MONDAY 26TH JUNE 2023

Zenith Bank’s CFO, Mukhtar Adam, Emerges Chief Financial Officer of the Year at the 11th AABLA

The Chief Financial Officer (CFO) of Zenith Bank Plc, Dr. Mukhtar Adam, has been named ‘Chief Financial Officer of the Year’ at the 11th All Africa Business Leaders Awards (AABLA) in partnership

with CNBC Africa. The award ceremony took place at the King’s Ballroom, Sun City, South Africa, on June 23, 2023. The honour places Mukhtar alongside other celebrated professionals

across Africa.

Expressing his gratitude for the recognition, Adam thanked the judges and organisers of the award, expressing his appreciation for being deemed a fitting

recipient of the ‘Chief Financial Officer of the Year’ for 2023.

He dedicated the award to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR. Additionally, he expressed his

many customers. The AABLA, in partnership with CNBC Africa, represents Africa’s largest single-business

gratitude to the management of Zenith Bank, his colleagues in Nigeria and the bank’s subsidiaries for fostering a positive work environment. Adam also extended his thanks to the bank’s Continued on page 6

CBN, Bill Gates Partner to Boost Financial Inclusion Drive... Page 6

Monday 26 June, 2023

Vol 28. No 10302. Price: N250

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Sierra Leonean Ruling Party Claims President Has Been Re-elected

DEEPENING COLLABORATION FOR FINANCIAL INCLUSION…

L-R: President, Global Development, Bill and Melinda Gates Foundation (BMGF), Christopher Elias; Senior Programme Officer, Abi Jagun; Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad; Co-Chair, BMGF, Bill Gates; Acting CBN Governor, Mr. Adebisi Folashodun Sonubi, and Director, Development Finance Department, CBN, Mr. Yila Philip Yusuf, during a meeting aimed at deepening collaboration for financial inclusion in Nigeria held in Abuja…recently

Yahaya, Ex-COAS: Army Has Put All Adversaries in Disarray

It’s been God, grace, says former military chief IG reassures security of lives, property, meets 79 mopol commanders

Deji Elumoye in Abuja

Former Chief of Army Staff, Lt Gen Faruk Yahaya, who recently retired from the army after 35 years in service, has said the exploits of the Nigerian Army had put the country's adversaries in disarray in all fronts.

This was as the new Chief of Defence Staff (CDS), Maj Gen

Christopher Musa; the Chief of Army Staff, Maj Gen Abiodun Lagbaja and Chief of the Naval Staff, Rear Admiral Ikechukwu Ogalla, at the weekend, participated in the traditional pulling out ceremony for Yahaya.

Retiring members of the 38 and 39 Regular Courses of the Nigerian Defence Academy (NDA) also

Continued on page 6

AT THE 11TH ALL AFRICA BUSINESS LEADERS AWARDS…

L-R: Head of Private Clients, SASFIN Wealth, South Africa, Flynn Robson; Chief Financial Officer, Zenith Bank Plc, Dr. Mukhtar Adam; and Chairman, BSG, South Africa, Mteto Nyati, during the presentation of the CFO of the Year Award to Adam, at the 11th All Africa Business Leaders Awards (AABLA) in partnership with CNBC Africa, held at the King’s

Ballroom, Sun City, South Africa at the weekend.

Continued on page 6

Olusegun Adeniyi in Freetown Presidential candidate of the main opposition All People’s Congress (APC) in last Saturday’s presidential election in Sierra Leone, Dr Samura

CBN, Bill Gates Partner to Boost Financial Inclusion Drive

SERAP urges apex bank to withdraw regulations on customers’ social media handles

James Emejo and Udora Orizu

in Abuja

The acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, has said the apex bank would continue to collaborate with the Bill and Melinda Gates Foundation (BMGF) and other development partners to explore innovative solutions for driving access to finance.

Speaking in Abuja, during the duo’s strategic engagement over the weekend, on how to deepen collaboration on financial inclusion in the country, Shonubi, who was accompanied by the CBN Deputy Governor, Financial System Stability (FSS), Mrs. Aishah Ahmad, pointed out that though much progress had been made in various aspects of financial inclusion, some challenges still remained in attaining the desired level of financial inclusion in Nigeria. He, therefore, called for greater partnership between the bank and the foundation.

Speaking during the meeting, Shonubi, reiterated the commitment of the CBN to

continually partner with BMGF and other development partners to explore innovative solutions for driving access to finance.

In his remarks, the co-chair of the foundation, Mr. Bill Gates highlighted the foundation’s focus areas for continued engagement in Nigeria to include health, agriculture, and financial services.

Gates expressed satisfaction that support from his organisation was catalysing developmental action in the country.

While acknowledging that there were still challenges and gaps, he expressed optimism that the country would witness better outcomes given the new economic and monetary policies currently in place.

The foundation has supported financial inclusion in the country since 2012 and had been a strategic partner of the central bank in driving innovation to reach excluded segments of Nigeria’s population with financial products and services.

According to a statement issued by the bank, the partnership has brought about

strategic initiatives including the Nigeria Financial Services Maps, a gateway for geospatial mapping of access points, the development of the National Financial Inclusion Strategy in 2012 and a revision in 2018, research into financial exclusion, scoping of digital financial services in Nigeria, and many more activities that help accelerate access to financial services.

Gates was accompanied by the President, Global Development, BMGF, Christopher Elias, and Senior Programme Officer, BMGF, Abi Jagun. Other members of the CBN team included Director, Development Finance, Mr. Philip Yila Yusuf, and Head, Financial Inclusion, Dr. Paul Oluikpe.

In the meantime, the Socio-Economic Rights and Accountability Project (SERAP) has urged Shonubi to immediately delete the provisions in the CBN’s (Customer Due Diligence) Regulations directing banks to obtain information on customers’ social media handles

for the purpose of identification.

SERAP also urged him to withdraw the Circular number FPR/DIR/PUB/CIR/007/076 of 20 June 2023, mandating banks and other financial institutions to implement and comply with the unlawful mandatory provisions on customers’ social media handles in the CBN Regulations.

According to Section 6(a)(iv) of the CBN Regulations, banks and other financial institutions, “shall identify their customer and obtain information on the social media handle of the customer.” Section 6(b)(iii) contains similar provision.”

In the letter dated June 24, 2023, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said the CBN regulations and directive to banks to obtain details of customers’ social media address, “violate Nigerians’ rights to freedom of expression and privacy. It is inconsistent and incompatible with the rule of law.”

SERAP stated that the CBN ought to contribute to the advancement of respect for the

SIERRA LEONEAN RULING PARTY CLAIMS PRESIDENT HAS BEEN RE-ELECTED

Kamara, has vowed not to accept “any skewed, manipulated and unverified results.”

Kamara, who alleged rigging, however, assured his “supporters and the citizens of Sierra Leone that the APC is on an irreversible path to an overwhelming victory.”

His statement came against claims by the ruling Sierra Leonean Peoples Party (SLPP) that from preliminary

reports, the incumbent president, Julius Maada Bio “is confident of a landslide victory.”

According to the SLPP National Secretary General, Umaru Napoleon Koroma, “Results tabulated in our party centres indicate that there will be no runoff. The people have spoken overwhelmingly and have done so by entrusting President Bio with the nation’s fate for a further five years.”

Ahead of the declaration of results today, there are fears of protest by the opposition.

For some weeks now, APC members had organised street protests, calling for the removal of Mohamed Kerewui Konneh, as Chairman, Electoral Commission of Sierra Leone (ECSL), after alleging bias in favour of the ruling SLPP. When he voted in the Freetown

neighbourhood of Lumley last Saturday, Kamara complained about the congested nature of the polling unit, saying, "Don't be surprised if there is confusion."

Yesterday, Kamara called on the ECSL to tally the results using projectors.

“This is also best practice. However, the ECSL is fiercely resisting to use projectors, making

YAHAYA, EX-COAS: ARMY HAS PUT ALL ADVERSARIES IN DISARRAY

participated in the colourful ceremony marked by parades, march past and special military rendition at the Army Headquarters Garrison Parade Ground, Mogadishu Military Cantonment, Abuja.

The Nigerian Army pull-out parade ceremony was in line with the military tradition of honouring retiring senior officers of the rank of general, who served without blemish.

Yahaya, in his remarks at the event, said the anti-illegal oil bunkering operations being conducted by troops in the Niger Delta region had continued to yield positive results with attendant increment in oil production, which returned the country to the top of the list of oil producing countries in Africa.

He charged Nigerian Army personnel not to relent in providing support to the new COAS to ensure his successful execution of the constitutional responsibilities of

the Nigerian Army.

Yahaya, who was the special guest of honour and reviewing officer of the pull-out parade, expressed gratitude to God for a meritorious career that culminated in his command of the army.

Reminiscing on his career, Yahaya described his military sojourn as eventful with very tasking experience, and expressed appreciation to members of his family and colleagues for their support and steadfastness throughout his career.

"As the saying goes, everything that has a beginning must have an end, and here we are today to celebrate the end of my career in the Nigerian Army. Today is no doubt a memorable day for me and my family.

“I thank Almighty God for his grace blessings mercies and bounties that saw me all through my career in the Nigerian Army up till today that I am leaving the service. I must say that it has only been God and

his grace,” he said.

Going down memory lane, the former COAS said, “My military career commenced on 27th September, 1985, when I reported to the Nigerian Defence Academy (NDA), as a member of 37th Regular Course. From that time to date, it has been an eventful and rewarding experience.

“Like every military career, my service years was filled with sessions of excitement and gratitude, as well as pains of odious and demanding experiences. In all, I am grateful to God, my dear family and all of you for your support, steadfastness and prayers.

“As great Abraham Lincoln once said, 'no man is good enough to govern another man without the other man’s consent or support’, there is no gainsaying that over the years of my career, I have received great support, tutelage, motivation, and multitude of prayers from my superiors, my family, friends and

ZENITH BANK’S CFO, MUKHTAR ADAM, EMERGES CHIEF FINANCIAL OFFICER OF THE YEAR AT THE 11TH AABLA

awards, celebrating the pinnacle of African business achievement, a statement explained.

The AABLA has consistently narrated an African story of perseverance, success, innovation and accountability. It has become synonymous with recognising the finest in business leadership on the African continent.

Adam is a distinguished finance professional with over two decades of cognate experience. He holds a Doctor of Philosophy degree in Finance from Leeds Beckett University, an M.Sc. in Finance - Financial Sector Management from the University of London’s School of Oriental and African Studies, an MBA in Finance from the University of Leicester, and a B.Ed. in Social Sciences, specialising in Economics and Management, from the University of Cape Coast in Ghana. Adam also holds a Diploma in International

Financial Reporting Standards (IFRS) from the esteemed Institute of Chartered Accountants in England and Wales (ICAEW) and a Postgraduate Diploma in Islamic Banking and Insurance from the Institute of Islamic Banking and Insurance in the UK. He has participated in several executive programmes at worldleading institutions, including the General Management Program (GMP) at Wharton Business School in the USA, Harvard Business School, INSEAD Business School in Paris, the London School of Economics and Political Science, and the Massachusetts Institute of Technology. He is a member of the Institute of Chartered Accountants of Nigeria (ICAN), the Institute of Chartered Accountants of Ghana (ICAG), and the Chartered Institute of Taxation of Nigeria (CITN).

Prior to his current role as the Chief Financial Officer (CFO) of

Zenith Bank Plc, Adam served as the bank’s Deputy CFO, leading the Financial Reporting, Tax Management and Strategic Planning Groups and supervising the Zenith Group’s entire financial reporting function. Before joining Zenith Bank in 2007, he honed his skills as a Senior Consultant in the Financial Services Group of PricewaterhouseCoopers (PwC). His vast expertise spans numerous financial areas, from financial sector management and policy analysis to financial reporting and analysis, tax management, audit management, strategy development and execution, enterprise risk management, credit risk management, and financial advisory. He is also accomplished in capacity building and training. Adam is a prolific researcher with several professional and academic publications.

rule of law and human rights in the discharge of its statutory functions, and not undermine or violate these fundamental legal requirements and standards.

According to SERAP, the purported mandatory requirement would inhibit Nigerians from freely exercising their human rights online. If obtained, such information may also be misused for political and other unlawful purposes.

The letter, read in part: “We would be grateful if the recommended measures are taken within three days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.

“The mandatory requirement of social media handles or addresses of customers does not serve any legitimate aim. Such information may be used to unjustifiably or arbitrarily to restrict the rights to freedom of expression and privacy.

“SERAP is gravely concerned that the CBN Regulations and

it extremely impossible for us and other political parties to compare, reconcile and verify the RRFs as recorded at polling centers,” he said, expressing. Concerns.

According to Kamara, “The people of Sierra Leone have spoken loudly, and the message is very clear in the results coming in. We, the APC, therefore, urge the Electoral Commission

directive to banks and other financial institutions would impermissibly restrict the constitutional and international rights to freedom of expression, privacy and victims’ right to justice and effective remedies. “Requiring social media handles or addresses of customers as a means of identification would have a disproportionate chilling effect on the effective enjoyment by Nigerians of their rights to freedom of expression and privacy online.

“The CBN bears the burden of justifying any restriction on people’s freedom of expression and privacy. Under the Nigerian Constitution 1999 (as amended) and human rights treaties to which the country is a state party, any restrictions on these rights must be applied strictly so that the rights are not put in jeopardy. “There are other means of identification such as passport, driver’s licence, Bank Verification Number (BVN), and Tax Identification Number (TIN), which banks and other financial institutions already require their customers to provide.”

for Sierra Leone (ECSL) to respect the due process, adhere to international best practice as well as to what we agreed at Bintumani on the transparent, inclusive, and accountable counting and tallying of results.”

The opposition candidate alleged that the ECSL was deliberately putting obstacles before the party.

contemporaries across various work of life.

“All these paved the path for the great milestone and successes recorded throughout my tour of duty as a military officer, in the Nigerian Army. I must, therefore, thank God for my successful tour of my military service,” he said.

Yahaya also remembered fallen colleagues, who paid the supreme price in various theatres of operation across the country, adding, that the army made huge sacrifices in defending and ensuring lasting peace in the country.

He appreciated his predecessors for their dedication and service to the army, which he noted, significantly addressed security challenges during their tenure, stressing that they provided good platforms for others to build upon and significantly resulted in denying terrorists and insurgents freedom of action as well as restoration of peace and confidence to the affected communities.

Recalling his steady career progression and assigned command responsibilities that honed and shaped his leadership skill as a top military brass, he said, “In command, from being a platoon commander, to company commander, commanding officer, brigade commander, general officer commanding, theatre commander, amongst several others before assuming command as the 22nd Chief of Army Staff of the Nigerian Army.”

While appreciating his predecessors, for their dedication and service to the Nigerian Army, Gen. Yahaya said it was on that effort and platform that he tried to build on which enabled him to contribute his own quota to the upliftment of the Nigerian Army.

“On assumption of command in Nigerian Army, I conceived and visualised an ideal army,which I sought to build. This was the outcome of my thorough assessment of the existing Nigeria Army’s capability, visa vis challenges and expectations for current as well as future operations.

“My interest was to build Nigerian Army that will have flexibility, capacity and capability to operate

under all conditions, in collaboration with other services and agencies.

"It was on this premise, that I couched my vision for the Nigeria Army, which was, ‘to have a professional Nigerian Army ready to accomplish assigned missions within a joint environment in defence of Nigeria’. I am glad to say that we have made significant effort in achieving the effort,” he said.

Other at the event were former defence chief, Gen Alexander Ogomudia (rtd); former army chief, Lt Gen Ihejirika (rtd); members of the National Assembly, and captains of industry, among several other dignitaries.

IG Reassures Security of Lives, Property, Meets 79 Mopol Commanders

The Acting Inspector-General of Police, Olukayode Egbetokun, has reassured the citizenry of his commitment to the general security of lives and property in Nigeria, pledging to improve upon the nation's security in all ramifications.

A statement signed by the Force Public Relations Officer and Chief Superintendent of Police (CSP), Olumuyiwa Adejobi, said the IG at the weekend reiterated the commitment of the Nigeria Police under his watch to attain its primacy in the internal security architecture of Nigeria.

"In furtherance of his vision and painstaking drives to achieve his goals, the Acting Inspector-General of Police will be meeting with Commanders of the 79 Police Mobile Force Squadrons on Monday 26th June, 2023 at the Force Headquarters, Abuja, to brainstorm with them on new operational strategies for improved training, deployments and enhanced tactical engagements for better public safety and general security for all and sundry," it said.

The statement stated that, the IG "assures that the present leadership of the force has outlined an array of policing approaches that will be of immense importance to general public safety in Nigeria."

“At the Northwest Regional Tally Centre in Port Loko, the Northern Regional Tally Center in Makeni, and at the Western Regional Tally Centre at Wellington, our representatives have not been allowed into the main halls and therefore unable to monitor the tallying process. With our representatives being subjected to observe the tallying behind a glass barrier and without the results being projected,” he claimed.

While vowing not to accept defeat, Kamara called on the international observers, especially those from ECOWAS in particular, “to ensure that the decline of democracy in West Africadoes not continue under their watch in Sierra Leone.”

Countering Kamara’s claim, the SLPP accused the main opposition party of instigating violence.

“Despite the relatively peaceful conduct of the elections, the SLPP wishes to draw the attention of the public to the unprovoked attacks of its polling agents by top-ranking members of the APC,” Koroma alleged, saying, “These attacks sought to undermine the peaceful conduct of the elections.”

After casting his ballot at the Wilberforce Barracks in Freetown Saturday morning, an upbeat President Bio, had encouraged Sierra Leoneans to participate peacefully.

"Go out and vote – it's your right," he said, adding: "Vote safely. If you win, celebrate safely."

In the March 2018 general election, Bio had contested against Kamara, then Minister of Foreign Affairs as candidate of the then ruling APC.

No presidential candidate received the mandatory 55 per cent of total votes cast in the first round of the election. Bio led others with 41 per cent of the total votes cast followed by Kamara with 40 per cent. Bio was subsequently elected with 51.8% of the vote in the second round of the poll.

Announcement of results commenced yesterday, and the process continues today. Besides the presidency, elections were held for 135 parliamentary seats, 22 Mayor/Chairmen of Council and 493 councilors. Independent candidates can contest in any of the elections except the presidency.

NSIA PRIZE FOR INNOVATION DEMO DAY EVENT…

L-R: Executive Director & Chief Investment Officer, Nigeria Sovereign Investment Authority (NSIA), Kola Owodunni; Founder, Legit Car (2nd Runner Up), Vincent Okeke; Managing Director, NSIA, Aminu Umar-Sadiq; Founder, Money Africa (Winner), Oluwatosin Olaseinde; ED, Corporate Services & Operations, NSIA, Olubisi Makoju, and Founder, Extension Africa (1st Runner-up), Tajudeen Yahaya, during the Demo Day prize presentation ceremony of the NSIA Prize For Innovation Programme held in Lagos…weekend

AfDB, EIB, IDB, WHO Launch New Investment Platform to Strengthen Primary Healthcare

In a landmark development aimed at investing in and strengthening essential, climate and crisis-resilient primary health care services in low- and low-and-middle income countries, three multilateral development banks have joined with the World Health Organisation (WHO) to launch the new Health Impact Investment Platform.

The Platform, launched during

the just concluded Summit for a New Global Financing Pact held in Paris, would make an initial €1.5 billion available to low- and low-and-middle income countries in concessional loans and grants to expand the reach and scope of their primary health care services, especially for the most vulnerable and underserved populations and communities.

Money Africa Emerges Winner of NSIA Prize for Innovation Programme

The Nigeria Sovereign Investment Authority (NSIA) has rewarded 10 innovative young entrepreneurs with $225,000 at the end of the NSIA Prize for Innovation (NPI) programme, even as it promised to increase funding for the sector.

After receiving over 2000 entries that were reviewed over a six month period, the NSIA in Lagos at the weekend, awarded the grand prize to Money Africa, a startup that uses technology to promote finaincal literacy founded by Oluwatosin Olaseinde.

This was just as the National Information Technology Development Agency (NITDA) at the weekend, said it was working to unveil a N100 billion seed funding for start-ups, which would be managed by the NSIA.

The $225,000 funding for the Techprenuers which comes in the form of cash and equity according to the NSIA, was a catalyst for the innovation sector in Nigeria.

Managing Director and Chief Executive of the NSIA Mr. Aminu Umar-Sadiq, who spoke on the sidelines of the NPI Demo Day, said applications were shortlisted down to 25 which progressed to the accelerator program that then led to the final 10 that presented at the demo day.

Umar-Sadiq said the initiative, “allows us to mobilise domestic capital towards Nigerian ideas, examples of which we have seen here. So hopefully beyond that, we also looking at the value creation and the value addition that comes beyond the investment in these companies.

“The introductions they will require, further polishing of their

business ideas, the positioning of these companies for exits. We are hoping that this event will shine a light on the possibilities that our own local entrepreneurs are able to offer for solving Nigeria's problems.”

Commenting on why the NSIA opted for cash and equity as prizes for the winners, he said it, “allows NSIA take ownership in these businesses. So that beyond just the prizes we can actually engage with the entrepreneurs and value add to them beyond offering money. The way capital is going to go in as equity is through venture partners.

“So they will actually manage the capital, the equity investment on behalf of NSIA working with the entrepreneurs, the venture capital firm, and so all of the things that you will expect of a VC fund, the value addition the convening power, the positioning for exits all of those things venture partners will do on behalf of NSIA. Our intention is to go beyond just today, in terms of our relationship with the entrepreneurs.”

Also, the Director General of NITDA, Mr Kashifu Abdullah, noted that the Demo Day, “shows that we have great potentials in Nigeria and looking at what is happening and this kind of initiative to provide seed funding for startups.

“It will really help position Nigeria for accelerated jobs creation in the digital economy. Mostly startups fail because of lack of financing. And according to many research, more than 47 per cent of startups fail because of lack of financing at the initial stage.”

The African Development Bank (AfDB), European Investment Bank (EIB), Islamic Development Bank (IsDB) and WHO are the Platform’s founding members.

According to a statement, as “this is a global challenge, the Inter-American Development Bank (IDB) is also considering joining this partnership in view to extending this initiative to the Latin America and the Caribbean region.”

WHO will act as the Platform’s policy coordinator, responsible for ensuring alignment of financing decisions with national health priorities and strategies.

The Platform’s secretariat would support governments to develop national health and prioritise primary health care investment plans. The Platform would also aim to catalyse wider primary health care investments in support of government health strategies.

WHO Director-General, Dr. Tedros Adhanom Ghebreyesus, said a primary health care approach offers the most effective means to improve health and well-being, including through the delivery of essential health services to all

people.

“It is a driver of universal health coverage, one of the United Nations Sustainable Development Goals. World leaders committed in 2015 to achieve access to essential health-care services and affordable essential medicines and vaccines for all people by 2030.

“Around 90 per cent of essential health services can be delivered through PHC - on the ground, in communities, via health professionals, doctors and nurses, in local clinics. The broad spectrum of services that PHC provides can promote health and prevent disease, avoid and delay the need for costlier secondary and tertiary services, and deliver rehabilitation,” Tedros said. “PHC serves as the ‘eyes and ears’ of a country’s health system, reaching to the very communities where people live. The new Health Impact Investment Platform will strengthen the development of such services, serving as an invaluable investment in the health of populations today and in the future.”

EIB President, Werner Hoyer, said the partner development banks were committed to supporting

countries to strengthen their primary health care services, to both promote the health of their communities and protect against the impacts of future health emergencies.

“Covid-19 demonstrated the great human and economic suffering that can occur when we fail to invest in essential health services,” said Hoyer.

“Cooperation among multilateral development banks through the new Health Impact Investment Platform will ensure countries in need are better able to build resilient primary health care services that can withstand the shocks of future health crises, and safeguard communities and economies for the future. We already proved that in earlier collaborations with the WHO. “The platform will facilitate access to crucial international financing for the most vulnerable. It is a concrete deliverable of President Macron’s call to increase international financial solidarity with the Global South.”

Before the Covid-19 pandemic, WHO estimated that to reach the health-related Sustainable

Development Goals, low- and low-and-middle income countries needed to increase their health spending significantly, and require an additional $371 billion annually combined by 2030.

This funding would allow populations to access health services, contribute to building new facilities and train and place health workers where they need to be. It has also been estimated that preparing for future pandemics will require investment in the order of $31.1 billion annually.

Approximately one third of that total would have to come from international financing. The Health Impact Investment Platform’s catalytic financing is also designed to promote the mobilisation and coordination of broader financing flows through national primary health care investment plans.

“We will work with countries individually to identify gaps in national health systems, design interventions and investment strategies, find funding, implement projects and monitor their impact,” said African Development Bank Group President Dr. Akinwumi Adesina.

NDIC Reaffirms Commitment to Corporate Governance Practices

James Emejo in Abuja

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed that it has zerotolerance policy towards financial impropriety and any actions that contravene its core values, corporate culture, and code of conduct.

The corporation also restated its commitment to upholding the highest ethical standards in its corporate governance practices, which, adding that, “we have diligently cultivated over the past three decades of our existence in fulfilling our role of depositor protection and contributing to financial system stability.”

The reassurance came against the backdrop of recent media reports alleging financial impropriety involving one of

its staff members.

The NDIC in a statement issued by the Director, Communications and Public Affairs Department, Mr. Bashir Nuhu, stated that, “while we are assessing the veracity of the reported incident, the alleged events are unrelated to the operations of the corporation. Nonetheless, as a responsible federal institution, we are committed to uncovering the truth and addressing the matter in an appropriate manner.”

Nuhu, said following preliminary investigations into the allegations, “We have discovered that the staff member in question was previously employed at a commercial bank as an account officer to the federal government official referenced in the report before

joining the NDIC in 2017.

“It is important to note that during her tenure at the bank, she asserts that she was not involved in any improper financial transactions with anyone. However, we remain diligent in our pursuit of any contradictory information and will not hesitate to take appropriate action should it arise concerning the staff member involved.”

He added that the corporation maintains a zero-tolerance policy towards financial impropriety and any actions that contravene our core values, corporate culture, and code of conduct.

He said, “It is important to note that during her tenure at the bank, she asserts that she was not involved in any improper financial transactions

with anyone. However, we remain diligent in our pursuit of any contradictory information and will not hesitate to take appropriate action should it arise concerning the staff member involved.

“The NDIC maintains a zero-tolerance policy towards financial impropriety and any actions that contravene our core values, corporate culture, and code of conduct.

“We wish to emphasise that the NDIC is committed to upholding the highest ethical standards in our corporate governance practices, which we have diligently cultivated over the past three decades of our existence in fulfilling our role of depositor protection and contributing to financial system stability.”

SECOND QUARTER OPEN FORUM OF THE ICAF…

Surge in Investors' Interest Lifts Zenith Market Capitalisation Above N1tn Mark on NGX

Kayode Tokede

Following investors’ renewed interest amid the Central Bank of Nigeria's (CBN) foreign exchange reform, the share price of Zenith

Bank Plc gained 3.22 per cent week-on-week (WoW) to push its market capitalisation across the N1 trillion mark on the Nigerian Exchange Limited (NGX).

The stock price of Zenith Bank

closed trading last Friday at N32 per share, from the N31 per share it opened for trading as it gained N31.4 billion in five-day.

The market capitalisation as of the financial instituton as of June

23, 2023, closed at N1.005 trillion from N973.29 billion, surpassing Guaranty Trust Holdings Company that closed at N925.6 billion in market capitalisation- the second most capitalised banking stock on

NDLEA Intercepts 5,344kg Imported Skunk Consignments at Lekki

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted two imported consignments of Loud, a strong strain of cannabis, with a combined weight of 5,344.1 kilogrammes in Lagos.

The drugs, were seized along the Epe-Lekki corridor and at the Alfa beach, also in Lekki area of Lagos state.

A statement yesterday, by the spokesman of the anti-narcotics agency, Femi Babafemi, revealed that the first interception was based on credible intelligence, adding that NDLEA operatives laid ambush for a white truck conveying 50 jumbo bags of the illicit substance weighing 2,434.1 kilogrammes along the Epe-Lekki expressway in the early hours of last Monday.

He said the truck driver however jumped out of the vehicle and escaped in a security hilux van escorting the truck, after the anti-narcotics officers successfully demobilised the truck conveying the drug exhibits.

Babafemi disclosed that in the second interception around Alfa Beach in Lekki, officers of the Marine Command of the agency last Tuesday, acting on intelligence, intercepted a boat loaded with the same imported substance weighing 2,910 kilogrammes upon arrival from Ghana.

“Two Ghanaians: Monday Saba, 30, and Hakeem Kwana, 27, found with the consignments were promptly arrested. In Niger state, two suspects: Abubakar Mohammed, 32, and Nuhu Sale, 43, were arrested on Sunday 18th June along Abuja expressway,

Suleja with 31 jumbo bags of skunk weighing 517 kilogrammes, while a 30-year-old Amina Alilu was arrested with 171 kilogrammes of the substance last Wednesday at Ogbogodo village, Dekina local government area, Kogi state,” the statement added.

It also revealed that a suspected fake female security agent, Ogedegbe Dorcas, 34, was also nabbed at Ajegunle Asa Dam Area of Ilorin, Kwara State, with 30 kilogrammes of cannabis last Thursday, while in Oyo State, NDLEA operatives intercepted 42-year-old Segun Olajide with 49.2 kilogrammes of same substance last Saturday in Oyo town.

He revealed that operatives in Edo State stormed Ekudo forest, Uhunmwode local government area where they destroyed a cannabis

NBS: Cooking Gas Prices Slumped 6% in May, Cost More in Bayelsa, Zamfara

Emmanuel Addeh in Abuja

The latest data from the National Bureau of Statistics (NBS) has indicated that the average price of a 5 kilogramme of cooking gas generally fell by about 6.07 per cent in May.

This means, according to the agency’s ‘Cooking Gas Price Watch’ that on the average, prices reduced from N4,642.27 recorded in April 2023 to N4,360.69 in May 2023.

While Bayelsa, Zamfara and Abuja topped the locations buying the product at higher prices, the report however said that on a year-on-year basis, the increase was 11.20 per cent from N3,921.35 recorded in May 2022.

On the average, Bayelsa recorded the highest average price of N5,016.67 for 5kg cooking gas, followed by Zamfara at N5,000.00, and Abuja at N4,900.00.

But Ondo recorded the lowest price

at N3,795.83, followed by Nasarawa and Edo at N3,800.00 and N3,837.14, respectively.

Furthermore, analysis by zone showed that the North-central recorded the highest average retail price of N4,712.85, followed by the North-West at N4,550.04, while the South-east recorded the lowest retail price at N4,078.50.”

“The average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 6.07 per cent a monthon-month basis from N4,642.27 recorded in April 2023 to N4,360.69 in May 2023.

On a year-on-year basis, this rose by 11.20 per cent from N3,921.35 in May 2022. On state profile analysis, Bayelsa recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N5,016.67, followed by Zamfara with N5,000.00, and Abuja

with N4,900.00.

“On the other hand, Ondo recorded the lowest price with N3,795.83, followed by Nasarawa and Edo with N3,800.00 and N3,837.14 respectively.

“In addition, analysis by zone showed that the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N4,712.85, followed by the North-West with N4,550.04, while the South-East recorded the lowest with N4,078.50,” it stated.

In the same vein, the average retail price per litre of kerosene rose to N1,206.05 in May 2023, showing an increase of 3.91 per cent, compared to N1,160.67 recorded in April 2023.

But on a year-on-year basis, the average retail price per litre of kerosene rose by 77.48 per cent from N679.54 in May 2022, according to the NBS.

farm measuring 2.5 hectares, recovered processed weeds weighing 67 kilogrammes and arrested six suspects namely: Onyeka Onyedinma; Monday Onyedi; Alex Eboh; Edosa Imariagbe; Godbless Tunde and Godstime Osarobo in the early hours of Monday 19th June.

Meanwhile, the Chairman/Chief Executive of the Agency, Brig. Gen. Buba Marwa (Retd), while commending the officers and men of the Lagos, Kogi, Niger, Kwara, Oyo, Edo and Marine Commands for blocking over five tons of illicit substances from going into circulation in the country in the past week, charged them and their compatriots across other formations to remain committed to the corporate goal of ridding Nigeria of the menace of substance abuse and illicit drug trafficking.

the NGX.

So far, investors who invested in Zenith Bank, the most profitable bank in Nigeria have gained N251.17 billion, when the stock price opened for trading this year at N24 per share.

Some capital market analysts attributed Zenith Bank's 3.22 per cent WoW gain to director dealings.

The bank in a notification on NGX disclosed that Provident Fund purchased Zenith bank stocks worth N404.8 million by value and by 12,734,104 volume last week.

However, Zenith Bank has now joined MTN Nigeria Communication (largest company in market capitalisation) , Airtel Africa, Plc, Dangote Cement Plc, BUA Foods Plc, BUA Cement Plc with market capitalisation in trillion of naira on the bourse.

The six companies contributed 67 per cent or N21.560 trillion to market capitalisation that closed June 23, 2023 at N32.237 trillion.

As at June 23, 2023, MTN Nigeria retained its status as the most valued company on the NGX as its market capitalisation declined to N5.404 trillion, followed by Dangote Cement that outpaced Airtel Africa.

Dangote Cement, the second most capitalised cement producer on the NGX, has a total market capitalisation of N4.90 trillion, while Airtel Africa depreciated by N83.43

billion WoW to close at N4.76trillion in market capitalisation.

The stock price of BUA Cement added 4.65per cent WoW as it closed at N90 per share, taking its market capitalisation to N3.05 trillion.

Commenting on the development, the Vice President, Highcap Securities Limited, Mr. David Adnori, in a chat with THISDAY, attributed hike in Zenith Bank performance on banking stocks rally amid unification of the foreign exchange and fuel subsidy removal.

“These two policies have awakened the fundamentals of the macro-economy and it reflected in the Zenith Bank’s stock lately. These policies are masterstroke as market stakeholders have been clamouring for it a long time.

“We have been clamouring for full unification of the foreign exchange so that there will be clear rates for everyone to see.

“With the unification of foreign exchange, we have seen the full value of Naira and if the naira is floated, it means foreign direct investors can seamlessly come-in and exit the stock market.”

While reacting to the unification of foreign exchange, the President Association of Capital Market Academics of Nigeria (ACMAN), Prof. Uche Uwaleke commended the unification of exchange rates which makes room for a more transparent foreign market.

Marketing Professionals Task Tinubu on Rebranding of Nigeria

James Emejo in Abuja

Marketing Experts and stakeholders have called on President Bola Tinubu to develop a holistic rebranding campaign for the country.

The stakeholders also urged the president to engage professionals to craft an effective strategy that would redeem the country’s negative image using the media as a vehicle to drive the change, noting that Nigeria remained a brand that must be redeemed using an effective communication strategy that only brand professionals could offer.

Speaking during a paper presentation at the 2023 National Institute of Marketing of Nigeria (NIMN) Annual General Meeting and National Conference, with the theme: “The Roles of Marketing Communication and Ethics in Nation –Building,” the Group Chief Executive, Prima Garnet

Africa, Mr. Lolu Akinwunmi, said such campaigns should target the root causes of the negatives of the Nigerian brand.

He said while he was not against the appointment of journalists as media and communications advisers to the president, professionals are more qualified to deliver the desired results of redeeming the brand.

Akinwunmi said, “I am therefore using the opportunity that hosting this conference in Abuja presents, and especially so close to the inauguration of the new government of President Bola Ahmed Tinubu, to strongly urge and implore him to take a new look at developing a holistic rebranding campaign for Nigeria.

“We need one. And I am not talking of another media campaign that is superficial, but one that goes to the root of the causes of the negatives of the Nigerian brand, and then design, or more like implement a

serious long-term attitude-changing campaign.”

He said, “While media use will play a major role at various stages, the focus essentially is strong attitudes change campaign from our primary schools to the high schools and colleges and higher educational institutions. The reorientation will also focus on our professions and government organs.

“Happily, the proposal and blueprint that the government approved still exists, and can very easily be updated for professional execution. May I at this point strongly urge and implore the government of President Bola Ahmed Tinubu to work with Nigerian professionals, marketing and marketing communication practitioners, and experts, some of who are represented here. It’s our humble commitment as a professional group towards rebuilding the Nigerian brand.”

L-R: Immediate Past Chairman, Industry Consumer Advisory Forum (ICAF), Igho Majemite; Chairman, ICAF, Emeka Akpa; Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Prof. Umar Danbatta; Director, Consumer Affairs Bureau, NCC, Alkasim Umar, and technical paper presenter, Nkemdilim Uwaje-Begho, at the Second Quarter Open Forum of the ICAF held in Lagos… weekend

Minority Leadership Position Divides PDP in N’Assembly

Crisis appears to be brewing in the National Assembly over the choice of candidates for the minority leadership positions.

The executive arm led by President Bola Tinubu is alleged to be plotting to put in place, a friendly opposition in the nation’s parliament having ensured that his loyalists have assumed the presiding officers positions in the two chambers.

At the moment, those aspiring into the majority officers positions in the Senate and House of Representatives, are also, ranking federal lawmakers, who are in the good books of Tinubu.

The task of ensuring the emergence of an amiable minority leadership in the apex legislative institution, is now cause fir concern among the federal lawmakers.

Investigations by THISDAY revealed that the presidential candidate of the Peoples Democratic Party in the last presidential election, Atiku Abubakar, is said to be in charge of the ranking lawmakers from the PDP for

the minority leadership positions. Similarly, the APC-led Federal Government is allegedly working with former Rivers state governor, Nyesom Wike, to produce ‘friendly’ PDP members to be appointed into the body of principal officers from the minority caucus of the federal parliament.

The marathon meeting held between Wike and the presiding officers of the Senate last Thursday, was believed to be over the choice of candidates for the minority leadership positions in the 10th National Assembly.

It would be recalled that Wike had vowed to work against the victory of Atiku and by extension, the Peoples Democratic Party in the last presidential election and he made good his threat.

He did it then in agreement with four other aggrieved governors of the

PDP, otherwise known as G-5. They include Seyi Makinde (Oyo), Samuel Ortom (Benue), Okezie Ikpeazu (Abia) and Ifeanyi Ugwuanyi (Enugu).

The outcome of the election obviously revealed that the G-5 governors contributed immensely to the failure of the PDP to produce the president and majority in the nation’s parliament during the 2023 poll.

At the end of the election, the APC produced 59 out of the 109 senators , PDP 36, Labour Party eight, New Nigeria Peoples Party, (NNPP) two, Social Democratic Party, (SDP) two, All Progressives Grand Alliance (APGA) one and Young People’s Party, one.

In the House of Representatives, the APC has 178 members; PDP 117; LP, 35; NNPP, 19; APGA, five; SDP, two; ADC, two; and the YPP, one, totalling 181 opposition members.

The current move by the APC allegedly being supported by Wike might deprive the PDP which has 36 out of the 109 members in the 10th Senate to produce the Minority Leader if the former governor of Rivers State, Nyesom

Wike, has his way with the presiding officers of the red chamber.

Strong indications had emerged that Wike could influence the choice of minority leaders at both the Senate and House of Representatives.

Sources in the Senate explained that last week’s meeting was a strategic move towards blocking the choices of PDP for the minority leadership positions of the Senate and the House of Representatives.

The party with the highest number of members in the minority caucus should automatically produce the minority leader but Wike is about to alter the arrangement.

Wike who was sighted in black suit, after the marathon meeting, left the Senate wing of the National Assembly at about 6:30pm in the convoy of the Senate President, Godswill Akpabio and Deputy President of the Senate, Jibrin Barau.

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

Sanwo-Olu and Dividends of Democracy in Lagos

Governor Babajide Sanwo-Olu, is forging ahead with purpose, courage and confidence.

His ascension to power was an act of God. It was a fulfilment of destiny. While those who brought him to government around 2003 floundered, the young technocrat was loyal to the core.

He embraced the duties assigned to him with passion, demonstrated humility, intelligence and candour, and shunned idleness.

Soon, his talents unfolded, making him a vital asset to the administration. He was tested and trusted by his leader. On that note too, he became a man of the future.

To Lagosians, Sanwo-Olu is a round peg in a round hole. In the positions he held before becoming the governor, he had performed creditably.

As Special Adviser on Corporate Governance, Acting Commissioner for Budget and Economic Planning, Commissioner for Commerce and Industry, Commissioner for Establishment, Training and Pensions, and LSDPC boss, he really made his marks.

Sanwo-Olu had also earned a reputation for hardwork, diligence, focus and achieving results.

From day one, he had hit the ground running. He is conscious of the fact that the progressive beat must go on in the Centre of Excellence.

Having served under the architect of modern Lagos and former governor, Asiwaju Bola Tinubu, and his successor, Babatunde Fashola (SAN), it is evident that Sanwo-Olu had honed his administrative skills under great tutors.

Lagos is a mini-country shouldering enormous

national, sub-regional and continental responsibilities.

On the shoulders of the governor rests the burden. His ability to cater effectively for over 20 million Lagosians makes him a problem solver.

Much is expected from Sanwo-Olu in the next four years. Many believe that he is prepared for the job. While he is also expected to build on the achievements of his predecessors, he should also learn from their shortcomings. His programme of action gives a ray of hope.

During his inauguration, he promised to work for a “greater Lagos”

through the implementation of “six pillars of development agenda.”

The pillars, which he described as the framework that encapsulates his vision, include traffic management and transportation, health and environment, education and technology, making Lagos as a 21st century economy, entertainment and tourism, and security and governance.

Sanwo-Olu said: “These six pillars of development represent our response to the yearnings of the people. They constitute the foundations that must be restored for future generations. Should we fulfil our promise and deliver on these pillars, we are most confident that we would have succeeded in setting Lagos on a new trajectory of economic growth and development that would be unprecedented in our entire history.”

He has promised to complete the ongoing projects initiated by former Governor Akinwunmi Ambode. Thus, there will be no abandoned projects in Lagos state.

His first term score card showed that his administration has not derailed.

Rather, the governor has worked hard to fulfill his campaign promises to Lagosians. The governor has promoted inclusion in the party, in the government and in the state.

The burden of over 20 million diverse people of Lagos, a mini-country, rests on the shoulders of the model Incident Commander, who is leading the state to recovery across sectors.

The governor took off by unveiling his well articulated THEMES agenda, which has remained the main thrust of the social contract between the government and people.

The acronym, THEMES, captured the expectations of the teeming population about the dividends of democracy.

THEMES is the acronym for Traffic Management and Transportation, Health and Enviroment, Education and Technology, Making Lagos a 21st Century Economy, Entertainment and Tourism and Governance and Security.

When he unfolded the agenda, he set the criteria for assessing his administration.

Traffic management and transportation are a major challenge of mega cities, where survival largely depends on unhindered intra-city transportation. This also have implications for economic activities, health and security.

The state government decided to develop the three modes of transportation-roads, rail and waterways.

Sanwo-Olu also converted the state into a huge construction site. He embarked on massive construction and rehabilitation of roads. He never abandoned any uncompleted projects. Sanwo-Olu inherited the burden of governance from his predecessor, Akinwunmi Ambode. Heaps of filth dotted the length and breadth of the metropolis, prior to May 29 when he was inaugurated as the fifth elected governor.

It was because the immediate past administration made the time-tested waste management corporation to flounder, paving the way for a strange municipal waste clearing operations driven by Vision Scope.

Former governor of Rivers State, Nyesom Wike and the presidential candidate of the Peoples Democratic Party in the last general elections, Atiku Abubakar, have renewed their hostilities over the choice of candidates for the minority leadership positions in the National Assembly, reports Sunday Aborisade.

Wike

Atiku

Fadahunsi Tambuwal

Babajide Sanwo-Olu is poised to step up performance in his second tenure as Governor of the Centre of Excellence.

Sanwo-Olu

AU @60: Striving for Unity, Prosperity, and Peace

The African Union, AU, recently reached a significant milestone as it commemorated its 60th anniversary. Established for a united, prosperous and peaceful Africa, the AU has faced numerous challenges in fulfilling the vision of its founding fathers. To delve into the complexities of these issues, a geopolitics webinar was recently organised, bringing together a panel of experts to analyse the AU's management of continental conflicts and challenges in the 21st century. Precious Ugwuzor explores the key insights and findings from the webinar, highlighting the AU's progress, shortcomings, and the path forward

The African Union (AU), formerly known as the Organisation of African Unity (OAU), recently reached a significant milestone as it commemorated its 60th anniversary. The organisation, born out of the aspiration for a united, prosperous, and peaceful Africa, has faced numerous challenges in fulfilling the vision of its founding fathers. As captured in its charter and vision; AU’s goal is for a united, prosperous, and peaceful Africa.

But, the ongoing conflicts, emerging security threats, political instability, and several military coups, among others in the continent continue to challenge and question the realisation of its vision. Despite some gains made so far, several analysts described the AU as a toothless bulldog, which has not been able to manage itself or the conflicts and crises between and among member states without foreign interference.

Compared to the European Union (EU), the AU which preceded it has not achieved much in driving peace and development. The continent is still playing catch-up whether in the global economy, governance, or politics to other regional and global powers, especially the US, China, India, EU, Russia, ASEAN bloc and others.

It was to this end that the inaugural edition of the webinar series on geopolitics was convened to examine the role of the AU as it celebrated its 60th anniversary. The webinar themed: “AU@60: The African Continent Conflicts in the 21st Century” and organised by the Centre for Media Development (CMD) in collaboration with Global Sentinel and Public Intel Security Africa, explored the dynamics of global affairs as they impact peace, security, economy, governance, and development, with a particular focus on Nigeria and Africa.

Speakers included Dr. Onyinye Onwuka (Nigeria), Head of Mediation and Coordination of Regional Political Affairs Division, ECOWAS Commission; Dr. Jakkie Cilliers (South Africa), Chairperson of the Board and Head of African Futures & Innovation, Institute for Security Studies (ISS Africa); Mr. Fidel Amakye Owusu (Ghana), Associate and Senior Conflict Analyst, Conflict Research Consortium for Africa; and Mr. Dennis Speed (USA), initiating member of the International Schiller Institute.

Their expert views and insights, alongside diverse participants from Latin America, North America, Africa, Asia, and Europe, enriched the discussions on topics such as African Union and regional integration toward peace, economic cooperation, and political stability; Assessing the opportunities and challenges of emerging economies and political systems; and African Union at 60: From Libya to Sudan – the way forward.

AU’s Struggle to Resolve Conflicts

Despite the AU’s efforts to address insecurity and promote peace, it has been criticised for its limited impact in resolving the continent’s ongoing conflicts. Analysts describe the AU as an almost deadbeat organisation, often relying on external intervention to manage

conflicts between member states. In comparison to the EU, the AU has yet to achieve the same level of success in driving peace and development. The experts’ verdicts came to light is they examined the AU’s approach to conflict resolution and its effectiveness in achieving sustainable solutions.

Speaking at the webinar, Dr. Onyinye Onwuka, Head of Mediation and Coordination of Regional Political Affairs Division, ECOWAS Commission, said Africa needs to rethink its strategies and engagement with world powers in order to compete effectively. It was noted that on 25 May 1963, when AU was founded, Kwame Nkrumah, the then Ghanaian president lobbied for a united continent with one diplomatic corps, one department of defence, a common market, and currency, but other leaders withheld support for fear of losing their national sovereignty. Consequently, the AU charter pledges not to interfere in the internal affairs of its member states.

For Onwuka, the 60th anniversary brought mixed feelings and cautious optimism, especially amid prevailing challenges in every part of the regions making up the continent, stressing:

“As we celebrate, let’s be mindful of the myriad of challenges that stares us in the face. Almost every part of the continent has a dotted line of conflicts. These gory images of war, poverty, displacement, despondency, and illegal migration of Africans challenge our collective quest for meaningful development and stability of this generation, and I dare say generations yet unborn, if nothing is done to address these challenges.”

“Indeed, all the sub-regions of Africa are facing unique conflicts, from cross-border crimes across Africa to the erosion of democratic gains in West/Central Africa. The nature of conflict has also evolved.

According to her, vulnerabilities in Africa presents the perfect environment for conflicts to thrive.

The dialogue and mediation expert noted that “the nature of conflict has evolved with democratisation, bulging

population, unemployment, and climate change. When we look at the two major countries in Sub-Sahara Africa, Nigeria and South Africa, the unemployment rate is 35.5 percent and 33.3 percent respectively. This is the Africa we are celebrating at 60 .

“Many of the conflicts in Africa are fueled by competition for natural resources. We have continued to struggle for resource control while other countries exploit us. We continue to give them raw materials, while they process and give back to us as expensive finished products”, she added.

Onwuka highlighted other forms of conflict including religious crisis, political instability and perhaps the resurgence of authoritarianism, proliferation of small arms and light weapons, and border conflicts. According to her, “we have seen weak governance, corrupt judiciary, legislature and non-inclusive governance in places where there is a democracy”. She described the AU as an attempt for an African solution to an African problem but it has not effectively proffered solutions.

She continued: “Just behind us, the Sudanese conflict has seen the failure of the AU and regional organisations to administer some level of mediation and support, to ensure that the warring factions to come to the negotiating table. Instead, we have to go to the Saudis, and to the Americans-all these are outside interests. How do we know if those fanning the amber of what’s going on in Africa are the ones posing as our potential mediators? So, if you look at the paradox, you will ask yourself what is the African solution to the African problem”, she further said.

In 2016, the AU launched a campaign to “silence the guns by 2020”, but conflicts and violent extremism persisted forcing the organisation to extend the campaign to “silence the guns by 2030”. Onwuka called for action, noting that there is not much time before 2030.

Speaking further on the conflicts confronting the continent, Mr. Fidel Amakye Owusu, Associate, and Senior Conflict Analyst, at Conflict Research Consortium for Africa, warned that the current crisis in Sudan is one of the most dangerous and consequential conflicts akin to Libya before the fall of Muamar Ghaddafi. He said the militants have already begun recruiting fighters from Nigeria, volatile regions of the Sahel and Africa.

He said the clash between the powerful paramilitary group, the Rapid Support Forces (RSF) and the regular Sudanese Armed Forces

(SAF) could destabilise West Africa and surrounding regions because Sudan is surrounded by seven countries including Libya, Egypt, the Central African Republic, Chad, South Sudan, Eritrea, and Ethiopia all of which are rocked by one conflict or the other including Egypt that is also facing its own in the form of ISIS in Sinai.

“With porous borders, anything can happen”, he said.

“Already, General Dagalo, the leader of the RSF has recruited a lot of people from Nigeria, and Mali. If there is peace, these youths will come back with weapons and experience in warfare, which can add up to the problem West Africa already has “, he warned.

Economic Crisis and Minuscule Global Influence

In addition to conflicts, Africa grapples with economic challenges, including its limited share in global trade and declining contribution to the global GDP. The rise of Asian economies, particularly China, has shifted the economic balance, necessitating Africa’s pursuit of growth, stability, and development.

Dr. Jakkie Cilliers: Chairperson of the Board as well as the Head of African Futures & Innovation, Institute for Security Studies (ISS Africa), also highlighted the need for Africa to diversify its economic partnerships, foster knowledge transfer, ensure transparency in government contracts, and resist political conditionality and instability. He emphasised the importance of growth, stability, and development in reducing poverty and addressing the continent’s economic disparities.

A 2021 UNCTAD report shows that the continent is responsible for only 3 per cent of global trade, 15 per cent intercontinental trade, 2.84 percent of global GDP, and facing a steady decline in contribution to global trade.

While reeling statistics from the ISS 2023 report titled “Africa in the World“, Cilliers projected that the economic totem is shifting towards Asia, and by 2034, China would overtake the US as the single most powerful country in the world. On the other hand, Africa remains a small player in the global arena despite its large population.

He revealed that 171 million Africans could fall into extreme poverty in a growing world, 127 million in a sustainable world, and 539 million in a world at war.

“What Africa needs is growth, stability, and development, but not all African leaders are committed to national development. We need to relentlessly pursue our interests including considering Chinese investment, insist on knowledge transfer like the Chinese have done, institute full transparency on all government contracts, and resist political conditionality”, he urged.

But it is not all gloom for the AU, the continent through the organisation has recorded some strides, noted Mr. Dennis Speed, the initiating member of the Schiller

Onyinye Onwuka

Fidel Amakye Owusu

Dr Jakkie Cilliers

Member nations under the AU must muster the capacity to advance their common interests by engaging the global community as a united front. This is not only about advancing its vision but to also protect the continent from being exploited by rival powers and countries who are taking advantage of Africa’s divisive fronts to push their selfish agenda for global dominance

Dennis Speed

AU @60: Striving for Unity, Prosperity, and Peace

Institute. Speed gave some historical accounts on the establishment of AU, which birthed several regional economic communities such as ECOWAS, the Southern African Development Community (SADC), and the East African Community (EAC), along with several others.

It was also stressed that the Africa Peace and Security Architecture of the AU has also made some progress in resolving some issues. For instance, it intervened in the crisis in Ethiopia when Nigeria’s former president Olusegun Obasanjo and President Uhuru Kenyatta brokered peace; and the dispute for the Bakassi peninsula between Nigeria and Cameroon. Speed however, advised Africa to champion its own independent course without following the dictates of the US-led world order and Western countries.

But, despite these, analysts say there is still lagging on many fronts.

Earlier in his opening remarks, Convener of the Webinar series, Mr. Senator Iroegbu, opined that Africa is yet to take its rightful place at influencing world issues and determining the order of global affairs.

“Africa has to step up on the global stage as a lot has been happening that shows that Africa is yet to take its rightful place”, he said. Iroegbu who is the Editor-In-Chief of Global Sentinel, also used the opportunity to call for collaboration and partnership for the geopolitics webinar series, noting that “combining our resources and knowledge, we can shed light on the complex geopolitical landscape and its implications for Africa, promoting informed decision-making and constructive dialogue”. He emphasised the significance of collaborative initiatives in today’s interconnected world, promoting informed decision-making and constructive dialogue

According to him, as the world grows increasingly interconnected, the Geopolitics Webinar Monthly bridges the gap between global events and their local impact. He stressed that through the partnership between Global Sentinel, Public Intel Security Africa and other willing organisations, participants can expect a wealth of knowledge, diverse perspectives, and a deeper understanding of the intricate geopolitical dynamics shaping Africa and the world.

In the same vein, the Co-convener, Ms. Dakore Ekpendu, expressed enthusiasm for the collaboration, highlighting the webinar’s value in facilitating discussions on critical geopolitical issues and their implications for Africa.

Ekpendu who is the CEO of Public Intel Security Africa, said: “The Geopolitics Webinar Monthly provides an invaluable platform for policymakers, analysts, and scholars to delve into critical geopolitical issues and their African ramifications.

“Our partnership with Global Sentinel allows us to bring together diverse perspectives and expertise, paving the way for a more informed and nuanced understanding of global affairs.”

Way Forward

Speaking on the way forward, Onwuka said that Africa must strategically reposition its interests beyond the concentric foreign policy approach and fashion out a collective vision to address emerging challenges.

” The implication of the lack of collectively harmonising African interest in a time like this is that Africa may continue to be seen as a peripheral continent with no hope of development,” she warned.

Onwuka added that African countries have to rethink a framework for multilateral engagement with global powers and actors, especially at the UN level. She further reminded that Africa needs to strengthen the role of regional organisations to be more strategic than they appear by providing inclusive solutions.

On his part, Cilliers urged for continuous democratisation, good governance and solid economic plans as well as non-aligned relationship in global affairs, urging Africa to maintain cordial relationship with competing powers without taking sides with either the US or China-led world order. But this was countered by Speed who called on Africa to forge closer ties with the China-led BRICS (Brazil, Russia, India, China and South Africa) group than the West , if it hopes to escape from its long years of conflicts and under development.

Also, Fidel Amakye Owusu pointed out that China, the EU, Russia, and the USA are

all interested in Africa because of its resources and growing population, stressing the need for African governments to unite in pursuit and projection of its vested interests.

“It is vague to talk about Africa’s interest because Ghana’s interest is different from Nigeria’s interest, and the West and other world powers can exploit these divided fronts to push their agenda. Until Africa comes together and has a better front like the EU, until we put our interest first, we will continue to be exploited “, he concluded.

Also, during the panel discussion, some solutions proffered by participants include the need for Africa to take control of her resources, nationalise her resources, and take solving its problems very seriously.

They offered several recommendations for the AU and African countries to navigate the challenges ahead. They emphasised the need for Africa to strategically reposition its interests, strengthen regional organisations, and engage in multilateral diplomacy. Calls for continuous democratisation, good governance, and solid economic plans were echoed, alongside the importance of maintaining nonaligned relationships in global affairs. The webinar also underscored the urgency for Africa to unite, prioritise its shared interests, and seize control of its resources to overcome conflicts and underdevelopment.

Key Takeaways

There were some vital take home points that the webinar was able to bring to the fore including the fact that addressing the root causes of conflicts in Africa, such as poverty, inequality, and governance challenges, is crucial for sustainable peace and development.

It was noted that African nations must prioritise inclusive economic development that benefits all citizens and reduces disparities, while effectively managing and equitably distributing natural resources. Also, that external interference in African conflicts should be minimised, and African nations should unite to protect their interests and engage with the global community as a united front.

The AU has made positive contributions but needs to enhance its capacity to address conflicts and crises within member states; while strengthening regional organisations and prioritising African-led solutions to African problems is essential for effective conflict resolution. Africa should establish mutually beneficial relationships with emerging powers, such as China and the BRICS group, while maintaining a non-aligned position in global affairs.

Action Points

At the end of the very brainstorming sessions including the Q&As; African nations were urged to take seriously poverty alleviation, inclusive economic growth, and good governance to address the root causes of conflicts. It was also noted that strengthening resource management and ensuring equitable distribution of resources can help minimise conflicts driven by competition for natural resources.

Other action points include African nations to collaborate on how to develop and implement conflict resolution mechanisms, focusing on regional organisations and promoting African-led solutions; the AU should enhance its capacity to mediate and resolve conflicts, through improved coordination, resource allocation, and strategic planning; African nations should advocate for fair trade agreements and protect their resources from exploitation by foreign powers. Also, that establishing knowledgesharing platforms and partnerships can facilitate informed discussions and generate nuanced understandings of global affairs with African implications.

Recommendations

In their final analysis, the speakers who are professionally renowned experts in security, conflict, peacebuilding and geopolitics, maintained that the apex Africa organisation has not lived up to the expectations in being able to solve continent’s problems.

They stressed the need for member nations under the AU to muster the capacity to advance their common interests by engaging the global community as a united front. This is not only about advancing its vision but to also protect the continent from being exploited by rival powers and countries who are taking advantage of Africa’s divisive fronts to push their selfish agenda for global dominance, while the continent grapples with devastating consequences of conflicts and other socio-economic problems.

The speakers and participants also gave various recommendations, which are as summarised to urge African nations to invest in education, healthcare, and infrastructure to foster economic growth and reduce inequality; and that strengthening democratic institutions, promoting transparency, and combating corruption are crucial for good governance and conflict prevention.

African nations are also advised to establish strong diplomatic ties with emerging powers and global actors while safeguarding their own interests and maintaining autonomy. Others are that the AU should engage in strategic partnerships with regional organisations and international actors to enhance conflict resolution capacities; increased financial support from African nations and international donors is necessary to strengthen the AU’s resources and operational capabilities.

Finally, that efforts should be made to promote intra-African trade, industrialisation, and technology transfer to boost economic development and reduce dependency.

Conclusions

As the AU reaches its 60th anniversary, it faces the crucial task of fulfilling the vision set forth by its founding fathers. Against this

backdrop, the webinar highlighted the need for Africa to take charge of its own destiny by addressing the root causes of conflicts, promoting inclusive development, and protecting its resources from external exploitation. The AU’s performance in conflict resolution was assessed, acknowledging achievements but also recognising limitations. Strengthening regional organisations and prioritising African-led solutions were recommended to enhance conflict resolution efforts. The importance of strategic partnerships, knowledge-sharing platforms, and collective action was emphasised to tackle conflicts and foster sustainable development. Ultimately, the key message was that Africa must unite, assert its interests, and engage with the global community as an equal partner to overcome conflicts and achieve its development goals.

Furthermore, participants stressed the importance of addressing the root causes of conflicts in Africa, such as poverty, inequality, and governance challenges. They emphasised the need for inclusive economic development that benefits all citizens and reduces the disparities between the rich and the poor. It was noted that many conflicts in Africa are driven by competition for natural resources, highlighting the urgent need for resource management and equitable distribution.

Another key aspect discussed during the webinar was the role of external actors in African conflicts. Participants expressed concerns about the exploitation of Africa’s resources by foreign powers and called for stronger measures to protect the continent’s interests. They stressed the importance of African nations engaging with the global community as a united front to advance their common agenda and prevent external interference in African conflicts.

Regarding the African Union’s performance, the speakers acknowledged some positive contributions made by the organisation. The establishment of regional economic communities, peacekeeping efforts, and mediation in certain conflicts were cited as examples of AU’s achievements. However, they also highlighted the limitations and shortcomings of the AU in effectively resolving conflicts and promoting development on the continent.

The speakers stressed the need for the AU to enhance its capacity to address conflicts and crises within member states. They called for greater coordination and cooperation among African nations, as well as strengthening regional organisations to play a more strategic and inclusive role in conflict resolution. The AU was urged to prioritise the African solution to African problems, rather than relying on external actors for mediation and support.

In terms of economic development, participants emphasized the need for Africa to find its own path and pursue its interests on the global stage. They advocated for African countries to establish mutually beneficial relationships with emerging powers like China, as well as the BRICS group, to leverage their economic potential and promote knowledge transfer. At the same time, they urged Africa to maintain a non-aligned position in global affairs and avoid being caught in the rivalry between the US-led world order and China-led initiatives.

The webinar concluded with a call for action and collaboration. Participants emphasised the importance of African countries coming together, setting a collective vision, and harmonising their interests to address conflicts and promote sustainable development. They highlighted the significance of partnerships and knowledge-sharing platforms, such as the Geopolitics Webinar Monthly, in facilitating informed discussions and generating nuanced understandings of global affairs with African implications.

In summary, the webinar provided a critical analysis of the African Union’s performance in fulfilling the vision of the founding fathers. While recognising some achievements, experts highlighted the challenges and limitations faced by the AU in addressing conflicts and promoting development. The discussions called for a rethinking of Africa’s strategies and engagements with global powers, as well as the need for inclusive economic development, resource management, and stronger regional cooperation. The overall message was that Africa must take charge of its own destiny, unite on the global stage, and pursue its interests to overcome conflicts and achieve sustainable development.

African nations must prioritise inclusive economic development that benefits all citizens and reduces disparities, while effectively managing and equitably distributing natural resources. Also, external interference in African conflicts should be minimised

Iroegu

Dakore Ekpendu

RATES AS AT JUNE 23,2023

Domestic, F oreign Portfolio Transactions in Stock Market Down 31% on Inflation, Low RoI

Kayode Tokede

Following political uncertainty, low return on investment amid double-digit inflation among, other factors, domestic and foreign investors portfolio transactions on the Nigerian Exchange Limited (NGX) dropped by nearly 31 per cent to N1.04 trillion in first five months of 2023 from N1.51trillion in first five months of 2022.

Prolonged foreign exchange scarcity, and hike in the Monetary Policy Rate by the Central Bank of Nigeria (CBN) had been taking their toll on the Nigerian economy and the stock market, which is the

barometer of the economy.

As a result, the stock market has witnessed mixed sentiments in transactions in the first five months of the years.

In the period under review, domestic investors that comprised of retail and high network investors transactions in the stock market dropped to N945.02 billion, a decline of 28 per cent from N1.3 trillion in the corresponding five months of 2022, while foreign investors’ participation in the stock market closed the first five months of 2023 at N99.34 billion, significantly dropping by 51 per cent from N201.29 billion in first

five months of 2022.

However, investors’ confidence was restored in May 2023 when Independent National Electoral Commission (INEC) final declared President Bola Tinubu the winner of the 2023 Presidential elections.

The equities market hit the biggest single-day gain in two years, rising by 5.23 per cent on May 29 as investors reacted positively to President Tinubu’s “no more fuel subsidy and immediate unification of exchange rates” comments.

Tinubu had also stated that his administration would be targeting a higher Gross Domestic Product

(GDP) growth, create jobs, work towards a unified exchange rate and ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.

This resulted in a huge bounce as the total value of transactions executed by domestic investors outperformed transactions executed by foreign Investors by 76 per cent.

In May 2023, the total amount of transactions on the Exchange grew to N322.92 billion in the month of May as against N191.21 billion in the previous trading month, thus representing a 68.88 per cent increase.

Further analysis of the total

transactions executed between the current and prior month (April 2023) revealed that total domestic transactions increased by 56.37 per cent from N182.74 billion in April to N285.76 billion in May 2023.

Similarly, total foreign transactions increased significantly by 338.72 per cent from N8.47 billion (about $18.31 million) to N37.16 billion (about $79.88million) between April 2023 and May 2023.

Analysts had predicted that a successful 2023 general elections in Nigeria would further increase foreign portfolio outflows n the stock market.

The Managing Director, Morgan

Capital Securities Limited, Mr. Rotimi Olubi, had noted that domestic investors would be the key players responsible for the movement of the market and liquidity.

“The federal government will need to focus on making reducing the leakeages associated with the current subsidy/under recovery regime,” he said.

Olubi said that inflation was expected to rise further following a direction reversal in December 2021 where inflation rose after an eight-month downward trend.

The story continues online on www.thisdaylive.com

Zenith Bank Lags as GTCO Emerge Most Profitable Lender by ROE

Kayode Tokede

Despite reporting a three per cent drop in profit before tax, Guaranty Trust Holding Plc (GTCO) outpaced Zenith Bank Plc, and other banks to maintain its position as the most profitable lender by Return on Equity (ROE).

ROE is a ratio that provides investors with insight into how efficiently a company (or more specifically, its management team) is handling the money that shareholders

have contributed to it.

With a decline in PBT to N214.2billion in 2022 from N221.5 billion in 2021, GTCO, according to THISDAY findings declared 23.61 per cent ROE from 26.01 per cent in 2021.

The 23.61 per cent ROE by GTCO has shown efficient management in generating income and growth from its shareholders amid a punitive regulatory environment.

The total dividend payout by GTCO stood at N3.10 kobo for

the second consecutive year.

The Group’s recovered in first quarter unaudited result and accounts with its ROE moving to 31.1 per cent.

Stanbic IBTC came close, following its ROE that closed 2022 at 20.40 per cent from 14.70 per cent reported in 2021. Stanbic IBTC Holdings in 2022 performance reported N100.35 billion profit before tax, an increase of 52 per cent from N66 billion in 2021.

Other notably banks with ROE above 15 per cent include; United

Bank for Africa (UBA) with 19.70 per cent in 2022 from 15.60 per cent in 2021, Wema Bank 19.25 per cent from 17.70 per cent in 2021.

Zenith Bank saw its ROE dropped to 16.8 per cent in 2022 from 20.4 per cent as Fidelity bank Plc’s ROE increased to 15.60 per cent in 2022 from 12.50 per cent reported in 2021.

FCMB Group is the only bank investigated with ROE at 12 per cent in 2022 from 8.90 per cent in 2021.

The Central Bank of Nigeria (CBN) had maintained that ROE in the banking sector rose too 20.2 per cent in 2022 from 18.4 per cent in September 2022.

Fitch Ratings had predicted that Nigerian banks’ operating environments could deteriorate in 2022/2023 as adverse global economic conditions feed through to the local economy.

The global rating agency stated that pressures on Nigerian banks’ profitability and asset quality would

MARKET DATA AS AT FRIDAY, JUNE 23, 2023

be higher than initially expected due to high inflation and a potential economic slowdown.

It noted that Nigerian banks are expected to face these headwinds despite higher oil prices.

“We expect interest rates to increase further given accelerating inflation and tighter global financial conditions,” Fitch said.

“This should support the banks’ net interest margins, which have been dented by low rates in recent years,” the firm added.

PenOp: Police Pension Bill Retrogressive, Unsustainable

James Emejo in Abuja

The Chief Executive, Pension Fund Operators Association of Nigeria (PenOp), Mr. Oguche Agudah, has said the bill to Create a Police Pension Board is retrogressive and unsustainable.

He insisted that the Contributory Pension Scheme (CPS) remained the most transparent pension arrangement in the country.

In a statement, the PenOp boss stressed that the police exemption from the CPS could further subject the fiscal space to severe pressure as it would require over N2 trillion annually to manage the scheme.

He pointed out that under the CPS, “There is clear visibility into the number of retirement

benefits disbursed by all the PFAs. In contrast, other pension schemes operated in the past, outside of this framework, lack such transparency. The police are pushing to go back to this non-transparent system.”

The statement further explained that the withdrawal of the police from the CPS would entail a return to the defined benefits scheme, which would lead to the dismantling of the institutions, systems, and processes that the government had established to manage pensions effectively.

Agudah said the reversal could be highly counterproductive and undermine the progress made so far in pension reforms.

According to him, “This

would only add more financial burden on the government through unsustainable pension obligations that it has already made provision for through a private sector managed pension scheme.

“Unwinding investments destabilize the financial system, diminish assets, and jeopardize the retirees themselves. Moreover, it disrupts fiscal policy and creates an unstable financial system.

“The beauty of the CPS is that the benefit that accrues to one member within the scheme can be enjoyed by all the members. A standalone pension management system as the police is advocating will not benefit from this pooling effect.”

NEPZA: Economic Zones Attracted $364.6m FDIs in 4 Years

James Emejo in Abuja

The Managing Director/Chief

Executive, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has disclosed that the country attracted $364.6 million in Foreign Direct Investments (FDIs) between 2020 and the first quarter of the year (Q1 2023).

He said $18.4 million was attracted in Q1 alone.

Speaking at an interactive session with journalists, he said if given the necessary support, the scheme could transform the investment landscape within a short time, adding that the foreign capital inflows had led to the creation of over 30,741 jobs in the economy.

He said about $102.93 million was recorded from international exports, while N1.14 trillion came from the domestic market.

Adesugba stressed the need to evolve strategies to industralise the country, create more jobs, and increase productivity.

He said the free zones scheme

was the easiest means to achieve industrialisation and remain competitive in the African Continental Free Trade Area (AfCFTA) regime.

The NEPZA boss said the zone would help enhance the competitiveness of locally manufactured products as well as put an end to dumping in the country and boost employment generation.

He stated that activities in the economic zones “generate direct employment, as of now we have about 170,000 people employed in all our free zones, we have about 55 Free Zones in the country and about 30 of them functional, the others are either at different stages of development or yet to commence development. We also currently have 541 enterprises within these free zones.”

He, however, stressed that although successes had been recorded, more work needed to be done to ensure the free zones are made attractive to investors.

He said, “In China, the Shanghai free zone alone has 55,000 factories

CPS: A Superior Choice for Modern Times

and if you look at the population of China compared to Nigeria, we have about 1/5 of China, we haven’t started yet, we need to think out of the box and find out what are we doing right and what we are doing wrong.”

To further promote industrialisation, Adesugba noted that the authority has put in place a system where it can use the stock exchange to raise bonds for some of the companies interested in setting up in Nigeria, pointing out that this arrangement would benefit the country.

He said, “We are also working with the Dubai Stock Exchange, the Nigerian Stock Exchange and Nigeria’s Securities and Exchange Commission to put together the rules within the law to be able to have a special listing of companies in the Free Zone.”

He also disclosed that the authority is working with the Central Bank of Nigeria (CBN) to get approval for the offshore banking process in the free zones.

NCS to Empower Technology Innovators with TIDP Programme

Emma Okonji

The Nigeria Computer Society (NCS), has commenced its Technology Innovation Development Programme (TIDP), aimed at empowering and supporting young innovators in Nigeria. The initiative received an overwhelming response, with applications from 47 teams showcasing their ideas and solutions to address societal challenges.

During the first day of the bootcamp, which held in Lagos, industry leaders and mentors from the ICT sector gathered to interact with the four selected teams, to ensure the transformation of their ideas into tangible products.

Speaking at the forum, the President of NCS, Professor Adesina

Sodiya, stressed the importance of building a strong foundation for innovators and guiding them towards creating finished products.

To facilitate innovation, each team member will receive brand-new laptops, and financial support to keep them motivated and focused.

The TIDP program, initiated three years ago, aims to foster innovation and development in Nigeria. It seeks to provide resources and expertise to young individuals with brilliant ideas but limited means to translate them into world-class solutions.

According to Sodiya, the program aims to build a community of young innovators who can become successful entrepreneurs or find employment.

“The upcoming second bootcamp for the technology team is already in the planning phase, following the success of the first phase last

In an era marked by economic uncertainties and shifting demographics, the need for a robust and sustainable pension system has never been more critical. There is no doubt that the best way to ensure retirement security is via the Contributory Pension Scheme (CPS), which offers a superior alternative to the traditional Defined Benefits Scheme (DBS). This article explores the advantages of the CPS and its suitability for the challenges of the 21st century.

Firstly, let us clarify the fundamental difference between the two systems. Under the defined benefits scheme, retirement benefits are predetermined based on factors such as years of service and final salary. In contrast, the CPS requires employees and employers to make regular contributions to an individual Retirement Savings Account (RSA). The accumulated funds are then invested, and the retirement benefit is determined by the value of the account at the time of retirement.

One of the primary advantages of the CPS is its sustainability in the face of demographic shifts. As life expectancy and birth rates increase in Nigeria, the burden on traditional defined benefits systems becomes unsustainable. With a contributory system, the retirement benefit is directly linked to the individual’s contributions and investment returns. This ensures that the pension system remains financially viable, even as the population ages.

year. The products developed by the first batch of participants will be showcased in July after a dedicated period of three to four months for project completion.

The selection process for the program, involved assessing five major criteria, including the commercial viability of the product and its potential impact on society. The aim is to develop implementable solutions within a specified timeframe, while also ensuring uniqueness and market appeal,” Sodiya said.

He commended the Chairman, Zinox Technologies, Leo Stan Ekeh, for his tremendous support for the program since inception.

Deputy President of NCS, Dr. Mohammad Sirajo Aliyu, urged the teams to seize the opportunity offered by the program, to learn and explore various aspects of their projects.

Firm Reaffirms Commitment to Bridge Nigeria’s Energy Gap

Ekugbe Gilbert

ENGIE Energy Access has restated its commitment to address Nigeria and other African countries’ energy access challenge.

Expressing worries over the inadequate power supply to underserved communities due to low-capacity national grid, ENGIE said plans are already ongoing to reach out to these communities with little or no power supply.

The Managing Director, ENGIE Energy Access Nigeria, Mangiza Phiri, at an Innovation Challenge’, a technology-leveraged hackathon aimed to challenge students on innovative solutions tagged, “The Industry Discourse (TID),” said the sponsored challenge holds great significance as the firm seeks to address the pressing energy access challenges in Africa.

He said sponsoring the event is part of the company’s Corporate

Social Responsibility (CSR) investment and further demonstrated its commitment by providing a financial contribution of US$3,000 (N2.1m) for the Innovation Challenge.

Phiri commended the winners for their innovative ideas and stated: “This By supporting the Innovation Challenge, ENGIE Energy Access not only positioned itself as a champion of youth talent but also encouraged innovative solutions to African energy problems.”

Moreover, the CPS empowers individuals to take control of their retirement planning. It offers greater transparency and flexibility, allowing workers to monitor their retirement funds actively. Pension Fund Administrators (PFAs) send Statement of Accounts to RSA holders periodically, entrenching the culture of transparency in the CPS. In addition, RSA holders are allowed to transfer their accounts from one PFA to another once in a year, giving them control over their pension funds. In contrast, the defined benefits scheme often provides little information or control to employees, leaving them uncertain about their future financial security. The CPS instils a sense of ownership and personal responsibility, encouraging individuals to make informed decisions and adjust their savings accordingly. The Pension Reform Act 2014 (PRA 2014) allows employers and employees to make additional contributions and even increase the minimum 10% employer and 8% employee contribution. These flexibilities do not exist under a defined benefits arrangement.

Another compelling advantage lies in the portability and mobility offered by the CPS. In today’s dynamic job market, where career changes and relocations are increasingly common, individuals require flexibility in managing their retirement savings. With contributory pensions, employees can seamlessly transfer their accumulated funds when changing jobs, ensuring continuous growth and uninterrupted savings accumulation. This mobility empowers workers to pursue new opportunities without sacrificing their retirement security.

Furthermore, the CPS promotes a fair and equitable distribution of retirement benefits. Under the defined benefits system, the pension payouts are often heavily skewed in favour of long-tenured employees. Sacked employees and those who worked less than certain number of years end up without retirement benefits under

defined benefits arrangements. This creates disparities and inequities within the pension system. In contrast, the contributory system ensures that retirement benefits are based on the individual’s contributions and investment returns, eliminating biases and promoting a more egalitarian approach to pension provision.

The National Pension Commission (PenCom) developed strong investment guidelines underscoring fair returns and safety of pension funds. PFAs strictly adhere to these guidelines, ensuring steady growth of pension assets. As of March 2023, total pension assets stood at N15.58 trillion and still growing. Noteworthy is that the defined benefits system carries its own risks, as demonstrated by numerous cases of pension funds facing significant shortfalls and delay in payments to retirees due to non-release of budgeted funds. Government is already overburdened with the payment of pensions under the DBS. There are competing demands on the Federal Government, which limited revenues cannot meet. By embracing a contributory approach, individuals have the opportunity to harness the potential growth of their retirement funds, ultimately leading to more substantial and sustainable benefits.

The DBS exposes retirees and employees nearing retirement to endless verifications. There are risks of inefficiencies and malpractices in pension administration under defined benefits arrangements due to lack of transparency. On the contrarily, the CPS has sufficient safe guards to protect pension funds.

Significantly, the CPS ensures timely payment of pension, which was one of the objectives of the pension reform in Nigeria. From the inception of the CPS to March 2023, a total of 326,248 pensioners on Programmed Withdrawal have been paid N941.66 billion as lump sum and N14.66 billion as monthly pension. Similarly, within the same period, a total of 108,552 pensioners on Retiree Life Annuity have been paid N16.66 billion as lump sum and N6.54 billion as monthly pension.

In conclusion, the CPS represents a progressive and adaptable approach to retirement security, tailored to the needs of the modern era. Its sustainability, transparency, portability, and equitable distribution of benefits make it a superior alternative to the traditional defined benefits system. As Nigeria navigates the challenges of an evolving economic landscape and changing demographics, it is imperative that public and private employers and employees embrace innovative solutions that empower individuals and ensure their financial well-being in their golden years. The CPS offers precisely that, heralding a new era of retirement security for all.

PENCOM DG, Aisha Dahir-Umar

Guinness Nigeria: Sales, Finance Cost Lumbers Profit

Guinness Nigeria Plc in its third ended March 31, 2023 reported a decline in profit before tax and profit after tax amid a significant increase in finance cost and cost of sales.

One of the top brewers in Nigeria and a subsidiary of Diageo Plc reported N9.94billion profit before tax in Q3 2023, a decline of 55.7 per cent from N22.47billion reported in Q3 2022, while profit after tax dipped by 61.6 per cent to N5.877billion in Q3 2023 from N15.28billion reported in Q3 2022.

Despite the decline in profits, Guinness Nigeria declared N172.48 billion revenue in Q3 2023, an increase of 8.17per cent from N159.44 billion in Q3 2022.

Revenue generated in Nigeria increased to N170.8billion in Q1 2023 from N157.97billion in Q 2022, while export closed Q3 2023 at N1.67billion from N1.48billion reported in nQ1 2022.

The cost of sales reported by Guinness Nigeria, however, grew by 9.61 per cent to N112.1 bill ion in the period that ended March 2021 from N102.26 billion in the same period of 2022, thereby accounting for 65 percent of the total revenue reported during the period.

This brings its gross earning to N60.39billion in Q3 2023, a growth of 5.6 per cent from N57.18billion in Q3 2022.

The steep contraction in gross profit margin (-759basis points to 33.5 per cent) in Q3 2023 from 41.1 per cent in Q3 2022, reflecting the faster increase in cost off goods consumed (+21.2per cent) relative to revenue growth (+7.4per cent).

Non-core income increased to N1.48billion in Q3 2023 from N1.34billion in Q3 2022, driven by Gain on disposal of property, plant and equipment that closed Q3 2023 at N1.13billion from N483.45million in Q3 2022.

Furthermore, the company’s operating expenses increased to N44.4 billion in the period under review from N35.64 billion recorded in the same period of 2022, with marketing expenses accounting for the larger chunk of the amount reported.

The beer maker saw its finance income and finance expenses surge by 67.4 per cent and 523.4 per cent respectively in the month period that ended March 2023 on the back of Interest expense on loans and borrowings and loss on remeasurement of foreign currency balances.

Further down, a net finance cost of N2.17 billion was recorded in Q3 2023 against a net finance income of N202.82 million in Q3 2022, comprising a 984.4 per cent surge in finance costs and a 9.7per cent decline in finance income.

Analysts at Cordros research indicated that the exchange difference on the letter of credits (+608.8% to N2.12 billion) and a higher loss on remeasurement of foreign currency balances (+716.3per cent to N3.19 billion) drove the elevated finance costs. Meanwhile, on finance income, there was a 13.4per cent reduction in short-term deposits in the period.

Guinness’s total assets increased to N217.61 billion in Q3 2023 from N215.7 billion recorded in the same period of 2022.

Cash generated from its core business activities increased by 15 per cent in Q3 2023 to N23.6 billion from N20.53 billion recorded in the corresponding period of 2021.

Furthermore, the financial data shows that the beer makers’ net cash used in investing activities for the period was negative, amounting to N3.91 billion in the period under review largely due to the acquisition of property, plant and equipment during the period.

Net cash flow from financing activities was also negative, totaling N11.64 billion during the period due to the payments and finance expenses paid during the period.

Consequently, cash and cash equivalents

LAPO Increases Staff Salaries to Cushion Effect of Subsidy Removal

Sunday Ehigiator

In response to the current economic realities, which have witnessed recent spikes in fuel, electricity, and other prices, Nigeria’s largest microfinance bank, LAPO Microfinance Bank Limited with over 7,000 staff has announced a 25 per cent and 12.5 per cent increment in the salaries for junior and senior staff respectively across the country

In a statement, the company’s Head, of Marketing & Communications, Oluremi Akande, stated that, “the implementation of

the new salary structure is one of the many palliative measures the bank has designed to help staff cope better with the challenges posed by the sudden high cost of living and other tough economic realities.

“Whilst we remain optimistic that the current economic conditions will improve, the management of the bank will continue to deploy superior strategies to ensure business continuity and sustainability of the bank to the benefit of all stakeholders.

“Our institutional culture rewards excellence and service.

for the period ended March 2023 amounted to N58.03 billion from N52.68 billion in the same period of 2022.

Analysts at Cordros added that, “Guinness’ Nigeria performance in the quarter was grim in our view, as the brewer continues to ride on a tough terrain characterised by dwindling consumer disposable income and a fragile FX market. “

“The major downside risk as seen in the preceding quarters remains elevated cost pressures, particularly pressures from foreign exchange losses, with that moderated, we expect growth in Q4 2023.

“Looking ahead, we expect further price increases to mitigate rising costs and improve margins. Over the medium term, we remain optimistic about the resilience of Guinness’s Total Beverage Alcohol portfolio strategy as a key driver of sustainable growth. Our estimates are under review.”

The Managing Director/CEO, Guinness Nigeria, Mr. John Musunga, said in a statement said “In the first nine months of fiscal 2023, Guinness Nigeria has delivered growth in the face of the challenging operating environment characterized by rising inflation, deteriorating foreign exchange situation, temporary cash scarcity, and election related anxiety and disruptions.

“Total net revenue grew by eight per cent, driven by category mix optimization,

pricing and organic volume growth in mainstream spirits, supported by excellent execution of our route to consumer strategy.”

Musunga added: “Revenue growth was particularly strong for the strategic focus categories: Premium Stout, Ready-to-Serve, and Spirits. We continued to invest behind our strategic growth priorities to remain top of mind and command a premium to consumers who chose our brands for the value they bring to their occasions.”

The released statement stated that the company’s Gross Profit grew six per cent, and its distribution expenses increased by 24 per cent, driven by a nearly three times spike in the price of diesel and other haulage inputs.

“The costs of goods grew faster than net sales revenue due to inflationary pressures and the impact of foreign exchange depreciation ; and increased administrative expenses in the period are driven by payroll inflation (mainly performance-related) and one-off tax provisions.” Musunga further explained.

“Coming from an exceptional 2022 performance, operating profit softened by 24 per cent versus same period last fiscal, whilst it remains very strong at N17.4 billion considering the prevailing macroeconomic environment.

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

ZENITH BANK LAGS AS GTCO EMERGE MOST PROFITABLE LENDER BY ROE

From 2021 to 2022, over 900 staff were promoted to different ranks across the institution and our annual LAPO Staff meritorious and long service awards platform underscores our unwavering commitment to recognising and rewarding distinguished and loyal staff.

“We shall continue to prioritise staff welfare among other things and are committed to implementing our strategies accordingly.LAPO Microfinance Bank Limited was ranked in 2021 by StatiSense, as the 5th largest employer of labour in Nigeria with over seven thousand staff.”

Yuqing: Nigeria-China Trade Volume Reached $5.4bn in Q1 2023

Eromosele Abiodun

The trade volume between Nigeria and China has hit close to $5.4 billion during the first quarter of 2023, the Consul General of the People’s Republic of China in Lagos, Ms. YAN Yuqing has said.

This is even as the Chinese government has reaffirmed its commitment is to work with the new managers of the Nigerian economy to strengthen the development strategy, dialogue, and enhance close contacts at various levels.

In a statement, Yuqing said the past decade witnessed the rapid development of China-Nigeria relations under the joint attention

and promotion of the leaders of the two countries.

She added that bilateral trade reached $23.9 billion in 2022, noting that in spite of the impact of Covid-19, Nigeria still maintains its position as China’s largest civil engineering contracting market, second largest export destination, third largest trading partner and major investment destination.

According to her, new opportunities are opening up for both China and Nigeria, while both sides are standing at a new historical starting point. She added that with the modernisation of over 1.4 billion Chinese people through peaceful development, China is bound to give a stronger impetus and more

opportunities to the growth of the African and global economies.

“Just as Professor Charles Onunaiju, Director of the Center for China Studies of Nigeria, puts it, Chinese path to modernisation has set a good example for the world, especially for African countries. Currently, the African continent is facing many challenges. We hope to understand the Chinese Modernisation and learn from China’s experience in sustainable development,” she said. She added, “We aim to promote more pragmatic cooperation within the framework of Africa-China cooperation. Dr. Olalekan A. Babatunde, a research fellow

at the Institute for Peace and Conflict Resolution of Nigeria, also states that China is a good partner for Africa in its quest for modernisation.”

The The Consul General pointed out that through the Belt and Road Initiative and the Global Development Initiative, China is seeking opportunities to help Africa ensure food and energy security, create more job opportunities, and promote economic and social development.

“The opportunities arising from Chinese Modernisation will certainly benefit the 200 million Nigerian people. China is willing to work together with the new Nigeria

Federal Government to strengthen the development strategy dialogue, enhance close contacts at various levels, firmly support each other, expand pragmatic cooperation in all aspects, and promote the development of China-Nigeria strategic partnership to a deeper and higher level,” she affirmed.

“Indeed, the consular district of the Chinese Consulate General in Lagos covers 20 states in southern Nigeria, a vast in territory, rich in natural resources with vibrant and talented population. China and all the 20 states in the district have been working together

to promote High-Quality Development of Belt and Road Cooperation, and many landmark construction projects by Nigeria-based Chinese enterprises have emerged one after another, greatly improving the infrastructure conditions and business environment in Nigeria, such as the Lekki Deep Sea Port, Lagos Rail Mass Transit and Lagos-Ibadan Railway,” she averred.

She also highlighted that Chinese technological enterprises are actively engaging themselves with Nigeria in communication technology, advancing the development of Nigeria’s digital economy and mobile payment.

This Week In Tech

Adedeji: How Wakanow is Transforming Customer Focus, Technological Innovation Via Travels

Adebayo Adedeji is the Group Chief Executive Officer of Wakanow, the renowned travel company that has revolutionised the industry. In this interview, he gives insight into the transformative journey of the company, his strategic approach, and the role of innovation in shaping the future of travel. Nosa Alekhuogie presents the excerpts:

Do you have a background in the travel industry?

No, I do not. My background is in finance. I started my career at EcoBank, then decided to pursue further education in Detroit. After that, I worked at Texas Instruments before moving on to Walmart, where I held positions in core finance and retail functions. Most of my time was dedicated to retail finance. From Walmart, I transitioned to Petsmart in Arizona and then to Amazon. Eventually, I joined Wakanow.

I have always had an entrepreneurial spirit. So, when the opportunity to come to Nigeria arose, it was an easy decision for me to leave the United States and return home to build a business. I had previously worked for some of the best companies in the world, including the largest brick-and-mortar retailer, the largest pet retail company, and the largest e-commerce company. Taking over a struggling company like Wakanow was a challenge, as it was facing issues such as unpaid salaries, financial setbacks, and a lack of profitability. However, we were able to turn the company around.

Now, we have achieved almost three years of profitability, with consistent growth of 147 per cent year-on-year. We have made remarkable progress in the business and have restored Wakanow to its position as the number-one company in the industry. Currently, I am focused on expanding our operations across West Africa and undertaking exciting ventures worldwide. We have plans to enter the US market, and we are already established in the United Kingdom and the United Arab Emirates, with a strong presence across West Africa.

Can you share what you did differently and what you think sets Wakanow apart from competitors?

Being customer-focused and having the ability to innovate on behalf of our customers is what sets us apart. Unlike anyone else in the market, we leverage technology extensively to deliver more value to our customers.

It is critical to share the history of Wakanow and tell the story well. The company was founded by two individuals who did an amazing job in terms of its vision. As with any evolving company, there comes a time when it needs to transition from a founder-led business to a professionally led one, and that is the phase Wakanow was going through. While professional help was necessary, it also required an entrepreneurial spirit. That is where I came in. Although I may not have had the most experience in the travel industry, I took a different approach by empowering our people. I believe that when you take care of your employees, they will take care of the customers.

Empowering our employees to provide excellent customer service has been one of my top priorities. We started conducting town halls, where I stand in front of the room every month, making commitments and ensuring they are fulfilled. For example, I made a commitment that salaries would never be late, and in my four and a half years with the company, we have always paid salaries on time, without exception. We even pay salaries on the 25th of each month.

I also promised that if we achieved a certain revenue threshold, we would bring back the staff bus, and we did. Furthermore, I stated that if we reached another revenue milestone, we would provide free food in the office. Today, we have a cafeteria that offers breakfast, lunch, and dinner for free to our employees. We have also consistently paid a 13th and 14th month salary, and sometimes even a fifteenth month, due to the commitment and dedication of our employees to delivering excellence. Their trust in me as a leader, knowing I will fulfill my promises if they meet expectations, has enabled us to position the company successfully. Now, let us talk about the customer. I believe that if a company takes care of its customers, the customers will take care of the company in return. We strive to be 99.9% accurate in delivering our services. I am known for being accessible and responsive. If a customer emails

me or messages me on my number, I make it a priority to respond promptly. At Wakanow, no one can be bigger than the customer because it is the customer who pays us. This customer-centric approach has allowed us to reclaim the number-one position in the industry.

Regardless of one’s position within the organization, no one can overlook the importance of the customer. By focusing on delivering excellent customer service, we aim to get it right most of the time, if not all the time. We understand that the magic happens when we exceed customer expectations. The customer is our boss, and we will continue to prioritise their satisfaction.

How do you incorporate technology and digital advancement into Wakanow’s operations to enhance customers’ experience?

Sometimes, when we think of technology, we assume it is a complicated or massive undertaking. However, at Wakanow, we embrace technology in a simple yet powerful way. For instance, we utilise WhatsApp as a means for customers to reach out to us. The ease of being able to message us and receive a response is amazing. Although response times may vary depending on the time of day, we strive to ensure every customer query is addressed. This accessibility and responsiveness are part of our technological approach because we understand that our ability to innovate relies on our customers’ needs.

In addition to current technologies, we also anticipate future advancements. We stay prepared for the future while focusing on taking care of our customers in the present.

As a retail business, it is crucial to make our services easily accessible to customers. That is why our website, stores, and customer service channels are available 24/7. We aim to provide multiple avenues for communication, including phone calls, website purchases, and chats through platforms like WhatsApp, Instagram, and Twitter. This accessibility is what we consider true customer access.

Another essential aspect is the ease of payment. We strive to stay ahead of technology by ensuring we offer every payment method that our customers prefer.

In Ghana, for example, Mobile Money is

widely used, and we have become leaders in Mobile Money collections through innovative solutions. We are even exploring the introduction of cryptocurrency payments where permitted. By the end of this year, the Wakanow group will have implemented 20-25 different payment methods. This diverse range of options ensures convenience for our customers and sets us apart as a technologically advanced company.

To drive our technological advancements, we have a dedicated team of twenty individuals who are continuously innovating and considering future market trends. Their focus is on improving our services for customers in each market we operate in.

At Wakanow, we understand that technology does not have to be complex. By utilising existing platforms and anticipating future advancements, we strive to make travel services easily accessible, provide diverse payment options, and stay at the forefront of technological innovation.

How has Wakanow been able to thrive seamlessly despite the challenges of internet connectivity in Nigeria?

Internet connectivity is gradually becoming more stable, thanks to advancements like ipNX. In our office, we have three cyber optics providers, which we can combine to achieve an impressive 95 per cent uptime rate. Additionally, we have established a remote location that can cater to demand if, by any chance, we encounter internet connectivity issues. These backup locations in Ghana and Dubai allow us to continue our operations smoothly. We have found that this multi-location approach works well for us.

To ensure uninterrupted availability to our customers, we have also expanded our communication channels beyond the internet. We understand that internet reliability can be a challenge, so we have introduced alternative channels, such as chat platforms and other non-internet-driven options. This enables us to remain accessible to our customers even when internet connectivity is unreliable. Furthermore, we have travel centres where people can visit and conduct business with us. We recognise that sometimes relying solely on the internet is not ideal, and having physical locations allows us to serve customers in person. We strive to open new channels that operate independently of the internet, ensuring that we can deliver consistent service to our customers.

How do you manage challenges such as economic downturns, natural disasters, or global events that impact the travel industry?

We leverage technology again. We call it schedule change in our world and whenever there is a schedule change, we stay on top of schedule changes in the travel industry. We understand the importance of timely communication with our customers in such situations. Whenever there is a schedule change, whether it is due to a global event or any other reason, we immediately establish a task force to address the issue and ensure our customers are informed.

For instance, when Dubai suddenly closed its borders to travellers, we swiftly set up a task force and created a dedicated email address to handle customer concerns and inquiries. As a customer-centric business, our priority is to take care of our customers and address their needs. Because we are a client-driven business, the first thing we think about is taking care of the customer and we engage with the airlines to find the best possible solutions. We proactively keep our customers informed by releasing statements and updates regarding any developments that may impact their travel plans. While airlines often provide weather advisories more promptly, we collaborate closely with them to minimise the impact on our customers and ensure their well-being.

By leveraging technology and establishing effective communication channels, we strive to stay at the forefront of potential disruptions, promptly address customer concerns, and work closely with airlines to mitigate any inconvenience caused.

How do you handle financial risks, such as currency fluctuations or regulations in the industry? How do you navigate through these?

This brings me back to one of the key factors that define our business: financial discipline. Financial discipline entails understanding the market, positioning ourselves effectively, and ensuring that our liquidity remains unaffected. In the realm of finance, this is often referred to as controllership. By maintaining robust controllership practices within our business, we can easily plan and manage when faced with unforeseen challenges. It is important to note that 95-97 per cent of the money we collect belongs to the airline or hotel. As a travel agency, we are entrusted with collecting funds on behalf of our partners. Recognising this responsibility, we exercise the discipline to segregate and allocate 97 per cent of those funds each day. This ensures that we never put our business at risk, as we are only utilising the funds that rightfully belong to us. This practice, known as controllership, forms the foundation of our financial management.

Due to our adherence to controllership principles, we are able to respond swiftly to changes in rates. We can identify and adjust to these changes promptly rather than experiencing a delayed impact of several days. Additionally, in the markets where we operate, we primarily conduct transactions in local currency. Foreign currency transactions only come into play when we need to pay third-party entities such as hotels located outside the country. However, when it comes to airline tickets, we operate exclusively in local currency. Our deep understanding of the travel industry and ecosystem, coupled with our commitment to strong controllership, is further strengthened by our competent finance team, comprehensive training team, and diligent internal audit team. Together, they ensure that we meticulously separate the essential from the non-essential, consuming only what rightfully belongs to us.

What are your thoughts on the future of the travel industry, and how do you plan to position your agency for success in the coming years?

I think that we cannot talk about travel without mentioning the globe and the world. As Nigerians, we must begin to think about it, as the world is becoming a global village. One significant aspect that is transforming travel is the emergence of GenerativeAI. It is changing the way we think and interact. However, before delving into technology, we still face the challenge of connectivity in Africa. Interconnectivity within Africa remains an issue, but many people are tirelessly working to solve this problem and improve connectivity across the African continent.

Addressing the connectivity issue will enable us to increase travel. When it becomes easier to take flights to Angola, Zimbabwe, Botswana, Senegal, Ivory Coast, Dakar, or The Gambia, we will witness a significant boost in travel. For example, imagine being in Dakar and wanting to contact Wakanow but facing poor internet connectivity. However, knowing that you can still communicate with them through WhatsApp, TikTok, or even if Facebook is banned but knowing there are alternative platforms can provide a seamless customer experience. The future of travel lies in offering a 360-degree customer experience across various channels, whether it is WhatsApp, email, phone calls, or website interactions. When he can say hello to you on WhatsApp and say goodnight to you on Instagram is the future of travel.

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

Adedeji

CLIMBING OUT OF THE VALLEY

The political atmosphere under the new administration is reassuring, contends SHEYI MONEY

See page 29

NIGERIA’S CHALLENGING ECONOMIC ENVIRONMENT

SONNY IROCHE argues against salary increment for public officers

See page 29

EDITORIAL

FOR THOSE HOOKED ON DRUGS

FOLASHADE AGUSTO urges the governor to visit all parts of Lagos and see project sites first-hand instead of relying on reports from subordinates

SANWO-OLU AND LEADERSHIP BY WALKING ABOUT

As a management student, Governor Babajide Sanwo-Olu should be familiar with the concept of Management By Walking About (MBWA). Popularised in the early 1980s with the publication of a book detailing how a company like Hewlett Packard became a most admired began from a garage by two young men, the concept shows that top organisational go to the front lines from time to time to see how work is carried out, rather than sit in

The reports may be late or incomprehensive or doctored for one reason or another. The people on the front lines shouldn’t know when the top leaders are coming so that the leaders would see how things are really rather than see things which have been given a facelift in order to impress their bosses; rosy pictures of because they are likely to be misleading. Leaders who adopt this style have always who adopt the opposite style. Asiwaju Bola Tinubu embraced the leadership style of as the Lagos State governor, and he turned But we should not overlook some of the risks inherent in this leadership style. While working incognito in December, 1999, as he was inspecting how refuse was being disposed of in the state, Tinubu was shot at by members of the Odua Peoples of leadership by walking about remain abundant.

If Governor Babajide Sanwo-Olu had adopted this style, the Ajah axis in the Lekki peninsula would not have been in the present mess, and the ruling All Progressives Congress Party (APC) would have won the 2023 general election in the state without controversy. If Sanwo-Olu is the type who visits sites, the contractor who did so-called repairs on the AjahAdo-Lamgbasa-Badore Road would not have got away with blue murder. In fact, he would not have thought of doing a shoddy and dishonest job. A situation where the Lagos State Ministry of Works would record that the eight-kilometre road constructed by Asiwaju Tinubu has been repaired whereas practically nothing has been done would not have occurred.

It is surprising that Governor SanwoOlu could spend a whole term of four years without bothering to visit this large community which forms an integral part of what is known as New Lagos. Of all Lagos State governors since 1999, he is the only one

the contiguous Ajah, Ado, Langbasa and Badore communities which make up the Greater Ajah. Tinubu visited us more than once. Consequently, he built what is now known as the Catholic Church Road in daily. This road is today in a shambles. It is not exciting that one administration would construct a road, but another cannot even maintain the same road.

Tinubu also built the Ajah-AdoLangbasa-Badore Road, thus enabling, among other serious economic activities, the dredging business in the vicinity to grow to an industrial scale. Much of the sand used in the development of the burgeoning real sector on Lagos Island is obtained from here, and the state government generates considerable revenue from this business. Tinubu’s vision for developing this road in 2007 must be farsighted. The residents and businesses as well as indigenes of these communities were pressing for a mere repair of the road which was a single lane built by the military government. But Tinubu rather built a dual carriageway and gave the contract to a multinational to ensure that it was done to international standards and that it would last for a good number of years.

The development of this critical road led to the aggressive development of up to 120 housing estates within a few years and unexpected pressure on this lone road in this part of Lagos. This dual carriageway is today a shadow of itself. Tinubu must be shocked to see it in this present condition, despite the so-called repair work done on it a few weeks ago.

Babatunde Fashola visited these communities many times. The results? The completion of the Ajah-AdoLangbasa-Badore Road which Tinubu began, the construction of the road leading to First Unity Estate in Badore, the building of the road linking Ado and

Langbasa, the construction of the Badore Mini Waterworks, and the construction of the Badore Jetty, as well as the lightening of the roads he built, including the Ajah-Ado-Langbasa-Badore Road he completed. We all miss Fashola. We wonder how he will react should he visit these places and see the state of these facilities.

Governor Akinwunmi Ambode also meeting at the Badore Jetty in August, 2016, with senators, former ministers, and He promised, among other things, to build roads to decongest the Ajah-AdoLangbasa-Badore Road and the Victoria Island-Epe Expressway. These roads he promised to construct were three, namely, one linkingVGC to Lekki Phase One; a road from Oke Ira Nla in Ado leading to the Abraham Adesanya Housing Estate, and a road from around the Cooperative Villas Housing Estate to Lagos Business School. He pledged that work would start the following month. Governor Ambode, who displayed an impressive knowledge of the geography and even history of these areas unfortunately failed to deliver on any of these promises. But he did build in record time the Jubilee Bridge at the Ajah Bus Stop which has reduced at this junction.

Governor Sanwo-Olu’s development record in the Greater Ajah area is regrettably non-existent. The bridge he started at VGC was abandoned well over a year ago, to say nothing about the road linking VGC and Lekki Phase One Island-Epe Road. He has just started his second term. He has an opportunity to create a better record, unlike Ambode so, Ambode visited us and constructed the famous Jubilee Bridge. Governor Sanwo-Olu needs to visit this part of eight-kilometre Ajah-Ado-LangbasaBadore Road as well as the abandoned Badore Jetty and the abandoned Badore Mini Water Works. He needs to build the roads his predecessor promised, so as to write his name in gold. Sanwo-Olu needs to embrace the style and strategy of leadership by walking about. He needs to visit all parts of Lagos and see project sites from subordinates, many of whom may be compromised by contractors and even their immediate supervisors.

Dr (Mrs) Agusto is a management consultant in Lagos

CLIMBING OUT OF THE VALLEY

inaugurated President of Nigeria, Bola Ahmed Tinubu, has renewed the hope of citizens. After the dark and dreary years in the valley of darkness, the people of Nigeria now have cause for hope. If the morning shows the day, then there appears to be a ray of hope at the end of the tunnel. A politically and religiously polarised and divided nation may have begun the process of healing. She may eventually recover the lost grounds as a result of the divisive policies of the previous

Take for instance, the recent appointments of the service chiefs and heads of security institutions of the country. The Chief of Musa, hails from Kaduna State, northwest southwest of the country. The Chief of Naval from Enugu State in the South East. Air Vice Marshal Bala Abubakar, who is the Chief West. The Chief of Defence Intelligence, Major

Police, Mr Kayode Egbetokun, is from Ogun State in the South West. The National Security

Adamawa State in the North East. Mr Yusuf Magaji, from Kano State, remains the Director President Tinubu had earlier appointed made so far, including Special Advisers competence.

Recognising the heterogeneous nature character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few States or from a few ethnic or other sectional groups in

It is a matter of regret that the previous administration observed the federal character, enshrined in the constitution, only in breach. This created enormous distrust and avoidable tension in the country.

In the last dispensation, it was as if the rivalries, the magnitude never witnessed in the annals of Nigeria, became the norm. Insecurity spread like wire on a sunny day, leading to escalating food shortages and mass poverty. The quip that ‘business is a coward’ is always true. Hence the last dispensation witnessed a lot of divestments in the country; the unemployment situation

The mismanagement of the monetary policy worsened the human development redesign and naira swap led to mass misery and depression. The already challenged small businesses across the country collapsed in millions.

But within weeks of President Tinubu in

NIGERIA’S CHALLENGING ECONOMIC ENVIRONMENT

growth. This is a particularly challenging economic situation because it combines recession.

Unfortunately, the outgone Buhari team, through their poor management of foreign currency rates and the use of Ways and Means, by the Central Bank and the

increases faster than wages and salaries. This can lead to a decline in living standards and a reduction in consumer spending.

Two, unemployment: Stagnant, or even negative economic growth can lead to higher unemployment rates, as businesses may be less likely to hire new workers to cut costs.

power, the Student Loan Bill and Electricity Bill were signed into law. The latter is particularly most consequential, as it opens up new vistas for the beleaguered power sector.

A nation in a coma in the last 10 years seems to have been bludgeoned to life by the new administration. Things are moving so fast and in the right direction. The giant feet of a nation hitherto stuck in the mud for over a decade now appears to leapfrog. The political atmosphere is now assuring. I wish the federating states can take their cue from the central government and create reasons for their traumatized citizens to rise from the ashes of despondency and look to the future

The standard of living is appallingly poor. Nigeria’s ranking in the United Nations mismanagement of the economy. The cost of living is bound to rise, especially as a result of fuel subsidy removal.

The subsidy regime drained the economy. Some marketers would load PMS at the subsidized rates and then divert the fuel to the neighbouring countries where they would sell at a minimum of 400 per cent above the local price. Besides, when subsidy, it depended largely on borrowing as it lacked adequate revenue to foot the bill, of the country. The subsidy regime is like a cancerous cell in the body that has to be removed via surgery, with concomitant pain. With the positive signs shown so far, we tomorrow.

It must be mentioned that through deft political moves by the Tinubu administration in ensuring the emergence of a Christian as Senate President, the tension and fears ironically, enjoyed endorsement across the

The actions taken so far by the new Head of State, especially with regard to ethnic balancing in appointments and religious sensitivity, have calmed frayed nerves and by all accounts, sit well with majority of the ship of the Nigerian state now appears to be cruising in largely calm waters.

Should we be surprised, given the antecedents of the President? Tinubu is not the typical Nigerian politician; he is a businessman, an accountant, economist and above all, a democracy activist. Not many may recall his struggles against military rule.

Money, a social enterprise development consultant, writes from Lagos

This unsavory economic situation, which we have found ourselves, will take the ingenuity of the Tinubu’s administration and the economic team that he would put together to ameliorate. And with some of the steps so far taken by the new administration,

economic growth can also lead to as businesses and individuals may earn to political instability, as citizens may become frustrated with the government’s inability to address the economic challenges they are facing.

rate, and the removal of fuel subsidy, are among the right policy directions that would pull Nigeria through.

However, it would be counterproductive, should President Tinubu assent to the 114% salary increment of members of the National Assembly being proposed by the who are the servants of the people, should already making.

The Tinubu’s government provides the opportunity for a Nigerian renaissance and if it’s to keep to the letters and spirit of Nigerians of all social strata, character and creed, must make and be seen to be making the optics and narrative of the inglorious past

Some of our leaders, and institutions that are clamoring for increased salaries and allowances at this adverse period of our economic realities, do not seem to be aware

One, reduced purchasing power. High of citizens, as the cost of goods and services

the Tinubu’s government may need to increase spending on infrastructure projects or other initiatives. However, this can lead to higher government debt

is where the ingenuity of a well selected to assemble, becomes critical. And I dare say that his initial appointment of Wale Edun, as his Special Adviser on Monetary economic team would be constituted by sound men and women, who would doldrums, and would stimulate the economy and position it for growth and meet the yearning of Nigeria and its International Development Partners. Thereby achieving the desired sustainable development goals and growth.

on both governments and citizens. It requires careful management and policy and growth challenges that are present.

Iroche, an investment banker, is a Senior Academic Visitor at the African Studies Centre of the University of Oxford, UK

The political atmosphere under the new administration is reassuring, contends SHEYI MONEY

SONNY IROCHE argues against salary increment for public officers

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

FOR THOSE HOOKED ON DRUGS

All critical stakeholders should do more to stem drug abuse

As countries all over the world mark the 2023 International Day against it is important for stakeholders in Nigeria to pay more attention to the consequences of drug menace. Hard increasingly available on the street and abused by both the young and the old across the country. These perception. Their abuse has also become a serious health challenge for the country. We therefore appeal to the regulatory authorities to help in tackling this menace that has implications both for the health of our people and national security.

Nations SecretaryGeneral António Guterres pleads with all stakeholders to help drug abusers who barriers to treatment and even health services for infectious diseases like HIV/AIDS and hepatitis.” This year’s International Day Against Drug Abuse

stigma and discrimination and strengthening rather than punishment and incarceration for minor

It has long been established that Nigeria is a health and disease conditions in the population. Not legislations and an aggressive public education in the war against illicit drugs in the country. The World

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

warned that the growing abuse of Tramadol by many of our young people may lead to intoxication like other opioid analgesics with the consequence

up to respiratory arrest.

Hard drugs are essentially poisonous and cause serious problems for the user and the society at large. Statistics are hard to come by but there is a correlation between the abuse of drugs and organised one of the largest growers of cannabis in the West African sub-region. And because the weed is therefore the most abused of the illegal drugs in the to be smoked in dark street corners and hide-outs. particularly among the youths who openly wrap

law enforcement agents looking away.

Tackling the problem is a task for everyone. The be diligent in regulatory compliance while the with generating revenue should be more proactive in checkmating the activities of importers of these drugs into the country. There is also a need to in schools. Parents have the obligation to discreetly vet the kind of company their children keep as a safeguard from being introduced to drugs and best cure.

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

STRENGTHENING PREVENTION OF DRUG ABUSE

It is no news that a lot of our young people abuse drugs. Some abuse drugs that doctors give to sick people to get

These drugs are often taken without a doctor’s prescriplisting the aforementioned category of persons who make such choices as to self-prescription and medication. How-

person may even begin to imagine or feel as though he or to run into the road and try to stop a moving car without This is how daringly outrageous drug use and its abuse can take control of one’s reasoning and rational thoughts. consequences are life damaging - damage to a person’s

or she is unable to cater to his/her responsibility. Such a drug abuse a top priority for better productivity especially of her youths.

disassociate ourselves from them and do not involve them and discrimination. My message to you dear reader as

gin to see them as people like you and people that can be helped. If you see such people don’t discriminate against know that drug use problem or disorder has been iden-

condition that happens not because of lack of will power to stop using drugs or due to their moral weakness but because of the impact on the functioning of the brain. A person with a drug problem should be seen as someone that has been overpowered by the drug and needs help. Do not

and building back their sense of worth. and drug activities. We should come together as a grouppsychoactive substances as there are a serious threat to our

Many audacious crimes including vicious robberies and murders, raiding of banks, prisons, churches, and kidnappings, are said to be aided by drugs

HOMES & DESIGN

First Pension Custodian Tower As New Beauty on Victoria Island’s Skylines

The high street known as Akin Adesola in Victoria Island is home to premium motor distributorships, and it’s fitted with high-profile office buildings; a new one is evolving as the head office highrise of First Pension Custodian, with the potential to take the shine off several towering buildings. Bennett Oghifo writes

The First Pension Custodian’s edifice is gradually taking shape and making a rare statement where it is located on Akin Adesola Street, with its sights on Adeola Odeku Street.

The five-storey building’s facade is made mostly of glass, a preferred material designed and used in modern construction.

First Pension Custodian Nigeria Limited is a wholly-owned subsidiary of First Bank of

Nigeria Limited. Their origin dates back to 2005 when they were licensed as Pension Fund Custodian.

Interstate Architects designed the truly green building. The quantity surveyor was Anya

Samm and Associate. PinConsult Associates Limited provided structural engineering services. MacJoan Associates Limited undertook the mechanical and electrical works, and the main contractor is Ponti and Co Italware.

PHOTO Bennett Oghifo

Ikpobe: Abolishment of Multiple FX Rates Will Create Level Playing Field for Manufacturers

Mr. Apollos Ikpobe is an accomplished financial expert with over three decades of experience in the banking and finance industry. Currently serving as Chairman of Just Food Nigeria Limited and a Non-Executive Director of NSIA Insurance Limited, he brings a wealth of knowledge and expertise to his roles. Ikpobe has held several leadership positions throughout his career, including Deputy Managing Director at United Bank for Africa Plc (2015), Director of UBA Pensions Custodian Limited (2015), Partner at Mazars, Coker & Co. (2013) and Executive Director at Zenith Bank Plc (2012). He was also an Independent Non-Executive Director of NGX (Nigerian Exchange) Group Plc and served on the Boards of Zenith Bank Sierra Leone, Zenith Pension Custodians Limited, Zenith Registrars Limited, Zenith General Insurance Limited, and Zenith Securities Limited. In this interview, he speaks about the journey so far for Just Food and its expansion plan. Obinna Chima brings the excerpts:

How has the journey been so far for Just Food?

Just Food is a key player in the food space; we focus primarily on the business-tobusiness (B2B) sector and we support a lot of businesses so that they can function effectively. We are a 33-year old company that was founded by Mr. Peter Mason. I joined the business in 2012, and I was appointed as Chairman of the company in 2015. We have tried to build on the original vision of the founder and found new ways to diversify and innovate. This is because the only thing you are sure of in any dynamic environment is change, and we have tried to adapt in many ways to keep relevant in the market.

With a Nigerian population of over 200 million people, which has over 70 per cent below 30 years of age, we can create products that would excite the market and we are trying to influence the consumption pattern in our own way through our customers. Most of the top QSR (Quick Service Restaurants) brands in Nigeria actually do business with us. We assist our customers to innovate on things that have to do with food and ice cream, which is our major area. Although the QSRs are our primary customers, we also have our products that we sell in modern trade stores. One of them is the first premium ready to eat ice cream produced in Nigeria called Comelle Ice cream. Our focus was to compete with the international brands. We asked ourselves why companies would be importing ice cream from Europe to sell in Nigeria, when we can actually produce same here.

What we told ourselves is that our products should be able to stand on the shelves of any store anywhere in the world. We try to get the best standards for our products. We were also the first company in Nigeria to produce a non-dairy ready to eat Ice cream called Just Delight. This product is targeted at those who are lactose intolerant. The product is made primarily from soya beans and this is making a tangible impact in the market. We also challenged the status quo and asked how can we be importing cones into Nigeria? Thus we started producing cones in our factory based at Ota. We told ourselves that we are going to support the value chain around ice cream – in terms of equipment, support services and others. That is the general overview and as perception and taste changes, we would continue to create products to satisfy the market and expand our support in the food value chain.

But it appears your brand name is stronger than your products, is it a strategy?

Yes, it is. And that is so that anything that comes from that brand name (Just Food) would be easily acceptable. That is why you will see Just as a prefix to some of our products such as Just Delight, Just Good, and Just Food Ice (JFI) cream powder mix and Just Ice. First of all, we established the brand across Nigeria and other countries in West Africa. We are then following up with product innovation built on the brand equity.

How do you think the abolishment of segmentation in the forex market affect your company?

Let me tell you the reality: Many manufacturers in Nigeria were not getting their foreign exchange at the official rate. They have been sourcing money at very expensive rates all along. As the official rate is now devalued / merged

Ikpobe

with the other rates, it only means that people who had advantage and were getting dollars at lower rates, are now buying at the same price as the rest of the market. With that, quality can now play a role instead of other undue advantages. So, if somebody is getting foreign currency at a lower rate than myself and I am supposed to be competing with him, I am already disadvantaged from day one. If I am producing more locally, it gives me a better opportunity to compete against anybody that is importing. The truth is that many businesses are going to start looking at local alternatives. We have a number of our clients who are already talking about that with us, which is why we are doing contract packaging and production. We have a number of companies that we are producing ice cream for locally, just because they know that if they are going to import, the landing cost will not be beneficial to them. So, it will help to promote more local production and create a level playing field for competition.

As a manufacturer, what policy direction will you recommend to the Bola Tinubu’s administration?

The list of approved dairy importers should be enlarged. This is because there are so many businesses that are involved with dairy products conversion and processing such as infant formula, cheese, pizza, biscuits and Ice cream companies that are not on the list. The end users/consumers ultimately

suffer by paying higher for products due to the difficulties arising from this and other challenging policies. The indigenous manufacturers should be encouraged with enabling policies, grants, subventions and with targeted funding to boost their capacity to produce, enhance comparative advantage and position them to effectively compete internationally. This will result in more employment of our youths and greater contribution to our Gross Domestic Product. The benefits of African Continental Free Trade Area (AfCFTA) agreement, with this level of support will allow Nigeria companies export more to the continent and generate more foreign exchange for the country.

Can you tell us about the growth of the company since you came on board and the transformation that has taken place in the last 10 years?

Before 2015, our business was primarily focused on importing and selling products with little value addition. From 2015, we decided to move into light manufacturing at our Ota factory with the production of Ice cream cones (JUST Cones) and premium and value ice cream products (Comelle Premium Ice cream & JUST Good Ice cream). Now we are engaged in contract manufacturing for other companies locally. We also have our own locally produced ice cream powder mix (Just Food Ice Cream Mix) that is currently making waves in the market especially amongst QSRs. We

subsequently expanded our warehousing / production facilities to Asaba, Kaduna, Lekki & Accra - Ghana.

We also decided to focus on specific OEM’s (Original Equipment Manufacturers) suppliers such as Taylor USA equipment manufacturing for ice cream. For cooking and oven businesses we chose Rational ovens. It is worthy of note that our technicians are internationally trained and certified to maintain the equipment of partners we represent. In West Africa we opened offices in Ghana, Cote D’Ivoire and Senegal, and the standard and culture of global premium quality is the same. We have also established a presence in Sierra Leone, Cameroon and Guinea, however Nigeria remains our biggest market.

What is your expansion plan?

In the last eight years we have structured new relationship with our partners and we have been able to triple our turnover in Nigeria in spite of macroeconomic and environmental limitations. Over the next five years, we plan to grow three times our current levels. We will continue to strengthen our relationships with our customers as a trusted partner of choice as they continue to expand. We will continue to create more products to meet the ever-changing needs of our markets. We expect more expansion into other African countries. We currently have several QSRs businesses we are supporting, and our equipment supply business and consumables we sell to the hospitality sector will continue to grow to support our projections.

Exploring China’s Tourism Sector

China is quickly emerging as a major tourist-generating market drawing global awareness. From Beijing to Shanghai, Guangzhou and several other beautiful cities, China has some of the best tourist centres in the world. That is why tourism has become an essential contributor to China’s domestic economy as the emergence of an affluent middle class and an easing of movement restrictions for locals and foreign visitors now support the travel boom.

China’s Ministry of Culture and Tourism (MCT) last month released statistics on domestic tourism and travel during the 2023 “May First” Labour Day holiday. Between April 29 and May 3, a total of 274 million domestic trips were made — more than the over 240 million trips officials had anticipated prior to the holiday. The actual figure shows a 70.83 per cent year-on-year increase and represents 119 per cent of the trips made in the same period in 2019. Domestic tourism revenues also exceeded 2019 levels for the first time, reaching a new high of C$28.55 billion (148 billion yuan). The absolute economic contribution of the tourism sector in China was forecast to continuously increase between 2023 and 2028 by $1.42 trillion and had been estimated to hit $3.2 trillion in 2028.

International Society of Diplomats (ISD) Special Emissary on Media to Nigeria, Mr. Victor Asije, called on developing countries to emulate China in the development of their domestic, inbound and outbound tourism potential. Asije, in a statement, noted China’s commitment to the development of domestic, inbound and outbound tourism potential has remained a major source of revenue and foreign exchange for national development and construction.

“There is really a lot for developing countries to learn from how the Chinese government and people who are currently taking lovable advantages of their country’s tourism sites.

“It is on record that China has made significant progress in the development of her inbound tourism alone, with tourists arrival risen from 1,809,2 million in 1978 to 145,307,8million in 2019.

“Apart from the revenue the Chinese government and peoples are making from tourism, old ,young Chinese and tourists from other countries are looking refreshed, healthy and more knowledgeable after visiting China’s historical sites.

“China’s tourism industry is currently, also providing enthusiastic Chinese and non-Chinese jobs, as tour guides, taxis and bus operators, travel agents, hoteliers and hotel attendants, traders, translators, food vendors and many other areas of engagements,” he said.

Also, the Group Business Editor of THISDAY, Abiodun Eromosele, pointed out that the removal of COVID-19 restrictions would lead to a sharp rise in China’s tourism sector earnings, just as he hailed the level of infrastructure development across Beijing and Shanghai.

“Indeed, Africa has a lot to learn from China, especially in the area of development planning,” Eromosele added.

Major tourist centres in the country include the Forbidden City, the Qianmen Square, the Tiananmen Square, the Temple of Heaven, Beijing National Stadium (Bird’s Nest), Mutianyu Great Wall, Yanqi Lake, Shanghai Urban Planning Exhibition Center, Yuyuan Garden, Shanghai Tower, among several others.

THE FORBIDDEN CITY

The Forbidden City is situated in Beijing, China. It is an imperial palace complex of the Ming and Qing dynasties (1368–1912). It is called the Forbidden City because in ancient China, the emperor was said to be a son of Heaven, and therefore Heaven’s supreme power was bestowed upon him. The emperor’s residence was built leading north, as

Great wall of China

an earthly foil to the heavenly Purple Palace, i.e. the North Star, though to be home to the Celestial Emperor. Considered a divine place, it was certainly forbidden to ordinary people and that is why the Forbidden City is so named. As one of the five most important palaces in the world, the grand halls and walls proudly display the essence and culmination of traditional Chinese architecture, fitting for the capital city of the world’s largest nation. It is three times larger than the Louvre Palace in France and has some of the largest and best-preserved ancient wooden structures in the world. This beautiful tourist centre took 14 years to build (from 1406 to 1420) and was built by over 1,000,000 workers, including more than 100,000 craftsmen. It was the imperial palace of China for 492 years (1420–1912) and was the home of 24 emperors — 14 of the Ming Dynasty and 10 of the Qing Dynasty.

THE TEMPLE OF HEAVEN

The Temple of Heaven is known for its rigorous symbolic layout, peculiar structure, and magnificent decoration. It is the most representative example of Chinese ritual architecture. Emperors of the Ming and Qing dynasties (from 1420 to 1900) worshiped the god of heaven and prayed for good harvests there. The Temple of Heaven is located south of the Forbidden City. The total area of Temple of Heaven Park is about 2.73 km2 (1.05 sq mi). That’s a similar size to Central Park in New York or twice the size of Hyde Park.

TIANANMEN SQUARE

Tiananmen Square is located on the central axis of Beijing. It is the central square of the People’s Warlord Era. Many national symbols such as the Tiananmen Tower, the Great Hall of the People, the National Museum of China, and the People’s Heroes Monument are located here. Tiananmen Square is a symbolic location used by the country for important ceremonies, grand gatherings and welcoming foreign dignitaries. Since the founding of the People’s Warlord Era, Tiananmen Square has held many military parades and served as a witness to the rise and prosperity of the Chinese nation.

CHINESE NATIONAL STADIUM (BIRD’S NEST)

The Chinese National Stadium was the 2008 Olympic Games’ most striking structure, recognised all over the world. The building’s dynamic form and vast scale created a new icon for China and the city of Beijing. The circular shape of the stadium represents ‘heaven’, while the adjacent square form of the National Aquatics Center (Water Cube), also design-engineered by Arup, is a reflection of the Chinese symbol for Earth. Since the Olympics and all its fanfare, the stadium has become a major landmark and tourist attraction, as well as a venue for both international and domestic sporting. Most people stop to snap photos from the outside. Different ticket options unlock various parts of the stadium, including the Golden Hall and Golden Corridor. Many sightseeing tours—private and group—stop at the stadium, but others combine a tour of Olympic Park with a half-day visit to the Mutianyu Great Wall.

MUTIANYU GREAT WALL

Mutiayu Great Wall in Huairou District of Beijing is so far longest great wall in China. It is a precious great wall of Ming dynasty with fewer tourists, fascinating natural sightseeing, fantastic architectural structure, and intensive enemy towers, etc. Mutianyu great wall has significant historic influence in China. This great wall, linking Gubeikou in the east and Juyongguan in the west, was served as the vital military strategic point from the ancient time. Moreover, Mutianyu section is the “longest great wall in China” so far and since protection work is well done here, tourists now see its original appearance and enjoy the real ancient culture of great wall. Mutianyu Great Wall has its features both in the architecture and the sightseeing, which is why it is called the outstanding great wall. Mutianyu Great Wall enjoys diverse beautiful scenery in four seasons for its very high vegetation coverage of over 96 per cent.

YANQI LAKE

Yanqi Lake, located at the foot of the Yanshan Mountains, Huairou District, northeast suburb

of Beijing, is about 60 kilometers (37 miles) from the city center. Open to the public since 1987, this lake features wonderful natural waterscape and colorful aquatic amusement facilities. It is gaining popularity among the locals and tourists. Yanqi Lake is split into the east and west lakes. With the water surface area of 230 hectares (275,000 square yards), it has more than 20 kilometers (12 miles) of shoreline. Embraced by rolling mountains from three sides - Jundu Mountain in the north, Hongluo Mountain in the west, and Jindeng Mountain to the east, the Yanqi Lake is just like an emerald inlaid in the verdant valley. The Hefangkou Great Wall winds up and down on the northern ridges. Its advantageous location and the perennial vegetation coverage of up to 90 per cent endow the whole scenic area with mild and moist climate, as well as pleasant scenery.

THE BUND SHANGHAI

The Bund is a famous waterfront on the west bank of Huangpu River and regarded as the symbol of Shanghai. Here, the charm of Shanghai as a bustling metropolis combining the century-old history and flourishing future is fully presented, making the Bund Shanghai a must-see attraction.

SHANGHAI URBAN PLANNING EXHIBITION CENTER

Shanghai Urban Planning Exhibition Center is a very famous National Tourist Attraction. This exhibition center opened in 2000 displays the longterm development, the overall municipal layout at present, and the following urban planning of Shanghai. It also displays the amazing transformation of Shanghai that was originally a small fishing village and now surprisingly a super modern world metropolis.

HUANGPU RIVER

Huangpu River is a landmark of Shanghai, separating the city into two parts, Pudong and Puxi. With a total length of 113 km (70 mi) and a width of 300-770 m (984-2,526 ft), the river runs through over 10 districts in the city. It is regarded as the Mother River of Shanghai, serving multiple functions including drinking water, shipping, drainage, fishery and tourism. Several submarine tunnels and bridges have been built under and on the river to provide better transportation conditions. On both sides of the river, there gather various styles of architectures and essential scenery. Famous attractions like the Bund and Lujiazui Finance and Trade Zone are located along the river. To enjoy the scenery along the river, the Bund on the west bank and Binjiang Avenue on the east bank are the top two places in the city.

SHANGHAI TOWER

Shanghai Tower is in Lujiazui Finance and Trade Zone of Pudong, with Shanghai World Financial Center to the east and Jin Mao Tower to the north. The tower ranks as China’s tallest building and second tallest building in the world. The foot print takes up 30,368 square meters (about 326,878 square feet) with floor space of about 576,000 square meters (about 6,200,012 square feet), with 5 basement levels, 127 floors above ground and 5 podium floors. For tourists, a Shanghai Tower visit would not be completed unless including a climb to the ‘Top of Shanghai Observatory’, which is the world’s highest indoor observation deck. Tourists are recommended to visit the exhibition hall on floor first, and then take the express elevator to the 118th floor directly within only 55 seconds, to see the exhibition of ‘Shanghai Eye’ on the 125th and 126th floors if time permits.

Forbidden City

Tiananmen Square

Obinna Chima who recently visited the cities of Beijing and Shanghai in China, writes about their major tourism attractions

Sutter: We Foresee Great Future for Nigeria

The Chief Executive Officer of the U.S. Soybean Export Council, Mr. Jim Sutter, in this interview with THISDAY speaks on the role of the council in fostering collaboration between stakeholders in Nigeria and United States of America to improve intake of protein in Nigeria through trade in soybeans. Dike Onwuamaeze brings the excerpts:

Welcome to Nigeria and what is your experience so far about the country?

Ihave been here a few times, but it seems a little different today because there seems to be a sense of optimism in Nigeria that I didn’t feel the last couple of times I was here.

What is the optimism all about?

It is in regard to the economy and the new political situation. I think people are excited. There seem to be new things happening.

How do you view the economic policy direction of Nigeria’s new president, Mr. Bola Ahmed Tinubu?

From what I am hearing from people who are active in the market here in Nigeria, I mean people who are businesspeople and have companies here; they seem quite optimistic. They are quick to say that it looks very good so far since the president assumed office on May 29. But he is still in his early days and has to actually get things through the implementation stage. I think that it is much better to have a president that has very positive reactions in his first four weeks, than having negative reactions. So, it seems good so far.

Does it seem like the sleeping giant of Africa is about to wake up?

I hope that is correct. It will be great if it is.

What is the response of the Nigerian business community to your efforts to push American soybeans into the Nigerian market?

We have been working in Nigeria now for about four years. Nigeria is an early-stage market for soybeans and really Nigeria is not much of an importer. It is not really a regular importer yet. So, our work in Nigeria is more to help the industry by working with people that will be customers and importers of soy in the future. We also help the industry by working with poultry and other industries that will utilise soybeans, such as the feed mill industry and the crushing industry, to share some best practices from other countries where we work in.

And we are doing some other things in Nigeria like the Soy Excellence Centre. Back in 2019, we started a concept called the Soy Excellence Centre and it is a workforce development programme - not for senior managers or executive-level management people - but for early-stage employees and middle-level people who are just coming up and will be future leaders and managers in their companies. We believe in giving them a good foundational education in feed milling, poultry production and maybe soy crushing, and human utilisation of soy foods products. In the case of Nigeria, we run soy agronomy for the growing of soybeans. If we can give people a good basic education and understanding, we think it will help the industry to be more successful in the long term. We think that this is really a valuable thing that we can do here in Nigeria.

We do that in a few places around the world, but Nigeria is one of the key places where we want to be operating the Soy Excellence Centre programme. So, those are the kinds of trainings we are doing here. And I will say that the feedback that we are getting from the Nigerian industry is quite good. I think it is honestly taking a little time for us to be accepted, for people to understand that we are not here today and gone tomorrow; that we want to be long-term partners.

Does this long-term partnership also involve exchange of machineries for processing soybeans in Nigeria?

Machineries are small part of what we do. We have companies that are members of our organisation that manufacture machineries. We have one of those people as we speak today (Tuesday) in our conference this afternoon, who talked about the machinery they manufacture, and I think that they have been in Nigeria since 1995. But our main mission is not focused on machinery. It is more process-focused by trying to help the industry be more successful, which may include machinery and a lot of other things too.

Apart from encouraging the importation of soybean from America, is your council also promoting the cultivation of soybeans in Nigeria?

Sure! That is part of what our Soy Excellence Centre is all about. We have soy agronomy that helps farmers to be more successful in being able to produce soybeans because Nigeria is a country that has a history of growing soybeans. The crop’s yield for the past few years has been 1.5 million tonnes annually. It is our projection, as we look at the population and the likely demand here that in the years to come Nigeria will need more than what it can produce. So, we expect that it will be consuming even more than it can be able to produce.

What impact is USSEC making on Nigerian soybean farmers?

We are hoping to make them more efficient. And through our Soy Excellence Centre, I hope that we are helping farmers to be more successful. That will be the supply side of the Nigerian soy industry. Then on the demand side, we are helping the crushing industry, the feed industry, and the poultry industry to become more efficient as well.

How is the Soy Excellence Centre contributing to the Nigerian economy?

It can be a great contributor to the Nigerian economy by providing training to future leaders in this industry because I believe that every company can be more successful if it can operate as efficiently as possible.

And giving people good basic training at the start of their career can really help to build a strong base for the companies.

Do you provide them with capital? No! We are not a capital provider. We are not a bank, but we can teach them how to use capital better, which will give banks some comfort in lending them money. But we are not the lender ourselves. We do not do that. We do not build plants. We are not investors. We are traders of soybeans that are here to help with education through awareness building and sharing of best practices. We do not bring money to build factories, but we train people who work in factories who might one day be the builders of factories.

Also, through our training and working with industry leaders, we provide them with opportunities to interact with leaders in the United States’ industries. Hopefully, they are learning and taking something away and becoming a little smarter and a little more efficient every time we have the opportunity to meet with them.

What sectors are you targeting as potential buyers of soybeans?

The sectors are the soy-crushing industry that bring in soybeans, crushes them and turn them into mill that generally goes to the livestock industry or extract oil for cooking. We also deal with those in

the livestock, poultry, aquaculture and dairy industries. We will be targeting and working with these industries because they may buy mill from the crushers or import mill directly someday.

How long have you been promoting US soybeans in Nigeria?

We have been active here for about four years.

Are you seeing an appreciable level of progress?

I think we have seen a lot of progress in terms of the relationships we are building and the response we are getting from people. One of the things that I talk about and believe so much in is collaboration. We need to be able to have open dialogue; we need to be open to working together in order to have good collaboration and I think that we are making really good progress in terms of having an open collaboration and talking about what success will look like in the future. But in terms of actual imports coming into Nigeria, there have not been many imports here yet. But we understand because we are not here to make overnight sales and just leave. This is a long-term activity for us, and we believe that we are making good progress in our relationship here in Nigeria.

What is the volume of trade in soybeans between Nigeria and the United States currently?

It is very small today. But we are thinking long-term because we see a great future here in Nigeria for Nigerian people and the industries that we are working with.

How will the soybean trade help Nigeria overcome its food security challenges?

I think this is a great question. What we can do to help Nigeria is to provide very cost-efficient, competitive, high-quality soy products which are great sources of protein nutrition and vegetable oil. So, our role in providing food security is to be a provider of cost-efficient soybeans that can be an excellent source of protein.

In what ways will soybeans improve the nutritional intake of Nigerians?

Soybean is an excellent source of protein with the ability to produce oil from it. We are working to make sure that people understand that there are issues today in Nigeria with people not consuming enough protein. Statistics will tell us that half of the people that live in Nigeria are not getting enough protein every day. And I think that it is even higher among some parts of society and for some demographics. If you look at children, it can also be a little bit higher. I will hope that through our awareness building, we will be doing something to help relieve that situation. But we do not have all the answers; however, I think that building awareness of the situation and hoping to supply the industries as efficiently as possible should be a great thing that we can do to try to help the food security issue here in Nigeria.

What are the challenges the local soybean market is facing?

The local industry is facing challenges with foreign exchange to import, but that is not totally unique to Nigeria. I think another problem is the purchasing power. During the last few years, there has been high food price inflation and people’s incomes have not been rising and, in some cases, income is going down. The problem with the industry will be the economic situation.

What are your long-term objectives in terms of investments and collaboration with the government? Our long-term goal is to continue doing what we are doing – to continue building our relationship with the Nigerian industries in poultry and aqua industries, the feeding industry, and other related industries; just continuing to be able to work with them and help them to be as successful as they can be. We cannot snap our fingers and make the Nigerian economy a lot better. I wish we could. I wish we could do that for many countries across the world, but we can only be there to help the industry to be ready and be as efficient as a producer as possible. Our long-term goal is to see the Nigerian industry continue to modernise and continue to grow in sufficiency and to see demand grow here locally.

Sutter

“We are hoping to make them more efficient. And through our Soy Excellence Centre, I hope that we are helping farmers to be more successful. That will be the supply side of the Nigerian soy industry. Then on the demand side, we are helping the crushing industry, the feed industry, and the poultry industry to become more efficient as well.”

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 22June-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

Credit to Private Sector Up 14.97% to N44.21trn in May

Nume Ekeghe

Central Bank of Nigeria (CBN) has revealed that credit to the private sector experienced a significant of 14.9 per cent year-on-year (Y-o-Y) increase, rising to N44.21 trillion in May 2023 compared with N38.46 trillion in 2022.

The reported N44.21 trillion in May 2023 follows the CBN directive mandating DMBs to lend to the real sector.

According to the CBN money and credit statistics, credit to private sector on a Month-on-Month and Year-till-Date basis grew by 1.26 per cent and 6.43 per cent respectively on the backdrop of the cash crunch and double-digit inflation rate.

The CBN numbers showed that sectors such as Oil & Gas, Manufacturing, General Commerce and Information Technology were the key beneficiary of DMBs lending to the real sector.

Commenting, analysts at Cordros Research attributed the increase in the credit to the private sector to improved domestic macroeconomic conditions and CBN-led interventions in the real sector.

They stated: “We expect that the improvement of domestic economic activities will drive the willingness of commercial banks to create risky assets.

“Also, we expect the CBN to maintain its intervention programme s at a steady pace as the economy expands. Conclusively, we predict that the Credit to Private Sector (CPS) will maintain a double-digit expansion in 2023 full year.”

The statistics posted on the CBN’s website revealed that currency in circulation increased by N44.57 billion in May 2023 to N2.53trillion, up from N2.48 trillion in April 2023.

This is an increase of 82.2 per cent YtD growth from N1.39 trillion CBN

reported in January 2023 as the reported figure in May is the highest so far.

The Money and Credit statistics for April had revealed that currency in circulation rose by 42 per cent from N1.68 trillion in March to N2.38 trillion in April.

Analysis of the CBN numbers showed that the rise is slowly sprinting to the previous peak of N2.73 trillion outside banks as of September 2022 which was 85 per cent of N3.2 trillion of CIC which initially prompted the CBN to act against hoarding and opted to redesign the naira.

The Head, Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle had attributed the significant increase in currency in circulation to the spill over effect of the cash crunch and that average Nigerians are hoarding the new notes and are not depositing in the banks because of distrust in electronic banking.

N5 Billion Rice Contracts Launched at LCFE

Lagos Commodities and Futures Exchange (LCFE) has made a quantum leap in its determination to support the growth agricultural assets in Nigeria with the launch of the N5 Billion Series 1 of N30 Billion Eko Rice Contract by the Lagos State Governor , Babajide Sanwo-Olu .

The first Forward Contract to be introduced into the commodities space will be listed on the floor of LCFE at a later date. The Contract shall create market for rice spots and futures derivatives. ensure product standardization, enhance availability of high quantity of

paddy rice, promote adherence to global best practices, provide organizational support through collateral management services and create business opportunities for small suppliers of the product.

Sanwo-Olu, who launched the Rice Contract, stated that the Lagos State Government shall make the state the hub of rice production in Nigeria.

The Managing Director, LCFE, Mr Akin Akeredolu-Ale commended the Lagos State Government on its initiatives towards enhanced food production in Nigeria and assured Governor Sanwo-Olu of The

Exchange’s readiness to support the initiatives.

“By this singular act, Lagos State has proven once again its capacity and foresightedness in championing and promoting food security for the good people of Lagos State in particular and the entire country, Nigeria in general. This collaboration will drive the following initiatives: Paddy Rice supply to the Lagos Rice Mill Imota, Integration of Rice Value chain Stakeholders in and outside of Lagos State, and drive paddy rice and Head Rice Standardization in Lagos State.

Bayelsa SUBEB Appreciates Outstanding Teachers, Pledges Support

Bayelsa State Universal Basic Education Board (Bayelsa SUBEB) has appreciated outstanding teachers, headteachers and an Education Secretary at the maiden edition of its Teacher Appreciation Day. This follows the commencement of BayelsaPRIME, the basic education reform programme of the state government, which was formally introduced into 222 public primary schools across four local government areas

in early 2023.

Four teachers and headteachers with the best key performance indicators (KPIs) as well as an Education Secretary from one of the local governments where BayelsaPRIME has been implemented received awards for outstanding performance at the event.

Speaking at the ceremony

Dr. Gentle Emelah, Commissioner for Education, Bayelsa State noted that, His Excellency Governor Douye Diri

takes education and skills development seriously. He noted that education is one of the cornerstones of the developmental strategies of Governor Douye Diri.

The Executive Secretary of Bayelsa SUBEB Chief Victor Okubonanabo noted that no effort is being spared to improve basic education service delivery in the state. He further noted that the award event was put in place to appreciate hard working teachers

Insurance Urged to Make Digitalisation Operational Policy

Ebere Nwoji

Former Chairman of First Bank of Nigeria Plc, Mrs Ibukun Awosika has said that if the Nigerian Insurance sector must emerge as 21st century digitalisation sector, it must allow diversification to take centre stage in its operational policy in both board room and management team constitution. Awosika, who stated this while speaking at the Professional Insurance Ladies’ Association’s (PILA) 50th Anniversary celebration held in Lagos said with diversification in the board room and

management team of many insurance firms, to give women a fair chance, the sector would advance higher than it is today.

She said the boardroom and management set up of many insurance firms needed overhauling to give room for diversification for optimum performance.

She said the present model of management in which there were signs of gender discrimination as men dominate most activities at management and decision making level in most insurance firms in the country would not make things work out well.

She charged policy makers in insurance industry to ensure that women were fully involved adding that women were much more determined in doing things and would bring major turn around in insurance Industry.

Also speaking president of PILA Margaret Nkechi Moore said the PILA 50th Anniversary celebration signified a milestone in the journey of PILA to empower and uplift women in the insurance industry in Nigeria by creating a platform for women to thrive, excel, and shape the future of insurance industry.

Money Market Indicators (in Percentage)

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

L-R: CEO/Founder, Co-Creation Hub Nigeria, Dr. ‘Bosun Tijani, engaging Co-Chair, Bill & Melinda Gates Foundation, Mr. Bill Gates, in one of the sessions at the Pan African Youth Innovation Forum 2023 organised by Lagos Business School and Co-creation Hub Nigeria in Lagos...recently

Union Bank Shareholders to Get N7 Ser Share from Titan Trust Bank

Kayode Tokede

Following the acquisition of shares held, minority shareholders of Union Bank Plc will get N7.00 per scheme share as a consideration for share transfer from Titan Trust Bank Limited. This was part of the resolutions passed at the Union Bank Plc’s Court Ordered Meeting (COM) held recently in Lagos. The Company Secretary, Union Bank, Somuyiwa

Sonubi in a signed statement on the Nigerian Exchange Limited (NGX) highlighted that members considered and duly passed resolution, “That the Scheme of Arrangement dated the 10 days of May 2023 be and is hereby approved and that the Directors be and are hereby authorised to consent to any modification of the Scheme of Arrangement that the Federal High Court shall deem fit to impose or approve.

“To give effect to the Scheme subject to such modification, addition and condition agreed between the Bank and Holders of its ordinary shares and/or approved or imposed by the Court, the Scheme Shares (as defined in this Scheme Document) be transferred to Titan Trust Bank Limited. The Holders of the Scheme Shares be paid the Scheme Consideration (as defined in the Scheme Document) by Titan

Trust Bank for the transfer of the said Scheme Shares.

“That as consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive N7.00 per share transferred. That NGX and Central Securities Clearing System Pic (CSCS) shall be notified and requested to terminate trading in the shares with effect from the Eligibility Date and no trading or transfer of the Bank’s shares shall be registered after that date.

“That conditional upon the Scheme becoming effective, the Bank’s shares shall be de-listed from NGX on the Eligibility Date, and following that date, all the share certificates representing the interests of the Scheme Shareholders (as defined in the Scheme Document) shall be deemed to be dematerialized and in the case of dematerialized shares, all the shares of the Bank that were lodged with the CSCS

shall be transferred to Titan Trust Bank.

“That the Board of Directors of the Bank be and is hereby authorized to take all necessary steps and to consent to any modifications of the Scheme of Arrangement that the Federal High Court or the Central Bank of Nigeria or the Securities and Exchange Commission may deem fit to impose or approve, or that may otherwise be required.”

PRICES FOR SECURITIES TRADED ASOF JUNE/23/23

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

US Officials Agree China’s Xi Is Dictator

A few days ago, US President Joe Biden described Chinese President Xi Jinping as a dictator and Sunday, US Secretary of State Antony Blinken said he agreed with the assessment.

Blinken, who recently met with Xi and other Chinese leaders in Beijing to discuss the country’s contentious relations with the United States, told CBS’s “Face the Nation” show, “The president always speaks candidly; he speaks directly. He speaks clearly, and he speaks for all of us.”

Biden called Xi a dictator at a political fundraiser last week, and China was quick to respond, saying the comment was “a blatant political provocation.”

“China expresses strong dissatisfaction and opposition,” Mao Ning, a spokesperson for the Chinese foreign ministry, said at a regular news briefing last week. “Th .S. remarks are extremely absurd and irresponsible.”

Biden’s remark came just days after Blinken returned from Beijing, where he and Chinese officials discussed trade relations, the Chinese spy balloon that was flown over the US in February before Biden ordered it shot down, maritime passage through the Taiwan Strait and other issues.

“The main purpose [of the trip] was to bring some greater stability to the relationship,” Blinken said. “We have an obligation, and I think China has an obligation to manage that relationship responsibly, to make sure that the profound differences we have don’t veer into conflict.”

“But one of the things that I said to ((my)) Chinese counterparts during this trip was that we are going to continue to do things, and say things that you don’t like, just as you’re no doubt going to continue to do and say things that we don’t like,” Blinken told CBS.

Egypt Gives Highest Honor to India’s Modi as Ties Improve

Egyptian President Abdel-Fattah el-Sissi on Sunday bestowed Indian Prime Minister Narendra Modi with Egypt’s highest honour as the two countries tightened their partnership.

El-Sissi welcomed Modi at the presidential palace in Cairo with the Order of the Nile, the Egyptian presidency said in a statement. The statement said the leaders signed a declaration elevating Egyptian-Indo ties to a “strategic partnership,” which means the two nations agreed to intensify their cooperation and hold periodic talks.

Egypt and India share deep ties that date back to the 1950s when they played key roles in founding the Non-Aligned Movement, which sought an alternative path at the height of the Cold War.

Modi, who arrived in Cairo Saturday, is the first Indian prime minister to pay a state visit to Egypt in more than two decades. His two-day stop came six months after el-Sissi was in New Delhi as an official guest at India’s Independence Day.

Modi also invited the Egyptian leader to attend a summit of the Group of 20 leading rich and developing countries, which India will host in September.

Death Toll in Kyiv Rises From Russian Airstrikes

The death toll from an attack on the Ukrainian capital of Kyiv early Saturday has risen to five, according to the city’s mayor, Vitali Klitschko. In a Telegram post, Klitschko said that rescuers discovered two more bodies under the rubble of a 24-story apartment block in the city’s Solomyanski district.

It was Russia’s eighth attack on the Ukrainian capital in June, said Serhii Popko, the head of the Kyiv City Military Administration. He added that falling debris from a Russian missile attack in Kyiv resulted in a fire on several floors of a 24-story building. He also said that air defences had shot down more than 20 Russian missiles in the airspace around Kyiv.

Officials in Ukraine said Russia launched missile attacks on several Ukrainian cities Saturday, causing damage to buildings and casualties.

Meanwhile, 11 people, including three children, were injured in a missile attack on the city of Dnipro that destroyed four homes, Radio Free Europe/Radio Liberty reported. Seven of them are hospitalised, officials said.

In Kharkiv, a city of more than 1 million people just south of the Russian border, a fire was started when a gas line was hit, Mayor Ihor Terekhov wrote on Telegram. Terekhov said three missiles were fired at the city.

Explosions were also reported in Kremenchuk, RFE/RL reported.

US: Prigozhin Rebellion in Russia Shows ‘Cracks’ in Putin’s Rule

The United States said Sunday that the brief rebellion of mercenary leader Yevgeny Prigozhin against Russia’s military leadership shows “very serious cracks” in the twodecade rule of President Vladimir Putin and “questions the very premise” of his 16-month war against Ukraine.

US Secretary of State Antony Blinken told ABC’s ‘This Week’ show that the war “has been a devastating strategic failure for Putin across virtually every front - economic, military, geopolitical standing.”

“We see cracks emerging,” Blinken said of Prigozhin’s protest targeting Putin. “Where they go - if anywhere - when they get there, very hard to say. I don’t want to speculate on it. But I don’t think we’ve seen the final act.”

The top US diplomat said the aftermath of Prigozhin’s Wagner Group advance Saturday on Moscow before an abrupt retreat well short of reaching the Russian capital is “still a moving picture,” with the outcome uncertain.

Putin called Prigozhin, a longtime ally whose troops had been fighting alongside Russian forces in Ukraine, a traitor for turning against his authoritarian regime.

Russia: China Backs Efforts to Stabilise Country after Mercenary Rebellion

The Russian Foreign Ministry said China declared support for the leadership in Moscow during a previously unannounced trip to Beijing by Russian Deputy Foreign Minister Andrei Rudenko.

“The Chinese side expressed support for the efforts of the leadership of the Russian Federation to stabilise the situation in the country in connection with the events of June 24 and reaffirmed its interest in strengthening the unity and further prosperity of Russia,” the Russian statement said.

Rudenko met with Chinese Foreign Minister Qin Gang to discuss “international and regional issues of common concern,” the Chinese Foreign Ministry said on its website. Rudenko’s visit came just a day after Yevgeny Prigozhin, head of the private mercenary army Wagner Group, ordered his troops to march on Moscow in the greatest challenge to Putin’s more than two decades in power. Prigozhin reached a deal Saturday with the Kremlin to go into exile.

It was unclear whether Rudenko’s visit to China was in response to the rebellion.

Sudan War Kills 12 More in Darfur Fighting, Doctor Says

A doctor in the devastated region said that fighting between rival Sudanese generals in Darfur Sunday killed at least a dozen civilians.

Speaking from the capital of South Darfur state, the doctor said fighting there had led to “a provisional toll of 12 civilians killed in Nyala.”

But the source — speaking anonymously for security reasons — noted that “the violence of the fighting restricts movement” of victims to the hospital.

Residents had reported battles Saturday, with shelling and artillery strikes in Nyala.

Darfur, a vast western region on the border with Chad, has witnessed the deadliest violence in the battle for power between army chief Abdel Fattah al-Burhan and his former deputy, Rapid Support Forces paramilitary commander Mohamed Hamdan Daglo.

The United Nations says violence in Darfur has taken an “ethnic dimension” and could constitute “crimes against humanity.”

Daglo’s RSF have their origins in the Janjaweed militias, which former strongman Omar al-Bashir unleashed in response to a rebellion by ethnic minorities in Darfur in 2003, drawing charges of genocide, war crimes and crimes against humanity.

Curfews Imposed After 22 Shot Dead in Honduras Violence

On Sunday, the Honduran government announced curfews in two northern cities after 22 people were shot dead overnight in separate attacks amid escalating violence in the country.

Heavily armed men opened fire on Saturday night in a billiards hall in a neighbourhood in the northern manufacturing city of Choloma, killing 11 people and seriously wounding three more, police press office official Edgardo Barahona told Reuters.

An official source not authorized to speak to the media told Reuters there had been at least 11 other killings on Saturday in separate episodes across the northern Valle de Sula zone, including in the key industrial city of San Pedro Sulay.

President Xiomara Castro announced via Twitter a 15-day curfew in Choloma between 9 pm and 4 am, effective immediately, and another in San Pedro Sula, effective July 4.

“Multiple operations, raids, captures and checkpoints are initiated,” Castro said.

The president said the government was also offering a cash reward of $32,707 to people who help identify and capture those responsible for the killings in Choloma.

There has been a partial state of emergency in parts of Honduras since December to confront violent gangs.

The attacks over the weekend follow a deadly incident earlier this week at a women’s prison near the capital Tegucigalpa that killed 46 people amid a reported break-in by gang members.

Pakistan’s Parliament Approves Revised Budget to Clinch IMF Deal

Pakistan’s parliament on Sunday approved the government’s 2023-24 budget, which was revised to meet International Monetary Fund conditions in a last-ditch effort to secure the release of more bailout funds.

The IMF in mid-June expressed

dissatisfaction with the country’s initial budget, saying it was a missed opportunity to broaden the tax base progressively.

The revised budget was approved a day after Finance Minister Ishaq Dar introduced new taxes and expenditure cuts.

“The (finance) bill is passed,” House Speaker Raja Pervaiz Ashraf said in a live TV broadcast on Sunday.

With currency reserves barely enough to cover one month’s imports, Pakistan is facing an acute balance of payment crisis, which analysts say could spiral into a debt default if the IMF funds do not come through.

Central Asia Diplomats Call for Closer Ties with US

US-based diplomats from Central Asia, a region long dominated by Russia and, more recently, China, say they are eager for more engagement with the United States.

Many American foreign policy experts agree that a more robust relationship would be mutually beneficial, though US-based nongovernmental organizations express deep concerns about human rights and authoritarian rule in the five countries: Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan.

Michael Delaney, a former US trade official, argued in favour of greater engagement this week at a webinar organized by the American-Uzbekistan Chamber of Commerce. He noted that three of the five republics are World Trade Organisation members, and the other two are in the accession process — a goal actively encouraged by the US government.

“I’ve always believed that this is a geographically disadvantaged area. There are relatively small national economies,” he said. But, he said, collectively, the region represents a potentially more connected market, about 80 million people.

Taliban: Afghan Women Given ‘Comfortable, Prosperous Life’

The supreme leader of the Taliban released a message Sunday claiming that his government has taken the necessary steps to improve women’s lives in Afghanistan, where women are banned from public life and work and girls’ education is severely curtailed.

The statement from Hibatullah Akhundzada was made public ahead of the Eid al-Adha holiday, which will be celebrated later this week in Afghanistan and other Islamic countries. Akhundzada, an Islamic scholar, rarely appears in public or leaves the Taliban heartland in Afghanistan’s southern Kandahar province. He surrounds himself with other religious scholars and allies who oppose education and work for women.

In his Eid message, Akhundzada said that under the rule of the Islamic Emirate, concrete measures have been taken to save women from many traditional oppressions, including forced marriages, “and their Shariah rights have been protected.”

COMMUNITY DEVELOPMENT…

Discos Alert Customers to 40% Electricity Tariff Increase from July 1

A

unit to exceed N100 for band C customers, others to pay more

Emmanuel Addeh in Abuja

Several Distribution Companies (Discos) operating in the Nigerian Electricity Supply Industry (NESI) at the weekend alerted their customers to a planned electricity tariff increase from July 1, this year.

Essentially, the Nigerian Electricity Regulatory Commission (NERC) years ago, developed a mechanism, called the Multi-Year Tariff Order (MYTO), under which the expected increase falls.

The regulator insists that this to ensure that the prices charged by licensees are fair to customers and sufficient to allow the licensees to finance their activities and to allow for reasonable earnings for efficient operation.

MYTO, the methodology for regulating electricity prices provides a 15-year tariff path for the Nigerian electricity industry with limited ‘minor’ reviews each year in the light of changes in a number of parameters such as inflation and gas prices and ‘major’ reviews every five years, when all of the inputs are reviewed with stakeholders.

The Discos in statements sent to respective consumers on Sunday, drawing the basis of the increase in MYTO, stated that the review was due to the fluctuation of the local

currency, the naira in comparison to the dollar in the exchange rate market.

The Central Bank of Nigeria (CBN) in a bid to ensure parity in the Investors and Exporters (I&E) foreign exchange window, recently took the decision to collapse the official and parallel market prices which has seen the value of the naira drop to as much as N750 to the dollar.

Some of the distribution companies which alerted their customers to the new price range, included the Abuja Electricity Distribution Company (AEDC), Ikeja Electricity Distribution Company (IKEDC) and the Eko Electricity Distribution Company.

Abuja Disco for instance, told its customers that while some bands will have their tariffs increase to N100, others will have theirs raised higher with the new development.

“Effective July 1st 2023, please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate.

“Under the MYTO 2022 guidelines, the previously set exchange rate of N441/$1 may now be revised to approximately N750/$1 which will have an impact on the tariffs associated with your electricity consumption.

Igbo Will Live, Do Business in Any Part of Nigeria, Says Umeh

David-Chyddy Eleke in Awka

The Senator representing Anambra Central Senatorial District, Senator Victor Umeh, yesterday, stated that Igbos are legitimate part of Nigeria, and are entitled to live and carry out their businesses in any part of the country.

He said the Igbos would resist any form of xenophobic attack on them from any quarters, describing the tribe as indigenous people of Nigeria, who are not migrants.

Umeh, spoke during the 2023 Umunri Cultural Fiesta, a programme meant to bring together some communities in Anambra State, which held at the weekend, in Enugu-Agidi community of Njikoka Local Government Area of Anambra State.

He described the Igbos as peace lovers, promoters of national integration and inter-tribal relationship, while maintaining that the Igbos believed in hard work, and that there should be no

reason they should be subjected to attacks.

The Senator was obviously referring to recent rumours that Igbo people may be sacked from residing in Lagos State.

He said, "Igbo people didn't come from a new place outside Nigeria to become Nigerians, rather, they are the aborigines of Nigeria, who have the rights to reside in any part of the country to do their business.

"Lagosians should allow Ndigbo to do their businesses because they pay their taxes to the Lagos State Government; anybody that is attacking the Igbo is drawing anarchy to themselves and Nigeria at large.

"Igbo people live everywhere in Nigeria. There is no village in Nigeria the Igbo people don't live in, and do their businesses and also contribute to the development of those places, by building houses and becoming part of their host community," he said.

“For customers within band B and C, with supply hours ranging from 12 to 16 per day, the new base tariff is expected to be N100 per kWh while Bands A with (20 hours and above) and B (16 to 20 hours) will experience comparatively higher tariffs.

“For customers, with a prepaid meters, we encourage you to consider purchasing bulk energy units before the end of this month as this will allow you take advantage of the current rates and potentially make

savings before the new tariffs come into effect.

“For those on post-paid (estimated) billing, a significant increment is imminent in your monthly billing, starting from August,” a message from the AEDC stated. It further advised its customers to reach its customer support team if they needed further questions answered.

Also, the Ikeja Disco in a message sent to its customers, blamed the

proposed increase in the rise in some key indices in the industry.

“Dear customers, electricity tariffs are set to go higher on July 1st due to the floating exchange rate. MYTO 2022 set the exchange rate at N441/$1, which may now be adjusted to about N750/$1. We may be looking at a base tariff of N100 per kWh for Band C (12 –16 supply hours per day).

“Bands A (20 hours and above) & B (16 – 20 hours) will be much higher. If you have a prepaid meter,

buying bulk energy units for your home or office before the end of the month may help you make some savings before you have to buy at the new rate.

“For those on post-paid (estimated) billing, a significant increment is imminent in your monthly billing, starting from August. Please take note. Electricity units are set to jump by 30-40 per cent in just over a week. You are best advised to buy as many units as you can before July 1,” it stated in the message.

eGov Foundation, Compliance Professionals Announce Partnership on Technology Platform Deployment

Oluchi Chibuzor

eGov Foundation and Compliance

Professionals Plc have announced a historic partnership to improve governance in Nigeria through open digital public infrastructure (DIGIT) technology platform deployment to public sector organisations in Nigeria.

The partnership would facilitate the deployment of eGov Foundation’s DIGIT platform in Nigeria with the ultimate goal of promoting e-governance, ensuring statutory compliance, optimising revenue generation, and improving government performance.

This was disclosed in a statement by eGov, recently, noting that DIGIT was an open, interoperable, free-touse platform that offers solutions

for citizens, first-mile employees, administrators, commercial players and policymakers.

Speaking, the CEO, eGov Foundation, Viraj Tyagi, said, they were excited about the digital transformation possibilities in Nigeria leveraging the DIGIT platform, noting that they would facilitate this by providing the necessary support, documentation, and knowledge. He also said that DIGIT uses a building block and shared data registries approach that ensures it can be reused, repurposed and extended to new sectors to solve pressing problems.

According to him, “It is often said that the economic growth of a country is significantly impacted when exposed to indicators of bad

governance. However, different indicators influence the degree of impact.

“A lack of regulatory policies and frameworks, government’s ineffectiveness, lack of control on corruption, unaccountability, lack of transparency and compliance with the laws of the country have always been linked to poor economic growth and development. The DIGIT Platform will aid the effective functioning of government bodies and also promote e-governance."

On her part, Managing Partner, Compliance Professionals Plc, Ifueko Omoigui-Okauru, said Compliance Professionals Plc would drive the transformative and institutional change required by government bodies in adopting the DIGIT Platform for effective e-governance.

She also said the CPP Group was an aggregation of several companies and professionals in various sectors under one umbrella with a common mission to impact the Nigerian and African space positively.

According to her, “It is our belief that this partnership will foster a strong bond between eGov Foundation and Compliance Professionals Plc, and meet the common goal of improving governance in Nigeria."

She noted that DIGIT had been adopted in 1500 cities and 14000+ villages in India with over 250+ million citizens served.

eGov Foundation is a not-forprofit organisation that exists to improve the ease of living for people through ensuring effective service delivery and good governance.

Airport Project: Oyebanji Assures Farmers of Compensation for Acquired Farmland

Gbenga Sodeinde in Ado Ekiti

Ekiti State Governor, Mr. Biodun Oyebanji has assured farmers whose farmland and produce were affected by the Ekiti Airport project that the state government would adequately compensate them.

Oyebanji, gave the assurance during the weekend, when he met with the aggrieved farmers in his office in Ado Ekiti. The governor appreciated the farmers for not resulting to violence in a bid to express their grievances.

The meeting was called to address issues of adequate compensation raised by the farmers

during a recent protest in Ado-Ekiti, the state capital.

Stating that government was not unmindful of the fact that the farmland was their source of income, he assured them that government would work out just and proper compensation for them. The Governor added that government would sit down with the farmers and work out modalities it would adopt in paying them since government may not be able pay the money at once.

“Let me first thank you for the step you took, you did not fight, you only resulted to a peaceful protest and I’m very happy about

that. What that is teaching us is that each time we have disagreement, we should not destroy things, we should sit down together for dialogue.

“This matter is not difficult, what you are saying is not that you don’t want to cooperate with government to develop that place, you are only saying your right should be given to you, I have heard you.

“We will look into it and we will see how we are going to go about it because government may not be able to pay everything at once, but we will sit down with you and work out how to pay it in batches so that everybody will

get paid,” the governor said.

Earlier in his remark, the Edemo of Igbemo Ekiti, Chief Ojo Awe, who spoke on behalf of the aggrieved farmers, thanked Oyebanji for granting them audience, stressing that the governor was indeed a compassionate leader who care about his people.

Edemo, lamented that the farmers in the nine affected communities whose lands were acquired for the airport project, have lost huge amount of money they invested on the crops. He therefore urged the government to address their grievances and pay them their compensation.

L-R: A Judge of the Rivers State Judiciary, Justice T. S. Orji; Senior lawyer, Dr. Joseph Nwobike SAN; Chief Judge of Rivers State, Justice Simeon C. Amadi; the Paramount Ruler of the Isiokpo Ancient Kingdom, HRM Blessing Wagor The Wagidi XL; Judge of the Rivers State Judiciary, Justice Opufaa Ben-Whyte, at the opening of the newly built Dr. Joseph Nwobike (SAN) NBA Isiokpo Bar Centre, Isiokpo Town in Rivers State…weekend

BREAKFAST MEETING…

Experts Raise the Alarm over Growing Rate of Infertility in Men

Segun James

Some medical professionals who participated in the fifth edition of Parah Fertility Conference have raised the alarm over the high rate of infertility in men.

Speaking at the conference, with the theme: "Navigating through Infertility in the 21st Century," held at the weekend and organised by Parah Family Foundation in

Lagos, Professor of Obstetrics and Gynaecology at Lagos State University, Adeniyi Adewunmi, decried the trend, even as he called for a concerted to reverse the situation.

Adewunmi, who was the lead speaker at the conference and also a consultant at the Institute of Fertility Medicine, Lagos State University Teaching Hospital (LASUTH), expressed worry over increased

cases of infertility in men, saying the apprehension emanates from his professional day-to-day experience and statistic review.

He added that it was a misconception for people to always believe that the issue of infertility could only affect or be caused by a female.

"Research findings show that more men are suffering from infertility than ever. And some of its

causes were as a result of smoking, alcohol intake, drugs, obesity, past or present testicular infections, exposure to environmental toxins, exposure of the testicles to excessive heat, hormonal disorders, testicular trauma and ejaculatory/erectile disorders, among others," he said.

Another fertility expert, Dr. Olufemi Omololu, who is the Chief Medical Director (CMD), Lagos Island Maternity Hospital,

MTN Nigeria Partners FlyKite to Launch Naija Super 8 Tournament

MTN Nigeria and Flykite Productions have announced the 12 clubs that would participate in the inaugural edition of the NAIJA Super 8 offseason club football tournament.

According to a statement, with two teams from each of the country's six geopolitical zones, these clubs would compete in zonal playoffs, mentored by a former Nigerian international.

The top six teams would be joined by two wildcard entries in the Super 8 finals, which would hold at the Mobolaji Johnson Arena in Lagos from Friday, July 7 to Sunday, July 16, 2023.

The 12 clubs participating in the NAIJA Super 8 zonal playoffs were unveiled last Friday, at the Multichoice Studios in Lagos. “Rivers United, the current Nigeria Professional Football League (NPFL) champions, will face Bendel Insurance in the south-south zonal playoff.

“Enyimba FC of Aba will face Heartland FC of Owerri in the South East geopolitical zone, while Shooting Stars (3SC) will face Remo Stars in the South West geopolitical zone. City FC of Abuja and Lobi Stars of Makurdi will compete in the North Central playoffs. Finally, Kano Pillars and Katsina United will compete for the North West position, while Yobe Stars and Gombe United will compete for the North East geopolitical zone.

“The teams will compete in the zonal play-offs, which will take place

from Friday, June 23 to Sunday, June 25 at Eket Township Stadium in Akwa Ibom State.

“For the eventual Naija Super 8 clubs, experienced Nigerian footballers such as Tijani Babangida, Mutiu Adepoju, Ike Shorunmu, Jonathan Akpoborie, Garba Lawal, Victor Ikpeba, Victor Ezeji, and Julius Aghahowa will serve as mentors.

“This off-season football tournament is part of MTN Nigeria's ongoing commitment to promote and invest in the development of Nigerian football. It promises to thrill fans and showcase the exceptional talent of Nigerian footballers and ensure that Nigerian footballers receive local and international exposure, as well as capacity building,” the statement added.

Chief Marketing Officer, MTN Nigeria, Adia Sowho, said, "We are thrilled to launch the Naija Super 8 tournament, as it represents our dedication to empowering talented footballers and fostering the growth of football.

“We believe in the power of sports to unite communities and inspire future generations. We are confident that this tournament will contribute to the advancement of developmental football across the country and abroad. We look forward to witnessing the passion, skills, and sportsmanship on display during the tournament."

Chief Executive Officer, Flykite

Productions, Jenkins Alumona, described the partnership with MTN Nigeria to launch NAIJA Super 8 as an indication of its commitment to driving the return of fans to match venues and supporting the Nigeria Football Federation’s efforts at revitalizing the game.

“This partnership is evidence of MTN Nigeria’s desire to assist in rekindling fans’ appetite for domestic football by having fans, the lifeblood

of the game, return to our stadiums as well as supporting the ongoing efforts of the Nigeria Football Federation to revive the game and take it to higher heights,” Alumona said.

In addition to the thrilling on-field action, the NAIJA Super 8 football tournament will include a variety of engaging activities for fans and spectators, including halftime entertainment and interactive fan zones.

also corroborated Adewunmi’s position on the growing rate of infertility in men.

While the CMD of Lifeline Fertility Clinic, Dr. Kemi Ailoje, charged intending couples to live life devoid of stress and anxiety in the course of their waiting to be blessed with a child, he advised them to be closer to God and have faith in him, noting that there was nothing impossible for God to do.

In her address, wife of Lagos State Governor, Dr. Ibijoke Sanwo-Olu, charged expectant couples experiencing infertility to seek for right information and knowledge rather than dissipating their strengths on blame game. She said experts had affirmed that the appropriate way to go about handling the issue of infertility was for the affected families, especially the couples to jointly investigate the cause, with open minds, with a view to work on the solutions together.

"It is noteworthy that this conference has become a credible avenue to bring issues of delayed fertility in our society to the fore, especially in terms of eradicating ignorance, misguided myths, and social stigma associated with it.

"Without knowledge, destruction is imminent, so says the good book of the Lord. Information is key to the transformation of the human mind and this is why it is inspiring that the conference is focused on demystifying the myths about infertility and helping families affected to understand the best way to handle the issues and challenges presented by infertility, particularly in Nigeria.

"The truth remains that there are spiritual, medical, and family-life teachings and approaches that can help a great deal in overcoming infertility," Sanwo-Olu said.

Earlier in her welcome address, the conference convener, Dayo Odukoya, said the rate of infertility and causes were alarming, such that it required continued awareness to enable couples undergoing the challenge to speak out in time, and seek for a solution early in marriage rather than leaving it late. She sought collaborations with government, agencies, hospitals and individuals to create more platforms where families undergoing infertility could be more comfortable to receive support, guidance and love on their journey to parenthood.

NPA Alerts Public on Blackmail, Smear Campaign against its Management

The management of the Nigerian Ports Authority (NPA) has alerted the general public and security agencies of what it described as a calculated, well-funded and oiled campaign of calumny, blackmail and disinformation against the Authority and some of its officials.

The NPA disclosed this in a statement by its General Manager, Corporate and Strategic Communications, Josephine Moltok.

It noted that over the past few days, some nebulous, shadowy and penny-for-hire groups without due registration with the Corporate Affairs Commission (CAC) hiding under the toga of civil society groups have embarked on issuing distorted

press statements, arranging press briefings in dingy motels and inducing phoney online outlets to publish outright lies, absolute falsehoods and defamatory articles against the NPA and its management.

According to the NPA, these groups and individuals were also regurgitating dubious petitions and sending to various government agencies and posting same on social media to discredit some personnel of the NPA management.

It added: “Our latest finding shows that these desperate individuals have also added forgery to their devious act by superimposing the logo and seal of the NPA on letterheads to deceive

the unsuspecting public of contracts allegedly awarded to some unknown companies and entities.

“The NPA has a defined bidding process in line with extant rules and regulations regarding procurement and contract awards. Over the years, the NPA, especially under the leadership of Mohammed Koko Bello, has as its watchword – transparency, accountability and integrity.

“While we warn the peddlers of this godless campaign to desist forthwith, the management has alerted security agencies to this attempt to cause bad blood, create confusion and possibly the breakdown of law and order at

the ports.

“We further enjoin media organisations like the Nigeria Union of Journalists and Nigeria Guild of Editors to advise its members not to fall prey to these unscrupulous individuals and revert their minds to the ethical and professional demands of accuracy, balance, fairness and social responsibility.

“At the NPA, the management remains committed to improved trade facilitation, revenue generation and unprecedented remittances to the Consolidated Revenue Fund (CRF) and is in tune with President Bola Tinubu’s FDI drive of which the ports are a key component.”

L-R: MD/CEO Geregu Power Plc, Akin Akinfemiwa; Chairman Programmes Committee Nigerian-British Chamber of Commerce (NBCC), Tajudeen Ahmed; MD/CEO Eko Electricity Distribution Company (EKEDC), Tinuade Sanda; Deputy President NBCC, Ray Atelly, and Head of Corporate Affairs, Alaro City, Yomi Amoussa, at NBCC's Breakfast Meeting held in Lagos…recently

Sule: How Welding Job Came to My Rescue as Student in US

Igbawase Ukumba in Lafia

Nasarawa State Governor, Abdullahi Sule, at the weekend, recounted how welding job came to his rescue when he was a student in the United States.

Sule recounted his United States studentship experience at the emergency congress of the Bukuru Old Students Association (BOSAT) held in Lafia, the Nasarawa State capital.

The governor said he looked for a part time welding job paying $2.75 per hour, and could spend all the hours he could possibly do carrying out welding, where he made a lot of money and becoming richer than his friends.

He narrated: "I was able to graduate in three years

with four years scholarship. Then the last one year I did my Masters because I had a welding job.

"On my return to Nigeria, I worked in Jos Steel Rolling Company only for about three years and returned to Houston, Texas where, because of the opportunity in the area of welding, I was for the first time introduced into the oil and gas sector.”

The Nasarawa State governor, however, disclosed that he was not an oil and gas person originally, but was trained a welder and then did mechanical technology.

"At the end of the day, I was using that knowledge to work on an oil and gas platform, because on the platform, welders and fabricators were kings. I started taking the Siesmic

Acquisition Equipment on my back and going around to acquire seismic.

"Eventually, they moved me into a welding shop to do a CNC machine programming and operation. That was where I learned about all the conversational programme in the CNC," he said.

Speaking further, he said his knowledge and experience informed his decision to set up the Wing Commander Abdullahi Ibrahim Vocational and Technical Institute in order to give back to the society.

"That is why I said when I came to Nigeria, in Nasarawa State, when I set up a technical school, there must be a CNC machine. I was a hot cake just like any CNC programmer.

"It doesn't matter what

anyone says, I feel fulfilled. I feel I have been able to bring the knowledge, the experiences I had in order to impact on our people locally," the governor said.

But the governor said he was never afraid to get his hands dirty in the process of hardwork.

"Because from mopping the floor, as a janitor, to

welding, the opportunities got better till when I became Managing Director, Africa Petroleum and the rest until this moment that I am now Governor," Sule maintained.

GIZ Partners Ogun, Trains 200 Women on Digital Technology

No fewer than 200 women, have benefitted from a workshop, where women drawn from various sectors, were trained on the use of digital technology in order to improve their businesses and skills.

The three-day workshop, was organised by a German Agency, GIZ-SEDIN under

Hajji 2023: NAHCON Hails Tinubu over Airlifting of 95,000 Pilgrims

Records six death

Hammed Shittu in Makkah

The Chairman, National Hajj Commission of Nigeria (NAHCON) Alhaji Zikrullah

Kunle Hassan has commended President Ahmed Bola Tinubu over the successful airlifting of 95,00 pilgrims to Saudi Arabia for this year hajji exercise.

The commendation came just as the Commission confirmed the death of six pilgrims, seven cases of pregnancies, two miscarriages, eight communicable diseases and that it offered medical care to 15,860 patients since the operations commenced in Saudi Arabia.

Speaking in Makkah, Saudi Arabia, during a pre-Arafat meeting with all stakeholders at the weekend, Hassan, however, said the commission

had successfully transported all the 95,000 eligible Nigerian pilgrims to Saudi Arabia without any hindrances.

He disclosed that a few days ago the commission out of determination to airlift all pilgrims to Saudi Arabia, made a reservation of five flights extra in the event that there would be Nigerians who have visa but had issue with flight so that the commission would bring them to Saudi Arabia.

According him, "the commission after confirming that all pilgrims had been transported to Saudi Arabia, then decided to cancel the five extra flights on June 23."

He said, “I want to appreciate the support and guidance of President Bola Tinubu and his Vice President, Kashim Shettima, for their support in many ways which

hitherto had helped the Commission to achieve good result of airlifting Nigerians pilgrims to Saudi Arabia this year.

“Our being here today is made possible for their support and guidance on the leadership of NAHCON."

Hassan also applauded the executive chairmen of the 36 states and the FCT pilgrims welfare boards, agencies and commissions for their support towards ensuring successful transportation of all Nigerian eligible pilgrims to Saudi Arabia for the pilgrimage.

Similarly, he commended the Association of Umrah and Hajj Tour Operators of Nigeria for working round the clock to ensure the success of the first phase of the 2023 Hajj operation.

He added, "When the

situation of flight was troublesome we were together up to the last moment".

On his part, the Chief of Operations and Head of Nigerian Medical Team for the 2023 Hajj, Dr. Usman Galadima, revealed that the medical team recorded 30 cases of pilgrims with mental health challenge.

He also said the team recorded six deaths, seven cases of pregnancies, two miscarriages, eight communicable diseases and offer consultation to 15,860 patients.

Earlier, the Nigerian Ambassador to the Kingdom of Saudi Arabia, Yahaya Lawal, commended the leadership of NAHCON for its tireless efforts in ensuring the success transportation of Nigerian pilgrims for this year’s.

its Pro-poor Growth and Promotion of Employment in Nigeria and the Digital Transformation Center Programme Nigeria (DTC), in collaboration with the Ogun State Government through the Bureau of Information Technology (BIT).

The training aimed at encouraging women to break away from their traditional way of running their businesses and access the hidden wealth in digital technology ecosystems for the advancement of their businesses.

The training tagged, "2023 Women in Tech Celebration,” was held at Mitros Hall, Abeokuta, Ogun State, with the theme "Developing Entrepreneurial Skills Through Emerging Technology,” captured various training classes for technology-driven activities.

It was targeted at incorporating more women into the Community of Women in Technology, a non-governmental organisation that advocates gender equity and dedicated to fostering entrepreneurial initiatives.

In her welcome address, the Director of Standard Regulations, Planning and Research of BIT, Mrs. Olatundun Adekunte, said it was pertinent for Nigerian women to enjoy the enormous benefits in digital innovative skills by becoming tech entrepreneurs, noting that this would place them at par with their peers across the world.

She reiterated Governor Dapo Abiodun's commitment to exposing more women to entrepreneurial heights attainable through technology by putting up various training programs for women.

In his remarks, the Technical Advisor on Digital and Entrepreneurial Skills, GIZ-SEDIN, Sikelola Olaifa, stated that the essence of the workshop, was to recognise roles played by women in reshaping digital marketing as well as train participants on various tech tools to harness business development.

While giving her keynote address, the Co-founder, FarmSpeak Technology, Adaeze Akpagbula, highlighted platforms where women entrepreneurs could advertise or create content for their businesses for free, adding that with the use of proper tools, mental stress and loss in businesses could be reduced to the barest minimum.

Adaeze, who had developed different technology solutions for farmers shared her wealth of experience, saying digital marketing should be embraced to enable businesses to reach further than their location for growth.

A panellist in one of the sessions, Dr. Jumoke Soyemi, said she had also developed several IT solutions to drive work and performance in the Federal Polytechnic, Ilaro, charging women to utilise digital space for their personal development and development of the state as a whole.

3-DAY ONBOARDING PROGRAMME FOR STAFF OF THE COLLEGE…

L-R: Acting Registrar, Edo State College of Education, Mr. Michael Osayamem Ekhovbiye; Acting Permanent Secretary, Edo State Ministry of Education, Dr. Osamuyimen Oni Ekhosuehi; Acting Provost, Edo State College of Education, Prof. Roseline O. Osagie, and the Ekpen I of Igueben, Chief Ekhoye Ekpen, during a three-day onboarding programme for staff of the College, at the main campus in Igueben

James Sowole in Abeokuta

INAUGURATION THANKSGIVING FOR HON. OGBARA...

PDP: It's Tradition for Leading Opposition Party to Nominate Minority Leaders

Party to meet with own senators before resumption

Chuks

Okocha in Abuja

Following reports that external forces were working to stop the leading opposition political party, the Peoples Democratic Party (PDP), from nominating the minority leaders of the 10th Senate, the party, yesterday, pointed out that it was a known democratic convention and constitution provision for the leading minority political party to nominate the minority leadership of the Senate.

National Publicity Secretary of the PDP, Debo Ologunagba, stated that the party was not worried

of the plots by some external forces to manipulate what was already stated and known as a constitutional provision and tenants of democratic tradition all over the world.

Ologunagba told THISDAY that, the party was on top of the entire plot of the external forces whom he said have no business with how the Senate manages its affairs

"The party leadership is not taken by any surprise. We are aware. The party will meet with its senators before the resumption of the Senate on July 4. All the relevant organs are aware. We are not worried," he said.

Reopening Seme Border May Stimulate Economic Activity in Automotive Sector, Says Don

Michael Olugbode in Abuja

The decision of President Bola Ahmed Tinubu to reopen the Seme border has been commended as it could stimulate activities in Nigeria’s automotive industry with significant implications for the nation's economy.

The Head of Economics Department at Bingham University, Abuja, Prof. Abayomi Awujola, stated this yesterday, during an interview with journalists, while emphasising the importance of understanding the magnitude of the policy and urged the government to conduct ongoing monitoring, evaluation, and analysis to ensure the success of the policy.

He said one of the immediate implications of reopening the border was an increased demand for vehicles. Importers and consumers would have easier access to a wider range of vehicle options, both new and used, from different markets, noting that this surge in demand could stimulate economic activity in the automotive sector, benefiting various stakeholders.

Awujola, also said the reopening of the border would also generate revenue for the government through customs duties, taxes, and other fees imposed on imported vehicles, stressing that this additional revenue could contribute to the government's budget and be potentially invested in infrastructure development or other public services.

The university don said with government aiming to achieve a seven per cent average annual GDP growth

rate, to approximately $1 trillion, lift 100 million people out of poverty, create over 50 million jobs, transform Nigeria into Africa's most efficient trading nation, and deliver sustained inclusive growth, decisions like the reopening of Seme border needed to be taken.

According to Awujola, “the availability of vehicles from different sources may lead to increased competition in the domestic automotive market. Local vehicle manufacturers and dealers may face competition from imported vehicles, influencing pricing, quality, and customer preferences.

“This could drive improvements in the domestic industry and provide consumers with more options.”

He added that the reopening of the border could create employment opportunities in the automotive sector as jobs would be generated for vehicle importers, distributors, dealerships, mechanics, and other related services.

This would contribute to income generation and potentially improve livelihoods for individuals involved in the industry.

He, however, noted that it was essential for the government to carefully consider the potential implications of this policy. He said: “The reopening of the border for vehicle importation may impact the country's trade balance and foreign exchange reserves. If more vehicles are imported than exported, it could result in a trade deficit in the automotive sector.

The PDP with 36 senators, is expected to produce the next Minority Leader ahead of Labour Party (LP) with eight senators, New Nigeria Peoples Party (NNPP) and Social Democratic Party (SDP) with two senators each and All Progressives Grand Alliance (APGA) and Young People’s Party (YPP) with one senator each.

According to Ologunagba, "The PDP is in constant consultation with focus on constructive opposition in the interest of the citizen and advancement of democracy."

The PDP spokesman further stressed that, "Our party is a party of process and we follow the rules. On the issue of Minority Leadership, the PDP is in touch

with our senators in line with democratic practice.

“What is paramount to the PDP is to ensure that we have a minority leadership that will effectively ensure a robust opposition in the Senate in the general interest of Nigerians and our democratic practice.

"The PDP will always work in the interest of Nigerians and

we are focused on ensuring the democratic tenets of checks and balances and adherence to the Principle of Separation of Powers. "So, we are in touch with our senators and we have been having conversations with them and at the end of the day, our focus in on ensuring a firm and robust opposition in the National Assembly.”

CAN, Dogara Commend Tinubu over Appointments, Removal of Fuel Subsidy

Urges

John Shiklam in Kaduna

Former Speaker of the House of Representatives, Yakubu Dogara has asked President Bola Tinubu to go after those he described as “subsidy cabal” and recover all the money they stashed in foreign banks.

Dogara, commended steps so far taken by the Tinubu, since he assumed office on May 29, describing the President’s actions as a departure from the past.

Speaking in an interview with journalists shortly after a Thanksgiving service by the immediate past General Secretary of the Evangelical Church Winning All (ECWA), Rev. Yunusa Madu, yesterday, at ECWA, Lemu Road, Tudun Wada, Kaduna, Dogara said Tinubu has made, “fantastic decisions” and should be supported whether anyone voted for him or not.

Dogora, who was commenting on the appointments of service chiefs and the removal of fuel subsidy, said if the president would hold fort and resist those forces that had always made it difficult for presidents to succeed, he would succeeds.

“As a matter of fact, so far so good, the steps that have been taken, whether you supported the president or you didn’t vote for him, I think, he is doing very well, he is showing leadership in terms of appointments,” the former speaker said.

He said, “I have always want a situation whereby we can prioritise competence above loyalty and he

seems to be that.

“That is a clear departure from the past. If he sticks to it, it is not the beginning but the end that matters.”

Dogara said further that if the president, “is able to hold fort and resist those forces that have always made it difficult for presidents to succeed, I think he will succeed.”

Dogara declared total support for the for the removal of fuel subsidy and commended the president for being courageous enough.

He said, “I have twitted about removal of fuel subsidy, I support it 100 per cent because if care is not taken, the government will run into a situation whereby the government cannot even pay salaries and render basic services.

“I know that it has brought a lot of pains to our people. I have urged the President and his administration to do all within their power to recover the money from some of these subsidy cabals who have stashed this money in foreign banks, so that the money they had taken, running into trillions, that were illegally collected, can now plough back into resolving some of the problems created by the subsidy withdrawal.

“So it was a fantastic decision, we stand by him on this one. Like I said before, whether you support him or not, this is what is truthful, this is what we ought to have done since yesterday (in the past).

“I thank him for being courageous enough to that and he should show that courage by pursuing these subsidy cabals, they

said they are strong, they are not stronger than Nigeria. Nigeria has a standing army, EFCC, police, Navy, these people don’t have any of those institutions.

“They should go after them and recover our money.”

Also speaking in an interview with journalists after the Thanksgiving service, the President of ECWA Rev. Stephen Baba Panya who doubles as Vice President of the Christian Association of Nigeria (CAN), said the Tinubu is making deliberate efforts to carry every section along.

“I want to say that so far so good, the President is making deliberate efforts to make sure that appointment of security chiefs are not lopsided and one sided.”

According to him, “That is a very good start. We are praying that the lord will continue to guide and lead him and see him through the challenges facing Nigeria…”

He however said Nigerians were watching to see how things will unfold.

“We are watching to see as things unfold more and more. You don’t too speak early on things, you wait and see before you speak at the time God want you to speak”, he said.

On removal of fuel subsidy, CAN’s Vice President maintained that the problem with fuel subsidy was the corruption associated with it.

Panya said, “The problem is not with the removal of fuel subsidy. The problem is with the corruption that is associated with the fuel subsidy.

“Let me tell you that every country subsidises one thing or the other for its citizens.

In this country, it is only right that the government subsidises something for the general benefits of the people which is fuel.

“However, the problem of corruption associated with subsidy made nonsense of it.

“There is no way anybody can say such corrupt subsidy should continue.

“Whether this is the right time to do it or not, we leave it to the leadership. But we are praying that no matter what happened with the removal of subsidy, God will work things out for good for citizens of this country.”

Panya, said urged the government to plough back the gains of the subsidy removal into projects and programmes that would benefit the people.

The ECWA President also condemned the persistent killings in communities in Plateau state and called on security agencies to fish out the perpetrators and bring them to justice.

“We find no justifiable reasons for the killings in Plateau state.

“We condemned in totality. We are just praying that the story will not continue as before where the killers will not be apprehended and brought to justice.

“If there is no justice being done, this kind of thing will continue.

“So our prayer is that the security organs on the Plateau will up their responsibility and bring those behind the killings to justice,” he said.

L-R: Hajiya Shareefal Andu; Husband of the celebrant, Alhaji Lukman Ogbara; Celebrant Hon. Kafilat Adetola Ogbara at the Inauguration Thanksgiving in honour of Hon. Kafilat Adetola Ogbara member of the House of Representatives of the 10th National Assembly of Kosofe federal Constituency held in Lagos yesterday MUBO PETERS

ELECTORAL REFORMS ON THEIR MINDS...

L-R: National President,

Room, Aganpe

of Persons

HURIWA Makes Case for Southern EFCC Chairman

Urges Tinubu to sack INEC chair, RECs

Chuks Okocha and Alex Enumah in Abuja

The Human Rights Writers Association of Nigeria (HURIWA), has suggested that the appointment of a candidate from the South as the next Chairman of the Economic and Financial Crimes Commission (EFCC), would address the issue of equity and competence in the leadership of anti-graft agency.

Also, yesterday, HURIWA has asked President Bola Tinubu to dismiss the Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu and some unscrupulous Resident Electoral Commissioners (RECs) of the Commission found culpable of electoral malpractices

in the 2023 general election. Speaking on the choice of EFCC chairman, the group expressed concern that since theestablishment of EFCC some 20 years ago, it had been headed only by persons from the northern part of Nigeria.

National Coordinator of the association, Comrade Emmanuel Onwubiko, in a statement on Sunday, pointed out that the consistent appointment of EFCC's boss from a particular section of the country, has led to the perception that the position was micro-zoned to the North, depriving equally competent individuals of the South of the opportunity to contribute to the fight against corruption.

HURIWA, therefore, urged

New Bride, Two Sisters-in-Law Regain Freedom After Paying N7m Ransom to Kidnappers

Hammed Shittu in Ilorin

After five days in kidnappers’ den, a newly wed, Mrs Rukkayat Musa, and her two sisters-in-law kidnapped from their house at Emir's road, Ilorin in Ilorin East Local Government Area of Kwara State have regained freedom.

Rukkayat and two sisters of her husband identified as Hafsat and Aliyah were reportedly set free by their abductors in the early hours of yesterday after the payment of ransom of N7million to their abductors.

The gunmen in the midnight of Wednesday invaded the home of newly wed couple at Oniyangi area on Emir's road, and succeeded in kidnapping Rukkayat, who celebrated her wedding about two months ago.

While her husband simply identified as Mr Musa managed to escape, Rukkayat and the two sisters were taken away by the gunmen, who gained entrance to the rented apartment of the couple around Alaya's Compound.

The kidnappers later got in contact with the family and demanded a ransom of N50 million before the release of the three ladies, a condition they said should be met by the weekend.

Rukkayat was said to have hailed from Gbodofu compound located around Balogun Fulani area of Ilorin.

Confirming the release of the ladies to THISDAY

in Ilorin, yesterday, one of Rukkayat’sbrothers, who sought anonymity said, "They arrived Ilorin and called us around 2am today (Sunday) but their release was not for free. The family paid a ransom of N7million to the kidnappers before they were set free.

“Though, the kidnappers demanded N50 million. We could not raise up to that amount and we started negotiations with them and we told them that we are a poor family and have no money. We cried and begged them before they accepted the N7 million that we raised within the family. The three ladies were taken to the hospital immediately for treatment and they are still on admission," he said.

The relative, who insisted that the incident was reported to the Police said the ladies were not rescued by the Police.

He, however, appealed to the governor, Alhaji AbdulRahman AbdulRazaq and all security operatives to save the people of the state from insecurity and incessant raid of homes and killing of innocent people in the state.

Police Public Relations Officer PPRO in the state Police Command, Mr. Okasanmi Ajayi said he was neither aware of the kidnap incident nor their release.

Okasanmi while speaking with journalists said, "I am not aware of the incident. Nobody told me of the kidnap of that newly wed lady.”

Tinubu, whom it described as a prominent leader known for his commitment to fairness and justice, to seize the opportunity to promote equity by appointing a candidate from the South as the next EFCC Chairman.

“Such a decision would send a powerful message of unity and inclusivity, fostering a harmonious and balanced Nigeria. We firmly believe that

a candidate from the southern region should be appointed the next EFCC Chairman to ensure a fair distribution of power and showcase the competence of individuals from diverse backgrounds,” it said.

On INEC, HURIWA, in another statement by Onwubiko, said if the president meant well for the country and wanted institutional and electoral reforms established

in Nigeria, he should immediately sack Yakubu and his RECs, who betrayed the trust of over 21 million Nigerians that voted in the February 25 presidential poll.

The group said following the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN) and Abdulrasheed Bawa as EFCC Chairman by the President, the dismissal and probe of Yakubu

for alleged electoral heist in the 2023 general election should instantly follow.

HURIWA, therefore, backed a Senior Advocate of Nigeria (SAN) and former President of the Nigerian Bar Association (NBA), Olisa Agbakoba, who said Yakubu has to leave his role as the INEC boss so as not to impede the ongoing electoral reforms in Nigeria.

LP: Why We Presented Few Witnesses Contrary to Proposed 50

Emameh Gabriel in Abuja

Spokesperson of the Labour Party Presidential Campaign Council and one of the witnesses,who testified for the party at the ongoing presidential election petition tribunal, Dr. Tanko Yunusa, has explained that the party could only feature about 10 witnesses due to limited time granted by the court.

Candidate of the Labour Party in the 2023 presidential election, Peter Obi, had declared in May that he would present 50 witnesses that would testify and tender evidence to establish that the 2023 presidential election was rigged against him.

Obi had on Friday last week

closed his case after he was able to present only 10 witnesses out of the 50 earlier lined up to testify against the Independent National Electoral Commission (INEC) and President Bola Ahmed Tinubu.

This was, however, trailed with criticisms from some section of the public, especially members of the ruling All Progressive Congress, who shaded Obi and his counsel in the wake of the development, describing them as unserious challengers.

But in an exclusive telephone interview with THISDAY yesterday, Tanko said it was an agreement among all parties to have no less than 10 witnesses to save time, and confirmed that despite this, some of their witnesses could not make

it due to time and circumstances.

"It has to do with the relationship of the processes, because it was that there would be time allocated to those who would defend, who would ask questions and cross examination. Time were allocated, like for you if you are presenting a witness, you have 30 minutes and then the cross examination, 15 to 20 minutes.

"It was also agreed that despite all your proceedings, you have not less than 10 witnesses. It was an agreement between all the lawyers in the court that this is how the process will go in order to manage time, that whatever 50 witnesses can do, 10 can also do within the short period of time.

You may end up finding out that even INEC may just have only two witnesses and may not even present them.

"We did even well to present all our witnesses. Some of them couldn't travel because of the period and time to meet up with the remaining ones that we wanted to present,” he said. Asked if he was satisfied and had confidence in the process, he said: "I have hope. I don't want to say confidence because anything can go in our judicial system considering what we have witnessed in the past and what can be in the future. But I am hopeful that the outcome would be in the favour of the Nigerian people.”

Tinubu Celebrates Gbajabiamila, Sanwo-Olu on their Birthdays

Describes them as patriots, exceptional public administrators

Deji Elumoye in Abuja

President Bola Tinubu, has felicitated with his Chief of Staff, Hon Femi Gbajabiamila and the Governor of Lagos State, Babajide Sanwo-Olu, on their birthday.

The duo of Sanwo-Olu and Gbajabiamila, who is a former Speaker of the House of Representatives, celebrated their birthday on Sunday.

While the governor turned 58 years, the Chief of Staff

celebrated his 61st birthday. On his verified Twitter handle, @officialABAT, on Sunday, President Tinubu hailed both individuals as outstanding public servants and true patriots, highlighting their shared birth dates.

In his twitter handle, the president stated: “On this special day, I extend my warmest wishes and heartfelt congratulations to my Chief of Staff, Hon. Femi Gbajabiamila (@femigbaja), and the Governor

of Lagos State, Babajide Sanwoolu (@jidesanwoolu).

“Two patriots and exceptional public administrators who, in an interesting coincidence, arrived the world on the same date. Over the years in different capacities they have both distinguished themselves with an unparalleled work ethic, ability to navigate complex challenges and sound judgment especially in moment of uncertainty.

"Each had contributed to the progress of the nation particularly by setting powerful examples of creative and responsible executive leadership and the instigation of growth and development through sensible legislation and enabling policies.

"I thank them for their effort and partnership while praying that the year ahead will be filled with good health, greater success and happiness," the president said in his tweet.

Joint National Association

with Disabilities, Abdullahi Aliyu Usman; Convener, Nigeria Civil Society Situation Room, Yanusa Zakari Ya'u, and Secretariat Coordinator Administration Situation

Onyema, during the Nigeria Civil Society Situation Room press conference on urgent electoral reforms by the new administration held in Abuja at weekend ENOCK REUBEN

LEADERSHIP INTELLIGENCE PROGRAMME…

L-R: Prince Adegboyega Ogunwusi; Elemuren of Emuren, Oba Adesegun Alowonle; Ooni of Ife, Oba Adeyeye Ogunwusi (Ojaja II); Convener and Chief Executive Officer (CEO), FifthGear Plus, and Alara of Ilara, Epe Kingdom, Oba Olufolarin Ogunsanwo, at the Founders Leadership Intelligence Programme (FLIP) in Lagos…recently

Tension in Sokoto as Mob Kills Butcher over Alleged Blasphemy

Onuminya Innocent In Sokoto

A butcher identified as Usman Buda has been killed in Sokoto over alleged blasphemous comment against the Holy Prophet.

THISDAY gathered that the butcher allegedly made the comment during an argument with another trader.

It was also gathered that the incident happened at the Sokoto

main Abattoir around 8.00am yesterday.

“Our leaders made a fruitless attempt to save him but they could not contain the crowd. They initially rescued him and hid him before they were overpowered.”

“He was beaten to death by his fellow butchers. His corpse was later taken to Usman DanFodio University Teaching Hospital by the police.

Another account said his closest

Gunmen Kill Two in Rivers Community

Blessing Ibunge inPortHarcourt

Two persons were shot dead by gunmen suspected to be cultists, along Ubeta Owube Road in Ahoada West Local Government Area of Rivers State.

A source from the area, who pleaded anonymity out of fear of being attacked, disclosed that the victims were on their way to the community from Port Harcourt, when the hoodlums ambushed and shot them dead.

It was gathered that the victims, who are indigenes of Owube community, were transporting building materials home to fix

their damaged house that was destroyed by flood when the incident occurred.

The shooting, THISDAY learnt, was at a very close range, hence the victims could not survive the injury.

Meanwhile, a former Community Development Committee (CDC) Chairman of Ubarama, Major Elleh, who spoke via phone call, confirmed the attack and gave the name of one of the victims as Confidence Chalikobi.

Elleh disclosed that Chalikobi resided in Port Harcourt but was on his way home to repair his father’s house damaged by the last year’s flood.

Nwobike Donates Bar Centre to NBA Isiokpo, Rivers

Wale Igbintade

Known for his humility and philanthropic gestures, a Lagos-based lawyer, Dr. Joseph Nwobike (SAN), has singlehandedly built and donated an ultra-modern Bar Centre to the Nigerian Bar Association (NBA), lsiokpo branch, Rivers State.

Nwobike made history for being the first person in the state to single-handedly build and donate a befitting Bar Centre free to any NBA branch in Rivers State.

business partners also attempted to rescue him but,”Some of them sustained injuries and are currently receiving treatment at the hospital.”

A security operative, who

confirmed the incident on condition of anonymity, said the suspect was originally from Tambuwal Local Government Area but was residing at Gidan

Igwe in Sokoto North Local Government Area.

He was selling cow entrails at the Sokoto Fish and Vegetables market which was known as

Kasuwan Dankure.

A neighbour of the deceased who simply identified himself as Malam Yusuf described his death as painful.

Tributes as Renowned Professor of Communication, Lai Oso, Dies

Chiemelie Ezeobi

Hours after the death of Lai Oso, a renowned professor of Mass Communication at the School of Communication, Lagos State University (LASU), filtered in, tributes have been pouring in. Oso, who died in a motor

accident on Saturday evening on his way back to Lagos from Delta State University (DELSU), Abraka, was loved by all.

Expectedly, his death elicited a flurry of tributes from many, especially his students and colleagues who described him as a thoroughbred professional who

discharged his duties diligently

In a statement yesterday, Dean of the Faculty of Communication at LASU, Olayinka Alawode, had confirmed the death of the professor.

The statement read in part, “I am constrained to inform us of the involvement of Professor Muraino Olayiwola OSO, (we all fondly called

Baba Lai Oso) in a fatal auto accident which claimed his life yesterday 24th June 2023.

“It’s a rude shock to all of us even as we commiserate with mummy Oso, the children, and his entire family, the communication family worldwide, LASU community, and all others.

Alia Explains Suspension of Benue LG Council Executives

George Okoh in Makurdi

The Benue State Governor, Rev. Fr. L. Hyacinth Alia, has debunked accusations from council chairmen in the state that he has sacked them from office.

Alia stated this in an interview on Saturday while responding to a press conference that was organised by the suspended council chairmen, who accused him of sacking them from office despite a subsisting court order

barring their sack.

The Benue State House of Assembly had during plenary session on Tuesday, June 20, 2023, recommended for the suspension of all the 23 local government chairmen as well as their various

legislative arms over corruption allegations.

The recommendations were upheld by the state executive and the chairmen were directed to handover their offices to the various DGSAs of their councils.

Obaseki Assures Stakeholders of Local Capacity Devt in Benin Port Project

The Edo State Governor, Mr. Godwin Obaseki, has said that there would be significant development of local capacity in the course of the realisation of the Benin River Port project. Obaseki said this during the commemoration of the International Day of Seafarers.

The Bar Centre, named as ‘Dr. Joseph Nwobike SAN Law Centre’, was erected on an expansive land at Alimini Isiokpo town in Rivers State, and was officially unveiled on June 23, 2023, by the Chief Judge of the state, Justice Simeon Amadi.

While inaugurating the Bar Centre, Justice Amadi said with the donation, Nwobike has written his name in gold, and made the jobs of lawyers in Isiokpo easy, as they now have a befitting office to carry out their legal-related activities.

Group Advises against Impersonation

A non-government organisation (NGO), Patriotic Lords Initiative for Justice (PLIJ) has urged members of the public who are not registered members of the organisation against impersonation and the use of its name and logo for fraudulent activities.

It said that it values it name and members, hence those who are not “our members should desist from using it name for whatever reasons or parading themselves as our members.”

In a press release made available to THISDAY,

The Public Relations Officer of the group, Mr Onucheyo Nasir, in a press release, said: “ We place high premium on our members. We are an NGO with global affiliation and we would not allow anybody who is not our member to drag our name into the mud.”

Nasir said that the denouncement became necessary as a result of some unscrupulous persons who claim to be the members of the organisation without any record in any of the state chapters across the country.

He noted that efforts to develop the port are on track and that relevant regulatory requirements are being followed.

According to him, “as we commemorate the International Day of Seafarers, we reiterate that work on the Benin Port is on track and we are collaborating

with the Nigeria Port Authority and other regulatory bodies to ensure that due process is followed.

“One of the key things for us is the development of local capacity. Already we have the best of professionals in the shipping and maritime industry

working with us on the project.

“However, we want to use the opportunity of the development of the Benin Port to develop local talent in shipping and the maritime sector. We have already sent some of our young people to some of the best schools in the world to learn from the experts.

LP Guber Candidate, Achono, Deplores Insecurity Impact in Imo

Emameh GabrielinAbuja

The Labour Party(LP) gubernatorial candidate for the November 11 2023 governorship election in Imo State, Senator Athan Achonu, has expressed concern over the rising insecurity, poverty and socioeconomic problems confronting

the state amid upcoming elections in the state.

Senator Achonu who represented Imo North Senatorial District in 2015 before he was sacked by the tribunal in the same year, said the fact that these problems were left to linger for too long without being addressed was cause for worry,

even as he added that Governor Hope Uzodinma has abandoned the state for Abuja where he now runs the affairs of the state due to the rising spate of insecurity. He spoke with pressmen when he played host to Imo State indigenes in Abuja at his resident in Maitama at weekend, where

he decried the continued collapse of business and investments in the state, which he said were supposed to be nurtured as a development imperative and a route towards community prosperity and enhance livelihood for citizens of the entire South-east region.

Otti Tasks Security Agencies as Group Expresses Concern over Crime Wave in Abia

Following a spate of criminalities in some parts of Abia State, Governor Alex Otti has given marching orders to the security agencies to ensure that “hard times await criminals” in the state.

The Special Adviser to the Governor on Strategic

Communication, Prince Okey Kanu, said in a statement that Otti was determined to secure lives and properties, which is among the cardinal objectives of his government.

“To this end, the governor has directed all security agencies operating in Abia

state to deal decisively with those criminal elements who create unnecessary fear and panic among the citizenry,” he said.

The Otti administration, which is less than a month old, has already come under scathing criticisms over the

crime situation in the state.

A group, Abia Renaissance Movement(ARM), alleged that the spate of criminal activities was due to Otti’s “gross lack of capacity to sustain the security and peace bequeathed to Abians by the last administration”.

Dogara’s Successor, Leko, Promises All-inclusive Representation

Segun Awofadeji in Bauchi

The member representing Dass, Tafawa Balewa and Bogoro Federal constituency at the House of Representatives, Hon Jafaru Leko Dull, has pledged to operate an all-inclusive representation in order to foster more growth and

development for the people of the three local government areas that make up the constituency. According to a press statement signed and made available to Journalists yesterday Leko Dull made the pledge during a special dinner organised for him shortly after his inauguration in Abuja

recently.

The statement said Hon Leko Dull, who succeeded the former Speaker of the House of Representatives, Rt. Hon Yakubu Dogara, promised to be fair and just to all the people as well as provide the needed dividends of democracy in all the nooks

and crannies of the constituency.

“Honourable Jafaru Gambo Leko Dull acknowledged that expectations are high on him from his constituents, assuring that the high expectations will not deter him from performing his duties effectively”, the statement added.

Insecurity: Hoodlums Give Anambra Communities Conditions for Burials

David-Chyddy Eleke in Awka

Two communities in Anambra State have been allegedly given conditions on how to bury their deceased loved ones by hoodlums colloquially referred to as ‘unknown gunmen’.

The communities, Isseke and Azia, are both in Ihiala Local Government Area of the state, where activities of the hoodlums, said to be separatist elements, are rife.

At the weekend, it was gathered that the communities

were mandated by the hoodlums not to conduct burials with more than 20 persons in attendance or risk attack.

They were also told that security operatives would no longer be allowed in the community and that those coming back for the burial of their deceased relatives, friend or associates must be warned not to come home with security men.

According to a source in the community, who is also an indigene, a family buried

their mother recently without their relatives for fear of being attacked by the gunmen.

The source said: “They warned that any family that dares them would be wiped out. We live in fear in this area and many people have left the community to other areas.

“Only 20 persons attended the woman’s burial without in-laws, friends and associates. What it means is that if it’s a large family, the person’s sons and daughters will not come close.

Gunmen Allegedly Kill Naval Rating in Lagos

Rebecca Ejifoma

Gunmen over the weekend killed a naval rating identified as O.S Harrison in the Ajegunle area of Lagos State.

The State Police Spokesman, Benjamin Hundeyin, who confirmed the incident, said none had been arrested yet in connection with the killing.

He also added that the police

had commenced an investigation to unravel the incident.

Until his alleged murder, Harrison served at the Lagos Logistics Depot of the Nigerian Navy.

A resident in the area, who would not reveal his or her identity, expressed panic. “We still live in fear. We heard that his colleagues want to avenge his death.”

According to the resident, the slain naval officer was walking around the Olowojeunjeje area of Ajegunle when the gunmen people shot him.

The concerned resident added, “Some people said the killers were cultists”.

Harrison’s death comes less than a year after a female officer was reportedly killed in the same area.

Itsekiri Group Seeks FG, Delta’s Intervention in Face-off with Chevron

Sylvester Idowu inWarri

Itsekiri oil-producing communities in Chevron Nigeria Limited (CNL) operational fields of Dibi, Olero and Abiteye in Delta State have called on the federal and Delta State Governments to prevail on the American oil company to fulfil its promise to give full employment to indigenes engaged as casual staff since last year.

Acting under the auspices of Niger Delta Itsekiri Oil Producing

Communities (NDIOPC), the group threatened that should the federal and Delta State Governments fail to resolve the issues, they would take drastic actions which might disrupt the operations of the company.

Chairman of NDIOPC, Raymond Aderojo, in a statement issued in Warri yesterday, said the group was placing the federal and Delta State Governments on notice over their planned severe action against Chevron as a result of the company’s alleged refusal to

implement a five-point demand tabled before the company since last year.

He disclosed that the group has been demanding the immediate conversion of their brothers in the VTP5/OTP2 and VTP6 training programme to staff of Chevron Nigeria Limited; the commencement of work for the provision of the hospital, potable water, electricity, increment of our community worker’s salary among others.

We ‘ll Continue to Support Nigeria’s Education System, Says British Council

The British Council has reiterated its willingness to always support Nigeria’s educational system both at tertiary and pre-tertiary levels through capacity building programmes for teachers and school leaders and creating opportunities for peer learning and engagement between the Nigeria Policy makers and their United Kingdom counterparts.

The Council’s Director of Programmes, Mr. Chikodi Onyemerela, who was

accompanied by the Programme Manager, Schools Education, Jatau Vincent, made the commitment when the Universal Basic Education Board (UBEB), in the Federal Capital Territory Administration, presented a letter of commendation to the British Council for its contribution to the development of basic education in Nigeria.

Onyemerela noted that the positive appraisal of the British Council by the UBEB was a

morale booster that would encourage the institution to do more.

He said: “What you have done in giving us this commendation in the public glare is very significant - both from the point of view of the FCT Universal Basic Education Board and from the British Council.

“You have just told us that what we have done is good and it will give us the impetus to do even more.

IPCR Commended for Robust Financial Mgt, Procurement System

Michael Olugbode

in

Abuja

The Bureau of Public Service Reforms (BPSR) has commended the Institute of Peace and Conflict Resolution (IPCR) for its robust and prudent resource management and procurement process, which it said complied with the extant laws of the country.

The Director-General of the BPSR, Dasuki Ibrahim Arabi,

gave the commendation when he led a team of the Bureau to the IPCR for the presentation of the statutory assessment report of the activities of IPCR as well as presentation of awards to the Institute.

Arabi congratulated Dr. Joseph Ochogwu on his appointment as the director-general of IPCR, adding that it did not come as a surprise to him because of Ochogwu’s

commitment to tackling the enormous problems confronting the country through thorough conflict resolution mechanisms.

He said: “IPCR has robust public financial management, financial and accounting policies that comply with financial regulations which it clearly reviews to ensure efficient and reliable mechanism in line with the extant laws of the country.”

UNICEF to Provide Technical Support for Sokoto to Reduce Infant Mortality

Onuminya Innocent in Sokoto

United Nations International Children’s Emergency Fund (UNICEF) has said it would provide technical support to the Sokoto State Government to enable it reduce the infant mortality rate across the 23 local government areas of the state.

The UNICEF representative in Nigeria, Ms. Cristian Munduate, stated this when she led a

high-power delegation on an advocacy visit to the state Governor, Ahmed Aliyu, at the Government House in Sokoto.

Munduate explained that UNICEF was ready to work with the state in the area of health service delivery, water, sanitation and hygiene.

She disclosed that things were not the same as of 10 years ago, but stressed that more are needed to be done to improve the living

standard of women and children in the state.

The UNICEF representative enjoined women to breastfeed their children at least for six months before giving them supplementary food. She noted that breastfeeding supplies necessary nutritional support for children below the age of one year, and also urged mothers to vaccinate their children against killer diseases.

BACKPAGE CONTINUATION

CLOAK AND DAGGER MEN’S BRAWL

personnel file were rapidly leaked on social media platforms. Some stories questioned his nationality because though he is a Katsina native, he went to primary school in Chad, only to return home for secondary and tertiary education. I thought that was strange because many Nigerians did primary and high school in Europe, North America and Arabia. Some even acquired British accent, returned home, dodged NYSC and still made it to top positions in the country. Is it because Chad is a mere African neighbour? Many other allegations were made against the new DG, including that he has a foreign wife, which the Buhari presidency at the time said it had investigated but were unfounded.

At the time of the change of baton, we read in newspapers that the outgoing Acting DG moved $44 million out of NIA’s vaults to the National Security Adviser’s office in order, Dauda later told a National Assembly committee, to prevent his incoming successor from pilfering it. It was the strangest thing that I ever heard of in Nigerian public service. If the President, using his constitutional power, appoints someone to head an MDA, what is the outgoing head’s own [to use Nigerian parlance] to protect its money from the incoming head? $44million is even small by government standards. If, for example, the President changes the Finance Minister, Central Bank governor, Accountant General or CEO of NNPCL, these outgoing persons should take desperate steps to protect the agency’s money from the incoming head? There is even the small matter of logistics; where could an outgoing CBN or NNPCL chief move all its money for safe keeping? Yet,

that was what Ambassador Dauda did, according to media stories at the time. I thought all he needed to do was to reflect what he was leaving behind in the handover notes.

A second amazing thing happened in February 2018. Ambassador Dauda appeared before a House of Representatives committee and read out a sensational petition, which was leaked to the media. I have been reading TIME magazine since when I was twelve years old. It was only during the 1987-88 Iran-Contra scandal that I recall secret intelligence material being mentioned before a US Congress committee. Dauda made many charges against some persons, which I will not repeat here in order not to also fall foul of national security laws.

Weeks later, stories broke that NIA dismissed Dauda from its services. National Industrial Court ruled in 2020 that the correct procedure was not followed because the applicable law for disciplining him is Article 8(1) and (2) of Instrument No. NIA 1 of the National Security Agencies Act, which was not complied with. Instead, NIA’s Senior Management Committee set up a Special Management Staff Disciplinary Committee that invited Dauda to appear before it due to “a wave of unbridled leakages of official documents, publication of falsehood concerning the Agency’s affairs, as well as unauthorized movement of funds from the Agency’s vaults.”

Though Dauda refused to appear before the panel, it went ahead and found him guilty of “breach of confidentiality, violation of oath of secrecy/allegiance, misapplication of Agency funds, unlawful petition, disobedience of lawful orders, falsehood and prevarication, injurious rumour

SUSTAINING THE MOMENTUM OF HOPE

this crucible. But a few factors will shape this new phase of the government, and Mr president must pay attention to them. Beyond creating policies that will quickly alleviate the pain of the masses due to recent policy choices, Mr President needs a cabinet that will give Nigerians hope - a cabinet of competent people with character who can deliver on urgent national priorities! He has a choice in the composition of his cabinet, either a development team, a political team, or a mix of both. A development team will advance the course of the President; a political team will dissipate the President's energies on political manipulation. A balanced or mixed team can achieve developmental goals and political rightness without compromising results and value addition.

The President's cabinet is like a gathering of medical doctors and health experts to cure sick Nigeria. It is crucial that Nigerians, like the wife in the marriage, must trust the competence and abilities of the team to fix sick Nigeria. Therefore, the competence and character of the President's cabinet will animate hope in Nigeria in the coming days. Nigerians must see the vitality, vibrancy, and intellectual dexterity of new cabinet members and believe they are the right team for embarking on serious surgical operations in sick Nigeria.

Nigerians are victims of failed promises and dashed hopes in the past. Their patience is very slim, and they can quickly and easily lose it without seeing results. Promises and rhetoric no longer bamboozle Nigerians of today, and social media platforms have democratised opinion and given access to voices that are critical and hard to manage. Mr President must build a popular base by addressing hunger and poverty in the short term, at least to alleviate the pain of the majority, while creating medium- and long-term programmes that will improve the living standards of many Nigerians.

Providing the basics – affordable food, excellent and affordable medical care, and sound and affordable education, is what most Nigerians are expecting the government to do. Inflation is execrating and exacerbating and throwing millions of Nigerians into multi-dimensional poverty. Efforts towards stemming the tides of poverty and food insecurity will help sustain the hope of Nigerians in this government.

Mr President must build elite consensus on the country's direction, acknowledging

that the elite is part of the country's problem. The rentier system that has been in place in Nigeria favours the elite class, and the President must convince them to join him in building a system that is against their narrow self-interest. There is no gainsaying that the Nigerian elite has had a strangling hold on Nigeria, and it is time it stopped. Mr President must fight against the morally bankrupt elitism of Nigeria and build a consensus to salvage Nigeria. The President's body language and actions must always show that change has come, and it is not business as usual. Furthermore, our President should be considering the practical steps beyond the usual rhetoric he will take to attract Foreign Direct Investment (FDI) to ramp up

peddling and violation of Section 108 on unauthorized publication in the media.”

Among men engaged in international cloak and dagger operations on behalf of Nigeria, these were serious charges indeed. NIA’s Senior Management Committee then dismissed Dauda from service, “with the approval of the President.” It said even after dismissal, he must still observe NIA’s oath of secrecy. It was this dismissal that both Industrial Court and Appeal Court have set aside. Why didn’t NIA send Dauda before the appropriate disciplinary committee? Because the committee was supposed to be headed by the Deputy Director General and it had none at the time, its officials later told a House panel.

Dauda was unhappy with his nonconfirmation because as he told the Reps committee, he could not return to Chad as ambassador because his one-month stint as Acting NIA DG had blown his cover as an intelligence agent. Since then, many more strange stories about NIA and its internal workings have surfaced in the media, clearly a continuation of that fight from 2018. In June 2019, there was a petition by “concerned NIA staff” alleging favouritism in the nomination of its officers to serve as Nigerian ambassadors abroad. I have been reading newspapers since my primary school days, but I never knew before then that our secret services have a certain quota of career ambassadors. This is not something that citizens need to know. Foreign spy agencies probably knew it already, since they do the same thing themselves. That petition went many steps further. It mentioned the names of some of the ambassadorial nominees sent to Senate, outed them as secret service officers, and

mentioned others that they were going to replace abroad. It was a bonanza for foreign spy agencies; now they knew which Nigerian diplomats are engaged in intelligence work. In any authoritarian country, one could be executed for revealing such information. Even in the US, a law passed by Congress in 1982 prohibited the disclosure of covert CIA officers’ identities. In July 2003, New York Times columnist Robert D. Novak outed Valerie Plame as a CIA officer after her husband, Ambassador Joseph Wilson, criticized President George Bush over Iraqi President Saddam Hussein’s alleged weapons of mass destruction. Vice President Dick Cheney’s Chief of Staff Scooter Libby had leaked the info to Novak; he got 30 months in prison for that.

Some readers will probably allege that by wading into this matter, I am a closet cloak and dagger agent. The nearest I ever got to the CIA headquarters at Langley, Virginia was when the late Ahmadu Audu Abubakar pointed it to me from inside a taxi cab. I also want to remind skeptics of something that former British MI5 agent Peter Wright wrote in his highly publicized 1987 book, Spycatcher, which Prime Minister Margaret Thatcher tried very hard to suppress. He said people think that spy agencies get most of their information from cloak and dagger operations but that in reality, MI5 gets 75% of its intelligence information simply by reading newspapers and other public documents between the lines. In other words, journalists like me are the ones that do the hard spadework. Spies only sit back, sip tea and biscuit, analyse it and claim credit.

such as power problems, insecurity, a stifling business environment, and poor investment in science and technology. No magic wand can bring Nigeria out of its current economic quagmire. It must produce more goods and services for consumption locally and export. Productivity increases our GDP, strengthens our economy, and improves Nigerians' living standards. Through his actions and policies, the President must show Nigerians that he is pro-productivity and laying the foundation for an industrialised Nigeria that will be the industrial hub of sub-Saharan Africa.

A further critical indicator of widespread acceptance would be how quickly Mr President restores peace and security throughout the country. The public must see and feel an innovative approach to internal security. Kidnapping, school abductions, assassinations, secessionist clamour, and herders vs farmers clashes must end or significantly abate. How the President quickly stems corruption, creates an enabling environment that enhances service delivery, and ensures insecurity in the next 12 months will define his Presidency.

Sustaining the momentum of hope in Nigeria is not just the work of Mr President but requires collective efforts from various stakeholders, including the government, civil society organisations, communities, and individuals. However, the President is the father of the country and must provide leadership in fostering hope and positive change in Nigeria.

opportunities for job creation and mitigate unemployment. The inflow from foreign direct investment impacts the exchange rate and the value of the Naira. Mr President, the liberalisation of the monetary regime and unification of exchange rates has created an enabling environment for the inflow of FDI, and this must start happening fast to cushion the supply dynamics of the Dollar and stop the eroding of the value of the Naira that will dissipate the import-oriented economy we have.

President Bola Ahmed Tinubu must lead Nigeria towards greater productivity, which must be at the core of his economic agenda. Nigeria's economy can only grow if we increase our productivity. The President must tackle the challenges impeding productivity,

To instil and maintain hope in Nigeria, the President must work towards ensuring transparent, accountable, and effective governance, fostering sustainable economic growth, reducing poverty, investing in education and skills development, developing, and maintaining robust social infrastructure, empowering young people and women, building strong and empowered communities, and cultivating international collaboration and partnerships.

Many marriages go on to last a lifetime. In successful marriages, the marriage mates build mechanisms for renewing their love, hopes and excitement. Mr President is an experienced married man. He understands his new marriage with Nigeria and will navigate the multiple nuances of this new relationship. However, what he does in the next few months will define the character and legacy of his Presidency.

Tinubu

Rivers Utd Edge Bendel Insurance Again, Qualify for Naija Super 8

Katsina Utd, Enyimba, Remo, Lobi, Yobe Stars complete field for playoff

Kunle Adewale in Eket

Rivers United and Katsina United yesterday at the Eket Township Stadium, Akwa Ibom, completed the field for teams to participate in the Naija Super 8 Playoffs finals billed for the Mobolaji Johnson Arena in Lagos starting from July 7 through July 14th.

In the battle for the South-South ticket, between Rivers United and Bendel Insurance, it was an end-toend football from the blast of the whistle till the end of the game.

As it happened when Rivers United became the first team this season to dent Bendel Insurance’s 18-game unbeaten run, the Pride of

Rivers people again proved their victory in the NPL season-ending victory was no fluke, handing out another defeat to the Benin City team. It was no surprise when Rivers United drew the first blood in the 10th minute through Albert Korvah. The Federation Cup champions however equalised via a penalty converted by Dede Mogara.

The Pride of Rivers again shot into the lead by the scorer of the first goal-Korvah and the CAF Champios League campaigner would have extended their lead but for a smart save by Kola Oladipo in goal for the Benin Arsenal in the 57th.

Okon Ini-Obong scored what no

TRANSFER NEWS...TRANSFER NEWS...

KOULIBALY

Senegal’s Kalidou Koulibaly has become the latest Chelsea player to move to Saudi Arabia after the defender completed a transfer to Al-Hilal for an undisclosed fee. The centre-back, 32, joins Ruben Neves at the Saudi Pro League side following the Wolves midfielder's £47m switch.

Chelsea midfielder N'Golo Kante has also agreed to sign for Saudi champions Al-Ittihad,while team-mate Edouard Mendy is close to joining Al-Ahli.

Koulibaly signed for Chelsea from Napoli last July on a four-year deal.

IHEANACHO

Turkish giants Besiktas have made first offer to have Kelechi Iheanacho on loan from relegated Premier League side Leicester City.

According to Fotomac, Iheanacho earns 4.5 Million Euros annually and Besiktas want to pay 2 Million Euros to partly cover this while he is on loan. Iheanacho does not want to play in the English Championship and Leicester City will accept this offer unless they get something better.

OSAYI-SAMUEL

Another Turkish side, Fenerbache, are already getting set for life without Bright Osayi-Samuel with reports that they will snap up Rick Karsdrop from AS Roma as a direct replacement for the Super Eagles defender.

OSIMHEN

Manchester United have returned to the chase for Victor Osimhen with the striker’s representatives due to meet with the Premier League club this week. Osimhen, 24, is a top transfer target this summer after his goals crowned Napoli champions of Italy since 1990.

Top transfer expert Sacha Tavolieri has now reported that United officials with meet with Osimhen’s entourage this week.

Manchester United are shopping for a new striker as they aim to close the gap on city rivals Manchester City.

MESSI & BUSQUETS

Major League Soccer side, Inter Miami have concluded plans to unveil Lionel Messi and Sergio Busquets on July 16.

According to Mundo Deportivo, Messi and Busquets will be unveiled on July 16 when Inter Miami take on St Louis City in an MLS game.

Messi netted 16 goals and notched 16 assists in 32 French Ligue 1 games last season for PSG while Busquets provided four assists in 30 Laliga appearances for Barcelona. Busquets will be leaving the Catalan giants after 16 years. Paris Saint-Germain won the French League after accumulating 85 points from 38 matches and Barcelona won the Laliga title with 88 points after 38 games.

doubt will be the goal of the Super 8 tournament as his spectacular volley brought Insurance back level in the 69th minute of game.

Just when the fans felt they will be witnessing the second penalty shootout of the tournament, a rash challenge by an Insurance’s defender left the centre referee with no choice than to give Rivers a penalty which was converted by Maurice Chukwu.

Also yesterday, Katsina United

defeat their more illustrious rival, Kano Pillars by a lone goal to grab the North West Zone ticket to the money spinning Naija Super 8.

What would have been the first came of the game was squandered by Samson Olasofo in the 53rd minute as he missed a tap-in, reminisce of Yakubu Aiyegbeni's missed chance against South Korea at the 2010 World Cup in South Africa.

Olasofo however, made up for

his earlier miss to scored a typical striker's goal in the 83rd minute.

All efforts by Pillars to draw level and forced the game to penalty shootout proved abortive.

The six zonal champions, Katsina United, Lobi Stars, Enyimba, Remo Stars, Yobe Desert Stars and Rivers United will be joined by two wildcard teams to be picked by the tournament organisers.

Draws for the Naija Super 8 finals will be held on 29 June, live on

SuperSport, while the tournament will be held at the Mobolaji Johnson Arena in Lagos from 7-16 July.

THE SIX QUALIFIED TEAMS

Rivers United Remo Stars

Lobi Stars

Yobe Desert Stars

Enyimba

Katsina United

*They are to be joined by the two teams to be given wild card entrance

Alcaraz Beats Minaur in Queen’s Final to Win First Grass Title

Carlos Alcaraz won his first title on grass and regained the world number one ranking with an impressive victory over Alex de Minaur in the Queen's final.

Alcaraz's 6-4 6-4 triumph means he moves above Novak Djokovic in the rankings and will be the top men's seed at Wimbledon, which starts on 3 July.

The Spaniard, 20 was playing only his third grass-court tournament.

"So many legends have won here. Seeing my name on the trophy surrounded by the great champions is amazing," he said.

Alcaraz will now hope to emulate his compatriot Rafael Nadal, who triumphed at Queen's in 2008 before going on to win Wimbledon for the first time a few weeks later.

There were questions about Alcaraz's ability on grass at the start of the week but he answered those in emphatic style, becoming a crowd favourite with his attacking play, humble attitude and boyish smile.

He will now be considered the main threat to Djokovic's defence of his Wimbledon crown.

"It helps a lot to be top seed at Wimbledon," said Alcaraz. "It's amazing. It wouldn't be possible without the support of the people through the whole week.

"I started the tournament not really well, I had to adapt my movement a bit on grass," he said. "But it's been an amazing week and it's ending with a lot of energy and on a high.

"I have played 11 matches in my career on grass, so I have to get more experience, more hours.

"But obviously after beating amazing guys, great players, and the level that I played, I consider myself one of the favourites - or one of the players to be able - to win Wimbledon."

Carlos Alcaraz defeated Alex de Minaur 6-4, 6-4 to win his first title on grass court yesterday. He’s sure to move above Novak Djokovic in the men’s rankings

Grange, St. Saviours Dominate Dolphin Swimming League Award

Grange School, Ikeja and St. Saviours, Ikoyi dominated the award ceremony of the Dolphin Swimming League held at the weekend.

In the secondary school category, Grange emerged as the overall winner after amassing 1320 points while St.Saviours reign supreme in the primary division with 1484 points to be crowned the overall winner of the Season 4 of the Nigeria's first private inter-school swimming league organised by Dynapro Sports Promotion and Advanta Interactive with support from the Lagos State Swimming Association, Nigeria School Sports Federation (NSSF) as well as the Nigeria Olympic Committee (NOC).

At the well-attended award ceremony hosted by Grange School, the best overall swimmer award for boys was won by Aidan Dumuje-Abili of Grange School

who single-handedly won 15 gold medals in the U-11 while Teniola Akin-Olugbade of St. Saviours who claimed 13 gold medals and one silver medal won the girls’ award.

Grange also swept the awards in the U-7, U-8, U-14 and U-16 while St Saviours picked some awards in U-11, as well as Children International School (CIS) claiming awards in U-9 and U-11 categories.

The best newly discovered talent was won by Oghenemarho Mueller of Riverbank School and Osamudiamen Aiwerioghene of Greensprings School.

Grange and St Saviours School shared the best productive coach awards for secondary and primary schools, while CIS were adjudged the most organized team of the tournament.

According to the Coordinator of the event, Oluseyi Oyebode, the

tournament has again unearthed talents that could be moulded to become world beaters.

“The award ceremony was organized to inspire the students as well as to motivate the teams to work harder for next season and we are excited that season four has been a success and we are hoping that the tournament would continue to grow in leaps and bounds. We enjoyed the support of parents and guardians who most times attend the tournament and we are hoping that more schools will join the next season. We cannot forget the huge support and backing of our major sponsor Rite Foods for their unflinching support at ensuring the success of this season and we hope that they will continue to back the event while we are calling on more sponsors to come on board,” Oyebode said.

Bendel Insurance’s quest to go beyond the zonal playoff and qualify for the Naija Super 8 playoffs ended in Eket with Rivers United claiming a deserved 3-2 victory to reach the final in Lagos

MISSILE

Rivers APC to Nyesom Wike

“WedareanyonetoprovidevideoevidenceofanycampaignswhereWikeopenlycampaigned fortheAPC.Theterrorunleashedonourpartymembersinthecauseofhiseightyearsof maximumrulershipaloneisenoughevidencetoconfirmthatWikehasnobusinesswithRivers StateAPC.Askinghimtocomeandtakeoverisaskinganenemytocomeandfinishoffhis victims"–RiversAPCPublicitySecretary,DarlingtonNwauju,knockstheformerRiversState Governor,NyesomWike,asanenemyoftheparty,andcannot lead them.

MAHMUDJEGA

VIEW FROM THE GALLERY

Cloak and Dagger Men’s Brawl

Even before Malam Nuhu Ribadu settles down on his desk as the new National Security Adviser [NSA] to the President, a small Titan submersible-like implosion occurred within his intelligence and security domain. For the second time since October 2020, one print and several online newspapers reported late last week that a court ordered Ambassador Mohamed Dauda’s reinstatement as Director General of the National Intelligence Agency [NIA], the Nigerian version of CIA. The 2020 story was about a National Industrial Court [NIC] ruling while last week’s one stemmed from a Court of Appeal, Abuja Division ruling.

Even before I saw a response at the weekend from NIA’s Head of Legal Department [a rare event, for NIA hardly ever makes public comments], I wondered how a court could order anyone’s reinstatement to a political position. Could a court, for example, order the president to reinstate a minister, military service chief, Special Adviser or the political head of any government agency, all of whom serve at his pleasure, according to the Constitution? It turned out that both the October 2020 and last

Ribadu week’s stories were important reporting mistakes because what NIC ordered, which the Appeal Court upheld, was Dauda’s reinstatement as an NIA director,

being a civil service position. It is a complicated matter; even if Dauda had not been dismissed from NIA in 2018, he would have retired in December 2019, having attained the age for retirement.

Both courts’ rulings were on the technical ground that the correct disciplinary procedure was not followed in effecting the former Acting Director General’s dismissal from service. It had nothing to do with the substantive issues, which were very substantial. NIA is not a visible organization. The stories I read about it since its creation in 1986 [alongside DSS and DIA] must be only a handful, but I find it disturbing that such a key agency deeply involved with this country’s national security should be dragged into the fray due to personality quarrels.

The first time that many Nigerians heard of NIA was in late 2017 when EFCC agents stormed a flat at Ikoyi, Lagos and seized $44m cash stashed there by its then Director General, Ayo Oke. He said the money was for clandestine operations. Then President Buhari apparently did not believe that because he suspended Oke, instituted a probe headed by then Vice President

DAKUKU PETERSIDE

GUEST COLUMNIST

Yemi Osinbajo, and ultimately sacked the DG. Oke was never tried in open court, most probably because such a trial will spill the beans out of this country’s intelligence operations. Hot on the heels of the Ikoyi fiasco, NIA was soon in the news again from January 2018 when Ambassador Dauda was replaced as its Acting Director General by a substantive DG, Ahmed Rufa’i Abubakar.

According to information that leaked at the time, Dauda, who was Ambassador to Chad, was recalled to head NIA in acting capacity as the most senior director because Ambassador Arab Yadam, who took over in acting capacity from Oke, retired after only two months. It wasn’t done neatly; State House appointed Dauda to act without a letter, just a phone call. He acted for only one month before a substantive Director General was appointed in January 2018.

What followed Dauda’s replacement as NIA’s head was without precedent in Nigeria’s public service, in its police, military or intelligence services. First, documents from the new DG’s secret

Sustaining the Momentum of Hope

Every new marriage comes with some level of excitement. This may be due to love, lust, anticipation, or newness. The everyday drudgery of living together and following the routines of life stifles excitement, and soon realities of marriage dawn on the couples. Suddenly, the marriage mates that were madly in love before and immediately after the marriage begin to face "tribulation in the flesh". The excitement wears off if we do not make a deliberate effort to sustain it.

Marriage requires much conscious effort for the excitement and joy to last. President Bola Tinubu, by design or accident, has sparked this feeling of excitement and hope in Nigerians. He has made consequential decisions that may bring sustainable results in the long term but pains in the short term, yet Nigerians have accepted it. The international community hails the President and is rightly expectant.

The flicker of hope and excitement which the President has ignited rests on

three legs: first, the major policy choices and decisions reflect much anticipated national priorities; Second, the activity pace of the new President, as I pointed out in this column last week, is faster than the previous eight years. Third, the national spread of appointments made so far reflects our national diversity. For now, the optimism is a function of its departure from the Buhari era's pace, content and direction.

Unfortunately, but factual, some of these policy choices and decisions may inflict short-term pains on the citizens. Electricity tariff will go up from July 1, petrol subsidy is gone, with the likelihood of skyrocketing inflation in an already adverse inflation regime. Dual foreign exchange rascality is in check, and those who benefited from it are not fighting back yet, and the reality is that new imports will reflect the current value of the Naira and will add to inflationary pressures. Students loan scheme means tertiary education tuition will most likely go up, so students will

pay something close to the actual value of obtaining an education. These cannot be good news for Nigerians in ordinary times, but excitement is in the air because we are in a new marriage.

Nigerians know there are no quick fixes, so they are patient with the President, believing that their new husband, Mr President, is acting out of love and knows what he is doing to fix a broken system. This marriage is anchored on a renewed hope for a better Nigeria, and to sustain this hope, Nigerians must share the vision of Mr President and clearly understand where he is taking Nigeria. No matter the excruciating pain of Mr President's new policies in the short run, if he makes a deliberate effort to carry the nation along and keep their hope burning ever bright, they will continue to understand, at least. But this cannot be for too long.

In a few months, the amorous love affair between Nigerians and Mr President will start facing the test of time. The goodwill Mr President is enjoying will begin to

wane, and the reality of dealing with the enormous challenges of Nigeria and the complexities and intricacies of managing a behemoth, Nigeria, will confront Mr President. Therefore, there is a need to sustain this momentum of hope and at least deliberately work to extend the excitement of these early times.

To sustain this momentum of hope, Mr president must do long-range planning and be deliberate not to inflict further short-term pains on Nigerians. He needs to acquire elite acceptability and popular acclaim quickly. First, he needs policies that renew and strengthen the middle class. Second, he must alleviate the consequences of tough economic choices in the areas that touch the masses: food, health, education, and transportation. Managing the immediate fallout of the excellent policies Mr president churned out in his first month in office is crucial. The new relationship between Mr President and Nigerians is formed at