MONDAY 5TH JULY 2021 by THISDAY Newspapers Ltd

NIRSAL Boosts Nigeria’s Participation in $67bn Global Cocoa Market Dike Onwuamaeze The Managing Director and Chief Executive Officer of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending Plc (NIRSAL), Mr. Aliyu Abdulhameed, has

stated that the organisation is committed to enabling Nigerian cocoa farmers to benefit from the $67 billion global cocoa market. He gave this commitment during a tour of the ADT Russet Limited, in Apapa,

Lagos State, which is a beneficiary of N1.5 billion facility from the Keystone Bank that was guaranteed by NIRSAL. He said: “In a move that will help Nigeria benefit from the over $67 billion global

cocoa market, NIRSAL has provided ADT Russet Limited– a cocoa bean sourcing and exporting company in Lagos State – with 50 per cent Credit Risk Guarantee (CRG) on a working capital facility of N1.15 billion.”

He stated that NIRSAL favours the value chain approach to financing agriculture. According to him, the pull-and-push power of the midstream segment – where ADT Russet operates – can

impact pre-upstream and upstream operators, as well as downstream markets. He added that by financing the ADT Russet, suppliers of seeds, agro-chemicals, and Continuedon page 12

NNPC Rakes in N1.088tn Revenue in Five Months... Page 10 Monday 5 July, 2021 Vol 26. No 9573. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

UTH

& R E ASO

ENUGU 25°C-28°C

KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

Concern Mounts over Lawmakers’ Plan to Rig 2023 Election Ahead of Time Draft electoral bill mandates INEC, security officials to take oaths of neutrality, loyalty To swear not to accept bribe Party member that seeks appointment into INEC risks jail term Nomination of unqualified candidate attracts N10m fine Chuks Okocha and Udora Orizu in Abuja Concerns mounted yesterday over what social critics called attempts by federal legislators to rig the 2023 general election ahead of time through the manipulation of the Electoral Amendment Bill 2021. Many critics who spoke to THISDAY pointed specifically

at Section 50 (2) of the draft bill, whose consideration begins tomorrow at the National Assembly, which bars electronic transmission of results. In fact, about 22 Civil Society Organisations (CSOs) have raised the alarm over the alleged plan by the National Continued on page 12

PIB: Abia, Delta, Edo, Ondo Groups Demand Review of 3% Fund Adibe Emenyonu in Benin City, Okon Bassey in Uyo, Sylvester Idowu in Warri, Emmanuel Ugwu-Ogo in Umuahia, and James Sowole in Akure

Groups from oil-bearing communities in Abia, Delta, Edo and Ondo states have demanded an upward review of the three per cent host

communities’ fund approved in the Petroleum Industry Bill (PIB), which was passed last Thursday by the National Assembly. Clause 240 of the draft bill had proposed five per cent of the annual profit of the oil companies for host communities. Continued on page 12

ON THE DIPLOMATIC PLANE... Chairman, THISDAY/ARISE Media Group, Prince Nduka Obaigbena (left), and French Ambassador to Nigeria, Mr. Jerome Pasquier, when the Ambassador hosted the Media Leader at his Abuja residence…weekend

Chief of Army Staﬀ Hails Troops for Quelling Insurrection in South-east...Page 5

MONDAY JULY 5, 2021 • T H I S D AY

MONDAY, ͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS Chief of Army Staff Hails Troops for Quelling Insurrection in South-east Group News Editor Ejiofor Alike

Email Ejiofor.Alike@thisdaylive.com, 08066066268

Gideon Arinze in Enugu The Chief of Army Staff (COAS), Maj. Gen. Farouk Yahaya, has applauded troops of 82 Division of the Nigerian Army for quelling insurrection and arson in the South-east. Yahaya praised them during a combined special church service held in commemoration of the 2021 Nigerian Army Day Celebration (NADCEL) at St. Martin’s Military Catholic Church, Abakpa Military Cantonment in Enugu. The service was to celebrate the 158 birthday

of the Nigerian Army and its service to the nation and humanity. Yahaya, who was represented by the General Officer Commanding the 82 Division, Nigerian Army, Enugu, Maj. Gen. Taoreed Lagbaja, saluted the courage, patriotism, loyalty and commitment of the troops in defence of the nation. He congratulated the troops for their "exploits and achievements so far in the country especially in quelling insurrection, arson and other forms of criminality in the Southeast."

He said the troops had continued to make sacrifices for the peace, security and oneness of the country. Yahaya also condoled with family and friends of fallen heroes, particularly the immediate families they left behind. He said the army must take care of them and show them a sense of belonging. "We must learn to spear little bread, money and kind words for the families of our fallen heroes. ”We must do all to take care of them and show them

a sense of belonging. “We must learn to spare little bread, money and kind words for the families of our fallen heroes. “The government is trying but most times it is not enough. We must support them,’’ he added. The COAS also urged officers and soldiers to ensure they protect themselves against COVID-19, adding that all non-pharmaceutical measures of protection must be strictly observed. “Please, you do well by wearing your face masks,

washing your hands regularly with soap in running water and observing social and physical distancing as well,’’ he said. In a sermon, the Deputy Director, Chaplain Services (Roman Catholic), Col. Cosmas Nwankpa, said the celebration called for stock-taking, sober reflection, introspection and prayers for the Nigerian Army and the nation. Nwankpa urged troops to remain focused, loyal and do all to ensure peace, security and calm return to all parts

of the country. “I want officers and soldiers to remain professional in the discharge of their duties and operate within the ambit of the rules of engagement to win the trust of the civilian populace,’’ he said. The service featured special prayers for peace in the nation and protection of its leaders as well as for the success of the Nigerian Army, for retired and discharged colleagues and for the wounded, widows and orphans of the army.

Buhari Sends Get-well Message to Pope, Felicitates with Biden, US Deji Elumoye in Abuja President Muhammadu Buhari has sent a get-well message to the Head of the Catholic Church, Pope Francis, as he undergoes a scheduled surgery of the colon. Buhari has also felicitated with President Joe Biden, the government and the people of the United States as they commemorated July 4 as the 245th Independence Day and the annual celebration of nationhood. The president, in a statement yesterday by one of his spokesmen, Mallam Garba Shehu, called for prayers from Nigerians and the global community as the Pontiff goes in for this routine operation. Buhari wished the Pope a quick recovery. The president, in a separate statement by Shehu also

noted with delight how the Biden administration is working earnestly to overcome some of the country’s greatest challenges that include racism and especially the Coronavirus epidemic that has inflicted on the United States, a quarter of the global fatalities. The statement stated that Buhari is keenly watching with great interest as the Biden administration makes progress in its efforts to improve US-Africa ties and interactions for the betterment of the continent. He expressed confidence that given the shared values of democracy, rule of law and inclusive prosperity, the strategic partnership and engagements between Nigeria and the United States would continue to grow for the mutual benefits of the two countries and their peoples.

MOBILISING SUPPORT... Former Vice President Atiku Abubakar (left) and Peoples Democratic Party governorship candidate for Anambra State, Mr. Valentine Ozigbo, during his visit to the former vice-president in Abuja...weekend

PANDEF Flays Alleged FG's Selective Persecution of Southerners Wonders why homes of terrorists, bandits in the North are yet to be raided Deji Elumoye in Abuja The Pan Niger Delta Forum (PANDEF) has flayed the federal government and its security agencies for perceived selective actions against persons from the Southern part of the country. The group, according to its spokesman on Sunday, Hon Ken Robinson, emphasised that while the Military, Police, and Department of State Services (DSS) deploy forces, with incomprehensible zeal and determination against perceived trouble makers from the southern part of the country. He said: "It is surprising that we do not witness a tenth of that against bandits terrorizing the north-west, the Fulani gunmen killing citizens in some Southern and Middle Belt states, and even the Boko Haram terrorists in the North-east.

"Early last week, the nation and indeed, the world, were awakened to the announcement of the "interception" and bringing to Nigeria of the IPOB Leader, Mr. Nnamdi Kanu. And then, a few days later, it was the raiding of the home of a Yoruba rights activist, Chief Sunday Igboho [Adeyemo], at midnight, in a Gestapo manner, killing innocent citizens and destroying properties. Sunday Igboho's only crime is standing up for the protection of the lives and properties of his people and demanding selfdetermination. He was not going about killing people, kidnapping school children and destroying people's means of livelihood. The same could go for Nnamdi Kanu and his IPOB proponents, in their Biafra Republic agitations." PANDEF noted that the

agitations were the fallout of the disaffection in the country, due to the lopsidedness in the conduct of affairs by the federal government; in terms of appointments, and terms of projects, programmes and resources distribution, people are angry; citizens are not happy. According to the group, the disappointing response of the government to these protestations; raiding homes of citizens by midnight, killing innocent people and destroying properties is causing further provocation and alienation. It said: "Should citizens be harassed and killed because they are agitating that their people should be allowed to decide how they live their lives, and how they run the affairs of their communities? Because people are insisting that killer herdsmen, Fulani gunmen and criminals

should leave their forests, so that their people can live in peace? "But on the other hand, there are terrorists, bandits, and marauders, killing and terrorising citizens, kidnapping citizens at will, and destroying livelihoods; undermining the territorial integrity of the country. Yet, no home, no forest, and no community in the Muslim North has been raided or invaded, despite the horrible activities of Fulani gunmen, bandits, and Boko Haram Terrorists simply because they are Fulanis or Northerners." PANDEF stressed that if what is going on in the North-east and North-west were happening in any of the southern states, with regards to violence being perpetrated, several Communities would have been decimated and hundreds of thousands of

people killed by the Nigerian military. The group added that: "A state of emergency would have been declared in states like Zamfara, Kaduna, Borno and even Niger if they were southern states." It also accused the government and its security agents of colluding with terrorists, herdsmen and bandits in the North while threatening agitators with arrests in the South. According to PANDEF, "The tolerance of the killer Herdsmen, bandits and even Boko Haram/ISWAP terrorists in this government are apparent and alarming. There are insinuations that security agents hobnob with these elements and some so-called repentant Boko Haram terrorists are even reportedly being recruited into the Nigerian military. "But the same government

and its security agencies would shamelessly go about abducting, arresting and killing people from the south, whose only crimes are that they are agitating for self-determination and standing up against injustice. And all these speak to the penchant for nepotism of this administration, to perpetuate the anger and displeasure of southern Nigerians." The group, therefore, accused the federal government of being overly biased, prejudiced and discriminative; and that it remains the greatest danger to the unity and the corporate existence of Nigeria. "Unfortunately, they seem not to mind, carrying on like bemused spectators of a tragic-comedy, and not bothered that the country is collapsing under their watch," it said.

MONDAY JULY 5, 2021 • T H I S D AY

MONDAY, ͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

NNPC Rakes in N1.088tn Revenue in Five Months

To resume funding of frontier explorations Total income dips by N396bn

Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) made a total revenue of N1.088.88 trillion in the first five months of 2021, a Federation Account Allocation Committee (FAAC) document detailing its operations for the period has shown. The figure is N396.8 billion lower than the N1.485 trillion revenues it grossed in the first five months of 2020. However, the corporation has resumed its frontier exploration services suspended in April. But despite the gross revenue accruals, the corporation failed to fully meet its monthly funding obligation of N414.941 billion for its projects and operations for the period. Whereas the NNPC has a total annual budget of N4.97 trillion for 2021, sub-divided into N414.941 billion per month, data gleaned from the document showed that in January, it raked in gross revenue of N195.624 billion and

N191.194 billion in February. In March, the NNPC's total revenue stood at N224.589 billion and was N156.366 billion in April, while in May, the corporation grossed a revenue of N320.315 billion to hit N1.088 trillion. In comparison, for the same period in 2020, gross revenue, which is a summation of receipts from Joint Venture (JV) crude oil, JV gas, Production Sharing Contracts (PSC) and miscellaneous sources stood at N380 billion in January. The revenue in February was N264.1 billion, in March, it was N324.4 billion, it was N298.1 billion in April and it stood at N219.3 billion in May. Put side by side the first five months of 2021, gross revenues accruing to the NNPC during the same period of 2020 totalled N1.485 trillion, exceeding this year’s revenue for the first five months by approximately N396.8 billion. However, the corporation resumed the monthly funding for its frontier exploration

services which did not receive any budget in April, but gulped N3.216 billion in May, having received N1.964 billion in January, N1.920 billion in February and N2.255 billion in March. The NNPC is currently performing exploration and drilling activities of Kolmani River 3, having reported earlier that the first appraisal, Kolmani River 2, in the Gongola Basin, encountered both oil, condensate and gas, which it said were significant finds. The corporation is also carrying out exploration activities in the Chad Basin further northwards but had to halt its seismic operations after insurgents attacked and killed technical workers and some security forces. Although financing of frontier exploration basins is currently at the discretion of the corporation, the new Petroleum Industry Bill (PIB), if assented to by President Muhammadu Buhari as it currently exists will make it mandatory for the NNPC to deploy 30 per cent

from proceeds of its production sharing, profit sharing and risk service contracts to fund exploration of the basins. Other projects, which did not get any funding in April, but received renewed financing in May included the gas infrastructure development, which was funded to the tune of N3.919 billion and the Crude Oil Pre-export Inspection Agency Expenses, which gulped N659 million. In addition, funding for renewables resumed, consuming N196 million, same with the Nigeria-Morocco pipeline, which was not funded in April but received attention to the tune of N8.33 million in May. In the first five months of the year, whereas N50 billion was budgeted for frontier exploration services, with a projected monthly release of N4.167 billion, N9.356 had been expended as of May for the purpose. Besides, the document showed that as of May, the NNPC had exceeded its

total budget for pipelines security and maintenance by N6.665 billion, consistently over-spending its monthly benchmark of N2.474 billion within the period under review. In February, the corporation spent N5.813 billion for securing pipelines, N5.320 billion in March, N2.641 billion in April and N5.258 billion in May. Year-to-date, refineries rehabilitation, (mainly bordering on payment of salaries for workers in the non-functional assets) has consumed N41.667 billion, spending on pipelines security stands at N19.032 billion, pre-export financing is N25 billion, while national domestic gas development has gulped N19.3 billion. Minister of State, Petroleum Resources, Mr Timipre Sylva, in his recent defence of the monthly spending on the refineries, which are currently producing zero products, stated that the facilities have some fixed overhead costs such as salaries, wages and utilities. Sylva added that any attempt in the past to lay off

the redundant employees had met with stiff resistance from the workers’ unions, mostly from the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN). On product pipelines performance, the NNPC stated that in May, Atlas Cove pumped 177 million litres of petrol, Mosimi-Ibadan did 55.8 million litres, while the Ibadan-Ilorin line pumped 10.653 million litres for the month. There was no activity along the Port Harcourt-Aba pipeline for the period. For the summary of the contribution of the federal government's Joint Venture (JV) operations with oil companies in May, royalties contributed N9.009 billion (about 31.33 per cent), the contribution of oil tax to the federation stood at N16.1 billion, roughly 56.09 per cent, while profit was pegged at N3.618 billion, that is 12.58 per cent of post-appropriation contribution.

NCC Earns N150bn in Five Months from Spectrum Fees Emma Okonji The Nigerian Communications Commission (NCC) has recorded N150 billion from spectrum licence fees within five months of 2021. Data from NCC showed that the revenue exceeded its initial N36 billion projected figure from spectrum licence fees. The figure represents over 400 per cent increase in revenue budget performance in respect of spectrum fees generated by the commission between January 1 and May 31, reflecting a significant contribution to the revenue drive of the federal government. NCC, in a statement yesterday by its Director, Public Affairs, Dr. Ikechukwu Adinde, said the N150 billion spectrum revenue achieved in the first five months of the year had been remitted to the federal government in line with the provisions of the Nigerian Communications Act (NCA), 2003, which mandates the commission to remit proceeds from spectrum resources wholly into the government’s Consolidated Revenue Fund (CRF). NCC stated that the commission, in its 2021 budget, approved by the National Assembly in December 2020, had projected revenue of N36 billion from spectrum fees for 2021. The statement said: "Over the years, the NCC has put in place an effective regulatory regime, which has significantly facilitated advancements in the nation’s telecoms industry boosted Gross Domestic Product (GDP) and

improved the operations of licensees as well as boosted federal government’s revenue generation." Commenting on the revenue performance, the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, said the impressive uptick in spectrum fee was the result of the favourable turn of events for the telecom sector, which at the time of preparing the estimates for the 2021 budget of the commission was not clear due to the ravaging impact of COVID-19 on the global economy. Danbatta said the 10-year spectrum fees made by some of the major operators directly impacted the projected spectrum fee favourably, adding that the commission believes that enthronement of effective regulation will continue to improve the general performance of the telecoms sector. "On October 28, 2020, Danbatta told members of the House Committee on Telecommunications while on an oversight function to the commission that the NCC had generated and remitted N344.71 billion to the federal government’s CRF in the last five years. During the oversight visit, the Chairman of the Committee, Hon. Akeem Adeyemi, commended NCC’s management for the feat and urged the commission to sustain its regime of effective regulation of the telecoms sector in a manner that would be more mutually beneficial to the industry stakeholders, including the consumers of the telecoms services, the operators and the Nigerian government,” the statement added.

BOOSTING AGRICULTURAL LENDING... L-R: Member, Board of Directors, Nigeria Incentive-Based Risk Sharing System for Agriculture Lending Plc; Mr. Charles Agbaeze, Managing Director/CEO, NIRSAL Plc; Mr. Aliyu Abdulhameed; and Managing Director, ADT Russet Ltd Mr. Charles Eteri, during NIRSAL’s tour of ADT Russet’s facilities in Lagos…recently

Southern Govs Meet Today in Lagos Segun James The 17 governors of the Southern states will today meet in Lagos to continue their search for the solution to the problems confronting the country. The first meeting of the forum held on May 11, was hosted by Governor Ifeanyi Okowa of Delta State with 15 of the 17 governors in attendance. The meeting was chaired by the Chairman of Southern Governors’ Forum and Ondo

State Governor, Mr. Rotimi Akeredolu. The governors had at the end of the meeting, issued a 12-point resolution, which included the ban on open grazing in all the states and the call for restructuring, among others. THISDAY gathered that today’s meeting in Lagos will examine the progress made regarding the Asaba Declaration, examine opposition to some of the demands and come up with a better strategy for actualising

the demands. “The governors are working towards a better Southern Nigeria within the Nigerian nation. This meeting is in continuation of that agenda. It is a continuation of the meeting held in Asaba. You know the Southern governors agreed that the progress of the nation requires that urgent and bold steps be taken towards the restructuring of the Nigerian federation leading to the devolution of power,” a source said. The governors were

demanding inclusive government at the federal level, state police, and a review of the revenue allocation formula in favour of the sub-national governments. They also wanted the creation of some other institutions, which will legitimately advance commitment to the practice of federalism. The source said the aim of today’s meeting is to map out strategies to actualise their demands.

MONDAY JULY 5, 2021 • T H I S D AY

MONDAY, ͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

PAGE TWELVE

Babangida Felicitates Ado Bayero on Coronation Dipo Laleye in Minna Former military President of Nigeria, Gen. Ibrahim Babangida (rtd) has felicitated the Emir of Kano, Alhaji Aminu Ado Bayero, as he ascended the throne of his forefathers as the 15th Kano monarch. The ancient city of Kano had on Saturday stood still as the monarch formally

received his staff of office. In his congratulatory message, Babangida told the Kano emir that he joined the multitudes of his admirers and well-wishers to congratulate him on his ascension to the pinnacle of the coveted rich heritage of the Dabo Dynasty and his coronation as the 15th Emir of Kano from the Fulani Sullubawa clan.

“My family and I wish to felicitate with His Highness, the Government of Kano State and the good people of Kano Emirate, on this historic occasion,” the former Nigerian leader said. Babangida noted that for over three decades, the new traditional ruler had garnered the requisite experience to be the Emir of Kano. He said: “Your revered

father, Alhaji (Dr.) Ado Bayero, first appointed you as the Dan Majen Kano in 1990 and was promoted to Dan Buran of Kano in the same year. “In 1992 you were further promoted to Turakin Kano and to Sarkin Dawakin Tsakar Gida in 2000. In 2014 you were promoted to Wamban Kano and in 2019 the Governor of Kano State, Dr.

Abdullahi Ganduje, appointed you the 1st Emir of Bichi. Little wonder, therefore, that after your brief reign as the Emir of Bichi, you ascended the much sought after and the renowned throne of your father as the 15th Emir of Kano on 9 March 2020.” The former Nigerian leader said it was an acknowledged fact that the Kano emir had impeccable and unblemished

records of service in the public and private sectors. “You are, as well, an enthusiastic and very keen aviator. As the Emir of Kano, I am confident that with your pedigree you will in shaa Allah excel in the royal, traditional and religious duties. I pray to Allah SWT to grant you a very long peaceful reign. Amin,” Babangida prayed.

“Following, the events of the 2019 general elections, we are convinced that INEC needs to have this power in order to prevent politicians from going through the backdoor to win the election and steal electoral mandate at gunpoint!" The CSOs include, Centres for Liberty, Electoral Hub, Yiaga Africa, Raising New Voices, Ready to Lead Africa, MACAA, Speak Out Africa Initiative, Centre for Development Alternatives Research and Studies, Aspilos Foundation, Free Nigeria Coalition, Adopt A Goal for Development Initiative, Concerned Nigerians, SING Nigeria,

Enough is Enough, Women Advocates Research and Documentation Centre (WARDC), Community Life Project (CLP), FAME Foundation, Women in Politics Forum (WIPF), UTO Foundation, Ebere Ifendu, Vision Spring Initiatives, South-South Professional Women Association (SSPWA), Mojubaolu Olufunke Okome, Media Concern Initiative (MediaCon) for Women and Children Others are: Nigeria Women Trust Fund, Women Foundation of Nigeria, Baobab for

and President, One Love Foundation, Benin, Mr. Patrick Eholor, described the three per cent stake as unreasonable, adding that it is a ploy to shortchange the goose that lays the golden egg. Eholor, from IkpobaOkha, one of the oil-bearing local government areas and host communities, blamed the representatives of the region in the National Assembly for the reduction in the percentage of the trust fund for the host communities. In Ondo State, the stakeholders in the oil-producing areas described the three per cent as inadequate and unacceptable. They said the approved percentage fell short of their expectations as discussed during stakeholders' meeting in Ilaje, Ondo State. A former Chairman of the Ilaje Regional Development Committee (IRDC) that is operating Global Memorandum of Understanding (MoU) of NNPC/Chevron Joint Venture, Prince

Philemon Ebiessuwa, said the communities were disappointed by the approved percentage. He said: "When the committee came to Ilaje for stakeholders' meeting, we unanimously presented our position that the host communities should be given five per cent and that was what we stood on. "We are disappointed that the Senate passed the bill proposing three per cent to the host communities in spite of the degradation and lack of development in the oil-producing areas.” Immediate past Chairman of the Ondo State Oil Producing Areas Development Commission (OSOPADEC), Mr. Gbenga Edema, described the three per cent as unfair. “They have given about 30 per cent to NNPC for oil exploration in the North, which is another venture nobody is sure of returns. So, the three per cent is inadequate,” he added.

tonnes. But now, we have crossed 1,500 metric tons regardless of the port issues, and we are even anticipating increasing our capacity to 2000 or 3,000 metric tons. This is our immediate goal. “Our focus is to take cocoa beans from the farmers to those who need it for production. And depending on the economy, we will move to the next stage of processing the cocoa beans to cocoa powder. We are taking it gradually. “Moreover, we pay a lot of attention to farmers we work with. There is a lot of due diligence that goes into their practices to maintain the standard.”

TOP GAINERS NGN NGN NASCON 1.40 15.75 IKEJHOTEL 0.14 1.60 BERGPIANTS 0.80 9.20 ACADEMY 0.03 0.35 TRIPPLEGEE 0.10 0.84 TOP LOSERS NGN UPL 0.15 1.52 LINKASSURE 0.07 0.85 FCMB 0.25 3.10 LASACO 0.03 1.48 FTNCOCOA 0.02 0.31 HPE Nestle Nig Plc ₦1,540.00 Volume: 209.191 million shares Value: N2.014 billion Deals: 3,240 As at Friday 2/7/2021 See details on Page 39

CONCERN MOUNTS OVER LAWMAKERS’ PLAN TO RIG 2023 ELECTION AHEAD OF TIME Assembly to pass the bill without the inclusion of the electronic collation of results in the bill. The critics argued that since President Muhammadu Buhari would not be in contention, the lawmakers are working to the answer for their own selfish purpose, calling on Nigerians to resist them. The CSOs in a statement yesterday said the manipulation of Section 50(2) undermined the Independent Electoral Commission (INEC)'s efforts to improve the election results management regime. The CSOs also expressed concern over the increase

in spending limits for presidential candidates and others, saying it is an indication that the National Assembly is committed to entrenching a political system that is heavily monetised. They called on the President of the Senate, Dr. Ahmad Lawan, and House of Representatives Speaker, Hon. Femi Gbajabiamila, to speak up clearly that they are not aware of these amendments and are not part of any attempt to subvert the voices of Nigerians. The CSOs urged Nigerians to stand up to resist the attempt by the

National Assembly to manipulate the Electoral Act for self-perpetuation and self-interest, adding that they will continue to make the contact information of lawmakers available so that Nigerians can engage their representatives directly. The statement said: "Everyone may be aware that the National Assembly will pass the Electoral Amendment Bill (2021) this week. Barring any last-minute changes, the bill is expected to be passed by both chambers on Thursday. Some proposals canvassed by citizens were adopted in the bill e.g. electronic voting,

financial independence of the Independent National Electoral Commission (INEC), and new timelines for submission of list of candidates. "However, there are discrepancies between the approved version of the bill and the alleged final copy, where some key provisions have been manipulated. “In the alleged final copy, some key priority amendments were rejected by the leadership of the National Assembly, e.g. electronic transmission of results has been prohibited (S.50(2)) and the limits on campaign expenses have been increased (S.88).

Continued on page 48

PIB: ABIA, DELTA, EDO, ONDO GROUPS DEMAND REVIEW OF 3% FUND But shortly before passage, senators reduced the trust fund for host communities to three per cent. But in an interview with THISDAY at the weekend, the President-General of Urhobo Progress Union (UPU), Worldwide, Chief Moses Taiga, called for an objective, realistic and patriotic review of the fund to 10 per cent. He, however, stated that despite any shortcomings that may be observed, the PIB as passed is a good and practical starting point towards changing the administrative, regulatory and fiscal framework of the nation’s oil and gas industry. Taiga commended senators and members of the House of Representatives from the Niger Delta for their roles in ensuring the passage of the PIB. Secretary of Warri Consultative Forum (WCF), Mr. Amaechi Ogbonna, warned that the three per cent equity approved by the National Assembly for host communities could instigate inter-communal crisis in the

Niger Delta region. Ogbonna, an Itsekiri stakeholder, told THISDAY that the three per cent was not the solution to the underdevelopment in the host communities. Also, a retired Deputy Inspector General of Police (DIG) and community leader in Akwa Ibom State, Udom Udo Ekpoudom, told THISDAY that the National Assembly was not fair to the oil-rich Niger Delta region over the PIB. He wondered what the National Assembly members from the region were doing to allow only three per cent of the 15 per cent originally allotted to host communities, adding that the National Assembly members from the area have failed their people. He urged that the three per cent be reviewed upwards for the sake of peace and justice for the host communities. He said: ''If you are from the area affected, you can't be happy. If you go to a place like Rivers State, you can't wash your clothes and keep outside

because within one hour, it becomes charcoal and they went and approved only three per cent. ''As such, nobody from the Niger Delta, including myself is happy. The only solution is that the National Assembly should adjust it and make it meaningful. They shouldn't take us for a ride. ''They can't take our oil resources and develop their places and give us a paltry three per cent. It is not fair.” Also, the Abia State Oil Producing Areas Development Commission (ASOPADEC) has condemned the approval of what it described as a mere three per cent in the PIB, saying that it has fallen short of expectations. The Public Relations Officer (PRO) of the Commission, Mr. Ikechukwu Onwuegbu, said it was a sad development that PIB failed to meet the expectations of oil-bearing communities. "It is a bad omen for the oil communities that have been clamouring for a sense of belonging. We are not

happy," he said. He wondered why the lawmakers could not accept the 15 per cent increment recommended by the committee but rather settled for three per cent. According to him, the federal lawmakers were insensitive to the plight of oil communities by giving them three per cent while providing 30 per cent for frontier states whereas the reverse should have been the case. President of Benin Solidarity Movement (BSM), Mr. Curtis Ugbo, described the three per cent as grossly inadequate going by the sufferings host communities go through because of exploration and exploitation. He said: "How can you be producing something and someone else who does not have such resources is the one sharing it for you?" He blamed Southern leaders for such abnormality, noting that they should instead be asking for the lion’s share of their natural resources. Civil Rights Activist

NIRSAL BOOSTS NIGERIA’S PARTICIPATION IN $67BN GLOBAL COCOA MARKET services on the one hand, and cocoa farmers on the other, are economically activated. He explained that a marked increase in output, capacity utilisation, financial performance, and new direct and indirect jobs are expected from the project. Abdulhameed said NIRSAL’s guarantee and efficient monitoring of the project was aimed at boosting the ADT Russet’s export volume to 4,000 metric tonnes of cocoa per annum from the 500 metric tonnes per annum the company was operating before its engagement with NIRSAL. He said: “I congratulate the ADT Russet and

Keystone Bank for the indelible impact you are making in Africa and around the world with the Nigerian cocoa, which, needless to say, has great potential to turn Nigeria’s export fortunes around. I also challenge you to do more as the sky is the limit!” The Managing Director of Keystone Bank Limited (KBL), Mr. Olaniran Olayinka, who was represented by the KBL’s Divisional Head, Lagos, Mr. John Chukwu, said the business track record of the ADT Russet and the NIRSAL guarantee convinced the bank to support the initiative. He said: “Yes, it was a

risk. But we had to take it and with close monitoring, it paid off well for everyone. “The ADT opened my eyes to the role of NIRSAL in de-risking business and I give kudos to NIRSAL that this is possible. “Keystone’s duty was to monitor and ensure that we recovered our money. The ADT did above expectation last year despite the COVID-19 pandemic and we are ready to increase our support to the ADT Russet.” The Managing Director of the ADT Russet, Mr. Charles Eteri, said Keystone Bank was the only bank that agreed to finance his company among all the banks he approached.

Eteri said there had been remarkable difference for the better in the operations of the company since it came in contact with the NIRSAL and the KBL. He said the cost of the facility received from the bank would have been higher without the NIRSAL’s intervention. Eteri said: “I can say that it has been a great journey and we are in a much better place than we were more than a year ago before Keystone and the NISRAL came into our history. “Before we came in contact with the NISRAL and Keystone, our annual capacity was somewhere between 500 and 600 metric

% 9.7 9.5 9.5 9.3 9.0 % 8.9 7.6 7.4 6.3 6.0

MONDAY JULY 5, 2021 • T H I S D AY

T H I S D AY • MONDAY, JULY 5, 2021

COMMENT

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

NIGERIA AND SEPARATISTS’ AGITATIONS The leaders are not doing enough for the people, writes Charles Dickson

n 1869, at the age of 15, José Martí and his young friends published a magazine in Cuba called La Patria Libre (‘The Free Homeland’), which adopted a strong position against Spanish imperialism. The first and only issue of the magazine carried Martí’s poem, ‘Abdala’. The poem is about a young man, Abdala, who goes off to fight against all odds to free his native land, which Martí calls Nubia. ‘Neither laurels nor crowns are needed for those who breathe courage’, Martí wrote. ‘Let us run to the fight … to war, valiant ones’. And in the rousing address by Abdala, comes these lyrical words: Let the warlike valour of our souls Serve you, my homeland, as a shield. Martí was arrested and sentenced to six years of hard labour. Eventually, the Spanish imperial government sent the young Cuban into exile in 1871. He spent this time – much of it in New York – writing patriotic poems, producing political essays and commentary, and organising the resistance to Spanish imperialism. He returned home in 1895, only to be killed shortly afterwards in a skirmish, his legacy cemented in the war against the Spanish in 1898 and in the Cuban Revolution that began in 1959. The lines from Martí about the ‘warlike valour’ serving as the country’s ‘shield’ form the basis for the name of the new Cuban vaccine, Abdala. This vaccine, the fifth to be produced in Cuba, was developed by the Centre for Genetic Engineering and Biotechnology (CIGB) in Havana. In announcing the results of their trials, BioCubaFarma, the country’s leading biotechnology and pharmaceutical institution, noted that it had an efficacy rate of 92.28%, almost as high as the efficacy rate of the vaccines by Pfizer (95%) and Moderna (94.1%). The vaccine is administered in three doses, each given with a two-week gap. The Cuban authorities plan to vaccinate three quarters of the population by September. Already, more than 2.23 million vaccines have been administered to the 11 million Cubans on the island, 1.346 million people have been vaccinated with at least one dose, 770,390 with the second dose, and 148,738 with the third dose. Let me start by saying, this is ordinary Cuba! Some three weeks ago, I admonished my fellow Nigerians on how we seem to have lost it, battling twitter, the social and legacy media over the funnel of politics while we prided ourselves in the invention of kilishi and our pencil producing gimmicks. Today again, I am forced by the circumstances of our time to ask a divided nation, one that is fixated in the shenanigans of separatists young bloods that are a result of a badly skewed and deaf administration bent on self-destruct. What really is wrong with us? Why is this supposedly great nation lost on direction, how is it that those who are supposed to know, intentional refuse to know? How is it that we still are commissioning boreholes, discussing grazing routes, and hellbent on the e choke business of hisbah banning mannequins to display clothes, and unislamic hairstyles? Nigeria as a control, has no monopoly over science and technology, no monopoly over financial systems, no monopoly over access to resources, no monopoly over weaponry, no monopoly over communications. Our component states from Sokoto to Imo, Adamawa to Rivers, are all agitating for one thing or the other, while we complain that the centre is top heavy, head foolish, and unsustainable. I dare ask what are

CUBA HAS PRODUCED VACCINES WHILE NIGERIA IS DAILY PRODUCING ALL FORMS OF AGITATIONS. THE PEOPLE ARE NOT HAPPY

the states that desire restructuring, and more powers doing? How are the states really preparing to be some sort of revolutionary “Cuba”? The entire 36 states of Nigeria while seeking some form of real federalism, have not shown any real monopoly beyond agitations repeatedly; if we are not stopping onions from getting to the south, we are insisting that cattle should be left roaming the streets and in primary schools in the south, while some elements are killing security personnel, and defending it under the most mundane excuses. Yet the bitter truth is that (s)elected public officials are unable to advance any social agenda for their populations. So are we mute, or pretending to not know that there is no way Nigeria can progress, and why we will stop the agitations across board when the man for any job in any part of Nigeria must be ethnically/ regionally and religiously correct, and not on merit and what he/she is capable of doing. Are we surprised that while we join the begging third world or derogatory Global South as we are referred to, the real problem is not just a Mr. Buhari, but leaders in the states, governors that have dozens of commissioners ranging from 25-30, with senior special assistants/ special assistants/advisers (both senior and junior)/countless aides and yes consultants on various subject matters, with almost nothing to show. Governors who spend an average of 10 days in a month at the office and in the state. While the rest is spent gallivanting, at weddings, naming ceremonies, birthday parties, in Abuja in caucus meetings of how to remove that minister, and deal with one legislator or the other. Of course all these happen when they are not in Kosovo, Kabul or Khazastan seeking investors. At the height of auctions and banditry in one such state, the governor was abroad with his wife seeking solutions to the state security conundrum. We have the Igbohos, MNK, and their ilks agitating because no state can really boast of being near CUBA, because there is no governor in Nigeria that has in the last four years spent an average of four hours every day, 15 days a month and nine months a year in the office, taking his leave as at when due and handing over to the right person temporarily. After trillions in federal allocations in 21 years, trust me, these ‘guys’ are working so Hard, indeed very Hard, and the result is all the agitations. Our governors tell us how difficult the art of state governance is, and you sure would agree, contending with the opposition, with political enemies from different camps, and sure spending billions of unaccounted security votes must be one hell of a job. Billionaire state CEOs that don’t have factories in their state, yet they speak and act in millions and billions, I watch people say governor X,Y,Z is doing well, and I ask where else do people praise a governor for using your money to give you utilities that are not priorities, but our beloved Nigeria. To think that Mazi Nnamdi Kalu is our problem, while businessmen bandits thrive is just a tiny bit of our agitation. Until you show me any Nigerian governor with just two cars, with kids in public schools, and less than N100M, then I will show you a governor without any agitation in his state. Today in assets and cash there is no governor who is not a billionaire, and that’s 36 hardworking billionaires. Dr. Dickson is a Development & Media Practitioner|

NIGERIA AND THE POST OIL ECONOMY Tony Ademiluyi urges the need to explore new sectors so that the nation can prosper

n 1959 after Fidel Castro came to power in Cuba when he defeated the opposing forces of Fulgencio Batista who had earlier imprisoned him, he decided to make the small country a Communist State. This pitched him against the United States in the then heady days of the Cold War when the US who prided herself as the leader of the free world was determined to stop the growing influence of the defunct Union of Soviet Socialist Republics (USSR). Under the Presidency of John Fitzgerald Kennedy, he sponsored some Cuban dissidents with the help of the CIA to topple the government of Castro in the famous Bay of Pigs Invasion which ended up in a fiasco. An embargo was placed on Cuba and its main revenue earner – Sugar greatly suffered. Castro rose up to the challenge by investing massively in education and making it free at the primary and secondary levels and highly subsidized at the tertiary. He focused greatly on the training of medical doctors. Today, the main revenue earner of Cuba is in her exportation of medical doctors around the world which brings in billions of dollars to her. The demand for doctors is inelastic as doctors will be needed as long as the world exists. Saudi Arabia’s Deputy Crown Prince, Mohammed Bin Salman has unveiled the Saudi Arabia’s Vision 2030 which has the grand ambition to end the Kingdom’s dependence on oil by dedicating $2 trillion of their Sovereign Wealth Fund to prepare her for a post oil economy. Nigeria is yet to come to terms with the reality of a post oil economy as she lives as though the demand for the black gold will be there forever. There is no bold plan to wean her economy of total oil dependence. It is ridiculous that many of

our governors cannot pay salaries of civil servants and pensioners as and at when due because of the paucity of funds that accrue to them from the Federation Account. Political pundits will not forget the ludicrous excuse given by the erstwhile Osun State Governor and current Minister for the Interior, Ogbeni Rauf Aregbesola for the non-payment of the salaries of civil servants for close to a year despite doing many white elephant projects because of the short fall of revenue from the centre. The Nigerian Labour Congress is up in arms against the Kaduna State Governor, Malam Nasir el-Rufai over the sacking of many civil servants because the controversial governor said he cannot fulfill his monthly obligations to the workers ostensibly because of the state’s over reliance on oil revenues. Before the discovery of oil in commercial quantities, Nigeria was developed on the back of agriculture. It was the revenues from cocoa that made the then Premier of the Western Region, Chief Obafemi Awolowo build the Cocoa House, Liberty Stadium, established the Western Nigeria Television (WNTV) which was the first in Africa at a time when many countries in Europe didn’t have it, introduced the free primary education scheme and even scholarships for young westerners desirous of a university education. My late grandfather, John Osoba Ebuade Iyamabo got a scholarship to the University of Aberdeen where he studied Forestry between 1954 and 1958. Awolowo’s premiership between 1952 to 1959 still remains a reference point for political leadership in the country till date. Dr. Nnamdi Azikiwe and Dr. Michael Okpara built the Eastern Region which at the zenith of Okpara’s premiership was described as one of the fastest

growing regions in Africa on the back of palm oil and coal. Sir Ahmadu Bello, Premier of the Northern Region developed the north with groundnuts. The ‘Curse of Oil’ written by the erudite Political Economist, Professor Pat Utomi aptly describes the tragedy of oil which has turned out to be more of a curse than a blessing. Many countries in Europe has set 2030 which is less than nine years away as the time for the total phasing out of fossil fuel- run vehicles in favour of electric cars. Imperial College has scrapped its famous Masters in Petroleum Engineering in response to this new global reality. I shudder when Niger Delta leaders still shout their voices hoarse on the relevance of oil rather than challenging themselves in building knowledgedriven economies which can truly create wealth. Nigeria desperately needs digital compliant and visionary leaders that can effectively steer the ship of state in these troubled times. Singapore, a tiny country leap-frogged from a Third to a First World country because of the massive investment in education by the Lee Kuan Yew-led leadership. Wealth has long shifted from the abundance of natural resources to human capital development. Flutterwave, a Fintech was founded by two young Nigerians – Samuel Iyinoluwa Aboyeji and Olugbenga Agboola in 2016 to provide payments solutions. They attained Unicorn status – an over one billion dollar valuation in barely five years and have raised over $200 million for its expansion within this short space of time. Their closest competitor, Paystack founded in 2015 by Sola Akinlade and Ezra Olubi – two Babcock university graduates was acquired for a whopping $200 million by Stripe in

2020 after just five years of their existence. Technology companies in Nigeria despite the harsh business environment have raised hundreds of millions of dollars in the last decade. How many Nigerian companies run by rent seekers who masquerade as businessmen have achieved similar success? How many corrupt politicians who have massive slush funds and deploy it into phony business enterprises with front businessmen have emerged as Unicorns even in two decades? It is scary that our population which is projected to balloon to over 400 million by 2050 is now more of a liability than an asset as a result of the lack of effective leadership to harness it like what the Chinese leaders did. The government isn’t even thinking about ways to develop STEM education as well as technology to create jobs, develop an alternative revenue earner to oil and create sustainable wealth in the country which will in no minuscule measure stop the insurgency and banditry which has its roots in the pervasive poverty in the land. There is no sturdy government backed plan to create a post oil economy. What will be the fate of our economy in the next decade if this nonchalant attitude continues? I did my National Youth Service Corps in The Shell Petroleum Development Company, Warri and I witnessed firsthand how the entire economy of Warri was built on oil. There were many so called emergency billionaires there who weren’t wealth creators but were wholly dependent on contracts from the two oil majors – Shell and Chevron for their economic survival. Ademiluyi is the Co Founder of The Vent Republic

T H I S D AY • MONDAY, JULY5, 2021

EDITORIAL THE LUCRATIVE BUSINESS OF OIL THEFT Oil theft is a huge drain on the economy

igeria loses 138,400 barrels of crude per day (about 7% of its total production) to theft, oil spills or shortage in production, according to a report from the Nigerian Extractive Industries Transparency Initiative (NEITI). The NEITI report further said that Nigeria has lost more than 505 million barrels of crude, and 4.2 billion litres of products, from 2009 to 2018. The deficit to the country’s economy amounts to $40.06bn and $1.84bn respectively, equivalent to $11.47m per day for 10 years. According to the report, the loss is “neither hypothetical nor episodic. It is real and endemic.” At a very difficult period in a country almost wholly dependent on oil revenue, we cannot afford the luxury of allowing a few people to illegally corner to themselves our collective wealth. In addition to the monetary loss related to crude and products, companies must pay to repair pipelines THE APPARENT LACK and prevent any OF TRANSPARENCY IN environmental NIGERIA’S OIL SECTOR IS impact. The NEITI REFLECTED IN THE FACT THAT GOVERNMENT RELIES report said companies had been forced HEAVILY ON OPERATORS to spend N363bn TO PROVIDE DATA AND between 2014 and THERE IS NO INDEPENDENT 2016. Closely related VERIFICATION to the NEITI report, is a Chatham House report in 2013 that put the figure at 100,000 bpd, while some private studies have suggested the figure could be as high as 400,000 bpd. This menace persists in the oil and gas sector because of the existence of an assured off-taker market. Oil theft or illegal oil bunkering has remained a huge drain on the economy of the nation. No doubt, these illegal funds from stealing the crude would have been channelled to other sectors of the economy like health, education or infrastructural

Letters to the Editor

development. The problem remains the lack of the political will to enforce actions and measures that would or could curb these nefarious acts. It is a fact that many security operatives lobby to be posted to Niger Delta because of what they will beneﬁt with involvement in illegal oil business.

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

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGED ENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO HEAD, COMPUTER DEPARTMENT PATRICIA UBAKA-ADEKOYA TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

he apparent lack of transparency in Nigeria’s oil sector is reflected in the fact that government relies heavily on operators to provide data and there is no independent verification. In a report on the mismanagement of the oil and gas sector in Nigeria in 2016, the Economist wrote: “…oil is also being stolen at a record rate and traders’ figures show output at well below the government’s figures. Information about Africa’s biggest oil industry is an opaque myriad of numbers. No one knows which ones are accurate; no one knows how much oil Nigeria actually produces. If there were an authoritative figure, the truly horrifying scope of corruption would be exposed.” To date, Nigeria has tried a number of strategies to tackle its oil loss. Some of the various laws that have been passed include the 1975 act sanctioning death penalty for pipeline sabotage, although only on lines carrying products rather than crude. Sadly, the federal government seems helpless despite the huge sum of money being thrown at the problem. Among the strategies suggested by NEITI, was calling on the Department of Petroleum Resources (DPR) to put molecular markers into products. This would allow the authorities to trace where such supplies go. But more drastic measures should include government officials involved in oil stealing to forfeit all benefits, whether in or out of service. Besides, the authorities must ensure that the perpetrators of this crime are apprehended with a view to bringing them to justice. There is an urgent need to address this challenge if Nigeria is to derive the maximum benefit from its oil and gas resources.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

SAFE FOOD FOR A HEALTHY TOMORROW

orld Food Safety Day (WFSD) is commemorated annually on June 7 and it contributes to food security, human health, economic prosperity, agriculture, access to markets, tourism and sustainable development by drawing attention and inspiring actions to help prevent, detect and manage foodborne risks. With this year’s theme as “Safe Food Today for a Healthy Tomorrow”, the World Health Organisation (WHO) commemorated the day by urging everyone to zero in on five food safety-related Calls To Action (CTAs), namely: ensure it is safe, grow it safe, keep it safe, know what’s safe, and team up for food safety. This year’s theme is highlighting the importance of guaranteeing sustainable production systems to ensure a healthy life, a healthy economy, a healthy planet, and a healthy future. There are many factors connected to food safety. In a world where the food supply chain is gradually becoming convoluted, the resolution adopted by the United Nations General Assembly on 20 December 2018, which birthed the WFSD, notes that there is no food security without food safety and that any adverse food safety incidence may have negative effects globally on public health, trade and the economy. The resolution also notes that improving food safety contributes positively to trade, employment and poverty alleviation. The resolution also considers the global burden of foodborne diseases and how it affects individuals of all ages, in particular children under five, and those living in low-income regions of the world. Indeed, food safety, apart from being a crucial component to food security, saves lives as well as contributes significantly to a reduction in food-borne disease. In recognising the interconnectedness of people,

animals and the environment and any safety adverse event that may have a global impact on public health, trade and economy, Diamond Development Initiatives (DDI) joins in this global call to ensure that the food we eat is kept safe by everyone on the food chain – the growers, harvesters, processors, storers, transporters, sellers, preparers, and servers. According to the FAO, food production will need to grow by 70 per cent to feed the world population which will reach nine billion by 2050, and that there is a need for an integrated and innovative approach to the global effort of ensuring sustainable food production and consumption. With food safety as an integral part of food security and an important contributor towards increasing competitiveness in export markets, DDI has since 2002 provided agricultural value chain improvement and agricultural commodity market access services to farmers and producer groups. These services are delivered through the provision of sustained value chain development and improvement support to smallholder farmer groups and cooperatives, with access to best agronomic practices and a range of other services necessary for enhancing quality and safety of agricultural products as they move from farm to final consumer, while also assisting them with efficient product marketing and facilitating direct product-to-consumer interface. In ‘growing it safe’, DDI, in 2020 alone, provided this support to over 6,000 smallholder farmers across Nigeria including 19 cooperatives/farmer or producer groups. In keeping it safe and teaming up for food safety, DDI is excited about its strategic linkages and works in ensuring sustainable food production and consumption in Nigeria through the provision of project management and business advisory assistance to off-grid

energy entrepreneurs who occupy strategic positions in the food chain. Take for example Habiba Ali, who runs Sosai Renewable Energies, an off-grid energy company who identified some 90 per cent agrarian communities in Kaduna, who cultivate pepper and other perishable crops but lacked effective drying facilities due largely to lack of power, hence, they suffered significant post-harvest losses and loss of revenue. With a $100,000 grant from the United States African Development Foundation (USADF), Sosai Renewables Energies came up with a solar energy solution that enables women to dry their farm produce using solar power. By September 2018, the company had deployed two 10kW mini-grids, solar kiosks and solar tunnel dryers – connecting a total of 93 rural households to electricity, while the dryers are serving rural women farmers in good stead for drying and preserving their produce. Another example is Eastwind Laboratories, an off-grid company based in Osun State. Again, with funding from USADF and support from DDI, Eastwind Laboratories has successfully deployed a 20kWp solar-powered containerized cold storage facility and freezing units, and is currently serving over 700 persons who need refrigeration as a service for their perishable foods, curbing waste and loss of revenue. Now, our message is simple: all hands must be on deck as we make concerted efforts to ensure that the food we eat is kept safe by everyone along the food chain. Let this be our meaningful contribution to ensuring a healthy life, a healthy economy, a healthy planet, and indeed, a healthy future. Food safety is our collective responsibility. Lucky Ihanza, a Development Communications Specialist, wrote from Abuja

MONDAY JULY 5, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY JULY 5, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Another Season of Deja Vu for PDP

Governor Bello Matawalle of Zamfara State and his supporters last Tuesday joined the rank of defectors to the ruling All Progressive Congress. Nseobong Okon-Ekong and Emameh Gabriel write this string of migration may jolt the Peoples Democratic Party into a rude awakening

Secondus

Abubakar

Saraki

Tambuwal

and took up membership of the APC. The depletion of the PDP was pronounced when former Vice President Atiku Abubakar, Aminu Tambuwal and former Senate President, Dr. Bukola Saraki also turned their back on the PDP. In 2007, the PDP had 86 seats in the Senate. It went down to 71 in 2011. And hit the bottom in 2015 with 49 seats. In the House of Representatives, there 214 PDP members in 2007. The number dropped to 208 in 2011 and 137 members in 2015. When the Fourth Republic began in 1999, Nigeria was unarguably in the grip of the PDP. The party was unassailable. Not a few thought the PDP could not be defeated. In 2003, the PDP had 28 governors. That number reduced to 23 in 2011. In 2015, the number came down further to 2015. It was such a traumatic period for PDP that a former President who governed the country on the PDP’s ticket, Chief Olusegun Obasanjo, tore his PDP membership card publicly. The PDP that was on a successful flight nose-dived from being the largest party in Africa with an ambitious dream of ruling for 60 years to having a controlling influence only in the Southsouth region of the country. Governor David Umahi of Ebonyi State’s defection last year reduced of PDP governors in the South-east It has not been all losses for the PDP. In 2014, former Governor of Ondo State Dr. Olusegun Mimiko left the Labour Party for the PDP in 2014. Former Ali Modu Sheriff

also left the APC to the PDP. Former Vice President Atiku Abubakar, Dr. Saraki and Tambuwal have all returned to the PDP. Many had thought that with the current state of the country’s economy and hardship in the country under the leadership of the ruling APC, the opposition PDP will exploit the weakness in the ruling party, harvest from the ruling party to fortify its chances ahead of 2023. But things seem to be moving from bad to worse for the PDP as the party’s fortunes continue to shrink. Political pundits have been at a loss to explain the reversal of PDP’s fortune. It is definitely for lack of money. The national treasure-crude oil-is domiciled in PDPcontrolled states of Akwa Ibom, Bayelsa, Delta and Rivers. As things currently stand, these look the most unlikely to allow APC gain a foothold in their states. The PDP needs to do more to exploit the deficiencies in the APC. For instance, since the Oshiomhole exco was sacked, there has been a centrally controlled messaging centre for the APC. Even the presidential communication team has not been so great. On current form, it is as if the the PDP Communication Team is playing a depleted APC team, that is still managing to be heard. Mr. Kola Ologbondiyan, National Publicity Secretary of the PDP told THISDAY, “I believe that the APC government at the centre has failed. It has not been ae to do any of the things it promised Nigerians.

Our communication strategy to harp on the failures of this government. We will not be drawn into abusing individuals. Our communication is passed on with decent language.” The on-going legal battle between the PDP governorship candidate for Ondo State election in October 2020, Mr. Eyitayo Jegede (SAN) and Governor Oluwarotimi Akeredolu (SAN) has thrown up two pertinent issues that can inflict maximum damage on the APC. Jegede and the PDP has asked the Supreme Court to decide if the APC was right to nominate a candidate for the Ondo governorship election when it had caretaker committee, which is not recognised by the constitution. The apex court has also been tasked to rule on whether Buni could be an executive governor, while at the same time working in an executive capacity as the National Chairman of the APC. It is true that the PDP still has a lot visibility that can be multiplied in many states that the APC is trying to make inroads. For instance, Imo State was worn by default. It is possible to reverse that loss for the PDP in the next Imo governorship election. APC has never won governorship elections in Cross River and Ebonyi states. The fact the governors of these states have defected to the APC may not be a pointer to the direction the want to go. The Buni led APC has continued to harvest from the opposition PDP, making the party to look more vulnerable. The Interim National Chairman of the party has been lauded for the seeming deft moves, coming at a time when the party is holding a re-registration and revalidation exercise ordered by his leadership, which took the helm after the ouster of Adams Oshiomhole as party chairman. One man that has been instrumental to this new push to make in - road into the PDP strongholds is the governor of Kogi state, Yahaya Bello, who is considered the man running the hatchet job for the party. THISDAY recalled that Governor Yahaya Bello had in more than three occasions last year and early this year said more governors from the PDP had concluded plans to join the ruling party. “We won’t lose steam midstream,” Governor Yahaya Bello told THISDAY through his Commissioner of Information and Communication, noting that he will “surely continue to play this role to the best of his indisputable capacity.” He personally supervised the defection of Ben Ayade of Cross River State and predicted the defection of more PDP governors. Recently he was seen in the Abia state government house which many

he Prince Uche Secondus ledPeoples Democratic Party (PDP) is currently facing a strong challenge that may be threatening its very existence, as it battles to keep its head above water. The crises rocking the main opposition party seems to have been worsened by the gale of defections that has continued to hit it lately. The latest in this unfortunate turn of tidings for the PDP is the recent switch of political party loyalty by Governor Bello Matawella of Zamfara State. He is the second state governor to exit the PDP this year. Arguably, other PDP governors may be eyeing the APC fold. The defection of Governor Matawalle brought the number of governors who have left the party lately to three. This came just few days after a ranking Senator, Peter Nwaoboshi, representing Delta North Senatorial zone also jumped ship to the APC. Before he took up membership of the APC, Matawalle said the PDP was becoming hostile to its members. The ruling party under the interim leadership of Governor Mai Mala Buni of Yobe State has been winning new members into its fold. So much so that even one of the party’s fiercest critics, Femi Fani Kayode, who once referred to the APC as a party of darkness, was willing to grope, in a highly controversial move that was later put in abeyance. THISDAY gathered that three other senators: Lawali Anka, Zamfara West; Sahabi Ya’u, Zamfara North and Stephen Odey, Cross River North are also set to jump ship this week. Muhammad Hassan Gusau from Zamfara State on Tuesday tentered his resignation letter from the party which was read by the President of the Senate, Senator Ahmad Lawan during plenary. Many followers of the polity would not say that the PDP was taken by surprise. Long before Matawalle announced his exit from the party, intelligence available to the party had disclosed his surreptitious visits to President Muhammadu Buhari at the Presidential Villa. Currently, the party is keeping its fingers crossed on faithfulness of a couple of its governors, who cannot be fully trusted, as they are known to be in a secret liaison with the APC. It looks like history is repeating itself In November 2013, five PDP governors; Rabiu Kwankwaso of Kano, Aliyu Wamakko of Sokoto, Abdulfatah Ahmed of Kwara, Murtala Nyako of Adamawa and Rotimi Amaechi of Rivers left the PDP

Many had thought that with the current state of the country’s economy and hardship in the country under the leadership of the ruling APC, the opposition PDP will exploit the weakness in the ruling party, harvest from the ruling party to fortify its chances ahead of 2023. But things seem to be moving from bad to worse for the PDP as the party’s fortunes continue to shrink. Political pundits have been at a loss to explain the reversal of PDP’s fortune. It is definitely for lack of money. The national treasure-crude oilis domiciled in PDP-controlled states of Akwa Ibom, Bayelsa, Delta and Rivers

T H I S D AY ˾ MONDAY JULY 5, 2021

MONDAY DISCOURSE

Emmanuel

Okowa

Ikpeazu

Ologbondiyan

suspect may not be unconnected with his prediction. The Buni led committee which recently rolled out a time table of congresses seems to have its eyes fixed on expanding the party’s base which is no doubt a key to maintaining its dominance on the nation’s political landscape for the foreseeable future, however since the party’s ascendancy to power its congresses have being characterized by heavy power struggle as factions vie for control of the party structures. Since it became the ruling party it has undergone turbulent graspings for power, which ultimately engendered the 2018 defection of former Vice President Atiku Abubakar, Bukola Saraki, Yakubu Dogara, Shehu Sani, Aminu Tambuwal, Rabiu Kwankwaso and their supporters. APC which held 19 states after the 2015 election, currently has 22 states with tentacles gradually spreading into the initially impenetrable South-east and South-south geo - political zones. The implications for the PDP are that the party may have no chance in 2023 and this might as well be the end of its era. With less state to contest with the incumbent at the centre, that is in control of state apparatus, it looks like it is going to be a big struggle for the PDP. This explains why leadership of the party had recently threatened to legal action to reclaim the governorship seat in Zamfara State if the governor, Bello Matawalle, defects to All Progressives Congress (APC). The party said no law allows Matawalle to cross over to any other party with the governorship mandate statutorily given to the PDP through the ballot box, as already established by the provision of the 1999 Constitution (as amended) and the standing judgment of the Supreme Court. Addressing a press conference recently at the party’s national secretariat in Abuja, the national publicity secretary of PDP, Kola Ologbondiyan, said votes scored in election belong to the political party and that the candidate nominated to contest at an election by his party, acts only as the agent of his party. He said said the National Working Committee (NWC) has approved the dissolution of the Zamfara State Executive of the party. “The PDP categorically cautions Bello Matawalle to know that his plans amounts to a decision to vacate office as no law allows him to cross over to any other party with the governorship mandate statutorily given to the PDP through the ballot box, as already established by the provision of the 1999 Constitution (as amended) and the standing judgment of the Supreme Court. “A combined reading of Section 221 of the 1999 Constitution as the pronouncements of the Supreme Court in Faleke v. INEC (2016) is clear in holding that it is the political party that stands for election, that votes scored in election belong to the political party and that the candidate nominated to contest at an election by his party, acts only as the agent of his party. “The PDP also cautions members of the National Assembly as well as members of the Zamfara State House of Assembly, not to allow themselves to be pushed into losing their seats as the provisions of the constitution is very clear in barring

lawmakers from cross carpeting, except in a situation of a division in the political party upon which platform they were elected. “There is no division in the PDP to warrant to defection of any of our lawmakers. As it stands the party now controls Sokoto, Benue, Akwa Ibom, Bayelsa, Delta, Bauchi, Enugu, Rivers, Oyo, Taraba, Adamawa, Edo and Abia.

harvest this opportunity for a change, I will say no. “PDP ought to have harvested from the inefficiency of the APC; from the maladministration of the APC. Ordinarily, that is what the opposition party ought to do. “The present National Working Committee is not interested or doing anything to take over the realms of government in 2023. When your interest is to remain in power, you are no longer interested to win election,” the governor said. Similarly, a chieftain of the party, Kassim Afegbua, had accused the Secondus-led PDP NWC of mismanaging the sum of N10 billion which he claimed accrued to the party from the sales of nomination forms for the 2019 election. Afegbua had also warned that with Secondus in charge of the party, the PDP has no chance in 2023. He said the current national chairman of the party has failed to play the kind of opposition the APC played in 2013-14 that brought it to power. A charge which Secondus has gone to court to demand a retraction of the story and payment of N1 billion in damages from Afegbua. The situation later culminated in the expulsion of Afegbua from the PDP. With the PDP still reeling from its internal commotion, it seems a free rein for the APC to poach as much as they can, thereby paving the way for an APC to APC transition in 2023. With some analysts speculating that with the right motivations and leverage, the Kaftan and red cap which Hope Uzodinmma and Peter Nwaoboshi have typified may become the new fashion in the political terrain of the South-east.

certain influences in the party ahead of the 2023 election and possibly truncate the ambition of self acclaimed national leader of the party, Bola Ahmed Tinubu. Before the defection of Governor Dave Umahi and the subsequently Ben Ayade of Cross Rivers State, the APC was in the grip of two tendencies, the northern and the South-western tendencies. But with the latest push into other regions the platform is becoming more broad for alignments and realignments, which analysts posit will make the 2023 horse trading within the party a hard nut to crack, especially as the party is yet to decide on its zoning or micro - zoning formula. As the party gears up for the forthcoming congresses, which will set up a chain of events that will lead up to the eventual presidential convention in 2022, it is only a matter of time before it becomes clear as to the new permutations within the party. Past congresses of the APC have been a chaotic affair and with the struggle for influence ahead of the party’s national convention where executive members would be selected that would go ahead to oversee the emergence of the party’s presidential candidate for the 2023 election, analysts are predicting a deeping of the divide which if not well managed can pave the way for a possible implosion of the party in the lead up to 2023. Though the recent defections are a big boost to the party’s 2023 fortune, observers posit that going further so much would depend on the leadership dexterity of Mr Buni in dealing with the ensuing crisis from the congresses and ensuring a successful transfer of power to the next Exco of the party.

The battle within But this expansion of the ruling party is not without a curse. The APC after about six years at the helm, seems to have become unwieldy with tendencies and factions ceaselessly jostling for predominance. The defections are coming at a time when the new leadership under Buni ordered a re-registration, which observers perceive is intended to reduce

New entrants pose no threat to APC- Gov. Bello Governor Yahaya Bello of Kogi State has played down warning in some quarters calling on the party leadership to be weary of the influx of politicians into the party, just as he expressed confidence that the ruling party will retain power in 2023. He said the party is large enough to accommodate all shade of interests. Bello who spoke with THISDAY through his Commissioner of Information and Communication, Kingsley Fanwo said, “what is most important at the moment is to realign the political system in such a way that politicians who share the progressive ideology are in our boat. “That is what the leaders of the party, including Governor Yahaya Bello are doing at the moment. Politics has always been a game of interests. Every political party experiences such political play, so it is not strange. With the influx of powerful forces into the APC, it is becoming increasingly positive that the party will retain power in 2023. APC has been able to flex its undoubted muscle to attract the most relevant governors from the main opposition PDP as well as legislators at all levels. I can say without any iota of doubt that APC is big enough to accommodate all shades of interests. The party did it in 2015 and 2019 and will surely do it in 2023.” But Governors Udom Emmanuel of Akwa Ibom, Ifeanyi Okowa of Delta and Nyesom Wike have sworn that the last has not been heard. They PDP may have an ace up its sleeves that it is bidding time to make public.

Crack in the opposition As the APC continues its onslaught against the PDP, the opposition seems helpless in fighting back apart from the regular press releases from its national publicity secretary, Kola Olagbodiyan denouncing virtually every move and policy of President Buhari and the ruling party. The PDP has been enmeshed in infighting among its ranks. The National Working Committee (NWC) has been the subject of invectives from some members, including the Rivers state governor, Nyesome Wike. It has been accused of high-handedness and corruption. At the build-up to last governorship election in Edo State last year, Governor Wike had described members of the NWC of the party as “tax collectors” that can never tell the truth. The governor said some members of the NWC are blackmailing him, and that was why he pulled out of the Edo state reconciliation committee, allegedly to save his integrity. He also accused the NWC of actions capable of destroying the party. He said, “An opposition party that ought to be united, to work, to take over the affairs of government, because people are waiting for this opportunity, but the current leadership of NWC is not prepared for that. Rather, what they have done is to constitute some people to sow a seed of discord among governors for their own selfish interest. And that will boomerang; that will consume them,” the governor said. “If you ask me as a member of PDP, am I ready to support PDP to take over, yes. But, if you ask me currently as it is, is the leadership of the party willing for us to

The PDP needs to do more to exploit the deficiencies in the APC. For instance, since the Oshiomhole exco was sacked, there has been a centrally controlled messaging centre for the APC. Even the presidential communication team has not been so great. On current form, it is as if the the PDP Communication Team is playing a depleted APC team, that is still managing to be heard. Mr. Kola Ologbondiyan, National Publicity Secretary of the PDP told THISDAY, “I believe that the APC government at the centre has failed. It has not been ae to do any of the things it promised Nigerians. Our communication strategy to harp on the failures of this government. We will not be drawn into abusing individuals. Our communication is passed on with decent language

T H I S D AY ˾ MONDAY JULY 5, 2021

POLITICS

In Nasarawa, Labour Battles Governor Sule

Igbawase Ukumba reports that Governor Abdullahi Sule of Nasarawa State and the organized labour are locked in battle to outwit each other over implementation of the new National Minimum Wage of N30,000

Sule

he impasse between GovernorAbdullahi Sule of Nasarawa State and the organized labour has reached a point where both parties are not ready to compromise on their stand. While the organized labour declared an indefinite strike over partial implementation of the N30, 000 minimum wage and other welfare related issues, Governor Sule, on the other hand said he would not borrow to pay salaries of workers. The clash between Sule and the organized labour began early in June this year when the Nasarawa State goverment commenced payment of the N30,000 National Minimum Wage with only civil servants on grade levels 1-6 benefitting. The state Accountant General, Mr. Zakka Yakubu, disclosed that the implementation commenced in June only for civil servants who were on grade level six downward. Yakubu explained: “Negotiation is ongoing regarding civil servants from grade level 7 and above. The implementation of the New National Minimum Wage came after series of meetings by the committee set up by government to look into the matter, following which it was generally agreed for the commencement of the new salary structure for civil servants on levels 1-6, while negotiation continues for those from level 7 and above.” But on June 15, 2021, labour began an indefinite strike over the partial implementation of the N30, 000 minimum wage and other welfare related issues. The strike was declared in Lafia after the State Executive Council (SEC) meeting of the labour movement in the state. Addressing journalists after the meeting, Nasarawa State Chairman of the Nigeria Labour Congress (NLC),Yusuf Iya, said the action became imparative due to failure of the government to meet their demands after its two month ultimatum expired. The NLC chairman listed some other demands to includes partial implementation of minimum wage without recourse to due process of collective bargaining and lack of implementation of promotion since 2008. Others were lack of annual increment, lack of training, lack of confirmation of appointments of casual workers; some of whom have been working for more than 10 years, among others. Iya said: “Some of the problems lingered for a long period of time, but the government has failed to give priority toward addressing them. We have given the present administration more than two years grace to address our challenges, but the government has been paying lip service. “The strike was supposed to have commenced since Monday, June 7, but was delayed due to intervention by traditional rulers. Even with the intervention, the government was not serious in meeting our demands. Therefore, we have no option than to speak the language they understand better.” Corraborating, the Nasarawa State Chairman of Trade Union Congress (TUC), Mohammed Doma, said it was unfortunate that the government could not respect the traditional rulers despite their intervention by doing the needful to meet their demands.

Wabba

In a swift reaction, the Nasarawa State government said it was invoking the ‘no-workno-pay rule” for striking civil servants in the state. This was part of the resolutions taken at an emergency expanded security meeting held in the Government House, Lafia recently. The emergency meeting was convened at the instance of Governor Sule aimed at amicable resolution of the plight of the striking workers. According to a statement issued at the end of the meeting and signed by the Secretary to the State Government (SSG), Mohammed Ubandoma Aliyu, said “while government recognises the right of workers in the state to embark on strike, it however enjoins the organized labour to carry out its activities within the confines of the law. “The state government therefore expressed dismay over the action embarked upon by the organised labour, especially the indefinite strike action, as well as the picketing of offices, thereby depriving workers from gaining access to their offices. Government has directed permanent secretaries at the various ministries, departments and agencies, to open attendance registers, with a view to actualising the no-work-no-pay rule.” While also expressing its desire for continuous dialogue with the organized labour in the state, the statement went on that government has however directed security agencies to deploy its personnel to man all MDAs, with a view to restoring law and order. This was even as the state government said it would also seek legal interpretation of the action embarked upon by the organized labour at the law courts. The statement further called on people of the state, to remain law abiding, even as the

government commended members of the National Union of Local Government Employees (NULGE), for their refusal to join the ongoing strike action. However, THISDAY gathered that the state government had recently invited the organized labour to the Government House, Lafia to sign a Memorandum of Understanding (MoU) with government to suspend the ongoing indefinite strike. But leaders of the organized oabour refused to sign the MoU to suspend the strike alleging that government had doctored the agreement. The state NLC Chairman, Yusuf Iya, alongside his counterpart from the state TUC, Mohammed Doma, stated this to newsmen after the union’s congress meeting in Lafia. The Labour leaders explained that a committee set up after the strike was declared had collectively written an MoU on what to do to end the strike. Iya said: “The MoU collectively written stated that the last tranche of August 2016 salary arrears would be paid in June. We also agreed that promotions would be implemented from August, while the committee on minimum wage should resume discussion on the consequential adjustments for workers on grade level 7 and above. “But, to our surprise, the government doctored the agreement and included a clause that “whenever the federal allocation is less than N4 billion, the government would revert to old payment. Meaning that any month the allocation is less than N4 billion, government would suspend the implementation of the promotion and pay workers in their old grade levels scale,” the NLC chairman added.

The Nasarawa State government said adamantly that it would not borrow to pay salaries of workers, which was part of resolutions arrived at during an emergency expanded State Executive Council meeting to review the ongoing strike by the organized labour held in the Government House, Laﬁa recently. The state government also said it would not be distracted from its commitment to embark on meaningful projects in the state. In a statement issued to the media by chairman of the Nasarawa State Civil Service Commission, Alhaji Musa Dangana, to the State Executive Council maintained the earlier position of the government to invoke the ‘No-work-no-pay rule’, stressing that salaries for the month of June, 2021 would be paid based on attendance registers placed at various Ministries, Departments and Agencies

Iya continued that signing the agreement with the clause would mean mortgaging the future of workers and the leadership of the union would not succumb to that. On his part, the TUC chairman expressed displeasure with the government for including what was not originally contained in the agreement written by representatives of labour and the government. He said workers were very patient with the government but had to embark on the strike to fight for their rights to ensure carrier progression. However, the Nasarawa State government said adamantly that it would not borrow to pay salaries of workers, which was part of resolutions arrived at during an emergency expanded State Executive Council meeting to review the ongoing strike by the organized labour held in the Government House, Lafia recently. The state government also said it would not be distracted from its commitment to embark on meaningful projects in the state. In a statement issued to the media by chairman of the Nasarawa State Civil Service Commission, Alhaji Musa Dangana, to the State Executive Council maintained the earlier position of the government to invoke the ‘No-work-no-pay rule’, stressing that salaries for the month of June, 2021 would be paid based on attendance registers placed at various Ministries, Departments and Agencies (MDAs). The statement said: ‘Government expressed concern on misleading information as contained in press releases issued by labour union officials with intent to cause disaffection between government and law abiding workers in the state. The council therefore described as false, claims that the state government receives N4.5bn monthly from the federation account. “It noted with dismay the position of the labour unions that government should use available resources to implement promotions and pay salaries only, rather than executing viable projects that have bearing on the lives of the citizens. Council equally decried the continuous picketing of offices and harassment of workers from gaining access to their offices by the officials of labour unions, illegal removal of attendance registers in MDAs, as well as intimidations by union officials on members of NULGE for failing to join the ill-concieved strike.” The statement called on MDAs to submit valid attendance registers for the month of June, 2021 to the office of the Head of Civil Service, through their permanent secretaries or Chief Executive Officers, and enjoined willing workers to resume their duties. It added that essential services such as health and water supply, will be rendered to the public, warning that any form of interference will not be tolerated, enjoining security agencies to continue to protect and safeguard all government establishments. According to the statement, “government is open to the removal of the clause in dispute as contained in the agreement earlier presented. But that government will not hesitate to revert to the present salary template on the event of substantial shortfall from the federation account.”

T H I S D AY ˾ ͳ, 2021

FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430

Tackling Poverty, Unemployment the ITF Way The Industrial Training Fund has taken it upon itself to de-escalate the surging poverty and unemployment rate in the country by consistently providing skills acquisition to equip the teeming unemployed Nigerians to stand on their feet. Seriki Adinoyi writes

Chairman, House Committee on Industry conferring with DG ITF

Sir Joe Ari conducting the chairman around the fund's headquarters

he World Bank recently gave Nigeria a worrisome rating on poverty index, disclosing that in the year 2020 alone, seven million Nigerians were pushed below the poverty line. Expectedly, this has generated reactions from many quarters, most of which were devoted to blaming the government as the cause of the current surging inflation and general hardship in the country. But as usual, not so many proffered any solution to the damning report. Others have said it’s an aftermath of the unabated security challenges in the land, adding that the rising insecurity in Nigeria has prevented farmers from going to their farms, even as traders also can no longer travel with their goods to far markets to sell, all due to insecurity. Yet, others have linked the current poverty to the recent COVID-19 pandemic that ravaged the world in the wake of its outbreak, adding that jobs, businesses, and other means of livelihood have been lost to the pandemic. As much as these facts are there, unemployment remains the leading cause of poverty in Nigeria. Even the current insecurity is considered an offshoot of unemployment. Youths have taken to all forms of vices and criminality because they lack job to do.

Many that have resorted to banditry and insurgency would not be there if they were employed. Also, many of those relieved of their jobs during the pandemic virtually resorted to doing nothing because they lack requisite skills to do anything for themselves. Yet there are no longer white collar jobs around to engage them. That’s the reason even graduates now prefer to also have some acquired skills to get them engaged while the limited white collar jobs are not there. Even President Mohammadu Buhari, recently, in an interview, attested that unemployment has contributed to the restiveness witnessed across the country. He has therefore renewed the commitment of his government to creating jobs for the teeming unemployed Nigerians as way of tackling poverty, unemployment, and invariably insecurity in the country. Crucial Role of ITF This is where the Industrial Training Fund (ITF) has come in to play a very crucial role. Seeing that getting white collar jobs has become a mirage, government has considered skill acquisition as a veritable alternative that can lift millions of Nigerians above the poverty line. Nigerians, with needed skills, would be able to stand on their own and even create jobs for others.

L-R: Sen Adamu, Water Resources Minister, Gov Sule, Senator Adamu, Rt Hon Balarabe at the ﬂag oﬀ

The ITF has done credibly well in this regard, and has received accolades from government. It has continued defy all odds to make sure that Nigerians are adequately trained to take up jobs. But of course, like Oliver Twist, government has continued to ask for more. Scorecard Recently, while giving the scorecard of ITF during a visit of the House of Representative committee on Industry on oversight function, the Director General of the Fund, Sir Joseph Ari proudly disclosed that fund has so far trained over 25 million Nigerians that are now manning key sectors of the national economy in its 49-year history. This fact is mind bulging! If this number of Nigerians manning key sectors of national economy passed through ITF training, then it will be correct to say that the fund cannot be pushed aside in the national scheme. Ari said, “As you are aware, the key mandate of the ITF as enshrined in the Act is the provision of skilled manpower sufficient to meet the needs of the public and private sectors of the Nigerian economy. Despite the enormity of the mandate, I am pleased to note that the ITF has discharged it with great successes by training over 25 million Nigerians that are manning key sectors

of the national economy in its 49-year history.” He added that the fund was not about to rest on its oars regardless of its current achievements as it has sustained the pace of activities in all facets of its operations, recalling that since the assumption of the incumbent management in the ITF in 2016, commitment to equipping Nigerians with technical skills for employability and entrepreneurship has never wavered, adding that emphasis of the fund on skills acquisition has been premised on the firm belief that it remains the most sustainable solution to increasing poverty and unemployment, and the catalyst to economic growth and development. With this drive, in 2020, despite the challenges posed by the COVID-19 pandemic, ITF defied the odds and went ahead to implement landslide skills intervention programmes including the National Industrial Skills Development Programme (NISDP), Special Skills Development Programme (SSDP), Federal Government Skills Empowerment Programme (FEGOSEP), Info-Tech Skills Empowerment Programme (ISEP), and Agri-Preneurship Training Programme (ATP). Together, the programmes trained thousands of Nigerians at the funds various centres spread across the nation,

T H I S D AY ˾ ͳ, 2021

FEATURES

Cross section of trainees on metal works

and the trainees were empowered with start-up packs for them to set up on their own. It was elating to see that while many were losing their jobs in the aftermath of the pandemic, ITF was training and empowering others with start-up packs to set up business for themselves. To square up to the growing unemployment challenge, the fund had to upgrade facilities at its Industrial Skills Training Centres (ISTCs) and the Model Skills Training Centre (MSTC), Abuja leading to the equipping of more Nigerians with technical skills for employability and entrepreneurship. One outcome of these efforts was the production of the first indigenous Android GSM Smartphone with 100 per cent locally sourced materials by the ITF Model Skills Training Centre (MSTC), Abuja. The device, which was presented recently by the Minister of the Federal Ministry of Industry Trade and Investment, Otunba Richard Adeniyi Adebayo to Mr. President, is comparable in quality to any available android device in the market today. The fund also entered into a Memorandum of Understanding (MoU) with the National Youth Service Corps (NYSC) for up-skilling of serving Corps members. This strategic partnership was aimed at equipping corps members with technical skills to prepare them for self-reliance after National service in the face of dwindling opportunities for white collar jobs. The fund also signed a Memorandum of Understanding with the Federal Ministry of Youth and Sports Development (FMYSD) to train 23,130 youths in the 36 states of the Federation and the FCT in 22 trade areas under the Ministry’s Youth Skills Development and Entrepreneurship Programme (YOSDEP). For capacity development of Nigerians, ITF also entered into partnership with the Nigerian Defence Academy (NDA), Nigerian Content Development and Monitoring Board (NCDMB), and Nigerian Air Force (NAF). The fund also expanded the scope of its partnership with the umbrella body of the Organised Private Sector, Nigeria Employers’ Consultative Association (NECA), which gave birth to the Technical Skills Development Project (TSDP), which is a perfect example of Public-Private Partnership (PPP), being advocated by the Federal Government. Highlighting on this multifaceted approach of tackling unemployment in Nigeria, the Director General of the fund said, “It is our contention that until most Nigerians are equipped with competitive technical skills, we will, as a Nation, continue to fight a losing battle against the blights of poverty and unemployment and their attendant consequences.” He said ITF also provide direct training services to employers of labour for them to be productive and perform optimally. The fund said it has through its scheduled and unscheduled training programmes trained thousands of employees from over 200 organisations across the country despite the pandemic. Challenges These laudable achievements didn’t

Trainees on fashion designing

and empowerment of the youths and indigent segments of the society as well as strengthen the Micro, Small and Medium Enterprises sector through need-based training in view of the vital importance of the sector to national growth and development, especially in the light of the economic diversification agenda of the federal government.

Trainees on moulding of interlocking

come with a price; the fund had had its share of challenges in the past. Sharing on some of tough times ITF had gone through, Ari said that he assumed office to meet that competing and divergent interests and opportunistic elements had torn apart the Fund renowned togetherness. He observed that its unity of purpose, singleness of aims and clarity of objectives had equally eroded; giving way to a work environment that was toxic, unfriendly and unhealthy, even as stakeholders expressed great dissatisfaction with the services they got. “It was against this backdrop that on assumption I promised to do two things: to work as unto God in order to transform the ITF, and to heal wounds. I am gratified that with your individual and collective support, I can confidently say that we not only achieved and performed remarkably on both counts but indeed outstripped all expectations given the conditions we inherited”, he said. Staff Development, Welfare On staff development and welfare, the DG said he was aware that when employees are fully motivated, they become more committed to their duties and are generally more productive. He said that staff welfare and development was considered a priority as the management of the fund has continued to implement welfare packages to motivate the workforce for optimal performance. With this in mind, even when most organisations ceased payment of salaries on account of the disruptions by COVID-19, the DG said ITF continued to live up to its responsibilities, thereby helping to maintain industrial harmony. He said when he was reappointed that, “we will not be celebrating today without your individual and collective efforts. Indeed your commitment, hard work and sacrifice ensured that my reappointment by Mr. President was a mere formality, instead of the difficult process it might have been. “Having said this, I wish to, however note that from the targets we have set for ourselves and from the economic distortions as a result of COVID-19, the next few years will be challenging for us in very many ways. "Firstly, as a result of COVID, many organisations have either rationalised their workforce or even closed shop

because of the very difficult operational environment. This will no doubt have negative implications on the revenue generation of the fund. It also means that we will need to be parsimonious in the application of the meagre resources available to us. By implication, we will have to cultivate a culture of doing more with less. “Secondly, in times of economic difficulties such as we are passing through, the first option of most managers is to cut expenses on human capital development. This will no doubt impact the number of people we train and the revenue generated therefrom. What this calls for, is to be more creative and innovative, and above all develop the spirit of persistence and resilience in the marketing of our services. It also means that everyone from the DG to clerk will become a marketer, otherwise we will fail and the consequences of such failure are only best imagined. “In addition, because of layoffs, the onus will be on us as the leading human capital development institution to provide as many Nigerians as possible with the necessary technical skills for them to set up on their own. In the absence of white- collar jobs, skills acquisition is the only sustainable solution to effectively tackle the problems of poverty and unemployment and the attendant implications on our society. Government expects this of us and we cannot afford to fail. “From the picture I have painted, it should be clear to us what lies in wait for us as staff of the Fund. We must resolve to embrace today’s obstacles to reach our next stage of achievement. Therefore, we need to be more effective, creative, and resilient, and work with greater intensity as unto God. In essence, every staff of the Fund must from today resolve to justify their place in the new ITF.” Expectations He however assured that his doors were always opened for new and innovative ideas that will drive the ITF forward, “as I believe that if creativity is given a free rein, we will together build the agency that our forebears envisioned.” He said that the expectation is that in the next four years, the ITF will further escalate and amplify its activities especially with regard to skills acquisition

Accolades With this kind of leadership mindset and prudent management of the resources available to the fund, it was not a surprise that the DG received accolades when the Independent Corrupt Practices and other Related Offences Commission (ICPC) named the fund as the most ethics-compliant and integrity agency amongst 352 federal government ministries, departments and agencies (MDAs) surveyed by the commission in 2020. Disclosing this recently, the Director of Public Affairs Department of the Fund, Mrs. Suleyol Fred-Chagu said that all agencies that were non-responsive to the ethics and compliance scorecard, which measures how MDAs comply with ethical, integrity, statutory, regulatory and policy standards and requirements in order to diminish corruption risk, improve ethics and integrity benchmark and improve service delivery have been classed as corruption high risk agencies and have been listed for further inquiries and actions by the commission. Ari, who was expectedly excited, said: “We are encouraged by news of our rating as the most compliant MDA. I am not entirely surprised as we have always administered the fund on the path of financial integrity and in compliance with all governmental regulations and processes and shall continue to do so especially in light of dwindling finances as a result of the coronavirus pandemic which is negatively affecting MDAs. “But beyond mere adherence to governmental regulations, we have repositioned the fund’s operations with emphasis on improved service delivery, and have also escalated the number of Nigerians trained through our skills intervention programmes. The rating shows that our efforts have not gone unrecognised. “Indeed, only recently we were named as one of the federal government’s agencies with the most interactive and robust website by the Bureau of Public Service Reforms (BPSR), and also listed among the topmost MDAs with regard to compliance with the Freedom of Information Act by a consortium of civil society organisations including Basic Right Watch (BRW), International Centre for Investigating Reporting (ICRI) and Media Right Agenda (MRA) among others. “It is also for the same reasons that we were in 2018 and 2019, rewarded with the prestigious Award of Excellence as Outstanding MSMEs Clinic Partner and Award for outstanding contribution to the development of the Micro, Small and Medium Enterprises in Nigeria respectively by the Council for the Development of the Micro, Small, Medium Enterprises (MSMEs), which is headed by Vice-President, Prof. Yemi Osinbajo.”

MONDAY JULY 5, 2021 • T H I S D AY

T H I S D AY ˾ ͳ˜ 2021

BUSINESSWORLD

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

ͱ ˜ Ͱ ͮ Ͱ ͯ MONEY MARKET OVERNIGHT OBB

REPO 12.50 12

CALL 1-MONTH 3-MONTH

S & P INDEX 12.50 14 14

INDEX LEVEL 1-DAY MONTH-TO-DATE

S & P INDEX 533.13% 0.03% 0.03%

1/4 TO DATE YEAR TO DATE

EXCHANGE RATE 0.03% - 20.25%

N411.67//1US DOLLAR* ̩

Quick Takes Tecno Launches Phantom X

AUDITREPORTPRESENTATION

L-R:ManagingDirector,PhillipsConsultingLimited,RobertTaiwo;Chairman, FolusoPhillips;MinisterofInterior,Mr.RaufAregbesolaandPermanentSecretary,Dr.ShuaibBelgore.during thepresentationofthefinalreportandrecommendationsoftheauditoftheministrytotheministerinAbuja…recently

Investors Stake N14.2bn on Stocks, Market Rebounds Goddy Egene Investors staked N14.145 billion on 1.021 billion shares in 17,565 deals at the stock market last week. This was an increase of 36 per cent compared with N10.330 billion invested in 1.006 billion shares in 17,165 deals the previous week. Also, the market rebounded last week as the bulls returned strongly pushing the Nigerian Exchange Limited (NGX) All-Share Index (ASI) by 1.47 per cent to close at 38,212.01, while market capitalisation went up by 1.49 per cent to close at N19.919 trillion.

STOCK MARKET Market operators and analysts said with the half year (H1) earning season around the corner, investors would embark on bargain hunting on stocks that would declare interim dividends, a development they said would likely retain the market in the bulls’ territory. Besides, companies with March 31, as year ended have started to report their performance and declaring dividends. For instance, Flour Mills of Nigeria Plc, has reported an increase of 126 per cent in profit after tax

for the year ended March 31, 2021 to N25.72 billion, up from N11.38 billion in 2020. The company is to reward shareholders with a dividend of 165 kobo per share, which is higher than the 140 kobo paid the previous year. In the opinion of analysts at Cordros Securities, the H1- 21 earnings season on the horizon, they believe investors would be looking for clues on the sustainability of the decent corporate earnings released for Q1-21. “However, we expect mixed market performance in the week ahead as bargain hunting in dividend-paying stocks will be

matched by intermittent profit-taking activities. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings,” they said. Meanwhile, the Financial Services Industry led the activity chart with 721.728 million shares valued at N5.995 billion traded in 8,709 deals, thus contributing 70.70 per cent and 42.38 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry Continued on page 26

Tecno has launched its flagship smartphone, Phantom X. The smartphone, which was launched recently in Lagos, features an elegant design of 3D borderless screen and the industry’s first silk glass back cover. Other features include a combination of the 50MP Ultra-Night camera and the industry’s leading 1/1.3 super large sensor, 48MP Ultra-Clear selfie camera with 105° Ultra-Wide angle. It also comes with the AI-assisted supernightmodeand50mmGoldenPortrait,providesabigleapincamera performance. Powered by a 4700mAh, 256G+8G large memory and a newly-updated HiOS 7.6 system, Phantom X empowers and supports every experience of users’ life and work. Phantom X empowers consumers to feel their extraordinary best throughout all their special moments in life. MarketingManageratTecno,AttaiOguche,said:“Weareproudtointroduce the all-new Phantom X. It is an extraordinary beginning that encompasses Tecno’s vision, encapsulating and reframed for a new audience of more demanding consumers. “Phantom X isn’t just an innovative high-end smartphone;itempowersthemodernextraordinaryindividualtorejectthe ordinary, always strive for success and have the ambition to achieve new heights. Holding this spirit, we aim to continually make breakthroughs in product and design innovations as we have delivered through Phantom X.” The new Phantom X offers the industry’s first curved glass surface etched texture. It is equipped with a unique 3D borderless screen, embedded with a unique arc design for a comfortable grip to the hand. Unbounded by bezels, the 3D borderless screen features a large bending angle that makes text and images blend seamlessly around the edges of the device. The mobile phone comes with two classical colours: Van Gogh’s Starry Night Blue and Monet’s Summer Garden. Van Gogh’s Starry Night brings a stellar display of the mysteriously nebulous sky.

AfDB Supports AGRF Launch

The African Development Bank’s (AfDB) Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, and Director for Agricultural Finance and Rural Infrastructure Development Atsuko Toda, recently joined development leaders online to launch this year’s African Green Revolution Forum (AGRF) Agribusiness Deal Room. The AGRF’s agriculture matchmaking platform initiative links some 4,000 actorsintheagriculturesectortoinvestmentandnetworkingopportunities. In her first public engagement since her appointment, Dunford gave keynoteremarksatavirtualsessionthatdrewmorethan200participants. Dunford said across Africa, there was a growing class of “agripreneurs” who are looking for investment, partnerships, technical knowhow and financing to scale up their business. “The African Development Bank is excited to grow its partnership to this initiative.The Agribusiness Deal Room compliments our efforts to expand finance for agribusiness to enable small and medium enterprises to grow and attract new and innovative sources of sustainable capital,” she added. Organised by the Alliance for a Green Revolution in Africa, the fourth edition of the Agribusiness Deal Room would be featured at the annual AGRF Summit that convenes stakeholders to facilitate partnerships and investments in African agriculture.The Agribusiness Deal Room specifically supports governments and companies with access to finance and partnership opportunities.

FRSC Seeks EEDC’s Partnership

Report: Tax Obligations, COVID-19 Impact, Forex Worry CFOs Dike Onwuamaeze Chief Financial Officers (CFOs) of top Nigerian corporate organisations have stated that foreign exchange (forex) availability, taxation and the impact of COVID-19 are their three major sources of concern in managing the finances of their respective organisations. They expressed these views in the KPMG Nigeria 2021 CFO Outlook Survey (Half Year Review, June 2021), which also identified security, infrastructure and power as top three matters government should address to enhance ease of doing business, stimulate economic growth and improve public trust in the country’s economy. The sectors covered by the survey included financial service, energy and natural resources, technology, media and telecom-

ECONOMY munications, consumer and industrial markets, infrastructure, government and healthcare among others. The report stated: “Unsurprisingly, foreign exchange availability, taxation and the impact of COVID-19 emerged as the top three stay awake issues for the CFOs surveyed, while the top three issues requiring urgent government intervention from an ease of doing business perspective are security, infrastructure and power. “These are the same issues identified year after year and it draws attention to the need for new thinking and a consistent, coordinated approach to addressing them. “As the federal government continues to focus on boosting

tax revenues, CFOs expressed concerns around tax multiplicity, aggressive tax collection drive and lack of transparency in customs/ excise administration. “They believe that dealing with multi-layered taxation in the system hurts businesses, especially SMEs. They suggested that the tax administration should be harmonised and transparent.” A Partner and Head of Audit Services, KPMG Nigeria, Mr. Tola Adeyemi, noted that leading organisations across all major sectors in Nigerian economy were surveyed on their business outlook, strategies for cost and risk management and the priorities for an enabling environment. The CFOs expressed pessimistic view on the prospects for economic growth in 2021 even though they remained confident about the prospects of growth in their

respective organisations and slightly optimistic of growth in their various industries. The CFOs identified increased implementation of cost optimisation, digitisation and technology optimisation, changing the operating model to reduce risk and protect value and developing new products targeted at new customers as key initiatives that were taken during the period to enable businesses to remain profitable. However, the report warned that cutting cost without a longterm view in mind could have damaging effects on innovation, growth and reputation as studies have shown that short-term cost-cutting often harm organisations across industries and can ultimately increase costs in the

The Federal Road Safety Corps (FRSC) has said it will partner with the EnuguElectricityDistributionCompany(EEDC)toenhanceitsoperational capabilities within Enugu state. The FRSC Sector Commander in Enugu State, Mr. Joseph Udoabba, said this when he paid a courtesy to the management of EEDC at its corporate headquarters in Enugu, recently. Udoabba said the visit was essentially to, “further fortify and cement the already existing cordial relationship between the Command and EEDC.” Astatementquotedhimtohaveadded:“Ihopewewillcontinueonthatcordial note.” He also commended the efforts of the EEDC in ensuring effective electricity distribution in the state as well as the entire south-east states. “FRSC is soliciting for support in the area of power supply to its Command headquarters, unit and licensing offices to enable the corps efficiently carry out its operations without disruption,” he appealed.

“We want to be seen as the best bank supporting theAfrican Continental Free TradeArea agreement. In terms of diaspora remittances, we are present in key areas in the continent”

GMD/CEO, Access Bank Plc, Continued on page 26

Mr. Herbert Wigwe

T H I S D AY ˾ ͳ˜ 2021

BUSINESSWORLD INVESTORS STAKE N14.2BN ON STOCKS, MARKET REBOUNDS followed with 99.083 million shares worth N2.395 billion in 3,703 deals, just as the third place was ICT Industry, with a turnover of 72.718 million shares worth N3.407 million in 643 deals. Trading in the top three equities namely, Guaranty Trust Holding Company Plc, Wema Bank Plc and Zenith Bank Plc accounted for 213.871 million shares worth N3.818 billion in 3,023 deals. The price movement chart showed 43 equities that appreciated higher than 33 in the previous week, while 26 equities depreciated in price lower than 37 equities in the previous week. Ikeja Hotel Plc led the price gainers with 60 per cent, trailed by Linkage Assurance Plc with 30.7 per cent. REPORT: TAX OBLIGATIONS, COVID-19 IMPACT, FOREX WORRY CFOS

long run. “We deliberately reduced and are still reducing our service cost by launching campaigns to drive customers to adopt e-banking channels and instituted cost management initiatives development into the workforce KPIs and currently, business units are incentivised to meet set targets in managing their variable cost portions’’ the CFO of Access Bank Plc, Mr. Oluseyi Kumapayi. The CFOs considered cloud computing, advanced analytics and visualisation as top technologies that were used to improve efficiency in their finance functions during the COVID-19 pandemic. They further identified robotics process automation, artificial intelligence and blockchain as new frontiers for delivery of finance services that some of the CFOs have started exploring for adoption. The CFO of Oilserve Limited, Mr. Solomon Okodugha, urged companies to accelerate growth, “through delivery of its strategic objectives with the finance function fully embedded in the business, leading the enterprise wide integration and providing in-depth financial analytics and reporting to steer the organisation in the right direction.”

NEWS

NAICOM, Insurers Agree on Upward Review of Motor Insurance Ebere Nwoji Motor vehicle users in Nigeria will have to pay more on the compulsory motor third party insurance policy as the National Insurance Commission (NAICOM) and insurance operators have decided to review upward the current N5,000 premium paid by motorists to obtain third party insurance. The stakeholders took the decision at a recent meeting in Lagos. The Chairperson, Publicity Committee of the Insurers’ Committee, Mrs. Ebelechukwu Nwachukwu, who disclosed this while briefing journalists on the outcome of the committee’s first meeting after the COVID -19 lockdown, said the committee has set up a body to discuss with operators and come up with a new rate to be paid by motorists on the policy. Nwachukwu, who is also the Managing Director, NSIA Insurance Company, said the Commissioner for Insurance, Mr. Sunday Thomas, following a reactivation of the Insurers Committee, had directed the insurers to determine the adequacy of the current premium for the Motor Third Party insurance policy . “The committee has received the permission of NAICOM to review and determine the adequacy of the current premium for the policy. “When you have a third-party policy, it is necessary that you revisit it from time to time, so the technical and actuarial professionals will start working on that,” she said.

The current N5,000 official charge for the Motor Third Party Insurance has lasted for decades despite the inflation rate and changes in the prices of other goods. The insurers, judging from their reactions at different fora on the N5,000 minimum rate on the policy are obviously no longer at ease with the low rate.

According to them, they allowed the N5,000 rate over the years to avert the fake operators taking advantage of them. Manage Director FBNInsurance, Mr Ojumah, speaking on the development said: “N5, 000 premium is still peanuts from what NIA is trying to achieve. But first, it is focused on supporting

enforcement and compliance. NIA still will lose money at N5, 000 but this is a first step to proper pricing. “Rating is an issue all over the world. Insurance buyers would rather not pay anything if they have the option. But because in Nigeria we have so many companies and each one of them is competing

against themselves, so if they are to provide that cover properly as intended by law, the cost must be adequate. “For the cost to be adequate, giving the level of irresponsible competition in the industry, there has to be some kind of control. That control is intended to remove the fake operators.

AVIATIONUNIVERSITYUNDERWAY

ExecutiveSecretary,NationalUniversitiesCommission(NUC),ProfAbubakarRasheed(left),being presentedtheConceptNotefortheestablishmentof theAfricanAviationandAerospaceUniversity,Abuja,bytheAviationMinister,SenatorHadiSirika,inAbuja...recently KOLAWOLE ALLI.

NNPC, Partners Achieve 30% Oil Production Cost Reduction Peter uzoho The Nigerian National Petroleum Corporation (NNPC) in collaboration with other oil exploration and production companies operating in Nigeria have brought down the cost of oil production in the country by 30 per cent. The Group Managing Director of the NNPC, Mallam Mele Kyari, disclosed this recently on ‘The Morning Show,’ on Arise News Channels, THISDAY’s sister

broadcast station. High cost of oil production in the country became a front burner last year at the heat of the COVID-19-induced oil market crash as Nigerian oil companies were spending more to produce a barrel of oil unlike other countries, a situation that resulted in the pegging of production cost at a maximum of $10 per barrel, by the NNPC. Fielding questions on industry-wide issues, Kyari said the NNPC and its partners realised during the COVID-19 that it was no longer practicable to produce

at the high cost being produced at the time and still be effective and profitable, hence the decision to approach their contractors for renegotiation of contracts, which he said, worked for them. He said with the contract renegotiations and discounts, in addition with some optimisation of operating process driven by the National Upstream Cost Optmisation Programme (NUCOP), the cost of production was reduced by 30 per cent. Kyari said: “When we saw that opportunity (contract renegotia-

tion and discounts) we decided to launch another perspective, which is that, we set a target for ourselves. “We met our partners and we engaged and ensured that it serves the interest of all of us to bring down the cost of production to that level. “We launched an initiative called NUCOP, it’s the National Upstream Cost Optimisation Programme. What it does is that you kind of pool together all your cost sources, you focus on the areas that you are most vulnerable, you

share resources, you shorten your contracting processes, you don’t keep vessels that you don’t need, you don’t keep aircraft that you don’t need, and so many of these. “And of course, our partners found this very attractive and the end result is that we are able to substantially bring down the cost. I can’t put number on it but I know for sure that we are able to bring down our operating expenses by at least 30 per cent than what it used to be one year ago. The net effect will be on the cost per barrel.”

SEC Approves Seven NGX’s Derivatives Contracts Goddy Egene

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji Asst. Editor, Money Market Nume Ekeghe

Nigerian Exchange Limited (NGX) has received approval for seven derivatives contracts from the Securities and Exchange Commission (SEC). The approved contracts are: Access Bank Plc Stock Futures; Dangote Cement Plc Stock Futures; Guaranty Trust Bank Plc Stock Futures; MTN Nigeria Communications Plc Stock Futures; Zenith Bank Plc

Raheem Akingbolu (Advertising) Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor (Energy) Emmanuel Addeh (Energy) Reporters

Nosa Alekhuogie (ICT) Peter Uzoho (Energy)

risk management process. Ahead of the launch of derivatives, the Chief Executive Officer, NGX, Mr. Temi Popoola, said: “The launch of the derivatives market aligns with our commitment to build a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital. “We are, therefore, excited about the prospects of deepening Africa’s position in the global

financial markets through ETDs, as well as enhancing liquidity and mitigating against price, duration and other financial risks that may arise from sophisticated financial transactional activities.” Leading up to the launch of ETDs in the market, the NGX has continued to ensure understanding of derivatives, its applicability and how investors can reap maximum value from the asset class. In this respect,

NGX has collaborated with both local and international organisations to facilitate in-depth capacity building programme on the derivatives market. A derivative is a contract between two or more parties whose value is based on an agreed-upon underlying financial asset or group of assets. Common underlying instruments include bonds, commodities, currencies, interest rates, market indices and stocks.

PIB Passage Excites NACCIMA

Senior Correspondent Correspondents

Stock Futures; NGX 30 Index Futures, and NGX Pension Index Futures. The NGX said the approval followed the successful registration of NG Clearing by SEC as a premier central counterparty, effective 7 June 2021. The NGX noted that with the approvals, it was inching closer to launch West-Africa’s first Exchange Traded Derivatives (ETDs) supported by NG Clearing in the

Dike Onwuamaze The newly elected National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Ide Udeagbala has expressed hope that the recent passage

of the Petroleum Industry Bill (PIB) if signed into law by the President will orchestrate the much-awaited reform in the sector. Additionally, he said it would improve the involvement of the Nigerian private sector and enhance the confidence of

foreign investors in the country’s oil and gas sector. Udeagbala, in a statement, also commended the National Assembly for the passage of the PIB after 18 years. He said: “We hope that the passage of the bill will bring the much awaited and needed reform of the Nigerian oil and gas

sector for improved involvement of the Nigerian private sector and improved confidence of foreign investors who have complained of lack of clear appropriate legal framework in the Nigerian oil and gas sector.” He also urged all stakeholders to work concertedly to ensure that

the bill would improve the life of the host oil community and ensure sustainable development of the environment in the oil producing areas. He also noted that only faithful and transparent implementation of the bill would ensure the attainment of its desired objectives.

T H I S D AY ˾ ͳ˜ 2021

Ogeah: Marriot Will Drive Tourism, Hospitality in Lagos The Managing Director of Mac Folly Limited, Chike Ogeah, operator of Lagos Marriot Hotel Ikeja, in this interview says the facility will spearhead the growth of tourism and hospitality services in Lagos state as well as Nigeria. Chinedu Eze provides the excerpts:

hy the choice of a Marriot in Lagos? Marriott Hotels, the signature of Marriott Bonvoy’s portfolio of 30 extraordinary brands is behind the Lagos Marriott Hotel Ikeja. The hotel reflects the newest global design vision for Marriott Hotels, featuring sophisticated and intuitively designed spaces for today’s modern traveller, enabling guests to relax, work and find inspiration during their stay. We are excited to have opened the Lagos Marriott Hotel Ikeja, bringing Marriott Hotels’ transformed vision to Nigeria. Lagos is a vibrant and bustling city with much to see and do for leisure and business travellers. What better place to debut the Marriott Hotels brand in Nigeria with its thoughtful service and intuitive spaces that enable guests to be inspired during their stay. Lagos Marriott Hotel Ikeja offers 206 guestrooms and 44 suites each with expansive views of the city. The spacious guestrooms are thoughtfully designed with contemporary décor and intuitive in-room amenities. Natural colours, crisp lines, purposeful lighting and comfortable bedding create an intimate and peaceful space for guests to get into their best headspace for success. Deluxe walk-in showers and spa-like lighting complete the relaxed experience throughout the room. In line with Marriott Hotels’ newest global design strategy, local accents add a sense of place to the sleek aesthetic. Open workspaces allow for flexibility to connect anytime. The Great room at the heart of the hotel blends modern elements with local touches inspired by Nigeria’s rich heritage and traditional crafts. The multi-use space is designed for guest to socialise, relax and work. The M Club is an exclusive space reserved for Elite members and Club paying guests and provides complimentary breakfast, evening drinks, hors d’oeuvres and premium beverages throughout the day. The M Club also offers the brand’s signature Mind Menu, a selection of delicious snacks and beverages with active ingredients to enhance mind and body. Accessible 24 hours a day, seven days a week, the M Club provides free WiFi, printing services and power supplies to ensure uninterrupted productivity for business travelers. What motivated the hotel business? Well the truth is that the hotel is part of the SIFAX group. Primarily SIFAX is in the shipping business and also in the aviation sector. The Chairman of SIFAX, Dr. Taiwo Afolabi, who is really the visionary person behind the project has over the years conceptualised the idea of building a magnificent hotel in Lagos, especially after we had, started the Skyway Aviation Handling Company Plc (SAHCO). Previously I was in the handling company, when it was a government parastatal, which was later privatised and we were now working to together. So we did a few trips, trying to reposition the company and all of that and of course we stayed in different branch of hotels all over the world, top brand of hotels, in Europe, in America. Dr. Afolabi would tell me, Chike why can’t we have that kind of hotel in Nigeria? But being a pragmatist and looking at all the odds you have to overcome to have that kind of brand in Nigeria, I thought he was just dreaming, but he was insistent and he was persistent. And after a while I said to him, Chairman, if you really are ready to do this, I am all-in with you. We started by first getting the land. That was just first situation. After that we started blasting the land because we had to go three floors underneath. We realised that we had to put two floors of underground parking and then the basement floor of the hotel. All that came after we had looked at all the top design, and the top hotel brands in the world and we settled for the Marriott for too many reasons. Marriott is one of the best and cosmopolitan brands that cater for the kind of customers we were looking at.

Ogeah The upwardly mobile, business executive, relaxed, not anything too conservative, cosmopolitan yet subtle. And we stayed in one or two of their properties in Dubai, especially the Marquis in Dubai, which is a wonderful hotel. We started talking to them and they realized how serious we were because when they give us the figures and what it entailed, we realised that their standards were so high and that is why, if you noticed, this is the first Marriott of this quality in this country. Someone attempted similar brand at some point and I don’t think it even went through. So that gives you an idea of the kind of thing the Marriott really is all about. They came in during the feasibility stage, we looked at all the different architects we could use and all of that and then we started designing this masterpiece that we have here in GRA, Ikeja. Of course, the choice of Ikeja was simple because we wanted to marry aviation and hospitality. You know, when you come into a country the first port of call is the airport. After the airport, the next is where you will stay, the hotel. So we thought with the synergies we have in our ground handling company, we will have to bring him products fresh for the hotel. You know, we thought well ahead that we could marry aviation and hospitality. We felt this is the best thing to do. So we started it, it was not easy. We are very grateful. We have the operations in the port where the real SIFAX shipping off dock and ports and cargo operates. So with their assistance, we could get containers in. We brought in well over 700 containers for this project. The materials we brought in were the standard we agreed with the Marriott. We also brought in artisans from China, from South Africa, from everywhere. Of course, we got our local content always

to complement and for them to train because we wanted the best. But at the same time we wanted to also build a reservoir. So those were the kind of synergies we brought in with this project. Not only did we just deliver a first class project, I can assure you that if you go through the history of this project, the number of Nigerians that have upgraded their skills because they worked on this project with us are many. Of course, we had Nigerian architects. We have Nigerian project managers that we all worked together with, including our designers, interior designers. We started almost seven years ago and by the grace of God, following all the government regulations and compliances for height, for safety, for everything and we were able to deliver this project about a month and a half ago. To the glory of God we have directors from all over the world in the project and these have opened different hotels in different parts of the world. This is because when Marriott opens a new hotel anywhere, the first thing they do is that they get their top directors worldwide that will go and head different areas of the hotel. Like food and beverage, human resource, operations and housekeeping. There will always be a foreign technical person that will be in charge. It is these top personnel that begin the training process for the locals. These are people who have had experiences all over the world. They come from America, from South Africa, from Portugal from England; in fact, from everywhere. They said they had never seen a situation where a hotel has been received by the host community with so much enthusiasm. The hotel has always been full since it started. We get up to 85 per cent occupancy over the few weeks we have opened and it is getting

better. Of course, you know with a thing like that as big as it is, we ourselves have to be tweaking and re-tweaking the standards to ramp up the training for the Nigerian workers there. So we have to keep improving and improving and improving to be able to get to that standard where we should be same thing, even with the menu the food and the different restaurants we have there. We just have to keep making it better and better and better. But so far so good and we are happy with what we are seeing. Now the major challenge Nigerian hotels have is power. That is why the prices are very high. So how are you managing that? Well, the truth is that in the case of power you talked about, it is very serious. We paid N60 million in the first month, just for power. And the truth is that for an operation like this, once you start everything should be working, from the chillers and will not be switched off. You have all kinds of lighting; you have all kinds of equipment in the kitchen, in the laundry. These are power units and they will consume power. You know, power generally in the world is not as expensive as it is in Nigeria. But you see at the same time we cannot drive our prospective customers with very high tariffs, either in our rooms or in our events. Maybe you want to do something in the ballroom or whatever, so we try and maintain the balance. But for now we seem to be working for the power company; that I can assure you. But we pray that as it gets better, there are still one or two aspects of the business that has not started fully, which will commence next week. Like the wakame restaurant, which CONTINUED ON PAGE 30

MONDAY JULY 5, 2021 • T H I S D AY

T H I S D AY ˾ ͳ˜ 2021

OGEAH: MARRIOT WILL DRIVE TOURISM, HOSPITALITY IN LAGOS you open newly, people flock to it, after some time, there becomes a lull. Do you have pre-emptive plans to avoid such? Yes, what happens is when you drop the ball and that is the problem. That is why a hotelier or as a brand you must make sure that your standards are unassailable. You must hold on to your standard because that is the only way you keep your customers. If you don’t keep your standards then you lose your customers. And how do you not keep your standard? By then you don’t maintain your facility, all of a sudden your facility looking run down, things are not working, your food is not top-notch then people start complaining and inevitably there will be a degeneration of the hotel. But if you are serious about your facility and that is why, like I said to you, we have got top-notch brand managers in the Marriott. Their standards are totally unassailable first-class. And their standard operating procedure, which encompasses their maintenance manual, is second to none. I cannot assure you. So, we don’t even run that risk, that hotel is going to be run as if it is in Washington, as if it is New York, even though we are working against all odds. Because in those places certain things are taken for granted, we have to do our own power sometimes for 48 hours, but it is okay because we have all kinds of different tiers of power solutions in the hotel.

is like the Asian restaurant. I know that is going to be a major source of revenue, because Nigerians have predilection for Asian food: Indian, Chinese, Japanese and Thai foods. So, when that comes, I think we are going to have a lot of customers there. Also the spa is starting next week. So those two major aspects have not really started. But we are doing very well with the ballroom, with the meeting rooms and of course, with the lodgings the hotel accommodation. Now let’s look at the plan to marry between the hotel and aviation. Are you looking at international airlines having their crew in the hotel, have you started that process? Yes. We built the hotel with aviation in mind. And what we have done is that we have a special crew lounge for aviation. Well, the way the aviation industry operates is that when you have airlines, you have to have them for very long periods of time. So you tie them into long-term contracts and you have to give it to them at reduced rates. Airline crew flies for so many hours. So that means that at every point in time, you will have a crew on the ground. Now, you have to also look at your bookings. Yes, it is a 250-bedroom hotel with mixed suits, including presidential and two vice presidential suites. But we found out that we keep getting these bookings and bookings and bookings. So we are going to make a special quota for a few airlines; that is what we decided. We can’t take too many. In order words, the patronage overwhelmed the hotel? Yes, so we are going to make provision for a few airlines; just because we want that synergy between the aviation and hospitality sectors. I think it is very critical. I don’t know if you have noticed in the more advanced world that these days even the airport itself has malls, you find hotels, you can do everything like in Dubai airport today. You don’t need to go into the city, you can just go to Dubai stop at the airport, and do everything you need to do in Dubai and start coming back. You know that is the aerotropolis project the world over is talking about. Trying to make airports a one-stop shop for everything you need. And for now in Nigeria, it is the next best thing and that is what we have done at the Marriott and the Murtala Muhammed International Airport, Lagos. So to that extent, the plan is working very well and we are going to develop on it. From what you have seen so far, apart from power what other thing do you think should be the challenges of running a hotel like this? Well, there are quite a few challenges, which is the truth. Another thing is that you must understand that a hotel is a public space. So to that extent in as much as you want it to be exclusive, you still find situations where some people that don’t have any business being there, just come and sit down there. And they are trying to look for people, maybe find some people to talk to. They are looking for one big man in quote or the other and people love their privacy. So to that extent, we take time to make sure we also put checks in place where we make sure we don’t let people that have no business being there coming there, even though it is supposed to be a public place. Those are the kind of issues we have to deal with; then, of course, the issues with our staff. We have to make sure we keep them well motivated, so no staff is wayward in anyway. We have to make sure we get top quality service from them and then we have to make sure our customers are satisfied with 24 hours of the day. In as much as a hotel business is a 24-hour business, even if you wake up at 3:00 a.m. and you want to call room service, because you want something or the other, we have to make sure it is there for you. The system in Nigeria tends to discourage investment: multiple taxation, arbitrary policies that subject organisations to the whims of individuals, what is the advice you will give the government at different levels so that they can create

Ogeah incentive to investment? This is what we are saying and this is what we are trying to get across in all aspects. Okay we operate in Lagos; this hotel should be a credit to Lagos state which obviously is a tourist centre. I mean Lagos may be the fifth largest economy in Africa, even though it is a sub-national. You don’t want to kill businesses in Lagos. And the governor of Lagos has been very, very supportive of our project. But like you said, when the FIRS (Federal Inland Revenue Service), the LIRS (Lagos Inland Revenue Service) do not delineate their taxation system, all these multiple taxations come and these things kill business. In order to give incentives, this huge investment should attract tax holiday. It has created hundreds of jobs directly and indirectly. There are suppliers and other service providers to the hotel. So when you have situations like this, I think it is important that government should give the company time to take off and stabilize. It is like a plane taking off, gaining altitude and cruising in the air. You know, it is just when you are on the runway that is the most challenging time until you get to a comfortable height and you start to cruise. So we are appealing to concerned authorities to give us that consideration. Even with the power companies, we need these tax and price breaks so that the place can be established because at the end of the day the hotel is going to be there for everybody to enjoy. It is going to be a one-stop shop like we are trying to do. We are therefore

Our security is top notch because Marriott has his own standard operating procedure. We also built a ﬁrst class property, and we handed it over to the Marriott as the brand manager

using this opportunity to appeal to them and we have been interacting with all the different tax offices to say, look, you have to give us a break, you have to give us some kind of tax holidays, even the expatriate quotas, pioneer status, all those things we have done. And you know, they have been quite cooperative. In terms of security what’s the confidence you can give to somebody that come into the country? Our security is top notch because Marriott has his own standard operating procedure. We also built a first class property, and we handed it over to the Marriott as the brand manager. And like I said, they come with the highest standards of operating procedure. And one of the very, very important things that they don’t joke with is with security. That hotel is secure in a way, in fact the security you see is just one over 10 of the security that is in that place. So in terms of security, we are totally covered. I assure you, the four corners of that hotel are totally secured. You know that hospitality and tourism go together, on the tourism side, is there anything you are doing? Yes, we are working with the Ministry of Tourism in Lagos. We are already in synergy with them. We have even scheduled a meeting with them. We are going to be in the Lagos state tourism master plan. At the planned meeting, we intend to interact with them and find out those areas they want us to come in. The facility is going to be available for them; whether we want to do events that would depict our cultural heritage. Whatever it is they bring we are ready to make the facility available. And we want to be part of the hub of tourism and culture in Lagos and in Nigeria. So in that whole ecosystem of aviation, of tourism, of culture, we want to make sure that the hospitality business is also in the center of the hub so that they can all work in synergy. Because that is what delivers first-class tourism to a traveling customer that comes from outside the country, that wants to understand your norms, your culture, your values as a people. This is because that is what you sell, anyway. Another issue with hotels, is when

How do you get your food supplies, considering the fact that foods at the hotel represent different cultures? Nigeria is blessed with local fruits, vegetables, and all of that. But there are still some types of fruits that are grown in temperate weathers abroad. Again, that is where our synergy at the airport, SAHCO Plc, which is the ground handling company, we have major cooling facilities there. So we have situations where we get fresh produce from France. Different kinds of things that we bring are well stored and they are brought into the hotel. These things that come daily or two times a week are served fresh. Those are the perishable fresh items. So because of those synergies we have, it makes it easier for us to be able to run it that way. And like I said to you that was part of the whole conception of the hotel being near the airport and what we are trying to do. In the long term, do you think it is possible to start growing some of those things, maybe, directly from Plateau State? Yes, we are also looking at that. You know Nigeria is a country that is blessed immensely. We have all the different weathers here. It is all about the synergies and security. So in a few inquiries we made because, of course, that was the first thing we did, to make inquiries for what we can get locally, especially in the Middle Belt area of the country because of the security issues they have, so a lot of farmers are not even going to their farms. Because these are things that are done deliberately and they are done with technical exactitude so to speak. So when you can go today and then they are killing tomorrow, and you run away, you miss some time, you miss the whole thing with some of these crops. So we are having an issue with that, but the minute the country as a whole can get is security right then we will start looking more towards home grown fruits and vegetables and cash crops for most of these fruits we need. When do you think you can break-even? That is a very tricky one. I won’t lie to you. In the books it says in 10 years. Because I can assure you that this investment is a N40 billion investment. We started at, maybe, when the naira was N150 to one dollar and ended with the naira being about N500 to one dollar. As I speak to you we still have one or two things that are coming through. So, to that extent, it has not been easy. And with the cash outlay with the banks we worked with, we are looking at ten years. But if we do very well, we can do seven years. And if we do extraordinarily well, maybe five years, maybe seven years, we should be talking about breaking even and just getting on our feet because it to is a huge investment.

T H I S D AY ˾ ͳ˜ 2021

Tumaka: BERNL Will Facilitate Maritime Businesses Eromosele Abiodun The Chairman of the Board of Blue Economy Resources Nigeria Limited, Mrs. Lami Tumaka has stated that the company is in business to provide bespoke innovations tailored towards facilitating maritime business-friendly solutions to the challenges in the emerging blue economy sector of Nigeria. Tumaka stated this during the inauguration of Blue Economy Resources Nigeria Coordinating Group by the former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside The group, she said, is the culmination of the enormous collective effort of the board of directors of BERNL, “which began some months ago.” She added: “It is a private company registered under the Laws of the Federal Republic of Nigeria. To this end, we are poised to be Nigeria’s leading blue economy business anchor with our focus on the efficiency of our maritime policies/laws, Blue Economy capacity building, strategic public-private partnerships in cargo affreightment, infrastructure development, marine environment management, inter-modal transportation, marine bio-technology, ocean energy and increased indigenous cabotage participation.” Tumaka added that it is for the realisation of the company’s corporate objectives that the board considered and approved the constitution of a coordinating group with proven track records of achievement drawn from various fields across the maritime sector. The group, she stated, was working with the board of directors as advisors and partners to among others, bring the Blue Economy Advocacy to the front burner of government, the Organised Private Sector and critical stakeholders. She said, “Going forward, we shall as a group establish networking platforms to

engage critical stakeholders including the Minister of Transportation, the Heads of maritime agencies, ship owning associations, barge/ boat operators, oil and gas players, maritime workers, marine environment managers and community groups. “The idea being to sensitise and enlighten them on our vision and mission for the industry and ultimately their support and buy-in. “I am very proud of this group which consists of two former DGs/CEOs of NIMASA, one former Senator of the Federal Republic, four former Management staff of NIMASA, one Senior Advocate of Nigeria, one oil and gas player, one serving Nigerian Navy Commodore and two royal fathers. Quite a galaxy of stars if you ask me.” Tumaka added, “I would like to seize this opportunity to express my profound appreciation to all the members of the Coordinating Group for accepting our nominations to serve. I am convinced that working together as one, we can and should make the desired positive impact on maritime business in Nigeria and beyond. “Our company is a private sector initiative composed of credible technocrats with the mission of collaborating with government and relevant stakeholders to move Nigeria’s maritime sector forward using the emerging Blue Economy principles based on multi-sectoral and inclusive approach.” In his speech, Dakuku said the inauguration of the group was a historic and significant moment Nigeria’s quest to optimise the benefits of the Blue Economy Sector. He added that the emergence of the group was an acknowledgment that government alone cannot achieve its vision of a vibrant Blue Economy sector that addresses the issue of sustainable development without the private sector.

Aviation Academy Offers Scholarship and tourism industry, as well as Chinedu Eze Lagos Aviation Academy has awarded scholarship to one of the participants at the recently held Youth Tourism and Hospitality Leaders Forum (YTHLF). According to a statement issued by the Academy’s Public Relations Officer, Olamide Oni, the beneficiary of the scholarship who was announced after a raffle draw, Jonathan Peter, a student of Lagos State Polytechnic (LASPOTECH) while expressing his gratitude to Lagos Aviation Academy said: “I would like to appreciate Lagos Aviation Academy for this beautiful opportunity. When I heard my name, I was so happy. I have always been interested in tourism and this is a big push for me.” On his part, the General Manager of the College, Chinasa Mbene said, “We are pleased to be a part of what the organisers of the Youth Tourism and Hospitality Leaders Forum are doing. “Lagos Aviation Academy remains passionate about promoting professionalism in the travel

youth involvement in the sector. “We are delighted to present the award of the Basic Ticketing and Reservation Course and we assure the winner and other prospective students of a great time, training and learning from our seasoned instructors.” The YTHLF is an annual event organised by Travelscope Magazine with the purpose of sensitizing and educating students, young tourism professionals and stakeholders on the economic values of the tourism and hospitality sector. This year’s edition of the event was focused on ‘Strategies for Transforming Tourism Challenges to Economic Goldmine in Nigeria’. The convener of the event, Olumuyiwa Omololu said: “The primary objective of the annual event is to sensitise and promote social, cultural and economic values of the tourism and hospitality sector among the students, young tourism promoters and stakeholders.”

Transcorp Hotels Set to Unveil Digital Hospitality Platform Hamid Ayodeji As part of its commitment to continue redefining hospitality, Transcorp Hotels Plc will on July 8, 2021, host #TheAuraExperience at Abuja. According to a statement, the hospitality company which launched Aura by Transcorp Hotels earlier in the year is using the experiential event to officially launch the digital hospitality platform.

It explained that it was also introducing the world to an app that connects them to unique accommodation, great food, and experiences to treasure, in grand style and to suit your budget. “#TheAuraExperience will have guests enjoy the different possibilities Aura brings over two days of curated experiences covering homes and hotels, food and restaurants, as well as tours and different

leisure activities. “Our goal is to become the most important platform and ease to help people find the best place to stay on their travels and doing the things they love whilst creating memories,” MD/CEO of Transcorp Hotels Plc, Dupe Olusola said. “Aura is all about the experience of guests, regardless of the touchpoint, we will always make it top-notch. It starts

from #TheAuraExperience happening on 8th July, which will be a microcosm of the everyday reality of the larger Aura community,” Olusola added. According to her, apart from the guests invited to Abuja for #TheAuraExperience, others could also attend the launch physically to stay at the Transcorp Hilton Abuja, “by downloading Aura by Transcorp Hotels on Google Play or iOS and following @ aurabytranscorp on social media.”

HUMANCAPITALDEVELOPMENT

L-R:CEO,EnergyTrainingCentre,SaharaPowerGroup,IbieneOkeleke;Inductee,ChiomaIkwuegbu;CEO,IkejaElectric,FolakeSoetan;Inductee,FunmilolaOgunadeandChiefHuman Resources,HenryAjibola,duringtheinductionoflkejaElectricyounggraduateengineersinLagos...recently AbiodunAjala

OneWatt Solar Raises N3bn Green Bond for Renewable Energy Goddy Egene OneWatt Solar (OWS) has successful raised N3 billion under its N10 billion Green Bond Issuance Programme. The debt instruments comprised a N2 billion 7-year Green Bond Issue (Tranche I) and a N1 billion 7 year Green Sukuk Issue (Tranche II). According to the company, the issuance was the first of its kind in several categories, noting that in Africa, it is the first: Corporate Green Bond for Off-Grid Renewable Energy Project, Corporate Green Sukuk, and Corporate Joint Green Bond and Green Sukuk. It added that the issuance reinforced the company’s unfettered commitment to the United Nations Sustainable Development

Goals (SDGs) and Paris Agreement on Climate Change leveraging its innovative and scalable business model that is consciously built on strategic partnership, advanced technologies, and Big Data. Commenting on the issuance, Co-Founder & Chief Operating Officer of OWS, Jubril Adeojo said: “This issuance has enabled us to commercially roll out our two flagship products-CHI OMA being the Internet of Things enabled Digital Assets & Hardware Technology, and AMINA being the advanced artificial intelligence Software Technology. “The two products are strategically designed to deliver excellent service to our customers, as well as to ensure that customers’ experience journey is seamless and memorable.

“It is also noteworthy that all our partners are indigenous players working together to democratise, decarbonise, decentralise, and digitise sustainable energy access to our reputable locally owned businesses, and households while creating numerous jobs for African youths and women. “As a tech company, we look forward to developing and rolling out new customercentric products, alongside the issuance of more green bonds and sukuks, as we use this issuance to commence the first step of our journey of a million miles.” Also speaking, Co- Managing Partner & Managing Director of Comercio Partners Capital, Steve Osho, said: “This is the first

hybrid Green Bond and Green Sukuk issued by a corporate in Sub- Saharan Africa and we at Comercio Partners Capital Limited are excited to be the lead issuing house of this historic issue. Our strategic relationship with OWS is in line with our philosophy of value creation.” On his part, CEO of Marble Capital, Akeem Oyewale, said: “Marble Capital is happy to have lent our shariah advisory competencies to the debut Green Sukuk issuance in Africa, and also grateful for the opportunity to expand Islamic finance asset offerings in the Nigerian market. “The utilisation of a sukuk in funding structures allows firms like OWS to tap into a growing asset class that is tried and tested globally.”

AATF Assures on Safety of New Cowpea Variety James Emejo in Abuja The Executive Director, African Agricultural Technology Foundation ( AATF), Dr. Denis Kyetere, has said the new genetically modified cowpea variety known as SAMPEA 20-T, remains safe for consumption without any known side effects. His assurance followed the commercial launch in Kano recently, of the pod borer resistant cowpea which had been on trial in Nigeria. Kyetere had at a virtual press conference, said the technology had no known adverse effects on people. He stressed that the new beans variety was as safe as the conventional cowpea which is grown without any genetic alterations. He said: “The effects that are with this PBR cowpea are the

same effects that are with the conventional cowpea. “If somebody is allergic to the conventional cowpea, the person will be allergic to this one as well. But it is as safe as the conventional cowpea.” The clarification will help douse concerns about the safety of food grown through genetic permutations. This came as the US Agency for International Development (USAID) said the commercialisation of pod borer resistant cowpea by Nigeria represented tremendous progress in applying innovative approaches to advance food security. General Development Officer, Biotechnology Specialist USAID Bureau for Resilience and Food Security Center for Agriculture-Led Growth, Dr. Faith B. Tarr, said at the unveiling of the new variety

that: “We celebrate the completion of a critical stage within a continuous, iterative process by which new food security innovations are developed, disseminated, adopted, and used in order to enhance prosperity, resilience, and nutrition.” Essentially SAMPEA 20-T is a new beans variety bred to resist the notorious insect pest Maruca Vitrata that causes up to 80 per cent yield loses on the farm. The technology was developed by scientists at the Institute for Agricultural Research (IAR), Ahmadu Bello University, Zaria. The USAID said the achievement will advance the country’s capacity to harness science, technology and innovation to sustainably improve livelihoods an nutrition. The IAR Executive Director, Prof. Mohammad Ishiyaku,

said the new beans variety was a significant scientific and economic achievement for the improvement of the production of beans for Nigerians. He said the innovation will save the country between N17 billion and N21 billion annually by cutting the amount of chemicals insecticide used in the production of the commodity in the fields by planting the new variety rather than the non-resistant type. Ishiyaku pointed out that the PBR cowpea has the ability to protect itself against the destructive effect of a pod boring insect which had been known to cost up to 80 per cent yield lost on farmers. But he said new variety has yield margin of between 15 to 25 per cent compared to the conventional varieties currently in cultivation by farmers.

T H I S D AY ˾ ͳ˜ 2021

‘How IoT Adoption Will Protect Humans from Air Pollution’ Emma Okonji IoT Africa, a Tranter Group of Companies, facilitating the growth and penetration of Internet of Things (IoTs) has said the rapid expansion of Lagos, Nigeria’s economic hub, has resulted in pollution, unhealthy air, and a high prevalence of illness and untimely deaths. The group cited a World Bank study of 2018, which stated that air pollution, disease, and

early deaths in Lagos, caused by ambient air pollution, cost about $2.1 billion. This, it stated accounted for nearly 2.1 per cent of Lagos Gross Domestic Product (GDP). IoT Africa however noted the adoption of the technology could protect humans from air pollution, if properly managed. In a bid to address these concerns, IoT Africa Networks Limited, held a webinar, tagged “Quality Air and Covid-19: How

to improve productivity and safety using IoT.” The online event, which held recently, had three keynote speakers that included the Founder of Connected Finland, Tom Lindblad; Head of International Relations, Rapal Oy, Maija Patjas and the Executive Director of IoT Africa Limited and Tranter IT Infrastructure Services Limited, Melanie Ayoola. In his contribution, Ayoola outlined the importance of air

quality as it relates to daily productivity. In her presentation, she highlighted how remote work and other corporate workplace perks such as bonus packages and fantastic reward schemes could be undermined by the unavailability of quality air. According to her: “It could all be less effective in providing a motivated and driven workforce, if the air,

the basic natural resource we need to live, is not good enough to sustain the body’s engine.” She went on to discuss how the air we breathe affects our productivity and stated that “what we are avoiding is an environment where our air is working against us.” Lindblad was on hand to provide additional insights on the topic – ‘Seeing the Invisible: How Connected Inventions can help to

Monitor and Provide Covid-Safe Indoor Quality Air Around You.’ He explained how Carbon Monoxide (CO2) levels rise when there is less fresh air, causing headaches, restlessness, drowsiness, and other symptoms. Increased levels have been related to decreased productivity, increased sick leave, and the spread of infectious diseases, making this a serious issue in the office, school, and at home.

Akpabio: Organogram to Make NDDC Bankable Entity Underway Ndubuisi Francis in Abuja The federal government has mandated Ernest & Young, one of the forensic auditors currently scrutinising projects and activities of the Niger Delta Development Commission (NDDC) between 2001 and 2019, to evolve an organogram to make the interventionist agency a bankable institution. Among others, this is to enable the commission approach any international institution to secure loans and do major projects capable of positively impacting the lives of the people of the region. Minister of Niger Delta Affairs, Senator Godswill Akpabio disclosed this during a live radio participation programme organised as part of the activities marking the second term of the Buhari administration. He said it was important that the ongoing forensic audit is concluded and handed over to President Muhammadu Buhari, adding that the recommendations and outcome of the exercise would be implemented by the new board that would be inaugurated soon to reposition the NDDC for effective service delivery in the region. Akpabio stated: “People are commending Mr. President for the efforts, the delay notwithstanding. When the exercise is completed, NDDC cannot be

the same again. We have solid forensic auditors; one of them in the head office is international, Ernest & Young. “We have also mandated them to come up with an organogram that could make the Niger Delta Development Commission (NDDC) a bankable institution. For example, they could go to any international institution and get money and be able to do major projects to change the lives of the people of the region.” The minister recalled that the forensic auditors were inaugurated to scrutinise the activities of the NDDC that were mired in allegation of mind-boggling corruption in order to change the narrative of the region. This, he added, is in line with the presidential directive for a holistic examination and review of the operations of the NDDC from inception in 2001 to 2019 to ascertain the exact status of all contracts for projects and services as classified into completed, uncompleted, abandoned, ongoing and facilities that can be managed to be salvaged and whether appropriations made to the Commission are commensurate with developments on the ground. He noted that due to lack of budgetary provision, the president had in July 2020, opted for the forensic audit to be funded through the budget of the Presidency.

Fenix International Rebrands, Now ENGIE Energy Access Peter Uzoho Fenix International, a pay-asyou-go (PAYGo) solar industry player, has announced the change of its name to ENGIE Energy Access Nigeria. Now a company in the ENGIE Group, a global independent electricity producer, Fenix International started operations in Nigeria in 2018, as part of ENGIE’s ambition to expand its footprint in Africa. THISDAY learnt that the name change followed ENGIE integrating Fenix International with ENGIE Mobisol, another solar home systems company; and mini-grids provider, ENGIE PowerCorner, under one entity and one name – ENGIE Energy Access. According to ENGIE Energy Access Nigeria, the integration puts it in a unique position as the only energy player offering end-to-end off-grid energy solutions with both solar home systems and mini-grids under one roof. Announcing the name change and the company’s products at a media launch in Lagos, the Managing Director, ENGIE

Energy Access Nigeria, Mr. Bankole Cardoso, said the company was poised, not only to bridge the gap in access to electricity in Nigeria, but also to actively contribute to the improvement of the country’s relatively poor energy statistics. “As Fenix International, we only offered solar home systems, and with ENGIE Energy Access, we are now able to offer both solar home systems and mini-grid solutions to our customers,” Cardoso said. He added: “Our decentralised solutions cover the full spectrum of energy needs from basic lighting and phone charging (with our basic kit selling for N44,500 and can be paid off in 20 months) to more advances systems for households, all the way to powering productive use equipment to promote entrepreneurship and boost economic activity in rural communities across Nigeria.” He said the company has recorded great success by impacting the lives of over 200,000 Nigerians, adding that the company has ambitious growth plans to scale even faster and wider across Nigeria.

PRODUCTLAUNCH

L-R: Public Relations Communications and Media Manager, TECNO Mobile, West Africa Region, Vincent Uzoegbu; General Manager, TECNO Mobile Nigeria, Chidi Okonkwo ; Integrated Marketing Communications Manager, Seun Badmus, and Content Creator/Founder, MissTechy, Tobi Ayeni, during the launch of PHANTOM X in Lagos... recently ETOP UKUTT

TeamApt Completes Series B Funding, Commits to African Market Emma Okonji Nigerian Fintech startup, TeamApt has completed its series B funding round. The entire process was led by Novastar Ventures with participation from FMO, Global Ventures, CDC, Oui Capital, Kepple Africa Ventures, Soma Capital, and a syndicate of local angel investors including Gbenga Oyebode. According to the firm, the funding would see the company extend its offerings directly to customers and micro-SMEs, giving them access to the financial access lifelines, which they need to succeed, while expanding its solutions beyond Nigeria. Citing a recent statistics,

which stated that over 50 per cent of Nigeria’s 99 million adult population is financially underserved, comprising 36 million unbanked and 14.5 million underbanked people with distrust and access cited as key drivers of this exclusion, TeamApt stated that given its operation across the 36 states of Nigeria, it would tackle the exclusion profitably with its hybrid solution. It promised to bridge the gap through a current distribution network of over 100,000 agents and reliable technology-enabled payment solutions. TeamApt stated that it has in less than two years scaled its agent banking product, Moniepoint, to serve the 29 million previously underserved

individuals who had limited access to financial services. “Through Moniepoint and payment gateway Monnify, TeamApt said it processed $17.5 billion worth of transactions in the past 12 months, which is a 1,081 per cent increase from the previous year, with an average of 68 million transactions performed on its platform every month,” it added. With this, it stated that it expects to further leverage its agent network to provide wider financial services to the underserved consumers and businesses in Nigeria. Co-founder and Chief Executive Officer of TeamApt, Tosin Eniolorunda, was quoted to have said: “Universal access

to financial services is key to the advancement of any society. We built Moniepoint because we believe everyone deserves to enjoy financial happiness and this can only happen when they can access financial services effortlessly.” According to him, “This fundraise is happening at a significant time in our growth as a company. In the past years, we have exceeded several strategic milestones without external funding, helping accelerate the Central Bank of Nigeria’s target of 95 per cent financial inclusion by 2024, but as the hurdles of financial access are not unique to Nigeria, this funding allows us to extend our solutions to other parts of Africa”.

Afreximbank to Construct World-Class Medical Centre in Abuja Olawale Ajimotokan in Abuja The African Export-Import Bank (Afreximbank) is set to construct a medical centre of excellence in Abuja. The bank’s President and Chairman, Board of Directors, Prof. Benedict Oramah, disclosed this during a visit by a delegation of the bank to the Federal Capital Territory Administration (FCTA). The ground breaking ceremony for the project,

according to the bank’s Director Export Development and Acting Director Project and Asset Based Finance, Oluranti Doherty, is billed for November, 2021. He said the bank was working closely with leading international medical, human resource and construction consultants to get the project on going. The FCT Minister, Muhammad Musa Bello, who received the delegation, expressed excitement about

the project and said that establishment of the medical centre in Abuja will not only attract people seeking medical attention within the African continent, but will also reduce medical tourism from Nigeria. He urged Afreximbank to support the FCT Administration in the provision of infrastructure as well as in the powering of street and traffic lights within the city. The minister noted that

the Nigerian laws made provisions for the eligible customer that consumes electricity in excess of two megawatts to independently source for electricity. He said that the FCT could explore this possibility with support from the bank. Speaking earlier, Oramah said apart from the African Medical Centre of Excellence, the bank’s team was in the FCTA to brief the minister on the construction of the African Trade Centre in Abuja.

MONDAY JULY 5, 2021 • T H I S D AY

IMAGES

L-R: Managing Director, Africa Atlantic Gulf of Guinea Fisheries Limited, Prince Luke Osebase; Bayelsa Deputy Governor, Senator Lawrence Ewhrudjakpo; Governor, Senator Douye Diri; and Senior Special Assistant to the President on Niger Delta, Senator Ita Enang, during the signing of a Memorandum of Understanding with the state government at the Government House, Yenagoa…recently

T H I S D AY ˾ ͳ, 2021

Photo Editor ÌÓÙÎßØ ÔËÖË Email ËÌÓÙÎßØ˛ËÔËÖË̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×

Delta State Governor, Dr Ifeanyi Okowa (left), congratulating Mr Charles Aniagwu, shortly after swearing him in as Commissioner of Information, in Asaba…recently

L-R: Director General, Standards Organisation of Nigeria (SON), Mallam Farouk Salim; Representative of Ewi of Ado-Ekiti, Chief Olushola Olarewaju; Governor, Ekiti State, Kayode Fayemi; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, and the Oluyin of Iyin-Ekiti, Oba Adeniyi Ajakaiye, during the inauguration of SON Regional oﬃce in Ado-Ekiti, Ekiti State…recently

L-R: Director General, NADDC, Aliyu Jelani; General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde; and the Managing Director, BKG Exhibition, Mr. Ifeayichukwu Agwu at the 15th Lagos Motor Fair held in Lagos…recently PHOTO: SUNDAY ADIGUN

L-R: Assistant Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Olugbenga Falade; Council member, NCRIB, Ekeoma Ezeibe; Chairman, NCRIB, Lagos Area Committee, Rotimi Olukorede; Guest speaker/Trust services, UTL Trust Management Services Ltd, Bolanle Komolafe and, Past chairman, NCRIB/ LAC, Ayo Akande during the 2021 Mid-Year Workshop organized by the NCRIB Lagos Area Committee in Lagos...recently

L-R: Managing Director, Samsung Nigeria, Danny Kim; Samsung Ambassador, Dakore Egbuson-Akande; Head, Consumer Electronics, Samsung Nigeria, Oluwaremilekun Ogunsan; and Marketing Manager, Consumer Electronics, Samsung Nigeria, Chika Nnadozie, during the unveiling of Dakore as Brand Ambassador for Samsung, in Lagos...recently PHOTO: ABIODUN AJALA

L-R: Borno State Governor, Professor Babagana Umara Zulum; Governor of Diﬀa region, Mr. Isa Lameen; and Nigerien President, Muhammadu Bazoum, during their meeting in Diﬀa, Niger Republic…recently

MONDAY JULY 5, 2021 • T H I S D AY

T H I S D AY ˾ ͳ, 2021

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430

Buhari's Rice Revolution: Gaate Gold Premium Rice Joins Nigeria's Top Notch Rice

Rice mill Emameh Gabriel

or many involved in agribusiness, the ongoing rice revolution in Nigeria under the President Muhammadu Buhari's administration is unprecedented. The notion is that never in the history of the country has Nigeria witnessed an agressive approach to rice production; not even in the Olusegun Obasanjo's military era was Nigeria this committed to be self sufficient in rice production. As at 2020, it was reported that Nigeria produced over 8 million metric tonnes of milled rice in a year, surpassing the outputs of Egypt and other nations on the African continent. Reports by international agencies place Nigeria’s annual rice output at 3.2 million metric tonnes. But this figure was disputed by Rice Farmers Association of Nigeria (RIFAN) This is because farmers in the country has two rice farming seasons. In each season, 4 million metric tonnes of rice is produced. And with 12 million Nigerians involved the process, this figure can't be disputed. This is evident in what is being witnessed in the last few years: from Gaate in Kokona Local Government Area of Nasarawa State, to Kebbi State and to the loamy terrains of Ebonyi, there is a growing supply of well-milled, stone-free rice competing in the market. The evidence lifts the spirit of every Nigerian as local rice are today spotted in mega retail stores, neighbourhood markets and in small corner stores. Nigeria-milled rice has regain its spot and Nigerians are buying and consuming them with all sense of pride. This is one area that seems like there is a mutual consent and spirit of patriotism among citizens of the country to eliminate importation of foreign rice, that has overtime become a major contributor in importing poverty into the country. President Muhammadu Buhari sure deserves some accolades for his resilient and faith in the Nigerian farmers. He resilient and firm insistence that Nigerians must eat and buy Nigeria, is paying off handsomely in the long run. The Central Bank of Nigeria (CBN) also has to be commended for investing so much in this sector. With support from the govern-

Bags of rice

ment through the central Bank of Nigeria, there is a rebirth of hope, a rekindling of confidence in the local rice farmer and he is richer today. Marketers are in business and Jobs have been created. Through this, a functional and effective value chain has been created. Indeed, there is an ongoing revolution in the farm and market place. Unlike few years back, locally produced rice today dominates the rice market in Nigeria and Nigerians are beginning to appreciate the relevance of eating home grown rice to the home economy. They have also being cautious with the health implications of consuming imported rice, most of which contained poisonous preservatives or expired rice that found their ways into the shores of the country. When THISDAY paid a visit to a community based farm settlement in Nasarawa State, Gaate, in Kokona Local Government Area, manages by the Nigerian Farmers Group and Cooperative Society (NFGCS) and NFGCS Limited, producers of GAATE GOLD Rice, it was evident that there is indeed a rice revolution in the country. Clearly, Nigerian farmers are in for business to end rice importation of the staple to provide a competitive market among local producers and millers. At the inception of the green revolution, mainly on rice, Nigerians had complained of stony rice but today who cares again. "Eat that so called "stone rice"

like the Asian did if Nigeria must develop her local industries", said Retson Tedheke, Managing Director and National Coordinator, NFGCS. Today most Nigeria families have settled for the Nigerian brand of rice. They have crossed parts with various brands of local rice. They have also tasted all the varieties; from the big brands and the ones still struggling to gain popular acceptance in the market. And the very best among them have naturally set themselves out. In less than four years in the Nigeria market, GAATE GOLD is fastly becoming a household name in the rice market, even in Lagos where local and foreign rice battle for supremacy, it is already beating others in size, quality and packaging GAATE GOLD is one of the leading premium rice in Nigeria market today, with bold and proudly Nigerian emblem. A top-notch, processed in the most hygienic environment, healthier, natural, well packaged and properly branded. "We are coming into the market with the real Nigeria story. We want to become major player in the rice market. We want to ensure total elimination of rice import. This is the goal", Retson Tedheke told THISDAY. He said the, "rice market in Nigeria is large. What we are trying to do is to come in and make a significant mark. Nigeria still import a lot of rice. Why should we still be importing rice?

We import a lot of things we can produce locally. This is not healthy for the economy. Why are we doing that?", Mr. Retson asked. "We have the capacity of producing jobs through the value chain. So we are coming as major players to maximize the value chain and grow our GDP. "Our rice is made in Nigeria, stone-free, chemical-free, golden and premium. It's produce by the Nigerian defiant and dedicated spirit of "Nigeria first and Nigeria" only". "We are asking Nigerians to stop consuming foreign rice with chemicals that they don't know the source. We are telling Nigerians that a particular community in north central of Nigeria, Gaate in Kokona Local Government Area of Nasarawa State is gradually becoming hot bed for rice production and milling. He said the closure of border has not effective as foreign rice still find their ways into our marketplace. He also noted that the EndSARS protest in Lagos last year compromised the country land boarders and eventually opened the floodgate for smugglers to snuggle rice into the country. A situation he said affected significant amount of their supply chain to the Lagos market. Mr. Retson said government must continue to subsidise farmers in the country to cut the cost of production to make the staple more affordable at the retail shelves. "We are not talking about crashing the price of rice in the market but what we are doing is almost closed to that because our price is reasonable and affordable for all compare to what you get in the market today. But the government must also do more to help us actualise this. At the long run, it would be a win-win situation for the government who would have no reason to battle smugglers and to the people who would also have no reason to patronise foreign rice or smuggled rice". With an automated rice milling lines with a production capacity of about 60 tons per day, and with the plans to agressively compete in the market and the planned expansion of their infrastructure, it's evident that GAATE GOLD is not only becoming a household name in the rice market in Nigeria but will be sustained like others who have come before it.

T H I S D AY ˾ ͳ, 2021

CRIME&SECURITY

Army Sets up Committee for Land Disputes Involving Personnel

General Oﬃcer Commanding (GOC), Major General Lawrence Fejokwu

Some of the committee members

Stories by Chiemelie Ezeobi

committee, tender documents which will be looked into. "If it is valid, the committee will go as 81 Division representatives to resolve the issue. "We hope this approach will solve the problem of communities trying to revoke lands already sold to our personnel on the one hand, and stop the idea of soldiers taking laws into their hands out of frustration." Adding that the committee was inaugurated at the instance of the Chief of Army Staff (COAS), Lieutenant General Farouk Yahaya, he said they are to continuously tackle identified problems in their command until such issues are resolved. Another issues he hoped would be contained with the establishment of the standing committee was that of impersonators and not military personnel, who get involved in such land disputes. He said it would also aggregate data and look into issues involving the revocation of land following a buyer's non-compliance to deadline for physical

erturbed by incessant complaints about Nigerian Army (NA) personnel getting involved in land- related disputes, the 81 Division recently inaugurated a standing committee to tackle such issues. The committee headed by 81 Division Garrison Commander, Brigadier General NMS Najidada also has the division's Provost, Colonel AC Chukwuma, Major AA Jimoh; Captain N Maigari and Lt. YO Mathew as members. General Officer Commanding (GOC), Major General Lawrence Fejokwu, who inaugurated the committee at the division's headquarters in Victoria Island, Lagos, said it was expected to establish a mechanism for amicable resolution of reported land disputes involving serving and retired personnel. The GOC said with its establishment, soldiers would no longer have to individually go to communities where they

purchased land if there are disputes, as their cases would be handled by the committee when and where necessary. He said allegations of soldiers invading communities over land issues would also be addressed by the committee should affected communities bring forward their complaints. He said: "We are taking another step towards solving problem of land disputes in 81 Division's Area of Responsibility (AOR) involving our personnel both serving and retired. We have been inundated with various complaints from both our personnel and communities. "It is either the communities run to us to complaint that soldiers are invading their lands or our soldiers are complaining that they bought lands overtime that have appreciated and the communities revoked such lands and want to reallocate them to other lands. "The idea behind this committee is that personnel within the division's AOR with land issues do not have to go there individually but should approach the

possession within stipulated timelines. "That is what we are trying to do, hoping that this will solve this problem once and for all. If a soldier runs foul of a land purchase agreement, the committee will tell him same. It is also a forum where issues will be aggregated and data generated. " If our data tilts to the fact that the problem lies with soldiers not taking physical possession within stated time frames, it is left for us to begin to educate our soldiers on areas they run foul of the law. "If on the other hand, we find out that the communities are trying to take advantage because the land has appreciated, we will also move as a division to tell them they cannot do that to our personnel. "These agreements sometimes should be made flexible. For instance, when will a soldier who may be in theatre of operation for two or more years have time to come and develop a property he bought within a year, " he added.

NNS BEECROFT Hands over Three Suspected Stowaways to NIS

NNS BEECROFT Executive Oﬃcer, Commander Andrew Zidon (third right), handing over the suspects to the NIS

he Nigerian Navy Ship (NNS) BEECROFT has handed over three suspected stowaways to the Nigeria Immigration Services (NIS). The arrest of the three suspects increased the total number of stowaways arrested in the past 12 months to 97. Commander NNS BEECROFT, Commodore Bashir Mohammed, who made disclosure, said the arrests were part of efforts by the Nigerian Navy

to rid the nation’s maritime space of all illegalities including human trafficking. He added that the arrest was recorded through robust patrols in the Lagos waters, all of which have been handed over to the NIS. On the recent arrest, he said the Base Patrol team arrested the three suspects onboard MT SCF ALPHINE around the Lagos anchorage. Mohammed, who was represented by the Base Executive Officer, Commander

The suspected stowaways

Andrew Zidon, said preliminary investigations by the base revealed that all the stowaways accessed the vessel with the intention of illegally migrating to Europe. In line with the Standard Operating Procedure, he said the suspects were handed over to the Nigeria Immigration Services, which was witnessed by the Nigerian Ports Authority Security Team represented by Mr. Bukar Kaumi. The commander further reiterated

the commitment of the base to secure Nigeria’s territorial waters in line with the Chief of the Naval Staff, Vice Admiral Awwal Gambo’s Strategic Directive of 2021-5. "As partners for a safe maritime environment, member of the public especially our host communities are enjoined to kindly furnish the base with credible information to assist in curbing the activities of criminal elements and economic saboteurs," he added.

T H I S D AY ˾ ͳ˜ 2021

BUSINESS/MONEYGUIDE

COVID-19: Suleiman Calls for More Private Sector Support Nume Ekeghe The Managing Director and Chief Executive Officer (MD/ CEO) of Sterling Bank Plc, Mr. Abubakar Suleiman, has called on players in the private sector to provide vigorous support to the ongoing Covid-19 vaccination exercise so that more people could get vaccinated and drive a speedier reopening of the economy. He made the call recently while addressing participants at a seminar in Lagos, with the theme: ‘Closing the gap in Covid-19 Vaccination,’ organised by Sterling Bank in collaboration with the Healthcare Federation of Nigeria (HFN), Tremendoc and Helium Health, among others. Suleiman who spoke on the sub-theme: “Economics of a Successful Covid -19 Vaccine Intervention,” remarked that those who will benefit significantly from the opening of the economy must pay for those who cannot afford to pay to be vaccinated so that the economy can function again.

According to him, “The money which the government must put out is not for vaccination per se even though that is what it is buying. It is to ensure that the economy does not go back into a lockdown with its attendant social crisis in forms of massive unemployment and security challenges. Then, suddenly we are able to find one or two billion dollars when we could not find one million dollars because we did not do the vaccination.” Furthermore, a statement from the bank quoted him to have said, “For Sterling Bank as a corporate, we have remained committed to the vaccination exercise by participating in every single path of the fight against Covid-19. “We participated in activating the testing centres and some of the first experiments that Biobank did. We have actively participated in fixing isolation centres and in contributing to CACOVID. One of our most important feats is our set up of a Health Workers’ Fund for the health care experts at the forefront of tackling the

coronavirus.” Suleiman said the Nigerian government was not just fighting a pandemic but also trying to restore the economy back to normalcy. “What has really struck me as an observer is that there are talks about the possibility of having a third wave of the Covid-19 but unfortunately our people do not realise that we are fighting an invisible enemy,” he added. The Sterling Bank helmsman said there was need for the federal and state governments as well as members of the public that have the wherewithal to find the money to ensure that a greater percentage of the population is vaccinated. He said they should look at the vaccination from the perspective of what they are going to lose if a greater percentage of the population is not vaccinated, adding that the value of the vaccination is only useful if everyone has been vaccinated to get the economy can function again.

L-R: Business Development Manager, Wema Bank, Isolo Branch, Oluwakemi Oladeinde; SS3 student of Ephraim School, Ibrahim Abubakar; Retail Product Manager, Toyin Peters; SS2 student of Ephraim, Jessica Tminebiri, and Retail Cluster Head, Lagos Mainland, Folashade Adebayo, during the student’s study tour to understand the banking system at the Ilupeju Branch, Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

BUA Cement Chairman Offers Employees N2bn Bonus Abdul Samad Rabiu, the largest shareholder and Chairman of BUA Cement Plc has announced a share bonus gift from his pool of shares for employees of the company worth about N2 billion. This, Rabiu said was in recognition of the workers’ effort to keep the company profitable despite the pandemic and predictions of a tough year. The company disclosed this in a statement.

It explained that despite the pandemic, BUA Cement remained one of the most profitable companies in Nigeria. It had declared a profit after tax of N72.3 billion, representing a 19.4 per cent increase over the corresponding period in 2019. Rabiu was quoted to have said it was important to recognise the effort of key staff who worked tirelessly despite the pandemic to keep the company

on a strong footing even as the company was better placed to stay profitable for the foreseeable future. “As we head into another year of record profits, this share bonus for our employees is only the right thing to do. By doing so, our core employees are better placed to benefit from BUA Cement’s future successes which they continue to help deliver”, Rabiu added.

NEM Insurance Records N5.08bn Profit Ebere Nwoji NEM Insurance Plc said it recorded a profit after tax of N5.08 billion in the year ended December 31, 2020. The company, said this represents 112 percent increase from N2.4 billion profit it made in the same period in 2019. This was announced to shareholders at the 51st Annual General Meeting of the company held in Lagos. NEM Insurance Chairman, Dr. Fidelis Ayebae, said earnings per share of the NEM Insurance group for the year under review was 0.96 kobo while that of the previous year was 45 kobo. He said given the positive result, the board recommended a dividend of 9 kobo per ordinary share. On claims paid by the

company during the period under review, Ayebea, said “while a gross claim of N8.4 billion was incurred in 2020, that of 2019 was N7.3 billion; showing an increase of 15 percent.” According to him, the net claims expenses of N6.05 billion incurred in 2020 was 53 per cent higher than that of the preceding period which recorded N3.9 billion. He said the net claims ratio for the period under review was 27 per cent as against that of 2019 that was 21percent. Also speaking, the Group Managing Director of the Company, Mr. Tope Smart, noted that the global health crisis which further compounded the fragile economic situation in Nigeria took its toll on households and corporate bodies. He, however, said despite the difficult operating environment,

NEM Insurance, showed resilience and was able to post impressive results. “A review of our company’s performance shows that all our performance indices came out positive during the period under review. “Gross Premium grew by 12 per cent from N19.8 billion in 2019 to N22 billion in 2020 while net premium grew by 25 per cent from N12.6 billion to N15.8 billion. “Investment income increased by 14 per cent from N878 million in 2019, to N1billion in 2020. Shareholders fund grew by 30 percent from N14billion in 2019 to N18.4billion in year 2020. Our profit during the period grew significantly from N2.4billion to N5.1billion, a growth of 112 per cent.”

Winners Emerge in Wema Bank’s Essay Competition Winners have emerged in the Wema Bank Royal Kiddies essay competition, which was organised by the Bank to commemorate the 2021 International Children’s Day Celebration. The Wema Bank essay competition tagged “Write & Win”, was to test the creative writing abilities of young school children in Nigeria aged 5 – 12 years. It sought to develop the kids’ writing skills, promote their creativity, imaginative capabilities, reward creativity, as well as drive them towards excellence in their learning process. The Retail Divisional Head, Dotun Ifebogun, was quoted in a

statement to have said, “we want to ensure we support children and help channel their thoughts towards educational and mind building activities.” According to the statement, Joanne Mosaku emerged the overall winner having scored 78 per cent, and was closely followed by Aiman Elelu and Oshodi Inioluwa, both of whom tied at 76 per cent. He explained that the bank received over 100 entries for the essay competition and these were subjected to checks for qualification criteria of age, minimum account deposit of N20, 000, and adherence to the deadline. The essays were assessed along with key parameters

of content, organiSation, grammar, mechanics, and style, the bank said. A foremost online educational management company, Mind and Smith, assessed and graded the essays. Out of the 10 winners, the top three Essays will each get Huawei tablets and Royal Kiddies branded T-shirts. The seven other finalists will each get a N20, 000 prepaid gift card for school supplies in addition to a branded T-shirt. Wema Bank Royal Kiddies Account gives your kids an early start to financial freedom. It is for kids from birth to 12 years old and provides them access to school fees advance, scholarships to fund their education.

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE ˜ ͯ ͰͮͰͯ

The price of OPEC basket of thirteen crudes stood at $74.84 a barrel on Thursday, compared with $73.60 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ ͳ˜ 2021

‘Banks to Remain Resilient Despite Inflation, Currency Headwinds’ Goddy Egene Vetiva Research has predicted that the banking sector will remain resilient despite high inflation and currency headwinds, projecting that banks’ profits would grow marginally in spite of decline in interest income observed in the first quarter (Q1) of 2021. The Lagos-based investment and financial advisory company also anticipated that there would

be a rebound in the major component which dragged interest income in Q1, investment securities, which are expected to continue to rise through the second half (H2) of the year. The firm stated these in its H2 2021 banking outlook titled: “No country for old policies.” Commenting, the banking analyst at Vetiva, Joshua Odebisi said: “Due to the expansionary stance of the Central Bank of Nigeria (CBN) amid high inflation,

P R I C E S MAIN BOARD

F O R DEALS

we expect the banks to continue to enjoy low interest expense, whilst interest income from fixed income (FI) securities should improve marginally to give a modest upside to net interest income in H2’21. Therefore, we anticipate a 50bps improvement in net interest margin (NIM) across our coverage in full year (FY) ’21, with the majority of those gains likely to come in the H2f of the year.” The analyst also highlighted

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

the impact of rising inflation and Naira devaluations on banks’ loans and advances. According to him, due to the Naira’s situation, liquidity controls have somewhat exceeded the limitations of the minimum Loan to Deposit Ratio (LDR) control, which was set in 2019, leading to an effective cash reserve ratio(CRR) of close to 40 per cent for our coverage banks. “While some of the liquidity challenges have been addressed

T R A D E D MAIN BOARD

A S

by the introduction of special bills, this has affected the banks’ ability to effectively deploy funds. However, due to the prioritisation of real sector lending, banks that are able to lend in those sectors of the economy will likely expand their loan books in the coming quarters,” he said. The analyst also predicted that the CBN may review some of its restrictive policies in the FI market, as further pressure on

O F

foreign exchange (FX) reserves and a lack of foreign portfolio investor (FPI) inflows continues to pressure dollar liquidity. Odebisi reiterated Vetiva’s stance that Nigerian banks carry great value potential in the medium and long-term. “The significant upside in the industry, coupled with depressed valuations due to weak investor sentiment presents a significant opportunity for value investors with long-term portfolios.

0 2 / 0 7 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY JULY 5, 2021 • T H I S D AY

MONDAY JULY 5, 2021 • T H I S DAY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 01Jul-2021, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 154.53 156.06 -4.48% Afrinvest Plutus Fund 100.00 100.00 4.48% Nigeria International Debt Fund 317.92 317.92 -21.20% Afrinvest Dollar Fund 111.21 111.21 -0.79% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 6.28% AIICO Balanced Fund 3.24 3.40 -4.72% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 19.22 19.79 5.95% ARM Discovery Balanced Fund 419.53 432.17 4.78% ARM Ethical Fund 38.00 39.15 12.73% ARM Eurobond Fund ($) 1.08 1.09 -1.28% ARM Fixed Income Fund 0.96 0.97 -8.21% ARM Money Market Fund 1.00 1.00 5.78% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 104.94 104.94 3.18% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 131.12 131.78 3.84% AXA Mansard Money Market Fund 1.00 1.00 9.33% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 6.83% Paramount Equity Fund 16.18 16.48 1.18% Women's Investment Fund 134.57 136.11 1.11% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 5.94% Cordros Milestone Fund 2023 116.48 117.25 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 107.02 107.02 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 4.79% Coronation Balanced Fund 1.18 1.19 -1.67% Coronation Fixed Income Fund 1.37 1.37 -13.47% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 3.06% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 2.69% EDC Nigeria Fixed Income Fund 1,137.51 1,147.12 -0.59% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund N/A N/A N/A FBN Balanced Fund 188.35 189.65 0.36% FBN Halal Fund 110.85 110.85 6.64% FBN Money Market Fund N/A N/A N/A FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

125.84 157.30

125.84 3.42% 159.47 4.05% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.95 1.57 1.18

Offer Price Yield / T-Rtn 1.00 4.18% 3.95 2.18% 1.60 2.95% 1.18 3.59% coralfunds@fsdhgroup.com

Bid Price 3,664.78 3,358.16 100.00

Offer Price 3,715.99 3,358.16 100.00

Yield / T-Rtn -2.14% 2.50% 5.57%

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.28% Vantage Balanced Fund 2.85 2.92 -0.09% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 150.97 151.24 -2.91% Vantage Equity Income Fund (VEIF) - June Year End 1.26 1.30 -0.14% Vantage Dollar Fund (VDF) - June Year End 1.09 1.09 0.00% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.40 1.42 2.78% Lotus Halal Fixed Income Fund 1,149.18 1,149.18 4.01% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.12 11.1617 6.14% Meristem Money Market Fund 10.00 10.00 7.23% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.65 1.67 7.22% PACAM Fixed Income Fund 11.49 11.53 -5.34% PACAM Money Market Fund 10.00 10.00 3.65% PACAM Equity Fund 1.62 1.63 2.15% PACAM EuroBond Fund 111.33 113.00 1.28% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 126.13 128.43 4.69% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 3.41% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund N/A N/A N/A United Capital Bond Fund N/A N/A N/A United Capital Equity Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A United capital Sukuk Fund N/A N/A N/A QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.88 12.99 8.52% Zenith Ethical Fund 14.09 14.21 15.33% Zenith Income Fund 24.14 24.14 0.69% Zenith Money Market Fund 1.00 1.00 6.23%

REITS NAV Per Share

Yield / T-Rtn

124.09 51.54

2.77% -1.64%

Bid Price

Offer Price

Yield / T-Rtn

13.13 124.08 98.05 17.80 17.92

13.23 127.03 100.11 17.90 18.02

-0.64% 3.13% -1.22%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A N/A

NAV Per Share

Yield / T-Rtn

107.52

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY JULY 5, 2021 • T H I S D AY

MONDAY, ͽ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Heed Clamour for Justice, Equity, Kaigama Tells FG Onyebuchi Ezigbo in Abuja The Catholic Archbishop of the Abuja Archdiocese, Most Rev. Ignatius Kaigama, has urged the federal government not to ignore genuine agitations and the clamour by Nigerians for social justice, inclusive governance and improved security. He urged the government to address factors that pushed the youth and professionals to other countries for greener pastures. Kaigama, while delivering his homily at Immaculate

Heart of Mary Catholic Church Parish yesterday in Abuja lamented the insecurity and economic crisis plaguing the nation. He, however, said the solution to the problems was for the federal government to listen and address the concerns of the people for social justice and inclusive governance. Kaigama said: "The government must on its part pay particular attention to the genuine agitations and clamour of Nigerians for social justice, inclusive governance, improved security, adequate social

services increased youth empowerment and seek ways of meeting the legitimate needs of the masses. "Nigeria must celebrate her own, failure of which forces our young people to escape elsewhere due to what an ancient philosopher Protagoras, would describe as ‘might is right,’ namely, where the rich, influential and powerful are always right, and even those who fleece our common patrimony are bestowed with prestigious traditional, religious, academic or national honours."

Speaking on youth exodus to foreign countries, Kaigama said apart from not being empowered, the youths were neglected and their efforts not adequately appreciated by the government. He added: "Our youths likewise feel unappreciated at home, and so, their faith in the country is shaken and they prefer to flee to other prosperous countries in search of greener pastures. Countries abroad become the beneficiaries of some of our best fleeing intellectuals, experts and skilled personnel. "Little wonder, the US, UK, Canadian and other

embassies in Nigeria are often crowded by young people seeking visas to ‘check out’. My plea to those who have no other choice than to leave our fatherland is to come back after finding knowledge, treasure and socio-economic balance. "Do not forget your roots, culture and language or allow the frustrations you experienced at home to make you hate your fatherland/ motherland. May God grant you success, and when you succeed, look back on your beloved country with magnanimity, and seek to promote her interests".

Kaigama urged the Catholic Church not to neglect any segment of the society - the children, the teenagers, the youth, the women groups, adding that it will not augur well to "misunderstand, scorn, despise, reject or undermine anyone’s gifts and contributions." "It is my earnest prayer and desire that God will renew in the hearts of all of us a prophetic zeal, and grant us the grace that is sufficient for us even as we face insecurity, economic hardships and personal crises," he added.

Lagos Rally: Sanwo-Olu Orders Probe into Girl’s Killing Dike Onwuamaeze The Lagos State Governor, Mr. Babajide Sanwo-Olu, has ordered an investigation into the killing of a 14-year-old girl during the Oodua Republic Mega Rally in Ojota part of the state. A drink seller, Ms. Jumoke Oyeleke, was reportedly killed by bullets reportedly fired by a security operative dispersing Yoruba Nation

agitators at the rally on Saturday. The bullets ripped open the 14-year-old victim’s stomach. However, the Lagos State Police Command denied killing the girl. Sanwo-Olu has, however, ordered a probe of the incident. A statement issued by the Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo

(SAN), said the security and well-being of citizens are of importance to the state government. It said: “We commiserate with the family of the deceased. The Governor, Mr. Babajide Sanwo-Olu, has ordered a thorough investigation of the death. A Coroner’s Inquest has immediately been requested, in line with sections 14 and 15 of the Coroners’ Systems

Law, Laws of Lagos State 2015, to determine the cause and circumstances of death. “By Section 14 (1) (d) of the Coroners’ System Law of the State: ‘A report of death shall be made to any of the agencies for the report of death or the office of the Coroner and be subject to post-mortem examination where there is reasonable cause to believe that the cause of death

was: violent, unnatural or suspicious.’ “Section 15(1) and (9) further enjoins the Coroner to hold an inquest whenever he or she is informed that the death of the deceased person was in a violent, unnatural or suspicious situation or believes an inquest is desirable following the report of a reportable death.” The state government

noted that as a government, the security and well-being of citizens are of utmost importance to it. It promised that everything will be done to ensure that the cause of death is known. “The findings of this investigation will be made public in due course and appropriate sanctions meted out to anyone found culpable,” the statement added.

substitution of candidates in a by-election except where a candidate of a political party in a by-election dies, the party shall submit to the commission the name of its substitute candidate within seven days of the death of the candidate in the form prescribed by the commission," it says. The new bill also provides that "every political party shall, not later than 180 days before the date appointed for the general election under the bill, submit to the commission, in the prescribed forms, the list of the candidates the party proposes to sponsor at the elections, who must have emerged from valid primaries conducted by the political party.” It adds: "The commission shall, within seven days of the receipt of the personal particulars of the candidate, publish same in the constituency where the candidate intends to contest the election. "Any person may apply to the commission for a copy of the nomination form, affidavit and any other document submitted by a candidate at an election and the commission shall, upon payment of a prescribed fee, issue such person with a certified copy of the document within 14 days.” It further provides: "Any aspirant who participated in the primaries of his political party who has reasonable grounds to believe that any information given by his political party's candidate in the affidavit or any document submitted by that candidate in relation to his constitutional requirements to contest the election is false, may file a suit at the Federal High Court against that candidate

seeking a declaration that the information contained in the affidavit is false.” The draft electoral bill provides that "where the court determines that any of the information contained in the affidavit is false only as it relates to constitutional requirements of eligibility, the court shall issue an order disqualifying the candidate and the sponsoring political party and then declare the candidate with the secondhighest number notice of election." The bill further provides that "a political party which presents to the commission the name of a candidate who does not meet the qualification stipulated in this section, commits an offence and is liable on conviction to a fine of N10,000,000.” The bill says: "A political party shall not be allowed to change or substitute its candidate whose name has been submitted pursuant to Section 29 of this bill, except in the case of death or withdrawal by the candidate, provided that in the case of such withdrawal or death of a candidate, the political party affected shall, within 14 days of the occurrence of the event, hold a fresh primary election to produce and submit a fresh candidate to the Commission for the election concerned.” The bill also provides that a candidate may withdraw his or her candidature by notice in writing signed by him and delivered personally by the candidate to the political party that nominated him for the election and the political party shall convey such withdrawal to the commission not later than 90 days to the election.

CONCERN MOUNTS OVER LAWMAKERS’ PLAN TO RIG 2023 ELECTION AHEAD OF TIME Women’s Human Rights, NILOMV Iyom Josphine Anenih, Equality Through Education Foundation (ETEF), Daria Media Foundation, TechHerNG, Learning Through Skills Acquisition Initiative (LETSAI), Open Arms Initiative for Sustainable Development, Education as Vaccine, Young Women in Politics Forum, Citizens Centre for Integrated Development and Social Rights, Move on Nigeria, Institutional and Sustainable Development Foundation and Initiative for Research, Innovation and Advocacy in Development (IRIAD). The bill, however, provides that all officials of INEC and security agencies on election duties must swear oaths of neutrality and loyalty before they are sent out to carry out such assignments. According to the bill, any person who violates the provision commits an offence punishable under Section 120 of the bill. Also, the harmonised bill specified that a member of a political party that presents himself for employment into the commission risks a two-year jail term or a fine of N5 million or both. Also, the new draft bill provides that the deployment of security officials for election duties must be at the instance of INEC. According to Section 26 (1) of the harmonised draft bill sighted by THISDAY, "All staff, electoral officers, presiding officers, returning officers and security officials taking part in the conduct of an election shall affirm or swear to an oath of loyalty and neutrality as in the Second Schedule, indicating that they will not accept bribes or gratification

from any person, and shall perform their functions and duties impartially and in the interest of the Federal Republic of Nigeria without fear or favour. “(2) Any person who violates subsection (1), commits an offence and is punishable under Section 120 (dereliction of duty). Also, Section 27 (1) states: “The commission shall for the purposes of an election or registration of voters under this bill, appoint and designate such officers as may be required provided that no person who is a member of a political party or who has openly expressed support for any candidate shall be so appointed.” The draft legislation also provides that the officers appointed under subsection (1) shall exercise such functions and duties as may be specified by the commission, in accordance with the provisions of this bill, and shall not be subject to the direction or control of any person or authority other than the commission in the performance of their functions and duties. According to the bill, the commission shall be responsible for requesting for the deployment of relevant security personnel necessary for elections or registration of voters and shall assign them in the manner determined by the commission in consultation with the relevant security agencies. The bill also stipulates that the commission shall only request for the deployment of the Nigerian Armed Forces for securing the distribution and delivery of election materials and protection of election officials. The draft bill said:

"A person who, being a member of a political party, misrepresents himself by not disclosing his membership, affiliation, or connection to any political party in order to secure an appointment with the commission in any capacity commits an offence and is liable on conviction, to a fine of N5, 000,000 or imprisonment for a term not more than two years or both." The harmonised draft electoral bill also stipulates that the commission shall, within 60 days after each year, make available to every political party the names and addresses of each person registered during that year. It said when a general election is notified by the commission under section 28 of the bill, the current official register of voters certified by the commission in accordance with the provisions of the law shall be the official voters' register for those elections. In the case of every byelection conducted under the bill, it prescribes that the official voters’ register for use at such elections shall be the current register relating to the senatorial district or the constituency concerned. The draft bill said the results of all the elections should be announced by the (a)presiding officer at the polling unit; (b) ward collation officer at the registration area or ward collation centre; (c) local government or area council collation officer at the local government or area council collation centre; (d) state collation officer at the state collation centre. On how to announce election results, the bill provides that "the returning officer shall announce the result and declare the

winner of the election at (a) registration area or ward collation centre in the case of councillorship election in the Federal Capital Territory; (b) area council collation centre in the case of chairmanship and vice chairmanship election in the Federal Capital Territory; (c) state constituency collation centre in the case of State House of Assembly election; 22(d) federal constituency collation centre in the case of election to the House of Representatives; (e) senatorial district collation centre in the case of election to the Senate; (f) state collation centre in the case of election of a governor of a state; (g) state collation centre in the case of a presidential election; and (h) national collation centre in the case of election of the president, (3) the chief electoral commissioner shall be the returning officer at the presidential election." On the commencement of elections, the harmonised draft electoral bill also provides that "the commission shall not later than 360 days before the day appointed for holding of an election under the bill, publish a notice in each state of the federation and the Federal Capital Territory- stating the date of the election; and appointing the place at which nomination papers are to be delivered. It said the notice shall be published in each constituency in respect of which an election is to be held, adding that in the case of a by-election, the commission shall, not later than 14 days before the date appointed for the election, publish a notice stating the date of the election. "There shall not be

T H I S D AY • MONDAY, JULY 5, 2021

NEWSXTRA

Bandits Abduct Nursing Mother, Six Others in Kaduna Leprosy Centre John Shiklam in Kaduna Some bandits in the early hours of yesterday raided the staff quarters of the National Tuberculosis and Leprosy Centre, Zaria in Kaduna State and abducted seven persons, including a nursing mother. The hoodlums were said to have

attacked the nearby Saye Police Divisional Headquarters, apparently to prevent ofﬁcers from rescuing the victims. A source close to the school told journalists that the bandits surrounded the quarters and abducted ﬁve staff and two others, including a nursing mother. The source also disclosed that

the hoodlums also stormed the residence of the principal but meant his absence. He added that the Police division

was riddled with bullets by the bandits, adding“the operational Hilux Van was damaged by the gunmen who came in large numbers.”

The Kaduna State Police Command conﬁrmed the attack. The state police command’s spokesman, Mohammed Jalige,

said the command had launched an investigation into the matter, adding that efforts to rescue the victims unhurt were ongoing.

Gas Tanker Crushes Five to Death in Ibadan Market A gas tanker has crushed five persons to death and injured others at a market in Ibadan, Oyo State capital. Channels TV reported that the driver lost control of the vehicle around Idi Arere Area and struggled with it until it got to Bode Market. Firefighters were said to have arrived at the scene to prevent

the tanker which overturned from exploding. But residents said they were still afraid because of a possible explosion. The Sector Commander of the Federal Road Safety Corps in Oyo St ate, Uche Chukwurah, could not be reached for her comment on the crash as at press time

EFCC Arrests 14 Suspected Internet Fraudsters in Rivers Kingsley Nwezeh in Abuja Operatives of the Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Office, weekend, arrested 14 suspected internet fraudsters at Rumuodor Avenue, Ogbogoro, Port Harcourt, Rivers State. An EFCC statement listed the suspects to include Goodness Wilson, Ezekiel James, Miracle Tom Charles, Timothy Anthony, Divine Favour, Pius Reginald, Iheanacho Goodluck, and Wokie Chris. Others include: Emmanuel Uchechi, Peter Remigious, Joseph Chinedu, Amadi Angel, Wisdom Sotonye Azubuike, Becky Charles and Sokiepirim West. They were all arrested based on

verified intelligence by the EFCC. The commission said preliminary investigations linked them with suspected impersonation, possession of fraudulent documents and bitcoin scam. Items recovered from the suspects include six vehicles, one Ford escape sports utility vehicle; two Toyota Camry cars; two Lexus ES 350 sports utility vehicles and one Mercedes Benz car. Others include: 25 phones, three laptops, one smart watch, one Samsung hard drive, two power banks; one play station; one LG Television set; one audio victory sound and one LG Bluetooth and USB speaker. The statement said the suspects would be charged to court as soon as investigations are concluded

Glo LTE MiFi Offer Delights Customers with Free Data Telecommunications solutions provider, Globacom, has explained that the need to give its subscribers more browsing time and a unique online experience necessitated the introduction of the on-going Glo LTE Mifi offer. The Mifi product, which connects up to 10 Wi-Fi enabled devices including Smartphones, Tablets, Laptops, Computers, Game Consoles and Smart TVs at the same time, can be used for homes, small businesses or by individuals on the go. Globacom, in a statement in Lagos, said the new offer gives its customers unbeatable value for money and a pleasant browsing experience on the reliable and super fast Glo 4G LTE network. According to the company, “The offer gives subscribers FREE 30GB data (valid for 30 days) upon

purchase of a MiFi. They will also get additional 5GB data every time they purchase a data plan of N5000 and above, throughout the six months duration of the offer”. It added that the 5GB data is also valid for 30 days. Globacom said that all a subscriber needs to do to enjoy the fantastic offer is to buy a new Glo MiFi from any Gloworld retail outlet or partner store and insert the registered Glo SIM that comes with the MiFi device. The customer will then receive the free 30GB once the device is switched on. The grandmasters of data explained that subscribers will ONLY be able to enjoy the free 30GB offer ONCE on the MiFi device, and called on Nigerians to make utmost use of the opportunity provided by the package to enjoy the unmatched benefits

Activist Alleges Arrest of Youths in Dunamis Church over ‘Buhari-Must-Go’ Shirts An activist, Mr. Omoyele Sowore, has alleged that some Youths have been arrested for wearing ‘Buhari Must Go’ T-shirts to a Sunday Service at Dunamis Gospel Church Headquarters in Lugbe, Abuja. The activists were said to have been handed over to the Department of State Services (DSS), according to the activist. He said, “Security men at Dunamis Church have arrested activists wearing #BuhariMustGo T-shirts to their church service,

church security later handed over to DSS officials who are currently torturing them. I thought the Pastor, Dr. Paul Enenche was also preaching about justice! The five activists were driven away in a DSS Hilux van and two power bikes. Shame in the house of God.” All attempts to speak with the church administrative body proved abortive as protocol officers said they were having meetings hence would not be able to talk about the issue at the moment.

IMPLEMENTING THE ZERO-OIL PLAN… Chief Executive Oﬃcer, Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo (left); and Managing Director, Nigerian Sovereign Investment Authority (NSIA), Mr. Uche Orji, during the handing over of the zero-oil plan magazine to the NSIA boss when he paid a courtesy call on Awolowo, who briefed him on the progress made on Export Expansion Facility Programme (EEFP), in Abuja… recently

*XQPHQ $WWDFN $NZD ,ERP 3ROLFH 6WDWLRQ ,QMXUH 7KUHH 2I¿FHUV Okon Bassey in Uyo Three police officers were injured in Akwa Ibom State when gunmen attacked the Divisional Police Headquarters in Udung Uko Local Government Area of the state. The three policemen sustained the injuries during exchange of

gunfire with the hoodlums. THISDAY gathered that the invasion of the divisional police headquarters occurred on Saturday night. In an attempt to repel the attackers, the three policemen were wounded while others on duty escaped The identities of the bandits were yet to be established by

police authorities and the locals. But some local government areas of the state had been terrorised by groups suspected to be members of the Indigenous People of Biafra(IPOB) and Eastern Security Network(ESN). Eyewitnesses said the attackers came in a Sienna Toyota vehicle and opened fire on the station. The State Police Public Rela-

tions Officer (PPRO), SP Odiko MacDon confirmed the incident to reporters yesterday. MacDon said the situation would have been worse but for the gallant policemen on duty who repelled the attack. According to him, the three officers who sustained gunshot wounds were receiving treatment in an undisclosed medical facility.

Again, Gunmen Abduct Taraba NLC Chairman Wole Ayodele in Jalingo The Chairman of the Nigeria Labour Congress (NLC) in Taraba State, Comrade Peter Jediel has been abducted by unknown gunmen. Jediel was abducted at his

residence in Ardo-Kola Local Government Area of the state at about 12.45am yesterday. This is the second time the labour leader was kidnapped within a period of five months. He was first abducted from his residence on February 7, 2021 and was released five days later after

an undisclosed amount of money was paid as ransom. Confirming the incident to journalists, his younger brother, Mr. Boniface Stephen stated that the gunmen shot sporadically to scare away residents of the area before taking him away. He further disclosed that the

gunmen were yet to establish contact with the family to make any demand. All efforts to get the reaction of the Taraba State Command of the Nigeria Police proved abortive as THISDAY was told that a Public Relations Officer was yet to be appointed for the Command.

Insecurity: FCTA Demolishes over 400 Illegal Buildings along Airport Road Olawale Ajimotokan in Abuja The Federal Capital Terriory Administration (FCTA) has confirmed the demolition of over 400 illegal structures that constitutes security threat along the Nnamdi Azikiwe International Airport Road. The News Agency of Nigeria (NAN) reported that the Chairman, FCT Ministerial Committee on City Sanitation, Mr. Ikharo Attah, led the exercise yesterday in Abuja. Attah said the operation was necessitated by the desire of the administration to enhance security of lives and properties in Abuja. NAN reported that the demolition, which affected Lugbe-Across, Lugbe-Berger, Car wash and Lugbe Zone 5, lasted for eight hours with heavy security personnel to avoid breakdown of law and order. The security team comprised men of the Nigeria Police Force, Nigeria Security and Civil Defence Corps (NSCDC), Nigeria Army,

Nigeria Immigration Service (NIS), Nigeria Air Force (NAF), Abuja Environmental Protection Board as well as officials of the FCT Department of Development Control. Attah explained that the FCT Administration had received disturbing reports that some illegal makeshift structures were being erected along the Airport Road despite several demolitions. “Last week we were here and after clearing this place people have rebuilt some structures. And we cleared many structures again today. “This time around we have taken more drastic measures. We also appeal to some of them who are building back after seven days of clearing to stop. ”They said they had approached the Federal Capital Development Authority for it,” he said. On his part, the FCTA Director of Security Services, Mr Adamu Gwary, vowed that the administra-

tion would not fold its hands and watch criminals overrun the city. Gwary said that the FCT Minister, Malam Muhammad Bello, was not happy with illegal structures posing security threat on the city. He assured that with the minister’s will to removal of illegal structures would be sustained. “The FCT Minister is not happy with the development along the Airport Road and as such he ordered the removal of all activities that will deface the vicinity and also create security threat to the nation’s capital. “You can see that there are so many nuisances which come along with its own security implications. Recently the minister presented a paper on items vandalised “We have the support of the security agencies and all the departments in FCT are at work. You can see that we came out in the rain, once there is that go-ahead, there is no going back, we will

sustain it. “If we identify where there are nuisance, we will pencil it down for operation. It is not only the Airport road but the Airport road has you know is the eye of the city so, we cannot afford to joke with it,” he said. Also, the Chief Security Officer to the FCT Minister, Mr Ahmed Rashid, disclosed that the administration had identified strategies that the scavengers, criminals and the illegal settlers are adopting. “And where they are hibernating, we are dislodging them. As you can see the security challenges are increasing and we cannot wait until the criminals enter the main city before we deal with them. “We are clearing all the illegal motor parks to reduce the number of one-chance. We also notice that they will strike in the city and go back to their safe haven. ”By the time we clear all their safe haven there will be no hiding place for them,” he said

T H I S D AY • MONDAY, JULY 5, 2021

NEWSXTRA

NDLEA Arrests Woman with 100 Wraps of Cocaine Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA), have arrested a Nigerian woman based in Brazil, Mrs. Anita Ugochinyere Ogbonna, at the Nnamdi Azikiwe International Airport, NAIA, Abuja, with 100 pellets of cocaine concealed in her private part and handbag. The mother of three was ar-

rested on Friday night on arrival in Abuja via Qatar Air from Sao Paulo, Brazil through Doha. Upon a proper search, 12 wraps of cocaine inserted in her private part were extracted while another 88 pellets stuffed in socks were discovered hidden in her handbag. During interrogation, Mrs. Ogbonna who is a mother of three children, all resident in Brazil, claimed she lost her husband three years ago. She confessed she

decided to traffick the illicit drug to raise money for the burial of her father scheduled for July 22, 2021 in Imo State. She said one Emeka, alias KC also based in Brazil gave her the drug to deliver in Nigeria for a fee of $3,000. She said she pushed the wraps of cocaine into her private part after her attempts to swallow the pellets failed. The suspect, who owns a shop where she sells African foodstuffs

in Brazil further claimed she had to drop her three young children with a Kenyan lady who is her neighbour in Brazil before she embarked on the quick-moneyjourney. In a related development, narcotic officers attached to a courier company in Lagos have intercepted 500grammes of ketamine concealed in the walls of a wooden box filled with bitter kola that originated from Douala, Cameroon and heading

to the United States of America, while another 500grammes of methamphetamine hidden in automobile parts going to Australia were also seized at the firm. Meanwhile, over 410 kilogrammes of assorted illicit drugs have been intercepted and seized by NDLEA operatives in Plateau and Kwara states. A commercial bus with registration number EKY 184 CQ Lagos was intercepted in Plateau with Diazepam weighing

39kg; Exol-5 tablets weighing 35kg and 1.7kg of Flumtrazepam tablets discovered in the vehicle. A follow-up operation led to the arrest of a drug dealer, Livinus Nnadi at Bauchi motor park on June 26, 2021 while on the same day, a blue Sharon minibus with registration number FKG 539 GR, going to Bauchi from Jos was also intercepted and 7.9kg of pentazocine injection recovered from it.

Nigeria Can Build an Army of Non-Oil Exporters, Says Awolowo The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo, has expressed confidence that through a deliberate synergy between the public and private sector, Nigeria can build an army of non-oil exporters. Awolowo disclosed this recently when he hosted the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), Mr. Uche Orji, who visited the Export House . The NEPC boss alongside his management team, briefed the delegation on the strategic importance of collaboration and activities under the Export Expansion Facility Programme (EEFP). According to a statement issued yesterday by Awolowo, the NSIA delegation was thoroughly impressed with the critical partnerships and initiatives that NEPC continues to innovate and promote, particularly the Zero Oil Plan. “I was glad to host the MD of

the Nigerian Sovereign Investment Authority, Mr. Uche Orji accompanied by Mr. Titi Olubiyi at the Export House . “Along with my Management team, I briefed the delegation on the strategic importance of our collaboration and activities under the Export Expansion Facility Programme @eefpgov. “The NSIA delegation was thoroughly impressed with the critical partnerships and initiatives that NEPC continues to innovate and promote, particularly the Zero Oil Plan. “Together we brainstormed numerous ways to bring about a Nigerian non-oil export centric collaboration between the Nigerian Sovereign Investment Authority and the Nigerian Export Promotion Council. Discussions centered on : The establishment of Domestic Export Warehouses (DEW), the establishment of Export Trading Company (ETC).

Kanu: IPOB Orders Members to Boycott Kenyan Products, Airline The proscribed Indigenous People of Biafra (IPOB) has directed its members to boycott travelling with Kenya Airways or patronising the country’s products. The Head of Membership and Mobilisation of the group in Australia, Mr. Kennedy Ochi, made this known in a statement issued yesterday. Despite denial by the Kenyan Government, members of IPOB and Nnamdi Kanu’s family argued that the secessionist was arrested and extradited from Kenya. Kanu, who is facing an 11-count charge of treason, treasonable felony, terrorism and illegal possession of firearms, among others, jumped bail in 2017 and left the country. The statement read, “Our leader was arrested, repatriated back to a country he does not possess its passport “It is our wish to notify the public that President Keyatta Uhuru of Kenya has a question to answer on

the role he played in the abduction of Mazi Nnamdi Kanu. He betrayed our leader and must be held fully accountable for his atrocities. “This is pure man’s inhumanity to man and he will tell all Biafrans how much he was paid to partake in this devilish act. “We, IPOB in Australia, support the leadership of IPOB worldwide and our able Directorate of States (Chika Edoziem) and the head of our Media and Publicity (Emma Powerful) to categorically state that all IPOB members both home and abroad should boycott travelling with Kenya Air Line; stop patronising any product made in Kenya and all businesses dealing with Kenyans, following their country’s betrayal. The battle line is drawn. “Our question to the Nigeria government is will the abduction of our leader solve the continuous marginalisation of south easterners from the current political structure in Nigeria?”

SERAP Sues Buhari over $25bn Overdrafts Allegedly Taken from CBN Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit in court to compel President Muhammadu Buhari to disclose spending details of the $25 billion overdrafts and loans obtained from the Central Bank of Nigeria (CBN) since May 29, 2015, including the projects on which the overdrafts have been spent, as well as repayments to date. In the suit number: FHC/ABJ/ CS/559/2021 filed last week at the Federal High Court in Abuja, SERAP is also seeking an order to compel the president to explain and clarify whether the overdraft reportedly obtained from the CBN is within the five-percent limit of the actual revenue of the government for 2020. In the suit, SERAP is arguing that secrecy and the lack of public

scrutiny of the details of the CBN overdrafts and repayments is antithetical to the public interest, and a fundamental breach of constitutional oath of office. The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Ms Adelanke Aremo, read in part: “Transparency and accountability in the spending of CBN overdrafts would also ensure that public funds are properly spent, reduce the level of public debt, and improve the ability of the government to invest in essential public goods and services, such as quality education, healthcare, and clean water. “The recent overdraft of $25.6billion (about N9.7trillion) reportedly obtained from the CBN would appear to be above the five-percent limit of the actual revenue of the federal government for 2020, that is N3.9trillion, prescribed by Section 38(2) of the CBN Act 2007.

GIVING BACK TO SOCIETY… L-R: Bonga Asset Manager, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Elohor Aiboni; Public Aﬀairs Manager, National Petroleum Investment Management Services (NAPIMS), Aliyu Ja’afaru; Comptroller General, Nigerian Immigration Service (NIS), Mohammed Babandede; and Vice President, Human Resources, Shell Nigeria, Kayode Ogunleye; at the handover of the NNPC/SNEPCo-sponsored ultramodern lounge for passport services at the Nigeria Immigration Service Passport Oﬃce, Ikoyi, Lagos…recently

Oodua Rally: Police Parade 49 Suspects, Recover Guns, Charms Rebecca Ejifoma The Lagos State Police Command, yesterday, paraded 49 suspected protesters including two women that were arrested at the Oodua Republic’s mega rally at Ojota on Saturday. The Lagos State Commissioner of Police, Mr. Hakeem Odumosu, said that the suspects were found with

guns, axes, Oodua flags, Yoruba armed forces’ tees and other items during stop and search operations while others were nabbed at the protest ground in Ojota. Odumosu noted that certain individuals came into the state with the intention to foment troubles under the guise of the rally. He added that the recovery of dangerous weapons, charms and other items justified the command’s

earlier stance against the rally. He further explained that information at the command’s disposal revealed that some of the suspects came into Lagos from Oyo State. Some of the suspects are Bamidele Akomolafe, 52; Dauda Abubakare, 25; Adebanjo Adedayo, 42; Lawal Akeem, 21; Abdulsemiu Akanbi, 43; Emmanuel Chidiemere, 27; Taofeek Abdulsalami, 25; Adesina Ibrahim, 33 and Adeyemi Segun, 22.

Other items recovered from them include an Opel car with registration number FFF921RY, an unregistered Toyota 4Runner SUV and one Honda Accord with registration number SMK248FC. Others recovered items include a Nissan Pathfinder SUV with registration number ABJ348DB, two Suzuki mini buses with registration numbers AKD458YD and LSR980YC, one beaded crown and beaded walking stick.

Suspected Assassins Miss Target, Kill Police Escort, Driver in Delta Sylvester Idowu in Warri Suspected assassins yesterday shot dead a mobile police escort and a driver in Warri, Delta State, after allegedly missing their target. THISDAY learnt that the hoodlums were suspected to be going after the wife of a prominent All Progressives Congress (APC) chieftain and Ijaw leader, Chief Michael Johnny, but narrowly missed their target, and

vented their anger on the hapless police escort and the driver. Johnny also confirmed to THISDAY that his wife was the target of the suspected assassins, saying the attacked vehicle belongs to his wife. It was gathered that the duo were shot dead at about 11.05 a.m. on Airport Road close to Airport Junction while running an errand for their boss. The victims were in a red Toyota Venza car with registration number:

Abuja BWR 170 AX, when the suspected killers blocked them with their yellow Lexus SUV and shot them at close range. THISDAY, who was at the scene of the incident shortly after the attack, observed that the police escort, whose identity was yet to be ascertained, was shot in the head and twice on his right hand while the driver was shot in the abdomen. Policemen from Enerhen Division led by the Divisional Police

Officer (DPO), DSP Muktari Bello, later arrived at the scene and took away the bodies of the victims to the Warri mortuary. Meanwhile, the state Police Public Relations Officer (PPRO), Edafe Bright, confirmed the incident, but said he was yet to get details of the attack. He disclosed that no one was kidnapped, adding that the target of the gunmen was a lady that was seen in a church.

)* WR (VWDEOLVK )LUH 3ROLFH WR (QG 0RE DFWLRQ DJDLQVW )LUH¿JKWHUV Michael Olugbode in Abuja The federal government is planning to establish ‘Fire Police’ to arrest and prevent any mob action and vandalisation of firefighting assets all over the country. According to the Minister of Interior and Chairman of the National Council on Fire, Rauf Aregbesola, this

is part of the efforts to address the challenges often faced by firefighters during operations-mob action and vandalisation of firefighting assets in the country. Speaking during the opening ceremony of the National Council on Fire held in Jos, Plateau State, at the weekend, the minister said plans were underway to create an arm-bearing unit of the Federal Fire

Service (FFS) to be referred to as ‘Fire Police’, whose duty would be to provide armed outer cordon during operations (fire rescue). Aregbesola, who was represented by the Permanent Secretary in the Ministry of Interior, Dr. Shuaib Belgore, said the ministry would initiate the process of repealing the 1963 obsolete Fire Service Act and promote the enactment

of a new contemporary, vibrant, and enforceable law, through the instrument of an Executive Bill to be forwarded to the National Assembly for deliberation and eventual passage into law. He noted that fire safety management as an imperative for national security can and should become a tool for not only the national security but also national development.

Imo LGs Petition Buhari over Lopsided Appointments in NDDC Adedayo Akinwale in Abuja The Oil Producing Local Government Areas (LGAs) in Imo State under the auspices of Urashi Peoples’ Congress (UPC) has called on President Muhammadu Buhari to reverse what it described as persistent lopsided appointment in the management

of the Niger Delta Development Commission (NDDC). In an open letter addressed to the president, which was signed by the Coordinator, Mr. Reginald Uwakwe, a copy of which was made available to THISDAY yesterday, the group lamented that the appointments into key positions i.e. the managing director of the NDDC, have been

allegedly skewed in favour of only four states of Rivers, Akwa-Ibom, Bayelsa and Delta, out of the nine member states that made up the commission. It said between 2001 and 2021, the list of managing directors and their states included Dr. Godwin Omene, Emmanuel Aguariavwodo, both from Delta State; Timi Alaibe,

Bayelsa State; Mr. Chibuzor Ugwuoha, Dr. Christian Oboh, both from Rivers State; Nsima Ekere and Dan Abia, both from Akwa-Ibom State; Nelson Brabaifa and Kemebradikumo Pondei, Bayelsa State; Joy Nunieh, Rivers State, and Okon Akwa, Akwa-Ibom State with executive directors of Finance/ Administration and Project were also appointed from only the four states.

T H I S D AY • MONDAY, JULY 5, 2021

NEWSXTRA

You Didn’t Fund Our Elections, Kwara Lawmakers Tell Information Minister Hammed Shittu in Ilorin The crisis that hit the Kwara State chapter of the All Progressives Congress (APC) worsened yesterday with 21 members of the state House of Assembly accusing the Minister of Information and Culture, Alhaji Lai Mohammed of lying about funding their elections. The 21 lawmakers declared that Governor AbdulRahman AbdulRazaq

funded their 2019 elections and not the minister. Similarly a serving member of House of Representatives, representing Ekiti, Irepodun, Isin, Oke-ero Federal Constituency of the state, Hon. AbdulRaheem Tunji Olawuyi Ajuloopin also denied embezzling N70 million as alleged by the minister, disclosing that, he gave N32.5million to the information minister from the campaign funding.

The Speaker of the state House of Assembly, Hon. Yakubu DanladiSalihu, told journalists in Ilorin yesterday that claim by the minister that he funded elections of members of the 9th Assembly was baseless and unfounded. The lawmakers said the only individual who could claim to have offered them massive support during the election was Governor

AbdulRahman AbdulRazaq, who was then the APC governorship candidate. The lawmakers were reacting to the minister’s sundry allegations against them,Governor Abdulrazaq and the member of the House of Representatives, Olawuyi. The lawmakers also called on national secretariat of the party to sanction the minister over his comments on the forthcoming APC

congresses in the state. Mohammed had on Saturday declared that the congresses would not hold in the state until all members of the party were duly registered. But the lawmakers said Mohammed lacked the authority to speak on behalf of the party. According to the speaker, “his utterances amount to impersonation. He is not the spokesperson of the

APC. He should focus his attention on speaking for the federal Government. “Therefore, congresses will commence from July 24, from the Ward level,” the speaker said. On his part, Hon. Olawuyi described the allegation of diversion of N70 million November 2018 Irepidun/ Ekiti/Oko-Ero/Isin Federal constituency election campaign fund as baseless, frivolous and wild.

Major Oil Marketers Express Interest in Dangote’s Reﬁned Petroleum Products Ahead of completion of the Dangote Oil Refinery, the Major Oil Marketers Association of Nigeria (MOMAN) has expressed an intention to engage the management of the company on commercial terms regarding the lifting of its refined petroleum products. On the 17th of February 2021, the MOMAN CEOs had a virtual meeting with Alhaji Aliko Dangote, the President of the Dangote Group and Mr. Edwin, where the Dangote Group presented its project and which culminated to this physical site visit. The marketers, who toured the 650,000 barrels-per-day single train refinery in Ibeju-Lekki, Lagos recently, expressed belief that the Dangote Oil Refinery would help remove the various bottlenecks associated with importation of petroleum products into the country. The members of the association, who visited Dangote Oil Refinery include the Managing Director 11 Plc/ Chairman MOMAN, Adetunji

Oyebanji; Executive Secretary of MOMAN, Clement Isong; Managing Director, Total Nigeria Plc, Imrane Barry; Managing Director, MRS Oil Nigeria Plc, Marco Storari; Managing Director, ARDOVA Plc, Olumide Adeosun; Managing Director, NNPC Retail Limited, Elizabeth Aliyuda; and 22 others. Speaking after a tour of the refinery complex, Oyebanji, said the marketers are eagerly waiting for the completion of the refinery, which is expected to make Nigeria self-sufficient in petroleum refining. Oyebanji stated, “It is our desire to see our members buy refined products from Dangote Refinery when it comes on stream. We are open to discuss commercial terms with the management of Dangote Oil Refinery regarding lifting of refined products. The impact it will have on the market chain will be changed from a situation whereby a marketer will have to wait for four to five months through imports lead time before getting products.

Sterling Bank Reafﬁrms Commitment to Diversity, Equity, Inclusion Sterling Bank has reaffirmed its commitment to advancing diversity, equity, and inclusion in the workplace. By reaffirming its commitment to creating an inclusive workplace that fosters a sense of belonging, the lender will further improve gender, ethnicity, persons with disabilities, and generational diversity by strengthening processes and programmes to provide equal possible outcomes for every individual in its workplace. “We will continue to prioritise our diversity, equity, and inclusion agenda by creating equal working conditions,

opportunities for promotion, and equal pay for work of equal value for women and men at Sterling. I’m proud of our achievements so far, but we are relentless,” the Chief Executive Officer, Sterling Bank, Mr. Abubakar Suleiman, has said. “We remain committed to attracting, hiring, and developing diverse talents at all levels of our organisation as these are relevant factors that enable us to achieve our overall objectives. Gender equity across all levels is a key component of our diversity strategy.

Law Firm Writes British High Commission for Consular Assistance to Kanu Amby Uneze in Owerri A law firm, Adulbert Legal Services in Abuja, has solicited the assistance of the British High Commission in Nigeria to grant the leader of the Indigenous People of Biafra (lPOB), Nnamdi Kanu, consular assistance as a British citizen, “who was illegally abducted in another country.” The letter dated June 30, 2021, and signed by Aloy Ejimakor, the counsel to Kanu, titled: ‘Urgent request for consular assistance to Okwu-Kanu Nwannekaenyi Nnamdi Kenny (A British citizen)’, urged the British High Commissioner in Nigeria to intervene, as such abduction contravenes

the international convention on extradition of a citizen. In the letter, the law firm said: “We are solicitors to the abovenamed British citizen, on whose behalf and instruction we write this letter to request an urgent consular assistance to him. Mr. Okwu-Kanu (aka Nnamdi Kanu) is the leader of the Indigenous People of Biafra (IPOB) and the director of Radio Biafra, both of which are corporate citizens of the United Kingdom. “Kanu resides in the United Kingdom, from which soil he departed on an overseas travel on or about June 19, 2021, with a British passport No: 556543086 (copy of biographic page attached herewith).

New NACCIMA President Commends Passage of PIB The newly elected president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ide John Udeagbala, has welcomed the passage of the Petroleum Industry Bill (PIB), which has been before the National Assembly for over 18 years. In a statement issued yesterday, Udeagbala expressed hope that the passage of the bill would bring the much awaited and needed reform to the Nigerian oil and gas

sector for improved involvement of the Nigerian private sector and confidence of foreign investors, “who have complained of lack of clear appropriate legal framework in the Nigerian oil and gas sector.” The NACCIMA national president also said all stakeholders must now work concertedly to ensure that the bill will improve the life of the oil community, and ensure sustainable development of the environment in the oil-producing areas.

BOOK LAUNCH… L-R: Emir of Jiwa, Abuja, Dr. Idris Musa; representative of the Chief Launcher, Air commodore Musibau Soladoye(rtd); former Governor of Kwara State, Mr. Abdulfatah Ahmed; Venezuelan Ambassador to Nigeria, Mr. Nieves Velasquez Caraballo; and the author/Vice Chancellor, University of Abuja, Professor Abdulrasheed Na’allah, at the launch of his three books entitled ‘Seriya,’ ‘Omokewu,’ and ‘Yoruba Oral tradition in Islamic Nigeria,’ held in Abuja…recently

COAS: Army will Remain Resolute in War against Insurgency Kingsley Nwezeh in Abuja The Chief of Army Staff (COAS), Maj. Gen. Farouk Yahaya, said yesterday that the Nigerian Army remained resolute in its resolve to win the war against insecurity and restore peace and security in Nigeria. He spoke yesterday while addressing personnel of the Nigerian Army at a reception held shortly after the Interdenominational Church Service in commemoration of the Nigerian Army Day Celebration (NADCEL) 2021 at Our Lady Queen of Martyrs Catholic Church, Mogadishu Canton-

ment, Abuja. Yahaya also made history as the first Muslim Army Chief to attend a Christian interdenominational service. The COAS said army was working in synergy with other arms of the military and security agencies to surmount the security challenges bedeviling the nation. This, he said, had translated into huge operational successes recorded so far. While urging the personnel to remain steadfast in prayers, he charged all to be determined and resolute in defeating the enemies of the state.

He urged all personnel to remain resilient until the insurgents, terrorists, bandits and other criminal elements were completely destroyed and defeated in order to restore peace and security in the country. The COAS also enjoined members of the Nigerian Army Officers’ Wives Association (NAOWA) and Nigerian Army Soldiers’ Wives Association (NASWA) to always remember the army in their prayers. He appreciated the crucial role they are playing in keeping the home front. Also speaking, the Chairman Central Organising Committee,

NADCEL 2021, Major General Anthony Omozoje, reminded the congregation that the NADCEL is a day set aside to honour the fallen heroes for the supreme sacrifice they made to keep Nigerian sovereign and united. Omozoje, who is also the new Army Chief of Policy and Plans, also thanked President Muhammadu Buhari for his support for the army. Earlier, in his sermon, the Director Chaplain Services (Protestant), Colonel IG Mairiga, called on the citizenry to join hands and support the Nigerian Army to achieve success.

Lottery Commission Secures Support of Stakeholders for Gaming Conference Efforts by the National Lottery Regulatory Commission (NLRC) towards boosting the revenue earnings of the country received a boost at the weekend as major lottery operators in Lagos consented to fully support the forthcoming National Gaming Conference, one of the means through which the commission seeks to make more money for the country and lottery operators. Relentless in its innovative drive for enhanced lottery business in Nigeria, the commission has put together the national Gaming Conference where all the germane issues concerning the growth of lottery business in would be discussed and successful paths created for higher gains for the stakeholders and more revenue for the country.

In his characteristic manner of seeking the best at all times, the Director General of the commission, Mr. Lanre Gbajabiamila used the entire week visiting major stakeholders in the Nigeria’s commercial capital, Lagos where he received a resounding assurance of the readiness of the key lottery business owners to fully participate in the conference scheduled to hold in Lagos between 25th and 27th of this month? Accompanied by his management team, Gbajabiamila, paid courtesy visits to select major licensed operators, explaining the importance of the programme and how it would be of immense benefit to all stakeholders. Some of the operators already visited include Premier Lotto Limited, (Baba

Ijebu), Winners Golden Chance, Digi Bay Limited (Betway), KC Gaming limited, (Bet9ja), Naira Bet, Bet King and a host of others. A statement issued by the Head of Communications for the Commission, Mr. Magnus Ekechukwu, said: “at each of the locations, the Director General took time out to explain the importance of the forth-coming conference to the entire lottery and Gaming industry in Nigeria, describing the event as the first of its kind in the Nigerian Lottery and Gaming industry.” According to the DG, the conference is being organized to create the much needed awareness on the mandate of the NLRC, with a view to enlightening all stakeholders on the need to establishing a

broader, stronger and virile working synergy which would help to grow the industry for the benefit of all Nigerians. “The lottery industry is a peculiar one that requires better understanding and cooperation from every one for it to thrive. The Government, as well as all critical stakeholders deserves the best from the industry, we need to synergize to ensure we have a growth pattern that would favour everyone. The Lottery Commission cannot do it alone, everyone, including the operators, government, and other sister regulatory agencies have to join us in the effort to reposition the lottery and gaming industry for sustainable growth and development” the DG stated.

Safety: BASL Set to Enforce Passenger Facilitation Policy at MMA2 Bi-Courtney Aviation Services Limited (BASL), operator of the Murtala Muhammed Airport Terminal Two (MMA2) has advised travelers and others using the terminal to avail themselves of the rules guiding the picking up and dropping of passengers at the terminal. The rules, according to BASL, are aimed at restoring sanity to the Drop-Off Zone area of the terminal, and also part of the strategic moves to ensure that safety and security of all terminal users are not subjected to undue risk. In a statement signed by the Group Corporate Affairs Manager

of BASL, Mr. Mikail Mumuni, and made available to journalists in Lagos, the terminal operator stated that a number of factors necessitated the resolve to enforce the rules regarding the original design of the terminal, which include operating the Drop-Off Zone strictly for what it is meant for. Explaining further, he said the Drop-Off Zone was designed to cater for out-bound passengers and other terminal users only while in-bound or arriving passengers are meant to use the Arrival parking area and the Multi-Storey Car Park, stressing that both outbound and inbound passengers were not meant

to cross path. He noted that in the light of recent happenings around airport facilities across the globe and consistent with BASL’s position of always complying with international best practices, the Management has concluded plans to enforce the rule, in a bid to further ensure that passenger safety is guaranteed and potential security threats are nipped in the bud before they occur. It would be recalled that the Federal Airport Authority of Nigeria (FAAN) also recently issued rules guiding dropping off and picking up of passengers at all airports

nationwide. BASL’s Acting Head of Business, Mr. Raphael Uchegbu, while speaking on the development, noted that airport facility anywhere in the world is a highly efficient industry, where there is zero tolerance for security and safety breaches. According to Uchegbu, “The business of aviation is a highly sensitive one and BASL is a highly efficient industry. The proposed enforcement is in line with BASL’s policy of giving no room for lapses, especially on matters relating to passengers comfort, safety and security, since the commencement of operations at MMA2 14 years ago.”

T H I S D AY • MONDAY, JULY 5, 2021

NEWSXTRA

FG Didn’t Award Our Oilfield to New Investors, Says BOCL Bayelsa Oil Company Limited (BOCL), has faulted report that the federal government has awarded its oilﬁeld, Atala Field (OML 46) to new investors. In a press statement signed by Bello Akpoku, Bayelsa Oil Company Limited (BOCL) and its Joint venture partners, notably, Hardy Oil Nigeria Limited and Century Exploration Company Limited described the

report as false. The statement noted that the said publication was false and intended to mislead the public, emphasising,“the Management of Bayelsa Oil Company Limited (BOCL), on behalf of itself and the JV Partners of Atala Marginal Field in OML46, wishes to bring to the notice of the general public and the Ijaw nation in particular, that the information in the publication is

Reduce Frequency of Borrowing, Anglican Communion Advises FG, States James Sowole in Akure The Church of Nigeria (Anglican Communion) at the weekend advised governments at all levels to as a matter of top priority reduce the frequency of borrowing, which it said might lead the country into bankruptcy. The church’s warning was contained in a six-point communique issued at the end of the third Session of the 13th Synod of the Diocese of Akure Church of Nigeria (Anglican Communion)hosted by St Andrew’s Anglican Church, Alade Idanre,

Ondo State. The Synod was attended by clergies and delegates from all Anglican churches in the Akure Diocese, who discussed reports and progress of the diocese and issues bothering on Nigeria’s economy and the polity. Reading the communique, the Bishop of the Akure Diocese, Rev Simeon Oluwole Borokini, said the church noted with rude shock the sporadic rise in the Nigeria’s public debt to N32.9 trillion recently published by the Debt Management Office (DMO).

Akwa Ibom Community Sets up 15-man Committee for N82bn Oil Spill Judgment Funds Okon Bassey in Uyo The people of oil-rich Ibeno community in Akwa Ibom State have set up a-15 man oil spill management committee to ensure proper utilisation of the expected N81.9 billion oil spill judgment funds. The Federal High Court in Abuja had in a judgment debt in June 2021 ordered Mobil Producing Nigeria Unlimited (MPNU) and the Nigerian

National Petroleum Corporation (NNPC) to pay the judgment debt to Ibeno community within 14 days, failure of which eight percent interest would be accruable on the principal sum annually. The 15-man committee was set up during an emergency town hall meeting with stakeholders of Ibeno community held at the weekend at the palace of the paramount ruler, HRM Owong Effiong Bassey Archianga.

patently false, misleading and laced with criminal intent by the sponsors of the publication.” Setting the record straight, the statement pointed out that, “the referenced publication was based on a letter written by Department of Petroleum Resources (DPR) on the 28th of February, 2021, with reference number DPR/1160/A/Vol.11/144 to the Minister of State, Petroleum Resources,

seeking the Minister’s approval for DPR to assign the Atala Marginal Field (in OML46) to Halkin Exploration and Production Limited (Halkin).” The statement added that this process had since been challenged and brought to a halt by the Bayelsa State Government through the Management of Bayelsa Oil Company Limited, which wrote protest letters, by itself and on behalf of its Joint

Venture Partners, to DPR. According to the statement, The Presidency, the Attorney General of the Federation, the President of the Ijaw National Congress (INC) and a host of others were copied the letter. “The misleading publication stated that Halkin in 2019 received the approval of the Board of BOCL to farm-in 41 per cent of the ﬁeld through a Farm-in Agreement and

Field Management Service Agreement with BOCL. That claim is not true, and if there is any Board approval from BOCL or execution of a Field Services Agreement, we made bold to say that the same must have been forged and/or contrived with the intent to mislead DPR into awarding the ﬁeld to Halkin, as no such agreement exists between BOCL and Halkin or at all.

Yoruba Global Alliance Accuses Buhari’s Administration of Lawlessness The Yoruba Global Alliance has condemned the dawn raid on the Ibadan, Soka residence of Mr. Sunday Adeyemo, popularly known as Igboho Oosha on Thursday, July 1, 2021 and accused the administration of President Muhammadu Buhari of lawlessness. The Director of Public Communications of Yoruba Global Alliance, Mr. Taju Tijani said in a statement issued yesterday that the whole nation is aware that Igboho resorted to self-help due to Fulani herdsmen’s widespread lawlessness, farm invasion, maiming, raping, kidnapping, and killing of Yoruba people in their own ancestral

land. The group also stressed that all the agitations by Igboho had been peaceful and his awareness rallies conducted without violence, killing or bloodshed. “The Yoruba Global Alliance unequivocally condemns this irrational surrender to barbarism, lawlessness, and the ﬂagrant abuse of the fundamental human right of Mr. Sunday Adeyemo. It is becoming a norm under the Presidency of Muhammadu Buhari that gangsterism, knee jerk reaction, brutality, and suppression of the inalienable right of Nigerians to peaceful protest have become

the standard yardstick to measure his administration.” “In the place of respect for democratic mores, President Muhammadu Buhari has developed a strange fascination for militarism, haughty disdain for other nationalities that form this federation and ongoing state criminality which bothers on dictatorship.” “What is becoming evident is the Muhammadu Buhari’s reﬂex to military diktat at the whiff of opposition and the brazenness of his actions that does not augur well for the peaceful co-existence of the disparate nationalities that form

Nigeria,” the group explained. The Yoruba argued that selfdetermination is a right endorsed by the United Nations and a constitutional guarantee among many nations of the world. “So, any fatuous categorisations of self-determinists as criminals and troublemakers run counter to the spirit of democratic liberty. The Yoruba Global Alliance would like to remind Mr. President that nations are governed by laws and not by guns. Nigerians cannot be forced to cohere. This provocative and howling insanity must stop.

Nigeria will Not Break up, Says Kogi CAN Chairman Ibrahim Oyewale in Lokoja The Chairman of the Christian Association of Nigeria (CAN), Bishop John Ibenu, Kogi State chapter, has disclosed the revelation he said he received from God ‘that Nigeria will not break up’ despite the call for secession by some aggrieved groups in the country. Ibenu disclosed this yesterday in Lokoja, the state capital, while ﬁelding questions from journalists at the 29th

anniversary of the Chapel of Freedom International. He disclosed that God had been speaking to him in the last three months on the state of the nation, noting that those clamouring for division in the country do not have the thorough knowledge of the founder of Nigeria. The cleric explained that God told him that peace will soon return to the land. According to him,“They are talking of separation; they don’t know the

founder of Nigeria. The founder of Nigeria is God. God signifies unity. Everyone is speaking according to their level of understanding. We are not going to join issues with them. We join our issue with God, and the scripture which says: ‘Pray for the peace of the land’. “There is no end to division. No matter how much you give to human being, they will never be satisfied. Let us look onto the God of peace. Let us love one another, come together and find a common solution that

will make tomorrow better.” Continuing, the CAN leader called on leaders at all level to practice justice and fairness in governance as well as address the menace of corruption in the country. Explaining further, Ibenu said:“Let the leaders, from the president to the least person, practice justice and fairness. The Bible says in the book of Second Samuel 23: ‘He that must rule over men must be just, ruling in the fear of God, showing equality, fairness to everyone.

T H I S D AY ˾ ˜ ͽ˜ ͺ͸ͺ͹

MONDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

MEXICO V NIGER IA F R IE NDLY

Two-goal Hero, Herrera, Averted Racial Slur against Eagles in Los Angeles Femi Solaja áÓÞÒ ËÑÏØÍã ÜÏÚÙÜÞ But for pre-match communication of e¡ican star, Hector Herrera, most of the 53,258 crowd at the e¡ico Ś-0 defeat of Nigeria early hours of Sunday would have been making racial slur against the Super aglesȂ players. According to a report by The Orange County Register, a daily newspaper published in California, the crowd, largely composed by e¡icans had planned homophobic chants throughout the match which had the arenaȂs ęrst full capacity since the coronavirus pandemic oments before the match, Hector Herrera who later scored two goals, stood with his teammates at the centre circle to oěer one more reminder. As Herrera echoed a message that was unmissable on the grounds throughout the evening — chanting a homophobic slur that had long been part of the ritual of e¡ican menȂs national team matches can only bring negative consequences for the team they love — the largest crowd in the city since pandemic restrictions were lifted on June 15 fell as quiet as it got all night. When Herrera wrapped up his comments the sort of unmistakable roar that only occurs when people congregate

in such large numbers rose from the stands. For Herrera, the e¡ican national team, and Soccer United arketing, which organized the e¡Tour series, the event went oě without any notable

malintent from the fans. The chant that plagued e¡ican soccer has been inaudible from the stands since FIFA announced a ęne and a two-match ban on spectators for competitive matches in e¡ico

anti-discriminatory protocol that was instituted in 2019. Instead, two minutes after the game began, Herrera quickly lifted the crowd once more by beating Nigerian goalkeeper Bobo Stanley Nwabili for the ęrst of e¡icoȂs four goals in a shutout victory. Fielding a squad of primarily domestic players, Nigeria remained winless all-time against e¡ico ǻ0-2-ŚǼ. In the Śth minute, e¡ico had Nigeria scrambling and a ball over the top by Jesus Corona found Hirving Lozano, who dished it to goal scorer Rogelio Funes ori. he e¡ican faithful cheered and screamed as Herrera hoped they would, and by the seventh minute the crowd came together for its ęrst wave around the Coliseum. Herrera did his part to keep up the positive spirit by cleaning up a saved shot from outside

the 18 yard bo¡, giving him a brace and e¡ico a 3-0 lead in the 52nd minute. The 31-year-old midęelder who plays professionally for Atletico adrid earned P honors.

NPFL

ǻMatch-da¢ řŗǼ Adamawa

ŗ-ŗ MFM FC

Plateau

0-0 Akwa Utd

En¢imba

ŗ-ŗ Rivers Utd

atsina

ř-0 Ifean¢iUbah

Kwara Utd 2-0 Rangers Kano Pillars ř-0 Lobi ikki

2-ŗ Dakkada FC

W’Wolves

2-0 A’Warriors

Heartland

0-ŗ Sunshine

Nasarawa

TODAY v Jigawa GS

Falode Pledges Top-notched Organisation for Aisha Buhari Tournament L-R: Home-based Super Eagles midﬁelder, Anthony Shimaga battling Mexico forward, Hirving Lozano for ball possession while defender, Emmanuel Oluesi, gives close marking during the international friendly between Nigeria and Mexico in Los Angeles early hours of Sunday. Eagles lost 0-4. PHOTO: AP

COPA AMERICA

Messi-inspired Argentina Set up Colombia SȂęnal Lionel Messi scored one goal and created two others as Argentina beat Ecuador 3-0 in Goiania early hours of Sunday to reach the Copa America semi-finals. In Tuesday's last-four match, the 14-time winners will play Colombia, who beat Uruguay on penalties earlier in the day. Messi teed up goals for Rodrigo De Paul and Lautaro Martinez before firing home an injury-time free-kick to cap a stunning individual performance. The scoreline was harsh on Ecuador, who ended the game with 10 men after Pedro Hicapie's dismissal but had been competitive throughout. "The truth is it was a very tough match. We knew the difficulty of playing Ecuador, who work hard with players who are fast, physically strong, young," said Messi. "It was a battle until we managed the (second) goal." Argentina made a bright start and Martinez almost opened the scoring with a moment of brilliance. He chipped the ball over goalkeeper Hernan Galindez and then volleyed goalwards, only for Robert Arboldea to block the ball on the line. Moments later Martinez had a shot deflected wide and from the resulting corner, German Pezzella volleyed into the side netting. Carlos Gruezo almost gifted Argentina a goal when his attempted back pass sent Messi clean through with only Galindez to beat, but the six-time Ballon d'Or winner saw his shot cannon back off the post. Up the other end, goalkeeper Emiliano Martinez had to be alert to parry a stunning 20-yard

last month. Early hours of yesterday, match oĜcials were not presented with a scenario in which they were required to stop the action or take players oě the ęeld as part of FIFAȂs

volley by Sebastian Mendez. Argentina had their own let off seven minutes from halftime when Pervis Estupinan crossed from the left and Enner Valencia's flicked header narrowly evaded the sliding Alan Franco at the back post. Two minutes later Argentina were in front, with Messi the architect. First, he played in Nicolas Gonzalez on goal but when he was tackled by Galindez, Messi reacted quickest and teed up De Paul to score. There was still time before the break for Galindez to make an incredible double save from Gonzalez, before Valencia somehow headed wide from six yards out. After the break, Valencia remained Ecuador's most likely route back into the match and

the livewire forward's near-post shot hit Martinez's leg before going behind. A wicked Estupinan cross was then almost turned into his own net by Gonzalez. Messi came close to killing off the tie but his curled effort sailed just past the post, while Aston Villa goalkeeper Martinez denied substitute Gonzalo Plata an equaliser with a near-post block. Inter Milan forward Martinez finally ended Ecuador's resistance six minutes from time from Messi's pass after Hincapie was caught in possession by Angel Di Maria. And Hincapie completed a miserable few minutes as he was dismissed in injury time after dragging back substitute Di Maria when clean through, with Messi despatching the

Lionel Messi (second right) and his Argentina teammates celebrating their 3-0 defeat of Ecuador to set up semi final clash with Colombia in the ongoing 2021 Copa America

free-kick. On Friday, Brazil beat Chile 1-0 to reach Monday's semifinal against Peru, who defeated Paraguay 4-3 on penalties after an eventful 3-3 draw that saw both sides finish with 10 men. Goalkeeper David Ospina was the hero as Colombia beat Uruguay on penalties in Brasilia. Ospina saved two spot-kicks in the shootout on the day he earned his 112th Colombian cap, moving clear of the previous national record he shared with the iconic Carlos Valderrama.

The Director of Organisation of Aisha Buhari Invitational WomenȂs Football Tournament, Aisha Falode, has assured of the determination and preparedness of the commiĴee to deliver a well-organised football showpiece beęĴing the personality of the First Lady, Aisha Buhari. AfricaȂs powerhouses in women football - Cameroon, Ghana, South Africa and hosts, Nigeria - including ali and orocco who are some of the emerging forces in the game, have conęrmed their participation in the maiden invitational football festival aimed at uplifting the course of girl-child in the continent. Apart from football, there will be activities to sensitise

Transfer: Fenerbahce, Besiktas Table ěers for n¢ekuru

Nigeria international, Henry Onyekuru, has arrived in Istanbul to seal a transfer to either Fenerbahce or Besiktas, his agent revealed yesterday. The player's representative, William DȂAvila, said the AS onaco forward is already in Istanbul after Galatasaray kept them waiting for ęve weeks over a possible move to sign him permanently. According to the information given by DȂAvila, both clubs are ready to pay the Ś.3 million euros demanded by onaco. DȂAvila said in a statement to Ajansspor while giving the latest transfer news on the player: “We are in Istanbul with the player and Onyekuru was waiting for news from Galatasaray for the last ęve weeks, but they have not contacted us, but now Fenerbahce and Besiktas have entered the table.” On January 29, Onyekuru returned to Galatasaray from onaco on a si¡-month loan with an option to make it permanent, that had elapsed

at the end of the season. Thanks to his inspiring performances for KAS Eupen, where he ęnished the 201Ŝ-1ŝ Belgian First Division A season as joint top-scorer with 22 goals, the winger was signed by Everton for a fee of ǡŝ million. Nevertheless, he was sent to Anderlecht owing to his failure to get a work permit, which would have seen him realise his ambition of playing in the Premier League. After completing spells in Belgium and Galatasaray where he won the 2018-19 Turkish Super Lig title - he was sold permanently to Ligue 1 giants onaco. He struggled to ęnd his feet at Stade Louis II and has been restricted to just four league games for Niko KovacȂs side. Galatasaray, having missed out on the Super Lig title on the ęnal day of the season, are still undecided on paying onaco for the services of the Nigerian player and make the move permanent.

Africans on the beneęts of sports to global development. The event will also address issues aěecting women in developing countries with direct reference to the place of the girl-child in the society, a well known core advocacy identięable with the sponsor of the event, rs. Buhari. Falode, who is the chairperson of the Nigeria Women Football League ǻNWFLǼ, said the tournament aligns with the core values of the First Lady pet project ȁFuture AssuredȂ a NonGovernmental Organisation ǻNGOǼ that advocates for the wellbeing of women, children and adolescents in Nigeria. “The core values we preach in the domestic league sit preĴy well with the courses of the Aisha Buhari Invitational WomenȂs Tournament. We always strive for the best in terms of organisation and that is what we will go all out to recreate in the upcoming football ęesta. “Her pet project ‘Future AssuredȂ has been in the forefront advocating for the wellbeing of women, children and adolescents through health, education, economic empowerment and sports. “The choice of AfricaȂs powerhouses in the womenȂs game as participants is a testimony that only the best is good enough in a football event associated with rs. Buhari. “The tournament is a brain child of NFF president, CAF e¡ecutive and FIFA Council member, Amaju Pinnick and everything must be done right to make sure the event lived up to his status as a diehard supporter of the women game and passionate advocate for the empowerment of the girl-child. We are leaving no stone unturned to ensure the football showpiece becomes a reference point on how similar event would be organised in future.

T H I S D AY ˾ ˜ ͽ˜ ͺ͸ͺ͹

MONDAYSPORTS

LEE EVANS: EXIT OF AN ICON

ee Edward Evans was laid to rest in his adopted home of Wasimi, Abeokuta last week. It was such a humbling end to the life and illustrious career of one of the greatest athletes to have ever lived and probably the greatest quarter-miler of the last century. A dear friend of mine and I have waited till after his burial to eulogize the great man. Evans was an American sprinter. He won two gold medals in the 1968 Summer Olympics, seĴing world records in the 400 meters and the 4 × 400 meters relay, both of which stood for 20 and 24 years respectively. Evans cofounded the Olympic Project for Human Rights and was part of the athlete's boycoĴ and the Black Power movement of 1968. Lee was a lover of Nigeria. His quest for Black liberation brought him to Nigeria (as the most populous black nation) ęrst in the late 19ŝ0s at the peak of his career to help discover the talents that he knew were in abundance here. He was so instrumental in the discovery and development of our golden generation of 400m runners. Innocent Egbunike, Moses Ugbusien, Sunday Uti, Rotimi Peters, Dele Udo, Henry Amike and a host of others. He was head of Nigeria’s athletics coaching from 19ŝ5 to 1981. Lee also

headed athletics programmes in various other African and Asian countries which included Guinea, Cameroon, Qatar and Saudi Arabia. His accomplishments and awards were numerous both as a coach and an athlete. Fulbright Professor, Council for International Scholar Exchange, 1968 Olympic Gold Medal winner, 400m and 4x400m relay, World Record holder 400m, World Record holder 600m, World Record holder, 4x400m relay, Member, USA Olympic Hall of Fame, Member, USA Track and Field Hall of Fame, Member, San Francisco Hall of Fame, Member, San Jose Hall of Fame, Member, San Jose State University Hall of Fame, Winner of NCAA Silver Anniversary Award, Coach of the ear, Nigeria, 19ŝ9, Sprint Coach, All-African Team, IAAF World Cup, 19ŝ9, Selected to 100 Golden Olympians, 1996, Member, 1968 U.S. Olympic Team, Member, 19ŝ2 U.S. Olympic Team, Coach of the ear 2005 Sunbelt Conference, Coach of the Year 2006 Sunbelt Conference, Coach of the Year 200ŝ Sunbelt Conference, just to mention some of them. He was a Fulbright scholar in Sociology and aĴended San Jose State University. He also did a Masters in Arts (Education) at the Obafemi Awolowo University in Ife, Nigeria. Lee was a becon of hope, fun and success despite that he had to struggle to win baĴles all his

Lee Edward Evans...a legend takes his ﬁnal bow life, which he almost always did. He fought racism at its peak in the US using his Olympic podium as a platform. The Olympic Project for Human Rights began with black students protesting in order to have equal housing opportunities and was made into the black power movement after a Tommie Smith interview. Tommie Smith and John Carlos were the face of the movement, but Smith and Evans were the driving forces behind the movement. Lee was the coordinator and instigator of the group. In 2011, Evans went through another struggle when he was diagnosed with "a large tumour in the pituitary gland area of his

brain" and underwent surgery. He fought this medical baĴle and like the winner he is, he came out victorious. A few years later, he fought one of his longest and most painful baĴles. He was accused of doping a 16-year old athlete he was training. All the evidence and stories pointed to a conspiracy and “cooked up” accusations but it seems the Nigerian administrators were determined to ęnd a scapegoat for their failures in curbing the rise in use of performance enhancing drugs that they quickly directed all charges at him. He fought this baĴle to save his chequered reputation and career in the courts for six years. At the end of it, he was vindicated as

he was acquiĴed by the courts and the accusers were asked to pay him damages in lost revenue running into millions of Naira, which they have not yet paid. Yet another struggle which he emerged victorious. Lee was an adorable man. His seemingly numerous baĴles never made him give up on people. I met Lee for the ęrst time at the twilight of my career. He was amazed at my height, stride and achievements so far telling me I would be a dream for him to coach and mentor. I smiled informing him I am at the wrong age of athletics and actually retiring that summer, he tried to convince me to stay three more years that I was still very young. Well having done over a decade and a half in high level athletics I knew I was done so this baĴle to convince me to remain an athlete was one that Lee was programmed to lose. But we became good friends. We communicated occasionally through his sojourn in Calabar, to Liberia, to Guinea and back to Nigeria where he was very well hosted and supported by the legendary Segun Odegbami. It was with Odegbami that Lee felt the love once more from

Nigerians. He was supported throughout his legal case in which Lee was physically present in every siĴing, he was given a job at the Segun Odegbami Sports Academy, Wasimi, near Abeokuta, where he made his home and planned to bring his family there to seĴle. It was here he became a regular guest of our weekly Sports Talk Programme ‘The Sports Parliament’ where he shared his great knowledge of athletics with us. He was comfortable and relaxed around us. We all loved to listen and make jokes of his ‘Nigerianization’. We enjoyed his tales and much more his dexterity in eating hot ęsh which was our ritual after every ‘Sports Parliament’ show. Lee was a rare breed. A successful and deeply knowledgeable man. One who loved his family (Spoke a lot of his grandkids), Nigeria and his Sports. Unfortunately, Nigeria failed to tap from his rich vine of knowledge. Instead, the country tried to bury his dreams and hopes but alas, would only bury his remains as his dreams live on in many of us who believed and dared to hope with him.

MONDAY JULY 5, 2021 • T H I S D AY

Monday, July 5, 2021

PDP to Matawalle

“Governor Matawalle must however note that joining such individuals, who have brought so much anguish and pain to his people, is an unpardonable act of betrayal which will continue to act as an albatross particularly against the backdrop of his own vows.”— The PDP describing the defection of Governor Bello Matawalle of Zamfara State as an act of unpardonable betrayal.

How Much Dollar Will Your Naira Exchange For? “One hundred thousand naira is now behaving like ten thousand naira; and no one is saying anything about it!” -Anonymous Social Media Blogger

xchange rate is very important particularly for a country like Nigeria, whose currency is not convertible. According to Investopedia, a convertible currency, is any nation’s legal tender that can be easily bought or sold on the foreign exchange market with little to no restrictions. A convertible currency is a highly liquid instrument as compared with currencies that are tightly controlled by a government’s monetary authority. Sometimes, convertible currencies are referred to as hard currencies. A convertible currency commands the confidence of investors as a reliable store of value and therefore gives them the assurance to save, spend and trade in such a currency. Countries whose currencies are convertible tend to have a few things in common. The first is economic growth and stability. The next is political stability. The others would include price stability, moderate inflation rate and reasonable unemployment rate. In simple terms, such economies provide solid bases of predictability and security that will enable investors and users of such currencies to have a reasonable level of certainty about their net worth and the value of their holdings in such currencies. Examples of currencies that are convertible are the US Dollar, the Euro, the Japanese Yen, and the British Pound Sterling, in that order. There are a lot of other currencies that are either fully convertible, like the ones listed above or partially convertible like the Chinese Yuan. The vast majority of Third World countries have currencies that are generally not convertible. Our almighty Naira belongs to those currencies that are not convertible, even though it once had the strength to acquire such a status. Holding such currencies become very risky as they may lose value easily and converting them to other currencies may pose a challenge. So, despite opportunities in those economies, investors would have to be careful as what they may earn from the opportunities may be wiped away overnight, on account of the depreciation of the local currency. It is also a very big risk for foreign investors because they count their profits in hard currency and not in the local currency of the economy they invested. For instance, a project in Nigeria may look very profitable to a local investor who invested, say, N1m in it. If the net profit is, say, 30% of what he invested in Naira terms, it would be a loss to the foreign investor if the exchange rate of the local currency depreciates by more than 30% since the principal and profit will have to be accounted for in hard currency. Snapshot of exchange rates at the official window and parallel markets for 2015-2021 YEAR 2015 2016 2017 2018 2019 2020 2021*

OFFICIAL N196.5 N304.5 N305.5 N306.5 N307.5 N379.5 N411.25

PARALLEL N268 N374 N364 N365 N362 N470 N500

zAs at June 30, 2021 Recently, the official exchange rate hit an all time high of N411 to the dollar and just last week, the unofficial market crossed the N500.00 per dollar mark. With inflation at about 18%, prices are on the rise. People have continued to express fears and ask where the dollar was going to settle. There are predictions

Emefiele

that N1000.00 to the dollar may become a reality in no distant future. This prospect has engendered even more demand for the dollar as speculators and savers alike feel safer holding foreign currency than the Naira. Nevertheless, all these are about the quantum of dollar available to the market and the use of same by the people and government. Therefore, this whole thing is about that inexorable law of demand and supply. The troubling question is this; why was the dollar exchanging for less than N200 in 2015 only to now be exchanging at N500 barely six years later? What has changed so drastically in the economy to warrant this kind of depreciation? Is there anything that can be done to reverse this trend? Have there been circumstances in the past where the depreciation of the naira or any other currency, has been reversed? We shall open discussions of this all-important issue today and hope that it would not only generate intelligent and profound debate but hopefully identify some suggestions about the solutions to the problem of the persistent loss in the value of the Naira. It is settled that the fundamental law of demand and supply holds here and may explain the rise in the rate (price) of the dollar over time. When demand for the dollar outstrips supply, the rate would inevitably go up. Conversely, when the supply of dollar outstrips demand, it would be expected that rates would go down, all things being equal, like students of economics would say. It is also true that when rates go up, demand would reduce and vice versa. Over the years, we have experienced a consistent drop in dollar inﬂows owing to decline in oil prices, along with drop in quantities sold and in the export of non-oil products. Within the same period, the country has consistently experienced an increase in imports and more reliance on foreign goods and services, even for items that are available locally. Expenditure on invisible items, like school fees and services, continues to put pressure on the available stock of foreign currency. For proper context, we shall rely on the numbers posted by The World Bank, even though we have seen numbers from other sources that are markedly different. Within the years, 2010 to 2013, the country’s current account surplus was between $13b and $19b. In 2015, it reversed to a deﬁcit of $15.4b. Recovery was not witnessed until 2017 with a surplus of $10.4b. The year

2019 saw another trade deficit of $17b, which slightly reduced to about $16b in 2020. The deficit witnessed in 2020 could be understood in the context of the Pandemic and the recession that followed. Recovery from recession in the early part of this year did not stop the country from running up a trade deficit of over $11b in the first quarter of this year. If this trend is maintained for the rest of the year, we should expect that 2021 will end up with a trade deficit of about $44b, the highest in four decades. So, what do all these mean? Simply put, in the years where the country ended up with trade deficits, it was importing more than it was exporting. This is significant as it means that the country was borrowing to finance the excess of expenditure over revenue. Of course, this is not to discountenance other sources of foreign currency inflows like, remittances and foreign private and portfolio investments. It should be understood that in addition to remittances for school fees, other invisibles should also be factored in. The point remains that where the demand for hard currency far outstrips the available foreign currency, pressure is brought to bear on exchange rate and the net result is a high foreign exchange rate regime. The next question is, why is the country exporting so little in spite of the potential for rapid growth in the export sector? This is even more disconcerting in view of the fact that before the advent of oil, Nigeria was among the world’s largest exporters of such products like palm oil, groundnuts, cotton, cocoa, timber and rubber. The simple answer is that one cannot give what one does not have. Oil, now generally accounts for 80% of our exports. When oil prices go down like we had witnessed in the recent times, our revenues inevitably go south, even if the quantity of exports remain the same. When demand for oil drops, as has been the case lately, thanks to alternative energy sources, prices go down and the country’s earnings also go down. In the same vein, when our supply goes down for any reason, including crises in the Niger Delta and insecurity in other parts of the country, we earn less from exports. Attempts at diversification of the economy have yielded limited results. The manufacturing sector of the economy has remained miniscule. Agriculture, though accounting for a large part of the economy does not feature significantly in our export market, accounting for between 2% and 3% of exports. So, are there other things to export? Of course, the answer is yes. Nigeria is rich in solid minerals and what we hear is that illegal mining, particularly in parts of the North, has been the order of the day. Of course, these transactions are not documented and are not in the purview of National Accounting. Proceeds from such activities only go to boost the current account position of other countries where they are lodged. There is also so little that the government is doing to encourage investments in solid minerals, otherwise, results would have been showing by now. We had warned on this column that the solid minerals sector runs the same risk as crude oil, where crude is exported in its crude form and reimported as refined products, adding little or no value to the naturally occurring substance. The other areas gaining currency lately are the entertainment and ICT industries. A deliberate approach towards these sectors will add to the foreign currency receipts of the government. Turning to consumption, it is imperative that the country is a consumerist society. Ordinarily, there should be nothing wrong with it, after all, Income is calculated as Consumption plus Savings plus Taxes. The only challenge is that when consumption does not lead to local production, it becomes a loss to the economy. This loss is due to the fact that, rather than

the stimulation of local economy, the effect is felt in the country where the goods are produced. The pressure on foreign exchange is felt in the local economy while the benefits are enjoyed by the producing foreign economy. Most importantly, the job creation benefit accrues, not to the local economy, but the foreign producers. This is the reality of the situation with Nigeria. Nigerians are already used to foreign goods, even in the face of local alternatives. We import virtually everything consumed in Nigeria, including toothpicks and tissue paper. The incentive to import all these is latently in the presumed subsidies we enjoy by keeping the exchange rate at levels below the market rates. While it is understood why the Central Bank keeps managing the exchange rate under a “managed float system”, it bears repeating that this system produces some unintended adverse consequences, including subsidising conspicuous foreign consumption and creating an arbitrage window through which roundtripping occurs. We are of the view that CBN should begin to consider floating the Naira outrightly and intervening from time to time to achieve desired results. Granted that rates would go up in the short run, but they would begin to settle at equilibrium levels over time. It will have the added advantage of removing restrictions and ensuring that the real prices of imports are paid by consumers. The CBN would get maximum value from its hard currency holding, which the government would deploy to pay its local currency bills. Exports would become appropriately priced and promoted, while imports would become more expensive forcing local alternatives to become more attractive. The truth is that there is a limit to what CBN can do with the dollar. To the extent that it cannot print dollars, as it becomes scarce, the CBN must act one way or the other. As a deliberate policy, government should design programmes to boost local production and assembly of goods in the economy. What we see looks like an unspoken program of de-industrialisation. In the last one week, we have been greeted with news reports that Toyota, which has a very large market in Nigeria, opened an assembly plant in Ghana. We do not need a rocket scientist to tell that their target consumer market is Nigeria. Drilling down, one would be left in no doubt that such action is a fallout of deliberate policies by Ghana on improving its ease of doing business regime. It therefore becomes necessary that the Nigerian government continues its drive on infrastructure renewal which is a major consideration for setting up businesses. Other issues of concern will include security, tariffs and skills. Most of the multinational corporations that operated in this country in the 1980s, seem to have voted with their feet. Those who are old enough will understand what we are saying. The nation must understand and address the reasons why they left. Government should also be deliberate in encouraging local investments in production by creating incentives and ensuring that the country moves up the ladder in ease of doing business. This is a country of over 200m people. The local market is large enough to absorb whatever can be produced locally so, the existence of a big market is incentive enough for local production. At the minimum, the pressure on foreign exchange to fund imports would be drastically reduced. When this is done, we should begin to think of boosting our capacity for generating hard currency by exporting more locally manufactured goods. These are the easiest ways to tame the tide of the depreciating Naira. If we continue the way we are going, we should then brace up for N1000 to the dollar sooner than later.