TUESDAY 4TH JUNE 2024

Dangote Eyes $30 Billion in Total Revenue from His Businesses by

Emmanuel Addeh in Abuja Founder of the Dangote Group

After Trump’s Conviction,

Son's Trial in Federal Gun Case

Labour Grounds Nigeria, Plunges Country into Total Blackout

FG, labour reach agreement as Tinubu commits to pay above N60,000 Union to meet with organs to mull new deal

Tripartite c’ttee to convene daily for a week Leadership deficit is why states don’t comply with 2019 minimum wage act, NLC declares CSO: Shutting down national grid treasonous Countrywide reports show action impactful

Emmanuel Addeh in Abuja Jury selection in Hunter Biden's

UnvEiling AfricA import-Export (AfrExim) BAnk AfricA QUAlity AssUrAncE cEntrE...

L-R: Director, Export Development, Afrexim Bank, Mrs.Oluranti Doherty; Executive Vice President, Intra African Trade and Export Development, Afrexim Bank, Mrs. Awani; Governor Hope Uzodimma of Imo State; Deputy Governor, Lady Chinyere; and APC Deputy National Chairman (South), Chief Emma Enukwu at the unveiling of the Africa Import-Export (Afrexim) Bank Africa Quality Assurance Centre (AQAC) at Umuowa Ngor Okpala Local Government Area of Imo State...yesterday

Cardoso Seeks Routine Disclosure of Debt

Portfolios, Borrowing Activities to Build Trust

Managers grappling with elevated debt levels, rising borrowing costs, others, says WAIFEM DG

James Emejo in Abuja

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday called for routine disclosure of debt portfolios and borrowing activities.

He said such publication was crucial for transparency as well as building trust with investors, creditors, and the public – effectively creating a virtuous cycle that reduces borrowing costs and promoting efficient debt management.

Speaking at the opening of the regional training on Annual Borrowing Plan (ABP) development which was jointly organised by the World Bank, International Monetary Fund (IMF) and WAIFEM in Abuja, Cardoso also called for strengthening of national capacities for debt management, adding that this was vital for meeting the government's funding needs in both the present and future in a cost-effective and risk-conscious manner.

Represented by CBN acting Director, Ms. Ladi Bala-Keffi, the CBN governor stressed that publishing the country’s Debt Management Strategy (DMS) was particularly essential as it demonstrates the government's unwavering commitment fiscal strategy, promoting transparency and accountability in debt management practices.

He said amid today’s interconnected world, effective debt management remained not just a technical exercise but a strategic

necessity that enables the government to finance critical investments in infrastructure, education, healthcare, and other essential services without jeopardising the well-being of future generations.

Cardoso explained that the Annual Borrowing Plan (ABP) often translates strategic objectives into concrete actions for raising funds and managing the government's debt portfolio based on budget analysis and cash flow projections.

He said developing and implementing a robust ABP often communicates the government's borrowing intentions to domestic and international markets enhancing predictability and fostering investor confidence which in turn, attracts a broader pool of investors and can lead to more favourable borrowing terms.

Additionally, he noted that the ABP facilitates proactive risk management by identifying potential vulnerabilities, such as refinancing risks or exposure to specific currencies or interest rate movements, allowing debt managers to take pre-emptive measures to mitigate these risks.

Cardoso, however, pointed out that the development of the ABP required close collaboration among various stakeholders, including the Ministry of Finance, CBN and debt management agencies, adding that these collaborative efforts would strengthen coordination, enhances coherent decision-making, and avoids

ad hoc borrowing operations, ensuring that borrowing activities align with broader macroeconomic objectives.

Among other things, he said ABP promotes responsible debt management practices by aligning borrowing activities with the Medium-Term Debt Strategy (MTDS) and fiscal policies which contributes to longterm debt sustainability, and reduces the likelihood of debt distress and its adverse economic consequences.

In his remarks, Director-General, WAIFEM, Dr. Baba Musa, said sound public debt management strategies

and well-articulated borrowing plans had become critical in recent times.

He said public debt had recently surged worldwide due to various factors, notably the COVID-19 pandemic, geo-political tensions, and other economic shocks, which had mirrored in the African subregion - where debt managers grapple with unique challenges, including volatile commodity prices, elevated debt levels, limited fiscal space, fluctuating exchange rates, and rising borrowing costs.

Represented by WAIFEM Director, Fiscal Policy, Debt Management and

Regional Integration Department, Mr. Yakubu Aliyu, Musa said these challenges posed significant threats to debt sustainability, macroeconomic stability, growth prospects, and the well-being of the citizens.

He said while member-countries diligently formulate and update Medium-Term Debt Strategies (MTDS), the practical implementation often presented considerable challenges.

Hence, he said the training on ABP was designed to address implementation constraints by providing a structured framework

for operationalising the MTDS annually.

According to him, this approach facilitates a more granular and actionable approach to debt management, ensuring the translation of strategic objectives into concrete borrowing activities and targets for the fiscal year. Musa stressed that aligning with the government's budgetary and fiscal policy objectives, the plan determines the sources of financing, instrument types, and maturities while remaining mindful of prevailing market conditions.

FMBN Moves to Recover Delinquent Loans Nationwide, Sets Up Seven Task Teams

CEO says action necessary for bank’s survival

Emmanuel Addeh in Abuja

In a bid to recover its delinquent and non-performing loans, the Federal Mortgage Bank of Nigeria (FMBN), yesterday set up seven specialised loan recovery task teams to retrieve all the bank’s debts nationwide. Speaking at the event, the Managing Director of FMBN, Shehu Osidi, who inaugurated the teams at the Abuja headquarters of the bank, stated that the action was critical to

sustain the core mandate of making mortgage available to Nigerians.

Osidi stated that the step had become important so as to safeguard the financial interests of the bank and ensure the sustainability of its lending operations, stressing that that over the years, the bank had played a crucial role in providing affordable housing finance to Nigerians.

According to him, this has helped in contributing significantly to the achievement of the national housing

Order Paper Holds Public Dialogue on Fiscal

Emmanuel Addeh in Abuja

Order Paper, one of Nigeria’s foremost independent parliamentary monitoring organisations and policy think tanks, yesterday held a public dialogue between the parliament and the private sector on fiscal responsibility and debt management.

The event which took place in Abuja, meant to highlight and discuss what the current challenges are, with respect to public finance

reforms and the delivery of service. Speaking at the event, the Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, said he was convinced that the event came at the right time, considering the need for the private sector to understand and key into the ongoing fiscal reforms of the current administration.

He said that the establishment of the FRC underscored the country’s commitment to fostering heightened

accountability and transparency in its fiscal operations.

Towards the fulfilment of its mandate, the commission, he said, encourages, promotes, and supports conversations to promote, improve, analyse, diagnose or assess public finance management and fiscal reforms.

“The private sector is not a stranger or a bystander in public finance reforms and operations. The imperatives of government revenue,

public expenditure, public debt, transparency and accountability in public finance management are not exclusive to public sector entities.

“ They extend to the private sector as well, who are integral contributors to the economic growth and development of our nation. I, therefore, call on the private sector to actively engage with the public sector to uphold accountability and prudent management of public resources,” he stressed.

agenda and promotion of home ownership in the country.

Osidi stated that to ensure effective implementation, the teams were segmented along geo-political zones and each team would handle all delinquent loans within its jurisdiction.

While the first team covering the Federal Capital Territory (FCT), is led by Dr Kabir Yagboyaju, who chairs the group, Mr Jibo Ibrahim Chairman will lead the North-West, while TLG Elayo will chair the task team for the North-Central and Mr Gbenga Babade, will lead the South-West task team.

Others included: Ms Oby Nwokedi, chairperson, South-East ,Mr Nafada Ibrahim, Chairman, North-East and Ms Felicia Aningo, chairperson South-South.

Osidi said: “Speed is of essence because each team has only 10 weeks to complete this assignment and deliver results. That is two weeks for desk review and eight weeks for the assignment.

“However, the sustainability of these efforts hinges on our ability to recover loans effectively and reinvest them in future projects; unfortunately, the bank has performed poorly in this regard.

“Loan recovery is a critical com-

ponent of our financial management strategy. This is to ensure that funds are available for disbursement to new beneficiaries while maintaining the integrity of our lending operations.

“Despite the successes we have recorded in our home delivery efforts, we must acknowledge the enormous challenges we face with our Non-Performing Loans (NPLs).

“While some of NPLs are due to infractions from external parties and factors, a huge chunk of blame also lies with us as internal stakeholders hand-in-hand with glaring administrative and operational inefficiencies.’’

The FMBN CEO said that going forward, FMBN staff would be held accountable for the outcome of credit decisions over which they have played critical roles.

Osidi pointed out that the strategy adopted by FMBN in the loan recovery endeavour was to follow a different path by challenging itself to deliver tangible results in pursuance and defence of its common destiny.

``The inauguration of these teams marks a significant milestone in our ongoing efforts to enhance the financial stability and operational efficiency of the bank,’’ he explained.

Donation of HealtHcare kit to olU of Warri’S Palace...

Presidential Tax Reforms Committee Seeks to Slash FIRS, Customs’ Revenue Collection Costs to 1%

Says pioneer status incentives to be scrapped

James emejo in Abuja

Chairman, Presidential Committee on Tax Policy and Fiscal Reforms, Mr. Taiwo Oyedele, yesterday, said the committee had proposed the reduction of revenue collection costs to one per cent or below.

The Nigeria Customs Service

(NCS) currently deducts about four per cent as cost of revenue collection, while the Federal Inland Revenue Service (FIRS) receives seven per cent on non-oil tax receipts.

However, speaking at a public consultation workshop for journalists and public analysts in Abuja,

Oyedele said these costs were too high compared to countries like South Africa, which generated much higher taxes at lower costs of collection.

He also said the committee's draft regulations sought to exempt food, education, health and security spending from Value Added Tax

(VAT) because these affected vulnerable Nigerians, who lacked the capacity to comply – and given that the sectors remained crucial indices for poverty assessment. The committee, however, called for upward adjustment in consumption tax, as the proposed exemptions were expected to result in about 60

Obaseki Bans Activities of Youth Leaders, Declares War on Cultism

Passes law to curb menace in Edo State loses over 150 persons to cult-related killings in five months

The Edo State Governor, Mr. Godwin Obaseki, has banned the activities of Okaigheles (youth leaders) in Edo South Senatorial District of the State, as part of a renewed effort to tackle cultism in the state.

Obaseki disclosed this while speaking with journalists after a closed-door meeting with security chiefs in Edo State, at the Government House in Benin City, the Edo State capital.

Noting that at least 150 persons had been lost to cult-related activities and homicide since January 2024 till date, Obaseki said his government has declared a total war against cultism.

To this end , he said he had set up a special task force of the security council headed by the Director of the Department of State Service (DSS) that will from last tonight review every cult related incident in the state.

He said: “We have just finished the security council meeting where we reviewed the security situation in Edo State since January 2024 with particular emphasis on the security activities in Edo in May 2024.

“From the security management report which was considered in our security meeting, we still have a nagging issue in Edo State which is cultism. The incidence of cultism is very high.

“What is particularly worrisome about cultism is the related homicide that goes with cult-related activities.

From January to date, we have lost over 150 people to cult-related activities and homicide. We can't tolerate and accept this situation anymore.

“The Council today, amongst its decisions, has decided to go full blast against cultists and cultism in the State. We have now passed an anti-cultism law in Edo State and that law will be implemented to its fullest.”

“We have set up a special task force of the security council headed by the Director of DSS that will from tonight review every cult related occurrence in the State. We will look at all the data, incidents, perpetrators, and those behind these activities, and will make all resources available and leave no stone unturned.”

He argued that related to cult activities are activities of Okaigeles in Edo South, stressing that the council had prohibited forthwith their activities in Edo State and vowing to dealt with anyone who flouts the directive.

“The outcome of our security council meeting today is that the State has declared full war on cultists and Okaigeles in Edo State,” he explained.

The Edo State Commissioner of Police, Funsho Adegboye, reassured that the security agencies will implement the decision of the State Security Council without fear or favour.

He said: “We are happy that the State has passed into law the

anti-cultism bill as cultists had a field day in the State but this law has a stiff penalty for anybody involved in the act.

“His Excellency has equally directed that no matter how highly placed any individual is, they will be taken to Court and such a person will face the penalty.

“On the issue of the Okaigheles, we have been having problems with them as you can't even separate them from cultism and the Council has agreed that they are banned. Anybody arrested will be prosecuted

diligently. Council also agreed to have a taskforce headed by the Director of the DSS.”

“This is to give members of the public assurances to carry on with their lawful activities. No time frame is given to the taskforce as long as the activities of these people persist.

“We will collaborate with the judiciary and correctional centres as they will help us with the new law and the time for free bail for cultists is over. We are happy about this law and confident that it would change the attitude of cultists.”

per cent drop in revenues. He said the committee was also working to alter the existing VAT sharing formula between the federal and state governments.

Oyedele said under the proposed tax regime, the states would be entitled to 90 per cent VAT revenues, while the federal government would receive 10 per cent.

He added, however, that the federal government would have the sole constitutional right to collect VAT in the country. He said this was to further dissuade the states from collecting consumption tax.

Oyedele said the committee was also working to transfer the VAT function to the exclusive legislative list through constitutional amendments.

He explained that part of the efforts of the committee was to ensure that Nano businesses, low income earners were exempted from taxes, adding that people who currently carry the burden of tax should have been exempted.

He said rather than taxing poverty, the focus should be to create prosperity and share. He said the assumption that the informal sector held the country's wealth was erroneous, adding that players in the sector lack the capacity to pay.

Among other things, Oyedele stressed the need to address challenges within the export processes, stating that it is currently difficult

for businesses to export. He said the draft also proposed the abolition of the pioneer status incentive regime, which granted tax waivers and holidays to start-ups and other categories of businesses. But he clarified that existing incentives would be allowed to elapse from the day the new regulations became law.

Oyedele said the various reforms and initiatives so far proposed in the draft fiscal and tax regulations, if adopted, would lead to about 90 per cent compliance rate compared to the current 30 per cent.

He said the committee’s recommendations would also contribute to reducing inflationary pressures in the economy.

The tax committee chairman said part of the ongoing works was to also deal with corruption in the tax system by utilising data for critical intelligence.

Oyedele said there was a recommendation to rebase the country’s tax to Gross Domestic Product (GDP) to accommodate taxes that were not previously included in the current computation. He said the National Draft Fiscal Policy sought to streamline all taxes into eight, adding that there are currently over 60 approved taxes in the country, including over 200 taxes, which are unofficial. He said the intention was to do away with nuisance taxes.

Ganduje to Launch APC Youth Wing Workplace Training Programme

The youth wing of the All Progressives Congress (APC) has said it is embarking on a workplace readiness training programme as part of efforts to encourage entrepreneurship among the political class in the party.

Workplace readiness and employability skills training programme, according to the APC national youth leader, Dr. Dayo Israel, will take place in Abuja.

Israel said that the programme which would be launched by the National Chairman of the party, Abdullahi Ganduje is designed to equip young party members with essential skills and knowledge.

"The APC youth wing workplace readiness training programme aims

to enhance employability and prepare participants for successful careers.

The programme covers a wide range of topics, including professional development, effective communication, leadership, and industry-specific skills,” he stressed.

Ganduje's involvement, he said, underscores the APC's commitment to youth empowerment and fostering a culture of excellence and professionalism within the party. His leadership and vision, he added, continue to inspire the next generation of leaders in Nigeria.

"We are thrilled to have Dr. Ganduje inaugurate this vital programme," said Israel, adding that "This initiative reflects our dedication to the youth and our belief in their potential to drive positive change

in our society."

Prominent speakers at the event include Jibola Ponnle, former CIPM CEO and immediate past Lagos Commissioner for Training; Niyi Adesanya, CEO of FifthGear Plus and management consultant.

Also expected are: Morayo Afolabi-Brown, a respected media personality , who will be joined by an impressive line-up of trainers and facilitators such as Tosin Adesina, Yeye-Mides Fabanwo, Njuara Njama, Dare Akinlaja, Jide Jinadu, Funke Oluwatimilehin, Elizabeth Ajala, Akin Akinpelu, Soji Adeniyi, Sam Obafemi, Oluseye Taiwo Adepoju, Lesley George, Abiola Champ, Jeph Oluwagbemiga, Stephen Akintayo, and Bode Shogo.

The event will be held in Abuja

and streamed live to accommodate virtual attendees. He encouraged participants to register in advance to secure their spot and gain access to the comprehensive training modules and interactive sessions.

The APC National Youth Wing Workplace Readiness and Employability Skills Training Programme (WREST) aims to help young Nigerians aged 16 and above develop the core skills that employers desire, improving their ability to secure jobs, retain employment, and navigate the labour market. The programme will enhance personal branding skills, effective CV and resume presentation, core workplace skills, innovative thinking, and competitive strategies for thriving in a global society.

L-R: Queen Consort of Warri Kingdom, Olori Atuwatse 111; Private Secretary to Olori Atuwatse, Stephanie Utake and CEO Gention Global Resources, Ebozoje Segun; during the donation of DocRoa Healthcare kit to Olu of Warri's Palace in Delta State... recently

Segun James

INAUGURATION OF NASENI-PORTLAND CNG REVERSE...

L-R: Chief Executive, Portland Gas limited, Folajimi Muhammed; Chief Executive Officer, National Agency for Science and Engineering Infrastructure (NASENI), Khalil Suleiman Halilu; Minister of Information and National Orientation, Mohammed Idris and Senate President Godswill Akpabio during the commissioning of NASENI-Portland CNG reverse engineering training, filling and conversion centre in Abuja, last Friday.

Tinubu: Nigeria Can Achieve More When Leaders Shelve Partisan Politics, Personal Interest

Says completion of critical infrastructure projects attests to power of collaboration Inaugurates FCT expressway

President Bola Tinubu has said the completion of critical infrastructure projects across the country by his administration was a clear example of what Nigeria was capable of achieving when its leaders decide to work together towards a common goal, irrespective of political divide and personal interest.

Accordingly, he noted that the inauguration of the expanded Outer Southern Expressway (OSEX) completed by the FCT administration was a testament to the power of collaboration and partnership that goes beyond political and other affiliations.

The President stated this yesterday, at the Presidential Inaugurating Ceremony of the full-scope development of the Outer Southern Expressway (OSEX) from Villa Roundabout to Ring Road 1 (RR1) in Abuja Tinubu, who was represented by Vice President Kashim Shettima, noted that the expanded Outer Southern Expressway holds profound significance for the FCT, its residents and visitors.

According to him: “The completion of this project is not only a piece of engineering but a testament to the power of collaboration and partnership. It is a shining example of what we can accomplish when we work together towards a common goal, transcending political divide and personal interest for the greater good of our nation."

Emphasising the significance of the completed project, the President described it as another important

achievement and a milestone for his Renewed Hope administration.

He said: "I thank the Hon. Minister, Ezenwo Nyesom Wike and his team for quickening development and giving the residents of Abuja renewed hope," and reaffirmed his administration’s dedication to “enhancing the quality of life for all Nigerians.

"What is unfolding in our capital is a testament to what can be achieved with our government’s renewed hope agenda of positive transformation for the FCT and indeed Nigeria.

“This ambitious undertaking holds profound significance for the FCT and its residents. The expansion of the Outer-Southern Motorway will not only alleviate traffic congestion and improve transportation but will also stimulate economic growth and create opportunities for prosperity.

“With the addition of four interchanges, we are enhancing connectivity and accessibility, making it easier for visitors and residents alike to navigate our beautiful capital city,” Tinubu said.

Further commending the FCT Minister and his team for a job well done so far, the President noted that all the way, it has been remarkable strides in infrastructure, urban planning, and sustainable growth in the nation’s capital, even as he said, "under Wike, we have proved to the world that what counts is leadership and what this nation needs is quality leadership.”

He implored all Nigerians to rededicate themselves to the development of the country, saying, “As we celebrate the commissioning of this project, let us also remember that our work is far from over.”

“There are still many challenges to overcome and many more opportunities to cease and explore. But with determination, perseverance and a shared sense of purpose which is clearly evident in the FCT, there is no limit to what we can achieve,” he further said.

Earlier in his speech, Wike expressed gratitude to the President for

designating this week - from Monday to Saturday - as FCT week, even as he "acknowledged the challenges that the city has faced in the past."

He recalled that the road project awarded in 2013, had remained incomplete for 11 years, emphasising that the Renewed Hope Agenda of the Tinubu administration was targeted at making life easier for the people

of Abuja. Wike thanked the president for providing the necessary support for the project which was in 2013 awarded at the cost of N39.8 billion but in 2021 was revised to N59.9 billion.

"Those of us who have stayed in Abuja for some time will know how bad it was. This project was awarded in 2013. Eleven years till

now, we are battling how to make life easy for our people. That is why the whole essence of the ‘renewed hope agenda’ that we will make you feel comfortable, will bring back your hope, and this is what we are doing today. Mr president said, every project I completed must be completed, and I thank God almighty that we are doing that today," Wike said.

Kano Chief Judge Wants Judiciary Free from Undue Influence, Interference

Ahmad Sorondinki in Kano

The Chief Judge Kano State, Justice Dije Aboki, has listed numerous challenges threatening administration of justice in Nigeria, which includes undue influence and interference from other arms of government.

Aboki, disclosed this at a 2024 NBA-SLP Annual Conference of Nigerian Bar Association (NBA) tagged, "Administration of justice in Nigeria Challenges Reforms," held in Kano yesterday.

She said, "in as much as we must engage in a candid dialogue about the state of justice in our great nation, the administration of justice in Nigeria faces numerous challenges that demand our immediate attention.

"On the part of the Judiciary, one of the foremost challenges is the issue of judicial independence. For justice to be truly impartial, the judiciary must be free from undue influence and interference from other arms of

IFC Awards Access Bank ‘Best Trade Partner Bank West Africa’

Access Bank has been recognised as the “Best Trade Partner Bank West Africa 2024” by the International Finance Corporation (IFC). Presented at the Global Trade Partners Meeting (GTPM), held recently in Barcelona, Spain, the prestigious award highlights Access Bank's outstanding performance and commitment to fostering trade finance across the continent.

The bank explained, in a statement, that the GTPM, organised by the IFC, was one of the most significant events in the global trade finance industry, and was known for its unique footprint due to IFC’s extensive reach and client base in

emerging markets. The 2024 event marked the 20th anniversary of IFC’s Global Trade Finance Programme. It attracted a record number of delegates, featuring prominent speakers and panellists, who provided valuable insights into the global trade landscape. Commenting on the award, Executive Director, African Subsidiaries, at Access Bank, Seyi Kumapayi, said, “We are honoured to receive this award from IFC, which is a testament to our relentless efforts in leveraging our extensive network across Africa to scale trade opportunities between the continent and the rest of the world. Access Bank remains committed to facilitating trade

that drives economic growth and prosperity for our stakeholders and the regions we serve.”

Speaking during a panel discussion, titled, “IFC: 20 Years in Trade, Partnerships and Perspectives,” Head, Trade and Global Transaction Banking (Africa), Access Bank, Rowly Isioro, addressed the importance of building resilient trade finance systems in emerging markets.

Isioro highlighted how the IFC Global Trade Finance Programme had evolved over the years from IFC, providing guarantees for letters of credit to accommodate other trade instruments, like promissory notes and green trade or climate-friendly transactions.

government."

Aboki, added: "This independence is not for the benefit of the judiciary alone but is the bedrock of fair and equitable justice delivery to the citizens we serve.

“We must continuously strive to promote the achievement of this independence to maintain the integrity of our judicial system."

She said as a pressure group, the NBA was not meant only to advocate for the interest of lawyers but, also to serve as a mouth piece for the Judiciary, "thus more should be done in advocating for Judicial independence and autonomy.”

She also described judicial independence, as another pressing challenge and the chronic backlog

of cases in various courts.

"The saying ‘justice delayed is justice denied’ rings true in this context," he stressed.

"To address this, we must adopt innovative solutions, such as alternative dispute resolution mechanisms and the increased use of technology to streamline court processes and reduce delays.

"Delays especially in criminal trials are of particular concern and frustrates the purpose of the creation of the Administration of Criminal Justice Act.

"The effectiveness of the judicial system is also hampered by lapses on the part of lawyers. While lawyers play a crucial role in the justice system, there is an urgent need to

examine some of these inadequacies with a view to addressing them.

"Some lawyers engage in unethical practices, including frivolous litigation, delay tactics and disrespect for court orders. Frequent requests for adjournments by lawyers, often for frivolous reasons, contribute to the backlog of cases and delay the delivery of justice," she further explained. In his speech, the president of the Nigerian Bar Association (NBA), Yakubu Maikyau, described Administration of justice as the only prerequisite that would guarantee the coexistence of Nigeria as a nation. According to him, "You can see by the theme of the conference, it is about the administration of justice, the challenges and the reforms.

Sahara Group Announces Appointments to Drive Downstream Transformation

The Sahara Group, one of the leading sustainable energy and infrastructure conglomerates is propelling transfor- mation of its downstream business with strategic appointments.

This includes the appointment of Foluso Sobanjo, as Head, Africa Downstream, and Nomnso Dike as Chief Executive Officer, Asharami Synergy Limited, a Sahara Group downstream company in Nigeria.

Other appointments include Yvette Selormey, as Country Manager, Asharami Energy Resources Limited, Zambia and Yaa Serwaa Alifo, Head, Sahara Downstream, Ghana.

According to a statement, the newly appointed business leaders have since assumed their new roles.

“Sahara Group’s downstream division has operations spanning across the entire downstream supply chain, deploying innovative technology in product procurement and trade, warehousing and storage, marketing, distribution, and retail of

petroleum products across Africa.

“With over 20 years’ experience in sundry leadership positions in the downstream sector, Foluso Sobanjo said he was looking forward to overseeing the next phase of Sahara’s downstream business transformation.

“Sahara Group already has a formidable position as a foremost downstream business in Africa. For us at Sahara, the quest now is to work towards making a difference in the sector to ensure our customers across Africa have more access to seamless, reliable, accessible, and clean energy solutions,” the statement added.

Newly appointed CEO, Asharami Synergy, Dike, expressed his enthusiasm and delight at the opportunity to work with all stakeholders to raise the bar and establish a robust supply chain machinery that is “transformative, reliable and sustainable.”

He added: “With over eighteen years of experience as a finance and business development professional

and having worked in different capacities in Sahara Group, this new phase of growth will certainly produce a new level of service excellence and smart solutions.”

Also, Yvette Selormey, formerly, Managing Director, Sahara Downstream, Ghana, said she was looking forward to the opportunities and challenges as she steers Sahara’s operations in Zambia through Asharami Energy Resources Limited.

“We have great plans for Zambia, and we are confident that the market will experience distinctive service levels across the value chain. Sahara Group always seeks to bring energy to life responsibly; we shall surpass our targets all to the benefit of the good people of Zambia,” she stated. Head, Corporate Communications, Bethel Obioma, said the appointments were indicative of the unique array of talent in Sahara Group that drives organic growth into sundry leadership positions.

Deji Elumoye and Olawale Ajimotokan in Abuja

Kayode Tokede

Keyamo: FG, UAE to Resolve Visa Ban

Chinedu Eze

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, yesterday, disclosed that the United Arab Emirates (UAE) authorities have concluded plan to lift the travel barriers between it and Nigeria.

Keyamo, attributed the federal government’s efforts at fostering a good relationship with the government of the UAE to the need to protect the interests of millions of Nigerians who have investments and other businesses in the Arab country.

Keyamo, dropped this hint during a brief chat with some Nigerian

journalists at the welcome dinner to the International Air Transport Organization (IATA) ongoing 80th Annual General Meeting sponsored by Emirates Airlines in Dubai. Keyamo, whose presence at the event as the representative of the federal government was well-hyped by the UAE authorities, arrived with a high-powered delegates of the UAE led by the ruler, Sheikh Mohammed Al Maktoum.

In a brief chat with journalists, Keyamo said he was in Dubai to foster the already existing relationship between the UAE and Nigeria as established by President Bola Ahmed Tinubu.

According to Keyamo: “As

always, what we are doing is to make sure we foster very healthy relationships across the world. That

is what this government is all about, with help to foster the relationship laid already by President Bola

Ahmed Tinubu with the UAE.

“The UAE is considered as a very important partner in Nigeria.

Nigerians have a lot of stakes here in the UAE with a lot of investments.

“What we are doing is to make sure that we make it easy for millions of Nigerians who have put a lot of pressure on us to ensure that we open up this route again and secondly to make the visa application easier.

“I am sure you can see the way I was received here. That is to tell you how they value Nigeria. I was with the same ride with the Minister and the head of Emirates Group and all the top shots of Emirates.

There was no any other person given that privilege here; that is to tell you how much they value us and they want Nigeria to see it in that light.”

Speaking further, he said: "They have opened up again to us. They have started to trust us again and I want to say thank you to them. I will take it from here on."

Asked how the two countries resolved the difficulty faced by Nigerians in obtaining the UAE visa, the minister declared: “The issue of visa has been resolved just the announcement remaining. They want to dot the ‘is and cross the Ts’. The announcement will be in a couple of weeks."

Heritage Bank’s Licence Revoked, NDIC Moves to Liquidate, First Bank Paid Off

NDIC assures depositors, creditors of payments of statutory cover Apex bank says failed bank breached BOFIA, had poor financial performance

Regulators insist banking industry safe, sound Analysts say measures will reinforce confidence in banking system

The Nigeria Deposit Insurance Corporation (NDIC) yesterday announced the commencement of the liquidation of the defunct Heritage Bank Plc, following the revocation of its operating licence by the Central Bank Of Nigeria (CBN).

The corporation said the move was in accordance with Section 55 sub-section 1 and 2 of the NDIC Act 2023, adding that depositors of the defunct bank that have alternate accounts within the industry would

persons manning the key segments of the businesses, it will not be too difficult to hit the $30 billion mark by the end of the year.

“We have divided the company now into two. We have myself as group president, then we have the group president, oil and gas and we have the group president of other businesses.

“And all these ones , when you combine, by the end of this year, we will have a group that will have $30 billion of revenues and that is big. It means that we will be among the biggest 120 companies in the world,” he stated.

On the much-talked-about oil refining facility, he described it as a game changer, stressing that as ships from abroad begin to gradually halt movement into the country, since the refinery can supply all Nigeria’s petroleum products, it will reduce carbon emissions by as much as 2 million tonnes.

“This refinery is going to change the game. You know, improvements all over the place. If we take in all the crude from Nigeria, it means that we'll take about 21 million barrels per month. And that will also help in terms of reducing the CO2 emissions.

“Rather than ships coming all the way from Europe bringing products, or the ships going out of Nigeria, that is 21 ships going out of Nigeria every month. And then you have the products coming into Nigeria. So in totality when you calculate, you are talking about 480 ships of 1 million barrels.

“That actually will save the environment almost 1.5 to 2 million tons of CO2 emissions,” he added.

On whether he had started making money yet from the $19 billion crude oil refinery in Lagos, Dangote assured that he will soon start making money, stressing that although running businesses is about making money, but it gives him great satisfaction that his activities were helping to make Africa great.

Dangote, answering a question on whether he was getting adequate crude oil from producers in the country stated that although the Nigerian National Oil Company

be paid up to the insured amount of N5 million per depositor using their Bank Verification Number (BVN) to locate their alternate account.

In a statement, NDIC Director, Communication and Public Affairs, Bashir Nuhu, said that the liquidation process was with immediate verification and payment of insured deposits to the bank depositors.

He said depositors with funds in excess of N5 million would be paid liquidation dividend upon realisation of the bank’s assets and recovery of debts owed to Heritage Bank.

The revocation is coming on the

Limited (NNPC) was doing its best, the International Oil Companies (IOCs), were used to exporting their crude and were not willing to change immediately.

“We know there are challenges here, and that's the truth. I have to be very open to you, but, you know, NNPC, they've been very, very helpful. They do their own bit.

“But some of the IOCs, are struggling to give us crude, because everybody's used to exporting, and nobody wants to stop exporting. Why do you think Africa is not growing as it should?

“Because we export raw materials and import finished goods. It doesn't matter what it is, even if it's gold or whatever, a raw material is always at a ridiculously priced amount compared to a finished goods,” he pointed out.

Dangote stated that he had never been known for giving up on a good cause, stressing that nothing scares him in business.

“I've been fighting battles all my life, so, you know, I don't get scared of anything,” he said .

Again, he complained that Africa is not doing enough trade with itself, positing that the continent only does 16 per cent trade with itself and pointing out that the African Continental Free Trade Area (AFCTA) could help in that direction.

“ The AFCTA will be very, very beneficial. And if you are talking about benefits, our company will almost be one of the top five in terms of benefiting from the free trade agreement,” he stated, however stating that he had not seen any improvement in trade within the continent.

“We have petroleum products to export. So we have too many things to export. We have cement also to export. What makes sense is to have the free trade agreement work. But my own thinking is that, look, for us to cross that hurdle, because the trade between us is only about 16 per cent, which is too low.

“So we have to make sure that all the regional markets, they have to work. We have to remove these requirements of visas. We have to allow free movement of people, free

revelation that First Bank's total exposure to Heritage bank amounted to about N500 billion.

The CBN under former Central Bank Governor, Godwin Emefiele, got First Bank to support Heritage Bank at the level of forbearance, clearing of their checks and instruments. "This led to their massive indebtedness to First Bank to the tune of N500 billion," a source with knowledge of the matter revealed.

THISDAY reliably learned yesterday night that before the announcement of the revocation of Heritage Bank’s licence was made,

movement of goods and services. Then the AFCTA will work. Without that, it is almost impossible.

“I mean, you look at it today. I'm going to Egypt tomorrow, but I need a visa. They are saying that, yes, okay, fine, they will give me visa on arrival if I have an American visa. But I have an African passport and they are part and parcel of AFCTA.

“But they are saying that, no, if you have American visa, we'll give you. So they are discounting me being an African. So how do we trade if you are not allowing me into your own country? What I would have loved to see is to see

"Jill and I love our son, and we are so proud of the man he is today," Biden’s statement read. He added, "Hunter's resilience in the face of adversity and the strength he has brought to his recovery are inspiring to us. A lot of families have loved ones who have overcome addiction and know what we mean."

That came days after a Manhattan jury found former American President, Donald Trump, guilty of all 34 counts of falsifying business records in his hush money criminal trial, an unprecedented and historic verdict that makes him the first former president in US history to be convicted of felony.

Judge Juan Merchan set a sentencing hearing for July 11, while Trump’s sentence was up to the judge, and it could include prison time or probation.

Joe Biden’s son was indicted by a federal grand jury in September after a diversion agreement for a felony gun offence and a plea deal related to misdemeanour tax charges unravelled, when US District Judge Maryellen Noreika questioned whether the agreement would allow him to avoid potential future charges.

Norieka declined to allow Hunter Biden's lawyers to admit into evidence a second version of the firearms purchase form he filled out to buy the gun. His attorney, Abbe Lowell, claimed new information had

CBN paid off First Bank’s exposure to Heritage. Since its intervention was at the behest of the apex bank under Emefiele.

The NDIC further advised all depositors of the defunct bank without alternate bank account in the industry to visit the nearest branch of the bank with proof of account ownership, verifiable means of identification such as driver’s licence, permanent voter’s card, national identity card, together with their alternate account and BVN for the verification of their deposits and subsequent payment of insured sums.

a South African coming to even get a job in Nigeria with no hassle.

“Because if we don't now integrate, we will never, ever see what we call prosperity. So the integration is very, very important. If you remember, most countries, they used to have Ministry of Integration. I don't know what happened. Some of the countries they have actually dropped all this, which doesn't make sense,” he added.

Dangote described his three children as the future of his businesses, stressing that they have enough experience to run some parts of his vast businesses along with other executives of the group.

been added to that second version after the criminal investigation had begun, including information about the types of identification Hunter Biden had presented.

Norieka noted in her order that on both forms, "no" was checked next to the question about whether the applicant was an "unlawful user or addict."

All but one juror was made aware of the case by news reports, and many said they had an immediate connection to someone struggling with drug and alcohol abuse.

In the three-count indictment, the president's son was charged with making false statements on a federal gun form about his drug use, certifying he was not a user of or addicted to any controlled substance during a period when prosecutors alleged he was addicted to crack cocaine.

Biden purchased a Colt Cobra 38 Special revolver, and it remained in his possession for 11 days before it was discarded in an outdoor receptacle by Hallie Biden, Hunter Biden's romantic partner at the time.

Hunter Biden's attorneys decried the charges and argued they were "unconstitutional" and "unprecedented," as well as in violation of the diversion agreement they maintain was still legally binding and valid.

A flurry of motions to dismiss filed by Hunter Biden's attorneys were

Nuhu, also the bank's creditors to visit the nearest branch of the bank to file their claims or via the online platform, adding that the process of payment of creditors would commence immediately after all depositors have been paid.

He also advised debtors that are yet to complete the repayment of loans to contact the corporation’s Asset Management Department (AMD) or visit the NDIC website for more details.

The NDIC however, assured the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.

It therefore, urged depositors to continue their banking businesses without fear as banks whose licenses have not been revoked remain safe and sound.

The CBN had earlier announced the revocation of the operating licence of the failed bank with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

The central bank pointed out that the Board and management of the

denied by Noreika, and a federal appeals court rejected his motion to dismiss the gun charges in May.

Prosecutors were expected to introduce evidence that details Hunter Biden's use of controlled substances leading up to and during the period he purchased the firearm. In their trial brief, they referenced his own admission of drug addiction in excerpts from his memoir, Beautiful Things, as well as photos and videos from his laptop and text messages.

The government also intended to include testimony from Hunter Biden's former romantic partners recounting his substance abuse, including his ex-wife, Kathleen Buhle, and Hallie Biden, the widow of his late brother, Beau Biden, and expert testimony from FBI and DEA agents.

Hunter Biden's attorneys sought to call their own expert witnesses on addiction and forensic psychiatry and forensic toxicology.

The charges were brought by special counsel David Weiss, who was appointed US attorney for Delaware by Trump and named special counsel by Attorney General Merrick Garland in 2023. Federal probes into Hunter Biden, led by Weiss, spanned five years over the course of both the Trump and Biden administrations.

Attorneys for Hunter Biden asserted that Weiss "buckled under political pressure to bring more severe

bank had not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability. This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.” Specifically, the CBN said the action became necessary due to the bank's breach of Section 12 (1) of BOFIA, 2020.

The CBN acting director further explained that the central bank took the action to strengthen public confidence in the banking system and ensure that the soundness of the financial system was not impaired. She said the NDIC had also been appointed as the liquidator of the distressed bank in accordance with Section 12 (2) of BOFIA, 2020. She explained, "We wish to assure the public that the Nigerian financial system remains on a solid footing. "The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system."

charges" after the plea agreement elicited a "sharp rebuke" from Trump and his Republican allies, when it was first made public.

Weiss' office slammed claims that the charges were fuelled by politics and were pursued to appease Republicans.

Prosecutors said, "The charges in this case are not trumped up or because of former President Trump—they are instead a result of the defendant's own choices and were brought in spite of, not because of, any outside noise made by politicians."

Hunter Biden faces up to 25 years in prison and $750,000 in fines if convicted on all counts.

Separately, he faces nine federal tax charges in the central district of California in a second indictment brought by Weiss' office where federal prosecutors allege Biden's son engaged in a "four-year scheme" to avoid paying at least $1.4 million in federal taxes.

Hunter Biden is charged with three felony and six misdemeanour charges related to his alleged failure to file and pay taxes, evasion of assessment, and filing a false or fraudulent tax return. Biden has pleaded not guilty to those charges. His motions to dismiss the federal tax charges were all denied by US District Judge Mark Scarsi in April. If convicted, Hunter Biden faces up to 17 years in prison.

Keyamo

James Emejo in Abuja and Nume Ekeghe in Lagos

COURTESY VISIT OF GERMAN DELEGATION TO LAGOS FREE ZONE...

L-R: Member of the German Parliament, Mr. Marc Henrichmann; another member of the German Parliament, Dr. Carsten Brodesser; Business Development and Marketing Manager, Lagos Free Zone, Mrs. Chinju Nwankwo-Udora; Member of the German Parliament, Mr. Stefan Rouenhoff; Member of the German Parliament, Mrs. Serap Guler and Commercial Head, Projects, Lagos Free Zone, Mr.

Saraf, during a courtesy visit of the German delegation led by German Parliament to Lagos Free Zone in Lagos ... yesterday

Fashola: Form of Government Not Nigeria’s Problem, Restructuring Alone No Silver Bullet

Seeks critical, evidence-based decisions devoid of emotions Says proposals under parliamentary system can be achieved under presidential

Erstwhile Minister of Works and former Lagos State Governor, Mr. Babatunde Fashola (SAN) at the weekend argued that Nigeria’s problem was not the form of government being practiced, stressing that restructuring was not the silver bullet the country needs to develop.

Speaking at an event to mark the 30th anniversary of Yusuf Ali and Co., Ghalib Chambers in Ilorin, Kwara State, the former minister of power, works and housing, argued that what Nigerians cared about was a better life and not a better document.

Fashola’s speech was themed: "Presidential or Parliamentary System of Government: Where is the Convergence?"

While calling for a rigorous process devoid of sentiments and emotions before any change of form of government is adopted, Fashola argued that the current reasons being enunciated were missing the point markedly.

He hinted that some people had made fatalist and unsustainable claims and predictions about the future of Nigeria if there is no restructuring, asking whether a constitutional amendment by itself will translate to accelerated national development.

“The answer again is no. As I

observed, what the people really want is a better life, not a better document,” he maintained, querying if amendments in the past like the one on resource control which gave more financial benefits to certain states, had delivered a better life to the greatest number of people.

“Of course, when the restructuring issues are interrogated, we are likely to find that they agitate more about how to get access to more power and resources rather than how to make existing power and resources more efficient.

“As I pointed out in my previous speeches, we must learn from the example of Brexit which was a catchphrase used by the UK politi-

cians to get people to vote for the country’s exit from the European common market.

“It was only after the vote had been cast for the exit that the social and economic consequences hit their people with palpable regret. The result was a series of changes of leadership of their government heads in a manner that did not help political and economic stability. The cost of the vote is still counting adversely for their national development.

“So, while I am not opposed to restructuring, especially by constitutional amendment, and I wish to be clear about that, I think that this is the time for the application of rigour and evidence-based decision

NAMA MD Appeals for Reversal of 50% IGR Deduction in the Interest of Air Safety

The Managing Director of the Nigerian Airspace Management Agency (NAMA), Engr. Farouk Ahmed Umar, is urgently appealing for the reversal of the 50% deduction from the agency's Internally Generated Revenue (IGR) in the interest of air travel safety as there is no parking space on the sky.

Speaking at the agency's headquarters in Abuja, Engr. Farouk emphasized that NAMA as the heart of the Aviation industry is tasked with the critical responsibility of ensuring the safe conduct of flights within Nigeria’s airspace, including the Gulf of Guinea. To fulfil this mandate, NAMA maintains advanced safetycritical equipment and recruits and trains personnel to meet national and international safety standards as outlined by the International Civil Aviation Organization (ICAO). Despite these efforts, NAMA faces significant financial constraints due to the implementation of the 50% revenue deduction, which has severely impacted the agency's revenue, cutting it by more than half at a time when the need for infrastructural and personnel development is growing.

"The safety of our airspace is paramount, and the current financial model is unsustainable. The 50% revenue deduction hinders our ability to maintain and upgrade critical infrastructure, such as our obsolete surveillance systems, which are over a decade old and urgently need replacement," stated Engr. Farouk. "Without adequate funding,

we can not meet the high costs of procuring and maintaining essential equipment or ensuring the continuous training of our technical staff, which is vital for maintaining safety standards. It is crucial to understand that NAMA operates on the principle of cost recovery, as recommended by ICAO. This means all charges are solely meant to recover the costs incurred in service provision."

Engr. Farouk further noted, "The current practice and net estimate of Internally Generated Revenue (IGR) are insufficient to cover the recurrent and capital expenditures of the Nigerian Airspace Management Agency (NAMA). This shortfall poses a significant risk to air safety.

According to global best practices, air navigation service providers (ANSPs) should operate solely on a cost-recovery basis. In the interest of safety, ANSPs worldwide are designed to be safety-focused organizations rather than profitoriented ventures."

Engr. Farouk also highlighted that the current revenue-sharing formula is skewed against NAMA. Despite its extensive responsibilities, NAMA receives only 22% of the revenue, while the Nigeria Civil Aviation Authority (NCAA), with fewer responsibilities, is allocated 56%. "This formula is unfair to NAMA, given the substantial capital requirements of our investments, jeopardizing our ability to meet both national and international obligations," he added.

Restoring the full revenue alloca-

tion to NAMA is essential. Doing so will enable the agency to address critical infrastructural needs, enhance operational efficiency, and ensure the continuous training of safety-critical personnel. With adequate funding, NAMA can fulfil its mandate to provide safe and reliable air navigation services across Nigeria’s airspace.

"Reversing the 50% revenue deduction is the only way NAMA can significantly enhance air safety, ensuring that Nigeria’s skies remain

safe and maintain high safety standards. I urge all stakeholders to support this necessary change for the future of our aviation sector and the safety of the flying public," concluded Engr. Farouk.

The implications of the foregoing are significant, as they suggest that the entire budget will be operating at a deficit, in direct contradiction to the financial regulations and existing rules outlined in the Fiscal Responsibility Act of the federal Republic of Nigeria.

intra trade and facilitate job creation in Imo State.

Governor Hope Uzodimma yesterday, accompanied by officials of the Africa Import-Export (Afreximbank) unveiled the second Africa Quality Assurance Centres (AQAC) in the State.

The unveiling ceremony took place at Umuowa in Ngor Okpala Local Government Area of the State and attracted dignitaries in Imo State, including foreign investors such as representatives of Hassan Allam, Elsewedy Electric and Bureau Veritas. Afreximbank’s local partner, Fidelity Bank was also represented at the event.

Before unveiling the centre alongside Afreximbank officials and other critical stakeholders, Uzodimma said in his remarks that the project would catalyse inter and

In addition, he said it would boost her economy and that of the adjoining States, in line with his administration's Shared Prosperity Agenda.

The Governor thanked the President, management and Board Members of Afreximbank for the choice of Imo State and expressed delight to participate in the unveiling just as he welcomed the delegation from Afreximbank from Egypt.

He described the Centre as a world class facility that would certify export of goods for Imo State and other States within the area and reduce the losses incurred in the past by exporters.

He acknowledged that Imo State was central to other States surrounding her and that Imo

making,” he stated. He insisted that it was not enough therefore to keep harping on the restructuring as a catchphrase and silver bullet, arguing that Nigeria will be better served if each state or geopolitical zone tables specific demands that would form the basis of negotiations and agreement for a better and inclusive federal union.

On reports about current bid the to amend the constitution to return Nigeria to parliamentary governance, he pointed out that a democracy founded on any type of governance, parliamentary or federal, requires a highly educated population to navigate its twists and turns.

Even in some more advanced democracies, he said there have been fisticuffs in parliament, when some people, often in minority and in opposition, cannot have their way.

“With very great respect to the proponents of this parliamentary arrangement, most of the reasons adduced such as cost of governance, rule of law, separation of powers, economic growth etc can be achieved under a federal arrangement if there is sincerity of purpose and an elite consensus.

“I must express my admiration for their courage in proposing the radical change, but with respect, they have not yet advanced a compelling reason why we must return to a system that catastrophically failed us.

“It is possible that all the arguments are not yet laid bare, but we must all understand that whether it

people would give investors all the necessary support they need to succeed, saying the initiative has, "helped to include Imo State in the world map of trade and business."

Uzodimma, also promised to provide the conducive environment for investors, noting that "Igbo people at the end of the day will be the first beneficiary."

He urged Ngor Okpala community, the traditional institutions and the entire Imo citizens to take ownership of the project.

Uzodimma, stressed that Imo State was prepared for international business, engaging in the dredging of Orashi to the Atlantic Ocean, creating Orashi Free Trade Zone, working hard to harness the abundant gas deposit in the State that has necessitated the signing of Orashi Electricity Company Limited

is parliamentary or federal, liberal democracy is now globally proving a difficult vehicle for development.

“The evidence before us shows that some of the countries delivering the best public goods to their citizens today are not liberal democracies, but I would still not trade the liberties of any democracy for any form of autocratic development,” he stated.

For the former Lagos State governor, the big challenge of democratic efficiency is how to build consensus between the executive, legislative, and judicial arms without compromising the best interest of citizens.

In a highly diverse country such as Nigeria, the overwhelming historically sensible form of government, he pointed out, is a presidential and federal one, where the states have their own independence and can develop at their pace.

“The truth is that if public service is really about service, we are likely to require more people to represent and serve their constituents as the population increases in order for them to be effective.

“Election costs can be reduced not only by a parliamentary system which is not guaranteed but also by deployment of other techniques and technologies.

“As we have seen from the definition, a parliamentary system does not ipso facto mean that we will have a single legislative house. That is a matter of choice because some parliamentary systems have bi-cameral legislature.

pact with an Egyptian Company, Madkour Group.

“What the bank has done and still doing is to provide homegrown solution. I recall how our people were subjected to untold scrutiny just to export the African products. Now the Afreximbank has risen to the occasion and is bringing solution.

“From what I have seen, any certification derived from here cannot be subjected to another scrutiny. I am happy Imo is the second to have this Centre in Nigeria. The Nigeria National Development Plan is in line with this.

“My administration in Imo is centred on prosperity for all which is to activate opportunity for economic growth. Afrexim Bank decision to cite this project here will not be regretted. I have no doubt we will have a win win situation."

Binay

Tony Icheku in Owerri

Emmanuel Addeh in Abuja and Hammed Shittu in Ilorin

Email: deji.elumoye@thisdaylive.com

As N’Assembly Revives Old National Anthem...

The decision by the two chambers of the National assembly to return Nigeria to the old National anthem is generating mixed reactions from citizens and several stakeholders, reports Sunday Aborisade

The House of Representatives hurried the legislative procedure for lawmaking penultimate Thursday by passing an executive bill which sought to return Nigeria to the old National Anthem.

The bill was read for the first time at both green and red chambers on that day but it enjoyed accelerated passage for second and third reading under one hour in the House of Representatives.

The situation was, however, different at the Senate as it’s leadership, sensing a possible public outcry because of the sensitive nature of the proposed legislation, called for an executive session in order to discuss the matter behind closed doors.

The closed session which the Senate President, Godswill Akpabio, initially said would not last more than five minutes did not end until after about two hours.

Investigation by THISDAY revealed that some senators vehemently rejected the idea of returning Nigeria to the old National Anthem while others welcomed it.

The development therefore stopped the final passage of the bill for third reading in the Senate penultimate Thursday.

The chamber adjusted its rules to accommodate the first and second reading of the bill.

The leadership of the red chamber after the closed session, at the plenary presided over by the Senate President, Godswill Akpabio, asked its committee on Judiciary, Human Rights And Legal Matters to carry out further legislative work on the matter.

The President of the Senate asked the panel to submit it’s report as soon as possible.

A few senators who contributed to the debate, embraced the idea saying the old version would encourage Nigerians to be more patriotic.

Incidentally, Senator Tahir Monguno, Chairman, Judiciary, Human Rights and Legal Matters, whose committee was asked to work on the bill also supported its passage for second reading.

The approach to the passage of the bill was faulted by some senators, including Adams Oshiomhole and Mohammed Goje, of the ruling party All Progressive Congress. The bill nevertheless scaled through second reading.

In his lead debate, the Leader of the Senate, who also sponsored the bill, Opeyemi Bamidele, said the old Anthem, upon rendition, inspired and stimulated deep sense of patriotism in Nigerians.

According to him, “You will also agree with me that those who were around in the 60s and

the late 70s, would attest to the fact that the Anthem played quite a significant and crucial role in shaping Nigeria’s national identity and unity, as well as engendered high sense of value and personal belonging among the citizenry. It was symbolic of Nigeria’s rich cultural heritage and nationhood.

“In retrospect, the Anthem served as regular and constant reminder of our journey, as a nation and provoked feelings of nostalgia and fond memories of the country’s early years. At this momentous time in our national history, it is imperative that we utilise any platform that seeks to unite the country and promote patriotism amongst Nigerians. “Accordingly, the old National Anthem, as a symbol of national pride, has provided insights for patriotic reflections on our aspirations, values and hope for a united and prosperous Nigeria. The rendition and musical accuracy of the Anthem, is better in content and context than the current one.”

At the public hearing on the bill, organised by the Senate committee on

Judiciary Human Rights and Legal Matters, the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), asked the leadership of the National Assembly to carry out wider consultations before passing the bill meant to return the country to the old National Anthem.

Fagbemi urged the two chambers of the National Assembly to allow many Nigerians make their inputs before passing the proposed legislation.

He said, “Against the background of the foregoing, I am of the considered opinion that the revered issue of choice of a national item should not come into being only by legislative fiat, or presidential proclamation alone. It is not out of place for Nigeria to be guided by the process of evolution of a national anthem in other jurisdictions.

“Consequently, it is my considered view that the decision to change Nigeria’s National Anthem whether by replacing it with the old one or a new one, should be subjected to a wider process of citizen. There should be participation through zonal public hearings, resolutions of the Federal Executive Council, Council of State, National and State Assemblies,

Those opposed to the way the leadership of the federal parliament handled the process of passing the bill, argued that the proposed legislation ought to have been subjected to a public hearing to allow various stakeholders make inputs. Various civil society organizations and public affairs analysts, since the passage of the bill by both chambers of the National Assembly, have argued that the resolution of the apex legislative institution to revert to the old National Anthem was a misplacement of priority, and also a sign of disconnection with reality. For instance, the Senator who represented Kaduna Central Senatorial District in the 8th Senate, Shehu Sani, said the parliament should have consulted widely before tampering with the National Anthem. According to him, altering the National Anthem without wide consultations would be seen as an attempt to dissolve Nigeria. Some Nigerians expressed outrage after the country’s national anthem was changed with little consultation.

etc. The outcome of this process is bound to be a true reflection of the wishes of the generality or majority of Nigerians.

On his part, Minister of Information and National Orientation, Mohammed Idris, recommended that the scope should be expanded to include a robust issue on national identity rather than limiting it to change of national anthem. Idris, represented by the Director-General of National Orientation Agency, Lanre Issa-Onilu, noted that some lines in the old national anthem does not make a complete meaning.

He said, “The issue of national anthem is just a sub-sect. What we should be looking at is the National Identity Act.

“The challenge we have today is that we do not value national identity which the national anthem is one of them. It is not about singing in schools, it is about learning it and imbibing it”.

A Senior Advocate of Nigeria, Chief Mike Ozekhome, supported the move to replace the current” Arise O Compatriots “ National Anthem with the “ Nigeria , We Hail Thee”, the country started with in October 1960 . He said such a move was long overdue since the current National Anthem adopted in 1978 does not have the required gravitas and not inspirational to fire the passion and zeal for nationhood among Nigerians.

Nigeria, according to him, would not be the first country in the world to replace current National Anthem with the old one as over 20 countries like Russia, Austria, Chile, France, Saudi Arabia, China, Brazil, Iran, Iraq, among others, have done so at different times in the past.

He expressed delight that the motion to return to the old National Anthem which he moved at the 2014 National Conference, was becoming a reality after a decade.

Ozekhome explained that the National Assembly has by the public hearing, concluded necessary legislative process for lawmaking. Chairman of the Committee, Monguno said the National Assembly has done everything it needed to do to pass the National Anthem Bill. He said, “The Bill has passed first and second reading at the Senate and the Public Hearing was advertised. Those who are not here have probably agreed with intendment of the proposed legislation”.

Other Stakeholders in their submissions, preferred the old National Anthem to the current one. Consequently, the Senate, just like the House of Representatives, passed the Bill to change the National Anthem from “Arise O Compatriots ” to the old anthem, “Nigeria, we Hail thee.” last Tuesday after it considered the report of

Akpabio

Abass

Bamidele

LAWYER

PreSidenT Bola ahmed TinUBU, Gcfr

LAWYER

Quotables

columnists

‘Our strength and opportunity, is in our population..' - HE, Bola Ahmed Tinubu, GCFR, President, Federal Republic of Nigeria

‘There will never be any room for any sacred cow in the Judiciary, because our reputation deserves more crystallisation and embellishment than what we are currently getting..' - Honourable Justice Olukayode Ariwoola, GCON, Chief Justice of Nigeria

JOY HARRISON-ABIOLA MBA, MCMI, FSM

Law firms must pay attention to developing business best practices, and the multidisciplinary competences required to run a successful business.

“FROM THE BACK OFFICE” explores these concepts and ways to re-engineer the contribution of the legal management professionals within law firms.

Joy Harrison-Abiola, is an adept Organisation Development, Leadership and Business transformation professional with a mission to “humanise the workplace and empower individuals to reach their full potential.” The natural outcome is increased organisational efficiency, and higher levels of success for all. With over 25 years’ experience, she possesses a demonstrated track record of advocating and interacting with law firm leaders, to institutionalise business best practices in their law firms. She is a trusted advisor to several law Partnerships, providing subject-matter input into strategy formation and implementation.

Joy Harrison-Abiola worked at Dentons ACAS-LAW for 22 years, providing strategic oversight to the business aspects of the Firm. She is the co-founder and President Emeritus of the Association of Law Firm Administrators, Nigeria; Chairperson of the IBA Law Firm Management CEO Subcommittee; Founding Member of the International Relations Committee (Africa) - Association of Legal Administrators Illinois USA; Fellow, Institute of Strategic Management of Nigeria (Chartered); Board Advisor, Business Africa Online; Member of Faculty, Centre for Organisational Leadership and Development; Executive Director, Catalyst for Peace and Justice; Founder Jenet-Serem Empowerment Foundation.

Kubi Udofia PhD Kubi Udofia holds a Doctorate degree in Law from The University of Nottingham, a Certificate in International Risk Management from the Institute of Risk Management, London, a Masters degree in Corporate Law from University College London and a Bachelors degree from University of Uyo in Nigeria. He is a leading and an acknowledged expert, in corporate restructuring and insolvency law in Nigeria. As a scholarpractitioner, Kubi Udofia has extensively researched and written on a broad spectrum of topical issues in corporate restructuring and insolvency law. He is a seasoned transactional and dispute resolution specialist, with extensive knowledge and practical experience in corporate and commercial law. He is a Partner at Babalakin & Co, a leading commercial law firm in Nigeria.

Making the Supreme Court, Supreme

Is it a Question of Increasing the Number of Supreme Court Justices? No!

Is the Supreme Court of the Federal Republic of Nigeria (SCN) the highest court of the land, or has there been a concerted effort to turn it into a glorified High Court or even Magistrate Court, over the years? This question, as insulting as it may sound, has now become pertinent and urgent, not just because of the sheer magnitude of the number of appeals that go the Supreme Court as if it is a Magistrate or High Court, but also because of a news report that I read last week, that Senator Orji Kalu has sponsored a Bill in which he seeks the amendment of Section 230(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria (as amended in 2023) (the Constitution), to increase the number of Supreme Court Justices from 21 to 33. Why didn’t he even suggest 37, one Justice per State and FCT, Abuja or 3 from each Senatorial zone plus Abuja to make 109 like the Senators? Of course, I am being sarcastic! I’m sorry to say that half of the problem we have in Nigeria, is that people that have absolutely no clue about issues are the ones that are able to get into positions, in which they are able to influence those same issues that they know nothing about! And, we wonder why Nigeria appears to be in a mess! Senator Orji Kalu wants to turn the SCN into a ‘Taja Tèran’ Supreme Court’! That is a not-so-nice way of saying Senator Kalu wants to turn the Supreme Court into a free-for-all, come-one-come-all, take every appeal, including the nonsense ones, Supreme Court! That is not the essence of an Apex Court of any land. The UK legal system, on which that of Nigeria is based upon, has 12 Supreme Court Justices; USA has 9; Ghana had 15; Kenya, 7; Canada, 9; Australia, 7. This shows that a Supreme Court, which is usually the highest court in any land, certainly couldn’t have been established to carry out the duties of an everyday court, and hear every appeal from the lower court; but, rather, it is a Policy Court that is meant to hear a limited amount of cases that touch on areas like constitutional matters, issues of public policy/interest and disputes between certain levels of government. Sadly, there has been a concerted effort over the years by legal practitioners, to reduce the Supreme Court to just the most superior appeal court that hears every appeal emanating from the lower courts. This is certainly not the purpose and function of the SCN. Apart from the Supreme Court of India which sits as an appeal court and a constitutional court, and can have up to 34 Justices including the Chief Justice (it currently has 32), Nigeria appears to have one of the highest number of Supreme Court Justices at 21. When India had 31 Supreme Court Justices, it still had a huge backlog of cases, which points to the fact that it is not necessarily the number of Justices that is the issue or the cause of the backlog of cases at an Apex Court, but other reasons, for instance, the number and type of cases that are able to get to a Supreme Court for hearing, and inadequate use of technology that can ease and hasten justice delivery.

Low Hanging Fruit? No!

I’m sure we all know the literal meaning of the phrase ‘low hanging fruit’ - a fruit that hangs so low that it makes it the easiest fruit to pluck from the tree. You don’t have to climb the tree and risk breaking your bones when trying to pluck the fruit, because it is hanging so low on the tree that you can just stretch your hand and pluck it. In today’s parlance, it is used to describe the easiest option that could maybe be used to achieve a goal. But, no one said the seemingly lowest hanging fruit is necessarily the juiciest, or the best fruit, or even a good fruit to eat from that tree! My point? Just like Government believes that taxing people to death is the lowest hanging fruit for generating revenue, and it obviously isn’t, particularly when Nigerians are currently facing so much financial hardship that there’s barely anything left in their pockets to use to pay tax; in this case, increasing the number of Supreme Court Justices may also seem like a low hanging fruit to some who are not abreast with all the facts, but it isn’t the way to address the backlog of cases at the Apex Court.

In order to solve a problem, one must be able to identify its causes. For example, the reason for rascality on the part of Lawyers and judicial officers, aside from greed, corruption and determination to win cases for clients whether by fair or foul means on the part of some, is that Lawyers are not sanctioned for bad behaviour. If Lawyers had been properly and effectively sanctioned by the LPDC (Legal Practitioners Disciplinary Committee), they would not have developed the bad habit of bringing frivolous appeals to the Supreme Court, filing cases in courts that have no jurisdiction, and indulging in all manner of abuse of court process.

In the case of judicial officers, we have seen the elevation of a few Justices to the higher Bench following their perverse decisions, almost as if their bad behaviour was the stimulant for their promotion. If the NJC (National Judicial Council) continues to allow such erring judicial

onikepo braithwaite

onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The Advocate

“….a Supreme Court, which is usually the highest court in any land, certainly couldn’t have been established to carry out the duties of an everyday court, and hear every appeal from the lower court; but, rather, it is a Policy Court that is meant to hear a limited amount of cases that touch on areas like constitutional matters, issues of public policy/interest and disputes between certain levels of government”

officers to get through the cracks and be elevated instead of being sacked, then we shall continue to be served with “the unpalatable cocktail of misleading and conflicting judgements” that the Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola, GCON recently referred to at a Workshop for the Judiciary, along with other forms of abuse of court process. It is trite law, that it is the NJC that is empowered to discipline erring judicial officers. Even when they may be alleged to have committed a criminal offence, the disciplinary powers of the NJC must first be exercised. See the cases of Opene v NJC & Ors (2023) LPELR-60656 (CA); FRN v Nganjiwa (2022) LPELR-58066 (CA).

Backlog of Cases at the Supreme Court: Causes The main reason for the backlog of cases at the Supreme Court of Nigeria (SCN) is that by virtue of Section 233(1) & (2)(a)-(e) of the Constitution, almost everything plus the kitchen sink can be appealed to the SCN as of right. And, for those that cannot be appealed as of right, leave of court can be sought and obtained from the Court of Appeal or SCN, to appeal to the SCN (see Section 233(3) of the Constitution). The National Assembly (NASS) can also enact laws on other cases of appeals, that the SCN can hear. Does this not all translate to an overburdened SCN that hears all manner of appeals, including Landlord and Tenant Matters? Hundreds of important cases involving millions

of Nigerians, or Billions of Naira that impact the Nigerian economy are languishing, because the SCN must take cases in chronological order; and so, some of these crucial appeals do not see the light of day for years, while appeals concerning chieftaincy matters of an unknown village hierarchy, or customary land tussle, or a shop in Wuse Market, Abuja are heard, because they are first in time! I am convinced that this cannot be the role of a Supreme Court! This is aside from exercising its original jurisdiction, which NASS has now expanded to include disputes, whether they be of law or fact, between NASS and the President, NASS and any State House of Assembly, and NASS and any State of the Federation (see Section 232 of the Constitution and Section 1 of the Supreme Court (Additional Original Jurisdiction) Act 2002. According to Ballopedia, during its 2023-2024 term, the U.S. Supreme Court (SCOTUS) heard 62 cases; between 2007 and 2022, that is, a period of 15 years, SCOTUS gave 1,118 opinions, an average of 74.5 cases per annum. Out of about 10,000 petitions for a writ of certiorari, that is, a writ to seek the judicial review of the lower court’s decision, SCOTUS grants and hears only about 75-80 cases, According to the UK Supreme Court (UKSC) website, the UKSC decided 54 cases in 2023, 43 in 2022, 77 in 2021, and 57 in 2010. The UKSC receives about 230 applications, and hears an average of about 90 cases a year. In Nigeria, over a period of 15

years, assuming that 100 Advocates apply annually to be elevated to the rank of Senior Advocate of Nigeria, each one requires 6 SCN Judgements, that’s something in the region of 9,000 SCN Appeals for SAN Applicants alone, not to mention other appeals! And, the truth of the matter is that, half or more of those appeals do not enrich our jurisprudence in any way. Compare that to SCOTUS’s 1,118 cases, over the same period of 15 years. In the Online Law Dictionary, the term ‘Leave of Court’ is defined as “Permission obtained from a court to take some action which, without such permission, would not be allowable…..”. In the context of this discourse, ‘some action’ is being able to appeal to the SCN. Even interlocutory applications that can be determined with the substantive suit, instead are taken all the way to the SCN by Counsel while the substantive suit languishes at the court of first instance; and when the substantive suit is finally concluded, that is also appealed up to the Supreme Court!

In Petgas Resources Ltd v Louis N. Mbanefo SC.129/2018 Ruling delivered on 20/12/2021 per Helen Moronkeji Ogunwumiju, JSC, Her Lordship stated thus: “The provision for leave to appeal as provided in the Constitution, is a means to screen frivolous criminal and civil appeals from being heard by…..the Supreme Court of Nigeria….There was the prospect that the Appellate Courts would be overburdened….the effectiveness of the purpose of the provision for leave, has been rendered minimal….”. Her Lordship, Ogunwumiju, JSC, further stated: “The provision for leave to be granted in the Constitution, particularly in relation to the Supreme Court, is a policy enshrined so that the Supreme Court would determine only questions of law involving issues of general public interest, where there are conflicting judgements of the court below, and where there is no settled position yet on that issue of law by the Supreme Court. Also, leave may be granted when a decision of the Supreme Court would provide clarity or helpful information for future development of the law, and finally provide guidance for lower courts in their adjudication on such subject-matter”. I concur with this reasoning. Unfortunately, instead of it being a means to screen frivolous appeals, Section 233(3) of the Constitution has been abused by Lawyers as a means to bring frivolous appeals to the Supreme Court, cunningly trying to couch their prayers for leave to appeal to fit into what Her Lordship, Ogunwumiju JSC described above, when they don’t fit at all, or many a time, tabling issues that have already been well settled by a plethora of SCN authorities and need no further clarification. Why should everybody’s time be wasted on rehashing old settled principles? It appears that the SCN Justices must exercise the powers donated to them in Sections 11 & 32 of the Supreme Court Act as a matter of course and regularity, to be able to dispose of frivolous appeals summarily and swiftly.

Conclusion

It is time to consult the leadership of the Judiciary on how best to handle the backlog of appeals at the SCN, and prevent any unnecessary build up in the future. There must be a holistic resolution to this hydra-headed problem, which must include adequate funding to embrace technology in the SCN. Nevertheless, it is bizarre for a Senator to believe that he is in a position to decide how best to make the Supreme Court function optimally, and that resolving the issue is as superficial as simply increasing the number of Supreme Court Justices. It is not.

I would say that one of the lowest hanging fruits, or fruit that has already fallen on the ground and can be picked up to help to fix this backlog problem, is streamlining the appeals that can lie before the SCN; for Lawyers to stop filing frivolous appeals, be it interlocutory or substantive; for Lawyers to stop re-litigating matters that have already been settled by the SCN, up to the SCN again; and for there to be clear sanctions available for Lawyers who breach the guidelines.

As one that has edited Law Reports for almost eight years on a weekly basis, and mostly SCN cases too, I must say that a good number of them are not issues that are being decided for the first time, nor do they benefit the public in any fantastic way; in fact, many of them are dismissed. As Her Lordship, Ogunwumiju JSC put it in Petgas Resources Ltd v Louis N. Mbanefo (Supra): “There can be no public advantage for the Supreme Court in repeating ad nauseum the same principles of law, or dealing with narrow issues of little impact on the general public…. Neither can it be to the public advantage for the system to be clogged with interlocutory appeals which hang the substantive cases at the lower courts for decades in some instances”. Some of the solutions to the backlog problem, lie in addressing the observations made by Her Lordship.

When Award of Damages in Lieu of Order of Specific Performance Will Suffice

Facts

The 1st Respondent instituted an action at the High Court of Lagos State, against the 2nd and 3rd Respondent as 1st and 2nd Defendant. The 3rd, 4th and 5th Respondent were subsequently joined as co-Defendants in the suit. The case of the 1st Respondent was that he had entered into a contract with the 3rd, 4th and 5th Respondent on 10th July, 1995, for the sale of a property at Oke-Bola, Ibadan which they inherited from their late father to him. His complaint was that he fulfilled his own obligations under the said contract of sale, by paying the full purchase price in two instalments as agreed; however, the 3rd, 4th and 5th Respondent breached the contract by the 3rd Respondent’s sale of the property to the Appellant.

The 1st Respondent sought an order of specific performance of the contract of sale between him and the 3rd, 4th and 5th Respondent for the sale of the said property, or in the alternative, the sum of Nl.5 million as damages, jointly and severally against the Appellant and the 2nd - 6th Respondent for breach of contract.

The 1st Respondent also sought declaratory orders of court, to the effect that the assignment of the property to the Appellant and the subsequent registration of the Deed of Assignment issued to him are null and void, and ought to be vacated from the register of deeds at the Ministry of Lands, Housing and Physical Planning, Oyo State.

The case of the 2nd Respondent who was the estate agent that introduced the 1st Respondent to the 3rd - 4th Respondent, was that when the 1st Respondent paid the first instalment of N500,000.00, the money was shared between 3rd, 4th and 5th Respondent; however, while the 4th and 5th Respondent collected their share, the 3rd Respondent asked the 2nd Respondent to keep it until the entire purchase price was paid. He averred that when the balance of N250,000.00 was received subsequently, and the 2nd Respondent notified the 3rd Respondent, the 3rd Respondent informed him that he was no longer interested in the transaction as he had found a buyer who offered N800,000.00, and that and he asked the 2nd Respondent to return the N750,000.00 paid by the 1st Respondent.

On the other hand, the 3rd Respondent’s defence was that as the head of the family and the sole surviving administrator of their late father’s estate, he had the right to sell the property without the consent of the other members of the family.

At the conclusion of the trial, although the trial court found that the 3rd Respondent consented to the sale of the property to the 1st Respondent, it however, declined to grant the award of specific performance sought by the 1st Respondent. Rather, the trial court awarded the sum of N1,000,000.00 as damages against the 3rd Respondent in favour of the 1st Respondent, for breach of contract.

Dissatisfied with the failure of the trial court to grant his prayer for an order of specific performance, the 1st Respondent filed an appeal at the Court of Appeal. The Court of Appeal allowed the appeal, set aside the decision of the trial court and made an order of specific performance of the sale of the property in favour of the 1st Respondent. In its judgement, the Court of Appeal held that the 3rd Respondent had earlier given his consent for the subject property to be sold to the 1st Respondent, and the property had already been sold to the 1st Respondent before the 3rd Respondent changed his mind and purported to sell to the Appellant; hence, the 3rd Respondent had nothing again to sell based on the doctrine of Nemo Dat Quod Non Habet. Aggrieved, the Appellant appealed to the Supreme Court.

Issue for Determination

The Supreme Court considered the issue below in its consideration of the appeal. Whether the Court of Appeal was right to overturn the judgement of the trial court, granting the alternative remedy of damages in lieu of specific performance.

Arguments

Counsel for the Appellant submitted that a decree of specific performance is an equitable relief and therefore, discretionary, and for an order of specific

Honourable Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC

In the Supreme Court of nigeria Holden at abuja On Friday, the 8th day of March, 2024

Before their lordships

Kudirat Motonmori Olatokunbo Kekere-ekun Mohammed Lawal Garba Helen Moronkeji Ogunwumiju adamu jauro Tijjani abubakar justices, Supreme Court SC.38/2009

Between MR OLuSOLa ORIOKe aPPeLLanT

And

1. aLHajI FaTaI KunLe OnayeMI

2. MR GBadeBO IdOWu

3. MR e. B. eKunSeITan

4. MRS eLSIe FOLudO aKInTOye

5. MRS aLaKe aSIWaju dada

6. aTTORney-GeneRaL & COMMISSIOneR FOR juSTICe, OyO STaTe

ReSPOndenTS

(Lead Judgement delivered by Honourable Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC)

performance to be made, the contract must be capable of being specifically performed. He submitted that being a discretionary relief, there is wisdom in seeking an alternative relief of damages for breach of contract in the event that a decree for specific performance could not be granted, especially in a situation where the property in dispute had been sold to a third party.

He argued that that from the records before the court, it was clear that the 3rd Respondent, as the sole surviving administrator of the deceased’s estate, never entered into any contract with or execute any deed of assignment in favour of the 1st Respondent for the sale of

“….the rationale for including an alternative to a claim for specific performance is so that if specific performance fails, a Claimant can ask for damages. Thus, where it would be impossible to grant an order of specific performance, the Plaintiff would be entitled to the alternative remedy of damages for breach of contract, where he has sought the said relief”

The submissions of counsel for the 4th and 5th Respondent, were on the same premise as that of the 1st and 2nd Respondent. He submitted further that the Appellant is not deserving of any equitable consideration by the court, having shown disrespect to the court by perfecting the Deed of Assignment during the pendency of the suit.

In addition to the other arguments made by the respective Counsel for the 1st - 5th Respondent, the Counsel for the 6th Respondent argued that the Appellant’s contention that he was an innocent purchaser for value without notice could not be raised as a fresh issue before the Supreme Court without the leave of court, as same was not raised at the trial court. He urged the court to discountenance the Appellant’s position. Court’s Judgement and Rationale In resolving the appeal, the Supreme Court held that an order for specific performance is an equitable remedy granted at the court’s discretion and being an equitable remedy, an order of specific performance will not be made where the Plaintiff can be adequately compensated by the common law remedy of damages. Their Lordships, relying on their earlier decision in UNIVERSAL VALCANIZING (NIG) LTD v IJESHA UNITED TRADING & TRANSPORT CO. LTD (1992) LPELR – 3415 (SC) @ 37 A - B, held that even where a contract is valid in law, specific performance may be refused on general equitable principles, for instance where it will occasion severe hardship to the Defendant. The Court held further that impossibility of performance of a contract is a defence to a claim for specific performance, even though the contract is unconditional both in terms and in intention, and one of such impossibilities is when the property which is the subject-matter of the contract has been sold to a third party.

Placing reliance on its judgement in INTERNATIONAL TEXTILE INDUSTRIES NIG. LTD v DR ADEMOLA O. ADEREMI (1999) 8 NWLR (PT. 614) 268 at 303 C, the Court held that the rationale for including an alternative to a claim for specific performance is so that if specific performance fails, a Claimant can ask for damages. Thus, where it would be impossible to grant an order of specific performance, the Plaintiff would be entitled to the alternative remedy of damages for breach of contract, where he has sought the said relief.

Applying the principle to the instant case, the Court held that by seeking an alternative relief for damages, the 1st Respondent had taken a stance that in the event that the court, for any reason was unable to grant the relief for specific performance, an award of damages would sufficiently compensate him for the loss. The Court supported its finding with its earlier decision in HELP (NIG) LTD v SILVER ANCHOR NIG. LTD (2006) 5 NWLR (PT. 972) 196 at 208-209 G-A, in which it held that when a party makes a claim in the alternative, the belief is that he wants either of the reliefs sought, in which case, when he is granted any of the reliefs, it suffices for the purpose of satisfying his claim.

the property. He argued that there was also evidence that he did not consent to the sale of the property to the 1st Respondent and did not receive any money in respect thereof, thus, no legal title had passed to the 1st Respondent. He submitted that since the 1st Respondent sought the alternative relief for damages, the trial court was right to have declined the order of specific performance on the ground that the property had been sold to a bonafide purchaser for value without notice, and that the property had been duly registered at the Lands Registry, Oyo State. He submitted that the alternative remedy of damages was rightly granted by the trial court, and the Court of Appeal was wrong to have set it aside

In response, Counsel for the 1st Respondent relying on ODUTOLA HOLDINGS LTD v LADEJOBI (2006) 12 NWLR (PT. 994) 321 at 352 E-H submitted that once a substantive claim is proved, there is no justification for considering the alternative relief.

On his own part, Counsel for the 2nd Respondent argued that since the findings of the trial court that the contract was breached were not disturbed by the lower court, the lower court was right in allowing the appeal and granting an order for specific performance. He submitted that in light of the trial court’s finding that the 1st Respondent had paid for the property, its failure to grant an order for specific performance was perverse.

The Court held that in the instant case, the sale of the property to the Appellant, an innocent third party for value who was in occupation and had perfected his title made it impossible for the trial court to order specific performance in favour of the 1st Respondent whom had although paid money, had no document executed in his favour and was yet to be put in possession. The trial court was thus left to fall back on the 1st Respondent’s alternative prayer for damages for breach of contract, by which the 1st Respondent had tacitly agreed that if he could not get specific performance of the contract between him and the 3rd Respondent, he would be happy with the alternative relief. The Apex Court held that the lower court erred in insisting on a decree of specific performance in the circumstances of the case, especially where the 1st Respondent by his further amended statement of claim, considered an award of damages adequate compensation for his loss in the event that an order for specific performance cannot be granted.

Appeal Allowed; Judgement of the Court of Appeal Set Aside and Judgement of the Trial Court Restored.

Representation

Agba Eimunjeze for the Appellant.

Dr Abiodun Adesanya for the 1st Respondent Adeniyi Uthman for the 2nd Respondent M. 0. Lawal for the 3rd Respondent · Akeem Agbaje with A. M. Aderibigbe for the 4th and 5th Respondent Yusuf Olatunji Ogunrinde for the 6th Respondent

Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Reports (NMLR)(An Affiliate of Babalakin & Co.)

FG Intensifies Fight Against Torture, Expands Law to Psychiatric Hospitals, Others

Pushes for Restitution, Rehabilitation of Victims

Alex Enumah in Abuja

The Federal Government has disclosed its plans to expand the law preventing the use of torture, to include psychiatric hospitals and other places where people are not allowed to leave on their own will.

The move forms part of efforts at prioritising initiatives aimed at preventing torture and other forms of cruel, inhuman, and degrading treatment.

Solicitor-General of the Federation (SGF) and Permanent Secretary, Ministry of Justice, Mrs Beatrice Jedy-Agba, made the disclosure, at a sensitisation and advocacy workshop for law enforcement agencies and other critical stakeholders on the United Nations Convention Against Torture, in Abuja.

According to the SGF, the session was designed to highlight the responsibilities conferred on the Federal Government, particularly its law enforcement

agencies and other public officials, towards the prevention of torture in Nigeria.

She said, "We are currently reviewing the Anti-Torture Act and Regulations, to expand the definition of torture and improve mechanisms to discourage and eliminate torture in places of detention, such as deprivation of liberty in Nigeria, such as Police Stations, Correctional Facilities and other detention facilities, psychiatric hospitals and any other places where persons are not permitted to leave on their own will".

The SGF pointed out that the definition of torture under the relevant legal frameworks, pertains to acts committed by public officials, particularly law enforcement, which inflicts pain or suffering, whether mental or physical, on an individuals in their custody.

Jedy-Agba, while stating that experience has shown that it is not enough to punish

NGOs Drag Enugu State Gov to Court Over Demolitions

Two Non-Governmental Organisations, Registered Trustees of Law Hub Development and Advocacy Centre and Registered Trustees of Ositadimma Okoro Empowerment Foundation, have dragged the Governor of Enugu State, Peter Ndubuisi Mbah, to Nsukka High Court compelling the State Government to pay damages amounting to N50 billion, as a result of the demolition of Ogige Nsukka Market by the Enugu State Government. In the suit, which has the Governor of Enugu State and the Attorney-General of the State as Respondents, the litigants anchored their action on what they described as manifest of gross violation of the fundamental rights and planned invasion and demolition of shops of the over 10,000 traders of Ogige Market, Nsukka.

The suit, which is yet to be assigned to a Judge has the suit No. N/73/2024, is praying for a declaration that the act of the Respondents in giving the traders of Ogige Market Nsukka, 72 hours notice to vacate their properties and shops on the 22nd day of May, 2024, and the purported plan to use force to remove them and

throw them out, constitutes a violation of their fundamental rights to own movable and immovable properties as guaranteed by the Nigerian Constitution.

It would be recalled that the Enugu State Government, in a move said to be designed for urban renewal, demolished a wide range of properties across the State. The demolition exercise affected Our Saviour Institute of Science and Technology (OSISATECH), belonging to Rev. Fr. Emmanuel Ede; a Motherless Babies Home belonging to the Nigerian Red Cross Society, in Enugu; sections of the Ogige Market, Nsukka, and a motorpark in Gariki, Awkunanaw, Enugu.

The Plaintiffs are seeking, an order of perpetual injunction “restraining the Respondents, whether by themselves, their agents, privies or otherwise howsoever, from further harassing, intimidating, trailing, scaring away the traders of Ogige Market Nsukka, from their shops, and properties, arresting or detaining them upon the same facts constituting the complaints enumerated in this application or in any other manner infringing on the Applicants’ fundamental rights.

perpetrators for committing acts of torture, stressed that Government "also has the responsibility to ensure restitution and rehabilitation of victims of torture".

She urged participants to

work as champions of the Federal Government’s policy against torture, shun the use of torture against citizens and institute anti-torture measures when they return to their various institutions and organisations.

"As you are aware, Nigeria is signatory to various international treaties and conventions, such as the Universal Declaration of Human Rights, International Covenant on Economic, Social and Cultural Rights, International

Covenant on Civil and Political Rights and the United Nations Convention Against Torture, all of which guarantee human rights of both citizens, as well as persons in detention", she added.

Lagos Justice Reform Summit: ‘Improve the Judiciary’, Panelists

It was a consensus by the Keynote Speaker, Panelists and Participants at the just concluded Lagos State Justice Reform Summit, that if the Government plans to make Lagos the economic hub of not only Nigeria but Africa, then it is time for less talk and more work by improving the Judiciary, because confidence in the Judiciary will lead to a massive increase in economic activities

With the theme ‘Enhancing the Administration of Justice for Economic Growth, Investment Protection and Security in Lagos State’, the two-day Justice Reform Summit was, according to the Attorney-General and Commissioner for Justice, Mr Lawal Pedro, SAN, geared toward meeting the legal challenges facing Lagos State, as Nigeria’s economic nerve centre, and addressing those challenges that still need to be addressed, safeguards fundamental rights, and protection of property and

investments, while meeting the evolving needs of its residents.

Speaker at the Summit, Honourable Justice Rahman Oshodi, of the Criminal Division of Lagos State High Court, stated that while the State has done much in making justice available and accessible to the people, there is still that which needs to be done.

“The criminal justice system, a cornerstone of our society, needs immediate attention.

Comprising law enforcement, the Judiciary, the correctional services, and the community service unit, the system in Lagos State has made strides in recent years. However, the need for improvement is pressing. We must act swiftly to create a more efficient, effective, and equitable system that genuinely serves our citizens.’’

Justice Oshodi, who traced the current development and changes within the Lagos State Judiciary,

particularly in the Criminal Division, called for a working collaboration between security agencies.

“Strengthen collaboration and data sharing among criminal justice agencies through regular inter-agency meetings, joint training programmes, and integrated data management systems.”

“The Bondsmen Scheme should be institutionalised, to enhance further the bail process's efficiency and effectiveness in Lagos State, and the building of additional custodial centres, to address overcrowding and improve inmate living conditions.”

Also speaking at the Summit, Prof Konyinsola Ajayi SAN, stated that Studies show that a failing justice system hinders societal and economic progress, stressing that Lagos needs to improve the justice system to position the State as a global commercial hub.

The Learned Senior Advocate

traced the Impact of Justice on Economic Growth in the State, comparing global developments stating that: “In UK, the justice sector generated £43.7bn in revenue in 2022 - a result of years of proactive justice system enhancement’’. He further stated that, as Africa's 5th largest economy, Lagos can leapfrog with an enhanced justice system, and that continuous improvement is required to maintain its status as a commercial hub. While unaddressed challenges could lead to losing GDP value to London Courts/Arbitration, Prof Ajayi also warned the State Government saying that: “The Executive must know and recognise that Courts are society’s one true saviour not only in election matters, but in fundamental matters of governance, peace, and security. Also: the Police, Army and EFCC cannot substitute for the court in civil claims”.

CMSA Annual Business Summit Set to Revolutionise Capital Market

The Capital Market Solicitors Association (CMSA), has disclosed that their Annual Business Summit is scheduled for June 6, 2024, at 10 am at the Oriental Hotel, Victoria Island, Lagos will be one not only to be remembered, but will drive the capital market to take its place as a pillar in the economic set of the nation. This year’s theme, “Revolutionising the Nigerian Capital Market through Innovative Financial Instruments for Sustainable Development,” focuses on transforming Nigeria’s economic landscape through strategic financial innovations.

Speaking at a Press Conference heralding the event, the Chairman of CMSA, Odiaka Vincent Iweze, said that this year’s summit is aimed at profiling solutions to some major challenges facing the capital market in Nigeria. “The 2024 ABS is poised to be a pivotal event, as Nigeria navigates the challenges of global financial volatility and local economic dynamics. It aims to spark significant discussions on the utilisation of innovative financial instruments, to adopt

sustainable growth and resilience in the capital markets.’’ He stressed that while the financial world has been blessed with new innovative financial instruments, it has become important to know that proper use of these financial instruments will drive the nation's economy towards sustainable growth as seen in developed economies. He then invited all stakeholders to mark their calendars, and prepare for an enriching experience that promises to advance the dialogue on financial innovation and sustainable development in Nigeria.

In his speech, this year’s ABS Organising Committee Chairman, Mr Oladele Oladunjoye, said the theme of the Summit is aimed at creating a discussion on innovative financial instruments, encouraging market participants to think creatively and adopt new technologies and financial products that can deepen the capital market, attract investment, and enhance overall efficiency. He added that “Nigeria’s economic landscape is facing significant pressures,

including fluctuating oil prices, foreign exchange instability, and the need for increased foreign investment. These issues underscore the urgency for innovative financial solutions supporting sustainable development goals and stabilising our economy. The ABS will assemble thought leaders, policymakers, and practitioners from across the capital markets sector to explore these challenges and opportunities.’’ Oladunjoye, further stated that as part of the agenda for the Summit, there would be a Fireside Chat, which will open the Summit. This is an interview-style fireside chat on the “Effect of Recent Reforms on Capital Raise for Sustainable Development in the Capital Market” featuring an industry expert. The Keynote Address will be delivered by a renowned expert in the capital markets space, and will dwell on the general theme of revolutionising the Nigerian Capital Market through innovative financial instruments for sustainable development.’’ While there will be two-panel

sessions focusing on critical topics like “Impact Investing in Capital Markets: Returns and Sustainability”, and our Panelists will explore how investors and professionals can navigate impact investing while balancing the dual objectives of profitability and sustainability and “Navigating the Green Path: Sustainable Finance and the Capital Market”, where Experts will discuss the rise of sustainable finance, green financing instruments (green bonds, sustainability-linked loans), drivers, opportunities for Nigeria, and possible regulatory initiatives. Also, the integration of environmental, social, and governance criteria in financial decision-making, he further added.

The Vice Chairman of CMSA, Simisola Eyisanmi said that the Keynote Speaker at the event is the Director General of Nigeria Security and Exchange Commission Dr Emomotimi Agama. Other discussants and Panelists are Rukayat El-Rufai, Ann Mary Slot, Attahiru Maccido, and Elizabeth Ekpo, among others.

L-R: Abdulkabir Ogungbo; Professor Olanrewaju Fagbohun, SAN; Lagos Attorney General and Commissioner for Justice, Lawal Pedro, SAN; Hon. Justice A.M. Nicol-Clay, NBA President, Y.C. Maikyau, SAN; Mrs Adedoyin Rhodes-Vivour, SAN; Dr Babatunde Ajibade, SAN and Tokunbo Wahab

Enugu State Governor, Peter Ndubuisi Mbah

L-R: Vice Chairman, Capital Market Solicitors Association, Simisola Eyisanmi; Chairman, CMSA, Vincent Iweze; Chairman, Annual Business Summit Planning Committee, CMSA, Oladele Oladunjoye; and Member, Adekunle Soyibo, during the pre-Annual Summit Press Conference at Lekki

FROM THE BACK OFFICE

Asking for help is an indispensable, yet, often overlooked element of professional and personal success. I recently attended a global transformative forum of women building powerful tables in the business and professional spheres. At the forum, we reviewed the quadrants of asking, giving and receiving help. Though not a fan of labels, we were required to locate ourselves within the quadrants and I was surprised where I ended.

How often do you ask for help? Infrequently or frequently?

How often do you give help? Infrequently or frequently?

The four quadrants examined were:

i. Selfish-Taker – overly dependent, over compensated on the asking and taking.

ii. Lone Wolf – introverted, individualistic, heavily independent solitary person. Works and does things alone. Infrequently asks for and gives help.

iii. Giver-Taker – ideal balance; where we want to be.

iv. Overly Generous Giver – gives more than receive, wants to be and do everything. Need to retrain brain to do more asking.

The workplace is filled with people of different backgrounds and levels of competence. Though we all often put up a “brave know-it-all” front, to be successful at work we need to be adept in the art of asking for help. Asking for help essentially fosters a more collaborative, supportive, and productive work environment. Yet people sometimes struggle with asking for help in the workplace because they fear appearing weak, incompetent, or burdensome. Other barriers to asking for help may include individual pride, fear of rejection, and a lack of awareness about people’s willingness and ability to assist. To overcome these barriers, we need to emphasise the importance of empathy, vulnerability and openness. In this article, we will explore the importance of building a help-friendly culture and provide actionable strategies for creating such an environment within your organisation.

Ms May

I was attending a conference in Seattle, Washington. After 18 hours of flying, I finally settled in to the hum of the airport shuttle enroute to my hotel. My head was down with my eyelids drooping, half asleep. Then I noticed her. My senses were immediately aroused, I became wide awake. We will call her Ms May. Rushing to catch the shuttle, Ms May came in with a heavy backpack and two cumbersome suitcases. She almost missed the bus. As she hopped in. I immediately noticed that Ms May had a limp and was straining to pull the two suitcases. Observing her struggle, a fellow passenger reached out to help with one of the suitcases, and I was taken aback by her reflex reaction – she said, “don’t worry, I’ve got this”, instantly repudiating the offer of help. She continued dragging the luggage herself, trying to find a seat. Ms May, resolute in her independence, rebuffed any help offered, determined to navigate her journey unaided. Down the aisle, another passenger offered to help her with one of the suitcases, again Ms May rejected the offer of help with an automatic, “no, thank you” response. With determination she forged ahead, I watched as she dragged her load down the narrow aisle, in search of a seat. Ms May wobbled until she found a seat, and sank into it. Throughout the journey, I observed her closely, noticing the strain on her face. Eventually, her stop arrived. She got off the bus before me. Once more, I watched as she struggled to get off the bus, facing the arduous task of disembarking alone. This time, I guess everyone in the bus knew better than to offer help. As the vehicle resumed its course, I could

Joy Harrison-abiola harrisonabiolajoy@gmail.com

Asking for Help at Work

not help wondering about how the journey ahead of Ms May would be like, without help with the suitcases. I pondered the challenges that awaited her beyond the confines of the shuttle, her solitary struggle leaving an indelible mark upon my consciousness. I kept watching her as long as I could catch a glimpse of Ms May, until her figure paled into oblivion. Though years have passed, that vision remains etched on my mind.

You may argue that, Ms May was not at work. A shuttle is a good metaphor for the workplace. The workplace involves getting people onboard, making sure they are seated at the right seat as the driver takes them in the right direction, and makes sure they disembark safely.

A Help-Friendly Culture

Empathy, vulnerability, openness are traits we need to learn how to give and receive.

A Workplace Empathy 2018 survey by Businessolver reports that 87% of CEOs polled believe that an organisation’s success is connected with empathy. Knowing this, business leaders ought to do more to create enabling environments, to nurture empathy at the workplace. Enabling environments would include a well ingrained culture of respect, inclusion, equity, a listening ear, helping hands, tolerance, etc. Too many empathy enabling behaviours die at the point of onboarding a new staff, and are only partially resuscitated through the occasional prompts at annual retreats.

In today's competitive work environments, fostering that culture of support and assistance is crucial for both individual and organisational success.

A help-friendly culture is one where employees feel comfortable seeking and offering assistance, where there is a sense of mutual respect, trust, and empathy among team members. It is a culture that values collaboration over competition, and recognises that everyone benefits when individuals support each other. In such an environment,

“A help-friendly culture is one where employees feel comfortable seeking and offering assistance, where there is a sense of mutual respect, trust, and empathy among team members. It is a culture that values collaboration over competition, and recognises that everyone benefits when individuals support each other”

employees are more likely to share knowledge, offer feedback, leading to improved problem-solving, creativity, and overall performance. Moreover, a help-friendly culture enhances employee well, contributes to higher levels of job satisfaction, lower turnover rates, and better employee retention.

"All You Have to Do Is Ask"

In the book "All You Have to Do Is Ask" the author, Wayne Baker, a professor at the University of Michigan’s Ross School of Business examines the art of asking for help. Baker uses a blend of research, real-world examples, and practical tools to make the case that asking for help is beneficial and essential. He emphasises the role of organisational leaders in fostering an environment where asking for help is encouraged and normalised. He discusses implementing structures such as "reciprocity rings," where individuals openly ask for and offer help, promoting a continuous exchange of assistance and knowledge. The book is structured to guide readers through effectively soliciting help, balancing the act of giving and receiving, and cultivating a culture where these interactions can thrive.

The Giving-Receiving Balance

There must be a giving and receiving balance for sustainable and healthy interaction at the workplace. According to Baker, this balance is critical because - Mutuality Ensures Sustainability. When people give and receive help, reciprocity is maintained, sustaining participation and engagement. Too much giving without receiving can lead to burnout and resentment, whereas too much intentional receiving without giving can appear exploitative. Both are detrimental to both individual well-being and collective productivity. A balanced approach ensures that all members feel valued and that their contributions, as well as their needs, are recognised and addressed.

Strategies for Cultivating a HelpFriendly Culture

Provide Leadership: Cultivating a help-friendly culture starts at the top. Leaders and managers should actively teach, encourage and model helpful behaviour by offering support, listening actively, and demonstrating empathy towards their team members. When employees see their leaders prioritising assistance and collaboration, they are likely to follow suit.

Promote Open Communication:

Encourage transparent and open communication channels within your organisation. Create opportunities for employees to share their ideas, concerns, and feedback freely. Fostering open communication builds trust and encourages help-seeking behaviour.

Cultivate the Practice of Effective Asking: This includes framing requests in clear, concise terms, understanding the expertise of potential helpers, and being mindful of timing and context when making a request. Provide Training and Development: Invest in training programs that not only enhance technical skills but also focus on soft skills such as emotional intelligence, effective communication, empathy, mindfulness and conflict resolution. By equipping employees with the necessary tools and resources, you empower them to support each other effectively and navigate challenges collaboratively.

Recognise and Reward Helpfulness: What gets rewarded gets done. Celebrate acts of kindness and helpfulness within your organisation. Whether through formal recognition programs, shout-outs during team meetings, or small tokens of appreciation, acknowledging and rewarding helpful behaviour reinforces the importance of building a supportive culture.

Encourage Cross-Functional Collaboration: Intentionally break down silos and encourage collaboration across departments and teams. Facilitate cross-functional projects, encourage job rotations, and create opportunities for employees to work with colleagues from different backgrounds and expertise areas. Cross-functional collaboration not only enhances innovation but also strengthens relationships and fosters a sense of unity among employees. Prioritise Work-Life Integration: Recognise that employees are more likely to offer support and assistance when they feel supported and valued themselves. Encourage a healthy work-life balance by promoting flexible working arrangements (it’s here to stay), offering wellness programs, and providing adequate resources to manage workload effectively. When employees feel respected and cared for, they are likely to extend the same courtesy to their colleagues.

In conclusion, for a business to scale up, its people will need to practice asking, giving and receiving help. Cultures that encourage all members to do these, see improved problem-solving and innovation and enhanced employee satisfaction and retention. However, a help-friendly culture is not something that happens overnight. It requires the concerted effort from leaders, managers, and employees at all levels of the organisation to prioritise collaboration, empathy, and mutual support. This will result in creating that environment where individuals thrive, teams excel, and the organisation as a whole achieves its goals.

INSOLVENCY DISCOURSE

Commentary on NDIC’s Recent Review of the Maximum Deposit Insurance Coverage Level

Introduction

On 2 May, 2024, the Nigeria Deposit Insurance Corporation (NDIC) upwardly reviewed the maximum deposit insurance coverage level (coverage limit) for depositors in different categories of Nigerian banks. NDIC’s deposit insurance scheme, is a key component of Nigeria’s financial safety-net framework. It contributes to financial stability by guaranteeing payment of depositors (especially small savers), when banks are unable to pay due to insolvency or other reasons. The deposit insurance scheme provides a disincentive for such depositors to engage in panic bank runs, upon perceived or real signs of trouble in a bank.

In setting coverage limits for different categories of banks, the NDIC had to counterbalance the objective of promoting financial stability with the risk of moral hazard. Moral hazard is incentive or tendency to engage in excessive and unreasonable risk-taking, due to guarantee of protection from adverse consequences of such risk-taking. An unlimited or excessively generous deposit coverage limit, would result in risk-shifting of the consequence of unreasonable risk-taking to the deposit insurer. The global best practice is for deposit insurance schemes to be limited in scope, in a manner that promotes financial stability whilst instilling market discipline.

Evaluation of the New Coverage Limits Deposit insurance is a key statutory mandate of NDIC, and it is mandatory for all licensed banks and deposit-receiving institutions to insure their deposit liabilities with NDIC: Sections 21 of Nigeria Deposit Insurance Corporation Act 2023 (NDIC Act 2023). NDIC’s review of the coverage limit, is therefore in furtherance of its statutory mandate. The new coverage limits are as follows:

•Deposit Money Banks (DMBs)

Increase in coverage limit from N500,000 to N5,000,000

Increase in total depositors covered from 89.20% to 98.98%

Increase in total value of deposits covered from 6.31% to 25.37%

•Microfinance Banks (MfBs)

Increase in coverage limit from N200,000 to N2,000,000

Increase in total depositors covered from 98.76% to 99.27%

Increase in total value of deposits covered from 14.38% to 34.43%

•Primary Mortgage Banks (PMBs)

Increase in coverage limit from N500,000 to N2,000,000

Increase in total depositors covered from 97.98% to 99.34%

Increase in total value of deposits covered from 10.77% to 21.04%

•Payment Service Banks (PSBs)

Increase in coverage limit from N500,000 to N2,000,000

Total depositors covered 99.99%

Increase in total value of deposits covered from 43.10% to 40.60%

•Mobile Money Operators (MMOs)

Increase in coverage limit from N500,000 to N5,000,000

Total depositors covered 99.99%

Increase in total value of deposits covered from 43.10% to 40.60%

Although outside the scope of this discourse, a point worth highlighting from the above figures is the disturbing and significant gap between the small savers (the poor?) and large savers (the rich?). The figures show that just 1.02% of depositors in

Nigeria have N5,000,000 or more in DMBs, and also collectively own 74.63% of the total deposits in DMBs. This should be of grave concern to governments, at all levels.

The previous coverage limits for deposittaking institutions in Nigeria, are set out in Section 25(1)(a) and (b) of the NDIC Act 2023.

Arguably, it would have been neater if the framers of the NDIC Act 2023 had simply empowered NDIC to set out coverage limits in or by regulation, considering the imperative and inevitability of periodic reviews of the coverage limits. Nevertheless, the NDIC Act 2023 empowers NDIC, subject to the approval of the NDIC Board, to “vary upwards” the coverage limit: Section 25(2) NDIC Act 2023. This ensures easy review of the coverage limits (as has been done by NDIC), without having to go the whole hog of the law making or amendment process at the National Assembly.

The International Association of Deposit Insurers (IADI) is the global standard-setting body for deposit insurance systems. It has 98 (ninety eight) members including the NDIC.

The IADI has issued Core Principles for Effective Deposit Insurance Systems (Core Principles) which are minimum standards against which deposit insurance systems (including NDIC’s) are benchmarked. Principle 8 of IADI Core Principles requires a periodic review of the coverage limit (at least every 5 (five) years). The reason for this periodic review is to preserve the credibility of the coverage limit such that a large majority of depositors are insured to avoid bank runs, whilst leaving substantial amount exposed to market discipline. In Nigeria, prior to the recent upward review, the coverage limit for DMBs and MFBs had not been reviewed since 2011, whilst the coverage limit for PMBs and MMOs were fixed in 2016.

An IADI global survey of coverage limits in 2023 showed that the median deposit insurer covered about 41% of eligible deposits. In comparison, NDIC data indicates that 89.20%, 98.76% and 97.98% of deposits were insured in DMBs, MFBs and PMBs respectively

“The reason for this periodic review is to preserve the credibility of the coverage limit such that a large majority of depositors are insured to avoid bank runs, whilst leaving substantial amount exposed to market discipline. In Nigeria, prior to the recent upward review, the coverage limit for DMBs and MFBs had not been reviewed since 2011, whilst the coverage limit for PMBs and MMOs were fixed in 2016”

under the old coverage limit. When viewed against this backdrop, it seems Nigeria was not doing so badly in this regard despite years of non-review of the coverage limits. Instructively, some leading jurisdictions have not reviewed their coverage limits for longer periods. In the United States of America, the $250,000 coverage limit set by the Federal Deposit Insurance Corporation in 2008 has remained unchanged till date. In Canada, the C$100,000 coverage limit set by Canada Deposit Insurance Corporation in 2005 has remained unchanged. Similarly, in the European Union, the €100,000 coverage limit set in 2011 has remained unchanged till date.

Nevertheless, there is no gainsaying that the real value of NDIC’s coverage limits had deteriorated over the years due to several factors including spiralling inflation and depreciation in the value of the Naira. The composition and size of deposits which are fully covered by the deposit insurance scheme do not provide a true reflection of the real value of the coverage limits. To ascertain the real value of the coverage limit (as opposed to mere face value), a number of macroeconomic and other factors must be taken into cognisance including the inflationary rate, depreciation of the legal tender, expectations of stakeholders, changes in real income, availability of funding, development of new deposit products etc. These factors are crucial for the proper setting or adjustment of the coverage limits.

As may also be deduced from Principle 8 of IADI Core Principles, in fixing coverage limits, the goal is to ensure that majority of depositors are adequately protected. In reality, small savers usually constitute the majority of depositors in banks. As previously noted, these small savers are the primary target of deposit insurance schemes. Invariably, the small percentage of savers and depositors not fully covered by the deposit insurance scheme are usually large depositors or savers who have the leverage and incentive to monitor the risk-taking activities of their banks and exercise market discipline. The coverage limit is therefore a two-edged sword. On one hand, it demotivates small savers or depositors from engaging in panic-runs, on the other hand, it leaves minority large depositors uninsured to minimise moral hazard and instil market discipline.

Implications of Bank Recapitalisation (Via Mergers and Acquisitions) on Coverage Limits

One of the three options which the Central Bank of Nigeria (CBN) has suggested to banks as a means of meeting the new minimum capital requirement, is the option of mergers and acquisition. For the reasons explained

below, the merger of two or more banks or the acquisition of one bank by another, will not improve the coverage limit of a depositor with separate accounts in the banks involved in the merger or acquisition. Under NDIC’s deposit insurance scheme, two or more accounts which are held by a single individual or entity in the same right and capacity in the same bank, are merged and treated as a single account: Section 25(3) of NDIC Act 2023. This is the case regardless of whether or not the accounts are in different branches and cities of the same bank.

Accordingly, where there is a merger or an acquisition, a depositor with separate accounts in the affected banks will not become entitled to a cumulative or increased coverage limit. Rather, a depositor's accounts in the different merged or acquired banks will be merged and treated as a single account for the purpose of coverage limit. For instance, a depositor with accounts in Bank X and Bank Y (both DMBs) will not become entitled to a “cumulative” coverage level of N10 million in the resulting Bank XY, as a result of a merger of Bank X and Bank Y or an acquisition of Bank X by Bank Y. Rather, upon a merger or acquisition, the depositor will still have a coverage limit of N5 million in the resulting Bank XY.

Principle 8 of the IADI Core Principles stipulates that in the event of a merger or amalgamation of banks, depositors of the merged or amalgamated banks should enjoy separate coverage for each bank for a limited but publicly stated period as defined by law or regulation. It further requires merging banks to inform affected depositors of the date on which the separate coverage will expire. The NDIC Act 2023 does not have provisions on temporary post-merger or post-amalgamation coverage as described. However, NDIC may employ its statutory powers under Section 96(1) (b) of the NDIC Act 2023 to make regulations for such temporary coverage limits. Section 96(1)(b) empowers NDIC to make regulations to give full effect to the provisions of the NDIC Act 2023, including “power to make different provisions for different circumstances guiding the operations of the Deposit Insurance Scheme”.

Postscript

Savers/depositors may “increase” their coverage limits by placing their deposits in different banks. For instance, rather than place N10,000,000 in Bank X (a DMB) and be entitled to a coverage limit of N5,000,000 from the NDIC in the event of the failure of Bank X, a saver/depositor may place N5,000,000 Bank X and N5,000,000 in Bank Y. In the event of the failure of either or both banks, the saver/ depositor will be fully insured. Another means of increasing or boosting the coverage limit is by maintaining deposits in accounts under different ownership categories such as joint accounts, trusts or business accounts.

Can Pension Funds be Borrowed for Infrastructure Projects?

The Tinubu administration has never hidden the fact, that it inherited a near empty treasury at its inception. This explains why the Federal Government’s debt profile, is spiralling upward. But, when allegedly, there was an announcement about Government’s intention to borrow from Pension Funds to develop the critical infrastructure sector, not a few eyebrows were raised as to the propriety or otherwise of such a design. The Minister of Finance & Coordinating Minister of the Economy, Mr Olawale Edun, was constrained to issue a statement clarifying this, saying “The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in, and what it cannot be invested in. The Federal Government has no intention whatsoever, to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers. What was announced to the Federal Executive Council, was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws, these funds could be used maximally to drive investment in key growth areas”. nevertheless, in this discourse, Bolu Ojewole, Kede Aihie, and Oluwadamilare Said discuss the intricacies, risks, propriety or otherwise, if such a plan were to be real. aside from the fact that the Pension Fund administrators have clear guidelines on how they can invest, a substantial amount of pension funds are already invested with Government in Federal Government securities, pointing to the fact that it isn’t exactly as if n20 trillion is lying in the Banks idle

Legal and Regulatory Consideration of Proposed Investment of Pension Funds in Infrastructure Projects

Bolu Ojewole

Background

Nigeria's infrastructure deficit, is a significant hurdle to economic growth and development. The gap is estimated to be trillions of Dollars, encompassing power, transportation, water, and sanita-

tion sectors. These projects often require significant financing and may generate significant cash flow, but, implementation could be fraught with risk and uncertainty. What is not in doubt is that the Government in Nigeria, both at national and sub-national levels, has

“The decision of whether to invest pension funds in infrastructure projects, is complex. It requires careful consideration of the potential benefits and risks, and robust safeguards to protect retirement savings”

not met the funding requirements for the country's infrastructure needs. This lack of investment creates bottlenecks for businesses, hinders productivity, and reduces Nigerians' overall quality of life. The current economic climate has created a severe gap, as reliance on Government budgetary allocation is inadequate due to competing priorities and limited resources.

Against the backdrop, there have been calls within the Government and other policymakers, for the significant contributions held by Pension Fund Administrators to be deployed towards funding the infrastructure gap. These calls have become louder, in 2024. Recently, the Minister of Finance, Wale Edun, stated, "…. the Government will collaborate closely with private sector players to tap into the over N20 trillion pool of long-term funds available with Nigeria's pension, life insurance and investment funds". He added, "One of the key drivers of economic growth is investment in infrastructure, housing, power, rail, roads, water transport, even technology. These are key drivers of economic growth, they increase product when you invest in them, you get increased productivity, you get economic growth, and you get job creation, which reduces poverty".

Evolution of the Nigerian Pension Industry

In order to dimension the possibilities and prospects, it is critical to highlight the evolution of the Nigerian Pension Industry from its pre-2004 and post-2004 years. In the years preceding the enactment of the Pension Reform Act 2004, Nigeria operated a pension scheme with a limited scope that was applied only to public sector employees. The scheme was also based on salary and years of service, significantly burdening public sector finances. Another critical issue was that, transferring their pension benefits was often difficult or impossible when employees switched jobs. However, since 2004, a private sector-led pension industry has emerged, with employers and employees contributing a fixed percentage to retirement savings accounts (RSA). The RSA is then managed by the Pension Fund Administrators (PFAs), in accordance with the governing law and under the supervision of the National Pension Commission (PenCom). The underlying principle behind the existing scheme, is increased transparency. RSA is linked to individual employees; when they change jobs, their details remain the same, and at retirement, employees are guaranteed lump sum and period payments, depending on the contributions and returns generated by the PFAs. The current pension regulatory framework, guarantees that employees will receive retirement payments. Infrastructure projects tend to be long-

Can Pension Funds be Borrowed for Infrastructure Projects?

term endeavours, which align well with the long-term investment horizons of pension funds. Thus, a strong argument exists for deploying pension funds for these projects. In addition, there is a strong argument for investing pension funds in infrastructure projects, given the portfolio diversification and economic growth benefits.

PFAs in Nigeria are currently allowed to invest an unlimited amount, in securities issued by the FGN or guaranteed by it. It is also true that most of the N20tr assets held by PFAs in Nigeria, are invested in FGNissued treasury instruments and securities. Therefore, it can be argued that the FGN already has access to the pool of funds held by PFAs through instruments issued by the FGN and its agencies, including the "CBN" and the Debt Management Office.

One crucial question to consider, is whether the proposal for direct investment by PFAs in infrastructure projects is legal and appropriate. In order to address this, Rule 4 of the Regulation of Investment of Pension Funds Asset (the "Regulation") will be referenced. The Regulation lists the asset classes where pension fund assets can be invested, and these are: (a) Federal Government Securities: PFAs can invest without limitation in bonds and other debt instruments issued by the Federal Government of Nigeria (FGN); (b) State Government Bonds: PFAs can invest in eligible bonds issued by State Governments, but with limitation of a maximum of 2% for any individual State Government bond; (c) Corporate Bonds: PFAs can invest in bonds issued by qualified companies, with restrictions based on credit ratings; (d) Sukuk: PFAs can invest in Shariah-compliant Sukuk issued by the FGN, State Governments provided total investment in Bonds and Sukuk combined cannot exceed 20% of pension assets; (e) Equities: PFAs can invest in ordinary shares of publicly listed companies on Nigerian stock exchanges with investment limits based on the company's risk rating; (f) Real Estate Investment Trusts (REITs): PFAs can invest in listed REITs, offering exposure to the real estate market while maintaining some liquidity. Investment limits apply; (f) Infrastructure Funds: PFAs can invest in infrastructure funds, but, with limitations, these funds typically invest in long-term infrastructure projects that generate stable returns.

PFAs can only invest in an asset class or securities, permitted by the Regulation issued by PenCom. The limitations in place on PFAs by PenCom appear to be with the clear understanding that some certain assets may be too risky, and that only the FGN cannot be insolvent.

The language of the proposal by the Minister of Finance suggests that there may be a need for PenCom to issue further guidance or regulations, to include infrastructure projects in the list of acceptable asset classes, or perhaps, the statement is an indication of intention in order to gauge public perception or acceptance of the proposal. It is also important to reiterate that the current Regulation is quite expansive, and PFAs can also invest in securities issued by public companies and regulated entities in accordance with the rules of the Securities and Exchange Commission (SEC) or on platforms approved by the CBN. Also, in the Regulation, "infrastructure funds" is an asset class within which pension funds can be invested. Why has the FGN not adopted the approach of encouraging the set-up of infrastructure funds? Also, one must note that, if there is a need to issue a revised Regulation or guideline, it is clear that PenCom, as an agency of the FGN, will likely implement the directives of the FGN - however, investment in infrastructure projects.

PenCom periodically reviews and updates

investment regulations, to adapt to market conditions and ensure continued protection of pension funds. The ultimate goal of these regulations is to safeguard retirement savings for Nigerians, while enabling PFAs to generate good returns within acceptable risk parameters. PenCom has done a reasonably excellent job regulating PFAs, and continues to play a critical role in regulating how PFAs invest pension fund assets in Nigeria. PenCom, in determining which assets qualify for investment in pension funds, focuses on the safety of pension funds, ensuring investments are low-risk and offer a reasonable return; diversified investments across asset classes like government bonds, equities, real estate, and infrastructure funds to mitigate risk; and investments which align with the long-term investment horizon of pension funds, aiming for steady growth over time. Currently, there are limits on how much PFAs can invest in specific asset classes. For example, while PFAs can invest an unlimited amount in securities issued by the Federal Government of Nigeria (FGN), there is a 2% cap on any individual State Government Bond. PFAs can also invest in equities, based on companies' risk ratings and in real estate. The failure of PenCom's Regulation and oversight concerning the asset classes, could cause Nigeria's pension industry to fail if the infrastructure projects fail to deliver on the returns or fail for other reasons. Infrastructure projects can be complex and carry inherent risks, such as construction delays, cost overruns, and changes in government policy. These risks could potentially erode pension fund returns. Also, infrastructure project investments

are often illiquid, meaning they cannot be easily converted to cash. This could pose challenges for pension funds, if they can’t access funds quickly to meet their obligations. The decision of whether to invest pension funds in infrastructure, projects is complex. It requires careful consideration of the potential benefits and risks, and robust safeguards to protect retirement savings.

Conclusion

There are compelling arguments on both sides of the debate about whether pension funds should be invested in infrastructure projects, and it must be noted that, infrastructure projects cannot qualify as an asset class unless they are structured and designed in the form of securities in which funds can be invested, providing liquidity and possibly traded. It must also be determined and confirmed whether the FGN is prepared to guarantee the securities issued for qualifying infrastructure projects being undertaken, solely under the PPP structure or by private entities. It is doubtful that the FGN will provide this guarantee. It is unclear if PFAs will invest in debt instruments issued for infrastructure projects being undertaken solely by the private sector or under a public-private partnership structure; consequently, finding the right balance between risk and return is critical to ensuring a sustainable and successful investment strategy for PFAs, but, PenCom must remain a watchdog to ensure the collective assets and funds of millions of Nigerians are not frittered away.

Finally, if the FGN is keen to mobilise funds in the direction of infrastructure projects, it must do so with a clear understanding that there is a need for there to be solid regulatory frameworks and transparent investment processes to mitigate risks, and ensure that pension funds are invested in only bankable, viable infrastructure projects with allocation limits for each PFA and clear revenue streams.

off a debate about the Government’s priorities and potential risks to social welfare.

Appropriateness: A Question of Priorities

Using pension funds for infrastructure projects, raises questions about the Government’s priorities. Pension funds are meant to provide a safety net for retirees, ensuring their financial security and well-being. Diverting these funds to other purposes may compromise the Government’s commitment to social welfare and the trust of citizens who have contributed to these funds throughout their working lives.

Legality: Compliance With Regulations

The borrowing plan must also comply with the Pension Reform Act 2014 and PENCOM Regulations. These guidelines stipulate specific requirements for investing pension funds, and any deviation from these rules may have legal and ethical implications. It is essential to ensure that the Government’s plan adheres to these regulations, to maintain transparency and accountability.

Addressing the issues of appropriateness and legality is vital, to ensure that the Government’s actions are transparent, accountable, and prioritise the welfare of Nigerian citizens, including retirees who rely on their pension benefits. The responsible management of pension funds is crucial, and any plan to borrow from PENCOM must uphold the trust of citizens and comply with existing regulations.

PENCOM announced in September 2023, that the worth of pension fund net asset value stood at N17.35 trillion.

“Pension funds are meant to provide a safety net for retirees, ensuring their financial security and well-being. Diverting these funds to other purposes may compromise the Government’s commitment to social welfare, and the trust of citizens who have contributed to these funds throughout their working lives”

Bolu Ojewole, Lawyer, Public Policy Expert, Lagos

FGN’s

Alleged Plan to

Borrow

from Pension Funds Sparks Controversy

Kede Aihie

Two issues raised are appropriateness and legality. Any plan to use pension funds meant for retirees' benefits to finance infrastructure projects, naturally sparks

PENCOM has established guidelines for the management of pension funds in Nigeria, aimed at ensuring the prudent management of retirement savings and promoting the growth and development of the pension industry. These guidelines provide a framework for the investment, administration, and management of pension funds, and are mandatory for all stakeholders involved in the pension fund management process.

Investment Guidelines

Pension funds must be invested in approved asset classes, including: - Federal Government securities - State and Local Government bonds

can Pension Funds be Borrowed for Infrastructure Projects?

- Corporate bonds

- Equity shares

- Real estate - Infrastructure funds

Investment Limits

Pension funds must adhere to specific investment limits, including:

- Maximum of 25% in Federal Government securities

- Maximum of 10% in State and Local Government bonds

- Maximum of 15% in corporate bonds

- Maximum of 20% in equity shares

- Maximum of 5% in real estate

- Maximum of 5% in infrastructure funds

Risk Management

Pension funds must be managed with a prudent risk management approach, including:

- Diversification of investments

- Regular monitoring and review of investments

- Use of risk management tools and techniques

Funding Requirements

Employers must contribute a minimum of 10% of employees' emoluments to the pension fund, while employees must contribute a minimum of 8% of their emoluments.

Administration and Management

Pension funds must be administered and managed by licensed Pension Fund Administrators (PFAs) and Custodians.

Transparency and Disclosure

Pension funds must be managed with transparency and disclosure, including:

- Regular disclosure of investment returns and portfolio composition

- Annual audit and publication of financial statements

Compliance with Regulations

Pension funds must comply with all relevant regulations and guidelines issued by PENCOM, and other regulatory authorities.

The guidelines for the management of pension funds in Nigeria are designed to ensure the prudent management of retirement savings, protect the interests of contributors, and promote the growth and development of the pension industry. All stakeholders involved in the pension fund management process must comply with these guidelines to ensure the integrity and sustainability of the pension system in Nigeria.

The lack of transparency and accountability in Government, has led to a significant erosion of trust among citizens. It's crucial for the Government to recognise this and explore alternative funding sources that do not compromise the financial security of citizens, particularly retirees who have worked hard to earn their pensions.

Indeed, the amount being sought (N20 trillion allegedly) is substantial, equivalent to the entire Nigerian budget. This underscores the need for a more comprehensive and sustainable approach to funding infrastructure development, one that does not rely on diverting funds meant for citizens' benefits.

By exploring other funding options and prioritising transparency and accountability, the Government can begin to rebuild trust with citizens and demonstrate its commitment to responsible governance. This could include exploring public-private partnerships, international funding opportunities, and other innovative financing solutions that do not compromise the financial well-being of citizens.

Oluwadamiare Said

The allegation that the Federal Government of Nigeria (FGN) proposed to use pension funds to finance infrastructure projects, has recently sparked considerable debate, particularly where the proposal is evaluated against relevant legal framework, the implications for Pensioners and the broader economic, as well as the society in general.

guidelines, as same are crucial in assessing the legality of the FG’s plan. These guidelines detail permissible investment options, and risk management strategies.

The Pension Reform Act 2014 (PRA 2014) is the cornerstone of Nigeria’s pension system, providing the legal foundation for the administration and investment of pension funds. Section 85(1) of the PRA 2014 mandates that pension funds must be invested following guidelines issued by the National Pension Commission (PenCom), to ensure the security and profitability of the investments. This section underscores the necessity for strict adherence to regulatory standards, in managing pension funds.

The PenCom Amended Regulation on Investment of Pension Fund Assets 2019 specifies the asset classes and limits within which pension funds may be invested, including infrastructure projects, provided they meet stringent criteria regarding risk and return profiles (PenCom Regulation).

The above notwithstanding, in evaluating the propriety or otherwise of any Government’s plan to invest pension funds in infrastructure projects, there would be need to take into account the following considerations and the overall economic impact of the initiative:-

Fiduciary Duty: Pension fund administrators have a fiduciary duty to beneficiaries, requiring them to act in the best interests of Pensioners by prioritising the security and growth of retirement savings [PRA 2014, Section 87(1)].

Trust and Confidence: The pension system’s integrity, relies on the trust and confidence of contributors. Any plan that might jeopardise this trust could undermine the entire system, leading to broader economic repercussions.

of the FG or pension fund administrators (PenCom Regulation).

The case of Union Bank of Nigeria v Edionseri (1988), established that fiduciaries must act in the best interests of beneficiaries. Applying this principle, any investment that unduly risks pension funds could be deemed a breach of fiduciary duty. Accordingly, NEPA v Edegbero (2002) highlighted the importance of adhering to statutory provisions in managing pension funds. Non-compliance with statutory guidelines, could result in legal challenges and liabilities.

The broader economic and social implications of using pension funds for infrastructure, must also be considered.

Infrastructure Development: Investing in infrastructure could stimulate economic growth, create jobs, and improve public services. This positive impact could justify the investment, if it aligns with the safety and return principles of pension fund investments (PenCom Regulation).

Financial Stability: Conversely, diverting pension funds into high-risk infrastructure projects could destabilise the pension system, potentially leading to financial losses for Pensioners.

Pensioner Security: The primary objective of pension funds, is to secure retirees’ financial futures. Any plan that compromises this objective could have severe social consequences, and is capable of eroding Pensioners’ quality of life.

Kede Aihie, Lawyer, Publisher of The

Nigerian Magazine, London

Propriety and Legality Using Pension Funds for Infrastructure Development

Section 86(1) of the PRA 2014 tasks PenCom with establishing standards, rules, and guidelines for managing pension funds. This provision emphasises the role of regulatory oversight in safeguarding the funds. Section 87(1) of the PRA 2014 outlines the principles of investment of pension funds, stressing the importance of safety and the maintenance of fair returns on investments. This principle highlights the need for prudence in pension fund investments.

In view of the above, it is important to understand PenCom’s investment

“The PenCom Amended Regulation on Investment of Pension Fund Assets 2019 specifies the asset classes and limits within which pension funds may be invested, including infrastructure projects, provided they meet stringent criteria regarding risk and return profiles”

Government Influence: The FG’s involvement in directing pension fund investments could create conflicts of interest, as the Government might be tempted to prioritise political or economic agenda over Pensioners’ financial security.

Risk Management: Infrastructure projects often carry substantial risks, such as project delays, cost overruns, and economic fluctuations. These risks could endanger the security of pension funds, making the plan potentially imprudent.

The legality of the FG’s alleged plan could therefore be assessed from the provisions of the PRA 2014, its guidelines and the FG’s adherence to these statutory provisions and regulatory guidelines. In this regard, it is important to consider the following:-

Compliance with PRA 2014: The plan must align with the investment principles outlined in the PRA 2014, ensuring the safety and fair return of investments. Non-compliance with these principles would negatively impact on the plan [PRA 2014, Section 87(1)].

Adherence to PenCom Guidelines: The plan must strictly follow PenCom’s investment guidelines. Any deviation from these guidelines could be challenged as ultra vires, or beyond the legal authority

Public Confidence: The perception of pension fund safety, is crucial. If the public believes their retirement savings are being used imprudently, it could lead to lack of confidence and trust in participating in the pension scheme, therefore, undermining its objectives and sustainability.

Conclusion

Though the FGN has clarified its statement, it must be reiterated that any plan to use pension funds for infrastructure development must be scrutinised for both its propriety and legality. While infrastructure development can have significant economic benefits, it must not compromise the fiduciary duty owed to Pensioners. Adherence to statutory provisions, regulatory guidelines, and fiduciary duty principles is paramount. Any deviation could lead to legal challenges, and undermine public confidence in the pension system and administration.

Oluwadamilare Said, Legal Practitioner, Jackson, Etti & Edu, Lagos

Will LASG Adopt the Omole Environmental Sanitation Model for the Rest of Lagos?

With the rains, submerged vehicles, flooded homes, closed businesses and loss of lives have been the experience in Lagos, especially with dirt-clogged drainages. Mosunmola Ogi-Olu, who spent a day in Omole Estate in Lagos, observed the zero-tolerance policy for dirt and queries if the model would be adopted by the Lagos State government for the rest of the state

During a visit to Omole Estate, in Lagos, an incident occurred that sparked curiosity about the community's cleanliness standards. Alighting from a tricycle, someone dropped her snack, picked it up, dust it off, and ate it, a surprising sight given Lagos's reputation for being unclean.

However, upon closer inspection, It was clear that Omole was exceptionally clean, especially its drainage systems, which were devoid of the typical plastic waste seen in other parts of Lagos. Curious, a passerby attributed the cleanliness to the residents' zero-tolerance policy for dirt.

This encounter would have led anyone to contemplate whether such cleanliness standards could be replicated in other parts of Lagos and the possibility of the government engaging Omole residents as Environmental Champions to share their success story and strategies for maintaining a clean environment.

Lagos, being a coastal city, struggles with the recurring challenge of flooding. In recent years, the city has experienced varying degrees of flooding, resulting in drowned vehicles, flooded homes, property damage from fallen trees, and disrupted businesses.

A significant concern raised by many residents of the state is the inadequate management of drainage systems, hindering the free flow of water through gutters and drains across the state. Numerous drains in Lagos are clogged, with stagnant water often displaying discolored shades.

In a chat with the environment officer of Omole Phase 2 estate, Adebowale Michael Owookade, it seems the management has devised a means of ensuring that the drainages are clean and unclogged within the community. One of such strategies employed is that the estate takes sole responsibility for drainage maintenance, organizing annual evacuations at its own expense, without reliance on government assistance.

Owookade shared that the estate has an environmental committee whose responsibility is to ensure that the drains are always kept clean, he highlighted the importance of residents' cooperation to achieve their aim. Additionally, he noted that regular inspections are conducted monthly to identify areas that need attention, during these inspection responsibilities are shared between resident and estate management.

In places like Agege, there appears to be widespread neglect in maintaining the drainage networks, despite yearly budget allocations to the Ministry of Environment, particularly the Office of Drainage, Lagos State. This raises doubts about the effectiveness of oversight over Lagos' drainage infrastructure.

Moreover, there is a pattern to how drainage clearing is carried out, typically in response to flooding incidents. While gutters are cleaned and debris removed, the waste is often piled beside the drains. Consequently, during subsequent rainfall, the accumulated debris is washed back into the drains, increasing the problem.

A tire repairman operating near the Abattoir along Abule Egba road highlighted the challenges faced during the rainy season, noting that the road becomes submerged with water, obstructing passage and causing traffic congestion as vehicles must slow down to navigate through the flooded area.

He commended the efforts of the Lagos Waste Management Authority (LAWMA) in maintaining cleanliness on the street, noting that they diligently clear debris from drainage systems. In contrast, he pointed out issues at Agege market where cleaned drains result in debris being left on the road. Consequently, during subsequent rainfall, the runoff washes the debris back into the drains.

During a conversation with Mr. Zubair, a resident of Agege, he explained how recurring floods during rainfall have inflicted substantial and devastating damage to properties in the area, sometimes resulting in loss of life and

destruction of buildings along waterways and canals.

Zubair highlighted that the flood originates not only from rainwater in Agege but also from flooding in Oke-Aro area, Ogun State, which feeds into the Olaniyi canal in Oko-Oba area, passing through the State Abattoir en route to the Aboru canal, amplifying the devastation during rainfall.

Zubair identified human activities as significant contributors to the problem, citing instances where people obstruct the free flow of water by living along waterways and canals or constructing dwellings in these areas. He particularly emphasised the illegal dumping of refuse by cart pushers into the canal, exacerbating flooding during heavy downpours and causing extensive damage, including loss of life.

In addressing the issue, Zubair outlined solutions proposed by researchers and environmentalists. These include clearing debris and refuse during the dry season under strict supervision, removal of illegal shanties along the canal, and regulation of cart pushers' activities.

Furthermore, Zubair suggested that the government needs to widen the canal from the Oke-Aro axis to Aboru and construct concrete walls along the edges to prevent erosion and weathering.

Representing the Baale of Oko Oba in Ilobu Street, Agege, Balogun Akinpelu painted a vivid picture of the challenges faced by residents whenever it rains. He expressed deep concern over the prevalent flooding that afflicts the area, emphasizing the urgent need for effective drainage solutions.

During recent rainfall, Akinpelu revealed that residents resorted to using buckets to cope with the influx of water inside their homes. Despite expectations for larger gutters to facilitate proper water flow to the canal, Akinpelu said the contractor stated that the size he's working on is what he has been instructed to work on.

Akinpelu further highlighted the impact of the ongoing drainage project on Oko Oba Road, which has diverted debris onto Ilobu Street. This influx of

dirt and debris worsens the flooding situation, leaving residents grappling with the aftermath of each rainfall.

The consequences of the inadequate drainage system are severe, with many homes along the canal collapsing and residents forced to evacuate. Akinpelu described a disheartening reality where residents must vacate their homes during the rainy season, returning only when the weather permits.

Despite efforts to address the issue, including appeals to government representatives progress has been slow. Akinpelu expressed frustration over the lack of tangible results from the contractors handling the project, citing delays and inadequate execution.

Moreover, Akinpelu raised concerns about waste management in the area, noting that narrow streets hinder proper waste disposal. Residents are forced to contend with overflowing drains and unsanitary conditions, increasing health risks such as malaria.

As the community grapples with these challenges, Akinpelu issued a heartfelt plea to the government to speed up the drainage efforts and address the pressing needs of Ilobu Street. With the rainy season underway, swift action is necessary to prevent further devastation and improve residents' quality of life.

The concern here is how Omole has been able to maintain such cleanliness and Agege has failed in this regard.

As the raining season draws near, the Lagos State ministry of Environment has been carrying out some activities with regards to clearing up some drainages in the state. The Commissioner of Environment, Lagos State Tokunbo Wahab on his post on X Platform (formally Twitter) highlighted some of the efforts by the Lagos State government to combat flooding, which includes dredging and cleaning major drainages and canals across the state. Wahab added that his visit to inspect System 44 (Ikota) and System 156 (Orchid Estate - Ajiran - Agungi - Ikota) is to monitor enforcement and assess recent flooding levels.

Actions taken include removing properties encroaching on drainage channels and clearing canal paths after engaging stakeholders who failed to comply with agreed plans for rainwater flow.

Additionally, Wahab mentioned that the construction of System 44 (Mobil road - Ogombo - Ikota) drainage channel has commenced, reflecting the government's commitment to

flood prevention.

Another development is the ongoing removal of illegal properties built on the drainage channel along System 1 midstream (Odo Iyalaro - Ojota - Ogudu reach) as seen on his X platform formally Twitter.

According to him, the initiatives demonstrate the state government's dedication to resolving flooding issues. He therefore urged residents to refrain from dumping waste in canals and encroaching on drainage rights-of-way, stressing the government's commitment to year-round drainage cleaning to prevent flooding.

Wahab further stated that the state government is prepared for the rainy season, by taking a lot of measures to reduce the usual flooding in the state. He pleaded with Lagosians to desist from throwing wastes in the drainages and take ownership of the public infrastructures. He concluded his tweet with "Collectively, let us ensure a cleaner, safer and greener Lagos.

In a report by the Director of Features at the Lagos State Ministry of Information and Strategy, Tayo Ogunbiyi, he revealed that the state government has designated a number that residents should report emergencies and drainage blockages to the appropriate authority via hotline 767. According to him, the importance of citizen involvement in complementing government efforts to mitigate environmental risks cannot be over emphasized.

However, It's necessary to note that the Office of Citizens Engagement website lacks specific responsibilities related to mobilizing citizens for environmental causes. Experts emphasize the importance of such synergy, especially with the upcoming rainy season to get Lagosians on the campaign for a better environment.

During a discussion with a staff member at the Civic Engagement Office in Lagos State, she spoke about Citizens Gate 2.0, a citizen engagement platform where residents can report issues and receive a response within 24-48 hours. The website describes the platform as a One-Stop Shop for all Lagos State Ministries, Departments, and Agencies services for nonemergency feedback, Citizens Gate provides comprehensive assistance to Lagos State citizens through its website platform. Users can download and register on the app.

What a typical drainage system in Omole looks like and what is obtainable in some parts of Lagos

Championing Call for Environmental Protection, Sustainability in the Niger Delta

Following Shell Nigeria's decision to cease its onshore oil and gas operations in the country, the Corporate Accountability and Public Participation Africa (CAPPA) and the Health of Mother Earth Foundation (HOMEF) are urging the company to take responsibility for the environmental damage it has caused in the Niger Delta region of Nigeria over the years before departing the country. Osho Oluwatosin reports

The Niger Delta, a region rich in natural resources and biodiversity, faces severe environmental challenges occasioned by decades of oil exploration and exploitation, which have led to devastating pollution, deforestation, and habitat destruction.

As far back as the 1990s, there have been disputes between the people of the Niger Delta region and Shell Nigeria on issues regarding oil spillage and environmental damage.

As a result of oil spillage into their rivers, a region that relied solely on the aquatic for livelihood couldn’t thrive any longer because their fish stopped breathing, human health started degenerating, businesses had to close down and decades later, the people of Niger Delta are still struggling for quality livelihood.

In 2006, a team of experts in environmental assessments from Nigeria, the United Kingdom, and the United States were independently organised to conduct a Natural Resource Damage Assessment in the Niger Delta.

They concluded that over the past fifty years, around nine million to thirteen million barrels of oil had been estimated to have spilt in the Niger Delta. Shell is responsible for around fifty per cent of the oil production in the Niger Delta. Between 1998 and 2009, Shell oil was responsible for 491, 627 barrels of oil spilled, averaging about 41,000 barrels per year.

As of 2023, a new oil spill at a Shell facility in Nigeria was reported to have contaminated farmland and a river, upending livelihoods in fishing and farming communities in the Niger Delta, which has long endured environmental pollution caused by the oil industry.

This was confirmed by The National Oil Spill Detection and Response Agency. It was described as one of the worst in the last 16 years as it lasted for over a week, burst into Okulu River, which adjoins other rivers and ultimately emptied into the Atlantic Ocean affecting several communities and displacing more than 300 fishers.

In response, local communities, activists, and organisations are championing a call for environmental protection and sustainability in the region. This urgent appeal seeks to address the ecological damage, promote eco-friendly practices, and ensure a livable future for future generations.

CAPPA, HOMEF Call

It is on this premise that the Corporate Accountability and Public Participation Africa (CAPPA) and Health of Mother Earth Foundation (HOMEF) jointly called on Shell to clean up the mess it has created in the Niger Delta region before exiting the country during a peaceful protest held recently at the company’s premises in Victoria Island, Lagos.

With chants of ‘Shell is Hell’ renting the air, CAPPA and HOMEF judiciously pointed out the disastrous state of human lives in the Niger Delta based on Shell’s operations in the region, highlighting the deteriorating health condition, contaminated substances being ingested despite the huge profit that would be declared at the company’s annual general meeting which was being held simultaneously in London as the protest was going on.

Addressing the media, CAPPA’s Policy and Research Analyst, Zikoria Ibeh described the decision of Shell Nigeria to sell the business to a consortium of five mostly local companies for $2.4 billion as irresponsible and lacking empathy.

“We are here today in front of Shell’s office in Lagos together with devastated communities from the Niger Delta to call out Shell as it begins its annual general meeting today.

“We are aware that they are in their cosy offices to discuss the profits they have made off the backs and mystery of the people in the Niger Delta and we are here to put a notice on them today to say their time is up but Shell cannot run away without cleaning up its mess in the country.

“Without cleaning up years of disaster, dangerous consequences that it has bestowed on the people of Niger Delta, we are saying today that Shell is about to diverse, sell its asset to a consortium which the company (shell) will loan money to buy its assets and we are saying that is a mischievous plot, a plot to continue

to profit and indirectly own Nigerian assets while still destroying our people.

“We can no longer allow it, we are putting a notice today in front of their office in Lagos to say they cannot run away from their sins and to pay for their sins, we are calling on the Nigerian government to do what is right, act responsibly and stand on the side of people to demand that these companies; Chevron, Shell and all the big oil majors that have profited off the misery and backs of people in Niger Delta to pay up for their sins.

“We demand accountability today and we are going to continue to insist, this is an ongoing demand.”

In the same vein, CAPPA’s Programme Manager, Olamide Martins, expressed worries regarding the approach of the government towards the divestment plans of Shell Nigeria.

He explained that the government hasn’t done enough to cater for the frontline community and kicked against Shell’s plans to leave the country without proper consummate compensation.

According to him, “We are not unaware of the plans of Shell to divest and we are worried about how the government is approaching this matter. Divestment plans are underway and the government seems to be at loopholes and not deciding enough to cater for the needs of those in the frontline community.

“We are worried about the plan of government and the porosity of government policies that allow divestment of Shell without proper commensurate compensation for the frontline communities.

“We are here to express our grievances, to convey the plight of those who couldn’t be here by their expression being denied over and over again by government oppressiveness and their suppressive nature.

“We are here to reinstate the fact that Shell must pay damages that are commensurate with the plight of those frontline communities. The message here is before Shell leaves Nigeria, they must pay commensurate compensation.”

Conveying a joint statement signed by the Executive Directors of CAPPA, Akinbode Oluwafemi and HOMEF’s ED, and Rev Nnimmo Bassey respectively, a seven-point demand was made before Shell exits the country.

They demanded “an independent and comprehensive assessment of the environ-

ment of the entire Niger Delta. An open and comprehensive health audit of the people living in extractive communities across the Niger Delta; A cleanup, remediation, and restoration of all polluted and contaminated areas linked to Shell’s activities, and That Shell and Chevron be held accountable for the destruction of communities in the Niger Delta.

Other demands include, “That divestment and/or expansion plans follow due process of decommissioning. That the Nigerian Government’s environmental and climate change policies be weaned off unfounded corporate language, including false solutions such as Net Zero, and that communities are recognised as major stakeholders that must be afforded expression on matters that concern their safety and survival.”

Human-impact

Interestingly, over 13,000 residents from the Ogale and Bille communities in the Niger Delta region filed claims against Shell for devastating oil spills in 2023.

The group said the register confirms that 11,317 people and 17 institutions (including churches and schools) from Ogale are seeking compensation for loss of livelihoods and damage against the oil giant. These claims are in addition to the 2,335 Bille individual claims which were issued at the High Court in 2015.

Government’s action

Meanwhile, the federal government of Nigeria through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has proposed to expedite the exit of major oil companies like Shell and Exxon Mobil from the Niger Delta region, on the condition that they accept responsibility for oil spills and finance the cleanup efforts.

During a meeting in Abuja, the head of NUPRC, Gbenga Komolafe, presented a quicker approval process as a short-term option for the companies if they agree to address oil spills by cleaning up and providing compensation to affected communities.

Alternatively, “the second long-term option would require the companies to wait until the NUPRC identifies and assigns all liabilities, potentially postponing final approval until August.”

CAPPA, HOMEF Recent Protest against Oil Pullution in Niger-Delta at the Premises of Shell Nigeria in Victoria Island, Lagos

polity

Benedict Peters’ Bravura Holdings Launches Zimbabwe’s First World-class Lithium Facility

Whatever the world may say, Benedict Peters has carved his legend. Like a spirited seafarer, he braved the windstorms and tempests of the oil industry, his sails unfurling toward calmer waters only he could foresee. His unyielding spirit, a beacon in the darkest storms, steered him through the turbulence of his journey. Peters, unscathed by the scourge of false starts and defeat, kept his faith anchored in the promise of triumph. This titan, who tempered his resolve in the crucible of commerce’s brutal straits, now stands as one of the most visionary juggernauts in Nigeria’s downstream oil sector. It is for this reason that his recent milestone is not just an achievement, but a testament to his enduring saga, writes Lanre Alfred

Enterprise and Benedict Peters share an intricate symbiosis: a dance of minds and hearts, where each knows the other to its very essence. It is, perhaps, his greatest love, a passion that ignites his spirit and fuels his relentless pursuit. Yet, the imagery evoked by Peters’ name often falls short of capturing the full spectrum of his brilliance. Even so, glimpses of his radiant intellect and the vast fortunes it conjures leave a lasting impression.

The Chief Executive Officer and founder of Nigeria’s Aiteo Group is the favourite tycoon and role model for generations of aspiring moguls. He is perceptive, self-made and resilient. To engage with Peters is to be drawn into his world, where enterprise is not merely a field of endeavour but a sacred soil, rich and teeming with potential. Here, in this fertile ground, genius finds its roots, and from its core, creativity blossoms, giving rise to legends that transcend time. Peters, ever the philosopher of ambition, would tell you that faith in oneself is the life-giving rain, nurturing heroes who brave the fiercest storms. Through this steadfast belief, new worlds are born, and the frontiers of success are ever expanded, each horizon more dazzling than the last.

This is why his recent foray into Zimbabwe’s energy sector is worthy of praise. In a landmark development that promises to reshape Zimbabwe’s mining landscape, Bravura Holdings, the brainchild of pan-African billionaire Peters, has unveiled the nation’s first world-class lithium upgrade facility. This cutting-edge plant, a testament to innovative engineering and forward-thinking investment, is set to process over five million tons of ore annually, positioning Zimbabwe as a formidable player in the global lithium market.

The grand announcement was made against the majestic backdrop of the Victoria Falls Annual Mining Indaba. This prestigious event, sponsored by Bravura Holdings, attracted a diverse assembly of local and international stakeholders, all keen to

discuss the future of Zimbabwe’s mining industry. The Indaba’s theme, ‘Unlocking Growth Potential for the Zimbabwe Mining Industry’, aptly reflected the sector’s commitment to sustainable development and broad economic transformation.

The new lithium upgrade facility is more than just a milestone for Zimbabwe—it is a bold statement of the country’s potential. This high-level in-country beneficiation initiative is expected to produce an upgraded lithium oxide product that adheres to the highest international standards, thereby opening new avenues in the global lithium market.

At the heart of this ambitious project is Peters, whose visionary leadership has steered Bravura Holdings to new heights. During the Indaba, Peters detailed the comprehensive design of the facility, showcasing its state-of-the-art features. The facility boasts a truck feed in-field bin, twin wash plant, 27 conveyors with a waste return system, a drying and bagging plant, a wastewater recovery circuit, a synchronised diesel power plant, and a motor control centre equipped with programmable logic controllers and a touchscreen control room. Additionally, provisions for a degrit circuit and spiral upgrade circuit for finer material processing ensure maximum efficiency and superior product quality.

The significance of the development, according to Peters, transcends Zimbabwe’s borders. It is a beacon of what can be achieved when innovative thinking and substantial investment converge. This facility is not just a game-changer for Zimbabwe, but a blueprint for future projects across the continent. There is no gainsaying Peters’ extensive experience in the oil sector has seamlessly transitioned into the mining industry through Bravura Holdings.

With mining concessions spread across Zimbabwe, he is spearheading a billion-dollar mining empire that underscores his unwavering commitment to Africa’s economic development.

Bravura Holdings operates as a vertically integrated company with a robust portfolio spanning gold, copper, lithium, and steel assets in Ghana, the Democratic Republic of Congo, Zambia, Nigeria, Namibia, and South Africa. Its strategic investments in Zimbabwe highlight Bravura’s dedication to transforming the African mining landscape. The new lithium upgrade facility is a pivotal step in enhancing Zimbabwe’s beneficiation capabilities. As the Indaba progresses, stakeholders are poised to delve into further strategies for unlocking Zimbabwe’s mining potential. Initiatives like Bravura’s lithium facility are crucial in driving economic growth and transformation, positioning Zimbabwe as a burgeoning hub for the global lithium industry. The successful execution of this project is a testament to Peters’ visionary leadership and the transformative power of strategic investment in Africa’s mining sector.

With the inauguration of this world-class facility, Zimbabwe stands on the threshold of a mining renaissance. The nation is ready to meet the soaring global demand for lithium, a critical mineral in the production of batteries and electric vehicles, among other technologies. This facility not only elevates Zimbabwe’s status in the mining world but also sets a precedent for future projects aiming to harness Africa’s rich mineral resources for sustainable growth.

Zimbabwe’s journey from potential to prominence in the global mining arena has officially begun, and with Bravura Holdings at the helm, the future looks exceedingly bright.

this is Ghana, Not a Graveyard

It’s a Sunday morning in May 2024 in downtown Accra, capital of Ghana. I’m in a Church auditorium. Strangely for an African Pentecostal assembly, there are subdued acoustics. The preacher’s message is electronically transmitted. But it is solemnly controlled to stay indoors. Later, I find myself in the city’s busy streets. I’m challenged by very long, snaky metallic lines glistening under the sun. Motorists appear horn-shy. I can only hear creaking bursts of engines responding to traffic lights. There are even no flights of tempers or accidents to scuttle the scorching silence everywhere. Would dusk make a difference?

It doesn’t, as I learn on Monday night. It’s eerie evening at Daakuman and Bubuashi, swarming city settlements. For a metropolis known over the generations for its boisterous akpeteshi (ogogoro) joints and beer parlours, there’s an uncommon harrowing hush in the air. I look around. There are customers, alright. However, they have no makeshift kpanlogo implements to knock together to produce something to sway you. Nor is there heavy jukebox music to lift them from their seats.

The DJs are not at work, either, their clamorous tools outlawed and idle. The zones’ red bulbs are alive to signal business is on. Soundless and inactive business.

What’s it like at Bukom Square, cradle of some of the best of Ghana’s soccer stars and boxing greats? I can’t make it there. But it would be ineffable funereal quiescence there, and at Swalaba, Salaga Market and James Town (Mantse Agbonaa), all aboriginal neighbouring communities. These are diehard custodians of culture. It has been claimed that their traditional songs and drumming during festivals stir unborn

babies to gyrations in the womb. So, as they step into the world as neonates, they are already conversant with the right dance steps. Now, for one month, what’s the norm between society, pregnant women and the living beings in their bumps, there’s a lid on music…

Welcome to Accra, where for the whole month of May 2024, through to early June 2024, the authorities have decreed that the city must be in the grim grip of graveyard silence. There should be noise abatement.

The Accra Metropolitan Assembly (AMA) released a statement announcing the “ban on drumming and noise-making in Accra…from May 6 to June 6 2024.” The Assembly outlined specific guidelines ‘’aimed at maintaining peace, harmony, and national security during the ban period, noting that religious houses are required to conduct their activities solely within their premises,” without placement of loudspeakers outside their buildings. “Additionally,” AMA says, “roadside evangelism activities are to be suspended during this period, while the Ga Traditional Council (GTC) has imposed a ban on funeral rites and related activities.”

A taskforce of AMA’s personnel, Ghana Police Service, and representatives from the city’s Traditional Councils has been equipped to enforce Accra’s clatter closure.

The ban is said to be in preparation for the annual Homowo festival of the Ga people, the natives of the capital. They need the intervention of the gods of the land over the ebbing fortunes of the natives.

Ga, their language, is going into extinction. It has been boxed into a minority in its own territory. Twi has become the dominant communicative tool in Accra. Even the Gas have learned to conduct business in Makola, Accra’s commercial hub, in Twi. Transactions there are in the Akan dialect of Twi. Most traders at Makola are

Ashanti of Kumasi, Ghana’s second biggest city. The churches have more congregants in the Twi class than Ga. Radio-TV stations based in Accra, home of the Ga nation, run chiefly Twi programmes. In nearly a week of my stay in the Ghanaian capital, I searched in vain for a feature in the local language on the airwaves. There was only a precious few I could communicate with in the language. Where I stayed in a hotel at McCarthy Hill in the heart of Accra, only one member of the staff warmed my heart with Ga. I ran into a professor in another hotel, also in Accra. I opened a discussion on Ghana’s politics with him in Ga. He told me he doesn’t speak the language. He is of the Ewe stock in the Volta Region of Ghana. He has lived in Accra for years, and risen to a ranking academic position. But he’s fluent in Twi, which I don’t speak. In my days as a student at Wesley Grammar School, Odorkor, Accra, decades back, Ga was the ruling tongue. With my Akan friends, Ga came first before theirs. We spoke it in tro-tro buses during regular commute. In other public places and in the homes of Akan schoolmates, it was Ga all through. So, what’s gone wrong? The prof traces it to economic power. He told me that over the years, the Gas allowed themselves to be overwhelmed by the influx of migrants who ensured good education for their offspring, who in turn rose to take over political and economic levers. They then preyed on their hosts. They seized choice areas of Accra to install controlling businesses and confined the indigenes to such underdeveloped areas as Bukom, Swalaba, James Town, etc.

Ga language has been sorely affected, faced with a bleak future. This is fatal, as it is hitting the foundation of the people’s culture. The next stage is a withering away of the people’s

humanity. The experts say “Language is what makes us human… Language is a vital part of human connection… Language allows us to share our ideas, thoughts and feelings with others. It has the power to build societies, but also to tear them down…” You lose it, you lose your essence.

Ghana’s founding leader, Osagyefo Dr. Kwame Nkrumah, understood these dynamics. He tied the citizens’ development to their cultural and educational emancipation. Starting with free education for all, irrespective of your nationality, class or gender, including instituting Workers’ College, he sparked a revolution towards freeing Ghana from ignorance and internal economic serfdom. Unfortunately, local capitalist lords and military conspirators allowed themselves to be suborned by their foreign principals to overthrow Nkrumah and stop his noble work for Ghana and Africa. None of those who came after him in office has attempted taking after him.

The charismatic Jerry John Rawlings didn’t go the whole length. He should have rehabilitated Nkrumah’s Convention Peoples Party (CPP) and followed the founding president’s ideological path, instead of his ill-fated romance with National Democratic Congress (NDC). This year, Ghana is going to the polls again. What the electoral body calls “limited” voters’ registration exercise was on when I visited. There’s a noisy preparation for the election on December 7. I watched TV brickbats of spokesmen for the two dominant parties. There’s no serious talk on how to stop the assault on a nation’s linguistic identity. The only engagement is a local council’s forlorn and feeble fetish asking for a culture of silence to appease deities who have remained silent while those who worship them are dying silently.

• Ojewale, an author and journalist, has just returned from Accra, Ghana.

Banji ojewale

Benedict Peters

Securing Seat at Table for Africa’s Economic Devt, the Access Group, Aig-Imoukuede Foundation’s Example

The recent news of the Access Bank Group and the Aig-Imoukhuede Foundation’s plan to invest $300 million in expanding the frontiers of Africa’s economy, is a worthy example to other corporate bodies in Nigeria seeking to be part of decision-making in the evolving business and economic realities on the continent, instead of remaining a spectator, because Africans need to solve Africa’s problems, writes Festus Akanbi

In Nigeria and the rest of Africa, the story is of people working for different purposes to confront the myriads of economic challenges facing businesses and the economy.

Unfortunately, the economic landscape in Africa, with Nigeria as a key player, is a picture of contrasts. While growth is projected for Nigeria (estimated at 3.1% in 2024), challenges like high inflation and unemployment persist.

There is no doubt that to build a truly virile economy across Africa, corporate involvement is crucial. This is because corporations can create a stable and empowered environment by investing in infrastructure, promoting good governance practices, and fostering skills development. Economists believe this will not only improve their operations but also unleash the continent’s entrepreneurial energy and resource wealth, creating the groundwork for a prosperous future for everybody.

The Access Group, AigImoukhuede’s Example

This perhaps underscores the level of excitement that has so far greeted the recent initiatives of the Aig-Imoukhuede Foundation and Access Bank Group, which have jointly pledged $300 million over the next 20 years to support African government initiatives with a proven potential to transform national economic performance.

The fund will see the creation of an Africanled NGO in partnership with academics, experts, and philanthropists across the globe who are committed to closing the gap between Africa and the rest of the world.

The Chairman of Access Holdings and Co-Founder, of Aig-Imoukhuede Foundation, Aigboje Aig-Imoukhuede, who broke the at the recent Africa CEO Forum 2024 in Kigali, Rwanda, where the theme of this year’s event is ‘At the table or on the menu?’ hit the nail by the head, saying “We can’t wait to be saved, Africans need to solve Africa’s problems. This $300 million commitment reflects this reality.”. At the event, CEOs from across the continent joined to discuss how Africa can demand a seat at the global table, rather than continuing to wait to be invited.

The NGO, according to him, will work with African governments to provide the funding, governance, and talent required to successfully execute game-changing government reform programs, especially in the delivery of digital public infrastructure.

Analysts say there is a serious need for other corporate bodies in Nigeria to follow the example set by Access Group in joining efforts to build a strong African economy for several compelling reasons.

Nigerian businesses are in a pole position to lead intra-African trade growth and rapidly expand their footprint across the continent according to experts and this brings to mind the position of the former President of Ghana, the famous Kwame Nkrumah that“Independence is only the prelude to a new and more involved struggle for the right to conduct our own economic and social affairs.”

According to the Executive Vice President, Intra-African Trade Bank, Afreximbank, Mrs. Kanayo Awani, Nkrumah’s statement underlined the position that despite attaining political independence, Africa’s emancipation

was far from complete and the quest for economic independence still lies ahead.

“This quest continues and makes it imperative for us to work collectively to find African solutions to the challenges facing our continent,” she said late last year, when making a clarion call for Nigeria to lead the charge of African trade in her opening remarks at the High-Level Business Roadshow in Lagos, Nigeria.

She stressed the need for the Nigerian Public and Private Sector to actively participate, take advantage of these opportunities to grow and expand their business, drive intra-African trade, and support economic integration under the AfCFTA.

Building Prosperous Business Environment

By actively participating in initiatives aimed at fostering economic growth and development across the continent, companies can contribute to the creation of a more stable and prosperous business environment. This, in turn, can lead to increased investment opportunities, job creation, and overall improvement in living standards for individuals and communities.

Collaborative efforts from various corporate entities can also help address common challenges such as infrastructure deficits, skills gaps, and market inefficiencies, paving the way for sustainable growth and shared prosperity.

It is also said that by working together towards building a strong African economy, companies can not only enhance their competitiveness and sustainability but also play a vital role in unlocking the full potential of the continent and ensuring a brighter future for all stakeholders.

Economic analysts explained that failure to commit resources to the African project could pose significant challenges for Nigeria’s corporate bodies in influencing the flow of the continent’s economy.

“Without active participation and investment in initiatives aimed at driving economic growth and development across Africa, Nigerian companies may miss out on key opportunities to shape regional markets, establish strategic partnerships, and leverage the continent’s vast potential for growth.

“In a rapidly evolving global economy, where competition is fierce and interconnectedness is increasingly vital, companies that neglect the African project risk being sidelined in critical decision-making processes and market developments that could impact their long-term sustainability and competitiveness.

“By not committing resources to the African project, Nigerian corporate bodies may find themselves at a disadvantage in navigating the complexities of the continent’s economic landscape and harnessing the opportunities that a strong and integrated African economy can offer,” argued Mr. Kingsley Chima, a

Lagos-based economic analyst.

Impressed by the Access Group and the Aig-Imoukhuede Foundation’s initiatives, analysts said the time had come for Africa to be part of the decision-making and not to continue to be at the receiving end. The development comes at a time when the President of the World Bank, Ajay Banga, warned wealthy countries that it would be short-sighted to “ignore” Africa. This landmark Africa-led initiative could not have been better timed.

Creating Our Table

Aigboje Aig-Imoukhuede continued, “We African leaders cannot sit back and watch the 4th Industrial Revolution transform the rest of the world while leaving Africa falling further behind. We have to create our own ‘table’ by using technology to unlock the power of our youth, giving Africa a greater voice in the world. Today’s leaders will determine whether or not we grab this opportunity.”

The availability of digital public infrastructure is a proven and cost-effective way for developing nations to break free of the status quo. It provides citizens with access to the same public goods and services available to citizens of advanced nations. The India Stack has become a shining example of what can be achieved when visionary public and private sector leaders partner for development.

The Access Bank and Aig-Imoukhuede Foundation-inspired NGO will make such partnerships a reality and deliver measurable improvements to the lives of Africans across the continent.

Access Holdings Plc. is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. Headquartered in Lagos, Nigeria, Access Corporation operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and 49+ million customers. The Corporation employs more than 28,000 people in its operations in Nigeria and is currently listed on the Nigerian Exchange Limited (formerly Nigerian Stock Exchange).

On the other hand, the Aig-Imoukhuede Foundation is a public sector-focused philanthropic organisation founded by Aigboje and Ofovwe Aig-Imoukhuede to improve the lives of Africans through transformed public service delivery and increased access to quality primary healthcare. The Aig-Imoukhuede Foundation accomplishes its mission by supporting the reform initiatives of public sector entities, providing financing, technical support, and capacity-building programmes and resources for the public sector workforce. The Foundation also provides funding and strategic support to drive the work of affiliate organisations such as the Africa Business Coalition for Health (ABC Health), the Private Sector Health Alliance of Nigeria (PSHAN), the Nigerian Solidarity Support Fund (NSSF), and others.

So instead of waiting for the crumbs, the time has come for Nigeria’s businesses to raise their voice as part of the solutions to the problems on the continent. Experts believe that is the only way to secure a seat at the decision-making table.

Aig-Imoukhuede

L-R: Lekoil Nigeria Limited Team, General Manager, Corporate Communications, Hamilton Esi; Corporate Communications and Local Content Manager, Bolade Owoeye; Managing Director/CEO, Lekoil Nigeria Limited Team, Lekan Akinyami; GM, Legal/Company Secretary, Gloria Iroegbunam; and CFO, Edward, during the Offshore Technology Conference held in Houston, Texas in The United States of America...recently

Lagos State Governor, Mr. Babatunde Sanwo-Olu (right), swearing in Ms Yewande J. Badejo-Okusanya as a Judge of the Lagos State High Court in Lagos...recently

L-R: Secretary of the Light Bearers, Wesley Cathedral Olowogbowo Lagos, Prince Adesegun Akitoye; President of the Society of Light Bearers, Pastor Ayodeji George; EXCO member, Mrs. Adesola Okedairo; and Society’s Vice President, Mr. Sunbo Scale, during the Society’s 33rd anniversary thanksgiving service held in the church premises in Lagos...recently

L-R: Head of 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, Eniola Fakeye, at the meeting of CeBIH hosted by Fidelity Bank in Lagos... recently

L-R: Head of Brands and Creative Services at 9mobile, Adeola Kayode; Convener, The Industry Summit/ Awards, Goddie Ofose; Chief Executive Officer, 9mobile, Juergen Peschel; and Lead, Public Relations, 9mobile, Chineze Amanfo, during the presentation of the Industry Leadership Award in Telecommunication to Peschel in Lagos…recently

L-R: Zamfara State Governor, Dauda Lawal; Public Affairs Specialist, the United States of America Embassy in Nigeria, Mrs. Aishah Gambari-Fadahunsi; and her husband, Asiwaju Popoola Fadahunsi; at the wedding reception of Mr. and Mrs. Fadahunsi, held in Abuja…recently

BUSINESS WORLD

Stories by Emmanuel Addeh in Abuja

The total amount billed to electricity customers by Distribution Companies (Discos) rose from N113.05 billion to N126.56 billion between February and March this year, even as power supply nationwide remained epileptic for the period.

However, total revenue collected by the Discos, latest data from the Nigerian Electricity Regulatory Commission (NERC) showed, rose marginally from N97.01 billion to N100.44 billion .

In terms of revenue recovery performance, NERC stated that average allowed tariff for March stood at N62.73, while actual collection was N40.69 for the month, resulting in an overall recovery efficiency of N67.94.

However, for the previous month of February, allowed average tariff was N59.89, while actual average collection was N45.13, with a recovery efficiency of 75.36 per cent.

In March, the total energy

The Ibadan Electricity Distribution Company (IBEDC) has made a defence hearing against a sanction contained in an order on noncompliance with estimated billing issued by the Nigerian Electricity Regulatory Commission (NERC) in February 2024.

NERC initially issued the

received per gigawatt hour was 2,468.72, with total energy billed being 1,957.86Gwh, while in February, it was lesser, with 2,149.80Gwh and total energy billed being 1,759.22Gwh. For both months, the billing efficiency was 81.83 per cent in February, while it declined to 79.31 per cent in March.

A THISDAY review of data released by NERC, however showed a performance decline both February and March compared to January. This is because the power distributors’ billing was valued at N130.92 billion in that month.

This represented a 72.76 per cent collection efficiency, according to NERC, with the data showing a dip of 0.36 per cent in efficiency compared to the previous month of December.

Also, in January, total energy received was 2,577.6 GWh, while the total energy billed was 2,072.01 GWh, representing a billing efficiency of 80.39 per cent.

While operators in the power industry have consistently blamed

order on capping of estimated billing in 2020 and reviews the compliance level periodically. The Distribution Companies (Discos) were penalised this year for their observed non-compliance with the order spanning January to September 2023.

According to NERC, the

the illiquidity in the sector, mostly occasioned by shortfalls in billing collection for the thinning investment in the Nigerian power sector, electricity consumers believe they are over-billed and that they actually pay for ‘darkness’ when they are billed for unreliable power supply, especially those on the estimated billing platform.

Aside non-cost reflective tariffs, industry operators have blamed rising Aggregate Technical, Commercial and Collection (ATC&C) losses for the illiquidity in the power sector in Nigeria, a development, which also negatively reflects on the poor services of the Discos.

According to ResearchGate, Nigeria has one of the highest Aggregate Technical, Commercial and Collection (ATC&C) losses in the world at 43.65 per cent, which has been attributed to low investments in distribution networks exacerbated by the slow progress of metering of customers which has posed a protracted

capping is aimed at aligning the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder.

As part of its sanction to the defaulters, the commission said the affected Discos would be

liquidity challenge to the industry.

ATC&C losses include technical, commercial, and collection inefficiencies in the power distribution process, such as power theft, meter tampering, billing inaccuracies, and revenue leakages.

NERC data has consistently revealed that every Disco in Nigeria experiences ATC&C losses, exceeding their permitted targets.

In addressing this issue, industry experts have said that the Discos must make investments in infrastructure upgrades, modernise their metering systems, and improve revenue collection methods, while implementing stricter measures to combat power theft and illegal connections.

Of the 11 Discos, the NERC data showed that in March, Abuja, Ikeja and Eko Discos received the highest supply of energy nationwide, with 387Gwh, 387.42Gwh and 327Gwh respectively.

However, energy billed by the three Discos was 279 Gwh for Abuja, 321Gwh for Ikeja and

charged N10.5 billion.

But at the defence meeting, the Vice Chairman of NERC and chairman of the hearing panel, Dr. Musiliu Oseni, stated in Abuja that NERC only decided to approve IBEDC’s request to hold the hearing. Nevertheless, the appeal,

and 291Gwh for Eko.

In terms of Discos’ collection performance, Ikeja was tops with N20.70 billion, even though it billed N18.63 billion for the month. Abuja was next with N16.75 billion out of its billed N20.60 billion, while Eko was third with N16.72 billion, even though it billed N19.43 billion.

In terms of revenue recovery performance, Ikeja again beat the other 10 Discos to record 94.45 per cent efficiency, followed by Eko Disco with 85.98 per cent while Eko and Port Harcourt Discos shared 68 per cent efficiency apiece.

The collection efficiency also largely aligned with Discos’ metering rate, with 73.22 per cent of Ikeja customers metered as of March, followed by Abuja’s 61 per cent, while Eko also came next with 59 per cent metered customers.

In all, of the total 13,372,524 total registered electricity customers in the country, as of March this year, total metered customers stood at 5,989,727. In March, 56,994 customer were metered. Overall metering rate

NERC said, was filed beyond the 60 days allowed for the filing of an appeal against any regulatory judgement. He, however, mentioned that the combined NERC and IBEDC team will reach a resolution point soon.

The IBEDC Head of Billing,

for the month was 44.79 per cent.

During the month, 94,761 complaints were received, with total national metering for the period now standing at 55.06 per cent. The federal government recently announced that it was looking to achieve an injection of 3.5 million meters into the power sector, comprising 1.5 million meters through the World Bank Distribution Support Recovery Programme and 2 million meters through the Presidential Metering Initiative (PMI).

To cure Nigeria of its incessant electricity challenges, the federal government in 2013 carried out a partial privatisation of the power sector. This means that today, only the transmission segment is still tightly under government control.

But despite that action, including pumping money into the sector in trillions, there has been no marked improvement. A nation of over 200 million people, Nigeria still struggles with 4,000mw of power daily.

Mr. Ayoola Adio, indicated during the defence hearing held at the NERC office in Abuja that the distribution licensee frequently conforms with current requirements and that there was a discrepancy in the period for which the defaults were reported.

NEITI Strengthens Collaboration with PWYP on Contract Transparency

The Nigeria Extractive Industries Transparency Initiative (NEITI) and a leading international civil society organisation, the Publish What You Pay (PWYP) coalition have resolved to deepen their collaboration to ensure transparency in the extractive sector.

Receiving a high-ranking international delegation from the global headquarters of the organisation in Abuja, the Executive Secretary of NEITI, Dr Ogbonnaya Orji conveyed the readiness of the National Stakeholders Working Group (NSWG) to work in closer collaboration and mutual respect with the organisation at all levels.

Aramco’s $12bn Stock Offer Sells Out in Hours

Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to the government that’s seeking funds to help pay for a massive economic transformation plan.

The government had demand for all shares on offer in a few hours after books opened, according to terms of the deal seen by Bloomberg News. Books were covered across the price range of 26.70 riyals to 29 riyals.

While it wasn’t immediately clear exactly how much of the demand came from overseas, the order book reflected a mix of local and foreign investors, three people familiar with the matter said.

The extent of foreign participation will be closely

watched as an indicator of interest in Saudi assets.

During Aramco’s 2019 initial public offering, the $29.4-billion listing drew orders worth $106 billion, and about 23 per cent of shares were allocated to foreign buyers.

A top selling point of the latest offer is the chance to reap one of the oil industry’s biggest dividends. Aramco shares fell as much as 2.9 per cent to 28.30 riyals Sunday, valuing the firm at about $1.8 trillion.

The stock has dropped about 14 per cent since the start of this year, when Bloomberg News first reported the government’s intention to offload a stake, and is currently trading at its lowest levels in over a year.

Chivita Plays up Diversity with New Campaign

Stories by Raheem Akingbolu

Promoters of Chivita have unveiled a new campaign to celebrate diversity and unity through a shared love for Chivita.

The company indicated in a statement that in the fastpaced world of marketing, innovative campaigns have the capacity to catch the attention of consumers and leave an indelible mark on their minds.

The relaunched ‘Everyone has a Chivita 2.0’ campaign by Chivita Juices features top Influencers in Northern and Southern Nigeria, such as; Eso Dike, Ify Okoye, Teminikan, Eki Ogunbor, Nedu, Emeneks, Namenj and Layuzah Musa.

The statement pointed out that more than just an advertising campaign, it explored the bonds of

friendship, family and romance, adding that it also highlighted moments of joy and shared experiences that resonate with consumers.

Marketing Director, Chivita|Hollandia, Mrs. Toyin Nnodi, was quoted as saying that it is all about inclusivity.

“Everyone Has a Chivita 2.0” stands to celebrate diversity and unity through a shared love for Chivita. This inclusive approach serves as a reminder that, regardless of preferences, there exists a Chivita product suited to every individual’s taste and need.

“This campaign is instrumental to elevating Chivita Juices beyond just a beverage option. Beyond creating buzz, it is a strategic move that not only grows consumer loyalty but also positions Chivita as a lifestyle brand that resonates with diverse audiences.” She added.

He explained that for the secretariat and the board, the visit provided the platform to review the existing relationship between PWYP and NEITI, rebuild confidence and trust and identify new areas of collaboration.

“PWYP and NEITI share a lot in common

in the areas of advocacy for transparent natural resources governance, information and data disclosure, dissemination, citizens engagement, protection of civic space, human rights and civil liberties especially in the extractive industries environment,” he stated.

Orji informed the delegation that the newly constituted NSWG was already working on an elaborate working plan to strengthen civil society participation and engagements in NEITI process.

He used the opportunity to congratulate the civil society constituency for an engaging, open and transparent election. Speaking on behalf of the delegation, Director of Member Engagement at PWYP International, Ms Stephanie Rochford, expressed her enthusiasm over the partnership with NEITI.

NNPC Reiterates Commitment to Process Improvement

The Nigerian National Petroleum Company Limited (NNPC) has reiterated its commitment to sustain the company’s march towards process improvement, regulatory compliance and performance excellence.

NNPC’s Executive Vice President, Business Services, Mr. Inuwa Danladi, disclosed this while speaking on the recent certification of the International Ship and Port Facility Security (ISPS) Code Compliance obtained by the Company, from the Nigerian Maritime Administration and Safety Agency (NIMASA).

The ISPS certification, which covers all NNPC jetties nationwide, the NNPC said, is crucial for the company’s business continuity as it prevents potential operational disruptions and financial losses.

Beyond demonstrating NNPC’s continuous adherence to regulatory compliance, Inuwa said the certification also grants the company entry into the Global Integrated Shipping Information System (GISIS).

He added that this will help in enhancing its reputation as a safe and

reliable business destination and potentially reducing the company’s insurance premiums.

Inuwa listed some of the rigorous processes followed in obtaining the certification to include the upgrading of relevant security facilities at the nation’s ports and jetties; the establishment of the ISPS Code Command Centre; as well as the engagement of NIMASA Recognised Security Officer (RSO), who played a crucial role in managing key regulatory processes.

Inuwa added that the development of Port Facility

Security Assessment (PFSA) & Port Facility Security Plan (PFSP), coupled with the meticulous Verification Inspection Exercise (VIE) from NIMASA, have also underscored NNPC’s commitment to ensuring adherence to the highest standards of maritime security in the Company’s operations. “This achievement is a testament to our consistent dedication, and we pledge to continue striving towards attaining regulatory excellence in all our operations,” Inuwa noted.

Consulting Firm Seeks to Address Impact of ESG in Business

ESG Impact Consulting Limited, a sustainability firm has announced its plan to hold the Nigeria ESG Summit/ Exhibition and Award on the 31st of May 2024 in Lagos.

The Nigeria ESG Summit is a Think Tank Platform to discuss the Impact of ESG

to businesses and society at large. The theme of the summit is: Achieving Sustainable Development Goal in the Socio-economic and Governance environment of our country in 2030.

The Summit is meant to explore the role of ESG in

today’s Social, Economic and Governance Systems of Organization and Society at large. It will also discuss how to solve the challenges of Sustainability and provide how to integrate sustainability in your core Business Functions.

The ESG Exhibition is a platform to showcase your ESG Projects. Participating as an exhibitor at the ESG Exhibition can take you straight to your target market and demonstrate your level of support and commitment to sustainability.

Stakeholders to Discuss Digital Economy at Digital PayExpo

Stories by Emma Okonji

Stakeholders in the payment industry are set to discuss the digital economy at the 24th edition of the annual Digital PayExpo conference and exhibition, which holds in Lagos.

The two-day conference and exhibition bring together the players and practitioners in the payment industry with consumer of financial services.

The National Executive Council of the Association of Telecommunications Companies of Nigeria (ATCON) has concluded plans to host a one-day strategic stakeholders meeting with the 36 States Commissioners including FCT, Permanent Secretaries

According to a statement signed by the convener, Adeyinka Adeyemi, the theme of the 2024 conference – Redefining Payment has been chosen based on reflection on the myriads of disruptive innovations changing the payment landscape almost on a daily basis. He noted that several factors were responsible for the revolution in the payments and banking industry, which include the

and Heads of ICT Agencies in Abuja on June 5, 2024 with a theme ‘Harnessing States Potential through the Applications of Technical Efficiencies’.

According to ATCON, the role of connectivity in driving innovation and digital economy cannot be

increasing role of women in financial technology and the transformative impact of the digital-first generation on payments, adding that they formed some of the considerations for the design of this year’s conference which will feature highlights such as Women in Fintech Forum, Millennials and GenZ Forum, Young Founders’ Forum and the finale of the Pay Innovation Pitch.

overemphasised therefore states governments need to work with telecoms operators to ensure that all hindrances and bottlenecks to pervasive and ubiquitous broadband are completely eradicated through constructive dialogue.

“The stakeholders’

Confirmed guests and speakers at the conference include the Engr. Bisoye CokerOdusote - Director-General, National Identity Management Commission (NIMC), Prof. Ibrahim Adeyanju - Managing Director, Galaxy Backbone, Mr. Abayomi Oluyomi, Commissioner of Finance, Lagos State and Dr. Aminu Maida, Executive Vice-Chairman, Nigerian Communications Commission.

meeting will discuss the status of the Nigerian National Broadband of 2020 to 2025 and 2023 – 2027 Strategic Blue Print of the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani with respect to its objectives and targets.”

Stories by Emmanuel Addeh in Abuja

Ntumba: Our Cutting-edge Savings Application Aims at Mitigating Negative Impact of Inflation

Acting CEO of Baobab Microfinance Bank, Eric Ntumba, in this interview with select journalists in Lagos, discusses the bank’s digital savings offering, the Jollof+ app, how Nigeria can leverage technology to drive savings and financial inclusion, and other industry issues. Excepts

What prompted Baobab to launch the Jollof+ products?

Thank you for setting aside time to attend the soft launch of Jollof+. It is a best-in-class digital savings app designed to provide more convenience to our customers, allowing them to save from the comfort of their own homes, businesses, or offices. This initiative is part of Baobab’s transformative efforts, as we believe banking should no longer be a place you go to whenever you need to. The goal is to empower our customers to become their bankers, managing their savings and investments independently. Additionally, digitization enables us to extend our outreach far beyond the structural limits of physical branches, helping us reach more people, tap into new segments, and serve our existing customers better. This is the key rationale behind the launch of Jollof+.

You mentioned the interest as the icing on the cake for the app. Can you elaborate on that?

Yes. The main driver of the application is to push for convenient savings. Saving is inherently an effort; you choose to defer an expense. Adding further effort, like traveling to a branch, can complicate this process. By removing these peripheral barriers—transport, branch location, and opening hours—we make saving simpler. Customers can fund their Jollof+ wallet and choose the best investment or savings option that fits their needs. This convenience increases the likelihood of higher savings volumes.

Can we increase aggregate savings by liberalizing banking?

Yes, I believe so. Technology has always been a catalyst, accelerating processes. A digital savings product can enhance the speed and efficiency of saving, leading to an increase in the overall savings of the country if widely adopted.

Do you see fintechs replacing

microfinance banking in Nigeria? It depends on what you define as fintech. Many fintech companies eventually acquire a microfinance banking license to gain more options. Most fintechs present themselves primarily as payment platforms. However, once they obtain a microfinance license, they can also lend. Thus, they become relevant competition as they are equipped to perform the same regulatory activities we do. Whether we are a fintech depends on the definition, but fundamentally, we are a financial institution that uses technology.

Can you explain the options available on the Jollof+ app?

“This initiative is part of Baobab’s transformative efforts, as we believe banking should no longer be a place you go to whenever you need to. The goal is to empower our customers to become their bankers, managing their savings and investments independently. Additionally, digitization enables us to extend our outreach far beyond the structural limits of physical branches, helping us reach more people, tap into new segments, and serve our existing customers better. This is the key rationale behind the launch of Jollof+.”

Each option on the app has specific features and benefits:

• JollofLock: Primarily for longterm savings, this time deposit product offers interest upfront for a predefined period. You can top up the initial amount during the term.

• Baby Box: Designed for saving for children’s future needs. You can start saving even before the baby is born and save for as many children as desired.

• Ajo+: Can be used for individual or collective savings, suitable for individuals or groups with specific saving targets.

• Jollof Flex: Ensures that even the balance in your Jollof wallet earns interest, providing flexibility before deciding on a specific investment or savings option.

Can microfinance like yours reduce the cost of savings to encourage more people to join?

Yes, by digitizing the savings process, we remove the cost of physical transactions, making saving more convenient and cost-effective. Although some costs like internet access remain, we plan to introduce a USSD format for people without smartphones or internet access, extending our product reach to people using feature phones.

With the current economic hardship, do you think people

can still save?

Yes, one way to combat inflation is to ensure that money earns interest between receipt and expenditure. Jollof+ allows for this, making savings relevant even in tough economic times. While some people may struggle to save, earning interest can help alleviate inflation’s effects.

Are microfinance banks ready for a $1 trillion economy?

It depends on how readiness is defined. Microfinance banks play their legitimate parts at different levels. At Baobab, we are financially sound and supported by a strong shareholder structure making us able to make the required investments to bring relevant contributions to the national effort.

Do users need a Baobab account to use Jollof+?

No, even non-Baobab customers can use Jollof+. The account can be funded using a debit card from any bank.

Is there a need for recapitalization in the microfinance sector?

The regulator sets capitalization thresholds. Only the regulator can assess and issue guidelines. For now, we comply with current requirements and are prepared to meet any future changes if and as they arise.

Has the increase in MPR and interest rates affected loan repayment capacity?

Our portfolio quality has not deteriorated with the portfolio at risk below 3%, better than the industry average. We aim to ensure our customers continue to manage their debts effectively.

What are the challenges of microfinance banking in Nigeria?

The main challenge is pushing the limit of financial inclusion. Many people remain unserved or underserved. We must be relevant to them through our product offerings and outreach. Digital solutions, including USSD, can help overcome barriers and boost sector outreach.

How competitive is your interest rate?

We believe we transparently offer the best interest rate - up to 21.60% net on the Jollof+ app/

What message do you have for your customers?

We look forward to people enjoying Jollof+. It offers convenience, options for targeted savings, and good savings habits, especially for the tech-savvy youth. The interest earned can help combat inflation, making Jollof+ a valuable tool for financial management for all.

Ntumba

Investments Tribunal Resolves 300 Capital Market Cases Valued at N1tn

Ndubuisi Francis in Abuja

The value of cases adjudicated by the Investments and Securities Tribunal (IST) has hit about N1 trillion since inception in 2003, its Chairman, Amos Azi disclosed has disclosed.

Azi, who made the disclosure during an interactive session with journalists in Abuja, also stated that no fewer than 300 cases were involved during the reference period.

IST is an independent, specialised judicial body constituted under 274 of the Investments and Securities Act (ISA 2007), to ensure good and orderly conduct of the Nigerian capital market, to boost and retain the confidence of local and foreign investors, and generally protect the sanctity of the capital market.

According to him, last year alone, the value of investment disputes settled by IST grossed over N17 billion, with the tribunal gaining popularity, confidence of both local and international investors as the foremost unbiased capital market dispute arbitrator.

Azi said the tribunal’s core values make it easier for the specialised judiciary body to expedite judgment within three months of adjudicating disputes.

He said: “IST has exclusive jurisdictions in all matters relating to the capital market. We abhor technicalities on all our procedures.

“The Tribunal is an independent specialized judicial body established under section 274 of Investments and Securities Act (ISA) 2007 to adjudicate

capital market disputes and to interpret any law, rules or regulations as may be applicable.

“Since inception of the Investment and Securities Tribunal (IST) in the year 2003, we have been able to resolve disputes from transactions in the capital market to the tune of almost a trillion and in the last year, we have resolved disputes valued at N17 billion.”

Azi noted that what makes the Tribunal unique is that it has a statutory timeline of three months to commence and conclude adjudication on a case, adding that it remains the only constitutionaly-guaranteed court that has a timeframe to resolve disputes within the stipulated three months unlike other courts where cases linger for years.

LG: Nigeria’s Cleaning Industry to Hit $12m by 2027

LG has reaffirmed its commitment to Nigeria’s cleaning industry projected to hit $12 million in the next three years. Indeed, Nigeria’s clean industry is worth $575 billion in investment opportunities, as highlighted at the COP28 Climate Change Summit in Dubai.

The General Manager, Home Appliances, LG Electronics, Mr Brian Kang, at a two-day inaugural Clean Africa Show conference and exhibition in Lagos themed, “Positioning Africa’s Frabricare and Hygiene Industry for excellence: Adopting World class practices,” noted that the cleaning industry plays a vital role in maintaining public health, productivity and overall well-being. On his part, President, Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu who spoke on the topic, “The imperative of constructive

feedback and effective dispute resolution mechanisms in the dry cleaning industry,” applauded the theme of the event, noting that the quest for excellence is unending.

He challenged the exhibitors to keep reinventing to become better. Dwelling on his topic, Obegolu questioned the participants how they resolved issues with customers.

“As we drive towards excellence, we must begin to ask ourselves that which is commonly found within our industry, which is customer disputes, customer complaints, how do we resolve them?”

He pointed out that today, the dry cleaning industry in Nigeria plays a significant role in meeting the demands of customers who seek professional care services in ensuring effective and customer centric service delivery.

“Your industry, like every

other industry, must embrace constructive feedback and discipline resolution mechanism that meets the unique needs of industry.”

The Director General of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona believes that the clean industry sector contributes significantly to the economy of Nigeria, and facilitates business across other sectors.

She said it was laudable to attract attention to the investments in the sector. Almona advised players in the sector to understand that they can’t play small anymore and that they needed to expand, “they need to grow, they need to professionalize even their little establishments for the growth that is coming.

“Because as you attract attention in this direction and investments come looking for you, you have to be ready.”

Children’s Day: UBA Restates Commitment to NurturingYoung Leaders

Africa’s Global Bank, United Bank for Africa (UBA) Plc, joined the rest of the world to commemorate the 2024 Children’s Day, by hosting a fun-filled event at the National Stadium, Surulere, Lagos, on Monday for the children.

UBA partnered with UIdeals Limited to organise the event, which provided the kids a platform to interact with other students while educating them on the importance of focusing on their studies to contribute their own quota to economic development. Speaking ahead of the event, UBA’s Group Head, Retail Products and Sales, Prince Ayewoh, stated that since children are the leaders of tomorrow, UBA as an institution, takes the children and youth seriously.

by building a tomorrow that is truly bright.

“On Children’s Day, we recognise the importance of allowing children embrace their inner-self and Godgiven talents and potential, as experiences such as these are needed to shape their personal growth and lay the foundation for a fulfilling and meaningful life. It also emphasises the bank’s unwavering promise to securing the future of children

On her part, Group Head of Marketing and Corporate Communications, Alero Ladipo, emphasised the value of allowing children explore, play and engage in imaginative, creative activities.

“By combining learning with enjoyable experiences, we can nurture well-rounded individuals who excel academically while developing a zest for life and discovery. This for us, remains the reason why we partner and sponsor activities such as this,” she stated.

Cascador Opens Applications for 2024 Entrepreneurs Cohort

Sunday Ehigiator

Cascador Entrepreneurial and Leadership Initiative, an acclaimed initiative dedicated to empowering Nigerian entrepreneurs, has announced the opening of applications for its 2024 cohort.

Since its inception in 2019, Cascador has made significant strides in supporting local business growth, providing mentorship, education, and a robust support network to foster the next generation of business leaders in Nigeria.

The 2024 Cascador program, scheduled to be held from November 4-8, 2024, at Lagos Business School, offers African entrepreneurs a unique opportunity to grow their businesses and enhance their leadership skills through direct collaboration with successful American and Nigerian entrepreneurs.

Speaking with journalists, Cascador Co-Founder, Dave DeLucia, said, “There’s so much good work to be

done here in Lagos. Our participants benefit from being part of a local network that supports and nurtures their growth.

“Cascador’s program has drawn participants from across Nigeria, including major cities like Lagos, Kaduna, and Abuja, and has welcomed applicants from other African nations such as Lesotho, Kenya, and Ghana. However, its primary focus remains on Nigeria to build a strong, supportive community, “he said.

Merey (Venezuela).

L - R: National Sales Manager, Trade, Sims Nigeria Limited, Mr. Bose Anirban; Brand Manager, Royal Electronics, Mr. Pranab Srivastava; Chairman, Sims Nigeria Limited, Chief Simeon Eyisi; Chairman Channels Media Group, Mr. John Momoh; Executive Director, Corporate Services, Sims Nigeria Limited, Mr. Fab Uzor at the Unveiling of new Royal Electronics products…recently

Stock Market Drops by N102.55bn Amid Ongoing Nationwide Strike

Kayode Tokede

The Nigerian stock market depreciated by N102.55 billion as investors marked FBN Holdings (FBNH) Plc and 16 others for profit-t-taking amid the ongoing nationwide strike imposed by the organized labour unions.

As Nigerian unions began an indefinite strike, Nigerian Exchange Limited (NGX), financial institutions , schools and public offices were also

closed in Lagos. The strike also impacted activities at airports and shutting down the national power grid after organized labour unions talks with the Federal Government ended in deadlock.

Market indicators revealed that the NGX All-Share Index (ASI) depreciated by 111.52 basis points or 0.11 per cent to close at 99,118.86 basis points.

Consequently, market capitalisation shed N102.55 billion

to close at N56.070 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; FBNH, Lafarge Africa, eTranzact International, Nigerian Breweries and Transnational Corporation (Transcorp).

However, investor sentiment, as measured by market breadth closed positive as 23 stocks advanced, while 17 declined. Cornerstone Insurance and Deap

Capital Management and Trust emerged the highest price gainer of 10 per cent each to close at N2.09 and 44 kobo respectively, while Oando followed with a gain of 9.75 per cent to close at N12.95, per share.

Veritas Kapital Assurance declined by 8.47 per cent to close at 64 kobo, while while R.T. Briscoe Nigeria advanced by 8.33 per cent to close at 52 kobo, per share. On the other side, eTranzact

International led others on the losers’ chart with 9.82 per cent to close at N5.05, per share.

Unity Bank followed with a decline of 9.80 per cent to close at N1.38, while Jaiz Bank shed 9.65 per cent to close at N2.06, per share.

McNichols lost 9.09 per cent to close at N1.00, while Japaul Gold & Ventures depreciated by 4.78 per cent to close at N2.09, per share. Also, the total volume traded

declined by 19.5 per cent to 349.590 million units, valued at N5.237 billion, and exchanged in 8,082 deals. Transactions in the shares of Veritas Kapital Assurance led the activity with 57.951 million shares worth N35.944 million. Guaranty Trust Holding Company (GTCO) followed with an account of 47.634 million shares valued at N1.888 billion, while Access Holdings traded 46.322 million shares valued at N796.316 million.

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

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

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as

May-2024, unless otherwise stated.

Thisday Afrinvest Index Down 0.6%

Thisday Afrinvest 40 index dipped 0.6% to print at 4004.23 points due to price decline in ACCESSCORP ( 0.3%), UBA ( 1.4%), and LAFARGE ( 2.4%). Cumulatively, these stocks account for 12.5% of the index.

Bearish Open to the Week ASI down

0.2%

The trading week commenced on a bearish note as losses in FBNH ( 4.7%), SEPLAT ( 1.3%), and TRANSCORP ( 3.9%) dragged the NGX ASI lower 0.2% to 99,118.86 points. Consequently, YTD return declined to 32.6% (previously 32.8%), while market capitalisation shed 0.2% to ₦56.1tn. Activity level waned as volume and value traded declined 19.5% and 38.9% to 349.6m units and ₦5.2bn, respectively.

Negative Sector Performance

Performance across sectors within our purview was negative as four indices lost, one gained, while the Oil & Gas index closed flat. Leading the laggards, the Banking index dipped 0.8% due to price decline in FBNH ( 4.7%) and UBA ( 1.4%). Following suit, sell pressure on NB ( 8.7%), WAPCO ( 2.4%) and JBERGER ( 3.5%) dragged the Consumer and Industrial Goods indices down 0.1% apiece. Similarly, the AFR ICT index fell 4bps, owing to profit taking in OMATEK ( 4.7%) and E TRANZAC ( 9.8%). On the flip side, price appreciation on CUSTODIAN (+7.9%) and CORNERST (+10.0%) pushed the Insurance index higher by 2.8%.

Outlook

Investor sentiment, as measured by market breadth, weakened to 0.07x (previously 0.10x) as 23 stocks advanced, 17 declined, and 84 closed flat. Today, we expect the bearish sentiment to linger due to declining investor sentiment

Tuesday, June 4, 2024

THISDAY AFRINVEST 40 INDEX

Chief of Naval Staff WorkiNg viSit to NiMaSa...

L-R: Executive Director, Operations, Nigeria Maritime Administration and Safety Agency (NIMASA), Mr. Fatai Taiye Adeyemi; Flag Officer Commanding, Western Naval Command, Rear Admiral Mustapha Hassan; Director General (DG), Dr. Dayo Mobereola; Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla and Executive Director, Finance and Administration, NIMASA, Chudi Offodile during the working visit of the CNS to the NIMASA DG in Lagos…yesterday

By our Correspondents

The organised labour, yesterday, made real its threat by shutting down the country after it ordered a nationwide strike in the wake of the recent hike in electricity tariffs and the failure to reach a resolution on the contentious issue of national minimum wage with the federal government.

Coming together under the force of the Nigeria Labour Congress (NLC) and the Trade union Congress (TUC), the organised labour also plunged the entire nation into total blackout after it shut down the hitherto troubled national grid

However, after an exhaustive deliberation that ended late last night at the Office of the Secretary to the Government of the Federation, the federal government and organised labour reached a common ground on the National Minimum wage that is higher than N60,000 for Nigerian workers.

The understanding was reached via a resolution signed on behalf of the unions by the President, Nigeria Labour Congress (NLC), Joe Ajaero and the President, Trade Union Congress (TUC), Festus Osifo and Minister of State for Labour and Employment, Hon. Nkeiruka Onyejeocha and Minister of Information and National Orientation, Mohammad Idris for federal government.

The parties said President Bola Tinubu had indicated commitment to a National Minimum Wage higher than N60,000.

They said arising from the assurance of the President, the Tripartite Committee would now meet everyday for the next one week with a view to arriving at an agreeable National Minimum Wage.

According to the resolution, in deference to the high esteem of the President in making the commitment, the leadership of NLC and TUC has also undertaken to convene a meeting of their organs immediately to consider Tinubu's commitment.

The meeting also resolved that no worker would be victimised or made a scapegoat as a result of the industrial action.

Also, yesterday, the NLC said the refusal by some states to comply with the National Minimum Wage Act of 2019 was not due to lack of resources but a result of a deficit of leadership or or worse still, unwillingness to prioritise workers' welfare.

NLC had responded to a presidential spokesperson, Bayo Onanuga, who described the disposition as of the organised labour to the on-going national minimum wage negotiationas callous, insensitive and misguided,

The NLC, however, accused the management of the Transmission Company of Nigeria (TCN) of pitting soldiers against its employees, who tried to enforce yesterday’s strike.

But the federal government has appealed to the organised labour to call off the ongoing strike and return to the negotiation table in the best interest of the country.

Meanwhile, a civil society organisation, the Center for Social and Economic Rights (CSER), has said the decision by electricity workers to shut down the national grid in solidarity with the organised labour was treasonous.

Nevertheless, reports from across states of the federation showed that the strike was generally impactful as it paralysed the economy, grounded businesses and government offices, especially after the national grid was shut down.

The industrial action crippled activities majorly in the aviation, banking, health and education sectors, majorly in demonstration against government’s refusal to approve the proposed N494,000 as minimum wage for the Nigerian workers.

The demonstration, however, proceeded after the Labour Unions failed to reach an agreement with the national assembly yesterday on the minimum wage.

Leaders of the union had told journalists after the meeting that there was no going back on the indefinite strike action.

Thus, in compliance with the directives of labour, aviation unions disrupted flight schedules yesterday.

The unions included the National Union of Air Transport Employees, the Air Transport Services Senior Staff Association of Nigeria, the Association of Nigerian Aviation Professionals, and the National Association of Aircraft Pilots and Engineers.

Likewise, the Academic Staff Union of Universities (ASUU) directed all members nationwide to join the strike action as an affiliate member of congress.

In a letter addressed to all branch chairmen of the union, ASUU President, Prof. Emmanuel Osodeke, urged them to mobilise the lecturers to participate actively in the industrial action.

In some government-owned secondary schools, students,who had gone to school were asked to return to their homes. However, the ongoing WASSCE held in some schools.

There were also no activities at the nation’s seaports yesterday as the Maritime Workers’ Union of Nigeria (MWUN) joined the nationwide strike.

Commercial activities at the ports were at a standstill with the Apapa and Tin-Can Island port gates under lock and keys. Port users, were also prevented from accessing their offices, thereby causing disruptions to the supply chain.

In a chat with newsmen, President of Dockworkers branch of MWUN, Comrade Ibrahim Ohize, said vessels were not allowed to berth and no trucks were permitted to go in or leave the port.

On his part, President, Nigerian Ports Authority (NPA), Branch of MWUN, Comrade Ifeanyi Mazeli, confirmed that the ports were grounded in compliance with the NLC directive and would remain so until the industrial action is called off.

A truck owner, Yusuf Liadi,

said cargo-laden trucks and trucks returning empty containers were not allowed to access and exit the Lagos Port.

A clearing agent, Ikechukwu Anaba, decried the impact the strike would have on their business, adding that importers would incur demurrages from shipping companies and storage charges from terminal operators.

In some sectors like the power sector, compliance was forcefully done by the Labour Union, resulting in a national blackout.

The TCN, in a statement by its general manager, Ndidi Mbah, said workers at the Benin Transmission Operator were sent from the control room and beaten by the protesters.

“At about 1:15am this morning, the Benin Transmission Operator under the Independent System Operations unit of TCN reported that all operators were driven away from the control room and that staff that resisted were beaten while some were wounded in the course of forcing them out of the control room and without any form of control or supervision, the Benin Area Control Center was brought to zero,” the statement read in part.

At the Federal Inland Revenue Service (FIRS) office in Ikeja, workers were forced out of their offices with cane by labour unions.

In photos that emerged online, members of the labour union were captured with canes chasing FIRS staff out of the Agidingbi, Ikeja, office.

Likewise, some banks were shut down by the union although in some branches, banking operations were going smoothly but not so much could be done due to network issues.

Some other sectors that joined the strike included Maritime Workers’ Union of Nigeria, The National Union of Electricity Employees, National Union of Banks, Insurance and Financial Institutions Employees, Judiciary Staff Union of Nigeria, Joint Union Action Committee, The Nigeria Union of Teachers.

Others were the National Associations of Nigeria Nurses and Midwives, Joint Health Sector Unions, Amalgamated Union of Public Corporation, Civil Service Technical and Recreational Services Employees, National Union of Civil Engineering, Construction, Furniture and Wood Workers, Medical and Health Workers Union of Nigeria, and the National Union of Petroleum and Natural Gas, amongst others

It was against this backdrop that the Transmission Company of Nigeria (TCN) announced a total shutdown of the national power grid by the labour unions.

The TCN, in a statement by its General Manager, Public Affairs, Ndidi Mbah, said the national grid shutdown occured at about 2.19 in the morning.

Mbah informed that at about 1:15am, the Benin Transmission Operator under the Independent System Operations unit of TCN reported that all operators were driven away from the control room.

She added that staff that resisted were beaten while some were wounded in the course of forcing them out of the control room and without any form of control or supervision, the Benin Area Control Center was brought to zero.

"The Transmission Company of Nigeria hereby informs the general public that the Labour Union has shut down the national grid, resulting in black out nationwide. The national grid shut down occured at about 2.19 this morning, 3rd June 2024.

"Other transmission substations that were shut down, by the Labour Union include the Ganmo, Benin, Ayede, Olorunsogo, Akangba and Osogbo Transmission Substations. Some transmission lines were equally opened due to the ongoing activities of the labour union," Mbah said.

On the power generating side, she said the power generating units from different generating stations were forced to shut down some units of their generating plants.

She informed that the Jebba Generating Station was forced to shut down one of its generating units while three others in the same substation subsequently shut down on very high frequency.

Mbah said the sudden forced-load cuts led to high frequency and system instability, which eventually shut down the national grid at 2:19 am yesterday.

"At about 3.23am, however, TCN commenced grid recovery, using the Shiroro Substation to attempt to feed the transmission lines supplying bulk electricity to the Katampe Transmission Substation. The situation is such that the labour Union is still obstructing grid recovery nationwide.

"We will continue to make effort to recover and stabilize the grid to enable the restoration of normal bulk transmission of electricity to distribution load centres nationwide," she added.

But, in a contrary account, the organised labour has accused the management of TCN of pitting soldiers against their employees.

It said the company resorted to the use of the military in its effort at intimidating and harassing workers in its employ who were carrying out their lawful and democratic duties at various TCN plants around Nigeria.

While appraising the impact of the first day of the nationwide strike, NLC commended members of the public the solidarity they exhibited with the workers.

It said the labour movement appreciated Nigerians for their solidarity on the first day of the indefinite nationwide engagement and urged them to continue the struggle by coming out in numbers to join the nationwide industrial action.

A statement by the NLC president, Joe Ajaero, stated that Nigerian workers would not be intimidated by TCN or government over their decision to embark on sn indefinite strike.

"We have been duly informed that the TCN management has resorted to the use of the military in its effort at

intimidating and harassing workers in its employ who are carrying out their lawful and democratic duties at various TCN plants around Nigeria.

"We warn that the Management of TCN would be held liable for any injury inflicted on any worker by their resort to the use of the powers of the military.

"It is also important that we inform TCN that deploying military men to its locations is a clear abuse and insult on the military especially in a democracy.

"We are sure that members of the military so misused by this deployment are not happy with the management and the authorities who have authorised the deployment."

NLC, however, accused TCN of spreading outright falsehood to mislead the public instead of working with other stakeholders to resolve the issues raised by Nigerian workers via the NLC and TUC is not helpful in any way.

Tackling the presidency on the national minimum wage, the NLC in a statement by its Head of Information and Public Affairs, Benson Upah, rejected the description of labour's demand as unserious, unrealistic and outlandish.

"It is important to remind the government that the refusal of some states to comply with the National Minimum Wage Act of 2019 was not due to lack of resources but rather it was as a result of a deficit of leadership or or worse still, unwillingness to prioritise workers' welfare.

"Numerous states possessed the needed financial capability to meet these obligations but chose to allocate funds elsewhere, usually in less productive and highly questionable ventures.

“Yet, in not a few states, workers wages drive the economy. In some instances, these resources were guzzled up in a looting spree leaving behind debts, pain, penury and fury.

"It is, therefore, important for Mr. Onanuga to understand that payment of the national minimum wage is not dependent on surplus resources but a commitment to the people and obedience to a national law.

"Nigerians have not forgotten that the governments of President Muhammadu Buhari made available funds to these states at various times to enable them offset arrears of salaries and pensions as well as sustain continuous payment of same but these heartless governors diverted the funds or misapplied them.

"Does Mr Onanuga need another proof that these governors were executive law breakers or were insensately cruel? Happily, they were a negligible minority. Nonetheless, they are Mr Onanuga's example," he said.

FG Begs, Seeks Return to Negotiating Table

The federal government has appealed to the Organised Labour to call off the ongoing strike and return to negotiating table in the best interest of the country.

Minister of Information and National Orientation, Mohammed Idris, made the appeal yesterday at a press briefing he co-addressed in Abuja with the Minister of State for Labour, Hon Nkeiruka Onyejeocha and the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga.

“This is a heartfelt and deeply considered appeal to the Labour Unions to continue along the path of negotiations with the federal and state governments, under the auspices of the Tripartite Committee that has been established to fashion out a new, realistic minimum wage for the Nigerian people.

“As government, we are desirous of a peaceful outcome, and we will do everything to make this happen. Yesterday, the leadership of the National Assembly met with the Unions. Today, we have offered another invitation to the Unions, to meet with us and continue our discussions.

“We will continue to engage, and continue to make ourselves readily available in the context of these negotiations on behalf of the Nigerian people,” he said.

He reiterated government’s position that labour’s minimum wage demand of N494,000, which translated into an annual wage bill of N9.5 Trillion for the federal government was unsustainable and capable of crippling the Nigerian economy, by causing job losses especially in the private sector.

The minister added the federal government had a responsibility to strike a measured and realistic balance, through collective bargaining, in its effort to arrive at a new minimum wage for Nigerians.

He stressed that President Bola Tinubu's desire to improve the living conditions of Nigerians went beyond increase in minimum wage as several policies had been enacted to put more money into the pockets of Nigerians.

Already, the federal government had invited leaders of the organised union to yet another meeting in order to break the deadlock over the new minimum wage.

A reliable source told THISDAY that the minimum wage committee invited representatives of labour to a meeting today, Tuesday.

The letter titled: "Invitation To the 8TH of the Tripartite Committee on Minimum Wage" and inviting members to the meeting, was signed by the Secretary of the committee, Mr. Ekpo NTA.

"I respectfully invite you to attend the 8th meeting of the Tripartite Committee on National Minimum Wage scheduled as follows:Tuesday, 4th June 2024," he said, adding that a draft agenda of the meeting would be provided later.

CSO: National Grid Shutdown Treasonous A civil society organisation, the Center for Social and Economic

PHOTO: AbIODuN AjALA

L

Groun

Rights (CSER), has said the decision of electricity workers to shut down the national grid in solidarity with the organised labour unions was treasonous.

The group said shutting down the national grid and the plunging the whole nation, including the workers into utter darkness by the labour unions was in bad taste, describing itas an act of economic sabotage and treason which must be met with the full weight of the law.

The group, in a press statement by its executive director, Nelson Ekujumi, stated that, "We are shocked and devastated by the reported criminal acts and economic sabotage being unleashed on helpless Nigerians and Nigeria by the organised labour over its dispute with government on the issue of minimum wage.

"While we recognise the inalienable rights of workers to embark on strike action as a legitimate tool for advancing its demands, we are at a loss to rationalise the reason for the shutting down of the national grid which is an essential national security asset and view this condemnable action as an insurrection meant to unseat a legitimately elected government by undemocratic means which is a violation of the constitution of the federal republic of Nigeria."

This, nonetheless, reports from various parts of the country revealed that the industrial action was impactful, socially and economically.

The FCT

Schools, both primary and secondary, within the Federal Capital Territory (FCT) complied with the directives of the organised labour to embark on a nationwide strike.

Some schools initially opened as early as 8a.m., welcoming students in large numbers, but later, the teachers hurriedly asked the pupils and students to go home. Similarly, commercial banks along the AYA axis of Abuja were all closed to customers. Also, yesterday, the Federal Secretariat Complex and Federal Capital Territory Administration offices were shut down. Civil servants were prevented from entering the federal Secretariat where government ministries and agencies operated from.

Some of workers who turned up very early in the morning met the gates leading to phase 1 and 2 of the complex under locks by union leaders. The development forced many workers to abruptly return home.

At the FCTA, the Joint Union Action Committee (JUAC), barricaded the main gate to the secretariat at dawn, preventing scores of workers from entering into the premises.

Only security operatives were allowed inside the compound while many workers hoping for calling off of the strike, massed outside the gate. The Kapital Road, Garki, that provided access to the secretariat experienced an unprecedented human and vehicular traffic.

JUAC President, Mrs Rifkatu lortyer, said they enforced the strike action, because it was a directive

from the NLC and TUC.

Domestic flights operations were disrupted at the Nnamdi Azikiwe Airport Abuja. Passengers were shut out of the terminal buildings as no flight was allowed to take off or land, leading to several flights cancellations.

National Assembly

Members of the Parliamentary Staff Association of Nigeria (PASAN), shut down the National Assembly in compliance with the indefinite strike declared by organised labour.

The entrance and exit of the National Assembly were locked thereby preventing staff from gaining access to the sprawling complex. The development brought activities in the assembly to a halt as the striking workers had cut power supply to the legislature.

PASAN members, an affiliate of the Nigeria Labour Congress thereafter laid siege to the entrance and exit of the National Assembly. Some of the workers who arrived early to monitor the compliance met the entrance and exit gates blocked with two coastal buses.

Chairman, Senate Committee on Finance, Senator Mohammed Sani Musa, pleaded with the leadership of the organised labour unions in the country to call off the ongoing strike and embrace dialogue in the interest of all Nigerians.

Musa, who is representing Niger East Senatorial District in the National Assembly, made the appeal in an open letter to the Nigeria Labour Congress and Trade Union Congress.

The Judiciary

Activities in various Courts in the Federal Capital Territory (FCT), Abuja, were completely paralysed as the Judiciary Staff Union of Nigeria (JUSUN), joined in the indefinite nationwide strike called by the leadership of the organised labour.

In total compliance with the directive, judicial workers in Abuja, brought all courts under lock and key, thereby preventing judges, lawyers, staff and litigants from accessing courts in the FCT.

A visit to the FCT High Court, Maitama; Federal High Court (FHC); Court of Appeal; and the Supreme Court, showed that court activities were totally paralysed as JUSUN members positioned themselves outside the heavily locked gates.

At the Federal High Court, private security guards and a few police officers were seen around the entrance to the court, just as lawyers, litigants, visitors, including journalists, were not allowed entry into the court premises.

At the same time, court proceedings at the Court of Appeal, Lagos Division, was abruptly suspended yesterday following information that the executives of JUSUN were on their way to picket the court.

The appellate court, which started sitting as early as 9am had to end sittings when the Chief Registrar informed the justices that 'strike enforcers' were coming to lock the

gates of the court.

Both the Federal High Court, in Lagos, and the Lagos High Court, at Tafawa Balewa Square, TBS were shut down in total compliance with the nationwide strike.

Niger State

Niger State, yesterday, had its fair share of the impact of the strike as the Bola Ahmed Tinubu Airport, Minna, where the airlift of pilgrims to Mecca was being carried out was sealed by officials of the NLC.

An official of the NLC told THISDAY that should there be any flight to airlift the pilgrims the plane will be allowed to perform the task. He, however, said the airport staff should leave the premises and would be invited when the need arises.

Apart from sealing off the airport, they also shut the Federal Inland Revenue Services (FIRS), Federal Secretariat complex, Niger State High Court complex Minna, Niger State Board of Internal Revenue Services, Niger State Urban Development Board, Niger State Universal Basic Education Board, General Hospital, office of the Deputy Governor, Niger State Secretariat as well as Niger State House Assembly.

All primary and post primary schools were also shut. The AEDC did not supply electricity to residences and business outfits.

Ondo State

Both government and business activities across Ondo State were grounded as a result of the strike. Government offices, schools, banks, Akure airport, were shut in compliance with the directive of the unions.

But in spite of this, the Ondo State Governor, Mr. Lucky Aiyedatiwa, has approved the payment of N35,000 monthly wage award for workers of the state-owned tertiary institutions.

This came after workers of the tertiary institutions recently protested their exclusion from the payment of the N35,000 monthly wage award to civil servants in the State for six months from November 2023 to April 2024.

The payment of the wage award, which is expected to run for six months, begins this June.

Rivers State

There was total shutdown of business in Rivers State yesterday, as a result of the nationwide strike. Across communities in the state, there was total blackout following compliance by the organised labour.

Going round the City of Port Harcourt, it was observed that the Port Harcourt Electricity Distribution (PHED) company in charge of supplying power to Rivers and other parts of the South South, was shutdown.

This followed an earlier announcement made by the company via a memo, informing her customers in the four coverage states namely Rivers, Bayelsa, Cross River and parts of Akwa Ibom states, of the

shutdown of grid.

PHED in the memo that was posted on its social media handle, noted that the Transmission Company of Nigeria (TCN), was working hard to recover and stabilise the grid, and that electricity users would be updated on the status of restoration.

The State Secretariat was also shutdown as both entrance and exit gates were closed and locked. Some civil servants that attempted to access their offices were turned back.

Kaduna State

Ministries, courts, schools and commercial banks were shutdown yesterday in Kaduna in compliance with the nationwide strike.

The state and the federal secretariat along Kawo road, Kaduna Polytechnic, Kaduna Media Corporation, and the Kaduna State High Court complex were some of the government offices shut down. Public schools were closed as school children were sent home. Workers who reported to work were turned back as the gates to their offices were locked.

Oyo State

Schools, hospitals, banks, government institutions and other establishments were on Monday, brought to a standstill in Ibadan, the Oyo State capital, as the state chapter of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) joined the ongoing national strike to demand a new minimum wage.

Several places visited included the University of Ibadan (UI), University College Hospital (UCH), Adeoyo State Hospital, and the Federal Secretariat in Ikolaba, among others.

At the federal secretariat, the entrance was locked and workers were unable to access the premises while the strike also impacted local businesses with owners reporting low patronage.

Second gate entrance of UCH was totally shut down but the main entrance (1st gate) was partially opened for patients who need emergency attention.

Some wards visited at the hospital were also partially deserted as a few health workers were seen attending to patients. At the Adeoyo State Hospital was deserted but afew health workers were seen attending to patients who needed emergency attention.

Other institutions visited include The Polytechnic, Ibadan and Oyo State Secretariat.

Bayelsa State

Workers in Bayelsa State stayed away from their offices in total compliance with the indefinite strike. When THISDAY visited the Bayelsa State Secretariat complex in Yenagoa, the main entrance and several offices were under lock and key.

Checks across financial institutions such as banks in the Bayelsa State capital indicated that many customers who went there for transactions were stranded as they could not get access into the halls.

There was an unusual light traffic across major roads as the crippling effects of the strike are felt in the State.

Anambra State Police in Anambra State deployed their men to strategic parts of the state to ensure that any attempt to enforce the strike action declared by the Nigeria Labour Congress (NLC) was thwarted.

A press release by the spokesperson of the state command of Nigeria Police, SP Tochukwu, stated that the command stood with the federal government which declared the strike as illegal.

He, therefore, said the police would stop at nothing to thwart its enforcement, including any attempt by unscrupulous elements to hijack the enforcement and cause breach of peace. "The federal government has declared the planned strike by the Nigerian Labour Congress as illegal and premature.

"The Anambra State Police Command reiterates the command's commitment to enforce the legal recommendations and calls for caution to prevent a breach of public safety and peace.

"Police operatives have been deployed to different strategic areas, and tasked with the responsibility against any miscreants using the opportunity to cause any breach of public safety and peace in the state.

"The Command understands the right of organised labour to engage in such actions to advocate for the interests of all workers, but noted the importance of adherence to the existing laws governing such activities.

"To this end, the command encourages the good people of the state to go about their lawful businesses and be law-abiding, vigilant, and security-conscious," he stated.

Delta State

Some banks in Delta State, yesterday, transacted businesses through the back door, though their entrances were shut against customers. Intra and inter state transport operators also went about their business unhindered across the state.

However, the federal and state secretariats in Asaba as well as Delta State Oil Producing Areas Development Commission (DESOPADEC) and NNPCL Zonal Office in Warri were shut, with only a few workers loitering around the premises.

At the Uwheru train Station in Udu Local Government area as well as the Nigeria Port Authority (NPA) in Warri, workers that turned up were chased away by the Monitoring team of the organised labour.

Virtually all the local government secretariats were empty but some of their revenue agents were seen moving around contrary to the directive of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC).

Edo State

Several businesses in Edo State were shut down as a result of the

nationwide strike. Local government Secretariat in all the 18 local government areas of the state and other government offices were shut down.

A special team of the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) in the state moved round to ensure compliance with the strike action.

In Benin City, banks were also shut even as customers, mostly Point Of Sale (POS) operators besieged several banks with the hope of getting cash for their business, which also led to some of them quickly increasing their charges per transaction.

The NNPC Mega Filling State along Sapele Road that already opened for business in the early hours was shutdown when the labour union team arrived.

Similar fate befell the Oba Akenzua II Airport, Benin as the entrance gate to the airport was shut leaving many travelers stranded while trying to access the airport through the exit gate. Some public schools like Imaguero College which was opened and had students in, was also shut and the students and a few teachers around were asked to vacate the premises.

The team was also in the Edo State House of Assembly Complex where it disrupted an on-going prayer meeting but the Majority Leader of the House, Charity Aiguobarueghan intervened by explaining to the NLC team that it was a monthly prayer session.

The lawmaker were allowed to conclude the session before the complex was shut.

Plateau State

No fewer than four persons were hospitalised yesterday after sustaining severe injuries following the enforcement of the strike in Plateau State. There had been a brewing dispute between the National Union of Road Transport Workers (NURTW) and NTA Motor Park management over ownership of the park which the Monday strike ignited.

Plateau State vice chairman of NLC, Sunday Ayodele told journalists that NLC protesters passed the motor park and were mistaken for NURTW members.

He added that the misunderstanding escalated into violence, leading to pelting of NLC vehicle with stones, and resulting in damage to the vehicle and injuries to four members who also lost their phones in the ensuing confusion.

Adamawa State

Workers in Adamawa State joined the national strikeyesterday as schools, Banks offices as well as government and private schools were shutdown as a result of the strike Chairman of the Nigeria Labour Congress, Comrade Emmanuel Fashe, confirmed that the organised Labour in the state joined the national strike until the union's demands were met by the government or if a detective came from their headquarters.

Founder and President African Enterprise and Entrepreneurship Institute, Dr. Nicky Okoye (left) and Regional Director, EU Business School, Munich, Germany, Geneva, Spain, Barcelona, Spain, Mr. Luis Aguilar Alvarez, during the unveiling of EU Business School's strategic Africa-wide collaboration with African Enterprise and Entrepreneurship Institute Lagos, Nigeria

L A bour Groun DS nIG er IA , P L un G e

More Crisis in Abure's Labour Party as Obidients’ Disown LP’s Obidient Directorate

The crisis in Labour Party (LP) seems nowhere near abatement, as supporters of its presidential candidate in the 2023 general election, Mr. Peter Obi, under the aegis of the “Obidient Movement”, have disowned the party's recent decision to establish an “Obedient Directorate”.

The Obidient Movement issued the disclaimer in a statement, late on Sunday in Abuja, jointly signed by Mubarak Bawa, for Obidient Conveners Collective, comprising 223 Peter Obi Support Group Conveners; Barr. Daniel Elomba, Co-Convener, Peter Obi Support Network (POSN); and 37 others.

The “Obidient Movement” said, "Ngogbehei’s attempts to portray himself as ‘The Obidient Leader’ is laughable. The Obidient Movement recognises no leader other than Peter Obi. Ngogbehei, a drifter with a tainted past, is not, and will never be, a figure of influence within our ranks.”

LP’s National Chairman, Julius Abure, had in a move aimed at dousing tension and rebuilding confidence of among stakeholders of the party announced the formation of the directorate to coordinate its affairs.

As part of its repositioning efforts, LP announced the establishment of the Obedient Directorate. It appointed Marcel Ngogbehei as Director, Aju Elumelu as Deputy Director (Diaspora), and Mariam Ismaila as Deputy Director.

The move to formalise the Obidient Directorate and integrate its members into the party structure angered the Obidient Movement’s

leaders. They viewed the creation of the directorate and the appointment of individuals without consulting Obi or the core movement as an overreach.

The group’s leaders denounced the party’s decision, saying it is an attempt to usurp the Obidient Movement’s grassroots-driven force.

In the statement, titled, “We Vehemently Reject Julius Abure’s Attempt to Usurp the Obidient Movement,” leading conveners of the Obidient Movement, representing 261 support groups, rejected LP’s offer.

The statement stressed the movement’s origins as an independent body of support groups, which played a critical role in reviving LP’s political fortunes.

It statement read, “We, the leading 261 conveners of the Obidient Movement support groups, are compelled to issue this statement, rejecting Julius Abure’s brazen attempt to co-opt the Obidient Movement by creating an ‘Obedient Directorate’ within the Labour Party.

“The Obidient Movement predates Peter Obi’s entry into the Labour Party and is a global force far more potent than the Labour Party, which had not seen electoral success since Olusegun Mimiko’s 2007 governorship win in Ondo.”

The statement further said, “The Labour Party had one job in the 2023 elections: to protect the votes and secure the victory achieved by the Obidients.

“On this simple task, Julius Abure and his party failed spectacularly –failing Peter Obi, failing the millions of Obidients worldwide, and failing Nigeria’s future generations.”

The leaders of the various support groups described the move by the

LP leadership as an attempt to control the movement that had brought new vitality to the party, calling the initiative a “ludicrous scheme” and a “destructive plot.”

The Obidient Movement’s conveners also described the move as a ploy orchestrated by forces with the ruling All Progressives Congress (APC).

It said, “This ludicrous scheme, no doubt concocted within the corridors of the ruling All Progressives Congress (APC) – whose president and cronies are desperate to undermine Peter Obi’s popularity and the unstoppable force of the Obidients Movement – is doomed to fail.”

The Obidient Movement’s leaders criticised Ngogbehei’s appointment,

labelling him a discredited figure with a history of corruption, and emphasised that the movement recognised no other leader than Obi.

They stressed, “We categorically reject the creation of an Obidients Directorate within the Labour Party.

We explicitly reject the appointment of a charlatan, like Marcel Ngogbehei, to any position of authority within the movement.

“We call on Julius Abure to halt this destructive plot and engage in sincere dialogue with the true stakeholders of the Obidients Movement, starting with His Excellency, Peter Obi.”

An official response from LP was still being awaited as at the time of filing this report.

ECOWAS Facing Financial Challenges, Must

not be Overburdened,

Michael Olugbode in Abuja

President of the Economic Community of West African States (ECOWAS) Court of Justice, Justice Edward Amoako Asante, has lamented that the regional bloc is currently facing financial challenges and must not be overburdened by its institutions.

Some of the ECOWAS institutions include ECOWAS Commission, ECOWAS Bank for Investment and Development (EBID), Community Court of Justice, Community Parliament, West African Health Organisation (WAHO), and InterGovernmental Action Group against Money Laundering and Terrorism Financing in West Africa (GIABA).

Speaking at the opening of the 16th Administrative and Budget Retreat of ECOWAS Court in Nasarawa State, near Abuja, Asante said with the financial challenges facing the community, it was imperative that its resources should not be overburdened.

Introduce CRK into School Curriculum,

Dipo

Christian Association of Nigeria (CAN) has asked the Niger State Government to introduce the teaching of Christian Religious Knowledge (CRK) into the primary and secondary school curriculum

Niger State CAN Chairman, Most Reverend Bulus Yohanna, made the call on Sunday while speaking at a thanksgiving service to mark Governor Mohammed Bago’s one year in office, held at St Peters Anglican Cathedral, Minna. Yohanna lamented that Christian children were not being taught the rudiments of their religion from the early ages, which he said was unfair since their Muslim colleagues

were being taught in government primary and post primary schools.

The CAN chairman also asked for the employment of professional CRK teachers to teach, after its introduction into the school curriculum.

Yohanna emphasised the need for children to be taught high moral values right from their early ages, saying such policy will reduce most of the ills in the society.

He said CAN appreciated the developmental strides already taken by the administration, and assured that Christians in the state will continue to pray for the success of the government.

Bago, who was represented at the thanksgiving service by

the Commissioner for Small and Medium Scale Enterprises, Mrs. Elizabeth Shaba, appreciated Christians across the state for their prayers and support throughout the first year of the government.

Bago said his administration will continue to pursue policies and programmes that will not only uplift the people, but also unite them, despite their religious diversity.

He stressed that the administration will continue to maintain an open-door policy, and listen to suggestions and ideas that would help move the state forward.

Prayers were offered for the peace and progress of the state during the thanksgiving service.

He stated, “We must all know that the community is now financially weak and, therefore, we do not have to overburden the community itself.”

Asante, however, said despite the constraints, the court remained committed to its mandate.

“We still have to do our programmes to let people know that the court is also performing its function,” he said.

Asante acknowledged the essential role that budgetary allocations played in the functioning of the ECOWAS Court, stressing, “We know budgetary issues are very important for every institution since that is the mainstay.”

He highlighted the comprehensive effort made to collate inputs from all departments and units, ensuring that the proposed budget reflects the diverse needs and priorities of the entire court.

The ECOWAS court president underscored the financial challenges facing the community, and cautioned against overburdening its resources. Addressing the high adminis-

Says Justice Asante

trative and operational costs that constituted a significant portion of the court’s budget, the president pointed out that approximately 80 per cent of the budget was dedicated to these expenses, leaving limited funds for planned activities.

Asante called for collective wisdom and strategic planning, and urged all participants to contribute thoughtfully to the budget discussions.

He stated, “We have to be able to judge all and put our heads together to come up with the best budget, which, when presented to the Administration and Finance Committee (AFC) and to the Council of Ministers, they will look at it as a very good budget and approve it for us.”

He expressed the court’s intention to advocate the preservation of its budget, highlighting its reliance on community funding.

Asante, while declaring the Administrative and Budget retreat open, invited participants to engage in productive dialogue and decision-

making.

The retreat was expected to foster thoughtful discussions, open dialogues, and constructive debates, leveraging the collective wisdom, diverse perspectives, and shared experiences of the attendees.

On his part, Director of Administration and Finance, Dr. William Towah, expressed confidence that the retreat will pave the way for innovative solutions, inspire new ideas, and renew the sense of purpose within the Community Court of Justice.

Presenting the objectives and expectations of the retreat, Towah emphasised the retreat’s significance as a platform to assess the court’s progress and strategise for the future. He commended the collective dedication and diligence of the court’s members, which had propelled the institution to new heights, upholding the rule of law.

“Our collective efforts have earned the respect and trust of our stakeholders, creating a positive impact on the lives of those we serve,” he stated.

A University of Ilorin Professor of Anatomy, Gabriel Omotoso, has identified tobacco smoking as a leading cause of preventable deaths and diseases worldwide. Omotoso revealed this at the weekend while delivering the 259th inaugural lecture of the university.

Omotoso said tobacco smoking caused more than eightmillion deaths yearly.

He said the latest global estimate of tobacco users was 1.25billion people, 80 per cent of which were in low and middle-income countries.

The inaugural lecture was titled, “White Matter Matters in the Search for Phytochemical Candidates for Demyelinating Disorders.”

The don stated that out of the eight million yearly deaths from tobacco usage, “1.3 million are non-smokers exposed to second-hand smoke.”

Omotoso lectures in the Department of Anatomy, Faculty of Basic Clinical Sciences, College of Health Sciences, University of Ilorin.

He lamented that “despite a great deal of health education and awareness on the grave implications of cigarette smoking, many people are still caught in the web of the habit.” He stated that in Nigeria, 10 per cent of the population smoked tobacco daily.

The don identified some adverse consequences of cigarette smoke on different organs of the body to include its adverse effects on male gonads and reproduction/fertility, adding that passive cigarette smoke also

detrimentally affects adult brains. To curb the menace of cigarette smoke, Omotoso stressed “the need for all of us to arise and protect our children from tobacco industry interference”.

The inaugural lecturer also called on the government to enforce tobacco production laws in the country. He stressed the need for the government to “take a cue from other countries, such as New Zealand, United Kingdom and Australia to effect this”. He said there was an urgent need for public enlightenment to educate the society on the harmful effect of cigarette smoking. Omotoso underscored the need to improve access to diagnostic tools to mitigate the challenge of disease diagnosis in the country.

Chuks Okocha in Abuja

Laleye

in Minna

Hammed Shittu in Ilorin

L:R: Legal Adviser, International Visitor Leadership Program Alumni Association, Yusuf Lawan; Financial Secretary, Tosin Olowoyeye-Taiwo; Assistant Secretary, Ebunoluwa Yusuf; Secretary, Omobola

Akingbehin; Public Relations Officer, Veronica Obende; Treasurer, Taiwo Adewole and Welfare Officer, Vera Anyagafu, at The Conversation: An Open Talk With Boys, in commemoration of the International Day of the Boy Child, in Lagos…last Thursday

ISO 26000 SOCIAL RESPONSIBILITY COMPLIANT...

L-R: Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe; Chairman, Emerging Africa Group, Chief (Mrs) Nike Akande; Executive Vice-Chair, Emerging Africa Group, Dr. Toyin F. Sanni; Head, Risk Management & Sustainability, Adetoun Anene; and Emerging Group President / Lead Consultant IN-CSR, Mr. Eustace Onuegbu during the unveiling of ISO 26000 Social Responsibility Guidance Standards by Emerging Africa Group in Lagos...yesterday

Abia Soldiers' Killing: APC, PDP Mourn as Kalu Inaugurates Victims Peace Fund

Over

N30 million raised

Emmanuel Ugwu-Nwogo in Umuahia and Adedayo Akinwale in Abuja

The main opposition parties in Abia State have expressed unity with the ruling Labour Party government in mourning the five soldiers slain by suspected gunmen at Obikabia in Obingwa Local Government Area, on May 30.

Both the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), all condemned the gruesome murders and commiserated with families of the deceased, army authorities and government.

Meanwhile, Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu has inaugurated a seven-man Peace Fund Committee

to help raise financial assistance for the victims of insecurity in the South East region.

However, barely 24 hours after the launching of the Fund, over N30 million has been raised.

A statement signed by the chairman of Abia APC, Dr. Kingsley Ononogbu, expressed sadness and condemned the deadly attack on troops of 144 Battalion deployed at Obikabia junction on Operation Udoka.

He regretted the loss of the five the troops, cut short in such a callous and dastardly manner while they were on lawful duty of providing security for the state.

The Abia APC chairman urged the army and other security agencies to be thorough and diligent in their investigations to avoid doing harm

in 24 hours

to innocent persons.

"We, therefore, appeal for the cooperation and total support of the people with the security agencies to root out the criminals," he said.

On its part, the Abia PDP described the killing of the soldiers as "quite regrettable, especially coming at a time when officers and men of the Nigerian military are working tirelessly to rid society of tension and anarchy".

In a signed statement, the Abia PDP Vice-chairman/acting publicity secretary, Hon. Amah Abraham, called on the governor "to engage peacefully with the Nigerian Army to ensure that this sad incident does not escalate and consume more souls.

"We also call the good people of Abia State to be cautious and remain peaceful and law abiding during this

sad period, and at other times, and avoid actions capable of fueling the already tense situation".

While condoling with the Nigerian Army on the loss of the gallant soldiers, Abia PDP pleaded with them "to be discerning in fishing out the perpetrators and ensure that innocent citizens do not fall victims to your efforts to give your slain colleagues justice".

Meanwhile, Deputy Reps Speaker Kalu had during his condolence visit to 144 Battalion Headquarters in Asa, Ukwa West Local Government Area of Abia State on Sunday, announced the setting up of the committee and subsequently made a donation of N10 million to kick start the process.

The Chief Press Secretary to the Deputy Speaker, Levinus Nwabugh-

Zulum Delivers Grains to 10,000 Residents, Shares N220m to Vulnerable Women

Borno State Governor, Babagana Zulum, has delivered part of the 36,000 50kg bags of assorted grain donated by the federal government to the Borno State government to support resettled communities and other vulnerable families.

The distribution took place yesterday in a large open field in Pulka town, with 10,000 residents each receiving a 50kg bag of assorted grain.

Zulum expressed gratitude to the federal government for the donation, noting that it came when such a gesture was most needed.

Addressing the beneficiaries, Zulum said: “We are here to launch the distribution of relief materials from the Federal Government of Nigeria under the leadership of President Bola Ahmed Tinubu. The total sum of about 36,000 50kg bags of assorted grains comprising maize grain and millet was given to the government of Borno state.

“Let me express my sincere appreciation on behalf of the government and people of Borno State to President Tinubu for this great gesture. This is not the only support that we received from him. We have received tremendous support from the president in the last one year,” he said.

Zulum also stated that the federal government had donated rice to Borno, which the state government is receiving.

“In addition to this grain, the

federal government is also providing some rice. We have started receiving it, but they are yet to complete the delivery of the rice to the state government,” Zulum said. Meanwhile, Zulum also supervised the distribution of N220 million cash to 22,000 vulnerable women and widows in the Pulka ward of Gwoza Local Government Area yesterday.

Zulum noted that each of the

22,000 women received N10,000 cash support and one wrapper.

“In addition to the food items donated by the federal government, on our part, Borno State government is also distributing N10,000 cash and a wrapper to each of the 22,000 women here.

“The beneficiaries were drawn from Pulka, Ngoshe, Warabe and Kirawa communities of Gwoza Local Government Area,” Zulum added.

Zulum was accompanied by the member representing Gwoza, Damboa and Chibok at the House of Representatives, Hon Ahmed Jaha; the member representing Gwoza at the State House of Assembly, Hon. Abdullahi Buba Abatcha; Northeast Zonal Coordinator of National Emergency Management Agency (NEMA), Ahmed Sirajo and other officials of the Borno state government.

iogu, in a statement issued Monday said that while inaugurating the committee in Bende Local Government Area of Abia State, Sunday night, Kalu named Daniel Akwari as the Chairman and Mrs. Mary Ikoku as the Secretary.

Also, a former Speaker of Abia State House of Assembly, Rt. Hon. Martins Azubuike is to serve as the treasurer while Sam Ifeanyi Hart would serve as the publicity secretary.

Other members of the committee include - former Minister of Labour and Productivity, Chief Emeka Wogu, a member representing Bogoro/Das/ Tafawa Balewa Federal Constituency of Bauchi State in the House of Representatives, Hon. Jaafaru Leko as well the member representing Birnin Kebbi Kalgo Bunza Federal Constituency of Kebbi State, Hon. Ibrahim Mohammed.

Kalu further charged the committee to ensure that accurate demographic data of the affected families was gathered, adding that they also have his mandate to reach out to spirited individuals, corporate organisations and agencies in the society to appeal for their support to the Fund.

He said: "Remembering the widows and family members of our fallen heroes in the security forces will make them proud that their husband's did not labour in vain and motivate those still serving to give their all on their job.

“Your mandate also extends to communities that have been ravaged by insecurity to provide succour to

them and restore their hope. You are the kick-starters of the Project. Your committee will soon be expanded to accommodate other interests and critical stakeholders.

“You are starting from the South East but your mandate will extend beyond the region in due course. Ensure you work with data and remain above board at all times. I have no doubt that with the caliber of people on the Committee, you will meet our expectations".

Reacting to the killing of the soldiers in Aba, the chairman of the Fund Committee, Akwari described the incident as unfortunate. His words: "First, let me start by saying that what happened in Aba is one of the most unfortunate incidents. I see people behaving like complete mad people. I wonder what makes human beings to take up arms to go and fight the military.

“You have no right whatsoever to take up arms against anyone, let alone taking up arms against the military. It is unheard of. It’s not part of our culture. The Deputy Speaker’s visit calls for kudos. He has to abandon the activities in Abuja and decide to come and interface with the bereaved families.

“That shows humanity. To sympathize with these women that lost their husbands, I commend him, for bringing all of us. He brought some of the members from the northern part of the country to follow him to go and sympathize with the bereaved family".

IVLP Alumni Warns Students against Drug Abuse, Cybercrime

The International Visitor Leadership Program (IVLP) Alumni Association of Nigeria, operating under the auspices of the US Consulate in Lagos, has issued a stern warning to young male students about the dangers of drug abuse.

This cautionary message was delivered during a special event tagged "The Conversation: An Open Talk with Boys,” held at Lagos City Senior College in the Yaba area of the state, according to a statement yesterday.

The occasion, commemorating the International Day of the Boy Child, saw experts from various fields addressing a diverse group of secondary school boys.

Chairman IVLPAAN Board of Trustees and Deputy Commandant, Nigeria Drug Law Enforcement Agency, Lagos Command, Lambert

Nor, advised the students to learn to reject pressures related to drug abuse.

He stressed that drug abuse, beyond its immediate allure, carried severe physical, psychological, economic, and social consequences

He added, “Drug abuse is when you take drugs outside medical prescription and for pleasure. There are consequences for doing this. Some of them are physical, psychological, economic and social.

“So don’t ever start, no matter the attraction. Some will say it will help you to read well. It is a lie. It does not help but give you a habit that will kill you.

“Drugs are very serious, apart from damaging your future or destroying your destiny, it damages every other person that is associated with you. When anyone approaches

you to take them, resist it. Once you recognise that this is a drug, don’t take it. Learn to say no politely because it destroys one’s future. By then, when opportunities are opening, all those that get you into it are not there again. Be careful, your life is important just as your future is important.”

Speaking on the topic, “Crafting a well-rounded boy: preparation for a life of optimal performance and continuous growth”, Finbarr Aniekeme, urged the boys to strive for excellence and steer clear of negative influences. He emphasised the significance of self-belief, discipline, and avoiding vices.

He said, “Whatever people have said against you, do not take it that way. To be an outstanding person in the future, the first thing is to believe

in yourself. You can be outstanding. Nothing is inhibiting your brain. It is to believe that you're special. Nobody in this world is permitted to tell you that you are a dunce.

“We are celebrating the day of the boy child, and we want all boys to grow up and become responsible. The problem is that boys tend to be irresponsible if they join bad groups. Many beat women. Real boys are calm and confident; they don't join gangs and secret cults.”

Shola Owonikoko, a development practitioner, spoke on the topic

“Guiding boys through adolescence: Self-development principles and the perils of cybercrime,” emphasised that regardless of their background, every individual has the potential for greatness.

He said, “You can be whatever

you choose to be, either good or bad, but becoming the good part is profitable. That you were not born with a silver spoon does not mean you cannot be anywhere you want in the world.

“Your background is not enough to limit you from becoming what you want to be. Education is the best thing you can spend your time doing now because it structures your life and configures your mind.” Owonikoko also urged them to shun cultism, betting, drug use and cybercrime while noting that it was capable of limiting their future. While providing insights into the topic, “Embarking on a journey of self-discovery and fulfilment: The Psychological Blueprint for Boyhood,” Dr. Maymunah Kadiri, advised students against being a second version of others.

COURTESY VISIT TO THE NEW CORPS MARSHAL…

L-R: Managing Director, Barnksforte Group, Mr Adedayo Bankole; Corps Marshal, Federal Road Safety Corps(FRSC), Shenu Mohammed, and Chief Operating Officer, Barnksforte Technologies Limited, Mr. Ibrahim Sulaimon, during a visit to the FRSC headquarters in Abuja... recently

Ondo Amotekun Launches ‘Operation Safe-ground’, Parades 48 Suspected Criminals

Fidelis David in akure

The Ondo State Security Network Agency codename Amotekun yesterday launched another initiative tagged: ‘Operation Safe-ground’, to rid the state of crimes.

The state Commander of the corps, Mr. Adetunji Adeleye, who flagged off the initiative at its headquarters in Akure while parading 48 suspected criminals arrested across the state, said the operation was launched in accordance with the directive of the state Governor, Mr. Lucky Aiyedatiwa, to further flush out criminal elements from the coastal state.

EKEDC’s Light Up Agbara Project Set to Energise Industrial Hub

Eko Electricity Distribution Company (EKEDC) reached a significant milestone yesterday with the Groundbreaking Ceremony of the Light Up Agbara Project, a transformative initiative aimed at enhancing power supply to industrial clusters across Nigeria. The event held in Agbara, Ogun State marked the commencement of construction activities for this flagship project.

Adeleye said ‘Operation Safe-ground’ would further give confidence to the people that they are well secure in their respective localities.

According to him, “We observed that in the main cities, miscreants and criminals are taking over. We equally observed that on Sundays,

and when people go to work, these miscreants bugle their houses and make away with their valuables.

“The complaints became

unbearable in the last three weeks. and that was what prompted the governor to direct that ‘Operation Safe-ground’ be launched today.

‘ECOWAS Facing Financial Challenges, Must Not Be Overburdened’

The President of Economic Community of West African States (ECOWAS) Court of Justice, Justice Edward Amoako Asante, has lamented that the regional bloc is presently facing financial challenges and must not be overburdened by its institutions.

Some of ECOWAS institutions include ECOWAS Commission, ECOWAS Bank for Investment and Development (EBID), Community Court of Justice, Community Parliament, West African Health Organisation (WAHO) and InterGovernmental Action Group against Money Laundering and Terrorism Financing in West Africa (GIABA).

Speaking at the opening of the 16thvAdministrative and Budget Retreat of ECOWAS Court in Nasarawa State, Asante said with the financial challenges facing the community, it is imperative that it resources should not be overburdened. According to him, “We must all know that the Community is now financially weak, therefore, we do not have to overburden it.”

Unilorin Expels 100-level Student over Alleged Demand of Ransom on Missing Mate

Hammed Shittu in Ilorin

Speaking at the ceremony, Board of Directors, EKEDC, Mr. Dere Otubu, Chairman, emphasised the significance of the project in addressing the energy needs of the Agbara Industrial Hub.

The Light Up Agbara Project is part of the Presidential Power Initiative, spearheaded by EKEDC in collaboration with key stakeholders in the power sector, including the FGN Power Company, Niger Delta Power Holding Company, Millwater Limited, and the Transmission Company of Nigeria. This strategic partnership underscores the commitment of both public and private sectors to drive economic growth and industrial development through reliable electricity supply.

Federal Lawmaker Doles Out N10m to 200 Market Women in Edo

Adibe Emenyonu in Benin-City

No fewer than 200 market women in Edo State have been given the sum N10 million to boost their businesses courtesy of the member, representing Egor/Ikpoba Federal Constituency in the National Assembly, Murphy Omoruyi of the Labour Party (LP).

Addressing the highly elated women, yesterday while giving them a cheque of N50,000 each, Omoruyi described the event as a special one having been

used by God to support and uplift their businesses.

He said the gesture was part of his campaign promises aimed at building a strong community, adding that by offering financial assistance, beneficiaries are expected to strive for greater success and financial stability.

The federal lawmaker also used the opportunity of the presentation of the cheques to announce plans for training programmes for the women to enhance their business skills and knowledge.

NGO Celebrates Founder’s Induction as World Peace Advocate

Olusegun Samuel in yenagoa

The members and volunteers of the Kenmara Agricultural and Health Foundation, a non- profit organisation, have felicitated their Founder and Chief Executive Officer, Ambassador Kenneth Biogbo, over his induction as a member of the International Association of World Peace Advocates.

The organization, which is committed to empowering individuals and communities through sustainable

development and social transformation in a statement by the Project Manager and Member, Board of Directors, Kenmara Agricultural and Health Foundation, Amb Madock Joshua, described the award as commendable and a testament of the founder’s commitment to promoting peace and harmony in the society and the world at large. He added that Biogbo inspiring efforts have a profound impact on many beneficiaries.

The authorities of the University of Ilorin, Kwara State, have expelled a 100-level student of the institution, Olanrewaju AbdulKadir, for allegedly demanding ransom from the

parent of his missing colleague. The expulsion of AbdulKadir was confirmed in the weekly bulletin of the university signed by the Director of Corporate Affairs, Alhaji Kunle Akogun, and made available to journalists in Ilorin yesterday.

AbdulKadir, the expelled student with matriculation number 22/52HL004, is a first year student in the Department of Information Technology, Faculty of Communication and Information Sciences of the university.

The university has also

rusticated a 400-level student, Segun Micheal Oyewole, for beating a fellow female student. Oyewole, who was rusticated for one academic session, is in the Department of Counselling Education in the Faculty of Education of the university.

Lagos Reconstitutes State Urban Development Policy Technical Committee

The Special Adviser on eGIS and Urban Development to the Lagos State Governor, Dr. Olajide Abiodun Babatunde, on behalf of the state Governor, Babajide Sanwo-Olu, has inaugurated the reconstituted Technical Committee on Lagos State Urban Development Policy, for better performance and operational efficiency.

The committee, which was inaugurated on May 31, 2024, is headed by a renowned Professor of Urban Management and Governance at the University of Lagos, Prof Taibat Lawanson, while Lookman Oshodi, a Commonwealth Professional Fellow, will serve as the vice chairperson.

Other members of the committee include: Mrs. Olufunke Adegun, coordinator, Office of Urban Development; Adekunle Ganiyu Salami, coordinator, Office of Physical Planning, Mr. Aderemi Moshood, secretary; Dr. Olanrewaju Bakinson, Assistant Secretary; Mr. Olusegun Alaba Williams, Senior Special Assistant to the Governor on Urban Development (member); Mr. Mukaila Sanusi, member/ Public Relation Officer; Olutunde Babawale, member; Fatimat Oladunni Oke, member/finance clerk, and Bunmi Alugbin, member.

Osun Warns Company Laying Cables, Erecting Mast without Due Process

Yinka Kolawole in Osogbo

The Osun State Government has disclosed that some companies have been laying underground cables across the state without following due process.

The state government also noted that over 50 masts were erected across the state without requisite state approvals.

The state consultant overseeing the telecommunications infrastructure, Global Transactions Nigeria Limited, stated this yesterday in an interview with journalists in Osogbo.

The Director of Data and Projects at Global Transactions Nigeria Limited, Morenike George-Taylor, who addressed journalists, said the company has been addressing the issue of companies that have erected telecommunications masts and laid cables within Osun State without proper licensing and payments.

She, however, noted that the companies have been reported to the Nigerian Communications Commission (NCC).

While noting that the action is unacceptable, George-Taylor said the company was considering a ‘naming and shaming’ policy to hold the erred companies accountable. She said: “As the trusted partner of the Osun State Government, we have the expertise and local knowledge to help telecommunications companies comply with state regulations and fulfil their obligations as corporate citizens.

Emerging Africa Adopts ISO 26000 Social Responsibility Standards

Emerging Africa Group, a leading investment banking and financial services group, The has adopted the prestigious ISO 26000 Social Responsibility Guidance Standards as a reference document in its practice of Corporate Responsibility and Sustainability.

With this adoption of ISO 26000, the group, which is focused on advancing the growth of African businesses and communities through Environmental, Social, and Governance (ESG) led solutions, is solidifying its

Flour Mills of Nigeria

Flour Mills of Nigeria Plc (FMN), a food and agro-allied company has recorded 49 per cent increase in revenue to N2.3 trillion in its financial results for the full year ended March 31, 2024.

The performance demonstrate

commitment to fostering sustainable development across the region.

The adoption of the globally recognised framework of the ISO 26000 SR Guidance Standard underscores Emerging Africa’s dedication to social responsibility, aligning

with the principles outlined in Clause 4 of ISO 26000. These principles encompass accountability, transparency, ethical behaviour, respect for stakeholder interests, adherence to the rule of law, compliance with international norms, and the upholding of human rights.

Records 49% Rise in Revenue to N2.3tn

resilience and agility in navigating a dynamic economic landscape.

The Group’s revenue of N2.3 trillion was driven by sustained demand across all business segments and was higher than N1.5 trillion in the previous year.

Gross profit increased by 54 per cent to N273 billion, reflecting effective portfolio management product innovations, pricing and cost optimization measures leading to 61 per cent growth in Operating Profit.

Profit Before Tax and foreign

exchange impact improved by 90 per cent to N141 billion. The group generated significant cash flow, with a solid net cash position of N176 billion, providing flexibility to invest in growth opportunities and the ability to fulfil debt obligations.

NLC Strike Stops Five Super Eagles from Joining Teammates in Uyo

Lookman, Maduka, Iwobi to arrive from UK today S’Africa to fly in tomorrow

Duro Ikhazuagbe

Super Eagles preparations for two crucial 2026 World Cup qualifiers against South Africa and Benin Republic appears to have been hit by the ongoing nationwide strike embarked upon by organised labour in the country.

Yesterday, the first day of the indefinite strike called by the Nigeria Labour Congress, five key members of the Super Eagles who were due

to join their teammates in Uyo could not connect flights from their various destinations to the Akwa Ibom capital as aviation personnel joined the stay at home order of the labour movement.

Sources in the Nigeria Football Federation (NFF) who did not want to be quoted confirmed the matter to THISDAY yesterday evening.

“As I speak with you (at 6pm), five of our players are presently stranded in Abuja and Lagos and

cannot connect flights already booked to Uyo to join the Super Eagles camp,” observed the top level football official.

Players affected by the strike include; Semi Ajayi, Paul Onuachu, Frank Onyeka, Calvin Bassey and BrightThereOsayi-Samuel are also fears in football circles that the ongoing strike embarked upon by the NLC for better wages by already impoverished Nigerian workers may pose

problems to South Africa’s Bafana Bafana from also reaching Uyo.

The South African delegation is due in Nigeria tomorrow, June 5,2024 with accommodation already reserved for the team at the Four Points By Sheraton Hotel in IkotEkpene.

Unless arrangements have been made to fly the contingent straight into Uyo from Johannesburg, any stop over in Lagos is likely to pose problem to the South Africans

Five others who should have been part of the training session are currently stranded in Abuja and Lagos due to the ongoing nationwide strike action

Domestic League Fever Sweeping Across Stadiums as NPFL Hits Home Stretch

As the Nigeria Premier Football League (NPFL) hits home stretch with just four matches to end of the Nigerian topflight season, and just two points separating leaders Enugu Rangers on 61 points from the duo Enyimba and Remo Stars on 59 points, stadiums across the country have started to experience unprecedented attendance figures, with fans flocking to support their local teams.

The title race is wide open, and the battle for a top-three finish is intensifying, promising an enthralling climax to the season.

Enugu Rangers will host Enyimba of Aba this weekend in an oriental derby which could be a title decider. The match will air live on Beta Sports Channel 244 on StarTimes.

The iconic Lekan Salami Stadium in Ibadan was packed to capacity on Sunday, buzzing with the energy of passionate fans. Surprisingly, even the Mobolaji Johnson Stadium in Lagos saw a significant influx of Enugu Rangers supporters who travelled to cheer on their team, while Sporting Lagos fans filled their designated stand, creating a vibrant and electrifying

atmosphere.

Beyond the on-field action, Nigerian football fans are transforming matchdays into a vibrant fiesta, overflowing with lively moments, infectious joy, and a shared passion for the beautiful game. A reminiscence of the good old days of the Nigerian topflight. Also, those who cannot attend the games are attesting to getting improved quality of live telecasts of the matches since StarTimes took over as Broadcast partner of the NPFL. Muhammadu Dikko

Stadium in Katsina, stadiums in Aba, Enugu, Jos, Kano and more are not left out with huge turnout of fans when their teams play at home.

“Fans nationwide are finding their voice in a league that belongs to them,” veteran sports analyst, Mitchell Obi said noting that “from the Muhammadu Dikko Stadium in Katsina to the Lekan Salami Stadium in Ibadan, the beautiful game in Nigeria has become more than a rallying point for the youth populace to mix and show their

joy as well as a fitting opportunity for the governments to showcase the peace and progress of their cities,” he said.

The return of fans to stadiums has transformed matchdays into a nationwide celebration of football. The vibrant colours, passionate chants, and infectious energy emanating from the stands have created an unforgettable atmosphere that is drawing in new fans and rekindling the love for the game among long-time supporters.

Grange, St Saviour’s Scoop Dolphin

Grange School, Ikeja, and St Saviour’s School, Ikoyi, emerged as the best secondary and primary school at the award ceremony of Season Five of the annual Dolphin Swimming League held at the weekend in Lagos. Grange School, considered a dominant team in swimming, continued its reign as the best secondary school of the foremost private inter-school swimming

competition with 1,270points to lift the coveted trophy presented by the former President of Nigeria Aquatics Federation, Babatunde Fatayi-Williams. St Saviour’s garnered 1,124 points to beat Boken Aquatics to the title in the primary section. For claiming 13 gold, two silver, and one bronze medals throughout the season, Tofunmi Ibidapo of Grange was adjudged

making the barely one hour flight into Uyo if the strike persists by Wednesday.

According to NFF’s Director of Communications, Ademola Olajire, a total of 15 Super Eagles players trained on Monday morning in Uyo, with Head Coach Finidi George telling the players afterwards that the three points at stake in Friday’s encounter must end up in Nigeria’s kitty.

“While the quintet (three in Abuja and two in Lagos) is being expected at the team’s Ibom Hotel and Resorts, the trio of midfielder Alex Iwobi, goalkeeper Maduka Okoye and forward Ademola Lookman are expected to arrive in the country today,” observed Olajire yesterday evening.

There was no training session on Monday evening, as the players get countenance intensive sessions on Tuesday, Wednesday and Thursday,

hopefully with a full house. Meanwhile, South Africa’sHead Coach,Hugo Broos, has been forced to make one change to his already selected 23-member squad due to injury.Grant Kekana has withdrawn from the Bafana Bafana squad due to injury, and he has been replaced by Kaizer Chiefs defender Given Msimango.

Kekana suffered an injury in Saturday’s Nedbank Cup final against Orlando Pirates where he only lasted for the first half before being replaced by Junior Mendieta.

Now, Msimango will get a chance to raise his hand and convince Broos to select him for future Bafana Bafana matches. He is the only player representing Chiefs in the current Bafana Bafana squad – Msimango was also in the 36-man preliminary squad.

Djokovic Survives Cerundolo Scare to Reach Quarter-finals

Defending champion Novak Djokovic showed his supreme powers of recovery once again to come through a five-set marathon against Francisco Cerundolo and reach the French Open quarter- finals.

Serbia’s Djokovic, 37, looked hampered by injury before winning 6-1 5-7 3-6 7-5 6-3 against Argentine 23rd seed Cerundolo.

For the second time in three days, the 24-time major champion fought back from a two-sets-to-one deficit.

The fourth-round match with Cerundolo started about 4pm local time on Monday, little over 36 hours after his previous contest against Lorenzo Musetti finished at 3:07am on Sunday morning.

But Djokovic still had the mental and physical resilience to win another gruelling encounter

lasting four hours and 39 minutes.

The top seed broke out into a beaming smile when he sealed victory, pointing to his chest and then to the court in celebration. "Three or four times I was points away from losing this match and thank you to my opponent," said Djokovic.

"He deserves so much applause that's for sure. I'm not sure how I won this match."

It was Djokovic's 370th victory at a Grand Slam tournament, putting him clear of his great rival Roger Federer.

Djokovic will face the winner of Norwegian seventh seed Casper Ruud, who the Serb beat in last year’s final, and American 12th seed Taylor Fritz in the last eight.

Swimming League Awards

the best overall female swimmer while her counterpart from Grange Aidan Dumuje-Abili claimed the male best overall swimmer with 24 gold medals. Lagos Preparatory & Secondary School Ikoyi, Lagos was adjudged as the most organised team while Greensprings School and Atlantic Hall carted home the Fair Play award in the primary and secondary sections.

Ugo Stanley Chinedu of St Saviour’s School and Alade Ebimowei Simon of Grange School were awarded the most productive coach awards; Tesese Ahenjir of Greensprings and Hussein Ali Saade of Children’s International School (CIS) won the Best Newly Discovered Talent awards.

Speaking at the award ceremony, the head of technical for

the event, Samuel Jesimiel, lauded the schools while urging other schools to join the tournament. “The just concluded season five produced so much for Lagos State and even for Nigeria because most of the swimmers here in Dolphin League have represented Nigeria in international competitions including the junior championships in Africa, and the West Africa Zone 2.

Super Eagles players going through their paces at training in Uyo yesterday morning.

Novak Djokovic was stretched to his limit by Francisco Cerundolo 6-1, 5-7, 3-6, 7-5, 6-3 before the Serb qualified for the quarter finals of the ongoing French Open...yesterday

FRENCH OPEN

Obasanjo to Anti-History Advocates

“I don’t know where we got the idea that we shouldn’t teach history in our schools. It is a stupid idea. It is like losing one’s memory. It will be a disaster. I don’t know where we got it from. Some people feel there is an aspect of history we don’t want to hear. There are always the bad and the good even in your own life...I am a proprietor of a school, and in my school, we must teach history...” --FormerPresidentOlusegunObasanjo,saysremoval ofhistoryfromthenation’seducationalcurriculumwasahugedisaster.

TUESDAY WITH REUBEN ABATI

abati1990@gmail.com

Tinubu And The Old/New National Anthem

One of the very easy tactics that a government adopts when it sees that it is unpopular with the publics that it governs is to create a diversion, fly a kite or invent a subject of controversy to keep the people busy and draw them away from what exactly they should be talking about. The media gets easily sucked into the sensational subject because that sells the news, and in the midst of the frenzy that follows, with the commentariat and civil society beating their chests and staging a drama of their own, and government fuelling the narrative, the big issues of the day are glossed over and government heaves a sigh of relief. This is precisely the diversionary tactic that has been adopted by the Tinubu administration by making the reversion to Nigeria’s old National Anthem the big issue of the day as the administration marked its one year in office.

One week to May 29, the government sent an Executive Bill to the National Assembly which worked expeditiously on the Bill, taking it through the necessary readings and passing it promptly. On May 29, Nigerians were further confused as to whether the President would address the National Assembly or not, with two spokespersons working for the same President on the same subject of public communication working at cross-purposes, contradicting each other, on a matter that should have generated no controversy whatsoever. As it turned out, the President finally showed up at the National Assembly on May 29, in what the Senate President, Godswill Akpabio, described as a Nollywood “waka pass” appearance. But it just wasn’t a “waka pass” simply because the President had no written script – he spoke extempore. The visit acquired a major significance when it was disclosed that President Bola Tinubu had that same morning signed a bill amending the National Anthem Act into law, and that a new National Anthem Act, 2024 had come into effect, cancelling the 1978 National Anthem: “Arise o Compatriots” and compelling Nigerians to return to the old National Anthem: “Nigeria We hail Thee”.

Many Nigerians were shocked and outraged. At the National Assembly, the lawmakers recited the old National Anthem. The scandal of it was that many of them did not even know the lyrics of the same Anthem that they were supposed to be singing. The government’s move, its Nollywood theatrics, wittingly or unwittingly, had the prompt effect of generating a controversy, a furore. A few days earlier, we had been told that the Presidency was conducting a Ministerial Record Card session where Ministers were required to give accounts of their stewardship. Most of the Ministers had spent about eight or nine months in office and before May 29, at least eight Ministers made presentations. With the National Anthem thrown into the mix, nobody talked again about the Minister’s score card. Indeed, till this moment, there has been very little discussion of the Tinubu administration’s score card in one year. That subject has been pushed off the front pages by the controversy over the National Anthem. Even the wise men who had advised that Tinubu should be allowed to spend one year in office before any assessment is done, have been studiously quiet. They have refused to respect their own deadline. And so, Tinubu and his team, in their classical “teamship” fashion have as they say, played a smart one on Nigerians. And we the people got fooled. Cluelessness has no better definition. Of all the things that assail Nigerians: high cost of living, crude oil theft, food inflation, insecurity, corruption, divestments by multinational oil corporations, the flight of capital to other countries, the unabating spread of a culture of hate in the country, poor governance, bad politics, many Nigerians are left wondering why a national Anthem should be a subject of urgent national importance. Some of the immediate responses are noteworthy. Oby Ezekwesili, former Minister of the Federal Republic (Solid Minerals, Education), was quick to create a hashtag #NotmyNationalAnthem to express her objection to the reversion to the colonial National Anthem. She made it clear that she would always sing the 1978 National Anthem “Arise O Compatriots”, and not “Nigeria We Hail Thee”. She was of the

view that this was “an egregious case of Majoring in the Minor…repugnant to good conscience.” She was soon joined by Senator Shehu Sani who wondered aloud about the Tinubu administration’s misplacement of priorities. When the matter was debated on the floor of the Senate, Senator Adams Oshiomhole (Edo North) had objected to the use of the words; “native and tribe” in the old National Anthem. Many Nigerians agreed with him. “Native and tribe” are pejorative words with which the colonialists who gave Nigeria a National Anthem at independence in 1960 identified us. Oshiomhole was hushed up. The majority had their way. Within days, school pupils were already being taken through the ordeal of learning the old anthem. A video soon went viral of the dance-and-song-loving Governor of Osun State, Senator Ademola Jackson Adeleke trying to re-learn the National Anthem. But it was only a matter of time before the conscientious objectors took centre-stage. Aisha Yesufu, the activist was at an event where the old, now new National Anthem was played and she refused to stand up. Everyone glared at her. She neither budged nor flinched. She has since defended her choice by dismissing the National Anthem as an “obnoxious law”. She added: “We are citizens, not slaves.” She went a step further to claim that “Tinubu was not voted for. He rigged his way to office. How dare he?” Mrs Yesufu has since been supported by Mrs Oby Ezekwesili who returned to the subject, stating that the National Assembly engaged in “a Kangaroo Act of violating the Constitution”. The legal line highlighted by Ezekwesili has also been taken up a civil society group: the Association of Legislative Drafting and Advocacy Practitioners which has now gone to court to argue that the court should declare the new National anthem illegal and unconstitutional on the grounds that (a) the National Assembly did not conduct a public hearing as required under Section 60 of the 1999 Constitution. However, the National Assembly insists that there was a public hearing. The protesters insist that nobody was aware of any public hearing: when, where, and how was it held? (b) no letter of transmission of the said Bill was sent to the President as required by law. Nigeria is a funny country. The said letter can be manufactured and backdated. It would be a bigger scandal for the President of Nigeria to announce a law to which he did not append his signature. (c) The Association of Legislative Drafters also argues that the expenditures associated with the National Anthem Act 2024 are not captured in the 2024 Budget; (d) that the new Anthem would impose financial burden on Nigerians including costs such as man-hours that would be spent updating official documents. They forgot

to add that learning a new Anthem is in itself an unnecessary burden but they were quite right to say that any law that does not follow due constitutional process cannot stand as held in AG of Bendel State vs. AG of the Federation & 22 Ors. (1981).

The foregoing objections notwithstanding, there have also been persons who have supported the reversion to the old National Anthem. Senator Godswill Akpabio, Chairman of the National Assembly, was quoted as saying that “the most profound act of Tinubu is taking Nigeria back to the old National Anthem”. Please, what is profound about a thoughtless, impulsive legislative and executive act that required no serious reflection and has no bearing whatsoever on good governance? My friend and colleague, Professor Anthony Kila has dismissed Akpabio’s statement as sycophancy writ large. But what can we also make of the statement attributed to Hon. Philip Agbese, Member of the House of Representatives (Ado/ Okpokwu/Ogbadibo Federal Constituencies) who reportedly said “the old National Anthem is a major step towards the country’s return to glory days”. Haba! How? The more intelligent defence of the reversion to the old and new National Anthem came from Professor Mike Ozekhome, the legal luminary who has argued repeatedly that he, indeed, canvassed for a return to the old National Anthem at the 2014 National Conference, a motion that was unanimously carried at plenary and which formed one of the major recommendations of the Conference. Ozekhome, who studied English, before he studied Law and rose to the very top in that chosen vocation rests his argument on what he considers the linguistic profundity of the old National Anthem. He thinks that the phrasing of the old National Anthem evokes emotions that align more with the Nigerian situation. He has also been identified as one Nigerian who attended the public hearing that the Association of Legislative Drafting and Advocacy Practitioners insists never took place. Who else attended that public hearing?

Besides, Ozekhome has been reminded that the 2014 National Conference that he quotes triumphantly as “the man who saw tomorrow” had far more fundamental resolutions that have been ignored most conveniently by the Tinubu administration viz: review of fiscal revenue sharing formula, creation of new states, qualification to become Presidentthat is anybody aspiring to be President of Nigeria must have at least a university degree; rotation of Presidency; decamping – any elected official who cross-carpets must automatically forefeet his seat; acting Presidency – when a President dies in office, the Vice President can only act for 90 days during which an election to the same office shall be conducted; open grazing - cattle routes and grazing reserves should be phased out to encourage ranching; a new state for the South East for purposes of equity and balance; review of the form of government; local government autonomy, removal of the immunity clause, state police, abolition of sponsorship of religious pilgrimages. Out of all these weightier issues, it is curious that the one that catches President Tinubu’s fancy is the recommendation about the National Anthem! And the law was passed within a week – quite a record in legislative efficiency that deserves deeper probe. The whole saga got really messy when it became apparent, and the social media amplified this that indeed in 2022, ahead of the 2023 general election, President Tinubu, then a candidate and aspirant had granted an interview where he expressed preference for the old National Anthem and vowed in these words: “the old anthem is about service, diversity and commitment. I don’t know why we changed it. If I had my way, I will bring it back.” Tinubu won the 2023 Presidential election and now he is having his way and he has changed Nigeria’s National Anthem to satisfy his own wish. Laws are to be made for the common good, not for persons and their whims. One of my favourite passages in Lee Kuan Yew’s book, “From Third World to First” is where he writes about African leaders and lawmaking, and how African leaders create laws to serve personal interests rather than the interest of the people. In his view, this hinders development and perpetuates poverty. In that book, Lee Kuan

Yew wrote specifically about his visit to Nigeria for a Commonwealth meeting hosted by Prime Minister Sir Tafawa Balewa. There was a banquet at the Federal Palace Hotel, Victoria Island, where Minister Yew sat opposite Nigeria’s Minister of Finance, Chief Festus Okotie-Eboh. Of the Chief, Yew reports in his book that: “He was going to retire soon. He had done enough for his country and now had to look after his business, a shoe factory. As Finance Minister, he had imposed a tax on imported shoes so that Nigeria could make shoes. Singapore Foreign Minister Sinnathamby Rajaratnam and I were incredulous. Chief Festus had a good appetite that showed in his rotund figure, elegantly camouflaged in colourful Nigerian robes with gold ornamentation and a splendid cap. I went to bed that night convinced that they were a different people playing to a different set of rules.”

Minister Yew is certainly right. Nigerians are a different people playing to a different set of rules. As it was in the 60s, so it is now in 2024. The world is talking about the future of things driven by Generative AI, we are here in 2024 talking about National Anthem, we are busy going back to the past, not knowing what to do with the present or the future. To worsen matters, President Tinubu also wears a splendid cap! And he has made a law, with the support of the National Assembly to please himself. It must be noted that even the Attorney General of the Federation and Minister of Justice had to intervene to say that the National Anthem Act should have been subjected to wider consultation. Thus, the country’s chief law officer tactically disowned the new National Anthem. Law is made for the people, not the other way round, and the true test of any law lies in its acceptance by the people. Dr. Kayode Ajulo, SAN, OON and AG of Ondo State has put in an opinion that “the Nigerian National Anthem Act stipulates that failure to stand during the rendition of the anthem is an offense punishable by imprisonment, fine and or both fine and imprisonment.” In other words, if more Nigerians follow the Mrs. Yesufu and Mrs. Ezekwesili line of protest, Tinubu would have more than enough people to arrest. Alternatively, he may face a situation where most Nigerians regard the return to the old anthem as a joke. Already, Nigerians ever so ready to create a social media skit out of everything have invented many versions of the National Anthem; fuji, hip hop, juju and reggae versions! So, how many people will Tinubu arrest?

Section 24 (a) of the 1999 Constitution on essential duties of citizens says that citizens are required to “abide by this Constitution, respect its ideals and its institutions, the National Flag, the National Anthem, the National Pledge and legitimate authorities.” This is in Chapter Two, the justiciability of which remains a subject of debate. I have not seen a copy of the National Anthem Act of 2024 - if at all it exists, it is yet to be published, but it would be most strange indeed to send anybody to prison or asked to pay a fine for refusing to sing the National Anthem. Mrs Aisha Yesifu may well be right when she proclaimed that “we are citizens, not slaves.” All things considered, the re-introduction of “Nigeria We Hail Thee” is a gamble. Nigerians who argue that it is wrong to return to an anthem written by Lillian Jean Williams and set to musical score by Frances Berda are beginning to ask why the Tinubu government has a colonial mentality. In 1978, the then Nigerian military government, opted for a new National Anthem: “Arise O Compatriots,” which was selected from the lyrics of five winning entries, fused into one. The entries were submitted by P. O. Aderogba, Babatunde Ogunnaike, John Ikechukwu, Eme Etim Akpan and Sotu Omoigui. The Director of Music, Nigeria Police Band, Benedict Odiase selected the lyrics, fused them and composed the music. It is most unfortunate that we are busy discussing National Anthem rather than more important issues. This is the very height of cluelessness. We may soon end up as. a nation with two National Anthems. Those who claim that Tinubu’s National Anthem is a profound act, and an achievement of great national importance should cease and desist forthwith from sounding so ridiculous.

President Bola Tinubu