MONDAY 3RD JULY 2023

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Zenith Retains Top Spot as Nigeria’s Number One Bank By Tier-1 Capital for 14 Straight Years

Kayode Tokede

Zenith Bank Plc has retained its ranking as the number one bank in Nigeria by tier-1 capital in the 2023 Top 1000 World

Banks’ Rankings, published by The Banker Magazine.

For the fourteenth year in a row, the bank has held its position as the number one Tier-1 bank in Nigeria, emerging as the 467th

Bank globally with a Tier-1 Capital of $2.54 billion.

The rankings, published in the July 2023 edition of The Banker Magazine of the Financial Times Group, United Kingdom, were

Adeleke was Underrated,

www.thisdaylive.com

based on the 2022 year-end Tier-1 capital of banks globally.

The rankings continue to be the primary source for global bank financials and are used by most international organisations in their

assessments of banks.

Zenith Bank’s financial performance for the year was bolstered by an impressive double-digit growth of 24 per cent in gross earnings, leading Continued on page 5

Says Oyo Ex-Governor, Olunloyo...

to an improved market share in both the retail and corporate segments of the market. This occurred despite Monday 3 July, 2023 Vol 28. No 10309. Price: N250

COAS, Lagbaja, Urges Nigerians to Pray for Nation, Military

Continued on page 11

FG: We Reject EU’s 2023 Elections Observation Report on Nigeria

The presidency has flayed the European Union (EU) Election Observation Mission (EOM) report on the 2023 general election, saying it is an attempt to ridicule the Nigerian electoral system and its umpire, the Independent National Electoral Commission (INEC).

However, Special Assistant on Public Communication to Atiku Abubakar, the Peoples Democratic Party (PDP) presidential candidate in the election, Phrank Shaibu, hailed the EU Election Monitoring Group for stating in its report that the last election was, indeed, fraught with electoral irregularities and failed to meet the minimum standard of credibility. Shaibu lambasted President

Continued on page 5

ABDULRAZAQ LEADS DURBAR CULTURAL CELEBRATION…

L-R: Emir of Ilorin Alhaji Ibrahim Sulu Gambari (left); exchanging pleasantries with the Kwara State Governor AbdulRahman AbdulRazaq (right); during the grand Durbar celebration, in Ilorin...recently
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Deji Elumoye in Abuja Tinubu's 80th birthday reception at Eko Hotels, Victoria Island, Lagos... yesterday KUNLE OGUNFUYI
Says report biased, flawed, borne out of inadequate coverage
Atiku’s aide: Report shows Tinubu rigged poll, lambasts presidency EU's account corroborates our position, international observers, says Labour Party
The Chief of Army Staff (COAS), Major General Taoreed Lagbaja, has enjoined troops of the Nigerian Army to complement their military effort with prayers for the success of the Army in
MONDAY JULY 3, 2023 • THISDAY 2
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SERAP Gives Tinubu Seven Days to Account for N400bn Fuel Subsidy Savings

Threatens legal action

Sunday Aborisade in Abuja

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to, “urgently publish details of spending of about N400 billion so far saved as a result of the removal of petrol subsidy.”

SERAP urged Tinubu to, “provide details of the plans on how subsequent savings from the removal of subsidy on petrol, including specific projects on which the funds would be spent." The group also demanded for the mechanisms that had been put in

place to ensure that such savings were not embezzled, misappropriated or diverted into private pockets.

Quoting media reports, SERAP said the federal government had saved N400 billion within the four weeks following the implementation of the policy on the removal of payment of subsidy on petrol.

The organisation stated this in a letter dated July 1, 2023, and signed by its Deputy Director, Kolawole Oluwadare.

Part of the letter read, “Your government has a legal responsibility to ensure that the savings from the removal of subsidy on petrol are

spent solely for the benefit of the 137 million poor Nigerians who are bearing the brunt of the removal.

“Prevention of corruption in the spending of savings from the removal of subsidy on petrol and preventing and addressing the challenges caused by the removal are serious and legitimate public interests.

“Nigerians have the right to know how the savings are spent. Publishing the details of the spending of the savings would promote transparency, accountability, and reduce the risks of corruption in the spending of the funds.

“SERAP is concerned that the savings from subsidy removal may be embezzled, misappropriated or diverted into private pockets.

“Opacity in the spending of the savings from subsidy removal would have negative impacts on the fundamental interests of the citizens and the public interest.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter.

If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with

FG: WE REJECT EU’S 2023 ELECTIONS OBSERVATION REPORT ON NIGERIA

Bola Tinubu and his aide, Dele Alake, for trying to discredit a clearly credible report.

Similarly, Labour Party (LP) said the EU report was impeccable and reflected the true position of majority of the electorate. In a statement signed by its Acting National Publicity Secretary, Obiora Ifoh, LP said the federal government’s effort to discredit the report was a failed attempt at face-saving.

Chief Observer of EU EOM, Barry Andrews, had at a news conference in Abuja last week presented its final report on the 2023 general election in Nigeria, noting areas where the Nigerian electoral system should be reformed. The report suggested that the country’s electoral system needed legal and systemic reforms, saying failures in these areas affected public trust in INEC.

But reacting to the report yesterday, the presidency stated that the process and factors that produced the EU EOM report were faulty. It added that the parameters used by the body exposed its inadequacies and inability to conduct a credible monitoring.

In a statement issued by Special Adviser to the President on Special Duties, Communication and Strategy, Mr. Dele Alake, the presidency also argued that the said report was predetermined. It recalled that the EU group had manifested signs of bias earlier in the run up to the elections. It alleged that the report was merely collated to justify the group’s already manifested bias against the system.

The presidency rejected the EU EOM report for its alleged inability to adequately reflect the largest and true picture of the elections, especially the presidential election. It cited inadequate coverage by the body,

which it claimed was only able to deploy 40 election observers to the 36 states and the Federal Capital Territory (FCT). The government said EU EOM based its judgment on incidences from less than 1,000 polling units out of 176,000 polling units.

According to the presidency, the 2023 general election was the freest and most credible in the country since the advent of the current democracy in 1999.

According to the statement, "Sometimes in May, we alerted the nation, through a press statement, to the plan by a continental multi-lateral institution to discredit the 2023 general election conducted by the Independent National Electoral Commission. The main target was the presidential election, clearly and fairly won by the then candidate of All Progressives Congress, Bola Ahmed Tinubu.

"While we did not mention the name of the organisation in the said statement, we made it abundantly clear to Nigerians how this foreign institution had been unrelenting in its assault on the credibility of the electoral process, the sovereignty of our country and on our ability as a people to organise ourselves.

"We find it preposterous and unconscionable that in this day and age, any foreign organisation of whatever hue can continue to insist on its own yardstick and assessment as the only way to determine the credibility and transparency of our elections.

"Now that the organisation has submitted what it claimed to be its final report on the elections, we can now categorically let Nigerians and the entire world know that we were not unaware of the machinations of the European Union to sustain its, largely, unfounded bias and claims

on the election outcomes.

"For emphasis, we want to reiterate that the 2023 general elections, most especially the presidential election, won by President Bola Tinubu/ All Progressives Congress, were credible, peaceful, free, fair and the best organised general elections in Nigeria since 1999.”

The presidency added, "There is no substantial evidence provided by the European Union or any foreign and local organisation that is viable enough to impeach the integrity of the 2023 election outcomes.

"It is worth restating that the limitation of EU final assessment and conclusions on our elections was made very bare in the text of the press conference addressed by the Head of its Electoral Observation Mission, Barry Andrews.

"While addressing journalists in Abuja on the so-called final report, Andrews noted that EU-EOM monitored the pre-election and post-election processes in Nigeria from January 11 to April 11, 2023 as an INEC accredited election monitoring group. Within this period, EU-EOM observed the elections through 11 Abuja-based analysts, and 40 election observers spread across 36 states and the Federal Capital Territory.

"With the level of personnel deployed, which was barely an average of one person per state, we wonder how EU-EOM independently monitored election in over 176,000 polling units across Nigeria.

"We would like to know and even ask EU how it reached the conclusions in the submitted final report with the very limited coverage of the elections by their observers who, without doubt, relied more on rumours, hearsay, cocktails of prejudiced and

ZENITH RETAINS TOP SPOT AS NIGERIA’S NUMBER ONE BANK BY TIER-1 CAPITAL FOR 14 STRAIGHT YEARS

a persistently challenging macroeconomic environment and headwinds.

Commenting on the ranking, the Group Managing Director/ CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said, “Being ranked as the number one bank in Nigeria by tier-1 capital for the 14th consecutive year attests to our resilience as an institution despite a very challenging macroeconomic environment and global headwinds.

“It is also an affirmation of our best-in-class service and commitment to value creation for our highly esteemed customers.”

He thanked the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his foundational role in building the structures and setting the institution on the path to continued success; the Board for their vision and outstanding leadership; the staff for their unwavering commitment and dedication; and the Bank’s customers for their unflinching loyal support of the Zenith brand.

Tier 1 capital describes capital adequacy, which is the core measure of a bank’s financial strength from a regulator’s point

of view.

According to the ranking, tier 1 capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes lossabsorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned.

Zenith Bank became one of the latest companies to join the exclusive group of stocks worth over one trillion, as its market capitalisation on the Nigerian Exchange (NGX) crossed the N1 trillion mark in the third week of June 2023. This followed the appreciation of its share price by 3.23 per cent to close at N32 per share, taking its market capitalisation above a trillion to close at N1.004 trillion.

The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World's Best Banks Awards; Best Commercial Bank,

Nigeria 2021 and 2022, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance' Financial Services' Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named as Bank of the Decade (People's Choice) at the THISDAY Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

our request in the public interest.

“Unless the government is transparent and accountable to Nigerians in how it spends the savings from the removal of subsidy on petrol, the removal will continue to undermine the rights of Nigerians, and increase their vulnerability to poverty and social deprivation.

“Transparency would ensure that the funds saved from the removal of subsidy are not diverted into private pockets, and increase public trust and confidence that these savings would be used to benefit Nigerians.

“The implementation of the National Social Safety Net

Programme (NASSP) and spending on the programme have been mostly shrouded in secrecy.

“Publishing the details of the spending of the N400 billion and other savings from the removal of subsidy would also ensure that persons with public responsibilities are answerable to the people for the performance of their duties including the management of the funds.”

It noted that lack of transparency and accountability in the spending of savings from the removal of subsidy on petrol and the resulting human costs would directly threaten fundamental human rights.

uninformed social media commentaries and opposition talking heads.

"We are convinced that what EU-EOM called final report on our recent elections is a product of a poorly done desk job that relied heavily on few instances of skirmishes in less than 1,000 polling units out of over 176,000 where Nigerians voted on election day.

"We have many reasons to believe the jaundiced report, based on the views of fewer than 50 observers, was to merely sustain the same premature denunciatory stance contained in EU's preliminary report released in March.

"We strongly reject, in its entirety, any notion and idea from any organisation, group and individual remotely suggesting that the 2023 election was fraudulent."

The presidency, however, expressed satisfaction that other observers of the election from both local and international organisations, which it dubbed credible, had affirmed that the last general election was the freest since 1999.

The statement said some credible organisations, including the Nigerian Bar Association (NBA), which is made up of renowned and senior legal practitioners, also monitored the elections, deployed adequate observers to every nook and cranny of the country, and had released reports that gave nothing less than over 90 per cent success to the elections and INEC itself.

The statement said, "Our earlier position that the technology-aided 2023 general elections were the most transparent and best organised elections since the return of civil rule in Nigeria has been validated by all non-partisan foreign and local observers, such as the African Union, ECOWAS, Commonwealth Observer Mission, and the Nigerian Bar Association.

"Unlike EU-EOM that deployed fewer than 50 observers, the Nigerian Bar Association that sent out over 1,000 observers spread across the entire country for same election, gave a more holistic and accurate assessment of the elections in their own report.

"NBA, an organisation of eminent lawyers and an important voice within the civic space, reported that 91.8 per cent of Nigerians rated the conduct of the national and state elections as credible and satisfactory. Any election that over 90% of the citizens considered transparent should be celebrated anywhere in the world.

"It is heart-warming that INEC, through its National Commissioner for Information and Voter Education, Mr. Festus Okoye, has come out to defend the integrity of the election it conducted by rejecting the false narratives in the EU report.

"It is also gratifying that the electoral umpire, as an institution that is open to learning and continuous improvements, has also committed to taking on board more ideas, innovation and reforms that will further enhance the integrity and credibility of our electoral process."

The release noted that despite the European body's negative verdict, Nigerians had seen the quality of leadership being provided by the

winner of the presidential election, President Bola Tinubu, and his ruling All Progressives Congress (APC).

The release said, "As a country, we have put the elections behind us. President Tinubu is facing the arduous task of nation-building, while those who have reasons to challenge the process continue to do so through the courts.

"In just one month in office, Nigerians appear satisfied with the decisive leadership of President Tinubu and the manner he is redirecting the country to the path of fiscal sustainability and socio-economic reforms. We urge the EU and other foreign interests to be objective in all their assessments of the internal affairs of our country and allow Nigeria to breathe."

EU Report Shows Tinubu Rigged Election, Says Atiku’s Aide

Atiku’s aide, Phrank Shaibu, lambasted Tinubu and Alake for trying to discredit the EU report. Shaibu said even the dead knew that the last election lacked credibility and even INEC had been unable to explain why nearly five months after the election, it had refused to upload the full result on its result viewing portal.

He said, “Even primary school children, who did not vote, know that INEC failed woefully and that Tinubu rigged the last election.

“The presidential election held on February 25, 2023, and yet as of July 2, 2023, the result of the presidential election has not been fully uploaded. This is despite the fact that this election was the most expensive in the history of West Africa.

“How can an election in which the full results have not been fully uploaded after nearly five months be described as credible by any sane human being?”

Shaibu described as nonsensical Alake’s claim that EU was a meddlesome interloper for discrediting the poll. He said it was hypocritical of the Nigerian government to receive millions of dollars from the EU as election fund and then turn around to claim that the EU had no right to make comments on the election.

He stated, “The EU said in September last year that it budgeted 39 million euros for Nigeria’s 2023 election. Most of the funding went to INEC as election support.

“The EU not only provided training for INEC staff but also donated equipment, only for INEC to conduct a shambolic poll. So why would Alake claim that the EU has no right to speak when it was the largest single donor to INEC? Mr Alake should rather be quiet rather than try to defend the indefensible.”

Atiku’s aide further argued that the results in states, like Rivers, showed that the election was far from credible.

He said it was tragic that Tinubu was planning on rewarding former Governor Nyesom Wike of Rivers State with a ministerial portfolio, despite the accusations of rigging levelled against him as well as a pending petition against Wike, which had attracted nearly 300,000 votes.

Shaibu added, “The presidential

election in Rivers State was clearly rigged, as evidenced by what INEC has uploaded on IREV. So far, nearly 300,000 Nigerians have signed a petition on change.org demanding visa bans against Governor Wike.

“Tinubu is now on the verge of appointing Wike as a minister as a reward for that disgraceful election. What a shame. And this is the character who claimed to have fought for the actualisation of June 12?”

Shaibu called on the United States and the United Kingdom to speed up the process of imposing visa bans on election riggers. He asked the two countries to reveal the identities of those implicated in election rigging, especially staff of INEC and members of APC.

He said, “The report of European Union Election Observation Team, like all other reports on the 2023 presidential election, is not different from the facts our legal team, led by Chief Chris Uche, SAN, have placed before their lordships at the Presidential Elections Petitions Court.

“We are encouraged by the presence of the manifold brave and audacious men and women of the Bench in our judiciary. We know that, very soon, those distinguished and imperial dispensers of justice in our present day judiciary shall deliver a judgement that will be pure as the driven snow and not tainted by gravies and or bullied by coercion from characters with iniquitous power.”

EU's Position Corroborates

Our Stand, International Observers, Says Labour Party Labour Party (LP) stated that the report of the European Union on the 2023 presidential election was faultless and reflected the view of most Nigerian voters. LP described the statement by the federal government, which tried to discredit the EU's conclusion, as face-saving and medicine after death.

In a statement by Acting National Publicity Secretary of LP, Obiora Ifoh, the party drew the attention of the government to the fact that the EU report was "only one out of numerous submissions by other international observers who have described the outcome of the election as a sham and an exercise that did not reflect the will of the majority of Nigerians”.

Obiora said, "Labour Party stands by the position of the EU observation mission. We have always said that this election was massively rigged in favour of the APC and their candidate.

"What the FG is saying is just an afterthought and a shameless effort to mask the obvious. Even the blind can see, the deaf can hear, and they know this election was manipulated.”

Obiora said "huge pieces of evidence abound for even the deaf and the blind to hear and feel”.

He said the party was only hoping that the judiciary will dispense justice without fear or favour in the interest of the nation and posterity.

LP stated, "Nigerians already know the true winner of the 2023 presidential election and no amount of slandering, denial, or rebuttal can change the fact that the party in power has no mandate of the electorate.

THISDAY • MONDAY, JULY 3, 2023 PAGE FIVE
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CPPE Tasks FG on Measures to Mitigate Pains of Economic Reforms

Urges CBN to evolve framework to moderate volatility in forex market Hasten palliatives for citizens, PDP chieftain tells Tinubu

Dike Onwuamaeze in Lagos and Gbenga Sodeinde in Ado Ekiti

The Centre for the Promotion of Private Enterprise (CPPE), has urged the federal government to deploy measures that would mitigate the pains inflicted by its current economic reforms on key sectors of the economy.

It also tasked the Central Bank of Nigeria (CBN) to put in place a sustainable intervention framework to moderate the volatility in the foreign exchange market.

These were contained in the 2023 “Half Year Economic Review” that was issued by an Economist and Chief Executive Officer of the CPPE, Dr. Muda Yusuf, which stated that Nigeria currently has a better fiscal space with an outlook for lower fiscal deficit, moderation in the growth of public debt, reduction in debt service burden, and an improvement in the macroeconomic stability are very positive.

Yusuf also said the President Bola Ahmed Tinubu’s administration is currently charting a laudable positive course for the Nigerian economy that portends bright prospects for economic recovery and growth.

He, however, added that, “the Tinubu’s administration needs to promptly deploy measures to mitigate the current headwinds inflicted by the current reforms.

“The interventions should be a mix of direct interventions, tax incentives for low-income employees and small businesses, reduction in import duty on some critical intermediate products for key sectors of the economy, import duty concessions for the transportation, health, power and energy sectors.

“The improved fiscal space created by the reforms should make these mitigating measures feasible and they have to be implemented urgently in order to give the current reforms a human face.”

The economist added that, “with a better fiscal space, the outlook for lower fiscal deficit, moderation in the growth of public

debt, reduction in debt service burden, and an improvement in the macroeconomic stability are very positive. All of these would impact on economic growth prospects in the second half of the year.”

Yusuf pointed out that there were already clear indications of elevated investors’ confidence, improvement in the government fiscal space, higher prospects of exchange rate stability in the near term and positive expectations of better economic governance.

He also commented on the recent developments in the monetary management during the second half of the year, stating that, “the short to medium term outlook for foreign exchange liquidity is very good and prospects of increased inflow of capital are very bright.”

He, however, observed that the CBN should put in place a sustainable intervention framework to moderate the volatility in the foreign exchange market.

According to him, “there is an urgent need to address the social outcomes of the recent reforms, especially the inflationary pressure induced by the fuel subsidy removal. Urgent measures need to be put in place to mitigate the soaring cost of living and the escalating operating and production costs, especially for of businesses.

“Inflationary pressures may intensify in the near term; the exchange rate may come under pressure in the short term as foreign exchange demand backlog exerts pressure on the official FX window. But the pressure is expected to ease before the end of the year.

“This would pave way for an equilibrium exchange rate, which would be more tolerable and sustainable. However, the CBN should put in place a sustainable intervention framework to moderate the volatility in the FX market.”

Relatedly, as the effects of the fuel subsidy removal bites harder on the masses, a chieftain of the Peoples Democratic Party (PDP),

Dr. Olusola Jimoh, has called on President Bola Tinubu to act fast in providing the expected palliatives for the citizens.

He explained that the sufferings and hardship being faced by the people daily in the last one month were excruciating, adding that there was need for the government to do something urgently to address the situation before it is late.

The party leader stated that the Tinubu-led government should not take the people for granted as a result of the impact of the subsidy removal which he said had resulted in massive increase in cost of food items, transportation and other essentials.

Jimoh, who was the PDP House of Assembly candidate

for Okitipupa constituency 1 in the 2023 general election, spoke while playing host to party leaders and supporters in the council area in the mood of Sallah festivities in his country home of Igbotako, at the weekend.

Some of the leaders at the gathering were, Senator Boluwaji Kunlere, Hon Bamido Omogbehin, Mr. Adeolu Akinseye, State Assistant Treasurer; Okitipupa local government Organising Secretary, Joshua Lema; Okitipupa local government Assistant Secretary, Ojo Enisan; Chief Fayemiro, LG financial Secretary; Mr. Segun Awotula, LG Ex-officio and Folorunsho Ajayi.

According to him, "National and sub-national governments

in Nigeria should reflect on the wellbeing of the poor people. The removal of fuel subsidy should be reciprocated by removal of greed and appetite for rent seeking by the political elite.

"The current administration should be sensitive enough to reason that there is a limit to human resistance to hunger, perceived oppression and inequality. Removal of the demonised petrol subsidy has far reaching consequences beyond political and economic exigencies; there are unexpected outcomes. I think whatever palliative in the offering is getting late.

"The poor masses cannot wait for market forces to determine their fate, crisis is looming, government should do something now! "

He commended the leaders and party loyalists for gracing the gathering put together to celebrate the season and also reflect on the outcomes of the 2023 general election.

Jimoh reiterated the need for the leaders and members of the PDP in the council area and the state to close ranks and work for the success of the party in future elections, especially the 2024 governorship poll in the state.

He expressed optimism that the party would bounce back in dislodging the All Progressives Congress towards offering the people quality and responsive governance with real dividends of democracy.

MoneyCentral, ALTON, ACL 5G Technology Summit to Explore Digital Growth Opportunities

From July 12th to 13th, 2023, Money Central Newspapers in conjunction with Association of Licenced Telecom Operators in Nigeria (ALTON) and African Consolidated Analytical Limited (ACL), a consultancy with a track record of helping clients identify the full range of uncertainties that arise from operating in frontier markets are organising the 5G Technology Summit with the theme: 'Driving Digital Transformation & Economic Growth in a 5G Era'.

The event is slated to hold at the Victoria Crown Plaza Hotel, Victoria Island, Lagos. According to a statement, the 2 - day industry event would be a platform for elevated discourse involving industry leaders, policymakers, regulators, mobile phone manufacturers, 5G mobile technology companies, 5G Equipment manufacturers, the entire mobile technology ecosystem and value - chain; financial services companies, educational institutions, trade associations, digital transformation and technology enthusiasts to discuss and

unpack cogent issues around 5G Technology, deployment and adoption, coverage, investment opportunities, infrastructure requirements among others.

The summit was structured to include opening speeches, keynote presentations, panel sessions, fireside chats, special presentations and networking sessions.

Similarly, dignitaries and industry leaders expected at the summit include the Permanent Secretary, Ministry of Communications and Digital Economy, the Executive Vice -Chairman, Nigerian Communications Commission, Prof. Umar Garba Danbatta, the Director - General, NITDA, Kashifu Inuwa Abdullahi; Chief Executives of telecommunication companies, among many others.

The keynote speakers and panelists would be drawn from experienced professionals from leading consulting companies, telecoms associations, mobile phone makers, 5G equipment manufacturers, project managers and organised private sector and the academic.

“Each day of the summit promises to meet the expectation of the participants. Day one will explore issues around the central theme and a sub- theme on Driving Adoption & Increased Coverage: Key Challenges & Opportunities as well as a fireside chat on ‘The Pace, Scale & Growth of the Nation's Telecoms Sector in A 5G Era. ‘

“Expectedly, these sessions will delve into cogent issues as well as point out the key challenges and opportunities in 5G Technology. Currently, less than two per cent of mobile phone connections in SubSahara Africa are on 5G, and some telecom experts believe this number is not likely to increase this year. However, a report by Ericsson says it is likely to reach seven per cent in 2026,” the statement added.

It added: “On the other hand, day 2 which will feature a fireside chat will also seek to speak to the sub- themes as follows the theme: “Exploiting 5G Technology for National Economic Development” and “Who Needs 5G:

Impacting Businesses to Impact Communities?

“Nigeria has joined South Africa and Kenya as countries that have formally launched 5G network on the continent. 5G Technology provides greater speed in transmission, lower latency and offers greater capacity of remote execution. Furthermore, it encourages, serves greater number of connected devices and enhances the possibility of implementing virtual networks (network slicing), providing more adjusted connectivity to concrete needs.”

According to CEO, African Consolidated Analytical Limited, Amadi Iheukwumere, one of the organisers, “the Summit aims to help participants understand the infinite possibilities, enabling connectivity for a digital future the 5G technology and networks offer and what it means for people, businesses, schools, universities, hospitals, logistics, hospitality industries and even farmers in Nigeria. What impact it will have on livelihood, living standards, our communities in real terms.”

6 THISDAY • MONDAY, JULY 3, 2023 NEWS Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580
ADELEKE VISITS OMOLOLU OLUNLOYO… Osun State Governor, Ademola Adeleke (L) during a courtesy visit to a former Governor Oyo State Governor Omololu Olunloyo at his Molete home ... yesterday
MONDAY JULY 3, 2023 • THISDAY 7

IYALODE OF LAGOS, FATIMA TINUBU IS 80…

AfDB Approves $115m Loan for Abia State for Road Rehabilitation, Erosion Control, Solid Waste Mgt

The Board of Directors of the African Development Bank Group (AfDB) has approved a

loan of $115 million to support a major road rehabilitation project in Abia State.

The project would see the rehabilitation of roads, erosion

control infrastructure and preparation of solid waste management facilities in the state capital, Umuahia, and the commercial hub, Aba.

The bank in a statement said financing for the project, estimated at a total cost of $263.80 million, would come through an African Development

ACOMIN Urges FG to Strengthen Primary Healthcare to Combat Malaria

The Civil Society in Malaria Control, Immunisation and Nutrition in Nigeria (ACOMIN) has asked the federal government to allocate more resources towards strengthening of Primary Healthcare Centers (PHCs) so as to help the fight against malaria. Speaking at a quarterly media briefing in Abuja, the National Coordinator ACOMIN, Ayo Ipinmoye, said the crucial role of Primary Healthcare Centres (PHCs) in combating life-threatening disease such as malaria cannot be overemphasised.

According to Ipinmoye, statistics from 2021, revealed that Nigeria had the highest number of global malaria cases, accounting for 26.6 per cent of cases worldwide.

He added that the country experienced the highest number of malaria-related deaths, constituting

31per cent of global malaria deaths. Within West Africa, Nigeria alone accounted for an estimated 54 per cent of malaria cases, it stated.

To address the alarming situation, the ACOMIN Coordinator, said there was need for urgent collective efforts from the public to tackle the malaria scourge.

He stressed the importance of Insecticide-Treated Nets (ITNs) as physical barriers against mosquitoes, reducing the risk of infection for vulnerable groups such as pregnant women and young children.

He said a major way of eliminating malaria was by removing potential breeding sites, such as stagnant water collected in discarded items like plastic bottles and old tires, requires proper waste management and maintenance of drainage systems.

"Prompt diagnosis and treatment are also vital in reducing the impact of malaria. Individuals experiencing

symptoms such as fever, chills, headache, and body aches are urged to seek immediate medical attention for testing and appropriate treatment," he said.

While discussing steps to eliminate malaria, ACOMIN drew attention to the often-overlooked role of PHCs.

“These community-based healthcare facilities are the first point of contact for individuals seeking healthcare assistance. PHCs provide essential services including preventive care, diagnosis, treatment of common illnesses, maternal and child health services, family planning, chronic disease management, and health education.

“Particularly in remote or underserved areas, PHCs play a critical role in providing access to quality healthcare and reducing the burden on secondary and tertiary healthcare facilities.

“ACOMIN urges the Nigerian government and institutions to invest

in and support the efficiency and effectiveness of the Primary Health Care System. By providing necessary facilities, equipment, medicines, and trained healthcare professionals, PHCs can conduct tests for malaria and provide timely and affordable treatment.

“Furthermore, these PHCs can contribute to the surveillance and monitoring of malaria cases, generating valuable information for data-driven public health interventions and resource allocation.”

ACOMIN also urged the government to increase funding for PHCs to strengthen primary healthcare infrastructure and enhance the capacity of healthcare workers. Furthermore, it stated that private organisations, philanthropic foundations, and individuals were called upon to contribute to the funding of PHCs, thus expanding their reach and impact.

Bank loan of $100 million; a Canada–African Development Bank Climate Fund (CACF) loan of $15 million; and a $125 million co-financing loan from the Islamic Development Bank.

It noted that the Abia State government would provide $23.80 million in counterpart funding for compensation to people affected by the project and implementation of a Resettlement Action Plan.

It stated that under the project, which was expected to be completed in 2029, a total of 248.46 km of road - 58.03 km of roads in Umuahia and 190.43 km of roads in Aba – would be rehabilitated to asphaltic concrete standards at varying cross sections. It averred that erosion sites in Umuahia and Aba would be reinstated as well as preparatory studies undertaken for private sector participation in solid waste management for the two cities.

It revealed that the project would also include capacity building, project management and development of social infrastructure such as the rehabilitation of schools and the provision of sanitation facilities in schools, community markets and hospitals.

According to the statement, “With an estimated population of 553,000 and 814,000 respectively

NAHCON Demands Muna, Arafat Feeding from Saudi Arabia Govt

Hammed Shittu in Makkah.

The management of the National Hajj Commission of Nigeria (NAHCON) has demanded the Saudi Arabia Government to return feeding to the Commission and the provision of well spacious tents accommodation for the Nigeria pilgrims in Muna and Arafat during hajj exercise

The Commission said the demand became imperative in view of the poor handling of feeding and tents accommodation at Muna and Arafat during the just concluded hajji operations.

Speaking in Makkah in Saudi Arabia yesterday, with the leadership of Company Mutawifs for Pilgrims from African Non Arab Countries, the Chairman of NAHCON, Alhaji Zikrullah Kunle

Hassan said the return of feeding pilgrims to the Commission and Muslim Welfare Boards would reduce the sufferings being experienced by the pilgrims at Muna and Arafat during hajji exercises.

He added: "Feeding should be returned to us. We will manage it ourselves so we screened and make sure the foods are of the Nigerian taste.

"Return feeding to us then you can regulate and supervise as we used to previously in Makkah and Madinah, it may not be perfect but is better for us. At Muna we couldn't have any alternative to buy food as no vendors.

"On catering services, we can only complain. We only contributed in the menu, but we never knew the caterers that are cooking for

our pilgrims at Muna and Arafat.

"And our belief is there's difference between how we cook and how your cooks can cook for us.

"Late was observed delivering the foods. Invaders came in more to give our pilgrims what they wanted and that contributed towards the influx on invaders."

He added that, "Muna was turned market bazaar and essence of Hajj lost. We are not to check that as we are not in the position

"The feedback from our pilgrims, is tent lacking issue. Last year's 43,000 was same used for this year, no way it will suffice.

"This year weather was hasher and Pilgrims under the sun suffered really. We can only complain as we are helpless especially the pilgrims didn't enjoy the Hajj and the first

and last Hajj experience is not the best. Some invaders were chased but yet not enough space."

He noted further that, the development has exposed many pilgrims into series of health challenges since the pilgrims cannot sleep at tent due to inadequate of tents at Muna.

Hassan, however urged the leadership of Mutawwifs to allow NAHCON to inspect the tents accommodation a month to the commencement of the hajji operations.

He said that, the gesture would help the Commission to point to where the corrections would be required before bringing the pilgrims to the Saudi Arabia for hajji operations.

Also speaking at the meeting, the Executive Secretary, Adamawa state

Muslim Pilgrims Welfare Board, Alhaji Abubakar Salihu, who spoke on behalf of 36 and FCT said "We commend the Mutawwif and Chairman has said our position in the 2024 Hajj.

"Interest of every business end user must be satisfied. Mutawwif must not insist to feed Pilgrims.

"In Adamawa no some food offered from the 8th of ZulHijjah no food, no water, no mobility from Muzdalifah to Muna and Jamarat.”

Responding, the Vice President of Mutawwifs, Alhaji Badr Bafqih, who expressed concern over the plights of Nigeria pilgrims during the just concluded hajji operations, said he would make the demands of NAHCON to the appropriate quarters and relay the feedback in soonest time so as to have a future smooth hajji operations.

(2022 estimates), Umuahia, capital of Abia State, and Aba, the commercial hub, are currently facing serious infrastructure challenges arising from decades of underinvestment amidst rapid urbanisation. The situation is aggravated by gully erosion and the emergence of huge piles of solid waste on the roads.

“When completed, the 1.37 million population in these two cities will benefit from reduced travel time, reduced vehicle operating costs and lower transport cost.

“The project will also create 3,000 temporary jobs (30 percent for women) at the construction phase, and about 1,000 permanent jobs during the operational phase. The permanent jobs will particularly benefit the youth, who will make up 50 per cent of the project.

“They will be trained in contract management by the State Youth Road Maintenance Corps for road maintenance, a body of young Abia engineers drawn from the 17 Local Government Areas of the State.”

The Director General of the African Development Bank’s Nigeria Country Department, Lamin Barrow, said the project would build resilience by providing the towns access to urban infrastructure services, including economic and social amenities.

Barrow said: “The results from implementation of the project will help expand access to economic and social amenities in the two cities, and thereby contribute to building sustainable and liveable cities.”

The statement further explained that African Development Bank’s portfolio in Nigeria comprises 48 operations worth $4.2 billion.

The national (Federal and States) operations account for 90 per cent of the portfolio, for 41 projects amounting to $3.79 billion, while multinational operations constitute 10 percent, for 7 projects amounting to $0.41 billion.

The statement added that there are 24 Sovereign Operations ($2.36 billion or 56 percent of total commitments) and 24 Non-Sovereign Operations ($1.84 billion or 44 percent).

NEWS
Ugo Aliogo with agency report Onyebuchi Ezigbo and Folalumi Alaran in Abuja
8 THISDAY • MONDAY, JULY 3, 2023
The Iyalode of Lagos, Mrs. Bintu Fatima Tinubu (left) and President Bola Ahmed Tinubu, during the president’s courtesy visit to Mrs. Fatima Tinubu on her 80th birthday anniversary celebration at her residence in Lagos…yesterday

19 States, Two Countries Have Visited to Understudy

Our e-Procurement Reforms, Says Edo Government

The Managing Director of the Edo State Public Procurement Agency (EPPA), Henry Idogun has said since implementing reforms to instill transparency and probity in its procurement processes, not less than 19 Nigerian States and two countries have visited Edo State to understudy the transformational changes.

In a chat with journalists, Idogun noted that the state has arguably the highest number of procurement

professionals in the country, who were trained in collaboration with international development organisations.

According to him, “We were visionary when we started. We knew that we needed to build capacity at the beginning. The Edo State Government was the first state to have 14 certified procurement professionals.

“As they say, you can’t give what you don’t have. We knew we

COVID -19: Ogun Rolls Out N1bn Grants to 1,500 MSMEs Operators

James Sowole in Abeokuta

The Ogun State Government has earmarked the sum of N1 billion to about 1,500 business owners across all the 20 local governments as operational grant for micro and small-scale enterprises in the state.

Speaking in Abeokuta, the Ogun State capital, during the enumeration and vetting exercise for beneficiaries, the Project Manager, of Ogun State COVID-19 Action Recovery and Economic Stimulus Programme (OGUN CARES), Mrs. Olusola

Arobieke, said the purpose of the grant was to cushion the effect of the pandemics on the Micro and Small-Scale business owners.

Arobieke noted that about 16,000 business owners had been nominated to benefit from the grant in all the three Senatorial Districts of the State, revealing that the 1,500 that were captured under the first batch would receive the alert within 24 hours.

According to her, "The exercise has been on for some time. The main idea of the N1 billion

grant was to serve as relief from COVID-19 pandemics for micro and small enterprises in all three Senatorial Districts of Ogun. “The beneficiaries may not necessarily be indigent, but they will benefit as long as they have a business establishment in the state."

Mr. Israel Ariyo, a boutique owner in Ijebu-Ode Local Government, and Olamide Olatunde, owner of Beauty and Cosmetics Shop in Ado-Odo, Ota Local Government, while appreciating the government for the gesture, posited that the grant would help to lessen the burden of obtaining a loan from other sources, adding that it would make their business to move on faster.

Also, a photographer from Abeokuta South Local Government Olawummi Okunlola, and Hon. Tairat Adebanjo, a trader from Odogbolu Local Government, both said the grant would be spent on acquiring new gadgets and expanding their business, appreciating the Dapo Abiodun administration for promoting individual prosperity.

needed to build capacity with the support of the World Bank under the SEEFOR programme. We were able to expose many of our officers, built their capacity and that is what is still carrying us today. Edo was the first state to do so. Even at the federal level at that time, and even up till now, I’m not sure they have

that level of certified procurement professionals.”

He continued: “When we started our e-procurement, it was easy to evolve a strategy to implement our e-procurement which worked so marvelously. So much so that other states have been coming to understudy it. We have had 19 states

come to study our e-procurement implementation strategy.

“Two countries including Liberia and Gambia have also come to understudy the scheme. So, what people thought was impossible, something we thought we were doing at the corner of our office here, received so much recognition

from Nigeria’s Governor Forum, the World Bank, and other developed partners. “They started to recommend the Edo model to everybody that cared to listen. These are some of the things that we have done that have been recognised as adding value to the entire governance architecture.”

N4.7bn Judgement Debt: Court Discharges 22 Banks in Garnishee Proceedings against NNPC, PPMC

Wale Igbintade

A Federal High Court, in Lagos has discharged 22 banks from a garnishee proceeding filed by Glonik Industries limited and Glonik Hotels limited, against the Nigeria National Petroleum Company Limited (NNPC), and its sister company, Pipeline and Products Marketing Ltd (PPMC) on a N4, 705,139,686.78 judgement debt. he court presided over by Justice Ambrose Lewis-Allagoa had in a judgement delivered on May 16, 2023, in suit number FHC/L/ CS/794/2020 filed by Glonik Industries limited and Glonik Hotels limited, ordered NNPC and PPMC to pay N4, 705,139,686.78 for the demolition of hotel building situated at number 33, Wamom Taofeek Street, New Okoba, Lagos belonging to the Plaintiffs.

Following the judgement, Justice Lewis-Allagoa also in a garnishee proceeding attached the judgement sum in 23 banks and directed them to show cause why the sums standing to the judgement debtors’ credit in it various accounts should not be attached to satisfy the judgement debt.

The court directed that all debts due or sums accruing from the Garishness to the judgement debtors be attached to answer a judgment

secured against the debtors for payment of N4,705,139,686.78.

The court also granted an order attaching the funds in the garnishees’ possession standing to the credit of the judgment debtors to pay the debt or monetary sums due from the garnishees to the judgment creditors in satisfaction of the judgment sum.

Justice Allagoa also directed the named garnishees to appear in court to show to show cause as to why they should not pay to the judgment creditors the judgment sum from the monetary sums due from the garnishees to the judgment debtors, in satisfaction of the judgment debt.

But, when the matter came up, counsel to the judgement debtor, Mr. Wale Akoni, in an application urged the court to vary the garnishee order, and limit was to the 6th garnishee (Fist Bank of Nigeria Limited), submitting that the funds in the bank was enough to satisfy the judgement sum.

Consequently, he urged the court to discharge other 22 garnishees to enable the defendants carry out their businesses.

Justice Allagoa in a Bench ruling granted the request and discharged other garnishees with the exception of the 6th garnishee.

The plaintiffs, (Glonik Industries limited and Glonik Hotels limited)

had in their statement of claim stated that sometime in 2017, the defendants invaded the 1st plaintiff's property which the 2nd plaintiff used for its hotel/hospitality business on the pretext that NNPC (1st Defendant) pipeline was being vandalized from the property, arrested some members of the staff of the 2d plaintiff alongside the chairman, sealed the property and stationed their task force at the property denying the plaintiff access to the property.

The plaintiffs added that the entire building was then demolished by the defendant, adding that the demolition was done without an order of court.

Specifically, the 1st Plaintiff stated that it obtained building approval from the Lagos State government before the building was erected on the land.

Consequently, the plaintiffs sought for “a declaration that the sealing, demolishing of their building situate at 33, Wamom Taofeek Street, by Social Club Road, New Okoba, Lagos and carting away of all items was illegal.

“The sum of N840,879,686.75 being the fair and estimated value to replace the hotel building situate at 33, Wamon Taofeek Street by Social Club, New Okoba, Lagos belonging to the 15 plaintiff destroyed by the

Defendant.

“The sum of N3,863, 160,000 being the loss suffered as a result of the breach of contract between the 2nd Plaintiff and Ignite Energy Limited induced by the defendants as a result of the sealing and destruction of the plaintiffs’ hotel.

“The sum of N1, 000,000,000 as general damages, and additional N1, 000,000,000 as exemplary damages for defendants wrongly conduct.”

However, the defendants in their statement of defence/counter claim dated 13th of October, 2022 prayed the court for a declaration that the activities of the Plaintiffs of the Defendants’ Pipeline Right of Way at Atlas Cover-Mosimi are illegal and unlawful.

Therefore, the defendant prayed the court for, “an order for the sum of N500, 000,000,000 only to be paid to the defendants jointly and severally by the plaintiffs as general damages due to the Plaintiffs act of economic sabotage to the defendants’ facilities.”

However, Justice Allagoa in his judgement held, “in all the Plaintiffs have proved their case on the preponderance of evidence but the defendants have failed to prove their counter claim. Reliefs A, B, C is hereby granted as prayed. Relief E is granted in the sum of N1, 000,000 (one million naira)”

Adeleke was Underrated, Says Oyo Ex-Governor, Olunloyo

Yinka Kolawole in Osogbo

Elder statesman and former Governor of old Oyo State, Dr Victor Omololu Olunloyo, has described the Osun State Governor, Senator Ademola Adeleke, as a man of destiny, who was underrated by political opponents.

Speaking while receiving the governor at his residence in Ibadan,

yesterday, Olunloyo exclaimed at several intervals, asking: How did you do it? How did you achieve that feat?

"You are a man the whole world underrated. They were in shock. Only a very few people believed you can pull it off. Tell me the secrets.

"You cleared all the legislative seats, all House of Representatives, all senate seats and the assembly

honourables. You took the world by surprise. What a wonderful man you are," the elated former governor and mathematician said.

Olunloyo, surrounded by family members and friends, including Aare Dele Momodu, also lauded Adeleke for his wonderful performance since his assumption of office.

"Your performance as a governor

elates me. Osun is a difficult state to govern but you have changed the narrative. You are doing many wonderful things and I can see Osun people are happy with you. Keep it up.

"My prayer for you is that you will lead Osun to new, greater heights. You will overcome all obstacles on your path of governance. You will continue to

shine as a leader of your people. The good Lord will uphold and protect you.

"You are from a family of excellent people. Your father, Senator Adeleke, your brother, my own Serubawon, Senator and former governor. Thank you for keeping the flag flying," the former Oyo governor concluded.

Adeleke, who told the mathematician that he was in

Oyo State for a function, said he decided to stop by to pay homage to the elder statesman.

"I came to pay homage to you, our political father and to seek your prayers. I appreciate your kind words over the little we have been able to achieve in Osun. We will not let you down, our father and other admirers far and near," he said.

AT THE RECEPTION FOR THE PRESIDENT…

Your Silence Despite Avalanche of Election Petitions Worrisome, CSO Tells Peace Committee

Akinwale in Abuja

The Centre for Reform and Public Advocacy has described as worrisome the silence of the Gen. Abdulsalam Abubakar National Peace Committee (NPC) despite the avalanche of election petitions.

The group in a statement

issued yesterday, and signed by Ifeanyi Okechukwu, stated that their failure to issue a statement on the role of the judiciary and what Nigeria expects from the judiciary was an inglorious statement on the process of election in Nigeria.

It said it was public knowledge that the NPC had prior to the

2023 elections engaged political leaders on the need for a peaceful and credible election.

It noted that this led to the signing of a second national peace accord — a promise to ensure peaceful polls — and a pledge to accept the outcome of the elections.

It added that regrettably, what

was missing was a post-election formal statement of the NPC on the outcome of the election.

The Centre noted that it was surprising that there was yet to be any informed formal statement of the group on the election.

It stated: "It is a historic fact that elections hardly end with

Group Demands Probe into Disbursement of $550m Power Project Grant

Wale Igbintade

A Civil Society Organisation, the Coalition of West African Investigative Journalists (COWAFIJ), has urged President Bola Tinubu to urgently set up a presidential investigation panel to probe into the spending of over $550m repayable grant by Nigeria Electrification Project (NEP).

COWAFIJ at a press conference held yesterday in Lagos, stated that NEP, a unit in Rural Electrification Agency (REA), allegedly obtained the said loan from World Bank and African Development Bank under the incumbent Managing Director of REA.

Speaking, the group’s General Secretary, Comrade Gboyega Adeoye, said since the current REA's Managing Director, Ahmad, took over in December 2019, NEP's repayable grants from World Bank and African Development Bank to improve access to electricity in underprivileged communities across Nigeria, which is its core mandate totaled over $550 million.

The grant usage, Adeoye alleged, had been characterised by misuse, claiming that several contacts awarded in respect of the loan are also in violation of public procurement law.

"It is worrisome that in spite of the huge sum at the disposal of NEP access to power is still a mirage in virtually all

disadvantaged communities in the country.

"In fact there is no way anyone can palliate, disguise or deodorise the wasteful spending of the humongous sum that is devoid of internal review, external oversight or accountability, with violation of public procurement law a constant theme in contracts awarded in respect of the money.

"In any case, the federal government is duty-bound to repay the grant and so, it behooves it to know how it was spent, particularly when it is obvious that the money has not answered its purpose as energy poverty among the poor groups is on the rise.

"It is based on the foregoing that we call on President Tinubu to step in and do the needful by instigating probe of the over $550 million loan of which $350 million is from World Bank," he said.

Adeoye also urged the World Bank to stay action on its plan to give NEP a fresh $750 million grant until the spending of the initial grant are accounted for.

"Some days back, we listened with surprise and sadness to announcement by World Bank Director of Strategy and Operations, Western/Central African Region, Ms. Elizabeth Huybens that this coming August another $750 million will be made available to NEP in grant.

"We entreat the bank to tarry

until those currently charged with managing the affairs of NEP, particularly as regards the loan and contract awards concerning the grant and past

spending are subjected to close scrutiny by relevant enforcement agencies," the accountability journalists' group's General Secretary said.

the declaration by the electoral body after voting. This is because almost always the last and final announcement is from the judiciary."

The Centre added that, expectedly, the 2023 election has not been different, saying all major political parties were contesting the outcome of the elections.

It noted that without a doubt, the top of the engagements was the Presidential Election Petitions, adding that the next in the echelon were several governorship petitions that are dotted across Nigeria.

It added: "It is, however, disturbing that despite the avalanche of election petitions and likely far-reaching outcomes that could follow the decisions;

the National Peace Committee has been quiet.

"It is our considered view that the National Peace Committee has failed in a very crucial area concerning the elections. The failure to issue a statement on the role of the judiciary and what Nigeria expects from the judiciary is an inglorious statement on the process of election in Nigeria.

"Without a doubt, elections have three clear steps in Nigeria, and they are primary elections, general elections, and litigation on the elections. Of the three, the last is the most decisive."

The Centre, however, called on the Committee to quickly address this gap in its engagements, adding that it must be stressed that every Nigerian is looking up to the judiciary.

Sahara Group to Partner FG, Gates Foundation on Sustainable Devt

In line with its commitment to promoting sustainable development in Nigeria, Sahara Group has said it would support efforts by the federal government and the Bill and Melinda Gates Foundation to tackle poverty, climate change and health challenges in the nation.

This followed a recent meeting chaired by the Vice President, Kashim Shettima, where critical issues including desertification, deforestation, agriculture, education, and vaccination, among others, were discussed.

The meeting had the Co-chair, Bill and Melinda Gates Foundation, Mr. Bill Gates; President of Dangote Group, Aliko Dangote; Executive Director, Sahara Group, Mr. Kola Adesina and other stakeholders in attendance.

Speaking at the session, Adesina said Sahara Group was exploring several avenues of contributing towards tackling the issues alongside the government and other stakeholders.

According to him, “These

issues are quite important in Nigeria’s quest for sustainable development, ensuring that no one is left behind. We commend the federal government for leading this vital charge.

“Sahara Group exists to bring energy to life responsibly. Sahara will support this initiative as we continue to contribute our quota towards developing, energising and transforming our nation.”

According to Global Forest Watch, Nigeria in 2010 had 10.9 million hectares (Mha) of natural forest, extending over 12 per cent of its land area. However, from 2002 to 2021, Nigeria lost 153 Kilo hectares (kha) of humid primary forest, making up 14 per cent of its total tree cover loss in the same period.

At COP 26, Nigeria with over 100 other countries pledged to end deforestation by 2030 by raising required finance to support afforestation and introducing initiatives such as removing deforestation from the global trade of food and other agricultural products such as palm oil, soya,

and cocoa.

Going by a Multidisciplinary Digital Publishing Institute (MDPI) 2022 research conducted by a group of scholars, over 70 million Nigerians were directly or indirectly experiencing the negative impact of drought and desertification, the latter in Nigeria, being less a function of climate change, but more a product of human activities.

Adesina pointed out that, “Various studies and data indicate that we need to step up the rate of afforestation and galvanise collaborative interventions that will need all stakeholders on board.

“We will also need massive awareness campaigns to get our people to own the campaign by signing up to a paradigm shift from activities that endanger our environment."

Noting that the contribution of the agricultural sector to the national Gross Domestic Product (GDP) was 24.05 per cent percent in 2022, while that of the oil sector remained under 10 per cent, he

held that channeling efforts towards boosting agriculture across the nation remained critical to promoting sustainable economic development in Nigeria.

“Nigeria accounts for up to 20 per cent of the world’s cassava production (and 34 per cent of Africa’s), making the country the largest producer of the crop in the world. The International Institute of Tropical Agriculture records that Nigeria is also the world’s largest producer of yam, accounting for over 70 per cent of yam production in the world.

"The country produces over 47 million metric tonnes of yam annually and is also the largest producer of maize and rice in Africa. Clearly, we can leverage the entire agriculture value chain for economic transformation,” Adesina added.

He said Sahara Group would also work with Bill and Melinda Gates Foundation to promote polio eradication and vaccination to help the nation navigate health challenges that can be effectively overcome through prevention.

NEWS 10 THISDAY • MONDAY, JULY 3, 2023
Adedayo L-R: Airtel Africa’s Vice President Corporate Communications & CSR, Emeka Oparah; Special Adviser to the President on Communications & Strategy, Dele Alake; CCE of Nigeria Upstream Regulatory Commission, Engr. Gbenga Komolafe, and Lagos State Governor, Babajide Sanwo-Olu, at the reception hosted by Lagos State for President Bola Ahmed Tinubu in Lagos…recently

MEMORIAL SERVICE FOR SEN. OKONKWO…

JAMB Withdraws Candidate’s Result over Alleged Manipulation after N3m Scholarship from Innoson

Kuni Tyessi in Abuja

The Joint Admissions and Matriculation Board (JAMB) has withdrawn the Unified Tertiary Matriculation Examination result of Ejikeme Mmesoma, over alleged manipulation of her scores.

Mmesoma, who claimed to have scored 362 in the 2023 UTME, was recently awarded a N3 million scholarship by Innocent Chukwuma, Chairman of Innoson Vehicles Manufacturing company.

However, JAMB, in a statement signed by its Head of Public Affairs and Protocol, Dr. Fabian Benjamin, yesterday, stated that some of the 2023 UTME candidates were parading fake scores in order to get undue advantage.

The exam body, which also listed the case of one Atung Gerald, in Kaduna that allegedly claimed to have scored 380, advised the public not to fall victim for the antics of the candidates.

The statement read: “The attention

of the JAMB has been drawn to several publications in both print and online media celebrating certain candidates for being high scorers in the 2023 UTME.

“The Board is constrained to set the records straight and wishes to state unequivocally that many of the results which many of these candidates are parading are fake.

“In many instances, some of these candidates had actually obtained far lower scores than they are claiming and had used some funny software packages to manipulate their results to deceive unsuspecting members of the public.

“The most pathetic of them all is the case of Miss Ejikeme Joy Mmesoma, who claimed to have scored 362 in the 2023 UTME and was awarded a N3 million scholarship by Dr. Innocent Chukwuma.

“She was even set to be honoured by the Anambra State Government when one of its top officials put a call through to JAMB to confirm her

claim only for the Board to reveal that Miss Ejikeme Joy Mmesoma had actually scored 249 and not 362 she claimed.

“She had manipulated her UTME result to deceive the public to fraudulently obtain scholarship and other recognitions.”

The statement added: “The Board would like to state that the likes of Mmesoma are still out there deceiving those who are always in a hurry to bestow honours on candidates without confirming from the Board.

“A similar case was that of one Atung Gerald in Kaduna, who claimed to have scored 380. His ethnic group had taken the issue up requesting that he should be given special recognition only for the Board to disappoint them with the incontestable fact that Atung never obtain the 2023 UTME application documents not to talk of sitting the examination.

“The Board would, therefore, want to advise the public to

always cross check these claims by candidates with the Board before rushing to honour them with undeserving awards as certain software have been created to fake their version of their results and put same out in the public space for fun and this is what the sponsors of these candidates are using to defraud good-spirited Nigerians such as Dr. Innocent, the founder of Innoson Motors, who sincerely desires to celebrate academic excellence by investing in the education of a young Nigerian.

“We commended the likes of Dr. Innocent Chukwuma and wish to encourage other Nigerians, who desire to invest in the future of genuine youngsters, never to be discouraged but to always ensure that they get the authentic results from the Board as done by the Anambra State Ministry of Education, otherwise they will be celebrating criminality as this is just another new fraudulent method in town.

Tinubu Returns to Abuja After Paris, London, Lagos Trips

Deji Elumoye in Abuja

President Bola Tinubu, yesterday, returned to Abuja from Lagos, 13 days after he left to attend the Summit on New Global Financing Pact in Paris, the capital of France.

The president’s aircraft landed at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja, at about 2:30pm.

He had actually returned to Lagos, on Tuesday, June 27, in time to observe the Eid-el-Kabir festival at his Ikoyi home, Lagos.

While away from Abuja, President Tinubu, had participated in the New Global Financing Pact signing in Paris, and also held various other diplomatic meetings on the sidelines of the main event.

In Paris, he met with the French President, Emmanuel Macron at the Elysée; the Swiss President, Alain Berset, at Palais Brongniart; President of Benin Republic, Patrice Talon; Director General of World Trade Organization, Dr Ngozi Okonjo-Iweala; and President of the African Development Bank,

Dr Akinwunmi Adesina.

He also met the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah; and President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso.

Tinubu left Paris for London, the United Kingdom (UK), on Saturday, June 24, on a private visit in the course of which he met with former President Muhammadu Buhari in London.

While in Lagos, apart, from joining other Nigerians to celebrate the Eid-el-Kabir festival, he also went to Ogun State to pay thank you visits to Awujale of Ijebuland, Oba Sikiru Kayode Adetona and the Alake of Egbaland, Oba Adedotun Aremu Gbadebo in their palaces.

On Saturday, President Tinubu received the President of GuineaBissau, Umaro Sissoco Embalo at his Ikoyi private residence, after he was hosted to a homecoming in Lagos by Governor Babajide Sanwo-Olu of the state.

COAS, LAGBAJA, URGES NIGERIANS TO PRAY FOR NATION, MILITARY

its operational engagements and the corporate existence of Nigeria, as one indivisible entity amid contemporary security challenges bedeviling the nation.

The army chief made the clarion call yesterday at the interdenominational church service marking the Nigerian Army Day Celebration (NADCEL) 2023 held at the Mogadishu Military Cantonment, Abuja. The army had last week commenced the commemoration of its 160th year of establishment since 1867, when 18 men known as the Glover Hausas of the Royal Navy were organised into a formidable force.

General Lagbaja stated that the army remained the pride of the nation and a force to reckon with in Africa and the world.

He noted that the interdenominational service was among the series of activities earmarked for all army formations and units to commemorate its establishment as a symbol of national unity and integration.

The Army chief said the occasion also provided the opportunity for prayers and supplications to be made to God Almighty on behalf of the Nigerian Army, the Armed Forces of Nigeria and the nation in general.

"As we mark our 160th year, I must confess that our journey has not

been a bed of roses, as the Nigerian Army, in the course of holding our nation together, has fought a civil war, participated in peacekeeping cum peace enforcement missions and is currently involved in combating terrorism, insurgency and other criminalities across the country,” the army chief said.

General Lagbaja reiterated that the various engagements of the army within and outside the shores of Nigeria resulted in the loss of loved ones and breadwinners.

"We have bled, we have piled up the wounded in action, and the population of our widows and widowers as well as orphans has swelled. Our sacrifices are for the

love of God, humanity and country," he stated.

He, therefore, urged all army personnel to reflect on the security challenges and include them in their prayers, believing that God Almighty would crown the efforts of the army and the Armed Forces of Nigeria with success.

The COAS charged all personnel to continue to do their best to reciprocate government's gesture by remaining loyal, disciplined, patriotic and undaunting, as they combat security challenges in the various theatres of operations. He pledged more commitment to troops' welfare and wellbeing under his command.

“However, these candidates only succeed in manipulating what they are holding as the authentic results are with the Board and would be transmitted to their schools of choice at the appropriate time.

“It is to be noted that Miss Mmesoma had sent a message to the Board’s platform to request her UTME result after which she manually inflated her scores and pasted same on the 2022 UTME result sheet.

“Unknown to her, the Board had changed the design of the 2023

UTME result sheet. Her original result remains 249 as nothing can change that. With this her ignoble act, Miss Mmesoma would be prosecuted and her original result withdrawn. This is not all as the Board would, in due course, investigate all candidates laying claims to higher scores than they actually obtained. Once discovered, such candidates’ original results would be withdrawn forthwith and they would be handed over to relevant security agencies for prosecution.”

PDP Gives Reasons Tinubu Can’t Escape Disqualification at Tribunal

Chuks Okocha in Abuja

Ahead of today's commencement of the defence of the victory of the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) at the presidential election petition tribunal, the Peoples Democratic Party (PDP), has given four reasons why President Bola Tinubu could not escape disqualification.

In a post from its publicity directorate, the PDP said Tinubu acquired a Guinean Citizenship, which was against the constitution, and that there was no disclosure by him, which makes it a constitutional offence.

PDP, in the post, further said Tinubu forfeited $460,000 due to drug-related offences and also that there was no closure about it, adding: "He did not disclose the aforementioned facts to INEC.”

The PDP explained that it was relying on the fact that President Tinubu submitted forged Chicago University Certificate to INEC.

The post stated: "More details on the ongoing petition of the PDP and Its Presidential Candidate, Atiku Abubakar at the 2023 Presidential Election Petition Court (PEPC), Appeal Court, Abuja.

"The Peoples Democratic Party (PDP), and its Presidential Candidate, H.E. Atiku Abubakar, on Friday 23-06-23 closed its case, after calling 27 witnesses in total and submitting truckloads of documents to establish that Atiku Abubakar defeated Bola Ahmed Tinubu of the APC in the February 25, 2023 Presidential Election, and that taking into account the cancelled Polling Units, the elections should have been declared inconclusive and supplementary

elections (re-run) scheduled by INEC.

"PDP/Atiku also produced documents and witnesses that gave evidence to show that INEC compromised its own election by failing to transmit results in real-time as INEC Chairman, Mahmud Yakubu promised Nigerians after collecting over N200 billion for the same purpose.

"INEC, APC and Bola Tinubu, objected to all the documents tendered, including the ones sourced directly from INEC itself as certified true copies (CTC), but reserved their reasons for objection until later. INEC lawyers opposing INEC documents being tendered is a major red flag that shows compromises but all the documents were accepted by the Presidential Election Petition Court as evidence."

The post stated that the PDP/Atiku lawyer, Chief Chris Uche, SAN, on Friday, added to the homework of the respondents’ lawyers by tendering key documents that showed that Tinubu was not qualified to run for office abinitio.

According to the PDP, "The documents sourced from INEC as submitted by Bola Tinubu with his INEC Forms EC13A and EC9 are APC Party Membership Card in the name of Bola Ahmed Tinubu, Certificate of Service from Mobil Oil.

"NYSC Certificate of Exemption belonging to one Tinubu Bola Adekunle upon graduation in 1979 (at which time the NYSC exemption was not yet in effect.)Certificate from Chicago State University.

"Further documents tendered through the PDP/Atiku’s witness, Mike Enahoro-Ebah to challenge the INEC certified documents were CTCs of documents forwarded by a Notary Public in Chicago, USA through a subpoena:

NEWS 11 THISDAY • MONDAY, JULY 3, 2023
L-R: Labour Party Presidential Candidate in the 2023 General Election Mr. Peter Gregory Obi; wife of the Late Senator, Lady Chinyere Okonkwo and the Son, Member Representing Idemili North/South Federal Constituency in the House of Representatives, Hon. Uchenna Harris Okonkwo, during the memorial service of Sen. Annie Okonkwo at St Paul the Apostle Church Ohio Ave, Los Angeles...yesterday

LORD’S CHOSEN HOLDS CRUSADE…

Tension as Soldiers Allegedly Shoot Local Security Officers, Kill Two in Enugu

Gideon Arinze in Enugu

Tension yesterday enveloped

Eke, a community in Enugu State, following the alleged killing of a volunteer member of a Neighborhood watch, Ebuka Oke, and a house wife from the locality by soldiers from the 82 Division of the Nigerian Army, Enugu.

The soldiers were said to have equally shot three other

members of the local security outfit at close range, leaving them with various degrees of bullet injuries, a development which has thrown the entire community into confusion.

Narrating what transpired, the Assistant Chief Security Officer of Eke Security Neighbourhood Watch, Emeka Anigbo, who was among the victims, said they were at Ninth Mile Conner last Thursday

Insecurity a Threat to Food Security in Northern Nigeria, Says Ex-Gov Bafarawa

Onuminya

Innocent in Sokoto

Former Governor of Sokoto State, Alhaji Dalhatu Attahiru Bafarawa, has stated that terrorism in northern Nigeria has become a major threat to food security which in turn poses danger to human existence.

Addressing journalists who paid him Sallah homage yesterday, the former governor said some parts of the state are under sieged, especially in eastern part of the state.

“As I’m talking to you now, some people from my village in Isa Local Government Area cannot

go to their farms, and some of them had fled their home taking refuge in the town,” he stated.

Bafarawa noted that the unprecedented rise in insecurity has displaced farming communities and hindered cultivation, maintaining that in the next four months, there would be food crisis in the state as a result of insecurity.

He further explained that security challenges have led many farmers to abandon their farmlands, fled their communities, and relocated to urban areas, or taken shelter in Internally Displaced Persons (IDP) camps.

NAHCON Lauds Ogun Pilgrims for Effective Coordination

James Sowole inAbeokuta

The National Hajj Commission of Nigeria (NAHCON) has commended the Ogun State Pilgrims Welfare Board for demonstrating capacity in the effective coordination of activities at the 2023 Hajj exercise in the Kingdom of Saudi Arabia.

The Team Leader, NAHCON Assessment and Award Committee, Alhaji Ashim Sulaimon, gave the commendation when he led his team on a visit to the Ogun Pilgrims tent in Mina, Saudi Arabia, saying

night where they had gone to felicitate with their colleagues who were being inaugurated as neighborhood watch members when they got a distress call

that armed robbers blocked the major road leading to the popular Catholic Church Prayer Centre (Ugwudinso) and Eke, from Ama breweries.

On receiving the call, he said they abandoned the food and drinks they were about to eat and swiftly drove out with a view to confronting the criminal

elements. However, due to heavy traffic gridlock occasioned by the blockage of the road, they could not get to the scene with their vehicle.

Intensify Fight against Drug Abuse in Society, NDLEA Told

Blessing Ibunge in Port Harcourt

A non-governmental organisation, the Civil Rights Council (CRC) has urged the National Drug Law Enforcement Agency (NDLEA) to intensify the fight against intake of illicit drugs by youths in the

society.

This demand arose from an interactive session of security agencies and other stakeholders that wasthe organised by CRC in Port Harcourt at the weekend, with supports from Social Development Integrated Center (Social Action) and

Rosa Luxemburg Stiftung (an international organisation).

During the interactive session, issues of human rights abuse and how to strengthen the relationship between the security agencies, civil society groups and the general public were discussed.

Some of the security agencies

and other stakeholders present at the meeting included representatives from NDLEA, Economic and Financial Crime Commission (EFCC), Nigerian Police Force (NPF), National Orientation Agency (NOA), Nigeria Security and Civil Defence Corps (NSCDC), others.

Cabinet: Oborevwori Advises Media against Speculation

Omon-Julius OnabuinAsaba

Delta State Governor, Hon Sheriff Oborevwori, has dismissed speculation in the media that disagreement among stakeholders in the Peoples Democratic Party

(PDP) in the state was causing delay in the selection of his nominees into his cabinet and composition of the State Executive Council (EXCO) for his administration to take off. Oborevwori said that contrary to certain media reports, he was not

under any pressure regarding the selection of qualified members of his cabinet but was only bidding his time in putting together a formidable team towards the effective implementation of his M.O.R.E Agenda.

Speaking yesterday on behalf of the governor, his Chief Press Secretary, Festus Ahon, emphasized that he was taking his time “to pick suitable and competent hands to be appointed into the State Executive Council.”

Makinde: Ibadan Dry Port Project ‘ll Come on Stream Quicker than Expected

Kemi Olaitan in Ibadan

Oyo State Governor, Seyi Makinde, has said the Ibadan Dry Port Project may likely come on stream quicker than expected because the present leadership of the country under President Bola Tinubu, understands “the benefits

the team was amazed by the general well-being and orderliness of the pilgrims.

Sulaimon, while noting that the management of the commission had taken note of all lapses noticed during this year’s exercise, promised to ensure improvement in subsequent yearly exercises.

He said: “We are highly impressed by the general well-being and orderliness of the pilgrims. We did not see anything short of what is expected of Ogun State, and I will relay the observations to the authority for other states to emulate.”

Radda Donates N278m to 4,634 Katsina Pilgrims

Francis Sardauna in Katsina

The Katsina State Governor, Dikko Umaru Radda, has donated the sum of N278 million to 4,634 state pilgrims in Saudi Arabia.

The State’s Amirul Hajj and former Speaker of the Katsina State House of Assembly, Rt. Hon. Tasiu Musa Maigari, disclosed this in Makkah yesterday evening, while addressing the pilgrims in the Holy land.

A statement by Radda’s Chief Press Secretary, Mr. Ibrahim Kaula

Mohammed, quoted Maigarii as saying that the governor has directed him to convey his sallah greetings, while congratulating the pilgrims on the successful completion of the Hajj exercise.

According to the Amirul Haji, Governor Radda urged the pilgrims to pray for the end of insecurity in the State.

The former speaker later announced the donation of 300 riyals by the governor, which is equivalent to N60,000 each as feeding allowance to the pilgrims.

of developing the economic value chain.”

This is just as he said the dry port project would also benefit the state hugely because his administration would collaborate with the federal government more than ever before, stating that the recent change of government at

the federal level would not affect the project negatively.

Makinde stated this at the weekend when he inspected several ongoing projects, including the Ibadan Inland Dry Port, the College of Agriculture and Renewable Energy, Iseyin, a campus of the Ladoke Akintola

University of Technology, Ogbomoso; the Engineer Lere Adigun Housing Estate, Basorun and the Ibadan Circular Road. According to him, the state has made good progress with regards to the projects, even though there is still a lot of work to be done.

Enugu Monarch Raises the Alarm over Threat to Life

Chiemelie Ezeobi

The traditional ruler of NaraUnateze Community in Enugu State, Igwe Ifeanyi Ogbu (Eze Odenigbo Il) has sent a savemy-soul plea to the Chairman, Police Service Commission, Dr. Solomon Arase and office of the

Inspector General of Police (IG), over alleged threat to his life.

In the petition, he alleged that a serving Commissioner of Police in charge of Special Enquiry Bureau (SEB) at the Force headquarters, Abuja and a policeman under his supervision connived to fraudulently obtain a

suspicious bankers order through the back door from Nasarawa State with which they caused his business accounts domiciled with the First Bank of Nigeria Plc, to be illegally frozen.

Narrating the circumstances that led to the alleged act, Igwe Ogbu in the petition to Arase

said he was embarrassed when he was to make withdrawals from the bank on 4th of March, 2023 for his businesses and was informed by the bank that his accounts were red flagged and directed to contact one CP.

A. Ibrahim and CSP Sunny Amison.

‘A’Ibom Mapping Based on Court Rulings, Not Politics’

The coastal people of Akwa Ibom State have decried the attempt by some selfish interests to politicise the mapping of the state with a law by the state House of Assembly, saying that the action was purely based on court rulings spanning years.

The group under the auspices

of Coalition of Aboriginal Coastal Local Government Areas of Eket, Esit Eket, Onna, Mkpat Enin and Ikot Abasi, said in a statement released in Abuja yesterday that they were disturbed by the falsehood being introduced into an entirely legal procedure, which had led to the disturbance of

public peace in parts of the state.

In the statement signed by the President General of the Ekid Nation, Dr. Samuel Udonsak, the group warned those fanning the embers of crisis over the mapping of the state to be properly guided by both historical and legal facts and desist from causing avoidable

trouble in the peaceful state.

Udonsak said: “The leadership of the Coalition of Aboriginal Coastal LGAs of Eket, Esit Eket, Onna, Mkpat Enin and Ikot Abasi met to review the mapping of the state, the disturbances within its territory and the need to improve the security within its areas.”

Bayelsa Must Join APC at Centre to Speed up Devt, Says Party Chieftain

Olusegun Samuel in Yenagoa

A chieftain of the All Progressives Congress (APC) in Bayelsa State, Prince Preye Aganaba, has condemned the ‘stagnant growth’ of the state led by the Peoples Democratic Party (PDP), saying the state must join the

APC at the centre to speed up development.

Aganaba, who stated this in Yenagoa at the weekend, said the state Governor, Douye Diri, is confused and had shown absolute lack of ideology to position the state on the path of growth and development.

He said the state APC governorship candidate in the November 11 election, Chief Timipre Sylva, was the only hope of the state to align with the centre, and urged the people to take advantage of the opportunity.

The former governorship aspirant said Sylva possessed the

capacity, experience and network to win the forthcoming poll and speed up the development of the state.

Aganaba commended Sylva, who was the immediate-past Minister of State for Petroleum, for attracting a federal tertiary institution to Nembe.

MONDAY JULY 3, 2023 THISDAY 12 NEWS
L-R: General Overseer, The Lord’s Chosen Charismatic Revival Ministries, Pastor Lazarus Muoka; his wife, Mrs. Joy Muoka, and Head of Communications, Mr. Chidi Louis, during a two-day crusade in Lagos… recently ETOP UKUTT
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Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

ON PLASTIC BAG FREE DAY

Nigeria needs to produce less plastic bags, and many more uses for them

It is doubtful if many Nigerians are aware that today is the International Plastic Bag Free Day and if they do, whether they understand its the idea is to eliminate the use of plastic bags which “may seem like a grocery shopping

Free World’ birthed the idea in 2010 by introducing

Interestingly, Rwanda, Gambia, Morocco, Ghana,

In 2019, the federal institute a law to ban Bags Prohibition Bill was the manufacture and importation of all plastic bags used for commercial Nigeria is among the 20 countries generating more they merely break down into smaller pieces and can because of air pollution from burning plastic, animal lifespans are shortened because of consuming plastic,

DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

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

Letters to the Editor

and unmanaged plastic is contaminating our precious for cement blocks, ropes, and household goods such are using recycled plastic and textiles to make clothing melted and formed into pellets, which can be made companies are known to recycle polyethylene into outdoor decking material, fencing, and doors and

sleeping bags, carpeting

curb plastic waste, and these are by producing less, consuming less, and better managing existing waste

biodegradable and are made from renewable

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

LETTERS

OIL THEFT IN THE NIGER DELTA

to show for its exertions, it has become clear that the cocktail of warlord who certainly knows more than a thing about oil theft

described as a common criminal who should face the full force

ing that Dokubo has something to say about key national assets most prominent partakers in the oil theft business are also some It would be in the character of Dokubo to point it out he who members of the Nigerian armed forces so casually means that

It was also illuminating to hear Dokubo’s position on Nnam Dokubo is like many of his fellow Niger Delta militants, who supposedly fought for the emancipation of the region, but in reality hid behind what was supposed to be a genuine struggle

would be interesting to see if a new administration would mean for Dokubo, while it may be unwise to shoot the messenger, Ni their best interests at heart while in truth they do not care if the Ike Willie-Nwobu, Ikewilly9@gmail.com

4 THISDAY MONDAY JULY 3, 2023
T H I S D AY EDITOR SHAKA MOMODU
Environmentalists believe there are many ways to curb plastic waste, and these are by producing less, consuming less, and better managing existing waste to prevent contamination or leakage
EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE
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RATES AS AT JUNE 30,2023

10 Bluechip Firms Sustain Dominance with N25.4tn Contribution to NGX Market Cap

Kayode Tokede

Propelled by the federal government’s policy on foreign exchange and fuel subsidy, 10 leadings companies on Nigerian Exchange Limited (NGX) suatained their dominance of the local bourse in the first half (H1) 2023 contributing a commulative N25.4 trillion to overall N33.198trillion market capitalisation during the period.

As a result of the significant gain by these 10 companies, investors on the NGX who have endured

long periods of bearish sentiments had cause to smile as their wealth grew by N5.3 trillion in H1 amid audacious macroeconomic reforms under the new administration.

This is as Nigerian stocks climbed to a 15-year high due to price appreciation in bellwether stocks such as MTN Nigeria Communication Plc, Dangote Cement Plc, Airtel Africa Plc, BUA Cement Plc, among six others.

Consequently, the NGX All Share Index (ASI), mirrors the direction of the market, reached a 15-year high and crossed 60,000

index points, to close at 60,968.27 basis points as against an opening value of 51,251.06 (January 3, 2023), implying an increase of 8,717.21 or 18.96 per cent.

Similarly, the market capitalization of listed companies, which had opened the year at N27.915 trillion, closed on Friday, June 30 at N33.197 trillion, representing a gain of N5.3 trillion in H1 2023.

Reacting to the performance, operators noted that the policies of the Bola Tinubu administration, which includes the harmonisation of different exchange rates and

the floating of the Naira at the Investors and Exporters window (I & E FX) had led to the rise in the fortunes of investors.

Cash crunch, soaring inflation and the uncertainties in the build-up to the 2023 elections dampened investors’ mood leading to “cautious attitude” to stock trading. But sentiments started improving as the cash crunch eased and impressive corporate results came in.

Meanwhile, according to THISDAY investigation, MTN Nigeria Communication as of H1 2023, leads the stock market

in capitalisations, followed by Airtel Africa.

MTN Nigeria Communication closed the period under review at N5.56 trillion when its stock price closed at N273.4 per share.

Airtel Africa moved to N4.96 trillion as its stock price depreciated by 19.27 per cent Year-till-Date (YtD) to N1,319.9 per share from N1,635.00 per share it opened for trading in 2023.

Dangote Cement came third with N4.86trillion in market capitalisation, followed by BUA Cement with N3.12trillion in market

capitalisation as of June 30, 2023. Others are; Zenith Bank, N1.075trillion; Guaranty Trust Holding company Plc (GTCO), N1.03 trillion; Nestle Nigeria, N990.8billion; Stanbic IBTC Holdings, N699.7billion and FBN Holdings, N612billion.

Capital market analysts attributed the price appreciation in MTN Nigeria among others to the federal government’s foreign exchange policies stressing that these stocks are driven by fundamentals.

The story continues online on www.thisdaylive.com

Banks’ Total Assets Up N16.65tn as Industry Credit Increased by N4.54tn in 1 Year

Nume Ekeghe

The Central Bank of Nigeria (CBN) has revealed that banks’ total assets from April 2022 to April 2023 rose by N16.65 representing a 25.88 per cent adding that Industry credit also increased by N4.54 trillion during the period under review

The Deputy Governor, Financial System Stability, CBN, Aisha Ahmad, and a member of the

Monetary Policy Committee (MPC) of the CBN, Adeola Adenikinju disclosed this in their personal statements at the CBN MPC meeting held in May.

They added that NonPerforming Loans (NPLs) ratio declined to 4.4 per cent in April 2023 from 4.5 per cent in March 2022, which is further below the regulatory benchmark of 5 per cent.

According to Adenikinju, “Total Assets of the banking industry

grew by N16.65 trillion or 25.88 per cent between April 2022 and April 2023. Industry credit increased by N4.54 trillion or 17.40 per cent between end April 2022 and end-April 2023. Gross credit has been on an upward trajectory since 2019. Total industry deposits increased by N8.84 trillion or 21.4 per cent between the end of April 2022 and April 2023.”

He added that the stress tests conducted on the industry show

that it can weather the major risks and vulnerabilities in the system.

He noted that the financial soundness indicators remain positive and that the banking system remains strong, sound, and resilient.

“The capital adequacy ratio (CAR) stood at 12.8 per cent in April 2023, still within the prudential requirement of between 10 per cent – 15 per cent. Nonperforming loans (NPLs) ratio

declined from 4.5 per cent in March 2023 to 4.4 per cent in April 2023.

“Liquidity ratio (LR) rose to 45.3 per cent in April 2023, from 43.8 per cent in March 2023. This is above the minimum 30 per cent recommended by the prudential requirement, ”he said.

However, he warned that cost to operating income declined marginally from 70.6 per cent to 70.5 per cent between March and

MARKET DATA AS AT FRIDAY, JUNE 30, 2023

April 2023 urging it be addressed as in other climes, “the ratio is 23.5 per cent in Turkey, 50.6 per cent in Brazil, 41.0 per cent in Malaysia, 62.0 per cent in South Africa, 43.2 per cent in Angola, 35.2 per cent in Egypt, Kenya is 45.2 per cent and Ghana, 46.1 per cent.”

The story continues online on www.thisdaylive.com

BONDS DESCRIPTIONPriceYield Change (%) Updated Time ^13.53 23MAR-2025 103.2511.39 -0.01 June 26, 2023 ^12.50 22JAN-2026 102.45 11.37 0.00 June 26, 2023 ^16.2884 17-MAR-27 114.51 11.38 -0.01 June 26, 2023 ^13.98 23FEB-2028 101.91 13.40 0.00 June 26, 2023 ^14.55 26APR-2029 103.69 13.60 -0.13 June 26, 2023
BILLS MATURITYDiscountYield Change (%)Updated Time NTB 24-Aug23 6.036.08 -0.01 June 26, 2023 NTB 7-Sep23 6.03 6.10 0.00 June 26, 2023 NTB 26-Oct23 5.09 5.18 0.00 June 26, 2023 NTB 9-Nov23 5.27 5.38 0.00 June 26, 2023 NTB 7-Dec23 5.64 5.79 0.00 June 26, 2023 OTC FX FUTURES CONTRACT TENOR (MONTH) Contract Current Rate ($/₦) Updated Time 1 NGUS JUN 28 2023 473.90 June 13, 2023 2 NGUS JUL 26 2023 476.31 June 13, 2023 3 NGUS AUG 30 2023 478.72 June 13, 2023 4 NGUS SEP 27 2023 481.13 June 13, 2023 5 NGUS OCT 25 2023 483.53 June 13, 2023 CPS MATURITYDiscountYield Change (%)Updated Time ZEDC CP I 17-NOV-23 15.89 16.95 0.00 June 26, 2023 NSDL CP IIA 22-NOV-23 19.9521.72 0.00 June 26, 2023 MTNN CP V 23-NOV-23 12.8113.52 0.00 June 26, 2023 NSDL CP IIB 23-NOV-23 19.9521.73 0.00 June 26, 2023 VAAG CP XVII 24-NOV-23 17.6419.03 0.00 June 26, 2023
BUSINESS WORLD Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com 08056356325
23
MONEY MARKETREPOS & P INDEX S & P INDEXEXCHANGE RATE OPR 11.25% CALL 19.12% INDEX LEVEL 611.31% 1/4 TO DATE -0.07%N462.50/ 1 US DOLLAR* OVERNIGHT 11.50% 1-MONTH 16.25% 1-DAY 0.03% YEAR TO DATE 0.48%*AS AT LAST FRIDAY 3-MONTH 15.75% MONTH-TO-DATE -0.7%
THISDAY MONDAY, JULY 3, 2023

Insurance Operators Lament Impact of Negative Economic indices

Ebere Nwoji

Insurance operators in the country have said that poor economic performance in 2022 affected underwriting business as a subset of the financial system.

The chairman, Nigeria Insurers Association (NIA), Mr Olusegun Omosehin, stated this at the 52nd Annual General Meeting of the association held in Lagos.

NIA is the umbrella of all the insurance underwriting companies in Nigeria.

He negative factors, he said, are; perennial power outages, internecine conflicts between herders and farmers, menace of kidnappers and bandits, insurgency in the North East especially around the lake chad basin, poor infrastructural facilities, galloping inflation, rising unemployment, flooding and other natural catastrophes, increasing

poverty levels and geometric rise in exchange rate of the naira to the US dollar.

He also said lack of access to foreign exchange and continued depreciation of Naira, among others during the year under review triggered high costs of operations for insurance operators.

He said but for the economic downturn experienced in the year and its effect on all aspects of national life, the Nigerian insurance industry would have done better.

He however said the insurance sector dared these challenges and was able to grow its premium income to N726.2 billion last year, showing an increase of 33.9 per cent over N569.1 billion recorded in 2021.

He promised that the association would continue to work closely with the National Insurance Commission (NAICOM) and other stakeholders within the financial and technology

space to promote insurance and increase its contribution to the gross domestic product (GDP).

In her report on the effort of the NIA council and administrative seat to enhance the operations of the sector for optimum performance, the Director General of the association Mrs Yetunde Ilori said the council during the year under review continued to engage the office of the head of service of the federation to ensure that the group life insurance scheme achieved its purpose of providing succor to the families of deceased public servants.

“While we are happy with the modest gains made in our engagement with the head of service of the federation in the past one year the council will not relent until all issues affecting the smooth running of the scheme are resolved in the overall interest of the public, ”She stated.

Data Encryption in Manufacturing Sector Hits 68%

Sophos, a global leader in innovating and delivering cybersecurity as a service, has released its latest sector survey report, titled: ‘The State of Ransomware in Manufacturing and Production 2023’.

According to the report, 68 per cent, which is more than two-third of manufacturing companies in the world that were hit by ransomware, had their data encrypted.

“This is the highest reported encryption rate for the sector over the past three years and is in line with a broader cross-sector trend in encrypting data,” the report said.

It however explained that in contrast to other sectors, the percentage of manufacturing organisations that used backups to recover data has increased, with 73 per cent of the manufacturing organisations surveyed using backups this year versus 58 per cent in the previous year. Despite this increase, the sector still has one of the lowest data recovery rates.

Analysing the report, Sophos’ Field CTO, John Shier, said: “Using backups as a primary recovery mechanism is encouraging, since the use of backups promotes a faster recovery. While ransom payments cannot always be avoided, we know from our survey response data

Upholding Responsibility: Employers’ Commitment to CPS

that paying a ransom doubles the costs of recovery. With 77 per cent of manufacturing organisations reporting lost revenue after a ransomware attack, this added cost burden should be avoided, and priority placed on earlier detection and response.”

In addition, despite the growing use of backups, manufacturing and production reported longer recovery times this year. In 2022, 67 per cent of manufacturing organisations recovered within a week, while 33 per cent recovered in more than a week. This past year, only 55 per cent of manufacturing organisations surveyed recovered within a week, the report said.

Pensioners Lament Difficulty in Accessing Retirement Benefits

James Emejo in Abuja

Pensioners have continued to express worry about the challenges they encounter in accessing their retirement benefits even under the Contributory Pension Scheme (CPS).

The complaint came even as the National Pension Commission (Pencom) and industry operators deliberate on integrating about 49 million artisans and the micro pension plan of the federal government.

Speaking at the maiden annual pension conference organised by the Pension Correspondents Association of Nigeria (PENCAN) in Abuja, the National President, Nigeria Union of Pensioners, Mr. Godwin Abumisi, lamented the challenges inherent in

both the formal and informal pension operations particularly the inability of contributors to access retirement benefits owing to what he described as stringent conditions attached to the process.

But the Director-General, PenCom, Mrs. Aisha Dahir-Umar, said the commission had set up a framework for prompt payment of pensions without delays.

Represented at the conference by Assistant-General Manager, PenCom, Ibrahim Garba Buwai, Umar, also directed the PFAs to always ensure that requests from retirees are promptly settled.

She also sought the collaboration of the media to create the needed awareness for the adoption of the pension scheme for the benefit of self-employed, semi and unorganised informal sector

operators.

She pointed out that the CPS remained the most successful pension initiative in recent times, evidenced by its asset growth from N2 trillion in 2014 to N15 trillion currently.

The Chief Executive, PenOp, Mr. Oguche Agudah, said the scheme offered a significant opportunity for workers in the informal sector to secure their future through retirement savings.

Represented by Project Management Lead, PenOp, Mayomikun Obadofin, he added that the micro scheme presented flexibility in contribution amounts and frequencies, provisions for withdrawing a portion of the savings for unforeseen emergencies, and the option to convert from an informal to a mandatory plan when securing formal employment.

Skymark Partners Redeems N1.8bn Series 6 & 7 CPs in N5bn Programme

Skymark Partners Limited, a private investment company focused on investing and creating wealth in critical growth sectors of the Nigerian economy, has announced the maturity and successful redemption of its Series 6 & 7 Commercial Papers (CP) under its NGN5billion Commercial Paper Programme.

According to a statement, the N0.37billion 268-day Series 6 Commercial Paper which was issued and quoted in September 2022 on the FMDQ Securities Exchange, matured on the 16th of June, 2023. The NGN1.42billion 182-day Series 7 CP was issued in December 2022 and matured on the 20th of June, 2023. In line with existing regulations, the FMDQ Securities Exchange has been informed of the repayments.

Commenting on the successful

redemption, Mr. Egie Akpata, FCCA, Chairman of Skymark Partners Limited, said, “We are pleased to have fully repaid all the investors in the Series 6 & 7 issuances. We thank all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on for the long term.”

Furthermore, he stated, “This sixth and seventh Series CP redemption reflects Skymark’s capacity to meet its financial obligations when due, irrespective of market conditions. We intend to remain an active issuer in the commercial paper market.”

The continued growth trend of revenue and profits in FY 2022 resulted in DataPro affirming Skymark’s long term rating of A and short-term rating of A1. The

In a world where financial security during retirement is paramount, the Contributory Pension Scheme (CPS) is a vital pillar for providing a dignified post-work life for employees. The Pension Reform Act (PRA 2014) clearly defines the roles and responsibilities of the employer and the employee under the CPS. The CPS is a contributory scheme under which the employer and the employee contribute to paying the employee’s retirement benefits. This article focuses on the key obligations of employers under the CPS, emphasising their crucial role in safeguarding the retirement aspirations of their workforce.

OBTAINING AN EMPLOYER CODE

To ensure seamless integration into the CPS, employers must prioritise the first step, which is to obtain an Employer Code from the National Pension Commission (PenCom). The Employer Code is a unique identifier that enables effective tracking and monitoring of an employer’s pension obligations. By acquiring an Employer Code, organisations demonstrate their commitment to transparency and accountability within the pension system. Employers who do not have an Employer Code cannot remit pension contributions for their employees. To obtain an Employer Code from PenCom, the employer must fulfil the following requirements: A company registration certificate issued by the Corporate Affairs Commission (CAC), a Tax Identification Number (TIN), and an application letter on the company’s official letterhead.

DEDUCT AND REMIT PENSION CONTRIBUTIONS

One of the fundamental obligations of employers under the CPS is the regular payment of pension contributions on behalf of their employees. The employer is required to deduct the monthly contributions of the employee, not later than seven working days from the day salary is paid, and remit an amount comprising 8 percent in respect of the employee and 10 percent employer contribution to the Pension Fund Custodian (PFC) specified by the Pension Fund Administrator (PFA) of the employee.

employees’ retirement prospects and instils financial discipline when made consistently.

PROCUREMENT OF GROUP LIFE INSURANCE POLICY

In line with the CPS, employers must procure a Group Life Insurance Policy (GLP) for their employees. This policy serves as a safety net, providing financial protection to employees’ families in the event of their death while in active service. The insurance policy pays the ‘sum assured’ benefit to the next of kin or dependents of an employee who dies in active service. Specifically, the provisions of the GLP affect employers in the public and private sectors covered under the CPS. Employers must maintain a GLP in favour of each employee covered by the CPS for at least three times their annual total emolument. The premium in respect of the GLP shall be paid not later than the date of commencement of the cover. Where the employer fails or refuses to make payment as and when due, the employer shall arrange to settle claims arising from the death of any staff during such a period.

OPENING NOMINAL RSAS

rating remains valid till June 2024.

Unaudited accounts as at June 30, 2023 show strong growth of all key financial metrics of Skymark Partners Ltd.

Skymark Partners Ltd is a principal investment company with interests in financial services, technology, and real estate amongst others. Skymark Partners was incorporated in 2009 and is based in Lagos.

Skymark Partners N5billion Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February, 2022.

Series 1-11 CPs issued under the programme have raised N10.5billion for working capital financing.

Series 1 - 8 CP maturities have repaid N7.3billion.

To maintain the integrity of the CPS, employers must remit pension contributions promptly. Timely remittance not only ensures the smooth functioning of the pension system but also safeguards employees’ trust in their employers. By fulfilling this obligation diligently, employers contribute to the stability and growth of the pension fund, ultimately benefiting all participants. The Pension Reform Act 2014 (PRA 2014) states that an employer who fails to deduct or remit the contributions within the stipulated time frame of seven working days from the day salaries are paid shall, in addition to making the remittances already due, be liable to a penalty, which shall not be less than 2% of the total contributions that remain unpaid for each month or part of each month the default continues. The penalty amount shall be recovered as a debt owed and paid into the employee’s RSA.

It should be noted, however, that the 18 percent monthly pension contribution is a prescribed minimum, as the employer may elect to increase the rate or bear the whole burden on behalf of the employee. Employers must deduct the specified percentage from employees’ salaries, demonstrating their commitment to fostering a culture of personal financial planning among their workforce. This deduction strengthens

Employees are responsible for initiating the process of opening Retirement Savings Accounts (RSAs) for their pension contributions. RSAs are personalised accounts that enable individuals to accumulate their pension contributions over their working lives. Employers are pivotal in facilitating this process, ensuring all employees have their RSAs duly registered to commence contributions promptly. However, where an employee has yet to open an RSA six months after employment, the employer must open a Nominal RSA for the employee. This proactive step ensures the employee’s pension contributions are not neglected and paves the way for a smoother transition once the employee establishes his RSAs. Employers’ commitment to inclusivity and comprehensive coverage reflects their dedication to supporting all employees in their retirement aspirations.

In conclusion, as the backbone of the nation’s workforce, employers play a pivotal role in upholding the integrity and success of the CPS. By obtaining an Employer Code, opening nominal accounts for employees without RSAs, deducting employees’ contributions, remitting pension contributions on time, and procuring Group Life Insurance, employers demonstrate their commitment to their workforce’s financial well-being and future security. Robust and responsible employer participation in the CPS ensures a retirement landscape built on trust, transparency and a shared vision for a dignified future for all employees.

24 BUSINESSWORLD NEWS
PENCOM DG, Aisha Dahir-Umar
MONDAY, JULY 3, 2023 THISDAY
MONDAY JULY 3, 2023 • THISDAY 25

Compressed Natural Gas as Alternative to Petrol

With the recent removal of petrol subsidy and the resultant exorbitant cost of the product, Ejiofor Alike writes that the federal government should create an enabling environment for motorists and other users of fuel to utilise Compressed Natural Gas as alternative fuel in view of its low cost and lack of adverse effects on the environment

The recent removal of petrol subsidy by the federal government expectedly led to an astronomical increase in the pump price of the product from N180 – N200 per litre to N488 – N540, depending on the location.

This development has offered a veritable opportunity for the federal government to encourage the use of gas, particularly Compressed Natural Gas (CNG), which is cheaper and more friendly to the environment.

Though both natural gas and petrol are fossil fuels, gas is less carbon-intensive than other fossil fuels, which emit much carbon dioxide and other greenhouse gases (GHGs) that cause indoor and outdoor pollution.

Apart from making the environment more acidic, the combustion of petrol and other high carbon-intensive fossil fuels also causes respiratory problems such as asthma.

Petrol-powered vehicles are known to emit pollutants that can trigger harmful respiratory and heart conditions as well as several cases of cancer.

GHG emitted by the combustion of petrol also traps heat in the atmosphere and causes global warming.

The emission of GHG also leads to noncommunicable diseases, including stroke, ischaemic heart disease, chronic obstructive pulmonary disease (COPD) and lung cancer, according to statistics by the World Health Organisation (WHO).

WHO’s report also showed that the combined effects of air pollution largely caused by the combustion of petrol and other fossil fuels cause an estimated 6.7 million premature deaths in the world yearly.

To avert these health and environmental disasters, the federal government should use the opportunity of this petrol subsidy removal to encourage and expand the use of cleaner fuels such as Liquefied Petroleum Gas (LPG), and CNG that meet the emission targets in the WHO’s guidelines.

With the efforts of the government and private investors, Nigerians are increasingly switching over from kerosene, firewood and other dirty domestic fuels to the use of Liquefied Natural Gas (LNG), better known as cooking gas, which is cheaper and more friendly to the environment than kerosene.

Consequently, the domestic consumption of cooking gas in Nigeria rose from about 70,000 metric tonnes in 2007 to over one million metric tonnes in 2020.

The use of CNG will equally protect both the environment and health, as well as eliminate the economic effects of the subsidy removal on Nigerians.

With CNG, Nigerians will not feel the excruciating effects of the high cost of petrol as CNG is cheaper.

For instance, at a price of between N118 and N170 per standard cubic metre, natural gas is

Circular

Jonathan Ikeolumba and Natalie Beinisch

cheaper for power generation than diesel, which is currently being sold at over N700 per litre.

The same huge cost savings are achieved with the use of CNG as alternative vehicular fuel to petrol. However, for Nigerians to switch over from petrol to CNG, the federal government should create a favourable operating environment as motorists can now see the benefits in running their vehicles on gas.

Nigeria is endowed with enormous gas resources and is more of a gas nation than an oil nation.

In order to utilise these enormous gas resources, CNG should be the preferred alternative to petrol.

But the capital expenditure (Capex) for

CNG is intensive as the investment requires expensive expertise and access to huge capital to acquire physical assets. It is primarily a one-time investment in non-consumable assets used to maintain the existing levels of operation.

Investors in CNG will also require speedy clearances and approvals by the agents of government through single window system for setting up CNG stations. This is very key if the intention of government will be matched with actions by ensuring that operators carry out their operations with ease while following laid down regulations.

It is encouraging to note that auto CNG is

one of the measures the federal government intends to embark on to reduce impacts of fuel subsidy removal on Nigerians.

The government should therefore pay special attention to save the investors who pioneered CNG projects and had put in several billions of naira over the years.

Connectivity from gas pipelines to CNG stations is key and the government should facilitate it in a speedy manner so that investors are not exposed to the challenges of lack of access to right of way (ROW) for the pipelines.

This will ensure the building of more CNG stations in every nook and cranny of this country and provide motorists more access to gas.

Investments in gas infrastructure should be encouraged to make gas readily available in CNG stations.

For motorists who want to switch over from petrol to CNG, the government should make the cost of conversion kits affordable.

To ensure that the cost of conversion is not a hindrance, the government can put fiscal policies in place to encourage CNG investors to diversify into manufacturing of conversion kits and ancillary items such as cylinders.

In the interim, policies can be put in place to ensure that imported accessories are exempted from import duties, VAT and other levies, pending when the environment

becomes conducive for local manufacturing.

Speaking recently on national television, the Chief Executive Officer of the NNPC Limited, Mele kyari said the company was working on palliatives to alleviate the adverse effects of petrol subsidy removal on Nigerians, adding that the use of CNG as auto fuel was top on the priority list.

He said he had just finished a meeting with President Bola Tinubu on the issue.

President Tinubu had also listed eight priority areas for urgent attention, saying the task of turning around Nigeria’s economy had started with the removal of fuel subsidies.

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

Bauchi State Governor, Senator Bala Mohammed, who disclosed this, also announced the setting up of a committee by NEC to work out, within two weeks, the modalities for organising and distributing the palliatives.

Mohammed further revealed that the council also discussed the possibility of obtaining funds from the World Bank and London partners to implement the programme of CNG for vehicles in the country as part of measures to bring down the price of fuel.

The concept of the use of CNG as vehicular fuel in Nigeria was pioneered by NIPCO Gas Limited, a fully owned subsidiary of NIPCO Plc, which has invested massively in gas infrastructure development, particularly pipeline construction. While other companies were concentrating on petrol importation, NIPCO diversified into the construction of CNG stations in Benin City, Edo State.

Today, the company has over 12 CNG stations that provide gas to motorists in Edo State and other parts of the country.

With the company’s efforts, motorists can now ply Lagos - Abuja route on gas-powered vehicles as three of its CNG stations are now located at Ibafo, Ogun State; Ajaokuta, Kogi State and Airport Road in Abuja.

The company is still investing massively in infrastructure with the expectation that patronage will improve if enabling environment is created for motorists to convert to gas and more gas is also made available by the NNPC Limited.

Having pioneered investment in CNG, NIPCO gas Limited is the only company with over 12 CNG stations across the country.

To address the immediate and remote challenges facing the auto CNG, there is a need for a more beneficial relationship between the operators such as NIPCO and NNPC Gas Marketing Company Limited, a subsidiary of NNPC Ltd.

This gas marketing arm of the NNPC Ltd is the major supplier of CNG to operators and plays crucial roles in the natural gas value chain.

Economy Must Be Part of Pres ident’s Economic Agenda

President Tinubu has powered through the starting blocks of his new administration, making bold economic decisions that are expected to resurrect the Nigeria economy. We are excited about these developments and believe their underlying ethos: to improve Nigeria’s competitiveness and to build economic opportunities for Nigerians can be delivered with even more success using circular economy approaches. Circular economy approaches aim to minimise waste and promote sustainable use of natural resources through smarter product design, longer product use and recycling. The reason it is an attractive model for Nigeria is because these approaches simultaneously promise to support local economic development while reducing environmental risk. In the Nigerian context there are three areas

in particular where this promise appears to hold: Agriculture and Food Systems: While it’s potential is substantial and agricultural work accounts for over one third of total employment, the agricultural sector has suffered from significant under-investment, with many workers receiving below subsistence incomes. Agricultural inputs are furthermore expensive and often imported. From a circular business model perspective, substantial work has been undertaken in this sector to produce energy, animal feed and other essential and luxury products from organic waste such as cassava peels, cashew fruit. Deeper investment into these business models can create new sources of income for economically vulnerable groups and reduce both the economic and environmental costs of landfilling. However, these business models cannot materialise on their own and require both investment and

coordination across a wide range of organisations.

Cities and Infrastructure: Nigeria is home to some of the most dynamic cities in the world. Sadly, the depth of their dynamism is not recognised globally. The most recent ranking of “Most Liveable Cities” by the Economist places Lagos ahead of Damascus, Tripoli and Algiers, but behind Kyiv. Circular Economy approaches, such as material flow analysis, which are both people and experience-centred can be used as a tool to plan for cities like Lagos to gain the positions they deserve on such indices while also helping to address obvious infrastructure challenges in economically productive ways.

Manufacturing and Industry: Design or “upstream innovation” is a core principle of circular economy. However, Nigeria is predominantly an importer of value-add products, with its balance of trade still depending upon the performance of

crude exports. There are emerging examples of indigenous businesses that are building exceptional models centred around design and local manufacturing, particularly in the plastics and e-waste recycling sectors. There is a valuable opportunity window to build bilateral relationships that can help these types of businesses to mature and to create opportunities for growth in other sectors. It is vital to take advantage of this opportunity to build the foundations of innovationbased enterprises outside of the oil and gas sector.

While we do not deny that significant investment is needed to mobilize these opportunities, the international salience of the circular economy agenda combined with its orientation towards value creation mean that the new administration need not be saddled with the bulk of the investment burden. Circular economy approaches are also inherently collaborative,

depending upon coordination across value chains and diverse organisations. As a first step, the new administration can leverage this by fostering partnerships between different stakeholders, including government agencies, industry associations, businesses, and research institutions. This is already taking place at the macro level through the Nigeria Circular Economy Working Group, hosted by UNIDO, and can be strengthened further through federal-level coordination on priority areas including agriculture, cities and industry. We believe that with more focused coordination, the new administration will be in a position to identify policy tools that are best placed to mobilise opportunities that are consistent with the administration’s ambitious economic agenda. The integration of the circular economy into Nigeria’s economic development agenda

holds tremendous potential for sustainable growth, job creation, and environmental protection. We believe that a circular economy agenda is not only consistent with the economic goals of the new administration but can also serve to enhance it. We call for the President to set up a committee to assure that a circular economy agenda that is compatible with the interests of local economic development is drafted and implemented. We are confident the new administration seeks to build long term sustainable economic opportunity for its citizens and that it will recognize how circular economy approaches can be used to support such crucial work.

26 BUSINESS SPECIAL Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078 MONDAY, JULY 3, 2023 THISDAY
Tinubu

Obagbemi: My A cting Skills Have Helped My Communication Career

Can you tell us about your journey as a communications professional and how you developed your expertise in the field?

Ialways say that it’s such an amazing journey here. I have always wanted to be a communications professional from university. I studied Dramatic Arts at Obafemi Awolowo University, but since I got that admission my dad did not want me to do acting for reasons best known to him. I liked acting but because I wanted to please my father I had to start researching for another profession. Before the end of my first year at the university, I heard about the Nigeria Institute of Public Relations and I immediately registered for the certification. I loved the profession so much that I wrote all the exams and later earned a diploma before I finished my university degree; that meant I was certified public relations professional in my third year.

While in school, I was also busy with doing internships at PR and advertising companies because I wanted to properly understand and immerse myself in the profession. By the time I graduated, I had interned in three organisations so I clearly knew I wasn’t going to be an actress even if I majored in “acting” and was one of the best in my set. It had to be communication, so after NYSC, I applied for my masters in Communication to major in Public Relations and Advertising at the University of Ghana. I luckily got a scholarship with 50 per cent of my tuition fees paid by ECOWAS so I didn’t want to delay or miss the opportunity. Before leaving Ghana, I interned with a leading agency for about four months then I moved back to Nigeria to start my career with a communications agency where I grew from being a communications assistant to the deputy chief operating officer in six years.

I then moved to Andela as communication manager for Nigeria, after which I was promoted to build out the team in Africa as the senior communication manager for about three years. I am currently with Meta, I joined three years ago as the communications manager for Anglophone West Africa and it’s been an amazing journey on a global scale.

What are the things that aided your career growth?

I think the first thing for me is passion. I was, and I am still, very passionate about communication. I love the fact that somebody can tell you the value of a product and as a communication professional you can sit to think about how the right audience will see and hear about that value to help them make a buying decision or at least a perception. I am also very passionate about “storytelling” looking for and telling the stories of what Africans are doing to put us on the map. The next thing that shaped my career growth is the people that I have worked with. I will say that God has blessed me with amazing managers that have helped me grow.

From my agency days when I worked with Adebola Williams and Chude Jideonwo who literally helped me to harness my love and passion for communication and trusted me to handle tasks that I would never have imagined doing or delivering. At Andela, I worked with an amazing director of communication who was based in New York. She held my hand and helped me grow faster than I could even imagine. Trusting me to lead the communication team in Africa just six months after I joined the company was a huge task but I worked with an amazing group and we built campaigns that I am forever proud of. I also have an amazing manager at Meta so the people that I have worked with over the years and the passion I have for communication stand out for me when I think about my career growth.

As the corporate communications manager for Anglophone West Africa at Meta, what are your main responsibilities and objectives in overseeing the brand’s communication across the region?

The objectives of Meta are pretty clear, we want to give people the power to build communities and bring the world closer together. My role is to ensure that we are able to communicate this to our users and stakeholders in Anglophone West Africa. Doing this in collaboration with my colleagues for three years has been fulfilling for me because of the impactful campaigns that we have executed; the amazing stories we’ve told; the people we’ve spotlighted, and the brand result we’ve seen.

What are your challenges?

I work with a brand that is always in the news, reporters want to hear from you and they always want to write about Meta. As the contact person who is often required to share a statement, that has its unique challenge and ultimately a ground to learn. I am grateful for that.

Could you share some specific examples of successful PR campaigns that you led during your time at Andela and how they impacted the brand’s visibility and awareness?

Looking back now and just reflecting on the amazing things we did at Andela. I worked with some of the most brilliant marketing and communication professionals in the world so I won’t say that there was any campaign I ran alone but leading the communication team across Africa was a huge task and a very fulfilling one. The country director and my director of communication gave me a clear task when I joined and the goal was clear: we needed to be well known not only by our primary audience, but by a wider audience and the major stakeholders as a respected software engineering company and we did just that across Africa.

In your role as Deputy Chief Operating Officer at Red Media Africa, what were some of the key accomplishments you achieved for international and local clients?

Red was a place of growth for me because I grew from being a communication assistant all the way to being the deputy chief operating officer within six years. The major milestones I can recount will be just sitting down with the founders to identify the accounts we need to work on and just going out to pitch for those accounts and getting the job. They are very well known and respected people in the industry so there was even more pressure to deliver stellar work because in their own personal capacities, they are known to be PR icons. The good thing about the work at the Red was also the fact that it was backed with a number of awards across local and international platforms.

I am extremely proud of the work we did and how my team was able to deliver across different client campaigns and projects.

How has your educational background in dramatic arts and communication studies contributed to your career in public relations and communication?

I am thankful that I actually have a degree in Dramatic Arts. I say this now because all my job roles since I left school have either been as a spokesperson for brands or pitching ideas and strategies to clients. Acting helped me with confidence; it helped me find my voice even when I don’t see any other person that looks like me in the room. It has helped with all my speaking engagements with any kind of audience and also helped me to cut

the clutter of stage fright. I am now a lecturer, so being able to articulate what I know in a way that people will understand clearly is also thanks to my acting background. Indeed, my acting skills have helped me express myself before thousands of people and has helped my communication career.

Your passion for promoting equality and inclusion for women is admirable. Could you tell us about some of the causes or initiatives you’ve championed in this area?

Women would always be at the core of everything I do because we are simply special. This is not to say I do not have male mentees but I find myself creating more time to support women because I am closer to our struggles and I see it especially at the workplace so any opportunity to lift another up is always a delight. Earlier this year in March, I made an open call to have a closed-door conversation with women who are working from 9a.m. to 5p.m. but are struggling to manage the home front and work. I only wanted to host 30 people so this won’t be another conference or summit but just a safe space where people can share vulnerably without anyone recording or feeling unsafe.

I got close to 96 applications for a seat in 48 hours, I had to close the form but reading through those personal stories of why these women want to be in the room just tells me there is still a lot of work for women who have figured it out to help others too. Today, I look back at the testimonies and I am thankful to God that I listened to Him and hosted that session. Also on the girl-child, count me in on any cause that will help promote this cause, I have volunteered my time and resources to some projects that will help educate young girls and also make the world a better place.

Balancing a successful career with personal life can be a challenge. As an advocate for work-life balance, what strategies or advice do you have for women aspiring to reach the peak of their careers while maintaining a healthy personal life?

The first thing I always say when people ask me this question is to look around and get a support system that can help you. I am a firm believer that some things need you in the house and some things do not need you if you can outsource them. A good support system make you look good and helps you be the best version of you. This can be either your mother, mother-in-law, getting a nanny, cook, driver or cleaner.

As long as you are aligned with your partner on what works best for you, you can then focus your energy on being a present mom to your kids and being the best partner to your husband. I am blessed to have an amazing husband because finding the right person also helps you maintain that healthy balance; someone that has got your back any day amidst what the world is saying, and someone that genuinely supports you in all that you have chosen to do in life. Those two things are the keys and once you get them right the sky is actually the beginning for you.

You’ve also been recognised by various institutions and organisations as part of the women leading in your profession. How does that feel?

Late last year when I got the notification that I was recognised as part of the 35 under 35 marketing and communication professionals in Nigeria by BrandComm, I was like ‘this is inspiring’ because you do the work and don’t even know people are watching. The past few months have actually been filled with recognition

and accolades. I was also short of words when I got the email that I am one of the top 100 Career Women in Africa recognised by 9to5chick.

I had to step back a bit to think, who is the person mentioning my name in these rooms? My husband then reminded me that I’ve paid my dues and are still paying those dues so this is just a season of recognition and I am sincerely embracing all as it comes – including this interview with THISDAY. I am thankful that all of the work is paying off, I am grateful to those who are watching, thankful to anybody that has been part of this my career journey, especially those who have helped me and trusted me with things I haven’t even handled before but just because they believe in me, they know Sola will always deliver excellently. There is more work to be done and I am super excited about the journey ahead.

Also saw that you were one of the women recognised by the Lagos State Government as part of the Eko 150 changing the narrative in Nigeria?

Imagine getting a call one day from the office of the Governor of Lagos State to say I am one of the Eko Aspire Women challenging the status quo, breaking glass ceilings and making my voice heard for the next generation of women. I didn’t believe it until the package was actually delivered. I was shocked. I know the governor has been doing this for years and each time that list is published or the women begin to share their award, we all celebrate them and share how proud we are of them. However, being on that list meant a lot to me. I was so shocked that I had to call my father on video call when it was delivered – you can’t imagine how proud he was. I am grateful to him for constantly pushing us to continue striving for excellence in all that we do.

You recently joined the Rome Business School faculty as a lecturer for masters’ students in Corporate Communications; how is that going?

Since I was in the university I had always wanted to lecture but didn’t know how it will play out because I was focused on building my career in public relations and communication, so earlier this year when Rome Business School approached me to be a part of their esteemed faculty member and a lecturer teaching Masters students in Corporate Communication, I could not but jump at the offer especially because it’s a weekend engagement so it doesn’t affect my day-job. This just feels like the right time to take this opportunity because of the privilege to share my experience and expertise to the next generation of communication superstars. A childhood dream came to pass this year, and I do not take this for granted. What really melts my heart is the fact that I get to create my own case studies and slide myself right from scratch.

What advice do you have for people, especially university students who are looking to be a communication professional?

I have just two; the first is that your university days are very important so please do not waste it. Go for internships, volunteer your semester breaks with PR or advertising agencies so you can learn directly from the people who are living and breathing the job. Just watching them get things done in person can ignite your passion and give you more clarity on why you chose the profession. I interned with three PR and advertising agencies before I left school and that helped to shape my understanding and love for the profession because my undergraduate program was Dramatic Arts, before I went to University of Ghana for my Masters in Communications Studies. Internships would also help you build your network. I knew I had a job offer waiting for me after my NYSC so I didn’t even waste time applying to other places, I just went back to one of the places where I interned because the founder promised to have me back in the company as soon as I finish school. No experience beats knowing it on the job. So, I will emphasise again, do not waste your university days, it can help you build the best foundation for your communication career. My second advice; do not be too comfortable with what you have learnt in school or even during those internships, look for certifications, conferences, and PR Summits to attend, that’s where you will see other professionals. I also completed my NIPR exams before I finished my undergraduate studies so ensure that you are constantly building yourself and God will bless the work of your hands.

What challenges do women face in building their careers?

It is trying to manage family and work. It is a challenge but it is something that we can overcome. Some people feel that I have to leave one for the other but my principle on this is that - we will figure it out with the right support system and the right partner.

27 BUSINESS SPECIAL ANALYSIS THISDAY MONDAY, JULY 3, 2023
Obagbemi The Communication Manager of Meta for Anglophone West Africa, Mrs. Oluwasola Obagbemi, in this interview tells the story of her career journey and experience. Dike Onwuamaeze brings the excerpts

CBN to Resume Quotation of Naira-settled OTC FX Futures Contracts Today

Kayode Tokede

The FMDQ Exchange Market has announced that the Central Bank of Nigeria (CBN) will effective from today resume providing offer quotes for Naira-settled OTC FX Futures (NSOFF) contracts with tenors ranging from 13 to 60 months.

The Exchange in a notice to market participants stated that the aim is to facilitate long-term foreign exchange (FX) risk hedging.

Naira-settled OTC FX Futures (NSOFF) contracts are financial instruments offered in the Nigerian financial market. These contracts allow market participants to hedge against foreign exchange (FX) risks associated with fluctuations in the value of the Nigerian Naira against other currencies.

The NSOFF market provides participants, such as banks, corporations, and institutional investors, with a mechanism

to manage their exposure to currency fluctuations.

By entering into these contracts, they can mitigate the potential adverse effects of exchange rate movements on their business operations, investments, or financial positions. According to the notice, “effective July 3, 2023, the CBN will quote offers for NSOFF contracts with tenors between 13 and 60 months for a period of one year, until June 28, 2024. However, offer quotes for contract tenors between 13 and 24 months will be discontinued, with the CBN focusing solely on the 25 to 60 months NSOFF contracts during this period.

“To meet short-term hedging requirements, market participants can turn to the FMDQ Naira-Settled Exchange-Traded FX Futures (NSEFF) contracts, set to be introduced by FMDQ Securities Exchange Limited in the FMDQ Exchange-Traded Derivatives (ETD) Market on

July 12, 2023.

“Additionally, Futures Banks will soon provide quotes for NSOFF contracts with tenors ranging from one to 12 months, with the specific date to be communicated by the Exchange. As of July 3, 2023, NSOFF contracts with terms to maturity of 13 to 60 months will be valued based on the executable offer quotes provided by the CBN and Futures Banks on the relevant valuation dates.”

It added that NSOFF contracts with terms to maturity of one to 12 months will continue to be marked-to-market using the NAFEX rate as the reference.

FMDQ added that the recent announcement regarding the resumption of quotation of offer quotes for NSOFF contracts signifies changes in the availability of these contracts based on their duration, aiming to provide market participants with more options for managing their FX risk exposures.

NEPC Harnesses Football Talents for Export

The Nigerian Export Promotion Council (NEPC) has launched the Football Talent Hunt initiative to serve as a veritable platform for advancing its “Export for Survival” campaign to promote goods and services for export.

The Executive Director/ Chief Executive, NEPC, Dr. Ezra Yakusak, at the opening of the maiden talent scout which was organised by the council in collaboration with the GP777 Football Academy, said the initiative will also help to diversify the country’s non-oil export base.

He said the consequences of over-dependence on oil have precipitated the need to diversify the Nigerian economy

through the export of goods and services.

Yakusak stressed that services export remained one of the non-oil export sectors that have significantly contributed to the economic growth and development of the country.

He said the initiative was in line with the NEPC’s statutory mandate to promote the export of services, adding that the football talent hunt remained one of the strategies adopted to mainstream the youths in export activities through the Youth for Export Programme.

He said, “You will agree with me that football is the most popular sport in Nigeria and has become a significant source of national pride. Our country has produced some of the most talented and

MARKET INDICATORS

successful football players in the world. However, we believe that there are many more talented young people in our country whose skills are yet untapped.”

He said, therefore, the initiative seeks to identify and develop young footballers with exceptional skills and nurture them to become world-class players.

He said, “Our goal is to create a sustainable pool of talented football players who can represent Nigeria on the global stage. Through this programme, we also hope to create a positive impact on the Nigerian economy by promoting football as a viable career option for young people who may eventually export such services.”

FirstBank Introduces First Humanoid Robot

Nume Ekeghe

First Bank of Nigeria Limited, in a bid to improve customer experience has announced the launch of a Humanoid Robot, the first of its kind in the financial services space in Nigeria.

In a statement, the bank said the robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff.

“The Humanoid Robot can engage customers in conversations as well as through a touch screen strapped to his chest. The services performed by the robot include responding to customer enquiries on cash

deposits, withdrawals and ATM cards. The robot also aids complaint management as customers can log a complaint via QR with feedback generated within the advised time.

“The Humanoid Robot also keeps customers up to date with happenings about the Bank, including products launch and upgrades designed to strengthen the customer experience and satisfaction. The robot is a one-stop point to keep customers informed about the Bank. It also effectively manages customers’ accounts, “it said.

Expressing his delight at the initiative, the Chief Executive Officer of FirstBank Group Dr

Adesola Adeduntan, noted that “the addition of the Humanoid Robot to our state-of-the-art Digital Experience Centre represents a purposeful stride towards transforming the banking landscape in the country and further showcases the priority we give to innovation within the Bank. With its advanced capabilities, the robot is designed to elevate the quality of our customers’ lives in today’s rapidly evolving digital world. Our unwavering dedication to delivering unparalleled banking services remains steadfast, as we leave no stone unturned in innovating to fulfil our customers’ needs, ” he concluded.

Fidelity Bank Takes FITCC Trade Expo to Houston

Nume Ekeghe

Fidellity Bank is set to commence the second edition of the Fidelity International Trade and Creative Connect (FITCC) trade expo to Houston, Texas in the United States of America.

Tagged FITCC Houston, the event would hold on Tuesday, 24th and Wednesday, 25th October 2023 at the George R. Brown Convention Center,

1001 Avenida de las Americas, Houston, Texas 77010.

The Managing Director/ Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe in a statement noted that FITCC plays in the bank’s export trade strategy. She stated: “Fidelity Bank is very much invested in supporting export trade and has consistently demonstrated this by the interventions and innovations that we bring to

Money Market Indicators (in Percentage)

the space. Beyond the instrument of financing, some of our key interventions in the space revolve around business management capacity development with initiatives like the Export Management Programme (EMP) which we host in partnership with the Lagos Business School and the Nigerian Export Promotion Council (NEPC) and market access development initiatives like FITCC.”

OPEC DAILY BASKET PRICE AS AT 16 JUNE, 2023

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

BUSINESS/ MONEYGUIDE
MONEY AND CREDIT STATISTICS (MILLION NAIRA) MARCH 2023 Money Supply (M3) 54,634,063.50 -- CBN Bills Held by Money Holding Sectors 442,402.18 Money Supply (M2) 54,191,661.32 -- Quasi Money 32,839,133.46 -- Narrow Money (M1) 21,352,527.87 ---- Currency Outside Banks 1,445,439.42 ---- Demand Deposits 119,907,088.45 Net Foreign Assets (NFA) 5,992,904.55 Net Domestic Assets(NDA) 48,641,158.95 -- Net Domestic Credit (NDC) 70,596,115.20 ---- Credit to Government (Net) 27,529,720.19 ---- Memo: Credit to Govt. (Net) less FMA 0.00 ---- Memo: Fed. and Mirror Accounts (FMA) 0.00 ---- Credit to Private Sector (CPS) 43,066,395.01 --Other Assets Net 11,123,812.79 Reserve Money (Base Money 15,975,739.59 --Currency in Circulation 1,683,498.35 --Banks Reserves 14,292,241.24 --Special Intervention Reserves 419,889.49
MonthApril 2023 Inter-Bank Call Rate 15.80 Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR) 18.00 Treasury Bill Rate 5.73 Savings Deposit Rate 4.59 1 Month Deposit Rate 7.32 3 Months Deposit Rate 7.92 6 Months Deposit Rate 9.84 12 Months Deposit Rate 8.18 Prime Lending rate 14.05 Maximum Lending Rate 28.59
28 THISDAY AY, JULY 3, 2023
L-R: Chairman, Aig-Imoukhuede Foundation, Aigboje Aig-Imoukhuede; Director, National Productivity Centre, Dr Nasir Raji-Mustapha, at the 20th National Productivity Order of Merit Award presentation to Aig-Imoukhuede Foundation...recently Emejo

APT Leads 9 Others In N829.96bn Transactions on NGX

Kayode Tokede

APT Securities & Funds Limited and nine other stockbroker firms traded 57.01 per cent or N829.96billion worth of value of transactions on the trading floor of the Nigerian Exchange Limited (NGX) in the first half of 2023.

THISDAY gathered that most firms’ transactions were inflow from Foreign Portfolio

Investors (FPIs), domestic/ institutional investors, Pension Funds Administrations and stock exposure in mutual funds as the stock market continued to rally in the first half of 2023 amid decisive government policies. Their major clients are foreign portfolio investors, while a few of them have significant stock exposure through collective Investment Schemes (CIS) at which they access a high volume

of trading every day.

Before now, analysts have noted that these firms have some of the most diversified portfolios of clients which other firms are envious of.

The activities of these big stockbroking firms have made the stock market tilt towards oligopoly- a market dominated by few buyers and sellers who create room for a sort of imperfect competition, in order to accrue

greater revenue and market share. The Exchange currently has 224 stockbroking firms, including those classified by Securities and Exchange Commission (SEC) as sub-broker.

The NGX stockbrokers’ performance report between January and June of 2023 revealed that top on the list of the 10 top stockbrokers in the review period include: APT Securities & Funds which traded N168.99billion or

11.61 per cent, while Cardinal Stone Securities Limited traded N161.86billion or 11.12 per cent as Stanbic IBTC Stockbrokers Limited traded N129.9 billion or 8.92 per cent worth of equities in first six months of 2023..

United Capital Securities came fourth after trading N85.5billion or 5.87per cent in the period under review.

The fifth place was occupied by EFG Hermes Nigeria Limited

after trading N57.93billion or 3.98 per cent while Meristem Stockbrokers Limited traded N56.03 billion or 3.85 per cent, to place itself at sixth position. According to NGX chart, Cordros securities Limited, traded N48.2billion or 3.31 per cent of transactions in the period under review, coming close was FBN Quest Securities Limited with N44.67 billion or 3.07per cent of transactions.

PRICES FOR SECURITIES TRADED ASOF JUNE/30/23

MARKET NEWS
MAIN BOARDDEALS MARKET PRICE QUANTITY TRADED VALUE TRADED ( N ) MAIN BOARDDEALS MARKET PRICE QUANTITY TRADED VALUE TRADED ( N )
29 THISDAY AY, JULY 3, 2023

FOCUS

HERBERT WIGWE: Strengthening Nigeria, France Business Ties

As part of its aggressive expansion drive which is championed by the Group Managing Director, Access Holdings Plc, its banking subsidiary, Access Bank, recently launched the Access Bank French Business Desk. The move was aimed at strengthening the business relationships between Nigeria and France as well as provide a strategic opportunity for some mutually beneficial economic and political outcomes for both countries.

This launch of the Access Bank French Business Desk followed the opening in Paris, last month, of the first subsidiary of Access Bank in the European Union as well as after Wigwe, had taken took over from the pioneer President, Abdul Samad Rabiu, Chairman of BUA Group, as the President of the France-Nigeria Business Council (FNBC).

The Access Bank French Desk in partnership with Business France, was created as a platform to connect French and Nigerian companies, providing them with financial solutions to conduct trade and investment activities between both countries. Through business advisory services, engagement with relevant institutions, economic roundtables, trade facilitation, and comprehensive banking solutions, the French Desk will remain the trusted partner that will empower and facilitate businesses opportunities for Nigerian and French businesses on their journey to success.

According to Wigwe, Nigeria is Africa’s largest economy endowed with vast human and natural resources while France possesses technological expertise, innovation and a rich cultural heritage.

“The Access Bank French Desk will play a pivotal role in facilitating trade and investment between our nations. It will serve as a knowledge hub, providing valuable insights, intelligence, and networking opportunities for businesses from both countries.

“We aim to create an enabling environment for French companies to thrive in Nigeria while also assisting Nigerian businesses in navigating the intricacies of the French market. Collaboration with multilateral organisations such as PROPACO and AFD will further enhance the impact of the Access Bank French Desk,” Wigwe added.

The Chief Executive Officer of Access Bank, Roosevelt Ogbonna, said the French Desk would help to strengthen the bank’s partnership with institutions that shared in its commitment to global economic development.

“We have developed competencies to grow with institutions that have powered us to where we are today even as we continue to create intrinsic value, beneficial to the economies of all the countries where we operate,” he stated.

According to Ogbonna, the French Desk would serve as the platform to provide enhanced services and support to French businesses and individuals operating in Nigeria, as well as Nigerian businesses with significant interest in France or seeking to establish their presence in France.

By leveraging the expertise and resources of both Access Bank and Business France, the Desk aims to create dynamic and comprehensive banking solutions tailored specifically to the needs of these businesses.

French Minister of State for Development, Francophonie and International Partnerships, Chrysoula Zacharopoulou, congratulated Wigwe and welcomed the signing of an agreement with Business France Nigeria to partner on the French Desk.

She declared that, “This initiative illustrates the huge dynamism and potential of the economic ties between Nigeria and France, which have been continuously strengthened since President Macron’s visit to Nigeria in 2018. This Desk will enable us to further strengthen an already substantial economic partnership and benefit companies from both countries, including SMEs.”

Access Holdings, under the leadership of Wigwe, recently unveiled its five-year strategic

Wigwe

plan, in which it outlined plans to deepen financial services across Africa and extend its services to the continent’s large unbanked population as well as beyond the continent. The five-year strategy document is for 2023 to 2027. Its target is to become one of the top five banks in the continent by 2027.

According to him, the plan is for Access is that by the end of 2027, it expects to have presence in at least 26 countries and in at least three organisations for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France and United States of America). Access also projected that its customer acquisition drive would hit 100 million for the Retail Business by 2027 and would continue as it migrates majority of customers to digital platforms by 2027 across all touchpoints.

Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks.

“We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets.

“The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present.

“In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners.

“We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” Wigwe explained.

With more than 42 million customers, Access Bank Plc became the largest bank in Africa by customer base, and the largest Nigerian bank by assets. The bank has built a Chinese desk, working with China. Leveraging on that, a German desk was built, in working partnership with (German Investment and Development Corporation) DEG and the German government.

Clearly, with the French Business Desk, Access Bank has positioned itself to be at the centre of financial flows in the continent. Its six key priorities are retail banking, focus on being digitally led, being customer centric and focused, analytics-driven insights and robust risk management, global collaboration and building a universal payments gateway.

The French Nigeria Business Council (FNBC) was inaugurated in June 2021 by French President Emmanuel Macron, as a private sector initiative to enhance mutually beneficial business relations between the two countries. The Council provides a platform for sustainable and inclusive partnerships, collaboration and innovation between both countries.

Access Holdings, under the leadership of Wigwe, prides itself in the fact that it serves well over 52 million unique customers, which is different from Access Bank’s accounts.

By 2027, driving by Wigwe’s expansionist plan, Access Holdings expects its Nigerian bank to be contributing about 52 per cent of revenues compared to about 82 per cent (nine- month 2022).

According to Wigwe, “Our primary focus

on trade is to leverage established presence across trade and financial hubs across the world to continue driving trade outputs. Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai, etc. and extensive footprint across the continent.

“Today, we have an operation in China, which we are going to convert into a branch because the new ordinance allows us to do that because of our size.

“As part of our desire to position ourselves as Africa’s gateway to the world, we have now basically placed ourselves in the critical trade hubs across the continent and that has helped us as far as a correspondent banking and payment is concerned.”

Speaking further, Wigwe said, “We don’t want to be seen and known as just a dot in any country. So, if you go to countries like Mozambique, we have done further acquisitions. People keep asking: why are you doing all of these? But you need to get to the critical mass before you become profitable. You need to get to the critical mass before you are able to employ the right management, technology and scale, otherwise you cannot compete.

“So, the idea is that if you are going into a country, you make sure that you have the right scale. We built on partnerships, and one of the things you will see is that the contribution from our various subsidiaries is growing and is providing a natural hedge against Nigeria, which has a soft currency as we speak.

“One of the things we want to be known as, is as a global player with an African heritage, and one of the things that mitigate against anybody trying to achieve that is if you are in a soft currency country. We are a growth company and we will continue to invest in our future. So, we would continue to invest in countries that have inflation rate lower than that of Nigeria. What does that mean? It means that in the short-term, we would see elevated cost in terms of technology and people.

“For us, the future is more important. In the next five years, what we have done is to look at Africa first of all as our continent. You have to be strong at home first before you go out and ask ourselves where are the opportunities in the continent, then you ask yourself what is there to be done internationally. Finally, what we then told ourselves is that the world is going through significant shift and changes with respect to technology, demographics.”

In line with its business plan, Access Holdings recently announced its completion of a  US$300 million capital investment into its flagship subsidiary, Access Bank Plc. The Company Secretary, Access Holdings, Sunday Ekwochi, had said the proceeds would supplement the capital needs of its African expansion strategy. He stated that over the years, the bank has made significant strides towards attaining strong market presence in the key trade and payments corridors across the African continent.

Commenting on the transaction, Wigwe had said, “As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalization needs.

“This investment is a capstone initiative following the $500 million Additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the World’s Most Respected African Bank.

“Access Holdings benefits from this nondilutive approach to raising growth capital as we continue to invest in initiatives geared towards delivering our vision of building a globally connected community and ecosystem inspired by Africa for the World through disciplined growth and diversification.”

Clearly, more than any African financial institution, the Wigwe-led Access Holdings is  laying the groundwork for growth of the holding company with its aggressive expansion drive. In addition, he is expected to use his recent position at the Council to also strengthen economic ties and business relationship between Nigeria and France.

Oluchi Chibuzor writes on the recent launch of Access Bank French Business Desk as well as the emergence of Herbert Wigwe as the President of the France-Nigeria Business Council
30
THISDAY • MONDAY, JULY 3, 2023

This Week In Tech

Tech Top 5 News

WHATSAPP BUSINESS SURPASSES 200M ACTIVE USERS, UNVEILS NEW FEATURES

WhatsApp Business has achieved an impressive milestone, surpassing two hundred million monthly active users worldwide. This remarkable achievement highlights the increasing importance of WhatsApp as a vital communication platform for businesses of all sizes.

To enhance its functionality, WhatsApp Business has introduced several exciting new features. One notable addition is click-to-WhatsApp ads, which can now be placed on Facebook and Instagram. Sellers can conveniently create and publish ads directly from the WhatsApp Business interface on Meta’s other social apps.

Meta, the parent company of WhatsApp, has implemented strategic measures to boost revenue from paid messaging. During the Q1 2023 earnings call, Mark Zuckerberg announced that click-tomessage ads generated a staggering $10 billion revenue run rate. Furthermore, the number of businesses utilising paid messaging on WhatsApp experienced a 40 per cent quarter-over-quarter growth.

This latest feature is a valuable addition to WhatsApp channels, allowing small businesses to seamlessly integrate the social messaging app into their sales and marketing endeavours. Upcoming features will include automated personalised messages and customer segmentation. For instance, businesses will be able to send new customers discount codes accompanied by “buy now” links.

Also, Meta has recently unveiled its first AI tools for WhatsApp, Facebook, and Instagram. These tools, such as ChatGPTesque bot conversations, incorporate Meta’s proprietary AI capabilities into its products, further enhancing user experiences across the platforms.

THREE WOMEN TRIUMPH IN ZOHO CREATOR-POWERED LADIES CAN TECH COMPETITION

Zoho Corporation, a renowned technology powerhouse with a global presence, recently unveiled the champions of an extraordinary app-building showdown during the Ladies Can Tech event. Collaboratively organised by the dynamic Harvoxx Tech Hub and Web Work Tools Limited, the competition aimed to propel women into the forefront of the ever-evolving tech industry.

Challenged with crafting innovative applications, the participants harnessed the power of Zoho Creator—a cuttingedge, low-code platform—together with Zoho Flow, an integration powerhouse, and Zoho Analytics, a brilliant business intelligence solution.

The Country Manager, Zoho Nigeria, Kehinde Ogundare, expressed their delight at backing the Ladies Can Tech event and empowering women within the tech realm. Ogundare stated, “Zoho remains devoted to nurturing an inclusive and diverse tech community by championing aspiring women in technology and fostering the growth of tech-savvy enterprises. This spirited competition stands as a testament to the boundless potential of Zoho’s developer apps in crafting ingenious solutions for a myriad of business scenarios.”

Powered by its intuitive interface and cloud-based infrastructure, Zoho Creator empowered participants to easily forge tailored web and mobile applications, regardless of their coding expertise. Simplifying the development process, the platform offered an array of dragand-drop functionalities and pre-designed templates, ensuring a seamless experience for all contenders.

A three-day orientation programme was conducted to equip participants

Tech Personality of The Week

DOLAPO OMIDIRE

This week’s tech personality is Dolapo Omidire. He is the CEO and founder of Estate Intel.

Estate Intel stands out as the sole data platform dedicated to assisting businesses involved in African real estate in making informed decisions. The platform provides users comprehensive information on property vacancies, rental history, and building sale prices across the continent. This data empowers users, including real estate agents and investors, to make the best possible property choices.

Omidire, who leads the team, brings over two years of experience as the Lead Research Analyst at Broll in Nigeria, conducting market and feasibility studies for international and local institutional real estate investors. Additionally, he gained over a year of experience as an Alternative Investment Analyst at AXA Mansard Investments.

Estate Intel proudly identifies itself as Africa’s equivalent of Bloomberg terminal for real estate, highlighting its commitment to providing top-notch data services in the industry. The startup has also introduced a product extension called Vesper, currently in beta form. Vesper is an automated real estate advisor that uses data to assist individuals in making informed investment decisions in African properties. It leverages Estate Intel’s APIs to help users understand African property prices more effectively.

In 2021, Estate Intel raised a pre-seed round worth $500,000, enabling its expansion across Africa. This funding has been vital in supporting the company’s mission to provide exceptional real estate insights and services throughout Africa.

with the skills necessary for success. Comprehensive training sessions were provided, delving into the intricacies of Zoho Creator, Zoho Flow, and Zoho Analytics. At the programme’s conclusion, 10 exceptional participants were chosen to materialise their app-building prowess. The Ladies Can Tech event, which took place recently, witnessed these selected teams labouring fervently for four hours, showcasing their remarkable creations in the final bout of the competition.

TWITTER IMPLEMENTS NEW LOGIN REQUIREMENT, RESTRICTING ACCESS TO PLATFORM

In a surprising development, Twitter introduced a temporary login restriction leaving users speculating whether it was an intentional update or a technical mishap.

The new measure prevents visitors from accessing the platform unless logged into their accounts. Attempting to a Twitter page other than the homepage without signing in will automatically redirect users to a login or account setup page. Consequently, visitors are unable to view any usergenerated content without logging in.

The rollout of this unexpected change commenced on Friday, catching users off guard. Users themselves stumbled upon the alteration when attempting to view tweets or profiles without being logged into their accounts.

Twitter owner Elon Musk tweeted in response to a query, stating that the change is a “temporary emergency measure.” Musk attributed the restriction to “data pillaging,” which allegedly contributed to degrading

service for all users.

The statement by Elon Musk sheds some light on the motive behind Twitter’s sudden implementation of the login requirement. While the specific details and extent of the data pillaging issue remain unclear, Twitter has taken this action to address the situation and safeguard the platform’s functionality and user experience.

CANADA LAUNCHES TECH TALENT STRATEGY TO ATTRACT GLOBAL INNOVATORS

Canada has introduced its groundbreaking ‘Tech Talent Strategy’ (TTS), aiming to enhance existing programs while offering new opportunities to attract foreign nationals who can drive technological advancements in the country’s emerging industries.

With the TTS, the Canadian government focuses on attracting immigrants who fulfill current indemand job roles and position Canada as a global leader in various emerging technologies.

Canada’s Minister of Immigration, Refugees, and Citizenship, Sean Fraser, recently announced that the country plans to develop a specific stream to welcome highly talented individuals worldwide to work for tech companies, even if they don’t have a job offer.

Additionally, Canada is set to launch a ‘Digital Nomads’ strategy, allowing individuals with foreign employers to work in the country for up to six months. The talented individuals will reside in Canadian communities, contributing to the local economy. If they secure job offers during their

stay, they will be permitted to continue living and working in Canada.

BLACK FOUNDERS FUND PLEDGES $4M TO EMPOWER AFRICAN STARTUPS

Google for Startups has unveiled its selection of 25 African-based startups to receive funding from the $4 million Black Founders Fund. This initiative addresses systemic racial inequality in venture capital funding by offering equity-free grants and mentorship to early-stage Black-led high-growth businesses in Europe and Africa.

The $4 million injection from the Black Founders Fund will provide these startups with the necessary financial resources to scale their operations, expand into new markets, and create economic growth and job creation opportunities.

Out of a pool of forty startups from Europe and Africa, 25 African startups have been chosen, showcasing the diverse entrepreneurial spirit across the continent. Notably, 72 per cent of the selected startups are led or co-founded by women, highlighting women’s influential role in shaping Africa’s startup ecosystem.

The investment from the Black Founders Fund will provide these businesses with vital capital to accelerate their ventures, expand into new markets, and create economic opportunities and jobs, Head of Startups Ecosystem, Africa at Google, Folarin Aiyegbusi, expressed excitement about collaborating with these innovative founders who leverage technology to address Africa’s most pressing challenges.

Experts in the industry believe that the selected startups span various industries and will contribute to the growth and advancement of Africa’s startup ecosystem.

31
nosakhare.alekhuogie@thisdaylive.com Nosa Alekhuogie
08097710984
MONDAY, JULY 3, 2023 • THISDAY

As INEC Defends Tinubu’s Election in Court Today...

Afive-member panel of the Presidential Election Petition Court (PREPEC) presided over by Justice Haruna Tsammani, had on June 23, adjourned hearing till July 3, in three different petitions seeking the nullification of the election that produced Senator Bola Ahmed Tinubu as President.

The five-man panel specifically adjourned to the said date for respondents in the various petitions to open their respective defences in the petition, shortly after the petitioners closed their individual cases.

The March 1 declaration of candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, as winner of the February 25 presidential election has not gone down well with some of the contestants of the poll.

Out of the 18 political parties that fielded candidates for the election, five were strongly dissatisfied and hence, within the 21 days stipulated by law registered their greviances, at the Presidential Election Petition Court (PREPEC), the court of first instance for presidential election cases.

However, at the commencement of hearing on May 30, the Action Alliance ( AA) announced the withdrawal of its petition challenging the declaration of Tinubu as winner of the February 25 presidential election. Few days later, the Action People’s Party (APP) followed suit, thereby leaving the Labour Party (LP), the Allied People’s Movement (APM) and the People’s Democratic Party (PDP) to go ahead in proving their allegations against the Independent National Electoral Commission (INEC), Tinubu, Vice President, Kashim Shettima and his party, the APC, who are all respondents in the remaining three petitions pending at the PREPEC sitting at the Court of Appeal, Abuja.

INEC’s Chairman, Professor Yakubu Mahmood, had at the end of collation of results of the presidential elections on March 1, 2023, announced Tinubu of the APC as the winner of the presidential election.

According to him, Tinubu had polled a total of 8,794,726 lawful votes to emerged victorious. He was closely followed by candidate of the PDP, Alhaji Atiku Abubakar, who scored 6,984,520 and Mr Peter Obi of the LP who scored 6,101,533 votes to come 2nd and 3rd respectively.

Displeased with the declaration Atiku and Obi had approached the court to argue and prove that Tinubu did not win majority of lawful votes as claimed by the electoral umpire.

They submitted that as at the time Mahmood announced Tinubu as winner, collation was ongoing since many of the presidential election results were yet to be uploaded unto the INEC’s Results Viewing (IReV) Portals. They also accused INEC of manipulating the process to favour the ruling APC and Tinubu.

Specifically, the petitioners predicated their grievances mainly on alleged irregularities, substantial non-compliance with the electoral laws, corrupt practices and Tinubu not being

qualified to contest the election among grounds of double nomination of his Vice President, criminal forfeiture of a sum of$460,000, perjury and dual citizenship.

“The non-compliance substantially affected the result of the election, in that Tinubu ought not to have been declared or returned as the winner of the election”, Atiku submitted to the PREPEC.

In proving all these allegations, Atiku and Obi, called in a total of 40 witnesses and tendering a plethora of exhibits to prove their petition against the election of President Tinubu. While

Atiku in his petition marked: CA/ PEPC/05/2023 called in 27 witnesses to establish his allegations, Obi in his petition marked: CA/PEPC/03/2023, called in 13 witnesses. The witnesses on both sides included willing and subpoenaed; party agents; INEC’s adhoc staff who participated in the February 25 presidential election as well as experts.

Within the three weeks allotted Atiku and Obi to substantiate their allegations, they told through, INEC’s Adhoc staff how “technical glitches” at the point of uploading the captured presidential results to the IReV portal affected the expectations of the election.

They further maintained that the said technical glitches were related only to the presidential results as other results like the Senatorial and House of Representatives polls were electronically transmitted to the portal seamlessly.

Besides, the petitioners pointed out that the inability or failure to upload the presidential results in real-time was deliberate contrary to the allusion

to technical glitches. This was substantiated by a subpoenaed witness of the LP, Mrs. Mpeh Clarita Ogar, who told the PREPEC that there was no “technical glitch” across all the six continents housing Amazon Web Services (AWS) on February 25, when the presidential and National Assembly elections held. Ogar, claimed to be a Cloud Engineer, working with AWS.

Besides the testimonies of the witnesses, the petitioners presented before the court bundles of evidence such as polling units’ results, wards’ results, local government areas’ results, states’ results as well as the final result, which they said INEC manipulated to make Tinubu president. However, many of these results were blurred. According to Professor Eric Ofoedu, a Mathematics Professor and witness of Obi, over 18,000 result sheets uploaded to the IReV portal were blurred. He claimed the above fact was discovered at the end of his investigation and analysis of the February 25 presidential results uploaded on the IReV portal. Among the states he claimed his investigation and analysis were centered on are Rivers and Benue.

To prove further the allegation of non-compliance, both petitioners brought in video clips of the INEC chairman and a commissioner, Mr. Festus Okoye, assuring Nigerians of real-time transmission of results of the general election. The INEC boss could be heard in the video clip saying there is no going back on the use of BVAS machines and on real-time transmission of the results from the polling booths to the INEC Server.

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

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

The first to put up a defence, is the Independent National Electoral Commission, which conducted the February 25 presidential election as well as other categories of election recently. It is an understatement to say that INEC is at the center of the whole storm, having conducted the poll that occasioned the current legal battle.

So, when the five-member panel resumes today it behoves on the INEC, Tinubu and APC to present stronger arguments and evidence to convince the panel and indeed Nigerians that the claims of the petitioners are not true or strong enough to warrant the nullification of Tinubu’s victory.

The first to put up a defence, is the Independent National Electoral Commission, which conducted the February 25 presidential election as well as other categories of election recently. It is an understatement to say that INEC is at the center of the whole storm, having conducted the poll that occasioned the current legal battle.

Funny enough, INEC at the close of prehearing session hinted that it planned to call just two witnesses to disprove the allegations of the petitioners against the declaration of Tinubu as President-elect.

The question is would the evidence of these two witnesses be weighty enough when compared with the 41 witnesses of the petitioners? Recall that besides Atiku and Obi, the APM also called in one witness to prove its allegation that Tinubu breached the law when he nominated Shettima as vice presidential candidate, when his party, the APC had already nominated Shettima as Senator representing Borno Central Senatorial District for the Senatorial election which held same day with the presidential election.

Also, what documents would INEC tender to establish that it indeed did not violate its own regulations and guidelines for the 2023 general elections. How would the electoral umpire explain the over 18,000 blurred results it released to the petitioners to prove that the election was marred by irregularities, corrupt practices and non-compliance with the electoral laws.

Also, how would the electoral umpire contradict the testimonies of its own staff (Presiding Officers) who testified against the failure of the Commission to transmit the presidential election results real-time from polling units to the INEC’s IReV Portals.

While INEC may have difficulty in countering petitioners’witnesses and evidence especially the video evidence on INEC’s stance on electronic transmission of results, it would be more difficult for INEC to prove that a technical glitch indeed occurred on February 25, and why only on the presidential election results.

There is no gainsaying the fact that these same scenario confront Tinubu and the APC in defending their victory.

Although, Tinubu had announced that he will be calling 39 witnesses to defend his victory at the poll, his major task would be centered on issues raised about his qualification. He would be joined in this task by his party, the APC, which had also lined up 25 witnesses to establish their victory at the poll.

POLITICS MONDAY DISCOURSE Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY 32 THISDAY MONDAY JULY 1, 2023 NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
When the five-member panel resumes today it behoves on the INEC, Tinubu and APC to present stronger arguments and evidence to convince the panel and indeed Nigerians that the claims of the petitioners are not true or strong enough to warrant the nullification of Tinubu’s victory.
The Independent National Electoral Commission, All Progressives Congress and President Bola Tinubu will from today present oral and documentary evidences before Presidential Election Petition Court to justify why Tinubu’s victory at the February 25, 2023 presidential poll must be affirmed, writes Alex Enumah
Yakubu Tinubu Adamu

Daunting Task Before 10th N’Assembly

Federal lawmakers who have been on two weeks break, will resume plenary on Tuesday, July 4th to fully commence the 10th National Assembly’s legislative business.

Both the Senate and House of Representatives had adjourned plenary until July 4 to be able to assign permanent sitting positions and offices to the returning and new lawmakers.

Before adjourning, both chambers sat briefly after a keenly contested election. The choice of the 10th Assembly’s principal officers as consensus candidates of the All Progressive Congress, had then generated criticisms, as other candidates rejected it vowing to go against the ruling party’s choice.

However on inauguration day, the ruling party’s choice all emerged victorious. Senator Godswill Akpabio, representing Akwa Ibom north-west, was elected as the Senate President. He defeated Abdulaziz Yari, senator representing Zamfara central, to win the election.

Akpabio polled 63 votes, while Yari scored 46 votes. Also APC’s Deputy Senate President consensus candidate Senator Barau Jibrin from Kano state was declared winner.

At the House, it was a three horse race, but Hon. Tajudeen Abass (Kaduna) and Hon. Benjamin Kalu (Abia) emerged victorious and were declared Speaker and Deputy Speaker respectively.

Abbas polled a total of 353 votes to beat his rivals, immediate past Deputy Speaker of the 9th House, Hon. Idris Wase and a former chairman of the House Committee on National Intelligence, Hon. Aminu Jaji who scored three votes each. Hon. Kalu was elected unopposed.

In his inaugural speech, President of the Senate and former governor of Akwa Ibom state, Akpabio, vowed that the 10th Senate will surpass the expectations of Nigerians in building a prosperous nation

His counterpart in the House of Representatives, Abbas assured that his administration would be just, fair and guided by the constitution of the land.

The duo in their separate speeches vowed to work closely and inter-dependently with the Executive and Judiciary to give Nigerians the good governance they deserve.

They promised to, among other issues, focus on strengthening the country’s security apparatus, by collaborating with relevant stakeholders to combat insurgency, terrorism.

As another legislative session is about to

begin, expectations are high as they commence work to attend to crucial national issues and several unfinished business.

Majority, Minority Leadership and Committees Chairmanship Crisis

The presiding officers in both chambers are expected to announce headship and membership of the standing committees. There are reports of bickering among the lawmakers over scramble for both headship and membership of “juicy” Committees.

Also ranking members are jostling for the Principal Officers positions.

The Principal Officers of the House are Majority Leader, Deputy Leader, Chief Whip, Deputy Whip, Minority Leader, Deputy Minority Leader, Minority Whip and Deputy Minority Whip.

With the election of Senate President Akpabio (South South), Deputy Senate President Barau (North West), Speaker, Abbas (North-West) and Deputy Speaker, Kalu (South/ East), lawmakers from other zones particularly North/East and North/ Central are jostling for the majority and minority leadership position.

At the Senate, the minority leadership seat appears to be creating uneasy calm among senators who

are members of the opposition parties following alleged moves to impose leadership on them.

Senators elected on the platforms of other opposition political parties have kicked against alleged moves by the Presidential Candidate of the Peoples Democratic Party (PDP) in the 2023 poll, Atiku Abubakar, to pick a former governor of Sokoto State, Aminu Tambuwal, as the Senate Minority Leader.

The Senators, who spoke on the condition of anonymity, alleged that Atiku had submitted Tambuwal’s name alongside other preferred senators in the minority caucus to the PDP for appointment as principal officers of the 10th National Assembly.

At the House, it was reported that the former Governor Nyesom Wike’s backed candidate Kingsley Chinda (PDP, Rivers) emerged Minority Leader against the former Vice President Atiku’s candidate, Oluwole Oke (PDP, Osun) while George Ibezimako Ozodinobi (LP, Anambra) had been picked for the Deputy Minority Leader.

It will officially be confirmed when the Speaker announces it through a letter sent to the parliament via the party.

The reports came days after members-elect from the South-west on the platform of the Peoples’ Democratic Party (PDP) had demanded that the position of Minority Leader in the 10th House be ceded to the geopolitical zone.

The lawmakers-elect made the demand in a letter dated June 9, 2023 and addressed to the PDP National Chairman. The letter was signed by 15 members-elect including Bamidele Salam, Wole Oke from Osun; Ojo Makanjola from Oyo, Festus

The federal lawmakers are expected on resumption to screen the new Service Chiefs, Inspector-General of Police and Comptroller-General of Nigeria Customs Service recently appointed by President Bola Tinubu. The appointees are to act in their positions, pending their confirmation by the National Assembly. They will appear before the Defence Committee when constituted. The Senators on resumption will also screen ministerial appointees as soon as the names are forwarded to the Senate for confirmation.

Akingbaso from Ondo, Adebayo Adepoju from Oyo, Stanley Adediji from Oyo, among others.

In the letter, the PDP members-elect argued that the Minority Leader position in the 8th and 9th House was occupied by Hon. Leo Ogor and Hon. Ndudi Elumelu who were both from the South/South zone of the country. They insisted that in the interest of fairness, equity and justice, the South/west should be considered to fill the position of Minority Leader in the 10th House of Representatives.

Insecurity, Confirmation of Appointment of Service Chiefs

In previous assemblies, security issues have always been the crux of discussion on the floor of the Senate and House, as several security-related motions and bills were passed by the lawmakers. However the country’s security situation is worsening by the day. The 10th National Assembly is expected to come up with more ideas to help the executive arm of government curb insecurity.

The federal lawmakers are expected on resumption to screen the new Service Chiefs, Inspector-General of Police and ComptrollerGeneral, Nigeria Customs Service recently appointed by President Bola Tinubu.

The appointees are to act in their positions, pending their confirmation by the National Assembly. They will appear before the Defence Committee when constituted.

The Senators on resumption will also screen ministerial appointees as soon as the names are forwarded to the Senate for confirmation.

Legislative Agenda

Both chambers on resumption, are expected to unveil their legislative agenda in which they will list their priorities, areas of focus for the next four years.

Speaker of the House of Representatives, Hon. Tajudeen Abbas, had in his inaugural address said under his watch, the 10th House shall sustain and even surpass the gains of the 9th House.

He said the 10th House will introduce reforms and innovations for the benefit of Nigerians, announcing that in a few weeks, the Green Chamber shall be reeling out the legislative agenda that will shape the 10th House.

The presiding officers are expected to hit the ground running. Expectations are high as they took over from an assembly known to be the most productive of all assemblies in the history of the Parliament.

MONDAY DISCOURSE 33 THISDAY MONDAY JULY 1, 2023
Crucial legislative duties await Senators and members of the House of Representatives as they resume plenary on July 4.
Akpabio Abass Barau Kalu

Assessing President Tinubu’s First Month in Office

Today, Monday, July 3, 2023, makes it exactly five weeks since President Bola Ahmed Tinubu was sworn in as the 16th president of Nigeria.

Uneasy they say lies the head that wears the crown, and indeed the first few days have not been easy, especially because the new president had to delve headlong into the subsidy quagmire even as his lawyers continue to battle election petitions at the tribunal.

In the past weeks, President Tinubu has taken some far-reaching decisions that have generated mixed public reactions, positive, and negative, and as well as sent a clear message that it is no longer going to be business as usual in the leadership of the country.

In the space of five weeks, the new regime has announced the removal of petrol subsidy, with zero plans towards cushioning the ripple effect on the populace, suspended the CBN Governor, Godwin Emefiele, suspended the EFCC Chairman, Abdulrasheed Bawa, introduced student education loan policy, liberalised the foreign exchange rates, retired the former Inspector General of Police, Usman Baba, removed all service chiefs, appointed eight special advisers, new service chiefs among others. Below are briefs on Tinubu’s actions in the first five weeks.

Removal of Fuel Subsidy

In what many experts believed to be ill-timed, President Tinubu announced the end of the fuel subsidy era during his inaugural address on May 29, 2023.

A few hours after President Bola Tinubu made the announcement, petrol pump prices skyrocketed from N195/litre to over N500/litre in all states and the Federal Capital Territory. Consequently, the huge spike in petrol prices has caused the prices of most goods and services to shoot up throughout the country, further lowering the disposable income for most Nigerians, not excluding the cost of transportation.

The privatisation of the power sector has done little to improve the electricity supply in the country, compelling Nigerians to rely on petrol-powered generators for their household and business electricity needs. Due to the epileptic power supply, Nigerians are heavily dependent on petrol to run their daily businesses and household necessities.

Over the years, analysts have clamoured for the removal of petrol subsidies, which had been costing the country trillions of naira annually, nevertheless, the populace has maintained the opposite opinion, because of the resultant impact on the economy, especially for those at the lowest part of the economic pyramid. Hence, a slight upward review of fuel prices often has ripple impacts on Nigerians.

In his inauguration speech, President Tinubu alluded to the fact that the removal of the petrol subsidy would impose an extra burden on citizens, he however claimed it would free up money

for education, regular power supply, transport infrastructure, and healthcare.

“I admit that the decision will impose an extra burden on the masses of our people. I feel your pain.”

If any truth is to go by in the President’s first four weeks, among other things, the fuel subsidy removal has led to a huge increase in the cost of companies' production, operating costs as well as the cost of doing business.

Asks Shettima-led NEC to find palliatives for subsidy

Following the announcement of removal of subsidy, in his meeting with the oil marketers, the president directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.

The NEC is to come up with palliative measures to aid Nigerians even as the nation transitions and adjusts to being without subsidy. However, it is five weeks now and the NEC is yet to come up with any palliative to ease the burden of the subsidy removal on the populace.

Removal of Godwin Emefiele as

CBN Governor

In an unexpected move on the night of Friday, June 9, President Tinubu suspended the Governor of the Central Bank, Godwin Emefiele.

In a statement credited to the Director of Information at the Office of the Secretary to the Government of the Federation SGF, Emefiele’s suspension was “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”

Aside from speculations that his suspension may be a political witch-hunt for the role he played in the buildup to the 2023 general elections, since Emefiele’s tenure as CBN governor ends in June, it came as a surprising move to see him suspended the same month he was bided for retire.

Nevertheless, under Emefiele the CBN had been co-opted by Buhari’s administration and lent more than $50 billion to the central government.

Forex Market Liberalisation

Not long after the subsidy move, suspended central bank governor Godwin Emefiele, President Tinubu, through the CBN liberalized the foreign exchange market to have a parallel rate.

The central bank abandoned its longstanding policy of tightly controlling the foreign exchange market to artificially prop up the value of the naira currency against the US dollar.

The bank replaced that policy with marketdetermined rates and eliminated the several exchange rate ‘windows’ that created a multi-tier system for those seeking hard currency.

In response, the official naira exchange rate plunged to its lowest level on record, moving it closer into line with the black market rate that most Nigerians have long had to accept.

Many analysts believe President Bola Tinubu’s bold actions, including removing restrictions on the naira currency that allowed it to hit a record 790 to the dollar and subsidy removals that tripled petrol prices, could take the stress off the battered finances of Africa’s largest economy.

But investors, burned by previous reforms that ultimately proved hollow, say it will take time to build trust and listed myriad questions over the final shape of the economy.

The tangle of multiple exchange rates for everything from international school fees to food imports created foreign currency shortages and hobbled investment due to issues getting money out.

“Just the fact that you have seen quite a bit of movement in a relatively short space of time has gotten a lot of people in the market excited,” said Goldman Sachs economist Andrew Matheny. All these questions would surely be answered through happenings in the coming days.

Equities Rebound

Nigeria equities were put back on the radar of badly scarred investors by Tinubu’s marketfriendly moves: Fuel subsidy cut, CBN governor removal, FX rates harmonisation, and electricity deregulation.

This created investor optimism and confidence in his administration’s economic policies and reforms. This development led to an increase in market capitalisation on Tuesday, May 30, by 5.22 per cent, rising to N30.3 trillion compared to N28.844 trillion posted on the previous trading day.

Furthermore, the All-Share Index increased by 2,764.47 points or 5.22 per cent, settling at 55,738.35 as opposed to 52,973.88 recorded in the previous trading session.

Consequently, the year-to-date gain moderated to 8.76 per cent. This development has set an encouraging tone for the country’s economic outlook under the leadership of Tinubu.

According to data from Statista, a data company, Tinubu’s first day in office stock performance of 5.22 per cent surpassed the growth seen during the first day of the previous administrations since Nigeria’s return to democracy in 1999.

Suspension of EFCC Chairman, Abdulrasheed Bawa

On June 14, 2023, President Tinubu suspended the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.

Bawa’s suspension, according to a statement by the Director, Information, SGF Office, Willie Basse, is to allow for proper investigation into his conduct while in office.

The statement reads, “This follows weighty allegations of abuse of office levelled against him.

“Mr Bawa has been directed to immediately hand over the affairs of his office to the Director, Operations in the Commission, who will oversee the affairs of the Office of the Chairman of the Commission pending the conclusion of the investigation.”

Bawa’s invitation and grilling by the DSS came days after Emefiele was arrested and flown from Lagos to Abuja to also face interrogations over alleged corruption and abuse of office.

The Student Loan Bill

On Monday, June 12, President Bola Tinubu signed into law the Student Loan Bill in fulfilment of a promise he made during his campaign.

Spokesperson to the Federal Government,

FEATURES Group Features Editor: Chiemelie Ezeobi Email: chiemelie.ezeobi@thisdaylive.com, 07010510430 34 THISDAY DAY JULY 1, 2023 Continued on page 35
In this report, Sunday Ehigiator took a look at the series of policies signed into law by the newly elected President of Nigeria, Bola Ahmed Tinubu within his first five weeks of assuming office and its effect on Nigerians
With the abrupt subsidy removal, life became harder for most Nigerians
Consequently, the huge spike in petrol prices has caused the prices of most goods and services to shoot up throughout the country, further lowering the disposable income for most Nigerians, not excluding the cost of transportation
President Bola Ahmed Tinubu

Assessing President Tinubu’s First Month in Office

Dele Alake, in his announcement said, the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.

The student loan bill sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, which provides for interest-free loans to indigent Nigerian students, passed the third reading at the House.

The law is to provide easy access to higher education for indigent Nigerians through interestfree loans from the Nigerian Education Loan Fund.

There are indications, however, that the newly signed act might not get the support of key stakeholders in the education sector, including the Academic Staff Union of Universities (ASUU).

In its submission, ASUU called on President Bola Tinubu to change the loan to a grant for indigent students, insisting that the loan is “impracticable and unsustainable”.

The union said the conditions for the loan are not practicable, adding that more than 90 per cent of students won’t meet the stringent requirements to access and repay the loan.

Speaking further, the national president of ASUU, Prof. Emmanuel Osodeke, said: “It would have been better if we were giving it to those students who are very poor; it should be called a grant, not a loan.”

According to him, with more than one million students in Nigerian public universities, the loan cannot adequately cater for their tuition.

Osodeke said: “The idea of student loans came in 1972, and it was in a bank that was established. People who took loans never paid; you can go and investigate. In 1993 and 1994, the military enacted Decree 50 and also set up a Students’ Loan Board. The National Assembly domesticated it in 2004, and within a year, it went off. The money disappeared. We want to see how this one will be different.”

Signed 2023 Electricity Bill into Law

The 2023 Electricity Act which is expected to de-monopolise electricity generation, transmission and distribution at the national level was also signed into law by the president within the period under review.

In signing the electricity bill into law, Tinubu has now empowered state governments, companies and individuals to generate, distribute and transmit electricity.

40% Increase in Electricity Tariff

While Nigerians are still trying to cope with the effect of subsidy removal on petrol, they may need to brace up for tougher times as electricity tariff is set to increase by over 40 per cent by July 1, a development which may eventually end all forms of energy subsidy in the country.

With a monthly subsidy of about N50 billion still in the electricity sector owing to revenue shortfall, the tariff hike may be another acid test for President Tinubu's administration’s market reform.

The administration has already removed subsidies on Premium Motor Spirit (PMS) and floated the naira, decisions that have complicated the price-setting of the Nigerian Electricity Regulatory Commission (NERC) 2022 Multi-Year Tariff Order (MYTO).

With all these changes and new policies, it is therefore important at this juncture to feel the pulse of the common citizens who bears the brunt of these policies the most.

Assented to Bill on New Retirement Age for Judicial Officers

Similarly, President Tinubu in exercising the powers vested in him under the 1999 Constitution as amended, assented to a fresh amendment of

the Constitution of the Federal Republic of Nigeria.

He signed into law the “Constitution of the Federal Republic of Nigeria, 1999 (Fifth Alteration) (No.37), 2023” presented by the outgoing 9th National Assembly.

With the signing of the Constitutional amendment Bill, retirement age and pension rights of judicial officers have been effectively brought into uniformity and other related matters.

According to president’s spokesman, Abiodun Oladunjoye, while signing the amendment Bill into law, Tinubu pledged his administration’s dedication to strengthening the judiciary, ensuring the rule of law, and empowering judicial officers to execute their responsibilities effectively.

Retirement and Replacement of Service Chiefs

On June 19, President Tinubu approved the immediate retirement of all Service Chiefs and the Inspector-General of Police, advisers, and ComptrollerGeneral of Customs from service as well as their replacements with immediate effect.

Also affected are the Advisers, and the Comptroller-General of the Nigerian Customs Service. Their replacements have been announced.

In a statement on Monday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, it informed that Nuhu Ribadu who only last week was appointed as the Security Adviser to the President has now been appointed as the National Security Adviser.

Also, former Theatre Commander, Operation Hadin Kai, Major General Christopher Musa, would replace

General Lucky Irabor as the Chief of Defence Staff.

Similarly, Major General T.A Lagbaja replaced Lieutenant General Farouk Yahaya as the Chief of Army Staff, while Rear Admiral E.A Ogalla has been appointed to take over from Vice Admiral Awwal Gambo as the Chief of Naval Staff and Air Marshal Oludayo Amao would be replaced by Air Vice Marshal H.B Abubakar as the Chief of Air Staff.

Others appointed are DIG Kayode Egbetokun as the Acting Inspector-General of Police and Major General EPA Undiandeye as the Chief of Defence Intelligence.

The President also approved the appointment of Col. Adebisi Onasanya as the Brigade of Guards Commander; Lt. Col. Moshood Abiodun Yusuf, the 7 Guards Battalion, Asokoro, Abuja; Lt. Col. Auwalu Baba Inuwa, 177, Guards Battalion, Keffi, Nasarawa State; Lt. Col. Mohammed J. Abdulkarim 102 Guards Battalion, Suleja, Niger and Lt. Col. Olumide A. Akingbesote 176 Guards Battalion, Gwagwalada, Abuja.

Similarly, President Tinubu approved the appointments of other military officers in the Presidential Villa.

They are Maj. Isa Farouk Audu (N/14695) Commanding Officer State House Artillery; Capt. Kazeem Olalekan Sunmonu (N/16183)

Second-in-Command, State House Artillery; Maj. Kamaru Koyejo Hamzat (N/14656) Commanding Officer, State House Military Intelligence; Maj. TS Adeola (N/12860) Commanding Officer, State House Armament, and Lt. A. Aminu (N/18578)

Second-in- Command, State House Armament.

In the same vein, Adeniyi Adewale has been appointed as the Acting Comptroller General of Customs.

The President has also approved the appointments of two additional Special Advisers, and two Senior Assistants, namely: Hadiza Bala Usman Special Adviser, Policy Coordination; Hannatu Musa Musawa Special Adviser, Culture and Entertainment Economy; Sen. Abdullahi Abubakar Gumel, Senior Special Assistant,

National Assembly Matters (Senate) and Hon. (Barr) Olarewaju Kunle Ibrahim, Senior Special Assistant, National Assembly Matters (House of Representatives)” the statement added.

However, Bassey stressed that the appointed Service Chiefs, the Inspector-General of Police and the Comptroller General of Customs are to act in their positions, pending their confirmation by the Constitution of the Federal Republic of Nigeria.

Appoints Gbajabiamila as Chief of Staff

Appointing former Speaker of House of Representatives, Rt. Hon. Femi Gbajabiamila as Chief of Staff, was another major move by the president.

In a meeting with progressive governors, the president also appointed Sen. Ibrahim Hassan Hadejia, a former Deputy Governor of Jigawa State, as Deputy Chief of Staff.

This move many saw as a very strategic one that sets the tone for what his cabinet will look like and the caliber of persons Tinubu will be working with to set Nigeria back on track.

Appoints Akume SGF

In a similar fashion, the president appointed Senator George Akume to serve as Secretary to the Government of the Federation.

Speaking on this development, the president said Akume will serve the nation tremendously in his new capacity as Secretary to the Government of the Federation (SGF).

Introduces N1,000 Annual Fee for Motorists’ Proof of Ownership

The Federal Government within the period in view has also introduced a new initiative requiring all motorists to pay an annual fee of N1,000 for the Proof of Ownership Certificate (POC) verification.

The move is aimed at streamlining and strengthening vehicle ownership verification. Beginning from July 2023, the collection of this fee will be initiated by the Lagos State government.

During a joint press conference in Ikeja, Lagos, the Permanent Secretary of the Lagos Ministry of Transportation, Engr. Abdulhafiz Toriola announced the implementation of the initiative.

Its purpose is to ensure compliance with the legal requirement outlined in the National Road Traffic Regulation 2012, as amended, No. 101, Vol. 99, Section 73-(1), which states that “There shall be Proof of Ownership Certificate for all registered Vehicles.” Additionally, Section 73-(1-6) mandates the establishment and maintenance of a Central Database for Vehicles and drivers across the federation.

Toriola emphasised that the decision aims to track the real-time status and maintain the integrity of all vehicles registered on the National Vehicle and Identification Scheme (NVIS) database.

“To this end, the Federal Government has introduced the issuance of annual Proof of Ownership Certificate for all registered vehicles. This certificate will serve as official documentation of a vehicle’s legal owners upon successful completion of the necessary requirements and procedures.

“The POC will contain vital information including the vehicle’s registration details, such as, license number plate, model, year of manufacture in addition to owner’s name and address.”

This has definitely generated a lot of outcry among the populace especially now that they are still struggling to cope with the hardship induced by the removal of subsidy, which transcends to increment in the cost of living among others.

FEATURES 35 THISDAY DAY JULY 1, 2023
While signing the amendment Bill into law, Tinubu pledged his administration’s dedication to strengthening the judiciary, ensuring the rule of law, and empowering judicial officers to execute their responsibilities effectively
H. B. Abubakar (CAS) T. A. Lagbaja (CAS) E. A. Ogalla (CNS) K. Egbetokun (Ag. IG) C. G. Musa (CDS) Proposed Proof of Ownership Certificate by FG

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

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

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

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as at 27June-2023, unless otherwise stated.

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

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

FUND

MONDAY, JULY 3, 2023 • THISDAY MARKET NEWS 36 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.
GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund NameBid PriceOffer Price Yield / T-Rtn Abacus Money Market Fund N/AN/AN/A Vantage Balanced Fund N/AN/AN/A Vantage Guaranteed Income Fund N/AN/AN/A Kedari Investment Fund (KIF) N/AN/AN/A Vantage Equity Income Fund (VEIF) - June Year End N/AN/AN/A Vantage Dollar Fund (VDF) - June Year End N/AN/AN/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund NameBid PriceOffer Price Yield / T-Rtn Lotus Halal Investment Fund 1.75 1.78 9.71% Lotus Halal Fixed Income Fund 1,196.11 1,196.11 4.82% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund NameBid PriceOffer Price Yield / T-Rtn Meristem Equity Market Fund 14.83 14.90 28.50% Meristem Money Market Fund 10.00 10.00 11.43% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund NameBid PriceOffer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.65 103.65 10.20% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.94% Norrenberger Dollar Fund (NDF) ($) 102.73 102.73 10.80% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund NameBid PriceOffer Price Yield / T-Rtn PACAM Balanced Fund 1.93 1.98 2.84% PACAM Fixed Income Fund N/AN/AN/A PACAM Money Market Fund 10.00 10.00 11.16% PACAM Equity Fund 1.89 1.92 -0.19% PACAM EuroBond Fund 126.15 129.80 6.11% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund NameBid PriceOffer Price Yield / T-Rtn SCM Capital The Frontier Fund 152.97 155.61 21.68% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund NameBid PriceOffer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 11.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund NameBid PriceOffer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,339.02 4,373.99 28.00% Stanbic IBTC Bond Fund 250.00 250.00 6.13% Stanbic IBTC Ethical Fund 1.78 1.81 42.46% Stanbic IBTC Guaranteed Investment Fund 341.94 341.94 9.20% Stanbic IBTC Iman Fund 316.30 320.23 35.45% Stanbic IBTC Money Market Fund 1.00 1.00 10.23% Stanbic IBTC Nigerian Equity Fund 15,435.90 15,630.30 41.41% Stanbic IBTC Dollar Fund (USD) 1.41 1.41 9.24% Stanbic IBTC Shariah Fixed Income Fund 124.57 124.57 6.55% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 120.11 120.11 12.91% Stanbic IBTC Absolute Fund 4,763.91 4,763.91 11.98% Stanbic IBTC Aggressive Fund 4,405.08 4,457.78 58.40% Stanbic IBTC Conservative Fund 4,813.58 4,834.88 26.48% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund NameBid PriceOffer Price Yield / T-Rtn United Capital Equity Fund        1.17 1.18 28.65% United Capital Balanced Fund 1.62 1.63 25.09% United Capital Wealth for Women Fund 1.25 1.26 16.81% United Capital Sukuk Fund 1.12 1.12 13.00% United Capital Fixed Income Fund 1.88 1.88 7.25% United Capital Eurobond Fund 121.00 121.00 5.88% United Capital Global Fixed Income Fund 1.04 1.04 8.77% United Capital Money Market Fund 1.00 1.00 9.43% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund NameBid PriceOffer Price Yield / T-Rtn Zenith Balanced Strategy Fund 16.11 16.28 16.23% Zenith ESG Impact Fund 18.44 18.63 16.69% Zenith Income Fund 24.41 24.41 3.60% Zenith Money Market Fund 1.00 1.00 10.11% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid PriceOffer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.30 6.40 56.30% Vetiva Consumer Goods Exchange Traded Fund8.85 8.95 50.96% Vetiva Griffin 30 Exchange Traded Fund21.98 22.18 24.15% Vetiva Money Market Fund1.00 1.00 10.72% Vetiva Industrial Goods Exchange Traded Fund24.95 25.15 24.72% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund142.00 144.00 -9.93% EXCHANGE
FUNDS Fund Name Bid PriceOffer Price Yield / T-Rtn Lotus Halal Equity Exchange Traded Fund 19.96 20.06 28.88% SIAML Pension ETF 40 182.08 185.14 42.64% Stanbic IBTC ETF 30 Fund126.45 128.60 26.45% MERGROWTH ETF17.40 17.50 -13.95% MERVALUE ETF16.40 16.50 34.76% REITS Fund Name NAV Per Share Yield / T-Rtn SFS REIT 119.40 4.92% Union Homes REIT 54.58 2.94% Nigeria Real Estate Investment Trust 101.72 UPDC REIT 10.07 -11.82%
Fund Name NAV Per Share Yield / T-Rtn Chapel Hill Denham Nigeria Infrastructure Debt Fund 107.58 0.00% info@anchoriaam.com MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund NameBid PriceOffer Price Yield / T-Rtn Afrinvest Equity Fund 244.21 245.36 29.07% Afrinvest Plutus Fund 100.00 100.00 9.22% Nigeria International Debt Fund 340.19 340.19 9.87% Afrinvest Dollar Fund 108.94 110.04 3.30% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund NameBid PriceOffer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.85% AIICO Balanced Fund 4.20 4.26 24.75% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund NameBid PriceOffer PriceYield / T-Rtn Anchoria Money Market 100.00 100.00 6.87% Anchoria Equity Fund 179.60 181.36 23.91% Anchoria Fixed Income Fund 1.33 1.33 8.42% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund NameBid PriceOffer Price Yield / T-Rtn ARM Aggressive Growth Fund 26.68 27.49 21.60% ARM Discovery Balanced Fund 597.17 615.18 14.57% ARM Ethical Fund 47.83 49.27 6.01% ARM Eurobond Fund ($) 1.14 1.14 1.37% ARM Fixed Income Fund N/AN/AN/A ARM Money Market Fund 1.00 1.00 9.72% ARM Short Term Bond Fund N/AN/AN/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund NameBid PriceOffer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 97.9397.937.90% AVA GAM Fixed Income Naira Fund 1,106.00 1,106.00 3.35% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund NameBid PriceOffer Price Yield / T-Rtn AXA Mansard Equity Income Fund 159.47 160.59 18.23% AXA Mansard Money Market Fund 1.00 1.00 9.56% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund NameBid PriceOffer Price Yield / T-Rtn CEAT Fixed Income Fund 2.20 2.20 38.08% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.69 2.75 535.63% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund NameBid PriceOffer PriceYield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.051.054.20% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund NameBid PriceOffer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.07% Paramount Equity Fund 24.0724.4634.41% Women's Investment Fund 183.93 185.58 23.14% CHD Nigeria Bond Fund 103.55 103.55 12.50% CHD Nigeria Dollar Income Fund 1.02 1.02 11.08% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund NameBid PriceOffer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.55% Cordros Milestone Fund 151.07 152.18 18.19% Cordros Fixed Income Fund 106.30 106.30 10.22% Cordros Halal Fixed Income Fund 103.87 103.87 5.84% Cordros Dollar Fund ($) 111.82 111.82 7.36% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund NameBid PriceOffer Price Yield / T-Rtn Coronation Money Market Fund 1.001.009.35% Coronation Balanced Fund 1.361.3719.50% Coronation Fixed Income Fund 1.471.478.17% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund NameBid PriceOffer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 9.35% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.60% EDC Nigeria Fixed Income Fund 1,164.46 1,176.32 5.54% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund NameBid PriceOffer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.78% Emerging Africa Bond Fund 1.06 1.06 11.07% Emerging Africa Balanced Diversity Fund 1.22 1.22 39.20% Emerging Africa Eurobond Fund 104.08 104.08 5.20% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund NameBid PriceOffer Price Yield / T-Rtn FBN Bond Fund 1556.451556.4511.82% FBN Balanced Fund 238.82 240.75 19.59% FBN Halal Fund 130.25 130.25 12.53% FBN Money Market Fund 100.00 100.00 10.87% FBN Dollar Fund 124.09 124.09 7.15% FBN Smart Beta Equity Fund 226.13 229.06 36.54% FBN Specialized Dollar Fund 109.29 109.29 9.77% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund NameBid PriceOffer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 9.32% Legacy Debt Fund 3.51 3.51 -1.91% Legacy Equity Fund 2.46 2.51 23.03% Legacy USD Bond Fund 1.29 1.29 2.76% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund NameBid PriceOffer Price Yield / T-Rtn Coral Balanced Fund 4,999.05 5,033.20 38.12% Coral Income Fund 3,852.24 3,852.24 7.65% Coral Money Market Fund 100.00 100.00 11.16% FSDH Dollar Fund 1.16 1.16 5.54%
TRADED
INFRASTRUCTURE

FOREIGN DESK

Biden Heading on Three-Nation European Trip

US President Joe Biden is leaving in a week on a five-day, three-nation trip to Europe, the White House said Sunday, with the key stop at the annual NATO summit in Vilnius, Lithuania, where Western leaders plan to discuss their latest efforts to bolster Ukraine’s fight against Russia.

Biden is heading first to London next Sunday on the July 9-13 trip, where over two days, he is planning to meet with King Charles and Prime Minister Rishi Sunak “to further strengthen the close relationship between our nations,” the White House said.

The US leader then heads to Lithuania for two days of NATO meetings where leaders of the 31-nation Western military alliance will discuss the state of Ukraine’s counteroffensive to recapture territory in the southeastern part of the country that Russia took in the earliest stages of 16 months of fighting.

Ukrainian Air Defence Systems Repel Overnight Drone Strikes

After a 12-day lull, Russia launched an overnight drone attack across Ukraine’s capital. One person in the Kyiv area was reported injured by falling debris.

Officials in Kyiv didn’t provide the exact number of drones that targeted the capital city and its surrounding areas. But Ukraine’s air force reported that air defence systems shot down all eight Iranian-made Shahed drones and three Kalibr cruise missiles, said Colonel General Serhii Popko, head of Kyiv’s military administration, in a post on the Telegram messaging app.

Witnesses heard blasts resembling the sound of air defence systems hitting targets. There was no immediate information about the scale of the attack.

Four people were wounded as shelling continued Sunday morning in Kherson province. The regional prosecutor’s office wrote on Telegram that two of the four were wounded due to a targeted strike on a high-rise building.

In a Sunday morning update, Ukraine’s General Staff said that over the previous 24 hours, Russia had carried out 27 airstrikes, one missile strike and around 80 attacks from multiple rocket launchers, targeting regions in the north, northeast, east and south of the country.

Poland to Send 500 Police to Bolster Security at Belarus Border

Poland said on Sunday it would send 500 police to shore up security at its border with Belarus to cope with rising numbers of migrants crossing and any potential threats after the Wagner group of mercenaries relocates to Belarus.

“Due to the tense situation on the border with Belarus, I have decided to bolster our forces with 500 Polish police officers from preventive and counter-terrorism units,” Minister of Interior Mariusz Kaminski wrote on his Twitter account.

The police force would join 5,000 border guards and 2,000 soldiers in securing the border, he said.

Poland has accused Belarus of artificially creating a migrant crisis on the border since 2021 by flying in people from the Middle East and Africa and attempting to push them across the frontier.

The Polish Border Guard said on Sunday that 187 people tried to cross into Poland from Belarus illegally on Saturday, and numbers have been growing steadily in recent months, although they are well below levels seen in 2021.

OIC Decries Quran Desecration in Sweden

On Sunday, an Islamic grouping of 57 states said that collective measures are needed to prevent the desecration of the Quran, and international law should be used to stop religious hatred after the holy book was burned in a protest in Sweden.

The statement by the Organisation of Islamic Cooperation, most of whose members have a Muslim-majority population, was issued after an extraordinary meeting in Saudi Arabia’s Jeddah called to discuss Wednesday’s incident.

“We must send constant reminders to the international community regarding the urgent application of international law, which clearly prohibits any advocacy of religious hatred,” OIC Secretary-General Hissein Brahim Taha said.

A man tore up and burned a Koran outside Stockholm’s central mosque on Wednesday, the first day of the Muslim Eid al-Adha holidays. The act angered OIC member Turkey whose backing Sweden needs to gain entry to the

NATO military alliance.

Swedish police had granted permission for a protest to take place. But after the burning, police charged the man who carried it out with agitation against an ethnic or national group.

The incident triggered large protests in Baghdad in front of the Swedish Embassy. The United States has also condemned it.

South Africa Announces Plans to End Daily Power Cuts

South Africa’s electricity minister said on Sunday the country was closer to ending daily power cuts as warmer weather returns towards the end of the year but declined to give a specific date.

South Africa is on course to see its most blackout days in history this year, with daily power cuts extending to almost 10 hours a day, affecting businesses and households in an economy already hobbled by high-interest rates and inflation.

The power cuts, called load-shedding locally, are expected to shave off two percentage points from GDP this year, the central bank said last month.

Blackouts have eased in the past few weeks, but there is a fear that higher heating demand could trip many power plants as the southern hemisphere winter takes deeper hold in July and August. By September, the temperature starts to climb once more.

Due to interventions on system maintenance and availability and efforts from businesses and households, the worst-case scenario of peak winter demand of 34,000 megawatts (MW) has not materialised.

UK Police Given Expanded Powers to Crack Down on Protesters

New and expanded powers for British police took effect Sunday, including measures targeting activists who stop traffic and major building works with protests.

Authorities have repeatedly condemned environmental protest groups, including Just Stop Oil and Extinction Rebellion, which have sought to raise awareness about the urgency of climate change by staging multiple high-profile protests at the busiest highways and roads. Their protests in recent years often caused serious disruption for motorists.

From Sunday, police will have the power to move static protests. Critics have argued that the toughened laws threaten the right to protest, but UK officials say the measures were to stop “disruption from a selfish minority.”

“The public have had enough of their lives being disrupted by selfish protesters. The mayhem we’ve seen on our streets has been a scandal,” Home Secretary Suella Braverman said.

Authorities say that under the new

Public Order Act, protesters found guilty of “tunnelling” — or digging underground tunnels to obstruct the building of new infrastructure works — could face three years in prison. Anyone found guilty of obstructing a major transportation project could be jailed for up to six months.

The law also makes “locking on,” or protesters attaching themselves to other people, objects or buildings, a criminal offence.

Amnesty Says UAE Must Free Critics

‘Unjustly’ Jailed

The United Arab Emirates, host of this year’s UN climate talks, must release dozens of Emirati nationals “unjustly imprisoned” in a 2013 mass trial, Amnesty International said Sunday, decrying the country’s rights record.

In a statement marking a decade since the trial concluded, Amnesty warned that the COP28 meeting would be “tarnished by repression” if the 60 Emiratis still languishing in prison are not immediately freed.

The UAE “is in the international spotlight through its upcoming hosting of the most important annual climate change conference,” said Heba Morayef, Amnesty’s regional director for the Middle East.

But “its government has not released any of the 60 Emiratis it unjustly imprisoned in the notorious mass trial of 2013, even though 51 of those detained have completed their sentence,” she said in a statement.

The so-called “UAE94” trial followed a spate of arrests and persecutions in 2012 targeting 94 Emirati critics of the government, including activists, lawyers, students and teachers.

The UAE charged dozens of suspects with links to the Muslim Brotherhood, which it considers a “terrorist group.”

Of the 69 convicted, 60 remain in prison, including 51 who are undergoing “counterextremism counselling,” Amnesty said.

The case has drawn criticism from rights groups, especially in the lead-up to COP28, due to be held in the UAE financial hub of Dubai from November 30.

Israel’s Air Force Attacks Syria; Syrian Missile Explodes Over Israel Israel carried out airstrikes on areas near the central Syrian city of Homs early Sunday, causing material damage but no casualties, the Syrian military said in a statement.

The Israeli military said a Syrian antiaircraft missile exploded over Israeli territory, prompting another round of strikes.

According to the Syrian state media, an unnamed military official said the air defences shot down some missiles fired by Israeli warplanes flying over neighbouring Lebanon.

Israeli authorities did not comment on the

airstrike on Homs. But the military said one of the Syrian air defence missiles exploded over Israeli territory without causing any damage. Israeli police said the rocket’s remains landed in the southern Israeli city of Rahat.

In response to the rocket, Israeli jets struck the air defence battery from where the anti-aircraft rocket was launched. The military said it also struck other targets without elaborating.

Israel, which has vowed to stop Iranian entrenchment next door, has carried out hundreds of strikes on targets in governmentcontrolled parts of neighbouring Syria in recent years, but it rarely acknowledges them.

The last suspected Israeli airstrike on Syria was on June 14, near the capital, Damascus, that left one soldier wounded.

Officials: Pakistan Shootout Kills 4 Security Forces, One Militant Militants attacked a security post in Pakistan’s southwestern Baluchistan province, triggering a shootout that left three police officers, a paramilitary soldier and one militant dead Sunday, officials said.

Local police chief Abdul Salam Baloch said while one of the militants was killed, the others managed to escape to the mountainous terrain in the Shirani district, bordering North Waziristan, where they have multiple hideouts.

Baloch said the attackers used hand grenades, rocket-propelled grenades and assault rifles on the joint security post of police and paramilitary forces.

Bilal Shabbir, a top administrative officer in Shirani district, said two militants and one paramilitary trooper were wounded in the shootout that lasted for about two hours. He said the attackers managed to escape with their wounded accomplices. He added that security forces launched a search operation in the area and surrounding mountains to trace and eliminate the perpetrators.

Head of the provincial government, Abdul Quddoos Bizenjo, condemned the attack and expressed grief over the loss of the four security men.

No one immediately claimed responsibility for the attack, but militants from the banned Tehreek-e-Taliban Pakistan, known as the Pakistani Taliban or TTP, operate in the area and have been involved in past attacks on security forces in recent months.

TTP is a separate group but allied with the Afghan Taliban, who seized power in the neighbouring country in August 2021 as US and NATO troops were in the final stages of their pullout. The Taliban takeover of Afghanistan has emboldened the Pakistani Taliban, which has stepped up attacks on police and troops in recent months after unitarily ending a ceasefire with the government.

MONDAY, JULY 3, THISDAY
COMPILED
BY BAYO AKINLOYE
37

TINUBU’S PREMATURE VICTORY LAP

first six months of this year, with another 7.1 million expected to be plunged into poverty if properly targeted measures are not taken to manage the impact of fuel subsidy removal. Add to this the millions of Nigerians who may be forced to take their children out of school, or children that will become malnourished because their parents can no longer afford to give them three meals a day, or even the Kwara and Edo State Governments that have reduced the number of working days for public sector workers in their states to three days, effectively reducing productivity. It is apparent, therefore, that compensating transfers will be urgently needed in helping to shield households from initial price impacts of the petrol subsidy reform.

Instructively, former President Muhammadu Buhari, before his departure, had sought and obtained the National Assembly’s approval for an $800 million loan from the World Bank. The loan was targeted at supporting 10 million households or 50 million Nigerians that would be adversely impacted by the removal of petrol subsidies. Yet, no word has been heard from Tinubu and his men on when cash transfers will be disbursed from the buffer provided by the World Bank. Right now, all we’ve been told by the president’s minders is that a committee headed by his Chief of Staff, Femi Gbajabiamila, is working on a social investment plan that will be implemented only God knows when.

Then there’s the unification of exchange rates due to the currency float which is expected to lead to a significant rise in government debt in naira terms by some N12 billion to N90 billion. As a consequence, debt to GDP is expected to rise to 46%, just as debt service in naira terms will also rise.

Under the circumstances, the central bank and Tinubu’s economic handlers cannot afford to take their precious time and will have to redouble efforts to tackle the effects of subsidy removal and FX reforms on government, households and businesses through a combination of monetary policies and supportive fiscal policies targeted at reducing inflation. In this regard, market analysts hold the view that the while the central bank should use monetary policy to manage economic fluctuations and reduce prices, there are several structural adjustments that must be implemented on the fiscal side to complement the efforts of the CBN.

For the likes of Zeal Arikawe, CEO of Graeme Blaque, who appeared on the Global Business Report programme on Arise News last week, reducing inflation should not be the sole responsibility of the CBN. He was of the view that the mistake Nigeria’s economic managers have made over the years is to treat inflation as strictly a monetary problem, but that should not be the case because using monetary tools alone would not work. He noted that inflation in the country is more structural than just one for monetary policy to tweak and whose transmission often has a limited impact.

Arikawe pointed to low productivity in the economy relative to rising money supply in recent years as a problem that must be addressed by both fiscal and monetary authorities. He said more efforts will be needed from government to eliminate distortions in fiscal policies, review export regulations, improve security, and implement business friendly policies that encourage the agriculture and manufacturing sectors to respectively produce more food and goods

REST IN PEACE, A MILLION RAMS

from as far afield as Chad and Niger Republics joined millions of others grown in Nigerian homes and farms in those markets.

Wizened old ram sellers are expert salesmen who guide buyers to the choicest rams. They have one unchanging admonition: “This one is very oily. Buy this one.” For at least two decades as a youth, I accompanied by grandfather and uncles to ram markets on Sallah eve and for more than two decades now, I have been going to ram markets on my own steam. Yet, I have never been able to figure out how to determine which live ram is oilier than another. At first, I thought it was correlated with fatness. You see a ram bulging with meat in the tummy, neck, shoulders and thighs but a ram seller will overlook that one and go for a leaner ram, grab its tail, feel for something just above its tail and say, “This one has more oil.”

What is it above a ram’s tail that tells anyone that it has oil? I took several courses in Animal Anatomy and I did not see any large layer of adipose tissue above a ram’s tail, such as you see in a human being’s hind section. A ram does not need much fat around the tail because it does not sit on its behind the way a human does. A ram’s behind does not serve purposes of aerodynamic balancing, since it does not walk around on two legs. My Polish Physiology professor Robert Miodonski once said that human females tend to have more adipose tissue on their behind because of the need to counterbalance the mammary glands protruding in front. I cannot observe any such need in rams because the ewe carries its mammary glands at the bottom of

the abdomen, quite close to the tail.

After four decades’ accumulated experience, I came to the painful conclusion that ram sellers tailored their claims of a ram’s oil to the suspected depth of a buyer’s pocket. They will first ask you the price range of the ram you are looking for. It is within that price range that they will tailor their claims about oily rams. If you mention a low price range, the seller will walk right past huge rams, which obviously have a lot of oil, and direct you to a smaller ram and claim that that one is oilier.

In the end you get to know which ram is oilier only after they are slaughtered on Sallah Day. The butchers will skin, wash and lay the rams out to dry in the sun before they are hacked into pieces, ready for the huge frying pans and pots. At that stage you can see which ram has more fat under its skin. Some rams have so much fat that the flesh looks white, instead of the reddish colour of real flesh. By the time the meat ends up in the pot, some rams can almost fry themselves in their own fat.

In my native Sokoto-Kebbi-Zamfara area, Sallah meat is handled differently from other parts of Hausaland. After the rams are slaughtered, skinned and washed, they are not cut into pieces but are hung face down on huge racks. Neighbours will pool all their rams together for the tareni, a communal barbeque. A very hot fire made from specially chosen logs will be set in the centre, with the slaughtered rams surrounding it. The tareni lasts from midday until night, with the caretakers adjusting and replacing the blazing logs. At this stage you really see which ram is oily. As kids we

that Nigeria has no business importing. Similarly, he advocated for value addition to oil and non-oil exports which attract higher FX inflows than primary products whose pricing in international commodity markets is beyond our control.

The need to reform the public sector through the rationalisation of numerous ministries, departments and agencies that duplicate and triplicate one another’s functions is another area that government has kicked down the road for far too long. Implementation of the Oronsaye Report has resurfaced time without number, yet no one has summoned the political will to implement the document. Should Tinubu accomplish this task, not only will it improve efficiency in the public sector, it will help to reduce public sector expenditure that could be deployed in healthcare and education, and to some extent, rein in corruption. Belt tightening by elected officials (including extortionist members of the National Assembly) and senior appointees of government is just as equally important. It’s a crying shame that the monetisation policy introduced by the Olusegun Obasanjo administration to cut recurrent spending has been gradually clawed back by its successors. Today, elected officials and unelected appointees of government drive around in large motorcades made up of exorbitant armoured vehicles, commute all over the world solely in private airplanes, and surround themselves with a retinue of aides that must be catered to by the treasury for doing nothing. In some states, governors are known to appoint over 150 personal aides that are assigned portfolios with comical nomenclatures all in the name of creating

used to place containers under each ram to collect the dripping oil. From my observation at that stage, the biggest and fattest rams are always the oiliest, never mind what the ram sellers said.

The tareni is removed from the fire in the evening and guarded until morning. Guarded from dogs and rats that is, but kids and the men in charge of the barbecue have the license to cut and eat oily portions of the rams called rebu. The oiliest portion is usually around the waist. Almost without fail, whoever eats rebu will have running stomach the next day but that never deterred us, though a doctor told me that it is due to contamination, not the fat. Men handling the barbecue are also entitled to many portions of the rams such as neck, gonads, kidneys and a portion of the intestines. Last week Malam Bello Anka posted on Facebook a picture of a mutilated tareni ram and was told that cats ate it. The stolen portion was so neatly done that it was obviously the work of men, not any cat. Tareni is quite wasteful in energy terms and I hope the Energy Commission of Nigeria will teach Sokoto, Kebbi and Zamfara people how to do a barbecue with much less fire.

The meat is shared on the day after Sallah. My grandfather used to assemble his barbecued rams, usually four, have them cut into pieces, separating the thighs, front legs, ribs and large pieces of flesh. Magatakarda, being an old school teacher, will make a long list of names in a notebook and will assign a piece to each name. His brothers and closest friends often got as much as a thigh, and we were sent me to go round

TINUBU: ONE MONTH OF PRAGMATIC SOLUTIONS, EDIFYING ACTIONS

which he extracted commitments from them about using facilities in their institutions to aid Nigeria's economic development.

I have taken time to chronicle some of the giant strides recorded within just a month by the Bola Tinubu administration in order to underscore the significance of these initiatives and point out that these evidently important decisions and actions did not come about by accident or by chance. No, they were properly planned and designed. Though some were part of the promises the President made to Nigerians during the electioneering and enunciated in his manifesto christened "Agenda for a Renewed Hope for Nigerians," I dare say that these actions were born of courage, conviction, clear vision and empathy on the part of Mr. President.

The audacious courage and clear vision behind the solutions the President has offered in just four weeks and other remarkable decisions wherein he demonstrated good leadership remain largely clearly unstated by the media and it's the focus of this piece.

For instance, only a bold and courageous leader with eyes on the country’s progress and economic development would frontally confront and remove the subsidy monster, which had sounded the death-knell of at least one president and defied the seemingly tough posture of another. Tinubu made the removal of the subsidy a campaign promise, telling the people that if elected, he would yank it off and free the money for the development of necessary infrastructure for the people. Many political aspirants in our climes would never toy with subsidy, talk less promise it's removal before the election for fear that it may work against them at the poll. On assumption of office on May 29, the President removed the subsidy albatross on the nation’s economic neck, which gulped a whooping N3.36 trillion in the first half of this year.

The government is now moving speedily to put in place compensatory palliatives to cushion the biting effects of the subsidy removal on the masses. Some people reckon that the President should move a step further by going after the unpatriotic oil merchants and cabals who had turned the subsidy funds into their personal ATM. It is noteworthy that despite the inevitable and undeniable hardships the inescapable

imperative of fuel subsidy removal has exposed the vast majority of Nigerians to, the people have obviously decided to exercise faith in the Tinubu administration and to give it the benefit of the doubt that its policies will ultimately turn out to manifest in the greatest good for the greatest number of the people.

Indeed, appraising the policy options and initiatives of President Tinubu in just one month, @Reuters (Reuters news agency) said in a tweet during the week: "New Nigerian President Bola Tinubu has moved at lightning speed in his first one month in office implementing a raft of radical changes aimed at finally unleashing the full potentials of Africa's sluggish economic giant."

There are, however, other aspects where Mr. President has demonstrated good leadership. One is in the appointment of the new service chiefs. When the appointments were announced, some unashamed ethnic jingoists, uninformed analysts and commentators had gone to town, particularly on social media, saying the South-east was left with no representation, implying this might be because the Igbo largely went with their kinsman, Mr. Peter Obi of Labour Party, during the election. But President Tinubu who knew he had done justice to all would not flinch. The new Chief of Naval Staff, Rear Admiral Emmanuel Ikechukwu Ogalla, hails from Enugu State, though some of his kinsmen now want to deny him his claim to genuine Igbo ancestry in the name of politics, claiming he is from the northernmost part of Igboland.

No less important in this regard is the appointment of the new Chief of Army Staff (COAS), Major-General Christopher Musa, a Christian from Southern Kaduna. News of his elevation reportedly elicited keen excitement and applause especially in Christian circles which, before the presidential election, had been misled into perceiving the APC’s Muslim-Muslim ticket as signaling an imagined ‘Islamization’ agenda should the Tinubu/Shettima ticket emerge victorious. And the appointment of the Acting Inspector General of Police, Mr. Kayode Egbetokun, from the South-West, the Chief of Air Staff, Air Vice -Martial H.B. Abubakar, from the North-West, the Chief of Army Staff, Major-General Taoreed Lagbaja, from the South-West and the Chief of Defense Intelligence, Major-General E.P.A Undiandeye,

from the South-South, the long expressed grievances at the perceived lack of balance in the composition of the country’s top security hierarchy has been laid to rest. The Service Chiefs will thus surely enjoy greater pan-Nigerian trust, confidence and support to succeed in their challenging assignments.

Two, and perhaps more remarkable, is the case of the new Acting Comptroller-General of Immigration, Mrs. Caroline Wuraola Adepoju, because her case is intriguing. She had served meritoriously and waited patiently for her time to be CG to come, having enlisted in the service as Deputy Superintendent of Immigration Service in 1988. One of her immediatepast bosses, Mr. Mohammed Bandede, was to have retired in September 2020 but he was left in office till September 2021. Mr. Isah Jere Idris who took over from Mr. Bandede (though a DCG Non-Operations) was to retire in May 2022, but was given an extension of tenure twice to remain in office until May 29, 2023. When Mrs. Adepoju was eventually given a letter to become acting CG, it was a few days to her retirement and in fact the Monday, May 29, 2023 she was to assume duty was also the day she was due to retire from service. That was the day President Tinubu assumed office.

When the matter was brought to his attention in his office that day, the President placed a call to the Head of Service of the Federation, Mrs. Folashade Yemi-Esan, urging her to investigate the case of Mrs. Adepoju. She was then granted a three-month extension. President Tinubu was apparently moved by empathy and the need to ensure a woman who had served her country excellently got a deserving icing on her career cake. It was also a service to the womenfolk and a motivation to others that all hope is not lost when you serve your country well. Needless to point out that by the President’s commendable gesture, Mrs. Adepoju thus became the first from the South-West to emerge CG in the 60-year history of Nigeria’s Immigration Service. It is significant that all appointees of President Tinubu so far including those of Service Chiefs, Special Advisers and Senior Special Assistants feature men and women with impressive academic credentials and the requisite rich

“jobs for the boys”. Some of these states, mind you, can barely meet the salary obligations of their workers, much less provide assistance to the most vulnerable.

Agencies such as the Nigerian Customs Service (NCS) and its supervisory finance ministry have also come under the spotlight for concentrating mainly on revenue generation while relegating one of its primary functions of trade facilitation as a framework for the simplification, harmonisation, standardisation and modernisation of trade procedures in the interest of reducing transaction costs between government and businesses in international trade. Despite this core responsibility, the NCS and finance ministry have focused more on imposing high duties on raw materials needed by businesses to produce certain goods, while keeping duties on finished, imported variants of the same goods low. How then can Nigerian businesses compete under such distortionary fiscal policies?

Long and short, Tinubu cannot afford to relax or tarry a while. Nor can he afford to embark on what many consider a premature victory lap. After eight years of a rudderless Buhari who set the bar so low, followed by one month of painful but necessary policy adjustments, Tinubu must sustain the momentum by implementing more policies to stop poverty in its tracks and grow the Nigerian economy. As one market analyst succinctly put it a few days ago: “It’s funny how subsidies and hikes are taking place without telling us anything concrete that will be done with the savings and timelines to expect any succour… Textbook economics is different from practical economics. Showering praise on a ruler after one week because the stock market is going up is knee jerk.”

the town and distribute it. The rest of the meat is then fried and shared to family members. Our grandmothers had a way of preserving it for weeks until some absent grandchildren come home.

Every year since I began reading Nigerian newspapers, they invariably have one lead story as Sallah approached: “Prices of rams shoot up; most people cannot afford them.” They have been saying the same thing for decades and yet, every year, most of the rams vanish from the markets into people’s pots. Even when we had two recessions in recent years, some state, local governments and many private firms were not paying salaries, contractors were stranded and alleged treasury looters were on the run, most of the rams still sold out.

That is because millions of Nigerian Muslim men coughed out, saved, borrowed, did virement, begged, blackmailed or even stole in order to get a Sallah ram. Why should this be so when the Islamic injunction is clear, that one should only slaughter a Sallah ram if he or she can afford it? It is because, for a Hausa family head, failing to slaughter a ram on Sallah Day is regarded to be a big shame. The religious purpose of the sacrifice is almost entirely lost to the imperative of saving the family’s face from shame. One also strives to get an oily ram because when we do tareni in the Sokoto region, children will gossip at any household whose ram is not very oily.

Millions of teeth all over the country are busy chewing fried ram meat as we speak. Doctors are already lining up Lipitor and other cholesterol-controlling drugs in readiness for the epidemic to follow.

cognate experience while also fulfilling the President’s pledge to actively involve women and youths in his administration.

There is no doubt that President Tinubu’s mastery of the political terrain including the strategies and tactics of alliance-building and networking played a key role in the ruling party’s ability to ensure that its preferred nominees emerged as the leaders of the National Assembly. With Senator Godswill Akpabio and Senator Jubrin Barau, emerging as President and Deputy-President of the Senate, respectively and Honourable Tajudeen Abbas and Benjamin Kalu, as Speaker and Deputy Speaker of the House of Representatives, the stage has certainly been set for a harmonious working relationship between the Executive and the Legislature in the making and implementing of laws and policies for the benefit of the people.

The order given by the President right from his first day in office for men of the Department of State Services (DSS) to immediately vacate the premises of the EFCC in Ikoyi, Lagos, which the former had invaded and cordoned off, was an early indication that the new administration would not tolerate the kind of inter-agency rivalry and conflicts that had been prevalent in the past. In the same vein, the suspension from office of the former Governor of the CBN, Godwin Emefiele, and the former Executive Chairman of the EFCC, Mr. Abdulrasheed Bawa, pending investigations of serious allegations against them is a clear indication that in the new dispensation, public office holders will be kept on their toes and be held accountable for their actions and inactions at all times.

During the period under consideration, the President, apart from the former Heads of State as well former and incumbent governors mentioned earlier, has also played host to frontline politicians, students union leaders, repentant militant leaders, civil society groups among others who visited him at the Presidential Villa. It has been an exceedingly busy and productive one month in office for President Bola Ahmed Tinubu (GCFR) and Vice-President Kashim Shettima (GCON).

•Former Editor, Thisday on Sunday, Rahman is a Presidential Aide.

38 THISDAY• MONDAY, JULY 3, 2023
BACKPAGE CONTINUATION
MONDAY JULY 3, 2023 • THISDAY 39

MISSILE World Bank to FG

“Likemanydramaticandboldsteps,therewouldbesomeshort-termpainanditisnaturalthat leadersandthecountryarehesitanttoinflictthatpainandnotquitesurehowtodealwithit. Removalofpetrolsubsidyneededtohappen,whatwearesayingis,helpcushionsomeofthe painsforalargepartofthepopulationas60to70percentarethosewhowouldbeconsidered eitherpoor,nearpoororeconomicallyinsecureandvulnerable..."–WorldBankCountryDirector, ShubhamChaudhuri,urgingNigeriatoavoiddisbursingexpected$800mtoghost beneficiaries.

BEHIND THE FIGURES

Tinubu’s Premature Victory Lap

President Bola Ahmed Tinubu is on a roll. He is basking in the glow of praises that have been heaped on him for the removal of petrol subsidies, reinstatement of a managed currency float at the Investors and Exporters (I&E) window of the foreign exchange market, as well as signing the Student Loan Bill and a new Electricity Bill into law. In the heady euphoria, he has even gone as far as prejudicially declaring the suspended Governor of the Central Bank of Nigeria, Godwin Emefiele, who has been in the custody of the Department of State Service for almost a month without being charged with any offence, guilty. Without doubt, the reform initiatives carried out by Tinubu are creditable. International finance institutions and the investor community have all given him the thumbs up for taking tough policy choices that his predecessors in office lacked the political will to implement. Indeed, the return of investor confidence has been evident on the Nigerian bourse where the equities rally in recent weeks has lifted the NGX All-Share Index to over 60,000 points, the

who repeatedly violated sections of the CBN Act and pursued unconventional monetary policies that caused more harm than good, insofar as his rights are respected and he is allowed to defend himself as guaranteed under the law.

But as Tinubu and his minders engage in backslapping over the president’s accomplishments in one month, they must be mindful of the significant impact the needful policy adjustments have had on the livelihoods of vulnerable Nigerians. Tinubu has asked Nigerians to endure the current hardship, saying he is not in a hurry to fix the country’s problems. But does he really have the luxury of time that he seeks?

Tinubu and his closest rivals in the 2023 presidential election had all committed to, irrespective of whether it was removed on May 29 or July 1? He even had the benefit of a three-month transition period between the time he was nocturnally declared winner of the presidential poll by the Independent National Electoral Commission and day he took the oath of office as Nigeria’s new president.

Tinubu probably thought that the end of petrol subsidies would immediately give him the fiscal headroom to embark on social investment programmes to lessen the policy impact. He also probably thought that investors would come flocking in with dollar-laden briefcases once a currency float was reinstated in the FX market. But much to his disappointment, the results he had immediately hoped for would take some time to crystalise. Now, he is asking for patience and more time.

Already, the World Bank has warned that four million Nigerians were pushed into poverty in the Tinubu highest since 2008. What’s more, not many Nigerians are losing sleep over the suspension of Emefiele,

MAHMUDJEGA

VIEW FROM THE GALLERY

When Tinubu boldly sneaked in the “subsidy is gone” phrase in his inaugural speech, did he not know that he had to move with concurrent briskness to announce palliatives for vulnerable citizens that would be most affected by foreclosing on the subsidy regime? Shouldn’t the president and his team have worked on this before his inauguration? Was the removal of petrol subsidy not a hot button issue that

Rest In Peace, A Million Rams

Ihappened to drive past the imposing headquarters building of the National Bureau of Statistics in Abuja’s Central Business District last week, so I pulled up in front of it and shouted for the hearing of anyone inside the building, “Have you got the figures for the number of rams slaughtered for Sallah last Wednesday? When will you publish it?”

It is not only figures for poverty, unemployment, inflation, naira depreciation, negative GDP growth rate, galloping population growth, out-of-school children and other distressing things that NBS should be publishing. It should tell us how many rams were slaughtered

during this year’s Sallah, compared to how many were slaughtered last year and every year in the last 30 years, for us to see whether there is a positive or negative growth rate. Whether NBS statisticians use regression, integral calculus or randomized block design, it is up to them. We want to know the number of rams left, and whether we will have enough rams in the years to come to sustain this 1400 years old religious tradition.

Okay, did anyone stop and say a prayer for the repose of the souls of millions of rams that were slaughtered last week? Five human souls perished in the Titan submersible on their way to ogle at a 110-year-old

accident scene, and CNN talked about nothing else for a whole week. Sheep lost millions of comrades last week and NTA made only a brief mention of it, emphasizing the message of the Imam as he brought out a sharp knife and slaughtered his ram. Is it because sheep have no tv stations or websites of their own?

Beyond the lives of sheep, lets now turn to the lives of the millions of Nigerian men, women and children who ate the ram meat. Eid el-Adha, better known in Hausaland as Babbar Sallah, is a very important religious occasion with deep symbolism in Islamic history. It is however the kind of occasion that gives many medical

TUNDE RAHMAN

GUEST COLUMNIST

doctors a fit. In their mind’s eye, doctors can already see cholesterol levels spiking up as millions of Nigerians feasted on very oily rams.

Who told Nigerian Muslims that “oil” is what to look for in a sacrificial ram? On Tuesday last week, I went to the Galadimawa emergency ram market in Abuja to buy one ram and add to the three rams that I got as gifts from very generous masters. It was one of hundreds of emergency ram markets that sprang up in many Nigerian cities, towns and villages. Rams

Tinubu: One Month of Pragmatic Solutions, Edifying Actions

It's now one month that Asíwájú Bola Tinubu has mounted the saddle as the President of the Federal Republic of Nigeria. One month in office may be considered too short a period of time for any objective assessment of the impact of the decisions and policy options of a government on the nation and the people, but the period can at least give an idea of where the government is headed, as they say that the morning is a pointer to what the day may look like.

The one-month of the Bola Tinubu administration in office has been marked by pragmatic solutions and ideas, decisive decisions and breath-taking actions at a fast pace such that some have nicknamed the President "Baba Go-fast".

The media has been awash with reports of all the remarkable decisions taken by the government, notably the removal of the humongous fuel subsidy through which some greedy oil merchants were cashing out at the expense of the poor the subsidy was meant to help, the unification of the multiple exchange rates where arbitrage walked on all fours and the signing into laws of landmark bills like the new electricity and Student Loans legislation.

With the new electricity law, states, companies and individuals can now generate, transmit and distribute electricity, meaning this important power has been devolved down the ladder. Under the Student Loans law, indigent students will no longer drop out of universities

on account of inability to pay school fees. They will now be offered loans to pay their fees and repay the government later.

During the period also, the President granted audience to important dignitaries like former military Head of State, General Abdulsalam Abubakar, state governors (he even inaugurated the National Economic Council headed by Vice President Kashim Shettima), humanists and philanthropists like Mr. Bill Gates and Alhaji Aliko Dangote who came to discuss issues around polio and malaria eradication, among others.

On the global stage, President Tinubu has also represented the country remarkably well. In his first official trip outside the country after assuming office,

he attended the New Global Financing Pact Summit in Paris, France, where he announced to the whole world that Nigeria is back and ready for business. His administration will ease the structures and processes of doing business and ensure investors can repatriate their profits home anytime they want to. The President sounded a note of warning to unscrupulous civil servants and business people and other wayward Nigerians that it would no longer be business as usual in Nigeria.

On the sidelines of the summit, he met with Afreximbank President B. O. Oramah and AfDB President Akinwunmi Adesina among others during

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IJEOMA NWOGWUGWU
ijeoma.nwogwugwu@thisdaylive.com

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