective, the power in people and make it work for the people. What we are saying is that in the next 10 years, our plan is to lift five million Nigerian out of poverty and how are we going to do this, by collective mobilisation.

"We are looking at social movements groups around nigeria and we want to empower them with training, with technical assistance. All of us are going to come together and we are going to make demands of the government. The resources of Nigeria belong to all Nigerians.

"There is hunger in the land. Let people have money to meet their basic needs. It's all we are asking for now. I don't believe it's a tall order for Nigeria. If democracy is anything to go about, government should listen to the peaceful and legitimate demands of the people who have voted them into power and that is what will spur the change, the good change."

Country Director ActionAid Nigeria, Mr. Andrew Mamedu

A cross section of Movement groups at the event

Crime&Punishment

After Second Conviction, Kidnapper Don Evans Opts for Plea Bargain

Funke Olaode

In his hay days, he was a Lord to himself. His larger-than-life image was lived under the radar without any traces of opulence in what you

will describe in local parlance as ‘coded’. But when the hand of law caught up with him, his life of criminality was exposed, and it was discovered that he was a billionaire.

Chukwudumeme Onwuamadike,

popularly known as Evans, is a convicted Nigerian kidnapper who is sometimes referred to as the ‘billionaire kidnapper’ because he is believed to be one of the richest criminals in the kidnapping activities

in Nigeria. In some of his operations, he made up to $1 million. He would later undergo trial on 52 charges of multiple murders, armed robberies, kidnappings, unlawful possession of firearms, unlawful possession of

Court Dismisses Oboden Ibru’s Suit Challenging Transfer of Father’s Shares

Wale igbintade

The Lagos Division of Federal High Court has dismissed a suit filed by Oboden Ibru, one of the sons of Chief Olorogun Michael Ibru, challenging the transfer of 999.999 ordinary shares belonging to his late father in Oteri Holdings Limited to Braze Limited and Urbieje Investment Limited respectively.

Delivering judgment in the suit marked FHC/L/CS/676/2017 filed by Oboden against Oteri Holdings Limited and six others, Justice Chukwujekwu Aneke held that the judgment the plaintiff (Oboden) based his case on has been set aside by the Court of Appeal.

The first to seventh defendants in the suit are Oteri Holdings Limited, Braze Limited, Urbieje Investment Limited, Olorogun Oskar Ibru, Peter Ibru, Mr

Emmanuel Ibru, and the Corporate Affairs Commission.

The plaintiff had urged the court to determine whether Olorogun Michael Ibru’s purported transfer of his 999.999 ordinary shares in the first defendant to the second and third defendants is invalid and of no effect whatsoever in view of and by virtue of Justice John Tsoho’s judgment delivered on April 17, 2014, in suit number FHC/L/CS/981/06.

He also prayed the court to determine whether, in view of Justice Tsoho’s judgment, the fourth to the sixth defendants (Olorogun Oskar Ibru, Peter Ibru, and Emmanuel Ibru) being members and directors of the second and third defendants are in that capacity still entitled to exercise any right, powers or duties over the management, governance and control of Oteri Holdings Limited. Consequently, he urged the court

to declare Olorogun Michael Ibru’s purported transfer of his 999.999 ordinary shares in the 1st defendant to the 2nd and 3rd defendants invalid and of no effect whatsoever, in view of and by virtue of the judgment delivered by Tsoho.

But, the first to sixth defendants, in their counter-affidavit of 30 paragraphs deposed to by the fifth defendant, stated that contrary to paragraph four of the affidavit in support of the plaintiff’s originating summons, the suit instituted by the 1st defendant in suit number FHC/L/CS/981/06 was not in relation to the ownership of the shares of the first defendant but the wrongful transfer of his shares in Aero Contractors Company Nigeria to Mofta West Africa Ltd, a company owned by the plaintiff.

Contrary to paragraph six of the affidavit in support of the plaintiff’s originating summons, Justice Tsoho’s

entire judgment, delivered on April 17, 2014, is now the subject of appeal in CA/L/661/14. They further stated that the late Olorogun Michael Ibru, having divested himself of his majority shares in the 1st defendant company and transferred them to the second and third defendants since 1988, the fourth, fifth, and sixth Defendants have been managing the businesses of the 1st defendant and its subsidiaries since 1988 to the knowledge of the plaintiff.

They stated that the issue submitted for adjudication by the first defendant before Justice Tsoho was whether the first defendant was entitled to treat as null and void the purported transfer of its shares in Aero Contractors Company Nigeria Limited, to the plaintiff’s company, Mofta West Africa Ltd, and not the ownership or shareholdings of the second and third defendants in the first defendant company.

Painter Who Raped Girl Because He ‘Likes’ Her Handed Life Imprisonment

Funke Olaode

The Ikeja Sexual Offences and Domestic Violence Court has on Tuesday sentenced a painter, Sikiru Oluwasegun, to life imprisonment for raping a 20-year-old lady.

Justice Rahman Oshodi found the defendant, Oluwasegun, guilty of raping a lady (name withheld) without her consent on July 19, 2021, at 3:45 a.m. in Ikorodu. Oshodi sentenced the defendant

after he resolved the issue for determination in favour of the prosecution, who tendered the defendant’s confessional statement as evidence.

He found Oluwasegun’s confessional statement given to the police in which the defendant admitted to raping the survivor to “meet the criteria of the supreme court and is direct, positive and unequivocal” in establishing that he committed the offence.

The judge said, “The defendant, in his confessional statement, admitted to making his way into the room of the prosecutrix (name withheld) and raped her because he liked her, but he could not tell her as she was new to the compound.”

Oshodi said the accused was a painter who lived in the same building as the victim, a Lagos State Polytechnic student, also known as the Lagos State University

of Science and Technology (LASUSTECH), Ikorodu.

He said the victim reported the incident to the LASUSTECH student union the next day, and they got the police to arrest the defendant.

The judge said the defendant wrote a voluntary statement admitting to the offence in front of the Investigating Police Officer (IPO), who also visited the scene of the incident.

LASTMA Officers Narrate to Court How Hoodlums Murdered Colleague

The Ikeja Division of the Lagos High Court has been told how an officer of a Lagos State Traffic Management Authority (LASTMA) officer was allegedly killed by hoodlums on March 16, 2021, during the peak of the COVID-19 pandemic.

The prosecution witness, two LASTMA officers, Adeoye Olayinka and Salam Olajide, gave evidence in an ongoing trial of five drivers of Suzuki Mini Commercial (popularly known as korope) over the murder of Godwin Obasu.

The defendants are Babalola Femi, Ayodele Yusuf, Oyeniyi Ayomide, Ridwan Ramon and Waris Yusuf.

The Lagos government had

charged the defendants with offences bordering on murder, assault and grievous bodily harm.

They were also accused of assaulting another officer, Adeniyi Hakeem, Salam Olajide and others, in the Anthony area.

The defendants were said to have assisted a commercial ‘korope’ driver who was their colleague and used machetes and other dangerous weapons on the LASTMA officers, which later led to the death of Obasu.

Obasu and Hakeem were allegedly attacked with machetes and other dangerous weapons by the driver of a commercial bus with registration number FKJ 452 YC, plying Bariga to Oshodi via the

Ikorodu Road axis, after they said his vehicle was apprehended for contravening the traffic law.

The two officers attacked were on their way home, having completed their morning shift and had changed to mufti before the commercial bus drivers went berserk and attacked the officers for carrying out their statutory duties.

Obazu was said to have been struck severally with machetes, resulting in deep lacerations on the head and his eventual death, while Hakeem, who was also attacked in a similar manner, was in a coma.

However, the prosecution witnesses (Olayinka and Olamide), in their testimony before Justice Hakeem Oshodi, narrated how

hoodlums allegedly killed their colleague.

“It was about 15 minutes after, I heard a gunshot and that gave me confidence that our backup has arrived. So we rushed outside, and we saw the late Obasu in the pool of his blood,” they said. “We rushed him to our clinic in Oshodi and later to the Bagada General Hospital, but the case could not be handled that night. Two days later, he died.”

Olajide also told the court how his money (N59,000) was withdrawn via his bank accounts when his phone was stolen.

Justice Oshodi subsequently adjourned further hearing until September 30, 2024.

ammunition, and conspiracy, among other charges. Specifically, he was charged with the unlawful capture of Uche Okereafor in the Festac area of Lagos on November 21, 2017, and demanded a ransom of $2 million. This contravened sections 409 and 269 of the Criminal Laws of Lagos State 2011. On Friday, February 25, 2022, the Lagos High Court found Evans and two others guilty of kidnapping and conspiracy. He was sentenced to life imprisonment.

Last week Thursday, the billionaire kidnapper was back in court with his co-defendant Joseph Emeka. Both were to be re-arraigned on a five-count amended charge bordering on murder, conspiracy to commit felony to wit: kidnapping and attempt to murder. However, the case was stalled due to the absence of his counsel.

The state lead counsel, Mr Yusuf Sule, informed the court that the defendants had applied for a plea bargain option when the case was called for re-arraignment.

Justice Adenike Cokers adjourned the case until June 13 for rearraignment.

The judge also directed Evans to ensure the availability of his counsel in court.

“In view of the absence of the first defence counsel, this case is

hereby adjourned until June 13, and the first defendant is directed to ensure his counsel is in court. There is no excuse for his absence. In the light of the amendment charge before the court, the third and the fourth defendants are struck out,” Cokers said.

The re-arraignment, however, could not take place due to the absence of Evan’s counsel.

Sule then told the court that the defence counsel was aware of the re-arraignment and that the second defence counsel, Mr Nelson Onyejaka, was in court.

He told the court that he spoke with Evans’ lawyer, who resided in Abuja, about the case but did not know why he was not in court. He stated, “Although I am aware that the defendants have applied for plea bargain but it is being considered by the attorney general. We have an amended charge my lord because the fourth defendant has been convicted while the third defendant died in prison. We shall be asking for another date for the re-arraignment of the two defendants.”

Mr Nelson Onyejaka, who came in a few minutes after the case was called, announced his appearance for the second defendant, Emeka. Will the court accept his plea bargain?

Wale igbintade

A chartered accountant, Ms. Omafume Augustina Ayinuola, has asked a federal high court in Lagos to lift the freezing order placed by the police on her bank account over alleged fraud.

Omafume and her mother, Lydia Abosede Erhievuyere, are facing trial before the court for the alleged theft of N1.5 billion belonging to Mr Peter Ololo’s company.

When the case came up for hearing last Thursday, counsel to the defendants, Olubusola Ashiru, told the court that the business of the day was the hearing of the defendants’ lock police and the nominal complainant, Peter Ololo, the alter ego of the Group of Companies.

After arguments between the prosecutor, Mr. Morufu Animasaun and the defence counsel, Olubusola Ashiru, on the propriety or otherwise of the application, Justice Ogundare ordered Ashiru to move the application.

While moving his application, Ashiru urged the court to grant an order lifting the lien placed on the defendants’ accounts, or, in other words, unfreeze the various bank accounts that the police had frozen or placed ‘post no debit’.

Ashiru also sought an order of the court directing the prosecutor to release all the defendants’ property and to direct that the nominal complainant, Peter Ololo, “the estranged lover,” take the properties from the defendants.

Ashiru said that while the matter was pending before Justice Ogundare, the prosecutor went to another court to obtain an order to freeze the accounts and place liens on the defendants’ properties. However, in his 19-paragraph counter affidavit filed in opposition to the defendant’s motion, the prosecutor urged the court to dismiss the motion.

Morufu Animasahun, while moving the counter-affidavit, urged the court to dismiss the application and ordered an accelerated hearing. He said the essence of the freezing order obtained by the prosecution from Justice Ibrahim Ahmad Kala’s court is to preserve the Res as there are persistent intelligence reports that the defendants, through third parties, are trying to dissipate the assets bought with the alleged proceeds of crime.

After hearing the parties, the trial judge, Justice Kehinde Ogundare, adjourned the case until July 11 to rule on the defendant’s motion and for a definite trial.

Funke Olaode

Kayode tokede

Following a high-interest environment, nine banks generated N1.64 trillion from loans & advances to customers in the first quarter of 2024, representing an increase of 121.3 per cent from N739.19 billion generated in the first quarter of 2023.

The banks include: Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa Plc (UBA), Zenith Bank Plc, and Ecobank Transnational Incorporated Plc (ETI).

Others are: Stanbic IBTC Holdings Plc, Wema Bank Plc, Fidelity Bank Plc, and FCMB Group Plc were among the banks THISDAY investigation.

Analysts believe the increase in Monetary Policy Rate (MPR) to 24.75 per cent (currently increased to 26.25 per cent), by the Central Bank of Nigeria (CBN) is

responsible for the hike in interest income.

Recently, Fitch Ratings projected that the CBN will maintain a stand on continued tightening policy in the near term, “which seems necessary to more fully control inflation as rapid credit and money-supply growth suggests a still-loose monetary context.

“Such a tightening will still face implementation challenges, partly due to the potential for countervailing political pressure. However, without further sizable monetary tightening, it may be difficult to achieve macroeconomic stability – real interest rates remain negative, deterring inward portfolio investment.”

THISDAY analysis of the banks’ Q1 2024 results revealed that Access Holdings reported one of the highest interest income from loans & advances to customers in the period under review, followed by Ecobank and Zenith Bank Plc.

During the period under review, Access Holdings announced N335.84 billion interest income from loans to customers, an increase of 125 per cent from N149.1billion in Q1 2023, while Ecobank declared N326.73billion interest income from loans to customers in Q1 2024, a growth of 178.6 per cent from N117.3billion reported in Q1 2023.

On its part, Zenith Bank posted N300.5billion interest income from loans to customers in Q1 2024, representing 142.6 per cent growth from N123.87billion in Q1 2023, as UBA announced N195.31 billion interest income from loans to customers in Q1 2024, about103.3 per cent from N96.05billion reported in Q1 2023.

GTCO and Fidelity Bank reported interest income from loans to customers crossed the N100 billion in Q1 2024 amid growth in loans granted to customers in the period under review.

As Fidelity Bank announced

N128.54 billion interest income from loans to customers in Q1 2024, representing nearly 74 peer cent from N73.91 billion in Q1 2023, GTCO posted N122.04 billion interest income from loans to customers in Q1 2024, about 92 per cent growth from N63.59 billion declared in Q1 2023.

Following the increase in the MPR or interest rate from 18.75per cent to 24.75 per cent, Nigerian banks’ average prime lending rate rise to 15.70 per cent in March 2024.

Amid hike in CBN’s interest rate to 24.75 per cent, the banking sector average maximum lending rate rose to 29.38 per cent in March 2024, the highest since 2020.

Maximum lending rate refers to the rate charged by commercial banks for lending to customers with low credit rating.

The apex bank in its money market indicator revealed that the average maximum lending rate opened January at 27.07 per cent

when MPR was at 18.75 per cent and dropped to 26.55 per cent when the monetary policy committee of CBN hike MPR to 22.75 per cent.

In 2020, the average maximum lending rate reached a peak of 30.73 per cent when the MPR rate stood at 13.5 per cent

The average maximum lending rate had closed 2023 at 26.62per cent on the backdrop of CBN hike in MPR to 18.75per cent.

The unanticipated rise in MPR has impacted on the banking sector lending rate as the CBN sustained pressure in tackling inflationary pressure.

This unprecedented move has not only set the MPR at its highest level to date but also reflects the CBN’s determined effort to address the persistent economic pressures.

The decision has garnered praise from the International Monetary Fund (IMF), which commended the MPC’s resolve to tighten monetary policy further by increasing the policy

rate to 24.75 per cent. Such a strategic manoeuvre aims to curb the inflation surge, which recorded a year-on-year peak of 33.69 per cent in April 2024, and to mitigate the depreciative pressures on the naira.

However, the steep increase in the policy rate has sparked concerns regarding the potential impact on the cost of credit for businesses already facing economic hardships. Each bank offers different lending rates that reflect their respective approaches to lending to the manufacturing sector in Nigeria.

In Nigeria, large corporations perceived as having lesser risk with a history of generating consistent cash flows are offered prime lending rates, while small businesses and individuals perceived as having higher risk typically fall above the prime lending rate margin.

Nigeria’s foreign reserves have seen a significant increase over the past month, rising by $520 million to reach $32.6 billion, according to the latest figures.

This growth underscores a positive trend in the country’s economic stability and resilience amidst various global economic challenges.

The reserves, which stood at $32.1

billion on April 17, 2024, have steadily climbed to $32.6 billion by May 16, 2024. This marks a substantial monthly increment, reflecting improved foreign exchange earnings.

A breakdown showing its increase indicates that on May 16, 2024, the reserves were pegged at $32,642,208,645, marking an increase of $33.28 million from the previous day. On May 15, 2024, the reserves stood at $32,608,926,445, up by $53.65

million. This followed an increase on May 14, 2024, when reserves reached $32,552,747,727, up by $26.28 million from the day before.

On May 13, 2024, reserves were at $32,528,997,289, up by $23.30 million. A significant rise occurred on May 10, 2024, with reserves hitting $32,471,987,785, an increase of $81.80 million. This upward trend continued on May 9, 2024, with reserves at $32,418,302,844, up by $28.90 million,

and on May 8, 2024, when reserves were $32,390,451,717, up by $27.85 million.

By May 7, 2024, reserves had increased to $32,368,629,781, up by $21.82 million from the previous day, and on May 6, 2024, they were at $32,346,884,264, marking an increase of $21.75 million. Earlier in the month, on May 3, 2024, reserves were $32,300,696,083, up by $46.19 million from the previous day.

On May 2, 2024, reserves reached $32,284,889,024, up by $15.81 million from April 30, 2024, when they stood at $32,254,525,124, an increase of $30.36 million. The day before, on April 29, 2024, reserves were $32,232,611,676, up by $21.91 million.

A notable increase was observed on April 26, 2024, when reserves hit $32,152,208,273, up by $80.40 million from the previous day. On April 25, 2024, reserves were

$32,131,783,157, up by $20.43 million, and on April 24, 2024, they stood at $32,117,625,276, marking an increase of $14.16 million. On April 23, 2024, reserves reached $32,112,541,708, up by $5.08 million from the previous day. April 22, 2024 saw reserves at $32,109,259,653, an increase of $3.28 million.

Nume ekeghe

Enhancing Depositors’ Confidence in Banking Industry

James Emejo scrutinises the recent policy intervention by the NDIC to prevent potential bank runs as well as boost confidence in the banking sector amid rising inflation, and naira depreciation, among other headwinds

In a major policy initiative to boost confidence in the financial landscape, Managing Director/ Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, recently announced an increase in Maximum Deposit Insurance Coverage (MDIC) levels for all licensed deposit-taking financial institutions in the country, with immediate effect.

Citing the International Association of Deposit Insurers (IADI) Brief No. 9 of 2023 that examined the recent bank failures in the United States of America and Switzerland, the NDIC boss explained that high levels of uninsured deposits in insured institutions might increase the likelihood of bank runs with dire impact on the stability of the financial system.

He said it had become necessary to review the deposit insurance coverage coverage in the face of current macroeconomic challenges including deposit distribution, the impact of inflation, per capita GDP, exchange rate, and other statistical models.

While reaffirming the NDIC’s unwavering commitment to protecting depositors and contributing to the stability of the financial system, he stressed that adjustments to the maximum deposit insurance coverage reflected the corporation’s dedication to adapt and evolve in response to the changing landscape of the financial industry.

According to him, “we remain steadfast in our pursuit of a secure and resilient banking environment for all,” Hassan said, adding that the NDIC’s mandate of deposit guarantee remained a critical component of depositors’ protection, as it guarantees the payment of deposits up to a maximum limit in the event of bank failure.

MItIgatIng RIsks to FInanCIal sECtoR

In the wake of the 2008 global financial crisis, the importance of deposit insurance has become more apparent than ever. Deposit insurance is a crucial safety net that protects depositors in the event of a bank failure, ensuring that their funds are secure and accessible.

Deposit insurance is a government-backed programme designed to protect depositors in the event of a bank failure. The primary function of these programmes is to ensure that depositors have access to their funds, even if a bank becomes insolvent. This not only prevents financial losses for individuals and businesses but also helps to maintain trust in the banking system, which is essential for economic growth and stability.

Following the Silicon Valley Bank (SVB) failures, considered the biggest bank run in history due to the speed and scale, several countries have taken steps to increase the coverage limits of their deposit insurance schemes, recognising the significant role these programmes play in maintaining financial stability, boosting customers’ confidence and preventing bank runs.

In March 2023, three small-to-mid size U.S. banks failed in the span of five days - Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, driven by a combination of technological, social, and industryspecific factors that enabled rapid and coordinated deposit withdrawals.

The SVB failure was triggered by a bank run, where clients withdrew $42 billion in a single day after the bank announced it had sold its Treasury bond portfolio at a loss.

REvIEw oF DEposIt CovER

Economic and financial experts have asserted that increasing deposit insurance coverage can have several benefits for both depositors and the banking system as a whole. One of the most significant advantages is that it can help to boost customers’ confidence in the banking system. When depositors know that their funds are fully insured, they are more likely to trust the banking system and maintain their deposits, which can help to prevent bank runs and maintain financial stability.

In view of this development, the International Association of Deposit Insurers, in its Policy Brief 9 gave renewed attention to the level of deposit insurance coverage and the risks associated with high shares of uninsured deposits.

IADI also noted that very high per depositor/account coverage rates are in place across most jurisdictions. It was found that globally, deposit insurers fully cover deposits of a very high share of depositors and that both in G7 and G20 jurisdictions, median coverage ratios were above 98 per cent.

nDIC CovERagE HIstoRy

In Nigeria, Maximum Deposit Insurance Cover (MDIC) for depositors of deposit money banks (DMBs) was set at N50,000 at the inception of the Nigeria Deposit Insurance Corporation (NDIC) in 1989. The amount was set to allow 85 per cent of the total depositors in the nation’s insured banks to be 100 per cent covered. Subsequently, 96 per cent of all depositors were

protected when the coverage ceiling was raised from N50,000 to N200,000 in 2006. The coverage limit of N100,000 was also set, for the first time, for microfinance banks (MFBs) and primary mortgage banks (PMBs) depositors in the same year.

In the year 2011, the coverage limits for DMBs increased from N200,000 to N500,000 and from N100,000 to N200,000 for depositors of MFBs and PMBs. The coverage level was further adjusted to N500,000 in 2016 for PMB depositors as well as subscribers of licensed Mobile Money Operators (MMOs). Coverage of N500,000 was equally extended to depositors of Payment Service Banks (PSBs) in 2020. Meanwhile the coverage for DMBs remained at N500,000.

REgulatoRy IntERvEntIon

Experts have over the years stressed that these maximum deposit insurance coverage limits were inadequate to protect customers in Nigeria because it failed to provide full coverage to significant portions of bank customers’ deposits. This left a substantial portion of deposits exposed to market discipline.

In view of these recent global and domestic developments, the NDIC promptly raised the MDIC of affected institutions, a move that was welcomed by stakeholders.

Under the new template, the NDIC MD/CEO said coverage for Deposit Money Banks (DMBs) had been increased to N5 million from N500,000 to provide full coverage of 98.98 per cent of total depositors compared to the current 89.20 per cent.

In terms of the value of deposits covered, he said the revised coverage would increase deposits covered by deposit insurance to 25.37 per cent compared to the current 6.31 per cent of total value of deposits.

Hassan, who disclosed the adjustments at a media briefing in Abuja, said under the new regime, the maximum deposit coverage for Microfinance Banks (MFBs) had also been increased to N2 million from N200,000 to offer full coverage of 99.27 per cent of depositors compared to 98.76 per cent currently. The NDIC chief executive said this would increase the value of deposits covered by deposit insurance to 34.43 per cent compared to 14.38 per cent.

Furthermore, deposit coverage for Primary Mortgage Banks (PMBs) was raised to N2 million from N500,000 to provide full coverage for 99.34 per cent of depositors compared with the current 97.98 per cent. Hassan further stated that this would increase the value of deposits covered by deposit insurance to 21.04 per cent compared to 10.77 per cent currently applicable.

The adjustments also included an increase of deposit cover to N2 million from N500,000 for Payment Service Banks (PSBs) to offer full coverage of 99.99 per cent of depositors, to increase the value of deposits covered to 43.10 per cent from 40.60 per cent.

In addition, the maximum Pass-through deposit insurance coverage for Mobile Money Operators (MMOs) was increased to N5 million from N500,000 per subscriber per MMO as the applicable coverage level for depositors of DMBs. Hassan, pointed out that the revised coverage remained a strategic balance between protecting depositors and ensuring

the stability of the financial system, adding that the changes aim to extend protection to a larger percentage of the population, enhance financial inclusion, and mitigate the potential destabilising effects of bank runs.

He said the adoption of the revised maximum deposit insurance coverage is supported by the NDIC’s current funding, expected annual premium collection, enhanced supervision that would reduce the likelihood of bank failures, effective bank resolution frameworks, and other funding arrangements provided by the NDIC Act No. 33 of 2023.

Besides, he said the total amount in the NDIC’s Deposit Insurance Funds is now in excess of N2 trillion and gives the NDIC the ‘firepower’ to take on the new maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions. This ensures the increased protection can be sustained without placing undue burden on financial institutions.

The money is made up of current balances in all the four deposit insurance funds managed by the NDIC including, the Deposit Money Banks (DMBs); Primary Mortgage Banks and microfinance banks; non interest banks; and the payment service banks.

Hassan also assured that the increase in maximum deposit insurance coverage will not affect the premium payments from financial institutions since the NDIC now operates with a risk-based premium framework which assesses each bank’s premium based on the risk perception on the defined parameters already known by the banks.

He said, “If a bank is able to manage its risk properly, it may end up paying the base rate which is 35 basis points, but if it does not, it will end up paying a higher premium which could range up to 65 basis points. So, the ball is in their court.”

An analysis of NDIC by number of customers at end-June 2023 showed that the total number of customers in DMBs as at end-June 2023 stood at 206,166,014. The total number of customers in DMBs with N5 million and below fully covered by the current deposit insurance coverage level stood at 204,063,294

This indicates that the only number of customers not fully covered by the current deposit insurance coverage level stood at 2,102,720 of the 206,166,014, representing 1.02 per cent of the entire customers of the DMBs.

For PMBS, available data showed that the total number of customers in PMBs as at end-June 2023 stood at 205,810. The total number of customers in PMBs with N2 million and below fully covered by the current deposit insurance coverage level stood at 204,469. This indicates that the only number of customers not fully covered by the current deposit insurance coverage level stood at 1,341, representing 0.66 per cent of the entire customers of the PMBs.

For MFBS, the total number of customers in MFBs as at end-June 2023 stood at 16,889,804. The total number of customers in MFBs with N2 million and below fully covered by the current deposit insurance coverage level stood at 16,765,773. Accordingly, the only number of customers not fully covered by the current deposit insurance

coverage level stood at 124,031, representing 0.73 per cent of the entire customers of the MFBs.

An analysis of PSBs also showed that the total number of customers in PSBs as at end-June 2023 stood at 24,005,438. The total number of customers in PSBs with N2 million and below fully covered by the current deposit insurance coverage level stood at 24,005,395. As a result, the only number of customers not fully covered by the current deposit insurance coverage level stood at 43, representing 0.0002 per cent of the entire customers of the PSBs.

analysts’ pERspECtIvEs

Commenting on the development, Economic Policy Expert, Dr. Justine Amase said the policy is long overdue. The former commissioner of information in Benue State said the NDIC has proactively taken a step to build confidence by raising the insurable limit of bank deposits such that there will be certainty in the system at international and local levels.

He said, “That confidence will also enhance financial inclusion,” adding that without increasing the insurable percentage, there is a bigger risk to the depositors to the extent that if there is any bank instability, a large proportion of their deposits will not be covered.

Amase said, “For the banks, this will build confidence in their operation. Customers can feel more confident dealing with them and sustaining their relationship. For the depositors, the uncertainties surrounding bank failure and instability would have been reduced, while it also helps the regulators to prevent bank failures.”

Other financial experts who commended the NDIC for taking the decision pointed to the fact that the international financial system (Nigeria inclusive) had faced many risks since the COVID-19 outbreak of 2020, compounded by the Russia/Ukraine conflict. He said, “Though not directly, the risks have come to create financial instability both locally and internationally. These are the challenges that have a spillover effect on the local financial industry.”

According to him, the “2023 banks’ failure in the US and elsewhere. It is on this premise, therefore, that the increase in the Maximum Deposit Insurance Coverage seeks to further insulate depositors from the likely negative impacts of financial instability that may affect the banking sector.”

The NDIC’s mandate of Deposit Guarantee is a critical component of depositors’ protection, as it guarantees the payment of deposits up to a maximum set limit in the event of bank failure.

Also speaking, President of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, applauded the NDIC for the upward review of maximum deposit insurance coverage for deposit financial institutions.

Uwaleke described the move as a welcome development against the backdrop of elevated inflation and current Naira depreciation.

He said the increase would be a confidence booster in the country’s banking sector as well as enhance financial inclusion.

He told THISDAY, “The increase in the maximum deposit insurance coverage level from N500,000 to N5 million for Deposit Money Banks and from N200,000 to N2 million for Microfinance Banks is a welcome development.

Insurance Bill and Calls for Tinubu’s Attention

As insurance regulator and operators renew their interest in seeing the long awaited Consolidated Insurance Bill passed into law, stakeholders have advised insurers not to leave anything undone, regarding the push for timely presentation of the bill to the president. ebere nwoji presents their view

Recent statement by the Nigerian Insurers Association (NIA) that it would collaborate with the National Insurance Commission (NAICOM) to finalise issues surrounding the signing into law of the consolidated insurance bill is a cheering news and a development which reinvigorates hope of operators on better days ahead for the insurance sector in Nigeria.

A cheering news because the insurance bill has been long overdue for assent by the federal government having been on the law makers’ table since 2010.

By all parameter of measurement, the prevailing insurance Act 2003 is now too moribund to guide 21 century insurance sector in the present Nigeria, hence the need to enthrone the regime of a new insurance Act.

Failure by the former President Muhammadu Buhari to assent to the insurance bill before his exit from office was one of the worst regrets of insurance sector operators and stake holders .

This is despite efforts made by the insurers to get the bill signed before the exit of the former President.

But during a recent visit by NIA delegation led by its in -coming Chairman, Mr Kunle Ahmed to the new Insurance Commissioner, Mr Ayo Omosehin, and his management team, the duo agreed to collaborate to see that the present regime of Bola Ahmed Tinubu would not overlook the bill as did the former regime.

During the meeting, the NIA in-coming Chairman emphasised the importance of initiating the implementation of the 10-year strategic plan and finalising the consolidated insurance bill.

O B servers’ v I ews Insurance sector observers and stakeholders said both the operators and regulator NAICOM should this time use every connection at their disposal to ensure that everything needed to be done to ensure that the consolidated insurance bill secured presidential assent is done. The observers said with the Omosehin as the insurance commissioner there is hope of getting things done positively regarding pushing for the presidential assent to the bill.

This is because after the failure of the former President to assent to the bill before his exit, Omosehin was one of the industry leaders who stood up for fresh effort to get the 10th National Assembly attend to the bill re presented to them by the insurers.

Omosehin as the NIA Chairman then, led leadership of NIA to meet the Chairman of House Committee on Insurance and Actuarial Matters of the House of Representatives Hon. Ahmed Jaha, to seek support for the Consolidated Insurance Industry Bill.

During the visit, Omosehin congratulated Jaha for his appointment as Chairman of House Committee on Insurance and Actuarial Matters and craved more support, especially in ensuring that the Consolidated Insurance Industry Bill, received the needed attention that would lead to its passage into an Act.

Now that Omosehin has assumed office as commissioner for Insurance and federal government adviser on insurance matters all eyes are on him to lead the way in ensuring that law makers do every necessary readings on the bill and ensure its timely presentation to President Tinubu at least before the expiration of his first tenure in office.

Omosehin has been advised by the industry analysts to discover what should have been done to ensure that former President Muhammadu Buhari assented to the bill before his exit but was not done and try to do them to ensure that the bill is presented to the president during this his first tenure in office.

ThOmAs’s regreT

The immediate passed insurance commissioner, Mr Sunday Thomas had expressed regrets over non passage of the bill but was optimistic over the passage of the reintroduced 2020 Consolidated Insurance Bill by the 10th National Assembly and its assent by President Bola Tinubu. Thomas had at the 2023 retreat for journalists in Uyo, Akwa Ibom State explained that the consolidated insurance bill was unfortunately not assented to by former President Muhammadu Buhari before he left because it got to him late.

“Of course there are procedures and processes for such things. Though we are not going to start again from the beginning, the National Assembly is now looking at it.

“The bill has now gone through the first reading, and we are following up to see that it is concluded as soon as possible. The industry had a very high hope that the last administration was going to conclude on the bill, but that didn’t happen. We have not given up on our hope, knowing that the bill is a game changer because of a lot that is in it and its importance to the sector,” he said.

The Amended BIll

One of the amendments the insurers pushed to the bill is introduction of Risk Based Capital describing it as the right capital model for the insurance industry in order to align the Nigerian insurance market with international best practice and reposition the industry for accelerated growth and development.

The Consolidated Insurance Bill has been on the table of lawmakers for over 12 years waiting for passage but during the tenure of the immediate past administration it was reviewed with many grey areas corrected. It also successfully passed through readings in the upper and lower chambers but was not timely presented for presidential assent.

The 2020 consolidated insurance bill when passed into law, is expected to effect a lot of changes in the insurance sector’s narrative.

Indeed, the bill holds a lot for the industry as expectations are high that the long awaited bill when signed into law would redefine the industry, strengthen it from the weaknesses of the moribund insurance Act 2003 and place the industry on the global best practices pedestal. Insurers believe this and have thus continued to pursue the passage of the bill with vigor till the end of Buhari’s regime without achieving their target.

Former President of Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Shola Tinubu had said that review of the insurance act was of utmost important to the insurance as the future of the industry lies much there.

According to him, the prevailing law has a lot of weaknesses and can no longer drive the industry in the present century.

Speaking, a former Chairman NIA and Group Managing Director Hallmark Holding Company, Eddie Efekoha noted that weakness of the existing law was part of the industry’s problem and has been encouraging some of the vices happening in the industry.

One of these, according to him, is the low amount of fine to be paid by offenders of some of the laws such as

third party insurance or compulsory builders insurance, adding that it does not encourage compliance.

reCOmmendATIOns

One of the recommendations of the industry operators in the bill is the reintroduction of Risk Based Supervision capital model, a model which the insurers described as the right capital model for the insurance

industry in order to align the industry with international best practices and reposition it for accelerated growth and development. Risk based capital is a method of measuring the minimum amount of capital appropriate for a reporting entity to support its overall business operations in consideration of its size and risk profile. Another recommendation of insurers in the bill is N5 million fine for fake insurance certificate perpetrators.

L-R: Executive Vice Chairman, Capital Assets and father of the groom, Alhaji Ariyo Olushekun; his wife, Alhaja Bibilomo Olushekun; groom, Dr. Abdul Olushekun; his bride, Dr. Khadijat Olushekun; bride’s mother, Dr. Medinat Ahmed; and bride’s father and Chief Medical Director, Federal Medical Centre, Owo, Dr. Liasu Ahmed, during the marriage of Abdul and Khadijat in Ibadan, Oyo State...recently.

L-R: President, Architect Registration Council of Nigeria (ARCON), Dipo Ajayi; President, Nigeria Institute of Architects (NIA), Mrs. Mobolaji Adeniyi; and Secretary to the Government of Ekiti State (SSG), Dr. Habibat Adubiaro, during a courtesy visit by the two bodies to the Governor’s Office in Ado-Ekiti, Ekiti State...recently

L-R: Media Buying Lead, Plus Acuity, Jubilee Okuwe; Deputy Manager, Planning, Plus Acuity, Jumoke Ajayi; Managing Director, Plus Acuity, Victor Oyarero; Convener, The Industry Summit, Goddie Ofose; Buying Lead, Plus Acuity, Agbi Festus; and Head of Production, The Industry Newspaper, Kikelomo Oyenuga, during the presentation of award to the MD of Plus Acuity, who emerged as the young media agency of the year at the industry summit held in Lagos...recently

L-R: Eurofield Executive Director, Mr. Adetomiwa Adetilewa; Eurofield Managing Director, Mr. Armstrong Akintunde; Odu’a Group Managing Director, Mr. Adewale Raji; Odu’a Group Chairman, Otunba Bimbola Ashiru; and Odu’a Directors, Mr. Seni Adio and Otunba Lai Oriowo, during the groundbreaking ceremony of Aurora Westlink Estate in Lagos...recently PHOTO: aBiODUN aJaLa

L-R: Ogun State Governor, Prince Dapo Abiodun; newly installed Asiwaju of Edeland/Osun State Governor, Senator Ademola Adeleke; Lagos State Governor, Babajide Sanwo Olu; and Oyo State Governor, Seyi Makinde, during the installation ceremony of the newly installed Asiwaju of Edeland in Ede, Osun State...recently

L-R: Coordinator, Global Money Week(GMW), Ifeoluwa Oyewo; student of Baptist Secondary School, Ibadan, Oyo State, Oseghale Emmanuel; GMW Coordinators, Omobolanle Adedeji; and official, Mr. Donald Adedeji, during a financial literacy training programme for children organised by Access Bank in partnership with 9ijakids and Kidpreneur Africa, as part of GMW 2024 seminar held in Ibadan, Oyo State...recently

Na’Allah: I’ve Made UNIABUJA University of First Choice in Nigeria

The Vice-Chancellor of University of Abuja, Prof. Abdulrasheed Na’Allah, will complete his tenure in June. In this interview with Raheem Akingbolu, he discusses the different factors that shaped his five-year tenure, including how the university emerged as one of the few institutions in Nigeria, teaching and awarding international master’s degree in Artificial Intelligence

Could you provide an assessment of the university’s progress and development from the time you assumed office to the present, particularly as you approach the end of your tenure?

This is one of the questions I ask myself every day now that I’m about to leave this great university, the great U of A of Nigeria. The truth is that when I came in 2019, I remember that I took over the leadership of this university on July 1, 2019. And I immediately set to work. I conducted some visits to hostels and I almost cried with what I saw. I saw students living in abject squalor. The hostels were so dirty that they could be compared to people living inside gutters. I summoned the courage to peep at the toilets and I was confronted with horrible sights. The remaining campus spaces were as horrible as the so-called new hostels on the main campus. It was tough. Everywhere I went around the campus was an eyesore. It didn’t look like the campus of a university. It was obvious something was missing. I mean, I felt that this is an eminent university. This is a university in the capital of Nigeria. It must be number one by destiny. I call it destiny of location, which is a phrase- that we use now very easily on campus.

So, you had your work cut out for you at the word go?

Yes, I had it cut out for me and I made up my mind that we must change it. I hit the ground running with the mindset that the varsity must be first among equals. Talking about the university’s landscape and aesthetics, it was nothing to write home about. Every building had its own colour, and the colours did not match. The whole thing was just horrible. The academic area was also bad. Many students didn’t register to be students, yet they would take courses. Some will not be in class, and they will be presented to the Senate to graduate. At that moment, I met some suits -I mean, lawsuits- that many former students had filed against the university because they couldn’t find their records.

At that moment, I found out that the university didn’t have a way to ensure everybody was fully registered. One thing with the school system is that if you are admitted or you are an existing student and you don’t register yet, there is always a process to take a year off or whatever. I found so many practices and activities in the university that didn’t be fit any university status, let alone a great university of the U of A status.

Some lecturers were not going to classes. I found some temporary appointments everywhere I turned. These sets of temporary staff were hanging around for some terrible dirty assignments for desperate students. Many students perceived certain lecturers as gods or mini gods, even though they were temporary staff. Unfortunately, some of these individuals abused their power,

engaging in widespread sexual harassment. Despite the temporary status of most of them, they wielded significant influence on campus, making it difficult for anyone to speak out against them. Students who resisted their advances often faced academic repercussions, such as falling grades.

How did you address those issues? What are the key achievements and developments that you consider significant during your term?

The memory was painful, but it was also a memory that told me of great opportunities that I have to make a change to take this university, to claim its destiny and to take it to a level that will enable our students to be very proud of their university. Also, as we speak today, the staff are very proud of their university, and the nation is very proud of their university. And I meant that in every word of it. I mean, that was really what it was for me because when the student is proud of their university, the university will be flying because they will tell the story. If the staff are proud of the university, they will feel happy, not just because they are academics, but because they will enjoy the true meaning of academics.

In my understanding, being an academic isn’t solely about attending classes, collecting a paycheck, and leaving. Rather, it’s about leveraging one’s connections with industry, securing grants, presenting research globally, and being in demand due

to the value they offer. An academic might earn a modest salary, say N300,000, but their impact extends far beyond their paycheck. I realised early enough that these are some great things that I had to do. So, I started to mobilise. The first thing I did was say - we must have meetings. I remember I had several meetings with the entire staff of the university in the library. We were asking: what was going to be our brand?

All the buildings on campus; what must it look like? We have a series of maybe two or three in which we agreed on specifics. Most of the things you see now are things that we all agreed must happen.

What innovations have you implemented, and what reflections do you have regarding the university’s transformation?

I established University Information Relations to manage the university’s image, insisting on its professionalisation. I formed a committee comprising respected media personalities from outside the campus to oversee this endeavour. We advertised widely, inviting staff members to apply with their respective certificates, and ultimately appointed a director, graphic artists, information officers, and a visual expert. I approved the appointments, and they were made. I then brought the issue to the council to convert it into a directorate, which they agreed to. Now, we could appoint a director and establish protocols, including roles for a graphic artist, an information officer, and a visual

expert. Everyone had a career path. This was the change we initiated, scrutinising every aspect of the university. For instance, our internship programme was previously limited to SIWES, sponsored by ITF. I believe our students should engage in internships throughout their university journey, not just during holidays. We’re in the 21st century. You can be doing an internship on weekends, or you can be doing an internship every day, virtually. You can do internships during the holidays. You can do all sorts of internships.

So, I set up a centre and added a student employment scheme to our SIWES programme. That was one of the first actions I took, and we started employing our students. We send them everywhere because our goal is to train them in the idea of work. What is ethics? How do you prepare for an interview? How is an interview done or taken? How do you ensure that you contribute to the workspace? How do you maintain discipline at work? Arrive when you’re supposed to arrive; leave work when you’re supposed to leave. How do you take responsibility, you know, in terms of delivery? All these were part of the goals of student employment. Looking back, I am very grateful to God Almighty. And what I’m saying is far, far low in the level of gratitude that I feel for God.

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

MTOY @10: NB Increases Cash Awards, Unveils New Theme

With the call for entries for the 10th edition of the Maltina Teacher of the Year competition, the Nigerian Breweries-Felix Ohiwerei Education Trust Fund has announced an increase in the cash awards across the board.

The overall winner for the 2024 edition would receive N10 million (previously N6.5 million), a trophy and a capacity development training opportunity abroad, while the winner’s school receives either a block of classrooms or a computer laboratory.

The first runner-up will receive a trophy and N3 million, while the second runner-up will get a trophy and N2,500,000. All state champions will be rewarded with recognition plaques and N1 million each.

Entries for the competition opened on May 16, and will close on July 19.

The competition has remained a platform to appreciate and reward teachers for their significant contribution towards the development of the education sector in Nigeria, while

inspiring excellence in teaching.

To participate, eligible teachers are expected to visit the dedicated website (www.maltinateacheroftheyear.com) to complete the entry form online. Alternatively, they can download the form, complete it, scan it, and email the completed form to maltinateacheroftheyear@heineken.com

Speaking at the flag-off ceremony in Lagos, the Managing Director of Nigerian Breweries Plc, Hans Essaadi, who was represented by the Human Resource Director, Grace Omo-Lamai, stated that the company, through the Felix-Ohiwerei Education Trust Fund remains unwavering in its commitment to supporting teachers in shaping future leaders and changing the lives of students for the better in Nigeria.

“The Maltina Teacher of the Year competition presents an opportunity to express our gratitude to teachers for the sacrifices they make, the extra

hours they invest, and the guidance and mentorship they provide to ensure the success of our youth. Through this competition, we aim to recognise the efforts of teachers in the countless ways they have shaped our future. We acknowledge their selflessness, their passion for teaching, and their relentless pursuit of the growth and development of our nation,” he said.

Essaadi expressed delight that other corporate organisations have come to be part of the transformative initiative, adding that Union Bank of Nigeria Plc and Woodhall Capital Foundation have been enlisted as main partners, while First City Monument Bank and Alert Group are supporting partners for the competition.

The Corporate Affairs Director of the brewery, Sade Morgan, stated that the competition aims to recognise and appreciate teachers for the stewardship of the country’s most precious national resource - the youths.

She added that secondary school teachers in public and private schools are eligible to

participate in the competition.

In addition to the increased case prizes, Morgan stated that the company is marking the 10th anniversary with a new theme ‘A decade of inspiring excellence in teaching’.

The winner of 2023 edition, Adeola Adefemi, said her success became a confidence booster and attracted several global opportunities. Goodwill messages of support were delivered by representatives of the corporate partners and key stakeholders in the education sector, such as representatives of the Nigeria Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), and the Teachers Registration Council of Nigeria (TRCN).

The Maltina Teacher of the Year competition was established in 2015 and funded through the Nigerian Breweries-Felix Ohiwerei Education Trust Fund, which was set up in 1994 to facilitate an active contribution to the development of the education sector in Nigeria in line with the United Nations Sustainable Development Goal (SDG) 4.

Newly elected executive council members of the Federal Government College Lagos Old Students Association Abuja and Northern Zone: Sitting L-R: Legal Adviser, Kofo Obatolu; Vice-President, Nana Akpan; President, Sola Bickersteth; General Secretary, Seye Aje Standing L-R: PRO, Mubarak Ohimeyi; Financial Secretary, Bello Jibbo; Social Secretary, Kehinde Omoyele, Marie-Claire Oguamanam; Treasurer, Frances Aduayi-Odiete, Nnamdi Okoye; Assistant Secretary, Simeon Damah; and Welfare Secretary, David Ejinwa

Uchechukwu Nnaike

Na’Allah

$30bn Economy: Gov Mbah Takes Investment Drive to Austria, Signs MoU

Oluchi Chibuzor

Governor of Enugu State, Dr. Peter Mbah, has taken his investment drive to Vienna, Austria, where he held high-level meetings with senior government officials, the business community and international development partners and also signed a Memorandum of Understanding, MOU, towards the development of the state.

Mbah, who seeks to grow the state’s economy from $4.4billion to $30billion in four to eight years through private sector investment and strategic partnerships, met with the Austrian Minister of Interior,Gehard Karner; Minister of Labour and Commerce, Dr. Martin Kocher; Minister of Agriculture, Norbert Totschnig; Managing Director of the Austrian Promotional Bank, Bernhard Sagmeister; Director General of the International Centre for Migration Policy

Development, ICMPD, Michael Spindelegge; parliamentarians, among others, who expressed readiness to collaborate with the Enugu State government for the mutual benefits of both parties.

At the meeting with Austria’s Minister of Interior, Karner, Mbah and his host agreed to partner across various sectors with opportunities in Nigeria for Austrian SMEs. As a way of kick starting a fruitful relationship, Mbah and Karner signed an MOU on behalf of their respective governments for the establishment of a K-9 training unit in Enugu to boost security and crime detection.

Mbah’s meeting with the Austrian Minister of Agriculture, Totschnig, dwelt on the implementation of an agricultural model region, measuring about 2,000 to 5,000 hectares, and replicating the Austrian Cooperative success story in

Enugu State.

Meeting with the Austrian Minister of Labour and Commerce, Dr. Kocher, he said his administration expressed readiness to help expand collaboration between Austrian and Nigerian businesses, especially in the areas of agriculture, hydro power, work and knowledge in semiconductors, possibly leveraging the already existing Austrian business presence at the European Business Park, Godfrey Okoye University, Enugu.

“Enugu is open for business. We are your trusted partner for business in Nigeria and a stepping stone to Austrian businesses looking for a foothold in Africa,” he said.

Meanwhile, the MD of the Austrian Promotional Bank, AWS, Sagmeister, said the bank was already supporting some Austrian businesses investing in Enugu State.

Stakeholders to Discuss Customer Service Experience at ACAMB Conference

The Association of Corporate Affairs Managers of Banks (ACAMB) has announced its third National Stakeholders’ Conference with the theme:

“Building Bridges: Collaborative Solutions for a Trusted Banking and Financial Services Experience.”

A statement signed by ACAMB publicity secretary, Omede Odekina stated that the conference would foster discussions on end-to-end customer service issues in banks and other financial institutions by top-tier select speakers and subject experts’ panel.

As the umbrella body for

all Corporate and Marketing Communication Professionals working in Deposit Money Banks (DMBs) across Nigeria, ACAMB is dedicated to advancing the interests of its members; the banking community, and that of financial services customers and the Nigerian public at large.

The 2024 ACMB Stakeholder’s Conference, he said, seeks to transcend the competitive landscape by promoting a collaborative approach to solving industry challenges and enhancing the overall customer experience in banking and financial services in the country.

He said Consumer Solutions Strategist and Advisor, Wale

Abioye, a Partner of Strategy & Customer Solutions, Advisory Services, KPMG, will feature as the keynote and Guest Speaker at the conference.

ACAMB President, Rasheed Bolarinwa, emphasized the importance of this conference in the current financial environment, stating, “Our goal is to create an environment where stakeholders can come together to share knowledge, address common challenges, and work towards a unified vision of trust and excellence in banking services. By building bridges and fostering collaboration, we believe we can significantly enhance the customer experience and drive growth in the sector.”

TGI Group Collaborates to Tackle Hunger, Donates Food to Support CWC Initiative

Tropical General Investments (TGI) Group reaffirms its dedication to corporate responsibility with a new partnership aimed at tackling hunger and fostering entrepreneurship.

At the investiture ceremony of Dame Marie Fatayi-Williams as the new President of CWC, held in Lagos, Head of Corporate Communication at TGI Group, Rafiat Gawat emphasised the organisation’s commitment to ending hunger and empowering communities.

She stated, “As part of our contribution to CWC’s impactful work, we are proud to announce our monthly donation of food

items from our organization to their food bank project, through our TGI Cares Foundation. This gesture reflects the alignment between our Foundation’s goals and the CWC’s humanitarian mission.

Through its foundation, TGI Cares, one of the leading contributors to the Nigerian economy announces a strategic collaboration with the Cosmopolitan Women’s Club (CWC) to support their outreach efforts through food donations.”

Gawat highlighted TGI Group’s business values, stating, “Food is at the heart of our portfolio, and our foundation, TGI Cares, is dedicated to addressing both existential and situational hunger

while promoting empowerment.”

She further emphasized the organization’s global reach, showcasing its extensive food product line, which includes Big Bull Rice, Terra Seasoning Cubes, and Golden Terra Soya Oil.

Marie Fatayi-Williams expressed her gratitude for the partnership, stating, “We are delighted to collaborate with TGI Group on this mission to provide hope for tomorrow and smiles for today. The partnership between TGI Group and CWC exemplifies a shared commitment to sustainable development and community empowerment. “

Food Security: Nasarawa Govt Begins Cultivation of 10,000 Hectares of Land

The NaaKsarawa State Government has begun cultivation of 10,000 hectares of land as part of initiatives to boost food security in the country.

Governor Abdulkahi Sule had consequently inspected progress of work on the portion of land earmarked for the food security programme at Jangwa in Awe Local Government Area of the state.

Speaking to journalists shortly after the inspection, the governor, however, said his administration has no intention of taking away farmlands from local farmers, but that they stand to benefit

from the project.

“Our plan is to work out with them, and do what we call outgrower scheme. Even here (Jangwa) we are going to do some outgrower programme. The idea is not to take away the land from local farmers.

*The idea is to ensure that local farmers are given the opportunity in form of employment and outgrower scheme. That means they can be given fertilizers, chemicals, tractors, and seedlings. When they harvest, they have a ready market. We are the buyers,” he stated.

While expressing satisfaction with the progress of work on the site, Governor Sule pointed

out that Nasarawa State was among the states selected for the food security initiative under the President Bola Ahmed Tinubu administration.

“This is our farm in Jangwa already in the process of being tilled. We are going to apply fertilizers in the next two or three days, and by that time, we will be able to harrow the field. In fact, we are harrowing and planting seeds at the same time.

“The essence of coming today is to follow up and see how far we have gone with the process. We have brought some tractors and to monitor the progress of work,” he said.

Governor of Enugu State, Dr. Peter Mbah (left) and the Minister of Interior, Austria, Gerhard Karner (right), in Vienna, during the signing of an MOU for the establishment of a K-9 Training Unit in Enugu State...recently

Nume Ekeghe

Igbawase Ukumba in Lafia

Ecobank Maintains Impressive Performance in Q1 2024, Declares N140.9bn Profit

Kayode Tokede

Ecobank Group Plc, yesterday declared N140.9 billion ($105.01 million) profit after tax in the first quarter ended March 31, 2024, about 249 per cent growth over N40.41billion ($87.6 million) reported in 2023. The bank in the results presented to the Nigerian Exchange Limited (NGX) declared N201.5 billion ($150.15 million) profit before tax in Q1

2024, representing an increase of 249 per cent over N57.7 billion ($125.09 million) profit before tax declared in Q1 2023.

The group announced N904.15 billion ($673.87 million) gross earnings in Q1 2024, 193 per cent growth from N308.13 billion ($668.04 million) gross earnings announced in Q1 2023.

The group declared total assets of about N34.57 trillion or $26.53 billion as of March 2024, an increase of 33 per cent

PRICES FOR

from N25.92 trillion or $27.23 billion reported in 2023 full financial year.

In addition, loans and advances to customers crossed the N12 trillion mark to N12.73 trillion ($9.76billion), up 27 per cent from N10.03 trillion ($10.54 billion) reported in 2023, while deposits from customers stood at N25.02 trillion ($19.2 billion) as of March 2024, a growth of 32 per cent from N19.01 trillion ($19.97 billion) reported in 2023.

Commenting on the Q1 2024 results, the CEO, Ecobank Group, Mr. Jeremy Awori said, “We made meaningful progress in our Growth, Transformation, and Returns strategy, evidenced by revenue growth across all our businesses. We particularly focused on our Consumer, Commercial, and Payments businesses due to their promising growth opportunities.”

“The results for the quarter were strong and demonstrated

the continued benefits of diversification and business growth despite uncertainty around rate cuts, persisting inflation, pressure on African currencies, muted economic output, and geopolitical risks.

“Our revenues increased by $13 million to $496 million.

Excluding the impact of foreign currency translation, the increase was even more robust at $114 million.

“Expenses, in constant cur-

rency, increased, mainly due to inflation. However, we maintained cost discipline, resulting in an improved cost-to-income ratio of 53.8per cent, with enhancements in our business lines.

“We delivered a profit before tax of $150 million, with an increase of $25 million, or $61 million at constant currency and generated a return on tangible shareholders’ equity (ROTE) of 29.5per cent,” Awori continued.

TRADED ASOF MAY 21 /24

Away from our expectation of a hold decision, the Monetary Policy Committee (MPC) of the CBN at the end of its bi monthly meeting yesterday hiked the benchmark rate (MPR) by 150bps to 26.25%, bringing the cumulative hike YTD to 750bps. However, other policy parameters Cash Reserve Ratio (CRR), Liquidity Ratio (LR) and Asymmetric Corridor around the MPR were maintained at 45.0%, 30.0%, and +100/ 300, respectively.

a Souvenir For u.S. ConSul General...

TotalEnergies CEO: Nigerians Love Debates Without Substance, Have Inconsistent Policies

Explains why IOC moved $6bn investment to Angola

In what appeared a frank assessment of Nigeria’s business environment, especially in the oil and gas sector, the global Chief Executive Officer of TotalEnergies, Patrick Pouyanne, has said Nigerians generally love to debate without having productive conclusions.

Speaking at the Africa Annual CEO Summit in Kigali, Rwanda, Pouyanne stated that although debates are not a bad thing, those who take decisions on behalf of

the government should learn to agree on consistent frameworks for operations.

He insisted that Angola has a more stable business environment, reason he’s moving a $6 billion investment into the country.

“Security of my people is of primary importance. Then, of course, it's finding talents on the continent. You have some countries like Nigeria, like Rwanda where we can’t find talents quite easily. Some have a difficulty of education. So I would say we can contribute to

you as to that as well by training people, it's part of what we bring.

“But I think that's the second point. And then sometimes, you know, you love to debate. You love to open topics without closing them. So you know, in Nigeria, for example, we have since been doing business, there is always a new legislation in Nigeria or a new petroleum rule.

“So when you have the permit in Nigeria, you know, it's difficult for investors who look for the long term to know where they are going

and in fact, it has been bad, to be honest,.

“In reality, unfortunately, I think that Nigeria’s Niger Delta is the most prolific part of West Africa, but when you look at what happened, because of debates, there was not a single exploration with Nigeria for 12 years.

“Last project we did was Egina in 2014. So, sometimes it’s good to debate and to settle the debate, but then put a framework on the table so that investors can come,” the Frenchman stated.

Obi Decries N10bn Budgeted for Car Parks, Recreational Facilities at National Assembly

Says N1bn allocated for hostels in 12 tertiary institutions abnormal Insists untrained youths will be Nigeria's future problem

The Labour Party (LP) 2023 presidential candidate, Peter Obi has once more expressed dissatisfaction over what he termed as misplacement of priorities in the allocation of funds by the federal government.

Obi described as unacceptable the continued deployment of public resources to non-essential areas of development.

The LP standard’s bearer highlighted the poor and embarrassing position of Nigeria in the global average in school enrollment, arguing that yet the government was budgeting a paltry N1 billion for the construction of hostels in 12 tertiary institutions in Nigeria while N10 billion was allocated for the building of car parks and recreational facilities.

Writing on his X platform the former Anambra State Governor said: “As the giant of Africa which we are, I remain concerned about our fiscal indiscipline as a nation.

“Imagine the situation in our education sector where the global average of secondary school enrollment is above 80 per cent, while Nigeria is 28 per cent.

“The global Average of Tertiary School enrollment is above 55 per cent, while Nigeria is less than 15 per cent. Yet our budget for the National Assembly Car Parks is N6 billion.

“The budget for the National Assembly recreational facilities is N4 billion; approval for the construction

of hostels in 12 tertiary institutions is just N1 billion.

“It is time for us to stop this financial indiscipline and embrace financial discipline by prioritising the allocation of resources to the critical areas of human and national development.”

Meanwhile, Obi has said an untrained youth would constitute problem for Nigeria in the future.

Obi, stated this yesterday during a visit to College of Nursing Sciences,

WEF

Adazi Nnukwu, Anambra State, where he donated N10million for the maintenance of its facilities.

He said: "I have heard all the challenges you people listed, and I assure you that aside our coming here today, we will come again before the year runs out.

"We will continue to do more despite what we have done before. The work you do here preparing nurses is critical because nurses represent the critical part of our

health sector.

"I have been going all over the country to put smiles on the faces of people and invest in them and give them hope because the people we fail to train today will be a problem to us in the future.

"We must invest in our young people. See the number of people you have as students here, and you are training them to become useful. If you don't train them, the will be one a problem to the society tomorrow."

While highlighting the importance of Nigeria to fix its ‘signalling’, the TotalEnergies CEO said that Angola and Mozambique are doing better in that respect.

“There are countries which perfectly have integrated that, like Angola. I will go to Angola and announce a very large project of $6 billion at the beginning of the week, because there's a framework that is stable.

“So we know where we are going, then Mozambique is stable. We had some debates in Uganda which have been part of the problem. So I think that its important we have stability,” he added.

Also speaking on the need for stable electricity and even the bigger need to attract investments, the TotalEnergies’ chief stated that there’s even less clarity in that sector.

“I will say today when I'm looking to merge the energy strategy, we want to invest in electricity, which is another energy source, it's more local. And what we face today honestly, it is difficult to secure the payments for electricity.

“I know it's a topic, so governance of electricity on the continent is less clear, than in oil and gas. And I think we need to make an effort.

Everybody thinks that renewables is good for Africa, because you have wind, etc. But in fact, we need to put some right framework.

“Look, what we need today is, we need actions from the World Bank and other institutions to put a guarantee scheme in place, we just want to guarantee, to secure,

we don't think we'll use it.

“But when you invest in electricity, in local energy, you need to find a way to secure it. It's of primary importance.

“So I think we need to put some goodwill together to find the right framework, to let electricity business really go on in Africa because without it, it is difficult to make industries. It's difficult for people to have a better way of life.

“So the continents has plenty of resources for sure. And we love it. And honestly, even if sometimes it's a little messy, we love it, because the French people have found a way to navigate. So, we are good at that and I think we find ways to find a deal,” he added at the event. When he visited President Bola Tinubu in December last year, Pouyanne said TotalEnergies would invest as much as $6 billion in Africa’s biggest oil producer in the years ahead. It’s unclear whether it’s the same proposed investment that the oil firm has taken to Angola. But the energy firm had said it will target deep-water projects and gas production, telling Tinubu that the French company was in support of the current administration’s policies and push to resolve insecurity in the industry.

“Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” Pouyanne was quoted as saying in a statement issued by Ajuri Ngelale, Tinubu’s Special Adviser on Media & Publicity.

Report: Africa Records Improvement in Tourism Devt Index

Dike onwuamaeze

The latest World Economic Forum’s (WEF) ‘Travel and Tourism Development Index (TTDI) 2024,’ has stated that the Sub-Saharan Africa (SSA) region made the most substantial enhancement in TTDI performance since 2019.

Nigeria moved up marginally on the ranking from 113 to 112 with a positive +4.20 percentage change since 2019.

The TTDI’s report, which was published yesterday, by WEF in collaboration with the University of Surrey, covered 119 economies and measured the set of factors and policies that enabled the sustainable and resilient development of the Travel and Tourism (T&T) sector, which in turn contributed to the development

of these countries’ economies.

The TTDI 2024 showed that tourism was back to its pre-pandemic levels, but cautioned that challenges remained as it reflected on “the T&T sector’s recovery from the COVID-19 pandemic and the ongoing and future challenges affecting the enabling conditions for its growth.”

It projected that T&T contributed $9.9 trillion to global GDP in 2023, which was nearly at pre-pandemic levels and revealed the need for stakeholder collaboration to harness the T&T sector’s transformative power. According to WEF, “the TTDI is designed to provide context and facilitate multi stakeholder dialogue, enabling stakeholders to grasp emerging trends and risks in global T&T, guiding policy formulation, operational practices and investment strategies.”

The TTDI said: “Europe remains the highest-performing region in the TTDI, ranking above the global average on most pillars, with Asia-Pacific second, and sub-Saharan Africa the region showing the most improvement since 2019.”

It added: “Sub-Saharan Africa (Africa) has shown the most substantial enhancement in TTDI performance since 2019 (+2.1 per cent), with 16 out of the 19 regional economies covered by the index increasing their TTDI scores. The report stated that the sector’s potential to drive socioeconomic prosperity made it an essential tool for development. "In 2024, the region had the highest score for T&T socioeconomic impact, with the T&T industry in Africa generating, on average, over 21 per cent more jobs for each direct

position than the TTDI mean, and with an average of over 43 per cent of the sector workforce employed in segments that are considered relatively high wage,” it stated.

The report noted that Africa’s potential for T&T development was influenced by several factors, including its notable price competitiveness and natural resources for tourism.

However, it noted that, “considerable challenges still have to be overcome if the region is to produce favourable conditions for T&T growth. "Regional policy makers and T&T stakeholders need to continue the recent progress in creating more supportive business environments, improving health and hygiene conditions, fostering higher-quality human resources and labour markets and advancing ICT infrastructure.”

According to the report, investment and policy directed at supporting inclusive working conditions, workers’ rights and education could help to make the region’s large and growing labour force more competitive and resilient.

It added that, “addressing widespread health, safety and security challenges will also help to encourage investment and make African destinations more attractive to foreign visitors.

“While many African governments’ ability to support the sector is limited due to resource constraints, with the region’s already low scores for prioritization of T&T (e.g. government T&T spending and data collection) falling even more since 2019 (-9.8 per cent), non-spending policies can be pursued.

Edo State Governor, Mr. Godwin Obaseki (right) presenting a souvenir to the U.S. Consul General Will Stevens, during a courtesy visit, at the Government House, Benin City, ... yesterday

Chuks okocha in Abuja and DavidChyddy eleke in Awka

emmanuel addeh in Abuja

CIBN PRESIDENTIAL INVESTITURE...

L-R: Registrar/Chief Executive Officer, Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo; First Vice President, Mr. Dele Alabi; President /Chairman of Council, Prof. Pius Deji Olanrewaju; Second Vice President, Mrs Mojisola Bakare-Asieru, and National Treasurer, Mr. Peter Ashade, at the CIBN Presidential Investiture in Lagos… recently

TCN Assures of Power Supply May 27 after North-east Governors Express Frustration

Addeh in Abuja Transmission Company of Nigeria (TCN), yesterday, assured North-east governors that the company had resolved to stick to the May 27 date for the restoration of electricity supply in the zone.

TCN said it was aware that lack of power supply presented significant challenges, stressing that it understands the concerns of the governors for the people.

“We are not happy about the situation,” a statement by TCN’s General Manager, Public Affairs, Ndidi Mbah, said.

TCN assured the North East Governors Forum (NEGF) that it was doing everything in its powers to ensure the restoration of power supply to the zone, as earlier indicated in its press release.

The statement said, “We are acutely aware that the lack of power supply presents significant difficulties and challenges, and we understand the concerns of the governors for their people and the day-to-day running of governance and businesses. We are not happy about the situation.”

The governors had expressed dismay over the blackout experienced in the zone last month, and berated TCN over what they described as a “nonchalant attitude’’.

They disclosed their dissatisfaction in a communique issued at the end of their 10th meeting held in Bauchi last weekend, which was hosted by Governor Bala Mohammed at Government

Afreximbank has officially announced the launch of the CANEX Prize for Publishing in Africa, a partnership between the CANEX Book Factory and the Narrative Landscape Press Limited.

According to a statement yesterday, the CANEX Book Factory, a key intervention under the CANEX programme, aims to promote a vibrant literary culture across Global Africa and encourage the development of a sustainable business ecosystem in the literary sector. CANEX was launched in 2020 by Afreximbank as a key driver for development and job creation in Africa, having recognised the

According to the communique signed by the forum’s chairman and Governor of Borno State, Babagana Zulum, the governors resolved, in the short term, to set up a solar power plant that could generate a minimum of 10 megawatts per state.

They also urged the federal government to direct TCN to redouble its efforts at restoring power supply to the zone.

But TCN said its team had been working to rebuild the four towers destroyed by vandals, and will not rest until power was restored to all the affected areas.

TCN stated, “We appeal for a little more patience, as work is truly advancing. We are pushing our contractors very hard to ensure we deliver on our promise of rebuilding the towers and energising the transmission line.

“Despite the recent increase in vandalism, we have continued to rebuild towers each time they are damaged and have consistently restored supply. The four vandalised towers on the Gombe axis are no exception. Despite our prevailing poor liquidity, we have mobilised all necessary resources to ensure this job gets the attention it requires.

“To expedite the work, we have insisted that the contractor put in place and on-site machines that will help increase the fabrication processes of tower members, which is ongoing.

“A visit to the site will show that the towers are nearing completion, with one tower at 90 per cent completion, another

relevance and opportunities provided by the creative and cultural industries.

“The CANEX Book Factory will spotlight and elevate the African book value chain through a Pan-African writing workshop, an e-newsletter highlighting African literature and the prize for publishing in Africa. This will culminate in the Award Ceremony at the CANEX WKND to be held in Algiers, Algeria between 16-19 October, 2024.

“A $20,000 prize will be awarded to the publisher of the best trade book. Trade books refers to books published for a general audience, including fiction, non-fiction, and poetry and excludes textbooks and academic books. Additionally, four

at 80 per cent, a third at 60 per cent and the fourth at 40 per cent.”

TCN added. “We are utilising all available daylight hours for the work. However, due to

security issues, we are unable to work through the night, which we would have gladly done. Nevertheless, we are optimistic about completing the reconstruction and energising

the line within the given time frame.

“We expect power supply to be restored by May 27, 2024, through the new 330kV transmission line, allowing Yola

and Jos DisCos to offtake and distribute optimally from TCN substations.”

The transmission company appealed for patience from the affected states.

Edo Says It’s Now Nigeria’s Number One Oil Palm-producing State

Obaseki to deliver keynote at 2024 Oxford Africa Conference

Edo State yesterday announced that it was now Nigeria’s number one oil palm producer, contributing about 12 per cent of the country’s aggregate palm oil production. It said the feat followed reforms in the agriculture sector by the governor, Mr. Godwin Obaseki.

Edo State is closely followed by Akwa-Ibom and Cross River, which contribute between five and eight per cent, the state said.

The government said through the Edo State Oil Palm Programme (ESOPP), it aimed to de-risk the oil palm value chain by providing contiguous land to investors for sustainable production.

It stated that it had allocated over 70,000 hectares of land for oil palm development and attracted over $500 million in investment, the largest of its kind in sub-Saharan Africa.

Apart from Okomu and Presco, the two largest agricultural companies quoted on the Nigerian Stock Exchange, Edo State said it had over 10 companies that had been allocated

finalists will each receive $2,000 in prize money.”

Commenting on the announcement, Executive Vice President-Intra African Trade and Export Development Bank at Afreximbank, Mrs. Kanayo Awani said: "We are thrilled to announce the launch of The CANEX Prize for Publishing in Africa, a pioneering initiative by Afreximbank aimed at promoting and celebrating excellence in African publishing.

“This prize underscores our commitment to nurturing Africa's creative industries and supporting the vibrant literary landscape across the continent.

“Through the CANEX Prize, we aim to recognise

land, including Dufil Prima Foods, makers of Indomie Noodles; Saro Oil Palm; Flour Mills Nigeria Plc; an American Company called Fayus, and Saturn Farms, among others.

Chief Executive Officer of Foremost Development Services Limited, an intermediary organisation to Roundtable on Sustainable Palm Oil (RSPO) in Nigeria, the global body responsible for promoting responsible oil palm production, Fatai Afolabi, said the new feat was a reflection of the reforms by the Obaseki administration to boost oil palm development.

According to him, “Today, Edo State is the number one oil palm producing state in Nigeria, contributing about 12 per cent to the aggregate oil palm production in Nigeria, with the closest being Akwa-Ibom and Cross River State, who are contributing between five and eight per cent.”

He added, “This is the progress the state has made between when Governor Obaseki made his commitment to develop oil palm and now.”

Following the success of phase

and empower African authors and publishers who play a vital role in shaping our cultural identity and enriching our communities through literature in what is a multi-billiondollar industry."

On the importance of initiatives such as CANEX, renowned writer and novelist, Ms. Chimamanda Adichie said: “Imagine being an African, dreaming about being a writer, surrounded by people in a room who share the same interests, it propels you, it gives you hope. I’ve always believed that there is nothing more essential to the human spirit than hope. For me, CANEX is about hope – the hope of many more African stories.”

one of the ESOPP Programme, the state governor recently unveiled plans for the launch of phase two of the programme with an additional 47,000 hectares of land to be allocated to new and prospective oil palm investors in the state.

Meanwhile, Obaseki would deliver the keynote address at the 2024 Oxford Africa Conference, scheduled to hold between May 24 and 25, 2024, in the United Kingdom.

The governor will, at the conference hosted by the Oxford University Africa Society, speak on the theme, “Unlocking Africa's Potential: The

Power of Public-Private Partnerships.” He will be sharing his unique approach to governance, leveraging public-private partnerships, and the extensive impact it had made on the development of Edo State over the last seven years.

In a letter of invitation signed by President of Oxford University Africa Society, Isatou Bokum, the university said Obaseki’s unique perspective on the challenges and opportunities inherent in Africa's development journey was highly sought after and will undoubtedly enrich the intellectual depth of discussions at the conference.

FG Signs MoU to Commence Talent Exports to Kuwait, Scandinavian Countries, Others

Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, yesterday, supervised the signing of a Memorandum of Understanding (MoU) between the ministry and UTEL Limited, to connect Nigerians to foreign jobs in Kuwait, Gulf Cooperation Council (GCC), and Scandinavian countries, among others.

The agreement, which will be executed by the National Talent Export Programme (NATEP), marked another milestone in the government’s efforts to ensure that Nigerians have access to quality employment opportunities.

The deal provided openings for 250 foreign jobs for Nigerians.

The minister assured the partners that the country remained fully committed to upskilling its talent pool to power the industrial revitalisation plan of the federal government and also provide skilled citizens for global talent opportunities.

The employment opportunities included direct employment and emigration of talent or utilisation of the Business Process Outsourcing (BPO) model for gainful and meaningful employment for those based in Nigeria.

Through NATEP, the country can honourably export her talents in a mutually beneficial and reputation preserving way, putting an end to illegal migration and the embarrassment therefrom to the country. UTEL Ltd is a Nigerian subsidiary of Unique Agency Kuwait, which is a leading provider of expatriate employees for the government agencies and departments in the State of Kuwait.

The partnership with UTEL seeks to aggregate foreign jobs for Nigerians from Kuwait and other GCC countries in line with the federal government’s aim to forge mutually beneficial partnerships with nations and global institutions to facilitate the provision of jobs for Nigerians.

Emmanuel

House.

James Emejo in Abuja

AfricA cEO Summit in KigAli...

Shettima Inaugurates NCPC Board, Says Tinubu Will Uphold Religious Freedom, Harmony

Tasks members on religious tolerance, hitch-free pilgrimage

Vice President Kashim Shettima has stressed the resolve of the President Bola Tinubu administration to uphold religious freedom and interfaith unity.

Shettima said regardless of anyone's position, the place of faith in the country was not only critical but also provided a framework for comfort among citizens and stability of the country at large.

Speaking yesterday at State House, Abuja, while inaugurating the Board of the Nigerian Christian Pilgrims Commission (NCPC), the vice president said Nigeria was what

it was because it was a nation of God, and this spirituality was of prevailing interest.

Shettima maintained that Nigeria's strength lied in its diversity of faiths, vowing that there would be no discrimination under the Tinubu government.

He stated, "Our duty is to provide a safe haven for members of each faith and uphold the rights and freedoms in our constitution," while reminding the board of NCPC's role in easing pilgrimage affairs for Nigerian Christians, a "sacred tradition" that must be prioritised. Shettima said, "It is our pledge

that Christians will access optimum privileges in pursuit of their spiritual journey. Your duty here is a service to God and humanity in the best way possible.”

The vice president urged the new NCPC board members to be unifying figures dedicated to promoting interfaith harmony through compassion, justice, and mutual respect.

According to him, "We can only emerge stronger and more resilient as a nation through dialogue, empathy and reconciliation. The nation has grappled with the shadows of division fuelled by the flames of intolerance

Hope Rises for Students, Lecturers as FG Lights Up Varsities Under $750m Minigrid

No less than 50,000 lecturers and 150,000 students, in addition to many other residents in several federal government-owned universities across Nigeria would heave a sigh of relief from July when another set of completed and nearly-completed solar minigrid projects carried out by the Rural Electrification Agency (REA) would be inaugurated.

Acting Managing Director of REA, Mr. Abba Aliyu, announced yesterday that the Minister of Power, Chief Adebayo Adelabu, would begin inauguration of the new set of completed projects any time from next two to three months.

Aliyu spoke in Lagos at a press conference organised by the Alliance for Rural Electrification (ARE), which heralded the kick off of the Energy Access Investment Forum (EAIF) 2024.

He listed the projects executed under the $750 million World Bank financing with a total capacity of 12 megawatts (MW) in collaboration with project developers as the University of Maiduguri, University of Abuja, Federal University in Yobe State, Federal University Calabar with the teaching hospital, and the Nigerian Defence Academy.

Others, according to him, were the Federal University of Agriculture in Abeokuta, and the Federal University Umudike in Abia State.

Aliyu stated that, "In the next two months, we are going to start commissioning of very high impact projects across the country and these are the interventions that REA has done at the universities, one of the biggest intervention in West Africa,

and this is something that many people are not very much aware of.

"One of the biggest projects ever done in this country is the project in the University of Maiduguri, powering the entire university, the only teaching hospital in the entire geopolitical zone and also providing electricity to the Water Treatment plant in the state and the entire Maiduguri metropolis.

"This is a 12-megawatts project that is almost completed. So, we are going to commission the University of Maiduguri, we are going to commission the University

of Abuja, Federal University in Yobe State, Federal University Calabar plus the teaching hospital, and the Nigerian Defence Academy.

"The Federal University of Agriculture in Abeokuta, and also Federal University Umudike in Abia State. So, these are projects the minister will start commissioning in the next two to three months."

To show the proactiveness of the federal ministry of power, the REA boss said as the completed projected were being inaugurated, they had already started another round of the REA projects.

and misunderstanding for far too long.

“Yet, in the flickering light of hope, we find solace in the knowledge that it is through interfaith harmony."

Shettima recalled Tinubu's promise when he assumed office that his government would have no place for discrimination, and assured that

the administration was fervently committed to ensuring interfaith harmony.

He said, "Let us heed the call of the Lord to be our brothers’ keepers, our sisters’ keepers, and good neighbours wherever we find ourselves. We can only achieve this when we recognise that our diversity is not a source of weakness but rather a wellspring of strength."

Earlier, the newly appointed Chairman of the NCPC board, Rev. (Monsignor) Cletus Gotan, thanked Tinubu for the government's support in sponsoring pilgrimage that encouraged the spiritual growth of citizens.

Senate Stops Fresh Moves to Create New Grazing Routes for Herders

Sunday Aborisade in Abuja

The Senate, yesterday, rejected fresh moves to create new grazing routes for herders in Nigeria.

Rather, the red chamber unanimously passed a resolution to set up an adhoc committee that would convoke a national summit to find lasting solutions to the constant farmers-herders clashes across the country.

The resolution was sequel to a motion on matter of urgent national importance raised by the senator for Kogi East Senatorial District, Isah Jibrin, on the recent killings by herdsmen in some communities within his constituency.

Jibrin informed his colleagues that Omala Local Government Area had been under recurring

attacks by gunmen, leading to killings and destruction of property and farmlands.

He said the development had rendered many of his constituents homeless with no means of sustenance.

He expressed worry that Agojeju Odo, Ajokpachi Odo, Bagaji, and Bagana communities had been ravaged by gunmen, rendering over 30,000 inhabitants of the communities homeless.

The herders action, he added, had led to exodus of inhabitants to other parts of Kogi State.

Jibrin also revealed that on April 30, gunmen attacked Ajokpachi Odo community in Omala Local Government Area, killing no fewer than three persons and rendered the entire community desolate, with no health facility to cater for the

deteriorating health conditions of the survivors.

The senate observed a minute silence for the departed souls in Omala.

It urged the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development and the National Emergency Management Agency (NEMA) to assist the affected communities in Omala with relief materials and other forms of support necessary for their rehabilitation.

While considering the motion, the senate rejected an additional prayer by Senator Mohammed Tahir Monguno (APC, Borno North) which called on the Federal Ministry of Agriculture and Food Security to create new grazing routes in the country as a panacea to farmer/herder.

Obaseki, US Launch Centre for Public Health Emergency Operation

The Edo State Governor, Mr. Godwin Obaseki and the United States Consul General, Will Stevens, on Tuesday, commissioned the Edo State Public Health Emergency Operation Center (PHEOC).

Obaseki, during the commissioning at Palm House, along Sapele Road in Benin City, the Edo State capital, said the facility will serve as a hub for health situational awareness, daily epidemiologist intelligence gathering, risk analysis of emergency events of public health importance which are needed for decisions making.

The governor said the center is an initiative that underscores his administration's sustained efforts to strengthen health institutions for real-time emergency and disease

management in the State.

He said, “This Center is an initiative that underscores our sustained efforts, as a government, to strengthen our institutions as a whole, but in particular our health institution for real-time emergency and disease management in our State.”

According to him, “A couple of weeks ago, we launched the emergency response center where we are training emergency responders to deal with emergency situations which they find in their communities.

“This Center is set up to effectively respond and coordinate public health emergencies and to ensure adequate surveillance data on disease conditions especially those priority diseases we are tracking in

Edo State, as well as other emerging and reemerging diseases.

“Institutions such as this are critical in managing crisis, especially making data readily available to study trends, and prepare for response in terms of emergencies.”

He further noted, “The Edo State Emergency Public Health Operation Center was set up in 2020 during COVID-19 after several months of painstaking work by myself, NCDC, USAID and was declared opened by the then Director General of NCDC, Dr. Chikwe Ihekwuazu. His work during COVID-19 is acknowledged and this led to setting the foundation of this institution today.

“The present integrated public health emergency operation center arose from the need to strengthen

event-based surveillance for early case detection, and improved response to public health events in general.

“The upgrade required installation of state-of-the-art equipment, visualization tools, and dashboard for informed decision-making which was supported by Edo State Government, USAID, and other implementation partners in the State.”

Noting some achievements in the health sector, Obaseki said his administration has rebuilt the Edo State School of Nursing, re-accredited it, and made it one of the best in Nigeria, adding that the Edo School of Health Technology is also being rebuilt and will be re-accredited and upgraded to become one of the best in Nigeria.

He said his administration is focusing on manpower development, which is required to sustain the achievements and gains recorded in the health sector, adding that his government has connected over 64 main Primary Healthcare Centers with fiber to bring health closer to Edo people.

On his part, the U.S. Consul General Will Stevens said, “It’s the job of a government to take care of its people. This facility is a great symbol of democracy delivered by responding to the needs of the people and making the people happier and safer. “We the United States Government are so grateful for the health partnership we have with the Nigerian people for nearly 25 years.”

L-R: Chief Executive Officer, Vivajets, Mr. Chukwuerika Achum and Chairman, Dangote Group of Companies, Alh. Aliko Dangote as a delegate looks on at the Africa CEO Summit in Kigali, Rwanda ... recently

Peter uzoho

Deji Elumoye in Abuja

Press COnferenCe On the CIO & C-suIte AwArds AfrICA...

L-R: Director, Edniesal Consulting Limited, (Project Owner of CIO & C-Suite Awards and CIO Club Africa), Wale Laseinde; Chief Digital Transformation

Anyaoku, Other Patriots Embark on Nationwide Advocacy for New Constitution

To engage leaders of thought, stakeholders

Chuks Okocha in Abuja

The Patriots, a group of eminent leaders of thought in Nigeria, chaired by Chief Emeka Anyaoku, has announced the commencement of a nationwide mobilisation towards the actualisation of a new democratic people's constitution for Nigeria by the current federal Administration in Nigeria

This was contained in a statement by Salvation Alibor for the Patriots Secretariat.

The statement said the Patriots'

nationwide advocacy and mobilisation for a new democratic people's constitution for Nigeria has become imperative following the consensus reached by leaders of thought and eminent political stakeholders, who converged at the national Constitutional Dialogue on the future of Nigeria.

In March 2024, the Patriots said the present federal government should be encouraged to drop its constitutional amendment rituals for a more profound process of giving Nigeria a new democratic

people's constitution through an elected Constituent Assembly in resolving the myriads of political, economic and security challenges confronting the survival of Nigeria.

They said it was as a result of this popular consensus by Nigerian stakeholders that the leadership of the Patriots was compelled to embark on wide consultations with members of the Patriots, leaders of thought and other political stakeholders of Nigeria.

They said idea was to set up a

Ag AI n, CB n R AIS e S MPR T o 26.25% T o Su BD ue Infl ATI on throw them out of business.

“And let me emphasise at this point in time, that we have not revoked the licenses of any of the Fintech organisations or any of those players, we have not. “We have had conversations with a number of them and we have explained that there is a need to take another look which we are doing right now at the processes and to see how to strengthen them because ultimately, who benefits from this and who loses from it?

“If we get it wrong, the public loses, if he gets it right, the public benefits. And it is our intention to ensure that our system is one that would benefit the general public. And it is for that reason, that we sat down, and we have tried to bring out remedial measures that will help that sector to tighten on the onboarding and even existing clientele base and I'm confident that as time goes on and hopefully in a couple of months I will say all this will be something of the past and then you will see that sector going back into what they have been known to do before, and certainly with a very stronger regulatory framework.”

On the state of banking industry recapitalisation, Cardoso said the whole essence was to make the industry stronger especially given President Bola Tinubu’s ambition for a $1 trillion- economy.

He said, “First and foremost, let me re-emphasise that as a central bank, it is our responsibility to ensure that the banking system is strong and is resilient.

“I am very happy to say and we have said it in the MPC communique that the banking system is indeed sound safe and fit for purpose as far as we can see so there is nothing for anybody to have any anxieties about.

“In terms of what we have done

concerning recapitalisation, we were looking forward and saying that we need the banking industry to be a lot stronger and more robust, particularly considering the $1 trillion economy that the federal government is anchoring itself towards.

“We need a much stronger banking system. We need a banking system that will have sufficient shock absorbers in the case of any uncertainties within both domestic and international ecosystems.”

Continuing, the CBN boss said, “A lot of what has happened worldwide over the past months, all the relatively strong attacks that have been taking place on the financial and economic ecosystem have been relatively challenging and it's important that we bolster ourselves and get ourselves ready so that in case there are further cases, we are in a position to withstand it.

“We have gotten much of the feedback from the banks with respect to what their plans are and again, to emphasise to those of you who may not remember; we gave them a long gestation period really to do this and we are hoping that the recapitalisation programme will be wrapped up within two years.

“So, we are not pushing any of the banks under excessive pressure or anything like that. The whole idea is to work with them to ensure that we can strengthen the banking system that we already have. Once we have finished the review of the submissions that have been made, we will communicate that directly to the banks.”

In the meantime, the naira continued its upswing on the official market yesterday while maintaining stability at the parallel market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the naira appreciated by N3.31, to close at N1,465.68/$1

compared to Monday's close of N1,468.99/$1.

On the parallel market, the naira remained stable at N1,440/$1, unchanged from the previous day's rate.

Transaction volumes also saw a significant increase as the daily turnover surged by 66.15 percent, reaching $268.17 million yesterday, compared to $161.41 million recorded on Monday.

Additionally, the highest spot rate observed yesterday was N1,549, while the lowest spot rate recorded was N1,401.

Analysts Reactions

Meanwhile, the CBN’s interest rate hike came amid concerns by analysts who insisted that the continuous increase could jeopardise economic growth and make bank facilities costlier.

In separate interviews with THISDAY, they expressed worry that the business environment was becoming more challenging.

Reacting to yesterday’s increase in the MPR, the Director General of NECA, Mr. Adewale-Smatt Oyerinde, said successive increase in the MPR by the MPC would continue to hurt investment decisions in the private sector.

Oyerinde, noted that cost of borrowing for investment by organised businesses had increased since March 2024, when the policy rate was raised to 24.75 per cent, arguing that the new policy rate of 26.25 per cent would further affect private investment negatively.

He averred that it was implausible to control the current high inflation by continuously raising interest rate, noting that implementing tight monetary policy stance when firms’ investment expenditure and household consumption were at the lowest ebb, “may further incapacitate

broad-based pan-Nigerian advocacy team that would move round the country to mobilise Nigerians and further popularise the agenda for a democratic constitution that could further unite Nigeria

"Therefore, after due consultations, the National Secretariat of the Patriots wishes to announce the setting up of a pan Nigerian Advocacy Team of the Patriots on the Constitution Reforms of Nigeria.

The team included Prof Anthony Kila, Chairman; Senator

production and capacity utilisation in the already challenged private sector.”

Oyerinde, argued further that given the triadic nature of relationship among interest rate, inflation rate and exchange rate, it would, “be most improbable to address inflation crisis by elevating policy rate, since exchange rate has continued to degenerate.”

According to him, the persistent high depreciation in the value of Naira would continue to feed inflation, while constraining firms’ investment and household consumption.

“Consequently, raising policy rate will further exacerbate inflationary pressure as growth in factor costs and commodity prices become unbounded,” he said.

Oyerinde, also underscored the need to nip the root cause of recent spike in inflation in the bud and attributed the defying inflationary pressure to the liberalisation of FX in the country notwithstanding that the economy is heavily import dependent.

He observed that before the total floating FX regime was implemented, the economy was better-off with inflation anchoring below 20 per cent mark.

Consequently, he urged the government to reconsider the Guided FX floating regime, which is a dynamic and flexible FX management regime and has proven to be better than the current regime.

In his contribution, Teriba, who said he was still “waiting and watching” the effects of the MPC decision on the market, “three months after they had done 600 basis points hike cumulatively, and we didn’t see much impact on the exchange rate and on inflation.”

He added: “If you hike MPR by 750 basis points cumulatively as we have done now, it raises borrowing

Shehu Sanni, Co-Chair; Hajia Bilikisu Magoro, Vice Chairman; Dr Sam Amadi, Member; Deacon Chris Iyovwaye, Member; Alhaji Shettima Yerima, Member; and Comrade Ene Obi, Member. Also on the team were Dr Otive Igbuzor, Mr Samson Itodo, Madu Bright O. Alwell, Ms Ann Kio Briggs, Mr Fafa Dan Princewill, Mr Zaka Bala, Mr Kayode Samuel, Mr Chido Onumah, Affiong L Affiong – all members and Mr Salvation Alibor, the Under Secretary.

cost, if not restrict access. So, there would be output loss; we would lose investment and lose output.

“But those who raise rates perceive these as costs worth incurring, just to achieve stability. But the problem emerges when you incur those costs and make those trade-offs and no benefit is achieved, then it is futile.

So, it remains to be seen whether this 150 basis points will have a different effect from the 600 basis points that had been done before.”

In the same vein, the CPPE described the further tightening of the monetary policy by the MPC as additional cross that investors with exposures to the banks would have to bear.

Commenting on the decision of the MPC to increase the MPR to 26.50, CEO, CPPE, Dr. Muda Yusuf, said the centre had wished that there would be a pause on further tightening of monetary conditions in the economy for a number of reasons.

Yusuf said: "First, previous rate hikes have been quite aggressive, hurting output and real sector investments. Most economic operators with credit exposures to the banks have not recovered from previous hikes. Interest rates were already around 30 per cent threshold.

"Secondly, extant CRR of 45 per cent has profound liquidity effects on the financial system. Both measures have dampening effects on financial intermediation, which is the primary role of banks in an economy.

"Thirdly, the monetary policy transmission channels are still very weak, given the level of financial inclusion in the economy. This limits the prospects of monetary policy effectiveness."

He, therefore, summed up that, "the new rate hike is an additional cross to be borne by investors who have exposures to bank credit facilities."

He added: "Naturally, a rigid

The statement added that, "The Committee will be expected to undertake advocacy visits to key stakeholders groups in country, including governors, traditional rulers, religious leaders and sectoral leaders of the Nigerian polity.”

It added that among others, they were “to seek their support and the buy-in of broad Nigerians for the renewed advocacy for a new democratic constitution for Nigeria in fostering the cohesion, stability and prosperity of Nigeria."

monetarist disposition by the Central Bank is expected. But we need to reckon with the costs to the economy." Yusuf hoped with the positive outlook for domestic refining of petroleum products, “we may begin to see a moderation in energy cost and a pass through effect on general price level.

"This is one silver lining that is on the horizon at the moment. Necessary fiscal policy support are urgently needed to compensate for the adverse impact of extreme monetarism on the economy," he said.

Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said the hike in MPR has implications for the cost of funds which has continued to rise, adding that, “This will ultimately be borne by consumers through higher prices of goods and services.”

He said, “Let's give the MPC the benefit of the doubt. Although a continuous increase of MPR, in my opinion, is not going to control inflation. It is rather going to continue to increase, as the cost of funds will rise. This will ultimately be borne by consumers through higher prices of goods and services.”

Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said, “This further increase is a clear indication of the CBN's signal to the market that it will continue to use orthodox monetary policy tools to fight inflation, even though it doesn't seem to be translating to lower inflation.

“The much-anticipated capital inflows have not returned as quickly and as voluminously as expected, and the apex bank's hawkish signaling has shown a rigid adherence to World Bank/IMF recommendations in fighting inflation, despite the continually stubborn uptick in month-on-month inflation.”

Officer, Polaris Bank, Dele Adeyinka; Convener, CIO & C-Suite Awards and CIO Club Africa, Abiola Laseinde; and Chief Executive Officer, TechPartners/Chairman, Board of Directors, CIO & C-Suite Awards and CIO Club Africa, Oluwakayode Adigun, during a press conference on the CIO & C-Suite Awards Africa in Lagos… yesterday

ACF to Tinubu: Your Policies Responsible for Nation’s Economic Hardship, Insecurity

The Arewa Consultative Forum (ACF), yesterday, told the President Bola Tinubu-led federal government that his policies were responsible for the hash economic conditions that Nigerians have been going through amid deteriorating security situation.

This was contained in a communique issued at the end of its National Executive Council (NEC) meeting, in Kaduna.

The meeting which was attended by members of the forum across the 19 northern states, was presided over by the chairman of the forum, Mr. Mamman Osuman, a Senior Advocate of Nigeria (SAN).

In the communique signed by the spokesperson of the forum, Prof. Tukur Muhammad-Baba, ACF noted that, "The times continue to be tough and challenging for the average citizen who is daily confronted with runaway inflation, unemployment, rapid

deterioration in standards of living in the face of incidents of insurgency, terrorism and banditry, etc."

The forum lamented that "the problems have remained dire, acute or even chronic in some places in the North in particular.

"The immediate causes of the problems have been policies put in place by government over the past months, including but not confined to removal of subsidies from the prices of petroleum products, floating of the naira, and astronomical hike in the cost of poorly supplied electricity, increasing tariffs and taxes against the seemingly insensitive profligacy in spendings by public officials, to list a few."

The forum, however, acknowledged efforts by the federal, state and, to a little extent, local governments to tackle the problems, but said "public policy response to the problems remains weak and ineffective at best."

The communique expressed "grave

concern, regrets and decries the continuing, deterioration or escalation in the spate of insecurity-related incidents in all three."

The communique warned that the problems were harbingers of citizens' discontent and social chaos if not addressed.

It said further that the ACF was equallly worried about the "widening regional disparities in social demographic factors, such as access to education, health public, infrastructure, economic inclusion, political participation, living conditions, etc."

The communique called on the government to curb such disparities so as to ensure that "Nigeria does not become two-states-in-one. Factors that unify rather than divide citizens along any lines should attract the attention of all concerned, government and citizens alike.

"As it has severally reiterated in recent public outings, ACF calls for

Kano Assembly Set to Amend Emirate Council Laws

The Kano State House of Assembly has concluded plans to recall the State's Emirate Council Law 2019 and Kano State Emirate amendment law 2023 for amendment.

Majority Leader of the House, Lawal Chediyar Yangurasa, and a member representing Dala Constituency, sought the approval of the lawmakers to recall the laws for amendment.

Yangurasa moved a motion of

Segun James

A former Deputy National Chairman of the People's Democratic Party (PDP), Chief Olabode George, yesterday, said the decision by the Lagos State Government to appropriate the land of residents, who suffered a recent fire disaster at Dosunmu area of Lagos Island as wrong, saying he was ready to fight their cause.

George, who made an on-the-spot assessment of the scene of the fire incident, said government's decision amounted to a double jeopardy for the people, who not only lost good worth several several billions of naira

urgent public importance and interest during yesterday’s plenary session, presided over by the Speaker, Jibril Isma’il Falgore.

The law was first amended in 2019 amidst tensions between the then Governor Abdullahi Umar Ganduje and Emir Muhammadu Sunusi II.

Member representing Dawakin Kudu Constituency, Shu’aibu Rabi’u, seconded the motion.

The 2019 amendment led to the fragmentation of the Kano Emirate into five distinct emirates, namely

Rano, Karaye, Gaya, and Bichi, with the appointment of First Class Emirs for these newly-established regions.

The division of the Emirate ultimately resulted in the deposition of Emir Sanusi.

The move by the Assembly came in the wake of speculations making rounds in the state on whether or not the present administration of Governor Abba Yusuf would reverse the fragmentation of the old Kano Emirate and return it to the status quo.

urgent action and definitive attention, by government at all levels, to confront rapid decline in living conditions of citizens.

"The addition of new taxes and levies becoming increasingly burdensome too heavy to bear for ordinary Nigerians. The need for a roll out of public policy programmes and projects aimed at addressing

low purchasing power challenges is clearly indicated.

"ACF calls on citizens to rally around government and offer prayers for God Almighty's intervention in our various tribulations such as will translate into a new, prosperous Nigeria where justice, equity, love, righteousness and hope emerge to replace the current despair and hopelessness.”

To inspire the spirit of needed sacrifices by citizens, ACF called on public functionaries to shun profligacy and recklessness in spending of public funds.

The communique declared support to security agencies in their efforts to rid the country of criminal elements and ensure stability.

Police Equipment: Again, Court Exonerates Martins, Others from Alleged Wrongdoings

Dismisses EFCC's N7bn fraud charge

Alex Enumah in Abuja

A High Court of the Federal Capital Territory (FCT), has again freed Lagos businessman, Kenny Martins, and three others from corruption and fraud allegations regarding the Police Equipment Foundation (PEP).

The court presided over by Justice Modupe Osho-Adebiyi subsequently dismissed the N7.74 billion fraud suit brought against them by the Economic and Financial Crimes Commission (EFCC).

It is the second time the suit would be dismissed by a High Court of the FCT, having been dismissed earlier in 2009 by Justice Abubakar Talba.

In her judgement delivered yesterday, Justice Osho-Adebiyi dismissed the suit filed in 2018, for being frivolous and lacking merit.

According to the judgement, the prosecution failed in all ramifications to adduce cogent and verifiable evidence that the N7.74 billion naira was misappropriated as alleged in the three-count charge.

Osho-Adebiyi also held that the

anti-graft agency failed to establish how the sum of N774 million and another N50 million retained by the defendants as their 10 percent commission from the money generated through the Police Equipment Foundation (PEF) for Police amounted to fraud in the face of a clear Memorandum of Understanding (MoU) to the effect by the federal government.

In addition, the court held that the EFCC did not establish how the removal of the ten percent commission from one of the bank accounts of the Police Equipment Foundation amounted to breach of trust when there was no specific order in the MoU on which of the accounts the commission should be deducted.

The EFCC had arraigned Kenny Martins, Ibrahim Dumuje, Yero Gella and Nigerstalg on a 3-count charge bordering on conspiracy, criminal breach of trust, criminal diversion of N7.74 billion to personal use and forgery of documents.

The defendants, however, denied the charges which led to full blown trial during which EFCC called

four witnesses to establish its fraud allegations and also tendered various documents as exhibits.

But the defendants through their lawyers, Joel Bankole Akomolafe, SAN and Johnny Ucheaga, narrated how they initiated Police Equipment Fund which transformed into Police Equipment Foundation and a MoU freely entered with the federal government on how to raise initial N100bn donation to equip police for effective performance.

Akomolafe, on behalf of his clients, also narrated how several billions of naira were raised through the efforts of the defendants and how the generated fund was used to purchase several hundreds of vehicles from Coscharis Motors based on government directives.

The senior lawyer also listed how the vehicles were distributed to Police, Nigerian Army, Civil Defence, Customs, and the EFCC among others at a public function in Abuja attended by the then Vice President of the Federal Republic of Nigeria, Dr Goodluck Jonathan and top rank Security Chiefs.

to also lose their land.

He urged Governor Babajide Sanwo-Olu to urgently intervene by compensating them in order to ameliorate their plight.

The PDP chieftain, who was in company of other party leaders, made the charge while addressing the market men and women at the scene of the disaster.

George thanked the marketers for their patience, saying their efforts would not be in vain.

"I praise you for being patient. I was not around when the fire incident happened. I want to assure you that I will be committed to your cause. This is my area, this is where I grew up.

"I will fight like a wounded lion, Government should make life comfortable for the people. I assure you, I will take it up. I will lead the fight for you.

“You shall reap the fruits of your labour. The government needs to be here and map out this place and decide what is best for you," he said.

No fewer than 14 buildings were gutted by fire, and four structures collapsed as a result of the incident. The fire was reportedly caused by the careless refuelling of a generator in the penthouse of one of the buildings. Sanwo-Olu had ordered the closure of the market after visiting the place.

Chuks Okocha in Abuja

Presidential candidate of the Labour Party (LP) in the 2023general election, Peter Obi, yesterday, paid an unscheduled solidarity visit to the Labour Party headquarters in Utako in Abuja

But the private visit by Obi was turned into a jamboree by supporters of the Julius Abure-led National Working Committee of the party.

Obi, on arrival at the party headquarters, went straight into a meeting with the Abure-led leadership, but he did not address the supporters after the meeting.

However, from the banners, drumming and singing by the various cultural groups representing major ethic groups, the gathering was a solidarity match in support of Abure.

In a statement by the National Publicity Secretary, Obiora Ifoh, he confirmed the visit by Obi.

"The party's National Leader, who also endorsed the newly elected National Working Committee of Labour Party led by Barrister Julius Abure urged aggrieved party members to put the survival of Nigerians and Nigeria first above all other interests," he said.

According to the spokesman of

the party, Obi noted that Nigerians were passing through difficult times with many unable to afford the basic necessities of life.

"How to survive this challenge should be uppermost in the mind of well meaning Nigerians and not the next election, "he quoted Obi as saying. He explained that politicians were quick to think about elections rather than governance, which entailed making life better for citizens. Addressing the mammoth crowd of party supporters, Obi assured them that he would work with the leadership to ensure LP retained its leadership position in the FCT.

Ahmad Sorondinki in Kano

John Shiklam in Kaduna

L-R: Chairperson, Bonds Workgroup, FMDA, Adetokunbo Uko; Director-General, Debt Management Office (DMO), Patience Oniha; and President, Financial Market Dealers Association, Mrs Nadia Zakari at an interactive session between the DMO and the Primary Dealers Market Makers for FGN Bonds at Continental Hotel, Lagos....yesterday

THE DUKE’S CULTURAL ECONOMIC SUMMIT…

L-R: Founder/Director, Lead Capital Plc, Prince Abimbola Olashore;Miss Adebola Olashore and the 14th Emir of Kano, Khalifa Sanusi Lamido Sanusi,at the Duke’s Cultural Economic Summit in London…recently

Police Rescue Two-year-old Child, 11 Market Women Abducted in Kwara

Hammed Shittu in Ilorin

A two-year-old child was among the 12 people rescued from the kidnappers by the combined team of security men in Kwara State on Monday.

The 11 market women, who went to trade at Oke-Ode market in Ifelodun Local Government

Area of the state last week Wednesday were waylaid and abducted around Oyi bridge in Yaaru/Olayinka village by some kidnappers along Ajase-ipo/OkeOde road between 6.00 p.m and 7.00p.m while they were returning from the market.

The traders, according to sources, were from Offa, Yaaru in Kwara

Police Burst Internet Fraud Syndicate

George Okoh in Makurdi

Operatives of the Benue Police command have burst an Internet fraud syndicate and recovered several items.

The Commissioner of Police in the state, Hassan Yabanet, disclosed this yesterday as he paraded 35 suspects arrested for various offences.

The police boss said that a detachment of detectives was detailed to ascertain the fraud syndicate which is located at Jerome Hwande Street, Ankpa Quarters, Makurdi.

He said: “Police detectives were detailed to investigate the case. On

14/5/2024 at about 0600hrs, the following suspects were arrested at the house; one Terpase Luke Denmodi ‘m’ 23years and Avalumun Ayangekaa Dominic ‘m’ 24years.

CP listed items recovered from them to include: seven HP laptops, one Apple note, one Cannon printer, 15 notes of Ghana cedis, two international passports, and assorted clothes among other items.

The police boss added that the investigation revealed that suspected internet fraudsters who have many social media handles on their phone use them to defraud people of their money.

PTDF Shortlists 606

Bauchi

Candidates to Study Abroad

Segun Awofadeji in Bauchi

The Petroleum Technology Development Fund (PTDF) has shortlisted no fewer than 606 candidates in Bauchi State to study their doctorate and master degree abroad.

Speaking during the screening and physical verification exercise of the shortlisted candidates held at the Abubakar Tafawa Balewa University (ATBU), Yelwa campus, Bauchi yesterday, the Head of Overseas Scholarship, Petroleum Technology Development Fund (PTDF), Alhaji

Abdullahi Fari, disclosed that the shortlisted candidates are solely those in oil and gas or renewable energy related programmes.

Speaking on the criteria used in selecting the candidates, he said they looked at their O’level certificate, first degree, adding that they also looked at the second degree of candidates going for doctorate.

Fari explained that PTDF also looked at how competent the candidates are in defending their proposals, hence the resolve to invite panelists.

NGO Treats 57 VVF Patients in Sokoto

An international non-governmental organization(NGO), Engender Health, in collaboration with its partners has successfully treated 57 women suffering from Vesico Virgina Fistula (VVF) through surgical repair conducted in seven local government areas of Sokoto State with 85 percent successes.

The country representative, Dr. Kabiru Atta, made the disclosure at the stakeholders’ scaling and sustainability meeting at Dankani hotel, Sokoto.

Represented by Mr Stanley

Ossai , Dr Atta explained that Engender Health in collaboration with Momentum and United Agency For International Development (USAID) are working assiduously for safe surgery in Family Planning and Obstetrics.

He noted that Nigeria is among the countries with a high rate of VVF, which is mainly caused by long labour and complications during childbirth, stating that the organisation workers alongside communities, partners and governments support surgical obstetrics care.

state and Ikirun in Osun state.

Police Public Relations Officer (PPRO), Kwara Police Command, DSP Ejire Adeyemi-Toun, who

confirmed the rescue operation yesterday to journalists in Ilorin, said that 12 people including a two-year-old child were rescued

by the security team.

Adeyemi-Toun said: “11 market women and a two-year-old child were rescued by the security team

who combed the forest in search of the kidnapped victims. All the victims have been rescued and released to their families.

EFCC Seeks Synergy with Journalists to Curb Criminality in Edo, Delta, Ondo

Sylvester Idowu in Warri

The Economic and Financial Crimes Commission (EFCC), has sought collaboration with journalists in the fight against crime and criminality in Edo, Delta and Ondo States.

Acting Zonal Director of EFCC in charge of Edo, Delta and Ondo States, Mr. Effa Okim, sought the cooperation of journalists

yesterday when he led a team of his management team on a courtesy call to the Warri Correspondent’s Chapel of the Nigeria Union of Journalists (NUJ) in Warri.

Okim said that the fight against economic crimes and criminality could not be left alone in the hands of the EFCC because it needed the collaboration of all Nigerians, including members of the press,

to be successful. He observed that the society would not be comfortable for all to live if everyone folds his arms and allow crime and criminality to strive.

According to him, many youths now engage in crime with impunity since nobody checks them, noting that many parents, instead of discouraging their wards who may possess some property when they were not working to have such, encourage them thereby promoting more crime in the society.

The acting zonal director of EFCC said that henceforth it is not only those who engage in crime and criminality that would be arrested and prosecuted but those who aid and abet crime in the society.

Boundary Disputes: Ekiti Meets Residents of Border Towns, Warns against Bloodshed

Gbenga Sodeinde in ado Ekiti

To avert violence that could culminate in bloodshed in border towns and ensure speedy resolution of inter- state boundary tussles, the Ekiti State Government has warned towns sharing boundaries with other states against taking laws into their hands.

David-Chyddy Eleke in awka

The Ekiti State Deputy Governor, Chief Monisade Afuye, gave the warning yesterday while interacting with stakeholders from Ogotun Ekiti and Efon Alaaye over raging land crises they had with their neighbours in Ikeji Ile, Ikeji Arakeji and Erinmo in Osun State.

This admonition came barely five days a boundary bedlam between Eda Oniyo Ekiti and Obbo Ayegunle in Kwara escalated resulting in the killing of a 32-year-old man, Bayo Agbetoke.

Harping on the expediency of peace during the parley, Mrs. Afuye, according to a statement issued by her Special Assistant on Media, Victor Ogunje, said peace building was in consonance with the policy of Governor Biodun Oyebanji’s government, saying no state can develop while experiencing turmoil.

Ozigbo: Soludo Using Local Govt Funds to Run His Political Structure

Ozigbo, in a statement he shared on his verified X handle, condemned the governor for not conducting local government election despite openly pledging to do so during the 2021 electioneering in the state.

Former Peoples Democratic Party(PDP)’s governorship candidate in Anambra State, Mr. Valentine Ozigbo, has accused Anambra state governor, Professor Chukwuma Soludo, of using funds accruing to local government councils to run his political structure.

He said: “Contrary to section 7(1) of the 1999 constitution, Prof. Soludo has opted to recruit his cronies and political foot soldiers to administer the local government areas.

“This allows him to utilise funds allocated to these areas to support his political structures

Coastal Road: Okun-Ajah Community Calls on

The people and residents of the larger part of Okun-Ajah community in Eti-Osa Local Government Area of Lagos State have decried what they described as an attempt by some elements

in the community, including the Baale, to pressurise the Minister of Works, David Umahi, to move the already signed Lagos-Calabar coastal road alignment to their part of the community based on fallacies.

They have, therefore, called on President Bola Tinubu and the state

Governor, Babajide Sanwo-Olu, to come to their aid over the road alignment matter.

In a statement made available to THISDAY yesterday, the people alleged that some agitators, who visited the federal controller of works for Lagos State recently,

believing that will help him secure his re-election.

“During his inaugural speech, the Governor of Anambra, Prof. Soludo, promised to conduct local government elections within two years. He had even pledged to do so immediately during his campaign.

noted that the present alignment will cause the demolition of 2,000 houses, a claim that is utterly false. According to the statement, “In the matter of fact, the alignment as it presently stands defines the Coastal Road project as it passes by the coastal area as it should be.

APC Youth Movement Denounces Political Tribalism, Restate Support for Ododo

Ibrahim Oyewale in Lokoja

Piqued by the political menace which has been left as legacy for the youths by politicians who harped on ethnic tribalism and bigotry, a group, the Kogi East APC Youths Movement has roundly denounced the ethic

divisive tendencies in the state.

The group also drumed supports for the Governor of Kogi State, Usman Ododo, “for his visionary and quality leadership in the past few months as the governor of the state.”

The spokesman of the Kogi East APC Movement, Mr. Promise

Emmanuel, while addressing journalists in Lokoja yesterday, decried the discerning ethnicity in all its ramifications.

According to him, “Firstly as APC youths with fundamental rights of association and political participation, we would like reiterate our support for the All

Progressives Congress (APC) as our party.

“We would also like to reconfirm our unalloyed loyalty to the Governor of the state, Usman Ododo, who rode on the party as a political vehicle to ascend to the position of the constituted authority to lead the state.

Media Practitioners Tasked on Positive Use of AI for Quality Reporting

The Catholic Media Practitioners Association of Nigeria (CAMPAN) of the Catholic Diocese of Abeokuta recently marked this year’s 58th edition of World Communications Day at the cathedral of SS Peter and Paul, Itesi, Adatan Road,

Abeokuta, Ogun State with the Catholic Bishop in the Diocese, Most Rev. Dr. Peter Olukayode Odetoyinbo, enjoining media practitioners to be on top of their games in accurate news reporting.

The annual event started with

a thanksgiving Mass celebrated by His lordship, Bishop Most Revd Dr Peter Odetoyinbo. His sermon centred on this year’s theme, “Artificial Intelligence and the Wisdom of the Heart: Towards a Fully Human Communication.”

He reminded Catholic media

practitioners of the mandate from the Holy Father and church, urging them to make good use of technological advancement of today’s world of artificial intelligence to propagate man’s co-creating nature without losing the wisdom of the heart.

Onuminya Innocent in Sokoto

Sunday Okobi

Forest Trigger Ola Aina’s Contract Extension

Femi Solaja

Following his brilliant performance in the just ended season, Nottingham Forest, yesterday announced another year extension of Super Eagles’ wing-back, Ola Aina to be with the club next season.

TRANSFER NEWS

Aina, was an integral part of Nigeria’s silver-winning team at the AFCON 2023 last February. He also played a major role in Forest’s last-gasp escape from relegation in the just concluded season.

Since joining the club on a free transfer last summer, the Nigerian international has made 22 appearances for the two-time European champions, showcasing his versatility and tenacity on either side of the defence.

One of the highlights of Aina's season was scoring his first goal

for Forest in a 2-0 home win over Aston Villa, a moment that will undoubtedly remain etched in his memory.

Additionally, his impressive form on the pitch has been complemented by his success on the international stage, where he helped Nigeria reach the final of the Africa Cup of Nations and was subsequently named in the Team of the Tournament.

Expressing his delight at the contract extension, Ola Aina told the club's official website, "I've been really happy with my time spent here at Forest, and the fans have been great. I'm looking forward to seeing what the future holds."

Chief Football Officer, Ross Wilson, also shared his thoughts on the extension, saying, "Since Ola joined the club last summer, he has impressed all of us with his performances both on the pitch and also with the positive personality

that he brings to the group every day. We are delighted that he will move forward with us."

The Cobham product previously featured for Italian Serie A side Torino where he racked up 113 appearances in all competitions for the Maroons.

Yesterday, Nottingham Forest released three players, few days after securing their Premier League survival.

The Nottingham club were handed a four-point deduction in March for breaches of Premier League

Profit and Sustainability Rules (PSR), and their appeal against the sanction was rejected earlier this month. Now that the season has wrapped up, Forest has confirmed the release of three first team players.

Felipe, Cheikhou Kouyate and Wayne Hennessey will depart the club upon the expiration of their contracts this summer.

The trio joined the club during their first season back in the top flight in 2022-23, which saw them finish four points above the relegation zone.

The Troost Ekong Foundation has announced a partnership to have Propel Sports Africa as its official broadcast streaming partner.

In a statement the foundation floated by the Super Eagles captain, William Troost Ekong said, "The Troost Ekong Foundation is pleased to announce a collaborative partnership with Propel Sports Africa, a leading sports media company.

This partnership will see Propel Sports Africa, along with its affiliate African Sport Network (ASN), become the official streaming and broadcast partner for the Troost Ekong Foundation activities and event".

Ekong personally expressed his enthusiasm for the partnership, saying, "I have been incredibly impressed by Propel Sport’s NPFL Live streaming platform.

The ability for Nigerians, both domestically and abroad, to easily access their own top league through NPFL live and ASN represents a significant step forward for Nigerian football fans. This aligns perfectly with the Troost Ekong Foundation's mission of providing a platform and educational opportunities for aspiring young Nigerian footballers."

The Troost Ekong Foundation

will officially be launched on June 2nd at the Godswill Akpabio Stadium in Uyo with a celebrity football game, kicking off at 4:00 PM.

The event will feature current and former Super Eagles players, along with appearances by various celebrities.

"This exciting game will be produced by Propel Sports Africa and streamed live in Nigeria on the NPFL live platform and globally on the African Sports Network.

William Troost-Ekong has also agreed to explore possibilities of working with the Propel Sports Africa team in encouraging the worldwide streaming of NPFL matches", the statement added.

"This partnership perfectly embodies our reasons for entering the Nigerian market," said Basil Kabbani, Chairman of Propel Sports Africa. "We are dedicated to supporting Nigerian youth, and aligning with William and his foundation represents an ideal opportunity to achieve this goal."

Propel Sports Africa holds the broadcast streaming rights to matches of the Nigeria Premier Football League (NPFL) with 10 cameras deployed across the 20 NPFL venues.

Boniface, Lookman Clash as Leverkusen, Atalanta Battle for Europa Glory

Chelsea manager Mauricio Pochettino has left the club by mutual consent after one season at Stamford Bridge. Pochettino, 52, took charge of Chelsea on 1 July, signing a two-year contract with the option of a further 12 months.

The Argentine was under pressure after an underwhelming first half of the season but a run of five successive wins to end the season ensured they finished sixth in the Premier League.

Chelsea were also runners-up in

Cristiano Ronaldo is set to play in his 11th major international tournament, having been named in the Portugal squad for Euro 2024. The 39-year-old Al-Nassr forward is the most capped player in international football history, with 206 appearances for Portugal and 128 goals.

Portugal boss Roberto Martinez included Ronaldo as one of seven

the Carabao Cup and reached the semi-finals of the FA Cup.

"Thank you to the Chelsea ownership group and sporting directors for the opportunity," Pochettino said.

"The club is now well positioned to keep moving forward in the Premier League and Europe in the years to come."

Chelsea will now search for a successor and have expressed recent interest in Ipswich manager Kieran McKenna, Sporting’s Ruben Amorim and Burnley’s Vincent Kompany.

forward players in his 26-man squad for next month's tournament in MartinezGermany. said at a news conference that Ronaldo continued to offer "a quality in front of goal which we greatly appreciate and which we need".

Ronaldo made his tournament debut at Euro 2004 when Portugal reached the final on home soil, but lost to Greece.

Nigerian forwards, Victor Boniface and Nathan Tella, will hope to add to their recent Bundesliga triumph with Bayer Leverkusen today when their side take on compatriot, Ademola Lookman’s Atalanta in the Europa League final. The match will be broadcast on GOtv on channel 61 at 8pm live.

Xabi Alonso’s men are on the hunt for the club’s second Europa League title as they bid to complete a historic unbeaten treble.

However, they will have to overcome a fluid attacking Atalanta side that knocked Liverpool out of the competition.

The Germans overturned a twogoal deficit against Roma to secure a 2-2 draw in the second leg of their semi-final clash after Leandro Paredes’ brace had given the visitors a chance to crawl back into the tie.

But Gianluca Mancini’s own goal swung the tie in Leverkusen’s favour, before Croatia defender, Josip Stanisic’s late equaliser sealed the team’s place in the final on a 4-2 aggregate score.

“We're happy to be in the final. We'll play two finals in a week as a result. We showed great character today after their second goal. I looked my players in the eye afterwards and saw that they wanted more. We still have the chance to win three titles. And my boys deserve all three

titles,” Alonso told the media after the match last week.

Nigerian forward, Lookman, was on the scoresheet when Atalanta defeated Marseille 3-0 in the second leg of their Europa League semi-final clash as the team booked their first European final appearance with a 4-1 aggregate score. Gian Piero Gasperini is hoping to win his first managerial trophy while also leading his exciting

Italian side to European history.

"It's a historic achievement for us, we also celebrated after Liverpool, after Sporting, rightly so. But we know very well that it's not over.

Now we have several important games to play and we will have time to think about Leverkusen," Gasperini told the media after the team’s victory over Marseille.

and

an undefeated

side currently under the tutelage of Alonso, a Champions League

with Liverpool and Real Madrid.

The last time the two sides met was in the Last 16 of the 2021/22 Europa League season when Gasperini’s

Basketball Africa League Lists Adekunle Gold for Tip off Show in Kigali

The Basketball Africa League (BAL) has announced the lineup of artists and entertainers who will headline the entertainment at the BK Arena when the BAL Playoffs & Finals tips off on Friday in Kigali, Rwanda. Nigeria’s global superstar Adekunle Gold will grace the stage alongside some of Rwanda’s hit makers including The Ben, Juno Kizigenza, Alyn Sano, Chris Eazy and more!

The Fan Zone, situated at BK Arena parking lot, will be open to fans on game days from 2:00 p.m. to 9.30 p.m. CAT and during weekends from 3 p.m. to 10:30 p.m. CAT.

The Fan Zone will offer a range of activities for both the young and adults, including 3-on-3 basketball games, food trucks, a photo booth, and music by DJ Loft and DJ Kim. The Playoffs & Finals fan in-arena experience will feature pre-game and halftime performances by music artists, dancers, drummers, and dunk teams. Fans can expect some of the biggest Rwandan artists on stage and curated music experience from some of the city’s hottest such as DJ Sonia & Hottempah Collective and an international DJ, Fully Focus (Kenya).

Starting May 24, every game will showcase diverse performers catering to all age groups; Adekunle Gold, Juno Kizigenza, Alyn Sano & Chris Eazy will perform during the opening weekend. Kivumbi King, Ariel Wayz & The Ben will close the Finals with halftime performances during the closing weekend May 31 – June 1, 2024. According to BAL.NBA.com, tickets are already on sale at BAL. NBA.com and TiCQet.com.

Victor Boniface (left) will be at war with Ademola Lookman’s Atalanta in the Europa League final tonight in Dublin

side defeated Leverkusen 4-2 aggregate score after securing a 3-2 victory home

then following it up with a 0-1 defeat away from home. The Italians will be hoping to repeat the feat against

Leverkusen

winner

MISSILE

Jonathan to Governor Fubara, Wike

“There is this common saying that when two elephants fight, the grass suffers. Both the governor and the minister...are powerful, and if you continue to fight, Rivers people will suffer. We don’t, want the Rivers people to suffer. In this case of Rivers, Minister Nyesom Wike and Governor Siminalayi Fubara must work together for the development of the land and the people of Rivers State. The tension will not help us” --FormerPresident GoodluckJonathan,warnsthattheirquarrelcouldsinkintoregionalandnationalcrisis.

ERICTENIOLA

The Importance of Economic Intelligence

During the era of General Sani Abacha GCFR (20 September 1943 – 8 June 1998), there was the National Economic Intelligence Committee (NEIC). The committee had its office at the seventh floor of the Federal Secretariat, Abuja. The committee was a co-pilot in the execution of economic policies for the country. The committee’s work was later inherited by General Abdusalam Abubakar GCFR (81) following the death of General Sani Abacha and then by President Olusegun Obasanjo GCFR (87) in May 1999.

The committee was established by Decree 17 of February 1994. It was headed by Professor Samuel Adepoju Aluko (August 18, 1929 – February 7, 2012) from Ode in Ekiti state. Professor Aluko played advisory to Chief Obafemi Awolowo (6 March 1909-9 May 1987), Chief Adekunle Ajasin (28 November 1908 – 3 October 1997), General Yakubu Gowon GCFR (89) and General Sani Abacha GCFR (20 September 1943 – 8 June 1998). He was very close to Ikemmba of Nnewi, Chief Odumegwu Ojukwu (4 November 1933 – 26 November 2011), before, during and after the civil war.

The first military coup and the events that led to the civil war met him in Eastern Nigeria and it was at that time that he formed a personal friendship with the secessionist leader, Chief Odumegwu Ojukwu.

In fact he advised Chief Ojukwu to go into exile to Cote Ivoire instead of Togo or Tanzania or France.

In one of his interviews with THE SUN Newspaper before he died, Professor Aluko explained that Chief Ojukwu did not fully understand the average Igbo mind since he did not visit the Old Eastern Region until General Aguisi Ironsi GCFR (3 March 1924- 29 July 1966)appointed him the Military Governor of the Eastern Region in January 1966.

Those within government will attest that the bond between Professor Aluko and General Sani Abacha helped tremendously in the creation of Ekiti state on October 1, 1996. Instead of flying to Abuja via Akure or Ibadan or Lagos while serving as NEIC Chairman, Professor Aluko would drive in his Peugeot 504 station wagon car from Ode in Ekiti state most often carrying plantain from his farm during weekends.

Alhaji Lawal Garuba, a friend, the son of a Muslim Scholar in Kano and a businessman, is never tired of telling anyone how Professor Aluko took him to General Sani Abacha to seek for a favour even at the detriment of General Sani Abacha’s close friend, Alhaji Dan Kabo.

He was a down to earth man, who practiced what he preached. He never spared anyone if you are on the wrong route no matter who you are, even if you are his first son, Professor Mobolaji Ebenezer Aluko (69), the pioneer Vice Chancellor of the Federal University, Otueke, Bayelsa State from 2011 to 2016. Professor Aluko’s brand of economic policy was critical of ostentatious government spending. When he returned from London, he became an informal adviser to the Action Group. He was appointed to head its austerity committee which was set up to find ways to save money. The committee recommended the slashing of allowances provided to ministers and political office holders, an idea that was not well supported by some of the political class within theInparty.1962, Professor Aluko was approached to serve as the regional economic adviser of the Western region. His salary was to be £2,942, at that time, he was a lecturer at University of Ife, now Obafemi Awolowo University earning an annual wage of £1000. He accepted the offer on the condition that his new salary be reduced to the level he was paid at Ife stating that he will not be more productive at the new job than what he was doing at Ife. But this condition was rejected by the government.

While Professor Aluko was at Ile-Ife, he was a member of an informal advisory committee of AG, along with Professor Wole Soyinka (89), Professor Victor Oyenuga (April 9, 1917 – April 10, 2010), Dr Odumosu and a couple of other lecturers. This group were strongly in favor of an idealistic party, a democratic socialist party that believed in curbing

executive excesses, the advisory group also split with some members of the political class in terms how to engage with the national government and branching out of the Western region. Chief Obafemi Awolowo positively received some of the recommendations of this group but his deputy, Chief Samuel Ladoke Akintola who was now premier of the region did not like most of the recommended policies.

In 1965, when Professor Saburi Biobaku (1918–2001), the deputy Vice-Chancellor of UNIFE advised all lecturers to support the party of the day, which was NNDP, a splinter group of the Action Group led by Chief Samuel Akintola, Professor Aluko sided with Awolowo’s side of the Action Group who were receptive of the recommendations offered by the Ife group. Professor Aluko offered to resign and gave a 3 month notice, the resignation was accepted immediately and he was ordered to vacate official premises as soon as possible, he left the university and joined the economics department of University of Nigeria, Nsukka.

Before the January 1966 coup, Professor Aluko addressing a youth conference had tasked the youths to be less tribal and engage with one another to unite the Professorregions.Aluko’s views on economic growth and public finance was less elitist and was to approach decision making by using the federal, state and local government institutions as an instrument of growing the national economy. Professor Aluko’s view was drawing funds through higher rates of taxation and tracking tax defaulters to generate government income.

In interviews, columns and public lectures, Professor Aluko supported measures to increase workers productivity through better supervision and cutting of waste such as subsidized rent and allowances to government employees. These measures are capable of increasing government revenues that could fund policies to reduce unemployment and rural development.

As oil production increased in Nigeria in the 1970s, Professor Aluko was still inclined to support the thought that the state can be an engine of industrialization through funding of technical education, agriculture extension and infrastructural development. With a technical literate populace, the adoption and local reproduction of technology will be feasible. In addition, introducing mechanized farming will increase the income level of commercial farmers and the taxable income of government.

Professor Aluko’s support for mechanized farming meant balanced assistance to surplus producing commercial farmers and technical and educational assistance to small scale farmers to become surplus producing farmers. Small scale subsistence farmers who mostly live in the rural areas will use some the additional income to buy more affordable productive instruments. A strong believer in planning, it became

important in agricultural planning for the development of a locally initiated agriculture instruments industries to save foreign exchange and produce affordable instruments for small scale farmers.

During General Ibrahim Babangida’s administration, Professor Aluko still steadfastly held on to the thought that the tiers of government had a major role to play in developing the economy. He was critical of the liberalization prescriptions of the structural adjustment programme adopted by the government.

Professor Aluko’s trouble with Structural Adjust- ment Programme also extended to the multilateral institutions who made the recommendations and the Nigerian economists who followed the dictates of Western capitalist thought. Professor Aluko faulted the benefits of free market currency devaluation and high interest rates that came after the programme was implemented.

Professor Aluko married his wife, Joyce Amomogha (September 20, 1934- March 5 2021) from Ekpoma in Esan West local government area of Edo state on valentine’s day in 1955. He had his education at Christ’s Secondary School, Ado Ekiti, 1942-1945, London School of Economics and Political Science, University of London, 1955-1959; lecturer, Nigerian College of Arts, Science and Technology, Ibadan, 1959-1962, lecturer, University of Ife,Ile- Ife, 1962-1964, senior lecturer and head, Department of Economics, University of Nigeria, Nsukka, 1964-1966, reader in Economics, 1966-67, dean, Faculty of Social Science, University of Ife, 1968-1970, chairman, College of Humanities, University of Ife, 1972-1973, appointed Professor and head, Department of Economics, University of Ife, Nigeria, 1967; member, International Economic Association, member, American Economic Association, member, Royal Economic Society, member, International Association of Agricultural Economists, member, Nigerian Economic Society, member, World Council of Churches Advisory Committee on Technical Services; chairman, Election Planning Committee, Action Group Party, Nigeria, 1964-1968.

While serving as Chairman of National Economic Intelligence Committee (NEIC), we often met in the elevator of the Federal Secretariat in Abuja, since I worked on the eleventh floor at the office of the Secretary of the Government of the Federation. General Sani Abacha made him a member of the Federal Executive Council and always differed to him on Economic issues during council deliberations.

Other members of the committee were Brig-Gen. G.A. Mohammed, a Quantity Surveyor from Borno State who was the Secretary. The rest were Dr. Haroun Adamu (Bauchi), Dr. Dalhatu Araf (Nassarawa), Alhaji Umaru Audi (Niger) , Alhaji Musa Bello (Adamawa), Alhaji U.K. Bello (Kebbi), Mr. Walter Ekwensi (Imo), Barrister Eugene Madu (Anambra), Princess (Mrs.) A.O. Oguneye (Ekiti), Dr. Ode Ojowu (Benue), Mr. Babatunde Sangokunle (Ogun), Alhaji Nasiru Maitama Sule (Kano), Comrade Godwin Uluocha (Abia)

In November 1995, Mr. Walter Ekwensi died and was replaced by Mr. Donald Duke, a Barrister, from Cross-River State.

In December 1997, the Secretary, Major-General Garba Ali Mohammed was appointed the Minister of Works and Housing and in August 1998, Princess (Mrs.) A.O. Oguneye was appointed the Minister of State for Federal Capital Territory, Abuja. In March 1999, Dr. Haroun Adamu was appointed Member/Secretary of the Presidential Policy Advisory Committee (PPAC) by the President-Elect, General Olusegun Obasanjo. Barrister Donald Duke was elected Governor of Cross River State in January, 1999. Both Barrister Donald Duke and Dr. Haroun Adamu resigned their appointments from NEIC as a result of their new positions.

When the committee was formed in 1994, the following were part of the committee’s responsibilities: Functions of the Committee

Notwithstanding the provisions of subsection (2) of section 1 of this Act, the Committee shall(a) analyse the annual budget and extract all economic measures requiring enforcement; (b) work out details on the method of enforcing implementation of the annual budget;

(c) analyse the monetary guidelines issued by the Central Bank of Nigeria (in this Act referred to as “the Bank”) and monitor the implementation of all the measures enumerated therein;

(d) monitor and identify factors inhibiting the realisation of set revenue targets such as tax evasion by individuals or association of individuals, and bodies corporate in the private and public sectors of the economy; (e) enforce the implementation of existing tax legislation; (f) assess the report on any project being carried out by the Federal Government and confirm that funds released for Federal Government projects are judiciously utilised;

(g) monitor and report to the Federal Government, on quarterly basis, the inflationary rate, the consumer price index and such other growth indices on output, liquidity and cost of funds, transportation costs, fuel prices and other related tariffs;(h) recommend any increase or decrease of price on manufactured goods;(i) monitor the supply and demand of forex, the gap and factors affecting the markets sales and indicated rates, use of forex and operation of the market; (j) consider any issue appropriate and relevant to the subject of revenue collection; (k) give a situation report of all its activities on quarterly basis to the Federal Government; (l) ensure that any defaulter of any of the issues mentioned above or any other matter related thereto is brought before the Federal High Court; and (m) consider such other matters as may be referred to it from time to time by the President.

5. Powers of the Committee

The Committee shall have power to- (a) invite any person, group of persons or body corporate to appear before it; (b) call for memoranda from any person, association of individuals or bodies corporate, whether public or private; (c) ask for copies of reports, audited accounts or such other information as may be required for the purposes of the Committee and in whatever manner if deems fit from any person or association of individuals and body corporate whether public or private; (d) monitor any matter to the extent that it affects the functions of the Committee; (e) enforce foreign exchange regulations and cause offenders to be prosecuted; and (f) enter and inspect premises, project sites and such other places as may be necessary for the purposes of carrying out its functions under this Act.

6. Directives by the President

(1) The President may give to the Committee such directives as appear to him to be just and proper for the effective discharge of the functions of the Committee under this Act. (2) It shall be the duty of the Committee to comply with any directives given pursuant to subsection (1) of this section. (3) Any decision reached by the President in accordance with this Act, shall be final and binding and notwithstanding the provisions of the Constitution of the Federal Republic of Nigeria 1979, as amended, no suit or legal action in any court of law or tribunal shall be filed against any person for any act done or intended to be done in pursuance of any decision of the President.

Chief Paul Agbai Ogwuma (91) from Abayi in Imo state was governor of Central Bank at that time while both Dr. Kalu Idika Kalu (84) from Ohafia in Abia state and Chief Anthony Ani (87) from Odukpani local government area of Cross River State served as Ministers of Finance under General Sani Abacha. At that time brilliant economists were running the economy of the country.

At that time also, there was the National Council of Nigerian Vision (NCNV), the Presidential Advisory Committee (PAC) and the National Economic Intelligence Committee (NEIC).

On March 25, 1998, the three bodies were merged together and they formed the Capital budget Monitoring Team. I was one of the Masters of Ceremony at the event, along with Ikenna Ndaguba (1935-2011). The inauguration was performed by the then Secretary to the Government of the Federation, Alhaji Gidado Idris GCON (15 March 1935- 15 December 2017)

Wale Edun

G u EST COL um NIST