MONDAY 24TH MAY 2021 by THISDAY Newspapers Ltd

Buhari Calls Attahiru’s Wife, Says Nigeria Won’t Forget Deceased Officers Aisha, first family pay condolence visit President orders flag flown half-mast Our Reporters President Muhammadu Buhari yesterday telephoned the widow of the Chief of Army Staff (COAS), Lt General

Ibrahim Attahiru, Fatima, and the wives of the other 10 military officers and soldiers killed in last Friday's plane crash in Kaduna, to commiserate with them on

their bereavement. Presidential spokesman, Mallam Garba Shehu, said in a statement that the president during the telephone conversation with Attahiru's

wife, described her husband, as an outstanding soldier and an institution builder, who fought valiantly for Nigeria until he breathed his last. Buhari, who passed the

condolence message to the spouses of the other 10 soldiers through COAS wife, hailed the sacrifices of the military men who lost their lives and the armed forces in general,

saying Nigerians will continue to appreciate and support the fearlessness with which our courageous soldiers are Continued on page 13

NNPC: 52m Crude Oil Barrels Lost to OPEC Cuts... Page 12 Monday 24 May, 2021 Vol 26. No 9541. Price: N250

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With 0.51% GDP Growth, Analysts List Ways to Grow Momentum Rewane, others call for increased investment, targeted interventions Obinna Chima, Nume Ekeghe in Lagos and James Emejo in Abuja Analysts yesterday urged the federal government to continue

to develop policies to attract investments to Nigeria and to sustain targeted interventions in order for the country to sustain its positive economic growth trajectory.

The advice came as the country recorded a Gross Domestic Product (GDP) growth rate of 0.51 per cent (year-on-year) in the first quarter of 2021, (Q1 2021)

compared with the 0.11 per cent recorded in the fourth quarter (Q4) 2020, according to figures the National Bureau of Statistics (NBS) released yesterday.

The data indicate two consecutive quarters of growth. However, the Q1 2021 growth rate was slower than the 1.87 per cent

growth recorded in Q1 2020, but higher than the 0.11 per cent in Q4, which represented a slow, but Continued on page 13

South-west Leaders Tell Region’s Separatist Agitators to Back Off Advocate federalism, reallocation of resources Endorse Southern govs’ ban on open grazing Nseobong Okon-Ekong, Segun James and Vanessa Obioha Secessionist agitators yesterday got a call from leaders of the All Progressives Congress (APC) in the South-west to pull the break on their advocacy. The APC leaders, who rose from a meeting in Lagos, expressed their opposition to separatist agitations and hate speeches. They urged separatist advocates to desist forthwith, and renewed their belief in the unity, stability and sustainability of the country. The call came against the backdrop of the ongoing agitation in the South-west for a Yoruba nation. Despite warnings by the federal government and some personalities in the zone, the

promoters of the secessionist agenda have been rallying support for their cause. So far, they've held rallies in Abeokuta, Ibadan, Osogbo with the latest at the weekend in Akure. They APC South-west leaders also called on the federal government to devolve more powers to states by ensuring true federalism in order to strengthen democratic governance. The leaders, at the meeting summoned by a former Interim National Chairman of the ruling party, Chief Adebisi Akande, and attended by the National Leader of the APC, Senator Bola Tinubu and the five governors of the party in the zone, among others, also called for reallocation Continued on page 13

Gunmen Attack Police Station, INEC, Others in Awka... Page 12

FIRST FAMILY’S CONDOLENCES... Wife of the president, Mrs. Aisha Buhari (left), and widow of Chief of Army Staﬀ, Mrs. Fatima Attahiru, during the visit of the ﬁrst family to the deceased army chief’s home in Abuja…yesterday

MONDAY MAY 24, 2021 • T H I S D AY

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NEWS

Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

SEEKING PEACE... L-R: Former Chief of Defence Staﬀ, Gen. Alani Akinrinade (rtd); Lagos State Governor, Mr. Babajide Sanwo-Olu; former APC National Vice Chairman, South-west, Chief Pius Akinyelure; National Leader of APC, Senator Bola Ahmed Tinubu; former interim Chairman of APC, Chief Bisi Akande; former governor of Ogun State, Chief Olusegun Osoba; Ogun State Governor, Prince Dapo Abiodun; and Speaker, House of Representatives, Hon. Femi Gbajabiamila, at the South-west leaders’ meeting in Lagos…yesterday

72 People Injured in Kano Tanker Explosion Ibrahim Shuaibu in Kano No fewer than 72 people have sustained various degrees of injuries following a fire outbreak at a filling station in Kano metropolitan. The inferno occurred on Saturday as a result of explosion

of an underground tank when a tanker was discharging petrol at the filling station. The spokesman of the Kano State Fire Service, Mr Saminu Yusuf Abdullahi, told journalists yesterday that about 72 people, including eight firefighters, passers-by and

staff of the filling station were severely burnt. The incident occurred when a petrol tanker with registration number: NSR 183 XW, carrying 66,000 litres of petrol caught fire. He said after the fire was controlled by firefighters, one

of the filling station members of staff ignorantly opened one of the tanker compartments. He said this reignited the fire, leading to an explosion, which trapped the 72 victims, who were severely burnt. Reacting to the incident, Kano State Commissioner

for Works and Housing, Alhaji Idris Garba Unguwar Rimi, said some firefighters injured in the incident were currently receiving treatment at the Murtala Muhammad Specialist Hospital, Kano. He attributed the accident to negligence as filling stations

were prohibited from offloading petroleum products in the afternoon. However, emergency and relief team of the Red Cross Society Kano Office were sighted rendering first aid services and evacuating the victims to the hospital.

Labour Warns NEC against Endorsing Proposed N385 Petrol Price Says govs’ recommendation anti-people Our Reporters The organised labour at the weekend cautioned the National Economic Council (NEC) against approving a recommendation by the Nigerian Governors’ Forum (NGF) seeking a N385 pump price for petrol. State affiliates of the organised labour, in separate interviews with THISDAY, said doing so will unleash hardships on the people and heat up the polity. Their warning came ahead of a National Executive Committee (NEC) meeting of the Nigeria Labour Congress (NLC), scheduled for Abuja tomorrow, to deliberate on the issue. The 36 governors, under the auspices of the NGF, at a meeting last week, had endorsed the N385 per litre pump price recommended by a committee set up by NEC, and headed by the Governor of Kaduna State, Mallam Nasir el-Rufai. However, the recommendation is subject to approval by NEC, chaired by Vice President Yemi Osinbajo. Although the Minister of State for Petroleum Resources, Mr. Timipre Sylva, had at the weekend allayed fears of an increase in petrol price, the various states’ chapters of the labour unions vowed to resist the proposed price regime, if approved. Reacting to the governors’ proposal, the Chairman of the Niger State chapter of the NLC, Mr. Yakubu Garba, told THISDAY at the weekend that there would be a "great revolt across the country if the pump price of petrol is increased to N385 per litre as proposed by the Nigerian Governors' Forum”. Garba stated that the workers would resist the proposed price, as the proposal by the governors is not only anti-workers but also anti-people. According to him, the position of the “state NLC is the same with that of the national leadership of the congress, which is that government should make the refineries work. “When the refineries are

functional, they will serve two purposes - local supply of fuel will be adequate and at the right price, in addition to the country generating a lot of income from the export of petroleum products”. Garba added that many Nigerians would also be employed. He urged the NEC to reject the proposal by the governors, as approving it will heat up the nation. The Sokoto State chapter of NLC said it would resist any attempt by the federal government to accept the proposal of state governors to increase the pump price to N385 against the current N165. In an interview with THISDAY, the chairman of the council in the state, Mr. Aminu Umar Ahmad, wondered why the state governors who were supposed to care for the welfare of the citizens would sit down to take such a “heinous decision.” He said: "Let me tell you; I'm disappointed at the action and attitude of the governors in taking such a decision that has adverse effects on the people." Umar added that the proposal by the governors would never see the light of the day, as labour will fight it with the last drop of their blood. On his part, the Chairman of NLC in Zamfara State, Mr. Sani Magajinrafinya, told THISDAY that: “The action of the governors is a betrayal of public trust.” Sani urged the governors to look beyond crude oil and diversify their states' sources of internally generated revenue. He also stated that labour will use all arsenal at its disposal to resist any attempt to increase petrol pump price. He confirmed that the NLC executive will meet tomorrow to deliberate on the matter. Also, in his reaction, the Chairman of NLC in Kebbi State, Mr. Umar Halidu Hassan, said the action of the governors was a breach of agreement they entered with their people. "I think the governors were

not in the right mood when they took this decision,” he said. According to him, any attempt to implement the proposal will trigger a nationwide industrial crisis. Also, the Oyo State Chairman of the Trade Union Congress (TUC), Mr. Emmanuel Ogundiran, said the union would resist the proposed increment of price of petrol to N385 per litre. Ogundiran told THISDAY that the governors have continued to constitute themselves into anti-workers and anti-people group by throwing up policies that would further impoverish Nigerians. He added that the NGF is not known to the Nigerian constitution. He said: “What I am very sure of is that labour would not sit idly and accept this from the governors." On his part, the state Chairman of the NLC, Mr. Kayode Martins, said the union would not support such increment in the price of petrol. He described the governors as enemies of the country who do not care about the hardship Nigerians are facing daily. He stated that the position of the national leadership of the union would be binding on the state chapter. Akwa Ibom State chapter of the NLC also rejected the proposal by the governors, saying it will not see the light of the day. The state Chairman of NLC, Mr. Sunny James, told THISDAY that "there is no way we could accept such a thing." "NLC is the only hope of a common man at the moment in the country. It is totally unacceptable to allow the governors to slam that kind of hardship on the workers. "They have the right to take their decision, but we will not allow them to implement such a thing. We are waiting for a directive from the national body. We are going to have an NLC executive meeting to look at all the situations in the country,”

he stated. Also in an interview with THISDAY, the Nasarawa State Chairman of the NLC, Mr. Yusuf Sarki Iyah, described the governors’ proposal as unfortunate. He said: "Let me use this medium to describe this call by the governors as an unfortunate call. It is uncalled for at this moment when the impact of COVID-19 pandemic is still biting hard on the citizens of Nigeria." Iya stated that there would be a national executive council meeting of the NLC tomorrow to discuss the petrol price increase proposal by the governors. The Enugu State chapter of the NLC has also rejected the governors’ proposal. The state Chairman of the NLC, Mr. Virginus Nwobodo, said the national leadership of the union had summoned a meeting for tomorrow for the various organs of the congress to take a position. He said it would not be easy for the governors to achieve their aim because they would not be the only ones to make inputs about petrol deregulation and increase in price of the product. The first Vice Chairman of the Kwara State chapter of NLC, Alhaji Murtala Saheed Olayinka, told THISDAY in Ilorin that the planned fuel price hike would bring untold hardship to the workers and Nigerians, adding that the union will not support it. He said labour would resist such move so as to avoid any burden on the average workers. "I want to also say that even if the payment of minimum wage is implemented for workers today, the hike in fuel prices would not bring new lease of life to us and the entire Nigerians,” he added. The Chairman of the TUC in Ekiti State, Mr. Sola Adigun, said that the proposed full deregulation of the petrol sector could only take off when the refineries started working at optimal capacity. Adigun's counterpart in the NLC, Kolapo Olatunde, stated

that governors' proposal can’t be implemented at this time when the people are groaning under harsh economic condition. He told THISDAY in Ado Ekiti that though the body backs full deregulation through absolute removal of the corruption-laden petrol subsidy, such a decision could only be enforced when refineries are working at optimal capacity. He said: "We are making it clear and as directed by our national leadership that we will resist implementation of new pump price regime, if our refineries are still moribund." Olatunde, who spoke through the union's Secretary, Eunice Akinyemi, said increasing the pump price to as high as N385 as mulled by the governors would foist on Nigerians dehumanising economic conditions. Also reacting, the Ebonyi State chapter of the NLC described the proposed new pump price of fuel as a scam and unacceptable. The Chairman of the state NLC, Ikechukwu Nwafor, told THISDAY that the governors’ proposal was dead on arrival, as labour would mobilise all strategies to scuttle it. Nwafor said: "We will not only protest on the streets, there are many strategies that NLC will deploy to ensure the proposal is completely scuttled. The new proposal is a scam and not acceptable. We have said it that there is no justification for the past new pump price.” However, Leonard Noah, who is the factional chairman of the state NLC, recognised by the state government, said he would only implement the directives of the national body. The Chairman of the NLC in Ondo State, Mr. Sunday Adeleye, told THISDAY that the state NLC was already discussing with the national headquarters, adding that a meeting has been called for tomorrow. Similarly, the state Chairman of the TUC, Helen Odofun, told THISDAY that any increase in fuel price would affect the

economy. "Nigerians have been impoverished already and any attempt to further make life difficult for them shall be resisted,” she added. Also, the Chairman of NLC in Abia State, Uchenna Obigwe, condemned the recommendation by the governors. “It is not the best policy and not in the interest of ordinary Nigerians who are already impoverished by government," he said, adding that it will lead to astronomical increase in the prices of goods and services. The Kaduna State Chairman of the NLC, Mr. Ayuba Suleiman, while reacting to the governors’ proposal, told THISDAY that “it is just a proposal and it is not yet approved. The federal government has also come out to say that it does not intend to increase anything. “The NNPC also said it is only the federal government that can ask them to increase petroleum price not governors. The NLC is going to meet on Tuesday on the matter and a press statement will be issued on the matter. So you have to wait for the statement,” he said. The Chairman of Edo State Chapter of the NLC, Mr. Sunny Osayande, said the branch would wait for outcome of negotiation between its national secretariat. “I know our national leadership is tackling the matter with both the federal government on the proposed increase by the Nigeria Governors' Forum (NGF),” he said. The state Chairman of TUC, Marshal Ohue, said TUC at the national level was handling the issue. On his part, the Chairman of the NLC in Katsina State, Dr. Hussain Hamisu Yanduna, told THISDAY that the federal government had no intention to increase petrol price to N385 as proposed by the governors. "Government has said it very clear that they have no intention to increase the price of the petrol,” he said.

MONDAY MAY 24, 2021 • T H I S D AY

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NEWS

NNPC: 52m Crude Oil Barrels Lost to OPEC Cuts

Emmanuel Addeh in Abuja

Nigeria lost at least 52 million barrels of crude oil between May and December 2020 to COVID-19-induced compulsory supply cuts imposed by the Organisation of Petroleum Exporting Countries (OPEC), according to a data by the Nigerian National Petroleum Corporation (NNPC). While Nigeria’s crude oil production level before the curbs was two million barrels per day (bpd), recent data from NNPC indicated that while the average daily crude oil production for the entire

year stood at 1.775 million bpd, total production for the whole year was 704.741 million barrels. In January, the country recorded the highest production level of 2.072 million bpd while last December, NNPC recorded its lowest production of 1.419 bpd. On the average, the difference in production of crude oil between January and December, 2020, for instance was 652,967 barrels, that is, the highest and lowest production levels. Although the document did not separate the quantity

FG Revokes Visas of 27 Indians Declares 63 Nigerians persons of interest

Olawale Ajimotokan in Abuja The federal government has revoked the visas issued to 27 Indians in addition to placing a tag of Persons of Interests on 63 Nigerians. This action followed the failure of the affected persons to follow the COVID- 19 testing protocols and mandatory arrival quarantine for international passengers arriving from India, Brazil, Turkey and the United Arab Emirates where the new but deadly variant COVID-19 virus is spreading. The Chairman of the Presidential Steering Committee (PSC) on COVID-19 and Secretary to the Government of the Federation, Mr. Boss Mustapha announced the measures against the passengers in a signed public statement issued yesterday. He said the violators arrived in Nigeria through the Murtala Mohammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja between May 8 and 15, 2021. In this latest move, which was a radical departure from the previous action of merely publishing the passport number of the violators, the federal government has for the time published the names in addition to the passport numbers of the defaulters.

In the list released by the PSC, 90 persons from Nigeria and India were found to have violated the Health Protection Regulations after arriving in Nigeria from restricted countries. Mustapha said that apart from the sanction imposed on the violators, the federal government will in addition take further steps, which, include the disabling of travel passports and prosecution of the foreign and Nigerian offenders under the 2021 Health Protection Regulations. The PSC Chairman stated that the indiscretion of the persons of interests constituted an immediate health hazard to the society. It subsequently warned the violators to report to the nearest public health departments within 48 hours for immediate evaluation. He said the travel advisory for passengers arriving in Nigeria from Brazil, India, and Turkey was a necessary precautionary measure step to mitigate the risk of importation of the variants of concern and break the chain of transmission to the population. He regretted that the 90 passengers arriving from/ or that have visited any of these three countries did not observe the mandatory 14-day quarantine and testing protocol before visiting Nigeria.

of crude oil produced from condensates, with a 225,000 bpd approximate underproduction, at least 6.75 million bpd of crude oil was shut in to comply with the oil cartel’s agreement. The figures showed that NNPC fulfilled its pledge to rev up production to hit its targeted three million litres, when the pandemic broke out, slashing average daily production to 1.74 million barrels in the first instance in May after the OPEC intervention. In June, production further reduced to 1.68 million barrels per day on the average, 1.65 million bpd in July and 1.64 million bpd in August. Following the virus-induced plunge in oil prices, OPEC and its allies known as OPEC+ in May last year, embarked on the largest coordinated oil production cut regime in history, agreeing to cut 9.7 million bpd in an effort to support the market, amounting to about 10 per cent of global oil supply. However, according to the data from NNPC’s market

and production activities, in September, oil drilling further dipped to 1.59 million bpd, but slightly increased to 1.61 million bpd in October before falling again in November to 1.54 million and tumbling in December to 1.419 million barrels. In all, the Production Sharing Contracts (PSC) portion of the total national output took the lion's share of oil drilled in 2020, hitting 281.1 million barrels of the total 704.7 million barrels of crude oil produced during the year. The Joint Venture (JV) agreements yielded 226.5 million barrels, while the Alternative Financing (AF) sources resulted in the production of 75.2 million barrels. In addition, the activities of the National Petroleum Development Company (NPDC), an NNPC subsidiary, yielded 72 million barrels in the year under consideration, while the independent marginal fields generated 49.6 million barrels in 2020. The figures reflect the huge impact the outbreak of the

virus had on the international oil market and the efforts by OPEC to curb output to rein in the falling prices, which early last year tumbled to about $10 for Brent, Nigeria’s benchmark, while West Texas Intermediate (WTO), America’s benchmark reeled in the negative territory. Also, national gas production was 1.93 bcf from JV, 593mmcf from PSC, 440mmcf from NPDC, totalling a production of 2.9 bcf during the year. Before the pandemic, the NNPC had set a target of three million bpd oil production, with the Group Managing Director of the corporation, Mallam Mele Kyari, stating that the drilling of Kolmani River III well was already ongoing, with a high prospect of finding oil. The corporation also said seismic data collection was ongoing in the Bida Basin as well as re-launching of exploration work in the Chad Basin, while several alternative funding facilities had been secured for the NPDC to facilitate the development of additional assets.

But that did not materialise as contrary to the projection, the corporation and its partners embarked upon shutting down several platforms to ramp up compliance with the OPEC cuts, which has led to some price stability in the international oil market. The NNPC report also revealed that the NPDC December 2019 to December 2020 cumulative production from all fields totalled 72,029,656 barrels of crude oil, translating to an average daily production of 181,435 barrels per day. In addition, at an average oil price of $50.78/barrel and exchange rate of N379/$ at the time, the domestic crude oil lifted by NNPC was valued at $382.8 million or a naira equivalent of N145,094,050,521.81 for last December. The remaining crude oil lifted for export was valued at $24.3 million at an average price of $48.92/barrel, with the total value of crude oil lifted on the account of NNPC in December 2020 being about $407.1 million.

WORKING FOR GOD... Bishop, Diocese of Asaba Anglican Communion, Justus Mogekwu (left), and Delta State Governor, Senator Ifeanyi Okowa, during the 3rd Session of the 15th Synod of the Church of Nigeria Anglican Communion in Okwe...yesterday

Gunmen Attack Police Station, INEC, Others in Awka INEC postpones meeting with security chiefs Chuks Okocha in Abuja and David-Chyddy Eleke in Awka Gunmen yesterday attacked the ‘B' Division Police Station and the headquarters of the Independent National Electoral Commission (INEC) in Awka, Anambra State. A source said the gunmen first moved to INEC headquarters in the state, but were repelled by security men on duty, before they moved to 'B' division. INEC's assets, including office buildings, has been under attack in the South-east, prompting the commission to plan a meeting with security

chiefs to consider ways to end the incident. However, the meeting, slated for today in Abuja, has been shifted to a later date following last Friday's plane crash in Kaduna that claimed the lives of the Chief of Army Staff, Lieutenant-General Ibrahim Attahiru, and 10 other officers and military personnel. As at press time, there was heavy shooting by the gunmen in Awka, causing fear among residents who scampered to safety. Meanwhile, at Ifite area and Nnamdi Azikiwe University area, gunmen suspected to be armed robbers also last

night ransacked hostels and residential buildings, dispossessing the occupants of their belongings. Details of the attack were not yet clear, but a source said the area had been cordoned off. The state police commands spokesperson, DSP Toochukwu Ikenga,a Deputy Superintendent of Police, could not be reached as text messages sent to him were not replied.

INEC Postpones Meeting with Security Chiefs The Independent National

Electoral Commission (INEC) has put off its planned meeting with security chiefs. In an apparent move to honour the late Chief of Army Staff, Lt. Gen. Ibrahim Attahiru and other military officers who lost their lives in the the military plane crash. The Chief Press Secretary to the INEC chairman, Mr. Rotimi Oyekanmi, said in a statement that the emergency meeting of INEC and security chiefs, earlier scheduled for today, had been postponed. The statement added that a new date would be announced later. The INEC Chairman,

Prof. Mahmood Yakubu, at a meeting with the 37 Resident Electoral Commissioners (RECs) last week in Abuja, had said an emergency meeting of the commission would take place today to find solutions to the rampant burning of INEC offices across the states. As of the last count, 21 offices of the commission have been gutted by fire in the last two years. A breakdown of the fire incidents showed that the most affected states include: Akwa Ibom (four), Abia (three) Anambra (two) and Imo (two). Other states that witnessed fire incidents between February

2019 and May 2021 are Borno, Ebonyi, Jigawa, Kano, Ondo, Plateau and Rivers Abuja was also affected. While 11 offices were burnt down by hoodlums, eight others were gutted by fire under mysterious circumstances or by electrical fault. In all cases, however, no one has been prosecuted for the vandalism and arson. Yakubu had raised the alarm that the continuous burning of the commission’s offices and property across some states of the federation constituted a threat to the 2023 general election.

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Race for New Army Chief Begins Chuks Okocha and Kingsley Nwezeh in Abuja With Friday's death of the Chief of Army Staff, Lt. General Ibrahim Attahiru, in an air crash in Kaduna, the race for who succeeds him has begun in earnest. The appointment of the chief of army staff is the prerogative of the president. Although there are speculations that the General Officer Commanding (GOC) 1 Division, Nigerian Army, Kaduna, Maj. Gen. Danjuma Ali-Keffi, had been appointed in acting capacity, military authorities yesterday declined to speak on the matter. However, a report by an online newspaper, PRNigeria, gathered that Ali-Keffi was not among the most senior officers in the army. Sources said he had more than 30 senior officers to

contend with. Many names have come up as likely successors, including the Chief of Policy and Plans (COPP), Major General Bernard Ahanotu, a member of Course 35; Major General J. Sarham, a former General Officer Commanding (GOC) 6 Division and a former Commandant, Nigerian Defence Academy (NDA), a member of Course 36 but originally Course 35 and Commander, Training and Doctrine Command (TRADOC), Minna, Major General A.S. Maikobi, a member of Course 36. It was gathered that the trio are experienced senior officers in the army. Ahanotu, who is from Anambra State, was the Chief of Staff, 21 Armoured Brigade, Maiduguri, who led the operation that arrested Boko Haram founder, Mohammed Yusuf, and handed him over

to the police before he was killed. Ahanotu was also Commander, 3rd Armoured Brigade, Jos, that led the operation that rescued kidnapped Dapchi girls. He was also a GOC. Some of other senior and experienced military officers, it was learnt, include: Major General A.M. Aliyu of Regular Course 36 from Gombe State who is another operation officer. He is the Chief of Administration of the Nigerian Army and former Director Foreign Liaison at the Defence Agency. He was responsible for processing actionable intelligence for military operations. Another officer is Major General Ibrahim Manu Yusuf of Regular Course 37 from Yobe State. He is Chief of Operation

and former Force Commander Multinational Joint Taskforce (MNJTF). He was also a General Officer Commanding 7 Division with rich experience in the counter-terrorism and counter-insurgency operations in the North-east and have also taught in many military colleges, including National Defence College (NDC), Nigerian Defence Academy (NDA), and Nigerian Army Peacekeeping Centre (NAPKC), Jaji. Major General Faruk Yahaya of Regular Course 37 is from Zamfara State. He is the current Theatre Commander Operation in the North-east and former General Officer Commanding Officer of the 1 Division of the Nigerian Army. It was further gathered that there are also other senior operational officers worthy of considerations. The snag, however, for

Maikobi and Sarham are from Kano State, where the Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo, hails from. THISDAY gathered that the utmost consideration in the appointment of an army chief is operational and intelligence experience, especially when the nation is in a state of war. "The president also needs to appoint somebody within the range of the most senior officers in order to command the respect of other service chiefs and commanders. "Ahanotu is Course 35, Sarham and Maikobi are Course 36. If for instance you give it to someone in Course 37, you will disfigure the system because most people, who are not even due for retirement will have to go" a security analyst, who spoke anonymously, said. "Ali-Keffi is of 38 regular

course. If you give him, you are sending many generals home who are not due to go. “The consequence of this if it is true, is that it will force these brilliant officers to retire at a period we need more hands in the prosecution of diverse operations across the country. I don’t think we need such mass retirement now,” the security expert added. However, a top military officer said some factors would be considered for the appointment of service chiefs beyond seniority. “You know the President has the discretion to appoint anyone he so wishes with advice or probably a nomination from the Minister of Defence. “Apart from seniority in service, officers so considered must have been grounded in military operations and intelligence,” the officer said.

they added. They also urged government at all levels, security agencies, and public leaders to do everything possible to prevent tension so that the country would sustain the unity to defeat the challenges to national security. The South-west APC leaders also called on Nigerians to speak and act in a manner that strengthens the common cause against common threats to the collective peace, justice and development. "We restate our abhorrence of violence as a means to achieve political or economic power and influence. We strongly condemn violence of any form in any part of the country, regardless of ethnic or regional identity of the perpetrators of the violence or of the victims. Government must do all it can to protect potential victims and to assist those who have previously been victimized by terrorism or widespread banditry," they stated.

The leaders thanked traditional rulers for their important role in the polity and appealed to them to keep intervening to maintain peace and stability, even as they used "the opportunity of the meeting to urge the federal government to provide, through the CBN, short, medium and long term financing for states and those who may wish to set up ranches as part of the agricultural sustainability policy." Besides Akande, Tinubu, Governors Dapo Abiodun (Ogun), Gboyega Oyetola of (Osun) and the host, Babajide Sanwo-Olu (Lagos), others at the meeting included the Speaker of the House of Representatives, Hon. Femi Gbajabiamila; former Governor of Ogun State, Chief Segun Osoba; the Minister of Trade and Industry, Mr. Niyi Adebayo and former Vice Chairman, APC South-west, Chief Pius Akinyelure and former Chief of Defence Staff, General Alani Akinrinade (rtd).

beginning to creep back up,” he stated. When asked if the challenge of insecurity was not going to hinder the current growth trajectory, Rewane, who is a member of President Muhammadu Buhari’s Economic Advisory Council, said: “Angola had 28 years of civil war and they were producing oil. Yes, insecurity is not a good thing, but we have to contain it. I think insecurity will not stop trade, construction, ICT, real estate and the production of crude oil. “But insecurity affects agriculture and food prices. So, insecurity is a problem for agriculture and inflation and we have to deal with it. Insecurity is something we don’t need at all, but we can overcome it.” Also, Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Abuja branch, Prof. Uche Uwaleke, said the Q1 GDP report reflected an economy already on the path of gradual economic recovery with a positive real GDP growth rate following that recorded in the previous quarter. He said although still

weak at 0.51 per cent, "it is interesting to note that the manufacturing sector is now out of the negative territory increasing from -1.51 per cent to 3.40 per cent." He said it was noteworthy to observe the moderation in the negative performance in sectors like trade, accommodation and education. He added: "It is clear that the improved performance in the oil sector relative to the previous quarter was largely on account of improvement in average crude oil production "But the report also reveals disturbing pattern in the real GDP growth rate. Declines were recorded in critical sectors of the economy such as agriculture, ICT, real estate and transportation. This may not be unconnected with the rising insecurity in the country. "That the non-oil sector dropped should be of concern to both the fiscal and monetary authorities." Uwaleke added that the increase recorded in the health sector from 3.05 per cent in Q4 of 2020 to 4.65 per cent showed that the country is winning the war against the

SOUTH-WEST LEADERS TELL REGION’S SEPARATIST AGITATORS TO BACK OFF of resources to tame the economic hardship driving the deteriorating security situation in the country. In a nine-point communiqué read by Akande, the leaders also endorsed the ban on open grazing by Southern governors, saying the measure will reduce the tension between herders and farmers and minimise the friction in the country. He said: "We hold to the view that true federalism where more power and resources are allocated to the states will be an essential part in strengthening society and improving democratic governance so that we beat the present challenges but also engender durable peace and security. "True federalism and the reallocation of resources and authority that comes with it will empower the states to solve localised issues before they spread and transform into national ones. In addition to mitigating political competition

for control of the national government, greater federalism will empower grassroots economic development and political reforms that will stand as bulwarks against the terrorism and criminality now experienced in too many parts of the nation. A hallmark of this enhanced federalism will be the establishment of state police forces." On the ban on open grazing by Southern governors, the APC leaders said: "We endorse the position of the Southern governors, taken at their May 11, 2021 summit in Asaba, Delta State, regarding ranching. We do so because such a decision will lessen tensions between farmers and herders while also helping the long-term economic viability of both the farming and herding communities. "We are mindful of the short-term dislocation this might cause but are also mindful that this position is in the best interests of all parties concerned. We,

therefore, recommend that the federal and state governments cooperate fully with each other to enact the necessary measures to encourage this more effective and modern method of cattle-rearing so that both farmers and herders can pursue their livelihoods with greater productivity and in a more cooperative relationship that minimises the friction between these two important pillars of our agricultural economy." While commiserating with President Muhammadu Buhari on the death of the Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, the APC leaders expressed concern "about the state of the nation, particularly the serious security challenges that faced the country." They also condemned separatist agitations and hate speeches and urged those indulging in such activities to desist forthwith. The leaders also renewed their belief in the unity, stability and sustainability

of the country. "We note with significant concern the security situation in the country. Terrorism and violent criminality threaten many areas, adversely affecting the lives and livelihoods of too many innocent and peaceloving Nigerians. "While mindful of the resource and other constraints facing the nation, we urge the federal government to continue to make the necessary expenditures and allocate sufficient resources to enable the military and security agencies to tackle the difficult security challenges confronting us. "For Nigeria to overcome these challenges, we must do so with unity of purpose and action. The desire for peace and the chance for a prosperous and just society is universal and transcends all regional, religious or ethnic divisions. Sadly, many public figures have made statements that spark division and undermine the needed unity of purpose,”

WITH 0.51% GDP GROWTH, ANALYSTS LIST WAYS TO GROW MOMENTUM continuous recovery of the economy. But the GDP growth rate was still below the country’s population growth rate of about three per cent. According to the Nigerian Gross Domestic Product Report (Q1 2021) released yesterday by the statistical agency, quarter-on-quarter, real GDP grew at -13.93 per cent in Q1 compared to Q4, reflecting a generally slower pace of economic activities at the start of the year. In the quarter under review, aggregate GDP stood at N40.01 trillion in nominal terms. The performance was higher when compared to the N35.64 trillion recorded in Q1 2020, indicating a year-on-year nominal growth rate of 12.25 per cent. However, real GDP in Q1 stood at N16.83 trillion. According to the NBS, the

nominal GDP growth rate in Q1 2021 was higher relative to 12.01 per cent growth recorded in Q1 2020 as well as the 10.07 per cent growth recorded in the preceding quarter. The oil sector accounted for 9.25 per cent of aggregate real GDP in Q1 2021, slightly lower than 9.5 per cent recorded in Q1 2020 but higher than the 5.87 per cent in the preceding quarter. On the other hand, the non-oil sector accounted for 90.75 per cent of aggregate GDP in Q1, higher than the 90.50 per cent in Q1 2020 but lower than the 94.13 per cent recorded in Q4. While the oil GDP contracted -2.21 per cent in Q1 compared to a contraction of 19.76 per cent in Q4 2020 and a growth of 5.06 per cent in Q1 2020, the non-oil GDP grew 0.79 per cent in Q1 compared to

1.69 per cent in Q4. In the period under review, average daily oil production stood at 1.72 million barrels per day (mbpd), or 0.35mbpd lower than the average daily production of 2.07mbpd recorded in Q1 2020, but higher than the production volume of 1.56mbpd in Q4. Agriculture contributed 21.42 per cent to nominal GDP in Q1 higher than the 20.88 per cent in Q1 2020 but lower than the 24.23 per cent in Q1 2021. Also, manufacturing contributed to 9.93 per cent to real GDP, higher than the 9.65 per cent recorded in Q1 2020 and 8.60 per cent in Q4. Commenting on the performance of the economy in separate interviews with THISDAY, the Managing Director/Chief Executive Officer, Financial Derivatives

Company Limited, Mr. Bismarck Rewane, described the growth level as, “as a move in the right direction, but very slow.” He added: “But Q2 2021 is going to be much more successful.” However, Rewane stressed the need for policies to continue to encourage investments in the country. “There are a couple of things that are happening that are positive. There is exchange rate convergence happening; interest rates are beginning to climb back up and there are certain amounts of clarity and inflation came down marginally. “But we still have the challenge of fuel subsidy and whether we like it or not, we have to do it. But the good news is that oil prices are high and our production is increasing and growth is

BUHARI CALLS ATTAHIRU’S WIFE, SAYS NIGERIA WON’T FORGET DECEASED OFFICERS confronting the threats facing the nation. He assured the grieving spouses that the nation will never forget the supreme sacrifice of their husbands, urging them to take solace

in the surge of extraordinary feelings of emotions across regions, religions and tribes all over the country in appreciation of their sacrifices. The president who had earlier given directives to the

Defence Headquarters and the Ministry of Defence to do everything a government can do to provide comfort and ease the hardships of the families of the deceased, prayed to God to repose the souls of

the deceased and grant their families the fortitude to bear the losses. Mrs Attahiru, on behalf of the rest of the families thanked the president for the love and care he has shown to them.

Continued on page 42

T H I S D AY • MONDAY, MAY 24, 2021

COMMENT

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

REFORMING THE OIL AND GAS SECTOR

Timipre Sylva is honoured for strategic reforms in the industry, writes Ojie Ejemhen

he evening was exciting, glamourous, refreshing and enervating. That was the night of Thursday, May 20, 2021, when BusinessDay, one of Nigeria’s foremost business newspapers, recognised the exploits of the Minister of State for Petroleum Resources, Chief Timipre Sylva, and honoured him with an award of excellence in the oil and gas sector. The award was one in a string of distinguished awards and recognitions for the Bayelsa-born politician for the strategic reforms he has supervised to fruition in the oil and gas sector of the nation’s economy. What distinguishes the BusinessDay Award of Excellence from others is that it is not invented to further the vanities of government officials; it is not bought at a price, as some politicians who do not even know the value of it could pay any huge and tall price for it. This is an award that was hinged on the critical reforms in the Nigerian oil and gas sector, with empirical evidence and data on which judges for the award took the decision. In its citation, BusinessDay said the award was in recognition of Sylva’s “remarkable strides in various areas of the oil and gas sector, in line with the set deliverables of President Muhammadu Buhari for the Ministry of Petroleum Resources”. These set deliverables are: policy and regulation; gas revolution; Niger Delta and security; transparency and efficiency; refining and local production capacity; International coordination and transparency and efficiency. In under two years of being in the saddle as minister of state, supporting the policy directions of Mr President in the oil and gas sector, Chief Sylva has made remarkable progress in executing his key mandate. BusinessDay wrote of his achievements: “During his one year in office, Sylva, in synergy with the Nigerian National Petroleum Corporation (NNPC), was able to resuscitate oil production in the communities and got youths of the area engaged, thereby combating communal unrest and bringing peace and stability to a community that was formally ravaged by insecurity.” This is no mean feat, considering the challenging Niger Delta region. “I am grateful to God Almighty who gave me life. I thank BusinessDay for considering me worthy of this award. I thank my boss, President Muhammadu Buhari, who gave me the opportunity to serve in his government and to make my little contributions to the growth and development of the oil and gas sector, and, by extension, to Nigeria. As Nigerians, we need to do everything within

THIS IS AN AWARD THAT WAS HINGED ON THE CRITICAL REFORMS IN THE NIGERIAN OIL AND GAS SECTOR, WITH EMPIRICAL EVIDENCE AND DATA ON WHICH JUDGES FOR THE AWARD TOOK THE DECISION

our powers to bring peace to the region and to our country. We have tried our best in the past, in the present and we will continue to play our part in the future,” he said shortly after the award. Since coming on board as the Minister of State for Petroleum Resources, Chief Sylva, in collaboration with President Buhari, has eradicated queues from petrol stations across the country; vigorously pursued the passage of the Petroleum Industry Bill (PIB), which had defied passage in the National Assembly for over 20 years; commissioned the Nigerian Content Tower; and has also declared a decade of gas for Nigeria, a move considered as novel in the history of gas exploration in the country. The minister also successfully supervised the bid rounds for marginal oil fields in the country, the proceeds from which government was able to bridge the yawing financial gap in last month’s FAAC. Chief Sylva, supporting Mr President has consistently pushed for the removal of corruption-laden and deceptive petroleum subsidy, which has benefited only a privileged clique in the country. The minister has argued thus: “Petroleum subsidy does not benefit the poor but a few rich people and, sadly, it is the poor people they (the rich) use to frustrate subsidy removal. Very ironic,” he had repeatedly said. This has fuelled his zeal in pushing for the abolition of the petroleum subsidy regime. The few cannibals benefitting from the sleaze have gone wild on a campaign and propaganda to discredit this patriotic move by the minister. Chief Sylva has, however, resolved that nothing would frighten him from doing what is right for Nigeria. As if these achievements were not enough, Chief Sylva, with the support of the president, pushed for the rehabilitation of the three refineries in Port Harcourt, Warri and Kaduna, beginning with the Port Harcourt refinery. There is also the ongoing Nigerian National Petroleum Corporation (NPPC) Abuja-Kaduna-Kano (AKK) gas pipelines project, an initiative energized by the Minister of State for Petroleum Resources. President Buhari has, indeed, made giant strides in the oil and gas sector although it is generally agreed that so much still needs to be done to put Nigeria on the top scale in oil and gas exploration globally. In one of Bob Marley and the Wailers lyrics, “who the cap fits, let them wear it,” and I believe the cap of honour truly fits Chief Timipre Sylva. Ejemhen wrote from Garki, Abuja

THE IMPERATIVES OF PROMOTING NATIONAL UNITY Hadiza Mohammed writes that the future of the country lies in uniting the people

s a bona fide Nigerian in Diaspora, any time I remember my home country Nigeria I feel grieved. I cry for a country that is fast sliding irreversibly into anarchy. I mourn for a people that lack national cohesion and direction. I weep for a country that has everything needed to be great and yet in abject poverty. I bewail a nation with a surfeit of talents, whose nationals compete with the best in the world and excel and yet cannot replicate the same feat at home because of dysfunctional leadership. In Nigeria the masses live like hostages plagued by poverty, terrorists, bandits and criminals and oppressed by those elected to superintend over their affairs. The people are kept permanently divided along tribal and religious lines by greedy politicians who benefit from such prejudices and stereotypes. I make bold to say that I am a fully-fledged Nigerian. I am of a Northern parentage. I grew up in the East and I worked in the South-West before my sojourn abroad. In those days our unity was desirable and sustainable. But today, things have fallen apart; national unity is fractured so much so that nobody is proud to be identified as a Nigerian. There are hues and cries in every nook and cranny of the nation. There are cries of oppression and marginalization and the concomitant emergence of emergency freedom fighters and separatist agitators. Nigeria has never been this disunited. There is no gainsaying the fact that no government in our 61 years history as an independent nation has exposed our differences and fault lines like the present

regime of President Muhammadu Buhari. And regrettably, the politicians who are elected as representatives of the people are taking advantage of the deplorable situation rather than work for the interest of the citizenry and the nation. The clerics too, who are supposed to preach peace, when they are not preaching prosperity without hard work, they are preaching violence. Of course our National Orientation Agency that is supposed to reorientate the public about our national ethos of patriotism and service is moribund and the mainstream media dwells on stereotypes; highlighting our differences and weaknesses. And sadly, the disillusioned masses are fighting one another and erroneously adoring those that brought hardship and misery on them. It is unfortunate in the extreme! Those in power must know that the separatists’ agitations are fuelled by bad governance and failed leadership. Those in authority must understand that a nation is under social contract with its terms and conditions to protect the citizens and pursue general interest and not parochial interest. Government cannot exercise authority when it cannot meet the desires and aspiration of the people. A contract can be terminated when the covenant is not faithfully adhered to. When one is in a relationship that is not working, he has options to review the relationship or back out. It is only slaves or hostages that have no choice in a matter of this nature but Nigeria is not master-slave relationship. And this essentially is the theoretical framework behind the separatist agitations. Although I am not making any case for the balkanisation of the country yet the truth is that the action and inactions of those in government are stoking

the fire of these centrifugal agitations. And if the truth must be told: the Nigerian state as currently constituted is a failed state and there is urgent need for renegotiation and restructuring as advocated by well-meaning statesmen like Atiku Abubakar, Wazirin Adamawa if the union can be made to work again. In theory, the call for separation is not in any way treasonable; what is treasonable is the criminal neglect of the people, our common will and the abuse of the oath of office. Those governing Nigeria are obviously selfish and outmoded. They do not understand the heterogeneous nature of the country. In a multicultural nation like Nigeria, decision makers must as a matter of necessity tend to the interest of the disparate groups. There are cries of marginalization, persecution, intimidation, oppression, corruption, mediocrity and nepotism. And those in power are unperturbed. The result is that standards are lowered, principles are compromised, rules are flouted, values are eroded and impunity and mediocrity are enthroned. The result of all these come to mutual recrimination, suspicion, strife, bitterness, social unrest, youth restiveness, lack of faith in the country, armed conflict and separatist agitations. Thus, national unity is fractured. I know the separatists have genuine reasons and the right to agitate but my advice to them is that they seek other alternatives to present their case. History has shown that separation has never been easy otherwise the whole world would have broken into pieces. It took Eritrea and Southern Sudan many years of internecine wars, misery and blood-letting to separate from Ethiopia and Sudan respectively. The Catalans of Spain has since time immemo-

rial fighting to no avail to separate from Spain. Nigeria cannot afford another civil war. There was one in the 1960s that left over three million people dead but from the look of things the nation appears not to have learnt the lessons of history for the issues that led to the civil war are yet to be addressed 50 years after. It is also alleged that these crises are sown by selfish politicians who want to misdirect us as the next general election beckons. Whatever is the force behind the crises, Nigeria you must wake up. Obviously, Nigeria is not the only multi-ethnic nation in the world. But other nations have tried to creatively manage their differences. Although, India has had Pakistan and Sri Lanka carved out of it but it is a multi-ethnic and a multi-religious entity and they are living in peace. Indian nationals are making remarkable impact at the global stage. Clearly, the future of this country lies squarely in uniting the people. Unity will promote peaceful co-existence. Peace will engender greater national productivity and economic progress and Nigeria will take its rightful place in the comity of nations. Indeed, there is strength in unity. It is said that united will stand and divided will fall. I think that we are stronger and better together. Therefore, it is expeditiously necessary that Nigerians close ranks and unite and fight the common enemy – the corrupt politicians who propagate divisive tendencies among us in order to take advantage of us all instead of dissipating energy fighting to balkanise the country. Arise O’ compatriots! Hajia Mohammed, an actress, social activist, politician, wrote from London, UK

T H I S D AY • MONDAY, MAY 24, 2021

EDITORIAL THE ‘TRAPPED’ N2 TRILLION The relevant authorities must do more to curb all manner of financial malpractices

ncreasingly, there are mounting instances of tardiness on issues of transparency and accountability in public office and institutions of government. As part of its ongoing investigation into revenue remittances by Ministries, Departments and Agencies (MDAs) between 2014 and 2020, the Senate has alleged that governmentowned establishments have failed to remit over N2 trillion operational surplus to the Consolidated Revenue Fund. According to the chairman of the Senate committee on finance, Olamilekan Adeola, the Office of the Accountant General has confirmed the development. Unfortunately, such allegations of financial infractions have become so rife that many Nigerians hardly care anymore. Many government MDAs are riddled with financial wrongdoings as they breach accounting procedures with impunity. On an annual basis, the Office of Auditor-General of the Federation reports sharp practices ranging from irregular expenditures to failure to surrender surplus revenues to the treasury, all running into billions of naira. The office also always chronicles unauthorised deductions from money due to the federation account MDAS THAT FAIL TO REMIT by revenue collecting GENERATED REVENUE agencies, irregulariTO THE FEDERATION ties in payment and ACCOUNT SHOULD BE expenditure, irregularities in contract DENIED APPROPRIATION award and execution. IN SUBSEQUENT YEAR’S While we wish BUDGET to laud the Senate for uncovering such massive under declaration of government revenue, we wonder why it took the legislative arm six good years to make this discovery. This then brings us to the issue of oversight functions of the legislature over the executive especially when it comes to the management of government funds. With the advancement in technology, most of the looting or financial manipulations would be effectively prevented and detected ab initio if we focused more on prevention and greater accountability and independence of organs

Letters to the Editor

saddled with oversight and embrace e-governance as a matter of urgency. MDAs that fail, henceforth, to remit generated revenue to the Federation Account should be denied appropriation in subsequent year’s budget. Also, the various anti-corruption agencies in the country like the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) would have to be invited to investigate the whereabouts of the funds in question while any culpable ofﬁcial should face prosecution or made to face the full wrath of the law to serve as deterrent to other public ofﬁcials.

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

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

here is the information that the outstanding remittances are now being paid into government coffers. This should be followed to the letter and the Senate should ensure that the public is kept abreast of what is being paid back into the Federation Account by the defaulting 60 revenue generating departments and agencies. The Office of the Accountant General of the Federation (OAGF) also needs to be up and doing in following up with the Senate directive and in ensuring that the outstanding remittances are paid up immediately. The ‘missing’ N2 trillion is public fund and the general public needs to know about how it is returned to the public vault. That is what we only request from the legislative arm of government as it carries out its oversight functions on the executive finances in line with the provisions of the 1999 Constitution (as amended). The situation becomes even more troubling when the Office of the Accountant General of the Federation that is ordinarily responsible for ensuring a proper accounting system in all departments of government also finds it difficult to keep to good standards. But as unfortunate as it may seem, what the Senate report has done is to further reinforce the perception that many of our critical agencies and institutions are so well-heeled in unwholesome practices that they no longer abide by any fiscal rules. That is a serious indictment on an administration that came to power with a pledge to instil accountability and transparency in the public arena.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

KADUNA WORKERS’ STRIKE AND ECONOMIC REALITIES

he announcement that 4000 workers from Kaduna State’s civil service will be disengaged has drawn anger from Governor Nasir el-Rufai’s critics in the state and many more around the country. Even those who support the move are afraid to say so openly and those who know it is the right thing to do have become politically blind to our economic realities. Dwindling crude oil revenue; high inflation; high unemployment; rising insecurity and lack of a social safety net, all make the impending retrenchment a good thing or a bad thing depending on who you ask; but it certainly is not a wrong decision. We must consider two factual notions nevertheless, first, El-Rufai’s move requires real courage which he clearly has in abundance and second, we need to get the best out of leaders like him, because Nigeria has shown how rare they are. The words that described my understanding of ‘change’ back in 2015 were words like reform, different, productive, better, efficient, structured, sustainable, safer, organized, effective, better, faster, and so on. Whether you like him or not, these are the type of words you will associate with El-Rufai’s style of governance. So for me if the decision to sack Kaduna State workers is to reform the public service in line with world best practice. We have had our own share of national issues such as security challenges, inflation and unemployment, decaying infrastructure and broken trust between leaders and the people. Despite all these, Kaduna has managed to find

positives from our current chaos. It’s a great example of the dichotomy between a working administration and what we have all been used to prior to 2015. My response to those who think the leadership in Kaduna, all things considered, is callous for wanting to reduce its wage bill, is simple: the government’s responsibility to create jobs doesn’t lie in direct employment of its citizens. It is largely responsible for providing an enabling environment through policies and strategic investments in key sectors like ICT, hospitality, education, business, healthcare and infrastructure for the private sector to grow and employ people. According to Governor El-Rufai, Kaduna State has a workforce of 1,000,000 people drawing on more than 80% of the federal government allocation to the state. It is ridiculous for 1.43% of the people to take 80% of the federal allocation and even add some from the IGR for their overhead and other allowances, while the remaining 98.57% – or 9, 900, 000 people – struggle to see the impact of the remaining 20% of the funds. Nobody will countenance this ratio in any area of their lives. We must all put sentiments aside and support the governor’s move to reduce wastage and if he feels reducing the wage bill will achieve this, then so be it. I support the government reducing its recurrent expenditure as much as possible to allow it to invest in capital projects that will employ people in good paying jobs that compete with leading and emerging economies. The private sector is where a million jobs can be created as long as the state is able to spend more on infrastructure and create the enabling environment for

businesses to thrive. Economically, this is the smart thing to do. But I believe that this process should include efforts aimed at cushioning the effects of the mass job losses. The mere shock effect this can have in homes on the micro-level can escalate very rapidly state-wide if contingency plans haven’t been put in place. Retraining programmes could be put on the cards, or a plan for the sacked workers to be engaged by the federal government in one of its social investment programmes so these people can fall back to something even if it’s a little capital to start small businesses. Some of the major private sector partners the state has can be incentivised via tax breaks to hire some of these sacked workers even for a reduced salary i.e. if they are indeed employable as the labour unions say they are. It is also important to make the entire reform process as transparent as possible to renew trust in the relationship between leaders and their employers - the people. As a businessman, I understand how difficult it is to employ labour and even pay your employees at the end of the month. I have also worked with the government and I understand how many people got into government service based on patronage. I believe it is even worse now. From my experience, only about 20 to 30% of all civil servants do any kind of job. This means that 70% of the people in the civil service, especially at the sub-national and local levels, don’t do anything. None of us will accept such illegality in our own personal businesses. Mustapha Ramalan, Kaduna State

MONDAY MAY 24, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY MAY 24, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

One More Kitty in APC’s Goody Bag Chuks Okocha traces the history and eventual defection of Governor Ben Ayade of Cross River to the All Progressives Congress

Buhari

Buni

Ayade

Secondus

development of the state. So, the defection was imminent as the APC led Federal Government wants to ensure a control of a state in the south south. However, the party sensing danger that because the governor has lost control of the party structures in the state, deployed the Bauchi state governor, Bala Mohammed to mediate in the crisis in the Cross River State chapter of the party which has prompted speculations of the imminent exit of Governor Ben Ayade out of the PDP to the All Progressives Congress (APC). THISDAY gathered that crisis started when all organs of the party in the state was taken away from him during the state, local governments and wards executive with the financial support of a south south governor. As a result, the governor boycotted the South-south zonal congresses and the Southsouth governors meeting that took place in Port Harcourt. But the governor, Ben Ayade attended the PDP Governors meeting where he opened up on the crisis and his intention to leave the party. Immediately, the National Working Committee (NWC) led by Prince Uche. Secondus dispatched the Bauchi state Governor, Mohammed Balance to intervene and stop Governor Ayade from dumping the PDP for another party. Receiving Mohammed in his office in Calabar, Governor Ayade boasted that under his watch that the PDP had scored the highest returns in elections and was as such not moved by the persisting crisis that has seen him at logger heads with a substantial proportion of party stakeholders. Governor Ayade’s aides have also pointed at a South-south governor as sponsoring the rebellion against Ayade. The crisis in the PDP has seen the two tendencies in the party struggle over the Cross River North Senate seat. But asserting his dominance in the PDP, Ayade said: “I cannot blind myself to the challenges of PDP and decide not to know what to do at the right time for their [Cross River people] sake. “I know you are somebody that doesn’t take injustice. One single injustice they will see a

new Cross River stat and I say it as a warning because it does appears that your party seems to celebrate people who threaten and stress them.” Ayade stated Continuing, the governor said: “all councillors [in the state] are PDP, council chairmen are PDP, all House of Assembly members are PDP, all commissioners are PDP, and all the National Assembly members except one are PDP: all of them are under my leadership” Asserting that the political stakeholders would follow him, Governor Ayade said: “I am happy you have created an opportunity for a melodrama. So today I am seated and dancing on the fence. Indeed that’s true. “And so I speak with righteous anger for the continuous annoyance and nuisance orchestrated on our innocent by external factors. But I just hope this ends today. “And so please as I leave you with some holy whispers, which will be very strong, firm and clear, it’s a harbinger of trouble” “While I believe in ecclesiastics of peace, I believe in the catechism of good faith but I also believe in respect for the supremacy of an office. “So if you take a catalytic combination of all I have said, it tells you that there is the need for a guided caution and at some persons going forward as a people, as a party. “I think the time has come when all of us will gather and say enough is enough,” Ayade said of the provocations he claimed were being made against the PDP in the state. “I can’t afford to make a decision just for my sake. I am not desperate in putting a successor but I am desperate for their well-being.” Speaking, Governor Mohammed on his part called for party unity as he praised Ayade for connecting to the people of the state. “You are inexorably connected in terms of perception, vision and where we want to take the country together and because our forefathers have been together in this kind of thing, we are connected intellectually and politically. “There must be structures put in place to make sure that the affairs and aspirations of all Nigerians, especially our leaders are reached,”

he said

ross River State Governor, Ben Ayade. last week Thursday finally dumped the Peoples Democratic Party (PDP) for the All Progressives Congress (APC). He formally declared for the ruling party at the Cross River State Executive Council Chamber, Governor’s Office in Calabar after a two-hour meeting with seven APC governors, led by the party’s interim Chairman and Governor of Yobe State, Mai Mala Buni. The defection of the governor to the ruling APC was loaded with under currents that is clothed with compliance attitude on both the side of the governor and the PDP as a party. A top source within the National Working Committee (NWC) of the PDP said that the Cross River State governor, Ben Ayade lost the control of the party structures in the state due to his complacent attitude to party issues. The source said that it has always been the party policy that state governors control political party structures in their state, but said, “the governor was very complacent and members of the National Assembly in the state moved and took the party structures from him. According to the source, “ it was after this slumber that he woke up and demanded that the NWC should intervene and restore the party structures to him “He was the architect of himself missing out in the power structures to members of the National Assembly “ As a governor, he ought to have moved as a governor to take full charge of affairs in the state. He was like an emperor wining and dinning when members of National Assembly moved against him and took over the party from him”, the source told Thisday. According to the source, it was because of this that Ayade asked the NWC to dissolve the party structures in state and set up a care taker committee in his favour, which the party refused. But closely related to the compliasant theory is the economic issue. An economic advantage of returning some, if not all the 76 oil wells that were ceded to Akwa Ibom State by the President Goodluck Jonathan administration made. It was an irresistable offer. Governor Ben Ayade had since 2019 sought return of the 76 oil wells ceded to Akwa Ibom State following the ruling of the Supreme Court in 2012. The Cross River Chief Executive said the ceding of the oil-rich peninsula was illegal, maintaining that the loss of the oil wells was an “act of gross injustice.” Ayade had alleged unconscionable injustices meted out to the state by the Federal Government, the governor regretted the takeover of Bakassi Peninsula by Cameroun and nonreimbursement of funds spent on federal roads. This was one of the reason that Senator Ita Giwa has thrown her support for the defection. Mama Bakassi as she is called believes that the economic offer will help the economic

According to the APC chieftain, “In the face of multifaceted national challanges as Nigeria is currently faced with, there should be a legitimate desire by all political actors to work together and chart a better path. Governor Ayade has taken the first right step, I hope others who are as conscientious and courageous will also follow suit. He explained that for Governor Ayade, the APC will be more than just a home as It is also going to be an ideological pathway. He stated that the APC offers him a decent and ethical platform to drive development through politics, which the promise will begin to unfold in the days ahead

Threat By Elected Council Chairman Noticing that the NWC of the party was not paying attention to their request to hand over the structures of the party to the 18 elected local governments chairmen and 196 councillors in Cross River State in March met with members of the party where they threatened the party with defection unless their conditions are met forthwith. The Cross River State delegation of local government chairmen and councillors led by Hon. Emmanuel Effiong Bassey, Chairman Akpabuyo Local government council and Chairman of Cross Rivers State Local Government Chairmen in the petition handed over to the representative of the NWC at the meeting, Dr. Emmanuel Agbo, calling for an immediate conduct of a transparent state congress at all level in the state. The centre of the crisis in the state was the last congresses in Cross River from wards, local governments, zonal and state congress. It was gathered that the governor, Prof. Ben Ayade lost control of the structures in the state to members of the party at the National Assembly. The loss of the structures at all levels by the governor led to a faction that sponsored Hon. Jarigbe Agoms Jarigbe winning the primary election against the faction loyal to the governor that produced Senator Steve Odeh Senator Steve Odeh, it was gathered was sponsored by the governor to replace late Senator Rose Okoh who died last year. The understanding, it was gathered is that Senator Steve Odeh will spend only one term as a senator to enable Governor Ayade return back to the senate, where he was in 2015. But the calculation failed as Hon. Jarigbe, a serving member of the House of Representatives refused to accept the permutations that he should continue in the House. At the primary, PDP returned Steve Odeh as the senatorial candidate, but Jarigbe rejected the out come and went to court and his appeal was upheld. The Supreme Court upheld the election of Jarigbe also the Senate is playing politics with his swearing in. INEC has also given Jarigbe certificate of election. The threat of defection by the governor of Cross River State has been ongoing as he and his faction boycotted the zonal congress in Port Harcourt that elected Dan Orbih as the South-south vice chairman. The governor also boycotted the PDP governors meeting that took place in Makurdi and Ibadan. It was as a result of the threats of the governor to defect to the APC that the elected local government chairmen and councillors met with the representative of the NWC, the deputy national secretary Dr. Emmanuel Agbo to present their petition for a new congress that would confer respect to the governor as the leader of the party or they will join their governor in his defection moves.

T H I S D AY ˾ MONDAY MAY 24, 2021

MONDAY DISCOURSE

Tambuwal

Speaking with newsmen after their meeting, the chairman Calabar Municipal Council Effefiong Nta Eke, said that they demanded for a fresh state congress where the structures would be under the control of the governor as in other states controlled by the PDP. He said, “the governor is the leader of the party in the state. He should be given control of the party structures and this can only by done with fresh congress. We are demanding for a fresh congress. If not where the governor, Prof. Ben Ayade goes, we will go with him. He is the leader of the party in the state” Further asked, “Will all of you join him, to go to APC”, they chorused, “Yes. He is our leader” Also, the leader of the delegation, Hon. Emmanuel Effiong Bassey, ChairmanAkpabuyo Local government council and Chairman of Cross Rivers State Local Government Chairmen Forum, said at the media briefing, “We are chairmen of the 18 local government council in Cross River State. We came to meet the national chairman and we have met him, and he was ably represented by the Deputy National Secretary in the person of Dr. Emmanuel Agbo. “We came for the purpose of our state, the state of affair of the party in our state, we met him and we presented to him what we came with and he has honourably taken care of it and has assured us that he is going to make sure that what we presented to the party and what we came with, will be given immediate and urgent urgent attention.” Asked what was the petition presented, he said, “You guys must have known that the state, congress has not been held, and we did ask that that it be done urgently. And he has assured us that that will be considered urgently”. He explained that apart from the state congress, he said, “you actually know that any organization that is without the rule, may not succeed. And we have noticed as local government Chairmen executive chairmen that there are some of our members that have erred and we are asking that disciplinary measures should be taken so as to put the party in a proper shape”. Speaking further, he said, “for God’s sake, Senator Prof. Ben Ayade is the party leader in Cross River State, he is the one that leads, just like every other governor in any PDP state. So, let’s give him his due respect. Let it be given to him. Whatever equation he must have taken, I think to a great extent it is for the goodness and betterment of the party. “We have been one family, we will continue to be a family and a larger one for that matter. Cross River State PDP, is a family and we work like a family. Everybody is a family member of PDP, but, if the governor decides to leave as the leader of the party, we will go with him”, he said. “Let me state here categorically that we are the pillars of the party in Cross River State, and these pillars were erected by Senator Prof. Ben Ayade, so, if he goes, we go with him. “And you know what that means, we are in absolute support of the leadership of Senator Professor Ayade because of the very good things that he has been doing and will continue to do.”, he declared Saraki’s Committee Wades In As the defection talks become clearer, the NWC of the PDP dispatched the National Reconciliation and Strategy Committee headed by the former Senate President, Dr. Abubakar Bukola Saraki, to meet with the National Assembly caucus from Cross River State. The objective of the meeting was to reconcile

Okowa

Ugwuanyi

Ita-Giwa

Ben Ayade r &MFDUFE (PWFSOPS PG $SPTT 3JWFS 4UBUF JO 2015 on the platform of the Peoples Democratic Party r )F JT ZFBST GSPN ,BLVN ,BLVN Obudu local government area of Cross River State r %FGFDUFE UP UIF "MM 1SPHSFTTJWFT $POgress on Thursday, May 20-2021 *He was a member of the 7th National Assembly as Senator representing Cross River North, elected in 2011 r "ZBEF JT OPUFE GPS DISJTUFOJOH $SPTT River State budgets with controversial titles like the 2021 budget of N277.7billion tagged ‘Budget of Blush and Bliss’. He IBE A#VEHFU PG ,JOFUJD $SZTUBMMJTBUJPOu JO 2018. There was ‘Budget of Deep Vision’ in 2017. Budget of Infinite Transposition JO #VEHFU PG ,JOFUJD $SZTUBMMJTBUJPO in 2019. Budget of Qabalistic Densification and Budget of Olimpotic Meristemasis in 2020. r "ZBEF JT B NVMUJ EJTDJQMJOF TDIPMBS XJUI first, masters and doctorate degrees in Microbiology from the University of Ibadan and a Law degree from the Delta State University, where he was a lecturer and later appointed a Professor the National Assembly members, including other stakeholders, with the state governor, Prof. Ben Ayade, who was already threatening to defect to the All Progressives Congress (APC). This was as the talks of defection became real. Moments after the notice of defection was served by the 18 council chairmen and 196 councilors, it was gathered that the NWC mandated the Saraki-led Reconciliation and Strategy Committee to wade into the matter and ensure proper reconciliation of issues raised. Newsmen gathered that in line with this, Saraki and members of his team moved towards reconciling the factions in the state. The PDP committee met at Saraki’s residence with all PDP members of the National Assembly to find an amicable resolution of the crisis. The two contending members of the National Assembly, Senator Steve Odeh and Hon. Jarigbe Agrom Jarigbe, it was gathered, attended the meeting. Jarigbe, a serving House of the Representa-

tives member, is laying claims to the seat in the Senate which Odeh has already been sworn in. Saraki said of the meeting, “The PDP Reconciliation and Strategy Committee met with the PDP National Assembly caucus from Cross River State. At the meeting, we listened to the concerns of the legislators, and discussed strategies to unite all the leaders and key stakeholders of our party in the state,” he stated. Enter the PDP Governors Reconciliations It was the height of these that the chairman of PDP governors forum.Aminu Waziri Tambuwal visited their Cross River State counterpart, Senator Ben Ayade following his threat to defect from the party. The governors that visited were are Aminu Tambuwal of Sokoto State, Ifeanyi Okowa of Delta and Ifeanyi Ugwuanyi of Enugu State. The governors who came on the auspices of the Peoples Democratic Party Governors Forum, PDP-GF, held extensive discussions

Ben Ayade is the party leader in Cross River State, he is the one that leads, just like every other governor in any PDP state. So, let’s give him his due respect. Let it be given to him. Whatever equation he must have taken, I think to a great extent it is for the goodness and betterment of the party. We have been one family, we will continue to be a family and a larger one for that matter. Cross River State PDP, is a family and we work like a family. Everybody is a family member of PDP, but, if the governor decides to leave as the leader of the party, we will go with him”, he said. Let me state here categorically that we are the pillars of the party in Cross River State, and these pillars were erected by Senator Prof. Ben Ayade, so, if he goes, we go with him

with their host who has been complaining of injustice in the PDP and threatened to decamp if not redressed. After the discussion which lasted about two hours inside Government House, Calabar, Governor Tambuwal, who is also the Chairman of the PDP-GF told journalists that the “discussions were fruitful, peaceful and productive with the stakeholders of Cross River PDP Tambuwal later said of the meeting, “We’re here on the mandate of the PDP-GF which was sanctioned by the National Working Committee, NWC, to come and engage with our dear brother and colleague, Prof. Ben Ayade, the governor of Cross River state and the stakeholders of our party here on the issues of the congresses held here in the state that became contentious. “We’ve engaged with them and the feelers we have is that by the grace of God we’ll soon resolve these issues and the party will bounce back as one” Tambuwal stated further that there were lots of concerns about how the congresses went and “every one of us is interested that we restore normalcy to ensure that the family is brought back together and work together for the common interest of Cross River State,” the governor said. He also said his team will take the report of the meeting to the Governors’ Forum and the NWC for examination, deliberation and action. Why I defected However, the governor gave a totally different reason why he defected to the APC. Speaking on why he was joining the APC, Ayade highlighted the character attributes of President Muhammadu Buhari and the realisation that Cross River, which has been emasculated economically following the ceding of its oil wells, needed to be in sync with the party at the centre as the main reasons for moving. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY MAY 24, 2021

POLITICS

Uproar in Katsina Over Supreme Court Ruling on Dissolved LGAs Francis Sardauna writes that the Katsina State Government is making eﬀorts to comply with a Supreme Court judgement which favours the 34 local government area chairmen and 361 councillors in the state who were sent packing in 2015 by Governor Aminu Masari

Muhammad

eactions have continued to trail the recent ruling by the Supreme Court in favour of the Peoples Democratic Party (PDP) over the unlawful dissolution of the 34 democratically elected local government area chairmen, deputies and their councillors by Governor Aminu Bello Masari of Katsina State. Governor Masari, had on July 10, 2015, dissolved the duly elected 34 local government councils of the state 15 months before the expiration of their tenure on the allegation of misappropriation of local governments funds. He subsequently replaced them with caretaker committees. The development ushered in political hassle or fracas in the state. The dissolution of the chairmen and the 361 councillors by the governor on assumption of office in 2015, witnessed wide condemnation by political gladiators and commentators in the state. Although, in dissolving the local government administrators then, the governor had said he strictly adhered to the state’s law enacted by his predecessors to dissolve the local government chairmen and the councillors. To further justify his action, Masari in a media chat on January 9, 2020, at the Government House, Katsina, said: “We followed the law enacted by our predecessors to dissolve the local government councils. We inherited the law and used it. And now they are challenging the same law that they passed in the court.” But the state PDP Chairman, Hon. Salisu Yusuf Majigiri, who also addressed journalists on what he termed rejoinder to Masari’s position on local government councils in the state, said the sacking of the council chairmen and their councillors by the governor, grossly violated section 7 (1) of the Nigeria Constitution and relevant laws in the state. According to Majigiri, “We therefore maintained that he (Governor Masari) has not only grossly violated the state relevant electoral laws but to a much larger extent, violates the provisions in the Nigeria Constitution.” To end this war of words, the disannulled administrators and PDP sued Governor Masari and the ruling All Progressives Congress (APC) to challenge their dissolution. The controversy over the rightful leadership of the 34 local government councils and 361 wards moved from one court to another upto the Supreme Court. Joined in the suit were the Attorney general of the state as second defendant while Masari and the state assembly were the first and third defendants respectively. The sacked administrators and the PDP sought the court to restrain the defendants from dissolving them.

Masari

The PDP and the sacked local government chairmen and councilors also sought a perpetual injunction restraining the defendants from suspending or in any other way removing all or any of the 34 local government councils in Katsina State before the expiration of their tenure. In a unanimous judgment delivered by Justice Adamu Jauro, the apex court consequently, directed that the unlawfully dissolved council officials be paid all their entitlements from the date of their illegal dissolution to the date they were to vacate office. The Supreme Court also awarded costs to the appellants and insisted that it should be complied with within a time frame. The apex court, in its ruling on May 7, 2021, ruled that the sacking of the elected local government chairmen and the councilors on the platform of the Peoples Democratic Party and their replacement by caretaker committees by Governor Masari was unlawful, unconstitutional and illegal. With the Supreme Court judgement, the question on the lips of many of the sacked chairmen, deputies and their councillors is that, will Governor Masari pay their entitlement as directed by the apex court?. If yes, when will they receive their entitlements? Among those asking these questions are the former Chairman of the state chapter of the Association of Local Government of Nigeria (ALGON), Hon. Ibrahim Lawal Dankaba. He noted that the APC administration in the state under Governor Masari has no option than to finish the political war it initiated by paying all their entitlements as ordered by the apex court of the land. Dankaba, in an interview, added that: “The

Supreme Court judgement was on May 7, 2021 and uptill date, there is no payment from the state government. The government should comply with the judgement of the apex court of the land by paying our entitlements as directed”. Dankaba, who was until his removal, the chairman of Kaita Local Government Area of the state, further stated: “the Supreme Court called it entitlements. It directed that all our entitlements should be paid. So, the state government should be aware of all the entitlements for each of the dissolved local government chairmen.” He debunked reports that the state government has commenced the payment of the entitlements of the dissolved local government chairmen, deputies and their councilors, saying “the judgement was delivered on Friday, the 7th of May, so as of today, I am not awared of any payment by the state government.” Another PDP local government chairman that was removed but decamped to the ruling APC, who craved anonymity, claimed that the state government “did not pay a kobo” to even some of them that joined the ‘restoration train’ of Governor Aminu Masari. He said life is unbearable for them and their family members since the commencement of the sacking saga. The source said: “The truth still remained that, even some of us who joined APC immediately after our unconstitutional and illegal removal, we are yet to receive our entitlements from the state government. Whoever said we are being paid is lying. For me, the Supreme court judgement is the right step in the right direction, because it

In a unanimous judgment delivered by Justice Adamu Jauro, the apex court consequently, directed that the unlawfully dissolved council officials be paid all their entitlements from the date of their illegal dissolution to the date they were to vacate office. The Supreme Court also awarded costs to the appellants and insisted that it should be complied with within a time frame. The apex court, in its ruling on May 7, 2021, ruled that the sacking of the elected local government chairmen and the councilors on the platform of the Peoples Democratic Party and their replacement by caretaker committees by Governor Masari was unlawful, unconstitutional and illegal

will mandate the governor to pay us our entitlements.” But the state government, through the Attorney-General and Commissioner for Justice, Ahmed El-Marzuq while reacting to the judgement, said the state government will respect and comply with the decision of the court, “as the ruling was simple and straightforward.” The state Attorney-General reiterated that the government has already begun payment of the entitlements to some of the parties involved, putting it to about 80 per cent, insisting that the state government had long before the ruling of the Supreme Court offered to pay the salaries and allowances of the dissolved local government chairmen. According to him, “The government of Katsina State under Governor Masari has full respect for the judiciary and the Supreme Court of the land and as a believer in the rule of law, the state will comply with the order to pay the salaries of dissolved local government chairmen.” Meanwhile, Governor Masari, had before the Supreme Court ruling, said he would conduct local government elections within three months as soon as the apex court delivers judgment on the litigation brought by the state chapter of the PDP. With this judgement, outrage has greeted the governor’s pronouncement on the conduct of the council polls. Accordingly, both Civil society organisations and others residents of Katsina have welcomed the verdict of the apex court and admonished the governor to conduct local government elections as soon as possible, insisting that the conduct of the council polls was long overdue. Yushau Mani of Katsina-based Network for Justice told reporters that, ‘’the judgment passed by the Supreme Court on local governments is not unexpected but it has taken a long time and the delay has affected the democratic procedure of ensuring the survival of local governments at the grass root levels.” He explained that the aim of establishing local governments is to bring the government closer to the people “and a lot of things have happened that local governments, especially in the North-west zone, with serious security concerns could have helped tackle on time.” He added, ‘’Remember the state government told us that after the Supreme Court judgment that there will be local government election. We will wait and see. It is a very good moment if they can do that.” Apparently, the victory achieved at the Supreme Court by the sacked local council chairmen and the 361 councillors against the current APC administration in Katsina state, is an appropriate action that will further strengthen the local government administrative system in the country.

T H I S D AY ˾ ͰͲ˜ ͰͮͰͯ

FEATURES

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

Death in Service to the Nation Chiemelie Ezeobi, Rebecca Ejifoma, Ayodeji Ake, Sunday Ehigiator and Chiamaka Ozulumba write that the death of the Chief of Army Staff, Lieutenant General Ibrahim Attahiru alongside his generals, aides and crew of the ill-fated Nigerian Air Force aircraft, was a blow to the Armed Forces and the fight against insurgency

Lt. Gen. I. Attahiru

Brig. Gen. MI Abdulkadir

Brig. Gen. Olayinka Lukman

hen Lieutenant General Ibrahim Attahiru, was appointed as the 25th Chief of Army Staff (COAS), one of his key derivatives was his drive to quell insurgency in the North-east. His drive was understandable, especially for a region that reportedly gave him trouble when he was Theatre Commander of Operation Lafiya Dole until 2017 when he was removed by the then COAS, Lieutenant General Tukur Buratai. Upon his appointment by President Muhammadu Buhari on January 26, 2021, Attahiru, who was the then General Officer Commanding, 82 Division of the Nigerian Army, Enugu, had taken the war against insurgency seriously. In fact, he had reportedly been to Borno State more than six times since his appointment to have a first hand feel of the ongoing operations. Aside Borno, he had also visited different army formations to motivate troops in the frontlines. On Friday, May 21, 2021, the COAS alongside his entourage of generals and aides set off from Abuja to Kaduna. The mission was supposed to be simple- attend the Passing Out Parade (POP) of the recruits of depot Nigerian Army to herald their joining the workforce of the Armed Forces of Nigeria (AFN)- and return back to Abuja. A member of the Regular Course 35 of the Nigerian Defence Academy (NDA), the COAS boarded Nigerian Air Force (NAF) Beechcraft 350 aircraft and set off to their destination. On getting to Kaduna International Airport, they hit inclement weather whilst trying to land and despite efforts by the NAF pilots to steer the aircraft to safety, the worst happened- the aircraft crashed and killed all 11 onboard.

Brig. Gen. Kuliya

Maj. L A. Hayat

shot by NAF Pilots last month whilst they were battling Boko Haram terrorists.

Roll Call Of Dead According to the manifest, the passengers of the ill-fated aircraft were the Chief of Army Staff, Lieutenant General Ibrahim Attahiru; acting Chief of Military Intelligence, Brigadier General Abdulkadir Kuliya; Chief of Staff to the late COAS, Brigadier General Mohammed Idris Abdulkadir; Brigadier General Olatunji Lukman Olayinka, Aide-De-Camp to the COAS, Major Lawal Aliyu Hayat, and Major Nura Hamza. Others were the pilots of the ill-fated aircraft, Flight Lieutenant Taiwo Olufemi Asaniyi and Flight Lieutenant Alfred Ayodeji Olufade, as well as Sergeant Opeyemi Isaiah Adesina, Sergeant Umar Saidu and Aircraftman (ACM) Olamide Matthew Oyedepo.

Investigation Soon after the crash, the CDS directed that an Accident Investigation Board (AIB) be constituted to unravel the immediate and remote cause(s) of the unfortunate accident. As at Saturday, the AIB said it had recovered the flight data recorder (black box) of the military aircraft that crashed in Kaduna State. In a statement on Saturday, Tunji Oketunbi, AIB general manager for public affairs, said the bureau has commenced investigation into the crash, adding that the aircraft's flight data recorder (FDR) and the cockpit voice recorder (CVR) have been recovered for analysis.

the officers’ death as a national tragedy, adding that this was a trying period for the country, given that the dead officers were among the nation’s finest. Tears and more tears flowed as NA personnel fired the 21-gunshot salute during the burial and whilst they were being committed to Mother Earth. In attendance were top military brass, serving and retired senior officers and heads of security agencies, politicians and captains of industries. Among those who gave an oratory at the funeral was the Chief of Policy and Plans, Nigerian Army, Major General Benjamin Ahanotu, who described the late Chief of Army Staff as a disciplined, gallant and professional soldier, who added value to wherever he worked. The CDS, in his remarks, titled, ‘love for country’, said the death of the senior officers was painful, but “certainly not in vain.” According to him, “it is deeply saddening that I have to give these remarks on this occasion. Why are we here? Love for country. How did we get here? Love for country. What is the purpose of the oath of allegiance? Love for country. “May 21, was a very sad day for the Armed Forces of Nigeria. It was a sad day for the nation as I received with shock and utter dismay the gloomy news of the sudden demise of the Chief of Army Staff Lieutenant General Ibrahim Attahiru and 10 other gallant officers and personnel. The loss of our gallant and energetic but calm Chief of Army Staff, and other heroes of patriotic zeal is painful, but certainly not in vain. "The recruits of depot Nigerian Army were to be on Passing Out Parade to herald their joining the workforce of the Armed Forces of Nigeria. The Chief of Army Staff was to be the special guest of honour at the event. One of our finest and best pilots was conveying him along with the entourage, after landing at the Kaduna International Airport, the cold hands of death, which manifested in the stormy weather ended that journey. "The sting of death, you have not stopped the fight against all forms of insecurity. As we mourn, I remember with a deep sense of pride

Conspiracy Theories After the crash, speculations were rife as to the true state of their death. In fact, conspiracy theories went to town as the rumour mill churned out many likely causes. From the absurd to the outrightly outrageous, they speculated that the deaths might not be totally unrelated to the allegations of coup and infiltration by terrorists. Some further raised speculations about the state of the aircraft with some alluding that the crash would further exacerbate the already festering wound of the soldiers who were accidentally

the lives and times of an accomplished General, reliable professional and a dependable colleague."

Likely Cause Putting all conspiracy theories to rest, the Defence Headquarters blamed the plane crash on bad weather. Defence Spokesperson, Onyema Nwachukwu added that the Chief of Defence Staff (CDS) General Lucky Irabor, while praying for the repose of the souls of our gallant and committed Chief of Army Staff and other personnel on board with him, solicited the support and understanding of all Nigerians in the face of this tragic incident, adding that the AFN remains resolute in combatting the security challenges bedeviling the nation as the "sacrifices of our dearly departed heroes will not be in vain".

Interment The morning after the crash, the deceased officers and soldiers were interred. First, the bodies were moved from 44 Nigerian Army Referral Hospital, Kaduna to the National Mosque (for the muslims) and the Nigerian Airforce Protestant Church (for the Christians), both in Abuja. They were later conveyed to the National Military Cemetery for subsequent interment. President Muhammadu Buhari, who was represented by the Minister of Defence, Major General Salihi Magashi (rtd), in his speech, described

Condolence As expected, a deluge of condolence followed the death of the generals, their aides and the pilots. President Muhammadu Buhari, whose absence raised eyebrows, in his condolence said he was deeply saddened by the air crash that claimed the lives of the late COAS and other military officers, adding that all of them are heroes who paid the ultimate price of peace and the security in the land. He said: "This crash is one mortal blow to our underbelly, at a time our Armed Forces are poised to end the security challenges facing the country. My condolences to the families of the deceased, the entire military , and all Nigerians. The deaths of these officers will not be in vain! P It is tragedy to the nation and we must do all we can to honour them. They were known for their uncommon loyalty, a virtue that is required of all of us at this trying moment.” Vice President Yemi Osinbajo said the death of the COAS and others while in active service, “reflects the depth of sacrifice our military officers, men and women of other ranks are often prepared to make. Their death while in active service in the defense of our country, reflects the depth of sacrifice our military officers are often prepared to make. "We honour the service of the Army Chief and all those involved in this unfortunate accident even as we continue to demonstrate our profound appreciation to all in our military services and in harm’s way. The gallantry of these heroes would always be remembered." The President of the Senate, Ahmad Lawan, also described the tragic deaths as a national disaster of immense proportion. Lawan, in a statement by his Special Adviser on Media and Publicity, Ola Awoniyi, lamented that the unfortunate development has thrown the entire nation into mourning. The statement read in part, "This incident is saddening, coming at a time there is a fresh momentum in the nation’s war against insurgency, banditry, and other violent crimes. The Chief of Army Staff and the other officers gave their lives for the security and unity of Nigeria and will be remembered as heroes in the history of the country." The Speaker of the House of Representatives, Femi Gbajabiamila, in a statement by his media aide, Lanre Lasisi, said the deceased COAS had “shown a lot of commitment in tackling the security situation in the country”. Describing the COAS as “a core professional officer”, he said the Nigerian military, especially the Nigeria Army, had lost a dedicated and committed senior officer whose services to the fatherland will be sorely missed. The Chairmen of the Senate Committee on Army, Senator Ali Ndume and his navy counterpart, Senator George Sekibo, also mourned the dead. They described the deceased COAS

T H I S D AY ˾ ͰͲ˜ ͰͮͰͯ

FEATURES

Maj. Nuru Hamza

Flt. Lt. T O Asaniyi

Flt. Lt. A A Olufade

Sgt. Adesina

as a hero and gallant officer who died at a time when the nation was looking up to him to effectively provide the necessary leadership that would eliminate insurgency and other forms of criminality in Nigeria. They lamented that the late COAS had already commenced the implementation of strategies that the Nigerian Army needed to tackle external and internal forces that are threatening the nation’s peace before death struck. The Chairman Senate Committee on Airforce, Sen Bala Ibn Na’Allah said: “While it’s saddening and unfortunate, I am greatly diminished by the sad news of the death of a perfect gentleman in name of Lt Gen Ibrahim Attahiru and other officers who paid the supreme price in the service of our great country." Corroborating, Chairman, Senate Services Committee, Senator Sani Mohammed Musa, described the death as a great loss to Nigeria especially now the country is working assiduously to nip in the bud, activities of armed bandits. Describing Attahiru as an exemplary, unpretentious and self-effacing officer and gentleman who discharged his duties with diligence devotion and integrity, he said the late COAS had remarkably engaged the insecurity situation. The House of Representatives Committee on Air Force described the deaths as painful and shocking. This was contained in a statement by the Chairman of the Committee, Shehu Koko, who said he had embarked on an official duty to Makurdi, Benue State, last Thursday with the late COAS. The Secretary to the Government of the Federation (SGF), Boss Mustapha, while expressing shock over the fatal air crash, conveyed the consensus of all members of the FEC on the passion and professionalism with which General Ibrahim Attahiru discharged the responsibilities of his office, especially the prosecution of internal security operations across the country, since his appointment in January 2021. In his condolence, former President Goodluck Ebele Jonathan said the death of these officers is a national tragedy, as the victims were patriots who died with their boots on, in the collective quest for peace and security. Lt. Gen. Tukur Buratai (Rtd), ambassador Designate to Republic of Benin and former Chief of Army Staff in his tribute said: "I am deeply saddened by this incident that can best be described as tragic to all Nigerians and peace-loving people because Lieutenant General Ibrahim Attahiru and those officers that died along with him were top-level officers whose records of service were meritorious. . "This unfortunate incident deeply saddens me as it robbed us of the services of the Chief of Army Staff who, since he took over from me, had left no one in doubt as regards his determination to succeed in the various military operations across the country. He was at the verge of making the nation proud in the counterinsurgency and counterterrorism efforts when this tragedy occurred. I do not doubt his ability as he had served under me in various capacities and was well grounded for the job with active support and collaboration of his colleagues. "While condoling the Armed Forces of Nigeria, I urge them to close ranks and make sure that their legacies live on by consolidating on the gains made in the various operations. They gave their lives in line of duty and patriotic service to the nation." The National Leader of the All Progressives Congress (APC), Bola Tinubu, said the death of Attahiru, and 10 others in the air mishap is a tragic, unspeakable loss for the nation. He said: “COAS Lt. Gen. Attahiru and the others were stalwarts and brave soldiers who had dedicated their careers, and now their very lives, in the service of this nation and toward the

realisation of the noble aspirations this nation represents. “COAS Attahiru had a most distinguished career. The army and the nation will miss his excellent character and fine leadership at this moment when we are fighting terrorism or banditry in many parts of the nation. He, just like the others involved in this tragic incident, served his country with zeal and vigour. He was known as a soldier’s soldier. “Their untimely and sad departure hurts. However, we owe it to them and to the nation to gather our strength and fortitude. We must gird ourselves that we finish the job to which they dedicated and gave their lives. Let us remember these brave patriots not with our tears, but by achieving victory over the terrorism and violence that seek to rob our nation of its finest destiny. Let this unfortunate accident not deter us but spur us and our valiant military to continue to defend this land from violence and evil.” Delta State Governor, Dr. Ifeanyi Okowa said: "Edith and I are extremely sad to learn about the passing of the recently appointed Chief of Army Staff, Lt. General Ibrahim Attahiru. We pray that Almighty God grants his family, friends, and the entire Armed Forces the strength that is needed at this difficult time." His Kaduna State counterpart, Governor, Nasir El Rufai said he received the news with immense sadness, stating that Attahiru was a shining star, whose sudden death had robbed Nigeria of an officer striving to bring new drive to secure the country against terrorists and other threats to national security. The governor said that the news of Attahiru’s death had left him deeply shaken, with a sense of great personal loss, coming so soon after his appointment had brought immense pride and a sense of hope to the people of Kaduna State. Lagos State Governor, Babajide Sanwo-olu said: "This is a very painful loss considering the commitment of these fine officers to the efforts to combat insecurity in our country and win the war against insurgency." The Taraba State Governor, Darius Ishaku, described the death of the officers as shocking and a big blow to the families of the victims, the military and the nation at large. According to the statement signed by Mr. Bala Dan-Abu Special Adviser to the Governor on Media and Publicity, Ishaku said the late Chief of Army Staff was a highly disciplined officer who assumed the leadership of the army at a time that Nigerians craved for a change in the military strategy against insecurity in the country. “The death of the Chief of Army Staff and the other victims of the crash at this time has robbed the country of their contributions to this highly sought new strategy in the war against insecurity in Nigeria,” he added. The Attorney-General of the Federation, Abubakar Malami described “the military aircraft crash that caused the death of Chief of Army Staff, Lt. General Ibrahim Attahiru as a national tragedy". The statement signed by the AGF’s spokesperson, Umar Gwandu, said the late army officer, who died in active service to the nation, “will always be remembered as a selfless and patriotic Nigerian who is passionate in duty". The United States of America also joined the deluge of those who sent in their condolence. In a tweet, they said: “We join Nigerians in mourning the tragic loss of life from today’s plane crash. The death of the Chief of @HQNigerianArmy Staff, Lt. Gen Ibrahim Attahiru is a tremendous loss to Nigeria, and his loved ones. “During this difficult time across Nigeria when security and peace is so needed, we offer our deepest sympathy to the family of General Attahiru and to the families of all those who perished."

On its part, the UK Mission in Nigeria said it was, “profoundly shocked and saddened by this terrible news. Our deepest condolences to the family & friends of the late Chief of Army Staff, Lt. Gen. Ibrahim Attahiru, and all who so tragically lost their lives”. Brigadier General SK Usman (rtd), who is the Sarkin Yakin Kanwan Katsina wrote, "I received the shocking news of the Nigerian Air Force plane crash... which claimed the lives of the Chief of Army Staff, Nigerian Army, Lieutenant General Ibrahim Attahiru, who was also my former boss (when he served as Director Army Public Relations), along with some his Principal Staff Officers, Personal Staff, the pilots and the crew with sadness. "This is heart wrenching and devastating to me. It is also sad and a monumental loss to the nation, the Armed Forces of Nigeria, Nigerian Army and all those that knew them. I, therefore, wish to convey my sincere condolences to their families, the Armed Forces of Nigeria, the officers, civilian staff and soldiers of the Nigerian Army." The National Chairman, Arewa Consultative Forum (ACF), Chief Audu Ogbe, said: “We remember that only recently, the President appointed General Ibrahim Attahiru with other service chiefs to lead the fight against insurgency and all other forms of threats to our collective national security. We at the ACF were just beginning to appreciate his new approach to tackling our multiple security challenges when the news of his tragic death hit us." Femi Fani Kayode said although the tenure of the COAS was short after a long and distinguished career in the army, he was undoubtedly a brave and gallant soldier who served his nation with the utmost diligence and dedication. He also added, " we demand to know what really happened! Was it really an accident or was the plane brought down? If it was brought down, who by? Was it BH or an inside job? If it was an accident what caused it? Weather, engine failure, pilot error? So many questions! There must be no cover-ups this time! The Nigerian people have a right to know the truth and to be told under what circumstances their Chief of Army Staff and his team of officers were killed. Accident Investigation Bureau over to you!" Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq said: "My heartfelt condolences to the families of late Chief of Army Staff, Lieutenant General Attahiru Ibrahim, his staff officers, the Nigerian Airforce crew members, the military, and all Nigerians." Also, Senator Sheu Sani noted that "the death of the Chief of Army Staff Attahiru Ibrahim and others in a plane crash is a national tragedy." Former Nigerian Vice President , Atiku Abubakar said the development has caused national mourning in Nigeria, describing it as a dark day for the entire nation. Also, former Senate President, Dr. Bukola Saraki sent his deepest and most heartfelt condolences to their families, just as the minister of foreign affairs, Geoffrey Onyeama, expressed that he saddened by the sudden demise of COAS alongside other military personnel. The Inspector General of Police, Usman Baba said he was saddened that that the late COAS died while on a patriotic mission to advance the course of peace and save the lives of others. In his tribute to the late COAS, the IG described him as “an exceptional military strategist, a friend of inestimable value, and an excellent partner in the ongoing fight against insurgency and other security challenges in the country”. He noted that the late COAS represented “the best in the military tradition of courage, forthrightness, discipline, professional, excellence, passion for national service, and strategic leadership”. He said the death of Lt. Gen. Attahiru is even

more painful "given the equally highly-loyal, promising and professionally excellent officers, whose lights were eternally dimmed along with him in the ill-fated flight. This is in addition to the reality that he left a nation he so much loved at a time his experience and service are most critical to our nation’s stability." The IG urged the members of the Nigerian Armed Forces, particularly the officers and men of the Nigerian Army, not to allow the tragic incident to dampen their morale, but to remain focused in the collective quests at restoring law and order in the country, as that will be the most befitting honour and memorial we can collectively give to the late general and the other fallen heroes. In his tribute, security expert, Dr. Ona Ekhomu said the late COAS employed a productive and congruent leadership style in motivating Nigerian troops in the war against insurgency in the North-east, adding that the military chief relied upon expectancy theory and self-fulfilling prophecies (Pygmalion effect) when he charged the troops and this was responsible for the recent successes of the military against Boko Haram/ISWAP. Dr. Ekhomu, who is National President of the Association of Industrial Security and Safety Operators of Nigeria (AISSON) said the COAS used to pay frequent visits to the frontlines where he would directly address the troops. “An example was when the COAS ordered his men to recapture Marte within 48 hours and it was done in less time. That was clearly a self-fulfilling prophecy.” Ekhomu expressed condolences to the Chief of Defence Staff, General Lucky Irabor and the entire armed forces of Nigeria (AFN) on the tragic loss of the COAS and others in the air mishap, saying that “the plane crash robbed the nation of a great leadership asset in the war against insurgency at a time that the threat is mutating and assuming a terrible dimension.” The security expert described Gen. Attahiru as a great hero who fought hard to ensure peace and security in Nigeria. He said that in the short time that Attahiru served as the Chief of Army Staff, there was a rejuvenation of the spirit of the Nigerian Army. Ekhomu said that it was apparent that the COAS cared deeply about his men, often assuring soldiers on the frontlines that he would provide needed energic inputs for their work –including welfare. “The troops worked hard because they believed that the Chief had their backs,” he added. He also paid tribute to other senior military executives who perished in the flight including the Director of Military Intelligence, Brig. Gen. Kuliya, the Provost Marshal, Brig. Gen Olayinka, the Chief of Staff to the COAS, Brig. Gen. Abdulkadir saying that their loss was a low blow to the military community. He advised the AFN to focus attention on the insurgency in the North-east even as it mourns the fallen heroes because recent events – including the reported but unconfirmed death of Boko Haram leader Abubakar Shekau are redefining the battle space. Ekhomu, who is the first chartered security professional in West Africa said: “the events of May 19th in Sambisa Forest may mean that the insurgency has changed into higher gear as ISWAP is better resourced and more brutal than Boko Haram. Taking over Sambisa forest will give ISWAP full control of the entire Borno insurgency space.” He expressed worry that ISWAP was consolidating its control of southern Borno as it on Saturday (May 22, 2021) reportedly named Abu Musab Al Barnawi as the replacement of Mr. Shekau and also announced the arrest of 30 of Shekau’s commanders. He worried that ISWAP was acting as the defacto government in the area.

MONDAY MAY 24, 2021 • T H I S D AY

T H I S D AY ˾ ͰͲ˜ 2021

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Quick Takes Coca-Cola Supports Virtual Learning

COURTESY VISIT

L-R: Director Funds, Accountant General’s Office, Sabo Mohammed; Chief of the Naval Staff (CNS), Vice Admiral Awwal Gambo; and Accountant General of the Federation, Alhaji AhmedIdris,duringacourtesybytheAccountantGeneraloftheFederationontheCNSatNavalHeadquartersin Abuja...recently.

Entry Opportunity for Investors as Equities Decline Further Goddy Egene Equities investors have an opportunity to enter the market at good valuation as bears depressed prices further last week. The market, which had gained N148 billion the previous week, shed N603 billion last week following sell pressure that dominated all trading sessions. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell 2.93 per cent to close at 38,324.07, while market closed lower at N19.975 trillion. Year-to-date the market has declined by 4.8 per cent. Following the growth recorded two weeks ago, analysts at Cordros Securities had envisaged profittaking last week. A development that led to the decline in prices

ECONOMY of 41 stocks, compared to only 26 stocks that appreciated. And analysts said the lower prices offer investors a good opportunity to enter the market. According to the analysts, this week, investors would focus on the outcome of the highly anticipated Monetary Policy Committee (MPC) meeting to gain further clarity on the movement of yields in the fixed income (FI) market. “Consequently, we see more of a “choppy theme” as cautious trading dominates the market. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate

earnings,” they said. Meanwhile, investors traded 1.048 billion shares worth N11.543 billion in 17,233 deals in the review week, up from 840. 334 million shares valued at N9.561 billion that exchanged hands in 13,239 deals the previous week. However, the Financial Services Industry remained the most traded, accounting for 674.741 million shares valued at N5.589 billion traded in 9,405 deals, thus contributing 64.4 per cent and 48.4 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry traded 94.524 million shares worth N630.366 million in 828 deals, while the third place was occupied by ICT Industry, with a turnover of 87.137 million shares

worth N630.903 million in 539 deals. Trading in the top three equities namely Zenith Bank Plc, FBN Holdings Plc and Fidelity Bank Plc accounted for 248.273 million shares worth N3.288 billion in 2,988 deals. The 41 price losers were led by C & I Leasing Plc with 18.8 per cent, trailed by Royal Exchange Plc with 18.4 per cent, just as Linkage Assurance Plc shed 13 per cent. SUNU Assurance Plc and Airtel Africa Plc went down by 12.9 per cent and 10 per cent respectively. Other top price losers included: B.O.C Gases Plc (9.9 per cent); Portland Paints and Products Nigeria Plc, Nigerian Enamelware Plc (9.8 per cent Continued on page 26

Analyst Advises CBN on Measures to Deepen Financial Inclusion James Emejo in Abuja The Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, has urged the Central Bank of Nigeria (CBN) to register more cooperative societies with specific mandate to cater for the needs of the unbanked population in the country. Speaking in an exclusive interview with THISDAY, he said though measures that had been so far deployed by the apex bank to deepen financial inclusion are novel ideas, cooperative societies are required to ensure that the unbanked population, most of whom are uneducated, have confidence in such technologies. Gbolade said the government should have cooperatives bodies which are able to translate government policy on financial

ECONOMY inclusion especially to those who can neither read nor write or who do not have mobile handsets - so that government’s programme can have effective outcomes. He said the unbanked population are very important in driving financial inclusion, pointing out that deliberate policies were needed to attack that segment in order to produce an army of strong entrepreneurs to liberate the economy. The major goal of the revised National Financial Inclusion Strategy (NFIS) is to reduce the proportion of adult Nigerians that are financially excluded to 20 per cent by 2020 from its baseline figure of 46.3 per cent in 2010. Idakolo said the CBN

should have “an assemblages of cooperative societies and deliberately attack that area of unbanked segment”,adding that the “government has not done that so far”. He said: “So, I believe that the CBN should have a look again into the unbanked population and have what I call a group of cooperative societies deliberately to be able to attend to specific areas of needs of this unbanked population in the agricultural sector, in the electronics and in all the sectors.” He said: “That is why the cooperative societies need to come into play to a group of people that the people lack confidence in to be able to channel government’s policies to their understanding. “What about those that do not have phones, and you say you must apply through your

phone - some of them don’t have phones. “So the government should be able to have cooperatives that can be able to translate government policy as regards financial inclusion to these people for their understanding.” The MD added: “I am very passionate about the Nigerian economy especially the one that has to do with the lowest rung of the economy and we can call them the unbanked population. “The CBN has to be more deliberate in the area of the unbanked population.” “We should have cooperatives dedicated to those areas that can stand as a governing body to this unbanked population and to be able to disseminate information and resources to that area so that Continued on page 26

The Tech Relevant Teacher (TRT) project, sponsored by the Coca-Cola Foundation and implemented by the Bunmi Adedayo Foundation, has donated computers to 30 Nigerian schools. At the grant award ceremony held in Lagos, the foundation said it provided 30 schools with computer hardware and software accessories to support their learning, content production and digitisation. In a statement, the foundation said the TRT project was to help improve the learning capabilities of 200 low and middle-cost schools.The school heads and teachers were also trained in virtual teaching technologies. It said 30 of the 200 schools were selected and recognised for their stellar performances since the commencement of the project. Each beneﬁciary school was presented with a mini-content production suite consisting of a computer, a PC external speaker, a headset and a microphone. The Programme Director, Bunmi Adedayo Foundation, Mr. Femi Martins, said, “Through this project, we are providing access to subject mentoring in math and English, and we will also provide access to the latest equipment. “The teachers will also be proﬁled and taught how to develop global courses to help students across Africa succeed.” Communications Manager, Coca-Cola Nigeria, Ifeyinwa Ejindu, reiterated the company’s commitment to community building and education, saying, “By investing in the education of our children, we are investing in the future of our country, and as we navigate the new normal, we believe that technology is crucial to success just as the learning from this project will help bolster the education sector in Nigeria.”

Chi Farms Expands Hatchery Production

Chi Farms Limited is concluding the expansion of its hatchery production capacity located at Ajanla Farms, Ibadan. Astatementfromthecompanysaidthehatcheryiscurrentlybeingexpanded from 36 million day-old-chicks per year to 44 million day-old-chicks yearly. TheBusinessHead,PoultryMarketingandSales,ChiFarms,Dr.AnandaRaj, stated that the expansion was necessary to meet increasing production demands of day-old-chicks across the country. “Expanding our operations will enable us have better control, supervision and most importantly sustain our quality standards while we meet the continuously growing demands from customers,” he said. The statement also noted that the expansion project which began in June 2020, was projected to be completed and inaugurated by August, 2021. The Managing Director, Chi Farms, Dr. Tunji Olaitan, stated that there are plans for further expansions in the future. According to him, “By next year, we will have additional compliment of 8 setters, thus increasing the operational capacity from 44 million Dayold- chicks per year to 52 million chicks. This is to respond adequately not only in terms of Day-old-chick volume but also delivering premium quality oﬀerings to the Nigerian poultry industry.” The statement revealed that these strategic investments would ensure that Chi Farms remains the market leader with premium quality products and pacesetting in new technologies integration in the industry.

EEDC Wins ITF’s Award

The IndustrialTraining Fund (ITF) recently adjudged the Enugu Electricity DistributionPLC(EEDC)“BestinHumanResourceDevelopmentfor2020”. Presenting the award to the Head, Human Resources, EEDC, Nkiru Chukwuma, at Enugu, the Area Manager, ITF Enugu, Uzoamaka Yahaya, said the award was in recognition of EEDC’s efforts in the area of human capital development and capacity building within the south-eastern part of Nigeria. Yahaya, further revealed that the power firm clinched the coveted award for the first time by meeting and exceeding all the necessary training requirements and financial obligations. While responding on behalf of EEDC, Chukwuma appreciated ITF for acknowledging all that the company has been doing in empowering its personnel, and reiterated its continued commitment to the training and retraining of staff, bearing in mind that they remain its critical asset. “Werecognisethattrainingandretrainingofemployeesresultinexcellence in service delivery, which is a key part of our operations and we intend to remain at the top in learning and development,” Chukwuma said.

“The occasion of the demutualisation of the Nigerian Stock Exchange is yet a proud moment for all of us, and indeed all Nigerians deserve congratulations for this feat as it is the beginning of a new era for the capital market” President Muhammadu Buhari

T H I S D AY ˾ ͰͲ˜ ͰͮͰͯ

BUSINESSWORLD ENTRY OPPORTUNITY FOR INVESTORS AS EQUITIES DECLINE FURTHER apiece); SCOA Nigeria Plc and Julius Berger Nigeria Plc (9.0 per cent). On the positive side, Eterna Plc led the price gainers with 21.2 per cent, trailed by Prestige Assurance Plc with 15 per cent. Sterling Bank Plc chalked up 12.8 per cent, just as MRS Oil Nigeria Plc and Associated Bus Company Plc gained 11.0 per cent and 10.8 per cent in that order. The Initiates Plc, Seplat Petroleum Development Company Plc and Mutual Benefits Assurance Plc garnered 10 per cent each. Trans-Nationwide Express Plc and Transcorp Hotels Plc appreciated by 9.8 per cent apiece. ANALYST ADVISES CBN ON MEASURES TO DEEPEN FINANCIAL INCLUSION

area too can be lifted because they have been neglected for too long.” The CBN adopted the NFIS in 2012. The strategy articulated the demand-side, supply-side and regulatory barriers to financial inclusion, identified areas of focus, set targets, determined key performance indicators (KPIs) and established the implementation structure. The NFIS was built on four strategic areas of agency banking, mobile banking/mobile payments, linkage models and client empowerment. Four priority areas were identified for guideline and framework development namely, Tiered Know-your-Customer (TKYC) regulations, Agent Banking regulations, National Financial Literacy Strategy and Consumer Protection. The Strategy defined a set of targets for products, channels and enablers of financial inclusion. The KPIs were defined, based on the various dimensions of financial inclusion, including access, usage, affordability, appropriateness, financial literacy, consumer protection and gender. The NFIS proposed strategies for each of these elements, which included a comprehensive set of policy and regulatory changes as well as suggested business models.

NEWS

Dana, Ibom Air Seal Historic Domestic Codeshare Agreement Chinedu Eze Dana Air and Ibom Air at the weekend signed the first ever domestic codeshare/interline agreement in the country. The agreement was part of plan to offer more route options, schedule options and easy connectivity for the flying public. The agreement indicates that the two airlines would work together to ensure that passengers are taken to their destination on time and there would be flexibility in the use of ticket of both airlines. The signing took place at the Victor Attah International Airport, Uyo, between the Chief Operating Officer and Accountable Manager of Dana Air, Obi Mbanuzuo and the Chief Operating Officer of Ibom Air, George Uriesi. The airlines explained that the partnership was a significant milestone for Nigeria’s aviation industry, which would affords Dana Air and Ibom Air a business arrangement whereby both airlines jointly offer flights to common destinations, while operating services to destinations that are not within each airline’s regular routes. By so doing, both airlines expand their market presence and competitive footprint in the interest of the flying public. The airlines also said the codeshare alliance would commence full service in June. Speaking at the ceremony, Mbanuzo noted that the plan to sign the agreement started a year ago, adding that it is a partnership

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji Asst. Editor, Money Market Nume Ekeghe

Peter Uzoho Nigeria’s annual in-country retention from oil and gas spendings currently stands at $6 billion. The development has been described as a major achievement recorded by the country owing to the implementation of the Nigeria Oil and Gas Industry Content Development (NOGICD) Act of 2010. The Executive Secretary of the

Correspondents

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

Nosa Alekhuogie (ICT) Peter Uzoho (Energy)

offer increased frequencies into common destinations as well as codeshare flights into destinations each airline does not operate into, providing more options for passengers and businesses retention for both airlines. According to him, “With the initiation of this business alliance, both airlines have embraced a key global best practice. At Ibom Air, our business model and unwavering commitment remains schedule reliability, on-time departures and excellent service.

“Hence, we are constantly on the lookout for better and more effective ways to serve our customers.” The code-share agreement helps the passengers by providing them clearer route options and allows them to book travel from one to three through point two under one carrier’s code. This proves beneficial if the customer books from point one to two under one code and then from two to three under the other code.

BRAND AWARENESS

L-R: HumanResourceDirector,CHILimited,AmakaBifom;BrandAmbassador,HollandiaYoghurt,ZainabBalogun-Nwachukwu;Head,Legal/PublicAffairs andCorporateCommunications,CHILimited,IsraelDanauta;ConsultantNutritionist/CouncilMember,NutritionSocietyofNigeria/EventSpeaker,Amaka OkwesiliezeNwaora,andEventPanelist&Secretary,NigeriaMedicalAssociation,LagosChapter, Dr.ImedimfonOkon,duringtheHollandiaDairyDay ConferenceheldinLagos…recently

Nigeria Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, disclosed this in Lagos, in a keynote address at a colloquium organised by the Nigerian Bar Association (NBA) Section on Business Law in collaboration with the NCDMB. The session focused on the “Strides in the Pursuit of True Nigerian Content”. Wabote, whose speech was read at the session by his representative and Director, Legal Department,

NCDMB, Mr. Mohammed Umar, said since the inception of the NOGICD Act in 2010, its implementation has resulted in 35 per cent of in-country value retention compared to the less than five per cent value retention before the advent of the Act. “Since inception in 2010, the implementation of the Act has resulted in 35 per cent of incountry value retention compared to the less than five value retention before the NOGICD Act.

“Before the Act, we had annual spend of $20 billion with little or nothing retained in-country. Today, I can confidently say that we spend over $6 billion in-country annually. We have two world-class pipe mills and five impressive pipe coating yards,” he said. Wabote further noted that about 40 per cent of marine vessels used in the oil and gas industry are owned by Nigerians and that Nigeria currently has

four active dry-docking facilities in Port Harcourt, Onne, and Lagos. He said the Act and its enforcement has also led to the manufacturing of all cables required in the oil and gas sector in-country. He added that over 50,000 direct jobs have been created on the back of implementation of the NOGICD Act, pointing out that Nigeria has 76 operating companies and over 8,000 oil and gas service companies pulling their weight in the industry.

Currency Dealers Warn against Forex Speculation The Association of Bureau De Change Operators of Nigeria (ABCON) has attributed the pressure facing the naira at the parallel market as well as the Investors’ and Exporters’ (I&E) forex window to currency speculators hoarding the United States dollars. President of ABCON, in a statement at the weekend, however assured currency users of the continued supply of the

greenback by the Central Bank of Nigeria (CBN), just as he warned speculators to desist from the act. He said the CBN was committed to improving funding for over 5,000 BDCs nationwide in new move to deepen market liquidity and protect the naira against speculators. He called for return of normalcy to the market, saying ongoing speculative behaviour was hampering the market operations. He said the perpetrators were creating artificial scarcity of the

greenback within market to cause more woes for the local currency. The naira went for N485/$1 at the parallel market and N412/ $1 at the I&E Forex window on Friday. Gwadabe said ABCON’s management and the CBN-licensed BDCs would fight alongside the regulator to ensure that speculators lose their capital should they persist in the illegal activity. “The ABCON and CBN have observed with disdain the speculative behaviour currently

beclouding the market with the misinformation that the CBN has adopted I&E window as its official rate. The above information is not true because as operators we still funded our accounts at our normal rates of N393/$ and not the I&E window rates for our operation this Friday,” he said. He advised BDCs not to join the rumour mongers creating confusion and fragility in the market. “ABCON Will continue to keep you posted and guide you

accordingly. We urge all members to continue to give the CBN the utmost support as a strategic partner and in the interest of the economy,” he said. He said CBN-licenced BDCs would continue to support the apex bank in tackling forex spectators and reiterating commitment to operate within set rules. Gwadabe said the “Naira for Dollar Policy” being implemented by the CBN Governor, Godwin Emefiele would further lift market liquidity and improve naira status.

Ruogang: We’re Committed to 2022 Completion Date for Lekki Port Eromosele Abiodun

Senior Correspondent

Raheem Akingbolu (Advertising)

Ibom Air destinations. “Dana Air, like Ibom Air, is committed to the growth of the aviation industry and both airlines have shown great commitment to customer satisfaction, schedule reliability, operational efficiency, passion and innovation. “We do hope that this partnership between Ibom Air and Dana Air will set a positive precedent for greater good of the industry,” he said. Also, speaking at the event, the COO of Ibom Air, George Uriesi, said the alliance would

Nigeria Records $6bn Annual In-country Oil Industry Spending

Obinna Chima

Group Business Editor

for sustainable growth. “The discussion started about a year ago and we are happy to be here today, formalising it. This is the first of its kind for domestic airlines in Nigeria and a huge step in the right direction for both Dana Air and Ibom Air. “It is a partnership for sustainable growth and connectivity for the flying public as Ibom Air passengers can now fly Dana Air to Owerri and all other Dana Air destinations while our guests can now fly to Calabar and other

The Managing Director of Lekki Port LFTZ Enterprise Limited (LPLEL), promoters of the Lekki Deep Sea Port, Mr. Du Ruogang, has reaffirmed the commitment of the company to meet the 2022 target date set for the completion of the project. Ruogang, made this known in Lagos, while taking

journalists on a tour to assess the level of progress on the construction work at the Lekki Port project site. He further disclosed that construction work on the project has so far moved at a fast pace reaching 51 per cent completion, adding that some major milestones such as completion of Eastern breakwater had been achieved.

He stressed that all hands were already on deck to deliver first of its kind Deep Sea Port in Nigeria as one of the shareholders, the Nigerian Ports Authority had commenced work to initiate marine services at the site. He also expressed confidence that the Lekki Deep Sea Port would change the narrative of Nigeria’s maritime sector and

consequently impact Nigeria’s economic development. According to him, the Lekki Port was estimated to have an aggregate economic impact of US$ 361 billion over 45 years, creating no less than 169,972 jobs and generating revenue for both state and federal government agencies through taxes, royalties and duties in the process.

While explaining some of the features of the Deep Sea Port which has been described as the first in Nigeria upon completion, the Chief Technical Officer, LPLEL, Steven Heukelom, noted that five-ship to shore cranes and fifteen rubber tyre gantry cranes are being put in place to ensure ease in cargo evacuation, thus enhancing operation at the port.

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FG Urged to Develop Industrial Policy for Manufacturing Sector Ugo Aliogo The 2021 Macroeconomic Outlook report by the Nigerian Economic Summit Group (NESG) has urged the federal government to develop industrial policy and sectoral plans for priority areas as well as address the challenge of insecurity in the country. The report disclosed that the manufacturing sector is one of the six sectors that have the potential to create jobs and reduce poverty.

The report also noted that for the sector to create jobs and reduce poverty, private investments would play a major role. It further explained that from recent happenings, actual investments in manufacturing are realised when there is an intersection of market opportunities and government support. It maintained that Nigeria’s reliance on imports, its large market and the coming into effect of the African Continental Free Trade Area (AfCFTA) agreement present

a huge opportunity for investment in the manufacturing sector, especially in agro-processing and light manufacturing. Also, the report noted that Nigeria’s manufacturing sector faced several challenges even before the outbreak of the COVID-19 Pandemic. It posited that prior to the pandemic, the sector had suffered mainly from the closure of land borders in September 2019, which reduced informal exports and indirectly affected

Berger Paints Shareholders Approve N116m Dividend Goddy Egene Shareholders of Berger Paints Nigeria Plc last week approved the N116 million dividend for the 2020 financial year, translating to 40 kobo per share. The dividend, which was an increase of 60 per cent above 25 kobo paid in 2019, was endorsed at the 61th annual general meeting (AGM) held in Lagos. Addressing the shareholders at the AGM held virtually, the Chairman, Berger Paints Nigeria Plc, Mr. Abi Ayida, explained that despite the headwinds such as impacts of COVID-19 pandemic on corporate activities and macroeconomic vagaries, revenue was up by 7.1 per cent from N3.58 billion in 2019 to N3.84 billion in 2020. According to him, the proposed dividend of 40 kobo per share for the year demonstrates the company’s unflinching commitment to the promises to shareholders. “Our revenue was driven by volume growth despite the

shutdown in economic activities, disruptions and environmental unrest and the loss of sales for about seven weeks in the year. Free cash flow remained strong at N529 million, representing 34 per cent from the preceding year. “However, a proposed dividend of 40 kobo per the year demonstrates the company’s unflinching commitment to the promises to shareholders. We are very conversant with the strategic threats being faced by manufacturers in Nigeria but we are equally positioned to take advantage of the opportunities,” Ayida said. The Managing Director, Berger Paints Nigeria Plc, Mr. Anjan Sircar, stated that the company leveraged strategic focus on the sales of premium products and inclusion of new business partners to sustain its operations in the face of dwindling raw materials due to forex scarcity in the review period. “Whilst we have not fully overcome the impact of

the pandemic. We are positive that the worst is behind us and we are positioned to maximise the opportunities for growth, not only in the Nigerian market but other markets facilitated by the African Continental Free Trade Area (AfCFTA). “Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering our people and making business easier. We enter 2021 well positioned to further maximise opportunities technology provide for our business. We remain resilient,” Sircar said. Commenting on the company’s performance, the National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, commended the board for declaring dividend of 40 kobo per share despite the inclement operating environment. She noted that the company made comprehensive disclosure in its annual report as it will enable investors to make informed investment decision.

Ibom Icon Hotel Hosts US Ambassador Ibom Icon Hotel and Golf resort situated at Uyo, Akwa Ibom State recently played host to the United States Ambassador to Nigeria, Mary Beth Leonard and the USAID team led by the Missions Director, Anne Patterson for the duration of their stay in Uyo, Akwa Ibom State. A statement explained that Senior Managers and the hotel top management were hands-on in ensuring the comfort and style, “that the hotel is renowned for and in the process earning the hotel a worthy commendation from the Ambassador.” Leonard who was on tour with

delegation from the U.S. Agency for International Development (USAID) held bilateral meetings with the Governor of Akwa Ibom State, Udom Gabriel Emmanuel on the successful management in the control of HIV/AIDS, malaria, the investment climate in the state and Akwa Ibom’s participation in the new USAID ‘State 2 State’ activity to improve governance. Speaking about her stay at the hotel, General Manager, Ibom Icon Hotel and Golf Resort, Charles Muia said that the hotel’s staff and management were delighted to host the Ambassador and her team stating that it was

an opportunity to showcase the hotel’s unwavering commitment to hospitality excellence. He said “the management of Ibom Icon Hotel & Golf Resort is very happy to have played host to the ambassador and her entire team. It was a pleasure for us to have the opportunity to play host to such distinguished guests, who through their patronage and positive reviews help in ensuring that the hotel remains a choice destination for hospitality”. Famed for its fine dining and serene ambience, a state dinner was held in her honour by the state government at the banquet hall.

Chams Group Boosts Operations with New Appointments Goddy Egene The Board of Directors of Chams Plc has announced key appointments into its group operations to strengthen efforts aimed at expanding its business solutions and offerings to larger markets. The appointments are also to meet shareholders’ expectations and deliver long-term value which is fundamental to the company’s business growth and financial sustainability. Mayowa Olaniyan, a finance and management expert with over 27-years’ experience that spans across finance, audit, automobile, and technology, has been appointed Managing

Director/CEO of Chamsmobile Limited. Until her appointment, Olaniyan oversaw Chams Plc’s finance, strategy and services as Executive Director. She also drove the financial and business strategy that shot the Chams Group back to profitability. Prior to that role, she served as the Chief Strategist and Financial Officer. A chartered accountant of repute, a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Associate of Chartered Certified Accountants (ACCA), global body for professional

Accountants, Mayowa holds an MBA from Edinburgh Business School, Heriot-Watt University, UK. She has a degree in Applied Accounting and post graduate diploma from Oxford Brooks University, UK. Also, Kayode Akomolafe has been appointed Executive Director, Chamsmobile Limited. Before his appointment, he was the Chief Operating Officer, Chams Plc. He is an accomplished professional in project management with over 20 years experience in diverse field which include Identity management, solution design, system architect, customer service, IT operations and infrastructure.

several manufacturing outfits in Aba, Kano and Lagos. The report stated that perennial problems of power supply, logistics bottlenecks, infrastructure deficits, limited access to credit, foreign exchange scarcity have continuously affected the sector’s performance over time. It added: “The growth of the manufacturing sector has been stagnant (average growth of -0.6% from 2015 to 2019) while capacity utilisation has remained low. “The manufacturing sector

is made up of 13 subsectors, including oil refining; cement; food, beverage and tobacco; textile, apparel and footwear; wood and wood products; pulp, paper and paper products; chemical and pharmaceutical products; non-metallic products; plastic and rubber products; electrical and electronics; basic metal, iron and steel; motor vehicles and assembly and other manufacturing.” According to the report: “The sector is dominated by informal

players that are mostly micro, small, and medium enterprises. “Manufacturing is Nigeria’s third-largest sector in terms of employment, after agriculture and trade, but the poor quality of infrastructure remains the longest standing problem of the sector in Nigeria and contributes to the high cost of production. “Bad road networks and inadequate electricity supply also make it difficult for businesses to maximise returns and limit operations costs in the sector.

Sparkle Targets 100,000 Customer Base Nume Ekeghe Sparkle, a Nigerian digital platform providing financial, lifestyle and business support services has stated that it aims to grow its customer base from over 25,000 to 100,000 before the end of 2021. Also, the company’s Chief Executive Officer, Mr. Uzoma Dozie, further revealed in a media briefing over the weekend that his firm would soon kick-start loan services by the beginning of September. The fintech offers an array of services from flexible payments and savings to analytics via its Android and iOS mobile application. Sparkle allows users to track daily, weekly, and monthly spending patterns, with detailed breakdown by category. One of its features, Sparkle Stash, is PiggyVest-esque as it lets users save towards specific

goals. Users can make purchases online and in-person with both Sparkle physical and virtual cards. They can also make split payments, make utilities and bill payments, and there is SparklePay which lets users send money to people without knowing their account numbers. Dozie, explained that Sparkle, which has been in operations for over a year, was launched to provide banking services digitally to Nigerians adding that it is focusing on two segments; individuals and small businesses. He said: “We are different from other competitors with our solution and our leadership team which has the working experience of operating in a traditional bank as well as partnerships with Visa, Microsoft, Google and PwC. “We want to make digital banking completely simple from

how transactions are done, provide banking services to small businesses, help them save as well as help them to be compliant with tax laws in Nigeria and simply put, we are using this as a form of transforming transactions into better solutions. “So, we took the decision that we are not only going to build a solution but tie it around the customer and secondly it was also important that we partner with people to establish trust. The fact that we also have a banking license means that the Central Bank of Nigeria (CBN) has deemed us trustworthy to carry out these services,” he said. Dozie revealed that the firm has over 25,000 customers and believes that due to the strategic partnerships it has, the customer base segment could hit six figures before the end of the year.

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Malpass: It Will Take Years for Africa to Recover from COVID-19 Disruptions The President of the World Bank Group, Mr. David Malpass, during an interactive session with journalists from West and Central Africa, fielded questions on developments in economies in the region. Obinna Chima brings the excerpts:

Ghana has made some progress. This also has to be also be sustained. I think the principle that David has already mentioned regarding how debt should be managed will be critical in that regard. And as we think about debt for countries, the world has seen a major reduction in interest rates, into zero or even negative for some of the borrowers; whereas, for some borrowers in Africa, the interest rates are still high. So, one of the questions to creditors and to potential lenders is, are there ways to have much lower interest rates for debt as it is rolled over in Africa. The World Bank is working in particular to have concessional debt levels and also to have grants and zero interest rate loans through International Development Association (IDA), as sources of financing for countries, in general. And that’s a high priority, to try to find light at the end of the tunnel so that the people of Africa are not constantly under the burden of unsustainable debt.

n 2020, Nigeria requested for a $3 billion loan from the World Bank. We were able to get $1.5 billion of that, how soon are we expecting the balance or is there any reason for the prolonged delay in granting the country the loan request? I want to say one thing, Nigeria has huge potential. And with some of the improvements in the economic policies, the growth can be rapid for people across Nigeria. We’ve encouraged efforts that would reduce the subsidies for fossil fuels, which would encourage trade across borders, where Nigeria could be doing more in that area. And very importantly, the multiple exchange rates has been a burden on the people of Nigeria, and we’ve encouraged the unification of rates so that money and investment and remittances can flow in and out of Nigeria with less friction. Our program remains strongly supportive of the people of Nigeria and of Nigeria. As we speak, we have probably the largest portfolio of the World Bank in Nigeria. More than $12 billion. Those are programs under implementation covering a variety of sectors, access to electricity, water, education, health, agriculture. Especially for this year, indeed, we have prepared a pipeline - we had a pipeline of a number of programs and we have delivered about $2 billion for Nigeria in order to help the population have access to critical services but also to support governments and institutions to provide some technical assistance to a variety of stakeholders. The conversation on Nigeria continues around some of the critical reforms that I think Nigeria has been making for some time and we have seen progress.

At the recent meeting in Paris, the term “lost decade” was used by some political leaders. Do you believe that we are in danger of having a lost decade in Africa? And what can we do to avoid it, or what debt relief will have to do with the solution? Yeah, thank you. Well, COVID itself was a historically large setback, and it was particularly harmful for people--for the poorest and most vulnerable. And so, from that standpoint, we recognise that it will take years to claw back some of the losses. I mentioned earlier the education system. By having the advanced economies close down, and then the education systems--often, schools closed--children weren’t able to move forward, and that’s a critical part of the future of every country, and especially in Africa with the youth. So, we’re working very hard to avoid a lost decade; I want to say that. And I think there are still pathways forward in order to avoid having all of the setbacks extend in Africa. I want to give some specifics on that. One is from the vaccination effort. We have to get vaccination started in more countries, and that means getting the supply, and that means those countries with excess releasing the supply. And that means using programs that are ready, that are on the shelf, that are on websites, and fully disclosed as the World Bank programs are, to get vaccinations to people across their countries. That’s a key starting point. And then, I wanted to say a second vital area is on debt. Oftentimes, the term “lost decade” is applied to Latin America, and I worked throughout the 1980s on the Latin debt crisis. And we’re trying hard to avoid the situation that occurred in that crisis where, year after year, the debts were rescheduled, they were pushed forward into the future, but never actually reduced. And so, the new investment couldn’t come in because they realised that they were going to end up be used to pay previously contracted debt. There needs to be a mechanism for those countries in Africa that have unsustainable debt burdens, for them to have actual debt reduction, debt relief. And that’s what we’re working on. That’s what we’re trying to do with my call over a year ago for a debt moratorium. The G-20 put forward the debt suspension initiative, which delayed the payments but kept the interest rates compounding on that debt. And now, we have the Common Framework, where it faces the obstacles from the debt being much of the key debt being collateralised, being non-disclosed

In terms of supply of vaccines for African countries, it seems that the Bank already had a plan to help African countries, but what did the Paris Summit change because we’re talking about multilateral initiatives? Well, there was clearly the recognition at the Paris meeting that vaccines were at the top of the list of concerns by the leaders of Africa. One of the challenges has been to achieve more transparency in terms of what the manufacturers are able to produce, and what the constraints are on those manufacturers in terms of getting their product to developing countries. In many cases, this means the options that some governments have, even if they may have sufficient supply, they’re retaining options which constrain the delivery of vaccines to the developing countries. That clarity of transparency is what the World Bank is calling for with the release on our website showing very clearly the documents and the documentation of our programs, and we encourage others, including the intermediaries, the manufacturers, and the countries that are controlling the manufacturing, to release more information about the constraints on that supply.

Malpass as far as the contracts, and these are obstacles to successful debt restructuring and raises the concern or the possibility of a lost decade; so, we’re working on that. And then my final point, is on the economic advancements themselves. Many countries have key things that they could be doing in terms of digitalisation, in terms of trade facilitation, in terms of unification of exchange rates, in terms of the business climate being improved, in terms of infrastructure, which is so vital. All of those things could be done more. And I would like to cite Sudan. We are making progress in Sudan. And you know there was a major conference in Paris on the progress on Sudan. We were able to clear our arrears, then the African Development Bank’s arrears. And now, the IMF’s arrears are on track to being cleared. And that enables the international system to help Sudan. And then, in order to accomplish that, Sudan was taking very important steps to help itself through the unification of the exchange rate and other reforms that are really working. I encourage each country to work to avoid the last decade that is still a risk for the continent. During the summit in Paris, the President of Senegal, Macky Sall, asked developed countries to release their vaccines to other countries and to work with institutions such as the World Bank. What do you think about that? He and other leaders were very effective at the conference in expressing visions and goals. I know Senegal has been an integral part of finding

solutions to problems and moving forward and is involved already in the vaccination effort. You talked about how the pandemic has escalated public debt in Ghana, what is the policy recommendation to help deal with our rising debt stock and are there proposed policy recommendations for Ghana to help deal with its rising debt stock going forward? One issue is to try to hold down the nonconcessional debt that is being taken on, and non-concessional means higher interest rate because that burdens the future generations. Another important step is the transparency on both the debt taken and the investment projects that might be funded by that debt. These are big challenges. Also, working closely with World Bank and IMF as we both look to have countries have sustainable debt burdens rather than unsustainable debt burdens. In fact, Ghana’s geographical position and reform has proceed over the last couple of years. Of course, placed it in a very unique situation in Africa. We are preparing a new Country Partnership Framework in Ghana with the new government in place, and we are also using a very inclusive approach in order to make sure that the private sector and the civil society will be part of the dialogue that will lead to preparing of [audio distortion] a new strategy. It is clearly very critical to push in order to make sure that the depth of policy will be conceived for better investment and better results for Ghanaian population. And also, I think the poverty reduction agenda in

There is a strong trend towards the promotion of thermal power plants, with implications in terms of production costs and pollution. What is the World Bank’s interpretation of this race for thermal energy, given its growing interest in climate change issues? Regions of the world need to think about where they’re going to get electricity access, and do it in a way that has the lower carbon output. And what has been happening. As the demands go up rapidly, the fastest way is with techniques that are carbon-intensive, which is the opposite of where the world would like to go. The World Bank wants to work with countries on their long-term strategy, meaning, where will they get the growth in electricity access that they need? And what are the lower-carbon sources of energy that are available? This might be hydro; it might be natural gas; it might be improvements in the transmission grid that save electricity and allow more renewables to be brought on stream. We have solar projects in many of the countries that are successful at bringing low-cost, clean energy to the countries, but they also need the expansion of base-load in the city areas. These are all parts of our climate change action plan that are important in moving this along. One other thing that we mentioned in the elements of our Climate Change Action Plan is the importance of countries reducing the subsidies that they apply for fossil fuels. That often takes the form of subsidies to the electricity generation facilities that give them fossil fuel energy at a lower cost than the market cost or than the full cost to the world. So, we’re working on all of those through IDA, through IBRD, and also very much by trying to encourage countries to align their development practices--I mean, their development goals, which certainly include clean energy for the health--you know, in urban areas, they’re clogged with the output, the emissions, from thermal plants.

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WACOT Rice to Create 60,000 Jobs through Argungu Project WACOT Rice Limited, a subsidiary of TGI Group which is based in Argungu, Kebbi State, plan to create 60,000 jobs across Nigeria and West Africa through its partnership with the USAID on the rice outgrower expansion project. Deputy Chief of Party for USAID’s West Africa Trade and Investment Hub (WATIH) project, Mr. Karl LittleJohn, stated this during the co-investment partnership launch with USAID

in Argungu. A statement quoted him to have said: “The core objective of establishing WACOT in Argungu and the launching of this partnership today is to create catalyst for investment and provide grants to more farmers”. LittleJohn explained that the jobs created would be available across Nigeria and West Africa. “We want to show that we can create jobs. And we want to also increase trade investment with

our partners across West African countries”. In his remarks, Chairman of WACOT Rice Limited, Farouk Gumel, said over 2,000 jobs have been created by the company due to the USAID partnership. He stated that the expansion of the company has given opportunities for more farmers to cultivate more land for rice production. According to Gumel, “when the company was established in 2017, we hardly sold our product

SIFAX to Partner Liberia on Port Development Eromosele Abiodun The management of SIFAX Group, has assured the Liberian government of its readiness to partner with the country in order to explore opportunities in its maritime and logistics sector. This assurance was given during a facility tour of Ports & Cargo Handling Services Limited (the flagship maritime subsidiary of SIFAX Group) and SIFAX Inland Container Terminal, Ijora Causeway, Lagos, by the management of the National Port Authority of Liberia led by Hon. Bill Twehway, its managing director. While welcoming the visitors, Executive Director, Ports & Cargo Handling Services Limited, Capt. Ibraheem Olug-

bade, noted that SIFAX Group is ready to share its wealth of experience in the management of port facilities. “In realisation of our pan-African dream, we are seeking to expand our operations into various African countries. “As a Group, we have a rich pedigree in port terminal management and logistics. Since the take-over of the Terminal C of the Tin Can Island Port in 2006, we have invested heavily in the acquisition of equipment and skilled human capital. “This has resulted in a great improvement in our service delivery. We also recently acquired over 10 acres of land on which SIFAX ICT is sited at Ijora. Our plan is to make sure

vessels berth at the Ijora terminal. This speaks a great deal about our commitment to improving the country’s maritime industry,” he said. On his part, Twehway, expressed satisfaction with the quality of equipment and facilities at the two terminals. He said: “We are happy with what we have seen here today. We want to grow our ports in Liberia and we have no doubt that SIFAX Group is capable based on the equipment and facilities in the terminal as well as their record of performance. “We will invite the SIFAX Group management to Liberia in order to have a first-hand assessment of our terminal so they can see areas where we can improve and where investments will be made.”

for the first three months because customers were demanding for foreign rice but today, we steadily sell Nigerian rice and people continue to ask for it. Many people have shown interest in becoming our agents and marketers.” Earlier, the United States Ambassador to Nigeria, Mary Bert Leonard had said that the US government’s partnership with WACOT was to sustain food security and creation of more jobs in Nigeria.

Leonard said more than $8 million (about N3.1 billion) would be injected into the economy through the partnership. In his remarks, Kebbi state Governor, Senator Abubakar Atiku Bagudu said the presence of WACOT Rice in the state has positively impacted its economy, adding that the development attracted the USAID investment. He commended the company for always being active since it commenced its operations in the

state, stressing that many women have benefited from their farmers’ empowerment. Through the partnership with USAID, WACOT Rice is registering an additional 5,143 farmers to complement its already existing outgrower network in the state. And they will cultivate over 5,000 additional hectares of land thereby producing over 20,000 tons of paddy which will be utilised at WACOT Rice’s 120,000-ton rice mill in Argungu.

IITA, Premier Agribusiness Academy Sign MoU on Capacity Building, Food Security Afeez Raji Premier Agribusiness Academy (PAA), Nigeria’s centre for learning and transferring innovative competencies required for sustainable investment in all allied industries of the agri-sector has signed a memorandum of understanding (MoU) with the International Institute of Tropical Agriculture (IITA) for the purpose of capacity building for farmers. The Director General (DG) of Premier Agribusiness Academy, Mr. Francis Toromade, made this known shortly after the signing which took place in Ibadan. The DDG, Partnership for Delivery, IITA, Dr. Kenton Dashiell, said with the MoU, IITA and PAA has agreed to exchange information in areas of human

capacity development on the most impactful practices (MIP) on IITA’s core mandate crops that will impact private sector stakeholders in the agricultural value chain and farmers in Nigeria thereby bringing about higher produce, farmer profitability and ultimately food security in Nigeria. While explaining the purpose of the collaboration, Mr. AyoOluwa Okediji, an Information Technology (IT) Consultant with PAA explained that it was aimed at driving productivity and profitability in agribusiness by leveraging digital technologies and other innovative solutions to aid proper dissemination and transfer of IITA’s research results into effective policy and practice across the agri-food value chain. According to him, the MoU

would leverage on the technical strengths of both parties for the development of agribusiness and farmer profitability in Nigeria adding that, while IITA is known for quality research in agriculture, PAA is renowned for its private sector agribusiness capacity building projects. Okediji further explained that, while IITA carries out quality research with ground breaking agricultural discoveries, its research output need to be properly disseminated to the private sector stakeholders and local farmers for practice notwithstanding commendable efforts by the IITA Business Incubation platform, designed to ensure that results from research is transferred into practice by end users.

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Marriot Hotels Opens in Lagos Chinedu Eze Marriott Hotels, the signature of Marriott Bonvoy’s portfolio has announced its debut in Nigeria with the opening of the Lagos Marriott Hotel Ikeja. The management of the hotel said it reflects the newest global design vision for Marriott Hotels, featuring sophisticated and intuitively designed spaces for today’s modern traveller, enabling guests to relax, work and find inspiration during their stay. “We are excited to have opened the Lagos Marriott Hotel Ikeja, bringing Marriott Hotels’ transformed vision to Nigeria. Lagos is a vibrant and bustling city with much to see and do for leisure and business travellers. “What better place to debut the Marriott Hotels brand in Nigeria with its thoughtful service and intuitive spaces that enable guests to be inspired during their stay,” said the Area Vice President – Sub Saharan Africa, Marriott International, Volker Heiden. The Managing Director of the hotel, Chike Ogeah said the Lagos Marriott Hotel Ikeja offers 206 guestrooms and 44 suites each with expansive views of the city. “The spacious guestrooms are thoughtfully designed with contemporary décor and intuitive in-room amenities. Natural colours, crisp lines, purposeful lighting and comfortable bedding create an intimate and peaceful space for guests to get into their best headspace for success. “Deluxe walk-in showers and

spa-like lighting complete the relaxed experience throughout the room. In line with Marriott Hotels’ newest global design strategy, local accents add a sense of place to the sleek aesthetic. Open workspaces allow for flexibility to connect anytime,” Ogeah said. He also disclosed that the Greatroom at the heart of the hotel blends modern elements with local touches inspired by Nigeria’s rich heritage and traditional crafts. The multi-use space is designed for guest to socialise, relax and work. “The M Club is an exclusive space reserved for Elite members and Club paying guests and provides complimentary breakfast, evening drinks, hors d’oeuvres and premium beverages throughout the day. “The M Club also offers the brand’s signature Mind Menu, a selection of delicious snacks and beverages with active ingredients to enhance mind and body. Accessible 24 hours a day, seven days a week, the M Club provides free Wi-Fi, printing services and power supplies to ensure uninterrupted productivity for business travelers. “Guests can relax in the hotel’s tranquil spa offering rejuvenating and restorative treatments, steam rooms and saunas. Guests seeking to stay active during their stay can enjoy complimentary fitness classes at the Fitness Center, and make use of the state-of-the-art fitness equipment and outdoor pool,” he said.

Cormart Partners Kerry to Boost Local Production Ugo Aliogo Cormart Nigeria Limited has announced its partnership with Kerry, one of the world’s leading manufacturers of food flavours and ingredients. A statement from the company explained that the partnership entails the local manufacturing of flavours for industrial applications. It also noted that Kerry has been in the Nigerian market for a long time selling finished products, but would now begin local production in Nigeria with Cormart Nigeria Limited. It further stated that the partnership was in line with Cormart’s commitment to expand its manufacturing capabilities in its sectors, adding that it would also enable Kerry to be more sensitive and responsive to the local market requirements. According to the statement, the benefits of the partnership for both businesses and their potential customers are enormous, noting that the collaboration would improve the quality of the products by saving shipment time, and ultimately reducing cost. The Sales Director, Kerry Taste and Nutrition, APMEA, Robin Oort, disclosed that Kerry has had a long standing relationship with Cormart, “and we are happy that we can bring this partnership to a new level through our new manufacturing contract.” The statement remarked that the partnership would make it easier for

Nigerian manufacturers to conveniently procure the top quality Kerry flavor, “there would be no forex required, less capital tied up in LC’s, smaller minimum order quantities (MOQs) and shorter lead times.” Cormart’s Managing Director, Martin Middernacht, expressed delight about the new partnership. He said: “We are delighted to partner with a world class company that operates at the highest quality standards. It is a great sign for the quality level at which we operate at Cormart.” Also, the General Manager, Cormart, Dr. Johannes Flosbach, who commented on the economic benefits of the partnership to the manufacturing sector, remarked that it was timely in line with the recently ratified African Continental Free Trade Area (AfCFTA). “We will not only produce for Nigeria, but also for neighboring markets. This project helps Nigeria become a regional manufacturing hub, and our commitment to the Nigerian market is to ensure that we expand our local manufacturing capabilities,” he said. The Business Unit Head, Cormart Food and Nutrition Department, Felicia Onabanjo, stated: “The partnership is a welcomed development. It is going to help in reducing the cost of importing raw materials, which is an economic boost for beverage, distillery, and confectionary industries.”

NIPOST Clamps Down on 8 Illegal Courier Operators in Lagos Emma Okonji The Courier and Logistics Regulatory Department (CLRD) of the Nigerian Postal Service (NIPOST), last week, clamped down on eight courier operators in Lagos who were operating illegally without a courier operating licence. The enforcement team, comprising of the police and staff of CLRD, led by its Assistant General Manager in charge of Ethics, Complaints and Strategy, Mr. Banks Worimegbe, carried out an undercover investigation on illegal courier operations in Lagos for several weeks, before the clampdown. Items such as dispatch motor-bikes, log books, invoice/receipt booklets were confiscated from each of the eight courier operators and a

management staff arrested. The eight courier operators were Chinmark Logistics, Crestline Logistics, Zibia Speed Logistics, Eko Expedite, Gadget Freak, Massive Solanc Limited, Nestore Technologies as well as the eight courier operator, whose name was withheld for further investigation. Addressing the media shortly after the exercise, the General Manager at CLRD, Mr. Gideon Dotun Shonde, said the eight courier operators were clamped down for operating without a courier operating licence, which he said, constitutes illegality. According to him, there were several implications of operating without a licence, such as the tendency to shortchange innocent customers, by receiving payments and parcels from customers for deliveries,

without actually delivering the items, because they have no registered addresses through which they could be traced and tracked, as well as defrauding the federal government of their licensing fees, among others. He advised the general public to desist from patronising unlicensed courier operators for the safety of their deliverables. He said CLRD had licensed over 260 courier operators, and advised Nigerians to identify them in order to transact genuine courier business with them. Although some of those affected were full of surprise and claimed ignorance of the existing federal law that mandates courier operators to obtain licence before operation, Shonde said the CLRD had over the years, sensitised the

courier industry on the need to obtain an operational licence, but that some of the operators deliberately refused to begin the process of obtaining licence, because they had the intension to cut corners and defraud the federal federal government and innocent customers. “Sensitisation has been on going and in January this year, we kicked off another round of enlightenment campaign to inform courier industry players on the need to obtain licence and to renew such licence after expiration. “I have been on national radio and television to discuss the implications of operating courier business without licence and we will not relent in our efforts of sensitising the courier industry until it is free from all manners of sharp practices

ANNUAL GENERAL MEETING

L – R : Executive Director,11 Plc ,Ramesh Virwani ; Director , Senator Gbenga Aluko ; Managing Director, Tunji Oyebanji; Director, ,Abdulkadir Aminu; Director, Paul Obi , and Company Secretary, Chris Olumayowa, at the company’s 43rd Annual General Meeting held in Abuja...recently ABAYOMI AKINYELE

Experts Harp on Quality Standardisation in Real Estate Industry Oluchi Chibuzor Real estate experts in the country have called on the regulatory agencies in the industry to enforce various processes and mechanisms that would ensure quality and standards in the sector. According to them, this could be achieved through knowledgesharing and capacity building on the code and ethics guiding the operation of the professions. They stated this at a virtual meeting organised recently by Northcourt, a real estate investment solutions company, with the theme, ‘The Future of Real Estate’ which focused on professionalism, Data, gender balance and technology.

Northcourt adopts a researchbased approach to developing and managing property as well as providing real estate advisory services in West Africa. Speaking at the event, the Principal Partner, at Ismail and Partners, Gbenga Ismail, said the future of the industry would be determined by the adherence to ethics and principles guiding the profession. He said the regulators have to ensure that various standards by professionals are implemented and adhered to, in order to guarantee quality. “Going forward there is a more pressing need to ensure that standards are maintained. Before you could easily get away

with doing things haphazardly, but now the game has changed. “This era has brought about transparency. The truth is this: If you are not transparent going forward, you are not going to be getting business. There is a general standard for valuers internationally which sets general standards,” he stated. However, the Chartered Real Estate Consultant was optimistic the industry was getting better with various stakeholders’ engagement around professionals doing the right things, while the regulators stepped up their game. On validity of valuation reports, which participants said was a challenge in the industry, panelists emphasised the need for valuers

to include a commentary on the value derived as it would summarise the logic behind the process. According to them, this commentary would reflect on economic trends, market conditions at the time of the valuation. “When these changes, the validity of the reports will certainly need to be re-authenticated,” panelists advised. Corroborating Ismail’s views, a Chartered Surveyors, Olurogba Orimalade, said with the help of technology, practitioners must begin to innovate solutions that meet the demands of their clients in view of the current economic situations prevailing.

NNPC Assures Sahara Group of Sustained Gas Supply to Egbin Plant Peter Uzoho The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has assured Sahara Power Group of the corporation’s sustained and elevated gas supply to the group’s 1320 megawatts Egbin Power Plant in Lagos. A statement by Sahara Group quoted Kyari to have given the assurance during his recent courtesy visit to Egbin Power Plc. He also commended Sahara Group, saying the ongoing trans-

formation of Egbin, Africa’s largest thermal plant, was indicative of the quality of expertise and huge investment injected into the plant since its take-over by Sahara. “It’s an immense privilege to be here and see the progress at Africa’s biggest thermal plant. I’m not surprised by the obvious quality of operational activities and the value addition since take-over by the Sahara Group. “NNPC will continue to be the major stakeholder for this venture and assures Egbin Power of Sustained and eventually elevated gas supply to the facility. We will

support this venture maximally,” Kyari said. Sahara Group is Africa’s largest private power business with operations in the generation and distribution value chain of the sector. In his remarks, the Executive Director, Sahara Group, Mr. Temitope Shonubi, who received the NNPC GMD and his entourage, said Sahara greatly treasures the privilege to serve and bring energy to life through the power sector. He said the milestones achieved by the group since 2013 has emboldened it to spearhead innovative solutions that will

further make power generation and distribution seamless, efficient and sustainable. “Running the iconic Egbin Power and achieving the milestones we have recorded since 2013 has emboldened Sahara to spearhead innovative solutions that would further make power generation and distribution seamless, efficient and sustainable. “We commend the NNPC for its unwavering support and we are particularly delighted with the transformation the GMD has brought to the corporation,” Shonubi said.

MONDAY MAY 24, 2021 • T H I S D AY

IMAGES

T H I S D AY ˾ ͰͲ˜ ͰͮͰͯ

Photo Editor ÌÓÙÎßØ ÔËÖË Email ËÌÓÙÎßØ˛ËÔËÖË̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×

L-R: Country Coordinator, Nigeria, United States President‘s Emergency Plan for AIDS Relief (PEPFAR), Mark Giambrone; Country Prevention Program Coordinator, United States Department of Defense, Doshima UgandanOkonkwo; Country Director, United States Department of Defense, Laura Chittenden, Chief Executive Oﬃcer, Lagos State AIDS Control Agency, Dr. Monsurat Adeleke, Deputy Chief of Mission, Embassy of the United States of America, Kathleen FitzGibbon; Lagos State Coordinator, National Human Rights Commission, Mr. Lucas Koyejo during a courtesy visit to Lagos to reaﬃrm their commitment to a more robust support to the HIV response in Lagos State...recently

L-R: Chairman, Teaching Service Commission (TESCOM), Lagos State, Mrs. Funmilayo Ariyo; Chairman, State Universal Basic Education Board (SUBEB), Hon. Wahab Alawiyo King; Special Adviser to Lagos State Governor on Education, Mr. Tokunbo Wahab; Lagos State Commissioner for Education, Mrs. Folashade Adeﬁsayo; and Permanent Secretary,Information, Mr. Olusina Thorpe, at the 2021 ministerial press brieﬁng on the second anniversary of the administration of Lagos State Governor by Ministry of Education in Ikeja, Lagos... recently PHOTO: ETOP UKUTT

Chief of Starﬀ to the President, Prof Ibrahim Gambari chats with United States Ambassador to Nigeria, Ambassador Mary Beth Leonard during a meeting with the Envoys at the State House Abuja...recently PHOTO: STATE HOUSE

L-R: Executive Director, Technical, Linkage Assurance Plc., Okanlawon Adelagun; Managing Director, Daniel Braie; Chairman, Joshua Fumudoh, and Company Secretary, Moses Omorogbe, at the Company’s 27th Annual General Meeting in Lagos...recently

L–R: President of CAN Rev. Dr. Samson Supo Ayokunle; Vice President, Prof. Yemi Osinbajo; and Dr. Pat Utomi, at the National Prayer Breakfast themed; The Birth of a New Nation held at the NAF Conference Centre, Kado, Abuja...recently PHOTO: GODWIN OMOIGUI

L-R: Oyo State Commissioner for Energy and Mineral Resources, Barr. Oluwaseun Ashamu; Managing Director/CEO, Nigerian Breweries Plc, Mr. Jordi Borrut Bel; the Chairman, Board of Directors, Nigerian Breweries Plc, Chief Dr. Kolawole Jamodu CFR; the Executive Governor of Oyo State, His Excellency, Engineer Oluseyi Makinde and the Corporate Aﬀairs Director, Nigerian Breweries Plc, Sade Morgan at the oﬃcial commissioning of the 663.6KWP Solar Power Plant of the Nigerian Breweries Plc, Ibadan...recently

L-R: Director of Information, Naval Headquarters, Commodore Suleman Dahun; Chief of Policy and Plans, Naval Headquarters, Rear Admiral Christian Ezekobe; Director Funds, Accountant General’s office, Sabo Mohammed; Chief of the Naval Staff, Vice Admiral Awwal Gambo; Accountant General of the Federation, Alhaji Ahmed Idris FCNA; Chief of Accounts and Budget, Naval Headquarters, Commodore Kasimu Bushi; Director Inspectorate, Accountant General’s office, Chuks Anamekwe; Chief of Logistics, Naval Headquarters, Rear Admiral Muhammad Nagenu; and Director Information and PR, Accountant General’s office, Henshaw Ogubike, during a courtesy call on the CNS by the Accountant General of Federation at the NHQ, Abuja...recently

MONDAY MAY 24, 2021 • T H I S D AY

T H I S D AY ˾ ͰͲ˜ ͰͮͰͯ

CITYSTRINGS

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

S’East: A Gradual Descent into Anarchy Away from the troubles of Boko Haram, bandits and other terrorist groups in the northern part of Nigeria, ‘unknown gunmen’, now widely referred to as UGM have seized the once peaceful South-east by the jugulars, making the place unsafe for everyone, reports David-Chyddy Eleke

A police station in Rivers State, attacked by gunmen

A police station attacked by gunmen in Mbieri, Imo State

riving back from a function on Saturday afternoon in Awka, this reporter stopped to obey a traffic light at Kwata junction, which just turned red. A commercial bus headed to Onitsha sped past, without recourse to the traffic light, while another bus following behind the reporter was forced to stop after it was blocked. “Oga, abeg move your motor make we dey go, government no dey for this country again,” the driver of the bus shouted at this journalist. Also in a shop at the popular UNIZIK temporary junction, this reporter was again making a purchase in a shop by the roadside, when he noticed a young boy, charging at a terrified young girl. Even though it was a busy junction, the boy shouted on top of his voice at the girl saying: “Even if I kill you here, you know that nothing will happen? Police is no longer working in this town, and there is nothing you can do.” It was not clear if the girl was being robbed, but as busy as the junction was, not this reporter or any of the numerous passers-by were able to stop to see what help could be offered to the obviously terrified girl. This and a few other cases are the current realities in South-east states. Since February when the first attack on policemen commenced, rather than abate, there have been increasing cases of such attacks, in all the South eastern states, and this has spiraled into the Southsouth, with states like Rivers, Delta, Akwa Ibom and Cross River getting its share of the ugly incident. What began as attacks on policemen on checkpoints in remote areas of states in the South-east zone has further moved to taking battles right to the stations of policemen, killing them and burning down facilities, and most worrisome is that it is now happening in urban areas, some of the places deemed to be the most protected. This has become a worrisome trend in the zone, and has moved from just police facilities to other government institutions, with offices of the Independent National Electoral Commission (INEC) being burnt down in some states of the zone. What is even more worrisome is that no one or group have owned up to the attacks, nor have they been any reason for them. As this continue, gradually, the South-east which used to be the safest part of the country in recent times is gradually descending into anarchy, with other forms of insecurity now plaguing the zone. Today, on every road in the South-east, there is hardly checkpoints, while the few that one can find are those of the military. While the police whose job it is to maintain peace in the country internally have disappeared, the military who should be concerned with ensuring that the country is safe from external aggression and any other that can threaten its sovereignty, have now taken over the job of internal security.

CP Chris Owolabi, Anambra State Police commissioner The near absence of police in the society has come with attendant effect, with lawlessness becoming the order of the day today. Besides the unknown gunmen who terrorise every part of the zone, there have been cases of herdsmen killings in states, but the twin problems of cultism and armed robbery have become the biggest problem of the society, as a result of the near absence of police in the society. In Anambra alone, no fewer than 10 police formations have so far been attacked, most of which were burnt down, while 16 police officers have so far paid the supreme price. In other states of the zone; Enugu, Abia, Imo and Ebonyi, there have been attacks on police formations too, burning down of police facilities, freeing of detained suspects, looting of the armoury and killing of policemen. This has also gone past just police attacks, as other government facilities, especially offices of the Independent National Electoral Commission (INEC) in various states have been burnt too, including vehicles in their premises. What is most worrisome is that so far, there have not been reports of any group owning up to the attacks or giving reasons for their action, to suggest either a negotiation or what could be done to appease them. As a result of the attacks, it is clear that the South-east is gradually descending into the Hobbesian state foreseen by Thomas Hobbes, where life is said to be short and brutish. Currently, THISDAY can authoritatively report that conventional policing in the zone has drawn to a halt, while stations that have the courage to open no longer accept reports of crime. The attendant report is that crime level has gone up. In Awka, cultism has become the order of the

day, with cultists freely patrolling in tricycles and shuttle busses, searching for members of rival cult groups, who are constantly hacked down in various parts of the state capital. Parts of Awka like; Amaenyi and Ifite and other interior villages in Awka have been taken over by cultists who reign freely, carrying sling bags, which usually have no content but hard drugs and locally made pistols. They also freely boast of the number of people they have killed, which it is also gathered is a criterion for promotion in their groups. In Onitsha, daylight robberies are now normal in several parts of the city, including Upper Iweka, Okpoko, Nkpor and Onitsha-Owerri Road. THISDAY gathered that even in traffic, passengers are dispossessed of their phones and other belongings, just as travelers and passers-by daily possession, while others watch with trepidation. On all roads in the South-east, police checkpoints are no longer seen on the road, and it is safe to assume that conventional policing has stopped. In the meantime, it is clear that the police is still battling with how to safeguard its own facilities and the lives of its officers and men, while the society descends into anarchy. At Amawbia in Awka South Local Government of Anambra State, a major road leading from Awka to Amawbia and other towns in the state, which is popularly known as Enugu-Onitsha old road has been blocked with barrels, chocked with cement. The situation has totally paralysed every business along that road, as both the police and the Nigeria Correctional Centre seek to protect their facilities from attack. The road has been blocked off for use by commuters,

while intra-city commuters are made to disembark and trek for several kilometers to get past the NCS facility and the state police command headquarters, before they can join another vehicle to their destination. THISDAY also observed that policemen no longer wear uniforms while going to work, rather they carry them in their bags and only put them on when they arrive their stations. A source said the instruction was contained in an internal memo to all police officer in Anambra State. A lawyer, Mr Chukwudi Eze who spoke to our correspondent said that policing in the South-east has come to a halt, and that if this continues for long, the zone may decend to anarchy. He stated that: “The worst situation we have found ourselves now is that the criminal elements already know that governance has failed and lawlessness is what prevails today, so they are acting with impunity, knowing that there is no one to call them to order by any means. Go to Onitsha today, you will find boys riding in a tricycle, and going from one shop to another robbing people in the full glare of everyone. They will start from one end of the street and visit all the shops in that street, and will not be in a hurry to leave. Even in traffic, they rob people and still remain in the same traffic in their keke, and no one will say anything.” CP Chris Owolabi, the new state commissioner in Anambra disclosed during a meeting with journalists to announce his resumption to duty that it would be hard for the command to continually put out men in the field, who risk being attacked and killed. “What we want to start doing is to move into the communities and even engage leaders and to sensitise the people on the need to stop this act of violence. " The policeman is someone’s son, he is someone’s husband and he is someone’s father. He is also affected by whatever condition that others face. The police cannot police you if you do not give them the cooperation to do so. It is for that reason that we are appealing to the people to speak to whoever these people are on the need for peace to return again,” he said. Meanwhile, THISDAY gathered that in seeking solution to happenings in the South-east, the Inspector General of Police, Mr Usman Baba last Wednesday commanded his men to take the battle to the door steps of those attacking police. The IG was quoted as saying, “Take the battle to them, wherever they are and kill them all. Don’t wait for an order. Don’t sit and wait for them to come, take attack to them and don’t lose your arms to criminals.” Though some analysts have said that the order may lead to the killing of innocent people, but for now the result of the order is being awaited, and except the tactics yields result, the South-east will further slide into a Hobbesian state, where life is nasty, short and brutish.

T H I S D AY ˾ ͰͲ˜ ͰͮͰͯ

CRIME&SECURITY

Advocacy for Return of Stolen Artefacts Recently, stakeholders in Nigeria and elsewhere gathered in Benin City, capital of Edo State, to speak on inclusiveness and restitution of looted artefacts from Africa by the British and other colonial governments. Adibe Emenyonu who was at the debate, writes on the arguments posited by a group of panelist and participants in favour of the return of the artefacts to their original owners

Stolen Artefacts

ore than a century back, precisely in 1897, a group of marauding soldiers of British decent, invaded the palace of Oba Ovoranmwen N'Ogbaisi, looted more than a thousand pieces of artefacts mostly made of bronze and transported them away by sea. Thereafter, these priceless artefacts ended up in British Museums while some were kept by the soldiers who were part of the expedition, and others sold to other European art collectors, who later on displayed them in their respective country museums. Similarly in the cause of colonisation, the colonial lords who were mainly Europeans, following the partitioning of Africa in 1865 stylishly stole major artworks belonging to colonised African countries, branding them idols. This ideology was further propagated by the two religions in Africa namely, Christianity and Islam that came with their campaign against idol worshipping, which brainwashed the people into having the impression that those works of art were for idol worshipping. To make matters worse, these stolen artworks have turned out to be a money spinning venture for the countries holding them. Because of their aesthetic look, these works of arts incidentally now attract tourists even from the countries of origin who troop to Europe to behold their works of art locked up somewhere without the opportunity to touch and feel them. Ironically, these pieces of African art are also presented as the works of western artists or art curators of the museums where they are kept without reference to the originating countries. But as years run by and aided by new awareness, agitations began to mount for the return of the stolen artefacts as contemporary studies began to emerge that afterall, they are not objects for idol worshipping as earlier branded but a people's history and event in pictures. "Coming down to Nigeria, one of such agitations began in 1940 when Oba Akenzua I received one of the stolen Benin works from a private collector", Princess Ivie Uwa-Igbinoba, acting Zonal Director, National Council for Arts and Culture, Benin, disclosed, adding that the Oba sang a song of joy. Since that period and now, there have been series of agitations by both the actual owner of the artefact and the Nigeria government for the return of these stolen artworks, and elsewhere in Africa The drum of agitation sounded loudest from the Benins and the Nigerian Government who were mostly affected after their bronze works were stolen bronzes, considered a different set of prized artifacts that date back to time immemorial. According to Elder Ehi Ighile, president,

Panelist at the roundtable of Restitution of Stolen Artworks from Africa Benin Cultural Heritage, "this bronzes are a collection of over a thousand metal plaques commissioned by the Oba of Kingdom of Benin, to decorate his Royal Palace then. They were archival in nature, establishing a record of events at the time and commemorating royal life, ancestry and trade." Besides, Ighile said the artefacts reflected the prosperity of the Kingdom of Benin, a sprawling empire with territory that is stretched up to other West African countries of today like Benin Republic and Togo. "These artworks were steered by a succession of Obas with other flourishing trades such as palm oil and rubber" he posited as he spoke of the need to return these artefacts. Other major advocate of restitution of stolen artefact is Prince Edun Akenzua, uncle to the present Oba Ewuare II, Oba of Benin who had to travel to London to argue on the need for these artworks to be returned. On his part, as Nigeria Ambassador to Italy and before he was crowned in 2016 as Oba Ewuare II, had used his influence to put up a strong debate for the return of looted artefact by volunteering build a museum to accommodate the artefact, which he actualised. The museum was in response to the recent discussion by some European scholars that African countries—the very homes of those who created the artefact considered for restitution must show strong demonstration that they have the capacity to hold the artworks presently. But stakeholders in Benin City, capital of Edo State at a panel session organised by the French Embassy in Nigeria in collaboration with IFRA-Nigeria strongly advocated for inclusiveness and restitution in the return of the looted Benin artefacts and how the items should be reintegrated, noting that african countries have the capacity to house these items. They are of the opinion that afterall, the artefacts were not picked on the streets but

stolen from a place where they were carefully kept. The panel discussion with the theme: "The Next Steps Of The Restitution Of African Cultural Heritage And How To Improve Patrimonial Cooperation Between Nigeria and France", also agreed that the stolen artefacts distorted the history of the people. They noted that the looted artefacts were just not ordinary items to the people, but a documentation of their history and historical events in addition to cultural and communal functions many centuries before they were stolen or forcefully removed. They said the ideology put forward by some Western scholar is weak, noting that it appears like going to Buckingham Palace, Aremoving the paintings off the walls and when the owners question the intruders, they would ask if the owners are sure they can take care of them. In his submission, Dr. Sola Olorunyomi of the Institute of African Studies, University of Ibadan, called for the redesigning of the nation's educational curriculum to accommodate these historical items when returned. He said: "The people should be able to know what these items represented then and what they still represent now. When you remove, you rob it of the interaction with the owner. But when they are returned, you are bringing the objects centuries back after they are taken. "When you bring them back, they can be conceptualised by the real owners, united with the owner and the people can feel their original purpose which are cultural inform of stories, music, events etc. "There should be no segregation on the basis of religion; christianity or Islam. This is because these artefacts does not represent objects to be worshipped." Another panelist, Dr. Oluwatoyin Sogbesan, a Cultural Historian, Architect and Museology, also of the Institute of African Studies, University

of Ibadan, noted that the story of Africans and their identity are what these stolen artifacts represents. She said these stolen items have not only distorted the history of the people but a great disservice to them as well. According to her, "in reintegration of these items, there should be improvement in the professionals in the museum sector. I should be able to visit the museum and feel that I have connection with these items. "Museum should be a space for interactiveness and not just a space for tangible objects. To be relevant, museum space should be engaging in digital interaction, a space where curriculum can be designed and redesigned." She further pointed out that having agreed to return the items irrespective of the arguments for their proper keep is an acknowledgment that they did not belong to you. "Therefore, bringing back the looted object means putting those objects back the way they are. Acknowledging they are not yours and returning it back to its original place and owners is the best way to go", Sogbesan declared On restitution, the cultural historian, said the artefact's original purpose were religious and cultural; for record purposes of what happened then, and so compensation should be paid while they are reunited with the original owners and people. On his part, the Director of Legacy Restoration Trust, Mr Enotie Ogbebor, noted that the importance of repatriating the stolen items is for the people to rediscover their history, tradition and recover from what they have missed. He said: "I believe in repatriation and restitution. Return what you have stolen and pay compensation as way of saying I am sorry for what I have done." According to him, the return of the artefacts is crucial not just because of what their presence represents or would say to young Nigerians, but because of the great joy they will portray. "The mindset of our people has been distorted through colonialism; that we have no history but a bunch of savages. So with the return of these artefacts you are going to see an increased recognition of who we are as a people and what we are able to achieve", Ogbebor stated. Similarly, the Deputy Director, National Council for Arts and Culture, Benin Zone, Princess Ivie Uwa-Igbinoba, said she does not just believe in only returning the stolen items, but that compensation should be paid. She said "When you remove the item, you rob it of the original interaction with the owner." Uwa-Igbinoba therefore, encouraged the people not to lose hope as efforts were being made to ensure the repatriation of the stolen artifacts which started long ago is actualised.

T H I S D AY ˾ ˜ MAY 24, 2021

BUSINESS/MONEYGUIDE

Low Interest Regime Driving Activities in Corporate Debt Market Dike Onwuamaeze The Central Bank of Nigeria’s (CBN) restrictive monetary policy enabled corporate organisations to raise N1.02 trillion from the local currency debt market in 2020. The figure borrowed in 2020 represented 52.4 per cent increase when compared to 2019 level of N669 billion. The GCR Ratings Research latest report on Nigeria’s capital markets stated that issuance of corporate debt spiked as firms took advantage of the lowered monetary rates to either refinance expensive bilateral loans with banks or raise additional debts. The report projected that the trend would continue in 2021, as more corporate debt issuance was expected over the year.

Among the companies that took advantage of the low valuation to raise funds, according to the GCR report, were the Emzor Pharmaceutical Industries Limited (EPIL), the MTN Nigeria Communications Plc and the Dangote Cement Plc. It noted that EPIL issued N13.73 billion of bonds in support of its expansion plans and backward integration initiative into active pharmaceutical ingredients. Similarly, MTN also raised N110 billion of bonds to optimise its existing funding mix and finance network expansion, while the Dangote Cement Plc raised bonds to fund expansion projects, refinance short term debts and support its working capital needs.

It added: “Issuing debt instruments is increasingly becoming a viable funding source for Nigerian entities. Companies are diversifying their funding base through the issuance of commercial paper (CP) and bonds. “Year 2020 saw a record number of CP issuances, 66, up from 60 issued in 2019, and a record amount of corporate bond issuance at N259 billion. “Over the first quarter of 2021, we had already witnessed 18 new CP transactions. Going forward, the demand and supply-side dynamics are expected to continue to be supportive of local currency debt issuance in Nigeria. We expect debt issuance to remain at the N1 trillion level in 2021,” the GCR said.

Meristem Unveils New Campaign on Wealth Preservation Goddy Egene Meristem Securities Limited has launched a new corporate campaign titled, ‘Generations’ as part of its efforts to encourage investors to partner with experienced and trusted professionals who understand the investment terrain and can help them grow and manage the wealth for posterity. The new TVC campaign, according to the company is selling the message of growth, wealth preservation and wealth transfer. As with its previous campaign, this new TVC showcases Art Doyen, Mama Nike Okundaye Davies with her daughter, Allyson- Aina Davies. Still anchored on the brand’s dynamic campaign promise of,

“Let’s take you farther” the brand hopes to adequately pass the message of ‘your wealth should not end with just you alone, let it transcend generations after you. The company explained that the choice of Nike Okundaye-Davies and Allyson-Aina Davies seeks to solidify the importance of not just growing your wealth, but that of wealth preservation and wealth transfer. Commenting on the campaign, Group Managing Director, Meristem Securities Limited, Oluwole Abegunde said: “We have also operated a client-oriented business which has helped us to create tailor-made financial solutions for our clients, some of which include Trusteeship services such as estate planning and

Commercial Trust, Retirement Planning, Mutual Funds, Foreign denominated products like MeristemDollarInvestment Portfolio, Real Estate Advantage Portfolio, Probate Management Service etc. “We will continue to be proactive with product innovation so that our clients can be assured that we are not just growing their wealth for now, we are growing it for generations.” Also speaking, on the campaign, Head Brand Management, Meristem, Adefemi Taiwo, said: “It’s the dream of every parent to leave a good legacy for their children so it’s not just enough to invest, we need to invest smartly- with a partner who cares about the longevity of your investment and wealth.

CardinalStone Lists 5-year N5bn Bond on NGX Goddy Egene The Nigerian Exchange Limited (NGX) has listed the CardinalStone Financing SPV Plc’s N5 billion, 5-Year Series 1 bonds under the company’s N10 billion debt issuance programme. Speaking during the virtual listing ceremony, the Divisional Head, Listings Business, NGX Limited, Mr. Olumide Bolumole said at NGX Limited, they continue to provide issuers with a platform that allows them meet their strategic business objectives and it is the exchange’s delight to see issuers take full advantage of our products and services to support their growth story. “We are, therefore, excited about the successful listing of the CardinalStone Financing SPV Plc’s N5 billion Series I Bond on

the NGX platform as it creates an avenue for price discovery and liquidity for existing and new investors. “The full subscription of the listing recorded demonstrates investors’ confidence in CardinalStone which now better positions the company to sustain its impressive growth in the coming years,” he added. On his part, the Group Managing Director, CardinalStone Partners Limited, Mr. Michael Nzewi, said: “Today is particularly exciting for us at CardinalStone because it represents the attainment of our aspiration to list some of the securities in our capital structure on the exchange. We are thankful to NGX for giving us the opportunity to list on its platform; without their support, we would not be here today.

“We would like to assure NGX that we are committed to finding ways to leverage its products and services and drive participation in the capital market from other institutions. Of course, we appeal to our colleagues in the industry to take advantage of the opportunity to raise capital on NGX just like we have.” Also speaking, Managing Director, CardinalStone Asset Management Limited, Mr. Mohammed Garuba, said: “I thank NGX for the opportunity to be here today and must give kudos to NGX for facilitating seamless remote trading over the past year; the impact is clearly seen in capital raising activities on the bourse. I must also congratulate NGX on the recent launch of its campaign, The Stock Africa Is Made Of.

ChampionBreweriesGrowsProfitby102% Oluchi Chibuzor Champion Breweries Plc has recorded a 102 per cent increase in its profit before tax to N418,163 million for the year ended on 31St December 2020 from the N206,578 million recorded for the year 2019. The company in a statement noted that its operating profit for the business has also grown by 91 per cent to N461, 358 million from the N241, 480 million recorded in 2019. Commenting on the results at the 45th Annual General Meeting

of the company, the Chairman, Champion Breweries Plc, Dr. Elijah Akpan said even in the middle of the pandemic which led to closure of businesses across the nation, the firm remained focused on dominating the market and breaking into new bounds within the South- South region. “Last year was a challenging one that witnessed a widespread lockdown in Nigeria and all over the world. It was a year Nigeria’s economy reported negative growth balance as the buying power of

the populace dwindled beyond projection. The consequence of this led to closure of many businesses and rise in unemployment,” he stated. He said Champion Breweries thrived through the year because it was committed to its values of passion for quality and drive for performance, while expressing optimism for the year 2021 and assuring shareholders of good returns on their investment. He projected a positive Gross Domestic Product for the nation. Akpan acknowledged the company’s resilience.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, 20 MAY 2021

The price of OPEC basket of thirteen crudes stood at $65.29 a barrel on Thursday, compared with $65.95 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY ˾ ˜ ͰͲ˜ ͰͮͰͯ

VFD Group Records N4bn Profit, to Pay N8.51 Dividend Goddy Egene The VFD Group Plc, a proprietary investment company in Lagos has released its financial results for the year ended December 31, 2020. The results showed significant growth and resilience despite lingering uncertainties during the period under review. And based on the impressive performance, VFD Group Plc has proposed a final dividend of N8.51 per

share for the shareholders. Details of the results showed that the company’s gross earnings grew by 96 per cent to N6.65 billion in 2020 from N3.39 billion in 2019. Trading and other non-interest income grew by 47 per cent to N4.66 billion from N3.17 billion. Profit before tax (PBT) grew by 176 per cent from N1.478 billion in 2019 to N4.076 billion in 2020, supported by the business’s ability to keep

P R I C E S MAIN BOARD

F O R DEALS

cost growth lower than revenue growth as expenses grew by only 34 per cent. Profit after tax grew by 170 per cent to N3.3 billion, from N1.240 billion in 2019. The company also recorded a 14 per cent year-on-year decline in credit losses and impairment despite the well documented impact of COVID 19 on the Nigerian economy and in particular, financial services. VFD Group ended the year with

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

85 per cent in total assets to N81.67 billion, compared with N44.23 billion in 2019. According to, Group Managing Director/CEO VFD Group, Nonso Okpala, 2020 was a challenging year for the global economy with the onset of a pandemic that questioned every known business principle. “However, we weathered it and delivered our best financial performance so far. This was only made possible

T R A D E D MAIN BOARD

A S

through the dedication of our staff and the support from our shareholders and other key business stakeholders. It is quite rewarding to see the outcome of those uncertain twelve months,” Okpala said. Focusing on strategic activities, VFD Group reported that its leading digital banking application which was launched during the year had crossed the 250,000 milestone in unique customer acquired. Other

O F

strategic highlight includes investment in Abbey Mortgage Bank, Atiat Leasing Limited, revamping of its hospitality business, and investment in Atiat Insurance Brokers Limited. The CEO said VFD Group is well on course to achieve all outlined objectives in its 13 years strategic plan while it also shifts its short-term focus towards partnership and investment opportunities beyond Nigeria.

2 1 / 0 5 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20May-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 152.32 153.81 5.57% Afrinvest Plutus Fund 100.00 100.00 3.74% Nigeria International Debt Fund 300.76 300.76 -24.27% Afrinvest Dollar Fund 110.44 1,110.44 -1.46% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 5.16% AIICO Balanced Fund 3.23 3.28 -10.42% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 1.88% Anchoria Equity Fund 127.02 128.45 -4.50% Anchoria Fixed Income Fund 1.05 1.05 -21.12% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 18.86 19.43 4.01% ARM Discovery Balanced Fund 412.55 424.99 3.04% ARM Ethical Fund 36.80 37.91 9.17% ARM Eurobond Fund ($) 1.08 1.09 -11.54% ARM Fixed Income Fund 0.96 0.96 -14.43% ARM Money Market Fund 1.00 1.00 3.02% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 104.19 104.19 2.44% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 1.95 1.95 -24.64% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.29 2.33 5.74% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 0.98% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 3.72% Paramount Equity Fund 15.69 15.97 -1.92% Women's Investment Fund 131.07 132.44 -1.57% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 4.09% Cordros Milestone Fund 2023 113.68 114.42 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 106.48 106.48 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 3.19% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 2.99% EDC Nigeria Fixed Income Fund 1,157.53 1,164.55 -3.37% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,367.49 1,367.49 8.62% FBN Balanced Fund 183.83 184.97 -2.05% FBN Halal Fund 109.40 109.40 5.58% FBN Money Market Fund 100.00 100.00 6.50% FBN Nigeria Eurobond (USD) Fund - Retail 124.76 124.76 3.18% FBN Smart Beta Equity Fund 151.86 153.98 0.45% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund N/A N/A N/A Coral Income Fund N/A N/A N/A FSDH Treasury Bills Fund N/A N/A N/A

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 4.34% Vantage Balanced Fund 2.75 2.81 19.80% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 148.43 148.86 -4.50% Vantage Equity Income Fund (VEIF) - June Year End 1.21 1.25 27.88% Vantage Dollar Fund (VDF) - June Year End 1.09 1.09 6.42% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.36 1.38 0.00% Lotus Halal Fixed Income Fund 1,137.80 1,137.80 3.03% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 10.69 10.77 2.26% Meristem Money Market Fund 10.00 10.00 5.78% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.63 1.65 7.30% PACAM Fixed Income Fund 12.41 12.47 2.29% PACAM Money Market Fund 10.00 10.00 2.60% PACAM Equity Fund 1.57 1.58 -0.77% PACAM EuroBond Fund 110.69 112.23 0.64% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 130.12 132.35 6.86% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 2.78% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,133.62 3,158.35 -2.56% Stanbic IBTC Bond Fund 229.39 229.39 2.02% Stanbic IBTC Ethical Fund 1.18 1.20 0.85% Stanbic IBTC Guaranteed Investment Fund 300.70 300.70 2.05% Stanbic IBTC Iman Fund 214.69 217.37 -1.75% Stanbic IBTC Money Market Fund 100.00 100.00 6.00% Stanbic IBTC Nigerian Equity Fund 10,134.99 10,260.86 -3.51% Stanbic IBTC Dollar Fund (USD) 1.25 1.25 2.15% Stanbic IBTC Shariah Fixed Income Fund 113.60 113.60 2.27% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 100.96 100.96 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.33 1.36 -2.41% United Capital Bond Fund 1.94 1.94 2.42% United Capital Equity Fund 0.88 0.90 1.85% United Capital Money Market Fund 1.00 1.00 6.93% United Capital Eurobond Fund 120.42 120.42 2.85% United Capital Wealth for Women Fund 1.08 1.10 -0.45% United capital Sukuk Fund 1.05 1.05 4.88% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.03 12.14 1.39% Zenith Ethical Fund 13.42 13.54 9.87% Zenith Income Fund 24.06 24.06 0.36% Zenith Money Market Fund 1.00 1.00 3.52%

REITS NAV Per Share

Yield / T-Rtn

123.20 51.42

2.04% -1.87%

Bid Price

Offer Price

Yield / T-Rtn

12.28 123.37 96.15

12.38 123.37 97.89

-7.08% 1.34% -3.27%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.75 5.59 16.77 1.00 18.59 159.43

3.79 5.67 16.87 1.00 18.79 161.43

-0.84% -1.71% 2.61% 3.66% -9.37% -27.08%

NAV Per Share

Yield / T-Rtn

107.52

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY MAY 24, 2021 • T H I S D AY

MONDAY, ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Treat Military Plane Crashes as National Emergency, CAN Tells Buhari Onyebuchi Ezigbo in Abuja The leadership of the Christian Association of Nigeria (CAN) has urged President Muhammadu Buhari treat military plane crashes as national emergency. CAN has also called for thorough investigations into the causes of the ill-fated military King Air 350 aircraft that crashed last Friday, near Kaduna Airport. This is coming as the Youth Wing of the Christian Association of Nigeria (YOWICAN) yesterday announced the declaration of three days’ national mourning for the death of those it described "our heroes" who died during the ill-fated military plane

crash in Kaduna. CAN has also expressed concerns at the spate of military plane crashes in the country, while urging Buhari to treat the matter as a national emergency to stop bright minds in the military from dying avoidable deaths. The association also called on the international community to come to the aid of the country to end the menace of insecurity before terrorists and bandits terrorists take over the country or turn it into a battle ground. It said the investigations should also be conducted into the other military plane crashes that had occurred in recent times with a view to ascertaining the immediate

and remote causes of these recurrent disasters and address the causes decisively and squarely. While commiserating with Buhari, the military high command, the security chiefs, and the immediate and extended families of the Chief of Army Staff, Lt. General Ibrahim Attahiru and other officers who were killed while on board of the ill-fated military plane crash, CAN said the country cannot continue to lose the finest military and security officers to air disasters without doing anything to stop it. In a statement issued yesterday by its National Secretary, Rev. Daramola Bade Joseph, the Christian body said it was genuinely

concerned about the situation and felt that adequate measures should be taken so as to avert this kind of tragedy both in our military and civil aviation in the future. “According to reports, Nigeria had four King Air 350 namely: NAF 201, NAF 202, NAF 203 and NAF 204. Sometimes in February this year, NAF 201 crashed in Abuja and killed all the eight Air Force crew men on board. We also reliably learnt that this was the third military air disaster in the space of three months. ”If these reports are true, then it is high time thorough investigations are carried out with a view to ascertaining the immediate and remote

causes of these recurrent disasters and address the causes decisively and squarely. We cannot continue to lose our finest military and security officers to air disasters without treating the situation as a national emergency," it said. In a related development, the Youth Wing of the Christian Association of Nigeria (YOWICAN) has declared three days’ national mourning over the death of those it described "our heroes" who died during the ill-fated military plane crash in Kaduna. The youth organisation also demanded an inquest and investigation into the series of crashes involving NAF aircraft and helicopters.

In statement issued yesterday, the National Chairman of YOWICAN, Belusochukwu Enwere, said the association declared three days’ national mourning with effect from yesterday. His statement reads: "The entire Christian Youths in Nigeria are grieved by the death of the Chief of Army Staff, Lt. General Ibrahim Attahiru and other military officers. "Attahiru and the other officers are heroes who gave their lives for the security of our nation. The tragic incident is a colossal loss to Nigeria. "This is a tragedy too much. Our country has passed this stage where military aircraft will crash like that and we call it normal," he said.

Air Force Planes in Good Health, Says NAF Kingsley Nwezeh in Abuja The Nigerian Air Force (NAF) has stated that its aircraft were in good health. NAF said the planes involved in recent crashes were purchased brand new in 2015. It said most of the aircraft in the arsenal of the force were in good health, and adequately maintained. There have been a barrage of criticisms over the frequent crashes involving the NAF planes. Three aircraft belonging to NAF were involved fatal crashes in Abuja, Borno and the latest one that claimed the life of the army chief, Lt. Gen. Ibrahim Buratai in Kaduna.

A total of 21 personnel of the air force and army were killed in the three crashes that occurred in 2021. The air force just last week inducted three newly procured JF-17 thunder aircraft into its inventory as part of activities to mark its 57th anniversary celebration at the NAF Base, Makurdi, Benue State and had long expected 12 Super Tucano fighter jets from the United State which full delivery is due by 2022. However, the bashing of the air force is unceasing. There were also claims that of the four major Beechcraft planes in the force, notably, NAF 201, NAF 202, NAF 203 and NAF 204, two aircraft - NAF 201and NAF 203

had crashed in Abuja and Kaduna, remaining NAF 202 and NAF 204. There have also been trending calls on social media for the air force for to ground the remaining two. But in an interview with THISDAY, the Air Force Spokesman, Air Commodore Edward Gabkwet, debunked such claims, saying the aircraft were brand new ones. He insisted that air force aircraft, especially Beechcraft, the brand that crashed were not outdated. "You can even debunk that by going to the internet. Beechcraft is an American aircraft. “They were purchased brand new. The aircraft are new considering some

other aircraft. The age of an aircraft does not determine its serviceability,” he said. He called for continued support for the air force. "The air force belongs to Nigerians and we need their support," he added. Speaking on the latest incident, he said: "It is an unfortunate situation. The chief of air staff is not happy that air crashes happened under him. "The weather was not good that evening and the plane had almost landed but there was strong wind," he said. He said the air force was "clear on serviceability and competence of the pilot. He was one of the best. He was trained in US and UK. He had clocked nearly 3,000

hours. "The late chief of army staff and chief of the air staff were course mates. People were excited that two of them were course mates and they were working together in line with the joint operations policy of the military. They were friends for more than 40 years", he said. Meanwhile, a security expert, who retired on the equivalent rank of major general, has however raised the alarm over the obsoleteness of the military arsenal. The security analyst, who retired at the equivalent rank of Maj. Gen. said apart from the use of obsolete equipment, there was anti-intellectualism in the armed forces.

"The military is overstretched with third generation equipment (equipment manufactured during the cold war). Even though many senior military officers, like the civilian politicians still live in denial. "For example, the Nigerian Air Force Alpha Jet is an obsolete platform; the production line in Germany has been closed. There are no spares for the few of the aircraft we still have in our inventory", he added. The expert, who spoke to THISDAY anonymously, said "the same with Army’s Steyr Armored Personnel Carrier (APC) manufactured in Austria in the 70s and 80s. The production line closed in mid 90s".

FMDQ Exchange Lists BUA Cement Plc’s N115bn Bond Issuance largest corporate bond in debt capital market Goddy Egene FMDQ Securities Exchange Limited has admitted BUA Cement Plc’s N115 billion Series 1 Fixed Rate Senior Unsecured Bond under its N200 billion Bond Issuance Programme for listing. This issuance, a first by BUA Cement Plc becomes the largest corporate bond issued in the Nigerian debt capital markets (DCM). The proceeds from the issuance, according to the company, will be used to refinance existing debt obligations of the issuer, finance the issuer’s working capital as well as fund its Debt Service Reserve Account. BUA Cement is the second largest cement producer in

Nigeria and the largest cement producer in the North-west region of the country. Commenting on the significant and successful issuance of the bond, the Chairman, BUA Cement, Abdul Samad Rabiu, said: "This is the largest corporate bond issue in the history of Nigeria's DCM. In 2020, we made a strategic decision as a proudly Nigerian company to list the shares of BUA Cement. “This was in line with our core strategy to continue seeking out viable investment and growth opportunities within Nigeria. This bond issue - a first by BUA Cement, demonstrates our confidence in the Nigerian DCM as well as continued

investor confidence in BUA Cement’s business model, our management team, and longterm strategy, all supported by strong credit ratings. We remain committed to unlocking opportunities within the industry for Nigeria." Also speaking, the Chief Executive Officer, BUA Cement, Engineer Yusuf Binji, said: “The success of the bond issue underscores the strength of BUA Cement’s brand. The transaction, being the largest corporate bond issuance in the history of Nigeria's DCM reiterates the strength and acceptance of BUA Cement’s brand and the trust placed by stakeholders in the company's strong cash generation capacity,

credit profile and strategy driven by a well-experienced management team. He explained that diversifying and extending the duration of their funding sources with the inclusion of this bond, at a competitive rate, would further enable them to achieve their strategic objectives and vision. “We also have confidence in FMDQ Exchange, hence our decision to list the Bond on the Exchange. BUA Cement is profoundly grateful to the entire transaction parties, the bondholders and the regulators, who have made this become a reality today,” Binji said. The Head, Debt Capital Markets, Stanbic IBTC Capital

Limited – sponsor of the bond on FMDQ Exchange, Tokunbo Aturamu expressed his delight at the successful issuance and listing of BUA Cement’s N115.00 billion 7.50 per cent 7-year Fixed Rate Series 1 Bond. He noted that this is the largest ever bond issued by a corporate issuer in the history of the Nigerian capital markets and thanked the investor community for their overwhelming support of the bond issue and BUA Cement, as evidenced by an over-subscription level of 38 per cent. Aturamu commended BUA Cement for embracing the DCM as a complementary source of raising financing and

expressed his appreciation to the board and management of BUA Cement for the opportunity given to Stanbic IBTC Capital to act as the lead issuing house to the landmark bond issue. According to the FMDQ Exchange, the admission of the BUA Cement bond is reflective of the potential of the Nigerian DCM and the commendable level of confidence demonstrated by both issuer and investors and validates the efficient processes and integrated systems through which FMDQ Holdings PLC (“FMDQ Group” or “FMDQ”), via its subsidiaries, has sustained its service delivery to the market and its diverse stakeholders.

is not the best for us. “As a nation, we need to be growing at around four to five per cent consistently. So, in my opinion, compared to where we are coming from in terms of going into a recession, it is good, but compared to where we should be as a nation, we are doing well and there is still a lot of room for improvement. “From the figures I’ve seen,

oil GDP contracted while it is non-oil that helped us to push the growth up in Q1 2021. “What we need to do is focus on the real engine of growth, which is the small and medium scale industries which can catalyse growth in a multiple of levels in terms of employment, productivity and more for us to see a better growth in Q2 and maybe towards the end year.”

WITH 0.51% GDP GROWTH, ANALYSTS LIST WAYS TO GROW MOMENTUM COVID-19 pandemic. An economist, Dr. Muhammad Rislanuddeen, stated that although Nigerian economy had for the last few years been having sub-optimal growth below population growth rate, the "report is very positive, especially given the positive growth also recorded in fourth quarter of 2020." According to him, this further indicated that the

economy is picking up, albeit in a crawling, epileptic manner, from the challenges of COVID-19 pandemic. Rislanuddeen also attributed the positive performance partly to the various stimulus packages of the federal government towards supporting the gradual consolidation of GDP growth after the economy sank into recession mid-2020.

However, he added that more targeted interventions should be done, especially in growth enhancing policies and programme to consolidate on the recovery. He said this would help to reverse the current economic stagflation - high inflation of 18 per cent and unemployment rate of 33.3 per cent. He said: "In addition, policies on fuel subsidy and

foreign exchange market need to be much clearer and predictable to the private sector to support more investment, more jobs and sustainable growth." On his part, the Managing Director, Karios Capital, Mr. Sam Chidoka, said: “I think it is important that as a nation, we realise that any growth that does not match or stay close to our population growth

MONDAY MAY 24, 2021 ˾ T H I S D AY

NEWSXTRA

Policeman, Gunman Killed in Attack on Ebonyi Police Division Benjamin Nworie in Abakaliki The Police Command in Ebonyi yesterday said it repelled an attack on its division, killing one of the

attackers and recovering an AK-47 rifle. The Police Public Relations Officer of the command, Loveth Odah, who disclosed this in a

House Shifts Security Summit to Honour Attahiru, Others Udora Orizu in Abuja The House of Representatives has shifted the national security summit that had been convened to discuss ways of finding lasting solutions to insecurity in the country. The week-long summit earlier scheduled to begin on May 24, 2021, was moved to May 26. A statement issued by the Clerk of the House, Chinedu Francis Akubueze, said the decision to shift the summit was taken as a mark of honour to the late Chief of Army Staff (COAS), LieutenantGeneral Ibrahim Attahiru, and 10 other military officers who died in a plane crash last Friday. The late COAS was one of the guests expected to make presentation during the summit. The statement read: “The House shares in the grief and

sorrow of the families of the late top military officers, and prayed that the Almighty God will grant them eternal rest. “It should be noted that the postponement became necessary as the late Army Chief was one of the major stakeholders that would have taken part in the summit. The House regrets any inconvenience the postponement may cause invited guests.” The Speaker of the House, Femi Gbajabiamila, had announced that the summit would be held behind closed doors with only members of the House and invited security experts in attendance. Gbajabiamila said the security chiefs would be expected to speak freely and bare their minds on the security challenges facing Nigeria with a view to finding ways to address them.

Bandits Raid Abuja Community, Kidnap Father, Son Olawale Ajimotokan in Abuja The state of insecurity in the satellite towns of the Federal Capital Territory (FCT) worsened yesterday as two family membersa father and a son- were abducted early by a gang of gunmen who raided Kuchiko Relocation Development Area (KRDA) in the Bwari Area Council of the FCT. Residents of the Kuchiko Relocation Development Area revealed that the criminals numbering over 15 and also bearing other dangerous weapons, abducted their victims after overpowering the night guards. They shot sporadically into the air to scare residents. The raid, which began after midnight lasted

for over an hour before soldiers from the Defence College, Bwari, arrived at the scene, and took on the kidnappers in a fierce gun battle. The soldiers’ timely intervention also prevented the kidnappers from abducting another resident after the criminals succeeded in breaking into his apartment. While recounting their experience, some of the fearstricken residents of the area, appealed to the authorities to scale up security patrol around the community. Bwari, which shares bother with Kaduna State is now at the mercy of kidnappers and other criminal elements, who before now were terrorising Gwagwalada and Kuje Area councils

Buhari Mourns Okadigbo’s Son, Pharaoh Deji Elumoye in Abuja President Muhammadu Buhari has condoled with the family of the former President of the Senate, the late Senator Chuba Okadigbo on the death of their son, Pharaoh Okadigbo. Reacting to the news of the death in a statement released yesterday by his Media Adviser, Mr. Femi Adesina, President Buhari said it was very sad to lose such a promising young man with so much potentials and passion for youth involvement in the socio-political development of Nigeria. He noted that the late Pharaoh at an early age keyed into the vision of a better Nigeria not just for the privileged but for all

and sundry, which he (the President) shared with the late Chuba Okadigbo, who was his running mate in the 2003 presidential election. President Buhari added that the nation would miss a firm believer in the necessity for the people to work in collaboration with governments at all levels to achieve the better society for all. He prayed that God Almighty would comfort the family, friends and associates, and repose the soul of the departed. In a report by Peoples Gazette, sources close to the family said the deceased was involved in a car crash on Saturday night and the body had been deposited at the morgue.

statement issued in Abakaliki, the state capital, also stated that the command lost one Mobile Policeman in the attack. “At 1200hrs of Sunday, hoodlums, numbering about 20 in a Mitsubishi L300 Bus, and some others on foot, came in through the back fence and

attacked one of our divisions at Ugbuodo Divisional Headquarters in Ebonyi Local Government Area of the state. “The attackers entered and immediately opened fire, shooting sporadically at policemen on duty but were swiftly challenged and repelled in a gun battle that

ensued. One of the attackers was killed. “His AK-47 rifle, GSM Phone, and Jackknife were recovered while others escaped with bullet wounds. However, one Mobile Police Personnel paid the supreme price,” the statement explained. The statement added that the

Commissioner of Police, Ebonyi Command, Mr. Aliyu Garba, had visited the division for an on-the-spot assessment of the situation. “He has also ordered a manhunt for the fleeing hoodlums with a view to arresting them for prosecution,” the statement said.

RECOGNITION OF EXCELLENCE…

L-R: Permanent Secretary, Ministry of Industry, Trade and Investment, Dr. Nasir Sani-Gwarzo; the Minister, Chief Adeniyi Adebayo; and Director, Weight and Measure, Alhaji Abubakar Dangaladima, during the presentation of an Award of excellence in public service to the minister by Business Day in Abuja…weekend

Nigerien President, Oyo, Nasarawa, Gombe Govs Mourn Attahiru, Others Deji Elumoye in Abuja, Igbawase Ukumba in Laﬁa and Segun Awofadeji in Gombe The Friday’s Air Force plane crash that claimed the lives of the Chief of Army Staff (COAS), Lt. General Ibrahim Attahiru, and 10 other military personnel has received the attention of Nigeria’s Northern neighbour, Niger Republic, with its President, Mr. Mohamed Bazoum calling President Muhammadu Buhari on phone to commiserate with him. Oyo State governor, Mr. Seyi Makinde; Nasarawa State

governor, Mr. Abdullahi Sule and Gombe State governor, Alhaji Inuwa Yahaya, have also commiserated with Buhari over the death of Attahiru, and other senior military officers. Presidential spokesman, Mallam Garba Shehu, in a statement issued yesterday, disclosed that the Nigerien President made the telephone call on Saturday to condole with President Buhari and the government and people of Nigeria over the incident. President Bazoum, who described the plane crash and the resultant deaths as tragic

and unfortunate, expressed the condolences of the government and people of Niger Republic In his condolence message he signed, Governor Sule said: “My encounter with late General Attahiru in the course of our collective efforts at tackling insecurity showed a remarkable officer dedicated to the service of Nigeria”. He said: “I received the news of death of the Chief of Army Staff, Lt. General Ibrahim Attahiru and other officers of the Nigerian military with shock and profound sadness”.

Governor Makinde also yesterday described the death of Attahiru and others as a huge loss to Nigeria. Makinde, in a statement by his Chief Press Secretary, Mr. Taiwo Adisa, commiserated with the families of the deceased soldiers, the Armed Forces, especially the Nigerian Army and the Nigerian Air Force, as well as Buhari. The governor described the death of Asaniyi as a personal loss to him and the state. Gombe State Governor, Yahaya, has also commiserated with Buhari.

Suspected Herdsmen Attack Benue Community, Kill Nine Nine persons have been killed by suspected herdsmen, including the kindred head of Tse Ancha, Agan council ward, Makurdi Local Government Area on Saturday morning, just a few meters from the host community of Abangana IDP camp where seven people were killed about three weeks ago. Although the police authorities were yet to issue an official statement on the killing, the Police

Public Relations Officer (PPRO) for the Benue State Command, Sewuese Anene, confirmed the attack via a text message, according to Channels TV. Tse Ancha is a community located along the Makurdi- Lafia federal highway and is less than a kilometer from Abagena Internally Displaced Person (IDPs) Camp, where suspected herdsmen attacked and killed seven persons,

mostly inmates of the camp and members of the host community. According to a resident of Tse Ancher and a journalist attached to the Benue state government house who does not want his name mentioned confirmed the attack to Channels Television. He said, “The attackers started their operation at Tse Ancha and almost penetrated down to my school before some Youths with

local weapons like machete and arrows stopped them but they killed one person within the village at my school, in addition to the eight persons so far discovered at Tse Acha including the Kindred head Chief Uzua.” The attack happened about 3 to 4 am on Saturday when the villagers were fast asleep. The Chairman of Makurdi Local Government Council, Mr.

PDP Sweeps Oyo Council Polls, One Rescheduled The Oyo State Independent Electoral Commission (OYSIEC) has declared the Peoples Democratic Party (PDP) as the winner of 32 out of the 33 councils in the local government elections held in Oyo State on Saturday. OYSIEC Chairman, Mr. Isiaka Olagunju, made the declaration yesterday in Ibadan. Only Ido Local Government election was suspended and rescheduled for Wednesday, May 26. Olagunju said that the commission had ensured transparency and adequate security

during the election. He appreciated the media as well as security agencies in the state for their support in ensuring a free, fair, and transparent election. The OYSIEC chairman said that the Ido Local Government would now hold on Wednesday, May 26. The winners already declared by OYSIEC are: Raheem Akeem Adepoju (Oorelope), Sulaiman Adediran(Irepo), Mrs Juliana Oluwakemi Akanni (Olorunsogo), Akanji Kabir Ayoade (Ogbomoso North) and Oyeniyi Timothy Oyedokun (Ogbomoso South),

and Olugbenga Obalowo(Ibarapa East). Jelili Oyinloye Adebare(Iwajowa), Fasasi Adeagbo(ATISBO), Mrs Ramat Adeniran (Saki-East), Sarafadeen Omirinde(Saki-West), Adebare Muraina Afolabi (Kajola), Adesoye Seun Ojo (Ogo-Oluwa) and and Bolaji Ojo Akintola(Itesiwaju). Others are Olateju Michael Alabi (Oriire), Adegbite Isaiah Alabi(Surulere), Adedoyin Oloyede Adeoye(Ibarapa Central), Lateef Adebayo Lawal (Ibarapa North), Muftau Osuolale (Iseyin) and Sunday Akindele Ojo (Afijio).

Others are Kafilat Olakojo (Atiba), Musbaudeen Adesina Sanusi (Ona-Ara), Babatunde Akeem Salami(Oyo West), Saheed Arowosaye Adeyemi(Oyo East), Ibrahim Akintayo (Ibadan North-East) and Taoheed Jimoh Adedigba (Akinyele) The remaining are Olaide Popoola (Oluyole), Kazeem Gbadamosi(Lagelu), Oyedele Sikiru Sanda(Egbeda), Kehinde Adeyemi Akanni(Ibadan South-West), Musbaudeen Sanusi(Ona-Ara), Saheed Oladayo Yusuf(Ibadan North), Emmanuel Oluwole Alawode (Ibadan South-East).

MONDAY MAY 24, 2021˾ T H I S D AY

NEWSXTRA

Bandits Attack Five Zamfara Communities, Kill over 25 People No fewer than 25 people have been killed and many others injured when bandits attacked five communities in two local government areas of Zamfara State. Residents of the affected communities confirmed the attacks and the casualties yesterday. They noted that the bandits, in large numbers, invaded the communities on Saturday afternoon and started shooting sporadically, killing innocent residents in the process. The affected communities – Gabaken, Rigiya, Donroyi, Torawa, and Riwoji are located in Zurmi and Kaura Namoda Local Government Areas of the state. “They (the bandits) attacked a village called Gabaken and killed five people; in Torawa, they killed five people. One person was killed in a village called Rigiya; a village called Donroyi in Zurmi Local

Government, they killed four people. “In a village called Riwoji where I come from, they killed four and injured seven people, including my father’s younger brother,” said one of the witnesses, Umar Abubakar. He added that the injured persons were taken to the general hospitals in Kaura-Namoda, BirninMagaji, and Gusau where two of them were later confirmed dead. Another eyewitness, Alhaji Torawa, who spoke with Channels Television, said the bandits stormed Torawa community at a time when residents were observing the afternoon prayer. He noted that the armed men surrounded the area and began to shoot sporadically, lamenting that he lost two of his family members to the attack. Speaking in his local dialect,

Torawa narrated, “They told us bandits have rounded our village. The bandits came into the villages on motorcycles and fired gunshots sporadically, killing

many villagers. “They were many that invaded the villages and two of my family members were among those killed by the bandits.”

“We were inside hiding because the bandits were many … the bandits shot at me and I pretended as if I was dead, that was why they left me,” another victim,

Ibrahim Riwoji, recounted his experience. He added, “I can remember I saw only two other victims by my side.”

NDLEA Intercepts N8bn COURTESY VISIT… Chief of the Naval Staff, Vice Admiral Awwal Gambo (left), and the Minister of Federal Capital Territory (FCT), Mr. Mohammed Musa Cocaine, Arrests Brazil-based L-R: Bello, during the CNS’ visit to the minister in Abuja…weekend. Drug Kingpin Secondus Urges Prayer for Nigeria innocent travellers’ luggage. Michael Olugbode in Abuja Brazil-based drug kingpin has been nabbed with 36 blocks of cocaine, weighing about 30 kilogrammes with a street value of over N8 billion at the Murtala Muhammed International Airport (MMIA), Lagos by operatives of the National Drug Law Enforcement Agency (NDLEA). A statement issued yesterday by NDLEA’s spokesman, Mr. Femi Babafemi said the drug lord, Ejiofor Enwereaku, who leads a syndicate, was arrested at the airport on Friday, May 14, 2021 for importing 27.95 kilogrammes of cocaine using their organised criminal gang, which specialises in tagging/planting drugs in

Babafemi said based on intelligence, narcotic agents at the MMIA had on Saturday, May 8, 2021 intercepted a bag that arrived the Lagos airport from GRU, Brazil via Addis Ababa, Ethiopia on the Ethiopian airline with baggage tag No- ET331199 but was disclaimed by an arriving passenger on the flight. He said that the disclaimed bag was promptly secured by NDLEA operatives for investigation, adding that on Sunday, May 9, 2021, a man came to the airport to make inquiry on how to get the disclaimed bag released, which prompted his immediate arrest and investigation.

Kidnappers Storm Kano Village, Abduct Woman Ibrahim Shuaibu in Kano Kidnappers stormed Lahadin Makole village in Kano State and abducted the wife of an influential and wealthy resident in the village, Mr. Umar Dawakiji. The kidnappers stormed the village, which is located along

Kano- Wudil Road around 3:00 am yesterday. The kidnappers also shot and wounded a tea vendor in the area. The Kano State Police Command’s Spokesman, DSP. Abdullahi Haruna Kiyawa, said he is yet to receive the reports and promised to investigate matter further.

Saudi Arabia to Limit 2021 Hajj to 60,000 Pilgrims OlawaleAjimotokaninAbuja For the second successive year, an emphatically large number of Nigerian intending pilgrims may not be able to performthe2021Hajjin SaudiArabia,afterthecountryannounced that only 60,000 pilgrims would be allowed to carry out one of the key Islamic rites from across the world. The decision taken yesterday by the Saudi health authorities was a precaution against the transmission of COVID-19 among the local population and the international contingents. It will come as a disappointment for the projected 100,000 Nigerians who were hoping to embark on the spiritual trip this year to Mecca and Madinah.

According to reports, the Saudi authorities will only allow 45,000 pilgrims from the rest of the world to perform the Hajj while the remaining 15,000 will be those who reside in Saudi Arabia. The Saudi Special Representative on Religious Harmony, Maulana Tahir Ashrafi, was also quoted as effectively ruling that people under the age of 18 and above 60 years are ineligible for the hajj. The Saudi Health Ministry also stated that pilgrims must have had both doses of COVID-19 vaccine with a vaccinationcardprovidedbythe individualcountries’ health organisations, while intending pilgrims must also not have been in hospitals for any illness within the past six months prior to travelling for the hajj.

Chuks Okocha in Abuja The National Chairman, the Peoples Democratic Party (PDP), Prince Uche Secondus, has urged Nigerians to continue praying for the country to overcome all its challenges. Secondus made the call yesterday in Abuja at a fundraising dinner to build a 3,000-mega capacity church auditorium of the Redeemed Christian Church

of God (RCCG), Sure Mercies of David Mega Parish, Life Camp, FCT. He said the purpose of man being on earth was to manage the earth as it was the will of God, hence the need to manage the country by offering prayers for peace to reign. “Man is on earth to manage it, we must manage well; the need to build for God is management, we must manage our lives well, this is

the essence of God creating man. “We need a lot of prayers for our nation, there is storm everywhere, the situation of the country is now pathetic; the solution will come from us through our prayers,” he stressed. He described the pastor of the church, Matthew Adebayo, who is also the Regional Evangelist, Region 35, as a great manager, whom he said would manage the church well, when the building

of the new auditorium was completed. Speaking also, Pastor Mike Ayanbode, the Assistant Regional Pastor, Region 10 comprising Nasarawa, Niger and FCT urged Christians to emulate the virtues of giving. According to him, giving his kingdom investment, a treasure which reward is in heaven, a living capable of bailing someone out of trouble and tribulation.

Onaiyekan Seeks Negotiation of Nigeria’s Unity Alex Enumah in Abuja The Prelate of the Roman Catholic Church and former Archbishop of Abuja Diocese, Cardinal John Onaiyekan, at the weekend disclosed that while he is not in support of calls for secession by some Nigerians, he believes that the unity of the country can still be negotiated.

Onaiyekan, who predicated his support for dialogue and negotiation on the recent happenings in the country, was of the opinion that those calling for secession are not looking for peaceful solution for the myriad of problems bedeviling the country. The cleric stated this when he hosted a delegation of Tiv Professionals Group (TPG) in Abuja.

A 14-member delegation of TPG led by its Chairman, Professor Zackharys Gundu, had paid the clergyman a visit to intimate him of the unprovoked killings of their people in Benue, Nasarawa and Taraba States by marauding herdsmen. While reacting to their submission, Onaiyekan, who noted that the country is currently

facing a threat of disintegration, urged Nigerians to do everything possible to prevent the worst from happening. According to him, “I cannot support those calling for war to liberate ourselves. All those calling for secession are not looking for peaceful solution. There must be a way that we can save ourselves from self-destruction.

Osun Commissioner Prescribes Fact-checking as Antidote to Fake News As part of the efforts to curb the spread of fake news, misinformation or infodemic in the public domain, the Osun State Commissioner for Information and Civic Orientation, Mrs. Funke Egbemode, has prescribed fact-checking on the part of the public as an antidote against the negative trend. Speaking during the

thanksgiving session at RCCG Breakthrough Centre, Osogbo, to mark the beginning of the press week of the Osun State Council of the Nigerian Union of Journalists (NUJ), Egbemode charged citizens to beware of click-baits that quacks deploy to draw traffic to their sites. “Journalists are like other professionals. They are trained

to undertake the professional service of informing the public. It is therefore in the best interest of citizens not to give heed to those who are not journalists but are parading themselves as journalists. “The motive of this set of people for spreading information is for selfish reasons, not for public good

or interest. “We, therefore, urge citizens not to fall for the click-baits and other tricks that these quacks use to draw traffic to their sites. Just like you know where to go when you want to hear the gospel, also be careful to go to verified news sources for information. Don’t patronise gossip sites.

Senate Queries NECO over Alleged Award of N6.5bn Contracts Without Due Process Deji Elumoye in Abuja

The Senate has queried the National Examination Council (NECO) over an alleged award of contracts worth N6.5 billion without due process. It also mandated its Committee on Public Accounts to probe the reported illegal contract awards. The contracts were for the

printing of security and nonsecurity documents by the examination body. The committee was guided by the 2017 report the Office of Auditor General of the Federation (OAuGF) submitted to the parliament for consideration in issuing two queries to the NECO. According to the auditor general’s report showed that

the examination body could not present any record to show that approval was given for the contract by the ministerial tenders board in the first contract that cost about N451 million. The committee also alleged that due process was not followed in the second contract, which was worth N6.1 billion.

It further alleged that quotations were not collected from three bidders as required by Public Procurement Act (PPA) 2017 while taxes were not deducted from some of the contract payment. Taxes were not deducted from some of the contract payments and there was no Technical and Financial evaluation.

MONDAY MAY 24, 2021, ˾ T H I S D AY

24 HOURS...

I Have No Favourite Candidates in Lagos LG Election, Says Tinubu Segun James The National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, has warned those he described as troublemakers and name droppers in the APC that he has no favourite candidate in the forthcoming local government election in Lagos State. Tinubu, who was a former governor of Lagos State, said in a statement that was signed by his Media Adviser, Mr. Tunde Rahman, that he “has no preferred candidates for the upcoming local government primaries. He has no intention also to endorse any

of the people contesting for the party nomination in any election, whether for chairmanship or councillorship positions.” He explained that “the Lagos APC’s Governance Advisory Council (GAC) meeting of Friday, May 21, 2021, discussed ways to ensure the fairness of the party primaries for the upcoming local government elections in Lagos State. Unfortunately, people intent on sowing discord and undermining democracy within the party have begun to spread lies and rumours that Tinubu and the GAC have a list of preferred candidates for the upcoming

primary elections and that the party will skew the primaries to benefit these people. We state, categorically, there is no such list nor are there any plans to influence the primaries in any

manner. These stories are false and mean-spirited attempts to hurt the party. “Tinubu would like it to be known, by way of this statement, that he has no preferred candidates

for the upcoming local government primaries. He has no intention to endorse any of the people contesting for the party nomination in any election, whether for chairmanship or councillorship

positions. On this matter, Tinubu believes he can speak for the rest of the GAC regarding their belief in the impartiality and transparency of the internal party process.

Attahiru was on theVerge of Making Nigeria Proud, Says Buratai Kingsley Nwezeh in Abuja Immediate past Chief of Army Staff and Ambassador-Designate to Republic of Benin, Lt. Gen. Tukur Buratai (rtd), has disclosed that the late Chief of Army Staff was on the verge of making the nation proud before his tragic end. Buratai in his tribute to late Lt. Gen. Ibrahim Attahiru, said he was making tremendous progress in the counterinsurgency and counterterrorism efforts when the tragedy occurred. He described the incident as tragic to all Nigerians and peace-loving people, adding that Attahiru and the officers that died with him were top-level officers whose records of service were

meritorious. According to him, “this unfortunate incident deeply saddens me as it robbed us of the services of the Chief of Army Staff who had left no one in doubt as regards his determination to succeed in the various military operations across the country. “He was on the verge of making the nation proud in the counterinsurgency and counterterrorism efforts when this tragedy occurred. I do not doubt his ability as he had served under me in various capacities and was well-grounded for the job with the active support and collaboration of his colleagues.

Chairman of ACI Seeks Establishment of Akintola Williams University The Chairman of Audit Committee Institute (ACI), Mr. Christian Ekeigwe, has called for the establishment of Akintola Williams University of Africa. Ekeigwe who is a fellow of The Institute of Chartered Accountants of Nigeria (ICAN) and Certified Public Accountant (CPA, Massachusetts), described Mr. Akintola Williams as the father of the accountancy profession in Nigeria, and Africa. When established, he said, Akintola Williams University of Africa will be a constant reminder to all accountants in Nigeria and, indeed Africa, of the salient contributions of Akintola Williams to the accountancy profession in Nigeria and the whole of Africa. Ekeigwe made the call in his ‘A Letter to my Profession III’ titled ‘A Pithy Call for Akintola Williams University of Africa – Generational Gratitude Matters.’ He said “Our benefactor, mentor, and doyen, sage and luminary, in the pantheon of accounting, the centenarian Pa Akintola Williams, exerted discretionary energy to grow the profession in our community, for the benefit of posterity …. For his forbearances we are beholden to him.” Describing Williams as a “beauteous decoration of accounting and our civilisation,” he said Williams “lives his life affirming the promise of accounting, guarding financial truth, ensures

that audited numbers remained inviolate, ensuring the sanctity of illocutionary audit opinion, and did not lead clients and society to trust the untrustworthy.” He is a fine man of responsible prosperity who did not exploit, but rather healed, the vulnerabilities of society when he practiced accounting. Ekeigwe stated that, unarguably, the best way accountants in Nigeria and Africa can say a befitting ‘thank you’ to Williams is to establish a university in his name, noting that the university will also contribute to his wish of leaving a legacy that honours the “promise of accounting” with true professionalism. According to Ekeigwe, “The promise of accounting or accounting promise is the totality of what society expects from accounting and which the accounting profession has historically pursued to deliver”. He stated that accounting promised society to be a faithful, steadfast gatekeeper that will bring certainty to stewardship accountability for Performance, Results and Efficiency. Interestingly, he said, Williams, a phronimos, lives up to the promise of accounting and his life in accounting practice reassured investors that the sanctity of audited account numbers is inviolate and that the illocutionary force of the words of his opinion conferred certitude to “true and fair view” of the affairs of the entity as presented.

ASSIGNMENT DELIVERED…

L-R: Member of the Kwara State Fact-finding Committee on Unlawful Infiltration of 48 sunset teachers into the March 2021 KWSUBEB Payroll, Mrs. Adenike Ojo; Chairman of the committee, Mr. Razaq Saka Ayodeji; Kwara State Governor, Mr. AbdulRahman AbdulRazaq; and another committee member, Mr. Sambo Murtala, during the submission of the committee’s report at the Government House, Ilorin… weekend

Kidnappers Abduct TASUED Official, FUNAAB Student,Two Others Suspected kidnappers have abducted the Deputy Director of Information and Communication Technology, Tai Solarin University of Education (TASUED), IjebuOde, Mrs. Lateefat Abimbola, and a student of the Federal University of Agriculture, Abeokuta (FUNAAB), Toyinbo Olayinka, and two others. Abimbola was said to have been kidnapped in Ijebu-Ode

on Thursday, while Olayinka, a 400-level student of Aquaculture and Fisheries Management, FUNAAB, was abducted on Saturday from a private farm in Abule-Itoko on the AbeokutaIbadan Road in the Odeda Local Government Area of Ogun State. Olayinka was said to have been kidnapped along with the owner of the farm and a Togolese girl. The Head, Directorate of

Public Relations, FUNAAB, Kola Adepoju, said Olayinka was abducted from where he had lived for three years as a self-sponsored indigent student. Adepoju said in a statement, “According to the friend of the abducted student and a nursing mother, who witnessed his abduction, he was kidnapped by gunmen on a private farm in Abule Itoko, a village in the

Odeda Local Government Area, where he has been working and living for the past three years as a self-sponsored indigent student. “The management of the university has reported the abduction at the Ogun State Police Command headquarters, Eleweeran, and it is working earnestly with the command to ensure the safety and release of the kidnapped student.”

Benin Disco Woos Customers with Discounts, Longer Repayment Period Benin Electricity Distribution Company Plc (BEDC) has said it has developed a debt restructuring scheme for customers to enjoy discounts in a bid to address growing outstanding electricity consumption debts. The company also announced an extension period of debt contract up to a maximumof60months,dependingon customers’ debt profile in combination with the down payment.

BEDC said in a statement issued at the weekend that, “The Debt Rescheduling Scheme is in line with the Nigerian Electricity Regulatory Commission (NERC) Act which mandates that electricity operators recover costs on prudent investment to be able to provide quality services to customers.” The statement disclosed that the scheme has taken off across the franchise states

of Delta, Edo, Ekiti and Ondo. The scheme is designed in a customer-centric manner to encourage esteemed customers to minimize their debt repayment burden and to help them to gradually decrease accumulated debts, while providing increased quality in electricity supply in line with Service Reflective Tariff (SRT) Regulation.

BEDC explained that the scheme was introduced in order to help customers who were unable to settle electricity bills as and when due, due to the prevailing economic and financial difficulties. The scheme provides the opportunity to restructure the terms and conditions for them to be able to settle their outstanding bills over a period.

SEC Adopts Guidelines on Sustainable Finance for Market Operators Ndubuisi Francis in Abuja The Securities and Exchange Commission (SEC) has adopted the Nigerian Sustainable Finance Principles (NSFP) as developed by the Financial Services Regulation Coordinating Committee (FSRCC) for the capital market. SEC said the objectives of the guidelines on NSFP are to

stimulate a resilient, competitive and sustainable capital market that promotes economic development and improves the quality of life for all as well as improve corporate governance practices to ensure that players in the market operate in a transparent and sustainable manner. In a statement released weekend, the Commission

also noted that the guidelines are designed to nurture an environment that facilitates job creation and diversity, women empowerment, human rights protection, access to affordable capital market products by the economically less-privileged and contribute to efforts aimed at reducing global warming and other environmental footprints resulting from its activities and

those of stakeholders. The Commission said the guidelines and approach are principles- based and therefore do not prescribe specific implementation requirements but however noted that these principles should be applied by each regulated entity in a manner that fits individual mandates, core values, and enterprise risk management framework.

Group Mobilises Nigerians, Urges Tinubu to Contest 2023 Election Sunday Okobi A group, which was launched at the weekend, Asiwaju Volunteers Solution 2023, has called on the national leader of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu, to contest for the presidential election in 2023. The group is also mobilising Nigerians to support its initiative

to lure the former governor of Lagos State to contest in the election. The group Director-General, Hon. Abiodun Ogidan, at a press conference to launch its initiative in Lagos, said although Tinubu had not declared his intention to contest the election, the group was working ahead of time to mobilise Nigerians for the national leader of APC to actualise his

ambition of succeeding President Muhammadu Buhari. According to him, “We are a group supporting Asiwaju Bola Tinubu’s 2023 ambition. We are coordinating all other groups in this cause. Everybody is a volunteer. We are on ground in all the states of the federation. So we are encouraging other groups to register with us because our plan is to have a database so that we won’t have

groups scattered around working for the same purpose.” The director-general disclosed that the Asiwaju Volunteers group has the backing of notable politicians and respected leaders across the six geopolitical zones of the country, adding that all hands must be on deck to ensure that Tinubu listens to his followers and comes out to declares his intention to contest.

MONDAY MAY 24, 2021 • T H I S D AY

˜ ͺͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

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

Ndidi, Iheanacho Miss out of Champions League on Final Day Again! Defeated Chelsea join Liverpool, United, City in Europe’s foremost competition Duro Ikhazuagbe As predicted, Enyimba yesterday failed to upturn the three goals deficit in the 4-1 loss they suffered in the first leg of the quarter final of the CAF Confederation Cup against Pyramids FC of Egypt in Aba. The People’s Elephant who managed a one-all draw with the visitors lost out of the competition 5-2 on aggregate. Ibrahim Abdel gave the visitors the lead in the

32nd minute. Anayo Iwuala however equalised for the home team eight minutes later after he was teed up by Stephen Mango. Enyimba fought back to score more goals after the break but were thwarted by the visitors. With the score 1-1, coach Osho immediately opted for fresh legs after the break as the People’s Elephants chased three goals to turn the encounter around. Six minutes into the second-half, Augustine

Oladapo, Gabriel Orok and Nabil Yarou were thrown into the fray to replace Philip Ozor, Victor Mbaoma and Nelson Ogbonnaya respectively. Enyimba continued their push for more goals but Egypt goalkeeper Ahmed El Shenawy was brilliant between the sticks as he stopped two attempts from Orok to keep the visitors in control of the game. Anthony Omaka and Kadri Timileyin were later introduced in the

81st minute, however, the tactical changes had no effects on the score. Enyimba have now been eliminated in back-to-back quarter-final games in the Confederation Cup after they were hammered 3-1 on aggregate by Guinean club Horoya AC last year. Pyramids will face Raja Casablanca who defeated Orlando Pirates 5-1 aggregate yesterday in the semi-final stage. Pirates held the Moroccan giants to a

1-1 draw in South Africa penultimate Sunday but lost 4-0 yesterday. Pyramids made it through to the Confederation Cup final last year but they lost 1-0 to Morocco’s RS Berkane in Cameroon. Following Sunday’s elimination, Enyimba will turn their attention to the Nigeria Professional Football League where they currently sit 10th in the table with four games in hand.

Iheanacho (left) and Ndidi have missed out of the Champions League again

Egypt’s Pyramids Dump Enyimba out of CAF Confederation Cup As predicted, Enyimba failed in their quest to upturn the three goals deficit they suffered in the first leg, quarter final of the CAF Confederation Cup against Pyramids FC of Egypt in Aba yesterday. The People’s Elephant who managed a one-all draw against the visitors from Cairo lost out of the competition 5-2 on aggregate. Ibrahim Abdel gave the visitors the lead in the 32nd minute. Anayo Iwuala however equalised for the home team eight minutes later after he was teed up by Stephen Mango. Enyimba fought back to score more goals after the break but were thwarted by the visitors. With the score 1-1, coach Osho immediately opted for fresh legs after the break as the People’s Elephants chased three goals to turn the encounter around. Six minutes into the secondhalf, Augustine Oladapo, Gabriel Orok and Nabil Yarou were thrown into the fray to replace Philip Ozor, Victor Mbaoma and Nelson Ogbonnaya respectively. Enyimba continued their push for more goals but Egypt goalkeeper Ahmed El Shenawy

was brilliant between the sticks as he stopped two attempts from Orok to keep the visitors in control of the game. Anthony Omaka and Kadri Timileyin were later introduced in the 81st minute, however, the tactical changes had no effects on the score. Enyimba have now been eliminated in back-to-back quarter-final games in the Confederation Cup after they were hammered 3-1 on aggregate by Guinean club Horoya AC last year. Pyramids will face Raja Casablanca who defeated Orlando Pirates 5-1 aggregate yesterday in the semi-final stage. Pirates held the Moroccan giants to a 1-1 draw in South Africa penultimate Sunday but lost 4-0 yesterday. Pyramids made it through to the Confederation Cup final last year but they lost 1-0 to Morocco’s RS Berkane in Cameroon. Following Sunday’s elimination, Enyimba will turn their attention to the Nigeria Professional Football League where they currently sit 10th in the table with four games in hand.

NFF Mourns Supersand Eagles’ Coach, Audu Adamu ‘Ejo’ The Nigeria Football Federation (NFF) has said that it was immensely pained by news of the death of Head Coach of the Beach Soccer National Team (Supersand Eagles), Audu Adamu on Saturday. ‘Ejo’ as he was fondly called who led the Supersand Eagles to several FIFA World Cup and Beach Soccer AFCON campaigns, lost the battle against diabetes on Saturday evening. “It is very painful for us at the NFF. Coach Adamu was a very dedicated head of the technical crew of our Beach Soccer Team. He won several laurels with the team and was a highly disciplined and dedicated individual. “The NFF never had any serious issues with him all

through the years he spent with the Supersand Eagles. He did his job quietly and never courted undue limelight. He was very hard working, energetic and committed to beach soccer, and was simple, humble and humane. Nigerian Football will miss him. “We love him but God loves him more. We pray that God grants him eternal rest and also grant the family and loved ones he has left behind eternal rest,” said NFF General Secretary, Dr Mohammed Sanusi. Coach Adamu famously led the Supersand Eagles to the quarter –finals of the FIFA Beach Soccer World Cup in Ravenna, Italy 10 years ago, and won several medals in the Beach Soccer Africa Cup of Nations while leading his boys to outings at the FIFA World Cup in Samoa, Bahamas and Paraguay.

Manchester City became champions on May 11 but had to wait till the final day of the 2020/21 Premier League season to be handed the trophy. PHOTO: AP

Tokyo Olympics, Paralympics Camps Open in Lagos, Port Harcourt, Bayelsa Towards Team Nigeria achieving podium success at the Olympics and Paralympics games in Tokyo, Japan this summer, the Federal Ministry of Youth and Sports has finalized arrangements for the camping of home- based athletes. According to the schedule for the Tokyo Olympics and Paralympics, 10 sports will be camped in Abuja, Lagos, Port Harcourt and Bayelsa starting from today. According to the Director, Federation of Elites Athletes

Department, Dr Simeon Ebhojiaye, “with just days to the official commencement of the Tokyo Olympics, our countdown commences from Monday, May 24, 2021 with camp for the home-based in Abuja, Lagos, Port Harcourt and Bayelsa where athletes are expected to intensify their readiness for podium success in Tokyo. “We are also monitoring the performances of the foreignbased athletes closely,” he noted. Dr Ebhojiaye further added “ Abuja will play host to Athletics,

Canoeing, Rowing, Weightlifting, Para-Athletics and Taekwondo. Lagos is to host Para-Powerlifting and Para-Table Tennis while Wrestlers are camped in Bayelsa with Badminton in Port Harcourt.” He affirmed that Nigeria decided to participate in only ten events where the country have comparative advantage. Meanwhile, Team Nigeria’s 2020 Tokyo Olympics Games build-up has been given a major boost by Delta State Governor, Dr Ifeanyi Okowa,

who has adopted seven athletes to fund their preparations. Those adopted by the governor include; Favour Ofili, Blessing Okagbare, Ese Brume, Divine Oduduru and Raymond Ekevwo. Others are Itshekiri Usheoritse and Ogho-Oghene Egwero. With this adoption, these athletes preparations for the Olympics and personal expenses like medical, hiring of personal trainers, diet and other related needs will be taken care of by the Delta State governor.

Ibadan Certified for Africa Mini-Football Nations Cup Olawale Ajimjotokanin Abuja The President of Africa Mini-Football Confederation, Achraf Ben Salha has expressed satisfaction with the Ilaji Sports Resort, Ibadan, to host the second Africa Mini-Football Confederation Nations Cup. Salha, a Tunisian, who is also the Vice-President of the World Mini-Football Federation gave the verdict when he was accompanied on the facility inspection tour by Tarik Zakaria, a member of AMC. “I have seen fantastic facilities at Ilaji. The facilities in the hostel

and hotel for the players and officials are of world-class. The only places that I have seen such facilities are in the United States of America, Dubai and Germany among some of the countries that I have visited where mini-football is played. The uniqueness of the facilities at Ilaji Sports Resort is that all the facilities are in the same enclosure on a verse land and that would reduce stress on the players, as they would come out of their rooms and walk straight to the pitch without waiting for official vehicle,” Salha declared. He, however, pointed out that

the minor deficiencies could be fixed within one week. The second edition of the Africa Mini-Football Confederation Nations Cup is scheduled for July 8 to 17, 2021. The Tunisian also expressed elation that while inspecting the facilities, he received calls from more countries, indicating interest to participate in the tournament in Nigeria, adding from the present situation, they will have about 26 countries in attendance as against 20 entries that earlier indicated interest to participate. “This is a great improvement compared to the 11 countries

that featured in the maiden edition in 2018 in Libya, and three foreign television stations have approached me for live telecast of the matches of the tournament in Nigeria,” Ben Salha said adding “I am here in Nigeria as the eyes of the World Mini-Football Federation and all President of the African Mini-Football Confederations”. He also assured that after seeing the facilities at Ilaji Sports Resort, AMC is convinced that Nigeria remains its only Plan A, Plan B and Plan C to host the second edition of the tournament.

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Counting the Cost of Nigeria’s Idle Hands “When you lose your job, the unemployment rate isn’t 4%, it is 100%” –Thomas Freidman “There is no such thing as acceptable level of unemployment because hunger is not acceptable, poverty is not acceptable, poor health is not acceptable and a ruined life is not acceptable” – Hubert H, Humphrey

igeria’s National Bureau of Statistics (NBS) published its report recently on unemployment. In the said report, the rate of unemployment as at the last quarter of 2020 stood at 33.3% representing an increase of 6.2% when compared with the Quarter 2 unemployment rate of 27.1%. Breaking the numbers down, the NBS stated that the total labour force, meaning persons within the ages of 15 and 64, was 122m, showing an increase of 5m from the labour force of 117m people in Quarter 2. The country’s underemployment rate was put at 22.8%. The NBS Report further stated that youth unemployment (those aged between 15 and 34), increased to 42.5% from the Quarter 2 rate of 34.9%. Youth underemployment stood at 21% for the same period. For proper context, unemployment refers to persons who are within the employment bracket, usually aged 15-64, actively seeking for, but are unable to get jobs. It is people within this age bracket that are referred to as the labour force in an economy. The rate of unemployment, therefore, is determined by dividing the total number of the unemployed by the total labour force expressed in percentages. One would not be deemed to be unemployed if, though one has no job, is not looking for work, even if the person would want to work. In economic and labour parlance, four types of unemployment are identifiable. These are Structural Unemployment, Frictional Unemployment, Demand Induced Unemployment and Voluntary Unemployment. Structural Unemployment refers to a situation where the skills of the labour force does not match the skills required for available jobs. A clear example is the information technology revolution sweeping through most of Europe, the Americas and the rest of the world. It also has to do with a situation where jobs exist in a location where the labour force does not exist and requires some movement to access those jobs. Frictional unemployment on the other hand refers to a situation where the work force is in between jobs. The time between when the worker leaves one job and when he gets another is a good example. Frictional unemployment is also referred to as temporary unemployment. The most ubiquitous type of unemployment is the Demand Induced Unemployment. Here, we are talking of unemployment caused by drop in demand for goods and services. When for any reason, mostly a depression in the economy, demand drops, companies would naturally reduce productivity to match the decreasing prices. The first casualty of this action is the labour force. Unfortunately, the action of reducing the number of employees has a self-reinforcing effect as wages are bound to reduce, inducing a further reduction in demand and further reduction in employment. The last type of unemployment, the Voluntary Unemployment refers to a situation where a worker chooses to leave a job without taking up another one or chooses not to look for a job. It may be that the worker found out that

Minister of Labour and Employment, Chris Ngige his ‘take home pay’ hardly takes him home. Interestingly, if such a person refuses to actively look for another job within a specified period, usually one month, he would cease to be qualified as unemployed. It is instructive to note that the types of unemployment discussed above can either be caused by the demand or supply side factors. Both structural and frictional unemployment can be said to have a relationship with the supply side while the demand side would be responsible for demand induced and voluntary unemployment. Coming back to the current numbers published by the NBS, it is clear that unemployment in Nigeria has never been this high in the post-independence Nigeria and it has been on the increase quarter on quarter. Someone may say that throwing the pandemic into the mix may have exacerbated the matter. While this may be a logical argument, we also observe that it is within this and subsequent periods that the economy is famously reported to have recovered from recession. So, what went wrong and why the contradiction? By the way, economists agree that there is a tolerable level of unemployment necessary in every economy. This is called natural unemployment rate or better still, the “full employment” rate. It is the minimum unemployment level that is not as a result of inflation and most economies have pegged this number at about 4% to 5%. So when the unemployment rate begins to approach double digits and the 30s as is now the case with Nigeria, it calls for serious interrogation of the economy as unemployment is a major indicator of the general state of the economy. We must agree that a country where one in three people is looking for a job is easily among the worst cases globally. Those who know insist that even this number is understated. They believe that the case is much worse than this. There may be cogent reasons to believe them, and we shall delve into this shortly. But even if it is true as reported, the situation is bad enough and calls for great concern. Analysts believe that the total number of people recognised as belonging to the labour force in Nigeria has declined over the years by as many as 10 million people. This could either be for reasons of error in calculation or simply because such persons have become frustrated after a long futile search for non-existent jobs

and have voluntarily stopped searching. Again, when account is taken of the level and rate of youth unemployment, the figure begins to look uglier at close to 65%. Put differently, out of a youth labour force of 10 million people, 6.5m of them do not have anything to do, even though they are actively searching. It means that these 6.5million people are available for any type of task at all, including armed robbery, kidnapping, banditry, terrorism and the like. They make up what is referred to as “the reserve army of the unemployed”. Any wonder the alarming level of insecurity in the land? It is imperative that the government puts on the front burner the issue of unemployment in the country, even if not out of altruism but out of self-preservation and survival. In the first place the level of productivity of any country is determined by the level of productivity of its work force. There cannot be economic growth if the work force is idle. If our GDP is $400m, generated by half the work force, it follows that at full employment our GDP can easily be $800m, all things being equal. Therefore, the level of unemployment should be seen for what it is; an economic growth prevention issue. Still on the economy, the unemployment rate is also a big threat to government revenue. Granted that our economy is distorted by our revenue from crude oil which we are aware has been declining, the level of unemployment means that our revenue generation potential has been restricted to those who are lucky to have something productive to do. The massive number of jobless people would not only NOT be contributing to government revenue by not paying taxes, but also would be a burden on government, particularly in climes where unemployment benefits and social security are provided by government. Again, the psychological effect on that number of the populace that have no job, can only be imagined. The fact that when their lucky compatriots leave for work in the morning, when they have nowhere to go, is very unhealthy, particularly to the youth amongst them. The fact that they are unable to afford the minimum requirements for modest living may begin to affect their physical and mental health. Nigeria is said to be the poverty capital of the world with the latest data from the World Poverty Clock putting the number of people living in extreme poverty at close of 87m people. One does not require an expert to link this number to the unemployment figures in the country. It is also for this reason as highlighted above, that they become easy targets for recruitment into crime and violence. It is our considered opinion that reduction in unemployment levels should be a major item on the priority list of any government, be it central or regional. The way governments in this country approach the challenge of job creation, leaves much to be desired. While we agree that it is in the place of the private sector to create jobs, we restate that it is squarely in the place of the public sector to create the enabling environment for the private sector to operate and express itself. This fact cannot be overemphasised. Investments in roads, rail, airports, bridges, schools, hospitals, should not be made with a mindset to recoup them directly. Where it is possible to recoup, all well and good. But the reality is that these are services that are usually provided by government. A situation where we are defined by infrastructural decay does not support private sector investments. We had stated here that investment flows to

those areas that are prepared to receive them. Following this is the issue of insecurity. A lot has been said about the level of insecurity in the country, which has assumed very dangerous dimension in the recent past. While job creation would drastically reduce the reserve army of the unemployed and therefore the number of young people available to be recruited for criminal activities, it bears repeating that insecurity is a major threat to private sector investment and therefore is a major reinforcer of high unemployment levels in any economy. There is also the need for the government to be deliberate about the kind of investments it wants to support. While some investments will always happen by the reality of the efficiency of capital, government must encourage labourintensive investments to support job creation and provide social stability. Today, oil accounts for about 10% of our GDP and 90% of our foreign exchange earnings. However, it employs less than 100,000 Nigerians. While it remains attractive to invest in this sector, there is no doubt that additional investments would not mean additional jobs as this industry is highly automated. It is in fact an enclave sub-economy relative to the larger Nigerian economy. This is also true of some other industries that are increasingly turning to information technology that continues to displace labour and widen the unemployment gulf. These may not be the industries for government to focus on in the short to medium term. On the other hand, Agriculture, which contributes more than 25% of GDP, is reported to engage close to 70% of the labour force. Anything government can do to push these numbers would only work to reduce the level of unemployment in the country. It is also a veritable way to solving the food crisis which is assuming a dangerous dimension in the country. With an estimated population of over 200m people, feeding the country is enough business to support the economy not to talk of adding exports to the mix, which would be the long-term goal. We must, however, warn that in the long run, our economic planners must realise that agriculture on its own, cannot guarantee long term growth. It must be linked with the other sectors of the industry to create a loop of activities that will be self-reinforcing and sustaining. It is on this basis that that we turn to Education. Again, we had discussed Education extensively in the past. The speed at which technology seems to be over taking the universe and the realities of the pandemic have made us realise the need to pay particular attention to manpower and skill development. This then brings us to some very critical questions. For instance, what is the quality of teaching in our public schools? Who is teaching our students and what skills do they possess? What are they teaching them? In what kind of environment is learning happening? The truth is that we are not preparing our children for the global competitive future. The world seems to have left us behind, where we still teach by rote and memorising, while the world is in the era of critical thinking and innovation. We must hit the reset button and recalibrate this all-important sector, and it must start right from the rudimentary level all through the tertiary level. Priority should be given to Science Technology, Engineering and Mathematics (STEM). There is a lot of literature on this. I will recommend that those interested should consult the literature. We have no time to waste, if we must catch up with the rest of the world.

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