WEDNESDAY 21TH JUNE 2023

6,221 Nigerian Doctors Lost to the UK in Six Years, International College of Surgeons Reveals Says over 40m Nigerians find it difficult to see doctor Sunday Ehigiator The International College of Sur-

geons, Nigerian Section (ICS-NS) has revealed that Nigeria has lost no fewer than 6,221 doctors to the

United Kingdom (UK) in the last six years.

Owing to this, it estimated that

over 40 million Nigerians now find it difficult to see a doctor This was disclosed in a jointly

signed communique by ICS-NS President, Prof. Akanimo Essiet and Secretary General, Prof. Lucky

Onotai, issued at the end of the Continued on page 10

PDP’s Review C’ttee Says Atiku Won Presidential Poll, Waiting on Tribunal... Page 12 Wednesday 21 June, 2023 Vol 28. No 10297. Price: N250

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Egbetokun: I feel Like Lion, Ready to Devour Criminals Deji Elumoye in Abuja

L-R: Glo Brand Specialist, Miss Olufunke Alade; Coordinator, 2023 Ojude Oba Planning Committee, Chief Dr. Fassy Adetokunbo Yusuff; Mr. Sola Mogaji of Globacom; Iyalode of Ijebu Ode, Chief Mrs. Bisi Osibogun; Glo brand Specialist, Miss. Omodesire Sogunro, at a press conference on the 2023 Ojude Oba Festival in Ijebu Ode, Ogun State on Tuesday. Globacom has been the Main Sponsor of the festival since 2006.

The newly appointed acting InspectorGeneral of Police, Mr Kayode Egbetokun, yesterday, expressed his readiness to work towards making Nigeria a crime-free nation and said he felt like a lion ready to devour all of Nigeria’s internal enemies.

Continued on page 10

Naira Achieves Convergence as Official, Parallel Rates Close at N756 CBN halts quotation of offer rates for naira-settled OTC FX futures contract, eyes further reforms Fitch forecasts nation's currency to end 2023 at N700/$1 Predicts CBN’s policy rate to slump by 150 bps to 17.00% by year-end Projects petrol subsidy removal to trigger inflation in neighbouring countries Emmanuel Addeh, James Emejo in Abuja and Nume Ekeghe in Lagos with agency report The naira’s official and parallel rates converged yesterday, after days of

volatility sparked by the Central Bank of Nigeria’s (CBN) move to allow the market freely determine the price of Nigeria’s currency.

Continued on page 10

FG Exempts NDLEA, NAFDAC AIRTEL’S FOUNDER VISITS TINUBU...

Chairman, Bharti Airtel Worldwide, Sunil Bharti Mittal; President Bola Ahmed Tinubu, and Group Chief Executive Officer, Airtel Africa, Boards from Dissolution... Page 10 L-R: Segun Ogunsanya, when the president received the Bharti Airtel Worldwide and his team at Aso Rock Presidential Villa, Abuja...Monday

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

TINUBU ARRIVES PARIS...

Ambassador Kayode Laro (L) receiving President Bola Ahmed Tinubu on arrival in Paris, France where he is taking part in the Global Financing Pact Summit convened by President Emmanuel Macron.

Global Food Bill to Hit Record $1.98tn in 2023 Nigeria, Morocco ranked 4th among Africa's five top importers

Ndubuisi Francis in Abuja The world food import bill is forecast to reach a new record of $1 98 trillion this year.

World food import was predicted to grow at a much slower pace compared to last year, as rising world prices, driven by higher quotations for fruits, vegetables, sugar and dairy products, dampen demand, especially in the most economically vulnerable countries, a new released by the United Nations Food and Agriculture Organisation (FAO).

According to FAO’s Food Outlook estimates, the global food bill would

rise to $1.98 trillion in 2023, up by 1.5 per cent from 2022. It rose by 11 per cent in 2022 and 18 per cent in 2021.

While food imports by advanced economies continued to expand, the import bill for the group of Least Developed Countries (LDCs) was predicted to decline by 1.5 per cent this year and that for net foodimporting developing countries (NFIDCs) to decline by 4.9 per cent.

The top five African importers accounted for 50 per cent of Africa's total food imports. They included Egypt (15 per cent); Algeria (12 per cent); South Africa (9 per cent);

Morocco (7 per cent) and Nigeria (7 per cent).

Main sources of imports included the emerging markets of Brazil and India at the top, with several EU countries also featuring in the top 20 suppliers.

The FAO biannual report released from FAO’s Markets and Trade Division warned: “The decline in food import volumes is a concerning development in both groups, suggesting a decline in purchasing capacity.

“These concerns are amplified by the fact that lower international prices for a number of primary food

items have not, or at least not fully, translated into lower prices at the domestic retail level, suggesting that cost-of-living pressures could persist in 2023.”

The new edition of Food Outlook has a special chapter examining recent changes in the food component of the consumer price index for NFIDCs, and how currency movements, especially in relation to the US dollar in which most agri-food trade is invoiced, impact food price inflation in these countries.

While the US dollar’s depreciation during the 2007-08 global food crisis helped food importers offset the

IATA Launches Programme to Improve Aviation Safety in Africa Urges Ethiopia to clear airlines’ trapped funds Chinedu Eze The International Air Transport Association (IATA) is set to launch the Collaborative Aviation Safety Improvement Program (CASIP) in order to reduce accident and serious incident rate across Africa as part of its Focus Africa initiative.

This was the major activity of IATA’s Focus Africa held in Addis Ababa, Ethiopia yesterday.

The initiative is a collaborative idea to strengthen aviation’s economic contribution on the continent.

Partners of the program included the International Civil Aviation Organisation (ICAO), the African Civil Aviation Commission (AFCAC), the US Federal Aviation Administration (FAA), Boeing, and the Airlines Association of Southern Africa (AASA).

IATA stated that together, the CASIP partners would prioritise the most pressing safety concerns on the continent and rally the resources needed to address them, stressing that benefits of improving aviation safety in Africa would be spread across the economies and societies of the continent.

“Improving aviation safety will play an important role in Africa’s overall development. Safe, efficient and reliable air connectivity is a major driving contribution to the UN’s Sustainable Development Goals.

“In that sense, CASIP will make

it clear to governments across the continent that aviation must be prioritised as an integral part of national development strategies.

“With such broad benefits at stake, we hope that other parties will be encouraged to join the CASIP effort,” said IATA’s Director General, Willie Walsh.

IATA stated that the starting point for safety improvement was the effective use of global standards for safety.

At government level, a key indicator is effective implementation of ICAO Standards and Recommended Practices (SARPS), adding that data for the year 2022, revealed considerable room for improvement with only 28 of 54 African states reaching an effective implementation rate for ICAO SARPS of 60 per cent or higher.

The CASIP partners would identify deficiencies in operational safety and implement corrective action plans; provide safety training and workshops continent wide and promote a data-driven approach to safety performance with emphasis on making safety data available to decision-makers and ensuring efficient accident/incident reporting "Improving safety performance is a priority for Africa. And we don’t need to reinvent the wheel to deliver the needed results. Collaborative safety teams in Latin America have demonstrated that safety improves when government and industry

work together to implement global standards.

“By working together, the partners will pool resources to have a greater impact on areas where risk can be reduced, leading to measurable improvements in safety,” said Walsh.

Meanwhile, IATA has called on the government of Ethiopia to act swiftly to clear the $95 million in airline funds blocked from repatriation so as not to threaten the country’s connectivity, saying

that the ability to repatriate revenues was guaranteed in international agreements and that all parties must abide by the agreements to keep the world connected by air.

IATA also noted that Ethiopia was recovering strongly from the COVID-19 crisis, remarking that Ethiopia’s benchmark regional connectivity (within Africa) stands at 113 per cent of pre-crisis levels according to IATA’s Connectivity Index.

increase in food prices, the reverse effect has marked recent years.

For example, world maize prices declined by 10.2 per cent between April 2022 and September 2022, but by only 4.8 per cent on average when calculated in real local currencies of NFIDCs. That underscored the importance of well-tailored interventions to combat inflation, FAO Senior Economist El Mamoun Amrouk, author of the chapter stated.

Otherwise, Amrouk warned that, "rising food prices can lead to social unrest and increased financial challenges, undermining efforts to fight poverty and food insecurity and wiping out any progress achieved so far.”

FAO’s latest release of the Food Outlook, containing forecasts of the production, trade, utilisation and stock levels across the world’s major basic foodstuffs, pointed to likely increases in production across most categories, including rice, coarse grains, oilcrops, milk, sugar, meat and fish and fishery products.

However, global wheat output could fall from last season’s all-time high.

Notwithstanding this generally positive outlook, the global agrifood production systems remained vulnerable to shocks, stemming from extreme weather events, geopolitical tensions, policy changes and developments in other commodity markets, with the potential to tip the delicate demand-supply balances and impacting prices and world food security.

Global production of coarse grains was forecasted to rise by three per cent to 1,513 million tonnes, a new record, buoyed by an expected significant increase in maize output in the United States of America and a record harvest in Brazil, leading to higher overall supplies and lower prices.

World rice production was also forecasted to rise by 1.3 per cent in 2023/24, to 523.5 million tonnes, while international trade was expected to drop by 4.3 per cent in volume terms to 53.6 million tonnes.

The anticipated output increase mostly reflects positive incentives provided by generally higher producer prices, easing fertilizer costs and continuing government assistance measures.

By contrast, world wheat production in 2023 was expected to decline by three per cent from its all-time high of 777 million tonnes in 2022, due mainly to expected decreases in the Russian Federation and Australia, both of which registered record outputs last year. The declines mostly reflected the likely impacts of extreme weather events, seen leading to lower planted areas.

Global outputs of oil crops, milk and sugar were all expected to expand, as is that for meat, although pig and bovine meat volumes could drop slightly in 2023.

Global production of aquatic animals is also expected to grow in 2023, although that is due to an anticipated increase in aquaculture production as capture fisheries are seen contracting.

NIOMR, GIZ Train 300 Women on Catfish Production Oluchi Chibuzor As part of efforts to empower vulnerable women in the country, the Nigerian Institute for Oceanography and Marine Research (NIOMR) in partnership with German Agency for International Cooperation (GIZ) has concluded the training of 300 women beneficiaries and six train-of-trainers (TOTs) on Catfish production.

Speaking at the closing ceremony of the training programme held at the Ikorodu Skill Acquisition Center, Lagos State, recently, the Executive Director, NIOMR, Prof. Sule Abiodun, said the programme would tremendously improve the socio-economic status of the women beneficiaries.

The ED, who was represented

by Dr. Nkechi Achilike, applauded GIZ for embarking on the project that targeted exclusively the female

gender folk.

He was appreciative of the starter packs distributed among the trainees which included two plastic fish tanks, 200 catfish juveniles, weighing scale, water test kit, hand net, plastic basin, plastic sieve, log book and bags of fish feed.

He commended Lagos State Ministry of Women Affairs and Poverty Alleviation (WAPA) for effective mobilisation of the 306 beneficiaries from the six LGAs from Agege, Mushin, Lagos Island, Badagry, Epe, Ikorodu, and for the active participation of the women during the two batches of the training programme.

The training on catfish production was aimed at improving the livelihood of the vulnerable women with Aquaculture Starter Packs donated

by GIZ given to the women to kick

start their fish farming business.

Representing the Permanent Secretary, Lagos Ministry of Women Affairs and Poverty Alleviation, Mrs. Oluwatoyin Salami, appreciated the development partners in their efforts to improve human capacity in the State.

She said, “This programme is about social development, economic improvement and sustainability of livelihood for our women in Lagos State. The capacity building is going to be impactful and we are sure because of the huge success stories of the first batch of training carried out last September, 2022, for 150 women that cut across three other local governments; Mushin, Agege, and Lagos Island.

“A lot of the women trained were employers of labour now and they have been able to generate income

from the business and are now self-reliant.

“This is one of the key purposes of any capacity building that has to do with social intervention; the participants or beneficiaries must be self-reliant for additional income for sustainability."

She expressed optimism that the beneficiaries would do well for themselves while receiving adequate support care through the M&E team that would monitor their development.

“At the end of the day, it will be a human capital worth investing into and so we are hoping to do a third phase because we want to reach out to as many women as we can.

“We have discovered that a lot of beneficiaries have expanded their aquaculture businesses across the aquaculture value chain."

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NEWS

AIRTEL LAUNCHES 5G...

L-R: Channel and Operator Business Manager, Samsung Nigeria, Solomon Osibeluwo; Head of Marketing, Samsung Nigeria, Chika Nnadozie; Chief Executive Officer/Managing Director, Airtel Nigeria, Carl Cruz; MX Division Manager, Samsung Nigeria, Nathan Lee; Chief Commercial Officer, Airtel Nigeria, Femi Oshinlaja and Marketing Director, Airtel Nigeria, Ishmail Adeshina; during the launch of PHOTO: ABIODUN AJALA Airtel Nigeria 5G in Lagos...recently

Wood McKenzie: Newly Discovered TotalEnergies N’Delta Oil Field Could Hold 400m Barrels of Oil May emerge Nigeria’s biggest shallow water find in a decade Emmanuel Addeh in Abuja TotalEnergies’ recent oil discovery at Ntokon in the Niger Delta is likely to be Nigeria’s biggest shallow water discovery in a decade, Wood Mackenzie, a research and consultancy group in the global energy industry has revealed.

Wood Mackenzie’s Director of Upstream Research, Gail Anderson, in a statement quoted by Rigzone, added that the find “shows that there is still plenty of running room in the shallow water Niger Delta”.

In the statement, Wood Mackenzie revealed that it estimates the field could hold resources in the range of 300 million barrels of oil equivalent to 400 million barrels of oil equivalent, based on analogous net pay of shallow water discoveries in the Tertiary Agbada formation of the Niger Delta, and above-average recovery from high quality reservoirs.

“Assuming 320 million barrels of oil equivalent of reserves, a wellhead platform development of 60-70 meters water depth with up to 30 wells and a multi-phase pipeline to Ofon could achieve first oil in 2029,” the firm stressed.

“This would generate a healthy Internal Rate of Return (IRR) of 24 per cent, based on the current concession terms, with the understanding that the Joint Venture (JV) will not convert to the Petroleum Industry Act (PIA) fiscal terms,” Anderson added.

Wood Mackenzie highlighted in the statement that its analysis notes that filling the Ofon facilities and the oil terminal will significantly cut emissions intensity, “while a ready-made gas export route will make Ntokon a zero-flare development”.

It added: “This demonstrates the advantages of shorter-cycle tie-backs over more expensive stand-alone developments for both cost savings and lower emissions,” but warned that “there are challenges” mainly that “Nigeria is not known for short lead-times, particularly where JV projects are concerned,” According to Wood McKenzie, Ntokon will provide a test in the face of stiff global competition to see if all interested parties could quickly progress lower-cost, lower-carbon projects and allow Nigeria to kick-start desperately needed investment and recover its declining production.

Just over a week ago, TotalEner-

gies announced the Ntokon oil and gas discovery on OML 102 offshore Nigeria.

The Ntokon-1AX discovery well encountered 38 meters of net oil pay and 15 meters of net gas pay, while its side-track Ntokon-1G1 encountered 73 meters of net oil pay, in well-developed and excellent quality reservoirs, TotalEnergies said in a statement posted on its website.

Ntokon-1G1 tested successfully up to a maximum rate of about 5,000 barrels per day of 40° API oil, the company added.

It is planned to be developed through a tie-back to the Ofon field facilities on OML 102, which are located 20km away, TotalEnergies highlighted in the statement.

“The Ntokon discovery opens a promising outlook for a new tieback development,’’ the President of Exploration and Production at TotalEnergies, Nicolas Terraz, said.

“After the start-up of production of the Ikike tie-back on OML 99 in 2022, this new success in the area further demonstrates the potential of nearby exploration to create value within our low cost, low emission strategy,” he added.

OML 102 is operated by TotalEnergies EP Nigeria with a 40 per cent interest, alongside partner, the Nigerian National Petroleum Company Limited (NNPC) , which

holds the remaining 60 per cent stake.

Back in July last year, TotalEnergies announced the start of production from the Ikike field in Nigeria. The Ikike platform is tied back to the existing Amenam offshore facilities through a 14km multiphase pipeline, the company revealed in that statement, adding that it would deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022.

“TotalEnergies is pleased to start production at Ikike, which was launched a few months before the Covid pandemic, and whose success owes a lot to the full mobilisation of the teams,” the Senior Vice President of Africa Exploration

and Production at TotalEnergies, Henri-Max Ndong-Nzue, said in a company statement at the time.

“By tapping discoveries close to existing facilities, this project fits the company’s strategy of focusing on low-cost and low-emission oil projects,” Ndong-Nzue added.

Last month, TotalEnergies announced the renewal of the production license on the OML 130 block in Nigeria for 20 years.

OML 130 block contains the “prolific” Akpo and Egina fields, which came into production in 2009 and 2018, respectively, TotalEnergies highlighted in that announcement, adding that, in 2022, production amounted to 282,000 barrels of oil equivalent per day.

Nearly 30 per cent of that was gas sent to the Nigeria LNG plant, “notably contributing to Europe’s energy security”, TotalEnergies pointed out in the statement.

The production start-up from Akpo West, a short-cycle project, is expected by the end of 2023, according to the company, which outlined that the block also contains the Preowei discovery, which it said is to be developed by tie-back to the Egina FPSO. “Through the OML 130 license renewal, TotalEnergies is pleased to continue its contribution to the development of Nigeria’s oil and gas sector,” Ndong-Nzue said in the statement.

“This 20-year extension will enable us to move forward with

Court to Rule on Emefiele's Request for Release from DSS Custody July 13 Alex Enumah in Abuja Justice Hamza Muazu of a High Court of the Federal Capital Territory (FCT) would on July I3, 2023, deliver his ruling in the enforcement of fundamental rights suit filed by the suspended Governor of the

Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

Justice Muazu fixed the date yesterday, shortly after listening to submissions made by parties in the matter.

Emefiele has been in custody of the Department of the State Service

(DSS) since June 9, 2023, after he was arrested by operatives of the DSS in Lagos, some hours after he was suspended by President Bola Tinubu.

His lawyer, Chief Joseph Daudu SAN, had argued that contrary to the preliminary objection raised against

N4.2bn Contract Saga: Court Dismisses NLNG Motion to Suspend Hearing Blessing Ibunge in Port Harcourt A Rivers State High Court sitting in Port Harcourt has dismissed a motion instituted by the Nigeria Liquefied Natural Gas (NLNG) seeking to stop the hearing of the substantive matter in the case filed

by Macobarb international Limited, a contractor.

Macobarb had filed a civil matter in Suit No. PHC/2013/CS/2022, before Justice Chinwendu Nwogu, claiming N4.2 billion for losses incurred in a contract it had with NLNG in 2014.

The NLNG in defense, had filed a motion that the case was filed out of time and that the Chief Executive Officer of Macobarb, Mr. Shedrack Ogboru, should not be a party in the suit.

the FEED studies on the Preowei tie-back project which aims to valorize a discovery using existing facilities in line with company’s strategy focusing on low-cost and low-emission assets,” the TotalEnergies SVP added.

TotalEnergies Upstream Nigeria Limited operates OML 130 with a 24 per cent interest, in partnership with CNOOC (45 per cent), Sapetro (15 per cent), Prime 130 (16 per cent), and the NNPC as the concessionaire of the PSC. The recent discovery by the company may be another confirmation that Nigeria remains a lucrative destination for oil and gas in investors despite the muchtalked-about inclement business environment in the country.

The NLNG filed an appeal at the Appeal Court in Port Harcourt, but brought the motion to stop any hearing at the High Court pending outcome of the appeal.

Macobarb countered it at the last hearing and the judge fixed June 20, 2023 for ruling of the motion

by NLNG. When the matter was mentioned for ruling yesterday, Mr. Chukwuemeka Akwuroha, led the team of lawyers from the NLNG while Mr. Joshua Ene, who was represented by Mr. Morrison Uzoma, lead counsel for Macobarb.

Delivering his ruling, Justice Nwogu dismissed the NLNG motion on the ground that the interlocutory ruling which led to the interlocutory appeal should be appealed together with the

substantive ruling when it will come.

Justice Nwogu explained that an interlocutory appeal should not stop hearing in the substantive matter, but that such appeals should wait till final judgment so all appeals can be heard same time.

The Judge gave the ruling based on Supreme Court positions on several cases especially the case of Amadi vs NNPC. He said allowing the NLNG kind of motion would definitely lead to the same outcome.

For the interest of justice, the Judge discountenanced the motion and urged both parties to proceed with the hearing, adding that any party that eventually disagreed with the eventual judgment and/or on any interlocutory ruling along the way could join all objections and

file one appeal.

Justice Nwogu however, adjourned the case till fixed July 19, 2023 for hearing.

An elated Ogboru, who witnessed the hearing in the court, told journalists that with the ruling, he would have a chance to place the facts of the matter in a court of competent jurisdiction since 2014 when the contract was awarded.

He said “This is a landmark ruling for Macobarb for the interest of justice. I executed the job, borrowed money from banks, but each time it was time to pay me, four signatories would sign but one would decline signature, and I would not be paid.

“This went on for years. This is what some people don’t want the court to hear.”

the originating summon on notice by the respondents, the court has the jurisdiction to entertain the matter.

According to him, the offences listed against the suspended CBN governor were state offences that could be entertained by the FCT High Court.

However, Counsel to the Attorney-General of the Federation, Tijjani Ghazali, informed the court that the first respondent was challenging the jurisdiction of the court to hear the case brought before it by the applicant. He said Emefiele's arrest and detention by the DSS was an administrative decision of an arm of the executive. He added that jurisdiction is determine by the reliefs sought by an applicant.

He, therefore, urged the court to dismiss the application, submitting that the allegation of unlawful detention was unfounded as the embattled CBN governor was being detained on the order of an FCT Chief Magistrate Court.

On his part, the second and third respondents counsel, Mr. I. Awo, informed the court that there was a subsisting order to detain the applicant and therefore urged the court to dismiss the application with cost.

However, after listening to arguments of counsel, Justice Muazu announced that ruling is fixed for July 13.

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DECORATION OF THE NEW ACTING IG OF POLICE...

L-R: Wife of the Acting Inspector General of Police, Mrs. Elizabeth Egbetokun; Acting Inspector General of Police, Kayode Egbetokun being decorated by Vice President Kashim Shettima, at a decoration PHOTO: GODWIN OMOIGUI ceremony held at the Presidential Villa in Abuja... yesterday

Diri Seeks Review of PIA, Says It’s Time Bomb Olusegun Samuel in Yenagoa Bayelsa State Governor, Senator Douye Diri, has advocated an amendment of the Petroleum Industry Act (PIA) in order to address the flaws in the legislation.

Diri, also said the review would go a long way in tackling the ongoing crisis between oil companies and their host communities.

Describing the Act as a time bomb, the governor emphasised that since the country operates a federal system of government, it was an aberration for the federal government to deal directly with oil producing communities while excluding the states and local governments.

Diri said this yesterday, when the new Commander of the Joint

Military Task Force, Operation Delta Safe (OPDS), Rear Admiral Eugenio Ferreira, and other officers paid him a courtesy visit in Government House, Yenagoa.

A statement by his Chief Press Secretary, Daniel Alabrah, quoted the governor as saying that the oil producing states and the local governments were now being called upon to intervene in resolving issues

between the oil companies and their host communities.

"We are happy we have a PIA that guides the industry. However, we saw a lot of flaws even before the Bill was assented to. At that point, l referred to the Act as a time bomb.

"I also said that there would still be serious crisis between the oil producing communities and

TETFund Boss Harps on Investment in Youth for Digital Literacy Funmi Ogundare The Executive Secretary of Tertiary Education Trust Fund (TETFund), Sonny Echono, yesterday, called for massive investment on Nigerian graduates so that they would be relevant, take advantage of opportunities and proffer solutions to societal problems, using digital literacy as a disruptive foundation.

Echono, who made this call while delivering the Lagos State University (LASU) 26th convocation lecture titled, 'Higher Education in the Digital Age,' explained that to achieve this feat, the youth must not only be digital natives, but also global citizens who would be honed in the skills for critical thinking, problem-solving, communication and technology adoption, adaptability and cross-cultural awareness.

According to him, "the dreams of our founding fathers to build a united and prosperous country can only be realised if we take the necessary steps and make the right investments in the youth of our country.

“Education allows translating that lofty idea into reality. Higher education anchored on ubiquitous access, quality curriculum and nimble delivery systems can be a catalyst for sustainable national development.”

He stressed the need for educators to embrace disruption that the digital change brings, adding that Nigeria must join a growing global movement for educational transformation focusing on a transformation agenda rather than a reform strategy.

"Our education system must redefine both content

and pedagogy, and shift from transmission to transformation, directed at stimulating innovation, promoting creativity, and encouraging critical thinking as weapons for relevance in the new world of daily life and work.

"It is therefore imperative, as gatekeepers and avant-garde of tertiary education, to think differently about educational leadership, and to design a new pathway, using digital literacy as a disruptive foundation.

“We must also engender new perspectives and practices by employing emerging models of curriculum delivery. At no time in our history has there been a louder call for our education to be more relevant and transformative," the executive secretary stated.

Echono said the Fund plans to use its various digital literacy initiatives to prepare a digitally literate and highly skilled workforce to substantially drive Nigeria’s realisation of the Sustainable Development Goal ( SDG4) and to increase the number of graduates of Nigerian tertiary institutions who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship; support the realisation of Nigeria’s digital economy vision for all Nigerian citizens to have digital skills equal to or exceeding the demands of their daily transactions and occupations.

Other plans, according to him, includes propelling Nigeria to become a nation that creates, uses and supplies advanced digital technologies and content to improve productivity across all sectors of the economy and ensure that the tertiary education

sector contributes substantially to the success of the national plan and national digital literacy framework, as well as drawing up a workable programme for digital literacy and emerging skills training to be extended to all students in tertiary education institutions to meet the specifications of the National Digital Literacy Framework and National Development Plan for

the country.

In his remarks, the Chairman of the occasion and Executive Secretary, National Universities Commission (NUC), Prof.

Rasheed Adamu, disclosed that the commission recently worked with about 1000 university lecturers to re-engineer its curriculum so that it can be fit for purpose considering the digital revolution.

oil companies and by extension, the federal government. One of such indications is that the federal government in that Act successfully excluded the state and local governments to deal directly with the communities.

"In recent times, we have started seeing crisis between the communities and oil companies over the signing of Memorandum of Understanding (MoU) and other issues. And the state governments have been called to intervene. So that Act needs further amendment," he said.

Diri said both state and local governments should be incorporated into the oil industry legislation to enable them contribute towards ensuring peace and stability in the industry.

He also called for collaboration between the oil producing states and relevant institutions to bring development closer to the people as one of the surest ways in tackling oil theft, pipeline vandalism and illegal refining activities.

He added: “While as a government, we would not support anybody involved in oil theft, illegal oil refining and all other acts that contribute to pollution,

underdevelopment and killings, we would also like to state that the best way to tackle the issues is to fast-track development to these areas. We can assure you that these same people will become protectors of oil installations domiciled in the Niger Delta."

Diri welcomed Rear Admiral Ferreira, and urged him to join hands with the state government in surmounting the security challenges in his area of operation.

Earlier, Ferreira, the new OPDS Commander, said he was posted to the command in May this year.

He noted that the OPDS was established with a mandate to protect oil infrastructure in the Niger Delta and ensure a stable and peaceful environment for all.

While expressing gratitude to the state government for the support given to the command, Ferreira said they had achieved 80 per cent success of attaining their mandate, which he attributed to the kinetic and non-kinetic approach of the military.

He commended Diri for his support to the task force and pledged that the command would continue to cooperate and collaborate with the state government to ensure peace and security of the state.

Study: Daytime Naps May Be Good for the Brain Taking daytime naps may help maintain brain health as we age, according to a new study.

However, prior research has shown that excess napping can also be harmful.

Habitual napping was linked with larger total brain volume, which is associated with a lower risk of dementia and other diseases, according to researchers from University College London (UCL) and the University of the Republic of Uruguay.

On average, the difference in brain volume between nappers and non-nappers was equivalent to 2.5 to 6.5 years of aging, CNN quoted the researchers to have found out.

“Our findings suggest that, for some people, short daytime naps may be a part of the puzzle that could help preserve the health of the brain as we get older,” said senior author, Victoria Garfield, a senior research fellow at UCL, in a statement.

While the study was “wellconducted,” limitations included the fact that napping habits were self-reported, said Tara Spires-Jones, president of the British Neuroscience Association and deputy director of the Centre for Discovery Brain Sciences at the University of Edinburgh, who was not involved in the study.

The results showed, “a small but significant increase in brain volume in people who have a genetic signature associated with taking daytime naps,” she told the Science Media Centre.

“Even with those limitations, this study is interesting because it adds to the data indicating that sleep is important for brain health,” she said.

In response, lead study author, Valentina Paz, a researcher at the University of the Republic of Uruguay and UCL, told CNN that she agreed, “the work has some limitations,” but they’re “confident” in the method used in the study.

In the study, published Monday in the journal Sleep Health, researchers used a technique called Mendelian randomisation to analyse DNA samples and brain scans from 35,080 people aged 40 to 69 involved in the UK Biobank study, a large biomedical database and research resource that followed UK residents from 2006 to 2010.

Mendelian randomisation is a statistical approach that uses genetics to provide information about the relationship between an exposure and outcome. Researchers looked at sections of genetic code linked to people’s likelihood of regular napping and then compared brain health and cognition results between

those with the napping genes and those without.

“By looking at genes set at birth, Mendelian randomisation avoids confounding factors occurring throughout life that may influence associations between napping and health outcomes,” said lead author, Paz in the statement.

The study looked at more than 35,000 people aged 40-69. However, such a technique could only show an association between nap and brain health, not cause and effect.

In addition, researchers did not have information on nap duration, which can impact whether sleep is helpful or harmful.

Paz told CNN that previous findings suggest that “taking a short nap (5 to 15 minutes) in the early afternoon may benefit those needing it.”

Meanwhile, previous research has shown that frequent napping or regularly napping for extended periods during the day may be a sign of early dementia in older adults.

Elderly adults who napped at least once a day or more than an hour a day were 40 per cent more likely to develop Alzheimer’s than those who did not nap daily or napped less than an hour a day, according to a study published in Alzheimer’s

and Dementia: The Journal of the Alzheimer’s Association, in March 2022.

And in July 2022, a study found that people who often nap have a greater chance of developing high blood pressure and having a stroke.

Study participants who typically napped during the day were 12 per cent more likely to develop high blood pressure over time and were 24 per cent more likely to have a stroke compared with people who never napped.

“This may be because, although taking a nap itself is not harmful, many people who take naps may do so because of poor sleep at night. Poor sleep at night is associated with poorer health, and naps are not enough to make up for that,” said clinical psychologist Michael Grandner in a statement at the time. Grandner directs the Behavioral Sleep Medicine Clinic at the Banner-University Medical Center in Tucson, Arizona, and was not involved in the study.

Excessive napping can be a sign of an underlying sleep disorder, sleep specialist Dr. Raj Dasgupta, an associate professor of clinical medicine at the Keck School of Medicine at the University of Southern California, told CNN in a prior interview.

WEDNESDAY JUNE 21, 2023 • T H I S D AY

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AfDB Steps Up Action to Save 216m Children at Risk of Dying Before Age Five Ugo Aliogo with agency report At least 216 million African children suffer from stunting and malnutrition.

In sub-Saharan Africa, malnutrition is the second leading cause of death among children after malaria, the African Development Bank (AfDB) has stated.

In a statement, the bank stated that it was stepping up its actions and called for mobilisation both in Africa and worldwide,

adding that in 2016, it launched the African Leaders for Nutrition (ALN) initiative as an advocacy tool that would enable African countries to work with partners to boost nutrition on the continent.

The statement also noted that backed by the African Union, the initiative also requests African governments to commit part of their budgets to reducing malnutrition, adding that in particular, countries are invited to implement policies and interventions to

combat malnutrition through agriculture, the food system and education, in tandem with various development partners.

The statement noted that as part of desire to demonstrate its commitment to combating malnutrition in Africa, in 2018, the Bank also unveiled the Multisectoral Nutrition Action Plan.

AfDB President, Dr. Akinwumni Adesina, said: “I am greatly honoured by the United Nations Secretary General appointing me

among global leaders to tackle global malnutrition. Thank you SG. I look forward to helping to deliver on this agenda.”

The statement further explained that the plan seeks to mobilise additional financial resources for smart nutrition investments in the key sectors of agriculture, education, health, social protection, and water, sanitation and hygiene to reduce child stunting on the continent by 40 per cent through 2025, noting that those

FG Exempts NDLEA, NAFDAC Boards from Dissolution Olawale Ajimotokan in Abuja The federal government, yesterday, exempted the Boards of the National Drug Law Enforcement Agency (NDLEA) and the National Agency for Food and Drug Administration & Control (NAFDAC) from the dissolution of Boards of its Parastatals, Agencies, Institutions and Government-owned Companies directed by President Bola Ahmed Tinubu on Monday.

The Office of the Secretary to the Government of the Federation made the clarification,yesterday, via a terse statement issued by Director Information, Willie Bassey.

"Further to the directive on the dissolution of Boards of Federal Government Parastatals, Agencies, Institutions and Government-owned Companies, the Secretary to the Government of the Federation has clarified that the Boards of the National Drug Law Enforce-

ment Agency (NDLEA) and the National Agency for Food and Drug Administration and Control (NAFDAC) are exempted from such dissolution," the statement stated.

The president had Monday approved the immediate dissolution of the Governing Boards of all federal government Parastatals, Agencies, Institutions, and GovernmentOwned Companies in the exercise of his constitutional powers and in the public interest.

EGBETOKUN: I FEEL LIKE LION, READY TO DEVOUR CRIMINALS Egbetokun, who said this during an interaction with newsmen, was however decorated by the Vice President, Senator Kashim Shettima, at the State House, Abuja.

Speaking after he was decoration acting IG, he said, “Now I have just been decorated and I’m looking forward to taking over tomorrow morning by 11am. I really can’t describe how I feel currently, but if I have to tell you anything, I will tell you that right now.

“I feel like a tiger inside of me, ready to chase away all the criminals in Nigeria. And some other times, I feel like a lion in me, ready to devour all the internal enemies of Nigeria. That’s my feeling right now.”

Former Inspector-General of Police, Alkali Baba, who appeared

in mufti, expressed confidence in his successor, saying he would carry on from where he has stopped.

According to him, “It’s a stage; you come, you work and you go.

I’m happy I’m handing over to somebody I know, that will carry the mantle of leadership from where I have stopped.

“We grew up in the job, we grew up together. I was his boss at a time, not even when I was IG, he worked under me twice.

We’ve been working together and I know how he can go ahead to champion the cause of the police from where I have stopped.”

Vice President Shettima had earlier decorated Egbetokun, as the acting Inspector-General of Police, at the Conference hall of his office at the State House, Abuja.

6,221 NIGERIAN DOCTORS LOST TO THE UK IN SIX YEARS, INTERNATIONAL COLLEGE OF SURGEONS REVEALS 56th Annual General Meeting and Scientific Conference of the body recently held in Lagos, with the theme: ‘Migration of Medical Professionals: Impact on the Surgical Specialties.’

According to the communique, “the ‘Japa’ phenomenon has drastically reduced our healthcare workforce. Studies show that about 87 per cent of our workforce are dissatisfied and wish to emigrate to greener pastures.

“Before 2022, we had a ratio of 1 doctor to 4,000 patients whereas the World Health Organisation (WHO) recommended standard is one doctor to 600 patients. Evidence shows that the gap widens and the number of registered Nigerian doctors in the UK rose from 4,765 in 2017 to 10,986 in 2023.

“This meant that 6,221 doctors were lost to the UK in the past six years. This suggests that over 40 million Nigerians will find it harder to see a doctor.

“With the weakening of our currency against the US dollar, our healthcare professionals now earn between one-fifth to one-tenth of what their foreign counterparts earn.

“Our healthcare policy needs to gradually transform from the predominantly out-of-pocket financing method into the NHIA financed method. The private sector-led healthcare mega businesses can be encouraged with good regulation to boost the funding of healthcare services. This will lead to improved emoluments for healthcare workers and facilities as well as better access to quality healthcare for Nigeria.”

It added: “The security situation

in the country is alarming and impacting negatively on the health status of Nigerians. Government should act decisively to bring it under control.

“The above three issues have impacted grossly and negatively on the health of Nigerians since they favour migration.”

The ICS-NS, therefore, recommended that there should be universal health coverage provided at the national, state and local government levels.

“The insurance fund should be grown, and equitable payments should be offered to HMOs and healthcare providers. Access to capital should be made easy and affordable for investors in the health sector.

“State and local governments should endeavour to attract healthcare workers by providing good healthcare facilities, good roads, improved electricity, access to potable drinking water, outstanding schools, and access to telecommunication. This will lead to an improvement in the number of healthcare workers in those areas.

“The government at all levels should support the ICS-NS surgical missions each time the college requests for collaboration and funding to achieve the desired excellent surgical care delivery to Nigerians.

“For these to be achieved, budgetary allocation for health necessarily needs to be significantly improved to ultimately reach the WHO recommended percentage of the national budget.”

The event was witnessed by senior government officials, including the Secretary to the Government of the Federation (SGF), Senator George Akume; Imo State governor, who is also the Chairman of the Progressive Governors' Forum (PGF), Senator Hope Uzodinma.

Others were the Chief of Staff to the President, Hon Femi Gbajabiamila and the National Security Adviser (NSA) to the President, Mallam Nuhu Ribadu.

The dissolution did not, however, affect Boards, Commissions and Councils listed in the Third Schedule, Part 1, Section 153 (i) of the 1999 Constitution of the Federal Republic of Nigeria as amended.

The 14 agencies, whose boards were exempted from the dissolution announced by the President included the Code of conduct Bureau, Council of State, Federal Character Commission, Federal Civil Service Commission, Federal Judicial Service Commission, Independent National Electoral Commission, National Defense Council, National Economic Council, National Judicial Commission, National Population Commission,National Security Council, National Police Council, Police Service Commission and Revenue Mobilisation Allocation and Fiscal Commission.

Thus, the exemption of the NDLEA and NAFDAC boards from the list of dissolved parastatals and agencies was in exercise of the executive power of the president.

sectors account for over 30 per cent of public spending in Africa and are the underlying drivers of nutrition.

The statement averred that so far, the Bank has allocated nearly $2.8 billion of its portfolio to smart nutrition, on a baseline of USD 0.70 billion in 2018, broken down as follows: health (USD 531 million), agriculture (USD 950 million), WASH (USD 650 million) and social protection (USD 605 million).

According to the statement, “Moreover, the bank is continually stepping up initiatives to ensure that thousands of African children have the chance to celebrate their fifth birthday.” Through the “Banking on Nutrition programme, a partnership with Big Win Philanthropy and the Aliko Dangote Foundation, the Bank is leading the urgent fight

against infant malnutrition.

“The programme is mainstreaming nutrition into regional and national strategies and work to increase the production and consumption of healthy, nutritious food through the mobilisation of partnerships, governments and the private sector.

“For example, in the Sahel region, which faces enormous impacts from climate change including desertification, drought, erosion, flooding and political insecurity, the bank is implementing a specific regional programme on food security and nutrition.

“The programme to build resilience to food and nutrition insecurity in the Sahel exemplifies the sort of collaboration the Bank seeks to establish with other development partners to combat malnutrition.”

Tinubu Arrives France for Two-Day Summit on New Global Financing Pact Deji Elumoye in Abuja President Bola Ahmed Tinubu has arrived in Paris, France, preparatory to the Summit on New Global Financing Pact, which will be hosted

by President Emmanuel Macron.

President Tinubu, according to a release issued Tuesday evening by his Special Adviser on Special Duties, Communications and Strategy, Mr Dele Alake, was received at the airport by Ambassador Kayode Laro and other top government officials from the Nigerian Embassy and French Ministry of Foreign Affairs, after the plane touched down at 6.47pm local time.

President Tinubu will receive

detailed briefs on Wednesday from Ambassador Laro, Permanent Secretary Adamu Lamuwa, and other officials on Nigeria's position on the Summit, and the scheduled sideline meetings with leaders and multilateral institutions.

The President will participate in a two-day Summit from Thursday, June 22 to Friday, 23rd, that looks at opportunities to restore fiscal space to countries that face difficult short-term financial challenges, especially the most indebted, mobilize innovative financing for countries vulnerable to climate change and economies struggling with the effects of Covid-19 and energy crisis.

NAIRA ACHIEVES CONVERGENCE AS OFFICIAL, PARALLEL RATES CLOSE AT N756 Specifically, the naira strengthened by 1.8 per cent to N756.61 to a dollar at the close of trade yesterday, according to the FMDQ Exchange.

On the other hand, it hovered at N757 to a dollar in the parallel market, the executive officer of Forward Marketing bureau de change Ltd in Lagos, who compiles the parallel market data, Abubakar Mohammed, told Bloomberg.

Thus the rates practically closed the gap between them a day after the official value was 1.6 per cent weaker than the parallel market.

The convergence adds strength to President Bola Tinubu’s incoming economic plan, aimed at restoring fiscal stability and growth by eliminating subsidies, freeing up the currency and reducing debt.

Nigeria has seen a rash of reforms since Tinubu was sworn in last month to replace Muhammadu Buhari, who pursued unorthodox policies that had resulted in an almost 60 per cent spread between the official and parallel market rates.As part of the reforms, the CBN last week abolished segmentation in the FX market and collapsed all rates into the I&E window.

The naira weakened as much as 29 per cent on June 14 after the central bank lifted its controls and then briefly recovered, remaining volatile since then.

“We are allowing the market itself to set a price,” Deputy Governor, Economic Policy Directorate, CBN, Dr. Kingsley Obiora said in an interview in Rabat, Morocco on Monday.

The central bank plans to announce further measures to loosen foreign exchange controls “in the next couple of weeks” Obiora said.

Still, Nigeria is not going to set the currency totally free even now, Obiora said.

“There is no country in the world, even the US, that has a completely free float,” he said. The central bank will continue to pursue a managed float, Obiora said.

It may be too early to determine if the naira’s exchange rate to the dollar has bottomed out, Obiora said.

He pointed to analysis done by the International Monetary Fund and international banks, which correctly suggested that the naira should not be as weak as the parallel market indicated, he said.

Obiora expects that the supply of foreign exchange will eventually be unlocked once the price of the dollar reaches a level that both buyers and sellers consider “fair.”

Tinubu’s early decisions since becoming president have caught the attention of investors after he scrapped fuel subsidies that cost $10 billion last year and removed the central bank governor who had been seen as the architect of the earlier unorthodox policies. Dollar bonds have gained and the stock market jumped to a 15-year high as a result of the changes.

The removal of subsidies, along with the convergence of the exchange rates will drive economic growth, especially from next year when the policies start making an impact, Obiora said.

“I completely expect us to do five per cent to six per cent growth next year,” he said. “Over the next four years, you may see the GDP approach something like $600 billion to $700 billion.”

Meanwhile, following recent reforms in the nation’s forex market, the CBN has put on hold the quotation of offer rates for the Naira-Settled FX Futures contract effective June 15, 2023.

This was disclosed by the FMDQ Securities Exchange Limited in a circular dated June 20, 2023, and addressed to all market participants.

It explained that the stoppage was due to the reforms in the Investors & Exporters’ (I&E) FX Window market by the central bank.

The exchange, however, assured the participants that they would be duly notified once the central bank

resumes the quotation of offer rates in the market.

The Naira-settled OTC FX Futures product was introduced in 2016, with the CBN as the pioneer seller of the OTC FX Futures contracts.

The apex bank currently offers nonstandardised amounts for different tenors, from one month through to 60 months to authorised dealers, who in turn offer the same to customers with trade-backed transactions or trade same with other authorised dealers; settling on bespoke maturity dates.

Essentially, the Naira-settled OTC FX Futures are non-deliverable forwards - contracts where parties agree to an exchange rate for a predetermined date in the future, without the obligation to deliver the underlying US Dollar - (notional amount) on the maturity/settlement date.

Upon maturity, both parties are assumed to have transacted at the Spot FX market rate. OTC FX Futures contracts are cash-settled in Naira and the differential between the contract rate and the Nigerian Autonomous Foreign Exchange (NAFEX) Fixing rate on the maturity day determines the settlement amount - the gain/ loss inherent in the contract.

Relatedly, Fitch Solutions, a global financial information services company, has predicted that the naira would stabilise at N700/$ at the end of 2023, after the recent policy by the CBN to compel rates’ convergence.

In a country risk report titled: “Economic Reforms Will Fuel Inflationary Pressures in Nigeria”, the firm further forecasted that despite the anticipated rise in inflation, the CBN will cut interest rates by 150 basis points by end-2023, reversing its monetary tightening cycle that started in early 2022.

Besides, Fitch in deploying its analytical tools, explained that it believed that consumer price inflation in Nigeria will increase further in the coming months – from 22.4 per cent y-o-y in May – on the back of

the removal of the fuel subsidy and the unification of Nigeria’s exchange rate windows.

“Despite the anticipated rise in inflation, we expect the Central Bank of Nigeria to cut interest rates by 150 basis points by end-2023, reversing its monetary tightening cycle that started in early 2022.

“The removal of Nigeria’s fuel subsidy will also drive up inflationary pressures in neighbouring countries, including Benin, Cameroon, Chad and Niger.

“We believe that consumer price inflation in Nigeria will increase further in the coming months.

Inflation reached an 18-year high of 22.4 per cent y-o-y in May, driven by rising food and transport prices,” Fitch stated.

Stressing that a weaker naira following the unification of Nigeria’s exchange rate windows would increase imported inflation, it recalled that on June 14, the CBN had informed local banks that the exchange rate would be determined by supply and demand dynamics rather than by a fixed rate set by the central bank, breaking away from a tightly managed exchange rate policy.

“As a consequence, the naira fell from N472/USD to a record low of N655/USD on June 15. In the immediate term, we believe that the exchange rate will converge with the parallel market rate – a better indicator of the naira’s real value – which trades around NGN765/USD. “The unit will then pare back some of its losses in the short term given improved dollar supply and stronger investor sentiment towards Nigerian assets, and end 2023 at N700/USD,” Fitch projected.

It stated that the consumer price growth would average 27.9 per cent in 2023 – the highest annual rate since the 1990s, informed by the removal of Nigeria’s longstanding fuel subsidy.

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AIRTEL VISITS NCC...

L-R: Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu; Group Chief Executive Officer, Airtel Africa Plc, Dr. Olusegun Ogunsanya; Executive Vice Chairman/Chief Executive Officer, NCC, Prof. Umar Garba Danbatta; Chairman/Founder, Barthi Airtel, Suni Barthi Mittal, and Chief Legal/Regulatory Officer, Airtel Network Ltd, Shola Adeyemi, during a courtesy visit of Airtel Network to the Commission’s Head Office in Abuja ... yesterday

Tinubu Approves Return of NEMA, Hajj Commission to Vice President’s Office Two Nigerian pilgrims die in Saudi Arabia

Deji Elumoye in Abuja and Hammed Shittu in Makkah President Bola Tinubu has approved the return of the National Emergency Management Agency (NEMA) and the National Hajj Commission of Nigeria (NAHCON) to the Office of the Vice President for supervision, in compliance with their various establishment Acts.

Prior to now, NEMA was under the Ministry of Humanitarian Affairs,

Disaster Management and Social Development while NAHCON fell within the purview of the office of the Secretary to the Government of the Federation (SGF).

According to a statement yesterday, by the Director of Information in the office of the Vice President, Mr. Olusola Abiola, the president also approved a formal structure for the Office of the Vice President as well as an appropriate number of technical and administrative

Obaseki Calls for Increased Gas Investment to Overcome Subsidy Removal Adibe Emenyonu in Benin City Edo State Governor, Mr. Godwin Obaseki has called on investors to make investments in alternative sources of energy, such as natural gas in the wake of subsidy removal, which has led to a hike in transportation costs.

The governor, who made the call while speaking to journalists in Benin City, noted that the State has the largest deposit of on-shore gas in the country.

He said data from NIPCO Gas, a joint-venture company between NIPCO and Nigeria Gas Company Limited (NGC), indicated that over 5,600 vehicles in Benin City run on Compressed Natural Gas (CNG) after the initiative was rolled out in 2007 and commissioned in 2009.

According to Obaseki, “We are blessed with a lot of gas in Edo. There is really no reason why our

tricycles and vehicles should be using petrol. We have more gas stations in Edo than any other State. We should be using more gas.

“Price levels would always go up. What we have to do is to open up the economy so that people will have more work to do. We need more manufacturing companies in Edo State.”

The gas initiative was launched after a presentation by NIPCO Plc to roll out a pilot scheme to an inter-ministerial team of the Federal Government in 2007.

“NIPCO Gas has established 15 CNG running stations in Benin to provide an alternative for the Gasoline run automobiles. Presently it is in the process of constructing further 15 stations in and around Benin City. More than 5,600 vehicles have been converted to CNG for motorists in and around Benin City,” the company said on its website.

aides that would work with the Vice President in the discharge of his duties.

Meanwhile, two Nigerian pilgrims currently participating in the 2023 Hajj exercise in Saudi Arabia have been confirmed dead.

Similarly, another pilgrim was amputated while three women had miscarriages.

Confirming the incident to journalists in Makkah, yesterday,

the National Hajj Commission of Nigeria’s (NAHCON) Head of Medical Team in Saudi Arabia, Dr. Usman Galadima, said male and a female pilgrims died in Makkah.

The deceased female pilgrim, Rabiatu Aliyu, with registration number KD 149 TR, was from Igabi Local Government in Kaduna State.

Galadima, disclosed that six NAHCON medical clinics in Saudi Arabiab have attended to over 11,

Announcing the call to entry, MTF West-Africa Director, Atinuke Babatunde, was quoted in a statement to have said the MTF curriculum was designed to equip students with skill set needed to tell unique African stories.

“There are so many stories on our continent that need to be told and documented with a sense of skill and passion, and that is what the MTF Academy curriculum has been designed for working with our facilitating partner; the Pan

"We have had severally cases with some requiring emergency visitation and referral to Saudi Arabia Hospitals" he said.

Galadima, explained that most of them don't come to the clinic to complain as quickly as possible, adding that when that happens, they come with complications.

Galadima also lamented the high number of pregnant women in Saudi Arabia for the 2023 pilgrimage.

FG Raises the Alarm Over Worsening Land Degradation Michael Olugbode in Abuja The federal government has raised the alarm that land degradation was expected to worsen in the country as the population continues to grow.

Speaking at this year’s celebration of World Desertification and Drought Day in Abuja, the Permanent Secretary in the Ministry of Environment, Mr. Ibrahim Yusuf said: “Land degradation is currently one of the world’s most pressing environmental problems and it is expected to worsen especially in Nigeria with increasing population unless remedial action is taken.”

The Permanent Secretary who was represented at the ceremony by the Director, Department of Drought and Desertification Management in the Ministry, Mrs. Mable OkirighoEmmanuel, said: “Land degradation

affects everyone through food insecurity, higher food prices, climate change, environmental hazards and the loss of biodiversity and ecosystem services.”

The Permanent Secretary who noted that the theme of this year’s celebration: “Her Land Her Right: Advancing Gender Equality and Land Restoration Goals,” was apt, noted that: “Land restoration has been proposed as an important measure to reverse degradation and address the problems it causes, while Gender-responsive actions are central to effective, efficient and sustainable land-restoration projects and programmes, equitable and secure land rights for women and vulnerable groups are critical for successful land restoration.”

He added: “We cannot shy away from the fact that women

MultiChoice Talent Factory Opens 2024 Entry The MultiChoice Talent Factory (MTF) has announced the opening of applications for its film and television training programme, for the class of 2024.

MTF Academy is open to all emerging filmmakers with either some industry experience or a relevant post-school qualification in film to apply for the exciting opportunity to hone their television and film production skills. Application for the MTF programme is open till July 14, 2023.

000 patients since the beginning of the operation.

He said common ailments found among them were respiratory tract infections, typhoid, cough, sour throats, pains in the legs and joints, malaria, fever, vomiting and diarrhea.

According to him, "Since we started the operation, we have treated about 11,000 patients in both Makkah and Medinah.

Atlantic University’s School of Media and Communications.

“The students will be given hands-on training in areas such as film directing, sound design, and the business of film, with workplace experience on Africa Magic and SuperSport top productions,” Babatunde said.

Students would also get enhanced training experience from the Academy’s partnerships, including the New York Film Academy (NYFA), the Henley

Business School, Dolby, and Canon.

Previous cohorts had also worked with the United Nations’ Verified campaign, and pitched projects to Partners Against Piracy (PAP).

Launched in 2018, the MTF Academy has honed the skills of over 120 emerging filmmakers in 13 countries across the continent.

The MTF Alumni class of 2022, within three months of graduating, saw sixty percent of its graduates already economically active in the television industry.

have unequal and limited access over the control of land and that women hold a vital stake in the health of the land, yet they often don't have control over land.

“In all parts of the world, women face significant barriers in securing land rights, limiting their ability to thrive and prosper. And when land becomes degraded and water is scarce, women are often the worst affected.”

He insisted that: “Investing in women’s equal access to land and associated assets is a direct investment in their future and the future of humanity. It's time for women and girls to be at the forefront of global land restoration and drought resilience efforts.”

He noted that: “Nigeria as country, party to the UNCCD is expected to consider and domesticate decisions of the Conference of the Parties, one of which is responsible land governance and tenure rights that are gender sensitive to enhance livelihoods and wellbeing of women and the vulnerable groups, and encourage inclusive participation of stakeholders in sustainable land management.”

He said: “It is therefore pertinent for us to join the global community to revisit and review our land laws and governance and customary rights to address gender inequality in securing land rights and hence encourage and empower women and other vulnerable groups to have access to land, promote inclusiveness and active participation in sustainable land management

measures, and land restoration programmes.”

The Director General National Council on Climate Change, Dr. Salisu Dahiru, while presenting a goodwill message, said: “By midcentury, three-quarters of people could be living with drought and desertification, like we all know, climate change bears much responsibility for this plague, but so does how we manage our land.”

He added that: “Half the world’s population is already coping with the consequences of land degradation, with women and girls paying the highest price.

“This is why this year’s UNCCD theme for the celebration World Desertification and Drought Day is very timely, insisting that this theme should not be only for the right of women for land ownership “but we must and should scale it up to address every other component of gender inequality.

“This is the time for us to reverse this downward spiral, by mainstreaming issues of gender in all developmental agenda of the government and also in all policies and programmes. Ensuring the productivity of land and soils is an inexpensive, pro-poor way to combat climate change and improve the livelihoods and well-being of the world’s poorest and most vulnerable people which women and girl child are huge part of in Africa. Empowering women as landowners is also a game-changer for addressing all issues of climate change.”

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SPEAKER ABBAS VISITS IKPEA...

Chairman/CEO Lee Engineering Group, Chief Leemon Ikpea (L) and Speaker, House of Representatives, Tajudeen Abbas, during a courtesy visit to Chief Ikpea in Abuja... on Monday

PDP’s Review C’ttee Says Atiku Won Presidential Poll, Waiting on Tribunal Ex-VP, Obi to close cases against Tinubu tomorrow Petitioners continue to tender additional exhibits Chuks Okocha and Alex Enumah in Abuja The Peoples Democratic Party (PDP) select committee of the National Working Committee (NWC), summoned to review the 2023 general election, yesterday, commenced sitting and insisted that the party’s candidate, Atiku Abubakar, won the presidential election and only waiting for the outcome of the Presidential Election Petition Tribunal.

This is as Atiku and his Labour Party (LP) counterpart, Mr Peter Obi, will tomorrow, Thursday, close their individual cases challenging the declaration of Bola Ahmed Tinubu as winner of the February 25 presidential election.

At the same time, barring any unforeseen circumstances, the Al-

lied People's Movement (APM), is expected to call its sole witness and close its case today.

However, giving a preview and synopsis of the meeting, the National Organising Secretary of the PDP, Bature Umar, said, "This party believes that Atiku Abubakar won the election but we are in court and without prejudice to what the court will decide, we will keep it aside. Let me acknowledge that this meeting is not a NEC meeting but an interactive meeting with the aim to jump-starting a reconciliation process.

"Let me give a preview of our performance in the last election. In the State House of Assemblies, we have 342 members, we have 116 members in the House of Representatives. In the Senate, we have 36 members and we have 13 Governors. We believe

Anambra Indigenes, Soludo Hold Lagos Town Hall Meeting Anambra indigenes living in Lagos have concluded plans for a Town Hall with the Executive Governor of Anambra State, Prof. Chukwuma Soludo on Thursday in Lagos.

The interactive session scheduled to begin is organised by the Anambra State Liaison Office in Lagos, led by Chief Leo Chiegboka, and the business community.

With the theme: “Fostering Development and Collaboration,” Ndi Anambra, especially investors living in Lagos, would have ample opportunity to engage Soludo on key developmental issues with a view to determining how best to collaborate in moving the State forward in line with the governor’s infrastructural and economic development strategies.

According to a statement, the event would feature all high-flying Anambra businessmen and investors residing in Lagos.

“List of expected attendees also include members of the AASDU, leadership of clubs/market associations, women and youths, along with some ANSEC members who will accompany Governor Soludo to the Town Hall,” it added.

Chiegboka said the forum would discuss all groundbreaking initiatives, roadmaps of the Soludo administration and decide areas for guided interventions to overcome challenges and optimise

all opportunities for partnerships and accelerate the development of Anambra State.

“The meeting will address various critical areas of concern, including investment, emphasizing the importance of “Aku luo uno” (bringing investments back home), security, revenue development, community engagement and emphasize the importance of obtaining Certificates of State of Origin, ’Chiegboka said.

Chiegboka added: “During the meeting, Governor Soludo will share his vision for Anambra State and seek the support and partnership of Ndi Anambra living in Lagos to achieve sustainable development goals. The aim is to establish Anambra State as the best place for any type of investment and ensure its growth and progress in various sectors.

“Additionally, the meeting will address the negative narratives surrounding Ndi Igbo, seeking ways to provide the correct perspectives and promote positive image for Ndi Anambra.

“It will explore the reasons for perceived dislike and highlight the excellent spirit and productive nature of the Igbo community.”

According to Soludo, “our aspiration is to change the trajectory/ narrative of Anambra from being a departure lounge to a destination.”

strongly that the ongoing tribunal cases in Kaduna, Nasarawa, Ogun, Kaduna and Sokoto States will be in our favour."

He said yesterday's meeting was the first meeting after the general election, explaining that the party carefully and deliberately called for the meeting to douse the pressure or tension within the party as a result of the aftermath of the 2023 elections.

"As the Acting National Chairman said, we started these meetings with the ex-officio, where we briefed them on our performance in the 2023 election and gave an update on the level of party management.

We also discussed the challenges of state chapters.

“We also looked at the issue of vacant positions within the state chapters and other various organs of the party because of swinging membership. Some people went to other parties and all that. We sought suggestions on how to improve the party.

"We are here today and everyone knows what happened in 2023. We contributed both individually and collectively. If you rise to speak, I

beg you to spell out your own role in 2023 elections, either positive or negative before you jump to accuse someone else either negative or positive.

"Everybody has a role to play.

When you rise to speak, please, tell us the role you played. You can accuse anybody here for playing pro or anti-party activities. The aim is when we are through, we will have an idea of what to do with the party before we move to other organs like the national caucus, NEC for the way forward for the party.

"I believe there is hope for the party because our membership is still very strong. We are conscious of the issues because we went to Port Harcourt and I am sure, that will come up here. I will explain why we went to Port Harcourt. We believe there are people here who will accuse some of our elders of certain roles they played.

"In my state, somebody suggested that we should suspend a member but I said no. He is free to go to anywhere he wants to go. Suspending him means you are acknowledging that he has done something bad

to the party. Suspension is not an answer to a bad behaviour towards the party," the National Organising Secretary stated.

In his speech, Acting Chairman, Board of Trustees (BoT), Senator Adolphus Wabara, urged members of the party not to despair.

According to him, "We should not despair. We are in politics! As our acting National Chairman mentioned, they stole our mandate. We hope the tribunal and the courts will give us back our stolen mandate.

"Much as some of us may disagree with the synopsis, because we are still in court, we should mind what we are going to say today so it doesn’t work against us in the court. Let us watch how we attack ourselves. There will be time for that. The BOT waits to take some advisory decisions but then, this is not the time."

Earlier, the acting national chairman of PDP, Umar Damagum, had said the meeting would give the party the opportunity to review the outcome of the last general election and to share ideas about how to strengthen the party to face the challenges ahead.

"We have had series of meetings with the members of the National Ex officio, state Chairmen, select BoT and members of the National Assembly. This is a continuation of that meeting and it was borne out of what has happened during those meetings and we said there was need for us to call this one.

"Initially the meeting was supposed to be for only the founding fathers of this party and we realised that after almost twenty something years of the existence of this party a lot of people have also graduated to be founding fathers.

“From our first governors of those years, they may not be the real founding fathers, but also they have contributed their own to the party to be recognised as members of this great party and leaders in their own right.

“This meeting is going to be an interactive session and I want us to be conscious of the fact that while making your contributions, we should be mindful of the fact that we are one family. Anybody Continued on page 44

Court Fixes July 20 to Rule on Nnamdi Kanu’s Suit Seeking Access to His Doctors Alex Enumah in Abuja Justice Binta Nyako of a Federal High Court, Abuja, has adjourned till July 20, 2023, for judgment in the suit filed by the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, seeking access to his personal doctors.

The judge fixed the date for judgment shortly after lawyers to parties argued for and against the granting of the request.

The IPOB leader who has been in the custody of the Department of State Service (DSS) since his re-arrest nearly two years ago, is challenging the refusal of the agency to allow him have unhindered access to his private physicians.

At the resume hearing yesterday, the agency which is challenging the jurisdiction of the court to grant the request, disclosed that the security agency had earlier filed both a preliminary objection and a counter-affidavit to query the legal competence of Kanu's suit.

The DSS predicated its objection on the grounds that Kanu had been

receiving adequate medical attention in custody, adding that there was a feeding schedule that reflected the IPOB leader's demands for his choice of food.

The DSS' lawyer, Mr. A. M. Danlami, in addition submitted that Kanu has been, "dutifully and clinically on his routine medication."

"We, therefore, urge this honourable court to dismiss this suit in the interest of justice and national security," Danlami added.

Responding, Kanu's lawyer, Prof.

Mike Ozekhome, informed the court that the health of his client had deteriorated badly, accusing the DSS of refusing to allow him to get an independent medical examination. He told the court that a specialist doctor that was engaged by the security agency had warned that the IPOB leader could die if he was not allowed to have access to quality health care.

"All we are saying is, let this young man not die. They told us that they took his medical report to South Africa. But till date, we have not seen anything.

"Now they are talking about

conducting ear surgery on him. The Supreme Court has repeatedly said that a man should be alive to be able to stand trial.

"This case has taken international colouration and this court can save this country this opprobrium by ordering them to release his medical records.

"We have equally attached certified true copy of the judgement of a high court in Umuahia which awarded N500 million damages for the extraordinary rendition of the Applicant from Kenya.

"We humbly seek my lords’ intervention in this matter. We are seeking solace for this young man who has been beaten blue and black, with no one to stand up for him apart from this court.

"His doctor has gone there two times but they refused him entry.

But here they are, asking for reliefs from this court when they have not obeyed a subsisting order of this same court.

"They cannot come before this temple of justice with soiled hands to seek equitable remedy. Moreover, my learned friend is missing the entire

point. We are not here on the issue of whether they are feeding him or not.

"All we are saying is, let the treatment they claim that he is receiving, be subjected to a review by an independent physician of his choice," Ozekhome, SAN, added.

After taking submissions from both sides, Justice Binta Nyako adjourned the matter till July 20 for judgment.

Specifically, Kanu, had in the suit marked FHC/ABJ/CS/ 2341/2022, said he would need his doctors to conduct an independent examination to ascertain his actual state of health.

He is praying the court for an order, granting him leave to, "apply for judicial review in the form of an order of Mandamus, compelling the Respondents to allow the Applicant unhindered access to his medical doctors to enable them conduct an independent examination of his present deteriorating health condition, as earlier ordered by the Federal High Court, Abuja, on October 21, 2021; and as required by the express provisions of section 7 of the Anti-Torture Act, 2017".

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T H I S D AY ˾ WEDNESDAY JUNE 21, 2023

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MIDWEEKPOLITICS

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com

08033025611 SMS ONLY

As Ranking APC Senators Scramble for Principal Offices...

Ranking senators elected into the 10th National Assembly on the platform of the ruling All Progressives Congress have commenced deft moves to clinch the principal offices expected to be announced soon by the leadership of the party. Sunday Aborisade reports.

Opeyemi

T

Buhari

he successful inauguration of the 10th National Assembly and the emergence of presiding officers have paved the way for the appointment of principal officers to pilot the affairs of the red chamber for the next four years.

The leadership of the Senate, known as body of principal officers, is made up of 10 elected senators from the majority and minority parties.

By National Assembly’s convention, the APC senators, who are members of the majority party in the Senate, are expected to produce the two presiding officers and four principal officers including the Senate Leader, Deputy Senate Leader, the Chief Whip and the Deputy Whip.

The minority parties, on the other hand, which included the Peoples Democratic Party, the Labour Party, Social Democratic Party, the All Progressives Grand Alliance and the Young People’s Party, are also expected to produce the Minority Leader, Deputy Minority Leader, the Minority Whip and the Deputy Minority Whip.

Senators Godswill Akpabio and Barau Jibrin, who are members of the APC, had emerged as Senate President and Deputy Senate President respectively.

The leadership of the party is now expected to send the list of the remaining four principal officers positions to the red chamber before its resumption from the post inauguration/ Sallah break on July 4.

The party would appoint the Senate Leader, Deputy Senate Leader, Chief Whip and Deputy Whip from each of the geopolitical zones.

The positions would therefore be shared among the North Central, North West, South East and the North East geopolitical zones.

Prior to the party’s decision, the caucuses of the party in the Senate would meet to elect one of them whose name would be forwarded to the party for approval, and subsequent transmission to the presiding officers of the chamber for announcement.

At the moment, only the North Central geopolitical zone has not been adequately represented in the top positions so far decided at the 10th National Assembly following the successful conclusion of the 2023 general polls.

The distribution of the presiding officers positions in the National Assembly was supposed to take care of the other zones apart from the South West and North East which had produced both the president and vice president.

The North Central was short changed in the just concluded presiding officers elections because two offices - Deputy Senate President and House Speaker - went to the North West.

Some senators had posited that a ranking senator from the North Central geopolitical zone should automatically be appointed as the Senate Leader in the spirit of equity, fairness and justice.

Others however insisted that the rule of ranking must be strictly adhered to in the appointment of principal officers.

Other schools of thought who spoke on the development maintained that a ranking senator from the South West geopolitical zone should be appointed as the Senate Leader because

Ndume President Tinubu is from the zone.

They had claimed that the last two Senate Leaders in the second term of former President Muhammadu Buhari, Senators Yahaya Abdullahi and Ibrahim Gobir were both from the North West geopolitical zone with Buhari.

Advocates of the Senate Leader coming from the same geopolitical zone with the President insisted that it would enhance smooth working relationship between the executive and the legislative arms of government since he would be the engine room of the red chamber.

In the South West, going by the ranking rule, Senator Abdulfatai Buhari is the most ranking senator from the zone followed by Senators Solomon Adeola and Opeyemi Bamidele.

Buhari was in the House of Representatives in 2003 before he got elected as senator in 2015, 2019 and 2023.

Adeola on the other hand, was in the House of Representatives in 2011 and moved over to the Senate in 2019 and re-elected in 2023.

Bamidele, popularly known as MOB, is a lawyer, and human right activist, is the third in ranking. He was first elected into the House of Representatives in the 7th National Assembly.

He was elected into the 9th, and 10th Senate, representing the Ekiti Central Senatorial District.

Adeola and Opeyemi are considered as the closest South West senators to President Bola Tinubu.

Finding has, however, revealed that Bamidele could be favoured for the top job since Adeola is said to be eyeing the Chairmanship of the Appropriation Committee.

Bamidele would have to contest the position with Buhari who is

Izunaso

Musa

representing Oyo North Senatorial District in the Upper Chamber.

Many have, nevertheless argued against the claims that a ranking senator from the President’s geopolitical zone should be appointed as Senate Leader. They insisted that there was no historical antecedents to back up such claims.

A senator who spoke with our correspondent on condition of anonymity, said, “The first Senate Leader during the period of President Olusegun Obasanjo was a senator from Katsina State and another Katsina senator took over from him.”

During the era of late President Umaru Yar’adua, he said Senator Teslim Folarin from South West was Senate Leader and he was there until former President Goodluck Jonathan completed the tenure of Yar’adua.

The Senator said, “Senator Victor Ndoma Egba from the South South took over as Senate Leader when Jonathan was elected president.

“When President Muhammadu Buhari (North West) took over, Senator Ali Ndume from the North East was Senate Leader before he was removed and replaced with Senator Ahmad Lawan, from the same zone “In 2019, Senator Yahaya Abdullahi from Kebbi North was the Senate Leader before he defected to the Peoples Democratic Party and Senator Ibrahim Gobir took over.

“There was no history that backed up the claims that the Senate Leader must come from the geopolitical zone of the President.

“It happened by circumstances when Jonathan won his first presidential election in 2011 and when Buhari won his second term in office in 2019.”

Meanwhile, In the South East geopolitical zone, Senators Orji Uzor Kalu and Osita Izunaso, happened to be the two most ranking senators.

Both of them had been members of the House of Representatives and the Senate twice.

However, Kalu was in the House of Representatives in 1993 while Izunaso was in the green chamber in 2007.

Kalu’s period in the Lower Chamber however lasted three months before it was truncated

The distribution of the presiding officers positions in the National Assembly was supposed to take care of the other zones apart from the South West and North East which had produced both the president and vice president. The North Central was short changed in the just concluded presiding officers elections because two offices - Deputy Senate President and House Speaker went to the North West. Some senators had posited that a ranking senator from the North Central geopolitical zone should automatically be appointed as the Senate Leader in the spirit of equity, fairness and justice

Kalu by the military junta of General Sani Abacha.

In the North Central, Senators Sani Musa (Niger East) and Saheed Umar (Kwara North) are the two most ranking senators. Both of them had been to the Senate twice, 2019 and 2023.

The most ranking senator from the North East geopolitical zone is Ahmad Lawan, who just concluded his tenure as the Senate President, followed by Ali Ndume.

However, Lawan may not accept to be the Senate Leader. It will now be left with Ndume, who had played similar role during the era of Bukola Saraki’s Senate presidency.

Ndume however had to contend with Senator Danjuma Goje for the exalted position.

Other senators who spoke with our Correspondent on the latest development in the red chamber were of the view that if the leadership of the APC would follow the ranking system one of the above listed ranking senators should emerge as Senate Leader.

They noted that the others would be appointed as deputy Senate Leader, Chief Whip and the Deputy Whip respectively.

In the meantime, intensive lobbying has started for the position both within and outside the red chamber.

Various social, political and ethnic groups had started campaigning for their choice candidates for the position.

For instance, the Yoruba Council of Leaders (YCL) has appealed to the national leadership of the APC to consider Bamidele as the Senate Majority Leader in the 10th Senate.

The Leaders of Thought in the South West made the appeal in a Communique they released after their meeting on Friday in Ibadan, the Oyo State capital.

In the Communique, which was signed by the President of the body, Dr. Olusola Omokehinde, the elders commended President Tinubu, for recognising the importance of equitable power distribution across the country’s geopolitical zones. They said it was a means to promote inclusive governance and democratic integration in Nigeria.

The Communique emphasized the need for the zoning of the Senate Majority Leader to the South-West region, and specifically highlighted the candidacy of Senator Bamidele from Ekiti State.

Part of the Communique read, “The Yoruba Council of Leaders believes that this position is well-deserved for the South-West, considering that Ekiti State was the first to secure victory for the APC during the Presidential election.

“The APC garnered over 70 per cent of the total votes cast in the State. Agreed the South-West region had produced the nation’s President, it should not be deprived of other important positions.

“Senator Bamidele is by character and experience, fit for the role of Senate Leader.

“No doubt, Bamidele is imbued with vast political experience as a former member of the House of Representatives in the 8th Assembly and a current member of the Senate in the 9th Assembly, where he chairs the Judiciary Committee with an impeccable record and strong commitment to the party’s principles and ideology. Hence, he is unhesitatingly fit for the job”.

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T H I S D AY ˾ WEDNESDAY JUNE 21, 2023

POLITICS

Herculean Tasks Ahead of Katsina Governor Mallam Dikko Umar Radda appears poised to tackle the myriad of challenges facing him as he rebuilds Katsina state, writes Francis Sardauna.

U

narguably, the new Governor of Katsina State, Malam Dikko Umaru Radda, braced all odds to emerge winner of the keenly contested governorship election in the state.

He beat his opponents, Senator Yakubu Lado of the Peoples Democratic Party (PDP), Nura Khalil of the New Nigeria People’s Party (NNPP), among others, in the poll which was considered by political pundits as free and credible.

Sworn-in as the fifth governor of Katsina state on May 29, Radda emerged winner after surmounting several landmines orchestrated by some stalwarts within his party, the All Progressives Congress (APC).

He would face the stark reality of governing the 9.5 million estimated citizens of the state, over half of whom impoverished, and contend with other myriads of challenges facing the state for the first four years.

Thus, the daunting task before the 52-year-old governor, would be to initiate a viable healing mechanism process to pacify many angry APC bigwigs against his emergence as the governor of the state.

But beyond the razzmatazz of the campaign and eventual victory, another task before Radda would be how to address the myriad of the pitfalls and mundane issues that characterised the eight-year government of his predecessor, Aminu Bello Masari.

The harsh economic realities, escalating unemployment rate in the state, massive debt burden with apparently empty treasury, poverty, lack of payment of retirement benefits and replacement of retired workers and more importantly, worsening infant mortality seems to conspire to make the task before him even more laborious.

For instance, according to a 2022 National Bureau of Statistics (NBS) multidimensional poverty index, the state had a 72.70 per cent poverty rate. This showed that seven million out of the state’s estimated 9.5 million people are poor with vulnerable households finding it very cumbersome to afford three-square meals a day.

The NBS’ multidimensional poverty index further showed that Katsina is third in the list of states with the highest number of poor people, only behind Kano with 10 million people and Kaduna with eight million people.

Likewise, a 2021 Multiple Indicator Cluster Surveys (MICS) carried out by UNICEF in Katsina, further revealed that the state has 1.6 million people who are currently suffering from hunger, while 63,000 people out of the 1.6 million are battling with acute food insecurity.

Out of the state’s two million under five children, 1.2 million, according to the UNICEF’ MICS, are stunted, 574,200 moderately wasted, 250,151 severely wasted and 1,376,000 currently suffering from anaemia across the 34 local government areas of the state.

Similarly, the domestic debt of Katsina, according to the Debt Management Office (DMO), is N62.3 billion, while the external debt is $53.9 million. Judging from the DMO report, Radda has inherited a total debt of about N86.5 billion which includes both the domestic and external debts.

Another task before the governor would be solving the intractable escalating insecurity and uniting aggrieved Hausa and Fulani communities in Batsari, Jibia, Faskari, Kankara, Danmusa, Safana, Dandume and Sabuwa local government areas of the state into a peaceful state.

Although the former governor made appreciable non-kinetic efforts in taming banditry in the state, the security challenges seems to be escalating because hardly a day passes by without the hoodlums launching fresh onslaught on communities in the aforementioned local governments.

Also, Masari failed to address the infant mortality rate in the state. A 2021 MICS and National Immunisation Coverage Survey (NICS), showed that neonatal deaths

Radda increased from 38 to 49 deaths for every 1,000 births under his government, while the number of dead infants increased from 66 to 89 deaths per 100 births.

Findings further revealed that the state has a shortage of 11,222 teachers. Also, poor budgetary allocation and untimely release to ministries, departments and agencies in the state, are among the challenges that the incumbent governor needs to urgently address for effective services delivery.

Above all, the greater task before Radda will be the possibility of eschewing the normal tendencies of an average Nigerian politician reneging on their campaign promises once they assume the mantle of leadership.

Nonetheless, Governor Radda had during his inauguration speech at Muhammadu Dikko’s Stadium in Katsina, promised to squarely tackle the humongous tasks before him which appears to be eclipsing the bliss of election triumph.

Considered by pundits as a greenhorn in political gamesmanship, Radda told the gathering that: “I knew from the moment I decided to run for the governor of Katsina state that upon victory, I would give my best and work my hardest to ensure that I deliver the mandate on which

I was elected”.

Radda, who realised that the economy of the state is in shambles, said boosting local economies will be critical for his government’s collective growth and approach for economic revitalisation and diversification for the betterment of the state.

The governor noted that the modernisation and expansion of public infrastructure so that the rest of the economy can grow at an optimal rate will be his government’s ultimate priority.

He promised to establish an agency to enhance employment generation and youth engagement by developing MSMEs, assuring citizens of Katsina to expect more positive changes from his administration, especially in the areas of land administration, revenue generation, environmental management and infrastructure development.

The governor vowed to introduce a Treasury Single Account (TSA) to consolidate the state finances in order to strengthen accountability and close all loopholes in the state’s financial system.

He said: “Linkages in payroll and overheads and capital projects would be targeted until we eradicate them to ensure that public finances are managed efficiently for the benefit of the people of Katsina state”.

On health and social care, the governor said his administration would embark on an unprecedented drive to ensure that the most vulnerable persons in communities across the state are well taken care of and equipped with the tools to take them out

Above all, the greater task before Radda will be the possibility of eschewing the normal tendencies of an average Nigerian politician reneging on their campaign promises once they assume the mantle of leadership.

Nonetheless, Governor Radda had during his inauguration speech at Muhammadu Dikko’s Stadium in Katsina, promised to squarely tackle the humongous tasks before him which appears to be eclipsing the bliss of election triumph.

of poverty.

Radda’s quest for improved access to quality and effective healthcare at all levels

by Katsina citizens, observers believe, will lead to sustainable universal health coverage and eliminate the spate of infant mortality rate.

His promise of deploying all available resources and working with neighbouring governors to ward off banditry and other criminalities in the state, is considered by security experts as another strategic administrative plan to end killings, abductions and raping of innocent citizens by suspected terrorists.

According to him, “The insecurity issues will be paramount for this administration and I will deploy all available resources to end banditry and criminality across the state. We will also engage communities in this fight to ensure that security is sustained.

“Those affected by banditry and insecurity, I assured you that my administration will do its best to rebuild your lives. We will also focus on your mental well-being and provide special support to women and girls who have endured unimaginable pains”.

To the bandits, Radda said: “Abandon your cause and reintegrate into society or face the full wrath of the law. And I urged our youths to shun drug abuse, time wasting and criminality. We will work with relevant law enforcement agencies to provide social order and overall security of the state”.

Being an agrarian state with 85 per cent farmers, the governor noted that his government will develop an agricultural value chain along essential commodities and ensure that all the 34 local governments benefit from activities in which they have comparative and competitive advantages.

Also included is Radda’s desire to continue assisting ever-toiling farmers through enlightened agricultural policy that promotes productivity and assures decent incomes so that farmers can support their families and feed the state.

On education, the governor vowed to ensure that the best students have access to world-class academic facilities across the state, calling on teachers to embrace his government’s drive to improve the state educational system.

According to him: “Our future development would hinge on an educated population ready to contribute back to the state. We will also focus on technical and vocational education for those who need skills to become productive in society”.

Reforming the public service sector to ensure upskilled workers to work more effectively and efficiently in line with his strategic policy document, is another targeted achievement by the Katsina governor.

The process of modernising the sector, according to him, is not designed to bring hardship to civil servants but to ensure that they are working in a capacity that matches their competencies with the right tools and enumerations.

He averred that such administration reforms will be extended to local government areas, while promotion and placement of staff will be entirely on merits and not through favours. “We apply the sticks and carrots in our approach towards performance”, he said.

While stating that his government would encourage civil servants to come forward as whistleblowers when they observe practices that violate due process and rule of law, Radda said: “my administration will be transparent and ensure that reasonable efforts are made to engage the people as we introduce new policies”.

However, with his manifesto, campaign promises and inaugural speech safely in the custody of many Katsina citizens, Radda must refrain from toeing the obnoxious path of his predecessor who failed to fulfil most of his campaign promises when he came into power eight years ago.

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FEATURES

Group Features Editor: Chiemelie Ezeobi Email: chiemelie.ezeobi@thisdaylive.com, 07010510430

Dolapo Fasawe: Garlands for the Doctor of the Environment Bola Ajao gives a glimpse into the record of the Lagos State Environmental Protection Agency's sixth and first ever female general manager

Dr. Fasawe with Lagos State First Lady, Dr. Ibijoke Sanwo-Olu during the Switch to Gas campaign

General Manager, LASEPA, Dr. Dolapo Fasawe with the CPAO, Bola Ajao during one of the many exercises carried out under her watch

T

he strategic position of Lagos State as the economic hub of Nigeria and the West Africa region confer certain responsibilities on the state that is as emerging smart city. Among these responsibilities is the need to adopt a more friendly environmental policies to tackle the issues of pollution, flood and also guarantee a healthy society amongst others.

The Lagos State Environmental Protection Agency (LASEPA) being the agency of government with the mandate of protecting and improving the environment, by providing environmental friendly solutions to varied environmental challenges was established on the 1st of November, 1996, under LASEPA Edict No9 of 1996 to assist public and private organisations, industries, businesses and non-governmental organizations to achieve compliance through outlined guidelines and standard.

As a regulatory body, the agency over the two decades of its existence, has deployed creative means to address environmental challenges and also bequeath to the good people of the state, a clean and safe environment regardless of their status.

To further sustain the ingenuity which the agency had been known for over the years, the administration of Mr Babajide Olusola Sanwo –Olu took the bull by the horns by putting in place passionate and resourceful hands capable of driving the vision of mitigating the adverse effects of pollution caused by several years of total neglect due to urbanisation and industrialisation.

Heading this team of resourceful personnel at LASEPA is a medical doctor by training but now a doctor of the environment by passion and zeal, Dr Adedolapo Ayokunle Fasawe, who was appointed on the 19th of August, 2019 as the sixth and first female General Manager to be appointed in the 26 years of the agency’s existence.

Fasawe brought her expertise to bear in the management of the agency, by expanding the scope, mode of operation and significantly transformed LASEPA to a reputable regulatory body in the environment being under studies and replicated across the country and beyond.

LASEPA remains committed to creating a healthy lifestyle and serene environment that are emblematic of smart cities such as Lagos through developmental initiatives and partnerships with several strategic partners, including, World Bank, Dangote, African Steel, UNIDO, US Mission, Oando, IHS Towers, the United Nations, Wema Bank and Standard Chartered Bank, amongst others, to secure funding, support, recognition for activities, solutions, and interventions that

Letter of commendation from Governor Babajide Sanwo-Olu

Dr. Fasawe with the then Commissioner, MOE & WR, Mr. Tunji Bello during the tour of the first LASEPA ISO-Certified Laboratory in Nigeria

relevant and adaptable to the city’s unique environmental challenges.

Dr Adedolapo Ayokunle Fasawe, remains a signpost for good and excellent leadership. Since she assumed office, the general manager has demonstrated doggedness, commitment and seamless delivery of her core mandates in addition to an all –inclusive style of managing resources of the agency.

Her background as a medical practitioner made it possible for her to achieve giant strides within a short time, as a matter of fact, it took her, just a short spate of time to diagnose the agency’s need and quickly fix them all through systematic positioning of the agency to the path of efficiency and professionalism through periodic capacity building for ranks and files of the agency.

Today, in Lagos State, the fear of LASEPA is the beginning of wisdom, particularly, for the polluters of our dear state.

Remarkably, the tenure of the present General Manager witnessed several laudable and impactful projects. For instance, the agency, in August 2022 launched a project tagged “Eko Clean Air initiative” at Itedo Community (EtiOsa) to address air pollution, promote circular economy and also empower the vulnerable members of the society for a sustainable development.

Like a man who saw tomorrow, these initiatives and other new ideas became masterstrokes and attracted holistic partnership with sustainability advocates as well as introduction and distribution of branded ‘Switch to Gas ‘cylinders, eco-friendly materials such as multiple use bottles/bags and rechargeable lamps (to help in the reduction of air pollution, improve quality of life and further promote friendly lifestyles)

to households and communities respectively.

In all, under her leadership, there was adoption of more strong environmental policies such as banning of single use plastics/bags/amplifiers at motor parks, open places, free hearing test for the residents as well as the introduction of Trash for Cash ( a waste- to – value incentivised circular economy).

The locals were encouraged to exchange their single use plastics, oily waste and electrical waste for cash reward, cowry card, health insurance or food produce. The focus is to prevent pollution, reduce indiscriminate dumping of waste in drains, water channels, and mitigate effect of climate change as well as empowering the venerable.

Communities like Itedo (Eti-Osa) Ibeshe (Ori- Ade), Ikorodu, Obalende and Elegbata (Lagos- Island) LCDAs have respectively benefited and to be replicated in all 57 LCDAs. To walk the talk, single use plastics were banned within LASEPA premises, while symbolic presentation of reusable water bottles and multiple use bags were presented to all staff as a sustainable option to plastics and positioning of water dispensers and paper cups at strategic areas within agency facilities.

In order to drastically reduce the bureaucratic huddles of public service and further enhance effectively service delivery, LASEPA Boss increased the zonal offices from four to 20 to conform with the year 2023 vision of the agency to seamlessly reach out to its various publics within the nooks and crannies of the state in other to proffer solutions to myriad of challenges confronting the state.

The newly created zonal offices include Lekki, Mushin, Amuwo Odofin 1 &2, Surulere, Mainland, Ikorodu 1 & 2, others are Ojo, Oshodi-Isolo, Apapa 1 &2, Alimiosho 1, 2 &3, Agege,Badagry,Epe, Kosofe and Orile Igamu.

To maintain the leadership role as the number one environmental protection agency, the agency in 2020 commissioned three developmental projects which include a mini effluent treatment plant (ETP) that has the capacity of treating wastewater and residual samples from industries that do

In all, under her leadership, there was adoption of more strong environmental policies such as banning of single use plastics/ bags/amplifiers at motor parks, open places, free hearing test for the residents as well as the introduction of Trash for Cash ( a waste- to – value incentivised circular economy)

not have access to effluent treatment plants or unable to meet the state’s acceptable standards.

The installation of six air quality control monitoring stations at Alausa, Lagos Island, Akoka, Ikorodu, Abesan Ipaja, and Lekki respectively to attain clean air and minimize pollution by comparing pollution levels to ambient air quality criteria.

As well as the E-library and Resource Centre to facilitate the agency’s activities, detect plagiarism in technical reports and also open to research activities.

Another giant feat recorded under the doctor of the environment was the upgrading and Certification of the seven individual laboratories to become the first ISO – Certified government- Owned Environmental Laboratory in Nigeria (9000:2015). This noble move aims to assist the state government with empirical data to formulate better informed policy for the benefit of the people and environment.

LASEPA in the last four years, has been consistent in the promotion of socio and economic growth of the state without compromising. It has continued to win the confidence of the public through remarkable professional conducts and unflinching commitment to excellence.

The icing on the cake was the introduction of e payment and provision of point of sale (POS) machines to all zonal offices for ease of payment of environmental fines. This has boosted the revenue of the government and further promote transparency and accountability.

Like the proverbial old wine that gets better and fresher with age, LASEPA is in good hands and getting better in its commitment to drawing the public attention to the challenges of the environment as well as gingering environmental activism in students through environmental school advocacy programs.

The agency against all odd will continue to be dedicated to building a people that are bounded by a common goal of protecting the sanctity of the environment to attain a cleaner, safer and healthier environment for all, with due consideration for the 3Ps & S (The Planet, People, Profit & Sustainability).

The agency commemorates all recognized international environmental days, such as International Noise Awareness Day, international e-waste day, soil day Global Recycling Day, and World Environment Day, among others, with activities that benefit the public and promote positive environmental attitudes.

-Ajao is the Chief Public Affairs Officer of the Lagos State Environmental Protection Agency (LASEPA).

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Nwabunka@70: Odyssey of Good Wine Nduka Nwosu pays tribute to a long-standing friendship, a salute to Godwin Chinyere Nwabunka, founder and CEO of Grooming Centre, a Lagos-based leading Microfinance Bank on his 70th birthday

G

odwin Chinyere Nwabunka has a delightful story to tell because nature mixed his chemistry so well. This alchemical titration can be called a wine of many colours. Could that be why his mother Christiana Akpagu Nwabunka named him Chibueke and Chinyere, God’s gift, as an aside?

Indeed, there have been many a summer morning when mother nature smiled at him. leading him into unique harbours, bestowed with pleasures and joys beyond recognition, prompting stops at “Phoenician trading stations, to buy fine things, mother of pearl and coral, amber and ebony, sensual perfumes of every kind-as many sensual perfumes,” as he could; this is while wishing he visits many Egyptian cities, (actually Italian cities) to learn and go on learning from their scholars.

I am, at the risk of committing plagiarism, quoting and liking Nwabunka’s Odyssey to C.P. Cavafy's poem Ithaka, the island enchanted with what in Hausa is called the Sokugo, the wandering spirit Cyprian Ekwensi painted brilliantly through his principal character Mai Sunsaye, in Burning Grass, except that Ithaka is the prompting of the spirit to attain the highest good, the summum bonum of life.

Nwabunka’s Ithaka manifested early in life. In his yet to be published autobiography, he speaks in glowing and affectionate terms about two people-his parents Gabriel Torty and Christianah Akpagu Nwabunka, probably the most important people, who crafted his journey of life, shaping his cultural, religious, and intellectual zeal as a homo sapiens.

Did he early in addition to what his parents told him by way of a guide, come across Alexander Pope’s injunction to his disciples to “know then thyself, presume not God to scan, the proper study of mankind is man?”

His deep interaction with Catholicism as a teenager and Altar Boy, waking up at five to go for Mass and coming back home to prepare for school, shielded by an elder brother who later joined the Nigerian Army, and two big sisters who doted on him like no other, left the suspicion he was on his way to be christened the Right Reverend Godwin Nwabunka; it may also have left a question mark on what destiny held forth for him.

His birth on mother earth 70 years ago was a celebration reserved for the last born.

Unlike the arrival of his Lord and Saviour Jesus Christ in Bethlehem of Judea, there was no local chief or king coming after his head.

The three wisemen from the Far East, had no gifts for him, yet he had a warm welcome from mother and father.

The joy upon his arrival was overwhelming and the women of the village of Awomukwu in the Ikwuano Local Government Area in Umuahia, sang a beautiful song for Mama Christiana to welcome the new baby born in the city of Zaria.

Papa Nwabunka called the young man on baptism Godwin. God has won all his battles and he was signing off the process of calling forth more children with the birth of Godwin. Mama called the new baby Chinyere and Chibueke So, in effect, Nwabunka's early beginnings can be traced to Kaduna and Zaria, Zaria in particular, where father and mother were domiciled as a medical attendant and seamstress respectively. He recounts that though both parents were from a humble background, they wished for the best educational exposure and upbringing for their children. From St Theresa's Primary School Zaria where he had already distinguished himself as a brilliant scholar, his father felt thrilled escorting him to the then famous St John's College, where he had been admitted for his secondary education.

That experience was cut short with the crisis in the North leading to the massacre of Easterners. The college authority had to close the institution following threats and intelligence reports of an impending attack.

Remember Major Chukwuma Kaduna Nzeogwu and Major Christian Anuforo who were principal actors in the 1966 coup that led to the killing of the Prime Minister

Godwin Nwabunka

Alhaji Abubakar Tafawa Balewa and the Premier of Northern Nigeria Sir Ahmadu Bello, were old boys of the institution.

On his return home, he got admitted to Government College Afikpo, another outstanding institution that has produced many great men in the country.

Unable to get sponsorship for a university education after passing his West African School Certificate examination, he worked with the Nigerian Ports Authority and later proceeded to the Gregorian University in Italy for his studies, obtaining a PhD in Development Economics.

As the days unfolded, it turned out that somewhere along the way, fate had its own admixture in her laboratory, an ingot that urged him on to serve God without the hard precepts of a monk, the monastic life of a celibate. Nwabunka’s mantra all along has been one of service to humanity, which is encapsulated in church, family, friends, relations, and his fellow man.

As the founder of Grooming Centre, which obviously comes among the top bracket of the leading lights in the microfinance business, and the Nwabunka Foundation, both organisations try to capture the institutional humanitarian activities of the man. Whether as a corporate

social responsibility (CSR) of the Grooming Centre or through the Nwabunka Foundation, the welfare of the individual remains a recurring decimal for him, stretching to his involvement in every fabric of nation building and re-building.

Grooming for example has been active in attending to the needs of displaced people in the Northeast just as it is active providing medicare in the South West, South South and the Southeast for prevention and treatment of various ailments. Education and its advancement through research and rebuilding of existing institutions rank high in its selling point.

Nwabunka's educational interests stretch from kindergarten to university. In exploring new territories in the educational sector, he remembers his father’s advice to his children was to attain the highest level possible in their chosen discipline for there lies the silver linen or gold that a good, future life holds for those who dare.

His professor and supervisor of his project, Professor Theodore Mulder, persuaded him to work for the UN, either at UNICEF or the UNDP. There was his Rep Mr. Kingsman Omasola who saw a great future in him just as there were those who saw nothing, but another kind of PhD-a pull him down syndrome. Chief Sonny Odogwu gave the global icon the fun of a lifetime, pulling him away from Isichei and Adetona, where he worked as a consultant after a well-deserved exposure at the Centre for Management Development (CMD). The CMD, UNDP,

“Nwabunka is an extremely focused personality, doing what he should do to drive the business to where it should be headed. I tell those who come to me for advice to get their focus right on what they want to do, and the rest will be history. Nwabunka is a very hard-working chief executive, who inspires others to action and has so much in him to guide others to success. Success is about diligence; it is about focus, and it is about doing it right.”

UNICEF, Odogwu's SIO Group and Isichei & Adetona, trained and defined his future status as a hardcore professional.

Mama Christiana and his mother-in-law who gave him a charming woman Isoken Patricia, take the lead among mothers who made a difference in his upward climb. Isoken remains non-pareil as a wife. At the inception of Grooming, she pioneered the new project, leaving behind her lucrative motor parts business to steer Grooming Centre, to a new territory of promise.

Do not forget Mama Christiana gave her son the name Chibueke-God is the creator, inherited by first son Malcolm. But Chibueke came with a price-that of responsibility and accomplishment. If he 'strayed' by Mama's judgement, he was downgraded to Godwin or just Goddy with her hand on his ear, twisting the fragile object with a probing question mark represented by "Godi-win, could this be you or someone else? Have you forgotten where you are coming from?" Of course, if Mama called Godwin Chibueke, it came with maximum marks.

When Mama beheld Isoken and gave her tests worthy of a maiden about to be betrothed, tests she passed with excellence, Chibueke acquired an apellation-Nwaomam (my Fineboy and by extension with his Fine Babe).

As for the mama from Benin-Mama Isoken, she used her black soup with all the known comestibles-dry fish, prawns, dry meat all embedded in green vegetables, an Afang soup, Edo style, to seal the Holy Matrimony, for better for worse. Mama Isoken, a Pentecostal prayer warrior with Mama Christiana of the Catholic prayer ministry, always interceded on behalf of husband and wife. When they departed, both couples had to learn how to pray their way into God’s heart.

It was his friend Dr. Godwin Ehigiamusoe who first convinced Nwabunka of the medical value of black soup eaten with plantain fou fou. When Papa Gabriel Torty Nwabunka, his wife Christy and Mama Isoken look back at the legacy they left behind, a happy family with four children, Elma Ugochi, Chidinma, Amaka, Chibueke Malcolm, and Uyi, they will be glad to celebrate what a marvelous thing the Lord has done for them.

Dr. Godwin Ehigiamusoe, the father of the Nigerian microfinance movement, author of TOUCHING LIVES, My LAPO Journey, and founder of Nigeria’s leading microfinance bank-Lift Above Poverty (LAPO), has this to say about Nwabunka: “Many people who come into this business have a wrong mindset and orientation on how it should be. They see it primarily as a money-making venture, an avenue to the good or big life. Dr. Godwin Nwabunka is someone that is sincere and committed to whatever he is doing. There is something that runs through people in this area of business and who are doing it successfully; it is that inherent feeling for ordinary people. Money comes as an active ingredient yes, but the first thing that is common among us, the practitioners in the microfinance sector, is that desire to assist ordinary people; money can therefore follow once this desire comes naturally to you.

Many people who ventured into this territory failed because their overriding quest was largely the pursuit of money.

That is not the way Nwabunka sees it; I do not see it that way too. That was why our chemistry was easy to click, bringing us together. It made us work together, share ideas together as it were, and it has grown to greater heights even now. Our hypothetical, self-contained plane of existence, or parallel universe, found its convergence in the unfolding world of microfinance, where our worldview found a voice.

“Nwabunka is an extremely focused personality, doing what he should do to drive the business to where it should be headed. I tell those who come to me for advice to get their focus right on what they want to do, and the rest will be history. Nwabunka is a very hard-working chief executive, who inspires others to action and has so much in him to guide others to success. Success is about diligence; it is about focus, and it is about doing it right.”

Happy 70th birthday Doc.

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www.thisdaylive.com

INTELLECTUALISING ANIETIE USEN’S BROMANCE WITH UMO ENO Their identical backgrounds engender a strong bond of brotherhood, contends UDEME NANA

See page 27

THE ABUSE OF POWER SONNY ARAGBA-AKPORE chronicles the misuse of power in the telecom sector of the economy

See page 27

EDITORIAL

IMPLEMENTING THE STUDENT LOANS ACT

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The quality of the Nigerian judiciary is now increasingly questionable, argues CHIDI ANSELM ODINKALU

THE REIGN OF PILLOW-TALK LAW “Our politicians are no longer content with hiring Senior Advocates of Nigeria (SANs), they also have their own judges.” Olusegun Adeniyi, When Judges Imperil Democracy, (4 Jan. 2018) When he announced himself to the world on 1 January 1984 as military Head of State and leader of the military coup that had just overthrown Alhaji Shehu Shagari, Nigeria’s then elected president, Muhammadu Buhari, a MajorGeneral, cited as the reason for the coup the fact that the politicians had chosen to “circumvent most of the checks and balances in the constitution”, complaining that “the premium on political power became so exceedingly high that political contestants regarded victory at elections as a matter of life and death struggle and were determined to capture and retain power by all means.”

To unravel how the electoral process was derailed, General Buhari empanelled a judicial commission of inquiry into the Federal Electoral Commission, (FEDECO), as Nigeria’s electoral umpire was then known. Bolarinwa Babalakin, a judge who served with considerable distinction at the highest levels of Nigeria’s courts, chaired the inquiry, which outlasted the Buhari regime and reported in November 1986 to Buhari’s nemesis, Ibrahim Babangida.

In addition to the presidential election, seven governorship contests out of 19 also ended up before the election petition tribunals in 1983. What transpired thereafter in the election petitions received considerable attention in the report of the Babalakin Commission of Inquiry. The report observed that “of all the elections ever held in this country, none put the judiciary as much on trial as the 1983 elections.” The outcomes were a source of considerable “shock and dismay” to the public, many of whom took the view that “the verdicts in a number of instances constituted a rape of democracy perpetrated through the law courts.

Allegations of corruption were freely made.” In many cases, tribunals invented unfathomable WHFKQLFDOLWLHV WR MXVWLI\ WKH XQMXVWLÀDEOH Lawyers will claim that the ways of the law are too abstruse for the un-learned. This patronizing defensiveness, however, is no excuse RU MXVWLÀFDWLRQ IRU KDELWXDWLQJ WKH SXEOLF WR D diet of judicial scandal. Anyway, the voices of FRPSODLQW KDYH ORQJ FHDVHG WR EH FRQÀQHG WR the presumptively un-learned. Even the most eminent among the learned have since raised the decibels of consternation at the happenings in Nigeria’s law courts.

Looking back at judicial roles in the 2003 and 2007 elections, Obi Nwabueze, Nigeria’s best known professor of public law and currently the country’s most senior living Senior Advocate of Nigeria (SAN), accused the Supreme Court of playing a “discreditable part” in manufacturing a jurisprudence of electoral impunity, lamenting the failure by the “Court to appreciate that the question of who should rule Nigeria is not one to be decided by a perverse and narrow legalism, by the technicalities of the rules of evidence, practice and procedure and by considerations of expediency.”

Nigeria’s vocation of the law fashions itself after the idea that the law is what the judges decide. But what this means is that the vocation

of judging is an extraordinary public trust that should be reserved only for persons of manifest integrity and learning.

This used to be the case in Nigeria at least as a matter of practice. The quality of the Nigerian judiciary used to be the envy of the Commonwealth and beyond. The country exported judicial expertise around Africa and the Commonwealth.

However, Nigeria’s constitution contains a perilous omission: it does not require DSSRLQWHHV WR MXGLFLDO R΀FH RI D FRXUW RI UHFRUG to be persons of integrity. The only mandatory requirement in the constitution is merely that FDQGLGDWHV IRU MXGLFLDO R΀FH VKRXOG KDYH attained a minimum number of years as lawyers. There are no personal, professional or civic integrity standards. In the absence of such requirements, the judiciary has become a billboard for advertising some of the worst attributes of the Nigerian condition. Judging in Nigeria is now like a family heirloom that children inherit from their parents or a sexually transmitted condition that spouses inseminate one another with.

In hindsight, the situation reported by the Babalakin Commission in 1986 now reads very much like choir practice. Even then, standards existed. When he was nominated to sit on the Supreme Court panel in the Anambra State governorship election petition in 1983, Anthony Aniagolu, then a Justice of the Supreme Court, recused himself. He knew one of the parties in the case too well.

Two decades after the Babalakin report, over RI WKH R΀FHV FRQWHVWHG LQ WKH HOHFWLRQV ended up before the election petition tribunals.

It was a development that led the Economist to label Nigeria as a “democracy by court order.”

With elections reduced to a rat-race for judicial votes, Nigeria’s judges retrenched citizens from their perch as the source of legitimacy for political power, and the politicians discovered that while it remains useful to rent a lawyer, it LV LQÀQLWHO\ EHWWHU WR RZQ D MXGJH RU PRUH $V D FRQVHTXHQFH WKH HͿHFWLYH YHQXH RI MXGLFLDO decision making relocated from the courtroom to the kitchen-table and to pillow-talk.

Last week, out-going Senator, Adamu Bulkachuwa, whose wife, Zainab, is the penultimate President of Nigeria’s Court of Appeal, took the opportunity of his valedictory remarks in the upper chamber to thank his “wife, whose freedom and independence [he] HQFURDFKHG XSRQ ZKLOH VKH ZDV LQ R΀FH DQG she has been very tolerant and accepted my encroachment and extended her help to my colleagues.”

The import of Adamu Bulkachuwa’s diction and words was clear. Premium Times

remarked in response that “compromise of court decisions is generally believed to be a recurrent happening in Nigeria, but confession to it by actors is rare.”

By 2019, the Court of Appeal had no recollection of the example laid by Anthony Aniagolu in 1983. Zainab Bulkachuwa, then the President of the Court of Appeal, insisted on sitting on the presidential election petition tribunal despite the fact that her husband, the afore-named Adamu, was himself elected to the senate on the same party as the president whose election was in dispute. Her son, Aliyu, KDG DOVR VRXJKW WKH R΀FH RI VWDWH JRYHUQRU RQ the platform of the same party.

The Court of Appeal dismissed the application requesting her to recuse herself from the proceedings, claiming that “enough materials have not been placed” before it to show a likelihood of bias on her part. According to the court, “the fact that she is the mother and wife of the APC members is not enough to require that she recuse herself.” This ruling did not pretend to be interested in passing the smell test and the court knew it. In the end, public opinion forced Zainab Bulkachuwa from the proceedings but the damage had been done.

In an interview she granted on her retirement from the judiciary the following year, Zainab Bulkachuwa claimed rather incredulously that “when that issue of the presidential election petition panel came up, I have even forgotten that my husband is a politician.” She had also DVVHUWHG LQ DQRWKHU RͿHULQJ WKDW ´SROLWLFV LV D no-go area in the house.” Now we know that Chez Bulkachuwa was the place where pillowtalk settled who won and lost elections.

Adamu Bulkachuwa found himself in a unique position of enjoying spousal privilege and parliamentary privilege on the wings of vicarious judicial privilege. A devout Muslim, he appeared to have been inexplicably overwhelmed by an urge to do something that comes naturally only to Christians of the Roman Catholic persuasion: confession.

He alone can say whether his confession was penitential or hubristic.

Unlike Adamu Bulkachuwa, however, the National Judicial Council (NJC), which met 48 hours after the confession broke, could see no evil or hear any. Instead, the president of the Nigerian Bar Association (NBA) decided to gratify the eloquent complicity of the NJC with a statement that was both bizarre and gratuitous.

The only statement that has come out of the NJC meeting instead was about allocation of high judicial appointments.

1RW IRU WKH ÀUVW WLPH WKH OLVW IHDWXUHG VRPH SURPLQHQW QRPLQHHV GHÀQHG E\ FUHGHQWLDOOHG SURSLQTXLWLHV FRQÀUPLQJ WKH QRWLRQ WKDW pillow-talk and kitchen-table are currently the ascendant sources of law in Nigeria, if not supreme. Sadly, this does injustice to the diminishing cast of honest judges in the country. They still exist and the NJC could do more to stand up for them.

A lawyer and a teacher, Odinkalu can be reached at chidi.odinkalu@tufts.edu

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Their identical backgrounds engender a strong bond of brotherhood, contends UDEME NANA

INTELLECTUALISING ANIETIE USEN’S BROMANCE WITH UMO ENO On Tuesday, 30th May, a day after the swearing in of new Governors in Nigeria, the new helmsman in Akwa Ibom State appointed Mr. Anietie Usen as the Senior Special Assistant on Media and Publicity in KLV R΀FH 8VHQ LV D PXOWLSOH DZDUG ZLQQLQJ journalist. He is an Alumnus of Harvard Business School, Oxford Business School, Manchester Business School, Lagos Business 6FKRRO DPRQJ RWKHUV +H KDG VHUYHG EULHÁ\ as a Special Assistant to former Governor Akpan Isemin in 1992 and moved on to serve as the General Manager of the Akwa Ibom State Newspaper Corporation, Publishers of the Pioneer Newspaper from 1993. Before then, Usen had worked in Newswatch Magazine, where he rose to become the General Editor. He was a one - time Senior Political Analyst / Editorial Board Member of THISDAY Newspaper as well as the Regional Editor in charge of West Africa for the London-based Pan - African magazine, Africa Today. Mr. Usen also served as a Director of Corporate Communications at the Niger Delta Development Commission and retired as the Director of Administration of the intervention agency about two years ago. His latest appointment immediately became popular street talk revolving around why a man so well decorated should take such a lowly post. An Abuja based Journalist; a concerned mentee and friend of Mr. Usen wrote “This appointment, to say the least, is humiliating. It is not worth any celebration.

Anietie Usen is bigger than this and deserves a better and more challenging appointment. $QLHWLH LV P\ PHQWRU LQ VSHFLÀF DVSHFWV RI journalism. I feel belittled for anybody to make my boss more of an errand boy in the R΀FH RI WKH &36 2U KRZ HOVH ZRXOG \RX describe the job of an SSA, Media? I am annoyed and disappointed.”

Although literature, mostly conceptualized as creative writing captures momentous and small events which may have happened or are anticipatory, it also seeks to interpret the ÀQHU GHWDLOV RI RFFXUUHQFHV 7KLV PHDQV WKDW literature is not only tales of village boys, girls, WKHLU GUHVVHV GDQFHV ORYH DͿDLUV PHQ DQG women, happy marriages, chiefs, hypocritical religious folks, corrupt politicians, leaders and unhappy relationships. William Shakespeare, Jane Austen, Thomas Hardy, Tolstoy, Victor Hugo, Wole Soyinka, Wale Okediran, Chinua Achebe, Chimamanda, Joseph Ushie, Martin Akpan, Uboho Bassey and other great writers have, in their literary exertions, attempted to unveil the character of people and their motivations for the roles they play in the society. According to an outstanding Indian literary critic, Janani Ramanathan, ‘we need to delve deeper into the context, circumstances and individual character of the players to discover principles and forces that are concealed by the veil of chance and accident.’ If one looks beyond SROLWLFV DQG WULHV WR UHÁHFW GHHSO\ RQH LV PRVW likely to chance on a connection, a meeting and marriage of souls who were lost but found themselves in Anietie Usen and Pastor Umo Eno. The Barracks Boy, Umo Eno, and the Village Boy, Anietie Usen were forged by their early childhood deprivation occasioned by the loss of their biological fathers, their VWUXJJOHV WKURXJK OLIH ÀUHG E\ KRSH DQG stories that touch the heart. These experiences have served as motivation to push them to an ultimate pedestal in the klieg lights. Their personal stories have touched their emotional chords and resonated with their spirits. They are most likely to see themselves as kindred souls. A further scrutiny would yield a commonality in their philosophical centres of

existence which includes the Church and a subdued crave for genuine love, acceptance and fun. In his prefatory review of “Village Boy” , a literary portraiture of the early childhood of Anietie Usen, the Professor of General Stylistics and Literary Criticism wrote ‘the storyline in Village Boy is built around Akan (Anietie Usen ) , a fragile but curious village boy who, having tragically lost his father at the tender age of two in an automobile accident in Lagos, is relocated to Afaha Akpan Iman Ibom village, where he comes, not just into the warm care and protection of his grandmother but the harsh realities of poverty...a world without clocks or wristwatches, and where encounters with ghosts are perhaps real and the world of lizards, owls, toads, frogs, monkeys, and other neighbours of the wild, is in close communion with that of humans”. In his own account captured in his inaugural address to the people of the State after being VZRUQ LQWR R΀FH DV WKH ÀIWK GHPRFUDWLFDOO\ elected Governor of Akwa Ibom on Monday, 29th May, 2023, Umo Eno noted, “I was born in the police barracks and had lost my father at a very young age and the burden to raise my siblings and I, fell on my late mother....Life in the police barracks back then was drab and dreary and all around us, were things that were designed to bring out the worst instincts in us. No one gave PH D ÀJKWLQJ FKDQFH WR VXFFHHG , FRXOG have fallen through the cracks of life, and be swallowed by the gaping hole that we daily encountered; I could have surrendered to some negative tendencies associated with peer - pressure, but I summoned hope and kept my head above the murky waters of despondency.” In 1975, the Ghanaian playwright, Efua Sutherland wrote the Play - The Marriage of Anansewa which explored the concepts of poverty and ambition. That Play is about Ananse’s ambition to improve his lot in life and the main character used KLV HQHUJ\ WR WXUQ IURP SRYHUW\ WR D΁XHQFH The shared childhood experiences of Anietie Usen and Umo Eno who started out in life as paupers have made them survivors and strikes a chord. These have also imbued in them survivalist tendencies through life.

Their identical backgrounds and psychology would make them to connect, predict each other correctly, engender a strong bond of EURWKHUKRRG FULWLFDO LQ WKH HͿHFWLYH GLVFKDUJH of their responsibilities. Moreover, Anietie Usen possesses the latitude, aptitude and passion (LAP ) to breathe life into the post.

However, there’s another critical nut in the tool kit that I can only sell to interested occupants of that very demanding job.

Dr Nana, former Media Adviser to Governor Attah, is the Founder of the intellectual hub, Uyo Book Club

SONNY ARAGBA-AKPORE chronicles the misuse of power in the telecom sector of the economy

THE ABUSE OF POWER From August 21, 2019 when new ministers and the minister had his way. He then in President Muhammadu Buhari’s second began a move to castrate the NCC further term were inaugurated, one particular and make the NITDA to take over NCC’s minister - that for Communications as it was mandate and become a super regulator of then known, had a vaunting ambition - get ICT through a repeal of NITDA Act 2007, a strong hold on the sector by annexing its and enact another act in that regard. agencies and parastatals for his own purpose.

Though the minister denied his He had his friends in the Villa who could involvement, smuggle in documents and prayers to the he left no one in doubt about his 3UHVLGHQW IRU HͿRUWOHVV DSSURYDOV +H ZDV VR ambitions. powerful, so much that he could allegedly “I had a meeting with the Executive overrule Mr. President in several instances Vice-Chairman of NCC and the Directorthrough his allies in the Villa. So powerful was General of NITDA and I directed them to he that he held every one spellbound in the work together. telecommunications sector.

“And there was an agreement that He concocted a memo proposing that the both Acts needed to be amended,” he was Ministry of Communications be changed quoted as saying. to Communications and Digital Economy He said that both the NCC Act 2003 and Ministry, and pronto, it was approved.

NITDA Act 2007 were obsolete and long He began to run with this thus enlarging his overdue for review due to imperatives of coast in the economy including dabbling into new technologies. areas that he knew nothing about. As a super According to him, the old Acts did not minister, some of his colleagues revered him address the fourth industrial revolution for his ‘envious position.’ This went into his and emerging technologies.

He said: “We are talking about Fourth Generation (4G) Technology and Fifth Generation (5G) Technology today as well as digital economy.” ´7KH 1,7'$ $FW ZDV VSHFLÀFDOO\ on Information and Communication Technology (ICT) sector, while the NCC Act dwells more on telecommunications.”

Despite the resistance to his ambitious pursuit, the minister succeeded in getting the Ninth Senate approval of the NITDA bill on May 16, 2023. But failed woefully to get the House of Representatives concurrence for it. That saved the telecommunications sector from an imminent disaster waiting to happen.

The controversial bill may have been the Achilles heel for the minister believed to be a czar of the Ministry of Communications and Digital Economy which began shortly RQ DVVXPSWLRQ RI R΀FH ZKHQ KH DGYHUWLVHG his closeness to President Buhari.

Having cleared the ground, he unleashed on the Nigerian telecom industry some controversial and bizarre events and head and encouraged his conquest in earnest. incidents, from which the industry may Since 2019, he took over the day-to-day take a long time to recover. running of both the National Information First, he publicly abandoned the Technology Development Agency (NITDA) Nigerian Communications Act 2003 where he was Director General and the that gave independence to the NCC, for Nigerian Communications Commission H΀FLHQW UHJXODWLRQ RI WKH LQGXVWU\ E\ 1&& WKHUHE\ FRQÀQLQJ WKH $FWV RI ERWK bullying the board and management of the organizations to the dustbin.

Commission into submission.

He appointed his personal assistant, the He took over and directed the activities Director General at NITDA having failed of the Commission, including the handling to make him NCC chief executive due to RI GLVWULEXWLRQ RI IXQGV IRU GLͿHUHQW resistance from many quarters to remove the SURMHFWV RI WKH FRPPLVVLRQ +LV LQÁXHQFH incumbent CEO. So he wove a web around the on the government was mind-blowing.

1&& DQG LWV R΀FLDOV DQG DQ\RQH ZKR GLGQ·W In one of his disregard for protocols, he fall in line risked demolition. embarrassingly walked across the podium Henceforth, his words were the laws from where he was seated with President through which everything must be done in the Buhari, to abruptly stop the Chief sector.

Executive of the Nigerian Communications And so NCC’s plan to take services to rural Commission, Professor Umar Garba Nigeria through its Infrastructure Companies Danbatta, midway into his welcome (Infracos) for which no fewer than seven DGGUHVV WR 0U 3UHVLGHQW DW WKH 1&& 2΀FH companies were licensed was allegedly at Mbora, in full glare of the public. That hijacked by the minister and the programme was on March 19, 2020. He also asked his shoved aside in pursuit of building Data media aide to order a particular Tv crew Centres in parts of country. out of the auditorium at Mbora, Abuja.

The former minister was said to have While serving as minister, he allegedly directed attention to building Data Centres acquired the title of ‘Professor’ in one of and ICT Parks in some parts of the country the Nigerian universities where he was SUDFWLFDOO\ WR IUXVWUDWH HͿRUWV RI WKH UHJXODWRU not on its faculty and without the requisite to take services to unserved and underserved TXDOLÀFDWLRQ areas as part of its mandate.

Strangely, no one including industry Aragba-Akpore players could raise any questions about this is a member of THISDAY Editorial Board

28 4

T H I S D AY

WEDNESDAY JUNE 21, 2023

EDITORIAL

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

IMPLEMENTING THE STUDENT LOANS ACT Student loan will help in education financing

T

he Committee of Vice Chancellors and Registrars of Private Universities in Nigeria (CVCRPUN) has commended President Bola Ahmed Tinubu for signing into law the Student Loan Bill. “We must continue to build on this foundation, striving to create an environment that nurtures critical thinking, intellectual curiosity, and a strong sense of social responsibility,” their chairman, Kabiru Adeyemo, said during the committee’s general assembly in Ibadan, the Oyo State capital. But it is not all the stakeholders in the sector that KDYH DFFHSWHG WKH DFW 3UHGLFWDEO\ WKH $FDGHPLF 6WDͿ Union of Universities (ASUU) has picked holes in the idea it has always opposed. “The union will react soon, but everyone knows our position on student loans because you will end up encumbering the children of the poor with loans and debt after graduating,” ASUU President, Emmanuel Osodeke said.

Initiated by the former House of Representatives Speaker, Femi Gbajabiamila who is now &KLHI RI 6WDͿ WR 3UHVLGHQW Tinubu, the aim of the Student Loan Act is to provide interest-free loans from the Nigerian Education Fund as one of the ways to fund tertiary education in the country. Gbajabiamila had argued that the hardship being experienced by the unemployed and low-income earners coupled with the very high cost of living has PDGH DFFHVV WR TXDOLW\ KLJKHU HGXFDWLRQ GL΀FXOW stressful and in some cases impossible for many people in the country. We agree with Gbajabiamila. For the sector to attract quality academic and non-academic VWDͿ SURYLGH QHFHVVDU\ WHDFKLQJ DLGV DQG HQVXUH conducive learning environment for students, the idea of tuition-free tertiary education for all is no longer realistic.

At the root of this crisis of tertiary education is the lack RI DQ DUWLFXODWHG SROLF\ RQ IXQGLQJ 7KH ZHDN ÀQDQFLDO conditions of most of our universities are exacerbated E\ WKH FXUUHQW FULSSOLQJ HFRQRPLF FULVLV D΁LFWLQJ the nation. Yet, besides personnel costs, funds are

required to rehabilitate dilapidated facilities, purchase consumables and aid research. What ASUU and those who insist on free tuition in our public universities therefore fail to understand is that we cannot continue to train manpower for a free market economy at no cost to parents. Besides, many of the undergraduates in our public universities attended private secondary schools where the fees for one term were usually more than the entire cost of a degree programme in our public university system.

In most countries where education is taken seriously, universities explore several ways of raising funds for their operations, without any attempt to reinvent the wheel. The common avenues include donations, endowments, professional chairs, gifts, grants, and consultancy services.

Incidentally, the military government of General Yakubu Gowon dealt with the problem at the level of policy. The federal military government had the students’ loans scheme, work study programmes, scholarship schemes for indigent students, grants, etc. There were also bursaries at the level of states.

Sadly, all these schemes have either been abandoned or compromised in their execution.

Many of our public universities have been conditioned to believe only government should fund them without even seeking the help of their alumni members. Whereas the schools Nigerians attend abroad even for nondegree programmes bombard them with requests for donations with mobilisers and fund managers engaged for that process, Nigerian universities are content with whatever they receive from government. Meanwhile, universities abroad don’t spend more than 40% of their earnings on salaries which are decent. So, what we lack is ambition across the board, including sadly among lecturers.

The student loan act is just one of a cocktail of ideas that we need to address the challenge of inadequate funding for our tertiary institutions. While the idea is welcome, the real work will come during implementation.

The student loan act is just one of a cocktail of ideas that we need to address the challenge of inadequate funding for our tertiary institutions T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR 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 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 PUTTING ROUND PEGS IN ROUND HOLES BOXED IN THINKING We wish to roll out the drums and applaud President Bola Ahmed Tinubu for the recent appointment of Air Vice Marshal Hassan Bala Abubakar as the newly apSRLQWHG &KLHI RI $LU 6WDͿ It is without a doubt that President Bola Tinubu will forever be remembered for recognizing AVM Abubakar, a Kano indigene from Shanono, a man of resilience and doggedness, and can-do spirit, a man whose life story is a litany of service to humanity. He is worthy of this national assignment.

Born in 1970, Air Vice Marshal Hassan Bala Abubakar, who hails from Shanono Local Council in Kano State, is through dint of hard work, entrepreneurship, and patrioWLVP URVH WR EHFRPH WKH $LU 2΀FHU &RPPDQGLQJ /RJLVtics Command, and has attended several courses nationally and internationally.

A distinguished Nigerian who has continued to give his all in the service to fatherland, AVM Abubakar has worked his way through the rungs to occupy a pride of

place in the Air Force; so this latest appointment therefore becomes a matter of responsibility and recognition of the contributions of a patriot.

I therefore wish to commend President Bola Tinubu for this worthy appointment. Shanono indigenes are elated by the elevation of AVM Abubakar to the highly covetHG &KLHI RI $LU 6WDͿ VHDW ,W LV D SRVLWLRQ WKDW FDSV DOO KLV H[FHOOHQW SHUIRUPDQFH LQ WKH YDULRXV R΀FHV KH KDV KHOG previously in the service to his fatherland.

I, on behalf of Shanono Indigenous People’s Forum (SIPF) worldwide, pray that Almighty Allah SWT guide him so that he acquits himself as a true Shanono indigene GHVHUYLQJ RI WKLV H[DOWHG R΀FH :LWK KLV PDWXULW\ DQG experience, he shall demonstrate that there is no looking back and no stopping him.

Com. Garba Musa Bello, Chairman, Shanono Indigenous People’s Forum (SIPF) worldwide

I read with amusement and amazement about the number of boxes that Donald Trump had at his Mar-aLago estate. I have a number of boxes in my garage from RXU ODVW KRXVH PRYH EXW QRQH DUH VHFUHW RU FODVVLÀHG DQG in time they will probably be thrown out unopened.

The storage of documents in the bathroom suggests hoarding which many consider a mental health issue.

Google tells me that some other signs include emotional outbursts or a lack of ability to recognise reality, maybe an Election loss. I am not a medical expert so I can’t make any conclusions on the matter but I have my own suspicions.

There is also a concern about your thinking processes if you claim it is all a conspiracy against you and only you.

Let’s hope for a better, more stable, leadership next time, no matter which side they come from.

Dennis Fitzgerald, Melbourne, Australia

T H I S D AY ˾ WEDNESDAY, JUNE 21, 2023

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BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325

J U N E

S & P INDEX

2 0 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N462.50/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT LAST FRIDAY

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

H1 2023: Investors Stake N4.16tn in FGN Bonds on Attractive Yields

Kayode Tokede Following attractive yields despite spiralling inflation; investors purchased N4.16trillion worth of FGN Bonds in the first half of (H1) 2023 out of which N3.57 trillion was eventually allotted from the stipulated N2.16 trillion total offered amount.

This is contained in the Debt Management Office (DMO) latest FGN Bond auction result for June 2023, which showed that its four auctions saw a total of 398 bids worth N635.12 billion received from the N360 billion total offered amount.

The DMO numbers revealed

that the total amount allotted was N473.16 billion, with successful 200 bids allotted at marginal rates of 13.9000 per cent, 14.7000 per cent, 15.4500 per cent and 15.7000 per cent as the Inflation rate in Nigeria currently at 22.41 per cent as of May 2023, according to National Bureau of Statistics (NBS).

DMO only re-opened 14.55 per cent FGN APR 2029, while 14.70 per cent FGN JUN 2033(10-Year Bond); 15.45 per cent FGN JUN 2038 (15-Year Bond) and 15.70 per cent FGN JUN 2053 (30-Year Bond) were new FGN bond offers in the period under review.

The DMO on a monthly basis conducted four auctions, with all of

the offers recording oversubscription.

While the information on the buyers of corporate bonds are publicly disclosed, other publicly available reports indicate Pension Fund Administrators (PFA), asset managers, insurance companies, banks, and institutional/foreign investors are among the largest buyers of FGN Bonds.

For instance, PFAs were allocated over 62.79 per cent or N9.78 trillion of their asset under management of N15.58 trillion to FGN Bonds as of March 31, 2023.

The auction results by debt office indicate strong investors demand for FGN bonds, as the total amount allotted exceeded the total amount

offered. It also suggests investor confidence in the Nigerian economy and the ability of the government to meet its debt obligations.

A breakdown of borrowing Quarter-on-Quarter (QoQ) revealed that DMO on behalf of the government purchased N2.61trillion worth of FGN Bonds in the first quarter of (Q1) 2023 out of which N1.89 trillion was eventually allotted.

The DMO disclosed that a total sum of N1.08 trillion was the amount offered in the period under review in Q1 2023 as the federal government intensified borrowing from local investors to bridge 2023 budget deficit.

In Q2 2023, however, the

government also offered to raise N1.08 trillion but allocated N1.57 trillion to investors. The auctions in Q2 recorded a 69.32 per cent oversubscription as investors subscription stood at N1.56 trillion.

The federal government had proposed to borrow over N11 trillion to finance the proposed 2023 budget deficit.

Former Minister of Finance, Budget and National Planning, Zainab Ahmed had said the government’s budget deficit is expected to exceed N12.42 trillion if the government keeps the petroleum subsidy for the entire 2023 fiscal cycle.

She stated that N9.32 trillion in new borrowings, comprising N7.4

trillion from domestic sources and N1.8 trillion from foreign sources, adding that the government is expected to generate N206.1 billion from privatisation proceeds and N1.7 trillion in multilateral project-tied loans.

The N1.08 trillion bond proceeds is expected to be used to finance Nigeria, budget deficit, fund key infrastructure projects and stimulate economic development.

Findings by THISDAY revealed that FGN Bonds auctioned were re-openings with rates below inflation rate.

The story continues online on www.thisdaylive.com

NACCIMA Commends Tinubu for Signing Nigeria Data Protection Act 2023 Gilbert Ekwugbe The President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye Esq., has commended President Bola Tinubu for signing the Nigeria Data Protection Act. In a statement, Oye noted, “We note NACCIMA’s Digital Economy

Trade Group’s contribution towards the bill, especially with regards to activities and efforts relating to the development of a data protection and privacy regime in line with the global convention on data protection.

“NACCIMA has developed a digital economy framework to facilitate the involvement of the Organised Private Sector (OPS) in the Digital Economy space (OPSADE),

a business-focused initiative on digital economy policy dialogue and engagement mechanisms, aimed at supporting job creation and SME’s empowerment in the country,” he said.

The President of NACCIMA also congratulated Dr. Vincent Olatunji on his appointment as National Commissioner/CEO of the newly established Nigeria Data Protection

Commission formerly the Nigeria Data Protection Bureau (NDPB).

According to Oye, “In February 2022, in recognition of the impact of data protection and privacy regulations on businesses, NDPB was established by the federal government to promote national regulation and administration of data protection and privacy regimes globally.

“The relationship between

NDPB and NACCIMA Digital Economy Trade Group has been strengthened through the presentation of NACCIMA digital economy programmes, focusing on the development of a strategic collaboration between the two organizations.”

He added, “The National Coordinator of NACCIMA Digital Economy Trade Group, Amb. Segun

Olugbile, served as the sub-committee Chairman for Governance, Ecosystem and Technology components of Strategic Roadmap and Action Plan (SRAP) development for the NDPB. Also, at the national validation workshop on the Strategic Roadmap and Action Plan for Data Protection, he presented a technical session on Governance, Ecosystem, and Technology.”

M A R K E T D ATA A S AT T U E S D AY, J U N E 2 0 , 2 0 2 3 BONDS DESCRIPTION Price ^13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17-MAR-27 ^13.98 23FEB-2028 ^14.55 26APR-2029

103.25 101.06 111.65 101.64 102.54

Change Updated Time (%) 16, 11.42 0.00 June 2023 16, 12.00 0.00 June 2023 16, 0.00 June 12.30 2023 16, 13.48 0.00 June 2023 16, 13.89 0.00 June 2023

Yield

BILLS MATURITY

Discount

NTB 24-Aug23 NTB 7-Sep23 NTB 26-Oct23 NTB 9-Nov23

2.29

NTB 7-Dec23

5.64

4.44 5.09 5.27

CPS

Change Updated Time (%) 16, 2.30 0.00 June 2023 16, 0.00 June 4.49 2023 16, 5.19 -0.01 June 2023 16, 5.38 0.00 June 2023

Yield

5.80

16, 0.00 June 2023

Change Updated Time (%) 16, 16.95 0.00 June 2023 16, 21.72 0.00 June 2023 16, 13.52 0.00 June 2023 16, 21.73 0.00 June 2023 16, 21.73 0.00 June 2023

MATURITY

Discount Yield

ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23 VAAG CP XVII 24-NOV-23

15.82 19.84 12.76 19.84 17.56

OTC F X F U T U R E S CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS JUN 28 473.90 June 16, 1 2023 2023 June 16, NGUS JUL 26 2 476.31 2023 2023 NGUS AUG 30 478.72 June 16, 3 2023 2023 NGUS SEP 27 481.13 June 16, 4 2023 2023 NGUS OCT 25 483.53 June 16, 5 2023 2023

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WEDNESDAY, JUNE 21, 2023 ˾ T H I S D AY

BUSINESSWORLD

INSURANCE

Of Police Pension Board and CPS Balkanisation Ebere Nwoji posits that the Police Pension Bill, if signined into law by President Bola Ahmed Tinubu, will be a majore setback for the Contributory Pension Scheme

T

he senate in collaboration with the Federal House of Representatives, last week, passed the bill for the establishment of a Police Pension Board, a move that will exempt the Nigeria Police Force (NPF) workers from the Contributory Pension Scheme(CPS).

The bill, if assented to by the president, will mean that police pension is now under the federal government non funded Defined Benefit Pension scheme.(DBS) What this means is that retiring police officers will now receive their pension benefits through government budgetary allocation like the military and other federal government workers exempted from the CPS. The police pension board bill since its passage last week has elicited some comments, some in favour and some against.

It was learnt that police officers engineered the exit from the CPS which for them is not favorable because at retirement, the lump sum payable to them by their pension fund managers is nothing to write home about when compared with the gratuity payable to them by government under the Defined Benefit Pension scheme. For an average police officer, anybody saying anything against signing of the bill is not talking in their best interest and should not speak further.

Evidence of this is glaring in a recent alleged threat to a veteran journalist and Arise TV presenter and host, Oseni Ruffai who in a recent post through his twitter handle shared the threat message he allegedly received from a Nigerian Police Officer over his statement that the President should not sign the police pension board bill.

According to Refai, the treat read: “Rufai Oseni or whatever you call your name, we all know you have collected bribe as usual from the fraudulent PenCom DG to come on air and vomit nonsense about the government not to sign the bill. If you love yourself, we

addresses and family ties of security personnel were best handled internally by the relevant services and not kept in civilian custody which might be easily compromised .

He also argued that the nature of the services provided by the paramilitary were unique and hazardous and the burden of paying their pensions therefore should be borne by government so also is the reason for the delay in the payment of their entitlements among others.

STAKEHOLDERS’ REACTIONS

give you 72 hours to withdraw or retract those nobsense you vomited. A word is enough for the wise Idiot, animal like you.”

Reacting to the statement, the Gombe State Police Public Relations Officer, Marhid Muazu Abubakar released a statement through his twitter handle telling Oseni Rufai to kindly report his threat case to the nearest police station for necessary action. This shows how desperate the police is to exit from the CPS.

DRIVE TO EXIT FROM CPS

The police agitation for exit from CPS did not start today. It started way back in 2011 when a bill to exit six paramilitary agencies of government was presented to the sixth National Assembly. The bill, which was similar in context to that of

the armed forces and intelligent agencies, had been put up in 2011, but was not passed by the sixth National Assembly. It has passed its second reading before the then National Assembly turned it own.

Again in 2016, similar bill sponsored

by Hon. Oluwolu Oke on exemption of police and other paramilitary agencies of government was put up.

Oke, had in May that year, sponsored a bill seeking the exemption of the following six paramilitary agencies of government namely members of Nigerian police, the Nigerian Security and Civil Defence Corpse, Nigerian Customs Service, Nigerian Prisons Service, Nigerian Immigration Service and the Economic and Financial crimes Commission from the CPS. He pointed out that the identities, data,

But in a swift reaction, both the pension sector regulatory agency, the National Pension Commission (PenCom) and Pension Fund Operators Association of Nigeria (PenOp), stood against it highlighting the negative implications of passing the bill. According to PenOp, the reasons for its non-passage by sixth National Assembly, despite the argument and reasons adduced for such action were still valid and were further reinforced by many more economic, fiscal, social and public policy reasons.

The then PenOp Chairman, Longe Eguarekhide speaking to this effect at a media gathering in Abeokuta, Ogun State, said the argument against the exemption of the above paramilitary government agencies was further reinforced by many other economic, fiscal, social and public policy reasons such as constituting additional financial burden on federal government by way of unsustainable pension obligations, exposing government to high allocation of resources to fund their retirement benefits, dismantling of the institutions, systems and processes put in place by government, amounting to unsettling of government’s fiscal policy and financial system stability as well as resulting in erosion of pool of long term investible funds accumulated under the CPS among others.

NOTE: The story continue online on www.thisdaylive.com

Olusoga: Positive Market Reaction Attributed toTinubu’s Pro-business Ideology In this interview, the Chief Operation Officer, i-invest, Tobi Olusoga spoke on trends that have impacted the financial markets positively, the investment landscape in Nigeria, and other pertinent issues. Nume Ekeghe presents excepts Tell us about yourself, your firm and the services you provide? am Tobi Olusoga, the Chief Operating Officer at i-invest, a product developed by the Parthian group in collaboration with Sterling Bank. I am passionate about driving technological advancements to facilitate financial accessibility for all Nigerians. i-invest is a leading financial services marketplace that grants users access to a diverse array of competitive investment opportunities, including fixed-income securities, equities, and high-interest-yielding savings. The app ensures a secure and reliable experience, empowering users to effectively manage and monitor their investment portfolios, ultimately paving the way for effortless financial freedom.

At i-invest, we are dedicated to the continual expansion of our financial marketplace, with the sole objective of providing our esteemed customers with access to a diverse array of permissible financial services in full compliance with Nigerian legislation. We strive to empower individuals to make informed financial decisions and take control of their financial well-being.

By offering a comprehensive range of financial solutions, we aim to cater to the diverse needs of our customers, enabling them to achieve their financial aspirations and secure a more prosperous future. Our commitment remains steadfast in fostering financial inclusion and empowerment for all.

to implementing pro-business policies and ensuring their effectiveness. By sustaining this alignment between words and actions, we can nurture a business-friendly environment that attracts investments, stimulates economic growth, and paves the way for Nigeria we aspire to build.

I

The equities market react positively to the new administration, can you give us an insight into what happened?

I believe the positive market reaction can be attributed to the signals indicating that our new President is strongly supportive of business and genuinely committed to realising the aspirations we have for Nigeria. The alignment between the President’s speech and actions, particularly in the context of removing fuel subsidies, has instilled confidence in the markets. This demonstrated consistency has

Olusoga reinforced the belief that the President is resolute in implementing decisions that align with his pro-business ideology.

Such alignment between rhetoric and action fosters a conducive environment for businesses to thrive and investors to confidently participate in the market. It sends a message that the government is focused on creating an enabling environment that encourages economic growth and development. This positive market sentiment reflects the optimism and belief that the President’s decisions will ultimately contribute to the realisation of our collective dreams for a prosperous Nigeria.

As we move forward, it is crucial to monitor the government’s commitment

How would you assess the new government’s economic policy directions?

It’s early days, the proof is in the execution. As we navigate these initial stages, the true measure of success lies in effective execution. While the initial direction appears promising, it is important for all stakeholders, including the government and every Nigerian citizen, to actively contribute towards achieving our shared goals. By collectively embracing our responsibilities and actively participating in the development of our nation, we can ensure that the positive trajectory continues and translates into tangible progress. It is through our collective efforts and commitment that we can bring about the desired transformation and create a better future for Nigeria.

How would the suspension of CBN Governor affect the market and FDI confidence?

To be honest, without having a crystal ball it’s difficult to say. So far, we have seen the market react positively to the new administration and the decisions taken so far. I think there are a lot of factors that will come into play when it comes to the effect of this development on the market, but time will tell.

Your firm recently revealed it had processed over $100 million transactions in five years, what would be the target for the next five years?

Interesting question. Our target is not limited by a specific number of transactions.

Our foremost goal is to promote widespread financial inclusivity by expanding the accessibility of financial products to a larger segment of the Nigerian population. We are dedicated to empowering individuals with the tools and opportunities to achieve sustainable financial growth, which directly translates to an elevated standard of living.

This overarching mission serves as the driving force behind all our initiatives.

With an unwavering commitment to our purpose, we aim to effect positive change in the lives of our valued customers. By removing financial barriers and providing them with the necessary resources, we enable individuals to overcome obstacles and unlock their full potential for a brighter future. Our efforts in fostering financial well-being not only benefit individuals on a personal level but also contribute to the overall prosperity and development of both individuals and the nation as a whole.

Through our comprehensive range of financial services and solutions, we strive to address the diverse needs of our customers. By offering accessible and user-friendly platforms, we ensure that individuals from all walks of life can engage with financial products and services with ease. We are dedicated to providing guidance, support, and education to empower our customers in making informed financial decisions.

Moreover, we place a strong emphasis on maintaining the highest standards of security and privacy. We understand the importance of trust and confidentiality when it comes to financial matters. Therefore, we employ robust security measures to safeguard our customers’ information and transactions, ensuring a safe and secure environment for their financial activities.

NOTE: The story continue online on www.thisdaylive.com

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BANKING

X-raying DBN’s Commitment to SMEs Nume Ekeghe writes on Development Bank of Nigeria’s (DBN) support for Small and Medium Enterprise in the past five years and its commitment towards fostering inclusive and sustainable growth.

O

effort has therefore enhanced the PFIs’ ability to adequately meet the needs of MSMEs, creating a thriving ecosystem for sustainable growth.

“Also worthy of note is that the Development Bank of Nigeria has forged invaluable partnerships, including collaboration with Google Nigeria, the Entrepreneurship Development Centre (EDC) of the Lagos Business School, and other esteemed organizations to deliver capacity-building programs to Nigerian MSMEs. “In 2022, we took a significant step in empowering Nigerian entrepreneurs by developing a state-of-the-art Learning Management System (LMS) designed to facilitate their upskilling and continuous learning journey These efforts have culminated in the training of more than 4,000 MSMEs as of December 2022, equipping them with the necessary knowledge and skills to overcome financing challenges and drive their growth aspirations.”

ver the past five years, the Development Bank of Nigeria (DBN) has been a crucial contributor to the growth and development of Micro, Small, and Medium Enterprises (MSMEs). As part of its role as a development finance institution, DBN has provided a substantial sum of over N230 billion to support SMEs across Nigeria. With a firm commitment to fostering sustainable growth, DBN aims to continue its efforts in driving the nation’s economic development trajectory. Through its initiatives, the bank seeks to empower MSMEs and contribute to the overall progress of the Nigerian economy. The Managing Director and Chief Executive of the bank, Dr Tony Okpanachi, reechoed this at a media parley in Lagos recently where he noted that DBN plans to continue to leverage its strengths, whilst building viable partnerships and exploring new opportunities for impact to ensure that it remains a catalyst for sustainable development.

According to him, the drive to provide funding for MSMEs in the country had seen the DBN providing financing support to its participating financial institutions to the tune of N631 billion as of December 2022.

“Over 313,000 MSMEs have benefited from this support, leading to the creation of more than 900,000 jobs. These numbers signify hope and prosperity for countless individuals and families across the nation, ”he said.

SUSTAINABILITY, CLIMATE ACTION

SUPPORTING MICRO, SMALL BUSINESSES

Okpanachi noted that the support for SMEs in the country had become expedient as more than 80 per cent of the entire population of Nigeria, “which is more than 160 million Nigerians, depends on the informal economy.

This means that the Trade and Commerce sector is the hope of daily survival and livelihood for most Nigerian families and entrepreneurs.

He said, “DBN recognizes this critical need.

As such, more than N230 billion have been channelled to support small businesses in the Trade and Commerce sector over the past five years leading up to December 2022.”

Asides from this, Okpanachi said in addressing the food challenge in the country, the DBN had provided facilities towards the agricultural sector.

The DBN CEO quoting the Food and Agriculture Organisation of the United Nations (FAO), noted that Nigeria is at the cusp of a food crisis and millions of Nigerians will likely experience acute hunger in 2023 as climate adversely affects the production of food crops.

“Indeed, supporting small businesses in the agriculture sector is crucial for improving food security in Nigeria. The Development Bank of Nigeria (DBN) recognizes the significance of agriculture in the country’s economy and has allocated substantial funding to agroMSMEs. As of December 2022, the Bank has provided N27 billion to Agro-MSMEs. “This funding has played a vital role in supporting agricultural activities, empowering farmers, and promoting agro-entrepreneurship. The financial support provided by DBN has helped agro-MSMEs to enhance their operations, invest in modern farming techniques, acquire machinery and equipment, expand their production capacity, and access new markets.

“The Development Bank of Nigeria (DBN) has extended its financing support beyond just agriculture to various other sectors, recognizing their importance in the overall development and prosperity of the Nigerian economy, “he said.

“DBN has provided N13 billion in financing support to MSMEs operating in the hospitality and tourism sector. This

Okpanachi

funding has helped these businesses to expand their operations, improve infrastructure, enhance service quality, and contribute to the growth of Nigeria’s tourism industry.

“We have also allocated N12 billion in financing to support quality education in Nigeria. This funding has been instrumental in improving educational facilities, promoting skill development programs, and enhancing access to education across the country.

“DBN has channeled N11.5 billion in financing support to the health sector, aiming to improve access to healthcare services and enhance the health conditions of the Nigerian populace. This funding has supported the development and expansion of healthcare facilities, the procurement of medical equipment, and the training of healthcare professionals, “he added.

Okpanachi further added that, “DBN recognizes the immense potential of technology and innovation in driving development and digital transformation across sectors. Therefore, it has allocated N11 billion to the technology sector, supporting businesses involved in technology and innovation initiatives.

This funding aims to foster increased efficiency, productivity, and expanded market access for Nigerian businesses.”

PROVIDING SPECIALIZED OFFERINGS

Furthermore, he said “DBN, over the years has taken a customer-centric approach to product development, helping the Bank to meet the diverse needs of different segments and regions within the MSME ecosystem. From our discovery, the challenges of different MSME actors and their needs differ. DBN has maintained its strong commitment

to innovative product development to address these gaps, developing specialized offerings such as the Long-Term Finance (LTF) product to support the PFIs in providing longer-tenor financing to the end-borrowers.

“The Bank also developed the Green Finance product to support businesses facilitating green transitions through renewable energy, sustainable agriculture, sustainable waste management, and so on. The Non-Interest Banking (NIB) product was developed to support small businesses, particularly those that are financially excluded and located in economically challenged regions.

“The Gender Finance Framework developed by the Bank is another attempt to increase the share of women entrepreneurs benefiting from our financing. Over the years, these specialized solutions have enabled us to catalyse more impact on the last-mile enterprises, improve access to finance, and support the development of MSMEs across different segments and locations.”

BUILDING CAPACITY

On capacity building, he said, “We recognize that strong, structured, and sound financial institutions are pivotal to the success of Nigerian MSMEs. To this end, we have diligently worked to strengthen the capacity of our PFIs to deliver on the mandate of alleviating financing constraints among Nigerian MSMEs. “Through a technical assistance program implemented by the prestigious Frankfurt School of Finance and Management, we have empowered 20 PFIs by augmenting their processes and deepening their ecosystem knowledge of Nigerian MSMEs. This collaborative

As a responsible and sustainability-driven institution, Okpanachi said DBN also recognize that there is a need to support the fight against climate change. Climate change has far-reaching implications. Key sectors such as agriculture, energy, water resources, and infrastructure face significant disruptions.

“Extreme weather events and rising sea levels damage critical infrastructure, disrupt supply chains, and increase the costs of disaster response and recovery. The economic stability and sustainable development of Nigeria are also heavily dependent on addressing climate change. This is why DBN has actively embraced initiatives to promote environmentally friendly practices and increase its support for businesses in the Green economy.

“We have actively been participating in global climate change forums, including COP26, COP27, and Finance in Common Summit where we demonstrate our commitment to addressing climate change and financing sustainable development. In addition, we have established Green Clubs in some secondary schools in Nigeria, to instill environmental consciousness in the younger generation. DBN is also undergoing the accreditation process to be the first Direct Access Entity (DAE) to the Green Climate Fund. Through offerings like the Interest Drawback Program, we also incentivize lending to green and environmentally friendly businesses, contributing to a greener and more sustainable future, “he added.

FUTURE OUTLOOK

DBN’s CEO noted that the bank in the coming years remains determined to be a growth catalyst as they continue to expand on partnership with banks and key stakeholders.

He said: “We remain resolute in our commitment to even greater heights as we celebrate these achievements. While acknowledging the hurdles that lie ahead, we embrace them as gateways to transformation, innovation, and a greater sphere of influence.

We will continue to leverage our strengths, build viable partnerships, and explore new opportunities for impact, ensuring that the Development Bank of Nigeria remains a catalyst for sustainable development.”

“In conclusion, I extend my heartfelt gratitude to the Board of Directors, our esteemed shareholders, the Central Bank of Nigeria, our valued PFIs, and the entire DBN team for their unwavering support, resilience, and dedication. Together, we have achieved these significant milestones and together, we will continue to foster sustainable growth and drive the nation’s economic development trajectory to unprecedented heights.”

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WEDNESDAY, JUNE 21, 2023 ˾ T H I S D AY

BUSINESSWORLD

ECONOMY

Impact of FX Reforms on Economic Sustainability James Emejo, examines the impact of the recent policy changes in the foreign exchange market on foreign capital inflows and the economy in general

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ast week, after much hesitation, the Central Bank of Nigeria (CBN) finally bowed to pressure from stakeholders, abolishing segmentation in the country’s foreign exchange (FX) market and collapsed all rates into the Investors and Exporters (I&E) window.

The bank, in an extensive-policy tweak, that followed the appointment of the new acting CBN Governor, Mr. Folashodun Shonubi, by President Bola Tinubu – the apex bank further announced the cessation of the RT200 Rebate and Naira4Dollar Remittance Schemes, with effect from June 30.

Both initiatives, introduced by the suspended CBN Governor, Mr. Godwin Emefiele, were launched to boost non-oil exports and diaspora remittances to encourage foreign exchange inflows into the economy.

These initiatives had been highly commended and welcomed by analysts with early positive results since they were launched. The stoppage came as a huge surprise to many.

The central bank in a circular on the Operational Changes to the Foreign Exchange Market issued last week and signed by CBN Director, Financial Markets Department, Angela Sere-Ejembi, said further guidance on the policy change would be communicated in due course.

The apex bank also alerted all authorized dealers and public of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market, of the re-introduction of the order based two-way quotes, with bid-ask spread of N1, adding that all transactions shall be cleared by a Central Counter Party (CCP) among other alterations to the operations in the FX market.

Essentially, the Race to $200 billion in FX Repatriation (RT200FX) initiative was established to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.

The programme allowed for a rebate of N65 for every $1 of repatriated non-oil export proceeds is paid to exporters of semi-finished and finished goods, while exporters of unprocessed items enjoy a rebate of N25/$.

Similarly, the Naira 4 Dollar Scheme was introduced in March 2021 as an incentive for senders and recipients of international money transfers. The policy entailed the payment of N5 for every $1 received as a remittance inflow.

CURRENCY FREE-FLOATING The ensuing policy changes had led to the free-floating of the exchange rate - when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate. Prior to this policy adjustment, the country operated a managed-floating or dirty float exchange rate that allows the central bank to intervene regularly in foreign exchange markets to change the direction of the currency’s float and/or reduce the amount of currency volatility whenever appropriate.

For ages, international financial institutions including the IMF and portfolio investors in particular had pressured the central bank to float the Naira and allow it to find its real value. But the CBN had deliberately opted for the managed-floating alternative in view of the myriads of economic challenges facing the country.

For one, it argued that for a country like Nigeria without a strong export base to support the local currency and coupled with the fact that it is largely import-dependent; free-floating the Naira was injurious to the economy. Foreign exchange rates are crucial for international investors who engage in international investments, including buying foreign stocks, bonds, or real estate as they are exposed to currency risk.

Fluctuations in exchange rates can impact the profitability of these investments. If the investor’s home currency strengthens against the foreign currency, it can result in higher returns when the investment is converted back.

Ekechukwu Conversely, a weakening home currency can diminish investment returns. The dearth of foreign inflows amid uncertainties in the oil economy could wreak havoc on an economy that is import-dependent and exports almost nothing.

Hence, the FX market remains critical for facilitating international trade, managing currency risks, attracting investments, determining exchange rates, and supporting overall economic stability while its efficient functioning is essential for global economic growth and financial stability.

Addressing FX irregularities According to the apex bank, the recent policy changes introduced in the FX market were meant to promote transparency, liquidity, and price discovery in the market in order to improve supply, discourage speculation, enhance customer confidence, as well as ensure overall stability in the FX market.

Among other things, the CBN also announced that going forward domiciliary account holders were permitted to utilise cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer.

CBN Director, Corporate Communications Department, Dr. Isa Abdulmumin, in a statement issued after an extraordinary Bankers’ Committee meeting held last Friday explained that all visible and invisible transactions, including medicals, school fees, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), airline, and other remittances, were eligible for the Investors’ and Exporters’ (I & E) window.

As a result, Abdulmumin said banks shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window. The central bank director pointed out that the meeting had discussed the policy implementation and implications for the banking public.

He further explained that ordinary

domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts, adding that Deposit Money Banks (DMBs) shall provide returns to the CBN, including the “purpose” for such transactions.

Among other adjustments, the central bank stated that cash deposits into domiciliary accounts would not be restricted, subject to DMBs conducting proper Know-Your-Customer (KYC), due diligence, and adhering to the spirit and letter of extant Anti-Money Laundering/ Combating the Financing of Terrorism (AML/CFT) laws and other relevant rules and regulations.

The apex bank said it would prioritise orderly settlement of any committed FX forward transactions as they fell due in order to boost market confidence.

He added that the central bank would normalise its Cash Reserve Ratio (CRR) maintenance processes and ensure equity in its implementation across the banking industry.

Basically, going by the reforms, the abolition of multiple FX regime meant that all eligible FX transactions in the market shall only be done via the I&E window, all other windows cease to exist.

The willing buyer, willing seller model ensures that rates are mutually agreed by both parties, while PTA, BTA, and other invisible transactions continue to be accessed through the banks at the prevailing market rate.

Also, under the new regime, there are no changes in the FX application process as all applications shall be through the banks and all documentation requirements remain the same.

ANALYSTS LAUD REFORMS Meanwhile, analysts have welcomed the reforms in the FX segment describing it as positive for the economy as they seek to firm-up confidence of foreign

investors.

Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said the FX market has remained critical for us “because we are playing mainly in both import and export markets. Major foreign currencies of dollar, pounds, and Euros have always been in use”.

He said, “So, anything that affects the exchange rate affects the trajectory of the economy. The dual exchange rate regime was not transparent, was not standardised, was not reliable, nor consistent. It gave room for malpractices and speculations and made planning difficult.

“The current reforms are expected in a willing buyer, willing seller situation. The reforms are expected in a free-market situation to encourage investors in portfolio space and general investors.

“The reforms are aimed at boosting participation from more players, thereby bringing more funds into the market. This will force the exchange rate down in the middle and long run.”

Ekechukwu pointed out that, “Part of what was weakening the export was the inability of Exporters to have the right exchange rate for their inflows. Portfolio Investors were also circumspect in bringing in their investments because it was not certain that they would get their desired exchange rate.

“Floating the exchange rate will enable banks to source their foreign currencies for arbitraging and funding foreign currency transactions. This will increase supply of the same and force the exchange rate lower.”

Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said the free-floating of currency was inevitable.

He told THISDAY, “We cannot continue to subsidize the currency to the detriment of the economy. The previous multiple rate policy allowed massive arbitrage opportunities that have crippled the economy. Similar to the fuel subsidy, the country suffers as subsidized products end up being sold outside the country.

“Whilst the arguments of the weak export base are valid, we must also factor in the economic costs. The free float will allow foreign investors to enter the Nigerian market and bring in much needed FX liquidity, and this will eventually stabilize the exchange rate.”

On his part, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said there was no need delaying the reforms, adding that, “we are all aware that floating the naira would increase inflation and our dollar denominated loans and in turn cause increased hardship on the people”.

However, he noted that, “On the long run, these measures waill save our economy, increase investments into the country because of the deregulation of the FX sector and petroleum downstream stream through subsidy removal especially.

“The stock market and the economy has started responding positively to these measures and the initial hardship would eventually give way to a stable and prosperous economy if these policies are properly implemented by the new administration.”

Gbolade said, “The country’s FX policy is very important to the health of the economy.

The economic policies of the government around foreign exchange in the past had a crucial role in the situation of our economy.

“The current FX reforms has sent the right signals to investors and will lead to conscious investment in our economy knowing fully well that they can repatriate their investments without hindrances.

“The manufacturing sector as well as the energy sector and virtually every major sector of the economy relies on FX for their business and the scarcity of foreign exchange led to the weakening of the Naira and high cost of goods and services which enabled inflation to spiral. The new FX policy is a step in the right direction to resuscitate the economy.”

33

T H I S D AY ˾ Ͱͯ˜ ͰͮͰͱ

CITYSTRINGS

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Accessprenuer: Empowering Today’s Youths as Growth Drivers Over the years, Access Bank has empowered young entrepreneurs undergoing the National Youth Service Corps, NYSC, program with grants and mentorship to ensure they become self-reliant business owners and employers in a bid to spiral development across Nigeria. Nume Ekeghe writes on the impact this initiative has had on the lives of some of the recipients.

L-R: Regina Okorafor, product and proposition manager Access Bank Plc; Adeeko MK, assistant camp director; Delphina Eze, Assistant Director SAED NYSC; Adimula Emmanuel, third runner of Access Prenuer; and Ikechukwu Oranekwu, regional sales manager Access Bank Plc during the presentation of cheque to the best 10 participants corps member at NYSC Orientation camp in Abuja

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n a bid to foster entrepreneurship and empower Nigeria's youth, Access Bank embarked on a strategic partnership with the National Youth Service Corps (NYSC) in 2016. This collaboration has since evolved into a remarkable initiative known as Accessprenuer: The NYSC Edition. With the completion of 13 successful editions, this program has positively impacted the lives of 490 corps members by providing them with N195 million in seed capital.

This partnership and its transformative effects on young entrepreneurs demonstrate the institution's commitment to supporting the entrepreneurial ambitions of Nigerian youth. Recognising the potential of young people to drive economic growth and innovation, this collaboration seeks to provide them with the necessary resources and opportunities to thrive in the business world. The span of this initiative has spread across all the geographical regions in Nigeria with Prize winning from ranging fromN1 million, N700,000, to N250,000.

In February 2021, the partnership between Access Bank and NYSC reached a new milestone with the launch of Accessprenuer: The NYSC Edition.

This program serves as a platform for corps members to showcase their entrepreneurial ideas and compete for seed funding to kickstart their ventures.

With 13 editions completed to date, Access Bank has proven its dedication to nurturing young talent and encouraging innovative business solutions.

Impact and Empowerment The impact of Accessprenuer on corps members has been significant. Through the competition, a total of 490 young entrepreneurs have been empowered with N195 million in seed capital. This funding has provided them with the necessary financial boost to turn their ideas into reality and launch their own businesses. By supporting these aspiring entrepreneurs, Access Bank is not only creating opportunities for individual success but also contributing to job creation and economic development.

The recipients asides from cash grants were also given capacity training and in some cases aided the formal registration of businesses with the Corporate Affairs Commission (CAC).

Speaking on the impact, Founder, of Techmax Electronics, Simon Uche who did his NYSC in Enugu, 2022 got a grant of N1 million started a small business targeted at providing students the opportunity to get new or used laptops.

He said: “We started this business with the purpose of ensuring and helping young Nigerian students who have this passion to scale their electronic skills in terms of graphic designs, web designs and more. The scale of my business before NYSE was averaging sales of 2 to 3 laptops monthly but now after winning the grant, we doing amazingly well by averaging sales of 5 to 10 laptops monthly. this grant has been a high boast for growth in my business.”

He also thanked Access Bank for the opportunity and for helping him register his business.

Beyond Financial Support Access Bank's partnership with NYSC extends beyond providing financial support. The bank also offers mentorship and capacitybuilding programs to the participating corps members. Through workshops, training sessions, and networking opportunities, these young entrepreneurs gain invaluable knowledge, skills, and guidance from experienced professionals in various industries.

This holistic approach helps to develop their entrepreneurial mindset and equips them with the tools needed for long-term success.

Commenting on the support received so far, Chief Executive Officer Raphatonic, Chibueze Okoronkwo A natural health fruit drink company that served in Osun State 2021 won a N700,000 noted that his business was still an idea and this idea has become a testimonial business which is growing every day.

Okoronkwo said: “Prior to becoming an Accessprenuer, my business was still at ideation and I hadn’t started my business and with the fund I won, I was able to start my business. Currently, my business is scaling and growing

L-R: Delphina Eze, Assistant Director SAED NYSC; Adeeko MK, Assistant Camp Director; Regina Okorafor, product and proposition manager Access Bank Plc; Chris-Moneke CT, Camp Director; Emma-ezekiel Oluchi, First runner of Access Prenuer; and Ikechukwu Oranekwu, regional sales manager Access Bank Plc

and I trust that soon it would be one of the biggest brands. I doff my cap to Access bank, actually I have not seen this kind of initiative before where a bank is out to support Nigerian youths and in this way.”

“Access Bank didn’t just provide me with funds but also gave support in mentorship by contracting a youth empowerment initiative known as Youth with a vision (YWAV) and the took us on a series of mentorship program and this also helped a lot in my personal life and business in a whole. Access Bank also helped register my business with CAC.” Another recipient Naomi Joshua, Founder Naomi Haute Couture a fashion designer who received a N250,000 grant noted that she acquired machines for her business and has since then seen growth in her business.

She said: “With the grant she purchased mannequins and other tailoring tools for her office space. I am super grateful to Access Bank for this opportunity which urged my parents to support my business as well.”

A graphic designer, Erhiemu Nelson a first runner with N700,000 winnings said: “This grant didn’t just come with the money, Access Bank provided a mentorship program and has helped us as my social media page has blown. Right now, I am taking students on classes and currently working on an online graphic course to be sold on the net. My business is doing well and I want to appreciate Access Bank.”

Furthermore, Shukura Idowu who served in Abia State, founder of Near Cakes and Event who won N700,000 said: “Before NYSC, my business was a small-scale business, which I do during my leisure period but currently my business is now a medium-scale business which I hope would scale to a large-scale business.”

“I want to thank Access Bank for giving back to the community through corporate social responsibility what the young people need. Many young minds after NYSC have nothing to do but with the initiative of Accessprenuer, many lives are being turned around.”

This partnership and its transformative effects on young entrepreneurs demonstrate the institution's commitment to supporting the entrepreneurial ambitions of Nigerian youth

The testimonies of the beneficiaries of Access Bank's support are a testament to the program's impact. Simon Uche, founder of Techmax Electronics, experienced significant growth in his business after receiving a grant of N1 million. This boost enabled him to expand his sales and make a greater impact in providing students with new or used laptops. Chibueze Okoronkwo, CEO of Raphatonic, a natural health fruit drink company, noted how the grant helped him transform his business from an idea to a testimonial business that is growing daily.

Naomi Joshua, founder of Naomi Haute Couture, utilised her grant to purchase equipment and witnessed growth in her fashion business.

This comprehensive approach ensures that young entrepreneurs are wellequipped to navigate the challenges of starting and growing a business.

By empowering today's youths as growth drivers, Access Bank is making a significant contribution to the development of Nigeria's entrepreneurial ecosystem. The program not only supports individual entrepreneurs but also fosters a culture of innovation and collaboration among young people. The impact of Accessprenuer extends beyond the monetary value of the grants, as it inspires and motivates a new generation of business leaders who will contribute to the overall growth and prosperity of the nation.

Access Bank's commitment to empowering young entrepreneurs through Accessprenuer demonstrates the importance of investing in the potential of Nigeria's youth. By equipping them with the necessary resources, knowledge, and support, Access Bank is enabling them to become self-employed individuals who can drive economic growth, create jobs, and contribute to the overall development of the country.

Conclusion Access Bank's strategic partnership with NYSC and the success of Accessprenuer: The NYSC Edition highlight the bank's commitment to fostering entrepreneurship and empowering Nigeria's youth. By combining financial support with mentorship and capacity-building programs, Access Bank is equipping these young entrepreneurs with the necessary skills and knowledge for long-term success.

As Accessprenuer continues to inspire and empower the next generation of Nigerian entrepreneurs, the impact on the economy and society as a whole will undoubtedly be transformative

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T H I S D AY ˾ WEDNESDAY JUNE 21, 2023

EDUCATION How Cambridge University Press Rewarded Ogun Public School Teacher Mr. Akeem Badru, a teacher at St. Michael RCM Primary School, Ogunpa Lunloye, Abeokuta, Ogun, recently recieved the 2023 Cambridge dedicated teacher award for Central and Southern Africa, instituted by Cambridge University Press, for his achievement in ‘First Step Initiatives’, a STEM project that combines craft and model making to promote inquisitiveness, creativity and critical thinking among children. Funmi Ogundare reports

S

t. Michael RCM Primary School, where Akeem Badru teaches was built with old corrugated iron sheets.

For his passion and dedication to the teaching profession, the Abeokuta- born teacher recently recieved the 2023 Cambridge dedicated teacher award for Central and Southern Africa, instituted

by Cambridge University Press.

The award is a global competition which celebrates the efforts of teachers around the world.

Teaching in a school, located in the heart of Ogunpa sorrounded by bushes with no power supply, mobile network, water and access to basic amenities didn’t deter him as he decided to convert these obstacles to an asset to impact his pupils positively.

He earned the global vote of confidence for his achievement in ‘First Step Initiatives’, a STEM project that combines craft and model making to promote inquisitiveness, creativity and critical thinking among children; and for his work as TeachSDG (Sustainable Development Goals) Ambassador. In this role, he also financed the construction of a borehole for the community to solve the problem of water-related diseases that keep his pupils out of school.

For his efforts Badru received the continuing professional development opportunities for himself and his school. This complements the £500 worth of books, along with a Cambridge Dedicated Teacher awards trophy and promotion for him and his school he earned as regional winner for Central and Southern Africa. He will also feature on a thank-you page on the new Cambridge University Press education textbooks from February 2024, to serve as an inspiration to all teachers.

Speaking with THISDAY at a brief award ceremony, Badru who expressed excitement about the honour, stated that when he was transferred to the school in 2019, he almost wept considering the environment and lack

L-R: Area Manager, Lagos Central and Ogun State, Cambridge University Press and Assessment, Abimbola Oshinnilu; Headmistress, St. Michael RCM Primary School, Ogunpa Lunloye, Alice Ayanyemi; overall winner of the 2023 Cambridge Dedicated Teacher Award, Akeem Badru; and Business Development Manager, West Africa, Cambridge University Press and Assessment, Oluwatosin Ayoola Taiwo, during the presentation of the award to Badru, in Abeokuta, Ogun State...recently of basic amenities.

However, he had to make the best of the situation by living among the members of the community, he bought uniforms for the children to win the support and attention of the parents and encourage the pupils to come to school.

“The first question I asked myself was, ‘who did I offend? But after a while I felt that since it is my calling, I have to bear in mind that I have to convert my obstacle into an asset . When I got here in 2019, I met just four pupils. I decided that if I must make a meaningful impact, I must live there to win

the support and attention of the parents. As a teacher, I need to make my presence felt the more than just being a teacher.

“The parents of the pupils are not financially buoyant so they can’t afford to buy uniforms for their wards. So I decided that from my own effort, I will sew school uniforms for all the pupils in the school so as to encourage them to come to school,” Badru who had won several awards stressed.

He recalled that in 2021, Teach for Nigeria under the leadership of Mr Gbenga Oyebode gave him an award of ‘Outstanding Leadership ‘with a price money of one million naira, adding that he had to plough the money into the community by providing a borehole so that they can have access to healthy living.

He thanked Cambridge University Press for the award and support for the teaching profession. “ I believe this recognition of a teacher at a small school in rural Nigeria will encourage other teachers in Nigeria and across the continent to dedicate themselves to their calling by building the skills that will help our children unlock their potential.”

Badru appealed to the state government to keep its promise of ensuring that a befitting school structure is put in place in the community for the pupils and teachers.

The Managing Director for Sub-Saharan Africa at Cambridge University Press, Rob Laing congratulated Badru, saying that his important STEM project and ambassador role is helping to build brighter future for young people in his community.

“The major growth in nominations worldwide and from Sub-Saharan Africa clearly demonstrates the value communities place on dedicated teachers, making Akeem Badru’s recognition first as regional winner for Central and Southern Africa; and now global winner, is all the more significant.”

The Business Development Manager, West Africa Cambridge University Press and Assessment, Mr. Oluwatosin Taiwo, said all around the world, teachers do fantastic work, aside just teaching the curriculum, adding that they instil values, encourage, support, befriend and truly impact the lives of their students and colleagues around them.

To help celebrate teachers and publicise their stories, he said the Cambridge Dedicated Teacher Awards, invite students, parents and other teachers to nominate an educator for something wonderful that they have done.

“We then share these nominations for the world to see. After we received over 11,000 entries from 99 different countries for the 2023 awards, our judges decided on Akeem Badru from St. Michael R.C.M School in Nigeria, as the regional winner for Central and Southern Africa.”

Pidgin: Another Consideration at Degree Level?

Kuni Tyessi writes that since Nigerian universities are churning out graduates of local and international languages predominantly in French, Hebrew, Greek, Arabic, Hausa, Igbo and Yoruba. They should consider Pidgin, which has become not just a vehicle of communication, but a binding force

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idgin has been known to be a grammatically simplified form of language which is typically English, Dutch, or Portuguese and with some elements which are taken from local languages and used for communication between people not sharing a common language. In Nigeria, it is an English-based creole language spoken as lingua franca across Nigeria and is sometimes referred to as ’pijin’ or broken English.

Apart from Ken Saro-Wiwa, said to be the first Nigerian to have written a novel, Sozaboy in pidgin, which he also referred to as “Rotten English”, Eriata Oribhabor is another Nigerian who has taken the gauntlet by promoting this unifying force of a language and has to his credit about 30 publications of prose and poetry all written in the “Naija langwage” and a few in the language of the imperialists.

At the commemoration of his 60th birthday in May 2023, tagged ‘A festival of books’, the pidgin maestro and lover of literature and books, dazzled his guests with his imaginative documentation which were all presented on tables and shelves and with autographed copies for all guests. The books, for many in attendance were entirely new but, nothing short of awesome. Known as the merchant of poetry, Oribhabor’s themes revolve around social crusade on environmental degradation, Nigerian cuisine, human and personal relation-

ships and several others with a call to solving societal problems.

It was at the event that THISDAY caught up with literary critic and culture administrator, Dr. Elizabeth .

As a promoter of the pidgin language and with vast knowledge about its origin and how far it has fared, particularly in uniting people, she opines that like English, it has since become a language of power and should be studied in Nigerian tertiary institutions up to any level.

She says: “Why not? The same way we study other languages to degree level, pidgin should also be studied to that level. First of all, we agree that language is for communicative purposes, and we agree that pidgin communicates across classes, ethnic group and every social divide and religious inclinations. So then, why not? We should study pidgin to any level.”

On the issue of colonization and the strong hold it has on Nigerians and by extension, other African colonized countries, she says: “There is nothing you’re going to do about being colonized by the British. Nothing! We were colonized; it’s a fact

of history. It is my cultural heritage, come to think of it. My name bear witness to the fact that my ancestors didn’t name me Elizabeth.

Someone did. Other circumstances did. We can’t wake up tomorrow and say ‘we hereby uncolonize ourselves’. But we can decolonize our minds by choosing what we want and what we don’t want, moving forward.”

She added: “So, pidgin is not an apology for colonization. It is a fact that we have to recognize and deal with, moving forward. It has become the creole in certain countries.

Swahili for crying out loud is nothing but pidgin originally that came out of Arabic and the indigenous language that was operative in eastern and southern Africa. So why are we shying away from the fact of our historical revolution which includes the fact that an oyibo man came here, dropped his name and culture.”

On the case of English being a language of power, Iheanachor insists that all languages with native speakers are languages of power based on the fact that they are used for communicative purposes, and like other languages which have been accepted and studied in universities around the world, pidgin should also be upgraded to a universal status.

“Yes, just like Hausa is a language of power.

Wetin una dey talk about nau. Una jus dey blow all this grammer as if you’re not a Nigerian.

If I marry from another ethnic group and we don’t understand each other’s languages and live in another environment, guess what will be the language of communication? Pidgin, and that’s power.”

In her remarks, a renowned academic, Prof.

Chinwe Moudumogwu noted that pidgin, apart from being a unifier, has the potential to make everyone literate which doesn’t only have to do with being able to read and write in the English language. She opines that with more publication, closing the gap between the literate and illiterate circle in the country and even among children isn’t farfetched.

She commended the celebrant, who in exploring the pidgin language, has explored all facets of human endeavor, particularly in his anthology of poems, ‘If Yu Hia Say I Dey Prizen and Naija na Pangba.’

“I will encourage you to keep writing in English. I would write something in your next collection of poems and it’s going to be in Pidgin English. As a member of the readers association of Nigeria, we will encourage people to read and in pidgin too in order to encourage writers because that is the missing link.”

Whether or not the idea of a degree in pidgin will come to fruition is all a matter of time.

However, the dream and commitment to make it so will keep budding.

35

T H I S D AY ˾ WEDNESDAY JUNE 21, 2023

EDUCATION

FUOYE Builds Perimeter Day of the African Child: UNICEF Seeks Fence for Security, Govt Support to Boost Digital Learning pupils.

He disclosed that UNICEF and the idea is to able to provide Peaceful Neighborliness Funmi Ogundare Speaking with journalists, the is planning to deploy offline access to children with different The Federal University, Oye Ekiti (FUOYE), has embarked on a multi-million naira perimeter fencing of the university, to secure and fully take possession and control of the expanse of land acquired from host communities for the growth and development of the institution, established about 12 years ago.

The perimeter fencing which is going on simultaneously at the northern and eastern wings of the Oye Ekiti main-campus, is among new numerous ongoing projects of the current Vice-Chancellor, Prof. Abayomi Fasina, who few weeks ago hosted former President Muhammadu Buhari, who inaugurated a completed multi-million naira building project funded by the Tertiary Education Trust Fund.

The vice-chancellor has also donated a brand new multimillion naira ambulance fitted with all essential medical accessories to the university’s medical centre to enable it perform essential health services to staff and students of the university community. The donation was followed by inauguration of a modern recreation centre built by the FUOYE boss for members of the university community, including students and guests of the university, to reduce stress and fatigue, especially among members of staff.

Fasina in a statement, said his administration prioritized construction of the perimeter

fence for a number of strategic reasons top among which was ensuring good neihbourliness with members of host communities sharing common borders with the university, by averting tresspassing that could provoke bad blood and breakdown in relationship.

He noted with dismay that some individuals had encroached on parts of the university’s land, a development he noted was not healthy for the growth, development and future expansion programme of the school, “every meter of the university’s land-space has been earmarked for one strategic project or the other now or in the nearest future in the overall master-plan of this great institution.

“So with this fencing we have made a bold statement that we shall not tolerate further encroachment and that we are determined to retrieve any portion encroached on” The VC also explained that security of lives and property of members of the university community was another major reason the project was accorded priority.

He noted that failure to secure the school’s physical environment was like official negligence that could indirectly aid stealing and theft to university’s property by unscrupulous individuals, adding that reneging on the project would make a nullity the security gates mounted around the institution.

NANS Plans Campaign to Restore Standard, Peace, Security in Nigeria’s Education System Emmanuel Ugwu-Nwogo in Umuahia

The National Association of Nigerian Students (NANS) has resolved to take a different approach other than protests in the quest to restore sanity in the nation’s education system.

The association said it intends to launch a sustained campaign to bring about “the restoration of standard, peace and security in the educational sector” following an initiative of the National Treasurer, Chinyelu Okolie.

Okolie made known the intention of the students’ body to embark on pro-education advocacy campaigns during a press conference she addressed at Michael Okpara University of Agriculture Umudike (MOUAU) Abia State.

She specified the issues that would be given attention in the campaign to include inadequate funding, dereliction of duties, disparity in standards, proliferation of universities, and security deficiencies.

Other identified areas of focus in the envisaged campaign are non-payment of salaries, hike in tuition fees, moral decadence, recurring strike actions by unions, infrastructure deficits, importing of foreign curriculum, tribalism, quota system, among others.

“We will not fold our arms until academic normalcy is restored as we advocate for standard and quality education system in Nigeria,” she said.

She said that the camapaign to restore education standard would be massive and sustained until the set goal of a holistic revamping of the sector was achieved.

Okolie said that the campaign would be targeted against the myriads of problems in the education system, adding that all stakeholders would be galvanised to root out the cankerworms once and for all.

She said that campaigning to bring back the lost glory of Nigeria’s education system was a better alternative for NANS “than embarking on actions that will negatively affect the growth of education (thereby) bringing untold hardships to students”.

“We are calling on all students and educational actors to identify the challenges they are facing in their various departments and sectors to enable us find asking solutions that will better our educational system”.

The NANS treasurer, who was accompanied by student union leaders, regretted that the nation’s “education system is under severe threat of continuous decline and total collapse, especially in the last two decades” due to the unresolved problems.

She decried the inability of Nigeria to attain the budgeting benchmark of 26 percent allocation to education as recommended by the United Nations hence the progressive decline in the sector.

As Nigeria joined the rest of Africa to commemorate the Day of the African Child on June 16, United Nations Children’s Fund (UNICEF) has called on government and other stakeholders to exploit the opportunities offered by digitalisation for learning and development of Nigerian children.

With the theme for this year, ‘The Rights of the Child in the Digital Environment’, UNICEF, in collaboration with the Lagos State Ministry of Education, recently visited Ladoje Nursery and Primary School, Orile Agege, one of the many public schools where the Nigeria Learning Passport (NLP) was deployed to boost digital teaching and learning among

Education Specialist, UNICEF, Babagana Aminu, stressed the importance of the NLP and its uniqueness. He described it as a virtual learning platform that provides free access to education contents developed by Microsoft with support from the fund.

The uniqueness of the NLP is that it could be deployed online on mobile devices such as laptop computers and phones; and offline in hard to reach communities where internet is not accessible.

Aminu noted that the idea is to provide opportunity to parents, families and communities that don’t have the opportunity to buy data for their wards to benefit from the platform.

hub, a super computer in a box containing contents on the NLP in 150 schools across the country.

According to him, “the offline does not require internet because it comes with all contents that will be deployed. In the next few weeks, we are going to be deploying NLP in 150 schools across Nigeria to demonstrate how offline can be achieved.

“There are about 15,000 different lesson comprised of English, Mathematics, Basic Science, Business Studies, Basic Technology, Computer Science, Professional Soft Skill, Vocational Training, Chemistry, Biology and others.

“These contents are in English and the three basic Nigeria languages spoken in Nigeria,

language background with the contents that they can consume.”

The Director, Policy, Planning, Research and Statistics Department, Lagos State Ministry of Education, Dr. Afolabi Adejare stated that the government remains committed to equip schools at all levels with ICT gadgets.

He noted that the idea is to ensure that students are familiar with modern learning technology and be in tune with what is happening globally.

Adejare stated that UNICEF has been partnering with the ministry, by ensuring that tablets were provided in schools, and that trainings were being carried out both at the local and state government levels.

Pupils of Ladoje Nursery and Primary School, Orile-Agege, Lagos, being taught with lesson on Nigerian Learning Passport (NLP) during UNICEF visit to the school to commemorate Day of the African Child recently

MTNF, NDLEA, UNODC Start Second Edition of Quiz Contest on Substance Abuse In collaboration with the National Drug Law Enforcement Agency (NDLEA) and the United Nations Office on Drugs and Crime (UNODC), the MTN Foundation has commenced the second edition of its Anti Substance Abuse Programme (ASAP) quiz competition for secondary school students in Nigeria.

Following the elimination stage, which was held virtually between June 6, and 7, 2023, six finalists emerged and will be competing for the grand prize on June 23, 2023 in Abuja. The finalists include; PTA/NADP

International College, Lafia, Nasarawa State; Girls’ Secondary School, Abakpa-Nike, Enugu, Enugu State; Girls Secondary School, Yola, Adamawa State; Katsina College, Katsina State;, Olivet Baptist High School, Oyo State and Anglican Girls Grammar School, Benin-City.

The quiz competition is part of MTN Foundation’s efforts to raise awareness about substance abuse and addiction among Nigerian youths. Its purpose is to reduce first-time substance use and casual substance use among secondary school students across the country.

The three-hour quiz competition was moderated by the Director, Drug Demand Reduction, National Drug Law Enforcement Agency (NDLEA), Dr Ngozi Maduibuike; Team Leader, United Nations Office on Drugs and Crime (UNODC), Abimbola Adewumi and Assistant Director, Drug Demand Reduction Directorate NDLEA, Chigbu Odoemelam.

According to the NDLEA director, the uptake in the use of substances by young Nigerians has led to the agency’s partnership with MTN Foundation.

She said, “More young people

between the ages of 15 and 35 are more involved in drug abuse.

Studies have shown that 14.3 million Nigerians are using psychoactive substances with 1 in 5 persons who use drugs in Nigeria suffering from drug use disorders. This has become worrisome hence the need to raise awareness through the inter-school quiz competition.”

Encouraging students during the online competition, Dr. Ngozi Maduibuike urged them to arm themselves with the knowledge gained during the competition and act as ambassadors in the fight against substance abuse.

Ex-VC Gets Dominican Order’s Highest Academic Title Kemi Olaitan in Ibadan Former Vice-Chancellor of the Dominican University, Ibadan, Reverend Father Anthony Alaba Akinwale, has been conferred with the academic title of Master in Sacred Theology, the highest academic title in the Dominican Order.

Akinwale, a professor of Philosophy and Religious Studies, was honoured with the title at a ceremony held at the univer-

sity and attended by Catholic leaders within and outside the Archdiocese of Ibadan.

In his magistral lecture, titled, ‘Subiectum Theologiae: On the tasks and allies of theology’, delivered to mark the conferment, he said it was an obligation to fulfil an order with an intellectual mission in the church and the world and to the academic community as a whole.

According to him, he formulated two explanatory

questions on the notion and method of theology, stating that the Dominican Institute, from which the Dominican University was born, provided him with a launch pad from which he was able to devote ample time to the questions.

Akinwale added that he also had the privilege of developing and teaching for 21 years an undergraduate course entitled, Explorations in Christian Theology and a graduate course

on Foundations of Christian Theology, the two of which turned around the questions.

He maintained that academic theology must not be confused with populist preaching in contemporary Nigerian religiosity, which, alongside crude oil, movies, music and footballers, the country is exporting in a phenomenally high proportion to the rest of Africa and beyond to non-Africans and Africans in the diaspora.

36

T H I S D AY ˾ DAY, JUNE 21, 2023

BUSINESS/MONEYGUIDE

AXA Mansard Invests N18.2bn to Boost Health Insurance

Ebere Nwoji

AXA Mansard Health has said that it invested N18.2 billion in the newly established AXA OneHealth Medical Centre in a bid to improve on the level of health insurance acceptance in Nigeria.

The health insurance firm said it would continue to deliver quality and affordable healthcare to Nigerians and the growth of its service providers across the healthcare value chain in the country.

This was disclosed at the commissioning of the OneHealth Medical Centre established by the firm in Lagos.

Speaking at the unveiling of the new facility, the Chief Executive Officer, AXA Africa Health, Khaled El Shaarany said the company was determined to reduce the health-related financial burden, especially for low- and middle-class individuals with a facility that would help to

incentivise healthcare providers to offer high-quality care, as they would be reimbursed for their services.

He said AXA Mansardfunded the OneHealth Medical Centre Facility to further uphold its HMO commitments in Nigeria.

El Shaarany, said the firm targeted to complete the project before the end of the next two years, to become the largest healthcare network in the country.

He said that with AXA as the paying Partner, the medical centre could provide insurance that covered the hospital’s expenses and keeps the cost completely affordable for their customers.

The AXA Country Manager and Medical Director, OneHealth, Misbah Oleolo, in his opening speech, expressed delighted in the launch, but noted that in every business, real satisfaction would come when services had been

delivered successfully.

“We hope to get positive feedback from our customers that the service meets their needs, until then it is better to be economical with our emotions” he said.

Oleolo said the AXA Health team led by AXA Mansard will first increase expansion in areas with very high Insurance penetration and eventually organically recruit more people, from across the nation.

“We guarantee high-quality healthcare solutions that will be accessible to many people as we begin to increase our geographical footprints,” he said Oleolo said that the OneHealth medical facility had carefully recruited and trained staff to deliver a technology-driven solution through their in-house electronic medical records backed with telemedicine as part of its digital health offering.

L-R: Director Marketing Communications, 9mobile, Saidat Lawal-Mohammed; 9mobile Brand Ambassador, Benson (BNXN); Chief Executive Officer, 9mobile, Juergen Peschel; 9mobile Brand Ambassador, Beauty Tukura; 9mobile Brand Ambassador, Samo Agbero/Vader the Wild Card; Chief Financial Officer, 9mobile, Nkem Oni-Egboma; Chief Sales Officer, 9mobile, Victor Nwaobia, at a unveiling of three 9mobile brand ambassadors in Lagos… recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA)

DataPro Suspends Tingo Mobile’s Credit Rating As the owners of Tingo Group continue to reel in controversy over allegations of fraudulent claims, the management of DataPro, a credit rating agency has announced the suspension of Tingo Mobile’s credit rating.

A statement signed by Managing Director/CEO of DataPro, Mr. Abimbola Adeseyoju, explained that the credit rating of Tingo Mobile was suspended as a result of the failure of the company to provide the required additional information needed to sustain its ratings. The statement reads: “In line with International Best Practices, DataPro hereby suspends Tingo Mobile’s Credit Rating due to the Company’s inability to provide the required

additional information to sustain the Rating assigned on Wednesday, 17th May 2023.

“In the past week, DataPro has engaged with Tingo Mobile to get clarity about its recent acquisitions and financial structure.

“Unfortunately, the Company has not taken advantage of the timeline for it to provide the needed information that will enable us to sustain the rating assigned.”

Describing the suspension as a necessary measure, it added that “This statement is given without prejudice or malice, it is a standard rating procedure globally.

Tingo Mobile is a subsidiary

of Tingo Group which claimed to be Africa’s leading AgriFintech company, transforming rural farming communities by providing connectivity and access to Tingo’s extensive and unique platform.

There were recent media reports which indicted the Tingo parent company of lying about its $1.6 billion food processing plant, as well as some of its partnerships and products.

A research firm, Hindenburg Research said its checks with the Nigerian Communications Commission (NCC) revealed that it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.

Democracy Day: NACCIMA Boss Urges Nigerians to Unite The National President of the Nigerian Association Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, has urged Nigerians not to forget the progress made and the sacrifices by countless individuals who fought tirelessly for the enthronement of democracy in Nigeria but work together

towards achieving a more united, inclusive and progressive nation where the voice of every citizen matters.

Dele Oye in his message to mark the 2023 Democracy Day, said the country has come a long way in its democratic journey and must continue to build upon the foundation of democracy for a brighter

future for all Nigerians.

He said, “Today, we celebrate a significant and historic moment in our country’s journey towards democracy. June 12 holds a special place in our national consciousness, as it marks the day when Nigerians came together and demanded a more democratic and inclusive political system.

Sustainability: Airtel Nigeria Hosts Sanwo-Olu, Others Kayode Tokede Airtel Nigeria, hosted the Governor of Lagos State, Mr. Babajide Sanwo-Olu, and other dignitaries to celebrate the impact of its Corporate Social Responsibility (CSR), and initiatives targeted at empowering and uplifting communities across the country.

The telecommunication giant at the recent CSR night in Lagos showcased various intervention projects such as the ‘Adopt-A-School’ program, among others.

Sanwo-Olu in his remarks, described Airtel Nigeria as a dependable brand in the

area of uplifting Nigerians through various philanthropic initiatives.

According to him, “What Airtel does is commendable, and I am always glad to see several projects executed by the brand and how much these projects have impacted the lives of many, especially the Airtel Touching Lives initiative which is in its seventh season.

Thanks to Airtel for remaining consistent, dependable, and a responsible brand.”

Group Chief Executive Officer, Airtel Africa, Segun Ogunsanya, while speaking at the event said, “It is not enough to own a license to operate a

mobile telecommunications company, I strongly believe that we must earn a Social License to operate. Hence, we commenced this beautiful idea we named Airtel Touching Lives, which is more or less a special-purpose vehicle with which we deliver multifaceted assistance to people and communities across the country.”

In his opening remarks, the Chief Executive Officer, Airtel Nigeria, Carl Cruz, said “At the heart of our activities as a company is the commitment to improve our environment and support everyday Nigerians with what matters most to them: their wellbeing.“

MARCH 2023 Money Supply (M3)

54,634,063.50

-- CBN Bills Held by Money Holding Sectors

442,402.18

Money Supply (M2)

54,191,661.32

-- Quasi Money

32,839,133.46

-- Narrow Money (M1)

21,352,527.87

---- Currency Outside Banks

1,445,439.42

---- Demand Deposits

119,907,088.45

Net Foreign Assets (NFA)

5,992,904.55

Net Domestic Assets(NDA)

48,641,158.95

-- Net Domestic Credit (NDC)

70,596,115.20

---- Credit to Government (Net)

27,529,720.19

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

43,066,395.01

--Other Assets Net

11,123,812.79

Reserve Money (Base Money

15,975,739.59

--Currency in Circulation

1,683,498.35

--Banks Reserves --Special Intervention Reserves

14,292,241.24 419,889.49

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

April 2023

Inter-Bank Call Rate

15.80

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

18.00

Treasury Bill Rate

5.73

Savings Deposit Rate

4.59

1 Month Deposit Rate

7.32

3 Months Deposit Rate

7.92

6 Months Deposit Rate

9.84

12 Months Deposit Rate

8.18

Prime Lending rate

14.05

Maximum Lending Rate

28.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 16 JUNE, 2023

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).

T H I S D AY ˾ ˜ Ͱͯ˜ 2023

37

MARKET NEWS

Stock Market Sustains Positive Trend, Up by N52bn Kayode Tokede Extending gains for the second consecutive day trading session, the stock market of the Nigerian Exchange Limited (NGX) yesterday closed higher as the overall capitalisation gained N52 billion due to bargain-hunting activities in Seplat Energy Plc and 49 others.

The NGX All Share Index (ASI) rose by 95.17 basis points

or 0.16 per cent to close at 59,110.02 basis points.

Consequently, the year-to-date (YTD) return rose to 15.33per cent while the market capitalization gained N51.82billion to close at N32.19trillion.

On sectors, the NGX Insurance rose 1.9 per cent, NGX Oil & Gas appreciates by 1.4 per cent, and NGX Industrial Goods increases by 0.1per cent, while the NGX Banking index

P R I C E S MAIN BOARD

F O R

DEALS

was unchanged.

As measured by market breadth, market sentiment was positive as 50 stocks gained relative to 19 losers. Academy Press, Chams, Guinea Insurance and Skyway Aviation Company recorded the highest price gain of 10 per cent each to close at N1.98, 44 kobo, 22 kobo and N7.70 respectively, per share.

Learn Africa followed with a gain of 9.92 per cent to close

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

at N2.26, while Unity Bank appreciated by 9.82 per cent to close at N1.23, per share. On the other hand, C&I Leasing led the losers’ chart by 10 per cent, to close at N4.05, while Cornerstone Insurance followed with a decline of 9.82 per cent to close at N1.01, per share.

Secure Electronic Technology and Veritas Kapital Assurance depreciated by 8.70 per cent each to close at 42 kobo and

T R A D E D MAIN BOARD

21 kobo respectively, while RT Briscoe Nigeria declined by 8.11 per cent to close at 34 kobo, per share.

The total volume traded declined by 34.06 per cent to 588.854 million units, valued at N8.961 billion, and exchanged in 8,272 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 78.512 million shares valued at N907.474 million.

A S O F

Guaranty Trust Holding Company (GTCO) followed with 65.4 million shares worth N2.107 billion, while Transnational Corporation (Transcorp) traded 33.706 million shares valued at N112.041 million.

Access Holdings traded 31.379 million shares valued at N466.627 million, while Veritas Kapital Assurance sold 27.759 million shares worth N6.089 million.

J U N E / 2 0 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

38

WEDNESDAY, JUNE 21, 2023 • T H I S D AY

MARKET NEWS 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 19June-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 MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 238.23 239.38 25.91% Afrinvest Plutus Fund 100.00 100.00 9.55% Nigeria International Debt Fund 339.37 339.37 9.61% Afrinvest Dollar Fund 108.80 109.90 3.17% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.81% AIICO Balanced Fund 4.17 4.24 22.97% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 9.02% Anchoria Equity Fund 180.12 182.03 24.27% Anchoria Fixed Income Fund 1.29 1.29 4.81% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 25.88 26.66 17.95% ARM Discovery Balanced Fund 596.55 614.54 14.45% ARM Ethical Fund 49.05 50.53 8.72% ARM Eurobond Fund ($) 1.14 1.14 1.22% ARM Fixed Income Fund 1.13 1.13 2.27% ARM Money Market Fund 1.00 1.00 9.99% ARM Short Term Bond Fund 1.03 1.03 -0.84% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 98.12 98.12 8.10% AVA GAM Fixed Income Naira Fund 1,095.21 1,095.21 2.39% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 155.87 156.96 15.55% AXA Mansard Money Market Fund 1.00 1.00 9.86% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.04 1.04 4.02% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.65% Cordros Milestone Fund 148.84 149.92 16.56% Cordros Fixed Income Fund 106.09 106.09 9.16% Cordros Halal Fixed Income Fund 103.83 103.83 5.88% Cordros Dollar Fund ($) 111.53 111.53 6.03% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.47% Coronation Money Market Fund 1.32 1.33 16.45% Coronation Balanced Fund 1.42 1.42 4.61% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1551.72 1551.72 11.84% FBN Balanced Fund 235.12 237.00 17.74% FBN Halal Fund 129.84 129.84 12.63% FBN Money Market Fund 100.00 100.00 10.93% FBN Dollar Fund 123.88 123.88 7.17% FBN Smart Beta Equity Fund 220.81 223.68 33.33% FBN Specialized Dollar Fund 108.98 108.98 9.51% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 9.24% Legacy Debt Fund 3.50 3.50 -12.58% Legacy Equity Fund 2.39 2.44 37.50% Legacy USD Bond Fund 1.29 1.29 6.93% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 4,901.50 4,938.06 35.39% Coral Income Fund 3,844.13 3,844.13 7.64% Coral Money Market Fund 100.00 100.00 10.65% FSDH Dollar Fund 1.16 1.16 5.54%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.76 1.79 10.00% Lotus Halal Fixed Income Fund 1,194.13 1,194.13 4.66% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 14.71 14.79 27.57% Meristem Money Market Fund 10.00 10.00 11.46% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.14 103.14 10.12% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.80% Norrenberger Dollar Fund (NDF) ($) 102.36 102.36 10.51% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 152.97 155.61 21.68% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 11.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,249.26 4,282.80 25.34% Stanbic IBTC Bond Fund 249.74 249.74 6.02% Stanbic IBTC Ethical Fund 1.74 1.76 38.89% Stanbic IBTC Guaranteed Investment Fund 341.61 341.61 9.10% Stanbic IBTC Iman Fund 311.42 315.12 33.32% Stanbic IBTC Money Market Fund 1.00 1.00 10.35% Stanbic IBTC Nigerian Equity Fund 15,195.98 15,386.67 39.21% Stanbic IBTC Dollar Fund (USD) 1.41 1.41 9.06% Stanbic IBTC Shariah Fixed Income Fund 124.41 124.41 6.42% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 119.86 119.86 12.67% Stanbic IBTC Absolute Fund 4,754.43 4,754.43 11.76% Stanbic IBTC Aggressive Fund 4,308.50 4,362.06 54.96% Stanbic IBTC Conservative Fund 4,762.85 4,783.65 25.15% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.22 1.23 27.73% United Capital Balanced Fund 1.70 1.71 24.01% United Capital Wealth for Women Fund 1.35 1.36 16.07% United Capital Sukuk Fund 1.17 1.17 13.03% United Capital Fixed Income Fund 2.02 2.02 7.30% United Capital Eurobond Fund 128.78 128.78 5.94% United Capital Global Fixed Income Fund 1.04 1.04 8.78% United Capital Money Market Fund 1.00 1.00 9.80% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 15.96 16.12 15.11% Zenith ESG Impact Fund 18.41 18.60 16.49% Zenith Income Fund 24.36 24.36 3.39% Zenith Money Market Fund 1.00 1.00 10.49% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.04 6.14 50.08% Vetiva Consumer Goods Exchange Traded Fund 8.79 8.89 50.05% Vetiva Griffin 30 Exchange Traded Fund 21.58 21.78 21.92% Vetiva Money Market Fund 1.00 1.00 10.75% Vetiva Industrial Goods Exchange Traded Fund 24.20 24.40 20.99% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 137.77 139.77 -12.59%

REITS NAV Per Share

Yield / T-Rtn

119.40 54.58 101.54 10.07

4.92% 2.94% -11.82%

Bid Price

Offer Price

Yield / T-Rtn

19.92 176.04 124.08 17.40 16.40

20.02 178.99 126.19 17.50 16.50

28.64% 37.91% 24.08% 23.98% 41.35%

NAV Per Share

Yield / T-Rtn

107.58

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

39

WEDNESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

Wednesday, June 21, 2023

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž 'ĂŝŶƐ ϭϭďƉƐ

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ƌŽƐĞ ϭϭďƉƐ ƚŽ ĐůŽƐĞ Ăƚ

THISDAY AFRINVEST 40 INDEX

Ϯ͕ϲϮϰ͘ϱϵ ŝŶĚĞdž ƉŽŝŶƚƐ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ ^ W> d ;ϯ͘ϬййͿ͕ 'd K ;Ϭ͘ϴйͿ͕ ĂŶĚ E' D;Ϭ͘ϭйͿ͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƵŵƵůĂƟǀĞůLJ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϭϭ͘ϭй ŽĨ ƚŚĞ ŝŶĚĞdž͘

>ŽĐĂů ŽƵƌƐĞ ^ƵƐƚĂŝŶƐ 'ĂŝŶ͘​͘​͘ ^/ ƵƉ Ϭ͘Ϯй zĞƐƚĞƌĚĂLJ͕ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ƐƵƐƚĂŝŶĞĚ LJĞƐƚĞƌĚĂLJ͛Ɛ ƉŽƐͲ ŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƚŚĞ E'yͲ ^/ ĂĚǀĂŶĐĞĚ Ϭ͘Ϯй ƚŽ ϱϵ͕ϭϭϬ͘Ϯ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ďĂƌŐĂŝŶͲŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ ŝŶ ^ W> d ;нϯ͘ϬйͿ͕ h E ;нϱ͘ϳйͿ͕ ĂŶĚ 'd K ;нϬ͘ϴйͿ͘ Ɛ Ă ƌĞƐƵůƚ͕ zd ƌĞƚƵƌŶ ŝŶĐƌĞĂƐĞĚ ƚŽ ϭϱ͘ϯй ;ƉƌĞǀŝŽƵƐůLJ͗

Ticker

Current Price

Price Previous Current Price Change Change Price Weighting YTD Index to Change Date

ROE

ROA

P/E

5.8x

P/BV

Divindend Earnings Yield Yield

THISDAY AFRINVEST 40

2624.59

0.11%

41.5%

162.5%

22.0%

5.0%

1

Airtel Africa PLC

1,289.00

0.0%

29.2%

-21.2%

-21.2%

18.6%

6.2%

1.0x

6.8%

14.9%

2

BUA Foods PLC

135.75

0.0%

14.7%

108.8%

108.8%

45.4%

17.7%

21.8x

9.0x

3.3%

3

MTN Nigeria Communications PLC

265.00

0.0%

7.9%

23.3%

23.3%

91.7%

13.2%

14.9x

12.4x

5.9%

6.7%

4

Guaranty Trust Holding Co PLC

32.30

0.8%

5.7%

40.4%

40.4%

19.7%

3.0%

5.0x

1.0x

9.7%

20.2% 23.1%

2.7% 4.6%

5

Zenith Bank PLC

32.00

0.0%

5.3%

33.3%

33.3%

16.7%

2.0%

4.3x

0.7x

10.0%

6

Dangote Cement PLC

287.30

0.1%

3.5%

10.1%

10.1%

34.8%

14.7%

12.8x

4.2x

7.0%

7.8%

7

FBN Holdings Plc

15.95

0.3%

3.2%

46.3%

46.3%

16.1%

1.5%

3.8x

0.6x

3.1%

26.5%

8

Lafarge Africa PLC

28.80

0.3%

6.2%

20.0%

209.7%

12.3%

9.1%

9.1x

1.1x

6.9%

11.0%

9

Nestle Nigeria PLC

1,250.00

0.0%

2.0%

13.6%

13.6%

110.1%

12.8%

21.0x

21.3x

5.3%

4.8%

10 Access Holdings PLC

14.85

0.3%

3.0%

74.7%

74.7%

13.9%

1.2%

3.0x

0.4x

17.5%

33.5%

1,360.00

3.0%

1.9%

28.8%

23.6%

5.7%

2.8%

10.5x

0.6x

3.5%

9.5%

11.50

0.0%

2.2%

51.3%

51.3%

20.4%

1.7%

2.2x

0.4x

9.5%

44.9%

1.8x

0.4x

3.3%

55.1%

2.1x

3.1%

-3.1%

1.6x

6.8%

14.5%

11 SEPLAT Energy PLC 12 United Bank for Africa PLC 13 Ecobank Transnational Inc 14 Nigerian Brew eries PLC

15.40

-1.3%

1.7%

45.3%

45.3%

19.1%

1.0%

43.70

-0.7%

1.2%

6.6%

6.6%

-6.3%

-1.9%

15 Stanbic IBTC Holdings PLC

52.95

0.0%

1.7%

58.3%

58.3%

22.4%

2.9%

6.9x

16 Okomu Oil Palm PLC

227.00

0.0%

1.3%

37.6%

37.6%

47.7%

23.5%

13.3x

6.4x

5.4%

7.5%

17 Fidelity Bank PLC

7.00

-3.4%

1.2%

60.9%

60.9%

16.7%

1.4%

3.8x

0.6x

5.6%

26.2%

18 International Brew eries PLC 19 Flour Mills of Nigeria PLC

5.20

-1.9%

0.8%

10.6%

10.6%

-19.2%

-5.2%

34.95

0.0%

0.9%

23.1%

23.1%

11.4%

2.5%

6.8x

0.7x

20 Guinness Nigeria PLC

77.70

0.0%

0.5%

12.1%

12.1%

7.3%

2.9%

27.3x

2.1x

8.9%

3.7%

21 FCMB Group Plc

5.10

2.0%

0.5%

32.5%

32.5%

12.7%

1.3%

2.9x

0.3x

4.9%

34.7%

22 United Capital PLC 23 BUA Cement Plc

14.50

1.4%

0.4%

3.6%

3.6%

38.7%

1.6%

8.9x

3.3x

10.3%

11.2%

86.00

0.0%

0.3%

-12.0%

-12.0%

25.0%

12.6%

28.9x

7.1x

24 AXA Mansard Insurance PLC

4.19

2.9%

0.7%

109.5%

109.5%

13.3%

3.4%

7.7x

1.3x

7.2%

13.0%

25 Presco PLC 26 Dangote Sugar Refinery PLC

177.20

-1.3%

0.4%

28.9%

28.9%

53.4%

13.5%

9.2x

4.2x

1.1%

10.9%

24.00

2.1%

0.5%

49.5%

49.5%

36.5%

12.3%

5.0x

1.7x

6.3%

20.1%

27 PZ Cussons Nigeria PLC

19.30

0.5%

0.5%

70.0%

70.0%

29.0%

8.7%

6.5x

1.9x

5.2%

15.4%

28 Transnational Corp of Nigeria

3.31

0.3%

0.8%

192.9%

192.9%

6.4%

1.5%

20.0x

1.2x

1.5%

5.0%

ƉŽƐŝƟǀĞ ĂƐ ϱ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͕ ǁŚŝůĞ ƚŚĞ &ZͲ/ d ŝŶĚĞdž

29 Wema Bank PLC

4.99

2.0%

0.2%

27.9%

27.9%

17.2%

1.0%

3.8x

0.7x

6.0%

26.2%

ĐůŽƐĞĚ ŇĂƚ͘ ƚ ƚŚĞ ĨŽƌĞĨƌŽŶƚ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ Kŝů Θ

30 TotalEnergies Marketing Nigeri 31 Union Bank of Nigeria PLC

7.4%

32 Custodian and Allied Insurance 33 Jaiz Bank PLC

6.90

2.2%

'ĂƐ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ ϭ͘ϵй ĂŶĚ ϭ͘ϰй ƌĞƐƉĞĐƟǀĞůLJ ĨŽůͲ

0.1%

16.0%

16.0%

18.0%

5.4%

3.8x

0.6x

9.4%

26.3%

1.70

-4.5%

0.2%

84.8%

84.8%

27.5%

2.0%

7.9x

2.0x

29.4%

12.7%

ůŽǁŝŶŐ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ t W/ ;нϵ͘ϳйͿ͕ D E^ Z

34 Julius Berger Nigeria PLC 35 Unilever Nigeria PLC

31.00

0.0%

0.1%

26.5%

26.5%

11.2%

1.3%

7.7x

0.8x

8.2%

13.0%

15.10

0.7%

0.1%

30.2%

30.2%

7.8%

4.2%

16.3x

1.2x

1.6%

36 Oando PLC

5.51

-0.4%

0.1%

40.6%

40.6%

3.2%

1.8x

37 Sterling Financial Holdings Co

2.89

-2.0%

0.1%

38 Champion Brew eries PLC

3.94

1.5%

0.0%

-28.4%

-28.4%

9.0%

6.1%

33.0x

39 Notore Chemical Industries Ltd

62.50

0.0%

0.0%

0.0%

0.0%

-27.3%

-6.4%

40 Transcorp Hotels Plc

14.60

0.0%

0.0%

133.6%

133.6%

3.5%

1.9%

ϭϱ͘ϮйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŝŵƉƌŽǀĞĚ ďLJ ʬϱϭ͘ϭďŶ ƚŽ ʬϯϮ͘ϮƚŶ͘ DĞĂŶǁŚŝůĞ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ĨĂůͲ ƚĞƌĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĚŝƉƉĞĚ ϯϰ͘ϭй ĂŶĚ ϭϵ͘ϲй ƚŽ ϱϴϴ͘ϴŵ ƵŶŝƚƐ ĂŶĚ ʬϴ͘ϵďŶ ƌĞƐƉĞĐƟǀĞůLJ͘

ƵůůŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ

;нϯ͘ϬйͿ͕ ^ W> d ;нϯ͘ϬйͿ͕ ĂŶĚ d ZE ;нϱ͘ϭйͿ͘ dƌĂŝůͲ ŝŶŐ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ŝŶĐŚĞĚ ŚŝŐŚĞƌ ďLJ Ϭ͘ϭй ĂƉŝĞĐĞ ĚƵĞ ƚŽ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂͲ ƟŽŶ ŝŶ E' D ;нϬ͘ϭйͿ͕ t W K ;нϬ͘ϰйͿ͕ E'^h' Z ;нϮ͘ϭйͿ͕ ĂŶĚ ,KEz&>KhZ ;нϰ͘ϰйͿ͘ ůƐŽ͕ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ h E ;нϱ͘ϳйͿ͕ & D ;нϮ͘ϬйͿ͕ ĂŶĚ hE/dz ;нϵ͘ϴйͿ ƉƵƐŚĞĚ ƚŚĞ ĂŶŬŝŶŐ ŝŶĚĞdž ƵƉ ϮďƉƐ͘

ŝŵƉƌŽǀĞĚ ƚŽ Ϭ͘ϲϬdž ĨƌŽŵ Ϭ͘ϰϯdž ŝŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϱϬ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϭϴ ĚĞĐůŝŶĞĚ ǁŚŝůĞ ϱϯ ĐůŽƐĞĚ ŇĂƚ͘

0.3%

74.5%

74.5%

34.8%

5.8%

7.0x

2.4x

5.7%

0.2%

16.4%

16.4%

15.8%

1.6%

6.1x

0.7x

P ric e C hg %

T ic k er

-16.5%

2.4x

0.9%

Vo lum e

P ric e C hg %

UB A

78.5

0.0%

GT C O

65.4

0.8%

10.0%

T R A N SC OR P

33.7

0.3%

10.0%

A C C ESSC OR P

31.4

0.3%

27.8

-8.7%

LEA R N A F R C A

2.66

9.9%

VER IT A SKA P

UN IT YB N K

1.23

9.8%

J A IZ B A N K

22.1

-4.5%

9.8%

C H IP LC

19.7

8.8%

WA P IC

19.4

9.7%

Z EN IT H B A N K

18.7

0.0%

M B EN EF IT

15.3

4.4%

SOVR EN IN S LA SA C O WA P IC SUN UA SSUR

C ILEA SIN G

0.56 2.69

9.8%

0.79

9.7%

0.46

P ric e 4.05

C OR N ER ST

9.5%

T o p 10 T r a d e s b y V a l u e

1.01

P ric e C hg % -10.0% -9.8%

VER IT A SKA P

0.21

-8.7%

N SLT EC H

0.42

-8.7%

0.34

-8.1%

T ic k er

Value

P ric e C hg %

GT C O

2107.2

0.8%

SEP LA T

1028.3

3.0%

UB A

907.5

0.0% 0.0%

M TNN

891.1

D A N GC EM

649.2

0.1%

Z EN IT H B A N K

597.1

0.0%

P R EST IGE

0.49

-5.8%

A F R IP R UD

6.05

-5.5%

A C C ESSC OR P

466.6

0.3%

-5.3%

P R ESC O

239.1

-1.3%

-4.5%

ST A N B IC

183.1

0.0%

-3.4%

B UA C EM EN T

169.3

0.0%

NP FM CRFB K J A IZ B A N K F ID ELIT YB K

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

3.0%

1.5x

10.0%

R T B R ISC OE

2.8x

10.0%

0.22

1.80 1.70 7.00

6.1% 55.2%

1.98

0.44

14.2% 16.5%

7.70

T ic k er

3.5%

SKYA VN

tĞ ĂŶƟĐŝƉĂƚĞ ďƵLJŝŶŐ ŝŶƚĞƌĞƐƚ ƚŽ ĚŽŵŝŶĂƚĞ ƚŽĚĂLJ͛Ɛ

ǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͘

14.7%

T o p 10 T r a d e s b y V o l u m e

T o p 10 L o s e r s

ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĚƵĞ ƚŽ ƐƵƐƚĂŝŶĞĚ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŝŶͲ

66.0x

-17.7%

A C A D EM Y

GUIN EA IN S

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕

0.0%

7.45

P ric e

CHA M S

KƵƚůŽŽŬ

336.70

T o p 10 G a in e r s T ic k er

1.2x

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽLJŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝLJƵ ͮ ĚĂƐŝŵŝLJƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

1.5%

WEDNESDAY, JUNE 21, ͰͮͰͱ ˾T H I S D AY

40

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Hunter Biden to Plead Guilty to Tax, Gun Charges US President Joe Biden’s son Hunter Biden has agreed with the Justice Department to plead guilty to three federal tax and firearm charges in a deal in which he is unlikely to be imprisoned.

According to a court filing on Tuesday, the 53-year-old son of the president, long troubled by crack cocaine addiction and the focus of investigations of his overseas business transactions, will plead guilty to two misdemeanour tax charges for failing to pay his 2017 and 2018 taxes on time, and agree to probation.

In addition, the court filing said the Justice Department would charge Biden but agree not to prosecute him in connection with his purchase of a handgun in 2018 when he was using drugs, even though he claimed on a purchase document that he was drug-free.

The deal calls for Biden to remain drug-free for two years and agree never again to own a firearm.

The agreement was hashed out over several months between lawyers for Hunter Biden and David Weiss, the US attorney general for the eastern state of Delaware, who was appointed by former President Donald Trump but was retained after Trump’s defeat in 2020 to handle the politically sensitive case.

reflection of the vigour and vitality of the partnership between our democracies.”

For more than two decades, US administrations have treated India as a key partner. Successive American presidents from Bill Clinton, George W. Bush, Barack Obama and Donald Trump have made the 15-hour flight to New Delhi.

Pakistan Signs $4.8bn Nuclear Power Plant Deal with China

Judge Sets August 14 for Start of Trump Trial A US federal judge in Florida on Tuesday set August 14 for the start of the trial of former President Donald Trump on charges he mishandled classified national security documents when his presidency ended. Legal analysts say the complexity of the case could easily delay the first-ever criminal trial of a US leader.

Justice Department special counsel Jack Smith, in announcing the 37-count indictment against Trump two weeks ago, called for a “speedy trial,” but Trump has yet to hire a full legal defence team in the southern state of Florida where Judge Aileen Cannon presides, and the trial would occur.

In her order, Cannon, a 42-year-old jurist appointed to the federal bench by Trump shortly after his 2020 reelection loss, told Justice Department prosecutors and Trump’s lawyers to file all pre-trial motions by July 24.

Last week, she directed the lawyers involved in the case to start filling out a federal government document to secure security clearances so they can view the classified documents that Trump kept at his oceanside Mar-a-Lago estate.

China Imports of Russian Oil Highest Since Ukraine Invasion: Report Chinese imports of Russian oil last month hit their highest level since Moscow’s February 2022 invasion of Ukraine, Beijing’s customs data showed Tuesday.

China imported 9.71 million tons of oil from Russia in May, detailed customs data showed, up from 5.4 million tons in February 2022 and 6.3 million the following month.

The figures show that imports of Russian crude by China since Moscow’s invasion of Ukraine have almost doubled.

They are in line with trade figures released this month that showed China’s trade with Russia soaring to levels not seen since February 2022.

Trade between the two countries last month was worth $20.5 billion, data from Beijing showed, with Chinese imports from Russia worth $11.3 billion.

China is Russia’s largest trading partner, with trade between them reaching a record $190 billion last year, according to Chinese customs data.

During a summit in March, Chinese President Xi Jinping and Russian leader Vladimir Putin pledged to boost trade to $200 billion in 2023 as they hailed their “no limits” partnership.

And Russian energy deliveries to China are set to grow by 40 per cent this year, Deputy Prime Minister Alexander Novak said last month.

Russia Bombards Kyiv, Lviv in Latest Drone Attacks Ukraine’s defence ministry said Tuesday its forces shot down 32 of 35 Iranian-made Shahed drones that Russia used in an aerial attack that targeted Kyiv and other Ukrainian cities.

Ukraine’s air force said the biggest focus was the Kyiv region.

Serhiy Popko, head of the Kyiv military administration, said on Telegram that the drones came in several waves and that air alerts in Kyiv lasted three hours.

There were no immediate reports of casualties.

In the Lviv area in western Ukraine, regional governor Maksym Kozytskiy said Russia used drones to strike a critical infrastructure facility.

Officials in the Zaporizhzhia also reported Russian missile strikes on telecommunications infrastructure and agricultural areas.

Ukraine is seeking $40 billion in funding for the first phase of a “Green Marshall Plan” to repair its economy. During a two-day meeting in London starting Wednesday, politicians and investors will discuss Ukraine’s short-term and long-term economic reconstruction, including developing a coal-free iron and steel industry.

Vatican Document Reveals Need for Women, LGBTQ+ Inclusion in Catholic Church An unprecedented global canvassing of Catholics has called for the church to take concrete steps to promote women to decision-making roles, for a “radical inclusion” of the LGBTQ+ community and for new accountability measures to check how bishops exercise authority.

The Vatican on Tuesday released the synthesis of a two-year consultation process, publishing a working document that will form the basis of discussion for a big meeting of bishops and laypeople in October. As it is known, the synod is a key priority of Pope Francis, reflecting his vision of a church that is more about the faithful rank-and-file than its priests.

Already Francis has made his mark on the synod, letting lay people and, in particular, women have a vote alongside bishops. That reform is a concrete step toward what he calls “synodality,” a new way of being a church that envisions more co-responsibility in governance and the key mission of spreading the Catholic faith.

The document highlights key concerns that emerged during the consultation process, which began at the local parish level and concluded with seven continentwide assemblies.

It flagged, in particular, the devastating impact that the clergy sexual abuse crisis has had on the faithful, costing the hierarchy its credibility and sparking

calls for structural changes to remove their near-absolute power.

Rescuers Race Against Time to Find Missing Submersible Bound for Titanic Site Rescuers in a remote area of the Atlantic Ocean raced against time Tuesday to find a missing submersible before the oxygen supply runs out for five people on a mission to document the wreckage of the Titanic.

Authorities reported the carbon-fibre vessel overdue Sunday night, setting off an international rescue effort in waters about 700km south of St. John’s, Newfoundland.

Aboard were a pilot, a renowned British adventurer, two members of an iconic Pakistani business family and a Titanic expert.

Named the Titan, the submersible had a 96-hour oxygen supply when it was put to sea at roughly 6:00 a.m. Sunday, according to David Concannon, an adviser to OceanGate Expeditions, which oversaw the mission. That means the oxygen supply could run out Thursday morning. By Tuesday morning, an area totalling 25,000 square kilometres had been searched, the US Coast Guard tweeted.

White House Rolls Out Red Carpet for Modi In a clear sign that India is increasingly crucial for the United States, the White House will be rolling out its full pageantry on Thursday for Prime Minister Narendra Modi’s official state visit and state dinner.

President Joe Biden has only twice previously extended such an invitation, the highest-ranking and most prestigious of White House visits, to French President Emmanuel Macron and South Korean President Yoon Suk Yeol, leaders of US treaty allies.

Even the term “official state visit” is distinctive. As heads of government, prime ministers are usually invited on an “official visit” instead of a “state visit,” which is given to heads of state such as monarchs and presidents of countries where he or she is also the head of government.

The White House has not responded to queries about why Modi is given this exception. Protocol-wise, it will be a step up compared to his previous White House visits in 2014, 2016 and 2017, which were a “working visit,” “working lunch,” and “official working visit,” respectively.

In a statement released before he left New Delhi, Modi said Biden’s invitation was “a

Pakistan and China signed a $4.8 billion deal Tuesday to build what would be the seventh Chinese nuclear power plant in the South Asian nation.

The 1,200-megawatt project will be installed in the central Pakistani city of Chashma, where Beijing already has built four nuclear power generation units with a collective output of nearly 1,230 megawatts.

Prime Minister Shehbaz Sharif oversaw Tuesday’s signing of the memorandum of understanding between China National Nuclear Cooperation and the Pakistan Atomic Energy Commission.

According to the agreement, the Chinese company will employ its HPR 1000 technology, known as HPR1000 or Hualong One, to construct the nuclear power unit. It will be the third facility in Pakistan to feature the HPR 1000, or pressurized water reactor technology.

“Investment from China in this project to the tune of $4.8 billion sends a loud and clear message that Pakistan is a place where Chinese companies and investors continue to show their trust and faith,” Sharif said.

India to Give Vietnam Warship As Countries Tighten Defense Ties India has said it will give a naval warship to Vietnam in the latest signal of tightening defence ties between the two countries, which share concerns about China’s assertiveness.

The announcement that New Delhi will deliver the Indian Missile Corvette INS Kirpan to the Vietnamese navy was made following a meeting between Indian Defence Minister Rajnath Singh and his Vietnamese counterpart, General Phan Van Gang, in New Delhi on Monday.

“A missile corvette is a small warship used mainly for the purpose of coastal defence,” according to Rahul Bedi, an independent defence analyst.

In a statement, the Indian government said that giving the warship to Hanoi would be “a milestone in enhancing the capabilities of Vietnam People’s Navy.”

The focus of the Vietnamese defence minister’s visit was on building military ties with New Delhi. According to the statement, he also discussed ways to enhance defence industrial capabilities by cooperation in defence research and joint production.

Taliban Publicly Execute Afghan Man Charged With Murder Afghanistan’s Taliban carried out Tuesday what is believed to be the second public execution of a person convicted of murder since they returned to power in August 2021. The execution ignored criticism from the United Nations that such actions constitute a form of “cruel, inhuman or degrading treatment or punishment.”

The Afghan man put to death in the eastern Laghman province was found guilty of murdering five people, mostly members of the same family, the Taliban supreme court announced in a statement.

It added that a large number of Taliban justice and government officials as well as residents had witnessed the execution in the main mosque of Mihtarlam, the provincial capital.

The court shared no further details, noting that the judicial order was enforced after the Taliban supreme leader, Hibatullah Akhundzada, “carefully” examined and approved it.

The first known public execution of a man charged with murder was staged last December in the western Afghan province of Farah. That was performed with an assault rifle by the victim’s father.

41

WEDNESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

TRIBUTE

Nwabunka@70: Odyssey of Good Wine O n his 70th birthday Tuesday June 20, Nduka Nwosu pays tribute to a long-standing friendship, a salute to Godwin Chinyere Nwabunka, founder and CEO of Grooming Centre, a Lagos based leading Microfinance Bank.

Godwin Chinyere Nwabunka has a delightful story to tell because nature mixed his chemistry so well. This alchemical titration can be called a wine of many colours. Could that be why his mother Christiana Akpagu Nwabunka named him Chibueke and Chinyere, God’s gift, as an aside?

Indeed, there have been many a summer morning when mother nature smiled at him. leading him into unique harbours, bestowed with pleasures and joys beyond recognition, prompting stops at “Phoenician trading stations, to buy fine things, mother of pearl and coral, amber and ebony, sensual perfumes of every kind-as many sensual perfumes,” as he could; this is while wishing he visits many Egyptian cities, (actually Italian cities) to learn and go on learning from their scholars.

I am, at the risk of committing plagiarism, quoting and liking Nwabunka’s Odyssey to C.P. Cavafy’s poem Ithaka, the island enchanted with what in Hausa is called the Sokugo, the wandering spirit Cyprian Ekwensi painted brilliantly through his principal character Mai Sunsaye, in Burning Grass, except that Ithaka is the prompting of the spirit to attain the highest good, the summum bonum of life.

Nwabunka’s Ithaka manifested early in life.

In his yet to be published autobiography, he speaks in glowing and affectionate terms about two people-his parents Gabriel Torty and Christianah Akpagu Nwabunka, probably the most important people, who crafted his journey of life, shaping his cultural, religious, and intellectual zeal as a homo sapiens.

Did he early in addition to what his parents told him by way of a guide, come across Alexander Pope’s injunction to his disciples to “know then thyself, presume not God to scan, the proper study of mankind is man?”

His deep interaction with Catholicism as a teenager and Altar Boy, waking up at five to go for Mass and coming back home to prepare for school, shielded by an elder brother who later joined the Nigerian Army, and two big sisters who doted on him like no other, left the suspicion he was on his way to be christened the Right Reverend Godwin Nwabunka; it may also have left a question mark on what destiny held forth for him.

His birth on mother earth 70 years ago was a celebration reserved for the last born.

Unlike the arrival of his Lord and Saviour Jesus Christ in Bethlehem of Judea, there was no local chief or king coming after his head.

The three wisemen from the Far East, had no gifts for him, yet he had a warm welcome from mother and father.

The joy upon his arrival was overwhelming and the women of the village of Awomukwu in the Ikwuano Local Government Area in Umuahia, sang a beautiful song for Mama Christiana to welcome the new baby born in the city of Zaria.

Papa Nwabunka called the young man on baptism Godwin. God has won all his battles and he was signing off the process of calling forth more children with the birth of Godwin. Mama called the new baby Chinyere and Chibueke So, in effect, Nwabunka’s early beginnings can be traced to Kaduna and Zaria, Zaria in particular, where father and mother were domiciled as a medical attendant and seamstress respectively.

He recounts that though both parents were from a humble background, they wished for the best educational exposure and upbringing for their children. From St Theresa’s Primary School Zaria where he had already distinguished himself as a brilliant scholar, his father felt thrilled escorting him to the then famous St John’s College, where he had been admitted for his secondary education.

That experience was cut short with the crisis in the North leading to the massacre of Easterners. The college authority had to close

Nwabunka the institution following threats and intelligence reports of an impending attack. Remember Major Chukwuma Kaduna Nzeogwu and Major Christian Anuforo who were principal actors in the 1966 coup that led to the killing of the Prime Minister Alhaji Abubakar Tafawa Balewa and the Premier of Northern Nigeria Sir Ahmadu Bello, were old boys of the institution.

On his return home, he got admitted to Government College Afikpo, another outstanding institution that has produced many great men in the country.

Unable to get sponsorship for a university education after passing his West African School Certificate examination, he worked with the Nigerian Ports Authority and later proceeded to the Gregorian University in Italy for his studies, obtaining a PhD in Development Economics.

As the days unfolded, it turned out that somewhere along the way, fate had its own admixture in her laboratory, an ingot that urged him on to serve God without the hard precepts of a monk, the monastic life of a celibate.

Nwabunka’s mantra all along has been one of service to humanity, which is encapsulated in church, family, friends, relations, and his fellow man.

As the founder of Grooming Centre, which obviously comes among the top bracket of the leading lights in the microfinance business, and the Nwabunka Foundation, both organisations try to capture the institutional humanitarian activities of the man. Whether as a corporate social responsibility (CSR) of the Grooming Centre or through the Nwabunka Foundation, the welfare of the individual remains a

recurring decimal for him, stretching to his involvement in every fabric of nation building and re-building.

Grooming for example has been active in attending to the needs of displaced people in the Northeast just as it is active providing medicare in the South West, South South and the Southeast for prevention and treatment of various ailments. Education and its advancement through research and rebuilding of existing institutions rank high in its selling point.

Nwabunka’s educational interests stretch from kindergarten to university. In exploring new territories in the educational sector, he remembers his father’s advice to his children was to attain the highest level possible in their chosen discipline for there lies the silver linen or gold that a good, future life holds for those who dare.

His professor and supervisor of his project, Professor Theodore Mulder, persuaded him to work for the UN, either at UNICEF or the UNDP. There was his Rep Mr. Kingsman Omasola who saw a great future in him just as there were those who saw nothing, but another kind of PhD-a pull him down syndrome. Chief Sonny Odogwu gave the global icon the fun of a lifetime, pulling him away from Isichei and Adetona, where he worked as a consultant after a well-deserved exposure at the Centre for Management Development (CMD). The CMD, UNDP, UNICEF, Odogwu’s SIO Group and Isichei & Adetona, trained and defined his future status as a hardcore professional.

Mama Christiana and his mother-in-law

who gave him a charming woman Isoken Patricia, take the lead among mothers who made a difference in his upward climb.

Isoken remains non-pareil as a wife. At the inception of Grooming, she pioneered the new project, leaving behind her lucrative motor parts business to steer Grooming Centre, to a new territory of promise.

Do not forget Mama Christiana gave her son the name Chibueke-God is the creator, inherited by first son Malcolm. But Chibueke came with a price-that of responsibility and accomplishment. If he ‘strayed’ by Mama’s judgement, he was downgraded to Godwin or just Goddy with her hand on his ear, twisting the fragile object with a probing question mark represented by “Godi-win, could this be you or someone else? Have you forgotten where you are coming from?” Of course, if Mama called Godwin Chibueke, it came with maximum marks.

When Mama beheld Isoken and gave her tests worthy of a maiden about to be betrothed, tests she passed with excellence, Chibueke acquired an apellation-Nwaomam (my Fineboy and by extension with his Fine Babe). As for the mama from Benin-Mama Isoken, she used her black soup with all the known comestibles-dry fish, prawns, dry meat all embedded in green vegetables, an Afang soup, Edo style, to seal the Holy Matrimony, for better for worse. Mama Isoken, a Pentecostal prayer warrior with Mama Christiana of the Catholic prayer ministry, always interceded on behalf of husband and wife. When they departed, both couples had to learn how to pray their way into God’s heart.

It was his friend Dr. Godwin Ehigiamusoe who first convinced Nwabunka of the medical value of black soup eaten with plantain fou fou. When Papa Gabriel Torty Nwabunka, his wife Christy and Mama Isoken look back at the legacy they left behind, a happy family with four children, Elma Ugochi, Chidinma, Amaka, Chibueke Malcolm, and Uyi, they will be glad to celebrate what a marvelous thing the Lord has done for them.

Dr. Godwin Ehigiamusoe, the father of the Nigerian microfinance movement, author of TOUCHING LIVES, My LAPO Journey, and founder of Nigeria’s leading microfinance bank-Lift Above Poverty (LAPO), has this to say about Nwabunka: “Many people who come into this business have a wrong mindset and orientation on how it should be. They see it primarily as a money-making venture, an avenue to the good or big life. Dr. Godwin Nwabunka is someone that is sincere and committed to whatever he is doing. There is something that runs through people in this area of business and who are doing it successfully; it is that inherent feeling for ordinary people.

Money comes as an active ingredient yes, but the first thing that is common among us, the practitioners in the microfinance sector, is that desire to assist ordinary people; money can therefore follow once this desire comes naturally to you.

Many people who ventured into this territory failed because their overriding quest was largely the pursuit of money.

That is not the way Nwabunka sees it; I do not see it that way too. That was why our chemistry was easy to click, bringing us together. It made us work together, share ideas together as it were, and it has grown to greater heights even now. Our hypothetical, self-contained plane of existence, or parallel universe, found its convergence in the unfolding world of microfinance, where our worldview found a voice.

“Nwabunka is an extremely focused personality, doing what he should do to drive the business to where it should be headed.

I tell those who come to me for advice to get their focus right on what they want to do, and the rest will be history. Nwabunka is a very hard-working chief executive, who inspires others to action and has so much in him to guide others to success. Success is about diligence; it is about focus, and it is about doing it right.”

Happy 70th birthday Doc.

42

WEDNESDAY JUNE 21, 2023 •T H I S D AY

43

WEDNESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

LAGOS LEATHER SHOW...

L-R; Convener of the Lagos Leather Fair, Femi Olayebi; Divisional Head, Corporate Bank, Providus Bank, Olufunke Jones; Managing Director, Remita Payment Services Limited, Mr. 'Deremi Atanda;Associate Professor of Entrepreneurship/ Director, Business Innovation Accelerator, Lagos Business School, Henrietta Onwuegbuzie; Group Head, Agro Processing, Bank of Industry, Hadiza Tukur-Shuaib; and Director, Academic Planning, PHOTO: ETOP UKUTT Nigerian Institute of Leather and Science Technology,Mr. Jerry Tagang, during the 2023 Lagos Leather Fair, co-sponsored by SystemSpecs Ltd, in Lagos recently

Ortom Submits Self to EFCC as Agency Quizzes Ex-Governor PDP Reacts George Okoh in Makurdi A former governor of Benue State, Samuel Ortom, yesterday, submitted himself to the authorities of the Economic and Financial Crimes Commission (EFCC) at their office in Makurdi and was in turn quizzed by the commission over alleged abuse of office.

The former governor, who drove into the premises of the EFCC in his SUV, located along Godo Aluor Street, Old GRA, Makurdi, arrived around 10am.

He was later joined by two of his former aides – former Special Adviser on Media and Publicity, Terver Akase and Principal Special Assistant, Abraham Kwaghgu.

Meanwhile, the Peoples Democratic Party (PDP) in Benue State, has commended the former governor for voluntarily submitting himself to the EFCC.

The party's reaction was contained in a statement by its Publicity Secretary in the state, Mr. Bemgba Iortyom and titled: "Ortom's voluntary submission for EFCC questioning, worthy of emulation".

It confirmed that, "Ex-Governor Ortom earlier today went over to the Makurdi office of the EFCC to honour invitation extended to him by the Commission and our great party hails his conduct as exemplary and reflecting clarity of conscience.

"The former governor's action also depicts him as a man of his words as it fulfills promises he made while in office that at the end of his tenure, he will be willing to give open account of all that he did in execution of the mandate vested on him as governor by the Benue electorate."

The PDP noted that while this would not be the first time a former

governor would be answering questions before the anti-graft body, Ortom's case was remarkably distinct for the lack of rancour and acrimony, which usually attended

Enugu State governor, Peter Mbah yesterday, announced the appointment of Victor Udeh, as his Chief of Staff.

In a statement by the Secretary to the State Government, Chidiebere Onyia, the governor also approved the appointment of Kenneth Ugwu as Head of Service and Ken Chukwuegbo as the Principal Secretary.

According to the statement, Tony Okenwa was appointed the State Accountant General while Angela Nnamani was appointed the Executive Chairman, of Enugu State Internal Revenue Service.

“Linda Obiamaka Egbo was appointed Special Adviser to the governor on Public Financial Management while Arinze Chilo-Offiah was appointed as Special Adviser, Micro, Small and Medium Enterprises,” the statement said.

Also, Dubem Onyia (Jr) was appointed Special Adviser on Donor Relations while Mike Ogbuekwe, Special Adviser, Agriculture. Osinachi Nnajieze was also appointed as Special

Adviser, Legal to the governor.

Furthermore, Fred Nnajiofor was appointed as Chief of Protocol while Osita Onuma, Senior Advisor, Digital Transformation, Technology, Innovation, Industries of the Future and Industrial Strategy.

“Ozurumba Elechi Afigbo was appointed as Senior Special Assistant, Delivery Unit while Dan Nwomeh was appointed as Senior Special Assistant on Mainstream Media.

“Reuben Onyishi was appointed as Senior Special Assistant, New Media while Uche Anichukwu was appointed as Senior Special Assistant, External Relations,” the statement said.

Also on the list of appointments were Juliet Okonkwo, Senior Special Assistant, Legal and Inter-ministerial, Loiusa ChineduOkeke, Senior Special Assistant, Policy and Project Management, Vincent Onyeabor, Senior Special Assistant, Security Matters.

Others included Nonso Nwankwo, Senior Special Assistant, ICT; Adenike Okebu, Senior Special Assistant, Revenue; Dan Chukwuma, Senior Special

that there are no skeletons in his cupboard.

"We urge other holders of public offices to emulate the Ortom standard by discharging their duties

and responsibilities while in office within the confines of law so they may be able to come to open account when called upon without any fear," he said.

Court Decides on Granting Access to Kanu’s Personal Doctor July 20 Alex Enumah in Abuja Justice Binta Nyako of a Federal High Court, Abuja, has adjourned till July 20 for judgment in the suit by the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, seeking access to his personal doctors.

The judge fixed the date for

Mbah Appoints Chief of Staff, Other Principal Officers Gideon Arinze in Enugu

such appearances.

The party expressed delight at the ex-governor's courage to submit himself instead of running away, which signified a clear reflection

Assistant, Protocol; Joshua Ejeh, Special Assistant, Research and Publication and Sandra Chinweuba George, Special Assistant, Revenue Generation and Monitoring.

judgment shortly after lawyers to parties argued for and against the granting of the request.

The IPOB leader, who has been in custody of the Department of State Service (DSS) since his rearrest nearly two years ago is challenging the refusal by the agency to allow him have unhindered access to his private physicians.

At the resume hearing yesterday, the agency which is challenging the jurisdiction of the court to grant the request, disclosed that the security agency had earlier filed both a preliminary objection and a counter-affidavit to query the legal competence of Kanu's suit.

The DSS predicated its objection on the grounds that Kanu has been receiving adequate medical attention in custody, adding that there was a feeding schedule that reflected the IPOB leader's demands for his choice of food.

The DSS' lawyer, Mr A. M. Danlami, in addition submitted that kanu has been "dutifully and clinically on his routine medication.

We, therefore, urge this honourable court to dismiss this suit in the interest of justice and national security," Danlami added.

Responding, Kanu's lawyer, Prof.

Ozekhome, SAN, informed the court that the health of his client had deteriorated badly, accusing the DSS of refusing to allow him to get an independent medical examination.

He told the court that a specialist doctor that was engaged by the security agency had warned that the IPOB leader could die if he was not allowed to have access to a quality health care.

"All we are saying is, let this young man not die. They told us that they took his medical report to South Africa. But till date, we

have not seen anything. Now they are talking about conducting ear surgery on him. The Supreme Court has repeatedly said that a man should be alive to be able to stand trial.

"This case has taken international colouration and this court can save this country this opprobrium by ordering them to release his medical records. We have equally attached certified true copy of the judgement of a high court in Umuahia which awarded N500million damages for the extra-ordinary rendition of the Applicant from Kenya.

"We humbly seek my lords intervention in this matter. We are seeking solace for this young man, who has been beaten blue and black, with no one to stand up for him apart from this court.”

After taken submissions from both sides, Justice Nyako adjourned the matter till July 20 for judgment.

Abiodun Hosts Ogun Lawmakers, Pledges Open- Door Policy James Sowole in Abeokuta Ogun State Governor, Mr. Dapo Abiodun, yesterday, met with the newly inaugurated members of the 10th Ogun State House of Assembly, with a promise to operate an open-door policy to all regardless of party affiliations, religion or tribe.

Playing host to the members, who were led by the re-elected Speaker, Hon. Olakunle Oluomo, to the Governor's Office at Oke-Mosan, Abeokuta, Abiodun reminded them that the era of politics was over, hence the need for all elected officials to join hands to serve the people.

The governor appreciated the members for conducting themselves in an orderly manner during their proclamation and inauguration, noting that it was an indication

that the State was peopled by those who know how to resolve their differences amicably.

He said, "Let me deeply appreciate your sense of responsibility, your leadership qualities that has been exhibited by each and every one of you at this time. This is how we like to be defined as a State.

A State that upholds the tenets of democracy, a State that knows how to resolve its problems, a State that resolves its differences peacefully.

"We must remind ourselves that we are the industrial capital of Nigeria. We are the investor's destination of choice, we are the education and religious capital in Nigeria and we are a State with many firsts.

"By what you have exhibited today, you have enshrined your names in the history book and

your footprints in the sand of times. Ogun State is not a crisis riddled State and that is how we like to be defined."

Abiodun commended those who contested elections and lost for their magnanimity and ensuring that the proclamation and inauguration was not only peaceful, but rancour free.

He appreciated members of the 9th Assembly for their cooperation and collaboration in the last four years, saying though they were different arm of government, it was imperative for all arms to cooperatively and collaboratively work together for the successful implementation of the vision mapped out by the executive.

The governor expressed the hope that the 10th Assembly, would build on the foundation laid by the 9th Assembly by legislating on issues

that affect the people positively.

"I want to promise you that I will be the governor of all. Elections have been keenly contested and some of us have emerged winners; others were not so lucky but the State remains. We are all here to remain the winner. There is no winner and there is no vanquished. We are all here to represent the people of the State. So politics is now behind us, campaigns are now behind us.

"I am pledging that I will be the governor of all. I will maintain an open door policy to everyone regardless of party affiliations, religion and tribe. I promise to continue to be fair, just and equitable. I promise to support you in the discharge of your legislative duties, which are to pass laws and provide oversights for different sectors of the State," the governor said.

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WEDNESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

CSCS 29TH ANNUAL GENERAL MEETING...

L-R: Executive Director, Central Securities Clearing System (CSCS) Plc, Mr. Adeyinka Shonekan; Independent Non-Executive Director, CSCS Plc, Mr. Ibrahim Dikko; Managing Director/Chief Executive Officer, CSCS Plc, Mr. Haruna Jalo-Waziri; Chairman, Board of Directors, CSCS Plc, Mr. Oscar N. Onyema; Company Secretary, CSCS Plc, Mr. Charles I. Ojo; Non-Executive Director, CSCS Plc, Mr. Roosevelt Michael Ogbonna; Non-Executive Director, CSCS Plc, Mr. Oluseyi Owoturo; and Non-Executive Director CSCS Plc, Mrs. Tairat Tijani, during CSCS 29th Annual General Meeting held at the Civic Centre, Lagos... recently

Governor Mourns as 22 Killed in Fresh Plateau Attack No fewer than 22 persons have been killed, while many others were reportedly injured in fresh attacks in the villages of Barikin Ladi and Mangu town of Mangu Local Government Area of Plateau State.

Spokesperson of the state police

command, Alabo Alfred, who confirmed the latest killings, also confirmed that two persons had been killed in Mangu town.

While the killing in Mangu occurred on Monday evening, the second happened in the night,when

gunmen stormed the villages of Kak, Ranyam, Nging, Lohala and Buka of Barikin Ladi LGA, and killed about 20 residents.

This, however, followed the death of 13 persons in the Rawuru community of Barikin Ladi.

“In Barikin Ladi, we got reports that about 15 people lost their lives yesterday and today, another five have been buried which makes the total number to be 20. In Mangu, two people were killed while one other was injured. What happened

Kano Suspends Illegal Deduction of N370,000 from Workers’ Salaries, Others Ahmad Sorondinki in Kano The Kano State government, has approved the immediate suspension of illegal deduction of the sum of N370.00 from the salaries wages and pension of all civil servants and pensioners in the state.

In a circular SSG Repa/S/A/265/ TI signed by the Secretary to the State Government, Dr. Abdullahi

Baffa Bichi, directed Ministries, Parastatals and Agencies to effect the immediate suspension of all illegal deductions.

The circular dated June 19, 2023, explained that all the deduction has been suspended with immediate effect "as well as remittance being made to the aforementioned firm pending investigation into circumstances that led to the improper

deduction.

"Government has observed with great concern the inappropriate deductions of the sum of N370.00 each from the Salaries and Pensions of all Civil Servants and Pensioners in the state and afterwards, remitted to Share Benefit Investment Limited."

"In view of this, the Governor of Kano State, Alh. Abba Kabir Yusuf, has granted approval for

PDP’S REVIEW C’TTEE SAYS ATIKU WON PRESIDENTIAL POLL, WAITING ON TRIBUNAL that is in this hall today is here by the virtue of the fact that he/she meant well for this party.

"I want to enjoin us to contribute in a manner that will not hurt the sensibilities of others. We are one family and so we shall remain," the acting national chairman stated.

Atiku, Obi to Close Case against Tinubu Thursday

The Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar and his counterpart in the Labour Party (LP), Mr Peter Obi, will Thursday, close their individual cases challenging the declaration of Asiwaju Bola Ahmed Tinubu as the winner of the February 25 presidential election.

This is as the Allied People's Movement (APM), is expected to call its sole witness and close its case today.

The three petitioners in their separate petitions were seeking the nullification of the election of Tinubu over alleged irregularities, corrupt practices, non-compliance with the electoral laws amongst others.

The APM whose petition would be heard today is claiming that Tinubu ought not to be on the ballot over alleged double nomination of his then running mate, Senator Kashim Shettima and one Kabir Masari, who was initially nominated as a "place holder" Vice President nominee.

Following the consolidations of the three petitions at the close of the pre-hearing session on May 23, the Presidential Election Petition Court (PREPEC), allotted three weeks each to Atiku and Obi to prove their individual petitions.

The three weeks period, which started on May 30 is expected to end on June 20, but following a lost of two days in the hearing of the petitioners case, the five member panel led by

Justice Haruna Tsammani agreed to an extension of two days to make up for time lost.

Consequently, Atiku and Obi would now close their case tomorrow, Thursday June 22.

At yesterday's proceedings, Atiku's lawyer, Chief Chris Uche (SAN) drew the court's attention to the fact that they had lost two days out of the days allotted to them and asked that the two days be returned to them.

Although while Atiku and Obi had hinted at calling 100 and 50 witnesses respectively in proving that the electoral process was manipulated to favour candidate of the All Progressives Congress, they however called 25 and seven respectively.

Both have tendered plethora of documents, which they believed would sway the panel to give them a favourable judgment.

Majority of the documents tendered included Certified True Copies (CTCs) of election results from polling units to wards, local governments, states and final results declared by INEC's Chairman, Professor Yakubu Mahmood.

The labour party through one of its witnesses tendered over 18,000 blurred exhibits of purported election results from several Local Government Areas ( LGAs) across the country.

The witnesses, which included subpoenaed adhoc staffs of INEC, all gave evidence to support claims of the petitioners that the results of the presidential election, unlike the Senate and House of Representatives results conducted simultaneously was not transmitted real time from the polling units ,using the Bi-modal Verification Accreditation System (BVAS) to INEC's Results Viewing (IReV) portals.

At yesterday's proceedings, the petitioners were still made frantic efforts to tender additional exhibits

especially those from the electoral umpire.

Both Atiku and Obi had prayed the court to issue subpoenaed order on Mahmood to bring in some documents which they claimed was vital to their individual petitions.

They also accused INEC of lack of cooperation in respect of release of electoral documents needed to prove that the February 25 presidential election was not conducted in line with INEC's regulations and guidelines for the election.

With respect to the Labour Party, the PREPEC, yesterday, challenged its lead counsel, Dr Levy Uzoukwu, SAN to present proof that it served INEC Resident Electoral Commissioners in the 36 States and the FCT summons to provide electoral documents.

According to the court, there seemed to be no evidence that the Labour Party issued subpoenas on the Resident Electoral Commissioners [REC] in the states where it was seeking documents.

According to the court, the party didn't explore Section 74 of the Electoral Act, which stated that they must, on demand, provide documents within 14 days, pay a fine of two million or imprisonment, or both, for defaulters, adding that the party didn't lodge a complaint on the delay of documents, and had also failed to apply the penalty clause as stipulated in Section 74, adding that whatever happened between the Labour and INEC was without the involvement of the Court.

Although at the end of crossexamination of a witness, Mrs Clarita Ogah, who in her evidence submitted that there was no technical glitch during the February 25 presidential election on the Amazon Web Service in the six continents, INEC brought some additional documents before the court in line with the subpoena order on Mahmood.

the immediate suspension of the deductions as well as the remittances being made to the aforementioned firm."

Dr. Bichi disclosed in the statement that the import of the circular was to notify all Civil Servants and Pensioners in the State of the executive approval/directive for the suspension of the deductions.

Workers and pensioners in the state had expressed disappointment over deduction of their salaries during the previous administration under former governor Abdullahi Umar Ganduje, which they described as a clear violation of the agreement on the new minimum wage law of 2019.

in Mangu was a problem among the citizens of the area.

“You know the Plateau issue very well. It was almost about to be painted to religious or ethnic.

But our men came into play and controlled the situation and restored normalcy in the area.

“The command is saddened with this information. We don’t want more deaths in Plateau. We are advising people to get the phone numbers of our DPOs and feed them with information around them. Let us do well to inform the police. We want to live in peace,” he added.

Governor Caleb Manasseh Mutfwang of the state, in a statement by his Director of Press and Public Affairs, Gyang Bere, expressed sadness over the attacks.

The governor, while sympathising with the victims and their families, urged the security agencies to diligently execute their constitutional responsibility of protecting lives and property in the state in order to put a stop to the wanton spilling of blood and burning of property.

He also appealed to them to remain neutral and refrain from meddling in local politics that is outside their purview.

“Governor Mutfwang reiterated the commitment of his administration to work with the existing security apparatus at the federal level, using multifaceted approaches to secure innocent communities, who have been under invasion by the bandits.

“He saluted the gallantry of some of the officers and men of various security agencies, who have made sufficient sacrifices in curbing the spate of attacks and encouraged them to put in more effort to halt the ugly trend.

“While commiserating with the families of the deceased, Governor Mutfwang reassured Plateau citizens of his commitment to addressing their plights, particularly the issues of insecurity so as to bequeath the requisite development and progress the state is yearning for,”the statement stated.

Last week, suspected gunmen killed a Reverend Father, Nichodemus Kim, of the Church of Christ in Nation (COCIN) and 20 others in Riyom and Barkin Ladi Local Government Areas of the state.

The pastor was killed in the Gana-Ropp community of Barkin Ladi, while others were killed in Rim, Jol, and Kwi communities of Riyom.

Editors Recommit to Defence of Democracy, Press Freedom The Nigerian Guild of Editors (NGE) has recommitted itself to creating the enabling and sustainable environment that upholds press freedom and protection of journalists' rights, in order to ensure the sustainability of democracy and good governance.

Conscious of its constitutional and social responsibility, the professional body of all editors in Nigeria also said its commitment to professionalism would help shape the narratives, influence public opinion, and help forge a society that thrives on transparency, inclusivity, justice and a system of government that is accountable to the citizens.

The editors stated these at the end of its two-day national biennial convention, which took place in Owerri, the Imo State capital at the weekend.

In a communique signed by its President, Eze Anaba and the General Secretary, Dr. Iyobosa Uwugiaren, the editors added that in a rapidly evolving media landscape, where information flows at an exceptional pace, the role of journalism in shaping good governance and democracy has never been more crucial than now.

“We, as journalists, bear the enormous responsibility of providing accurate, reliable, and unbiased news to the public, thereby fostering transparency, accountability, and public participation in the affairs of our nation.

“The 2023 general elections marked a decisive turning point

for our nation’s democracy. And as we embark on this new phase, it has become very necessary that editors – as gatekeepers recommit themselves to the highest standards of professionalism, ethics, and integrity.

“We must be the precursors of truth, holding those in power accountable; while providing a platform for diverse voices and perspectives,” the editors stated.

Examining the role of journalists in the 2023 general elections at the convention tilted, "Post 2023 Election: Promoting Professionalism for Enhancement of Democracy and Good Governance", which was attended by 400 editors cutting across the print, broadcast and online media, the editors recommitted themselves to the watchdog role – in ensuring that public office holders are closely monitored in order to live up to the expectation of the people.

The NGE further added, “To achieve this, we must prioritise continuous professional development and capacity building. As journalists, we should strive to stay updated on emerging trends, technological advancements, and ethical standards within our industry.

“This national convention serves as a demonstration to our shared commitment to excellence and the pursuit of knowledge.

“We intend to collaborate and foster partnerships not only within our ranks but also with other stakeholders in the democratic space; engaging with

civil society organisations, government agencies, and international bodies in order to build bridges and intensify our mutual impact.

“By doing so, we will be in strategic position to continue to create an enabling environment that upholds press freedom, protection of journalists' rights, and ensures the sustainability of democracy and our profession.’’

The editors praised Governor Hope Uzodimma of Imo State, who declared the elective convention open, for creating the conducive environment for the successful national biennial convention.

The peaceful elective convention saw Anaba, the Editor of Vanguard Newspaper, securing 250 votes to emerge as the news President. He defeated his only opponent Bolaji Adebiyi, Executive Editor, Western Post, who polled 81.

Other members of the new executive elected include, Husseina Akila Bangshika, Deputy President; Sheddy Ozoene, Vice-President (East); Umoru Ibrahim, Vice-President (North); Dr. Kabir Alabi Garba, Vice President (West); Dr. Iyobosa Uwugiaren, General Secretary; Gabriel Akinadewo, Assistant General Secretary; Steve Nwosu, Treasurer and Charles Kalu, Social/Publicity Secretary.

Other Standing Committee members elected are, Onuoha Ukeh; Paulyn Ugbodaga; Oluwole Sogunle; Dom Isute; Rose Moses, Chinedu Egere and Mohammed Sanusi Jibril.

WEDNESDAY JUNE 21, 2023 ˾ T H I S D AY

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NEWS

IFC,NGX GENDER LEADER AWARDS…

L– R: Chief Executive Officer, Nigerian Exchange Limited (NGX), Temi Popoola; former Minister of Communication Technology, Omobola Olubusola Johnson; Governor of Lagos State, Babajide Olusola Sanwo-Olu; Group Chairman, Nigerian Exchange Group, Alhaji (Dr) Umaru Kwairanga; Senior Gender Solutions Advisor, International Finance Corporation and Programme Lead, Nigeria2Equal, Adaorie Udechukwu, and Principal Investment Officer, IFC, Christian Mulamula, during the maiden IFC and NGX Gender Leader Awards recognising and celebrating private sector companies leading the way in gender equality performance in Lagos…recently

‘Corrupt Heads of MDAs Under Buhari Shouldn’t Escape Justice’ Sunday Aborisade in Abuja Former Deputy National Publicity Secretary of the All Progressives Congress, Timi Frank yesterday pleaded with President Bola Ahmed Tinubu not to allow former and serving top officials appointed by ex-President Muhammadu Buhari, who allegedly abused their offices not to escape justice.

Frank made the call in a

statement in Abuja. He said the affected persons deserved to be guests of the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC).

He identified some of them to include former Minister of State for Petroleum Resources, Timipre Sylva; a former Minister of Aviation, Senator Hadi Sirika; and a former Attorney- General for the Federation and Minister

Ex-Customs Boss Hails Adeniyi’s Appointment as CG, NCS Sunday AborisadeinAbuja A retired Deputy Comptroller General of the Nigerian Customs Service(NCS), Senator Francis Fadahunsi, has said the appointment of a serving officer as the acting Comptroller General of the NCS was a right step in the right direction.

President Bola Tinubu on Monday, appointed Bashir Adewale Adeniyi as the acting Deputy Comptroller-General of Customs.

Adeniyi possesses over 30 years experience in Customs administration covering strategic and operational responsibilities.

He replaced a retired Army colonel, Hameed Ibrahim Ali, who was responsible for the overall management and direction of the Service in the last eight years.

Ali was equally the accounting officer of the service.

Reacting to the development yesterday, Fadahunsi, who was the vice - chairman, Committee on Customs and Excise in the 9th Senate, expressed the hope that nation’s revenue would experience a boost with Adeniyi’s appointment.

He said: “It is customary with the military government to appoint a soldier to head the NCS. That was what we experienced throughout the eight years of President Muhammadu Buhari, despite being a civilian president.

“I am grateful to President Bola Tinubu for heeding our genuine calls by appointing a core professional to head the NCS.” Fadahunsi, who is representing the Osun East Senatorial District in the 10th Senate, urged President Tinubu, to mandate the nation’s legal team, to review the concession of the NCS by the Buhari administration.

of Justice, Abubakar Malami.

The list also included the Group Chief Executive Officer (GCEO) of the Nigerian National

company, 17 years of which, was as Chief Legal Counsel.

In March 2019, she took up the role of Chief of Staff to the Group Chief Executive Officer (GCEO), of Ecobank Transnational Incorporated, Lome, Togo, the parent company of the Ecobank Group. She also doubled as Group Head, Corporate Communications.

As Chief of Staff, Mrs. Laoye coordinated and effectively took charge of the office of the GCEO of the Ecobank Group whose direct reports included 33 Managing Directors from across 33 African countries, gaining strong exposure to finance, banking, and macroeconomics across the African continent. In the role, she also had close interaction with several international multilateral agencies.

She has attended executive programs at INSEAD, Harvard, and Cranfield amongst others.

and Social Development, Sadiya Umar Farouq, and a former Managing Director of the Nigerian Ports Authority

(NPA), Ms. Hadiza Bala-Usman (now appointed Special Adviser to President Tinubu on Policy Coordination).

Police Launch Manhunt for Kidnappers of Female Banker in Bayelsa Olusegun Samuel in Yenagoa The operatives of Bayelsa State Command of the Nigeria Police Force yesterday said they have commenced operation to rescue the Operations Manager of Sterling Bank, Mrs. Nneka Anochie, who was kidnapped by armed men dressed in

Military camouflage in Yenagoa, the Bayelsa State capital.

The Command also paraded 12 Suspects over their involvements in various crimes including armed robbery, kidnapping, stealing, cultism and attempted murder.

Speaking while parading the suspects at the Police

Headquarters, the State Commissioner of Police, Romokere Ibani, said that “on 16th June, 2023 at about 7am, four armed men dressed in Military amouflage, operating with a Red coloured Lexus Jeep accosted Mrs. Nneka Ugonochie, along Tamara Road Otiotio, Yenagoa, while driving

to her office.

“Tactical teams were alerted to embark on a rescue operation. The kidnappers abandoned the Lexus Jeep with REG NO. BWR 552 AW along the East West Road.

Investigation is ongoing to rescue the victim and arrest the perpetrators.”

Pipeline Surveillance Firm Restates Commitment to Halting Oil Theft

Omon-Julius Onabu inAsaba

The management of a Niger Delta pipeline surveillance company, Zane Energy Nigeria Limited, has restated its commitment to ensuring the stamping out of crude oil theft particularly in its operational area.

The firm said that it was not unaware of “sponsored blackmail” in certain quarters, but stressed that it would not be distracted from the task of sustaining the peace within the Isoko and Urhobo axis in Delta State.

Secretary of the pipeline security firm, Mr. Oruma Oghenetega, in

a statement, denounced allegations by the Coalition of Urhobo and Isoko ex-agitators of breach of contractual terms.

The aforementioned group had accused Zane Energy of implementing disparity in remunerations of ex-agitators, claiming that the company was

owned by the immediate past Deputy President of the Senate, Senator Ovie Omo-Agege.

However, Oghenetega in the press statement titled, “ReSuppression of NNPCL Pipeline Surveillance Slots”, described the allegations as “tragic lies and concocted stories” by the group.

Kaduna Gov Appoints Aruwan, Okoye, Maigari, 12 Others Explains encroachment on school land

John Shiklam inKaduna

Kaduna state governor, Senator Uba Sani has appointed, Samuel Aruwan, the immediate past Commissioner for Internal Security and Home Affairs, as Administrator, Kaduna Capital Territory Authority (KCTA).

The governor also appointed Dr. Daniel Maigari, a former Commissioner for Agriculture and Febian Okoye, a former aide to Aminu Tambuwal, ex governor of Sokoto state, along 12 others as special advisers.

A statement by Chief Press

Secretary to the governor, Muhammad Shehu, said Maigari would serve as Special Adviser on politics while Okoye will serve as Special Adviser on Research, Documentation, and Strategies.

Other appointees include, Dr. Abdul Ishaq - Adviser on

Stakeholders Relations, Atiku Sankey - Peace and Conflict Resolution, Ibrahim Muhammad - Adviser on Economic Matters, Dr. Mustapha Musa - Legal Matters, Dr. Abdullahi B. Ahmed - Project Monitoring, Implementation and Result Delivery,

Arewa Youths Group Calls for Unity,Focus on National Challenges SegunAwofadejiinBauchi

AdenikeLaoyeAppointedasChairofAccionMFB Against the backdrop of inciting Leading microfinance bank, Accion Microfinance Bank, has appointed Mrs. Adenike Laoye as its new Board Chair.

Established in 2006, Accion MFB Limited began operations in May 2007 upon obtaining the Central Bank of Nigeria licence and has continuously empowered and supported business owners in Nigeria over the years.

Mrs. Laoye was appointed a non-executive director representing Ecobank Nigeria on the board of Accion MFB on January 5, 2017.

She has a Law degree and was called to the Nigerian Bar in 1991.

Mrs. Laoye joined Ecobank Group in 1993, where she rose to become the Head of Legal and Regulatory Unit of Ecobank Nigeria in 2000 and subsequently the Company Secretary/Chief Legal Counsel in 2002. She has had over 30 years of experience as legal counsel in a financial services

Petroleum Company Limited (NNPCL), Mele Kyari; a former Minister of Humanitarian Affairs, Disaster management

comments across the country in recent times, political parties, government institutions, civil society organisations, and citizens at large have been implored to prioritise

national interests above personal or parochial agenda.

The call was made by a political pressure group,ArewaYouths Group of Concerned Nigerians during a press conference in Bauchi yesterday, stressing: “It is only through collective action and inclusive dialogue that

we can overcome the obstacles that hinder our progress as a nation. We urge all stakeholders to foster an environment of mutual respect, understanding, and tolerance. It is incumbent upon each of us to refrain from engaging in divisive rhetoric and to promote unity, harmony, and

peace within our communities.”

The Group led by Comrade Abubakar Hamma Galafi stated: “As responsible and patriotic citizens, we remain committed to the rejuvenation of our great nation through the implementation of effective policies aimed at fostering positive change.

Federal Lawmaker Empowers Constituents, Facilitates Medical Equipment in Oyo KemiOlaitaninIbadan

A member of the House of Representatives representing Oluyole Federal Constituency, Oyo State Hon. Tolulope Akande-Sadipe, has distributed cash grants aimed at economically empowering about

40 members of her constituency.

The grants were given after the constituents completed a three-day training with the support of the National Commission for Refugees Migrants and Internally Displaced Persons in Ibadan, the Oyo State capital.

The lawmaker, while speaking at the event, said the training was aimed at economic empowerment of her constituents, adding that the gesture was in fulfillment of her campaign promises made to the people, and that her second term will engage them in more economic

opportunities.

The former Chairman, House Committee on Diaspora also called on the government at all levels to provide soft loans for the people as a way of empowering them economically and reducing poverty in the country.

Showunmi Decries Attack, Calls for Ribadu’s Intervention in Ogun Sunday Okobi

A Peoples Democratic Party (PDP) chieftain and governorship aspirant in Ogun State in the 2023 general election, Otunba Segun Showunmi, has called on the newly appointed

National Security Adviser (NSA), Nuhu Ribadu, to call the state Governor, Dapo Abiodun, to order.

Showunmi, who lamented the attack on him, made the urgent call in a statement issued to THISDAY yesterday.

However, he congratulated the former Chairman of the Economic and Financial Crimes Commission (EFCC), Ribadu on his appointment as the NSA. As a highly respected security officer, the PDP chieftain said Ribadu must see to the probing

of Governor Abiodun, who he alleged to have “elevated thuggery and brigandage to an unacceptable level culminating in the violent attack he suffered within the precinct of Ogun State High Court about two weeks ago.”

WEDNESDAY JUNE 21, 2023 ˾ T H I S D AY

46

NEWSXTRA

BOOK PRESENTATION AND BIRTHDAY CELEBRATION…

L-R: Former THISDAY Advert Manager, Mr. Richard Apata; former Permanent Secretary, Lagos State Ministry of Energy and Minerals Resources, Mrs. Obasa Regina; the celebrant/legal practitioner, Mr. Oladele Ojogbede; his wife, Morenike Ojogbede; and Mr. Mufutau Mafe, at presentation of the book Mr. Ojugbede to mark his 60th birthday in Lagos…recently SUNDAY ADIGUN

Int’l Community Urged to Investigate Alleged Genocide against Christians by El-Rufai’s Administration John Shiklam in Kaduna The Southern Kaduna Leadership Council (SKLC) has appealed to the international community to investigate alleged “genocide and discrimination against the Southern Kaduna people during the eight year administration of Nasir El- Rufai, the immediate past

governor of Kaduna state.

The group also called on Governor Uba Sani, not to follow the footsteps of ElRufai, who they described as “a bigot sectional and nepotistic.”

The former governor, had in a recent viral video recorded at a dinner with Islamic clerics in Kaduna, after the 2023 elections, said he excluded

Journalists in Delta Move against Okowa, Aides Omon-Julius Onabu in Asaba The Asaba Correspondents Chapel of the Nigeria Union of Journalists (NUJ) has blacklisted the immediate past Governor of Delta State, Dr. Ifeanyi Okowa and his aides or agents or cohorts involved in influencing positive media image for the administration of the former governor.

This sanction was contained in a six-point communiqué issued at the end of the body’s congress held at its secretariat

in Asaba, yesterday.

The union expressed dismay at the generally unrepentant haughty attitude of former governor towards members till the end of his administration.

The union pointed out that it could not absolve Dr Okowa’s media aide, including his media adviser, of complicity as Dr Okowa’s remarkably unfriendly attitude might be different had the aides shown enough commitment to the well-being of the union members.

Christians from governance because they don’t vote for his party, the APC .

El-Rufai had said Muslims will continue to govern

Kaduna state, adding he and others have successfully installed Muslim leadership at the federal level.

However in a statement

issued yesterday in Kaduna after their meeting which held on June 17, 2023, in Kafanchan, the SKLC, which comprised prominent Southern Kaduna

leaders of thought, accused the eight year administration of El-Rufai of total neglect and impoverishing the Southern Kaduna people.

Ekiti Community Leader Backs Tinubu on Students’ Loan Gbenga Sodeinde In Ado Ekiti A Lagos-based industrialist and community leader in Ekiti state Dr. Olusegun Aderemi, has commended President Bola Tinubu on the approval of Student loan recently signed into law, adding that the development would reduce social vices and

curb untoward tendencies among the youths.

Aderemi, who is the Atayero of Aramoko Ekiti, in Ekiti West Local Government area of Ekiti state, spoke in his country home yesterday at an event to celebrate his birthday anniversary. He tasked the present administration in the country to institute modalities that

will remove the hard effects of fuel subsidy and added that the masses are suffering due to the subsidy removal.

“I thank God for the opportunity so far and for giving me good life when I say good life, it’s not about luxury of life , I am talking about God’s protection and the opportunity to

know what is right and where I belong to. For the past three years ,I have made up my mind that since I belong to this community, everything about me is about this community. I will be celebrating my birthday in this community, I pray to Almighty God to give me the opportunity to celebrate many more years.“

Group Gives Kano Gov 72-hour Ultimatum to Stop Ongoing Demolition AdedayoAkinwaleinAbuja A group, Coalition for Good Governance and Change Initiative, has given a 72-hour ultimatum to the Governor of Kano state, Abba Yusuf to halt the ongoing demolition in the state, compensate the affected persons or face legal action.

The National Coordinator of the group, Okpokwu Ogenyi, gave the ultimatum yesterday while addressing a press conference in Abuja.

He described as worrisome the trend of successive governors destroying legacies of the previous administration in a quest to slight the out-gone governor either based

on hatred or fear of popularity among others.

Ogenyi added: “It happened in Imo State when former Governor Emeka Ihedoha maliciously demolished edifice built by the administration of Rochas Okorocha, the Governor of Niger State is also demolishing property perceived to have belonged to his predecessor,

what a show of shame.

“The last three weeks have become hell in Kano State with a cry in almost every home within the metropolis. Governor Abba Yusuf has become a shadow of good governance, even his supporters are no longer proud of him because of his inhuman action against the people of Kano State.”

‘Nigeria Still Suffers from Leadership Deficit Capital’ KuniTyessi in Abuja

and development of the nation’s

play roles that will help the system

transforming institutions and

GOTNI Leadership Centre, Dr. Linus Okorie, has reiterated that Nigeria still suffers from leadership deficit capital, adding that this has contributed to the poor growth

yesterday in Abuja, said many people who are promoted into leadership positions do not have the purpose of leadership training that is necessary to equip them

and businesses die completely and go into oblivion as a result of the deficit of leadership capital.

In line with the Centre’s vision to raise leaders who are

Leadership Centre will be hosting a national leadership conference this Friday and Saturday in Abuja with the theme ‘Leadership for Sustainability.’

polity. work effectively. growing sustainable systems, Glo Sponsors 2023 Ojude Oba Festival The Chief Executive Officer, socioeconomic Okorie, who stated this He noted that organisations he stated that the GOTNI

Total telecommunications solutions provider, Globacom, has announced its sponsorship of the 2023 edition of Ojude Oba Festival, one of Nigeria’s biggest cultural events which holds two days after the IdEl-Kabir festival in Ijebu Ode, Ogun State.

The company has been participating as main sponsor of the cultural event since 2006.

In a speech read by its representative, Mr. Sola Mogaji at a pre-event press conference

held within the Awujale Palace ground, Globacom stated that the theme of this year’s edition of the festival: OJUDE OBA: A LESSON IN RELIGIOUS HARMONY, underscores the place of religion and unity in the affairs of the nation.

The company added that its collaboration with the Ojude Oba Planning Committee is in furtherance of its determination to continue to venerate the cultures, traditions and customs that bind Nigerians.

Demolition: Alaba Traders Seek Sanwo-Olu’s Intervention President-General of Alaba Agency’s(LASBCA) at Alaba properties at the market, for the local government and Amalgamated Council of Sectional Heads,Hon. Geofrey Udochukwu Mbonu, has called on Governor Babajide SanwoOlu to probe the demolition exercise carried out by the Lagos State Building Control

International market in Ojo Local Government Area of the State,where over 30 structures were demolished.

Mbonu disclosed this while addressing newsmen in view of the recent demolition of

explaining the encroachment by the agency during the exercise.

He added that they were shocked and surprised the way the exercise was done without considering that the market generate huge revenue

the state at large.

“Prior to the demolition, there was no notice by the agency, they came on Friday while demolition took place on Sunday , we were not giving time to even evacuate our goods.

Hails Appointment of Usoro Access Bank Chairman Fast Credit Completes N3bn CP Issuance Group Ati Annang Foundation, appointment is well deserved. Udo, said with the experience bank position on the global

Fast Credit Limited has successfully completed its N3billion Commercial Paper (CP)Series 1, 2 & 3 issuance. According to the company, this landmark achievement demonstrates the trust and confidence investors have placed in innovative business model and strategic vision.

Fast Credit explained that the CP issuance attracted demand from a wide range of investors including pension fund administrators, asset managers, and insurance companies. The

CP, which was the company’s debut issuance comprised three tenors, a 91-day Series 1 issuance, which was priced at a15.00 per cent yield; a 182-day Series 2 issuance which was priced at a 16.00 per cent yield, and a 270-day Series 3 issuance, which was priced at a 17. 25 per cent yield.

Stanbic IBTC Capital Limited acted as Lead Arranger/Issuing and Placing Agent (IPA) while FSL Securities Limited, Planet Capital Limited, and United Capital PLC acted as Joint Arrangers/IPAs.

Lagos State Chapter, has commended the board and management of Access Bank Plc for naming Chief Paul Usoro (SAN) as chairman of its board, saying the

The foremost socio-cultural organization in Annangland, Akwa Ibom State, in a statement by its Chapter Chairman, Felix Ekarika and Secretary, Anyiekpon James

Usoro has gathered in the legal and corporate world over the years, he would surely and definitely deliver stellar results in all growth parameters and enhance the

map.

The group described Usoro’s emergence as clear demonstration of handwork, perseverance, and his leadership capabilities.

NISER: High Cost of Governance Hinders Development Yinka Kolawole in Osogbo

The Nigerian Institute of Social and Economic Research (NISER), Ibadan has stated that high cost of governance hinders development in Nigeria.

This position was premised on the findings of a research conducted by the Institute which analysed the effects of cost of governance on development at the federal level in Nigeria.

The research assessed

factors responsible for the perceived high cost of governance at the federal government level in Nigeria, examined the structure of governance at the federal level in Nigeria and undertook a comparative

analysis of the cost of governance in Nigeria and in selected federal democracies in developing and advanced countries while estimating the effects of the cost of governance on development in Nigeria.

47

WEDNESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

WEDNESDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Rangers, Bendel Insurance Light up Asaba with Memories of 1970s Bayelsa Queens, Rivers Angels in battle for women’s trophy

Duro Ikhazuagbe

Two of Nigeria’s traditional teams with strong fan base, Bendel Insurance and Rangers International FC of Enugu will rekindle their rivalry this afternoon in the final of the 2023 Federation Cup slated for the Stephen Keshi Stadium in Asaba. The kick off is 2pm for the women’s final while Rangers and Bendel Insurance will wait till 5pm to know who will keep the former Challenge Cup trophy for the next 12 months.

The game is bound to bring back memories of when Nigerian club football was at its peak in the late 1970s and early 1980s.

The 1978 final at the main-bowl of the National Stadium in Lagos remains the greatest of all the clashes between both teams. It was one final that football fans can’t wipe away the memories.

Although Rangers got their pound of flesh in 1981, it failed to wipe the agony Flying Antelopes supporters went through three years earlier when the Pride of the Eastern region got decimated 3-0 .

Insurance’s only win in the competition previously was in 1972, when they needed a replay to

defeat Sam Garba Okoye-inspired Mighty Jets to claim the title in Ibadan.

Rangers were the ‘happening team’ of the mid-70s in Nigeria, winning the oldest and most glamorous football championship consecutively in 1974, 1975 and 1976. In 1977, Rangers International won the Africa Cup Winners Cup. So, it was a team riding on high waves before the 1978 final.

Though they could not defend their title in 1977, losing to IICC Shooting Stars, the ‘Flying Antelopes’ were back in the final in 1978.

Clear favourites to reclaim the trophy, the Coal City giants were poleaxed 3-0, with Peter Egharevba scoring the first goal from a long-range ‘missile’ free-kick.

Two more goals by Felix Agbonifo and Henry Ogboe silenced the ‘Enyimba Enyi’song that was the predominant noise from their traveling fans from across the Niger and beyond.

Okechukwu Obiora and Ifeanyi Onyedika, a member of the 1980 Africa Cup of Nations-winning Green Eagles, however redeemed Rangers pride in the 1981 final.

Even as both teams are no longer in the form they were back

F E D E R AT I O N C U P F I N A L then, fans of both teams will be looking forward for a possible re-enactment of memories of the past.

In the women’s section, Bayelsa Queens and Rivers Angels will battle for the trophy at stake.

The last time there was a

Bayelsa State. Bayelsa United triumphed in the men’s final against Nasarawa United, winning 4-3 on penalties after the game was locked at 2-2at the end of regulation time. That was in 2021.

Mane Leads Senegal’s Victory over Brazil Former Liverpool forward Sadio Mane scored twice as Senegal beat Brazil in a friendly in Lisbon, Portugal.

West Ham midfielder Lucas Paqueta put Brazil ahead in the 11th minute, before Habib Diallo equalised for Senegal.

An own goal from Marquinhos early in the second half gave Senegal the lead with Mane extending their advantage after 57 minutes.

Marquinhos scored at the right end to pull one back for Brazil but Mane got his second goal with a late penalty.

The match was held at Estadio Jose Alvalade, home of Sporting

F R I E N D LY Lisbon, with nine England-based players in the starting XIs. As well as Paqueta, Brazil's team at the beginning of the match included Manchester City goalkeeper Ederson, Newcastle midfielders Joelinton and Bruno Guimaraes and Tottenham forward Richarlison.

Meanwhile, Senegal's side included Nottingham Forest defender Moussa Niakhate, Chelsea centreback Kalidou Koulibaly, Leicester midfielder Nampalys Mendy and Watford forward Ismaila Sarr.

French Police Raid Paris 2024 Organisers Headquarters

West Ham Reject Arsenal’s Second Bid for Rice West Ham United have rejected a second bid from Arsenal for their captain Declan Rice.

It is understood the Gunners' latest offer for the 24-year-old England midfielder could have been worth as much as £90million in total to the Hammers.

However, Arsenal were proposing the initial fee for Rice to be £75million, spread over four payments.

West Ham rejected Arsenal's opening bidlast week and want a larger fee and a shorter payment plan to the deal.

Hammers Chairman David Sullivan has said he is "99%" sureRice, who led the Hammers to victory in the Europa Conference League

Federation Cup grand finale, Bayelsa Queens defeated FC Robo Queens of Lagos at the Samuel Ogbemudia Stadium, Benin City to emerge champions.

In fact, that day belonged to

TRANSFER NEWS earlier this month, will leave West Ham this summer.

Rice has played 245 games and scored 15 goals for West Ham, having made his debut in the 2016-17 season after coming through the academy.

He has been capped 41 times

by England, playing in all five of their matches at last winter's World Cup in Qatar.

Rice has one year left on his contract, although the Hammers have the option to extend that until the summer of 2025, leaving them in a strong position to negotiate a substantial transfer fee.

Divine Nwachukwu...will he make the difference for Bendel Insurance victory this evening?

French police are searching the headquarters of the organisers of the Paris 2024 Olympic Games.

Officials said that the raids are part of two preliminary corruption investigations.

The BBC understands the police are looking into allegations of favouritism and misuse of public money in the attribution of construction contracts.

A spokesperson for the Paris 2024 organising committee told the BBC the body was "co-operating fully with the investigators".

On Tuesday, anti-corruption investigators arrived unannounced at the headquarters of the Olympics organising committee in Saint-Denis, a Paris suburb, as well as at the offices of Solideo, the public body in charge of building projects for the games, the BBC's Hugh Schofield in Paris reports.

The French judicial organisation responsible for tracking down

financial crime, the PNF, later confirmed to the BBC that their searches were being carried out across several locations involving the two organisations.

The 2024 Olympics take place from 26 July to 11 August, with the Paralympics running in September.

Tuesday's police raids are the latest episode affecting France's Olympic movement and sports in general in recent months.

In May, France's National Olympic Committee President Brigitte Henriques resigned in a move that surprised many sports experts.

No reason was given for Ms Henriques' decision, but it came amid reports of intense infighting in the organisation.

Earlier in the year, the bosses of France's football and rugby federations stood down following high-profile scandals.

Heartland Hopeful Ahead of Naija Super 8 Playoff with Enyimba

Declan Rice...West Ham reject fresh Arsenal bid

Head coach of Heartland Football Club, Christian Obi, has said the Naija Super 8 play-offs provide a big opportunity for the club’s players to showcase their talent and make some money.

The former Nigerian league and cup winners stunned many by landing a spot in the glamorous Naija Super 8 play-offs, at the expense of other top-flight teams in the South-East, most notably Rangers International.

"I feel very good to be going to the Naija Super 8. Number one, it's a platform to showcase the talents I have in my team and again it's another opportunity for the players to also have encounters with more experienced players and officials and it's a plus to us as a team in the sense that it also will prepare

us for next season.

"If by his grace we scale through the play-offs, it is another opportunity to make some money and it's an exposure to us both the players and the officials," said Obi. The Naze Millionaires have had a good season, having topped their Nigeria National League group without losing a match. Heartland will face the Nigeria Professional Football League champions, Enyimba International, at the Eket Township Stadium on 24 June. The winner of the tie will represent the South-East zone in the main Naija Super 8 tournament set to hold at the Mobolaji Johnson Arena in Lagos, from 7-16 July.

Obi explained that the club has had to overcome an internal crisis, and his players’ hunger for success

has led them thus far. "Many people do not know how the team started.

The team started with nothing. 98% of the regular players that played last season when the team was in the Premier League left, the coach also left to Abia Warriors," began Obi who served as assistant to the former coach.

"I had to start from scratch, I organised matches among the teams in Imo State, they played against themselves so I had the opportunity of watching them and picking from the lot.

"It was those people I picked that I started grooming without the help of anybody. I groomed them till the government was able to come in and the seed I sowed in them is what we are seeing today.

"Thank God the players I picked

were players that are hungry to play football. They saw an opportunity to showcase their skills and they capitalized on it and that's what we're seeing today, that is the secret of the unbeaten run. The players within a short time were able to master themselves and we're playing," the coach said.

Heartland vs Enyimba and other Naija Super 8 play-off matches will be live on SuperSport Football (DStv ch 205 & GOtv ch 61), SuperSport Variety 4 (DStv ch 209), and SuperSport Select 2 (GOtv ch 64).

Naija Super 8 is organised by Flykite Productions in partnership with MultiChoice Nigeria and sponsors, MTN, Hero Lager, DStv, GOtv, SuperSport, Moniepoint, Pepsi and Custodian Assurance.

Wednesday, June 21, 2023

TR

UT H

& RE A SO

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Price: N250

MISSILE NAFDAC to Illegal Herbal Medicines Dealers “We have commenced a nationwide mop-up of the Sacra Herbs in circulation. We have also intensified crackdown on all illegal manufacturers and distributors of herbal preparation and other unregistered preparations, with a view to bring perpetrators to book and minimise the usage of the substance, advertisement, and sale of unregistered herbal drugs...”--NAFDAC D-G, Prof. Mojisola Christiana Adeyeye, embarking on showdown with illegal manufacturers and distributors of herbal medicines.

OLOROGUNBERNARDOKUMAGBA GUEST COLUMNIST

Beyond Exchange Rate Unification: Imperatives For Reviving The Nigerian Economy

I

t is indeed fitting and appropriate to applaud the bold step taken by President Bola Ahmed Tinubu (GCFR) on the unification of the Naira exchange rate and removal of subsidy on Premium Motor Spirit (PMS). Timely and appropriate, these policy initiatives will unlock the huge potentials for investment, jobs and capital flows, thereby enhancing investor confidence in our economy.

The extant regime where the Naira had several rates versus the dollar and which promoted unproductive arbitrage, rent seeking and unfair competition significantly hurt the nation’s economy. Also, the previous PMS subsidy regime promoted corruption and had become a massive drain pipe on our country’s finances. Having said that, the challenges of the Nigerian economy go beyond exchange rate unification and fuel subsidy removal. There are fundamental issues that need to be addressed if rapid progress must be made in the new political dispensation. I will however focus on the unification of the Naira exchange rate and the key issues arising from the policy.

Contemporary economics holds that the exchange rate is influenced by six main factors viz: inflation, interest rates, current account deficit, public debt, terms of trade and political stability/economic performance.

A cursory glance at how Nigeria ranks on these indicators would reveal that we have been performing below par. Inflation for instance increased from 9% in 2015 to 22% in 2023. Interest rates (MPR) jumped 500 bps from 13% in 2015 to 18% in 2023. As for the Current Account Deficit, the challenge is that it is more structural rather than cyclical. Structural deficits are underpinned by under-investments, relatively low productivity, persistently high relative inflation rates and lower cost competition. And these are all visible indicators evident in the current state of the Nigerian economy. In terms of public debt, Nigeria’s total public debt stock stood at N46.25 trillion (excluding the N22.7 trillion Ways and Means loans from the CBN) as of March 2023. With the floating of the naira and the accompanying depreciation, this figure is expected to balloon further. Ordinarily, there is nothing wrong with borrowing.

If a country uses external debt to finance investments that have higher returns than the interest rate on the debt, the country can remain solvent. The question is what have we done with these vast amounts of debt over the years?

Flowing from the above, it can be safely posited that the problem with Nigeria’s exchange rate goes just beyond the multiple rates and pseudo-fixed regime adopted in recent years. There is a fundamental need to address other pressing issues highlighted above. A few suggestions that could assist in resolving these issues are enumerated below:

President Bola Tinubu

Taming Inflation, Curbing Food Prices, And Improving Food Security

Food and energy prices have remained at the core of Nigeria’s inflationary pressure over the years and urgent steps need to be taken.

To cushion the impact of higher spending on petrol which affects transportation from the farm gate to the markets and raises the costs of food between the farm and the fork, there is need to embark on widescale investments in agricultural production. Production of staple foods need to be boosted by policies that would attract investments into such ventures. For instance, Nigeria is a top three producer of sorghum globally with 6.7 million metric tonnes annually.

The USA tops the charts with 11.4 million metric tonnes per annum. Incidentally, sorghum grows naturally in about 21 states countrywide. Nigeria also leads the world in the production of other staples like yam and cassava. The Food and Agricultural Organization (FAO) ranked Nigeria as one of the World’s largest producers of yam with about 60% of the Global production of the product. In terms of cassava, the FAO also posits that Nigeria is the largest producer of cassava in the world, producing one-fifth of the world’s output. Despite this, the country is yet to meet sufficient domestic composite demand for cassava. Focusing on the production of these

three staples and their derivatives alone can earn Nigeria huge export revenues, temper food inflation and improve food security. There are many other crops that Nigeria produces very well. In fact, the country ranks 6th globally in terms of countries with the most arable land with over 84 million acres of arable land. The top five countries are United States, India, Russia, China, and Brazil.

Boosting Foreign Exchange (FX) Earnings Via Economic Diversification

The convergence of the rates is only the first step in curing the ills of the FX market. The next step is the most crucial and that is to boost supply into the market. The government should prioritise supply of dollars to support the naira float. In a floating exchange rate regime, there should be sufficient availability of foreign exchange to defend the currency against the actions of speculators. History recounts what happened to Britain on the infamous Black Wednesday when the pound suffered its steepest intraday decline due to speculatory attacks. it is instructive to note that steps must be taken to prevent any speculatory attack on the naira.

To address this problem, there is a stringent need to boost the sources of foreign exchange

outside of the current crude oil exports. This is the time to diversify the Nigerian economy away from fossil fuel dependence and invest profitably in non-oil resources. It is estimated that Nigeria is relatively rich and replete with solid minerals in commercial quantities. The administration should now focus on how to profitable exploit the vast amounts of solid minerals available in almost every state of the federation. According to the Nigerian Investment Promotion Commission (NIPC), Nigeria has 45 different solid minerals buried in various locations across the country. But these minerals are largely untapped. Both local and foreign investors can leverage on this multi-billion-dollar market. But because of the unwavering focus on crude oil in the last 60 years, successive governments have not paid enough attention to the exploitation of these vast reserves of solid minerals estimated to be worth billions of dollars. Most of the mining of these solid minerals including precious ones like gold is done by artisanal miners who are not licensed or regulated and who are being exploited by their foreign patrons operating below the line in key states like Zamfara, Kaduna, Katsina, Kebbi, Kwara, Osun, etc.

The data from the NIPC estimates that the country loses about $40billion annually in unexploited gold. Imagine if this was added to our dwindling export revenue from crude oil. It would literally double our export earnings, improve our current account position, ameliorate our debt service/revenue issues, and make available huge sums of cash to be invested in the exploitation of other solid minerals required for industrialisation.

Investing in solid minerals will not only serve as a good source of foreign exchange earnings but could assist in resolving Nigeria’s huge energy poverty. For instance, the key metal components of the lithium battery which is crucial to solar energy adoption are found in commercial quantity in Nigeria. To date, a key discouraging factor for the rapid adoption of solar power systems is the cost of purchasing and replacing batteries which are often sourced cheaply from Asia and have very low quality and longevity. Imagine how quickly solar would become a way of life for Nigerians if the batteries could be manufactured locally and sold at comparatively affordable rates.

Conclusively, whilst applauding the new administration for the bold and rapid steps taken so far to steer the economy in the right direction, it is pertinent to say that the work is just beginning and all stakeholders within the private and public sectors must be ready to support the administration’s effort through effective collaboration, hard work and sacrifice.

We must all stand ready to make our dear nation great again to enable it occupy its justified place amongst its peers in the comity of nations in the coming years. r0MPSPHVO #FSOBSE 0LVNBHCB '$" JT B GPSNFS %FMUB 4UBUF $PNNJTTJPOFS GPS 'JOBODF

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