WEDNESDAY 12TH JUNE 2024

At Democracy Lecture, Jonathan Says Winner- takes-all Politics Inimical to

Jonathan’s comments came as President Bola Tinubu advised Nigerian leaders to recommit to the

US President’s Son, Hunter Biden, Convicted in Federal Gun Trial

Never Turn My Back on You, Tinubu Tells Nigerians on June 12 Democracy Day

Recalls how he, others risked their lives for democracy Says despite complications, democracy remains the best form of governance Promises to send bill on new minimum wage to National Assembly soon, declares new wage negotiated in good faith with

deji elumoye in Abuja Former President Goodluck Jonathan,

Tinubu Hails Tolaram as Company Seals Deal with Diageo to Acquire 58.02% Guinness Nigeria Shares

Olawale Ajimotokan in Abuja and Dike Onwuamaeze in Lagos

Tolaram has entered into an agreement with Diageo to acquire 58.02 per cent controlling shares of Guinness Nigeria Plc with a long term commitment to continue the production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.

Owing to the development, President Bola Tinubu hailed the Singaporean business conglomerate for believing in Nigeria and having absolute faith in her economy.

The signing of the agreement was announced yesterday, by the Legal Director/Company Secretary of Guinness Nigeria Plc, Mrs. Abidemi Ademola, in a press release titled, “Tolaram to Acquire Diageo’s Shareholding in Guinness Nigeria Plc.”

It stated: “Under the terms of an agreement signed today, June 11, 2024, Tolaram will acquire Diageo’s 58.02 per cent shareholding in Guinness Nigeria, and enter into long-term licence and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.”

She explained that the transaction was expected to be completed during Fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria.

According to her, “Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness

brand, which will be licenced to Guinness Nigeria for the long-term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.”

The statement explained that Tolaram, which has had a five-decade presence in Africa, remains one of the largest consumer packaged goods companies on the continent and has forged joint venture partnerships with several leading consumer multinational companies.

It further stated that, “in partnership with Guinness Nigeria and Tolaram, Diageo will continue to drive the brand and marketing strategy for Guinness in Nigeria, to ensure Diageo’s exceptional capabilities in brand building and innovation continue to drive long-term growth for Guinness in Nigeria.”

It added: “Following completion of this transaction, Guinness Nigeria will remain listed on the Nigerian Exchange Limited, and subject to regulatory approvals, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements.”

Commenting on the agreement between Tolaram and Diageo, the Board Chairman of Guinness Nigeria Plc, Mrs. Omobola Johnson, described the development as a significant opportunity for the next phase of growth for Guinness Nigeria.

Johnson added: “This partnership brings together Tolaram’s deep expertise in manufacturing and

distribution, and Diageo’s exceptional capabilities in brand building and innovation.

“I believe this is a winning combination which leaves Guinness Nigeria extremely well placed to drive further growth in this market.”

Speaking in the same vein, the Managing Director/Chief Executive Officer of Guinness Nigeria Plc, Mr. Adebayo Alli, said: “Today’s announcement marks an exciting moment for Guinness Nigeria, our employees and our customers.

“I look forward to working alongside Tolaram, which is one

of the largest and most respected consumer goods companies in Africa, and I am pleased to note Tolaram’s alignment with Guinness Nigeria’s values and its strong commitment to build an enduring and sustainable business.”

The Managing Director, Tolaram Africa, Mr. Haresh Aswani, said his organisation was “thrilled to welcome Guinness Nigeria, a company with such a rich legacy and strong consumer loyalty, into our ecosystem.

“This strategic move will expand our significant footprint in the

PwC Report:

Dike Onwuamaeze

A new PwC’s report has revealed that the Nigerian advertising industry (marketing communication) recorded an estimated spending of N605.2 billion in 2023, with a projection to hit N893 billion by 2028.

The report, which was titled, “Economic Contribution of the Marketing Communications Industry to the Nigerian Economy,” also revealed that every N1 spent on marketing communication in

Nigeria has a Gross Domestic Product (GDP) multiplier effect of N16.50 kobo.

According to the report, “the total expenditure on marketing communications reached an impressive N605.2 billion in 2023, having grown at a remarkable compound annual growth rate (CAGR) of 18.7 per cent over the past six years, from N216 billion in 2018.

“This trajectory is projected to continue, with spending expected to reach N893 billion by 2028, contributing a significant 1.08 per

Nigerian market and presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and shareholders across the nation.”

Meanwhile, Tinubu has hailed the Indonesian business conglomerate, the Tolaram Group, for believing in Nigeria and having absolute faith in her economy.

The Special Adviser to the President on Information & Strategy, Bayo Onanuga, asserted this yesterday in a statement.

Onanuga quoted President Tinubu

as saying that by acquiring Diageo’s shares in Guinness, Tolaram, which has been doing business in Nigeria in the last 50 years, had shown that it has a long-term view of doing business in Nigeria.

He said in choosing to expand its investment footprints in Nigeria, Tolaram had demonstrated strong faith and confidence in Nigeria's economy. He said Tinubu welcomed Tolaram to the beverage sector of Nigeria’s business landscape and hopes the group’s business will continue to flourish.

James

Emejo in Abuja

The federal government generated N1.43 trillion from Value Added Tax (VAT) in the first quarter of the year (Q1 2024), representing a 19.21 per cent increase compared to N1.20 trillion in Q4 2023, the National Bureau of Statistics (NBS) said yesterday. This came as Company Income Tax (CIT) for the period under review dropped by 12.87 per cent to N984.61 billion from N1.13 trillion in the preceding quarter. According to the Sectorial Distribution of Value Added Tax (Q1 2024) which was released by the statistical agency, local pay-

ments for consumption tax stood at N663.18 billion, and foreign VAT payments at N435.73 billion, while import VAT contributed N332.01 billion.

Quarter-on-quarter, accommodation and food service activities recorded the highest growth rate with 59.15 per cent, followed by the activities of administrative and support with 47.79 per cent. On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate of -57.01 per cent, followed by human health and social work activities with –27.73 per cent. Manufacturing with 26.72 per cent; information and Communica-

tion17.42 per cent; and mining & quarrying activities 15.42 per cent, according for the top three largest contributors to VAT in Q1, the NBS noted.

Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.01 per cent, followed by activities of extraterritorial organisations and bodies with 0.03 per cent and water supply, sewerage, waste management, and remediation activities with 0.05 per cent. However, on a year-on-year basis, VAT collections in Q1 2024 increased by 101.65 per cent from Q1 2023.

Similarly, for the companies’ profit tax, local payments accounted for N386.49 billion, while foreign CIT payment contributed N598.13 billion in the review period.

Quarter-on-quarter, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the highest growth rate with 330.42 per cent, followed by administrative and support service activities with 33.18 per cent.

On the other hand, activities of manufacturing had the lowest growth rate with –70.24 per cent, followed by electricity, gas, steam and air conditioning supply with –69.14 per cent.

cent to Nigeria's GDP, up from 0.7 per cent in 2023.”

The report, which was commissioned by the Advertising Regulatory Council of Nigeria (ARCON) and funded by various associations in the industry, was carried out by PricewaterhouseCoopers (PwC) and presented to stakeholders yesterday, during a media briefing in Lagos.

The associations included the Experiential Marketers Association of Nigeria (EXMAN), the Association of Advertising Agencies of Nigeria (AAAN), the Outdoor Advertising Agencies of Nigeria (OAAN), the Media Independent Practitioners Association of Nigeria (MIPAN) and the Broadcasting Organisation of Nigeria, (BON).

Speaking at the presentation of the report, the ARCON Director General, Dr. Olalekan Fadolapo, expressed optimism about the industry's recent strides, including the launch of an audience measurement initiative last week.

Fadolapo, in his remarks during the media briefing, strongly emphasised the need to quantify the industry's size and impact as an economic enabler.

He said: "We cannot continue to guesstimate the size of the industry. This report lays the foundation for us to assess the advertising space and its multiplier effect on the economy every year going forward."

He added that findings of the report underscored the industry's

paramount role as a catalyst for consumer demand, business expansion, employment and innovation across various sectors of the Nigerian economy.

Fadolapo, said as part of steps that ARCON has undertaken to advance the growth of the industry, which included the Audience Measurement and the GDP Multiplier effect report, the apex regulatory body is also set to hold an event on the audacious rebrand “Nigeria Project” amongst others that stemmed from the resolutions contained in the communique of the National Advertising Conference (NCF) in 2022.

The Chairman of the NCF, Mr. Tunji Adeyinka, explained that the 2022 conference highlighted a gap in understanding the industry's contribution to the country’s GDP contribution, which prompted the decision to engage the PwC for a credible assessment.

Adeyinka, added that the report examined the advertising industry's direct monetary contribution to the GDP and its multiplier effect, which is the amplified impact of advertising investment on overall economic output.

In his presentation, the Chairman of the Multiplier Study Committee, Dr. Femi Adelusi, revealed the profound impact of Nigeria's marketing communications industry on the nation's economic growth.

25th DEmOcrAcy DAy LEcturE...

Vice President Kashim Shettima (L) welcoming former President Goodluck Jonathan to the 25th Democracy Day Lecture held at the Conference centre of the Presidential Villa, Abuja..... yesterday

PHOTO: GODWIN OMOIGUI

Democracy Day Lecture...

L-R: Minister of Niger Delta Affairs, Abubakar Momoh; Minister of state for Education, Dr. Yusuf Tanko Sunumu; former Chairman of All Peoples Congress (APC), Chief Bisi Akande; Vice President Kashim Shettima; Secretary to the Government of the Federation, Senator George Akume; former SGF, Babagana Kingibe and the Head of the Civil Service of the Federation, Dr, Folasade Yemi- Esan, while back row from left: Minister of state for Water Resources and Sanitation, Bello Goronyo; Coordinating Minister of Health and Social Welfare, Muhammed Ali Pate; Minister of Youth, Dr. Jamila Bio Ibrahim; Minister of state for Federal Capital Territary (FCT). Dr. Mahmoud Mariga; Minister of Special Duties and Intergovernmental Affiars, Honourable Zaphaniah Jisalo and service chiefs at the 25th.

Democracy Day Lecture held at the Conference Centre of the Presidential Villa, Abuja….yesterday.

Nigeria Intensifies Bid to Host $5bn Africa’s First Energy Bank, Meets with APPO Countries’ Envoys

Lists reasons why it’s most qualified among contenders

The federal government last night went a step further in its bid for Africa’s first energy bank, meeting with envoys of members of the Africa Petroleum Producers Organisation (APPO) to convince them on why the facility should be located in Africa’s biggest oil producer.

The idea of the bank was floated to ensure long-term energy efficiency and security for Africa, following the hesitation of the West to continue to invest in fossil fuels on the continent.

Speaking at a dinner in Abuja, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, noted that establishing the Africa Energy Bank (AEB) represents a bold and strategic move towards ensuring energy security, fostering

economic growth, and promoting sustainable development across Africa.

He argued that Nigeria’s bid to host the headquarters of the pivotal institution was a testament to its unwavering commitment to these goals, maintaining that over the past months, the Ministry of Petroleum Resources had worked tirelessly to prepare for the moment.

“We have achieved significant milestones, including a comprehensive assessment by the APPO AfreximBank inspection team. Their positive evaluation underscores Nigeria’s readiness and capability to host the AEB.

“However, the journey does not end here. To secure the hosting rights, we need the collective support of all APPO Member Countries. Our competitors have intensified their

efforts by appointing Special Envoys to lobby for their bids.

“In response, we are appealing to each of you to recognise the advantages of situating the AEB headquarters in Nigeria. Nigeria offers a strategic geographical location, robust infrastructure, and a dynamic energy sector,” he stated.

Nigeria, he said, is committed to fostering a collaborative environment that will enable the AEB to thrive and achieve its mandate effectively, explaining that the dinner was not just a gathering, but a call to action.

Also speaking, the Permanent Secretary, Ministry of Petroleum Resources, Nicholas Ella, stated that Nigeria's strategic location at the crossroads of West Africa renders Abuja offers an unrivalled nexus of connectivity and accessibility.

With its extensive network of transportation infrastructure and logistical capabilities, Ella said that Abuja offers a strategic gateway to the entire African continent, providing the bank with unparalleled access to key energy markets, stakeholders, and decision-makers across Africa.

“By selecting Abuja as its host city, the Africa Energy Bank can serve as a linchpin of connectivity, fostering collaboration and catalysing progress on a continental scale. Nigeria's rich endowment of oil, gas, and renewable energy resources present an unparalleled opportunity for the Africa Energy Bank to harness the continent's vast energy potential and drive sustainable development,” he added.

Furthermore, he said that Nigeria's burgeoning renewable energy sector, characterised by abundant solar and

World Bank: Global Growth Stabilising for the First Time in Three Years

The global economy is expected to stabilise in 2024, marking the first time in three years, but at a level that is weak, going by recent historical standards, the World Bank’s latest Global Economic Prospects report, has revealed.

Global growth was projected to hold steady at 2.6 per cent in 2024 before edging up to an average of 2.7 per cent in 2025-26.

That was well below the 3.1 per cent average in the decade before COVID-19.

The forecast implied that over the course of 2024-26, countries that collectively accounted for more than 80 per cent of the world’s population and global gross domestic product (GDP) would still be growing more slowly than they did in the decade before COVID-19.

Overall, developing economies were projected to grow four per cent on average over 2024-25, slightly slower than in 2023.

Growth in low-income economies was expected to accelerate to five per cent in 2024 from 3.8 per cent in 2023.

However, the forecasts for 2024 growth reflected downgrades in three out of every four low-income economies since January.

In advanced economies, growth was set to remain steady at 1.5 per cent in 2024 before rising to 1.7 per cent in 2025.

World Bank Group’s Chief Economist and Senior Vice President, Indermit Gill, stated, “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying.

“However, growth is at lower levels than before 2020. Prospects for the world’s poorest economies are even more worrisome. They face punishing levels of debt service, constricting trade possibilities, and costly climate events.

"Developing economies will have to find ways to encourage private investment, reduce public debt, and improve education, health, and basic infrastructure.

"The poorest among them—especially the 75 countries eligible for concessional assistance from the International Development Association—will not be able to do this without international support."

The report said this year, one in four developing economies was expected to remain poorer than it was on the eve of the pandemic in 2019.

This proportion was twice as high for countries in fragile –and conflict-affected situations. Moreover, the income gap between developing economies and advanced economies was set to widen in nearly half of developing economies over 2020-24—the

highest share since the 1990s, the report said.

Per capita income in these economies – an important indicator of living standards – was expected to grow by 3.0 per cent on average through 2026, well below the average of 3.8 per cent in the decade before COVID-19.

World Bank said global inflation was expected to moderate to 3.5 per cent in 2024 and 2.9 per cent

in 2025, but the pace of decline was slower than was projected just six months ago.

Many central banks, as a result, were expected to remain cautious in lowering policy interest rates.

World Bank said global interest rates were likely to remain high, by the standards of recent decades—averaging about four per cent over 2025-26, roughly double the 2000-19 average.

wind resources, holds immense promise for powering Africa's future.

With huge oil and gas reserves, he stated that Nigeria seeks to leverage its energy wealth to catalyse innovation, investment, and economic diversification across the continent, ensuring energy security and resilience for generations to come.

By hosting the bank, he noted that Nigeria reaffirms its steadfast dedication to advancing the principles of cooperation, inclusivity, and shared prosperity among African nations.

He said that Nigeria's proactive approach to regulatory reform has positioned the country as a paragon of stability and transparency within the global energy landscape.

In his remarks, the Permanent Secretary, Ministry of Foreign Affairs, Adamu Lamuwa, represented by Ben Okorie, described the event as a matter of extraordinary significance, explaining that the gravity of the decision cannot be overstated.

“It holds the power to shape the trajectory of energy cooperation and development across Africa for generations to come,” he stressed.

As Africa embarks on the transformative journey together, guided by the principles of cooperation, inclusivity, and sustainability, he expressed confidence at its collective ability to realise a future of prosperity and progress for all Africans.

Among some of the reasons Nigeria marshalled for being the most suitable, in a brief at the event, was that Nigeria's banks had continued to make giant strides across the continent, stressing that

cooperation with AEB will help unlock the needed financing.

“Nigeria stands as Africa's leading oil producer and ranks as the ninthlargest oil exporter globally. Nigeria holds Africa's largest natural gas reserves and ranks ninth globally, boasting proven reserves of 200 trillion cubic feet and gas production capacity standing at 8.5 billion cubic feet per day.

“Nigeria commits to providing the needed privileges and immunities as well as other guarantees needed to operate the Treaty and the Bank. Nigeria's robust energy sector provides a solid foundation for the AEB initiative, offering a conducive environment for addressing its financing needs.

“Hosting the bank in Nigeria ensures proximity to key energy technocrats and experts, which is essential for formulating and implementing effective solutions to Africa's energy challenges,” the country argued.

The bank's share capital is expected to be $5billion to be subscribed over three years with an initial capital of $ 1.5 billion reserved for APPO member countries. Afrexim Bank has been supporting APPO to establish the Bank and has approved an investment of $1.75 billion for the bank.

The AEB will finance hydrocarbon, oil, and gas infrastructure and developments across the energy streams and target shareholders shall be African governments, national oil companies, sovereign wealth funds, private and public sector institutional investors, and international partners like the Middle East and Asia.

Says projects worth N260bn 80% completed Apologises to journalists for shunning them

emmanuel addeh in Abuja

The Minister of Works, David Umahi, yesterday disclosed that President Bola Tinubu inherited 2,600 ongoing road projects nationwide valued at N15 trillion when he took over the reins of power on May 29 last year.

Speaking during a meeting with contractors in Abuja, the minister stressed that of the N15 trillion, only N2 trillion had been certified and paid at the time, explaining that at the moment N13 trillion worth of road projects were scattered all over the country.

The minister who apologised to journalists for shunning them after inviting them for an event in his office weeks ago, said he was rushing to

catch a flight and never meant it as a slight.

The minister told the contractors that Variation of Projects (VoP) will only be carried out on selected items which go into the construction of roads, explaining that it will no longer be wholesale.

“The essence of this meeting is to address our contractors based on the situation of the country and the situation of the ministry and the paucity of funds facing a lot of multiple projects.

“ First, I want to say that when we came on board, May 29, Mr. President inherited a total of 2,600 projects, totalling over N15 trillion. And at that time, those projects were ongoing. And only about N2 trillion

were certified and paid. And so, we now have an ongoing projects of over N13 trillion,” he stated.

Because of the huge expenditure needed to revamp the roads, he stated that while some of the projects were being carried out through budgetary provisions, the federal government was collaborating with the private sector, especially in the area of tax credits.

“And then, we made serious reflection after the fuel subsidy was removed and then the challenges of the naira. And that led me to say that all projects must be looked into.

“But this variation of price covered about four or five items like fuel, diesel, bitumen, cement. And so, the ministry looked at it realistically and

we felt that there is no way we ask a contractor to use the same price of petrol as at when the job was awarded. Some of the jobs had lasted some 18 years, some 11 years,” he added. He stated that President Bola Tinubu earlier accepted his plea to increase the ministry’s envelope in 2024 budget provision to keep ongoing projects alive, which he approved. “And that's why you see most of our projects are ongoing in the budget, but with a very poor allocation, like N50 million, N100 million. But we have to do that, believing that there could be other ways that we can fund these projects, including public private partnerships,” he added.

PHOTO: GODWIN OMOIGUI

Ndubuisi Francis in Abuja

emmanuel addeh in Abuja

NUPRC Slashes Signature Bonuses for Oil Blocks to

$10m for Deepwater, $7m for Shallow Water

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has cut the bonuses payable by awardees in the 2022 and 2024 bid rounds to a maximum of $10 million for deepwater assets and $7 million for shallow water and onshore assets.

This followed the approval of its request for reduction of signature bonuses for oil blocks by President Bola Tinubu, who also doubles as the minister of petroleum.

The Assistant Director, Multiclient Surveys/Regional Studies, NUPRC, Mr. Ahmad Abdullahi, disclosed this yesterday in Lagos at the Pre-bid Conference for 2024 Oil Licensing Round.

He spoke just the Chief Executive Officer of the Commission, Mr. Gbenga Komolafe revealed that the commission has added more blocks to the 12 that are being auctioned, saying the number and details of the new blocks would be posted on the designated bid exercise portal later.

Komolafe also countered the recent claim by global Chief Executive Officer of TotalEnergies, Patrick Pouyanne that there was lack of talents in Nigeria, saying if there were no talents in the country, the French company and other International Oil Companies (IOCs) operating in the country would not be making profits as shown by their records.

Pouyanne had while speaking at the Africa Annual CEO Summit in Kigali, Rwanda, in May, asserted that Nigerians generally love to debate without having productive

Tinubu

conclusions, saying those who take decisions on behalf of the Nigerian government should learn to agree on consistent frameworks for operations.

However, Komolafe revealed that the commission, in partnership with its multi-client partners, had acquired more geological data resulting in the identification of more prospective blocks.

He said the newly identified blocks would be added to the pool of blocks originally scheduled for the bid exercise, and that their details would be made available on the bid round portal.

"In addition to these blocks, the seven deep offshore blocks from the 2022 Mini-Bid Round Exercise which cover an area of approximately 6,700 km2 in water depths of 1,150m to 3,100m shall also be concluded along with this Licensing round.

"To ensure the seamlessness of the Licensing Round exercise, the NUPRC, in collaboration with our National Data Repository and multi-client partners, guarantee access to comprehensive and high-quality geological data, facilitating informed decision-making and strategic investments", he stated.

He assured industry players and investors present at the conference that the licencing round was expected to be a huge success for Nigeria and a big step towards growing the nation’s oil and gas reserves.

He noted that this would be done through aggressive exploration and development efforts, boosting production, expanding opportunities for gas utilisation and end to end development across the value chain.

Additionally, he said the exercise was targeted at strengthening Nigeria's energy security and economy, providing occasion to gainfully engage the pool of competent companies in the oil and gas sector with multiplier effect in employment opportunities, enabling transfer of technology, value optimisation from the petroleum assets and attracting investments.

On the global scale, he said the licensing round would be beneficial to all stakeholders and would in the long run contribute to long-term global energy sufficiency.

Komolafe explained: "The oil and gas industry in Nigeria has embraced the reality of energy transition and is taking strategic position to leverage on the opportunities presented by

the unfolding era.

"However, it is worthy to recognise that recent events around the globe indicate that fossil fuels will continue to be a core part of the global energy mix well into the future, even beyond the set 2050 targets for achieving net-zero carbon emission."

The Commission Chief Executive mentioned that a review of Welligence Energy Analytics reports on licensing round across the globe including Brazil, Guyana, Angola, Middle East, North Africa, SouthEast Asia among others revealed that the era of huge front-loaded signature bonuses was over.

Accordingly, he said the government has proactively and intuitively vacated barriers to entry for invest-

ment in exploration blocks being offered, in both the 2022 deep offshore bid round and the 2024 licencing round, in line with international best practices.

He said the 2024 Block Licensing Round was scheduled to last for approximately nine months, urging all interested parties to visit the dedicated NUPRC portal for bidding information

Komolafe assured that the 2024 Block Licencing Round was not merely a transactional opportunity but a testament to Nigeria's commitment to advancing a resilient and sustainable Industry.

He also revealed that some persons from certain quarters were writing petitions against him and the com-

mission and calling for their probe for trying to reduce the signature bonus on oil blocks.

"Some quarters are already saying: 'probe the NUPRC, probe the CCE, they are trying to give our blocks free of charge to themselves.' People are already writing petitions against the CCE, that how could the CCE or the commission be reducing the signature bonus?" he said.

He said NUPRC enjoys the support of the president who he described as a business enabler who had told the world that Nigeria was ready for business, noting that reforms and incentives introduced by the government would help attract investments into the oil and gas industry.

Proposed 2024 Supplementary Appropriation Bill to Fund Coastal Road, Sokoto – Badagry, Others, Says Minister

To be partly financed with PIDF Says N50bn fund domiciled in National Sovereign Wealth Investment Authority FG eyes $2.5bn loan from World Bank

Sunday Aborisade in Abuja Minister of Budget and Economic Planning, Senator Atiku Bagudu, yesterday, explained that the proposed 2024 Supplementary Appropriation Bill will be partly funded with the N50 billion Presidential Infrastructure Development Fund (PIDF), currently domiciled in the National Sovereign Wealth Investment Authority (NSWIA). Bagudu stated this while briefing the Joint Senate and House of Representatives Committees on National Planning and Economic Affairs over the proposed Supplementary Appropriation Bill. He said the N50 billion in PIDF would not be enough to fund the Renewed Hope Transformational Projects, hence, the federal government’s decision to approach the World

Mourns as Malawi Confirms Death of VP in Plane Crash

Deji Elumoye and Emmanuel

President Bola Tinubu yesterday extended his condolences to his Malawian counterpart, Lazarus Chakwera, and the people of Malawi over the demise of Vice President Saulos Chilima and other top government officials in a plane crash.

The president, according to a statement issued by his Media Adviser, Ajuri Ngelale, commiserated with the families of the deceased over the distressing incident, which happened on Monday, June 10, 2024. Earlier, the wreck of a plane carrying the vice president was found with no survivors, the president of Malawi, Chakwera announced.

Chilima and nine others were flying within the country when their aircraft disappeared from airport radars. The plane, a military aircraft, was flying in bad weather, BBC reported.

Soldiers had been searching Chikangawa Forest overnight and into the morning in an effort to find the plane.

Tinubu assured the Malawian nation of Nigeria's support during the period of mourning and prayed for the repose of the souls of the departed.

In a news briefing yesterday, the Malawian president said the Malawi Defence Force commander informed him that the search and rescue operation had been completed and the plane was found. Chakwera said he was "deeply

saddened and sorry" to inform Malawians of the terrible tragedy. He said the rescue team found the aircraft completely destroyed.

The vice president and president come from different parties but the two teamed up to form an alliance during the 2020 elections.

Chakwera paid tribute to Chilima, describing him as "a good man", "devoted father" and "formidable VP". "I consider it one of the great honours of my life to have had him as a deputy and as a counsellor,” he added.

Chilima, 51, was on his way to represent the government at the burial of former government minister, Ralph Kasambara, who died four days ago.

Former First Lady Shanil Dzimbiri was also on the flight,

which took off from the capital, Lilongwe, on Monday morning. It was meant to land at the airport in the northern city of Mzuzu, but was turned back because of poor visibility.

The military was transporting the remains of Chilima and the other victims to Lilongwe, the president said, adding that funeral arrangements will be announced in due course.

Chilima had been vice president of Malawi since 2014. He was widely loved in Malawi, particularly among the youth, AFP news agency reported.

However, Chilima was arrested and charged in 2022 on allegations that he accepted money in exchange for awarding government contracts. He denied any wrongdoing.

Bank for a $2.5 billion loan, among other revenue sources.

He disclosed that the World Bank management would meet soon to take a decision on the loan request.

President Bola Tinubu had, penultimate week, told the joint session of the federal legislature that he would soon send the proposed money bill to the federal lawmakers for approval.

The minister told the committee that the entire the supplementary budget, which was still being prepared, would be spent on four identified transformational projects.

He listed the projects to include Lagos – Calabar Coastal Road; the proposed Sokoto – Badagry Road; completion of all ongoing railway projects, which the federal government had yet to provide counterpart funding for Bagudu also said the proposed money bill would fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy.

He added that the supplementary budget would provide more money to support Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG) projects to provide for more energy competitiveness.

He said a study done by the Federal Ministry of Science, Technology and Innovation showed that CNG vehicles

were cheaper to maintain than petrolpowered ones.

The minister added the transSahara highway, which the current administration inherited, would also be funded with the supplementary budget.

He said, "The supplementary budget that was announced or rather was mentioned, came about when Mr. President presented a memo to the Federal Executive Council.

"In the memo, he said that he inherited the Presidential Infrastructure Development Fund, which was domiciled in the National Sovereign Wealth Investment Authority.

"He has also identified transformational projects, including Lagos – Calabar, Coastal Road; proposed Sokoto – Badagry Road; completion of all ongoing railway projects, which we have not provided counterpart funding.

"We also plan to fund the rehabilitation and expansion of dams and irrigation schemes in order to support increased production within the economy.

“Last but not the least, more money to support CNG, LNG."

Bagudu said, "The three roads, dams and irrigation, and railways is what Mr. President designated as the infrastructure, renewed health infrastructure priority items.

Addeh in Abuja

L-R: Akarigbo and Paramount of Remoland, Oba Babatunde Ajayi; Olu of Ilaro and Paramount Ruler of Yewaland, Oba Kehinde Olugbenle; Ogun State Deputy Governor, Engr (Mrs) Noimot SalakoOyedele; Governor Dapo Abiodun; Speaker, Ogun State House of Assembly, Rt. Hon. Oludaisi Elemide and the Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo, during the inauguration of Oba Olugbenle as the Chairman of the Ogun State Council of Obas at the Oba's Complex, Oke-Mosan, Abeokuta... yesterday

Democracy Day Celebration: Atiku Says APC Has Thrown Nigeria into Extreme Poverty

PDP accuses ruling party of desecrating country’s democratic principles, legacies

Chuks Okocha in Abuja

As Nigeria marks the June 12 Democracy Day, former Vice President Atiku Abubakar has accused the ruling All Progressives Congress (APC) of throwing the citizens into extreme poverty.

The Peoples Democratic Party (PDP) also berated the APC administration for insulting the democratic ideals for which the hero of the Democracy Day celebration, winner of the June 12, 1993 presidential election, which the military annulled, Moshood Abiola, died.

In a statement, he signed, Atiku said, “The past nine years has thrown up a regime of extreme hardship manifested in excruciating poverty and unprecedented levels of violence

Both leaders spoke at the 2024 Democracy Day Lecture held at State House, Abuja.

Speaking as chairman of the occasion at the national symposium held to mark this year’s Democracy Day, Jonathan advised the National Assembly to work out a formula that would enable political parties that scored a certain percentage of votes in an election to have some role in governance.

The ex-president observed that the present zero-sum practice in the country gave rise to do-or-die politics.

He stated, “Let me say that we need to come up with a model of democratic practice that will be more inclusive and reinforce social cohesion.

The zero-sum kind of politics where a winner takes it all has not helped to foster unity and political justice.

“A political party that scores up to 30 per cent of the votes in an election at federal or states should not lose everything.

“We need to come up with innovative solutions that will address the challenge of political exclusion that usually comes up after elections.

“Zero-sum politics has over the years promoted desperation, agita-

the maximum, and it’s unclear whether she would give him time behind bars. The judge did not set a sentencing date.

Jurors found Hunter Biden guilty of lying to a federally licensed gun dealer, making a false claim on the application by saying he was not a drug user and illegally having the gun for 11 days.

After the jury’s decision was announced, President Joe Biden said he would accept the outcome of the case and “will continue to respect the judicial process as Hunter considers an appeal.” The president said he and the first lady are proud of Hunter, who has been sober since 2019.

“Jill and I will always be there for Hunter and the rest of our family with our love and support. Nothing will ever change that,” the president said in a statement.

In a written statement following the verdict, Hunter Biden said he was disappointed by the outcome but grateful for the support of family and friends. His attorney said they will “continue to vigorously pursue all the legal challenges available.”

Joe Biden steered clear of the federal courtroom in Delaware where his son was tried and said little about the case, wary of creating an impression of interfering in a criminal matter brought by his own Justice Department.

But allies of the Democrat have worried about the toll that the trial — and now the conviction — will take on the 81-year-old, who has long been concerned with his only living son’s health and sustained sobriety.

Hunter Biden and Trump have both argued they were victimized by the politics of the moment. But while Trump has continued to claim the verdict was “rigged,” Joe Biden has said he would accept the verdict and would not seek to pardon his son.

The verdict came shortly before

and insecurity upon our people.

"Sadly, the ruling APC is to blame for bringing forth this dawn of gloom."

He added, "But the opposition political parties are even more guilty than the ruling party for the seeming lack of capacity to come together and galvanise a coalition that will retire the ruling party and articulate a plan of good governance that will earn the conviction of Nigerians."

The former vice president said, "Today, the failings of the opposition parties to uphold the functionality of their existence is the major threat to our democracy.

“The earlier they realise that the fortunes of Nigeria lie in their forging a coalition, the better it will be for our country and the people."

He explained that the secondary

tions and disunity. We need to work out a model that guarantees political inclusion and promotes unity and tolerance in the polity.”

Jonathan explained, “I'm not clearly recommending proportional representation, but different governments come up with models of democracy that suit them.

“After all, the presidency we're talking about, all presidents of the world don't emerge through the same process. In Nigeria, we elect our president directly. In a number of countries, presidents are elected indirectly.”

The former president also said, “The powers of the presidents are defined by different constitutions, and so on and so forth.

“So our National Assembly can also look at models that will suit us. The zero sum where a party that even sometimes gets 40 per cent of votes, especially at the state levels, will have nothing, gives rise to this do-or-die politics.

“That zero sum approach, I think, is inimical to consolidating and strengthening our democracy.

“Let me conclude by saying that together, we can forge a Nigeria

the president was scheduled to give a speech on his administration’s efforts to limit gun violence at a conference hosted by the Everytown for Gun Safety Action Fund in Washington.

Hunter Biden’s legal troubles aren’t over. He faces a trial in September in California on charges of failing to pay $1.4 million in taxes, and congressional Republicans have signalled they will keep going after him in their stalled impeachment effort into the president. The president has not been accused or charged with any wrongdoing by prosecutors investigating his son. The prosecution devoted much of the trial to highlighting the seriousness of Hunter Biden’s drug problem, through highly personal testimony and embarrassing evidence.

Jurors heard Hunter Biden’s ex-wife and a former girlfriend testify about his habitual crack use and their failed efforts to help him get clean. Jurors saw images of the president’s son bare-chested and dishevelled in a filthy room, and half-naked holding crack pipes. Jurors also watched video of his crack cocaine weighed on a scale.

Hunter Biden did not testify, but jurors heard his voice when prosecutors played audio excerpts of his 2021 memoir, “Beautiful Things,” in which he talks about hitting bottom after the death of his brother, Beau, in 2015, and his descent into drugs before his eventually achieving sobriety.

Prosecutors felt the evidence was necessary to prove that Hunter, 54, was in the throes of addiction when he bought the gun and therefore lied when he checked “no” on the form that asked whether he was “an unlawful user of, or addicted to” drugs.

Hunter Biden’s lawyers had argued that he did not consider himself an “addict” when he bought

purpose of declaring every June 12 as Democracy Day “in our country is to commemorate the history of the long journey of becoming a stable democratic country”.

According to Atiku, "Truth be told, there's no substitute to democracy as a form of government.

"Whereas our current democratic dispensation is a quarter of a century old, it will not be out of place to pay tributes to the sacrifices made by many patriots, chiefly among them

Basorun MKO Abiola and his beloved wife, Alhaja (Mrs) Kudirat Abiola, Tafida Shehu Yar’Adua, and Alfred Rewane, among many others.

"The historical timeline of the struggle that birthed this democracy is abundant with a series of coalitions and alliances amongst the political

where every citizen has a voice, where opportunities abound, where the promise of a better tomorrow is not just a dream but a tangible reality.

“Let us, therefore, celebrate this milestone with pride and renewed determination.”

Jonathan advised the Tinubu administration to ensure that the politics of the next 25 years was transformative and inclusive, saying there must be a determined effort to dilute politics of region and religion.

He said, “Let us ensure that the next 25 years of our democracy are even more transformative and inclusive and more prosperous for all of us.

“In line with the wordings of our National Anthem, ‘To handover to our children a banner without stain,’ we must not handover to our children a democracy built on politics of region and religion.

“Democracy built on ethnicity does not endure. It will continue to wobble.”

Jonathan also urged Tinubu, who was represented by Vice President Kashim Shettima, to build more infrastructure for the country, and improve the quality of education

the gun. They sought to show he was trying to turn his life around at the time, having completed a rehabilitation programme at the end of August 2018. The defence called three witnesses, including Hunter’s daughter Naomi, who told jurors that he seemed to be improving in the weeks before he bought the gun.

The trial played out in the president’s home state, where Hunter Biden grew up and where the family is deeply established. Joe Biden spent 36 years as a senator in Delaware, commuting daily to Washington, and Beau Biden was the state attorney general.

Hunter Biden had hoped last year to resolve a long-running federal investigation under a deal with prosecutors that would avoid the spectacle of a trial so close to the 2024 election.

Under the deal, he would have pleaded guilty to misdemeanour tax offences and avoided prosecution in the gun case if he stayed out of trouble for two years.

Hunter Biden has said he was charged because the Justice Department bowed to pressure from Republicans who argued the Democratic president’s son was getting special treatment.

The reason law enforcement raised any questions about the revolver is because Hallie Biden, Beau’s widow, found it unloaded in Hunter’s truck on October 23, 2018, panicked and tossed it into a garbage can at a grocery store, where a man inadvertently fished it out of the trash. She testified about the episode in court.

Hallie Biden, who had a romantic relationship with Hunter after Beau died, eventually called the police. Officers retrieved the gun from the man who took the gun along with other recyclables from the trash.

leaderships of that era to flush away the vestiges of military and dictatorial governance in order to return power to the people.

"It is commendable that for 25 years we have witnessed an uninterrupted season of electoral politics. It is an unprecedented epoch in our history.

"It is worthy of celebration and commendation must go to the people of our great country. I must also congratulate the political class for having embraced the rectitude of nurturing a democracy, as well as the civil society. It is important that all stakeholders continue to do their bit to ensure the sustainability of our democracy.

"But our democracy is not yet virile if it continually fails to deliver the

and healthcare.

“But one key thing that for the next 25 years, you will midwife, because you are starting the next 25 years, is to build a democracy that will reduce friction,” the former president advised Tinubu.

Jonathan expressed concern over the amount of litigations that typically followed elections in the country, blaming it on parochial sentiments.

He said, “The avalanche of litigations that follow every round of election in Nigeria is very embarrassing. And it’s because of the kind

promises of prosperity and liberty to the people."

Similarly, PDP criticised the APC federal governments since 2015, for desecrating the democratic principles, legacies and values which the late Abiola laboured and died for.

In a statement, National Publicity Secretary of PDP, Debo Ologunagba, said, "It is distressing that our nation is observing the Democracy Day under a system that relishes in brazen violation of the constitution, election rigging, stifling and manipulation of opposition, muzzling of dissenting voices; undermining the judicial system and other democracy institutions in desperation to turn Nigeria into a one-party state.

"More disquieting is that all the progress and gains made by

of democracy we practise, democracy built on all kinds of sentiments, either the way you worship your God or from the map of the country you come from.

“You people have to gradually make sure that in the next 25 years, this is diluted if we must have a solid and enduring democracy.

“And I know you and the President Bola Ahmed Tinubu, who was a key actor in the June 12 crisis, will have the capacity to navigate through that process.

“I believe this programme and

others commemorating this landmark will point the way to that glorious vision, and prepare the nation for a golden time centenary celebrations of enduring democracy.”

Jonathan welcomed the bourgeoning interest in the affairs of the country, especially among young Nigerians.

“Whenever I tune in to Nigerian TV stations, especially in the morning, and see young men and women discussing and interrogating

Continued on page 36

I’ll never TUrn MY BACk on YoU, TInUBU TellS nIGerIAnS on JUne 12 DeMoCrACY DAY

In a solemn moment of national reassurance, President Bola Tinubu, this morning, told Nigerians that while he continued to reform the economy, he would always listen to them and would never turn his back on the people.

In a national broadcast to mark this year’s Democracy Day and the 25th year of uninterrupted democratic rule in the country, Tinubu recalled how he and other like-minds risked their lives for democracy to birth.

He said despite complications, democracy remained the best form of government.

Assuring that the issue of new minimum wage for Nigerian workers would be resolved soon, the president disclosed that his government was already preparing an executive bill on the matter to be forwarded to the National Assembly for passage. He declared that his administration had negotiated in good faith and open arms with organised labour on a new national minimum wage.

Tinubu seized the opportunity to pay tributes to heroes and heroines of the June 12 struggle, specifically Chief MKO Abiola, and his wife, Kudirat, Shehu Musa Yar’Adua, and Pa Alfred Rewane, among others.

"As we continue to reform the economy, I shall always listen to the people and will never turn my back on you," the president said.

Tinubu stressed that he was one of those, who midwifed the Fourth Republic, saying he ended up being a direct beneficiary as President of Nigeria.

"I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts,” he said.

Tinubu stated, “As Nigerians, we must remind ourselves that no matter how complicated democracy may be, it is the best form of governance in the long run.

“We must also be aware that there are those among us who will try to exploit current challenges to undermine, if not destroy, this democracy for which so much has already been given.

"These people do this not to make things better but to subject all other people and things to their control and dominance until the point that, if you are not counted among their elite, then your life will be small and no longer owned by you.”

Addressing the wage matter, he said, "We shall soon send an execu-

tive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less.

"In the face of labour’s call for a national strike, we did not seek to oppress or crack down on the workers, as a dictatorial government would have done. We chose the path of cooperation over conflict.

"No one was arrested or threatened. Instead, the labour leadership was invited to break bread and negotiate toward a good-faith resolution."

He assured the people that he would always put the interest of the citizens first in whatever steps being taken to turn around the economy.

Tinubu also paid glowing tributes to heroes and heroines of June 12 struggle as well as those who died in the course of the revalidation of the annulled June 12, 1993 presidential poll.

He said, "We lost great heroes and heroines along the way. In this struggle, the winner of the June 12, 1993 presidential election, Chief MKO Abiola, the most significant symbol of our democratic struggle, his wife, Kudirat, General Shehu Musa Yar’Adua and Pa Alfred Rewane, among others, sacrificed their very lives. They bravely surrendered their futures, so that our nation might have a better one.

"Let us honour the memories of Chief Anthony Enahoro, Chief Abraham Adesanya, Commodore Dan Suleiman, Chief Arthur Nwankwo, Chief Chukwuemeka Ezeife, Admiral Ndubuisi Kanu, Chief Frank Kokori, Chief Bola Ige, Chief Adekunle Ajasin, Chief Ganiyu Dawodu, Chief Ayo Fasanmi, Chief Gani Fawehinmi, Chief Olabiyi Durojaiye, Dr. Beko Ransome-Kuti, Chima Ubani, and others who have transited to the higher"Therealm.sacrifices of General Alani Akinrinade, Professor Bolaji Akinyemi, Professor Wole Soyinka, Chief Ralph Obioha, Chief Cornelius Adebayo, among many others, should never be forgotten. For at least six years, they bore the pains and difficulties of life in exile.

"While the exiled pro-democracy activists kept the fire burning, their comrades at home sustained the pressure on the military brass hats. Among the latter are Olisa Agbakoba, Femi Falana, Abdul Oroh, Senator Shehu Sani, Governor Uba Sani, Chief Olu Falae, and other National Democratic Coalition leaders, such as Chief Ayo Adebanjo and Chief Ayo Opadokun.

"The sacrifices they made, and the precious gift brought about by their

selfless devotion can never be repaid. Neither shall it be forgotten."

The president also celebrated the media for being partners in the prodemocracy struggle against the military junta in the wake of the annulment of the June 12, 1993 presidential poll. He said, "We could not have won the battle against military dictatorship without the irrepressible Nigerian journalists who mounted the barricades along with the pro-democracy activists.

“We celebrate them today, along with their media establishments, such as The Punch, Guardian, National Concord, Tribune, The News/Tempo, and TELL Magazines.

“Military authorities proscribed these media establishments and jailed their journalists for standing for free speech and civil liberties."

BELOW IS THE FULL TEXT OF PRESIDENT TINUBU’S DEMOCRACY DAY BROADCASTSPEECH

"My fellow Nigerians, let me begin by congratulating all of us for witnessing the celebration of another Democracy Day today, the 12th day of June 2024. This year also marks our nation’s 25 years of uninterrupted democratic governance.

"On this day, 31 years ago, we entered our rites of passage to becoming a true and enduring democratic society.

"Going through this passage was hard and dangerous. During the fateful six years that followed, we fought and struggled for our natural rights as human beings put on this earth by the divine hand of our Creator.

"We lost great heroes and heroines along the way. In this struggle, the winner of the June 12, 1993 presidential election, Chief MKO Abiola, the most significant symbol of our democratic struggle, his wife, Kudirat, General Shehu Musa Yar’Adua and Pa Alfred Rewane, among others sacrificed their very lives.

"They bravely surrendered their futures, so that our nation might have a better one. "Let us honour the memories of Chief Anthony Enahoro, Chief Abraham Adesanya, Commodore Dan Suleiman, Chief Arthur Nwankwo, Chief Chukwuemeka Ezeife, Admiral Ndubuisi Kanu, Chief Frank Kokori, Chief Bola Ige, Chief Adekunle Ajasin, Chief Ganiyu Dawodu, Chief Ayo Fasanmi, Chief Gani Fawehinmi, Chief Olabiyi Durojaiye, Dr. Beko Ransome-Kuti, Chima Ubani, and others who have transited to the higher realm.

US Pre SID en T ’ S Son, H U n T er B ID en, Conv ICT

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S - A ll Pol ITICS In IMICA l T o Un ITY, Pol ITICA l J USTIC e

Deji Elumoye in Abuja

successive PDP administrations in entrenching democratic practice in Nigeria have been reversed by the APC administrations.

Atiku

Glo PowErs ojudE oba...

Report: United States Dollar Gradually Losing Dominance in International Reserve System

Says central banks gradually shifting away from greenback

Recent data from the International Monetary Fund's (IMF’s) Currency Composition of Official Foreign Exchange Reserves (COFER) point to an ongoing gradual decline in the United States dollar’s share of allocated foreign reserves of central banks and governments, a new report has indicated.

Citing the data, the IMF in a blog post yesterday stated that the US dollar continues to cede ground to non-traditional currencies in global foreign exchange reserves, although it remains the pre-eminent reserve

currency.

According to the blogpost jointly authored by the IMF trio of Serkan Arslanalp, Barry Eichengreen and Chima Simpson-Bell, "dollar dominance—the outsized role of the US dollar in the world economy—has been brought into focus recently as the robustness of the US economy, tighter monetary policy and heightened geopolitical risk have contributed to a higher greenback valuation.

"At the same time, economic fragmentation and the potential reorganisation of global economic and financial activity into separate,

nonoverlapping blocs could encourage some countries to use and hold other international and reserve currencies."

It noted that recent data from the IMF’s Currency Composition of Official Foreign Exchange Reserves (COFER) point to an ongoing gradual decline in the dollar’s share of allocated foreign reserves of central banks and governments.

"Strikingly, the reduced role of the US dollar over the last two decades has not been matched by increases in the shares of the other “big four” currencies—the euro, yen, and pound.

"Rather, it has been accompanied by a rise in the share of what we have called nontraditional reserve currencies, including the Australian dollar, Canadian dollar, Chinese renminbi, South Korean won, Singaporean dollar, and the Nordic currencies. The most recent data extend this trend, which we had pointed out in an earlier IMF paper and blog," the IMF blogpost said.

It stressed that these nontraditional reserve currencies are attractive to reserve managers because they provide diversification and relatively attractive yields, and because they have become

Fitch Ratings Upgrades Coronation Merchant Bank to 'B-’, Stable Outlook

Nume Ekeghe

Fitch Ratings has upgraded its longterm Issuer Default Rating (IDR) to ‘B-‘ from ‘CC’ and its Viability Rating (VR) to ‘b-‘ from ‘cc’ for Coronation Merchant Bank, established in 2015 to provide wholesale banking to long underserved markets.

Additionally, the Bank’s National Long-Term Rating has been upgraded to ‘BBB-(nga)’ from ‘B+(nga)’, with the outlooks on the long-term IDR and National Long-Term Rating rated stable.

The significant upgrade, the ratings agency said, reflected the robust improvement in the bank’s capital position, following the completion of a rights issue and the sale of foreign currency-denominated equity investments.

Fitch said that the substantial upgrade underscored the agency’s view that funding instability risks have receded, due to the strengthening of Coronation Merchant Bank’s capital base. This assessment, it noted , is also attributed to an improvement in the bank’s core profitability, aided by the softening of the Cash Reserve Ratio (CRR) regime for merchant banks.

The rating agency further remarked: “Coronation Merchant Bank Limited’s Issuer Default Rating is driven by its standalone creditworthiness, as expressed by its VR of ‘b-’.

“The Viability Rating balances the concentration of Coronation Merchant Bank’s operations in Nigeria’s challenging operating environment, a niche franchise and business model, high credit concentrations, moderate

capitalisation and its reliance on shortterm wholesale funding against good asset quality metrics.”

In addition, Fitch highlighted the bank’s strong asset quality metrics, noting that “despite challenging macroeconomic conditions, Coronation Merchant Bank has recorded no impaired loans since converting to a merchant bank in 2015, reflecting its prudent underwriting standards and risk controls, and the lower-risk nature of its trade finance loans.”

Commenting on the upgrade, Deputy Managing Director of Coronation Merchant Bank, Paul Abiagam, said: “Our unique four-step upgrade in both ratings by Fitch is a testament to the progress the board & management have made in directing and executing strategic initiatives.

“These have effectively reinforced our financial stability and operational resilience. It reflects the hard work and dedication of our entire team and underscores our shared devotion to maintain high standards of financial management and deliver exceptional value to our stakeholders.”

The bank in the statement noted that the upgrade was a testament to its founder, Aigboje Aig-Imoukhuede’s vision and leadership for Coronation Merchant Bank which remains focused on leading Africa’s merchant banking subsector.

It stated: “Despite sectoral headwinds and a challenging economic environment, the bank delivered an exponential increase in Profit Before Tax (PBT), to N3.48 billion in 2023 financial year, maintaining a triple digit quarter-on-quarter growth to

N1.40 billion in Q1, 2024.

“This enhanced performance also reflects the successful efforts of the Board of Directors led by Chairman Mr. Tunde Folawiyo to strengthen the bank’s executive leadership team with strategic appointments, including Deputy Managing Director, Paul Abiagam, Chief Financial Officer Arini Awotunde, and Chief Risk Officer Saheed Alamutu, amongst others.

“ These additions to the executive team continue to drive the bank’s growth, while reinforcing its commitment to excellence in risk

management, financial oversight, and overall corporate governance,” the merchant bank said.

According to Coronation Merchant Bank’s management, the bank is dedicated to its mission of fostering a prosperous financial future for its clients and the African continent.

“This rating upgrade underscores the bank’s commitment to excellence, prudent financial management, and its resolve to create sustainable wealth across Africa,” the bank, a recipient of national and international awards stated.

increasingly easy to buy, sell and hold with the development of new digital financial technologies (such as automatic market-making and automated liquidity management systems).

This recent trend, it added, is all the more striking given the dollar’s strength, which indicates that private investors have moved into dollar-denominated assets, adding that so would it appear from the change in relative prices.

It explained that this a reminder that exchange rate fluctuations can have an independent impact on the currency composition of central bank reserve portfolios.

"Changes in the relative values of different government securities, reflecting movements in interest rates, can similarly have an impact, although this effect will tend to be smaller, insofar as major currency bond yields generally move together.

"In any event, these valuation effects only reinforce the overall trend. Taking a longer view, over the last two decades, the fact that the value of the US dollar has been broadly unchanged, while the US dollar’s share of global reserves has declined, indicates that central banks have indeed been shifting gradually away from the dollar," the report said.

However, the report noted that at the same time, statistical tests do not indicate an accelerating decline in the dollar’s reserve share, contrary to claims that US financial sanctions have accelerated movement away

from the greenback.

"To be sure, it is possible, as some have argued, that the same countries that are seeking to move away from holding dollars for geopolitical reasons do not report information on the composition of their reserve portfolios to COFER.

"Note, however, that the 149 reporting economies make up as much as 93 per cent of global FX reserves. In other words, nonreporters are only a very small share of global reserves.

"One nontraditional reserve currency gaining market share is the Chinese renminbi, whose gains match a quarter of the decline in the dollar’s share.

"The Chinese government has been advancing policies on multiple fronts to promote renminbi internationalisation, including the development of a cross-border payment system, the extension of swap lines, and piloting a central bank digital currency. It is thus interesting to note that renminbi internationalisation, at least as measured by the currency’s reserve share, shows signs of stalling out.

"The most recent data do not show a further increase in the renminbi’s currency share: some observers may suspect that depreciation of the renminbi exchange rate in recent quarters has disguised increases in renminbi reserve holdings.

"However, even adjusting for exchange rate changes confirms that the renminbi share of reserves has declined since 2022," the report said.

Edo 2024: Group Knocks Akpata over False Accusations against PDP, Ighodalo

The Hope For Nigeria, a civil society group committed to promoting integrity and accountability, has condemned recent allegation by the candidate of Labour Party in the 2024 Edo governorship election, Olumide Akpata, that his billboards were destroyed by thugs loyal to the Peoples Democratic Party (PDP) and its candidate, Asue Ighodalo, as unfounded and false.

According to a statement from the group yesterday, Akpata’s “baseless accusations against the PDP and Dr. Asue Ighodalo are not only unfounded but also damaging to the political fabric of Edo State.”

He added: “We have observed that over the last three months, Dr.

Asue Ighodalo and his party the PDP have endured the vandalisation and destruction of their billboards by thugs.

“Despite these provocations, Dr. Ighodalo and his team have maintained their dignity, choosing to focus on constructive engagement with the people of Edo State rather than resorting to blame games or baseless accusations.”

However, the group noted that in stark contrast, Akpata's response to similar incidents affecting his own campaign materials “has been to irresponsibly politicise the matter.”

“By accusing the PDP without a shred of evidence and issuing threats, Mr. Akpata has shown a reckless

disregard for the principles of fair play and respect that should characterise any democratic process.

“His assertion that ‘no one has a monopoly on violence’ is particularly alarming and suggests a troubling willingness to escalate tensions rather than seek peaceful resolution.

“Hope For Nigeria calls on Mr. Akpata to immediately cease these unfounded accusations and to refrain from any further inflammatory rhetoric, capable of heating up the polity or causing a breakdown of law and order.

“The people of Edo State deserve a campaign focused on substantive issues, not one marred by baseless allegations and threats.

“If Mr. Akpata has any legitimate points to campaign on, we urge him to present them in a manner befitting a candidate who cares about the welfare of our state and its people.

“Edo State deserves better than this. We deserve leaders who prioritise the interests of the people above personal ambitions and political gain.

“We urge all political actors to elevate the discourse and engage in issue-based campaigns that address the real needs and concerns of our citizens.

“Hope For Nigeria will continue to monitor the situation closely and advocate for a political environment that respects the principles of democracy, accountability, and integrity.”

Ndubuisi Francis in Abuja

L-R: The Iyalode of Ijebuland, Chief Mrs. Bisi Osibogun; Coordinator, Ojude Oba 2024 Planning Committee, Chief Fassy Yusuff; representative of Globacom, main sponsor of the event and Head of Retail Operations, Mr. Kazeem Kaka, and the Ogun State Commissioner for Culture and Tourism, High Chief Segun Fagbayi, at the pre-event press conference on the 2024 Ojude Oba Festival in Ijebu Ode... yesterday

Email: deji.elumoye@thisdaylive.com

10th Senate: Akpabio’s One Year of Legislative Diplomacy

Jackson Udom writes about the legislative diplomatic activities of Senator Godswill akpabio, as he begins his second year in office as Senate President and Chairman of the National assembly Thursday.

When the Nigerian Senate elected Godswill Obot Akpabio, as its Primus Inter Pares on June 13, 2023, not a few Nigerians expressed excitement at his emergence as President of the Senate and Chairman of the National Assembly of Nigeria.

The reason for that excitement was not far to seek. Many people knew that in Akpabio, the Senators had elected a ranking legislator with rich experience in governance, lawmaking and diplomacy.

For those who know, the job of the legislature transcends the popular functions such as lawmaking, vetting of budgets, confirming executive appointments and serving as a watchdog on the Executive and the Judiciary.

In fact, functional legislatures the world over, have been known to set the pace and hold the aces with regards to the socio-economic development of their countries because they explore the limitless opportunities presented by Legislative Diplomacy, which has to do with the process of creating and negotiating laws, regulations and policies at the international level, involving diplomatic efforts and cooperation among nations.

Legislative Diplomacy aims to harmonise legal frameworks, promote consistency, and address global challenges through collaborative lawmaking.

This all-important function of the legislature has come to assume such a great place in the life of Nation-States that lawmakers are seen as not only passive individuals making the laws to underpin developments but as active statesmen at the vanguard of making development happen.

Scholars all over the world have argued that individual members of the House and Senate have been known to frequently travel overseas on congressional delegations to confer with foreign leaders, investigate problems that arise, promote the interests of their countries and constituents,

and even represent the president.

With the intentions of promoting global governance, enhancing economic cooperation, protecting human rights and the environment, combating transnational crimes and facilitating international trade and investments, among others, Legislative Diplomacy presents great imperatives for the socio-economic development of any Nation-State.

The recognition of these imperatives made millions of Nigerians to celebrate the emergence of Akpabio as President of the Senate, having known his pedigree as a technocrat, who ventured into public administration and demonstrated a passionate commitment to the development and socio-economic uplift of, first, Akwa Ibom State, where he was governor for eight years and later, Nigeria, which he has served in different capacities as Senate Minority Leader, Minister and now President of the Senate.

Indeed, Akpabio and Legislative Diplomacy seemed to have been made for each other. As the number one lawmaker in Nigeria, he has proven beyond doubt that Legislative Diplomacy comes easy and can achieve greater mileage in the hands of individuals of his ilk, as his personality, carriage and candour have, no doubt helped the nation in achieving unprecedented results in terms of economic growth and rebuilding the trust reposed in Nigeria by countries and international organisations in just 12 months of his leadership of the National Assembly.

As it is known that Legislative Diplomacy requires effective communication, negotiation, and collaboration among governments, international organisations, and stakeholders to shape global legal frameworks and address shared challenges, Senator Akpabio’s adept skills, honed in his years as a corporate lawyer and his immense experience garnered in the corridor of power have been brought to bear, as he has succeeded in breaking barriers and making lasting impacts in attracting socio-economic developments to Nigeria through parliamentary diplomacy.

One of the obvious successes of the President of the 10th Senate in the area of Legislative Diplomacy was his attendance at the Inter-Parliamentary Union Assembly in Luanda, Angola, where he was elected into the Executive Committee of the IPU thus breaking a 59-year-old jinx. Nigeria was last elected into the Committee 59 years ago.

He also participated at the IPU in Geneva, Switzerland, where he presented a paper asking the world to speak against the needless bloodletting in Gaza and save the innocent women and children from avoidable deaths.

Akpabio has, also in the last one year as the Senate President, engaged in diplomatic courtesies with foreign missions in Nigeria, demanding collaborations with Nigeria on the economy, security and power and also seeking partnership with sister Parliaments across the globe for

world peace and development.

As evidence of his credentials as a legislative diplomat, the IPU nominated the Senate President and 15 others as Preparatory Committee for the Sixth World Conference of Speakers of Parliament coming up in August 2025.

In line with the President Bola Tinubu’s Renewed Hope Agenda, Akpabio’s Legislative Diplomacy has seen him court friends in different countries of the world, seeking partnerships and collaborations to improve security and peace in Nigeria, which without a doubt, is central to the socio-economic development and the progress of the country.

Through different fora and platforms, the Senate President has used the weapon of Legislative Diplomacy to the greatest advantage of Nigeria and Nigerians, seeking fresh opportunities and friendships for the country and building on the framework of renewed hope and vision of President Tinubu across different sectors.

For instance, it is on record that the Senate President met with the President of the Serbia Parliament, Ms Ana Brnabic in London, calling for Parliamentary Collaboration between the Nigerian Parliament and its Serbian counterpart and also extensively discussing issues of mutual interests between the two countries.

At another meeting with the members of the Saudi Arabia/Nigeria Parliamentary Friendship Group, led by Dr Abdullah Bin Hamad Al-Salamah, the President of the Senate called on the Government of Saudi Arabia to assist Nigeria in the fight against insurgency and trans-border terrorism, through sharing of intelligence.

-Udom is Special Assistant On Media (Print) To Senate President

Kalu’s One Year of Legislative Activism

Udora Orizu chronicles the legislative interventions of Deputy Speaker of the 10th House of Representatives, Rt. Hon. Benjamin Kalu, since he was elected into office about a year ago.

On June 13, 2023, the 10th House of Representatives was inaugurated and Abia-born lawmaker, Rt. Hon. Benjamin Okezie Kalu emerged as the Deputy Speaker unopposed.

In the acceptance speech of the Speaker, Rt. Hon. Abbas Tajudeen, he promised that under his leadership they, “shall operate a House that you all will be proud of, guided by the Constitution of the Federal Republic of Nigeria. We strongly believe nation-building is a Joint Task and we shall introduce reforms and innovations for the benefit of Nigerians.”

True to his words, in the following weeks, the duo unveiled their legislative agenda tagged ‘the People’s House’ outlining key reforms, aimed at addressing socioeconomic, political and other challenges in Nigeria.

The Deputy Speaker, has since then resumed his second term in office as a lawmaker, hitting the ground running with the implementation of the agenda, consolidating and thriving impressively as if to surpass his previous enviable legislative outings.

Both Abass and Kalu as a ‘dynamic duo’ embarked on series of innovations, such as introduction of sectoral debates into the workings of the legislature. Through this initiative, Heads of Ministries, Departments and Agencies of government, are summoned by the parliament to update Nigerians on how they are carrying out their duties, challenges, achievements, expectations and way forward.

In the last few months, they have interfaced with stakeholders in security, finance and agriculture. Speaking during the engagement with finance stakeholders, the Deputy Speaker underscored the urgency of tackling economic, fiscal, and revenue challenges facing Nigeria.

He emphasized the necessity of fiscal integrity for building trust between the government and its people, ensuring transparency, accountability,

and prudent resource management.

In line with parliamentary tradition, the House committee on the review of the 1999 Constitution (as amended) is headed by the Deputy Speaker. Kalu who chairs the committee, at its preinaugural meeting, assured that the work on the alteration will be completed in December 2025.

He listed areas of the constitutional alteration process to include state police, power devolution, fiscal federation, electoral reforms, judicial reforms, among others.

The Deputy Speaker noted that in line with the legislative agenda, the parliament recognises that improving women’s participation in politics and addressing issues like violence against women are crucial steps toward achieving sustainable development.

He said, “The committee is fully aware of the concerns of Nigerians on

the need to finalise and conclude discussions around Nigeria’s constitution. I will like to state, however, that the nature of Nigeria’s constitution and the history around how it was made and handed over to a new civilian government in 1999, makes it imperative for us to continually revisit the several provisions of the constitution and work towards accomplishing consensus on outstanding constitutional debates.

“Let me mention that our target, the first draft of the constitution will be out in August 2024. Second draft will be out in October 2024. We will commence zonal inputs from October 2024 and we’ll keep collecting inputs from citizens from October 14, 2024 as we prepare for the last version or that last draft copy of the constitution. We are hoping that there will be a harmonisation of the issues on February 27 and 28, 2025. We are hoping that during a technical working retreat that will take place in February 2025, the Senate and the House of Representatives documents will be harmonised. It is our desire that on March 17, 2025, we will have harmonised documents considered in the House. It is our belief that by April 2025, we will have the final copies of draft amendments produced.”

On bill sponsorship, Kalu stands tall and in the last one year as Deputy Speaker, has sponsored about 100 bills, including South East Development Commission Bill, State police Bill, Bill To Provide the Time Frame for the Performance of Functions of the Clerk of the National Assembly; Bill for an Act to Amend the Armed Forces Act, Cap. A20, Laws of the Federation of Nigeria, 2004 To Provide for the Appointment of the Chief of Defence Staff; And for Other Related Matters, Bill for an Act to Provide a Policy Framework for the Development of Bio-Fuels Energy Industry in Nigeria; Establish the Bio-Fuels Energy Regulatory Commission; Establish the Bio-Fuels Research Agency and many others.

On state police bill which has passed second reading, the Deputy Speaker assured that the national assembly will provide the right frameworks, legislations and oversight that will make state policing work better for Nigerians.

“I want to assure you that the National Assembly, and particularly the House of Representatives, is fully committed to providing the right frameworks, legislation, and oversight to make state policing work for the betterment of Nigerians. We understand the importance of getting this right. Throughout this dialogue, we will delve into critical issues, gather valuable insights and explore data-driven approaches. The information and recommendations gathered here will be crucial in shaping the future of policing in Nigeria. We are optimistic that through collaborative efforts and a commitment to evidence-based solutions, we can establish a policing system that is not only effective in combating crime but also earns the trust of Nigerians and cooperation between law enforcement and the communities they serve. Together we can pave the pathways to a more peaceful and secure Nigeria”.

On SEDC bill which will soon be transmitted to the President for assent, Kalu at different fora noted that when the commission is established, it will address the socio- economic and infrastructural deficit in the South-East caused by the civil war.

His interventions to ensure peace and security in the South East was not only limited to the chamber of the House, in December last year, the Deputy Speaker initiated the Peace In South East Project (PISE-P).

-Orizu is Special Assistant on Press Affairs to House Deputy Speaker

Kalu

Akpabio

Interv I ew

Wura Abiola: IBB Did Nigeria, Our Family Huge Disservice

Daughter of the late MKO Abiola, winner of the June 12, 1993, presidential election, Dr. Wura Abiola, is the Managing Director of Management Transformation Ltd., a management consulting firm. On the strength of her position and competence, she has served clients in Nigeria and across Africa in different interest areas. These include strategy, business development, leadership, governance, organisational development, risk management and public sector policy consulting. Although not actively in politics, she is not politically naïve either. In this online interview with THISDAY, marking the occasion of the June 12 anniversary, now Democracy Day, she recalls some of the priceless memories of the “weighty moments” with her dad. Excerpts:

You are a finance services provider, oil and gas expert, business developer, risk manager, public sector policy consultant, and lecturer at the University of Lagos, School of Business Administration, amongst other fascinating fields of human endeavours. How do you combine all of these?

With a lot of time management. Quite seriously, time management tools and skills are underrated. I learnt some very early on as a teenager and it was also one of the first core skills drilled into us as new consultants at McKinsey & Co. You must schedule everything – both work and personal commitments. That’s the only way to ensure you don’t let people down in terms of showing-up and showing-up correctly.

Short of playing the devil’s advocate, you seem to enjoy what you do. But for how long more can you continue to chew so much without consequences to other areas of your life?

I am extremely grateful to God for this, on several levels. What I turn out to be good at is also what I enjoy doing. It isn’t always that one is fortunate to have aptitude and affinity coincide in this way. I am also grateful that I have good health – physical and psychological – to wake up with a bounce each day to confront whatever is ahead, both the planned and unplanned.

Personally, I am very much aware that I was fortunate to have gotten quality education and unrivalled exposure at a very young age. I feel duty bound to use this knowledge for the benefit of society, which is why I continue to teach, train and coach. Teaching at the University is really more of a personal commitment – no matter what other tasks impose on my schedule, I try to prioritise the students or participants as we like to call the MBA and DBA folks.

I admit I have excellent support systems though. When it isn’t possible for me to be available, clients, co-lecturers, colleagues, friends and family members step-in. That is what happens many times when people around you see that you are putting in your best; they respond in kind.

Quite strangely, you’ve managed to stay away from politics. Is this intentional and why, knowing your family is politically inclined?

In my mind, the family is inclined towards impact; development of this extraordinary country called Nigeria. I am not sure that my skillsets and talent will be best deployed in politics, actually. The other thing is that the way politics works in Nigeria as in my other countries, it is very divisive rather than inclusive. Because you are in politics with a party, it tends to close down other avenues. Every other contribution is viewed from a political and in this case, divisive lens. That is a shame.

How do you view this disposition in your solitary moments, since a lot of things in life revolve around politics?

Politics is definitely very important in any society in determining policies that enable development, cohesion, etc, and more especially in a country like ours where there are a lot of issues and a lot of work that needs to be done.

Is this because of how politics ended for

your late dad?

The death of my father was tragic – I remain convinced that he would have done incredible good for the nation and I miss him greatly as his daughter. However, as a Muslim, I am rest assured that God’s Will will always be done. That gives me a lot of comfort – Allah knows best.

As a nation, we must learn from it though. Never again should winning an election lead to incarceration or death or

even murder, depending on whether you believe the announced results of autopsy or not. Regardless of the final or immediate cause of death, depriving a man with significant health conditions of competent medical care for several years was always going to be risky.

You featured recently in a THISDAY edition, where you talked about championing ‘New Chapters for Women Leaders’. Is it possible to raise women leaders in the REAL SENSE

I remember my one and only visit to him while in detention, for which I will always be grateful to President Eyadema of Togo. I had been placed on some list of people to be arrested immediately at the border, so, I couldn’t return home by that time

without active participation in politics? No doubt Nigeria needs political leaders from both genders – woman in Nigeria have always played very active roles in business and society, so why not politics? I grew up with strong women role models from my family, notably the women of the Lamina clan on my mother side and others such women as Hadja Laila Dongoyaro.

Staying away from politics may though appear intentional and justifiable, do you sometimes get the nudge to put on your dad’s shoes and challenge the old order for public good?

Daddy’s shoes? That would be a huge undertaking. I don’t think he would have expected that of any of us. He would always say “ika o do gba”. He didn’t expect us to be him; we were brought up to be ourselves, as God created us. That should be enough. That should be a parent’s prayer for his children – to fulfil their intended destiny and not to take on someone else’s, no matter how

Wura Abiola

Our Dad Raised Us to Be Ourselves, Not Be Like Him

lofty those may be. If you believed the statistics, even at what I consider my young age, I understand I am older than 70% of the population which suggests that I am fast joining this older order that you are suggesting should be challenged for the public good!

As a daughter of the man for whose sake June 12 has become a date with history, what does the date personally mean to you?

I have said this a few times – the day is bitter-sweet. Some years more bitter than sweet, depending on what is going on in the country for sure. Daddy believed in the country and its potential. He genuinely considered it possible that we could be one of the most prosperous nations per capita in the world. He understood the imperfections and challenges but that didn’t outweigh the positives for him, and for me. He would have approached the task of leading the nation with the determination, diligence and ingenuity that he approached his business pursuits.

Whenever June 12, now Democracy Day, is approaching, how exactly do you react and what usually are the thoughts competing for attention in your head? Are you always sad or just indifferent?

I can’t be indifferent. While my brothers – Kola, Deji and Agbo and sister Bolaji –played the most active roles leading up to the elections while I was mostly abroad. I was tasked by Daddy to galvanise support for his mandate and then his release after. We all worked really hard but it wasn’t to be. I didn’t realise it then but I was fortunate to be abroad during that time.

I say I was fortunate because I got to spend time with Daddy in London and Washington, before he returned to attempt to reclaim his mandate. Priceless memories of weighty moments including long hours discussing political maneuvers, or mondain tasks such as wrestling to iron his massive agbada. Even throughout those challenging times, MKO was first and foremost a father at home, and not a businessman or a politician.

I remember my one and only visit to him while in detention, for which I will always be grateful to President Eyadema of Togo. I had been placed on some list of people to be arrested immediately at the border, so, I couldn’t return home by that time. President Eyadema made all the diplomatic arrangements to ensure that I visited Daddy. I didn’t know it would be my one and last time. Even that was bitter-sweet because Daddy had been told he had a visitor but not who it was. When I was taken to him, he was in his full agbada attire and I felt it was not right, just to receive me. But even then, the first question was to ask whether I was still on course for my Ph.D before asking for updates on other children and family matters. It was only after his fatherly enquiries were concluded before we got to the business of politics.

Sadly, the annulment of the June 12, 1993, presidential election turned out a crisis in the hands of the Nigerian leadership at the time. But did you ever imagine your dad would pay the supreme price?

I can’t say I did. I was concerned about the evil and treachery possible but believed that Daddy would come out alive and victorious. I was convinced he would live to be over 90 years old like his Dad before him. He probably would have, with proper healthcare.

Looking back and through the window of time, would you have still supported the idea of running for the presidency, because there were speculations that your mum was opposed to it before her passing?

Mummy definitely felt the time was not right but she was already gravely ill and maybe able to see things he couldn’t at the time.

Let’s even address that issue. Was your mum really opposed to the idea and why?

My mother had seen the evil outcomes of politics close and personal. She lost uncles to Western region politics, so she was very sensitive to the signs of envy. She had also learnt a few things from the sabotage of her own political ambitions. No doubt, she felt Daddy would make a great leader for the nation, but my recollection is that she didn’t think the time was right.

Now a public holiday and a day to reckon with in the nation’s body polity, are you consoled by what June 12 has become today as a daughter who lost her dad untimely and cruelly?

A public holiday won’t bring Daddy back but I am very proud that he and the June 12 election are considered worthy of the honour

But even then, the first question was to ask whether I was still on course for my Ph.D. before asking for updates on other children and family matters. It was only after his fatherly enquiries were concluded before we got to the business of politics

and grateful to the nation for conferring it.

Do you also think enough has been done by the people and the government to preserve June 12 as well as the memory of your late dad?

I believe somehow the nation expects us the family to do the immortalisation work ourselves.

In addition, what more would you have loved to see the government and the people do in memory of the day and your dad?

I would love to see June 12 and my father’s role taught as part of a robust history subject in primary and secondary schools. We should not wait for glamorised movies and plays to do the work that formal education should do.

Seeing at what Nigeria has become today, 26 years after your dad passed and 31 years after an election he presumably won was annulled, how do you think he’d feel right now where he is?

Daddy “won” not “presumably won” the elections, unless you are the only one that hasn’t seen the results – annulled or otherwise. Daddy won’t be happy that so many Nigerians are in poverty. He was keen on education so the statistics on out-of-school children would not be pleasing either. I could go on. But most importantly, he believed in the nation called Nigeria and would be very saddened by the deep ethnic and religious fault lines. Thinking about this a bit more, I think I am right in saying that Daddy would have wanted to see the leadership of the country more firmly in the hands of the younger generation, male and female, and not his contemporaries.

Speaking truthfully, did you actually think he really had what it would have taken then to turn the nation around?

Even that was bittersweet because Daddy had been told he had a visitor but not who it was. When I was taken to him, he was in his full agbada attire and I felt it was not right, just to receive me

General of Police, where I have come to see firsthand just how daunting a task the Nigerian Police Force has in this vast country. The number of cases, the level of impunity that causes so many to think that they are above the law, etc. Yet the IGP has to stand firm for order and integrity, despite the interferences. This encourages me a lot. I see that the Nigeria we desire is possible, where a policeman can reject a massive bribe and his superiors can single him out for an award as was the case of SP Sini in the CIU under DCP Edwin Eloho and AIG Abdu Yari Lafia, who received an Integrity Award from the IGP himself, the first such award ever.

This may seem a bit personal, but one can hardly gloss over it. Your dad’s untimely passing seemed to have left the family somewhat divided, albeit you’ve been able to paper the cracks very well. But it is a situation that many think might not have arisen if he had lived much longer. There have been claims that the children of his first wife, you being one of them, practically seized his estate at the expense of the children from other wives and the several women in his life. Do you think he’d be happy with you and your own siblings on the state of things?

Daddy knew his children. He would say “bi a se da ni ye”, meaning each one of us is unique and different, yet perfect I guess. Our differences should be our strength, not weakness.

Yes, without a doubt. He was very prepared for the challenge. He had a clear vision for the nation and was prepared to work with talented Nigerians of all ethnic groups and religion, male and female to make it come true.

When you look at Nigeria now, what concerns have you about leadership and the governed? Do you still hope for a better tomorrow?

I remain hopeful as a Nigerian but also realise that people, especially young people, are getting more and more impatient for progress, opportunity, fairness, justice, security. They aren’t asking for too much, given all the resources and potential we are blessed with as a nation.

An average Nigerian believes that former President Muhammadu Buhari messed things up in the country. How much hope do you have in the Bola Tinubu presidency?

My philosophy on this is simple. We must really do everything we can to help our leaders succeed for the benefit of the nation. President Tinubu needs to be successful for the nation to develop. I also agree that he inherited very challenging conditions both domestically and globally.

Morning, they say, shows the day. After a year in office, do you still feel the same way about the Tinubu administration – good or bad?

Developing Nigeria in an equitable manner is a huge task. It would take more than a year. Mr. President has made significant strides in selecting round pegs in round holes (as my father would say) in key positions to work on moving the nation forward. These appointments are typically unpopular and take courage.

One appointment is that of the Inspector

I feel particularly fortunate that I in turn knew Daddy. My thing was to sleep on the couch while I waited for him to return late into the evening. He would wake me to go to bed but we would end up chatting about his day, a book I was reading, an argument I had with someone, etc. I got to hear his perspective on a wide range of topics and from the conversations got to know his values and what he stood for. Not everyone had that opportunity and that is regrettable. He didn’t have enough time with us. Daddy also wrote prolifically while in detention. Many don’t know this. The letters were snuck out to us. From his letters, we got to see his clarity of thought and received clear directions on how he wanted things done. You must realise that only a handful of us had finished our education by the time Daddy was detained and eventually died. The focus was precisely on getting everyone’s education behind us at the time after a very expensive election campaign and battle to protect the votes – the focus was on setting everyone up for the future in Daddy’s unplanned absence.

Some of your other siblings had alluded to poor treatment at different times, although with a degree of maturity. But as an individual seeking a better society and championing women leadership, how does this sound to you, too?

Today, it is true that we all have different expectations, priorities and constraints in terms of what we can do. When any of my sisters or brothers discuss this with me, I take them through the history and outline the forward looking plans in play. Plans have taken some time to crystalise, largely due to past political interferences, but this is the time to focus on achieving our collective goals and not allow external forces to capitalise on any internal issues. Like every family (even those in a monogamous set-up), we need to work through our issues. Sadly, some people continue to try to take advantage of what they consider an “opportunity”.

Lastly, and in spite of all that had happened, what is the relationship between your family and the former Military President, General Ibrahim Babangida, who annulled your dad’s election?

I don’t have a relationship with the General. I continue to believe he did a huge disservice to the nation and to the family.

Wura Abiola

ProPerty & environment

Lagos Dashes Hopes of Diasporan Investors in Oko-Orisan Waterfront Scheme

Bennett Oghifo

When in 2010 the Lagos State Government advertised its OkoOrisan Waterfront Residential Land Scheme, many Diasporans were elated, not only because they wanted a home in Lagos, but also because of their “perceived” safety of their investment in the hands of the Lagos State Government. Regardless, things went south or so it now seems, unless Governor Babajide SanwoOlu wades into the matter.

Subscribers to the Oko-Orisan waterfront scheme are feeling victims of what they now realize is an imperfect land administration system in Lagos State. They have become distraught from the frustration brought on them by the government (LASG) which they feel they ought to run to for succour.

In view of their disappointment and frustrations, in the hands of the Lagos State government, a number of those that had invested in the land purchase scheme including Mr. Hakeem Ibrahim have recently formed a group (Oko-Orisan Waterfront Scheme Subscribers Group), for the purpose of engaging with the state government.

According to Ibrahim, “In 2012, I purchased a piece of land in the Lagos State Government Oko-Orisan Waterfront Scheme in the Lekki area of Lagos State. Some other subscribers bought into the scheme as far back as 2010. The fee I paid for the plot was N3.8 million only, though I was receipted for only N3.3 million, out of the amount I paid. We were all issued original copies of allocation letters and official receipts from the Lands Bureau of the office of the Governor. My personal allocation letter was dated May 12, 2012. We have severally visited the appropriate offices of the LASG in Alausa, to inquire about progress, and the relevant officials of the LASG have always confirmed and assured that our documentations are genuine and valid.”

More than 12 years later, the situation has not changed. They still do not have their allocation. “The challenge today, is since our consummation of the contract with the LASG, we are yet to be physically allotted our plots in the scheme. The official reason the government officials have given for this is that since around 2013, the scheme had been suspended to allow for redesigning.

However, unconfirmed reasons include the following - attempt by LASG to abandon the scheme to re-allocate the plots to wealthy and influential figures in society; attempt by LASG to move subscribers to a different and ‘less attractive’ schemes/location, amongst others.”

The group requests the LASG, without further delay, to fulfil its part of the contract, “by responding to our request and allotting us our due plots of land per the contract we entered. We have expressed our disaffection in writing to the Office of the Special Adviser on Housing, who minuted our letter to the Bureau’s Legal Dept. We also visited the office, and our representative met with a lady who introduced herself as the Legal Officer. The lady was very receptive and helpful, and informed our Rep. that the matter does not fall within the purview of the office. She informed me that her involvement was merely for information ONLY. She however advised that we go see the Executive Secretary, Lands and/or Personal Secretary, Lands to convey our dissatisfaction in person.”

The hope of the group, they

said, was diminished further when in response to the inquiry about their plots of land, the Lagos State Government (Lands Bureau) informed them that the Orisan scheme was being redesigned and remodelled, and that they would be informed of the outcome when completed, without as much as suggesting a timeline for when that would happen.

The LASG’s letter with reference number LU/OWF/ RES/18/89, dated April 2, 2024, addressed to: “Oko Orisan Waterfront Scheme Subscribers Group, Attention Mrs. Akinloye states. Re: Demand for the Physical Allocation of Our Land Purchased from the Lagos State Government (LASG) in the Oko Orisan Waterfront Scheme’’. In the letter signed by A. Odukogbe, for the Executive Secretary, Land Use and Allocation Committee, Governor’s Office, Lands Bureau., the LASG stated “we acknowledge the receipt of your letter dated 20th March 2024, in respect of the above subject matter and inform you that the state government has embarked on redesigning and remodelling of Orisan Waterfront Scheme. In view of this,

none of the allottees can take physical possession or process their respective Certificate of Occupancy until the conclusion of the exercise. Please be assured that all allottees will be contacted as soon as the exercise is concluded.”

The group’s response of May 8th to the LASG letter expressing regret over the lack of specificity on timelines in the LASG letter, was yet to receive any response from the LASG as at the time

of going to press.

The group uses this medium to invite other subscribers to the scheme, both in Nigeria and abroad, to contact the group to enable us leverage strength in numbers to persuade Gov. Sanwo-Olu to address this injustice being meted out to us by the LASG.

The group can be reached via Email: landmatters.okoorisan@ gmail.com and X (former Twitter): @landmataz.

Sanwo-Olu

Lagos to Display Badagry Master Plan 2022-2042 for Public Inspection

The Lagos State Government will subject the draft report on the review of Badagry Master Plan(2022-2024) to public scrutiny, from Wednesday 19th June to Friday 26th July 2024.

The Permanent Secretary,

Office of Physical Planning, Engr. Oluwole Sotire disclosed this in a statement issued at the weekend.

He said that the 28-day public inspection of the Draft Plan across various centres, mainly within the Badagry division of Lagos State, would allow stakeholders to review its proposals and make relevant comments to further enrich the Plan.

the State’s culture of Citizen’s participation in the preparation of Physical Development Plans.

The Permanent Secretary stated that subjecting the draft report to public scrutiny was part of the acclaimed process of preparing an inclusive Plan, which is also in tandem with

The inspection venues, which are 13 in all, include the Local Government/Local Council Development Area Secretariats within the Badagry division of the State, local planning offices

within the division, Ministry of Physical Planning and Urban Development, Secretariat, Alausa and the headquarters of the Lagos State Physical Planning Permit Authority (LASPPPA) at GRA, Ikeja.

“It is worthy of note that to ramp up public participation in

the plan preparation process, the 28-Day public inspection of the Draft Report on the Review of Badagry Master Plan(2022-2042) will be followed by a final Stakeholders Meeting at 9am on Thursday 8th August, 2024 at LASU Main Auditorium, Ojo,” he added.

WED: Conservationists Advocate More Green Areas, Less Concrete for Healthy Living

Bennett Oghifo

The global community marked the World Environment Day 2024 (WED 2024) last Wednesday with a focus on land restoration, desertification and drought resilience.

WED is the biggest international day for the environment. Led by the United Nations Environment Programme (UNEP), and held annually since 1973, it has grown to be the largest global platform for environmental outreach. It is celebrated by millions of people across the world.

Here in Nigeria, some con- servationists held a roundtable session to mark this year’s WED at the Alliance Française in Ikoyi, Lagos. The speakers included: Emilie Guitard, Research Fellow -CNRS/INFRAPATRI. As an anthropologist at the French National Center for Scientific Research (CNRS), Emilie Guitard is documenting the relations with nature in cities in subSaharan Africa. She combines ethnographic research and artistic collaborations during fieldwork to study waste management in Cameroon, perceptions of environmental changes in Zimbabwe, or more recently knowledge about attachments to plants in lbàdàn.

Théo Lawson Architect - Freedom Park

Theo Lawson, an architect based in Lagos, Nigeria, graduated from the Architectural Association School, London in 1985. He blends traditional African and High-tech design styles, He co-founded the “C.lLA” in 1998, contributing to projects like Freedom Park Lagos. Passionate about public spaces, he’s involved in vari- ous cultural and historical projects in Nigeria.

Folu ActivistOyefeso - Save Our Green Spaces Ibadan

Folu Oyeteso is a Nigerian photographer whose work aims to capture the beauty, diversity, and resilience of Nigerian and African people. Through photography and storytelling. Oyefeso challenges stereotypes and assumptions about the Continent, and presents a more nuanced and authentic portrayal of the landscape and its people.

Iyabo Aboaba

C.O.O Freedom Park

lyabo Aboaba has worked in the Arts, Tourism and Hospitality sector in different capacities as an administrator with over four decades of experience. She was formerly

the General Manager at the MUSON Centre and currently serves as the Chief Operating Officer at the Freedom Park. Ms Aboaba sits on several Boards and is an avid supporter of the arts in Nigeria.

Jomi Marcus Bello (Skate Park) Wafflesncream Founder

Jomi Marcus-Bello is the co-founder of WAFFLESNCREAM, Nigeria’s first skate shop and a clothing brand in its Own right. Because of its pioneering position on the scene, WAFFLESNCREAM has become a pillar of the burgeoning Nigerian skateboard community. He impulsed the creation of Lagos first concrete skatepark. At the conference, the moderator asked each of them about their encounter with nature. Here’s what they said:

Mr Theo Lawson Freedom Park came about because I felt there’s a need for a park in Lagos Island, the CBD, I think in the late ‘90s. Was first a crime-laden area. We had ‘area boys’ notorious for slashing bags and everything. And the city just became very congested and not friendly at all. I thought Lagos State is somewhere where the city could breathe, the place

where people could escape to, like, Hyde Park or Central Park where you could just get away and essentially interface with nature. And fortunately, Freedom Park, the site of Freedom Park had escaped developers, because the site was originally a prison for 100 years. And fortunately, after it had been allocated to four developers, because of the history, of course, nothing happened. So it was abandoned for 30 years, until we got to start the project. But I also heard that Chief Awolowo had cursed the place never to get developed, because he was incarcerated there. But lots of interesting things we mentioned spirituality and everything. I think we have some stories to tell by Freedom Park and the trees.

Emilie Guitard

I think I was in close contact with nature when I was growing up in France, etc. Then I took some interest, actually about this relationship dancing in urban African cities. When I started to do ethnographic research in northern Cameroon, I was working on another topic, but then I already witnessed some stories about genes living on certain trees, also trees being seen as markers for the story of the two cities. So then this

interest was reinforced when I worked a bit in Zimbabwe and instant parts because I worked specifically there on the perceptions over environmental changes by inhabitants of a small mining town. So it was more the title to that topic. But it was really when I arrived in Ibadan in 2015 that I started to work on the specific topic of knowledge about plants and attachment to plants. And it started with a very, very simple question. Actually, it’s when I went through the center, the old center of Ibadan, I saw this very beautiful architectural landscape, very typical, we all know this point, IGP clock, etc. But I also witnessed that there was still quite a love to all the big trees standing. And so my very simple question was, but how is it that these trees are still standing in this very densely populated and built up area? And that’s how I started actually doing some ethnographic research. So first, I was just myself with Adeniji Adebayi, who was my research assistant then. And then in 2017, I invited some friends who are French visual artists to come with me to the button to do some field work together. And that’s how they started to take pictures and draw what was happening under the trees of the old

center at Ibadan, while I was doing my research that was basically talking with people living there observing what was going on. And so finally, I went back to France and in 2001 we got some big funding to start an international programme on the same topic, but this time, with the possibility to compare four cities in Sub Saharan Africa that are young in Cameroon, Ibadan, Nigeria PortoNovo in Benin Republic, and Dakar in Senegal. People again, are interacting with plants in these big cities. And we set up a team of about 15 Researchers in Social Science and Humanities and Botany, together with about 15 artists from all over those countries and friends to work together and we were invited again in 2023, So last year, I offered Abayomi Antony who’s seated here. Who is a photographer to join us as well to make pictures and we started also to work not only on trees in the center of Ibadan, but on wooded areas that are quite emblematic like Igbo-agala for those who know that the forest around our store at the center of the city or an old cemetery that is called Songo cemetery. And so the exhibition that is displayed at the Alliance gallery is the result of this collaboration.

Bennett Oghifo

Kayode Tokede

As several companies across all strata of the Nigerian economy continues to struggle as a result of tough operating clime, it has emerged that the manufacturing, oil & gas and commerce sectors contributed majority of Nigeria’s top 10 banks’ estimated N1.6 trillion Non-Performing Loans (NPL) in the 2023 financial year.

The 10 banks include: FBN Holdings Plc, Zenith Bank Plc, Access Holdings Plc, United Bank for Africa (UBA) Plc, and Guaranty Trust Holdings Company Plc (GTCO).

Others are: Wema Bank Plc, Sterling Financial Holdings Company, Stanbic IBTC Holdings Plc, FCMB Group Plc and Fidelity Bank Plc.

THISDAY analysis of the 10 banks’ financial results showed that cumulatively, their NPLs went up by 65 per cent from N964.36 billion in the 2022 to N1.6 trillion in 2023. Consequently, the lenders wrote of multi-billion naira non-performing loans to de-risk their balance sheet

and improve asset quality. Specifically, weak crude oil prices impacted the oil & gas sector negatively, while the manufacturing sector was faced with high cost of operation, foreign exchange losses amid Central Bank of Nigeria (CBN) policy on foreign exchange market, and weak purchasing power by consumers.

Other sectors were faced with a hike in inflation rate across SubSaharan Africa. Inflation rate was persistently on increase throughout 2023, mainly driven by high food prices, a weak local currency, and rising cost of inputs.

Brent crude oil price averaged $83 per barrel in 2023, down from $101 per barrel in 2022, as global markets adjusted to new trade dynamics, with crude oil from Russia finding destinations outside the European Union, and lower than expected demand.

Analysts believe the increase in banks NPL is a reflection of movements in expected

Data realised by the Central Bank of Nigeria (CBN) has revealed that total foreign remittances for May 2024 amounted to $365 million, marking an 80 per cent year-on-year increase compared to May 2023, which recorded $202.89 million. According to analysts, the significant rise underscores the growing confidence and reliance on remittances as a vital source of foreign exchange for the Nigerian economy.

A deeper analysis of the data showed that for the first five months of 2024, Nigeria received a total of $841.37 million in remittances.

January started the year on a positive note with $138.56 million. However, February experienced a notable dip, recording the lowest influx of remittances at just $39.14 million, potentially reflecting seasonal variations or short-term economic factors affecting diaspora contributions.

macroeconomic conditions, stressing that most banks restructured their loans in the year under review.

A member of the CBN’s Monetary Policy Committee (MPC), Philip Ikeazor, in his personal statement at the meeting in March 2024, said, “The imbalance between the exposure of the oil and manufacturing sectors and their poor contribution to growth is worrisome, even as NPLs continue to rise. Considering their vulnerability to rate hikes, consecutive aggressive tightening will further depress the economy. The pressure point is already manifesting as indicated in the projected contraction of PMI in the industrial sector by 7.1 index points occasioned by rising input cost and low-capacity utilization.”

Despite these challenges, THISDAY gathered that the 10 banks’ gross loans to customers in 2023 stood at an estimated N39.25 trillion, about 55 per cent increase from N25.3 trillion in the 2022 financial year.

THISDAY gathered that only two banks, UBA Plc and Sterling

The trend reversed in March, with remittances climbing to $104.9 million, suggesting a rebound in the flow of funds. This upward momentum continued into April, which saw remittances rise to $193.31 million. The surge peaked in May with an impressive $365.44 million, the highest monthly figure recorded so far this year.

According to market watchers, this substantial increase in May could be attributed to several factors, including improved economic

Financial Holdings Company, have an NPL ratio of above 5 per cent.

A breakdown showed that in 2023, UBA’s NPL ratio stood at 5.85 per cent from 2.95 per cent in 2022, while Sterling Financial Holdings Company reported 5.07 per cent NPL ratio in 2023 from 3.90 per cent in 2022.

The likes of FBN Holdings, 4.70 per cent, Zenith Bank, 4.40 per cent, Access Holdings, 2.80 per cent and GTCO, 4.19 per cent recorded NPL ratio below the CBN’s 5 per cent threshold.

A report sighted by THISDAY revealed that oil & gas contributed about 30 per cent to Zenith Bank’s N310.65 billion NPL in 2023 from 44.37 per cent in 2022 when its NPL was at N177.3 billion.

GTCO’s recorded 31 per cent upstream oil & gas contribution to its NPL in 2023 financial year, followed by 18 per cent manufacturing sector.

Zenith Bank in a presentation to analysts and investors stated that it adopted a holistic and integrated approach to risk management and

conditions in countries where the Nigerian diaspora resides, enhanced remittance channels, and perhaps targeted financial policies by the CBN aimed at encouraging higher remittance inflows.

“The consistent rise in remittances highlights their critical role in supporting not only household incomes but also national economic stability. These funds often go towards education, healthcare, and business investments, contributing significantly to the socio-economic

therefore, brings all risks together under one or a limited number of oversight functions.

According to the bank, risk management is practiced as a shared responsibility; “thus, the group aims to build a shared perspective on risks that is grounded in consensus.”

“The process is governed by welldefined policies that are subjected to continuous review and are clearly communicated across the Group and risk related issues are taken into consideration in all business decisions,” the group added.

For GTCO, the bank said, ‘The Group’s IFRS 9 Stage 3 loans closed at 4.2peer cent (Bank: 2.5per cent) in 2023 improving from 5.2 per cent (Bank: 4.7per cent) position in 2022. Education and Others emerged as sectors with the highest NPLs i.e., 20.9per cent and 18.0per cent, respectively.

“IFRS 9 Stage 3 loans grew marginally to N109.6billion in 2023 from N102.4billion in 2022, primarily driven by exchange rate impact as

development of Nigeria.

“As remittance flows continue to grow, they present a resilient financial lifeline for many Nigerian families and a stable source of foreign currency for the nation. The CBN’s on-going efforts to streamline remittance processes and ensure favourable exchange rates are likely contributing factors to this positive trend, “said an expert who do not want his name in print.

At the last monetary policy committee meeting, the CBN Governor, Olayemi Cardoso said:

the Group continued to deleverage in Nigeria, Ghana, and Kenya, and where possible, ensured derecognition of fully provided facilities off its loan book.

“The Group wrote off the sum of N129.1 billion in 2023, to de-risk its balance sheet and improve asset quality, positioning the group for recovery of delinquent facilities to bolster future earnings.

“On the back of the increased precautionary impairment charge booked by the group occasioned by way of management overlay led to pick up in Cost-of Risk to 4.5 per cent in 2023 from 0.6 per cent in 2022.

“IFRS 9 balance sheet impairment allowance for Stage 3/ lifetime credit impaired exposures closed at N63.5 billion from N54.9billion in 2022, representing 57.9 per cent coverage for loans in this classification.

“Members further observed the recent volatility in the foreign exchange market, attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system. The Committee also noted the marginal increase in the external reserve balance between March and April 2024 and urged the Bank to sustain its focus on accretion to reserves.

Nume ekeghe

Truncating CPS’s Success

The success story of Contributory Pension Scheme, 20 years after its commencement, is being reversed by the federal government’s delay in payment of accrued rights of its workers, writes e bere n woji

When the federal government through the 2004 Pension Reform Act introduced the regime of Contributory Pension Scheme (CPS) in place of Defined Benefit Scheme (DB), the main purpose was to rest the case of arrears of unpaid pensions due to lack of funds and alleviate the sufferings of Nigerian pensioners.

This is because between the period of 1979 when the Defined Benefit Scheme was introduced as a way of paying retirees’ benefits. Before it was laid to rest in 2004, Nigerian pensioners passed through severe hardship due to old age poverty occasioned by government’s failure to pay their retirement benefits as and when due. Even when they attempted to pay at all, the screening process to weed out ghost pensioners left the genuine pensioners in undesirable condition.

Indeed a sight of Nigerian pensioner on queue to undergo his screening exercise portrayed horrible pictures as most of them look worse than destitutes.

Then pension deficit was over N2 trillion with pay masters and pension managers cornering some released funds by the federal government while the supposed end point receivers die in poverty and penury.

The horrible appearance of railway pensioners, those of Nigerian postal services pensioners among others has remained indelible in the minds of many adults who witnessed it.

InTroduCTIon of CPS

It was against this backdrop that the administration of President Olusegun Obasanjo in search of better pension system adopted the contributory Pension scheme (CPS) from Chile. The aim was to bring to an end the protracted delays in payment of pension benefits in the country.

Some of the demerits of the Defined Benefit Scheme scheme as recently highlighted by the Managing Director and Chief Executive Officer of Nigeria University Pension Commission (NUPENCO), Oluwakemi Ugwu, include unfunded liabilities in which she noted that the government was struggling to finance pension obligations due to inadequate budgeting and planning, leading to significant pension arrears and delay in pension payment.

He also mensioned dministrative inefficiencies noting that the system was plagued by bureaucratic delays, corruption, and mismanagement, which resulted in many retirees not receiving their benefits timely, while some never received it.

While adding that demographic and economic pressures was another factor, she pointed out that increasing life expectancy and a growing number of retirees added financial pressure on the government, making the Defined Benefit scheme unsustainable.

Apparently, in earnest search for solution to the above problems Obasanjo’s government introduced the CPS through the Pension Reform Act of 2004, which was repealed in 2014.

MerITS of CPS

Highlighting its merits, Ugwu said the CPS established individual Retirement Savings

Accounts (RSAs) for each employee, managed by licensed Pension Fund Administrators (PFAs) in which both employees and employers contribute to typically at a rate of 8 percent and 10 percent of the employee’s basic, transport and housing allowances, respectively.

She said it reduced government’s liability as the system was aimed at reducing the financial burden on the government by spreading pension funding responsibilities between employers and employees and ensuring that retirees were paid immediately after retirement.

She said, “The CPS also shifted government’s role to regulation and oversight through the National Pension Commission (PenCom); just as it introduced professional fund management practices to ensure better returns on pension contributions; while the fund managers, PFAs are regulated to maintain transparency and accountability, aiming to protect the interests of contributors.

“These efforts are gearing towards solving the overall problem of delay in payment of retirement benefits to pensioners. But despite these efforts Nigerian pensioners under the CPS are gradually being subjected to the same sufferings and agony their predecessors suffered under the Defined Benefit Scheme scheme due to government’s delay in releasing their accrued rights.”

ACCrued rIghTS

Accrued rights, she added, refers to the pension benefits that employees of the federal government Treasury Funded Ministries, Departments and Agencies (MDAs) are entitled to based on their service years before the commencement of the contributory pension scheme in 2004.

She added, “This does not apply to the Private sector or an MDA’s employee

“The CPS also shifted government’s role to regulation and oversight through the n ational Pension Commission (PenCom); just as it introduced professional fund management practices to ensure better returns on pension contributions; while the fund managers, P f As are regulated to maintain transparency and accountability, aiming to protect the interests of contributors.”

who have been offered employment after the CPS. The accrued rights pension benefits arose from employer’s obligation of retirement benefits in the defunct Defined Benefits Scheme before the commencement of the CPS it was converted to bond payable/redeemable at retirement.

Section 2.3 of the Revised Regulation on the administration of retirement/ terminal benefits specifies that a retiree is entitled to access his or her retirement benefits only upon the consolidation of his or her RSA.

“The components of an RSA at retirement shall include accrued pension rights or pre-act benefits (if any) for employees who were in employment before the commencement of the CPS employer/employee pension contributions, returns on investment, and the fixed portion of voluntary contributions (if any).”

However, checks by THISDAY showed that this particular section of the PRA Act is undermining the success achieved within the 20 years of CPS regime in Nigeria.

It is indeed retrograding the success because from what is happening in the pension sector, the pension fund managers are no longer at ease with the speed at which unpaid pension benefits is resurfacing itself due to failure on the part of government to release workers’ accrued right.

It was learnt that some retirees, due to excessive sufferings, are ready to forfeit the accrued right and have their fund manager pay them the available contributions. But the pension Act is so sacrosanct that it does not allow the managers to take such action.

PolICe PenSIonerS’ PlIghT

A few years back, a group of retirees of Nigerian Police raised the alarm that their conditions were so bad after retirement from service that they could no longer wait for the release of their accrued rights but would rather prefer to be paid the one they saved with their police PFA. Unfortunately, this option was denied them on the ground that it was against the pension law.

The retired police officers were groaning under the undue delay in the remittance of their pension accrued rights, which they said has lingered over a long period.

This is in addition to their complaint’s that the monthly pensions by the Nigerian’ Police Force Pensions Limited, the police pension fund administrator, was abysmally low and unable to take care of them at retirement.

The retirees, under the umbrella body of Association of Retired Police Officers (under the Contributory Pension Scheme) lamented their woes and the attendant

“These efforts are gearing towards solving the overall problem of delay in payment of retirement benefits to pensioners. But despite these efforts nigerian pensioners under the CPS are gradually being subjected to the same sufferings and agony their predecessors suffered under the defined Benefit Scheme scheme due to government’s delay in releasing their accrued rights.”

hardship they were going through with their families.

They noted that after 35 years of meritorious services to their fatherland, and having put their lives on the line for the security of the country and her citizens, they deserve better treatment in their retirement life. A critical look at the situation showed that it is not only undermining the core objective of the CPS but also casting shadow on the image and integrity of Pension Fund Administrators who manage these funds.

Sector analysts said the situation would be heavier on the Police PFA, NPF Pensions Limited, whose clients are only the police, unlike other PFAs that have a mixed clients.

Against this backdrop, pension sector analysts have called on the Bola Tinubu administration to make haste and save the CPS system from imminent collapse by making serious budgetary allocation to the accrued rights purse and ensure its timely release to avoid truncating the success of the CPS in the past 20 years.

The analysts said in the alternative, as both the law makers and PFA at their recent retreat for members of house of Representatives Committee on Pension and Establishment suggested, this particular section of the Act should be reviewed to give room for at least release of a needy pensioner’s available fund pending the time his accrued pension will be paid.

Akinlade: How FG Can Build Confidence in Economy

In this interview with Kayode Tokede , the Group Managing Director, Haldane McCall Plc, Dr Edward Akinlade, an expert in Real Estate and Hospitality, offers some tips to address the ongoing economic challenges in Nigeria and re-affirmed the plan to list Haldane McCall on the Nigerian Exchange Limited in Q3 2024. Excerpts

The Bola Tinubu Administration is one year old and professionals have been expressing opinions on the state of the economy. What is your assessment of the Nigerian economy in the last one year?

Iwill say a mixed bag. When I say mixed bag, I mean the good, bad and the ugly. So, let’s touch on the good. The good thing is that democracy is still being maintained. Whether it is in a good economy or bad economy, our people are angry and democracy is still existing. There is no better form of government except democracy. The Tinubu-led government is still holding it together. But when you start going into the bad, you will see that at the top that, our people are suffering. The hunger in the land is in tremendous proportion and the people that are running us, particularly the legislature, for example, don’t care, because if they care, daily, they’ll be talking about how to reduce hunger in the National Assembly, rather than talking about changing our national anthem. The national anthem took us back to the olden days. Rather, we’re supposed to be moving forward. But when you now go into statistics, everything is in red. Interest rate, Gross Domestic Product (GDP), cost of living, interest rates, inflation rate and foreign exchange rate. Everybody is closing shop in Nigeria and electricity prices have gone up without major reason. For example, in my own instance, we have an Hotel in Ikeja GRA, in April, we had a bill of N1.5 million. For May, we had N5.5 million from N 66 per kWh to N 225 per KWh. They told us it was reduced but from the bill I got, there was no reduction.

Unfortunately, the team that APC has put together I think it’s about time they rejig them, and I mean those that are not performing. The trail approach of the CBN and the Minister of Economy Minister of Economy need to be looked at carefully. Nigeria is not what I would call a trial and error economy.

Which areas of the economy would you advise the government to pay more attention? They need to sit down and ask how do we build confidence?. What is missing in Nigeria at the moment is confidence. If we can bring back confidence, foreign exchange will regain its strength and Nigeria will grow. And everybody will be happy. It is that lack of confidence that is making Nigeria to be what it is today. How do you build confidence? You set out a growth plan, short term, long term, medium plan, you stick to it. Before you execute any one of those plans, you will accord stakeholders to a meeting. This is what we want to do. If you’re not happy, we review it and not that you implement it and you cancel it which is a good example of recent cancellation of increase in bank charges to cover cyber security. If the people had been consulted from day one, the cancellation wouldn’t have happened.

I’m told that it was a law that has never been implemented for a while. CBN and the Ministry of Finance’s loss of confidence is affecting our economy. Everybody is just betting, trading and speculating against the Naira. Exchange rate volatility and soaring inflation rate have continued unabated despite the on-going reform of the economy by the federal government. What went wrong? At the root of it is actually the statement that the President made that oil subsidy is gone. It’s like oil subsidy was the seed that is planted. It germinated into everything we are seeing today. Immediately he made that statement, prices of petrol started going up and people started losing confidence in Nigeria. They started withdrawing all their investments, which now leads to inflation and high interest rates. And the question I keep asking is, is it true that subsidy is gone? Compare the landing cost of PMS worldwide with that of Nigeria and you will understand how much we are paying for PMS in Nigeria. Everywhere you go, the difference between diesel and PMS is not more than five per cent. Obviously, our three refineries are still moribund and they keep promising us. So, if we can get those refineries back on, things could get better. We are now also told that the Kaduna refinery can only take crude from Brazil and cannot take Nigerian crude, which is another problem. Our problem is endemic and this one year is too short to measure Tinubu’s performance. Let’s give him more years

and hope the future perspective is bright.

Do you agree with the policy of unified exchange rate?

Don’t forget that the rule of demand and supply determines price. It is basic economics. If you don’t have demand, you don’t have supply, prices will respond accordingly. So what you have at the moment, whether you unify and equalize, there is not enough foreign exchange supply and prices have to continue going up. But as supply comes in, it will start going down. It is a policy that cannot achieve anything. But in the long run, as confidence returns, foreign exchange will start coming back into the country. I keep on saying in the short- term, rate will go up. But as we are about to enter the medium-term, rate will come down. The price will keep swinging but on the long-term trajectory, it will be downward because they are working hard on confidence building. There is foreign exchange in Nigeria and it is sitting in domiciliary accounts. They’re afraid to bring it but show them confidence, they will bring it. In the long run, just before the next election, foreign exchange will gain strength and that is my prediction.

The Nigerian Labour Congress (NLC), is still at loggerhead with the federal government on the issue of minimum wage. What is your advice.?

My own take has been a historical problem head showing up. In an advanced nation, wages are agreed and it goes up every year by inflation. If you are in January this year, your salary will be increased by the inflation rate of September last year. That is what we’re missing here. Then we’ll fix wages and nobody will do anything to that wage for the next 10 years. Then they woke up one day and started fighting. Whatever wages they agree to this year, they should increase it every year. There’ll be no more need for us to sit down and discuss wage increases again. What the organized labour is demanding for is ridiculous. It will skyrocket inflation in Nigeria. I will also increase my house rent by 1,000per cent so I can collect my own from it. But I believe we have N30,000 and it was fixed probably years ago. Whatever is the inflation for the past two years, should be added to it. But the problem is that the more you put pressure on wages, the more inflation, because we will have too much money chasing fewer goods that is not enough. Therefore, the goods prices go up according to the law of demand and supply. Labour has to take it softly.

How can investment in real estate enhance the Nigerian economic development?

Over the years it’s been proven worldwide, and that when the government invests in real estate, a lot of jobs are created. If you look at just one bungalow, the number of people that you will employed. But we have not attacked the problem seriously. During the days of Lateef Jakande, there was a saying that we have about 16 million deficits and they are now saying it’s about 22 million deficits. In the last 25 years, Nigeria has not built 1 million houses and it is shame to our all governments.

Akinlade

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

Customs Agents Commend Bello Koko for Trade Facilitation, Traffic Sanity at Seaports

The Managing Director Nigerian Ports Authority (NPA), Mohammed Bello KoKo has received commendation from the Association of Nigeria Licensed Customs Agents (ANLCA) for the uncommon initiatives that cleared the decade-long traffic gridlock that had menaced the Apapa/Tincan Ports access roads and undermined ease of doing business in Nigeria. The commendation was voiced when the National President of ANLCA. Mr. Emenike Nwokeji in company of ANLCA Board Chairman, Mr. Taiwo Mustapha, led executives of the highly influential trade association on a working visit to the NPA Headquarters in Marina.

Responding, Mohammed Bello

KoKo said, “breaking the jinx of the agelong traffic gridlock that was causing huge revenue losses and reputational damage to our dear country Nigeria was a product of our relentless commitment to doing what is right by entering into open-minded collaborations with the Lagos State Government and relevant stakeholders.”

Reiterating the authority’s commitment to enhancing ease of doing business and deepening Nigeria’s balance of trade through promotion of exports, Bello KoKo stated that. “we are committed to fulfilling the priorities as enunciated in the Presidential/ Ministerial Performance Bond which we signed and to sustain the sanity on the Port access which has resulted

in the unprecedented increase in export numbers, we have developed a Service Level Agreement (SLA) for cargo evacuation which we would be implementing with renewed vigour going forward to sustain the growth in exports necessary to achieve the national trade surplus required to grow the domestic economy.”

The National Bureau of Statistics (NBS) in it’s foreign trade report for the first quarter of 2024 released on Sunday highlighted that Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024. The NBS detailed that Nigeria’s exports totalled N19.1 trillion and total imports stood at N12.6 trillion — indicating a trade surplus of N6.5 trillion.

Sterling Bank Partners SPPG for CredentialVerification Using Blockchain

Nume Ekeghe

Sterling Bank, has partnered with the School of Politics, Policy, and Governance (SPPG) to revolutionise credential verification through blockchain technology.

The bank in a statement noted that this collaboration marks a significant milestone in enhancing the efficiency, security, and accessibility of academic credentials in Nigeria.

Commenting on the collaboration, the Chief Growth Officer Sterling Bank, Obinna Ukachukwu, stated: “We are thrilled to partner with VX Technologies and SPPG to introduce this game-changing

initiative. We believe in the power of innovation to drive progress and transform lives at Sterling Bank. By supporting the adoption of blockchain technology in education, we are not only revolutionizing credential verification but also advancing our H.E.A.R.T strategy for Education, which prioritizes Access and Equity.”

On his part, Director of Operations, VX Technologies, Ryan Hawkos added: “We are pleased to acknowledge the impactful generosity of Sterling Bank, who has provided the funding necessary for the initial phase of this project. This support ensures that thousands

of SPPG alumni can access their digital certificates, with the first one thousand certificates being provided at no cost.”

According to the Chief Executive Officer of SPPG, Alero Ayida-Otobo, “Sterling Bank’s commitment to quality and positive educational experiences for people is yet again demonstrated here in their commitment to supporting the adoption of innovative technology across the educational ecosystem.

“We are one of the first institutions in Nigeria to embrace blockchain for academic credential management, and we look forward to a near future where this is the norm across Nigeria,” he added.

Veritas Kapital Assurance Grows Profit By 1101%

Ebere Nwoji

Veritas Kapital Assurance Plc has said it grew its profit by 1101 per cent for the year ended December 31, 2023. This shows a remarkable surge in the company’s profitability during the period under review.

Managing Director and Chief Executive Officer of the Company, Dr. Adaobi Nwakuche disclosing the result of the company’s business activities within the period, said the company’s IFRS 17-compliant financial statement revealed an astounding 1101 percent increase in profit after tax, growing from N193.93 million in 2022 to a remarkable N2.33 billion in 2023. She said this year-on-year growth of N2.14 billion sets a new benchmark in the industry.

She further said the exceptional financial performance underscored Veritas Kapital

Assurance’s unwavering commitment to enhancing shareholder value and revolutionising its business offerings to deliver an unparalleled customer experience.

She said, “The net insurance and investment results soared by an impressive 163 percent leaping from N1.46 billion in the previous year 2022 to N3.84 billion in 2023. Moreover, the company’s insurance revenue experienced a substantial 41 percent rise, growing from N5.05 billion in 2022 to N7.10 billion in 2023, an increase of N2.06 billion.”

She expressed profound satisfaction with the company’s financial achievements, attributing it to phenomenal success to strategic business decisions of judicious underwriting and investments, highlighting the substantial returns generated by these choices.

She highlighted the strong financial performance, with the

group’s total assets increasing from N17.25 billion in 2022 to N24.64 billion in 2023 which is a 43 percent growth. Shareholders’ funds also grew by 31 percent from N12.46 billion in 2022 to N16.37 billion in 2023.

She said Veritas Kapital Assurance’s remarkable financial performance in 2023 demonstrated its resilience in navigating challenging economic conditions. The company’s steadfast dedication to delivering value and ensuring the security of its customers’ interests solidifies its position as a dominant force in the Nigerian insurance industry.

She said the extraordinary performance not only highlighted Veritas Kapital Assurance’s financial triumphs but also serves as an inspirational beacon of strategic vision and resilience in the face of economic adversity.

Omo Calls for Adoption of Digital Systems to Accelerate Insurance Penetration

Ebere Nwoji

Managing Director and Chief Executive Officer Enterprise Life Insurance Funmi Omo has advised insurance operators to embrace digital adoption across the insurance industry to enhance financial inclusion and education for Nigerians.

In a recent virtual question and answer session with the theme, “Digital Transformation in Africa Insurance,” Omo highlighted the critical role of digital technologies in reshaping the insurance landscape.

Omo noted that digital platforms, artificial intelligence (AI), machine learning (ML),

the Internet of Things (IoT), data analytics, and blockchain technology were disrupting traditional insurance models.

Addressing the specific needs of the African market, she underscored the importance of developing user-friendly insurance apps optimised for low-bandwidth connections and offline capabilities, offering flexible payment options, and providing 24/7 customer support.

She emphasised the role of innovative products like AdvantageConnect, the company’s digital insurance platform leveraging geolocation technology to enhance customer interactions and efficiency.

“Prospective and existing customers can now connect with any of our LifePlanners closest to them, to access a range of services, and receive a tailored policy in less than five minutes,” Omo explained.

Omo also acknowledged the challenges traditional insurers face during digital transformation, such as integrating legacy systems, overcoming cultural resistance, securing the right talent, navigating regAulaAtory hurdles, and ensuring data privacy and security, adding that modernising legacy systems is complex and costly, but it is essential for a more efficient and responsive service.

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00

(Gabon),

Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

L-R: Managing Director/ CEO Nigerian Ports Authority (NPA), Mohammed Bello KoKo; National President Association of Nigeria Licensed Customs Agents (ANLCA), Emenike Nwokeoji and Board Chairman ANLCA, Mr. Taiwo Mustapha when ANLCA Executives paid a working visit to the NPA Headquarters in Marina…recently

Tolaram to Acquire Diageo’s 58.02% Shareholding in Guinness Nigeria

Kayode Tokede

A Singapore-based Tolaram Group has agreed to acquire Diageo’s 58.02per cent shareholding in Guinness Nigeria Plc, according to a filing on the Nigerian Exchange Limited (NGX).

Amid the announcement, the stock price of Guinness Nigeria, yesterday gained 8.41per cent or N4.25 to close at N54.80 per share. However, the Legal Director/ Company Secretary. Guinness

Nigeria, Mrs. Abidemi Ademola in a filing dated June 11, 2024 said that under the terms of an agreement, Tolaram is expected to acquire Diageo’s 58.02per cent shareholding in the brewery market.

She expressed that part of the signed agreement was entering into long-term license and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.

According to her statement., the transaction is expected to be completed during Fiscal 2025, subject to obtaining the requisite regulatory approvals in Nigeria.

“Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the longterm, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.

“With a five-decade presence in Africa, Tolaram is one of the largest consumer packaged goods companies on the continent and has forged joint venture partnerships with several leading consumer multinational companies.

“In partnership with Guinness Nigeria and Tolaram, Diageo will continue to drive the brand and marketing strategy for Guinness in Nigeria, to ensure Diageo’s exceptional capabilities in brand

building and innovation continue to drive long-term growth for Guinness in Nigeria.

“Following completion of this transaction, Guinness Nigeria will remain listed on the Nigerian Exchange Ltd. and, subject to regulatory approvals, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements,” the statement added.

Thee Board Chair, Guinness Nigeria, Omobola Johnson,

in a statement said, “Today’s announcement represents a significant opportunity for the next phase of growth for Guinness Nigeria. This partnership brings together Tolaram’s deep expertise in manufacturing and distribution, and Diageo’s exceptional capabilities in brand building and innovation. “I believe this is a winning combination which leaves Guinness Nigeria extremely well placed to drive further growth in this market.”

Crime&Punishment

MFM Olukoya Denies Locking Up His Pastors for Nine Years

The Mountain of Fire and Miracles Ministries (MFM) has refuted the claim by the former Pastors of the church, Mr. Femi Jimoh and Caleb Oloruntele, that the church leadership, headed by Dr. Daniel Olukoya, locked them up for nine years for an offence they did not commit.

Funke Olaode

Justice Olubunmi Abike-Fadipe of the ikeja Special Offences Court has sentenced two men, Ugwu Pascal Chijioke and Ibrahim Sadiq Adekunle, to 22 years and eight months in prison for impersonating an official of the Economic and Financial Crimes Commission (EFCC).

The duo were convicted of using fake court order to impersonate EFCC officials and extort people.

The EFCC had arraigned the duo on an amended five-count charge

Speaking to the newsmen at a press conference in Lagos, the church’s Chief Legal Adviser, Mr. Davisdon Adejuwon, said that MFM Church and its General Overseer, Dr. Daniel Olukoya, did not jail Mr. Femi Jimoh and Caleb Oloruntele or any other person for nine years or for any period at all.

Adejuwon stated that the church had no gain in framing them up or jailing them, as it was absurd to

This was based on an alleged online video circulating accusing the church’s leadership of wrongdoings.

bordering on obtaining property by false pretence, unlawfully wearing EFCC uniforms and possessing documents containing false pretence.

Chijioke and Adekunle committed the offence on May 12, 2021 with intent to defraud, obtain property from an individual, Oriyomi Johnson, under the pretext that the “Chief Magistrate Court, Lagos State Judiciary, Mushin, Lagos” issued an order to the effect that the property located at New Horizon Estate, Lekki-Ikate, Lagos be seized and sealed.

They pleaded not guilty when

EFCC Arraigns Alleged Fraudsters

Funke Olaode

For allegedly stealing N3.5 billion from Access Bank Plc and retaining the proceeds of crime, three suspects, Michael Igbomins, David Onyeike, and Moses Iruolaja were arraigned before Justice Olubunmi Abike-Fadipe of the Ikeja Special Offences Court.

The Economic and Financial Crimes Commission (EFCC) arraigned the trio on two counts charge bordering on stealing and

retention of proceed of crime. The EFCC counsel, Mr. Abdulhamid Tukur told court that the defendants allegedly committed the offences sometimes in 2023 in Lagos, with dishonest intent, allegedly stole and converted the fund to their own use.

EFCC also alleged the defendants retained the money, knowing it was proceeds from unlawful act.

EFCC levelled accused an Access Bank employee plugged an Hp Elitebook laptop into his

imagine the church (MFM) as big as it to frame up its pastors just because of a false claim that the church’s chief security officer was seen in herbalist’s house.

Debunking the alleged accusation that the MFM general overseer has no forgiving spirit, Adejuwon said the church remains committed to the welfare, spiritual and physical well-being, and development of its members and humanity at large.

He alleged that Jimoh and

they were first arraigned but later pleaded guilty to the charge.

Following their guilty plea, the prosecuting counsel, Abdulhamid Lamido Tukur, therefore review the facts of the case before the court.

He told court that at the point of arrest, fake EFCC identity cards, jackets, and a court order purported to have emanated from the Mushin Magistrate Court were collected from the defendants.

Justice Abike-Fadipe, therefore, found them guilty as charged and sentenced them to seven years’ imprisonment on counts one, two

branch network where he was working for about 16 years as an IT representative with the bank. He gave them remote access to his cohorts for them to perpetrate the fraud on the network of the bank.

He employed others defendant and move money out through them.

According to the anti-graft commission, the alleged offences were contrary to the provision of section 17 of the EFCC Establishment Act, 2004 and Section 280 of the Criminal Laws of Lagos

Caleb contacted some people to attack the church, pointing out that three individuals allegedly approached by the former pastors also testified during their trial in court, narrating how they were approached by Jimoh and solicited assistance to hire a gun to rob the ‘first fruits’ offering of the church in the year 2008.

While corroborating the church’s story, the trio of Akeem Momodu, aka Omojomolo, Adebayo Fatai,

and three. One year on counts four while they were sentenced to eight months on counts five.

The judge said the sentences would run concurrently. Before the sentence was read, the convicted pleaded for mercy.

The first defendant begged court saying, “I am very sorry for the crime. I pleaded guilty for having been in correctional facility for over a year now and have learnt a lot. I am very sorry and I beg EFCC to forgive me. I will never go back to any crime I plead court to temper justice with mercy.”

State 2015.

They all pleaded not guilty to the charge. Following their not guilty plea, Tukur prayed the court for a trial date and urged the court to remand the defendants in prison custody.

However, the defendants counsel, Mr. M.S. Amosun and Mr I.O. Lala informed the court that there was no pending application before the court but they prayed that they would do the needful before the next adjourned date.

popularly known as Aboki, and Tajudeen Oseni, also known as Orji, jointly narrated how they discreetly recorded their conversations with him and how they were able to save the church from the deadly attack.

Adejuwon said that although Femi Jimoh and Caleb Oloruntele were discharged, the director of public prosecution (DPP) still appealed the court’s decision.

According to him, Olukoya continued to show kindness and forgiveness to errant staff and rehabilitate such erring staff.

“MFM and its general overseer will not use its fold to harbour or hide anyone with any criminal intent and motive capable to harm others,” said Adejuwon.

The lawyer alleged that Jimoh was a serial offender.

He stated, “He was being redeployed back to the headquarters for internal discipline after which he would be posted out believing he had changed. Permit me to read two of such letters in support of this fact showing that he was a serial

offender.... If not forgiveness and magnanimity, what other reason or factor would make an organisation to keep giving its offending staff another chance and another chance and another chance after every offence committed?”

He said MFM was a responsible church that takes the welfare, safety and security of all its members seriously as such a case of planned armed attack on credible intelligence against the church which could have led to the death of any member is not one that can be treated and handled internally by the church.

“We have duty to report such to the law enforcement agency saddled with the responsibilities to investigate and deal with such issues. And that was exactly what we did as a responsible church.

“All other events that transpired thereafter at the police station and during trial were completely out of the control of the church because being a criminal matter, it became a case between the State and the defendants,” he explained.

A Deputy Director with the Lagos State Ministry of Youth and Social Development, Mr. Jubril Yakubu, confirmed to the Ikeja Division of the Lagos High Court on Thursday that the late Whitney Adeniran visited the hospital on January 20, 2023 and she was in school on February 1, 7 and 9 to participate in the inter-house sports. He, however, noted that the deceased opted out of the activities on the day of the inter-house sports.

Under cross examination from counsel to Chrisland Schools, Demola Animasaun, who

asked, “Are you aware that she (Whitney Adeniran) did not participate in the activities on that inter-house sports day?”

The Lagos official said, “Yes and she was not forced by the school to participate.”

On matters concerning emergency measures, the witness said these were not within his purview.

Mr. Ademola Animashaun is counsel to the fifth defendant. According to the witness, the provision of nurses at the inter-house sports should be part of emergency preparedness and not just for emergency.

The witness, however, said

he had the competence and authority at the fact-finding meeting with the school to speak on emergency signal.

The Lagos official under further cross-examination also said that he did not know the actual number of schools in District six as of December 31, 2023.

He confirmed to the court that he was responsible for more than 1722 schools approved by the Ministry of Education.

The witness was unable to tell the actual numbers of the schools within District six and deferred this to the ministry of education.

The social worker said, “Mine

has to do with social services and I have the competence to speak about District six. I also do not know off-heart how many students are subject to social risk exposure in District Six, but in each of the schools, the school should have designated safeguarding and child protection officer appointed among the staff of the school that take lead. Mrs. Tawa Sodiq, a school social officer in District six reports to me.” Justice Oyindamola Ogala discharged the witness and adjourned the case until June 13 for continuation of trial.

Wale igbintade

Justice Chukwujekwu Aneke of the Lagos Division of the Federal High Court has fixed June 20 for hearing of contempt charge filed against Afex Commodities Exchange Ltd, and five of its directors over alleged failure to obey court order in respect of the firm’s N17,808,452,467.107 loan facilities granted by Guaranty Trust Bank.

The judge adjourned the matter after hearing arguments from Chief Ajibola Aribisala SAN, counsel to the plaintiff (GTB), and Collins Ogbonna counsel to the judgment debtor (Afex Commodities Exchange).

The alleged contemnors are Afex Commodities Exchange Ltd, and its directors, Ayodeji Olaleye Balogun, Jendayi Fraaser, Justin Lee Topilow, Mobolaji Oluwatomi Adeoye, and Koonal Bharat Ghandi.

He submitted that every person to whom an order of court is directed has an unqualified obligation to obey the order until it was discharged or set aside on appeal.

He argued that the alleged contemnors are still liable to show cause why they should not be punished for contempt.

But, counsel to the judgment debtor, Ogbonna objected to the issue of bench warrant against the defendants, arguing that his law firm has just been served in court with processes.

Citing legal authorities, he urged the court to hear a motion filed by the defendants challenging the order of court, authorising the bank to temporarily take over the funds and assets belonging to Afex Commodities.

Justice Aneke had on May 27 granted an interim Global Standing Instruction (GSI) injunctive relief, following an application moved by GTBank’s counsel. GSI was created as a last resort for banks and financial institutions to recover outstanding loans from chronic debtors.

When the matter came up yesterday, Aribisala observed that the alleged contemnors were not in court, and urged the court to issue bench warrants against them to compel them to come to court. He stated that the order of court authorising Guaranty Trust (GTB) to take over the funds and assets belonging to Afex Commodities Exchange following its inability to pay N17,808,452,467.107 loan facilities granted by the bank has not been obeyed. Aribisala said the issue of contempt is sui generis (of its own kind), and takes precedence above any other applications file before the court.

Funke Olaode

Funke Olaode

Pers P ective

Tinubu Vs. Emefiele: One Year of Destructive vendetta

By steve Osuji

ALLEGATIONS IN SEARCH OF EVIDENCE:

It was on a cool Friday mid morning on June 9, 2023, one year ago. It was an airport tarmac scene. Social media suddenly became awash with photos of then CBN governor, Mr Godwin Emefiele, alighting from a white Hilux truck and being harnessed into a waiting jet.

The scenario could be likened to an abduction scene as the men in the picture were unmistakably of the secret service. Apart from their dress code, handcuffs were evident as they boarded the plane.

The hapless former CBN governor was later announced to have been arrested and detained by the Department of State Service (DSS). He was taken from his Lagos home to Abuja.

Emefiele’s suspension as CBN’s governor was also announced later that evening. It didn’t matter that his position was tenured and that by law, he couldn’t be removed without a proven malfeasance.

He was to be detained without bail and he never returned from that trip to Abuja until December, six months after. According to news report, he was “being investigated for some of his policies as CBN governor.” When did the policies of a government official become criminal offence? But thus began the long search for evidence to nail a supposed “political enemy.” It is the chronicles of Nigeria’s worst political witch-hunt in history that is causing so much harm to important fabrics of our nation.

DEBASEMENT OF THE DSS:

The relentless pursuit of Emefiele in the last one year has only proven without doubt that his ordeal is a stark political vendetta and that President Bola Tinubu is perhaps, the most vindictive leader of our time.

Going by the manner Emefiele was abducted like a common thief, one would think he had relocated the CBN to his residence. But the DSS’ ransack of Emefiele’s home was said to have yielded less than half a million naira. It is a testament to the abuse Nigeria’s elite intelligence police has been put through arising from the Emefiele saga.

The DSS had told the world that the former CBN governor was financing terror. But for six months - between June and December 2023 – the DSS had Emefiele in its custody yet the intelligence agency couldn’t prove even one of its allegations. They turned out to be wild and spurious allegations.

DSS also claimed that the erstwhile apex bank chief who had been a banker all his life, was a gun runner. After ransacking all his residences - behind his back - they came up with a little pistol, more like a toy gun. Of course, the courts were not amused by DSS’ joke. The courts threw out all the inanities DSS presented to them over the period of six months they held Emefiele. In decent climes, the director general of the DSS would have resigned, tendering profuse apologies to the nation. But honorable men are few here. He still sits in his exalted office even as you read this, pretending to lead what ought to be the most subliminally intellectual organ of state. Debasement has no lower level.

EFCC ABUSE:

After some more bungling, including open and embarrassing custodial fights with EFCC over Emefiele, DSS eventually handed their victim to the Economic and Financial Crimes Commission, the appropriate agency to probe him in the first place. EFCC has continued with unrelenting search for any tissue of concrete evidence to put Emefiele in jail. Till this moment, it is yet to succeed. The Commission unashamedly, has been searching every nook and cranny of Nigeria’s financial system to find something, just anything, to put Emefiele away. One sympathises with the management of EFCC because it must have received clear instructions to this tone: make sure you put that man in jail! I don’t know how you do it, just put him in jail for the rest of his life! So about half of EFCC’s squad has been put on it and they have been working day and night to find some answer to the

Emefiele question.

EFCC has scoured the entire books of the CBN over nine years. To their utter frustration, nearly everything they took to court has been thrown out for lack of substance. They combed through nine years of daily CBN forex transactions. No deal. Like a poor mangy dog, they barked at Dangote and Bua, themselves rabid consumers of Nigeria’s forex. EFCC were met with fierce rottweilers and dobermans the sizes of Dangote and Abdulsamad! They backed off with their tails behind their limbs.

OF OBAZEE, DELOITTE AND FORENSIC FRAUD:

President Tinubu got desperate and frenzied when after six months, nothing could be pinned on Emefiele. A so-called Special Investigator, a tainted Jim Obazee was deployed to chase down Emefiele. For three months, Obazee who is better at muck racking than auditing found nothing that could stand in court. A master of subterfuge, Obazee pushed out a rash of half truths, outright lies and one-sided facts broiled in a slew of media propaganda. Recall Obazee’s outlandish claim that Emefiele opened 493 bank accounts all over the world. That’s a very serious allegation except that it’s a bloody lie. Nothing he contrived stuck on Emefiele.

True to Obazee’s nature, he began to covet an appointment and even tried convert an ad hoc task to an institutionalised office, plotting to stay on endlessly. It took an express presidential directive (and probably a Julius Berger crane) to bundle him out of his “office of the Special Investigator (OSI)” which he was surreptitiously creating. Thoroughly frustrated, the president ordered the services of DELOITTE, the world’s number one accounting firm to audit the CBN under Emefiele. Deloitte doesn’t come cheap. Not less that a million dollars of course. That is over a billion naira. This was done most secretly. But not even DELOITTE has found a smoking gun.

DAMAGE TO JUDICIARY, ABUSE OF COURT PROCESS AND ASSETS STRIPPING:

The judiciary may have suffered the most in this unforgiving presidential outrage. In the last one year, courts in Abuja and Lagos have been dragged to the mud in the blind hunt for Emefiele. Between DSS and EFCC, over 12 charges have been taken before courts. Most of them have been thrown out or withdrawn. Most of them were amended several times on their second hearing. Yet they were either thrown out or abandoned on the sheer weight of their foolishness.

In the early days of Emefiele ‘abduction’, courts in Abuja handed over half a dozen orders to the DSS release him. But the orders were ignored as if DSS was above the law. Tinubu watched as the judiciary was being humiliated, trampled and rubbished by the executive arm in his blind pursuit of one ‘enemy.’ Everything seems to have failed right now in the Emefiele hunt. Chicanery and trickery are now being applied unabashedly. First, in a bizarre case of forum shopping, Emefiele’s cases were brazenly moved to Lagos, under the Lagos State judiciary. This move is ostensibly to get pliable courts and malleable judges.

In Lagos, all sorts of witnesses are being procured or coerced to testify against Emefiele. Dispatch riders, domestic cooks and ‘bitter’ cousins of Emefiele are being dredged up to stand on the witness box.

Hunters of Emefiele have also adopted a new tactic: to confiscate real estate property or cash in bank suspected to belong to Emefiele. It doesn’t matter that he has been in the banking system all his life rising to be the GMD and substantial shareholder in what’s perhaps the biggest bank in Nigeria today.

Emefiele was already in the league of the Tony Elumelu’s, Fola Adeola’s, Aig Imoukhuede’s, Jim Ovia’s and the late Herbert Wigwe’s before he was headhunted for the CBN job. Would the government move against these aforementioned men to investigate their

estates!

The Tinubu team chasing Emefiele are on an exercise in futility by hijacking bank accounts and real estates on spurious and contrived evidence. All these will be reversed someday when the lies are unveiled and commonsense returns to the polity.

WISDOM OF POLITICAL SOLUTION: It’s common knowledge that Tinubu is miffed by Emefiele’s role in former President Muhammadu Buhari’s last-minute attempts to abort his (Tinubu’s) presidential quest. The end game introduction of naira redesign and the move to draft Emefiele into the presidential race had of course given Tinubu rapid, uncontrolled palpitations (RUPs). Tinubu must have sworn to destroy Emefiele at all costs. But in his unsuccessful attempts, the president harms himself and whatever legacies he might have. Chasing Emefiele has left Tinubu and his essence dimmed and bereft of any sheen.

Worse, Tinubu unwittingly lays self-defeating precedents in bracingly stripping Emefiele of some of his hard earned estates. Tomorrow, someone will come along to mark Tinubu’s vast estates for confiscation too. He will always have a hard time explaining those five-star hotels, the city on the Atlantic, the media empire and acres of prime residential estates littered all over Lagos, especially along the Ibeju Lekki axis. We all know them don’t we? All these without a factory anywhere. In situations like this, great leaders find wisdom in political solution. Tinubu would’ve have co-opted Emefiele into his fold and pressed him to even greater use. He has turned out a better CBN governor than the man on the saddle. Fortunately, the hunt for Emefiele has proved salutary as it would make a hero of him eventually. We can say today without equivocation that hardly any other Nigerian leader or public official can stand the level of scrutiny Emefiele has been subjected to in the last one year. Not even the president... Nigerians are watching, the world is watching...

President Bola Tinubu

Godwin Emefiele

Senator Ngwu: A First-timer Breaking Records, Mastering the Ropes

Udora Orizu writes that the minority whip of the senate, Sen. Osita Ngwu, as a first time legislator, really knows his onions and strives to make a difference

Bernadette Devlin, a former UK Parliament member, once said, "My purpose is not to be a politician but to achieve results." This resonates with Senator Osita Ngwu, who represents Enugu West Senatorial District. Despite being a first-timer in the nation's apex legislature, he has achieved remarkable feats.

Senator Ngwu's background is impressive. He spent two decades in the oil and gas industry, rising from trainee engineer to Executive Director. His desire to serve led him to politics. In 2018, he contested for a House of Representatives seat but stepped down for the incumbent. He later became a key player in the People's Democratic Party (PDP) in Enugu state. In 2023, Ngwu won the Enugu West Senatorial District election with a landslide victory, replacing Senator Ike Ekweremadu, who voluntarily retired after 20 years of meritorious service.

Though one of the youngest in the Senate, Senator Ngwu's humility and integrity have endeared him to colleagues. Within weeks, he was appointed Chairman of the Senate Committee on Solid Minerals and Deputy Chairman of the Committee on Drugs and Narcotics. He later emerged as the Minority Whip of the Senate, a position typically held by more experienced lawmakers.

As a lawmaker, Senator Ngwu has moved a motion to halt further privatization of mining assets, expressing concern about the sector's low contribution to the GDP despite abundant resources.

Moving the motion, he noted that after several decades of policy incoherence and weak institutional dis-alignment, the economic potential of the sector to the gross domestic product, GDP of the economy has remained dismally low.

Ngwu said the Senate is aware that the Bureau of Public Enterprises, BPE has been selling and is on the verge of concluding the privatisation and commercialization of all public funded facilities relating to the Nigerian mining and mineral sector, in spite of the fact that

none of its privatisation programs have shown any concise beneficial impact to the mining industry as it had severally pronounced.

The lawmaker expressed concern that despite the abundant mineral endowment of the country, their critical national importance and huge resources so far expended by government, the contribution of the mineral sector to job creation, infrastructure development and the GDP of the economy remains one of the lowest across the African sub-Saharan region.

Also during a visit to the Chinese Ambassador to Nigeria, Mr. Cui Jian

Chun, Ngwu urged global investors to take advantage of the extant favourable regulations governing the Nigerian solid minerals sector and invest in the sector for economic growth.

According to the lawmaker, mining investors enjoy Nigeria’s friendly investment climate backed by legislations that safeguard local and foreign direct investments.

He described Nigeria as an investment destination with several opportunities in the solid minerals sector, adding that the opportunities highlight the potential for collaboration and economic growth between Nigeria and China.

Discussing specific investment opportunities that both countries can leverage upon, Senator Ngwu encouraged investors to invest in

Mining Exploration and Development, saying that China expressed interest in investing in the exploration and development of Nigeria's solid mineral resources.

He has also sponsored a bill to establish the Health Infrastructure Development Agency, aiming to improve healthcare access and quality nationwide.

Leading the debate on its general principles, he explained that the bill seeks to promotes development and improvement of healthcare infrastructure so as to enhance healthcare access, quality, and delivery across the country.

He further explained that it seeks to strengthen the healthcare system by focusing on the modernization of healthcare facilities by leveraging public-private partnerships for sustainable infrastructure development.

The lawmaker added that the Bill is a bold attempt at not only reversing the medical tourism of Nigerians to other countries, but also seeks to make Nigeria a medical destination hub within the shortest possible time.

Additionally, the lawmaker has facilitated empowerment programs, scholarships, and job creation for his constituents.

Senator Ngwu's dedication to his constituents and the nation is unwavering. He continues to build on the successes of his predecessor, Senator Ike Ekweremadu, while laying a solid foundation for a prosperous future. His ability to work across party lines and his commitment to the well-being of Nigerians make him a shining example of effective leadership.

In a nation where political experience is often prioritised over potential, Senator Ngwu's achievements serve as a testament to the power of determination and hard work. As Nigeria continues to navigate the complexities of governance, leaders like Senator Ngwu are a beacon of hope for a brighter future. His legacy is a reminder that with courage, integrity, and a willingness to serve, anything is possible. Let us continue to support and encourage leaders like Senator Ngwu, who are dedicated to building a better Nigeria for all.

Spreading the Joy of Writing through Nwamaka Okoye Literature Prize Competition

Dr. Orode Doherty (CEO Ingress Health), Doctor Ruby Onwudiwe (COO Coure Technologies), Uzoma Ezeoke (Executive Director, Emzor Pharmaceuticals), Nwamaka Okoye (Founder, Gearshift Africa)

"A writer's ink is more precious than gold." - _African Proverb_

Nwamaka Okoye's writing journey began with encouragement from her secondary school teacher, Mrs. Oligbo who was at that time vice principal at Federal Government College, Onitsha, Anambra State. This teacher saw her talent and convinced her to enter writing competitions, which she went on to win at regional, national, and international levels.

After pursuing a career in interior design and architecture, Mrs. Okoye has returned to her "first love" - writing. Inspired by her teacher's encouragement, she is giving back to the society through the Nwamaka Okoye Literature Prize competition in poetry and short stories.

The competition, established by GearShift

Africa, recognizes and rewards talented writers across Africa. The inaugural edition received about 400 entries, with 162 poems and 212 short stories. A panel of judges selected the winners, who were announced at a ceremony held at Alliance Française, Ikoyi, Lagos.

The winners in the poetry category were Anuoluwa Soneye (1st position), Chiamaka Obinna-Chukwu (2nd position), and Ifeanyi Omife (3rd position). In the short story category, Triumph Olisekodiaka emerged as the winner, followed by Adewunmi Osonoiki (2nd position) and Munachimso Okafor (3rd position).

The event a collaboration with Alliance Française and supported by Wilsons Juice, Route2Market, Lagos Talks, BO Events, Decagon, Kontessa and other sponsors featured performances by the Elevate Poetry Group and poetry renditions by

notable guests, including Ms. Uzoma Ezeoke, Executive Director of Emzor Pharmaceuticals, Ms. Ifeoluwa Fashola, CEO Kedari Capital, and Mrs. Nwamaka Okoye herself. A 132 page coffee table book, "Coming of Age," was launched, featuring all shortlisted entries. Proceeds from the book will support the 2025 edition of the competition.

Those shortlisted and their works include Anuoluwa Soneye, Here, Silence is God's Commandment, Michael Imossan, My forgiveness is a blooming lily, Chinecherem Enujioke, Possession Does Not Happen By Chance, Onyedikachi Johnson, Budding, Oluwapelumi Adesiyan, For Mama's Boys, Osieka Alao, Ocean Viking, Moses Ezeh, Song for the Coming Age, Ifeanyi Omife, The Martyrdom of Self, Chiamaka Obinna-Chukwu, The Price of Wings, Wasilah Oyekan, When She Comes of Age. Dignitaries that graced the high octane event included Mr. Chris Ubosi, CEO Megalectrics, Mrs. Nkoyo Rapu, founder and Executive Director,

Bethesda Child Support Agency, Mr. Funsho Doherty former, ADC gubernatorial candidate for Lagos State in the 2023 elections, Mr. Valentine Ozigbo, Mrs. Audrey Joe-Ezigbo, Mr.Tunde Oduwole, Mrs. Jumoke Oduwole, Mr. John Obaro among many others.

Mrs. Okoye expressed her excitement about celebrating emerging writers and inspiring them to continue sharing their stories. GearShift Africa remains committed to supporting the literary community and promoting the arts. The Nwamaka Okoye Literature Prize is a testament to the power of writing and the impact it can have on individuals and society.

The competition has already made a significant impact on the literary landscape, providing a platform for new and unpublished voices to be heard. As the competition continues to grow, it is clear that Mrs. Okoye's passion for writing and her commitment to giving back to the community will inspire a new generation of writers.

Ngwu

Cross section of winners of Nwamaka Okoye Literature Prize competition held in Lagos recently

Victoria Ojiako

Confusion in Court as EFCC Tenders Buhari's Approval of Naira Redesign

Witness

Alex Enumah in Abuja

There was a slight confusion yesterday, as the federal government moved to tender documents showing that former President Muhammadu Buhari, approved the redesign of the nation's currency in 2022.

The immediate past Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, is presently being prosecuted for redesigning the N200, N500 and N1,000 notes, allegedly without the approval of Buhari as well as that of the Board of Directors (BoD) of the CBN.

To prove its case against Emefiele, the anti-graft agency had on May 28, called a former Director of Currency Operations at the CBN, Mr. Ahmed Bello Umar.

At the last proceedings, Umar who was the First Prosecution Witness (PW1), had narrated how the management of the apex bank directed his department (Currency Operations) to, "come up with a memo on the redesign of the naira notes sometimes in August 22, 2022".

However, at the resumed trial yesterday, EFCC's lawyer, Mr. Rotimi Oyedepo, moved to tender through the witnesses, documents relating to the prosecution of the case.

When he mentioned a letter of approval by former president for the redesign of the currency, the court could not help but asked if the charge against Emefiele was that he did not get the approval of the president for the redesign.

However, following the nonobjection of the defense, the court

Adedayo Akinwale in Abuja

A group, the Concerned Nigerian Patriots (CNP), has described the insistence of the organised labour on N250,000 minimum wage as unrealistic, saying it was capable of plunging the country into economic recession.

The federal government and the organised private sector had proposed N62,000 minimum wage as against N250,000 being demanded by labour.

However, the state governors recently cautioned the federal government against negotiating minimum wage with labour on their behalf, insisting that they can't afford the N62,000 minimum wage proposed by the federal government and organised labour.

says cost of printing new notes same as old

admitted the said documents which included the letter of the Chief of Staff to the President "conveying the president's approval" for the redesign of the new naira notes.

The letter was dated October 13, 2022.

Also tendered was another letter dated October 6, 2022, from Emefiele, "seeking approval", for the redesign, which the witness admitted was granted on page 11, and also has the president's signature.

The EFCC tendered two documents on the approval of the redesign which they claimed one was approved by Emefiele and the other by former President Buhari.

According to Umar the new notes produced by Emefiele was different from the one approved by Buhari in terms of QR Code, the positioning of portraits and the numbering style.

Under cross examination by Emefiele's lawyer, Mr. Mamud Magaji, the witness, who admitted that Buhari approved the redesigning of the new notes, admitted he supervised their distribution across the 37 branches of the apex bank.

The witness also disclosed that as Director of Currency, he signed the redesigned N200, N500 and N1,000 notes alongside the former CBN boss.

Umar, although said he was not at the launch of the new notes by Buhari, admitted watching the launch on television.

Also testifying, the Managing Director of the Nigeria Security Printing and Minting Company Plc, Mr, Ahmed Halilu, who admitted

But Chairman of the group, Alfa Mohammed, while addressing a press conference in Abuja, yesterday, alleged stated that the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) were conniving with the Labour Party to create chaos for the Bola Tinubu-led administration, hence, their insistence on N250,000 minimum wage. Mohammed stated: “The recent demands for an unrealistic minimum wage by the coalition of the NLC, the TUC and the Labour Party (LP) pose a significant risk of plunging Nigeria into another recession, exacerbating the economic challenges that President Bola Ahmed Tinubu's administration has been diligently working to overcome.

“This coalition's agenda appears

working closely with the CBN on the naira redesign, stated that when he met with Emefiele over the redesign of the new notes, he told the former CBN boss that the federal government’s press does not have the, "capacity, capability and machinery" to embarked on the project.

"We noticed a lot of changes at the printing level. Some of the changes have to do with the numbering system, production of QR Code and repositioning of the watermarks on the backup paper.

"We suggested to the CBN that to enable us properly produce the

currency, we should engage De La Rue of the United Kingdom, the original designers of the currency," he said.

"As at the time it was impossible to implement by way of production what has been designed", he added.

Halilu, further disclosed that De La Rue in responding submitted two options which he submitted to the CBN for consideration and approval.

He said one of the options was later given to them for production, adding that a cost of £205,000 was later paid by CBN. Under cross examination, the

witness however disclosed that the cost of printing the new naira notes, was same as printing the old notes.

"My Lord, the unit cost of the old currency and the new remains the same," he said.

Halilu, who also disclosed that the printing of the new notes was done 100 per cent locally, noted that there was very little difference between the sample approved by Buhari and that designed by De La Rue.

Besides, he stated that he met severally with the Director of Currency and the former CBN governor "to avoid any mistake

in the final production."

The witness in addition admitted that the said difference between what Buhari approved and what was printed, was only noticed after production.

Responding to questions on Buhari's approval, the NSPMC boss admitted that the former President never consulted him on the redesign of the naira.

He also agreed with Magaji that all the approvals by Buhari were channeled to the former CBN boss. He also admitted that the naira after the redesign was "fit and proper for use".

Tinubu, Atiku Flay Attacks in Katsina, Urge Security Agencies to Go after Assailants

Deji Elumoye and Chuks Okocha in Abuja

President Bola Tinubu and former Vice President, Atiku Abubakar have strongly condemned the recent spate of attacks on citizens in Dutsin-Ma and Kankara Local Government Areas of Katsina State.

Bandits were said to have attacked the two villages on Sunday afternoon. It was reported that the bandits killed no less than15 persons in Gidan Boka village and another five in Dan Nakwabo.

While describing the latest attacks as grisly and sinister, Tinubu, in a

to be a deliberate attempt to provoke public unrest and destabilise the government.

“By advocating for a wage increase that is not financially viable, they risk inciting chaos and anarchy, which could undermine our hard-earned democracy.”

Mohammed, further alleged that their plan included a total shutdown of essential infrastructure under the guise of fighting for a living wage, potentially crippling the nation's economy and disproportionately affecting the most vulnerable citizens.

It said the coalition continued to leverage the temporary economic hardships stemming from necessary economic reforms to call for strikes, including a recent shutdown of critical national infrastructure affecting

statement issued yesterday, by his Media Adviser, Ajuri Ngelale, emphasised that more would be done to secure citizens and completely degrade terrorists and other harbingers of death and sorrow in any part of the country.

Tinubu directed security agencies to go after the assailants and ensure that they are brought to justice.

The President condoled with the families of the deceased, as well as the government and people of Katsina State, and prayed for the repose of the souls of the departed.

For his part, Atiku criticised the federal government for being

the livelihoods of millions.

They noted: “Their insistence on a minimum wage initially set at N605,000, then N494,000, and now N250,000, is part of a broader strategy to force the government into adopting an economically unfeasible policy.

“Such a wage hike would likely lead to severe inflation, increased unemployment, decreased productivity, and greater economic hardship. We urge all Nigerians, especially our diligent workforce, to see through this veil of mischief.”

The group said when a government was sabotaged, it would be the masses who would suffer the consequences, saying that it was the responsibility of every citizen to support and pray for the success of government, not to undermine it.

reluctant in the issue of banditry despite “enormous” budgetary allocations for tackling insecurity.

Atiku, who wrote via his X page, said banditry and terrorism have become routine in the country.

“I am saddened by reports of the attack on Yargoje village in Kankara LGA of Katsina State, which claimed scores of lives and the kidnap of vulnerable women and children,” Atiku wrote.

“It is also sad that the bandits ambushed the police armoured personnel carrier responding to the distress call at Gidan Tofa and Dan Nakwabo villages, killing four police officers and two members of the Katsina State Community Watch Corps.

House to Probe Revocation of Heritage Bank’s

Juliet Akoje in Abuja

The House of Representatives has mandated its Committee on Banking Regulations in collaboration with other relevant bodies to set up an investigation into the circumstances surrounding the revocation of Heritage Bank’s operating licence and report back to it within two weeks for further legislative action.

The lawmakers also urged the Central Bank of Nigeria (CBN) to conduct a thorough investigation of the leadership and management of Heritage Bank to identify any possible issues of mismanagement or wrongdoing that may have contributed to the bank's failure. It further urged the Nigerian Deposit Insurance Corporation (NDIC) to conduct a comprehensive review of its operations and the effectiveness of its mandate to ensure that it was adequately equipped to fulfill its role as deposit insurer and investor of failed

banks. The resolutions followed the adoption of a motion on the “urgent need to investigate Heritage Bank crises and protect depositors’ interest,’ moved by Hon. Uchenna Harris Okonkwo, at plenary yesterday. Okonkwo, noted that, "With the utmost gravity, it is acknowledged that the Federal Government of Nigeria diligently upholds its solemn obligation to safeguard and nurture the lives and welfare of its esteemed citizens, displaying unwavering dedication to ensuring their safety, security and general well-being, regardless of their geographical whereabouts, given recent developments surrounding the Heritage Bank.

"The government expresses profound and unwavering concern for the welfare and prosperity of its treasured citizens, particularly depositors who have placed their trust in financial institutions, emphasising the critical need for strong regulatory oversight to protect their interests."

L-R: Chairman GDP Multiplier Study Committee, Femi Adelusi; Chairman, National Advertising Conference, Tunji Adeyinka; Director General, Advertising Regulatory Council of Nigeria, (ARCON), Dr. Olalekan Fadolapo; Director, Registration, (ARCON), Martha Onyebuchi; President, Association of Advertising Agencies of Nigeria, (AAAN), Steve Babaeko, and Vice-President, Media Independent Practitioners Association Nigeria, (MIPAN), Mrs. Brenda Nwagwu during the Media Briefing on Economic Contribution of The Marketing Communication Industry of the Nigeria Economy held in Lagos

PHOTO: SUNDAY ADIGUN

InauguratIon and Handover of IntensIve Care unIt...

L-R: Commissioner 2, Lagos State, Health Service Commission, Dr. Bolaji Olukoya; Director Nursing Services, Nurse Cole Adebukola Oluwabusayo; Chief Executive Officer, Egbin Power PLC, Mokhtar Bounour; Director, Sustainability Sahara Group Foundation, Ejiro Gray; Acting Medical Director/CEO, Ijede General Hospital, Oludare Balogun-Oluwa and Director Medical Services, Lagos State Health Service Commission, Dr. Olawale Adegbite, during the inauguration and Handover of Intensive Care Unit by Egbin Power Plc, in collaboration with Sahara Group Foundation to Ijede General Hospital in Ikorodu, Lagos ... yesterday

Gov Abdulrazaq Wants Full Autonomy for Local Govts, Says It Reduces

Hammed shittu in Ilorin

Kwara State Governor, AbdulRahman AbdulRazaq, yesterday said he was in full support of autonomy for local government areas in Nigeria.

He clarified that the position of the state on the ongoing legal proceedings on local government administration was that the state did not violate any section of the law regarding autonomy.

"It is my personal belief that each local government should manage

its resources and be responsible for its obligations, including wages that are first line charges. I also believe that the state governor should not be held liable if any local government is unable to pay salaries since we do not touch a kobo of their money.

"We also do not have any joint project accounts with any local government in the state, as was the case with the previous administration in our state," the governor said in a statement, signed by his Chief Press Secretary, Rafiu Ajakaye.

Stressing that he personally believes that local should be allowed to handle their affairs, the governor admitted that his view may not necessarily align with the letters of the law as currently provided for in the constitution.

"These are my personal beliefs. But my personal belief is not necessarily the same as the letters of the law, including the provisions of the Joint Account Allocation Committee (JAAC), which is a creation of the constitution.

Burden on States

“As of today, local government allocations are sent to the JAAC as required by the law. Section 162 of the constitution is very clear on this.

"As things stand today, no activity of the local government in Kwara State is at variance with these provisions of the law. Our case in the court is not about my personal belief.

“It is, we believe, in the defence of the constitution, which created JAAC for reasons that are well-grounded in our experiences as a people,” he stated.

House Berates NLC, TUC for Shunning Public Hearing on Electricity Tariff Hike

The leadership of the House of Representatives yesterday came down hard on the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) for shunning a public hearing on the recent electricity tariff hike.

Speaking at the special public hearing on the increase in electricity tariff, Hon. Ademorin Kuye said Nigerian workers were the most affected by the recent electricity tariff hike.

He lamented that the hearings was to talk about non-metering of houses as well as estimated billing, regretting that the unions that are supposed to represent Nigerians were absent.

In his submission, Hon. Victor Nwokolo said it was sad and disheartening to say that there was communication between the NLC and the committee, wondering why the leadership of the organised labour would travel to Geneva without sending a representative to represent the union at the public hearing to make their submissions known.

Nwokolo added: “We did not say they should not attend their international event, we said do your submissions and get someone to represent you. We strongly believe that the Secretariat of NLC and TUC are not under lock and key as we speak. Yet they were quick to shut down national grid.

“The NLC replied our letter on May 31, 2024 saying they won't be able to attend. The committee later wrote them on 6th of June 2024 requesting their submission, there was no reply.”

Also, Hon. Isiaka Ayokunle said it should be on record that the Civil Society Organisations (CSO)

only had one representative at the hearing.

Responding, the Speaker of the House, Hon. Abbas Tajudeen said he expected the NLC would be the first to take action and attend the public hearing.

The Speaker, who was represented by his Deputy, Hon. Ben Kalu said the Parliament remains the people's house, adding that if there are issues to ventilate, the Parliament remains the best place.

The National Assembly, he said, condemns the leadership of NLC for not attending the public hearing.

“I know NLC has always spoken out on national policy, but we are worried that they would be in Geneva rather than partner with the Parliament…I'm sure the NLC will correct itself as we partner with them on issues of Nigeria.

“I suggest you still ask the NLC to submit their memorandum to the House. NLC is invited again to send their memorandum on this issue,” he said.

Abbas noted that the recent decision by the Nigerian Electricity Regulatory Commission (NERC) to increase electricity tariffs had sparked widespread discontent and apprehension across the nation.

He added that the rationale provided for this tariff hike, as outlined by NERC, was to address the industry’s mounting debt and ensure the continued functioning of the power sector.

The Speaker noted that it was evident that this move had not been well-received by Nigerians, adding that the numerous voices, including organised labour and industry experts, have voiced their strong opposition to this decision.

He said: “The fears expressed by many are valid - that such a sharp increase in electricity tariffs

will only exacerbate the economic hardships already faced by our people.

“There are genuine concerns that higher utility bills resulting from this tariff hike could have a ripple effect on operational costs for businesses, potentially leading to increased prices for goods and services.”

Abbas stressed that electricity was not just a commodity, but a lifeline for many households and businesses across the nation, saying any significant rise in tariff could have far-reaching consequences on the economy and the livelihoods of our people.

He said it was essential that they carefully assess all factors before making any decisions that

might affect the affordability and accessibility of electricity for the citizens.

Abbas added: “It is imperative that we engage in constructive dialogue to address these issues and ensure that any adjustments made are fair, transparent, and ultimately beneficial to all parties involved.

“This conversation is to help us make better laws, policies for the country. Anything you say here remains here. This committee is not going to be antagonistic.

“They are not here to run anybody down. They are here to carry out their job as allowed by Sections 88,89 of the Constitution of the federal Republic of Nigeria. Your opinion matters.”

The Kwara state governor argued that if the current practice must change, then the constitution must be amended to reflect it.

“JAAC, in summary, pulls resources together to pay all teachers, health workers, traditional rulers, and

other statutory duties listed in the schedule of the local government areas. If we all want these to change as a national consensus, we believe that the constitution will have to be amended to expunge JAAC," the statement added

NCoS Denies Detaining Army General Illegally, Union Blocks Defence Ministry

aleke in Abuja

The Nigerian Correctional Service (NCoS), yesterday denied trending allegations that it was detaining an Army General Illegally in its detention facility in Abuja.

The Public Relations Officer, Nigerian Correctional Service, FCT Command, DSC AS Duza, in a statement, said, the Nigerian Correctional Service only admits persons legally interned by a competent court of law or a military court martial.

He explained that in the case of the said General, he was legally detained by a military court martial, with a valid warrant.

The statement read: "The attention of the Nigerian Correctional Service (FCT), Command, has been drawn to a report by a whistle blowing group demanding for the release of the former Group Managing Director and Executive Vice Chairman of the Nigerian Army Properties Limited, Maj. Gen. Umaru Muazu Mohammed, purporting that he was detained without a warrant.

“ The Command wishes to state equivocally that the Service is a responsible security agency set up by the laws of the federation, with the mandate of keeping the legally interned.

"The Nigerian Correctional Service only admits persons legally interned by a competent court of law or a military court martial. In the case of the said General, he was legally detained by a military court martial, with a valid warrant.” It said that if was unfortunate for the said group, acting without knowledge of how the system works, to feed the public with false information borne out of crass ignorance.

“ Asking the Nigerian Correctional Service to release the Major General who was legally interned by a military court martial, is a aberration to the criminal justice process. The FCT command of the Nigerian Correctional Service enjoins the public to disregard the call by the said group as it is committed to safe and humane custody of all persons committed in its care," the organisation said.

Lauds business conglomerate’s creation of 40,000 jobs, industrial park

deji elumoye in Abuja

Vice President Kashim Shettima has commended the efforts of Zeberced Group Ltd in the creation of 40,000 jobs and development of the Abuja Industrial Park, among other projects in the FCT.

Shettima spoke on Tuesday while interacting with journalists shortly after undertaking a tour of the company’s site at Idu, Abuja, saying its projects were in tandem with President Bola Tinubu’s industrialisation drive.

The Vice President who also inspected the production line at the

company’s Plastic Pipe Factory in the area applauded their vision for creating 40,000 jobs in about 200 factories to be established in the area.

“I must confess that I am overwhelmed by what I have seen. This project is in full align- ment with President Bola Ahmed Tinubu’s industrialization drive. The trajectory of global growth is facing Africa and Nigeria will make or mar that transition. They have created a perfect ecosystem with infrastructure, the roads, and the railway line that will pass through this industrial zone,” the VP noted with optimism.

Assuring that the Tinubu ad- ministration remains determined to encourage investors doing business in Nigeria, Senator Shettima stated that the development of the park “is a harbinger of greater things to come for the Nigerian nation.

“This company needs to be celebrated and encouraged. Be rest assured that we are going to secure for them every government support needed to catapult them to a higher pedestal. It is a commendable effort that they believe in Nigeria,” he emphasized.

Earlier, the Managing Director/ CEO of the company, Mr. Adil Ayoin

Kurt, recalled that when he came to Nigeria 17 years ago, he started with a small quarry company that rose to become one of the biggest quarry operators in Africa. While acknowledging the many opportunities that abound in Nigeria, Kurt said these opportunities brought the idea to invest in the industrialization drive in the country. He told the Vice President that he was ready to develop the land acquired by his company, which would comprise 250 factories and 40,000 direct employees, adding that “we have already finished the infrastructure.

PHOtO: ABIODUN AjALA

Ikechukwu

adedayo akinwale in Abuja

Workshop By kWArA GovErnmEnt In pArtnErshIp WIth FCmB, WorLD BAnk...

Alleged Sexual Harassment: Foreign Affairs Minister Drags Perm Sec to HoSF

As Falana insists on thorough investigation

Alex Enumah in Abuja

Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has reported his Permanent Secretary, Ambassador Ibrahim Lamuwa, to the Head of Service of the Federation (HoSF) over alleged sexual harassment of a female staff.

Tuggar, in a letter dated May 27, said he was compelled to write to enable the service take necessary action against Lamuwa.

A staff of the ministry, Mrs Simisola Fajemirokun-Ajayi, had accused the permanent secretary of harassing her sexually in the course of her duties.

Based on the complaint, Tuggar wrote to the HoSF, "I am compelled to write to inform you of a formal complaint against the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Ibrahim Adamu Lamuwa, on allegation of sexual harassment."

He stated, "Bearing in mind the gravity of the matter, I feel it is necessary to draw your attention to it and ask that you handle it accordingly."

contemporary political issues and holding leaders to account, I thank God for democracy and appreciate the gains we have made over the years,” he stated.

He added, “Today, citizens have come to terms with the idea of representative governance, as they have over the years expressed their power to choose their leaders and demand accountable leadership and good governance.”

In his remarks, Tinubu, who was represented by Shettima, said lessons learnt after 25 years was that democracy was a journey that must be constantly nurtured and watched closely.

According to him, “Our progress has been marked by both triumphs and trials, each serving as a reminder of the preciousness of our democratic principles. As we move forward, let us recommit to the values of inclusivity, accountability, and transparency, ensuring that our democracy not only endures but flourishes for generations to come.

“The future of Nigeria lies in our hands, in our ability to dream, innovate, and act with courage and conviction. Let us embrace this moment with a renewed sense of purpose, knowing that the path we tread today will shape the Nigeria of tomorrow.

“This is an invitation for each

Tuggar also assured the HoSF that he was available to provide any necessary assistance needed in trying to get to the root of the matter.

Meanwhile, rights activist and senior lawyer, Mr Femi Falana, SAN, called on Tuggar to ensure that a thorough investigation was made and necessary disciplinary action taken again the permanent secretary.

Falana, in a letter dated May 29, lamented that the alleged conduct of the permanent secretary had "created an unsafe and uncomfortable working environment for our client and other staff within your ministry due to the disturbing experiences and ordeals from the Permanent Secretary".

According to the letter, Lamuwa had on October 7, 2023, during the first policy retreat to review President Bola Tinubu's 4D policy, allegedly, approached Mrs Fajemirokun-Ajayi and inquired why she did not sleep at the hotel, and told her that he wanted her to come to his room after the event.

Falana stated in the letter, "Our

of us to participate in building a nation where every voice is heard, where every potential is realised, and where every citizen is empowered to contribute to the collective good.”

The president observed that for the country to have sustained democracy for 25 years, the longest in its chequered history, was evidence of “the enduring sacrifices of several generations of patriots”.

Tinubu declared that 25 years was enough time to ascertain the effectiveness of any experiment.

He said, “Our democratic experience, despite the lows and the highs, is a telling referendum on our aspiration to build a nation that serves the interests of all, a federation that has not conspired against any benign group.

“We are here because the alternative is a descent into dystopia. Today is a moment to reflect on our journey so far. The tragedies Nigeria survived to settle for this democracy, the fourth of such experiments, must inspire each of us to play our part to honour the labour of our founding fathers and mothers and remind ourselves of the principles that drove their resolve to build for us a diverse nation that has defied the pessimism of detached agents of anarchy.”

Noting that it was not just a day of remembrance, the president stated that the Democracy Day was a call to

client explained that she was a nursing mother and needed to go home to care for her baby. Dissatisfied with this, he reiterated his sexual advancement to our client by saying, is it a big baby or small baby – he suspects it's a big baby and would like to find out so he can join.

“He, however, continued this line of inappropriate anecdotes throughout the retreat."

Citing another occasion on November 10, 2023, the senior lawyer stated that his client had gone to Lamuwa's conference room, where he was working out, to discuss the plans to digitise the ministry, and the permanent secretary then invited her for a meeting later that afternoon with a team from Galaxy Backbone.

He stated that during the conversation, Lamuwa requested Mrs Fajemirokun-Ajayi to embark on a voyage with him to Hong Kong.

Falana said regarding Lamuwa, "He further assured our client that our client's life would never remain the same after the trip. Our client left the scene in utter shock and disappointment because of the

action. He said young and competent Nigerians, including the patriotic and innovative, must all be engaged in crafting a succession plan that would secure the desired future.

Speaking further, Shettima hailed Tinubu’s democratic credentials.

He stated, "Tinubu sacrificed his life, his time and resources for the enthronement of democracy in this country. This political enigma (Tinubu) had been caricatured, but our younger compatriots must be in the know of Tinubu's memories from two decades past, when he was the fulcrum of opposition to the enthronement of one party dictatorship in this country.

“When his contemporaries were trading their principles for a place on the dinner table in Abuja and in the process throwing their allies under the bus, he provided courageously a political alternative to the ruling party.

"He was fiercely ostracised, politically ostracised and antagonised by the ruling PDP. By virtue of his commitment, his zeal and his resources and his belief in the rule of law, one by one, he retrieved the stolen mandates of Mimiko in Ondo, Rauf Aregnesola in Osun, Adams Oshiomhole in Edo, and he has remained a veritable sanctuary for the victims of political witch-hunt over the years.”

The vice president added,

awkwardness of the Permanent Secretary, Amb. Ibrahim Lamuwa's discussion.

“While our client was about to excuse herself, Amb. Ibrahim Lamuwa thoughtlessly put his arms around our client's arms and demanded a full frontal hug, which she"Therejected.Honourable Minister would recall that sometime in March 2024, our client discussed with you concerning her safety for

fear of not being raped by Amb. Ibrahim Lamuwa resulting from the consistent sexual harassment reported even as a married woman.

Upon her unfortunate predicament with the Permanent Secretary, the Honourable Minister assured our client of a change of behaviour as he had confronted him.

"Sometime in May 2024, our client went to Amb. Ibrahim Lamuwa's office under the Honourable Minister's instruction at about 3:20 pm to inform

the Permanent Secretary to contact his counterpart in the Ministry of Defence for the reports needed for the upcoming US trip.

"Upon arriving at the Permanent Secretary's office, our client was in- formed that he was in his inner room. In her desperate attempt to avoid getting molested, our client returned to her office and interestingly, Amb. Ibrahim Lamuwa demanded that she return to his office at about 3:41pm on the same day.

Guber Polls: INEC Registers 269,992 New Voters in Edo, Ondo

were registered in Edo and Ondo States ahead of the forthcoming governorship polls.

INEC National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun in a statement issued yesterday also revealed that of this figure, 129,246 (47.87 per cent) are male, while 140,756 (52.13 per cent) are female.

“When former Vice President, Atiku Abubakar, was harassed, intimidated, dehumanised and chased out of the PDP, it was to Bourdillion that he ran and it was the Lion of Bourdillion that gave him the political structure to contest for the presidency under the platform of the Action Congress.

“His choices of northerners to fly the flag of his party underlined his Pan-Nigerian credentials.

"Four years later, the same Bola Ahmed Tinubu provided the same political structure for another northerner, Mallam Nuhu Ribadu, to contest for the presidency of this country.”

Earlier, Secretary to the Government of the Federation (SGF), Senator George Akume, highlighted the sacrifices made by heroes and heroines who fought for democracy, with many paying the ultimate price.

Similarly speaking, former Governor of Katsina State, Hon. Aminu Masari, warned that Nigeria's democracy was at a critical juncture, requiring urgent attention to address declining faith in the system, especially among the youth.

Giving the keynote speech, Masari emphasised the need for continuous attention to shifting perceptions of democracy among Nigerians, warning that complacency can undermine the system's endurance.

He added that the commission at its meeting yesterday reviewed preparations for the Edo and Ondo governorship elections, particularly the CVR in the two States which was suspended on Sunday 9th June 2024.

Olumekun added that the next step as provided by Section 19 of the Electoral Act 2022 is the display of the register for claims and objections by citizens for a period of seven days (one week) from Wednesday 12 June, 2024.

He noted that the display would take place in all the 395 Wards across the two States. The register will also be available on our website: https://cvr.inecnigeria. org/register.

The National Commissioner stressed that the purpose of the display was for the public to identify any ineligible persons on the register, draw the Commission’s attention to it and file an objection to the appearance of the name on the register by completing Forms EC2 and EC3 available from our officials in all the centres.

He said the forms could also be downloaded from its website - https://inecnigeria. org/?page_id=13655 - and handed over to its officials as provided in Section 9(4) of the Electoral Act 2022. Olumekun stressed that fresh

registrants and applicants for transfer, correction of personal details and replacement of lost or damaged PVCs could draw the Commission’s attention to errors or wrong entries for further action. He added: “At the end of the period for claims and objections, the Commission will further clean up the register using the Automated Biometric Identification System (ABIS) before the list of new voters is added to the existing register for the two States.

“Meanwhile, statistics from the CVR as at Sunday June 9, 2024 when the registration was suspended, indicates a total of 269,992 new voters in the two States.

“Of this figure, 129,246 (47.87 per cent) are male while 140,756 (52.13 per cent) are female. Still, the majority of the registered voters (182,541 or 67.61 per cent) are youths (18-34 years).

“In terms of occupation, 95,463 or 35.36 per cent are students while 1,588 (0.59 per cent) are Persons with Disability (PWDs). In addition, 24,454 requests for replacement of PVCs, 74,493 applications for voter transfer and 8,314 for information update were received.”

The commission emphasised that statistics of new registered voters given are preliminary figures, adding that the final figures would be published on State by State basis after the period for claims/objections and ABIS. It said that the date for the commencement of collection of new PVCs would be announced thereafter.

The Commission appealed to the public to seize the opportunity of the display of the register to help clean it up as provided by law.

Adedayo Akinwale in Abuja

The Independent National Electoral Commission (INEC) has revealed that statistics from the Continuous Voter Registration (CVR) showed that a total of 269,992 new voters

L-R: Commissioner for Communications, Kwara State, Mrs. Bolanle Olukoju; District Head of Afon Community, Mallam Kola Balogun; Commissioner for Finance, Dr. Hauwa Nuru; Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun and the traditional ruler of Ipe town, Oba Muftau Lawal, during a workshop by the Kwara State Government in partnership with FCMB and World Bank in Ilorin, Kwara State...recently

AT Democr

during the inauguration of a 1000-members Parents’ Council at the Parent’s Summit held as part of activities to mark the Education Week in Benin City ... yesterday

Daring Kano Govt, Dethroned Emir Bayero Insists Leading Traditional Sallah Festivals, Invites Districts Heads

Apparently daring the Kano State Government, dethroned Emir of Kano, Alhaji Aminu Ado Bayero

has issued a circular inviting all the district heads to participate in the upcoming traditional Sallah Durbar in the state.

The Circular issued on June 11,

2024, with reference number KEC/ADM/27C/VOL11, was signed by the Senior Councillor, Galadiman Kano, Alhaji Abbas Sanusi, ordering the district heads

to attend a special meeting with the dethroned Emir before Sallah. Bayero, who still occupies the second emir's house located in Nassarawa Local Government

Senate Passes NDDC's N1.911tn 2024 Budget with N1tn Borrowing Plan, Commission Applauds Lawmakers

…Okays N98.5bn FCT appropriation bill …Passes bill for South East Devt Commission

sunday aborisade in Abuja and blessing ibunge in Port Harcourt

The Senate yesterday passed the N1.911 trillion budget of the Niger Delta Development Commission (NDDC) for the 2024 fiscal year.

The federal lawmakers also passed the N98.5billion Federal Capital Territory (FCT) Supplementary Appropriation Bill, 2024.

This is as they also concurred with the House of Representatives and okayed the South East Development Commission (SEDC) Bill.

The upper chamber passed the NDDC appropriation bill after considering a report submitted by its Committee on NDDC, which was presented by its Chairman, Senator Asuquo Ekpenyong.

Reacting, the interventionist agency applauded the federal lawmakers, saying the speedy passage of the budget would enable it to continue providing critical infrastructure and services to the people of the Niger Delta region.

The budget was passed with a borrowing plan of N1 trillion for funding of “legacy” projects in the Niger Delta region.

The lawmakers also approved N835.2 billion for project development while N38.5 billion was approved for proposed personnel.

The sum of N29.2 billion was passed as overhead cost and N8.7 billion was approved as cost for internal capital.

The budget was presented to the Senate Committee on NDDC on Monday with an assurance that it would address unemployment, lack of education, poor healthcare system, construction of roads and sustain the economic development of the Niger Delta region.

Ekpeyong, while presenting the report at yesterday's plenary, claimed that his committee had scrutinised estimates of the budget as proposed by the NDDC.

He thereafter urged his colleagues to support the passage.

However, the senator did not provide the budget performance of the NDDC in the previous year.

Commenting, the Senate President, Senator Godswill Akpabio said the borrowing plan of the NDDC would follow due process, adding that the Senate would ensure the funds are judiciously utilised.

“Before they go and borrow N1 trillion, they must follow due process.

This is not the end of the budget. We are still going for an oversight function,” Akpabio added.

Also yesterday, the Senate approved the sum of N98.5billion in the FCT Supplementary Appropriation Bill, 2024.

The passage of the Bill was sequel to the consideration of the report of the Senate Committee on FCT during plenary.

The Senate had last week stepped down the Bill, saying the details of the budget needed to accompany it.

The Vice Chairman of the Committee, Senator Osita Ngwu (PDP - Enugu West) presented the report on behalf of the Chairman of the Committee, Senator Bomai Mohammed (APC - Yobe South) who was absent during plenary.

Similarly, the Senate yesterday adopted the conference report of the SEDC Bill.

The adoption followed the presentation of the conference committee report on the Bill at plenary by the Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Mohammed Monguno (APC - Borno North).

The Bill titled: “A bill for an Act to establish the South East Development Commission, charged with the responsibility of, among other things, receiving and managing funds from allocation of the federation account.

It will be used for the construction and rehabilitation of roads, houses

and other infrastructural damages suffered by the region.

The infrastructural challenges were as a result of the civil war and ecological problems, as well as any other related environmental or developmental challenges faced by the South-east and for related matters.

The bill was read the third time and passed by the Senate on February 22, 2024.

The Bill seeks to establish the commission to manage infrastructural development such as the construction and rehabilitation of roads, houses and others in the South-eastern region.

The agitation for the establishment of the commission started many years ago.

The Bill to establish the commission was passed by members of the 8th Senate but former President Muhammadu Buhari did not assent to it.

Deputy Speaker of the House of Representatives, Benjamin Kalu, and some other lawmakers from the South-east reintroduced the bill in the lower chamber last year.

The House passed the bill last December and transmitted it to the Senate for concurrence.

Commission Hails Lawmakers

Meanwhile, NDDC has applauded the Senate for passing the commission’s N1.911trillion 2024 statutory budget.

In a statement released yesterday shortly after the Senate assented to the budget, the Managing Director of NDDC, Dr Samuel Ogbuku said the speedy passage of the budget would enable the commission to continue providing critical infrastructure and services to the people of the Niger Delta region.

According to the statement signed by the Director, Corporate Affairs, Mr. Pius Ughakpoteni, the NDDC boss said that the 2024 appropriation,

anchored on the theme: “Budget of Renewed Hope,” would help the Commission to implement the Renewed Hope Agenda of President Bola Tinubu.

“We are grateful to the Senate for their support and commitment to developing the Niger Delta region. The passage of this budget will enable us to continue providing critical infrastructure and services to the region’s people,” Ogbuku said.

Area, a short distance from the Kano State Government House.

Traditionally, only the substantive emirs are allowed to lead the traditional Sallah festivals such as the Eid-al-Fitr and Eid-al-Adha celebrations, which stand as a symbol of authority and responsibility as the custodian of the emirate's traditions and culture.

However, Bayero's announcement, may further heighten the current emirship tussle on who has the right to lead the traditional Sallah festivals, between the deposed Emir Bayero, and the 16th Emir of Kano Alhaji Muhammadu Sanusi 11.

It could be recalled that, there was a speculation during the height of the emirate crisis, when supporters of the deposed emir, insisted that Bayero, would lead Friday prayers at the Kano City Central Mosque, where Emir Sanusi was expected to lead the prayer according to the tradition.

As part of the effort to avert the crisis, the Kano State Government

has expressed concern over the occupation of the second palace by the deposed emir, saying that, Bayero constitutes security risk in the state.

The deputy governor of the state, Comrade Aminu Gwarzo, made the plea during a press conference on Monday at Government House, Kano.

Gwarzo, frowned at what he described as unusual movements of thugs and some top APC members who are hell-bent on fomenting trouble in the state.

"He appealed to Mr. President and office of the NSA to investigate the happening in Kano, and evacuate him - "Aminu Bayero" - from his current residence as he is constituting security threat in the state."

Bayero's invitation was seen by many, as a move to test his support and loyalty from the general public especially, the district heads whose majority have already pitched their tent with the reinstatement Emir Muhammadu Sanusi II.

Arewa Think Tank Backs Tinubu on Local Government Autonomy

emmanuel addeh in Abuja

A group, the Arewa Think Tank (ATTK) has thrown its weight behind President Bola Tinubu in his latest bid to strengthen local government administration in the country and ensure the third tier of government enjoys financial autonomy.

Tinubu had recently dragged governors of the 36 states to the Supreme Court, urging the apex court to stop them from tampering with allocation from the federation account to local government areas.

In a statement, the Chief Convener of the group, Muhammad Yakubu, noted that cases of lack of accountability hinder the growth of local councils, adding that the state governors must be held accountable for lack of adequate development at the grassroots.

"Arewa Think Tank is in line with the president for taking a swipe at the governors who during elections local governments become key to raking in votes but soon after the polls, the governors concentrate on the state level.

"We believe that Tinubu is doing his very best to enhance

the revenue base of the country, and as such the governors must equally be sympathetic, and they must urgently consider the needs of the local people.

“People reside in the local communities. That is where they work, farm, and live. If the local governments are not effective in delivering services, leaders must not hang on to the numbers.

"We have 774 local government areas, but are they truly effective? Do they solve problems for Nigerians? Do they coordinate development programming with the state and federal governments?” the group queried.

The Arewa group added that people must be held accountable for the performance of the 774 local governments so as to develop the grassroots.

"We are happy that the House of Representatives has expressed its readiness to support Tinubu’s push to grant independence to local governments, a move targeted at enhancing democratic governance at the grassroots level.

"It gladdens our hearts that the federal government dragged the 36 state governors before the Supreme

Court, seeking the enforcement of full autonomy for local governments,” the think tank added. Among the injunctions, it stated that the government is urging the apex court to issue an order prohibiting state governors from embarking on the unilateral, arbitrary and unlawful dissolution of democratically elected local government chairmen, and constituting caretaker committees to succeed them.

Stressing that it condemned the practice in its entirety, the Arewa group said that it believed that the reform will promote transparency, accountability, and good governance at the local level.

The Speaker and the House of Reps, it said, are eager to work with the executive arm to make it a reality.

"The move aligns with the Legislative Agenda of the 10th House to promote good governance and empower the grassroots. Local governments are the closest tier of government to the people, and their autonomy is crucial for effective service delivery, economic development, and democratic growth,” the statement said.

L-R: Archbishop Emeritus of the Catholic Archdiocese of Abuja, Cardinal John Onaiyekan; Edo State Governor, Mr. Godwin Obaseki; his deputy, Engr. Omobayo Marvellous Godwins; primary 3 pupil of Obaseki Primary School, Miss Osaigbovo Melody, and Commissioner for Education, Dr. Joan Osa Oviawe,

ahmad sorondinki in Kano

SEXUAL HARASSMENT PREVENTION PACT…

Executive Director, Gender Mobile Initiative, Omowumi Ogunrotimi (left) and Vice Chancellor, University of Uyo, Professor Nyaudoh Ndaeyo, after signing a Memorandum of Understanding to institutionalise sexual harassment prevention in Uyo, Akwa Ibom State…recently

Global Rights, Others Decry Rampant Killings of State Agents in Uniform

Gunmen kill two Police officers, one civilian in Imo

Ikechukwu Aleke in abuja and Tony Icheku in Owerri

The Community of Practice Against Mass Atrocities and its allied organisations, under the auspices of Nigeria Mourns, have decried the brutal killing of six civilians and five soldiers during

an attack at a military checkpoint at Obikabia Junction in Obingwa Local Government Area, Abia State, on May 30, 2024, by unidentified gunmen. The coalition also called for an immediate investigation into the incident to account for the heinous act.

Glo Sponsors Ojude Oba Festival

Digital telecommunications brand, Globacom, has announced its sponsorship of the 2024 Ojude Oba Festival.

In an address delivered at the pre-event press conference held at the Awujale’s Palace in Ijebu Ode, Ogun State, Globacom’s representative, Mr. Kazeem Kaka, said the company was committed to uplifting Nigeria’s rich cultural heritage.

Kaka said: “Our sponsorship of festivals is aimed at identifying with the cultures and traditions of the Nigerian

people, being an indigenous company. By sponsoring Ojude Oba and other Nigerian festivals with huge tourism potential, such as Ofala of Onitsha Kingdom, Globacom is helping to promote the cause of tourism in the country.”

He explained that Globacom’s collaboration with the custodians of this festival, underscores the company’s commitment to the rich heritage of the nation which is externalised through these festivals.

Adeleke Disburses N700m to Local Cooperative Societies

Yinka KolawoleinOsogbo

In his drive to boost local economy and alleviate hardship among the citizens, Ondo State Governor, Ademola Adeleke, yesterday disbursed cash-back cheques of millions of naira to cooperatives societies in Ife and Obokun/Oriade federal constituencies.

Addressing a crowd of cooperative members at Ile Ife City Hall and Ijebujesa town hall, Governor Adeleke said the funds being disbursed to the local cooperatives are designed to support grassroots businesses and ensure financial inclusion for the vulnerable

segments in society.

The disbursement which came as the state government announced the commencement of distribution of federal and state rice to reach every segment of society, drew applause from members of the cooperative movements in both federal constituencies.

While the state Commissioner for Cooperatives and Empowerment, Bayo Ogungbangbe, said that was the first time cooperative movement would be supported, Governor Adeleke disclosed that the Federation of Osun State Cooperatives and the 332 ward-based cooperatives are beneficiaries of the disbursement.

FNSB Elects New Officers, Hosts Donors

Raheem Akingbolu

The Federal Nigeria Society for the Blind(FNSB) has elected new officers to pilot the affairs of the society.

A statement issued by FNSB disclosed that the former Vice Chairman of the society, Arit Tunde-Imoyo, has been elected as chairman, while Mrs Oluyemisi Daramola, assumed the position of vice chairman in the new executive council for 2024–2025.

It was noted that the election was held during the society’s 66th annual general meeting at the FNSB centre in Lagos and witnessed Mr. Seyi Duggan retaining his position as

honorary Treasurer, while the former chairman, Mr Fusi Akinkugbe, joined the executive council as a member.

The Chairman of BOG, Vocational Training Centre, Mrs Ayopeju Njideaka; Mr Lanre Adebayo, Olugbolahan Sobande, and Major Kehinde Danmole (rtd) were appointed to the executive council.

Other members of the council

include: Mr I. A. Lawal; Mrs Faderin-Omotosho; Mrs Tunde Coker; Otunba Boye Ogunlaja; the former Commissioner for Education in Lagos State, Mrs Folasade Adefisayo; Woji Welli; Mrs Izegbua Amusu; Rev. Goddie Isibor, and Ms Kemi Onabanjo.

This is just as two police officers and a civilian have been killed by gunmen at a police checkpoint in Imo State. The incident occurred at

Ama-John Junction, along Okigwe Road in Owerri in the early hours of yesterday

In a statement yesterday, it noted

the inordinately high price Nigeria’s security forces pay time and again while protecting lives and property. “We condole their families

and the families of the military personnel and civilians killed in this attack and other attacks across Nigeria.”

Houses Passes Bill Seeking to Punish Electoral Officers Involved in Malpractices for Second Reading

Adedayo Akinwaleinabuja

The House of Representatives on Tuesday passed for second reading a bill seeking to punish election officers involved in electoral malpractices.

The sponsor of the bill, Hon. Hassan Fulata, while leading the

debate on the general principles of the bill, said it sought to amend sections 51 (2) and delete sections 51(3) and 51(4) as well as sections 84 (8) of the Electoral Act.

Fulata explained that the provisions of sections 51(2) (3) and (4) seemed to deliberately target

legitimate winners of elections, instead of the criminally minded individuals, who connived with custodians of electoral materials to cancel their votes.

According to him, equally important is the need to punish the presiding officer, who allowed

himself or herself to be used to perpetrate fraud and injustice. Fulata added that even if it was presumed that the individual who added the votes was not known, the winner of the election in a particular unit could not be party to a deliberate act that would invalidate their votes.

Otti Suspends Health Commissioner over Alleged Misconduct

Emmanuel Ugwu-Nwogo in umuahia

Abia State Governor, Alex Otti has suspended the Commissioner for Health, Dr. Ngozi Okoronkwo in a move to demonstrate his avowed zero tolerance to all forms of corrupt practices in his administration.

The Commissioner for Information and Culture, Prince Okey Kanu made this known in a statement he issued yesterday, saying that the big axe was wielded on the affected commissioner following allegations of “gross misconduct” levelled against her.

He said that the suspension became necessary “to pave way for the investigation” of the allegations to determine her culpability or innocence.

“Governor Otti’s action is in line with his zero tolerance policy for misconduct of any kind, and strong adherence to the twin principles of transparency and accountability in governance,” the government spokesman said. He stated that the governor would not waver in his principled stance committed to ensuring that “actions of appointees must at all times advance the good and well-being of Abians”.

To Mark Democracy Day, Sani Pardons 110 Prisoners, Convicts

John Shiklam in Kaduna

Kaduna State Governor, Senator Uba Sani, has pardoned 110 prisoners and convicts, to mark the Democracy Day.

Sani, who announced yesterday during his visit to the Kaduna

Correctional Centre, said the pardon was in the exercise of power of prerogative of mercy conferred on him by Section 212 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

He urged those who earned his sympathy not to go back to the

bad ways that necessitated their incarceration.

According to him, “For the avoidance of doubt, I am releasing a total number of 110 convicts today to mark the celebration of our one year in office and more importantly, to celebrate the June 12, Democracy Day. “Out of this number, there are 22 convicts who will be released on pardon under the prerogative of mercy powers conferred on me by Section 212 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

Oyetola Unveils Waterways Transportation Regulations, Inaugurates Projects in Kogi

Ibrahim Oyewale in Lokoja

As part of efforts to reposition the National Inland Waterways Authority (NIWA) for better performance, the Ministry of Marine and Blue Economy, and the management of the Authority

have unveiled the new Waterways Transportation Regulations 2024 to guide operators. These are sets of rules and regulations to guide the users, which also provided for security of lives and property. It will also protect the waterways and the natural resources.

The Minister of Marine and Blue Economy and former Governor of Osun State, Gboyega Oyetola, stated that he was on one-day working visit to Kogi State to interface with the management and staff to enhance better

performance, stressing that he would unveil the Waterways Regulation 2024 and inaugurate other infrastructures.

The minister explained that the ministry is determined to utilise all the natural resources to boost in the inland waterways in Nigeria.

Shun Unauthorised Sales of Govt’s Land, Abiodun Tells Monarchs

James Sowole in abeokuta

Ogun State Governor, Prince Dapo Abiodun, yeterday called on members of the state Council of Obas to appeal to their members to desist from acts

of indiscipline, ranging from allocation of land for illegal mining to unauthorised selling of government lands, especially plantations.

Abiodun stated this at the inauguration of Olu of Ilaro and

Paramount Ruler of Yewaland, Oba Kehinde Olugbenle, as the new chairman of the Ogun State Council of Obas, at the Oba’s Complex, Oke-Mosan, Abeokuta.

The governor, who expressed disappointment over the

activities of some of the erring Obas and Baales, explained that illegal mining has caused serious environmental impact on some communities and posed serious threats to some critical public infrastructure in the state.

Coalition Tasks Zamfara on Insecurity, Synergy with FG

A coalition of community-based organisations in Zamfara state has urged Zamfara state government to increase cooperation with federal government on tackling security challenges.

The coalition leader and chairman of Zamfara Progressive Movement for Peace and Development (ZAPPDE), Alhaji Adamu Danyaula, made the call on behalf of the group at the end of advocacy meeting in Sokoto. Danyaula appealed to state

government authorities to urgently review their approaches and give fullest attention to issue of collaboration with federal government towards achieving success on the fight against insecurity.

He explained that people in Zamfara state suffer more now on security challenges, hunger and depression and urged elected leaders at the federal and state levels to fine-tune modalities to end the challenges and political bickering that are destroying cohesion in the state.

Onuminya Innocent inSokoto

Rohr Questions S’Eagles’ Mentality after Defeating Nigeria in Abidjan

Finidi

pleads to turn

similarly defeated Lesotho and Zimbabwe respectively yesterday evening. All three teams now have seven points apiece.

For Rohr who got kicked out of the Super Eagles job after leading Nigeria to third place finish at

...South Africa, Rwanda Join Benin at the Top of Group C

It is now a three-way fight at the top of Group C of the ongoing World Cup qualifying series after South Africa and Rwanda won their respective matches last night.

South Africa posted a 3-1 win at home against Zimbabwe just as Rwanda also won 1-0 away at Lesotho.

Hosts Bafana Bafana opened scoring in the first minute through Iqraam Rayners but the visitors responded a minute later from Tawanda Chirewa and held on till halftime.

It was substitute Thapelo Morena with a brace in the 55th and 76th minute gave the Rainbow Nation

their second win in the series and put them at seven points on the log.

In the last match of the group, visiting Rwanda shocked host, Lesotho with a lone goal scored on the dot of halftime by Jojea Kwizera.

The losing teams, Nigeria and Zimbabwe, occupied fifth and sixth position respectively, while Lesotho are ahead of Super Eagles on five points and in fourth position.

The next round of matches will come up March next year as Rwanda hosts the Super Eagles while South Africa will play host to Lesotho in Durban.

Resign if Eagles Fail to Qualify for 2026 World Cup, Guild Tells NFF, Finidi

The Guild of Sports Editors in the country rose from a virtual meeting yesterday, telling the board of the Nigeria Football Federation (NFF) and the Head Coach of the Super Eagles, Finidi George, to resign from their posts if Super Eagles fail to qualify for the 2026 World Cup.

Super Eagles under the watch of Finidi played match-day 3 and 4 winning jus one miserable point from a possible six.They are now fifth in standing after South Africa, Benin Republic and Rwanda won their games yesterday to stay tied on seven points at the top of Group C.

But the Guild, which comprises all the managers of sports departments in the country’s major media organizations, said it viewed with dismay the poor performance of the Super Eagles in the ongoing

qualifying series for the World Cup, adding that it is unacceptable that Nigeria is struggling in fifth position in a group that comprises Lesotho, Rwanda, Benin Republic, Zimbabwe and South Africa.

The body said that although the situation in Group C looks irredeemable after four games, Nigeria could still qualify for the World Cup if the NFF puts its house in order.

In a communiqué signed by its President, Mr Tony Ubani, the Guild said: “We are shocked by the manner Nigeria’s bid to return to the World Cup after missing the 2022 edition is being mismanaged by the Nigeria Football Federation (NFF) through wrong and belated decisions and inability to set the rules for the national team.

NPFL: Enyimba Fined N10m, Forfeit Abandoned Match to Rangers

Ibadan agog as 3SC, Rangers in midweek clash live on StarTimes

Enyimba International of Aba have been slammed with a hefty N10million fine and will also forfeit the abandoned Match-day 35 in Enugu to Rangers International FC.

In addition, three of the players of the Aba Elephant, namely Akanni Elijah, Eze Ekwutoziam and Chibuke Nwaiwu will all be sanctioned after proper investigation, the NPFL announced yesterday.

The hosts, Rangers were also been fined N5million for poor crowd control at the game in question.

‘The Flying Antelopes’ have now opened a five-point gap at the top of the table with three rounds of matches to the end of the 2023/2024 season.

The Oriental derby sold out as over 35,000 fans crammed into the 20,000 Nnamdi Azikiwe Stadium

to witness which of the two teams would pick the three points. A late penalty awarded to Rangers in the extra time led to Enyimba fans trooping into the main-bowl to hold up proceeding. The match was subsequently abandoned. Meanwhile, the oldest rivals in the Nigerian club football, Shooting Stars Sports Club (3SC) of Ibadan and the Enugu Rangers are set to face off this evening in a battle for 2023/2024 NPFL title supremacy and the coveted spot in the continental competitions.

The match will air live on StarTimes Beta Sports channel 244 at 5:30pm. Historically, both clubs have been dominant forces in Nigerian football, especially during the 1970s and 1980s, often vying for top honours in the league.

AFCON 2019 and first round exit the 2018 World Cup in Russia, the poor run of the three-time African champions appears caused by the team’s lack of organization.

“It was their (Eagles) lapses in concentration that gave Benin the

advantage and we had the right organization,” began Rohr’s who was Nigeria’s gaffer between 2016 and 2021.

He insisted that despite Super Eagles opening goal, his wards knew they could comeback against Nigeria.

“Nigeria scored the first goal, perhaps, they believed it was already done. And of course, my boys reacted strongly and came back to equalize and win the game,” the German coach stressed at the post-match conference. That win has created a buzz now in the neighboring country, giving the team the hope of perhaps picking the group ticket to the 2026 Mundial in Canada, USA and Mexico. Meanwhile, the Super Eagles have apologized to Nigeria over their poor run so far in the qualifiers, most especially the 1-2 loss to Benin Republic on Monday.

In a tweet on the team’s official handle, the Super Eagles promised to fight hard to ensure that Nigeria pick the ticket to the World Cup finals.

"We are back in the country and we are not happy about the way the two games panned out. We have had talks among ourselves and have resolved to fight hard till the end to ensure we do the impossible which is qualifying for the 2026 World Cup.

"We don't take your support for granted; we thank you immensely. Soar Super Eagles,” the players stressed with assurance to turn the tide in subsequent matches. Eagles remain on three points from four matches and are placed fifth in Group C. They are now condemned to win all their remaining six games of the qualification series to have any chance of reaching the finals in two years time.

Deputy Senate President Tasks Barau FC to Target Promotion to NPFL

Deputy President of the Senate,

Senator Barau I. Jibrin, has applauded Barau Football Club (BFC) over the team’s promotion to the second tier Nigeria Nationwide League (NNL).

Senator Barau made the commendation when he received the club's management and players at the National Assembly in Abuja on Monday.

BFC defeated Yoca Crocodiles on Sunday in a penalty shootout that ended 3-2 in favour of the Maliya Boys.

Addressing the team, Senator Barau described the victory as a great achievement.

While applauding the team's outstanding performance, the Deputy President of the Senate said his intention in establishing the club is to make it a global brand and contribute to the growth, employment, and development of the country's youth.

"I wish to start by thanking Almighty God for this victory and thanking the management and the players for the hard work and dedication that culminated in this victory. When I established this club, I intended to make it a global brand. This has not changed. So, the journey has just started. This is the beginning of the beginning,” stressed the Senator in a statement by his Special Adviser on Media and

Publicity, Alhaji Ismail Mudashir.

"Insha Allah, by next year, we will all converge here to celebrate our promotion to the Nigeria Premier Football League (NPFL). You will go international. By God's grace, this club will be the pride of all Nigerians," he pledged.

While further assuring the management and the players of his commitment to making the club a world-class one, Senator Barau challenged the team to get ready for restructuring.

He donated a new coaster bus, one motorcycle to each player, and N5,000,000 bonus to the management and players.

Earlier, the club’s Chairman, Shehu Ibrahim Chanji, thanked the Deputy President of the Senate for his commitment to football development in the country. He said the BFC players were selected from across the country in the founder’s bid to bring all youths together and promote unity in the country.

“You have delivered your

promises to us, which is why we are also delivering our promises to you. You paid our salaries, allowances, and match bonus promptly. Not only that, but our outfit is also one of the best in the country. This is something to be proud of. We are proud of you, " he said. Speaking on behalf of the players, Surajo Mukhtar said they are proud to play under the Barau Football Club, adding that people across the country celebrate and admire them for being part of the team.

Femi Solaja

Still savouring the six points he won from the Match-day 3 and 4 of the 2026 FIFA World Cup, Benin Republic Head Coach, Gernot Rohr, has questioned the mentality of the Super Eagles players who lost 1-2 to his side on Monday evening in

Abidjan. The win has made the Cheetahs of Benin joint leaders of Group C with Rwanda and South Africa who

Super Eagles Alex Iwobi (left) and Ademola Lookman battling a Benin Republic defender during their 2026 World Cup qualifier in Abidjan, Côte d’Ivoire on Monday. Eagles lost 1-2

Deputy Senate President, Senator Barau I. jibrin ( third left) receiving the NationWide League trophy from management of Barau FC inside his office in the National Asembly...yesterday

MISSILE

CSO to Military

“There is also now, the rising problem of the military assuming a role in apprehending individuals and investigating offences, which are ordinarily within the purview of police functions. This perhaps is attributed to an upsurge in the brutal attacks on military personnel...” --ExecutiveDirector, PolicyandLegalAdvocacyCentre(PLAC),ClementNwankwo,urgessecurity agenciestodomoretoimproveontheirhumanrightsprotectionrecords.

Kayode Komo LA fe

Celebrating Democracy, Warts and All

In one respect, it was fitting that former President Goodluck Jonathan was invited to make a statement yesterday at the lecture organised by the federal government to celebrate uninterrupted democracy in a quarter of a century.

The theme of the lecture, delivered by a former Speaker of the House of Representatives and a former governor of Katsina state, Alhaji Aminu Bello Masari, was “25 Years of Enduring Democracy: Prospects for the Future.”

By the way, since the forum was convened to reflect on the last 25 years of the nation’s democratic journey while looking forward into the future, the participation of other political parties should have been visible. It was a huge deficit in the organisation of the event that this was lacking. Afterall, APC has been in power cumulatively for only nine of the 25 years of steady democracy.

The significance of Jonathan making a statement on democratic culture should not be lost on Nigerians. Jonathan called for an alternative to the present winner-takesit-all system in order to lessen frictions. He described the prevalent game of politics in Nigeria as “zero-sum” type. It would be a pity if Jonathan’s proposition does not generate a virile debate in the polity. For instance, how would his idea work in a presidential system? Jonathan also urged leaders to give democracy content by improving the quality of lives of the people.

Jonathan’s attitude to power is one of the good stories in the last 25 years of Nigeria’s experiment with liberal democracy. His decisive role is a huge rebuke to the comments from some cynical quarters that “there is nothing to celebrate.”

As the votes were being collated in the 2015 presidential election, Jonathan of the Peoples Democratic Party (PDP) called General Muhammadu Buhari of the All Progressives Congress (APC) to concede defeat. He relieved the nation of the poltical anxiety often associated with the prolonged judicial conclusion of the electoral process. As they say, the final counting of the votes is often done in the courtroom by the tribunal judges.

It is also remarkable that in reciprocation, Buhari has been gracious to admit that the act of his predecessor would deepen the nation’s democratic culture. At home and abroad Jonathan has continued to receive the applause justifiably for being a democrat. He ensured a peaceful transfer of power from one party to another one. If you think Jonathan’s action “is no big deal,” juxtapose that heroic moment in 2015 with the extremely bitter atmosphere which enveloped the political landscape after another election.

Beyond that, those who take whatever happens in the West as the standard for democratic practice may wish to compare Jonathan’s heroism with the attack on the Capitol building in Washington, United States, on January 6, 2021. In what was akin to a coup, a mob of supporters inspired by President Donald Trump of the Republican Party descended on the parliamentary house in order to disrupt the conclusion of the process of the presidential election won by Joe Biden of the Democratic Party. Trump wanted to

prevent Biden, who was legitimately elected as president, from assuming office. In fact, the Federal Bureau of Investigation (FBI) considered the incident “an act of domestic terrorism.” In the course of the ensuing violence, lives were lost and about 140 Capitol and Metropolitan policemen were criminally assaulted. The damage done to the Capitol building was estimated to be $1.5 million. Meanwhile, the same Trump said the other day that unless he wins the next presidential election, that would be the “last” election in the country regarded as the citadel of democracy. Trumpists still insist that Biden “stole” the election despite court rulings to the otherwise.

The American democracy is over 200 years old. In precise terms, some theorists consider the point when the first American president, George Washington, peacefully transferred power to his successor, John Adams, as the “real birth” of democracy in the United States in 1793.

Except for those who suffer from incurable inferiority complex, the Jonathan 2015 moment in Nigeria’s democracy was democratically superior to the Trump abortive coup in America in 2021. While 2015 was a high point of Nigeria’s democracy, 2021 was a low point in the democratic history of America.

Another comparison could made between a brilliant episode of Nigeria’s democracy and the symptoms of democratic recession in another advanced country, the United Kingdom. Masari, who delivered the Democracy Day lecture, expectedly recalled the story of the failed attempt by some forces to change the Nigerian constitution so that the president and governors could have third terms in office. This happened towards the end of the second term of President Olusegun Obasanjo. After the invidious plot failed, Obasanjo later

made a national broadcast denying that he made a bid for a third -term. But those who were actively involved on both sides of the third- term debate continue to tell the stories of the highwire political manoeuvrings which took place. Masari was the Speaker of the House of Representatives while Senator Ken Nnamani was the President of the Senate. In an alliance with some forces cutting across political parties, the National Assembly deftly moved to put an end to the third-term plan. In fact, the whole exercise of constitutional review, which was the pretext for the third-term game, was jettisoned all together. Powerful forces could not force the third-term provision into the constitution. On that occasion the strength of the parliament was put to test. And the legislative institution rose to the occasion valiantly.

Some years after the third-term debacle in Nigeria, the British parliament was divided on the deal to be struck by the United Kingdom with the European Union on Brexit. Prime Minister Boris Johnson wanted to have his way to quicken the process for his own political advantage. He longed for a place in history as the prime minister who “got Brexit done.” To realise his dream, all means were fair in the Brexit war. Fearing that he might not secure enough votes in parliament to back his position, Johnson manipulated the process of “prorogation” of the parliament. Prorogation refers to the period between the end of the parliamentary session and the commencement of a new session. In simple terms, Johnson suspended the British parliament so as to avoid a proper scrutiny of his Brexit deal. The Speaker of the House of Commons at the time, John Bercow, called it a “constitutional outrage.” Johnson’s act was later ruled as “unlawful” by the court. The Liberal Party is currently campaigning to review the Brexit deal. Yes, that was what happened to the “mother of all parliaments,” as the British parliament is often admirably called.

So, democracy can decay.

The other powerful point made at yesterday’s occasion was that of Ambassador Babagana Kingibe. He asserted that the process of democratic growth should be seen as a continuous one. He also shared his experience about the challenges of democracy. Kingibe was the running mate to Bahorum Moshood Abiola in the historic June 12, 1993 presidential election. It was 30 years two days ago that Abiola declared himself president at Ekotedo in Lagos State in what amounted to the climax of the struggle to reclaim the June 12 mandate. The election was annulled by the military government of President Ibrahim Babangida. The military government of General Sanni Abacha incarcerated Abiola until his death on July 7, 1998. Kingibe joined the cabinet of Abacha while Abiola was in jail.

On June 12, 2018 Buhari proclaimed Abiola

“…It is only those democratic forces who elect to have an optimistic outlook while working to deepen democracy that could mobilise the people towards a future of genuine democracy and social justice”

the elected president and Kingibe the elected vice president based on the results of the June 12, 1993 presidential election. Abiola was posthumously awarded the highest national honour, the Grand Commander of the Federal Republic (GCFR), while Kingibe was awarded the second highest national honour, the Grand Commander of the Order of Niger (GCON). The point Kingibe made yesterday about meeting the challenges of democracy in Nigeria and making a distinction between “democracy as a system” and “governance as a process” is quite significant. Remarkably, as pointed out in the foregoing, Kingibe also made references to challenges faced by the advanced liberal democracies. He was quite on point to advocate that democracy should be defended at all costs as no alternative to it could be contemplated. Such is the role of the individual in history with all its contradictions and complexity. The journey is often full of twists and turns. Perhaps, Vice President Kashim Shettima made the most vigorous point about the role of the individual in the struggle for democracy. He recalled again the part played by Tinubu as a leader of the struggle for the revalidation of the June 12 mandate. In his view, the verdict of history would be kind to Tinubu. Shettima said: “As we celebrate our past, we look to the future with clear and determined vision. Today is not just a day of remembrance, it is a call to action” Now, the challenges of democracy are immense. They include the weaknesses of the institutions of democracy such as the parliament, political parties, electoral body, free press, judiciary and the civil society. Voter apathy is also a serious problem. About 93 million registered to vote in 2023 and 87 million actually collected their voter’ cards. However, less than 30% of those who registered actually turned out at the polling booths on the election day. Democracy should be widely participatory.

According to the English liberal philosopher, John Stuart Mill, “democracy is government by discussion.” Such discussions come as public reasoning. Public reasoning is an essential ingredient needed in deepening democracy. But the public sphere in Nigeria is too toxic to allow proper public reasoning. Incivility, prejudice and shallowness prevail in the media especially the so-called social media. It’s tempting to look into the horizon and see only the cloud. That would be a wrong thing to do. It is important to seek out deliberately the silver linings in this cloud. In other words, it is only those democratic forces who elect to have an optimistic outlook while working hard to deepen democracy that could mobilise the people towards a future of genuine democracy and social justice. Doubtless, it is quite useful to reflect on the past as the nation ponders the future. For clearly understandable reasons, not a few people are disappointed at many stops in the nation’s democratic journey. Yet, it is important to look into the future with hope.

All told, the earnest hope is that in another quarter of a century some of the challenges will be overcome in the course of democratic development.

Tinubu