MONDAY 29TH JUNE 2020

CBN Disburses N49bn COVID-19 Intervention Fund to 80,000 Beneficiaries Apex bank’s survey shows optimism on economy in July Obinna Chima The Central Bank of Nigeria (CBN) has so far disbursed N49 billion out of its N50 billion Targeted Credit Facility meant to cushion the impact

of the COVID-19 on the economy.

Also, its Business Expectations Survey Report for June 2020 shows that at -24.3 index points, the overall confidence index (CI) indicated

respondents’ pessimism on the overall macro economy in June while the respondents are optimistic in their outlook for July.

Giving details of the Targeted Credit Facility

disbursement, CBN's Director, Corporate Communications, Mr. Isaac Okorafor, told THISDAY during a telephone interview yesterday that about 80,000 operators of micro, small and medium

as well as to help the economy avert a looming economic recession.

“So far, out of the N50 billion targeted credit facility

scale enterprises (MSMEs) and families have benefitted from the intervention fund.

He said the fund was expected to support the federal government’s measures to stimulate economic activities

Continued on page 10

NCAA Bans Private Jets for Charter Operations... Page 9 Monday 29 June, 2020 Vol 25. No 9212. Price: N250

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APC, PDP, Others Race to Submit Candidates for Edo Gov Election PDP to present Obaseki-Shaibu ticket APC to pair Ize-Iyamu with lawmaker INEC insists no room for extension of deadline Chuks Okocha, Adedayo Akinwale and Deji Elumoye in Abuja The All Progressives Congress (APC) and the Peoples Democratic Party (PDP) and

13 other parties contesting the September governorship election in Edo State were busy yesterday, putting finishing touches to the preparations of their lists of candidates for submission to the Independent

National Electoral Commission (INEC) today.

The political parties are also expected to submit the names of the running mates of their candidates for the election.

Already, the electoral

commission has ruled out extending the deadline for the political parties to submit the names of their candidates.

INEC’s National Commissioner in charge of Voter Education and

Information, Mr. Festus Okoye, yesterday told THISDAY that the deadline would not be extended.

“The deadline said that all political parties must submit the names of their

governorship candidates and their running mates. The deadline remains June 29.

Once it is 6 p.m, the portal would be shot down. The Continued on page 10

Presidency: Buhari Breached No Law Hosting APC NEC Meeting in State House Accept you're wrong, PDP fires back Caretaker committee mulls dissolution of state working committees Chuks Okocha and Omololu Ogunmade in Abuja The presidency at the weekend took issue with critics of President Muhammadu Buhari over the virtual meeting of the National Executive Committee (NEC) of the ruling All Progressives Congress (APC) that held last Thursday in the State House, Abuja.

It anchored the decision to use the Council Chambers of the State House for the political gathering on the fact that the meeting was virtual, and the venue had the facilities for social distancing.

Besides, it said as a legal occupant of the seat of power, there is no law that specifies

where Buhari must hold any meeting.

But the opposition Peoples Democratic Party (PDP) rejected the president's explanation and urged him to accept his wrong.

The NEC meeting was attended by APC bigwigs, including governors and National Assembly leaders.

However, the decision to host the meeting at the venue drew criticisms from some Nigerians, who accused the president of taking advantage of his position to deploy national facilities for party affairs, a situation they viewed as an abuse of privilege.

Continued on page 10

Govs, Lawmakers, Others Pay Last Respects to Ajimobi... Page 8

WE'RE GRIEF-STRICKEN...

L-R: Widow of the former Governor of Oyo State, Mrs. Florence Ajimobi; Kano State Governor, Dr. Abdullahi Umar Ganduje, and Ekiti State Governor, Dr. Kayode Fayemi, at the Ajimobis’ residence during the burial of the former Governor, Senator Abiola Ajimobi, in Ibadan….yesterday

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NEWS

Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

CACOVID TO THE RESCUE...

L- R: Group Managing Director, Access Bank, Mr. Herbert Wigwe; Lagos State Governor, Mr. Babajide Sanwo-Olu; Central Bank of Nigeria (CBN) Governor, Mr. Godwin EmeďŹ ele; representative of Aliko Dangote, MD/CEO Aliko Dangote Foundation, Mrs. Zouera Youssofou and the state Commissioner for Health, Prof. Akin Abayomi, during the inauguration of Isolation Centre Yaba II, donated by CACOVID, in Lagos... yesterday

Governors, Lawmakers, Others Pay Last Respects to Ajimobi Widow deplores alleged poor treatment by Makinde We did all we could to assist, says govt official Kemi Olaitan in Ibadan Prominent Nigerians, including governors, federal and state lawmakers as well as captains of industry, yesterday thronged Ibadan, the Oyo State capital, for the burial of the immediate past Governor of Oyo State, Senator Abiola Ajimobi, who died last Thursday in Lagos at the age of 70.

However, the funereal atmosphere at the Ajimobi's home was punctuated by his widow, Florence's tirade against his successor, Mr. Seyi Makinde, whom she accused of playing politics with the former governor's death.

But in a swift response, the state government denied her accusations, saying the Makinde administration made the necessary concession to the family, within the ambit of the law, despite the fact the the family kept the administration in the dark right from the hospitalisation of the former governor and even after his death.

The burial rites of the late Deputy National Chairman (South) of the ruling All Progressives Congress (APC), which held yesterday morning, was performed by the Chief Imam of Ibadanland, Sheikh AbdulGaniyy Abubakar Agbotomokekere, with the support of the renowned Islamic preacher, Sheikh Muyideen Bello, and the Chairman, Muslim Community of Oyo State, Alhaji Kunle Sanni.

Among the dignitaries at the funeral were Governor Umar Ganduje of Kano State; Governor Kayode Fayemi of Ekiti State; Lagos State Deputy Governor, Mr. Obafemi Hamzat; Oyo State Deputy Governor, Mr. Rauf Olaniyan; Senator Teslim Folarin; Minister of Youth and Sports, Mr. Sunday Dare, as

well as the APC governorship candidate in the 2019 general election, Dr. Adebayo Adelabu.

Others include Chief Kola Daisi; Mrs. Kemi Alao-Akala, wife of former Governor Adebayo Alao-Akala; Senator Abdulfatai Buhari, Hon. Shina Peller, Prince Ayodeji Abass-Aleshinloye, Olamiju Alao-Akala and some former members of the Ajimobi cabinet.

Speaking on behalf of the governors, Fayemi, who chairs the Nigerian Governors’ Forum (NGF), described Ajimobi as a rallying-point pillar in APC. The NGF delegation was led to the Ajimobi's home by the Oyo State Deputy Governor, Mr. Rauf Olaniyan.

"He governed this state for eight years and in this sense, you can call him the architect of modern Oyo State. I am not only the chairman of governors’ forum here with my colleagues, but I am also an Ibadan resident; so, I know this state. I can tell you without any shadow of doubt that he was the best governor of this state.

"But that was not what sells him to the generality of his brothers; it was his unique character. He was the ultimate bridge builder. He was a connector at all time. He was an advisor to us all. He was always seeking a way to pull people together to organise a better country and build bridge across divides.

"As a delegation of governors that have come to honour him, and honour his family, we know that it would be very difficult to fill his gap that he occupied in our party. As somebody that we could always call upon to help build a more peaceful, more purposeful and a more resultoriented party. He excelled in private sector and also excelled in public sector. He was one

who successfully demystified the notion that technocrats are not good in politics. He was a technocrat," Fayemi stated.

My Husband Deserves Better, Wife Tells Makinde Responding to the governors' condolences, the widow

expressed anger at the treatment meted out to her late husband by the Makinde administration, in the last one month of his illness.

She appealed to Makinde not to play politics with the death of her husband and to allow him to rest in peace.

According to her, Makinde has neither visited the family

nor sent them a message since her husband was hospitalised and even after the burial.

She said she would set the record straight because of what she described as the stories allegedly being sponsored by the state government over the death and burial of her husband. “My husband took ill

on May 22, and he was hospitalised and I was reading in the papers that the Governor of Oyo State, His Excellency, Seyi Makinde, claimed he called me. But he didn’t.�

Referring to the deputy governor, she said: “I don’t have your number and I Continued on page 16

FG Set to Review Petrol Pricing Template Forex scarcity hampering deregulation, says PPPRA Emmanuel Addeh in Abuja The federal government yesterday indicated that it was reviewing the current pricing template for petrol, which was last adjusted four years ago, in order to reduce the alleged exploitation of Nigerians by the operators in the downstream sector.

The government stated that it was finalising the readjustment of cost elements and profit margins on the pricing template for marketers to reflect the current marketdriven pricing regime and ensure that consumers are not overcharged.

A statement by the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Saidu Abdulkadir, stated that the agency was also collaborating with the Ministry of Petroleum Resources and Ministry of Justice, which have put in place a regulation on petrol market-based pricing regime.

On questions over the sustainability of the pricing regime without a regulatory or legal framework, Abdulkadir said extant laws such as the PPPRA Act No. 8 of 2003 and the Petroleum Act gave the agency the legislative backing to formulate policy initiatives on pricing regime.

He said it also empowered the PPPRA to limit price gouging, create a level playing field for operators and protect consumers. “In accordance with the above, the development of guidelines for petroleum products commercial framework has been concluded and code of conducts for operators is currently being prepared to reflect the present price regime. “The agency, in collaboration with the office of the Honourable Minister of State for Petroleum Resources and the office of the AttorneyGeneral of the Federation has put in place, a regulation on the petrol market-based pricing regime,� he said.

The PPPRA added that transitioning to a fully deregulated market has come with its pains, including holding stock of products bought at higher prices, non-availability of foreign exchange for importation of petroleum products and slow depletion of stock due to the COVID-19 pandemic. “These challenges are currently being managed. On a positive note, the PPPRA is currently finalising the review of cost elements and profit margins on the pricing template for marketers to

reflect the current marketdriven pricing regime, which was last reviewed in 2016 while ensuring that consumers are not overcharged�, it said.

The agency said the most recurring issues now border around the new pricing policy, why Nigerians are not paying considerably less, given the relatively low crude oil price and how deregulation will affect petrol pump price when crude oil price inevitably rebounds.

It said its pricing template would take into consideration some factors which include amongst others: petroleum product cost, foreign exchange (forex) rate at which oil marketing companies (OMCs) import petroleum products.

Other associated cost components, it said, included freight rate, transshipment cost, statutory charges, terminal charges (storage and jetty throughput), financing and distribution margins (wholesalers/marketers, transporters, retailers, bridging fund and administrative charges.

While stressing that the agency does not fix prices, the PPPRA said it rather provided a guiding price band by monitoring petroleum products prices daily; using the average price of the previous

month to determine prices for the following month, for appropriate cost-reflective pricing that ensures reasonable returns for marketers.

On why it was not possible for the government to fully hands off pricing, despite deregulation, PPPRA said the enforcement of appropriate laws by strong regulatory agencies was needed in the downstream. “Different fully deregulated sectors of the polity operate under the guidance of national regulators. The NBC regulates broadcasting, NCC regulates telecommunications; NERC regulates the power sector; the banking sector is being regulated by the CBN and the same exists for operators in Nigeria’s downstream petroleum sector,� it explained.

The agency emphasised that the new pricing regime is a market-reflective pricing system where it advises marketers on guiding price, stressing that although crude oil price and petroleum products prices are positively correlated, the prices of petroleum products do not increase or reduce correspondingly with changes in crude oil price. “The pump price we expect to see will be a reflection of the international market prices of petroleum products that are also rising,� it added.

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NCAA Bans Private Jets for Charter Operations FAAN insists on flight spacing to prevent spread of pandemic Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has banned charter services with privately-registered aircraft with effect from today, THISDAY’s investigation has revealed.

This is coming as the Managing Director of Federal Airports Authority of Nigeria (FAAN), Capt. Rabiu Yadudu, has said that the agency will implement flight spacing at all its airports in order to ensure prevention of spread of pandemic when flight operations resume.

The regulatory agency, it was learnt, has also queried its directors who allowed privately-owned aircraft to be used for charter services.

NCAA said it would ground such aircraft when used for charter or revoke the operating licence of anyone that disobeyed the directive.

Director General of NCAA, Captain Musa Nuhu, said the use of private aircraft for charter must stop forthwith.

THISDAY gathered that about 50 per cent of 100 privatelyowned aircraft are used for charter operations and efforts to stop their owners had failed in the past.

But in a circular issued on June 24, and addressed to the Directorate of Operations and Training (DOT), Directorate of Airworthiness Standards (DAWS) and the Directorate of Air Transport Regulations (DATR) of the NCAA, Nuhu stated that aircraft duly registered as privately owned should not be used for commercial charter.

THISDAY gathered that unlike private aircraft, aircraft designated for commercial charter service are usually subjected to stringent regulation, especially in the area of maintenance, to ensure that they are airworthy to operate safely.

They also pay five per cent charge to NCAA. However, privately-owned aircraft are not subjected to such regulatory measures and they do not pay any charges to the regulatory authority, while their maintenance is at the discretion

of the owners.

According to the circular, which was signed by Nuhu, privately-registered aircraft, known as Operations Specification Part G, which have Permit for Non-Commercial Flight (PNCF) would henceforth be stopped from operating for hire and reward. “Following the recent revelations of misuse of PNCF and use of improperly registered aircraft listed on Part G OPS SPECS for illegal charters during the COVID-19 pandemic, the following measures shall be implemented immediately. “All aircraft listed under OPS SPECS PART G (commercial wet lease) that is either in noncompliance or in violation of any part thereof of NCAR (Nigerian Civil Aviation Regulation) Part 9.2.3.4(b) shall be grounded with effect from Monday 29, June, 2020 (today) at about 800Z (8a.m). “All affected AON (airline operators of Nigeria) holders shall be notified immediately.

DOT to liaise with both DAWS and DATR to ensure no aircraft is listed under both OPS SPECS part G and PNCF," he said.

Nuhu also directed that “DATR shall provide a comprehensive list, details of all PNCF holders and all aircraft listed under their permit. All PNCF holders shall be reminded of the terms and conditions of the permit, especially the non-commercial nature. Any violation will attract penalty under Nig.CARs, including revocation."

He also directed the aforementioned directorates in the agency to develop procedures and guidance to ensure all NCAA staff complied with NCARs in processing all applications.

Nuhu also directed the concerned directorates to submit a single comprehensive report to him on the implementation of items mentioned above, measures taken and the reasons why these violations were allowed and not resolved in the first instance. “All the address of this correspondence are to ensure strict compliance with these instructions as directed,� the

circular added.

FAAN Insists on Flight Spacing to Prevent Spread of Pandemic The Managing Director of FAAN, Capt. Rabiu Yadudu, has said the agency will implement flight spacing at all its airports in order to ensure prevention of spread of pandemic when flight operations resume.

Yadudu said passengers’ safety is a priority, adding that about 90 per cent of the agency’s staff have been trained by World Health Organisation (WHO) on operational and response time on pandemic, including 100 per cent of its staff at Owerri Airport.

Yadudu told journalists in Lagos at the weekend that flight spacing was not to disrupt any of the airline’s schedules, but to ensure total safety of passengers, airline staff and others within the airport environment.

According to him, FAAN

has informed the NCAA of its plan, which will restrict multiple departures of flights from the same terminal at the same time. “We have already told NCAA that we are going to space the flights. No two airlines will depart at the same time from our airports. The spacing is not to make things difficult for the operators, but to protect their staff and other users of our airports. “It is not going to be unnecessary spacing. Like I told them, it is not a slot, but just spacing of flights,� Yadudu said.

Speaking on the issue of inadequate space at the General Aviation Terminal of the Murtala Muhammed Airport (MMA), Lagos, Yadudu said plans were on to increase its capacity by about 200 per cent with the construction of fabricated materials within the facility that would be ready before resumption of flights.

He reiterated the readiness of

FAAN to restart flight activities, adding that all staff have been adequately trained to implement the new order.

He explained that the management followed to the letter all the protocols on COVID-19 pandemic and advisory circular from NCAA, while the agency increased its performance by increasing the requirements.

Besides, he said FAAN’s staff had been trained by Port Health Services in order to ensure compliance on resumption. “Not all airports in Nigeria have 100 per cent of its staff trained by WHO and Port Health on COVID-19 pandemic, but we achieved that with Owerri Airport. All our personnel at Owerri airport were trained 100 per cent with certificates issued. Overall, about 85 to 90 per cent of our staff has been trained and we want to achieve 100 per cent training for all. “At GAT, we have also erected a large canopy for people to

stay in in case of rain. We also have sanitisers and equipment to test their temperature at the airport and others in the country.

Our tap water has sensors to minimse touch. “We are discussing with some companies to enlarge the GAT with fabricated materials because we don’t have time for concrete work, which may take another five months to complete. The expansion of the GAT will lead to 200 per cent in the hall capacity,� he said.

Yadudu added that FAAN was installing transparent shields in front of all airline counters operating from its terminal in a bid to minimise physical contacts, adding that wearing of face masks and other protocols by the Nigeria Centre for Disease Control (NCDC) would be made compulsory.

He said FAAN would open two arrival halls at the Nnamdi Azikiwe International Airport (NAIA), Abuja for the convenience of passengers.

PROMOTING CLEAN ENVIRONMENT ...

L-R: Conservation-General, National Packs, Mr. Ibrahim Musa-Goni; Acting Permanent Secretary, Federal Ministry of Environment, Mrs. Bolatito Obisesan; Director of Pollution Control of the Ministry, Mr. Keah Charles and Minister of Environment, Alhaji Muhammad Mahmoud-Abubakar, during the commemoration of 2020 National Environmental Sanitation Day in Abuja...recently

Wike: I’ve No Presidential Ambition

Flays security agencies over inability to check Amaechi's supporters

Davidson Iriekpen Rivers State Governor, Mr. Nyesom Wike, has dispelled speculations that he is nursing the ambition of running for the presidency in 2023.

Wike also described as unfortunate the silence of security agencies in apprehending those that threaten to destroy the state.

The governor made the clarification when he appeared as a guest on ARISE NEWS Channel, the sister broadcast arm of THISDAY Newspapers at the weekend.

The governor described speculations linking him to the 2023 presidential race as distractions.

He said: "Right now, I am focusing on delivering the dividends of democracy to the people of Rivers State.

"Recall that in 2018 and 2019 when I was supporting my friend, Aminu Waziri Tambuwal, it was speculated in the media that I was going

to run with him. That was my first tenure and I have not even completed it and they wanted me to give that away.

"To clear every speculation, let me state that I am not going to run for the office of the president of Nigeria for now. I am concentrating on developing Rivers State. I am not a party to anybody saying that the problems in PDP is about 2023.

"That can be the problem in APC because it is the ruling party. This is the last tenure of Mr. President and he is going, so people are hustling to take over from him within his party. PDP has nothing to do with that because the way it is now, we are taking over from nothing.

"Now, I just started my second tenure and you're talking about the presidency.

When that enters anybody's head then that person will not be able to provide the dividends of democracy to the people.

And that is the problem you

see in APC because everybody is thinking of taking over from the president instead of concentrating to do their work.

"They don't even know the minds of Nigerians. But because of the kind of politics we have, people feel since Mr. President is leaving, they do not want his party to lose out. How will someone in an opposition party begin to contemplate of running for presidency when I still have time to provide things for my state?"

Commenting on former Vice President Atiku Abubakar's rumoured aspiration to contest for the presidency again, Wike said it was a fundamental right that nobody could deny him.

But according to him, it is too early to determine who will fly the presidential flag of PDP because the focus is on how to get the party more organised in order to secure more political seats.

"I am not interested in who wants to run for now. I am more interested that PDP should

become more organised. Let us get more political seats. When the time comes, we will all sit down as a party to decide on who will fly the flag.

"Again, let me say, on whether I will support former Governor of Rivers State, Chibuike Amaechi, if he decides to contest for presidency as you have asked. I am a party person, so if he is running on the platform of PDP for presidency, why won't I support him? I cannot do anti-party at this level to support a non-PDP candidate," he said.

On zoning of PDP presidential ticket to the North, Wike said the National Executive Council (NEC) of the party had not taken a decision on it.

"We will come together to resolve issues because we are a family. Outsiders cannot do things that will divide us. What we are interested in now is how we can remain united to take over power from APC that has failed Nigeria.

"APC should not be allowed to continue to keep the country in its present calamitous state.

We want to take over to move Nigeria forward," he added.

Wike also flayed security agencies over their inaction to the threat by a pro-Amaechi group that threatened to unleash violence on the state.

He stated that these same APC supporters had threatened and actually attacked the state High Court because of internal party squabbles and the security agencies did not bring the perpetrators to justice.

Wike said the pro-Amaechi supporters were so daring because their paymasters had assured them of security cover.

"It's really unfortunate that some people can now want to destroy the state.

They issue threats and the security agencies cannot come out to say we can't tolerate such threat against the peace and existence of the state. I will not go to court against

anybody because the threat is in the public domain. It is obvious, that they have the police, Department of State Security, air force, navy and the army.

"Otherwise, how do you explain the long silence of the Nigeria security agencies over such threats already trending online? For whatever reasons, why won't they bother about the person making such threats because of an internal problem within APC? “Remember, for the first time in the history of this country when Chibuike Amaechi was governor, he shut down the courts for two years.

Based on that experience, more threats and attacks are seen.

"The minister is now coming to say that he is not a man of violence which is not true.

We are not children to be so deceived. During the campaign leading to 2019 elections, he came to the state chanting war songs and nobody cautioned him," he said.

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Access Bank Refunds Customers’ Stamp Duty Deductions Sunday Ehigiator Access Bank Plc yesterday began refunding the accumulated charges of stamp duty from February to April, which it deducted from its customers at the weekend.

The deductions had elicited outrage from the customers, many of whom took to the various social media

platforms to accuse the bank of exploitation.

But the bank, in a statement yesterday to appease the customers, said it would begin the refund on same day and would instead pay the charges to the Central Bank of Nigeria (CBN) on their behalf.

THISDAY findings showed that many of the customers received alerts yesterday night

notifying them of the refund.

The bank said the decision to pay the stamp-duty charge on behalf of its customers was part of its measures to cushion the impact of the challenging economic situation on them.

"Earlier this week, we informed all our customers that we had inadvertently not charged stamp duty on some accounts from February

to April 2020 as mandated by the federal government.

"Stamp-duty charge collection is in compliance with the mandate of the 'Finance Act, 2019 (Stamp Duty Act. Cap 58). We are required by law to apply this charge as applicable and remit all funds collected to the federal government.

"However, we have heard our customers' feedback that

this charge is unwelcome. especially at this time against a challenging economic backdrop.

We have considered your feedback and have decided to pay the stamp duty on our customers' behalf for the affected period only.

"This means all individuals and SMEs who were debited for the accumulated stamp-duty charge for February to April

2020, will be refunded,� it added.

The bank noted that while it would still have to remit the money to the federal government, it acknowledged its mistake by debiting its customers late.

It offered to start refunding the stamp-duty charge from yesterday to all affected customers.

agric/services (-13.9 points), manufacturing (-7.5 points), construction (-1.8 point) and wholesale/retail trade sectors (-1.1 point). “The major drivers of optimism for next month were agric/services (18.8 points), manufacturing (8.8 points), wholesale/retail (2.8 points) and construction (1.4 point). “Respondents’ outlook on the volume of total order, financial conditions (working capital), access to credit and average capacity utilisation all remained negative, at -22.9, -21.7, -19.0 and -12.5 index points, respectively. “Respondents were, however, optimistic on the volume of business activity in June 2020 as the index stood at 47.4 points.

“Respondent firms’ opinions on the volume of business activities (47.6 points) indicated a favourable business outlook for July 2020. Businesses also hope to employ in the next month as the index was positive at 5.0 points. “The breakdown by sector showed that agric/services sector had the highest prospect for employment in the next month, with an index of (5.7 points) followed by manufacturing sector (4.9 points), wholesale/retail trade (3.1 points). Respondents were also optimistic about the volume of business activity and employment outlook index in the next two and six months as all indexes were positive,� the report added.

via conference call.

"Our party refers the Buhari presidency to reports already in the media where the AGF admitted administering oath of office to the chairman of the APC Caretaker Committee; an event that took place on the floor of the FEC chamber.

"Such a denial by President Buhari’s handlers has further exposed the decadence in the APC and the Buhari presidency.

"What Nigerians expected of the Buhari presidency and the APC, was to tender an unreserved apology to the nation and desist from further desecration of our national values and official conduct requirements," the main opposition party said.

The PDP urged the president to call his handlers to order so as to protect the integrity of his presidency from further damage.

It was gathered that the caretaker committee last Friday reached out to the party secretariats in the 36 states and Abuja to submit lists of 12-party members for appointment as members of the caretaker committees in both the state and ward levels.

A source said each of the state and ward had complied with the directive while those whose names were on the list have been asked to come to the national secretariat of the party in Abuja today with four passport photographs for documentation.

One of the party chieftains from Lagos State told THISDAY yesterday that he had been nominated by his state to represent the party "whether at ward or state level."

According to him, "we are here in Abuja and will storm APC secretariat by 11am on Monday on invitation and we are here with our passport photographs for further directives by the newly inaugurated caretaker committee "We heard it from the grapevine that the executive at both the ward and state levels may be dissolved and this informed why the party is asking the state to come with 12 names for this purpose".

CBN DISBURSES N49BN COVID-19 INTERVENTION FUND TO 80,000 BENEFICIARIES for households and small businesses, we have disbursed about N49 billion. We also have other intervention funds such as the N100 billion healthcare facility, whose disbursement is ongoing as well,� he added.

The apex bank had earlier released guidelines for the disbursement of the special intervention fund.

The NISRAL Microfinance Bank (NMFB) served as the disbursing financial institution and the fund is meant for SMEs, households and enterprises that have verifiable evidence of livelihood and evidence of business activities adversely impacted by the pandemic.

The guidelines for the fund had listed sectors eligible for

the credit facility to include agric value chain, hospitality, health, airline service providers, manufacturing/value addition, trading as well as any other income-generating activities as may be prescribed by the CBN. The scheme is being financed out of the CBN's N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF).

Out of the fund, the CBN had earmarked a maximum facility of up to N25 million for MSMEs while households can access up to N3 million based on the activity, cashflow and industry/segment size of a beneficiary.

"Working capital shall be a maximum of 25 per cent of

the average of the previous three years' annual turnover; where the enterprise is not up to three years in operation, 25 per cent of the previous year's turnover will suffice.

"Interest rate under the intervention shall be five per cent per annum all-inclusive up to 28th February 2021 and thereafter, the interest on the facility shall revert to nine per cent as from 1st March 2021,� part of guidelines for accessing the fund had stated.

CBN’s Survey Shows Optimism on Economy in July The CBN’s Business Expectations Survey Report

for June 2020 posted on its website has shown that at -24.3 index points, the overall confidence index (CI) indicated respondents’ pessimism on the overall macro economy for June.

It stated that respondents were, however, optimistic in their outlook for July with a confidence index of 31.8.

The survey indicated that respondents expressed optimism in the overall business outlook in August and December 2020 as shown in a greater confidence of the economy, at 47.4 and 67.8 index points, respectively. “The pessimism on the macro economy in the current month was driven by the opinion of respondents from

PRESIDENCY: BUHARI BREACHED NO LAW HOSTING APC NEC MEETING IN STATE HOUSE But in a riposte, Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said in a statement that the criticism was borne out of lack of understanding.

He added that no law specifies the type of meeting that should be held in the State House and which should not.

He said the meeting was virtual and the council chambers was found suitable for it because the conference hall at the party secretariat was small and would not be conducive for social distancing in view of the necessity to observe COVID-19 regulations.

"It is necessary that we put records in their correct perspective concerning the recent meeting held by the National Executive Committee of the All Progressives Congress (APC), which has, unfortunately, drawn criticism due to lack of understanding.

"The stubborn opinion held by the critics of the administration is that President Muhammadu Buhari had called a political meeting in the “hallowed� chamber of the Federal Executive Council (FEC), as if there is a law that says the president is barred from holding meetings in certain sections of the vast

Presidential Villa.

"Since the president lives in the Villa, no one can, legally speaking, choose or dictate to him where he can sit to hold meetings. So, what is wrong in the president presenting himself before a camera and a TV screen in a digital conference at a given location within the Villa?

"Just for the sake of the argument, this meeting, we say emphatically, was not convened at the Council Chamber. It was virtual, not a physical meeting. “Why was it a virtual meeting? The idea was to observe social distancing in view of health concerns.

Knowing how small the conference hall of the party is, social distancing would only have been observed in the breach," he stated.

Shehu explained that the president was originally billed to address the meeting from any of his offices but eventually settled for the Council Chamber because the digital facilities for video conferencing are located there.

Admitting that political leaders such as governors and leaders of the National Assembly were present at the meeting, the statement said the larger group of people who participated at the meeting got connected through video calls.

It also said these were not normal times in view of the COVID-19 pandemic ravaging the country and hence, such decision to use the venue was therefore part of measures aimed at observing safety regulations.

He said: "President Buhari was billed to address the meeting from his office (just any of his offices) and chose the Council Chamber where the digital facilities are located, and other members, including the bulk of National Executive Committee members, state party leaders and members of the National Assembly were all linked using video conference calls. You saw them all on TV. "Yes, it is true that governors and leaders of the National Assembly joined the president from the chamber from where he spoke. But the larger body of the members in attendance was all connected via video calls.

"Do not forget that these are not the normal times in view of the COVID-19 circumstances in which we have found ourselves.

President Buhari placed health and safety above courtesy to the party by not going to its headquarters. In the end, a wise thing had been done because the president wants to curtail the spread of the Coronavirus disease."

Accept You're Wrong, PDP Tells Buhari But in a swift reaction, the PDP faulted the explanation from the president, describing as unfortunate that the presidency would post a denial even when the media and the public space are already awash with photographs and videos of the NEC meeting with APC leaders physically in attendance inside the FEC chambers.

The PDP, in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, said it was shocking that Buhari could claim the meeting was virtual despite the crowd of APC leaders in attendance.

According to the PDP, this is even when the world watched the president addressing and applauding APC leaders, in addition to the Attorney-General of the Federation and Minister of Justice (AGF), Abubakar Malami, administering the oath of office on the Chairman of APC National Caretaker Committee, Mai Buni, on the floor of the FEC chamber.

The PDP said contrary to the claim of the presidency, the meeting was physical and only virtual to the extent that some members of the APC NEC members were linked

Caretaker Committee Mulls Dissolution of State Working Committees Meanwhile, THISDAY gathered yesterday that the 13-man National Caretaker Committee of the APC may dissolve all the party's executives from the ward to state levels after its inauguration today.

APC, PDP, OTHERS RACE TO SUBMIT CANDIDATES FOR EDO GOV ELECTION commission would not extend the deadline," Okoye said.

When asked why only one day was set aside for submission of the names, Okoye said: “That is the guideline because submission is done virtual; you don’t need to come to Abuja to submit.�

Though 15 political parties are expected to participate in the election, it is largely seen as a straight fight between APC’s Mr. Osagie IzeIyamu and the incumbent, Mr. Godwin Obaseki, who is running on the ticket of the PDP. The PDP and the APC, it was learnt, have concluded plans to submit the names of their candidates and their running mates on time to beat

the deadline.

THISDAY gathered that the PDP will submit the name of Obaseki as its governorship candidate, while Obaseki’s deputy, Mr. Philip Shaibu, is his running mate.

Obaseki is from Edo South Senatorial District while Shaibu is from Edo North.

In nominating Shaibu as his running mate, Obaseki said at the weekend that there was no need to change a winning team.

For the APC, the lawmaker representing Etsako West Constituency 2 in the Edo State House of Assembly, Hon. Gani Audu, has emerged as the running mate to Ize-Iyamu.

Audu, a former Chairman

of Etsako West Local Government Area (LGA) of Edo State, was strategically unveiled at the weekend.

THISDAY gathered that the choice of Audu as running mate to Ize-Iyamu was to counter the popularity of Shaibu in Edo North.

Ize-Iyamu emerged as the party’s candidate last week after winning the primary.

Following the ratification of the primary conducted in Edo State by the NEC of the APC; the Chairman of the Caretaker/Extraordinary Convention Planning Committee of the party and the Governor of Yobe State, Mr. Mai Mala Buni, will submit the name of IzeIyamu as the governorship

candidate of the party.

Buni had written INEC informing the electoral body about the composition of a 13-man committee to direct the affairs of the party after the dissolution of the National Working Committee (NWC) of the party.

Meanwhile, the Deputy National Publicity Secretary of APC, Mr. Yekini Nabena, in a statement yesterday, berated the PDP over its criticism of the composition of the 13-man caretaker committee.

He said: "Therefore we make bold to state that our party Constitution’s Article 17 (iv) which the PDP and their hirelings have laboured to stretch its language to the level of the absurd, made

specific mention of any officer of the party’s organ and Article 11 (A) mentioned above has clearly defined the organs of the party.

"Therefore, the Caretaker Committee and Extra Ordinary Convention Committee, which is headed by Governor Mai Mala Buni as chairman, is not an organ of the party hence, their appointment is not in contravention of the Constitution of the All Progressives Congress."

On the holding of the APC NEC virtual meeting at the State House, Nabena stated that no law stopped the president from holding political meetings at his official residence.

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T H I S D AY Ëž Ëœ Í°ÍˇËœ Í°ÍŽÍ°ÍŽ

COMMENT

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

BETWEEN EVIL FORCES AND MARKET FORCES

Nigeria should work towards making the west and central Africa’s economies work, writes Victor C. Ariole

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he arbitrary management of arbitrary rules is hardly the main risk in the fourth world [‌] when financial crisis looms, money tends to flee in three phases: large local investors moving money through underground channels, foreign creditors, then foreign investors in the local stock market‌ Ruchir Sharma (2012).

When Aminu Gwadabe tells you that there is a stock of $6billion waiting to be repatriated based on when dollar is available, then know that Nigeria is about to face the reverse of what Sharma is talking about; that is, by-passing first and second phases and landing to third phase. He even warns that Nigeria must think fast before IMF start recalling its own funds; CBN knows better.

It was a delight listening to Aminu Gwadabe, president of Bureau d’Echange on Channels TV. He complained about how evil forces were, as at now, determining the exchange rate of the naira as against market forces determinants. Not far distance I overheard a professor of Business extolling Abacha Regime on exchange rate stability on STV. And it made me wonder whether the new normal, out of Covid-19, could be determining price by evil forces and no more market forces. When you compare also CFA zones – central and west Africa – with naira, one could see the effect of the two forces – evil and market forces.

Notwithstanding what people say about CFA and colonial master’s intervention, it has remained quite stable, and even appreciated against the dollar at the time naira had failed to sustain itself. Somehow, it was not a surprise when Abacha, who was a recluse, decided to join the Francophone countries in Ouagadougou declaring his preference in associating with them so as to be better secure, both socially and economically, than associating with the Commonwealth. He made the journey himself, not delegating anyone. Today, that group is asking Nigeria to fast-track ECO currency, and Nigeria is foot-dragging, as more of evil forces, ironically, enter into deciding the naira exchange. See the plummeting rate of Nigeria’s reserve and how the fundamentals are crumbling. Gwadabe is worried that even when economic activities are at a very low ebb, the demand for dollar is making the naira enter into bad money zone.

According to him the naira stock on his group, now, is waiting for CBN’s dollar supply to repatriate $6billion of investors’ money.

And $6billion is almost the size of Nigeria’s recurrent budget as if service industry of foreign component is on cannibalisation drive of local assets. The interesting part is that Gwadabe is pleading for government to take good care of Nigerians outside who had made Diaspora remittance the mainstay of Gwadabe’s business group in Nigeria. And, so it was when Abacha regime was on. It made people, individually, look for outside help as Nigeria was almost blacklisted. That dimension of looking out of the box, and its multiple streams are yet to be understood by government; and it says why government is not investing enough in human capital. “Andrew movement� of the time, as brain drain, actuated, then, proved helpful; even as it turned out as part of the expression of evil forces with evil rule processes in Nigeria; rules that make people despondent to the extent that evil forces thrived.

Most Nigerians that still feel committed to Nigeria and remit money homeward are a mix of educated ones who gained their competitive capacity in Nigeria, especially Nigerian trained medics, great professionals who are sympathetic with those who enabled their economic growth – parents especially. Even the stowaways (those who emigrated with no aim) never reckoned with, who still intend to invest in Nigeria and think

NOTWITHSTANDING WHAT PEOPLE SAY ABOUT CFA AND COLONIAL MASTER’S INTERVENTION, IT HAS REMAINED QUITE STABLE, AND EVEN APPRECIATED AGAINST THE DOLLAR AT THE TIME NAIRA HAD FAILED TO SUSTAIN ITSELF

of safe investment that could enable them return with confidence to Nigeria must be protected wherever they are. They need government support to keep thinking well about Nigeria.

Gwadabe thinks that most of them (being part of the first in Sharma’s scale) are buying back available dollars in the market and creating scarcity of dollars; or, that as no business is viable in this Covid-19 ‘darkness’, there is need to re-stock their dollar wallet waiting to see how government intends to re-start the economy. This is where the mono-sourcing, (the oil money) of foreign exchange makes Nigeria “big for nothing� in the midst of other small countries of the Francophone extraction who are doing relatively better, latching their economic conduct on the dictates of CFA linked to euro and are asking Nigeria to learn, fast, all the economic discipline that could make Nigeria’s indices converge and join them to raise the flag of ECO; and even lead the whole sub-region’s economy. As, allegedly, evil as Abacha was portrayed, he had envisaged a better relationship with Nigeria’s Francophone neighbours than any known Head of State, and if it had been sustained, so as to determine real points of entry into ECOWAS or/and central Africa, the menace of Boko Haram would have been outside Nigeria’s immediate borders, and would be too far off to Libya and Sudan. It is the same way the economic space would have been opened to allow more activities and open room for the creative Nigerian people. Workforce in Nigeria is looking greatly for openings to express itself and it must not be stifled.

Like Abacha’s period like, unconsciously, what Nigeria is relapsing to, as CBN tends to operate like the CBN of Paul Ogwuma, who currently is at his sickbed, in Abia; like also the operators then who, indeed, played the game of “let keep reserve in many banks out of USA and IMF reach� as if thinking like children; that is, Finance Minister, Ani and Petroleum Minister, Etete. The two people working on Nigeria’s wealth then. Quite childish tactics in a shark infested economic ocean of the world. Today Etete is hounded as well as Ani; both, also, very rich people, leaving Ogwuma in distress. CBN should learn the lessons fast as stashing away money seems rampant now.

Today, it is obvious that the Finance Minister is not completely in control and, possibly, someone is doing the “evil force� work. It is evident by how covid-19 palliative contributions from external donors are being handled and how re-starting the economy is taking the shape of “politics first before economics�.

Côte d’Ivoire has opened its economy, and it is the leading country in the Francophone zone and it has asked others to key into the ECO currency operation via UEMOA (Union Economique et Monetaire de l’Ouest Afrique) well thought out details.

The move is obeyed. Gabon, in central Africa, is contemplating following suit, not minding Cameroon’s stance as it behaves like Nigeria.

Nigeria should intervene quickly and align all efforts towards making the west and central Africa’s economy work, as a step towards making Africa work. No ego. No bigmanism. The populace of Africa looks forward to a better living before more deadly attack of deprivation is actuated by sharks of this world against the continent. Exchange rate must not make Africa’s currency a bad one. Economic activities, based on exchange rate speculation, are evil to the suffering populace.

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

UNITED STATES AND THE AFRICAN DEVELOPMENT BANK

Samuel Akpobome Orovwuje argues that America’s overbearing influence in the internal mechanisms of the bank should be interrogated

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he issue of America’s interest in the affairs of the African Development Bank (ADB) has generated one of the most heated discussions about US-Africa Relations. At the heart of the conversation is the alleged meddlesomeness of the US in revisiting allegations of wrongdoing in the recruitment and award of consultancy contracts by the President of the Bank – allegations already dismissed by the ethics committee and the Bureau of Governors.

This article attempts to provide a refreshing and provoking conceptual framework towards understanding the politics of Dr. Akinwumi Adesina’s second term re-election bid as president of the bank, having been solidly endorsed by the 54 leaders at the 2020 February Summit of the Africa Union in Addis Ababa, and the Head of Government of ECOWAS regional integration hub, in addition to the people–to–people Track Three diplomacy undertaken

by General Olusegun Obasanjo and other private lobbying and advocacy groups. It also critically examines inequalities between the global North and the global South, the growing influence of China’s trade relations with Africa and, more importantly, it unpacks the deeply absorbed capitalist globalised hierarchies and the deep structures of racial thinking in the emerging global architecture, and examines the role of the African Union and other regional influential in rescuing the bank from the clutches of western buccaneers.

Attempts will be made to examine America’s myopic and dogmatic foreign policy doctrine predicated on the false promise of a benevolent global leader and beacon of democracy, and its covert

actions of subterfuge and sabotage of Africa trade policies and systems. It concludes with the balance score card of the bank in the critical development sectors and hopes for the African continent in the midst of leadership challenges in an era of global competitiveness and parroting of Africa’s development by the western buccaneers as partners, and concludes with the sustained advocacy for the sovereignty of the bank.

America’s Treasury Secretary, Steven Terner Mnuchin, on May 22, 2020 called for an independent investigation into the affairs of the African Development Bank in the twilight of the re-election of the incumbent president on the heels of the whistleblowing accounts of perceived issues of executive impropriety in the recruitment and consultancy contracts. These are allegations that had been dismissed by the internal processes of the bank. The call is ill-suited and, at best, calls to question America’s role as an ombudsman. America’s overbearing influence in the internal mechanisms of the bank is suspect and should be interrogated from the growing influence of the bank to drive the African development agenda, particularly in the areas of food security and import-substitution strategy in the last five years.

Regrettably, the Bureau of Governors has finally condescended to an independent investigation panel in line with America’s supranational interest.

However, the outcome of the investigation would be predictably unauthentic and the outcome remains to be seen in the next three months, as America’s interest does not exist in an abstract vacuum. America uses institutions, traditions, identity, subtle force, con-

spiratorial rhetoric and other covert global channels of subterfuge and sabotage to influence other actors in the pursuit of her negative foreign policy objectives in the international space. Steven Terner Mnuchin’s rhetoric of transparency and deep reservations about the integrity of the Committee’s process has brought to the fore the new American foreign policy towards Africa which is hinged essentially on neo-liberal economic diplomacy, complemented by the subtle attempts by the White House to curtail the growing tensions over China trade relations with Africa, which in the last six years stood at over US$210 billion, as against US trade with Africa which dwindled to about US$85 billion.

Furthermore, another subtle and deadly foreign policy mechanism America uses to achieve its stranglehold on other nations, particularly Africa, is the mobilisation of international shame and brainwashing by which she lobbies other states into believing that the actions of a state or a region (Africa, in this instance) is inimical to America’s interest. Once there is an open knowledge that an institution like the Africa Development Bank is acting against international norms (America’s interest, in this instance), other states, particularly the 27 non-regional members, may apply diplomatic pressure to forestall the re-election of Akinwumi Adesina as the President of the Bank.

The suspicion of the United States Treasury Secretary, Mnuchin, and his principal, Donald Trump, in a letter to Niale Kaba, Chairperson of the bank, encrusted fine points which disagreed with the conclusions - in line with corporate governance systems and rules of engagement - of the ethics

committee of directors and the Chair of Bureau of Governors’ findings on the allegations leveled against the bank’s president is to avoid her veiled agenda, which is to rubbish the sterling performance of the bank as a regional player in African intra-trade resurgence and to thwart the promise the bank holds to leapfrog development and reduce poverty on the continent. Washington’s meddlesomeness is visibly glaring and the US must tread carefully in their grand scheme to control the bank. However, there are 81- member states. Twenty-seven of them are non-regional members, including the USA, which is the second largest contributor (6.4%) to the fund of the bank, after Nigeria (9.1%).

Renowned Economist and Nobel Laureate Joseph E. Stiglitz, a one-time Senior Vice President and Chief Economist at the World Bank, in his pivotal book Globalisation and its Discontents argued that the policies of global financial institutions not only fail, but often make matters worse for the countries in crisis. He posited several misdirected policies, which include forcing trade liberalisation on developing countries where industries are not strong enough, thereby causing more harm than good.

Sadly, local industries in Africa cannot compete favourably in the global marketplace and rising interest rates often make job creation virtually impossible.

The politics of trade liberalisation, which is one of the cornerstones of America’s international economic relations, and its sister Bretton Wood institutions, has often led to the dumping of cheap and substandard products by the West on Africa.

Orovwuje is Founder, Humanitarian Care for Displaced Persons, Lagos

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T H I S D AY ˾ MONDAY, JUNE 29, 2020

EDITORIAL AS OIL POLLUTION CONTINUES… Government is not sincere about the much-touted clean-up of Ogoni land and beyond

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he recent statement by the National Oil Spill Detection and Response Agency (NOSDRA) Director-General, Idris Musa that an average of five oil spills is recorded daily in Nigeria confirms the tragedy that inundates the life and livelihood of citizens in the Niger Delta. It is startling that in 2018, NODSTRA, as stipulated by international law, compiled and reported 600 oil spill-impacted sites, and identified over 700 of such sites last year. These spills not only point to the havoc that had been done to the nation’s environment, but also signals looming catastrophe in terms of loss of livelihood, forced migration and inevitable conflict.

First, it is important to state some of the credentials the Niger Delta parades in terms of environmental endowment. The region’s environment is believed to have four ecological zones: coastal barrier islands, mangrove swamp forests, freshwater swamps, and lowland rainforests. According to environmentalists, it is a well-endowed ecosystem that contains one of the highest concentrations of biodiversity on earth, in addition to UNCHECKED OIL SPILLS supporting abundant DURING PETROLEUM flora and fauna, arable OPERATIONS SLOWLY POISONED THE NATION’S terrain that can sustain GOOD WATER SOURCE IN a wide variety of crops, lumber or agricultural THE DELTA, DESTROYING trees, and more speITS VEGETATION AND cies of freshwater fish AGRICULTURAL LAND than any ecosystem in West Africa.

However, oil exploration has negatively impacted this region due to unprecedented oil spillage, thus making the region one of the most polluted in the world. For over 50 years, unchecked oil spills during petroleum operations slowly poisoned the nation’s good water source in the delta, destroying its vegetation and agricultural land. Neither the government nor the operators in the oil industry lifted a finger to control the environmental problems and not even the decided cleanup of Ogoni land has seen the light of day.

We recall that President Muhammadu Buhari commissioned the first phase of the $1billion Hydrocarbon Pollution Remediation Project (HYPREP), brokered by the United Nations Environment Programme (UNEP), in 2016. The Nigerian Conservation Foundation describes the latest data on oil spills in the country as catastrophic, and an indication that the environment of the Niger Delta region where these spills are occurring in a regular basis may not recover. Only those who have visited these Niger Delta communities can feel the pain and frustration of fisher folks who return home with empty nets after searching the sea all night, parting swats of floating oil for fish in futility.

T T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, DAVIDSON IRIEKPEN, MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

T H I S DAY 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, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO HEAD, COMPUTER DEPARTMENT PATRICIA UBAKA-ADEKOYA

here are often disturbing sights of various fish forms and other marine life covered with crude oil, struggling to escape, particularly when the tide ebbs. These fisher folks that depend on the sea for subsistence perennially fight all odds thrown at them by these avoidable spills that make even bathing and recreational swimming in beaches impossible, as those who dare to take a dip in the water surface with oil sheen all over them.

Crude oil film forms on surfaces of water and contaminates it, killing some of the aquatic life forms while others adopt survival strategy and relocate to more aerated environment. The predominant mangrove vegetation is also adversely affected by spills, as the leaves are unable to breathe, causing the plants to dry up.

A point to understand is that crude oil should never be found on the surface; that is why it is got from beneath the earth, but when it spills either due to equipment failure or sabotage, it is usually difficult to clean up.

Environmentalists believe the government is insincere about the much-touted clean-up. Besides, it would be difficult to restore the biodiversity even if years of efforts were put into it. The best thing to do is to avoid circumstances that would cause oil spills. These can be averted with deliberate policies and strategies to mitigate current spills by implementing effective clean-up exercises and by stemming future spills either from equipment malfunction or sabotage.

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The Value Of Hard Work “All hard work brings a profit . . . “ - Proverbs 14:23.

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n one popular song entitled ‘WORK,’ by a talented Nigerian musician, Adekunle Gold, people are encouraged to work hard. This is just as God’s Inspired Word, The Bible, says at Ecclesiastes Chapter 9, Verse 10: “Whatever your hand finds to do, do with all your might . . . . “ Work - whether paid or unpaid, is good for our health and well-being. It contributes to our happiness, helps us to build confidence and self-esteem, and can reward us financially. Work is an essential tool through which individuals can achieve their goals, flourish, and live happy, meaningful lives.

One simple definition of work, according to the Cambridge dictionary, is: “an activity, such as a job, that a person uses physical or mental effort to do, usually for money.” Work has different dimensions such as work for making a living and work for developing one’s talent and potential. For example, a little girl in one of the corners of the world who goes to the kindergarten and learns how to count, draw or write, is working. Likewise, an adult, who goes to his/her job every day from 8 to 4 or 5 o’clock, and gets paid for that, is also working. Thus based on the age, circumstances, needs and desires of individuals, work takes different shapes.

Work is a virtue and necessity, which requires the utilization of time and energy. Man is in control of his time and energy when he voluntarily and constructively works. In fact, The Holy Scriptures also emphasize the importance of work, when it says, among other things, at 2 Thessalonians, Chapter 3, Verses 10 - 12, that: “ .

. . if anyone does not want to work, neither let him eat . . . “ This scripture condemns laziness. We need to work to make a living and provide for our families. Work provides the individual with the ability to be independent, to flourish, to develop, and most importantly, to find a meaning to life.

However, there are many issues seriously affecting work and workers in Nigeria today. They include the issues of unemployment, poor remuneration/wages, poor working environment and conditions, casualisation of workers, among others. Many people experience poverty and unemployment through no fault of their own. Many who are able to work, willing to work hard, and even actively searching for work, are still unable to find work - they are unemployed!

Unemployment and poverty are two of the major issues currently affecting Nigeria’s economy and its society. In fact, according to the National Bureau of Statistics’ (NBS) data on unemployment, it was discovered that unemployment increased in Nigeria from 21 million in 2018, to 23 million in 2019. Nigeria has also been ranked as the nation with the highest number of people living in extreme poverty, with 93.7 million people measured to be living on less than $1.90 (N684 at the time) per day, by June 2019. This is disheartening and calls for urgent measures to be put in place, in order to reduce the high rate of unemployment and poverty in the country.

Nevertheless, despite the high rate of unemployment, the situation is not necessarily hopeless. People can still find some meaningful work to engage in, even though it may be small. If you are unemployed, or cannot find a job in your area of particular

interest, it is wise to consider looking for a job in other areas, even if the job is considered ‘menial’ by the standards of some people.

Do not allow false pride to let you look down on a job - as beneath your dignity. Any legitimate service that can benefit others, and that people are willing to pay for, can be considered as an alternative job opportunity when jobs are scarce.

People differ in terms of many characteristics such as intelligence, talents, academic levels, etc. Therefore depending on human potential and the specific working environment, work can be equally beneficial to the person or demeaning. For example, prostitution, gambling, and drug dealing constitute work, as you get a kind of remuneration for the service you provide. But the money you get out of these kinds of work becomes useless, as it neither contributes to human flourishing, nor is the basis of a meaningful life. Work should be the key to human survival and flourishing, and not to degradation of the individual and his moral values.

On the other hand, no matter how honest, working from dawn to sunset does not make your life flourish either. “All work and no play makes Jack a dull boy,” goes the popular saying. Workaholics, the people whose only purpose in life is work, impinge themselves from other activities. Productive work is not an end-in-itself, but a means of flourishing. If one pursues productive work to the exclusion of everything else in one’s life, so that it becomes one’s only purpose in life, this will undermine one’s flourishing. On the other hand, those who keep their life balanced are likely to enjoy their work even more.

Daniel Ighakpe, FESTAC Town, Lagos

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NEWS

FG, NERC Approved Hike in Electricity Tariffs, Discos Insist Emmanuel Addeh in Abuja Electricity distribution companies (Discos) yesterday tackled the Nigerian Electricity Regulatory Commission (NERC), over an alleged attempt by the regulatory body, to dissociate itself and the federal government from the July 1 commencement of new electricity-tariff regime.

The Discos insisted that the new tariffs were approved by the federal government and NERC, adding that they were shocked to receive a letter from NERC directing them not to mention the federal government and the regulator in their notifications to customers on the take-off of the new tariffs.

The power distributors

under the aegis of the Association of Nigerian Electricity Distributors (ANED), stated that the demand that neither the NERC nor the federal government should be mentioned in statements notifying customers of the hike was unacceptable.

A statement yesterday by the ANED’ Executive Director in charge of Research and Advocacy, Mr. Sunday Oduntan, noted that in a regulated sector, the Discos cannot take a decision about a critical aspect of the sector like tariff without a nod from NERC. “What has happened in recent days is that our regulator is warning us not to mention their name or the

Insecurity in North-west will Soon be over, Says Buratai Francis Sardauna in Katsina The Chief of Army Staff, Lt. Gen. Tukur Yusuf Buratai, yesterday said that the lingering banditry and other heinous crimes orchestrated by bandits in the North-west will soon be over.

He said the Nigerian Army and other security agencies would remain resolute in protecting the territorial integrity of the region and the country in general.

Buratai, who stated this in Katsina while on a courtesy visit to the Emir of Daura, Dr. Umar Farouk Umar at his palace, said the revolving strategies put in place by the army would tackle insecurity confronting the country.

He explained that President Muhammadu Buhari has expressed dissatisfaction over the prevailing insecurity bedeviling the country, especially the North-west and directed security personnel to end the menace.

He said: "I am here on operational tour of the formations and units in 8 Division but this time around, we are putting at the back of our minds the insecurity facing remote villages and towns being carried out by bandits across the state and other states surrounding Katsina State.

"Mr. President has expressed concern and dissapointment over the lingering insecurity that is ongoing. I assure you that all hands most be on desk to ensure that this insecurity

is curtail.

"That is why I am here with my staff officer, the General Officer Commanding 8 Division and other commanders to see how we can curtail this insecurity. “We will use this opportunity to solicit for supports, prayers, guidance and goodwill. Just a matter of time, this issue of insecurity not only in Northwest but across the country will soon be dealt with and quickly.

Responding, the Emir of Daura, Umar, applauded the Chief of Army Staff for deploying over 300 personnel and establishment of Foward Operation Base within his domain.

He urged Nigerians to shun inflammatory statements on the ongoing war against banditry, insurgency and other heinous activities facing the country to pave the way for security personnel to discharge their responsibilities effectively.

The traditional ruler emphasised that no amount of blackmail would end the current bloodletting in the North-west, rather sustainable prayers from all and sundry.

According to him, "what we need now is prayer and support for the Nigeria Army and other security agents to enable them win the fight against bandits and insurgents".

Buratai and his entourage were expected to visit Batsari Local Government Area and other places to address the troops.

federal government in any of our communication about the tariff increase with our customers. This is certainly very unfair.

"Many stakeholders have expressed their concern at the unusual silence of our regulator, NERC, on the upcoming increase and it looks like a unilateral decision by the Discos.

"We'll like to inform Nigerians that tariff review (upward or downwards) is the primary responsibility of NERC as our regulator. We are required to submit our proposals and they have the final say," the Discos said.

ANED stated that its members were surprised to receive a letter from NERC warning them not to mention

their name or that of the federal government in any public communications on the hike in tariffs.

The power distribution firms added that "while it is our obligation to communicate the increase, it is also important for customers to know that it is following standard processes of tariff adjustments in the sector with approvals from NERC and the federal government.

"As Discos, we believe in the rule of law. We will only carry out lawful approval and instructions by our regulator.

The proposed increase and the timing of the increase in tariffs were done by NERC. “It is their statutory responsibility. Discos alone cannot fix and approve

electricity tariffs. We are very sensitive to the feelings and yearnings of our customers during this period of COVID-19."

The Discos said it was to cushion the effects of the pandemic on Nigerians that informed their proposal, in conjunction with the National Assembly, to suggest a twomonth free electricity supply for residential customers, adding that it was unfortunate that the proposal was not approved by the federal government due to paucity of funds.

"The fact that the action is deliberately made to look unilateral is capable of creating public resistance, effectively setting Discos up to fail," the Discos stated.

All Discos had started communicating the new tariff regime, set to take effect from Wednesday since last week.

The communication, the Discos said, was geared at enlightening customers about the details of the ‘servicebased' tariff increase to ensure customers were fully aware about how it pertained to them and the supply band they fall under.

"The truth is that we are the public-facing arm of the sector, but what we collect is shared by everybody, including NERC. "Our interest is in the nurturing of a commercially viable power sector. Political considerations and bickering will certainly not take us there," the Discos said.

Air Peace Evacuates 327 Nigerians in Maiden Flight to London Chinedu Eze Nigeria’s major carrier, Air Peace yesterday airlifted about 327 Nigerians from London in the airline’s maiden flight to UK’s capital and the first leg of the evacuation exercise to Europe’s commercial centre.

A statement signed by the airline’s spokesman, Mr. Stanley Olisa said that the Nigerians were airlifted by Air Peace iconic Boeing 777, with

registration number 5N-BWI. The statement added the aircraft departed Heathrow Airport London earlier yesterday and arrived at the Nnamdi Azikiwe International Airport, Abuja at 20:41hours (8:41 pm Nigerian time).

After disembarking some passengers in Abuja, the aircraft proceeded to the Murtala Muhammed International Airport (MMIA) Lagos.

The airline expressed

gratitude to the federal government, especially the Nigerian Embassy in London, for choosing it to conduct the flight.

The company added that the flight was significant to the airline as it gave it an opportunity to further show its capability for long-haul flights. “We are delighted to have operated this flight. It unmistakably shows that Air

Peace can fly to anywhere in the world, given the required support by the government,�

Olisa said.

Since March when the federal government banned flight operations across the country as a measure to curb the spread of COVID-19, Air Peace has been operating series of ‘special flights’ to and from different countries, including China, Turkey, India, Israel and South Africa.

SUCCOUR FOR RAPE VICTIMS...

L-R: Ekiti State Attorney-General and Commissioner for Justice, Hon. Olawale Fapohunda; Ekiti State First Lady and Chairperson, Ekiti Gender based Violence (GBV) Management Committee, Mrs. Bisi Fayemi; Commissioner for Information and Values Orientation, Chief Muyiwa Olumilua; Commissioner for Women Aairs and Social Development; Mrs Moji Fafure; and Chief Medical Director, Ekiti State University Teaching Hospital, Prof. Kayode Olabanji, during the inauguration of the Ekiti Sexual Assault Referral Centre in Ado-Ekiti... weekend

GOVERNORS, LAWMAKERS, OTHERS PAY LAST RESPECTS TO AJIMOBI have never spoken with you on phone. But it’s important we put the records straight because this is a family of politicians and I don’t want anybody to tarnish my husband’s name and well my husband is gone.

It could be me or anyone else tomorrow. “Life in itself is vanity upon vanity. Either you are PDP or APC, the man is dead and he has been buried. “But the governor didn’t call me. Even if he had called me and I didn’t pick his calls,

I don’t have his number and I have never spoken with him on the phone. He could have sent me a text message for record purposes. “And then today again, I read in the papers and saw how the Ajimobi’s family was lying about something again. “Mr. Deputy (Governor), my husband never had anything against the governor or anyone else. We were in different parties but he was an elder statesman and he slept on the ground."

She called on the state government to stop peddling lies about him and the family because he is no longer available to defend himself.

But a top government official confided in THISDAY yesterday that contrary to the claim of the widow, the Makinde administration did not play politics with his death.

The source said right from when the former governor was diagnosed of COVID-19 till his death, the Ajimobi

family did not officially inform the state government as demanded by protocols.

According to him, all the state government knew about the illness and the subsequent death was either through the media or third parties.

On the controversy over the burial site, he said the governor was first contacted by a top presidency official if the remains of Ajimobi could be interred at the disputed Agodi property, but the governor demurred on the ground

that there is a pending case in court, filed by the late Ajimobi, challenging government's decision to revoke the former governor's decision to allocate the property, owned by the state, to himself.

He explained that shortly after Ajimobi's death last Thursday, the governor had given the approval for his burial at the home of the deceased in Oluyole Estate, Ibadan, and was therefore shocked when it learnt that the family mulled the idea of

burying him at the Ajimobi Central Mosque, Ibadan. “In close consultation with the governments of Lagos and Oyo states, the date for the burial ceremony has been announced. “Barring any changes, his body will be interred at the Senator Ishaq Abiola Ajimobi Central Mosque at Oke Ado, Ibadan, at noon on Sunday, June 28 after the traditional Muslim prayers," Ajimobi’s media aide, Bolaji Tunji, had said in a statement last Friday.

MONDAY JUNE 29, 2020 • T H I S D AY

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T H I S D AY ˾ MONDAY JUNE 29, 2020

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

APC Gladiators Take Temporary Reprieve Nseobong Okon-Ekong writes that the peace brokered by President Muhammadu Buhari in the All Progressives Congress may have given the warring parties a chance to restrategise

Buhari

Tinubu

Oshiomhole

Akpabio

T

he intervention by President Muhammadu Buhari may have only brought a much needed temporary reprieve to the All Progressives Congress (APC), Nigeria’s ruling party at the centre. While the warring gladiators may have sheathed their swords for a season, they have only retreated to fashion out strategies for an impending future fight for the control of the party.

The immediate prize in focus is which zone retains the National Chairman of the party.

The immediate two past chairmen of the APC, Chief John Odigie-Oyegun and Comrade Adam Oshiomhole were from Edo State in the South-south region. As the tenure of the recently dissolved 17-member of the National Working Committee (NWC) was abruptly cutshort, there is an understanding and pressure from a certain quarter of the party return the leadership of the party to the region that held it in the dissolved NWC. While, many are at home with this suggestion, there is contention over which of the South-south states should produce the National Chairman of the party.

This time around the contest is between Transportation Minister, Rotimi Amaechi from Rivers State, Deputy Senate President, Senator Ovie Omo-Agege from Delta State and Minister of Niger Delta Affairs, Senator Godswill Akpabio from Akwa Ibom State. The emergence of Senator John Akpan Udoedehe as Secretary of the APC Interim Committee constituted by Buhari lends credence to the suggestion that Akpabio may have an advantage, even if temporarily.

The Akpabio lead is a continuation of the firm grip which he has subjected the Niger Delta Development Commission (NDDC) under,

completely sidestepping the candidates of the NDDC for the office of Managing Director and Chairman of the NDDC Board, who were nominated by Amaechi, Oshiomhole and Omo-Agege, cleverly persuading Buhari to institute an Interim Management Committee (IMC), which is carrying out functions that are meant for a statutory NDDC Board.

Leaders from South-states, other than Edo have resolved that the National Chairman of the APC will not go back to Edo State. are also eligible to seek elective positions whenever the

convention holds within the next six months.

Though, Senator Bola Tinubu, National Leader of the APC has hinted that members of the dissolved NWC may run for office again in the next six months when the elections are due. Chief Hillard Eta from Cross River State, a former National Vice Chairman, South-south of the party was one of those touted as Acting National Chairman during the confusion that ensued following the suspension of Oshiomhole. But there has been no strong voice from Cross River State pushing for the office. Eta became the

As the tenure of the recently dissolved 17-member of the National Working Committee (NWC) was abruptly cut-short, there is an understanding and pressure from a certain quarter of the party return the leadership of the party to the region that held it in the dissolved NWC. While, many are at home with this suggestion, there is contention over which of the South-south states should produce the National Chairman of the party.T his time around is between Transportation Minister, Rotimi Amaechi from Rivers State, Deputy Senate President, Senator Ovie Omo-Agege from Delta State and Minister of Niger Delta Affairs, Senator Godswill Akpabio from Akwa Ibom State. The emergence of Senator John Akpan Udoedehe as Secretary of the APC Interim Committee constituted by Buhari lends credence to the suggestion that Akpabio may have an advantage, even if temporarily

choice of the majority members of the NWC to act as National Chairman because he was the highest ranking member of the party from the zone of the suspended chairman.

APC Will Emerge Stronger Meanwhile, a chieftain of the APC from Imo State, Chief Longers Anyanwu has disassociated himself from the prevailing sentiment that the series of crises bedevilling the political party may eventually lead to its implosion and natural death. Aligning himself to the popular maxim that things have to get worse before they become better, Anyanwu expressed confidence that the APC will emerge from these multiple problems a stronger political institution.

“What we see today as the problem is a solution in the sense that it is better that all these things are happening now so that it can be solved. It is a distraction to President Muhammadu Buhari who is trying to remain neutral by facing issues of governance in the face of the challenging global economy and the COVID-19 pandemic, but they keep dragging him into it. I am happy that he has risen to the occasion and finally decoded to intervene. There are too many cases in court. On one matter, you have up to 14 litigants, is that healthy?” he queried. This is a vibration that points to where the pendulum is swinging.

“The APC,” in his estimation, “does not have a problem.” The Imo State born politician who was the founding National Chairman of the Accord Party said, “What you see now is a selfish struggle by individuals to control the party ahead of the 2023 general election.

These powerful individuals were capitalising on the fact Mr. President decided to watch

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T H I S D AY ˾ MONDAY JUNE 29, 2020

MONDAY DISCOURSE

Amaechi

El-Rufai

Ngige

Omo-Agege

from a distance, being the statesman that he is. Unfortunately for them, the APC is so big that it can’t be kept in the home or pocket of an individual or group. It will tear that pocket. They want to subsume the party or institutionalise themselves by embarking on a bitter political vendetta or Pull-Him-Down.”

“APC will survive. The gladiators will be drowned if they do not make room for peace and reconciliation.”

Also tracing the root of the APC crises to power play ahead of 2023, an APC stalwart from Rivers State, Prince Tonye Princewill, who is an ally of Transportation Minister, Rotimi Amaechi said the Governor El-Rufai/Rotimi Amaechi interest in the APC persuaded Mr. President to agree to attend a National Executive Committee (NEC) meeting of the party called

by Chief Victor Giadom, a factional Acting National Chairman of the party.

According to him, “the court says Giadom should hold that office for two weeks. What I suspect some people do not want is for Senator Bola Tinubu, the APC National Leader to be in total control of the party, which is what would have happened if the status quo had remained.”

Tinubu is the Issue He explained, “the fear is that the Kwankwaso, Bukola Saraki and Atiku Abubakar elements have left the party, while the Congress Progressive Change (CPC) have a marginal presence, leaving the party largely in the hands of Tinubu. With Mr. President’s move, it is clear that Tinubu may not be the preferred APC presidential candidate in 2023.”

In order to put the party back on a strong footing he advocated for a neutral, but strong and respected individual that can assume headship in interim capacity, to remove the present gladiators out of the way and give the APC room for a fresh start, when the time comes for selection of the NWC. Princewill submitted that the APC may have been saved. “This is a victory for all progressives. No Victor, no Oshiomole. No victor, no vanquished. The President has shown leadership and an external force has acted upon the party to put it back on track. The people chosen to run the affairs in the interim are fair, seasoned and progressive. I have no doubt they will reflect all shades of the party and can help us usher in a new dawn. As a Rivers man, they should look before they leap

into my state. It is tricky there. Water as you know can be very slippery. Some will say it is Rivers state that put us here. Let it not do it to us again. I want to thank Victor Giadom for kick starting this peace, Comrade Adams Oshiomole for accepting it and most of all, the President for midwifing it. It is not yet time to celebrate. Implementation is where problems exist. But we pray for God’s guidance and wisdom in the affairs of men.”

The implementation that Princewill referred is nothing else but how the various interest groups that constitute the APC will get hold of national offices in party that can give them advantage to decide its presidential candidate and take other key decision concerning the 2023 national elections.

At the weekend, Tinubu who is rumoured to nurse a presidential ambition issued statement saying he has not made up his mind to run in the next presidential race. Political pundits

are of the opinion that Tinubu’s presidential ambition may the final blow that will tear the APC into shreds if not well managed. His Action Congress of Nigeria (ACN) within the APC is feared and treated with a lot of circumspection by other intra party groups like the New Peoples Democratic Party (NPDP) led by Amaechi and the Congress for Progressives Change (CPC) led by Buhari.

The interim administration is clearly in the hands of the CPC elements in the APC. And everyone has been falling over themselves to show loyalty Buhari. Former APC National Chairman, Oshiomhole told the media that he accepts what the President did to save the party in good faith, while Buhari addressed the concerns of those who think he has drawn a battle line with Tinubu. He said his friendship with the APC National Leader can’t be ruptured by external forces.

A key partner in the APC was the All Nigeria Peoples Party (ANPP), led by Chief Ogbonaya Onu, the Science and Technology Minister. With the surprise emerge of Governor Hope Uzodinma of Imo State flying the APC flag, the Southeast region is ready to stake all it has to occupy the top office in the party. It is believed that there will be a dramatic acceptance of the APC by the people of the Southeast in 2023, particularly if the President is able to deliver the Second Niger Bridge before the election year...

Proponents of a Southeast APC National Chairman are hoping that the President can persuade Labour and Employment Minister, Dr. Chris Ngige to exit the Federal Executive Council to serve as National Chairman of the APC. The snag, however, is that the position will automatically halt the quest for an Igbo presidential ticket in the APC. Leading Igbo caucus members of the APC like Senator Rocha’s Okorocha who has never hidden his intention to take a shot at the presidency will find it difficult to sell a different narrative from the opposition Peoples Democratic Party (PDP) assertion that the APC hates Igbos

The Push from Southeast The future of the APC may be decided within the life of the interim committee as the governorship elections in Edo and Ondo states would have been decided in quick succession on September 19 and October 10 respectively.

If the APC wins the election in Edo, particularly with Pastor Oasgie Ize-Iyamu as the flagbearer that will be the ultimate endorsement of the sense of judgement of Oshiomhole and of he does not return as National Chairman, he would be back in good reckoning and his hand strengthened to become of the kept decision makers in the party.

In contention also for the office National Chairman is the Southeast region, where the party is eager to make an impression. A key partner in the APC was the All Nigeria Peoples Party (ANPP), led by Chief Ogbonaya Onu, the Science and Technology Minister. With the surprise emerge of Governor Hope Uzodinma of Imo State flying the APC flag, the Southeast region is ready to stake all it has to occupy the top office in the party. It is believed that there will be a dramatic acceptance of the APC by the people of the Southeast in 2023, particularly if the President is able to deliver the Second Niger Bridge before the election year..

Proponents of a Southeast APC National Chairman are hoping that the President can persuade Labour and Employment Minister, Dr. Chris Ngige to exit the Federal Executive Council to serve as National Chairman of the APC. The snag, however, is that the position will automatically halt the quest for an Igbo presidential ticket in the APC. Leading Igbo caucus members of the APC like Senator Rocha’s Okorocha who has never hidden his intention to take a shot at the presidency will find it difficult to sell a different narrative from the opposition Peoples Democratic Party (PDP) assertion that the APC hates Igbos.

Again, Tinubu may not be persuaded to work for a Southeast APC national chairman, as this would mean that both the Presidential candidate of the APC and its national chairman come from the South, a situation that influential APC leaders from the North like Kaduna State Governor Mallam Nadir El-Rufai are not likely to accept.

As things stand no one is sure of how Mr. President’s mind is working with his choice of the interim leadership of APC. The Governorship selection process in Ondo state will give a clearer picture of where the party is heading.

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T H I S D AY Ëž Í°ÍˇËœ 2020

BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

A S

REPO 16.10 15.20

CALL 1-MONTH 3-MONTH

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A T

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

J U N E

S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

544.73% -0.02% 5.17%

2 6 ,

S & P INDEX 1/4 TO DATE YEAR TO DATE

2 0 2 0 116.98% 13.21%

EXCHANGE RATE N361/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Substandard Motor Oil Worries SON

GLOBALECONOMYUPDATE

IMFFinancialCounselor,TobiasAdrian(left),andDeputyDirectoroftheMonetaryandCapitalMarketsDepartment,FabioNatalucci,duringamediabriefing ontheGlobalFinancialStabilityReportupdate,heldatWashington‌recently

PortOperatorsSeek FG’s Intervention toReduceCost ofDoingBusiness Eromosele Abiodun The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Hastrup, has called on the federal government to speed up work on port access roads and put the necessary environment in place to reduce the high cost of doing business at the ports.

Hastrup, who said terminal operators have lost 40 per cent of their revenue to COVID-19 and gridlock on the port access roads, commended the Nigerian Ports Authority (NPA) for investing in port equipment to ensure efficient cargo handling.

The STOAN boss, who decried the loss of revenue due to myriad of problems in a chat with THISDAY, said ordinary Nigerians are the ones paying for the cost of doing business at the port. “If there can’t be a free flow of traffic to the terminal, don’t forget

MARITIME the discharge of ship is dependent on the availability of trucks. There are some cargos you can’t keep on the ground. Fertilizers, fish and cargo for export cannot be kept on the floor, trucks has to be available to move them. “As a matter of fact they need to be moved from the ship to the truck and when you do not have access to the port what happens?

The discharge of ship is delayed, this increases the cost to end users,� she added.

According to her, “Whether we like it or not this add to the cost of doing business and cost to ordinary Nigerians who go to the market to buy food items.

What we have at the port is a collection of problems put together and until the problems are solved we will remain where we are.�

She decried the high rate of manual examination of cargoes at the nation’s seaports, and asked the Nigeria Customs Service (NCS) to deploy technology to drive the process.

Haastrup, who spoke in Lagos at the weekend, said manual examination of cargoes was not efficient and does not promote social distancing.

She said: “We have a situation where people must visit the port physically to do Customs documentation and cargo examination before they can take delivery of their consignments. This is not safe at this time and it is also inefficient. “The Nigeria Customs Service should do everything possible to install functional scanners at the port to reduce the high rate of physical examination of cargoes and to reduce human contacts. “Customs should also make it possible for consignees to process

their release documents and make necessary duty payments online without having to visit the port or Customs commands. “There is also need to reduce the number of government agencies that participate in cargo examination at the port in addition to reducing the number of checks carried out on cleared cargos both inside and outside the port premises. Customs’ clearing process must become smart at this time.�

The STOAN Chairman further said due to declining oil revenues, Nigeria must begin to make deliberate attempt to shift its balance of trade. “Nigeria must move quickly from being a net importer to a net exporter of food. Government will need to support farmers for better agricultural yields that will be attractive to the international

The Standards Organisation of Nigeria (SON) has issued a red alert over an alleged discovery of substandard Toyota brand of engine oil in the Nigerian markets.

Director General of the agency, Mr. Osita Aboloma said the suspected substandard engine oil was discovered through the SON regular market surveillance activity in its 42 state oďŹƒces across the country.

According to him, the imported product has neither undergone the SON oshore conformity assessment process nor was it registered with the organisation for traceability and quality veriďŹ cation.

The DG added that the brand of engine oil was being sold in one litre and four litre containers to unsuspecting Nigerian consumers.

In a statement, Aboloma further explained that substandard product had no close or remote relationship with theToyota brands of automobile or the manufacturers.

Also, commenting on the discovery, SON Director of Compliance, Mr. Obiora Manafa, advised members of the public to avoid patronage of the identiďŹ es engine oil in the meantime, stressing that SON operatives are on the trail of other uncertiďŹ ed and unregistered brands of engine oil in the Nigerian markets for necessary regulatory action.

He stressed the need for Nigerians to patronise only certiďŹ ed made-inNigeria brands of engine oil with the MANCAP logo and imported brands that have undergone the SON oshore conformity assessment process and are duly registered for traceability and quality veriďŹ cation.

The standards agency however, assured the Nigerian public that all purveyors of substandard and life threatening products would be prosecuted in line with the provisions of the SON Act 14 of 2015 and the criminal code once apprehended.

RMBN Organises Digital Conference

RMBNigeria(RMBN)hasconcludedplantoorganiseitsagshipEconomic and Business Conference online fromTuesday, 30th of June toThursday, 9th of July 2020.

Astatementfromthebankexplainedthatthedecisionwastakenbecause of the ravaging pandemic that requires businesses to be innovative to as to contain the spread of the deadly virus.The webinars would interrogate the realities of the present business and economic challenges, oering a holisticapproachtonavigatingthiscyclebypromotinginnovationandagility.

Itpointedoutthatthethemeoftheconferenceis,“Aroadmaptonavigating a rapidly-changing business landscape.â€? “Business sustainability is to a large extent dependent on exibility and the ability to adapt quickly to the constant changes in the macro and business environment. “AsorganisationsaroundtheworldgrapplewiththeeectsofCOVID-19, RMBNhasanalysedtheeconomiclandscapeandcreateddetailedwebinars relevant to its clients across dierent segments.

Theconferencewouldfocusontopicswhichinclude:DigitalTransformation: Building change into our DNA;Turbo charging BeneďŹ ciation andValue Addition;RiskManagementandDiversiďŹ cationinaVUCAenvironment,and the West African Investment Landscape. Each topic would be discussed by a diverse panel of industry experts over the course of 90 minutes.

Stanbic Unveils New Tagline

Stanbic IBTC Holdings Plc has announced the change of its tagline from “Moving Forward� to “It Can Be�.

Unveiling the new slogan, the outgoing Chief Executive, Stanbic IBTC Holdings,Yinka Sanni, said the special times require a stronger connection with the organisation’s customers. “As we continue to provide innovative banking solutions to give better customer experience, ‘It Can Be’ reects the gradual and consistent transition from a previous stage of growth to Continued on page 22 a new stage of possibilities,â€? he said.

According to Sanni, the new catchphrase represents Stanbic IBTC’s unwavering support to its customers. He said: “Over the years, we have built a reputation of providing quality and topnotch banking experience.

This marks a signiďŹ cant milestone in our journey with our customers, as we reect on everything the “Moving Forwardâ€? tagline stood for, we are assured that what we aspire to become ‘can be.’â€?

Hefurtherreiteratedthatthe‘ItCanBe’mantraisanassurancethatwith StanbicIBTC,everyonecanachievegreaterthingswithendlesspossibilities. value in acting with integrity.

Respondents say that they’re looking beyond short-term financial impacts of avoiding fines and penalties, to long-term values such as strengthening reputations, attracting new customers and retaining top talent.�

He added that, “COVID-19 is a test for business integrity.

Those who pass will differentiate themselves as seldom before.

Those who fail are likely to be held accountable after this Minister of Finance, Budget and crisis has passed for any abuse

Survey: Businesses Will Trade Integrity for Pecuniary Benefits Dike Onwuamaeze A report released by EY, a global professional services firm titled: “Is This the Moment of Truth for Corporate Integrity?

Global Integrity Report 2020,� has revealed that 90 per cent of businesses surveyed believe that the COVID-19 pandemic poses a risk to ethical business conduct for organisations.

Although acting with integrity is more important now than ever before, as stated by the Global Leader Forensic & Integrity Services of EY, Mr. Andrew Gordon, the report showed that

ECONOMY significant numbers of employees remain willing to act unethically for personal financial gain, adding, “that the pandemic is only exacerbating this by increasing the incentives and opening new avenues for them to do so.�

Notwithstanding, respondents to the main survey believed that operating with corporate integrity could create major benefits for organisations, including strengthening reputation, attracting new customers and retaining talents.

The EY stated that the research

surveyed almost 3,000 respondents from 33 countries which included Nigeria, in February this year, to analyse the ethical challenges companies face in turbulent times.

Also, an additional 600 employees across all levels of seniority were surveyed at the height of the COVID-19 crisis in April in companies across six countries, namely China, Germany, Italy, the United Kingdom, India and the United States of America.

However, “the good news,� according to Gordon, “is that almost all respondents see the

“We are working together with the distribution networks within the country to attain a full cost-reflective tariff for the power sector by 2021�

National Planning,

Continued on page 22

Zainab Ahmed

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BUSINESSWORLD

NEWS

PORT OPERATORS SEEK FG’S INTERVENTION TO REDUCE COST OF DOING BUSINESS market. “The farmers will also need to be supported in reducing wastages experienced during harvests and in the course of getting their produce to the market. Funding and logistics support for the farmers is also of great importance at this time. “Adequate storage, inventory management, and transportation are key logistics activities that represent the most serious constraints facing our agric export today. These will need to be addressed by governments at all levels.�

Government should also endeavour to simplify the cumbersome processes and unnecessary bureaucratic bottlenecks associated with documentation and processing of export cargoes at our ports,� she said.

Haastrup said at the onset of the coronavirus pandemic, terminal operators engaged the federal government on the need to ensure that the nation’s seaports remained open during lockdowns so as to ensure that the supply chain was not disrupted.

SURVEY: BUSINESSES WILL TRADE INTEGRITY FOR PECUNIARY BENEFITS

of trust by unforgiving governments, enforcement agencies, shareholders, consumers and the public at large.�

The research showed a wide disparity of perceptions of ethical behaviour between senior and junior levels an organisation as it pointed out that majority of junior employees interviewed said that they did not always trust the integrity of their leaders even though the majority of board members believed themselves to be playing by the rules.

It also showed that 43 per cent of board members think the pandemic could lead to better business ethics while only 21 per cent of junior employees agreed. Similarly, 55 per cent of board members were confidence that their management teams would demonstrate professional integrity while only 37 per cent of junior employees share the same sentiment.

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor ((Energy) Reporters

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

Analysts Predict Liquidity Boost with Maturing Fixed Income Instruments Nume Ekeghe

market is highly correlated to oil prices as we have seen decline in oil price. “Following the advent of Covid-19, you would see that the market hasn’t done very well. “However, because of the share size of liquidity, there is a scope that this market would probably not decline as much as one would have expected but then what it still means is that because companies are going to be facing challenges and having troubles with growing revenue

and making profit, equity investment may not be very attractive long-term opportunities at this time.�

Reassuring contributors on the safety of pension funds, he said: “Because of the way the pension scheme has been run and operated, you would find that from Pencom’s investment regulation, it provides some level of security around pension instrument. “Yes, we may not grow as much as we want, we may not present the returns that are spectacular

above inflation, but one thing you can guarantee is that we will present positive returns and these returns would ensure that the capital that contributors have provided is not eroded.�

He added: “Pension industry has very good risk management policies built in and around it and even within Sigma, we have put in place very robust risk management policies around our investments. “We do all of this scenario planning when we make our

investment at the start of the year, we do plan for the worst and in doing that, it helps us to put ourselves in a position where we are able to react and protect the portfolios in the event, we find ourselves in the worst scenario that is playing out. “Yes, it is going to be tough, but we would do our best as fund managers to ensure that funds are protected and we return as good enough as the market can deliver on investment return,� he added.

With over N5 trillion worth of treasury bills and bonds expected to mature in the second half of 2020, the Chief Investment Officer Sigma Pensions, Mr. Pabina Yinkere has predicted that the increased liquidity will boost the economy for the rest of the year.

He said this recently at a Webinar organised by Sigma Pensions, where he spoke on the investment climate in Nigeria.

He said: “If we look at treasury bills and bonds that are going to mature between now and December, it is over N5 trillion, which are things that we have invested in and would be paid back to us in cash. So, to keep the investments going, we have to re-invest this into the market. “And if we look at the federal government borrowing for this year, they plan to borrow N2 trillion in total. So, with N5 trillion against N2 trillion, you can see that the demand for investment would become very high and it would then affect returns going forward.�

Further speaking on the effect it would have on the stock market, he said: “If we then look at the R-L: Head of Innovation, Troli International Limited, Mrs. Ayoyinka Ogunsanwo; Managing Director, Mr. Kenny Salami; Mrs. Salami and General Manager stock market, the Nigerian stock Manufacturing,Mr.DayoTinuoye,duringtheunveilingofPepperettiSauce,inLagos‌recently

PRODUCTLAUNCH

FAAN Increases Passenger Service Charge by 100% Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) has increased the Passenger Service Charge (PSC) payable by air travellers on local and international flights by 100 per cent.

FAAN said the new regime of N2,000 from N1,000 and $100 from the initial $50 per passenger would commence on August 1, 2020.

With the implementation, air travellers on regional routes like Ghana, Benin Republic and others, would pay the sum of $100 as PSC, apart

from the airfares. This also applies to passengers on long and international routes.

But, FAAN in a letter to the Chairman, Airline Operators Committee with the reference number Ref: FAAN/HQ/ MD/1BE/Vl.8672 dated June 22, 2020, titled: “Implementation of the Approved New Passenger Service Charge (PSC) Effective 1st August, 2020,� that was signed by Capt. Rabiu Yadudu, its Managing Director, declared that the increment was approved by the Minister of Aviation.

The letter, which was made available to THISDAY, stated

that the approval was given on August 3, 2017 and was sought with the intention to improve and upgrade the airports infrastructure among others.

The letter stated that the agency had already notified the Minister of Aviation of its intent to commence the implementation of the new regime effective from August 1, 2020. According to the letter, FAAN declared that it had engaged the Nigerian Civil Aviation Authority (NCAA) and relevant stakeholders of its intent, stressing that these engagements delayed the implementation of the new regime since 2017 when

it received the approval.

The letter read in part: “Some of the engagements are as follows: Setting up of an inhouse committee to come up with strategies for the smooth implementation, sensitisation of the general public, engagement of stakeholders airlines and others. “It is pertinent to mention that the cap on the value of the PSC is simply outdated as the last review of PSC on domestic route from N350 to N1000 and from $35 to $50 on the international route was on May 1, 2011 and 21 March 2011, respectively.

“This does not coincide with the prevailing economic situation and the index to meet the needs of today and future growth in passenger traffic and airport development, most especially for the airport to upgrade to post Covid-19 standards.�

FAAN also pointed out that Bi-Courtney Aviation Services Limited (BASL), operators of Murtala Muhammed Airport Two (MMA2), Lagos had been charging N2, 500 on PSC in recent years, noting that despite this increment, some local carriers moved their operations to the terminal.

Insurance Sector Records N15.5% Annual Premium Growth Ebere Nwoji The insurance sector last year achieved total premium of N490 billion, which represented a 15.5 per cent growth, compared with the N413.8 billion it achieved in 2018.

This was disclosed by the outgoing chairman of the association, Mr. Tope Smart, at the 49th Annual General Meeting (AGM) of the association held via the web.

Smart, said despite lots of challenges that confronted the industry during the year under review, the insurance industry has continued to perform its

role of financial intermediation and business restoration in line with its mandate. Smart, expressed optimism that the industry, despite all odds, stands the chance of achieving a better result in the current year. “It is expected that the various initiatives embarked on by the association, in conjunction with other stakeholders such as financial inclusion, micro insurance, the insurance industry rebranding project, the association’s USSD initiative and the Nigerian Insurance Industry Platform for sale of Third Party Motor Insurance

coupled with other strategic efforts by the regulator will further deepen insurance penetration and encourage insurance uptake by the public,� Smart added.

According to him, the outbreak of coronavirus poses a serious challenge to the association and the entire Nigerian insurance industry, noting that the virus did not only disrupt businesses, but also forced member companies to activate their business continuity strategies. He, however, said the association was happy that its members have raesponded adequately to the challenges posed by the disease.

He listed some of the disruptions brought to bear on the industry’s operations as a result of the development as remote working, deployment of technology, use of web conferencing technology for online meetings, maintenance of physical and social distancing in the work place and sale of insurance policies through online platforms, adding that these have become part of the new normal created

by COVID-19. He, however, said one positive thing derived by the industry in the face of the outbreak of the virus was the presidential recognition of the industry for the

first time in history. This was made possible by timely intervention of the industry which it did through donation of working tools, cash and insurance cover provision to the health workers. “As part of the industry contribution towards national response to the pandemic, the association, in collaboration with other arms of the industry provided life insurance cover for 5000 health workers and volunteers such as Doctors, Pharmacists, Nurses and other ancillary personnel in the frontline of the battle against COVID-19.

Experts Push for Review of National Food Security Structure Raheem Akingbolu Some agriculture experts have advocated a review of the national food security structure to forestall a likely food security crisis that may hit Nigeria as a result of the effect of the pandemic.

This was the summation of the perspectives of panelists on agricultural security at a recent National Conversation on Mapping Nigeria’s response to Covid-19.

The session with the theme ‘Safeguarding the Nation: Agricultural credit and national food security in an economic downturn,’ drew

participants from both the private and public sectors. In her opening remarks, the Head of Corporate Affairs and Communications Africa at Upfield Foods, Motola Oyebanjo, said conversations around improved food security and systems must be prioritised particularly now that Covid-19 has

impacted socio-economic activities on a global scale. “It is important for the public sector because it requires a healthy and active populace to ensure that the economy runs smoothly. “It is also important for businesses as the society must be thriving to ensure that products

and services are profitable. There are great potential and possibilities for the food and agricultural sector in Nigeria during and post- COVID-19 pandemic. “We must imagine a new reality, proffer innovative solutions and take decisive action to ensure we harness them.� Oyebanjo said.

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MARKET REPORT

Market Records Marginal Gain amidst Lower Trading Volume Goddy Egene The stock market recorded a marginal gain last week despite a decline in volume and value of shares traded.

Precisely, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.01 per cent to close at 24,829.02, while market capitalisation gained N1.2 billion to close at N12.952 trillion. The performance was a recovery from a depreciation of 1.4 per cent suffered the previous week.

However, volume of trading fell to 739.375 million shares worth N8.563 billion in 17,248 deals, from 1.050 billion shares valued at N10.125 billion that exchanged hands in 19,576 deals two weeks ago.

Just like Nigeria, Mauritius’ SEMDEX also gained. Closing 0.4 per cent higher. Egypt’s EGX 30 went up by 0.3 per cent. Conversely, Ghana’s GSE Composite declined by 2.5 per cent, while Morocco’s Casablanca MASI index shed 2.3 per cent. Similarly, Kenya’s NSE 20 index lost 1.6 per cent.

A look at the performance in the BRICS markets showed that India’s BSE Sens and China’s Shanghai Composite indices gained 1.3 per cent and 0.4 per cent respectively. On the negative side, Brazil’s Ibovespa index recorded the highest decline of loser with 1.5 per cent due to the economic slowdown brought by the surge in COVID-19 cases.

South Africa’s FTSE/JSE All Share lost 0.9 per cent, while Russia’s RTS index dipped 0.5 per cent.

In the Asian and Middle East markets, performance across indices was poor with Turkey’s BIST 100 index closing as the lone gainer, appreciating by 0.9 per cent. Thailand’s SET and Saudi Arabia’s Tadawul ASI indices pared 3.0 per cent and 1.7 per cent respectively. Qatar’s DSM 220 and UAE’s ADX General fell 1.5 per cent and 1.4 per cent in that order.

Also, the developed markets were largely bearish as Japan’s Nikkei 225 index was the lone gainer, up 0.1 per cent. In the United States, the S&P 500 and NASDAQ indices declined 2.1 per cent and 0.9 per cent in that order amid weak investors’ sentiment. The United Kingdom’s FTSE All Share, Germany’s XETRA DAX and France’s CAC 40 indices fell 2.2 per cent 1.8 per cent and 1.2 per cent respectively. Similarly, Hong Kong’s Hang Seng index lost 0.4 per cent.

Market turnover A breakdown of the market turnover showed that the Financial Services industry remained the most active with 457.851 million shares valued at N3.773 billion traded in 8,062 deals. Thus, the sector contributed 61.9 per cent and 44.1 per cent to the total equity turnover volume and value respectively.

The Consumer Goods industry followed with 66.668 million shares worth N2.015 billion in 3,486 deals. The third place was occupied by the Oil and Gas industry, with a turnover of 63.255 million shares worth N380.146 million in 963 deals.

Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Bank Plc and Zenith Bank Plc accounted for 211.351 million shares worth N3.042 billion in 3,623 deals, contributing 28.5 per cent and 35.5 per cent to the total equity turnover volume and value respectively.

Top price gainers and losers Meanwhile, a total of 18 equities appreciated higher than 14 equities in the previous week, while 43 equities depreciated in price, lower than 47 equities in the previous week.

Airtel Africa Plc led the price gainers with 9.9 per cent, a development some market operators attributed to investors’ reaction to the company’s full year results ended March 31, 2020. According to some operators, discerning investors could be taking position with hope that the performance could be replicated at the end of the current year.

Airtel Africa Plc reported a revenue of $3.422 billion for the year ended March 31, 2020, showing an increase of 13 per cent from $3.077 billion recorded in 2019. Profit before tax rose 77 per cent from $348 million in 2019 to $598 million in 2020. However, a

IBEDC to Implement Tariff Review July 1 Kemi Olaitan in Ibadan The Ibadan Electricity Distribution Company (IBEDC) has said it will begin the implementation of a tariff review effective July 1st.

This is just as the company said the tariff review is part of its plans and effort to deliver what it described as “excellent services,� to its customers.

The Chief Operating Officer (COO) of the distribution company, Mr. John Ayodele, in a statement issued in Ibadan, said it was imperative for tariff to be in line with current economic realities as well as ensure the financial and fiscal sustainability of the company in the Nigerian power sector.

He assured that the new tariff regime would ensure that those who enjoy more supply would pay more than those who have lesser access, while appealing for the support and understanding of its customers.

According to him, “The objective of the review is to ensure that IBEDC adjusts its tariff in line with the current economic realities. This is required to meet the new Performance Improvement Plans (PIP) for Electricity Distribution Companies in Nigeria, as well as to achieve financial and fiscal sustainability in the Nigerian power sector. “In order to provide more efficient and reliable service to customers, costreflective tariffs are required to cover the cost of critical investment in infrastructures and other parameters necessary for improved service delivery. “This new tariff design is based on quantity of power supplied as customers will only pay based on availability of supply. “For example, the tariff design is based on the service delivery, such that those receiving 20hrs

supply daily will pay more than those getting 10hrs.�

Ayodele also explained that, the company was mindful of the challenging economic situation occasioned by the global pandemic Covid-19, saying that rising inflation rates and a volatile foreign exchange market compelled the implementation of the new tariff design. “The tariff review is to reflect macroeconomic indices in Nigeria and the global harsh economic realities facing the power sector. “With this tariff, the company amongst other things will be in a better position to roll out more meters, upgrade aging infrastructure and be more responsive to the complaints of customers. “We appeal for the understanding and cooperation of our esteemed customers as we are poised to serve you better�, he said.

MainOne Marks 10th Anniversary Emma Okonji

higher tax payment that jumped by 330 per cent, made the telecommunications firm to end the year with a profit after tax (PAT)of $408 million in 2020, compared with $426 million in 2019.

The Chief Executive Officer of Airtel Africa Plc, Mr. Raghunath Mandava, had said these were a strong set of results which were delivered against their aspirations set out at the time of the Initial Public Offering (IPO), with performance sequentially improving during the year. “These results also demonstrate the strength and resilience of our business and the effectiveness of our strategy – with all three business services, voice, data and mobile money, contributing to revenue growth.

We have also continued to invest in future growth opportunities as we expanded our distribution, modernised and expanded our network with 65 per cent of sites now on 4G, acquired new spectrum in Nigeria, Tanzania, Malawi and Chad, and entered into strategic partnerships in our mobile money business,� he said.

Associated Bus Company Plc closed as the second highest price gainer for the week, chalking up 9.8 per cent. Nestle Nigeria Plc went up by Wema Bank Plc, while UACN Property Development Company Plc garnered 8.7 per cent. Also, Japaul Oil & Maritime Services Plc appreciated by 8.7 per cent, just as FCMB Group Plc chalked up 8.1 per cent.

Other to price gainers included: Champion Breweries Plc (7.9 per cent); Sterling Bank Plc (7.5 per cent) and UAC of Nigeria Plc (6.4 per cent).

Conversely, PZ Cussons Nigeria Plc led the price losers with 21.4 per cent, trailed by Glaxosmithkline Consumer Nigeria Plc with 17.6 per cent. Prestige Assurance Plc shed 17.5 per cent. Dangote Sugar Refinery Plc went down by 16.7 per cent, while Chams Plc and Guinness Nigeria Plc declined by 12 per cent and 11.7 per cent respectively.

Neimeth International Pharmaceuticals Plc shed 11.0 per cent, while Redstar Express Plc lost 10.2 per cent. Seplat Petroleum Development Company Plc shed 9.9 per cent, just as International Breweries Plc closed the week 9.8 per cent lower.

MainOne, a provider of wholesale and enterprise connectivity and data centre services, is celebrating 10 years of delivering innovative, world-class service in West Africa.

The company, in 2010, launched its operations with the inauguration of the first private submarine cable on the West Coast of Africa.

According to MainOne, the company had invested over $400 million in infrastructure in West Africa since inception, as part of its efforts to bridge the digital divide and enable the digital economy.

The investments include submarine cables, terrestrial fiber networks, and Points of Presence (POPs) across the region. “Within this period, the company has delivered services to 10 West African countries and has built Tier III data centers in Nigeria, Ghana

and Cote d’Ivoire hosting the largest institutions and global content in the region, with on-going expansions of its data center footprint in Nigeria and Ghana. “These investments and contributions to the economy have led the company to numerous awards on both local and global stages.

Prominent of these awards are the Datacloud Africa Award for Excellence in Data Centre (Africa) and Africa Cloud Service Provider of the Year; Presidential Enabling Business Environment Council (PEBEC) Impact Award; Lagos Chamber of Commerce and Industry Award for Excellence in Broadband Infrastructure; NTITA Telecoms Wholesale Provider of the Year; Frost and Sullivan Best Practices winner for the Nigerian Data Center Customer Value Leaderships Award; Ghana Telecoms Awards: Telecom Wholesale Carrier of the

Year and Nigerian Telecoms Awards: Broadband Company of the Year, among others,� the company said in a statement.

Reflecting on 10 years in business, Chief Executive Officer of MainOne, Ms. Funke Opeke, said: “We started on this journey to deploy critical infrastructure to bridge the digital divide in West Africa.

While we are pleased that we have made an impact, there is so much more work to be done. “The recent challenges we have faced with Covid-19 Pandemic highlight the need for additional investment and smarter policies to deploy shared infrastructure required to make access to broadband a reality for more Africans at a price they can afford.

MainOne has been leading that charge across West Africa for ten years and we are even more committed to realizing our vision today than we were 10 years ago.�

CHI Limited Expands Covid -19 Relief Efforts CHI Limited said it has donated cartons of nourishing Hollandia Evaporated Milk to several non-governmental organisations, frontline medical workers, and members of the most vulnerable population affected by the pandemic in different communities.

A statement explained that the donation of Hollandia Evaporated Milk would help ease the challenges of vulnerable communities currently experiencing inadequate nutrition, and support health workers by providing healthy dairy nourishment to boost their immunity and wellness as they remain in the frontline fighting to save the lives of people infected with the corona virus disease.

Beneficiaries of the latest gesture by CHI Limited include Nigerian Red Cross Society (Lagos Branch), Nurs-

ing and Midwifery Council of Nigeria (Lagos Chapter), Heritage Homes and Orphanage, as well as Old Peoples’ Home (Lagos State Ministry of Youth, Sports and Social Development).

Chi Limited donated 15,000 cartons of Hollandia Evap Milk to the COVID-19 Presidential Taskforce and to several Isolation & Treatment Centers across States of the Federation. “Hollandia Evaporated Milk is a rich source of calcium and vitamins B1, B6, B12 & D – nutrients which can help to boost the body’s immune system. “With body building protein, fat and carbohydrates which are also contained in the product, medical experts have confirmed that having a healthy immune system is especially important to defend

the body against infections from viruses, bacteria and other illnesses,� the statement added.

Managing Director of CHI Limited, Mr. Deepanjan Roy, said the company has been at the forefront of providing quality, healthy and nourishing products through its Hollandia dairy products to frontline health workers and vulnerable members of society during the ongoing COVID -19 pandemic. “As a socially responsive company, our aim is to support organisations in delivering the healthy nourishment that Hollandia Evaporated Milk provides to medical workers and economically vulnerable groups during this challenging time when maintaining good health is of utmost priority.� he said.

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Adewuyi:GovernmentsMustPrioritiseSupportforSMEs The Institute of Chartered Accountants of Nigeria recently elected Mrs. Onome Adewuyi as its 56th President. In her acceptance speech and inaugural address, Adewuyi had promised to partner with the government to redefine national values, economic priorities and resource utilisation strategies in order to lift a lot of citizens out of poverty. In this interview, she shed more light about her plans for the institute and also spoke about developments in the economy. Obinna Chima provides the excerpts: You were recently elected President of ICAN, what are the programmes that ICAN under your leadership intends to achieve?

The Institute’s plan of action for this Presidential Year has been well articulated in my inaugural/acceptance speech under the theme: ‘Repositioning ICAN for Greater Visibility. During the year, the institute will focus more on its unique selling points: the integrity of its examinations, the technical quality of its members and commitment to the public interest. Given the disruptive nature of the current Covid-19, the institute will leverage technology to continue to provide topnotch services to its diverse stakeholders. As planned, the institute’s syllabi will be reviewed to produce future-ready chartered accountants while the mode of examinations will gradually transit to Computer-based testing in line with global best practices. To enhance the quality of professional practices especially by small and medium-sized practices (SMPs) in the country, capacity building initiatives will be organised while Guidance Notes will be issued to further assist them to tide over technical practice matters. The institute will also partner with the government to redefine national values, economic priorities and resource utilisation strategies in order to accelerate the pace of national growth and development. Above all, the Council under my leadership will ensure strategic relevance and visibility of ICAN in public sector governance; embark on aggressive advocacy and thought-leadership; and defend the ICAN Act. But you have just a year to lead the institute, how do you hope to achieve all these programmes within the period?

The institute has well-structured processes for evolving and implementing programmes such as I have listed. It has over 30 standing committees with well-defined terms of reference while the Council is the governing body that provides the policy directions. Each of these programmes will be assigned to the relevant committee chaired by a Council member. The Council will ensure that these well thought-out programmes are adequately resourced and implemented. As chairman of Council, I will exercise oversight on these committees to ensure that they efficiently deliver on their assigned responsibilities. With the usual support of our Secretariat, made up of professionals and seasoned technocrats, I have no doubt that these programmes will be successfully implemented. Indeed, with this structured institutional arrangement and the impressive track record of the Institute, we are confident that our dream to reposition ICAN for greater visibility is achievable. Let me add that, over the years, we have enjoyed the support of our stakeholders including the Big 4 accounting firms, the three arms of government, the various agencies of government, our international partners such as the International Federation of Accountants and Chartered Accountant Worldwide as well as development finance institutions like the World Bank and the Department for International Development (DFID). We would leverage the rich relationships with these bodies to achieve the programmes for the year.

These days we notice that fresh graduates in accountancy prefer to take foreign professional exams unlike in the past whereby everybody wanted to write ICAN exams. Does it mean that ICAN’s relevance in the economy is dwindling?

Let me note that your observation is not a true reflection of the reality. Over the years, the number of students writing ICAN exams has continued to grow because of the market acceptability of our products arising from the value they bring to their diverse engagements.

Our market share is expanding. The point must, however, be made that the preference for foreign accounting professional certificates, you alluded to, is not so much about the quality of ICAN certificate but the state of the Nigerian economy. Many youths are desirous of migrating to other jurisdictions for greener pasture. These youths believe, rightly or wrongly, that equipping themselves with professional certificates of the countries they are migrating to, would enhance their prospects of securing jobs in such climes. This is not peculiar to ICAN certificates but it cuts across all professions. As you are aware, the ICAN qualification is a global qualification. As a founding and active member of IFAC, the global body that regulates accountancy profession in 130 countries of the world, our standards, practices and certification processes are benchmarked on global best practices.

The ICAN certificate is therefore of equal standard with its foreign counterparts. Indeed, our syllabus aligns with the requirements of the International Educational Standards & Guidelines issued by International Accounting Education Standards Board (IAESB). Besides being one of the largest Professional Accountancy Organisations in Africa, ICAN has entered into Reciprocity Agreements with ICAG, ICAEW and CIMA. This is another testimonial to the quality of our certificate. It is no gainsaying the fact that the Institute’s certificate is the toast of all employers both in the public and private sectors of the economy. Presently, we conduct examinations in UK and Cameroon and have district societies in Canada, USA, Malaysia, UK and Cameroon.

So, what are those things that set ICAN apart from other professional bodies that also have to do with accounting?

Although these are numerous, let me mention a few. Firstly, the Integrity of the ICAN examinations. Since the Institute took over

ideas or plans. Implementation has always been a challenge. There is need to change this narrative.

Adewuyi the conduct its examinations from ICAEW in 1974, its processes have never been compromised. It is the only professional body with such reputation in Nigeria. Secondly, the technical competence of its members. ICAN members are engaged in all sectors of the national and global economy adding value to wealth creation through efficient resource management. As champions of integrity, they discharge their responsibilities professionally, ethically and in the public interest.

Thirdly, its time-tested, trusted, rancour-free succession processes. As you are aware, annually, the Council elects its flag-bearer through a resilient system that has served the Institute’s well since it was established in 1965. I am a proud product of this seamless process. The political class should learn to take a cue from this system. Fourthly, as part of its contributions to Public Financial Management, the Institute recently launched the ICAN Accountability Index (ICAN AI). This is a template for assessing the level of accountability and transparency in resource generation and utilisation by the Federal and State governments. Our Institute is the only body global that has developed this initiative. Indeed, with our permission, IFAC has adopted this for use in other countries. Also, since 1965 when the Institute was established, it has trained and certified over 50,000 chartered accountants from its internally generated revenue. It does not receive subvention from the government. It is a self-financing professional body. The over 50,000 members of the Institute are our ambassadors across every facet of the Nigerian economy.

What is your assessment of manner in which the federal government has responded to the coronavirus so far?

The Covid-19 which started basically as a health challenge has now spread to other sectors. Today, its negative impacts on people and economies of nations have become very profound. As we grapple with its disruptive effects, we must acknowledge the resilience demonstrated so far by the country. Although the nation has not yet succeeded in flattening the curve, the various initiatives designed both to contain the spread of the disease and cushion its effects on the economy are commendable. However, as we acknowledge the efforts of the federal government, through its Presidential Task Force on COVID-19, the relevant agencies of government and the dedication of all frontline workers, more attention needs to be focused, in the short term, on the modalities for the distribution of palliatives to the poor and vulnerable, many of whom have not been reached. This lapse has belied not only commitment to social security initiatives but also made adherence to the various health protocols difficult. The inefficiency in the distribution process should be frontally addressed if the intended objective is to be achieved. Secondly, a critical fallout of Covid-19, is the poor state of the nation’s health care facilities. This shortcoming significantly impaired the capacity of the nation both to accelerate the rate of tests and also adequately accommodate affected citizens in isolation centres. Going forward, the percentage of the budget allocation to the health sector should be markedly enhanced. Only a healthy citizenry can be productive. Thirdly, many entities, especially in the small and medium scale enterprises (SMEs) space need to be financially supported with interest free loans for the informal sector of the economy to rev up again. The SMEs contribute about 50 per cent to the GDP. Thus, they hold the key to the economic recovery of the nation. The government must place greater premium on this sector to achieve a quick exit from the inevitable recession which would occur. In the long term, the issue of economic sustainability should and has rightly taken the front burner with the proactive inauguration of the Economic Sustainability Committee (ESC) by President Muhammadu Buhari, GCFR. As an institute, we urge the government to engage more with critical stakeholders in order to further enrich the draft report before it is approved. In addition, deliberate efforts should be made to adequately resource the various initiatives and monitor their implementation to achieve desired results.

It is common knowledge that the nation has never been short of

Are there policies or measures the government ought to have taken that you feel they have not done?

As I noted earlier, Covid-19 is not just a health challenge, it also has economic and social dimensions. Therefore, there is the need for government to adopt a more robust collaborative approach to the containment measures. There is no better time than now for players in the public and private sectors of the economy to wage a collective war against the impact of the pandemic in the country. The intensity of the liaison with many sub-national governments needs to be improved. Furthermore, as the government is striving to save the lives of the citizenry, deliberate efforts should also be made to save their livelihoods as antidote to unemployment, hunger, crime and criminality. As survival strategies, many corporate entities may be constrained to lay off their staff with negative implications for aggregate demand, savings and investments. To preclude them from taking this route, the Ministry of Industry, Trade and Investment, the Central Bank of Nigeria and Development banks should engage the Organised Private Sector to accurately determine areas where support would be most desirable and effective. The nation can take a cue from the UK COVID-19 job retention scheme for staff of SMEs to protect jobs. Staff furloughing, in this manner, appears inevitable and should be considered and extended to critical sectors.

Has the pandemic in any way affected ďŹ nancial reporting?

The pandemic is disrupting every aspect of business activities including financial reporting by entities. In fact, within two weeks, the Financial Reporting Council of Nigeria (FRCN) issued two different but mutually reinforcing guidelines for preparers of financial reports. This shows the extent of the impact of the pandemic on financial reporting. There have been issues around transparency and disclosure. The FRCN has now mandated preparers of financial reports to disclose the principal risks and uncertainties that they face because of Covid-19 outbreak in their interim reports. There are also other issues of concern in preparing financial reports including going concern of an entity as a result of the pandemic, changes in expected credit losses for loans and other financial assets.

What is your outlook for the second half of the year?

As the global economy battles the Covid-19 pandemic, it may take a long time before many economies return to full capacity operations.

For us as a nation, the first half of the year appears to have been lost to the crisis as economic activities have largely been put on hold.

Without pre-empting the National Bureau of Statistics, we expect to hear that the nation recorded two quarters of negative growths during the first half of the year. In other words, recession may have set in as evidenced not only by the sharp decline in the recent FAAC allocations to tiers of government but also, by the general decline in economic activities. Therefore, we look forward with cautious optimism at the second half of the year as the easing of lockdown progresses. We hope that the fiscal and monetary incentives announced by the government and CBN will be scrupulously implemented to avert possible negative growths in the third and fourth quarters.

Given the current situation in the oil market, the nation’s revenue will be seriously challenged. It is, in this respect, that we urged the government to revisit the proportion of the budget devoted to debt servicing. We need resources to oil the local economy. Thus the nation should seek debt moratorium from its debtors. Put simply the growth trajectory in the country in the second half of the year would remain slow and poor. All hands must be on deck to preclude the economy from sliding into a depression. We urge all actors in the economic value chain to resolve to demonstrate uncommon commitment to implementing the various growth strategies as contained in the draft Economic Sustainability Plan.

MONDAY JUNE 29, 2020 • T H I S D AY

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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

L-R: Initiator of Eradication of malaria in Africa, Prince Ned Nwoko; Honorable Minister of state for Labour and Employment, Festus Keyamo and Project Coordinator, Mr Chukwuebuka Anyaduba; during a courtesy visit to the Minister to seek collaboration on eradication of Malaria in Africa. in Abuja...recently

Senate President , Senator Ahmed Lawal (left ) and Governor of Imo State, Hope Ozodinma during the National Executive Council meeting of the All Progressive Congress (APC) at the Council Chambers of the Presidential Villa, Abuja...recently PHOTO: GODWIN OMOIGUI

L-R: Governor of plateau State, Simon Lalong; Niger State Governor, Abubakar Sani Bello and Ekiti State Governor Dr. Kayode Fayemi, during their solidarity visit to APC national secretariat, Abuja...recently PHOTO: ENOCK REUBEN

L-R: Registrar, Governing Council, Lagos State Cooperative College, Mrs. Risikat Osomo; Special Adviser to the Governor on Commerce, Industry & Cooperative, Hon. Oladele Ajayi; Deputy Governor, Dr. Obafemi Hamzat and Commissioner for Commerce, Industry & Cooperative, Dr. Lola Akande, at the Inauguration of the Governing Council of the College, at Alausa., lkeja....recently

L-R: Brand Director, Domino’s Pizza, Mr Othman Sankari; Director General, Lagos State Safety Commission, Mr Lanre Mojola; Marketing Director, Eat’N’Go Limited, Mr Ilyas Kazeem; and Quality, Health, Safety and Environment Manager, Mr Elo Okinedo, during the VeriďŹ cation of safety measures and protocol by LSSC, in Ikoyi, Lagos...recently

Chairperson, Nigeria Association of Women Journalists (NAWOJ) and founder of Help Women Foundation, Mrs Ayobola Olupinla (right) presents gift to a beneďŹ ciary during the launch of her NGO, in Ilorin...recently

L-R: Member, Arewa Lives Matter (ALM), Maimuna Usman; Convener of Arewa Lives Matter (ALM), Bilal Adamu and Wellfare Director, Usman Abdulhameed, during a press brieďŹ ng to call for an end to killing in northern Nigeria, in Kaduna...recently

L-R: Ambassador Gideon Okeke; Ambassador, Ego Nwosu; Chief Executive OďŹƒcer, Nevada Bridge TV, Neville Sajere and Ambassador Alexx Akubo, during the launch of Nevada Bridge TV Ambassadors in Lagos...recently

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T H I S D AY Ëž JUNE 29, 2020

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

Post COVID-19 and Flexible Working Arrangements Adaku Ezeudo

T

he concept of flexible working arrangements (FWAs) has been on many executive’s lips across Nigeria for a number of years now. However, for one reason or another, progress on the implementation of this new way of working has been slow.

Until recently, that is, earlier this year, with the global spread of the novel corona virus, COVID-19, many businesses around the globe have been left with little option but to send their staff home. Faced with the choice between halting operations entirely, and establishing remote working practices, most businesses have gotten on board with the latter.

When a decision like this is foisted upon us, it is uncomfortable. We weren’t ready for it. Many staff didn’t have appropriate workstations set up at home and managers had to learn to manage their teams remotely without any training or lead in time. Of course it was going to be difficult.

But somehow, despite the setbacks and false starts, in the time of COVID-19, by and large, remote working has been a success for most companies.

The question, however, now turns to what happens next. Given that remote working, one of the most sought-after forms of FWAs, has enabled business to keep working over recent months, with some preparation and attention to detail, could FWAs benefit all parties even more as we move forward?

As we begin to relax restrictions and life returns to normal over the coming months, should employers presume that returning their entire workforce to their usual place of work is the natural next step?

Although FWAs are yet to be mainstreamed in Nigeria, they have been emerging as a real alternative to traditional work practices in other jurisdictions over the recent years. In the United States, 4.7 million people were working remotely at the start of this year.

Despite the fact that less than 10% of the jobs advertised in the UK offer flexibility, 92% of millennials claim it is one of their top priorities. It’s not just younger people, however, 70% of UK employees believe flexibility makes a job more attractive, while older people are attracted to the idea of winding down to retirement with a FWA. According to the Society for Human Resources Management Future Insights Report, of 2014, workforces are aging across the globe and more employees will be dealing with multiple caring responsibilities, multiple paid jobs and staying in the workforce longer, which all have an impact on the availability of staff to work full time.

At home, the Nigerian tech sector has proven there is an alternative to traditional working arrangements, an alternative that is recognized by more workers as a result of COVID-19. The tech sector, globally, is noticeable for its proliferation of young companies which are run and operated by young, tech savvy staff. The speed at which the digital space evolves necessitates a fresh, agile approach. It’s not surprising that the tech sector in Nigeria has been the first to adopt FWAs. By providing flexibility for their staff, tech start-ups can operate in a lean, cost-effective way. As the sector has expanded, it has brought with it an increase in short-term, contract, and freelance positions. Therefore, not only is how work is performed evolving but so, too, is the entire basis of employment.

When we look at the impact of our current mode of working in Nigeria, it has a significant impact on the personal lives of staff. Long commute times, extended office hours, and the necessity for parents to spend so much time away from their children are just some of the factors that have long been seen as the price of career success.

Cultural considerations are also important. Increasingly, people want to choose their lifestyle and have their career support it rather than the other way around. The

Open oďŹƒce design availability of FWAs has allowed employees to navigate conflicts arising from competing demands of lifestyle versus career. It is not just those with caring duties who are eager to adopt FWAs, those in education may want to schedule work around classes, while for others it is simply more convenient to work on a shift or split shift basis. According to Owl Labs Global State of Remote Work 2018 study, 14% of people identified a better work-life balance as their main reason for opting to work remotely.

Interestingly, in South Africa, 66.9% of state agencies offer FWAs because they see it as a way to help their staff achieve a greater work-life balance.

Research has shown that FWAs are not just beneficial to employees but to business too. The benefits to employees are largely understood and include eliminating a stressful commute, more time at home with family, greater access to positions for working mothers, and those with disabilities, in addition to more energy and creativity. However, the benefits to business are not quite as well understood, and yet, workplace flexibility is a growing business strategy for companies that want to attract and retain a more diverse, virtual and global workforce.

When you want to attract the best talent, providing flexible working arrangements outside of the norm can give you the competitive advantage. Not only will you be able to hire the best talent, but you’re more likely to keep them as FWAs have been shown to result in increased employee loyalty and reduced staff turnover.

Workers who avail themselves of FWAs are more engaged, more productive, and present with less absenteeism.

A wider catchment area can increase the number of suitable applicants during recruitment. When your staff have the option of avoiding rush hour or working remotely, it encourages those further away to apply when they otherwise may not have done so.

You can also attract a more diverse talent pool, including mothers who want flexibility to look after their family and those with disabilities who can do an excellent job but who may face challenges in a traditional office setting.

When you introduce FWAs, none of these concerns matter and you attract the best, most talented person for the role. A more diverse workforce also has a whole host of benefits - fresh ways of thinking, different problem-solving abilities and an improved brand perception are just some of them.

Staggering working hours, based on company needs and staff preferences, allows you to respond to customer queries around the clock, which results in better customer service provision.

Flexible working arrangements can also have a direct cost reduction. Less office space is necessary and transport costs,

Photo: Google which are covered by some employers, are also cut as your employees no longer need to commute to work.

Of course, the shift to flexible working arrangements requires effort. Changes are necessary to allow our workforce to enjoy more flexible working arrangements and the benefits they bring. We can group these into two pools, changes to mindset & culture, and changes to tools & infrastructure.

In looking at tackling tools and infrastructure in Nigeria, we have concerns around the availability of reliable power supply and data connectivity necessary to work off-site.

Co-working spaces are becoming more mainstream in Nigeria, with 71 across the country in 2017, but this is from a low base.

In 2011, there were only 2 and, still, the majority of the hubs are based in Lagos and surrounding areas.

Although remote working can allow the business to draw from a wider talent pool, good internet and phone lines are essential.

If the employee is located in an area where they cannot access the systems or virtual meetings necessary to deliver work requirements on time, a problem can emerge.

Another consideration is the cost of remote working. Where an employee bears the cost of power consistently, this can mount. Employer support can combat this but must be balanced against the costsaving measures secured by FWAs. Finally, data security is a big concern for companies allowing staff to operate off-site. Adherence to data security policies is important but so is the infrastructure to protect sensitive data.

The financial implications of investment in such infrastructure can become a challenge to implementing FWAs in some organisations.

Outside of infrastructural concerns, the biggest evolution required to ensure flexible working success is a change of mindset. I recall a conversation I had last year with the CEO of a Nigerian-based financial services company. The company was struggling to retain its younger workers and wanted to explore ways to remedy this. When I mentioned that FWAs are a very attractive option for younger staff, this director was reluctant to entertain the idea. “How will I know what they are doing?�, he queried.

Ernst and Young Ireland’s People Advisory Services Director, Olivia McEvoy, believes the success of flexible working depends on collaboration, trust, and leadership. Yet, these are precisely some of the greatest barriers to the success of FWAs. Perceiving a loss of control over operations, a reluctance to change from traditional working arrangements, and a lack of trust need to be identified as risks and addressed accordingly. Shifting the company focus from time-based goals to result-based goals so that set deliverables are achieved but perhaps in a shorter time frame is a good

starting point.

All-important trust is a two-way street.

While the company has concerns about accountability, staff may worry about having access to the full details to perform to their best ability. When the company communicates clearly, provide exact expectations, and allow staff to get on with the job at hand, usually, they will return that trust with excellent work.

When staff are given the opportunity to work from home or in another flexible location, they no longer have the structures they may have depended upon to deliver their work in a solid, reliable fashion. Without those structures, they require guidance, support, and leadership.

Deloitte found that 84% of workers see employee engagement and productivity as being linked. This means that managers need to step up how well they engage their teams. This may take the form of regular phone calls to assess progress and to troubleshoot problems as they arise. Acting as a good role model is not just a good idea, it is vital. The idea of ‘do as I say, not as I do’ does not inspire workers nor spur them on to give of their best. Showing how to get the necessary work done within timelines and encouraging employees to enjoy the rest of their time as they see fit, however, can create incredible results.

According to FlexJobs annual survey, 65% of respondents are more productive when working from home due to fewer interruptions. To see this become a reality, training and effective communication are imperative.

For FWAs to succeed, they need to deliver the benefits to both the employee and the employer consistently. This is possible, the technology to allow open communication is there. With free programmes that allow video conferencing, project management and document management, the capabilities for flexible working are available. It is the people and the systems, training and tools we implement which will dictate whether FWAs can be a success for business into the future.

With increased productivity and reduced costs as just some of the benefits, it makes sound business sense to explore this for the good of your company and your staff.

It will require work to ensure it flows, but there is help available to businesses to make it a success.

This writer works with business leaders and their companies to devise strategies to successfully lead remote teams, foster teamwork within remote teams and communicate effectively across diverse teams.

When these strategies are implemented everyone involved can reap the benefits, not just today, but for the long-term. ... Ezeudo contributed this piece from Dublin, Ireland where she is the CEO of Phoenixrize Consulting and can be reached on adaku@phoenixrize.ie

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T H I S D AY Ëž Í°ÍłËœ 2020

BUSINESS/MONEYGUIDE

N1.3bn Debt: AMCON Takes over Unicorn Place & Leisure’s Assets James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË Following the order of Justice Saliu Saidu of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over a N1.3 billion indebtedness.

In compliance to the enforcement order, AMCON disclosed in a statement by the Corporate Communications Department of the Corporation, Jude Nwauzor, that last Thursday, it took effective possession of the two properties through its Debt Recovery Agent – Kayode Ajekigbe of Chris O. Okunowo & Co, which include properties situate at 1 &

2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos State.

The court also ordered that the bank accounts of the company and its major stakeholders, Nwabuoku and one other Ifechukwu A. Onyema, be frozen pending the final determination of the suit. “The case of Unicorn Place & Leisure Services Limited and its promoters has been interminable because the loan was purchased

by AMCON during the 1st phase of its Eligible Bank Assets (EBA) purchases from Keystone Bank since 2011. “Since the purchase, AMCON has offered the obligor all sorts of concessions and explored all avenues to resolve the debt

harmoniously, but the obligor and his company Unicorn Place & Leisure Services Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON,� it added.

The statement further explained that all avenues of peaceful resolution were explored to no avail before AMCON made the hard decision, which led to the eventual takeover of the assets.

Nwauzor, said AMCON before now held several meetings with the obligor and arrived at agreements in principle, the obligor always made a turnaround to default, leaving AMCON with no other option than to approach the court and in the wisdom of the honourable court secured the order to take over.

UBA Organises Quarterly Business Forum The United Bank for Africa (UBA) Plc will be hosting its UBA Business Series on Tuesday, June 30, 2020.

The event, which is held quarterly, is a capacity building initiative where leading business leaders share insights on best business practices on how entrepreneurs can build a sustainable business empire especially in the challenging business environment in Africa.

In this edition, which will be held via Microsoft Teams, UBA will host the Managing Director/ Chief Executive Officer, Airtel Network, Mr. Segun Ogunsanya, who will give tips to business

leaders and participants on ways to ensure their businesses survive especially in the wake of the Covid-19 pandemic.

Ogunsanya is expected to speak on, “Strategies and competencies for adjusting to a Post COVID-19 Business Environment,� and will aim to equip business owners with the important and essential strategies on how to recover and rebuild their business concerns following losses incurred due to the pandemic which took the world by storm, thus forcing many businesses to re-examine their models and strategies in line with the new normal.

A statement from the bank

quoted its Group Head, Consumer and Retail Banking, Jude Anele, to have said that far beyond banking services, UBA was interested in ensuring that customers and entrepreneurs run businesses that can stand the test of time, adding that the Business Series, would arm business leaders with all the knowledge and experience required to take their businesses to the next level.

He added: “Even in this period of the pandemic, it is interesting to note that some businesses are still making it big. How? You will ask, these are some of the questions we will address in our seminar on Tuesday.

Sterling Bank Unveils New Initiative for Customers Nume Ekeghe Customers of Sterling Bank Plc now have the benefit of enjoying passive monthly income courtesy of the bank’s ‘One Partner’ programme.

Targeted at entrepreneurs and upwardly mobile young Nigerians and those in the diaspora, the programme allows customers generate a second income by referring their family and network of friends to use unique Sterling Bank products.

Divisional Head, Retail and Consumer Banking, Sterling Bank, Mr. Shina Atilola, disclosed this in

a statement saying, the initiative offers Nigerians a taste of truly passive income. “Joining the One Partner Programme will ensure consistent and long-term income for customers on each newly introduced relationship. So, the more people a customer refers, the more each customer gets paid on their monthly balances for up to five years!

The possibilities are truly limitless despite the times,� he enthused.

Atilola added: “One Partner Programme could also serve as a source of income for

employed persons who have a good network. Obviously, everyone does have a network in their social, religious, and other cycles.

The programme is providing a platform for people to use their networks to improve their net worth.�

He further disclosed that the referral scheme is targeted at self-driven and passionate individuals who can leverage their relationships to create value. Such individuals could be entrepreneurs, professionals, ex-bankers, community leaders, civil servants, and pensioners, among others.

Ahmed Kuru

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

SEPTEMBER 2019 Money Supply (M3)

35,029,779.72

-- CBN Bills Held by Money Holding Sectors

7,374,356.91

Money Supply (M2)

27,655,422.82

-- Quasi Money

116,533,891.21

-- Narrow Money (M1)

11,121,531.60

---- Currency Outside Banks

1,625,047.69

---- Demand Deposits

9,496,483.91

Net Foreign Assets (NFA)

13,911,335.83

Net Domestic Assets(NDA)

21,118,443.89

-- Net Domestic Credit (NDC)

35,918,179.45

---- Credit to Government (Net)

10,452,199.38

---- Memo: Credit to Govt. (Net) less FMA

11,007,422.79

---- Memo: Fed. and Mirror Accounts (FMA)

25,465,980.07

---- Credit to Private Sector (CPS)

-14,799,735.56

--Other Assets Net

7,000,253.07

Reserve Money (Base Money

2,005,600.83

--Currency in Circulation

4,677,530.81

--Banks Reserves

317,121.43

Ëž Ă™Ă&#x;ĂœĂ?Ă? Ě‹

Money Market Indicators (in Percentage) Month Inter-Bank Call Rate

March 2018 15.16

Minimum Rediscount Rate (MRR)

EcobankExtendsZeroChargeforDigitalMoneyTransfers Ecobank Nigeria Limited has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year.

In addition to the free USSD session fee currently enjoyed

by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD - Ecobank *326# can continue to enjoy zero fee charge for digital money transfers

below N5,000, the bank disclosed in a statement. The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of the coronavirus.

The decision to extend the zero-charge policy was hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with

the ongoing social distancing campaign targeted to check the spread of Covid-19.

According to the Head, Consumer Banking, Ecobank Nigeria, Olukorede DemolaAdeniyi, “As a bank, our priority is people’s wellbeing. We place great emphasis on rewarding and identifying with our customers and citizens of Nigeria especially at a time like this.

Osinbajo,KatagumforWorldMSMEDay James Emejo Ă“Ă˜ ĂŒĂ&#x;ÔË Vice President Yemi Osinbajo, Minister of State for Industry, Trade and Investment, Mrs. Maryam Katagum will alongside other stakeholders discuss the opportunities and challenges of the Covid-19 on micro, small and medium scale enterprises (MSMEs) in the

country.

The conversation slated for June 30, 2020, is part of activities to commemorate this year’s World MSME Day, with the theme: “Covid-19: Great Lockdown and Impact on Small Businesses.�

Other dignitaries expected at the engagement which will be held via web conference

include Director General/Chief Executive, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, as well as chief executives of the Bank of Industry (BoI), Development Bank of Nigeria (DBN), Industrial Training Fund (ITF), UNIDO, NIRSAL among others.

Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă™Ă˜Ă?ĂžĂ‹ĂœĂŁ ÙÖÓĂ?ĂŁ Ă‹ĂžĂ? Ě‹ ͯ͹Ϲ

OPEC DAILY BASKET PRICE Ëœ Í°Íł Í°ÍŽÍ°ÍŽ

The price of OPEC basket of thirteen crudes stood at $37.18 a barrel on Thursday, compared with $38.17 the previous day, according to OPEC Secretariat calculations.

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

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T H I S D AY Ëž Í°ÍłËœ Í°ÍŽÍ°ÍŽ

MARKET NEWS

NSE Lists Benefits of Sustainability Reporting for Quoted Firms Goddy Egene The adherence to the disclosure of environmental, social and governance (ESG) principles is increasingly becoming a tool for meaningful engagement between investors and listed companies.

The Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, stated this recently, at a virtual Facts Behind the Sustainability Report(FBSR), sponsored by Courteville Busi-

ness Solutions. “Today is yet another historic day for sustainability at the NSE as we host the first virtual FBSR. We are pleased that Courteville Business Solutions Plc has chosen to champion the maiden edition of this series and we commend the board and executive management for their leadership in integrating sustainability into the core of their business operations. “We encourage Courteville Business Solution Plc to continue

P R I C E S MAIN BOARD

F O R DEALS

adhering to high standards of corporate governance, deepening its social impact, exceeding regulatory compliance levels, and delivering greater returns to its shareholders,� Onyema said.

On his part, the Group Managing Director, Courteville Business Solutions, Adebola Akindele said: “I must thank the management of the NSE for once again allowing us to be the poster company for medium-sized enterprises and

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

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to headline this maiden event. “In our bid to institutionalise sustainability goals and integrate into our corporate governance, we created the Social Capital Management Unit (SCMU) in line with the NSE’s Sustainability Disclosure Guidelines. We have recorded impressive results across economic, environmental, social and governance standards and we continue to build on our efforts, ensuring that we remain transparent and accountable to

T R A D E D MAIN BOARD

A S

our stakeholders.�

The event also featured a special presentation from Chair, Business and Sustainable Development, University of Edinburgh Business School, Prof. Kenneth Amaeshi, who highlighted the value of sustainability reporting.

He noted that, “Sustainability is an impact management mindset for organisational and societal benefits, and a good sustainability strategy is deeply rooted in transparency

O F

and disclosures. Sustainability reporting can, therefore, be viewed as a health check for organisations to see how they can improve performance, build trust and improve efficiency.�

With the outbreak of Covid-19 globally significantly influencing the way businesses go about their operations, the NSE continues to leverage technological infrastructure to maintain remote operations and engage stakeholders.

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T H I S D AY Ëž Í°ÍˇËœ Í°ÍŽÍ°ÍŽ

FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

A Ray of Light in Makoko Vanessa Obioha gives a first-hand account of Makoko, a Lagos community where poverty is as prevalent as the lagoon waters that surrounds it

An aerial view of Makoko community

Noah Whanyinna School

T

here is a hint of opulence as you drive into Makoko community in Yaba area of Lagos State. Storied buildings with clean lawns and trees line both sides of the tarred road. The headquarters of popular music channel, Trace Naija is nestled in one of the gated estates along the road.

The illusion of wealth, however, fades as you proceed further into the heart of Makoko community. The storied buildings give way to crowded tenement buildings. There are no clean lawns or shade trees; the road is narrower as humans and cars struggle for space on the crowded market street.

This part of Makoko comprising two villages: Sogunro and Apollo is regarded as the mainland area of the popular slum in Lagos state. A shortcut from the market street takes you down a maze of alleys that lead to the jetty, filled with shabby buildings so closely built that residents are often seen lounging in front of their houses. Children, barely clothed and bare-footed gleefully play cops and robbers in the alleyways littered with rubbish. They never hesitate to greet or smile at an unfamiliar face but quickly retreat when reproached by elders. To the children, this is their world and they are not ashamed of it.

At the jetty a row of boats line up the Makoko waterfront like an impoverished version of Venice, the popular lagoon city in Italy. In Makoko, there are no Grand Canal thoroughfares surrounded by piazzas or Gothic palaces. Instead, there are wooden houses, built on stilts surrounded by waste.

In this slum, that Noah Shemede, the owner of the only school in the waterfront, Noah Whanyinna Nursery and Primary School — the popular floating school that was the subject in one of renowned filmmaker Femi Odugbemi's documentaries — was born, raised and still lives. Not that he can't afford to move to greener pastures, but he feels at home in the slum which is home to an unknown number of persons.

On our way to the jetty, many stopped by to greet him, hailing him 'The Honourable', a title he acquired when he contested for the council leadership in the area. He didn't pursue the dream too far.

A boat was waiting to convey us to the School Area where his school is located. Shemede refers to the boats as cabs. One can choose to take a VIP ride or share with other passengers. The former will cost a rider N200 while the latter goes for N50. The boat drivers, mainly young men and boys use the boats as a source of livelihood. As the only means of transportation in the waterfront, many families own boats.

Some are as small as canoes and the big ones are used to transport heavier goods. Those who can't afford a boat borrow one from neighbours or wait for passing boats to pick them up at designated spots.

Like the busy roads of Lagos, the waterways in Makoko are also busy. The good thing however is that there are no traffic or accidents despite the bumps and clashes. For a first-time visitor, the experience can be scary,

Children watching VR ďŹ lm in their class particularly when two boats are facing each other, as if a head-on collision is imminent. Such happenstances are common in Makoko. Even when the boat rocks, neither the passengers nor the drivers exude fear, rather they use their paddles, hands or feet to steady the boat.

Noah Whanyinna School stands magnificently on the waterfront. It received a facelift last year through the help of She Builds Life Foundation. The floating structure is replaced with another wooden structure with a sandy assembly ground that is supported by planks to prevent it from sinking. Shemede revealed that the building is not complete yet.

However, the school got another uplift earlier this year. For the first time in the school, and perhaps, first time in Makoko, they had access to electricity through the intervention of award-winning filmmaker, Joel Benson.

Benson's relationship with Shemede dates back to 2010 when he was still working with the celebrity photographer Kelechi Amadi-Obi. They had come to do a shooting for a TV personality, Funmi Iyanda. Since then, the two developed a cordial relationship, with Benson rendering help to the school, the best way he could, every now and then.

Having done a similar project in Chibok, Borno state, last year, when he got a kindhearted Nigerian to donate solar panels to families of the kidnapped girls, Benson narrated how his friends from Israel took interest in Makoko during their visit earlier in the year.

"They stumbled on Makoko while plying the Third Mainland Bridge on their way from the airport to my home. They were intrigued by the scenery and and were keen on visiting the place. When we came, it was a spur-of-the moment decision, we all decided that we'll make our project film for that training on the school, and I will use the content to raise funds to support the school," he said.

At the time of making that decision, Benson had no idea who would buy into his vision for the school. Providence however made his path cross with that of Adaobi Oniwinde, the Policy and Partnerships Manager of All On, an investment company seeded by Shell.

"I only showed her the rushes and she

was blown away. She asked me what we could do for the school. I told her we could hear the kids screaming at the top of their voices, because the generator was on when we were filming. Since she worked in the power sector, she quickly understood what was most needed. At that moment, Oniwinde made the decision to provide solar energy to the school. She told me that it will not cost her anything to make a difference in the lives of these kids."

But before they could install the solar panels in the school, the COVID-19 pandemic set in and the state was locked down. As the days rolled into weeks, Oniwinde worried that time was passing by. She gave Benson a call asking him how the children were coping with the lockdown. That conversation led to a call to Shemede who informed them that he was worried about the children since schools were shut. He disclosed that there were plans to buy radio sets for the primary school students so they could take part in the Lagos state educational programme on radio. He told Benson that he feared that the students may be discouraged from continuing their education.

Shemede's fear stemmed from the troubles he went through to convince parents to send their wards to school when he started in 2009. He recalled inviting about 100 parents to educate them on the importance of education. Only 64 responded.

"The main vocation here is fishing so naturally, parents want their children to toe that path. They believe fishing is everything. I also had the same mindset. My parents used to flog me before I could go to school. I hated school then. My mindset changed however when I went to secondary school on land. I met people from different backgrounds and different ideals. They made me realise the importance of education. So I made up my mind to groom the next generation, to enlighten them on the importance of education. We have about 270 students in college today."

After much deliberation, Benson suggested to Oniwinde that they buy smart TVs for the nursery school students so they could watch

educational programmes on TV. Oniwinde welcomed the idea.

On Children's Day, May 27, Whanyinna School bade goodbye to generator sets. New solar panels and smart TVs were installed.

For the children, it was a delight to see their classes illuminated. They looked on excitedly as Benson and his crew went about the installation. However, the icing on the cake for the children was when Benson decided to take them to Ethiopia through a Virtual Reality film.

The experience was surreal for the children who may never know another world apart from theirs.

Their excitement didn't miss the eyes of Oniwinde.

"Most of these kids may never get to leave Makoko, let alone Lagos. Yet in the same way I first visited Makoko via a Virtual Reality headset, these kids got to visit Ethiopia on Children’s Day. The possibilities of learning using virtual reality are endless. This is especially true in a post COVID-19 world where, our ways of learning, working and doing business have changed. We may have entered an era in which online learning is the new normal and virtual reality becomes the game changer."

Even though she had been to Makoko virtually before her physical presence in that community, nothing prepared her for the gamut of emotions that ran through her when she finally arrived there in person. “I’d seen a documentary about, read and heard loads about how people in Makoko live. But nothing could have prepared me physically or emotionally for what I witnessed.

The idea that about a quarter of a million people live and thrive in a community built on stilts over a heavily polluted lagoon is mind boggling. I was first struck by their way of life. Everything happens on water. Kids are born, grow up and learn to do everything surrounded by pollution and poverty. There is no 'proper' infrastructure for sanitation, health care, commerce or education. Yet, remarkably the community is alive and thriving. I was emotional, sad and impressed all at once that people in our backyard here in Lagos live like this and yet there isn’t any kind of government intervention to help this community."

Indeed, the plight of Makoko has been overlooked. The waterfront area which is made up of four villages Oko Agbon, Adogbo, Migbewhe, Yanshiwhe is like a forgotten nightmare of the state government. During the lockdown, the area was not listed among the households to receive palliatives from the state government. More disturbing was the absence of the Lagos State Universal Basic Education Board (SUBEB) — which responsibilities include co-ordinating and supervising teaching and learning in public primary schools and junior secondary schools in the state in Makoko.

The Lagos State government agency is not even aware of the Noah Whanyinna School, according to Shemede.

But with the likes of Benson who is bent on making films that will transform society, more Oniwindes can be moved to bring a ray of hope to a forgotten community like Makoko.

39

T H I S D AY Ëž Í°ÍˇËœ Í°ÍŽÍ°ÍŽ

FEATURES

Turning Agriculture into a Wealth Creating Sector Ehi Braimah

F

arming is becoming an attractive vocation to Nigerians because food is a basic and essential need for survival. Without food in our stomachs, everything else is meaningless. A hungry man, mind you, is an angry man; and hunger virus, just in case you didn’t know, is deadlier than coronavirus, according to some people.

I’m not referring to the famous “stomach infrastructure� which has been formally adopted in our political lexicon.

Hunger is a universal language -- it does not discriminate on the basis of colour, creed, region, class, status or religion. When you are hungry, the enzymes will gnaw at your intestines in the absence of food and this is the commonest cause of ulcer. The food types available -- depending on affordability -and their nutritional values are a different kettle of fish altogether. According to nutrition experts who insist on balanced diets, we need an average of 2,300 calories as energy for our daily activities. This energy – after being converted to glucose -- comes from the food we eat.

As I was writing this piece, my plate of fresh bitter leaf soup was served. The leaves were plucked by my wife from our “farm� at the backyard of our house.

How convenient! We also have other plants including water leaf, spinach, scent leaf (efinrin in Yoruba), lemon, yam, coconut and crunchy rose apple that we harvest regularly.

Previous governments launched “Operation Feed the Nation� and “Green Revolution� but these initiatives, as laudable as they were, largely ended as mere slogans. They were politicised because we went to bed every night on empty stomachs. But it shouldn’t be so if we plan properly. Nigeria is blessed with about 84 million hectares (304, 843 sq km) of arable land and natural endowments such as favourable weather, fertile soil and an energetic youth population. The agriculture sector has the potential of providing the largest employment in the country if we embark on mechanised farming. Due to inefficiency in the process and because we have mainly small holder farmers who farm on less than half a hectare of land each, the volume per yield per hectare is small.

Recently, Alhaji Lai Mohammed, the Minister of Information and Culture and Alhaji Sabo Nanono, the Minister of Agriculture and Rural Development, announced at a joint press conference that the federal government is set to implement a programme called “Green Imperative�. Although this initiative is similar to “Operation Feed the Nation�’ and “Green Revolution� -- two previous food security intervention programmes that failed woefully – it appears the approach this time is different and more strategic.

The project said to be worth $1.2 billion is a product of a Nigeria-Brazil Agriculture Development Programme that would be funded by the Development Bank of Brazil and Deutsche Bank over a period of five to 10 years based on a decision taken four years ago to enroll in Brazil’s Government-to-Government More Food International Programme. The expected benefits of this collaboration, according to the Ministers, includes strengthening food security, boosting mechanised farming, creating over fivemillion jobs and injecting about $10 billion into our economy.

We do not need anyone to remind us that Nigeria is an important country in the world but we are yet to establish our importance and dominance because we are not associated with any known global brand. That is one way we can tell our stories that make sense to a global audience. In an earlier article, I stated that Nigeria can become famous for agriculture by establishing our leadership in a global food brand category. Africa has 21% of the world’s land mass but most of the land is not usable – only 7% is arable land.

Braimah Nigeria is the largest country out of the 54 countries in Africa. We not only have the largest population of about 200 million people but we also have the largest economy. As you can see, we are so blessed but we have refused to take advantage of our blessings and strategic positioning. We haveanother important characteristic -- Nigeria has a larger percentage of arable land than any other country in Africawhich is why Nigeria is often called The Breadbasket of Africa. Nigeria has 33% of the arable land in Africa compared to Morocco with 19%; Cameroon 13%, South Africa 12%, Ethiopia 10%, Cote d’Ivoire 10% and Kenya 8%.

Dr Akinwunmi Adesina, President of the African Development Bank (AfDB) and Nigeria’s former Minister of Agriculture and Rural Development, wants food security for Africa. “The future of food in the world will depend on what Africa does with agriculture. Therefore we must change our view on agriculture,�

Dr Akinwunmi said. “Agriculture is not a development activity or a social sector; agriculture is a business. We must not use agriculture to manage poverty; instead, we must use agriculture to create wealth,� the AfDB President explained for the benefit of African leaders.

From what Dr Akinwunmi said, agriculture is big business andwealth creating sector. By 2030, Dr Akinwunmi projected that the food and agric business in Africa will hit $1 trillion, and he advised those thinking of how to make money to shift base to the sector. Even without the prompting of Dr Akinwunmi, Nigerians have come to realise that the oil wells would dry up someday and agriculture will definitely form the basis of our industrialisation.

Are you hungry? Are you ready to farm? Now is the time to join the “agriculture revolution� train – don’t be left out. Lolu Durojaiye, an audio-visual production specialist and business associate, told me he was seriously thinking of farming in view of the damaging impact of COVID-19 on businesses. “Food is an everyday need,� Lolu said to me as we reviewed the significant losses of revenue in our business activities. “I can get an acre of six plots in Odogbolu, Ogun State, for about N150,000.00. Two and a half acres makes one hectare, and to get started, it is advisable to purchase a minimum of five hectares or 75 plots of land. So with roughly N2m, I can get the land to start farming,� Lolu added confidently.

What Lolu has in mind is commercial farming which has become widespread.

The truth of the matter is that we can actually feed ourselves and still have enough for the export market. Also

speaking in the same vein, Thomas Ayodele, a farmer, long standing colleague and Managing Director of Ayotomi Farms Limited, told me in a revealing conversation that farming is good and very peaceful because you deal with nature. “However, farming is broad in scope and as in other professions, farming cannot be for everyone. I grow veggies which is my area of specialization,� Thomas said. “A potential farmer should acquire knowledge through practical training (not virtual) because farming is a serious business. Once you decide you want to farm, look for a sizeable land, about 80 to 100 plots, in a remote area that is not too expensive. You must investigate the history of the land to know what you can plant. You also need to know if the soil was previously contaminated before you start planting. “Presently, I plant tomatoes, pepper and cucumber on commercial scale. In farming, the critical success factors include land, finance, water (you have to sink a borehole) for all year round irrigation, electricity supply, quality seeds, committed farm hands, soil condition, farm implements, supply of fertilizer, access to market and knowledge of the market (understanding the forces of demand and supply), crop protection, the cultivation calendars between the northern and southern parts of the country, where to get chemicals for treatment of plants, dependable infrastructureincluding good roads, overcoming logistics/ transportationchallenges, income and expenditure analysis (proper accounting), storage facilities, functioning farm house and forging good relationships with well-established farms. “From my experience, a vegetable farmer should be ready to work throughout the year and live on the farm. You need courage, determination, focus and patience to succeed. In addition, you need the support and understanding of your immediate family members because the work is time consuming. One of the challenges we face is that most of the farm hands are not really keen on farm work; they are just looking for jobs and a place to hide their heads until they move on,�

Thomas explained in what sounded like a comprehensive lecture for undergrad students of agriculture.

Revenue from agriculture and mining activities used to be the mainstay of the Nigerian economy before we struck oil, the black gold, in Oloibiri – the historic town of the oil and gas industry in Nigeria -- in 1956. As part of a deliberate strategy to diversify our economy in view of the declining fortunes of oil, the federal government is moblising resources on all fronts for the agriculture sector to regain

its pre-eminent position.

The Central Bank of Nigeria (CBN), Ministry of Agriculture and Rural Development and other agencies of government havedemonstrated unusual commitment to ensure the aforementioned objective is achieved. For example, in the past year, revenue from Cocoa and Sesame Seeds increased by $79.4 million and $153 million respectively.

I enjoy watching the video clip on the CBN website featuring Godwin Emefiele, the Governor, where he spoke confidently about making life difficult for smugglers who are hell bent on sabotaging the economy. These unpatriotic and recalcitrant beneficiaries of a rigged system, as Emefiele described them and I agree with him, want the status quo to continue.

Why should we be importing food and other goods that we can produce in Nigeria?

In the video, Emefiele said the CBN will not waiver in its renewed focus to support improved growth in the agriculture and manufacturing sectors in view of government’s efforts to diversify the economy and move away from oil. The intention is to insulate the economy from the volatility of crude oil prices, especially after the pandemic hit the world.

Information available at CBN website also indicated that about a year ago, the CBN launched an intervention economic programme that was aimed at reviving the poultry sub-sector including creating jobs and engendering inclusive economic growth. The poultry industry valued at about N1.5 trillion cannot be ignored in view of its strategic importance. For a moment, just think of the quantity of chicken and eggs consumed on a daily basis in the country. What CBN did was to select “poultry institutions� across the country to produce chicken and eggs to reduce importation and close the existing demand gap. However, smuggling and lopsided siting of hatcheries, according to Ezekiel Ibrahim, President of the Poultry Association of Nigeria, are challenges that are still being faced by poultry farmers.

In his Democracy Day Broadcast on June 12, President Buhari stated that agriculture is the key to our diversification strategy because we cannot depend on oil revenue forever. Through the food security initiative of the federal government, we now “Grow What We Eat� and “Eat What We Grow�. The President said he was delighted to note that more and more Nigerians are taking advantage of the opportunities in agriculture and the agri-business sector. President Buhari also said Africa presents a huge opportunity for our export base diversification which we can achieve by growing intra-Africa trade through the Africa Continental Free Trade Area Agreement.

The Anchor Borrowers programme is a worthwhile and productive intervention by the CBN in the agriculture sector.

According to Alhaji Sheriff Balogun, President of Sesame Seeds Farmers Association of Nigeria, the loans provided through the programme have been helpful. “Farmers can now access soft loans at 9% interest rate through the Farmers’ Association or Co-operatives and increase their yield,�

Alhaji Balogun, who is also Deputy President of the Nigerian-American Chamber of Commerce (NACC), said in an appreciative voice. “The way the loan has been packaged does not allow for abuse. For each crop, the economics of production has been determined in advance. For example, N164,000.00 is what is required to grow one hectare of sesame seed and that is the loan that would be approved in the first instance,�

Alhaji Balogun further disclosed. By the way, Nigeria is the 4th largest producer of sesame seeds in the world. ...Braimah is a public relations and marketing strategist based in Lagos NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

40

MONDAY, JUNE 29, 2020 ˾ T H I S D AY

MARKET NEWS

Hamman Appointed as New MD/CEO of Abbey Mortgage Bank Goddy Egene

a leading financial institution in as MD/CEO and Chief Ifeanyi the mortgage sub-sector. Similarly, Boniface Ochonogor as chairman.

Okwechime pioneered and led Mr. Madu Hamman has been Mr. Emmanuel Kanu Ivi has been appointed the Acting Managing appointed as chairman of the the management of the bank for Director/ Chief Executive Officer bank. This followed the retirement 28 years and worked passionately of Abbey Mortgage Bank Plc, of Mrs. Rose Ada Okwechime to build, nurture and consolidate A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange. vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg.

Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their that willl generate their desired return. investments. The assets are divided into shares that An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 25shares. Investors can buy these ‘shares’ on the Jun-2020, unless otherwise stated.

its reputation as an icon in the at Abbey Mortgage Bank Plc. As Nigerian mortgage banking we are moving into a new decade, industry. our plans for Abbey Mortgage “I am filled with gratitude as I Bank Plc is only growing bigger. write this to let you know that I With this significant growth that will be handing over my position we are going to experience, there 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.

will also be some change. That is why my title as Managing Director will come to an end for my successor to be able to take Abbey to the next level,” she said.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 113.76 115.16 -23.11% Afrinvest Plutus Fund 100.00 100.00 2.20% Nigeria International Debt Fund 323.67 323.67 7.16% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.92 0.93 2.26% ACAP Income Funds 0.78 0.78 10.29% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 6.50% AIICO Balanced Fund 2.76 2.83 12.33% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 5.92% Anchoria Equity Fund 97.06 97.39 -5.01% Anchoria Fixed Income Fund 1.26 1.26 9.52% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 14.25 14.68 -6.95% ARM Discovery Fund 335.57 345.68 -2.86% ARM Ethical Fund 30.20 31.11 3.85% ARM Money Market Fund 1.00 1.00 5.21% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 92.79 93.44 -3.42% AXA Mansard Money Market Fund 1.00 1.00 5.16% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.10 2.10 19.35% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 0.07 0.05 6.61% Paramount Equity Fund 11.07 11.27 -11.56% Women's Investment Fund 108.23 109.02 -2.05% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 5.36% Cordros Milestone Fund 2023 98.29 98.52 Cordros Milestone Fund 2028 100.40 100.63 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 4.09% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 4.16% EDC Nigeria Fixed Income Fund 1,229.23 1,239.47 6.13% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,326.72 1,328.04 9.03% FBN Balanced Fund 147.49 148.54 0.46% FBN Money Market Fund 100.00 100.00 4.95% FBN Nigeria Eurobond (USD) Fund - Institutional 116.76 117.33 1.12% FBN Nigeria Eurobond (USD) Fund - Retail 117.09 117.67 0.90% FBN Nigeria Smart Beta Equity Fund 114.76 116.20 -11.81% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 4.50% Legacy Debt Fund 3.77 3.77 3.29% Legacy Equity Fund 1.07 1.09 -5.15% Legacy USD Bond Fund 1.11 1.11 2.48% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,046.21 3,079.36 2.11% Coral Income Fund 3,178.00 3,178.00 15.92% FSDH Treasury Bills Fund 100.00 100.00 5.40% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 4.67% Nigeria Entertainment Fund 119.79 120.50 11.45%

GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 4.54% Vantage Balanced Fund 2.28 2.32 4.28% Vantage Guaranteed Income Fund 1.00 1.00 9.85% Kedari Investment Fund (KIF) 144.06 144.61 0.45% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.22 1.24 4.53% Lotus Halal Fixed Income Fund 1,133.62 1,133.62 5.12% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.39 1.41 13.52% PACAM Fixed Income Fund 11.94 11.99 5.91% PACAM Money Market Fund 10.00 10.00 3.70% PACAM Equity Fund 1.04 1.05 PACAM EuroBond Fund 106.68 108.98 SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 112.40 115.24 -3.73% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.02 1.02 4.95% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,521.35 2,532.80 -0.87% Stanbic IBTC Bond Fund 210.33 210.33 0.29% Stanbic IBTC Ethical Fund 0.88 0.89 -1.70% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 0.33% Stanbic IBTC Iman Fund 154.92 156.64 -1.77% Stanbic IBTC Money Market Fund 100.00 100.00 4.41% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 -0.98% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 0.20% Stanbic IBTC Shariah Fixed Income Fund 118.18 118.18 0.00% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.13 1.16 -5.75% United Capital Bond Fund 1.82 1.82 4.80% United Capital Equity Fund 0.64 0.66 -8.98% United Capital Money Market Fund 1.00 1.00 5.63% United Capital Eurobond Fund 115.55 115.55 3.31% United Capital Wealth for Women Fund 1.07 1.07 -2.15% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 10.15 10.28 -1.18% Zenith Ethical Fund 11.83 11.95 1.88% Zenith Income Fund 23.59 23.59 6.06% Zenith Money Market Fund 1.00 1.00 3.47%

REITS NAV Per Share

Yield / T-Rtn

3.50 115.67 53.01

-63.85% 3.25% 1.84%

Bid Price

Offer Price

Yield / T-Rtn

9.07 87.48 67.34

9.17 89.27 68.53

4.19% -3.27% -2.45%

Fund Name FSDH UPDC Real Estate Investment Fund SFS Skye Shelter Fund Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

2.85 4.25 11.38 1.00 11.89 191.28

2.89 4.33 11.48 1.00 12.09 193.28

-19.47% -27.94% -6.01% 5.27% 14.31% 1.37%

NAV Per Share

Yield / T-Rtn

108.29

16.90%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

MONDAY JUNE 29, 2020 ˾ T H I S D AY

41

NEWS

Sanwo-Olu Inaugurates 150-bed Isolation Centre Donated By CACOVID Goddy Egene The Lagos State Government yesterday, inaugurated the

newly built isolation center in Yaba, which was donated by the Coalition Against COVID-19 (CACOVID), a private sector

Nigeria Records 490 New Cases of COVID-19 Martins Ifijeh Nigeria has recorded 490 new cases of COVID-19, bringing to 24,567 the number of confirmed cases in the country.

Announcing this yesterday, the Nigeria Centre for Disease Control (NCDC) said Lagos recorded 118 new cases; Delta, 84; Ebonyi, 68; Federal Capital Territory (FCT), 56;

Plateau, 39; Edo, 29; Katsina, 21; Imo, 13; Ondo, 12; Adamawa, 11; Ogun and Ogun, eight each; Rivers, six; Kano, five; Enugu, Akwa Ibom and Bauchi, three each; while Kogi, Oyo and Bayelsa recorded one each.

It said: “Nigeria has so far recorded 24,567 COVID-19 cases. 9,007 persons have been discharged, while 565 deaths have been recorded.”

Buhari Mourns as Adamawa Monarch, Stephens Dies Daji Sani in Yola President Muhammadu Buhari yesterday commiserated with the family of the Hama Bachama and paramount ruler of Bachama Kingdom in Adamawa State, Col. Honest Irmiya Stephens (rtd.), over the transition of the monarch.

In a statement issued by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, the President also condoled the Bachama Kingdom, the government and people of Adamawa State, noting that the late traditional ruler who received his staff of office on December 15, 2013, served his community, state and the nation creditably.

According to Buhari, the retired military officer and 28th ruler of

Bachama Kingdom, “distinguished himself in the Nigerian Army and devoted his post-service years to promoting the development of his people and fostering unity of his fatherland.”

While urging the Bachama Kingdom to elect a worthy successor, the President prayed God to console all those who mourn the departed traditional ruler and grant his soul eternal rest.

The late Bachama died yesterday after a brief illness at his palace in Numan Local Government Area of Adamawa State. He was aged 66.

However, his remains were laid to rest in accordance with Bachama kingdom’s traditional funeral rites at Lamurde, his ancestral town.

....to Inaugurate $2.8bn AKK Gas Project Emmanuel Addeh in Abuja President Muhammadu Buhari will tomorrow (Tuesday) officially inaugurate the construction of the first phase of the Ajaokuta-KadunaKano (AKK) project, a 614kilometre-long natural gas pipeline, being developed by the Nigerian National Petroleum Corporation (NNPC).

The biggest value to the economy is the participation of indigenous engineering firms led by pipeline giant, Oilserv Limited, in the delivery of some of the phases of the project.

The company has successfully delivered over 17 similar challenging projects in the country including the engineering, procurement and construction (EPC) of the 67 kilometre Obiafu/Obrikom to Oben (OB3) 48-inch diameter Gas Transmission Pipeline System.

The Oilserv consortium is slated to deliver the first 200 kilometre phase of the AKK pipeline which covers the section between Ajaokuta and Abuja, after securing the EPC contract in April 2018.

The presidential flag-

off of the project, which is expected to boost domestic gas consumption, power generation and industrialisation, will take place in Ajaokuta (Kogi State) and Rigachikun (Kaduna State), simultaneously.

A build and transfer (BT) public-private partnership (PPP) model, the pipeline project will cost an estimated $2.8 billion and is expected to transport about 3,500 million metric standard cubic feet per day (Mmscfd) of gas from the southern part of the country.

The project will be executed in three phases, with phase one covering the construction of a 200km-long segment between Ajaokuta and Abuja terminal gas station and reduce the large volume of gas flared annually in the country.

With phase one covering the construction of a 200km-long segment between Ajaokuta and Abuja, costing $855 million, the second phase will comprise a 193km-long section to be built between Abuja and Kaduna at a cost of approximately $835 million and a third phase of a 221km-long section between the Kaduna and Kano terminal gas station at $1.2 billion.

initiative established to fight the spread of the COVID-19 pandemic disease in the country.

Speaking during the inauguration ceremony, the Lagos State Governor, Mr. Babajide Sanwo-Olu, said the centre is a testimony to the can-do spirit of Nigerians as well as our private sector.

“The state has done at least about 24,000 and above bed spaces when Nigeria was about 3,000 cases. Thus, it is clear that we have the capacity to deal with this pandemic and I must commend what CACOVID has done as well as other coalition groups in the country who have supported the nation,” he said.

He said that Lagos State has recorded about 10,000 positive

cases of the disease.

“We have seen 1,500 discharged individuals from our isolation centres whilst we have seen about 5,000 who have gotten well and so as we speak we have recorded 128 deaths.

This speaks volumes of how well we are combating the pandemic.

“This facility will certainly add to our capacity and enable us to do a lot more in scaling up. This center will see us building an international infectious diseaseresearch center, isolation wards, doctors’ quarters and we will also commission a private sector led morgue. We are excited that people can come here, get well and go back to their respective homes,” he said.

Also speaking, the Governor of the Central Bank of Nigeria

(CBN), Mr. Godwin Emefiele, said the launch of the newly built isolation centre would surely help in boosting the capacity of Nigeria’s healthcare system towards containing the spread of COVID-19 in Lagos State.

Emefiele noted that the spread of this virus has had unprecedented impact on the global economy and indeed the Nigerian economy, noting that global growth is expected to contract by over 4.9 per cent in 2020 down from a positive growth of 2.9 per cent in 2019.

He said the Nigerian economy was exposed to the twin shock of public high crisis and revenue shock that resulted from 55 per cent drop in crude oil prices between January and May

2020.

“This un-parallel shock must require that all state governments along with the organised private sector must work together to address these challenges in order to preserve lives and restore economic activities in our country. We have implemented several initiatives to cushion the effects of the pandemic, which include the N50 billion intervention facility for house-hold and SMEs that were adversely affected by the pandemic, N100 billion facility for the health and pharmaceutical sector and a N1 trillion facility for the agricultural and manufacturing firms of the economy.

LET THERE BE LIGHT...

L-R: Manager, Upstream and Commercial Negotiation, Nigeria Agip Oil Company Limited, Mr. Pius-Milverton Ogunjiofor; former Minister of Power/Chairman/Chief Executive Officer, Geometric Power, Prof. Bart Nnaji; Managing Director/Chief Executive Officer, Gas Aggregation Company Nigeria Limited, Mr. Morgan Okwoche; General Manager, Gas Portfolio, Shell Petroleum Development Company of Nigeria Limited (SPDC), Mrs. Yemi Famori; and SPDC’s General Manager, Business and Government Relations, Mr. Bashir Bello; at the signing of the Gas Supply and Aggregation Agreement for the Aba Integrated Power Project in Lagos ... recently

Clark Backs Dickson’s Senatorial Ambition Ijaw National Leader, Chief Edwin Clark, has endorsed the senatorial ambition of the immediate past Governor of Bayelsa State, Mr. Henry Seriake Dickson, to represent Bayelsa West senatorial district.

The Media Advisor to the former Governor, Mr. Fidelis Soriwei, quoted Clark as calling on Ijaw leaders across the country to support the ex-governor for the vacant senatorial slot in the collective interest of the Ijaw nation and the Niger Delta.

Clark said that Bayelsa and the

Ijaw nation were seriously in need of men of demonstrable character, courage, capacity and knowledge like Dickson to run for Senate.

He said that the former governor possesses vast experience in leadership, the political network, and the requisite knowledge to effectively tackle the critical issues of interest to the Ijaw nation such as resource control, true federalism, restructuring, power devolution among others.

The elder statesman said that Dickson should be backed for the

senatorial slot as his antecedents have rightly portrayed him as a man of immense courage, integrity and honour who has never for once succumbed to intimidation of whatever form.

Clark stressed that Dickson was well-equipped and prepared to defend the interest of the Ijaw nation, the Niger Delta, the SouthSouth and to collaborate with his counterparts in other parts of the country to make Nigeria a better country.

He said that the ex-governor

left behind a record of sterling performance as a member of the House of the House of Representatives and as Governor of Bayelsa State for eight years.

Clark recalled that the former governor declared emergency in the education sector, established two universities, a polytechnic, several free boarding secondary schools, the Bayelsa International Airport, Roads and bridges, and several facilities in the health, agriculture, and other sectors.

Kogi Gov Mourns State Chief Judge Ibrahim Oyewale in Lokoja Kogi State Governor, Yahaya Bello yesterday paid his last respect to the state’s Chief Judge, Justice Nasiru Ajana who passed on earlier yesterday.

He died at an COVID-19 isolation centre in Abuja yesterday morning, and has been buried.

The Cable reported that Bello temporarily set aside his differences with the Nigeria Centre for Disease Control (NCDC) to attend the burial at Gudu, Abuja.

He had been at loggerheads with the NCDC, arguing that

there is no single COVID-19 case in Kogi.

But the interment of the monarch was conducted in compliance with the COVID-19 burial protocol set by the NCDC. Ajanah, who was buried at the COVID-19 section of the cemetery, was brought to the Gwagwalada isolation centre, Abuja, from Kogi State early June after showing signs consistent with COVID-19 symptoms.

Meanwhile, Bello has also commiserated with the immediate family of the late Chief Judge.

This was contained in a statement signed by the Chief Press Secretary to the Governor , Mr. Mohammed Onogwu, which was made available to journalists in Lokoja, the state capital.

Bello was at the Gudu Cemetery in Abuja to witness the burial rites of the late Chief Judge who died at age of 64.

The governor was accompanied with some of his aides including the State Attorney General and Commissioner for Justice, Mr. Mohammed Ibrahim (SAN); Commissioner for Health,

Dr. Saka Audu and others.

The thanked the sons and daughters of the state resident in Abuja for sympathising with the family members of the late legal luminary during their trying moment.

Bello had earlier in his condolence message described the late Chief Judge as a legal icon who stood for the cause of justice and defended the rule of law while doing his best to smoothen collaboration between the executive and judicial arms of governments as the State’s Chief Judge.

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NEWSXTRA

Falana Urges Police to Stop Harassing Buhari’s Opponents DavidsonIriekpen Human rights lawyer, Mr. Femi Falana (SAN) has said the duty of the police is to ensure public safety and not to harass opponents of President Muhammadu Buhari.

Falana, in a statement yesterday, said the police ought to demonstrate impartiality and neutrality in handling political matters.

He cited instances where the police have arrested, detained and charged several individuals to court, including journalists, for criticising the government.

He referred to the case of Lawal Abdullahi, a septuagenarian, who was arrested and charged to court for insulting the president and Katsina State Governor, Hon.

Aminu Bello Masari,.

He said the man was convicted by a magistrate court and ordered to pay a fine of N70,000.

“To prevent him from being sent to jail we had to pay the fine,” he said.

“Afortnight ago, the police arrested Nastura Ashir Sharif, leader of the coalition of northern groups, (CNG), for organising a peaceful protest against insecurity in Katsina State.

“The protest was alleged to have embarrassed the President.

Consequently, Sharf was brought to Abuja where he was interrogated by the police even though he did not commit any criminal offence known to law.

“However, the police had to release the youth leader from

illegal custody when it was reported that President Buhari had scolded the nation’s service chiefs for the worsening state of insecurity in the country”.

The senior advocate said the disruption of peaceful protests by

the police “constitutes a flagrant infringement of the fundamental rights of Nigerian citizens”.

He cited the case of the InspectorGeneral of Police vs the All Nigeria Peoples Party 2008 12 WRN 65 in which the court of appeal held

that “the right to demonstrate and the right to protest on matters of public concern are rights which are in the public interest and that which individuals must possess, and which they should exercise without impediment as long as no wrongful

act is done”.

Falana condemned the situation in Ondo State where all aides of Deputy Governor of the state, Mr. Agboola Ajayi, were sacked following his defection to the Peoples Democratic Party (PDP).

Oyedepo Condemns Prolonged Closure of Churches in Lagos, Ogun Segun James The Presiding Bishop of the Living Faith International, better known as Winners’ Chapel, Bishop David Oyedepo, yesterday lamented that markets in Lagos and Ogun states are now free from COVID-19, while the churches in the two states have been infected with the virus, resulting in the reopening of the markets and the continued closure of the churches.

Delivering his sermon, Oyedepo said it was ironic that markets where people no longer observe social distancing have remained open, while the church has remained closed.

Oyedepo insisted that refusing to open the church was in contravention of the freedom of worship which is a breach of the Nigerian constitution.

“No handwashing, no nothing everyone is in the market running over each other every day of the week and there is no outbreak from the market but there is now

outbreak, perceived outbreak from the church. Prophets are God’s voices to the nations.

Caution!

“Now, freedom of worship is no longer a constitutional right but now determined by some individuals. It is a hard thing to kick against the priest. This is no longer coronavirus in Lagos and Ogun. It is now anti-church virus clean and clear.”

The cleric noted that the church which had the power to heal people remained closed, while markets with no healing power have remained closed, adding that in the last one week, 10 people testified to have been healed of the virus.

“Can anybody silence the church? Never! I have never heard of anybody that God healed in the market but people get healed in every church day and night, real tangible healing. We have recorded 114 coronavirus healing testimonies. We got 10 this week.

Ize-Iyamu Dismisses Oshiomhole’s Allegations Davidson Iriekpen The governorship candidate of the All Progressives Congress (APC) in the Edo State, Pastor Osagie Ize-Iyamu, has dismissed the allegations made against him by former National Chairman of the party, Mr. Adams Oshiomhole, when he (Ize-Iyamu) was the candidate of the PDP in 2016, saying the former labour leader did not mean the negative things he said about him.

Ize-Iyamu said the APC leader was only trying to “de-market” him when he contested for governor on the platform of a different party — the PDP - then.

In 2016 when he was campaigning for Godwin Obaseki, the APC candidate who has now defected to the PDP, Oshiomhole denounced Ize-Iyamu as someone who cannot be trusted with public funds.

He said the then PDP candidate was hiding from the anti-graft agencies.

In an interview weekend, Ize-Iyamu said Oshiomhole was “playing politics” and the

things he said about him was never from his heart.

“He made those statements during the period I was on the other side and was contesting to be the state governor and he (Oshiomhole) was determined to prevent that. What do you expect? Were you expecting him to praise me at that time when he did not want me to be governor,” he said.

“So, when you look at the context in which he said those things, you will understand that he was just playing politics and he needed to de-market me so that his candidate would have an advantage. And after the election, that was the end of it. So, I do not think that we should dwell too much on what he said before the election.

“If you are saying that, we can also take you back to what he said about me before then.

People are saying look at the bad things he said during the campaign. Why did they not look at the good things he said before the campaign?

FIGHTING PANDEMIC...

Chairman of Edo State Forum of Retired Heads of Service and Permanent Secretaries, Mallam Ikhelowa Atalasa Hanson (left), presenting evidence of contribution to the Edo State COVID-19 Fund to the state’s Head of Service, Mr. Anthony Okungbowa, at the Government House in Benin City...weekend

Akinyemi Opposes Call to Set up Parallel Body to WHO Knocks Trump, Bolsonaro over COVID-19

Emma Okonji

Former Nigerian Foreign Affairs Minister, Prof. Bolaji Akinyemi, has objected to a recent call by former United Kingdom Prime Minister, David Cameron, to set up a separate body aside the World Health Organisation (WHO).

Cameron, who expressed his disappointment in the operations

of the WHO, had called for the setting up of a separate body outside the WHO to deal with the challenges of COVID-19, while expressing his worries over the operations of the global health body.

Reacting to Cameron’s comment on WHO, Akinyemi said the call by the former prime minister showed that he (Cameron) was only focusing

on the wrong issue.

According to him, his comments could be likened to a situation of leaving leprosy to attack a less infectious disease like eczema.

“He is saying that he is not satisfied with the way WHO is handling COVID-19 in terms of giving early and sufficient notices to allow different governments to put the appropriate measures

in place, but the truth is that even after WHO raised the alarm on COVID-19 pandemic, there were several governments that did not take WHO serious, and they did not put the appropriate measures in place, even though most countries did. For instance, the United States of America and the UK did not adhere to the WHO’s warnings on COVID-19,” Akinyem said.

HDP Files Contempt Charges against INEC Chairman Chuks Okocha in Abuja One of the deregistered political parties, the Hope Democratic Party (HDP), has filed a contempt of court Form 48 to commit the chairman of the Independent National Electoral Commissions (INEC) to prison for disobedience to court order.

In a statement issued by the party National Publicity Secretary, Usman Sani, HDP said: “Following

the due services of Forms 48 and 49 by the court, the party has formally filed motion dated June 22, 2020, before the court to commit Prof. Mahmood Yakubu and Mrs. Rose Oriaran Anthony, the INEC chairman and secretary respectively, to prison for their continued contemptuous act of willful and fragrant disobedience of subsisting judgment order of perpetual injunction as made by court on October 22, 2014.”

The party said the restraining is

for the named contemnors to desist from further acts of publication, pronouncement, obstruction, deregistering, delisting and or interfering with the operation and activities of the plaintiff (HDP) as a duly registered political party in Nigeria.

According to the party, “It is public knowledge that INEC ought to be the epitome of democratic institution and an observer of the rule of law, but recklessly engages

in disobedience of court orders as well as sponsors impostors using the names of registered political parties to procure false judgment without the knowledge and authority of the party’s leadership as it did before the presidential election petition tribunal and recently, before Justice Taiwo Taiwo in its recent effort to scuttle the ongoing contempt proceedings against them after having been served Forms 48 to show cause.”

African Anti-graft Agencies Move to Halt Movement of Illicit Funds Kingsley Nwezeh in Abuja Anti-graft agencies in Africa have commenced work on a draft protocol designed to halt the movement of illicit funds across the continent.

This is coming as the Economic and Financial Crimes Commission

(EFCC) said it was in talks with Ghanaian authorities aimed at recovering looted funds stashed in Ghanian banks by some politically exposed persons in Nigeria.

Speaking at the weekend, Acting Chairman of the EFCC, Mr. Ibrahim Magu, said anticorruption agencies in Africa were

working on a draft protocol as part of measures to strengthen the anti-graft campaign in Africa.

Magu, who was inducted into the 2020 Fellowship Hall of Fame of the Chartered Institute Public Resources Management and Politics (CIPRMP), Ghana for his contributions to the

war against corruption, said the draft protocol would be submitted to the Heads of State of African Union (AU) for consideration.

“We had a meeting with other anti-corruption agencies in Africa to draft a protocol for Heads of State.

Rivers Attracting More Investors, Says Wike Ernest Chinwo in Port Harcourt Rivers State Governor, Nyesom Wike, has said more companies are relocating to the state because of the attractive investment climate.

He told journalists after an inspection tour of some ongoing projects in the state that

a deliberate implementation of strategic policies has brought the investments to the state.

The governor stated that the improvement in the state security architecture with the help of security agencies and the provision of critical infrastructure are responsible for the turnaround.

He also reiterated the resolve of his administration to return Port

Harcourt to its garden city status.

“I can tell you now that more companies are coming into the state. The security has also improved so much with the help of security agencies, and the people feel safer to invest in the state.

“I have also resolved to leave Port Harcourt far better than what I met on ground. Everybody can

see that it is not easy, considering the present economic situation in the country.

“To sustain the execution of infrastructure and developmental projects and also fight COVID-19, when most of my colleagues are complaining of paucity of funds, shows political will and strategic leadership.

MONDAY JUNE 29, 2020 ˾ T H I S D AY

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NEWS

Whistle-blower Accuses AGF of Failure to Pay Him for Exposing Hidden $1bn Ugo Aliogo A whistle-blower, John Okupurhe, has written a letter to the President Muhammadu Buhari, accusing the Office of the Attorney General of the Federation of refusing to pay him commission after exposing over $1bilion hidden in one of the new generation banks.

Okpurhe said this in a letter written by his lawyer, Mr. Aliyu Lemu, dated June 22, 2020.

The whistle-blower said the account was secretly being operated by an agency of the federal government to illegally collect revenue from vessels.

He said upon discovery, he informed the Office of AGF of

the secret account in line with the whistle-blower policy, and that an agreement was signed.

According to the lawyer, the agreement stated that Okpurhe would be entitled to a commission if the information provided turned out credible.

The whistle-blower said after playing his own part, the AGF’s office began to play games.

The letter read in part, “Pursuant to the whistleblower policy of the Federal Government, our client approached the Office of the AGF with confidential information in respect of hidden public funds concealed in a commercial bank in Lagos contrary to the Treasury Single

Account policy which requires all public revenue or funds to be domiciled in the Central Bank of Nigeria.

“Upon establishing that our client’s information qualified under the whistle-blower policy, the Office of the AGF signed a whistle-blower agreement with our client through his appointed counsel- Mamman, Maiyaki & Co. “The information provided by our client eventually led to the exposure of the hidden/ concealed funds to the tune of $1,034,515, 000.”

The whistle-blower said the

Office of the AGF had been making flimsy excuses as to why the commission was not paid.

He said the Head of Asset Management and Recovery Unit, Mrs Ladidi Mohammed, informed him that the matter was in court, without disclosing the person that filed the suit or the name of the court.

He added, “On the next day, one Ms Bunmi, who deputises for Mrs Mohammed, called our client and asked him to come alone without a lawyer. Upon

arrival, she informed our client that there was no pending matter in court on the account.”

The whistle-blower said he was told that because the money involved was huge, the Office of the AGF recommended a private firm with which he should enter into a contract to help him get the funds.

The whistle-blower said upon the insistence of the AGF’s office, he was made to sign a Memorandum of Understanding with the company to forfeit part of his reward.

He however lamented that

his lawyer was later attacked by gunmen in his office who robbed him and made away with the original copy of the agreement signed with the AGF. Okpurhe called on the President to quickly intervene as failure to pay him could compromise the whistle-blower policy and affect public trust in the government.

When contacted, the AGF’s Spokesman, Dr. Umar Gwandu, did not respond to calls but a top official in the AGF’s office said the matter was under investigation.

Police Arrest Three for Allegedly Raping Daughters,Twin Sisters Sunday Ehigiator The Lagos State Police at the weekend said they arrested three men, Eke Kanu, 61, and Chibuike Kalu, 33, who both allegedly raped their daughters; and Chinedu Obi, 26, for allegedly raping twin sisters, who are minors.

According to a statement signed by the state police spokesperson, DSP Bala Elkana DSP, “On June 6, 2020, at about 3:30p.m., the Ikorodu Police Station received a complaint from a member of FIDA that one Eke Kanu, 61, of Ebute road, Igbogbo in Ikorodu was having unlawful sexual affair with his 19-year-old daughter (name withheld).

“The survivor stated that her father started having sexual intercourse with her when she was a little girl, and threatened to deal with her if she told anyone.

“She further stated that when her father discovered that she was pregnant, he took her to a chemist where she was administered some drugs and injection to abort the pregnancy.

“The survivor was taken to Mirabel Centre by the police for medical attention and forensic examination. The suspect was arrested and taken to the State Criminal Investigation Department, Panti, for discreet investigation and diligent prosecution.”

Elkana added: “In a related development, on June 26, 2020, at about 7:30p.m., Bariga Police

Station received a report that one Chibuike Kalu, 33, of Amodu Street in Bariga defiled his 14 years old daughter.

“The survivor was also taken to Mirabel Centre in Ikeja for medical treatment and forensic examination. The suspect was arrested and he confessed to the commission of the crime. He will be charged to court.

“Also, in another event, on June 16, 2020, at about 2:55p.m., a woman of over 30-years (name withheld) reported at the Aguda Police Station in Surulere that her salesman, Chinedu Obi, 26, allegedly had sexual intercourse with her 12-year-old twin daughters (names withheld) when she left the two girls with him in her house. The suspect was

arrested and he confessed to the crime. He stated that he started having sexual intercourse with the girls in 2019.

“The state Commissioner of Police, Hakeem Odumosu, has ordered the transferred of the case to Gender Unit at the state headquarters in Ikeja for discreet investigation and diligent prosecution.”

Meanwhile, Odumosu in the statement advised parents not to trust anyone with their kids, especially female children.

He further reaffirmed the commitment of the police command to continually apprehend sexual offenders, wherever they are in the state and make them face the full weight of the law.

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MONDAY JUNE 29, 2020 ˾ T H I S D AY

NEWSEXTRA

Ekiti Assembly Denies Sabotaging Fayemi’s Administration Victor Ogunje in Ado Ekiti Contrary to speculation that some members of the Ekiti State House of Assembly are harbouring ill-feelings against the state Governor, Dr. Kayode Fayemi, the lawmakers have clarified that their relationship with the governor remains strong and cordial.

The 26 lawmakers, who were elected on the platform of the All Progressives Congress (APC), said the state executive and legislature have mutual respect for each other, adding that this will be deployed to overhaul every sector of the economy to benefit the masses, rather than sabotaging the system.

The Assembly stated this is a statement in Ado Ekiti at the weekend responding to a caustic comment allegedly made by the Special Adviser to the President on Political Matters, Senator Babafemi Ojudu, while appearing on a radio programme.

During the interview on a local radio station, Ojudu was said to have claimed that some unnamed members of the state House of Assembly were availing with documents of wrongdoings allegedly perpetrated by Fayemi in the running of the state.

Debunking the claim in a statement signed by the Chairman, Assembly Committee on Media and Public Affairs, Hon Yemisi Ayokunle, at the weekend maintained that the statement was intended to cause disaffection between the executive and legislature to derail governance.

“Ordinarily, we would not have dignified the erstwhile senator with a response, but because of the evil machinations of human minds and the possibility of some gullible minds believing his lies, he should not be allowed to go away with his blue murder and barefaced lies.

“We, as an Assembly, and with all emphasis at our disposal, categorically state

that there’s no member of our respected Assembly that has any relationship with the ex-senator.

“We are men of integrity.

We are a set of focused representatives of our people, who cannot be swayed by

The Provost of Kwara State College of Education(CoED), Ilorin, Professor Yusuf AbdulRaheem, at the weekend hinted that the authorities of the institution have discovered about 2,000 fake National Certificate of Education (NCE) allegedly issued in the name of the institution.

He, however, said some of the certificates were tendered as genuine in government agencies and establishments for employment.

AbdulRaheem dropped the hint to journalists in Ilorin while speaking on the state of education in the country.

He alleged that some staff members of the institution were responsible for the issuance of

the counterfeit results.

The provost stated that the college had detailed the Department of State Service (DSS) to trail one of the suspects, who he identified as a dismissed staff of the institution.

He stated that the institution had requested the state Ministry of Education, State Universal Basic Education Board and the state Teaching Service Commission to undertake verification of their staff to ascertain the genuineness of the certificates being paraded.

The don pointed out that the institution was able to fish out several fake certificates issued in its name during the revalidation exercise.

According to him, “More than 2,000 fake results are outside which

Chuks Okocha in Abuja The Peoples Democratic Party (PDP) at the weekend described as outright lie by the Kogi State Governor, Yahaya Bello, that some PDP governors are planning to defect to the ‘crisis-ridden’ All Progressives Congress (APC) as childish, laughable and pathetic.

The party stated that such peddling of falsehood explains why nobody in Nigeria and beyond takes Bello seriously.

The PDP lampooned the governor’s claim as a desperate attempt to divert public attention

were given to students from this school. We went to SUBEB, Teaching Service Commission, and Ministry of Education and asked them to do a verification of results.

“Many of them have come back and we have discovered that many of the results were fake. They were produced by our own people here.

“Many of my staff members were taken to the DSS, as we don’t have problem with our lecturers. It is now left for those who are holding the certificates to own up.

“But we thank God now that nobody can give assistance except it is within the confines of the law. Our lecturers are now going to their classes and the students are happy.”

EEDC to Begin Implementation of New Electricity Tariffs on July 1 Emma Okonji The Enugu Electricity Distribution Plc (EEDC) has said it will commence the implementation of the new service reflective electricity tariff effectively from July 1, 2020.

The Head of Corporate Communications of EEDC, Mr. Emeka Ezeh, who made the disclosure in a statement, said the new tariff became necessary to improve the efficiency of EEDC in delivering quality service to its customers, and to equally ensure the sustenance of the Nigerian Electricity Supply Industry (NESI) in view of the prevailing economic realities, such as the high rate of inflation and the depreciation of naira, which have largely impacted the foreign exchange rate.

According to him, “This development is consistent with the feedback received from customers during the various stakeholders’ consultations for extraordinary tariff review application held in Abia, Anambra, Ebonyi, Enugu and Imo States in February and

March this year.

“The new tariff, which is service reflective, is designed to ensure that the company delivers improved services to customers, while ensuring that they are billed based on service quality.

“It is expected that the implementation of the new tariff will enable EEDC execute most of the capital-intensive projects already outlined, which are geared towards strengthening and expanding its network and delivering the expected quality service to its customers.”

The new regime has given rise to changes in customer class categorisation, as they are now represented in clusters, namely: NonMD, MD1 and MD2.

In the same vein, five distinctive bands (A-E) have been created to reflect the various service level and minimum hours of availability, a situation where a blanket/uniformed tariff no longer applies to all category of customers.

Ezeh said customers in ‘band A’ were expected to enjoy supply for

involved in the accusation.

According to him, “With our knowledge of the performance and relevance of Ojodu in Ekiti State politics, the regular question our people have always asked him is: ‘Senator Ojudu where are

your masses?’

“The sixth Assembly is too focused in law making for the good of our people.

We are doing this in active collaboration with the other arms of government especially the executive arm.

PDP Faults Kogi Gov on Alleged Defection of Govs to APC

2,000 Fake NCE Certificates Uncovered in Kwara College Hammed Shittu in Ilorin

a character like Ojudu, who prefers to rule in hell than serve in paradise,” he said.

The lawmakers challenged the Senator to come clear to substantiate the allegation with verifiable facts and point out the personalities

minimum of 20 hours and above; those in ‘band B’ were expected to enjoy supply for minimum of 16 hours and above; those in ‘band C’ were expected to enjoy supply for minimum of 12 hours and above; those customers in ‘band D’ were expected to enjoy supply for minimum of eight hours and above, while those in ‘band E’ would enjoy supply for minimum of four hours.

According to the statement, “As a result of these changes and the service reflective nature of the new tariff, customers who enjoy premium services are expected to pay higher tariff based on their guaranteed hours of availability and service quality, while there won’t be any tariff increase for those customers that have low level of supply and lower service quality.”

He, therefore, solicited the support of all EEDC customers, while assuring them of unrelenting commitment to consistently improve the quality of electricity supply.

from the imminent mass exodus from the APC. The National Publicity Secretary of the party, Kola Ologbondiyan said Nigerians are aware that among the ranks of APC governors, Bello has no personal relationship with up to three of his colleagues, stating further that: “No APC governor is ready to associate with Bello openly. In other words, not up to three APC

governors take him seriously.”

Moreover, PDP said: “Governor Bello has no relationship of any sorts with any governor elected on the platform of the PDP. His current delusion on national television about PDP governors is driven by his usual character of engaging in petty lies.”

PDP said it is however imperative to state that nobody abandons a cruising liner, which

the PDP represents, to jump into a sinking ship like the APC. According to Ologbondiyan, “It is public knowledge that the APC is disoriented; having sleepless nights and holding endless meetings because they are losing members in droves to the PDP, as most of their key leaders are already on their way out ahead of the collapse of the APC.

Plateau Reads Riot Act to Citizens overViolation of COVID-19 Protocols Seriki Adinoyi in Jos Plateau State Government has said its COVID-19 enforcement teams will wage a robust action on defaulters of protocol to curtail the spread of the virus from today.

Secretary to the State Government (SSG), Prof Danladi Atu, who addressed journalists in Jos at the weekend, said the enforcement

team would commence in six local government areas of Jos North, Jos South, Barkin Ladi, Mangu, Kanam and Kanke.

Atu said the state government has viewed with dismay the non-compliance with regards to the wearing of face masks, social distancing, hand washing and the use of sanitizers and others outlined measures despite the increasing cases.

He said: “We have since

commenced enforcement, and as you are aware, last week, we sealed some places and arrested violators. This was the pilot phase where we measured the impact of our strategies.

“This is because the state government is worried about the increase in the number of cases in the state. This means that the risk of COVID-19 is still very high, and as such, we cannot relax.

MONDAY JUNE 29, 2020 ˾ T H I S D AY

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24 HOURS...

24 HOURS...

COVID-19: FCT Police Seek More Details of D’banj Party Video Arrest 10 Vikings cultists Kingsley Nwezeh in Abuja The FCT Police Command weekend sought more details of viral video of a party attended by Mr. Oladapo Daniel Oyebanjo , popularly known as D’banj.

The command also arrested 10 suspected cultists at Angwan Dadi, Nyanya.

The artiste, who has been embroiled in an alleged rape case, was seen in the video singing for a group of women in a place believed to be Abuja.

The command said it was yet to ascertain details of the venue and time the party took place and called for information on the exact location of the party

CBN Director Disowns Twitter Account The Central Bank of Nigeria (CBN) has described as fraudulent the operations of a fraudulent twitter handle, @YusufPhilipYila, purported to belong to its Director, Development Finance Department, Mr. Philip Yila Yusuf.

According to CBN’s Director of Corporate Communications, Mr. Isaac Okorafor, the impostor handle has been posting messages related to the bank’s N50 billion Targeted Credit Facility (TCF) with the intent of wooing unsuspecting loan seekers and owners of small-scale businesses to enter into correspondence with the owner of the fake handle.

Okorafor warned unsuspecting meme era of the public not to have anything to don with the said phones handle.

“Although the CBN, through the NIRSAL Microfinance Bank

(NMFB), has indeed disbursed loans to successful beneficiaries under its COVID-19 Targeted Credit Facility, none of the Bank’s officials engages in direct interactions with prospective or successful applicants.

“We therefore find it embarrassing that Mr. Yusuf has continued to be inundated with personal calls relating to messages from the impostor handle.”

“For the avoidance of doubt”, he continued, “our Director, Development Finance Department, Mr. Philip Yila Yusuf, DOES NOT currently own a twitter handle. Therefore, members of the public, particularly households, micro enterprises and owners of small and medium-scale businesses are advised to desist from interacting with the said handle: @YusufPhilipYila . The massages are fake and anyone who enters into correspondence with them does so at his or her own risk.”

and those involved.

“The attention of the Chairman FCT COVID-19 Enforcement Team and Commissioner of Police FCT, CP Bala Ciroma, has been drawn to a video in circulation alleged to have been recorded at a party attended by Oladapo Daniel Oyebanjo, popularly known as D’Banj in Abuja.

“It is pertinent to state that the venue and time the video was recorded has not been verified”,

it said.

The statement issued by Police Public Relations Officer and Deputy Superintendent of Police (DSP), Anjuguri Manzah, said “members of the public, with privileged information, are called upon to furnish the FCT COVID-19 Enforcement Team with details of the said event.

“The team would not tolerate any violation of the Quarantine Act and Covid-19 guidelines”.

Meanwhile, the command arrested 10 suspected cultists in Nyanya.

The suspects, who belong to the Supreme Vikings Confraternity aka Aro Bager, were arrested by Police operatives from Nyanya Division during the group’s meeting.

The suspects are Godwin Samson, 21; Chisom Anakom, 25; Jonathan Ibinabo, 21; Oneh Chibueze,25; and Anyan Christian

23.

Others are Moses Ogu, 23; Emmanuel Ugwu, 18; Monday Bitrus, 19; Yerima Michael, 26; and Uwana Edet Okpo, 19.

Two cutlasses, one long hammer, one pinches, and one iron bar were recovered from the suspects as exhibits.

The command said they would be arraigned in court upon conclusion of the investigation.

PROVIDING SUCCOUR...

L-R: Member of Special COVID-19 Palliatives’ Committee of Iro Progressive Union (IPU), Chief Samuel Babalola (left); traditional ruler of Iro-Ekiti in Gbonyin Local Government Area of Ekiti State, Oba Felix Adeniyi Afolabi, Adeyiba III; member of the special committee of IPU, Mrs. Veronica Osanyintade; member of the committee, Mr. Wale Obadoye; Chairman of the committee, Deacon Dele Ogunsemoyin; and member of the committee, Mrs. Kemi Daramola, during the presentation of the palliatives donated by IPU to the Iro-Ekiti community... recently

Enugu COVID-19 Committee Engages Bishops, Market Leaders Ooni Donates Two Modular Fumigators to Kwara The ad hoc Expert Medical Advisory Committee (EMAC) on the de-escalation of the COVID-19 transmission set up by the Enugu State Government has interfaced with notable religious leaders and leaders of market and transport unions in the state.

The state government had recently constituted a 12-man committee of medical doctors on the recommendation of the Nigeria Medical Association (NMA), Enugu State chapter.

The committee which has Prof.

Emmanuel Ejim, a consultant cardiologist as its chairman is charged to engage all strategic stakeholders with a view to recommending “urgent and

effective measures for the deescalation of the transmission of Coronavirus infection in the state with due regard to the Nigeria Centre for Disease Control (NCDC) extant protocols for the prevention of coronavirus infection transmission.”

In their separate interface with the committee, the Catholic Bishop of Enugu Diocese, Most Rev. CallistusOnaga and the Anglican Archbishop of Enugu Ecclesiastical Province, Most Rev. Emmanuel Chukwuma bemoaned the lack of compliance with the use of face masks by majority of the residents, adding that efforts must be geared towards improving the people’s hygiene practices.

Group Donates Palliatives to Ekiti Community A community development group, Iro Progressive Union (IPU), has donated palliativeitemsworththousands of naira to Iro-Ekiti in Gbonyin Local Government Area of Ekiti State.

While presenting the items through the traditional ruler of the community, Oba FelixAdeniyiAfolabi,Adeyiba III, on behalf of the President of the group, ChiefStephenOmolale,attheweekend, the Chairman of the Special COVID-19 Palliatives Committee, Deacon Dele Ogunsemoyin, said the fund with which the items were procured was contributed by the sons and daughters of the community both at home and abroad as well as some of their friends.

He said IPU, which is the umbrella organisation for all the indigenes of the community, was touched by the disruption of the sources of livelihood of the townsfolk due to the debilitating

effects of COVID-19 and “we felt the only way we could help our people is to come together and do something for them, no matter how small they are.”

The chairman, who was accompanied by two other members of the committee at the presentation ceremony-Mr.WaleObadoyeandMrs. Oluwakemi Daramola-commended those who made the project a reality, and pledged that the union would do more to help the people once the resources are made available to it.

While thanking God that no indigene of the community at home and in the Diaspora had fallen victimofthevirus,Ogunsemoyin used the opportunity of the ceremony to advise the people to always take all preventive measures to avoid contracting the virus.

Hammed Shittu in Ilorin The Ooni of Ife, His Royal Majesty, Oba Enitan Ogunwusi Ojaja II, at the weekend urged Nigerians to take the issue of COVID-19 seriously, saying the pandemic has continued to ravaging Nigeria and the world in general.

Oba Ogunwusi stated this in Ilorin, the Kwara State capital, during the presentation of two modular fumigators that he donated to the state government

as part of efforts to curtail the spread of the pandemic in the state.

He said the disinfection of offices, schools and the environment was key to halting the spread of the virus.

According to him, “The donation of two modular fumigators was to complement the state government quick response to the COVID-19 pandemic.”

Represented at the event by the Asoya of Isoya Kingdom,

Oba Muraina Adedinu, the Yoruba foremost traditional leader, however, commended the effort of the state Governor, AbdulRahman AbdulRazaq, in the fight against the pandemic in the state.

The Ooni affirmed that it was time the people took the pandemic seriously, adding that disinfection of offices, schools and the environment was key to halting the spread of the virus.

The monarch, therefore,

promised to continue to contribute his quota towards the development of the country, as he charged individuals to join hands with the government in the fight against COVID-19.

Earlier, the state Deputy Governor, who is the Chairman, Technical Committee on COVID-19, Mr. Kayode Alabi, lauded the effort of the Ooni of Ife and other corporate individuals towards the war against the pandemic in the state.

SERAP Drags FG to Court over COVID-19 Palliatives A civil society organisation, SocioEconomic Rights and Accountability Project (SERAP) has filed a lawsuit against the Federal High Court, Abuja to order the federal government and Central Bank of Nigeria (CBN) over COVID-19 palliatives in the country.

The group asked the court to order the federal government

and CBN to publicly identify and name Nigerians who have so far benefited from any cash payments, cash transfers, food distribution and other reliefs and palliatives during the lockdown in Abuja, Lagos, and Ogun states because of COVID-19.

SERAP in a statement yesterday said the suit followed its Freedom of Information requests dated 4

April, 2020, expressing concern that “millions of the country’s poorest and most vulnerable people have not benefited from the announced palliatives, donations, reported cash payments, cash transfers and other reliefs.”

The suit number FHC/ABJ/ CS/657/2020 filed last week on behalf of SERAP by its counsel,

Kolawole Oluwadare and Joke Fekumo, read in part, “By a combined reading of the FoI Act and the African Charter on Human and Peoples’ Rights, Ms Umar-Farouk and Emefiele ought to be directed and compelled to make public details of those that have benefited from COVID-19 funds and donations.

NDEP Plc Declares Record Dividend Niger Delta Exploration and Production Plc (NDEP)’s shareholders have approved a dividend of N17 per share, the company’s highest in its 13th year of consistent dividend payment.

The company’s recent Annual General Meeting (AGM), which held virtually due to the impact of COVID-19 pandemic, as it was organised in line with current Health and Safety protocols and in accordance with the guidelines provided by the Nigerian Corporate Affairs Commission (CAC).

Speaking at the event, the

Chairman of the Board of NDEP Plc, Mr. Ladi Jadesinmi, reviewed the outstanding and remarkable previous 10 years journey of the company.

He predicted a future next 10 years of further significant achievements for the Company and assured rewards for shareholders.

The interim Chief Executive Officer of the company, Dr. Layi Fatona, reassured shareholders of the strong positioning of the company, adding that “NDEP is on a solid growth track and is well-positioned to weather

the current challenges of the operating environment” , including a low oil price regime, reduced OPEC production quotas and the uncertainties surrounding COVID-19 pandemic.

Fatona also assured shareholders that the well-being of staff and the company’s Stakeholders was of paramount importance to NDEP, adding that the company had made considerable investments towards ensuring the health and safety of its human capital following the outbreak of the COVID-19 Pandemic.

Among the highlights of the company’s financial performances was its Top line Revenue growth of 16 per cent, from N39 billion to N46 billion, the highest in the past decade due to its strong asset quality, and operational processes.

NDEP also recorded a sustained robust share of profit of N9 billion from its associate, ND Western Ltd, while its crude oil revenue rose to N38.3 billion from 29.4 billion in 2018, a yearon-year improvement of 24 per cent, as a result of an increase in production despite the market’s price volatility.

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MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

FA Cup: Chelsea Sweep Aside Ndidi’s Leicester to Book a S’final Spot Femi Solaja with agency report Nigerian midfielder, Wilfred Ndidi played all 90 minutes yesterday evening as Leicester City lost 1-0 to Chelsea in the English FA Cup clash at Foxes Stadium.

Anot h e r N igerian player, Kelechi Iheanacho was an unused sub as the former English Premier league champions crashed out of the oldest football competition in Europe.

Chelsea edged out Leicester to reach their semi-finals of the FA Cup for the fifth time in nine seasons.

Substitute Ross Barkley scored the only goal in

the second half when he volleyed in from 12 yards out following Willian’s cross.

The Blues had created the clearest chance of the first half but Christian Pulisic’s shot was superbly tipped over by Foxes goalkeeper Kasper Schmeichel.

Leicester ’s best effort fell to Youri Tielemans, but his low strike was pushed wide by Willy Caballero.

Chelsea, who have won the FA Cup eight times, join Manchester United a n d A r s e n a l i n t h e f i n a l f o u r.

Newcastle played Manchester City late in the last quarterfinal pairing of the evening

French Championat Club Appoint Enyeama as Goalkeepers Trainer Former Nigeria’s Super Eagles goalkeeper and Captain, Vincent Enyeama, has made a return to football but in different capacity after being appointed as a trainer with France Championat side, Club De Croix.

According to www. bsnsports.com,the former Enyimba of Aba shot stopper has been out of the game since he sustained injury but was unable to secure a new club after he left LOSC Lille on mutual consent.

Championat National 3 side, Club De Croix on Saturday announced engaging Enyeama as their goalkeepers trainer.

The club also confirmed that Enyeama will be in charge of the all the teams goalkeepers down to the Under-16 teams.

The club compete in Championat National 2

last season but suffered relegation to Championat National 3, when the season was ended early due to the COVID-19 pandemic.

P R E M I E R S H I P T I T L E C E L E B R AT I O N

Akinfenwa Fined for Wearing a Liverpool Shirt to Wycombe Training Jurgen Klopp insists he doesn’t want a statue in his honour at AnďŹ eld

Vincent Enyeama....gets goalkeepers trainer role in France

Chukwueze’s Villarreal Beat Valencia to Keep Europe Ticket Alive Samuel Chukwueze and his Villarreal teammates’ push for a top four finish and UEFA Champions League football next season picked momentum yesterday as they defeated Valencia 2-0 in the Spanish La Liga match-day 32 fixture.

The Super Eagles forward played 89 minutes before he was substituted in a tactical move to kill off the game

by Javier Onteviros.

The victory moves Villarreal one step up to fifth spot on 51 points, just three points below fourth placed Sevilla.

In the event of not able to finish in the top four, Chukwueze and his

Nigerian international Wilfred Ndidi (left) battling Chelsea’s Mason Mount during Leicester City’s 0-1 FA Cup quarter ďŹ nal loss to the Blues at the Foxes Stadium...yesterday

colleagues are sure of a Europa ticket as consolation.

Former Valencia forward Paco Alcacer opened the scoring with a fantastic volley on the turn in the 14th minute but opted against celebrating against the club where he began his career.

Alcacer’s strike partner Gerard Moreno scored an even better goal to double the lead in the 44th, as goalkeeper Sergio Asenjo launched the ball upfield and former Arsenal playmaker Santi Cazorla controlled it in the air with an irresistible touch before Moreno’s ferocious volley.

Nigeria-born Adebayo Akinfenwa who wore a Liverpool shirt to his Wycombe club training ground on Friday after his beloved Reds were crowned Premier League champions has admitted to accept the fine in good faith.

Jurgen Klopp’s side were confirmed as title winners for the first time in 30 years after Manchester City lost 1-2 to Chelsea on Thursday night at Stamford Bridge.

And Akinfenwa, nicknamed ‘The Beast’, admitted he would ‘happily take the fine’ as he wore the Liverpool shirt during a tactical session at his current club Wycombe.

The 38-year-old recorded a video on his Instagram of him wearing the shirt, with his teammates laughing around him.

The Wycombe striker is

famously a Liverpool supporter and he actually scored against the Reds for AFC Wimbledon in 2015.

That was in Steven Gerrard’s last season at the club, and Gerrard scored twice to clinch the FA Cup third-round tie against Akinfenwa’s side. ‘The Beast’ regularly posts on the social media platform donning a Liverpool shirt and also this week posted a photo alongside current Liverpool skipper Jordan Henderson.

Akinfenwa posted the photo alongside the caption: “Let me say this for the people in the back.

Standing with the captain of the Premier League champions. Well done fully deserved.�

Wycombe, managed by Gareth Ainsworth, are getting ready to play Fleetwood in the League

One play-offs on Friday.

Meanwhile, Jurgen Klopp insists he does not want a statue in his honour as the Liverpool manager stayed humble in his first press conference as a Premier League champion.

Manchester City’s loss at Chelsea on Thursday night means Liverpool have an unassailable lead at the top of the Premier League table, and so have clinched their first top-flight title in 30 years.

It is Klopp’s fourth trophy at the club since arriving in 2015 and, after a night of celebrations, the manager spoke at Anfield on Friday about this latest triumph removing the burden of history from his players - and about a call he made to his family moments before the title win

was confirmed. “I called my family 10 seconds before the final whistle,’ Klopp revealed in a press conference. ‘I told them I loved them and they said they loved me. That was a really nice moment. “I was never sure it would happen, but I never doubted it.

It’s incredible. We were good four years ago, really good three years ago, unbelievable last season, and this season is absolutely exceptional - second to none. “I still want to live for 30 or 40 years, I’m not interested in a statue. You don’t have to compare me with these iconic figures. “The last 13 months were pretty special for us. It is an incredible time in my life, to be honest. I couldn’t be more thankful to be part of it. And we will not stop.�

Betpay Unveils Eguavoen as Brand Ambassador Former Super Eagles Captain and Head Coach, Augustine Eguavoen, has officially been unveiled as the brand ambassador for new betting company Betpay.

In an official statement issued by Betpay, the company said the choice of Eguavoen was predicated on the impeccable track records and proven abilities of the former Nigeria defender fondly called Cerezo in his playing days.

CEO of Betpay, Osamede Umweni, said it was necessary to find a face and personality that would project the company in the right light and also resonate easily with the millions of

potential customers out there. “We are very delighted with this exciting partnership with Augustine Eguavoen who we all know is one of the best defenders ever to come out from this part of the world,� the Betpay CEO stated.

Eguavoen was a member of the Nigeria squad that qualified the country for the first-ever World Cup in 1994, and won the Africa Nations Cup in the same year.

He began his coaching career in Malta with Sliema Wanderers and was given the job for the 2000–01 season.

Since then, he has gone on to handle various club sides both locally and

internationally as well as virtually all of Nigeria’s national teams; including the Super Eagles.

Already, Eguavoen has expressed delight with his selection while also giving his words to help with projecting Betpay in the best possible light.

He said: Am highly excited to be associated with Betpay.

Football has impacted positively on my image. I can only look back at what football has done for me.

For now, it’s time to give back by way of economic empowerment. Betpay is the ideal platform to reward the teeming followers of the Game and the Betting Avenue.

Apart from opening another channel for potential customers to win big and live their dreams, Betpay is set to create thousands of jobs with its new model.

Mr Umweni revealed both time and huge resources were deplored to develop the Betpay.ng world-class platform as well as the right team behind it.

He said: “We have built a state-of-the-art platform, using modern technology which none of our competitors can beat their chests about. Our mission is to be the best-loved betting company in Nigeria through innovations, trust and transparency�

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MONDAYSPORTS

FA Cup: Arsenal Survive Sheffield Utd to Land in Semis Gunners to play cup holders Man City while Chelsea take on Man Utd Arsenal remain in the hunt for silverware to brighten their underwhelming season after Dani Ceballos’ 91st-minute winner took them through to the FA Cup semi-finals at Sheffield United’s expense.

In the fixtures for the semi final released last night, Arsenal are to play cup holders Manchester City while Chelsea take on Manchester United in the second semi final.

The on-loan midfielder slotted home a low, angled drive to win the tie in dramatic fashion, after David McGoldrick’s hooked finish just a few minutes earlier looked to have ensured extra time at Bramall Lane.

The Gunners had led from midway through the first half when Nicolas Pepe had slotted home a penalty after Alexandre Lacazette had been fouled in the box by Chris Basham.

They had earlier had a reprieve when John Lundstram’s close-range header following a corner was ruled out because the scorer was offside.

The home side also had another effort chalked off in the second half when John Egan poked the ball in after McGoldrick had strayed beyond the last defender.

There was further bad news for Lundstram and Sheffield United with the midfielder having to be substituted before the break because of a shoulder injury.

Arsenal also failed to make it through the game unscathed, with centre-back David Luiz - who had only just returned from suspension - limping out to increase their already lengthy injury list.

The win adds another fixture to Arsenal’s already crammed post-restart schedule

but they will welcome it as they continue their pursuit of a European place.

As for the Blades, there were positives to take from their front-foot display but they remain without a win in four games since football resumed - a run of form they must quickly arrest to ensure their otherwise impressive first campaign back in the top flight does not peter out.

The FA Cup has provided a shining light for Arsenal during a period that has seen them fail to replicate the consistent title challenges of Arsene Wenger’s first 10 seasons in charge.

They have won it three times in the six seasons prior to this, the latest coming in 2017.

In a campaign that has seen Mikel Arteta only just begin to pick up the pieces of Unai Emery’s faltered regime, the world’s oldest cup competition is again their last shot at glory.

It also offers the Gunners’ most likely route back into Europe, after just one win from their three league games since the restart left them ninth in the Premier League and struggling to cling to the coattails of some of the in-form sides above them.

As in their previous three games in the past 13 days, this was far from a seamless, free-flowing display, but it did illustrate that they have grit when required and enough guile for the Spaniard to harness going forward.

With top scorer PierreEmerick Aubameyang rested, senior responsibility in attack fell to Lacazette and recordsigning Pepe and while the two only provided in flashes, they did combine for the opener.

Arjen Robben Comes out of Retirement for Groningen Arjen Robben was inspired to launch a comeback with Groningen yesterday after they showed him a montage of basketball great Michael Jordan’s career.

Groningen officials met with Robben just days after he retired in May 2019.

While that initial approach failed to convince 36-year-old Robben, talks were revived last month.

The Dutch club used clips from the Last Dance documentary about Jordan, interspersed with images from Robben’s own career, in their successful pitch.

Robben, who made his senior debut for Groningen as a 16-year-old before moving on to PSV Eindhoven, Chelsea, Real Madrid and Bayern, has signed a one-year deal with his boyhood club. “I’m here to help the club,�

Robben said on Sunday. “You do that by showing the right attitude. I don’t have anything to lose and I’m going into the challenge with a positive attitude and to try and make the best of it. “I haven’t set any goals, it could be over in a month

or it could last two years.�

Jordan also famously came out of retirement. After initially ending his baseball career at the age of the age of 30 to attempt a professional baseball career, he returned to the Chicago Bulls to win another three NBA titles.

Robben spent his time away from football on another sporting challenge. He had been training to run the Rotterdam marathon before the coronavirus pandemic forced its postponement from April to October.

For much of the second half, though, they were on the back foot, having to dig in to repel a relentless home side.

There is still work to do, as demonstrated once again by their inability to see a job

out, regardless of all the good work that precedes it. As at Brighton in the league last weekend, they were punished for a lapse in concentration late in the game.

However, unlike at the

Amex Stadium and possibly as a sign of progress, they rallied as opposed to imploded and found the resolve to create one last moment to win the game.

After Pepe was tackled

by Enda Stevens in the box, Ceballos picked up the loose ball and calmly put his low shot under Dean Henderson to send his side to Wembley.

Dani Ceballeros celebrating his winner for Arsenal... yesterday

Guardiola Confirms Guard of Honour for Champions Liverpool Manchester City will give newly crowned Premier League champions Liverpool a guard of honour when the Reds visit the Etihad Stadium on Thursday, City Manager, Pep Guardiola confirmed at the weekend.

Liverpool ended their 30year wait for a top-flight title when last season’s champions City were beaten 2-1 by Chelsea

last Thursday at Stamford Bridge thereby handing the Merseyside club an unassailable 23-point lead at the top of the Premiership table.

Liverpool’s first match since being confirmed as champions is at City’s stadium and Guardiola said his players would pay tribute to Juergen Klopp’s title-winning side. “We are going to do the

guard of honour of course,�

Guardiola said. “We will greet Liverpool, when they come to our house, in an incredible way.

We are going to do it because they deserve it.�

The 49-year-old added that he was already looking forward to helping City come back stronger next season. “In sport you have to live in the future,� Guardiola

said. “Never can you have one eye on what you have done. Never forget that we are an incredible club and organisation and what you have to do is learn. “I think we know the reason why we suffered this season and we are going to try to solve it for next season,� the former Barcelona and Bayern Munich manager admitted.

TRACK & FIELD

Diamond League: Two More Events Cancelled Due to COVID-19 Organisers of the Wanda Diamond League have announced further revisions to the 2020 calendar, cancelling two of its planned meetings and postponing a third.

Provisionally scheduled for September 6, the Paris meeting will now not take place following Government announcements on the organisation of major events in France.

It will return to the 2021 calendar in August next year.

The other event to fall victim is the Prefontaine Classic in Eugene in Oregon - initially intended to be hosted on October 4 at Hayward Field.

However, the state of Oregon

in the United States currently has a ban on large gatherings and intend to keep that restriction in place until at least the end of September, with further concerns over international travel still in place.

It will also return in 2021 and is set to host the event at the new Hayward Field stadium ahead of its staging of the 2022 World Athletics Championships, postponed by a year due to the COVID-19 crisis.

The Muller Grand Prix in Gateshead in the United Kingdom will no longer be scheduled for August 16 and will be postponed to a possible later date in the year.

September 12 is a possibility of an alternative date, however there will not be any final confirmation until guidelines and restrictions from the UK Government are given. “The meeting organisers, the Wanda Diamond League and World Athletics remain committed to staging competitions athletes can compete in and fans can enjoy athletics as far as the global pandemic allows,� organisers were quoted by insidethegames. biz.

To date, four Diamond League meetings have been cancelled, the other two being in London and Rabat.

Monaco is scheduled to host the first non-exhibition Diamond League event on August 14, subject to the effects of the COVID-19 pandemic.

Three competitions are being held as exhibitions, while Oslo hosted the Impossible Games earlier this month.

Zurich will be the next virtual competition on July 9 with the Inspiration Games and Lausanne is scheduled to host an event on September 2.

Stockholm, Brussels, Rome/ Naples, Shanghai, Doha and a second Chinese meeting are still part of the calendar, subject to further changes.

NBBF Mourns Justice Ajannah

Arjen Robben displaying his Groningen shirt... yesterday

The Nigeria Basketball Federation (NBBF) has received with rude shock, the death of the Kogi State Chief Judge and grassroots sports development exponent, Justice Nasiru Ajannah which occurred in the early hours of Sunday.

According to family sources, the 64-year old died at an Abuja hospital where he was receiving treatment after showing Covid-19 symptoms.

The NBBF President, Musa Kida described the news as unfortunate and a huge blow

to basketball development in Nigeria. “Justice Ajannah was a critical stakeholder in basketball in Nigeria and shared one of the core values of this present board in the area of grassroots development through his annual Justice Ajannah Inter-Local Government Basketball competition in Kogi State. “The Nigerian league system (men and women) has benefitted immensely from talents discovered during this competition with its 12th edition held last year in Okene. Players also participated

during off season to stay in shape and earn bonuses from the competition.�

The basketball federation said that the death of Justice Ajannah who started his basketball career at the Ahmadu Bello University (ABU) was shocking to comprehend, re-emphasizing the reality about the Covid-19 pandemic which has continued to increase in Nigeria. “We will continue to pray for the spirit of the deceased and that God will give his immediate family, friends, associates and

the entire basketball family the fortitude to bear this irreparable loss.

The late Justice Ajannah was part of the old-Kwara State Basketball Association between 1980 and 1985 and was part of the state’s official delegation to Bendel ’81 National Sports Festival.

He was a long-standing patron of the old-Kwara State Basketball Association until Kogi State was created in 1991 and held the role in Kogi State Basketball Association until his demise.

Monday June 29, 2020

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MISSILE

Ajimobi’s Wife to Makinde “The Governor of Oyo State never called me nor sent a condolence message, my husband was hospitalised for one month. What politics are we playing, please? Life is short‌we all should let the fear of God guide us in whatever we are doingâ€? – Widow of former Governor Oyo State, Abiola Ajimobi, Florence, lashing out at Governor Seyi Makinde for how his government treated her husband.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Budget 2020: Reducing the Numbers Upward “You must gain control over your money or the lack of it will forever control you� - Dave Ramsey

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resident Buhari had signed the 2020 budget before the end of 2019, in a clear departure from previous experiences where the budget did not get to be passed until the middle of the year. Â˜ČąÂ?‘Žȹ›Ž•’ŽÂ?ČąÂ˜Â?ČąÂ–Â˜ÂœÂ?Čą Â’Â?ÂŽÂ›Â’ÂŠÂ—ÂœÇ°ČąÂ ÂŽČąÂ‘ÂŠÂ?ȹꗊ••¢ȹ got it right for once and it was something to be ŒŽ•Ž‹›ŠÂ?ÂŽÂ?ÇŻČą ’Ĵ•ŽȹÂ?Â’Â?ČąÂ ÂŽČąÂ”Â—Â˜Â ČąÂ?‘ŠÂ?ČąÂŒÂ˜Â›Â˜Â—ÂŠÂ&#x;Â’Â›ÂžÂœČą was on the way. As the pandemic hit the country Š—Â?Čą  ’Â?‘ȹ Â?‘Žȹ •˜Œ”Â?Â˜Â Â—Čą ’—ȹ ÂŠÂ›ÂŒÂ‘Ç°Čą Â?‘Žȹ ‹žÂ?Â?ÂŽÂ?Čą became untenable and unrealistic. The world economy literally shut down and went into a Â?ÂŠÂ’Â•ÂœÂ™Â’Â—ÇŻČą ÂŽÂ˜Â™Â•ÂŽČąÂ ÂŽÂ›ÂŽČąÂœÂ?ÂžÂŒÂ”ČąÂ’Â—ČąÂ?Â‘ÂŽÂ’Â›ČąÂ‘Â˜Â–ÂŽÂœČąÂŠÂ—Â?Čą physical movement was practically halted. Almost all nations of the world shut their borders. The direct impact of that was that no one was buying our oil until very recently. Prices crashed on the heels of demand that disappeared. Even though the world economy has begun to open gradually, oil prices are recovering at a very slow pace. As a result, our projections for the 2020 budget cannot hold anymore. We have had to pare down the budget to realistic levels. At least, that was the understanding among many informed Nigerians.

The initial national budget of N10.59 trillion was an increase of 2.5% from the 2019 budget of N8.92 trillion. The budget “for sustainable growth and job creationâ€? set aside N453b, representing 4% of total expenditure, for social intervention. This was Â?Â˜ČąÂ‹ÂŽČąÂ–ÂŠÂ—ÂŠÂ?ÂŽÂ?ȹ‹¢ȹÂ?Â‘ÂŽČąÂ—ÂŽÂ Â•Â˘ČąÂŒÂ›ÂŽÂŠÂ?ÂŽÂ?Čą ’—’œÂ?Â›Â˘ČąÂ˜Â?Čą

ž–Š—’Â?Š›’Š—ȹ Ä›ÂŠÂ’Â›ÂœÇ°Čą ’œŠœÂ?Ž›ȹ Š—ŠÂ?Ž–Ž—Â?ȹŠ—Â?Čą Â˜ÂŒÂ’ÂŠÂ•Čą ÂŽÂ&#x;Ž•˜™–Ž—Â?ÇŻČą Â‘Â’ÂœČą ’—’œÂ?Â›Â˘ČąÂ ÂŠÂœČąÂ?Â’Â&#x;Ž—ȹÂ?‘Žȹ mandate to focus on the avowed goal of lifting 100m Nigerians out of poverty in 10 years. The budget estimate was based on some fundamental Šœœž–™Â?Â’Â˜Â—ÂœÇŻČą ÂĄÂŒÂ‘ÂŠÂ—Â?Žȹ›ŠÂ?ÂŽČąÂ ÂŠÂœČąÂ”ÂŽÂ™Â?ČąÂœÂ?ŽŠÂ?¢ȹŠÂ?Čą řŖśȹ™Ž›ȹÂ?Â˜Â•Â•ÂŠÂ›ÇŻČą ČąÂ?›˜ Â?Â‘ČąÂ ÂŠÂœČąÂŽÂœÂ?’–ŠÂ?ÂŽÂ?ȹŠÂ?Čą Ĺ˜ÇŻĹ&#x;řƖǯȹ ’•ȹ ™›˜Â?žŒÂ?Â’Â˜Â—Čą Â‹ÂŽÂ—ÂŒÂ‘Â–ÂŠÂ›Â”Čą Â ÂŠÂœČą ™žÂ?Čą ŠÂ?Čą Ĺ˜ÇŻĹ—ĹžČąÂ–Â‹Â™Â?ÇŻČą —ĚŠÂ?Â’Â˜Â—ČąÂ ÂŠÂœČąÂŽÂœÂ?’–ŠÂ?ÂŽÂ?ȹŠÂ?ȹŗŖǯŞŗƖȹÂ?Â˜Â›Čą the year. Again, government projected a 7% rise ’—ȹ›ŽÂ&#x;Ž—žŽȹÂ?Â›Â˜Â–ČąĹ˜Ĺ–Ĺ—Ĺ&#x;ȹ‹žÂ?Â?ÂŽÂ?ȹęÂ?ÂžÂ›ÂŽÂœÇŻČą Â‘Â’ÂœČąÂ ÂŠÂœČą going to be achieved partly with an increase in Value Added Tax (VAT), from 5% to 7.5%. To ÂŒÂžÂœÂ‘Â’Â˜Â—ČąÂ?Â‘ÂŽČąÂŽÄ›ÂŽÂŒÂ?ČąÂ˜Â?ČąÂ?Â‘Â’ÂœČąÂ’Â—ÂŒÂ›ÂŽÂŠÂœÂŽÇ°ČąÂ?˜Â&#x;Ž›—–Ž—Â?Čą ’—œž•ŠÂ?ÂŽÂ?ČąÂ?Â‘ÂŽČąÂ•Â˜Â ÂŽÂ›ČąÂ›ÂžÂ—Â?ÂœČąÂ˜Â?ČąÂ?‘Žȹ ÂœČąÂ?Â›Â˜Â–Čą Čą registration. Companies whose annual turnover was below N25m were exempted from VAT ›ŽÂ?Â’ÂœÂ?›ŠÂ?Â’Â˜Â—ÇŻČą Â˜ČąÂ?Š–ŽȹÂ?˜˜Â?ȹ’—ĚŠÂ?Â’Â˜Â—Ç°ČąÂœÂ?ÂŠÂ™Â•ÂŽÂœČąÂ•Â’Â”ÂŽČą bread, rice, yam, etc were VAT exempt. The jury is still out as to how the increase in VAT would ‹Ž—ŽęÂ?ČąÂ?ÂŽÂ?Ž›Š•ȹÂ?˜Â&#x;Ž›—–Ž—Â?ȹ›ŽÂ&#x;ÂŽÂ—ÂžÂŽČąÂŠÂœČąĹžĹ›Ć–ČąÂ˜Â?Čą VAT statutorily goes to the states The total revenue expected to be realised as per the 2020 budget was N8.42t resulting in a Â?ŽęŒ’Â?ČąÂ˜Â?Čą Ĺ˜ÇŻĹ—Ĺ?Â?ÇŻČą ˜ ŽÂ&#x;ÂŽÂ›Ç°ČąÂŠÂœČąÂ ÂŽČąÂœÂ‘ÂŠÂ•Â•ČąÂœÂŽÂŽČąÂœÂ‘Â˜Â›Â?•¢ǰȹ Â?‘ŽȹÂ?ŽęŒ’Â?ČąÂ ÂŠÂœČąÂžÂ—Â?Ž›œÂ?ŠÂ?ÂŽÂ?ČąÂŠÂœČąÂ?˜Â&#x;Ž›—–Ž—Â?ČąÂ‘ÂŠÂœČą always failed to meet its revenue target in the last few years. Out of the revenue projection, 22% or N1.81t was going to come from non-oil sources while 31% or N2.6t was from oil sources. The remaining 47% or N3.97t was to come from other revenue sources. It is instructive to state that in the past four years, government has only been able to realise an average of 40% of revenue from the “Other Revenue Sourcesâ€?. Extrapolating from this, it means that without the disruption in the economy by the pandemic, the maximum amount that would have been realised here would be about N1.6t, leaving a shortfall of N2.4t. Now, ŠÂ?Â?ČąÂ?‘ŠÂ?ČąÂ?Â˜ČąÂ?Â‘ÂŽČąÂŽÂŠÂ›Â•Â’ÂŽÂ›ČąÂ›ÂŽÂŒÂ˜Â?—’œŽÂ?Čą Ĺ˜ÇŻĹ—Ĺ?Â?ČąÂ?ŽęŒ’Â?Čą Š—Â?ČąÂ˘Â˜ÂžČąÂ Â˜ÂžÂ•Â?ȹŽ—Â?ȹž™ȹ ’Â?‘ȹŠȹÂ?˜Â?Š•ȹ›ŽŠ•ȹÂ?ŽęŒ’Â?Čą ˜Â?Čą ŚǯśŚÂ?ÇŻČą Â‘Â’ÂœČą Â–ÂŽÂŠÂ—ÂœČą Â?‘ŠÂ?Čą Â?‘Žȹ Â?ŽęŒ’Â?Čą Â’ÂœČą Š‹˜žÂ?Čą 54% of the revenue target. How to fund this •Š›Â?ÂŽČą Â?ŽęŒ’Â?Čą Â›ÂŽÂ–ÂŠÂ’Â—ÂœČą Â?Â˜Čą ‹Žȹ ÂœÂŽÂŽÂ—Čą Â–Â˜Â›ÂŽČą ÂœÂ˜Čą Â—Â˜Â Čą Â?‘ŠÂ?Čą ˜Â&#x;Â’Â?ȹŗĹ&#x;ČąÂ‘ÂŠÂœČąÂ?Š”Ž—ȹ’Â?ÂœČąÂ?Â˜Â•Â•ČąÂ˜Â—ČąÂ?Â‘ÂŽČąÂŽÂŒÂ˜Â—Â˜Â–Â˘ÇŻČą We shall return to this critical issue later.

Finance Minister, Zainab Ahmed ȹ•’Ĵ•ŽȹÂ?Â’Â?Â›ÂŽÂœÂœÂ’Â˜Â—Ç°ČąÂ Â‘Â’ÂŒÂ‘ČąÂ’ÂœČąÂœÂ?’••ȹÂ&#x;Ž›¢ȹ›Ž•ŽÂ&#x;Š—Â?Čą though in this discourse, is that there exists a plan document that terminates this year. The Economic Recovery and Growth Plan was issued in 2017. The document had some numbers we should have achieved during the period that it Œ˜Â&#x;Ž›ŽÂ?ÇŻČą ČąÂ•Â˜Â˜Â”ČąÂ’Â—Â?Â˜ČąÂ?‘Žȹ ČąÂœÂ‘Â˜Â ÂœČąÂ?‘ŠÂ?ȹ Žȹ missed virtually all the targets that we set for ˜ž›œŽ•Â&#x;ÂŽÂœÇŻČą ¢ȹ Â?Â‘Â’ÂœČą ¢ŽŠ›ǰȹ Čą Â?›˜ Â?‘ȹ ›ŠÂ?ÂŽČą Â ÂŠÂœČą forecast to be 7% as against the 2.93% we are Â—Â˜Â ČąÂ™Â›Â˜Â“ÂŽÂŒÂ?’—Â?ÇŻČą —ĚŠÂ?Â’Â˜Â—ČąÂ›ÂŠÂ?ÂŽČąÂ˜Â?ČąĹ—Ĺ–ÇŻĹžĹ—ČąÂŠÂœČąÂŠÂ?Š’—œÂ?Čą ČąÂ?Š›Â?ÂŽÂ?ČąÂ˜Â?ČąĹ&#x;ÇŻĹ&#x;Ć–ČąÂ’ÂœČąÂ˜Ä›ČąÂ?Š›Â?ÂŽÂ?ÇŻČą Â?Š’—ǰȹÂ?ÂŠÂ’Â•Â˘ČąÂ˜Â’Â•Čą production capacity of 2.18 mbpd is a far cry from the ERGP target of 2.5 mbpd. This document runs out its lifespan this year with virtually all Â’Â?ÂœČąÂ?Š›Â?ÂŽÂ?ÂœČąÂžÂ—Â–ÂŽÂ?ÇŻČą Â?ČąÂ Â’Â•Â•ČąÂ‹ÂŽČąÂ’Â–Â™Â˜Â›Â?Š—Â?ČąÂ?Â˜ČąÂ”Â—Â˜Â Čą what went wrong. It is either the numbers were not realistic or there was no commitment towards its implementation. Whatever be the case, it is important that as we draw up the next plan, we apply the lessons from the present one which was implemented in breach. ŽŠ•’œ’—Â?ČąÂ?‘ŽȹÂ?Š–ŠÂ?ÂŽČąÂ?‘Žȹ Š—Â?ÂŽÂ–Â’ÂŒČąÂ‘ÂŠÂœČąÂ Â›ÂŽÂŠÂ”ÂŽÂ?Čą on the economy, the government had sent a reviewed budget to the National Assembly.

The objective was to cut down the budget by ˜Â&#x;Ž›ȹ Ĺ?ŗǯś‹ȹÂ?Â˜ČąÂŠČąÂ•Â˜Â ÂŽÂ›ČąÄ™Â?ÂžÂ›ÂŽČąÂ˜Â?ȹȹ Ĺ—Ĺ–ÇŻĹ›Ĺ˜Â?ÇŻČą ’•ȹ Â‹ÂŽÂ—ÂŒÂ‘Â–ÂŠÂ›Â”ČąÂ ÂŠÂœČąÂŠÂ•ÂœÂ˜ČąÂ›ÂŽÂ?žŒŽÂ?ČąÂ?Â›Â˜Â–ČąÇžĹ›Ĺ?ČąÂ?Â˜ČąÇžĹ˜Ĺ›ČąÂ™ÂŽÂ›Čą barrel while oil production was reduced from 2.18mbpd to 1.94mbpd. Revenue projection was reduced to N5.16t from N8.42t. This represents a drop of close to 40% or N3.26t. Given that the CBN had already adjusted the value of the Naira against the the dollar, the revised budget increased exchange rates from N305 to N360.

Statutory transfers were reduced from N560.5b to N407.8b, a drop of N152.7b. Capital expenditure was reduced by N155b from N2.78t to N2.62t.

Recurrent expenditure reduced by N25b from ŚǯŚĹ&#x;Â?Čą Â?Â˜Čą ĹšÇŻĹšĹœÂ?ÇŻČą Â’ÂœÂŒÂŠÂ•Čą Â?ŽęŒ’Â?Ç°Čą Â?‘Ž›ŽÂ?Â˜Â›ÂŽČą Â?›Ž ȹ from N2.17t to N5.37t, which is expected to be ꗊ—ŒŽÂ?ČąÂ?‘›˜žÂ?‘ȹÂ?Â›ÂŽÂœÂ‘ČąÂ‹Â˜Â›Â›Â˜Â Â’Â—Â?ÇŻ It does appear that the government did not go Â‹ÂŠÂŒÂ”ČąÂ?Â˜ČąÂ?‘Žȹ ŠÂ?Â’Â˜Â—ÂŠÂ•Čą ÂœÂœÂŽÂ–Â‹Â•Â˘ČąÂ?Â˜Â›ČąÂŠČąÂ›ÂŽÂ?žŒÂ?Â’Â˜Â—Čą in the budget even though that was what was communicated. It must, however, be said that a Ĺ?ŗ‹ȹ›ŽÂ?žŒÂ?Â’Â˜Â—ČąÂ’Â—ČąÂŠČąÂ‹ÂžÂ?Â?ÂŽÂ?ČąÂ˜Â?ČąÂ˜Â&#x;Ž›ȹ Ĺ—Ĺ–Â?ČąÂ’ÂœČąÂ•Â’Â”ÂŽČąÂŠČą drop in an ocean. The government truly realised that its estimates, in terms of oil receipts, were no longer tenable given the sharp drop in oil prices. Consequently, the government proposed ÂŠČąÂŒÂ˜Â—ÂœÂŽÂ›Â&#x;ŠÂ?Â’Â&#x;ÂŽČąÇžĹ˜Ĺ›ČąÂ™ÂŽÂ›ČąÂ‹ÂŠÂ›Â›ÂŽÂ•ČąÂ‹ÂžÂ?ČąÂ?‘Žȹ ŠÂ?Â’Â˜Â—ÂŠÂ•Čą ÂœÂœÂŽÂ–Â‹Â•Â˘ČąÂ“ÂŽÂ›Â”ÂŽÂ?ȹ’Â?ȹž™ȹÂ?Â˜ČąÇžĹ˜ĹžČąÂ™ÂŽÂ›ČąÂ‹ÂŠÂ›Â›ÂŽÂ•ÇŻČą Â&#x;Ž—ȹ Â?‘˜žÂ?‘ȹÂ?‘Žȹ ŠÂ?Â’Â˜Â—ÂŠÂ•Čą ÂœÂœÂŽÂ–Â‹Â•Â˘ČąÂ?Ž•Â?ČąÂ?‘ŠÂ?ČąÇžĹ˜ĹžČąÂ™ÂŽÂ›Čą Â‹ÂŠÂ›Â›ÂŽÂ•ČąÂ ÂŠÂœČąÂŒÂ˜Â—ÂœÂŽÂ›Â&#x;ŠÂ?Â’Â&#x;ÂŽČąÂŽÂ—Â˜ÂžÂ?‘ǰȹÂ?‘Ž›ŽȹŠ›Žȹ–Š›”ŽÂ?Čą realities that obey their own fundamentals and

—˜Â?ČąÂ?Â‘ÂŽČąÂ Â’ÂœÂ‘ÂŽÂœČąÂ˜Â?ČąÂŠČąÂ™Â›Â’ÂŒÂŽČąÂ?Š”Ž›ǯȹ Â‘ÂŽČąÂ–ÂŠÂ“Â˜Â›ČąÂ’ÂœÂœÂžÂŽČą that stood out was the realisation that the revenue target was unrealistic. Rather than recognising a Â?ŽęŒ’Â?ČąÂ˜Â?Čą Ĺ˜ÇŻĹ—Ĺ?Â?ǰȹ’Â?ČąÂ‹ÂŽÂŒÂŠÂ–ÂŽČąÂ—ÂŽÂŒÂŽÂœÂœÂŠÂ›Â˘ČąÂ?Â˜ČąÂ?ÂŽÂ?ČąÂ?‘Žȹ ŠÂ?Â’Â˜Â—ÂŠÂ•Čą ÂœÂœÂŽÂ–Â‹Â•Â˘Čą Â?Â˜Čą Š™™›˜Â&#x;ÂŽČą Â?‘Žȹ ›ŽŠ•ȹ Â?ŽęŒ’Â?Čą of N5.37t which will be funded by internal and external borrowing. Bear in mind that from the total anticipated revenue of N5.2t a provision of Ĺ˜ÇŻĹ&#x;Ĺ›Â?ȹ‘ŠÂ?ȹ‹ŽŽ—ȹŽŠ›–Š›”ŽÂ?ČąÂ?Â˜Â›ČąÂ?Ž‹Â?ČąÂœÂŽÂ›Â&#x;’Œ’—Â?Čą Â?Â˜Â›Čą Â?‘Žȹ ¢ŽŠ›ǯȹ ‘ŠÂ?Čą Â–ÂŽÂŠÂ—ÂœČą Â?‘ŠÂ?Čą  Žȹ Š›Žȹ œŽĴ’—Â?Čą aside about 57% of our revenue this year to debt servicing. Â˜Â Ç°Čą  ‘¢ȹ Â?Â˜Čą Š••ȹ Â?Â‘ÂŽÂœÂŽČą –ŠĴŽ›Ǿȹ —ȹ Â?‘Žȹ ꛜÂ?Čą place, there is nothing to cheer about over either the original budget nor the so-called revised one. Â‘Â’ÂœČąÂ’ÂœČąÂ‹ÂŽÂŒÂŠÂžÂœÂŽČąÂ“ÂžÂœÂ?ČąÂ•Â’Â”ÂŽČąÂ ÂŽČąÂœÂŠÂ’Â?ČąÂ•ÂŠÂœÂ?ČąÂ˘ÂŽÂŠÂ›Ç°ČąÂ˘Â˜ÂžÂ›Čą average share in this budget does not leave you Š—¢ȹ‹ŽĴŽ›ȹÂ?Â‘ÂŠÂ—ČąÂ Â‘ÂŽÂ›ÂŽČąÂ˘Â˜ÂžČąÂ ÂŽÂ›ÂŽČąÂ•ÂŠÂœÂ?ȹ¢ŽŠ›ǯȹ Â˜ÂžÂ›Čą ÂœÂ‘ÂŠÂ›ÂŽČąÂŠÂœČąÂŠÂ—ČąÂ’Â—Â?Â’Â&#x;Â’Â?ÂžÂŠÂ•Ç°ČąÂ’ÂœČąÂ“ÂžÂœÂ?ČąÇžĹ—Ĺ›Ĺ–ČąÂ˜Â›Čą śŚǰŖŖŖǯŖŖǰȹ Â˘ÂŽÂœČą Ä™Â?Â?¢ȏȹ Â?Â˜ÂžÂ›Čą Â?‘˜žœŠ—Â?Čą Š’›Šȹ Â?Â˜Â›Čą Â?‘Žȹ ¢ŽŠ›ǯȹ Â?Čą means that if the budget were to be shared equally to everyone you will go home with N4,500.00 per month. Compare that with our counterparts in South Africa and Angola who will go home  ’Â?Â‘ČąÇžĹ˜Ç°Ĺ˜Ĺ–Ĺ–ÇŻĹ–Ĺ–ČąÂŠÂ—Â?ČąÇžĹ—Ç°Ĺ˜Ĺ–Ĺ–ČąÂŽÂŠÂŒÂ‘Ç°ČąÂ™ÂŽÂ›ČąÂ˘ÂŽÂŠÂ›ÇˇČą The second point is about education and health. ‘Žȹ Š—Â?ÂŽÂ–Â’ÂŒČąÂ‘ÂŠÂœČąÂ›ÂŽÂ&#x;ŽŠ•ŽÂ?ČąÂ‘Â˜Â ČąČƒÂ Â’ÂŒÂ”ÂŽÂ?Ȅȹ Žȹ have been to ourselves over the years. We have left the public health system to decay. The state of our healthcare system is so bad that other Â?‘Š—ȹŠȹÂ?ÂŽÂ ČąÂŒÂ’Â?Â’ÂŽÂœČąÂ•Â’Â”ÂŽČą ŠÂ?Â˜ÂœÇ°Čą ‹ž“ŠȹŠ—Â?ČąÂ™Â›Â˜Â‹ÂŠÂ‹Â•Â˘Čą Port Harcourt, there is no where one can get ÂœÂ?Š—Â?Š›Â?ȹǝŠ—Â?ČąÂ ÂŽČąÂŠÂ›ÂŽČąÂ—Â˜Â?ČąÂ?Š•”’—Â?ČąÂ˜Â?ČąÂœÂ˜Â™Â‘Â’ÂœÂ?’ŒŠÂ?ÂŽÂ?ǡǟȹ –ŽÂ?Â’ÂŒÂŠÂ•ČąÂŒÂŠÂ›ÂŽČąÂ’Â—ČąÂ?Â‘Â’ÂœČąÂŒÂ˜ÂžÂ—Â?›¢ǯȹ ÂŠÂ—Â˘ČąÂ™ÂŽÂ˜Â™Â•ÂŽČąÂ Â‘Â˜Čą ordinarily would have had no business dying have lost their lives in the last three months.

These deaths may not be directly related to ČŹĹ—Ĺ&#x;Čą ‹žÂ?Čą Â?ÂŽÂŒÂ‘Â—Â’ÂŒÂŠÂ•Â•Â˘Ç°Čą Â?‘Ž¢ȹ Š›Žǯȹ ÂŽÂ?Â’ÂŒÂŠÂ•Čą Personnel are stretched, local hospitals are ill Žšž’™™ŽÂ?ČąÂ?Â˜ČąÂŠÄ´ÂŽÂ—Â?ČąÂ?Â˜ČąÂœÂ’Â–Â™Â•ÂŽČąÂŠÂ’Â•Â–ÂŽÂ—Â?ÂœČąÂŠÂ—Â?ȹŠȹÂ?ÂŽÂ Čą who would have sought help abroad are not able Â?Â˜ČąÂ?Â˜ČąÂœÂ˜ČąÂ?Â’Â&#x;Ž—ȹÂ?Â‘ÂŽČąÂ•Â˜ÂŒÂ”Â?Â˜Â Â—ÇŻČą Â&#x;Ž—ȹ ‘Ž›ŽȹÂ?‘Ž›Žȹ is available medical service, there is the poor ČŹĹ—Ĺ&#x;ČąÂ?ÂŽÂœÂ?’—Â?ȹŽ—Â&#x;’›˜—–Ž—Â?ČąÂ?‘ŠÂ?ČąÂ–ÂŠÂ”ÂŽÂœČąÂ?‘Žȹ –ŽÂ?Â’ÂŒÂŠÂ•ČąÂ™ÂŽÂ›ÂœÂ˜Â—Â—ÂŽÂ•ČąÂ?Š”ŽȹŽ¥Â?Â›ÂŠČąÂ™Â›ÂŽÂŒÂŠÂžÂ?Â’Â˜Â—ČąÂ‹ÂŽÂ?Â˜Â›ÂŽČą treating even simple ailments.

With the epiphany brought about by the pandemic, one would have expected that we will use this period, to declare an emergency on public health. Curiously, and apparently to no one’s disappointment, neither the original budget Â—Â˜Â›ČąÂ?‘Žȹ›ŽÂ&#x;’œŽÂ?ČąÂ˜Â—ÂŽČąÂ™ÂŠÂ’Â?ȹŠĴŽ—Â?Â’Â˜Â—ČąÂ?Â˜ČąÂ?‘ŽȹÂ?Š™’—Â?Čą need for improved healthcare system in Nigeria.

For instance, the projection for healthcare in the original budget was N441b, a meagre 4.2% of the budget. This is in contrast with the situation in South Africa and Rwanda, where they have complied with the World Health Organisation recommendation that countries should not spend less than 15% of their annual budget on healthcare.

Nigeria, which is expected to lead the way in Africa, is shamelessly in breach. On education, we ‹žÂ?Â?ÂŽÂ?ÂŽÂ?Čą ĹœĹžĹœÂ‹ČąÂ˜Â›ČąĹœÇŻĹ›Ć–ČąÂ˜Â?ČąÂ?‘ŽȹÂ?˜Â?Š•ȹęÂ?ž›Žȹ’—ȹÂ?‘Žȹ original budget. This is far below the UNESCO recommendation of between 15% and 20% of budget allocation for education in developing countries. It is disheartening that the percentage allocation to education in Nigeria has instead continued to drop on a yearly basis. Starting from 2015 when it was 12.3%, it dropped to 9.2% in 2016, 7.3% in 2017, and 6.5% this year.

The next point which one must say, has been ˜Â&#x;ÂŽÂ›ČąÄšÂ˜Â?Â?ÂŽÂ?ČąÂ’ÂœČąÂ?‘ŠÂ?ČąÂ˜Â?ČąÂ?Â‘ÂŽČąÂ™ÂŽÂ›ÂœÂ’ÂœÂ?’—Â?ČąÂ?Ž‹Â?ČąÂ˜Â&#x;Ž›‘Š—Â?ÇŻČą ¢ȹÂ?‘ŽȹŽ—Â?ČąÂ˜Â?Čą ÂŠÂ›ÂŒÂ‘ČąĹ˜Ĺ–Ĺ˜Ĺ–Ç°ČąÂ˜ÂžÂ›ČąÂ?˜Â?Š•ȹÂ?Ž‹Â?ČąÂœÂ?˜˜Â?Čą ŠÂ?ȹǞĹ?Ĺ&#x;ǯř‹ǯȹ Â—ČąÂ˜Â›Â?Ž›ȹÂ?Â˜ČąÂ?ž—Â?ČąÂ?‘Žȹ›ŽÂ&#x;’œŽÂ?ȹ‹žÂ?Â?ÂŽÂ?Ç°Čą  Žȹ—ŽŽÂ?ČąÂ—Â˜Â?ČąÂ•ÂŽÂœÂœČąÂ?‘Š—ȹǞŗś‹ǰȹ’—ȹŠÂ?Â?Â’Â?Â’Â˜Â—ÂŠÂ•ČąÂ•Â˜ÂŠÂ—ÂœÇŻČą ‘Žȹ‹’Â?ČąÂšÂžÂŽÂœÂ?Â’Â˜Â—ÂœČąÂŠÂ›ÂŽÇąČąÂŒÂŠÂ—ČąÂ ÂŽČąÂŠÄ›Â˜Â›Â?ČąÂ?Â˜ČąÂœÂŽÂ›Â&#x;Â’ÂŒÂŽČą additional loan if we already set aside close to Ĺ™Â?ČąÂ?Â˜ČąÂœÂŽÂ›Â&#x;Â’ÂŒÂŽČąÂ?Â‘ÂŽČąÂ™Â›ÂŽÂœÂŽÂ—Â?ČąÂ˜ÂžÂ?ÂœÂ?Š—Â?’—Â?ČąÂ‹ÂŠÂ•ÂŠÂ—ÂŒÂŽÇľČą Who would lend us that money and at what

Â™Â›Â’ÂŒÂŽÇ°Čą ‹˜Â?‘ȹ ’—ȹ Ä™Â—ÂŠÂ—ÂŒÂ’ÂŠÂ•Čą Š—Â?Čą ™˜•’Â?Â’ÂŒÂŠÂ•Čą Â?ÂŽÂ›Â–ÂœÇľČą Â?Čą we believe we are going to meet the shortfall by printing money, has anybody bothered to Œ˜—œ’Â?Ž›ȹÂ?‘Žȹ’—ĚŠÂ?Â’Â˜Â—ÂŠÂ›Â˘ČąÂ’Â–Â™Â•Â’ÂŒÂŠÂ?Â’Â˜Â—ÂœÇľ The next point that is of concern to us is the structure of our budget and therefore our Â?˜Â&#x;Ž›—–Ž—Â?ÇŻČą Â˜ČąÂ–ÂŠÄ´ÂŽÂ›ČąÂ Â‘ÂŠÂ?ȹ ŽȹÂ?Â˜Ç°ČąÂ ÂŽČąÂœÂŽÂŽÂ–Čą Â?Â˜ČąÂ‹ÂŽČąÂœÂ?ÂžÂŒÂ”ČąÂ Â’Â?‘ȹĹ?Ĺ–Ć–ČąÂ˜Â?ČąÂ˜ÂžÂ›ČąÂ‹ÂžÂ?Â?ÂŽÂ?ČąÂ?˜’—Â?ȹ’—Â?Â˜Čą recurrent expenditure. In the revised budget, 73.5% of total expenditure will go into salaries and debt servicing, while only 26.5% will go into capital expenditure. What does that mean for both physical and social infrastructure Â?ÂŽÂ&#x;Ž•˜™–Ž—Â?Ǿȹ ‘ŠÂ?Čą ÂŒÂŠÂ—Čą  Žȹ Â?Â˜Čą Â?Â˜Čą ›ŽÂ?ÂžÂŒÂŽČą Â?‘Žȹ cost of governance at both the executive and •ŽÂ?’œ•ŠÂ?Â’Â&#x;ÂŽČą ÂŠÂ›Â–ÂœČą ˜Â?Čą Â?˜Â&#x;Ž›—–Ž—Â?Ǿȹ Â?Š’—ǰȹ Â’Â?Čą Â?Â˜Â›Čą any reason we are unable to fund the budget Œ˜–™•ŽÂ?ÂŽÂ•Â˘ČąÂ•Â’Â”ÂŽČąÂ‘ÂŠÂœČąÂ‹ÂŽÂŽÂ—ČąÂ?Â‘ÂŽČąÂŒÂŠÂœÂŽČąÂ’Â—ČąÂ?Â‘ÂŽČąÂ•ÂŠÂœÂ?ČąÂ?ÂŽÂ Čą years, it is Capital Expenditure that bears the brunt. The implication is that there are chances that the meagre allocation to infrastructure may not be implemented in full. ‘Žȹ ꗊ•ȹ ™˜’—Â?Čą Â’ÂœČą Š—ȹ Â’Â?Ž˜•˜Â?Â’ÂŒÂŠÂ•Čą ÂŽÂŒÂ˜Â—Â˜Â–Â’ÂŒČą issue. There is no doubt that the economy will go into recession by the end of the third quarter of this year. Given this situation, one question Â?‘ŠÂ?Čą  Žȹ —ŽŽÂ?Čą Â?Â˜Čą ÂŠÂœÂ”Čą ˜ž›œŽ•Â&#x;ÂŽÂœČą Â’ÂœČą  ‘ŽÂ?‘Ž›ȹ Â?‘Žȹ government should be reducing or increasing the budget. It is important to hold a conversation around whether the National Assembly did the right thing by increasing the budget even if the reason for the increase had nothing to do with ÂœÂ?’–ž•ŠÂ?’—Â?ČąÂ?Â‘ÂŽČąÂŽÂŒÂ˜Â—Â˜Â–Â˘ÇŻČą Š•”’—Â?ČąÂŠÂ‹Â˜ÂžÂ?ČąÂœÂ?’–ž•ŠÂ?’—Â?Čą the economy, we need to interrogate the options of the level at which government should pitch its social spending. Should it be at the level of Â?˜Â&#x;Ž›—–Ž—Â?ȹŠÂ?ÂŽÂ—ÂŒÂ’ÂŽÂœČąÂ˜Â›ČąÂœÂ‘Â˜ÂžÂ•Â?ȹ’Â?ČąÂ?ŽŠ•ȹ ’Â?‘ȹ™žĴ’—Â?Čą money in the hands of consumers to stimulate Â?Ž–Š—Â?ȹŠ—Â?ČąÂ?‘Ž›ŽÂ?Â˜Â›ÂŽČąÂ™Â›Â˜Â?žŒÂ?Â’Â˜Â—ÇľČą ‘˜ž•Â?ČąÂ?‘Žȹ Â?˜Â&#x;Ž›—–Ž—Â?ČąÂ?Â˜ČąÂœÂ˜Â–ÂŽÂ?‘’—Â?ČąÂ?’쎛Ž—Â?ČąÂ?Â˜ČąÂŽÂ—ÂŒÂ˜ÂžÂ›ÂŠÂ?ÂŽČą consumption and local production thereby creating Â“Â˜Â‹ÂœČąÂŠÂ—Â?ČąÂ’Â—ÂŒÂ›ÂŽÂŠÂœÂ’Â—Â?Čą Çľ It is important to ensure that we do not waste the awareness and opportunities created by this pandemic crisis. We advocate here that Nigeria must declare a medical emergency immediately.

We must invest heavily in healthcare, for the ÂœÂŠÂ”ÂŽČąÂ˜Â?ȹŽÂ&#x;ÂŽÂ›Â˘Â‹Â˜Â?¢ǰȹ ‘ŽÂ?Â‘ÂŽÂ›ČąÂ›Â’ÂŒÂ‘ČąÂ˜Â›ČąÂ™Â˜Â˜Â›ÇŻČą ÂŽČą had made recommendations in the past on how Â ÂŽČąÂœÂ‘Â˜ÂžÂ•Â?ČąÂ?ÂŠÂŒÂ”Â•ÂŽČąÂ˜ÂžÂ›ČąÂ™ÂžÂ‹Â•Â’ÂŒČąÂ‘ÂŽÂŠÂ•Â?Â‘ČąÂŒÂ‘ÂŠÂ•Â•ÂŽÂ—Â?ÂŽÇŻČą We must start by shifting our budget emphasis Â?Â˜ČąÂ›ÂŽÂŒÂ˜Â?Â—Â’ÂœÂŽČąÂ?Â‘Â’ÂœČąÂŒÂ‘ÂŠÂ•Â•ÂŽÂ—Â?ÂŽÇŻČą ÂŽČąÂŠÂ•ÂœÂ˜ČąÂ?‘’—”ȹÂ?‘ŠÂ?Čą we should use the opportunity provided by this crisis to renegotiate our debts. In fact, we should Â‹ÂŽČąÂŠÂœÂ”Â’Â—Â?ČąÂ˜ÂžÂ›ČąÂŒÂ›ÂŽÂ?Â’Â?Â˜Â›ÂœČąÂ?Â˜Â›ČąÂ˜ÂžÂ?›’Â?‘Â?ČąÂŒÂŠÂ—ÂŒÂŽÂ•Â•ÂŠÂ?Â’Â˜Â—Čą and debt forgiveness. We are already in a debt crisis and from every indication, we cannot meet our debt obligations and still provide basic resources for our people. We cannot Šě˜›Â?ČąÂ?Â˜ČąÂ?ÂŽÂ&#x;˜Â?ÂŽČąÂŒÂ•Â˜ÂœÂŽČąÂ?Â˜ČąĹœĹ–Ć–ČąÂ˜Â?ČąÂ˜ÂžÂ›ČąÂ›ÂŽÂ&#x;Ž—žŽȹ Â?Â˜Čą œŽ›Â&#x;Â’ÂŒÂŽČą Â?Ž‹Â?ÇŻČą ‘Ž›Žȹ Â’ÂœČą Â—Â˜Čą ‹ŽĴŽ›ȹ Â?’–Žȹ Â?‘Š—ȹ now to declare that we cannot pay. Closely related to that is that the time has come for us to reduce the size and change the structure of Â?˜Â&#x;Ž›—–Ž—Â?ČąÂ?Â˜ČąÂ›ÂŽÄšÂŽÂŒÂ?ČąÂ˜ÂžÂ›ČąÂŒÂžÂ›Â›ÂŽÂ—Â?ȹ›ŽŠ•’Â?Â’ÂŽÂœÇŻČą Â‘Â’ÂœČą ÂŒÂ˜Â•ÂžÂ–Â—ČąÂ Â’Â•Â•ČąÂ‹ÂŽČąÂ•Â˜Â˜Â”Â’Â—Â?ȹŠÂ?ČąÂ?Â‘Â’ÂœČąÂ’Â–Â™Â˜Â›Â?Š—Â?ČąÂ’ÂœÂœÂžÂŽČą in due course. We must begin now to prepare for the imminent recession. We must engage Â?Â‘Â˜ÂœÂŽČąÂ Â‘Â˜ČąÂ”Â—Â˜Â ČąÂŠÂ–Â˜Â—Â?ÂœÂ?ČąÂžÂœČąÂ?Â˜ČąÂ‘ÂŽÂ•Â™ČąÂžÂœČąÂ?ŽŠ•ȹ with this. Pretending that all is well is not a strategy. We must welcome anything that can push consumption and local production up at this time. We should discourage anything that puts money in a few hands as that will further  ŽŠ”Ž—ȹÂ?Â‘ÂŽČąÂŽÂŒÂ˜Â—Â˜Â–Â˘ÇŻČą Â‘Â’ÂœČąÂ–ÂŠÂ˘ČąÂœÂ˜ÂžÂ—Â?ČąÂ‘ÂŠÂ›ÂœÂ‘Ç°Čą ‹žÂ?ČąÂ ÂŽČąÂŒÂŠÂ—Â—Â˜Â?ČąÂŠÄ›Â˜Â›Â?ČąÂ?Â˜ČąÂ•Â’Â&#x;Žȹ’—ȹ ‘ŠÂ?ČąÂ’ÂœČąÂŒÂ•ÂŽÂŠÂ›Â•Â˘Čą a fool’s paradise. ČŠ ČŚ ǹȹ Â›Â˜Â–Čą ž•¢ȹ Ĺ˜Ĺ–Ĺ˜Ĺ–Ç°Čą Â?Â‘Â’ÂœČą ÂŒÂ˜Â•ÂžÂ–Â—Čą  ˜ž•Â?Čą ‹Žȹ ™ž‹•’œ‘ŽÂ?ȹŽÂ&#x;ÂŽÂ›Â˘ČąÂ˜Â?‘Ž›ȹ ž—Â?Š¢ǯ

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