FRIDAY 16TH JUNE 2023

Goldman Sachs: Naira Devaluation Not Sufficient Condition for Exchange Rates Unification, Wants Clarity on FX Restrictions

Hails FX unification Says $12bn needed to clear FX backlog Currency unification jerks public debt to N82 trillion Naira depreciates further to N702/$1 on I&E FX window Rewane urges FG to drive institutional reforms Insists lower interest rate not possible with strong currency

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Abdulkarim Chukkol Takes Over as Acting Chairman, EFCC...

Oil Marketers Demand Full Payment for Outstanding Petrol Equalisation Arrears

Say price of 45,000-litre truck jumped from N7m to N25m Insist no funds for new stock without debt settlement

Crude oil refiners back subsidy removal, seek CBN’s intervention for

Emmanuel Addeh in Abuja

Petrol marketers, under the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), have demanded

full payment of arrears owed by the federal government under the now defunct Petroleum Equalisation Fund (PEF) arrangement. The demand came as Crude

Oil Refinery Owners Association of Nigeria (CORAN ), yesterday, urged the Central Bank of Nigeria (CBN) to create an intervention fund for modular refinery companies in

Nigeria, same way it did for the Dangote refinery. Speaking during a press briefing in Abuja, National President of NOGASA, Mr. Bennett Korie, noted

that without offsetting the huge debts running into billions of naira, it would be almost impossible for marketers to get new stock.

Korie said with the new dynamics

Continued on page 5

Tinubu Lists Eight Priority Areas on Devt, Seeks Govs’ Support

NEC proposes palliatives for workers, vulnerable groups over subsidy Mulls payment of N702bn to civil servants as cost of living allowance FG seeks World Bank funds to implement CNG President appoints Ribadu, Edun, Alake, five others special advisers Meets with Abdulsalami, Sanusi, Akande at State House Ex-head of state pleads for people's understanding over subsidy removal

INAUGURATION OF THE NATIONAL ECONOMIC COUNCIL...

at the council Chambers of the Presidential Villa, Abuja...yesterday

L-R: President Bola Ahmed Tinubu ; Governor Abdulrazaq Abdulrahman of Kwara state; Governor Lawal Dauda of Zamfara state; Governor Mai Mala Buni of Yobe state; Governor Kefas Agbu of Taraba state; Governor Ahmed Aliyu of Sokoto state; Governor Fubara Siminalayi of River state; Governor Mutfwang Caleb of Plateau state; Governor Seyi Makinde of Oyo state; Governor Ademola Adeleke of Osun state; deputy governor of Ondo state, Lucky Aiyedatiwa and Governor Dapo Abiodun at the Inauguration of the National Economic Council held

Highest in Ondo, Kogi, Rivers, others Rising Food, Commodity Prices Push Inflation to 22.41%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of commodities increased to 22.41 per cent in May, compared to 22.22 per cent recorded the preceding month, the National Bureau of Statistics (NBS) stated yesterday.

The headline rate showed an increase of 0.19 per cent when compared to the preceding month, the Statistician-General of the Federation/ Chief Executive, NBS, Mr. Semiu Adeniran explained.

Year-on-year, the headline inflation stood at 4.70 per cent higher compared to 17.71 per cent recorded in May 2022.

Similarly, headline inflation month

on month rose to 1.94 per cent, which was 0.03 per cent higher than 1.91 per cent in April.

Food inflation increased to 24.82 per cent year on year in which was 5.33 per cent higher compared to 1950 per cent May 2022.

The rise in food inflation on a year-on-year basis was attributed to increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, and spirits.

Month-on-month, however, the food index stood at 2.19 per cent, which was 0.06 per cent higher compared to 2.13 per cent in April.

On the other hand, all items less farm produce inflation otherwise known as core inflation, which

excludes the prices of volatile agricultural produce increased to 20.06 per cent year on year in May, representing an increase of 5.16 per cent when compared to 14.90 per cent in May 2022.

According to Adeniran, the core index was influenced by highest increases in prices of gas, passenger transport by air, liquid fuel, vehicle spare parts, fuels and lubricants for personal transport equipment, medical services, passenger transport by road among others.

Month-on-month, core inflation rose to 1.81 per cent in May compared to 1.46 per cent in April.

According to the statistical agency, inflationary pressures were mainly from food and non-alcoholic

TINUBU LISTS EIGHT PRIORITY AREAS ON DEVT, SEEKS GOVS’ SUPPORT

Deji Elumoye in Abuja

President Bola Tinubu, yesterday, listed eight priority areas for urgent attention, saying the task of turning around Nigeria’s economy from the age-long status of “potential to pragmatic” has started with the removal of fuel subsidy and unification of exchange rates.

Tinubu spoke at the State House, Abuja, while inaugurating the National Economic Council (NEC), an advisory body comprising the 36 governors, Governor of Central Bank of Nigeria (CBN), and other stakeholders. He urged governors across the 36 states to support the mission.

The NEC, chaired by Vice President Kashim Shettima, proposed palliatives for workers and vulnerable groups in the country, to cushion the effects of fuel subsidy removal, in strict adherence to the president’s order. Bauchi State Governor, Senator Bala Mohammed, who disclosed this, said the council considered

recommendations from the National Salaries, Incomes and Wages Commission to pay N702 billion as cost of living allowance to civil servants as part of the intervention plans.

Mohammed also announced the setting up of a committee by NEC to work out, within two weeks, modalities for organising and distributing the palliatives. He noted that the council also discussed the possibility of obtaining funds from the World Bank and London partners to implement the programme of Compressed Natural Gas (CNG) for vehicles in the country as part of measures to bring down the price of fuel.

Meanwhile, Tinubu appointed Nuhu Ribadu, Dele Alake, Wale Edun, and five others as Special Advisers, more than two weeks after his inauguration as president.

The president, also yesterday, held a meeting with former Head of State, General Abdulsalami

Abubakar; deposed Emir of Kano, Lamido Sanusi; and former Osun State Governor, Chief Bisi Akande, at State House, Abuja.

Inaugurating the NEC, the president called for collective frameworks that would stimulate a buoyant economy that meets the needs of the poor and vulnerable. He assured the governors that his government would address the issues that devalued the lives of Nigerians, with a focus on security, economy, jobs, agriculture, infrastructure, monetary policy, and fuel subsidy.

According to him, “It is worthy of note that the monthly meeting of NEC, chaired by Vice President Kashim Shettima, has remained officially the economic platform for robust dialogue among the federal government, the 36 governors, the CBN, and other key stakeholders.

“In my inaugural speech of May 29th, 2023, I expressed this administration’s commitment to improving the lives of Nigerians in

beverages (11.61 per cent), housing, water, electricity, gas and other fuel (3.75 per cent), clothing and footwear (1.71 per cent), Transport (1.46 per cent), furnishings and household equipment & maintenance (1.13 per cent), education (0.88 per cent) and health (0.67 per cent).

Others include miscellaneous goods and services (0.37 per cent), restaurants and hotels (0.27 per cent), alcoholic beverages, tobacco and kola (0.24 per cent) while recreation and culture increased by 0.15 per cent and communication by 0.15 per cent.

Moreover, urban inflation rose year-on-year to 23.74 per cent, representing an increase of 5.50 per cent compared to the 18.24 per cent

a manner that not just reflects our humanity, but encourages compassion towards one another and duly rewards our collective efforts to resolve the social ills that seek to divide us.

“I also listed the principles that will guide our administration and it is as follows: to be impartial and govern according to the constitution and ensure the rule of law; to defend the nation from terror and all forms of criminality; to promote economic growth and development through job creation, food security and putting an end to poverty.

“To prominently feature women and youths in all our activities to take proactive steps, such as championing a credit culture, and to discourage corruption while strengthening the effectiveness and efficiency of various anti-corruption agencies.”

The president noted that policies and programmes of the government would be driven by compassion for the less privileged and more inclusivity, and women and youths

OIL MARKETERS DEMAND FULL PAYMENT FOR OUTSTANDING PETROL EQUALISATION ARREARS

truck of petrol, which cost them N7 million previously.

Before the removal of fuel subsidy by President Bola Tinubu, the equalisation fund ensured uniformity of petroleum products pricing nationwide. The federal government would thereafter reimburse the marketers.

But the NOGASA president stated that debts owed his members had made it impossible for them to return to the market, given the huge price differential.

While pledging the support of the association to the subsidy removal directive, Korie explained that there were problems associated with the policy, which must be sorted out.

According to the NOGASA president, “We are 100 per cent in support of subsidy removal. But you know that they don’t talk about the problem behind the subsidy removal. It is good to remove subsidy, but there are things that people don’t know. For instance, some of the marketers don’t have the money to pay differentials.

“This is because in less than an hour that Mr. President announced the removal of subsidy, the price changed and that affected a lot of marketers.

"We are talking about millions of naira. Before the removal, a tanker of fuel was selling for about N7 million, but in less than an hour, it went up to N25 million.

“Where are they (marketers) going to get this money? Banks are giving loans at 30 per cent interest, so where is this money going to come from? That is a fresh problem that nobody is talking about. Subsidy was removed without considering some of these problems.”

Korie urged the federal government to pay marketers their outstanding of the fund to boost members' capital and enable them stay in business.

On the issue of bad roads, which negatively impacted the operations in the downstream petroleum sector, the NOGASA president stated that the situation was making it difficult for investors to do business.

He said, “Again, the issue of roads

is another big problem that we are facing. Last year, I spoke about this road. Today, the problem is still there. I am not saying that government is not trying. But some of these roads are very bad. We are losing products.

“So, if you remove subsidy, use that money to fix the roads. It is important, not just to remove subsidy, but also to make it easy for us to do this business.

Pay the PEF, fix the road.”

Korie noted that the marketers were literally working for the banks, with interest rate soaring.

He said, “Marketers are working for the banks. Where are they going to get the N13 million differential to pay the Nigerian National Petroleum Company Limited (NNPC).”

Korie stated that it was only fair to allow marketers load products at the old price, which they paid upfront.

“I also want to use this opportunity to appeal to NNPC to note the marketers paid three months upfront for the products before this subsidy removal,” he stressed, explaining that the high price of diesel is also negatively affecting the price of petrol.

Korie told the federal government, “Allow us to load our products at the price we paid before the removal of subsidy, because we are expected to load when we pay. Now we paid upfront, so, allow us to load our products at the old price.

“Removing subsidy is not the problem, but it will hurt us. We are the traders; we are the ones bringing the product to the stations, give us that chance to load our products.

“We are also hammering on the issue of diesel cost. If diesel is high, expect petrol to be high. The only way out is to give priority to diesel, because that is what everybody uses for industry, construction companies and others.”

According to him, because of the nature of the business in Nigeria, tankers, which supply all the regions are fuelled with diesel oil that also now has its price skyrocketing.

He said, “Even the transport, it is diesel that you will use. So, priority should be given to diesel. Tell the Central Bank of Nigeria (CBN) to

give priority to diesel importation, not just petrol. It is very important because when it is cheap, it will also make the petrol price go down.

“We want the price of petrol to go down. That price is not fair to Nigerians. If we want to lower the price, we must bring down the price of diesel. It will also help the economy, not just on subsidy removal.”

Crude Oil Refiners Back Subsidy Removal, Seek CBN’s Intervention for Modular Refineries

Meanwhile, CORAN urged the CBN to create an intervention fund for modular refinery companies in Nigeria, as it did for the Dangote refinery.

The association threw its weight behind the recent removal of petrol subsidy, which it said would save the country huge amount of resources and open a new vista for economic growth. The body said the country’s local currency should be used in purchasing crude by modular refineries.

In a statement signed by Chairman, Executive Committee of CORAN, Mr Momoh Oyarekhua, and Secretary, Olusegun Ilori, the group further urged the government to resolve the problems of crude supply uncertainty and removal of bureaucratic bottlenecks.

The association said, “A critical necessity at this time is for the CBN to create a window of intervention fund, such as was given to Dangote, to other modular refinery companies to access financial support to complete their projects.

“The problem of guaranteed supply of crude to the refineries with naira payments, guaranteed off-take of the products and removal of bureaucratic bottlenecks from the regulatory bodies are some urgent issues for resolution.”

In addition, it said the present challenge relating to regulatory agencies duplicating licences and permits and engaging in conflicting directives put operators in a confusing state.

in May 2022 while month-on-month, the index rose to 2.09 per cent in May compared to 2.05 per cent in April.

In the same vein, rural inflation rose to 21.19 per cent year-on-year in May, representing 3.98 per cent over 17.21 per cent in May 2022.

Month-on-month, the rural index increased to 1.80 per cent from 1.78 per cent in the preceding month.

At state levels, year-on-year, prices were highest in Ondo (25.84 per cent), Kogi (25.70per cent), Rivers (25.02 per cent), while Taraba (19.55 per cent), Sokoto (19.56per cent) and Plateau (19.89 per cent) recorded the slowest rise in headline inflation.

Month-on-month, inflation recorded highest increases in Osun (3.05 per cent), Ebonyi (3.02 per cent),

would be involved in the design and implementation of programmes that impact their lives.

He stated, “It is evident that the task of growing our economy is enormous, but you and I asked for it. We campaigned for it, we even danced for it, we begged for it, so we have no reason to complain. We must harness the growth potential of Nigeria and bring about serious development that will take us from 'a potential nation' to a pragmatic economic development in a rapid manner.”

Tinubu urged NEC to stimulate ideas, through robust discussions, that would improve the livelihood of Nigerians, while highlighting the need for interventions on poverty.

Kogi (2.81 per cent), while Ogun (0.64per cent), Nasarawa (0.89 per cent) and Imo (0.94 per cent) recorded the slowest rise in the headline index.

Also, the states’ profile indicated that food inflation year-on-year was highest in Ondo (30.26 per cent), Kogi (29.83 per cent) and Kwara (29.52 per cent), while Sokoto (18.89 per cent), Taraba (21.30 per cent) and Kano (21.33 per cent) recorded the slowest rise.

On a month-on-month basis, however, food inflation was highest in River (3.74 per cent), Osun (3.44 per cent) and Kogi (3.38 per cent), while Sokoto (0.45 per cent), Kano (0.61 per cent) and Nasarawa (0.85 per cent) recorded the slowest rise in the sub index.

“Members of this country are behind us, they want reform and they want it quick to impact their lives,” he added. Rallying the governors for national development, the president said, “Collaboration is not a crime, please, let’s do it.” He noted that the three tiers of government would need to be involved in economic development, in order to ensure inclusiveness, collectivity, and ownership of policies and programmes.

Tinubu said, “The National Economic Council was established by the provision of the constitution of the Federal Republic of Nigeria, as amended. As one of the key bodies of

Continued on page 36

GOLDMAN SACHS: NAIRA DEVALUATION NOT SUFFICIENT CONDITION FOR EXCHANGE RATES UNIFICATION, WANTS CLARITY ON FX RESTRICTIONS

CORAN also appealed to organised labour and fellow Nigerians to give the new administration time to sort out what it termed the deregulation quagmire, which it said had bedevilled the country for long.

“The initial pains will soon be over if we follow through with determination and the necessary human face and palliatives, which must be injected to cushion the social impact of deregulation,” CORAN stated.

According to the group, the anticipated capacity expansion in the production of local crude refineries of its members will ultimately solve the challenge of domestic petroleum product refining.

It lauded all stakeholders who worked to ensure the approval of the white paper on the report of the committees on establishment of modular refinery intervention funding and technical committee on crude oil domestic supply obligation, among others.

Despite what it said were harrowing conditions still militating against smooth operation by its members, CORAN said its members had continued to brave the odds by bringing more facilities on stream.

CORAN noted that it was encouraged by the feat achieved by the Dangote refinery and expressed the hope that it will mark the beginning of greater things within the petroleum refining space in Nigeria.

It stated, “We acknowledge the fact that despite the optimism of the positive impact of the coming on stream in the shortest timeframe of Dangote refinery, small and medium-sized modular refineries are needed and essential to meet the demand of fuel supply and bring about competition necessary for the economy.”

The group also congratulated its members that had floated modular refining facilities, including OPAC, Duport, Edo refinery, WalterSmith, and Niger Delta refinery on the successful completion of their refinery plants and commencement of operations.

In the same vein, renowned economist and Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, yesterday, urged the federal government to implement institutional reforms to augment ongoing monetary and fiscal policy reforms.

This was just as the naira depreciated further yesterday, to N702/$1 on the investors and exporters' (I & E), lower than the N664.04 to a dollar it closed the previous day.

Although the naira closed at N702/$1 on the I & E FX window, data from FMDQ showed that the highest spot rate recorded was N791/$1.

Also, on the parallel market, the nation's currency depreciated by N7 from N755 to a dollar the previous day, to N762 to $1 yesterday.

The central bank on Wednesday, collapsed all of its multiple official FX rates into the I&E window.

Goldman Sachs Group noted that while the end-game for monetary/ FX policy in Nigeria was still, "quite uncertain, we nonetheless interpret the incremental developments as positive.”

Specifically, Goldman Sachs noted that the apex bank had failed to “provide any clarity on current/ capital account FX restrictions that result in a parallel market exchange rate that is weaker than that offered at the official window(s)”.

Goldman Sachs also stated that easing FX restrictions and clearing the FX backlog which it estimated at $12 billion, would be required to achieve a unified naira exchange rate.

It interpreted the recent policy announcements by the CBN as, “significant positive surprises to our and market expectations and as being supportive of a constructive view on sovereign credit”.

However, the institution noted that in the broader FX policy set-up, the CBN failed to “provide any guidance on whether the (historically heavily managed) currency regime would be maintained or if there might be any transition toward a more flexible exchange rate.

“In our view, any FX liberalisation

or easing of FX restrictions would entail the need for higher local interest rates to lean against currency depreciation pressure.”

Goldman Sachs pointed out that it recently examined Nigeria’s external balances, and, “our analysis suggested that at current oil prices, the naira adjustment needed to rebalance the current account into a sustainable surplus would entail a devaluation to around NGN 750 vs. the USD.”

It added: “Beyond official exchange rate windows and current/ capital account restrictions, market participants are focused on whether the CBN might introduce changes to the FX policy regime (historically heavily managed).

“We have no guidance from the authorities on their policy preferences with respect to the FX regime. Additionally, following the suspension of former CBN Governor Emefiele, the new administration has not yet made an appointment for a new governor.

“Thus, it remains uncertain whether the CBN will re-peg the currency at a new (weaker) level or might move in the direction of introducing some currency flexibility (in an extreme, a free-float).”

Continuing, the group added, “As we have argued previously, introducing currency flexibility and/ or easing restrictions on access to FX would very likely need to be accompanied by higher local interest rates (with prevailing short-term market interest rates currently deeply negative in real terms).

“More broadly, we have been positively surprised by the pace of policy changes announced by the Tinubu administration in the last two weeks since the President’s inauguration, which in our view are supportive of sovereign credit.

“While the end-game for monetary/FX policy still remains quite uncertain, we nonetheless interpret the incremental developments as positive.”

Speaking further, Rewane urged the federal government to implement institutional reforms to support ongoing monetary and fiscal policy

ABUBAKAR MEETS TINUBU...

Manufacturers Hail Tinubu’s Signing of Electricity Act 2023

Says policy will boost FDI, profitability

Dike Onwuamaeze

The Manufacturers Association of Nigeria (MAN) has commended the signing of the Electricity Act 2023 by President Bola Ahmed Tinubu, describing it as a major step that would boost the inflow of foreign direct investment (FDI) in the country’s manufacturing sector.

MAN gave the commendation yesterday, in a statement titled: “Position of the Manufacturers Association of Nigeria on the Electricity Act 2023,” obtained by THISDAY.

It stated that, “the new Act adequately addresses the challenges in the power sector, and we are quite optimistic that such development will encourage the inflow of manufacturing FDI, boost the performance of the sector and increase the sectorial contribution to the economy.”

It also added that, “in light of the huge energy deficit occasioned by the age-long challenges in the power sector, newly inaugurated President Tinubu’s administration has set the ball rolling by signing the Electricity Act 2023, which is meant to be a game changer to

address the numerous constraints within the sector.

“The assent of the Electricity Act 2023 on June 9 is a more crucial milestone for the operations in the power sector, sequel to the constitutional amendment signed during the last days of the former President Muhammadu Buhari-led administration which allows states to generate, transmit and distribute their own electricity.”

MAN noted that with the replacement of the Electricity and Power Sector Reforms Act 2005, the Electricity Act 2023, was aimed at providing an all-inclusive framework which would serve as a guide to the decentralisation of the power sector in order to encourage private investment and build a competitive electricity market.

The association further stated the new electricity law would enhance the state governments’ internally generated revenue (IGR), improved infrastructure and lessen the tax burden on the manufacturers.

It stated: “Nigeria’s electricity market is one of the biggest in the world because of its massive population and growing demand for energy by households and

businesses.

“Therefore, the amount of IGR that each state stands to accrue from the decentralisation of the power sector is delightful. If properly utilised, such huge revenue can bridge the infrastructure deficits in many states without imposing further tax burden on manufacturers.”

The association was also optimistic that the new Act would also open greater investment opportunities in renewable energy and promote cleaner environment, improve manufacturers’ profit margin and enhance backward integration and Nigeria’s energy security.

“For manufacturers, investment in renewables like solar will not only promote cleaner climatic environment but ensure that energy consumption is cost efficient. The cost savings will directly improve profit margin and promote further manufacturing investments.

“Energy is the most vital input of manufacturers. The empowerment of private manufacturing companies to generate their own electricity will unleash massive investment in backward integration activities,

which will no doubt be a major enabler of energy security within the sector,” MAN added.

It noted that the country’s epileptic power supply often destabilises daily business plans of many of its small and medium members that could not afford or maintain alternative sources of energy.

“A distorted business plan can be highly detrimental for manufacturing operations. Apart from causing sub-optimal capacity utilisation, the amount of wastage can be highly unbearable.

“The new Act, if fully implemented, can re-write the story by stabilising the supply of electricity to infant manufactures and aid their planning for optimal delivery,” it added.

The association ranked the signing of the Electricity Act 2023 as the second decisive major step of the new Tinubu’s administration to take the Nigerian economy on the right direction.

“Following the removal of subsidy, this is another reflection of the boldness and commitment of the new administration towards the diversification and decentralisation of the power sector.

Sanusi Commends President for Removing Fuel Subsidy, Ending Multiple FX Rates

Raises issue of NAF bombing of herdsmen with Tinubu

Deji Elumoye in Abuja

Former Emir of Kano, Muhammad Sanusi II, has lauded President Bola Tinubu for solving, once and for all, the double hedged issues of fuel subsidy and multiple exchange rate regimes.

The former Governor of Central Bank of Nigeria (CBN), who met with the president yesterday evening, told newsmen that he was at the State House to show solidarity to his friend who according to him, was taking all the right steps as Nigerian leader.

According to him: “The first reason was to come and congratulate him formally, but also because I wear

many caps, I wear the cap of an economist so I came to thank him for the steps he has taken to put this economy on course.

“As you know many of the issues that we've talking about; the subsidy that has cause a hemorrhage on the fiscal, the multiple exchange rates regime and on. These are issues that I have personally been talking about for a long time and I'm happy that on his very first day, he has addressed these issues and the markets are happy.

“It's important when the government does the right thing for us to give them feedback. It's not always when they do the wrong thing that we complain. So he has

started on such a strong footing and as far as the economy is concerned, we have to come and support and encourage that we continue along that path and be advocates for the policies he has pursued.”

Sanusi also said he received the assurances of Tinubu that the federal government would take a closer look at the Nigerian Air Force raid that killed at least 37 herders in Nasarawa state in January, this year. His words: "I’m concerned with the issue of herdsmen - farmer clashes. He (Tinubu) is also concerned. And we discussed steps that need to be taken to begin to look at some of those issues.

“But in particular, I came to appeal to him on the case of the 37 herdsmen who were bombed by the Airforce in Nasarawa State a few months ago which we wrote a letter to President Buhari on.

“And we have now written a reminder because it was a matter we didn’t want to be swept under the carpet. The president has asked me to send him that letter and I’m sure that he will look into the matter.”

In January, 2023, the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) had accused the Nigerian Air Force of killing its members in the Rukubi community of Doma Local Government Area of Nasarawa State.

“The empowerment of the state governments and private investors, the adoption of renewable energy and the reformation of the governance structure of the power sector are capable of driving investment, improving electricity

access and fostering economic growth.”

However, the following recommendations must be considered to avoid truncating the potential benefits of the Electricity Act:

Immigration Introduces Special Visa Class to Promote FDI

Chinedu Eze

The Nigeria Immigration Service (NIS) has concluded plan to introduce a special visa on arrival, known as Business Trust Visas for foreigners who are coming into the country for the purpose of investment.

Currently, the Murtala Muhammed International Airport (MMIA), Lagos Command of NIS revealed that it issued 53,644 Visa on Arrival (VoA) to foreigners in 2022, and intends to double this number in the near future but with attention to foreign investors who are prepared to invest in Nigeria.

This was disclosed yesterday by the new acting ComptrollerGeneral, NIS, Mrs. Carol Adepoju, at her maiden visit to the Command at MMIA, Lagos.

She said the Business Trust Visa would eliminate fear of fraud among foreigners coming into the country.

She lamented that numerous foreign investors were willing to come into the country for the purpose of investment, but were sceptical about the sincerity of their supposed business partners in the country.

According to her, the Business Trust Visa would eliminate the trust deficit as the service in collaboration with the Department of Security Service (DSS) and other security agencies would carry out in-depth background checks on their business partners in Nigeria.

She said: “As a result of the prevalence of international crimes, especially the ones that are done online where you have a lot of fictitious business offers, there are so many investors with lots of funds that want to invest

in Nigeria because of Nigeria’s population, sophistication and climate. All these are attractive to investors, but some of them are afraid.

“They do not know the calibre of people they are dealing with. You will need partners sometimes here. So, when we have that Trust Visa, we would partner with security agencies like DSS and other agencies that are entrusted with security in the country.

"When you give us the contact of whosoever you want to partner with in Nigeria, we will do a background check on such a person and we will let you know if he is a trustworthy person or not.

“The moment we are able to tell you who he is, we will guarantee you that your investment with him would be a success. It is a way of attracting investors into the country.

"We will remove the doubt and when there are people of shady characters, too, we will let them know.”

Adepoju emphasised that the enhanced VoA facility at the airport from one to three would further ensure seamless entrance of foreigners into Nigeria.

She explained that the VoA would also facilitate the ease-ofdoing business for Nigeria, adding that it would further reduce waiting time for foreigners.

She pointed out that this was in line with the International Civil Aviation Organisation (ICAO) recommendation and standards.

“Before now, we had only one production line of visas, but by the grace of God, through the initiative of the Comptroller at the MMIA Command, they have added two additional lines.

President Bola Ahmed TINUBU (L ) welcome former Head of state , General ( retD) Abdulsalami Abubakar during the visit of Abubakar to the Presidential Villa , Abuja... yesterday

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10TH YEAR REMEMBRANCE FIDAU FOR LATE ALHAJA

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World Bank: Direct Subsidies on Oil, Gas, Coal Cost Govts $1.25tn Annually

Says seven million people die yearly from effects of burning fuel, gas

Ndubuisi Francis in Abuja

The burning of oil, gas and coal causes seven million premature deaths around the world annually through bad air that people breathe, a new World Bank report has disclosed.

The report, "Detox Development: Repurposing Environmentally Harmful Subsidies" which revealed that the burden falls mostly on the poor, also stated that global direct government expenditures in the three sectors stands at $1.25 trillion a year—around the size of a big economy such as Mexico.

Noting that trillions wasted on subsidies could help address climate change, the World Bank report stated that trillions of dollars were wasted on subsidies for agriculture, fishing and fossil fuels that could be used to help address climate change instead of harming people and the planet.

It stated that to subsidise fossil fuel consumption, countries spend about six times what they pledged to mobilise annually under the Paris Agreement for renewable energies and low-carbon development.

According to Senior Managing Director of the World Bank, Axel van Trotsenburg, “People say that there isn’t money for climate but there is – it’s just in the wrong places.

"If we could repurpose the trillions of dollars being spent on wasteful subsidies and put these to better, greener uses, we could together address many of the planet's most pressing challenges.”

The new report noted that government subsidies of $577 billion in 2021 to artificially lower the price of polluting fuels, such as oil, gas, and coal, exacerbate climate change, and cause toxic air pollution, inequality, inefficiency, and mounting debt burdens.

It therefore, stated that directing the subsidies could unlock at least half a trillion dollars towards more productive and sustainable uses.

The report underscored the fact that the problem was bigger than direct government expenditures.

It assessed the harmful impact of implicit subsidies, which amounted to $6 trillion each year, representing the costs on people and the planet from pollution, greenhouse gas emissions, road congestion, and the destruction of nature ultimately resulting from the subsidies.

According to the report, in agriculture, direct subsidies of more than $635 billion a year are driving the excessive use of fertilisers that degrade soil and water and harm human health.

"Subsidies for products such as soybeans, palm oil, and beef cause farmers to push into the forest frontier and are responsible for 14 per cent of forest loss every year.

"Fisheries subsidies, which exceed $35 billion each year, are a key driver of dwindling fish stocks, oversized fishing fleets, and falling profitability. With more than 1 billion poor people obtaining most of their animal protein from fish, it is critical that

the world’s fish stocks are restored to healthy status.

"The burning of oil, gas, and coal causes 7 million premature deaths a year around the world through the bad air that people must breathe. The burden falls mostly on the poor," the report said.

Commenting, the Chief Economist

of the Sustainable Development Practice Group at the World Bank, Richard Damania said: “With foresight and planning, repurposing subsidies can provide more resources to give people a better quality of life and to ensure a better future for our planet.

"Much is already known about

best practices for subsidy reform, but implementing these practices is no easy feat due to entrenched interests, challenging political dynamics, and other barriers.”

The report prescribed that for successful subsidy reform, governments must compensate the most vulnerable groups through

social assistance programmes, like cash transfers, and should build public acceptance through transparent communication.

Other prescriptions include giving people and businesses time to adjust, and showing how freed-up revenue is being reinvested to support longer-term development.

NAFDAC Declares Indomie, Other Noodles Brands In Nigeria Safe for Consumption

Onyebuchi Ezigbo In Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has assured consumers of Indomie and other noodle brands in Nigeria of the safety of the staple food for consumption.

NAFDAC had earlier ordered an investigation into the composition of Indomie and other noodles brands sold in Nigeria following news of the recall of Indomie Noodles from Malaysia and Taiwan.

However, the agency stated yesterday that its investigations revealed that Indomie Noodles implicated in the recall in Malaysia and Taiwan were not in Nigeria.

A statement signed by NAFDAC's Resident Media Consultant, Sayo Akintola, quoted the Director General of NAFDAC, Prof. Mojisola Adeyeye

as having disclosed this yesterday, at the MAN House, Ikeja, Lagos, during the Quarterly Interactive session between the agency and the Manufacturers Association of Nigeria (MAN), where she implored Nigerians to always eat safe.

‘’I love to eat good food, including noodles. But I want to be sure that the food I am eating is not going to make me sick, take medicine. And if I am taking medicine the food that I am eating will not make me to add to the medicine that I am taking. "Therefore, I take food very, very seriously’’, she said.

Adeyeye explained that immediately the news of the recall of Indomie Noodles from Malaysia and Taiwan got to Nigeria, she directed the Director, Food Safety and Applied Nutrition, Mrs. Eva Edwards, and Director

SNEPCo Paid over $900m in Taxes, Royalties to FG in 2022

Peter Uzoho

Shell Nigeria Exploration and Production Company (SNEPCo) said it paid a total of $907 million as taxes and royalties to the Nigerian government in 2022, as its operations continued to contribute to the national purse to finance development.

The company and its partners remitted more than $20.73 million to the Niger Delta Development Commission (NDDC) in compliance with statutory requirements last year.

Managing Director of SNEPCo, Mrs Elohor Aiboni, disclosed this

in a statement made available to THISDAY, and signed by Shell's Media Relations Manager, Abimbola Essien-Nelson.

While reviewing the company’s operations, Aiboni stated, “SNEPCo has helped to boost national revenue since 2005, when we pioneered production from deep-water in Nigeria after successfully drilling the first exploration well in more than 1,000 metres of waters five years earlier.

“But we pay more than taxes and royalties. The success story at Bonga has helped to create a generation of Nigerian deep-water professionals,

encouraged indigenous contractors and service providers to acquire skills and competence to support operations offshore and resulted in the construction of medical and educational institutions in addition to other aspects of social investments in different states of the federation."

SNEPCo was incorporated in 1993 to explore and deliver hydrocarbons in Nigeria’s deep-water frontier where no concerted exploration effort had previously taken place. The company has continued to deliver on this mandate through Bonga and other deep-water blocs. In February this year, Bonga produced

the one billionth barrel of oil, marking a key milestone in the operations of a field located 120km off the shore of Nigeria.

Aiboni added, “we are grateful for the support of Nigerian National Petroleum Company (NNPC) Limited and our Co-venture partners consisting of Nigerian Agip Oil Company Limited, Total Energies Nigeria and Esso Exploration and Production Nigeria (Deepwater) Limited. SNEPCo will continue to operate safely and deliver real benefits to all stakeholders, including the people and government of Nigeria.”

of Laboratory Services (Food), Dr Charles Nwachukwu, respectively to begin tripartite discussions with manufacturers and marketers.

Adeyeye said samples of the noodles and seasonings (spices), were collected by the Agency for laboratory analysis.

On when the results were going to come out, she said the agency had run all the necessary tests.

‘’But we needed a chemical standard. Its all science. We are a science organisation, and our processes are science driven. We cannot conduct our own Nigerian science. No. We have to use the international standard chemical agents and things like that,’’ she added.

She stressed that the agency was highly sensitive in terms of food safety, adding that we have to make sure that we do the right thing, regulatory-wise.

She reiterated that NAFDAC officials went round and took samples from the market ‘’because there are suitcase importers that may bring such products in without us knowing.’’

The NAFDAC boss emphasised that the agency did not ban importation of Indomie during the recent Taiwan and Malaysia episode where many people died after consuming Indomie Noodle.

She said that Noodles generally had been banned by the federal government many years before she assumed office as DG NAFDAC in order to protect the local manufacturing sector.

She however, insisted that the implicated foreign noodles were

not in Nigeria, hence, the locally produced noodles are safe for human consumption. She also said.

"We are improving on what will make our people healthier. Whatever we put into our food will affect us. Whether positively or otherwise,’’ she added.

Adeyeye however, urged the Nigerian manufacturers to strive to bring quality into their products.

"You cannot add quality to it. Because it’s a matter of time it will show. With quality, now comes opportunities to trade globally, she said, noting that Nigeria market is the largest in Africa."

‘’That’s why I urge MAN to take the bull by the horn with the Food, Beverage, and Tobacco sector and Chemical and Pharmaceutical sector to take the lead. We can do it. We can lead Africa in terms of trade. It may take some efforts.

But it’s achievable,’’ she said, Adeyeye further said the first pharmaceutical company to have a World Health Organisation (WHO) prequalified product in West Africa and Central Africa combined was SWIPHA Nigeria Limited.

‘’We are going to have many more WHO Prequalified products in Nigeria,’’she pledged.

In his remark, the Director General of MAN, Mr. Segun Ajayi Quadri, aknowledged the cordial working relationship between both organisations.

Quadri said this would give meaning to all the efforts at enhancing the contribution of the manufacturing sector to the nation’s GDP and its competitiveness index.

ABIBATU MOGAJI

L-R: Speaker, Lagos State House of Assembly, Rt Hon Mudashiru Obasa; Sheik Muyideen Ajani Bello; wife of Lagos State Deputy Governor, Mrs Oluremi Hamzat; her husband, Dr Obafemi Hamzat; Governor Babajide Sanwo-Olu, his wife, Dr Ibijoke and Granddaughter of the deceased and the Iyaloja-General, Chief (Mrs) Folashade Tinubu-Ojo during the 10th Year Remembrance Fidau of late Alhaja Abibatu Mogaji at De Blue Roof, LTV, Agidingbi, Ikeja ... yesterday

PARTNERSHIP TO BOOST RIVERS ECONOMY...

Energy Transition: Experts Urge Govt to Address Constraints to Private Sector Participation in E-Mobility Space

Say Nigeria needs $250bn annual

Peter Uzoho and Oluchi Chibuzor

Stakeholders in the energy sector have urged the federal and state governments to formulate and implement favourable policies aimed at eliminating constraints affecting private sector participation in the emerging e-mobility sector.

They also projected that Nigeria would need over $250 billion annual investment in transport sector to meet the Sustainable Development Goals (SDGs).

The stakeholders spoke yesterday in Lagos, at the first E-mobility stakeholders meeting in Lagos, organised by the Energy Transition Office in furtherance of the realisation of Nigeria's Energy Transition Plan (ETP).

They pointed out that the absence of a working policy remains a hindrance for the sector, adding that along with undeveloped value chain, absence of collaboration within the sector players and lack of incentives from the government were hampering the growth of the E-Mobility space.

Speaking at the session, Executive Vice President, Oando Clean Energy Limited, Mr. Ademola Ogunbanjo, said the government must consider the building of infrastructure needed to power climate friendly and bankable projects.

He explained that Oando Clean Energy had deployed over $2 million in Proof of Concept test

investment

in transport sector to meet SDGs

for two Electric Vehicles (EVs) in order to gather data that would allow them to hit 2000 for Lagos and 12,000 for Nigeria.

“For us to import two EVs buses, we have to spend N80 million to clear it and this does not help the business. But we need a buffer to grow nascent sectors. We desire pioneer incentives for this and all of these make the cost go down so that what you passed on to the consumer will go down.

“I know my government is not cash-rich now but there are a lot of things that can be done. Our partnership with Lagos State Government is to ensure that EVs work and Nigerians embrace the culture of e-hailing through E-Mobility cars", he said.

Principal Specialist, Budget and Multilateral Financing, Energy Transition Office, Mr. Alfred Okoh, said the event would help participants to dissect all issues affecting the sector.

He said enabling the Net Zero pathway required $1.9 trillion spending up to 2060, including $410 billion above business-as-usual spending, which he noted translates to about $10 billion per annum.

Highlighting the current barriers to electric mobility, Head of Sustainable Energy Access, Nigeria Energy Support Programme (NESP), Olumide Fatoki, said as a market enabler, his firm would continue to work with governments in adoption

Court Dismisses El-Rufai's Libel, Defamation Suit against Shehu Sani

A Kaduna High Court has dismissed a libel and defamation suit filed by the former Kaduna State Governor, Mallam Nasir El-Rufai against the former Senator Shehu Sani representing Kaduna central senatorial district.

The trial judge, Justice HAL Balogun while delivering his judgement, yesterday, dismissed El-Rufai's suit filed on the ground that it was an abuse of court process.

The judgment was predicated on the fact that the plaintiff filed several suit over the same cause of action before several court in Kaduna State.

The defence counsel, Kimi Livingstone Appah, had initially filed a notice of preliminary objection to challenge the

jurisdiction of the court to entertain the suit on the ground that the same case was filed in four different courts in the state.

Addressing journalists after the ruling, he described the ruling as a victory for democracy and freedom of expression.

El-Rufai had in 2018, filed a N2 billion suit against Sani. He sought reliefs for alleged injuries suffered as a result of “statements” made by Sani.

The former Kaduna governor, had said Sani defamed him by referring to him as a “drunk, loose cannon and an embarrassment to President Muhammadu Buhari.

The two politicians have over the years been involved in a series of altercations based on their political differences.

of standards and policies.

Fatoki, also said there must be synergy among government efforts to avoid parallel efforts.

He specifically projected that Nigeria would need over $250 billion annual investment in the transport sector to meet some SDG.

Fatoki explained, "Lack of data and literature for electric mobility are still prevalent though the situation is improving. Financing mandates are at times restricted

to specific sectors (eg energy OR transport), however important to consider that has cross-sectoral impacts and benefits.

“Investment gap of private investment in the transport sector required to meet SDGs amounts to approximately $250 billion annually, and success of entrepreneur-led solutions in e-mobility is highly dependent on public infrastructure developed particularly in electricity access and reliability.

"Some governments lack legally binding, long-term mobility targets, and consistent legal and regulatory frameworks "Group Head, Renewable Energy and Mobility, Sterling Bank, Olabanjo Alimi, said the best way to stimulate the transport and E-mobility industry was to actively play in the sector and enable.

On the infrastructure side, Chief Technical Officer, Ikeja Electric, Olajide Kumapayi, said

the new Electricity Act would solve the issues of generation and distribution.

“There is a need to understand the kind of infrastructure demand needed for the sector in terms of electricity demand. But gradually, there is a need to build confidence in the sectors and we must start co-creation and co-plan to mitigate distribution at charging stations across the demand areas," Kumapayi said.

Sanwo-Olu, Hamzat, Obasa, Others Grace Mogaji’s 10th Year Remembrance

Segun James Lagos State Governor, Mr Babajide Sanwo-Olu, his Deputy, Dr Kadri Obafemi Hamzat and Speaker, Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, led other eminent Lagosians in a fidau (prayer) of 10th remembrance anniversary of President Bola Tinubu's mother, Alhaja Abibatu Mogaji.

The prayers for the matriarch were led by former Chief Missioner of NASFAT, Sheikh Abdullahi Akinbode.

In his short address, Sanwo-Olu said, on behalf of Tinubu and the

Mogaji family, expressed appreciation to all those who graced the event.

"Nobody knows that the prayers we have been supplicating for our father, President Tinubu would come to pass ten years after the death of Mama. Our mother did great things because of her righteousness. She is a woman of many parts.

"Asiwaju sends greetings to you all. Indeed, prayers of the faithful will surely be answered, it may not come to pass within one or two years but it will come to pass. We appreciate what Mama has been able to do during her lifetime and what she

left behind," the governor said.

He also hinted that as the prayers were being conducted in Lagos, similar prayers would also be done at the Abuja National Central Mosque, saying "We believe Mr. President will represent the family well."

Earlier in his sermon, Chief Missioner of Ansarudeen Islamic Society, Sheikh Abdurrahman Ahmad said the late Matriach stood out because of her righteousness, and therefore enjoined participants to emulate good conduct, noting that tomorrow would beckon on everyone.

In the same vein, a popular

preacher, Sheikh Muhyideen Bello, enjoined the audience to be watchful of their deeds if they hoped for a better tomorrow, saying, "Whatever position you occupy, you must do good because it has repercussion."

Other dignitaries at the event which took place in Lagos included, former Chief of Army Staff, Lt. General (retd) Tukur Buratai, wives of the State Governor, Dr Ibijoke, Deputy Governor, Oluremi and Speaker, Falilat, members of the Lagos Assembly, Clerics from Muslim and Christian faiths, political leaders, market men and women among others.

Shell Confirms Fresh Spill on Oil Facility in Eleme

MOSOP calls for evacuation of residents to forestall deaths

Blessing Ibunge in Port Harcourt

Shell Petroleum Development Company (SPDC) of Nigeria Limited has confirmed a fresh oil spill at a facility operated by NNPC/SPDC/TotalEnergies/ NAOC Joint Venture in Eleme, Ogoni axis of Rivers State. THISDAY gathered that the incident first occurred on June 11, 2023, and it affected about six communities in the area.

The affected communities included: Ogale, Aleto, Agbonchia, Onne, Okpaku, and Alesa all in Eleme local government area of Ogoni. It was also observed that the spill affected residential areas, farmlands and the surrounding waters.

A statement by Shell spokesperson, Michael Adande, disclosed that the Joint Venture and

other stakeholders have commenced investigation to unravel the cause of the incident.

He said "We are working closely with a multi-stakeholder Joint Investigation Visit team led by the regulators, Nigerian Oil Spill Detection and Response Agency (NOSDRA), in collaboration with Rivers State Ministry of Environment and community representatives, as the investigation into the cause and impact of the incident progresses."

The SPDC further revealed that the company's Emergency Response and Spill Response teams have been activated, subject to safety requirements, to mobilise to the site to take actions that may be necessary for the safety of environment, people and equipment.

He expressed the company's promise to, "continue to provide

updates as new information emerges, and we appreciate the understanding and support of the community at this time."

Meanwhile, a factional leadership of the Movement for the Survival of the Ogoni People (MOSOP) has lamented the huge effect of the incident on the affected communities.

The factional President of MOSOP, Fegalo Nsuke, who hinted that homes and farmlands have been destroyed as a result of the spill, calls for evacuation of residents to forestall records of deaths in the area.

Nsuke, called the spill another testament of Shell's alleged falsehood and revealed that multinational had secretly been operating its facilities in Ogoni.

He said: "If Shell claims that it is not operating the oilfields

secretly in Ogoni, then how come we have such massive oil spills that affects several communities and have contaminated massive lands and waters in the area?"

The MOSOP leader regretted that there had been much insincerity on the part of oil multinational in the handling of and decommissioning of its facilities in Ogoni and called on the Nigerian authorities to introduce more severe penalties for oil spill cases and environmental pollution.

"Environment pollution has been encouraged in Nigeria because there are little or no consequences for the polluters. "This is something the government should strongly consider in the light of present realities where people's lives are altered by constant pollution and no one is held to account," Nsuke said.

L-R: Political Secretary, British High Commission, Hanish Tye; Governor Siminalayi Fubara, and British Deputy High Commissioner, Ben Llewellyn-Jones, during a visit to Rivers State Government House, Port Harcourt.... yesterday

LAFARGE AFRICA CONCRETE IDEAS BLUEPRINT LAUNCH...

L-R:

Abdulkarim Chukkol Takes Over as Acting EFCC Chairman

Group faults Bawa's suspension

Following the suspension of Abdulrasheed Bawa as the Chairman of the Economic and Financial Crimes Commission (EFCC) by the federal government, the commission has formally announced the Acting Chairman of the anti-graft agency, Mr Abdulkarim Chukkol.

A statement signed by the spokesman of the commission, Wilson Uwujaren, announced that Chukkol has taken over as the acting chairman.

"Following Tuesday, June 14, 2023, suspension of Mr. Abdulrasheed Bawa, as Executive Chairman of the Economic and Financial Crimes Commission by the Federal Government, Mr. Abdulkarim Chukkol has stepped in as Acting Chairman of the Commission.

"Until this new role, he was the Director of Operations of the Commission.

"A pioneer staff of the commission and an illustrious member of the EFCC Cadet Course One, Mr. Chukkol is a consummate and vastly experienced investigator with specialty in cybercrime and money laundering".

It stated that his command

appointments in the commission include spells as Head of the Advance Fee Fraud and Cybercrime Sections of the Lagos and Abuja Zonal Commands between 2011 -2016, pioneer Commander of the Uyo Zonal Command in 2017 and Commander of Port Harcourt Zonal Command in 2020.

The statement noted that Chukkol participated in several special operations with international law enforcement organisations and maintains close relationship with Law enforcement agencies such as the FBI, UK National Crime Agency, United States Postal Inspection Service (USPIS), United States Secret Service, Australian Federal Police, Dutch Police, German Police, South African Police etc.

The acting EFCC Boss has worked closely with other governments to develop law and infrastructure for carrying out law enforcement actions.

He is Nigeria’s Contact person at the International Mass Marketing Fraud Working Group representing key Government regulatory, law enforcement, prosecution, immigration and customs, financial intelligence, consumer protection agencies as well and trade and competition bureaus

CORRIGENDUM

In our front page story yesterday with the headline: Bawa Honours DSS’ Invitation Hours After Suspension, we erroneously reported that Mohammed Umar was appointed Acting Chairman of the Economic and Financial Crimes Commission, EFCC. We regret the mix-up. Abdulkarim Chukkol is the person appointed Acting Chairman of the EFCC and not Mohammed Umar.

–EDITOR

dealing with mass marketing-related issues from Spain, Nigeria, Belgium, Europol, Canada, United Kingdom and the United States.

He has attended several courses, seminars and workshops on public corruption, advance fee fraud and other economic and financial crimes both locally and internationally, including the Oxford University, United Kingdom, in 2022.

His work and initiatives over the years have earned him several awards and commendations both locally and internationally, including “the Most Outstanding Award in Operations” by the EFCC and the “Outstanding Performance Award” by the United States Department of Justice, among others", the statement said.

The acting EFCC Chairman, holds a bachelor’s degree in Agricultural Economics from the University of Maiduguri (2000) and Post Graduate Certificate in Criminal Justice Education from the University of Virginia, United States as well as Graduate Diploma in Cybersecurity and Spectrum Management from the United States Telecommunication Training Institute, Washington DC, United States.

He is also an alumnus of the FBI National Academy, Quantico; European Center of Security Studies, Germany and a Fellow of the War College, Nigeria. Meanwhile, a civil rights advocacy group, the Human Rights Writers Association of Nigeria (HURIWA), yesterday, faulted Tinubu's suspension

of Bawa, over investigation bordering on fraud and breach of office

The group which described the action of the president as been hasty, noted that Bawa's removal without a reference to the National Assembly and without fair hearing had reduced the EFCC to "a political football pitch of the All Progressives Congress (APC)."

HURIWA in a statement lamented that with the suspension of Bawa by Tinubu on Wednesday, June 14, 2023, what some scholars termed as the vicious circle of embarrassing ends has continued for EFCC bosses, adding that it was a scenario that "poses significant threat to the integrity of the institutional platform that is statutorily charged with combating

corruption and abuse of power."

The Rights group said it is indeed antithetical that heads of EFCC that should live above "Ceaser's wife" ordinarily are often sacrificed at the altar of self centred political interests of each of the previous Presidents except Chief Olusegun Obasanjo who set up the EFCC and almost all of them are accused of corruption and then the story ends as soon as they vacated their office and business continues as usual with another successor."

The rights group in the statement signed by its National Coordinator, Comrade Emmanuel Onwubiko, warned the president to halt "further vindictive politics and be a statesman and father of all citizens including his critics."

INEC Boss Tenders Tinubu's Biodata Form, Rivers BVAS Report, Others before Presidential Tribunal

Alex Enumah in Abuja

The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, yesterday, tendered four sets of documents before the Presidential Election Petition Court (PREPEC) in respect of the petition of the candidate of the People's Democratic Party (PDP), Alhaji Atiku Abubakar.

Among the documents tendered were the Form EC9 of President Bola Tinubu, who is the second respondent in the petition.

The PREPEC, following an application by Atiku, had issued a subpoena on Mahmood in respect

of certain documents relating to the conduct of the February 25 presidential election.

The INEC boss was expected to tender the said documents before the court yesterday, but the said documents were however tendered on his behalf by a Deputy Director, Certification and Complaints, Legal Drafting and Clearance Department, INEC Headquarters, Abuja, Mrs Moronkeji Tairu.

Lead counsel to Atiku and PDP, Chief Chris Uche, disclosed that the petitioners in the application of May 26, listed 11 items for the INEC boss to bring before the court. However, Tairu pointed out that only four items requested

by the petitioners were presented to the tribunal, adding that the items were Form EC8D series (results from states); EC8DA (final declaration of results); Certified True Copies (CTCs) of Rivers Bi-modal Verification Accreditation System (BVAS) report, BVAS report from the 36 states and the Federal Capital Territory (FCT) and the Form EC9 of Tinubu (personal information supplied by Tinubu to INEC in aid of his qualification for the presidential election).

Although, INEC lawyer, Abubakar Mahmoud, joined Tinubu and APC's lawyer to object to the admissibility of the documents, the court nevertheless admitted

them as exhibits, adding that ruling in the objections would be delivered later.

Uche, while responding to INEC's position that the certified documents have not been paid for, reiterated that the petitioners so far paid the sum of N6.7 million to INEC for certification, adding that the documents brought before the court were court subpoenaed documents.

The former Vice President had dragged Tinubu, INEC, the All Progressives Congress (APC) to court, protesting the process and eventual outcome of the presidential election which produced Tinubu as president.

Abia: Ikpeazu Left N191.2bn Debt Burden for Otti's Government

Emmanuel Ugwu-Nwogo in Umuahia

The new government in Abia State has revealed that it inherited a debt burden of N191, 239,307,593.67 billion from the outgone government of Okezie Ikpeazu.

This was made known yesterday, by the Special Adviser to Governor Alex Otti on Finance, Mr. Mike Akpara, at a press conference in Umuahia, jointly held by the finance and the media team of the governor.

Akpara said it became necessary, "to separate facts from fiction,"

following claims by the outgone government of Ikpeazu that, "the state was not owing any commercial bank, including temporary overdrafts."

But in a breakdown of the debt profile left behind by the past government, Akpara stated that as at May 28, 2023, the government of Abia State under Ikpeazu left a total loan balance of N77, 927,939,042.82.

He said the loan facilities were obtained from three old generation banks and the Central Bank of Nigeria (CBN) and were not repaid by Ikpeazu before he left office on May 29, 2023.

On domestic debt, the special adviser said that a total sum of N71,022,162,441.01 was inherited, comprising N18,162,102,692.92 in salaries and subventions arrears, and pension arrears of N21,283,876,789.80.

Other components of the domestic debt, according to Akpara, included gratuity arrears of N27,012,996,061.64 and indebtedness to contractors totalling N4,563,186,896.65.

He put the external debts incurred by the Ikpeazu administration at N42,289,206,109.84.

Akpara, was flanked by the new Accountant General of Abia, Mrs. Njum Onyemenam, special adviser on media and publicity, Mr. Ferdinand Ekeoma and the Chief press secretary to the governor, Mr. Kazie Uko.

He debunked the claims that the Ikpeazu administration left N24 billion in the account of Abia State government, describing it as "false claims".

"The $200 million and $50 million they claimed they left behind for the new administration are loans they were pursuing which is yet to crystallise.

"Outside the humongous financial liabilities left behind by the Ikpeazu-led government, they also left physical liabilities in all our key institutions."

Akpara, argued that it was inconceivable for the immediate past administration to claim that it left huge sums of money considering the mountainous amounts of salary arrears, pensions and gratuities arrears Ikpeazu left behind.

He, therefore, dropped a poser, saying, 'If Ikpeazu had the billions he claimed to have left behind for the Otti-led government in April

and May, why did he not pay workers and pensioners before leaving office."

The special adviser also insinuated that Ikpeazu was making "provocative claims" of leaving huge sums of money for the Otti administration in order "to preempt anti-corruption agencies".

"He (Ikpeazu) should know that they(anti-corruption agencies) work with facts and figures, therefore, even if he runs into the APC to seek refugees he is planning to do, these anti-corruption agencies would pursue and bring him to justice from there," Akpara said.

Chief Financial Officer, Lafarge Africa Plc, Lolu Alade-Akinyemi; Group Managing Director/CEO, Lafarge Africa Plc, Khaled El Dokani; General Counsel and Company Secretary, Lafarge Africa Plc, Adewunmi Alode; Chief Executive Officer, Economic Associates, Dr. Ayo Teriba; and Head, Mortar, Innovation and New Product Development, Lafarge Africa Plc, Femi Yusuff, at the Lafarge Africa Concrete Ideas Blueprint Launch in Lagos … yesterday

Kingsley Nwezeh and Alex Enumah in Abuja

Tinubu Directs NSIB to Commence Immediate Investigation into Kwara Boat Mishap

Segun James in Lagos and Kasim

Sumaina in Abuja

President Bola Ahmed Tinubu yesterday, directed the Nigerian Safety Investigation Bureau (NSIB) to commence immediate investigation into the boat mishap that occurred at Kpada community in Pategi Local Government Area of Kwara State, on Monday.

The Director General/CEO, NSIB, Akin Olateru, disclosed this during a media briefing.

This was just as Governor Babajide Sanwo-Olu of Lagos and his Edo State counterpart, Godwin Obaseki, have commiserated with the government and people of Kwara State over the incident.

Olateru, noted that in line with enabling law of the federal republic of Nigeria, the NSIB ACT 2022 and the directive of the President, the Bureau has commenced investigation into the boat mishap.

He stressed that from reports gathered thus far, the boat was said to have conveyed not less than 250 passengers from a village called Egboti in Niger State and information received also revealed that 106 fatalities had been recorded and the total of 144 passengers have been rescued so far.

According to him, “the NSIB is an autonomous multi-modal investigation agency charged with the mandate to investigate air, rail, marine and other modes of

EU Advises Tinubu to Create Enabling Environment for Private Sector to Thrive

Michael Olugbode in Abuja

The European Union (EU) yesterday, called on President Bola Ahmed Tinubu to create an enabling environment for the private sector to thrive in the country.

The Head of EU's Delegation to Nigeria and Economic Community of West African States, Samuela Isopi, gave the advice while briefing journalists on the coming Afro-Euro runway in Abuja.

The runway, which is slated for Friday June 16, is organised by EU member states in collaboration with the Abuja Fashion Academy.

Isopi, expressed the readiness of the EU to work with the present administration to ensure the success of the private sector, especially in the area of fashion.

Isopi, while noting that the EU would be working with Nigerian institutions to build the fashion industry, said: "I hope the new administration will help partner with the private sector to help create an environment where we can really help the sector in general.”

She added that: “Textile is one of those because it really creates a lot of jobs. So this is our first objective.

"My role and that of our member states is to create the platform

and then it is up to the Nigeria private sector and of course private companies from Europe," he added

Speaking on the coming AfroEuro runway, Isopi said: “The very first edition of a special event, the afro Euro runaway fashion show will hold on June 16, 2023.

"When I arrived in Nigeria a few years ago, I said we should try and see how we can really facilitate dialogue between cultures using fashion.

"Together with our partners, we were able to put together what I consider to be an extraordinary initiative because it brings together so many talents."

Speaking at the program, a renowned fashion designer, Paolo Sisiano, hailed the seven finalists, urging them to take advantage of the opportunity given to them.

Sisiano said: "I want to appreciate the EU for this because it is such one realistic opportunity for the seven designers that are going into this.

"It sort of propels the next five years of your life and you need to take advantage of it. Nigeria is aware of talents and there are so many things that we bring into fashion in terms of innovation."

Seven finalists would compete on Friday and four winners would be selected.

transportation accidents and serious incidents in Nigeria with the aim of identifying the probable causes and proffer safety recommendations that can prevent reoccurrences.

"The purpose of accident investigation, however, is not to apportion blame or liability, but to prevent future recurrence of similar incidents. In order to carry out this mandate, the Bureau would be carrying out a lot of fact findings through crew and passenger interviews, working with relevant authorities to be able to determine the probable cause(s) of this accident.

"I will also like to use this medium to reach out to other local, state, federal agencies and other relevant stakeholders to maintain effective cooperation and collaboration so as to ensure transportation safety.

"We are committed to swift response to accident and serious incident occurrences through our well-equipped Command and Control Centre."

The NSIB boss further maintained that, "accident reporting has also been simplified through our Mobile Application, which was introduced to interface with the public and make it easy for them to communicate with NSIB digitally.

"The NSIB, hereby, solicit information from the public in form of pictures, video or recording

evidences to help assist in conducting a comprehensive investigation."

Meanwhile, Sanwo-Olu, has expressed sadness over the boat accident that claimed the lives of over 100 wedding guests in Kwara State.

Sanwo-Olu, in a condolence message he personally signed and issued yesterday, sympathised with the immediate families of the victims of the boat disaster and the government and people of Kwara State.

Sanwo-Olu also sympathised with his Kwara State counterpart and Chairman of the Nigeria Governors' Forum (NGF), AbdulRahman AbdulRasaq over the ugly incident and wished the people of Kwara State, peace, comfort and lots of love at this time of sorrow.

He said: "I am deeply saddened by the news of a boat accident that occurred at Egbu village in Patigi, Kwara State, which claimed the lives of over 100 people.

"The death of a loved one is usually very painful but the death of over a hundred citizens who undertook a journey to celebrate the wedding of their loved ones made the tragic incident more disheartening.

"On behalf of the Government and people of Lagos state, I sympathise with the immediate families of

victims of the boat disaster, the government and people of Kwara State.”

Also, Obaseki commiserated with AbdulRazaq, as well as the Government and people of Kwara State, over the unfortunate boat mishap in Patigi Local Government Area of the State, which resulted in the death of about 100 persons.

Obaseki in a statement said the incident was deeply saddening, reiterating the need for safety on the waterways to avoid such tragedies.

The governor said, “I extend heartfelt condolences to you, my brother, Alhaji AbdulRahman AbdulRazaq, the Government and the good people of Kwara State, over the unfortunate boat mishap in Patigi Local Government Area of the State, which resulted in the death of about 100 persons.

“The incident is deeply saddening and our prayers are with the families and friends of the victims and the injured.

“It is even more painful that the deceased persons were guests at a wedding ceremony, which is supposed to be a moment of celebration and merriment.

“In the light of this unfortunate incident, it is pertinent to reiterate the call for safety on the waterways so as to avoid tragedies such as this one.”

He added, “I commiserate with

the Government and people of Kwara State and pray that God will grant all the fortitude to bear the irreparable loss.”

Relatedly, the Nigerian Transportation Commissioners Forum (NTCF) has commiserated with the government and the people of Kwara State following the tragic and unfortunate boat mishap that occurred in the state.

The Executive Secretary of NTCF, Chinwe Uwaegbute, described the incident as sad and avoidable. Uwaegbute, during a press briefing in Abuja, yesterday, sympathised with families of the victims involved in the boat accident, even as she reiterated the forum's commitment to curtail reoccurrence of such incident in future.

According to her, the incident which was caused by an overloaded locally fabricated boat, resulted in the loss of over 100 lives, with numerous injuries and some missing individuals.

The Executive Secretary recalled some similar events of mishap in Anambra and Lagos which also claimed lives.

She said: ''These unfortunate events are a somber reminder of the urgent need to prioritise safety in intermodal transportation and take proactive measures to prevent such avoidable accidents.

Akeredolu's Ill-health: Stop Causing Disaffection Between Gov, Deputy, Ondo LGAs Scribes Warn

Fidelis David in Akure

The Forum of Local Government Secretaries in Ondo State has called for caution, amid raging controversies in the state, over the health condition of Governor Oluwarotimi Akeredolu.

The group also urged interested parties not to cause disaffection between the governor and his deputy, Mr. Lucky Aiyedatiwa.

The Forum gave the admonition in a statement issued yesterday, by its Chairman, Dr. Gbenga Fasua, who is the secretary of Akure South local council.

Fasua, observed that political schemers had lately begun various forms of dirty games, trying to take

advantage of the health challenge of the governor. The statement read: "Like every other human being, the governor recently took ill and he dutifully transmitted letter to the House of Assembly that his deputy should be Acting Governor for the period of his medical vacation; what we should be doing is to be full of prayers for him to recover quickly and fully.

"Not done, detractors went further, when their plan failed from causing rift between the governor and his deputy, they jumped straight to another plan, that Mr. deputy governor beat up his wife, which is unfounded.”

“We least expected interlopers

to come around, insinuating that the governor’s health condition is hopeless or that his deputy assaulted his wife," the Forum's boss explained.

He noted that rather than death wish, those who have bombarded the internet with fake and unfounded stories should join well-wishers in praying for Akeredolu’s quick recovery.

"The governor’s deputy has exhibited a high level of maturity in the midst of those who have chosen to be mischievous, as he goes about his normal duties, joining other well-meaning people of Ondo State in praying for Akeredolu’s early recovery."

Meanwhile, the LG Secretaries'

Forum has also given kudos to the Akeredolu administration for working tirelessly towards federal government's approval of Ondo Deep Sea Port, which will go a long way in boosting the state's economy and reducing unemployment.

He noted that the move showed that Akeredolu was passionate about the growth of the state and he called on all stakeholders to cooperate with the governor.

The Forum equally acknowledged the positive roles played by the immediate past Minister of State for Transportation, Mr Ademola Adegoroye, for requisite networking, to make the sea port dream come true.

L-R; Power System Sales-Manager, Mantrac Nigeria Ltd, Kenneth Obiefuna; Facilities Manager, UBA Head Quarters, Oluyemi Olabode; General Manager – Parts, Mantrac Nigeria Ltd, Mohamed Abdelsalam; Territory Manager, Africa Caterpillar, Abuoya Sandra; Aftermarket Services Regional Consultant, Europe, Africa and Middle East, Caterpillar, Emeka Igboanugo during the Electric Power Seminar held at Mantrac Nigeria Ltd’s office in Lagos…yesterday

PERSPECTIVE

By James Madaki

Many Nigerians could be readily forgiven if they tell you they do not know much about the one parastatal of government called the Rural Electrification Agency, REA. In fact, many educated folks do not know this agency. And even if they know, they do know much about what the agency does and even what its mandates are.

The reason for this is that we have, for decades, looked at government for provision of electricity until the deregulation of the sector and attendant breakdown of subsectors like generation, transmission and distribution. The DISCOS have been responsible for distribution while those who are into generation and transmission are not known that much since they don’t interface with members of the public as much as the DISCOS do.

Beyond all these, however, little do Nigerians know that there are many communities and villages that are not connected to the national grid. Apart from this, there are schools, hospitals and other concerns whose electricity needs cannot be met by the DISCOS due to epileptic supplies and other attendant challenges that sector faces as its strives to meet the electricity needs of Nigerians.

This is where the issue of renewable energy comes in and the critical relevance of the Rural Electrification Agency, REA, becomes more instructive.

The REA is a critical Agency in the nation’s energy sector. Beyond this, the Agency is positioned as an implementing tool for improved energy access amongst the unserved and the underserved. Through the Agency’s deliberate collaboration with key stakeholders in the nation’s off-grid space, it has greatly improved productive collaborations with private sector players and development partners over the years.

Since2020, the current management approached the business of electrification differently, through a five-year strategy document that has strengthened the internal workings of the Agency, improved the Agency’s project delivery vehicles and activated new suite of programmes targeted at critical ecosystems such as the health sector, agriculture and education.

The REA strategy has equally succeeded in positioning the Agency for deeper-level impact on livelihoods while enabling the private sector to plug into it for the sustainable deployment of projects through a programmatic framework.

TheVision

Nigeria achieves universal access to affordable, secure and sustainable electricity, thus improving the quality of life and economic opportunities for unserved and underserved communities, implement and coordinate,

By James Udemba

At the 15th edition of the Professor Eni Njoku Memorial Lecture which held recently at the University of Nigeria, Nsukka, something significant happened. The Guest lecturer, Reverend (Professor)!Chinedu Nebo, a former Vice - Chancellor of the University and a former Minister of Power in the administration of President Goodluck Jonathan, veered off his topic to heap praises on Governor Hope Uzodimma of Imo State, holding him up as a practical example of what good governance is all about. If members of the opposition PDP in Imo State were around, they would have accused the Governor of shopping for praises. Coincidentally, Uzodimma, who was to serve as the Chairman of the event, was not physically present due to exigencies of other state duties. Again, Professor Nebo is not known for sycophancy given his pedigree as a Venerable of the Anglican Church and an accomplished Professor of Metallurgical Engineering, who rose to the position of Vice - Chancellor of the University and the pioneer Vice - Chancellor of the Federal University, Oye Ekiti.

On that day, he simply narrated what he observed on his last trip to Owerri, the capital of Imo State and asked the representative of Governor Hope Uzodimma to pass his message of of commendation and appreciation to him. What was his experience? He said he drove through Owerri- Okigwe highway and didn’t encounter any potholes and the journey time was significantly reduced unlike what it used to be. Because he has been a regular user of the road, his testament carried a lot of weight. He was nobody’s praise singer. He appreciated what some people would rather not see. Fortunately, two other eminent professors and former deans of the Faculty of Biological Sciences, who were present at the event, corroborated what Nebo observed, thus opening the floodgate of honours, praises and commendation for the Imo State Governor.

Indeed, it is instructive that Uzodimma had served as the guest lecturer at the 14th edition of the Professor Eni Njoku Memorial Lecture series. What it means is that the organizers found something of value in him and decided to tap from it. And as if that was a cue,

MD/CEO, Rural Electrification Agency, REA,

promote a sustainable market, powering Nigeria, One Community at a Time Through the National Electricity Programme Performance-Based Grant Programme NEP-PBG, is design to close the viability gap forming rids developed on a spontaneous basis. Using this grant mechanism, communities are identified, verified and sensitized by mini-grid developers and they may also use this window to support development of pre-planned projects in their portfolios. In the last three years, the Agency has successfully drawn-in viable private sector developers, enabling them to access the grant while accelerating the deployment rate to close the energy gap in communities across Nigeria.

Feeling the Impact

As part of the Agency’s plan for accelerated deployment of off-grid infrastructure through the NEP, 67 solar hybrid mini-grids have been deployed through the National Electricity Programme, NEP - PBG, with

over 52MW of PV capacity deployed. Over 90% of the NEP-PBG impact was delivered between 2020 and 2022. These interventions continue to serve previously unserved and underserved communities nationwide while aiding social and economic development through productive use.Over200,000 additional connections currently in the pipeline.

Over one million stand-alone solar homes systems have been installed, powering households, medium and small scale enterprises and public facilities. The capacity of the systems ranges from 6Wp to 1,800Wp translating to over 24,176.152kW (24.1MW) of installed capacity across the 36 states in Nigeria. The Agency delivered on over 95% of the NEP-SHS impact between the year 2020 and 2022. The NEP-SHS component is one of the fastest growing components being implemented by the Agency, catalyzing PUEs in off-grid communities.

The Nigeria Electrification Project’s ‘results-based financing for Productive Appliances and equipment’ component aims to increase the productive use of energy in remote communities by increase in access to efficient, electric productive equipment. The component targets to electrify 24,500MSMEs and 1,050,000 with improved access to energy services from productive use systems. This component is designed to increase the productive use of energy (PUE)in rural communities by facilitating accesstoenergy-efficient, electric productive equipment; encourage developers to make productive use of power and energy-efficient appliances part of their overall strategy for mini-grid viability; and activate the energy-efficient productive use appliance and equipment market.

Delivering Impact through the Rural Electrification Fund, REF, between 2020 and 2021, the REA prioritized the completion of all projects under the First Call of the Nigeria Government’s Rural Electrification Fund, REF, and equally secured approval for the activation of the Second REF Call, with implementation of REF Call Two now ongoing.

The Mini-Grid deployed under REF Call One included but not limited to the following: 30kWp solar mini-grid at Bambami village in Batagarawa local government area of Katsina State; 90kWpkWp solar mini-grid at Kare and Dadin Kowa villages in Arewa local government area of Kebbi State; 85kWp solar mini-grid at Dakiti community in Akko local government area of Gombe State; 40kWp solar mini-grid at Goto Sarki community in Paikoro local government area of Niger State; 100kWp solar hybrid mini-grid at Budo Are community in Itesiwaju local government

area of Oyo State; 91kWp

solar hybrid mini-grid in Sarkin Kudu community, Ibi local government area of Taraba State; 100kWp solar hybrid mini-grid at Olooji community in Ijebu East local government area of OgunState as well as 100kWp solar hybrid mini-grid at Adebayo community in Ovia South local government area of Edo State.

Upon completion of all REF Call 1 projects (mini-grids and SHS), the Agency connected over 24,000 households to clean, safe and reliable energy. Over 5,000 renewable energy jobs were created during the construction phase of these projects while about 1,140Kg of Co2 emission was saved. Nine out of the 12 REF Call One solar hybrid mini-grids were delivered between 2020 and 2021. These projects have catalyzed socio-economic activities across the beneficiary communities.

Implementing REF Call Two

Having secured approval for the 2nd Call of the Rural Electrification Fund (REF Call Two), the REA has kick-started the delivery of the objectives of this Call. This Call is deliberately targeted at delivering on both infrastructure and non-infrastructure projects like grid extension, mini grids, interconnected mini-grids and standalone Systems as well as innovative programmes that align with the REA mandate. Upon completion, 51mini-grids would be deployed, earning 17,000 additional renewable energy connections across the country. With work ongoing in beneficiary communities across the country, seven out of the 51 projects have been successfully completed. These included 100kWp isolated solar mini-grid B in Muza Yabo, Sokoto; 100kWp isolated solar mini-grid in Farun Daba community, Kazaure, Jigawa. Both are in the NorthWest. 80kWp isolated solar mini-grid Abule Oluwo-Oke community in Obafemi Owode local government area of Ogun State, South-West and 100kWp interconnected mini-grid Viukutha village in Biu, Borno State in the North-East; 100kWp isolated mini-grid Rafinzurah community and 100kWp in Gwagwalada in Abuja.

Implementing the Federal Government’s Capital Projects

As part of its mandate, the REA is tasked with equitably implementing electrification projects, leveraging The Federal Government’s Capital Appropriation. Over the years, the implementation of Capital Projects has evolved from the traditional grid extension solutions to more renewable, data-driven electrification solutions such as solar hybrid mini-grids, standalone solar home systems as well as solar-powered street lights.

Renewable Energy: Understanding the REA’s Mandate Harvest of Honours for Governor Hope Uzodimma

other Nigerians and indeed the Nigerian state needed to applaud the administration of Hope Uzodimma in the last 40 months , they certainly grabbed it with both hands.

From Port-Harcourt, Rivers State, Igbos resident in the oil - rich states of Rivers and Bayelsa , crowned the Governor Onyendu Ndigbo na Rivers and Bayelsa, that is the Leader of Ndigbo in Rivers and Bayelsa. Just the same day, the Government of Rivers State conferred on him the highest highest honour of Grand Service Star of Rivers State ( GSSRS). Shortly after, the Federal Republic of Nigeria conferred on Uzodimma the national honour Commander of the Order of the Niger (CON), while the Progressive Governors’ Forum - a group of 18 governors of APC - elected the Imo State Governor as their Chairman.

It is significant that each of these honours, recognitions or commendations has a history. In other words, none was done in a vacuum. Take for instance, the Professor Nebo’s commendation. Apart from the Owerri- Okigwe highway, Uzodimma has built more than 100 solid roads running into several kilometers. He has done the Owerri - Orlu highway. He rebuilt the MCC - Uratta - Toronto road and all of these were commissioned by President Muhammadu Buhari. Each of the 27 Local Government Areas has a five - kilometre road being built by Uzodimma.

So, road users, including non - residents of Imo State, like Professor Nebo, are daily testifying to the road revolution of the Governor in addition to other democracy dividends which he has relentlessly continued to deliver to the people.

For Igbos resident in Rivers and Bayelsa States, they were moved to honour their beloved son, Uzodimma, as the leader of the race because no other governor had taken the welfare of Ndigbo so seriously as Uzodimma. As a people whose economic interests are supported and sustained through the ports, they were overwhelmed with joy when Uzodimma flagged off the dredging of Oguta Lake, Orashi River to Degema and the Atlantic ocean. They are obviously quite excited that the potential of a sea port in the East is just but a stone throw away. They are happy that the economy of the South - East will receive a

boost through the initiative of the Governor. They also know that the cultural ties between Igbos and the people of the Niger Delta region will be restored when the dredging is completed and commercial activities resume along the coastal areas.

According to the the secretary of the organising committee for the reception by Igbo residents in Rivers and Bayelsa States, Hon. Obiora Umeh, apart from what Uzodimma has done for the people of Imo State which are being acknowledged all over the state, the steps he has taken to rejuvenate the economy of the entire South - East through the dredging of the rivers up to the Atlantic ocean is unprecedented. He noted that such a visionary leader ought to be encouraged, hence his adoption as “Onyendu Ndigbo in Rivers and Bayelsa States”. He went further to assure the Governor that their members from Imo State will be at home during the November election to ensure that he is returned to the office for a second term.

While Igbos in Rivers and Bayelsa states see Uzodimma as the champion of their cause, former Governor Nyesom Wike sees him as a national icon whose patriotism has gone a long way to unify the country. In a letter he sent to his Imo State counterpart notifying him of the award of the highest Rivers State Honour of GSSRS, Wike described Uzodimma’s contribution to national development as worthy of emulation. Said Wike” I am pleased to notify you of my approval for conferring the highest Rivers State Honours on you as Grand Service Star of Rivers State (GSSRS). This award recognizes your outstanding commitment and contributions to advancing national unity, equity and justice and your valuable support for Government and people of Rivers State” It was noteworthy that the award was given from a PDP governor to an APC Governor. Before then Wike had publicly declared in a national television that Uzodimma will certainly defeat anyone challenging him in the November election. Could that be why the opposition PDP was jittery and accused Uzodimma of shopping for awards?

However, as the Americans would say, they ain’t see nothing yet. Nobody saw the national award

from the federal government coming. Although one can not say that it came from the blues, given Uzodimma’s antecedents as a patriot who believes in the unity of NIigeria. In truth, the award was well - deserved. In the last ten years, Uzodimma has taken the message of unity and peaceful coexistence among all ethnic nationalities to every state of the federation. Through lectures, reactions to unfolding events and private discourse with stakeholders, Uzodimma has always emphasized that being together in one indivisible country will be of benefit to everyone. Indeed, in his lectures he had also invited his Igbo brothers and sisters to take advantage of the numerical strength of Nigeria to advance their economic interests, instead of contemplating leaving the country. To his credit, he has been consistent and unambiguous in describing the economic and political benefits accruable to all the ethnic groups in a United Nigeria. That perhaps explains why many individuals and groups have applauded the bestowment of the national honour of Commander of the Order of the Niger (CON) on Hope Uzodimma. From the NLC, NUJ to the Imo State Council of Elders, from traditional rulers to road transport workers and from market women to prominent Nigerians, the verdict is the same: the national honour of CON bestowed by the Federal Government on Governor Hope Odidkia Uzodimma is well - deserved.

Expectedly, accolades have continued to be heaped on Uzodimma since the announcement was made. Some remember that the Governor in a bid to cement national unity had appointed none indigenes of Imo state to his cabinet. Some also remember patriotic spirit with which he undertook his duties as the Chairman of the Senate Committee on Customs and Excise where he was reputed to have saved billions of Naira for Nigeria. And some have appreciated him for being a pan - Nigerian who continues to preach unity even while not relenting in drawing attention to the obvious marginalization of his race in the politics of Nigeria. Such a patriot no doubt deserves to be awarded the national honour of Commander of the Order of the Niger ( CON).

Ahmad Salihijo Ahmad

POLITICS

As Tribunal Reviews Mahmood’s Video on Alleged Electoral Guidelines Breach...

Alex Enumah writes that the highlight of the second week of hearing into petitions against the February 25, 2023 presidential poll, was the review of a video evidence establishing INEC promised actual transmission of election results.

It seems the two major petitioners challenging the return of President Bola Ahmed Tinubu as winner of the February 25 presidential election are not leaving anything to chance in establishing allegations of fraud and corrupt practices perpetuated by the Independent National Electoral Commission ( INEC). The electoral umpire had declared Tinubu and his party the All Progressives Congress (APC) winner of the presidential election having scored 8,794,726 of lawful majority votes, while the People’s Democratic Party (PDP) and its presidential candidate, Alhaji Atiku Abubakar was said to have scored 6,984,520 to come second and the Labour Party (LP) and its presidential candidate, Mr Peter Obi, third with a total votes of 6,101,533.

However, among the allegations in their separate petitions against the election and subsequent declaration of Tinubu as winner of the presidential poll, was that INEC failed to transmit election results real time as promised by its Chairman, Prof Yakubu Mahmood.

While the petitioners have tendered plethora of documentary evidence as well as called on witnesses to prove their allegations that they and not Tinubu won the presidential election, the Labour Party and its presidential candidate, Peter Obi on Friday brought electronic evidence to support their claims that INEC breached its own regulations and guidelines when it arrived at the conclusion that Tinubu won the poll and went ahead to declare him president.

The electronic evidence (three video clips in two flash drives) seems to be the icing on the cake since the hearing began two weeks ago.

At the end of pre-hearing session on May 23, the five-member panel of justices of the Presidential Election Petition Court (PREPEC) led by Justice Haruna Tsammani had given both Atiku and Obi three weeks to tender all vital exhibits as well as call in their witnesses to prove their allegations of rigging in favour of Tinubu as well as claims of non-compliance with the Electoral Act, 2022, among others.

In their allegations of non-compliance, the petitioners are insisting that the failure of INEC to transmit the presidential election results real time from the polling unit into the INEC Results Viewing (IReV) portal substantially affect the exercise and the subsequent declaration of Tinubu as winner.

While Atiku on one hand has so far called in 18 witnesses including his agents and subpoenaed adhoc staff of the electoral umpire to prove that results of the presidential election were not transmitted real time unlike results of the Senate and House of Representatives; which held simultaneously with the presidential poll, Obi, on the other hand, apart from tendering plethora of exhibits in support of his case last Friday brought in video evidence to prove that INEC indeed violated its own regulations and guidelines in declaring Tinubu as winner of the February 25 presidential poll.

The video evidence contained different clips of a press conference by INEC boss, Mahmood; interview by INEC’s Commissioner in charge of Information and Voter Education, Mr Festus Okoye and Tinubu addressing journalists after visiting former President Muhammadu Buhari in Daura, Katsina State.

The electronic evidence were brought before the court and tendered by a staff of Channels Television, which had been subpoenaed by the court to give evidence.

Although, all the respondents; INEC, Tinubu and APC, had through their lawyers objected to the competence of the witness as well as the exhibits, the court however, held that the witness can go ahead with his

statement, after the electronic evidence were admitted as exhibits, stating that ruling on their objections would be delivered alongside the final judgment.

The two flash drives were tendered by one Lucky Obewo Isawode, a Senior Reporter/ Editor, Channels Television.

At a stage during the review, counsel to the LP and Obi, Mr Jibrin Okutepa, had asked that the video be stopped and move to the next scene after he felt that he has established what he wanted with the earlier scene but, the court responded by saying, “No let’s watch the full video. We want to see everything”.

Even when Okutepa reminded the court that the witness was not a “star witness”

and as such cannot spend 20 minutes for his testimony, Justice Tsammani declined, “No, I want to watch it and see everything and hear everything he said”.

When Okutepa then demanded for more time, the court held that, “No problem, videos played would not be counted in your time”.

In the first clip, which was played before the five justices, litigants and their supporters and journalists watching the proceedings in the open court, Mahmood was seen assuring Nigerians on the sacrosanctity of electronic transmission of results in the 2023 general elections.

The INEC boss could be heard in the video clip as saying there is no going back

on the use of BVAS machines and on real time transmission of the results from the polling booths to the INEC Server.

As if corroborating Mahmood, the Commissioner for Information and Voter Education, Mr Festus Okoye, in his own interview also on Channels television confirmed the two forms of collation of election results to include transmission from polling units, which would be taken physically to the ward collation cente.

Okoye had said “if there is a dispute, you refer back to the electronically transmitted results”.

Another clip also showed President Tinubu speaking with journalists where he had announced Senator Kashim Shettima as his substantive running-mate on July 10, 2022.

Tinubu had earlier picked one Kabir Masari as place holder vice presidential candidate, while submitting his nomination form to INEC.

Before Shettima’s adoption as Vice Presidential candidate, he was nominated by his party as its candidate for Borno Central Senatorial election.

The petitioners are arguing that the fact that Tinubu nominated Shettima as Vice presidential candidate while he was still senatorial candidate of the APC violated the electoral laws and as such their participation in the February 25 presidential election ought to be declared unlawful, illegal, null and void.

Recall INEC, Tinubu and APC had on Friday objected to the tendering and subsequent playing of the electronic evidence aimed at establishing that the electoral umpire violated its own regulations and guidelines for the February 25 presidential election.

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

Three Horse Race for Edo Assembly Speakership

Adibe Emenyonu writes that the battle for the Speakership of Edo state House of Assembly due for inauguration today is a race between three ranking members of the Peoples Democratic Party.

Barring any unforseen circumstances, the next Speaker of the Edo State House of Assembly may emerge from either North or Central Senatorial Districts.

The state governor, Godwin Obaseki is from Edo South; his deputy, Philip Shaibu is from Edo North; and the former Speaker, Marcus Onobun, who is now a member of the House of Representatives is from Edo Central, thus balancing the tripod.

Presently, there are three returning members of the 24-member assembly with two coming from Edo North and one coming from Edo Central.

The three ranking lawmakers are, Ephraim Aluebhosele (Esan South East state constituency), Yekini Idaiye (AkokoEdo I state constituency), and Blessing Agbebaku (Owan West Constituency).

The tenure of the current 7th Assembly would end on June 16th and the governor is expected to transmit the letter proclamation on June 15th to pave way for the inauguration of the 8th Assembly.

Already some members-elect are said to have positioned themselves for the top job of Speaker of the House.

One takeaway from the entire exercise is that the emergence of a new Speaker will not be acrimonious like what happened in 2016 between Governor Obaseki and then Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole

which degenerated to the extent that till date, 14 members remained uninaugurated, making them to have lost out completely in the power tussle.

Another factor is that while the outgoing assembly consists of 10 members, the incoming would be 24 members with the ruling party in the state (PDP) having 15 members, the opposition party, APC eight members; while LP has just one.

With this, there is no gainsaying the fact that the PDP would not have any opposition in the choice of the leadership of the House.

More so, to prevent a repetition of the 2020 episode, common sense may have reminded any of the opposition parties to

pipe low and let sleeping dog lie.

Against this backdrop therefore, a speaker is likely to emerge from either Edo Central if the principle of equity and fair play is allowed to come in.

However, if it is on winners take all and on the basis of loyalty, the leader of the assembly will likely go to Edo North. And it that be the case, Blessing Agbebaku, who is coming to the House for the second time after a break, will clinch the position.

Blessing first served as a member of the Edo State House of Assembly between 2007 - 2011. His attempt to make it back was thwarted when Oshiomhole as governor, sponsored another person from then Action Congress (AC) to replace him.

Since then, Agbebaku has been in political limbo until fate smiled on him in the March, 2023 state assembly election which he contested and won on the platform of PDP.

As an unwavering party man, many believe that he should be compensated for remaining in the party no matter the condition he foun himself.

On the other hand, Yekini Idiaye from Akoko-Edo I, is another candidate under consideration for the position of speakership.

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

Can your Country Take its ex-President to Trial for Unlawful, Criminal Acts?

Chido Nwangwu writes about the ongoing trial of former President of the United States, Donald J Trump and wondered if other countries can try their ex-Presidents for unlawful and criminal acts.

strong and we haven’t heard their other side. Generally, these indictments are a lot stronger on the day they’re issued than the next day. So they may be able to knock down some of these issues, but some of this evidence is coming from his former counsel. And these are very damaging statements made against him. It may be hard to move those. The fact is both things may be true. Yes, the Department of Justice may have been out to get him, but he made it easy.

I mean, if you look at what is being described in this indictment, confronted with someone that he felt was trying to get him, he couldn’t have made it more easy for them to do so.”

EPISTLES of ANTHONY KILA

Akpabio as Change Agent of 10th N’Assembly

Anthony

It was Carl Sandburg (January 6, 1878 –July 22, 1967), winner of three Pulitzer Prizes, poet, journalist and author of the highly-acclaimed biography of Abraham Lincoln who famously wrote that: “If the facts are against you, argue the law. If the law is against you, argue the facts. If the law and the facts are against you, pound the table and yell like hell.”

At this point, until the trial, testimonies and relevant sets of evidence go through the standards of the court and the laws of the United States of America, we may not know enough, in order to conclude who the facts are for or against.

Regardless, the immediate former President of the United States, Donald J. Trump, may have heard about Carl Sandburg; no wonder he has been using the late Sandburg’s recommended second option as his initial, preliminary tactical position: “pound the table and yell like hell.”

A few days before Mr. Trump made a “not guilty” plea, at the federal court in Miami, Florida, the man practically yelled in a speech at the Georgia Republican state convention: “They took one charge, and they made it 36 different times. And we have a thug who is in charge. This is a political hit job, Republicans are treated far differently at the Justice Department than Democrats.”

Trump is facing a 37-count federal indictment, including charges of willful retention of national defense information, conspiracy to obstruct justice, making false statements and improper handling of national security information.

The indictment lists his failing to return such classified documents with plans for a U.S retaliatory attack on an unnamed foreign power, defense and weapon capabilities of the U.S., secret details of the U.S. nuclear program, among other charges.

In the history of the United States, it is the first time a sitting or former Commander-inChief has faced federal charges as revealed in the unsealed and detailed reports of June 9, 2023.

Trump turned 77 years old this week; he was born on June 14, 1946. He served as the 45th President of the United States from 2017 to 2021.

In terms of consequence, or should I say potential consequences, Prof. Jonathan Turley, a highly respected constitutional scholar who usually holds conservative views, has made a note of caution via FoxNews to Mr. Trump, specifically:

“All the government has to do is stick the landing on one count and he could have a terminal sentence. You’re talking about crimes that have a 10 or 20-year period as a maximum. The evidence here is quite

Similarly, the very experienced lawyer that former President Trump appointed as Attorney General Bill Barr has a grim reading of the situation of things regarding Trump’s indictment: “If even half of [the indictment] is true then he’s toast. It’s a very detailed indictment, and it’s very, very damning.”

Barr who you may recall resigned as Trumps Attorney General of the United States during the final year of the Trump presidency seems offended by Trump’s strategy of victimhood:

“This idea of presenting Trump as a victim here--the victim of a witch hunt--is ridiculous. Yes, he’s been a victim in the past. Yes his adversaries have obsessively pursued him with phony claims, and I’ve been at his side defending him when he is a victim, but this is much different. He’s not a victim here.”

Barr concluded without mincing words, that: “He (Trump) was totally wrong that he had the right to have those documents. Those documents are among the most sensitive secrets the country has.”

Without any doubt, these are risky, perilous and slippery times for Trump. There’s no anarchy in the land or warfare across these United States of America, because the unusual events of the indictment of this immediate former President or any other President or Governor.

The issues are challenged and tried through the courts of the land. The big lesson for many countries in the world, especially in Nigeria and African continent, is that regardless of its evident imperfections, the rule of law is important and primary, no matter who you are! President or pauper! Although there are institutional disadvantages weighing down on the capacities of African-Americans and order financially challenged communities regarding the justice system and court processes.

In fact, one of the greatest Presidents of the United States, Theodore Roosevelt (1858-1919), underscored it with these timeless words: “Americanism is a question of principle, of purpose, of idealism, of character. It is not a matter of birthplace or creed or line of descent.”

I still believe that America’s real strength rests on the prudent balance of the constitutional assignment of roles and the moral clarity and courage to execute obligations with a certain sense of fairness and principles.

One question: Can your country take its ex-President to trial for unlawful, criminal acts?

-Dr Nwangwu is Founder of the first African-owned, U.S-based newspaper on the internet, USAfricaonline.com Follow him on Twitter @Chido247

Dear Senator Godswill Akapabio, Now we have the 10th National Assembly and it also turns out that the boy that was Senior Prefect at a Federal Government College is now as a man the Senate President of the Federal Republic of Nigeria. Akpabio, the Senior Prefect is now the Senate President, of course before that, and on the way to this new position, you have been commissioner, governor, senator, and then minister, still not a bad trajectory in a country of millions of people most of whom can only dream of holding any one of the many positions you have covered in a relative short space of time.

It is worth noting here that your political trajectory and success has been technically in the name, on behalf of and thanks to the vote of those dreaming millions.

Today’s epistle is about those millions.

You are getting this missive in conformity to not only the wide spread and accepted belief that you are the most senior legislator in the land but also because it is accepted that you speak for all other legislators.

In a very personal and maybe eccentric way, I have always looked up to the Speaker of the House of Representative as the speaker of legislators, as the former speaker can attest, but I think it will be appropriate to give the new speaker some time to sort out his shall we say - domestic and family protocols.

Dear Senate President, though some were hoping and working against it, your election did not come as a surprise to observant observers.

Yes, everything is possible in politics but many factors were going for you.

Not least the clear and easy to read position taken by your party’s de facto leader and newly elected president but very importantly the position taken by many of your fellow legislators and governors.

Back to the millions for whom we write, to make two crucial points.

One is that the new president, unlike his predecessor, is and is going to be a political leader.

It seems safe to affirm that unlike the lanky light skinned one that just left, this new short dark president will not hide his head in the sand of technicalities or act aloof on political matters, rather, he will play ball and he will even play hard when and where necessary. The consequences of these differences are far reaching

Another point to bring to fore is that of a matured and pragmatic understanding of how the legislature works or ought to work in a presidential system.

There seems to be a general misconception and over idealisation of the concept of “separation of powers, popularised by the French born philosopher Charles Louis de Secondat known more by his title of Baron de Montesquieu, and even just as Montesquieu. This general misconception and over idealisation have led and are leading too many people to talk of and worry about a docile legislative arm of government, the trending expression is rubber stamp legislature.

This to me is a misplaced and unnecessary concern for two reasons.

One, in a presidential system the concept of separation of powers is to be considered an ideal type concept not a normal and readily observable process in practice.

Many people think that the duty of the legislature is to literally keep watch over and counter the executive in everything the latter does. Such thinking is naive.

It is like that of an undergraduate student of economics that takes literal the concept of a perfect market.

The matured and pragmatic way to conceive and observe the dynamics and kinematics of the executive and legislative arms of governments is to remember that the legislators and members of the executive are men and women that are members of the same partisan political club (party) bonded by a shared world view (ideology), interests, ambition or common enemy that have together, in secret and in isolation and with great personal risk, faced the battle of wrestling or retaining power.

Based on this, it becomes easy to understand why one cannot and should not expect one of these to watch over and to constantly oppose what the other does. That is the role of the opposition. But there are many instances wherein legislators from the same party counter the executive, a reader might observe, yes and that takes us to the second point.

A second point to note is that legislative arm of government, through its majority, in reality and at its best will cogently counter the executive only in situations of extreme violation of common and shared codes and values like the constitution or agreed trajectory.

It tends to be on issues that can subvert the republic or crucial parts of the democratic institution.

Think of 3rd term agenda, think of matters of war. In real terms, the real debates are generally about how much, when and where. Generally, we see real confrontations and rebellion in the legislative chambers only where the executive is no more popular, no more respected or incapable of caucusing for its position.

A good executive leader will have a capable parliamentary liaison team and mechanism that will ensure smooth sailing of policies.

What then is the real role of the legislators for the millions in the name and with whose votes they were elected?

The short answer is representation. Let us be clear, representation by legislators cannot be general, it has to be representation of differences and peculiarities.

-Anthony Kila is Institute Director at CIAPS. www.ciaps.org.

Kila writes that President of the 10th Senate, Senator Godswill Akpabio, who is eminently qualified for the number three position should not fail to provide the required leadership for the legislative arm of government.

www.thisdaylive.com

TINUBU: FINALLY, SOMEONE WITH THE COJONES?

President Tinubu is showing signs that he has what it takes to tackle some of the country’s intricate problems, reckons JOSHUA J. OMOJUWA

TOWARDS FOOD SECURITY IN NIGERIA

Nigeria has signalled a new era with the recent inauguration of a new president with a track record of successfully overhauling infrastructure projects and improving the the president’s inauguration speech can be seen already in the heightened discussions around harmonising foreign exchange rates pump price. Among other focal points of the new government’s growth strategy is the development of agriculture in the country via the adoption of commodity exchange boards. The new growth strategy seeks to secure rural incomes and establish fair prices for key agricultural commodities.

See page 21

WHY ALL THE OBSESSION WITH OSINBAJO?

Yemi Osinbajo did well while in government, argues ETIM ETIM

Commodities exchange boards are not entirely new to Nigeria. In 1977, the government set up six commodity boards namely: the Nigerian cocoa board, the Nigerian groundnut board, the Nigerian palm produce board, the Nigerian grains board, the Nigerian rubber board and the Nigeria cotton board. These boards were headquartered in Ibadan, Kano, Calabar, Minna, Benin and Funtua respectively, and served to control prices for agricultural commodities and apply a uniform rate to all produce from their members.

One of the duties of the board was “to secure the most favourable arrangements for the purchase of the relevant commodity and subsequent sale thereof to meet domestic requirements and the evacuation to a port of shipment of any surplus to such requirements intended for export”. Essentially, the boards aimed to hold producer prices of cash crops lower than world market prices in periods of high world market prices and pay higher prices to export crops producers in periods of low world market prices. This way, farmers were market prices.

See page 21

EDITORIAL THE TRAGEDY ON KWARA WATERWAYS

Additionally, the boards engaged in value adding agro-industrial processing. For example, rubber boots were produced from the latex tapped by farmers from rubber trees and processed into lumps, crepes, and various rubber products such as rain boots and elastic bands. However, in 1986, the commodities boards were abolished after the boardcontrolled producer prices failed to match fast-rising production costs and competition from a booming food market. It is also believed that boards were a source of disincentive to farmers and therefore precipitated the virtual disappearance of agricultural exports.

But between 1986, when Nigeria’s pioneer commodity boards were dismantled, and now, a lot of innovative changes have taken place in the local agricultural systems and landscape. Nigeria’s agricultural sector has witnessed the creation of private, commercial platforms, working to transform the sector. Notably, Agribusiness Marketplaces as well as

within Nigeria’s agricultural system. Creative business propositions and selling has opened up participation in the agriculture ecosystem to both retail investors and institutions across

borders while agritech businesses upskill farmers and take care of needed infrastructure. While these advancements have brought about great positives, they are only snippets of what is possible.

The adoption of the commodity exchange model, by the new administration, will promote a more inclusive form of growth because this business model actively involves small-scale farmers and rural communities in the agricultural value chain. Contrary to commodity boards setting prices, in an exchange model, farmers gain access to transparent markets, can utilise price information for informed decision-making, and also engage in equitable contract negotiations with buyers. Additionally, the model facilitates access to crucial resources essential services, which ultimately enhance productivity and competitiveness. Through this comprehensive approach, farmers are empowered, poverty is reduced, and socio-economic development is catalysed throughout Nigeria.

In Ethiopia, for example, the government, in partnership with private market actors and members of the exchange launched the Ethiopia Commodity Exchange, in a bid to overhaul the country’s agriculture sector and create a dynamic, forwardcountry’s agriculture output. The exchange currently connects over 3.5 million Ethiopian smallholder farmers to markets and handles and sesame traded grew from 138,000 metric tons in 2008-2009 to 715,000 metric tons in 2015-2016. Notably, Ethiopia earned a record $841.6 million from the export of nearly from the previous year.

Similarly, private companies like AFEX have been operational in Nigeria for nine years now, and was recently recognised as Africa’s fastest growing company by the Financial Times on the strength of the economic impact that the commodity exchange has catalysed in Nigeria, Kenya and Uganda. To date, the exchange has worked with over 450,000 produce into its exchange system in Nigeria alone. Typical rural farmers like Yunusa, in Northern Nigeria, have experienced

association with the exchange.

Before joining the AFEX network, Yunsua faced numerous challenges with his sevenhectare farmland, which was wasting away. Limited access to fertilisers, seeds, and manpower hindered his ability to maximise his harvest. He resorted to leasing his farm to support his family. However, everything changed when Yunsua registered on the AFEX network. With the AFEX model, Yunsua was supported with physical market operations, farmer outreaches, input disbursements, and fair trade interventions that empowered him to unlock his farm’s true potential. Today, Yunsua not only experiences a substantial increase in production and sales volume but has also achieved newfound prosperity. With two houses, multiple shops, and the ability to adequately provide for his four wives and 14 children, he has shattered the cycle of limited opportunities. Selling maize, soybeans, and paddy rice from his farm, he credits AFEX’s intervention for his remarkable journey. processors as well. By partnering with AFEX, processors such as Flour Mills of Nigeria commodities at the required quantity and quality via the exchange. The model also provides processors access to storage facilities and collateral management, enabling them to support their purchases. AFEX further facilitates this process by issuing asset-backed commercial paper products to processors, allowing them to procure the necessary inventory at the beginning of the season. This reduces the high cost of procurement for domestic processors and serves as a hedge against supply shortages and price volatility. With the move by the federal government to stimulate growth through commodity capacity of private commodity exchange models to deliver a thriving agriculture maximises returns across the value chainfrom farmers to retail investors. By ensuring price transparency and standardisation, markets and farmers are safeguarded against exploitation while connecting them to formal markets.

The Food and Agriculture Organisation (FAO) forecasts that some 25 million Nigerians risk severe hunger by August 2023, buttressing the urgent need to overhaul and scale food systems in the country. By working together, private and national commodity exchanges can establish the necessary infrastructure and supply chains for a resilient and prosperous agricultural sector, thereby achieving food security in Nigeria in a short time.

Balogun, from Abuja

AYODEJI BALOGUN canvasses need to embrace the commodity exchange model to transform the nation’s agric sector

J. OMOJUWA

President Tinubu is showing signs that he has what it takes to tackle some of the country’s intricate problems, reckons JOSHUA

TINUBU: FINALLY, SOMEONE WITH THE COJONES?

wait to celebrate when the trophy is won

Football Club. This past season, Arsenal spent the most number of days atop the league table than any other team in the history of the Premier League, and yet managed to lose the title to nouveau riche Manchester City. friends and foes alike, not to celebrate because Arsenal would not win the league. They were proven right. However, nothing can

taken on two big issues that have hitherto out to be right or not is beside the point. something about reversing our current march to the precipice. This is not just incremental change, but disruption and this is what we need at this critical stage of our national life. assented to the electricity bill. The Nigeria Electricity Act devolves the power to generate, transmit and distribute electricity from Abuja to the states, companies and other private interests. This will invite investment into the sector and remove the encumbrances to power for everyone, especially rural, underserved or completely forgotten communities. This is truly transformational and has the power entrepreneurs groaning under the weight of previous market inhibiting laws.

Yemi Osinbajo did well while in government, argues ETIM ETIM

WHY ALL THE OBSESSION WITH OSINBAJO?

Two weeks after Prof Yemi Osinbajo an undue attention on him. Since these am pretty convinced that they are sponsored from the same source with bile, pettiness and envy as the motives.

Unless you are a man of great evil reason to vilify someone like Osinbajo. For eight years, he did his job well to the admiration of many Nigerians and several foreign dignitaries; within the limits of what to which the principal delegates. The man has never been accused of corruption, abuse of behaviour, for which many a politician is notorious.

He stood by President Buhari solidly; with remarkable counsel even if not known to many and not in the public domain, it is clearly

As usual, Bolawole is questioning why Osinbajo dared to contest in the APC primary. This is a staple query of all antiOsinbajo elements in Yoruba land. For them, it is the easiest way to denigrate the former VP and reach out to the new writer with even the most mundane reference to the Constitutional right of all adult Nigerians to pursue their political carefully left out the meeting of Southwest elders of the APC led by Chief Bisi Akande where the matter was properly discussed with a resolve ahead of the primaries that it was entirely in order for Osinbajo and others like Amosun, Fayemi to run in the primaries side by side with Tinubu.

play and attendant victories during the same season. Those who chose to celebrate only when Arsenal won the league, deprived

illustrate the points below.

There is an emerging trend that is as observed between those that insist it is too early to praise President Bola Tinubu for the decisions he has already gotten right and those who insist on celebrating his every good be postponed are quick to point out failings as soon as they see them, early days or not. Whilst importance of the cynics. Collectively we are the tapestry that ensures the balance needed for a just and equitable society.

During the week, people reached out to ask president. Two thorny issues were the fuel be that Nigerians have reached a consensus on both issues.

the cat was the solution to their problem. To be certain, our challenge as a country has never been whether to bell the cat. We have since

in which the country and her resources are administered. Like the mice in the fable, the question has been which president would summon the political will, the cojones, to bell has what it takes.

controversially closed the land borders. The closure caused such distortions to the economy that the jury is still out as to whether the action caused more harm than good. Those open. When we put all these together, one can see that Tinubu appears to be doing the right things to enable the bulls charge through. The evidence for this assertion is in the historic numbers the equities market is recording. There is more work to be done though. A lot more. We must make it easier for our

pay bribes to move goods across our borders by those whose bread is better buttered by kickbacks. Our entrepreneurs often prefer to pay these bribes, thereby breaking the law, than to allow their business be broken by the law and those empowered to implement it. Years ago, as part of my visa application

embassy. No one ever asked me for a bribe to get this done, mostly because banks are

process that once required commuting, some measure of paper work, and a bit of waiting now takes less than two minutes for me to process without leaving the convenience of Account Statement, choose the relevant coverage, request that it be stamped, signed and sent to my email. All this happens within two minutes.

This sort of disruption must be replicated across every tier and facet of the civil service. That way, there are much fewer opportunities for corruption.

As with the fuel subsidy and the parallel their way out, several other steps need to be taken by the government to make the lives of Nigerians much easier. Or better put in the now famous words of Mr. President, to ‘Let win, the government wins too. This is not too much to ask and the president who has hit the ground running must look to sustain the pace.

Omojuwa

is chief strategist, Alpha Reach/author, Digital Wealth Book

left honourably in a blaze of glory. He now deserves his rest in the company of his amiable wife. But some resentful and bitter elements are not contented to let him.

Bob Majiri Oghene Etemiku and was entitled

Sanusi Lamido Sanusi, had stated that Nigeria had lost a good opportunity in not choosing Osinbajo as its President. Sanusi made the remarks on Labour Day at the launch of a book

Bolawole then asks what Prof Osinbajo got from the Buhari administration for the South West; what role did the former VP play in resolving ASUU strikes; Did Osinbajo confront former Attorney General Abubarkar Malami; what did Osinbajo do when Christians were being victimized and what advice did he give to the President on resolving Boko Haram attacks. Did Osinbajo speak out after the lynching of Deborah Samuel at College of Education Sokoto?

The only query Bolawole did not raise in his article is why the former VP did not say that no Vice President ever comes out to berate his boss for not taking his advice.

advice, counsel and suggestions on how best the nation could be governed. And in all cases he queried, the immediate past VP is known by insiders to have risen up with the right advice to the President and rebuke where necessary to certain ministers. But these matters not being Laolu Akande now that the VP is out of

And yes the then VP is also bound by the overall decisions of the government, irrespective of what his views are. ingratitude for anybody to ask what the Buhari administration did for the South the concrete refurbishment of Mile major federal investments. Without the

would have been a stillbirth. The honour to total overhaul of the National Theatre is also a very important federal intervention.

Bolawole, a former editor of The Punch newspaper who later served as the Chairman long drivel, Bolawole advertises a lecture he

he thought that the best way to presage his fawning lecture on President Tinubu is to be nasty to the man who contested for the job with him. This has become the basic tactic of some of many who parade themselves as opinion writers.

base got in the period under review. mince words to detail the impact of the VP. And a simple Google search will on the roads and hundreds more model classrooms in several of the schools among tonnes of other infrastructural and human capital development impacts.

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

THE TRAGEDY ON KWARA WATERWAYS

The authorities should enforce safety and operational standards

Iwater transportation in Nigeria, no fewer than 100 persons were reported dead in Pategi local government area of Kwara State, last week. The victims were returning from a wedding ceremony in another village called Gboti, in neighbouring Niger State, when the boat carrying about 270 people capsized. We commiserate with the families of the deceased as we call on the authorities to investigate the cause of the accident. We also urge the National Inland Waterways Authority (NIWA) to come up with strategies that would help to keep our waterways safe, especially for the most vulnerable of our society in rural communities who are usually the victims of these recurring accidents.

NIWA was established in 1997 to manage the nation’s 3000 navigable waterways from the Nigeria/Niger Republic and Nigeria/Cameroon borders to the Atlantic Ocean. These comprise Rivers Niger and Benue as well as the creeks, lagoons, lakes, and intra-coastal waters. NIWA’s mandate also includes providing “regulatory, economical and operational leadership in the nation’s inland waterways intermodal transportation system that is safe, seamless

Unfortunately, NIWA’s presence is hardly felt. For instance, it is a notorious fact that there is hardly any instances, boats that were constructed to carry not more than 20 persons could be loaded with 50 or more passengers especially at peak periods when people are in a hurry to get back to their destinations. Consequently, when the canoes encounter stormy conditions along the water, the sheer weight of the human cargo and other luggage would make them easily susceptible to accidents. Available reports indicate that the boat that capsized in Kwara State was overcrowded.

NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

Letters to the Editor

Aside from overloading, most of these boats that ply maintenance. Perhaps more important is the obvious lack of safety standards. In fact, not much is known about the existence of any mandatory operational guidelines for ownership of ferries and boats and the minimum standards that must be met to be in the business.

It is unfortunate that almost everything worthwhile and ordinarily should be easily achieved always looks like a mountain in Nigeria. With the existence of waterfronts in various parts of the country and the increasingly devastating state of our roads, innovative leaders would have ordinarily explored the options of this mode of transportation by heavily investing in our waterways with a view to making them safe. That sadly is not the case even though water transportation is one clear source of decongesting the roads in places where road travel could result in frustrating

We therefore urge NIWA to be alive to its responsibility by enforcing universal safety standards. For instance, the absence of any search and rescue agencies often contributes to the little or no knowledge about what to do when faced with emergency situations.

Going forward, we reiterate our call that operational standard be enforced nationally for those in the business of ferry and canoe transportation. Provision of emergency services along the waterways is also important. It is even more disturbing that we have marine police in the country who always seem to be nowhere in environs where water tragedies occur. If they are marine police, shouldn’t they be permanently stationed around waterways for immediate rescue operations in times of tragedy?

To avert a situation in which travelling by water is increasingly becoming a suicide mission in Nigeria, authorities must put in place all the necessary safety measures.

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

LETTERS

A BOMBSHELL FROM BAUCHI

for only a few seconds recently, but in the short time, he succeeded in jangling raw nerves. Every valediction is usually a mixed bag depending on where one is coming from. There are typically tears for a chapter that will be missed and cheers for the uncertainties of a new beginning. So, it happened that Senator Adamu Bulkachuperformed far below expectation according to many, stood to bid farewell.

However, in a short speech, Bulkachuwa spoke of encroaching upon the freedom and independence of his wife, Zainab, who retired in 2020 after years as President of Nigeria’s Court of Appeal, and how she tolerated his encroachment and bent backwards to help some of his colleagues.

By the time Ahmed Lawan, controversial former Senate President hushed him, it was too late as the 83 -year- old senator who represented Bauchi North in the ninth Senate had said all he wanted to say and crucially, all Nigerians needed to hear.

Expectedly, following Bulkachuwa’s unbridled revelation, a wave of criticism from Nigerians has assailed both the former senator and the retired judge who sat atop Nigeria’s appeal court for years.

For many Nigerians, all they have been able to muster is a knowing nod. For many years, there has been deep-seated suspicion that Nigeria’s judiciary, famously described as the “last hope of thetice was sold to the highest bidder. To put it simply, Nigerians no longer trust that the judges who sit in their courts can resist the lure

Of course, there have been instances recently to reinforce that. jarring attack at the instance of the Department of State Services in the dead of night shattered the mystique surrounding the Nigerian judiciary.

The men of the DSS who were to become heavy favourites for similar midnight invasions were said to been on a mission to weed out corruption. As much as Nigerians were alarmed by the attack, they were also scandalized that judges could be dragged into such allegations.

Bulkachuwa’s jarring allegations also strike a painful chord in a country where allegations of electoral malpractices in critical na-

who asked aggrieved Nigerians to go to court hinted at something

else.

Given that this is a country where anything goes, it is safe to say that no one will question either Senator Bulkachuwa or Justice Bulkachuwa who is now retired. They will retire to their good old age most probably with the good things their life of compromise had given them, but it is Nigeria that will be worse for it, worse for having them. In a country long accustomed to corruption in its many forms, how many more people like the Bulkachuwas do we have in the system who are ready to manipulate the system as much as they can to gain an advantage, any advantage at all. Bulkfeel when the course of justice intersects with politics in Nigeria.

In Nigeria’s notorious do-or-die political culture, people rig elections and then abuse power by dipping into the public till and getting enough money to validate their stolen mandates. These they do by bribing judges and whoever else is available to be bribed.

In the face of Bulkachuwa’s revelations, the Nigerian judiciary must again look at itself. If a judge who headed the country’s penultimate court did not prove impermeable to corruption, who is left?

Ike Willie-Nwobu, Abuja

Not much is known about the existence of any mandatory operational guidelines for ownership of ferries and boats and the minimum standards that must be met to be in the business

Chinedu Eze

Air travellers across Nigeria have decried the high fares being charged by airlines for domestic flights despite the massive decline in the cost of aviation fuel. Airlines still charge as high as N60,000 for one-way ticket for domestic flights in Nigeria, despite the decline in the cost of aviation fuel from over N900 per litre to a little above N600 per litre, which is a 20 per cent reduction.

THISDAY investigation revealed

that in the past four weeks cost of aviation fuel, known as Jet A1 has dropped to N630 per litre in Lagos, N650 per litre in Port Harcourt, N670 per litre in Abuja and N685 per litre in Kano, which is about 20 per cent lower than the N900-N1000 per litre the product sold for few months ago.

Industry observers argued that since cost of aviation fuel was critical in total cost of operation, any reduction in the prices should also reflect in fares because in Nigeria fuel contributes to over 60 per cent of cost of flight

operations.

In a chat with THISDAY, the CEO of Cleanserve Energy Limited, Chris Ndulue, one of the factors that contributed to the reduction in the cost of aviation fuel was increased supply.

Ndulue also explained that the price of crude oil in the international market has dropped adding that foreign exchange had also been stable.

He added that logistics surrounding the movement of the product from the supply end was beginning to ease off, unlike

in the past.

On whether the relatively low price of aviation fuel should reflect on airfares, Ndulue who was former Managing Director of Arik Air, said: “The problem of airlines is hydra-headed, which include foreign exchange and high cost of maintenance. So, fares are not likely going to come down because other factors that contribute to cost of operation have not adjusted downwards.

“The reduction of the cost of aviation fuel can only give airlines a little breathing space.

There is still the challenge of FX and the floating of the naira may bring uncertainty, raise the cost of foreign exchange before it begins to go down and we have to recognise that passenger numbers are down and the cost of maintenance is still high.”

In his reaction, the Managing Director and CEO of Aero Contractors, Ado Sanusi, told THISDAY that ideally when the price of a commodity that plays significant role in production is down, the price of the product ought to be down also.

Prices in Nigeria, he noted, rarely come down and also observed that with the floating of the naira, there is hope that inflation would be driven down and then airfares would go down.

Sanusi also noted that with the new policy on naira, it is hoped that banks would now sell dollars to airlines and make it easy for them to access foreign exchange, which would eventually stimulate fare reduction.

Eregha: Nigeria Has Enough Data But Lacks Information to Transform Economic Growth

Kayode Tokede

Prof. Bright Eregha of the Department of Economics, Pan Atlantic University has stated that Nigeria has enough data but lacks information to transform the economic growth required to create jobs and enhance infrastructure expansion.

Eregha who was speaking at the public presentation of the book: “Nigeria in Figures: A Socio-Economic Databook,” written by an economist and Managing Director/Chief Economist, Analysts Data Services and Resources (ADSR),

Dr. Afolabi Olowookere, held in Lagos, admonished political office holders to embrace data in formulating policies for the development of the country.

He expressed that policymakers often complain of lack of data, stating that unfortunately, Nigeria has a lot of administrative data across the federation. According to him, “The only problem is that we have not been able to develop a dashboard to create, store and make intelligent of these data.”

He stated that Nigeria needed to have an intelligent unit for public and private

organizations, empowered to solve administrative data for the government to form policies.

He expressed that, “Since 1999 till-date, the truth is that we have a lot of development plans and the reason these plans were not successful was because most time we find it difficult to keep track of the program and strategies that are in the baseline.”

He added that the new book on data provides an opportunity for Nigeria as a country, policymakers, and stakeholders.

The President, Africa Fintech Network, and Chairman, Board of Trustees, Fintech Association

of Nigeria, Dr Segun Aina expressed that the book is aimed at contributing to economic development, stressing that it is expected to transform the thinking of people in government.

He, however, expressed optimism over the new administration, urging on policies reformation based on fundamentals, information, and data.

According to him, it is imperative for the government at all levels, especially the new administration to identify more advanced and appropriate ways of applying data in formulating socioeconomic policies to build

a new Nigeria.

He pointed out that strategic use of data would enable the government to make more intelligent, real-time decisions than would have been impossible.

“This book holds a lot of promises for Nigeria. In the face of the many challenges facing the economy, this is an opportunity for the new government to look at the process of building a new Nigeria based on data.

“The book has data that the federal government and the subnational including the local government can use it to plan and make progress because if you fail

to plan, you have planned to fail. It is a contribution to the government as a tool they can use to move the country forward,” he said.

Meanwhile, the author of the book stated that he was inspired to write the book, to equip policymakers with the relevant data and information to initiate socioeconomic policies, tackle the challenges of inadequate application of data in planning as well as serve as a useful guide for benchmarking and monitoring the country’s socio-economic progress.

Of Monetary Policy Direction and Current Realities

Nume

Last week, Nigeria marked the beginning of a new era as leadership transitioned from one government to another. Muhammadu Buhari passed on the baton of leadership to Bola Ahmed Tinubu. However, the focus shifted away from the transition itself, as Presid ent Tinubu’s inaugural speech unveiled crucial policy changes.

In addition to mentioning the removal of fuel subsidy, President Tinubu raised significant concerns regarding monetary policy. He provided insights into how his administration plans to handle monetary matters, emphasising the need for an economic overhaul. His goals include achieving higher GDP growth and substantially reducing unemployment in the country.

The president proposed accomplishing these objectives through budgetary reform, aiming to stimulate the economy without causing inflation. Furthermore, he intends to implement an industrial policy that utilizes various fiscal measures to promote domestic manufacturing and reduce dependence on imports.

EXCHANGE RATES

Speaking on monetary policy, the president stressed the need for “thorough house cleaning,” saying the central bank must work towards a unified exchange rate. Currently, the naira is selling at N760 to the dollar at the parallel market while it closed at N464.67 at the Investors’ and Exporters’ window recently. Whilst the apex bank had maintained its stance on a managed float of the currency amidst multiple exchange rates, Tinubu in his inaugural speech said harmonising exchange rates in the country, “will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”

Achieving exchange rate harmonisation, experts said, can be a complex and challenging task.

“It would require a comprehensive approach and careful consideration of various economic factors, including fiscal stability, monetary policy, balance of payments, and external competitiveness. It would entail macroeconomic stability with low inflation, sound fiscal policies, and strong monetary discipline. These factors are crucial for maintaining the credibility of a unified exchange rate.

“Also, transitioning from a managed float exchange system to exchange rate harmonisation involves shifting from a more interventionist approach to one that allows market forces to play a significant role in determining the exchange rate. This shift may require adjustments to monetary policy frameworks and the development of deep and liquid foreign exchange markets, “said a market analyst who do not want his name in print.

“Also, the CBN in the past had explained that external trade imbalances are a major factor, which caused the apex bank to restrict giving accessibility of foreign exchange to some items that can be produced here, which are adding to the pressure on the exchange rate. And so, there will be need for structural reforms, including promoting export competitiveness and reducing import dependency.

“It is important to note that the feasibility and success of exchange rate harmonisation depend on the specific economic conditions, policy priorities, and political dynamics of a country. Each country’s situation is unique, and the approach to exchange rate harmonization needs to be tailored accordingly, “he added.

Chief Executive of Center for the Promotion of Private Enterprise (CPPE) Dr Muda Yusuf, who welcomed the decision of the President to put in place a unified exchange rate regime, noted that it should be clarified that this is not a devaluation proposition.

He explained that it is a pricing mechanism that reflects the demand and supply fundamentals in the foreign exchange market which allows for rate adjustments as and when necessary. It is a model that is predictable, transparent and sustainable. It is a policy regime that would reduce uncertainty and inspire the confidence of investors.

He said “it is a policy framework that would minimize discretion and arbitrage in the foreign exchange allocation mechanism.”

According to him, a unified exchange rate regime offers the economy liquidity in the foreign exchange market, whilst reducing

AIR WATCH

Makolo: Africa Needs Internal Connections to Boost Economic Growth

Chinedu Eze

CEO of Rwand Air, Yvonne Manzi

Makolo has urged African governments to do everything possible to boost intra Africa travel by removing all barriers to connectivity from one country to another across the continent.

uncertainty and enhancing the confidence of investors. He explained further that a harmonised exchange rate is more transparent as mechanism for foreign exchnage allocation. “It minimizes discretion in the allocation of forex and reduces corruption vulnerabilities and reduces opportunities for round tripping and other sharp practices,” he said.

Yusuf noted that the current foreign exchange policy regime creates multiple exchange rates and resulted in distortions and negative outcomes such as the widening gap between the official and parallel market exchange rates which allows forex roundtripping to flourish.

Also, he said the multiple rates in the forex market has led to the collapse of liquidity in the foreign exchange market resulting in acute forex scarcity, whilst creating a major disincentive for forex inflows into the economy, thus suppressing forex supply.

INTEREST RATE

On benchmark lending rates, the president stated that, “Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.” The Monetary Policy Committee had maintained its stance on raising benchmark interest rate in a bid to address rising inflation in the country. So far, it had raised rates seven time to 18.5 percent as at its meeting last month.

The Central Bank of Nigeria will base its decision on an assessment of inflation, exchange rate dynamics, fiscal discipline, and the overall investment climate. As the situation evolves, stakeholders will be eagerly watching for any updates or policy changes that may impact the interest rate environment in Nigeria.

Analysts at FBN Quest had noted that the president’s address, “is likely to be well-received by investors. The President emphasized the administration’s commitment to addressing the burden of multiple taxes and barriers to investment.

“Importantly, measures will be implemented to facilitate the smooth repatriation of dividends and profits for investors and businesses. On a related note, the President acknowledged the shortcomings of the existing monetary policy and emphasized the importance of the Central Bank to work towards establishing a unified exchange rate system.

“The harmonisation of multiple exchange rates will lead to favourable outcomes for the country’s fiscal purse. A downward adjustment to the naira exchange rate will result in higher naira revenue derived from the conversion of dollar earnings. It will also close the arbitrage gap between the official and parallel market exchange rates.

“While the possibility of a significant interest rate cut in Nigeria may be an attractive proposition for stimulating economic growth, it requires careful consideration of various factors and close monitoring of economic indicators. The decision must strike a delicate balance between supporting economic activity and maintaining price stability.”

Makolo who is also the Chair of the International Air Transport Association (IATA), said African airlines need partnerships to help them effectively connect to every part of the continent and beyond.

“I think it is very important, and especially need to connect the continent to the level that we need to. Partnership both amongst the African airlines and the international partners is key. African airlines have a lot to offer. Yes, for some airlines, a lot more needs to be done but we still have a lot to bring to the table. Partnering with African airlines gives also the international partners a way to access the market and for us to access the international market as well. So, it is key for us, and that is why I said I would really like to show a different face of African aviation,” she said.

She expressed support for Single Africa Air Travel Market (SAATM) that will ensure aviation plays a major role in connecting Africa, promoting its social, economic and political integration and boosting intra-Africa trade and tourism as a result. SAATM will also open up Africa’s skies and promote the value of aviation throughout the continent. Open air arrangements boost traffic, drive economies and create jobs, she said.

Makolo noted that connectivity within Africa had been a bit challenging, adding that to ameliorate the challenge, several bodies like EU, IATA have talked about SATAAM, but regretted that there were still too many diplomatic restrictions hindering the actualisation of SAATM.

“SATAAM is a no brainer because when you say you want to grow aviation in Africa, there is no way that can happen with all these restrictions, in terms of very restrictive passes where they dictate the type of aircraft that you are going to use, which points you are going to enter, whether they give you 5th freedom or not, frequencies that you are going to operate. That just will not work. We have been talking about SATAAM for a very long time, since I joined the industry but it has been the number one topic. What I am happy about is the fact that a decision has been made tostart with the pilot countries. Because right now I think the countries are about 45 that are signatories to it, but even the ones that have signed up to it are not necessarily implementing it. so the ones who are ready to actually implement can start

and hopefully when other countries see the benefits they will jump on board. But beyond SATAAM, we also can talk about Open Skies but then we have closed borders. We need to look at the visa regime withing the Africa continent and how we are making it so difficult for people to move within the continent. So that goes hand in hand. I am hoping with the pilot phase, we will see some tangible results and a lot more countries will be willing to open up and move away from the whole protectionism mindset,” Makolo said. She said that the cost of operating in Africa is relatively very high.

“The cost of operating an airline within the African continent is a lot more, whether it is fuel, whether it is airport charges, parking, landing and navigation, everything is more expensive within the African context. Even in terms of labour, especially skilled labour, pilots, we have to bring expatriate pilots which comes at a premium as well. So, the cost of doing business within the continent is a lot higher which puts us at the back foot compared to other regions,” Makolo said.

She described theNigerian market as huge market, which RwandAir is interested in and hopes to get more involved in.

“The Nigerian market is a key market for us. For Rwand Air, it is the biggest market after Rwanda and it is growing. But the biggest challenge we face right now with Nigeria which is limiting our operations there is repatriating our money. So, we have a lot of money stuck in the country which is significant. And for a small and medium size airline like ourself, that really put a strain on our cash flow. So that also constrain what we can do within the market because ideally, we should be flying not only daily but maybe double daily. But we are not able to do that because, when are we going to really get our money out? So we had to shrink a bit of our operations both to Lagos and Abuja. But we hope that once this issue is resolved, we can really go all out and capture that market. Because it is a strong market, so we are looking forward to growing our presence there. And the same thing within the African continent, the potential is huge, there are still a lot of markets which are not served well, so we are looking forward to fill in those gaps. Now even with the implementation of the Africa Free Trade Area, the potential grows even more. So we are really focused on really connecting Rwanda to the rest of the African countries and beyond the continent,” the Rwand Air CEO said. However, with the floating of the naira there is likely to be an end to trapped funds, as the country will henceforth have single exchange rate.

Tinubu

Ekeghe writes on President Bola Tinubu’s monetary policy direction as stated in his inaugural speech, the possibility of attaining his set out goals considering current economic realities

Ethiopian Airline Announces Merdassa as New Board Chairman

Chinedu Eze

Ethiopian Airlines Group has announced that Lieutenant General Yilma Merdassa, the Commander of Ethiopian Air Force, has been appointed by the Ethiopian government as Chairman of Ethiopian Airlines Management Board effective June 8, 2023. He succeeds the former Chairman of Ethiopian Airlines Management Board, Mr. Girma Wake. Merdassa has been serving the Airline Group in the capacity of

Management Board member for the last two and half years before he assumed the new role.

Ethiopian Airlines Group said it would welcome Merdassa and wished him success on his new role.

Girma Wake has led the Group as Management Board Chairman since March 2022. During this period, he provided effective guidance to the group sharing his wealth of experience in the aviation field. Prior to that, he had served the airline in different capacities including as member of the Management Board, and

CEO positions at different times. His contribution to the growth and success of the Airline Group has been enormous and will take a special place in the history of the group.

“Ethiopian Airlines would like to extend its gratitude and appreciation to Mr. Girma and wish him all the best in his new endeavors. Ethiopian Airlines executive Management shall continue to work closely with the management board to implement Vision 2035 and take the airline to the next level,” a statement from the airline said.

2023 CHINET AviaCargo Conference to Focus on Agro Exports

Following the successes recorded at its 2022 conference, organisers of the annual Chinet Aviacargo Conference have announced 9th/10th August as the dates for the 2023 edition of the conference scheduled to hold in Lagos.

The first and second editions of the event were acknowledged as milestones in the aviation and cargo sector with many successes flowing from them.

Notably, the communique from the second edition led to the creation of an Aviacargo Committee by the Federal Airports Authority of Nigeria (FAAN). The committee was created to develop a road map to drive export and turn the country into a cargo hub. The theme for this year’s conference is: ‘Unlocking The Logistics Barrier To Improved Agro Product Exports.’

According to the organisers, Nigeria is largely regarded as an import driven economy with oil being the major export accounting for 96 per cent. Last year, Nigeria recorded non-oil export earnings of $4.82 billion, an increase of over 39 per cent, according to the Nigerian Export Promotion Council (NEPC).

According to Kenya National Bureau of Statistics (KNBS), Africa was the leading destination for Kenya’s exports in 2022, accounting for 41 per cent of the country’s total export earnings. The agency said that the country’s total exports to Africa hit $2.62 billion last year, with the East African Community (EAC) economic bloc accounting for 63.3 per cent of the total exports to Africa.

Nigeria is about 1.6 times

bigger than Kenya. Kenya is approximately 580,367 sq km, while Nigeria is approximately 923,768 sq km, making Nigeria 59 per cent larger than Kenya. Meanwhile, the population of Kenya is 55.9 million people. Over 200 million people live in Nigeria. Nigeria’ export figure can be increased if the necessary policy, systems and infrastructure are put in place. Kenya currently is leading Aviacargo Airport in Africa. Nigeria is the leading producer of many agro products but does not export much of these produces. It is believed that the challenge of Nigeria and most African countries is in the logistics problems between the farm and the airport. The need to unlock this barrier in other to improve and increase Agro Produce will be the Focus of Chinet 2023.

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as at 14June-2023, unless otherwise stated.

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

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

How has your journey into the business of beauty been?

Istudied political science at the university and when l got married, my husband felt that 9. am to 5. pm job is not going to be easy even though l had my mother taking care of the children.

So, he wanted me to do something flexible enough that will give me the chance to keep my eyes on the children and still do what l wanted to do.

But, l needed experience so, l started bringing products from the UK and was selling those goods at the back of my car because l did not have a shop. So, the best way to get experience is to suffer a little.

Originally, l brought into the country an Italian brand known as Nouba, unfortunately, it came in before the boom of make-up artists, whereas now, if you want to go to a party, you will call make-up artists.

At that time, l had a chance of meeting with a supplier in the United States and when l realised that the Italian brand was not moving as I wanted, l introduced perfumes then but, not on the scale l am doing now. I did and established contact in the US for the supply of perfumes, that was where the perfume business started and that was about 15 years ago, recently I unveiled arrays of niche perfumes into the Nigerian market.

What are some of the challenges encountered and how have you been able to navigate through them?

The challenge was majorly the unbalanced foreign exchange that is currently killing a lot of businesses in the country.

It made bringing goods into the country difficult. Even if you are going into the

Oj Awa Ibraheem: TTwo Decades of Thriving in the Beauty Industry

production of goods, you still have to buy raw materials such as fragrance, you still need to use foreign exchange, so that is the major problem l see, otherwise it is just reputation trying to get the right supplier and trust. The fact is that the reputation of the country outside is difficult and it is affecting business transactions at the international level.

The foreign countries where you are importing products from will not do any business with you unless it is on a cash basis, unlike before where you will get credit facilities, now they will know you and they will do business with you but, it has to be on cash, you will pay them and you will get your goods.

But, l was lucky because l have made contacts before things got out of hand, so l had established contacts with some suppliers years back and l had maintained the relationships, so l did not have a problem in that respect.

Are you thinking of having a brand for yourself in the time to come?

I do not think l want to be an industrialist, I think l will rather be the way l am now, l have one or two brands that l am already planning to take the franchise and help them focus, but for now, it is still early, we have not decided yet, because it involved a lot of money, l have done franchise before and l know the requirements, sometimes it may hinder the other brands, but we are still talking.

A lot of fake and substandard products are being manufactured in

As the

Perfect Scents

Designer Perfumes formally launched its flagship store as well as unveiled its niche perfumes recently in Lagos, its Chief Executive Officer, Oj Awa Ibraheem, who has been in the business of beauty for over two decades, talks about her struggles as a businesswoman and her passion for creativity. in this interview with MARY NNAH she also explains why she introduced the new brand to Nigerians

the country. What are your views on that? What is the way out?

For me, there is also creativity, but l wonder the reason people will go into the production of substandard products or copy other people’s creativity instead of doing something that could be called their own.

l know it is difficult to copy most at times because established brands already have names so, there is no need to go through the stress of trying to establish such brands as your own, but the truth is that such an individual will only succeed in killing his own business at the end of the day.

My advice is that they should produce something that is uniquely theirs.

There are some products l cannot buy because there is a lot of fake in the market. l am not talking about perfume only, l am talking about other products in general.

Unfortunately, the manufacturing and sale of fake and substandard products have to do with the market, many want such products and that is what is selling, people are forced to do that because they have to eat, and l do not support it. A lot of the big brands have fought over it in the years past, but they are not winning the battle. We just try to make buyers understand that what we are selling is authentic and then it is left for them to make their decisions either to buy original or substandard products.

Who is your mentor?

My husband is my mentor, he is a chartered accountant and has been in business for many decades, so l

have learned a lot from him. He has also been a source of encouragement to me. Besides, l read a lot and have garnered useful information that has helped me in running my business.

So, l will advise those in business or those who desire to venture into business to read business-related books, it is not as if they should take in all that they have read from such books. They should only extract useful information and apply it to their businesses.

Advise to women who want to venture into business?

I discovered that when you are young and you are starting a business and at the same time you have children to take care of, it is better you lower your expectations. It is difficult to be a mother taking care of children and also runs a business successfully. So, l do tell women that while they have a dream of owning a business, they should not expect much until their children get to a certain age that will enable them to focus fully on their businesses.

They can engage in something profitable that will also give them a chance to look after their children until they have grown up. Such women can then venture into the business of their choice and l am sure they will do better.

As an entrepreneur what is your advice to the new administration?

When l started a business, a dollar to naira was 150, l know each administration has its challenges, but if this administration can get it right, it will boost businesses in Nigeria, and entrepreneurs will make a profit. Consumers also will spend less in purchasing goods and everybody will be comfortable in the country.

Africa’s Largest Entrepreneurship Organisation Felicitates With Its Chief Executive Patron As Nigeria’s 16th President

Stories by Mary Nnah

Dr. Summy Smart Francis, the founder of Africa’s Young Entrepreneurs Organisation (A.Y.E), the Largest Entrepreneurship organisation in Africa, has celebrated with its Chief Executive Patron, President Bola Tinubu, as he becomes the 16th President of the Federal Republic of Nigeria.

“The entire members and Board of Africa’s Young Entrepreneurs Organisation (A.Y.E) heartily congratulates the new President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria;

His Excellency Bola Ahmed Tinubu GCFR on this remarkable milestone”, he in a release made available to THISDAY.

While commending Tinubu on his leadership direction, he confirms the possibility of one million job creation through entrepreneurship, stating that entrepreneurship is the major catalyst for job creation, poverty eradication and economic growth.

He encouraged all young entrepreneurs in the country, to take advantage of this new dispensation.

He urges them to position themselves and their businesses towards the tons of opportunities, that will emerge from this political and economic shift.

President Tinubu, a firm believer and promoter of entrepreneurship, became the organisation’s patron in the year 2014 and since then has contributed immensely to the growth and development of African Entrepreneurs, not just in Nigeria but all over the continent.

Born on March, 29th, 1952, His

Excellency Bola Ahmed Tinubu

GCFR is a Nigerian politician and was governor of Lagos State from 1999 to 2007; he also became a senator in the National Assembly.

Tinubu became an activist campaigning for the return of democracy as a part of the National Democratic Coalition movement.

“In the first post-transition Lagos State gubernatorial election, Tinubu won by a wide margin as a member of the Alliance for De-

mocracy party. Four years later, he won re-election to a second term. After leaving office in 2007, he played a key role in the formation of theAll Progressives Congress in 2013. On February 25th, 2023, he was elected president of Nigeria.

“In his inaugural speech in Abuja the Nation’s capital, the newly elected President stated that his administration will create friendly policies, that will grow the nation’s economy, attract more investors, and influence business

INTERNATIONAL DAY OF THE BOY CHILD: NGO RAISES AWARENESS ON PROTECTION FROM HARMFUL SOCIETAL INFLUENCE

The Executive Director/Founder of WeLead, a nongovernmental organisation (NGO), Dayo Oladele-Ilori has raised awareness of the need to protect the Boy-Child from harmful societal influences.

While recommending the domestication of the boy child to have responsible men in society during the International Day of the Boy Child celebration held at CMS Grammar School, Bariga, Lagos on May 16th, Oladele-Ilori disclosed that too many boys are invisible and forgotten.

“Many are equally marginalised, neglected, alienated, and left behind. That is why we need to do something for our boys before it is too late”, she noted.

She revealed further that boys’ enrollment in primary and secondary schools is on the decline while dropout is skyrocketing.

“There have been several reports on incidents that misguided the young boys to be involved in vices such as fraud, robbery, smoking, alcoholism, drug addicts, violence among others”, Oladele-Ilori said, adding that that the boy child should be given the right attention, care, guidance, and support for the boy child development and have general well-being.

She gave some insight into the activities of her NGO and the event’s impact, on the boys, urging society to equally focus more on the boy child to upscale the gender gap.

“We have 16 courses on our curriculum where we offer intensive training just to ensure that the boy child has an allaround education.

“Most NGOs focus on the girl-child, we should equally carry out advocacy for the male child as well for healthy rivalry. We go around schools to have this training and ensure we educate and equip them to be better boys and men in the future”, she added.

growth. He also emphasized the creation of one million jobs, in his administration. This brought great joy to many young people and entrepreneurs in Nigeria, as they look forward to the beginning of a new Economic era”, Francis noted. Francis, an expert in the field of entrepreneurship, is also the Special Adviser to Governor Oluwarotimi Akeredolu on Entrepreneurship and Chairman of the Ondo state Entrepreneurship Agency (ONDEA).

MANGO Women’s Wear Celebrates 7 Years of Style

It was time to pop the champagne and break out the confetti as one of Abuja’s most beloved fashion destinations, MANGO Women’s Wear marked its 7th anniversary at Jabi Lake Mall, Abuja.

Since opening its doors in this vibrant Nigerian capital, MANGO has become synonymous with trendy fashion, quality craftsmanship, and empowering women through their clothing choices.

As the milestone anniversary was held, the Brand Manager of MANGO.,Annette Davies, took a moment to reflect on MANGO’s journey and the impact it has had on Abuja’s fashion scene.

From its humble beginnings in Barcelona, Spain, MANGO has evolved into a globally recognised brand with a strong presence in over 100 countries. Its expansion into Abuja marked a significant

milestone, bringing its unique blend of contemporary style and affordability to the city’s fashion-savvy residents. Nestled within the bustling Jabi Lake Mall, MANGO has created a haven for women seeking the latest trends and timeless classics.

Over the past seven years, MANGO has consistently delivered collections that celebrate diversity and cater to a wide range of personal styles. With its finger on the pulse of global fashion trends, the brand offers an extensive range of clothing, accessories, and footwear that empower women to express themselves confidently through their wardrobe choices.

From chic office wear to casual weekend ensembles, MANGO has become a go-to destination for the modern, fashion-conscious woman in Abuja.

What sets MANGO apart, Davies said, is its commitment to sustainability and ethical practices, adding, “As a brand that values environmental responsibility, MANGO actively promotes ecofriendly initiatives throughout its supply chain. From using organic and recycled materials to implementing water and energy-saving processes, MANGO ensures that style and sustainability go hand in hand. This ethos resonates strongly with Abuja’s growing environmentally conscious population, making MANGO a preferred choice for those seeking fashion with a conscience.”

The success of MANGO Women’s Wear in Abuja can be attributed not only to its exceptional clothing and commitment to sustainability but also to its unwavering dedication to

customer satisfaction. The brand has cultivated a loyal customer base through personalised service, attentive staff, and an inviting store environment.

MANGO’s anniversary celebration is a testament to the relationships it has built with its customers over the years, as well as a gesture of gratitude for their continued support.

“One thing that makes the MANGO store at Jabi Lake Mall unique is the fact that our customers feel comfortable shopping with us. I’ve had people tell me on numerous occasions that sometimes, they go out of their way to visit the store just because they know that they will have a good experience. So to us, it is not just about selling products, it’s about selling experiences.

She reminded us of our collective guilt in neglecting the boy-child, which led to the spate of insecurity bedeviling the nation from all angles and in all directions.

“As we celebrate the International Day of the Boy Child this year, let us reflect on the dangers of neglecting the boy-child. Let us look towards taking definite actions to address the neglect of the boy child. Let us summon the courage to end the phenomenon of street children by whatever name they are called.

“We should protect our boys as much as we protect our girls. World Day of the boy child celebrates all the positive elements that boys bring to their families and communities. It also sheds light on the issues and challenges that boys face as they develop.”

YOUTUBE CELEBRATES THE 2023 GRANTEES OF ITS BLACK VOICES FUND INITIATIVE

YouTubehasreaffirmeditscommitmenttoamplifyBlackvoicesinAfrica withatwo-dayeventinNairobi,Kenyatocelebratethe2023#YouTubeBlack VoicesFundgranteesandallowthemtoconnect,networkandcollaborate with other creators.

Over100BlackcreatorsfromaroundtheworldtookpartinthecelebrationsinKenya,whichalsohighlightedtheimpactthattheYouTubeBlack Voices Fund has had since its launch. Created in 2020 with the purpose of investing in talent and presenting fresh narratives that emphasise the intellectual power and authenticity of Black voices, the programme has helpedover500creatorsandartistsgrowtheirchannelsandtheiraudiences. The #YouTubeBlack Voices Fund has been an opportunity to both celebrate and cultivate Black artistry around the world and forms part oftheplatform’scommitmenttosupportingAfrica’screativeecosystem. YouTube plays an essential role in the discovery and development of African culture and the fund takes this a step further by equipping upand-coming Black creators, artists, songwriters and producers with the resources to succeed on its platform.

“When we announced the $100 million fund to amplify Black and African voices and perspectives on our platform, we wanted to create a spacewhereBlackpeoplecansharetheirownstories,intheirownvoices, with the world. The fund has, in many ways, created opportunities to amplify,celebrateandcultivateBlackartistryforaglobalaudience,”says YouTube Managing Director of Emerging Markets, EMEA,Alex Okosi. “BeingapartoftheBVFprogrammeClassof2023hasliterallychanged my life. I moved from creating content in a room that I used to share with my sister, to getting my own space. I was also able to get better filming equipment like ring lights and tripods, I needed to increase the quality of my videos,” says Nigerian creator Osereme Egbor of Styleby Reme. In addition to funding, creators also received one-on-one mentorship and classes on how to grow their revenue.

To further improve the daily lives of indigent rural women and widows, Felix King Foundation has announced the “Helo Mama” initiative that comes with mobile phones for widows and phone charging stations for women in rural communities.

The “Helo Mama” programme, a two-legged scheme, is designed to provide mobile phones for impoverished rural widows and at the same time phone charging stations powered by 2.5kva solar systems across these communities for the rural women to have unfettered access to power to charge their phones.

The initiative is scheduled to flag off in June and would be activated gradually across some communities in Edo State,

particularly Esanland.

The Founder and President of the Foundation, Dr. Felix King stated that the initiative is a support scheme that would help the impoverished rural women and widows in the area gain access to mobile telephony as well as ensure that they can stay connected by charging their mobile phones without stress.

According to him, the importance of mobile communication cannot be overemphasised, particularly in rural communities because it could assist farmers and small business owners increase productivity, and access to customers, producing better quality products and facilitating the seamless passage of information from rural to urban.

The much-awaited grand opening of Burger King’s sixth store located in Surulere, Lagos, which took place on Saturday, June 13th captivated the hearts of many customers.

The event was a resounding success, captivating customers with a multitude of surprises, including free goody bags for the first 20 customers, games and activities, a special opening deal lasting two weeks, and the fulfilment of Burger King’s commitment to creating job opportunities for Nigerians.

The grand opening commenced with a remarkable gesture - gifts for the first 20 customers who made meal purchases. These lucky customers were greeted with exclusive Burger King merchandise, free

meal vouchers, movie tickets and so much more. They were overjoyed, which set the tone for a day filled with surprises.

The event continued with a variety of games and activities that entertained guests of all ages. Families and friends gathered around for interactive games, and a vibrant photo booth, creating a lively atmosphere. The Burger King team was dedicated to ensuring everyone had an unforgettable experience. Adding to the excitement, a special opening deal was unveiled that will last for two weeks. The deal allows customers to indulge in their favourite Burger King meals at unbeatable prices and walk away with freebies.

Kenyan creator Wongel Zelalem said the classes were very helpful adding, “I was given a strategic manager who was dedicated to helping me and giving me solutions to my problems. That was something that I didn’t know I needed in my life”.

SouthAfricancreatorThatoRampedisays“YouTubeBlackhastaught me a whole lot of things about how to be a really good creator”.

Thegrowthofthesecreatorchannelshasbeentangibleonthecontinent. YouTubedataasofDecember2022showsthatinSouthAfrica,thenumber ofYouTubechannelsmaking100kormoreinrevenue(ZAR)hasincreased by over 30 percent year on year . In Nigeria, the percentage of YouTube channels making 100k or more in revenue (NGN) increased by over 15 percent, year on year; while in Kenya, the number ofYouTube channels making 100k or more in revenue (KES) has increased by over 25 percent.

In addition, in Nigeria, over 45 channels have more than 1 million subscribers, an increase of more than 50 percent, year on year. In South Africa, 25 channels reached the 1 million subscriber mark , an increase of over 30 percent, year on year, while in Kenya, over 14 channels have more than 1 million subscribers, an increase of more than 110 percent. BeyondtheBlackVoicesFund,YouTubeiscommittedtocontinuingto prioritiseandcentreBlackcreators,artistsandcontentthroughprograms, initiatives and improvements to the platform.

“We’re committed to ensuring that Black creators from Africa and aroundtheworldfindahomeonYouTube,andweareinvestinginstrategic partnerships with culturally relevant organisations to ensure that we are able to reach and help even more creators and artists,” Okosi says.

Africa’s Young Entrepreneurs Organisation (A.Y.E) Founder, Dr. Summy Smart Francis with President , Bola Ahmed Tinubu

Director-General, National Youth Service Corps (NYSC), Brigadier-General Yusha’u Dogara Ahmed (left), during his visit to a Corps member, Onuoha Elvis Udodiri (right), with registration number: AK/22B/2148, who is on admission at the Ibom Hospital in Uyo, Akwa-Ibom State…recently

L-R: Sales Director, inq. Digital, Peter Evbota; Publisher of Nigeria Communications Week, Ken Nwogbo; Marketing Manager, inq. Digital, Martina Ogbebor; and Digital Marketing Specialist, inq. Digital, Gbenga Olaoye, at the 2023 edition of BoICT Awards in Lagos…recently

Officer,

Special Guest of Honor/Joint Chief Medical Director and co-Chairman, EKO Hospital, Dr. Sunny Kuku (middle), presenting a wheel chair to a physically-challenged patient, Mr. Odukoya, flanked by members of Ijebu Boys Association, during the 2023 edition of the Ijebu Boys Annual Free Medical Outreach at Ijebu Ode, Ogun State…recently

L-R: Head of Marketing Communications and Customer Experience, 9 Payment Service Bank, Olushola Ogunyemi; Chief Executive Officer/Managing Director, 9 Payment Service Bank, Branka Mracajac; Head, Sales Strategic Partnerships and Distribution, 9 Payment Service Bank, Kunle Isiaka; and Head of Business Development and Strategy, 9 Payment Service Bank, Martina Medac, at the Digital Pay Expo and Exhibition 2023 held in Victoria Island, Lagos…recently

first-ever Huawei/9mobile

Live in

The Public Relations Officer, Festac Passport Office, Lagos, Ijeoma Rex-Elem, being decorated with the rank of Assistant Comptroller of Immigration (ACI) by the Deputy Comptroller of Immigration, DCI Victoria Agbii (left); and ACG Chika Euguene-Njoku (right) from the Federal Fire Service, at the decoration ceremony held at the Nigeria Immigration Service (NIS), Zonal Office, Ikeja, Lagos…recently

Director of 9mobile Accounts, Huawei, Allen Wang, and Chief Executive

9mobile, Juergen Peschel (both middle), flanked by children from Leap of Dance Academy during the

Ballet

support of the Academy to mark the Children’s Day celebration in Lagos…recently

GAMING WEEK

Edited by NSEOBONG OKON-EKONG | ikotibok@gmail.com | Tel: 08114495324

DAVID OMAGHOMI: Without Gaming, Nigeria Won’t Be Peaceful As It Is

The incoming President of the National Union of Gaming and Lottery Workers, David Omaghomi, recently told the GAMING TEAM that over 22 million Nigerians are staking daily on sports betting; over 10 million Nigerians are playing online lotteries. Out of these humongous amounts of money generated, only a tiny drop is remitted to the Federal Government through the National Lottery Trust Fund

How did you become president of the Nigerian gaming workers’ union?

Iam Comrade David Omaghomi.

I am the national treasurer of the National Union of Lottery Agents and Employees, which is the trade union for the gaming and lottery industry in Nigeria. Our mandate is to ensure that workers in the industry are able to benefit from the collective bargaining agreements that the union have to offer, as well as get better working conditions, job satisfaction and protection from both security threats as prevalent in the industry, as well as getting benefits for their future: from loans in the form of microcredit schemes, health insurance cover, micro pension and capacity building from gaming workers’ institute, which is meant to provide skills for every stratum of the gaming industry, so that workers are able to offer more services to the society and help with the paradigm shift that gaming provides a sense of hope for people, as well as contributing to good causes as alternative sources of funding for development.

When did you join the gaming industry?

I started my involvement in the gaming industry in an executive position. I was an executive director with Give and Take Lottery as far back as 2014. We pioneered the first national jackpot in Nigeria. For some reason, the company’s licence is functional but not operating at the moment. I also run a gaming enterprise, Easyplay Africa. We are an online gaming franchisee. We sell retail tickets for various operators and we also are in game development. I have been in the gaming ecosystem. I once also ran a franchise for Hot Fun and took

slot machines to various outlets in Nigeria. I’ve been hands-on, from executive roles to principal-agent roles to super-agent roles, and I really understand the gaming ecosystem. For social advocacy, I was the pioneer branch chairman of PENGASSAN while I was in the oil industry.

FORECAST

Ronaldo, Messi Return to Global Stage as Int’l Matches Resume

Davidson Abraham

Football fans worldwide eagerly anticipate an action-packed week of international matches featuring the UEFA Nations League semifinals and European Championship qualifiers. Expectations are high for thrilling encounters and intense competition.

Thursday’s UEFA Nations League semifinals will witness a highly anticipated showdown between Spain and Italy. With both teams aiming to secure a place in the final, and the game has been tipped to produce at least two goals, it is difficult to predict the outcome, and any of the two teams could come out victorious.

In international friendlies, Argentina face Australia, while Japan takes on El Salvador. Argentina enters the match as favourites and world champions. Similarly, Japan is expected to emerge victorious

“You even see commercial commodities saying that ‘this promo is approved by the National Lottery Regulatory Commission,’ even for financial institutions. It is an impactful part of the economy. Under my administration, our focus is to ensure that practitioners, and workers, regardless of their class in this industry, become professionals, become acceptable to society, not as agents of gambling, not as promoters of an ill trade, but as promoters of a ray of hope”

branch, and councils nationwide to institute a difference in the gaming and lottery industry as a whole. And the gaming and lottery industry, which so many people don’t understand, consists of any game of chance. So, be it slots, be it casinos, scratch and win games, promotions of ‘buy one, get two free’, any game of chance, anybody who does that.

he loses, he’s contributed to society through good causes. If he wins, his spirit is lifted.

against El Salvador. Friday’s European Championship qualifiers present intriguing matches, including France versus Gibraltar and England versus Malta. France, with their formidable squad, is predicted to overcome Gibraltar comfortably. England is also expected to secure victory against Malta. Switzerland and Turkey have been tipped to win or draw against Andorra and Latvia. Germany and Belgium will likely emerge triumphant or at least secure a draw in their matches against Poland and Austria.

Saturday’s fixtures feature Brazil against Guinea and Portugal against Bosnia and Herzegovina in international friendly and European qualifying actions, respectively. Both Brazil and Portugal are anticipated to dispatch their opponents comfortably. Thanks to their overall superiority and the fact that they both possess some of the most talented players in the world.

You are also well on your way to becoming the national president of Lottery and Gaming Workers in Nigeria. I had set out to make an impact, and gracefully enough, God has been able to guide my journey on this path as a new administration starts in Nigeria at

the presidential level. I’m happy at the level of our union that a new administration has just started. And under my administration as national president, I intend to lead the gaming and lottery industry to a different height. It is my honest prayer that I will be able to lead the rest of my executives and

So, you even see commercial commodities saying that ‘this promo is approved by the National Lottery Regulatory Commission,’ even for financial institutions. It is an impactful part of the economy. Under my administration, our focus is to ensure that practitioners and workers, regardless of their class in this industry, become professionals and acceptable to society, not as agents of gambling, not as promoters of an ill trade, but as promoters of a ray of hope.

Does gaming bring about social cohesion amid the hardship in Nigeria?

Gaming is quite interesting. I game responsibly, and then I see how the fact that I play a N50 ticket has given me N200,000. I can tell you the impact is not about what you win but the sustenance of what you expect. I use an example most times: a daily paid worker at a labour or construction site gets N2,500 for carrying cement on his head all day. That can barely take him around, but on his way back, he takes N50, plays ‘Baba Ijebu’ there, or plays N100 at Bet9ja, and then he buys Indomie and bread and goes home and sleeps. The fact that he is expecting a miracle when he wakes up in the morning means he’s got a brighter hope. If

So, it is just that ‘e go soon done no dey kill person’ mentality that gaming brings to keep social peace. I can tell you if there was no gaming, Nigeria would not be this peaceful with all the pressures that we have. Gaming is a way of society venting, right? That’s why it’s regulated by governments because all over the world, without regulation, gaming gets abused, just like alcohol, sex trade, trafficking and the rest.

Any currents towards workers’ welfare?

Of particular interest is the Gaming Workers’ Institute, which we’re working hard to ensure we have accreditation, so it can be more of a one-stop accreditation centre for workers of every category to professionalize gaming. If you love gaming, you could send your kids to the gaming Institute.

What are the milestones of the union?

Some of the milestones we have achieved since this struggle, beyond winning the challenges against us, have been a remarkable sort of reconciliation. I was privileged to visit one of the fathers of gaming in Nigeria, Sir Kessington Adebutu. He is the chairman of Premier Lotto. I had a session with him and another father of mine, Chief Alex Duduyemi, the Aro of Ile Ife, who is a board member of Secure Electronic Technology (SET) Plc, another legacy gaming organisation in Nigeria.

ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY

Omaghomi

Netherlands, AFEX Partners to Boost Nigeria’s Agro Exports

Sunday Ehigiator

The Netherlands consulate in Lagos and AFEX Commodities Exchange have partnered to boost agricultural commodities exports from Nigeria to the Netherlands.

The Netherlands Consulate and AFEX announced the partnership at a roundtable discussion themed, “Sustainable Agro commodity Export,” held in Lagos.

The event, which was hosted stakeholders in the agriculture and trade sector, focused on scaling existing trade and resolving bottlenecks.

Speaking, Netherlands’ Vice

Minister for Foreign Trade, Hanneke Schuiling, said, “As the fastest growing company on the African continent, AFEX has seen steep growth of exports.”

According to her, the company accounts for 10 per cent of the cocoa and 30 per cent of the ginger flowing from Nigeria to the Netherlands, worth about $20 million annually, noting that the numbers are increasing.

“Low productivity levels and rapid population growth make this an even bigger challenge. However, Nigeria possesses substantial potential to generate revenue from

agricultural exports. To expand Nigeria’s export market access for agro commodities, it is crucial to deepen trade relationships, particularly with the EU, “she said.

Also speaking, Consulgeneral, Kingdom of the Netherlands, Michel Deelen, added that people can learn a lot from the Dutch strategy, especially in the area of seeding and achieve a lot in terms of agricultural produce.

In his remark, Chief Executive Officer at AFEX, Ayodeji Balogun, revealed that the company plans to open a new trade office in the Netherlands.

Expert Bemoan Rising Business Failures, Fault Leadership

Omolabake Fasogbon

Experts have expressed worries on the growing rate of business mortality in the country, which to them was detrimental to Nigerìa’s invesment profile.

The experts equally blamed this trend on poor leadership and management system adopted ny business owners.

According to Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), about 2 million Micro, small and medium-sized enterprises (MSMEs) collapsed in the country between 2017 and 2021, a development which

is believed to have rubbed off negatively on Nigeria’s debt profile.

Speaking at a Press conference ahead of a Global Leadership Summit for Business (GLS4Business), the convener, Godman Akinlabi tasked business owners on effective leadership for growth & sustainability, adding that government cannot be entirely blamed for failures.

According to Akinlabi, the summit themed: ‘Leading Effectively in Uncertainty,’ aimed to equip business leaders with the critical skills needed to thrive amid economic uncertainties.

He said, “Businesses would require different mindsets, toolsets and skill sets to remain relevant and grow in the current economic season. We understand that customers and consumers’ behavior are changing rapidly and they are becoming more sophisticated in knowledge..”

On her part, Chief Executive Officer of Umugini Pipeline Infrastructure Limited, Dr. Blessing Ayemhere noted that while natural factors like climatic disasters were unpredictable, businesses need to be proactive to surmount such uncertainties.

Notore, Emir of Gombe Plant 10,000 Trees to Tackle Deforestation, Desertification

Nigeria’s leading chemical and agro-allied company, Notore Chemical Industries Plc in partnership with the Emir of Gombe, Alhaji Abubakar Shehu Abubakar III, has completed the 2023 edition of its tree-planting initiative to combat the adverse effects of deforestation and desertification.

The initiative is part of the Emir of Gombe’s Grand Convergence Event and resulted in the planting of 10,000 trees in the State.

With deforestation and desertification posing significant challenges to the region’s ecological balance, Notore recognized the urgency to act. By planting

trees carefully selected for their suitability to the local environment, the company aims to make a lasting impact on restoring natural habitats and promoting biodiversity.

According to the Emir of Gombe, Abubakar Shehu Abubakar III: “The tree-planting initiative was a remarkable endeavour to restore and rejuvenate the local ecosystem in Gombe.”

The Emir elaborated on Notore’s role as a steadfast partner of the Gombe emirates, highlighting their progressive contributions, noting: “In 2022, the company extended its support to the people of Gombe by generously donating trucks

NASD Diversifies Operations

In a strategic move to enhance its competitive edge, attract more customers, boost revenue and deliver shareholder value, the only licensed Over-The-Counter Exchange in Nigeria, NASD OTC has commenced the diversification of its operations.

Beside, The Exchange is already holding talks with the National Pension Commission

of fertilizers to aid farmers in the aftermath of devastating floods. This benevolent gesture significantly alleviated the hardships faced by the farming community during that time. Grateful for Notore’s unwavering dedication to improving the well-being of the communities they serve; he expressed heartfelt gratitude on behalf of all.

Chief Commercial Officer at Notore, Tijjani St. James, said: “Notore is proud to have participated in the Emir of Gombe’s Grand Convergence Event as part of our commitment to enhancing the quality of life.

MARKET INDICATORS

(Pencom) to grant approval to the Pension Fund Administrators (PFAs), the institutional investors, to take advantage of the numerous opportunities in the market . Responding to media enquires about the current developments at NASD, the Chief Executive Officer, Mr Eguarekhide Longe, explained that the Exchange had planned to expand its revenue

generation from a minimum of five platforms before the end of 2023, in order to redefine the value proposition of its business . According to Longe, the proposed five income centre platforms are : The OTC Market, NASD Enterprise Portal, Donor Crowdfunding, Invoice Factoring and the Digital Securities Platform.

Zedcrest Launches New Product

Mary Nnah

Zedcrest Group, a leading financial services company

at the forefront of innovation, has recently unveiled its latest product, Zedcrest Wealth, a wealth management product that encapsulates Zedcrest Group’s vision to demystify

the wealth creation journey over the next decade.

This was revealed during the firm’s 10th anniversary, which celebrated its remarkable journey of transforming the African financial landscape with a deck of thrilling events culminating in a magnificent black-tie-themed Gala Night

held recently in Lagos. Speaking during the event, Founder/CEO, Zedcrest Group, Adedayo Amzat, said, “Through our research, we have crafted a personality for how money can work for us. Money is a person. Money has a voice. Money has been speaking for thousands of years.

The price of OPEC basket of thirteen crudes stood at $84.37 a barrel on Tuesday, compared with $84.59 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium

(Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC DAILY BASKET PRICE AS AT 8 MARCH, 2023

L-R; President, Institute of Chartered Accountant of Nigeria (CAN),Dr. Innocent Okwuosa; and the Executive Chairman, Federal Inland Revenue Service (FRIS), Mr. Muhammad Nami during the presentation of 2021 report of the ICAN Accountability Index to the Chairman of the Federal Inland Revenue Service (FIRS) in Abuja…… yesterday

Popoola: NGX to Sustain Drive Towards Attracting Capital Around Sustainability

Kayode Tokede

The Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Temi Popoola yesterday said it will continue its drive towards attracting capital around sustainability and will continue to partner with market stakeholders.

He stated this during a physical closing gong ceremony for Guinness Nigeria on the trading floor of the

NGX in Lagos. Popoola while commending the growth of Guinness Nigeria in the last few years, said that the NGX has very big ambitions on sustainability and will continue its drive towards attracting capital around sustainability.

According to him, “We have discussed with Guinness the work they are doing around sustainability and the NGX has very big ambitions

on sustainability. We want to make sure that we are one of the leading exchanges in attracting capital around sustainability. We believe it is the right thing to do.”

Also speaking, the Chief Executive Officer, Guinness Nigeria, John Musunga, said, breweries company is proud of being part of the exchange, adding that the company’s brand portfolio is down to its strategy of

playing across the entire alcohol beverage sector.

Musunga stated that the company will continue to innovate and continuously grow its margins so that its shareholders can have value for the business they invested in.

He stated that, “We do not intend to change or deviate from our strategy. Our results have been stellar and the business is still

growing well, up by nine per cent. We will continuously grow our margins so that our shareholders can have value for the business they invested in. Our outlook is bright especially as the government is taking very bold moves in areas required for business.

“They will be very painful but we know that it will be in the short term and have conviction that this will favour

the business environment and businesses will thrive and deliver shareholders’ return and value”, Musunga said.

For his part, the Doyen of the Nigerian capital market, Mr Rasheed Yusuf, said that the stockbroking community will continue to support the company and urged the company to continue sustaining its leadership of the market and raise more capital from the market.

PRICES FOR SECURITIES TRADED ASOF JUNE/15/23

Meet Tinubu's Advisers

Deji Elumoye and Emmanuel Addeh in Abuja

President Bola Tinubu yesterday appointed a former Chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu as Special Adviser, Security and a former Commissioner in Lagos, Dele Alake, Special Adviser on Special Duties, Communications and Strategy.

A statement signed by the State House Director of Information, Mr Abiodun Oladunjoye, also stated that Wale Edun, also a former aide to the president, had been picked as the Special Adviser, Monetary Policies while Mrs. Olu Verheijen was tapped as Special Adviser, Energy.

Other new appointees by the president included: Mr. Yau Darazo, who is now Special Adviser, Political and Intergovernmental Affairs; Zachaeus Adedeji, Special Adviser, Revenue; John Uwajumogu, Special Adviser, Industry, Trade and Investment and Dr Salma Anas, Special Adviser, Health.

Last week, Tinubu had requested the senate to approve 20 special advisers for him. A number of the advisers, who will assist the president in the next four years, are relatively new in the Nigerian political space.

RIBADU

Born in 1960, Ribadu, was in 2003 appointed as the pioneer executive chairman of the EFCC where he cut his teeth in public service. He was an Assistant Commissioner of Police (ACP) before his appointment.

The new security adviser, who hails from Adamawa State is a lawyer. One remarkable case successfully prosecuted by Ribadu was that of his boss, the then Inspector General of Police, Mr. Tafa Balogun, who was convicted, jailed and made to return about £150 million under a plea bargain arrangement.

Under Ribadu's leadership at the EFCC, Nigeria was delisted from the Financial Action Task Force (FATF) List of Non-Cooperative Countries and Territories and admitted into the prestigious Egmont Group.

ALAKE

Alake, who hails from Ekiti state was born in 1956 and was commissioner for Information and Strategy to the then Governor of Lagos State, Tinubu, between 1999–2007.

He is a graduate of the University of Lagos, Akoka and was the Director of Media and Communication of the Tinubu Campaign Council in the justconcluded 2023 election.

He was said to be pivotal to the creation of Lagos Television (LTV 8) and at a various times in his career worked with the Concord Group of Newspapers – National Concord and Sunday Concord as an editor and writer. He also served as the columnist of the National Concord.

Before he was appointed commissioner in Lagos, Alake was first Special Adviser on Information and Strategy to the

then governor. Previously, in 2014, he was appointed the director of Media and Communication of the Buhari Campaign Organisation in preparation.

EDUN

With a background in economics, public finance, international finance, merchant banking and corporate finance at both national and international levels, Edun was the Commissioner for Finance in Lagos State between 1999 and 2007.

He is the founder of Denham Management Limited, Chairman of Livewell Initiative, a health sector Non-Governmental Organization(NGO) and a Trustee of Sisters Unite for Children, an NGO focused on helping children in need. He also sits on the Board of a number of other companies.

He holds a Bachelor’s Degree in Economics from the University of London and a Master’s Degree in Economics from the University of Sussex, England. He was also the Head of Treasury and Deputy Head of Corporate Finance at Chase Merchant Bank.

ADEDEJI

A former Commissioner for Finance in Oyo State between

2011 and 2015, Adedeji is an accountant as well as a corporate tax and public finance development expert. He has over 15 years of experience in corporate accounting, public service administration and public service advisory. As commissioner, he was said to have led his team to institute a Medium-Term Financial (MTF) strategy for the overall framework of financial and budgetary management of the state. He is the co-founder and managing partner of RTR, a financial consulting firm that provides financial advisory and policy development services to public administrators and private institutions in West Africa.

He holds a first class degree in Accounting from the Obafemi Awolowo University, Ile-Ife and a certificate in Comparative Tax Policy and Administration from the Harvard Kennedy School.

The 45-year-old who hails from Ogbomosho, who is the new Special Adviser, Revenue to the president was executive secretary of the National Sugar Development Council (NSDC).

UWAJUMOGU

Uwajumogu is a Partner with Ernst & Young (EY) and was the Energy leader for West

Africa. He has over 20 years of advisory experience primarily in the energy industry. He was director with Grant Thornton from 2012 to 2016 and PwC in 2009 to 2012.

Aside Nigeria, he is said to have had significant experience working in the energy markets in Houston, Texas and Calgary, Alberta.

He holds a Masters in International Affairs from the Fletcher School at Tuff University. He is also a member of the American Institute of Chartered Public Accountants (AICPA).

ANAS

A former Borno State commissioner for Health between 2011 and 2015, under then Governor and now Vice President, Kashim Shettima, Anas is a public health specialist with over 25 years of experience in health sector development, policy formulation, and strategic development.

She is currently the director of Family Health Services at the Federal Ministry of Health (FMOH) where she leads important divisions like reproductive health, child health and gender, adolescent, school health and elderly care, among others.

She is believed to have

successfully led the state’s health sector in the heat of the state’s humanitarian crisis, which earned her public accolades.

VERHEIJEN

An energy expert with nearly two decades of experience, before her latest appointment, Verheijen served as an Advisory Council Member of the US Millennium Challenge Corporation and an Entrepreneur-in-Residence at the Energy for Growth Hub. Founder of BFA Foundation, she was Shell’s finance lead on the negotiations for Nigeria’s first World Bank Partial Risk (PRG) Guarantee to improve bankability of gas supply to state-owned power plants. She holds a BA from Long Island University and a Master’s degree in Public Policy from the Harvard Kennedy School of Government.

DARAZO

Apart from being a senior special adviser on special duties to former president Muhammadu Buhari and defending Tinubu after his outburst in Abeokuta, Ogun state, before the All Progressives Congress (APC) primaries, not much is known about Darazo’s background.

Ribadu

Edun

Alake

Adedeji

Uwajumogu

Verheijen Anas Darazo

COURTESY VISIT AT EDO GOVERNMENT HOUSE...

L-R:

Sultan Urges Elected Leaders to End Politicking, Begin Work

Onyebuchi Ezigbo in Abuja

The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, has charged elected officials in the country to immediately commence the work for which they were elected, saying the time for politicking was over since elections had been concluded.

According to the royal father, after the inauguration of president and governors as well as the leadership of national and state assemblies, it was time for the elected officials to face governance and avoid unnecessary politicking.

"With the successful conclusion of the elections and inauguration of the president on May 29 and most recently, the inauguration of the National Assembly leadership. Now, the die is cast.

“It's now left for these people to start working, start governance, governing this country, Nigeria. No more politicking and I believe we have to be part of this journey. We will be part of them and advise them on what to do and how to do things," he said.

The Sultan, who spoke yesterday, in Abuja, at the Second Quarter

GOLDMAN SACHS:

reforms.

Review Meeting of Northern Traditional Leaders’ Committee on Primary Health Care Service Delivery, pledged the support of traditional rulers to governments at all levels to enable them succeed.

He recalled the critical roles played by the traditional institution in primary healthcare delivery during previous administrations, and assured them that similar support would be accorded the government of President Bola Tinubu and the governors.

"We want to assure our brand new governments that just came in that we will offer our support to them at all levels. We believe all of us at all levels need support and encouragement to succeed,” he said.

In the same vein, the Executive Director and Chief Executive Officer of the National Primary Health Care Development Agency, Dr Faisal Shuaib, used the opportunity to congratulate the newly inaugurated state governments and urged them to ensure the continuity of the progress achieved in polio eradication.

He said: "It is crucial that they prioritise investments in immunisation programmes and primary healthcare as an essential component of their

development agenda. By doing so, we can protect our children and future generations from the devastating

effects vaccine-preventable diseases."

Shuaib said the agency was determined in stopping the

transmission of all forms of polio in Nigeria, and noted that significant progress had been made, owing

largely to the relentless efforts and steadfast commitment of the royal fathers.

Yakasai: Tinubu Will Replicate Lagos’

Economic Expansion in Nigeria

Says President has capacity to redirect nation

Deji Elumoye in Abuja

Leader of the Arewa Consultative Forum (ACF), Alhaji Tanko Yakasai, has expressed optimism that President Bola Tinubu would replicate the economic expansion of Lagos State in Nigeria. Yakasai, who spoke to newsmen after meeting with President Tinubu at the State House, Abuja, also suggested a time line of between six months and one year for Nigerians to start seeing the huge difference between the Tinubu administration and past governments in the country.

"So far, so good, I’m justified. I'm glad that he has proven his worth and I'm sure in the next six months to one year, everybody in Nigeria will come to testify that the administration of Asiwaju is different from all the administrations they have witnessed before,” he said. The elder statesman, who was accompanied by some members of his family, said being the last leader of the country from the political class, President Tinubu has the capacity to return Nigeria to the path of rectitude and growth, as had been seen in other developed climes.

Yakasai, who said the last few days of the new government had been impressive, however, appealed to Nigerians to pray that Tinubu succeeds in his mission to straighten the country and for all citizens to support his vision. His words: “Some of you are aware that before Asiwaju declared his ambition to be the President of Nigeria, he visited my house and informed me of his intention. I blessed his intention. Now, after he has gotten what he wanted, my wives and the entire family said I should return the visit to Asiwaju. I can't bring all of them,

I picked some of them, we came just to congratulate Asiwaju on his election as President of this country. “We are looking, we are yearning for God to bring somebody like Asiwaju to be the President of Nigeria. From Sir Abubakar Tafawa Balewa, Asiwaju is the last leader of this country from the political class and I'm a politician. I spent 60-something years in politics. I know that only politicians will correct this country, as they’ve done in Germany, as they've done in America, as they’ve done in England and other places, Russia and Soviet Union.

NAIRA DEVALUATION NOT SUFFICIENT CONDITION FOR EXCHANGE RATES UNIFICATION, WANTS CLARITY ON FX RESTRICTIONS

Rewane said this yesterday when he appeared on the “Global Business Report” a programme on Arise News Channel.

Speaking on the reform of the country's FX policy, he said: “It is the beginning of a process of price discovery, and then interaction in the market.

"Efficient markets evolve and in efficient markets, the invisible hand is the most efficient hand for taking markets into equilibrium.

"The reality is that there are foundational problems and structural problems in the Nigerian economy. So, when you take the structural problems and try to deal with them abruptly, then there would be an adjustment process that follows.

“The announcement is one thing, but the fiscal adjustment process and fundamentally, the mental adjustment to accept that is another. That is where Nigeria is.”

Commenting on the policy direction of President Bola Tinubu, he said the subsidy removal and unification of the exchange rate were commendable.

He, however, cautioned that it was not possible to have low-interest rates and a strong currency at the same time.

He said: “I heard the president say we must remove subsidies, unify exchange rates, and we must have lower interest rates. You cannot have lower interest rates and a strong currency at the same time.”

Speaking on how the capital market reacted the development in the FX market, he said: “Stock markets are simple, buy on the rumours and sell on the news. I wouldn’t pay too much attention to how the stock market reacts but it is a sign of confidence. The hard work is just beginning.

"When you announce the free-floating of the currency and unification of rates, two minutes later those rates are out of equilibrium already. So, it is the discipline to make sure that the crony capitalist system, the rent-seeking system, and the influence-peddling system are dismantled. The institutional reform is more important than the policy change.”

He added that by adjusting the price to narrow the gap and signaling seriousness, this would optimise supply in the FX market, encourage "gradual inflow of money and aligning words, deeds, and thoughts to attract sufficient supply without explicitly requesting it.

“There is a demand structure and

there is a supply structure. Because the supply was short, and the price was manipulated downwards, there was a gap.

"What you have done really is move the price up so that the demand gap would shrink and translate to an optimisation of supply.

"That doesn’t increase the supply, that is the first move, it is when people see that you are serious, then people would begin to bring money gradually."

On his part, the Director General/ Chief Executive Officer, Manufacturers Association of Nigeria (MAN), Segun Kadir, while commenting on the exchange rate unification and its impact on manufacturing said: “What has happened is in line with what we anticipated and so this floating has narrowed the gap between the official rate and the parrel rate which we had complained has been inimical to productivity.

“Yes, it has its pros and cons, but it has given us a measure of certainty and we are able to plan better and anticipate what we would require to import our raw materials and machines that are not locally available.

"We believe it is going to create efficiency in the market, it could lead to capital inflow and it could also give us market penetration in other

places and improve our participation in the export market. It would be best for us now to export so we can earn dollars and we believe that even foreign investors would look this way.”

Meanwhile, the country’s total public debt stock has increased from N73 trillion to N82 trillion, following the recent currency unification under the administration of President Bola Tinubu.

According to Nairametrics, the conversion of the public debt from dollar to naira led to an increase in total debt, with the naira component rising to N54.3 trillion and the dollar portion decreasing.

However, the actual debt obligations remain in foreign currency.

The increase was due to the conversion of the dollar portion of the debt which is estimated at about $41.6 billion. When adjusted for the most recent exchange rate it converts to N27.6 trillion.

The naira portion of public debt is about N54.3 trillion including Ways and Means which is estimated at about N26.8 trillion.

The stock market of the Nigerian Exchange Limited (NGX) yesterday experienced profit-taking after two consecutive days of bullish momentum with N430 billion loss.

The NGX All Share Index (ASI) was down by 789.89 basis points or 1.32 per cent to close at 59,195.21 basis points from 59,985.10 basis points. Also, market capitalisation declined by N430 billion to close at N32.232 trillion from N32.662 trillion the stock market opened for trading.

The downtrend was impacted by losses recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Nigerian Breweries, Guaranty Trust Holding Company (GTCO), Zenith Bank and Access Holdings.

As measured by market breadth, market sentiment was negative, as 40 stocks lost relative to 36 gainers. MRS Oil Nigeria, TotalEnergies Marketing Nigeria and Transcorp Hotel recorded the highest price gain of 10 per cent each to close at N68.75, N336.70 and 13.31 respectively, per share. Ikeja Hotel followed with a gain of 9.97 per cent to close at N3.31, while E-Tranzact International rose by 9.92 per cent to close at N5.32, per share.

On the other hand, SUNU Assurance led the losers’ chart by 10 per cent, to close at 45 kobo, per share. Cornerstone Insurance followed with a decline of 9.73 per cent to close at N1.02, while McNichols

Consolidated declined by 9.33 per cent to close at 68 kobo, per share. Access Holdings depreciated by 9.24 per cent to close at N14.25, while RT Briscoe Nigeria declined by 8.82 per cent to close at 31 kobo, per share.

The total volume of trade declined by 9.8 per cent to 1.170 billion units, valued at N15.359 billion, and exchanged in 12,611 deals.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 192.833 million shares valued at N2.345 billion. Access Holdings followed with 121.538 million shares worth N1.962 billion, while Fidelity Bank traded 102.639 million shares valued at N726.741 million.

GTCO traded 99.848 million shares valued at N3.326 billion, while Sterling Financial Holdings Company sold 79.278 million shares worth N238.315 million.

Trading in the Treasury Bills (T-Bills) secondary market was bearish, as the average yield expanded by two basis points to 6.3 per cent. Across the curve, the average yield expanded at the short end by 12 basis points following sell pressures on the 91-day (35basis points) bill but closed flat at the mid and long segments.

Senior Education Specialist, World Bank, Olatunde Adekola; Senior Economist and Co-Task Team Leader, World Bank, Gloria Joseph-Raji, Education Specialist and Task Team Leader, World Bank, Martin De Simone; Edo State Governor, Mr. Godwin Obaseki; Executive Chairman, Edo State Universal Basic Education Board (SUBEB), Ozavize Salami, and Managing Director, EdoJobs, Mrs. Violet Obiokoro, during a courtesy visit at the Government House, in Benin City... yesterday

MBAH DISCUSSES WITH SHETTIMA AT NEC MEETING...

IG Orders All 17 Council Secretariats in Plateau Sealed

Assembly accuses police commissioner of selective enforcement of court rulings

Seriki Adinoyi in Jos

The Inspector General of Police, Mr. Usman Baba, has ordered that the all the 17 local government area secretariats in Plateau State be sealed off.

Also, the 10th Plateau State House of Assembly, has passed a vote of no confidence on the police commissioner in the state, Mr. Bathelomew Onyeka, accusing him of bias and selective enforcement of court rulings.

But Onyeka, who disclosed the order by the IG in a statement, yesterday, and signed by the Police Public Relations Officer in the state, Mr. Alabo Alfred, explained that the action was to prevent a breakdown of law and order following tension that arose over the appointment of new leadership in the affected council areas by Governor Caleb Mutfwang.

The statement read in part: “The Inspector General of Police, IGP Usman Alkali Baba, has ordered

the Plateau State Commissioner of Police, CP Bartholomew Onyeka, to seal up all the 17 local government secretariats of the state.

“This has become necessary as a result of tensions around the leadership of the local government areas and the possible threat that supporters and local government chairmen are posing to critical infrastructure, lives and properties in the state.

“The decision to take this action is in accordance with the exercise of

TINUBU LISTS EIGHT PRIORITY AREAS ON DEVT, SEEKS GOVS’ SUPPORT

the federal government, NEC has the mandate to advise the president on the economic affairs of the federation on appropriate measures for coordination of economic plans and programmes of the government Ministries, Departments, and Agencies.”

Tinubu emphasised that significant steps had been taken by ending fuel subsidy and unifying the foreign exchange rates.

He said, “This government will continue to transform the fortunes of our nation and bring about unprecedented development through good governance. We are committed to sustainable initiatives and programmes that will stimulate the rejuvenation of the economy without causing inflation. The plans and ideas we have presented, underscore our confidence and ability to meet the challenges of the day and pave the way for a better future.”

NEC Proposes Palliatives for Workers, Vulnerable Groups

The National Economic Council (NEC) proposed palliatives for workers and vulnerable groups in the country, to cushion the dire effects of fuel subsidy removal. This was in line with Tinubu's directive a fortnight ago that the NEC should come up with palliatives to cushion the effect of fuel subsidy removal carried out upon his assumption of office on May 29.

Disclosing the outcome of the NEC meeting, Mohammed said the council considered recommendations from the National Salaries, Incomes and Wages Commission to pay N702 billion as cost of living allowance to civil servants as part of the intervention plans.

The Bauchi State governor also announced the setting up of a committee by NEC to work out, within two weeks, the modalities for organising and distributing the palliatives.

Mohammed, who was joined by four other governors, Dapo Abiodun (Ogun), Dikko Radda (Katsina), Alex Otti (Abia), and Yahaya Bello (Kogi), also stated that the interventions included a recommended sum, ranging from N23.5bn to N45bn per

month, as petroleum allowance for civil servants.

He explained that the council also discussed the possibility of obtaining funds from the World Bank and London partners to implement the programme of Compressed Natural Gas (CNG) for vehicles in the country as part of measures to bring down the price of fuel.

The governor stated, “Various scenarios were given by the presenter on the issue of national salaries, income and wages and this N702 billion plus was suggested as an allowance for the cost of living adjustment allowance by the organised labour and the other one is a petroleum allowance.

“The governor of Ogun has told you that there are other allowances here and there, but with regard to labour, these are some of the few allowances that they have suggested and that of petroleum, they said will range from N23.5 billion to n45 billion per month, depending on what is in the kitty for distribution or for sharing.

“So, the N702 billion is a suggested sum for labour to cushion the effect on workers on a new allowance that will be tagged cost of living adjustment allowance.”

Mohammed added that the council looked at all the issues, including, "The challenges and problems holistically and set up a small committee of council to review and come up with a term of reference to organised areas, specifically, where these palliatives can come and how it will be dispensed to alleviate the problem of workers and other vulnerable groups.

"Members of the committee are composed of governor of Kebbi as Chairman; Anambra, representing the South-east geo-political zone; governor of Benue, North-central; governor of Kaduna, North-west; my humble self, Bauchi, representing the North-east; governor Cross River, South-south; and Oyo State, South-west.

"Other relevant agencies were also included. They comprised of a budget office, representative of the CBN, representative of the Office of the Attorney General of the Federation, representative of NNPC, representative of TUC and NLC, and, of course, Rukayat El-Rufai, so that we can sit within two weeks to come up with

recommendation to NEC for a holistic decision that will be taken immediately to alleviate the problem that may be encountered by the removal of the subsidy."

The Bauchi State governor said the input of the committee on palliatives, set up by the previous administration and headed by former Vice President Yemi Osinbajo, would not be discarded but integrated into the on-going process.

Speaking, too, Abiodun disclosed that the oil sector, represented by the officials of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), made suggestions on how to reduce the price of petrol to the council.

According to the governor, DAPPMAN urged the government to reduce the taxes being collected by Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and other government agencies on petroleum products. He added that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, reported that the company noticed that with the subsidy removal, cost of fuel in the neighbouring countries had jumped up, and that those neighbouring countries had been relying on subsidised fuel from Nigeria.

Abiodun revealed that the NNPC boss suggested that Nigeria should begin to export fuel to its neighbours with less capacity to import the product.

He stated, “The GCEO of NNPC says the position of NNPC now, used to be in the active trade, actually trading petroleum products to the neighbouring countries, since they do not have the wherewithal to import petroleum products.

“We decided that we would have a sub-committee of NEC on oil and gas that will look at the issues that have been brought to the fore by the marketers, by the regulator, by NNPC to ensure that we harmonise, report back to NEC and if NEC adopts, it we will presented to Mr. President.”

The governor equally revealed that the price of petrol would drop by N40 when the local refineries begin to work at full capacity.

our constitutional responsibility as the Nigeria Police Force, to ensure that the above doesn’t hold sway on the Plateau.

“To this end, the Nigeria Police Force on the Plateau cannot sit down and watch things go wrong under our watch, hence the need to make this critical decision of sealing up the local government secretariats.

“The command, therefore, warns that it will not take it lightly with anyone, who tries to disrupt this

Governor Dikko Radda of Katsina State affirmed that government had approached the World Bank for more funds for the NG-Cares programme to mitigate the effect of subsidy removal.

According to Radda, “As you are aware, the NG-Cares Programme is a programme that started 2021, running up to 2024. And then, it’s to provide some emergency on palliatives, social needs on so many issues, ranging from small farmers holders, MSMEs and other interventions. It's $750 million from the World Bank, and it has commenced long time ago.

“And some of the recommendations that were made include the state cares platforms having strong capacity to handle the implementation of palliative to the new and existing poor and vulnerable individuals, household and farmers, local economy of operators in the country.

“Additional funding can be sourced from the federal government, World Bank, development partners, as well as Nigerian private sector. In specific, the World Bank can be approached for additional financing on NG-Cares programme. Discussion can start as soon as possible.

“So these are the recommendations that were made. And the economic council will pursue these recommendations for the benefit of the Nigerian vulnerable and the poor.”

Abia State Governor Alex Otti said NEC looked at the issue of providing legislative support to local automotive manufacturers following a presentation made to it by the National Automotive Design and Development Council.

While noting that the effect of subsidy removal had increased prices, he said the presentation dwelt on ways to solve the problem and reduce shock.

Otti stated that some of the local vehicle manufacturers had already gone into the production of CNG and electric automobiles, which could reduce the pressure on petrol, noting the need to support them through legislation.

He stated, “At the moment, about 50,000 jobs have been created by this simple action of either assembling vehicles in Nigeria or producing them in Nigeria. A great feat is that some of these companies have gone into

process or cause any confusion around the local government secretariats, as we will ensure that the law takes its full course on such persons.

“The CP commends the good people of Plateau State for their continued understanding and urges everyone to go about their lawful businesses as we all give peace a chance on the Plateau.”

Mutfwang, had last week suspended all council chairmen alongside the councilors, to pave way

the manufacturing or assembly of electric vehicles and vehicles powered by CNG – compressed natural gas.

“The impact of this is that the pressure on the price of petroleum products, particularly PMS, will be reduced the more we use electric vehicles and CNG powered vehicles. Some of the decisions that we have taken include that legislative support will need to be given to these companies that are doing great things in Nigeria.

“It is important to underscore the point that the former president had made a commitment that by 2060 that Nigeria would join countries that will eliminate fossil fuel powered vehicles and move to electric vehicles in pursuit of the net zero emission that some of the countries in Europe, America and Asia have signed on to.

“So, if that must happen, then we need to ramp up the production of electric vehicles and CNG vehicles. It is estimated that if we give legislative support to these companies that about a million jobs from the 50,000 jobs that exist in that industry would be created.

“It was also suggested that the funding that is required by most of these vehicle manufacturers and assemblers shall be made available to them so that we begin reduce the dependence on PMS and other fossil fuel powered vehicles.”

Governor Yahaya Bello of Kogi State disclosed that NEC also spoke on the need to alleviate the suffering caused by the 2022 flood disaster in the country through the timely release of funds as recommended by various committees.

Bello said NEC regretted the delay by many of the states affected by the disaster in forwarding their submissions to the secretariat.

While noting the position of NEC, Bello said, “The plight of victims of the unfortunate flood disaster across affected states of the federation could be alleviated if the much needed intervention from the federal government materialised without further delay.

“There is, therefore, the need to expedite release of funds to affected states as recommended by designated committees constituted by the federal

for investigations following allegations of financial misappropriation levelled against them by the state legislature. He later appointed interim management committees to run the affairs of the council areas. But the former council officials, who were all members of the All Progressives Congress (APC), had rejected their suspension, describing it as illegal, and vowed to hold to their positions.

government to that effect.

“This will go a long way in addressing the needs of the victims as well as offset debts incurred by some states to assist the victims.”

The governor stated that given the threat of flood this year, NEC resolved that all states should make a comprehensive submission by next week.

Tinubu Appoints Ribadu, Edun, Alake, Others Special Advisers

President Bola Tinubu, yesterday, appointed Nuhu Ribadu, Dele Alake, Wale Edun, and five others as Special Advisers, about two weeks after his inauguration as president.

A release by State House Director of Information, Mr Abiodun Oladunjoye, disclosed Tinubu’s approval of the appointment of the eight special advisers.

They included Mr. Dele Alake, Special Adviser, Special Duties, Communications and Strategy; Mr. Yau Darazo, Special Adviser, Political and Intergovernmental Affairs; Mr. Wale Edun, Special Adviser, Monetary Policies; and Mrs. Olu Verheijen, Special Adviser, Energy.

Others were Mr. Zachaeus Adedeji, Special Adviser, Revenue; Mr. Nuhu Ribadu, Special Adviser, Security; Mr. John Ugochukwu Uwajumogu, Special Adviser, Industry, Trade and Investment; and Dr (Mrs.) Salma Ibrahim Anas, Special Adviser, Health. The National Assembly had last week approved 20 special advisers for the president.

Tinubu Meets

Abdulsalami, Sanusi, Akande at State House President Bola Tinubu, yesterday, met with former Head of State, General Abdusalami Abubakar; deposed Emir of Kano, Lamido Sanusi; and former Osun State Governor, Chief Bisi Akande, at State House, Abuja. Speaking with newsmen after the meeting with the president, Abdulsalami called on Nigerians to embrace peace and support Tinubu's administration to succeed.

Governor of Enugu State, Dr. Peter Mbah (left) and the Vice President, Senator Kashim Shettima (right) discussing at the National Economic Council meeting at the State House, Abuja, on Thursday.

NETWORKING AND SHARING KNOWLEDGE…

L-R: Director General, Institute of Directors Nigeria (IoD Nigeria), Mr. Dele Alimi; immediate past President, IoD Nigeria, Chief Chris Okunowo; Keynote Speaker/ Chairman, IoD Nigeria Development Committee, Dr. Grant Akata; president, IoD Nigeria, Dr. Ije Jidenma; Chairman, IoD Nigeria Young Directors Forum (YDF), Mrs. Folasade Akinmusire; past President, IoD Nigeria, Alhaji Rufai Mohammed, and Vice Chairman, IoD Nigeria YDF, Mr. Eyo Eyo, during the Networking and Knowledge Sharing Session in Lagos...recently ETOP UKUTT

Ondo Community Protests Incessant Killings by Suspected Herdsmen

Fidelis David in Akure

Residents of Ijagba community, in Ose Local Government Area of Ondo State, yesterday protested the unending criminal activities of suspected herdsmen in their community.

According to the community, the incessant attack, kidnapping and killings of residents by suspected herdsmen, was becoming unbearable, saying communities in the area are now under the

siege of terrorists.

The Prime Minister of Ijagba community, High Chief Sunday Ogoh, who spoke with journalists on behalf of the community in Akure the state capital said: “We came here to inform the whole world what is happening in our local government area most especially at Ijagba community, for the past two years. We have not been having peace of mind in our community with a lot of kidnapping, killings, burning of

House to Investigate $9bn Revenue Loss to Gas Flaring

Udora

The House of Representatives has resolved to set up an ad-hoc committee to investigate the alleged $9.05 billion revenue loss from gas flaring activities in the country in the last decade.

The lawmakers urged NOSDRA to within two weeks, provide the House with specified information on companies involved in flaring to include amount flared and penalty cost

in the last decade for both local and international oil companies (IOCs) so that outstanding debts are fully recovered. They also urged key and relevant government agencies of the petroleum sector, the NNPCL, NOSDRA, which are under the Ministry of Environment, and NERC under the Ministry of Power, to avoid working in silos and strengthen synergy to produce a practical and unified multi-level governance.

Police Arraign 72-year-old Man over Alleged N72m Fraud

Wale Igbintade

Police Special Fraud Unit (PSFU), Ikoyi, Lagos, yesterday arraigned a 72-year-old businessman, Mr. Sonny Allison, before Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, for an alleged N72 million fraud and issuance of dud cheques.

The businessman was arraigned alongside his company, Global Mercantile and Corporate Logistics Limited (GMC).

The prosecutor, Mr. Elliott O. Ejie, told the court that the

defendant alongside his company fraudulently obtained the sum of N72 million, from a company, Sthenic Capital Management Limited, by false pretense of using the money to execute a contract, which he had gotten an approved Local Purchase Order (L.P.O) for.

The police also accused the businessman of converting the said sum to his personal use, instead of using it for the purpose he obtained it for.

The prosecutor told the court that the defendant committed the offences in May, 2021.

Man Electrocuted While Cutting Transformer Cable in Lokoja

Ibrahim Oyewale in Lokoja

A middle age man was electrocuted while trying to disconnect a transformer cable belonging to the Abuja Electricity Distribution Company (AEDC), in the early hours of yesterday in Lokoja, Kogi State.

THISDAY reliably gathered that the incident occurred at Paparanda Square, Lokoja, around 2 .00 a.m.

An eyewitness account, who pleaded anonymity, explained that the vandal was cutting the

our houses, farm lands by these Fulani herdsmen that had been terrorising the community.

“Just three days ago, we lost one of our illustrious son by name Ohiremen Isaac Odeh while the

son too, named Solomon Isaac Odeh, was also attacked on their way to the farm. Apart from that, in that area, we also lost one of our former Chairman Mr. Bola Adelegbe.

“In search for the victims in the bush it was discovered that Mr. Ohiremen Isaac Odeh was killed by the abductors, while his lifeless body was found after trekking some kilometers in the

bush. Same day, the remains of Mr. Ohiremen Isaac Odeh has been deposited in the mortuary, while a ransom of N400,000 was paid to the abductors to release his son.

18,088 Results Uploaded Unto IReV Were Blurred, Obi’s Witness Tells Court

Alex Enumah in Abuja

Prof. Eric Ofoedu, a Mathematics Professor and witness of the candidate of the Labour Party (LP) in the last election, Mr Peter Obi, yesterday, told the Presidential Election Petition Court (PREPEC),

that over 18,088 result sheets uploaded unto the Independent National Electoral Commission (INEC’s) Result Viewing (IReV) portal were blurred. Ofoedu, a Professor of Mathematics at the Nnamdi Azikiwe University, Awka,

Anambra State, and fourth witness to testify in the petition of Obi and LP against the election of President Bola Tinubu, said he discovered the above fact at the end of his investigation and analysis of the February 25 presidential results uploaded on the IReV portal.

Amongst the states he claimed his investigation and analysis were centred on were Rivers and Benue. However, as it has been since the beginning of the hearing, all respondents objected to the witness as well as the exhibits tendered through him.

Nasarawa Guber: Group Decries Opposition’s Media Trial

Igbawase

Ukumba in Lafia

A group, Nasarawa for Peace Initiative (NPI), yesterday decried the continued resort to media trial by opposition elements in the state to vent their anger over their loss in the last governorship election in Nasarawa State.

The group therefore, describe the move by the opposition elements in the state as provocative and undemocratic.

In a statement signed by the President of NPI, Abdulkareem Anas Abimuku, the group condemned what it referred to as “media trial” of a matter

which was already before the Governorship Election Petition Tribunal sitting in Lafia, the Nasarawa State capital.

They specifically referred to a story which led the front page of a national daily of June 15, 2023, with the title: “Nasarawa Guber Manipulated”, attributed

to a group under the aegis of the CivicHive.

The story quoted alleged discrepancies in the result of the governorship election uploaded by the Independent National Electoral Commission (INEC) on its server and those the commission declared.

Kano Requests Medical Intervention from Kingdom of Saudi Arabia

The Kano state government has formally requested the Kingdom of Saudi Arabia to establish a medical centre in the state, aiming to boost healthcare services in the region.

Governor Abba Kabir Yusuf made the request during a dinner ceremony held to mark the successful conclusion of the ‘Cardiac Programme for Adults,’ which was sponsored by the King Salman Humanitarian Aid and Relief Centre.

The initiative, led by the King Salman Volunteering team, in collaboration with the Islamic World League and other medical volunteers, conducted a series of free cardiac surgeries for 12 patients in Kano state.

Representing the governor

at the event, Deputy Governor, Comrade Aminu Abdussalam Gwarzo, emphasised that a fully equipped medical centre would not only benefit Kano state and Nigeria as a whole but also extend medical services to neighboring countries.

Former ALGON Chairman Calls for Establishment of Ministry of Men Affairs

Gbenga Sodeinde inAdoEkiti

Government at all levels in Nigeria have been called upon to create a Ministry of Men and Boys Affairs that would address the various issues affecting the male population.

This call was made by a public relations expert and former Ekiti

State ALGON Chairman, Mr. Toba Daramola, who said that this is necessary because men and boys in the country are being neglected without proper attention and care.

Daramola was speaking in Ado Ekiti, the Ekiti State capital, at the 2nd Lecture series of Toba Adaramola Foundation with the theme “21st

Century Gender Challenges.”

Papers were presented at the event by a Professor of Sociology at the Ekiti State University (EKSU), Prof. Christopher Oluwadare; the President of Ekiti State Customary Court of Appeal, Justice Monisade Abodunde and former EKSU Registrar, Dr. Omojola Awosusi.

Daramola said: “All government activities are geared towards girl child gender equality, nobody is talking about the men and they will say what you don’t value will eventually become a problem for you. Okay their attention to the girl child going to school but no attention is given to the boy child.

transformer cable when suddenly the electricity supply was restored to the area.

The eyewitness, who spoke to journalist at the scene, claimed that the victim was an indigene of Lokoja, and that his name is Alfa Olukuluku Kabiru, from Angwan-Masara Street. An AEDC’s senior staff, who was at the scene, but did not want his name in print said that “this is why we always appeal to our consumers to always protect their transformers.

British

High Commission to

Blessing IbungeinPortHarcourt

The British High Commission in Nigeria has declared plans to partner the Rivers State Government to ensure the economic growth of the state.

The British Deputy High Commissioner in Lagos, Mr. Ben

Segun Awofadeji inBauchi

Bauchi State Governor, Senator Bala Mohammed, has expressed the readiness of his administration to partner the Nigeria Correctional Service (NCS) to decongest the various correctional centres in the state.

Llewellyn-Jones, who disclosed this, said the partnership would be done through diverse business investment and wealth-creation initiatives.

Llewellyn-Jones stated this when he led a delegation of the British High Commission from Lagos on a visit to the Governor of Rivers State, Siminalayi Fubara,

This is as the governor promised to strive hard to address fake and counterfeit drugs in the state in order to reduce addiction and abuse among youths across the state.

The governor made the disclosure yesterday when he received in audience, the newly posted Zonal

at the Government House in Port Harcourt.

He said the meeting with the governor was to intimate him of the planned expansion of business development and investment opportunities by British companies.

The aim, according to LlewellynJones, was “to improve basic public

Coordinator in charge of the Zone C, Nigerian Correctional Service, Mr. Yahaya Adamu Sambo, at the Government House, Bauchi.

Governor Mohammed stressed the need to make the centers truly correctional as its name implied so that all the inmates would come out

services, enhance security, create job opportunities and help the economy to grow.”

The British Deputy High Commissioner added that the initiative was also to foster a better and stronger diplomatic relationship between the United Kingdom and Nigeria.

Partner Rivers to Boost State Economy Bauchi, NCS, NDLEA to Partner to Decongest Correctional Centres, Tackle Drug Abuse

better and reformed after serving their various terms.

He then assured that his administration would continue to support the correctional service in its efforts to make lives of the inmates better through improved facilities and other things needed.

Orizu in Abuja

Ibrahim Shuaibu in Kano

Remove INEC Chairman from Office, Agbakoba Urges Tinubu

A former President of the Nigerian Bar Association (NBA), Mr. Olisa Agbakoba, has advised President Bola Ahmed Tinubu to sack the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu.

He said this yesterday, in a statement while congratulating Tinubu for suspending the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and the Chairman of Economic, Financial Crime Commission (EFCC), Abdurasheed Bawa, fuel subsidy and foreign exchange corruption.

On June 9, Tinubu suspended Emefiele as CBN governor and directed him to transfer his responsibilities to the deputy governor, operations directorate.

In a similar move, the president on Wednesday suspended Bawa following “weighty allegations of abuse of office against him”.

In less than three weeks upon inauguration as president, Tinubu has embarked on a number of reforms including the unification of foreign exchange, signing of the Students Loan Act and Data Protection Act.

According to Agbakoba, after dismantling CBN, EFCC, fuel

Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com

subsidy and others, the next thing ought to be INEC.

The former NBA president said with Tinubu’s actions, endemic corruption has suffered a massive blow.

He added that the next move the president should make was to dismantle INEC, with the commission’s chairman forcefully removed or asked to tender his resignation.

“Full congratulations go to President Tinubu for getting rid of Emefiele and Bawa, fuel subsidy, and forex corruption. Endemic corruption has suffered a massive blow.

2023 UTME: JAMB Pays N1.5bn to CBT Centres

Kuni Tyessi in Abuja

The Joint Admissions and Matriculation Board (JAMB) has paid a total sum of N1,478,416,000.00 to owners of non-JAMB Computer-based Test (CBT) centres nationwide for services they rendered during the 2023 Unified Tertiary Matriculation Examination (UTME).

This is contained in a statement issued by the Director, Public Affairs and Protocol of the Board, Dr. Fabian Benjamin, and made available to journalists in Abuja yesterday.

Benjamin said the figure was less N59, 585, 000, which was part of the approved sum meant for JAMB-owned CBT centres. He said it was only proper to promptly settle obligations as and when due in order to promote and sustain a cordial working relationship with partners who discharged

CHANGE OF NAME

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10 Good Deeds to Do on the First 10 Days of Dhul Hijjah

By: Wendy Díaz/SoundCity

The month of Dhul Hijjah is upon us, a great opportunity to rack up some good deeds. For those of us who are not embarking on the ultimate journey of Hajj – a once-in-a-lifetime pilgrimage to Mecca – the first ten days of Dhul Hijjah mean engaging in extra acts of worship to commemorate this important pillar of Islam.

The Prophet Muhammad, peace and blessings be upon him, said:

“No good deeds are better than what is done in these first ten days of Dhul Hijjah.” (Sahih Bukhari)

With so many ways to engage in random acts of kindness, the possibilities are truly endless. However, we can help you jumpstart your plans for these blessed days with some thoughtful ideas (and the ahadith to support them).

their duties creditably.

According to him, “It is to be noted that most of the centres used for the examination are not JAMB-owned while some are ICT facilities of tertiary institutions. This symbiotic relationship between the Board and the privatelyowned CBT centres and others is collaborative in nature and is

designed to ensure better quality service delivery and inclusiveness.

“The Board is proud to announce that all centres owners who rendered quality service during the justconcluded examination had been appropriately commended for a job well done and paid accordingly.”

Experts Counsel Youths on Right Choices, Sustainable Development

Sunday Okobi

Experts in several fields of human endeavours have counseled Nigerian youths to make the right choices and embrace initiatives that will enable them to fulfill their destiny and ensure the sustainable development of the country.

They averred that the kinds of choices they make as young adults would go a long way to determine how far they can go in attaining their ambitions in life.

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These experts included the Managing Director and Chief Operating Officer (COO), MDXi Data Centres, Main One, Mr. Gbenga Adegbiji; the Senior Partner, Versatile Real Sector, Mrs. Abayomi Olarinmoye; and a chartered accountant and partner at PWC, Mr. Olugbenga Adepetu.

They spoke recently at the career development conference tagged: ‘Evolve, new directions fresh perspectives’, organised by the Redeemed Christians Church of God (RCCG), Lagos Province 2, Israel Assembly, Ikeja. The conference was organized under the auspices of the Ambassadors, Young Adults and Youth Affairs.

While Adegbiji spoke on ‘How to Navigate Yourself to Relevance’, Olarinmoye’s paper dwelt on ‘Building Resilience in an Ever-Changing World’. On his part, Adepetu in his paper presentation spoke on ‘Partnering God’.

Police Arrest 23 in Benue Communal Clash

George Okoh inMakurdi

The Benue State Police Command has arrested 23 people over the crises that broke out between the people of Oju and Iblila in the state.

The state Police Public Relation Officer (PPRO), DSP Catherine Anene, made the disclosure yesterday while briefing journalists in Makurdi.

Anene said the 23 arrested persons were caught at the spot destroying property in the affected areas. She, however, disclosed that normalcy has returned to the area adding that those involved in the crises will be charged to court.

The PPRO added that the state Commissioner of Police, Mr. Julius Okoro, has warned against further crises by people in the area.

Meanwhile, the people of Oju clan have said they are not against the location of the University of Applied Sciences and Technology (UNAST) on the land earmarked for its permanent site.

Here is a list of ten good deeds that you and/or your child(ren) can perform over the course of the first ten days of Dhul Hijjah. (Do them all together and you will have certainly leveled up during these blessed days, insha’Allah!)

1. Perform extra acts of worship.

Worshipping Allah is the ultimate good deed and our purpose in life. The first ten days of Dhul Hijjah can be the perfect time to reconnect with our Creator and charge our iman batteries. Perform additional acts of worship such as adding extra Sunnah and nawafil (voluntary) prayers to your schedule, reciting dhikr frequently, reading more Quran, giving charity, or fasting.

The Prophet, peace and blessings be upon him, said: “There are no days greater in the sight of Allah and in which righteous deeds are more beloved to Him than these ten days. So, during this time, recite a great deal of tahlil (saying La ilaha illa-Allah or there is no god but Allah), takbir (saying Allahu akbar or God is great) and tahmeed (saying Alhamdulillah or all praise is for Allah).”

(Ahmad)

He also recommended fasting as much as possible during the first days of Dhul Hijjah, except on the tenth day, which is Eid-al-Adha. The Prophet, peace and blessings be upon him, was asked about fasting the day of Arafat (the 9th) and he said: “It will expiate the sins of the previous and upcoming years.” (Sahih Muslim)

2.

Visit the sick

Visit local hospitals, nursing homes, or individuals who are ill and offer them company, support, and encouragement. There are countless blessings in visiting a sick person, both for the one who is suffering and for his/her visitor. The benefits for the person who is afflicted with illness are getting much-needed emotional support, a boost in their morale, and a sense of community and compassion. As for the one who visits, there are many hadith that outline the rewards reserved for that person including the following:

The Prophet, peace and blessings be upon him, said:

“Whoever visits a sick person or visits his brother for the sake of Allah, a heavenly caller will announce: May you be blessed, may your walking be blessed, and may you dwell in a residence of Paradise!” (Sunan al-Tirmidhi)

It should be noted that visiting the sick is not limited to only fellow Muslims. Many Muslim families have non-Muslim relatives, neighbors, and friends who may be suffering from an illness. The Prophet, peace and blessings be upon him, was known to visit sick individuals who were not Muslim at the time. Showing them our support is a great way to teach them about the compassionate nature of Islamic principles and manners.

The close companion of the Prophet Muhammad, Anas ibn Malik, may Allah be pleased with him, reported:

“A young Jewish boy used to serve the Prophet and he became sick, so the Prophet went to visit him. The Prophet sat near his head and asked him to embrace Islam. The boy looked at his father, who was sitting next to him. The father said, ‘Obey Abu al-Qasim,’ and so the boy embraced Islam. The Prophet, peace and blessings be upon him, came out saying, ‘All praise is due to Allah, who has saved the boy from Hellfire.’”

(Sahih Bukhari)

3. Send gifts to family members.

Surprise your family members with thoughtful gifts or gestures to express your love and appreciation. Even a card or phone call can go a long way to make someone’s day better. This kind of good deed is a win-win for everyone. Exchanging gifts strengthens family bonds, creates joy and happiness, and fosters a sense of gratitude within the family. The Prophet, peace and blessings be upon him, said:

“Give each other gifts and you will love each other.”

(Al-Adab al-Mufrad)

4. Provide cold drinks to outdoor workers.

Working outdoors in the summer can cause serious health concerns like heat stroke and dehydration. Offer cold drinks or refreshments to outdoor workers, such as construction workers, waste management staff, professional landscapers, or gardeners, during hot weather. Some workers may not be able to accept open cups, so offer refrigerated or frozen prepackaged bottled water, juice, or sports drinks instead. Through this simple act of kindness, you can show public servants empathy, help them stay hydrated,

and acknowledge their hard work.

Umar ibn al-Khattab reported:

The Messenger of Allah, peace and blessings be upon him, was asked, “Which deeds are best? The Prophet said: ‘To bring happiness to a believer, to satisfy his hunger, to clothe his nakedness, or to fulfill his needs.’” (Al Mujam al-Aswat)

5. Make someone smile.

Something as simple as making someone smile is a wonderful and easy way to accumulate good deeds during these blessed ten days. A companion named Jarir ibn Abdullah, may Allah be pleased with him said:

“The Messenger of Allah, peace and blessings be upon him, never avoided me ever since I embraced Islam. I would never see him but with a smile on his face.”

(Sahih Muslim)

Prophet Muhammad, peace and blessings be upon him, would go out of his way to smile and make others smile.

Abu Huraira reported that it was said to him:

“O Messenger of Allah, do you joke with us? The Messenger of Allah, peace and blessings be upon him, said: Verily, I do not say anything but the truth.’” (Al-Tirmidhi)

6. Help with chores in the house.

Family life is all about teamwork and every single family member should contribute to keeping the house tidy and clean. Assisting family members or even friends with household chores like cleaning, organizing, washing clothes, and cooking can help lighten the burden of housework and foster a spirit of cooperation. The first ten days of Dhul Hijjah, when good deeds are worth even more than usual, is the perfect time to be a good helper.

The Prophet Muhammad, peace and blessings be upon him, was no ordinary man. He was a Messenger of Allah, a spiritual guide, a political leader, an avid worshipper, and a teacher. However, he was also a dedicated father, husband, and provider to his family. Despite his unimaginably busy schedule, he still set aside time to help around the house. Aisha, the wife of the Prophet, reported:

“The Prophet would do chores for his family, and he would go out when it was time for prayer.” (Sahih Bukhari)

7. Be an extra good neighbor.

One of the defining characteristics of a believer is their commitment to being a compassionate and supportive neighbor. Hence, neighborly good deeds are especially rewarding. The Prophet, peace and blessings be upon him, said:

“Whoever believes in Allah and the Last Day, let him honor his neighbor.” (Sahih Muslim) We may offer to cut the grass, water a garden, or perform yard work for an elderly neighbor or someone who might be physically unable to do it themselves. The benefits of these neighborly deeds include providing practical assistance, promoting a sense of community, and enhancing neighborhood connections.

The Prophet, peace and blessings be upon him, also said:

“The believer is friendly and befriended, for there is no goodness in one who is neither friendly, nor befriended. The best of people are those who are most beneficial to people.” (Al Mujam al-Aswat)

8. Organize a story time and read to children. Want to earn the reward of Hajj? Organize the story time in the masjid! Teaching in the House of Allah guarantees a huge reward. The Prophet, peace and blessings be upon him, said:

“Whoever leaves for the mosque in the morning, for no reason but to learn goodness or teach others, he will have a reward as if he has completed the Hajj pilgrimage.” (Al-Mujam al-Kabir)

9. Prepare and Distribute meals to the poor. Prepare nutritious meals and distribute them to homeless shelters, soup kitchens, or individuals in need. There is so much reward in helping the poor; we can contribute to combating hunger in our communities, provide hope and support to those facing difficult circumstances, and teach our children about empathy and selflessness.

A companion named Abu Shurayh, may Allah be pleased with him reported:

“He asked the Prophet, peace and blessings be upon him, ‘O Messenger of Allah, tell me something that will guarantee Paradise for me.’ The Prophet said, ‘Speak kind words, offer peace, and feed the hungry.’” (Sahih Ibn Hibban)

10. Donate toys and clothing. Always be generous with your wealth, food, and property, and set an excellent example for the family.

This was also the advice of the Prophet, peace and blessings be upon him, who advised not to withhold or delay giving out of greed. Abu Huraira, may Allah be pleased with him, reported:

“A man came to the Prophet and he said, ‘O Messenger of Allah, which charity has the greatest reward?’ The Prophet, peace and blessings be upon him, responded: ‘That you give charity while you are healthy, greedy, fearing poverty, and hoping to be rich. Do not delay giving until you are on your deathbed, then say it is for such a person. It already belongs to that person.’” (Sahih Bukhari and Muslim)

Victor Osimhen is Most Valuable Player in Italy, Fifth in the World

Okocha tells the Nigerian player to move elsewhere as Garcia takes over from Spalletti

Femi Solaja

Nigeria and Napoli forward, Victor Osimhen, is now the most valuable player in Italian Serie A and fifth most expensive star in the world. According to the latest Transfer Markt valuations, Osimhen possible price tag is now 120 Million Euros, which breaks the previous record of 110 Million Euros placed on Paulo Dybala in 2018.

The Super Eagles striker’s value soared by a hefty 20 Million Euros after he led Napoli to win the Italian Scudetto after 33 years and a quarter final finish in the UEFA Champions League this past season.

“The recent increase, which is the third this season, as well as the record, are the result of an excellent season by the best striker in Serie A,” Transfermarkt Area Manager Italy, Jatin Dietl, revealed yesterday.

“His new valuation is also a reflection of the current transfer market because at the moment, we are seeing that Erling Haaland’s impact has created a strong market for top strikers, especially those with attributes that Osimhen is showing regularly: a strong will and mentality, the ability to be dynamic, physical and assertive as well as showing technical attributes at top speed.

“Those kinds of players will command significant transfer fees this summer. We are not just seeing that with Osimhen, who Napoli President, Aurelio de Laurentiis, despite interest from England, France, or recently from the Bundesliga, doesn’t want to sell.”

Meanwhile, a former Captain of the Super Eagles, Austin Jay Jay Okocha, has advised Osimhen to make the best of his valuation and move to another club, now.

Former AS Roma and Al Nassr manager, Rudi Garcia, was yesterday announced as the new head coach of Napoli, replacing Luciano Spalletti. Garcia’s immediate task will be to build upon Napoli’s recent successes and defend their Serie A crown in the upcoming season.

Apart from seven-time Ballon D’Or winner and Argentina’s World Cup winning Captain, Lionel Messi, who recently switched to

Inter Miami in USA, Osimhen is the next most sorted footballer in the forthcoming transfer window.

Osimhen is presently in Lagos with Super Eagles training camp ahead of AFCON 2023 qualifying match against Sierra Leone in Monrovia this weekend.

Okocha told THISDAY recently that after the recent brilliant form, Osimhen needs to cash out now rather than wait till when his contract will run out.

“He has set a new record in Napoli and there is a tendency of diminishing return in the subsequent years depending on the length of mega offer the club wants to offer him. But it is his interest not to look the other way

Top clubs like Manchester United, Arsenal and lately, Chelsea are among wanting signing the gangling striker in spite of $160m cap placed on him.

“What mark again does he want to set again in Italy after leading Napoli to win the Serie A title for the first time in over two decades? He was the highest goal scorer and even beat legendary George Weah goal record in a season in style.

“Osimhen should now allow the emotion of cult hero statures in Naples to truncate his blossom career knowing fully well that the life span of a footballer is very short and it would be nice of him to take any of the offers now because they may never come again.

“He is a hard-working footballer and it is very nice to eat very well the fruit of his labour,” Okocha pointed out.

With the club’s coach, Luciano Spalletti, already on sabbatical, there are strong indications that some of the players aside Osimhen may opt out for other leagues.

But for now, Napoli had increased its salary cap in a bid to retain the Nigerian striker. The club values the Nigerian international at a staggering €160 million, indicating their intention to resist any attempts to lure away their prized asset.

Napoli’s desire to retain Osimhen stems from their aspirations to defend their Scudetto title and mount a strong challenge in the Champions League next season.

Victor Osimhen....Most Valuable Player in Italy told to move elsewhere

AFCON 2023: Nigerian Breweries Brand Charge S’Eagles for Early Qualification

After propelling the Super Eagles to an away win in their last outing against Guinea-Bissau, three powerful brands from the stable of Nigerian Breweries Goldberg, Life Continental and ZAGG Energy Drink are back again to drive the national team to another glorious outing in the AFCON 2023 qualification series.

team's performance so far in the qualifiers and we believe that they have what it takes to qualify for the AFCON even before many other countries also aspiring to be in Côte d’Ivoire."

off in Abuja last year.

In the qualifiers for the last AFCON 2021 in Cameroon, Sierra Leone came back from 4-0 in Benin City to equalised 4-4. The reverse fixture ended in a draw in Freetown.

the highest goal scorer in the Serie A this just-concluded season, Victor Osimhen and the African MVP in the LaLiga, Samuel Chukwueze.

AC Milan Join Race for Chukwueze’s Signature

According to soccernet.com, the Nigerian international has been generating significant interest from top clubs across Europe, with Milan currently leading the race for his services.

During a recent episode of the Calciomercato – L’Originale show, Gianluca Di Marzio, renowned for his insights into the transfer market, provided updates on Milan’s pursuit of Chukwueze.

According to Di Marzio, Milan held a two-hour meeting with the Nigerian winger’s representatives at Casa Milan, the club’s headquarters.

The discussion was primarily centered around understanding Chukwueze’s salary expectations, paving the way for negotiations with Villarreal in the near future.

Geoffrey Moncada, the newly appointed technical decision-maker for player acquisitions, represented Milan in the meeting.

Meanwhile, Liverpool are also reportedly interested in acquiring Chukwueze.

The Anfield giants, along with Real Madrid, Arsenal, West Ham, Aston Villa, and several others, remain attentive to the winger’s situation.

After an impressive season with Villarreal, Chukwueze’s contract now enters its final year, making him an attractive target for potential suitors.

Chukwueze has been an integral part of Villarreal since 2018, amassing an impressive record of 24 goal involvements in 50 matches this season, including 13 goals and 11 assists.

With his contract expiring in the summer of 2024, Villarreal might be inclined to let the 24-year-old depart this summer.

However, any prospective club seeking to secure Chukwueze’s services must present a financially enticing offer.

However, amid the transfer rumours, Villarreal President Fernando Roig Alfonso has maintained that there have been no concrete offers for Samuel Chukuweze. He also dismissed any knowledge of Real Madrid’s reported interest in the Nigerian winger.

With Goldberg, Life Continental and ZAGG Energy Drink solidly behind them, the Super Eagles are seeking a grand return to the Africa Cup of Nations and they will be gunning for an early qualification when they take on the Leone Stars of Sierra Leone in one of the Match-day 5 fixtures on Sunday, June 18, 2023.

The Super Eagles were toppled from the top of the table by Guinea-Bissau who defeated São Tomé & Principe to move up to 10 points, one point above Nigeria. The Jose Peseiro’s ward need just a draw from Sunday’s clash with Sierra Leone to qualify for AFCON 2023 with a game to spare.

The Portfolio Manager –Mainstream Brands, NB Plc., Ita Bassey, while commending the Super Eagles for a job well done so far, tasked them to finish off the assignment in Monrovia even before their last game in September.

He said: "We are confident that the Super Eagles will do the nation proud in Monrovia. We have been impressed with the

The Super Eagles are aware the Leone Stars are a stubborn team as they needed to come from behind before securing a 2-1 win when both teams faced

Now going against an even more desperate Sierra Leonian side, Coach Peseiro has rightly named a strong side that includes

Indeed, many are confident the Super Eagles will deliver on the result needed especially with the support coming from the powerful Nigerian Breweries brands, Goldberg, Life Continental and ZAGG Energy Drink. Serie A giants, AC Milan, have set their sights on Villarreal’s talented winger, Samuel Chukwueze, as they actively pursue his signature.

SO Nigeria to Implement Unified Champion School Programme

Special Olympics Nigeria (SO Nigeria) has been recognised for its excellence in programme delivery among people with intellectual disabilities.

As a result, the organization has been chosen as one of several Special Olympics programmes worldwide to implement the Special Olympics Unified Champion School (UCS) Programme.

The Special Olympics Unified Champion School programme is a transformative strategy that aims to activate youth, engage educators, and foster inclusive school communities. By uniting students with and without intellectual disabilities, the programme promotes meaningful social inclusion through three interconnected components: Special Olympics unified sports®, inclusive youth leadership, and whole school

engagement.

The UCS programme's central focus is to unify all students, irrespective of their abilities, using sports and youth engagement as catalysts for promoting social inclusion and fostering positive attitudes and behavioural change.

Special Olympics Nigeria recently kicked off the implementation of the Unified Champion School programme with a training session for volunteer coaches held at the National Orthopaedic Special School in Igbobi, Lagos State.

“We had several volunteers who participated in the training, where they were equipped with the principles and implementation techniques of the Unified Champion School initiative.

“The training was facilitated by highly experienced internationally

trained master trainers and staff of SO Nigeria. We had the opportunity of having some of the African Regional Management team in attendance. The implementation of the programme in special schools across Lagos State has already commenced,” observed Special Olympic Nigeria in a statement. The Unified Champion School programme, officially launched in January 2023, will run until July 2024. It will be implemented in at least 20 special and inclusive schools across Nigeria, and we hope to reach two thousand (2000) people with and without intellectual disabilities. The programme will specifically focus on the southwest states of Lagos, Ogun, and Oyo, as well as the Federal Capital Territory (FCT), Abuja in the north central region of Nigeria.

CSO to President Tinubu

“It is time to go for competence, character and pedigree. Nigeria is already at the precipice and we cannot afford to toy with its destiny any further. Our note of caution to the President is against the backdrop of the purported plans to pressure him into appointing people who were found to have abused their offices in the past. There are reports that there are plans to impose certain persons whose track records are tainted on the President for appointment into his cabinet” –Executive Director, Centre for Leadership Legacy Int’l (Centre LLI), Yakubu Idris, admonishing the President to beware of questionable characters in his cabinet.

SAM AMADI

GUEST COLUMNIST

Subsidy Removal and Its Discontents

The sudden but predicted removal of fuel subsidy has sparked some fireworks and a lot of incoherence about the Nigerian economy and its sociopolitical currents. In the matter of subsidy, I suspect that there is as much consensus as confusion. The major presidential candidates all committed to removing fuel subsidy, although with different nuances about what comes before and after. Notably, Mr. Peter Obi, the presidential candidate of the Labour Party, promised to first establish the exact amount of consumption as to establish the volumetric impact of subsidy. He would then reduce it by 50% at the first instance with simultaneous mitigators. President Ahmed Bola Tinubu promised swift removal of subsidy and reinvestment of the savings in infrastructure. Atiku’s plan is not very different from the two. But none of them has a coherent plan about how the manner of removal of subsidy entails any of the strategic objectives they intend to achieve in the economy. Now, think about it. Nigeria has the lowest minimum wage in the world, or at least any of its comparable countries. Let us take a few examples. Pakistani is a comparable country to Nigeria in terms of population, diversities, and economic development. Its minimum wage is $111. South Africa has a minimum wage of $226, while Saudi Arabia has $958. Minimum wage in neighboring Chad is $108.2. War-torn DRC has a minimum way of $92.47. Nigeria’s minimum wage is $68, the lowest in the World. Besides, Nigeria is one of the poorest countries in the world with an estimated 80-90m very poor citizens. The recent NBS estimates report that 143m Nigerians are multidimensionally poor. The current unemployment is about 33.4%. The concern should be how proper pricing of an essential product like premium motor spirit (PMS) would impact on the livelihood and wellbeing of majority of these citizens.

In the context of pervasive poverty, any serious economic plan must relate actions like removal of subsidy to managing poverty. The sad part is that poverty is self-perpetuating. It does not reduce itself except when there is an effective policy response. So, the reasonable prediction is that unless something drastic is done, poverty will continue to increase. The minimum you would expect from a serious economic plan in Nigeria on removing subsidy should be that it argues how the removal will reduce poverty, or at least not worsen it. The only policy response of the Buhari administration was a proposed N5,000 one off cash transfer to about 40milion households.

The intersection of the economics of subsidy removal and the economics of poverty reduction in Nigeria frames the fight over subsidy removal. The two broad camps opposing each other on the wisdom of the abrupt and complete removal of fuel subsidy are looking through two different lenses: efficiency and equity. The efficiency camp focuses on the balance sheet of government. Subsidy creates a big hole there and contributes to fiscal bankruptcy of the federal government. When a government spends double the amount it budgets for education and health to subsidize a product used mostly by rich citizens who can afford to pay for their use, then the provision of such goods or services is patently inefficient. Twentieth-century economics rates high the idea of market efficiency based on the theories of Kenneth Arrow and Gerard Debreu. That theory holds that a market can be competitive and efficient (under some assumptions) at the right prices that converge all subjective preferences. At this price, the demand matches supply. The free market requires flexible prices that reflect the equilibrium

points where supply equals demand. We know that in the real world, markets are rarely perfect and fully competitive because of both externalities and asymmetries.

The concern for efficiency in the consumption of PMS is two-fold. First, efficient pricing will stop the federal government from paying for PMS and reduce the public sector borrowing requirement for a heavily indebted, low revenue country like Nigeria, that spent 78% of its revenue in 2022 servicing debts. In the past, the NNPC would pay the difference between market prices and actual costs. This created room for serious fraud. Today, NNPC imports the PMS and sells to marketers at costs and mark-up. The landing costs which NPPC incurs on behalf of the government constitute the ‘subsidy payment’. What matters for government in the subsidy case is that market for PMS will now be one that consumers pay for what they consume. This is cost-efficiency. The second value of price efficiency is that people will make efficient use of the product, consuming when they need it and can afford it, and forbearing when they don’t need it and can forbear. If the price equals costs, there would be no need to subsidize the supply and no incentive to smuggle the product through the borders because there is no significant price differential.

Nigerian porous requires policing. But it is cheaper to achieve the same objective through pricing. In this case, the price in-state is the same or close to the same as the price out-state. How much will government save if it allows the price of PMS to equal the cost at any time? It estimates that it could save about N10trillion annually. The argument is that the saving will go into building infrastructure, which will drive up growth and improve welfare.

The efficiency logic goes together with the argument about the proper role of government. Public sector economics believes that a state properly plays three roles in a society: allocative, distributive and stabilization roles. The allocative role of the state prescribes efficiency, which requires that the state allocates resources to where it is most efficiently utilized. Proper pricing is one mechanism of attaining allocative efficiency. The distributive role relates to concern about what is happening to the wellbeing of citizens. The official orthodoxy of the Washington Consensus used to be that ‘a rising tide lifts all the boats’. In the subsidy debate, it translates to saying

‘we recognize that the removal of subsidy will cause hardship to many. But don’t worry, trust us. Once we invest the savings into infrastructure there will be good life for all’. But the thing though is that the return of investment in infrastructure for citizens will not correlate to ending their suffering, even in the long term. In the short term, investing in infrastructure will not mitigate the extreme hardship that the poor and vulnerable citizens will suffer. A rising tide does not lift all boats. Who get lifted depends on the nature of the current, what the boat is made of and how it is steered. Whereas government will focus on efficiency rather than equity, the labour movement and associated groups pick up the equity lens. The state overriding obligation for the security and wellbeing of the people commits it to more than efficiency considerations. In fact, efficiency must be coupled with equity. The mistake of the subsidy debate is to assume that the existence of subsidy as an equity issue dispenses with efficiency from an economic perspective. As the first African Noble Laureate in Economics, W. Arthur Lewis, puts it in his classic text on economic growth, efficiency translates to economizing. That is, ensuring we produce more with less. Subsidy administration can be efficient and inefficient. We can target it to the group that needs it and in the measure it needs it, without damaging incentive for economizing. The main problem may not be the existence of subsidies as much as the gross inefficiency and corruption in their administration. Most Nigerian elites seems to agree that fuel subsidy should be removed. But the elite consensus to remove the entire subsidy and expose the working and unemployed poor to poverty and immiseration does not translate to a consensus to attack many layers and levels of entrenched inefficiency in Nigerian political economy. The Orosanya Report recommended rationalization of parastatals and agencies to reduce costs of governance. Successive Nigerian leaders have refused to implement the report because it will result in powerful elites losing high paying political jobs. Nigerian legislators earn the highest in the world in a bankrupting economy. The annual salary and benefits of a Nigerian senator come about N350m while those of a minimum wage earner are less than N400,000. Despite clamor and street protests, legislators have refused to cut down on the gross waste. Nigeria loses about 470,00 bpd (amounting to $700m monthly) of its crude to thieves working for top military and political leaders. There is no consensus to go hard on oil bunkering because it is Nigerian military and political leaders who are involved in the criminality. We have accepted this inefficiency in our stride.

There is no doubt that Nigeria can ill-afford this level of subsidy payment with its low revenue profile. The fiscal crisis of the Nigerian economy is endemic and needs a drastic action to stabilize. That brings up the third role of government in public finance: stabilization. The government should consider how its fiscal and monetary policies affect employment, prices, and productivity. The inflationary impact of subsidy removal may undermine growth and economic recovery. It may reduce household consumption and aggravate poverty. This is why some who support the removal of subsidy are worried at the abrupt and reckless manner of the removal. As part of the government’s stabilization role, it must think of mitigation of the social and economic impacts of its policy.

It is difficult to convince an empathetic person that people living on less than N30,000 monthly should buy petrol at N535 per liter. If they pay the associated costs of the increase in petrol

prices, we expect they will have less to expend on consumables that improve their wellbeing and enable them to escape poverty. So as food inflation rises at the heels of subsidy removal, we expect access to basic nutrition, healthcare, and education to reduce, worsening poverty and inequality. The federal government is responding by promising an increase in minimum wage. Labor unions will surely bargain for mitigation for workers. But the population of Nigerians in formal employment is negligible. What happens to the rest of Nigerians in informal sector with no regular jobs or those tapped in the bottom million who cannot externalize the pass-through costs of petrol? Those are the victims of the Nigerian economy designed to cater to the wellbeing of the rich and political elites. In the short to medium term, none of the conventional mitigations, including the ridiculous N5,000 cash transfer to 40million poor household, will shield the over 80milion very poor Nigerian from the crushing impact of drastic spikes in energy price. The point to make is that Nigeria’s economy is designed to produce inequality and inequity expressed by the consensus to remove fuel subsidy for its obvious inefficiency. Because the economy is steeped in inefficiency it continues to be unproductive. When its unproductivity leads to threat of fiscal collapse, the elites take a purgatory action by sacrificing its weakest members. But this weak link has suffered much in recent times. Concerns for equity in the wake of the elite consensus to remove petrol subsidy should not be only to increase the minimum wage or provide public buses to transport workers to work in urban cities. It should extend to revising the fundamental structure of the Nigerian economy that makes it the least protective of the citizens and the most effective in producing poverty and inequality.

Nigeria is not just one of the most inefficient and poorest countries in the world, it is also one of the most unequal and privileged. With Gini Coefficient of 35.1% and lowest social protection, even in the West African region, it is obvious that the usual World Bank palliatives will not succor the real victims of the subsidy removal. Oxfam rightly observed that the drivers of poverty and inequality in Nigeria are the almost complete focus of national budget on sectors and projects that cater to the rich, the erosion of labor protection in pursuit of neoliberal policies, and the total absence of social protection for the people. The removal of fuel subsidy in the manner solicited without significant recasting of the Nigerian economy will enhance these drivers.

The Nigerian constitution glibly proclaims that Nigeria is a social welfare state. But its political economy always ambles towards an incoherent pseudo-capitalist state. Should we trust the Tinubu administration to alter the structure of the Nigerian economy to reduce its inequality and improve social protection for the working and unemployed poor? Well, evidence from over two decades of ‘progressive’ leadership in Lagos State does not convince. As Tinubu and his successors made Lagos rich, they kicked millions into more poverty and underdevelopment. The two Lagos live side by side: one in high-rise buildings and the other in dignified slums. This inequity is not just a Lagos problem. It is a Nigerian problem. The Nigerian economy works only for the privileged few.

As the federal government and labor leaders agree to save Nigeria from fiscal collapse by accepting the draconic removal of fuel subsidy, we know that once again, Nigeria has outsourced its inefficiency to its unprotected poor. Save the nation and damn the poor.