Oyedele: New regulations to exempt SMEs from withholding
Supply of Jet-A1, CNG, PMS, AGO, others to attract zero deductions
Ndubuisi Francis in Abuja
The Minister of
and Coor-
Deji Elumoye, James Emejo in Abuja and Dike Onwuamaeze in Lagos Vice President Kashim Shettima, yesterday, said the federal government had joined forces with Manufacturers Association of Nigeria (MAN) to develop an actionable roadmap and policy framework that would refocus the country's manufacturing sector.
Shettima assured that if developed, the roadmap would be speedily implemented to effect necessary changes for the revitalisation of the manufacturing sector.
He made the disclosures while declaring open a three-day National Manufacturing Policy Summit at the Banquet Hall of State House, Abuja.
But President of Dangote Group, Aliko Dangote, also speaking at the event, criticised the recent increment of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).
However, the Lagos Chamber of Commerce and Industry (LCCI) at a different forum, commended CBN for discontinuing the Price Verification
Dr. Peter
and
L-R: Swedish Ambassador to Nigeria, Amb. Annika Hahn-Englund; Director, Economic, Trade and Investment Department, Ministry of Foreign Affairs,
European Commission, Ms. Myriam Ferran; Minister of Budget and National Planning, Abubakar Atiku Bagudu and EU ambassador to Nigeria and ECOWAS,
Emmanuel Addeh in Abuja
The Minister of Power, Chief Adebayo Adelabu, yesterday said that full commercialisation of the electricity supply industry will ensure the growth of the sector, stressing that Nigerians spend up to N20 trillion annually on fuel and the servicing of generators.
Adelabu, who spoke at the ongoing Nigerian Oil and Gas (NOG) Energy Week in Abuja, said that this huge amount is opposed to the about N1 trillion spent on grid electricity annually.
The power sector, he said, will require over five times the revenue that it currently utilises in the domestic gas market to achieve 70 per cent gas-powered electricity generation.
He argued that no matter how expensive grid power looks, it is still cheaper than self-generation, using petrol or diesel generators, according to a study recently carried out.
The minister stated that presidential approval has been granted to resolve the legacy debts to generation companies and gas supply companies, explaining that that settling this 100 per cent will go a long way to incentivise generation and gas companies to continue to render their services.
He stated that while Nigerians spend N1 trillion of their revenue on grid power, however, their overall spending on generators, on diesel, on petrol, was close to N20 trillion annually.
He added: “Even if it's just a quarter of that is put in the official grid, we are talking about incremental revenue of N5 trillion, that would maybe make it N6 trillion”
He stated that the federal government was working to restore confidence in the grid rather than in self-generation, insisting that grid
power remains the cheapest source of electricity.
He stated that while Band ‘A’ customers pay about N206 per kilowatt hour, using gas will take it to N290 per kilowatt hour, while those using petrol generator will pay N450 and the use of diesel could cost up to N950 per kilowatt hour.
"So, it (grid) is still the cheapest, the most efficient, and the least cost for our productive activities. I believe that everybody should come together to ensure that we have a national grid that is attractive to electricity users.
“Our country boasts abundant resources, particularly solar, wind, and hydro energy, providing a remarkable opportunity for sustainable growth,”
he said.
He pointed out that the renewable energy market has grown tremendously in the last decade with over $1 billion leveraged by multinational developments such as World Bank and others.
He explained that Nigeria was discussing the advantage of some investors to bring in some utility-scale level of solar energy sources which is about 3,000mw, as demonstrated by the recently completed $550 million Nigeria electrification project.
“In line with the Nigeria Energy Transition Plan vision 30:30, which seeks to achieve 30GW by the year 2030, our energy mix is projected to be 70 per cent (or 21GW) thermal
source (most likely gas considering the country's gas potential) and 30 per cent (or 9GW) renewable source.
“The power sector would require over five times what the industry currently utilises from the domestic gas market to achieve our 70 per cent thermal energy target with gas-powered generation. Additional investments would be needed to increase the country's gas production to achieve this level of gas supply to the power sector without compromising the export obligations.
“To this end, I call on the investors here today to strongly consider the investment in the further development of gas production in the country, especially our abundant unexploited
Non-Associated Gas reserves.
“To briefly spotlight the federal government’s recognition of the need for adequate liquidity in the Nigerian power sector to catalyse the much-needed investments across the value chain, the government recently introduced a cost-reflective tariff for the sector's most served grid-tied customer segment.
“ In addition, presidential approval was granted to resolve the power sector obligations to defray legacy debts to generation and gas companies. These actions speak to the government's commitment to allowing efficient gas supply for the Nigerian power sector and ensuring there's a clear line of sight for inves-
tors to recoup their investments in the country,” Adelabu explained. To achieve Nigeria's 30 per cent renewable energy target, he urged investors to consider the significant benefits of investing in renewable energy projects in the country. By channelling investments into the renewable sources, he stated that the country can effectively meet its carbon emission targets while playing a crucial role in combating climate change.
“As demonstrated by our recently completed $550 million Nigeria Electrification Project, investing in renewable energy helps reduce carbon emissions, enhance energy security, and support economic development.
Sunday Aborisade in Abuja
The Senate yesterday passed for second reading, a bill to strengthen the regulatory duties of the National Identity Management Commission (NIMC) and to further enhance Nigeria’s identity system.
The bill, which was sponsored by the Deputy President of the Senate, Barau Jibrin, seeks to broaden the eligibility criteria for registration to ensure inclusivity and universal coverage.
Barau said the proposed legislation would allow all persons resident in Nigeria to obtain a National Identification Number (NIN) and utilise it as a recognised form of identification.
It was titled: “A Bill for an Act to Repeal the National Identity
Management Commission (NIMC) Act 2007, and to Provide for the Establishment of a National Identity Database and the National Identity Management Commission Charged with the Responsibilities for Maintenance of the National Database, the Registration of Individuals, and the Issuance of Identity Credentials; and for Related Matters, 2024.”
Barau said the bill would streamline the sharing of personal data by incorporating robust data protection measures, to not only safeguard the privacy and confidentiality of individuals’ data but also to foster trust among citizens in the landing of their information.
He also said it would enhance the administrative enforcement powers of NIMC by ensuring timely and accurate compliance with ID
registration requirements.
“This will lead to a more streamlined registration process, thereby reducing bureaucratic hurdles and enhancing the reliability of the Nigeria ID System”, he added.
The bill aimed to remove criminalisation for non-use of NIN by replacing criminal penalties with administrative enforcement measures to encourage compliance with NIN usage requirements without imposing undue legal consequences on individuals.
He added that it also seeks to strengthen the agency’s capacity to carry out effective oversight and regulation of the Nigeria ID System.
He said it would ensures adherence to established standards and guidelines, fostering public trust in the integrity and reliability of the
system. When passed into law, Barau added that it would harmonise all the existing identity systems across Ministries, Departments and Agencies (MDAs) in order to promote interoperability and coherence across
different sectors. Generally, he said the bill will achieve several objectives including fostering inclusion, universal coverage, accessibility and unlock significant financial and security benefits for the nation, according to its provisions.
Michael Olugbode in Abuja
The United Nations have restated its commitment to fostering an inclusive, accessible, and equitable society where every individual can realise their full potential, regardless of any physical or intellectual barriers.
of efforts by the federal government to consolidate activities aimed at energizing the growth opportunities within the real estate sector. The new appointees include Mr. Demola Adebise, Board Chairman; Mr. Abdul Muttalab, Chief Executive Officer/Managing Director; Mr. Abdullahi Musa, Executive Director (Finance); Mr. Emeka Henry Inegbu, Executive Director (Operations) and Representative of the Ministry of Finance Incorporated - (NonExecutive Director). Others are five other NonExecutive Directors namely Representative of the Nigeria Sovereign Investment Authority (NSIA), Mr. Sam Okagbue, Mr. Musa Ahmed, Dr. Eniang Nkang and Ms. Bilkisu Usman.
The President expects that the new members of the board of the important agency will deploy their expertise, experience, and commitment to steer the Family Homes Funds towards achieving its mandate of driving growth and development in the real estate sector.
This was disclosed at a UN National Multi-Stakeholder CapacityBuilding workshop on Cross-Cutting Approaches and Preconditions for Disability-Inclusive Development in Nigeria, held in Abuja, According to UN report, about 1.3 billion people across the world experience significant disabilities, representing 16% of the world’s population.
In his remarks, the UN Resident Coordinator in Nigeria, Mohammed Fall, said that there are gaps in national data on disability, according
to the Nigeria Demographic and Health Survey (2018), 7% of household members aged 5 and above have some level of difficulty in at least one functional domain. He said to this effect the UN will continue to make sure all rights of the disability community are met. He noted that the UN as an organisation, recognises the rights and dignity of persons with disabilities, which are enshrined in the Convention on the Rights of Persons with Disabilities, stressing that the UN is committed to the full and complete realisation of human rights for these 30 million Nigerians with disabilities, who are mostly women, children, and youth. He added that as the SecretaryGeneral, António Guterres, often says: “Inclusion is the cornerstone of a sustainable future. Without it, we are merely building on sand.”
L-R: Senator Saliu Mustapha; Senate Leader, Opeyemi Bamidele; President of the Senate, Godswill Akpabio; former Senate President, Bukola Saraki; Deputy Senate President,
Barau and Senator Natasha Apoti Uduaghan, during a condolence visit to Saraki, over the death of his mother, in his Abuja residence... yesterday
Dutch bank, FCMB sign $25 million deal to boost entrepreneurship FG pays off outstanding debt of $850m owed European airlines and Economic Planning Senator Atiku Bagudu, where issues on the way forward were discussed.
Nigeria's trade exchange with the United Kingdom has grown to about €35 billion as at last year, accounting for about one-third of Nigeria’s foreign trade.
Also, the country 's trade balance with UK stood at over €10 billion in favour of Nigeria.
In the same vein, the European Union has commended Nigeria for offsetting the $850 million backlog of
debt owed foreign airlines.
The positive foreign trade outlook came just as the Dutch Entrepreneurial Development Bank (FMO) and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement.
The guarantee will enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting a client group typically deemed too risky by banks.
Also, as part of the build up to the economic engagement, the European
Union and Eurocham Nigeria (the European Business Chamber) signed today a €300,000 grant agreement to support further development of the Chamber.
Speaking at the 9th edition of the Nigeria – EU Business Forum in Abuja on Tuesday. the EU European Union Ambassador to Nigeria and the ECOWAS, Samuela Isopi, said that "European Union is by far Nigeria’s largest trading partner with a total trade of almost €35bn last year, accounting for about one-third of Nigeria’s foreign trade, and a bal-
ance – at over 10 billion euros – in favour of Nigeria"
She said that, "The European Union is also Nigeria’s biggest foreign investor with a stock estimated at €26bn, representing one third of Nigeria’s FDI stock".
While giving further insights into efforts made to boost trade relations with Nigeria, Isopi said that at the end of last year, both countries had a successful Strategic Dialogue in Abuja, co-chaired by the EU Commissioner for International Partnership Jutta Urpilainen, and thr Minister of Budget
dike Onwuamaeze
Intra-African trade represented 14.9 per cent of total African trade in 2023, which was an improvement over 13.6 per cent recorded in the previous year.
This was stated in the African Export and Import Bank’s (Afreximbank) African Trade Report 2024 with the theme “Climate Implications of the AfCFTA Implementation.”
It said: “Intra-African trade grew by 3.2 percent in 2023, slowing significantly from 10.9 per cent growth in 2022.
“Still, despite slow global growth and macroeconomic challenges experienced by several countries, intra-African trade displayed remarkable resilience in 2023, accounting for about 14.9 percent of total African trade, an improvement over 13.6 percent the previous year.
“This resilience followed concerted efforts on the continent, including the ongoing implementation of the AfCFTA, aimed at bolstering intra-African trade.”
The report, however, added that “with intra-African trade of 14.9 per cent, it, however, remains relatively low compared with other regions of the world.”
The report also projected that growth in Africa is expected to increase marginally to 3.5 per cent in 2024, from 3.2 per cent it recorded in 2023.
Other major highlights of the report, which was released on Monday, July 1, showed that foreign exchange held on the continent expanded by 2.6 per cent year-on-year to $411.9 billion in 2023 while merchandise trade contracted by 6.3 per cent to $1.3 trillion in 2023.
The report also projected that Africa’s export would grow at the rate of 5.3 per cent in 2024 while
import would rebound at 4.4 per cent in 2024.
According to report, “this growth performance reflects several factors, including weather shocks, the general global economic slowdown, domestic supply bottlenecks, high costs of living that constrained consumption expenditure growth, debt accumulation and repayment burdens, high interest rates and cost of finance that contributed to narrowing the fiscal space, and heightening political instability and domestic and intra-regional conflicts in some parts of the region.
“The performance of the region also reflected output deceleration in the region’s three largest economies, including Egypt, Nigeria, and South Africa.
“Nevertheless, despite slower growth in the region in line with declining global growth trends, output on the African continent expanded above the world average reflecting the continent’s continuous resilience.”
The report also said that the effects of the Ukraine crisis and by the GazaIsrael conflict dampened Africa’s trade prospects as “merchandise trade on the continent, after an impressive growth of 15.9 per cent to reach $1.4 trillion in 2022 from $1.2 trillion in 2021, was significantly affected, contracting by 6.3 per cent to $1.3 trillion in 2023.”
Furthermore, the report stated that despite the challenging global environment, high commodity prices, particularly of crude oil, positively impacted export receipts and balance[1]of-payments, which reversed the downward trajectory of Africa’s reserves position.
“Accordingly, foreign exchange holdings on the continent recovered to expand at an estimated 2.6 per cent year-on-year to $411.9 billion in
2023, compared to a contraction of 2.3 per cent year-on-year to $401.3 billion in 2022.
The report also showed large untapped potential in intra-African trade in terms of products and across sub-regions.
Products exhibiting the greatest potential for trade among African nations, according to the report, included machinery, electricity, motor vehicles and parts, food products, minerals, beauty products, chemicals, plastic and rubber, ferrous metals, pearls and precious stones, and fertilizers.
Moreover, Southern Africa emerged as the sub-region with the most substantial export potential, followed by Eastern Africa, Western Africa, Northern African, and Central Africa.
Governor Babajide Sanwo-Olu of Lagos State, Tuesday, scaled up the Government’s housing stock with the inauguration of two newly completed housing schemes to meet the demand for decent homes in the state.
Joined by his Deputy, Dr. Obafemi Hamzat, and other members of the state cabinet, the governor commissioned a 10-storey high rise Lagos Apartment and multi-floor Greater Lagos LBIC/WGC Apartments in Amuwo Odofin area of the state.
Both projects, built separately from each other, were developed and completed by Lagos State Building Investment Company (LBIC).
The 10-floor Rising Lagos Apartment built in Mile 2 is a three-block residential development with integrated multi-level parking lots. It consists of 50 units of three-bedroom
“At the country level, South Africa, with a well-diversified economy, accounted for 20.4 per cent of total intra-African trade in 2023.
“This is reflected in the consolidated performance of Southern Africa as the highest regional contributor to intra[1]African trade, representing 41.1 per cent of total intra-African trade,” it said.
According to the report, amidst sluggish economic activity in developed economies the continent’s growth prospects could be dampened in the short term, though geographical diversification of its trading partners and growing South-South trade could mitigate these risks.
“Estimates suggest Africa’s exports will grow faster than those of any other region, at a rate of 5.3 per cent in 2024, up from 3.1 per cent in 2023.
flats and 10 units of two-bedroom flats, nestled in the serene AmuwoOdofin neighbourhood.
The Greater Lagos LBIC/WGC Apartments, on the other hand, are a group of composite buildings sited on 18,682 square metres mini-estate in Mile 2. The Joint Venture development has 144 units of apartments, comprising 32-unit studios, 60 one-bedroom and 52 two-bedroom flats.
Sanwo-Olu said provision of decent accommodation remained the cornerstone of his administration’s efforts to building strong families, foster community development and improve the overall well-being of Lagosians.
The governor said the two housing schemes were projects inspired by his government’s deliberate desire to address the housing deficit in
She said: " Together, we are looking at deepening economic ties and promoting additional investments by exploring the potential of a Sustainable Investment Facilitation Agreement.
"More could be done to boost our trade relations. On our side we stand ready to engage, should Nigeria – as the only holdout in West Africa – reconsider its position on the Economic Partnership Agreement with the European Union, an instrument in support of economic diversification and local added-value, in line with Nigeria’s industrial ambitions.
"The EPA would also open up, fully and immediately, access to the EU market, a market of over 400 million consumers".
According to the EU ambassador, the Business Forum will focus on fostering concrete investments in Nigeria, in line with the Renewed Hope Agenda and the EU-Nigeria partnership.
She listed some of the key issues that featured at the Business forum as economic openness and investment; agriculture – as a way of economic diversification and increased food security; a key topic under the current circumstances.
In addition, the forum discussed ways of leap-froging digitalisation to a globally integrated and competitive economy and, last but not least, the health sector, with focus on both investment into human development and resilient supply chains.
Isopi also spoke on signing of agreement between the European Union and Eurocham Nigeria (the
urban areas, while making home ownership a reality for the residents.
He said: “This event is another momentous occasion in which the government is delivering valuable dividends of democracy to our people.
“Today, we are unveiling two groundbreaking housing projects that are critical steps in the pursuit of the speedy actualisation of our vision of transforming Lagos to a 21st Century Economy in line with our T. H. E. M.E. S + agenda and will contribute
“These schemes have been meticulously designed to provide modern, spacious, and comfortable living spaces that cater to the diverse needs of our residents.
“The Rising Lagos Apartments stand as a testament to our commitment to elevating the standard of
European Business Chamber) for a €300,000 grant to support further development of the Chamber. She said in collaboration with our member states and with EUROCHAM Nigeria, the European Chamber of Commerce, EU carried out the first-ever mapping of EU companies present in Nigeria.
She said the findings were quite extraordinary as over 230 companies, from 18 EU member states were found to be present in Nigeria with France, Germany and the Netherlands making up 60 percent of the companies captured by the survey.
The EU Envoy said that in the past, much of the investment used to go into the oil and gas sector; but that currently, the largest sector for EU companies operating in Nigeria is manufacturing (which accounts for almost 20 person of total EU investments in Nigeria), followed by professional services, logistics and constructions.
She explained that extractive industries (oil and gas) represent today less than 10 percent.
"The survey gives a clear indication of how EU-Nigeria economic partnership contributes to Nigeria’s economic growth and diversification (EU companies had a turnover of 4 billion euros in the last fiscal year)", she said
The Ambassador stated that though EU was aware of the challenges and of difficult situation Nigeria is facing, with the effects of high inflation and Naira depreciation, there are also positive signs to it.
She said that one of the key conditions for any foreign investor is the ability to repatriate profits.
living for our people and ensuring that they have access to high-quality housing.
“By offering a mix of housing options, we are not only addressing the housing deficit but also promoting social cohesion and economic integration.
“These projects are more than just buildings; they are symbols of hope and progress. They represent our unwavering resolve to tackle the housing challenges head-on and to provide our citizens with the dignity and security that come with home ownership.”
Sanwo-Olu said the schemes demonstrated his administration’s dedication to creating inclusive residential communities where people from different backgrounds could coexist, thrive and contribute to the growth of the state.
The House of Representatives has called on the Federal Ministry of Works to immediately revoke the contract for the construction of flooded East-West Road to Rock Result Nigeria Limited and other contracts and re-award the same to a company with expertise and capacity. The resolution of the House followed the adoption of a motion moved at the plenary on Tuesday by Hon. Oboku Oforjil.
Moving the motion, the lawmaker said the East-West Road is one of the important roads in the country which has significantly contributed to the country's economic and social development.
Nume Ekeghe and Kayode Tokede
Access Holdings Plc yesterday conducted a formal signing ceremony as part of its arrangements to raise a total of N351,009,103,017.25 through a Rights Issue to existing shareholders.
The strategic move aimed to enhance the group's working capital requirements, facilitating organic growth for its banking and non-banking subsidiaries.
Access Bank in a statement noted that the signing ceremony was held at Access Tower, the corporate office of Access Holdings in Lagos. During the company’s 2nd Annual General Meeting (AGM) on April 19, 2024, shareholders unanimously supported the plan to execute a Capital Raising Programme of approximately $1.5 billion, including raising capital through a Rights Issue of ordinary shares.
Under this Rights Issue, Access Holdings will issue 17,772,612,811 ordinary shares of N0.50 each at N19.75 per share on the basis of 1 new ordinary share for every 2 existing ordinary shares held as of Friday, June 7, 2024.
At the ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings Plc, Bolaji Agbede, stated: “The rights issue is a significant step in delivering our 2023-2027 strategic plan. The
Governor Babajide Sanwo-Olu of Lagos State, Tuesday, said his administration will sustain deep mutually beneficial transformative relationships with financial institutions, particularly the First Bank of Nigeria, to meet the needs and yearnings of the citizens of Lagos.
He said the relationship Lagos State is creating with banks is to enhance and improve the quality of life for Lagos residents, as well as improve the socio-economic situation in the country.
Governor Sanwo-Olu spoke during a courtesy visit by the Executive Management of First Bank of Nigeria Limited, led by
additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”
Chapel Hill Denham is the Lead Issuing House to the offer, while Atlas Registrars Limited will serve as Registrars through the exercise.
The Joint Issuing Houses are Coronation Merchant Bank, Stanbic IBTC Capital, Vetiva Advisory Services, Greenwich Merchant Bank, FCSL, First Ally Capital, FCMB Capital, Renaissance Capital Africa and Meristem Capital.
Other parties to the Offer are Coronation Merchant Bank, Coronation Securities, Chapel Hill Denham Securities Limited, FSDH Capital, Cordros Capital, Cowry Securities, First Integrated Capital Management Ltd, Network Capital Ltd, CSL Stockbrokers Limited, Compass Investment & Securities Ltd, PAC Securities Limited, Dynamic Portfolio, Chartwell Securities Limited, Tiddo Securities Limited, and Futureview Securities Limited.
Subject to approval of the Securities and Exchange Commission (SEC), the Acceptance and Application Lists for the Rights Issue are expected to open on Monday, July 8, 2024, and close on Thursday, August 8, 2024.
The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation
Form, will be mailed directly to shareholders of the Group. Printed copies of the Participation Form can also be obtained at any Access Bank branch and the offices of the Issuing Houses during the Offer Application Period.
The bank further stated: "All
existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult their Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing."
Oforji added that the East West Road connects major regions facilitating trade, commerce, and cultural exchange, thus improved access to markets, industries, and social services.
He recalled that the Ministry of Works awarded the contract for the construction of the box culverts for the repairs of the flooded section of the East-West Road (Kaiama-Ahoada Section) to Rock Result Nigeria Limited.
He, however, lamented that the company has failed to execute the contract, causing traffic disruptions and loss of lives.
Oforjil further recalled that on 11 April, 2024, the Minister of Works, Senator Dave Umahi, on an inspection tour at East-West Road praised Rock Result Nigeria Limited, adding that till date nothing has been achieved.
He expressed worry that the EastWest Road has been in a dilapidated state for years, particularly at Iheke in Ahoada East Local Government Area of Rivers State, Aven in Patani and Umeh in Isoko South Local Government Areas of Delta State, connecting Bayelsa State to Rivers and Delta States and other parts of the country.
Oforjil expressed concern that the federal government was prioritising the coastal road over the crucial East West Road, which is vital for the country's economic survival.
The House urged, “the Federal Ministry of Works to immediately revoke the contract for the construction of flooded East-West Road to Rock Result Nigeria Limited and other contracts and re-award the same to a company with expertise and capacity.”
The Head of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States, Samuela Isopi has said renewable energy is the way to go in the future, stating that the EU is currently playing very active role in Nigeria’s energy sector, particularly in renewable energy.
Isopi, who spoke during a cocktail on the occasion of the 9th Nigeria-EU Business Forum in Abuja, noted the EU is among the main partners and donors in the energy sector supporting renewable energy and also supporting critical projects supporting mini grids at
the state level in different states and big renewable energy companies as well.
She said: “Europe is a leader in this sector, Nigeria has a huge potential. Nigeria has oil and gas, but Nigeria also has a lot of sand and wind. And that, for us, is the future. And we know that Nigeria very much shares this same vision.”
On the volume of trade between the EU countries and Nigeria, Isopi disclosed that in 2023, it was 35 billion euros and in 2022, there was a record of 45 billion euros.
Stating that oil and gas still represented the larger part of the trade, Isopi noted that the balance was in favour of Nigeria, but added
that it has to be diversified.
She said: “Of course, oil and gas still represent most of the trade, but it has to be diversified.”
Isopi also revealed that the European Union has put forward, some proposals on how to boost trade relations between the European Union countries and Nigeria.
She however recalled that the EU recently mapped out for the first time, the presence of European Union companies in Nigeria and were surprised that from only those that replied to their survey, they had 250 companies in Nigeria.
She noted that the companies were not just focusing on oil and gas but that out of the numbers; 20 percent
its new Managing Director/Chief Executive Officer, Mr. Olusegun Alebiosu, at Lagos House Marina. Sanwo-Olu who congratulated Alebiosu on his new appointment as Managing Director/Chief Executive Officer, charged him to create value for shareholders and other stakeholders of the bank.
He said: "Part of the consequences of our position in Lagos State is that we are home to many people. And since we are the commercial, economic, and financial nerve centre of our country, there will always be a need for the Lagos State Government to be pulled here and there by different stakeholders.
"We have a special space for First Bank because we have identified relationships that have been mutually beneficial. We have had banking relationships over the years, and both the state government and your institution have seen value created. We have seen extreme economic movement.
"We are building deep, mutually beneficial, transformative relationships. We will continue to nurture the relationship. We will continue to give it its rightful place, and we will continue to ensure that, as fair as we can be, First Bank truly receives a decent amount of our business.
"We have enjoyed a very cordial
and forward-looking relationship with First Bank, and we believe that during your tenure, the relationship will be further enhanced and improved upon."
Speaking earlier, Alebiosu said First Bank of Nigeria Limited is ready to partner with the Lagos State Government on infrastructural development.
He said: "Power infrastructure is important, and we know what happens in Lagos is what everybody in Nigeria copies. So, we look forward to the framework that the Lagos State Government will set up.
"We are sure that there are so many people in Lagos who want
to provide power. Even if Lagos is not setting up any one on its own, we are sure that there are many private investors that will set up massive power projects that will fit into Lagos, and the cost of production will drop.
"We believe with that, there would be more employment, tax revenue, and many other things. We believe that not only Lagos State but the entire Nigeria will benefit from those projects.
"There are many special projects the Lagos State Government is doing, and First Bank will continue to support the Lagos State Government to develop the projects."
was investing in manufacturing. Also speaking at the event, the Deputy Director-General for International Partnerships, Myriam Ferran, said the EU have had very positive feedback from previous editions of the Nigeria-EU Business Forum, saying that basically, the EU focuses each year on specific themes to improve the business relationship between the EU, companies and Nigerian companies in specific sectors.
She revealed that: “This year, we will work on climate-resilient agriculture. We will discuss a lot about pharmaceuticals and vaccine manufacturing for instance, and we are going to talk about digitalisation. So, we can expand and we address as many companies as we can, but our objective is to reach out to even more.”
On his part, the Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the event is happening when the federal government believed that there is an evolving relationship between Nigeria and the EU.
He said: “We have just signed the Samoa Agreement, so I felt it is a very good moment before the commencement of the Nigeria-EU business forum.
“We have sensitised the Nigerian public sector, Nigerian private sector about the EU partnerships, global gateway and the relationship with EU member nations and it is very, very important to us.”
The International Air Transport Association (IATA) has confirmed that African airlines have turned the corner to become profitable after many of them recorded losses over the years.
Recently, the global body announced that Africa’s airlines are expected to earn a collective net profit in 2024 for the second year in a row, which it described as a welcome and hard-won result reflecting the sector’s resilience in its post-COVID-19 recovery.
IATA disclosed that the expected $100 million profit, however, translates into just 90 cents per passenger - well below the global average of $6.14.
The association, therefore, called on Africa’s governments to take advantage of a strengthening aviation sector to maximize its benefits for economic and social development
System (PVS) portal, effective from July 1. Director General of LCCI, Dr. Chinyere Almona, said the decision was a commendable step in response to the persistent efforts of LCCI and other stakeholders in the organised private sector keen on ensuring a more conducive business environment in Nigeria.
across the African Continent.
According to IATA’s Regional Vice President for Africa and the Middle East, Kamil Alawadhi, “Africa’s airlines are making a collective profit. That is good news. But it is razor-thin and well below the global benchmark. And there are wide variations across the continent where many individual airlines still struggle with losses.
“The demand to travel is there.
To meet it, the African airline sector needs to overcome many challenges, not least of which are infrastructure deficiencies, high costs, onerous taxation, and the failure to broadly implement a continent-wide multilateral traffic rights regime”
“The challenges facing African aviation are significant, but they are not insurmountable. IATA’s Focus Africa initiative is by no means a panacea, but it does lay out a framework to build a stronger
aviation sector that will provide even better support to economic growth and social development.
“The prize for working together across the continent for safe, efficient, and sustainable air connectivity is well worth focused policy efforts across the continent.”
Financial outlook in 2024 indicates African airlines are projected to achieve a net post-tax profit of $100 million, the second year of profits following the COVID crisis and profit per passenger is expected to reach USD 0.9, nearly doubling the 2023 figure of $0.5, reflecting improved operational efficiency and increased demand, but well behind the global average of $6.14.
The region’s profit margins are anticipated to be 0.6% of revenue, up from 0.4% in 2023. This remains significantly lower than the global net profit margin of 3.1% and revenue passenger kilometers (RPK) growth
is forecasted at 8.5%, indicating continued strong passenger demand across the region.
This does, however, lag behind the expected growth in capacity of 9.1%.
IATA said the region’s load factor is expected to reach 61.9%, slightly ahead of the 59.8% breakeven load factor for African Airlines.
According to IATA, Focus Africa aims to address key challenges and opportunities within the continent's aviation sector.
“The initiative emphasizes six priority areas: Safety, Infrastructure, Connectivity, Finance and Distribution, Sustainability, and Future Skills,” IATA said.
On safety, the global association said Africa had no jet hull losses in 2023, for the second year in a row. Moreover, the continent recorded no fatalities in commercial aviation accidents in 2023, as presented within the IATA Annual Safety Report; so,
the all-accident rate for Africa was 6.38 per million sectors which is an improvement on the five-year average of 7.11.
Further according to the global platform, “IATA Operational Safety audit (IOSA) registered carriers continue to outperform non-IOSA registered carriers both on the continent and globally. There are currently 31 operators in Africa on the IOSA registry.
“The priority for Africa continues to be the implementation of safetycritical ICAO Standards and Recommended Practices (SARPS) for safety.
Under the Focus Africa initiative IATA introduced the Collaborative Aviation Safety Improvement Program (CASIP) to help deliver this.
“The Global Aviation Safety Plan (GASP) and the AFI (Africa and Indian) Regional Aviation Safety Plan are targeting SARPS implementation at 75% for Africa. Currently, only
12 out of Africa's 54 states meet this standard.”
On connectivity, IATA said the Single African Air Transport Market (SAATM) seeks to liberalize civil aviation across the continent by removing restrictions on traffic rights for African airlines.
Shettima regretted that the manufacturing sector, despite its crucial role in building a country driven by production and abundance, had endured a series of setbacks over the past decades.
Edun explained that the new regulations, which became effective July 1, 2024, superseded any other regulations in respect of deductions at source or withholding tax.
Captioned "Deduction of Tax at Source (Withholding) Regulations 2024," the minister said he was issuing the fresh regulations in exercise of the powers conferred on him by Section 81(9) of the Companies Income Tax Act, section 56 of the Petroleum Profit Tax Act, section 73(6) of the Personal Income Tax Act, and of all other powers enabling him.
He said, "The Regulations set out the rules for the deduction of tax from payments to taxable persons under the Capital Gains Tax Act, the Companies Income Tax Act, Petroleum Profits Tax Act, and the Personal Income Tax Act in respect of specified transactions.
"In exercise of the powers conferred upon me by section 81(9) of the Companies Income Tax Act, section 56 of the Petroleum Profit Tax Act, section 73(6) of the Personal Income Tax Act, and of all other powers enabling me in that behalf, I, Adebayo Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, hereby make the following regulations."
The minister cited the "First Schedule" to the Regulations to enumerate the eligible transactions and the applicable rates at which deductions shall be made at source.
The regulations also listed entities mandated to make deductions at source to include a body corporate or unincorporate, other than an individual; a government; government ministry; department or agency; a statutory body; a public authority; any other institution, organisation, establishment or enterprise including those exempt trom tax as well as a payment agent on behalf of any person.Providing further insight, the minister explained that the new regulations provided that in the case of payment to the Federal Inland Revenue Service (FIRS), deduction must be remitted not later than the 21st day of the month following the month of payment.
In the case of payment to a State Internal Revenue Service with respect to Capital Gains Tax and Pay-AsYou-Earn, the regulations specified a period not later than the 10th day of the month following the payment. With respect to any other deduction, the guidelines indicated a period not later than the 30th day of the month following the month of payment.
He told the gathering, “Distinguished ladies and gentlemen, I implore us all to leverage this summit to develop an actionable roadmap and policy framework, ready for immediate implementation, to
at source, the person making the deduction shall submit a return to the relevant tax authority with the evidence of remittance of the amount deducted as may be prescribed by the relevant tax authority from time to time," the new law said.
The law added that the submission shall be accompanied with a statement containing the information in respect of the person from whom the amount was deducted, including the name and address, Tax Identification Number, National lcientification Number, and RC Number or its equivalent.
Others are the nature of transaction in respect of which the payment was made, gross amount paid or payable, amount of tax deducted, calendar month to which the payment relates, and deductions to be receipted.
On offences, the law said: "A person required to make a deduction at source under the relevant Act or under these regulations who fails to do so or having deducted fails to pay to the relevant tax authr›rity on or before the due date, is liable to a penalty as set out in section 40 of the Federal Inland Revenue Service (Establishment) Act or section 74 of the Personal income Tax Act as applicable."
According to the new regulations, there are also exemptions from deduction on transactions at source. Some of the exemptions include compensating payments under a Registered Securities Lending Transaction in line with section 81(8) of the Companies Income Tax Act; any distribution or dividend payment to a Real Estate Investment Trust or Real Estate Investment Company as provided under section 80(5) of the Companies Income Tax Act.
Others are across-the-counter transactions as defined under regulation 8 of the regulations; interest and fees paid to a Nigerian bank by way of direct debit of the funds which are domiciled with the bank, goods manufactured or materials produced bv the person making the supply.
There are also imported goods, where the transaction does not create a taxable presence in Nigeria for the foreign supplier, and any payment in respect of income or profit,which is exempt from tax, among other outof-pocket expense that is normally expected to be incurred directly by the supplier and is distinguishable from the contract fees.
create the changes we want in the manufacturing sector.
“I assure you that we shall always maintain an open-door policy to accommodate your needs and expectations."
Shettima called for the prioritisation of local content and promotion of made-in-Nigeria products, stating that the Executive Order 003, which made the patronage of locally manufactured
Dual Purpose Kerosene (DPK), and JET-A1, among others are also exempt from deductions at source.
Also explaining the new regulations via his verified X (formerly Twitter) handle, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, disclosed that the federal government had approved a new, business-friendly withholding tax regime.
According to him, there were key changes in the new regulations aimed at easing the compliance burden on businesses, particularly small and medium enterprises (SMEs) and farmers.
SMEs are now exempt from withholding tax compliance, reducing their administrative burden and allowing them to focus on growth, he stated
“As part of the ongoing fiscal policy and tax reforms, a new withholding tax regime has been approved. The key changes introduced are to address the identified challenges and specifically include: Exemption of small businesses from Withholding Tax compliance,” he said.
as joint venture partners was over.
Kyari admitted that processes in the industry had been overly slow, blaming the “sheer inability of all of us, including our partners of inability to act quickly and in a timely manner.”
Kyari insisted that the time for debates was over, explaining that it was time to produce more oil and more gas, rather than the unending debates.
“Let me just speak my mind. We went down on our production, both oil and gas nowhere near our capacity or ability. We can blame anything from oil theft, pipeline integrity and so on. But the bottom line is the... sheer inability of all of us, our partners, with no exception, including the NNPC to act quickly in a timely manner.
“That is why as the partner of 80 per cent of those who produce oil and gas in this country, we have decided that we'll stop the debate and we have declared a war, meaning we have the right troops.
products mandatory, was still in effect.
He said, “Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods. We must be focused on expanding our production base, prioritising local content, and promoting made-in-Nigeria products.
"I want to assure you that Executive Order No 003 – Support for Local Content in Public Procurement by the Federal Government – which mandates the patronage of locally manufactured products is still in effect. The relevant government Ministries, Departments, and Agencies (MDAs) are mandated to fully comply with the order."
The vice president observed that as a country in Africa, “a continent that has languished at the bottom of the global value chain, with its share of global manufacturing at less than two per cent,” Nigeria had no better option than to support its indigenous firms to produce locally and increase their capabilities.
The summit, according to Shetimma, offered the opportunity to re-evaluate the challenges confronting the sector and proffer solutions that would resolve them.
He said a competitive manufacturing sector would reduce the inequities in the country's economy as well as overdependence on imports.
According to him, “Our proposal to minimise the economic imbalances in the nation is based on strengthening the production base of our economy, particularly in manufacturing.
“Most of our setbacks as a nation, as each of you knows, are due to over-dependence on imports for even our basic necessities. That is
negotiate any further. So, we will stop the debate and that is why we have a war room,” he stated.
On the replacement of oil pipelines, which he said had been in existence for over 60 years, Kyari stated that Nigeria will no longer wait for IOCs to fix the problem, describing it as a national decision.
In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC declared a state of emergency on production in Nigeria’s oil and gas industry.
According to him, a detailed analysis of assets revealed that Nigeria can conveniently produce 2 million barrels of crude oil per day without deploying new rigs.
why we need you to address the various challenges facing the sector and ensure we have a competitive manufacturing sector.”
Shettima expressed satisfaction with what he saw during a tour of the exhibition. He said he was convinced more than ever of Nigeria’s industrial capabilities, creativity, and innovation.
Stressing the role of manufacturing in driving wealth, job creation, living standards, and revenue generation, he said it explained why President Bola Tinubu was focused on accelerating infrastructure projects, including roads, ports, and energy supply.
the country could not cope with the over 26 percent interest rate released by the apex bank in May, stressing, “Nobody can create jobs with an interest rate of 30 per cent. No growth will happen.”
He called on the government to protect existing businesses in the country, especially manufacturers, by providing an enabling environment for them to thrive. He stated that import-dependence was equivalent to poverty importation.
“No Power, no prosperity. No affordable financing, no growth, no development,” he explained.
“It is essential to expedite the delivery of infrastructure projects that will enable the sector to leap forward and thrive. This is why His Excellency President Bola Tinubu’s focus on roads, ports, and energy supply is strategic,” he added.
Shettima identified five pillars of the summit, which he said were a clear roadmap for stimulating the manufacturing sector, saying it is imperative to enact meaningful change and develop industries by addressing critical issues under each of these pillars.
He listed the pillars to include upscaling productivity and competitiveness, energy security and infrastructure development, improving the macroeconomic environment and ease of doing business, promoting Made-in-Nigeria products and local content development, and leveraging regional and continental trade for export development.
In his keynote speech at the event, Dangote criticised CBN’s recent increase in interest rate to almost 30 per cent. He said businesses in
midstream gas infrastructure such as the Obiafu-Obrikom-Oben (OB3) and the Ajaokuta-Kaduna-Kano gas pipelines to boost domestic gas production and supply for power generation, industrial development and economic prosperity of the country.
On Compressed Natural Gas (CNG), Kyari observed that NNPC has since keyed into the presidential CNG drive, adding that in conjunction with partners such as NIPCO Gas, NNPC has built a number of CNG stations, 12 of which will be commissioned on Thursday in Lagos and Abuja.
On medium to long-term measures aimed at boosting and sustaining production, Kyari said NNPC would replace all the old crude oil pipelines and introduce a rig sharing programme with its partners to ensure that production rigs stay in the country for between four and five years, which is the standard practice in most climes.
"When an amount is deducted
Also included are insurance premium; supply of Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Low Pour Fuel Oil (LPFO),
“We know what we have to do at the level of assets and we have engaged. Any partner that doesn't do what they should do, we will get it done. This is the only way of doing things. We can't wait for anyone. We are moving on. We cannot afford to
He called on all players in the industry to collaborate towards reducing the cost of production and boosting production to target levels.
He expressed the company’s commitment to investing in critical
In her remarks, the Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, said that Nigeria has only succeeded in capturing about 4 per cent of the continent's investments since 2016.
He said that Nigeria was working on mutually beneficial fiscal incentives that will facilitate the deepwater projects which will be critical to Nigeria’s target of 4 million barrels per day and reliability of gas supply into domestic regional and international markets.
To bridge the gap in metering and reduce revenue losses in the power sector, he stated that with modern smart meters, collection losses are liabilities.
Dangote said for the government to address the challenges of unemployment, poverty and insecurity, the manufacturing sector must be empowered to function optimally. He highlighted the need for reliable power supply and affordable financing for industrial growth.
The business mogul advocated a circular economy model, where economic activities remained within the country, benefiting all sectors of society. He also affirmed that industrialisation was "an inescapable road to sustainable and inclusive economic growth and human development".
Former Minister of Finance, Dr Olusegun Aganga, urged the government to declare manufacturing a national priority sector.
Aganga pointed out that the mere possession of natural resources did not guarantee national wealth.
"What makes a country rich is what it does with its resources," Aganga said.
He called for a shift from peasant
expected to decrease which will generate more revenue and improve the financial liquidity of the sector.
“ Additional measures are being taken to ensure that those who can afford to pay a realistic electricity price do so without subsidies while we continue to protect and subsidise for the poor and vulnerable.
“This will make funds available to settle power sector debts including gas sector debts while we implement a comprehensive plan to adjust prices reasonably and support economically disadvantaged,” she stressed . Also speaking, the Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, said that Nigeria was particularly focused on promoting gas-based industries such as fertilisers, petrochemicals, and methanol.
“Meeting the growing energy demands of our nation and the continent is a priority for the ministry. We recognise that natural gas is central to achieving this goal, given its status as a cleaner and more efficient fuel.
“ Our gas-to-power initiatives are pivotal, aiming to provide reliable and affordable electricity that supports industrialisation and improves living standards,” he added. Also, for the umpteenth time,
Says IOCs exploit Nigeria's weak oil and gas system President's dual role as petroleum minister 'historic mistake’
Sunday Ehigiator
Senior Partner at Olisa Agbakoba
Legal, Dr. Olisa Agbakoba, has called for a repeal of the Petroleum Industry Act, and a complete overhaul of Nigeria's oil and gas sector, stating that the current system has ‘completely failed’, and is responsible for poverty, hunger across the country, which
he feared may lead to a ‘food riot.’
Attributing the failure to a lack of clarity in the hydrocarbon process, which has led to the exclusion of Nigerian players and the dominance of International Oil Companies (IOCs), Agbakoba argued that the president's role as minister of petroleum resources is a historical mistake that has led to confusion and inefficiency.
He also criticised the Nigerian National Petroleum Corporation (NNPC) for wearing two hats as both regulator and operator, which has led to a conflict of interest.
Speaking to journalists during a media chat where he presented a policy paper titled, ‘The Paradox of Nigeria’s Oil and Gas Industry’, Agbakoba suggested that Nigeria
should adopt a model similar to Saudi Arabia's, where the state controls the oil and gas sector, and the minister of energy oversees everything, including electricity, hydrocarbons, and solid minerals.
He also advocated dismantling of the current oil and gas system and the establishment of a new one that prioritises Nigerian interests.
cost of inaction could reach $39bn by 2050
Lagos State Chief Resilience Officer (LASRO), Dr. Folayinka Dania, yesterday, called for sustainable solutions to the numerous challenges testing the resilience of Lagos' citizens.
Speaking at the Lagos Resilience Forum themed, 'Leveraging Resilience
for Lagos' Development Trajectory', Dania emphasised the significant impacts of climate change on the environment.
She explained that the state has developed a climate change adaptation and resilience plan aimed at protecting coastal communities, improving waste management and water supply, and
enhancing infrastructure to prevent flooding in schools and other public places.
Additionally, the plan aims to protect critical infrastructure, she added.
Dania further highlighted the potential costs of inaction, estimating damages of $33 billion to $39 billion by 2050; nearly 12 times the state's annual budget.
According to her, "In terms of flood management, people in the communities also have a role to play in waste management as climate change and greenhouse emission have impacts. So, we are educating people to reduce their waste, reuse and recycle."
According to him, “The PIA itself is unconstitutional. Section 62 states that NNPC can deduct money. Get the importance of this. We have more revenue than we are getting, whether it's from oil and gas or shipping or whatever. But the only way that we can get it right is to have proper policies.
“Those who designed the PIA made a big error. What is the difference between upstream regulatory commission and downstream? What sense does it make? Why don't we follow the model of Saudi Arabia that is simple? They only have a Minister of Energy; he controls everything that has to do with energy.
“The value of our oil wells is something like $600 trillion over the next 40 years. If I were the president, I would forward-borrow loans. I would tell China, I need $10 trillion. And they would forward-borrow the money to you.
the country's reliance on IOCs, which he believes do not add value to the sector. He cited the example of Saudi Arabia, which has trained its citizens to occupy key positions in the oil and gas sector. He also praised India's Prime Minister Modi for prioritising India's interests and achieving the fastest-growing economy in the world.
The legal expert criticised the Nigerian government for its lazy approach to funding oil wells, which has led to the country's reliance on IOCs. He suggested that Nigeria should seek loans based on securitisation, using its assets as collateral, rather than relying on IOCs. He also spoke on the importance of marketing Nigeria's crude oil, which he believes is not being done effectively. He cited the example of Saudi Arabia, which has a huge marketing responsibility for its crude oil. He also expressed concern over the lack of interest in the production of crude oil and the outsourcing of marketing to greedy billionaire companies.
Mele K YA r I To I o C S : N I ger IA W I ll Pro D u C e I TS oI l, Wo N ’ T WAIT for You indigenous Nigerian oil and gas producers under the aegis Independent Petroleum Producers Group (IPPG) have raised concerns over the continuous delays by the federal government to conclude ongoing divestment transactions between some international oil companies (IOCs) and the buying local companies.
Chairman of IPPG, Mr. Abdulrazaq Isa, in his industry address at the event, specifically said that the longoverdrawn delays in concluding the IOCs divestment deals were costly to the Nigerian petroleum industry and extremely detrimental to the country as a whole.
Notwithstanding some laudable policies and the gradual positive turnarounds being experienced, he maintained that the industry was in dire need of extraordinary focus to mitigate the genuine concerns on its long-term sustainability.
According to him, despite Nigeria's world class hydrocarbon resource base of over 37 billion barrels of proven crude oil reserves and overb207 trillion cubic feet (tcf) and 600 tcf of proven and contingent gas reserves respectively, the country finds itself in a situation where daily production has significantly dropped.
"We now run the risk of partial
implementation of our national budget considering an estimated deficit of 400,000 bpd from the forecasted 1.78 million bpd.
"This portends another frightening dimension when we consider that in the not-too-distant future, our overall installed domestic refining capacity, currently closing in on about 1.2 million barrels per day, may soon outstrip our current crude oil production level with the risk of Nigeria finding itself in a position where it is unable to meet its domestic refinery crude demand or even become a net importer of crude oil.
"It is against this scary backdrop that IPPG is calling for urgent measures to be undertaken by all relevant stakeholders to immediately arrest this dwindling production level and under-investment by focusing on the following priority areas," he said.
He called for immediate conclusion of all pending IOC divestment transactions, positing that that the IPPG strongly advocates that their member companies such as Seplat, the Renaissance Consortium and Oando have the proven track record to successfully take over and manage the onshore and shallow water assets to realise incremental production in the region of 100,000–200,000 barrels.
She stated that approximately $9 billion is needed to implement the necessary measures and that the state is exploring various financing mechanisms to support these projects.
Dania also stressed the role of community members in waste management and the need for education on reducing waste, reusing, and recycling to mitigate the impacts of climate change and greenhouse gas emissions.
The forum, she stated, is considered strategic for achieving sustainable development as it aims to strengthen the implementation of resilience-building initiatives, making them more effective and efficient in addressing Lagos State's increasing challenges.
Lagos State Commissioner for Economic Planning and Budget, Mr. Mosopefolu George, remarked that the forum provided a platform for stakeholders to collaborate, share knowledge and expertise, and develop innovative resilience approaches to tackle the state's challenges.
“I would deploy the money into public works such as providing infrastructures that would enable productivity. That's what President Roosevelt did. He had the largest project in the world called the TVA, the Tennessee Valley Authority that employed 4 million Americans.
“If Nigeria does this, you can imagine the number of people that will be engaged. Because the problem on the streets is people are hungry. Unless you say they're not. People are hungry.
“I'm afraid of what is coming. I see more hunger now, and I foresee a food riot. Something is fundamentally wrong. Abuja people are not seeing it.”
Agbakoba expressed concern over
The legal expert therefore called on President Bola Tinubu to appoint capable ministers who understand the difference between policy formulation and execution and urged the government to develop a fleet of vessels to transport crude oil, rather than relying on private operators. He emphasised the need for Nigeria to develop its resources, including coal, and to prioritise its interests in the global economy. Further, he expressed concern over the hypocrisy of developed countries, which he believes are not doing enough to support developing countries like Nigeria.
Adibe Emenyonu in Benin City
The Director General of All Progressives Congress, Campaign Organisation, Senator Matthew Urhoghide, Tuesday, insisted the performance of the party’s candidate, Sen. Monday Okpebholo, and Dennis Idahosa at the national assembly will propel the party to victory in the September 21 governorship election in the state. He described as uncomplimentary comments by the opposition that the APC candidate is incompetent and lacks capacity adding that his ability to assemble competent hands to pilot the party into victory speaks
volume to the candidate's high level of administrative competence.
Urhoghide in a chat with journalists in Benin-City, said the APC candidate will win clean and square based on their track records dismissing allegation from the opposition camps that the APC is relying on ‘federal might to win the election.
His words: “It is very uncomplimentary for anybody to say that our candidate is incompetent. I think it is too early in the day for anybody to say who is incompetent or not. Even anybody who is a dunce and can put eggheads together means
that person has administrative competence.
“It is a good thing that our candidate had contested election in Edo Central Senatorial District and had secured the mandate of the people and won. So, as a candidate, I think it is a lot easier in addition to what he has done and it is quite auspicious the time he has indicated interest to contest for the governorship.
“For Edo North, the APC as a party has been able to secure the mandate of the people through Senator Adams Oshiomhole, so in a way if you look at in Edo South
complimenting Edo Central and North, the party enjoys popularity for the governorship.
“His running mate is the incumbent member of the House of Representatives from Ovia and he is doing his second term. Our candidate’s vis-a-vis the party they are enjoying popularity in their different constituencies so the party is prepared more than any other candidates in the contest."
On the issue of federal might, he said: “It has always been a recurring thing people talk about. What is the 'federal might' going to do with the election?
In Anambra state, it is almost becoming a norm for successive governors not to conduct local government elections and the incumbent, Prof Chukwuma Soludo, appears not to be an exception, reports David-Chyddy Eleke
Successive governors in Anambra have neglected the local government system, preferring to appoint their cronies as local government chairmen. Though former Governor Peter Obi managed to conduct local government election in the twilight of his administration, many regarded it as a sham. But as shambolic as it was thought, his successors have elevated it to a higher realm by totally ignoring any attempt to democratize the local government system’s leadership.
For eight years, former Governor Willie Obiano never as little as thought of conducting election in the local government. Instead, he used appointees, whose tenure he renewed intermittently, dropping some at will until the expiration of his tenure.
Soludo his successor seems to have imbibed the same culture, despite his profuse promise to hold the elections during his campaigns in 2021.
There had been a wave of protests recently after Soludo made the move to replace sacked appointees manning the 21 local government areas with another set of appointees. Last month, Soludo sacked all the council chairmen, ordering them to hand over to the most senior staff of their council areas. The sacked chairmen had stayed for a cumulative two years in office, as their tenure was being renewed every three months by the governor, who simply writes the leadership of the house of assembly in the state asking for a renewal of their tenure.
The sack had sparked debate among stockholders in the state. While some had expressed optimism that with the sack, the governor may commence a process for the conduct of local government election, others insisted that without the Anambra State Independent Electoral Commission (ANSIEC) in place yet, there may be no election in sight.
Few weeks after, a Federal High Court sitting in Abuja ordered the federal government to stop further remittance of council funds to the state government, pending when elections are conducted.
The suit was instituted by an Anambra Lawyer, Chukwuebuka Mmeni Esq.
The move was hailed by many, including a chieftain of the Labour Party, Mr Valentine Ozigbo. Ozigbo in a press release begged Soludo not to expend monies belonging to Anambra State trying to upturn the judgement as it was in the best interest of Anambra people for elections to be conducted.
A glimmer of hope surfaced for those seeking local government election when early in June, 2024, the Anambra State House of Assembly passed a bill for the constitution of a state electoral commission. This gladdened the mind of many who felt that this can speed up the process for the conduct of election.
That hope was again dashed recently, when a list of new set of appointees was read on the floor of the house of assembly as those to work for three months as transition committee chairmen of local council areas.
The State House of Assembly has, however, confirmed the list of 21 persons forwarded to them by the governor as new transition committee chairmen.
Even though it was stated that the transition committees are to manage the administration of local government areas for three months, it was clear that they may stay well over a year or more through constant reappointment, just as their predecessors.
Speaker of Anambra State House of Assembly, Hon Somtochukwu Udeze said that “this exercise is in fulfilment of Section 208 of the Local Government Law of 1999 as amended.”
Already, stakeholders in Anambra State have started condemning the defiance of the state governor for going ahead to make the appointment. All the local government chairmen appointed are deemed to be subservient to him, and this has been said can injure development in the grassroots.
Anambra Civil Society Network (ACSONET) led by Comrade Chris Azor, in his reaction expressed concern at the constitution of the transition committees. He said civil society groups desire to see democracy at the grassroots.
According to him: “We feel worried about the development. However, we feel the governor may have nominated the transition committee members in order to avoid a vacuum.
“We implore the governor to make this the last transition to a guaranteed
democracy at that level, as enshrined in Section 7(1) of the 1999 Constitution”.
Also, the Anambra State Chapter of the Peoples Democratic Party (PDP) has described the recent appointment of as a blatant disregard for democratic principles.
Its Chairman, Chigozie Igwe, who disclosed this in a signed statement, described the move as a “theft of democracy,” while condemning the All Progressives Grand Alliance (APGA) government for not adhering to democratic processes.
He said: “The local government is the foundation of democratic governance, and hijacking it is a recipe for disaster.
Governor Soludo’s actions have deprived the people of Anambra State of essential amenities like schools, healthcare, markets, and infrastructure, despite approximately N195 billion accruing to local government areas over the past two years.
“Instead, the Soludo administration has allocated a paltry sum to its handpicked Transition Council Chairmen, leaving the people in dire need of basic services.
“This is gross mismanagement of public funds and a betrayal of the trust reposed in the government.”
The PDP warned that continuing to allocate
Soludo is not just a governor like other governors, he is a man who is respected,bbut his coming into office as governor has exposed him as not being different from other politicians. How can he explain the fact the he failed on his own promise, or the fact that for more than two years, all he has achieved is to keep appointing caretaker chairmen for local government areas. Was he himself appointed? Does he not think that rural folks deserve the right to vote for those they want to lead them? He has disappointed us.
substantial funds without elected Local Government Councils is counterproductive, particularly in the face of heightened insecurity in the state. The party added that APGA’s actions have undermined democracy in Anambra State, demanding a return to democratic governance and the conduct of proper local government elections.
Also, a group, South East APC Young Progressive Forum has condemned the move. In a statement made available to journalists in Awka, the National Coordinator of the Forum, Comrade Paschal Candle said conducting local government elections is a statutory thing, and it is enshrined in the constitution, and not something that any aspirant to a position should be promising anyone.
“The transition committee used by the governor to run the 21 local government areas is unconstitutional and it is supposed to be a makeshift thing, pending election, but you now find out that they are almost permanent, and their tenures are renewed every three months. That is not right.
“We are not appealing to the governor, we are only reminding him of what he should have done, which he hasn’t done. He is obligated to conduct local government elections because it is statutory.
“Section 7 of the 1999 constitution of the Federal Republic of Nigeria. The constitution stated that there must be democratically elected local government officers. So what is happening in Anambra is very disappointing.
“At stake is trillions of Naira of local government funds. Between January and May 2024, all three tiers of government shared N5.759 trillion from the federation account. The 774 LGAs received N1.416 trillion on this figure. Yet at the Local Level, we are not seeing the development,” Candle stated.
Meanwhile, the state commissioner for Local Government, Community and Chieftaincy Matters, Hon Tony-Collins Nwabunwanne while responding to issues raised by stakeholders said: “What they don’t know is that this government is ahead of them.
“Forget what they are saying that the Soludo administration only sent the bill for the constitution of Anambra State Independent Electoral Commission to the house because of the court order on local government funds which people are talking about.
“The kind of law the house of assembly in Anambra is putting together is such that we will protect democracy at the grassroots. How many State governors have truly held local government elections, is it not those selections they do? The beauty of it is that we have a governor who wants to do the right thing, and give the state a credible election. And I bet you, it will happen sooner than people think.”
Despite the assurances of the commissioner, many indigenes of the state still believe that Soludo has failed for going back on his promise to hold local government election immediately after assuming office in 2022.
An Awka indigene, Mrs Lois Ezechi said: “Soludo is not just a governor like other governors, he is a man who is respected,bbut his coming into office as governor has exposed him as not being different from other politicians. How can he explain the fact the he failed on his own promise, or the fact that for more than two years, all he has achieved is to keep appointing caretaker chairmen for local government areas. Was he himself appointed? Does he not think that rural folks deserve the right to vote for those they want to lead them? He has disappointed us.”
Kayode Tokede
Following the massive devaluation of the naira against the US dollar and spiralling inflation, banks credit to the private sector grew by N29.5 trillion or 66 per cent Year-on-Year (YoY) to N74.31 trillion as of May 2024 from N44.79 trillion the same period in 2023.
Analysts believe the drive by bank customers for more money to fund their foreign exchange commitments as a result of naira devaluation and galloping inflation have been major contributing factors.
According to “Money and Credit Statistics” released by the Central Bank of Nigeria (CBN), credit to private sector grew by N1.4 trillion or 1.9 per cent Month-on-Month (MoM) to N74.3 trillion from N72.92 trillion reported in April 2024.
Analysts said bank are lending to big corporations to meet the 65 per
Nume ekeghe
Amidst a sharp rise in Nigeria’s external debt to approximately $45 billion and an exodus of investors, the Chief Executive of CFG Advisory, Tilewa Adebajo, has emphasised the need for urgent legislative intervention and a comprehensive overhaul of the country’s trade, industrialisation, and investment policies.
The Debt Management Office (DMO) recently reported that Nigeria’s total debt encompassing both external and domestic
cent Loan-to-Deposit Ratio (LDR) threshold of the CBN, among other factors.
Between June 2023, when the foreign exchange market was liberalized, and mid-February 2024, the naira depreciated by 69 per cent, leading to a considerable rise in import costs, which significantly impacted Nigeria’s import-dependent economy.
The CBN had updated its Cash Reserve Requirement (CRR) mechanism, making banks with minimum LDR below requirement to face a 50 per cent lending shortfall. The policy was set to improve lending to customers to stimulate the real sector of the economy.
It implies that for every N100 received as deposits, the banks are to lend N65 to customers.
Meanwhile, the CBN data showed that credit to the
obligations had escalated to N121.67 trillion as of March 31, 2024. This figure marks a significant increase from N97.34 trillion at the end of the last quarter of 2023, covering the debt responsibilities of the federal government, the 36 states, and the Federal Capital Territory (FCT).
At the Bi-monthly forum of the Finance Correspondents Association of Nigeria (FICAN) in Lagos, Adebajo noted that despite the country receiving positive outlook ratings from some credit rating agencies, Moody’s Investor Services’ Caa1
government dropped by N2.34 trillion or 7.661 per cent YoY to N28.38 trillion as of May 2024 from N30.71 trillion May 2023.
Not withstanding, the Debt Management Office (DMO) in its latest report disclosed that disclosed that total public debt rose to N121.67 trillion in Q1 2024 from N97.34 trillion in Q4 2023, reflecting an increase of N24.33 trillion.
This trend is projected to persist, according to analysts at Cowry Asset Management Limited.
Accprding to them, “Cowry Research foresees no immediate relief for Nigeria’s debt levels and debt service costs. Given the government’s activities in the domestic capital market so far in 2024, it is anticipated that approximately N3 trillion will be raised from subsequent FGN Bond issuances.”
Cowry Asset expressed concern
rating still places Nigeria in the junk bond category.
He said: “The unchecked fiscal expenditure and unauthorized ways and means of financing now over 30 times the legal limit at N30 trillion pose a significant threat to Nigeria’s economic recovery from stagflation to sustained growth in 2024.”
Highlighting that Nigeria’s debt servicing obligations are poised to surpass its revenue, Adebajo stressed the need for remedial legislation to address the fiscal imbalances. He argued that the Senate lacks the authority to
about the ongoing fiscal challenges faced by state governments. They noted that the challenges are due to low revenue as against increased expenditure and debt servicing.
They added: “The lower revenue distributions experienced relative to their total expenditure underscore the inadequacy of available funds, especially amidst efforts to mitigate the effects of the country’s rising cost of living and fiscal pressure. This pressure is primarily driven by the relentless growth in expenditure profiles and the weighty burden of servicing existing debts.”
Speaking with THISDAY, the Director/Chief Executive Officer · Centre for the Promotion of Private Enterprise (CPPE), Mr Muda Yusuf blamed weak naira and inflation for the increase in credit to private sector.
He said, “If those in the private sector does not have the needed
securitize the Ways and Means advances, branding such actions as illegal.
He added: “The government must negotiate with creditors to restructure and extend the maturities of debt, enabling more manageable repayments and reduced interest rates. Learning from the defaults of Ghana, Zambia, and Ethiopia on their external debt obligations is crucial for Nigeria.”
Addressing the recent wave of companies exiting the country, Adebajo underscored the urgent need to revamp Nigeria’s trade
funds, it means they will have to borrow from banks to support their business obligations. The volatility in the foreign exchange market has forced some customers to borrow more from banks and it is responsible for N29.5 trillion credit to private between May 2023 and May 2024.”
Commenting also, the Vice President, Highcap Securitas Limited, Mr. David Adnori also alluded the growth to depreciation of the naira, stressing that a lot of big corporates have to access funds from the banks in a move to meet the supply of their inputs.
According to him, “It is obvious that credit to the private sector is expected to increase in January amid macroeconomy challenges. The weakening of the local currency has given more room to borrow from banks.”
In addition, the Head, Financial Institutions Ratings at Agusto & Co,
policy and investment climate. He called for prioritizing trade, investment, and industrial policy to stabilize and invigorate the economy.
“Reviving an economy in stagflation with low GDP growth, high debt levels, and fiscal deficits is a formidable challenge. Nigeria needs to adopt a mix of short-term and long-term strategies to steer the economy toward sustainable growth,” Adebajo said.
He proposed austerity measures, including implementing fiscal discipline by
Mr. Ayokunle Olubunmi attributed the growth of credit to private sector in May 2023 and May 2024 to the devaluation of the naira and CBN’s LDR policy.
“Between December 2023 and January 2024, we witnessed a significant fall in Naira. If you look at credit to private sector in naira terms, the dollar exposure could have been included.
“In Q3 2023, banks were trying to increase their lending to real sector in a move to boost their LDR and ultimately reduced the amount of debit they will be getting from CBN as penalty. After the election in 2023, banks understand the economy better which makes it easy for banks to grant credit. All these impacted credit to private sector,” Olubunmi said. He added that the credit to private sector is expected to increase further in 2024.
cutting non-essential government spending, eliminating wasteful subsidies, and enhancing the efficiency of public services. On taxation, Adebajo suggested expanding the tax base, improving tax collection, and introducing new revenue sources such as value-added tax (VAT) and property taxes, rather than raising existing tax rates. Furthermore, Adebajo said: “Enhancing transparency and accountability in government spending is essential to building public trust and attracting foreign investment.”
Financial inclusion according to experts in finance refers to efforts to make financial products and services accessible and affordable to individuals and businesses regardless of their personal net worth or company size.
It strives to remove the barriers that exclude people from participating in the financial sector and using these services to improve their lives.
Financial inclusiveness among Nigerians especially via insurance products is one task that has remained a tall order for insurance sector operators and, the National Insurance Commission (NAICOM).
This is because Nigerians’ alienation to insurance services is as old as insurance business itself in Nigeria. Many Nigerians detest insurance including the compulsory insurances preferring to bear their risks on their own.
This has resulted in poverty and demise of many businesses especially the Micro, small and medium scale businesses. Because they lack of insurance coverage, once risk occurs, such businesses automatically closes down due to lack of cushioning effect.
Against this backdrop, NAICOM has been at the forefront of fighting to boost financial exclusion among Nigerians.
Past helmsmen of the commission initiated the effort but in recent times, NAICOM seems to have more than ever determined to ensure financial exclusion among Nigerians through insurance.
The commission is riding on the van of Micro insurance in particular to achieve this all important inclusiveness among Nigerians. It is also employing technology to achieve wide spread of insurance services among Nigerians.
Though past commissioners for insurance emphasised much on achieving financial inclusiveness through insurance. The incumbent insurance commissioner Mr Olusegun Ayo Omosehin seems to be more prepared, ready and determined to achieve this.
Indication to his level of preparedness and determination to achieve this is his statement when he took up the mantle of leadership of the umbrella body of insurance underwriters the Nigerian Insurers Association (NIA) as the 25th chairman. Omosehin in his investiture speech said, “I have chosen the theme of my tenure as: Expanding the frontiers of Insurance through Partnerships and Stakeholders’ Engagement.”
“To this end, we will actively pursue the insurance awareness and publicity project under the auspices of the Insurers’ Committee. We invite all stakeholders in the insurance industry to join us in this journey as we seek to entrench insurance culture and expand the dragnet in line with the central theme.” Omosehin said.
As insurance commissioner, Omosehin recently sealed partnership with the police for the enforcement of compulsory insurance especially Motor Third Party insurance.
In the partnership, the Nigerian police force, said it has set up a special team headed by the Deputy
Inspector General operations to oversee the enforcement of the compulsory insurance.
Within the space of his appointment as insurance commissioner, he has initiated several ways of expanding insurance coverage among Nigerians.
Before now there was assumption that a major reason Nigerians are far from insurance patronage was high level of poverty among the people.
But a research conducted by NAICOM with a German agency Giz, proved this assumption wrong.
The result of the research showed that Nigerians’ indifference to insurance patronage was due to unavailability of insurance products and services, especially to the middle class.
This, analyst said, has brought to the fore the need for promotion of micro insurance services as the surest way of achieving financial inclusiveness in insurance industry. NAICOM defined micro insurance as insurance that is accessed by low income population, provided by licensed institutions, run in accordance with generally accepted insurance principles, and funded by premiums.
Over the years, the exclusion of rural dwellers from insurance services was blamed low turn over for the industry, while the sector’s contribution to the nation’s GDP was very minimal and insignificant.
This is quite unlike the banking sector where both city and rural dwellers patronise banking services and willingly visit banks for one transaction or another.
A flash back at Nigerians’ experiences during the past years, especially in the finance sector shows that many Nigerians no longer need advertisement to patronise banks as a safe way of keeping their money
and other valuable treasures.
Their positive attitude to banking is usually glaring in most bank premises during the yuletide.
At various festive periods, there are usually long queues of Nigerians waiting to either withdraw money from their accounts for the festive period or transfer money to their relatives for Christmas or salah festivals.
The long queue is not peculiar to few banks but virtually all branches of banks in the country, including those in less developed parts of the country showing that even Nigerians at the grassroots value banking services.
The ATM machines are not exempted from the rush as the length of queues in the various ATM service points surpassed those of customers collecting money from the counter.
This shows the improved level of knowledge and understanding of Nigerians towards banking services.
This is similar to what happened in the stock market few years before the 2008 melt down on global financial system, as many Nigerians were queuing up to buy shares of companies including those of insurance companies before the global meltdown doused their interest.
But coming to insurance as an arm of finance sector, the reverse is the case.
Despite the huge losses occurring in the air transport system, marine, road transport, incessant fire outbreaks in local markets and building collapses, Nigerians have not seen the need to embrace insurance as a safe measure for their properties and lives.
Indeed, despite ugly experiences of Nigerians on emerging risks like flood rendering many homeless every rainy season, kidnappings, riots resulting to
wanton destruction of lives and properties, as experienced during the #endSARS protest, Nigerians still remain indifferent in their attitude to insurance services.
Against this backdrop, insurers dream of such a time when Nigerians will begin to embrace insurance and rush insurance products as a means of safeguarding their lives and properties.
But the operators determined to see this happen, as in their various groups, each regime of the groups’ governing council always include mass education in their agenda.
They believe that it is only when they succeed in making Nigerians see the value in insurance through insurance education that they can willingly buy just as they buy banking services.
Bearing this in mind, the insurers are more determined to change the narrative.
NAICOM, as the regulatory authority of the sector and the Chartered Insurance Institute of Nigeria (CIIN) as the educational arm of the industry have been at the vanguard of this.
NAICOM said the only way to go in achieving this is to deepen insurance penetration in the grassroots through Micro insurance.
To achieve this, it evolved a medium term plan for insurance market development tagged Market Development and Restructuring initiative (MDRI). Since the launch of the initiative, which main target was to extend insurance services to the doorstep of every Nigerian, the commission has been evolving new marketing channels targeted at pushing insurance products to the doorstep of every Nigerian.
The latest efforts in this regard being the licensing of intermediaries tagged web aggregators. It has before now launched guidelines for micro insurance institutions and has been advertising licenses .So far, the commission has licensed about six operators of micro insurance. The CIIN on its part is targeting mass education of the youths through its various impacts in secondary schools and tertiary institutions in the country. The institute has succeeded in convincing government to include insurance in curriculum of senior secondary schools and is fighting to ensure that it is extended to junior secondary schools. Through the support of NAICOM, the institute has equipped insurance department of many universities and other tertiary institutions just as it has been sharing insurance textbooks in various secondary schools. These efforts are geared towards creating awareness and enthroning the regime of insurance literacy among Nigerians.
The
Onyeali-Ikpe has hinted that the financial imitation’s customer-centric strategy is the key driver for the success
of its ongoing N1277.10billion capital raising exercise.
Fidelity Bank on June 20, 2024 commenced its Public
Offer of 10,000,000,000
ordinary shares of 50 kobo each at N9.75 per share and Rights Issue of 3,200,000,000
ordinary shares of 50 kobo each at N9.25 per share.
Speaking at a town hall meeting with the bank’s customers in Lagos recently, she stressed on the importance of engaging directly with existing shareholders and would-be investors to ensure clarity and support for the bank’s financial initiatives.
Hallmark after it was converted to a holding company, said the company achieved the impressive result despite the enormous challenges faced by business operators in the country which compelled many conglomerate to flee the country.
“Some of these challenges led to the exit of some multinationals from our shores. However, despite the odds, your company was able to record significant improvements in key financial indicators during the 2023 Financial Year”, he said.
Also speaking, the Group Chief Executive Officer of the company, Mr Eddie Efekoha, said the inaugural meeting created history as it marked the very first in the life of the new company, Consolidated Hallmark Holdings Plc.
“I would like to specially express my delight over the
successful migration of all erstwhile shareholders of our legacy insurance company to the Holdco platform. The future of your investment can only be better and brighter”, he assured. Giving background of formation of the new holding company, Efekoha, recounted that the journey to the holding company status started from 2007, following the market recapitalisation exercise which led to the emergence of the then Consolidated Hallmark Insurance Plc, which was focused on the General Insurance business.
According to her, the Fidelity Bank customers are the reason behind the bank’s functionality, hence the reason for recent engagement with its existing shareholders while welcoming new investors to the Fidelity bank family.
She expressed enthusiasm over the initial reception in the first week of the launch, noting widespread anticipation and positive feedback from stakeholders.
“Several analysts have described our Combined
Offer as the most anticipated offer of the year. The Nigerian Exchange Limited (NGX) also is very happy with us about the retail perspective we have brought into the sale,” she stated.
Speaking earlier, the Executive Director, Lagos and Southwest, Fidelity Bank, Ken Opara emphasized the bank’s commitment to delivering value. “Within the last five years, our share price has appreciated by over 500 per cent. We have a track record of consistent and improved dividend payout for over 18 years.”
Opara further highlighted Fidelity Bank’s commitment to robust corporate governance and strict adherence to regulatory compliance, ensuring stability and trust among stakeholders.
L-R: Non-Executive Directors, Industrial and Medical Gases (IMG) Nigeria Plc, Adebayo Adeleke; Dr Patricia Opene-Odili and Oyedele Olawale; Finance Director, Adeshina Alayaki; Company Secretary and Legal Adviser, Aderonke Segun-Alabi; Acting Chairman, Aminu Ado; Managing Director and Chief Executive Officer, Ayodeji Oseni; Non-Executive Director, Adebola Oluwadeyi; Independent Non-Executive Director, Olusola Oworo and Non-Executive Director, Ishaka Danjuma during the 64th Annual General Meeting (AGM) of IMG in Lagos…recently
Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has launched Education Endowment Insurance Plan, an offering that empowers parents and guardians to secure the academic future of their children or wards.
Targeting young adults, the underwriting firm said the Education Endowment Plan encouraged parents and guardians to adopt a long-term strategy for investing in the educational future of their children through the launch.
The company aims to raise awareness about the importance
of investing in education.
It said by opting for the Stanbic IBTC Education Endowment Plan, parents could benefit from a comprehensive investment solution that safeguards their children’s academic journey.
At the media launch of the product in Lagos, the Chief Executive Officer Stanbic IBTC Insurance, Akinjide Orimolade, explained that the Education Endowment Plan offered families a strong financial safety net.
“This product ensures the protection of their children’s
education, regardless of life’s uncertainties; providing reassurance and confidence. By making strategic investments today, parents can secure access to education for their children, enabling them to realise their full potential and pursue their aspirations.
“We are proud to launch the Education Endowment Plan campaign, an insurance product that aligns with our commitment to empowering parents in Nigeria to attain financial security for the education of their children,” he stated.
Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand.
Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for
its innovative approach to customer service and stakeholder engagement. The Group’s brand strength is underpinned by a strong commitment to delivering cuttingedge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms. Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to
building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”
GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside nonbanking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.
International Energy Insurance (IEI) Plc, a subsidiary of Norrenberger Group, is adjusting its models of product offerings and risk management capabilities to respond to climate change.
This is coming on the heels of global calls on the private sector to rise against the ills of natural disasters ravaging Africa and now Nigeria, as a result of climate change.
Speaking on the sideline of the just concluded 50th Conference and Annual General Assembly of the African Insurance Organisation (AIO) with theme, “Coping With Rising Natural Catastrophes In Africa,” which held in Namibia, the group said insurers across the continent also needed to rethink their models, product
offerings and risk management capabilities to adjust it in a way that they respond to the reality of time.
The Group Managing Director, Norrenberger Group, Mr. Tony Ede who was a delegate at the AIO Conference, said the topic of the programme couldn’t have come at a time that was better than now.
He stated that global natural disaster was taking place repeatedly resulting in the world losing $380 billion in 2023, with losses emanating from insurance at about $118billion.
He said that was why the AIO began to rethink natural disasters, adding that it was important that all insurance companies too should began to rethink their models to withstand changes in the global economy.
The Managing Director/CEO, International Energy Insurance (IEI) Plc, Mr. Olasupo Sogelola, on his part said insurance had to move towards supporting climate change, starting from the impact of climate change especially on agricultural products in Nigeria.
Sogelola said IEI was coming up with products that would enhance and support climate change in all ramifications.
He said: “Take Namibia for example, entering into the country from the airport, you will see patched land that shows that obviously something is wrong there. I believe that nothing draws attention more than what you see rather than what you are talking about without seeing it.”
Oluchi Chibuzor
Leading steel manufacturing company, Aarti Steel Nigeria Limited has debunked media report alleging that the company plans on exiting Nigeria.
The firm according to its statement titled, “False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria” stated that, “Aarti Steel Nigeria Limited wishes to address and categorically refute the recent media reports falsely claiming that the Company is planning to exit Nigeria. These reports are entirely unfounded and do not reflect our intentions or actions.”
“We are currently exploring various avenues to address and mitigate the impact of the false media reports. These erroneous claims have the potential to disrupt our business operations and create
unnecessary uncertainty among our stakeholders. We are taking all necessary steps to correct the misinformation and assure our stakeholders of our continued presence and investment in Nigeria”, the statement further read.
Reaffirming its commitment to Nigeria, Aarti in the statement jointly signed by its Chief Finance Officer, Sunil Kumar Sharma and the Director and Head of Operations, Mr. Girish Chandra Tripathi stated that, “We assure our stakeholders, partners, and the general public that Aarti Steel Nigeria Limited has no plans to exit the country. Since our inception in 2003, we have invested a cumulative total of US$100 million into the Nigerian economy, underscoring our commitment to the nation’s industrial growth and development.
Our strategy has always been focused on the long-
term survival and growth of our operations in Nigeria. We have consistently communicated our plans and initiatives to recapitalize the Company to our banking partners, ensuring that they are kept informed of our efforts to sustain and enhance our business operations”.
Aarti further held that, “Despite the current economic instability and the challenges presented by the foreign exchange crisis, Aarti Steel Nigeria Limited remains steadfast in its belief in the resilience of the Nigerian economy. We have successfully navigated through similar challenges in the past and are confident in our ability to do so again.
Our commitment to Nigeria is unwavering, and we continue to invest in our operations, workforce, and the communities we operate in.”
Royal Exchange Assurance
(REX) Plc, recently commissioned its new corporate head office in Lagos and launched a new brand identity.
The company said the two achievements reflect its commitment to growth, innovation, and excellence.
Speaking at the occasion, the Chairman of the company, Ike Chioke, said the significance of insurance in promoting economic stability and growth cannot be overemphasised.
“As we navigate through a rapidly changing world, insurance serves as a critical tool for managing risks,
safeguarding investments, and ensuring continuity in times of unforeseen challenges”, he said .
According to him, insurance offers several key benefits, explaining that it helps in maintaining economic stability by mitigating risks associated with infrastructure projects, public assets, and developmental initiatives,which in turn, attracts more investors and fosters economic growth.”
Chioke said the decision to move to the state-of-theart head office was driven by the company’s vision to
create a workspace that not only meets the needs of its employees but also symbolises the management’s forwardthinking ethos.”
Also speaking, the Group Managing Director REX, Mrs. Ebelechukwu Nwachukwu said the new head office commissioning ceremony marked a significant milestone in the company’s journey that started since 1918 and a testament to the hard work, dedication, and vision of everyone involved.
“We are truly a transgenerational company and today’s occasion is to celebrate this”, he said..
In celebration of World Milk Day 2024, the Irish Food Board (Bord Bia) in conjunction with Ornua, marketers of Kerrygold Milk hosted a spectacular two-day Milk Party at Ikeja City Mall recently.
The event, themed, “Everything Milk,” brought together families and milk enthusiasts to celebrate and enjoy the rich quality of Irish dairy.
The celebration, an annual activity which is in its 4th year, was created to provide a platform for consumers to enjoy the rich quality of Irish dairy, which is Kerrygold milk, with family and friends through engaging and fun activities with exciting rewards.
Leading up to the Milk Party, Kerrygold took to the streets of Lagos to give members of the public select Kerrygold product sizes, ensuring that they were not left out of the World Milk Day celebration.
“Dairy is an important sector for Ireland. Irish cows are reared naturally enjoying a diet of over 90% grass and spending as much time outside making Irish dairy creamy and highly nutritious” said Regional Manager of West Africa, Bord Bia, Ese Okpomo.
The Everything Milk Party was filled with a variety of fun activities for families, friends, and children alike.
A mixology stand offered a variety of milkshakes and
smoothies, ensuring that every attendee enjoyed a cup of rich Kerrygold. Children delighted in milk-coated marshmallows and popcorn, with their faces painted with their favourite cartoon characters as there were face painters on the ground. Consumers also had their photos printed out as keepsakes, courtesy of an instant photo booth stand, capturing excited faces in moments of excitement.
The event was a memorable experience for all as guests expressed their love for the milk throughout, showing appreciation to the Kerrygold brand for the opportunity to have fun and enjoy good milk.
PwC Nigeria has announced the admission of three new partners effective, 1 July 2024. They include Marilyn Obaisa-Osula (Consulting & Risk Services), Taiwo Oyaniran (Assurance), and Tim Siloma (Tax & Regulatory Services). This announcement is part of PwC Africa’s admission of 15 new partners, with 40% being female,
marking a significant step towards achieving the firm’s gender representation goals in leadership.
In a statement congratulating the new partners, Country Senior Partner, PwC Nigeria, Sam Abu, commented: “Our new partners bring deep expertise and experience in strategic areas that are vital to contributing to Nigeria’s continued
growth. As leaders, they’ll help our clients navigate challenges and disruptions, building resilience to thrive in an age of continuous reinvention.
We celebrate their achievements in reaching this career milestone. Together, we’ll continue to power forward to our new frontier, delivering sustained outcomes for our clients and communities.”
The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00
Kayode Tokede
As evidence of resilience and continuous innovation despite the headwinds in the Nigerian economy, the total comprehensive income of Industrial & Medical Gases (IMG) Nigeria Plc., has jumped by 295%, from N215.967 million in 2019 to N852. 753 million in 2023.
In the review period, the revenue of the frontline manufacturer of industrial and medical gases, also
grew by 98% from N3. 06 billion in 2019 to N6.06 billion in 2023, while Earnings Per Share (EPS) rose steadily from 52 kobo to N1.71. The company declared a dividend of 50 kobo per share for its 2023 financial performance, totaling N249.47 million. The dividend was unanimously approved by the shareholders.
Addressing the shareholders during the Company’s 64th Annual general Meeting (AGM) in Lagos, the Acting Chairman,
Aminu Ado, explained that the impressive performance would be sustained in 2024 by the Company’s capital investment and optimisation of the use of resources amongst others.
“Your Company had another great year despite the negative impacts of Forex, the Russian/ Ukrarian and the Israeli/Gaza wars on the economy of the world and Nigeria. The total revenue from the business grew from N5.33 billion realized in
2022 to the N6.06 billion in 2023. The year’s profit after tax rose to N0.85 billion from N0.44 billion. We intend to sustain the growth performance in 2024 by our capital investment, optimizing the use of our resources, improving logistics, cost-cutting measures, generating new business prospects, and improving on employee training,” Ado said. Corroborating him, the company’s Managing Director and Chief Executive Officer, Ayodeji Oseni, assured the shareholders
of better future ahead.
“Despite the prevailing gloomy national economic outlook, the future holds great promise for Industrial & Medical Gases Nigeria Plc as we continue to consolidate and innovate. We shall remain resolute in implementing our growth strategy as we navigate the challenging operating terrain that lie ahead, leveraging opportunities and production efficiencies plus our cost management drive towards sustainable profitability. Our
human capital remains the pivot of our transformation and future progress even at these trying times. We shall increase market presence and stakeholders’ engagement towards increased turnover,” Oseni explained.
Responding to a shareholder’s observation, the Finance Director, Adesina Alayaki, addressed some concerns about high electricity costs, saying some customers who rented cylinders had gone out of business.
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
Funke Olaode
It was one death too many as his immediate family is yet to recover from the shock of a vibrant young man who went to the filling station and ended up in the morgue. This was fuel scarcity’s peak that engulfed the nation and fell on Workers’ Day.
On the backdrop of not getting expedited justice, the grieving family of the deceased, Eniafe Toheeb, a member of the National Union of Road Transport Workers (NURTW) who was shot dead by a police officer
on May 1, 2024, at Obalende area of Lagos has asked the inspector general of police to hasten investigation into the death of their son (Toheeb) as family are no longer comfortable with unnecessary delay in their investigation.
The fleeing police officer allegedly shot Toheeb at the premises of the NNPC filling station located at Obalende roundabout in Lagos on the orders of another officer, Omeje Christian, who was apprehended and handed over to the police authority.
While addressing the journalists
in Ikeja, the family raised the alarm over the delay and asked the IGP to order a thorough investigation to unmask the officer who shot unarmed Toheeb.
Mr. Eniafe Noheem decried the delay in their petition to the Inspector General of Police regarding the ‘pace and manner’ of the investigation being conducted by the men of Panti Police Station, Yaba, into the incident.
He said there is no indication of progress in the investigation almost three months after the incident, saying the delay is making the
police’s action look like a cover-up to protect one of their own.
“The police authorities have not provided any vital information to the family of the deceased. We are asking for justice for the deceased. The deceased aged parents are pleading to all authorities, government, and both local and international human rights organisations to come to our aid,” he stated.
Also, the Vice-Chairman of the National Union of Road Transport Workers, Mr. Wale Giwa, who witnessed the incident, said the
Wale igbintade
Nigerians woke up to the unpleasant news of the dissolution of the union from the household of the former top Naval Officer, Rear Admiral Allison Madueke and his wife, Diezani, the former Petroleum Minister under former President Goodluck Jonathan. The duo got married in 1999 in a society wedding barely three years after he lost his first wife and mother of his five adult children.
To many, it was a marriage made in heaven. Diezani, a self-made woman, was Shell’s top female Executive director. The marriage later produced one child, a boy. Diezani dabbled into politics, holding offices until she clinched the top job at the lucrative oil ministry. She ran into trouble water shortly after then-President Muhammadu Buhari was voted in 2015. Diezani relocated to the UK, where she has since faced various allegations of this and that. It was shocking when news flittered that the former Chief of Naval Staff, Admiral Alison Madueke, asked
the Lagos State High Court to stop his former wife from using his first name (Alison) and surname (Madueke) as her Surname following the dissolution of their marriage.
The petitioner prayed the court for an order directing the respondent (Diezani) to adopt and revert to her pre-marital surname (Agama) and also publications in newspapers of national circulation in both Nigeria and the United Kingdom of a notice of her discontinuation of the use of the Petitioner’s First name (Alison) and Surname (Madueke).
The petition, in the High Court of Lagos, suit no LD/15144HD/2024, seeks that the ex-wife desist from using the petitioner’s name, which poses a significant risk of legal and financial harm to the petitioner as the respondent faces criminal trials in Nigeria and UK.
The petition stated that they stopped living together in May 2015 after her ministerial appointment, and in November 2021, citing the irretrievable breakdown of
marriage, Diezani filed a petition for dissolution of marriage (Suit No. NSD/MG345/2021) at the High Court of Nassarawa State, Nassarawa Judicial Division, sitting at Mararaba Gurku and on April 13, 2022, Judgment was delivered in suit number SD/MG345/2021 by Hon. Justice A.A. Ozegya, dissolving the marriage between the petitioner and the Respondent on the ground that the marriage has broken down irretrievably.
In his petition, the retired naval officer stated that the respondent faces public allegations of corruption and financial misconduct, for which trials are ongoing. The persistent portrayal of the respondent as the petitioner’s spouse is creating embarrassment, a misleading impression, and tarnishing the petitioner’s reputation, integrity, and public image.
Even though the marriage has been dissolved and is now legally finalised, the respondent, more than two years later, continues to use the Petitioner’s first name (Alison) and surname (Madueke) as her own
without any justification or consent from the Petitioner, which falsely suggests to the public continuing relationship between the parties though same has since legally ended.
According to the statement, the petitioner instructed his solicitors to address a letter to the respondent, requesting her to cease the ongoing use of his first name and surname. Messrs Foundation Chambers sent a formal letter dated December 14, 2023, urging the respondent to revert to her pre-marital name (Diezani Kogbeni Agama) following the legal dissolution of the marriage.
In a five-paragraph verifying affidavit supporting the petition deposed to by the petitioner, he stated that the marriage certificate was with the respondent at all material times and that he did not have a copy.
He said the marriage between him and the respondent had been validly dissolved in Suit No. NSD/ MG345/202U at the Mararaba Gurku Division of the Nasarawa High Court.
Funke Olaode
The Ikeja Sexual Offences and Domestic Violence has sentenced a security guard, Saviour Udoh, to life imprisonment for sexually assaulting a five-year-old minor (name withheld) on a church premises.
Justice Rahman Oshodi sentenced Udoh to lifetime jail on the sole charge of sexual assault by penetration, preferred against him by the Lagos State Government.
In his judgment, Oshodi held that the prosecution had proved the charge against Udoh beyond reasonable doubt.
He said the court had carefully considered the evidence presented during the trial, including the convict’s confessional statement,
the testimony of the prosecutrix (survivor), her mother, the Investigative Police Officer (IPO) and the medical evidence.
According to him, the crime committed by the convict was a grave one, as it involved the sexual exploitation of a vulnerable child.
The judge said, “The prosecutrix, who was only five years old at the time of the incident, trusted you as ‘Uncle Saviour,’ and her mother entrusted you with her care, but you breached that trust most disgustingly by sexually assaulting the child in a place of worship.
“The impact of your actions on the prosecutrix and her family cannot be overstated because the prosecutrix’s mother, in her testimony, stated that she was still taking the victim to the hospital three years after the
incident and that the prosecutrix was still having discharges.
“This statement highlights the long-lasting physical and emotional trauma inflicted upon the child and the ongoing medical issues she faces as a result of your actions.”
The judge added, “Sexual assault by penetration is a serious offence that attracts a mandatory sentence of life imprisonment under section 261 of the Lagos State Criminal Law (supra) and this severe punishment reflects society’s condemnation of such heinous acts and the need to protect our children from sexual predators.”
Oshodi said he had considered the aggravating factors such as the age of the prosecutrix, the breach of trust, and the location of the offence in determining the convict’s sentence.
He said he had also considered the mitigating factors, including the convict’s lack of previous convictions and his plea for mercy at sentencing.
The judge, however, said the aggravating factors far outweighed any mitigating circumstances as the severity of his crime and its impact on the prosecutrix, her family and the larger society could not be ignored.
“Therefore, having found you guilty of sexual assault by penetration, I no sentence you, Saviour Udoh, to life imprisonment, as mandated by section 261 of the Criminal Law (supra). You will serve this sentence in a Maximum-Security Custodial Centre or wherever the Nigerian Correctional Service may direct you, and your name will be added to the register of sex offenders.
incident occurred at about 8:00 p.m., noting that “Officer Omeje and his fleeing colleague had led two Toyota Hilux vehicles into the petrol station through the exit gate, thus blocking customers from leaving after their purchases. While one of the vehicles was attached to two armed mobile policemen, the other was.
Giwa said, “The hindrance caused by the Hilux vehicles preventing motorists from exiting the filling station elicited an uproar from all present. Within the intervening period, Officer Omeje Christian and his unidentified colleague dashed away briefly, only to return on a motorcycle with a loaded rifle hanging from the latter’s neck.
“Upon the order of Officer Omeje Christian to shoot at any resistance, the unidentified policeman opened fire, and his shot hit Toheeb Eniafe, who slumped and died, while another shot hit one of their Toyota Hilux vehicles, which burst into flames.
“Following the shooting, some
Wale igbintade
The Court of Appeal, Lagos Division, has upturned the judgement of Justice Mojisola Dada of the Ikeja Division of the Lagos State Special Offences Court, which convicted and sentenced an Italian woman, Floriana De Stefani, to three years’ imprisonment for claiming property belonging to a company, Waterside Properties Limited.
The appellate court, in a unanimous decision, set aside her conviction and the order of possession made by the trial court.
The Economic and Financial Crimes Commission, EFCC, Lagos zonal office, had arraigned Floriana De Stefani before the court on a five-count charge bordering on forgery and stealing property belonging to a company, Waterside Properties Limited.
The appellant pleaded not guilty to the charge when it was read to them.
The judge convicted and sentenced the appellant to three years’ imprisonment for claiming property belonging to a company, Waterside Properties Limited.
The judge stated that the widow used forged documents to claim that she was a tenant following the demise of her husband, Mr. Luca Signorelli.
The court, however, gave her a fine option of N50 million.
good Samaritans apprehended Officer Omeje and handed him over to the police while attempting to flee, but his unidentified trigger-happy colleague had made it away by then. Other people scrambled to revive a lifeless Toheeb Eniafe just as petrol attendants mobilised to push the burning vehicle away from the premises to avert another disaster which may result in the burning of the petrol station.”
Giwa further explained that the officer was arguing with the Tricycle operation, who were on cue at the filling station to buy fuel, and noting that the deceased was just entering the fuel station before a stray bullet hit him.
He also said the filling station has a camera, which can aid the police investigation. He added that the deceased is a NURTW member and the unit auditor.
The sister of the deceased, Bakare Folashade Eniafe, pleaded with the police authority to hasten the investigation and bring the perpetrator to book.
Dissatisfied, the appellant, through her team of lawyers led by Chief Mrs A Akinjide SAN, appealed against the judgement.
The appellate urged the court to determine “whether the offence (count 6) upon which the Appellant was convicted was under the scope of the EFCC’s power and, if not, whether the trial court has jurisdiction to entertain same.
She also urged the court to determine whether, from the evidence before the court, the prosecution proved beyond! reasonable doubt that Exhibit P (deed of Assignment) was a forged document.
Resolving the issue, the Court of Appeal, in its lead judgement delivered by Justice Folashade Ojo, allowed the appeal and resolved all four issues in favour of the appellant.
Other panel members, Justice Abdullahi Bayero and Justice Paul Bassi, also supported the lead judgement.
Justice Folashade Ojo held, “It is trite that there is no duty on a defendant/accused person to prove his innocence under the Nigerian system of criminal justice. The defendant/accused person may choose not to utter a word as he is not bound to say anything because he is presumed innocent until proven guilty.”
Jeff Ukachukwu
Food and transportation inflation may dominate the headlines, because they affect the majority. However, a crucial issue, often overlooked, is the staggering surge in the cost of essential medicine in Nigeria. A World Bank report, “Healthcare Costs in Nigeria: Trends and Impact”, reveals a startling fact-the cost of essential drugs in Nigeria has skyrocketed by nearly 50% from 2020 to 2023. The pandemic worsened this situation, with some medicines witnessing price hikes of over 100% during its peak due to supply chain disruptions and increased demand. This price increase seem to be getting worse post Covid 19. Common antibiotics like Amoxicillin have experienced price increases of up to 60% over the past three years. Medications for chronic conditions, such as antihypertensive drugs, have surged by an average of 70% between 2020 and 2023. Insulin and other diabetes medications have seen price hikes ranging from 30% to 80% since 2020. Antimalarial drugs, crucial in Nigeria, have had 50% or more price increases over the past few years.
Findings by Punch Newspaper last May showed that the prices of some antimalarial drugs had increased from 11 per cent to around 23 per cent between November 2023 and April 2024. In November, an Artesunate injection of 120mg was sold for N2,500, while the 60mg injection was sold for N1,800. However, in April, market surveys showed that Artesunate 120mg now sells for N2,800 (12 per cent increase), while 60mg of the injection now sells for N2,000 (11 per cent increase). The cost of Coartem 80/480mg was around N3,300, while Amatem Soft Gel was sold for N2,500 and Lonart 80/480mg for N2,850. In April, Coartem 80/480mg is now sold for N4,000 (a 20 per cent increase). Amatem soft gel increased by over 20 per cent, selling for around N3,000. Lonart 80/480mg sells for N3,500, a 22 per cent increase.
These circumstances are, however, forcing many patients to skip their lifesaving medications and instead turn to unapproved alternatives and counterfeit drugs. Reports suggest that due to high costs, the availability of essential medicines in public health facilities has decreased, with up to 40% of commonly used drugs often being out of stock. The prices of branded medicines have risen sharply, but even generic drugs have not been spared, with average increases of 30-40% across various drug categories. Analysts have attributed the surge in drug prices to factors such as the devaluation of the national currency, unstable foreign exchange rates, reliance on imported active pharmaceutical ingredients, and heavy dependence on drug imports, among many other micro and macroeconomic factors.
The impact of this rise in price is significant and
affects the Nigerian consumers, the pharmaceutical companies, and the healthcare ecosystem. The consumers have affordability issues, accessibility issues and health impact crises. According to a report by BMC Health Services Research titled “affordability of essential medicines in Nigeria”, over 60% of Nigerians now struggle to afford essential medicines, with many having to forgo treatment or seek alternative therapies due to high costs. The rising costs have led to a 20-30% reduction in medication adherence rates, particularly among patients with chronic diseases who require ongoing treatment. Nigerians’ out-of-pocket expenditure on healthcare, including medicines, has increased significantly, with the average family spending 35-40% of their income on healthcare expenses. Even when medicines are available, high transportation costs and limited distribution in rural areas exacerbate the issue of accessibility.
This price increase anomaly not only affects individuals but also has a profound impact on the healthcare system. The inability to afford medicines often leads to delayed or skipped treatment, worsening health outcomes and
increasing the risk of complications. High costs hinder the effective management and prevention of diseases, contributing to higher rates of morbidity and mortality from conditions that are otherwise preventable or manageable. These avoidable conditions put a strain on the healthcare system by increasing hospitalisation, and even the health budget is adversely affected because of the high cost of drugs. Moreover, the fact that the high cost of medicines disproportionately affects the poor and rural populations exacerbates inequalities in health outcomes and undermines patients’ trust in the healthcare system.
The impact on the pharmaceutical industry is enormous. The rising cost of drugs has affected demand for their products. The fluctuating exchange rate regime that has forced a great decline in the value of the Naira has increased the cost of production because of the high cost of imported pharmaceutical raw materials and drugs. Even the forex transfer system that makes it difficult for multinational pharmaceutical companies to repatriate their profits to their parent companies abroad due to the lack of USD has led some to pack up and leave Nigeria, like GlaxoSmith Plc.
The statistics and medical imperatives presented here underscore the urgent need for interventions to control medicine prices and ensure that essential drugs remain accessible to all Nigerians. Addressing the high cost of essential medicines in Nigeria is a complex issue that requires a multi-faceted approach. It involves not only government intervention but also supply chain improvements, local production incentives, and international cooperation. By implementing these solutions, Nigeria can make significant strides towards ensuring that all citizens have access to the medicines they need for a healthy life. I would propose a few solutions for a more sustainable drug price regime in Nigeria.
First, Government and policy interventions may be needed. Implementing strict price controls and caps on essential medicines can help make them more affordable. This can include regulating the mark-up from manufacturing, importing, wholesaling, and retail. The government can also provide subsidies or free distribution of essential medicines to vulnerable populations to improve access. They can expand programmes like the National Health Insurance Scheme (NHIS) to cover more medications. Besides, the government can encourage using cost-effective generic medicines by ensuring their quality and efficacy to lower costs. Regulatory frameworks should support the fast-track approval of generics. They must strengthen regulation and oversight to reduce the prevalence of counterfeit drugs, which not only pose health risks but can also distort the market and drive-up costs for genuine products.
Second, the core stakeholders must improve supply chain efficiency by strengthening supply chain infrastructure to minimise distribution costs
and avoid stockouts to ensure more consistent availability and affordability of medicines. For local distribution, it is unfortunate that indigent consumers living in the rural areas or difficult areas to access in cities bear the brunt of higher drug prices. This makes medications slightly more expensive in poor areas than in rich and more accessible areas. This is the paradox of drug pricing in Nigeria. There is a need for prompt intervention beyond market forces.
Third, encouraging local production of essential medicines can reduce reliance on imports, lower costs, and improve supply reliability. Government incentives and partnerships with private sector players are critical in this regard. Investing in research and development for local drug production helps in creating affordable, home-grown solutions for common health issues. For the big, expensive imported brands for life-threatening sickness, Nigeria can behave like India and invest in mass production of generic drugs to reduce the cost of lifesaving essential medicines without inhibitions from patents or Intellectual Property Rights (IPR).
Fourth, educating the public on the importance of adhering to prescribed treatments and the availability of affordable medication options can improve health outcomes. Partnering with community leaders to disseminate information and facilitate access to medicines in remote areas can enhance outreach and effectiveness.
Lastly, healthcare administrators should engage with international organisations and donor agencies to secure funding and technical assistance for purchasing and distributing essential medicines at lower costs. Also, joining international drug purchasing pools helps negotiate better prices through bulk buying and collective bargaining power.
We have identified that the depreciation of the Naira has significantly impacted the cost of imported medicines, leading to price increases of 20-50% annually for imported drugs due to fluctuating exchange rates. Nigeria’s high inflation rates, averaging 25 - 33% annually in recent years, have compounded the problem, driving up the costs of locally produced and imported medicines. Global supply chain issues, especially during the global crisis post- COVID-19 - the Russian-Ukraine war, and the Middle East crisis, have led to increased shipping and production costs, contributing to price hikes. Changes in government policies, including tariffs and taxes on pharmaceutical products, have added an estimated 5-10% to the cost of medicines. Therefore, all stakeholders must understand the existential threat the lack of access to essential drugs poses to many Nigerians and must do whatever it takes to solve this problem. Drug inflation is an ill wind that blows us no good. Bringing down the prices of essential drugs is a task that all must join hands to accomplish. At least for the sake of many lives that are at stake!
state shut down the operation of OPL 2005 located in the community.
Ogbia local government area of Bayelsa
The youths in their numbers said the owner of the project, Sterling Oil Exploration and Energy Production Company Limited (SEEPCO) allegedly showed disregard to the state government’s directives on
resumed negotiations with host communities and compliance with local, state and federal laws, including the Environmental Impact Assessment (EIA).
The youths numbering over 100 arrived the oil platform at about 9.30am and shut down the
operations after sacking the workers on site.
They were also supported by Onuebum youths led by the Chairman and Secretary of the Onuebum Oil and Gas Task Force, Mr. John Egapekpar and Ebitimi Egbenpere respectively
The House of Representatives yesterday passed for second reading the bill for an Act to establish the Nigerian Solid Minerals Communities Development Commission (NSMCDC). The bill which seeks to provide a legal framework to establish the commission to complement what was achieved with the Petroleum
Act (PIA) was sponsored by Anamero Dekeri, Abubakar Nalaraba, Akarachi Amadi and Adedeji Olajide scaled through second reading at plenary.
Dekeri while presenting the bill said solid minerals were the bedrock of Nigeria’s economic strength in the years before independence.
He said: “These riches were not simply hoarded; they were wisely invested. The roads we travel on,
the schools our children attend, the hospitals that care for the sick – all these were built on the foundation of solid minerals.
“Even the oil industry, the lifeblood of our modern economy, received its initial spark from these resources.
“We must awaken this sleeping giant, unlock the potential of our solid minerals once more, and write a new chapter of prosperity for all Nigerians, as every component state
of our nation is a potential solid mineral-producing state.
“These minerals are not just buried treasures; they are the launchpad that will propel all of Nigeria forward.
“The establishment of the commission will diversify, boost income for virtually all states of the federation, promote inclusiveness, increase our Gross Domestic Product (GDP) and attract Foreign Direct Investment (FDI) for the benefit of Nigerians”
The youths, chanting war songs and displaying placards demanded implementation of section 236 of the Petroleum Industry Act (PIA) for Onuebum community.
The IYC Chairman (Ayama Clan), Samson Lucky said: “We are in Onuebum to counter the anomalies of the Sterling global in the areas of the non-conduct of EIA, the disrespect to the Onuebum community and disregard for extant laws.
“We call on the company to resume discussion with the community and respect the relevant laws. The company has also rebuffed and shunned efforts by the IYC to assist in the resolution of the contentious issues,” the IYC said.
Speaking to newsmen, the traditional heads of the Onuebum community led by the paramount ruler, HRH Obanema Kine Kobolota Osain Ogo XVI and his Deputy, John Edede, Opalama XIII confirmed that the IYC and the other youths of the community, the state government should call SEEPCO to order.
Osain, while speaking on the development, said the community had been on the path of peace and prevailed on the youths to avoid acts that will throw the community into violence.
“When they invaded our ancestral land and desecrated our forest and burial sites, we retrained the youths against acts that will instigate quarrel. The company and its agents are behaving as if they are above the laws.
“What we are asking is for the company to conduct EIA and respect existing laws. Instead of complying, they embarked on divisive tactics. They have disregarded the community authority. We call on the state government to call SEEPCO to order,” he stated. He also called on the Federal Ministries of Petroleum Resources, Environment and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to call SEEPCO to comply with the PIA, EIA Act and local content laws in line with industry best practices.
Onyebuchi Ezigbo in Abuja
Despite emergency interventions being spearheaded by the Nigeria Centre for Disease Control and Prevention (NCDC), death toll from cholera epidemic has risen to 63 lives
The Centre said that a total of 2,102 suspected cases and 63 deaths have been recorded across 33 states and 122 local government areas with a case fatality rate of 3.0 percent since the beginning of the year.
It said: “As of 30th June 2024, a total of 2,102 suspected cases and 63 deaths have been recorded across 33 states and 122 LGAs with a case fatality rate of 3.0% since the beginning of the year. Of the top 10 states (Lagos, Bayelsa, Abia, Zamfara, Bauchi, Katsina, Cross River, Ebonyi, Rivers and Delta) that contribute about 90% of the cases, 7 of them are Southern states".
While giving update on national cholera outbreak response, Director General of NCDC, Dr. Jide Idris, said the Centre has conducted assessment of cholera readiness and preparedness capacity in 22 hotspots and high-burden states.
He said that report of gaps identified were shared with the states, so as to guide their preparedness
activities before the outbreak.
Idris also said that NCDC has provided relevant guidelines, SOPs and advisories to states, with a view to guiding their technical readiness and how to respond to the outbreak
The DG further said that a National Cholera Multisectoral Emergency Operation Centre (EOC) was activated with an array of subject matter experts and providing strategic coordination to check the escalation of the water-borne disease.
According to Idris, the Emergency Operations Centre meets daily to provide periodic situation report for stakeholders.
"This also ensures effective mobilization, harmonization and distribution of resources to support the affected states. This is done through the relevant thematic areas of response that cover coordination, surveillance, case management, infection prevention and control, risk communication and community engagement, water sanitation and hygiene, vaccination, logistics, research with a costed incidence action plan for the response developed and being implemented," he said.
The DG said that prior to the activation of EOC, the NCDC, through the National Cholera
Technical Working Group had carried out the following prevention and response activities including; distribution of medical supplies for case management, infection prevention, and control, laboratory diagnosis, etc. to all 36 plus one states, provision of offsite/onsite technical support to states and follow up for daily reporting and progress with response activities
Idris listed the challenges fueling the current spread cholera across the country to include; open defecation, inadequate safe water and poor sanitation, capacity gap among health workers and weak regulation.
On the issue of open defecation, the DG said that only 123 (16 percent) of 774 LGAs in Nigeria are opendefecation free, adding that more than 48 million Nigerians practice open defecation
He said that Jigawa is about the only open defecation free state in Nigeria.
Idris further attributed the cholera outbreak to inadequate toilet facilities while pointing out that existing ones even in many government facilities were not well maintained.
In addition, the NCDC DG explained that inadequate safe water and poor sanitation have
contributed to the disease scourge in the country.
According to him, only 11 percent of schools, 6 percent of health facilities, and 4 percent of motor parks and markets, have access to basic water, sanitation and hygiene services.
Speaking further, Idris said that, "Poor waste management practices poor food, environmental and personal hygiene practices, capacity gap among health care workers at the state and LGA levels, weak regulation on construction of soak away and bore holes" were among the major causative factors driving the cholera disease in Nigeria.
He also said that inadequate implementation and enforcement of public nuisance law and other relevant public health laws and inadequate capacity at state level – delayed disease reporting and response action.
According to him, "Capacity gap among health care workers at the state and LGA levels, poor regulation of food vendor and commercial water supply on hygiene.
"Weak regulation on siting of boreholes and wells, which are close to sewage or toilets pathways. Low knowledge and practice of basic hygiene such as hand washing."
Adedayo Akinwale in Abuja
A member representing Bonny/ Degema Federal Constituency of Rivers State, Cyril Hart, in the House of Representatives has accused the Deputy Speaker, Hon. Benjamin Kalu, of discriminating against first-term lawmakers, especially during debates.
Hart made the allegation, Tuesday, during debate on a matter of urgent national importance on the recent suicide bombing carried out in Gwoza, Borno State by the Boko Haram elements.
The lawmaker had raised his hand fruitlessly for him to be called by Kalu to contribute to the debate.
While he was speaking, other first-time lawmakers applauded Hart. Most of the lawmakers that contributed to the debate were ranking members, including Chairman of the Committee on Navy, Hon. Yusuf Gagdi, former Deputy Speaker; Idris Wase; Chairman of the House Committee on Defence;
Hon. Babajimi Benson, and Hon. Dasuki Abdussama from Sokoto State, were recognised to contribute to the motion.
After the debate, Kalu was about to put the motion to a voice vote when Hart raised a point of order.
His words: “You don’t give preference to first-timers; most of the lawmakers you gave opportunity to contribute to the debate are ranking members. This is what you always do. You need to allow for first-timers. You need to listen to new ideas.”
Responding, Kalu explained that lawmakers are recognised to speak based on their seating arrangements, adding that if someone is not in the designated row, they may be overlooked.
“There is no discrimination in the parliament. Lawmakers are recognised based on the sitting arrangements,” Kalu maintained.
Not satisfied with Kalu’s explanation, a furious Hart exited the chamber.
Onyebuchi Ezigbo in Abuja
The Senior Staff Association of Nigerian Universities (SSANU) has said that it will embark on a nationwide industrial action tomorrow, Thursday, July 4, along with sister union, the Non-Academic Staff Union of Universities Associated Institutions if the four months salaries withheld by government were not paid to members.
In a communique issued at the end of the 48th Regular National Executive Council (NEC) meeting of the Senior Staff Association of Nigerian Universities (SSANU), held on Thursday 27th and Friday 28th June, 2024 at the University of Benin, Benin City, Edo State, SSANU said that government has failed to failed to keep its promise of paying the
outstanding salaries.
Government had ordered the payment of the salaries of the university staff withheld in 2022 following their industrial action to protest government's inability to honour a collective bargaining agreement willingly signed by all parties.
However, in the communique signed by its National President, Comrade Mohammed Haruna Ibrahim, SSANU expressed utmost dismay at what it described a unprecedented level of government's insensitivity and deliberate resolve to cause chaos in the university system by adopting the divide and rule policy to set unions on a collision course through preferential treatment of one union over others.
The communique read: "While we
do not begrudge the payment made to our colleagues, we expected same gesture to be extended to SSANU and NASU that legally complied with all procedures before embarking on the industrial action.
"Despite all promises and media hypes by the Ministers of Education and Labour, including the House of Representatives to pay these arrears, government has continued to dribble SSANU, even after the mutual agreement to suspend the one-week warning strike in March this year.
"NEC in session deliberated on the matter and unanimously approved a long drawn comprehensive industrial action after concurrence with the Joint Action Committee meeting of SSANU and NASU scheduled for Thursday 4th July,
Michael Olugbode in Abuja
Africans Rising and 400 civil society organisations and movements across Africa and the diaspora have sent a strong letter to President of Kenya, William Ruto to stop the clampdown on protesters.
The letter and the massive support for it show the widespread solidarity of African people for the cause of the Kenyan people against misgovernance, corruption and economic hardship.
The letter made the following specific demands of the Ruto
government: “Stop killing protesters; Stop the abductions of protesters, produce all those who have been abducted, investigate and punish perpetrators and desist from such acts; Respect the human and constitutional rights of protesters.
“All those who have been arrested for protesting must be released immediately and unconditionally; Instead of confronting protests with violence, the government can respond to the protesters' demands against over-taxation, corruption and misgovernance.”
The letter also noted that “even though the protests have abated, concerns remain that participants in the protests do not feel safe”.
It mentioned the track record of Kenyan security forces following up on organisers of protests, intimidating, abducting and abusing their human rights, and cautioned the government that the coalition will monitor and take on any post-protest acts of abuse.
The letter said: “We believe that in the spirit of Ubuntu, whatever affects one African affects all Africans.”
2024, if government fails to pay the four-month salary arrears.” On the implementation of wage award to cushion the effect of fuel subsidy removal, SSANU lamented the inability of federal government to sustain the payment of the N35,000 wage award, adding that while payment has ceased for three months now, most states are yet to effect payment of the wage award to members.
SSANU urged the federal government to immediately resume the payment of the wage award alongside the accrued three months arrears without further delay. It also called on state governments that are yet to commence payment of the award to start payment with the arrears accruing therefrom. On new minimum wage, SSANU noted that since the issue of minimum wage is on the Exclusive Legislative List and not on the Concurrent List, the federal government is expected to decide on an acceptable minimum.
"SSANU therefore rejects in strong terms the proposal of the Southern Governors’ Forum in negotiating the new minimum wage with their respective state labour centres," the union it said.
SSANU said that if the new minimum wage is not fixed urgently, it will join forces with other labour unions to shut down the system. While applauding the inauguration of Governing Councils of Federal Universities, the union called on government to as a matter of urgency reconstitute a new committee for the renegotiation of the SSANU/ FGN 2009 Agreement as the issue is long overdue.
The five governors of the South East region rose from a meeting in Enugu on Tuesday, resolving to pursue regional security and economic integration as well as the release of Mazi Nnamdi Kanu.
This was contained in the communique issued by the governors at the end of their meeting where former President Chief Olusegun Obasanjo, Chief Emeka Anyoku, and some elder statesmen paid them a courtesy call before the commencement of their meeting at the Government House, Enugu.
In the communique signed by Governor of Abia State, Dr. Alex Otti; Governor of Anambra State, Prof. Chukwuma Soludo; Chairman, South East Governors' Forum and Governor of Imo State, Senator Hope Uzodimma; Governor of Enugu State, Dr. Peter Mbah and Governor of Ebonyi State, Hon. Francis Nwifuru, the governors also said they would interface with the federal government over critical issues concerning the region.
The communique presented by Governor Uzodimma read: “The Forum commiserated with Govern-
ment and people of Abia State, Ebonyi State, Imo State, South East, Nigeria and Chief Ogbonnaya Onu’s Family on the demise of His Excellency, Dr. Ogbonnaya Onu.
“The Forum received the delegation of the Former President Chief Olusegun Obasanjo GCFR, Chief Emeka Anyaoku, GCON and His Royal Majesty Igwe Nnaemeka Achebe CFR, Obi of Onitsha, who came on a solidarity visit to the forum.
“The Forum deliberated on the reviewed report of the South East Security and economic Summit held in Owerri on 28th September, 2023 and agreed to implement the aspects of the report pertaining to security and economic integration and affirmed its desire to put actionable plans on the key issues agreed.
“The Forum resolved to visit Mr. President to discuss pressing issues concerning the South East Region.
“The Forum also resolved to interface with the federal government to secure the release of Mr. Nnamdi Kanu.”
Meanwhile, the governors equally announced the constitution of a burial committee for the burial of the first
civilian governor of old Abia State, Dr. Ogbonnaya Onu, with former President of the Senate, Senator Ayim
Alex Enumah in Abuja
The Legal Practitioners Privilege Committee (LPPC), has shortlisted 98 lawyers for the conferment of the rank of Senior Advocate of Nigeria (SAN) for the year 2024.
The names of the shortlisted applicants are contained in a document signed by the Chief Registrar of the Supreme Court of Nigeria and Secretary, Legal Practitioners’ Privileges Committee Federal Judiciary, Hajo Sarkin Bello, dated July 1, 2024.
The document though not officially released however surfaced in the media, Tuesday night, has 87 advocates and 11 academia.
“The Legal Practitioners’ Privileges Committee (LPPC) by this Notice announces the shortlisting of ap-
plicants for the conferment of the rank of Senior Advocate of Nigeria for the year 2024”, the document read in part.
It also called on the public to comment on the integrity, reputation, and competence of the above-listed applicants.
“Every complaint(s) must be accompanied by a verifying affidavit deposed to by the author before a Superior Court of Record in Nigeria or before a Notary Public and be in twenty (20) copies”, the document added.
It however stressed that the publication of the names of the shortlisted applicants is not an indication of their success in the process.
Among those in the advocate category in order of security are;
Onuminya
Despite outcry, the Sokoto State Government, yesterday, at a public hearing, presented a bill to the state House of Assembly to amend a section of the state laws, striping the Sultanate Council of its power to appoint village and district heads in the state.
Addressing the hearing at the mini chamber of the assembly, Commissioner for Justice, Nasir Muhammad Binji, explained that the former law, which was presented to the assembly for amendment was inconsistent with Nigeria's constitution.
He noted that in the Nigerian constitution, the power only lay with the three arms of government – the Executive, Legislature and Judiciary – not institution, stressing that the power to appoint was solely vested in the executive arms of government.
He further clarified that the Sultanate Council still retained the power to recommend the village and district heads for appointment in subject to governor's approval. Binji explained that the proposed amended law was non political nor a means to strip Sultanate Council of its power.
Other sections of the law to be amended, according to Binji, were sections to extend the tenure of elected local government chairmen from two years to three years.
Also, in section 76 subsection h of the law, the commissioner said the phrase the governor has 'absolute' power to appoint the caretaker committee chairmen of the local government.
He explained that absolute would be removed from the clause as the word is ambiguous.
In his contribution, the Commissioner for Local Government and Religious Affairs, Ibrahim Dadi Adare, said the amendment of the law was a good step in a right direction.
Chairperson of the coalition of civil society organizations (CSOs), Bello Gwadabawa, also said if the amendment was for the purpose of good governance, the organisation was in support of it.
However, the representative of Sultanate Council at the hearing and the district of Kilgore, Dr Muhammad Jabbi Kilgore, said before now, the council had always consult the government before appointing or taking any decision concerning any village or district head it.
In it submission, Sokoto DNA
a non governmental organisation, said it was against the amendment of section 75 and 76 which strip Sultanate Council power of appointing village or district heads. Leader of the group and former member house of representatives representing Dange/Shuni/Tureta and Bodinga federal constituency, Dr
Balarabe Kakale,explained that the amendment would whittle down the power Sultanate Council.
THISDAY gathered that if the law was amended, the salary of the traditional rulers in the state would be paid by the ministry of local government and religious affairs instead of Sultanate Council.
Meanwhile, in the academic
Alake to FG: Declare July 13 Wole Soyinka Day
James sowole in Abeokuta
The Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo, yesterday, asked the federal government to declare July 13 every year, as Wole Soyinka Day.
The monarch, also called on the federal government to confer the second highest national honour, Grand Commander of the Order of Nugeria (GCON), on the Nobel Laureate.
In celebration of the Nobel Laureate, the monarch on behalf of all sons and daughters of the kingdom, at home and the world over, announced that henceforth, July 13th, shall be celebrated as Wole Soyinka Day.
Oba Gbadebo, made the call and the announcement, during a Royal Press Conference and Lunch, organised to highlight two-day event for the forthcoming 90th birthday of Soyinka, coming up on 12th and 13th July, 2024.
The 90th birthday celebration has been themed: "Defiance and Creativity: A Celebration of Soyinka's Artistic
Ingenuity and Impact on Nigeria, Africa and The Entire World."
He said the people of Egbaland, decided to organise a special 90th birthday celebration, for Soyinka, because of his global recognition and giant strides in the field of literature.
Alake noted that the literary icon, who is an indigene of Ake in Egbaland, deserved to be celebrated elaborately during his forthcoming 90th birthday by his kinsmen, for bringing international honour to Egbaland, Ogun State and Nigeria, as the first African to win a Nobel Prize in Literature.
The monarch, said Soyinka had brought much honour to Nigeria, through his literary works, hence, he should be celebrated not only by the Egba people but Nigeria as a nation. Highlighting events lined up for the celebration, Alake said the events included arts exhibition by pupils of Saint Peters Primary School, Ake, and Abeokuta Grammar School, primary and secondary school attended by Soyinka respectively.
Chinedu Eze
More than 6,000 retirees of the liquidated, Nigeria Airways Limited (NAL) under the aegis of Association of Airways Retired Workers of Nigeria (AARWN), have appealed to the federal government to return them to the Defined Benefits Scheme (DBS) like their counterparts in the other sectors of the economy.
The retirees said if they were returned to the scheme, it would enable them to get their pensions throughout their life.
Defined Benefit Scheme is a type of pension plan where the pay-out
is based on a formula that considers the employee’s employment, salary history and age. The scheme pays out a secure income for life, which increases each year in line with inflation.
The former NAL workers made this known in a letter they issued, dated May 20, 2024 and signed by the Chairman and Vice Chairman Stephen Onuh and Ahmed Sulugambari respectively.
The letter stated that the retirees were seeking audience with the Minister of Aviation and Aerospace Development, Festus Keyamo, to properly inform him of their plight
and seize the opportunity to express their displeasure over the attitudes of some of the staff of the ministry in response to their predicament.
The retirees, who reinforced their quest with the letter to the minister had in December last year petitioned President Bola Tinubu, to press home their demands for inclusion in the DBS, saying the retired staff were until the liquidation of the airline in 2004 by former President Olusegun Obasanjo, enrolled in the scheme. They claimed that they were controversially removed from the scheme by the government after the liquidation of the airline.
The letter dated December 5, 2023 and addressed to Tinubu, insisted that pensioners were never paid off, but paid till they die.
The retirees also argued that the N45 billion severance package, which some of its members benefited from in December 2018 was part of their accumulated 10 years pension arrears suspended by the federal government after the liquidation of the defunct national carrier in 2004. The petitioners comprised those who had retired from the airline before the national carrier was liquidated by the government in 2004.
Olawale Ajimotokan in Abuja
In open support and a ringing endorsement, President of the Senate, Godswill Akpabio, yesterday, scathingly rebuked Senator Ireti Kingibe over her remarks against the FCT Minister, Nyesom Wike.
Senator Akpabio delivered the reproach at the official flag-off ceremony for the construction of Kugbo Bus Terminal in the Federal Capital Territory.
Kingibe, the senator representing the FCT, had thrown jibes at Wike on Arise News Network, accusing the minister of not carrying her along, among other sundry allegations.
But Akpabio, who was the guest of honour at the inauguration of the bus terminal, urged Wike to ignore the distraction from Kingibe.
"A lot of people will say things. I saw a legislator on television saying something about and mentioning the fact that she was not carried along. Well, she is a member of senate, when decision is taken, she is bound
farming to commercial agriculture and from artisanal mining to attracting major miners.
Aganga stated, “We also need to eliminate excessive custom duties, levies, regulars, and multiple regulators with overlapping mandates.”
Earlier, President of MAN, Otunba Francis Meshioye, thanked participants for honouring the invitation after several postponements, and expressed gratitude to Tinubu for the opportunity to host the summit at State House.
Meshioye said since the association opened communication with the office of the vice president, they had been receiving tremendous support and collaboration from the presidency.
The MAN president said the summit was organised to interrogate the evidence behind the constraints demeaning the performance of the industrial sector and to think and agree with the government on what to do to address them.
He stated, “The ultimate goal of the meeting is to reposition the sector on the path of accelerated growth, enhance its competitiveness and reap its multiplier effect on the economy and the wellbeing of the citizenry.”
Highlighting the factors diminishing growth in the sector, Meshioye
by the decision.
"Please, ignore every distraction and then rest assured that no matter what you do, not everyone will praise you. No matter what you do other will still try to find fault.
"Look at where we are today, we are now about to flag-off a major infrastructure that will touch the lives of people from Kugbo, Nyanyan, Karu and others.”
Akpabio described the project as a significant milestone in the on-going efforts to enhance the infrastructure and public transportation system of the nation's capital city.
"The development of these bus terminals is more than just a construction project; it is a testament to the good works and commitment of President Bola Tinubu's government to the progress and modernisation of Nigeria," he said.
The Senate President said the terminal would serve as a vital hub that would facilitate the efficient movement of people, reduce traffic congestion and improve the overall
stated, “The prevailing microeconomic environment places severe strains on the manufacturing sector,” adding, “This is adversely affecting jobs and livelihoods of the citizens.”
In a separate development, the Lagos Chamber of Commerce and Industry (LCCI) commended CBN for stopping the Price Verification System (PVS) portal.
Almona said, “The LCCI commends the CBN for this strategic move and reaffirms our commitment to continuing our advocacy efforts to foster a business-friendly environment in Nigeria.
“We look forward to further collaborations with the CBN and the government to ensure that policies are in place to support the growth and development of the private sector, ultimately driving Nigeria’s economic prosperity.”
According to her, discontinuing the PVS would have several positive impacts on the Nigerian economy
She said, “By removing the Price Verification Report requirement, businesses will experience reduced delays and lower operational costs.
quality of life for residents and visitors alike in the city.
He also noted that the Kugbo Bus Terminal was designed to be state-of-the-art facility, equipped with modern amenities to ensure comfort, safety, and convenience for all users.
Akpabio stated that the project was in tune with broader vision for Abuja as a model city, not just within Nigeria, but across the entire
African continent, saying with the terminals, government was laying a solid foundation for sustainable urban development.
He lauded, however, Wike for the remarkable strides he made within a period of one year in transforming the capital into a modern city with efficient infrastructure.
Wike, in his remarks, applauded Akpabio for accepting to personally
flag-off the project as well as the chairmen of the Senate and House Committee of FCT for their support through funding in the 2024 Appropriation Act.
He assured the project would be completed and ready for use in in the next 12 to 15 months and would guarantee the safety of commuters, as those who would be saddled with the running of the parks were already working and planning towards its take-off.
"The project when completed would be operated by a private body, not the National Union of Road Transport Workers ( NURTW). We will ensure that whatever is obtainable in developed countries in the sectors would be done here to enhance patronage and confidence," he said.
The Labour Party (LP), has set up a 22-member Electoral Reform Committee to articulate its position
This will streamline the importation process, allowing timely access to essential inputs and fostering higher production levels in the manufacturing sector.
“The reduction in bureaucratic bottlenecks will make Nigerian businesses more competitive on a global scale. Lower operational costs and improved efficiency will enable businesses to offer more competitive prices, increase market share, and expand their export potential.
“The policy change aligns with the CBN’s mandate of maintaining price stability and promoting sustainable economic growth. By reducing the cost of doing business and enhancing supply chain efficiency, the policy is expected to exert downward pressure on production costs, thereby curbing inflation.
“With importers having more certainty about the pricing of the goods, they can plan better and reduce incidences of losses due to unexpected higher prices from such automated price verification systems.”
CBN had introduced the PVS portal to ensure accurate pricing of goods and services for foreign exchange transactions, and prevent over-invoicing and under-invoicing.
Although it was intended to
on how to reform Nigeria’s electoral system for optimal performance.
National Secretary of the party, Umar Farouk, in a statement in Abuja, yesterday, said the LP has
foster fair pricing in Nigeria’s import and export business, LCCI pointed out that “PVS Portal had inadvertently become an impediment to business operations, particularly for importers.
“The mandatory Price Verification Report for completing Form ‘M’ added bureaucratic hurdles and operational inefficiencies that negatively impacted the business community.”
Almona recalled that LCCI, representing the interests of the organised private sector, had continuously highlighted the challenges to the CBN and the government.
She said, “Our concerted efforts, including engaging in dialogue with key stakeholders and presenting data-driven evidence on the adverse effects of the PVS, have culminated in this favourable outcome.
“The high level of responsiveness of the present government to our advocacy on several issues affecting the private sector is, indeed, commendable.
“The chamber is also delighted with the similar stance on exempting Small and Medium Scale Enterprises (SMEs) from withholding tax, and the suspension of VAT and import duties on medical supplies.
named Dr. Sam Amadi as Chairman with Comrade Ayo Olorunfemi the current Deputy National Chairman as alternate Chairman.
The party has also called on the Independent National Electoral Commission's (INEC) to suspend the planned reelection for Enugu Urban State constituency a day after its candidate for the election was jailed.
The statement read: “This is to inform members of the public that the leadership of the party has approved the follow persons to serve as members of Labour Party Electoral Reform Committee.
“They are mandated to carry out a holistic review of the electoral process that will guarantee free and fair elections. The committee is given three months to submit its report to the party. The members are as follows:
“Hon. Dr. Sam Amadi – Chairman, Comrade Ayo Olorunfemi – Alternate Chairman, Mrs Dudu Manuga –Secretary, Comrade Adekunle Rotimi – Alternate Secretary, Barrister Calistus Ihediagwa – Alternate Secretary.
“Nasiru kura, Alex Ejeseme – SAN, Hannah Amina Yahaya, Hon.Chijioke Edeoga, Sen. Tony Nwoye, Mike Igini, Hon. Benedict Etanabene, Hon. Esosa Iyawe, Nuhu Toro – (TUC), Mohammed A. Raji, Martins Egbanubi – (TUC), Mohammed Sabitu Aliyu, Obaze Oseloka, Hon. Oke-Joe Onuakalusi, Hon. Auwal Aliyu Tafoki, Prof Onje Gye-Wado and Dr. Ishaku Adam.”
The committee will be inaugurated
tomorrow.
Meanwhile, the party has also called on the National Judicial Council (NJC) to initiate a disciplinary action against the Attorney General of Enugu State, the Honourable Chief Judge of Enugu State, the Deputy Chief Registrar, and the controversial Magistrate, Justice E. D Onwu for over reaching their professional dictates and bringing the judiciary to opprobrium and disrepute.
Labour Party's Deputy National Chairman, Dr. Ayo Olorunfemi, made these known while addressing the media in Abuja on Tuesday.
"We have it on good authority that to our utter dismay and disbelief that the Independent National Electoral Commission's (INEC) in a swift decision has fixed a reelection for Enugu Urban State constituency just a day after the unjust jailing of the election's rightful winner.
“This hasty move undermines the principles of justice and fair play, raising serious concerns about the integrity of the electoral process. We are therefore urging INEC to reconsider this decision and to suspend any further action as regards the Enugu South Rural Constituency election until further notice.
“This we believe will not gift an undue advantage to a particular party over the rest pending the conclusion of the legal processes arising from this undemocratic actions being perpetrated in Enugu state. INEC must ensure that the will of the people is respected."
Managing Director/CEO of Solewant Group, Mr. Solomon Ewanehi (left), and Chief Executive Officer/Editor-in-Chief of Offshore Africa Magazine, Gilbert Da Costa, during the award of the magazine’s ‘Oil and Gas Contractor of the Year’ to Solewant at the magazine’s third anniversary summit and award ceremony in Accra, Ghana... recently
Francis Sardauna inKatsina
Gunmen suspected to be terrorists have killed one Dr. Tiri Gyan David, a lecturer with the Federal University Dutsinma (FUDMA), Katsina State, and kidnapped his two children and a female student of the institution.
A lecturer of the institution, who craved anonymity, told THISDAY that the suspected terrorists killed David in his residence at Mustapha Nuhu Kuki layout in Dutsinma metropolis in the wee hours of yesterday.
invaded the layout with sophisticated weapons and fired sporadically, forcing residents of the area to scamper for safety before unleashing their mayhem.
After killing the lecturer, the source said, the hoodlums abducted his two children and a female student of the university identified as Aisha during the invasion. He explained that the terrorists
Blessing Ibunge in Port Harcourt
An investor and operator of The Beer Barn in Rivers State, has tasked the federal government on reduction in energy tariffs and improved power supply, lamenting that facility spends about N4mllion on diesel to generate its power monthly.
The Beer Barn, is a popular nightclub bar which branches are located in Port Harcourt, Lagos and Abuja.
Speaking during the Port Harcourt’s Beer Barn’s 10th anniversary, the General Manager
of the club, Mr. Toni Cheikwafa, said despite the challenges, especially the high cost of doing business, it has successfully maintained 300 employees in its efforts to help in solving the problems of joblessness.
Cheikwafa, who said they are interested in human capacity development, stressed that the firm currently places emphasis on survival instead of posting high profit margin.
He said: “We are always keeping it up. We have faced many challenges. Every business has challenges.”
The federal government has concluded plans to empower no fewer than 5,000 National Youth Service Corps (NYSC) members with N10 million each, the Minister of Youth Development, Dr. Jemila Ibrahim, disclosed in Paiko town of Niger State yesterday. The minister also announced that a National Youth Skills Programme would be launched soon to also train one million young Nigerians in diverse fields, including technology and agriculture.
Ibrahim made this known at the swearing-in ceremony of the 2024 Batch B, Stream 1 orientation course in Paiko where she also said that the ministry had started receiving applications for the ‘restructured’ Nigerian Youth Investment Fund (NYIF) which will commence from this month for young people to access financial support.
She, therefore, advised youths across the country to utilise the NYIF to bring their business ideas to life, adding that they should fully embrace the NYSP “to gain new competencies and develop well-rounded skills.”
Mary Nnah
The General Overseer of Love Base Assembly, Festac Town in Lagos, Rev. Mike Iwunze, has urged Nigerians to draw strength from within to overcome the current economic challenges in the country.
Despite the hardships, Rev. Iwunze remains optimistic, encouraging individuals to embrace resilience and self-reliance, citing his personal experiences of overcoming adversity.
He said this while addressing journalists during a media chat
heralding the church anniversary, the fullness of praise (Judah) programme and his 65th birthday celebration scheduled for July 4 to 7 with the theme: ‘God of Rest’.
Iwunze, while emphasising that difficulties can lead to better days, said: “In a time of famine and destruction, my people will laugh,: quoting from Job 5:22.
“Whatever we are passing through today is a preparatory ground for a lot of people to return to farming and other ventures that can help the country. We need to get involved in something.”
He said: “They (terrorists) came to this layout at about fifteen minutes to 2.00 a.m today (Tuesday) with dangerous weapons, riding on motorcycles and started shooting
sporadically. After some minutes, they moved into the house of Dr. Tiri Gyan David and shot him dead.
“After killing him, they kidnapped his two children and a
female student of our institution. It’s indeed a sad development for the university and her entire lecturers. The whole community has been thrown into mourning.”
Yinka Kolawole in Osogbo
The Osun State House of Assembly has passed into law a bill to establish the Osun State Public Complaints and Anti-Corruption Commission
in the state.
The bill was passed into law yesterday, after its third reading by the house and a consequent voice vote.
The Speaker of the House, Rt. Hon. Adewale Egbedun,
however, directed the clerk, Mr Simeon Amusan, to prepare the clean copy of the bill for Mr Governor’s assent.
The Bill consists of 58 clauses and will provide a legal framework to fighting corruption in the state.
Egbedun expressed his confidence in the Bill, stating that it provides necessary tools to fight corruption and promote accountability in the state.
The House later adjourned, sitting to Monday, 8th July, 2024.
Deji ElumoyeinabujaandSunday Aborisadeinabuja
The President of the Senate, Godswill Akpabio, has commiserated with his predecessor, Senator Bukola Saraki over the death of his mother, Madam Florence Morenike Saraki, aged 88, who passed on recently.
Akpabio led a delegation of
the Senate comprising Deputy Senate President, Senator Jubrin Barau; Senate Leader, Senator Bamidele Opeyemi; Senator Saliu Mustapha and Senator Natasha Akpoti-Uduaghan among others to Saraki’s Abuja residence.
Similarly, wife of the President, Senator Oluremi Tinubu has extolled the virtue of mothers saying they
wife over mother’s death
are the ones who largely help shape the lives of their children.
Mrs Tinubu stated that yesterday while on a condolence visit to the wife of the Vice President, Hajia Nana Shettima, who recently lost her mother.
Akpabio described the loss of one’s mother as saddening, according to a statement by the Special Assistant on Media and Communication to the Senate President, Anietie Ekong.
The statement quoted Akpabio as saying: “We received the news of the demise of your mother with great sadness realising the impact the loss must be having on yo– u and the entire Saraki family. A mother is a mother. It is not an easy thing to lose a mother no matter the age.”
Bauchi State Governor, Senator Bala Abdulkadir Mohammed has called on the 2024 Batch ‘B’ Stream I corps members deployed to the state for national service to take lead in advocating for national transformation and development.
The governor made the call
in his address at the swearing-in ceremony of the corps members for their three weeks orientation course held yesterday and charged them to work towards achieving the NYSC’s objectives of national unity and development.
Governor Mohammed, who was represented by his deputy, Rt.
Hon. Mohammed Auwal Jatau, said the state government will assist the corps members in every possible way to ensure the success of the scheme in the state and stressed the need for them to heed the nation’s call to serve with increased dedication and commitment.
According to him, “I offer my heartfelt congratulations to you on the successful completion of your academic pursuits which have enabled your participation in the national service. The people of Bauchi State are supportive of and aligned with the goals and principles of the NYSC.
The Presidential Amnesty Programme(PAP) and the Niger Delta River Basin Development Authority (NDRBDA) have agreed to partner on the food security project of the NDRBDA aimed at boosting massive agricultural activities to tackle food problem in the region.
The two federal agencies reached the understanding when the Managing Director/ Chief Executive Officer of the NDRBDA, Prince Ebitimi Amgbare, visited the PAP Administrator, Dr Dennis Otuaro, in his office in Abuja on Monday.
Speaking during the visit, Otuaro assured Amgbare of the PAP’s readiness to support the project titled,”Food Security is the Real Security”, saying that the Niger Delta was endowed with a fertile soil and an attractive farming climate for sustainable food production and entrepreneurship in the region. He noted that the NDRBDA initiative would complement the PAP’s focus on closing the gap of human capital development and fostering the sustainable peace, stability and security of the region and indeed the country in general.
Bassey Inyang in Calabar
Cross River state Governor, Senator Bassey Otu , has expressed gratitude to President Bola Ahmed Tinubu for directing that work should commence on the Calabar axis of Lagos-Calabar
Coastal Highway. Otu also appreciated Tinubu for graciously approving the construction of Calabar- Ebonyi-Benue-KogiNasarawa-Abuja Superhighway as major signature projects of his ‘Renewed Hope Administration.’
The governor, in his appreciation letter, dated 1st July, 2024, said: “Section 3A of this Project traverses 11 communities in Our dear State namely: Okpoko, Ikot EfiokEkpenyong, Ikoneto, Obot Eyo, Obot Akpang, Ekpri Adiabo, Ifako
Okoyong, Ikot Eno, Aru Unayama, Njahasang, Okoyong Usang Abasi with a total length of 38KM and we are grateful that 92KM from the Calabar- Ebonyi-Benue-KogiNasarawa-Abuja Superhighway falls within Cross River State.”
Ayodeji Ake
Following the latest seizure of a container of arms and codeine by the Nigerian Customs Service (NCS) in Port Harcourt, Rivers State, the Arewa Think Tank (ATT)
said its recent commendation of the Comptroller General of Customs, Bashir Adewale Adeniyi of winning the war against smugglers had been justified.
The Chief Convener of Arewa Think Tank, Muhammad Alhaji
Yakubu, had penultimate Thursday said the Customs boss should not be discouraged in the fight against smugglers to improve the federal government’s revenue base. However, in a statement yesterday, Yakubu said: “We are
delighted that Nigerian Customs intercepted a container of arms and codeine in Port Harcourt, Rivers State barely a week after ATT commended the Customs boss for a good work by ensuring that smugglers are defeated.
Brazil football legend Pele will be honoured in his home country by a commemorative day baptised "King Pele Day", reported Tuesday's edition of the government gazette.
Considered by many the great-
est footballer of all time, Edson Arantes do Nascimento – better known as Pele – won three World Cups with Brazil and scored more than 1, 000 goals over his storied career.
"King Pele Day" will be held
on 19 November – the date on which the striker scored his 1 000th goal in a match for boyhood club Santos at Rio de Janeiro's iconic Maracana Stadium in 1969.
Pele's goal came from the penalty spot in a 2-1 win against
Vasco da Gama, and the match was momentarily interrupted as supporters invaded the pitch to celebrate O Rei's (The King's) achievement.
The Tres Coracoes-native dedicated his landmark goal
his 1,000th goal iconic
to the "poor children of Brazil".
The following year, he won the last of his three World Cups as part of the legendary 1970 Brazil team.
Pele died on December 29, 2022, aged 82. His passing was marked
by a period of national mourning and tributes to the sporting icon from across the globe. The law creating the commemorative date was promulgated by President Luiz Inacio Lula da Silva.
Substitute Donyell Malen scored twice and Cody Gakpo got his third goal of Euro 2024 to help the Netherlands see off a spirited Romania and reach the quarter-finals of the tournament for the first time in 16 years. Later in the evening, Turkey
defeated Austria 2-1 to also book a place in the quarterfinals.
Liverpool forward Gakpo opened the scoring with a brilliant finish
Argentina's Lionel Messi returned to training on Monday as they prepare to face Ecuador in the Copa America quarterfinals in Houston this week.
midway
stabbed in late on
impressive win for the Netherlands, with Romania having committed players forward, as he charged in on goal before slotting home.
It was a much-improved performance from the Netherlands, who had to deal with early pressure from an enthusiastic Romania, who were backed by their loud and colourful fans.
Romania's early pressing forced their opponents into mistakes and they gave them a scare when Dennis Man fizzed a shot just over.
The Argentine football federation said the 37-year-old did some kinesiology work before training and was with the rest of the group afterwards.
Argentina face Ecuador on Thursday.
Messi had not trained since sustaining a groin/thigh injury during his side's 1-0 win against Chile on June 25. He sat out Argentina's 2-0 victory over Peru on Saturday.
Kunle Adewale
In a bid to revitalise athletics in the region, Ogun State will host the inaugural South West Conference from Thursday, July 4 to 5, in Abeokuta, the state capital
The conference aims to set the course for athletics development over the next four years.
According to the convener, Solomon Alao, the two-day conference seeks to galvanize support for athletics in the region. It will serve as a framework for identifying and nurturing talented players. Key stakeholders, including
regional governors, will play a crucial role in driving this initiative.
The Ogun State Athletics Association has enthusiastically accepted the responsibility of hosting the maiden edition.
Prince Dapo Abiodun, the state’s governor, will be the guest of honour, alongside other governors from Oyo, Lagos, Ekiti, Ondo, and Osun.
Top coaches and athletics experts will convene to kickstart a new era in regional sports. The conference will feature diverse topics, including elite competitions, school sports engagement, athlete welfare, and governance.
In line with its renewed drive to ensure that coaches knowledge is upgraded in modern football coaching, the National Institute for Sports (NIS), Lagos is set to collaborate with Platinum Football Coaches to organise a two -day training for coaches.
The training, according to the Coordinator of Platinum Football Coaches, Nurudeen Aweroro, is scheduled to take place from July 3rd to July 4, 2024 at the National Institute for Sports in Lagos. He disclosed that the objec- tives of the clinic include to upgrade coaches in modern football technology and to Instill in them new philosophy.
"We are collaborating with the NIS in order to improve on what we did in previous editions. Our goal is to provide quality training which the NIS represents. I'm happy that we have the support of the Director-General, Professor Olawale Moronkola and his team.
“This will bring more prestige and credibility to the training. The responses we are getting show that this could be one of the best training in recent time .We also have the support of some organizations to make the event a success".
About 250 coaches are expected to take part, an improvement on the last edi- tion where about 150 coaches participated.
NIS Director-General, Professor Moronkola will declare the training open. Some top rated coaches like newly crowned Nigerian Premier Football League Champions coach, Fidelis Ilechukwu, Daniel Ogunmodede, Coach of Remo Stars and Coaches Adesina James and Jeremiah Kuhwa among others are the resource persons for the training which will be both theoretical and practical.
The event will take place at the Conference Hall of the National Institute for Sports and the Practice pitch.
But Gakpo’s goal changed the pattern of the game and they could have gone further ahead just before the break, but Xavi Simons somehow fired wide.
Romania again came out fighting in the second half but it was the Netherlands who continued to have the better chances as Memphis Depay failed to score from close range, Virgil van Dijk hit the post with a header and Gakpo’s shot after a driving run was pushed behind.
But Malen, who had come on at half-time, scored twice in the final 10 minutes to avoid any late drama, and the Netherlands can now look forward to facing either Turkey or a rematch with their group opponents Austria in the last eight.
Novak Djokovic said he was "extremely glad with the way I felt and the way I played" as he won his first match since knee surgery to reach the second round at Wimbledon.
Djokovic, seeking to equal Roger Federer's men's record of eight singles titles at SW19, beat Vit Kopriva 6-1 6-2 6-2 under the roof on Centre Court.
The Serb, 37, had an operation
on a torn medial meniscus on 5 June, having aggravated the problem during the French Open. He will next play British wildcard Jacob Fearnley.
Wearing a knee support on his right leg, Djokovic showed no signs of discomfort against the 27-year-old Czech qualifier, converting his sixth break point in a lengthy fourth game before racing through the rest of the first set.
He broke again early in the second set, stretching his right leg out to stay in a rally and then, in trademark style, converting defence into attack and forcing Kopriva into going long.
Three further breaks of serve hurried him to victory, Djokovic finishing the match with three consecutive aces as he moved to the next round in style.
"I tried to really focus on the game and not think about the knee too
much," the 24-time Grand Slam champion added in his on-court interview.
"Everything that I could do, I have done over the last three weeks, along with my team, to be able to play here for you today. I think if it was for any other tournament I probably would not have risked it, would not have rushed as much but I just love Wimbledon, love coming back here."
Former Enyimba goalkeeper, Ojo Olorunleke, was yesterday unveiled by his new Sudanese club, Al Merreikh in Omdurman.
The 28-year-old also officially signed a two-year contract with the Red Devils.
The shot stopper ended his three-year stay with former Nigeria Premier Football League champions Enyimba to pitch tent with Al Merreikh.
The fair-complexioned goaltender who two seasons ago was NPFL goalkeeper of the year with Enyimba, previously played for Kano Pillars, Sunshine Stars, Akwa United and Abia Warriors in the Nigerian topflight.
He was Nigeria’s third choice goalkeeper at the 2023 Africa Cup of Nations in Cote d’Ivoire.
Arewa Consultative Forum to Terrorists
“The fight against the criminal elements must be total and uncompromising and implemented first on firefight and later at the ideological levels...although degraded by battles with security agents, Boko Haram insurgents still retain a modicum of capability and capacity to wreck misery...on account of a misguided religious ideology. The terror merchants must be stopped from holding grounds, absolutely anywhere in Nigeria” --ACFSpokesperson, TukurMuhammad-Baba,urgestheFGtofightterroriststototalsubmission.
It feels so like deja vu; the gut hurts. All motion no movement.
The country of great prospects pushing its people to the brink of despair.
Many who can pack and leave. The poor and more vulnerable bear a disproportionate share of hunger, and disease burden like cholera and malaria that could be avoided, while self centered people of power wallow in self deceit and send attack dogs after foreign media too far away to be infected with rabiess yet can worsen things by communicating that the place is unhealthy to do business. But wisdom is not central to pursuits when the target is the emotion of those at the base of support of power.
As we have seen before, those who huff and puff end up in the dung heap of history more worthless in the esteem of peers than used toilet paper.
Have I seen this before. It appears that I have. A familiar road.
Pini Jason of blessed memory who found his columns from twenty years back seemed fresh and current, named his book: A familiar Road
On this familiar road I have been called names but lived to see their Marxism or activism disrobed and uncloaked as excuses for grabbing and misusing power for self aggrandizement often in thoughtless process that divides people, embitters many and takes away from society the cohesion enabling of the advance of the common good and significant human progress..
Yesterday’s. pro- democracy people have now joined the ranks, neither caring for democracy nor free speech. So the world continues to mock us.
This familiar road began from very early as I returned from graduate school in 1982.
At the time the fire was Marxist rhetoric. I challenged that we ought to focus on creating wealth, fighting injustice, especially those against the poor and vulnerable, governing well by assuring opportunity for all and a social safety net for the more vulnerable. They called me names. One Marxist so called thoroughly frustrated as I went toe to toe with logic against his rhetoric declared me a bourgeois apologist.
Not long after, one of the rank, Dr Iyorchia Ayu, became Senate President in the Babangida transition.
We had become friends. So he asked that I unveil him before the corporate titans. I obliged with a huge reception at my home. Just before I stepped down to welcome him and the guests I quickly glanced at a journal piece I was reading titled Marxism: the apologetics of power. It was a book review by K R Minogue.
As the guests began to leave I teased the Senate President about short cuts to power. In truth many of the more agigitated left wing radicals that entered public life showed little care for ‘the people’ and were readily co-opted and became among the most corrupt. Meanwhile the country of prospects hemorrhaged. Hope waned. But power does not notice because it appropriates a lion share of wealth not created but usurped from the gift of nature to all,. In the seasons of uncertainty opportunities abroad beckoned. Medical professionals joined the exodus to Saudi Arabia as those who came back to build a nation returned to the land
of their education.
I watched it play out in 1984 and in 1994 and now in 2024.
We have walked a familiar road again. The mood and mode becomes recursive for the economy and depressing for the citizen. Shall we just throw up our arms and lament? Grit in pursuit of the different must be the patriot’s loin cloth. But what shall we do. How should we seek salvation?
Disputed power grabs often leave a country divided as Nigeria currently is. Deep freeze comes between friends that despoils bonds thicker than bloodlines, and the legitimacy needed by public authorities to execute the common cause runs dry making governing far from optimal in effectiveness.
Those who are wise find truth in reconciling contentions, creating new shared values and inspiring new leadership more broadly appreciating of how to solve the problems confronting all, in ways considered just and fair..
Those who play raw power games and glorify realpolitik scorn talk of healing and renewal but their harvest has continued to be underperformance and Nigeria being the laughing stock of the world.
Those who thought differently have as their legacy the post- civil war reconstruction, rehabilitation and reconciliation and the scattered growth spurts of our national journey.
Five tracks of varied experience provide the templates and philosophy of the path of healing.
They come from Bob Marley, politics elsewhere, the Bible, leadership admonitions from founders of the Sokoto caliphate and studies in the Neurosciece/ Psychology nexus.
Bob Marley sings ‘woe to the downpressors. They eat the bread of sorrow.’ And that until the philosophy of injustice that considers one group ‘inferior and another superior’ or
“Those who are wise find truth in reconciling contentions, creating new shared values and inspiring new leadership more broadly appreciating of how to solve the problems confronting all, in ways considered just and fair.”
fit for hate is ‘completely eliminated and abandoned; everywhere is war’. Is everywhere in Nigeria not now war?
So Robert Nesta Marley returned to Jamaica and brought together Michael Manley and Edward Seaga who would serve as Prime Ministers of Jamaica and calmed marauding gangs. Who will still the storm of our bandits. It will be intervention beyond government.
In Malaysia, Mahathir Mohammed as Prime Minister would see clearly enough to adopt LBJs mantra that it is better for everyone to be inside the house pissing out than for some to be outside the house pissing in.
In the collection of Leadership thoughts of founders of the Soloto caliphate edited by Hammid Boboyi Sultan Bello repeatedly urges the things we are failing to do and yet hoping for growth and development.
Again, In 1956, a Spanish Catholic Priest in Rome, synthesizing scripture, urged the foundation of reconciliation as how to build to last and a heart of love as pillars of social infrastructure, what John Paul II would call a civilization of love.
Even easier to consider are advances in Neuroscience since Daniel Goleman brought Emotional Intelligence (EI or EQ) to everyday conversation.
Social and cultural Intelligence have become imperatives of leadership effectiveness .
Why is their supply so low to the powerful in Nigeria, causing their watch to deliver so much misery. The same leaders who use emotion to mobilize support over reason and rational public conversation, the meeting of democracy and modernity, cannot turn to the same emotions that created the chasm between us and them to heal and elevate human solidarity. I guess this is a new problem for centers of moral cognition.
The bottom line is that it is the weak who assume they are strong and are digging in with typical fascist methods. What the truly strong should be doing now in Nigeria is to stop pretending that things are good or can be managed. Not to act with courage now may leave anarchy as our heritage.
The cost of doing nothing is too high to play the Nigerian game with
*Pat Utomi is a Political Economist and Founder of the Centre for Values in Leadership