WEDNESDAY 14TH JULY 2021 by THISDAY Newspapers Ltd

Emefiele: N15tn Infrastructure Company to Take off Third Quarter Ndubuisi Francis in Abuja The N15 trillion Infrastructure Company Limited (InfraCo), created by the federal government to bridge the nation's huge infrastructure gap is to take off in the third quarter of the year, the Governor of

Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said. Emefiele spoke yesterday at an investors’ webinar designed to showcase the investment opportunities in Nigeria’s privatisation and economic reforms programmes, organised by the Bureau

of Public Enterprises (BPE) in collaboration with the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Exchange Group (NGX). Vice President Yemi Osinbajo also said at the event that although the government's

economic reforms had paid off in telecommunications, pension and maritime sectors, the current administration was making efforts to address the challenges in the power sector privatisation. Investors in the N15 trillion InfraCo include the CBN,

Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC). In his goodwill message at the webinar, Emefiele said the federal government had approved KPMG as the financial adviser to InfraCo, adding that the firm is expected

to commence operations in the third quarter of 2021. He stated that for Nigeria to attain meaningful growth, there must be huge investments in key sectors of the economy, including infrastructure such as Continued on page 43

Public Opinion Prevails as Senate Rejects Onochie’s Nomination...Page 41 Wednesday 14 July, 2021 Vol 26. No 9592. Price: N250

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GTCO COMES ONBOARD… L-R: Chairperson, NGX Regulation Ltd, Mrs. Cathy Echeozo; Non-Executive Directors, GTBank Nigeria, Mr. Hezekiah Oyinlola and Mr. Ibrahim Hassan; Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr. Segun Agbaje; Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola; the bank’s outgoing Chairman, Mrs. Osaretin Demuren; Executive Director, Mrs. Miriam Olusanya; Non- Executive Director, NGX Ltd., Mr. Seyi Osunkeye; and other officials during the closing gong ceremony to mark the listing of GTCO Plc on the NGX in Lagos…yesterday

Buhari Reviews Nation’s State, Says Nigeria Lucky to Remain One Urges politicians to respect people’s right to choose their leaders Vows to end insecurity

Deji Elumoye in Abuja President Muhammadu Buhari yesterday reviewed the state of the nation and said Nigeria,

in spite of its numerous challenges, is lucky to remain one indivisible entity. "We are a lucky country and should congratulate

ourselves, despite challenges that could have torn us apart," the president told a delegation of the House of Representatives that went to see him at the

Presidential Villa, Abuja. Buhari spoke while receiving the report of the National Security Summit of the House from the Speaker, Hon. Femi

Gbajabiamila, and said the citizens' right to freely choose their leaders during elections, irrespective of party affiliation or religion must be respected.

“Our leaders must respect the people, from the lowest to the highest, so that it becomes a duty to them (the people) to Continued on page 43

Editors Eulogise Osoba, Obaigbena for Worthy Service to Media...Page 5

WEDNESDAY JULY 14, 2021 • T H I S D AY

WEDNESDAY, ͹ͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS Editors Eulogise Osoba, Obaigbena for Worthy Service to Media Group News Editor Ejiofor Alike

Email Ejiofor.Alike@thisdaylive.com, 08066066268

Olawale Ajimotokan in Abuja

The Nigerian Guild of Editors (NGE) has saluted former Governor of Ogun State, Chief Segun Osoba, and the Chairman/Editorin-Chief, THISDAY /ARISE Media Group, Prince Nduka Obaigbena, for giving journalism and the media a place of honour. In a birthday message to the two eminent journalists, the guild, in a statement by its President, Mr. Mustapha Isah, and the General Secretary, Mr. Iyobosa Uwugiaren, said the duo had brought a creative innovation to modern journalism practice through their labours and accomplishments. Describing Obaigbena, fondly called the Duke by his close associates, as possessing resilient character, tact and a tenacious strength of mind to succeed, the guild said he had been able to navigate

the rough pathway in the past four decades to make his mark in the industry. It said: ‘’An influential member of the guild and former President, Newspapers Proprietors’ Association of Nigeria (NPAN), Prince Obaigbena is arguably, one of Nigeria’s most powerful newspaper publishers and brainy, who has successfully built an influential network of friends and associates that cuts across all segments of the society. ‘’A good manager of human resources, the Duke has a mysterious capacity for attracting gifted journalists to his pool; this approach has fortified the editorial strength of both THISDAY and ARISE NEWS that have many of our influential members. ‘’As he turns 62 years today, we congratulate the media mogul, skillful journalist and innovator, whose assistance to the growth and development

of the Nigerian media industry remains impossible to remove and worthy of emulation.’’ On Osoba, who will be 82 years tomorrow, the NGE commended him for remaining committed to the mission of the professional group, saying even though he is no longer in active journalism practice, he has remained a dogged promoter of sound journalism profession and a staunch supporter of the guild, whose activities he always finds time

to participate in, including the recent national convention in Kano State. The guild said: ‘’Chief Osoba’s strong obligation to the journalism profession and the NGE’s mission is unwavering. The guild witnessed this recently when he chested out and called on journalists and other media stakeholders to resist the proposed media amendment bills before the National Assembly – which

many sound minds believed were created to criminalise journalism practice. ‘’For Chief Osoba, it is an existential battle for journalists and those who cherish civic and democratic space to fight - in order to retrieve our democracy from the jaws of those who want to destroy it. We salute his courage. ‘’Chief Osoba believes so much in the freedom of the press freedom so much that he is ready to express his views

even if his political friends may not be comfortable with them." The editors said Osoba did the guild proud as the governor of Ogun State with his sterling stewardship. While praying God to continue to give him good health and wisdom in his service to the nation as he clocks 82, the guild urged him not to give up in his struggle for a just society and a free press.

Fayemi, Okowa, Abiodun Hail Soyinka at 87 Segun James

Governors Kayode Fayemi of Ekiti State, Dapo Abiodun of Ogun State and Ifeanyi Okowa of Delta State yesterday praised the Nobel laureate, Prof. Wole Soyinka, as he clocked 87. Soyinka, a 1986 Nobel Prize in Literature winner, was the first sub-Saharan African to be honoured in that category. In a statement by his Chief Press Secretary, Mr Olisa Ifeajika, in Asaba, Okowa rejoiced with the literary icon on the anniversary, noting that Soyinka has remained one of Nigeria’s greatest pride and biggest export to the world. Okowa stated that Soyinka’s many years of outstanding accomplishments and consistency in the crusade for the wellbeing of citizens had culminated in his legendary status, making him great pride to Nigeria, Africa and the entire black race. He also extolled Soyinka for his intellectual sagacity and for being an unstoppable loud voice on contemporary national issues. According to the governor, Soyinka is a renowned advocate of truth, justice and equity, who always align with the populace in the clamour for good governance. "As he clocks 87, it is my prayer that Nigeria will yet again enjoy the benefit of having another generation of Soyinka to impact the lives of the people and project Nigeria and Africa with great honour to the global community,” he added. Fayemi, in a Facebook post yesterday, described Soyinka as “a defender of the defenceless”. “We celebrate an iconic personality. A patriot of high repute. Our mentor and hero. A defender of the defenceless. An advocate of truth, fairness and equity. A man of whom justice is the first condition

of humanity. One of the very best our country has produced. Wishing you many more blessed and impactful years,” he said. Abiodun, also in a Facebook post, said the state was blessed to have produced the “rarest breed of humankind.” “On July 13, 1934, the heavens bestowed on Ogun State, Nigeria and Africa as a whole, the rarest breed of humankind. “From being the conscience of the nation, you conquered the world as a playwright, poet, essayist and public intellectual. “At 87, we proudly celebrate an enigma whose kind only Ogun State has the privilege of laying claim to. Congratulations, Prof,” he added. Activist and President, Women Arise, Mrs. Joe Okei Odumakin, in a statement, reminisced on Soyinka’s life as an activist from the dark days of military despotism. She said: “When there were no civil society groups to serve as the conscience of the masses, you filled the void acting as a one-man riot squad! “The rogue regime of Ladoke Akintola in the defunct Western Region bears you witness. “When the Nigerian constitution was yet to assign the media the role of holding government accountable to the people, you had picked up the gauntlet and filled the gap. Your role in the Nigerian civil war and your epic novel, The Man Died, bear you witness!" Young leaders around the world also held visual and live discourses in honour of the Nobel laureate, as part of the 13th edition of the Wole Soyinka International Cultural Exchange (WSICE) project. WSICE has been a global networking and empowerment platform for scholars and intellectuals.

EARLY WARNING… President, Economic Community of West African States, Dr. Jean Claude Brou (left), and Vice President Yemi Osinbajo (SAN) at the signing of Early Warning Memorandum of Understanding in Abuja…yesterday

INEC Pledges to Use Technology to Deepen Democracy Says 542,576 Nigerians have completed online voter registration Chuks Okocha in Abuja

The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, yesterday expressed the determination of the commission to deepen democracy through the use of technology. He also put the number of Nigerians who have completed online voters’ pre-registration at 542,576. Yakubu, at a meeting yesterday in Abuja with the resident electoral commissioners, said: "I would like to reassure Nigerians that the commission will continue to spare no effort in deepening the use of technology to ensure electoral transparency and credibility.” He spoke against the backdrop of the clamour for the inclusion of electronic transmission of election results in the 2010 Electoral Act Amendment Bill 2021, amidst efforts by the leadership of the National Assembly to delete the provision from the bill. Yakubu said the voters’ register remained at the heart of any credible election. He added: "We are working hard to ensure that just as we had a smooth take-off of

the online pre-registration, the commencement of the physical registration will similarly be hitch-free.” He said the first quarter of the physical registration would commence between June 28 and September 30, while the second quarter of the exercise will start October 4 to December 30. Also, the third quarter of the physical registration will start from January 3, 2022, to April 1, 2022, and the fourth quarter will kick off on April 11 to June 30, 2022. Giving update of the exercise, Yakubu said two weeks since the exercise began, a total of 542,576 Nigerians have completed the online pre-registration. According to him, out of this figure, 456,909 are fresh registrants while 85,667 have applied for voter transfer, replacement of Permanent Voter Cards (PVCs) and update of voter information record among others. He added that the commission is able to provide Nigerians with information on the distribution of registrants across the states and by age, occupation, gender and disability. "Out of 542,576 online

registrants so far, 356,777 (or 66 per cent) are young people between the ages of 18 and 34 years. "This is followed by 134,719 middle-aged registrants who fall between 35 and 49 years. The third category is elderly persons aged between 50 and 69 years of which 44,896 Nigerians have registered. Interestingly, some 6,184 senior citizens (aged 70 years and above) have taken advantage of the new online opportunity to register," he explained. On the occupational distribution of registrants, the INEC chairman said: "156,446 are students; 38,217 artisans; 24,421 farmers and fishermen; 150,145 businessmen and traders; 35,831 employed as civil and public servants and 8,334 housewives. "The remaining 129,182 registrants did not specify their occupations. On gender, 321,781 are males while 220,795 are females. In our effort to serve all Nigerians better, the commission has requested registrants to indicate their disability (if any)." He explained that the essence of this will enable INEC to efficiently deploy assistive voting devices such

as Braille ballot guide and magnifying glasses for persons with special needs at polling units on election day. He added: "We have data for 6,558 registrants who have clearly indicated their type of disability." Yakubu said a detailed information, including state and occupational distribution, had been uploaded on the commission’s website and social media platforms, while the commission shall also continue to provide the weekly updates throughout the duration of the CVR exercise. According to him, the commission is aware that not all Nigerians have access to computers, smart phones or internet connectivity to register online. "We have repeatedly assured every eligible registrant that there will also be an opportunity for physical or in-person registration at designated centres. Even the online registrants will have to complete their registration physically at those centres. "Our aim is to activate some 2,673 centres to which we intend to deploy 5,346 officials for in-person registration," he stated.

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T H I S D AY • WEDNESDAY, JULY 14, 2021

COMMENT

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

WHITHER CORPORATE AFFAIRS COMMISSION? The CAC should sit up, writes Sonnie Ekwowusi

t is unfortunate that despite the revolutionary technological innovation brought about by the Companies and Allied Matters Act 2020 (CAMA 2020) coupled with the innovative technology at the disposal of the Corporate Affairs Commission (CAC), Abuja, the Commission is still dysfunctional, inefficient and incompetent. Instead of enhancing the ease of doing business and promoting entrepreneurship and economic prosperity, the CAC has become a big obstacle to doing business in Nigeria. For example, company documents filed at the CAC oftentimes are lost within the precinct of the CAC. Searches for availability of company names at the CAC, which is supposed to be a very simple exercise, now drags on for about four months. You cannot apply for ordinary certified true copies of documents at the CAC and get them within a reasonable time. Confusion reigns at the CAC. Things got so bad at the CAC last year that some Abuja lawyers staged a peaceful protest in front of the commission’s headquarters at Maitama, Abuja. Whereas registration of private limited liability companies lasts not more than one day in other countries, at our CAC it could take between six months and one year unless the applicant is to ready to pay “extortion fee”. On several occasions the CAC had announced to the public that company registration in Nigeria could be expeditiously done on-line and that the certificate of such registered company could be printed online in one’s office or bedroom. But this is just a ruse. In practice, online company registration is still a mirage. You may succeed in filling the requisite forms for the company incorporation online quite alright but you can hardly complete the incorporation exercise in one month or even two months. Why? Because the CAC Server is epileptic. Ditto for the CAC Portal. Some 50% of company information on the CAC portal are incorrect and need to be updated. Right now the complaint unit of the CAC is inundated with endless customers’ complaints. It is obvious that the Commission can no longer cope with the numerous customers’ complaints lodged every day. The CAC does not even acknowledge receipt of these complaints. The matter is worsened by the fact that the Commission does not have dedicated phone lines to address customers’ numerous complaints. More importantly, under the watch of CAC, many scammers operate fictitious companies and even use them to commit all sorts of scam undetected. The scandalising aspect is that under the guise of exercising its statutory powers, especially its power under section 41 (7) of CAMA 2020, the CAC is now undermining the integrity of the judiciary and disobeying court orders. For example, you may be aware of the sporadic shooting that took place at the Balogun Market, Lagos last two weeks. That shooting indirectly sprang from the abuse of powers of the CAC. Lately there has been simmering leadership tussle between the Balogun Business Association and some disgruntled officers and members of the association. This tussle has so deteriorated that it has given rise to multiple law suits in courts: the Balogun Business Association has instituted several law suits against some of its disgruntled officers and members as well as the CAC. Specifically, in one law suit brought at the Court of Appeal, the Balogun Business Association seeks, inter alia, an Order of Interlocutory Injunction restraining the CAC from meddling with the subject matters of the suits brought by the Association against some disgruntled officers and members of the association. Despite being a party to these suits pending in law courts and being served with the necessary court processes relating to the suits, the CAC has been resorting to self-help in order to foist on the courts a fiat accompli - the CAC has cancelled the certificate of the Balogun Business Association as well as imposed some new officers on the association whilst the suits are still pending in courts. Rather than wait for the

INSTEAD OF ENHANCING THE EASE OF DOING BUSINESS AND PROMOTING ENTREPRENEURSHIP AND ECONOMIC PROSPERITY, THE CAC HAS BECOME A BIG OBSTACLE TO DOING BUSINESS IN NIGERIA

determination of the suits instituted by the association against the CAC and others as required by law, the CAC, in violation of the doctrine of lis pendens, threw probity, due process and self-restraint to the wind and brazenly resorted to self-help in order to overreach the courts and foist a fiat accompli on the courts. In other words, while the aforesaid suits were still pending in law courts, the CAC proceeded to cancel the certificate of the association and took other actions evidently to usurp the powers and functions of the court. It is instructive that prior to the usurpation of the powers of the court, the attention of the Commission was drawn to the pending court cases instituted against it in courts as well as the court orders in the matter yet the CAC still proceeded to usurp the powers and undermine the integrity of the courts. Ostensibly emboldened by the Commission’s self-help, the aforesaid disgruntled officers and members of the Balogun Market Association recently recruited some Area E, FESTAC policemen and went to the Balogun Market, Lagos to forcibly foist an illegal leadership on the association. In order to accomplish this illegality, the FESTAC police invaded the Balogun Market and sporadically opened fire in the market resulting in many traders and their customers scampering for safety. It is incomprehensible that a statutory body such as the CAC which is a party to a law suit can throw decency overboard and descend to the level of resorting to self-help and over-reaching itself both the High Court and the Court of Appeal and other litigating parties in the suits. It is trite law that once a party submits himself to the jurisdiction of a court for the purpose of adjudication of a suit, whatever actual or perceived rights he has or may think he has are subsumed under the jurisdiction of the court and the parties must maintain the status quo until the court pronounces on their rights. The party must not dispose of or tamper or attempt to tamper in anyway with the res or the subject matter of the dispute through self-help or otherwise, so as to render the courts’ decisions on the suit nugatory. See the popular case of Ojukwu v Governor of Lagos State (1986)1 SC. Pages 227-324: John A Osagie v Alhaji S. O Oyeyinka and Ors SC 194/1985; Ogundami v Arabia & Barclays Bank of Nigeria Ltd (1978) 6 & 7 SC; Alakija v Abdulai (1998) 5 SC 1 at page 7; Iheka V Njoku (2017) LPELR-42002. Specifically in the case of Ezegbu v First African Trust Bank Limited (1992) 1 NWLR (PT. 220) page 699 at 724 the court held: “It is trite law that where a matter is before a court of law, none of the parties can legally or wrongfully take any unilateral action that will prejudice or tend to prejudice the hearing or adjudication of the matter by the court. Parties who have submitted to the jurisdiction of the court are under a legal duty not to do anything to frustrate or make nonsense a possible court order… They must, whether they like it or not, wait for the court to take a decision one way or the other…the parties cannot jump the gun and do their own thing in their own way. That will be tantamount to undermining the integrity of the court.” It is high time the CAC sat up to discharge its duties efficiently, diligently, competently, timeously and incorruptibly. The Commission should adorn the breastplates of efficiency, competence and integrity in the discharge of its duties in order to enhance the ease of doing business in Nigeria. It should desist from usurping the functions of the court and undermining the integrity of the court. It should obey court orders. Resort to self-help or force in the settlement of disputes is a recipe for anarchy. The function of the judiciary as a dispenser of justice, sustainer of good governance and economic growth is endangered by undermining of the integrity of the court and disobedience to court orders.

US DOLLAR INFUSION AND THE NATIONAL ECONOMY Charles Iyore canvasses market reforms that will deliver sustainable ecosystems and institutional changes

Warning: Blood shortage can lead to organ failure. naemia is a condition in which the body lacks enough healthy red blood cells to carry adequate oxygen to your body’s tissues. Having anaemia can make you feel tired and weak. There are many forms of anaemia, each with its own cause. Anaemia can be temporary or long term, and it can range from mild to severe. The blood, however, is not the only utility that the body needs to survive, there is also the nervous system that co-ordinates organ function and then the oxygen supply through the airways (respiration) to convert stored fuel (sugar, proteins and lipids) into usable energy. We are all used to the expression that “money is the life blood of the economy”, and so when organs in the economy do not have enough blood they can become tired, weak and sub-optimal in performance. So are there any corollaries between the well-being of the human body and that of the nation as a living economic entity? If the blood corollary is already established, the energy requirement (power) is the oxygen and the nervous system is the co-ordination or bureaucracy (machinery of governance). When too many organs fail, the body is said to be facing an existential threat which could lead to a shut-down or death. It is against that background that the cacophony of commentaries, emanating from the streets and

the executive suite, must be a cause for concern. This “them and us” attitude to a common existential threat, must be the biggest demonstration of the “ostrich head in the sand” expression and an unimaginable national self-denial. If the blood reaching the organs, do not have the attributes (purchasing power, interest and exchange rates) to energize them to produce to the required level of productivity, the pumping heart (CBN) comes under enormous pressure and could become a poison agent. The local by-pass operation in 1989 (Foreign exchange currency auction), starved many organs of blood supply and many have since atrophied badly, with others dying-off. That decay has run in parallel, for over 30 years, with blood infusion (US dollar debts). With every infusion, the blood in circulation has been quickly poisoned, with diminished attributes. The judgement must therefore be made as to whether, the anaemia is mild or severe. That judgement clearly cannot be made with the many adversarial lines. The expectation is that a father figure would broaden the church and offer a common vision.Opinion is divided as to whether any patriarchal bringing together has occurred over the last 40 years, but all are however in agreement that economic activity in the period under review, has all been motion without movement (growth). It is against that background that concerted efforts have been made to reform the institutions (organs), the latest being the on-going one, by McKinsey and Company.

A review of the state of the nation shows that: Agencies and all levels of government cannot balance their budgets; bandits are running wild; infrastructure decay is bad and deficits are wide; educational system is not quite fit for purpose; access to health is restricted to the few; rural economies are decimated, and justice is not seen as served That, however, is not the only story as there are some narrow points of success in the economy. Those points however, seem to benefit only the few and the majority are excluded. Hardest hit is the growing youth bulge with many not having experienced paid employment, six years after qualification. Their agitation has often been met with kinetic responses since the shooting of Akintunde Ojo (of blessed memory) and they (youths) have never been engaged in any negotiated reasoning together, for positive change. That is the scenario and it calls for a pulling together, rather that the “them and us attitude”. The expectation is that the statesmen elected into office should lead a serious national conversation and not assume that anyone who differs in opinion from them, is desperate for public office. No one should be deluded as no individuals or groups are benefiting from this state of affairs and any gains are transient and pyrrhic, till the next round of musical chairs (elections). We must therefore, review the critical survival utilities in some sequence and begin to address them together. The lifeblood of the economy –currency and its attributes, the oxygen of the economy –

power, and the nervous system of the economy –the bureaucracy. The response to that national debate, has always been “oyibo repete”, “dogon turanci” on the streets and in the executive suites “smart alec” often by those who in delusion believe they are beneficiaries of the status quo. Why is there so much money in circulation but not a circulation arrangement good enough to deliver impetus for increased productivity? Why is there so much power in private and public generation but no efficient bulk purchase and sale arrangements to make them a utility? Why is there so much relegation of merit, in the appointment process of our bureaucracies at all levels of government, local, state and federal, that they all lie prostrate and are unable to react to challenges of service in their environments? These are the market reforms that will deliver sustainable ecosystems and institutional changes needed for reversing the anaemia, not US dollar infusion. We are told about Mr. Gamliel O. Onosode (of blessed memory), who as CEO of Nigerian Acceptances Limited, refused to take fees in US dollar, but our Naira instead. The impetus for growth must be the Naira not the US dollar. The conversation we’d rather have is of a dot nation, the many republics that promise to deliver perfection but not good local governments, and ‘Boko Haram’ that uses mobile telephones and AK47s. Iyore is Partner, DNA Capital, Darenth Kent, England

T H I S D AY • WEDNESDAY, JULY 14, 2021

EDITORIAL FRESH CONCERNS OVER POLIO The authorities should do more to ensure more children are vaccinated

xactly a year after the Africa Regional Certiﬁcation Commission (ARCC) declared Nigeria free from Wild Polio Virus, there are some disturbing developments. A new variant of the disease has been reported in at least 13 states and the Federal Capital Territory (FCT). The National Primary Healthcare Development Agency (NPHCDA) Executive Director, Dr Faisal Shuaib, had last week, raised the alarm that the country was witnessing an outbreak of Vaccine Derived Poliovirus Type 2 (cVDPV) in Abia, Bayelsa, Borno, Delta, Jigawa, Kano, Kebbi, Lagos, Niger, Rivers, Sokoto, Yobe and Zamfara States as well as in FCT. The implication is that this may draw back the clock of the country’s war against the virus, as well as send thousands of children into preventable paralysis. First, we need to state that the Type 2 derived polio is different from the Wild Poliovirus - the ‘normal’ virus responsible for child paralysis. Type 2 is derived from the polio vaccine but it is also potent. For a child who is under-immunised, the vaccine virus may THE MORE GOVERNMENT DELAYS IN ADDRESSING THE multiply and cause polio disease because SECURITY CHALLENGES, THE MORE DIFFICULT IT IS TO of low level of imREACH THE HUNDREDS OF munity. When such THOUSANDS OF CHILDREN a virus is transmitted from child to child or YET TO BE VACCINATED within a community, it is called circulating Vaccine Derived Polio Virus (cVDPV). Despite this difference, a renowned virologist and former President of the Nigerian Academy of Science(NAS), Prof. Oyewale Tomori believed that the new strain has the potential to cancel the nation’s wild polio-free status. “Unless we take remedial action urgently, not only are we in the danger of continuous circulation of vaccine-derived polio virus, which will continue to paralyse our under-protected children, we are in addition, on the way to losing our wild polio-free status should wild poliovirus be imported and spread

Letters to the Editor

in Nigeria,” said Oyewole. “Years of efforts to interrupt the transmission of Wild Poliovirus will be wasted. We must urgently revive and strengthen our routine immunisation activities.”

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

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2023 AND CLAMOUR FOR POWER SHIFT TO SOUTH

wo decades into the return to democracy, the issues of power rotation is yet to be resolved among the Nigerian political elites. Evidence abounds on the recent meeting held by the Southern governors and the agreement reached on certain policies such as banning of open grazing and power rotation to the south in 2023. The communique released has continued to generate mixed reactions most especially across the geopolitical divides. Before the Southern governors stand, Governors El-Rufai and Ganduje of Kaduna and Kano States have lent their support for power to be shifted to the south in 2023. Notwithstanding, there are others who believe power should be decided based on competence and vehemently opposed to anything zoning. As the 2023 election draws closer, one should expect political parties to sit up and come up with workable formula that will lead them to victory. Let us go back memory lane. When civil government returned in 1999, both PDP and defunct AD fielded Olusegun Obasanjo and Olu Falae to ensure power was shifted to south. The reason was to calm frayed nerves among the Yoruba who felt they were betrayed by the annulment of 1993 election which produced Mashood Abiola as the winner. Obasanjo who contested the election under PDP finally won and spent two terms in office. The then ruling party (PDP), in a bid to ensure balance of power sharing among the country’s political zones, entrenched zoning formula. The zoning formula of PDP in 2007 favoured the North which produced Umaru Musa Yar’Adua. Halfway into his first tenure however, Yar’Adua fell sick

olio is an infectious disease caused by a virus which invades the nervous system and often causes irreversible paralysis. It can strike at any age but mainly affects children under five. In 2008 there were 803 confirmed polio cases which represented a whopping 85 per cent in Africa. By the following year the number came down to 388. As of March 2010, the country reported only one until there was a major relapse, attributed mainly to the large-scale insecurity in the Northeast of the country. While there is no known cure for polio, it can be prevented through vaccination. Yet as long as a single child remains infected with polio, unvaccinated children all over the world are at risk. This is why the authorities should as a matter of urgency deploy health experts, vaccines and other resources to areas where children (especially newborns) are yet to be vaccinated against the disease, including hard-to-reach communities cut off by flood, bad roads, as well as areas with security challenges. Since the development partners and donor agencies withdrew their resources against polio programmes in the country due to the fortunate free status the country acquired in June last year, the federal government has to step up funding and provide an enabling environment to ensure every child below five years of age is immunised adequately against the disease. The more government delays in addressing the security challenges, the more difficult it is to reach the hundreds of thousands of children yet to be vaccinated. As part of the strategy, traditional and religious leaders as well as other stakeholders should help educate the people on the importance of polio vaccination. There is also need for sustained campaign at the state and local government levels to ensure the Oral Polio Vaccine (OPV) reaches every eligible child in the country.

and succumbed to death. Jonathan who was the vice president, as provided for in the constitution, completed the remaining year of Yar’Adua’s tenure. In 2011, after President Jonathan completed Yar’Adua’s term, power should have been rotated to the North. Sadly, President Jonathan violated the zoning agreement of his party and contested. After he enjoyed the North’s four years, Jonathan also vied for the same seat in 2015 which led to the defeat of PDP. From how elections are won and lost in the country, our ruling elites are the architect of this zoning problem. They might agree on some issues and later abandon it for selfish interest. In a plural country like Nigeria, there is nothing wrong with power rotation. No region has the monopoly of knowledge. Through this political arrangement, every region will be equally represented. Therefore, rotation of presidency is capable of addressing the issues of power domination by certain region or tribes in the country. However, the southern governors are clamouring for power rotation in a wrong way. The North which has the voting population cannot be intimated into supporting the southern presidency as stated by many northern elites. This can be achieved through persuasion, consensus and lobbying. Now every northerner is blaming Buhari for doing little or nothing to address the worsening insecurity and economy of the north and the country at large. The question begging for answer is: will the southern presidency be different from the Buhari’s? The southern governors need to have a re-think and withdraw their terse statement that power “must” return to the South in 2023. They can achieve it through building a block with the northern region. Ibrahim Mustapha, Pambegua, Kaduna State

15 SECONDS OF FAME

ndy Warhol said that “In the future, everyone will be world-famous for 15 minutes” but it seems that for many 15 seconds is all they want or can get. At any major sporting event there will always be someone photobombing deliberately getting into someone else’s photo. Every piece of coverage of the England/Italy soccer final showed someone jumping in front of the person reporting the event and most of them seemed overly excited and in many cases affected by alcohol. This was a minor annoyance that interrupted the reporting. The problem is that it can be dangerous as shown by the silly person who held a sign in front of cyclists in the first stage of the Tour de France causing a large number of riders to fall over at speed and the eventual withdrawal of three riders due to injuries they received then. They were a coward and ran away rather than helping, but the law has caught up with them. This was a major annoyance and dangerous. We also read stories of people wanting fame from their great Instagram photo and taking major risks, sometimes fatally for that photo. This is a minor nuisance but can be fatal. What’s wrong with just being a normal person and leaving a normal and safe life? I’m not famous, nor do I want to be and yet I live a happy life. Dennis Fitzgerald, Melbourne, Australia

WEDNESDAY JULY 14, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY JULY 14, 2021

MIDWEEKPOLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

Disquiet in Nasarawa Over Car Gifts to Traditional Rulers

There is a pervading feeling of worry in Nasarawa State over brand new cars presented by Governor Abdullahi Sule to 25 ﬁrst class natural rulers, writes Igbawase Ukumba

HRH Bage

Sule

he air in Nasarawa State in recent times has been filled with discordant tunes. Despite owing workers in local government areas their salaries, Governor Abdullahi Sule deemed it fit to gift brand new Lexus Sports Untility Vehicles (SUVs) to 25 first-class traditional rulers in the state. The total cost of the vehicles according to investigations is valued at over N800 million, if purchased directly from the manufacturer. Governor Sule presented the 25 exotic cars to the first-class traditional rulers in the state on May 18, 2021 to mark his second anniversary in office as the fourth executive governor of the state. The governor said the vehicles were to ease the discharge of royal responsibilities, considering the vital role they are playing in the maintainance and sustenance of security in the state. Sule also promised that the next batch of cars will be distributed to the Second and Third class traditional rulers in the state. On the cost of the vehicles, Governor Sule said they got the best deals, noting that he was not going to mention the amount spent on each. But investigations revealed that each of the Lexus LX 570 2020 model would cost nothing less than $86,380 (excluding the shipping costs), if purchased directly from the manufacturing company. Therefore, using the N412/1 dollar exchange rate, each vehicle would cost N35,588,560, which implies that the 25 Lexus LX 570 2020 model will be purchased at N889,714,000 million. Speaking on behalf of recipients of the vehicles, the state chairman of the Nasarawa Council of Chiefs and Emir of Lafia, Justice Sidi Bage (rtd), said the donation of the vehicles would go a long way in assisting the royal fathers to discharge their official duties with ease. The Lafia Emir therefore assured the state government of judicious use of the vehicles for the purpose they were meant. Perhaps it was against this that a public affairs commentator in the state, Abubakar Osuza, opined that the economic situation in Nasarawa State was beyond the idea of decorating traditional rulers with luxury cars at a time all of them have more than enough in their car collection. He said: “Watching our royal fathers cruising on brand new vehicles is a thing of joy, by the way they are our fathers. But this is different. There are more urgent financial necessities the government should have applied the funds to. The nation is having a lot of money, but the problem is how to spend it. It is high time our people should understand the difference between want

and need. “Most of the masses are showering accolades on the governor for the gesture as well as congratulating the beneficiaries. It is a pity that most of these praise singers are from the down trodden and children of the oppressed. They are doing it because they are members of the All Progressive Congress (APC). I am one of them also. “But the thing is that some of us fail to understand that the only thing necessary for the triumph of evil is for a good man to do nothing. If this action worsens the financial crises in the state, the consequence is on all of us whether ; you are a hailer or a wailer.” If government is taking any action that is tatanmount to causing mayhem to its citizens then one should criticise constructively. For Abubakar Osuza, that has nothing to do with one’s loyalty to the government and the nation if the government is a serious one. In contrary, the commentator argued that if government takes action and somebody smells something fishy or chaotic but remains mute or even goes as far as to hail or sing praises, then consequence that are less than noble awaits the person. “The amount of money spent to purchase the luxury cars for the 25 traditional rulers in the state, which I am sure that the second and third class chiefs’ own will be accorded in no distance time, will go a long way to settle debt of pension and gratuity of our parents who served the state for 35 years, as well as claims from children of the deceased who are living from hand to mouth because of poverty. What if the governor used the money to pay debts of the teachers who are teaching our children while their children are sent home for not paying school fees,” Osuza observed.

Findings showed that the expenditure on the exotic cars was incurred despite the fact that local government workers in Nasarawa State were being paid modulated salaries and some state workers are being owed for two months. In the same vein, some analysts accused the Governor Sule-led government of gross unfaithfulness. They maintained that the recent purchase of SUV Lexus cars for traditional rulers in the state by the governor who said there was no money in the state appears worrisome and another explicit evidence that he is helpless. They said the decision of the state government was detrimental to the poor Nasarawa indigenes. “In the midst of economic hardship, our governor is sharing cars worth millions of naira to the already enriched traditional rulers. It’s high time we stop impressing the rich class to the detriment of the poor Nasarawa State indigenes. This is a misplacement of priority,” the analysts unanimously posited. But in his speech at the occasion, the immediate past chairman of the Association of Local Government of Nigeria (ALGON) in Nasarawa, Muazu Aminu Maifata, said the project, which enjoyed the express approval of the state government, was conceived by relevant stakeholders, including the local council chairmen and the Ministry of Local Government Development and Chieftaincy Affairs. Maifata said: “This was an issue that started long time ago, almost a year. It was initiated and put together by the various stakeholders in the state; that is the commissioner and other bureaucrats in the ministry of Local Government Development and Chieftaincy Affairs and the 13 local government council chairmen. When this issue was agreed by

On the cost of the vehicles, Governor Sule said they got the best deals, noting that he was not going to mention the amount spent on each. But investigations revealed that each of the Lexus LX 570 2020 model would cost nothing less than $86,380 (excluding the shipping costs), if purchased directly from the manufacturing company. Therefore, using the N412/1 dollar exchange rate, each vehicle would cost N35,588,560, which implies that the 25 Lexus LX 570 2020 model will be purchased at N889,714,000 million

all of us, we took it under the honourable commissioner to His Excellency and His Excellency expressly gave his note and blessings. “It might interest all of us to know that His Excellency never interfered in the process for the procurement of these vehicles. He specifically mentioned it that there was no interest and luckily all of us followed the clue and the result is here for all of us to see.” Ironically, when biding farewell to the immediate past local government officials whose tenure ended on May 28, 2021, the governor acknowledged that there had been challenges during the past two years of his administration, with the council officials unable to pay staff salaries, as well as pension of retirees. He blamed the situation on dwindling resources from the federation account, as well as the inability of the councils to generate enough internal revenue to support local government expenses. He, however, assured that his administration will continue to work towards resolving the lingering challenges in the council areas as it affects payment of workers salary and compensation for retirees. Similarly, Governor Sule in his maiden meeting with Directors of Personnel Management (DPMs) who took over affairs of the 13 Local Government Areas of the state from the elected officials of the council areas, tasked the DPMa to save money with a view to offsetting outstanding monthly salaries of local government workers, as well as pensions of retirees. The governor noted that being integral to the local government system, the DPMs were quite aware of the developments within the system, hence urging them to impact positively at their new level. Sule pointed out that local government areas owing two months salaries, as well as 22 percent of last month’s salary, should be able to offset the 22 percent from their first savings. He said: “For local government areas owing only one month salary, the DPMs should use their savings to embark on projects that will have direct impact on the community, in conjunction with the Local Government Services Commission and the Ministry for Local Government, Community Development and Chieftaincy Affairs. “Those local government areas owing one month, should see this as an opportunity to excel. While others are struggling to pay, you can use the one month to carry out some major projects, liaising with the Local Government Service Commission and the Ministry for Local Government.”

T H I S D AY ˾ WEDNESDAY JULY 14, 2021

POLITICS

Battle for Kano Governorship in 2023 Begins

GOVERNANCE IN PHOTOS

Ibrahim Shuaibu writes that copious presence of governorship aspirants on the platform of the All Progressives Congress are everywhere in Kano metropolis

Left to Right: Mr. Iboro Otu (Businessman and 2019 gubernatorial candidate in Akwa Ibom State), Prof. Pat Utomi (2011 Presidential candidate), Mr. Linus Okorie (businessman and 2019 gubernatorial candidate in Imo State) and Mr. Francis Akerele (former Chief of Staﬀ to Edo State Governor) at a recent visit to the GOTNI Leadership Centre, Abuja

Waya

Garo

stakeholders with the Ganduje family who have a critical role in who the governorship ticket should go to.

lthough it may be argued that political activities towards the 2023 national elections have not begun in full blast, keen political actors have started the jostle to position themselves for vantage political offices. This can be observed in Kano State, which is unarguably the political melting pot of Northern Nigeria. At the moment, a sizable number of politicians have started indicating interests to come forward and contest for the most exalted position in the state. Politicians in the ruling All Progressive Congress (APC) in Kano State have begun campaigning to succeed the incumbent governor, Mr. Abdullahi Umar Ganduje. Ganduje who is serving his second term as governor of the state on the platform of the APC, will bow out in 2023 after the mandatory eight years of two terms . So far, the party has the highest number of aspirants for the Number One seat in the state. These aspirants have indicated their interest with their posters all over the streets of Kano metropolis. Among them are Senator Barau Jibrin from Kano North Senatorial district who has the support of the governor, according to insiders. Mr. Barau is a two-term Senator and former member of the House of Representatives. He chairs the Senate Committee on Appropriation and is seen as one of the top aspirants with experience and resources to battle for the hot seat. Barau has also been busy in providing democracy dividends to his constituency. Mr Nasiru Yusuf Gawuna, the incumbent deputy Governor Nasiru Yusuf Gawuna is a former Chairman of Nassarawa Local Government Area and served as Commissioner for Agriculture between 2013-2015 and 2015-2018 when he was appointed as Deputy Governor of Kano by Mr Abdullahi Umar Ganduje following the resignation of the then deputy Governor Professor Hafiz Abubakar. He holds a degree in Biochemistry from Usman Dan Fodio University Sokoto. He is very diplomatic and ambitious. Murtala Sule Garo (Yaki sai da Kwamanda) Mr Garo is the current Commissioner for Local Government Affairs. Garo, is well known to most people across the length and breadth of the state for his silent moves to the Government House owing to the fact that he enjoys the support of majority of local government chairmen across the 44 local government areas of the state. Murtala is a grassroots politician that controls the majority of the political class in the state. He has the backing of majority of APC

Kabiru Alhassan Rurum A former Councillor in Lagos, he was the Speaker of Kano State House of Assembly that recommended the dethronement of Muhammadu Sanusi as Emir of Kano. Rurum is a grassroots mobiliser. He enjoys the support of APC stakeholders in Kano South who are of the opinion that power should be rotated to their zone this time. However, many analysts see Rurum as a mere politician with no blueprint or capacity to lead a state like Kano. With the profound moves he is making within the party, he may surprise all. Barrister Muhuyi Magaji Rimingado He is the Chairman of Kano Public Complaints and Anti-Corruption Commission. His track record for modernising the state anti-corruption agency has earned him a lot of respect. He is a favorite of the governor but looking at the political weight of some of the aspirants and the resources available to them, Magaji may be disadvantaged. He is graduate of Law from Bayero University in Kano. Some people see him as one of the best Anti-Corruption czars in the country. If track record alone was the yardstick for giving a governorship ticket, then Magaji should be considered. He was a former Vice Chairman of Rimingado Local Government before he later founded Grassroots AntiCorruption Awareness Network Initiative, a civil society organisation that sued the government of Ibrahim Shekarau over appointment of Caretaker Committee in local governments of Kano. He won the case. This led to interim management 9fficers in local governments in Kano.

L-R: Senior Special Assistant on Development Partnership & Economic Planning, Ayisat Agbaje; Special Adviser to the Governor on Religious Aﬀairs (Christian), Very Rev. Bukola Adeleke; Chief Executive Oﬃcer, Lagos State AIDS Control Agency (LSACA), Dr. Monsurat Adeleke; General Secretary, National Youth Network on HIV/AIDS (NYNETHA) Lagos Chapter, Mr. Isaac Moses at the Capacity Building Workshop for the Line Ministries and LSACA Workgroups on HIV Prevention Organized by LSACA

Left to right: Rev (Fr.) Basil Ekwunife, the Onitsha Archdiocesan Health Coordinator, Most Rev (Dr.) Valerian Okeke, the Archbishop of Onitsha, and Mr. Valentine Ozigbo, the Peoples Democratic Party ﬂag-bearer for Anambra State at the Thanksgiving Mass event marking the 40th anniversary of Priesthood of the Archbishop in Umudioka, Dunukoﬁa Local Government Area of Anambra State on Sunday, July 11

Barrister Inuwa Waya Though he is yet to resign from the Nigerian National Petroleum Corporation but Waya is seriously in the race looking at how he is making consultations within the party. It’s said that the governor gave Inuwa Waya the go ahead of with his campaign and has assured him of his maximum support. A move that some people view as playing with the intelligence of Waya by the governor. Inuwa, a lawyer, was the Director in charge of legal services of the NNPC before he was moved to another directorate recently. “Ganduje is not reliable as he speaks from both sides of his mouth; he may show you that he is with you today and another person the following day” A source within the party said. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

L-R: Ekiti State Governor, Dr. Kayode Fayemi; son of the deceased/ former Group Managing Director, Access Bank Plc, Aigboje Aig-Imoukhuede; daughter of the deceased, Mrs. Erekpitan Ola-Adisa and Ekiti State First Lady, Erelu Bisi Fayemi; during a condolence visit to the family of the late Pastor Emily Aig-Imohkuede in Lagos

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FEATURES

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

Promoting Possibilities through Digital Transformation Maduabuchi Ubani reports that Co-founder/MD of Loose Media and Convener of Digiclan Africa, Ized Uanikhehi's invaluable insights about the digital space, tech community and marketing opportunities are all geared towards promoting possibilities through digitalisation

Participants of the DigiClan community event held in Uyo before the pandemic

Ized with other participants at an SDG event

as it ever happened to you before? That moment when you meet someone who is making impact in a sector you are well grounded in, but you know little to nothing about such person. That’s exactly what happened to me in the case of a tech aficionado known as Ized. You may know her as the Co-founder/MD of Loose Media and Convener of Digiclan Africa, but there is so much more about Ized Uanikhehi and the impact she is making within the digital niche and tech community. The first time I connected with Ized was through a mutual friend. And if my memory serves me right, that was in the year 2019, and I was residing in Aba, Abia State. She wanted me to head a digital community and build a foothold in Aba where we have a thriving creative cluster, alongside a vibrant digital enthusiasts. Sadly, I didn’t end up taking that position due to my busy schedule and other activities begging for my attention. But then, I ended up being friends with Ized.

DigiClan The name of the community I was supposed to head is Digiclan- one of the largest community of digital marketing professionals in Africa which Ized happens to be the convener. DigiClan stands out because it is a community of marketers focused not just on individual growth but on industry growth. Since its inception on September 1, 2017, Digiclan has impacted over 5000 persons, driven so much digital literacy, trained and taught over one thousand persons on digital media. The clan which is focused on bridging the digital divide, especially the digital gender divide has connected members to jobs and has gone as far as negotiating their pay so they can get the financial worth of the services they offer. But away from Digiclan and back to Ized, it’s amazing how people come into your life and give you an opportunity to see the world through their eyes; they help you think differently, and even more to show you the true definition of resilience, focus and determination. In the case of Ized, not only did she further expose me to digital literacy and community development, she also made realize that anyone can be anything, and effect positive changes from anywhere. From studying biochemistry, to building a post college experience in technology, marketing, and digital media for more than 15 years, Ized’s work in the marketing and digital space has made her sit with individuals of influence and also join in important conversations when it comes to entrepreneurship, technology, innovation and Sustainable Development Goals (SDGs). You may assume that there was some sort of a blue print or a grand plan that orchestrated

remote or getting into the digital not survive within the next four to five years. With the growing digital transformation, Ized believes that “there will be a lot of remote working and job offers which will save businesses a lot of money because there will be no need for physical meets or locations. But if businesses or brands are not prepared for this transformation or 100 per cent remote working, there will be a lot of issues and will not be able to survive the next four to five years".

Ized her move from biochemistry to the digital space, but that would not be entirely true. In fact, it is safe to say that Ized practically bumped into the digital space and since then made an intentional decision to stay. That decision taken years ago has been able to make Ized positively affect people in her immediate environment, and also placed her in front of a global audience. A typical example was when she spoke at a global virtual event from her offce, with over 5000+ attendees from all over the world, alongside amazing women speakers from the UK,South Africa, India. One out of many engaging events she has been part of. Collaboration Outshines Competition By breaking the digital gender divide, Ized’s ultimate goal is to get more women into the digital space, thereby providing them the platform to be literate in digital marketing and in the digital media space across all communities. But that’s not all. In fact, this is where collaboration makes a grand entry. So instead of new digital entrants to try and take the whole digital journey on their own, they can leverage the power of communities and other brilliant minds in the same niche like them. Ized affirms to this by stating that “what collaboration does, especially with a community like DigiClan or with members of the clan is that it expands your bird-eyeview on things and ensures you are working twice as hard because now you are working with a partner. It also helps you achieve more. You are able to grow in impact and revenue. So I always advise collaborations with people and communities that are able to provide support.”

Clearing Misconceptions While effective collaboration gives support and promotes growth, it also helps to clear some misconceptions that individuals and businesses have when it comes to digital literacy/ education. For the likes of Ized who have seen situations where people make comments stating that with digitalisation of the marketing industry, there will be fewer jobs and less opportunities for marketers, she on the other hand opines that digital transformation of marketing processes will mean that there are more opportunities created, and more skill sets needed for the industry to grow in terms of delivering value It therefore takes a step further to explain why businesses and even startups should look at communities like DigiClan when it comes to building digital footprints, strategy, recruitment, sales and even impact. This is because communities like Digiclan strategically provide value driven marketing, improved performance and more insights that come from data sharing. Future Digital Predictions When it comes to digital communities and digital marketing for businesses and brands across Nigeria and Africa, Ized is pitching her tent in digital transformation. Regardless of how COVID and the pandemic have made things, she feels that Nigeria is transforming digitally but not as fast as it should. Her reason being that more people need to get their brands and businesses into the digital space because the world has become a global village and as such businesses that are still physical instead of being virtual or

Lessons From the Pandemic The world is yet to fully recover from the effects of COVID-19 that started in 2019, but from a digital space point of view, it has also presented some kind of sweeping changes. Even with the pandemic ravaging countries across the world, there are growing opportunities around the digital space. This for Ized goes to explain that one of the most critical opportunity is digital transformation. “Digital transformation is the way to go for every business, she stated. “ Know what is working now and leverage it. Find insights and human truths that relate to your customers at every level you can think of, and the best way to achieve any of this is customer engagement". And even the tech communities on their own can leverage this transformation by providing the necessary skill set for themselves and workers, learning about it and providing their services to other businesses that are still manual. They (the tech communities) can take a step further by working with these businesses and transforming them into digital-led businesses that can survive whatever changes will come after the pandemic is done and over with. Digital Possibilities and Leaving a Legacy Tech communities and the digital space both hold the key to amazing future possibilities. And not only does Ized concur to this, she also believes that apart from creating a whole new experience in lifestyle trends, technology and digitalisation have brought about a paradigm shift in the minds of young people and developed a new career path for many, plus giving them hope for the future. It is based on the premise of tech and the digital community that Ized wants to leave a lasting legacy. She wants to be remembered as someone who came, gave her all, did her best and lived her purpose. “In terms of legacy, I would like to be remembered as the person that came in and gave her best to the community, and committed to the growth of the industry, to individual growth and I want to be known as someone that was a strong part of bridging the digital gender divide.” Of course, yours truly couldn’t agree more.

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FEATURES

Preparing for Contemporary Dynamic Battle Space Chiemelie Ezeobi reports that the Nigerian Navy Special Boat Services recently collaborated with the United States Army Special Forces in a five-week joint combined exchange training geared towards a broad range of land-based skills and tactics targeted at preparing and equipping them with all the skills for today's dynamic battle space

U.S. Army Special Forces with Nigeria Navy Special Boat Service Oﬃcers during the closing ceremony of the Joint Combined Exchange Training in Lagos

An oﬃcer of the Nigerian Navy Special Boat Service (left) during the ﬁve-week Joint Combined Exchange Training (JCET) alongside a team of U.S. Army Special Forces

The US Army Special Forces and the Nigerian Navy Special Boat Services during the joint training

avy Seals are trained to be able to operate in all environments, sea, and air and land, even though they are part of the naval force. For the Nigerian Navy (NN), its navy seals are special forces known as the Special Boat Services (SBS), and they are trained to carry out the most delicate of operations. The SBS although predominantly focused on littoral and riverine operations, are not restricted to carrying out other covert operations. For them, they are trained for unconventional warfare and combat situations on air, land and sea as they perform secret missions that are carried out behind enemy lines, conduct counter terrorism operations, participate in direct warfare, and capture or eliminate enemy targets. Joint Training In a bid to build on the expertise of the Nigerian Navy Special Boat Services (NNSBS), they recently held a joint training with the U.S. Army Special Forces. It was gathered that the 25 officers of the NNSBS completed the five-week Joint Combined Exchange Training (JCET) alongside the team of U.S. Army Special Forces. It was further gathered that the exercise was part of a series of U.S. engagements with the Nigerian military that provide opportunities for both elite units to work together, learn from each other, and strengthen relationships. Throughout the JCET, the American military trainers and the Nigerian Navy special operations forces trained together on a broad range of land-based skills and tactics, such as countering improvised explosive devises (IEDs). Objectives In his speech at the closing ceremony, SBS Commander, Commodore Noel Madugu, said the JCET commenced on May 31, 2021 and was conducted by a team from the United States Army Special Forces. He said: "the aim of the training is to improve and equip operatives of

They were with you through thick and thin. None of you would be what you are today without their dedication and hard work. Take a moment of reflection and you will come to the realisation of the fact that you have just accomplished something extra ordinary."

Acting U.S. Consulate Political and Economic Chief Merrica Heaton delivering remarks during the closing ceremony of the Joint Combined Exchange Training in Lagos the Nigerian Navy Special Boat Service with the relevant skills and capacity in carrying out modern contemporary operations." Module According to Madugu, the training started with two weeks at the Department of States Security Academy Range where the marksmanship skills of the men were improved. Also, the operatives were trained to build up their skills in various aspects such as Close Quarter Combat (CQC), Fighting In Built Up Areas (FIBUA), Counter Improvised explosive methods (C-IEDs), Amphibious Raids, Ambush Drills etc. Address to Graduands Addressing the graduands, the Commander said: "Today, you have successfully completed the training. You have proved your mettle and demonstrated that you do have the mental tenacity and physical toughness consistent with the role you are trained to perform. "In the course of your training, you have

conducted series of exercises, performed countless hours of high intensity work outs and in the midst of it all, you have sacrificed your time to get to where you are today. Every component of this training module was carefully drawn to build the operative you are today as part of the special boat service. "In the words of Colin Powell, he said and I quote 'there are no secrets to success, it is the result of preparation, hard work and learning from failure'. This adage clearly highlights the importance of preparation before combat, and the consequences of poor preparation. The training you have acquired for the past six weeks is targeted at preparing and equipping you with all the skills for today's dynamic battle space and to counter any threat you are likely to confront at some stage in your career. "Nevertheless, I am confident that you will rise to the occasion when the need arises. My confidence bears its origin from my knowledge of the caliber of the United States Army Special Force instructors that taught over your training from the beginning to this very moment.

US Government's Holistic Support Also delivering remarks during the JCET closing ceremony in Lagos, acting U.S. Consulate Political and Economic Chief Merrica Heaton, noted that the U.S. government works closely with all the services of the Nigerian military to provide technical assistance, equipment, and professional exchange and training opportunities. According to her, the JCET is part of a close and continuous military partnership between the United States and Nigeria spanning decades to strengthen defence ties and promote regional security. “The United States Mission to Nigeria is a steadfast partner — helping combat maritime crime in the Gulf of Guinea, counter violent extremists in the North-east, and enforce the rule of law throughout the region,” Heaton said. According to the US government, the magnitude of this summer's engagements demonstrate the strategic importance of the United States-Nigeria bilateral relationship: the U.S. is delivering A-29 SUPER TUCANOs as part of the largest defence sale to an African country; the United States Navy, Coast Guard, and Marine Corps are scheduled for extensive programs in Nigeria beyond pre-COVID levels. These engagements build on a longstanding security partnership, particularly in the Gulf of Guinea. They further noted that already, Nigeria participates in multiple bilateral and multilateral military exercises with the United States, including African Lion, Flintlock, and Obangame Express, adding that the U.S. and Nigeria cooperate on maritime security, military professionalisation including human rights, counterterrorism efforts against Boko Haram and ISIS-West Africa, defence trade, and strengthening governance.

WEDNESDAY JULY 14, 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 08024557078

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Quick Takes ‘Why DPR Prefers Royalties to Penalties’

LECTURESERIES

L-R:Director/CEO,DPR,Engr.SarkiAuwalu;DG,NIMASA,Dr.BashirJamoh; CEOPacesetters Communications,OmotayoOmotosho;Publisher,Valuechain,MusaBashir;Ministerof StatePetroleum,TimipreSilva,andCOO,GasandPower,NNPC,YusufUsman, attheValuechain4thAnnualLectureandawards2021,heldinAbuja...recently JuliusAtoi

Elumelu: Nigeria Has Good Investment Opportunities Obinna Chima The Chairman of Heirs Holdings, Mr. Tony Elumelu, has stressed that high returns on investments abound in Nigeria for, “seriousminded investors who don’t only see the negative sides of things.” He said this yesterday, while speaking during a one-day investors’ webinar organised by the Bureau of Public Enterprises in collaboration with Nigerian Exchange Group and Nigerian Investment Promotion Commission. Elumelu, who is also the Chairman of the United Bank for Africa (UBA), spoke on the topic, “The Nigerian Business Environment, Prospects and Challenges.” Speaking about the experience of Heirs Holdings which has been investing in critical sectors of the economy, he describe the country’s business environment as friendly. “I have been investing in key sectors for quite some time. I am an investor in the financial services space and I am happy to be the Group Chairman of UBA. “This is a business that was

ECONOMY catalysed in Nigeria and today operates in 20 African countries servicing over 25 million customers, with over 1,000 branches across Africa. “We have presence in London, Paris and the only money-taking African bank in the United States. So, if the Nigerian investment environment is not hospitable, we would not be where we are today,” he said. In addition, he disclosed that Heirs Holdings also has investment in power, a sector he described as critical in driving economic growth and development. He expressed satisfaction over his investment in the country’s power sector, saying, “there is nowhere else you can get the type of returns on investments that you get in Nigeria, especially in some of these critical sectors like power.” “In 2013, we invested in the power sector and at the end of that year we paid dividend. So, we do see opportunities here and we do have high returns on investment.

“We just invested in the Afam Power Plant and in the past few months we have been able to increase production by 241 per cent generation. This is the kind of experience we have investing in Nigeria,” he said. Continuing, Elumelu said: “We invested in the hospitality and real estate sector and it is doing quite well. Occupancy in the iconic Transcorp Hotels last week was over 100 per cent and we were in Abuja last week to launch ‘Aura,’ the digital platform for accommodation, and it was quite difficult for some of my colleagues to get space in the hotel. “That is the kind of experience you tend to have in Nigeria. We also invested in the oil and gas sector because we agree that gas is the next frontier. “From these you can see that returns on investment is high and opportunities are there for serious-minded investors who don’t only see the negative side, but those who see opportunities to invest in Nigeria.” Speaking about some of the challenges investors face, he stressed the need to tackle oil theft and other security challenges.

While narrating two of the challenges he had faced in his investment journey, the founder of the Tony Elumelu Foundation (TEF) said: “The first was when we wanted to make our first foray into the oil sector; we suffered and raised $2.5 billion and at some point we didn’t get all the authorisation we needed and we lost quite a lot of money. “My advice on this is that we need to de-personalise these investment opportunities and focus on the impact the investments would make. That is how we should be thinking going forward. “Also, in the oil and gas space, we do have serious security issue and the oil theft is very high and real. We have two transportation pipelines in the Niger Delta Area.” According to him, in the first four months of this year, what the country lost due to oil theft (both operators and the Joint Venture Partners) was N206 billion. He put the average monthly oil theft at about N52 billion, projecting that by the end of the year, “it will be about N620 billion lost to theft.” Continued on page 24

NEITI Advocates Collaboration with Mines Ministry on Data Sharing Emmanuel Addeh in Abuja The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Ogbonnaya Orji, has visited the ministry of mines and steel development, to deepen both organisations’ collaboration on prompt sharing of information. Orji noted that the cooperation will improve revenue contributions from the mining sector to the federation account, reiterating that reconciling what companies pay to government in terms of taxes, royalties,

ECONOMY rents and all statutory titles and payments, remain the major function of NEITI. He explained that such partnership would ensure that the revenues and contributions from the solid minerals sector are accounted for and properly attributed to the ministry. Orji noted the latest NEITI solid minerals report showed phenomenal revenue growth from the sector, but however added that more could be

achieved if the ministry and NEITI share information, data as well as capacity building of the staff. “I appeal to the minister to take special interests in the work that NEITI does because it will support the on-going reforms in the ministry. When you have reliable data, it can be used to institute effective planning and governance of the sector and diversify the revenue sources of the nation. “NEITI’s mandate is all about reconciling what companies pay to government and what

government receive in taxes, royalties, rents and all statutory titles and payments,” he stated. He stated that while the relationship between the two organisations has been cordial, there was the need for the mining inspectorate division to be more responsive and share timely data on royalty payments. “This is to enable us report more accurately revenues accruing from the ministry and plug leakages where they Continued on page 24

The Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, has said the government agency is more interested in the payment of royalties by companies operating in the oil and gas industryinthecountry,thanthecollectionofpenaltysumsforviolation of the rules. SpeakingwhenhereceivedtheleadershipoftheNorthernIndependent Petroleum Marketers forum led by the Chairman, Mr. Musa Maikifi, on a courtesy visit to his Abuja office, Auwalu noted that the duty of the DPR goes beyond being an industry regulator. AstatementbytheHead,PublicAffairs,oftheorganisation,Mr.Gabriel Osu,notedthatSarkithankedthedelegationforthevisitandreiterated that DPR remains a business enabler and opportunity provider. He said the DPR will continue to provide guidelines and policies that will allow stakeholders Investments to flourish and restated the department’s commitment to growing the oil and gas industry. “Auwalure-emphasisedthatheprefersmoreroyaltiesandmorevolumes than penalties as that will make the investment and economy grow bigger,” the statement added. Heassuredthedelegationofhiscommitment toreviewalloperational feedbacks highlighted during the visit and promised that necessary actions will be taken accordingly. The director reiterated the federal government’s declaration of the DecadeofGas(DoG)andurgedthemarketerstotapintotheopportunities as gas resources will be the future energy.

Osman Gets New StanChart Appointment

Standard Chartered has appointed Lina Osman as its Regional Head of Sustainable Finance for Africa and the Middle East, as part of the bank’s ongoing efforts to provide sustainable financing solutions across its regional footprint. Osman has over 14 years of banking experience in Europe, the Middle East and Africa. During that period, Osman has been a successful Corporate Finance banker and delivered a number of landmark advisory and financing transactions in several areas, such as the renewable energy space. Osmanhasalsosuccessfullydevelopedanumberofbankingrelationships with sovereign wealth funds and private equity firms. The new head will work closely with Standard Chartered’s senior management and broader sustainable finance team, as well as the Bank’s coverage, industry, and product partners, to originate and structure sustainable finance transactions for clients across Africa and the Middle East. Commentingontheappointment,theGlobalHeadofSustainableFinance at Standard Chartered, Daniel Hanna said: “There is an urgent need to unlock the potential of Africa and the Middle East to accelerate to netzeroandachievetheSustainableDevelopmentGoals.Lina’sdeep knowledge of the region, corporate finance experience, and personal commitment to sustainability will allow us to provide our clients with moreadviceandfinancingtoenabletheirtransitiontolowcarbonand sustainable business models.”

Cititrust Academy Unveils Mgt Trainees

CitiTrust Holdings Plc has unveiled 29 graduate trainees of its newly established Cititrust Academy Graduate Management Program. Speaking at the graduation ceremony held last month, May 28, 2021, inLagos,theCountryChiefExecutive,Mr.IkechukwuPeter,statedthat the successful completion of the program marked the beginning of the Cititrust Academy as a strong pillar of support to fresh graduates when starting a career path. To provide specialised knowledge, training, and development opportunities to advance into the corporate world. He admonished the graduands to embrace Cititrust corporate goal of building an amicablefinancialinstitutionwithourproductsandservicesenriching the customer experience. The Group Chief Executive, Mr.Yemi Adefisan, also gave his welcome speech via an online meeting. He informed the graduands that: “They have become an alumnus of a great company. And should aspire to become leaders to dominate the entire Africa and the world at large in the provision of bespoke financial services. Nothing should be impossible.”

“We must understand that true economic diversification is a very difficult goal to achieve for resource dependent countries such as Nigeria.And yet, it remains an imperative for our country to become a part of these elite clubs” Former CBN Deputy Governor,

Kingsley Moghalu

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BUSINESSWORLD ELUMELU: NIGERIA HAS GOOD INVESTMENT OPPORTUNITIES Elumelu said: “And of this figure, the NNPC has almost N400 billion and the rest of the operators about N200 billion. So, my point is that we just need to fix this security issue. “It is a way of encouraging investment. Another thing I want to talk about based on challenges to business is the issue of the health sector. We need to fix the demand side of the health sector. “If you fix the supply side without fixing the demand side, we won’t make much progress. So, I use this opportunity to urge everyone, especially the policy makers, let us revisit the National Health Insurance Scheme. “Less than five per cent of our 200 million population have access to health insurance in Nigeria. Just an enactment or a law will correct this and we would see this change. This is what will lead to effective demand in healthcare delivery. “We need to call on our National Assembly to pass our National Health Insurance Scheme into law so that we can begin to address issues in that sector. “If we begin to do these two things: Focus on security in the oil and gas sector, because it is a theft to the National economy because 10 per cent of our national budget is being lost to thieves and also let’s deal with the health sector because from the pandemic we have seen that health is wealth,” Elumelu added. NEITI ADVOCATES COLLABORATION WITH MINES MINISTRY ON DATA SHARING

exist,” Orji stated. In his response, the Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, noted that while the pursuit for transparency is not an easy one, it has however strengthened the sector. While giving an insight into the activities of the ministry in the areas of artisanal mining, mine inspectorate, digital infrastructure, Adegbite stated that the ministry has a very robust server that cost government a lot of money to develop.

NEWS

ABCON Advocates Reforms to Limit Public Debt Nume Ekeghe The Association of Bureaux De Change Operators of Nigeria (ABCON) has advocated for reforms that will reduce government spending and also curb the rising trend in the nation’s public debt. This is just as the association has reiterated its commitment to enhancing capacity of BDC operators especially through the ongoing nationwide training of operators on BDC operations, adding that this will boost government efforts to achieve stable exchange rate of the naira. A statement quoted the association to have disclosed these in its Quarterly Economic Review for the second quarter (Q2) of the year, noting that the vulnerabilities identified with the rising debt profile exposes the country to the risk of future high economic and development costs of having to deal with large debt overhangs. Stressing the need for caution in decision making in government circles, ABCON stated: “The fact that remarkable economic recovery is not certain and the rather unstable state of financial markets is indicating that the country could be on the verge of a major debt crisis.” In its recommendations on how to tackle the rising profile of the nation’s public debt, the association stated:

“There is therefore a serious need for the introduction of fiscal reforms that would scale down government spending and to consider restructuring the loan profile and especially properly examine the conditions tied to Chinese denominated debts. “We recommended a season of economic austerity to replace the increased debt pile up for the coming generation. “Moderation of governance and other administrative costs along with blocking loop-

holes/leakages from inflated contracts will more than satisfy the need for increased debts.” ABCON also called for realistic measures to redress the ever existing and increasing margin between the official and parallel market exchange rates. According to the association, “It is ambiguous to conclude that because the volume of transactions that pass through the official market is larger than the parallel and thus it is rational to adopt the exchange rate from the official sources as the realistic

rate. The obvious mobility of funds between the markets actually voids this proposition. “Most industrialists, especially from the manufacturing sector patronise the two markets and of course derive their planning data and parameters based on the parallel market exchange rate. “Thus, if all other economic indicators take inputs from the industrial sector performances, there is therefore a mismatch in basing other determinants on the official exchange rate.”

Consequently, ABCON called for an industrial policy to achieve local substitutes for industrial and mercantile input that depend on foreign exchange. “Most industries established in Nigeria are designed to depend on the parent companies abroad for raw materials and thus must always demand foreign exchange. This will reduce the demand-push pressure on the foreign exchange market in the long run and stabilise the exchange rate”, it stated.

WE ARE OPEN FOR BUSINESS

L-R: Chief Executive Oﬃce, Flow Universal Solutions, Mr. Ikechi Odigbo; Managing Director, Credit Direct Limited, Mr. Akinwande Ademosu; Chairman, The Wardrobe, Leke Awofeso; Managing Director, Mrs. Ade Awofeso, and Senior Pastor, Day Star Christian Centre, Kenny Folarin, at the launch and formal unveiling of Fashion brand ‘Ade’ fashion to ﬁt, in Lagos... recently ETOP UKUTT

Chams Expands Operations, to Grow Streams of Income Goddy Egene The Chairman, Chams Plc, Mr. Demola Aladekomo has said the company expanded its digital solutions in a strategic move to grow income streams and deliver increased value to shareholders. Aladekomo stated this while addressing the shareholders at the 37th annual general meeting (AGM) in Lagos, saying the firm had taken significant steps in ensuring that it continued to innovate, grow, and create the cutting-edge digital solutions and services that would be relevant today and fit for the future. “During early to mid-2020, we embarked upon a new vision

for the Chams Group with the primary objective to reinvent Chams to deliver value for our shareholders through a ConsumerAfrica-Digital approach. This set us on a path to diversify our income streams through consumer-facing innovative digital solutions,” he said. According to him, Chams Plc is historically a company which has achieved success and household brand recognition through large projects such as identity management, payroll management, BVN and voter’s registration, amongst others. “However, over the past few years, Chams has evolved into a Group with diverse interests, particularly in the digital solutions

and Fintech payments space. “Core elements of our vision are to ‘incubate and grow’ digital solutions, ring-fencing for stakeholder value, whilst adopting a 35-year-old start-up culture. This will enable the Group to be nimble and efficient in our drive towards achieving our Unicorn Vision,” Aladekomo said. He said the major focus had been to support and grow their fintech payment interests through their subsidiaries; ChamsSwitch Limited and Chams Mobile Limited and thereby extending payment solutions across a broad range of consumer and business segments. Also speaking, the Group’s Managing Director, Mr. Gavin Young, stated that

the company had recognised the need to focus on innovative digital solutions across a number of sectors, and particularly the consumer segment. According to him, the objective is to reinvent and rebirth through a Consumer-Africa-Digital approach whilst becoming an international digital solutions provider with an ‘Africa-first’ approach. “We have a clear vision and continue to set ourselves ambitious aspirations. We are committed and confident in the future we are creating. “To be positioned for the future innovations and disruptions in our industry, we will continue working smartly to develop and implement digital solutions

which benefit our stakeholders and customers. “We are confident that our business is well positioned with the expectation of strong growth to be delivered in the years ahead, as we are more focused than ever on driving performance to new levels,” Young said. “We would also like to emphasize to our valued shareholders and broader investor group, that management will continue to strive to achieve a much-improved performance so that we can reward our patient shareholders accordingly. We are confident that our strong focus on fintech payments across a broad range of segments will deliver significant value.”

New Bio-tech to Boost Rice Production, Reduce Import James Emejo and Folalumi Alaran in Abuja

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent

ËÒÏÏ× ÕÓØÑÌÙÖß (Advertising) Correspondents

Chinedu Eze (Aviation) ÜÙ×ÙÝÏÖÏ ÌÓÙÎßØ (Maritime) Ë×ÏÝ ×ÏÔÙ (Finance) Ebere Nwoji (Insurance) Chineme Okafor (Energy) Emmanuel Addeh (Energy) Reporters

ÙÝË ÖÏÕÒßÙÑÓÏ (ICT) Peter Uzoho (Energy)

The African Agricultural Technology Foundation (AATF) working with relevant research institutions in Nigeria, said it has developed a new rice variety which could increase yield by 20 per cent and significantly boost the food security agenda of the federal government. Partnering the National Cereals Research Institute (NCRI) and the Agricultural Research Council of Nigeria (ARCN) among others, the foundation said the Nitrogen Efficient Water Efficient Salt Tolerant (NEWEST) rice type, achieved through genetic engineering, will be a game changer in the production of the grain, helping to significantly reduce importation. Speaking during the 2021

annual review and planning meeting of the NEWEST rice project in Abuja, the Rice Project Manager for AATF, Dr. Kayode Sanni, explained that unlike the conventional rice which has low yield per hectare, the new variety could utilise low nitrogen in the soil to produce good yields. He the innovation will lower production costs which had impacted price in Nigeria as well as bridge rice supply gaps. Sanni said: “Though the land area for rice has increased but there is a need for increase in the yield so that farmers will have better yield on their farms, and it has to be done using technology. “And what we have done is that we have developed rice that can actually grow under low nitrogen and still give a very good yield.” He said: “From the observation and what has been happening

in Nigeria, the production of rice has gone up a bit. As at 2015, we are about 3.9 million metric tons, and by 2019, we moved to about 4.5 million metric tons. “However, we still have a deficit of about 1.2 million metric tons which our production have not been able to meet, and in order to meet that, we will we import. “The productivity or the yield is low compared to what the global average is, the average yield is about 2.2 tons per hectare, but that does not say there are no area where you have yield up to five tons per hectare, but when you take the average across it’s about 2.2 ton per hectare compared to the global average yield which is about 4.3 tons per hectare.” Sanni, who is also an instructor for the Alliance for Hybrid Rice in Africa, based in

Nairobi, Kenya said one of the ways to enhance crop yields particularly rice was to have, “crops that can make the best of every little nitrogen that is available in the soil and that is what we are doing.” He said: “We have to also be conversant with the fact that the excess use of fertilizer lead to green house gas emission, which leads to the release of nitrogen oxide into the environment, which leads to environmental pollution. “So the reduction of the quantity of fertilizer that the crop needed helps us to become environmental friendly even as we produce our rice.” He added that the new crop variety will serve as security for farmers when they plant in a land that had no nitrogen or where they are unable to have timely access to fertilizer as the

innovation will still provide them with appreciable yields. He however, pointed out that the review engagement with stakeholders was preparatory to seeking relevant approval from the National Biosafety Management Agency (NBMA) which is committed to ensuring proper regulation of modern biotechnology. The Director General, NBMA, Prof. Abdullah Mustapha, said the country had lost billions of naira on annual basis to rice importation, adding that the nitrogen remained a key compound in production of the commodity. He said the majority of farmers are unable to buy and apply the required rate of fertiliser for optimal yield, stressing that nitrogen deficiency remains a key concern particularly in rain- fed areas.

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Hunting for Value in Stock Market Goddy Egene writes that the decline recorded by the stock market in the first half of 2021 provides an entry opportunity for investors to gain in the second half of the year

he loss of N1.303 trillion in value recorded by the Nigerian stock market in the ﬁrst half (H1) of 2021 is likely to discourage many risk averse investors from patronizing the market and make others to reduce their exposure. While the market had recorded a positive performance in 2020, profit-taking, shift to fixed income (FI) market by local investors due to uptick in yields and low participation by foreign portfolio investors (FPIs) led to a negative performance in H1 of 2021. The market capitalisation of equities fell by N1.303 trillion from N21.063 trillion at the beginning of the year to close at N19.760 trillion at the end of June. Also, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) declined from 40,270.72 to 37,907.28, showing a depreciation of 5.8 per cent. No doubt this decline will play a big role in determining the behavour of investors in the market in the second half(H2) of 2021. But while some will be discouraged from staking their funds in the market, it is believed that the depreciation in the prices is a very good entry opportunity for discerning investors. Executive Director, NOVA Merchant Bank Limited, Mrs. Funke Okoya, said the market is attractive at current level, both from a timeseries perspective and compared to frontier and emerging market peers. According to her, a number of value counters, especially within the banking sector, have compelling dividend yields and may be bellwethers in the quarters ahead, especially as the yield on fixed income instruments may have peaked. “More so, recent modest increase in foreign exchange (FX) liquidity on the I&E window and expected enhancements in liquidity and policy measures on the back of Central Bank of Nigeria (CBN) commitment to deepen and enhance the market should be positive in stabilizing the Naira, a development which should support the recovery of the market in the quarters ahead. Thus, our research team at Nova Merchant Bank is cautiously optimistic on a positive return on equities in the H2 of the year, as we expect macro improvements and sustained fundamentals of large and mid-cap companies on the NGX to reinforce our expectation of modest recovery in equity prices, going forward,” she said. Okoya had explained that the steep rise in yield on sovereign instruments like Treasury Bills and FGN Bonds had undermined the risk appetite of investors for equities, as most high net worth investors (HNIs) and institutional investors took comfort on the low double digit rates in the fixed income environment in the H1 unlike in 2020 when yields on treasuries were near zero and bond yields waned to low single digit. “More so, as concerns on probable Naira devaluation continues to fuel speculative demand for foreign currency (FCY), equities have seen notable outflow of funds, notwithstanding the attractive valuation of large- and mid-cap counters with strong fundamental,” she said. According to her, while the devaluation risk is partly speculative, genuine concerns on reduced liquidity in the foreign exchange (FX) market, which has constrained some foreign investors from repatriating dividend and proceeds of divestment has unfortunately influenced the weak participation of foreign investors in Nigerian equity market. However, the second half (H2) of 2021 is being seen as an opportunity for bargain hunters to enter the market and look in good value. Analysts at Cordros Securities envisaged a positive market performance based on the prospects of improved macroeconomic conditions and the possible return of FPIs, interim dividends that accompany the second quarter (Q2) earnings season, and stock-specific events such as GTB’s implementation of a holding company structure and the likelihood of a second tranche of share buy-back by Dangote Cement Plc. “We expect economic growth to maintain its positive growth trajectory. We believe this bodes well for improved corporate earnings, particularly cyclical stocks, over the medium

term. On FPIs, we think the tacit devaluation (Naira has been devalued by 7.0 per cent in the I&E window thus far in 2021) engineered by the Central Bank of Nigeria (CBN) alongside rising crude oil prices raise the possibility that foreign investors may make a gradual return to the local bourse. Specifically, sustained higher crude oil prices will support accretion to the FX reserves,” they added. According to them, there should be a material improvement in liquidity conditions, bringing some comfort to foreign investors, stressing however, that they did not think that FPIs would return in droves, as in 2017, due to concerns around the exchange rate framework and structural reforms to improve the domestic economy’s resilience. “Interestingly, in H2 when we expect improved FPI participation also coincides with the period when domestic investors will be taking positions in stocks ahead of half-year dividend announcements. Thus, we think a more robust market recovery post-H1-21 is on the cards,” they said. Looking at the sectors where investors could focus and make good returns, Cordros Securities pointed the banking sector, saying they remain overweight the sector. However, they recommended, Access Bank Plc, GTCO, United Bank for Africa Plc and Zenith Bank Plc as top picks. The analysts explained that the key players had have demonstrated a commendable level of resilience despite the peculiar circumstances of the relatively weak and riskier environment as well as increasingly tight liquidity positions.

We expect economic growth to maintain its positive growth trajectory. We believe this bodes well for improved corporate earnings, particularly cyclical stocks, over the medium term

“We expect a combination of improved fixed-income yields and relatively stronger risk asset creation, FX revaluation gains from the adoption of the I&E window rate, and strong balance sheet management to support performance for the financial period. Accordingly, we remain overweight the sector and our picks are Access Bank with target price of N14.04; GTCO (39.460;UBA (N11.57) and Zenith Bank Plc (N32.21). Assessing the cement sector, the analysts said they expected volume growth would remain healthy due to continued growth in the construction sector, led by increased public spending on capital projects. “We believe the price increments implemented in Q1-21 will protect margins from the impact of the local currency’s devaluation on energy costs. We expect Dangote Cement Plc with a target price of N255.54 to deliver decent earnings per share (EPS) growth of 6.3 per cent in 2021E. For Lafarge Africa with a target price of N29.53, we believe the company’s renewed focus on the Nigerian market and continued gains from its deleveraged balance sheet will support earnings. Thus, we estimate 2021E EPS growth of 13.4 per cent. We have initiated coverage on BUA Cement Plc, Nigeria’s third-largest cement producer, with a target price of N44.50,” they said. Shareholders of BUA Cement Plc recently shared N70 billion as dividend for the 2020 financial year, which translated to N2.067 dividend per share. The company had ended the year with a turnover of N204 billion and profit after tax of N72.3 billion. Managing Director of BUA Cement Plc, Yusuf Binji, said the company was committed to remaining a value–driven, oriented company that prioritizes excellence and product quality. He also added that the company was wellpoised to sustain current profitability despite the very competitive landscape. “Our value proposition in terms of product and service support offerings has positioned BUA Cement as a market leader. In addition, we continue to prioritize innovation and continuous improvement, thereby ensuring the continued “fit” of our products to everchanging customer demands and needs. We are also investing in the latest plant designs which not only drive efficiency but translate into value addition to our customer through the cost savings derived,” he said. Analysts believe there are good prospects in the BUA Cement that would make discerning investors to buy into the company now. In the agriculture sector of the market, Cordros

Securities said Okomu Oil Palm Plc and Presco Plc would benefit from the increased crude palm oil (CPO) price amid the reopening of the economy to support demand. They put the target share price for Okomu Oil Palm Plc at N148.20 and that of Presco Plc at N102.27 The analysts said they the brewery sector to record a strong recovery in volumes throughout 2021FY to pre-pandemic levels. However, they said they expected phased increases in prices to support top-line growth across the brewers. Looking at the agro-allied, they noted that it remained the bright spot for food stocks due to the essential nature of the products, reduced exposure to FX risks following substantial progress in backward integration programmes, and ability to implement more significant price increases than peers. “Accordingly, we see scope for significant earnings growth for Flour Mills of Nigeria Plc with a target price of N38.87 and Dangote Sugar Refinery Plc with target share price of N24.88,” they said. For oil and gas, the analysts expect the current price cap on PMS to remain in place, amid the weak macro conditions, saying that on demand, they expect the resumption of full economic activities to continue supporting product demand. “We expect individual product sourcing to remain challenging as structural issues persists. We expect both our covered companies – Total Nigeria Plc and Ardova Plc(AP) to record revenue growth in FY-21. For Total Nigeria Plc, we believe the resumption of full economic activities will enable the marketer to push out substantial white product and lubricant volumes. For Ardova Plc we expect the marketer to consolidate on its increased market share with the acquisition of Enyo Retail and Supply Limited, the partnership deal with Shell, and existing deal with Texaco as the soNle distributor of both companies’ lube products,” they said. According to AP, by acquiring Enyo, it would become the largest downstream energy company in Nigeria, as it would add Enyo’s 95 existing stations to its existing portfolio of 450 stations nationwide, to bring the combined group to a network of 545 stations. Chief Executive Officer of AP, Olumide Adeosun, had said that on completion, this acquisition would lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results.

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‘Holdco Gives Banks Avenue to Explore Earnings Growth Outside the Sector’ The Senior Analyst at Coronation Asset Management, Ope Ani and the company’s Head of Research, Guy Czartoryski, in this interview analysts activities in the banking sector. Obinna Chima provides the excerpts: can keep on expanding. This is the explanation for some of the dividend disappointments experienced earlier this year. So, for loan growth to take place, and because it requires capital, it is necessary to achieve and maintain a certain level of profitability. Of course, the regulator’s response, in the middle of 2019, was to impose the loan-to-deposit ratio (LDR) regime that requires banks to make customer loans equivalent to 65 per cent of their deposits. This worked very well in 2019, with overall gross loans rising sharply. However, once most banks were compliant with it, the effects of the policy were not as strong during 2020.

What is your assessment of the performance of the Nigerian economy in the ﬁrst half of 2021? The encouraging thing is that growth returned to the economy as early as the fourth quarter of last year, with 0.11 per cent year-on-year growth, and this continued with 0.51 per cent year-on-year growth in the first quarter of this year. The slightly discouraging thing was the fact that non-oil growth was 1.69 per cent year-on-year in the fourth quarter but only 0.79 per cent year-on-year in the first quarter of this year. It was pretty easy to see what was going on. Oil is generally sold from between three to six months forward, so the benefits of rising oil prices impact the oil and gas sector of the economy with a significant time lag. The large and fast-growing telecom sector may have been held back by the restrictions on registrations of new SIM cards during the first quarter of the year. So, there are two sectors where development was being held back but where the potential to grow is strong. At the same time, it was encouraging to see the manufacturing and real estate sectors return to growth. This bodes well for the economy. In the banking industry, we have seen increased adoption of the holding company structure. What do you think is driving that? Amidst the strict regulatory environment and other challenges within the banking sector, the Holdco route gives banks an avenue to explore earnings growth outside of the sector (potentially in fast-growing sectors) as well as room to explore cross-selling opportunities across things like banking, asset management, wealth management and insurance. It will also help to create new value for shareholders in areas where the path to meaningful scale is clear. One of the key developments in the years ahead will be cross-selling of insurance products and asset management products across banking grounds. In the past, there have been regulatory obstacles to banks selling insurance products, and this was a contributory factor to Nigeria being unable to develop a bancassurance industry, such as we find in Europe. But the insurance industry lacked critical mass, and capital, to develop on its own, and our own study, ‘From the Lagoon to the Ocean’ (September 9, 2020), showed that it had not really grown in inflation-adjusted terms over 10 years. So, rather than replicate a bank’s sales force itself, it makes sense to cross-sell across banks, insurance companies and asset management. It is not essential to have a Holdco to achieve this because other structures can be adopted, but a Holdco structure can undoubtedly help. Can you take us through the major ﬁndings in your latest banking sector report? We looked at the banks’ Net Interest Margins and spreads over the long term and found a remarkable degree of resilience through several interest rate cycles. This suggests that investors have little to fear when it comes to current fluctuations in interest rates, while the banks themselves state that they are confident they can re-price deposits and loans advantageously this year. We took as our sample: Zenith Bank; Guaranty Trust; Access Bank; United Bank for Africa; FBNH Holdings; and Stanbic IBTC. Second, we looked at the growth record of the banks and found that, with one notable exception, balance sheet growth has been elusive, something that became clear when we re-stated key metrics for the effects of inflation over time. The exception is Access Bank, which has been growing both organically and through mergers and acquisitions, notably through its 2019 merger with Diamond Bank. The importance of looking at growth as a source of value addition is that, without a growth trend across the board, investors need to look to improvements in profitability for their returns. Third, we looked at profitability in terms of the Return on Average Equity (RoAE, or more simply RoE) and the Return on Average Assets (RoAA, or RoA) of the banks over 10 years. Again, we made a note of the gradual improvement and convergence in RoAEs over this period. This is highly encouraging because it shows that – at least among the leading group of listed banks featured in our report – lessons about excessive risk concentration and lessons about the importance of relentless cost

How much of a threat are the ﬁntechs to the traditional banks? They are a significant threat in the long term. Innovation from the fintechs has been disruptive as they have targeted the lower end of the market. These banking platforms are attractive to millennials and other tech-literate customers and require little or no physical banking presence. The obvious advantage they have over conventional commercial banks is low cost. The race for market share will heat up as they continue to expand their product offerings and reduce reliance on traditional banks for their operations. So traditional banks are doing a lot to keep pace with these developments. Those that do not keep pace risk losing market share. Czartoryski reduction have been learned. In fact, we expect underlying profitability to continue to rise. Finally, we found that, in terms of valuations, and despite a significant rally in share prices over the past year, Nigerian bank stocks look remarkably cheap, both in relation to other Sub-Saharan African banks and in relation to their own valuation history. This implies there is meaningful value in Nigerian banks for today’s investors, in our view. One anecdote from the production of the report tells the story here. We plotted the banks’ valuations on a chart, and we had saved that template from 2016, which had a space for a group of entries for price/earnings multiples of five times earnings. We had hardly any entries there, and the bulk of our entries were at two-and-a-half times earnings, half the level we had been looking at five years ago. So, we actually had to adjust the scales on our chart. At this point, you realise that the valuations have become very cheap. One issue you highlighted in the report was the relationship between banks’ NIMs and naira interest rates. Can you shed some light on this area? Net interest margin (NIM) is a measurement comparing the net interest income a bank generates from credit products like loans with the outgoing interest it pays holders of savings accounts and fixed deposits, divided by its interest-earning assets. Interest rate fluctuations directly impact NIMs. Looking at long-term historical trends, we have found that banks NIMs and spreads have not been adversely affected by fluctuations in interest rates,

Loan growth in this climate is quite challeng ing as it increases risk pressure and asset quality concerns for banks. An improvement in structural issues and the overall macro environment will help assuage these concerns and spur loan growth

as banks have been able to adapt quickly and consistently to interest rate changes. So, in times of declining interest rates, such as 2020, banks are quick to re-price their deposits but typically delay before re-pricing their loans. Of course, there is competitive pressure, but generally, the banks in 2020 were able to stagger the changes in interest rates on deposits and loans in such a way as to maintain their spreads and, therefore, their NIMs. In some cases, we say banks increase their spreads and NIMs: in other cases, we saw banks misunderstand the trend in the early part of the year but correct later in the year. In 2021, of course, we have seen the opposite happen as Nigerian Treasury Bill rates have moved from just over half a per cent at the beginning of the year to around ten per cent now. In these circumstances, banks could generally afford not to move their deposit rate upwards for several months but adjust their lending rates fairly quickly. This way, they could increase their spreads. Most banks were already re-pricing loans in March. However, they had to be disciplined about doing this because the overall liquidity of money in the system soon became quite scarce, so some of them were soon offering very good rates of fixed-term deposits. Changes in the interest rate environment soon catch up with you. One of the ﬁndings is that gross loans remain less impressive despite various measures adopted by the regulator. So, what can be done to encourage more lending by banks? Loan growth in this climate is quite challenging as it increases risk pressure and asset quality concerns for banks. An improvement in structural issues and the overall macro environment will help assuage these concerns and spur loan growth. Recent developments around credit infrastructure (collateral registries, credit bureaus) have certainly been positive with respect to driving risk asset creation. So, there is a foundation for banks to increase their loan books going forward. However, loan growth also needs to be looked at in the context of capital. The distribution of capital across the banks featured in the report is unequal in terms of the percentage of total capital to assets (or, more technically, interest-earning assets). We have seen some banks held back by not wanting to increase capital and actually changing their strategy to maximise the returns from the loan portfolios that they already have. The problem with this strategy is that it is essentially defeatist, in our view, because growth is an essential component of maintaining profitability. So, a bank following this strategy has problems increasing its profits and its capital. By contrast, some banks will hold on to profits and fight shy of paying good dividends in order to retain earnings and bolster their capital bases so that they

But I disagree with your submission in the report that most of the traditional banks are not concerned about the threat from ﬁntechs. In my view, there have been lots of innovations from the traditional banks and a lot of them investing in technology to enable them to remain competitive. What more do you expect from them? We wrote in the report that the banks featured did not think that fintech companies will surpass them but that they consider fintech enough of a threat to adapt to the challenge. A few banks are making great efforts to invest in technology, make interactions with customers more effortless, and therefore, compete head-on with fintechs. A standard retail offering from the traditional banks these days includes many mobile banking and digital banking features, and customers now expect these as standard. However, we think that some of the traditional banks have not yet reached the level of customer service of the fintechs. Many processes still require going into branches, and product offerings on mobile apps are not extensive as those available from fintechs. The point here is about the mentality of the supplier as well as the experience of the customer. The traditional bank can add fintech-like services to its platform. However, it may do this without fully understanding the potential of the services when they are put together, partly because of the barriers created by its own departmental structures. And it may not understand what its offering looks like to the customer. This is where genuine fintechs have the advantage, in our view. What are your expectations for the economy for the rest of the year? Nigeria’s recovery this year will be smaller than most due to its large informal sector. Household consumption has not recovered from the previous recession in 2016, and Nigeria is experiencing rising unemployment, wage arrears and COVID-19 induced changes to the economy. With a modest fiscal stimulus and targeted private investment, we expect growth this year, but it will be fragile. Inﬂation has remained at double-digit. What is your take on that? Inflationary pressure is mainly due to legacy structural factors across the economy. Food inflation remains the primary driver behind the double-digit headline inflation rate. In addition to supply-side constraints triggered by the pandemic, the worsening insecurity in the country (particularly in foodproducing areas) is limiting expected outcomes and further fuelling food inflation. Our view is that the headline inflation rate will remain far above the CBN’s reference range of between 6– 9 per cent year-on-year due to sticky food price inflation. We expect the headline inflation rate to remain double digits this year.

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NEWS

FG Seeks to Clear Obstacles to Boost Fish Production James Emejo and Folalumi Alaran in Abuja The Minister of Agriculture and Rural Development, Alhaji Sabo Nanono, has said the development of the country’s aquaculture sub-sector remained critical to food security as well as the diversification programme of the current administration. He said the federal government is currently embarking on a

strategic drive towards increasing domestic fish production to reduce importation into the country. Speaking during the, “National Dialogue on Transformation and Future of Aquatic Food Systems in Nigeria”, the minister added that the development of the fisheries and aquaculture sector is highly critical to meeting the government’s food security objectives. He said the important role of fish in food and nutrition security

cannot be over-emphasised, being a good source of protein for human diet containing essential amino acids required in the right quantities but usually lacking in most national staple foods. Therefore, he said fish remained a valuable nutritional supplement and a virile candidate for addressing food and nutrition security in the country. Nanono, however lamented that despite the potential impacts of the fisheries and

aquaculture resources, the sector is confronted with numerous challenges including high cost of inputs, use of unimproved breeds in aquaculture, need for improved access to finance among others. He said the objective of the dialogue was to deepen understanding of the numerous challenges as well as proffer noteworthy recommendations that would leverage aquatic food systems capacity to contribute

to the attainment of Sustainable Development Goals (SDGs) in the within the coming years. The minister said the ministry was pursuing a holistic approach to the development of fisheries and aquaculture sub-sector and willing to engage and partner with all stakeholders for the development of the sector for economic development, wealth and job creation as well as food and nutrition security.

He said: “Permit me to note that the vision of Mr. President is to grow Nigeria’s agricultural sector to achieve a hunger-free Nigeria through agriculture that drives income growth, accelerates achievements of food and nutritional security, generates employment and transforms Nigeria into a leading player in global food/fish market to create wealth for millions of practitioners.”

PTDF, Air Force Sign Agreement on Research, Training Emmanuel Addeh in Abuja The Petroleum Technology Development Fund (PTDF) has signed a Memorandum of Understanding (MoU) to formalise its partnership with the Air Force Institute of Technology, (AFIT), Kaduna, to enhance research and training in both organisations as well as in the oil gas industry. At the event which took place at the Air Force Institute headquarters, Nigerian Air force (NAF) Base, Kaduna, the Executive Secretary, PTDF, Dr. Aliyu Gusau signed on behalf of the fund while AFIT Commandant, Air Vice Marshall Musibau Olatunji, represented the institute. According to the PTDF, the development will encourage the institute to produce relevant professional military capabilities needed by the Nigerian Air force as well as the training and manpower development needed in the oil and gas industry in Nigeria. Gusau, who led the management team of the PTDF to the institute said the signing of the memorandum between the organisations was meant to further solidify the cordial relationship that has existed between them over the years. He stated that the fund has already trained a reasonable number of teaching staff that are imparting knowledge and providing leadership at various

levels of the institute’s operations. “Last time we visited, we were pleasantly surprised to realise that quite a large number of the staff had in one way or the other been involved with the PTDF. It’s a thing of pride for all of us to realise that the people in responsible positions, including the provost are products of PTDF. “So in that light, there is so much we can do together and I believe if we work fervently, this process will lead to fruition and will be to the benefit of both institutions and to the nation as a whole,” Gusau said. The executive secretary explained that the partnership will focus especially on the areas of engineering and marine security to improve on the security in the marine sector as well as the oil and gas industry in Nigeria. “We believe there’s synergy between what we are doing at the PTDF and what is happening in this institute. The kind of capacities they are building and the skills they are imparting both for the civil and military purposes, we believe the more this is developed the better for the security architecture of this country,” he said. Commandant of the institute, Olatunji, in his response thanked the PTDF for taking the step to solidify the relationship that has existed between both organisations.

Isa Emerges New Chairman of IPPG Peter Uzoho The Governance Council of the Independent Petroleum Producers Group (IPPG) has ratified the appointment of Mr. Abdulrazaq Isa as the new IPPG Chairman effective from July 1, 2021. Isa, took over from Mr. Ademola Adeyemi-Bero, who was the pioneer Chairman of the Group from July 2015, having served two terms. The first leadership transition and hand-over event, since the establishment of the IPPG, was held in Lagos, recently, with members of the IPPG Board of Trustees and Governance Council in attendance The outgoing Chairman of IPPG, Adeyemi-Bero, in a statement, used the occasion to express his sincere appreciation to IPPG members for the confidence reposed in him and their support throughout his tenure as chairman of the group. “A healthy and vibrant oil and gas sector remains critical for the development of Nigeria and progressive indigenous producers

are best placed to ensure greater linkages between the upstream oil and gas industry and the wider Nigerian Economy’’, Adeyemi-Bero said. The new Chairman, Isa, while thanking his predecessor for putting in an excellent shift during his tenure as IPPG Chairman, promised to take IPPG to greater heights and solicited the support of members to ensure IPPG remains at the forefront of developing the Nigerian petroleum industry. He also noted that due to changing industry dynamics and key industry reforms, it was imperative for IPPG to remain well positioned in order to contribute to the growth and development of the Nigerian petroleum industry by playing a leading role in meeting the cardinal priorities of the administration’s agenda for industry. “IPPG remains committed to working collaboratively with all stakeholders in nurturing a petroleum industry that can take its rightful place in the global space’’, Isa, said.

BUSINESS EXPANSION

L-R: Chief Corporate Services Officer, Seven-Up Bottling Company (SBC), Yemi Faseun; Managing Director, Ziad Maalouf; Chief Marketing Officer, Norden Thurston, and General Manager , Marketing, Segun Ogunleye, during the opening of the ultramodern SBC building and launch of a new logo, held in Lagos...recently

African Alliance Lists Benefits of Robust IT System Ebere Nwoji Contrary to the belief among some operators that the COVID-19 pandemic slowed down their performance last year, African Alliance Insurance Plc has said it had a different experience, saying it witnessed faster payment of premium by policy buyers. The company, said during the lockdown last year due to the pandemic, it received premium from federal government on the group life insurance of its workforce faster than every other year. It attributed the success recorded during the period to its robust IT system and Business Continuity Management process which it had

put in place before the advent of the COVID-19 period. The company’s Managing Director, Mrs. Joyce Ojemudia, who disclosed this at the recent Annual General Meeting(AGM) of the National Association of Insurance and Pension Correspondents(NAIPCO), in which African Alliance sponsored, in Lagos recently, stated that the company suffered no business halt during the period. She said the company has always been prepared to withstand any eventuality. Ojemudia, who was represented at the meeting by the company’s Head of Marketing,

Mr. Emmanuel Eburajolo, stated that the Covid-19 came unexpectedly, with a lot of challenges and many companies were caught unaware. She however said at African Alliance, the impact was minimal because of its Business Continuity Management process. “We had a process that was digitally enabled and this aided the smooth continuation of our business and services with customers even when some companies were still grappling with the situation and trying to find their feet,” she said. The insurer’s boss, however, urged the media to collaborate with the insurance industry for

enhanced insurance awareness in Nigeria. According to her, “we all agree you are the loudspeakers of our industry. Without you, whatever goes on in our industry would go largely unnoticed and unreported, pretty much like someone winking in the dark. “But this is not an easy task, being gatekeepers for an industry that is older than Nigeria as we know it, with various interests and mindsets. “However, someone has to do it, and I daresay you are doing very well. But can we do better? Yes we can. Even the best of outcomes can get better,” Ojemudia said.

AIICO Partners ActionAID, Donates N4.5m Ebere Nwoji AIICO Insurance Plc is partnering ActionAid Nigeria in its ongoing fight against Infanticide in the Federal Capital Territory (FCT). Infanticide, is the crime of a mother killing her child for reasons ranging from multiple births in form of twins or triplets, growing upper teeth first, among others, in line with the culture of some communities. In support of the fight, AIICO Insurance had donated N3.1 million to the organisation and has gone further to dedicate N100 out of every auto and travelers insurance policy it sold for the course. AIICO, at a press briefing in Lagos to announce its

partnership with the organisation, presented a cheque of N1, 474,800 which accrued from all the policies on auto and travelers insurance it sold in the first half of this year to the company. ActionAid Nigeria, which is a local chapter of the global ActionAid federation, and stands for promoting human rights and eradicating poverty, said in 2018, it discovered through investigations that children of multiple births (twins, triplets) were considered taboos and killed in some communities in the nation’s capital. The Country Director of ActionAid in Nigeria Ene Obi, while narrating to the media how her organisation got into infanticide project said it discovered that natives of Bassa-komo,

Gbariyamma and Ganagana tribes in Abuja, still believed that if a mother dies from childbirth or while nursing a baby, the baby is evil and must be buried (alive) with the deceased mother. She also said through investigations, she discovered that in some other communities, children with albinism, born with down syndrome, birth defects and even those who grow their upper teeth first are victims of these barbaric practice. “Infanticide in the FCT remains a practice shrouded in secrecy with very few people speaking openly. The process of killing these babies involves different methods such as poisoning (with a mixture of deadly plants and herbs), starvation and suffocation,”

she added. “The support provided by ActionAid Nigeria with funding support from the European Union includes: construction of a new dormitory for the 168 children and their carers; construction of a block of three classrooms for children below five years; setting up of vegetable garden, poultry and fishery for nutritional support and provision of dairies for infants and life skills and skills acquisitions training for older children,” she explained. According to her, ActionAid Nigeria, is also working with the communities, the National Human Rights Commission, local government areas and relevant government agencies to end this barbaric practice.

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PERSPECTIVE

Future of Oil & Gas in Nigeria: Renewed Oligations from Private Sector

Emefiele’s Footprints in the Economy Kelvin Gilbert

Mohammed Metteden

rom catalysing oil and gas potential to optimising gas production, diversifying consumption, and addressing gas flaring challenges, debates about hydrocarbon production in Nigeria continue to dominate the energy scene. As Africa’s largest crude oil exporter, with an output of almost two million barrels per day, global investors and business leaders are urging Nigeria to optimise and diversify its oil resources, especially considering the oil price volatility caused by the COVID 19 pandemic. McKinsey Global Institute (MGI) identified Africa as the next frontier for growth and opportunity, highlighting the need for Nigeria to incentivise investors into its oil and gas industry. In Nigeria, almost two-thirds of production comes from shallow-water and onshore fields, creating demand for investments that will improve production and create additional reservoirs. Yet, despite this, it remains largely unclear what the future holds for oil production in Nigeria. Gas Flaring Emergency Oil, accounts for 90 per cent of Nigeria’s foreign currency earnings. Compounding this lack of diversity in revenue sources, is the sub-optimal utilisation of gas, resulting in significant gas flaring and value destruction to the nation. According to Nigeria’s Minister of State for Petroleum Resources, Mr. Timipre Sylva, approximately 90.9 billion cubic feet of natural gas valued at $230 million, was lost to gas flaring in the first five months of 2020. Although an eight per cent reduction in gas flaring was recorded in 2021, the increasing importance of gas as a lower carbon energy source presents a new reality for all players. The key infrastructure deficit in the sector is primarily on the gas transmission network. Not enough attention is given to transmission. Stakeholders’ approach to this challenge has been to invest in improved oil production models, with the private sector leading new and promising interventions. More investors are becoming strategically attuned to the demand for business models that will minimise gas flaring while remaining profitable. Earlier in January, leading pan-African investment company, Heirs Holdings and Transcorp, through Heirs Oil & Gas (HHOG), acquired 45 per cent of OML 17 from Shell (30%), Total (10%) and ENI (5%) in a landmark deal worth $1.1 billion, seen as the largest oil and gas transaction in Africa for the year 2021. Currently, Transcorp is one of the largest power producers in Nigeria, with 2,000 MW of installed capacity and over 300,000 shareholders. Located in South-Eastern Nigeria and occupying 1,300sqm, OML 17 feeds into a wider strategy of the Heirs Holdings group to economically empower and develop Africa, and more importantly, develop a fully integrated energy value chain that will power the continent out of poverty. The asset is endowed with the resources required to address the energy gap in Africa. With a resource base of 2.2 TCF of gas, 1.2 billion barrels of oil and a further one billion barrels of oil equivalent in exploration upsides, the acquisition will drive the development of energy infrastructure to meet the current and future demands of the teeming population within and outside Nigeria. The acquisition also presents an opportunity to rethink the hydrocarbon value chain, with a view to maximise value creation, development and preservation within the country and Continent at large. OML 17 produces over 27,000 barrels and 50

t the time Mr. Godwin Emefiele assumed office as Governor of the Central Bank of Nigeria (CBN) in June 2014, he was almost immediately confronted by high inflation, falling oil revenue as well as value-eroding local currency as speculators and round-trippers held sway. In fact, the country was slipping into recession. Indeed, the situation called for a pragmatic solution, even unconventional one. That was exactly what the new CBN helmsman did, a step consistent with his mission to lead a central bank that channels its energies vital energy into building a resilient financial system that can serve the growth and development-oriented needs of the country. With a clear vision to ensure that the Central Bank of Nigeria is more people focused, his policies and programmes were geared towards diversifying the economy, supporting job creation, reducing the high level of import bills, especially food imports, improving access to credit for Micro Small Medium Enterprises (MSMEs), deepening the bank’s intervention programme in the agricultural sector, and building a robust payment system infrastructure that will help drive inclusion in the economy generally. The core of Emefiele’s innovative stance at the CBN has been development financing. He has creatively implemented strategies necessary to diversify the productive base of Nigeria’s economy, thus, creating thousands of jobs in million standard cubic feet per day, with an agriculture and conserving foreign exchange. existing infrastructure that can accommodate To him, the CBN was to act as financial catalyst circa 200,000 barrels per day and circa 300 by targeting strategic sectors that could create million standard cubic feet per day. Indeed, jobs on a mass scale and reduce the country’s leveraging such resources, managerial expertise, import bills. He declared that the CBN would deploy supply chains and market developments, can developmental initiatives to create an enabling support the drive to minimise gas flaring. environment with appropriate incentives to Ranked among the top three countries with empower innovative entrepreneurs to drive the largest electricity deficits in the world, growth and development. So far, Emefiele has lived up to his promise. Nigeria’s power generation status remains a relevant conversation, especially given the The innovative policies he initiated such as supply of gas. In this regard, a portion of Anchor Borrowers’ Programme (ABP) launched by President Muhammadu Buhari in November the Petroleum Industry Bill (PIB) was passed 2015 has triggered a revolution in the value in 2020, to further strengthen the regulatory chain of agri-business. This novel development framework of the oil and gas sector and drive finance intervention scheme ensured that Nigeria investment to boost revenue collection by emerged from being a net importer of rice to the government. These changes will directly becoming a major producer of rice, supplying affect the management of gas, with stringent key markets in neighbouring countries. Today, the country produces nine million metric tonnes policies for stakeholders across the natural of rice per annum, enough for the country to gas value chain. even export. Statistics reveal that the programme has so far financed over 3.1 million farmers to the More Foreign Investments The recent acquisition of OML 17 illustrates tune of over N492 billion for the cultivation of the opportunities for development across West 3,801,397 hectares across 21 commodities through 23 Participating Financial Institutions in the 36 Africa. One such opportunity is for operators states of the Federation and the Federal Capital in the industry to utilise oil and gas proceeds Territory (FCT). to boost investments for Nigeria and accelerate In terms of job creation, the programme has generated over three million direct and indirect its foreign exchange earnings. Beyond oil production, indigenous players in jobs across the agricultural value chain. In a bid to encourage local manufacturers Nigeria’s oil and gas industry are in a position to to consider local options in sourcing their raw reform the consumption of power and improve materials, the CBN, under Emefiele, restricted the standard of living for Nigerians by way access to foreign exchange on 43 items. Four of employment opportunities and improved of these items alone, at the time, constituted collaboration with host communities. over N1trillion of Nigeria’s annual import bill. In addition to this, the Bank also established For HHOG, the skills of the host community will be engaged to effectively deliver on the an Investors and Exporters (I&E) window, which asset’s potential. As investors also focused on allowed investors and exporters to purchase and sell foreign exchange at the prevailing impact investments, not only will this Heirs market rate. Holdings asset acquisition pioneer policies Other policies which the CBN introduced under around its energy system, but it will also Emefiele to empower the people and stimulate play a key role in the investment landscape the economy include, the Youth Entrepreneurship by contributing to the performance of other Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the businesses. Agri-business/Small and Medium Enterprises HHOG envisions the energy transition Investment Scheme (AGSMEIS), the National accommodating emerging technologies and Collateral Registry (NCR) and lately the Creative unique business models. The introduction of Industry Financing Initiative (CIFI), which is a an improved approach to energy will also collaboration between the CBN and the Bankers’ enhance the productivity of SMEs in Africa, Committee. Explaining the rationale for these initiatives ultimately uplifting the quality of life for by the CBN, Emefiele said, “We took these most citizens. decisions in recognition of our role as an agent of development. They are aimed at ensuring Improved labour productivity self-sufficiency to reduce Nigeria’s excessive With the implementation of a series of unique dependence on imports. “We have invigorated our development finance measures, oil, gas, hydrogen, electricity, and non-oil services, HHOG’s newly acquired asset activities. We have maintained a particular focus on supporting farmers, entrepreneurs as will be able to fully drive an integrated energy well as small and medium scale businesses, strategy to deliver the benefits of meeting through our various intervention programmes energy demands, while improving labour such as the Anchor Borrowers Programme, productivity in the country. The long-term Nigeria Incentive-Based Risk Sharing System goal is to leverage Nigeria’s natural resources for Agricultural Lending (NIRSAL) and the to create value-based, sustainable opportunities National Collateral Registry. “We recently introduced the Real Sector in Africa. Support fund; a facility meant to provide Indeed, indigenous private sector oil and cheap funding at no more than nine percent gas companies like HHOG will play an interest rate to new projects in the agriculture important role in not only improving labour and manufacturing sectors. The aim is to boost productivity but delivering optimality for a output and create jobs.” It is in light of the success of the Anchor greater overall impact towards a better, safer Borrowers Programme with regard to the and more prosperous future for Africa. cultivation of rice and maize that the Monetary Policy Committee in its meeting on the 21st of t.FUUFEFO JT UIF 4USBUFHZ BOE #VTJOFTT November 2018 recommended that the Anchor *OUFMMJHFODF .BOBHFS )FJST 0JM (BT Borrowers programme be applied to other areas such as palm oil, tomatoes and fisheries among

Emeﬁele

others. This renewed focus by the CBN to support improved growth in the agriculture and manufacturing sectors in Nigeria, is clearly in line with the federal government’s determination to diversify the base of Nigeria’s economy away from reliance on crude oil, so as to insulate the economy from the vagaries and shocks associated with volatility in crude oil prices. Indeed, today, Emefiele is regarded as the best friend of farmers. This, of course, is because no previous CBN governor has shown as much interest in agriculture as he has done. A public policy analyst, Mr. Innocent Onyeabuchi, said the Anchor Borrowers’ Programme (ABP) of the apex bank revolutionized rice production, as it currently has over three million farmers enrolled, with over 10 million jobs created (direct and indirect). Onyeabuchi in a recent report said, “The Investors and Exporters’ Forex Window created by Emefiele attracted over $50 billion investments into the country within a spate of three years.” Onyeabuchi further said that the CBN governor has been able to rally commercial banks’ chief executives to support his vision in growing the economy by setting aside five per cent of their annual profit to finance agriculture and the real sector to create jobs and wealth. “By this, the CBN is promoting the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). The Bankers’ Committee and NIPOST agreed to establish the national microfinance bank in 774 local government areas of the country to make cheap and sustainable credit at single digit interest rate available to the economic active but poor rural dwellers, particularly the farmers and petty businesses,” he said. Also commending the creative and innovative policies put in place by the CBN governor, General Secretary of the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGWTN), Comrade Issa Aremu, at an interactive session in Lagos said, “There is availability of local rice in Nigeria. The argument of CBN concerning the 43 items is tenable. Why should we make scarce foreign exchange available for people to import products that we can produce within the country? For us today, that has protected a lot of jobs.” In the course of Emefiele’s tenure as governor, the Bank has also introduced critical interventions such as the Nigeria Electricity Market Stabilisation Facility (NEMSF), the Nigerian Bulk Electricity Trading-Payment Assurance Facility (NBET-PAF), the Presidential Fertilizer Initiative (PFI), and the Shared Agent Network Expansion Facility (SANEF), among others, to directly support enterprises with huge potential for job creation, conservation of foreign exchange, import substitution as well as financial inclusion. In order to fully revive textile industries across the nation, the CBN also decided to provide financial support to textile manufacturers at single digit rate, to refit, retool and upgrade their factories in order to produce high quality textile materials for the local and export market. This CBN governor has laid the foundation expected to plug the loss of over $2 billion on textile importation annually. His engagements with Oil Palm Value Chain Stakeholders (Plantation Owners, Refiners, Research Institutes and Associations) have also been yielding fruits. Emefiele has helped to catalyze and fast-track investments across the oil palm value chain. Oil palm is on the forex excluded list. Now, official figures indicate that importation of oil palm had declined by about 40 per cent from the peak of 506,000 MTs in 2014 to 302,000 MT in 2017. Emefiele has clearly changed the narrative. t (JMCFSU JT BO FDPOPNJTU CBTFE JO "CVKB

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T H I S D AY ˾ ͯͲ, ͰͮͰͯ

EDUCATION ‘Empowering Nigerian Youths will Guard against Criminality’ Ms. Leiba Love is a Trinidadian-American with a passion for education and youth empowerment in Nigeria and Africa. She explained to Funmi Ogundare the impact of some of the initiatives she has embarked on in the country in the last one year, saying that when the youths are well educated and can easily monetise their various skills, it will help to curtail their involvement in crimes and vices that could affect the society negatively

he importance of education and skills development in today’s world, especially for the youths, cannot be overemphasised, as it helps them find new ways of thinking and problem solving. It also enables them recognise the impact of their actions and teaches them to take responsibility for what they do, rather than blame others. This impact will go a long way in preventing their venturing into crimes and other negative actions that have adverse effect on the society. Ms. Leiba Love is a Trinidadian-American lover of education, media and entertainment entrepreneur, she told THISDAY that since she has been in Nigeria in the last one year, she has been carrying out various educational and youth empowerment campaigns for the upliftment of the youths and the betterment of the country. According to her, “in my continuous stay in Nigeria, I have had the opportunity to network with like-minded individuals and collaborate on various projects. In Nigeria, there are many ways to work on projects through empowerment and whether you have an inclination to help. The needs are all around us.” She said she was part of an outreach project for children and young adults interested in television and film, adding that the focus of its various projects is to instill in the young ones the zeal and determination of understanding the path to success, greatness and nation building through education and 21st century compliant skills acquisition. Love said she believes that when the teens and youth are well educated and can easily monetise their various skills, this will surely reduce, if not totally eradicate their venturing into crimes and other negative actions that could have negative effects on the society. The entrepreneur noted that she is currently involved in a charitable project covering registration costs for over 60 Nigerian teens attending the University in the Benin Republic, adding that its charitable project of granting tuition-free scholarship has further exposed the need and importance of priortising education for the young and old. “There are millions of talented teens across Nigeria who are finding it challenging to focus on school because of so many reasons, including financial incapability of their parents or guardians. So far, we have been sensitising students around Lagos public and private schools on the need to grab the scholarship opportunity to access global standard education in order to acquire necessary 21st century skills and education that are germane for societal transformation.” She expressed hope that the scholarship programme will be spread across Nigeria in the nearest future so that more talented teenagers can have access to it, adding that with the path of education laced with important skills relevant in this age, Nigerian youths will excel and contribute positively to making the country better. On the cinematography and film production industry in Nigeria, Love described it as the second largest movie industry in the world, saying that its potential is well-known. “I have been writing ever since I became conscious of the power of words and stories and the cinema is a great outlet because of its reach and enduring power. An associate of mine, Dimeji Ajibola consulted with me on his movie RATNIK, which really opened my eyes to how much I can bring to the

Ms. Leiba Love, interacting with some public school students in Lagos

table as far as contributing to the greatness of Nollywood while embracing my roots. “I have a lot to offer in this area, but first I need to continue my education in African culture and society. I aim to develop a deep understanding of the culture so I can provide an accurate portrayal and undermine the false narrative that exists in mainstream media.” She said she will be hosting the business and entrepreneurship campus connect, an innovative skills and business development session designed to enhance the entrepreneurial and management abilities of young people with the aim of honing their potential to be high-earners in August this year, in partnership with Melody Fidel, one of her buzzing and energetic Nigerian youth entrepreneur. She noted that the programme will focus in detail to teach practical skills, encourage personal development and inculcate in the Nigerian youth participants the spirit of consistent pursuit of excellence in business and entrepreneurship. Asked where she sees her initiatives in the next five years in Nigeria, the entrepreneur said, “within the next five years, I want to create job opportunities for hundreds of young people. I would like to train them to be self-sufficient and to be valuable members of society. I want to grow as a business person and philanthropist, with a focus on enriching the lives of young people and ensuring that no child is left behind.” With Nigeria’s surging youth population, she advice them to always persevere, seek ways of accomplishing their goals and learning how to turn every ‘no’ into a ‘yes’. Asked why she is interested in Africa, particularly Nigeria, Love said, “I am African by blood and heritage. My ancestors were

forcibly displaced and shipped to the West Indies, where they created a new home in unrecognisable land. I am a child of Africa born in the diaspora. Many born in the diaspora may not have the resources to relocate or visit their home country in Africa. “However, I have been fortunate enough to visit and dwell in Nigeria for over a year now, enriching myself in an abundance of culture representing my true heritage. In terms of my interest in Nigeria, I felt a natural calling to the country. I was visiting Nigeria when the COVID-19 pandemic halted all air travel out of the country, making it virtually impossible to travel back to the United States. “From this, I decided to turn my seeming misfortune into an opportunity. I began to explore the region, and it didn’t take long to feel at home here. Nigeria is one of the most populous black regions in the world. Nigerians, like other Africans, are my people. My goal is to contribute to the Nigerian society and live amongst my people.” The screenplay writer has a general perception of Nigerians, adding that some experts with businesses in the country have helped her hone her talent and skills in writing as well as conducting her business more effectively in Nigeria. She decribed Nigerians as generally confident and positive people. “When you come here and meet the people, you understand why Nigerians in diaspora thrive better than most diaspora people. For all its political and economic troubles, Nigerians are somehow still among the most optimistic and happy people on the planet. They are always defining and redefining the impossible in everything they do. Just look at Nigeria’s contribution to international

With the path of education laced with important skills relevant in this age, the Nigerian youths will excel and contribute positively to making the country better

music and arts. “Look at what young people are bringing to the sporting environment. With Nigeria being the most populous and boasting the largest economy in Africa, its potential is huge. It is important that all of us who believe in Nigeria continue to work from our own little corners to contribute to its success. I believe in Nigeria and Nigerian youths. “Sheyman, the owner of Folixx Lounge has helped me a great deal. Through him, I have learned how to conduct business more effectively in Nigeria. Melody Fidel of BAE Connect has also helped to develop my talents and skills. Dimeji Ajibola was the first to believe in my writing ability which led me to start studying and employing it in the Nigerian and African environment. Robert Peter is the reason for my deep interest in film-making. My attorney, who is a shark, looks out for my best interest and has shown me how to navigate with Nigerians.” Asked about her view on the media narrative of Africa globally and how she thinks it can be improved positively, Love said she believes that the global media is a very tribal business. She said the proprietors and controllers of media houses and outlets worldwide prioritize themselves, their people and their own operating environment. “Consequently, we see that Africa’s portrayal in the media has been largely negative. Global media outlets neglect to shed light on Africa’s rich history, our heritage, our art, trading skills, intellect and talent. Mainstream media provide a more pessimistic portrayal of Africa and display a homogeneous block of violence, helplessness, human rights abuses and lack of democracy. “Personally, I want to contribute to changing the narrative by rejecting the outsiders’ lens and showcasing life in Africa through the perspective of those who live it. Everything I do by way of business and philanthropy is tailored towards providing a more complete representation of life on the continent, outside of what mainstream media allow.”

T H I S D AY ˾ ͯͲ, ͰͮͰͯ

EDUCATION

A’Ibom Orders Reinstatement of Expelled AKSU Student

Kwara Accesses N7bn Grant for Construction of 600 Schools

Okon Bassey in Uyo

The Kwara State Governor, AbdulRahman AbdulRazaq has disclosed that the state government has accessed N7 billion grant from the Universal Basic Education Commission (UBEC) to finance massive infrastructural projects across 600 schools in the state. Speaking at the flag off ceremony in Otte Town of Asa Local Government Area, the governor said the projects are a combination of the 2014 to 2019 Universal Basic Education Commission-SUBEB interventions that got stuck as a result of the previous administration not fulfilling its obligations, as well as diverting the matching grants it received in 2013. According to him, “the projects include statewide wholesale remodelling of schools, construction of new classrooms, rehabilitation of existing ones, construction of water, sanitation and hygiene (WASH) facilities, information and communication facilities, and training and retraining of teachers.

The Akwa Ibom State Government has ordered the management of the state-owned University (AKSU), to reinstate the expelled student of the institution, Iniobong Ekpo without delay. Ekpo, a 500-level Agricultural Engineering undergraduate, was expelled from the university for allegedly insulting Governor Udom Emmanuel on social media. The purported action of the student drew the wrath of the school management as he was expelled by the Senate of University after deliberation on the school disciplinary report on Ekpo’s misconduct. “You will recall that you had appeared before the said committee on a case of publication of derogatory and defamation article on the Facebook platform about the Governor of Akwa Ibom State and visitor to the university. “This act constitutes a breach of the matriculation oath and a violation of the university rules and regulations enshrined in the Student Information Handbook. “You are hereby expelled from the university for this act of gross misconduct which constitutes a breach of the matriculation oath,” the expulsion letter issued to Expo had stated. However, after reviewing the expulsion of the stu-

dent, the state government directed that the expelled student should be recalled. The Commissioner for Information and Strategy, Ini Ememobong made known the position of the state government on the expelled student at the end of the State Executive Council meeting last week. “EXCO reviewed the AKSU expulsion case of Iniobong Ekpo and directed the university to immediately recall the said student,” he stated. Emenobong explained that the directive for the reinstatement of the student was based on the fatherly disposition of the governor to avoid the student’s wasted years in school. Speaking further of EXCO decision as it affects education in the state, the commissioner said the state government has now pegged entery age into secondary school in the state at 12 years. According to the state government, the decision is to check the rise in cult activities in schools in the state. “Investigation has revealed that the surge is caused mainly by overaged students who are on a mission of mass recruitment of students into cult groups. “However, any student above this age with a genuine reason, will have their parents sign an undertaking of good behaviour before their admission,” the commissioner added.

Hammed Shittu in Ilorin

“Nearly one decade after meaningful investments in basic education infrastructure stopped across our state, we are this morning flagging off massive construction, rehabilitation, remodelling and furnishing of hundreds of basic schools across Kwara State. “This is the outcome of a strategic new beginning between our administration and the UBEC. Kwara’s relationship with UBEC broke down in 2013 when the former regime diverted the matching grants for school development. This brought Kwara to the rock bottom in the area of basic education infrastructure. “We had to pay back the diverted funds. Then we saved up to access the N7 billion grants that had piled up between 2014 and 2019. “Thanks to that, we are today flagging off huge infrastructural renewals of basic schools across Kwara State. This will follow the work plan approved for Kwara by the UBEC. There will be total remodelling of 24 schools to feature classrooms, toilets, libraries, laboratories

and offices.” AbdulRazaq added: “There will be construction of four new classrooms each across 61 locations, three new classrooms each in 64 locations, and two new classrooms each in 116 locations. “Apart from this, some 1,335 classrooms will be rehabilitated across the state. We will also dig 89 boreholes and construct 78 pour-flush toilets. Some 29,005 units of student furniture and 7,474 units of teachers’ furniture will be provided. “Kwara is evidently poised to breed a new generation of digital natives. Therefore, we will also be constructing digital literacy centres across 40 school locations. They will be furnished with computers, solar panels, generators. They can be used for CBT centres, thereby opening up the state for unprecedented ICT growth. The intervention also covers training and retraining of our teachers. “This is a big leap for basic education development in Kwara. However, I must mention that this may only be a drop in the ocean when compared

with the level of decay we met. Never again will Kwara under us abandon its obligations to prepare our children for the future. “I urge all the contractors and supervisors already enlisted to deliver quality jobs. These jobs will be done majorly by local contractors to boost the state economy. I assure those who did not get the contracts that there will be another opportunity very soon. “We thank the UBEC authorities for their support and understanding when our administration reached out to end the blacklist and catch up with the rest of the country. “I also appreciate every member of team Kwara for this success story. I single out the Kwara State House of Assembly, SUBEB leadership, and the entire civil service structure for their support.” The SUBEB Chairman, Prof. Shehu Adaramaja, who commended the governor for the huge investment in the education sector, announced that over 600 schools across the state would benefit from the interventions.

UNILAG Honours Ibidapo-Obe, Adadevoh, Indimi, Others Sunday Ehigiator The University of Lagos recently honoured some eminent personalities that have contributed to the development of the institution. They included the late Prof. Oyewusi Ibidapo-Obe, a former Vice-Chancellor of the university, conferred posthumously with Emeritus Professorship, for his contribution to academics before his demise. The university also conferred a post-humous Honorary Doctorate degree on the Lead Consultant Physician and Endocrinologist, First Consultant Hospital, Dr. Stella Ameyo-Adedevoh who saved the nation from Ebola outbreak; founder and Chairman of Oriental Energy Resources Limited, Dr. Mohammed Indimi; Chairman of Premier Lotto Limited, Sir Kessington Adebutu; as well as Chief Executive Officer of Insight Communication Limited, Mr. Biodun Shobanjo. Speaking during the institution’s 51st convocation ceremony, the Vice-Chancellor, Prof. Oluwatoyin Ogundipe described Ibidapo-Obe, who was earlier scheduled

for the award while he was alive, before it was postponed in 2020, as a man of boundless wealth of knowledge. According to him, “it is worthy of note that Professor Ibidapo-Obe had been slated for conferment of Emeritus Professor and would have received this award while alive if not the unfortunate cancellation of the 51st convocation ceremony on March 12, 2020. “It was a great pain losing him to the cold hands of death. But we take solace in the impact he has had on academics which spans through the length and breathe of his specialities.” Ibidapo-Obe was a Professor of Systems Engineering, a former Vice-Chancellor of UNILAG, the first Vice-Chancellor of Alex Ekwueme University, Ebonyi State, and Pro-Chancellor, Technical University, Ibadan, Oyo State. Speaking on the personalities of those who were conferred with a honorary doctorate degree, Ogundipe said they were so recognised for their roles in nation building and national development.

The Principal, Queen’s College, Lagos, Dr. Tokunbo Yakubu-Oyinloye (third right); the reigning Confederation of African Football Women’s Footballer of the Year, Asisat Oshoala (middle), and some members of the college management team, at the 59th inter-house sports competition of the school... recently

Maintain Balance between Education, Sports, Female Footballer Tells Queen’s College Students Uchechukwu Nnaike The reigning CAF Woman Footballer of the Year, Asisat Oshoala, has urged Nigerian girls to focus on their education while exhibiting talents in sports, especially football. Oshoala, also the captain of the senior national female football team, Super Falcons, said this at the 59th inter-house sports competition of Queen’s College, Yaba, Lagos. She stressed that proper education can guarantee success of any individual and ensure production of exemplary future leaders, adding that education could go side-by-side with sports, but in such a situation, one should not suffer because of the other. ”I feel very happy to be here today. I am amazed with what I have witnessed, it is very heartwarming. “I am excited seeing girls compete with much zeal in the various sports showcased at

this occasion. It shows that these girls are discovering their passion for sports unlike what it used to be in the past where it was an ‘all boys’ thing. “Talking about football specifically, I will really love to have lots of Asisat Oshoalas in Nigeria, but first thing first: education is very critical,” she said. The footballer stressed the need to ensure that young people, especially girls, take their education seriously, saying, “this however does not stop them from showcasing their talents in the area of sports, especially football,” she said. The four-time CAF African Woman Footballer of the Year, who plays for the Barcelona Female Football Club in Spain, said she almost missed out when she decided to opt out of education to concentrate on football. “I chose sports at some point, but at the end of the day, I realised the place of

education and retraced my steps by embracing it, while still being active in sports. “This therefore is the right period to let these girls understand that education and sports can go hand-in-hand,” Oshoala said. In her remarks, the Principal of the college, Dr. Tokunbo Yakubu-Oyinloye said the students are proving their worth in all spheres of human endeavour, adding that the college believes in wholesome education. According to her, the college has produced notable women in the field of sports such as Somto Okpegbue, who represented the country in the African Youth Chess Championship in Zambia in 2015, and Oluyisola-Abiola Gold, who represented the country in the same competition in 2016 in South Africa. ”We do not only excel in sports, we also win laurels in academics, technology and other

competitions. ”Just recently our team won Project Award, Core Values Award, both in the first position, as well as Champions Award in the 2021 First LEGO League National Competition. “As the foremost all-girls secondary school in Nigeria, we will continue to uphold the core values needed to promote a holistic girl-child education to produce girls who will contribute their quotas to the development of the country. ”The federal government has invested a lot to promote education generally in the country, as well as provide the enabling environment to enhance excellence in every aspect of teaching and learning. “I feel very excited and honoured to have in our midst, the reigning Confederation of African Football (CAF) Women Footballer of the Year, Asisat Oshoala, and I know her presence will inspire these girls,” she said.

WEDNESDAY JULY 14, 2021 • T H I S D AY

T H I S D AY ˾ ͯͲ˜ 2021

BUSINESS/MONEYGUIDE

FCMB Appoints Edun Managing Director Nume Ekeghe The Board of Directors of FCMB Group Plc yesterday announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited. A statement from the bank explained that the announcement was subsequent to the end of service of the bank’s former Managing Director, Adam Nuru. “The board had earlier reviewed media allegations made in late 2020 against the former MD and did not establish

any contravention of its policies. “The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours,” the statement added. Prior to this appointment, Edun was the Executive Director/Chief Financial Officer of the bank and previously served as the acting Managing Director. With a work experience spanning nearly 35 years, Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-

Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

Africa Prudential Develops Cloud-based Solution for Hospitality Industry Africa Prudential has announced that it demonstrated its digital capabilities, with the launch of “Aura by Transcorp Hotels”, an innovative commercial cloud-based product launched in the Nigerian market. A statement yesterday explained that the launch of Aura was the latest milestone in Africa Prudential’s digital technology strategy and builds on the successes of other cloud-based solutions created by the company. The company’s chief executive officer, Obong Idiong said: “Aura is significant in our journey, as a digital technology company. We have come a long way, since we launched our innovation lab three years ago. “This platform is the latest evidence of the capacity that we have built, and we look forward to delivering further innovative

solutions, that will improve the business experience of consumers and corporates.” It noted that Africa Prudential had created a series of other cloud-based solutions, including EasyCoop that enables traditional cooperatives easily provide member services online. Other solutions include GreenPole, an enterprise register management software, and EasyMall, an online shopping platform. Aura is an e-commerce platform that enables vendors to offer a range of hospitality services, while consumers are able to pay for the advertised services immediately on the same platform, in local currency. It is available on the Google Play Store and Apple Store. It is an online platform that curates accommodation, stayca-

tions, cuisines and memorable lifestyle experiences. The platform was created for Transcorp Hotels, the hospitality subsidiary of Transcorp. It was launched last Thursday in Abuja, by Vice President, Prof. Yemi Osinbajo. Commenting on the launch, CEO of Transcorp Hotels, Dupe Olusola, had said, “We recognise that technology is enabling a wave of innovation, amid greater adoption of digital solutions by consumers and businesses. We are excited about the functionality of the Aura platform, created by the Africa Prudential team. “It is an important aspect of our diversification strategy, as we seek to create a hospitality ecosystem across Africa and offer greater value to consumers and our industry.”

Afriglobal Insurance Brokers Launches Digital Platform Ebere Nwoji Afriglobal Insurance Brokers Limited has launched a digital insurance transaction platform named, ‘Africover 247.’ The company, said the product will assist businesses, individuals and technology providers access insurance and redistribute insurance products with ease. Addressing participants at the product launch recently in Lagos, Managing Director of Afriglobal Insurance Brokers, Mr. Azubuike Casmir, said the platform enables all-day insurance transaction including claims management from start to finish. He said the application is available on android and IOS. “The portal is user friendly and has the potential to change the Nigerian insurance landscape. Apart from its round the clock

features, the portal will enable a user to start and finish some classes of insurance from the comfort of your home while for some other complex classes of insurance, you will be redirected to a 24 hour help desk for guides”, he explained. According to Azubuike, the product offers instant insurance services for clients and delivers services and products from insurance underwriters and service providers through its B2B2C channels -web, mobile, social media and API’s interfaces and more to the sector. He said it allows users to register and purchase real time motor, travel, safety plus and TERM (Life) insurance from start to finish. He said the product can be used by individuals of all demographics, corporate organisations and technology-based companies.

Responding to questions on the effect of the platform to the existing staff of the company, Azubuike, said Afriglobal staff need not to worry as the launch of the product will have no negative impact on their existence. He said this is because not all insurance products can be marketed online. He said majority of the insurance policies especially corporate policies need physical presence of the marketer and under that circumstance, physical presence of the staff in the office of the buyer is needed and here comes the relevance of the staff. He said the launch of the product has set pace for other insurance brokers who still rely on old ways of business transaction to embrace technology insisting that there lies the future of insurance industry.

Firm Promotes Financial Inclusion Dike Onwuamaeze The Richvest 360 Nigeria Limited, an online investment firm, has launched an affordable platform that would enable Nigerians to save and make investments. The platform would also bring banking to the unbanked and enable them to have quicker and easier access to loans. The Head of Operations of Richvest 360, Mr. Tobi Dada, said that the Richvest has investment products that would make investment easier. Dada said that this is in line with the Richvest’s mission to raise young, smart 21st century

investors and help them to make smart financial decisions. He said: “The bigger picture for Richvest360 is to bring banking to the unbanked. To make saving easy for people, and enable quick and easy access to loans while providing smart ways to help them grow their money. “Richvest 360 investment is a platform that caters to everyone across all genders, age groups and purposes to serve and make life easier for them. “Investing in Richvest 360 is a profitable investment initiative that is set to help people become financially independent and free. “Richvest 360 is one of the

leading investment companies in Nigeria that offers people opportunities to build their financial legacy by providing multiple sponsorship channels to in the industry of their interest.” Dada said that the Richvest’s platform has been able to attract over 5,000 subscribers and 3000 active user and has successfully completed projects that have opened more investment opportunities for its subscribers. He also observed that lack of savings and investments cultures, rather than low income and poor salaries, were the major reasons many Nigerians are currently living below the poverty line.

Edun

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(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 ˜ ͯͰ ͰͮͰͯ

The price of OPEC basket of thirteen crudes stood at $74.33 a barrel on Monday, compared with $74.18 the previous Friday, 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˜ ͰͮͰͯ

GTCO Highlights Benefits of New Structure, Commemorates Listing on NGX Goddy Egene TThe Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, yesterday said the group was excited about the opportunities the new structure the holding company has opened up, saying it would be turned into better value for all stakeholders. Agbaje stated this at the Nigerian Exchange (NGX)

Limited, during the closing gong ceremony to commemorate the listing of the GTCO shares on the exchange. Following the restructuring of GTBank into a holding company, entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each of GTCO were listed on the NGX on June 28, 2021. Agbaje said: “At GTCO, we are very excited about the opportunities that have opened up to us with this restructuring,

P R I C E S MAIN BOARD

F O R DEALS

particularly because diversifying our income base has always been a major priority. As we venture into this new phase, we look forward to leveraging technology and introducing new business lines – including payments, asset management and more – that go beyond the needs of institutional or wholesale clients to improve retail clients’ access to the financial markets.” According to him, following

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the transition, they could now compete more effectively with non-banks in this new and evolving competitive landscape, whilst creating more value for customers and shareholders than they ever could as a bank. “Although we are delighted to have completed this rigorous transition process, we know that the hard work has just begun. We are in the final phase of building a new payments business that will deepen and

T R A D E D MAIN BOARD

A S

extend digital financial services across Africa. “We also believe that we are in a better position to drive an asset management business and a pension fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade,” he said. In his speech, the CEO of NGX, Mr. Temi Popoola, said they were excited to welcome GTCO Plc and to congratulate

O F

the board and management on a successful restructuring. “Given the recent completion of demutualisation of the exchange and the emergence of our new structure, we see many similarities between our organisations, particularly our outlook on the use of technology to advance business operations; the burgeoning opportunities in the retail market; and the importance of good governance in the corporate space.

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WEDNESDAY JULY 14, 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 12Jul-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 155.06 156.60 -4.15% Afrinvest Plutus Fund 100.00 100.00 4.81% Nigeria International Debt Fund 320.32 320.32 -20.60% Afrinvest Dollar Fund 111.62 111.62 -0.43% 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 7.05% AIICO Balanced Fund 3.21 3.40 -4.97% 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 100.00 100.00 3.32% Anchoria Equity Fund 133.94 135.47 0.70% Anchoria Fixed Income Fund 1.10 1.10 -17.30% 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 19.53 20.12 7.68% ARM Discovery Balanced Fund 424.36 437.15 5.99% ARM Ethical Fund 38.24 39.39 13.44% ARM Eurobond Fund ($) 1.09 1.09 -1.18% ARM Fixed Income Fund 0.96 0.97 -8.09% ARM Money Market Fund 1.00 1.00 6.84% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.12 105.12 3.35% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 6.78% Paramount Equity Fund 16.39 16.69 2.48% Women's Investment Fund 135.84 137.41 2.07% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund N/A N/A N/A Cordros Milestone Fund 2023 N/A N/A Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) N/A N/A 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 4.97% Coronation Balanced Fund 1.18 1.19 -2.10% Coronation Fixed Income Fund 1.36 1.36 -14.34% 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 5.03% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 3.62% EDC Nigeria Fixed Income Fund 1,146.88 1,160.02 -0.55% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,387.09 1,387.09 11.15% FBN Balanced Fund 190.22 191.54 1.35% FBN Halal Fund 111.09 111.09 8.28% FBN Money Market Fund 100.00 100.00 9.23% 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

126.05 156.51

126.05 3.52% 158.67 3.52% fcmbamhelpdesk@fcmb.com

Bid Price N/A N/A N/A N/A

Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A N/A N/A coralfunds@fsdhgroup.com

Bid Price 3,664.91 3,358.16 100.00

Offer Price 3,716.08 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 7.31% Vantage Balanced Fund 2.88 2.94 0.76% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 151.29 151.56 -2.71% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.31 0.77% Vantage Dollar Fund (VDF) - June Year End 1.09 1.09 0.12% 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A 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 11.40 11.45 8.90% Meristem Money Market Fund 10.00 10.00 7.92% 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 1.64 1.66 7.28% PACAM Fixed Income Fund 11.52 11.57 -5.06% PACAM Money Market Fund 10.00 10.00 3.72% PACAM Equity Fund 1.63 1.64 2.72% PACAM EuroBond Fund 112.14 113.82 2.01% 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 132.74 135.02 8.56% 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 3,254.89 3,286.72 1.30% Stanbic IBTC Bond Fund 231.20 231.20 2.82% Stanbic IBTC Ethical Fund 1.20 1.22 2.54% Stanbic IBTC Guaranteed Investment Fund 304.02 304.02 3.18% Stanbic IBTC Iman Fund 220.30 223.56 0.94% Stanbic IBTC Money Market Fund 100.00 100.00 7.64% Stanbic IBTC Nigerian Equity Fund 10,285.43 10,429.36 -2.00% Stanbic IBTC Dollar Fund (USD) 1.26 1.26 2.90% Stanbic IBTC Shariah Fixed Income Fund 114.74 114.74 3.29% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 102.20 102.20 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 1.29 1.31 0.89% United Capital Bond Fund 1.89 1.89 3.49% United Capital Equity Fund 0.86 0.88 8.15% United Capital Money Market Fund 1.00 1.00 9.53% United Capital Eurobond Fund 118.87 118.87 3.87% United Capital Wealth for Women Fund 1.06 1.07 3.71% United capital Sukuk Fund 1.06 1.06 5.61% 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 12.89 13.00 8.62% Zenith Ethical Fund 14.14 14.27 15.75% Zenith Income Fund 24.17 24.17 0.81% Zenith Money Market Fund 1.00 1.00 5.42%

REITS NAV Per Share

Yield / T-Rtn

124.09 51.54

2.77% -1.64%

Bid Price

Offer Price

Yield / T-Rtn

13.21 125.64 99.01 17.98 18.32

13.31 128.67 101.11 18.08 18.42

-0.04% 4.45% -0.24%

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

3.91 5.93 17.34 1.00 19.13 151.66

3.95 6.01 17.44 1.00 19.33 153.66

3.56% 4.16% 6.86% 4.83% -6.75% -30.78%

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.

WEDNESDAY, ͹ͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Public Opinion Prevails as Senate Rejects Onochie’s Nomination ACF, Ohanaeze, MBF, PANDEF, PDP, CSOs hail decision Nseobong Okon-Ekong in Lagos, Deji Elumoye, Chuks Okocha in Abuja, Chris Isiguzo in Enugu, John Shiklam in Kaduna and Seriki Adinoyi in Jos The Senate yesterday caved in to pressure from the public as it rejected the nomination of a presidential aide, Ms. Lauretta Onochie, as national commissioner of the Independent National Electoral Commission (INEC). Its decision drew plaudit from the Arewa Consultative Forum (ACF), Middle Belt Forum (MBF), Ohanaeze Ndigbo, Pan Niger Delta Forum (PANDEF), Peoples Democratic Party (PDP) and civil society organisations. A cross-section of Nigerians had in the last few weeks opposed the nomination of Onochie on the basis that she

is a card-carrying member of the ruling All Progressives Congress (APC) in her home state, Delta and, therefore, called on the Senate to reject her nomination. The Senate also stepped down the consideration of another nominee, Prof. Sani Adam (North-central), and referred it to the Committee on INEC for further investigation within two weeks. It, however, confirmed the nomination of five other nominees as INEC commissioners. The Senate's rejection of the nomination of Onochie and confirmation of others followed the consideration and adoption of the report of the Senate Committee on INEC, which screened all the seven INEC commissioner-nominees last week. While presenting the report, Chairman of the committee,

Senator Kabiru Gaya, said the committee received petitions against the nominations of Onochie and Adam. He stated that the petitions against Onochie boiled down to her involvement in politics and alleged membership of a political party. He, however, added that her nomination violated the federal character principle as there is already a serving national electoral commissioner from Delta State, Mrs. May Agbamuche-Mbu. He said: “In the case of Ms. Lauretta Onochie, we have studied her curriculum vitae and other relevant documents, followed by exhaustive interaction around the petitions against her nomination, which she responded to accordingly, including attesting that she is not a registered member of any political party.”

According to him, the committee, bound by the provisions of Section 14(3) of 1999 Constitution of the Federal Republic of Nigeria (as amended) on federal character principle refused to recommend Onochie for confirmation. “Therefore, based on the provisions of Section 14(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) on federal character principle as earlier stated, and in order for the committee and the Senate to achieve fairness to other states and political zones in the country, the committee is unable to recommend Ms. Lauretta Onochie for confirmation as a national electoral commissioner for the Independent National Electoral Commission,” he explained. Also, in a separate statement yesterday by Gaya, the senators

MINISTERIAL VISIT… Ekiti State Governor, Dr. Kayode Fayemi (left) and Minister of Interior, Mr. Rauf Aregbesola, during the minister’s courtesy visit to the governor in Ado-Ekiti…recently

Okonjo-Iweala: How We Saved $3.5bn from Pensions, Oil Subsidy Fraud Emmanuel Addeh in Abuja Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, yesterday gave an account of how she superintended over saving Nigeria a cumulative of $3.5 billion by cleaning up the country’s pension and subsidy systems. Okonjo-Iweala, who was finance minister under two administrations in Nigeria spoke during an online interview organised by Atlantic Council, a United States think-tank on international affairs, monitored yesterday on ARISE NEWS Channel, the broadcast arm of THISDAY Newspapers. She stated that in her first stint under former President Olusegun Obasanjo, her vision was to see the renegotiation of Nigeria’s debt and the second under former President Goodluck Jonathan was to stamp out corruption. Describing her job at the World Bank as wonderful, when she was called upon by the then president, Okonjo-Iweala

said the first time, she was a vice president and corporate secretary at the bank, when Obasanjo asked her to return to the country. She added that having been brought up in public service, her whole life by her parents, it was a chance to give back to the society under the former president who wanted, in particular, some expertise in getting Nigeria’s debts written off or negotiated. She said Nigeria was indebted by $30 billion to the Paris Club with a debt service of $2 billion a year, of which the country could only pay $1 billion. But with reforms of the economy, she was able to systematise the country's debts. During her second coming under Jonathan, the WTO DG stated that she focused on fighting corruption and trying to put Nigeria’s financial management system on a modern standing and to update and modernise the systems. She said the financial management system was largely cash-based when she took over,

making the government deploy technology, to lower the ability for things to go wrong and for corruption to creep in. Okonjo-Iweala added: “And just by having an integrated financial management system, we were able to cut down on the phenomenon of ghost workers, you know where people used to put additional people on the payroll in the ministries, ghost pensioners, because ghost workers will graduate to ghost pensioners, and so we got rid of that and saved $1.1 billion for the government. “So that is, we were fighting other types of corruption. We had an oil subsidy system in which we used to pay marketers. Oil marketers who brought in refined oil, you know, we paid them the difference between the market price, and the subsidised price that the government was mandated for selling oil to people. “And so, that was when I came the second time. This was a big problem. When I left government the first time

in 2006, these subsidies were about $2 billion, when I came back, the first thing we noticed was that it had grown to $11 billion.” According to her, there couldn’t have been any way so many people joined the middle class and bought cars and were able to afford to buy fuel which made the subsidy soar. She said: “So, I asked President Jonathan that we could audit the oil accounts which he fully supported. When we audited, $8.5 billion of the accounts, we found $2.5 billion of fraudulent claims and with his backing, we refused to pay that to the marketers and that led to a series of problems, which I won’t bore you with, including threats to my life. “My mother being kidnapped for five days was one of the worst periods of my life and it was a very tough period. But, that being said, I think the privilege of serving my country as finance minister for several years, to being able to work on some reforms is one of the best things I’ve ever done.”

said they rejected her nomination because it violated the federal character principle based on the fact that Delta State already had a national electoral commissioner in place. On the petition against Adam, the committee recommended that his confirmation be stepped down pending further legislative action by the committee. The Senate, while confirming the five nominees, adopted the recommendations of the committee by rejecting Onochie’s nomination and stepping down that of Adam for further action. Those confirmed were Prof. Abdullahi Zuru (North-west), Prof. Muhammad Kallah (Katsina), Prof. Kunle Ajayi (Ekiti), Dr. Baba Bila (North-east) and Mr. Saidu Ahmad (Jigawa).

ACF, Ohanaeze, Middle Belt Forum, PANDEF, PDP, CSOs, Others Hail Decision Meanwhile, the ACF has said that the rejection by the Senate of the nomination of Onochie is in order. Spokesman of the forum, Mr. Emmanuel Yawe, said: “It is a healthy democratic development when the legislature checks on the executive. A docile or compliant legislature is a recipe for the worst tyranny.” Ohanaeze Ndigbo also applauded the Senate’s decision. It said by rejecting Onochie's nomination, the Senate has started the process of redeeming its image. Its National Publicity Secretary, Chief Alex Ogbonnia, told THISDAY in a telephone interview that it would have been a bad day for democracy if the Senate had confirmed her. Ohanaeze stated that for the INEC to remain truly independent, persons with high credibility without any partisanship should be allowed to run its activities. It said: “We thank the Senate for listening to Nigerians who came out in their numbers to reject Onochie's nomination. This means they are coming up strong. We must build strong institutions to be able to deliver good governance.” PDP described the rejection as the triumph of the Nigerian people over what it called the barefaced attempt by the Buhari led-APC administration to corrupt and hijack the commission ahead of the 2023 elections. The PDP, in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, said the rejection of Onochie by Nigerians had saved the nation from a serious crisis as well as salvaged INEC and the electoral process from a ruinous pollution that would have led to the collapse of the democratic order. The PANDEF and 25 CSOs also hailed the decision of the Senate to reject Onochie. Besides, the groups reiterated their earlier calls for the inclusion of electronic transmission of election results in the 2010 Electoral Act Amendment Bill 2021 before the Senate. PANDEF said the Senate did the right thing by rejecting Onochie's nomination as it was inappropriate and done in bad faith. Its National Publicity Secretary, Hon. Ken Robinson, told THISDAY yesterday that Nigerians knew the roles of

Onochie in promoting the interests of Buhari and his administration. "It is, therefore, pleasing that the Senate yielded to citizens' outcry and discarded partisan interests and other primordial impressions, to repudiate her nomination,” it said, adding: "PANDEF hopes that the Senate, and indeed the National Assembly, would continue with this patriotic and noble disposition when deciding on other critical matters before it, like the Petroleum Industry Bill (PIB) and the Amendment of the Electoral Act." Also reacting, 25 CSOs in a joint statement in Abuja yesterday, acknowledged the Senate for succumbing to public pressure by not confirming Onochie. They pointed out that her nomination generated controversy over her political affiliation, which in turn, makes her unfit and unqualified for a position that requires utmost neutrality and non-partisanship. The CSOs include Centre for Liberty, Yiaga Africa, MACAA, The Electoral Hub, Actionaid, Global Rights, Enough Is Enough, The Abuja School, The Nigerian Alliance, Raising New Voices, Ayisha Yesufu, Speak Out Africa Initiative and Ready To Lead Africa. Others are Centre for Impact Advocacy, Centre for Development Alternatives Research and Studies, Adopt A Goal, CDNDC, The Arts and Civic Centre, Concerned Nigeria, Dinidari Foundation, NESSAction, Aspilos Foundation, NATU Foundation, Lex Initiative for Rights Advocacy and Development (LIRAD) and Dorothy Njemanze Foundation (DNF). “We would like to put it on record that although Onochie’s nomination was rejected by the Senate based on federal character, we, however, consider that it would be appropriate if the Senate summoned the courage to set the records straight, by insisting that her partisanship and political affiliation is the primary reason for her disqualification – this is important for posterity and future reference,” the CSOs said. They also reiterated their commitment to the demand for an Electoral Act that reflects the popular wish of the Nigerians. They said: "We reject any plan by the National Assembly to force an illegitimate document on the people. "We demand an Electoral Act that allows the electronic transmission of results, that empowers INEC to review results declared under duress, that provides INEC with adequate funding in yearly installments, starting two years to an election, that reduces rather than increase the present limits on campaign expenses and many other vital amendments.” The Middle Belt Forum described the rejection of Onochie’s nomination as a beautiful development, adding that the Senate has by this, proven that it’s not a just rubberstamp Senate as it is generally perceived to be. President of the Forum, Dr. Bitrus Pogu, who spoke with THISDAY said: “We need a Senate that will not just be a rubber-stamp; and this Senate, by doing this, has proven that they are not a rubber-stamp Senate; the senators have proven that they are ready to listen to Nigerians, and not the executive.”

WEDNESDAY, ͹ͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Senate Passes Bill Establishing Electoral Offences Commission Stipulates 20-year jail term for voting materials' snatchers Approves 10 years imprisonment for selling ballot papers Deji Elumoye in Abuja The Senate yesterday passed a bill to establish the Electoral Offences Commission under which anyone caught snatching voting materials during election upon conviction is liable to 20 years imprisonment without an option of a fine. The passage of the bill was a sequel to the consideration of a report on the bill by the Committee on Independent National Electoral Commission (INEC). Presenting the report, Chairman of the Senate Committee on INEC, Senator Kabiru Gaya, said the bill became necessary in view of INEC’s inability to prosecute electoral offenders in accordance with the provisions of sections149 and 150(2) of the Electoral Act (as Amended). “It is unrealistic to expect INEC to conduct free, fair and credible election and simultaneously prosecute offences arising from the same elections. “Indeed, INEC has at several

occasions admitted that it lacks the wherewithal to cleanse the system. Its failure to prosecute even one per cent 870,000 and over 900,000 alleged electoral Offences in the 2011 and 2015 general elections respectively is an affirmation of the necessity for a paradigm shift on how we deal with electoral offences,” he stated. According to him, as a result of electoral flaws in the system, three committees namely Justice Uwais Electoral Committee; Sheik Nurudeen Lemu Committee and the Constitution and Electoral Reform Committee were constituted. He added that the committees in their final reports recommended that for INEC to function efficiently, some of the functions currently performed by it should be assigned to other agencies. The functions of the commission include investigating electoral offences created in any laws relating to elections in Nigeria; prosecution of electoral

offenders and maintaining records of all persons investigated and prosecuted. Others are to liaise with the Attorney-General of the Federation and government security and law enforcement bodies and agencies in the discharge of its duties; liaise with other bodies within and outside Nigeria involved in the investigation or prosecution of electoral Offences; and adopting measures to prevent, minimise and eradicate electoral offences throughout the federation. The Senate in clause 12 of the bill approved at least five years imprisonment or a fine of at least N10 million naira or both, for any officer or executives of any association or political party that engages in electoral fraud that contravenes the provisions of clauses 221, 225(1)(2)(3) and (4) and 227 of the 1999 Constitution as amended. It adopted the committee’s recommendation of 15 years imprisonment for any person involved in ballot box

snatching, supplying voter’s cards to persons without due authority, unauthorised printing of voters’ register, illegal printing of ballot paper or electoral document, and importation of any device or mechanism by which ballot paper or results of elections may be extracted, affected or manipulated, and voting at an election when he is not entitled to vote. It also approved 10 years imprisonment for any person who sells a voter’s card, or in possession of any voter’s card bearing the name of another person, or prepares and prints a document or paper purporting to be a register of voters or a voter’s card. The Senate also endorsed a term of at least 10 years upon conviction for any election official who willfully prevents any person from voting at the polling station, willfully rejects or refuses to count any ballot paper validly cast, willfully counts any ballot paper not validly cast, gives false evidence or withholds

Chuks Okocha in Abuja

President Muhammadu Buhari (left) and Speaker, House of Representatives, Hon. Femi Gbajabiamila, during the submission of the House’s report on a security summit to the president in Abuja…yesterday

Insecurity: It’s Time to Fix What Went Wrong, Says Masari Governor of Katsina State, Hon. Aminu Masari, yesterday ruminated over the growing insecurity in the northern part of Nigeria, noting that it is shocking that the region which has so much in common has decided to turn against one another. Speaking in Kaduna during the inauguration of the upgraded Arewa House Library sponsored by the National Leader of the All Progressives Congress (APC) and former Governor of Lagos State, Senator Bola Tinubu, Masari argued that the north needs more of such institutions to encourage the region’s unity. He maintained that the problem of banditry would probably have been minimised

if more of such institutions existed and urged the people of the region not to leave the challenge of insecurity to the government alone, saying that it is a collective task. “For us as northerners, we have nothing that binds us today like institutions as this. Without this foundation, we won't be where we are today and if we had built these institutions as they should, maybe the level of banditry and insecurity will have been at the barest minimum,” he said. While stating that it wasn’t time to engage in any blame game, the governor said that there should be collective responsibility in resolving the insecurity in the region, since, according to him, the bandits belong to the communities and states, especially given that

sub-clause (1) to (5) and guilty of an offence and liable to at least five years or a fine of at least N10 million or both. The bill prohibits any campaign against national interest and also provides a 20year jail term without option of fine for any person who propagates information that undermines the independence, sovereignty, territorial integrity, or unity of the federation. Also, any candidate or agent who damages or snatches ballot boxes, ballot papers or election materials before, during and after an election without the permission of election official in charge of the polling station attracts at least 20 years imprisonment or a fine of at least N40 million. The Senate approved at least 15 years' imprisonment for any person who conveys voters to and from the poll; and three years imprisonment for any employee who directly or indirectly exerts undue influence on a voter in his employ. The upper chamber approved three years and not more than five years imprisonment for any person who provides false information in any material particular to a public officer. It also approved at least 10 years imprisonment or at least N20 million fine or both for any person who uses hate speech to stir up ethnic, religious or racial hatred, social or political insecurity or violence against anyone or group of persons. The Senate, during consideration of the INEC Committee report approved the establishment of the National Electoral Offences Commission. The commission’s membership consists of a chairman, secretary and representatives from the justice, interior, defence and information ministries.

Why I Won't Reply Wike, Says Secondus

STILL ON SECURITY…

Emmanuel Addeh in Abuja

evidence, and announces or declares a false result at an election. Clause 20(2) of the bill prescribes at least 15 years' imprisonment for any judicial officer or officer of a court or tribunal who corruptly perverts electoral justice, during or after an election. It also gave at least 15 years jail term or N30 million naira fine for any security personnel or election official engaged by the Independent National Electoral Commission or state electoral commission who attempts to influence the outcome of an election. In addition, any person found to disturb the public peace on election day by playing musical instruments, singing or holding an assembly where a polling station is located shall be guilty of breaching electoral peace and liable to six months imprisonment or a fine of at least N100,000 or both. Also, any person acting for himself or on behalf of any organisation or political party or candidate or his agent with the intention of prejudicing the result of an election, damage or defame, in any manner, the character of any candidate in an election or his family member by making, saying, printing, airing or publishing in the print or electronic media false accusation on any matter shall be guilty of serious corrupt practice and liable on conviction to a term of at least 10 years or a fine of N10 million or both. Any person soliciting or giving votes for or against any political party or candidate at an election, or found to affix campaign materials on any private house, public buildings or structures, or prints posters and banners without the name and address of the political party to which the candidate or person belongs contravenes

banditry did not exist 30 to 40 years ago. Masari said: “We used to have everything in common but now we are enemies of each other. What surprises me is that the banditry in Katsina, Zamfara, Sokoto, Kebbi, parts of Kaduna State and Niger State, are people who share a lot in common and they just woke up and started committing these crimes. “We should ask ourselves what really went wrong. If we have not gone wrong, what is happening now won’t happen because what we are witnessing in the northwestern states is not unorganised banditry. They are operating under one entity, so we should find out what went wrong, as it is not the responsibility of government officials alone.”

Chairman of the Tertiary Education Trust Fund (TETFund), Alhaji Kashim Ibrahim-Imam, described the upgraded institution as very important to every northerner and lauded Tinubu who took it upon himself to renovate the library. Describing the former governor as a dogged fighter and one who breathes democracy, the TETFund chairman said the former Lagos State governor’s contribution to the enthronement of democracy cannot be overlooked and urged prominent Nigerians, especially of northern extraction to borrow a leaf from the APC leader. Also speaking, Lagos Deputy Governor, Dr. Femi Hamzat, underscored the importance of education and appreciated Tinubu for the gesture.

he National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus, yesterday said that he would not reply the Rivers State governor, Chief Nyesom Wike, who called him a liar, stating that it was the cross that he would carry as a leader. The Rivers State governor, Wike had on Saturday publicly called Secondus a liar in Abuja during the 60th birthday celebration of former governor of Cross River State, Senator Liyel Imoke. He said: “If he (Secondus) had shown leadership in Cross River, our party would not have had the problem we have today. “The National Chairman said we need good leadership in the country, but if you don’t show good leadership, the party cannot produce good leaders. That is the truth of the matter. “We talk about character. What is leadership? Leadership is about character, boldness, selflessness and audacity. “As a leader, you must have character. Not to speak white in the morning and you

speak black in the evening. Is that leadership? What are we telling our youths? We are talking about the future of this country.” But in a response to the attack on Secondus, the Special Assistant to the PDP National Chairman, Mr. Ike Abonyi, said in a statement yesterday that the media office of the National Chairman of the PDP had been inundated with calls and inquiries on the outburst of the Rivers State governor, stating categorically that Secondus is not a liar. "Our response is that no amount of provocation will make the national chairman take issues with any leader of the party talk less a state governor," it said, adding: “To do that is to remove the toga of a leader of the party. The impact of such response from the national chairman on the party will be worse than silence.” It stated further: “The National Chairman considers whatever negative outburst against him from any quarter as one of the punches a leader must receive and endure to get stronger especially when the truth is unhidden that Secondus is not a liar."

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Buhari Vows to End Security Challenges Deji Elumoye in Abuja President Muhammadu Buhari yesterday hosted all the 479 members of the National Assembly to a dinner with a pledge to use all means at his disposal to end the deteriorating security challenges bedevilling Nigeria. He listed the security problems to include insurgency, banditry, kidnapping and urban crimes. Buhari, at the event in Abuja assured the lawmakers that his administration is ready to use everything within its powers to end insecurity and bring perpetrators to book. He said: ‘‘Insecurity, manifesting as insurgencies, banditry, kidnapping and urban crime of all sorts is the single most difficult challenge we face today.’’ He expressed concern that insecurity has inhibited the government’s ability to build infrastructure, provide social services to the people and attract investments that drive innovation, creative industries and provide jobs and create wealth. According to him, some of

the people behind insecurity do so for profit, others, in the name of discredited ideologies. He said: ‘‘Whatever their motivations may be, their actions are an existential threat to our country. “In the circumstances, we must do everything within our power, without consideration of distractions, to put an end to their activities and bring them to book. “We cannot allow ourselves to be distracted from this objective or waver in our commitment and I am confident that together we will triumph in our present efforts." He hailed the National Assembly for discharging its legislative duties with maturity and competence, describing the legislature as ‘‘full partners in national development.’’ Buhari commended the minority parties in the federal legislature for their cooperation and support for government programmes. ‘‘Our ability to govern in the best interests of the Nigerian people depends a great deal on effective collaboration and partnership between the

legislature and the executive. The obligation to check and balance each other is not an invitation to conflict, and it should not be characterised by quarrelsome disagreement when consultations, engagements and compromise have proven time and again to be a more effective approach. ‘‘In the 9th Assembly, you have distinguished yourselves by your conduct in office, by the scale and quality of your legislative interventions and by your capacity for engaging with the difficult questions facing the country with maturity and competence," he added. The president listed some legislative accomplishments of the National Assembly to include returning the budget cycle to January to December, the amendment of the Companies and Allied Matters Act (CAMA), the Nigeria Police Act, the Finance Act and the Deep Offshore Production Sharing Contract Act. He commended the leadership of the National Assembly under Senate President, Dr. Ahmad Lawan, and Speaker of the House of Representatives, Hon.

Femi Gbajabiamila, for their dedication through challenging times. ‘‘You have also, succeeded in overcoming the political and other obstacles that have for two decades inhibited the much-needed reforms of our oil and gas industry, resulting now in the passage of the Petroleum Industry Bill (PIB). I congratulate you all, and thank you for your contributions to the difficult, yet necessary task of nation-building,’ he stated. Buhari said the executive and legislature came into office at a time of challenges for the country, stressing that "overcoming these challenges require that we finally confront long-ignored questions of economics, politics, law and history that are often at the root of our national problems. "This moment in history requires us to make hard choices, take difficult decisions and act with diligence and patriotism to ensure that our country can survive and thrive long after we have all left. What this means in effect is that our jobs will not get any easier. However, the objectives we seek and will

work together to achieve, deserve our best efforts regardless the sacrifice". In his remarks, Lawan said the dinner was beyond eating as the purpose was to bring together the arms of government that had worked so closely. According to him, since the beginning of the Fourth Republic in 1999, no government has been so challenged by the paucity of funds and other crises like the Buhari administration. He stated that although members of the National Assembly belonged to different political parties, they have worked in brotherhood, standing together and ensuring that they are able to deliver when necessary. Lawan said the Senate and the House of Representatives had worked together seeing to the demolition of the “demons” that stopped the passage of critical bills such as the PIB and others in the past. He said the legislators worked as Nigerians and as people who were there to ensure good governance. He stressed the need for more money for security, noting that

“there is no better investment in Nigeria today than investment in security.” He added that the nation’s economy survived many shocks because the legislature passed the national budgets in time in the last two years. He advised Nigerians to aggregate their views and build a consensus on matters they want addressed in the ongoing constitution review. On his part, Gbajabiamila said it was a delight that they could sit with the executive not over official matters but to eat. He said he was proud of House members, singling out opposition members whom he said were engaging in constructive opposition “as they watch their number deplete.” “As we move towards 2023, I hope their colour will change. I wait on them.” Yesterday's event was the first time members of the National Assembly across party divide would be hosted by the president at the seat of government. Buhari had in the past hosted the leadership of the National Assembly and members of the ruling APC from time to time.

Industry, Trade Ministry Raises the Alarm over PIB Says strange sections negate accountability, transparency

Iyobosa Uwugiaren in Abuja The Federal Ministry of Industries, Trade and Investment has raised the alarm over what it called strange sections proposed in the Petroleum Industry Bill (PIB), which if passed will compound the culture of secrecy and lack of transparency in the oil sector. This, it said, would negate global best practices. In a submission made to the National Assembly, the ministry said it has discovered that strange sections, which were not part of the original

bill that was discussed during the Senate Public Hearing, have found their way into the bill, saying they are capable of eroding the constitutional functions of the Weights and Measures Department of the Ministry of Industries, Trade and Investment. In the memorandum, which was made available to THISDAY, the ministry argued that the Weights and Measures Act and the PreShipment Inspection for Export Act evidently recognise the department as an ‘’indispensable economic activity’’ of the

federal government towards attaining its fiscal goal and implementation of the attendant fiscal policies. ‘’The PIB, therefore, intends to take over the functions of Weights and Measures thus: Verification/fiscalization, calibration and certification of all measuring instruments used at both upstream and downstream sectors of the petroleum industry in line with international practices and procedures; quantity determination of petroleum and gas products for trade purpose,’’ the ministry stated.

The ministry argued that for the purpose of accountability, transparency and checks/ balances, issuance of a pattern of approval certification for measuring instrument used in the petroleum, and introduction of modern measuring instruments that will guarantee accurate measurement in the oil sector are better handled by trained professionals in the ministry. The Ministry of Industry, Trade and Investment continued, ‘’It should also be noted that if the proposed Bill is passed into law as it

is, the Weights and Measures activities of the government of the Federal shall become extinct as far as the petroleum industry is concerned. ‘’The obvious negative implication of such an act on the fiscal policies of Nigeria and the attendant huge losses of revenue resulting from the failure of calibration of the relevant equipment for ensuring the accuracy of the quantum of crude oil exported from Nigeria would be catastrophic. ‘’Allowing the offending sections will create two parallel legal metrology institutions in Nigeria which is against the principle of legislative drafting to give the same powers twice

to two different institutions. Also, the offending sections will only legalize the Department of Petroleum Resources under the proposed Nigerian upstream Regulatory Commission, encroachment on Weights and Measures functions.’’ Warning against the passage of the bill in its present form, the ministry explained that the survival of the Nigerian economy depends largely on the oil sector and concentration of powers to supervise such a sensitive sector in the hands of one agency is not recommended in deference to demand checks and balances, accountability, and transparency.

driving economic growth and this really explains why we have this collaboration today between the Bureau of Public Enterprises (which you know is in charge of our sectoral reform programme) with the Nigerian Investment Promotion Commission and the Nigerian Exchange Group (NGX) to host this seminar as an important platform drawing attention to investment opportunities to both our local and foreign friends and collaborators.” According to him, privatising utilities of the size of the former PHCN simply calls for deeper intentional consideration of the right models and the right type of investors and also looking at funding for these investors over an extended period of time.

"These are some of the challenges that we have seen, but I think that it's an excellent lesson and there is so much that we are learning in approaching privatisation, especially our utilities, going forward," he said. Earlier in his welcome, address, the BPE DirectorGeneral, Mr. Alex Okoh, said the BPE had listed over 36 assets for sale and giving them out to concessionaires under its 2021 work plan. He stated that about N500 billion is expected to be contributed into the federal government coffers from the privatisation proceeds this year. According to him, 234 public assets have been sold in the last 32 years while N1 trillion was generated by the agency.

beseeched by their constituents to do something about the security challenges facing the country “and motions after motions were moved by the lawmakers.” A committee of 50 lawmakers, across parties, religious and ethnic lines, he said, was set up to plan the summit, “and Mr. President was very eager and enthusiastic about it, showing the importance you place on security.” Gbajabiamila said the report was a product of

inputs by traditional rulers, scholars, independent thinkers, and security chiefs, noting that it contains seven recommendations that require legislative action and about 19 that will be implemented by the executive. “Thank you, Mr. President for what you have done so far to douse tension and for Nigeria to remain one. It’s about all of us, not just the executive, the legislature or the judiciary. And Nigeria will work, by the grace of God," Gbajabiamila said.

Emefiele: N15tn Infrastructure Company to Take off Third Quarter rail and power, among others. According to him, InfraCo has generated huge interest in deploying private capital to for infrastructure, adding that the approval of the vice president has been secured to appoint KPMG as transaction advisers. Emefiele stated that over the past 18 months, the COVID-19 pandemic and developments in the global crude oil market had created negatively affected not only the global economy but also the Nigerian economy.

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He added: "For Nigeria, we witnessed a drop in foreign exchange earnings, government revenues along with supply chain disruptions which ultimately led to the economy falling into a recession during the third quarter of 2020. Significant interventions by the monetary and fiscal authorities in key sectors of our economy such as in the manufacturing and agricultural sectors eventually helped and led to the rebound of growth during the fourth quarter of 2020 as gross domestic product (GDP) grew by 0.11 per cent. "The sustenance of these measures have also helped to support growth of 0.51 per cent during the first quarter of 2021. Nonetheless, we consider this growth as fragile and therefore

seek the support of those of us here at this webinar to continue to work with us to grow our economy." He stated that in June 2021, investments in the Importers and Exporters (I&E) window stood at over N3 trillion at an average rate of N412 to the dollar, adding that this meant that on an average working day of 20 working days, close to $150 million was posted in that market. In their goodwill messages, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said Nigeria had huge gas investment potential waiting to be exploited. She stated that despite the numerous challenges confronting the country, it still remains the

premium investment destination in Africa. Ahmed said the COVID-19 pandemic had provided greater need for the federal government to forge a more robust partnership with the private sector. In his keynote address, Osinbajo said the investors’ webinar was organised to showcase investment opportunities arising from Nigerians economic reforms and privatisation activities. He said: " I think that many who have observed the current Nigerian government would agree with me that an article of faith for this government is the importance of mobilising private capital and participation for improving efficiency and

Buhari Reviews Nation’s State, Says Nigeria Lucky to Remain One pay back to the leadership,” he said. According to him, respect for the people should be demonstrated by allowing them to choose who they like as their leaders, irrespective of political party or religion. Describing the event as a remarkable occasion, Buhari restated his determination to serve the country to the best of his ability, recalling his visits to the 36 states during the campaign for the 2019 presidential election.

He said: “The number of people that turned out to see me, some waiting for 10 hours in the sun, was more than anyone could buy or force. They just wanted to see who this Buhari was. People wonder why Nigerians accept me, despite not being rich. I wonder, too. I felt I just have to serve Nigeria and Nigerians to the best of my ability.” Commending the National Assembly for its cooperation with the executive, the president said he tried hard to get the

Eighth National Assembly to do same for the sake of the country, “and I didn’t succeed much, but time has proved me right.” Earlier, Gbajabiamila had thanked the president for endorsing the security summit, saying: “You were part of it from the very beginning, and you were to have declared it open, if not for the exigencies of duty.” The speaker said the summit became imperative after the lawmakers were daily being

T H I S D AY • WEDNESDAY, JULY 14, 2021

NEWSXTRA

Bandits Kill 222, Abduct 774 in Kaduna within Three Months John Shiklam in Kaduna

A total of 222 people have been killed while 774 others have been kidnapped by bandits in Kaduna State in the past three months. This was contained in the second quarter security report, presented yesterday to Governor Nasir El-Rufai by the Commissioner for Internal Security and

Home Affairs, Mr. Samuel Aruwan at the Government House in Kaduna. Aruwan said the report covered from April 1 to June 30, 2021. The report showed a slide reduction in the number of deaths and the number of people abducted. In the ﬁrst quarter report presented in April, a total of

323 persons were killed while 949 others were kidnapped by bandits across Kaduna State. Aruwan also disclosed that a total of 8,553 heads of cattle were rustled in the period under review with most stolen from the Kaduna Central senatorial district, which accounted for around 5,715 stolen cattle. Aruwan said the 222 deaths were caused by banditry attacks,

communal clashes and reprisals across the state. According to him, 159 of the deaths were recorded in Kaduna Central senatorial district while Southern Kaduna senatorial district and Northern Senatorial district recorded 54 and nine deaths, respectively. The commissioner said of the 774 people kidnapped, Kaduna Central Senatorial District topped

the list with 555 people abducted. Birnin Gwari, Chikun, Kajuru, Giwa and Igabi LGAs, where there were rampant cases of killings and kidnappings are in the Kaduna Central senatorial zone. He said, “Southern Kaduna Senatorial District recorded 164 kidnapped persons, with Kachia LGA reporting the highest number of 111. “The Northern Senatorial District

recorded 55 kidnapped persons, with 37 of these from Zaria LGA. “In total, 239 women, and 32 minors were kidnapped in the second quarter across the state”. The commissioner also disclosed that 20 persons were reported to have been raped across the state during the period, adding that a total of 266 were injured as a result of banditry, violent attacks, reprisals and communal clashes.

Gunmen Kill Delta Varsity Student, Kidnap Two Others Sylvester Idowu in Warri Gunmen have shot dead a student of Delta State University, Abraka, Odje Stephen of the Department of Medical Biochemistry. The incident occurred on Sunday night at about 9.30pm as the student was on his way to Abraka to resume the 2020/2021 academic session. The gunmen also abducted Mr. Divine Omajuwa of Geology Department and Miss Hamza Hussiena Jennifer of Pharmacology Department in DELSU who were also returning back to school. In a swift reaction, the University management has condemned the gruesome murder of Stephen and the kidnap of Divine and Jennifer. This was contained in a statement signed by the Dean, Students’ Affairs of the University, Professor Chukwujindu Iwegbue. The statement called on the relevant security agencies and the general public to step up actions to ensure the immediate release and safe rescue of the kidnapped students. It insisted that the perpetrators of the heinous crime against innocent students of the University must be brought to book. The university also condoled with the family of the deceased. Also, the Students Union Government, DELSU, Abraka, has described as “horrifying and

unacceptable that students and the entire University community have become targets of attack, murder and kidnap by hoodlums parading the state”. “It is also painful to the students’ body that when such incidents occur, law enforcement agencies within and around the state don’t do enough to bring the perpetrators to book”, the SUG said in a statement. The statement signed by the SUG President, Comrade Mukolo Ogelenya Solomon, warned that the incidence “may lead to a breakdown of law and order within and around Abraka and its environs and the entire state in general if urgent steps are not taken to effect the immediate and unconditional release of the kidnapped victims.” A 24-hour ultimatum was thus issued by the Students Union to all law enforcement agencies in the state to swing into action to effect the unconditional release of the kidnapped students. “Failure to do so will result to students’ unrest within Delta State University in particular and the entire state in general”, the students stated. The student leader on behalf of his government expressed condolence to the family of the slain student, the students of the Department of Medical Biochemistry and staff and students of the institution. When contacted, the acting Police Public Relations Officer for Delta State Command, DSP Edafe Bright, confirmed the incident.

Osinbajo: Nigeria Loses $26.3bn to Maritime Crimes Annually Kingsley Nwezeh in Abuja Vice President Yemi Osinbajo yesterday said that Nigeria loses $26.3 billion annually to maritime crimes. He spoke at the commissioning ceremony of a maritime surveillance project, Falcon Eye Alignment, at the Naval Headquarters in Abuja. The vice president’s disclosure came as the Chief of Naval Staff, Vice Admiral Awwal Gambo, said the surveillance project had aided the navy in the recovery of 300, bags of foreign rice valued at N9billion and the arrest of 500 suspects in addition to the arrest of 30 vessels and 50 pirates since 2016. This comes as the National Security Adviser, Maj. Gen. Mohammed Monguno (rtd), said the project was designed to combat myriad of security

challenges in the maritime sector including kidnapping of oil workers, crude oil theft and piracy. Osinbajo, represented President Muhammadu Buhari, said threats to the maritime environment had become more harmful to the maritime economy hence the project. “In recent years some key identified threats within Nigeria’s maritime environment have taken on increasingly more harmful dimensions to our economy and even the safety of citizens and commercial entities who use the maritime domain these include, piracy, armed attacks on ships, kidnapping for ransom, crude oil theft, smuggling, as well as Illegal Unregulated and Unreported Fishing (IUU). “It is estimated that Nigeria loses about $26.3 billion annually to various forms of criminality particularly piracy and sea robbery”, he said.

SERVICE OF SONGS… L-R: Daughter of the deceased, Dr. Erekpitan Ola-Adisa; son of the deceased and former Managing Director of Access Bank Plc, Aigboje Aig-Imoukhuede; daughter-in-law of the deceased, Mrs. Ofovwe Aig-Imoukhuede; son-in-law of the deceased, Mr. Mobolaji Balogun; and his wife/ daughter of the deceased, Kemi, at the service of songs for the late Pastor Emily Aig-Imoukhuede at Cathedral of St. John Diocese of Sabongidda-Ora (Anglican Communion), Edo State…yesterday ADIBE EMENYONU

Three Shot Dead in Lagos Market Chiemelie Ezeobi Pandemonium erupted yesterday at the Ladipo market in Lagos after three persons were shot dead during a clash between the military and some area boys at the Paramo area of the market. However, the Nigerian Air Force (NAF) has denied the allegation that the stray bullets that killed the victims were from its operatives, just as the Nigerian Army said it would commence

investigation after its operative was also fingered. According to NAF Director of Information and Public Relations (DOPRI), Air Commodore Edward Gabkwet, the service’s personnel attached to the Operation MESA (OPMESA) were in the market in response to a distress call. He said a call was put across by traders about a fight going on between a soldier of the Nigerian Army (NA) and a civilian debtor.

He said upon receipt of the call, the team moved to the market but was attacked by angry traders who pelted stones at them. He said: “Firstly, NAF personnel did not kill anyone. “Moreover it was one person that died, not three. The information we have at the moment is that the NAF operatives who are attached to OPs MESA received a distress call that a soldier was having an issue with a debtor. “So, they moved in to restore

peace but as soon as some of the traders saw them, they started attacking them. They threw stones at them and destroyed the windscreen of the patrol vehicle. “They attacked a soldier and seized his pistol. So, the soldier who was having issues with a debtor- trader managed to retrieve the seized pistol and fired a shot in order to free himself and the operatives from the crowd. It was that gunshot that killed one of the traders.

IG Exempts Cars with Factory-fitted Tinted Glass from Ban Chiemelie Ezeobi The Inspector-General of Police, Usman Baba, has said the ban placed on the issuance of permits for tinted glass was not directed at factory-fitted cars. The IG had earlier in June announced the immediate suspension of tinted glass permits and issuance of SPY

number plates in the country. The police chief, who made the clarification during a brief virtual media chat with some select journalists, noted that the decision was taken to stop the abuses associated with the use of tinted glass and SPY number plates. He acknowledged the complaint that his men were taking advantage of the directive

on the tinted glass permits to harass innocent car owners with factory-fitted tinted glass, promising that efforts were ongoing to address the perceived excesses. “We understand that there are usually issues with policies and their implementation. The directive on tinted glass is not about the factory-fitted ones but those that are artificially made

to cover the whole screens. “If you look at the factoryfitted tinted glass you can still see through them and if there is any need for the driver to open the doors the security officers would know. But those that are not factory-fitted are completely covered so that no one knows who or what they carry. Those are the ones the ban is targeted at.”

N700m Diezani Bribe: EFCC Re-arraigns ex-Gov Yero, Others Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC) yesterday re-arraigned a former Governor of Kaduna State, Muktar Ramalan Yero, before Justice MG Umar of the Federal High Court, Kaduna on an eight-count

amended charge of money laundering. An EFCC statement said Yero is being prosecuted by the EFCC alongside Nuhu Somo Wya (a former minister), Ishaq Hamsa (former Secretary to Kaduna State Government) and Abubakar Gaiya Haruna, former Chairman of Peoples Democratic Party in the

state, for their alleged involvement in the sharing of N700 million provided by a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, to influence the outcome of the 2015 presidential election. Their re-arraignment yesterday followed the transfer of the former trial judge, Justice Zainab B.

Abubakar to another division of the Federal High Court. When the case was mentioned, the prosecuting counsel, Nasiru Salele told the court that the case was for re-arraignment of the defendants and urged the court to ask them to take their pleas. The defence counsel did not object.

T H I S D AY • WEDNESDAY, JULY 14, 2021

NEWSXTRA

Marketers, TUC Oppose Restriction of Petroleum Products Importation to Refiners Onyebuchi Ezigbo, Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Major Oil Marketers of Nigeria (MOMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the

Trade Union Congress (TUC) yesterday kicked against the granting of petroleum products import licences exclusively to reﬁnery owners in the country. THISDAY had reported that Section 317 (8) of the Senate’s version of the passed Petroleum

Senate Mulls Amendment of JAMB Act Kuni Tyessi in Abuja The Senate Committee on Basic Education has said that it would pursue the amendment of the law that established the Joint Admissions and Matriculation Board, (JAMB) to limit the age of candidates writing the Unified Tertiary Matriculation Examination (UTME), to 16 years and above. The Vice Chairman of the Committee, Senator Akon Eyakenyi, gave the indication during the committee’s oversight visit to the JAMB when he said that the committee had identified two major areas that would be addressed in the proposed amendment to enable the exam body to function better. The committee also noted that

The Coalition of Northern Groups (CNG) has kicked against the privatisation of the Niger Delta Power Holding Company (NDPHC), describing it as part of the several schemes to cripple the North economically by shortchanging it in the process. The spokesperson of the group, Mr. Abdul-Azeez Suleiman, stated this yesterday while addressing a press conference in Abuja, saying the planned privatisation of Calabar, Ihovbor, Olorunsogo and Geregu Power Plants by NDPHC would be resisted by the North. He said having studied the proposal carefully, “CNG has

concluded that it was the most dubious, unreasonable and unacceptable act of injustice that is being perpetrated against Nigerians collectively and northerners in particular.” It noted that the assets under consideration do not belong exclusively to the federal government but the three tiers of government. The coalition stressed that the current privatisation plot, therefore, reneges on the initial understanding that after certain years of piloting the projects in Southern Nigeria, the assets were to be sold and the proceeds reinvested in setting up hydro generation assets in some parts of the northern states for similar length of time.

Ekiti Prosecutes 121 Rape Cases, to Confiscate Buildings Used for Sexual Abuse Victor Ogunje in Ado Ekiti The Attorney General and Commissioner for Justice in Ekiti State, Mr. Wale Fapohunda, has disclosed that the state is currently prosecuting 121 rape cases against offenders. Fapohunda said that the state government would confiscate any private and hotel accommodation and other related places used for the rape of a minor. He added that the government has also made more legal

MOMAN’s Executive Secretary, Mr. Clement Isong and his counterpart at DAPPMAN, Mr. Olufemi Adewole, the associations said that they had been bombarded with questions by the media, professional bodies, civil society organisations and some members of the public seeking their professional and business views on a “late insertion” in the senate

version of the PIB. Specifically, the groups stated that the clause restricts the licence to import all refined products into the country to a very small number of local refiners, noting that this restriction extends to products that have long been deregulated such as diesel, kerosene, Liquefied Petroleum Gas (LPG) and base oils.

The oil marketers emphasised that as industry stakeholders and professionals with heavy investments in the downstream sector, they welcomed the entry and participation of local reﬁneries, but said that selection of a few businessmen to import fuel would stiﬂe competition and kill small businesses.

candidates below the age of 18 should not be admitted into the university because age has a lot to do with learning ability. Eyakenyi said: “Our own work is that of making laws, to legislate. We have identified two major areas that we need to go into the process of amending the act establishing the JAMB. That’s the area of support we will give. “Other than that, we also intend to pass on what we have seen today to the appropriate MDAs and the Federal Ministry of Education to ensure the support that the JAMB needs is given to it.” The senator stressed the importance of education to the development and future of Nigeria and stated that the sector deserved maximum attention.

Northern Coalition Rejects Planned Privatisation of NDPHC Adedayo Akinwale in Abuja

Industry Bill (PIB) restricted licence to import petroleum products to only companies with active local reﬁning capacity. But the oil marketers and the depot owners said that the insertion of the clause in the bill would create a monopoly that would exploit ordinary Nigerians. In a joint statement signed by

efforts to protect the identities of whistleblowers, who raised alarm over issue of sexual assault in Ekiti. The attorney general said these in a statement he issued in Ado Ekiti, yesterday. He said: “The Ministry of Justice is presently prosecuting 121 cases of Rape in various courts. This number is particularly disturbing considering this statistic only related to victims or their relatives who are willing to support the ministry in the prosecution of these cases.

WELCOME ON BOARD… L:R: New Managing Director of Nigeria Liqueﬁed Natural Gas (NLNG) Limited, Mr. Phillip Mshelbila; Minister of State for Petroleum Resources, Chief Timipre Sylva; and outgoing Managing Director of NLNG, Dr. Tony Attah, during the introduction of the new NLNG boss to the minister, at the Nigerian National Petroleum Corporation (NNPC) Towers, Abuja…yesterday

House Member Withdraws Controversial Anti-Protest Bill Udora Orizu in Abuja The member of the House of Representatives representing Ahiazu Mbaise and Ehinihitte Mbaise federal constituency of Imo State, Hon. Emeka Chinedu, yesterday withdrew the bill seeking a five-year jail term for protesters. Chinedu announced the withdrawal of the bill in a letter

read by the Speaker of the House, Hon. Femi Gbajabiamila, at the plenary. Outrage had greeted the bill since it was passed for first reading by the lawmakers on July 6. In a statement issued last week, the lawmaker clarified that his bill was misinterpreted, saying the wrong narrative may have been shaped to the title: ‘House bill threatens five-year jail term for unlawful protesters’.

According to him, the bill seeks to preserve life and protect the killing of the innocent people through mob action, also known as ‘jungle justice’. The letter read in part: “I write to inform you about my decision to withdraw the bill that seeks to amend the Criminal Code Act Capt. 38, Laws of the Federal Republic of Nigeria. My resolve to withdraw the bill that passed first reading on July 6, 2021, is

due to the way and manner my well-intended action to prevent the untimely death of innocent Nigerians through mob action (jungle justice) is generating controversy across the country. As a democrat whose ideology and preference are rooted in a society that is devoid of controversy, and after due consideration with my constituents, I crave your indulgence for the bill to be withdrawn forthwith.”

Kwara Assembly Suspends Lone PDP Lawmaker, Agboola Hammed Shittu in Ilorin The Kwara State House of Assembly yesterday suspended the member representing Ilorin South constituency, Hon. Jimoh Raheem Agboola, for alleged contempt and abuse of privilege. Agboola, the only Peoples Democratic Party (PDP) lawmaker in the state House of Assembly, was asked to stay

off the Assembly pending the investigation of his alleged abuse of privilege by the Assembly. When contacted, the PDP lawmaker said his suspension from the Assembly would not withstand the test of time. According to him, “My suspension from the state Assembly is dead on arrival, and I would address the issue soon so as to put the record straight.” However, at the House of

Assembly plenary yesterday, the Assembly Leader, Hon. Abubakar Mogaji Olawoyin, moved a motion without notice on the suspension of the lawmaker. Olawoyin, while leading the debate on the motion, said: “The Assembly is an institution and not an individual, and as such must be respected.” The Assembly Leader accused Agboola of making a despicable comment about

the state legislature calling on the masses to stage a protest against the state government and the House of Assembly through a radio programme. He regarded such act at this period of insecurity as unsafe and could lead to chaos. He described how Agboola allegedly disrespected the Assembly as already trending on social media, and urged the Speaker to investigate the matter.

Govs to Discuss PIB, Legislative, Judicial Autonomy Today Chuks Okocha in Abuja Governors under the aegis of the Nigeria Governors’ Forum (NGF) will today take a final decision on the issue of legislative and judicial autonomy at the subnational level when they meet

in their 32nd NGF Teleconference meeting. The 36 governors will also discuss the controversial Petroleum Industry Bill (PIB) recently passed by the National Assembly and poverty alleviation in the country. According to a statement

by the Head of Information of the Forum, Mr. Abdukraque Bello Barkindo, prominent on the agenda of the invitation to the meeting, as issued by the Director-General of the Nigeria Governors’ Forum, Mr. Asishana Bayo Okauru, is the issue of Executive Order 10.

The governors, the statement said, will also review the Memorandum of Action (MoA), which was signed, months ago, in a series of meetings between the governors, members of the judiciary and parliamentary workers, as well as and the Minister of Labour and Employment.

T H I S D AY • WEDNESDAY, JULY 14, 2021

NEWSXTRA

NDLEA Nabs Interstate Drug Cartels in Kogi, Nasarawa, Benue, Recovers 843kg Skunk, Cocaine Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA), have busted three major interstate drug cartels, supplying

illicit substances to some states in the North. Recovered during the operations are skunk and cocaine weighing over 843 kilogrammes, with at least seven of the drug kingpins

House Okays Bill Seeking Stiffer Penalties for Possession of Unlicenced Firearms Udora Orizu in Abuja The House of Representatives at the plenary yesterday passed for second reading a bill seeking to provide stiffer penalties on possession of unlicensed firearms. The bill also sought to introduce regulations that would reform the existing provisions of the law for more effective regulation of manufacturing and possession of firearms. The proposed legislation titled: “A Bill for an Act to Amend the Firearms Act, Cap. F28, Laws of the Federation of Nigeria, 2004 to Increase the Fines, Provide for strict Prison

In continuation of his empowerment programme in the Bauchi State, the state governor, Senator Bala Abdulkadir Mohammed has donated N50 million empowerment items to over 600 beneficiaries in Ganjuwa Local Government Area of the state. The empowerment items include grinding machines, sewing machines, knitting kits, motorcycles and other items. Presenting the items at the local government secretariat yesterday,

Governor Mohammed urged the beneficiaries to make judicious use of the items in order to maximise the benefits, saying that aside infrastructural development in the state, one of the priorities of his administration is to empower the lives of the citizens of the state through the acquisition of skills. “This gesture by the government is aimed at getting people of the area out of poverty, making them self-reliant as well as making them to become employers of labour. When people are empowered in the businesses they are doing, others will benefit”

Police Arrest 16 Suspected Cultists in Niger Laleye Dipo in Minna The police have arrested 16 suspected cultists that included seven students of the Ibrahim Badamasi Babangida University, Lapai, Niger State. The suspects also included seven graduates of the institution and two other persons. They were arrested on July 7, 2021, at the Gwaranyo Lodge in the low cost area of Lapai town for allegedly being members of the Black Axe.

The Niger State Police Command’s Public Relations Officer, DSP Wasiu Abiodun, disclosed yesterday in a statement he made available to newsmen in Minna that the suspects were apprehended during their annual anniversary. Abiodun listed items recovered from them to include one small axe, an army trouser, one army face cap, one pot that was stuffed with dried leaves suspected to be Indian hemp and a jerrican containing concoction suspected to have been mixed with illicit drugs.

Runsewe, Sirajo, 50 Others Float New Coalition to Forge National Unity Emmanuel Addeh in Abuja Fifty two prominent Nigerians, including the President of the Nigerian Institute of Public Relations (NIPR), Mr. Mukhtar Sirajo; Director-General, National Council for Arts and Culture (NCAC), Mr. Segun Runsewe, and his counterpart at the National Orientation Agency (NOA), Dr. Garba Abari, have set up a new

Augustine Emmanuel, 45, opted to move its consignments through the waterways between Edo and Kogi states. He said they were however intercepted on Monday 12th July, 2021 at a Jetty in Idah, Kogi State, where a Toyota Avalon car with registration number: Lagos SMK 345 CG, loaded with 487 kilogrammes of cannabis and

ferried across the waterways from Agenebode, Edo State to the Jetty in Idah, was seized and the syndicate leader arrested. Babafemi also disclosed that in Nasarawa State, a team of NDLEA operatives had on Thursday, July 8, raided one of the most hostile drug joints in the state capital. He said about 356 kilogrammes of cannabis and various psycho-

tropic substances were recovered, with the arrest of four major drug dealers, including the most notorious drug kingpin in Nasarawa State called “Boogie” with real name Muhammed Umar. According to him, Boogie’s drug distribution tentacles cut across Kano, Plateau, Benue and parts of the Federal Capital Territory (FCT), Abuja.

Terms and Licensing Fees; and for Related Matters (HBs.101, 1204, 101),” was sponsored by Adejoro Adeogun (APC,Ogun) and Ossai Nicholas Ossai (PDP, Delta). Adeogun said the Firearms Act was an adaptation of the 1959 Fire Arms Act put in place before Nigeria assumed political independence. He said that the bill would amend sixteen sections of the Firearms Act to allow for provision of stricter requirements and legal framework for licensing of fire arms, ownership proficiency training, storage, sale, assemblage and manufacturing of firearms in Nigeria.

Bauchi Donates N50m Empowerment Items to Residents of Ganjuwa LG Segun Awofadeji in Bauchi

behind the syndicates arrested in separate raids carried out in Kogi, Nasarawa and Benue states by the NDLEA. A statement issued yesterday by the spokesman of the anti-narcotics agency, Mr. Femi Babafemi said In a bid to evade the frequent road interdiction efforts by ofﬁcers of the Kogi State Command of the agency, a cartel led by one

group aimed at fostering national integration. At the inauguration of the national planning committee in Abuja, the group which described itself as non-political, stated that no segment of Nigeria must be left out in the search for Nigeria’s rebirth, noting that from September 2021, it will begin to crisscross the 36 states of the federation to complement ongoing military efforts.

ALLEVIATING POVERTY… Bauchi State Governor, Senator Bala Abdulkadir Mohammed (right), presenting a grinding machine to a beneﬁciary in Ganjuwa, during the distribution of N50 million empowerment items to residents of Ganjuwa LGA in the state… yesterday SEGUN AWOFADEJI

Keyamo: PDP Pursuing Illogical Argument against Matawalle Onyebuchi Ezigbo in Abuja The Minister of State for Labour and Employment, Mr. Festus Keyamo (SAN), has described the position of the Peoples’ Democratic Party’s (PDP) in respect of the Governor of Zamfara State, Mr. Bello Matawale, as absolutely illogical. Keyamo, in a statement that was issued yesterday’s night, said that the PDP’s argument is baseless and mischievous without

any constitutional backing. He spoke in reaction to a statement credited to the National Publicity Secretary of the PDP, Mr. Kola Ologbodiyan, that cautioned banks and other financial institutions to be wary of financial transactions with Governor Matawalle who was alleged to have ‘vacated’ the office of the governor of Zamfara State following his defection to the All Progressive Congress (APC). Keyamo said that the PDP also

stated in very clear terms that the Deputy Governor, Mr. Mahdi Aliyu Gusau, now holds the Zamfara State’s governorship mandate and ought to be accorded the protection and privileges due the office of governor as the formal process for his official declaration as substantive governor of Zamfara State has commenced at the Federal High Court. He argued that the PDP erroneously relied on Section 221 of the 1999 Constitution (as amended)

as well as the judgment of the Supreme Court in Faleke v. INEC. He said: “Unfortunately for the PDP, the Supreme Court decision in Faleke v. INEC does not relate to the consequence of the defection of a governor from one political party to the other. A more apt instance will be the Atiku Abubakar scenario wherein Atiku Abubakar as Vice President, elected under the PDP, defected to the then Action Congress.

Cameroon Lauds Nigeria for Arresting IPOB Leader, Kanu Deji Elumoye in Abuja Cameroon has lauded Nigeria for the recent arrest and repatriation of the leader of the proscribed Independent People of Biafra (IPOB), Mr. Nnamdi Kanu, to the country. The commendation came as President Muhammadu Buhari

pledged the readiness of Nigeria to ensure that the Republic of Cameroon would remain an indivisible country. Cameroon’s Special Envoy, Mr. Felix Mbayu, who spoke yesterday at the State House, Abuja while delivering a message from President Paul Biya to Buhari, congratulated the Nigerian

government on the recent arrest and repatriation of Kanu with the collaboration of national security agencies and INTERPOL. The IPOB, a separatist group that was proscribed by the Nigerian government, was said to have entered into alliance with the Ambazonian Movement, a separatist group from Cameroon, in their

agitations for self-determination. Mbayu, who is also Minister Delegate in Charge of Cooperation with the Commonwealth, said that Biya was happy with the role Nigeria was playing in Africa, noting that the two neighbours shared not just borders and historical ties “but also common challenges.”

Ogun Partners UK, South Africa over Forest Reserve, to Revive OKLNG Ogun State government is presently working in partnership with the United Kingdom and the South African government to create a Forest Reserve in Ijebu-East Local Government Area of the State. This is coming on the heels

of a promise to work with the Nigerian National Petroleum Corporation (NNPC), in order to revive the Olokola Liquefied Natural Gas (OKLNG) project and ensure that the State has a seaport in the nearest future.

The state governor, Prince Dapo Abiodun made these revelations at different points while presenting the APC flags to the chairmanship candidates for the July 24 local government elections. Presenting the flag to Wale

Adedayo in Ijebu East, the Governor asserted that Ijebu-East is the only local government in the South West that is blessed with such natural reserves, saying the area is also full of bitumen and some other natural resources.

WEDNESDAY, ͹ͼ˜ ͺ͸ͺ͹ ˾ T H I S D AY

TUESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

2020 OLYMPIC GAMES

D’Tigers’ Big Wins Against USA, Argentina Morale Booster for Nigeria in Tokyo, Says Okafor Duro Ikhazuagbe D’Tigers’ fairytale run in the build-up to the Tokyo Olympic men’s basketball event this summer has created a buzz in the country following Nigeria’s two wins against world ranked Number One and Four teams, USA and Argentina respectively. D'Tigers on Sunday morning defeated Team USA 90-87 and repeated the feat against Argentina, winning by a 23- point margin (94-71) to record their second major upset in three days. Early hours of today, D’Tigers

were scheduled to play another basketball powerhouse Australia before rounding up their training and head to the Far East for the Games. D'Tigers centre, Jahlil Okafor, insisted yesterday that the big wins against USA and Argentina “is a morale booster for what we hope to achieve in Tokyo.” The Detroit Pistons big man made his announcement on the international stage with a bang after missing the game against USA. Okafor scored 15 points and had 7 rebounds on his debut

for Nigeria against Argentina on a night that D'Tigers defeated the number four ranked team 94-71pts. "It gives all of us the confidence to go out there and perform at a high level just like we did against USA and Argentina,” stressed the confident Detroit Pistons Big man. Okafor said it has been fun working with a set of talented players who are keen to daily build something that Nigerians home and abroad will be proud of. On how he was able to make

an impact for the team during the friendly game against Argentina, Okafor said, "My team gives me all the confidence. They tell me to go out there and be aggressive, be myself and have fun." "After the big win against USA and against Argentina, the message was to take care of business and avoid any let down," Okafor revealed. He believes that based on the team spirit which is at an all-time high, the main objective of the players and coaching staff is to win at the Olympics. D’Tigers are in a tricky Group

D’Tigers’ Jahlil Okafor (second right) up in ﬂight against an Argentine during Monday night build up game in Las Vegas

Infantino, Motsepe to Storm Lagos for Aisha Buhari Cup Organisers of the Aisha Buhari Invitational Women’s Football Tournament have confirmed that FIFA President, Gianni Infantino, CAF President, Dr. Patrice Motsepe, FIFA GeneralSecretary, Fatma Samoura, and other world football dignitaries would be at the six-nation tournament scheduled to hold in Lagos between September 14 and 20, 2021. The football showpiece which is in honour of Nigeria’s First Lady, Her Excellency, Aisha Buhari will have in attendance women football powerhouses in Africa namely hosts, Nigeria, Cameroon, Ghana, South Africa and merging powers, Mali and Morocco. Main mover of the event, NFF President and FIFA Council Member, Amaju Pinnick conveyed the information to the Director of Organisation, Aisha Falode who said the presence of the football bigwigs at the august occasion will just attest to the high regard the football bigwigs hold of the name of Nigeria’s First Lady, Her Excellency, Aisha Buhari. “Their acceptance to personally attend the football fiesta is in line with the football body’s programmes of growth, commercialisation, marketing and rebranding of the women football which of late have seen issues affecting the game receiving global attention at every forum. “The FIFA strategy for the

Women’s Game are captured in its five-point agenda; *Develop And Grow … On And Off The Pitch; *Showcase The Game … Improve Women’s Competitions; *Communicate & Commercialise … Broaden Exposure & Value; *Govern & Lead … Strive For Gender Balance; and *Educate & Empower … Build Capacity & Knowledge. According to Falode, “FIFA and CAF are deeply involved

with various programmes on empowerment, leadership and governance among the women folks. “The leadership of these football bodies have sunk huge intervention fund in various programmes directed at the women and these interventions are in tandem with the Nigeria’s First Lady, Aisha Buhari’s pet NGO project ‘Future Assured’ with its central theme on girlchild empowerment,” stressed the NFF board member.

“The 2019 FIFA Women’s World Cup in France was a masterpiece of cumulative efforts by the world football body to bring to the fore women game and every other things concerning the women. “The football top shots’ acceptance to be part and parcel of the Aisha Buhari Cup as confirmed by the NFF President is a mark of respect for Nigeria’s First Lady, Aisha Buhari. They want to use the occasion to honour her as well as recognise her various activities and contributions in and outside Nigeria over the girl-child advocacy and empowerment programmes,” she noted.

Adekuoroye’s Glory Quest in Tokyo 2020 Gets Halogen Backing As Nigeria’s team to the Tokyo 2020 Olympic Games departed for Japan last night amid high expectations, Halogen Group, the country’s leading security risk company, has sent a special message of goodwill to its adopted athlete, Odunayo Adekuoroye. Adekuoroye, the Nigerian female wrestling sensation who has been ranked the world’s number one in the 57kg wrestling category, is a two-time Commonwealth Female Wrestling Champion, and has won multiple gold medals in several high profile global tournaments. Adekuoroye who has been named by the Federal Government as Nigeria’s Flag-Bearer at the opening

produce Champions for Nigeria at the Tokyo Olympic Games. In its goodwill m e s s a g e , Halogen praised Adekuoroye’s dedication, discipline and focus which it says have resulted in her sensational string of winnings at various global tournaments, noting that her Odunayo Adekuoroye...Team determination, self Nigeria’s medal hopeful in Tokyo belief and faith which have seen her rise to of Tokyo Olympics, was last year adopted by Halogen international prominence, are Group under the “Adopt-an- the same virtues she needs Athlete” initiative designed to hold dear in the pursuit by the Federal Government to of Olympic success.

B in Tokyo, where they will face Australia, Germany and Italy in their quest for a quarter-final spot. No African nation has ever won an Olympic basketball medal. Meanwhile, Nigeria’s women’s basketball team, D'Tigress are expected to begin their preOlympics tune up games in

Las Vegas. Coached by Otis Hughley, the team will be playing their first friendly game against Australia on before taking on the Australians again on Saturday. The back-to-back African champions are to round off with a game against the United States of America.

AITEO Cup: Fireworks in Lokoja, Aba, Kaduna in Round of 16

The Round of 16 matches of the men’s section of this year’s AITEO Cup competition will come alive today with potentially explosive encounters at the Confluence Stadium in Lokoja, Enyimba Stadium in Aba and Kaduna’s Ahmadu Bello Stadium. It will surely be a fight-to-finish in Lokoja when respected Tin City lords, Plateau United take the pitch against in-form Nasarawa United from Lafia. Plateau United, last winners of the Nigeria Professional Football League, pushed Jigawa Golden Stars off the boat in the last round while the Solid Miners got the better of Bendel Insurance. In Kaduna, it is a northern derby between Katsina United – in the NPFL – and Gombe United, accustomed to the NPFL but presently in the second tier Nigeria National League. Both teams go for each other’s jugular at the Ahmadu Bello Stadium to determine who grabs the ticket to the quarter finals. The Enyimba Stadium in Aba will welcome Heartland FC of Owerri and resurgent Rivers United in a game of two Nigeria Professional Football League battlers. Rivers United are eyeing success in this year’s NPFL but they have a mountain to climb with Akwa United, Enyimba FC, Kano Pillars and Nasarawa United all focused and angling for the diadem. United may simply opt to concentrate more on the AITEO

Cup. The Pride of Rivers bumped Sokoto United in the Round of 32 while Heartland upended the ambitions of Ekiti United. In Abuja, surprise packets Green Beret FC, who closed the door on NPFL side Warri Wolves, are up against another top tier side, Sunshine Stars. Abia Warriors and Niger Tornadoes have a date at the Aper Aku Stadium in Makurdi, and Lobi Stars will fancy their chances of a quarter final place when they tackle Bayelsa United at Owerri’s Dan Anyiam Stadium. The Nnamzi Azikiwe Stadium, Enugu is venue for the confrontation between Wikki Tourists of Bauchi and Gateway FC of Abeokuta, while former champions Kano Pillars and another surprise side, Kebbi United (who gunned down Kwara United in the Round of 32) will lock horns at the Bako Kontagora Stadium in Minna. All matches to kick off at 3pm.

ROUND OF 16 K’Pillars Gateway G’Berets Katsina Utd Abia War’ Plateau Heartland Bayelsa Utd

v Kebbi Utd (Minna) v Wikki (Enugu) v Sunshine (Abuja) v Gombe (Kaduna) v Tornadoes(Makurdi) v Nasarawa (Lokoja) v Rivers Utd (Aba) v Lobi (Owerri)

Abuja Lawyers' League: GLA Defeats Afe Babalola 2-0 to Win Maikyau Cup Alex Enumah in Abuja

Grobartig Legal Advisory (GLA) last Saturday defeated Afe Babalola team 2-0 to emerge winners of the 2021 Abuja Lawyers’ League (ALL), football tournament, tagged Maikyau Cup. GLA has won the tournament back-to-back having similarly emerged winner of the 2020 edition. GLA smiled home with the star prize of N500,000. Speaking at the event, Minister of Sports and Youth Development, Sunday Dare commended lawyers for engaging in sporting activities despite their very time consuming job. The Minister, who was represented by his Special Assistant on Projects, Mr Biodun Owoborode, noted that lawyers by the competition have demonstrated to Nigerians the importance of sports to the well-being of the people. While stating that sports is a

major unifying factor in Nigeria, he urged other professionals to emulate the lawyers by organizing and participating in various sporting events to stay fit. "It is phenomenal and amazing to see lawyers let loose and get involved in exercises like this. "It tells us that sport is important to our wellbeing and I think so many other professions should be doing things like this as well,” he said. The minister’s representative also commended the team spirit displayed by the players, stressing that is what Nigeria needs in times like these, particularly as the nation heads to the delayed 2020 Olympics Games in Tokyo, Japan. Similarly, a senior lawyer and Chairman of the 2021 ALL championship, Prince Lateef Fagbemi, SAN, noted that apart from the health benefits of exercise, the tournament has also created room for networking among the lawyers.

Wednesday, July 14, 2021

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Keyamo to PDP “It is extremely laughable that the PDP that celebrated the defection of Governor Ortom and Governor Obaseki from the APC to the PDP with such elaborate ballyhoo and fanfare would muster the eﬀrontery to attempt to remove Governor Matawalle from oﬃce for defecting to the APC.” Minister of State for Labour and Employment, Mr. Festus Keyamo, describing PDP’s position on Governor Bello Matawalle’s defection as illogical.

KAYODEKOMOLAFE Beyond the Figures of Insecurity A THE HORIZON

bout 22 years ago, the deeply human story of a five-year old Cuban boy, Elian Gonzalez, caught the attention of the whole world. He was the subject of an intense diplomatic row between the governments of Cuba and the United States. Gonzalez lost his mother, Elizabeth Rodriquez, in late 1999. While attempting to leave Cuba in a boat, the woman drowned. Elian’s father, Juan Miguel Gonzalez, remained in Cuba while the accident happened. The poor boy survived the accident and he was found by fishermen in an inner tube floating on the sea. The fishermen kindly handed Gonzalez to the States Coastal Guards to be taken ashore for proper care. After the boy was discharged from the hospital, the U.S. immigration granted him a temporary deferral and handed him over to his great uncle, Lazaro Gonzalez in Miami, Florida. Meanwhile, the Cuban president at the time, Fidel Castro, stepped in and quickly had a meeting on the developments with Elian’s father, Juan Miguel Gonzalez. The Cuban government subsequently sent a diplomatic note to the American State Department, demanding an immediate return of the boy to Cuba. The relatives of the boy and, indeed, the community of Cuban exiles in Miami resisted the moves to return the boy to Cuba. A battle for the boy’s custody ensued from the dispute. At the end of the day, the government of President Bill Clinton complied with the legal position that the father should have the custody of his son. Only late last year, the United States special forces staged an operation in this country to rescue an American citizen, 27-year old Philip Watson , who was kidnapped from his farm by some gunmen in southern Niger. America reportedly embarked on the overnight mission conscious of the fact that insurgents with links to al-Qaeda and the Islamic State of West Africa were active in northern Nigeria and southern Niger. None of the American military men was injured during the operation. On the highly successful mission, an official of the U.S. Department of State proudly said: “This American citizen (Watson) is now in the care of the U.S. Department… The United States will continue to protect our people and our interests anywhere in the world.” The foregoing is to demonstrate the primacy of the responsibility of security on the part of the state with the telling stories of two citizens of two markedly different countries. The life and security of one person in foreign land warranted the supreme attention of the government of his respective country. Little wonder that a citizen of such a country would not hesitate to die for his or her fatherland. A country that could send seals across oceans to save your life is certainly a country that is worth defending at all times. Now, compare the stories of Elian Gonzalez and Phillip Watson with those of hundreds of Nigerians who have been kidnapped by bandits, terrorists and other criminals in different parts of the country. The Nigerian victims of abductions seem to be as helpless in the situation as the Nigerian state itself. This is another aspect of the tragedy of the climate of insecurity enveloping the country. The Cuban government stoutly came in defence of one citizen of the small country, Elian, whose father fought bravely for his custody in a powerful country. If you like, it was also by implication a defence of Cuba’s national pride. Elian was a five- year old child in 1999. In 2021 Nigeria, more than 100 children kidnapped over 40 days ago in an Islamic school in Tegina, Rafi Local Government Area of Niger State, are still held by their captors. The ages of the children range between three and 11. Yet you can’t see any sense of emergency on the part of the government and the people about this humanitarian disaster.

kayode.komolafe@thisdaylive.com

Zulum It is all taken as a normal statistical news of abductions. It appears no news of insecurity shocks Nigerians anymore. By the way, no officer in the police or the State Security Services is known to be answering questions on how scores of children could be taken away on motor cycles just like that... And this reportedly happened in day light! Whatever happened to policing and intelligence gathering in Niger state on that tragic day? The other day one of the teachers in the school broke down during an interview on ARISE TV. Vividly in anguish, the teacher spoke of the helplessness of the parents. In tears he asked repeatedly if the children were not Nigerians from Niger state anymore as there was no humane response from government at any level. His tears on the Morning Show of ARISE TV that day must have also provoked more tears from some of the viewers of the programme. In a different context of insecurity, the might of the American state was brought to bear to save the life of Phillip Watson. Compare also the legitimately triumphant statement (quoted above) of the then American assistant to the secretary of defence, Jonathan Hoffman, after the rescue of Watson with the one made recently by the Nigerian Defence Minister General Bashir Magashi. The minister said the victims of banditry should “defend themselves.” Imagine a retired general asking defenceless citizens to confront bandits wielding AK-47 and other weapons! Meanwhile, the same general is the

“As the Nigerian state scales up its technical competence to tackle insecurity, it should also humanise the response to the crisis”

0805 500 1974

one in charge of the defence ministry for which billions of naira have been budgeted for security. The import of these comparisons is that beyond the display of grim figures of killings and abductions, there should be a greater focus on the human angle of the tragedy. The blood and anguish of victims of violent crimes should not be reduced to mere statistics. The agonies of widows and parents of schoolchildren in captivity cannot be expressed only in numbers. The Nigerian state should demonstrate clearly to the public that it places a premium on the humanity of the victims, in the first place. Another dimension of the tragedy is that the statistics are not even accurately presented to the public with a sense of sobriety, respect and accountability. For instance, two days ago, the Nigerian media was awash with report that an average of 13 persons were abducted daily in Nigeria in the first six months of this year. According to the SBM Intelligence report, 2, 371 persons were kidnapped between January and June and about N10billion was paid as ransom. To gauge the volume of the transactions, just remember that the least favoured state in Nigeria might not receive N10 billion in three months from the Federation Account even when the economy was in a better shape. Such is the nature of the sanguinary economics of kidnapping. Other bodies have also come with different tallies of abductions. The headlines in the media give different figures of abductions as the crimes are reported. So, accountability demands that every life must count not just as a figure, but also as a real human being. The police should be briefing the public regularly with accurate figures of those killed, injured or abducted as they give progress report on security. When those in captivity regain their freedom by whatever means the police should tell the public how many people have been so lucky. It doesn’t show adequate respect for human life in Nigeria that what is now considered by the media as the authentic compilation of the numbers of the victims is even being done by foreign organisations. The point at issue is that the handling of the crisis should be better humanised by the Nigerian state. The victims should not be treated just as numbers. A name and a face should be put to each number. The memories of soldiers, policemen and other security agents killed in the course of duty should be treated with honour and the due compensation be paid to their survivors promptly and with dignity. In his book entitled Duty: Memoirs of a Secretary at War, former American Defence Secretary, Robert Gates, reported that a handwritten letter from him went to the next of kin of every American soldier killed in the Iraq war. This is beside the honour done the memory of the soldier in a decent funeral, and of course, the payment of entitlements to the survivors. A governor should ensure that relations of those abducted in his state are regularly comforted and briefed about the efforts being made to secure the freedom of the victims. There is no sufficient empathy on display by officialdom. Officials handling the crisis from the political and security angles should be imbued with adequate emotional intelligence. What the relations of victims need are soothing words and genuine assurance of official efforts to solve the problem and not provocative declarations and rhetorical violence of politicians. The humanitarian cost of the crisis should be more rigorously addressed. To be fair to the defence ministry, the information on soldiers killed or injured is relatively more regular. And the authorities have dismissed allegations about the delay in payment of the entitlements of fallen soldiers. Yes, that is very important. But the nation owes those injured and maimed a greater care and succour than what is being given at

present going by the reports about their condition. The same thing should be said of policemen and agents of other security agencies. The welfare of this category of victims should be of a qualitative concern to the government and the public at large. Apart from the inaccurate figures of the displaced, the material condition of those in the Internally Displaced Persons (IDPs) camps is a reflection of our collective humanity in Nigeria. In many parts of the country, north and south, east and west, persons have been displaced from homes by violent activities of criminals of different hues. In most cases there are no properly organised camps for the victims of displacement. The humanitarian cost of the reported violence and destruction in the southeast in recent times and the killings in Ibarapa area of Oyo State is no more in the news. What has happened to those socially dislocated by the crisis? Benue State Governor Samuel Ortom said recently over a million persons have been displaced in that state as a consequence of violent activities of criminals. Before the epicentre of banditry shifted to the northwest, the northeast had the largest number of displaced persons which some estimates put at about three million. This number probably excludes Nigerian refugees in neighbouring countries of Niger, Chad and the Cameroun. Only a few days ago, Governor Babagana Zulum of Borno State was in Aso Rock to seek the support of President Muhammadu Buhari in the resettlement of these externally displaced Nigerians. Obviously, the federal government would be responsible for the security and diplomatic aspects of the resettlement of these displaced persons. But the state government has to provide suitable answers to the welfare and other material and moral questions that would arise in the process. Here, you have a governor who pays attention to the human angle of the crisis. The example of Zulum becomes more conspicuous by the day. The crisis is not yet over in Borno State. Terrorism has taken its greatest toll on the beleaguered state. But Zulum is not living in denial as the chief security officer of the state. He accepts the full responsibility of his office. Zulum shows empathy with people. Imbued with enormous emotional intelligence, he stands by them in the rural communities where terrorists are fighting for turf and hoisting flags. He has done this on some occasions at the grave risk to his life. Despite the difficult situation in the last two years his government has built schools, healthcare facilities while embarking on social housing. These are the basic needs of those who would be reintegrated into normal, decent life. Yet some of the stories from the IDP camps are far from being edifying. The conditions are sordid in some of the camps. The situation in the camps needs improvement; there should be honesty of purpose and humaneness on the part of those managing the affairs of the displaced persons. Finally, the long-term social consequence of the activities of the criminals in the education sector especially in the north cannot be adequately reflected in the headline figures now. The crisis is sowing the seeds of further social inequality. In March, THISDAY did an investigative story on the impact of abductions and killings on schools. As at time over 600 schools had been closed due to insecurity. The number has, of course, increased with recent abductions. The social damage being done to a generation in this regard will endure more than the physical aspects of the crisis. This is real tragedy behind the figures of abductions. As the Nigerian state scales up its technical competence to tackle insecurity, it should also humanise the response to the crisis.

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