WEDNESDAY 31TH MAY 2023

Zenith Maintains Position as ‘Best Corporate Governance Financial Services’ in Africa

are now renowned.

The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, was in recognition of the bank’s adherence to global best practices and institutionalisation of corporate governance, setting an industry-wide

example of best practices in that field. Speaking on the recognition, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, was quoted in a statement yesterday, to have said: “I am extremely pleased that

Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we

us to strengthen this culture internally and advocate for good governance at every forum.”

He dedicated the award to the Founder and Group Chairman, Jim

“Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate Continued on page 10

Group News Editor: Goddy Egene

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PRESIDENTIAL INAUGURAL BALL...

L-R, Executive Chairman, Geregu Power PLC, Mr Femi Otedola; Chairman Chagoury Group, Gilbert Chagoury; Chairman, Dangote Group, Aliko Dangote; His Majesty Olu of Warri Kingdom, Ogiame Atuwatse III; his wife, Olori Atuwatse III with Chairman, Belema Oil, Tein Jack-Rich; during the Presidential Inaugural ball in Aso Villa... on Monday

INVESTORS REACT POSITIVELY AS TINUBU MEETS EMEFIELE, KYARI, LABOUR OVER PETROL SUBSIDY

Deji Elumoye, Onyebuchi Ezigbo, Emmanuel Addeh, Emameh Gabriel, Udora Orizu in Abuja, Nume Ekeghe, Peter Uzoho and Kayode Tokede in Lagos

Investors in both the equities and money market yesterday responded positively to the pronouncements by President Bola Tinubu in his inaugural speech.

Specifically, the stock market appreciated as investors gained N1.51 trillion, apparently in response to Bola Tinubu's signalling of plans to unify foreign exchange rates. Also, the naira appreciated on the parallel market as it gained N5 to close at N765/$1

yesterday, up from the N770/ $1 it traded the previous day.

However, Tinubu; the Governor of the Central Bank of Nigeria (CBN) and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, yesterday met to strategise on how to engage members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), to resolve the looming agitation against the phasing out of the petrol subsidy regime, which was among the pronouncements by the president on Monday, reliable Villa sources told THISDAY.

However, it is not certain how the

talks with the two labour unions went or when further talks and expected to hold.

Also yesterday a Tinubu Support group attempted to clarify the President's stance on the controversial policy, saying subsidy was already removed by the previous administration as the 2023 budget for fuel subsidy was planned and approved to last only for the first half of the year.

The group explained: “The public is advised to note that President Bola Tinubu’s declaration that “subsidy is gone” is neither a new development nor an action of his new administration.

“He was merely communicating the status quo, considering that the previous administration’s budget for fuel subsidy was planned and approved to last for only the first half of the year.

“Effectively, this means that by the end of June, the federal government will be without funds to continue the subsidy regime, translating to its termination. The panic-buying that has ensued as a result of the communication is needless; it will not take immediate effect.”

Members of the organised Labour under the aegis of the Nigeria NLC and TUC, had yesterday, described the pronouncement by President Bola

Governors Warn Fuel Marketers against Hoarding, Price Hike

Deploy special monitoring teams

Peter Uzoho in Lagos, Olusegun

Samuel in Yenagoa, Yinka Kolawole in Osogbo, Hammed Shittu in Ilorin and Gbenga Sodeinde in Ado Ekiti

Kwara State Governor and Chairman of the Nigeria Governors’ Forum (NGF), AbdulRahman AbdulRazaq; Bayelsa State Governor, Senator Douye Diri, and Osun State Governor, Senator Ademola Adeleke, have cautioned oil marketers to avoid imposing needless hardship on the citizens through creation of artificial fuel scarcity in states across the country.

Similarly, Governor Godwin Obaseki of Edo State and Governor, Mr. Biodun Oyebanji of Ekiti State have threaten to clamp down oil marketers hoarding petrol in their respective states to create artificial scarcity and price hike

The governors gave the warning in separate statements yesterday.

The oil marketers had resorted to hoarded and hiked prices immediately President Bola Tinubu announced in his inaugural speech that fuel subsidy was over.

AbdulRazaq, said, he was seriously concerned about reports of sudden fuel scarcity in different parts of the state, stressing that it was totally uncalled for.

In a statement issued in Ilorin, that was signed by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye, AbdulRazaq, however asked marketers to immediately discharge fuel to the public under the normal pricing system since they had bought what they currently have at subsidised rates.

He stated: “Creating artificial scarcity amounts to intentional misrepresentation of the statement of President Bola Ahmed Tinubu, on the question of fuel subsidy. The people should not be made to undergo any hardship.

"The governor urges the marketers to desist from anything that qualifies

as economic sabotage of the people.

"Hoarding fuel bought at subsidised price and creating panic in the state is opportunistic and will not be condoned.

"The Deputy Governor Mr. Kayode Alabi will be leading a task force to ensure that no fuel marketer causes undue hardship to the citizens in Kwara State."

AbdulRazaq added, "Fuel stations are to note that the Task Force will dip into their pits. Any filling stations found to be hoarding fuel will have their Certificate of Occupancy (CofO) revoked, among other penalties."

Diri, also directed oil marketers in the state against hoarding and raising price of petrol.

In a statement issued by his Chief Press Secretary, Mr. Daniel Alabrah, the Bayelsa governor warned that his administration would take stern measures against any filling station that flout the directive.

He said the government had received reports that filling stations in the state capital had hiked the pump price of petrol above the usual price of between N193 and N250 per litre and now being sold at N500 per litre and above.

Marketers in the state were said to have reacted to the pronouncement by Tinubu during his inauguration on Monday, that the federal government subsidy on petrol “was gone.”

The Bayelsa governor said it was wicked for oil marketers to swiftly seek to profiteer at the detriment of the people following a mere pronouncement that had not taken effect.

He noted that the pump price of petrol was a significant determinant of the cost of goods and services in the country and that his administration would not allow the people of Bayelsa to suffer undue hardship from the profiteering activities of greedy businessmen.

Diri said he had directed the Ministry of Mineral Resources and the petroleum task force in the state to shut down any filling station hoarding the product or caught selling above the usual price.

He said: “I have directed the relevant ministry and the state’s task force on petroleum to ensure that all filling stations sell petrol within the usual price range.

“I have equally directed that any filling station that flouts this directive or fails to revert to the usual price be shut down. We will take further stern measures against any station that defaults.

Also, Osun State Government yesterday vowed to arrest and prosecute oil marketers who hoard fuel in a bid to create artificial scarcity in the state.

A statement issued by the spokesperson for Adeleke, Olawale

Rasheed, yesterday, noted that a Special Monitoring Team would move around the state to ensure that all filling stations complied with the directive.

The stern warning came on the heels of reported deliberate hoarding of petrol by fuel dealers in the state.

The statement read, “The attention of the Osun State Government has been drawn to the deliberate hoarding of PMS by the fuel dealers within the State as a result of the statement from the Inaugural Speech of the new President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu on the removal of fuel subsidy, thereby causing unnecessary hardship for the people in the state.

“This deliberate action is not only inhumane, but unpatriotic and will not be allowed by the government.

Tinubu, that petrol subsidy was over as outrageous and insensitive to the economic plight Nigerian masses were being subjected to.

But in swift reaction, the Vice President, Kashim Shettima, yesterday justified the urgent need to end fuel subsidy regime in the country, saying the policy must be phased out for the survival of the country.

Also, in their separate reactions in Abuja, the Nigerian National Petroleum Company Limited (NNPC) and the Nigerian Upstream and Midstream Regulatory Authority (NMDPRA), called for calm, insisting that while there was ‘potential’ change in price, the country had enough stock in its storage facilities.

Emphasising reasons to support the move to eliminate petrol subsidy, the Group Chief Executive Officer (GCEO), NNPCL, Mele Kyari, disclosed that the federal govern- ment was indebted to the national oil company to the tune of N2.8 trillion in fuel subsidy payments.

However, the chaotic reaction to the removal of petrol subsidy announced by Tinubu on Monday, continued yesterday, with many filling stations across the country hoarding the product, while the few that opened to customers sold at exorbitant prices.

THISDAY observed that many filling stations in Abuja and all other states across the country, had vehicles extending several kilometres as retailers continued hoarding the product.

Following the hike in pump price, commercial transporters also hiked their trip fares across the country in response to the developments. The price of the product, it was gathered, now ranges from between N220 to N500.

Commuters were also stranded at various bus stops, as they waited to board commercial vehicles which had hiked fares from between 50 and 100 per cent.

Investors React Positively to Tinubu’s Economic Policy Direction

Investors in both the equities and

money market yesterday responded positively to the pronouncements by President Bola Tinubu in his inaugural speech.

Specifically, the stock market appreciated as investors gained N1.51 trillion, apparently in response to Bola Tinubu's signalling of plans to unify foreign exchange rates.

Also, the naira appreciated on the parallel market as it gained N5 to close at N765/$1 yesterday, up from the N770/ $1 it traded the previous day.

This was just as sovereign dollar- denominated bonds rallied.

The market capitalisation opened for trading at N28.845 trillion yesterday, gaining N1.51trillion or 5.23per cent to close at N30.350 trillion, while the NGX All-Share Index gained 5.23 per cent or 2,764.47 basis points to 55,738.35 basis points from 52,973.88 basis points it opened for trading.

The 5.23 per cent recorded yesterday was the biggest single-day gain since November 12, 2020.

Tinubu in his inaugural address had commended the decision of the outgoing administration of President Muhmmadu Buhari in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.

Tinubu had said: “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions.”

He added that, “The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”

According to industry experts and multilateral lenders like the International Monetary Fund (IMF),

Cisco, NITDA Partner to Bridge Digital Skills Gap in Nigeria

Cisco and the National Information Technology Development Agency (NITDA) in Nigeria have signed a memorandum of understanding (MoU) with the aim to support Nigeria’s digital transformation agenda and contribute towards digital skills training and development.

This was disclosed in a statement made available to THISDAY, yesterday.

As part of the collaboration, Cisco’s Incubation and Innovation Centre in Lagos called Cisco EDGE, would be used to stimulate innovation and support digitisation initiatives, providing a space where local partners could showcase technologies and host client events.

Within the Cisco EDGE program, the Innovate pillar provides re-

sources and tools to local innovators and entrepreneurs to help them develop more secure, intelligent, and connected solutions. The second pillar, called Cisco EDGE Educate, was aimed at transforming the lives of learners, educators, and communities through technology and by offering education and career opportunities.

The MoU forms part of the Cisco Country Digital Acceleration (CDA) program where Cisco and NITDA plan to work together to promote and further expand Cisco Networking Academy in Nigeria.

The CDA was founded in 2015 and has since evolved into programs in 50 countries, with over 1500 active or completed projects—encompassing over two-thirds of the world’s population and 75 percent of global

Gross Domestic Product (GDP).

The Vice President for Middle East & Africa at Cisco, Reem Asaad, was quoted to have said: “Cisco has a responsibility to both its customers and the greater global community to help solve challenges that impact our daily lives.

“We accomplish this by providing intelligent and innovative solutions, offering training and education opportunities, empowering communities through digital transformation, and enabling them to participate in the global digital economy.

“We are looking forward to working with NITDA to help accelerate digitisation in Nigeria.”

For her part, NITDA’s Acting Director, Digital Literacy and Capacity Development Department, Dr. Amina Sambo said: “As the

agency responsible for regulating and developing Nigeria’s use of information technology, NITDA looks forward to the impact of this engagement.

“By collaborating with industry leaders like Cisco, we can empower and equip Nigerians with the knowledge and resources they need to participate in the national and global digital economies.”

Established in 1997, Cisco’s Networking Academy offers high-quality IT training and hands-on learning opportunities in 190 countries.

Over 17.5 million learners worldwide have participated in Cisco Networking Academy courses, and in Nigeria, over 411,000 students have been enrolled, 44 per cent of whom are women.

SHETTIMA RESUMES AT THE VILLA...

Adesina: Global Interest Rates Impacted on Portfolio Investments in Africa Negatively

Outflow of portfolio investments rose to $27.5bn in 2021

Ugo Aliogo with agency report

The President, African Development Bank Group (AFDB), Dr. Akinwumi Adesina, has stated that rising global interest rates have had negative effects on portfolio investments in Africa, with outflow of portfolio investments increasing from $8.1 billion in 2020, to $27.5 billion in 2021.

He however, stated that remittances continued to help boost recovery, as this increased across several countries due to better than expected economic recovery in migrant destination countries, noting that remittances increased from $84 billion in 2020 to $95.6 billion in 2021.

Adesina, who disclosed recently at the at the Launch of the African Economic Outlook 2023, during the 2023 Annual Meetings of the African Development Bank Group, recently, at Sharm El Sheikh, Egypt, stated that the war in Ukraine, had led to a shrinking of net Official Development Assistance (ODA) to Africa.

He added that Net ODA to Africa declined by 7.4 per cent in real terms from $36.6 billion in 2021, to $34 billion, which was

the lowest level in the past 12 years. This, he said calls for greater efforts in Africa to mobilise more domestic resources.

He revealed that it was critical to ensure coordinated debt treatment between official and private creditors and ensure that the G20 Common Framework works for African countries, while stating that other policy recommendations included industrial policies to accelerate diversification of economies, and expansion of regional trade to lower exposure to global volatilities.

The AfDB President said Africa was being short-changed by climate finance, noting that the continent would need between $235–$250 billion annually through 2030, to meet investments under its Nationally Determined Contributions, “yet, Africa received just about $30 billion in climate finance.”

According to him, “Of particular concern: Public climate finance is six times that of private finance. Private flows of climate finance in Africa are the lowest in the world. Africa’s private financing gap is estimated to reach $213 billion annually through 2030.

“This implies that private sector

climate financing will need to increase by 36 percent annually.

This explains why the theme of our Annual Meetings is focussed on this issue.

“The report recommends several ways to attract private climate financing, including green bonds, debt-for-nature swaps, green banks, blended finance, and carbon markets.

“As we gather today, the world is facing multiple challenges, including climate change, inflation driven by higher prices of energy, commodities, and disruption of

supply chains due to the ongoing Russia-Ukraine war.

“And the tightening of monetary policies in the US and Europe has led to rising interest rates that are compounding debt service payments for African countries.

“The report shows that in the face of these challenges, African economies have demonstrated remarkable resilience. The continent achieved an average growth rate of 3.8 percent in 2022, with projected average growth of 4.1 per cent for 2023–2024. This surpasses the global average of 3.4 per cent in

2022.

“African countries that are exporting oil have experienced a boost in growth as global oil prices have remained high. However, resource-intensive countries experienced a deceleration of growth because of their lack of diversification and the lower prices of commodities, especially minerals due to weak global growth. Nonresource-intensive countries with more diversification experienced higher growth.”

He added: “African economies are moving in the right direction.

Five of the six pre-pandemic topperforming economies are set to be back in the league of the world’s 10 fastest-growing economies in 2023–2024.

“External financial inflows to Africa-including foreign direct and portfolio investment, official development assistance, and remittances have rebounded by approximately 20 percent, reaching $216.5 billion (or 7.5 percent of GDP) in 2021. This is up from $179.9 billion (or 7.4 percent of GDP) in 2020 during the peak of the COVID-19 pandemic.”

We Didn't Ask Tinubu to Sack Emefiele, CSOs Clarify

CD rally support for new administration

Sunday Aborisade in Abuja

The Coalition of Civil Society Groups yesterday, clarified that it had not called for the sacking of Mr. Godwin Emefiele as the Governor of Central Bank of Nigeria (CBN).

The new President of the Coalition, Mr. Olakunle Oladimeji, made

the clarification in his acceptance speech after he was declared as the successor to the former head of the CSOs, Etuk Bassey Williams. Oladimeji, said the call for the sacking of Emefiele was a unilateral decision of Williams.

He, thereafter, called on Newspaper Proprietors Association of Nigeria and other newspaper

regulatory agencies to probe the news item as reported by a newspaper.

He categorically declared that there was no protest planned by the coalition against the Central Bank of Nigeria and its Governor.

He said, “At this juncture, it is important to state categorically that the Coalition of Civil Society Groups

Navy Releases Large Oil Tanker to Idun Maritime

Blessing Ibunge in Port Harcourt

About nine months after MT Heroic Idun, a large crude oil tanker was arrested and seized alongside its 26 foreign crew, the Nigerian Navy has released and handed over the vessel to its owner, Idun Maritime Limited.

The release of the vessel came after the international firm had fulfilled the conditions of the plea bargain agreement held with the government.

The large motor tanker with its crew on board had resisted arrests by the Nigerian Navy Ship Gongola, near the Akpo oilfield offshore Nigeria and but were later arrested in Equatorial Guinea in August 2022.

On arrest, the vessel and the 26 foreigners were brought back to Nigeria for prosecution in November 2022, on three count

charge, including attempted oil theft. The trial was held before a federal High Court in Port Harcourt, Rivers State.

The vessel and her 26 foreign crew in January 2023, had pleaded guilty and elected voluntarily to enter into a plea bargain agreement with the Federal Republic of Nigeria as well as make restitution to the federal government, in the interest of justice, the public and for public policy interest in line with Section 270 (5) (a) of the Administration of Criminal Justice Act 2015.

The convicted vessel, MT Heroic Idun and its owners were to pay conviction fines and restitution to the federal government and make a public apology to the Federal Republic, while the government agreed not to further criminally prosecute and/or investigate the vessel, her owners, charterers or her crew in the matter of her crime

against the state. All these being the conditions of the plea bargain without which the vessel and its crew would not be released.

The convicted vessel, having satisfied the conditions of the plea bargain was handed over officially at the weekend, to the owners, Idun Maritime Limited offshore on the Atlantic coast of Rivers State.

Handing over the vessel, the Commanding Officer, Forward Operating Base, Bonny, Navy Captain Mohammed Adamu, said prosecuting the vessel under the Suppression of Piracy and Other Maritime Offences (SPOMO) Act, 2019 further demonstrated the Nigerian Navy’s practical commitment to end oil theft in the country.

Adamu who spoke on board the vessel, vowed that the Nigerian Navy under the leadership of

the Chief of the Naval Staff, Vice Admiral Awwal Gambo, would continue to work in synergy with other Maritime Law Enforcement Agencies, navies of the Gulf of Guinea states and strategic partners of Nigeria to ensure that Nigeria derives the maximum benefit from its natural resources in her vast maritime area.

He said: "The subsequent transfer of the ship from Equatorial Guinea after she had escaped Nigerian waters and her prosecution under the Suppression of Piracy and Other Maritime Offences (SPOMO) Act, 2019 further demonstrated the Nigerian Navy’s practical commitment to ensure that only valid and authorised vessels were allowed to carry out export of crude oil or gas at the various oil terminals and this is with a view to enhancing energy security governance in the country for improved national prosperity as

directed by the Federal government of Nigeria.

"Pertinently, MT Heroic Idun having fulfilled all the aforementioned conditions of the plea bargain to the satisfaction of the Federal High Court has been released today Saturday 27 May 2023 to its owners, Idun Maritime Limited with the consent of the court and approval of the Federal government of Nigeria”.

Adamu said the Nigerian Navy would not fail to bring to book those whose operation infringe on the provisions of the SPOMO Act and all maritime laws and conventions acceded to by the Federal Republic of Nigeria.

The Captain of the convicted vessel, Mr Tanuj Mehta, who spoke, revealed that they were treated professionally by the Nigerian Navy and was pleased that they would be returning back to their country.

did not plan any protest against the CBN Governor or the CBN because there was no reason to organise such protest.

"However where any such blackmailing or extortionist plans to protest against the CBN exits, it is hereby called off and members of the public are urged to disregard any such plan for any purported protest.”

Oladimeji urged Nigerians to support the new administration led by President Bola Tinubu to achieve its plans of revamping the nation's economy, provide welfare for the citizenry and guarantee security.

Meanwhile, the Campaign for Democracy, (CD) has advised Tinubu not to let Nigerians down, by exhibiting boldness and bravery in taking decisions that would benefit the people devoid of tribe or language difference.

The CD President, Mr. Ifeanyi Odili, made the appeal in a statement he made available to journalists in Abuja, yesterday.

He said, "We have listened, carefully, to his maiden broadcast at the Eagle Square during the swearing-in ceremony, we applaud his decisive drive towards the popular station of collective togetherness and your frank submissions on the subject of progressive nationalism.

"However, we view his pronouncement on the petrol subsidy issue as one that will, undoubtedly, lead to a cut-throat hike in fuel price."

Vice President Kashim Shettima's first day in office

SANWO-OLU'S FIRST DAY AT WORK TO BEGIN HIS SECOND TERM...

... yesterday

Tinubu Directs DSS to Vacate EFCC’s Office Immediately

The structure belongs to us since NSO days, says security agency Anti-graft

Deji Elumoye, Kingsley Nwezeh

in Abuja and Sunday Ehigiator

President Bola Tinubu, yesterday, directed the Department of State Security Service (DSS) to immediately vacate the office of the Economic and Financial Crimes Commission in Ikoyi, Lagos.

According to a release from the State House, Abuja, by Tunde Rahman, the president gave the directive when reports that DSS officials had stormed the EFCC office located on Awolowo Road, Ikoyi, Lagos preventing officials of the anti-graft agency from accessing their work place, was brought to his attention.

President Tinubu said if there were issues between the two important agencies of government, they would be resolved amicably.

Two federal agencies, the DSS and the EFCC clashed yesterday over the ownership of the office complex.

There were reports that the DSS prevented officials of the anti-graft agency from gaining access to their office in Ikoyi, blocking the whole building and placing an armoured tank at the front of the building.

“They even placed an armoured tank just to scare us away,” a source at the office said.

While DSS laid claim to the ownership of the building, EFCC

said there were ongoing discussions between the two agencies.

But a statement by DSS said the agency was only occupying its facility.

The statement by the DSS spokesman, Dr Peter Afunanya, said, "Awolowo Road was NSO headquarters. SSS/DSS started from there. It is a common knowledge. It is a historical fact. Check it out. There is no rivalry between the service and the EFCC over and about anything.

"The attention of the Department of State Services (DSS) has been drawn to some media reports that it barricaded the EFCC from entering its Lagos office. It is not

correct that the DSS barricaded EFCC from entering its office. No. It is not true. The service is only occupying its own facility, where it is carrying out its official and statutory responsibility.

"By the way, there is no controversy over No 15A Awolowo Road as being insinuated by the media. Did the EFCC tell you it is contesting the ownership of the building? I will be surprised if it is contesting the ownership. Awolowo Road was NSO headquarters. SSS/DSS started from there. It is a common knowledge. It is a historical fact. Check it out.

"There is no rivalry between the service and the EFCC over

China Launches New Crew into Space, Including First Civilian Astronaut

China yesterday launched a new three-person crew for its orbiting space station, with an eye to putting astronauts on the moon before the end of the decade.

The Shenzhou 16 spacecraft lifted off from the Jiuquan launch center on the edge of the Gobi Desert in northwestern China atop a Long March 2-F rocket just after 9:30 a.m.

According to the CNN, the crew, including China's first civilian astronaut, would overlap briefly with three now aboard the Tiangong station, who would then return to earth after completing their six-month mission.

A third module was added to the station in November, and space program officials on Monday said they have plans to expand it, along with launching a crewed mission to the moon before 2030.

China built its own space station after it was excluded from the International Space Station, largely due to U.S. concerns over the Chinese space programs' intimate ties with the People's Liberation Army, the military branch of the ruling Communist Party.

China's first manned space mission in 2003, made it the third country after the former Soviet Union and the United States to put a person into space under its own resources.

On the latest mission, payload expert Gui Haichao, a professor at Beijing's top aerospace research institute, would join mission commander Major General

Jing Haipeng, who is making his fourth flight to space, and spacecraft engineer Zhu Yangzhu.

The crew would stay aboard the station for around five months, during which they would conduct scientific experiments and regular maintenance.

The mission comes against the background of a rivalry with the US for reaching new milestones in space. That has been largely

friendly, but also reflects their sharpening competition for leadership and influence in the technology, military and diplomatic fields.

China has broken out in some areas, however, bringing samples back from the lunar surface for the first time in decades and landing a rover on the less explored far side of the moon.

The US, meanwhile, aims to

put astronauts back on the lunar surface by the end of 2025, as part of a renewed commitment to crewed missions, aided by private sector players such as SpaceX and Blue Origin.

In addition to their lunar programs, the two countries have also separately landed rovers on Mars, and China plans to follow the US in landing a spacecraft on an asteroid.

and about anything. Please do not create any imaginary one. They are great partners working for the good of the nation. Dismiss any falsehood of a fight," it said.

But the EFCC countered the claim and confirmed that DSS deployed Armoured Personnel Carriers (APC), blocking staff of the commission from gaining access to the building.

A statement by the spokesman of the commission, Wilson Uwujaren, said by so doing the DSS hampered its operations.

"The operatives of the Lagos Command of the Economic and Financial Crimes Commission, EFCC, arrived at their office on No. 15 Awolowo Road, Ikoyi, this morning, May 30, 2023, to be denied entry by agents of the Department of State Services, DSS, who had barricaded the entrance with armoured personnel carriers.

"This development is strange to the commission given that we have cohabited with the DSS in that facility for 20 years without incident. By denying operatives access to their offices, the commission’s operations at its largest hub with over 500 personnel, hundreds of exhibits and many suspects in detention have been disrupted.

"Cases scheduled for court hearing today have been aborted, while many suspects, who had been invited for questioning are left unattended. Even more alarming is that suspects in detention

are left without care with grave implications for their rights as inmates," it said.

The commission further said, "All of these have wider implications for the nation’s fight against economic and financial crimes. The siege is inconsistent with the synergy expected of agencies working for the same government and nation, especially when there are ongoing discussions on the matter."

Yet, in a separate statement, the DSS said the EFCC had reached out to it on the matter.

"It may be recalled that the media had earlier today (30/05/2023) reported a barricade of EFCC Lagos office by the Department of State Services (DSS). The service hereby informs the public that the leadership of EFCC has reached out to it for a final resolution of issues surrounding the property under reference.

"For the avoidance of doubt, it is important to note that the commission does not use the 15 Awolowo Road DSS-owned property as holding facility for its suspects. As such, the service never hindered the commission’s access to its suspects anywhere.

"While the service has accepted the commission’s entreaties and certain concessions, sections of the media are advised to apply restraint in their reportage of the matter in order to avoid instigating any rancours between the two agencies," it said.

Lawmakers Demand Virement of N373m N'Assembly e-Library, Dashboard Finance to Library Trust Fund

Okay refund of N16bn federal projects funds for Borno

Udora Orizu in Abuja

The House of Representatives has demanded the urgent virement of N373 million for the National Assembly e-Library and Dashboard provided in the 2022/2023 Appropriation Acts as take-off grant for the National Assembly Library Trust Fund.

Out of the amount, N255 million is for National Assembly E-library while N118 million is for Dashboard.

The was sequel to the adoption of a motion of urgent public importance moved by Hon. Gaza Gbefwi at plenary yesterday.

Moving the motion, Gbefwi, said the National Assembly Library Trust Fund was established by the National Assembly Library Trust Fund Act, 2022, for the provision of library

equipment, and for the provision of state-of-the-art library equipment and other related facilities for the retraining of legislators, amongst others.

He said all things have been set in place for the take-off and running of the National Assembly Library Trust Fund such as the constitution of the Board of Trustees, the appointment of an Executive Secretary for the Trust Fund amongst others.

The lawmaker said in the Appropriation Act, 2022, the sum of N255 million and N118 million were appropriated for the National Assembly e-Library and Dashboard respectively, while no sum was appropriated for the National Assembly Library Trust Fund.

He explained: "Aware that the

management of the e-Library and the provision of electronic library facilities thereto falls within the exclusive mandate of the National Assembly Library Trust Fund, and forms the basis for the establishment of the Trust Fund by this House.

“Concerned that any further delay in the in the virement of the sums appropriated for the National Assembly E-Library and Dashboard respectively will impede the smooth take-off of the Trust Fund and invariably affect the attainment of the objectives of the Act in the 2022/2023 financial year."

Adopting the motion, the House resolved that the N255 million and N118 million appropriated for the National Assembly e-Library and Dashboard respectively, in the

Appropriation Act, 2022/2023 be vired to the recurrent account of the National Assembly Library Trust Fund as part of the initial take off grant.

Meanwhile, the House of Representatives has approved the promissory note issuance to settle outstanding claims and liabilities for Borno State Government in the sum of N16.77 billion for federal projects executed.

This was sequel to the consideration and adoption of a report of the Committee on Aids, Loans and Debt Management by the Committee of Supply at plenary yesterday.

The report as laid by chairman of the Committee on Aids, Loans and Debt Management, Hon. Ahmed Dayyabu, showed that all of the listed

projects were actually executed by the Borno State Government.

It stated that the roads and flyover bridge were constructed in line with the contract specifications and huge resources were expended on the execution of the projects. The Federal Ministry of Works and Housing inspected and ascertained that the quality of work done met the required standards.

"Borno State began construction of the federal roads in 2014. Only the Damboa-Chibok-Mbalala (30Km) Road Phase I (one) was eligible for reimbursement as it was awarded before the President’s directive of 29th July 2016 which suspended assessment of requests for refund on projects carried out without the federal government's approval.

shocked over siege, says it’s endangered

L-R: Permanent Secretary, Ministry of Women Affairs and Poverty Alleviation, Mrs Yewande Kalesanwo; her counterpart in Public Service Office, Mrs Olasunkanmi Oyegbola; Deputy Governor, Dr Obafemi Hamzat; Permanent Secretary, Civil Service Commission, Mrs Aderemi Dapo-Thomas and Governor Babajide Sanwo-Olu during the governor’s second term first day of work at the Secretariat, Alausa,

Emefiele Seeks Urgent Debt Management Reforms at State Levels Amid Increasing Exposure

James Emejo in Abuja

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, urged the sub-national governments to urgently strengthen their capacity for debt management and boost transparency around the institutional framework for borrowing. Emefiele said state institutions generally lacked sufficient capacity to execute their statutory obligations, adding that the increasing size and risk exposure of state debt portfolios underscored the urgent need for sound debt management practices and increased capacity among subnational government

agencies. Speaking at the opening of the Sub-national Debt Management Performance Assessment Training for participants from states and FCT, organised by the West African Institute for Financial and Economic Management (WAIFEM), in collaboration with the World Bank and International Monetary Fund (IMF), Emefiele said states’ legal, regulatory and procedural frameworks for borrowing was incomplete, stressing that capacity limitations further impeded the efficacy and efficiency of public debt management.

Represented by the CBN Director, Monetary Policy Department, Dr.

Hassan Mahmud, the CBN governor noted that, substantial progress had been made in enhancing state-level debt management institutions and practices since 2007, particularly with the establishment of Debt Management Units (DMUs) in all the state governments and FCT.

He pointed out that significant challenges remained in the management of borrowing, debt recording, public financial management reform, and the development of debt management capacity.

He said state government legislation in Nigeria does not adequately define the purposes of subnational borrowing or regulate the issuance

of sovereign guarantees, posing substantial fiscal risks.

Emefiele said, “As of July 2019, only seven out of the 36 states had completed subnational debt management performance assessments (DeMPAs).

“These assessments comprehensively evaluate the government's debt management functions across five areas, and dimensions. The states of Cross River, Edo, Lagos, Kaduna, Kano, Niger, 13 indicators and 31 Ondo, and the FCT participated in the DeMPAs between 2013 and 2018.”

According to him, the DeMPAs revealed significant weaknesses in institutions and practices of sub-

national debt management in the country, adding that, on the average, only three of the 31 dimensions of debt management as defined by the DeMPA methodology were satisfied by the states.

Emefiele added that in nearly all the 13 indicators, including governance quality, borrowing processes, financial management, and operational risk control, the states performed below the global average.

He said, “In particular, the legal and institutional framework, audit functions, coordination with fiscal policy, and recordkeeping of debt exhibit serious deficiencies.

“The federal authorities and

INVESTORS REACT POSITIVELY AS TINUBU MEETS EMEFIELE, KYARI, LABOUR OVER PETROL SUBSIDY

the harmonisation of the rates and removal of subsidy would improve the attraction of foreign capital and also help the government channel useful funds into more productive ventures like infrastructural investment, education and healthcare.

In yesterday stock market trading, the market breadth index was significantly positive with 64 gainers against 12 losers. Eight stocks including Transcorp Hotels Plc, Jaiz Bank Plc, Nigerian Breweries, Eterna, Zenith bank, FCMB Group, Sterling Bank and Deapcap gained 10per cent to top gainers yesterday.

Access Corporation added 8.33per cent to close at N12.35 per share, becoming the most actively traded stock with about 200 million units of shares worth about N2.4 billion.

Sector Performances revealed that the NGX Banking Index expanded by 8.20 per cent, driven by the gains printed in Sterling Bank, Zenith Bank, and Jaiz bank which gained 10 per cent

NGX Industrial Index advanced by 7.41per cent, on the back of the positive sentiment seen in Dangote Cement which rose by 7.41per cent, Lafarge Africa appreciated by 6.52 per cent and Berger gained 5.75per cent.

NGX Consumer Goods Index rose by 6.41per cent, caused by the increase in prices of Nigerian Breweries (+10 per cent), Dangote Sugar (+9.50per cent) and Nascon (+9.42 per cent).

In addition, NGX Oil and Gas Index increased by 4.04per cent, due to the bullish trend observed in ETERNA (10 per cent), CONOIL (+9.91 per cent) and Total (+9.24 per cent).

According to analysts at InvestmentOne Research, “The local bourse closed positive today due to the buy-interests recorded across major sectors.

“Going forward, we expect investors’ sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

Prof. Uche Uwaleke of Nasarawa State University, in chat with THISDAY backed the move by this present administration to remove petrol subsidy.

Uwaleke said fuel subsidy have proven to be unstainable. He also supported the unification of exchange rates in the country. According to

him, “I equally support unification of exchange rates because doing so will discourage round-tripping, and bring more transparency to the forex market which supports foreign investments.

“However, in order to minimise the negative impact on the livelihoods, issues of fuel subsidy and exchange rates unification which he mentioned in the speech should be handled with care.”

He, thus, calls for stakeholders’ engagement in the new administration.

“To this end, I suggest an im- mediate constitution of an ‘economic policies’ coordinating committee’ made up of economic and finance experts,” he added.

NLC, TUC Kick against Petrol Subsidy Removal

Members of the organised Labour under the aegis of the Nigeria NLC and TUC, had yesterday, described the pronouncement by President Bola Tinubu, that petrol subsidy was over as outrageous and insensitive to the economic plight Nigerian masses were being subjected to.

However, the labour movement advised the government to adopt an alternative strategy that would not adversely hurt the Nigerian while seeking resolve the issue of subsidy.

In a statement issued in response to Monday's announcement on withdrawal of fuel subsidy by the president during his inaugural speech, NLC, Joe Ajaero, advised Tinubu to reconsider the move instead of daring the people, adding that it could be a costly gamble.

The statement signed by Ajaero, stated that the subsidy removal was ill-timed and violated the condition precedent necessary before such a decision was made.

It said: "We at the NLC are outraged by the pronouncement of President Bola Tinubu removing 'fuel subsidy' without due consultations with critical stake holders or without putting in place palliative measures to cushion the harsh effects of the 'subsidy removal'.

"Within hours of his pronouncement, the nation went into a tailspin due to a combination of service shut downs and product price hike, in some places representing over 300 per cent price adjustment.

"By his insensitive decision, President Tinubu on his inauguration day brought tears and sorrow to millions of Nigerians instead of

hope. He equally devalued the quality of their lives by over 300 per cent and counting."

Describing the subsidy removal as ill-timed, the NLC said the federal government needed to clean up the NNPC.

It said that after doing so, government should then, "proceed to lay the foundation for a mass transit system in the railways and road network with long term bonds and fully develop the energy sector towards revitalising Nigeria’s economy and easing the burden any subsidy removal may have on the people.

"But we know this is more than the fuel subsidy. It is about government’s ideas on the role of money in bettering the lives of people, about the relationship between government and the people and about the primary objective of government’s interaction in the economy.

"It is about whom, among the Nigeria’s various social classes, does government most value.

This is why public reaction has been heated. It is not so much that people have to spend more money. It is because people feel short-changed and sold out".

The NLC stated that what the government claimed to be economic decisions were essentially political ones.

"There is progressive politics, there is progressive economics. As there is elitist politics, there is elitist economics. It all depends on what and who in society government would rather favor. The Jonathan tax represents a new standard in elitism.

"This whole issue boils down to whether government believes the general public is worth a certain level of expenditure.

"However, because the distance between government and the people is far and genuine level of affection is low, government sees no utility in continuing to spend the current level of money on the people. In their mind, the people are not worth the money.

"Government sees more value in “saving” money than in saving the hard-pressed masses.

"If government thrashed the fuel subsidy based on considerations that it will run out of naira then it based its decision on a factor that have not been relevant since the time of the Biafran war," it said.

"If he is expecting a medal for taking this decision, he would certainly be disappointed to receive curses for the people of Nigeria consider

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The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World's Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance

this decision not only a slight, but a big betrayal.

"On our part, we are staunchly opposed to this decision and are demanding and immediate withdrawal of this policy.

The implications of this decision are grave for our security and well-being.

"We wonder if President Tinubu gave a thought to why his predecessors in office refused to implement this highly injurious policy decision?

"We also wonder if he also forgot the words he penned down on January 8, 2012, but issued on January 11, 2012."

While reminding Tinubu of the statement he penned against a similar move by the then Jonathan administration to remove fuel subsidy, the NLC urged him to respect his own postulations and economic theories instead of daring the people which could be a costly gamble.

For their part, the TUC also rejected Tinubu's declaration that federal government has removed subsidy on petroleum products.

In its reaction to the president's inaugural speech, the TUC stated: "If by this, he meant increases in pump price and the exploitation of the people by unregulated and exploitative deregulated prices, then it’s a joke taken too far"

In a statement jointly signed by the TUC president, Festus Osifoh and General Secretary, Nuhu Toro, the union said it was taken aback and even horrified, when Tinubu announced the withdrawal of subsidy on petroleum products.

Osifoh said: "While listening to Tinubu’s inaugural address, we were at first encouraged, by his pledge to lead as a servant of the people (and not as a ruler) and to always consult and dialogue, especially on key and knotty national issues.

"But we were subsequently taken aback, even horrified, when he announced the withdrawal of subsidy on petroleum products, if by this, he means increases in pump price and the exploitation of the people by unregulated and exploitative deregulated prices, then it’s a joke taken too far.

"It is not for nothing the Buhari government pushed this to the new administration, but we expect the Tinubu government to be wise on such a sensitive issue and be more explicit in its pronouncement to avoid contradictory interpretation when comparing his written statement, what he said and the provision in 2023 appropriation act.

they are amicably considered and resolved. "Nigerian Workers and indeed mases must not be made to suffer the inefficiency of successive governments.”

The statement said the labour movement was open and ready to dialogue with the Tinubu administration on the fuel subsidy issue, adding that it was in the interest of the people that such a matter is resolved peacefully

"This new administration cannot be seen to be speaking from both sides of its mouth, we urge President Tinubu to be a president with human face.

"Like always, we will stand by the people and their interests. Nigerian workers are hardworking and have remained consistent with productive work regardless of harsh government policies, poor governance and mismanagement of resources that have placed us under difficult living conditions," it added.

Shettima: We Must End Fuel Subsidy Now Else It Will End Nigeria

However, Shettima yesterday justified the urgent need to end fuel subsidy regime in the country.

According to him, the new government had anticipated that there would be serious opposition to its decision to remove fuel subsidy, but noted the pressing need to be resolute in achieving the objective.

Shettima, who made this known while speaking with newsmen on his first day in office at the State House, Abuja, stressed that Nigeria needs to get rid of fuel subsidy, otherwise the subsidy would get rid of the Nigerian nation.

He said the subsidy regime has not benefited the ordinary Nigerian, but was being used to subsidise the lifestyle of the affluent.

He assured that despite the expected opposition from beneficiaries of the subsidy regime, Tinubu, whom he described as a man of strong will and conviction, would frontally address the menace.

The vice president added: "The president has already made pronouncements yesterday (Monday) on the issue of the fuel subsidy. The truth of the matter is that it is either we get rid of subsidy or the fuel subsidy gets rid of the Nigerian nation.

development partners have a crucial role to play as valuable partners in building subnational capacity for debt management in Nigerian states.

“Consequently, this workshop comes at an opportune moment to reinforce the capacity-building agenda for state-level debt management, which is essential to achieving an overall sustainable national debt portfolio.”

Director-General, WAIFEM, Dr. Baba Musa, while speaking, said given that there had been three different shocks affecting the global economy, the development has necessitated an increase in public borrowing.

because as I have always said, there can never be two captains in a ship.

"He is the President and Commander-in-Chief of the Armed Forces. I’m the vice president. Your relevance is directly proportional to the level of your loyalty to the president. This is a gentleman that I have known for well over a decade; that I have interacted closely with.

“Be rest assured that we are going to work harmoniously as a team, as a family for the greater good of our nation", he said.

Shettima said the president was poised to redefine the meaning of modern governance, saying he would provide the needed leadership, but also requested Nigerians to give him and his administration the needed support.

He said: "I believe this generation has a rendezvous with destiny and my principal, Bola Ahmed Tinubu, the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, is poised to redefine the meaning and concept of modern governance.”

NNPC, NMDPRA, Others Back FG on Fuel Subsidy Removal

In their separate reactions in Abuja, yesterday, the NNPC and the NMDPRA called for calm, insisting that while there’s ‘potential’ change in price, the country had enough stock in its storage facilities.

While maintaining that Nigerians should not engage in panic buying of the product, Kyari welcomed the declaration by the new president.

According to Kyari, while the apprehension by petrol consumers was understandable, the potential changes to petrol prices were not enough reason for Nigerians to buy more than they require at a time.

Kyari stated that the NNPC would ensure continuous and sufficient supply of petroleum products, particularly Premium Motor Spirit (PMS), noting that the company was monitoring all its distribution networks to ensure compliance.

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"We dare say that this is a very delicate issue that touches on the lives, if not very survival, of particularly the working people, hence ought to have been treated with utmost caution, and should have been preceded by robust dialogue and consultation with, the representatives of the working people, including professionals, market people, students and the poor masses".

The TUC said it expects to wait and allow the matter to resolved through dialogue and consultation.

In addition, it said the Nigerian workers and indeed mases must not be made to suffer the inefficiency of successive governments.

"Accordingly, we hereby demand that President Tinubu should tarry awhile to give room for robust dialogue and consultation and stakeholders engagement, just as he opined in his speech until all issues and questions - and there are a host of them! – to ensure that

"In 2022, we spent $10 billion subsidising the ostentatious lifestyle of the upper class of the society because you and I benefit 90 per cent from oil subsidy. The poor 40 per cent of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

"We will get fierce opposition from those benefitting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our President is a man of strong will and conviction.

"In the fullness of time you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better", he said.

Commenting on the issue of multiple foreign currency exchange rates, the vice president assured that "we are going to collapse it into one. He further stated that before long, Tinubu would unfold the agenda of the new administration that would benefit all Nigerians.

"So these are two big elephants in the room and as the days go by, we will be unveiling our agenda. He is going to unveil his agenda

“We would like to assure Nigerians that we have sufficient supply of petroleum products, particularly PMS in our country and there is no reason to panic. We understand that people will be scared of potential changes to the price of petrol.

“But that is not enough for people to rush to fuel stations to buy more than what they need. We are watching all the distribution networks, and support facilities and we believe that normalcy will be restored very soon,” he noted.

The NNPC chief executive reiterated that the company had been using some of its cash flow to make subsidy payments which had constituted a huge burden on the company’s finances.

“We welcome the decision of Mr. President to announce that the subsidy on PMS is over and this has really been a major challenge for the NNPC’s continued operation. We have been funding the subsidy from the cash flow of the NNPC.

“We believe that this decision will free resources for the NNPC to continue to do the great works that this company will do for our country. It allows us to continue to function as a very commercial entity. We welcome this development,” he added.

Continued on page 42

TINUBU RESUMES...

Osun Court Sentences Ile-Ife Prince, Adedoyin, Two Others to Death by Hanging over OAU Student’s Murder

Yinka Kolawole in Osogbo

The Osun State High Court yesterday sentenced the Founder of Hilton Hotel, Ile-Ife, Dr. Ramon Adedoyin, to death by hanging over the murder of Timothy Adegoke, a student of the Obafemi Awolowo University, Ile-Ife.

Justice Adepele Ojo, while delivering his judgement on the case equally sentenced two staff of the hotel, Adeniyi Aderogba and Kazeem Oyetunde to death by hanging.

On the other hand, the court discharged and acquitted three of the staff while the seven defendant would hear her sentencing today, following pleas by both the prosecution and defendant counsels.

Adedoyin was charged along with six of his workers, Magdalene Chiefuna, Adeniyi Aderogba, Oluwole Lawrence, Oyetunde Kazeem Adebayo Kunle and Adedeji Adesola, as first to seventh defendants, and were docked on 18-count which included murder, conspiracy, oath of secrecy among others.

The Chief Judge of the State, Justice Adepele Ojo, in her judgement yesterday, discharged three

defendants – Magdalene Chiefuna, Lawrence Oluwole and Adedeji Adesola – were from the counts of conspiracy to murder. However, they were found culpable of other counts in the charge.

Adedoyin was found culpable and convicted of counts 1, 2, 3, 7, 9, 15 and 16.

The court held that the second autopsy reports signed by two pathologists from Obafemi Awolowo University Teaching Hospital was thwarted as the court held that, “it’s a report by persons with vested interest.”

Justice Ojo established that late Timothy Adegoke lodged in the Hilton hotel and paid into the account of the 7th defendant.

“I found the first defendant (Ramon Adedoyin) culpable of the conspiracy to murder and murder,” the judge added, stating that the court held that evidence presented before the court placed Oyetunde Kazeem “squarely among those who perpetrated the acts,” and was found guilty of the counts.

Seventh defendant (Adedeji Adesola) was “carefully chorographed into the act. The circumstance around her were not strong to found her

culpable of the count 1, 2, and 3.”

The 1st, 3rd and 5th defendants were said to be culpable of the offence of conspiracy to improperly, indecently dumping of the deceased body and are guilty as charged.

Justice Ojo also said Adedoyin’s decision not to enter the witness box meant he agreed to the murder charge pressed against him by the

prosecution. He dismissed the alibi pleaded on his behalf by his counsel, who said the hotel owner was in Abuja for many days around the time of the death of the late Adegoke.

The chief judge of Osun State, held that Abdulraman Adedoyin, Kazeem Oyetunde and Adeniyi Aderogba were guilty of the charges

against them and were sentenced to death by hanging. They were also sentenced to serve different years of jail terms for other offences committed such as conspiracy and unlawful interference with the deceased body in an attempt to cover up.

Adepele-Ojo held that the vehicle, (hilux van) which was used by the

accused persons to convey the body of Adegoke to where he was buried, as well as the hotel belonging to Adedoyin be forfeited to the state. She also held that the children of late Timothy Adegoke’s education be placed under sponsorship of Abdulraman Adedoyin’s estate up to university level and completion of National Youths Service Corp.

Court Affirms FG's No Work, No Pay Rule

Faults imposition of IPPIS

It was a mixed feelings, yesterday, for lecturers in the nation's universities following a judgment of the National Industrial Court, which on the one hand held that it was within the right of the federal government to refuse to pay workers, who embark on strike and on the other, faulted the federal government's imposition of the Integrated Payroll and Personnel Information System (IPPIS) on lecturers.

President of the National Industrial Court, Justice Benedict Kanyip, on while delivering ruling in the suit filed by the federal government against the Academic Staff Union of Universities (ASUU), held that the "no work no pay" rule enforced by the federal government against members of ASUU last year was within the ambit of the law.

However, on the IPPIS issue, the court held that it is a violation of University Autonomy for the federal government to impose the

platform on members of ASUU, who reserve the right to determine how their salaries should be paid.

The union had called out its members on an industrial action on February 14, 2022, to press home their demands on the federal government.

The demands included funding for the revitalisation of public universities, payment of earned academic allowances, and adoption of the University Transparency Accountability Solution (UTAS)

Shell, NNPC, Others Unveil 16 More Community Devt Trusts as PIA's Gains Deepen in Niger Delta

Peter Uzoho

In consolidation of the gains of the Petroleum Industry Act (PIA) in the oil producing Niger Delta, eight Host Community Development Trusts (HCDTs) have been unveiled in Rivers State by the joint venture (JV) partners comprising the Nigerian National Petroleum Company Limited (NNPC), Shell Petroleum Development Company (SPDC), TotalEnergies and the Nigerian Agip Oil Company (NAOC), otherwise called the SPDC JV. Shell in a statement issued yesterday, stated that the same number of HCDTs had already been unveiled in Yenagoa, Bayelsa State and that the latest eight unveiled brings to 16 the number of Trusts that have been presented to the public out of the 22 incorporated in the joint venture’s areas of

operations in Imo, Rivers, Delta and Bayelsa States.

“The Rivers State Government welcomes the establishment of Trusts and will support them to achieve their objectives,” said the acting Permanent Secretary, Rivers State Ministry of Chieftaincy and Community Affairs, Mrs. Blessing Orlukwo, who represented the Commissioner at the unveiling ceremony, was quoted to have said at the event

Commenting on the development, Deputy Managing Director of SPDC, Mr. Wessel de Haas, said: “The hope of SPDC, as the operator of the joint venture, is that the unveiling of the Trusts will set the tone for a better narrative and the dawn of a new era in the Niger Delta.”

Highlighting the impact of crude theft, pipeline vandalism and social unrest on the operations of oil com-

panies, de Haas enjoined members of the HCDTs to take advantage of the grievance-resolving provisions of the PIA and ensure hitch-free oil and gas explorations and production activities to guarantee funding for the trusts.

He said communities should not allow “internal strife and chieftaincy struggles to negatively impact the setting up of or operations of Trusts in their areas.”

The SPDC, expressed its hopes to incorporate a total of 33 Community Trusts in its areas of operation.

The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS), Mr. Bala Wunti, who was represented by Deputy Manager, External Relations, Mrs. Bunmi Lawson, advised the Trusts “to demonstrate efficiency and expertise in executing projects using means that amplify standard and quality and ensuring that the al-

located funds are used for impactful initiatives that address the identified needs of the communities.”

In an address, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, described the SPDC-operated joint venture as ‘first among peers’ for the early incorporation of 22 out of a total 33 community trusts.

Represented by NUPRC’s Assistant Director, Host Community, Mr. Olatokunbo Karimu, Komolafe said: “It is our hope that the peace and harmony exhibited by the communities under the HCDTs will be sustained during the day-to-day management of the affairs of Trusts, to address the developmental needs of impacted host communities in oil-producing areas.”

Chairman of one of the Trusts, Chief Mike Enwukwe, who responded on behalf of his colleagues,

said the trustees would serve with diligence and accountability to continue to earn the confidence and cooperation of communities.

The PIA was enacted in August 2021 and is changing the interface between oil companies and their host communities. SPDC, on behalf of the joint venture, is managing a seamless transition from the Global Memorandum of Understanding (GMoU) initiative which it introduced in 2006, to the new dispensation. The process includes engaging hundreds of communities and community leaders on the provisions of the PIA.

While oil companies are expected to fund the Community Trusts from three per cent of their operating expenditure in the preceding year, the PIA penalises acts of vandalism, sabotage, and civil unrest by communities with appropriate deductions from the allocated funds.

as a preferred payment option instead of the Integrated Payroll and Personnel Information System (IPPIS).

Other demands were the payment of promotion arrears and the renegotiation of the 2009 ASUU-FGN Agreement.

Minister of Labour and Employment at the time, Chris Ngige, had dragged ASUU to the National Industrial Court, seeking an order of the court to restrain striking lecturers from further continuing with the strike.

The legal action was occasioned by the refusal of the striking workers to go back to the classroom despite, a ruling of the National Industrial Court on September 21, last year, which had ordered them to resume work.

After no breakthrough in negotiations between ASUU and the federal government, the Appeal Court ordered the striking lecturers to resume duty immediately.

The court also granted ASUU “conditional leave to appeal the order of the Industrial Court, while insisting that ASUU must obey the order of the lower court with effect from October 7”.

Consequently, ASUU, in compliance with the Appeal Court order called off its strike sometime in October.

The federal government, however, insisted that the lecturers would not be paid for the 8 months that they were on strike, insisting on its ‘no work, no pay’ policy.

Ngige, in defence of the half salary paid to the lecturers last October, said they were paid on a pro-rata basis for the 18 days they worked.

Alex Enumah in Abuja

President Bola Ahmed Tinubu in his office at the Presidential Villa, surrounded by Senator Tokunbo Abiru James Faleke, Femi Gbajabiamila , Dele Alake and others in Abuja... yesterday

10th N’Assembly Speakership: Will Odds Favour Abass, Kalu?

With about two weeks to the inauguration of the 10th National Assembly, the aspiration of the All Progressive Congress, APC consensus candidates for Speaker, Deputy Speaker positions is garnering the needed support as many members-elect, Governors, CSOs, and other stakeholders are endorsing them.

The ruling party’s National Working Committee, NWC had on May 8 released their list of consensus candidates for the four parliamentary slots. The APC in the zoning plans, endorsed Senator Godswill Akpabio from the South-South geo-political zone as the President of the 10th Senate while Senator Barau Jibrin from the North-West was picked as his Deputy.

Also in the House of Representatives, the party endorsed Tajudeen Abass from the North-West as the Speaker and Benjamin Kalu from the South-East as Deputy Speaker.

Since the announcement, other aspirants for the office of the Senate President, Speaker of the House of Representatives, several members-elect, and some key stakeholders have been simmering with resentment.

The anger was more evident in the green chamber particularly, as the aggrieved aspirants formed a group known as the G-7, with a plan to rebel against the party’s choice and select their own consensus candidates.

But despite their decision to forge ahead, it appears Abass/Kalu are favoured in the eyes of their colleagues and party stakeholders, as endorsements have been flying in from all corners.

Honour by Parliamentary Monitoring Organisation

Long before campaigns for National Assembly leadership began a Parliamentary Monitoring Organisation, OrderPaper Nigeria, and its partners through their annual performance appraisals beamed light on the importance of performance, capacity and character as a criteria into the race for National Assembly leadership.

The MVP Hall of Fame initiative, which is in furtherance of OrderPaper’s contributions to legislative strengthening and promotion of improved service delivery in the National Assembly, aims at identifying and sustaining a distinct class of legislators who are performance-driven, excellence-inspired, and public-spirited.

The annual appraisals focused exclusively on the core legislative function of

law-making, and consideration for the MVP nomination and subsequent shortlisting essentially applied the criteria of Value, Impact, and Productivity in rating the contributions of those shortlisted.

The team of panelists that conducted the selection had Prof. Ladi Hamalai, a former director general of NILDS, as the head with Prof. Ali Ahmad, a former lawmaker, Ikechukwu Uwanna, Auwal Musa Rafsanjani, Amos Dunia, Kemi Yesufu as members, while Oke Epia is the founder.

Endorsement By Memberselect

On the campaign side, the number of members-elect, that accompanied the duo on visit to the APC national headquarters, and Vice President Kassim Shettima is a testament that Abass and Kalu are loved.

While the aggrieved aspirants were describing Abass in particular as “unpopular”, members-elect showed up in solidarity with five full coaster buses, as they accompanied Abass and Kalu to visit the Vice President and most recently the Party’s National Chairman.

During the visit to APC national secretariat, the large number of members-elect that attended the session were too many to count as, despite the large size of the NWC conference room, many members-elect couldn’t find seats.

Probably not believing that majority of the people present are all members-elect, the APC

Chairman Abdullahi Adamu had to insist that all members-elect should introduce themselves individually, which they did.

He was shocked to see that even members of PDP, NNPP, LP, APGA etc were part of the delegation. It took members of the team close to 30 minutes to introduce themselves.

At the meeting, Abass and Kalu informed the party’s NWC that over 250 members-elect are currently working with them ahead of the June 13 inauguration.

Also, recently, one of the speakership aspirants and former member of the G-7, Hon. Ado Doguwa, withdrew from the race to join the campaign trail of Abbas and Kalu.

Declaring his support, Doguwa said he and two other aspirants Hon. Makki Yalleman and Hon. Abdulraheem Olawuyi had seen reasons to join the APC preferred candidates.

According to him: “I have benefited from party arrangements, this kind of arrangement. I’m majority leader courtesy of my party. So, it’s only fair to stand beside my party’s decision. Time has come for me to pay back. We are here individually and collectively to support Tajudeen. We are surrendering our speakership ambition. The selection process of Abass is not biased and he and Kalu are qualified to be speaker and deputy”.

The most recent and momentous endorsement came from the spokesman of the Coalition of United Political Parties, CUPP and member-elect representing Ideato North South Federal Constituency, Hon. Ikenga Ugochinyere.

He and 62 other members-elect who announced that they are backing Abass and Kalu as Speaker, Deputy Speaker of the incoming 10th Assembly called on the other candidates in the race who were banking on opposition votes to stage a rebellion against the Tajudeen Abbas/

Benjamin Kalu ticket to withdraw from the race as the opposition votes they were banking on would no longer be available for them.

While describing Abass and Kalu as men of integrity, and competence to preside over the affairs of the 10th House of Representatives, Ugochinyere said it is time for national development, growth and stability and not the time for party politics.

Governors Endorsement

Aside CSOs and lawmakers, declaring support for the duo, they have also gotten the blessing of some outgoing and incoming governors.

During courtesy visits, the Governor of Nasarawa State, Abdullahi Sule, said he and his counterparts from the ruling All Progressives Congress (APC) in the North would not go against the choice of the president-elect regarding the leadership of the 10th National Assembly.

Sule said as a governor, he also has preferred candidates for the leadership of his State Assembly and that nobody would disagree with him on such decision.

According to him, they are loyal party members who would want the new Tinubu administration to succeed.

On his part, Governor of Plateau State, Hon Simon Lalong, urged the Speaker and Deputy Speakership candidates to remain true to the attributes that endeared them to the party’s leadership which informed their selection and endorsement.

Lalong also appealed to the duo not to forget North-Central if they emerge after the inaugurationof the National Assembly Inn June.

Also, Governor of Borno State, Babagana Zulum tasked the duo on inclusive leadership, stressing that it’s very important.

Another Governor, Bala Mohammed of Bauchi State stressed the importance of showing respect for constituted authority.

He said while it’s not in his place to assess the candidates who already enjoy the support of the ruling party and the President and Vice President-elect, he will sit with members-elect from his State to discuss on the need to be on “the winning team.

The most recent endorsement came from former Rivers State Governor, Nyesom Wike, who while declaring his support promised, he would work assiduously to make sure that the duo emerge victorious.

Wike also said that the 2015 scenario where members that went against their party emerged as leaders of the National Assembly would not repeat itself.

Probably not believing that majority of the people present are all members-elect, the APC National Chairman, Senator Abdullahi Adamu had to insist that all members-elect should introduce themselves individually, which they did. He was shocked to see that even members of PDP, NNPP, LP, APGA etc were part of the delegation. It took members of the team close to 30 minutes to introduce themselves.

Udora Orizu writes that the aspiration of Hon. Tajudeen Abbas and Hon. Benjamin Kalu to lead the 10th House of Representatives may be on course as many members-elect, Governors, CSOs, other stakeholders are endorsing the duo as Speaker and Deputy Speaker respectively

Abass Kalu

Changing Political Calculus of Ekiti State

Gbenga Sodeinde reports that the ruling All Progressives Congress and opposition Social Democratic Party in Ekiti state may be working out a mutual relationship with the recent meeting between Governor Biodun Oyebanji and his SDP opponent in the last governorship poll, Segun Oni.

Ekiti State Governor, Biodun Oyebanji paid a surprise visit to his fiercest rival and challenger in the last governorship poll, Segun Oni, at his residence in Ifaki Ekiti, Ido/ Osi Local Government area of the State.

The meeting, which lasted for an hour, saw the two leaders discussing issues bordering on socio-economic and political development of Ekiti State and how to reposition the state for greater prosperity.

Oni, who enjoyed so much vibes and traction in terms of popularity before the poll, eventually came distant second.

The widespread impression among SDP members and sympathizers that the poll was rigged, further strained the already frosty relationship and partisan gulf between the two eminent politicians.

The foregoing scenario made the visit highly surprising to many. In fact, it sounded like a fable by the time the news filtered into town. This was on the premise that Oni posed as a hard nut to crack after the June 18, 2022 governorship election. He dragged the incumbent Governor to the Election Petitions Tribunal, seeking his outright removal in spite of pleas from critical stakeholders.

However, Oni lost across all hierarchies of court. The courts dismissed his petition and upheld Oyebanji’s victory.

Since the supreme Court’s verdict, there wasn’t any signal that Oni and his supporters in the Social Democratic Party will ever embrace the current government in Ekiti. They all maintained a lethargic, hardlining and recalcitrant position, going by their utterances via social media buzz.

To confirm this, Oni had prior to the February 25, 2023 presidential poll, allegedly authored a statement, debunking his readiness to support the candidacy of the President, Asiwaju Bola Ahmed Tinubu. He predicated this on the strength of his belief that the All Progressives Congress rigged the governorship election against him.

Still bubbling with anger of his loss, it was evident that Oni was not ready to embrace any rapprochement or olive branch being extended to him by APC, the party where he once served as the Deputy National Chairman(South).

Sign that the permutation was clandestinely altering and tilting emerged when Oni’s Chiefstrategist, Hon. Ife Arowosoge visited Oyebanji in his office at Oke Bareke in Ado Ekiti. It was at this point that rumour started flying around that there was a deep crack and confusion within the ranks of the Ekiti SDP as to what the future holds for them.

Before Arowosoge’s visit, there was a rumour that a strong faction of the SDP that is loyal to its Deputy Governorship candidate, Hon. Ladi Owolabi, had started hobnobbing with APC.

The Ado -Ekiti born Owolabi, was the State Chairman of the pro-Tinubu power -wielding political machinery named Southwest Agenda for Asiwaju, fondly called SWAGA before he

defected to SDP to align with Oni.

In spite of the political gulf and deep-seated enmity between APC and SDP, there were a lot of confirmation to the fact that Owolabi’s loyalists in SDP voted and worked assiduously for Tinubu in the presidential poll.

The question now on the lips of ardent watchers of Ekiti politics is, will Oni return to APC after severing political tie with the party? Rumour had earlier filtered into town that the former governor was contemplating returning to the Peoples Democratic Party, where he served as governor between 2007 and 2010.

Putting it succintly, the body language expressed at the meeting with Governor Oyebanji signaled that of good prognosis that he may likely return to APC. This will automatically alter the political calculus ahead of the 2026 governorship poll, if realisable.

On the day of the visit, Governor Oyebanji arrived the Ifaki residence of the former Governor at around 10.35am. With the way the two embraced each other, one could easily conclude that it was one day the two of them had anxiously been expecting with so much hope. It was a moment of ecstasy for the two political giants and their backers.

Addressing his host and members of his political family, Oyebanji, said the visit was in fulfilment of his pledge to personally call and visit Engr Oni, whom he described as a brother and leader for whom he had great respect.

He said: “I am here to debunk the notion that you don’t return from court and become friends. I am here to greet my senior brother and my

leader whom I have great respect for.

“For me, I believe litigation is part of electoral process and I appreciate His Excellency for pursuing the electoral matter up till the apex court and not recourse to self help.”.

Governor Oyebanji, who expressed appreciation to God for making the meeting possible, described Oni as a role model who had contributed immensely to the development of the state and needs to also benefit from the fruits of his labour.

The Governor used the opportunity to call on the former Governor to return to the All Progressives Congress (APC), where he truly belongs and join in the race to reposition the state and join hands with President Bola Ahmed Tinubu to develop the country.

“We belong to different political parties, but when it comes to Ekiti development, God has put you as pathfinder and you are an Ekiti man to the core. You love this state. And sir, we campaigned on a mantra of prosperity, and you just spoke about it that we need to develop the state to a point where every indigene of this state will be prosperous irrespective of where they find themselves. We can only do that by creating development centres in our local governments and communities.

“I am pleading with you sir, now that the party you suffered for, where you were Deputy National Chairman is now in the centre, I am too young to give you a directive but as one of your ardent followers, I want you to consider coming back home. Asiwaju Tinubu needs every good head, every good hand to succeed and he is from this zone of the country and when Segun Oni is not in the basket, the basket is not full.

“I’m pleading with you in the interest of our people, in the interest of Yoruba nation, in the interest of Nigeria”.

Oyebanji, who used the opportunity to inform former Governor Segun Oni of his intention to set up a Council of former Governors that which objective would be how to drive development

The question now on the lips of ardent watchers of Ekiti politics is, will Oni return to APC after severing political tie with the party? Rumour had earlier filtered into town that the former governor was contemplating returning to the Peoples Democratic Party, where he served as governor between 2007 and 2010. Putting it succintly, the body language expressed at the meeting with Governor Oyebanji signaled that of good prognosis that he may likely return to APC. This will automatically alter the political calculus ahead of the 2026 governorship poll, if realisable.

of the state, advise the then incumbent on the best way to run the state from their wealth of experiences.

Oyebanji said :“I gave an advice sometimes when you were Governor that why don’t we have a conclave of former Governors, a replica of Council of State in Ekiti where all former Governors will sit down, give advice and assess the government.

“You said it was a good idea that you would do it, but you could not achieve it because of the verdict. But now that I have found myself in the saddle, we have to create that conclave of all former Governors irrespective of political parties where we will sit down quarterly and discuss, share ideas, proffer solution and take assignments on behalf of who is Governor for us to do nationally”.

The Governor, who noted that Oni’s tenure remained a reference point in the annals of the state, called on all leaders in position of authority to make use of the opportunity God has given them in the interest of the people, to use their wealth of experience to develop the state by attracting more goodies from the federal government.

He stated further, “As a Governor, I consult with all the former Governors, in fact, I consult more with Governor Fayose than with Fayemi and Adebayo, why, because I went through the tutelage of Adebayo and Fayemi, so on any issue, I have an idea of what they will do so I don’t even bother them that much.

“But I did not have the opportunity of working with Governor Fayose. So, I usually call him to seek his opinion on some issues and he would readily oblige me. I have that relationship with him and I want to have same with you. I want to be able to consult you, seek your opinion on some knotty issues”

Earlier, Oni, who together with his wife and some political associates received Governor Oyebanji, thanked the Governor for the visit, which he said goes to confirm the fact that Ekiti development was of paramount interest to the Governor.

Oni who said the meeting was the best he had attended this year in view of the sincerity of the Governor, stressed the need to build a virile Ekiti State based on unity of purpose because Ekiti was already left behind among comity of states and all hands should be on deck to reposition the state by making all communities, development centres to engender true development.

While acknowledging the fact that Governor Oyebanji was one of the founders of the state, bestowed with the wisdom of the old and who understood the spirit behind its creation, Oni pledged his unflinching support to the administration of Governor Oyebanji and Ekiti state at large.

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

Oyebanji Oni

How FMBN is Tackling Affordable Housing Supply Challenge

Terhemen Ikyaave

Nigeria's housing supply crisis has left a significant portion of the population trapped in a cycle of unaffordability and inadequate living conditions. With a rapidly growing population and urbanization rates on the rise, the demand for housing has outpaced the available supply, resulting in skyrocketing prices and limited options for aspiring homeowners. According to recent statistics, Nigeria faces a staggering housing deficit of over 20 million units, an alarming figure that underscores the magnitude of the challenge at hand.

However, amidst these daunting circumstances, the Federal Mortgage Bank of Nigeria (FMBN) under the Madu Hamman-led Management Team is optimising its operations and making remarkable strides towards changing the narrative. Recognizing the urgent need to address the housing crisis, the FMBN is taking proactive steps to bridge the housing supply gap and ensure that affordable homes become a reality for Nigerians from all walks of life.

The FMBN's commitment to tackling the housing supply challenge is evident in its multifaceted approach. The bank has been at the forefront of financing and facilitating the construction of housing estates across Nigeria, aiming to provide quality homes at affordable prices. Through collaborations with key stakeholders such as state governments, labor unions, and employers' associations, the FMBN has been able to leverage collective efforts and resources to maximise the impact of its initiatives.

FMBN Inaugurates 404 Affordable Homes in Enugu

One notable stride is the commissioning on May 16, 2023, of the I-Connect Investment Cooperative Society Limited Housing Estate Projects in Enugu. The development marked the completion of 404 housing units across four transactions, delivering much-needed affordable homes to the people of Enugu. With a substantial investment of over N5.2 billion in credit facilities, the FMBN has played a pivotal role in turning these housing projects into a tangible reality.

The projects are strategically located in Trans Ekulu and Nkanu West, underscoring the FMBN's commitment to addressing the housing shortage in various areas of Enugu State.

Speaking at the ceremony, the Managing Director/Chief Executive Officer of the FMBN, Mr. Madu Hamman, represented by the Executive Director, Loans and Mortgages, Lukman O. Mustapha, noted that the FMBN's efforts extend beyond Enugu, as the bank consistently works to bridge the housing deficit in Nigeria.

“In addition to the four housing projects that we are commissioning today financed under the FMBN Cooperative Housing Development Loan (CHDL) window, we have nine other housing projects spread across the State that have also been financed and successfully delivered by FMBN under our various loan windows. Through those projects, FMBN has committed more than N10.2 billion to deliver 1,520 housing units.

“In addition to the 1,520 housing units financed and successfully delivered through nine other housing projects in Enugu State, he said the FMBN has undertaken commissioning ceremonies of several housing estates in numerous states across the country. From Borno to Lagos, Adamawa to Kano, the FMBN's commitment to affordable housing is evident, as it strives to bring the dream of homeownership within reach for countless Nigerians,” he said.

The Executive Director, Loans and Mortgage Services, Mr. Lukman O. Mustapha, highlighted the transformative impact of the cooperative housing initiative developed by the FMBN, emphasizing its potential as a game-changer in addressing Nigeria's housing shortage.

The FMBN's impact is further magnified through its various loan programs, which provide essential financial support to aspiring homeowners. Recent statistics show that over the past year, the FMBN has approved

substantial sums for programs such as the NHF Loan, Rent-To-Own, and Individual Construction Loan. This includes about N14 billion in National Housing Fund (NHF) Mortgage loans, N2.5b Rent To Own and N200m in Individual Construction Loans.

These loans have benefited over 2,000 NHF contributors, empowering them to turn their dreams of homeownership into reality. With favorable interest rates and extended repayment periods, the FMBN is not only increasing the housing stock but also ensuring that homeownership becomes a sustainable and achievable goal for Nigerians.

Commissioning of 180-Housing Unit Estate in Anambra State

Another illustration is the commissioning of a 180-housing unit estate in Nkwelle Ezunaka, Oyi L.G.A, Anambra State. This project, financed under the National Affordable Housing Delivery Programme (NAHDEP) for Nigerian workers, showcases the FMBN's dedication to addressing the housing needs of workers in Enugu. The estate comprises a mix of 2-bedroom semi-detached bungalows and 3-bedroom fully detached bungalows, meticulously designed to align with local preferences and affordability requirements.

With competitive price points of N7 million and N8 million respectively, these homes offer an accessible entry point into the housing market for many aspiring homeowners.

Beyond the bricks and mortar, the FMBN's housing initiatives have far-reaching socio-economic implications. By providing affordable homes, the bank is empowering Nigerian workers, enabling them to secure stable and dignified living conditions. Additionally, the construction and development of these housing estates have generated a substantial number of direct and indirect jobs, contributing to local

economic growth and stimulating job creation in the construction sector. Conservative estimates indicate that the Anambra State project alone has generated over 2,160 jobs during the construction period, underscoring the positive ripple effects of the FMBN's housing interventions.

FMBN commissions 257 housing units in Katsina State

FMBN's commitment to addressing Nigeria's housing supply crisis was further demonstrated on May 11th as the bank commissioned a remarkable residential estate project in Daura, Katsina State.

This development, comprising 80 semidetached bungalows with 2- and 3-bedroom options, marked another significant milestone in the bank's relentless pursuit of affordable housing for Nigerians. The project was financed under the Ministerial Pilot Housing Scheme (MPHS) in collaboration with the Federal Ministry of Works & Housing, reinforcing the bank's dedication to innovative initiatives that can alleviate the country's housing crisis.

The commissioning ceremony itself was an extraordinary occasion, as it encompassed not just one, but four simultaneous events. Alongside the Daura project, three other housing estates in different parts of Katsina State were ready for commissioning. These include 69 housing units in Funtua, 54 housing units in Mulunfashi, and an additional 54 housing units in Kankia, all specifically designated for the Medical and Health Workers Union of Nigeria. This coordinated effort highlights the scale of FMBN's impact in Katsina State and underscores the bank's commitment to catering to the diverse housing needs of different segments of society.

Representing the Managing Director/Chief Executive of FMBN, Mr. Madu Hamman, at the event, the Executive Director of Loans and Mortgage Services, Lukman O. Mustapha, acknowledged the crucial role that Katsina State plays in the National Housing Fund (NHF) scheme.

He commended the state for its consistent and unwavering support, which has positioned it as a focal point for FMBN-sponsored housing projects. Hamman also expressed gratitude to the Katsina State Executive

Governor, Alhaji Aminu Bello Masari, for his steadfast commitment, without which the successful delivery of these projects would not have been possible.

In addition to the four projects commissioned in Katsina State, FMBN has financed and completed 11 other housing projects across the state, totaling 1,571 housing units. These achievements highlight the bank's substantial investment in Katsina State's housing sector, with over N7.7 billion committed to addressing the housing deficit and providing affordable homes for the people.

FMBN Commissioning of 72-Unit Affordable Housing Estate in Ogun State

Earlier on in the South West, the Federal Mortgage Bank of Nigeria (FMBN) had commissioned a 72-unit affordable housing estate in Shagamu, Ogun State built for the Lagos State Development & Property Corporation (LSDPC) Millennium Multipurpose Cooperative Society.

The project, fully funded by FMBN under the Cooperative Housing Development Loan window, comprised 48 units of 2-bedroom terrace apartments and 24 units of 3-bedroom semi-detached bungalows. The estate was meticulously planned and developed, with essential infrastructure in place, including internal road networks, drainage systems, electricity, and water supply. These provisions created a comfortable and livable environment for the residents.

During the commissioning ceremony, Mr. Madu Hamman, the Managing Director/ Chief Executive of FMBN, emphasized the bank's commitment to realizing the dreams of Nigerian workers who contribute to the National Housing Fund (NHF) Scheme. He highlighted the significance of the FMBN Cooperative Housing Development Loan window in facilitating the successful delivery of projects. He noted that the FMBN not only funded the construction of housing for cooperative societies but also enabled cooperative members to acquire these houses through the Individual National Housing Fund (NHF) loans.

In another location, the FMBN commissioned the COMACO MULTI PURPOSE COOPERATIVE Housing project in Lekki, Lagos State, on Friday, May 5th, 2023. The impressive estate, comprising 28 housing units, is fully equipped with essential infrastructure, ensuring a comfortable and livable environment for the residents. Speaking at the event, the FMBM MD/CE, Mr. Madu Hamman said the Bank created the Rent-ToOwn Window, which allows off-takers to take possession of their houses and make rental payments over time based on their age and income. This innovative approach ensures that the houses eventually become fully owned by the occupants upon completion of payment, eliminating the need for equity contributions.

Statistics indicate that beyond Lagos, Ogun, Katsina, Anambra and Enugu, FMBN is replicating these efforts across Nigeria to continue to reduce the housing deficit and provide affordable homes for our people. In January, the bank conducted its first series of 2023 commissioning ceremonies in Borno, Adamawa, Yobe, Ebonyi, Ondo, Sokoto, Kogi and Katsina States involving more than 1,000 housing units. In the second phase which kicked off this May, also includes more housing launches in Imo, Kano, Jigawa, Kwara States, as well as the FCT.

Through its strategic investments, groundbreaking initiatives, and unwavering commitment to its mandate, the FMBN is enhancing the accessibility and affordability of housing for the working-class citizens of Nigeria. By partnering with labor centers, cooperative societies, developers, and government agencies, the bank is successfully delivering thousands of housing units, providing homes that were once only dreams for many Nigerians.

The journey towards affordable housing for all is far from over, but with the Federal Mortgage Bank of Nigeria leading the way, the vision of a nation where every Nigerian has access to safe, affordable, and comfortable housing is becoming increasingly tangible.

-Ikyaave is a housing policy analyst; he writes in from Abuja.

Beyond the bricks and mortar, the FMBN's housing initiatives have far-reaching socio-economic implications. By providing affordable homes, the bank is empowering Nigerian workers, enabling them to secure stable and dignified living conditions

Madu

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 26May-2023, unless otherwise stated.

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

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

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SENATE PRESIDENCY AND THE EMERGING DARK HORSE

DAVID CHUKWU reckons

Osita Izunaso is the man to watch

See page 25

ITU AND THE WORRIES OF DIGITAL DIVIDENDS

The digital connectivity divide is widening, writes

SONNY ARAGBAAKPORE

See page 25

EDITORIAL REPOSITIONING THE INSURANCE INDUSTRY

opinion@thisdaylive.com

AUSTIN ISIKHUEMEN writes a second letter for Soludo

SOLUDO’S UNWRITTEN SECOND LETTER

My dear nwane’m Peter Obi,

DAVID CHUKWU reckons Osita Izunaso is the man to watch

SENATE PRESIDENCY AND THE EMERGING DARK HORSE

The digital connectivity divide is widening, writes

SONNY ARAGBA-AKPORE

ITU AND THE WORRIES OF DIGITAL DIVIDENDS

“Tech is at the top of the global agenda, said IT of the disconnected population in these population include:

Chukwu writes from Abuja

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

REPOSITIONING THE INSURANCE INDUSTRY

The relevant authorities should work harder to enhance insurance penetration in the country

Despite recent reports that insurance claims in the country rallied to N1.5 trillion in six years, Nigeria is grossly under-insured. Successive reports by local and international rating agencies point to the fact that the Nigerian insurance industry has not taken its pride of place in the fast-growing global insurance ecosystem, especially in terms of spread and product distribution. This in turn domestic product (GDP). While we acknowledge insurance subsector of the economy.

Planning, Zainab Ahmed recently underscored this when she urged insurance operators in West Africa to reposition the industry for global competitiveness. position as the largest economy in the sub-region and the entire continent, both the government, players, regulators and indeed every stakeholder to rise to the occasion and take the insurance industry to its pride of place.

The question that should agitate the minds of all relevant stakeholders, including the minister, is insurance industry where it should be, considering the growth of the Nigerian insurance industry, including low penetration of insurance and the attendant insurance. According to a report by the credit rating as a percentage of GDP) of the Nigerian insurance

CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE T

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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 SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor

cent in Egypt.

Similarly, the density of the Nigerian insurance sector (a measure of industry gross premium per

the Nigerian insurance industry was reported to stand compounded annual growth rate of 17 per cent over

While these data portend vast growth potential for the Nigerian insurance industry, many licensed insurers are still largely under-capitalised, thereby limiting their ability to take on big ticket in-country risks, as may be seen in the oil and gas, marine and aviation sectors of the economy. While there base stronger, other encumbrances to the growth and economy should be addressed urgently.

paid by the underwriters have been on the rise with increased awareness and premiums is commendable.

perception of the industry is the issue of claims payment. The insurance industry needs to become more customer-centric, honour its obligations and do so in a timely manner.

to enhance the level of insurance penetration in the country by selling insurance products to a larger number of Nigerians, in both urban and

areas.

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

LETTERS

JEGA, KWANKWASO, EL-RUFAI AND DEMOCRACY

way. He said, “Democracy is the worst form of government, except for all the others that have been tried.” His positivedeed, democracy has many challenges, especially in the developing world, including Nigeria. -

of a democracy is the occasional change in political leadership. This is because as they say, “everything rises and falls on leadership”. Nigerian democracy, with all its challenges, man-

political consequence, having achieved excellent development mention the political genius he recently demonstrated with during the recent elections. He achieved a decent presidential

trator, and can, without question, be referred to as the father of -

in leadership, ability to take tough decisions that are in the long-term interest of the people and for independent thinking say you may disagree with El-Rufai in many fronts, and many

over the last few years is a case in point, but in addition he -

that generate more revenue than its monthly share of the

ing business.

guished public servants as he begins his stewardship in the service of our people.

Dr Mohammed K. Santuraki, former Chairman, Niger State Gubernatorial Inauguration Council

The insurance industry needs to become more customercentric, honour its obligations and do so in a timely manner

RATES AS AT MAY 30,2023

Hike in Prices of PMS, Others Lifts Petroleum Marketing Companies Revenue to N384.2bn

Kayode Tokede

Following price increase in Premium Motor Spirit (PMS)/ petrol, among other petroleum products at local and international markets, five listed petroleum marketing companies on the Nigerian Exchange Limited (NGX), generated N384.2 billion revenue in first quarter (Q1) ended March 31, 2023, representing an increase of 41per cent from N273.06 billion reported in corresponding first quarter of 2022.

The five companies, according to THISDAY investigations are Seplat Energy Plc, Conoil Plc, Eterna Plc, Totalenergies Marketing Nigeria Plc and MRS Oil Nigeria Plc.

The companies reported a total of N52.87 billion in profit before tax in Q1 2023 as against N43.03 billion reported in Q1 2022.

The breakdown of revenue revealed that Seplat Energy generated N151.99 billion in Q1 2023, an increase of 51.06 per cent from N100.62 billion in Q1 2022, while Totalenergies Marketing Nigeria declared N135.3 billion revenue in Q1 2023, a growth of about 39 per cent from N97.61 billion reported in Q1 2022. Conoil in the period under review, announced N34.97 billion revenue in Q1 2023, a growth of 34 per cent from N26.15 billion in Q1 2022, as MRS Oil Nigeria’s revenue grew by 72.04 per cent

to N30.79 billion in Q1 2023 from N17.04billion generated in Q1 2022.

Eterna closed Q1 2023 with N31.18 billion revenue, a growth of 74.24 per cent from N17.9billion reported in Q1 2022.

The companies benefited from a steady increase in prices of petrol, among others in the period amid demand from consumers, domestic and international markets.

According to the National Bureau of Statistics (NBS), the average retail price paid by consumers for petrol rose by 42.63 per cent in March 2023 to N264.29, relative to N185.30 value recorded in March 2022.

In its Automotive Gas Oil (diesel) Price Watch report for March 2023, the NBS said the

average retail price of diesel paid by consumers increased by 55.90 per cent on a year-on-year basis as the price, moved from a lower cost of N539.32 per litre recorded in the corresponding month of last year to a higher cost of N836.81 per litre in March 2023.

However, the price of crude oil has dropped from $/ 107.74 as of March 31, 2022 to $78.12 per barrel as of March 31, 2023, according to the Organization of the Petroleum Exporting Countries (OPEC).

Speaking with THISDAY, the vice President, Highcap Securities Limited, Mr. David Adnori, stated that the growth in the period under review was driven by increase in petroleum price, stressing that

increasing business activities, also a driving factor.

According to him, “The crude oil price per barrel in the global commodity market was low in 2020 and it affected the price of petrol. The federal government was reliant to increase the price of petrol at some time. Investors also compensated these companies considering their stock price appreciating in Q1 2023.

“In Q1 2022, business activities were improving post-covid and there was movement restriction that people were not travelling. In 2023, we saw the ease of movement improved activities in the transport, commercial and manufacturing sectors.

“The growth recorded in revenue by these companies has a lot to

do with improvement in business activities than the hike in price of petroleum products.”

Further investigations revealed that these companies’ revenue growth was driven by sales in PMS also known as petrol and Automotive Gas Oil (AGO) popularly called diesel and lubricants and greases.

Take for instance, Totalenergies Marketing Nigeria grew its petroleum products revenue by 54.5 per cent to N104.96billion in Q1 2023 from N67.96illion in Q1 2022, while its lubricants & others revenue dropped by 0.98 per cent to N40.322billion in Q1 2023 from

Emefiele: Single Digit Credit No Longer Feasible as CBN F acilities Reached N8trn in 5 Years

James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the single-digit funding enjoyed by businesses in the priority sectors of the economy over the last five years may be difficult to come by again amid a high inflationary environment.

The central bank governor also disclosed that about N8 trillion had been disbursed to priority

sectors of the economy.

Speaking at the just concluded meeting of the Monetary Policy Committee (MPC) in Abuja, he said manufacturers in those sectors were “very lucky that they were able to take advantage of a low borrowing rate during a period of sustained low-interest rate regime”.

The CBN governor said it was presently impossible for manufacturers to access such a

lower-interest regime, whereby loans were granted for as long as 10 years with a two-year moratorium.

Emefiele said: “There is no how; in my entire banking career, I have never seen that and I am not even going to assure anybody that this trend will continue particularly at this time when we are in a territory of high interest rate regime, it’s not possible.

“Unfortunately, we have

attained the period of highinterest rate regime because of our stance to tightening. So, they are lucky they are holding on to those trillions of naira for them to rebuild their factories, and expand their factories at a time when they needed it.

“And God knows if we didn’t do what we did in the last five years by giving these intervention facilities to these companies for plant and expansion, I can tell

you that now it would be difficult for them to raise it.”

He further said: “You can imagine a Dangote raising $18.5 billion during those same periods out of which even we at the central bank were able to grant about N125 billion for two years at single-digit interest rate.”

The apex bank boss stressed that the somewhat moderated growth recorded currently was even the result of some of the

interventions carried out by the central bank in the recent past.

He also said that the decisions by the bank to raise the benchmark interest rate over the last year were yielding positive dividends for the economy.

He said, “We are convinced that the decisions we have taken are potent enough and we need to continue to take those decisions so we can achieve the desired objectives.”

ENHANCING DIGITAL EDUCATION…

Bawuah: UBA Has Supported Govt across Africa in Infrastructure, Trade

Kayode Tokede

The Chief Executive Officer (CEO) of UBA Africa, Mrs. Abiola Bawuah, yesterday disclosed that the PanAfrican financial institution has supported governments in African countries where it operates in key infrastructure projects, boosts trade, and created jobs for over 30,000 youths across the continent.

Bawuah said this in Lagos, during the UBA Africa Conversation 2023, with the theme: ‘Innovating the Continent for Growth, which echoed Africa Unions’ vision of innovation, technology, and the need to create opportunities in the continent.

According to her, “We’ve supported governments all over Africa in serious infrastructure.

I make sure anywhere UBA is operating, we collaborate with the government to ensure the country

is developed. You will agree with me without the infrastructure in Africa, we go no way.

“Also, across Africa, everybody is talking about manufacturing and adding value to the agriculture sector. Almost all of Africa’s economy is dominated by agriculture which is 60 per cent and we have come to a realization of adding value.

“If you failed to add value, you go nowhere. All the governments are talking about manufacturing but you cannot have manufacturing without infrastructure in place and infrastructure without power.

“UBA is repacking them. We have also come to the realisation that the government is not set up to create jobs and it is the private sector. We have collaborated with the government and created millions of jobs across Africa.

“There are numerous product

facilities programs we have introduced for consumers, the corporate world, and SMEs and we are supporting them across the continent. It is only in UBA that I know of that supports MSMEs without collateral once you are faithful and running your company very well. It is indeed a great vision for Africa.”

On youth, she said: “Africa is a blessed continent with a youth population. I am told almost 70 per cent of most countries’ population in Africa are youths. We are dreaming of how to support these youths and that is how we are partnering with Tony Elumelu Foundation on youth empowerment.”

She expressed dissatisfaction over the low trade proportion in the continent, stressing that the financial institution is working on

Moneycounsellors to Bridge 50m Gap of Employed People

Kayode Tokede

The Founder and CEO, Moneycounsellors, Mr. Michael Oyebola has said its firm is set to bridge 50 million gap of employed people without Retirement Savings Account (RSA) in the country.

In Nigeria, the total employment rate stood at 60million between 2010 and 2022 with only 9.95 million with RSA holders.

Oyebola in a chat with THISDAY, disclosed that the firm has introduced a new platform targeted at empowering investors with accurate information on how to make investment choices and decisions on Pension and Mutual Funds, allowing them to invest and save with confidence.

unparalleled access to reliable data, in-depth analysis and export insight on all pension and mutual fund products.

“As a free resource, our platform empowers investors of all backgrounds to monitor their investments, stay informed about industry trends, and make sound financial choices,” Oyebola said.

promoting trade across countries where UBA has branches.

According to her, “We have created so many platforms and we have means of payment that we called Africash and partnering with other organizations to enhance trade. With this, we believe that Africans should trade with each other.

“I do not think there is a country in Africa that has a dollar surplus. It is for us to promote trade across Africa and that is where UBA is coming in. We have put in so much for us to achieve it by ourselves. We are not going to be trading within ourselves by carrying cash. We are promoting technology, a means of payment to drive ease means of transactions.

“There are a number of products that we have at UBA to facilities these trades I am talking about.”

Universal Insurance Pays N471.5m Claims to Abuja Fire Victim

Ebere Nwoji

Underwriting firm, Universal Insurance Plc, said it paid N471,500 million claims to Next Cash and Carry, a supermarket in the Federal Capital Territory (FCT), that got burnt as a result of a fire incident that took place in December, 2021.

The Insurer, which recently won the ‘Insurance Brand’ of the year

Award 2022 at the Independent Newspaper Awards ceremony, said it has remained steadfast to prompt claims payment to policyholders.

Prior to this, the company said it paid a total of N1.2 billion claims to its policy holders who suffered losses between 2015 to 2020.

The breakdown of the claims paid showed that the company

paid N111.1 million in 2016, N330.3 million in 2017, N334.2 million in 2018 and N338.2 million claims in 2019 bringing the total claims to N1.2 billion on nine classes of insurance.

While speaking on the company’s claims profile, Managing Director and Chief Executive Officer of the company, Dr. Benedict Ujoatuonu, disclosed that the company’s

commitment to satisfying her clients was non-negotiable.

“We understand the importance of prompt claims settlement, and we remain steadfast in our resolve to deliver on our promises to our valued clients,” Ujoatuonu said.

The insurer has in the meantime, expanded its presence within Lagos to boost insurance accessibility in the country.

Expert Urges Workers to Adopt Annuity for Retirement Benefit Planning

Ebere Nwoji

The Nigeria Insurers Association (NIA) in collaboration with the Lagos State Ministry of Finance, organised a one day retirement planning workshop for the state government workers during which the workers were advised to adopt annuity plan as their chosen way of receiving their retirement benefits.

The workshop, tagged: ‘Retirement Readiness Workshop’ took place at the Lagos State Secretariat Alausa Ikeja.

Speaking at the workshop, one of the speakers and Managing Director Heirs Life Assurance, Mr Niyi Onifade charged employees of the Lagos State Government to adopt Annuity Plan as a means of receiving their retirement benefits saying it is a pension-regulated option that paid a stream of regular income throughout one’s retirement life.

He charged the workers in this direction while delivering a paper titled Annuities: ‘What They Are, The Types, How They Work’. Onifade emphasised the

significance of subscribing to a holistic retirement planning that provides financial backing throughout life for peace of mind and a comfortable future. He also stressed the necessity of being prepared for retirement, while sharing Annuity options available to retirees.

“At Heirs Life Assurance, we recognise the need for individuals to secure their financial future and we believe that our Heirs Life Annuity Plan offers a robust solution that aligns with your retirement goals,” he said.

According to him, the Heirs Life Annuity Plan is designed to provide individuals with a steady stream of income during retirement, ensuring financial security and peace of mind. He said with flexible options tailored to meet diverse needs, the plan offered a reliable solution for retirees seeking financial stability in their post-working years.

He defined Annuity as a stream of regular income retirement planning purchased by a retiree with a life insurance company using retirement savings account income as premium.

According to Oyebola, the new platform, moneycounsellors.com offers RSA holders and mutual funds investors in Nigeria a one-stop platform, where funds and mutual funds are compared in Nigeria.

He explained that the platform offers a comprehensive suite of tools and resources to help make informed investment choices and decisions.

He said “With a focus on pension funds, mutual funds and annuity products, Moneycounsellors.com is changing the way investors access, analyse, and utilise pension and mutual fund information.

“Moneycounsellors.com resets the information and analysis landscape for pension and mutual funds in Nigeria by providing users with

He highlighted some of the features of Moneycounsellors.com that include, extensive data and analysis, comparison tools, fund performance educational resources. On extensive data and analysis, he said: “Our platform offers investors a vast collection of comprehensive data and analysis on mutual fund and pension fund products in Nigeria. These include daily/weekly fund prices giving instant updates as well as historical data that investors can confidently use to evaluate their options and make informed choices and decisions.”

He added that, “Our platform aims to bridge the information gap by empowering investors with the necessary tools, resources, and expertise to make confident investment choices and decisions. With a combination of more than 10million RSA holders and mutual fund accounts and growing, we envision a future where every investor has access to reliable data to choose , monitor, evaluate or transfer to and/poor from a pension or mutual fund with ease.”

Consolidated Hallmark Insurance Grows Profit by 45%

Ebere Nwoji

Consolidated Hallmark Insurance plc

said it grew its Profit Before Tax by 45 Per cent in its business outing for the year ended December 31,2022.

The company said within one year period its Profit grew from N971 million in 2021 to increase (over prior year) in Profit Before Taxation from N971.6m in 2021 to N1.407 billion in 2022.

Disclosing this at the 28th Annual General Meeting of the company held in Lagos, the Company’s chairman, Mr. Obinna Ekezie, said Profit After Taxation also grew by 26 per cent over prior year from N790.6 million in 2021 to N995.98 million in 2022, adding that through prudent underwriting, the company was able to grow its underwriting profit by 24 per cent.

He also said also said total assets of the company was not left out in the impressive performance, as it is now stands at N18,540,741,526 compared to N15,674,166,226 of 2021.

Ekezie further said during the 2022 financial year, the company once again braved all odds in the operating environment and posted improved results in its top and bottom lines, adding that the results were an alltime high, as they showed a growth of 22 per cent in Gross Premium Written (GPW), from N10,500,388,477 in 2021 to N12,826,865,218 in 2022.

HIKE IN PRICES OF PMS, OTHERS LIFTS PETROLEUM MARKETING COMPANIES REVENUE TO N384.2BN

N30.62billion in Q1 2022.

Seplat petroleum recorded N136.8billion crude oil sales in Q1 2023 from N89.96billion in Q1 2022, as Gas sales 43rose by per cent to N15.2billion in Q1 2023 from N10.66billion in Q1 2022.”

Analysts at Cordros research said: “In our view, Nigeria’s oil and gas marketers will maintain another year of positive revenue

growth, driven specifically by; possible increase in PMS prices, following our expectations of a partial stoppage of PMS subsidy in June and a sustained heavy local consumption of petroleum products.”

According to them, “FG unable to fully deregulate the downstream oil and gas sector following protests by labour unions, it has

continued to incur expensive subsidy payments through NNPC under-recovery costs.

“Overall, the under-recovery in 2022 amounted to c. N4.39 trillion – 3.0x higher than the 2021FY total (N1.45 trillion). Notably, the current divergence between deregulated (Cordros estimate: N363.00 per litre) and regulated (N185.00 per litre) prices is a key

contributing factor to the supply crisis currently being experienced in the domestic market.

“This is because the steep difference in prices (coupled with FX illiquidity issues) makes it impossible for marketers to source products individually amid the drop in supply from the NNPC.

“For 2023FY, we estimate the subsidy cost will settle at c. N3.69

trillion – H1-23: N2.88 trillion; H2-23: N810.00 billion.”

Capital market analyst, Mr. Rotimi Fakayejo, attributed the increase in revenue of these companies to higher-margin in crude oil products, stressing that the ease of movement also contributed to revenue and profit.

According to him, “These companies reported an increase

Also speaking, Group Managing Director, of the company, Eddie Efekoha, said the financial year 2022, was a remarkable one for Consolidated Hallmark Insurance as it marked the 15th anniversary of the journey embarked upon in 2007. He noted that it was also the beginning of another journey for the transformation of the company into a financial powerhouse for the transaction of insurance and other financial services under one formidable umbrella.

“We have truly progressed in that journey, having received your unwavering support and unanimous approval to embark on all necessary processes.

“There is cheering news by colleagues on the Board having, once again, to the best of our abilities, carried out the assignment you gave us, to grow your investments in this going concern. I am therefore pleased to inform you that year 2022, as the results now before you show, was another good outing for us.

“We may not have achieved the very impressing outing we all continually craved for, but our modest growth in key financial indicators is a good way to bid the quoted insurance stock farewell and welcome the Holding Company whose formal birth shall be announced soon,” he stated.

in revenue due to higher margin in products the sale this year. The restriction of movement eroded their revenue last year but with the ease on COVID-19 lockdown, they were able to grow revenue that translates into profit.”

He maintained that investors can always consider buying Total Nigeria shares over its intrinsic fundamentals on the NGX.

L-R: President, National Association of Proprietors of Private Schools (NAPPS), Chief Yomi Otubela; Founder, Educatial, Mr. Francis Muofunanya; Council member, Nigerian Institute of Public Relations (NIPR), Mrs. Nkechi Ali-Balogun and Deputy Vice-Chancellor, Covenant University, Prof. Olujide Adekeye, during a stakeholder roundtable for Educatial Digital Platform in Lagos… recently

When MPR Hike Benefits Economy

In this piece, James Emejo writes on the positive impact of the current Monetary Policy Rate (MPR) on the Nigerian economy

Only last week, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) resolved to raise the Monetary Policy Rate (MPR), otherwise known as interest rate by 50 basis points to 18.5 per cent from 18 per cent.

The MPR is the rate at which the apex bank lends commercial banks, and often determines the cost of funds in the economy.

The CBN had maintained a contractionary monetary policy stance since May 2022, in response to growing inflationary pressures in the country.

Ideally, a hike in interest rate is a major concern for an economy because borrowing from commercial banks becomes expensive and this is transferred to final consumers of goods and services in the form of higher prices.

Inflation refers to the general increase in prices of goods and services in an economy over time and often impacts purchasing power. It occurs when too much money chase after fewer goods.

Although inflation can have various effects on an economy, some moderate inflation is considered normal and even desirable, as it encourages spending and investment. However, high or hyperinflation can be detrimental to an economy, leading to a decrease in the value of money, reduced purchasing power, uncertainty, and economic instability.

Nigeria’s inflation which is currently recorded 22.22 per cent in April is considered to be worrisome for the economy.

Hence, central banks and governments globally often implement monetary and fiscal policies to manage inflation, using tools such as adjusting interest rates, controlling the money supply, and fiscal measures to stabilise prices and maintain economic stability.

However, some analysts have criticised the central bank over its continued hike in MPR, arguing that it has not been effective in curbing the headline index.

Yet, analysts also attested to the fact that Nigeria’s inflationary pressures are largely associated with structural issues including insecurity which had stifled agricultural production thereby impacting food production.

Often times, food inflation constituted the biggest contributor to inflation in the country. Yet, it is the job of the fiscal authority to ensure that the environment is made safe enough for farmers to return to farming. But there are other factors contributing to inflation.

The MPC noted the persisting uptick in inflation as headline inflation (year-on- year) rose to 22.22 per cent in April 2023 from 22.04 per cent in the preceding month, adding that this amounted to a moderate increase of 0.18 percentage points.

He said the recent uptick was driven largely by the increase in both the food and core components, which rose moderately to 24.61 and 20.14 per cent in April 2023 from 24.45 and 19.86 per cent, respectively, in March 2023. Emefiele, said the moderate hike in MPR was taken to further rein in inflation, adding that the lingering insecurity in major food-producing areas; high cost of transportation driven by rising energy costs; activities of middlemen in the food distribution channels as well as the persistence of shocks from legacy infrastructural bottlenecks, remain major drivers of the inflationary pressure, coupled with the global headwinds from the ongoing Russia – Ukraine war.

PERSISTING INFLATIONARY CONCERNS

According to the CBN Governor, Mr. Godwin

Emefiele, the bank had noted that the moderate hike in MPR was taken to further rein in inflation, adding that the lingering insecurity in major food-producing areas; high cost of transportation driven by rising energy costs; activities of middlemen in the food distribution channels as well as the persistence of shocks from legacy infrastructural bottlenecks, remain major drivers of the inflationary pressure. Emefiele said the committee was concerned that despite the tight monetary policy stance adopted since its May 2022 meeting, inflation had not decelerated towards the bank’s longrun objective, pointing out that the continued rise in headline inflation, albeit moderately, remained the biggest challenge confronting macroeconomic stability in Nigeria.

He said, “Headline inflation in the view of members, remained high due largely to a host of non-monetary issues outside the reach of the central bank such as the perennial scarcity of Premium Motor Spirit (PMS) and expectations of short-term hikes in the pump price of PMS; high and rising price of various energy sources; and a host of headwinds confronting the food supply chain.”

JUSTIFICATION

Following criticisms from some quarters that the continued hike in the benchmark interest rate had not helped to douse inflation, the CBN governor explained that but for the contractionary monetary stance adopted by the bank since May 2022, the country’s inflationary pressures would have been higher by over 800 basis points.

Emefiele particularly noted that the without the bank’s efforts, inflation would have been 30.48 per cent compared to the current 22.22 per cent recorded in April, adding that the MPC remained convinced that monetary actions so far deployed had impacted positively on the economy.

He said if the central bank had not taken aggressive actions along the line inflation would have been currently unbearable for Nigerians.

Having exhausted monetary policy options in dealing with inflation, and given that the fiscal authority had been failing to play its part to curb inflation, the MPR remained the only potent weapon for addressing the headline index from the monetary perspective.

Ideally, the CBN would raise the MPR – where demand is higher than supply – in order to make it difficult for consumers to be able to purchase goods.

The idea is that by weakening the purchasing power of consumers, the sellers would be forced to sell at a cheaper price, thereby reducing inflation.

ANALYSTS’ PERSPECTIVE

However, various experts have questioned the continued hike in interest rate as a way of addressing inflation, arguing that it is putting more hardship on Nigerians.

Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the MPR hike in reality had not halted the rise of inflation, pointing out that other factors including weak naira due FX fluctuations and high cost of doing business are contributory factors to inflation.

President Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, said the latest increase in interest rate ‘may do little to halt upward trend in inflation as recent experience has shown’.

X-raying Nigeria Insurance Sector During Buhari’s Regime

As Nigerian business community joins other citizens of the country to bid the regime of the immediate past President Muhammadu Buhari fare well after eight years of tortuous economic and business experience, insurance sector operators said there were gains and losses during the administration, which must be examined.

The Buhari’s administration which commenced on May 29 2015, ended Monday May 29, 2023 as the new administration of Asiwaju Bola Ahmed Tinubu officially took over the mantle of leadership of Nigeria as its 16th president. Looking back at where they were coming from way back in 2015, insurers said they had a lot of good and bad stories to tell. But in the views of some insurers, just like some other operators of the economy, the insurance sector, going by its experience during the regime, has more of bad than good stories to tell.

OPERATORS’ ASSESSMENT

In their assessment of how the fortunes of the sector fared during the period, the insurers said at the beginning of the regime, it was like business as usual in that like the past administrations, there was total neglect of the sector .They said it was as if the Buhari’s regime failed to see anything good about the sector.

The insurers said little or no attention was given to key problems bedeviling the sector adding that the regime failed to hearken to all the hues and cries of the operators especially regarding insurance of federal government assets, non enforcement of compulsory insurances, Nigerians’ apathy to insurance due to high inflation level, poor disposable income of the masses which did not encourage savings as well as non enforcement of insurance law on public buildings and other compulsory insurances. They said the last straw that broke the camel’s back was the regime’s failure to sign into law the long awaited insurance

bill presented to it

According to the insurers, the regime met the insurance bill unattended to and left it unattended to despite that this time the bill was reviewed, repackaged and tagged Consolidated Insurance Bill with all the “ts” well crossed and “l”s well doted and having passed through the readings by the two chambers yet was totally ignored till the end of the regime.

The insurers said evidence to the fact that the regime did not have much regard for insurance was when at the very end of the regime, Buhari signed into law, eight bills presented to him but left unsigned the insurance bill on which the hope of the industry hung.

POSITIVE IMPACT

The insurers however recalled that the regime

later accorded some recognition to the sector, when during the COVID-19 pandemic, the insurers offered N11 billion worth of insurance cover to the health workers.

THISDAY recalled that the president himself commended the sector operators for the kind gesture during a nationwide broadcast saying “In keeping with our government’s promise to improve the welfare of healthcare workers, we have signed a memorandum of understanding on the provision of hazard allowances and other incentives with key health sector professional associations. We have also procured insurance cover for 5,000 frontline health workers.

“At this point, I must commend the insurance sector for its support in achieving this within a short period of time.”

Perhaps, to reciprocate the insurers’ kind gesture, the former president with his vice, Professor Yemi Osibanjo, attended virtually the 47th Africa Insurance Organisation’s conference hosted by Nigeria in September 2021 during which he reaffirmed his confidence in the ability of Nigerian underwriters to excel and be at par with their counterparts globally under the right business environment.

He specifically commended the role played by the underwriters at the peak of COVID-19 crisis thanking them for making the country proud by successfully organising the conference.

“I once again use this opportunity to commend the Nigerian insurance industry for identifying with the government through the provision of life insurance set of packages for frontline medical and paramedical personnel in the course of this fight. Your support and solidarity in these times are highly appreciated.”

He noted that the insurance sector would play a vital role in the diversification of the economy by bringing necessary stability, economic sustainability, revenue generation, job creation and financial inclusiveness, and

that there was a great future for the insurance industry but observed that there was need to put the right mechanism in place for it to thrive.

The former president ended his address to the insurers by saying, “I assure you that this administration has and will continue to support insurance growth in Nigeria and Africa at large.”

Standing on this promise, the then Chairman Nigeria Insurers Association (NIA), Mr. Tope Smart became excited that the industry’s effort was being appreciated at the highest level of authority adding that it was a sign that federal government was beginning to accord recognition to importance of insurance .

Members of NIA were indeed not left behind in this joy on the former president’s recognition as they were spurred into action to donate to the fight against COVID-19 through their individual companies’ donations.

INSURERS’ EXPECTATION

They had expected reciprocal action from the president and obviously one of the areas the insurers expected action was according to them on the enforcement of all the compulsory insurances especially insurance of building and building under construction which the industry launched since 2010 but has not been enforced due to weakness on the part of legislation, yet cases of building collapses abound in the country.

Also fight against insurance certificate faking was another area of their expectation as well as government patronage of insurance.

The insurers said had this particular policy on compulsory building insurance been enforced, their premium would have surpassed its present level and they would have achieved their dream of build -ing trillion Naira market.

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

Buhari

After eight years of former President Muhammadu Buhari’s administration, insurance sector operators say it’s time for stock taking as they count their gains and losses, writes Ebere Nwoji

When Centre for Black Culture and International Understanding Honoured Nike Okundaye

The Centre for Black Culture and International Understanding, Osogbo, recently celebrated Nike Okundaye’s 55 years of promoting traditional and contemporary African art. It was also an opportunity to mark her 72nd birthday as an accomplished artist. Funmi Ogundare reports

It was a celebration of art and culture recently, as the Centre for Black and International Understanding (CBCIU), Osogbo, commemorated Chief Nike Okundaye’s 55 years of exhibiting and promoting traditional and contemporary African art.

It was also an opportunity for the centre, a UNESCO category II institute with the mission of initiating, facilitating and supporting programmes, to celebrate her 72nd birthday.

Mama Nike, as she is fondly called, is the managing director of the Nike Centre for Art and Culture, as well as the curator of the Nike Art Gallery located in Lagos, Oshogbo, Osun State, Ogidi-Ijumu, Kogi and Abuja.

A successful Nigerian artist, art collector and Yoruba cultural icon who, having fought and navigated life’s hurdles, has contributed immensely to sustaining African arts and culture globally.

Despite the lull in her education, she has taught at some leading universities across the globe, including Dartmouth University, University of Tampa, Florida, University of Alberta, Edmonton ( Canada), Rhode Island School of Textile, Howard University, University of Maryland, University of Wisconsin, among others.

With her intriguing infusion of entrepreneurial skills into arts, Okundaye has, at various times, participated in several solo and joint exhibitions within and outside Nigeria, as well as conducted workshops and training in the area of textile, mosaics and paintings, embroidery, quilts, and costumes. She is also an art administrator, dancer, singer, and philanthropist.

In 2007, the government of the United States of America sponsored her trip to Cape Town, South Africa, to participate as a panellist at the world conference of ‘ Vital Voices Pan African Leadership and Initiative for Women and Girls.

Speaking at the programme, the guest lecturer of the Department of Creative Arts, Faculty of Arts, University of Lagos, Prof Peju Layiwola, in her presentation titled, ‘Nike

55 years of promoting traditional and contemporary African art in Osogbo...recently

Okundaye: The Quintessential Artist and Philanthropist’, described her as one who is schooled in the culture and language of the Yoruba people and understands its nuances.

“Nike is steeped in Yoruba philosophical thoughts, understands the value of indigenous knowledge systems, and therefore is very well educated. She is a living treasure; her depth of knowledge is not only about the artistry and production of textile art but the meaning and value of textiles as verbal forms of communication, art, and language,” Layiwola stated. “Textiles also reflect religious and cultural beliefs and reveal the richness of our value

system.”

She also described her as a philanthropist who had impacted women in various ways.

Speaking to THISDAY, a professor of History at the Osun State University, Osogbo, and executive director of the centre, Siyan Oyeweso, explained that the choice of honouring Okundaye was informed by her exceptional contributions to humanity and also in the field of culture, women empowerment, education, philanthropy, and role model to the underprivileged people.

“Her educational background was very humble. She also broke the jinx. She didn’t read beyond primary six, but today, she is being celebrated in world-class tertiary institutions and universities, where she lectures and even awarded a doctorate honorary degree,” stated Oyeweso.

Oyeweso revealed that Nike left her marriage with her head high to learn art and craft, adire making, batik and textiles in a hostile environment and consequently encouraged other women to learn adire making so they could have a sustainable source of income and be less dependent on their husbands, encouraging widows to embrace practical entrepreneurship.

“She became an unwelcome guest in Oshogbo because the men were claiming that she was encouraging their wives to revolt against them,” Oyeweso explained. “When you see a woman of this nature, then you know that there is an uncommon thing about her.”

The executive director described Okundaye as one who broke the glass ceiling in a maledominated environment and a philanthropist due to her commitment to the downtrodden.

In an interview with THISDAY, the celebrant said, “Today will remain green in my heart. I have been marking my birthday, but this is the first time it will come from the source, which is Osogbo. I moved to Osogbo at the age of 17 with nothing, but today, Osogbo has made me what I am today.”

She thanked the centre and UNESCO for the opportunity and described her exploit teaching foreigners abroad about textiles and batik as great, saying that they were happy to see the African art.

“Our art is our heritage, and when we showcase our work in a nice way, they see us as ambassadors to African art. I am always happy that Nigeria is participating in different art exhibitions. We just went to Atlanta and sent two people to go and represent us, and we came first,” she added. “A Nigerian female artist, Njideka Akunyili Crosby, whose piece of work went for $3.4 million, is a pride to Nigeria. So art is not just art of yesterday, but a business, the art entrepreneur stressed..” The programme witnessed the presentation of certificates to students who had participated in the centre’s young artists club adire competition. Pupils of different schools also showcased their paintings of Mama Okundaye.

AirPeace, Stanbic IBTC Become Maltina Teacher Competition Co-sponsors

Uchechukwu Nnaike

After eight years of sole sponsorship by the Nigeria Breweries-Felix Ohiwerei Education Trust Fund, the company has announced Air Peace and Stanbic IBTC Bank as co-sponsors of the 2023 edition of the Maltina Teacher of the Year competition (MTOTY).

Speaking at the opening of entries for the ninth edition of the competition in Lagos, the Company Secretary/Legal Director of Nigerian Breweries Plc, Mr. Uaboi Agbebaku, said the company commenced opening up potential partnerships with reputable and progressive companies that share in its vision and mission for the initiative.

Entries for the competition opened on May 25 and will close on July 21, 2023. The competition is open to secondary school teachers in public and private schools across the country.

To participate, eligible teachers can visit the dedicated website at www.maltinateacheroft-

heyear.com to complete the entry form online. Alternatively, they can download the form, complete it, scan it, and email the completed form to maltinateacheroftheyear@heineken.com

Agbebaku, who emphasised the fundamental role teachers play in shaping the lives of their students, stated that the competition aims to reward their efforts and inspire them to continue making a positive impact.

The Corporate Affairs Director of Nigerian Breweries Plc, Mrs. Sade Morgan, highlighted the competition’s impact on teachers, as it has ignited a newfound passion and commitment to exceptional teaching among educators.

“There is no doubt that this competition has done a lot to lift the spirit of Nigerian teachers. In the last eight years, we have succeeded in providing a new narrative for the

teaching profession in Nigeria. Our teachers are now proud to be associated with teaching, and we are encouraging the next generation of teachers to be passionate about the profession,” she said.

Morgan stated that the overall winner for the 2023 edition would receive a total cash prize of N6.5 million, a trophy and a capacity development training opportunity. The winner’s school would receive either a computer laboratory or a block of classrooms.

“The first runner-up of the competition to receive a total of N1,500,000, a trophy, while the second runner-up receives a total of N1,250,000 and a trophy. All state champions will be rewarded with recognition plaques and a cash prize of N500,000 each,” she added.

The Head of Corporate Communications, Air Peace, Mr. Stanley Olisa, said the company is delighted to partner Nigerian Breweries in the laudable initiative to reward and celebrate teachers to achieve better classroom impact.

He promised that the sponsorship would be sustained.

The Head of Consumer Sector/Client Coverage, Stanbic IBTC Bank, Mrs. Nnenna Okoro, commended Nigerian Breweries and the Felix Ohiwerei Foundation for remaining committed to the initiative, adding that improving the welfare of teachers is a collective responsibility of all.

Representatives also delivered goodwill messages of support of the federal and state ministry of education, the Nigeria Union of Teachers (NUT), the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), and the Teachers’ Registration Council of Nigeria (TRCN).

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

Conference Tasks Educators on ‘Audacious’ Innovations

Omolabake Fasogbon

An edtech company, Edves, has emphasised the value of innovation and creativity in developing African education.

Chief Executive Officer of the organisation, Dimeji Falana, stated this while announcing the organisation’s forthcoming conference, ‘Edves Catalyst 2023’, which will hold on June 2 and 3 in Lagos.

The programme themed, ‘Audacious’, was

designed to ignite audacity and foster innovation in teaching and leadership.

Falana remarked that modern education’s realities require players, especially educators, to create audacious ideas and leverage technological advancements to shape the learning future in Africa.

He explained that the event, to hold virtually and physically at Landmark Event Centre, was conceived to equip

attendees with relevant tools and knowledge needed to thrive and relate well in a digital environment and present realities.

He added that participants would have the privilege to learn from prominent and versed scholars in both public and private sectors, including Commissioner for Education in Lagos, Folasade Adefisayo; Associate Dean, Faculty of Education, Queen’s University Canada, Dr. Peter Chin and CEO of Greensprings Schools and Chair APEN, Mrs. Lai Koiki, among others.

He said, “Participants will have the unique opportunity to engage in insightful discussions, attend thought-provoking keynotes, and explore the latest trends in educational technology. From cutting-edge learning tools to innovative pedagogical approaches, Edves Catalyst 2023 will showcase the vast potential of integrating technology into the African education ecosystem. Wema Bank, 1MillionTeachers, Queens University Canada, and others sponsor the programme.

The celebrant, Mrs. Nike Okundaye( middle) with sudents displaying their art works of Okundaye, during the programme held to commemorate Okundaye’s

Jumia’s Q1 2023 Results Show Significant Reduction in Losses

Emma Okonji

Pan-African e-commerce platform, Jumia Technologies recently released its Q1 2023 earnings report, providing valuable insights into its financial performance and growth trajectory.

Jumia’s first quarter 2023 results showcased a significant reduction in losses and a commendable effort towards profitability. The company’s operating loss decreased by a remarkable 54 per cent yearover-year, reaching its lowest quarterly level in over four years at $31 million.

According to Jumia, the substantial reduction in losses can be attributed to its successful cost reduction initiatives, with all operating costs decreasing sequentially and on a year-overyear basis.

Another highlight of Jumia’s Q1 2023 results is the remarkable

70 per cent reduction in marketing and advertising expenses. This disciplined approach to marketing investments has led to an improvement in marketing efficiency ratios, with sales and advertising expenses per order decreasing by 58 per cent and as a percentage of GMV improving by 451 basis points. Despite the significant cut in marketing expenditures, Jumia still managed to achieve growth in revenue. While overall revenue experienced a slight decline of three per cent yearover-year, it demonstrated a substantial 24 per cent increase on a constant currency basis. Marketplace revenue, particularly commissions, experienced significant growth, increasing by 40 per cent year-over-year. This growth was driven by commission take-rate increases implemented in mid-2022.

Jumia’s ability to reduce marketing expenses while

maintaining revenue growth reflects a fundamental shift in their approach to sustainable and cost-effective growth, the report said.

According to the report, fulfillment expenses decreased by 34 per cent year-over-year, aligning with the decline in orders, while fulfilment expenses per order, showed a notable improvement of 20 per cent. Sales and advertising expenses witnessed a remarkable reduction of 69 per cent year-over-year, indicating a more disciplined approach to marketing investments. General and administrative expenses also decreased by 16 per cent year-over-year, reflecting the impact of organisational changes implemented in the fourth quarter of 2022. These cost reduction efforts contributed to an overall operating loss reduction of 54% year-over-year.

UBA Revitalises Alumni Network, Lists Benefits

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has relaunched the UBA Alumni Network Program, aimed at fostering stronger connections and providing exclusive benefits to its esteemed former employees.

Improving upon the services it promised when it was first launched two years ago, the revamped UBA Alumni Network will now offer a wide array of advantages designed to empower and engage ex-staff members throughout their journeys.

UBA’s Group Managing Director, Oliver Alawuba, who welcomed the Ex-staff during the UBA Alumni relaunch in UBA

House on Friday, expressed the bank’s commitment to reposition the alumni to do more to ensure that ex-staff remain comfortable ambassadors of the brand.

He said, “I understand that this very key network was launched in 2021, and we have come here today to assure all the members of our alumni that UBA, which is over 75 years old, will continue to play the role of becoming a beacon of hope to our Ex-staff.

Continuing Alawuba said, “As a bank that is interested in the welfare of both staff and ex-staff, we are going to roll-out products that are specifically tailored to suit the needs of all our alumni.”

At the event, which saw a lot of former staff attended both physically and virtually, UBA’s Deputy Managing Director, Muyiwa Akinyemi, noted that the bank is where it is today because of the sacrifices made by its ex-staff several years ago, as he added that this is the driving force behind the bank’s desire to support them.

“Today, we are here, but tomorrow, we might be somewhere else, and it is therefore essential for us to bond with our former employees who we recognise as ambassadors that have contributed to the bank’s legacy in various sectors over the years,” Akinyemi stated.

GSK: Access to Foreign Exchange Will Boost Business Growth

In common with many companies operating in Nigeria, foreign exchange availability will continue to impact the operations of businesses that rely on foreign exchange, according to the Director, Communication and Government Affairs, GSK Consumer Nigeria Plc, Mr. Omongiade Ehighebolo.

He said the challenge in accessing currency was af-

fecting the company’s ability to maintain consistent supply of medicines and vaccines in the market.

“Sustainable patient access to our medicines and vaccines is a priority and we are doing all we can to limit the period of time the market will be out-of-stock on our products.

“We recognise the current availability challenge is causing concern and we regret the

disruption to patients and healthcare providers.We are actively engaging with all our stakeholders to find a solution to enable sustainable supply of GSK medicines and vaccines to patients in Nigeria,” Ehighebolo said in a statement. He therefore urged all patients to seek advice from their healthcare providers and ensure their medicines come from a trusted source.

Konga’s Mid-year Shopping Festival kicks off

Konga, Nigeria’s leading composite e-commerce giant, has pledged huge savings and more importantly, same day delivery for shoppers in the second edition of the much-anticipated Mid-year Shopping Festival.

Widely regarded as the biggest discount sale in the first half of the year, Konga Mid-year Shopping Festival kicked off formally yesterday and will run through Friday, June 30, 2023 online at www.konga.com and offline in every Konga store nationwide.

An annual promotion, the month-long fiesta coincides with the celebration of Konga’s 11th anniversary, with the management of the e-commerce giant also seizing the opportunity to roll out KongaNow,

its same day delivery initiative through which shoppers can get their verified items delivered within one to six hours. All products tagged KongaNow on the Konga website are available for immediate delivery, provided orders are placed before 2pm daily. Alternatively, shoppers can access www.konga.com/konga/now to select from a wide array of genuine high and medium-value items across categories.

Meanwhile, a variety of exciting offers have been lined up for shoppers throughout the month-long duration of the Konga Mid-Year Shopping Festival.

In addition to mouthwatering price crashes of up to 70 per cent across multiple product categories including Computing, Electronics, Mobile Phones, Fast-Moving

L-R: Head of IT Operations, Airtel Nigeria, Adebanjo Adeola; Head of Information Security and Business Continuity (IT CISO), Airtel Nigeria, Joy

MARKET INDICATORS

Consumer Goods (FMCG), Home and Kitchen Appliances, Wine and Spirits, Fashion, among others. Shoppers are also in for a treat, with treasure hunts, live auctions and flash sales on specific days of the campaign.

In partnership with leading financial institution, Access Bank, Konga is also offering extra 10% discount off all purchases made by Xclusive Plus subscribers who shop with their Visa Signature Card. Also on offer are app-only deals for Konga App users, early bird discounts, special deals for walk-in customers to Konga stores, free delivery for Konga Prime subscribers, special bulk deals for heavy shoppers, business owners, corporate/religious organizations, cooperatives and educational institutions, among others.

Money Market Indicators (in Percentage)

OPEC DAILY BASKET PRICE AS AT 8 MARCH, 2023

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

Omoruku; Director, Information and Technology, Airtel Nigeria, Seun Solanke; Principal, Kuramo Senior College, Abdulwahab Babatunde Lawal and Head of Project Release Management, Airtel Nigeria, Akinkunle Oyafajo, during the presentation of Routers to Kuramo college in Victoria Island, Lagos…recently

Vetiva Forecasts Strong Growth Prospects for Bamburi Cement

Kayode Tokede

Analyst at Vetiva has predicted strong growth prospects for Kenyan’s cement producer, Bamburi Cement amid rising cement demand. Bamburi Cement is the leading cement manufacturer in Kenya, and the company also has business operations in Uganda through its subsidiary Hima Cement.

The company, which is

known for its high-quality cement products in the East African region, is a subsidiary of LafargeHolcim, a global leader in building materials and with a rich history spanning over 70 years. In its SSA Initiation of Coverage report “Infrastructure boom spurs long term outlook”, Vetiva Research projects strong growth prospects for Bamburi Cement.

The SSA Industrial Goods Analyst at Vetiva, Abigail

Alabi mentioned that this projection is hinged on the dearth of infrastructure and rising cement demand by the private and public sector, which creates an opportunity for Bamburi Cement and the entire cement industry.

Additionally, she noted that the Kenya government’s initiative to improve and bridge the infrastructure deficit has caused cement demand to trend higher. Accordingly, Bamburi Cement

has been able to leverage its position as the market leader to benefit from the increased infrastructure investments in the country. Abigail also noted that with Kenya’s infrastructure development plans set to continue, Bamburi Cement is well-positioned to maintain its market dominance and revenue growth.

Speaking on Bamburi Cement’s sustainability strategy, Abigail outlines the company’s

commitment to sustainability

through the reduction of its carbon footprint, by producing low-carbon and environmentally friendly cement products and switching from costly fossil fuels and gas which are affected by FX fluctuations to alternative fuels and renewable energy sources. The Kenya government has also made concerted efforts to promote the adoption of renewable energy.

Abigail also noted the strategic positioning of Bamburi Cement in the growing East African market amid the regional infrastructure boom and trade agreements which are expected to increase cement consumption and facilitate exports from the Kenyan market to other African countries respectively. That said, Bamburi Cement’s strong presence in Kenya and Uganda, allows it to cater to neighbouring countries in the region.

PRICES FOR SECURITIES TRADED ASOF MAY/30/23

ICAN LAUNCHES FORENSIC ACCOUNTING WITH NIGERIAN POLICE ACADEMY...

10th Assembly: Northern Alliance Alleges

‘Undemocratic Moves’ to Stop Betara, Yari

Says

plan underway

Emmanuel Addeh in Abuja

The Northern Alliance for Democracy (NAD) yesterday alleged that some elements within the leadership of the

to arrest reps member, senator

All Progressives Congress (APC) were perfecting plans to threaten, intimidate and possibly arrest Aliyu Betara, a leading aspirant for the speakership of the House of Representatives, and

Senator-elect, Abdulaziz Yari, who’s interested in heading the senate.

In a statement signed by the Chairman of the group, Jubril Mohammed and the Secretary, Bala

Sarki, NAD stated that having stood against the zoning arrangement of the APC, some leaders of the party were planning to send Nigeria’s secret police and the anti-graft agencies after

Kogi 2023: Court Asked to Disqualify APC's Guber Candidate

Aggrieved governorship aspirant, Achimugu seeks to replace Ododo

Alex Enumah in Abuja

The Federal High Court in Abuja has been asked to disqualify, candidate of the All Progressives Congress (APC), Ahmed Usman Ododo, from contesting the forthcoming governorship election in Kogi State.

The request by an aggrieved governorship aspirant under the platform of the APC was predicated on the ground that, Ododo was not qualified to fly the flag of the APC in the November 11, 2023 governorship poll, having failed to resign his employment with the Kogi State public service before contesting the governorship primary, which he won.

The plaintiff, Abubakar Achimugu, in the suit marked: FHC/ABJ/ CS/584/2023, is claiming that Ododo breached Section 182 of the Constitution, Section 84 of the Electoral Act, 2022, and Article 7 of the APC's Constitution in participating in the April 14 governorship primary of the APC.

Achimugu in the suit dated April 28, and filed on his behalf by his lawyer, Mr. Josiah Daniel-Ebune, is claiming that Ododo's failure to resign his appointment with the Kogi State government, 30 days to the primary, made him ineligible for the November 11, gubernatorial poll.

The APC, Ododo, the deputy governorship candidate, Salami Momodu Deedat and the Independent National Electoral Commission (INEC) are 1st, 2nd, 3rd and 4th respondents respectively.

Amongst the issues brought before the court for determination was that whether the 2nd defendant was eligible to participate in the forthcoming governorship election slated for November 11, 2023, in view of the fact that both at the time of submitting of nomination and expression of interest forms and the

conduct and declaration of primary election results Ododo and Deedat remained civil/ public servants and employees of Kogi State Government, contrary to the provisions of Section 182 (2), Section 84 (10) and (11) of the Electoral Act, 2022 Guidelines for the nomination of candidates.

If the answer is in the affirmative, plaintiff wants the court to amongst others declare that the 2nd and 3rd defendants are not qualified or eligible to have participated in the primary election being persons both employed in public service of Kogi State, they failed and neglected to resign, withdraw or retire from employment at least 30 days to the April 14, 2023 when the primary election was conducted.

They are also asking the court to declare that the 2nd and 3rd defendants at the time of the concluded primary election of April 14, 2023 and April 15, when results was announced were not qualified or eligible, not validly nominated, and the purported nomination is unconstitutional, not eligible to bear the flag of the APC, as its gubernatorial candidate for Kogi State governorship election slated for November 11, 2023.

Another declaration "That the 2nd defendant is not eligible or qualified to contest for the office of Kogi State Governor, in the November 11, poll, being a person employed in the public service of Kogi State and failed to resign 30 days to the primary election.

Subsequently, they prayed the court to make an order nullifying and setting aside the screening and participation of the second and third defendants in the April 14, gubernatorial primary election for the nomination of the candidate of APC, having been in breach of Section 182 of the Constitution and Section 84 of the Electoral Act, 2022,

Article 7 of the APC Constitution.

Another order disqualifying the 2nd defendant from contesting the office of Kogi State governor on November 11, 2023

"An order compelling the 4th defendant to remove the name of the 2nd defendant from the list of candidates vying for the governorship seat of Kogi State and substituting same with the name of the plaintiff.

"An order directing the 1st defendant to recognize and forward name of the plaintiff to the 4th defendant as APC's valid and authentic gubernatorial candidate for the governorship election in Kogi State.

"An order of perpetual injunction restraining 2nd defendant from parading himself as gubernatorial candidate of the APC.”

Another order restraining APC and INEC from dealing with Ododo as the governorship candidate of the APC and that in the event Ododo is declared winner of the November 11,

2023 guber election, before the case is fully determined, the certificate of return issued to him by INEC should be withdrawn.

When the matter came up on Tuesday, before Justice Obiora Egwatu, plaintiff's counsel, Daniel-Ebune, informed the court of an application dated and filed May 12, wherein it was seeking leave of the Court to amend the Originating Summons.

The request which was not opposed to by lawyers representing the 1st, 2nd and 3rd defendants, was granted.

While the first defendant, APC was represented by Mr Abdulwahab Mohammed, Ododo and Deedat were represented by M. Y. Abdullahi.

However, INEC was not represented, despite been served with the court processes.

Subsequently, Justice Egwatu, adjourned till June 14, for hearing just as he ordered plaintiff to serve INEC with the hearing notice.

the duo.

“You all will recall that Betara, Chairman of Committee on Appropriations of the 9th House of Representatives and Yari, a former governor of Zamfara State are two members of the National Assembly who have boldly stood against the zoning arrangements of the APC for the leadership of the legislature, and have been campaigning vigorously to, respectively, be Speaker of the House of Representatives and Senate President.

“We gathered from sources close to the ruling party that some powerful elements in the leadership of the party have vowed to get the Economics and Financial Crimes Commission (EFCC), the Department of State Service (DSS), and the Independent and Corrupt Practices Commission (ICPC), to threaten, intimidate and invite the duo for questioning on trumped up charges with a view to frustrating their aspirations,” NAD alleged.

Stressing that both Yari and Betara have not committed any offence, the group insisted that the APC should allow the members of the National Assembly elect their leaders in accordance with constitutional provisions.

It argued that Section 50 (la&b) granted members of the National Assembly the right to elect their leaders — Senate President and Deputy Senate President, Speaker and Deputy speaker of the House of Representatives — "from among themselves."

“We note that the quickest way to compromise the independence

and integrity of the legislature, and thereby subvert democracy, is this propensity by the ruling parties over the years to select leaders for the National Assembly, rather than allow the members elect their own leaders in accordance with the provisions of the constitution,” it maintained.

The group recalled the alleged decision of the Peoples Democratic Party (PDP) under President Olusegun Obasanjo to select leaders of the 4th Senate between 1999 and 2003 which degenerated into serial crises that resulted in four senate presidents within four years.

It added that under President Goodluck Jonathan, the PDP administration had a problem with the 7th House of Representatives when its selections for Speaker and Deputy Speaker failed to win on the floor. Only recently in the 8th Senate, it noted that the failed attempt by the APC to impose a senate president caused a crisis of trust and confidence between the 8th National Assembly and the presidency.

“We call on President-elect Bola Ahmed Tinubu, who is self-acclaimed leader of democrats irrespective of parties, to allow democracy to thrive by stopping those party hawks attempting to use undemocratic means to stop National Assembly members from pursuing their legitimate aspirations.

“We call on Nigerians to be at alert and not allow undemocratic elements to sow the seed of crisis so early in the 1 0th National Assembly, so the new government is not distracted from delivering on its promises to the people,” NAD concluded.

CELD Innovations Receives National Reward Licence from NLRC

The CELD Innovations Limited trading as CashToken Rewards Africa has received the National Reward Licence from the National Lottery Regulatory Commission (NLRC).

The auspicious occasion was attended by the members of the board of the NLRC led by the Director General of the Commission, Mr. Lanre Gbajabiamila, and Members of the board of CELD Innovations Limited led by its chairman Mr. Taiwo Olashore.

A statement yesterday, explained that the event took place at the Commission's Headquarters in Abuja, last Friday.

Speaking at the event, Gbajabiamila commended the initiative

by CELD Innovations Limited, saying he had studied the proposal and saw the potential for actual impact on the citizens of Nigeria once executed, as he reiterated the support of the board of directors of the commission, who would be working closely with the organisation in ensuring the adherence to the compliance of the terms and conditions signed by both parties as he urged the organisation to reach out to the commission for assistance when needed.

Speaking on behalf of CELD Innovations Limited, Olashore, expressed gratitude to the Commission for the remarkable opportunity and confidence in the

capacity and capability of CELD Innovations Limited as he pledged the organisation's commitment to fulfilling its responsibilities with utmost dedication and integrity.

Furthermore, Olashore commended customers, stakeholders and members of the board of directors for their unwavering support, which has been critical to the organisation's success. He also used the medium to commend Mr. Lai Labode and his team for their tireless efforts, unwavering dedication, and passion in securing the national licence.

Also Speaking at the event, Labode, who is the Managing Director and CEO of CELD

Innovations Limited, expressed gratitude to Gbajabiamila, for taking the time to understand the national rewards initiative through CashToken Rewards Africa.

He further stated that, “this is a first in Africa and worldwide where any country is engaging in a National Reward program where patronising local businesses is rewarded.

“Using CashToken Rewards Africa's socialist model of reward, the government of Nigeria would gain unprecedented public emotional goodwill and appeal through the National Lottery Regulatory Commission, which would redistribute wealth, alleviate poverty, and create jobs.”

L-R: Council Member, Institute of Chartered Accountants of Nigeria (ICAN), Mr. Jamiu Olakisan; representative of the Commandant, Nigeria Police Academy, CP Lawal Badaru Banji; ICAN President, Mallam Tijjani Musa Isa; and the representative of director, special control unit against money laundering ( SCUMIL), Mrs. Folasade Oluwasanya at the launch of ICAN forensic accounting and fraud certification programme with the Nigeria police academy in Lagos….. yesterday

PHOTO: SUNDAY ADIGUN

InAUgUrAL MOMO StAKEhOLDEr FOrUM In CELEbrAtIOn OF MOMO PSb’S FIrSt YEAr AnnIvErSArY...

Jonathan: Dokpesi Was Humane Entrepreneur, Bridge Builder

Shettima, Sule, Bello, Adeleke, others mourn

Chuks Okocha in Abuja, Yinka

Kolawole in Osogbo, Igbawase

Ukumba in Lafia, Ibrahim

Oyewale in Lokoja and Adibe

Emenyonu in Benin City

Former President Goodluck

Jonathan, has expressed sadness over the passing of the founder of DAAR Communications, High Chief Raymond Dokpesi, stating that the country has lost a true patriot, humane entrepreneur and fair-minded nation builder.

Also, Vice-President Kashim Shettima as well as Governors Abdullahi Sule (Nasarawa), Yahaya Bello (Kogi) and Ademola Adeleke (Osun), among other prominent Nigerians, have joined several other people around the world to mourn the passing of the media mogul.

Jonathan, in a condolence message to the Dokpesi family and DAAR Communications, and authored his Media Adviser, Okechukwu Eze, described the deceased as a successful entrepreneur, media mogul and philanthropist, who took the art of giving to a new level and made significant contributions to human progress.

The former president, who was one of the early sympathisers to visit the Dokpesi family in Abuja, on Monday, noted that he cultivated the kind of friendship with Dokpesi that stood the test of time.

“He was a humane businessman and philanthropist, who took the art of giving and human relations to a new level. As a patriot and politician, he exemplified the virtues of loyalty, justice and service. A team player and bridge builder, High Chief Dokpesi played the kind of politics that promoted friendship, ethnic cohesion and national unity.

“High Chief Dokpesi will be remembered for his works of charity, devotion to his faith and inspiring

leadership, especially serving as a trailblazer who pioneered private broadcasting and played a major role in advancing media freedom in Nigeria.”

Kashim Shettima

Vice President Shettima, while speaking on the death of Dokpesi, said "He was my very good friend, Dokpesi. He was 71 and and it is a relatively young age in the context of increased life span of humanity.

"He was looking very robust and healthy. May his soul rest in peace. He was my very friend,” the Vice President reiterated.

Abdullahi Sule

Nasarawa State Governor, Abdullahi Sule, in a statement by his Chief Press Secretary, Ibrahim Addra, lamented that with the demise of Dokpesi, the world of broadcasting has lost a giant, recalling his foray into the Nigerian media space and his many accomplishments in the sector.

"Today, DAAR Communications and its flagship, the Africa Independent Television (AIT), are eloquent testimonies of the late Chief’s vision and long time commitment. He will be greatly missed," he said, while praying God to accept his soul and forgive his shortcomings.

Yahaya Bello

Kogi State Governor, Yahaya Bello, in a statement by his Chief Press Secretary, Muhammed Onogwu, said, “I was deeply saddened to hear of the passing of the esteemed media mogul and visionary behind AIT News Network and Raypower FM, Dr Raymond Dokpesi. Dr Dokpesi was a true pioneer and an iconic figure in the realm of media.”

Bello said Dokpesi’s relentless

efforts and unwavering dedication played a vital role in deepening the concept of a free press and shaping the landscape of journalism in the country, adding that through his media platforms, he fearlessly embraced the responsibility of presenting unbiased news and providing a platform for diverse voices to be heard.

“Through his visionary leadership, he not only established reputable media outlets but also created countless employment opportunities for aspiring journalists, reporters, technicians, and other professionals in the media field. His commitment to fostering talent and nurturing careers will continue to leave a lasting legacy,” he said.

Ademola Adeleke

Osun State Governor, Senator Ademola Adeleke, in a statement by his spokesperson, Adeleke said Dokpesi forged a path as a media entrepreneur with a purpose, pioneering private television in Nigeria to expand the course of right information to the public, saying his foresight revolutionised the media space in Nigeria, making sure that Nigerians could have a choice on the information they get.

"Chief Dokpesi's impact across Nigeria, particularly in the area of job creation, is hard to miss. The media as a whole, and more, our great party, the PDP, has lost one of its finest, and I join them in mourning an astute businessman that has contributed so much to

the progress of our nation.

"My thoughts and prayers are with his immediate family, the Daar Communication family, the media, our great party, the PDP, and every other people touched by the demise of Chief Dokpesi. It is my sincere prayer that Almighty God comfort them in this difficult moment of sorrow and pain, and give them the fortitude to bear the irreparable loss," he stated.

Esan Okpa Initiative

A socio-cultural and non-partisan pan-Esan umbrella organisation, Esan Okpa Initiative (EOI), in a press release in Benin City by its President, Mr. Mathew Egbadon, and Public Relations Officer, Mr Tony Iyare, said, “His death is a

huge and tragic loss not only to Edo State but to our dear country Nigeria.”

Recalling his dogged and great pioneering role in private broadcasting about 30 years ago, which has expanded the media space and offered alternative platforms for venting of diverse opinions and views, the group contended that, “Nigeria and humanity has indeed lost a huge asset.”

Recounting his humility, humanism and generosity, which impacted on many, the group saluted him for “always being imbued with the propensity to share whatever he had with others,” and “We also pray for the repose of his soul, as we share the grief of the immediate family he left behind.”

Senate Presidency: I’ll Run on Joint Ticket With Yari, Says Kalu

Asks Tinubu to scrap Niger Delta ministry

Sunday Aborisade in Abuja

Senate Chief Whip, Orji Uzor Kalu, has said he was already discussing with a former governor of Zamfara State, Abdulaziz Yari, to contest the 10th Senate Presidency on same ticket. Kalu, who disclosed this in an interview with journalists at the National Assembly, also asked President Bola Tinubu to scrap the Niger Delta Ministry, because it had outlived its usefulness.

The former governor of Abia

State explained that Yari and himself were enjoying the support of their colleagues and other sponsors within and outside the Senate Chamber to make their ambition become a reality.

"I cannot step down for anybody. I'm contesting the Senate Presidency but we are talking with Senator-elect Abdulaziz Yari on the possibility of a joint ticket and talks had reached an advanced stage on the issue.

"Our group and his group are talking and we are in intimate partnership and talks is ongoing. No

zone can single-handedly produce a Senate President just as no single zone can single-handedly produce the President of Nigeria.

"We have a united partnership with Senator-elect Yari that will work for Nigeria. In the coming days and week, those partnership will be unveiled. We have not decided on who will be Senate President and who will be deputy.

"I cannot deny it – Yari is a friend of mine and I'm his friend and we have decided to talk. We have been speaking for the past four weeks

Fasoranti to Tinubu: Pick Nigeria’s Best Brains into your Cabinet

Fidelis David in Akure

Leader of Yoruba’s foremost socio-political group, Afenifere, Pa Reuben Fasoranti, yesterday, called on President Bola Tinubu, to select the best brains Nigeria could offer as members of his cabinet, in order to move the country forward.

Fasoranti, in a statement, congratulating Tinubu on his inauguration, which he described as a momentous occasion, said

the country was facing security concerns to economic struggles, and that there was much work to be done in order to ensure that Nigeria reached its full potential. While calling on Tinubu to count on the unalloyed support of Afenifere throughout his tenure, the statement stated: “I am highly delighted to write on behalf of myself and Afenifere to congratulate you on the propitious occasion of your inauguration as the 16th President and Commander-in-Chief

of the Armed Forces of the Federal Republic of Nigeria.

“Your trajectory to the podium has been long and tortuous, but the arduous path has only made the victory sweet. More importantly, the sweet victory is not without its burden, the whole world knows that you are prepared for the job, and therefore, there should be no excuse for failure.

"Today, Nigeria is facing a myriad of challenges in multiple fronts that require urgent and

decisive actions. These include the exceptionally high level of insecurity, poor and nosediving economy, derelict infrastructure, youth unemployment and the hydra-headed corruption among others.

"I have gone through your ‘Renewed Hope 2023 - Action Plan for a Better Nigeria publication and after listening to your maiden broadcast, I am convinced that if the plans enunciated in the speech and personal manifesto

are religiously and meticulously implemented, the challenges will be mitigated and Nigeria will surely be a greater nation.

"In selecting your team, please pick the best that Nigeria can offer and I believe that this country is well endowed with the human resources that can turn her fortunes around. Choose men and women of impeccable character, competence and capacity and post them to their areas of maximum benefit for the nation," he noted.

and the result will be unveiled by our sponsors, he has his sponsors and I have my sponsors.

"The sponsors will come together to decide what direction this partnership will be. I'll be very happy to reveal what the sponsors will say. The two of us are thinking of the integrity of the senate and support President Bola Tinubu and Vice-President Kashim Shettima, who were our colleagues.

"If you are thinking that what happened during (former Senate President, Bukola) Saraki's time, it will never happen again. We won't disappoint Nigerians. We are capable of representing ourselves – Yari-Kalu/Kalu-Yari – we won't disappoint Nigerians. We will give Nigerians what they require and the Nigerian people won't be disappointed."

On the issue of the Niger Delta Ministry, Kalu said, "Some of the Ministries and federal agencies are no longer viable. An example is the Ministry of Niger Delta Affairs"

“The Niger Delta Development Commission and the North East Development Commission can be reporting directly to the Presidency. The Ministry of Niger Delta Affairs should be scrapped and NDDC should be repositioned."

L-R: Co-Founder, Andela,Mr. Iyinoluwa Aboyeji; Group Head, Digital Banking, UBA,Mr. Kayode Olubiyi; Co-Founder, PiggyVest, Odunayo Eweniyi; Chief Executive Officer, MoMo PSB, Mr. Eli Hini; Chief Executive Officer, Uplift, Mr. Agada Apochi; and Managing Director, Fairmoney, Mr. Henry Obiekea, at the inaugural MoMo Stakeholder forum in celebration of MoMo PSB’s first year anniversary, in Lagos ... recently PHOTO: ETOP UKUTT

FIRST DAY AT WORK, ABIODUN MEETS CIVIL SERVANTS...

Prince Dapo Abiodun surrounded by civil servants on arrival for duty in his office to commence his second term... yesterday

INVESTORS REACT POSITIVELY AS TINUBU MEETS EMEFIELE, KYARI, LABOUR OVER PETROL SUBSIDY

Similarly, the NMDPRA, through its General Manager, Corporate Communications, Kimchi Apollo, said Tinubu’s decision to end fuel subsidy was in line with the Petroleum Industry Act (PIA) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.

“We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form.

“The Authority assures that there is ample supply of PMS to meet demand as we have taken necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country.

“We therefore call on Nigerians to remain calm and resist the urge to stockpile as it poses a significant safety“Thehazard.NMDPRA reassures all Nigerians that the removal of subsidy on PMS is a step towards building a more sustainable and prosperous future for our nation.

“We will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector,” it said in the statement.

NEITI Laments N13.6tn

Subsidy, Seeks Peopleoriented Programmes

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday welcomed the removal of fuel subsidy by Tinubu, lamenting that N13.6 trillion had been expended for the purpose between 2005 and 2021.

A statement in Abuja signed by the Deputy Director/Head Communications & Stakeholders Management, Obiageli Onuorah, described the move as a positive statement by the new administration to decisively implement the findings and recommendations contained in NEITINEITIreports.recalled that its recommendations for the removal of fuel subsidies had remained a persistent request since 2006, given the agency's concerns about the huge financial burden that the subsidy regime imposed on the growth of the Nigerian economy over the years.

“From the NEITI reports, between 2005 to 2021, the country spent $74.3862 billion which translates to N13.697 trillion,” the statement added.

It explained that a breakdown of the figures showed that in 2005,

the government paid $2.6 billion (N351 billion) as subsidy. In 2006 & 2007, it paid $1.99 billion & $2.176 billion (N257 billion & N272 billion) respectively.

“Subsidy payments more than doubled in 2008 and 2010 and witnessed the highest increase ever in 2011 to $13.52 billion (N2.11 trillion). A sharp decline was witnessed in the years 2012, 2013, 2014 and 2015 when it dropped to $3.336 billion (N654 billion) in 2012. The decline in subsidy expenditure continued in 2016 and 2017 to as low as $473 million (N154 billion) in 2017.

“The reduction was short-lived as the payments skyrocketed to over $3.88 billion (N1.190 trillion) in 2018 and 2021 to $3.575 billion (N1.43 trillion). By these figures, Nigeria expended an average of N805.7 billion annually, N67.1 billion monthly or N2.2Billion daily,” NEITI stated.

The amount expended on subsidies from 2005 to 2021, it said , is equivalent to the entire budget for health, education, agriculture and defence in the last five years.

The sum, NEITI stressed, also equals the capital expenditure for 10 years between 2011-2020, with subsidy payment reaching its peak in 2011 ($13.52 billion or N2.11 trillion).

NEITI pointed out that the situation was even worse because it relied more on federation accounts funds, the federal government and sometimes from external borrowing with negative consequences on government overall revenue profiles.

To drive home the urgency to remove subsidy, NEITI said it resubmitted an earlier report in the year 2023, NEITI, recommending the strengthening of the implementation of the Petroleum Industry Act (PIA) as a whole and not in parts.

NEITI also underlined the importance of unveiling the implementation of people-oriented welfare programmes to provide relief for the poor and vulnerable.

It advised on priority attention to be paid to the rehabilitation of the nation’s four refineries currently ongoing while encouraging private investments in establishing new refineries.

“Other policy considerations are that government should commission a special report on actual PMS consumption in Nigeria, enforce stringent sanctions for criminal activities in the oil and gas sector and conduct appropriate stakeholders’ consultations, engagements and enlightenment.

“While the details of the implementation of the policy are being awaited, NEITI is set to commission a special research on the actual consumption of PMS in Nigeria.

“The study is to establish precisely

what the nation is consuming. NEITI's view remains that the data on the country's actual consumption is unknown resulting in huge revenue losses to the nation through subsidy payments based on estimates,” it posited.

NEITI further expressed excitement in Tinubu’s position that the revenues saved from subsidy should be channelled to education, health, roads and other critical infrastructure,

“The policy advisory also conducted a survey of the pump price of petrol across the country outside the major cities of Lagos & Abuja during the era of petroleum subsidy.

“In the North West, North East and North Central states a litre of petrol averages N270.00, N265.80 and N 269.00 respectively. The southern states pay slightly lower with the South-South paying N232.50, South East N235.20k while the South West states pay an average of N250.00. Major marketers and prices at the state capitals stood largely between N169.90 to N190.00.

“NEITI’s study on the petroleum subsidy also established the prices of Petroleum products across Nigeria’s borders and within the West and East African region.

“In Senegal, a litre of fuel sells for 635.91k, while in Guinea, Sierra-Leone, Togo, Cameroun and the Republic of Benin it costs N609.30k, N506.96K, N 497.78K, N449.24 and N462.23k respectively. It is on record that the supply to some of these Nigerian neighbours is largely the smuggled subsidized petroleum products from Nigeria,” it added.

NEITI, therefore, called on the regulatory institutions to stand firm and tackle artificial scarcity, hoarding and other man-made obstacles being created at the moment to frustrate the implementation of subsidy removal.

“The NNPC has assured Nigerians of adequate fuel supply and the NMDPRA is working closely with stakeholders to ensure a seamless transition. They are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country,” the organisations stressed.

The decision to phase out the fuel subsidy regime, they argued was not merely a fiscal reform, but a significant stride toward social justice.

“We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare. These investments symbolize our shared future, promising considerable, long-term benefits for all Nigerians.

“We understand the concerns regarding potential price increases. However, we expect marketers to maintain reasonable pricing, as NNPC remains the sole supplier of the product currently.

“We anticipate minimal changes regarding distribution costs, considering the cost of the product constitutes 80 per cent of the pump price. We pledge, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, to manage these distribution costs diligently to minimise their impact on the pump price,” the groups said. They also urged suppliers to continue supplying products to all legitimate marketers and called on all stations to remain open and avoid hoarding products.

has begun to fulfil his campaign promises."

The IPMAN official said the petrol subsidy removal would bring about competition among players and address the issue of monopoly in the petroleum marketing business in Nigeria. Osatuyi maintained that the subsidy removal policy would lead to market liberalisation, availability of product, and check excesses of middlemen, warning, however, that there would be an increase in the price of petrol. Osatuyi noted that the money saved from subsidy removal would be used to boost the economy and the well-being of Nigerians.

Lending his voice, the Managing Director of 11 Plc and immediate-past Chairman of MOMAN, Mr. Tunji Oyebanji, said that the pronouncement was a timely decision for the country. Oyebanji, however, said it was not clear if the removal of fuel subsidy was with immediate effect. “Scarce resources will be channelled to productive sectors of the economy. Borrowing levels will reduce significantly. It may possibly lead to the strengthening of the naira,” he said.

Lawmakers Back Removal of Fuel Subsidy, Hail Tinubu's Boldness

Members of the House of Representatives, at plenary yesterday, backed the decision of the federal government to end petrol subsidy.

described as untimely removal of fuel subsidy by Tinubu.

The party lamented that it had been confronted with the stark reality that less than 24 hours after Tinubu took over the reins of power, Nigerians woke up to see the pump price of petrol shot up to N600 per litre and N750 per litre in the black market, calling on Nigerians to be ready for more anti-people policies by the government of the ruling All Progressive Congress (APC).

Obiora Ifoh, the Abure's led-NWC National Publicity Secretary, stated this yesterday in a statement made available to journalists in Abuja. He said though Labour Party had during its campaign promised to end the subsidy regime, but would not have gone ahead to announce the removal by a presidential fiat without working out modalities to cushion the effects it might have on the people.

He said: "As we speak now the queues are back again and Nigerians will, as was the case in the previous administration, begin to keep vigils in the filling station to get just a few litres of petrol.

“As expected commercial transporters have hiked their trip fares across the country in response to the developments. While product hawkers are once more the king of the jungle.

"This scenario easily reminds one of the story of a certain Pharaoh who on assumption of throne empowered his task-masters to tripled the daily tasks of the Jews.

MOMAN, DAPPMAN, IPMAN Hail

President

Meanwhile, the Major Oil Marketers Association of Nigeria (MOMAN) as well as the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN), yesterday endorsed the pronouncement by Tinubu, on the phase-out of the petrol subsidy regime.

“We appreciate the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic shift in our nation's economic trajectory.

“In light of the assurances given by the NNPCL and the NMDPRA, we wish to reiterate that there is no cause for alarm. We strongly urge Nigerians to avoid panic buying or stockpiling of petrol. This behaviour not only creates artificial scarcity but also poses a significant safety hazard.

“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in a bid to diversify the source of petroleum products and enhance market“MOMANcompetition. and DAPPMAN will maintain open dialogue with the federal government, advocating for stability in the oil sector during this transitional period. We are prepared to support any measures from the government that would help cushion the impact on the populace,” they added.

On his part, the National Operations Controller of IPMAN, Mr Mike Osatuyi, said the removal of fuel subsidy by Tinubu was a welcome development geared toward revamping the downstream sector of the Nigerian oil and gas industry.

Osatuyi said Tinubu had promised to remove fuel subsidy right from the first day of his administration, noting that the pronouncement was part of his campaign promises. He said the money used on subsidy would be diverted to develop other sectors, saying, “That means Tinubu

The lawmakers hailed what they described as courage and boldness to serve the country Nigeria with honesty and integrity.

According to them, this showed his readiness for national task ahead and service to humanity.

The House appealed to Nigerians to remain patient, resilient and prayerful so that the President can deliver on his promises.

The resolutions followed the adoption of a motion of urgent national importance sponsored by Hon. Jimoh Olajide (APC, Lagos).

Moving the motion, Olajide noted that Tinubu on May 29th 2023 made a Public Pronouncement on fuel subsidy removal.

He said Tinubu was a concerned senior citizen who’s agenda was to favour the down trodden for the purpose of humanity.

He explained that there was no provision for fuel subsidy in the 2023 Appropriation Act, and that the current 9th Assembly and the past administration had given it a legal backing.

Labour Party Faults Approach

The Labour Party yesterday, expressed shock over what its

“What a way to announce once emergence as the sheriff in town. President Tinubu's first executive proclamation was such that it is purposed to inflict pains on Nigerians.

"Labour Party, while campaigning in the last election also proposed ending the subsidy regime, however, on the condition that necessary policies and actions would have to be in-situ.

"The removal of subsidy by a presidential fiat as witnessed yesterday was not only shocking but practically took every Nigerian by surprise. We advise Nigerians to brace up for more shocks and surprises in the days ahead.

"Labour Party is therefore condemning the unilateral decision by President Tinubu who without any form of consultation with the stakeholders particularly, the Labour unions removed the subsidy on petroleum and has instantly pushed Nigerians further into hardship.”

The party however called on the various unions, social activists and Nigerians in general to "be watchful and ensure that democracy is not derailed by whatever means and guise"

PANIC BUYING OF FUEL...

Tinubu’s 'Subsidy is Gone' Pronouncement

Triggers Nationwide

Our Correspondents

The chaotic reaction to the removal of petrol subsidy announced by President Bola Tinubu on Monday continued yesterday, with many filling stations across the country hoarding the product, while the few that opened to customers sold at exorbitant prices

Findings by THISDAY in states across the country showed that fuel retailers shut their gates to motorists, thus worsening the petrol scarcity nationwide.

Tinubu had during his inaugural speech as the 16th president of Nigeria, on Sunday, at the Eagle Square, Abuja, declared that subsidy was gone, adding that there was no provision for petrol subsidy in the 2023 budget he inherited.

"The fuel subsidy is gone. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions", Tinubu had said.

However, few hours after the president's announcement ditching petrol subsidy, marketers of petroleum products started raising their pump prices from the official N185 and unofficial N200 per litre to between N350 and N600 across the country.

Lagos State: Between N500 and N800 Per Litre

In Lagos, commuters were left stranded yesterday as fare prices skyrocketed. THISDAY monitoring around some parts of Lagos revealed that several filling stations, apart from Total and NNPC, were selling way above the official price.

Checks from filling stations around Ikorodu, Owode Onirin, Ketu, Lagos-Ibadan Express Way, Alausa, Ogba, Ojota, visited showed that the filling station were selling the product between N500 and N800 per liter with long queues, thereby causing heavy traffic. This was just as many filling stations were still hoarding the product with hopes that a new price regime would be announced soon. Consequently, transport operators within the state have also raised their prices to as high as N1000 for places they would normally charge N200 or less.

Niger State: Between N250 and N300 Per Litre

Motorists in Niger State had herculean tasks getting fuel to run their vehicles as long queues surfaced at most of the petrol stations in Minna the state capital.

Though the filling stations were selling petrol to motorists majority of them were dispensing only through one pump a situation that has made the queues to move slowly

Apart from the Nigeria National Petroleum Company NNPC outlets which as at press time was selling at N197 per litre other stations were selling at between N250 and N300 per litre.

As a result of the rowdiness at the filling stations the black markets have resurfaced some of them operating almost opposite the official filling stations and were selling far above the official litre price.

Borno & Yobe States: Between N300/N400 Per Litre

Long queues emerged yesterday at filling station in Maiduguri, the Borno State capital and Damaturu, the capital of Yobe State. In Maiduguri, queues were seen at the few filling stations that were still selling fuel the product for N300 per litre. Most of the filling stations were believed to be hoarding the product and were using the cover of the night to sell to operators of black market, who subsequently sell a litre for N400.

Petrol Hoarding, Price Hike

In Damaturu, the capital of Yobe State, most of the filling stations were closed. They were believed to be hoarding the product, gauging the situation to know what to do next after the removal of the fuel subsidy was announced by the new President. He said the people of the town woke up to find out most of the filling stations not selling fuel and the little that were selling do so at the price between N300 and N400.

Adamawa State: N350 to N600 Per Litre

Adamawa State yesterday experienced fuel scarcity and hike in price of petrol products. The product was sold between N350 to N400 per litre within the state capital.

Checks at some petrol station in the state indicated that Jezco , AA Rano sold products for N350 per litre, while other like Ondo, Total at Maidoki roundabout and Jimeta Market respectively were completely shutdown However, at the borders areas of the state like Mubi and Maihia Local Government Areas which has border with Cameron, petrol was sold for between N500 to N600 per litre.

Kwara: N650 Per Litre

Fuel scarcity yesterday persisted in Ilorin, the Kwara State capital as many petroleum filling stations did not open for business. Already, the pump prices of fuel has increased from N195 per liter to N650 per liter in the state.

A visit by THISDAY to some filling stations in Ilorin, yesterday, showed that, only few of the filling stations were selling, as vehicle owners had to queue for more than three hours before getting fuel.

It was also gathered that most filling stations located on major roads, starting from Mandate Estate Adewole, Olorunshogo, Geri-Alimi, Airport Road, Sawmill, Asadam, Irewolede, Taiwo road, Offa Garage and many areas did not sell.

Reports from Offa, Omu-Aran, Oro, Erin-Ile, Oko all in Kwara South senatorial district of the state, independent marketers were dispensing fuel between the prices of N450 and N600 per liter. Also in Lafiagi, Shonga, Gure, Gbugbu, Bode-saadu towns in Kwara North senatorial district, independent marketers were dispensing fuel between N500 and N650 per liter.

Cross River: N500 Per Litre

Most of the fuel stations in Calabar, Cross River state capital closed shop and stopped selling their products to motorists and other users of the commodity yesterday. But few of the fuel stations that were still selling to customers had to contend with long queues of motorists, and many of the people buying fuel in jerricans for domestic and commercial purposes. As of Tuesday, they were selling the product for between N400 and N550 depending on the discretion of the marketers.

While a few of the major stations along MCC and Murtala Mohammed Way sold for between N400 and N500, a few others, especially those in Calabar South sold for between N500 and N500 even with long queues in the stations.

Ogun State: N400

Most filling stations in Abeokuta, Ogun State, yesterday locked their gates against motorists. Checks in the state capital, revealed that few Independent Petroleum marketers that were selling fuel did so, to their customers at prices between N230 and N400. Even at that, long queues, were noticed at the filling stations.

However, queue at the NNPC Mega Station, on the Presidential Bullvard, stretched for more than one and half kilometers as the station sold at N195 per

litre to motorists. The situation, has led to sharp increase in transport fares as commercial taxi drivers, now charge N250 for a distance that hitherto cost N100.

Ondo State: Between N350 and N500

Residents of Ondo State have been groaning over the price hike and scarcity of petrol.

As early as 6am, yesterday, THISDAY observed that long queues had returned to petrol stations in Akure, the state capital, Owo and similar situation was reported in Ore, in Odigbo Local Government Area as motorists engaged in panic buying.

THISDAY also observed marketers and operators increased petrol pump price and were selling between N350-N500 per litre. The sharp increase in fuel pump price was almost 100 per cent. Two petrol stations visited in Ijoka road and Akure-Ilesha expressway were selling between N350- N500.

Enugu State: Between N350 and N500

In Enugu, some filling stations which opened for operations, yesterday, especially in the Abakpa area of the state sold their products between N350 and N500. However, there was no scramble for petroleum products as residents of the state sat at home to observe the 2023 Biafra Remembrance Day Celebration. Many businesses were locked up and Streets empty.

Delta State: Between N500 and N700 Per Litre

Most petrol stations across Delta State have increased their pump prices from between N220 and N700 per litre depending on their locations.

THISDAY monitoring of the development yesterday revealed that some fuel stations in Warri, Ughelli, Sapele, Agbor and Asaba, the state capital revealed that fuel were being sold for N500. In some rural villages, petrol was sold for as much as N700 per litre. At one of the fuel stations along Deco road in Warri where fuel was being sold at N220 per litre, the fuel attendants had a hectic time attending to customers as both motorists and black market operators jostled to be attended to. Already, the action of the fuel marketers is having untold effect on transportation as commercial vehicle operators have increased transport fare by 100 percent.

Ebonyi State: N550 Per Litre

Many fuel stations were shut down in Ebonyi state, leading to an increase in the price of petrol to N550 per litre. Some of the available fuel stations recorded long queue while black marketers sold N750 per litre.

About five stations were selling fuel in the whole of Abakaliki capital city. When THISDAY visited NNPC mega station, it was also not selling fuel. The development has also increased the cost of transportation in the state. A source told THISDAY that some of the fuel stations that were shutdown have petrol but dealers decided to hoard the products.

Bayelsa State: Between N500 and N600 Per Litre

Residents, commuters, students, civil servants and many Bayelsans were left stranded early yesterday morning as they woke up to the sudden changes in the price of petrol and subsequent increase in the transport cost. The price of petrol which was sold at between N195 to N210 in the morning of 29th May, suddenly skyrocketed to between N400 and N500 in evening and yesterday morning. It went up to between N500 and N700, depending on the marketers.

Students and civil servants who woke up in the morning to go to school and offices respectively, were left stranded for hours as commercial drivers also adjusted

their prices to reflect how much they buy the fuel. Most filling stations quickly closed up and stopped selling the products to consumers but they resumed late at night, selling only to black marketers, who now sells to consumers at between N700 and N800 per litre.

Ekiti State: N800 Per Litre

All petrol stations in Ekiti State were under lock and key since early morning of Tuesday. Consequently, transportation per drop which used to be N100 was increased to between N300 and N500 per drop while black marketers took over the scene, selling petrol at between the rate of N800 per litre and N1,000 per litre in Ado Ekiti, the Ekiti state capital.

Katsina State: N350 Per Litre

Many filling stations in Katsina metropolis were shut yesterday, leading to lengthy queues by motorists in search of petrol. The ever-busy filling stations in the state capital, Danmarna, AA Rano, Matrix and the newly inaugurated Al-Muazzam Global Links Nigeria Limited, shut their doors to customers, leaving many motorists stranded in the state. Some of the filling stations which were seen dispensing the commodity, were selling it at the cost of N350 as against the N210, N215 and N220 prices, while government-owned filling stations (NNPC) maintained their normal price of N185. Meanwhile, black marketers in front of the filling stations were selling at between N500 and N650 per litre.

Abia State: Between N550 and N700 Per Litre

In Abia State, petrol stations in Umuahia, yesterday, shut their gates to customers with the pretence that fuel was not available. The few stations that were opened, sold the product at between N550 and N700 per litre. On Monday, petrol sold at between N230 and N250 before the surprise announcement of subsidy removal. Expectedly panic buying ensued resulting to long queues of desperate motorists, tricycle (Keke) operators jostling to buy the little they could afford to keep their vehicles moving.

Kano, Jigawa States: N300 Per Litre

Queues persisted in Kano, Jigawa state and people scrambled to get petrol for their cars and generators. In some places like Gyadi Gyad, Zaria road, Maiduguri road, and BUK road, long queues were spotted with hundreds of cars waiting to buy the products.

When visited some of the fuel stations in the state, the majority of them were found locked up, with very few selling fuel at N300 per litre. THISDAY spoke with a fuel attendant said they were directed by the filling station owners to raise the price to N300 per litre.

In Jigawa state, most of the filling stations were closed and stopped dispensing fuel.

Bauchi: Between N220 and N355 Per Litre

In Bauchi, THISDAY checks revealed that many private filling stations were not dispensing the product as of the time of filing this report. As of yesterday, the product was being sold at the rate of N220 per litre by some major independent marketers like Shafa Petroleum and Matrix that were dispensing to buyers.

Other minor independent marketers however adjusted their pump price to between N350 and N355 per litre. Some of the residents who spoke to THISDAY, argued that the new administration was starting on a very wrong footing knowing that Nigerians went through hard time for eight years under the immediate past administration.

Fuel queues in Abuja

LAUCHING OF UBA ALUMNI NETWORK…

Obi Calls First Witness, Atiku Tenders BVAS Report from 36 States against Tinubu’s Election

Alex EnumahinAbuja

The Labour Party (LP) and its candidate in the February 25 presidential election, Mr Peter Obi, yesterday, commenced their case against the election of President Bola Tinubu by calling their very first witness in the petition, just as Atiku Abubakar and the Peoples Democratic Party (PDP) tendered plethora of documents to prove their

allegations against the outcome of the presidential election.

Atiku, Obi and the Allied People’s Movement (APM) are seeking the nullification of the election of candidate of the All Progressives Congress (APC) as winner of the recent presidential election.

They claimed Tinubu did not win majority of lawful votes cast during the poll, alleging that the Independent National Electoral

Otti Freezes Accounts, Dissolves Boards

The Governor of Abia State, Mr. Alex Otti, yesterday directed the immediate freezing of all accounts of the state government and those of its agencies domiciled in every bank and financial institutions in the country.

This is just as the governor named Prof. Kenneth Kalu as the Secretary to the State Government (SSG) among other seven appointments announced yesterday.

The new development was

made known in a statement issued by the governor’s media office, signed by the Special Adviser(media and publicity), saying that Otti gave the directive after his inauguration on Monday. He said that all concerned banks and financial institutions were expected to comply with the directive immediately.

“With this notice, all banks and other financial institutions in the country are directed to immediately cease from honouring any cheque, document, instrument or directive of any kind not expressly approved by or emanating from him (Otti).

Taraba: Gov Kefas Dissolves Local Govt Caretaker Committees

WoleAyodeleinJalingo

Taraba State Governor, Agbu Kefas, has dissolved the local government caretaker committees across the 16 local government areas of the state.

In a statement issued yesterday and signed by the Chief Press Secretary to the governor, Mr. Yusuf Sanda, the dissolution of the caretaker committees took effect on May 29, 2023.

The dissolution, which is coming barely 24 hours after Kefas was sworn in as governor of the state, has sent

strong signals that the governor may upturn most of the appointments made by his predecessor particularly those made at the twilight of his exit from office.

According to the statement, the former caretaker chairmen were directed by the governor to hand over all government property in their possession to the Head of Local Government Administration (HOLGA) of their respective councils with immediate effect.

GreenHub, IHS Unveil Eco-Action Project in Schools

GreenHubAfrica Foundation have partnered with IHS Nigeria to roll out a new edition of their schools’ outreach programme across the country in order to help raise awareness of environmental issues among young people in Nigeria.

The initiative, Eco-ActionProject (EAP1.0) has been designed to help raise awareness of global environmental challenges and explore more sustainable approaches to mitigating these challenges. It will focus on young people from 18 junior secondary schools from across the country’s six geopolitical zones.

The firms explained in a statement that there are six participating Junior Secondary schools across different

Commission (INEC) besides violating its own regulations and guidelines for the poll, rigged the process in favour of Tinubu and APC.

In addition, they faulted INEC for declaring Tinubu winner, when he

failed to score 25% of lawful votes in the Federal Capital Territory (FCT) as required by the Constitution.

The petitioners, also argued that Tinubu ought not to be on the ballot because of an alleged forfeiture of $460,000 entered against him in

the United States of America in the 1990s, in addition to perjury, foreign citizenship and double nomination of the Vice President allegations amongst others.

At yesterday’s proceedings which marked the commencement

of hearing in the three petitions, Obi and LP through their first witness, Mr Lawrence Uchechukwu Nwakaeti, gave evidence of how Tinubu forfeited the sum of $460, 000, over alleged complicity in drug deals.

Arbitrators Hail FG for Signing Arbitration and Mediation Act 2023

Wale Igbintade

The Nigerian Institute of Chartered Arbitrators (NICArb) has commended the Muhammadu Buhari –led federal government for signing into law, the Arbitration and Mediation Act 2023, stating that it would entrench the practice of arbitration and mediation in the nation’s judicial system.

A statement issued by NICArb

Registrar/Chief Executive Officer, Shola Oshodi-John, described it as a landmark victory for NICArb, the arbitration community, and the citizens of Nigeria.

According to the statement, the new Act would provide a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation.

The institute also expressed

gratitude to the federal government, and the National Assembly for their roles in realising this dream.

The statement read: “The Nigerian Institute of Chartered Arbitrators (NICArb) received with elation the news of the Presidential Assent to the Arbitration and Mediation Bill by the Federal Government of Nigeria (FGN) in furtherance of

the provisions of Sections 58 of the Constitution and pursuant to the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.

“The Arbitration and Mediation Act also repeals the hitherto extant Cap. A18 Laws of the Federation of Nigeria provides a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation.”

CDD, IOM Move to Mitigate Conflicts in Banditry Affected LGAs in Katsina

Francis SardaunainKatsina

The Centre for Democracy and Development (CDD) in partnership with International Organisation for Migration (IOM) and Mercy Corps (MC), have initiated a move to mitigate the conflict in four local government areas affected by banditry in Katsina State.

The Director of CDD, Mr. Idayat

Hassan, disclosed this yesterday at a two-day capacity building training for journalists in Katsina on reporting transitional justice and peace building.

Hassan said that the centre would implement a comprehensive pilot programme to support the government’s efforts to mitigate conflict and promote community reconciliation in Katsina State.

He explained that the project would be implemented in communities across Jibia, Batsari, Danmusa, and Kankara local government areas of the state affected by banditry and other conflicts.

Hassan added that the CDD would engage the youth, women and other stakeholders through transitional justice mechanisms to

bring tranquility to the affected areas of the state and by extension to the north-west region of the country.

According to him, the Northwest is experiencing a complex crisis and high levels of violence arising from communal clashes, friction between farmers and herders, criminal gangs and non-state armed groups.

Nigerian Youth Parliament Asks Tinubu to Embrace Inclusivity

Michael OlugbodeinAbuja

The Speaker of the Nigerian Youth Parliament, Rt. Honourable (Dr.) Azeezat Yishawu, has congratulated President Bola Tinubu on his inauguration as the 16th President of the country.

However, while pledging the unwavering commitment to working with the new

administration, Yishawu has called on Tinubu to prioritise youth and women’s inclusion in all spheres of governance.

In a statement, Yishawu said: “We commend President Tinubu’s leadership and express our unwavering commitment to working collaboratively with the new administration to advance the interests and aspirations of

Nigerian youth.

“The Nigerian Youth Parliament recognises the immense potential and capabilities of our young population. We believe that their empowerment and inclusion in decision-making processes are vital for the sustainable development and progress of our great nation.

We, therefore, urge the new administration to prioritise youth

and women’s inclusion in all spheres of governance.

“As the voice of the Nigerian youth, we implore President Tinubu to uphold the campaign promises made during the electoral process. We call on the new government to prioritize key areas such as quality education, job creation, skills development, and entrepreneurship opportunities for our young people.

UK Group Supports Akpabio for Senate President

local governments in Lagos state, two in (Enugu, South East). The others are Government Secondary School, Uwanse, Government Secondary School, Lagos Street (Cross-River, South-South).

Others are Government Secondary School, Kofar Kibo, Kaduna, Ahmed Fatka Local Government’s Education Authority, Anguwan Fatika (Kaduna, North West), Government Junior Day Secondary School, Wuse, Government Secondary School, Maitama, Government Secondary School, Kubwa, Government Science, Technical Secondary School, Kubwa (Abuja, North Central) and Yerwa Government Girls’ Secondary School (Borno,North East).

Ahead of the election for the leadership of the 10th Senate next week, A socio-cultural group, Ati Annang Foundation, United Kingdom (UK) Chapter, has solicited support from senators-elect and well-meaning Nigerians for the candidature of Senator Godswill Akpabio, describing him as the

best man for the job.

In a statement signed by its President, Mary Enang and Assistant Secretary, Promise Unwene, the UK-based group commended Akpabio, whom it described as industrious son of Annangland and its Grand Patron, for putting himself forward to lead his colleagues in the Senate.

The group expressed its confidence that “as Senate President, Akpabio has the intelligence, charisma and poise to lead his colleagues in the 10th Senate to make laws that positively impact and provide the enabling environment for the government of deliver on its mandate.”

It hinged its confidence on what

it described as “the excellent and uncommon performances recorded by Senator Akpabio in public services, from local government, state and federal government, his legal knowledge and experience plus, his experience in the red chambers and a Minority Leader in his first outing as a Senator during the 8th Senate.”

Ekiti Lauds FG for Creating Special Intervention Policy for Flood

Gbenga SodeindeinAdoEkiti

The Ekiti State Government has commended the federal government for establishing a special intervention programme to palliate the sufferings of those who lost valuable property to flooding in the state.

The government asserted that the programme would help the victims in rebuilding their lives and rescue them from unwarranted sufferings, depression and untimely death.

The Deputy Governor, Chief (Mrs) Monisade Afuye, gave the commendation yesterday while interfacing with the leadership of

National Emergency Management Agency(NEMA), led by Mr. Julius Alunomoh, who paid a courtesy call on her in Ado Ekiti.

The Deputy Governor , in a statement by her Special Assistant on Media , Victor Ogunje, saluted the federal government for its support for Nigerians, whose

property were destroyed as a result of emergency situations. She said: “Within this short time we came into office, we have received materials from NEMA three times for victims of fire and flood disasters and these materials were judiciously used .

Emmanuel Ugwu-Nwogo in Umuahia

L-R: Group Head, Human Resources, United Bank for Africa(UBA), Modupe Akindele; Executive Member, UBA Alumni Network, Jide Ogunsino; Alumni President, Mosunmola Yusuf; Deputy Managing Director, UBA Plc, Muyiwa Akinyemi; Head, Alumni Relations, UBA, Yvonne Solomon; CEO, UBA Africa, Mrs Biola Bawuah, and Executive Director/GCOO, UBA Plc, Mr. Alex Alozie, during the re-launch of UBA Alumni Network in Lagos…recently

Rights Group Knocks Buhari, Says His Govt Failed Nigerians

David-Chyddy Eleke in Awka

A human rights and democracy group, International Society for Civil Liberties and Rule of Law (Intersociety), has heavily criticised former President of Nigeria, Muhammadu Buhari, saying his government failed Nigerians.

The group in a statement signed by its Board of Trustees (BoT) Chairman, Mr. Emeka Umeagbalasi, and two other

members of the group said Buhari’s eight years as president was characterised by killings, kidnappings, suffering, poverty and high cost of living.

Intersociety stated that in the history of the country, no civilian administration has been more atrocious than the past government.

The group also rated some past governors, saying the trio of former Governors of

UBA Revives Alumni Network, Ex-staff to Enjoy Debt Restructuring

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has re-launched the UBA Alumni Network Programme, aimed at fostering stronger connections and providing exclusive benefits to its esteemed former employees.

Improving upon the services it promised when it was first launched two years ago, the revamped UBA Alumni Network will now offer a wide array of advantages designed to empower and engage ex-staff members throughout their journeys.

Group Managing Director, UBA’s Oliver Alawuba, who welcomed the ex-staff during the UBA Alumni re-launch in Lagos, expressed the bank’s commitment to reposition the alumni to do more to ensure that ex-staff remain comfortable ambassadors of the brand.

He said: “I understand that this very key network was launched in 2021, and we have

come here today to assure all the members of our alumni that UBA, which is over 75 years old, will continue to play the role of becoming a beacon of hope to our ex-staff. As a bank that is interested in the welfare of both staff and ex-staff, we are going to roll-out products that are specifically tailored to suit the needs of all our alumni.”

Also speaking, Deputy Managing Director, UBA, Muyiwa Akinyemi, noted that the bank is where it is today because of the sacrifices made by its ex-staff several years ago, adding that this is the driving force behind the bank’s desire to support them.

Akinyemi said: “Today, we are here, but tomorrow, we might be somewhere else, and it is therefore essential for us to bond with our former employees who we recognise as ambassadors that have contributed to the bank’s legacy in various sectors over the years.”

Kaduna, Rivers, and Ebonyi States, Nasir el-Rufai, Nyesom Wike and Dave Umahi respectively, were the worst at sub-national level, while

Imo State Governor, Senator Hope Uzodinma, is the most dangerous sitting governor presently.

The statement, which was

issued in Anambra State yesterday and made available to THISDAY in Awka, said Buhari ran a government that targeted the Christian

population in Nigeria, and also the South-easterners for destruction, while also shielding and emboldening perpetrators of mass killings.

Izunaso Best Senate President for Nigeria, Says Arewa

Segun Awofadeji in Bauchi

Arewa Youths for the Sustenance of Democracy and Good Governance (AYSDGG) has explained that the senator-elect representing Imo West, Senator Osita Izunaso is the best to lead the 10th National Assembly as Senate President.

The group advised and pleaded with the new President, Asiwaju Bola Ahmed Tinubu,

Vice President Senator Kashim Shettima and the National Chairman of All Progressives Congress (APC) Abdullahi Adamu “to look for technocrat who has no any case or allegations of corruption , a true democrat who can unify the National Assembly they will see no one but Izunaso.”

National President of the group, Alhaji Salihu Magaji, who made the plea when he

addressed journalists in Bauchi said: “We have very great respect for our new president, Senator Bola Ahmed Tinubu, and his vice, Senator Kashim Shettima, and we know as people of integrity, they need a Senate and National Assembly leadership that will assist them to give optimum performance to the nation in order to leave a lasting legacy in nation building.”

Magaji said that after

examining the credentials of all the senators-elect eying the presidency and they concluded that Izunaso ranked the best. He said: “Our position is not based on partisanship, we cut across all the political parties that fielded people for the Senate. But our own is based on the respect we have for Tinubu and Kashim, we want their success as president and Vice President and it is of utmost importance to us”.

Governor Aliyu Voids Tambuwal’s Late Appointments, Decisions

Onuminya Innocent in Sokoto

Sokoto State Governor, Ahmed Aliyu, has taken his first decisions in office with the nullification, reversal, suspension and revocation with immediate effect of all last minutes approvals by the out-gone administration of Governor Aminu Waziri Tambuwal.

They included the nullification

with immediate effect of all appointments made after March 19, 2023, by the government of Tambuwal.

Addressing journalists yesterday in the Government House, the Press Secretary to the governor, Abubakar Bawa, said the governor has also suspended for review in due course in public interest all recent appointments of

traditional rulers made by the former governor.

In the same vein, Bawa said the renaming of tertiary institutions in the state and other appointments related to their Governing Councils and their relocations announced recently by the outgone administration had been nullified, hence “all the affected institutions are to revert to their former names

and locations accordingly.”

Also affected by the development, Bawa said: “All LGA sole administrators/caretaker committees recently appointed by the immediate-past administration are hereby dissolved and the sole administrators are to hand over to the directors of administration of their local government areas with immediate effect.

Transition Committee Recommends Cancellation of Monday Sit-at-home Order in Enugu

Gideon Arinze in Enugu

The transition committee drafted by the Governor of Enugu State, Peter Mbah, to advise his administration on implementable and impactful programmes drawn from his campaign manifesto wants him to make efforts to

Father Bags Life Imprisonment for Defiling 8-year-old Daughter

Wale Igbintade

A Lagos Sexual Offences and Domestic Violence Court, yesterday sentenced, a 42-year-old man, Suleimon Usman, to life imprisonment for defiling his eight years old daughter.

Justice Rahman Oshodi sentenced him to life imprisonment after he was found guilty as charged by the Lagos State government.

Usman was arraigned on two counts charge bordering on defilement of his two daughters of eight years and five years at his No.2 Bale Street, Onisewo in Apapa area of Lagos State.

His offence contravened the provisions of section 137 of the Criminal Law of Lagos State 2015. Usman was first arraigned before Justice Sybil Nwaka on October 2019 before the judge was elevated to the Court of Appeal and the case file was reassigned to Justice Oshodi court wherein he was reassigned on two counts charge.

He had pleaded not guilty to the two counts charge.

During trial, the prosecution called four witnesses among which was the survivor, the eight years old girl, the Investigative Police Officer (IPO), the defendant wife (the mother of the survivors)

and the medical doctor from Mirabel Centre.

After the close of prosecution case, defendant opened his defence. He called three witnesses including the defendant.

The survivor in her testimony identified the defendant as her father. The first survivor narrated to court how her father defiled her repeatedly.

She had further testified that she informed her school teacher who is close to her mother. She told court that she did not tell her mother because the defendant had warned and threatened her that she will die if she tell her.

Borno to Start Afternoon Primary, Secondary System

Michael Olugbode in Maiduguri

The Borno State Governor, Prof. Babagana Zulum, has announced plan to commence afternoon primary and secondary education system in order to address the increasing enrollment of out-ofschool children.

Zulum made this announcement on Monday in Maiduguri while delivering his inauguration speech after taking an oath of office for second term.

He said: “Although we have built dozens of new Mega-Size schools and expanded existing schools with about 1000 new

classrooms, we are still faced with issues of congestion in classrooms, and with the worse problem of having thousands of out-of-school children despite being of school-ages.”

He added that “I am happy to announce that Borno State will soon commence afternoon primary and secondary schools system. I am appointing an implementation committee to work out modalities for starting the afternoon school system, and it (the committee) will be identifying pilot schools to be selected from some of our mega schools in Maiduguri which have good lightening

systems.”

Zulum explained that introducing afternoon schools would entail increased number of staff and for that, he directed office of the Head of Service to carefully identify some well-certificated staff currently redundant at government secretariats, who will be trained on school orientation and can be deployed to hold non-teaching positions in afternoon schools.

The governor also said that security measures would be taken to ensure the success of the afternoon schools noting that classes may sometimes extend to early portions of the night.

Family Marks First Anniversary of Late Munachim Candy

The family of late Lady Munachim Candy Anozia(Nee Nzeribe) is remembering her passing a year ago today. She died May 31, 2022. In a message, the family said: “This reality still feels very much like a dream but it was willed by God. As a family, we are still grappling

with our lives without her as she was a beloved daughter, faithful wife, amazing mother, a loving sister and friend. We remember her smiles, strength, love, tenacity, and unwavering devotion. She was the light of our lives and her memory no one can erase.”

According to the family, the death of Munachim left a heartbreak no one can heal, a gap that no one can close.

“Yet, your love and deeds leave a memory no one can erase. May your beautiful soul continue to rest with God in paradise,” the family said

cancel the Monday sit-at-home action in the state and restore the six-day commercial/trading week and five-day working week in the first year of his administration. The committee also recommended that the Mbahled administration should “restore potable water in the state by creating Rehabilitated

Distribution Systems/20,000m3

Storage Terminal Tank to ensure disconnection of all illegal connections on the transmission pipeline from crash programmes boreholes to the Ogwojo Reservoir and accurate billing revenue generation regarding supplies to domestic, industrial, and commercial institutions.”

In its recommendation made available to THISDAY yesterday, the committee said the Mbah-led administration should begin by mopping up small arms and ammunition by paying cash for and destroying them, as well as enhancing the capacity of security architecture by providing logistics, equipment, and intelligence.

Okocha Charges Flying Eagles to Beat Argentina Tonight

Femi Solaja

“If you want to be the best, you have to beat the best,” was Austin Jay Jay Okocha’s message to the Flying Eagles as Nigeria battle hosts Argentina in one of the second round fixtures tonight in the ongoing FIFA U20 World Cup in San Juan. Nigeria with two consecutive wins against Dominican Republic

U20 WORLD CUP

and Italy, fell 0-2 to Brazil in their last Group D match and slipped to third position on the log and qualified to face Argentina in this next round as one of the best third placed teams.

In a chat with THISDAY yesterday, the former Super Eagles captain said: “When it gets to the knock out stage,

....Bosso: Nigeria Will Not Be Intimidated By Argentina and their Fans

Head Coach of the Flying Eagles, Ladan Bosso, insisted yesterday that his wards will not be intimidated by the physicality of the six-time champions Argentina and their capacity crowd expected at the U20 World Cup second round fixture venue in San Juan tonight.

The indigenes of the Land of Pampasbarnstormed through their group stage, winning all their three matches against Uzbekistan, Guatemala and New Zealand, scoring 10 goals and conceding only one. They are already among the favourites for the title, by both pedigree and current form.

Despite winning their first two matches, including beating early ravemakers Italy in commanding fashion, the Flying Eagles lost to Brazil 2-0 in La Plata on Saturday and some bookmakers think they stand no chance against the pumped-up home team.

Bosso said yesterday as his boys prepared for their official training session at match time (6pm Argentine time and 10pm Nigeria) that his Africa Cup of Nations bronze medallists

will be ready to give as much as they receive in Wednesday’s encounter.

“This is the World Cup and it is wrong to under-rate any team. We won two of our three matches and had the same number of points in our group as Brazil and Italy. We are no pushovers in this campaign.

“It is going to be an interesting game. We want the quarter-final ticket and the Argentines also want the quarter-final ticket. We will go in there and dig our feet into the ground.”

ALL THE Q’FINAL FIXTURES

Brazil v Tunisia

USA v New Zealand

Uzbekistan v Israel

Colombia v Slovakia

Argentina v Nigeria

England v. Italy

Gambia v Uruguay

Ecuador v. S’Korea

the stake is quite different because it becomes tougher for all the teams and mistakes have to be minimal which applies to all the teams including Nigeria and Argentina.

“However, for the team to progress and be the best, you have to beat the best which is the mentality our players will have to apply playing against the host Argentina. We have to fancy our chances to progress into the next stage,” stressed the talented former BBC African Player of the Year winner.

He insisted that Flying Eagles have nothing to lose as underdogs

to Argentina.

“We have nothing to lose as underdogs and we have to put the Argentines under pressure, take our chances very well when they come.”

For the records, the Argentines are the most successful nation in the FIFA U20 World Cup history with six titles to their name. Nigeria were the losing finalists to a Lionel Messi-inspired Argentina in Utrecht in 2005.

This is Argentina’s 17th participation in the U20 World Cup. The golden era of the South American nation was from 1995 to 2007 when

they remarkably won five out of the seven editions of the U20 World Cup during this period.

Diego Maradona and Lionel Messi have both left their marks on this tournament in style, with the former claiming the Golden Ball when Argentina won their first title in 1979 while Messi repeated the feat in 2005 winning the Golden Boot.

Argentina’s Javier Saviola is the top scorer in the history of the FIFA U-20 World Cup with 11 goals, all of which he scored at the 2001 finals. The Argies enjoyed a 100 percent

record in the group phase.

Africa’s other representatives at the 2023 FIFA U20 World Cup, Gambia and Tunisia will face tricky opponents in the Round of 16 of the competition.

Unbeaten Gambia finished top of Group F to progress to the knockout phase and they have booked a last 16 date against Uruguay who finished second in Group E with six points. Tunisia on the other hand progressed as one of the best third placed teams and will take on Group D leaders Brazil in La Plata in the Round of 16.

Okpekpe Race Promoter Mourns Dokpesi

Says Nigeria has Lost a real hero of private broadcasting

Karim Benzemais mulling his Real Madridfuture after receiving a lucrative offer over a move to Saudi Arabia, a source told ESPN.

Benzema, 35, was offered a two-year contract worth €400 million in January, the source said, the same deal as Cristiano Ronaldowho joined Al Nassr after leaving Manchester United.

The 2022 Ballon d'Or winner reportedly reached an agreement with Madrid earlier this month to renew his contract for another year. However, the situation has changed in recent weeks, and the forward is considering the Saudi offer. Madrid suffered a disappointing 2022-23 season after failing

to compete with Barcelonafor the LaLigatitle and exiting the Champions League with a heavy defeat to Manchester Cityin the semifinals.

Benzema has suffered numerous fitness issues this season and was sidelined for the 2022 World Cup, in which France finished runners-up.

A source told ESPN that Benzema wants to stay at the Bernabeu, where he has spent the past 11 years, but there is a possibility of him joining his former Madrid teammate Ronaldo in Riyadh.

The Saudi Pro League is also trying to attract other stars such as Lionel Messi, Sergio Busquetsand Jordi Alba.

Mike Itemuagbor, the promoter of the world-class, gold label Okpekpe international 10km Road Race has said that Raymond Dokpesi's death is a big blow to the media industry and Nigeria.

Dokpesi, the owner of Ray Power FM and African Independent Television (AIT) died on Monday in Abuja after a brief illness.

The death of Dokpesi, the Ezomo of Weppa-Wanno Kingdom in Edo State, was confirmed in a statement

by his son and Chairman of Daar Communications, Raymond Dokpesi Jnr same day. Itemuagbor, in a condolence message hailed the impact the late Dokpesi made on the media in Nigeria.

“The Ezomo of Weppa-Wanno blazed the trail for private ownership of radio stations in Nigeria and was a great supporter of Okpekpe road race, the first road running event to get a World Athletics label status,” said Itemuagbor in his condolence

NBBF Expands Zenith Bank Women’s League

The Nigeria Basketball Federation (NBBF) is planning big for the 2023 edition of the National Women Basketball League sponsored by Zenith Bank plc.

Already, the federation has concluded plans to expand the women league with a view of improving the quality of the teams that will compete in the elite Women league.

In the new arrangement, a total of 34 women’s teams will compete in two Conferences billed for Benin and Zaria respectively.

Samuel Ogbemudia Stadium

Benin is the venue of the Atlantic Conference billed to start on June 1 just as the Ahmadu Bello University, Zaria, will host the Savannah Conference later in the month.

Eight teams are expected to qualify for the Savannah and Atlantic Conference of the Zenith Women Basketball League while the remaining will now for the Division 1 of the league.

Speaking on the development, NBBF President, Musa Kida, said it was aimed at strengthening the entire women league and the Zenith League in particular.

“The preliminaries are held to enter the elite one. We have teams that will qualify for the proper League teams (8 from each conference) from the 34 unequal women’s teams. The others will become Division I women while the Zenith Women League proper will start after we identify all teams that qualify from the prelims,” Kida said.

The sponsor, Zenith Bank, have expressed confidence in the new arrangement of the NBBF for the 2023 edition.

Group Managing Director of the bank, Ebenezer Onyeagwu, said: “The target has always been to make the competition better with every edition and so we are happy that the NBBF is working on making the women league stronger.”

message.

“Chief Dokpesi's AIT has been partnering us since the start of the race. He was an outstanding businessman and a media mogul,” added Itemuagbor who believes the late Dokpesi has left his footprint on the sands of time.

Itemuagbor further stressed that Dokpesi’s legacies are clear

testimonies to his greatness; a man who ventured into private broadcasting and broke the ground for many who came after him.

“I condole with the family of Chief Dokpesi and the government of Edo State over the death of the high chief. He died a great man who transformed the media space. May his soul Rest In Peace, he wrote.

BetKing Unveils Brodda Shaggi, Tobi Bakre as Brand Influencers

Leading sports betting and digital entertainment company, BetKing, has announced the onboarding of two prominent brand influencers to strengthen its engagement with consumers.

This announcement was made at the BetKing corporate office in Ikoyi, Lagos, Nigeria, on Monday, during the brand’s unveiling of Tobi Bakre and Brodda Shaggi.

In their roles as brand influencers, Tobi Bakre and Brodda Shaggi will participate in a series of exciting campaigns targeted at engaging BetKing’s predominantly young audiences. They will also feature prominently in the brand’s captivating marketing initiatives, engaging activations, and connecting with its customers across various social media platforms. Through these signings, BetKing aims to leverage the influencer’s immense popularity and appeal to expand its reach across Nigeria to foster genuine and enduring connections with existing users while attracting new customers by tapping into passion points such as movies and comedy.

Speaking at this event, the Managing Director of KingMakers, Gossy Ukanwoke, expressed immense enthusiasm regarding this collaboration, and its potential impact on the brand’s affiliation with its target communities. He said, “We are thrilled to welcome Tobi Bakre and Brodda Shaggi to the KingMakers and BetKing family. Both men are incredibly talented, and we believe they embody the spirit of the BetKing brand; a spirit of fun, winning, and excitement. As we expand our portfolio beyond sports to include more iGaming offerings, we are confident that their involvement with BetKing will help us reach new audiences and expand our reach across Nigeria”.

Also commenting on the landmark signings, the Chief Operating Officer of BetKing Nigeria, Adim Isiakpona said, “Through this partnership, we intend to connect more authentically with our existing users and potential new customers, by leveraging other passion points beyond sports.

Flying Eagles battle ready for Argentina tonight

Karim Benzema...eyeing mega-bucks in Saudi Arabia

MISSILE

Reno Omokri to Ex-president Buhari

“Iam...leavingofficewithNigeriabetterin2023thanin2015’isaveryprovocativeandblatantlie.In2015, weonlyhadanationalsecuritythreatofBokoHaram.Today,wehavethreatsfromBH,bandits,unknown gunmen,amongothers.In2015,NairawasN199to$1.TodayitisN750to$1.In2015,ourtotalforeigndebtwas $10.7bn.Today,itisalmost$50bn.In2015,Nigeriawas136inTICPI,now150.Theonlythingwecannowsayto BuhariisthatyouwereamistakeandmayyougoandNEVERreturntopowertoafflictusagain.InYeshua’s Name,Ipray“--FormerPresidentialAide/SocialCritic,RenoOmokri,knockstheEx-president.

ENIOLA BELLO

APC, Tinubu and the Yari Challenge

After many years of planning, moving, manoeuvring, building alliances and waiting, Asiwaju Bola Ahmed Tinubu last Monday transited to President Bola Ahmed Tinubu, following his victory in the February 25th presidential election. On the road to that electoral victory, Tinubu fought many bruising political battles. There is no doubt that the new president is bound to be confronted with similar, yet different, kind of political battles from the ones he fought on his rough ride to the presidential office.

The first of such battles is the ruling party’s decision to zone the leadership of the National Assembly - the Senate President to the South-south, the Speaker of the House of Representatives and Deputy Senate President to the Northwest, and the Deputy Speaker to the Southeast. There has been a furore in the ruling party since the APC released the zoning arrangement a few weeks ago. Some members-elect interested in those offices but were zoned out threw up a storm. The North central, which was not allocated any leadership position, as against the Northwest with two, requested for a review.

The party leadership, in managing the situation, promised to take another look and appealed for calm. But that calm has been like the silence of the graveyard. Mostly. Some of the senators and House members who have a problem with the party’s zoning arrangement have refused to be quiet. They have refused to be zoned out and have vowed to pursue their aspirations irrespective of the party’s decision. Foremost among these is Senator-elect Abdulaziz Yari, a former governor of Zamfara State. Although the Senate President is zoned to the South-south and Tinubu and the ruling party have endorsed Akpabio for the office, Yari has refused to back down. He says having been a member of the House of Representatives, he has the knowledge, experience and ranking; that as a former governor, he has the administrative capacity; that of the three arms of government, since the Executive and Judiciary are headed by southerners, the North should not be denied the leadership of the Legislature; that the Northwest, having delivered, in the presidential election, more votes to the APC than other zones, it should it should be accorded primacy to produce the Senate President; and the party should allow members of the National Assembly produce its own leaders in accordance with section 50 (1a&b) of the 1999 Constitution. To show he meant business, Yari has turned the 9th floor of the Transcorp Hilton, Abuja to his Campaign Secretariat, and has been meeting a cross section of senators-elect individually and collectively.

For Tinubu, however, his endorsement of Akpabio is primarily informed by the need to have a religious balancing. The thinking in the president’s camp is that a Christian Senate President would almost even out the Muslim-Muslim ticket the APC fielded for the presidential election, a ticket which generated divisive controversy and caused a negative campaign against the party, particularly by the Pentecostal clergy. With the zoning of the Speaker of the House of Representatives to the Northwest, the APC is faced with a fait accompli of another Muslim in Hon. Tajudeen Abbas, the Northwest not having a Christian member in the House, nor even in the Senate. The Tinubu camp therefore is taking Yari’s ambition with a dim view, with some interpreting it as an attempt to destabilize the government even before its proper take-off, if there was no single Christian among Nos.1 to 5 as Chief Justice of Nigeria Olukayode Ariwoola is a Muslim.

The Yari camp, however, have a counter argument. They say religion should have no bearing in the election of principal officials of the National Assembly. That what is important is the provision of the Constitution directing members to elect their own leaders. They think it is hypocritical for those who did not see religious balancing as an issue while picking a running mate to now use religion as a weapon to deny others their right to pursue their ambitions.

What appears clear, from the foregoing, is that Tinubu is faced with the first political battle of his presidency. How this is handled will have a great impact on the direction of his administration. The matter shouldn’t have gotten this low had the APC National Chairman Abdullahi Adamu understood the importance of consultation. As president, it is Tinubu’s prerogative to endorse any candidate of his choice for the leadership positions of the National Assembly. A presidential endorsement, however, does not equate an immutable pronouncement; it shouldn’t stop other members of the legislative houses from putting their popularity to the test. That would be dictatorship. Ideally, when a president expresses preference for a particular aspirant for a legislative office, it is left to the party leadership to, to use a peculiarly Nigerian political parlance, deliver the president’s preference through consensus building. It does appear Chairman Adamu is incapable of building consensus on any issue. Immediately the APC made public the zoning and endorsement arrangements, others interested in the legislative offices at stake rose in bitter protest, complaining they were never consulted. This inability to consult, the propensity to take

unilateral decision seems to be Adamu’s style. Indeed, when immediate past President Muhammadu Buhari apparently wanted Senate President Ahmad Lawan as APC presidential candidate, Adamu, with magisterial authority, declared Lawan as the party’s consensus candidate. He made the declaration without necessarily carrying out consultations with other presidential aspirants or state governors or National Assembly members or other party leaders. How do you arrive at a consensus without consultations? Of course, it was no surprise that some other aspirants challenged Lawan’s endorsement, with Tinubu leading a revolt with his ‘Emilokan’ declaration in Abeokuta. In no time, the state governors of the party killed Lawan’s supposed endorsement. The danger in zoning and presidential endorsement of National Assembly positions, when chaotically handled, is its propensity to snowball into a needless crisis between the Executive and Legislative arms of government. We saw it in 1999 when President Olusegun Obasanjo’s endorsement of Evan Enwerem as Senate President instigated a crisis leading to the election and removal of four senate presidents in four years. That crisis spilled over to the House of Representatives and the ensuing instability led to Obasanjo’s attempted impeachment. We saw it in 2011 when Aminu Tambuwal led a parliamentary coup in the House of Representatives that upstaged the zoning, by the People’s Democratic Party (PDP), of the Speaker to the Southwest. This led to a cat and mouse game between the House and President Goodluck Jonathan, and a crisis that contributed to Jonathan losing the 2015 election. We also saw it in 2015 when Bukola Saraki suc-

cessfully led another parliamentary coup to stop the APC-endorsed Lawan as Senate President. The ensuing unease degenerated into a lack of cooperation between the National Assembly and President Buhari, and even Saraki’s prosecution (or what he called persecution) by the Code of Conduct Tribunal.

On the flip side, there is no reason to believe that the National Assembly under a presidential endorsed leadership is necessarily good for the country. The 9th National Assembly under Lawan is arguably the worst Legislature in the country’s history, approving every policy and (in)decision of the Buhari administration, however woolly. Having emerged Senate President in 2019 following another presidential endorsement, Lawan promised to get the Senate to approve every of Buhari’s request. He over delivered as critics described the National Assembly under him as no more than a rubber stamp, approving every request from the president without interrogation, and treating its oversight functions with levity. As it is, it wouldn’t be out of place to say Lawan’s 9th National Assembly enabled Buhari’s ineffective leadership.

The way out is for Tinubu not to attempt to force through his choices by using presidential powers to threaten and intimidate others interested in leadership positions. Should that happen, and members riding on the wave of presidential endorsement fail to win, as they could, that would amount to a hostile takeover of the National Assembly. It would be difficult to predict how the likely crisis from such a scenario would end. The nation is faced with too many problems requiring the president’s focus devoid of distractions from attempting to impose a leadership on the National Assembly.

President Bola Ahmed TinubuSenator Abdulaziz Yari