MONDAY 3RD JUNE 2024

Nigeria Reaffirms Commitment as OPEC Extends Oil Output Cuts into 2025

Emmanuel Addeh in Abuja

The Organisation of Petroleum Exporting Countries (OPEC) and its allies yesterday agreed to extend most of its deep oil output cuts into 2025, exceeding market expectations.

The decision is coming as oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget and as worries over slow demand growth in top oil importer China weigh on prices alongside rising oil stocks in developed economies.

Also yesterday, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, who attended

the 37th edition of the meeting on behalf of Nigeria, reiterated Nigeria's dedication to the Declaration of Cooperation (DoC).

A statement by his spokesperson, Nneamaka Okafor, quoted the minister as emphasising the country's continued compliance with production adjustments designed to stabilise the global oil market.

In his address, the minister stated that Nigeria remains unwavering in its commitment to the agreements made under the DoC.

“Our adherence to these production adjustments is crucial for maintaining market balance and supporting global efforts toward sustainable oil market

stability," he stated.

During the meeting, several critical items were discussed and agreed upon, including production quotas and strategies to ensure long-term market equilibrium.

The minister highlighted Nigeria's role in these discussions, noting, "Our participation in this meeting and agreement on key strategies underscores our dedication to fair and equitable outcomes for all member countries."

“The productive discussions at the ministerial meeting reinforced the collective efforts of OPEC and non-OPEC members to achieve sustainable oil market stability,”

Lokpobiri stated.

The minister expressed confidence in the positive impact of the decisions on the global oil market, stating that the collective decisions made during the meeting will contribute significantly to stabilising the global oil market, ensuring a balanced and fair approach for all involved."

On Sunday, OPEC+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 and prolong the cuts of 2.2 million bpd by three months until the end of September 2024.

OPEC will spend one year on gradually phasing out cuts of 2.2 million bpd starting from October

2024 until the end of September 2025, three OPEC+ sources told Reuters.

Analysts had expected OPEC to prolong voluntary cuts by a few months due to falling oil prices and sluggish demand.

But many analysts had also predicted the group would struggle to set targets for 2025 as it had yet to agree individual capacity targets for each member, an issue that had previously created tensions.

The United Arab Emirates, for instance, has been pushing for a higher production quota arguing its capacity figure had been long under-estimated.

But in a surprise development

NLC, TUC ADAMANT, SAY STRIKE GOES ON TODAY, AS NEGOTIATION WITH N’ASSEMBLY FAILS

Instead, the group agreed a new output target for the United Arab Emirates which will be allowed to gradually raise production by 0.3 million bpd, up from the current level of 2.9 million.

A meeting last night between organised labour and the leadership of the National Assembly to try to find a middle ground and prevent the proposed nationwide strike by labour, ended in a stalemate, with Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) insisting they would go ahead with the strike today, while negotiations on their demands could continue.

to suspend the strike had failed.

Akpabio noted with concern that organised labour’s action would paralyse the economy and bring more hardship to Nigerians.

President of the Senate, Godswill Akpabio, told journalists in Abuja that efforts by the National Assembly leadership to convince the labour unions

ZENITH BANK NAMED MOST SUSTAINABLE BANK IN NIGERIA IN THE INTERNATIONAL

BANKER AWARDS 2024

Bank Plc, Dr. Jim Ovia, CFR. She lauded the Bank’s stakeholders for their commitment and unwavering support in ensuring that Zenith remains a highly successful institution. She said, “This remarkable achievement is a testament to the visionary and impactful leadership of our Founder and Chairman, Dr. Jim Ovia, CFR. His exceptional foresight and dedication have been the cornerstone of our success. His ability to inspire and guide with strategic acumen has been instrumental in steering Zenith Bank to new heights. Along with the strategic guidance of our esteemed Board members, the unwavering commitment of our ever-diligent staff, and the steadfast support of our loyal customers, Dr. Ovia’s leadership has been pivotal in transforming our sustainability initiatives into a reality. We owe this success to his relentless pursuit of excellence and his deep-seated commitment to redefining the banking landscape in Nigeria.”

This recognition reaffirms Zenith Bank’s position as a trailblazer in sustainable banking practices, setting a benchmark for excellence within the Nigerian banking industry and beyond. The Bank has been a leader in monitoring and reporting sustainability impact. Since becoming the first Bank in Africa to publish a stand-alone sustainability report in accordance with the GRI Standards: Core Option in 2016, Zenith Bank has consistently published assured standalone sustainability reports. The Bank is one of the few institutions in Nigeria that tracks its carbon emissions using a certified tool built on the internationally recognised Greenhouse Gas (GHG) Protocol.

Zenith Bank is deeply committed to environmental, social, and governance (ESG) values, subscribing to the Triple Bottom Line principle, which encompasses People, Planet, and Profit. As a leading financial institution that services various sectors of the economy, the Bank considers Environmental and Social (E&S) risk management critical to its sustainability strategy.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; being listed in the World Finance Top 100

Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance Financial Services Africa for four successive years from 2020 to 2023 by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Additionally, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS.

Published by Finance Publishing Limited, the International Banker Magazine, United Kingdom, is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition. The International Banker Awards strive to recognise the most worthy financial institutions around the world – those not just doing their jobs well but exceptionally well – those operating at the industry’s cutting edge and setting new performance levels to which others will aspire. The 2024 Banking Awards focused on various criteria, including the provision of much-needed capital for economic growth, cutting-edge innovation to enhance security and efficiency, commitment to sustainability and ESG principles, as well as intelligent investing to maximise profits and shareholder value.

Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, advised labour against its planned nationwide strike, saying it would be both premature and illegal.

Similarly, media adviser to President Bola Tinubu, Ajuri Ngelale, who appeared on TVC television's “Politics on Sunday with Femi Akande”, last night, cautioned that labour’s demand for a significant increase in the minimum wage could have farreaching and devastating consequences for the Nigerian economy.

Chairman of Peoples Democratic Party (PDP) Governors’ Forum and Governor of Bauchi State, Bala Mohammed, also said some states could not even afford to pay the new minimum wage being negotiated by the federal government and the labour unions.

Mohammed warned that the wage being demanded by labour could collapse the already fragile economy and create more poverty in the country.

In a similar vein, Sultan of Sokoto and President General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), His Eminence, Alhaji Muhammad Sa’ad Abubakar, urged labour to shelve its planned strike.

In a statement by his media team, the sultan said though organised labour were fighting for the well-being of fellow workers, they should do it in a way that will not plunge the country into further adversity.

However, in a show of solidarity, aviation labour unions threatened to shut down both the international and the local airports if the planned strike was not suspended by last night.

Yet, President of TUC, Comrade Festus Osifo, commended Edo State Governor, Mr. Godwin Obaseki, for prioritising the welfare of workers in the state and increasing their minimum wage to N70,000, the highest in the country.

Distribution Company Limited (APDCL), a Special Purpose Vehicle (SPV) made up of Calvados Global Services Limited and State Grid

Shanghai Municipal Electric Power Company, the biggest power utility company in the world under the privatisation programme of the Dr. Goodluck Jonathan administration. Thereafter, in 2014, the APDCL undertook the first major overhaul of the plant at a cost of $94 million. The overhaul increased the plant's capacity availability and utilisation from 25 per cent to 100 per cent and also increased its nameplate capacity from 414mw to 435mw.

Also, in 2019 APDCL increased its ownership stake in Geregu from 51 per cent to 80 per cent, reinforcing its commitment to the company and in 2021, APDCL further increased its holding to 100 per cent, taking full control and ownership of Geregu Power Plc.

The Nigerian Electricity Regulatory Commission (NERC) had on April 3 approved an increase in electricity tariff for customers in Band A classification, from N66 to N225 per kilowatt-hour (kwh).

The tariff hike attracted public outcry and calls for its reversal.

Organised labour reacted by giving NERC and the federal government an ultimatum of May 31 to reverse the electricity tariff hike.

The labour unions had also given a May 31 ultimatum to the federal government to finalise the new national minimum wage fixing process for workers.

In the course of negotiations with labour, the federal government proposed, incrementally, monthly minimum wage of N48,000, N54,000, and, most recently, N60,000.

But NLC and TUC rejected all the proposed amounts and insisted on N615,500, citing the high cost of living.

Addressing journalists in Abuja after the latest meeting with the leadership of the National Assembly, which lasted several hours, Osifo said the two labour centres – NLC and TUC – had presented their positions.

He also said the labour movement had received the pleas from the National Assembly leadership to call off the strike, but such request was beyond the mandate of the labour negotiating team.

"We have met with the leadership of the National Assembly and the issues regarding minimum wage negotiations were laid bare by by the government side and organised labour,” Osifo said. According to him, "There was an appeal from the senate president for us to call off the industrial action tonight, but on our part, we said that we have heard him but it is not possible for us to sit here and call off any industrial action because there are conditions precedent given to us by our National Executive Council.

"We would have been happier if this evening, we had a great understanding that by tomorrow morning we sign off the issues of minimum wage.

“As at the last meeting, we were

In 2022, Geregu Power issued a N40 billion bond as part of its N100 billion bond programme, strengthening its financial base. Later in the year, the Fund for Export Development in Africa (FEDA), the impact investment subsidiary of the African Export-Import Bank, made a strategic investment by acquiring a 5 percent stake in the company.

Relating to the latest deal, Geregu Power said it will lead to the establishment of a combined cycle operations to generate an additional 200mw and new builds using lower emission turbines with an added capacity of 500mw to birth Geregu 3, bringing Geregu Power Plc’s overall nameplate capacity to 1,200mw.

These initiatives, it stressed, are targeted at higher power output, improved efficiency, lower emissions, higher flexibility, longer equipment lifespan and maximising shareholder

very close to signing the new national minimum wage. If the figures were right, it is just to prepare report and sign. So, it is not something that is that lengthy anymore.

"But we have listened to them, we will take all their plea to our organs and we would have an organs meeting, taking all they have promised and pleas they made to our organs.

"For now, we don't have the powers to call off the strike, so the industrial action will continue while we meet with respective organs as soon possible to lay bare what government has proposed."

Addressing journalists, too, Akpabio said efforts by the National Assembly leadership to convince the labour unions to suspend the strike had failed.

He regretted the economic effect of such breakdown in talks.

Akpabio said, "We also know that it's not just a question of strike, the hospitals will be closed and most poor people will die.

"Those who are even on oxygen will die. Those in need of medical services will die. Goods and services will not move freely and productivity will reduce drastically.

"The living standard of Nigerians will also be impaired. Hence, in the last four hours, we have been making appeals, and we are still appealing to the leadership of the NLC and the TUC to quickly return to the negotiating table with government.

"This is with a view to finding a lasting solution on this minimum wage issue. So we thank you. Without going into more details, I believe we've had very positive meeting.

“We've heard from both sides and we are happy and satisfied that actions will be taken on both sides.

“I appeal that the strike be suspended and negotiations commence in the interest of the Nigerian economy and the interest of all Nigerian students.”

Speaker of the House of Representatives, Tajudeen Abbas, also said the meeting agreed to prevail on the federal government to review the N35,000 wage award to federal government workers while negotiations on the minimum wage continued.

value thorough increased earnings.

Chairman, Board of Directors of Geregu Power Plc, Mr. Femi Otedola, led the Geregu Power Plc team while Mr. Dietmar Siersdorfer , Managing Director , Middle East and Africa led the Siemens Energy team.

Geregu Power is also listed on the Nigerian Exchange, becoming the first power generating company to be listed on the main board of the Nigerian Bourse.

In 2023, the company was awarded with its ISO certification (ISO 9001 and ISO 14001).

Demonstrating its commitment to operating based on the highest quality standards.

Besides, as part of its strategic initiatives, Geregu Power Plc is partnering with the Lagos State Government to deliver the state’s first private electricity transmission network.

Speaking to journalists, also, Minister of Information and National Orientation, Muhammad Idris, said the strike would worsen the hardship currently being experienced by Nigerians.

Idris wondered why organised labour refused the option of collecting the N35,000 wage award pending the conclusion of the minimum wage negotiation.

He stated, "You remember that when we signed the agreement with labour in October of last year, it was agreed that until the new wage regime comes into being, wage award of 35,000 for federally paid workers will continue.

"That is the position of government. The federal government will continue to pay its workers the wage award that was started last year until a new wage regime is instituted.”

The minister added, “Now to make further comments about what has transpired today.

"You know that we've been indoors here with leadership of both the NLC, the Trade Union Congress, and their affiliate bodies to find a common ground so that labour will not go on strike, as they wanted to do tomorrow.

"Strike is not an option at this point. And we believe that the organised labour will see reason with the federal government, the National Assembly and everybody to call off the strike in the interest of Nigeria.

"We know that they had given this warning. Of course, it was a surprise to us that on Friday this came about, but notwithstanding, we have continued to engage labour.

"We want to appeal to them once again, like the senate president said. And we know, and we do believe that they will see words of reasoning from the leadership of the National Assembly.

"They can't come to the National Assembly and say, you know, they will not listen to the leadership. If they are having problems with the executive, the senate president has said he is going to wade in, he is going to talk to the president.” on Sunday, OPEC+ postponed the discussions on capacities until November 2025 from this year.

Continued on page 36

The company said it continues to consolidate its investments in the power sector by pursuing mergers and acquisitions alongside strategic partnerships to expand its market share and boost operational efficiency.

The power plant consists of three simple cycle natural gasfired Siemens V94.2 STG5-2000E gas turbine generator units, with a total installed capacity of 435mw. The turbine units, designated GT11, GT12, and GT13, are each designed to produce 145mw at 15.75 kV, which is then stepped up to 330 kV via a 173.6 MVA power transformer. The plant now generates, on average 10 per cent of Nigeria’s total power consumption. Geregu Power Plc said it remains dedicated to its role as a key player in Nigeria’s energy sector, striving to power the nation's growth and improve the quality of life for all Nigerians.

Lokpobiri

Deji Elumoye, Chuks Okocha, Onyebuchi Ezigbo, Alex Enumah, Sunday Aborisade in Abuja and Chinedu Eze in Lagos

IN LAST DITCH EFFORT TO AVERT STRIKE...

L-R: President of the Senate, Godswill Akpabio; President Nigeria Labour Congress

and

the

ditch effort by the leadership of the National Assembly to avert the Impending nationwide strike by the organised labour…yesterday

Nigeria Has Paid 98% of Airlines’

Trapped Funds, IATA Confirms

The International Air Transport Association (IATA) has reported that Nigeria has paid 98 per cent of airlines trapped funds in the country and called for the final clearance of the remaining 2 per cent.

This was disclosed by the Director General of IATA, Willie Walsh who said there is overall 28 per cent decrease in the amount of airline funds blocked from repatriation by governments.

He put the total blocked funds at the end of April, 2024 at approximately $1.8 billion, a reduction of $708 million (28 per cent) since December 2023.

Walsh acknowledged the tremendous progress in Nigeria, recalling that at its peak in June 2023, Nigeria’s blocked funds

amounted to $850 million, significantly affecting airline operations and finances in the country, but most of the funds had been repatriated by the airlines from Nigeria. According to him, carriers faced difficulties in repatriating revenues in US dollars, and the high volume of blocked funds led some airlines to reduce their operations and one carrier to temporarily cease operations to Nigeria, which severely impacted the country’s aviation industry.

However, as of April 2024, 98 per cent of these funds had been cleared. The remaining $19 million was due to the Central Bank’s ongoing verification of outstanding forward claims filed by the commercial banks.

“We commend the new Nigerian

government and the Central Bank of Nigeria (CBN) for their efforts to resolve this issue. Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical. We are on the right path and urge the government to clear the residual $19 million and continue prioritising aviation,” said Walsh.

However, IATA has reiterated the call for governments to remove all barriers to airlines repatriating their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations.

“The reduction in blocked funds is a positive development. The remaining $1.8 billion, however, is significant and must be urgently addressed. The efficient repatriation

of airline revenues is guaranteed in bilateral agreements.

“Even more importantly, it is a pre-requisite for airlines—who operate on thin margins—to be able to provide economically critical connectivity. No business can operate long-term without access to rightfully earned revenues,” Walsh added.

He said the main driver of the reduction was a significant clearance of funds blocked in Nigeria. Egypt also approved the clearance of its significant accumulation of blocked funds, he stressed.

However, in both cases, airlines were adversely affected by the devaluation of the Egyptian Pound and the Nigerian Naira, he lamented.

IATA said eight countries accounted for 87 per cent of the

Lokpobiri: FG Will Continue to Rely on PTI for Manpower Devt in Oil Sector

Institute matriculates 1,793 students

Sylvester Idowu in Warri

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has assured that the President Bola Tinubu-led administration will continue to rely on the Petroleum Training Institute (PTI) Effurun, Delta state, for the development of manpower in the oil and gas sector.

Noting that the government was committed to strengthening infrastructure and other facilities at the institute, Lokpobiri said that PTI remains a critical centre, adding that Tinubu’s government would not neglect the institution.

The minister, who was represented by his Senior Aide, Roland Oweilaemi, gave the assurance over the weekend during PTI’s matriculation ceremony of students for the 2023/2024 academic session of the petroleum training school.

A total 1,793 students, a combination of full time and School of Industrial Continuing Education (Part-Time) students, matriculated into various programmes in the training institution.

The minister assured that PTI would continue to receive

special attention from the federal government to enable it meet her mandate of churning out welltrained and qualified technicians and technologists to man the oil and gas industry.

“As the supervising Ministry, the Ministry of Petroleum Resources has a keen interest in the activities of PTI based on its strategic importance as the nation’s premier Oil and Gas training Institute and Africa’s foremost Oil and Gas Technological Institute.

“It may interest you to know that Nigeria is the world’s 12th largest producer of oil and the largest in Africa. It also holds the largest natural gas reserves on the continent.

“The oil and gas sector plays a significant role in the economy contributing about 65 per cent of government revenue and over 85 per cent of total exports in Nigeria. Furthermore, the petroleum sector contributes 6.63 per cent to the nation Gross Domestic Product (GDP).

“This implies that Nigeria needs a steady influx of competent technicians and technologists to sustain the current levels of

production and ensure greater ability in harnessing our vast hydrocarbon potential.

“Institutions such as the PTI is poised to meet this important demand through the training and graduation of men and women that are expected to play part in this vital sector of the Nigerian economy.

“You are therefore urged to put on your utmost to ensure that you endure the rigours of education you are expected to go through in order to succeed and become veritable candidates of dedicated personnel expected to serve in the oil and gas industry," he said.

He charged them to be committed to their academics to enable them acquire needed skills and talents to become veritable candidates of dedicated personnel expected to serve in the oil and gas industry in the country and beyond.

“The Ministry of Petroleum Resources on its part shall continue to render the much needed support to PTI through collaborations, assisting the institute’s quest towards provisions of infrastructure and facilities to enable it to meet its obligation of training and provision of middle level manpower for the

oil and gas sector,” Lokpobiri added.

The Acting Principal and Chief Executive Officer of PTI Effurun, Dr. Samuel Onoji, charged the matriculating students to adhere strictly to the rules and regulations guarding their stay in the school.

Onoji, while administering the matriculation oath on students, warned that anyone who flouts the rules will face expulsion.

The principal reminded them that the federal government had declared the year 2021-2030 as Nigeria’s decade of gas, urging them to key into several opportunities during their period of study in the institution.

“This implies that our gas resource will be our transition fuel. All hands must be on deck to ensure that you develop additional skills and acquire certifications apart from your conventional certificates.

“This will enable you to stand out among your contemporaries. I am sure that by the end of your two academic sessions in this institute, you would have been equipped with knowledge and skills that will enable you to contribute your quotas to the betterment of our society," he added.

total blocked funds, amounting to $1.6 billion.

“The situation has become severe in Pakistan and Bangladesh with airlines unable to repatriate $731 million, that is, $411 million in Pakistan and $320 million in Bangladesh, of revenues earned in these markets, he noted.

“Pakistan and Bangladesh must release the $731 million in blocked funds immediately to ensure airlines

can continue providing essential air connectivity. In Bangladesh, the solution is in the hands of the Central Bank, which must prioritise aviation’s access to foreign exchange in line with international treaty obligations.

“The solution in Pakistan is finding efficient alternatives to the system of audit and tax exemption certificates, which cause long processing delays,” said Walsh.

PTD Invites Labour Ministry, DSS to Conduct Its National Delegates’ Conference

Emmanuel Addeh in Abuja

One of the elders of the Petroleum Tanker Drivers (PTD) Branch of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Port Harcourt Zone, Joseph Dagogo-Jack has admonished the leadership of the parent body especially the General Secretary, Afolabi Olawale not to thwart the decision of the court which recently ordered a fresh and all-inclusive national delegates conference.

Dagogo-Jack in a chat with some journalists in Port Harcourt yesterday described the judiciary as the true hope of the common man, commending Justice O.Y. Anuwe for protecting the sanctity of the temple of justice without fear or favour.

"With hindsight, things need to be done in a more acceptable manner this time in the affairs of PTD. In the interest of peace and appropriateness, Afolabi Olawale should not engage in any activities that will again compromise the electoral process.

“ It was obvious that the NUPENG National Secretariat was seen to be biased in the previous election; therefore it should not be allowed to conduct this fresh election.

"It will be more appropriate to have neutral bodies like the Federal Ministry of Labour and the Department of State Services (DSS) to serve as umpire and returning officers, so that the process will be transparent, credible, free and fair.

"NUPENG should, as a matter of decency, comply strictly with the Court rulings which stated without ambiguity that all suspensions

and query letters against all PTD members remain null and void.

"The same should also apply to the illegal embargo placed on the petroleum tankers belonging to Lucky Osesua, Gayyab Garga, Olabisi Akinlolu, Obinna Power and others.

"Their trucks should forthwith be allowed to load at deports across Nigeria without encumbrance. This also means that after almost a year, tanker drivers who have been rendered jobless by Afolabi can now work, many thanks to the judiciary.

"The court also stated that pending when new executives of the PTD Branch shall emerge from the election to be conducted soon, the union should constitute a Caretaker Committee to run the affairs of the PTD Branch, with a caveat that no member of the Caretaker Committee shall be a member of the electoral committee. This is very important.

"PTD stakeholders are also surprised that NUPENG will be rolling out election guidelines that are filled with clauses contradictory to PTD bye laws. This is totally unacceptable,” he said.

He argued that just 48 hours after the judgement was delivered on Wednesday, the National Secretariat of NUPENG went ahead taking numerous misguided decisions.

“They were not bothered to reconcile the two factions by revoking all suspensions and sanctions springing forth from the nullified elections or giving instruction that pictures of the Ibadan faction National Chairman and National Secretary be removed from all PTD units across the 4 zones nationwide.

Chinedu Eze

(NLC), Comrade Joe Ajaero;

President of

Trade Union Congress (TUC), Comrade Festus Osifo, during a last

COURTESY VISIT TO EDO GOVERNMENT HOUSE...

Wale Edun: Economic Stabilisation Package Underway to Support Businesses

Says Tinubu has achieved relative economic stability Explains why minimum wage negotiations are difficult Says FG has paid N7.3tn Ways and Means Admits food insecurity a global challenge Oil and gas sector to attract $7bn investment

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has disclosed that an economic stabilisation package is underway to support the real sector of the economy and boost production.

The minister, who made the disclosure during an interview on Channels Television, revealed that President Bola Ahmed Tinubu would unveil the package soon following series of meetings/consultations between top government functionaries, the Manufacturing Association of Nigeria (MAN) and

other relevant stakeholders.

The package appears to be government’s response to the recent exit of many multilateral manufacturers from Nigeria, citing harsh economic environment.

Speaking on the harsh economic situation Nigerians have had to contend with, particularly in the last one year, the minister admitted that the reforms policies have a telling effect on the people.

He noted that food inflation is "worrisomely high' at close to 41 per cent, but assured that wet season and dry season harvests will taper the development.

According to him, Tinubu had in the first year of his administration

Financial Sector Will Witness More Islamic Banking, Says CBN

Adedayo Akinwale in Abuja

The Central Bank of Nigeria (CBN) has revealed that the financial sector will witness more Islamic banking.

The CBN Governor, Mr. Olayemi Cardoso disclosed this yesterday in Abuja at a reception in honour of the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre (OIC-AC), Dr. Umar Oseni, organised by his mentees.

Cardoso, who was represented by Director Legal Services, CBN, Mr Kofo Salam-Alada, explained that when the idea of Islamic banking was first muted, naysayers thought it was an attempt to ‘Islamise’ the country or the financial sector.

He said ironically, most people did not know that the first person who spearheaded the journey was a pastor.

Cardoso stated: “Some years back, the CBN started a journey for the introduction of the Islamic Banking and Financing in Nigeria. It came when a young man was appointed governor of CBN. But most people never knew that the first person who spearheaded the journey was to be a pastor of the church.

“He was also a part-time pastor when this journey started. So, it was never an attempt to Islamise Nigeria or Islamise financing in Nigeria.

“When the Prince (Emir Sanusi) came, he continued the journey. And that journey saw some of us, one of you, who is standing before you today, that started the transaction documents that started the relationship with one institution that Dr. Umar Oseni headed

for about eight years.”

Cardoso added that Islamic banks had reached out to not just to states, but everybody who is into business in Nigeria and who must have done something with them in one way or the other.

He said: “I am not advertising, but I can say we are proud of Jaiz, Tajj, and Alternate Bank and I believe many more would come. We are happy to drive on roads financed by Sukkuk in Nigeria and more billions will still come. So many products are on the card and CBN will not rest until financing gets to grassroots.”

Also, renowned columnist and university lecturer, Dr. Ibraheem Dooba, said Oseni was worthy of emulation, adding that more of his type should be identified for national development and global recognition.

Speaking, Oseni said OIC Arbitration is the largest body after the United Nations, adding that the body has a lot of trade among the member countries.

“OIC actually has 57 member countries globally. As you all know, it is the largest body after the United Nations and the body actually has a lot of trade among the member countries. So you need to have a platform to resolve the disputes.

“And we will continue with this advocacy globally to ensure that investors, that Nigeria also key into this project of OIC by actually allowing us to have this clause as part of the investment treaties, investment agreements they entered into,” Oseni added.

achieved relative stability in the economy, adding there is package of intervention measures, including those in agriculture which needed to be redoubled.

The economic reforms were done to draw the nation back from the edge of financial bankruptcy, he said.

The minister stated that the government has continued to implement some intervention programmes, including conditional cash transfers to the most vulnerable people who receive N75,000.

On the issue of macroeconomic indicators, which have continued to head south, Edun noted that "they are necessary fallouts of the measures taken by the government," saying that despite the negative impact of the reforms, "the economy is actually growing."

According to him, while the economy is going in the right direction, what was required was to stay the course.

In a veiled acknowledgement that Nigeria is currently facing a food insecurity crisis, the minister said the country was not the only one in that bracket.

According to him, food insecurity is a global phenomenon, adding that about 30 per cent of the world's population are food-insecure.

"Food security problem is a worldwide phenomenon. 30 per cent of the world population is food insecure. We have a situation in Nigeria which we are focusing on.

"I think the issue here are areas that are critical to Nigerians--provision of food and provision of cheaper transport and the creation of jobs. Those are being focused on," he said.

Responding to a question as to whether or not the time President Tinubu made his pronouncement on subsidy removal was auspicious, Edun stated that it was necessary and long overdue.

Lending credence to his position,

he said the federal government has totally revamped its revenue due to the reform measures as leakages had been plugged.

On government's usual recourse to the suggestions of Bretton Woods institutions-- the World Bank and International Monetary Fund (IMF), Edun stated that the view of Nigerians is that they do not give sufficient support to the development process.

The Minister stated that while Nigeria does not agree virtually with their prescriptions, they have continued to provide concessionary financing that cannot be secured elsewhere.

On whether the government is still paying subsidy on fuel, the minister would not provide a 'Yes' or 'No' response.

However, he explained that the administration met oil production at 1.2 million barrels per day (mbpd), which he said, is now about 1.7

mbpd.

He noted that to the extent that fuel is imported, the more supply of forex that the country has, the lower the price of fuel. On foreign direct investment, the minister explained that the reform policies have continued to yield positive outcomes, noting that this year alone, the oil and gas sector alone was expected to attract $7 billion in foreign investments. He disclosed that one other positive achievement of the Tinubu administration was to pay N7.3 trillion Ways and Means debt. Asked to explain why it was difficult to resolve the lingering Minimum Wage controversy, the minister said that this was because the fixing a minimum wage is not the exclusive preserve of the federal government.

He said states, the organised private sector and other stakeholders are involved.

Gencos Urge FG to Offset N3.5tn

Them, Say Debts Inhibiting Operations

Power Generation Companies (Gencos) operating in the country have called on the federal government to pay the accumulated N3.7 trillion owed them for their services.

A statement signed by the Board Chair of the Association of Power Generation Companies (APGC), Col. Sani Bello (rtd), said members’ operations were being constrained by the huge debts.

The group therefore called on the federal government to urgently address the issue of inadequate payment for electricity generated by them and consumed on the national grid.

Bello stated that the power generators had continued to bear the brunt of the liquidity crisis in the Nigerian Electric Supply Industry (NESI), a development that had hobbled their ability to continue to perform their obligations.

However, the Minister of Power, Adebayo Adelabu, has in the last few weeks reiterated that government had concluded arrangements to begin gradual payment, having been approved by President Bola Tinubu.

Bello stated that notwithstanding this and other severe difficulties, the Gencos had battled with since takeover in 2013, they had kept to the terms of their contractual agreements by ramping up capacity which has largely suffered systemic constraints.

The power generated by Gencos, he said, have continued to be consumed in full without corresponding full payment, notwithstanding the commencement of the Partial Activation of Contracts in the NESI which took effect from July 1, 2022 and the minimum remittance order, bilateral market declaration as well as waterfall arrangement.

Added to those, the association said, are: The risks of inflation, forex volatility with no dedicated window to cushion the effect of the forex impact, the supplementary MYTO order which leaves about 90 per cent of Gencos monthly invoices unmet without a bankable securitisation, or financing plan.

The situation, it stressed, has dire consequences for the Gencos and by extension the entire power value chain.

“Gencos are currently owed over N2 trillion for power they generated,

put unto the national grid, and consumed by end users. This is in addition to the over N1.7 trillion naira, funding gap created in the recent supplementary MYTO order 2024 without a designated fund to fill the gap.

“This huge debt outlay is now greatly inhibiting Gencos’ ability to meet their obligations to lenders, necessary maintenance, spare parts procurements, and employee-related obligations etc.

“The Gencos expectations of being settled through external support such as the World Bank PSRO has also been dampened due to other market participants’ inability to meet their respective distribution linked indicators (DLIs), enshrined in the Power Sector Recovery Program (PSRP).

“Access to forex is another problem given that major operation and maintenance needs in the generation subsector are dollarized, the importance of a specialised window or stable dollar allocation option for the Gencos cannot be overemphasised.

“Gencos are of the position that there is need for a coordinated

approach by all stakeholders in the NESI to address the liquidity issue realistically and sustainably in the power sector so that Nigerians can have access to reliable electricity supply.

“In the light of the severity of the issues highlighted above, the Gencos are requesting that immediate and expedited action is taken to prevent national security challenges that may result from the failure of the Gencos to sustain steady generation of electricity of Nigerians,” the organisation said.

The Gencos added that their liquidity challenges are further worsened by the various policies introduced such as the payment waterfall in the NESI, which deprioritises payment to Gencos. The implication of this, they stressed, is that they only get paid a portion of their invoices, about 9 per cent to 11 per cent from whatever amount is left.

This, they said, is an aberration as it is a clear departure from existing terms of the Power Purchase Agreement (PPA) guiding the contractual relationship between them and the Nigeria Bulk Electricity Trading Plc (NBET).

Emmanuel Addeh in Abuja

Ndubuisi Francis and Olawale Ajimotokan in Abuja

L-R: Edo State Deputy Governor, Engr. Marvellous Omobayo Godwins; National Chairperson, Women Commission, Trade Union Congress of Nigeria (TUC), Comrade Hafsat Shuaib; Governor Godwin Obaseki; President of the TUC, Comrade Festus Osifo, and Edo State Head of Service, Dr. Anthony Okungbowa, during a courtesy visit at the Government House, in Benin City, ... recently

Email: deji.elumoye@thisdaylive.com

08033025611

Appraising Mbah’s One Year of Stewardship in Enugu

Folalumi Alaran takes a critical look at how far Governor Peter Mbah has implemented the campaign promises he made to the people of Enugu state one year after taking office.

When Governor Peter Mbah presented himself for election as the governor of Enugu State, he was very clear about where he was taking the state to and how he intended to take the Coal City State there. However, for a nation and a state accustomed to the mundane, some promises in his 64-page manifesto, were highfalutin. Among them are his vision to grow the state’s economy from $4.4bn to $30bn, eradicate poverty, and build 10,000km of roads all in four to eight years as well as restore pipe-borne water to Enugu city in 180 days, to name a few.

But after just one year in office, Mbah is no doubt winning more converts to his lofty dreams through the results and groundworks they see on ground.

Security Assessing the security situation in Enugu state, the National Security Adviser (NSA) Mallam Nuhu Ribadu, said, “Before the coming of this administration, police stations were being attacked, law enforcement people were being attacked. People were giving selfish orders, selfishly giving instructions that people should not go to work. But no more, it is no longer happening.” He said kidnapping and terrorism have gone down drastically.

At the root of this success is Mbah’s daring ban on sit-at-home and the strengthening of the capacity of security agencies and related bodies like Neighbourhood Watch and Forest Guards.

Mbah also launched the pilot scheme of the Distress Response Squad (DRS) and constructed the Security Command Centre, a technology-enabled platform offering a real-time, round-the-clock surveillance of Enugu via CCTV cameras placed at strategic locations. It’s virtually set for inauguration.

The government is currently partnering with the Nigerian Navy in establishing a naval base at Ogurugu in Uzo Uwani and with the Nigerian Army to set up Army barracks in Isi-Uzo both at the northern borders of the state.

It amended and activated the Enugu State Security Trust Fund, inaugurating the Board of Trustees to help mobilise resources to fight insecurity.

Water supply

For well over two decades, tanker drivers ripped Enugu city residents off, with many resorting to questionable water sources like surface wells and streams.

But on the 180th day of his government, Governor Mbah inaugurated the ultramodern Ninth Mile 24/7 Water Scheme in addition to overhauling much of the state’s dilapidated water infrastructure to raise water production from an average two million litres daily water to 120 million litres of daily.

So far, pipe-borne water coverage in Enugu city are as follows: GRA I and II – 80 per cent; Abakpa – 55 per cent; Ogui – 80 per cent; Independence Layout (including parts of Nza Street) – 60 per cent; Uwani – 85 per cent; Trans Ekulu – 30 per cent; New Haven – 85 per cent; Idaw River – 55 per cent; and Emene – 60 per cent.

Mbah’s giant stride in this area can best be appreciated against the backdrop of the immense challenges: vandalism, dilapidated water infrastructure, asbestos pipes laid in the 1950s that are now corroded, brittle, and unable to cope with the present intense water pressure. Besides, only about 45 per cent of Enugu metropolis was connected to the supply grid. But Mbah is aggressively changing the pipes to modern ductile pipes and reticulating water to unreached areas.

Roads

In October, Mbah flagged off the construction of 71 urban roads and 10 major rural roads, some of them major dual carriageways spanning over 40 kilometres to link the state with other geopolitical zones.

To mark his first anniversary, Mbah commenced the inauguration of the roads, among them Idaw River district where there had been no road intervention by any government for the past 52 years, obviously due to the difficult terrain. Enugu, according to residents, is beginning to wear new looks to the joy of residents.

The administration recently acquired an asphalt production plant capable of producing over 1000-tonnes, eco-friendly asphalt daily and is also about to commence the construction of additional 80 urban roads. It has additionally undertaken to construct a minimum of 10km road in every ward.

Education sector

Whereas UNESCO recommended a benchmark of 15 per cent – 20 per cent of total annual budget, Mbah allocated N158.78bn to education, representing 33 per cent of the state’s N521.5bn. In other words, for every 100 Naira spent, 33 Naira

Assessing the security situation in Enugu state, the National Security Adviser (NSA) Mallam Nuhu Ribadu, said: Before the coming of this administration, police stations were being attacked, law enforcement people were being attacked. People were giving selfish orders, selfishly giving instructions that people should not go to work. But no more, it is no longer happening. He said kidnapping and terrorism have gone down drastically. At the root of this success is Mbah’s daring ban on sit-at-home and the strengthening of the capacity of security agencies and related bodies like Neighbourhood Watch and Forest Guards. Mbah also launched the pilot scheme of the Distress Response Squad (DRS) and constructed the Security Command Centre, a technology-enabled platform offering a real-time, roundthe-clock surveillance of Enugu via CCTV cameras placed at strategic locations. It’s virtually set for inauguration.

goes to education. This is the highest both by percentage and per capita in the country.

At the heart of Mbah’s education recalibration effort are the 260 Smart Green Schools, which the government penned down for each of the 260 wards. The archetype at Owo is already running.

“The Smart Green Schools, which we are building in each of the state’s 260 electoral wards, are clearly at the cutting-edge of innovation. Each Smart School features an interactive digital whiteboard, an internet system, robotics and artificial intelligence centre, modern ICT centre, two science laboratories, hybrid multimedia library, creative production studio, 25 inclusive classrooms and 700 Android tablets,” Mbah explained.

The administration is also setting up the Centre for Experiential Learning and Innovation to produce smart teachers to deliver on the vision.

Health Sector

Again, at the heart of Mbah’s effort to reposition the health sector are the 260 well-resourced Type 2 primary healthcare facilities he is constructing across the 260 electoral wards.

The administration constructed a new modern triage at the ESUT Teaching Hospital, renovated and equipped General Hospitals in Enugu State; ensured the accreditation of additional courses in the state universities, colleges, and other higher institutions; and employment of additional medical doctors and health workers. This is in addition to digitalising of patients’ records at the state’s healthcare facilities, creating seamless access to patients’ health history at state-owned facilities. He initiated and signed a Law to establish State University of Medical and Applied Sciences Teaching Hospital at Igbo Eno, in Nsukka Zone.

Revival of Moribund Assets

Across the length and breadth of the state are long-abandoned assets many of which dated back to the Michael Okpara and Senator Jim Nwobodo Administrations. They include the Presidential Hotel which was built in 1963, United Palm Products Ltd., Nigergas Company Limited, Niger Steel Limited, Sunrise Flour Mills, the Enugu International Conference Centre, among others.

Contracts have been awarded and work is already ongoing at International Conference Centre and Hotel Presidential. Mbah recently performed the groundbreaking for a five-star 345-room International Conference Centre Hotel, Enugu to be delivered in 11 months by the China Communication and Construction Company. It will be the first 5-Star hotel in the South East.

Only recently, the administration, through Mbah’s initiative was also handed over 14 properties recovered by the Economic and Financial Crimes Commission.

Agriculture sector

By far the biggest win in Agriculture in Enugu and perhaps nationally in the last one year, is the N100bn partnership deal the Mbah Administration recently sealed with Pragmatic Palms Ltd, a private investor, for the revamp of the long-moribund United Palm Products Ltd. Established several months ago, the government signed a Public-Private Partnership deal with Ugwu Anama Farms Limited for the industrial cultivation of cassava, rice, maize, banana, oil palm, yams, and sundry crops at a 15,000-hectare farmland in Isi-Uzo LGA.

Mbah

Assessing President Tinubu’s One Year in Office

On May 29, 2024, President Bola Ahmed Tinubu marked one year in office. Sunday Ehigiator, Esther Oluku, Agnes Ekebuike, and Oluwatosin Osho, give an assessment of his performance, and policy impact on the ‘ordinary Nigerians’

On May 29, 2023, President Bola Ahmed Tinubu took office, ushering in a new era in Nigeria's political history. One year later, as the country marks his administration's first anniversary; it's timely to evaluate the progress made towards his 'Renewed Hope' agenda.

During his inauguration, Tinubu declared an end to subsidy and later allowed the naira to float, aiming to stabilize the volatile forex market.

However, the removal of the petrol subsidy has had a profound impact on the economy and standard of living. Despite provisions until June 2023, the abrupt removal led to unprecedented hardship, skyrocketing food and transportation costs, and unaffordable essential goods.

Hunger, starvation, and lamentation have become widespread, exacerbated by worsening electricity supply, increased tariffs, and devalued naira. Access to medical care and necessities has also become unaffordable for many.

Critics argue that the administration's policies, including subsidy removal and new taxes, have worsened the economic situation.

More evidently, the Central Bank of Nigeria's (CBN) introduction of a Cybersecurity levy, aimed at boosting forex reserves, sparked outrage, forcing the President to suspend the policy.

As the administration marks its first year, many question whether President Tinubu has delivered on his electoral promises or underperformed in addressing the country's challenges."

Policy assessment

Like his former president, Muhammadu Buhari’s witty political second inaugural statement, “I belong to everybody and I belong to nobody”, President Tinubu likewise came with his by promising to “hit the ground running” and “continue running.”

Although many Nigerians wondered what the president meant, not until his inauguration did they understand as the president announced the removal of fuel subsidies.

In his inaugural speech, he said: “On fuel subsidy, unfortunately, the budget that existed before I assumed office and what I have heard is that no provision is there for fuel subsidy, so Fuel subsidy is gone.”

The pronouncement immediately jacked up the price of Premium Motor Spirit popularly known as petrol from N185 to N500 within a few hours as independent oil marketers stopped sales of existing products in expectation for the new Nigerian National Petroleum Commission Limited, Nigeria's official oil suppliers set price.

Although civil society groups have criticised the president's statement as not well thought out, his Special Adviser on Communication, Mr. Bayo Onanuga, has defended the statement saying that there was no provision for continued payment for subsidy in the budget approved by the erstwhile President Muhammadu Buhari.

Onanuga had challenged journalists to the facts as contained in the 2023 budget urging the public to confirm the veracity of his position. He assured Nigerians that the president's policy was a step in the right direction to salvage Nigeria's economy which was currently servicing debts with 97 per cent of its revenue.

Beyond the subsidy crisis, which even drew bad blood between the President and the organised labour movement, the Tinubu administration, in the last year, has been characterised by a tax burden of all sorts.

Recently, the Central Bank of Nigeria (CBN) introduced a Cybersecurity levy aimed at boosting the country's foreign exchange reserves. However, the policy sparked widespread outrage across various segments of society. As public discontent reached a fever pitch, President Tinubu was forced to intervene and suspend the policy.

This development has raised questions about the President's performance in his first year in office. Has he delivered on his campaign promises or struggled to meet expectations? The controversies surrounding his policies, including the subsidy removal and tax burden, have fueled debate about his administration's effectiveness.

Also, President Tinubu had promised to promote policies which strengthen the local currency. He had made firm commitments to reduce interest rates through the Monetary Policy Council of

the Central Bank.

In an attempt to do this, he collapsed the foreign exchange windows into a single Investment and Export (I&E) window in a “willing seller, willing buying” trading platform.

This opened the foreign exchange transaction market to what investors call a “floating” exchange rate with prices determined by the elasticity of demand and supply.

The floating of the naira although praised by investment analysts, has devalued the naira with the local currency falling to an all-time low of N1,900 per dollar in February.

Also, contrary to his earlier remark to reduce the interest rate through the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, last week saw the MPC increase the credit basic point increase to 150-basis-point or from 24.75 per cent to 26.25 per cent.

Recent Monetary Policy Committee directives have approved the upward review of the interest basis point to

150-basis-point or from 24.75 per cent to 26.25 per cent. This essential translated to an increase in the amount being charged as interest on loans to the borrowing public.

While the policy is expected to reduce the rate of borrowing of the public by mopping up more naira to lending and financial institutions thereby strengthening their capital base, the Manufacturers Association of Nigerian (MAN) in a meeting with journalists over the weekend have highlighted that the policy will cripple the Nigerian manufacturing sector whose source of capital will increase as this will adversely affect the prices of goods produced locally.

MAN’s Warning

MAN warned that the recent decision by the Monetary Policy Committee (MPC) to increase the interest rate to 150-basis-point or from 24.75 per cent to 26.25 per cent would lead to further decline in the manufacturing industry.

Addressing journalists in Lagos MAN Director General, Mr Segun Ajayi-Kadir, noted that drawing from Nigeria's 2022 participation in the World Trade Organisation of a paltry $3.21 billion compared to South Africa's $45.38 billion and

Morocco's $30.61 billion, measures which increase inaccessibility to liquidity for manufacturers would further weaken the sector.

He argued that the decision made by the MPC will further compound the already high cost of doing business, consequently diminishing the competitiveness of Nigerian products in the global market as high lending rates exceed 30 per cent making Nigerian goods less competitive to products from other nations.

“The recent decisions by the Monetary Policy Committee (MPC) exacerbate these challenges by further tightening credit interventions, increasing loan costs, raising production costs, limiting fund accessibility, and eroding investment and competitiveness within the manufacturing sector.

“It is evident that the MPC leans towards prioritizing the financial sector over the real sector, rather than striving for a balanced approach between the two. These effects are intensified by the current monetary stance, contributing to:

“The combination of heightened borrowing costs and reduced liquidity will hinder manufacturers' ability to invest in innovative technologies, expand production capacities, or venture into new markets.”

He opined that alternatively, the MPC should consider other options which strengthen the monetary policy while also catering for the manufacturing industry making for greater progress for the nation and its people locally and among the comity of nations.

According to him, measures such as “implementing targeted interventions aimed at mitigating the underlying cost-push factors driving inflation, thereby alleviating the financial burden on manufacturers.

“Prioritising forex and credit allocation to the manufacturers and fast-tracking the proposed recapitalisation of the banking sector, emphasizing the development of infrastructure within industrial hubs and bolstering nationwide investments in renewable energy sources to alleviate logistical expenses and enhance competitiveness.

“And, further reduction in the reliance on imported products and raw materials by providing incentives for investment in backward integration and local sourcing to reduce the pressure on the dollar to the barest minimum,” should be considered to make for a more prosperous nation.

Fx, Inflation, and the MPR

As President Tinubu begins his second year as President of Nigeria, the country’s economy continues to face significant hurdles, particularly in currency stability, inflation, and the Multidimensional Poverty Rate (MPR).

Despite efforts to address these issues, key economic indicators suggest limited progress since he took office.

Foreign Exchange Rate

Before Tinubu’s presidency in May 2023, the Nigerian Naira was already struggling. The official exchange rate was about N460 to the US Dollar, with the parallel market rate at N740.

This gap underscored the volatility in managing foreign exchange reserves. Since Tinubu assumed office, the situation has worsened. By mid-2024, the official exchange rate surged to as high as N1,460 to the Dollar, and the parallel market rate exceeded N1,700 Naira.

Economists link this depreciation to high foreign currency demand, decreasing reserves, and global economic uncertainties.

Dr Emeka Umejei of the University of Lagos noted, “The underlying economic fundamentals remain weak, hindering effective currency stabilization.”

Inflation Rate

Inflation has been another persistent issue, driven by structural problems, food price volatility, and currency depreciation.

In 2022, inflation hit 21.34 per cent, fueled by rising food and transportation costs. Under Tinubu, inflation rose to around 24.1 per cent by mid-2024, significantly impacting the cost of living and household incomes.

President Bola Ahmed Tinubu

This Week In Tech

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alekhuogien@yahoo.com

Aina: Technology Will Profoundly Impact Future of Education

Dr. Segun Aina, the co-founder of Aitechscan, is an associate professor in the Computer Science & Engineering Department at Obafemi Awolowo University, Ile-Ife. Balancing academia and entrepreneurship, he aims to bring practical insights to academic pursuits and excellence to business services. He has consulted for various private and public entities, including the Job Creation Unit of the Vice President’s Office, several State Governments, and Examination Bodies. His business interests span EduTech, Hospitality, Agriculture, Capacity Building, and Technical & Vocational Education and Training (TVET). Aina served on the pioneer governing council of Bamidele Olumilua University of Education, Science and Technology and is the current chairman of the advisory board at Queensland Academy, Lagos. He has authored around 30 peer-reviewed papers and is a COREN-registered engineer. He is an active member of professional bodies, including the Nigerian Computer Society, the Nigerian Society of Engineers, the Institute of Electrical and Electronics Engineers (IEEE) and the Institution of Engineering and Technology (IET). Nosa Alekhuogie presents the excerpts:

What inspired you to start an edtech company in Nigeria?

The inspiration stems from a combination of several factors. Firstly, my personal passion for education has always been a driving force. From a young age, I have been fascinated by the power of knowledge and the impact it can have on individuals and communities. Secondly, there is an urgent need to fill a gap in the market. Throughout my career, I have observed significant shortcomings in the educational tools and resources available. Many existing solutions fail to address the specific needs of diverse learners, leaving a substantial portion of the population underserved. This gap presents an opportunity to develop innovative solutions that cater to these needs and improve educational outcomes.

Thirdly, the influence of my background has played a crucial role. My experiences, both personal and professional, have shaped my understanding of the challenges and opportunities within the education sector. I am particularly inspired by the potential of technology to revolutionise education. Technological advancements offer unprecedented opportunities to create personalised, engaging, and scalable learning experiences. Over the past 15 years, my mentorship in the testing and assessment space has allowed me to see the profound impact that technology can have on education. This deep-seated desire to address the challenges I have observed drives my commitment to leveraging technology to enhance learning and assessment processes.

Could you tell us a bit about Aitechscan?

AitechScan is a rapidly growing, technologydriven spinoff from a larger education consultancy business. We specialise in developing innovative technological solutions for stakeholders involved in both paper-based and computer-based testing and assessment.

Our flagship solution is a comprehensive, turnkey service built around our proprietary scanning software, which includes five independent modules. The first module is a bespoke web portal and offline application that facilitates the registration of examination candidates and continuous monitoring of student data. This includes features for tracking school and centre information, as well as continuous assessment (CAS) scores.

We also produce customised Optical Mark Reader (OMR) sheets for capturing candidate responses to objective and multiple-choice questions. These sheets are tailored based on specific requirements for candidates, subjects, grades, and schools.

Additionally, we offer customised Examiners Mark (EMS) sheets designed for capturing candidate scores in theory examinations, meeting the specific needs of examiners and institutions. Our robust, in-house-developed processing software is used for scanning and marking completed OMR and EMS forms, ensuring accuracy and efficiency in processing examination data. Finally, our reporting application analyses examination performance using a wide range of matrices. This data provides valuable insights and supports critical decision-making in education and social services. By integrating these modules, AitechScan offers a comprehensive solution

that enhances the efficiency and accuracy of testing and assessment processes, benefiting educational institutions and stakeholders alike.

Can you share your background and how it has influenced your approach to education and technology?

I was born into academia. My father is a professor and my mother retired as an accomplished academic. My siblings, most of whom are older than me, are also very well-read, which sets the tone ab initio. An understudy of the people I perceived to be successful also reinforced the belief, growing up, that education is one of the only guaranteed ways to success. This influenced and increased my appetite for formal education. As I progressed, though, it became obvious that formal education was merely a primer for the mind and that an arguably greater resource lay rooted in self-development, apprenticeship and other forms of informal education. It then became my mission to not only tap into these informal sources but also be a bridge builder between academia and industry, which, for me, is characterised by pragmatism and these alternative sources of knowledge. This pursuit, one could say, influenced the choices that led me to major in computer engineering and ultimately obtain a PhD in Digital Signal Processing

whilst also in parallel building capacity in areas like Technical and Vocational Education Training (TVET).

What are your main challenges in building and scaling the Aitechscan platform in Nigeria?

It is often said that a system is only as strong as its weakest link, and increasingly when it comes to technology systems, humans are often the weakest link. This is no different for us, human resource continues to be a challenge in terms of finding technically competent and dependable resources in the middle of the brain drain crisis in our sector is a major challenge. On the production and operational sides, market volatility and rising costs are also making it difficult to maintain the balance between excellent service delivery and profitability. The appetite of consumers for foreign solutions remains a challenge with prospecting new clients. This is exacerbated by the trust deficit between consumers, mostly in the public sector, and local technical service providers. We continue to take these and other challenges in good stride by remaining flexible and using dynamic approaches to respond in favour of our clients.

How do you ensure that your software addresses the unique

educational needs and challenges faced by students and educators in Nigeria? We began by selling solutions on behalf of foreign vendors, which gave us a deep understanding of both the technical and nontechnical aspects of customer requirements. We soon realised that these foreign solutions often failed to meet specific local needs. This insight prompted us to develop a robust, ground-up solution tailored to address these unique requirements. Our solution is designed to be flexible, allowing it to adapt as needs evolve, ensuring it remains effective and relevant for our customers.

Could you tell us about your target market or audience, if you have one?

Our business model is centered around low margins from high volume in order to set ourselves apart on the basis of lower prices. As a result, the customers who have the volume are typically state examination boards, state ministries of education and federal examination boards. Tertiary institutions and all other agencies and establishments that have cause to assess candidates all form part of our target audience.

What role do you see technology playing in the future of education in Nigeria?

The impact of technology in the future of education will certainly be profound. We have a teaming youth population with an estimated 60% of our populace under the age of 25. When considered viz-a-viz the rising internet penetration (currently around 43%) and access to technology at large (evident from 50% of the population owning smart phones, it is clear to see the trajectory. As government policies continue to improve the ease of doing business index, more entrepreneurs will likely be trying to tap into the edtech market in Nigeria, which on the global scale is set to exceed $400 billion in about a year. I foresee the role of technology to be even more impactful in the technical and vocational education space alongside more informal education sectors.

How do you measure the effectiveness and impact of your software in institutions?

The feedback from the beneficiaries and our clients forms the primary basis on which we assess ourselves. With the very emotive place examinations, their outcomes and the integrity of the process hold in our society today, it is humbling for me to see the positive impact we have had, and our record is a testament to this.

What are your future plans and goals for expanding and improving your EdTech offerings in Nigeria and beyond?

We are currently amassing a wealth of knowledge from our experiences with each of our clients. The summation of which puts us in prime position to be agents of knowledge transfer between existing clients and potential ones. We plan to inch towards capturing a larger share of the market by onboarding more state examination boards and ministries of education, one cost-saving offering at a time while maintaining and exceeding the high standards for which we are currently known. We are also hard at work developing solutions for the future as they pertain to efficient and cost-effective test and assessment solutions.

Aina

www.thisdaylive.com

Monday June 3, 2024

opinion@thisdaylive.com

A

TALKER OR A WALKER?

Despite cynical analysis of the power sector by critics, BELLO AMINU argues that the president is making steady progress in the complex industry

THE

STUDENT LOAN INITIATIVE

The loan will address the financial barriers which prevent many talented students from accessing higher education, argues YUSUF ALIU

page 21

At the heart of tough decisions lies the need for courage and resilience, contends LINUS OKORIE

MAKING TOUGH DECISIONS IN LEADERSHIP

In leadership, there are moments when the way forward is unclear, when the decisions we make have far-reaching implications, and when the weight of responsibility rests squarely on our shoulders. Imagine a CEO stands at the crossroads of a pivotal decision that could either propel his/ her organization to new heights or risk its very foundation. It's in these moments that your ability to make tough decisions becomes a defining characteristic of your effectiveness in leadership. What exactly constitutes a "tough decision" for leaders? It's not choosing between two good options or between good and bad options. Tough decisions often arise in situations where there are conflicting priorities, limited resources, or high stakes involved. Whether it's restructuring a company or deciding on layoffs during tough times, the decisions you will make can shape the trajectory of your organizations for years to come.

The significance of these decisions cannot be overstated. They have the power to drive organizational growth, navigate challenges, and achieve strategic objectives. However, they also come with inherent risks and uncertainties. You must carefully weigh the potential outcomes and implications of your decisions, taking into account both the short-term gains and long-term impacts.

Yet, making tough decisions is not without its challenges. Fear of failure, pressure from stakeholders, and the weight of responsibility can all cloud judgment and hinder effective decisionmaking. The fear of making the wrong choice can paralyze even the most experienced leaders. Additionally, conflicting priorities and competing interests within the organization can complicate the decision-making process.

However, history is replete with examples of leaders who have navigated these periods with grace and determination. Take, for instance, Steve Jobs' decision to return and implement radical changes to save Apple. The company, once synonymous with innovation and creativity, was on the brink of bankruptcy. Its product line was bloated and unfocused, its market share was dwindling, and internal strife and management turmoil tore the company apart.

Similarly, Nelson Mandela faced the tough decision of whether to seek revenge or pursue reconciliation following the end of apartheid. Despite enduring 27 years of imprisonment and suffering under a system of oppression, he chose forgiveness over retribution. This decision was undoubtedly challenging, as it required him to let go of his grievances and prioritize the greater good of the nation.

Mandela chose to deploy dialogue and compromise in achieving a peaceful transition to democracy in South Africa. He understood that tough decisions often require leaders to engage in difficult conversations, make concessions, and seek common ground with adversaries. His willingness to engage in negotiations with the apartheid government and other political parties, despite years of conflict and mistrust, serves as a timeless reminder to finding peaceful solutions to complex problems.

Consider the case of Indra Nooyi, former CEO of PepsiCo, who made the tough decision to shift the company's focus towards healthier products in response to changing consumer preferences. Despite initial skepticism, her vision and determination not only revitalized PepsiCo's product portfolio but also positioned the company for long-term success in a shifting market landscape.

should begin with gathering relevant information and data, assessing risks and potential outcomes, and ensuring alignment with organizational values and goals. Be diligent in your research and analysis, seeking out diverse perspectives and considering the implications of your decisions from all angles. Moreover, you must be prepared to make difficult trade-offs and prioritize competing interests. This requires a keen understanding of the organization's priorities and objectives, as well as a willingness to make tough choices in service of the greater good. By staying true to your values and vision, you can ensure that your decisions are guided by a clear sense of purpose and direction. Fortunately, you don't have to navigate tough decisions alone. There are several decisionmaking frameworks that can provide guidance in the decision-making process. These frameworks offer a systematic approach to evaluating options and identifying the best course of action based on available information and resources. For example, a cost-benefit analysis allows you to make more informed decisions based on objective criteria. Similarly, a SWOT analysis enables you to assess the potential risks and rewards of a particular decision. The Boston Matrix is a tool to evaluate the strength of your products and identify new opportunities in the market.

One of the first things he did was to initiate a massive restructuring of the company. He reduced Apple's products from dozens of products to four. Making this tough decision in the face of serious internal resistance and skepticism allowed the company to focus its resources and attention on a few products with the greatest potential for success.

Jobs also restructured the management team, which resulted in the removal of several senior executives, including the removal of Gil Amelio, who had served as CEO of Apple prior to his return, whose leadership was deemed incompatible with Jobs' vision for the company. Conversely, he hired Tim Cook whose expertise played a crucial role, ultimately contributing to the company's success. Tim Cook's contribution to Apple after the death of Steve Jobs remains monumental, solidifying its position as one of the most valuable and influential companies in the world.

This decision required her to challenge the status quo and reorient the company's product portfolio, which had long been dominated by sugary sodas and snacks. Despite initial skepticism from shareholders and industry insiders, she remained steadfast in her vision and determination to transform PepsiCo into a more health-conscious company. She led the development and acquisition of healthier brands such as Quaker Oats, Naked Juice, and Sabra hummus, while also investing in research and development to create innovative new products that catered to changing consumer preferences.

Nooyi's leadership was characterized by a willingness to take calculated risks and make strategic investments in the face of uncertainty. She understood that the future success of PepsiCo depended on its ability to adapt to evolving consumer trends and anticipate the demands of the marketplace. By embracing change and challenging conventional wisdom, Nooyi positioned PepsiCo for long-term success in a shifting market landscape.

So, how can you make tough decisions? You

At the heart of making tough decisions lies the need for courage and resilience. It's about having the conviction to stand by your decisions, even in the face of uncertainty or adversity. Courage is not the absence of fear, but rather the willingness to act in spite of it. It requires you to step outside your comfort zones, take calculated risks, and embrace the unknown. Similarly, resilience is the ability to bounce back from setbacks and persevere in the face of challenges. Cultivating these qualities within your team is equally essential for navigating difficult situations.

Tough decisions are inevitable. So, the next time you find yourself at a crossroads, remember: embrace the challenge, seize the opportunity, and make the tough decisions that will propel you and your organization forward. In doing so, you will not only demonstrate your leadership prowess but also inspire others to do the same.

Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

MINIMUM WAGE AND THE STRIKE OPTION

Labour should be realistic in their demands

Barring any last-minute change of position, workers in the country will from this morning commence an industrial action to protest what the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have termed the nonresolution of the disagreement on a new national minimum wage. But the federal government has defended the proposed N60,000 minimum wage on on the alleged failure of the federal government to come up with living wages, following the removal

living, including prices of food items. Although the proposed strike could still fail like previous ones, we do not want the federal government to misread the mood of the nation and the hardship most Nigerians are currently going through.

A minimum wage is the lowest amount of salary that employers of labour, whether in the private or public sector, can legally pay their employees. So it is not solely about government. And that is the point often missed in the conversation. Some of

The Organised Private Sector of Nigeria (OPSN) has expressed concerns over the inability of the committee to achieve a consensus while defending the N60,000

economic conditions over the years have rendered the N30,000 minimum wage inadequate, the same conditions have incapacitated many businesses, said the Nigeria Employers’ Consultative Association (NECA) and OPSN spokesperson on the minimum demand by organised labour at this period has the potential to cripple small and medium enterprises

urge representatives of labour to be realistic in their demands. There is no doubt that many of the businesses in the country are facing hard times and may n being proposed.The main concern is the federal government approach to a serious national crisis. On skyrocketing food prices, for instance, there is an urgent need for both immediate and mediumterm measures. Millions of people are struggling to feed or even starving. Experts have suggested

We query the assumption that minimum wage should be uniform across Nigeria, without isolating the peculiarity and operating environment of each state

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

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

DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE

DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI

SNR. ASSOCIATE DIRECTOR ERIC OJEH

ASSOCIATE DIRECTOR PATRICK EIMIUHI

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

TO SEND EMAIL: first name.surname@thisdaylive.com

be leakages? Unfortunately, yes. But considering that we are already in an emergency situation, there will be a net gain. Improving security in agriculture zones should also be a priority so that when the proposed shortterm imports run their course, the expected boost from improved security can kick in.

Beyond tokenism, there must be practical measures we query the assumption that minimum wage should be uniform across Nigeria, without isolating the peculiarity and operating environment of each should be at liberty to negotiate what they can pay with their workers. That, of course, is not a licence for the kind of irresponsibility that we see in many of the states. But as late in the day as it may seem, we still encourage the NLC and TUC leaders to exhaust alternative means of making their point, given the precarious security situation in the country.

However, if they think street protest is necessary, they must cooperate with law enforcement agencies to ensure that a constitutionally guaranteed exercise does not degenerate into violence or get hijacked by hoodlums or others with political motives.

POS AND THE NEW REGISTRATION CHALLENGES

The Central Bank of Nigeria (CBN) recently mandated that all Point of Sales (PoS) operators complete their registration This directive aims to formalize the operations of PoS businesses across the country, boosting regulatory compliance and pro-

However, for many PoS operators, this new requirement micro-businesses, already grappling with economic uncertainties, the stringent deadline could threaten their survival and, bynancial landscape, particularly in rural and underserved urban areas. They provide essential services such as cash withdrawals, deposits, bill payments, and transfers, bridging the gaptutions. Their accessibility and convenience have made them indispensable, particularly as the country pushes towards a cashless economy.

Reports indicate that there are close to a million registered

PoS payments in Nigeria were worth over 860 billion naira, registering an increase compared to the previous years reviewed. -

These numbers tell a story. PoS operators are today an intebe made to ensure the sustainability of the sub-sector.

The real issue is that the tight registration deadline poses challenges to the operators.

Number one, registering a business with the CAC involves several costs, including registration fees, documentation, and sometimes legal services. Many PoS operators, who operate on businesses that often subsist on daily earnings, diverting funds

ter and may thus close shop.

tors with a limited timeframe to complete the registration pro-

cess. Given the bureaucratic hurdles often associated with such processes in Nigeria, this timeline is impractical for many. The urgency compounds the stress on operators who must balance their daily operations with the demands of registration. They may be forced to pay above the usual rate because of the urgency of the situation.

Thirdly, many PoS operators are not fully aware of the regissupport and clear guidance from the CBN or CAC, they mayness campaigns exacerbates this issue, leaving many operators in the dark. The National Orientation Agency (NOA) has a role to play here.

The biggest challenge is the disruption of business activities. The focus on meeting the registration deadline may lead to operational disruptions. PoS operators might need to temporarily their income and the communities that rely on their services. Elvis Eromosele, Lagos

BUSINESS WORLD

Liquidity Challenges: Banks, Others’ Borrowing from CBN Up 436% to

Kayode Tokede

Amid liquidity challenges in the financial sector, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) incresed to N53.7 trillion in five months of 2024, about 436 per cent Year-onYear (YoY) from N10.02 trillion borrowed in five months of 2023.

THISDAY checks revealed that banks and merchant banks have since the beginning on this year consistently borrowed from the CBN to meet their daily obligations amid rising inflation and unstable foreign exchange market.

Banks and merchant banks borrows from the apex bank using the Standing Lending Facility (SLF) window and deposit cash with the apex bank using the Standing Deposit Facility window (SDF).

The CBN provides the SLF, a short-term lending window

for banks and merchant banks, to access liquidity to run their day-to-day business operations.

A breakdown of banks activity with the CBN revealed that Deposit Money Banks and merchant banks in January 2024 borrowed N2.97trillion from CBN, about 462.3 per cent increase from N528.2 billion January 2023, while in February 2024, an estimated N5.97 trillion was borrowed from CBN, a significant increase of 1215 per cent from N453.7billion in February 2023.

However, in March 2024, about N21.74 trillion was borrowed by banks and merchant banks from CBN, a growth of 447 per cent when compared to N3.98 trillion in March 2023.

In addition, banks and merchant banks borrowing from CBN stood at N12.17 trillion in April 2024, about 172.3per cent increase from

N4.47 trillion in April 2023, while in May 2024, a sum of N10.87 trillion was borrowed from the apex bank, a significant increase of 1741 per cent from N590.29billion in May 2023.

Despite removing cap on remunerable SDF, banks and merchant banks deposited N2.98 trillion in five months of 2024, about 24 per cent increase from N2.41 trillion deposited in five months of 2023.

Analysts attributed the increasing banks borrowing from CBN to dwindling naira at the foreign exchange market, coupled with rising inflation rate and the mopping up of excess liquidity in the financial sector by the CBN.

Speaking, the Vice president Highcap Securities, Mr. David Adnori, said, “The development points to lack of liquidity on the part of banks. Monetary policy has

been tightening and this has led to low liquidity. It is cheaper for banks to borrow from the CBN. This development is not positive but negative. We cannot continue to tighten because it will reflect of economic growth.”

On his part, the Chief Executive Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf stated, “This is a reflection of liquidity pressure some of the banks are going through. The facility is typically short term.

“This may not necessarily indicate that the banks are stressed or unstable. Meanwhile, the recapitalisation of banks is long overdue. The minimum capital requirements of N25 billion is no longer adequate, if discounted for inflation.”

Recently, the CBN governor, Mr. Olayemi Cardoso announced that the removal of the cap on

remunerable SDF is to increase activity in the SDF window and manage liquidity. CBN in a circular dated 2014 had disclosed that the remunerable daily placements by banks at the SDF shall not exceed N2billion.

According to the CBN, “The SDF deposit of N2billion shall be remunerated at the interest rate prescribed by the Monetary Policy Committee from time to time. Any deposit by a bank in excess of N2 billion shall not be remunerated. The provisions of this circular took effect on July 11, 2019.”

However, the CBN has over the years maintained that strong patronage at the SDF confirms healthier liquidity in the banking system. CBN had maintained that the strong patronage at the SDF confirmed healthier liquidity in the banking system, stressing that

banks and merchant banks were in search of better yields.

The analysts added that financial institutions prefer depositing with CBN as it is safe and risk-free, stressing that the present business environment has forced banks and merchant banks to deposit less with CBN.

An Investment Banker & Stockbroker, Mr. Tajudeen Olayinka, stated, “The most significant factor of banks and merchant banks have suspended depositing with CBN is the increasing level of threat in the environment of business in Nigeria, arising from: insecurity, supply chain problems, rising inflation and poor purchasing power, low level of productivity, rising unemployment, liquidity overhang and paucity of risk-free financial instruments.”

Ebere Nwoji Pension Fund Administrators (PFAs) in the country have said that they invested heavily in Dangote Refinery through the N300 billion bill bonds issued by Dangote industries in 2022 for the completion of the refinery.

The operators also said they invested N127 billion in Sukuku projects in various states and are currently requesting for access to invest in dollar instruments as stated by regulations for Pension Fund Administrators (PFAs), to cushion the effects of inflation.

The investments, they added, will also guarantee handsome returns on investment to retirees and workers whose savings are invested in various instruments.

The Managing Director Pension Alliance (PAL) PFA Limited, Sa’ ad Jijji, disclosed this at the fourth National Assembly Retreat 2024 organised by the Pension Fund Operators Association of Nigeria (PenOp) in Lagos. Jijji lamented that lack of access to foreign exchange investment even though investment regulations allowed PFAs to invest in dollar instruments was one of the big

challenges confronting pension fund operators in their efforts to manage retirees’ funds in most profitable way.

He said the sector suffered limited viable investment opportunities leading to below inflation returns.

He said aside investment in federal government bonds in which larger chunk of the N19.67 trillion pension assets is invested and Dangote refinery, a total of N127 billion pension fund was also invested in Sukuku specifically in Kano - Maiduguri Express, Kaduna Eastern bypass, Enugu -PH Express, Ibadan -Ilorin Express, Ahmadu Bello way Victoria Island Lagos,

and Loyola -Oweto Bridge.

He spoke on other infrastructural investment made with pension fund saying, “PFAs have invested in ACTIS Real Estate Fund that has acquired Jambi Lake Mall and will acquire Ikeja City Mall.”

He further said about 103 billion was invested in NIDF the largest infrastructure fund in Nigeria that invests in projects from power to student hostels.

Speaking on pension industry assets under management, Jijji said between 2018 and 2023, the pension industry achieved average annual growth of 16.3 per cent to

N18.36 trillion. According to him, by March 2024, pension assets under management has grown by 7.14 per cent to N19 .67 trillion.

“In dollar terms, value of total pension assets dropped from $33 billion (2019@N306/$) to $15 billion (2024@N1309/$). Funds 11 and 111 accounted for 42.4 per cent and 26.3 per cent of the total Pension industry assets as at March 2024,” he informed.

Earlier in his address, the Chairman House Representatives Committee on Pension, Hussaini Mohammed Jallo, noted that the

PFAs were licensed under the Pension Reform Act 2014 to carry out duties such as open retirement savings account for all employees with a personal identity number among other functions but were faced with several challenges. He listed these challenges as funding deficit, investment returns under the influence of volatile markets and low interest rates as well as inefficient administrative processes leading to delays and errors and increased costs.

ENHANCING SAFE FINANCIAL TRAN SACTIONS…

L-R: Head, e-Banking Operations and Payments, Fidelity Bank Plc, Maryam Unokhua; Group Head, Partnership and Ecosystem, Wema Bank Plc/Vice-Chairman, Committee of e-Business Industry Heads (CeBIH), Ajibade Laolu-Adewale; Head, Card Business, Zenith Bank Plc/Chairman, CeBIH, Celestina Appeal; Executive Director, Corporate Banking, Fidelity Bank Plc, Abolore Solebo; Divisional Head, e-Banking, Fidelity Bank Plc, Ifeoma Onibuje; and Group Head, Retail Digital Channels, Fidelity Bank Plc,

Currency in circulation has improved from 94 per cent recorded in March

2024 by 2 per cent compared with the latest figures of April revealing that the amount of currency held outside banks improved to N3.6

trillion in April 2024, representing a significant portion of the total currency in circulation (CIC), which stood at N3.92 trillion.

This also reflects a notable 73.46 per cent increase year-on-year (YoY) compared to the N2.08 trillion recorded in April 2023.

However, this trend indicates the first time since the reversal of the currency redesign where there was an improvement of currency outside banks compared to total currency in circulation.

a significant portion of the total currency in circulation (CIC), which stood at N3.87 trillion.

remarkable 304 per cent surge in currency outside banks, leaping from N843 billion in 2023 to N3.41 trillion in 2024.

Nume Ekeghe

In a significant stride towards international financial reporting standards, Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has emerged as the first insurance company in Nigeria to have successfully obtained vetting and approval from the National Insurance Commission (NAICOM) for its 2023 full year financial report.

“As the first insurance provider to receive such vetting by the industry regulator, this achievement comes on the heels of the insurance company’s adoption of the International Financial Reporting Standard (IFRS) 17 standardisation process, showcasing its commitment to transparency and adherence to global accounting practices.

“The International Financial Reporting Standard (IFRS17), which was issued by the

International Accounting Standards Board in May 2017; implemented in Nigeria in January 2023 and adopted by the National Insurance Commission, mandates all insurance firms to upgrade their financial reporting model by migrating from the IFRS4 model to the IFRS17 model. The IFRS 4 model allows companies to continue using existing local accounting practices, leading to inconsistencies and challenges in comparing financial statements across different jurisdictions.

Thus, the model lacked uniformity in accounting practices as well as hindered comparability and transparency, “the company said in a statement.

Commenting on the feat, Chief Executive of Stanbic IBTC Insurance, Akinjide Orimolade, noted that the vetting by NAICOM is a testament of Stanbic IBTC Insurance’s

Dana Air CEO Meets Keyamo, Hints on Fresh Investment

Authority (NCAA) suspended the airline’s operation in April over an incident, but while undergoing audit in order to resume service, the airline has taken fundamental actions to show new commitment in line with standard and recommended practices.

The CEO of Dana Air, Jacky Hathiramani disclosed this in Abuja during a crucial meeting with the Honorable Minister of Aviation and Aerospace Development Festus Keyamo.

Group Business Editor

Eromosele Abiodun

Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Money Market

Nume Ekeghe

Senior Correspondent

Raheem Akingbolu (Advertising)

Correspondents

Emmanuel Addeh (Energy)

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporters

Peter Uzoho (Energy)

Ugo Aliogo (Development)

According to the CEO, Dana Air has made significant progress in its commitment to revitalize its operations and the Board of the airline is currently in talks with a new investor who is also very eager to infuse fresh ideas, a different fleet of state-of the-art aircraft type and possibly new hires signaling a promising future for the airline and the industry as a whole.

‘’In line with its vision for growth, innovation and excellence, Dana Air is eagerly anticipating the arrival of brand new aircraft, which will not only enhance its operational efficiency but also elevate the overall passenger experience.

‘’These modern fleet of aircraft are set to redefine air travel standards, passengers comfort and safety and reinforce Dana Air’s position as a preferred choice for travelers across Nigeria.”

commitment to international financial reporting standards, while giving stakeholders a clear understanding of its financial position and performance.

“Being the first insurer to have

A breakdown of the money and credit statistics data released by the Central Bank of Nigeria (CBN) revealed that the amount of currency held outside banks surged to N3.63 trillion in March 2023, representing

In February 2024, currency outside banks reached N3.41 trillion, comprising 92 per cent of the total CIC, which amounted to N3.69 trillion. This is an increase from January 2024 when currency outside banks represented 89 per cent of the CIC, totalling N3.28 trillion from a total CIC of N3.65 trillion.

Comparing year-on-year figures between February 2023 and February 2024 reveals a

Similarly, the CIC showed a significant 276 per cent increase over the same period, climbing from N982 billion in February 2023 to N3.69 trillion in January 2024. A comprehensive analysis of the trends in 2023 revealed fluctuations in both Currency in Circulation and currency held outside banks. In January 2023, CIC was reported at N1.32 trillion, decreasing to N982 billion in February.

The prolonged closure of a section of the outbound lane of Marine Bridge in Apapa, Lagos is slowing down the evacuation of goods cleared from the Lagos Port Complex Apapa, Chairman of the Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Haastrup has said.

Haastrup, who stated this in Lagos over the weekend, appealed to the Federal Ministry of Works to speed up ongoing repairs on the bridge to ensure its prompt reopening. She also expressed concerns about the frequent partial closure of the

busy bridge.

Princess Haastrup said the bridge has experienced prolonged partial and intermittent closures over the past two years without noticeable appreciable progress of the repair work being done.

She said comprehensive repair work of the Third Mainland Bridge, which is much longer than the Marine Bridge, was carried out within five months while that of the Marine Bridge has been ongoing for more than two years.

While commending the government’s effort to keep the

bridge in good shape, she said its prolonged closure, in addition to slowing down the evacuation of cargo from the port, is also making movement difficult for port workers and Apapa residents.

“The Marine Bridge is very strategic to operations at the nation’s largest seaport. Its partial closure has affected the movement of trucks in and out of the port. We all know that trucks remain the primary means of cargo evacuation from the seaports. When there is no free flow of traffic, cargoes are held up in the port and when this happens,

it impacts negatively on economic activities in the country.

“Cargo backlogs at the port inevitably lead to port congestion and vessel queue. Port congestion will also mean that importers and agents will have to pay more to clear their cargoes from the port, the cost of which will eventually be borne by the masses.

“We therefore appeal to the government to hasten work on the repair of the closed section of the bridge to avoid port congestion and reduce the sufferings of commuters,” she said.

Access Holdings Advocates Responsible

Emma Okonji

Access Holdings Plc, a leading financial services group, has stressed the need for ethical considerations in using Artificial Intelligence (AI), calling stakeholders in the financial industry to factor sustainability implications.

Executive Director of IT and Digitalisation at Access Holdings, Lanre Bamisebi, made the call while delivering a keynote address at the Smart Banking Summit 2024 held in Kenya recently.

Speaking on the topic, ‘AI

LASG

In a move to cement Lagos State’s position as the innovation powerhouse of Nigeria and beyond, the Ministry of Innovation, Science and Technology (MIST) has convened a high-level stakeholder engagement forum at the Eko Innovation Centre, Ikoyi.

In a statement, it was noted that the event brought together key players from across sectors to deliberate on the proposed Lagos Innovation Policy

Guardians: Securing Compliance and Mitigating Risk’, Bamisebi shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.

“Artificial Intelligence has the power to revolutionise our societies. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance

Bill, a groundbreaking legislation that promises to catalyze innovation and foster an enabling environment for technological advancement.

The statement said the event, chaired by the Commissioner for Innovation, Science and Technology, Mr. Olatubosun Alake, was an avenue for co-creation and collaboration, a move that has been variously been described as Lagos State Government’s commitment to an inclusive and participatory approach to policymaking.

are vast. However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” Bamisebi said.

Speaking to these concerns, Bamisebi said: “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between

Earlier in his remarks, Alake emphasized the important role of Lagos State in driving innovation investment in Nigeria and indeed, Africa, noting that approximately 70 to 80 percent of innovation funding flows into the state.

He stressed the urgency of establishing a robust policy framework that encourages continuous innovation investment and drives Lagos to the forefront of the digital revolution.

“This is because it can encourage

technological advancement and environmental preservation.

“We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all.”

Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.

or discourage continuous innovation investment in the state. Today’s engagement is in line with driving an innovation policy framework,” he said.

In his welcome address, Chief Executive Officer of the Eko Innovation Centre, Victor Afolabi, explained the significance of the stakeholder engagement as a co-creation event, where collective deliberation would shape the regulatory incentives and create an inclusive innovation ecosystem.

Chinedu Eze

Nigeria’s major carrier, Dana Air has announced a significant step forward in its journey towards a vibrant resurgence in the aviation sector.

The Nigeria Civil Aviation

Nume Ekeghe

Ugo Aliogo

Eniola Fakeye, at the meeting of CeBIH hosted by Fidelity Bank in Lagos… recently

Investors in Fidelity Bank Stock Earns 507% Gain in Five-years

Kayode Tokede

Investors in Fidelity Bank Plc have earned more than 507 per cent in capital gains over the past five years, ranking above all other major return benchmarks at the Nigerian stock market and the entire banking sector.

Trading reports at the Nigerian stock market for the five-year period between May 31, 2019 and May 31, 2024 showed that Fidelity Bank outperformed all key indices at the stock market.

Fidelity Bank’s share price rose by 507.14 per cent over the period, representing average annual capital gain of 101.43 per cent.

These returns underscore Fidelity Banks immense value as a stock for all times, helping investors to hedge against inflation while preserving significant long-term value.

With 507 per cent capital gain in five years and average annual gain of more than 100 per cent, the return analysis implies that investment in Fidelity Bank is more attractive than other class of assets,

including fixed-income securities such as government and corporate bonds; real estate investment and mutual funds among others.

The high divisible nature of shares investment and high free float of Fidelity Bank, which makes the banks shares easily available, underline the bank as a most attractive investment option for all cadres of investorssmall, medium and high networth; retail and institutional investors.

Comparative analysis showed that Fidelity Bank outperformed all other major market indices with the banks average annual return for the period twice the average return by the overall market and almost four times of average return in the banking sector.

The All Share Index (ASI) - the common, value-based index that tracks all share prices at the Nigerian Exchange (NGX), which is widely regarded as Nigeria’s benchmark for equities market, recorded a five-year return of 219.61 per cent, an average annual return of 43.9 per cent.

Contrary to the significantly above

average performance of Fidelity Bank, the NGX Banking Index-which tracks the banking sector, doubled by 120.53 per cent over the five-year period, representing average annual return of 24.11 per cent, more than 77 percentage points below Fidelity Banks average return.

Two other major price indicesthe NGX 30 Index and NGX Main

Board Index, recorded five-year cumulative return of 185.73 per cent and 265.6 per cent respectively, representing average annual gain of 37.15 per cent and 53.1 per cent respectively.

Market analysts are unanimous that share prices are illustrative of the fundamental values of quoted companies.

The Managing Director, HighCap Securities Limited, Mr. David Adonri, said the price of any stock in the market is a correct reflection of the market value for the stock.

Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, explained that the market price of a stock represents the disposition of the investing public to the stock at a given period, noting that there should be consideration for both the market value and the book value or fundamentals of a stock. Chief Executive Officer, Sofunix Investment and Communications, Mr. Sola Oni, said the stock market shows both the current and future prospects of shares.

Greenwich Merchant Bank Gets CBN Nod to Become a Holding Company

Greenwich Merchant Bank, a prominent provider of high-end financial services in Nigeria, has secured Approval-in-Principle (AIP) from the Central Bank of Nigeria (CBN) to transition into a Holding Company (HoldCo) structure.

The bank’s Chairman, Kayode Falowo, made the announcement during the bank’s Annual General Meeting (AGM) held in Lagos.

The Holding Company, to be named ‘Greenwich Holdings Limited,’ will oversee a diverse portfolio of existing financial services entities comprising Greenwich Merchant Bank Limited, Greenwich Asset

Management Limited, Greenwich Securities Limited, Greenwich Trustees Limited, as well as proposed new ventures in the financial services sector.

Commenting on the significance of the AIP, Kayode Falowo, Chairman of Greenwich Merchant Bank, stated that this strategic move will enable Greenwich Group to streamline operations, enhance efficiency, and unlock new growth opportunities.

“We are committed to leveraging this structure to deliver superior financial products and services to our esteemed clientele,” he stated. Falowo further characterised the approval-in-principle to transit into

a Holding Company as a pivotal moment in the bank’s journey towards enhanced competitiveness and market leadership, solidifying its position as the go-to institution for delivering comprehensive financial services tailored to meet the evolving needs of its clientele.

The HoldCo AIP, as explained by Falowo, signifies more than just a regulatory green light; it represents a strategic milestone that will enable the bank to optimize its operations and explore new avenues for growth.

“We are committed to leveraging this structure to deliver superior financial products and services to our esteemed

clientele, and continue to contribute to Nigeria’s economic development,” he stated.

Acting MD/CEO, Greenwich Merchant Bank, Benson Ogundeji, echoed the Chairman’s sentiment, expressing optimism about the bank’s prospects, and citing the HoldCo approval-in-principle as a testament to the bank’s resilience and strategic foresight. “This regulatory nod reaffirms confidence in the bank’s ability to adapt and thrive in a dynamic financial landscape, positioning us for sustained growth and value creation for our stakeholders”.

Winners Emerge in West Africa Innovation Awards Nigerian Breweries Completes Acquisition of Distell Nigeria

Raheem Akingbolu

Top organisations and brands in the West Africa sub-region have bagged the West Africa Innovation (WAI) Awards at the 13th edition of the Awards in Lagos recently.

The event which took place in Lagos witnessed the crème d’ crème of the corporate titans in attendance, including the chief executive officer of Africa Prudential, Mrs. Catherine Nwosu and the managing director of

Meyer Plc, Dr. David Onabajo.

The event kicked off with a welcome address by the Project Director, West Africa Innovation Awards, Mr. Abidemi Adesanya, who spoke about the strategic importance of the event.

According to him, “Today’s event is geared towards encouraging greater innovation, creativity and more importantly, applauding Customer Service excellence, an effective marketing strategy that delivers results.”

Nigerian Breweries Plc, has completed the acquisition of a majority stake in Distell Wines and Spirits Nigeria Limited, a statement issued by the company at the weekend has stated.

According to the statement, the completion of the transaction follows the approval of the South Africa Reserve Bank (SARB) for the acquisition by Nigerian Breweries Plc, of the shares of the South African entity, Distell International Limited (now known as Heineken Beverages

Holdings Limited) in Distell Nigeria, as well as the import business of Distell International Limited in Nigeria.

According to the Managing Director, Nigerian Breweries Plc, Hans Essaadi, the acquisition and subsequent commencement of business operations align with the strategic objective of the brewery company to expand its current product offerings beyond beer to include wines, spirits, and flavored alcoholic beverages.

Essaadi noted that the company remains unwavering in its commitment to cater to the diverse needs of

consumers. He said; “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry. We are excited to have the process completed and can’t wait to see how this transforms our business”.

In his remarks, the Managing Director, Distell Nigeria, Mr. Steve Ighorimoto, stated that the acquisition is an exciting new chapter for the

company as it would help increase the capacity necessary to achieve improved business performance.

“We are excited to be a part of Nigerian Breweries, as we share in the solid track record of growth, including a highly engaged, dynamic, experienced, and diverse team. These changes will strengthen the organization’s manufacturing, marketing, and distribution capabilities while ensuring sustainable growth and maximum value creation for all stakeholders,” he said.

Raheem Akingbolu

POLITY

Renewed Hope: X-raying People-oriented Projects of NDDC in Niger Delta

X-raying the infrastructure and human capacity development in the Niger Delta Region in recent years, the current developmental strides sighted in the region will call for an appraisal of the management of the Niger Delta Development Commission (NDDC). Blessing Ibunge reports that the commission is achieving its mandate as enshrined in the act establishing the agency in 2000

The Niger Delta Development Commission (NDDC) is a federal government intervention agency established by then-President Olusegun Obasanjo’s administration in 2000 with the mandate of developing the oil-rich Niger Delta region. Its mission is to ensure the region’s sustainable development that is economically prosperous, socially stable, ecologically regenerative, and politically peaceful.

The NDDC has in the past years managed by various appointees, but the current happenings, especially the developmental strides seen in different communities both in rural and urban cities, have created a greater hope for the oil-rich region, as the agency which was once seen and alleged as a cash cow for politicians is now transformed and beginning to create positive impact with the emergence of the current management board led by the Chairman, Mr Chiedu Ebie and Managing Director, Dr Samuel Ogbuku.

Following the activities carried out by the NDDC recently, THISDAY assessed how the Ogbuku leadership is enhancing infrastructure, improving healthcare access for the people, empowering communities through education, skills and jobs, sustainable environmental management, facilitating agricultural development, and fostering social welfare programs in the region.

In achieving its target of changing the ill description of the reason for the agency’s establishment, the new NDDC management board keyed into President Bola Tinubu’s ‘Renewed Hope Agenda’, considering the grassroots and ensuring satisfaction in the region’s development. There is evidence of serious and committed efforts to see that some of the abandoned people-oriented projects are completed since it will also serve as relief for the people yearning for development in the past years. The commission has remained a catalyst for impacts and infrastructure development.

Construction of Roads, Bridges

Within a few months, the NDDC constructed and rehabilitated 5 141.3 kilometres of roads through swamps and forests, 42 bridges, thousands of hydraulic structures and 87 jetties across the region.

Speaking through a virtual presentation at a recent NDDC region-wide media engagement in Port Harcourt, Ogbuku said that the NDDC is committed to the completion and commissioning of all ongoing projects across the Niger Delta region. He said the major projects in Abia, Edo, Ondo, Bayelsa, Rivers and Akwa Ibom were a testimony of the new passion the NDDC was delivering on its mandate.

The NDDC boss stated that Tinubu had charged the Commission to complete and commission signature projects that would impact the lives of Niger Deltans. Ogbuku noted that the NDDC had so far inaugurated the 25.7-kilometre Ogbia-Nembe Road in Bayelsa, which we executed in partnership with Shell Petroleum Development Company (SPDC), the 600-meter Ibeno Bridge and the 6.87-kilometre Iko-Atabrikang-Opolom-IwuoAchang Road, in Ibeno Local Government Area, of Akwa Ibom State, as well as the 9-kilometre Obehie-Oke-Ikpe Road in Ukwa West LGA of Abia.

Other roads rehabilitated and inaugurated were Ididep Ekpenyong Ikot Etim Afaha Itiat, Uquo-Akpautong-Odoronkit-Ntak-Inyang-Etebi, Esit Eket Roads in Akwa Ibom, Ugilaimai-Ogume, Abbi, Onicha-Ugbo, Udumuje-Ugboko-Ewohimi Bridge and Roads in Delta, the Port HarcourtOwerri Road and the Atani/Amuvi Road in Arochukwu, Abia. The NDDC has numerous ongoing road projects across the region.

Improving Healthcare Access for People

community in Delta.

To ensure better health conditions for the people, the Commission has invested in healthcare infrastructure, including the construction of 142 health centers and hospitals, all of which are equipped with modern facilities. Taking the media executives on a virtual tour of NDDC projects on Thursday, the Executive Director of Projects, Mr Victor Antia, said that the NDDC had resumed its free healthcare programme, which caters to the needs of rural communities, as part of the Commission’s commitment to enhance healthcare delivery to the people of the Niger Delta region.

He said, “In the ongoing free medical outreach across the nine Niger Delta states, 20,000 surgeries have been performed, while 45,000 patients have been attended to, 27,000 eyeglasses distributed, 88,900 administered typhoid vaccine doses, and distribution of 36,000 sets of essential drugs.”

Improving Security in the Region

The NDDC, through its Department of Dispute and Conflict Resolution (DCR), has continued to ensure friendly relationships with communities in the region. It has also joined various security agencies to promote peace and security across communities in the region. During a recent strategic capacity-building training on conflict management and a peacebuilding- approach for its personnel, Mr Patrick Ekade, NDDC’s Director of Human Resources and Administration, said conflicts had affected the commission adversely in the past, which he said had stalled some of their projects.

Ekade noted that the regular training of the staff was important because it equipped them with peace-building skills, saying that it helps the commission in engagement with the communities regarding conflict issues due to the projects it would be having in the area.

The Director of the Conflict and Dispute Resolution Department at NDDC, Ayewumi Goddy, noted that the training would resolve many issues, citing the conflict in the Okuama

Ayewumi said, “This training is going to solve alot of issues in the region, because the MD, Dr Samuel Ogbuku is a man of vision. What that means is that we are going to be doing things in a more transparent way. This programme is the idea of the MD where NDDC personnel are trained as managers of conflict. Conflict should not arise before we move, but once we observe anything that we lead to conflict we move.”

He added, “Like the issue in Delta state, the MD of NDDC is working underground with the military to ensure peace in Okuama and in the entire region. To ensure that oil production is at the optimum output level. Staff are going to be managers of conflict.”

Ensuring Social Services, Economic Empowerment, Education and Youth Development

The Executive Director of Projects, Mr Antia, also highlighted the development in the education sector, including the Foreign Post-Graduate Scholarship Programme of the NDDC, during the media tour. He disclosed that 2,323 students in the region had so far benefited from it.

He said, “We have commenced the process for the 2024/2025 scholarship programme.” Antai highlighted other education developments in the region, including providing 107,480 educational items to schools, rehabilitating 924 schools, and building 1,571 hostel rooms.

The NDDC provided relief materials to the affected populations to cushion the effects of floods, other disasters, and other regional conflict-related issues. The Ogbuku-led NDDC has supported vulnerable groups, including widows, orphans, the elderly, and people with disabilities, and has also upgraded correctional facilities.

The NDDC launched Project HOPE to match

youths with jobs and training opportunities. It also hosted the Port Harcourt Tech Expo to foster innovation and technological advancement, with the mission of creating a peaceful environment free of crisis and insecurity. It installed 56,786 solar streetlights across the nine states, constructed and rehabilitated 678 water schemes in various communities and reclaimed 427.16 hectares of land for development across the region.

Senate President Godswill Akpabio, while representing President Tinubu at the inauguration of the N10 billion Iko-AtabrikangOpolom-IwuoAchang Road project, which includes the 600-meter Ibeno Bridge in Ibeno LGA of Akwa Ibom, noted that the present board of the commission is the first to focus on addressing the problems of the region just one year in office.

Akpabio, who described the project as a significant milestone in the development of the region, stated, “I am glad to see the progress being made in the Niger Delta region with the completion of this impactful road and bridge. I commend the Minister of Niger Delta Development and the NDDC for their efforts in seeing this project through. This project marks a step forward in the roadmap to transform Nigeria’s infrastructure. It is heartening to witness the positive impact of the new NDDC in the region, which is totally uncommon.”

Also, during the inauguration of the N24 billion Ogbia-Nembe Road in Bayelsa State jointly executed by the NDDC, and the SPDC, the Minister for Niger Delta Development, Abubakar Momoh, said that the project demonstrated the commitment of the Federal Government to development and peace in the Niger Delta region.

However, he charged all development partners, especially the International Oil Companies (IOCs), to emulate SPDC and the Nigerian National Petroleum Company Ltd (NNPCL), TotalEnergies, and the Nigerian Agip Oil Company (NAOC), which collaborated with NDDC on the Ogbia-Nembe Road and bridges project, on continuous innovative and human development projects in the region.

NDDC Chairman, Chiedu Ebie

NDDC MD, Samuel Ogbuku

BUSINESS SPECIAL

All Eyes on New SEC DG to Transform the Capital Market

The Senate Committee on Capital Market last week cleared Dr. Emomotimi Agama as the DirectorGeneral of the Securities and Exchange Commission, giving room for the board and management of the commission to begin the transformation of the Nigerian capital market, writes Kayode Tokede

The federal government, as part of efforts to reposition the Nigerian capital market, announced a new board for the Securities and Exchange Commission (SEC) last month. The new members of the board were hailed as a very good selection by the government because they include market technocrats, professionals and stockbrokers who have, over the years, contributed to the capital market growth in particular and nation’s economy in general.

The Senate Committee on Capital Market last week cleared Dr. Emomotimi Agama as the DG. The Committee, chaired by Senator Osita Izunaso, also approved the nomination of Frana Chukwuogor as Executive Commissioner (Legal and Enforcement). Mr Bola Ajomale as Executive Commissioner (Operations) and Mrs. Samiya Usman as Executive Commissioner (Corporate Services).

Agama is a degree holder in Accountancy from the Rivers State University of Science and Technology Port-Harcourt, a Master’s degree in Banking and Finance and another Master of Science degree in Economics both from the University of Benin, Benin City Nigeria and a Ph.D. in Economics with distinction from the Nile University of Nigeria where his Ph.D. dissertation was titled Impact of Cryptocurrency Operations on Macroeconomic Variables in Nigeria.

With over 10 years at the Commission, all eyes of capital market stakeholders are now on Agama to champion the capital market in further restoring local investors’ confidence amid Central Bank of Nigeria (CBN) banking sector recapitalisation.

President Bola Tinubu had on April 19 this year appointed Agama as the DG of SEC to take over from Lamido Yuguda. His appointment as SEC DG has been hailed by capital market stakeholders, who described him as a technocrat that would boost the birthing of the Tinubu administration’s $1trillion economy.

Speaking shortly after his confirmation, Agama said he will accelerate the development of the capital market in a manner that would boost wealth creation, attract investments and create jobs for Nigerians.

According to him, his team was appointed by Tinubu to change the narrative of the capital market and reposition it to the path that would boost economic growth.

He said: “We are bringing on board innovation, development. We are going to change the narrative of the Nigerian capital market. We are going to turn it around. That is the essence of our appointed by Mr. President. With this team, we assure Nigerians that we are going to do the best that the President has the desire to do.

“So, we should all wait to see what is going to happen. Our desire is to move this market forward. And to help in achieving the President’s $1trillion economy in the shortest possible time.”

He described the capital market as the barometer of the economy, noting that the commission would implement innovative policie and programmes that will create world-class companies in such a way that will ensure redistribution of wealth.

The new DG was previously the Head Registration, Exchanges, Market Infrastructure and Innovation Department, Special Assistant to the Executive Commissioner Operations and Head, Public Offerings at the Securities and Exchange Commission, where he superintended over the fund raising of most companies. Agama was a Seconded to the US Securities and Exchange Commission in 2018.

For effective regulation of the market, Agama and the new board at SEC will be expected to apply various modern-day regulatory/ supervisory tools, monitoring/inspection, investigation, enforcement and enforcing

rule making for effective exercise.

Also, under Yuguda, the SEC successfully launched a new e-Dividend Mandate Management System (eDMMS), making it easier for investors to mandate their accounts for electronic dividends. The link to the portal can be found on the SEC’s website. Despite many efforts, the unclaimed dividend has failed to drop, creating room for mixed sentiments.

Hence, the current board at SEC will need to effectively update market stakeholders on the state of unclaimed dividends in the capital market, and how the government is utilising it to grow the economy.

Other key issues are: investors’ education, passage of the Investments and Securities Bill 2024 and the implementation of the Revised Capital Market Master Plan (RCMMP), Identity Management; establishing a regulatory framework for the digital asset space; commodities trading ecosystem among other task confronting the capital market.

SHAREHOLDERS’ OPTIMISM

The capital market stakeholders commended President Bola Tinubu for the appointment of Agama as the DG of SEC an expressed high optimism that the new boss of the apex capital market regulator will deliver.

For instance, President, Capital Market Academics of Nigeria, Prof. Uche Uwaleke said Agama had been in the commission for over 20 years, urging him to continue from where his predecessor stopped. He said that implementation of the Nigerian capital market Masterplan must be paramount in his agenda.

The former Chairman, Association of Stockbroking Houses of Nigerian

(ASHON), Chief Patrick Ezeagu, said capital market operators over the years have been advocating main stream operators to be appointed into positions in SEC.

“The combination of the board at SEC is what operators have been advocating a very long time. These are people who understand the capital market, and can develop it.

“The FG listened to what we have been advocating and I believe if the team is allowed to work without any political interference, they will give the market the best,” Ezeagu explained.

Another past ASHON Chairman, Mr. Emeka Madubuike, stated that the new board constitutes major capital market players that understand the daily operations of the domestic capital market.

He said: “They have already experienced it, which gives rooms that will do what is right. The truth is that nobody can look into the future and predict what is going to happen. With the people that are appointed, there is a chance they will do what is right.

“The biggest challenges we have had in our country is that policymakers do not want to look at the two sides of our financial market- capital and money market.

“In every policy, you must create a balance. We believe that the new board at SEC will create a balance between the two markets because they have been in the system for so long and practised it.

The appointment is in the right direction.”

On his part, investment banker and stockbroker, Mr. Tajudeen Olayinka, said President Bola Tinubu made adequate consultations before making these important appointments.

He said: “For instance, Agama is a

down-to-earth professional in capital market regulations whom I know to be more passionate about the well-being and orderly functioning of the capital market in Nigeria. I have had cause to relate with him on some aspects of the market, and can tell you here that those who like to see remarkable progress in the capital market will enjoy him.

“He is quite conversant with different stages of development in the market and will have no difficulty deploying appropriate resources to deal with challenges that may confront the market during his tenure as DG of SEC. Mr. Bola Ajomale, Alhaji Lekan Bello and Alhaji Garba Kurfi are all experienced capital market operators who should be able to provide a proper blend that will make the market function in the overall interest of all stakeholders.

“Mr. Bola Ajomale, the new executive commissioner in charge of operations, is the immediate past MD/CEO of NASD OTC Exchange, while Alhaji Lekan Bello is a stockbroker and one-time commissioner of finance in Ogun State.

“Alhaji Garba Kurfi from Katsina State, comes with a unique touch of some important aspects of capital market operations in Nigeria: Fixed Income, Equity, Commodities, and Derivatives Trading.”

He added:“I feel strongly that better days lie ahead for the Nigerian capital market. I therefore wish to congratulate all the new board members of SEC for a well-balanced appointment of experts into the board of the Commission.”

Congratulating the new SEC DG, President, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare expressed hope that Agama will bring his experience to bear in repositioning and enabling the regulatory body achieve the reasons for its existence.

Bakare urged the new SEC board and management to tackle thorny issues that have over the years cast a dark cloud on the Nigerian capital market. These, she said, include the untamed growth in unclaimed dividend, and frequent delisting of companies from the NGX Limited.

“The SEC management under Agama, she continued, must restore the glory of the commission as an apex regulator of the Nigerian capital market; review the road map to ensure it become realistic in the development, while positioning the market as a role model for peers across Africa and the globe.”

“The commission should renew the fight against abuses in the market by reducing infractions which has continued unabated due to unchecked malpractices,” she said.

Also commenting on the development, the National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie said the appointments suggest that President Bola Tinubu’s administration is beginning to get its acts together.

He lamented that “the immediate past DG after assuming office distanced himself from shareholders’ groups unlike his predecessors who held regular consultations with the leadership of shareholder groups who in the process made inputs into the market.

He urged the new SEC board and management to do everything within their power to return the unclaimed dividend to their owners, while urging them to work with the various stakeholders to move the capital market forward.

On the second banking sector recapitalisation exercise, Okezie charged the new SEC management to enhance its capacity such that it is not overwhelmed leading to unnecessary delays in approving various applications by companies seeking to raise fresh capital, while putting ethnicity and religion aside in the recruitment process.

Agama

Promo: Wema Reiterates Commitment to Customers, Disburses N90m

Oluchi Chibuzor

Wema Bank has rounded off its 5 for 5 season 3 promo with over N90 million disbursed to Nigerians across the country, topping the cumulative N63.3 million from Season 1 and 2, and the total bandwidth of 1,200 winners surpassing the cumulative 1178 from previous seasons.

At the grand finale, yesterday, that was held at the Bank’s headquarters in Marina, Lagos and attended both virtual and physically, N10 million was disbursed.

Regulatory bodies, including the Federal Competition & Consumer Protection Commission (FCCPC), the National Lottery Regulatory Commission (NLRC), and the Lagos State Lotteries Board, among others, were in attendance.

The Season 3, which started

in August 2023, toured Lagos, Abuja, Ibadan, Uyo, UNILAG, Akure, Enugu, Benin and Osogbo.

Speaking at the grand finale, Wema Bank’s Executive Director, Retail and Digital Business, Tunde Mabawonku stated that the season 3 kickstarted with a series of special weekly giveaways of N5,000 each to 200 customers starting from the first week of August and leading up to the first monthly draw.

He said: “Our working template for the monthly draws was a N9,000,000 per draw model for each of the 10 monthly draws: 2 winners of N1,000,000 each, 8 Domiciliary Account winners of N250,000 each, 30 winners of N100,000 each and 80 winners of N25,000 each. We maintained this framework for all draws except for the 6th draw in Akure

where we disbursed a total of N8,000,000. The outstanding N1,000,000 from the Akure draw is how we have arrived at N10,000,000 for the Grand Finale happening today.

On her part, Wema Bank’s Divisional Head of Retail and SME, Ayodele Olojede, described the event as an instrument of positive impact and transformation.

She said, “What stood out for us is how receptive our customers have been through the years, supporting us, welcoming our solutions and embracing each innovation with open arms. In Season 1, we rewarded 639 Nigerians with N31.5 million and for Season 2, we upped the rewards with a N31.85 million cash prize for 539 Nigerians, touring seven cities: Lagos, Abuja, Onitsha, Abeokuta, Calabar, Ilorin, and

APMT’s CEO Encourages Students to Build Careers in Maritime

Apapa, Steen Knudsen, commended the students for visiting the terminal and participating in the career summit.

MARKET INDICATORS

building rewarding careers in the sector.

Klinke, while speaking at APM Terminals Apapa, Lagos on Thursday during a career seminar on the maritime industry, as part of activities marking the 2024 Children’s Day, said the industry offers exciting career opportunities for the future generation.

He encouraged the students to embrace hard work and diligence. He said APM Terminals hosted the career summit as its own contribution in grooming the next generation of maritime professionals “who would run this sector efficiently, ensuring its contribution to the national economy”.

Also speaking, the Terminal Manager of APM Terminals

He said APM Terminals has a high number of female workers despite the fact that the maritime industry has traditionally beenmale dominated.

He encouraged the students to “be curious, open to opportunities, and not be afraid to try new things”.

The President, Ocean Ambassadors Foundation (OAF), Olaitan Williams, appreciated APM Terminals for the partnership, hospitality and facility provided for the seminar. She said Nigeria is endowed with a long coastline that is capable of creating million of jobs for the students, “but it is their duty to discover where they fit in”.

She enjoined the students to dream big and be futuristic in

their career endeavors.

A logistics expert, Dr Ibrahim Adepoju, educated the students on the Cabotage Act and the Local Content Act, which he said opens up huge career and investment opportunities for Nigerians.

He said there are many areas that the students can venture into in the maritime industry. Such areas, according to him, include maritime law, marine engineering, accounting, insurance and many others.

Another speaker, Achenyo Obaro of MitiMeth, educated the students on how to produce dining wares, art decor, stationery, gifts and fashion accessories from harvested water hyacinth.

“A lot of you know about water hyacinths which is seen as waste and a challenge to navigation on inland waterways. We transform water hyacinths into beautiful artifacts.

Access Bank Engages Customers in Benin, Owerri, and Enugu

Nume Ekeghe

Access Bank recently hosted interactive sessions with its customers in Benin, Enugu, and Owerri, the capital of Imo State.

In a statement, Deputy Managing Director Chizoma Okoli, Access Bank highlighted that the events aimed to acknowledge customer loyalty and confidence. She noted that Access Bank serves over sixty million customers through six hundred branches.

Okoli emphasised the bank’s commitment to providing top-tier financial services and innovations that ensure exciting customer experiences and promote economic growth. She encouraged participants to leverage the bank’s various products.

Group Head of Consumer Banking, Mrs. Njideka Esemoju, stated, “The essence of the event is to know our customers better, to appreciate them, and to celebrate them. It is also an opportunity for us to identify

their pain points in order to address them, as our goal is customer satisfaction.”

Head of Channels at Access Bank, Mr. Oluremi TinuoluGabriel, emphasised the benefits of the Access More app, which offers over seventy financial and payment solutions domestically and internationally. He reassured customers of the bank’s commitment to securing their transactions and advised them against sharing sensitive bank information to protect their accounts.

Union Bank Commemorates International Children’s Day with

Fiesta

The program also organised a talent show that showcased the creativity of the children who were in attendance on the day.

Speaking on the sidelines of the fiesta, the Managing Director and Chief Executive Officer of Union Bank, Yetunde Oni, reemphasised the bank’s commitment to empowering and supporting Nigerian Children.

She said: “As a responsible corporate organisation, we recognise our obligations to

Union Bank of Nigeria, as part of activities marking this year’s celebration of International Children’s Day and further to the financial institution’s support for the growth of the Nigerian child, recently hosted kids to a special Barnyard Fiesta at its multiple-purpose Sports complex, The Stable, located at Bode Thomas, Surulere. The Barnyard Children’s Fiesta, held in Lagos recently entertained kids of various ages with video games, face painting, dancing, and singing contests.

support the next generation of Nigerian youths, who are represented by our current set of intelligent and talented children, in achieving their full potential through effective and sustainable positive engagement, even at this early stage of their development. Our ultimate goal is to continue being lifelong partners in facilitating success for our future great Nigerian citizens, as well as advocates for empowering and encouraging positive growth in our communities all around.”

Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya),

Enugu.”

Country CEO, APM Terminals Nigeria, Frederik Klinke with President, Ocean Ambassadors Foundation (OAF), Olaitan Williams (both in the middle) and some secondary school students who participated in the ‘Blue Talents School-to-Sea Program’ organised by APM Terminals Apapa and OAF to mark the 2024 Children’s Day in Lagos…recently

The Country Chief Executive Officer of APM Terminals Nigeria, Frederik Klinke has encouraged secondary school students to take interest in the maritime sector with a view to

Nume Ekeghe

Stock Market Gained N619.45bn in May as Analysts Predict Positive Sentiment

Kayode Tokede

Nigerian stock ended the month of May 2024 with a surprise gain of N619.45 billion as investors were divesting to the fixed income market in a move to hedge their investment against rising inflation rate.

Specifically, the market capitalization appreciated by 1.12per cent or N619.45 billion to close the week ending May at N56.172 trillion from N55.553

trillion the stock market closed for trading in April,

The Nigerian Exchange Limited All-Share Index (NGX ASI) increased by 1.09per cent or 1,074.75basis points to close May 2024 at 99,300.38 basis points from 98,225.63 basis points it opened for trading in the month under review.

Despite a 5.03 per cent decline this Quarter-to-Date (QtD) performance, the NGX ASI remains strong with a 32.8per

cent Year-to-Date (YtD) gain.

During the month, banking sector gained 2.97per cent, as the NGX Banking Index closed at 797.37 points, as against 774.35 at the end of April.

The NGX Consumer Goods Index posted a marginal 1.19 per cent gain during the month driven by gains recorded by stocks such as Dangote Sugar, which gained 20.82 per cent in the month, and International Breweries, which

gained 27.40per cent.

The Oil and Gas Index also gained 2.06 per cent during the month, occasioned by the 3.6 per cent gain posted by Seplat Energy during the month.

May is traditionally a selling month for stocks as it often coincides with dividend payments and mark-downs. Investors also prefer to take profits in May, leading to negative returns.

In May 2024, the NGX

recorded a market turnover volume of 9.955 billion shares traded across 197,056 deals, with a value of N198 billion.

However, THISDAY gathered that the NGX ASI ended the last trading week in May positive, closing higher by 1.73 per cent week-on-week (W-o-W) to close at 99,300.38 points. Similarly, market capitalisation gained N955 billion W-o-W to close at N56.172 trillion.

Across the sectoral gauges,

performance was predominantly bullish, except for the Industrial Goods sector, which experienced a slight weekly loss of 0.13 per cent. On the other side, the NGX Oil & Gas index saw a weekly increase of 9.08 per cent, while the NGX Banking index rose by 8.72 per cent. The NGX Insurance index recorded a weekly gain of 3.88 per cent, while the NGX Consumer Goods index advanced by 2.04 per cent.

PRICES FOR SECURITIES TRADED ASOF MAY 30/24

INTER VIEW

Dikko Radda: From Govt to Security, Traditional Rulers, All Categories of People Fanning Insecurity

Katsina State is reputed to be bogged down by the twin-scourge of poverty and insecurity. Although there are several other challenges plaguing the state, it is no surprise that you will always trace back the others to these two. But Governor Dikko Umar Radda, an economist and politician, is determined to do everything possible to liberate his people from the stranglehold of criminals strutting the state. From bandits to terrorists and insurgents, he’s had to deal with this vicious cycle from his first day in office. But Radda’s leadership style and substance are rooted in the well-being and security of his people. In a session with select journalists, including THISDAY, the governor discussed some of his efforts to not just change the narrative but support this with evidenced performance. “I don’t want to be carried away by what we’ve achieved in the first year because I am looking ahead,” said a man constantly challenging himself. Excerpts:

What have been the core challenges, and how have you been addressing since you assumed office?

Exactly this time last year, I was sworn in as an elected governor of the state. We came with full promise to be delivered to the good people of Katsina State. We are human beings. We can make mistakes, but at the same time, we need to appraise ourselves. We appraise ourselves in the sense that we subject ourselves to the people who question what we have done or promised to achieve.

Essentially, we have three sub-activities within the week to mark the one-year anniversary in office. Today (last Wednesday, May 29, 2024), I made a state broadcast, and I highlighted some of the things that we are able to achieve and a lot that we are unable to achieve due to some factors. But at the same time, we have an obligation to tell the people of Katsina State what we are able to do. Expectations from people are very high. Challenges and scarce resources are here, but we have to do what we can, not to give people excuses. But to be able to put something in place that we can say yes in our one year in office, we can do A to Z. Maybe we had some issues that did not allow us to do B and C. There is no perfection in leadership. As human beings, we do what we can with the resources available, and we can’t do it alone. Also, you have the citizens that you need their cooperation to discharge the responsibilities bestowed on you by the Almighty Allah.

We came in last year and met a lot of issues. The most burning one is the issue of insecurity. We believe that we must do something as a state not to fold our arms because security is being controlled at the centre or it is the sole responsibility of the federal government. As a governor, you cannot just fold your arms and allow criminals to be killing your people on a daily basis.

You must do something to support what the federal government is doing in order to reduce the insecurity in the state. When we took over, about 23 local governments were categorised into two: frontline and vulnerable local governments. Frontline local governments are eight in number, while the other local governments bordering the frontline are the vulnerable ones. The issue of insecurity has reached places like Charanchi, Ingawa, Kankia and Bindawa local governments. But as of today, the insecurity has reduced drastically.

The war has now moved down to the frontline local governments, with only one or two vulnerable local governments being affected in one way or the other from time to time. The tactics of the bandits have changed drastically from coming as they want and molesting people as they want to night attacks in very hard-to-reach areas that may take security personnel about three to four hours before they reach there.

We have taken the war to the next level by organising an operation in all eight frontline local governments in which the security agencies are attacking the bandits, not waiting for bandits to come and attack them; that we have done for a month. We are appraising and assessing the operation to see its success and otherwise before strategising on the next stage, which I don’t want to disclose here. But we have lost a number of people and properties, and these things keep occurring.

We need to study and do something different from what we used to do. We are working towards reducing the issue to the barest minimum we can as a state. We have been calling for and seeking collaboration and partnership with the security agencies with more fighting power that can match what the bandits have. Just in the last three days, we had a bandits’ attack in which they used rocket propellers and shot one of our security personnel.

These are some of the things that make the war very difficult. It is only when all of us are police officers that we can be able to provide valuable information that will make the war against banditry, kidnapping and other criminalities easier

to tackle. But that will not stop us from pursuing some developmental projects for the benefit of the people of Katsina state. However, insecurity has been a major distraction to my administration.

Before you came into office, you clearly set some targets for yourself. What are the ones not yet in the bag?

I said it at our last council meeting. I told the members of the council that we had not done well enough because I thought the speed should be much more than this, but I could understand the challenges. But I don’t want to be carried away by what we achieved in the first year because I am looking ahead. This is not what I want Katsina to be; I have set myself a very high target and am working to achieve that.

But my major happiness as a governor is always to make sure that the right person

gets the right thing. That is why I moved away from the era of lobbying, political considerations, and ethnicism and made sure that my approach to governance is to reach the people at the bottom of the pyramid.

I was so happy at this chamber (Red Chamber) when we had a farewell event for 41 students that we took to Egypt to study MBBS. These students came from public schools, the children of the poor without the influence of one single individual in this state. They got the opportunity purely based on merit. They sat for the examination, and they got it. We did that to give everyone an opportunity. Anyone who can take his child to a private school will have the capacity to take his child anywhere in the world to study. We are targeting those who could not even take their children to private schools, but they only go to public schools and the children of the poor.

The opportunity was equally a proposition

I don’t want to be carried away by what we achieved in the first year because I am looking ahead. This is not what I want Katsina to be; I have set myself a very high target and am working to achieve that

because it allowed every local government to produce the best they have. When we recruited 7,325 teachers, I did not allow any member of my cabinet or a member of the state assembly to manipulate or influence decisions on who should be.

We allowed them to sit examinations, and everybody was given permanent and pensionable appointments. But the first thing I did, which set the tone for all that we did, was my immediate dissolution of permanent secretaries and subjected them to examination before they got to the seat of permanent secretaries.

So, if I start from the top, anybody at the lower level should sit up and know we are not here to joke. That was my happiness movement at that time, and I was in the administration of this state for one year.

But the saddest one is to receive calls that 10 or 20 people were killed in a village, their houses were burnt, their women were raped, and some were kidnapped. The only way you can appreciate that is to put yourself in their condition, and you will feel it. I have already developed that feeling, and it remains with me because my elder brother was killed by the bandits and left behind 27 children and three wives.

And I don’t think there is any citizen in this state who, in one way or another or his relatives, is not affected by these bandits’ activities. That does not give us good sleep, and it affects our governance. Sometimes, I feel that why should I be here while people are being killed and I can’t do anything, and that was what called Continued

I Feel Pains of Victims of Terrorism, Banditry Because I’m Directly Affected Too

for the debate of state police.

Before I became governor, I was one of the critics of the state police, but I have seen the need for it. I have also seen the efforts the Katsina Community Security Watch Corps are making towards curbing the insecurity in the state with ultimate courage, determination and sincerity. Their efforts informed my decision to call on Mr. President to make sure that any police officer from the rank of assistant superintendent of police should be posted to his state of origin.

Any military officer at the junior level should be posted to their state of origin because they should protect the lives of their people. They should have affection because their relatives are in the community. If they like, they should allow people to kill them. This will motivate them to do the needful. So, I think the debate for the state police is apt now.

I wonder when people say state governors will manipulate the state security apparatus to oppose their opponents. Were we not in Nigeria when Jonathan, with all the security agencies answerable to him, still lost the election? And if you say that an elected governor will manipulate and use the state security apparatus against opponents, what makes Mr. President, who has control over the security apparatus at the federal level, not do exactly that?

It is about leadership, responsibility, and doing the right thing at the right time. A leader should be guided by the rules and regulations as stated in the Constitution of the Federal Republic of Nigeria. We swore to protect and uphold the constitution of Nigeria: no fear, no favour. So, if we swore by that, it means we have a responsibility as leaders to use the security apparatus appropriately for the benefit of the nation.

If you are governor today and use state police against your opponents, you may not be governor tomorrow, and the person who is the governor may use it against you. So, why can’t you do the right thing? It is about responsibility and having responsible leaders. Insecurity is no doubt a challenge here. But you were reported recently as saying state officials and security agencies were fueling it. Why haven’t you exposed them?

I have issued a press statement to that effect, and I have mentioned that I hold security agencies in high esteem because they, too, are being killed on a regular basis in their pursuit to curb the insecurity in the state. But the point is, there is no category of people not involved in this. What is hidden here? Who was not arrested? Different categories of people were arrested on allegations of being involved in banditry, criminality, and many other vices, even here in Katsina.

I don’t know why people should bother themselves when I say this, but some people want to fuel it. But I remain here saying the same thing: there are a lot of different categories of people, whether in government, security, or anything else involved. Why I say that is because there are a number of arrests that were made. There are security reports that we have, and even in prisons now, if you go there, you will see some people arrested. They may be from the government, security, and traditional institutions, but we should understand that we have good people everywhere. But you can’t eliminate bad eggs. The bad eggs are with us. Why do you meet, and then you hear information somewhere from the bandits about the same discussion after 30 minutes or an hour? So, among those who met, somebody must have informed them.

The bandits already have the information if there is an operation before you reach there. So, you must ask yourself, ‘Who told them?’ It is not rocket science. It is logic. So, is it a devil that comes and hears what was discussed and telephones them (bandits)? We don’t want to say the truth in Nigeria because we don’t want to get to the root cause of the problem. If I am at fault, I should tell myself that I am wrong, examine myself and forge ahead. But when we are denying information and the truth, the problem will always revolve round us.

This is exactly what happens at the local level. Your neighbour’s son is involved in banditry, but you don’t want to expose him because he is your neighbour’s son. Your in-law is involved, but you don’t want to say it because it is your in-law. If you are a governor, somebody in government is involved, but you don’t want to expose him because they will say the government is fuelling this. It is the same with the police, military and other security agencies. We must tell ourselves the truth before we get to the root cause of the problem. No organisation that doesn’t have bad eggs. We should fish them out so that

Radda

The only way you can appreciate that is to put yourself in their condition, and you will feel it. I have already developed that feeling, and it remains with me because my elder brother was killed by the bandits

we can tackle the root cause of the problem. But when we keep hiding things because we don’t want a bad name, it will continue, and there will be no time for it to end.

So, it is high time for us Nigerians to tell ourselves the truth. When we tell ourselves the truth, we will correct our mistakes. Someone can challenge me on doing something wrong, and that may be a basis for my correction. This is the major problem affecting our country.

Is there any update on some of the people you recently said were placed on surveillance for their involvement in insecurity?

We were able to arrest a representative of a village head in the Guga community of the Bakori local government area of the state. He was arrested because of his involvement in banditry. He was given N700,000 to allow bandits to come to his village and kill over 30 people.

Available data from the National Bureau of Statistics shows that Katsina has a 72.7% poverty rate. Last year, you pledged to prioritise the welfare of the people. What has your government done so far in addressing this issue?

It is true that you don’t need anybody to tell you that there is poverty in our land because you can see it on the faces of people when you move around. We understand that the problem of insecurity is attached to the issue of poverty in our region. If a woman can be given N500 to transport petroleum in a disguised manner to the bush to give to the bandits.

If a young man can be recruited for N2,000 to provide information to the bandits about his neighbour, you can see that there is poverty here. We approached this issue in two ways: kinetic and non-kinetic approach. And then, if you are unable to reduce poverty and provide job opportunities for our teeming youths, it will be very difficult to address the insecurity. We have come up with a lot of strategies, and that is the reason why we established the Katsina Enterprise Development Agency, which provides support to our MSMEs, especially micro and

things we are putting in place to engage the youths so the locals can be productive, reduce poverty, and improve their livelihoods. Even in the last three months under the Katsina Cares programme, we supported over 6,100 farmers in the state. We also supported women and youths with items worth N2.5 billion. In the interim, we have provided foodstuffs because we have reached a stage where we are not even talking about what to wear but what to eat. We have done that as a preliminary before we can go into the major and permanent ways of solving the problem.

One seemingly intractable problem in Katsina, and many parts of the north, is water supply. What have you done to combat this, and is there a success story?

Yes. This is due to expansion because of the water system that we have in the state through the Ajuwa Dam. All the infrastructure has been in place for the last 40 to 50 years. The last administration started work on improving the piping and engines, which they engaged with the original producers of those machines in the last 40 years.

I visited the dam, and as I speak to you today (Tuesday), some of those heavy machines are on their way to Katsina to improve the state’s water supply. But that will not solve the problem because the network and the piping of Katsina State were done in the last 50 years. So, the expansion we had is almost five times larger than the original because of urbanisation. However, we are working tirelessly to get support to enable us to pursue the second phase of the Zobe water project.

The second phase of the project will include piping the water through Dutsin-ma-KankiaCharanchi back to Katsina. Also, re-piping the water in the state requires a huge amount of money. We have been talking with some partners to see if we can get some funding to pursue this mega project that will address the issue of water in about nine local governments.

Under the SWASH programme, we have improved some reticulations and water networks in some parts of Sardauna Estate, Batagarawa Low-cost, Rafindadi and Tudun Matawalle. We have done a lot of work there. We spent over N5.6 billion to improve the water supply in the state. However, the major work that we want to pursue to have a permanent solution to the water problem in the state requires huge finances, and we are talking with a lot of partners to see how we can get funding to pursue the project.

You can’t fight insecurity in Katsina alone. What support do you need and are you getting from the federal government?

small businesses. My government has since set aside N3.4 billion for that in collaboration with the Bank of Industry as managers.

In the last three weeks, we launched mechatronics training for 3,000 youths across the state. We will attach them to various mechanics workshops, and after their graduation, we will support them in opening their own workshops and providing employment to our teeming youths.

Right now, we are trying to establish community centres in all our villages, which will be responsible for all developments and provide employment and support to the teeming young men and women in those localities. We are concentrating more now on the frontline and vulnerable local governments so that we can address the issue squarely. We are sure tackling poverty is the only way to address insecurity in our state.

Another way of addressing poverty is improving productivity. Agriculture is our major occupation, that is why we created Katsina State Irrigation Authority so that we can have all-year-round farming in the state that will reduce redundancy and keep everybody busy for the year because now we are only doing a rainfall production for three to four months within which people will be out of business for about eight months.

To increase productivity, we must educate our farmers on how to manage their farming business, prioritise it, and consider agriculture a business. Just yesterday (Tuesday), we expanded the number of extension workers from 72 to 722. Yesterday, we gave each one of them a motorcycle and other equipment to help them move around and educate farmers on ways to improve their productivity.

We also launched 20,000 metric tonnes of fertiliser to be distributed to farmers across the state at a very subsidised rate so that the farmers can have their fertilisers at home before the time for them to apply. It is very wrong to give a farmer fertiliser two to three months from now because agriculture is a timely production. These are some of the

The only way out of this insecurity issue is to address it squarely. We should use technology to fight insecurity. What stops the federal government from using technology to fight this insecurity? What stops us from having coordinated and joint operations? What stops us from pursuing and being proactive rather than being reactive?

Do we have to wait until the enemies attack us before we react? Why can’t we have a coordinated, selective and targeted attack and approach to fight this insecurity? Why can’t we use drones; why can’t we use surveillance cameras and trackers to fight our enemies? I have said over and over that fighting insecurity requires some level of strength. You have to show capacity to fight it before these people (bandits) can relax, but once they see loopholes and lack of coordination, it becomes difficult for us to control it.

As a government, there should be a clear and very supportive approach between the subnational and the national governments. Everybody calls us or addresses us as the chief security officers of the state, but are we? We are not because we don’t control (the levers of security). So, what are you chief for? That is cowardice because how will someone call you chief security officer when you know you can’t control anything? It is better we look at it holistically and address it so that we can have peace and get the needed development in the country because we are going backwards. For example, we have built schools and hospitals in these frontline local governments, and bandits have destroyed some of them. So, we have to rebuild them, so we are going backwards. Instead of us to keep progressing, we are going backwards. We build schools and hospitals, but somebody will come overnight and burn all the projects and kill people. So, you have to channel your resources to help those affected to regain their livelihoods. When you look at the inflation, the school that you built for N9 million yesterday, you will build it for about N18 million today.

So, these are issues that we have to be really thinking about. People say there is an increment of revenue to the state, but they should know that there is also an increase in inflation. What N1 million could do for you yesterday, N2 million cannot do for you today. So, we have to allocate these scarce resources carefully and improve transparency and accountability to the people.

SIGNING OF NESG, FMACCE MOU ON POLICY REFORMS...

Oando Turns the Corner with 2023 Interim Results, Records N74.7Billion Profit, 71% Increase in Turnover

Emmanuel Addeh in Abuja

Oando Plc, Nigeria’s leading indigenous energy solutions provider, at the weekend said it posted a N74.7 billon Profit-After-Tax (PAT) in its full year ended 2023 unaudited financials.

The company said that the profit showed a positive turn in its fortunes in comparison to the preceding year when the company posted a loss after tax.

Within the larger industry context, Oando’s N74.7 billion PAT compared favourably with indigenous peers over the same period under review such as Seplat Energy which recorded N81.330 billion.

Similarly, Total Energies Nigeria posted a PAT of N12.912 billion, while Aradel’s PAT stood at N54.2 billion.

Despite what continues to be a challenging business environment and economic headwinds, energy companies like Oando and Seplat amongst others, recorded commendable results.

Last year saw Oando push

forward with its growth agenda, recording positive highlights, including the signing of a Sale & Purchase Agreement (SPA) with Italian oil major, Eni to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Limited (NAOC). In addition, its clean energy arm, Oando Clean Energy Limited (OCEL) launched its electric mass transit buses in partnership with the Lagos State government, signalling that things are beginning to look up for the indigenous oil firm.

More significantly the release of the company’s Financial Year End (FYE) 2023 results, albeit unaudited, finally brings the company a step closer to being in line with regulatory requirements for all listed companies.

It’s also an indication that by the end of this year the company could be on track with its peers in reporting results, thus giving confidence to shareholders and investors on the company’s current state and future.

Although 2023 saw oil and gas companies impacted by spikes in incidences of militancy and sabotage, the company said it was still able

to record a 71 per cent increase in its turnover to N3.4 trillion compared to N1.9 trillion in FYE 2022.

Over the last four years, the company said it had been consistent in recording a positive incline in turnover, announcing a turnover of N477.1 billion 2020, N803.5 billion in 2021, N2 trillion in 2022 and more recently in 2023, making a total of N3.4 trillion in turnover.

Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, we achieved a profit after tax of N 74.7 billion in 2023.

“This was largely driven by increased trading volumes due to our strategic global partnerships and net foreign exchange gains on the group’s foreign currency denominated assets as against losses on our foreign currency denominated liabilities.

“Furthermore, our milestone signing of the Sale and Purchase Agreement with Eni towards the

acquisition of 100 per cent of the shares of NAOC Ltd, marked a pivotal moment for our organisation and is poised to unlock substantial synergies in the near future.

“Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders."

With the country seeing a decline in national oil output, precipitated by pipeline vandalism, oil theft and illegal refining, Oando said that its upstream operations saw average daily production increase marginally by 1 per cent to 20,837 boepd in FYE 2023 as against 20,703 boepd in FYE 2022.

“These production numbers comprised of oil production at 6,024bbls/day (vs 4,939bbls/day in FYE 2022); natural gas production of 14,572boe/day (vs 15,292boe/day in FYE 2022) and NGL production of 241bbls/MMscf/day (vs 472bbls/ MMscf/day in FYE 2022),” the company stated.

In its trading operations, Oando said it posted a marked

NDPHC, Partners Conduct Groundbreaking Event for Agbara Power Project

Power generation firm seeks full deployment of its 4,000mw capacity

Emmanuel Addeh in Abuja

Managing Director, Niger Delta Power Holding Company (NDPHC), Chief Chiedu Ugbo has led other stakeholders in the electricity industry to the ground-breaking of the Light Up Agbara project.

At the ceremony which held within the premises of Evans Baroque, Ugbo who represented Vice President Kashim Shettima noted that NDPHC remains a catalyst as far as the provision of electricity was concerned in the country.

“The Nigerian Federation has invested in us so much to the extent that we have 4,000 megawatts generation capacity built with people’s funds but it is grossly underutilised due to a number of factors outside NDPHC’s control.”

He narrated that despite the huge investment in the power sector, Nigerians were still not getting the most benefit, reason the NDPHC decided to take the lead by coming up with the idea of ‘Light Up Nigeria’ by rallying everybody in the industry together.

“For many years, worried about what we can do to salvage the situation. I have been working with the Transmission Company of Nigeria (TCN) and then a few years ago, we started partnering with Eko Disco. We did a bilateral agreement and then we signed the framework agreement and I insisted that we must go to Agbara, being the industrial cluster in sub-Saharan Africa to salvage the situation. We must provide electricity to industrial areas.

“What the sector needs is the synergy by every stakeholder from gas through generation, through transmission, through distribution to end users. For us, the issue is to seek out the load centres like Agbara.

“Agbara is a pilot for the Light Up Nigeria Initiative. We brought the vice president here, who himself is leading this charge on behalf of the president to ensure that we energise businesses to enable industrial growth,” he stated.

According to him, Eko DisCo was brought into the Agbara scheme because it is the owner of

the franchise area while NDPHC is a generation company.

“For our electricity to be dispatched, there must be demand and it is that demand that we are working on. That demand has to be facilitated by effective electricity transportation and that is why we brought in TCN and that is why we have FGN power Company to unlock the bottlenecks in the transmission.

“That is why we are here today. The FGN power has taken the first step by bringing the mobile transformer to install and that is why we are having the ground-breaking today. We are also working with our distribution contractors who will do the reticulation together with Millwater to the various customers,” he added.

Giving an update on the Light Up Nigeria project, NDPHC Executive Director, Corporate Services, Ms Nkechi Mba disclosed that aside Agbara, the company was also working to light other parts of Nigeria and has so far launched the light Up South-east version

with Shettima leading the charge.

The North-east version of the project she explained, will be launched in Bauchi next month.

Mba urged stakeholders in Agbara industrial cluster to bear with the delay in completing the project on schedule, explaining that it was due to certain unforeseen circumstances arising from the novelty of the project.

She also commended FGN Power Company for generously providing the mobile transformer that was inaugurated, explaining that the Chairman of the Board, Shettima was bringing his influence to bear on this initiative.

Besides, she stated that Agbara will soon be replicated across Nigeria, explaining that after Bauchi and Kano, NDPHC was planning to be in Port Harcourt.

Also speaking on the capacity of NDPHC to make the Light Up Nigeria a reality, its Executive Director, Generation, Kassim Abdulahi, declared that NDPHC will have more than enough capacity to meet up with every obligation of the initiative.

improvement, recording a 50 per cent increase in traded crude oil volumes of 32.8 million bbls FYE 2023 compared to 21.8 million bbls in FYE 2022 and a 15 per cent decrease in traded refined petroleum products, that is, 1,645,535 MT compared to 1,937,833 MT in FYE 2022.

Against the backdrop of the interim results, speaking on the company's strategic focus for the future, Tinubu added: "Having weathered the storm of recent

years, our latest results provide a foundation for us to consolidate and build for the future.

“With our planned acquisition of NAOC, we are positioned to take full operatorship and drive-up outputs, value and efficiencies. Moreover, our foray into and leadership in clean energy expand our footprint as a fit and proper integrated energy company with our feet firmly planted in today’s realities and the possibilities of the future."

Foreign Policy: Dataphyte Assesses Tinubu’s First Year, Wants Tangible Returns from Diplomatic Shuttles

Emmanuel Addeh in Abuja

Participants at a programme by the Dataphyte Foundation, a social impact organisation dedicated to leveraging data tools and technology for Nigeria’s socio-economic development, have called for tangible results from President Bola Ahmed Tinubu’s frequent foreign travels.

Moderated by the Board Chair of the organisation, Yop Pam, the online event focused on evaluating the influence of the president’s foreign policy on Nigeria's democratic growth during his first year in office.

It featured prominent experts including: A research fellow at the Nigerian Institute of Social and Economic Research (NISER), Dr. Omosefe Oyekanmi, Dataphyte’s Insight Lead, Oluseyi Olufemi as well as participants from civil society, government, media, and the academia.

Speaking on the administration’s diplomatic efforts, Oyekanmi noted that although one year is not enough to fairly assess Tinubu’s administration, but current steps already taken will help to give a projection of what the coming years will look like.

“This administration has been quite robust with engagements at bilateral and multilateral levels. There is a clear intent to push Nigeria to advantageous positions to make profitable negotiations.

“This approach is also similar to previous administrations, but the key challenge remains the effective implementation of signed agreements," Oyekanmi remarked. She stressed that the government had signed a number of agreements, including a gas deal as well as a renewable energy agreement, but explained that unlike previous governments, this one must be

willing to ensure that the diplomatic shuttles translate to tangible gains.

According to her, although the Tinubu administration appears to have been pushing to gain Nigeria’s regional hegemony, the country has to regain its domestic power first. She listed some of the issues detracting from the country’s efforts to gain international respect as those of corruption and bureaucratic inefficiency among others, stressing that things will become easier on the foreign scene when Nigeria gets its local policies right.

The webinar offered a platform for a detailed situation analysis of Nigeria’s progress in engaging with foreign diplomacy under Tinubu’s administration.

The discussions highlighted how the administration’s Renewed Hope Mandate, centred on the four Ds – Democracy, Development, Demography, and Diaspora – is shaping Nigeria’s foreign policy landscape.

Also, providing more perspective on the endeavours of Tinubu’s approach to foreign policy in his first year, a researcher, Patrick Adewunmi, noted that Tinubu's first year featured extensive diplomatic efforts and initiatives to attract foreign investments.

However, he stated that the tangible economic benefits were yet to be realised, noting that Nigeria needed to sort out its ‘identify’ crisis to know its place in the comity of nations. He advised that Nigeria must align its actions with the broad policy framework to attain global relevance. While underscoring the administration’s pursuit of foreign investment and diplomatic shuttles, he stressed the need to prioritise cooperation, rather than confrontation and foster regional cooperation as well as embrace multilateralism.

L-R: Permanent Secretary, Federal Ministry of Arts, Culture and Creative Economy (FMACCE), Mr. James Sule; Minister, FMACCE, Hannatu Musa Musawa; Board member, Nigerian Economic Summit Group (NESG), Mr. Ufot Udeme; and Chief Executive Officer, NESG, Dr Tayo Aduloju, during the signing of the NESG, FMACCE Memorandum of Understanding (MoU) on policy reforms in the creative sector in Abuja…recently

64TH BIRTHDAY AND 5TH YEAR THANKSGIVING SERVICE OF DAPO ABIODUN...

Ogun State

NACCIMA Hails Dangote Refinery on Export of First Jet Fuel Cargo to Europe

Charges FG to provide support for local Nigerian businesses

Emmanuel Addeh in Abuja

The President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, yesterday commended Dangote Industries for the recent export of its first jet fuel cargo to Europe by the Dangote Refinery.

In a statement, Oye said the feat was a significant leap forward not only for Dangote Refinery but for the entire Nigerian economy.

The NACCIMA boss while

celebrating Dangote Industries and all business stakeholders in Nigeria, reiterated the need for the government to provide unique support for local Nigerian businesses, while keeping her promises to foreign Investors.

Oye said: “On behalf of NACCIMA, it is with immense pride and profound admiration that we extend our heartfelt congratulations to Dangote Industries for their remarkable achievements and unwavering commitment to transforming

Women in Real Estate Break Barriers at ConferenceEmpowerment in Asaba

Mary Nnah

In a dynamic display of female empowerment, over 150 women gathered at the Best Western Hotel in Asaba for the second annual Women in Real Estate (WIRE) conference, leaving with inspiring stories, valuable insights, and a renewed sense of purpose to shatter glass ceilings in the industry.

The event, held recently, was a vibrant gathering designed to foster transformational leadership, wealth creation through real estate, and spiritual growth among women.

GCEO of Homeland Group and convener of the conference, Mrs. Kassy Nwamara, welcomed the attendees with an exuberant opening remark.

The conference featured a lineup of esteemed keynote speakers and panelists who shared their expertise and experiences. Mr. Nelson Nwamara, known as the "Falcon of Real Estate," delivered an impassioned speech on the power of strong women and offered insightful steps to achieve financial independence.

Hon. Justice Mabel T. Segun Bello, a Justice of the Federal High Court of Nigeria, emphasized the importance of spiritual intelligence for women in leadership and navigating the legal landscape in real estate.

Mrs. Betty Irabor, founder of Genevieve Magazine, spoke eloquently on self-awareness and authenticity in entrepreneurial leadership, encouraging the attendees

to "kill competition and encourage collaboration." Mrs. Tope Mark Odigie, CEO of Reb360, shared invaluable sales strategies and emphasised the importance of brand positioning for success in real estate.

Other speakers included Mrs. Chioma Ifeanyieze, founder of Accounting hub.ng, who spoke on effective financial management strategies; Dr. Mike Oladipo, who emphasized self-leadership; Miss Chibuzor Doris, who discussed sustainable business practices; Mrs. Wendy Emesie, who spoke on strategic relationship building; and Chisom Anerobi, who explored ownership mentality in a corporate setting.

The conference was a dynamic platform featuring inspiring talks, thought-provoking panel discussions, and invaluable networking opportunities. Attendees expressed overwhelming praise for the empowering messages, valuable insights, and meaningful connections made during the event. Many women expressed deep gratitude for the opportunity to learn and grow.

The WIRE conference in Asaba showcased the compelling impact of women coming together to support and uplift each other. With its focus on transformational leadership, wealth creation, and spiritual growth, the event served as a powerful source of inspiration and empowerment, encouraging over 150 women to pursue their goals and make a lasting impact in their communities.

Nigeria's industrial landscape.

“The recent milestone of exporting the first jet fuel cargo to Europe marks a significant leap forward not only for Dangote Refinery but for the entire Nigerian economy.

“Since its inception, Dangote Refinery has demonstrated an extraordinary capacity for rapid growth and innovation, scaling up production and achieving tremendous milestones in a remarkably short period.

“ The successful departure of the inaugural jet fuel shipment aboard the ‘Doric Breeze’ vessel from the Lekki Free Zone in Lagos to Rotterdam, Netherlands, is a testament to the refinery’s operational excellence and strategic vision,” Oye stated.

The shipment, along with the refinery’s consistent export of jet fuel/kerosene to neighbouring countries and its future plans for gasoline and ultra-low-sulfur diesel exports, he said, underscore the pivotal role Dangote Refinery plays in positioning Nigeria as a competitive player in the global energy market.

He added: “The foresight and dedication of Aliko Dangote, Africa's richest person, to end petrol imports into Nigeria by June is a transformative vision that promises to radically alter the nation’s economic landscape. This bold ambition highlights the critical importance of self-sufficiency and the immense potential of Nigeria's industrial capabilities.”

Oye stated that NACCIMA recognises the indispensable role that local businesses and foreign investors play in driving economic growth and development.

NACCIMA also commended the Nigerian government for its efforts thus far and urged a continued commitment to fostering an enabling environment for businesses.

“It is imperative that the government implements robust policies and laws that support local enterprises, while also honouring commitments to foreign investors.

“By improving the current operating environment, stabilising the Naira, providing single digit loans, predictable customs duties, enhancing infrastructure, ensuring security, and adhering

to free trade zone agreements, the government can significantly bolster the confidence and success of businesses in Nigeria.

“NACCIMA remains steadfast in its advocacy for a thriving business climate in Nigeria. We believe that by working collaboratively with all stakeholders, we can create a conducive environment that attracts investment, drives innovation, and fosters sustainable economic growth,” Oye added.

Oye extended the gratitude to all local businesses and foreign investors that continue to believe in Nigeria’s potential, promising that together, they shall all achieve unprecedented heights and build a prosperous future for the nation.

Jim Nwobodo, Chime, Others Hail Mbah’s One-year Record

Prominent leaders of Enugu State have commended Governor Peter Mbah over what they described as his tremendous impact, saying with what the governor had done in just one year, Enugu would become the number one destination for investment, tourism and living in the next four years.

They gave the verdict at a state banquet held at the Old Government Lodge, Enugu, to mark the governor’s first anniversary in office.

The event attracted former governors Jim Nwobodo, Sullivan Chime, and Ifeanyi Ugwuanyi, National Assembly and State House of Assembly Members, traditional and political leaders in the state, among others.

While urging total support for Mbah, the leaders however urged him not to be deterred by naysayers, as his works would ultimately speak for him as they materialised.

Former governor of Enugu State, Chime said Mbah had literally turned Enugu into a construction site, while water was no longer a source of high blood pressure for him and most residents.

“I am thanking the governor and his team for what they have been

able to do so far. Personally, in my house, I have a tanker that I use to supply water. My tanker was using 400 litres of diesel. My blood pressure used to rise each time they wanted to buy fuel that they would use to bring water. But we now have water.

“So, all these things that are impactful in the lives of the people. The problem we have as a people is that we always forget where we are coming from. But I assure you that by 2027, His Excellency will not need to campaign for his second term. It happened during our time.

In 2011, the people we didn't even know were campaigning for us and it will happen again for Mbah,” he stated.

Citing personal experience, Chime, however, reminded the governor that criticisms would always come from political mischief makers and those who could not imagine where he was taking the state to, but assured him that the same people would still turn round to sing his praise at the end of the day.

“You all would remember, when we were in government, the criticisms, and the shouts. Anytime we wanted to embark on development, they would start negative talks.

“When we entered Polo Park Mall to develop it, there was no kind of abuse I didn't get. A reverend priest used my name for a mass sermon. There was nothing he didn't call me. He said I was collecting a source of survival from the poor. Nobody knew what the government was about to do. But when it came up, the whole mouths that said bad things started saying good things about me.

“About the same time when we wanted to develop Coal City Garden, an elder statesman addressed a world press conference castigating me and my government. There was nothing they didn't call me. But when the estate came up, all those people that said bad things about me started saying good things.

“When we also wanted to build the new state secretariat, we had to bring down the old structures that were not functional. We were lucky social media was not powerful as it is now. But the words going round were that I started the project to move out billions of Naira from the state coffers. But when we finished it, the same naysayers started saying good things again.

“I am not in government, but we are interested in what is happening.

So, each time we see what they are pushing on social media about demolitions, I tell them that I don’t think this government has gone astray yet. They are doing as expected.

“In fact, when I started seeing and hearing about demolition, I told myself that it seems like government is back; a government that wants to work is back because overseas, when we went to South Korea in 2011, government was destroying old structures and rebuilding them into something new and presentable.

“So, I am pleading to everyone to continue to support this administration. Let's give them time so they will be able to achieve all the great things they have started. It's not even easy to achieve this great one they achieved in just one year. Mbah is working. I can't go through all the projects they have embarked on or are embarking on. But as somebody rightly pointed out, what is visible to all is that Enugu is now a huge construction site,” Chime said.

Corroborating Chime, former governor of old Anambra State, Nwobodo, urged him to remain focused on his vision as his works speak for him.

L-R:

Head of Service (HoS), Mr. Kehinde Onasanya; Deputy Governor, Engr. Noimot Salako-Oyedele; Governor Dapo Abiodun, and his wife, Mrs. Bamidele Abiodun, during the 64th birthday and 5th year Thanksgiving Service of the governor, held at the Government House Chapel, Oke-Igbein, Abeokuta, on Sunday.

INAUGURATION OF UBEC DIGITAL RESOURCE CENTRE...

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of

Tambuwal to Tinubu: You Can’t Deny Being Part of Buhari’s Failed Govt

Chuks Okocha in Abuja

Former Governor of Sokoto State, Senator Aminu Tambuwal, yesterday, said no amount of excuses could exonerate President Bola Tinubu from the verifiable failures of the former President Muhammadu Buhari administration.

Speaking at a Peoples Democratic Party (PDP) stakeholders’ meeting in Sokoto State, Tambuwal urged Tinubu to be honest to admit his culpability and refrain from making unsolicited and negative remarks about

Buhari’s eight years’ tenure. In an attack on the ruling All Progressives Congress (APC), Tambuwal said from the outset, the party was only interested in grabbing power to rule with no plans for securing the country and making it great.

Tambuwal, who led the PDP Presidential Campaign Council as Director General in the 2023 general election, said, “The same Tinubu government that has failed to secure Nigerians, and bring development is now lamenting and disassociating themselves from Buhari’s administrative failure.

“There’s no reason for Tinubu to allow his aides or ministers to be castigating and attacking past APC government under Muhammadu Buhari, which he has tremendously benefitted from as a member of APC.”

Tambuwal insisted that it was time to shun irrelevancies and face governance business squarely for the overall good of Nigerians.

“Tinubu should face the governing of Nigeria with serious minded attention and not allow certain myopic tendencies in his government to destroy his good plan

on securing of our nation and bringing cohesion and development to our country, if at all he is ready,” he added.

The former governor challenged the party’s supporters in the state to hold on and not be discouraged about happenings in the country, but rather stay united and promote political understanding among themselves.

He stated, “You have been in the vanguard of change and political unity. This will be your guiding principles of peace and political unity with discipline and respect to everybody in the party.”

Obasanjo Makes Case for New Leaders, Says Nigeria Now Volatile, Dangerous

Former President Olusegun Obasanjo, at the weekend, made a case for the emergence of new transformational leaders, who will lead by example, advising that if such leaders are eventually found, citizens should make the best of them.

Obasanjo spoke in Lagos at the Africa Methodist Council Heads of Conference Summit and Women’s Movement Leadership Summit, where he was the chairman of the public lecture

Giving his opening remarks, Obasanjo said insecurity had made the country a dangerous place, filled with suffering and hunger.

He said, “How do we reevaluate the world? That is what I believe we have to do in our re-evaluating the world. What do we do? Jesus Christ Himself told us that in this

word, we would have trouble.

“I will give you two points. Wake up! We need a new generation of leaders; moral leaders, transformational leaders, and servant leaders. This new generation of leaders will lead by showing love and leading the re-evaluation and transformation.”

Obasanjo declared that Nigeria was currently “volatile, uncertain, complex, ambiguous and dangerous.”

He said, “We have resources in Africa, we have 70 per cent of the world’s copper. Japan has no mineral resources. Singapore is even worse. No resources.”

Obasanjo, who counselled President Bola Tinubu on how to tackle Nigeria’s economic woes, stated that whatever resources the country had, if it lacked good leadership, they won’t get Nigeria anywhere.

He stated, “That is why leadership in Africa is very important. We can’t create an Africa of hope, prosperity, devoid of oppression and one of security, peace and where leaders have vision, knowledge and understanding this way.”

The former president disclosed that the late South African freedom fighter, Nelson Mandela, and preacher, Desmond Tutu, advised him to contest the presidency for the second time.

He said, “When I came out of prison, and there was pressure mounting on me to take the mantle of leadership in Nigeria, the only place I went outside Nigeria was South Africa. I went to seek advice from Nelson Mandela and Desmond Tutu.

“Nelson said, ‘Olu, whatever your instinct tells you, do it.’

Tutu said, ‘If your people want you to serve, serve and stop making excuses’. I came back home and decided to make myself available and contest for the presidency of Nigeria.

“I found out that the years I spent in prison were advantageous to me in serving as president when I was elected. We can get good out of bad. That also happened to Nelson Mandela.

“When we get good leaders, let’s make maximum use of them. When you get one in a generation, make good use of them. Let’s learn the right lesson from them.

“We cannot make the world less volatile, simple or unambiguous unless we have the right type of leaders. We are talking about leaders that take examples of Jesus Christ and become like him.”

Codeine Syrup, ‘Loud’ Consignments Worth over N2.1b Intercepted at Lagos, Port Harcourt Ports

Michael Olugbode in Abuja

Large consignments of codeinebased syrup and Loud, a synthetic strain of cannabis worth about N2.2 billion in street value have been intercepted at the Port Harcourt seaports, Onne and the Murtala Muhammed International Airport, MMIA, Lagos by operatives of the National Drug Law Enforcement Agency (NDLEA).

The spokesman of the antinarcotics agency, Femi Babafemi, in a statement on Sunday said at the MMIA Lagos, NDLEA officers with the cooperation of other security agencies last Friday intercepted a large consignment of Loud, packed in eight suitcases, containing 320 parcels with a total weight of 164.5 kilogrammes of the strong psychoactive substance coming from Canada on a KLM flight via Amsterdam, Netherlands.

He noted that the consignment estimated to be worth N960 million which was brought in by a passenger, Ughenu Nnaife was discovered at the E-arrival hall of the airport by personnel of NDLEA, Customs and others during a joint search operation by the security operatives while the suspect was attempting to smuggle the suitcases out of the hall.

He said preliminary investigation revealed that the suspect is a resident of Germany but travelled to Toronto, Canada to transport the drug to Nigeria. Babafemi added that during

his interview, he claimed he was recruited as a mule to convey the drug to Nigeria for an agreed fee of N6 million.

He disclosed that at the Port Harcourt Ports Complex, NDLEA operatives last Monday intercepted a container marked TEMU 6807401 imported from India enroute C to C bonded terminal in Enugu. During a joint examination of the container by NDLEA, Customs and other security agencies, 1,750 cartons of codeine weighing 26,250 kilogrammes, containing 175,000 bottles of the opioid worth over N1.2 billion in street value were discovered.

In Abuja, a 25-year-old lady, Blessing Thomas, was arrested with 1 kilogramme methamphetamine by NDLEA operatives on patrol along Kwali - Gwagwalada expressway last Friday while travelling in a commercial bus from Lagos to Yola, Adamawa state, also operatives in Nasarawa state last Wednesday nabbed a 70-yearold grandfather, Muhammadu Ibrahim, with 57.2 kilogrammes cannabis in Lafia, the state capital. Babafemi said two suspects: Suleiman Kazeem, 35, and Sunday Gbenga, 20, were arrested when NDLEA officers raided Ara forest, Ara-Ekiti in Ekiti State where they recovered 426 kilogrammes of cannabis sativa already processed and packed in big sacks, while they destroyed over 4,000 kilogrammes of same substance on 1.66 hectares of farmland last Thursday.

Praising the Sokoto State leadership of PDP for their sacrifice, engagement, and performance in promoting party unity and

development, Tambuwal urged all members to ensure they participated in the ongoing membership registration across the state.

L-R:

Minister

State for Education, Yusuf Sununu; Minister of Education, Prof.Tahir Maman; National Coordinator, UBEC Digital Resource Centre, Prof. Bashir Galandaci and Chairman, Senate Committee on Basic and Secondary Education, Sen. Lawal Adamu Usman, during the official inauguration of the UBEC Digital Resource Centre in Abuja at the weekend

ENOCK REUBEN

INAUGURATION OF IDEAS HOME & LAGOM...

Obi: 2023 Polls Proved Yoruba Don’t Hate Igbo

Chuks Okocha in Abuja

Presidential candidate of Labour Party (LP) in 2023, Peter Obi, said the last general election was proof

Abia

that the Yoruba did not hate the Igbo. Obi added that the election was not a Christian or Igbo agenda. He said the 2023 election saw Nigerians unite across tribes and

Gov, Otti,

religious lines, adding that the poll corrected the impression that the Yoruba hated the Igbo

The former Anambra State governor spoke while receiving

Condoles

the 2024 Courageous Citizen Award from the Nigerian-American Coalition for Justice and Democracy (NACJD) in Abuja on Saturday. Obi noted that the massive

Army, Families of Slain Soldiers, Vows to Smoke Out Killers

Says governance must be devoid of politics to serve people better Kalu: No justification for killing soldiers Go after killers, not innocent citizens, LP urges military

Chuks Okocha, Juliet Akoje in Abuja and Emmanuel Ugwu-Nwogo in Umuahia

Abia State Governor, Mr. Alex Otti, has said the gunmen responsible for the killing of five men of the Nigerian Army in Aba would be "smoked out" and served justice wherever they might be hiding.

Otti, however, stated that governance would be most impactful on people's wellbeing if it was not mixed up with politics.

That was as Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu, declared that there was no justification for the killing of military officers on duty by yet-to-be identified gunmen.

At the same time, the leadership of the Labour Party (LP) denounced the brutal killing of five soldiers deployed to protect citizens in Abia State over the Biafran Day celebration.

But LP said the military should go after the killers and not the innocent citizens.

Otti spoke weekend when he paid a condolence visit to the army and the wives of the dead soldiers at the headquarters of the 144 Infantry Battalion of the Nigeria Army in Asa, Ukwa West Local Government of Abia State.

The five soldiers were felled by bullets of yet to be identified "criminal elements" who attacked an army post last Thursday at Obikabia in Obingwa Local Government Area.

Otti commiserated with the army and the widows, and announced a welfare package to take care of the families of the fallen soldiers.

It included scholarships up to university level for the children.

"From today, until they graduate, they have become the responsibility of the Abia State government and we're going to make it a law so that even when I leave (office) somebody else will not stop it," Otti stated.

He told the widows that irrespective of any assistance the army leadership would give them, the Abia State government would also look after

them "because your husbands died here in Abia, we have adopted you as daughters of Abia and your children as children of Abia".

The governor also thanked the Nigeria Army high command for de-escalating the palpable tension and fear generated across Abia, especially Aba, following suspicion that troops would embark on indiscriminate reprisal attacks.

The Brigade Commander, BrigGeneral Diya, had earlier told the governor that the army was not relenting in its efforts to apprehend the perpetrators of the heinous act.

He said they had been gathering intelligence that would help bring to book whoever was directly or remotely connected to the killing.

Diya said aside from the five men that were lost, two operational vehicles belonging to the army were burnt and weapons carted away during the attack.

Equally at a state banquet by his government to celebrate the 76th birthday anniversary of the former Senate President, and Chairman, Board of Trustees of Peoples Democratic Party(PDP), Senator Adolphus Wabara, Otti spoke about the essence of governance.

Otti said it had always been difficult for Nigerian politicians to differentiate between governance and politicking, hence, they still played politics even after election was lost and won and government inaugurated.

According to him, immediately the results of an election are declared and government inaugurated, politics should cease as governance takes over.

"If I build roads, retrofit our hospitals and remodel our schools, will members of PDP, APC, LP, APGA, ADC, and other parties not use it?" he asked.

He added that he was elected to serve everybody irrespective of their political leaning.

Former Minister of Environment, Dame Laurentia Mallam, called on other governors to emulate the Abia State governor and remove partisan bias in governance.

Another PDP chieftain and former

Enugu State Governor, Dr Okwesilieze Nwodo, also appreciated the governor’s non-partisan disposition to rival party members.

Kalu:

No Justification for Killing Soldiers

Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, declared that there was no justification for the mindless killing of military officers on duty by yet-to-be identified gunmen.

Kalu spoke yesterday when he paid a condolence visit to the 144 Infantry Battalion Headquarters in Asa, Ukwa West Local Government Area of Abia State.

According to a statement by his Chief Press Secretary, Mr Levinus Nwabughiogu, the deputy speaker, who was accompanied to the visit by some members of the House as well as the members of Peace In South East Project (PISE-P), condemned the act.

He backed the directives of President Bola Tinubu to the security agencies to fish out the perpetrators of the heinous crime and bring them to justice.

Commending the military for maintaining peace in the region through a non-kinetic means, Kalu regretted the recent move by some criminal elements to scuttle the gains so far recorded.

He appealed to the military to be soft on the people while combing the city and its environs, pleading with them not to allow the innocent suffer unduly.

Kalu stated, "In a time when we are trying to see how to encourage the soldiers who we believe need more for the sacrifice they make for this nation, the police, they need more, all the security agencies, they need more; at a time when we in parliament are struggling to see how we can better their lives, people are carrying guns.

“What a pain. Whatever made them to do this, it's a painful thing for this country. That is why all of us are rising boldly to condemn it, to condemn this act in its entirety.

"I'm happy Mr. President stood up and spoke firmly against this because he is a lover of peace. Mr. President attended my peace in South-east initiative launching by sending the vice president to Bende for us to flag off this peace initiative.

“To hear again that the same state where he went to flag of peace initiative that is based on non-kinetic is the same they came to cause havoc, will not make any leader happy.

“We are standing by all that Mr. President said that you have to find those who did this but in doing so, may the innocent not suffer."

The Brigade Commander of the 114 Battalion, Brigadier O. O Diya, who received the deputy speaker, said efforts were already ongoing to apprehend the killers.

Diya said, "We can assure you, Sir, that those that committed this, we will look for them. We will find them and we will smoke them out wherever they are.

“Efforts are already in place to ensure that we find them and make them pay for what they have done for making these women go through this pain, this irreparable pain. It's very unfortunate."

Go After Killers, Not Innocent Citizens, LP Urges Military

The leadership of Labour Party (LP) strongly denounced the brutal killing of five soldiers deployed to protect citizens in Abia State during the Biafra Day celebration on Thursday. It, however, called on the military to go after the perpetrators to avoid any collateral damage on the side of the innocent and law abiding citizens.

LP also commended the Abia State governor, Alex Otti, for his prompt action by pledging to support the military in whatever possible means to ensure that the culprits were brought to book and for also announcing a N25 million bounty on the perpetrators of the heinous crime.

turnaround was an indication that Nigerians desired a change from the status quo.

He stated, “It was a time that Nigerians united and spoke with one voice regardless of tribe, tongue or religion. The 2023 election wasn’t a hristian or Igbo project.

“It was a Nigerian project. I saw our legends and elder statesmen come together for the first time. I was glad to see people like former President Olusegun Obasanjo, Pa Ayo Adebanjo and others stand their ground.

“I am saying this to correct the impression that the Yoruba hate Igbo people. A lot of people made

certain sacrifices because we just wanted to say ‘Enough is enough’ in Nigeria. Imagine those who had lost their lives for the cause of a new Nigeria.” Obi came third in the 2023 presidential election, after the Peoples Democratic Party (PDP) candidate, Atiku Abubakar, and the winner, President Bola Tinubu of All Progressives Congress (APC). Prior to the election, a lot of Nigerian youths bought into the Obi ideology and voted massively for him, using the OBidient Movement, which cut across the length and breadth of Nigeria.

Okorie, APGA Ask Appeal Court President to Probe Lawyer over Unauthorised Appeal

Alex Enumah in Abuja

Former National Chairman and founder of the All Progressives Grand Alliance (APGA), Chief Chekwas Okorie, has dragged a lawyer, Mr Sopuluchukwu Ezeonwuka, before the President of the Court of Appeal over alleged sharp practices in an appeal marked: CA/ABJ/ CV/454/2023, between APGA and others against the Independent National Electoral Commission (INEC) and others.

Okorie, APGA's National Chairman, Chief Edozie Njoku, Chief Jonathan Osigho, and others claimed that the lawyer had filed an appeal on their behalf without their knowledge and authorisation.

They also claimed that Ezeonwuka filed the appeal with the intention of getting a favourable judgement for the respondents in the appeal.

The letter, titled, "Petition Against Barr. Sopuluchukwu E. Ezeonwuka for the sharp practices in Appeal No: CA/ ABJ/CV/454/2023: APGA & ors V. INEC & ors," was written on behalf of Okorie, Osigho, and APGA by their lawyer, Nkechinyere Ogbuehi.

The petition read in part, “We write to bring to your Lordship’s attention the very disturbing action of Sopuluchukwu E. Ezeonwuka in the above appeal and the need for your esteemed office to look into this scenario very carefully.

“P. I. Ikwueto, SAN (Counsel to Chief Victor Ike Oye) tried to import this judgement into Appeal No: CA/724/2023: Chief

Victor Ike Oye V. Otunba Camaru Lateef Ogidan & 2 ORS, during the adoption and hearing of the appeal on the 27th of May, 2024, in favour of the appellant.

“Ikwueto, SAN’s presentation made our clients to become aware of the existence of the said judgement from the Court of Appeal for the first time. It is our client’s brief that they have no idea whatsoever of Appeal No: CA/ABJ/CV/454/2023: APGA & ORS V. INEC & ORS and never briefed any one to file or prosecute the said appeal.

“The purported appeal emanated from Suit No: FHC/ ABJ/CS/1750/2022: OKORIE & ORS V. INEC ORS initiated at the Federal Court, Abuja with the following as Plaintiffs: APGA, Chief Chekwas Okorie, Jonathan Oyiborhino Osigho and Hon. Barr Sopuluchukwu Ezeonwuka.

“After the judgement at the trial court delivered by Hon. Justice J. K. Omotosho on the matter on March 27, 2023, the party, APGA instructed all the members involved in the matter not to go on appeal as soon as the Supreme Court Judgement was corrected in their favour on 24th of March, 2023 in SC/ CA/687/2021: Chief Jude Okeke V. APGA & ORS."

They described as strange the fact that Ezeonwuka, without the approval of the party and without consulting the other appellants or securing their approval, surreptitiously took out an affidavit on behalf of the entire appellants and went at their back to file an appeal without the consent of the party, Okorie or Osigho.

L-R: MD, Ideas Home & Lagom, Dany Taan; Chairman, Ideas Home & Lagom, Adnan Mehdi; Lebanese Ambassador to Nigeria, Emhassidor Hussam Diab and CEO, Ideas Home & Lagom, Hassan Mehdi during the inauguration of Ideas Home & Lagom, Victoria Island branch in Lagos...weekend

CORPORATE SOCIAL RESPONSIBILITY...

L-R: Corporate Communications Manager, Nosak Group,Kenneth Adejumoh;Group Executive Director, Brands & Communications, Eki Ogunbor; Administrator, Little Saints Orphanage, Ogudu Branch, Dominica Ita Imaobong, and Corporate Communications Officer, Nosak Group,Aderonke Oni-Adepoju, during the donation of food stuff and other items to the orphanage in commemoration of the 2024 Children’s Day celebrations in Lagos…recently

NLC, TUC ADAMANT, SAY STRIKE GOES ON TODAY, AS NEGOTIATION WITH N’ASSEMBLY FAILS

Idris said the National Assembly leadership would talk to the president to secure an agreement by the federal and state governments, as well as the organised private sector to pay N60,000 monthly as minimum wage.

He said, "They will come back to the federal government and, in turn, we expect that labour will see reason and call off the strike. We said earlier that paying this amount that labour has asked for is like paying a cumulative of N9.5 trillion to only 1.2 million Nigerians.

"It's a country of over 200 million people and others also deserve other services of government. We have roads to fix, we have hospitals to build, we have education system to fix.

"The federal government is very sensitive to the demand of labour, but we also call on labour to see reason, to see reason and toe the part of the federal government. We know that they are going to heed the call that the leadership of the National Assembly has made to them.

"We do believe and we sincerely hope that no one, no one is interested in having a strike, an industrial action at this point."

In attendance at the meeting were Secretary to the Government of the Federation, George Akume; Head of Federal Civil Service, Folashade Yemi-Esan; Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun: and Minister of Budget and National Planning, Senator Atiku Bagudu.

Others were Minister of Labour and Productivity, Nkiruka Onyejeocha; Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi; Deputy Senate President, Jibrin Barau, and other principal officers of the Senate and House of Representatives.

Fagbemi: It’s Premature, Illegal to Strik

e

Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN, urged organised labour to cancel its planned nationwide strike, saying it is both premature and illegal.

Fagbemi advised the aggrieved labour leaders to return to the negotiation table with the federal, state governments and other employers of labour to "avoid foisting avoidable hardships on the generality of Nigerians".

The AGF, whose position was contained in a letter to the presidents of NLC and TUC, dated June 1, stated, "My attention has been drawn to statement made on May 31, 2024, by the leadership of the NLC and TUC declaring an indefinite nation-wide strike action from June 3, 2024.

"I wish to note that this latest declaration of strike action by organised labour is premature at a time when the federal government and other

stakeholders involved in the Tripartite Committee on determination of a new national minimum wage had not declared an end to negotiation."

He advised the workers to be mindful of the fact that the federal and state governments were not the only employers to be bound by a new national minimum wage, hence, it was vital to balance the interest and capacity of all employers of labour in the country.

Fagbemi argued that at no time did either NLC or TUC declare a trade dispute with their employers, or issue any strike notice as required by law for such strike action to be legitimate and lawful.

“It is not in doubt that the fundamental importance of the 15day notice is underscored by the fact that Sections 41 and 42(1) criminalise non-compliance with this requirement for a valid declaration of strike action,”

Fagbemi said.

He pointed out that the proposed strike action by labour was also at variance with the order of the National Industrial Court and ongoing mediators settlement efforts over issues connected with the subject matter of the order.

The AGF further called to question the legality or legitimacy of the proposed strike owing to the fact that both NLC and TUC failed to comply with the statutory condition precedents (dispute resolution procedures) provided for under Section 18(1)(a) of the Trade Disputes Act 2004 (as amended).

Fagbemi submitted that the proposed strike action was in breach of relevant conditions itemised under Section 31(6) of the Trade Unions Act (as amended).

He stated, in the letter, “I wish to further draw your attention to the fact that the conditions outlined by our national legislations for exercising the right to strike are in tandem with the International Labour Organisation principles concerning the right to strike.

“It is the position of the ILO Committee on Freedom of Association that the obligation to give prior notice, obligation to have recourse to conciliation, mediation and (voluntary) arbitration procedures in industrial disputes, etc are prior prerequisites for declaring a strike, the AGF said in the letter.”The AGF contended that the issuance of an ultimatum to the government by labour for the conclusion of negotiations before May 31 did not satisfy the requirement of issuing a categorical and unequivocal formal notice of strike action.

He said, "While the government assures that it will continue to adopt a conciliatory approach to resolving matters pertaining to workers and citizens welfare in the spirit of collective bargaining, I would like to urge you to kindly reconsider the declaration of strike action and return to the ongoing negotiation meetings, which has been

adjourned to a date that would be communicated to parties.

"This would be a more civil and patriotic approach and will enable your congress pursue its cause within the ambit of the law and avoid foisting avoidable hardships on the generality of Nigerians, which this proposed industrial action is bound to cause."

Copies of the letter were sent to the Secretary to the Government of the Federation, Chief of Staff to the President, Minister of labour and Employment, National Security Adviser, Inspector General of Police, and Director General, State Security Service.

Ngelale:

There’ll Be Dire Consequences for Economy

Media adviser to the president, Ajuri Ngelale, last night, on TVC's “Politics on Sunday with Femi Akande”, cautioned that the demand by labour for a significant increase in the minimum wage could have far-reaching and devastating consequences for the economy.

Ngelale stressed that while President Bola Tinubu was committed to improving the welfare of Nigerians, the economic realities of the country could not support the new wage demands of labour.

He explained that should labour’s demand fall through, it would not only affect the federal civil service, but also the entire economy, including small businesses and the informal sector.

He warned that mandating a 20fold increase in wages would lead to massive job losses, business closures, and unsustainable price increases for goods and services.

The presidential spokesperson urged labour to consider the pragmatic implications of their demands, which could exacerbate the struggles of Nigerian citizens, including increased school fees and prices of food and commodities.

Ngelale stated, “I think the starting point is to recognise that President Bola Tinubu would love to have a minimum wage in this country that is even worth of N1 million per month for every Nigerian, he would love to be able to do that. He does and his administration does have the highest regard for our people and he believes they do deserve the best.

“But he also recognises that there are economic realities and fundamentals within the country right now that do not support what the organised labour movement is advocating for and I want to be very clear this evening about what the consequences would be if organised labour had its way.

“Right now, there is this notion out there that the minimum wage conversation in the country is simply almost a conversation between a federal executive administration and organised

labour about a new minimum wage for the federal civil service.

“That is not what we're talking about. We're talking about a new national minimum wage for every Nigerian citizen, both within the formal economy as well as the informal economy.

This has ramifications. Essentially, we're moving from the current minimum wage, where it is, to, if labour got its way, something north of N500,000 per month, you're looking at almost 20 times, right.

“So the impact that would now have on the citizens of the country, we're not talking about government now, we're talking about our people. I want to be practical about this, if you're thinking of the mom and pop shop that is dealing in chin-chin and bakery and these kinds of goods and services.

“The idea that you are going to mandate them to 20 times whatever it is they're paying their staff within that small business, you know that you are essentially mandating the closure of that business and you are literally, indirectly sacking the entire set of people who happen to be working there because that business is closing because they cannot live up to the minimum wages that organised labour is asking for.

“I'll be even more practical about this, aside from massive job loss across sectors, across our nation, at a time when we are looking for new job opportunities for the teeming youth population in the country.

“You're also talking about private schools, for example, where you are now going to be mandating for not just teachers, but janitors, cooks and the like, a 20-times increase in the wages they will have to pay.

“What that will now mean is that if those schools don't just close or if they don't have to go into a massive retrenchment exercise, what it will also mean is for the Nigerian citizen right now, who is currently grappling with what we all agree is an unsustainably low minimum wage as it is today.

“He or she is now going to be grappling with school fees that are 10 times plus what they presently are today, not to talk of the price of food items, not to talk of the price of so many other goods and commodities that our people, even if they're in a struggling state, can kind of try and afford, it now becomes totally unsustainable.

“So these are, I think, some of the real pragmatic assessments that need to be made public so that everyone understands that this is not just a matter of government not wanting to budge or government wanting to maintain as much of its revenues as possible. No, we're talking about an existential issue to the Nigerian economy and it should be treated as such.”

On whether the president would be

willing to shift ground to meet labour’s demand, Ngelale said though Tinubu was an empathetic leader, who had shown concerns for the sufferings of his people over and again, he was also as pragmatic and would not let labour push government into an unachievable decision.

Mohammed:

New Minimum Wage Not Feasible for States, It’ll Cripple Economy

Mohammed, who paid a courtesy visit to Abia State Governor, Alex Otti, in Umuahia, said, "Definitely, what the federal government will be negotiating, some of the state governors will not be able to pay.

“Even at the moment, with the current minimum wage of N30,000, some states are not able to pay. And I know labour leaders are really leaders. They should look at this because the strike may cripple the economy and further cause pain to workers and all of us.

“So, we are pleading that we should have a combining point, where we can look at our affordability.”

The governor appealed to organised labour to shelve the planned nationwide strike scheduled for today.

Mohammed, who spoke on Saturday after his visit to Otti, Governor of Edo, Godwin Obaseki, and members of the PDP National Working Committee (NWC), insisted the strike could cripple the economy and cause pain to workers.

But NLC’s spokesperson, Ben Ukpa, said, “The strike is because of the government’s refusal to increase the minimum wage and also their refusal to reverse the electricity tariff hike.”

Ukpa added, “I have always looked forward to making sure that workers get the best in terms of welfare, in terms of salaries and wages, but it has to be affordable – something that is within the threshold of affordability by all the sub-national and local governments.”

Aviation Unions Threaten to Shut Down Local, International Airports During Strike

Aviation labour unions threatened to shut down both international and local airports if the planned strike today was not suspended.

In a statement jointly released by National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSAN), Association of Nigeria Aviation Professionals (ANAP), and National Association of Aircraft Pilots and Engineers (NAAPE), the unions said Nigerian local airports would be shut by 00:00hrs on June 3, while strike action at the international airports would commence June 4.

The statement was signed by General Secretary of NUATE, Abba Ocheme; Deputy General Secretary, ATSSSAN, Com. Frances Akinjole; Secretary General, ANAP, Com. Abdul Rasaq Saidu; and General Secretary, NAAPE, Comrade Olayinka Abioye. They said the withdrawal of services by the unions would be indefinite.

The statement said, “In compliance with the directive from our labour centres, NLC and TUC, we, hereby, inform the general public, aviation service providers, airline operators, aviation businesses and all aviation workers nationwide that starting from 0000hrs of June 3, 2024 all services at all Nigerian airports shall be fully withdrawn till further notice.

“Being not oblivious of the fact that many international flights to Nigeria are already airborne, the strike action will commence at international terminals on 4th of June, 2024.”

TUC Applauds Obaseki for Prioritising Workers’ Welfare

Osifo commended Obaseki for prioritising the welfare of workers in the state and increasing their minimum wage to N70,000, the highest in the country so far. He made the commendation during a courtesy visit to the governor at Government House, Benin City. He commended the governor for his administration’s achievements in the last seven and a half years, stating that the Obaseki administration has taken Edo to enviable heights.

The TUC president said, “This is the first courtesy call we are paying to any governor in Nigeria. In fact, on a few occasions, we have actually been invited by a few governors. What we normally do is to check their records if they are good and have performed well.

“But if the records are not good, we don’t go because we could easily be blackmailed that a government that is not doing well wants to use us as if it is doing well, especially when it concerns the plight of workers.

“We are here to tell you, thank you, for some of the things that you have done for workers in Edo State. Starting from the fact that just recently, on the 29th day of April, you invited us to commission a very befitting secretariat for the labour movement in Nigeria. On that day, clearly everybody that came to that event will attest to the fact that it is one of the best.

“In fact, that is the best secretariat we have in Nigeria. That day, you surprised us by announcing a raise of the minimum wage of workers in the state from N40,000 to N70,000.

“It was something worthwhile because you know we are still battling with the issue around minimum wage. Whenever we have these conversations, Edo State is always a reference point.”

MEDIA INDEPENDENT PRACTITIONERS HOLD AGM...

L-R: Chairman, Electoral/Transition Committee, Media Independent Practitioners Association of Nigeria (MIPAN), Oba Ayo Kupoluyi; MIPAN Patron, Mrs. Iquo Ukoh; MIPAN outgoing President, Femi Adelusi; Managing Director/CEO, Financial Institutions Training Centre (FITC), Mrs. Chizor Malize, and newly elected President of MIPAN, Dozie Okafor, during the 2024 MIPAN Annual General Meeting held in Lagos…recently

Otti: Governance Must Be Devoid of Politics to Serve People Better

Emmanuel Ugwu-Nwogoin

Umuahia

Abia State Governor, Alex Otti, has said that governance would be most impactful on the people’s wellbeing if it is not mixed up with politics.

He stated this at the weekend during a state banquet his government organised to celebrate

the 76th birthday anniversary of the former Senate President, Senator Adolphus Wabara, who is the chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP).

Otti said that it has always been difficult for Nigerian politicians to differentiate between governance and politicking, hence they still play politics even after election has

Unpaid Premiums Claim: Appeal Court Dismisses AIICO’s Suit

Wale Igbintade

The Court of Appeal, Abuja Division has dismissed the appeal by AIICO Insurance Plc challenging the judgement of Justice Maryam Anenih of the High Court of the Federal Capital Territory, which ordered the insurance company to pay the sum of N1,226,000.00, being the premium paid for the life insurance policy by a policy holder, Gboyega Bello.

The Appellate Court, in its lead judgement delivered by Justice Peter Chudi Obiorah, held that there was no merit in the appeal, adding that “It is bound to fail. It has failed.”

Other members of the panel, Justice Joseph Olubumi Oyewole (Presiding) and Justice Okon Abang unanimously aligned with the lead judgement.

The respondent, Bello had in February 2007, executed a 15-year-life insurance policy with AIICO Insurance Plc in its Abuja Office with the policy No 12025277.

For three years, he paid premiums in the sum of N305,000.00 on 29 February, 2007, N307,000.00 on 28 February, 2008, N307,000.00 on 18 November, 2008 and N307,000.00 on 22 October, 2009, all amounting to a total of N1,226,000.00.

23 Suspected Kidnappers Arrested in Kwara

About 23 suspected kidnappers that have been terrorising the people of Kwara South and North senatorial districts of Kwara State have been arrested.

The Coordinator, Kwara South Joint Community Security Watch, Mr. Olaitan Oyin-Zubair, stated this in a statement issued in Ilorin yesterday.

The statement said: “The success was achieved by joint security patrols, leading to massive successes in nipping insecurity in the bud in the state.

“This expectation arose from successful ongoing military operations of combing deadly forests in parts of Edu, Patigi and Ifelodun Local Government Areas of the state, where bandits and kidnappers hibernate to unleashed mayhem on the innocent people.

“There’s been a successful ongoing military operations both of land and aerial support using helicopters along the axis of Ndanaku, Gbugbu, Babanla and Oreke forests for three days running, which has been giving the bandits sleepless nights, but a high hope to the citizens.

Police Confirm Death of Four in Bauchi Rainstorm

Segun Awofadeji in Bauchi

The Bauchi State Police Command yesterday confirmed the death of four persons following severe rainstorm accompanied by strong winds that hit the North-east Domestic Trade Fair Complex in Bauchi. The confirmation was contained in a statement by the Command’s PPRO, SP Ahmed Wakili made available to journalists in Bauchi.

According to the statement, in the evening of June 1, 2024, at about 0900pm Bauchi Metropolis experienced a severe rainstorm accompanied by strong winds. The statement said that the IBB Square, which hosted the just-concluded North-east Trade Fair, was significantly affected. The PPRO said that the storm caused damage to the Gombe and Yobe States pavilions and several business tents within the trade fair complex.

been lost or won, and government inaugurated.

According to him, immediately the results of an election is declared and government inaugurated,

politics should cease as governance takes over.

He stated that governance should be devoid of partisanship and political affiliation, adding

that whoever was elected into government is put there to serve everybody. “If I build roads, retrofit our hospitals and remodel our schools, will members

of PDP, APC, LP, APGA, ADC, and other parties not use it?” he asked, adding that he was elected to serve everybody irrespective of their political leanings.

NAPTIP Arraigns Retired Army Lt. Col for Trading in Human Beings

Michael Olugbode in Abuja

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has arraigned Clara Ogo, an 83-year-old woman and founder of the renowned Arrow of God Orphanage in Anambra State for alleged buying and selling of human beings.

Yinka Kolawole in Osogbo

The Independent National Electoral Commission (INEC) has warned that any staff member or official caught signing over-voting result sheet during election will be

She was charged at the Federal High Court, Awka Judicial Division, presided over by Hon. Justice Hauwa Yilwa.

Clara Ogo, a retired Nigerian Army Lieutenant Colonel and a nurse, owns the orphanage located at Nkwelle-Ezunaka, Oyi Local Government Area of

prosecuted in accordance with the law.

The commission said signing of over voting results is a criminal offence and every staff member of INEC is aware of the law and the rules of engagement and as such there

Anambra State, with branches in Lagos State.

A statement issued yesterday by the Communications Officer of NAPTIP, Vincent Adekoye, said the Arrow of God Orphanage came under scrutiny in 2023 after an investigative journalist exposed alleged illicit activities relating to illegal adoption and sales of babies linked to the orphanage. Adekoye said following these revelations, NAPTIP launched a comprehensive investigation resulting in Ogo’s arrest on October 3, 2023, within the premise of the Ministry of Women Affairs and Social Welfare, Awka, Anambra State.

no ignorance of the law .

The Resident Electoral Commissioner in Osun State, Dr Mutiu Agboke, made this known during a courtesy visit to the Correspondent chapel of Nigeria Union of journalists, Osun State.

Agboke, who said the only panacea for violence- free, fair and credible election in Nigeria was for Nigerians, especially the eligible voters to change their negative perception about INEC and shun violence and vote buying.

Police Unravels Deadly Uber Hijacking Gang in Rivers

Blessing Ibunge inPortHarcourt

Operatives of the Rivers State Police have uncovered a criminal enterprise that has been targeting Uber drivers in the state. An investigation sparked by the disappearance of uber driver, Oghenevwarhe

Akpobome, led to the arrest a 35-year-old Anthony Chima, a political science graduate from the Ignatius Ajuru University of Education.

Chima’s confession to the police revealed that he was recruited into a gang that specialises in luring cab

drivers into ambushes, stealing their vehicles, and ultimately murdering them for ritualistic purposes and organ harvesting.

Chima revealed that he was brought into the gang by a friend he disclosed as Amfoh Abu, who introduced him to the gang’s armourer, a man known as “Reason,” and the notorious ringleader, “General Effizy,” a prominent figure in a cult group and a seasoned kidnapper.

Release IPOB Leader Now, Salis

Ugo Aliogo

A United States-based lawyer, High Chief Owolabi Salis, has made a strong case for the release of the IPOB leader, Mazi Nnamdi Kanu.

The Ikorodu-born Lagosian, who in 2019 contested in the state governorship election on the

platform of Alliance For Democracy (AD), said there is an urgent need to release the IPOB leader, as he has been held in preventive detention for excessively too long.

During the police interrogation on Akpobome’s demise, Chima recounted the events of January 10, 2024.

Urges Tinubu

He said: “Remember that the embattled young man had languished in detention since 2015, during which he had been in and out of hospital due to his health, which had been gravely imperiled.

“Moreover, there had been injunctions from the court ruling that he should be released. I am therefore of the strong opinion that Kanu should not be held a minute longer, but release immediately without delay in the interest of justice.

“Politically, by releasing Kanu, Tinubu would further be endearing the general mass of the Igbos not only to himself, but his administration, with the immensely unifying and integrative effect for national growth, peace and stability.”

Kogi Set to Tackle Food Insecurity, Presents 100 Tractors to 10,000 Farmers

Ibrahim Oyewale in Lokoja

As part of efforts to ensure food security in Kogi State, the state Governor, Usman Ododo, has officially flagged off this year’s wet season farming in the state by presenting over 100 tractors to serve about 10,000 farmers in different farming communities

across the 21 local government areas of the state.

While speaking at the flag-off ceremony in Geregu, Ajaokuta Local Government Area of the state at weekend, Governor Ododo noted that investment in agriculture is a critical step towards food security and poverty eradication in the state.

The governor added that 75 percent of the total farmland cleared for cultivation in this year’s farming season would be allocated to youth and women farmers.

He noted that over 90 percent of the land area in the state is arable, promising to make Kogi a leading state in agricultural production and contribute to the development of Nigeria’s economy.

According to Ododo, “Across the 21 local government areas of the state, we are opening farmlands and preparing more land for cultivation of crops like rice, maize, cassava, yam and other staple food crops and grains.

LASEPA, Dangote, NB Plc Partner on Sustainable Environment Essay Contest

Funmi

Ogundare

As the June 5 annual World Environment Day celebration draws nearer, the Lagos State Environmental Protection Agency (LASEPA) at the weekend stated that it is partnering Dangote Industries and the Nigerian

Breweries to sponsor an essay competition among undergraduate students across all tertiary institutions in the state as a way of involving them in the task of environmental preservation.

This move, he said, would scale up its advocacy campaigns in schools and colleges to carry along the youths in the implementation of government reform policies aimed at combating climate change and greenhouse effect for sustainable environmental growth.

The General Manager, Dr. Tunde Ajayi, told journalists at a pre-event press conference held in Alausa, Ikeja, that the essay competition would raise the consciousness of youths on environmental preservation, desertification and other climate change mitigating efforts towards achieving a sustainable environment for a healthy living.

Hammed Shittu inIlorin

LAGOS MUST THINK OUT OF THE BOX

also have a Public Service that we can be proud of in Lagos, but we need to be able to raise the bar, we need to be able to do a lot more than where we are today. Maybe the only thing that Singapore have over us, which they have the bragging right and we don’t is that they are a Sovereign State and we are a subnational.

We are constricted and restricted by a bigger name called Nigeria and so maybe we cannot fly as high as we want to; so maybe we cannot walk as fast as we want to, maybe we cannot think as quick as we want to but that cannot be an excuse for us. And that is why when we come to summits like this we need to ask ourselves, “do we just want to make it a rhetoric or we want to change a life and the opportunity God has given to us for the better?”

Leadership is all about what you put in your heart and the sense of purpose that you bring to it and by sheer coincidence this Government has given the opportunity, in less than five years I have appointed 24 new Justices into Lagos State Judiciary, the highest ever and, later in the week, we are going to add additional 13 to it. From 63, we are going to go to 76. It’s not the clap; it is how you use the opportunity that has been given to us; it is how we bake the cake to be big enough for everyone to share. Of course, there are issues; of course, there are challenges, but guess what, the man that we brought here to be the guest speaker has challenges.

Singapore was just a fishing village. The colony of Lagos had been in existence in the 19th century. There was a tram in Lagos in the 19th century; there was a tram on Lagos Island. So, what is wrong with us? Maybe some people constricted us to reduce our level of growth, but that cannot be an excuse; that cannot be a reason for us not to be able to fly high, think out of the box, and do things quicker, faster and smarter.

The man left us with a few actions; he said to us that Singapore has one of the best judicial systems in the world, a tiny country. They are respected internationally on issues around mediation and dispute resolutions.

Yes, we have them; thankfully, we can clap for ourselves; we have Office of the Public Defender, Citizens Mediation Centre; we have Alternative Resolution. Yes we do; how well can it compete globally? As your governor, it is not just to be a local leader. They say he is a king in a country, city or community of the blind he who has one eye. But now our eyes are opened, we even have glasses. So, there are four that we have. We need to be able to think local but act global. The global space is available for us to pick. To my Lord Justices, it’s not about excuses; it’s about what are the core that we need to do here today?

It’s about the bench and the bar. How do we collaborate? How do we ensure that the opportunity that this space has given to us, all of us are using it to the best of our capacity because I am not sure we are driving at that capacity well enough? And he left us with some unique features - there has to be collaboration with the government, which is where I stand; the Bench, the Bar; it’s not by lip service. We need to understand that there is a clear separation of power; we need to respect each other, but everybody has to bring something to the table.

He says to us that we need to think fast; we need to move very quickly; we need to be able to tweak things; meaning we need to think out of the box, challenge the status quo and ask ourselves, “is this the best that we can get?” The best you can get does not necessarily have to be like my brother the President of the Nigerian Bar Association said in road construction and the rest of it. The best can be in our intellectual property, in our capacity to think and do things right. And, of course, he also said to us that technology is a strong enabler and yes, we also can pride ourselves that during that very difficult time of COVID, we were able to use Zoom like other people. Our cabinet was able to do a lot of things virtually. Yes, we have a lot of those things, but my take this morning is the fact that we have gone to a territory. We’ve gone to a territory that needs to challenge us. Singapore is a tiny city State and that is why I am comparing it with Lagos, I don’t want to use Nigeria as

a big excuse. I do like for like and we need to be able to raise the bar.

And the things that we can do are not so far off. And that is why I am not touching the speech that the Attorney-General has prepared. We all know it, we are this and that; we are doing this, No! Constitutional things. We want State Police; we have been on this conversation for how long? Just as simple as what we all swore to, the protection of life and property. And how do we need to do it? What are the things that must be in place for us to do that? Decentralize these things, let us have State Police. We are still making politics about it; we are making it political; it is right, it is not right. Everybody is just being careful in today’s age, and you can curb all the criminal excesses that we see. It is not rocket science.

And by the way, even when we get the State police, how prepared are we? How many correctional facilities do we have? How well have we also unbundled that to ensure that even the Justices and Milords that are working. I know that it is filled up. How well have we unbundled to ensure that we can actually build more correctional facilities; rehabilitation centres, because that’s a part of the rule of Law? If there is meant to be a punishment, there is need for a facility where it will be addressed. I am not learned so I will be very careful, just educated. I know too well that there is a wide difference between access to justice and implementation of it, but I know clearly that when we come to engagements like this, sessions like this, it shouldn’t just be talk shop; it should be an opportunity for us to challenge ourselves to speak truth to power, to push ourselves so we can make the best of it and we can leave here a lot better.

As a government, what are the kind of things that we also are doing to see if we can catch up with the likes of Singapore? For example, we are planning to make Lagos an International Financial Centre, where Lagos can be a destination for investments, a safe haven for investments worldwide, but for us to do that we need a strong judicial system. That will be one of the strongest points that

WASHING DISHES IN CONSTRAINED SPACE

wage bill to N9.5 trillion per annum, which he said “is capable of destabilizing the economy and jeopardizing the welfare of over 200 million Nigerians.”

Federal workers’ current number is 1.2 million. This year’s Federal budget is about N29 trillion, so 0.006% of citizens will grab one third of the Federal budget as wages alone, apart from what they will add unto themselves as perks and underhand grabs. It is however a bit better than that, because these 1.2 million workers support millions of others as family members, kinsmen and women and some of them donate to mosques and churches. Still, Federal Government has many things to do, including funding the police and military, building key infrastructure and maintaining tertiary educational and health institutions, not to mention paying debt, since it has already borrowed and spent many years’ earnings in advance. Sure it has reaped a lot of money by ending the fuel subsidy regime and floating the naira, but its balance sheets still do not add up. What Labour is demanding, according to Idris, is a 1,547% wage increase. This will make even Udoji to blush and upstage it as the greatest governmental Father Christmas ever in the history of Nigeria. In 1974 General Yakubu Gowon was not operating in a constrained financial environment; his Federal Treasury was awash in money following OPEC’s four-fold increase in oil prices in 1973. This time around, Oga Tinubu is operating in a constrained environment, under the close supervision of pipeline vandals, hungry citizens, restive trade unions and local and foreign creditors. Truly, in this matter, the amount of money paid to a worker as wages is not the most important thing, but its overall purchasing power vis-a-vis the cost of living. To that extent the Federal Government has a [small] case when it pointed out that it has invested in many other areas, such as N35,000 wage award for all treasury-paid Federal workers, procurement of CNG-fueled buses and conversion kits, N125 billion conditional grant to MSMEs, N25,000 each to be shared to 15 million households for 3 months, N185 billion loans to States to cushion the effects of fuel subsidy removal,

N200 billion to support the cultivation of land to boost food production, N75 billion to strengthen the manufacturing sector, N1 trillion for higher education student loans, release of 42,000 metric tons of grain from strategic reserves, distribution of 60,000 metric tons of rice from the rice millers association, free Abuja Light Rail rides till end of the year and 90% subsidy on health costs for Federal Civil Servants registered on NHIS. Were all these promises actually delivered? I cannot

swear to it, but they should be. If Federal Government is operating in a constrained environment with respect to the minimum wage issue, then state governments are operating in a pressure cooker. Many of them have still not implemented the N30,000 minimum wage of 2019, though I believe that is criminal. The six governors that represented them at the talks did not even offer a figure. Instead, they put forward a paper explaining their constraints. They said fuel subsidy

anybody will be looking for; that will be one of the strongest protection that will be required and will be needed. How well do we ensure that people who do not have access to justice still have a fair hearing and the belief that the Judiciary is the last hope; how well? And how well, even me as a leader, political leader or whatever it is that I am called, do I use my office to the best to ensure that the greatest good is always for the greatest number? This, for me, are the pertinent questions that we need to ask ourselves as a country. And this morning, the conversation is still about you, the Judiciary, like Mr. President said yesterday, “Oba di meji ni ilu kan”. I won’t talk much. Now everybody is waiting for a legal interpretation of who should be the Emir or not. The buck stops right at your desk again. Everybody will be pulling you here and there and that is why fairness, equity must come to play. And it is very interesting, because even in the news today, the Honourable AttorneyGeneral of the Federation sued all the 36 States because we are not giving autonomy to the third tier of government. Though the only mistake is that some of us are in compliance. So, the Honourable Attorney-General’s Office should have done due diligence to know which States are not in compliance so that you don’t carry all the 36 States, and be able to show example that out of the 36 States, four, three, two are exempted; it’s 31 that I am taking to the Supreme Court, and that is part of the back work that we need to do. You can see that the conversation is about you today, Judiciary, because those are the two principal conversations that are out in the news today. You are the last hope of the poor man, middleman and rich man. Let’s use this engagement to really be able to reform this sector.

•Mr. Sanwo-Olu is the Governor of Lagos State. He spoke extempore at the Justice Reform Summit 2024 with the theme “Enhancing the Administration of Justice for Growth, Investment Protection and Security in Lagos State” on May 27, 2024, at Marriott Hotel, Ikeja.

withdrawal and naira float that fueled inflation forced state governments to adjust their budgets, reallocate resources to palliative measures and adjust capital expenditure appropriations to accommodate variations in critical infrastructure projects. They said while subsidy removal and naira float led to an increase in nominal FAAC revenues, coinciding with a surge in headline inflation, the real value of FAAC allocations increased only marginally from N1.39 trillion in first half to N1.52 trillion in the second half of 2023. “This indicates that the additional revenues, in real terms, have shrunk with the increase in monthly inflation that followed both policies.” In other words, state governments did not get much more money as we think and may not be able to pay higher wages.

Organized private sector was represented at the talks and was said to have agreed to the N60,000 new minimum wage. Let’s hope it can pay without job losses. But Local Governments were not even there. If state governments cannot pay, is there any chance in [expletive] that Local Governments can?

The obvious danger of pushing the governments and OPS to pay much higher wages is they will look in the direction of reducing their workers. It will also reopen the old question of whether we need so many people in the public service. It happened before. In 2000 AD when President Obasanjo increased the minimum wage to N7,000 a month, we asked then Borno State Governor Mala Kachallah, who visited us at New Nigerian, why his state was yet to pay the new wage. He said Borno State had the country’s second largest workforce of 30,000 and cutting it must precede a wage increase.

Alhaji Mala gave an unforgettable example. He said, “The Poultry Department of the Borno State Ministry of Agriculture, their last hen died in 1981. But they still have 671 workers including many vets, and every year they bring a long list for promotion.” Big Labour, please let us return to the negotiating table with an honest broker and work out something that accommodates the just concerns of all sides. Before someone peruses his labour force with Alhaji Mala Kachallah’s old eye glasses.

NLC president, Joe Ajaero

Eagles’ Camp in Uyo Comes Alive with 15 Players Ahead Clash with S’Africa

Dream Comes True as Mbappe Signs Five-year Real Deal

Kylian Mbappe has signed a contract to join Real Madrid on a free transfer when his Paris St-Germain deal expires on 30 June.

The France striker verbally agreed to move to the Bernabeuin February and thenannounced in May he would leave PSGat the end of the season.

Mbappe, 25, has now signed terms with Real Madrid and will move to Spain when the La Liga transfer window opens on 1 July.

Madrid are expected to announce the deal next week and could formally present the forward at the Bernabeu before Euro 2024.

Mbappe, a World Cup winner in 2018, is PSG's record goalscorer with 256 goals since he joined them from Monaco on an initial loan in 2017.

He has agreed a deal with Real until 2029, earning 15m euros (£12.8m) a season, plus a 150m euro (£128m) signing-on bonus to be paid

over five years, and he will keep a percentage of his image rights.

The Frenchman will get the chance to play alongside Luka Modric, with the Croatian midfielder set to sign a new one-year extension with the club.

Modric, 38, came on as a substitute as Madrid won their 15th European Cup titlewith a 2-0 win against Borussia Dortmund at Wembley onTheSaturday. former Tottenham midfielder's current deal expires later this month, but he is expected to stay for a further 12 months.

German Toni Kroos, 34, made way for Modric with four minutes remaining on his final appearance for the club after 10 years.

Real held a trophy parade through the Spanish capital on Sunday night following their record-extending success in Wembley on Saturday evening in London.

of Enyimba and Enugu Rangers’ Kenneth Igboke. Ismael played no part in Remo Stars’ 2-1 defeat of Kano Pillars in Ikenne on Saturday to pile pressure on leaders Enugu Rangers. The duo of Ojo Olorunleke and Kenneth Igboke also missed their clubs’ Match-day 34 fixtures at the weekend.

With most leagues in Europe almost over, it was not surprising no Club-Country friction on release of Nigerian internationals for the two crucial, must-win clashes with South Africa and Benin Republic. Already in Super Eagles’ Uyo camp include; Wilfred Ndidi, Kelechi Iheanacho, Samuel Chukwueze, Fisayo Bashiru, Terem Moffi, Stanley Nwabali , Sadiq Ismael, Kenneth Igboke, Ojo Olorunleke, Benjamin Tanimu, Ibrahim Olawoyin, Victor Boniface, Raphael Onyedika, Chidozie Awaziem and Alhassan Yusuf.

Still being expected are: Bright Osayi-Samuel (Fenerbahce FC, Turkey), Oluwasemilogo Ajayi (West Bromwich Albion, England), Calvin Bassey (Fulham FC, England), Raphael Onyedika, Alex Iwobi (Fulham FC, England); and Fisayo Dele-Bashiru (Hatayspor, Turkey).

THE 15 EAGLES IN CAMP

1. Wilfred Ndidi

2. Kelechi Iheanacho

3. Samuel Chukwueze

4. Fisayo Bashiru

5. Terem Moffi

6. Stanley Nwabali

7. Sodiq, Remo Starts

8. Kenneth Igboke

9. Ojo Olorunleke 10. Benjamin Tanimu 11. Ibrahim Olawoyin 12. Victor Boniface 13. Raphael Onyedika

Chidozie Awaziem

Alhassan Yusuf

Sports Minister, Green, Others Welcome Rivers Hoopers Back Home

Duro Ikhazuagbe

Nigeria’s Minister of Sports Development, Senator John Owan Enoh, Rivers State Commissioner for Sports, Barr. Christopher Green and several other top sports personalities trooped out to the Murtala Mohammed International Airport to welcome the bronze winning Rivers Hoopers Basketball Team from the Basketball Africa League 2024 in Kigali, Rwanda.

The Nigerian representatives shocked all comers, going all the way to the semi final of the Season 4 of the top basketball tournament in Africa. They won the bronze medal match to put Nigeria amongst top club basketball powerhouses in the continent.

Coach of the Team, Ogoh Odaudu emerged BAL 2024 Coach of the Year while another Nigerian, Col Sam Ahmedu who is president of FIBA Zone 3 was also appointed into the executive committee of FIBA Africa.

BASKETBALL AFRICA LEAGUE

Speaking at the event, the Sports Minister commended the Rivers Hoopers for distinguishing themselves in the tournament.

“This clearly demonstrates that sports development is beyond the Federal Government. Rivers State has clearly demonstrated that every state has huge potential in sports that brings glory to our nation. They have committed to evolving and we have seen the immense pride they have brought to our nation,” observed the minister.

He was particularly thrilled that Rivers Hoopers thread where no Nigerian club-side has gone beyond the group stage in the past.

“For the first time in BAL history, we won a bronze medal. We made it to the top three. The best days are ahead for basketball in our nation. The flag of our country was raised and we thank Rivers Hoopers for this honour. As we

celebrate you our heroes, our stars, our champions, will keep giving you the needed backing

at the Federal Ministry of Sports Development,” enthused Senator Enoh.

Similarly, Igoche Mark, the visionary behind the Mark D' Ball Basketball Championship,

has commended Nigeria for the remarkable performance and groundbreaking accomplishments of Rivers Hoopers at BAL 2024.”

In his congratulatory message yesterday, the Mark D' Ball Initiator

said. “The collective success of Rivers Hoopers, Ogoh Odaudu, and Col Samuel Ahmedu exemplifies Nigeria's unwavering dedication to excellence and sets a new standard for basketball in the region."

Super Eagles Camp in Uyo is bubbling as more players arrive for training ahead

2026 World Cup qualifiers against South Africa and Benin Republic early this month

Young Mbappe in front of Real Madrid posters in his room over a decade ago. Today, that dream of him playing at Santiago Bernabeu has been fulfilled as he signs a five-year deal to switch as free agent to Real Madrid.

Minister of Sports Development, Senator John Owan Enoh (centre) flanked by Rivers Hoopers players and officials, Rivers State Sports Commissioner, Chris Green (second left, front row) and other top sports personalities on arrival of the team at the Murtala Muhammad International Airport in Lagos from Rwanda...yesterday

NAPTIP to Parents

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BABAJIDE SANWO-OLU

GUEST COLUMNIST

Lagos Must Think Out of the Box

Quite honestly, I am going to leave my speech and speak to you from the heart.

Having listened to the man from Singapore, Gregory Vijayendren, former President, Law Society of Singapore, I think if there is nothing else and if indeed we are serious and sincere about making change in this country, there is something we need to take away from here. Singapore, like he said, is a tiny dot on the world map; you hardly know where it is, but like he said it is a city state that has earned its place in the world.

Lagos, by sheer coincidence, also is like a dot in the country; it’s less than 0.4 % of the size of this country. So, technically, it also can be a dot and of that 0.4 %, 1/3 (one third) of it is water. But, by sheer coincidence, it is the commercial, economic nerve centre of the country. Singapore holds its place too as a major economic hub worldwide today. Lagos is home to so many things - our international businesses, a lot of start-ups businesses that are all the best names we have in Africa today, all the unicorns, the creative industry, the entertainment industry; they are all sitting here in Lagos and, by some

coincidence, we have also acknowledged that Lagos also is taking a lead in the judicial sector reforms and access to justice. But guess what, Singapore that is a tiny little country have

MAHMUDJEGA

VIEW FROM THE GALLERY

also done so, but they have done it more.

So, we have gotten good comment from the Honourable Attorney-General of the Federation. Everybody has spoken well about Lagos, but I am not satisfied yet. Lagos now needs to take this to an international scale. We cannot sit back and expect that because we are the best in our country that equates us to being one of the best in the world. Singapore is less than five million people, maybe six million today and we are 224 million. They don’t have two heads. They don’t have the kind of the minds and strength we have in this state and this country. The question is, what is wrong with us?

The man said to us that the three big pictures are: the rule of law (there is no nation that wants to earn its beef anywhere and does not have rule of law as one of the beacons for deciding how it engages). They were small and there is a likelihood that they can get extinct. Guess what, Lagos is also small, Lagos indeed is very small and so we need to be able to think out of the box.

They have no resources, we have no resources as well, but we have said we are the commercial, economic nerve centre, but we cannot sit back and hope that is the best

we can do. Because in 1965, less than 60 years ago, the per capita of Singapore was about $500; now the man says it is $88,000. Where was Lagos and where are we now? Where is our country? Are we just going to be the giant of Africa for nothing? Do we just want to take that accolade that says we are the largest black nation; in what sphere?

He mentioned to us that Singapore is what it is today because one: ease of doing business. You can register a business in less than 30 minutes. Maybe we have improved a little bit; it used to be like two-three months. Maybe we can do it in three days now in Nigeria. They clear a container in Singapore in seven hours. In Nigeria, it used to be three-four months. Now maybe it has reduced to a month or three weeks now, but we are not near where it should be. They have one seaport, we have two seaports; now we have a deep seaport, but they have several.

And one of the other things they have also done, they ensure that the very best of their citizens work in the public service. All the best that go to Oxford, Harvard in Singapore find themselves in the Public Service. We

Washing Dishes in Constrained Space

The national minimum wage negotiation talks that broke down on Friday remind me of the social media story about the Professor of Physics who did not come to school one day. When his students phoned to ask why, he said he was conducting research at home on “The thermo-aqua treatment of ceramics in a constrained environment.” Shorn of its highfalutin academic language, the professor meant that he was washing dishes with hot water under the supervision of his wife!

If everything goes according to plan [according to threat is more like it], public and private sector workers all over this country would have downed tools by midnight on Sunday at the start of a “total, indefinite general strike” called out by the country’s two central labour unions, Nigerian Labour Congress [NLC] and Trade Union Congress, TUC. It could result not only in the closure of offices, schools and factories but could hamper transport services, disrupt fuel supply, lead to long fuel queues, re-emergence of petrol black markets, closure of banks and disruption of social and economic life.

No one is happy that it came to this. In January, President Bola Tinubu set up a tripartite committee of Federal and state governments, Organised Private Sector [OPS] and Big Labour to negotiate a new national minimum wage in line with the National Minimum Wage Act 2019, when the current minimum wage of N30,000 a month was adopted. It is subject to renegotiation every five years. The committee has been negotiating [arguing is a better word] for five months. Not privately, as we expected, but very publicly because all three sides at the table made sure that the public knew what its position was at the supposedly confidential negotiating table. In five months the parties could not agree; in fact, their respective positions are probably further apart now than they were at the beginning.

Mostly because, I think, all three sides were negotiating in a Prof-style constrained environment. At the weekend I took a look at a newspaper info graph that summarised the positions of the three parties in the stalled minimum wage talks. The gulf between their positions is wider than the one between

Ukraine and Russia on their border war. It is wider than the Strait that separates China and Taiwan on the question of Xi Jinping’s “One China” policy. It is harder to bridge that the positions of Hamas and Israel over Gaza. In fact, it is wider than the Pacific Ocean that separates China and USA in trade, currency and geopolitical matters.

As at Friday afternoon when the talks broke down, Big Labour was demanding a national minimum wage of N494,000 a month. It was negotiating in a very constrained environment because since the last upward wage review in 2019 and especially since last year, with galloping inflation, huge increases in fuel, food and transport prices due to withdrawal of fuel subsidy and free float of currency, workers are under extreme pressure from their families, landlords, transporters, school proprietors, hospital owners and drug stores, not to mention food creditors. Labour leaders are therefore under pressure to extract from government and OPS a wage structure that can reclaim lost standard of living ground.

From Labour’s point of view, it made a big concession because its initial demand was in

the region of one million naira a month for the lowest paid worker. That meant an office sweeper earning the current minimum wage will immediately leapfrog to earn more than what a permanent secretary takes home in legal wages today. When government raised its offer from N48,000 a month to 57,000, Labour responded by reducing its demand to N500,000. When government further increased its offer to N60,000 or double the current minimum wage, Labour reduced its demand to N497,000 and still later to N494,000.

Good, that is some movement, but can the Federal Government pay such a wage? Don’t forget, a new minimum wage is quickly followed by an across-the-board wage increase for all Federal workers. Even if it is done more carefully than was done in the past with smaller percentage increases for workers in the higher brackets, it will still be a huge increase in the wage bill. Minister of Information Mohammed Idris summarized Federal Government’s dilemma at the weekend when he said Labour’s demand will push its

Vijayendren