FRIDAY 23TH JUNE 2023

Curse of Titanic Resonates as Titan Submersible Implodes, Killing All Five on Board...

Tinubu in Paris: Ignoring Nigeria Will Be Perilous to the Universe

Joins world leaders to tackle debt, poverty issues Says

with Afreximbank, EBRD presidents

At meeting with Shettima, Gates foundation votes $7bn interventions for Africa in next four years

Deji Elumoye in Abuja

President Bola Tinubu, yesterday, in Paris, France, warned that ignoring Nigeria with her large and potent economy would be a peril to the universe.

Tinubu, however, joined other world leaders on the consensus for redesigning the global financial architecture that would favour poverty reduction, debt restructuring or cancellation, and more consideration for vulnerable countries affected by climate change and Covid-19.

He also declared that the ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, would be sustained for a more competitive economy that would attract Foreign Direct Investment (FDI) into the country, and therefore, urged foreign investors to take advantage of opportunities in Nigeria.

Tinubu, who received President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, at

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he’s prepared for business, ready for investors to come to Nigeria Meets

Church of England Divests Stake in Shell, Plans Total Divestment from Oil, Gas

Emmanuel Addeh in Abuja with agency report

The Church of England Pensions Board would offload its stake in Shell Plc as part of a total exit from oil and gas, as the influential investor turns its back on companies it says are failing to address climate risks, Bloomberg reported yesterday.

After years of trying to engage with management boards, it’s now clear that Shell and a number of its peers don’t have, “sufficient ambition to decarbonise in line with the aims of the Paris Agreement,” the Chief Executive Officer of the CofE Pensions Board, John Ball, said in an emailed statement yesterday.

Shell said last week it intends to devote an ever larger chunk of annual spending to oil and gas, a strategy that’s been dubbed

“catastrophic” by climate activists.

Shell insists it can still deliver on its pledge to shareholders to eliminate emissions by mid-century, but hasn’t said how, the report stated.

At the same time, the company signalled it will restrict spending on renewable energy projects to those it thinks can compete with the returns of its fossil-fuel business.

The move did not only anger investors, but also some employees. A power trader at Shell, Steffen Krutzinna, decided to quit because of his employer’s renewed embrace of oil and gas, according a post on LinkedIn.

Exits driven by concerns around environmental, social and governance metrics have coincided with sagging share prices for many of the stocks being targeted.

After adding 43 per cent in 2022 amid an energy crisis fuelled by the war in Ukraine, Shell’s share price is largely unchanged in 2023.

Other investors voicing concerns over Shell’s strategy pivot include Legal & General Investment Management, the UK’s largest asset manager. The firm has called on Shell to explain how it can continue to cut emissions while ratcheting up investments in fossil fuels.

Also, Velliv, a Danish pension fund, is in the process of dumping Shell as part of a $3.4 billion exit from high-carbon assets.

The Church of England Pensions Board most recently held £1.35 million ($1.73 million) across equity and debt in Shell, and about £7 million in equity and debt across oil and gas companies in its common investment fund, it said.

A separate Church investing body, the Church Commissioners for England which manages a £10.3 billion endowment fund, said on Thursday it’s now also blacklisting oil and gas majors.

The investor will exclude all other companies, “primarily engaged,” in the exploration, production and refining of oil or gas, unless they are, “in genuine alignment” with a 1.5C pathway, by the end of 2023, it said.

In 2021, the Church Commissioners excluded 20 oil and gas majors, and would now also exclude BP, Ecopetrol, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Repsol, Sasol, Shell, and Total, “after concluding that none are aligned with the goals of the Paris Climate Agreement.”

The CofE Pensions Board’s

TINUBU IN PARIS: IGNORING NIGERIA WILL BE PERILOUS TO THE UNIVERSE

separate meetings, on the sidelines of the Summit for New Global Financing Pact, said, “We are ready for business, prepared to welcome investments."

The President, according to a release issued by his Special Adviser on Special Duties, Communications and Strategy, Mr Dele Alake, told the EBRD president, that, “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone. We are determined to open up the economy for business. Consider us a stakeholder in the Bank.”

According to him, Nigeria’s economy was too large and potent to be ignored, adding: “Ignoring Nigeria will be a peril to the universe.”

On his part, Renaud-Basso said it would be a mistake for the development bank not to invest in Nigeria, after considering six potential economies for investment, explaining also that focus would be on the private sector, especially Small and Medium Scale Enterprises (SMEs).

At a separate meeting, he assured the delegation of AfreximBank Executives that the federal government would continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“We need reforms for national survival,” he said, noting that it would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy.

“We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total. Nigeria is blessed with human and material resources,” President Tinubu told the delegation, who had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture.

AfreximBank president commended Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, assuring the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.

Oramah said the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build confidence of investors.

In yet, another release by Alake, the president, who arrived at the venue of the event, Palais Brongniart, at 8.59 am (Local Time), yesterday, in Paris, France, for the opening ceremony of the High Level Summit for New Global Financing Pact and was received by the French Minister of Europe and Foreign Affairs, Catherine Colonna.

Welcoming the world leaders to Paris, French President, Emmanuel Macron, said the Summit would focus on drawing up a new financial order that would scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.

UN Secretary General, Antonio Guterres, also told the gathering of leaders that the high level summit would need more mobilisation and political will for redesign and implementation.

In another development, Vice President Kashim Shettima, has expressed Nigeria’s readiness to address concerns surrounding the financing of primary healthcare system in the country.

This was as Mr. Bill Gates, has disclosed that his foundation had the intention to commit $7 billion to Africa in the next four years, to support routine immunisation in Nigeria, and the Global Polio Eradication Initiative in Northern Nigeria.

However, in Paris, the French president noted that African countries had been at the receiving end of the major global challenges, with debt hangovers that hamper growth and development.

"Covid-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channeled into human development," he said.

Macron told the leaders from 50 countries, multilateral institutions and the private sector that justice and fairness must be imperative in redesigning the new world financial architecture, with more focus on the most vulnerable.

The French president listed four elements for consideration by the leaders, starting with an acknowledgement that reducing poverty would require collective efforts, with a more diverse and comprehensive framework.

"We must admit that no country can succeed alone in reducing poverty and protecting the planet," he said.

Macron said the framework should be relevant to each country, and subregional roles included, with clear responsibilities and benefits, while multilateral institutions like the International Monetary Fund and World Bank must be re-engineered to be more people and solutions-driven.

He noted that the private sector must be carried along in the new pact that sought to harmonise growth, as they controlled most of the financial instruments that needed to be liquified for more even development, especially on health, education and food security.

On behalf of the African countries, the President of Niger Republic, Mohammed Bazoum, said the new pact must be "urgent" and "essential" to Africa, and the framework should be "just" and

"robust" in reflecting the reality of developing countries as partners.

According to him, the challenges of impoverishment and desertification had stimulated unrest in most countries, affecting peace and stability in sub-regions and the continent.

"In Africa, we need support for infrastructure, health, food security and education," he stated.

UN Secretary General Guterres, said many countries were still struggling from effects of Covid-19 and climate change, and that the war in Ukraine had heightened sufferings.

Guterres said some African countries had been unable to service their debts, with indications that generations might be affected.

"African countries," he said, "were not properly captured in the global order."

According to him, the new global financial pact must address fragmentations and frustrations,

and enable the kind of change that encourages debt relief, suspension of repayments, change of business models and more commitment from development banks, with guarantees.

The UN scribe, who said leaders must look beyond reforms, and accept the need for transformation, added that, "We are at a moment of truth and reckoning, and we can make it a moment of hope."

On his part, Climate Activist, Vanessa Nakate, from Uganda, who called for a moment of silence for the helpless and hopeless across the world, said broken promises cost the lives of many in developing nations.

The presidents and leaders of multilateral institutions and the private sector at the Summit went into syndicate sessions to discuss the new financial architecture.

President Tinubu will today participate at the summit, which will unveil a New Global

decision to divest from oil and gas marks a rare exit by the investor, which typically prefers to work with companies to help them transition. Other notable divestments to date include iron ore and nickel producer Vale SA, after a mining waste damn collapsed and killed 270 people.

Though the CofE Pensions Board only looks after about £3.2 billion in assets, it’s managed to punch above its weight due to its key role in a number of investor coalitions.

The investor has a particular history with Shell, after it co-led engagement with the oil major on behalf of a $68 trillion investor group, Climate Action 100+. That work was seen as instrumental in bringing about Shell’s 2020 net zero emissions pledge.

“There is a significant misalignment between the long-

Financing Pact and mechanism for implementation.

Shettima: We're Ready to Address Nation's Primary Healthcare Finance

Vice President Kashim Shettima has expressed Nigeria’s readiness to address the concerns that surround the financing of primary healthcare system in the country.

Shettima gave the assurance yesterday at a meeting with Chairman of Dangote Foundation, Alhaji Aliko Dangote; Co-Chair of Bill Gates Foundation, Bill Gates and some governors under the auspices of the Nigeria Governors’ Forum, at the Banquet Hall of the State House, Abuja.

Noting that polio was one of the major primary healthcare challenges in the country, the vice-president disclosed that, “the proposal is to provide timely domestic financing

term interests of our pension fund and continued investment in companies seeking short term profit maximisation at the expense of the ambition needed to achieve the goals of the Paris Agreement,” Ball said. Recent signals have “undermined confidence in the sector’s ability to transition.”

In Nigeria, the Shell Group mid last year, temporarily suspended plans to divest its interest in the country until the outcome of outstanding litigation against the exercise. It further stated that it aimed to continue to grow its deepwater and gas positions under a stable and competitive investment climate, adding that the company would always conduct its businesses and operations in accordance with the laws, including any court orders.

for the procurement of vaccines, which couldn’t have come sooner, to boosting our industrial capacity to produce vaccines.”

While acknowledging the threats facing Nigeria in the area of polio, he stated that Nigeria’s three dose pentavalent vaccine coverage has improved from 33% in 2016 to 57% in 2021, adding that, “the variant polio virus has declined in Nigeria by 84% from 2021, falling to fewer than 200 cases in 2022.”

He therefore, commended the states that have achieved high category immunisation coverage, "which is between 60% and 80% of the target demographic and the number of states has expanded from 12 to 21 states in five years.” The vice-president further stated that, “the federal government and our respective state governments are going to set in place a transparent process and structure to undo the

FG, STATES GET HIGHER ALLOCATION AS FAAC DISBURSES N786.161 BILLION MAY REVENUE

The N786.161 billion total distributable revenue comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.

Separate statements from the Ministry of Finance, Budget and National Planning and the Office of the Accountant General of the Federation cited a communiqué issued at the end of the FAAC) meeting for June 2023, which was chaired by the Accountant General of the Federation, Mrs. Oluwatoyin Madein.

Total deductions for cost of collection in the reference month was N38.238 billion while total deductions for transfers and refunds was N163.193 billion.

From the total distributable revenue of N786.161 billion, the federal government received N301.889 billion, the states received N265.875 billion, while the local government councils got N195.541 billion.

A total sum of N22.855 billion was shared to the relevant states as 13 per cent derivation revenue.

Gross statutory revenue of N701.787 billion was received for the month of May, an amount which surpassed the sum of N497.463 billion received in the previous month by N204.324 billion.

Also for the month of May 2023, the gross revenue available from the Value Added Tax (VAT) was N270.197 billion.

This was higher than the N217.743 billion available in the month of April by N52.454 billion.

However, the distributable VAT revenue for the month of May was N251.607 billion from which the federal government received N37.741 billion, states got N125.804 billion

and the local government councils received N88.062 billion.

The N14.370 billion Electronic Money Transfer Levy (EMTL) was also shared with the federal government receiving N2.155 billion, the states received N7.185 billion and the local government councils got N5.030 billion.

From the N0.639 billion Exchange Difference revenue, the federal government received N0.307 billion, state governments received N0.156 billion, the local government councils got N0.119 billion while the sum of N0.057 billion was shared to the relevant states as 13 per cent mineral revenue.

According to the communiqué, in the month of May 2023, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), Import and Excise Duties increased significantly, while Electronic Money Transfer Levy (EMTL) decreased marginally. The balance in the Excess Crude Account (ECA) stood at $473,754.57 as of June 22, 2023.

FIRS Targets 40m Traders in Fresh Initiative to Improve VAT Remittance by Informal Sector

Meanwhile, the FIRS has partnered with MATAN to collect and remit consumption tax to the former.

MATAN membership is estimated at over 40 million traders across the 774 local governments in the 36 states of the federation including the Federal Capital Territory (FCT), and remains the biggest player in Nigeria’s market space. The agreement was reached at a stakeholders’ engagement programme on the VAT DIRECT Initiative (VDI) in Lagos.

The initiative was designed to foster collaboration between the FIRS and the market place, especially the informal sector, in the collection and remittance of VAT using technology.

Speaking at the programme, the Executive Chairman, FIRS, Mr. Muhammad Nami, said the administration of VAT in the informal sector was characterised mainly by low level of compliance and lack of awareness in terms of obligation and liability.

He pointed out that the partnership with the informal sector would see the tax apex authority collaborating with the association to deploy technology to enumerate traders for collecting and remitting VAT to the service.

He said the development was expected broaden the tax net and increase revenue for the federation.

Nami added that the initiative which is currently unprecedented, remained crucial to revenue generation as well as eliminating multiple taxation, especially from the informal sector.

He said the government was worried about the multiplicity of taxes, adding that the service was working with the Joint Tax Board (JTB) on various modalities of addressing the challenge.

He said the partnership further laid a good foundation for the government to address the issue of multiple taxation and extortion by tax officials, agents and touts in the market place.

He stressed that the service would collaborate with security agencies, especially the police to deal with illegal tax collection by touts in markets.

Nami said, “One important area of our collaboration is the issue of providing adequate security in the markets. We are aware of the challenges that you have faced in the past with miscreants, self-imposed

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tax collection agents, and touts.

“I want to assure you that as part of this initiative, we will be collaborating with the relevant security agencies particularly the Nigeria Police Force to tackle all forms of touting and illegal tax collection by miscreants and keep them away from your markets.”

He said the success of the collaboration would lead to increased revenue for the country, and in turn provide government the needed resources to fund infrastructure and other social amenities.

In a statement issued by his Special Assistant on Media and Communication, Mr. Johannes Wojuola, Nami said, “The successful outcome of this collaboration and additional revenue accruable will have multiplier effects on all sectors of the economy as the government will have more revenue to provide the needed social amenities and infrastructure in critical sectors.

“An improved VAT collection will improve the revenue base of the States and Local Governments at the sub-national level and the citizens will be the ultimate beneficiaries.

“This initiative is very important to the government, particularly at this moment of dwindling revenues from the petroleum sector and therefore, requires that we put all hands-on deck and optimally explore all available opportunities.

“The administration of VAT in the informal sector is characterised mainly by a low level of compliance and a lack of awareness in terms of obligation and liability. It, therefore, becomes necessary to leverage the MATAN platform to positively change the status quo.”

He added that to ensure transparency and accountability of the project operations, a combined monitoring and evaluation team comprising both parties would be formed.

BILL GATES, DANGOTE MEET GOVERNORS...

Shelve Electricity Tariff Hike for Collective Safety, NLC Tells FG

Onyebuchi Ezigbo in Abuja

The Nigeria Labour Congress (NLC) has asked the federal government to reconsider its plan to increase electricity tariff by 40 per cent by July 1, 2023.

According to the NLC, if nothing was done to halt increases in tariffs and costs of goods and services, life in the country could be truly unbearable.

A statement signed by NLC President, Joe Ajaero, yesterday, stated that the proposed hike in electricity tariff, was insensitive.

"The plan to increase electricity tariff by 40 per cent by July 1st, is both insensitive and callous and reflects an organised indifference to the well-being of consumers, especially, the poor ones," he said.

Ajaero noted that the massive increase may be coming as a

response to the over 100 per cent increase in the pump price of Premium Motor Spirit (PMS).

He said reports have revealed a movement in inflation from 16.9 percent to 22.41 per cent and threatening to hit 30 per cent with a depreciation in exchange rate from N441/$ to N750/$.

"We believe not even these figures are a justification for this reckless proposed tariff increase.

"The issue of capacity to pay and quality of service delivery are not only germane but superior to any rationalisation by market logic," he said.

Ajaero, expressed worry that service providers in spite of sundry support from government have not been able to meet the threshold of 5000 megawatts.

In addition, he said there have

been surreptitious increases without notice, in violation of statutes.

According to Ajaero, the inherent risk in the new regime of tariff was that there was no control, implying that by August, consumers would pay new rates.

Ajaero said: "The other risk is that by the time other product or service-rendering entities come up with their new prices or rates, the ordinary person would have been compacted into dust.

"We would want to advise apostles of the market who have called NLC all sorts of names to check their conscience.

"The rate at which they are going is highly combative and combustible. With contemplation of payment of school fees in tertiary institutions and increases in privately-owned ones in

addition to other costs/tariffs on the way, life in Nigeria could truly be Hobbesian. "The market economies which

the market fundamentalists seek to emulate, have in place socioeconomic safeguards which we do not have.

"In light of this, our advice is that this proposed tariff hike should be shelved for our collective safety," he added.

Aig-Imoukhuede, Others to Lead WTO's Civil Society, Business Advisory Groups

Oluchi Chibuzor

The Director-General of World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has announced the establishment of two advisory groups, one comprising leaders from the business community and the other bringing together prominent civil society representatives with Nigeria's Aigboje Aig-Imoukhuede among those nominated.

The 20 members of the advisory groups would provide an informal platform for the exchange of views and discussions with key stakeholders, while aiming to strengthen the Director-General’s engagement with businesses and civil society.

CBN: Why Students Should

Embrace eNaira for Payment of School Fees

Gbenga Sodeinde in Ado Ekiti

The Central Bank of Nigeria(CBN) has explained why students of higher institutions across the country should embrace payment of their school fees through the use of its digital currency platform, the eNaira.

The Assistant Director at the CBN office in Ado-Ekiti, Ekiti State, Ayodeji Adeboboye, spoke during the bank’s sensitisation programme on the eNaira at the Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti (BOUESTI).

The apex bank explained that the digital platform launched by the former president, Muhammadu Buhari-led administration in October 2021, was designed to boost financial transaction through technology in line with global best practices and growth of the economy.

He stated that the sensitisation drive became necessary for the students and staff in order to enhance the effective financial transactions in the university community without the usual bottlenecks associated with other payment platforms.

According to him, the CBN remains committed to its core mandates of ensuring that the nation’s currency compete favorably with others across the globe through the e-naira digital platform and entrenched cashless policy in the economy.

Adeboboye, while calling on institutions to key into the digital platform for seamless transaction through technology, said other institutions that had embraced it were already enjoying the numerous benefits of the digital platform.

He disclosed that the CBN had selected students in BOUESTI who

would serve as ambassadors for the eNaira project and would be paid monthly stipends for promoting the use of the digital currency platform in the university community.

He said, “We are here to sensitise members of the university community on the use of e-naira and how to bring them on board. It is naira in digital form and let me say that the same things you can do with the physical naira, you can equally do it with the e-naira with even more comfort and convenience.

“Once the university community embrace this, they can use it for payment of school fees and do other businesses in the campus. We are starting the sensitisation with the universities now, with time, we will take it to other members of the society.

“Already, we have champions in the school, who will serve as our ambassador to help drive

the campaign here in building an ecosystem to transact seamlessly through technology to help our monetary policy and the economy at large. “

Speaking, the Deputy Vice chancellor of BOUESTI, Dr. Veronica Makinde, who received the CBN officials on behalf of the Vice Chancellor, Prof. Olufemi Adeoluwa, commended the apex bank for considering the university for the sensitisation programme. She explained that for the country to witness growth and development, there was need for citizens to embrace digital platforms for financial transactions like in the developed world. Makinde said the eNaira platform would stem out the numerous complaints and difficulties including long queues at banks and missing funds faced by students during payment of school fees.

According to a statement released by the WTO, the primary purpose of the business and civil society advisory groups was to allow businesses and civil society share their perspectives and insights on relevant international trade issues with the DirectorGeneral.

Also the statement revealed that the Okonjo-Iweala would chair both groups as it was expected that the groups would meet several times a year.

However, the WTO, said the DG set up the groups in recognition of the importance of engaging with the business community and civil society.

She explained: “During my engagements with these groups, I have observed a strong desire to share perspectives on the impact of trade and trade rules on their constituents. By establishing the advisory groups, I aim to facilitate such exchanges on a more regular basis.

“The formation of these groups builds on past practice and the WTO's experience with bringing diverse stakeholder perspectives to the trade debate."

Meanwhile, WTO stressed that the composition of these advisory groups took into account geographical and sectoral diversity, as well as gender balance.

The members of the civil society advisory aroup are:

Executive-Director, Afrodad, Jason Braganza; Director-General, Consumers International, Helena Leurent; Executive-Director, Interamerican Association for Environmental Defense, Gladys Martínez; Secretary-General, CUTS International, Pradeep Mehta; Director-General, WWF International, Kristen Schuijt; CEO, ONE Campaign, Gayle Smith; Executive-Director, Arab Watch Coalition, Shereen Talaat; Board Member, Te Taumata, Tania Te Wehnua;National Coordinator, Caribbean Youth Environment Network, Shannon Weekes and President, International Trade Union Confederation, Akiko Gono.

While for the Business Advisory Group, members include:, Founder and Chairman, Coronation Capital Limited, Aigboje Aig-Imoukhuede; Director General, International Federation of Pharmaceutical Manufacturers & Associations, Thomas Cueni; Secretary General, International Chamber of Commerce, John Denton; Co-Founder and CEO, BillionBricks, Prasoon Kumar; Managing Director, WoolCool, Josie Morris; Business leader, campaigner, co-author of ‘Net Positive’, Paul Polman; Vice Chairman, Agility, Tarek Sultan; Group Chairman, Standard Chartered, José Viñals; Founder, Chairperson, CEO of DHgate Group, Diane Wang and President and CEO, The Whitaker Group, Rosa Whitaker.

The first meeting of the Civil Society Advisory Group was held on 21st June, 2023, with the Business Advisory Group to meet on 4th July, 2023.

L-R: Chairman Dangote Group of Companies, Alhaji Aliko Dangote; Chairman Governors Forum/ Kwara State Governor, AbdulRahaman Abdulrazaq; Vice President Kashim Shettima, and Chairman, Bill and Melinda Gates Foundation, Bill Gates, during the Nigeria Governors’ Forum meeting with Bill Gate and Dangote held at the Conference Centre of the Presidential Villa Abuja …yesterday

26TH CONVOCATION CEREMONY OF LASU...

Energy Transition: Cooking Gas Stakeholders Propose

N800bn Intervention to Drive Autogas Deployment

Nigeria's LPG industry's turnover hit N1trn in 2022

Peter Uzoho and Oluchi Chibuzor

The Nigeria Liquefied Petroleum Gas Association (NLPGA), an umbrella body of cooking gas producers and marketers, has proposed an N800 billion federal government funding intervention to help accelerate Autogas deployment in the country.

The industry players explained that such intervention was necessary as it would serve the dual purpose of helping to cushion the impact of high energy cost exacerbated by the petrol subsidy removal and a boost to the country's current push to transition to cleaner and more sustainable energy sources.

The NLPGA, however, disclosed that the LPG industry in Nigeria recorded an impressive turnover of over N1 trillion in 2022, owing to some aggressive policies embarked on by the federal government between 2007 and 2022 to accelerate the production and utilisation of cooking gas domestically.

Speaking in Lagos, at a press conference to herald the association's 13th annual International Conference and Exhibition, slated to hold between November 7 and 8, 2023, in Abuja, the Second Vice President of NLPGA, Mr. Ladi Falola, said the current scenario playing out in the LPG industry had remained their focus over the last few years.

Falola, stated that the conference, which would centre around the theme: "LPG -Bridging the Energy Transition," would make recommendations for the government's Autogas policy and rollout in the country.

Estimating that the total value of the proposed palliative would cost about N800 billion, he stressed the need for the government to tap into the use of gas as a cheaper and better alternative fuel choice for transportation by augmenting the conversion of at least one million vehicles, two million tricycles, and five million generators over the next three months.

Falola pointed out that seven out of the largest 10 car manufacturers produce LPG-run vehicles and that more than 27 million vehicles globally run on it, with a growth rate of 40 per cent in the last decade.

He stated, “For the Autogas in Nigeria, we have developed proposed palliatives that cover petrol vehicles, tricycles (four stroke engine only), petrol generators (four stroke engine only) and vans and lories.

“Under this scheme, if the government targets one million petrol vehicles, two million tricycles, five million petrol generators and all lories, incentives will range from N200,000, N100,000, N50,000 and a duty levy and Value-Added Tax (VAT) waiver for 36 months' window for vans and lories respectively.

“Then interested investors will now look for the differentials to cover the typical conversion cost which ranges from N300,000 to N400,000 for Petrol Vehicles, N100,000 to N200,000; N90,000 for petrol generators and N18 million (this is the cost differentials between a gas engine truck and a diesel engine truck)."

Describing gas as the fastest growing segment of the petroleum industry globally, Falola noted that

Naira Depreciates to N765/$1 at I&E Window

Nume Ekeghe

The naira yesterday depreciated at the Investors and Exporters’ (I&E) forex window to N765/$1, compared to the N763/$1 it closed the previous day, indicating a N2 depreciation for the nation’s currency. However, on the I & E FX window, the highest spot rate observed during the day was N801/$1. Also the lowest spot rate recorded yesterday was N446/$1.

Furthermore, the daily turnover on the I&E window reached $204.84 million, marking the highest turnover since the central bank's efforts to unify the exchange rate began. On the other hand, at some parallel market points surveyed in Lagos, the naira appreciated yesterday slightly, from the N765/$1 it closed on Wednesday, to N762/$1 yesterday, indicating a N3 gain for the naira.

with energy transition unfolding in Nigeria, NLPGA would continue to share the huge potentials and opportunities that lay with the usage of LPG.

He advocated that the federal government should create an opportunity to further allow foreign importation of technology and equipment, adding that the government should consider intervening urgently with necessary policies that would help set the foundation for the looming industry in the next two years.

“We know that we don't have all the resources to manufacture all the necessary equipment needed. So it will be better if the government starts negotiating with Original

Equipment Manufacturers (OEMs) to see how they will come down here to assemble those parts needed for the industry, as this will save us some FX. We know the situation with Ajaokuta Steel", Falola added.

In his remarks, the President of NLPGA, Mr. Felix Ekundayo, said the opportunities created by the petrol subsidy removal would provide further growth impetus for the industry since LPG remains the most available alternative fuel in the automotive and industrial sector.

Ekundayo, disclosed that the LPG industry in Nigeria recorded an impressive turnover of over N1 trillion in 2022, owing to some aggressive policies embarked on by the federal government between

2007 and 2022 to accelerate the production and utilisation of cooking gas domestically.

"In Nigeria, LPG utilisation has grown over 2000 percent between 2007 when the federal government led a purpose driven intervention by domestic LPG producers and 2022.

"The LPG industry's annual turnover in 2022 was over one trillion naira. The industry is expected to continue growing strongly given the federal government's Decade of Gas policy, announced in 2021" he stated.

He maintained that the unification of the naira with the new federal government's foreign exchange policy would in the long run also help the gas industry with

increased Foreign Direct Investments (FDIs) from investors, who would be willing to exploit the opportunities available in the sector, with the full confidence of being able to repatriate their profits.

“The need to further explore the usage of LPG other than for cooking will further be thrown open with the rising cost of old fuels like diesel and petrol; alongside the rapidly increasing traditional form of energy generation through electricity, as Service Based Tariffs for electricity guided by the Nigerian Electricity Regulatory Commission (NERC) is expected to increase from reports based on reactions from floating of the naira and a spike in inflation," Ekundayo explained.

Presidency: FG Has Not Approved Salary Increase for Political Office Holders, Judicial Officers

Peter Obi says recommendation insensitive

Deji Elumoye and Chuks Okocha in Abuja

The Presidency has reacted formally to the reported increase in salaries of the president, other political office holders and judicial officers in the country saying no approval had been given in this regard by the President Bola Tinubu-led administration.

This was just as the presidential candidate of the Labour Party, Peter Obi, faulted the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on its recommendation of a 114 per cent increase in the salaries of elected politicians, including the president, vice president, governors, and lawmakers.

The RMAFC had on Wednesday, advanced reason for its recommendation for an upward review of political office holders in the country. The commission had recommended a 114 per cent increase in the salaries of elected public officials, including President Bola Tinubu, his vice, Senator Kashim Shettima, federal and state legislators, governors, as well as judicial officers.

This, however requires approval

from the president and other cabinet members and thereafter it would be sent to the National Assembly through an executive bill for passage.

However, in a statement issued yesterday, by the Special Adviser to the President on Special Duties, Communications and Strategy, Mr. Dele Alake, the Presidency described the report as fake news being circulated by unscrupulous elements to create disaffection for the new government at the centre.

It stated that while it was within the purview of the RMAFC to propose and fix salaries and allowances of political office holders and judicial officers, such proposal would only be effective after presidential approval has been given.

The general public and the media in particular were, therefore, enjoined to henceforth disregard any information not coming from official government communication channels.

The release entitled: "No presidential approval for salary increase for political office holders and judicial officers", stated, inter alia: "We have followed with consternation the viral story of the purported 114 per cent increase in

the salary of the President, Vice President, elected Federal and State political office holders and judicial officers.

"We state without any equivocation that President Bola Tinubu has not approved any salary increase, and no such proposal has been brought before him for consideration.

"While we recognise that it is within the constitutional remit of Revenue Mobilisation, Allocation and Fiscal Commission to propose and fix salaries and allowances of political office holders and Judicial Officers, such cannot come to effect until it has equally been considered and approved by the President.

"It is important to reiterate to journalists, media managers, and members of the public that stories on government activities and policy issues that do not emanate from approved official communication channels should be ignored.

"Media practitioners are enjoined to, at all times, cross-check their stories to ensure accurate reportage, which is the hallmark of responsible journalism.”

Meanwhile, Obi has faulted the RMAFC on the recommended pay hike, describing it as insensitive,

especially coming at a time the country was still struggling with minimum wage with over 133 million Nigerians living in abject poverty.

Obi, in a tweet yesterday, noted that leaders and public officeholders should rather focus on cutting the cost of governance, alleviating the sufferings of Nigerians.

“I learned with great reservation, the approval of a 114 per cent increase in the salaries of elected politicians, including the president, vice president, governors, lawmakers as well as judicial and public office holders by the Revenue Mobilisation, Allocation, and Fiscal Commission.

“This is not the appropriate time for such a salary increment if it is at all necessary. We are living in a time when an average Nigerian is struggling with many harsh economic realities, and with over 130 million Nigerians now living in poverty. This is a moment when recent reform measures by the government have increased living costs astronomically.

“One would expect the leaders and public officeholders to focus on cutting the cost of governance, alleviating the sufferings of Nigerians.

L-R: Pro-Chancellor and Chairman, Governing Council, Lagos State University (LASU), David Sunmoni; former Governor of Lagos State and former Minister of Works, Mr. Babatunde Fashola; wife of former Governor of Ekiti State, Bisi Fayemi; her husband, Dr. Kayode Fayemi; the Visitor and Lagos State Governor, Mr. Babajide Sanwo-Olu; Speaker of the State House of Assembly, Mudashiru Obasa; Vice Chancellor, Prof. Ibiyemi Olatunji-Bello and the Chancellor, Prof. Gbolahan Elias, during the 26th Convocation ceremony of LASU held at Ojo, Lagos... yesterday

TINUBU RECEIVES PRESIDENT OF AFREXIM BANK IN PARIS...

WEF Report: Global Gender Gap Could Take 131 Years to Close

Covid-19 pandemic significantly slowed progress Iceland ranked as most gender-equal country

Ndubuisi Francis in Abuja

Women around the world may have to wait for about 131 years to achieve gender parity with men, a new report by the World Economic Forum (WEF) has revealed.

The Global Gender Gap Report 2023, which was released by the WEF yesterday, stated that worldwide gender inequality

looked set to endure until 2154 despite a modest improvement since the height of the COVID-19 pandemic, when the timeline stretched to 135.6 years.

The report showed that 146 countries have closed 68.4 per cent of the gender gap, up just 0.3 percentage points compared with the previous report.

That slight move was down to improvement in closing the

Sahara Group, Covenant University Seal Partnership on Human Capital Transformation

Peter Uzoho

Energy and infrastructure conglomerate, Sahara Group, has announced a strategic partnership with Covenant University, aimed at accessing and transforming exceptional talent from the institution to outstanding global business leaders.

The partnership was a significant step towards enhancing Sahara's commitment to supporting young Africans to compete internationally as “innovators birthing sustainable solutions to unfolding global challenges.”

Speaking during a meeting with the management team of the Covenant University in Ota, Ogun State, Group Head, HR at Sahara Group, Ivie Imasogie-Adigun, said the collaboration between the energy conglomerate and the university would focus on building a talent pipeline that aligns with Sahara's business goals.

“Our data over the years indicate that Covenant University is among the top three universities where we get the best candidates. Working with Covenant presents a unique opportunity to collaborate with a world-class institution to attract, retain and develop the best talent for our businesses spread across Africa, Asia, Europe, and the Middle East," she said.

The Vice Chancellor of Covenant University, Prof. Abiodun Adebayo, who expressed excitement about the partnership, stated that it would open more frontiers, expand the institution’s

industry relations, and create more opportunities for graduates of Covenant.

“In the past years, we have produced the most employable graduates in Nigeria. We look forward to Sahara Group absorbing more Covenant graduates as it continues to record sterling achievements as a foremost energy company in Africa,” he said.

Emphasising Covenant’s status as a leading institution in Nigeria, the Deputy ViceChancellor, Prof. Olujide Adekeye said the institution was always delighted to partner with reputable organisations like the Sahara Group.

“Our graduates have been trained to be world-changers and this opportunity offered by Sahara would help them flourish and excel more,” he said.

The Registrar, Covenant University, Mrs. Regina TobiDavid, commended Sahara for choosing to work with Covenant, adding that the partnership was a resounding “testament to the quality of education and training that Covenant University provides to its students."

Describing interactions with Covenant graduates as a “recruiter’s delight”, Head, Talent Acquisition, Sahara Group, Israel Oloyede, noted that the initiative with Covenant University would give Sahara access to “an incredible talent pool of graduates with diverse backgrounds, skills, and aspirations that will drive innovation and growth."

education attainment gap, with 117 out of 146 countries in the index now having closed at least 95 per cent of the gap.

According to WEF’ Managing Director, Saadia Zahidi, the slow progress "creates an urgent case for renewed and concerted action."

Zahidi added: "Accelerating progress towards gender parity will not only improve outcomes for women and girls, but benefit economies and societies more widely, reviving growth, boosting innovation and increasing resilience."

She noted that many of the factors that have set women back over recent years — including insufficient care infrastructure, workforce disruption from new technologies, and stagnation across sectors — remain prevalent.

"We're starting to see things get slightly back on track. But what it does mean is that we still have lost an entire generation on the road to gender equality and, essentially, progress has stalled," she stated.

In the report, WEF also found that while women have entered the labour force at a higher rate than men globally since 2022, gaps in the market continue to

persist, with women facing greater unemployment rates globally (4.5 per cent) than men (4.3 per cent).

The Global Gender Gap Report, now in its 17th year, benchmarks gender-based gaps in four areas: economic participation and opportunity; educational attainment; health and survival; and political empowerment.

Iceland ranked as the most gender-equal country in the world for the 14th consecutive year and the only country to have closed more than 90 per cent of its gender gap.

It was followed in the top 10 by Norway, Finland, New Zealand, Sweden, Germany, Nicaragua, Namibia, Lithuania and Belgium. While no country has yet achieved full gender parity, the top nine ranking countries have closed at least 80% of their gap.

On a regional level, Europe has the highest gender parity at 76.3 per cent, overtaking North America, where 75 per cent of the gap is closed.

Zahidi said this was partly due to the greater provision of care infrastructure across Europe when compared with the United States of America.

"Many European economies

have put in place measures to allow parents to balance work and family, whether those parents are mothers or fathers. In the United States, there's far less of that.

There's a more commercial provision of the care economy, but that isn't necessarily meeting all needs," Zahidi said.

Elsewhere, in Latin America and the Caribbean, the rate stands at 74.3 per cent, while in Eurasia and Central Asia it is 69 per cent.

The level is lower still in East Asia and the Pacific (68.8 per cent), Sub-Saharan Africa (68.2 per cent), Southern Asia (63.4 per cent) and the Middle East and North Africa (62.6 per cent).

Global gender parity has advanced by only 4.1 percentage points since the report's first edition in 2006, with the pace of change slowing over time.

At the current rate, it will take 169 years to reach economic parity and 162 years for political parity, the report found.

"The economic inclusion element is where there's been the greatest stagnation, in part due to care, in part due to technology," Zahidi said.

"But then when it comes to political leadership, progress has

also been extremely mild, and essentially it is a roadblock to leadership that we continue to see across various areas," she added. Parity has advanced by only 4.1 percentage points since the first edition of the World Economic Forum's Global Gender Gap Report in 2006, with the overall rate of change slowing significantly.

Faster progress in both of those areas is critical to addressing broader gender gaps in households, societies and economies, Zahidi said, outlining a three-pronged approach for governments and businesses to take action.

"Number one, governments have to invest in a care infrastructure. Number two, both governments and businesses have to focus on STEM education, STEM skills and STEM careers for women," she said, referring to the acronym for the fields of science, technology, engineering and math.

"Number three, all businesses, all employers have to look at creating more gender equal hiring, retention and promotion," she said. "Those are three things that could accelerate getting to parity within our lifetimes."

Nigeria Moves to Exit FATF Grey List

The federal government has commenced the implementation of Nigeria’s anti-money laundering and counter-financing of terrorism (AML/CFT) framework as well as accelerated efforts to ensure the nation exits the grey-list of the global Financial Action Task Force (FATF).

A statement issued yesterday, by the Nigerian Financial Intelligence Unit (NFIU), affirmed that in line with an ongoing reform programme started in January 2022, the Nigerian Financial Intelligence Unit (NFIU) convened a two-day compliance retreat for stakeholders from the public and private sectors.

It stated that the retreat was intended to galvanise further action following the enactment of a new legislative and regulatory framework in May 2022.

At the opening of the retreat, the Chief Executive Officer of the NFIU, Modibbo Hamman Tukur, noted that following Nigeria’s engagement with the FATF in February 2023, and the FATF’s recognition of the progress made by the country, a list of 15 items were jointly agreed to form part of the country’s Action Plan.

"This is a significant reduction from the 84 items identified as deficiencies in the country’s evaluation report published in August 202", he said.

Represented by the Associate Director, Legal and Sanctions, the NFIU boss noted that, “stakeholder agencies involved in the country’s AML/CFT framework together with representatives from the private sector met in May this year and agreed a revised strategic roadmap

to exiting the grey-list.”

He said achieving the ultimate objective required consistency, commitment and coordinated efforts by all stakeholders and particularly reporting entities from the private sector.

He challenged participants to ensure that the financial sector was not seen as a safe haven for dirty money.

Also speaking at the event, the Permanent Secretary of the Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, called on all stakeholders to put in place appropriate measures to prevent abuse of Nigeria’s financial system.

In his remarks, Dr. Roland Ottaru, who represented the President of the Nigerian Bar Association, Yakubu Maikyau, reiterated the commitment of the

NBA to ensuring adherence to the FATF Standards by its members.

Ottaru, also announced NBA’s readiness to partner with the NFIU in organising sensitisation campaigns for members of the legal profession on effective AML/ CFT measures.

Other participants at the retreat included representatives of the Central Bank of Nigeria, Securities and Exchange Commission, the National Insurance Commission, the Economic and Financial Crimes Commission, the Corporate Affairs Commission, the National Drug Law Enforcement Agency as well as the Real Estate Developers Association of Nigeria, the Association of Bureau De Change Operators of Nigeria, Association of Chief Compliance Officers of Banks in Nigeria amongst others.

President Bola Ahmed Tinubu (R) receives in audience, Prof. Benedict Oramah, the President of AFREXIM Bank in Paris ... yesterday

APPRECIATION AWARD FOR DANBATTA...

Tinubu Approves NNPC’s Request to Probe Alleged Discrepancies in FAAC Remittances

Committee to begin sitting today

Emmanuel Addeh in Abuja

President Bola Tinubu has approved the setting up of an inter-agency committee to resolve the prolonged controversy surrounding the alleged discrepancies in remittances by the Nigerian National Petroleum Company Limited (NNPC) to the Federation Account Allocation Committee (FAAC) in the last few years.

THISDAY learnt yesterday that the committee which has already been established, was expected to begin sitting today, at the Ministry of Finance headquarters in Abuja.

The panel is mandated to reconcile the controversies surrounding the about N4.2 trillion debt the federal government allegedly owes the NNPC Limited and the N2.1 trillion that the NNPC Limited was said to have failed to remit to the Federation Account.

The back and forth between both organisations and the sums which have changed with time, have raised several posers in the public space, with the matter remaining unresolved for a long while. While the NNPC accuses the federation of owing the company, the federation had also said the NNPC owes it huge sums.

“Today, we are waiting for them (federal government) to settle up to N2.8 trillion of NNPC’s cash flow from the subsidy regime and we can’t continue to build this.

“Since the provision of the N6 trillion in 2022, and N3.7 trillion in 2023, we have not have not received any payment whatsoever from the federation account.

“That means the federal government was unable to pay

and we have continued to support this subsidy from the cash flow of the NNPC. That is when we net off our fiscal obligations of taxes and royalties,” the NNPC’s Group Chief Executive, Mele Kyari, had said May 30, after visiting President Bola Tinubu.

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), on June 8 had also accused the NNPC of withholding the sum of N8.4 trillion meant for the Federation Account.

The Chairman of RMAFC, Bello Shehu, was quoted as saying that the NNPC withheld the money in the name of paying for subsidy.

Beset by the accusations and counter-accusations, it was learnt that the NNPC formally wrote the president to look into the matter with a view to laying it to rest once and for all.

“I can comfortably tell you that Mr President has approved the memo from NNPC Limited to set up a committee to reconcile the crisis between NNPC Limited and FAAC over the failure to remit money into the federation account,” a source said.

The presidency source said some persons with vested interests had told the new president things that were not entirely factual, prompting the national oil company to write that the matter should be investigated.

“So many things have been told to Mr. President since assuming office by some vested interests that NNPC Limited has refused to pay into the federation accounts.

“And because we want the general public to know the truth, NNPC Limited's management

wrote the president to investigate the matter and Mr. President has graciously approved that an inter-agency committee be set up to investigate and reconcile the matter,” the source stated.

In the latest recorded spat, the FAAC had accused the NNPC of short-changing it by refusing to pay monies to the federal account from crude sales, royalties and taxes while.

The NNPC Limited on the other hand had said the federal

government was owing it over N4 trillion in subsidy payment, power supply debts and other sundry charges.

Besides the ministry of finance and NNPC Limited, it was learnt that other members of the debt reconciliation committee included the Nigerian Upstream Regulatory Commission (NUPRC), Federal Inland Revenue Service (FIRS), Office of the Accountant General of the Federation (OAGF) and FAAC Post-Mortem Sub-Committee.

The establishment of the committee by the president, it was gathered, followed a memo dated June 13, 2023 by Kyari appealing to him to intervene in the matter.

The letter stated that this was with a view to putting to rest all the allegations and counter allegations by both FAAC and NNPC Limited on the status of the debts and remittances.

It was further learnt that although NNPC Limited received several letters from FAAC requesting

payment of the about N2 trillion that NNPC is allegedly owing the Federation Account, the company said it could not pay any money to FAAC pending the reconciliation of the N4.1 trillion debt the federal government is owing the company.

“The Federation owes NNPC almost N4.1 trillion and NNPC owes about N2.8 trillion to the federal government, so they should actually give the NNPC a cheque for the debt of N1.3 trillion they owe it,” one other source said.

Bawa's Continuous Detention Unconstitutional,

Illegal,

Gbenga

Says Human Rights Lawyer, Ajulo

Sodeinde in Ado Ekiti

A renowned constitutional lawyer and rights activist, Dr. Kayode Ajulo, has described as illegal and unconstitutional the continuous detention of the suspended Chairman of the Economic and Financial Crime Commission(EFCC) Abdulrasheed Bawa by the Department of State Services.

Ajulo, in a statement made available to THISDAY, yesterday, in Ado Ekiti, said President Bola Tinubu should caution the DSS over the continuous detention of Bawa, who was arrested last week over allegations of gross abuse of office, with a view of releasing him to face prosecution.

The human right lawyer clarified that his intervention on the matter was not to be on the side of the embattled anti-graft boss, but in defense of the rule of law and

fundamental rights of the citizens as enshrined in the constitution.

While recalling the past positive contributions of the president to the advancement of human rights in the country, he noted that the DSS should not be above law in handling suspects, which he said were presumed innocent until otherwise pronounced by the court.

He said, “Let me posit that I remain an unrelenting enthusiast and advocate of human rights who have consistently clamoured for the principle of the rule of law and good governance. So, I make bold to state that the purpose of this statement is not based on the influence of any personality and it is genuinely from a position of safeguarding the law and its constituents.

“If there are doubts, several pronouncements, publications and demonstrations exist in the record of the polity where I have aired my dissent and loud cry as to the

defective administration of some agencies of government particularly the EFCC by its suspended chairman some of which are premised on the unjust treatment of people who go to visit the commission for several purposes as well as the act of fewer regards given by the Commission and its staffs to the accused and legal practitioners.

“In a nutshell, it is clear that I am neither a friend nor a fan of the embattled former Chairman and his administration, but I remain a devoted friend and fan of the law and upholding its tenets.

“What is however worthy of note is that all of these allegations against the suspended EFCC chairman have not been proven and his innocence remains except the Court pronounces him guilty of all.”

Ajulo added that, “The continuous detention upon his arrest by the State Security Services

remains unlawful, bizarre and a breach of his right to personal liberty as provided for by the constitution and same should not be a measure of torture as it is unconstitutional and only stains the name of Your Excellency and contradicts your foremost principle in setting things right in our nation.

“I hitherto conclude on the whole that the arrest and unlawful detention of Abdulrasheed Bawa by the State Security Service is a ploy to guilt what Bola Ahmed Tinubu and his administration stand for.

“I, on the backdrop of this urge, beseech and appeal to the President and Commander- in -Chief to intra vires look into this issue and order that the captive be set free in a bid to uphold the tenets of the law and properly prosecute the matter for the court to decide and pronounce the suspended EFCC chairman guilty or otherwise of the offence.”

Sanwo-Olu Rewards LASU’s Best Graduating Student with N10m Cash Prize

Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, personally gave the best graduating student of Lagos State University (LASU), Miss Aminat Imoitesemeh Yusuf, a cash prize of N5 million for her brilliance.

Sanwo-Olu also announced an additional prize of N5 million from the Lagos State Government to reward the 23-year-old fresh Law graduate’s unprecedented feat.

Miss Yusuf graduated from LASU as the institution’s best student of all time, with a Cumulative Grade Point Average (CGPA) of 5.0 on a scale of 5.0, becoming the school’s valedictorian at its 26th convocation held at Ojo campus, yesterday.

The graduation ceremony also marked the 40th anniversary

of the establishment of LASU during which ex-Lagos Governor Babatunde Raji Fashola; Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; former Ekiti State Governor, Dr. Kayode Fayemi, and First Lady of Lagos, Dr. Ibijoke Sanwo-Olu, were conferred with honorary doctorate degrees alongside seven eminent Nigerians.

Speaking during the ceremony, Sanwo-Olu hailed LASU for being steadfast in its commitment to providing high quality graduates and skilled manpower to meet socio-economic needs of the state and the country, noting that LASU had recorded a catalogue of achievements and recognition both locally and globally.

The governor commended the

school leadership team led by the Vice-Chancellor (VC), Prof. Ibiyemi Olatunji-Bello, whom he described as, “a competent, administrationsavvy academic”, for maintaining uninterrupted academic sessions, and also for promoting research and teaching in line with global best standards.

He said: “Attaining 40 years of excellence is no mean feat for a university that has uninterruptedly pursued rigorous academic research and teaching in line with global best standards. I congratulate the university for remaining steadfast in its commitment to the provision of a high standard of education which has produced highly skilled men and women over the years.

“This becomes more significant

First Lady among recipients of honorary PhDs

as the convocation coincides with the 40th anniversary of this great institution, which has continued to live up to the expectations of its founding fathers.

“I congratulate all the graduating students who chose LASU as their institution of choice and have gone through a robust academic training.

Today’s occasion is a milestone achievement in your career and a sacrifice, which demonstrates your eagerness to positively impact and contribute meaningfully to the growth and development of this great nation.

“I urge you all to be worthy ambassadors of this great citadel of learning, while also enjoining you to establish your resilience in the face of the challenges you will experience. I have absolute conviction

that you will make us all proud.”

Sanwo-Olu said his administration was not unaware of the need to continually improve on quality benchmarks set by the school, assuring more support for the university towards sustaining the standards and improving its academic profile in order to compete on a global stage.

The governor pledged his commitment to the aspirations of the school’s founding fathers, promising more financial commitment to surpass the past gains and set a new narrative for the institution.

Sanwo-Olu also disclosed that legacy projects his administration initiated on the campus were at different stages of completion. They included the university main library,

Faculty of Education annex, Faculty of Management Sciences building, Lagos State University Technology Hub and modern hostel facilities.

“It is important to note that, beyond churning out graduates from the university regularly, the essence of education is to meet societal needs.

"I charge the management to ensure that the school keeps its curriculum at par with best international standards and challenges students with fresh ideas.

“If all institutions adopt this, we can reverse the negative effect that the scourge of education tourism is having on our young ones and our development,” Sanwo-Olu said.

Continued

Lagos varsity has sustained its founding vision, says governor Gbajabiamila, Fashola, Fayemi, Lagos

L-R: Director, Public Affairs, Nigerian Communications Commission (NCC), Reuben Muoka; Past President, Nigerian Academy of Engineering (NAEng), Vincent Maduka; President, NAEng, Prof. Azikiwe Onwualu; Executive Vice Chairman/Chief Executive Officer (EVC/CEO) NCC, Prof. Umar Danbatta; Director, Spectrum Administration, Abraham Oshadami, and Chief of Staff to the EVC, Hafiz Shehu, at the Academy’s 2023 Technology Dinner held in Lagos… Wednesday

POLITICS

Beyond Fayemi’s Invitation By EFCC

The Economic and Financial Crimes Commission recently extended invitation to the former Ekiti State Governor, Dr Kayode Fayemi, over fraud allegations leveled against him as governor.

There was actually an audible inkling about two months ago that such frightening invitation was in the offing, but it didn’t gather enough traction and assumed a dangerous dimension it has reached now.

However, the former governor and his followers have been fighting hard, firing defensive salvos to extricate their principal from the web already weaved around him by his political traducers.

Feelers within Fayemi’s political family indicate that such damning accusations were triggered to scheme Fayemi out of contention for possible ministerial slot under President Bola Tinubu.

Those with this believe were said to have a grudge against Fayemi over how he allegedly dealt with them for supporting Tinubu, who the former Governor stepped down for before the presidential primary.

Prior to the APC presidential primary, it was widely speculated that Fayemi didn’t support Tinubu. But a vivid dissection of that scenario would suggest that he didn’t do it out of hatred; he too was also in contention for the presidency.

Rumour flying around indicated that the duo of Fayemi and former Minister of Works and leader of the Southwest Group for Tinubu Presidency, popularly known as SWAGA, Dayo Adeyeye, are jostling for Ekiti ministerial slot.

Those who are also virulently opposed to Fayemi believed that it was an expected action taken by EFCC to call occupants of exalted positions to question about their financial dealings while in the saddle, saying it wasn’t anything political.

Whichever way the pendulum swings, the battle has begun and the next stage would be shifted to the courtroom, which pundits believed would make the whole game more intriguing and fierce.

The chronicles of the petition written under the auspices of Ekiti Patriotic Consultative Forum and signed by its Secretary, Gbenga Babawibe, accused Fayemi of allocating humungous Security Vote to himself as the Governor, which he said contravened the provision of the law.

The author of the petition also accused Fayemi of contract inflation, moneylaundering, and theft of funds intended for the State Universal Basic Education (SUBEB) programme and Local Councils, misappropriation of Fund meant for building of Airport and Township Road construction in the State.

Babawibe said; “Additionally, it is known that Governor Fayemi claimed to have used funds from the Ekiti State Government to fix and repair federal roads in the state. The Federal Government gave the Ekiti State Government N10 billion in response to a reimbursement request for road repairs.

“However, the Fayemi administration made sure that the Ekiti State Government’s account was not credited with the aforementioned N10 billion refund.

Because the aforementioned N11.6 billion was not used to build roads, the roads in Ekiti State were unpassable and was in a state of disrepair.

“The Kayode Fayemi government has to provide an explanation for the aforementioned N11.6 billion. The government must also clarify the reasons behind the Federal Government did not credit the Ekiti State Government with the N10 billion refund.

“In view of the aforementioned, we urge that the Commission to look into the unlawful diversion of the N11.6 billion that was spent in 2022 on roads in Ekiti State as well as the N10 billion that the federal government refunded to the Ekiti State Government despite no single Federal road

in the state was passable under his watch.

“It may interest you to know that the properties declared and published in 2010 by Dr. Fayemi include the following: An undeveloped plot of land at Guzape District in Abuja valued at N30 million; An undeveloped plot of land at Lekki Phase 1 in Lagos valued at N25 million; An undeveloped plot of land at Ambassadorial Enclave, Legon, Ghana valued at US$250,000.

“However, Dr. Kayode Fayemi, has since diverted public funds belonging to the Ekiti State Government to develop the said empty landed property. They are undeveloped plot

of land at Guzape District in Abuja has been developed, and a house has been built on it The house is located at Wada Nas Street, off Edwin Clark street, off El Rufai Street, Guzape District, Abuja, FCT. The house is worth N500 million.

On Ado Ekiti township flower, the group alleged further that “Nine companies were awarded contracts totaling N596, 151,159.10 to build walkways and improve Ado Ekiti, the capital of the Ekiti State. N306, 165,425.90 in total was given to the contractors. Visiting the undertaking sites will show that no noteworthy actions were taken to

warrant this payment” .

Looking at the petition deeply, it was discerning that a web had been weaved around the former Governor.

Meanwhile, Fayemi too remains a veteran of sort in politics, he has taken the battle in its strides and had started mapping out intellectual and judicial strategies to disentangle him from the looming hook.

Fayemi, who responded through a statement by the Head of his Media office, Mallam Ahmed Sajoh, said he had got the EFCC’s invitation and had visited the commission in Ilorin, Kwara State to respond to the accusations, he branded as baseless and unfounded.

The former governor in his concise explanation said ; “Last month, Dr. Fayemi received an invitation from the Ilorin office of the EFCC regarding a money laundering petition against him. It was during the height of the preparations for the change of government, with many activities and programmes lined up as part of the event.

“A key member of the APC, Dr. Fayemi, was already committed to playing important roles at these events and his non-appearance would have impacted them significantly.

“Understanding the significance of his commitments at that time, Dr. Fayemi duly notified the EFCC of his willingness to cooperate but requested a more suitable date for his appearance.

“Yesterday morning, accompanied by his Counsel, Dr. Fayemi, visited the EFCC Ilorin Office, engaging in fruitful discussions with the investigators before being allowed to depart after a few hours.

“We firmly believe that Dr. Fayemi’s visit has provided answers to the agency’s inquiries regarding the petition. However, should there be a need for further clarification, Dr. Fayemi stands ready to cooperate fully.

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

As Gov Bello Wins on All Fronts...

While growing up, it was certain that the two term Governor or Kogi State, Mr. Yahaya Bello had good dreams and great plans for the future.

The future later came and the Okene, Kogi Central-born Bello became the fourth democratically elected governor of the state in 2015 and was sworn-in in January, 2016.

This was after Bello had achieved excellence as a student and in all the schools he attended, and in all the places, where he worked as an accountant before venturing into business.

With the victory of the All Progressives Congress (APC) at the national level as the ruling party in 2015, Bello felt challenged and inspired to offer himself for leadership as a change agent to rescue Kogi State that had been bedeviled by corrupt and inept leadership.

Bello’s electoral career began with a loss to the late Abubakar Audu in the APC gubernatorial primary in November, 2015.

In the titanic gubernatorial primaries, Bello, who was the youngest among the gubernatorial aspirants, proved the cynics who did not give him a chance wrong.

He polled the second highest votes after late Prince Audu.

Following the sudden death of Audu, fate and destiny brought in the young Bello as the Fourth democratically elected Governor of Kogi State.

Bello had inherited the 240,861 votes

polled by Audu in the November 21, 2015 poll, which was declared inconclusive by the Independent National Electoral Commission (INEC) shortly before Audu died.

Idris Wada of the Peoples Democratic Party (PDP), the then incumbent, came second with 199,514 votes.

A supplementary election later took place in 91 polling units in 19 local government areas and Bello polled an additional 6,885 votes to Wada’s 5,363 votes.

Final score: APC 247,742, PDP 204,877.

The story of the emergence of Bello, a multi-talented young man in the prime of his youth as the Governor of Kogi State is an eloquent testimony of a man entrusted by destiny and the unmistaken hand of

God to salvage his people and generation at a critical and agonizing moment of the people’s quest for development and true happiness.

Bello is governing Kogi State with wisdom and determination, which has resulted into developments in all ramifications in the state.

He shamed the critics, who thought he had nothing to offer. Not only did he perform, he surpassed the achievements of all his predecessors put together.

It is interesting to recall that the man nominated by the APC to be Mr. Bello’s deputy, James Faleke, made real his threat not to present himself for swearing in with the governor.

Faleke, a member of the House of Representatives, had been the deputy governorship candidate of the party to the late Audu. But, he was conspicuously absent at the ceremony.

Faleke objected to the party’s decision and approached the election tribunal in the state asking it to declare him governorelect.

He contended that the election had been won and lost before Audu died and that he (Faleke) should have been pronounced governor-elect.

-Adevouh writes from Abuja.

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

Gbenga Sodeinde writes that the recent invitation extended to former governor of Ekiti State, Dr Kayode Fayemi, by the Economic and Financial Crimes Commission may not be without political undercurrent.

Kabir Adevouh writes about the feat of Governor Yahaya Bello of Kogi State since he assumed office in the Confluence state in January, 2016.

Ebenezer Onyeagwu: Propelling Zenith Bank through Inspirational Leadership

True leaders are gifted with exceptional influencing and charismatic qualities which can drive others towards delivering their best. Inspirational leaders play crucial role in inspiring their teams and motivating them towards achieving superior performance. They are also passionate about their environment and keep communicating the vision of the organisation in a way as to excite and encourage others towards delivering their best performances. Such leaders are also experts in presenting the big picture before the teams and in making people understand their role in the realisation of the goals or the organisational vision.

These are the qualities that the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu embodies. He is unassuming and committed to his job. Inspiring in silence and action, Onyeagwu is a sure-footed leader of men with a sense of corporate clairvoyance. He makes today’s Zenith Bank ticks, illustrated by the bank’s financial performance, agile organisation, enduring conducive corporate culture and cordial stakeholders’ relations.

Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu’s myriad exploits have solidified his sterling leadership qualities. He does not waver. Onyeagwu always wins for the good of humanity, corporate sustainability, and the profitability that ensures prosperity.

Little wonder, he was recently adjudged the ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. The award, published in the Spring 2023 Issue of the International Banker Magazine, saw Onyeagwu honoured alongside other individuals and banks from the Middle East and Africa.

Expressing gratitude over the recognition, Onyeagwu, in a statement commended Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award.

He stated, “This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution.”

He dedicated the award to the Founder and Chairman, Jim Ovia, CFR, for his guidance and mentorship; the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice.

Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.

As Group Managing Director/CEO, Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability.

These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards

Onyeagwu

2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.

On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University.

In his acceptance speech, Onyeagwu expressed his gratitude to UNN for finding him a worthy recipient of the honorary doctoral degree in Business Administration of one of the leading universities in Nigeria, considering the rigorous selection process of awardees by the institution.

He said, “For me to have been considered and to have passed through the meticulous selection process makes it more dignifying because I have no connection with the university.”

Noting that the award represented a validation of the outstanding corporate

governance, ethical leadership, and overall outstanding performance that Zenith Bank was recording, Onyeagwu dedicated the award to the board and management of Zenith, especially the founder and chairman, Jim Ovia, “who has remained a mentor, a leader and a source of inspiration to everyone at the bank and beyond; the staff, for being the shoulder and proverbial base of the pyramid upon which his achievements and success as CEO of the leading financial institution in Nigeria rest; the bank’s customers for their unflinching loyalty to the brand; and to his family for their unceasing love and support.”

Presenting the citation of Onyeagwu to the assemblage at the 50th convocation for the conferment of the doctorate in Business Administration, the orator of the university, Dr Ikenna Onwuegbuna, noted that the Zenith Bank CEO “is an alumnus of Auchi Polytechnic, the University of Oxford, England and Salford Business School, University of Salford, Manchester, United Kingdom, Delta State University, Abraka.”

He added, “Also, he is an alumnus of Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, and the Harvard Business School of Harvard University in the United States.”

Just as has been the trend since Onyeagwu assumed the position of GMD/ CEO, the financial institution recently announced an impressive unaudited results for the first quarter (Q1) ending 31st March 2023.

The results came in with an exceptional double-digit growth of 41 per cent in gross

earnings, increasing from N191.5 billion in Q1 2022, to N270 billion in Q1 2023.

Also, the unaudited statement of account submitted to the Nigerian Exchange (NGX) had indicated that the significant doubledigit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27 per cent year-on-year (YoY) increase in Profit Before Tax (PBT), which rose from N68 billion in Q1 2022, to N86.6 billion in Q1 2023.

It also showed that Zenith Bank’s Profit After Tax (PAT) also grew by 13 per cent, from N58.2 billion to N66 billion during the same period.

“In 2023, the Group will maintain its focus on sustainable growth across all business segments as it restructures into a holding company, introduces new verticals to its businesses, and expands into new frontiers,” the bank explained.

Zenith Bank blazes the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.

With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/ digital channels.

Inspiring in silence and action, Onyeagwu is a sure-footed leader of men with a sense of corporate clairvoyance.

He makes today’s Zenith Bank thick, illustrated by the bank’s agile organisation, enduring conducive corporate culture and cordial stakeholders’ relations.

Futuristic in thought and approach, Onyeagwu, as a transformational leader, is committed to Zenith Bank’s vision that promotes re-engineering and innovation.

Onyeagwu is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Nigerian Institute of Management (NIM), The Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Credit Administrators (ICA) and Senior Associate Member, Risk Management Institute of Nigeria (RIMAN).

Onyeagwu is the Chairman of the Body of Banks’ Chief Executive Officers, Nigeria and Chairman of Zenith Pensions Custodian Limited and Zenith Nominees Limited. He is also on the Board of Zenith Bank (UK) Limited, FMDQ Holdings Plc and Lagos State Security Trust Fund (LSSTF). Onyeagwu is a member of the International Monetary Conference (IMC), the Wall Street Journal CEO Council, member of the African Trade Gateway Advisory Council of the Africa ExportImport Bank (Afreximbank), and member of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN). He also served on the board of Zenith Bank Ghana Limited, Zenith General Insurance, Zenith Securities Limited, Zenith Assets Management Company, Zenith Medicare Limited, and Africa Finance Corporation (AFC).

It is expected that with his inspirational leadership, Zenith Bank will continue to maintain its industry leadership position and continuously meet the expectations of its stakeholders and customers.

Oluchi Chibuzor writes on the leadership qualities of the Group Managing Director/ Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, which has contributed significantly to the success story of the financial institution

Stakeholders Raise Concern over High Cost of International Travel Tic kets

Chinedu Eze

Stakeholders in the aviation industry have raised concern over the uncertainty that has beclouded international travel from Nigeria due to the escalation of airfares in response to the depreciation of the Naira.

Critical stakeholders told THISDAY that airfares has became unpredictable stressing that the development has subjected travellers to undue suffering.

According to him to the former President of the National Association of Nigeria Travel Agencies (NANTA), Aminu Agoha, it is becoming increasingly

difficult to source funds to pay for tickets adding that projections could be off the mark because of the fluidity in the change of fares.

“Depending on destination and route, airfares have increased so suddenly and this is impacting seriously on air travel. As at Wednesday this week, the fares have changed. So, today it is a different fare and tomorrow you get yet another different fares. This is not healthy for the industry and the economy. Customers are groaning. Many of them do not know what to do again. Yesterday we exchanged at N663 per dollar, but today it has gone up to N770. Definitely, it will have negative

impact on the tickets,” he said.

Meanwhile, international airlines have indicated that henceforth they would adopt exchange rate at N770 per dollar from N663 per dollar on Nigerian routes, which is about 20 per cent increase.

This is as the International Air Transport Association (IATA), on Wednesday, pegged $1 to N770.

Agoha said the blocked funds have contributed to the high airfares on Nigerian routes.

“Economy ticket from Lagos to London used to cost about N400,000 in 2021 but had increased to about N1.2 million in 2022 and would further increase

from the middle of 2023. Also, business class ticket rose to about N6 million during the same period, depending on the airline and time of booking. This has the potential to increase further, unless the naira stabilizes, “he said.

On his part, the Head of Business Development, Zenith Travels and the spokesman of Aviation Round Table (ART), Olu Ohunayo, told THISDAY that the unification of the official and parallel market exchange rate has impacted on the I & E window and has even risen higher than the previous black-market rates.

He said what this would result

to is that fares would definitely increase because the rate of exchange that is used to determine the fares impact mainly on the international airlines, noting that it would also impact on domestic airlines on cost of fuel, insurance and spares.

He noted that the impact of the new exchange rate on international travel would be more drastic because it would catapult the fares both on business class and the economy class, adding that there is no enough capacity, “so, the ones available would be on very high demand so the airlines would use this window of exchange rate unification to

jerk up fares.”

Ohunayo said there were also certain regulations they were put in place in Europe, like getting Schengen visa if the traveller would pass through the continent during his trip to other destinations. He said this has made travellers want to travel directly to their final destinations and this has made direct flights more expensive than those that connect flights from other destinations, like stopping in Addis Ababa from Lagos to connect another flight to China or Dubai.

WTO, NACCIMA Explore Partnership to Promote Expansion of Trade, Private Sector

Eromosele Abiodun

The World Trade Organisation (WTO) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) are exploring areas of partnership to foster mutually beneficial trade opportunities and advance the growth of the private sector in

Nigeria. The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala and the President of NACCIMA, Dele Oye Esq., who are the only Nigerian representatives at the ongoing World Chambers Congress taking place in Geneva, Switzerland are in talks to enhance trade expansion and

economic prosperity for their home country, Nigeria.

Commenting, Oye said, “The WTO and NACCIMA are working on a Memorandum of Understanding (MOU) that will encompass a wide range of initiatives including trade promotion, facilitating access to global markets for Nigerian businesses, and enhancing export

capabilities to bolster economic growth and diversification, in line with the vision and positive indication from President Bola Ahmed Tinubu-led federal government.”

According to him, “We will be leveraging our respective strengths and resources to unlock new avenues of trade facilitation, expand market access,

and enhance Nigeria’s position as a prominent player in the global marketplace.”

The NACCIMA boss added, “With its deep understanding of local market dynamics and its commitment to promoting business excellence, NACCIMA will continue to explore opportunities and strengthen collaborations to shape trade

policies, foster dialogue, and create opportunities for Nigerian enterprises to thrive.

“We are confident of the possibilities and opportunities that this partnership holds and are assured that the combined efforts of NACCIMA and WTO will yield tangible and transformative results for the Nigerian economy.”

THE ‘CORONATION’ OF AIGIMOUKHUEDE

Aigboje Aig-Imoukhuede, former chief executive of Access Bank, is honoured as fellow of the Chartered Institute of Stockbrokers, writes

ETIM ETIM

THE IMPERATIVE FOR WEALTH CREATION

See page 21

IMPACT INVESTING AT ARTHUR MBANEFO LECTURE

VICTOR C. ARIOLE canvasses need for impact investments in Nigeria

When President Bill Clinton landed Nigeria on 26th August 2000, it was a statement-making visit that signalled the American government’s commitment to entrenching democracy in Africa. For me, that visit was memorable for many reasons but especially for Clinton’s references to Nigerian icons in his speeches. In one he made to a joint session of the National Assembly, Clinton said: “The dictators of your past hoped the hard times would silence your voices, banish your leaders, destroy your spirit. But even in the darkest days, Nigeria’s people knew they must stand up for freedom, the freedom their founders promised. Achebe championed it. Sunny Ade sang for it.” In another speech on that visit, he spoke about the cultural with reference again to King Sunny Ade and our gold-winning Atlanta ’96 Eagles.

Some 23 years later, another Bill – of Microsoft and the Bill & Melinda Gates Foundation fame – on his recent visit to President Bola Tinubu also saluted the “amazing creativity” resident in Nigeria. He also mentioned the impact of Nigeria’s “all cultural areas”, including our authors, movies and actors, noting his love for Davido and Wizkid and how his daughter told him he would be lucky to meet Burna Boy and Rema. Like his namesake, he also praised the resilience of Nigerians despite gargantuan challenges. But despite our resources and spirit, the country has not lived up to expectations.

See page 21

EDITORIAL

ISSUES IN THE ADVERTISING REFORMS

Nigeria cannot wait another 20 years to chart a course out of her current quagmire. To extricate herself from climate, she must utilise her most potent resource – her people. In 2016, the Kingdom of Saudi Arabia fashioned a strategic framework called Vision 2030 to reduce its dependence on oil. Seven years on, Jeddah has become a tourist the tourism destination in the region. human rights record, the country has hosted some of the world’s biggest sporting events successfully. From boxing and wrestling matches, to signing long term commitments with Formula 1, WWE, and the audacious creation of the LIV Golf series following the merger of the PGA Tour, DP World Tour and LIV Golf, the Kingdom has put its money where its mouth is. The recent takeover of Newcastle and attracting some of the world’s biggest football stars to the country’s football league are a few of the marks they have made in world football. This

is plus other investments via the Saudi Arabia Public Investment Fund.

While Nigeria cannot boast of Saudi’s wealth, we ought to have done a lot more with ours. Nigerians are some of the most vibrant and intelligent people on earth. You might think this is subjective but it is a view held by many non-Nigerians that I have met all over the world.

Sadly, whilst we have the talent, the opportunities are mostly elsewhere. Talent and opportunities have the same relationship that ants have with sugar. Talent is attracted to opportunities and in a borderless world, there is immense pressure on talent in poor countries to migrate to richer countries desperate for their skills. It is akin to the economic design of the slave trade to plantations in the Americas and the consent of the travelling horde. No one can legislate on the rights of people to seek better lives for themselves. Recent attempts by a few in the Nigerian federal parliament suggest the sponsors are disconnected from how the world works. If we want to keep our best minds here, we must

While Nigeria cannot boast of Saudi’s wealth, we ought to have done a lot more with ours. Nigerians are some of the most vibrant and intelligent people on earth. You might think this is subjective but it is a view held by many nonNigerians that I have met all over the world

provide the environment to make them remain here. Our advancements in the arts have been largely accidental. Afrobeat has taken the world by storm; Nollywood has Nigerianised the continent. Nigeria must now build the enabling environment for cultural consolidation.

There is a coolness that comes with being Nigerian outside Nigeria. I experienced it several years ago when I met a Namibian lady in Addis Ababa. We were having a casual conversation and I thought I had her attention until I accidentally dropped my passport. In response to her enquiry, I told her it was a Nigerian passport. She exclaimed: “You should have told me you were Nigerian oooo!” The ‘oooo’ stretched longer than is usual in Nigerian lingo but it was obvious the mimicry was from a Nigerian movie she watched. Her discovery of my nationality earned me more attention than I bargained for and I had to fend seven years ago when Nollywood had the attention of the whole continent. It still does. However it is no longer seen as a new phenomenon.

Staying with the theme of the arts, where are our world class theatres? What’s our version of the O2 Arena or the Coca-Cola Dome in South Africa? Muson Centre is lovely but pales in comparison. At a recent international conference, I was in one of my reveries imagining the conference happening in Nigeria. I was jolted back to reality when I remembered Nigeria simply did not have any facility to host a conference at that level. Yet I was in an African country.

This article is not intended to be yet another rant or an attempt to point out what is not working. That is futile. This is intended to go further to highlight the gaps that need to be closed for us to consolidate on our strengths and enable talent thrive locally. If we want the poor to breathe – to borrow from President Tinubu – we must make it easy for anyone to succeed in Nigeria without a need to japa (relocate in search of greener pastures) so that those who have already japaed (past tense of japa) can ja-pada (return home), not because they aren’t thriving elsewhere but because when as abroad, home is always where the heart wants to be.

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

JOSHUA J. OMOJUWA urges the exploitation of the abundant talents in the country

Aigboje Aig-Imoukhuede, former chief executive of Access Bank, is honoured as fellow of the Chartered Institute of Stockbrokers, writes ETIM

ETIM

THE ‘CORONATION’ OF AIG-IMOUKHUEDE

There were plenty accolades, tributes, humour and pomp as one of the nation’s stars peers last Wednesday. In many respects, the investiture of Aigboje Aig-Imoukhuede as the ninth honorary fellow of the Chartered Institute of Stockbrokers (CIS) seemed quite like a coronation event; and given that his new line of business is actually known as Coronation Group, the investiture ceremony appeared, more or less, like its eponym. The investiture, holding at the Conference Hall of the Nigerian Exchange Building, Marina, Lagos, was yet another major event in the series of activities marking the 30th anniversary of the institute and an honour to a man renowned for his philanthropy and immense contributions to the development

Nigerians to perform core professional functions in the securities and investment industry (or capital market, as it is often called). Over the last eight months, it has been celebratory mood, marking its 30th anniversary as a chartered professional organization having been established by Act 105 of 1992. But its forerunner, the Nigerian Institute of Stockbrokers, I should stress, was incorporated two years earlier.

According to Chief Oluwole Adeosun, President and Chairman of Council of CIS, the institute was chartered after only two years of existence ‘because it rose to its responsibility in so short a time and was duly recognized by the federal government as ‘’being worthy certifying body that existed in the Nigerian capital market at the time’’. Before then, the Nigerian Stock Exchange (now named The Nigerian Exchange Group or ‘’NGX’’) had combined the function of training and duty of a listing and trading platform for the market. Over the years, the institute has fellowship. General Yakubu Gowon was the because under him as Head of State, the indigenization program that catalyzed the listing of many companies was begun. Gowon, thus, deepen the growth of the stock market. Eminent investment banker, Atedo Peterside; chief executive of Bank of Industry, Olukayode Pitan and General Ibrahim Babangida have also been invested with an honounary fellowship. It was during the IBB administration that the CIS law was enacted in 1992. Others are Dr. Goodie Ibru; Chief Christopher Ogunbanjo (foremost corporate lawyer and Mustafa Chike-Obi (pioneer chief executive AMCON).

So, why did the institute consider AigImoukhuede, who has already received several laurels from many institutions and the country as a leading banker, investor and philanthropist, worthy of joining these eminent Nigerians? Soon after he retired as the group chief executive of Access Bank in 2013, he succeeded Aliko Dangote as the President of the Nigeria Stock Exchange. As President of the Exchange, Aig-Imoukhuede initiated series of measures that led to the demutualization of the Exchange which it is today. Says CIS President Adeosun, ‘’City gentlemen (meaning: capital market operators) will always remember Mr. AigImoukhuede as one President of the NGX that was exceedingly passionate about the

demutualization of the entity when it was Exchange’’. He was also the founding chairman of FMDQ Securities Exchange, another securities exchange, especially in the Fixed Income submarket, no mean feat for successfully serving as the chairmen of two important exchanges.

Corroborating Adeosun, former Deputy Governor of the CBN, Ernest Ebi, said, ‘’Aig has done so much for the Nigerian economy and noted that as a global player, the investiture will spur him up to do more. Ebi is also a director of the Coronation Group. Chief Executive of NGX Group, Oscar Onyema describes Aigboje as a very hard-working Nigerian who leaves nothing to chance. His words: ‘’If you need a strategy or you are going to war, you need Aig by your side’’. Ambassador Idaere Gogo-Ogan described the investee as a visionary, strong personality and exceptionally brilliant. Chairman of NGX Group, Dr. Umaru Kwaranga said Aigimoukhuede and Aliko Dangote ‘’changed the face of capital market in Nigeria’’ while Bank who is also a director of Coronation Group, recalled her experience working with the honoree and said that he is a perfectionist who always leaves a place better than he met it.

With his comments, the awardee held the audience, made up of mostly bankers, capital market professionals, businesspeople, friends and family, spellbound. He started by paying tributes to two of the nation’s greatest stockbrokers, Dr. Gamaliel Onosode and Otunba Michael Subomi Balogun. Onosode passed away in September 2015 while Balogun departed only last month. Aig-Imoukhuede then traced the history of stockbroking and its contributions of stockbroking business to wealth creation, capital accumulation and economic development. ‘’It is stockbrokers who planted the trees of merchant banking, investment banking, investment management, venture capital, etc., that have grown into Nigeria’s ecosystem’’, he said, eliciting applause. He then recited a Greek proverb: ‘’A society grows great when old men plant trees in whose shade they shall never sit’’. His interpretation of this proverb in terms of his place in history was exceptionally captivating. He said: ‘’For me, I understand this to mean that for Nigeria and the African continent to rise to their full potentials their privileged elites must move make for themselves and focus on things that are gone’’.

Etim is a Journalist

VICTOR C. ARIOLE canvasses need for impact investments in Nigeria

IMPACT INVESTING AT ARTHUR MBANEFO LECTURE

It is strange that Nigerians always see and comment on huge amount of loans taken by government but they do not ask for, or monitor, the end-use of such loans and their impact on Nigerians wellbeing… The Odu of Onitsha Arthur Mbanefo, MFR, CON.

The Director of Arthur Mbanefo Digital Research Centre (AMDRC), Dr Taiwo Ipaye and the Deputy Vice Chancellor (DS) of University of Lagos Prof. Ayo Atsenuwa welcomed guests and invitees to the 4th lecture entitled: Impact Investing – The Way Of The Future in Nigeria. The Guest Lecturer Dr. Yemi Cardoso took over the stand and gave his lecture which, basically, related to how strange it is to him that so much funding outlets all over the world, waiting for Nigeria as the largest market in Africa to access it, especially impact investment funding, and yet Nigeria has no appetite for it. According to him, seemingly, nine quadrants and their matrix determinant could help interested fund managers access the over $1trillion available in the market. That is,

boast of such; and it is also unlikely that most Nigerian pensioners could hardship is their fate.

The Butchers know where their money is invested and they also send their likes to monitor the end result of such investment so as to remain at alert in recouping from their investment, instead of waiting surprise of Odu relates, he was involved in organizing Nigeria Airways and other Public Enterprises after the Nigerian Civil War and the parameters he put in place to attract investment and make the enterprises sustainable were not followed up, as the military in power rubbished all plans to keep the enterprises sustainable. Hence it resulted in some cases having investors come into Nigerian space with a known rate of return on investment and no sooner they are in than unexpected events from the government get their investment

package a project that could have a reasonable mix of: care for the environment; humanistic corporate social responsibility; investing to care for a given religious belief group; carving a niche that makes for a change in the world; creating industries that are mission-related like solving the United Nations’ Sustainable Development Goals in which no fewer than 130 million Nigerians, living below poverty the pyramid investing to help the rural people have a sense of belonging; creative capitalism which blockchain technology proposes; social business investing; inclusive business investing in which the poor and women in the organising the weak in corporative manner so as to create solidarity among them for ventures that bring them together in non-competitive way.

Netherlands, for example with about 17 million people living on 41,543km2 has a great deal of the Dutch Butchers Pension Fund participating in Impact investing and Kenya like the Ecotact Waterless Toilets. Small entrepreneurs in Kenya access such funds and live on it

surprise about Nigeria: over N100 trillion exist in Pension Fund in Nigeria, and unlike the Netherlands that has just about the population of Lagos State alone, their investments in Pension Fund fetch them what it takes to keep Netherlands population very comfortable whether at work or in retirement for over six decades after exiting colonial exploitation. As at today, it stands at over $2 trillion, and it is being pumped further into impact investing.

That lack of trust by investors persist up to today, about investment ecosystem in Nigeria, to an extent that hedge funds and portfolio investments dominate to the fund manager is not expected to take any allowance if workers in the venture it is overseeing are not paid salary. In the same manner state governors are not expected to earn salary or allowance if they are not paying the salaries of their civil servants. According to Odu, taking allowance amounts to pick-pocket governance. Even the Apex Finance Regulator, CBN is not absolved in that, as it has not presented its take allowance. Losses could have been noticed to call to caution its board, and for Nigerians to notice that the government of Buhari has taken away over N23 trillion from it, undermining Fiscal Responsibility Act.

To avoid pick-pocket governance in Nigeria, Nigerians should pay more attention to what loans and internal generated revenues (IGR) are ploughed back into for the sustainability of the states and as well the federal government. That is what Impact Investing is all about, and it is expected that governments – local, state and federal – buy into it.

Odu was once the Pro-Chancellor of University of Lagos, University of Ife and Ahmadu Bello University. The investment patterns during his tenure in impact investment approach as each of them could lay hand to his legacy and point out how such investment is working till today. Finally, he advises that Nigeria’s extent to avoid giving too much power to someone who knows nothing about impact investing taking over power and ruining the prospect of investors’ trust in Nigeria like Nigerians are witnessing after eight years of Buhari’s governance. As well, he expects Nigerian Universities to lead in making impact investment a reality in Nigeria by incubating any aspect of its determinant matrix and selling it to the populace.

Ariole is a Professor of French and Francophone Studies, University of Lagos

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

ISSUES IN THE ADVERTISING REFORMS

The ARCON Act has the potential to tackle many of the challenges that beset the industry

For nearly two years now, the relationship between the Advertisers Association of Nigeria (ADVAN) and Advertising Regulatory Council of Nigeria (ARCON) has been quite uneasy. At the heart of the acrimony is a resistance to measures by the regulator to reform and enhance the operating environment for advertising agencies in the country. ADVAN is accusing ARCON of often exceeding its The problem started in 2021 when ARCON introduced the Advertising Industry Standard of Practice (AISOP) to guide and regulate the business of advertising in Nigeria in line with its functions. AISOP, as a framework, encompasses agency engagement policy, terms and modes of payment, media rates and commission, disengagement protocol, audience measurement and dispute resolution, among others. But one key area of disagreement is the provision of the 45day contract payment policy, which replaced the decades-long practice of between 90 and 120 days. In the event that the stipulated payment period is exceeded, as it frequently was, AISOP provides for the payment of a percentage as a default penalty to agencies to enable them to absorb their lenders’ default charges. The previous protracted payment period imposed on agencies the responsibility of reinvoicing when invoices went missing, a common occurrence. This lengthened the waiting period of their own vendors, including media organisations, which are largely dependent on advertising revenues. In such circumstances, agencies were forced to continue enduring indignities for fear of being blacklisted. Globally, payment cycles are not at the whims of agencies, media, and advertisers, but by the minimum standard prescribed by the industry. In France, Germany, and other European countries, for instance, the payment period is 30 days. In the United States, it is 35 days, while India operates a hybrid of prepaid and balance payment within 30 days. China operates a 30day duration. Closer home, South Africa, Kenya, and

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

some other African countries have a 45-day payment period. The question therefore is, why should Nigeria

But ADVAN’s anger would grow even more intense, following the signing of the ARCON Act by former President Muhammadu Buhari in July 2022. The law grants ARCON full powers to regulate and control advertisement, ensure the protection of the public and consumers, promote local content, and entrench best international practices. The policy stipulates minimum local content percentage in all advertisements, encouraging all organisations wishing to advertise in the country to use Nigerians as part of the critical element of the advertisement, thereby halting industry job losses as well as the annual revenue losses running into billions of Naira by Nigerian companies.

The Act thus became the extant framework guiding all industry-related transactions, including the act banning the use of foreign voice-over artists and models in advertisements as part of ARCON’s local content policy. ADVAN has taken exception to this ban, stating that Nigeria as a player in the global economy has an expatriate policy which allows for non-Nigerians to be gainfully and legally employed by Nigerian organisations.

prescribed by the ARCON Act as fair. While it concedes policy prescribes that a client terminating a contractual agreement between it and an agency should engage obligations stipulated in the contract before bringing another agency to take over. The ARCON Act contains provisions with enough potential to tackle many of the numerous challenges that have bedevilled the industry since the late 1980s when the previous law came into being.

We believe that the advertising industry will be better served if both ADVAN and ARCON are collaborative rather than adversarial. They should see themselves as partners in progress.

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

NIGERIA: ALL IN THREE WEEKS

No leader or President in the history of our country and appointed so many credible, decisive, couraadministration within THREE weeks of being swornalABAT).

Today even his most ardent critics and those that bent over backwards to stop, discredit, denigrate, humiliate and destroy him during the presidential campaign are commending him.

He has made those of us that recognised and appreciated his value and potentials, had faith in him, risked all, stood with him and fought for him proud and most importantly we have been vindicated.

Thanks to BAT Nigeria now has a new lease of life and the light of God has begun to dispel the thick darkness and tangible cloud of stagnation, retrograde

and retrogressive policies, monumental corruption, vicious persecution, selective application of justice, abuse of power, incompehensible incompetence and wholesale malicious impunity that we have witnessed over the last few years.

Today where are those that deprived the Nigerian people of all their money and threw them into penury in the name of printing new notes just to stop Tinu-

Where are those that mocked and poured scorn on him on television, in the newspapers, on social media and in international fora and that consistently porincompetent, unreliable and evil to the Nigerian peo-

Where are those that said he was too old to be President, that he takes hard drugs and that he is a drug

Where are those that said he cannot put a sentence together, that he talks hullabaloo and gibberish and that swearing him in would be tantamount to invit-

Where are those that said he is incurably and terminally ill and that he is so broken, befuddled, confused, incapacitated and debilitated by sickness, senility and old age that he could not possibly perform well as President and Commander -in- Chief or make

I say shame on them all!

I also say kudos to BAT and glory hallelujah to theond chance by making him President.

The advertising industry will be better served if both ADVAN and ARCON are collaborative rather than adversarial. They should see themselves as partners in progress

Femi-Fani-Kayode, Lagos

Ecobank, PAPSS Partner

to Enhance

Cross-border Payment Across Africa

Kayode Tokede

Ecobank Group, and The Pan African Payment and Settlement System (PAPSS) have signed a Memorandum of Understanding (MoU) to facilitate settlement of cross-border transactions of the Group, including the transactions of all their subsidiaries, through PAPSS.

The MoU was signed during the opening ceremony of the 30th African Export-Import Bank (Afreximbank) Annual Meeting held in Ghana.

Commenting on the signing, the Chief Executive Officer, Ecobank

Group, Mr. Jeremy Awori in a statement said, “Partnerships such as the one we have signed on PAPSS are essential for the delivery and success of the AfCFTA and for the financial integration and economic development of our continent.

“We are committed to the success of PAPSS and are pleased to bring on board our payments and collections expertise from our African coverage of 33 markets.

“This partnership ensures that all partner banks and PAPSS can expand their reach rapidly and enable greater and wider intraAfrican trade. Today, we begin to

change and rewrite the narrative of low intra-African trade by removing the barrier to efficient and instant payments and collections in African currencies.”

The Chief Executive Officer, PAPSS, Mr Mike Ogbalu III, in a statement also said, “Having the cooperation of Ecobank Group, one of the major banks in Africa, is a huge honour, but more importantly, it shows that PAPSS is the payment system that will transform the way that people in Africa conduct crossborder transactions. To this end, I appreciate the bank’s management for having faith in PAPSS.”

Aviation College Decorates Five Graduating Students, Solicits More Funds

Chinedu Eze

The management of International Aviation College (IAC), Ilorin has decorated five graduating students who have completed their commercial and private pilot licence courses.

This is just as the Acting Rector of the College, Capt. Yakubu Okatahi has appealed to the Kwara State Governor, AbdulRahman Abdulrasaq to come to the aid of the college in order for it to remain in operation. He stressed the need for adequate funding to prevent the Nigeria Civil Aviation Authority (NCAA) from shutting

the school down for not meeting standards.

Okatahi and other officials of the college also commended the governor for the regular subvention to the college which has enabled the school to remain in operation.

According to Okatahi, the governor’s recent release of N75 million, enabled the college to purchase a new aircraft engine and propeller, 10,000 litres of jet-A1, and repair of the college’s fuel dump, among others.

The Rector however appealed to the governor for increased funding of the college to enable it meet with all the requirements stipulated by

AIR WATCH

As Ethiopian Retains Titles as Leading Airline in Africa

the regulatory authority. He said the college can do better with sufficient funding by the State Government.

He, however, assured the governor that the current management would not disappoint the state government for the trust and confidence reposed in it.

Registrar of the college, Mr. Mohammed Jimada Jibril, equally pleaded with the governor for the upward review of the college’s monthly subvention to enable the college implement salary structure for her staff as obtained in sister institutions like the College of Aviation Technology (NCAT), Zaria.

Sierra Leone Joins IATA BSP

The International Air Transport Association (IATA) has announced that the Billing and Settlement Plan (BSP) has been launched in Sierra Leone, effective August 1, 2023.

The BSP is a global system that facilitates the financial transactions between airlines and travel agencies. It is designed to simplify and secure the selling, reporting, and remitting procedures of IATA-accredited travel agents.

The launch of the BSP in Sierra

Leone is a significant milestone for the country’s aviation industry. It will help to improve the efficiency and transparency of air travel transactions, and it will provide a more secure and reliable payment system for airlines and travel agents. It will also contribute towards the growth of aviation and the economy.

Regional Vice President Africa and Middle East, Kamil Alawadhi, said: “Accelerating the

implementation of secure, effective, and cost-efficient financial services is a key pillar of IATA’s Focus Africa initiative. The launch of the BSP in Sierra Leone is a testament to our commitment to supporting the growth and modernization of aviation across Africa.”

“The launch of the BSP in Sierra Leone is a win-win for the country’s aviation industry. It will benefit airlines, travel agents, and passengers alike,” Alawadi said.

Qatar Airways Wins Global Best Business Award

Qatar Airways has won the World’s Best Business Class award at the esteemed 2023 World Airline Awards event held at the Musée de l’Air et de l’Espace on June 20th at the Paris Air Show.

Qatar Airways winning the award for its Al Mourjan Lounge at Hamad International Airport, signals its dominance in the World’s Best Business Class Lounge category. The Al Mourjan lounge additionally received the

premier accolade for the World’s Best Business Class Lounge Dining. Qatar Airways was honoured with the title of Best Airline in the Middle East for the eleventh time in the history of the awards.

Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “Qatar Airways is delighted to win the World’s Best Business Class award at this year’s Skytrax World CEO of Skytrax, Edward Plaisted, said:

“Qatar Airways is a very firm favourite amongst customers and winning these top awards in 2023 demonstrates that their Business Class, both onboard flights and in the airports, stands out well above their competitors. Qatar Airways gained a very close second place finish in the overall global rating, ensuring that Qatar Airways again scooped the award as the Best Airline in the Middle East for 2023 for an eleventh time.”

Infinix Restates Commitment to Nigerian Market, Consumers

Emma Okonji

Infinix, a leading smartphone brand has restated its commitment to the Nigerian market, in the area of quality smartphone products that will enhance the experience of the Nigerian consumers.

The smartphone maker made the disclosure in Lagos during a media parley where key insights were shared by Infinix representatives, highlighting the brand’s commitment to continual improvement and investment in the Nigerian and African markets.

Addressing the video quality and faster charging feature of Infinix smartphones, the

Global PR Director at Infinix, Mia Liu, said Infinix doesn’t just manufacture smartphones but actively conducts research to identify the most critical requirements expressed by smartphone users.

Local Marketing Manager, Infinix Nigeria, Yemi Adewunmi, highlighted the brand’s commitment to gathering feedback through extensive market research.

Infinix continuously seeks feedback to enhance its products, ensuring they meet the evolving demands of consumers, Adewunmi said.

Liu further emphasised the significance of establishing an emotional connection between

the brand and its consumers.

Infinix is dedicated to localising its communication and sharing authentic stories that resonate with the target audience. By promoting social well-being, corporate social responsibility (CSR), and embracing African culture, Infinix aims to shift the perception of being solely a product-focused brand.

According to her, Infinix has actively supported various initiatives focusing on the growth and development of young Nigerians, as the brand’s presence can be felt across campuses nationwide, with collaborations established with prominent Nigerian institutions.

Chinedu Eze

Consistent strategy and capacity building are key factors that have made Ethiopian Airlines the number one in Africa, according to aviation experts.

Without the success of the airline, it would have been assumed that airline business in Africa is precarious, but the East Africa airliner continues to give hope to the continent and giving a cue to other carriers and start-up on the continent.

Recently, Ethiopian Airlines Group, the fastest-growing airline brand globally and the continent’s leading airline brand, has been crowned again with ‘The Best Airline in Africa’ title at the SKYTRAX 2023 World Airline Awards during the Paris Air Show held in France, Paris on June 20, 2023.

This is the sixth time in a row that Ethiopian Airlines has been recognized as the Best Airline in Africa at the SKYTRAX World Airline Awards.

Sending his congratulatory message on the award, Ethiopian Airlines Group CEO, Mr. Mesfin Tasew said: “We are truly pleased by the top award that we received today at the admired World Airline Awards. Crowned with Skytrax’s prestigious awards for several years in a row is a testimony of our consistency and commitment in delivering high quality services. We are very proud of the strong vote of confidence of our valued customers, and I would like to thank them and reaffirm that we will continue exceeding their expectations. I would like to take this opportunity to sincerely appreciate the hardworking Ethiopian Airlines’ families who strive round the clocks to keep the engines of our success run.”

CEO of Skytrax, Edward Plaisted said: “Ethiopian Airlines wins this top award as Africa’s favourite carrier for a sixth successive year and this level of consistency is a fabulous achievement for all the Ethiopian Airlines management and frontline staff.”

The airline in a statement said the World Airline Awards referred to by media around the world as ‘the Oscars of the aviation industry’ are wholly independent and impartial, introduced in 1999 to provide a customer satisfaction study that was truly global. It observed that travellers across the world vote in the largest airline passenger satisfaction survey to determine the award winners. Over 100 customer nationalities participated in the 2022/2023 survey with more than 20 million eligible entries counted in the results. More than 325 airlines are featured in the final Award results. It is to be recalled that Ethiopian amasses a plethora of awards including but not limited to: ‘The Best Airlines in Africa’ from SKYTRAX World Airline Awards for the last several years in a row; ‘Sustainable Cargo Airline of the Year -Africa’ at the 2023 Freight Week Sustainability Awards; ‘Outstanding Food Services by a Carrier’ at the 2023 PAX International Readership Awards; and ‘Best Overall in

Africa Award’ at the 2023 APEX Passenger Choice Awards.

In another cap, the airline is celebrating the 25th Anniversary of the start of its services to the United States. Ethiopian said it connected Africa with the US in June 1998 with its crossAtlantic flights to Washington D.C., the capital city and federal district of the United States. Ethiopian and the US aviation industry share an impressive relationship that dates back to the 1940s when the airline was founded in December 1945, in partnership with Trans World Airlines (TWA). In the years since then, Ethiopian has been a proud partner to American aviation firms including Boeing and GE Aerospace.

Sending his congratulatory message on the Anniversary, Tasew said, “We are pleased to mark this milestone and celebrate the 25th Anniversary of our successful services to the US. Ethiopian has become a pioneer African flag carrier by starting services to Washington D.C., in June 1998. Our flights have been instrumental in facilitating trade and businesses, promoting tourism, and strengthening socio-economic ties between Africa and the US. Ethiopian now is connecting the US with Africa direct from Addis Ababa, Lomé, and Abidjan cities. We are indebted to the US Government and our aviation partners for the mutually beneficial cooperation that lasts over the past 75 years of our journey. As the US will always remain a significant part of our strategic expansion plan, we will continue connecting the US with the African market to enhance cooperation between the two regions.”

Commending on Ethiopian role of availing connectivity services, Ambassador Tracey Ann Jacobson, Chargé d’Affaires of the US Embassy in Ethiopia said: “Two countries, and our aviation sectors, share a long and unique history. In 1945, African-American pilot Colonel John C. Robinson, traveled to Ethiopia to train pilots and to help organise the country’s national airline. Ethiopian Airlines now connects Ethiopia to the rest of the African continent and the world. With the start of direct flight service to the United States in 1998, flying U.S.-manufactured aircraft, Ethiopian Airlines has provided a vital link between the United States, Ethiopia, and Africa, and that link has grown stronger as the number of direct flights to the United States has grown.”

Ethiopian, the best African Airline, said it has been successfully connecting the US with its more than 60 African destinations for the past 25 years. The airline transported more than half a million passengers to and from the US only from June 2022- May 2023. As a pan-African airline committed to bringing Africa together and closer to the world, Ethiopian will continue to enhance the connectivity between the US and Africa. Currently, Ethiopian serves more than 150 international and domestic passenger and cargo destinations including six in the US: five passenger services to Washington D.C., New York, Newark, Chicago, and Atlanta as well as a cargo service to Miami. Ethiopian operates 30 weekly flights to the US.

Addressing AMCON, Arik Air Imbr oglio

The continuous disagreement between Asset Management Corporation of Nigeria and the shareholders of Arik Air, since the takeover of the Airline six years ago, is affecting investment in Nigeria, writes Chinedu Eze

Nigerians are worried about the endless feud between the shareholders of Arik Air and Asset Management Corporation of Nigeria (AMCOM), as the situation is already affecting investment flow in Nigeria.

For many Nigerians, Arik Air was an airline of pride that came many years after the Nigeria Airways Limited (NAL) descended from its apogee and became defunct.

In international aviation fora before 2017, Arik Air was the airline of discussion when issues concerning flight operations in West Africa were raised. It was a very prosperous carrier that aroused a lot of hope both in Nigeria and at international circles. However, on February 9, 2017 the progress was halted when it was taken over by AMCON in receivership.

In many of the allegations heaped on the founder of Arik Air Limited, Sir Arumemi Johnson by AMCON, one thing stands clear that the company owed it N240 billion. However, the actual amount has been stirred in controversy because it is lower than the amount the agency stated when it took over the airline, but higher than the amount AMCON deposed in court. This means that the debt has been oscillating without any indication that any of it has been paid.

DEBTS

In many of the recent diatribe against Arik Air founder and also in press statements, AMCON has insisted that the airline owed it N240 million. A day after AMCON took over Arik Air on February 9, 2017 the amount the government agency claimed Arik Air owed it was over N300 billion. A section of the media that published the story quoted the figures from the conference the organisation held to confirm that it had taken over the management of the airline.

In a publication on February 10, 2017, the Punch Newspapers reported the story of the takeover with the headline, ‘N300bn debt: AMCON takes over Arik Air as EFCC, grills ArumemiIkhide’. The newspaper reported, “The Federal Government, through the Asset Management Corporation of Nigeria, on Thursday took over the operations of the nation’s biggest carrier, Arik Air, and appointed Capt. Roy Ukpebo Ilegbodu as its new manager.

“It was gathered that the beleaguered airline was indebted to alone to the tune of over N300bn, with AMCON alone owed N135bn; while its obligations to aviation fuel suppliers, insurance firms, aircraft maintenance organisations, the Federal Government and the various aviation agencies, as well as food vendors made up the balance.”

In the same vein, on April 12, 2017 the Daily Post published a story titled, ‘Arik Air: AMCON gives breakdown of N375bn debt’ and went further to report, “The (then) Receiver Manager of Arik Air, Mr Oluseye Opasanya (SAN), said the embattled airline is indebted to its trade and finance creditors to the tune of N375 billion.

Opasanya made the disclosure in an affidavit filed in support of the airline’s receivership by the Asset Management Corporation of Nigeria (AMCON), before Justice Muhammed Idris of a Federal High Court in Lagos.AMCON had on February 9 taken over Arik Air as a result of its huge debt profile and thereafter appointed Capt. Roy Ilegbodu to manage the airline under the receivership of Opasanya.”

But in a recent press statement from AMCON, signed by Simon Tumba of SY &T Communications Limited, a PR Consultant to

the Receiver Manager, it stated in part that:

“The investigation is apparently based on a petition filed by Mr. Femi Falana, SAN (the Petition) and was instigated by Sir Arumemi Johnson, the majority shareholder in Arik, which owes AMCON about 240 billion as at May 31, 2023. Sir Arumemi Johnson guaranteed, and therefore is by law an obligor in respect of, this indebtedness and is personally liable for them.”

Reacting to the statement, the media team of the shareholders of Arik Air issued its own statement in response to the debts and other issues raised by AMCON and stated as follows: “However, we wish to state that before the receivership by AMCON; Arik Air Limited was valued at the sum of $3.7B by the Delloite of London. This valuation is a product of months of forensic review of all assets and visits to all worldwide stations, including the Nigerian base by the valuers in 2014.While it should be recalled that AMCON through an exparte order in suit No, FHC/L/CS/175/17obtained on 8th February in 2017 based upon allegations of indebtedness of N141 billion, the sum which is less than 5% of the valuation of the airline.”

THE GENESIS How did this debt come about? It was a guarantee of foreign aircraft financing credit facility obtained by Arik Air from European Credit Agency (ECA) around 2008. It was Union Bank that provided that local bank guarantee for the loan. Because there was no financial transaction involved, the guarantee was treated as off balance sheet transaction, but a CBN policy prompted AMCON to demand it should be changed to on balance sheet transaction and with that transaction, it became a single limit obligor. This means that the amount is more than the limit the bank can lend to one customer.

An inside source explained further to THISDAY, saying: “By the CBN regulations governing the single obligor limit, a bank is not allowed to grant more than 20% of its shareholders funds to any one person (natural person or corporate body) including the subsidiaries, associates and the related parties of such a person. A bank is also not allowed to grant loans. But you have to note that money wasn’t lent to Arik by Union Bank; it was only a guarantee that they offered and they chargedArik for that guarantee, In addition, Arik had a sales collection account with the bank from where it had serviced that ECA finance facility diligently for three years before the sudden CBN policy changed to save the banks; so, really, the policy changed to save the banks resulted in killing businesses in other sectors, including aviation.”

ARIK AIR TAKEOVER

The Arik Air Receiver Manager, Kamilu Omokide, explained to THISDAY that Union Bank was down and in order to save it from going under, AMCON had to intervene. “So, AMCON had to de-risk the balance sheet,” and converted the guarantee given to Arik Air by Union Bank to debt. Omokide also told THISDAY that initially it was never AMCON’s intention to take over Arik Air because it devised its own strategy, admitting that it did not have the competences to really effectively manage the airline.

Abu: Ubiquitous Broadband Penetration Will Enhance Connectivity

The world recently celebrated World Telecommunication and Information Society Day. How well has Nigeria and the rest of Africa positioned themselves to be part of the global telecoms growth in terms of internet connectivity and broadband penetration?

The central plinth of the broadband penetration plan in Nigeria is anchored in the Nigerian National Broadband Plan (NNBP) 2020-2025, which sets a target for internet penetration to be 70 per cent by 2025. This essentially, underpins everything infrastructure providers are doing, because the internet sits on top of digital infrastructure – fibre, towers, data centres, and the like. Nigeria has not achieved that target. It currently stands at around 40 per cent, so a lot of work still needs to be done.

World Telecommunication and Information Society Day is a reminder that telecommunications, connectivity, and internet access are no longer a luxury. They are modern necessities and critical for the growth of developing nations like Nigeria.

The total number of active internet subscribers in Nigeria is put at 158 million yet the cost of data is still on the high side. What can be done to drive down the cost of data?

Several factors must be considered if data prices are to come down.

The first is currency fluctuations. All revenues in Nigeria are in Naira, and as the value of the Naira fluctuates, so does the value of the commodity bought for both consumers and service providers.

Currency fluctuations can cause the Naira to depreciate against assets, especially when factoring in the exchange rate, since in Nigeria, the cost of delivering internet services is dollarised. So from the exchange rate perspective alone, providers are already struggling uphill. This is made worse if the exchange rate moves against them. One of the most common problems facing communication providers is that they

are competing against the value of our currency.

The second issue we have is the lack of a steady power supply. Consumers need power for reliable telecommunications and, unfortunately, Nigeria has a very dysfunctional power grid. This severely impacts connectivity delivery.

Overall, to drive down the cost of data, there has to be a holistic approach, which calls for the stabilisation of our currency’s value and a national grid that is reliable.

It is going to require extensive collaboration and perhaps a change in perception from both the public and private sectors. Stakeholders’ consensus

needs to be built so that we can articulate and solve these problems effectively. It is to achieve this objective that Liquid has partnered with several industry bodies and government stakeholders locally.

Africa has the lowest number of internet connections, despite experiencing the most growth in regional connectivity. How can Liquid Intelligent Technologies change the narrative?

The connectivity infrastructure in Nigeria today is steadily growing. From a regional perspective, you are looking at subsea cable like the Equiano sea cable, which is one of the many big consortiums that Liquid is a part of, and that puts us in the middle of regional development. Liquid also has the largest independent fibre deployment on the continent – over 110,000km of fibre backbone stretching right across Africa. Liquid has also brought connectivity to remote areas of Africa through satellite technology. By deploying advanced satellite networks, we are not only working to bridge the digital divide, but we are also empowering people through reliable internet access, telecommunications, and data services in previously unreachable regions.

Liquid’s vision is a digitally connected Africa that leaves no African behind. We know that there are still many people who have no access to the internet, and so we have to deal with the issue of access first.

Around 90 per cent of access to internet connectivity in Nigeria is via mobile devices, with little percentage for fixed devices such as laptops and desktop computers. What could be the effect of this development on digital transformation?

Nigeria is a mobile-first country and will remain that way for the foreseeable future because of the distribution of fibre. If Nigeria had developed like other

countries and had fixed lines before the introduction of mobile devices, there would be more of a mix of people accessing the internet through fixed devices and mobile devices.

Digital transformation is naturally hampered by this, which is why one of the National Broadband Plan’s initiatives is to extend enterprise-level connectivity. By and large, the public and private sectors cannot have their operations on mobile phones, and that is why infrastructure is being built to service these sectors.

Nigeria is entering a new phase of digital transformation – you can see this even in the government level, where the Ministry of Communications has changed its name to the Ministry of Communication and Digital Economy. So right from the top, from the policy level, they are beginning to see a change that is not just confined to telecoms. We are beginning to talk about the digital economy, which is way broader than just communication as a service.

Boosting Africa’s internet connectivity requires huge investments and significant regulatory reforms. What should African governments and telecom regulatory authorities do to support the growth of internet connectivity?

It is important that government and the private sector work together to empower people and businesses with reliable, fast, and secure connectivity. Not only is this a modern necessity for business and economic growth, but it is also needed by every individual in our country’s digitally transforming landscape. The government could help in many ways including: Harmonising and standardising right of way;

The story continues online on www.thisdaylive.com

The CEO of Liquid Intelligent Technologies Nigeria, Mr. Wole Abu, speaks on the need for ubiquitous broadband penetration in Nigeria in order to boost connectivity and drive down cost of data. Emma Okonji presents the excerpts:

Abu

L-R: President Asiwaju Bola Tinubu; Ogun State Governor, Mr. Dapo Abiodun; Group Managing Director, Rainoil Limited, Dr. Gabriel Ogbechie; and Managing Director, Northwest Petroleum Company Limited, Mrs. Winifred Akpani, during a meeting of petroleum marketers with President Tinubu at the Presidential Villa in Abuja…recently

L-R: Speaker of the House of Representatives, Rt.Hon Tajudeen Abass; Osun State Governor, Senator Ademola Adeleke; other lawmakers, Hon.Bamidele Salam and Hon. Ahmad Dayyabu Safana, during the thankyou visit to the Osun State governor by the Speaker and other House members at the Osun House in Asokoro, Abuja,,,recently

L-R: Stage-and-Screen matriarch, Dame Taiwo Ajai-Lycett; celebrant, Femi Odugbemi; keynote speaker, Prof Paul Ugor (Department of English Language and Literature at the University of Waterloo, Ontario, Canada); and Chief Executive Officer, Quramo Books and Founder Q Festival of Words, Mrs Gbemi Supo-Sashore, during the 60th birthday celebration of Odugbemi held at Freedom Park Lagos...recently

L-R: Acting Comptroller-General of the Nigerian Immigration Service (NIS), Caroline Wuraola Adepoju, and Lagos State Governor, Babajide Sanwo-Olu, when the former visited the governor’s office during her tour of duty in Lagos…recently

L-R: Managing Director, BDC Communications, Tola Bademosi; popular music artiste and former Big Brother Naija winner, Laycon; Chairperson, Coalition of Sickle Cell NGOs, Toyin Adesola; and Group Corporate Communications and Events Manager, Dufil Prima Foods Plc, Temiope Ashiwaju, at the ‘Red Umbrella Walk’, organised by Sickle Cell Foundation Nigeria and supported by Indomie Instant Noodles, held in Lagos… recently

Oke, at a lecture, titled: ‘The Excellent Man’, during the 2023 Men’s Congress of the church at Ile-Ife, Osun State… recently

L-R: Lecturer, Department of Restorative Dentistry, Obafemi Awolowo University(OAU), Ile-Ife, Prof. Tope Esan; General Secretary, Christ Way Ministries International (CWMI), Pastor Yinka Adeoye; former Deputy General Overseer, Pastor Olaniyi Onayemi; G O, Pastor Odun Orioke; cleric, Pastor Dunni Orioke; Provost, College of Health Sciences, OAU, Professor Babatope Kolawole; and Opa Zonal Pastor, Mr.Taiwo

PHOTO: ABAYOMI AKINYELE

of Fame

Mitchell Elegbe: From Nigerian Visionary to World Entrepreneurship Hall of Fame

The culmination of Mitchell Elegbe’s 20-year Interswitch odyssey in global acclaim tells the story of a Nigerian visionary who braved the odds to join the world’s entrepreneurship Hall of Fame. Precious Ugwuzor writes that as founder of Interswitch Group, Africa’s leading integrated payments and digital commerce company, Elegbe predicted and created a seamless exchange of

It was Peter Drucker, one of the most influential thinkers on Management, who said: “The best way to predict the future is to create it.”

For Nigerian-born Mitchell Elegbe, founder of Interswitch Group, Africa’s leading integrated payments and digital commerce company - a prosperous Africa, driven by a seamless exchange of value and commerce, was the future he predicted and chose to create.

A renowned business leader in the African Information Technology and Financial Services industry, Elegbe is recognised for driving revolutionary payment innovation on the continent.

Over the past two decades, Elegbe has evolved from a Lagos-based visionary and business owner into a trailblazer on the African continent – and now a globally recognised entrepreneur, following his recent induction into the Ernst & Young World Entrepreneur of the Year (WEOY) Hall of Fame on Thursday, the 8th of June 2022 at a very colourful ceremony in Monte Carlo, Monaco, South of France. Strikingly, Elegbe stands out from all inductees into 2023 Class of EY Global Entrepreneurs by being the only black and the only African this year, and uniquely, in the 37-year history of the initiative, the only entrepreneur globally to have ever won the regional competition twice; in emerging and later, master categories.

Born the youngest child in the family, to a widowed mother (following the untimely death of his father just before his birth), he later moved in with his uncle at Aladja, Delta State, who took responsibility for him and became the father figure in his life.

His entrepreneurial journey began while studying Electrical/Electronic Engineering at the University of Benin in Edo State. As a student, he had to make ends meet by engaging in several side businesses, including the sale of audiotapes, and shirts.

His first actual job after his National Youth Service year was as a Field Engineer in Schlumberger Wireline and Testing, Scotland. It was there in Scotland that the idea of Interswitch crystallized in his mind.

According to Elegbe, “In 1998, I was working in Livingston, Scotland, as a young wireline engineer with Schlumberger and an ATM seized my card, leaving me stranded – that’s not a nice feeling. This moment was just one incident among a lifetime of observations about the inconveniences of the payments industry at the time. But it was catalytic, nevertheless.

Soon after, when I returned to Nigeria, I was reawakened to the issue that accessing cash was a social issue. At the time, there weren’t enough bank branches available and the only way one could withdraw funds was to physically go into a bank and wait to be served. This could often take up to three to four hours. The tedious wait times invariably led to clients taking out much more cash than they needed to avoid a repeat journey.

Now, carrying around piles of notes and coins is a cumbersome act, and when you are holding so much of it, available for everybody to see, it is an unfortunate truth that you simply become more prone to a few unfavourable scenarios: theft and, scams.

So, I noted this problem, the issue with accessing cash, but also the problems cash brings. This led me to the realization that cash, in itself, was not the enemy. The challenge which needed to be solved, was ensuring people could access cash in the required quantity and when they required it.”

A year later, Elegbe started working with Telnet where he rose to the position of Group Head for Business Development. There, he proposed the idea of a transaction switch to his then boss and got the blessing to execute it.

Armed with ambition and a relentless drive to solve the numerous problems he had identified in the payment industry, Elegbe came up with the idea to utilize the switching software and take on the nagging challenge associated with accessing cash.

Supported by two other young, likeminded visionaries, Akeem Lawal (now Interswitch’s MD for Payment Processing and Switching) and Charles Ifedi (now co-founder of eBanqo), Elegbe founded Interswitch on the 4th of December 2002.

The team was backed by the consulting firm Accenture, and had received the buy-in of a few banks who raised a portion of the start-up capital.

Indeed, there were many teething problems at the start but with his unwavering commitment to the task ahead, Elegbe’s payment services company quickly gained recognition and trust within the financial services industry in Nigeria, functioning at the core of the digital payments ecosystem , having introduced electronic payments, processing and switching services which disrupted the traditional cash based payments system.

The reputation of Interswitch’s services spread, attracting a loyal customer base, and establishing a solid foundation for growth. This success fuelled Elegbe’s ambitions, inspiring him to explore new horizons and expand his reach across the African continent to Uganda, Kenya, The Gambia and most recently, Sierra Leone.

In 2009, Elegbe’s Interswitch birthed the Verve card, which was the first ever chip card accepted across all payment channels in Nigeria.

To realize his vision of expansion, Elegbe’s Interswitch partnered various organisations such as Visa, Mastercard, AMEX and Discover Global Network and subsequently introduced the Verve Global card, granting customers transaction access in over 185 countries across the globe.

Interswitch has progressively expanded in scale and scope over the years to incorporate consumer financial services through Quickteller, a pioneering digital payments platform linking merchants and billers with consumers, and very quickly, it became the most ubiquitous digital payment platform.

Someone once said that diversification

and globalization are the keys to the future. Recognising the importance of adapting his business strategies to cater to diverse markets, Elegbe and his team successfully tailored products and services to meet the unique needs of a myriad of clientele.

“Interswitch is a technology company. Our initial focus was on applying technology solutions to solve payments issues in Africa. Today, we have expanded our focus beyond payments alone and our aim is to take tech into every sector of life,” he once said.

It is therefore no surprise that Elegbe has expanded his business into the health sector with the acquisition of healthtech company, eClat; transportation with Quickteller Transport; Oil and Gas with Quickteller Energy; and Real Estate with Quickteller Homes.

As a business owner, this diversification strategy has not only mitigated risks but has also allowed Interswitch to leverage cross-industry synergies, foster innovation and drive sustained growth. Through a series of strategic partnerships, Interswitch has been able to expand its influence and penetrate sectors that were previously inaccessible.

For Elegbe, it was all about solving real problems and facing challenges head-on. He said: “I learnt early that identifying problems and coming up with their solutions is a sure route to success. From a rather young age, I had resolved to make the best of every situation I face, knowing that crises will always throw up latent opportunities for the most discerning.”

Recently, Elegbe’s Interswitch joined the Africa Tech for Trade Alliance (AT4T), a public-private partnership platform designed to promote the expansion of e-commerce and digital trade in Africa, at the 2023 Africa Tech Summit. This alliance brings together some key global corporations, a selection of the continent’s top tech firms, entrepreneurs, and investors to help accelerate the growth of e-commerce and digital trade with a focus on Africa.

In March this year, Elegbe was named the 2023 West African Entrepreneur of the Year (Masters Category), by professional services firm, Ernst and Young (EY). He was awarded for his laudable contributions as an entrepreneur, to the economic development of Nigeria and the West African region, having distinguished himself in business leadership and technology development.

Interestingly, this recognition came 11 years after he emerged as the Ernst and Young Entrepreneur of the Year (Emerging Entrepreneur category) in 2012.

All these culminated in his induction, along with 48 other entrepreneurs from 45 countries, into the Ernst and Young (EY) World Entrepreneur of the Year (WEOY) Hall of Fame on June 8, 2023, at a ceremony in Monte Carlo, Monaco.

Elegbe was true representative of, not just Nigeria, but the entire African continent as he was the only black and African global finalist and inductee into the coveted Hall of Fame. He is also the only entrepreneur in the 37-year history of the awards to have won in both the emerging and master categories at various times in their region.

Elegbe was inducted for his laudable contributions as an exceptional African entrepreneur who has contributed largely to the economic development of Nigeria and Africa as a whole, having distinguished himself in business leadership and technology development. According to EY, the World Entrepreneur of the Year Hall of Fame is an elite corps of men and women who have been recognised for their exceptional entrepreneurial achievements. For more than 35 years, EY has been celebrating ingenuity through the Entrepreneur of the Year programme. The programme has recognised more than 10,000 outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses — businesses that influence the way people live, the products and services they depend on, and the economic vibrancy of their local communities and global markets.

Elegbe is a people-centric leader who believes in motivating his colleagues to have confidence in their value, while he relentlessly pursues sustainable value for stakeholders. He said: “A founder is only as effective as the team around him or her, and so this award reflects the hard work and dedication of the team at Interswitch who have dedicated themselves to creating solutions that enable individuals and communities prosper across Africa. This recognition will serve to further entrench our commitment to never stop pushing the boundaries of innovation in a bid to create an Africa where payments are a seamless part of everyday life.”

His sterling leadership abilities have earned him several awards; some of which include Harvard Business School Association (Nigeria) Leadership Award in the General Management Category; African Banker Awards 2019 as the African Banker Icon; CNBC/Forbes All African Business Leader (AABLA) Awards for West Africa as well as Financial Technology (Fintech) Africa Awards, Payments and Transfer category in 2016, among other deserving recognitions.

An Archbishop Desmond Tutu Fellow of the African Leadership Institute, Elegbe enjoys actively mentoring young entrepreneurs, a passion he demonstrates as a member of the board of Endeavor Nigeria, a globally renowned entrepreneurial development initiative.

Last year, as Interswitch celebrated its 20th anniversary, the organisation took the opportunity to renew its commitment to Never Stop pushing the boundaries of innovation as it pushes forges towards its vision of a prosperous Africa, driven by a seamless exchange of value and commerce.

Looking ahead, Elegbe envisions his ventures making even more impact on society. With a focus on sustainable, long-term value for all stakeholders, leading to widespread economic, social, and environmental growth; he aims to spearhead initiatives that address pressing global challenges. By leveraging his entrepreneurial spirit, he hopes to inspire a new generation of business leaders to create a better world through innovation and responsible practices.

value and commerce

Fashion Finest Africa Examines the ‘Future of Fashion’

MY PLANS FOR NBA LAGOS BRANCH AS SECRETARY, MAJEMITE REVEALS

Stories by Mary Nnah

This year, the 5th edition of the Fashion Finest Epic Show held at the Balmoral Convention Center, Victoria Island, Lagos, explored the theme, “Fashion for the Future”.

Fashions Finest Africa is a platform that assembles the very best fashion industry talents in Africa to expose and showcase their craft, creativity and uniqueness.

The Chief Executive Officer of Fashions Finest Africa, Sola Oyebade, who emphasised that this year’s event was all about sustainability, noted, “One of the things we are very keen on at Fashions Finest Africa is promoting new and emerging designers - people that don’t have that experienced to participate in the big shows and compete with some of the top designers out there. It is about coming to us, meeting new and experienced people, learning from them and being able to be given that inspiration to thrive

and that courage to go forward and set up your own business.”

This year’s Epic Show was centred around sustainability in the fashion industry. The aim was not only to celebrate new and emerging fashion entrepreneurs in the sustainable fashion space but also to encourage other designers to not just be sustainable brands but to build sustainable fashion businesses.

As such, Fashion Finest introduced a special competition this year called ‘Design For The Future (D4DF)’, which aimed to spotlight incredible new designers in the fashion industry who are doing amazing things with sustainable fashion.After a fierce competition with over 80 entries, emerged 10 finalists who had the opportunity to showcase their designs during the Epic Show Runway.

There was also the Business of Fashion Conference, which took an in-depth approach to enlightening new and emerging fashion creatives. With the theme ‘Fashion

for the Future’, the conference featured outstanding panellists, such as internationally acclaimed stylist Teni Oluwo, CEO of Style Territory, fashion influencer and doctor Akin Faminu, and SubSaharan Africa’s tallest model, Bakare Mubarak as well as Toyin Lawani, a designer and CEO of Tiannah’s Place, discussing the topic: “Positioning Your Brand for the Global Market”.

Stressing further on the theme for this year, Oyebade said, “We understand that people have been doing fashion for a while but they are not looking ahead. They are not looking at what are the trends.”

“How can they take their business from it being the low level to being very high? That is why we brought somebody like Toyin Lawani, a designer and CEO of Tiannah’s Place. Because she has taken it from zero to being somewhere that is international. So we are looking at people like her to give people that inspiration.”

He said that the theme, “Fashion for the Future”, emphasised the fact that, fashion is always changing, noting, “A lot of you are wearing stuff now and you think you are the first people you ever dress like that. But do you know fashion has always been recycled? There is nothing that you are wearing now that somebody did not wear some years back. So, we are looking at what fashion will be like in the future.”

“CNN said about two or three years ago that fashion would be the biggest income earner in Nigeria. It will earn more money than oil, agriculture, and any other form of entertainment combined. That is how big fashion is going to be.” He disclosed that the team is putting a lot of effort into helping people strategies for the future. “We have our design for a fashion competition to bring people that are recycling and there is a cash price for them.”

Betway Introduces Game-changing Promotion

Betway, a leading online and gaming brand in Nigeria, has launched of its groundbreaking digital casino promotion, Scratch & Win. This highly-anticipated promotion offers customers an unprecedented opportunity to win incredible rewards while showcasing the brand’s diverse casino products.

The Scratch & Win promo which started on June 19th and will run until 31 July, is poised to take the nation by storm, providing customers with an unrivalled gaming experience. As the first-ever digital scratch card promotion of its kind in Ni-

The SERAS Africa Sustainability Awards, announces its call for entry and participation for the 2023 edition and 17th cycle of the prestigious awards.

The SERAS is Africa’s first and foremost recognition of corporate social responsibility and Sustainability. The gold-standard award and the most important industry ceremony in Africa has over the years drawn participation from 31 countries on the continent. The 2023 theme as announced by the local organizing committee is - ‘Circular Economy as the New Market Disruptor: SDGs Innovation as Key to Vision 2030’. This is an extension of the previous

geria, Betway is raising the bar by introducing an immersive and engaging platform that goes beyond traditional betting offerings.

By strategically launching during the off-season, right after the conclusion of all major league soccer tournaments for the 22/23 season, Betway aims to capture the attention of both avid sports fans and casual gamers. This strategic timing will drive product consumption, customer acquisition, and retention, reinforcing the company’s position as a frontrunner in the Nigerian

edition’s theme.

At the media conference unveiling the 2023 theme, the founder of the awards, Ken Egbas, also revealed the 25 awards categories ratified by the judges’ committee that would be competed for by organizations across Africa. The categories include- Circular Economy; Environmental Stewardship; Rural Population Integration; Poverty Reduction; Promotion of Good Health/ WellBeing; Partnership of the Year; Education Intervention of the Year; Reporting & Transparency; Best Work-Place Practice; Stakeholder Engagement; Not-for-Profit of the Year; Deborah Leipziger Africa

market.

To participate in the Scratch & Win promotion and unlock a world of excitement and rewards, visit Betway Nigeria’s official website at betway.com.ng for comprehe nsive details, including terms and conditions, additional offerings, as well as other promotions.

According to the Marketing Manager, Betway Nigeria, Dotun Adepegba, participating in the Scratch & Win promo is simple and exciting.

“New and existing customers can opt-in and play any

Prize for Innovation (Product/ Service). Others are - Gender Equality/Women Empowerment; Social Enterprise of the Year; Food Security, Water & Sanitation; Climate Action; Supply-Chain Management; Sustainability Reporting (Media: Electronic/Print/ online); Sustainability Professional of the Year; and CEO of the Year.

In line with the focal theme, other categories are - Diversity, Equity, Inclusion; Net Zero Transition; Technology for Development of the Year; Social Impact/ Human CapitalAdvancement; and Impact Investor of the Year.

“Last year, we began the introductory journey into circularity

of Betway’s thrilling casino games, including a wide variety of slots, table games, and crash games. As customers place bets, they unlock scratch cards, giving them the chance to win enticing prizes. The more bets placed, the more scratch cards are unlocked, significantly increasing the chances of winning”, he added.

Adepegba noted further, “Customers can even unlock multiple scratch cards per day, all the way up to 10. The unused cards will expire 24 hours after receiving them, so customers must make sure they take advantage of all their chances to win big”.

and we are continuing with it this year. Year after year, we focus on adding depth to the sustainability journeys of organisations from around the continent. We are indeed delighted at the extent of progress so far recorded. Last year, we broke new grounds with circularity. Now we wanted to help brands and organisations consolidate. What we have consistently done every year is to use this platform to set the agenda for the growth and development of sustainability in Africa, and systematically get organizations in Africa to buy into the vision of being responsible businesses and forces-for-good on the continent.

A candidate for Secretary in the forthcoming election of the Nigerian Bar Association (NBA) Lagos Branch, Emuobonuvie Majemite, has said he will address the hiccups around delivery of lawyers’ stamp and seal.

He said if elected, he will deliver innovative and technology-driven service to the secretariat.

At a briefing in Lagos, Majemite, a Partner at one of Nigeria’s oldest and biggest law firms, Punuka Attorneys & Solicitors, vowed to bring his leadership experience to bear on branch activities.

He said: “I will streamline and abridge the process and time lag for application and delivery of the NBA stamp, an issue that continues to plague lawyers in private and public practice.

“I will increase the reportage of Branch activities in terms of sharing action points from general meetings and communiques from branch events. These will be available on the individual members’ portals.

“I will manage the Branch’s assets and implement a depreciation policy to take care of the disposal and replacement of outdated properties.

“I will implement technology in the delivery of most functions such as the issuance of letters of good standing, regular revision of branch membership, issuance of NBA ID cards, etc.

“I firmly believe that many tasks can be automated to make lives easier for members without having to visit the physical office.

“Much like many banking functions can be done from the comfort of our homes and offices, I will make interaction with the secretariat possible from members’ homes and offices.

“I will deliver an accessible secretariat to branch members.

“I will be dedicated to the secretariat for the duration of my tenure, with the full backing and support of my law firm, PUNUKA Attorneys and Solicitors and that of other organisations that I hold leadership positions in such as the Chartered Institute of Arbitrators, UK (Nigeria Branch) and the National Association of Catholic Lawyers, Lagos Archdiocese.

“I plan to run a technologically-driven and solutionoriented secretariat.”

On what stands him out from other candidates running for the office, said he has the organisational skills and expertise to deliver on the job.

Majemite, who heads both the Property Law and the Arbitration and ADR Practice groups at Punuka, added:

“Without meaning to sound immodest, my track record of proven administration and coordination sets me apart from my dear junior at the Bar running against me.

“I have manned positions that require strong organisational and interpersonal skills, which are my attributes I am known for.

“Finally, the institutional support of my firm cannot be over-emphasised.

“My practice will continue to thrive, even with my devotion to the branch secretariat because I am a partner in my firm of over ten partners.”

Majemite believes the NBA will continue to play a critical role in governance with the right leadership, which he will help provide at the Lagos Branch level if elected.

“Just like any other voluntary association, there will always be room to do better.

“There is always some level of innovative service that can be applied by the leadership.

“I think that the NBA has done a fair job in being a common front for lawyers to speak on issues, to continue to be a watchdog in society and to advocate for the welfare of its members.

“There is always an opportunity for improvement, however, and competent lawyers must rise to the occasion to take the NBA to greater heights,” Majemite stressed.

‘The SERAS’ Announces Call for Entry for 2023

Fashion Finest ... models on the runway

Majemite

SON Tasks Auto Stakeholders to Embrace Standards for Global Competitiveness

Gilbert Ekugbe

The Standards Organisation of Nigeria (SON) has tasked stakeholders in the auto industry to take advantage of standards to remain competitive and relevant especially as the Africa Free Trade Agreement (AfCFTA) is on the cards.

The Director General, SON, Mallam Farouk Salim, at a sensitisation programme for Auto Spare Parts and Machineries Dealers Association (ASPAMDA) in Badagry area of Lagos, said the operationalisation of AfCFTA would turn Nigeria and indeed the entire African continent to one huge market, he said AfCFTA would provide for Nigeria the competitive edge in trading with other neighboring countries’ auto and machineries dealers.

He advised the need to take optimum advantage of the emerging huge African market while also urging the

market to always ensure that they are strictly into marketing and selling of high quality and standards.

“It is truly a delight to be part of this event and once again demonstrate the importance of this market to the overall economic and industrial revitalization of our country,” he stressed.

He noted that just like other big markets across the country, the market has become a household name, adding that the Standards body acknowledges the importance of the market and would continuously seek out ways to collaborate and carry along all the stakeholders of the very vital market in the business of standardisation.

“We need your continuous support to discharge our mandate of ensuring that only products and services that are of high standard and quality are in circulation. We need to involve all of you towards ensuring strict adherence to the requirements

of applicable standards in line with international best practices,” he urged.

In his words: “We all must ensure that only products that comply with laid down Nigeria Industrial Standards are available for sale in this market.

SON frowns at the practice of cloning successful brands by unscrupulous businessmen to make quick gains, depriving the trade mark owners of their benefits.”

According to him, the SON Act 2015 empowers the agency to arrest and prosecute offenders, stressing that it would step up its ante to make it impossible for fakers to thrive.

He noted that SON has been working in every sector to bring sanity and raise the confidence of manufacturers, importers and consumers, maintaining standards are improved and reviewed regularly to meet up with current realities.

Asset Finance: FCMB Offers N100m to SMEs

Small and Medium Scale Enterprises (SMEs) can now quickly access from N5 million to N100 million to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility.

According to a statement issued by the bank, So far, over 25,800 SMEs have accessed this facility.

FCMB said it has provided about N45.9 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has

disbursed over N637.08 billion in loans to entrepreneurs.

Group Head of Business Banking at FCMB, Mr George Ogbonnaya, said that SMEs in Nigeria have what it takes to be more productive and contribute more to economic growth. However, they face a major challenge, the capacity to raise funds to acquire modern equipment and other assets.

He disclosed that, “FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow

and succeed.”

The FCMB Asset Finance facility is conveniently structured to provide a viable option for SMEs to acquire business assets at an affordable rate. So far, the uptake by SMEs has been impressive, and it is helping them to succeed.

“In recognition of its support to SMEs in the country, FCMB was awarded “Best Bank with the Highest Impact on SMEs in Nigeria” for the second consecutive year by the Development Bank of Nigeria (DBN) at its annual awards ceremony.

Aligba: Zero-touch Invoice Processing is The Future of B2B Transactions

Kayode Tokede

The founder of Hyphen, Mr. Samson Aligba has revealed that Zero-Touch invoice Processing, a transformational Open Banking, and AI-powered innovation is the future of business-to-business (B2B) payments.

According to Aligba, the introduction of Zero-Touch Invoice Processing is the biggest ease of doing business innovation of this era.

It offers several transformative benefits for businesses. Some of the benefits include Enhanced Efficiency, Improved Accuracy, Streamlined Workflow, and

Real-Time Visibility. The payment operations platform opted for the Artificial Intelligence (AI) bandwagon to reveal a Zero-Touch Invoice Processing magic in the bid to fast-track B2B transactions and eliminate the age-long tradition of manual business processes including spreadsheets and paper.

Described as the future of Business-to-Business transactions, this transformative technology relies on the combined power of AI and open banking. AI technologies consisting of machine learning and natural language processing, enable advanced

invoice recognition, routing, and approval automation. And that’s not all, by analyzing patterns and historical data, AI continuously improves its accuracy and efficiency, adapting to unique business requirements.

While open banking facilitates secure and seamless data exchange between financial institutions and businesses. Furthermore, it enables direct access to real-time financial information, ensuring up-to-date visibility into cash positions, reducing the likelihood of discrepancies, and enhancing accurate financial decision-making.

Bosun Tijani, Engages Bill Gates on Role of Youth in Innovation

The co-chair of the Bill & Melinda Gates Foundation, Mr. Bill Gates, who has been visiting the country this week, has said that the investment and participation of the smartest young talent in Nigeria was a key to the growth of the economy

In a wide-ranging conversation with CEO of Co-Creation Hub Nigeria, Dr. ‘Bosun Tijani, at the Pan-African Youth Forum 2023, the global philanthropist and technology leader reiterated that the voice of the Nigerian youth was critical

to ensure that the resources of the country could be shifted to investments in infrastructure, health and education.

Responding to a question from the Co-Creation Hub CEO about his framework for determining what to focus on, Gates spoke of identifying the huge divide between richer and developing countries, and limited resources going into healthcare as a key factor in what he decided to prioritise. He also spoke about being able to use his unique skill sets in organizing talented teams

L-R: Group Executive, e-Business & Retail Products, FirstBank, Mr. Chuma Ezirim; Director General/CEO, Small & Medium Enterprises Development Agency of Nigeria, (SMEDAN),Dr Olawale Fasanya and Executive Director, Chief Risk Officer, FirstBank,Mr. Olusegun Alebiosu (representing the Bank’s CEO) during the signing of the MoU between FirstBank and SMEDAN to strengthen support systems on access to finance to MSMEs across the country....recently

Money Market Indicators (in Percentage)

to work with people with expertise towards delivering impact.

Tijani, in follow-up remarks, raised a point about the ability of entrepreneurs to deliver impact, while also being able to make revenue. The Co-Chair of the Bill & Melinda Gates Foundation responded that he believed that if young people were able to apply their strengths, educate themselves and make contributions in the spaces they were passionate about, the path to impact would reveal itself.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC DAILY BASKET PRICE AS AT 16 JUNE, 2023

Accion MfB Shareholders Get 75% Increase in Dividend Payout

Kayode Tokede

Shareholders of Accion Microfinance Bank Ltd (MfB), yesterday approved the management’s 75 per cent increase in dividend payout for the financial year ended December 31, 2022.

The shareholders at the 17th Annual General Meeting (AGM) held in Lagos approved the board N0.35kobo per share on the issued and fully paid share capital of 1,207,407,700 ordinary

shares of N1 each as against N0.20 per share paid in 2021.

Despite the harsh macroeconomic conditions, Accion MfB declared N6.96billion gross earnings in 2022, an increase of 25 per cent from N5.55billion reported in 2021. Profit before tax was N1.55 billion, an increase of 45per cent on the prior year profit of N1.07 billion.

The microfinance bank’s total loan value disbursed increased

by 27.8per cent to N36.7billion in 2022 from N29.4billion in 2021, driven by improvement in deposits, both in unique saver count and value.

The deposit value increased from N3.8 billion in 2021 to N4.5 billion in 2022 as total assets increased by three per cent to N15.15 billion in 2022 from N14.72 billion in 2021.

Speaking to shareholders, the new Board Chair, Accion MfB, Mrs. Adenike Laoye, stated that

the leading microfinance bank in Nigeria over the years has strived to provide innovative and customer-centric financial solutions that cater to the diverse needs of its customers.

According to her, “We continue to maintain a high level of integrity, professionalism, and transparency in all our dealings. As a result, we have earned the trust and loyalty of our customers. Indeed, this has been the foundation of our

success.

“We have also leveraged new technologies, developed new products and services to ensure our core objective of making it easier for the people we serve to access financial support, much faster, and more convenient.”

She noted that the MfB continued with the implementation of its new business model with a focus on improving operational efficiency and increased focus on digital transformation, stat-

ing that the old model was designed such that Branches were situated inside markets.

“The new business model is designed to leverage predominantly on the digital maturity of branches, high tech and low touch which will ensure continue operations despite environmental challenges that might occur (for instance, market closures and fire incidents),” she explained.

PRICES FOR SECURITIES TRADED ASOF JUNE/22/23

( N )

Friday, June 23, 2023

Thisday Afrinvest Index loses 59bps

Thisday Afrinvest 40 index declined 59bps to close at 2,608.68 index points following sell pressure on AIRTELAF (-1.7%), GTCO (-1.6%), and LAFARGE(-0.3%). index.

THISDAY AFRINVEST 40 INDEX

The -long rally as the NGX-ASI rose 6bps to print at 59,361.60 points due to FBNH (+4.4%), GEREGU (+1.7%), and MTNN (+0.2%). Consequently, YTD return printed

20.5bn to was mixed as volume traded dipped 4.2% to 615.9m units while value traded rose 8.4% to 6.6n.

Performance across sectors within our purview was

Insurance and Oil & Gas indices rose 1.1%

OANDO (+0.4%). Also, the AFR-ICT and Consumer Goods indices inched higher by 0.1% apiece due to

NNFM (+0.8%). On the other hand, the Banking and Industrial Goods indices declined 0.4% and 2bps

UBA (-1.3%), (-4.3%), and (-0.3%).

1AirtelAfricaPLC1,266.80-1.7%28.9%-22.5%-22.5%18.6%6.2%2.7% 2BUAFoodsPLC135.750.0%14.8%108.8%108.8%45.4%17.7%21.8x9.0x3.3%4.6% 3MTNNigeriaCommunicationsPLC265.500.2%8.0%23.5%23.5%91.7%13.2%14.9x12.5x5.9%6.7% 4GuarantyTrustHoldingCoPLC31.50-1.6%5.6%37.0%37.0%19.7%3.0%4.8x1.0x9.7%20.7% 5ZenithBankPLC31.800.2%5.3%32.5%32.5%16.7%2.0%4.3x0.7x10.3%23.2% 6DangoteCementPLC287.500.0%3.5%10.2%10.2%34.8%14.7%12.8x4.2x7.0%7.8% 7FBNHoldingsPlc16.704.4%3.3%53.2%53.2%16.1%1.5%3.9x0.6x3.0%25.4% 8LafargeAfricaPLC29.00-0.3%6.3%20.8%211.8%12.3%9.1%9.2x1.1x6.9%10.9% 9NestleNigeriaPLC1,250.000.0%2.0%13.6%13.6%110.1%12.8%21.0x21.3x5.3%4.8% 10AccessHoldingsPLC14.900.0%3.1%75.3%75.3%13.9%1.2%3.0x0.4x17.6%33.4% 11SEPLATEnergyPLC1,360.000.0%2.0%28.8%23.6%5.7%2.8%10.2x0.6x3.5%9.8% 12UnitedBankforAfricaPLC11.30-1.3%2.2%48.7%48.7%20.4%1.7%2.2x0.4x9.7%45.7% 13EcobankTransnationalInc15.40-0.3%1.7%45.3%45.3%19.1%1.0%1.8x0.4x3.3%57.1% 14NigerianBreweriesPLC43.800.0%1.2%6.8%6.8%-6.3%-1.9%2.1x3.1%-3.1% 15StanbicIBTCHoldingsPLC54.000.0%1.8%61.4%61.4%22.4%2.9%7.0x1.6x6.7%14.2% 16OkomuOilPalmPLC225.00-0.9%1.3%36.4%36.4%47.7%23.5%13.2x6.3x5.3%7.6% 17FidelityBankPLC6.99-0.1%1.2%60.7%60.7%16.7%1.4%3.8x0.6x5.7%26.3% 18InternationalBreweriesPLC5.200.0%0.8%10.6%10.6%-19.2%-5.2%1.2x-17.7% 19FlourMillsofNigeriaPLC34.10-0.3%0.8%20.1%20.1%11.4%2.5%6.7x0.7x15.0% 20GuinnessNigeriaPLC80.003.0%0.5%15.4%15.4%7.3%2.9%28.1x2.2x8.9%3.6% 21FCMBGroupPlc5.000.0%0.5%29.9%29.9%12.7%1.3%2.8x0.3x5.0%35.4% 22UnitedCapitalPLC14.60-0.3%0.4%4.3%4.3%38.7%1.6%9.0x3.3x10.3%11.2% 23BUACementPlc90.000.0%0.3%-7.9%-7.9%25.0%12.6%30.2x7.4x3.3% 24AXAMansardInsurancePLC3.82-2.6%0.7%91.0%91.0%13.3%3.4%7.0x1.2x7.9%14.3% 25PrescoPLC178.000.0%0.4%29.5%29.5%53.4%13.5%9.2x4.2x1.1%10.9% 26DangoteSugarRefineryPLC24.000.0%0.5%49.5%49.5%36.5%12.3%5.0x1.7x6.2%20.1% 27PZCussonsNigeriaPLC18.900.0%0.5%66.5%66.5%29.0%8.7%6.4x1.9x5.5%15.7% 28TransnationalCorpofNigeria3.19-1.8%0.8%182.3%182.3%6.4%1.5%19.3x1.2x1.6%5.2% 29WemaBankPLC4.820.0%0.2%23.6%23.6%17.2%1.0%3.7x0.7x6.2%27.1% 30TotalEnergiesMarketingNigeri336.700.0%0.3%74.5%74.5%34.8%5.8%7.0x2.4x7.4%14.2% 31UnionBankofNigeriaPLC7.35-1.3%0.2%14.8%14.8%15.8%1.6%6.0x0.7x16.7% 32CustodianandAlliedInsurance7.100.0%0.1%19.3%19.3%18.0%5.4%3.9x0.7x9.2%25.6% 33JaizBankPLC1.43-6.5%0.2%55.4%55.4%27.5%2.0%6.6x1.7x35.0%15.0% 34JuliusBergerNigeriaPLC31.000.0%0.1%26.5%26.5%11.2%1.3%7.7x0.8x8.3%13.0% 35UnileverNigeriaPLC15.100.0%0.1%30.2%30.2%7.8%4.2%16.3x1.2x1.6%6.1% 36OandoPLC5.530.4%0.1%41.1%41.1%3.2%1.8x55.0% 37SterlingFinancialHoldingsCo2.65-4.3%0.1% 38ChampionBreweriesPLC4.17-0.2%0.0%-24.2%-24.2%9.0%6.1%34.9x3.0x2.9% 39NotoreChemicalIndustriesLtd62.500.0%0.0%0.0%0.0%-27.3%-6.4%1.5x-16.5% 40TranscorpHotelsPlc16.000.0%0.1%156.0%156.0%3.5%1.9%72.3x2.6x0.8%1.4%

TickerVolumePriceChg%

Outlook

Investor

TickerPricePriceChg% NEM6.9310.0% CORNERST1.119.9%

SKYAVN8.459.7%

WAPIC0.949.3%

AFRIPRUD6.609.1%

CWG1.829.0%

PRESTIGE0.508.7%

CHAMS0.528.3%

GUINEAINS0.268.3%

RTBRISCOE0.408.1%

TickerPricePriceChg%

LASACO2.34-10.0%

SOVRENINS0.55-9.8%

UNITYBNK1.22-9.6%

NSLTECH0.38-9.5%

IKEJAHOTEL2.91-9.1%

PHARMDEKO2.00-8.3%

JAIZBANK1.43-6.5%

ROYALEX0.58-6.5%

NPFMCRFBK1.80-6.2%

HONYFLOUR3.28-6.0%

WAPIC97.19.3%

UBA48.1-1.3%

UNIVINSURE43.44.3%

GTCO34.6-1.6%

ACCESSCORP32.90.0%

JAPAULGOLD25.43.2%

INTBREW25.00.0%

UNITYBNK21.3-9.6%

ZENITHBANK20.30.2%

FTNCOCOA20.05.6%

TickerValuePriceChg%

GTCO1098.0-1.6%

MTNN868.20.2%

ZENITHBANK643.60.2%

UBA546.6-1.3%

ACCESSCORP487.20.0%

SEPLAT332.90.0%

WAPCO200.2-0.3%

FBNH188.84.4%

OKOMUOIL159.5-0.9%

FIDELITYBK130.4-0.1%

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 21June-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

FUND

Dokpesi Buried in Home Town, Agenebode, Amid Praises

Adibe Emenyonu in Benin City

The deceased founder of DAAR Communications, Raymond Alegho Dokpesi, was yesterday, buried in his country home, Agenebode in Etsako Local Government Area of Edo State.

The burial of the media magnate, was witnessed by prominent personalities such as the Governor of Osun State, Ademola Adeleke; Deputy Governor of Edo State, Mr. Philip Shaibu; and the National Security Adviser (NSA) to President Bola Tinubu, Mallam Nuhu Ribadu.

Also in attendance was the

immediate past governor of Delta State, Senator Ifeanyi Okowa; the Senator representing Edo North, Adams Oshiomhole; former Minority Leader of the House of Representatives, Ndidi Elumelu; Senator Francis Alimikhena, former Chief of Staff to President Goodluck Jonathan, Mike Ogiadomhe, Sen Ben Obi, Chief Mike Ozekhome (SAN), the Vice Chairman South South of the Peoples Democratic Party (PDP), Chief Dan Orbih, as well as representatives of the traditional institution, religious leaders, among others.

The funeral mass was held

IFAD: Why New Global Financing Pact Must Work for Small-scale Farmers

Oluchi Chibuzor

The President of the United Nations International Fund for Agricultural Development (IFAD), Alvaro Lario, has called on world leaders attending the New Global Financing Pact Summit to find solutions that would significantly drive more funding to rural populations and the poor small-scale farmers who are key to global food security.

At the event holding in Paris, from 22nd and 23rd June, 2023, world leaders from government, international organisations, financial institutions, civil society and the private sector, are gathered to discuss how best to reshape the global financial architecture to ensure that low-and middle-income countries can access the financing they need for their sustainable development, transition to net-zero and adapt to climate change.

According to a statement from IFAD, Lario was quoted to have said: “This summit is an opportunity to build a consensus for a more inclusive global financial order which currently leaves the world’s poorest countries struggling to finance their own agricultural development and, most importantly, the small-scale farmers they depend on to feed local and national populations. “Collectively, these farmers grow one third of the world’s food, making investments in their economic wellbeing and resilience to climate change, critical to global food security and stability."

Equally IFAD maintained that while the quantity of Official Development Assistance (ODA) directed specifically at agriculture had been stagnant at four to six per cent for at least two decades, developing countries were finding it

increasingly difficult to finance the agricultural sector due to tightening credit conditions, rising financing costs and global inflation.

This, IFAD noted, that at least 54 developing economies are currently suffering severe debt exposure.

Small-scale farmers grow one third of the world’s food and up to 70 per cent of the food in low- and middle-income countries thus playing a significant role in global food security and stability.

Yet, they often go poor and hungry.

Eighty per cent of the world’s poorest live in the rural areas of developing countries and the three billion rural people of the world are already affected by climate change and extreme weather events, IFAD stated in the statement.

Lario added: “Developing nations need far more access to highly concessional financing. Multilateral organisations must optimise their balance sheets, provide better financing on more favourable terms and have the right instruments to support emerging challenges.

“Developed countries must also ambitiously replenish multilaterals so that they can effectively deliver development results, reduce hunger and poverty and build resilience within country programmes.”

Lario observed that, “When fully replenished, institutions like IFAD can leverage significant additional financing to really make a difference in rural areas.

“The private sector has a responsibility and critical role to play in development and climate action. We need to develop the financial instruments and create the right regulatory and policy environment that reduce risks and incentivise the private sector to invest.”

at the open field of St Peters Grammar School Agenebode, while the interment was later held at his residence.

In his homily, the Bishop of Auchi Diocese, His Lordship, Most Rev. Gabriel Dunia, described the late Dokpesi as humility personified as displayed by one of the thieves that was crucified

with Jesus Christ, who pleaded that he be remembered in paradise while the other was castigating him. He said Dokpesi was also given to charity in his life time. "As the saying goes, charity covers a multitude of sin. He represented charity, he repented and came back to represent with

his creator. We must return to God; we must use this occasion whoever we are to return to God. We must continue his charity work because the dead can no longer do charity because he said that even in his death, he will continue to do charity through his media."

In his remarks, Shaibu said

the late Dokpesi was a fearless politician who was not afraid to "speak truth to power".

"Today in Nigeria and the African continent, you cannot talk of the media without mentioning Dokpesi.

"In the political space, he was a very bold, fearless and courageous person."

Lagos Ranked World's Fourth Least Liveable City

Vienna rated best city

Ndubuisi Francis in Abuja

Lagos, Nigeria's commercial nerve-centre has been ranked the fourth least city to live in the world, according to findings in the Global Liveability Index 2023 released yesterday by the Economic Intelligence Unit (EIU).

In the survey, the EIU, a sister organisation of The Economist, ranked 173 cities around the world on a number of significant factors, including health care, education, stability, infrastructure and environment.

Lagos was ranked fourth (170), Algiers, capital of Algeria (171) in third place; Tripoli, the Libyan capital was on the 172nd spot and the second least liveable city in the world, while Damascus, Syria was the worst liveable city globally.

The report observed that even at the bottom of the rankings, cities such as Lagos (Nigeria) and Algiers (Algeria) had gained ground, with some improvements in their healthcare and education systems.

It underscored the fact that both are in countries that are energy exporters and have to some extent benefited from higher global oil and gas prices.

"Although corruption continues to be an issue, some additional public funding has been made available for infrastructure and public services, which have also benefited from the decline in Covid cases.

"However, war-ravaged Damascus (Syria), the lowest-ranked city in our survey, has seen no improvement in its liveability scores despite the regional political comeback of its president, Bashar al-Assad," the report said. For the second consecutive year, the Austrian capital, Vienna, nicknamed the “city of dreams,” clinched the title of world’s most liveable city, based on a wide range of indicators.

Vienna topped the rankings for 2023, owing to its winning combination of stability, good culture and entertainment, reliable infrastructure, and exemplary education and health services.

It has occupied this position regularly over the past several years, with only the covid-19 pandemic causing the city to slip off the top spot last year

Vienna was closely followed by Copenhagen (Denmark), and two Australian cities of Sydney and

Melbourne, both of which claimed the third and fourth spots, after a particularly infectious COVID-19 strain saw them tumble down the index last year.

Vancouver, Canada; Zurich, Switzerland; Calgary, Canada; Geneva, Switzerland; Toronto, Canada; and Osaka, Japan are ranked 5th, 6th, 7th, 8th, 9th and 10th respectively.

The rankings indicated that three Canadian cities made it to the top ten most liveable cities in the world.

Significantly, although Europe had a strong showing at the top of the list, European destinations also dominated the list of cities that suffered the biggest drops down the rankings this year.

The UK capital, London and Sweden’s capital, Stockholm both found themselves falling down the rankings, with the former dropping 12 places to 46th and the latter dropping 22 spots to 43rd position.

And after entering the liveability survey for the first time in 2022 on the 35th spot, Scotland’s capital Edinburgh fell to 58th place this year.

“None of these cities has seen a particularly sharp decline in their index scores, but they have

failed to make the gains that many other cities – particularly those in Asia – have made in the past year,” reads the report.

The average index score across 172 cities (eliminating Kyiv in Ukraine) has now reached 76.2 out of 100, the highest score in 15 years.

According to the report, health care scores have improved the most, while those for education, culture and entertainment, and infrastructure are also higher.

EIU’s Liveabiity Index has risen significantly in the 2023 survey, reaching a 15-year high as the world moves on from the COVID19 pandemic and healthcare and education scores improve in many cities in Asia and the Middle East and Africa. However, scores for stability have slipped backwards since last year, amid several instances of civil unrest around the world.

Western European cities slipped down the rankings in the 2023 survey, as increased instances of workers’ strikes and civil unrest have hurt their stability ratings, thereby failing to match gains made by cities in Asia and the Middle East.

Obaseki Hails Ruth Benson-Idahosa on US Award for Campaign against Human Trafficking

Edo State Governor, Mr. Godwin Obaseki, has applauded the founder of Pathfinders Justice Initiative (PJI) and Hub of Economic Resources for Survivors Africa (HERS), Ruth Evon Benson-Idahosa, on the award of the ‘2023 Trafficking in Persons (TIP) Heroes’ she received from the United States Government.

In a statement, the governor hailed the courageous and impactful work of Benson-Idahosa, applauding her resolve, resilience,

and dedication to advancing the campaign against sex trafficking in Nigeria.

According to him, “I congratulate you, Ruth Evon Benson-Idahosa, on the recognition by the United States Government for your immense work in deepening the fight against sex trafficking in Nigeria.

“I salute your concerted work through the Pathfinders Justice Initiative and Hub of Economic Resources for Survivors Africa

(HERS Africa) in contributing to the global charge to end sex trafficking. This includes the provision of protection and prevention services to more than 3,000 women and girls.

“We are proud of the excellent work you have done and celebrate your hard work and determination in ensuring a better life for young people across the world.

“Your effort aligns with our concerted work in Edo State to address the menace of human

trafficking and irregular migration in collaboration with national and international development bodies. This campaign has yielded immense impact and we are indeed elated that you are contributing to this all-important work.”

He noted that Benson-Idahosa would serve as a role model to youths in Edo State and would continue to advance the state’s government’s campaign against human trafficking.

L-R: Head, Africa and Middle East of Embraer, Brazilian Aircraft Manufacturers, Stephan Hannemann; President and Group CEO of the company, Francisco Gomes Neto; Chairman and Chief Executive Officer of United Nigeria Airlines Company Limited, Prof. Obiora Okonkwo, and Francisco Moraes of Embraer at a business luncheon for the United Nigeria Airlines delegation at the ongoing Paris Air Show in France

DAUGHTER BAGS A DEGREE...

Curse of Titanic Resonates as Titan Submersible Implodes, Killing All Five on Board

Chiemelie Ezeobi

About a century after the historic Titanic submerged and drowned hundreds of passengers, all five explorers inside the Titan Submersible owned by Ocean Gate Expeditions, who went on an exclusive exploration of the wreckage of sunken vessel which is 900 nautical miles east of Cape Cod, Massachusetts, have died.

RMS Titanic was a British passenger liner, operated by the White Star Line, which sank in the North Atlantic Ocean on April 15, 1912, after striking an iceberg during her maiden voyage from Southampton, England, to New York City, United States and of the estimated 2,224 passengers and crew aboard, more than 1,500 died.

It was the wreckage the five explorers wanted a first-hand sight off that led to their tragic death, triggering the "curse' of the Titanic.

Like all submersibles, the Titan required a mother ship that could launch and recover it, but in this case the support ship, which was above the launch area, lost all forms of communication as the GPS and radio did not work that far underwater.

Initially, the Coast Guard said a remotely operated vehicle had discovered a portion of the Titan roughly 1,600 feet from the bow of the Titanic wreck on the sea floor.

But in a statement released by the company yesterday, Ocean Gate revealed that, "the passengers aboard the Titan submersible have sadly been lost."

The submersible had begun on the voyage on June 18, 2023, with the CEO of Ocean Gate, Stockton Rush; and four others including billionaire Pakistani businessman, Shahzada Dawood and son Suleman Dawood; British Billionaire and owner of Action Aviation, Hamish Harding and French dive expert, Paul Henry Nargeolet.

Hours after it begun its downward journey to view the historic Titanic at the Ocean bed, the submersible, which was latched from outside, was declared missing.

It went missing in a remote area of the North Atlantic and it had a four-day oxygen supply for all five onboard.

As the days went on, the search became more frantic as the worry was that the oxygen supply would have been depleting.

But the news of their death following the catastrophic implosion brought the intensive search for the submersible to a grim end.

Also reacting, the Coast Guard said the debris found at the seafloor was consistent with a catastrophic implosion of the vessel.

Rear Admiral John Mauger of the First Coast Guard District said: "Debris found during the search

for the vessel is consistent with a catastrophic implosion of the vessel.

“The outpouring of support in this highly complex search operation has been great appreciated. Our most heartfelt condolences go out

to the friends and loved ones of the crew."

According to OceanGate, the Titan was a manned submersible capable of carrying up to five people to depths of 4,000 meters for site

survey and inspection, research and data collection, film and media production, and deep sea testing of hardware and software.

They had opined that once the depth validation was complete, the

Titan would be the only privately owned submersible in the world capable of diving to 4,000 meters as its operational depth would allow access to up to half of the world's oceans.

God Made My Appointment Possible, Says New Air Force Chief

The new Chief of Air Staff, Air Vice Marshal Hassan Abubakar, yesterday, declared that his appointment was an act of God, even as he pledging to tackle threats to national security and reinvigorate the fight against insurgency.

An elated Abubakar also thanked his predecessor, whom he described as "one of foremost leaders produced by the Nigerian Air Fore" for his mentorship.

At the same time, the former Air Force Chief, Air Marshal Oladayo Amao, was also full of praises to God for his rise to the pinnacle of his career, saying it was an honour to serve his country.

The new Airforce chief, who spoke after he received the mantle

of leadership and insignia of office from his predecessor in Abuja asserted that his administration was committed to moving the force to a higher pedestal.

"I thank the Almighty God for my appointment as the 22nd Chief of Air Staff. I thank my predecessor for his mentorship. He is one the foremost leaders produced by the Nigerian Air Force. I congratulate you on your distinguished career in the Nigerian Air Force. I assure you that we will move Nigerian Air Force to a higher pedestal as you have mentored us," he said.

Thanking President Bola Tinubu for his appointment, he said, "I restate our commitment to reinvigorate the fight against

insurgency and other criminalities bedeviling our country," and commended branch chiefs and other senior officers currently disengaging from the service.

"Your contributions are highly appreciated. We will always tap on your experience. We will always rise against any threat to Nigeria to carry out diligently all national security imperatives," he said.

Amao, on his part, said his successor contributed immensely to his success in office.

"I Thank God for my rise to air chief. It's an honour to serve my country in such capacity. I congratulate the new air chief on his new role as 22nd Chief of Air Staff. He contributed immensely to the success of my administration.

He helped to improve the safety standards of the air force," he said.

Also thanking the personnel for their support that led to the success of his administration, he said, "Our capacity for air power projection has improved significantly. We now conduct night operations," he said and urged him to improve on and surpass his legacy.

He noted that the air force under his watch embarked on procurement of many platforms.

"Most of the senior officers and branch chiefs exiting the service contributed significantly to the success of my administration. I urge personnel to accord same support to him, pray for him for a successful tenure," he said.

Nigeria Records 7% Progress in Epidemic Control Preparedness

Onyebuchi Ezigbo in Abuja

The Nigeria Centre for Disease Control (NCDC) yesterday, disclosed that the country has recorded an increase of seven per cent in disease epidemic control readiness.

A statement by the NCDC, stated that the result came from country-led 2019 mid-term National Joint External Evaluation (JEE) of the health sector.

It stated that the score represented a significant progress compared to the baseline study conducted in 2017.

The Centre reiterated the country's commitment to prioritisation of global and national health security by conducting the National Joint

External Evaluation (JEE)

It added: "Consequent to these, a country-led 2019 mid-term JEE showed some progress; a seven per cent increase in readiness scores compared to the baseline in 2017.

“This success is a testament to the government's commitment, partners support and the usefulness of the NAPHS in improving Nigeria's capacity to handle public health emergencies.

“The adoption of the IHR and the investments made was instrumental in the national responses to diseases of pandemic significance like Ebola in 2014, Mpox in 2017, and the novel SARS-COV2 (COVID-19) in 2019.”

It said Nigeria has voluntarily requested to participate in another

JEE in line with IHR requirements using the new/revised JEE 3.0 tool.

It said the JEE 3.0 compared to the previously used JEE 2.0 incorporated lessons from the COVID-19 pandemic. According to the NCDC, COVID-19 pandemic exposed gaps in health equity globally, adding that the third edition will enable more constructive conversations around issues of health equity and its intersection with other relevant capacities.

"The JEE 3.0 evaluation will help measure Nigeria’s progress in addressing previous recommendations and identify new areas for improvement considering evolving national and global health threats,” it added.

The centre stated that as part of preparation for the national JEE by external evaluators, the country had outlined activities with a given timeline.

"This evaluation process is of utmost importance as it will help us assess and strengthen Nigeria's health security capabilities through a multi-sectoral collaboration for a comprehensive and accurate evaluation of our health security systems.

“This will ensure we identify gaps, develop effective strategies, and implement necessary measures to safeguard the health of our nation," it said.

Nigeria signed the IHR (2005) including the commitments under the provisions of the IHR Monitoring and Evaluation

Framework for mandatory annual reports of compliance through the States Parties Annual Reporting tool and the voluntary Joint External Evaluations (JEE) that assesses country-specific status and progress in developing the required capacity to prevent, detect and rapidly respond to public health threats.

Nigeria had a baseline JEE in 2017 that thoroughly assessed the country's public health security system using a multi-sectoral approach that involved external and internal teams of experts working with country teams.

The JEE results revealed strengths and weaknesses in the country's preparedness and response capabilities towards public health emergencies and

recommendations were offered.

The National Action Plan for Health Security (NAPHS) 2018-2022 was collaboratively developed to address identified gaps and in response to recommendations following the 2017 JEE. This five-year multi-sectoral NAPHS plan involved over 15 Ministries, Departments, and Agencies (MDAs). It integrated various work plans to address the gaps identified by the JEE and performance of Veterinary services assessments conducted in 2010. Since implementing NAPHS, there has been significant investment by the federal government of Nigeria to enhance public health preparedness and response capacities.

Pledges to tackle threats to national security, appreciates predecessor for mentorship Amao: It was an honour to serve my country

MAGNUS ONYIBE'S

L-R: Mr Magnus Onyibe, his daughter, Ebubechukwu; her older sister Sopuluchukwu, a Software engineer in Canada and his wife Helen at the graduation ceremony of University of California, class of 2023 where Ebubechukwu bagged a Bachelor's degree in Political Science and International Affairs on Wednesday

GLAD TO MEET YOU...

Atiku, PDP Presents Forensic Report on BVAS at Tribunal

The Peoples Democratic Party (PDP) and its presidential candidate, Atiku Abubakar, yesterday, called a digital forensic expert to testify in aid of its petition against the president, Bola Tinubu.

The PDP and Atiku were protesting the declaration of Tinubu as the president by the Independent National Electoral Commission at the Presidential Elections Petition Court.

During the resumed hearing of their petition, the 26th witness in the petition, led in evidence

by the petitioners’ counsel, Chris Uche, SAN, submitted a report of his investigation carried out on the Bimodal Voter Accreditation System.

The report was subsequently admitted as evidence and marked as exhibits despite objections by the respondents in the matter.

Okocha to Wike: Come over to APC and Lead Us

Blessing Ibunge in Port Harcourt

Worried about their position in the Bola Tinubu-led government, an All Progressives Congress (APC) chieftain in Rivers State, Mr Tony Okocha, has begged a former governorof the state, Mr Nyesom Wike, to cross over to the party and head the party leadership.

Okocha said the reason was that the APC in Rivers State needed a strong leadership and expressed belief that the former governor has the pedigree to lead the party in the state.

The APC chieftain, who is a former Local Organising Committee Chairman, Tinubu Presidential Campaign Rally in RIvers State, made the call yesterday, during a meeting with members of the party,

in Port Harcourt.

He said the Peoples Democratic Party (PDP) did not know the quality they have in Wike,and therefore wished that the former governor defected to APC, expressing appreciation in Wike’s role in the emergence of the Tinubu government.

"We won the election because Rivers State is one of the states in Nigeria that delivered Tinubu outright, and in the whole of South-south and South-East, it is only in Rivers State that Tinubu won outright.

"So we have a right of entitlement and our demand is that our right should be handed to Chief Nyesom Ezenwo Wike. We say so because we are confident that as soon as it gets to him he knows who worked for Tinubu and it will get to us. It

INEC Begins Review of 2023 General

Adedayo Akinwale in Abuja

The Independent National Electoral Commission (INEC) has disclosed that it would commence a review of the 2023 elections in July.

INEC National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, in a statement yesterday said the review would commence with a meeting of the Resident Electoral Commissioners (RECs) on 4th July 2023 and end with the Commission's retreat on 5th August 2023.

He added that a detailed schedule of activities and timelines would be released immediately after the meeting with RECs on 4th July 2023, adding that the review would involve the Commission's officials at national and state levels as well as stakeholders with a view to learning lessons and charting the way forward

"The Commission held its regular meeting today, Thursday 22nd June 2023, and resolved to conduct a post-election review of the 2023 general election in line with its practice over the years. The Commission has been holding these review meetings after every general election since 2011.

Election July

"The review will commence with a meeting of the Resident Electoral Commissioners (RECs) on 4th July 2023 and end with the Commission's retreat on 5th August 2023.

"At State level, the internal review will involve the Commission's regular and ad hoc staff, including RECs, the 774 Electoral Officers, Heads of Departments, Administrative Secretaries as well as some Presiding Officers and Collation/Returning Officers," Okoye noted.

According to him, external engagement would involve critical stakeholders such as political parties, security agencies, election observers, the media and service providers such as transporters that facilitated the movement of personnel and materials for the election.

He explained that the review would focus on all aspects of the electoral activities before, during and after the elections.

Okoye stressed that the Commission welcomed actionable recommendations from stakeholders towards strengthening institutional capacity for the discharge of its responsibilities and the enhancement of processes and procedures.

is only natural that that is how it will go.

"Suffices again to say that as a party, forward looking, there will be elections in the next couple of months or yet there will be another election in Nigeria, APC is not at the verge of breaking into extinction in Nigeria. But truly, APC in Rivers state is hemorrhaging.

"It does appear to us that the leadership of the PDP in Nigeria does not appreciate the influence, the pedigree that is embedded in Wike. So we are asking and calling on Wike to come over to APC and lead us."

Thereafter, the petitioners tendered a certificate of compliance to indicate that the report has complied with the Evidence Act.

The expert witness, Hitler Nwala, asserted that his findings showed that the election results of the Federal Capital Territory during the presidential elections were deliberately deleted from the BVAS machine.

The witness told the court that, he worked on 110 BVAS machines which formed the primary source of information for his forensic report, and that the machines inspected were only those from the FCT.

He, however, said he didn’t know at what point the results were deleted on the machines.

Under cross-examination by counsel to INEC, Abubakar Mahmoud, SAN, the witness said he attached a standard device to the BVAS machine to carry out his investigation.

But INEC challenged his allegation, insisting that because he

did not inspect all the machines, his claim was wrong but the witness maintained his stance.

The senior counsel further asked the witness if he was aware that inspecting only 110 machines out of 3,163 that were deployed in the FCT amounted to only 3.4 per cent of the total number of BVAS deployed in the FCT and 0.06 per cent of BVAS deployed nationwide.

Mahmoud presented to the court, for demonstration, a BVAS machine which he asked the witness to access and show proof that the data was deleted.

The witness said it was professionally wrong for him to access the machine directly, noting: “We don’t access the source of evidence directly. We extract the evidence and access it from another source.

“If we access it now, the content will change and will tamper with the evidence. It is professionally wrong to tamper with evidence that will be relied upon in a court

of law.”

Yet, INEC insisted the BVAS must be inspected in court. But the chairman of the five-man panel, Justice Haruna Tsammani, informed the counsel that the allotted time for conducting his cross-examination had elapsed. Meanwhile, counsel to Tinubu, Wole Olanipekun, SAN, pointed out disparities in the forensic report concerning the number of machines inspected by the witness, and hinted that the report could equally be riddled with errors. But the witness told the court that the differences dictated in the numbers were typographical errors. After the witness was discharged, the petitioners went further to tender Forms EC8A series from 20 local government areas of Ogun, 17 local government areas of Ondo, 27 local government areas of Jigawa, and 20 local government areas of Rivers. It was after this that Justice Tsammani adjourned the hearing of the petition to today.

DSS: Criminals May Attack Worship Places, Recreational Centers at Sallah

Security forces arrest suspects in Nasarawa, Kogi, uncover 22 primed IEDs

The Department of State Security (DSS), yesterday, raised the alarm over plot by criminal elements to attack worship places and recreational centers ahead of the Muslim Eid celebrations next week.

This followed the discovery of 22 primed Improvised Explosive Devices (IED) and 486 rounds of 7.62 x39mm calibre ammunition in Nasarawa and Kogi States.

A statement signed by the DSS spokesman, Dr Peter Afunanya, said a joint security team comprising the Department of State Services (DSS), Nigerian Army and

TINUBU

Police carried out operations in Nasarawa and Kogi States.

The statement stated that the first operation was conducted on June 19 along the AbujaKeffi Expressway in Keffi LGA of Nasarawa State, where the team apprehended Abubakar Muhammad (aka Abu Direba), a suspected gunrunner.

During the operation, the team seized 486 rounds of 7.62 x39mm calibre ammunition and 22 primed IEDs.

In another joint operation, also on Thursday, a security team raided

the hideout of Kabir Bala (aka Okwo), one time jail breaker and notorious gang leader in Ejule, Ofu LGA of Kogi State.

Okwo and his gang members engaged the troops in a gun duel during which he was neutralised. Others, however, fled the area. Items recovered at the scene were one AK47 rifle with three (3) fully loaded magazines, six (6) locally fabricated weapons, two (2) phones and charms.

"The DSS calls for vigilance prior to the Eid celebrations more so that reports had indicated plans

to attack worship and recreational centres before and during the festivities. This is evident in the recovery of primed IEDs among the suspected terrorists.

"Operators and patrons of public places including markets, malls etcetera are advised to be watchful and report any suspicious movements and persons to the relevant security agencies.

"Accordingly, the service will continue to partner sister agencies for necessary proactive drills to frustrate criminals and their activities," it said.

IN PARIS: IGNORING NIGERIA WILL BE PERILOUS TO THE UNIVERSE

reality of the country as one with one of the highest proportions of non-immunised infants in the world over the last decade.”

Shettima stressed that the federal government was “committed to eradicating variant poliovirus by the end of the year ensuring that every Nigerian child is covered in the routine immunisation campaigns.”

On the issue of production of vaccines for immunisation of children, he assured them that, “We are going to work together to ensure that these vaccines are made available even to zero-dose

children, of which ours, at 2 million, are the highest in the world after India.”

He then expressed the appreciation of the federal government to partners like Alhaji Aliko Dangote’s Foundation and Bill Gates’, whose empathy shone through that uncertain period in history.

Earlier at the interactive session, Gates disclosed that his foundation had the intention to commit $7 billion to Africa in the next four years; to support routine immunization in Nigeria, and the Global Polio Eradication Initiative in Northern

Nigeria.

Dangote also stated that Gates and himself had been partnering both the federal and state governments for several years, supporting the efforts in eradicating polio and improving routine immunisation, nutrition and primary healthcare in the country.

“We genuinely believe that the National Economic Council and the decisions that you will make over the next four years will determine whether Nigeria has sound economic growth, keep its citizens happy and achieving the

sustainable development goals,” he added.

In separate remarks, Chairman of Nigeria Governors’ Forum, Alhaji Abdulraman Abdulrazaq and some governors, who spoke at the parley lauded the philanthropic interventions of the Dangote and Bill & Melinda Gates Foundations in critical areas, including healthcare, education, agriculture and human capital development.

The governors expressed their readiness to further collaborate with the Dangote and Gates Foundation in the coming years.

Executive Vice President, Afreximbank, Mrs. Kanayo Awani (left) and Executive Vice Chairman/CEO, Proton Energy, Mr. Oti Ikomi, on the sidelines of the just concluded Afreximbank's 30th Anniversary Meetings in Accra, Ghana... Wednesday

Chuks Okocha and Alex Enumah in Abuja

TRADE EXPANSION ON THEIR MINDS…

L-R: President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, and Director-General, World Trade Organization (WTO), after a consultation meeting on partnership to promote trade and private sector expansion, at the sidelines of the World Chambers Congress in Geneva, Switzerland...recently

Former FCT Minister of State Refuses to Relinquish Official Car

Olawale Ajimotokan in Abuja

Nearly a month after the inauguration of a new administration, the former the Minister of State for the Federal Capital Territory (FCT), Dr. Ramatu Tijjani Aliyu, has blatantly refused to return the official car attached to her.

THISDAY gathered yesterday that the development is already causing anxiety at the Federal Capital Territory

Administration(FCTA) given that the SUV Prado Jeep in question is valued at about N200 million.

Some senior FCTA management officials questioned the action of the former minister, noting that her constitutional privileges had elapsed with the expiration of the Buhari administration.

They also voiced displeasure that two of her key aides, the Special Assistant on Special

Police Inspector Jailed 22 Years for Impregnating Own Daughter

Laleye

A Minna Senior magistrate court in Niger state has sentenced a Police Inspector Gbenga Fajuyi to 22years in the Correctional Centre for Impregnating his 13-year-old daughter.

Fajuyi was said to have been having carnal knowledge of his biological daughter from when she was 12 years of age until she became pregnant at 13 years.

He was arraigned before Senior Magistrate Christy Barau on a three count charge of unlawful sexual intercourse, incest, impregnating a female student, and criminal intimidation contrary to section 18 (2) of the Niger State Child Right Law 2010, Section 390 25 (3), and 397 B of the penal code.

Fajuyi pleaded guilty to the charges brought against him but the court ignored his plea and asked for full trial of the convict.

Security Expert, Ejiofor, Denies Attacking Peter Obi

Alex Enumah inAbuja

A security expert and a former Director of the Department of State Service (DSS), Mr. Mike Ejiofor, has denied comments credited to him against the Presidential Candidate of the Labour Party (LP), Mr. Peter Obi.

According to an online publication, the Opera News, the former DSS director made disparaging remarks against the LP’s candidate in respect of his presidential ambition.

The online news medium in its

report titled: ‘Obi is Going Nowhere As Far As God Lives, If Igbos Want A Representative, It’s Not Peter Obi – Mike Ejiofor,’ also accused Ejiofor of commending President Bola Tinubu for playing a paternal role in his appointments. The medium further alleged that Ejiofor had said that despite receiving fewer votes from the South-east geo-political zone of Nigeria in the recent presidential election, Tinubu had acted as a father figure for the nation by addressing the grievances of the South Easterners.

Chrisland Varsity Holds Maiden Inaugural Lecture July 5

James Sowole in Abeokuta

The maiden inaugural lecture of Chrisland University, Abeokuta, Ogun State, will hold on Wednesday, July 5, 2023 at 11:00am.

The lecture, according to a statement by the Registrar of the institution, Mr. S.B Omotoso, would be delivered by a Professor of Political Science and International Relations, Babafemi Badejo and would be held at the University’s Auditorium, Ajebo Road, Abeokuta.

The registrar said the inaugural lecture is part of university’s

Investment Programme (SIP), Mrs Chinwe Amba and the Special Assistant on Climate Change, Fache Rekyat Ahuoza are still occupying their former office spaces illegally.

Amba is said to have come from the private sector while Ahuoza is a staff on secondment from Development Control Department under Abuja Metropolitan Management

Council (AMMC) of FCTA.

The argument is the two aides ought to have gone back to their parent organisations after serving out their appointments.

FCTA officials, who spoke under anonymity, wondered why the ex-minister was still in possession of the government’s car after the end of her ministerial tenure.

Kogi Security Joint Task Force Neutralises Notorious Gang Leader

Ibrahim Oyewale in Lokoja

The Kogi State Security Joint Task Force has killed a notorious criminal gang leader, Kabir Bala during a gun duel with the security operatives at Ejule in Ofu Local government area of

Kogi State.

The State Commissioner of Police (CP), Akeem .A .Yusuf disclosed this while briefing the newsmen at Police Command Headquarters in Lokoja yesterday. According to him, Bala was an unrepentant criminal, who

was once granted pardon by the state government.

Yusuf explained that at about 4.30 am hours on Thursday at Ejule,Kabiru Bala and his gang members on sighting Joint Security team opened fire on them and started shooting

sporadically.

He added that the security operative team engaged the hoodlums, stressing that the said Kabiru Bala (AKA Okwo) was neutralised in the process while other gang members escaped injuries.

CSOs Kick against Senate Bill Seeking to Regulate Christianity

Rebecca Ejifoma

Nineteen Civil Society Organisations (CSOs) have kicked against the bill seeking to regulate and set standards for the practice of Christianity in Nigeria for lack of merits.

The coalition of CSOs rose

against the bill at a multistakeholder press conference in Lagos.

It should be recalled that Senator Binos Yaroe, representing Adamawa South Senatorial District, sponsored the bill that has passed the second reading.

The bill stated that the

national centre for Christian education would resolve the country’s “inappropriate practice” of religion that has been creating issues in the country.

A human rights lawyer and representative of the CSOs, Mr. Sonnie Ekwowusi, condemned

the bill. Ekwowusi added that the lawmakers ought to set up a bill to secure the lives and properties of Nigerians. He also argued that the bill striped Nigerians of their fundamental human rights and contradicts democracy.

Tribunal Dismisses Adebutu’s Move to Stop Abiodun’s Prayers on Vote Buying

James Sowole in Abeokuta

The Election Petition Tribunal (EPT) sitting in Abeokuta, Ogun State, yesterday dismissed the application of the Peoples’ Democratic Party (PDP) and its candidate seeking to strike

out Governor Dapo Abiodun’s prayers establishing vote buying allegations against them. Abiodun had made a strong allegation of electoral fraud against the PDP and Adebutu, in the March 18, 2023, governorship election

in the state in his reply to the petition of Adebutu.

The tribunal unanimously admitted the portion of Abiodun’s response to the petition, which specifically indicated the degree and effects of electoral fraud allegedly

committed by Adebutu and the PDP. Adebutu and PDP had argued that their petition did not include allegations of vote buying and so the governor’s defence should not also have included such allegations.

UNICEF to Provide Technical Support for State to Reduce Infant Mortality

Onuminya Innocent in Sokoto

The United Nations International Children’s Emergency Fund (UNICEF) has said that it would provide technical support to Sokoto State Government to enable it to reduce infant mortality rate across the 23 local

government areas in the state. The UNICEF Representative in Nigeria, Ms. Cristian Munduate, stated this when she led a high power delegation on an advocate visit to Governor Ahmed Aliyu at Government House Sokoto.

Munduate explained that

UNICEF is ready to work with Sokoto State in the area of health service delivery, water, sanitation and hygiene.

She disclosed that things were not the same like 10 years back but stressed that more is needed to be done to improve the living standard of women

and children in the state. Governor Aliyu said that his government would inaugurate a committee to work with UNICEF in addressing challenges facing the state in the thematic areas of nutrition, education, health, WASH, child protection and social policy.

Ex-Militants Group Knocks Leader for Calling for Sack of NNPCL Boss

culture, where a teaching staff who is appointed or promoted to the professorial grade is required to deliver a lecture in order to announce his/her appointment.

He said the maiden lecture is titled “Interest”.

Omotoso said: “ Inaugural lecture is one of the legacies of the global university traditions and it is an opportunity for newly-promoted or appointed Professors to inform colleagues in the university and the general public about their research careers so far and update them on their current and future research directions.

Olusegun Samuel in Yenagoa Ex-militants leaders under the banner of 21st Century Youths of Niger Delta and Agitators with Conscience (21st CYNDAC), has condemned in strong terms, what they described as “malicious and shameful” press statement that

called for the sack of the Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, by an Ex-militant Leader, Mr. Sobomabo Jackrich (aka Egberipapa). The ex-militants leader who frowned at the statement said that the NNPCL boss deserved

decoration for his performance within the short period he has spent at the helms of affairs in the company.

A statement signed by its Coordinator, Mr. Izon Ebi, said that they expected traders of bad news like Egberipapa to advocate for competent Niger Delta sons and daughters in

this government rather than portraying the region in a bad light.

The 21st CYNDAC described Kyari as a trailblazer and a perfect gentleman following his wonderful performance within the short period of time in charge of the NNPCL.

Coca-Cola, Partners Pledge to Promote Sustainable Ecosystems

Sophia Adeyemi and Blessing Akinsanmi

The Coca-Cola System in Nigeria, comprising Coca-Cola Nigeria, CHI Limited and Nigerian Bottling Company, has reiterated its commitment towards promoting

sustainable ecosystems and ocean preservation through its Annual System Beach Clean-up exercise in furtherance of its World Without Waste vision.

Through this vision, the company is investing in the planet and in its packaging with a goal to collect and

recycle a bottle or can for everyone it sells globally– regardless of where it comes from by 2030.

Consequently, every year, The Coca-Cola System in Nigeria pulls together likeminded partners for a beach clean-up drive focused on eliminating plastic waste debris

from beaches, ultimately preserving shorelines of coastal communities. This year, in partnership with the Mental and Environmental Development Initiative for Children (MEDIC), Coca-Cola hosted residents and partner another impactful exercise at Elegushi Beach, Lagos.

DipoinMinna

NCC Moves against Telecoms- linked Financial Crimes

Emma Okonji

The Nigerian Communications Commission (NCC) has called on telecoms operators to come up with measures that would curb rising financial crimes linked to telecoms networks.

The NCC made the call in Lagos, yesterday, during the Second Quarter Industry Consumer Advisory Forum (ICAF), where it urged the operators to improve on the security architecture of their networks to block unwarranted access.

According to the NCC, on daily

basis, Nigerians were losing their hard-earned money to fraudsters, who were taking advantage of the vulnerabilities on their platforms to defraud them.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, said electronic fraud encompassed a wide range of malicious activities carried out via electronic means, including identity theft, phishing, hacking, and unauthorised access to personal and financial information, with the intention to defraud or take advantage of victims. He said the criminal activities might not only cause significant financial

WORLD OF ISLAM

Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com

losses, but also erode consumer trust in the digital ecosystem.

He urged the telecoms operators to upgrade and equip their networks with tools that would make them robust and secure from criminal attacks because of consumers.

According to him, an unsecured network puts the personal data of Nigerians at risk.

The NCC Director, Consumer Affairs Bureau, Alkasim Abubakar Umar, said in recent years, the growth of the telecoms sector in Nigeria had been remarkable with increasing access to mobile phones and Internet connectivity.

Brain Drain: Pharmacist Charges

Tinubu to Revamp Health Sector

KuniTyessi inAbuja

In the face of exodus of health workers from Nigeria, President Bola Tinubu has been charged to take drastic measures to end the dangerous trend in the health sector in Nigeria.

The Chief Executive Officer of Vastovers Group, manufacturers of pharmaceutical products, Vast Emordi, made the call yesterday in Abuja at the sidelines to mark World Food Day and Drugs for the needy, arguing that food and drugs should be provided by either the government or rich Nigerians to make life easy for the poor.

He added that quick intervention in revamping deplorable health care centres and calculated intervention in welfare, drug provision scheme, as well as emergency services, would help to upgrade care and control the brain drai currently being experienced in Nigeria.

Emordi said in the new dispensation, there is a need for the president to beam his searchlight on the health sector, especially the Primary Health Care centres at the grassroots.

According to him, “I believe that the president will look strongly into the health sector and will bring in workable policies that will curb the menace of brain drain in the country. The statistics of Nigerian doctors that have left the shored of the country for greener pastures

CHANGE OF NAME

I formerly known and addressed as ABIGAIL FUNMILOLA OLUWOLE, now wish to be known and address as MRS ABIGAIL NSISONG JACOB. All former documents remain valid. The general public should please take note.

I formerly known and addressed as ESTHER ULUNMA KELECHI, now wish to be known and address as MRS ESTHER ULUNMA AMAEFULE. All former documents remain valid. The general public should please take note.

I formerly known and addressed as MATEMILOLA OLOLADE ADERINOLA, now wish to be known and address as BANJOKO OLOLADE ADERINOLA. All former documents remain valid. The general public should please take note.

I formerly known and addressed as ELEBEEJU BEAUTY HANAH, now wish to be known and address as ELEBIJU BEAUTY HANAH. All former documents remain valid. The general public should please take note.

I formerly known and addressed as NANA-AMA WINIFRED OPOKU, now wish to be known and address as NANA-AMA WINIFRED OPOKU OYESOLA. All former documents remain valid. The general public should please take note.

Eid-ul-Adha: A Legendary Celebration of Family

By: Wendy Díaz/SoundVision

When we think of Eid-ul-Adha, the first things that come to mind are the Hajj pilgrimage, udhiya (sacrifice), and the blessed first ten days of the month of Dhul Hijjah. Eid-ul-Adha is our much-awaited holiday after Ramadan and Eid-ul-Fitr. It is a festival commemorating everything about an important pillar of Islam - Hajj, the sacred pilgrimage to Makkah performed at least once in a lifetime by able bodied Muslims. But the historical foundations of Hajj are closely tied to a different kind of journey: parenting. The very rituals of the pilgrimage honor the sacrifices of both a father and a mother – namely Prophet Ibrahim (Abraham), peace be upon him, and his wife, Hajar, may Allah be pleased with her. However, the story’s deep connection to family begins even further back with a barren couple’s longing for a righteous child.

is alarming considering the ratio of doctors to patients. This only means that Nigeria needs them more, but due to unfriendly policies, the number of Nigerian doctors overseas had continued to rise.

“People at the grassroots bear

the brunt. Many of them cannot access healthcare, and where they get access, payment for services rendered becomes a problem.”

“I believe that the president would consider primary health care and drug provision at that level to keep our people alive.

Don Advocates Establishment of DVC for Research in Universities

Segun Awofadeji in Bauchi

The Vice Chancellor, Abubakar Tafawa Balewa University (ATBU), Bauchi, Bauchi State, Prof. Muhammad AbdulAzeez, has advocated for the establishment of Deputy Vice Chancellors (DVC) for Research and Development in Nigerian universities.

AbdulAzeez made the call yesterday in Bauchi during the second quarterly meeting of Committee of Directors of Research and Development of North-east Nigerian Public Universities.

According to him, “The establishment of the DVC Research and Development would not only be ideal but would further create awareness that the universities are competent for both research and teaching.

CHANGE OF NAME

I formerly known and addressed as MISS CATHERINE CHIDERA NWACHUKWU, now wish to be known and address as MRS CHIDERA CATHERINE BASSEY. All former documents remain valid. The general public should please take note.

I formerly known and addressed as PHARM. JOSEPHINE ATTA ITA, now wish to be known and address as PHARM. JOSEPHINE CHIGOZIE UZOIGWE. All former documents remain valid. The general public should please take note.

I formerly known and addressed as MISS JACOB CHRISTIANA, now wish to be known and address as MRS CHRISTIANA PAUL PEOPLE. All former documents remain valid. The general public should please take note.

I formerly known and addressed as BARINEM PATTA, now wish to be known and address as MRS. BARINEM JOSEPH. All former documents remain valid. The general public should please take note.

CORRECTION OF NAME

This is to notify the general public that my name was wrongly captured on my BVN as CHIGOZIE PRECIOUS EKWE instead of EKWEH CHIGOZIE EKPEREKA. And henceforth wish to be known and Addrssed as EKWEH CHIGOZIE EKPEREKA. All former documents remain valid. General public should please take note.

“When we talk about teaching, we have the Deputy Vice Chancellors for Academics, we also have Deputy Vice Chancellors for Administration, but there are no Deputy Vice Chancellors for Research.

“So I’m suggesting that the establishment of the Deputy Vice Chancellor for Research and Development would be an ideal move because it is very important, as it would create awareness that these universities are competent for both research and teaching.

“When you have a good research and development directorate in your university, you would find out that funding won’t be a problem because that directorate would attract more funds than even consultancy.

“When you have research, it’s for development, and when you have development, it brings in innovation. These are the principles behind setting up a university.

Kwara Gov Wants N’Assembly to Revisit Gender Inclusion in Constitution

Hammed Shittu

Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, has urged the National Assembly to revisit the proposed gender parity legislation for a more inclusive society.

Speaking at a seminar organised by the University of Ilorin chapter of the National Association of Political Science Students last Wednesday, the governor, however, promised to champion national advocacy for a constitutional amendment to deepen gender inclusion in Nigerian laws.

The event also witnessed the launching of Classic Magazine of the National Association of Political Science Students (NAPSS), University of Ilorin chapter

The governor, whose surprise attendance at the students’ event drew a standing ovation in the school, spoke on the theme: ‘Breaking Barriers to Women Participation in Politics and Governance in Nigeria: Kwara as a Case Study’.

The Ultimate Gift

The supplication of Prophet Ibrahim, peace be upon him, is mentioned in the Quran in Surah As-Saffat: “My Lord! Bless me with righteous offspring.” (Surah As-Saffat, 37:100)

Prophet Ibrahim, peace be upon him, and his wife, Sarah, were not able to conceive a child and this grieved them both. They were getting older, and Sarah understood the importance of an heir to continue the legacy of prophethood. She was a woman who loved her husband, but she placed the needs of the believers first. Eventually, Allah would bless Sarah with her own child, but before this, Prophet Ibrahim and Hajar had a baby boy. As any man who yearned to become a father, Ibrahim, was overjoyed. His son’s name was Ismail (Ishmael), peace be upon him, and he was destined to become a Prophet, too. But before that took place, he and his father would have to face many a grievous trial. Allah says in the Quran:

“So, We gave him good news of a forbearing son. Then when the boy reached the age to work with him, Ibrahim said, ‘O my dear son! I have seen in a dream that I ‘must’ sacrifice you. So, tell me what you think.’ He replied, ‘O my dear father! Do as you are commanded. Allah willing, you will find me steadfast.’” (Q37:101-102)

When both he and his son, Ismail, peace be upon them, submitted in obedience, Allah sent down a ram to be slaughtered instead. Thus, an integral part of the Eid-ul-Adha celebration is sacrificing livestock to honor the love of a father for his child and vice versa and also to honor their firm obedience to Allah.

One would think that a father would have doubts about carrying out such an act, even if he knew that it was for the sake of Allah. Shaytan tried to tempt Prophet Ibrahim, peace be upon him, as is understood and symbolized by one of the rituals of the Hajj pilgrimage – the stoning of the Jamarat.

Stoning the Jamarat, which represent the Shaytan, is one of the obligatory rituals of Hajj that has been documented in the Sunnah and agreed upon by scholars.

A Mother’s Courage

Parenting is a lifelong trial of ups and downs, and we know that Prophet Ibrahim’s, peace be upon him, tests with his children were plentiful. The incident of the sacrifice happened when Ismail was no more than 13 years old, however, prior to that, Prophet Ibrahim had been ordered to abandon Ismail when he was only an infant. Imagine praying for a baby for years, and when you finally have him in your arms, you are told that you must leave him and his mother in the middle of the desert. That is exactly what happened to Prophet Ibrahim.

Hajar, may Allah be pleased with her, displayed her bravery at that moment and placed her trust in Allah. Although she was a married woman, she had to face the life of a single mother. She found herself alone with a baby in the middle of nowhere and was forced to fend for herself. In the distance as he walked away from his wife and the only child he had ever known, Prophet Ibrahim, peace be upon him, prayed for them. Prophet Muhammad, peace and blessings be upon him, continued telling Hajar’s story: …..This is the source of the tradition of the walking of people between them (Safa and Marwa) during the Hajj…” (Bukhari)

Hajar, may Allah be pleased with her, eventually heard the voice of the Angel Jibril (Gabriel), peace be upon him, calling out to her. He dug the earth with his heel and water sprang forth. It was Hajar who built a basin around it to contain the water, and this is where the well of Zamzam was born. People began flocking to that area and settling there thanks to the well of Hajar. Pilgrims to Makkah to this day drink from this same blessed water that quenched the thirst of a nursing mother, the wife of Prophet Ibrahim and mother of Prophet Ismail – the ancestors of Prophet Muhammad, peace and blessings be upon them all. What a noble family!

Father and Son Working Together

Prophet Muhammad, peace and blessings be upon him, continued his narration of the story:

“Ibrahim stayed away from them for a period as long as Allah wished and called on them afterwards. He saw Ismail under a tree near Zamzam, sharpening his arrows. When he saw Ibrahim, he rose up to welcome him. Ibrahim said, ‘O Ismail! Allah has given me an order.’ Ismail said,

‘Do what your Lord has ordered you to do.’ Ibrahim asked, ‘Will you help me?’ Ismail said, ‘I will help you.’ Ibrahim said, Allah has ordered me to build a house here, ‘pointing to a hillock higher than the land surrounding it.’ Then they raised the foundations of the House (the Kabba). Ismail brought the stones and Ibrahim was building, and when the walls became high, Ismail brought this stone and put it for Ibrahim who stood over it and carried on building, while Ismail was handing him the stones, and both were saying, ‘O our Lord! Accept (this service) from us. Verily, You are the All-Hearing, the All-Knowing’ (recorded in Surah Al-Baqarah, 2:127). They circled the Kabba repeating the same.” (Bukhari) Prophet Ismail, peace be upon him, loved and respected his father even though he was raised until that point by his mother. It was Allah’s Will that he settles in Makkah, learn Arabic, and become a leader to prepare him to help Prophet Ibrahim, peace be upon him, later. The father and son duo had the honor of building the Kabba, as a House of worship for the sake of Allah. As they worked together, they prayed asking Allah to accept it and make it a means of blessings for future generations. Allah says in the Quran:

“And (remember) when Ibrahim raised the foundation of the House with Ismail, (both praying), ‘Our Lord! Accept this from us. You are indeed the All-Hearing, All-Knowing. Our Lord! Make us both (fully) submit to You and from our descendants a nation that will submit to you. Show us our rituals and turn to us in grace. You are truly the Accepter of Repentance, Most Merciful.’” (Surah Al-Baqarah, 2:127-128)

Indeed, Allah responded to their supplications and outlined the Hajj rituals in the Quran (especially in Surah Al Hajj, 26-38).

Hajj Rituals Tied to Family

We know that Eid-ul-Adha is our holiday and a time for celebration. The Prophet Muhammad, peace and blessings be upon him, said,

“The day of Arafat, the day of sacrifice, and the three following days of al-Tashriq are celebrations for the people of Islam. They are days of eating and drinking.” (Tirmidhi)

Many of us spend these days with our families and we celebrate those who were able to go on the annual pilgrimage to Makkah. But family has more to do with Eid-ul-Adha than just the people we are gathering with now.

Look at the following Hajj rituals and what they have to do with beautiful family bonds in the Quran:

Prophet Ibrahim, peace be upon him, left his wife, Hajar, and their son, Ismail. They settled there despite it being a barren desert. Then Allah blessed them with the well of Zamzam and Arabs who gathered and settled there. and son, peace be upon them – built the Kabba together. Allah orders them to proclaim the Hajj pilgrimage. – father and son, peace be upon them – circumambulate the Kabba after building it. Allah says in the Quran: “And We commanded Ibrahim and Ismail that they should purify My House (the Kabba at Makkah) for those who are circumambulating it, or staying (I‘tikaf), or bowing or prostrating themselves (there, in prayer).” (Surah Al-Baqarah, 2:125)

Zamzam: Hajar’s desperate search for water to quench her thirst and feed her infant nursling, Ismail, peace be upon him, when they were left in the valley of Makkah alone.

Prophet Adam, peace be upon him, reunited with his wife, Hawwa (Eve), the place where Ibrahim was to sacrifice his son, Ismail, peace be upon them, and where he stood to call the people to Hajj. It is also where the Prophet Muhammad, peace and blessings be upon him, gave his Last Sermon. Prophet Ibrahim’s fight against the temptations of Shaytan to disobey Allah regarding the sacrificing of his son, Ismail, peace be upon them.

Symbolizes the ram that took the place of Ismail when Prophet Ibrahim was commanded to sacrifice him, peace be upon them. This whole incident proved their sincerity in submitting to Allah alone despite their love for one another.

Leaving Behind a Legacy

When we think about the Prophets and Messengers of Allah, we do not always remember that before and during prophethood, many were also parents. Their stories included throughout the Quran are lessons for those of us who are caregivers. Likewise, the Sunnah is rich with examples of good parenting practices as demonstrated by the best of mankind, Prophet Muhammad, peace and blessings be upon him. Eid-ul-Adha is a celebration of his forefather, Prophet Ibrahim, peace be upon him, who was an exceptional prophet, leader, son, and father. It is also a salute to those great women, Sarah and Hajar, may Allah be pleased with them, who sacrificed their own comforts for the greater good. This family understood the importance of building for the future in the hopes of obtaining the pleasure of their Lord and the best recompense of Paradise in the Hereafter.

When we are celebrating this Eid together with our families, let us remember their legacy and say a prayer for them as they did for us.

Obaseki Hails Bendel Insurance FC Over Federation Cup Triumph

Adibe Emenyonu in Benin City

The Edo State Governor, Mr. Godwin Obaseki, has congratulated Bendel Insurance Football Club for winning the 2023 edition of the Federation Cup.

Bendel Insurance defeated Rangers International Football Club 1-0 to

PSG Step up Bid Osimhenfor

French giants, PSG, are set to take their first major step towards signing Super Eagles striker, Victor Osimhen, which could trigger a potential frenzy of transfer offers.

The prolific striker has captured the attention of numerous top European clubs in the last three months with Chelsea and Manchester United emerging as frontrunners due to Osimhen’s expressed admiration for the English Premier League.

However, according to soccernet. ng, PSG remain undeterred in their pursuit, particularly following the departure of Lionel Messi and the looming possibility of Kylian Mbappe joining Real Madrid this summer.

The Ligue 1 champions are considering substantially restructuring their attacking lineup, with Osimhen at the forefront of their plans.

And renowned transfer market expert Ekrem Konur has revealed that PSG are contemplating making an opening bid for the Nigerian sensation.

Despite this interest, recent reports indicate that Napoli, Osimhen’s current club, will entertain offers no less than their valuation of €180 million for the 24-year-old striker. Osimhen’s market value has skyrocketed, cementing his status as the most valuable player in the history of the Italian Serie A. The Nigerian hit the remarkable €120 million mark in the latest update by Transfermarkt.

This exponential increase in his stock can be attributed to his remarkable tally of 26 goals, which was pivotal in propelling Napoli to their first Scudetto triumph in 33 years.

Consequently, Osimhen etched his name in history as the highest-scoring African player in the Italian top flight.

claim their fourth FA Cup title having previously won it in 1972, 1978 and 1980.

Imade Osarenkhoe converted a penalty for the only goal of the final of the Federation Cup played in Asaba, Delta State on Wednesday evening.

In a statement, Obaseki said, “I heartily congratulate Bendel Insurance Football Club for an impressive season run which culminated in the lifting of the Federation Cup trophy after defeating Rangers International Football Club in Asaba, Delta.

“The team, foundly called the

Benin Arsenal, have given an excellent account of themselves and made us all proud with their outstanding performance, which has continued to befuddle bookmakers.

“After having an unbeaten run in Group A of the abridged version of the Nigeria Professional Football

IGHALO READY TO PLAY IN NIGERIAN LEAGUE IF....

Former Super Eagles forward, Odion Ighalo, 34, whose football career is in its twilight has agreed to play in the Nigerian topflight league if certain conditions are met before hanging his boots. He’s currently a free agent after his contract with Saudi Arabia club Al-Hilal ended in May. Speaking on ElegbeteTV yesterday, Ighalo said: “I said if security is guaranteed, good coverage is assured and better officiating. Of course, (I will play). “I have played in the league before, and it will be a great privilege for me to play again for another six months or one year before I end my career.”

Fireworks in Eket as Naija Super 8 Play-offs Start Today

Kunle Adewale

The attention of Nigerian football fans will shift to the Eket Township Stadium in Akwa Ibom State, as Naija Super 8 play-offs commence today.

The play-offs will see two teams, which polled the highest number of fan votes from each of the six geo-political zones of the country during the fan voting phase of the competition, battle for the ticket to represent the zone at the main Naija Super 8 tournament slated for the Mobolaji Johnson Arena in Lagos from 7-16 July.

Hostilities will begin today with the North-Central zonal battle between City FC of Abuja and Lobi Stars of Makurdi at 1pm. In the second match of the day, the duel for the South-West ticket will be between Shooting Stars Sports Club of Ibadan (3SC) and Remo Stars of Ikenne at 4pm. All 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). On Saturday, Yobe Desert Stars will face Gombe United in a NorthEast zonal battle at 1pm, while

Nigeria Professional Football League champions, Enyimba FC of Aba, will slug it out with Heartland FC of Owerri in what promises to be a fiery South-East derby at 4pm.

The ever-fervent North-West derby between Kano Pillars and Katsina United will kick-off at 1pm on Sunday, while the play-offs will end with the South-South derby between Rivers United and Bendel Insurance of Benin starting at 4pm. Each of the play-off matchdays will feature

musical entertainment, with an artiste line-up of Ikpa Udo, Pasto Goody Goody and XTO. Winners of the six matches will be joined by two wildcard teams to be unveiled by the organisers for the main Naija Super 8 tournament in July. The finals will see clubs split into two groups to play in a tournament format.

The top two teams in each group will go into the semi-finals, with the winners proceeding to the final.

League (NPFL), emerging with 18 matches unbeaten, they have proven their mettle by winning the Federation Cup.

“As the team embarks on continental action with their qualification for the CAF Confederation Cup, I charge them to continue on their impressive run so as to place Edo on the continental map.”

The team last won the FA Cup trophy 43 years ago in Lagos. The return to national prominence is symptomatic of the systematic transformation of the sports sector in the state, with Bendel Insurance

being the poster child of efforts to return the state to prominence in sports. He added: “I extend congratulations to the Edo State Sports Commission, the management, players, supporters and fans of Bendel Insurance Football Club, in Edo State and in the Diaspora on the new trophy haul.

“As a government, we will continue to prioritise sports development and sustain investment in youth development so as to surpass the current tempo,” concludes Gov Obaseki.

....Diri Thumbs up Bayelsa Queens for Retaining Title

Bayelsa State Governor, Senator Douye Diri, has praised the state’s female football team, Bayelsa Queens, for successfully defending the Federation Cup.

Bayelsa Queens defeated Rivers Angels 5-4 on penalties on Wednesday at the Stephen Keshi Stadium in Asaba, Delta State.

The governor said the team has consistently made the state proud by winning several laurels.

A statement by his Chief Press Secretary, Daniel Alabrah, quoted him as giving the commendation on Thursday shortly after the weekly Prosperity Walk at the Samson Siasia Sports Complex in Yenagoa.

Gov. Diri noted that Bayelsa Queens had also brought glory not only to the state but to the country as a whole.

He recalled that in 2022, after winning the national women league, the team participated in the West African Union (WAFU) zonal elimination and emerged champions to qualify for the CAF Women’s Champions League held in Rabat, Morocco where they placed third.

He said: “Bayelsa Queens have made us proud again. They first won the Aiteo/FA Cup, which is now called NFF Tingo Cup, in 2021. They have just retained the trophy at Asaba.

"They participated in the women’s

Champions League in Africa and came out third. They also emerged winners in WAFU after coming first in Nigera. “Football is an international game that is money spinning. If you do well you will play at national and international levels.

"We are proud of your achievements. While we celebrate you, you are also promoting yourselves. You are equally making good money for yourselves and for your state."

Diri equally commended the male team, Bayelsa United, for its achievements, particularly for gaining promotion to the premier division last year.

According to the state's helmsman, there were fears that Bayelsa United would be relegated but the team was able to remain in the premier league.

He expressed optimism that next football season, Bayelsa United would redouble their efforts and compete to represent Nigeria.

The governor also congratulated Arise News correspondent, an indigene of the state, Ovieteme George, who won the Reporter of the Year (Television) at the recent Nigeria Broadcasting Awards.

He said George also brought good image to the state.

A minute silence was observed in honour of the four supporters of Bayelsa Queens Football Club who died in a road accident on June 11.

RICE WAR!

Clubs will earn N3million per match at the group stage, with semi-finalists also earning an additional N3million for qualifying. The runners-up will earn N9 million, while the winners will go home with N25 million.

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.

Dolphin Swimming League Award Ceremony Holds

The award ceremony for the Season 4 of the Dolphin Swimming League will take place on Saturday at Grange School, Ikeja, Lagos.

Being the first inter-private school swimming competition, the league is organised by Dynaspro Promotion and Advanta Interactive with support from Rite Foods and it has been sanctioned by the Nigeria Aquatic Federation, Nigeria School Sports Federation (NSSF) as well as the Nigeria Olympic Committee (NOC) with the aim of selecting outstanding swimmers from it

for major competitions within and outside the shores of Nigeria.

Exceptional swimmers for this season will be honoured at the colourful event expected to be attended by parents and guardians of the participating schools.

According to the organisers, 25 awards would be given out to students, coaches and schools for their efforts this season.

“We believe in rewarding outstanding swimmers and schools as well as coaches who have been exceptional in their

performance and conduct on and off the pool. This is our own way of appreciating their efforts and also urging them to continue to work harder for future events. Some of our partners and supporters will also be honoured at the event for their unflinching backing of the league since its inception,” said Efe Ojigbede, CEO of Advanta Interactive.

Also, the major sponsor of the league, Rite Foods would be present to make the event exciting and glamorous for the awardees.

Manchester City are ready to formalise their long-standing interest in West Ham captain Declan Rice with a bid.

The seven-time Premier League winners have known for a long time that they may need to overhaul their midfield this summer, with the futures of Ilkay Gundogan, Bernardo Silva and Kalvin Phillips subject of intense speculation for a number of months.

Captain Gundogan, who played a starring role as City won the treble last season, has come to the end of his contract at the Etihad Stadium and has opted to join Barcelona on a free transfer rather than renewing his deal in Manchester, while Silva has told the first-time Champions League winners that he'd like to move on amid interest from Barcelona and Paris Saint-Germain.

Phillips has not been a regular starter following his £42m move from Leeds and has actually been linked with a move to West Hampotentially to replace Rice, who looks destined to move on this summer with just two years remaining on his contract.

Arsenal have been leading the

chase to sign Rice, submitting two bids to West Ham, and his preference is to remain in London. But they have been unable to agree a fee as the Hammers stand firm in their valuation and majority owner David Sullivan is adamant that he will not compromise on price - he is seeking a deal worth at least £100m plus add-ons.

Sources have confirmed to 90min that City are now ready to act and have intimated to West Ham that a bid is forthcoming. Pep Guardiola's side certainly have the financial muscle to meet Rice's asking price, though there could be discussions about including Phillips in the deal despite his preference to stay and fight for his place.

Arsenal are expected to return with a third, vastly improved offer for Rice, while West Ham hope that a bidding war involving Manchester United will extract maximum value for the 24-year-old. The Red Devils also want to sign a central midfielder and know that West Ham have interest in Scott McTominay, who has recently starred for Scotland on international duty.

New IGP to Criminals

“Now I have just been decorated...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” –Acting Inspector General of Police (IGP), Kayode Egbetokun, raring to devour criminals in the country.

AKIN OSUNTOKUN

Crisis of the Nigerian Judiciary

Before grappling with the subject matter of this column today, I feel encouraged to get readers acquainted, if they are not already, with certain universally applicable concepts and perspectives of law. They are Natural law, Positive law, Judicial activism and the Separation of powers.They provide a meaningful backdrop to the surveillance of the rule of law in Nigeria

According to my sources, ‘the theory of natural law believes that our civil laws should be based on morality, ethics, and what is inherently correct; that laws should reflect moral reasoning and should be based on moral order.This is in contrast to what is called “positive law” which holds that there is no connection between law and moral order’.

Proponents of judicial activism are persuaded ‘that the courts can and should go beyond the applicable law to consider broader societal implications of its decisions.The specific decisions that are activist are controversial political issues’.

‘Separation of powers is the division of the legislative, executive, and judicial functions of government among separate and independent bodies

The purpose is to prevent the concentration of power and provide for checks and balances’.

Now to the column proper- beginning with the rave of the moment, namely, Senator Adamu Bulkachuwa. He confessed:

“Mr. Chairman, I must say that okay, to round off, since that is what you want me to do, I will do that and I must thank particularly my wife whose freedom and independence I encroached upon while she was in office and she has been very tolerant and accepted my encroachment and extended her help to my colleagues.”“I know – I look at faces in this chamber whom have come to me and sought for my help when my wife was the President of the Court of Appeal and I am sure…”

In a left handed salute and acknowledgement, Nigerians owe a debt of gratitude to Senator Adamu Bulkachuwa for laying bare before the public glare, what we have always suspected of the Nigerian judiciary. We now know for certain that the culture of rampant corruption in the Nigerian judiciary is alive and kicking, thanks to the loving husband of the former president of the Nigerian court of appeal..

The Supreme Court is the final arbiter of the law in Nigeria and the ultimate destination for all cases before the lower courts. As such, the apex court is the personification of the Nigerian judiciary, in its entirety. Hence it is from its conduct that we draw the exemplars of the culture to which Mr Bulkachuwa speaks.

First, on the last governorship election in Imo state in 2019, the Supreme Court rules:

“It is thereby ordered that the appellant votes from 388 Polling Units unlawfully excluded from the appellant vote declared shall be added and that the first respondent, Emeka Ihedioha, was not duly elected by a majority of lawful votes cast at the said election.”

Responding to this judgement, here was fellow Supreme Court Justice Chima Nweze:

“The decision of the Supreme Court in the instant matter will continue to haunt our electoral jurisprudence for a long time to come. This court has a duty of redeeming its image. It is against this background that the finality of the court cannot extinguish the right of any person. This Court has powers to over rule itself and can revisit any decision not in accordance with justice,”

In tandem, we learnt from another source that ‘Professor Ben Nwabueze 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.”

Second, is the Supreme court judgement on the eligibility of Senator Ahmed Lawan and Senator Godswill Akpabio to contest, simultaneously, for the presidency and the Senate haven taking no part in the APC primaries: Delivering the unanimous judgement of its five-member panel led by Kudirat Kekere-Ekun, the Supreme Court held that the Federal High Court and the Court of Appeal were wrong to have assumed jurisdiction in the suit because the issue of candidate nomination lies squarely with political parties.

The explicit implication of the judgement of the Supreme court here is that regardless of how the party candidate emerged, with or without participation in party primaries, such a candidate is eligible to contest. It also found no offence in contesting for two electoral officers at one and the same time.

Another instance is the upturning of the conviction of Senator Orji Uzor Kalu: “The

trial court found him guilty of corruption in December 2019 and was sentenced to 12 years in jail. But in one of a series of questionable judgements given by the Supreme Court, his jail time was nullified on technical grounds: that the judge who jailed him was ineligible to handle the trial having been elevated to the Court of Appeal’s bench as of the time he concluded the case”.

There will always be bad eggs in any institution or organ of government including the Judiciary. In any functional society however, such bad eggs are the exception and not the rule. A situation of crisis therefore arises where the bad eggs become the rule rather than the exception. In this latter instance, what you then have amounts to institutional subversion.

At its maturation, this phenomenon is characterised as state capture- which refers to the way ‘formal procedures (such as laws and social norms) and government bureaucracy are manipulated by government officials, statebacked companies, private companies or private individuals, so as to influence state policies and laws in their favour’

It is within this concept of state capture that we can best locate the crisis of the judiciary. The other organs of government namely the legislative and the executive are, of course, equally implicated. What we then have is a systemic crisis in which none of the organs can be meaningfully isolated for remedial action. This is presently the case with Nigeria. The argument is that given the near criminal capture of all the arms of government, it is unrealistic to assume that the judiciary will not follow suit.

Nonetheless there are several dimensions to the crisis of the Nigerian judiciary. The crisis (of the judiciary) is the crisis of the Nigerian constitution, especially in regard of overcentralisation of power at the centre. Lord Acton aptly admonished that power corrupts, absolute power corrupts absolutely. Today, the most destabilising factor in Nigerian politics is the take no prisoners pursuit of the Nigerian presidency by contending factions of a selfdestructive power elite.

In its zero sum dimensions, “the premium on political power became so exceedingly high that political contestants regarded victory at elections as a matter of life and death struggle” The judiciary is thereby co-opted and subverted to become the hired gun of desperate unscrupulous politicians. From this subversion at the national level, those at the subordinate levels have duly taken a cue.

Of equal significance is the utility of the unintended consequence of federalism. There is the profitable coincidence that federalism is, at once, the cure prescribed by the wholistic systemic crisis diagnosis of the entire Nigeria sickness and of a judiciary gone rogue.There is however the caveat that this ascriptive role (of federalism) is Nigeria specific. Taming a criminally implicated judiciary is not a generic role of federalism

We have come to learn that the institutional subversion of the judiciary has largely emanated from its power of adjudication over the eligibility of who should contest and who should not

contest elections; who wins and who loses elections especially at the governorship and presidential election levels.

The overcentralisation of powers at the centre has precipitated and fuelled a desperation that is subversive of any legal and moral norm in the pursuit of its acquisition. Being the final arbiter of formal political conflicts, it is inevitable that the judiciary will become the major casualty of this anomaly. It then follows that any countervailing measure such as devolution and decentralisation of power will commensurately diminish the incentive to subvert the institutional integrity of the judiciary.

There is the saying that all politics is local and by dint of the same logic, it can be validly argued that all development challenges are local. For development to take root, it has to be localised and owned by the beneficiary local population especially in a polity that is defined by large scale diversities and disparities. This self-prescriptive decentralisation and devolution of powers is the philosophy behind the Nigerian federalism. It was true in 1960 as it is true today.

Even if we did not have the crisis of the judiciary in mind, whenever the case is made for the restoration of federalism, it is now clear that this constitutional remedy has the potential to tame the monster. Without the murderous desperation to acquire the presidency, it is improbable that there would be a judiciary buyer of the sale of the inducement to subvert the course of justice.

Another dimension to the ailment is the immanent threat of facistic encroachment where presidents begin to arrogate to themselves the arbitrary privilege to determine what constitutes the boundaries of legitimate judicial intervention and pronouncements.The proper recourse for any president who is not satisfied with the conduct of the judiciary is the national judicial council. The president has no power in the constitution to appropriate and arrogate such leviathan sovereignty to himself.

In this tendency to take liberty for license we need look no further than the exemplified pronouncements of Presidents Muhammadu Buhari and Bola Tinubu. Said Buhari “Our apex court has had cause to adopt a position on this issue in this regard and it is now a matter of judicial recognition that; where national security and public interest are threatened or there is a likelihood of their being threatened, the individual rights of those allegedly responsible must take second place, in favour of the greater good of society.” In similar fashion, Tinubu threatened that “It has become imperative to state here that the unnecessary, illegal orders used to truncate or abridge democracy will no longer be tolerated.”.

To recap, the problem of Nigeria is a near systemic collapse which must to be addressed as such if the country would survive. Pending the acceptance of this prescription, all attempts at isolating the sporadic and episodic manifestations for remedial initiatives will end up in selfdefeating smokes and mirrors.

CJN, Olukayode Ariwoola