MONDAY 17TH JULY 2023

Raises Tenure Limit for Banks’ Chief Executives to 12 Years

James Emejo in Abuja

The Central Bank of Nigeria (CBN) has increased the tenure of the Managing Director/Chief Executive of banks to a maximum

of 12 years from 10 years.

This was disclosed in a circular on the new, “Corporate Governance Guidelines for Commercial, Merchant, Noninterest and Payment Service

Banks in Nigeria.”

The circular dated July 13, 2023, was signed by CBN Director, Financial Policy and Regulation Department, Chibuzo Efobi, and addressed to commercial,

merchant, non-interest, Payment Service Banks and Financial Holding Companies (FHCs).

The central bank also increased the tenure of Deputy Managing Director (DMD/Executive Director

(ED) of a bank to a maximum period of 12 years.

NNPC Upstream Plans 40bn Barrels Reserves by 2030, Seeks Investment in Pipelines Network...Page 6

principles, recommended practices, and responsibilities contained in NCCG 2018; outline industryspecific corporate governance Monday 17 July, 2023 Vol 28. No 10323. Price: N250

Senate: $800m Not Loan, It's World Bank Support for Vulnerable Nigerians...

On

Votes Can Lead to Anarchy

L-R: UNDSG, Amina Muhammad, President Bola Ahmed Tinubu, Egypt President, Abdel Fattah El-sisi, Gabon President, Ali Bongo, Chairperson of the African Union, Azali Assoumani, Kenya President, William Ruto, Djibouti President, Israel Omar Guelleh, Senegal President, Macky Sall, DR Congo President Felix Tshisekedi and Primer Minister of Libya , Abdul Hamid Dbeibeh at the 5th Mid-Year Coordination Meeting between the African Union, Regional Economic Communities (RECs) and Regional Mechanisms (RMs) in Nairobi, Kenya... yesterday

Shettima: Military Solutions Can’t Solve Nation’s Insurgency

Says Tinubu’ll soon unveil initiative on security, poverty Troops kill 22 terrorists, destroy 22 illegal refineries

Deji Elumoye in Abuja and Ahmad Sorondinki in Kano.

Vice President Kashim Shettima has explained that military solutions cannot end insecurity and Insurgency in the country, especially in the north. Shettima stated this yesterday at the Kano Government House while responding to questions from newsmen.

The vice president disclosed, at another forum, that the President Bola Tinubu government would in the coming weeks unveil an initiative to address insurgency and poverty, among other challenges facing Nigerians, especially those living in the north. Shettima’s comments came as the Defence Headquarters (DHQ),

weekend, said 22 terrorists were killed across theatres of operations in the north, while 240 insurgents and their families surrendered to troops in the region within one week.

The troops also destroyed 22 illegal refining sites discovered in the Niger Delta within the same period.

Answering questions from journalists at the Kano Government House, Shettima said, “Unless we want to engage in an endless war of attrition, there cannot be a military solution to the crises in the North-west.”

He said Tinubu was determined to redefine the meaning and concept of modern governance, which would address the root causes of banditry and insurgency in the country. Shettima stated, "The president is

determined to redefine the meaning and concept of modern governance. And the crises we have in the Northwest, further associated with poverty and social exclusion, is something that the president is determined to confront.

“In the coming weeks, he is coming up and is going to unveil the 'Fulaku' solution. Unless we want to engage in an endless war of attrition, there cannot be a military solution to the crises in the North-west. There has to be a kinetic and non-kinetic solution.

"President Bola Tinubu, in the next couple of weeks, will unveil the 'Fulaku' solution, which will address the grievances and the social exclusion of our Fulani cousins in the North-west. He was addressing the root causes of all the banditry

and insurgency in the region," Shettima, who was accompanied by Deputy Senate President, Senator Barau Jibrin to commiserate with the government and people of Kano State over the demise of elder statesman, Alhaji Abubakar Galadanci, noted, “The social exclusion is also something that the president is determined to frontally confront and in the coming weeks he is going to unveil the Fulaku solution.”

The vice president was received by Kano State Governor Abba Yusuf, before proceeding to the residence of the Emir of Bichi, HRH, Alhaji Nasiru Ado Bayero, where he commiserated with him on the passing away of the late Imam Galadanci, and expressed Tinubu’s condolences.

From the Emir of Bichi's residence,

TINUBU: MISINTERPRETING THE LAW ON 25% FCT VOTES CAN LEAD TO ANARCHY

President Bola Tinubu has warned the Presidential Election Petition Court (PREPEC), that misinterpreting the law as provided for in the constitution on the25% of lawful votes cast in the Federal Capital Territory (FCT), Abuja, could “lead to absurdity, chaos, anarchy and alteration of the very intention of the legislature.”

Tinubu also told the PREPEC that the two petitions filed by candidates of the Labour Party (LP), Mr. Peter Obi and his Peoples Democratic Party (PDP) counterpart, Atiku Abubakar, seeking the nullification of his victory were not only novel but not familiar with the country’s electoral laws.

The president, whose submissions were contained in his final written address against the two petitions pending at the PREPEC, further stated that the petitions of his opponents failed to prove alleged non-compliance and therefore put his actual votes scored at 8,800,369.

The five-member panel had on July 5, given the respondents in the two separate petitions 10 days to file their written address, while the petitioners were given seven days to reply.

Led by Justice Haruna Tsammani, the panel gave the order shortly after, Tinubu, Shettima and the All Progressives Congress (APC) closed their defence in the two petitions.

Mahmood Yakubu, had on March 1, returned Tinubu as the winner of the February 25 elections with 8,794,726 votes while Atiku Abubakar and Peter Obi of were recorded to have scored 6,984,520 votes and 6,101,533 votes, respectively.

Aside faulting the figures, which they claimed were incorrect because the collation of results was still ongoing, when Mahmood returned Tinubu as the winner, the petitioners also claimed that Tinubu could not be said to have won the election, having not scored 25% of the lawful votes cast in the Federal Capital Territory (FCT).

The two petitioners argued that Tinubu ought not to be on the ballot because of an alleged United States District Court judgment that ordered his forfeiture of 460,000 US dollars suspected to be proceeds of drug trafficking.

Another ground for seeking his disqualification was the alleged double nomination of Shettima, who according to them, was already a senatorial candidate for the APC in the Borno Central senatorial district election conducted the same day and time with the presidential poll.

not a petition stricto senso, familiar to our electoral jurisprudence, as the petitioners are not, this time around, complaining about election rigging, ballot box snatching, ballot box stuffing, violence, thuggery, vote buying, voters’ intimidation, disenfranchisement, interference by the military or the police, and such other electoral vices.

“The crux of their grouse this time around is that while the presidential election was peacefully conducted all over the country (as corroborated by their primary witnesses) and the results accurately recorded in the various Form EC8As, some unidentified results were not uploaded electronically to the INEC Election Result Viewing (IREV) Portal.

“The other remote contention of the petitioners is that the 2nd respondent did not score 25% (or one-quarter) of the votes recorded in the Federal Capital Territory, Abuja (FCT); while the petitioners have also alluded to the respondent’s non-qualification, without any fact known to law,” Chief Wole Olanipekun, SAN, counsel to Tinubu pointed out in the final address dated July 14.

election to the office of President shall be deemed to have been duly elected where there being more than two candidates for the election.

“(a) He has the highest number of votes cast at the election; and, (b) he has not less than one-quarter of the votes cast at the election each of at least two-thirds of all the states in the Federation and the Federal Capital Territory, Abuja.”

According to the INEC results Tinubu was only able to garner 19% of votes in the FCT.

But the president has argued that it was erroneous for the petitioners to call for the nullification of the entire election based on the FCT results.

“While we have premised this issue on the combined reading of sections 134 and 299 of the Constitution, and section 66 of the Electoral Act, in the course of our arguments … it is apt to submit right from get-go that election is about votes and voters, and when votes and voters are mentioned in any part of the world, there is no superiority of votes or voters as all votes and voters are equal,” he said.

the Shettima proceeded to the family compound of the late Alhaji Abubakar Imam Galadanci, where he was received by Professor Shehu Galadanci and Air Vice Marshal Nura Imam (rtd), on behalf of the extended family.

Meanwhile, a statement by the Directorate of Defence Media Operation (DDMO), said 67 terrorists, economic saboteurs, their informants and logistics suppliers were also apprehended within the period.

It stated that over 120 kidnapped civilians were rescued while caches of arms and ammunition were also intercepted across all theatres of operations in the country.

The statement said, "Due to the offensive by the troops against the Boko Haram/Islamic State of West

listed the 36 States by their respective names, the sidenote reads thus: “States of the Federation and the Federal Capital Territory, Abuja.”

Section 299, for ease of reference and clarity, he claimed provided thus: “The provisions of this Constitution shall apply to the Federal Capital Territory, Abuja as if it were one of the States of the Federation…” The phrase ‘as if’ has been defined in Corpus Juris Secundum, page 298 as connoting “in the same manner and to the same extent.

“May we draw the attention of the court to the fact that there is no punctuation (comma) in the entire section 134(2)(b) of the Constitution, particularly, immediately after the ‘States’ and the succeeding ‘and’ connecting the Federal Capital Territory with the States.

Africa Province terrorists, a total of 240 terrorists and their families, comprising 24 adult males, 79 adult females and 134 children, surrendered at different locations within the theatre of operation with five AK47 rifles, 13 AK47 rifle magazines, 36 rounds of 7.62mm special ammunition, one dane gun, one hand grenade, amongst other item."

The statement disclosed that within the week in review, troops recovered nine AK47 rifles, 20 AK47 rifle magazines, 104 rounds of 7.62mm special ammo, two dane guns and one hand grenade.

Others include 15 pairs of new slippers, three gallons of premium motor spirit, four cartons of dry fish, food stuff, clothing, three motorcycles, four bicycles and the sum of N15, 200.

as exemplified in a host of decisions, including but not limited to Nafiu Rabiu v. State (1980) 12 NSCC 291 at 300-301, Marwa v Nyako (2012) 6 NWLR (Pt. 1296) 199, 306 – 307, ADH Limited v AT Limited (2006) 10 NWLR (Pt. 986) 635, 649, Awolowo v. Shagari (supra), Abraham Adesanya v. President, Federal Republic of Nigeria (1981) 12 NSCC 146 at 167-168; A.G Abia v. A.G Federation (2002) 6 NWLR (Pt. 763) 265 at 365.

“The petitioners themselves admit this much in paragraph 107 of their petition, where they listed the FCT as the 37th state, after listing the states mentioned in section 3(1), as numbers 1 to 36. Again, the maxim, res ipsa loquitur applies to the petitioners.

“Coincidentally, these sections of the Constitution were considered by the Supreme Court in the celebrated case of Buhari v. Obasanjo (2005) 13 NWLR (Pt. 941) 1 at 105 and the apex court held thus:

Besides, the Independent National Electoral Commission (INEC), had closed its case a day earlier.

However, before closing his petition, Atiku called 27 witnesses including INEC’S Presiding Officers and experts, while Obi on the other hand, called in 13 and tendered a plethora of documents including over 18,000 blurred results sheets on which INEC based its declaration of Tinubu as the winner.

Both Atiku and Obi had claimed INEC breached Section 134 of the Constitution when he announced Tinubu who did not score up to 25% of votes cast in the FCT in line with the law.

Section 134(2)(b) of the Constitution provides that: “A candidate for an

He added that there was no superiority between the votes from voters secured in either Lagos or Kano, which are the most populous states and Bayelsa, Ebonyi and Ekiti, which are the least populous states.

Olanipekun, in his argument, further argued that, while Section 3(1) of the Constitution specifically

“In essence, the reading of the subsection has to be conjunctive and not disjunctive, as the Constitution clearly makes it so. Pressed further, by this constitutional imperative, the Federal Capital Territory, Abuja, is taken ‘as if’ it is the 37th State, under and by virtue of section 299 of the Constitution.

“With much respect, any other interpretation different from this will lead to absurdity, chaos, anarchy and alteration of the very intention of the legislature. Our courts have always adopted the purposeful approach to the interpretation of our Constitution,

“This provision appears clear to me. Where a candidate wins the highest number of votes cast in at least two-thirds of the 36 states in the Federation and the Federal Capital Territory Abuja, he is deemed to be elected ...I do appreciate any ambiguity in the provision and even if there was one, this court is bound to adopt a construction, which is just, reasonable and sensible.

ON PRESIDENT’S ALLEGED ORDER, ADAMU, OMISORE RESIGN

Both Atiku and Obi, alongside their respective parties, had dragged the INEC before the PREPEC for declaring Tinubu and the APC winner of the presidential election.

Amongst the reliefs they sought was the nullification of Tinubu’s election on the grounds that INEC did not substantially comply with the guidelines and regulations for the conduct of the 2023 election and the relevant electoral laws.

INEC’s Chairman, Professor

Although INEC, Tinubu, and the APC had interrogated the validity of the witnesses and documents to the petitions and asked the court to discountenance them, Tinubu, Shettima, and the APC in the individual written final address have asked the court to dismiss the two petitions because the grounds upon which they were built were not familiar to the country’s electoral laws.

“The petition in issue in this address is very novel in the sense that it is

NEC meetings, respectively.

It was expected that the NWC would present the party’s financial report and also seek approval for those nominated as members of the APC National Advisory Council (NAC).

But Adamu would no longer get a chance to preside over the meeting, as his resignation and that of Omisore are no longer in the realm of speculation.

Inside sources told THISDAY that the president had met with some governors of his party and given them an express order to remove Adamu and Omisore, after detailing his displeasure, especially with the national chairman, who recently confessed to having supported a different candidate for the party’s presidential ticket in the person of Ahmad Lawan, a former Senate President.

CBN RAISES TENURE LIMIT FOR BANKS’ CHIEF EXECUTIVES TO 12 YEARS

Also, in line with the Nigeria Code of Corporate Governance (NCCG) 2018, the apex bank further stipulated that no board of a bank shall consist of only one gender.

Hence, to achieve gender diversity and promote a gender inclusive board, banks shall take a practical approach to women’s economic empowerment in line with Principle 4 of the Nigerian Sustainable Banking Principles (NSBP).

The apex bank explained that the guidelines followed the pronouncement of the Financial Reporting Council of Nigeria (FRCN) for sector regulators to issue sector-specific guidelines on corporate governance for institutions under their regulatory purview.

The CBN has therefore, adapted the principles and recommended practices of NCCG 2018 in developing the new guidelines

for affected entities, taking into account, the peculiarities of the sub-sectors.

The central bank said the regulation was issued pursuant to the provisions of Section 2(d) of the CBN Act 2007, and Sections 56(2) and 67(1) of the Banks and Other Financial Institutions Act (BOFIA 2020).

Essentially, the regulation noted that where an ED becomes a DMD, a cumulative tenure of 12 years applies and shall not be extended.

Also, Non-Executive Directors (NEDs) (with the exception of Independent NEDs) of a bank shall serve for a maximum of 12 years comprising three terms of four years each.

The CBN stressed that to qualify as a NED in a bank, the proposed NED shall not be an employee of a financial institution except where the bank is promoted by that financial institution and the proposed NED is representing the interest of that financial institution.

The guidelines further stated that an executive (ED, DMD or

MD/CEO) who exits from the board of a bank either upon or prior to the expiration of his/her maximum tenure, shall serve out a cooling period of two years before being eligible for appointment as a NED in the same bank, subject to applicable cumulative tenure limits.

It stated that where an executive (ED, DMD or MD/CEO) of a bank is appointed to the board of its FHC in any role, a cooling-off period of two years shall apply.

The central bank added that the cumulative tenure limit of directors (ED, DMD, MD and NEDs) on the board of the same bank is 24 years. The cumulative period is calculated from the date of first appointment to the board of the bank.

The regulation among other things, stipulated that banks shall disclose a summary of their risk management policies in their annual financial statements, adding that in the case of a publicly quoted bank, such summary shall be hosted on its website.

NEDs inclusive of the Chairman (excluding INEDs) of an FHC shall serve a maximum tenure of three terms of four years each.

Consequently, the cumulative tenure limit of a NED in an FHC or any other FHC shall be 12 years and shall have unfettered access to corporate information from the MD/CEO, company secretary, internal auditor, and heads of other control functions with direct/indirect reporting lines to the board, while access to other senior management shall be through the MD/CEO.

Furthermore, Independent NonExecutive Directors (INEDs) in an FHC shall have sound knowledge of the operations, relevant laws, and regulations guiding the business of its subsidiaries in the relevant subsectors. The INED shall also have proven skills and competencies in his/her field.

However, the term of office of an INED shall be four years and may be renewable only once for another consecutive term of four years.

Armed with a presidential order, a powerful force, including some serving and former governors, members of the party's NWC and some party chieftains began the plot to remove the chairman and the secretary, but first by approaching them to honourably resign.

After some back and forth, THISDAY gathered that the duo acceded to resign, knowing the directive was the president’s. They had since last night handed their letters to Chairman of the Progressive Governors’ Forum and Governor of Imo State, Senator Hope Uzodinma.

One of the sources, who confirmed the resignations, said a list of Adamu's "sins" had been prepared, as instructed and forwarded to Tinubu, who was in Kenya on official assignment and was expected to return to the country today, Monday.

Another party source revealed that a team of party faithful had already met with Adamu last night and persuaded him to resign rather than being shown the exit door at the NEC meeting scheduled for Wednesday, a situation they reckoned might be too embarrassing.

The source said, "The truth is that some bigwigs in the party are no longer comfortable with Adamu. They are bent on removing him and the national secretary. They have compiled their sins, presented them to President Bola Ahmed Tinubu, and are ready to send them out of office during the NEC meeting on Wednesday.

"But in order to mitigate the impact such removal could

have on the party and the new administration, a group of party stalwarts met with the chairman tonight (last night) to advise him to resign rather than being shown the exit door at the NEC meeting slated for Wednesday and he agreed.”

Yet, another source claimed that having seen the handwriting on the wall, Adamu and Omisore decided to throw in the towel ahead of the NWC meeting slated for noon today, to avoid complicating the situation.

Continued on page 36 standards for banks; and promote high ethical standards amongst operators, while enhancing public confidence.

The source explained, "A meeting of NWC has been called for Monday at the instance of the national chairman. As usual, no agenda is on the notice of the meeting. The feelers I am getting included the fact that the chairman has been advised to throw in the towel. The truth is that the whole matter is enveloped in a lot of secrecy."

One other source said the APC leadership had since identified a replacement for Omisore, but what delayed the change in leadership, including the postponement of the caucus meetings slated for penultimate week, was the choice of replacement for Adamu. This further confirmed the fact that their removal was a done deal.

It was also gathered that the NEC meeting was likely to approve a timetable for a midterm elective convention to fill party vacancies.

The source added, "You know we lost the National Welfare Secretary, Deputy National Publicity Secretary resigned, and if the chairman and the secretary are made to resign, the NEC will have to approve a midterm elective national convention of the party to fill the vacant positions."

Alex Enumah in Abuja

With Eyes on Major Oil Fields in N'Delta, Nigeria Expects 1.8m Barrels Per Day Production by 2024 OPTS, IPPG: Finance Act 2022 diminished benefits of PIA for oil sector IPPG tasks FG on policies to increase investments, competition in

Peter Uzoho

Nigeria through the state oil firm, the Nigerian National Petroleum Company Limited (NNPC) is looking up to a number of oil blocks and fields in the prolific Niger Delta basin to ramp up national oil production to between 1.7 million and 1.8 million barrels per day (bpd) between this year and end of 2024.

The Executive Vice President, Upstream, NNPC, Mr. Adokiye Tombomieye, gave the hints during a presentation at the just-concluded Nigeria Oil and Gas (NOG) Energy Week held in Abuja, with the theme: "Powering Nigeria's Sustainable Energy Future".

This was just as the multinational oil firms and the Nigerian independent producers under the aegis of Oil Producers Trade Section (OPTS) and Independent Petroleum Producers Group (IPPG) have condemned the Finance Act 2022, saying the Act has diminished the benefits brought by the Petroleum Industry Act (PIA) 2021.

However, represented by NNPC's Upstream Business Advisor, Mr. Igandan Olanrewaju, during a panel session with the topic: "Defining the Roadmap for the Future of Nigeria's Upstream Sector," Tombomieye stated in a pre-panel presentation that the new production targets would be achieved through a couple of measures including asset integrity, production ramp up, well interventions, new drillings, alternative crude oil evacuation and improved security architecture.

He explained that NNPC in collaboration with its partners had resumed crude oil production in earlier challenged areas like the Oil Mining Leases (OMLs) 29, 18, and 24 and that they expect to ramp up to about 80,000 bpd with its joint venture (JV) partners by the third quarter (Q3) 2024.

Tombomieye said, "First oil to tank was achieved in NNPC E&P, former NPDC, OML 13 field of 25,000bpd and we expect to fully monetise that by the end of Q3 2023.

“Obodo field in OML 150 PSC is expected to bring up about 20,000bpd in late Q4 2023. Development in OMLs 71 and 72 is expected to add about 20,000 to 30,000bpd to national production by late Q3 2023.

“Within the deep water space we are concluding the Aboe turn around maintenance which will bring back about 10,000bpd, additionally within OML 130 we are opening up two injector wells and we expect that that should bring up another 10,000bpd

Q3 2023.

"Kalaekule field development in OML 71/72 with West African Exploration and Production (WAYEP), our JV partner is expected to have about 20,000 to 30,000 barrels in national production possibly by late Q3 2023.

"We have Madu field in First E&P OML 85, which will have about 20,000 barrels by Q1 2024.

"Within the Deepwater space, we're concluding the Aboe turnaround maintenance and that will bring out 10,000 barrels. Additionally, within OML 130, we're hooking up two injector wells and we expect that that will bring another 10,000 barrels by Q3 2023.

"We're streaming some of the Bonga wells and we expect to deliver additionally about 7,000 barrels from that." Noting that upstream opportunities exist in the deep water space, the EVP explained that NNPC was working with its partners to achieve Final Investment Decisions (FIDs) on key major projects including the Bonga North field that would add 120,000bpd to national production.

He listed some of the projects as the Shells's Bonga North field, saying the field was estimated to deliver 120,000 bpd production which would be tied back to the Bonga Floating Production, Storage and Offloading (FPSO) facility.

He added that the Bonga Southwest Aparo was like a 150,000 bpd development field.

For TotalEnergies, Tombomieye said the Preowei tie-back in OML 130, where the Egina and Aboe fields are located was like a 60,000 barrels tie-back to Egina.

For Chevron, the NNPC EVP maintained, "We have Agbami gas development in OML 127, which helps to increase compression capacity by 150 million scuf per day and monetise that gas."

As relating to ExxonMobil, he explained that further opportunities exist in the Bosi gas development in OML 133 Production Sharing Contract (PSC) as well as the Owowo field development in OML 154 and 139, all operated by the American oil major.

In addition, Tombomieye, who also mentioned the Nwaduru field development in OML 129 and 135, said NNPC would take on all of those projects in collaboration with its partner to shore up production.

He stressed that realising the full potential of the projects listed above requires a conducive Investment

climate, saying that was where the new NNPC structure comes into play.

Established under the auspices of the PIA, he said NNPC aimed to announce the oil and gas sector's transparency, accountability and efficiency.

He added that by separating the regulatory and commercial functions of the sector, NNPC structure creates a level playing ground for investors, mitigates conflict of interest, and fosters a conducive environment to attract local and foreign investments.

Tombomieye said, "The streamlined governance and increased operational autonomy of NNPC will undoubtedly bolster investor conference and drive sustainable growth in the sector.

"Now, addressing the PIA's impact on investor appetite for upstream development is very essential as the PIA represents a landmark reputation that will reform and revitalise the Nigerian oil and gas sector. While any significant regulatory change can create uncertainties, the PIA's long-term benefits outweighs the

oil sector

short-term challenges.

"The Act introduces a progressive fiscal framework that provides a fair and competitive investment environment. Moreover, it promotes the development of host communities, local content participation and technologies transfer. These measures contribute to a more stable investment climate, attracting traditional players as well as new entrants in the upstream sector."

OPTS, IPPG: Finance Act 2022 Diminished Benefits of PIA for Oil Sector

However, the NNPC EVP also pointed out that the multinational oil firms and the Nigerian independent producers under the aegis of Oil Producers Trade Section (OPTS) and Independent Petroleum Producers Group (IPPG) had submitted a petition regarding clarifications around specific sections of the Finance Act 2022, saying the Act would diminish the benefits of the PIA 2021.

"Lastly, ease of doing business,

OPTS and the IPPG submitted a petition recently regarding clarifications around specific provisions of the 2022 Finance Bill following its passage by the National Assembly and presidential assent.

“They noted that these factors would diminish the benefits of the PIA implementation and reduce competitiveness of Nigeria's oil and gas industry by introducing uncertain investment conditions," Tombomieye said.

But to ensure sustainable delivery of benefits, he said putting in place enabling regulations were indispensable, noting, however, that it was essential to establish explicit and consistent framework that promotes stability, predictability and openness. He added that by establishing a solid legal framework, Nigeria could creditably reduce investment risks and maximise the value of its hydrocarbon reserves.

IPPG Tasks FG on Policies to Increase

Investments, Competition in Oil Sector

Meanwhile, the IPPG has called on the current Bola Tinubu-led government to pay priority attention to key areas in order to increase investments and competition in the nation's hydrocarbon industry.

The group also declared its commitment to the development and growth of the oil and gas sector in alignment with the visionary goals of the new administration.

The Chairman of IPPG, Mr. Abdulrazaq Isa, made the call while delivering his keynote speech at the just-concluded 2023 Nigeria Oil and Gas (NOG) Energy Week in Abuja.

Represented by the Executive Vice Chairman of ND Western Limited, Dr. Layi Fatona, Isa stressed the need for a laser-focused delivery of key priorities to unlock Nigeria's energy potential, fuel economic growth, diversify the economy, and enhance energy security sustainably.

ICAN to Partner with NFIU, FRC, SCUML to Fight Corruption

Dike Onwuamaeze

The Institute of Chartered Accountants of Nigeria, (ICAN) has pledged to partner with the Special Control Unit Against Money Laundering (SCUML), the Nigerian Financial Intelligence Unit (NFIU), the Financial Reporting Council of Nigeria (FRC) and other stakeholders to checkmate corruption in the country.

The pledge was made by the President of ICAN, Institute, Dr. Innocent Okwuosa, in Lagos, during the weekend, at a retreat of the governing council of the ICAN that was attended by representatives of the SCUML, NFIU, FRC and the big four accounting firms in Nigeria.

Okwuosa, explained that the retreat was organised to review the ICAN's processes in view of its current poise to deepen its advocacy and thought leadership in Nigeria's national development, among other initiatives.

He appealed to SCUML to review some of its operational processes that have made direct registration difficult and constraining stakeholders to register through consultants.

He also promised that the ICAN

would leverage the template received from SCUML to implement market entry control checks on licensed firms.

In his response, the representative of SCUML, Mr. Matthew Enu, who stood in for Mr. Daniel Isei, a director at SCUML, stated that self-regulatory bodies like ICAN should take the necessary measures to prevent criminals, or their associates, from being professionally accredited or hold a significant, controlling interest or management function in accounting firms.

Enu, further urged ICAN to always partner law enforcement agents or relevant authorities in conducting background checks on intending licensees.

Similarly, the Executive Secretary of the FRC, Ambassador Shuaibu Adamu Ahmed, traced the origin of the council to ICAN’s establishment of the then Nigerian Accounting Standards Board (NASB) that later metamorphosed to Financial Reporting Council.

Ahmed commended the ICAN for its immense roles and collaboration with FRC.

He said: “A good cordial relationship with relevant stakeholders in the accountancy

profession is important for growth and development of the profession in our country.

"The FRC is, therefore, urging the professional accountancy bodies in the country to work with it for the good of the profession and the country at large."

Similarly, the Head of Sanctions, NFIU, Mr. Chinedum Odenyi, pointed out that the Designated NonFinancial Business and Professions (DNFBPs) are the most crucial and vulnerable to money laundering and terrorism financing.

Odenyi, therefore, solicited for more interaction with ICAN to strengthen compliance with the relevant Anti Money Laundry/ Combating the Financing of Terrorism/Counter Proliferation Financing (AML/CFT /CPF) laws, regulations and guidelines to ensure there is clear understanding of obligations.

He also recommended the establishment of an effective system to identify ML/TF risks and have measures in place to mitigate those risks, and file Suspicious Transaction Reports (STRs) to the NFIU.

He said these were part of the requirements for Nigeria to exit the

Financial Action Task Force (FATF) grey-list.

Odenyi further urged Financial Institutions and Designated NonFinancial Business and Professions (DNFBPs) to develop and implement robust processes and procedures for implementation of AML/CFT/ CPF obligations with particular emphasis on risk assessment on money laundering and associated predicate offences, standalone Counter Financing of Terrorism (CFT) risk assessment, and establish measures for effective detection of politically exposed persons/their family members/close associate, among others.

At the end of the retreat, SCUML and NFIU sought the institute's collaboration in ensuring that Nigeria exits the grey listing by the Financial Action Task force (FATF)

The immediate past Country Partner of PwC, Mr. Uyi Akpata, in his submission assured that the Institute of PwC’s partnership would promote high accounting standards, enhance the competence of accountants’, discourage proliferation of accounting bodies and strengthen the profession's role in national development.

L-R Director, Nigerian Exchange Group Plc (NGX Group), Mrs. Ojinika Olaghere; Group Chief Executive Officer, NGX Group, Mr. Oscar N. Onyema; Group Chairman, NGX Group, Dr. Umaru Kwarainga; Group Company Secretary, NGX Group, Ms. Obehi Ikhaghe and Director, NGX Group, Dr. Okechukwu Itanyi during the 62nd Annual General Meeting held at Nigerian Exchange Group House, Lagos on Friday,

ACCESS BANK SIGNS AGREEMENT WITH STANDARD CHARTERED…

Senate: $800m Not Loan, It's World Bank's Support for Vulnerable Nigerians

Says register of beneficiaries scrutinised before approval Vows to monitor implementation of approved N500bn Group faults N8,000 monthly palliatives

The Senate has clarified that the $800 million World Bank postpetrol subsidy removal facility was not a loan, but an assistance from the multilateral institution, to help vulnerable Nigerians who are currently finding it difficult due to the challenges that came with the petrol subsidy removal. The clarification from the government came just as Human rights lawyer, Mr. Femi Falana, described as “callous and insensitive,” the decision of members of the National Assembly to provide N110 billion for themselves in the 2023 Supplementary Appropriation Bill. Also, the United Action Front of Civil Society yesterday faulted the N8,000 monthly approved for vulnerable Nigerians.

Falana: N110bn palliative for N'Assembly members callous, illegal

Commenting further on the postpetrol subsidy removal World Bank facility, the red chamber also said data for the disbursement of N8,000 to 12 million poor families for six months, was thoroughly scrutinised before it gave approval to the President Bola Tinubu's administration to access the facility.

Chairman, Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, gave the explanation while briefing journalists in Abuja.

Adaramodu, also stated that the $800 million facility was different from the N500 billion the federal government had set aside to provide palliatives to Nigerians in order to cushion the effects of the fuel subsidy removal.

He said the 9th Senate, following public outcry, had refused to give its approval to former president Muhammadu Buhari's government

to access the fund because it was a few days to the expiration of the administration.

He said, "It is a World Bank facility. It has been on before the advent of this government.

"It is not borrowing, it is for the national social safety net. It is very different from the palliatives targeted specifically at Nigerians which would be sourced among Nigerians. It is not borrowing, it is not a loan.

"We are not approving a loan for the federal government; It is a World Bank assisted facility that has been there before the 10th Senate.

"It is just that the National Assembly has to legislate upon any money that is either coming from outside or that is being taken out of Nigeria. That is what we did with the approval given."

Adaramodu, further explained that the N500 billion meant for fuel subsidy palliatives was a

different arrangement from the disbursement of $800 million to 12 million vulnerable homes.

He said, "The N500 billion palliatives which the president asked for is to cushion the negative effects of the fuel subsidy removal on the common Nigerians.

"Definitely, that may not be enough because there are many other aspects which the government can delve into especially as we learnt that the government has been having talks with the organised labour.

"I think the federal government is going to do something in that area. However, in the meantime, it is the stopgap for the dependent Nigerians so as to lift them up before other palliatives come.

"We feel their problems too, and that is why we believe that the average Nigerians must be assisted because we are running a human face government.

Obaseki: Nigeria’s Dysfunctional Educational System Stalling Desired Transformation of Education Sector

Says Edo closing 50% gap in education via reforms, programmes

Edo State Governor, Mr. Godwin Obaseki, has said one of the nation’s biggest challenges was its dysfunctional educational system, noting that the state has set up parameters to play its part in closing the 50 per cent education gap in the country.

Obaseki, who noted that the government was emphasising strengthening foundational learning and improving learning outcomes, said, “The drop in the ratio between primary six and SSS1 is 50 per cent and until we focus on that we will continue to have problems in education.”

Speaking recently, the governor said the gap was as a result of the lack of communication and close relationship between primary and secondary schools.

He said, “For us, it is about people, focusing on talents. We realised that foundational learning was very weak and we saw this when we had to deal with the issue of human trafficking.

“We have invested hugely in the past six years to strengthen foundational learning because without

that you can't build anything else in terms of developing talents.

“We’ve looked again at the entire educational policy. The biggest challenge we have today is a dysfunctional educational system. 25 years ago, we changed our educational policy but we didn’t realign that change with reality.”

He further said Edo State was supporting vocational training and partnering with various companies in the area of technology, training children on technology and entertainment.

The governor added, “For us, it’s about less certificates, more handiwork as we're focusing on technical education. So, we have revamped our College of Agriculture, College of Nursing Sciences, Technical College and Colleges of Education.”

“We are supporting vocational education because there is a large population of young people who have fallen through the cracks but they are talented. So, we are partnering with various companies in the area of technology. We have a programme with Decagon to train

youths on software development and engineering.

“In terms of entertainment, we are working with a number of producers and this year alone, we are shooting in excess of 30 Nollywood movies in Benin City because we have created

20

"When we are running a human face government, then everything that will be done must be targeted at Nigerians.

"That is why we expeditiously acceded to the request of Mr. President because appropriations belong to the National Assembly.

"It took us time to pass it because we have all pointers that this palliative is going to yield result. It is going to touch those people that it supposed to touch. So, that is why it was passed."

He added: "On the issue of $800 million, it is like a social security scheme, which the federal government had sourced, because we know that the N500 billion cannot do the magic.

"So the $800 million will follow in and assisting Nigerians to overcome the economic hardship in the country. So, that is why we approved these requests by Mr. President.

"We were not part of the previous palliatives, and for this 10th Senate, so we asked questions because we were not part of any previous palliatives and we are not concerned about what was given before.

for the yet to be disclosed (or otherwise covertly selected) 12 million poor and vulnerable households."

In a statement by its Head, National Coordinating Centre, Olawale Okunniyi, the United Action Front of Civil Society, said, "It is no longer in doubt that the N500 million approved by the House of Representatives on Thursday 13, 2023 as part of the amendment to the 2022 supplementary appropriation Act for the provision of palliative would be funded through an additional $800 million World Bank loan approved by the Senate.

"It is therefore worrisome that the new administration is treading in the erroneous indebtedness of its predecessor. The United Action Front of Civil Society however laments the reality of making the same poor citizens of Nigeria take the bitter pill of repaying a wrongheaded loan supposedly being acquired in their interest in the nearest future," it added.

the infrastructure for artists and producers to come and succeed.

“Today, we are investing in communities, giving them resources and we have drastically reduced crime rate and acts of violence,” Obaseki said.

Meanwhile, the United Action Front of Civil Society had expressed concern over the approval of the sum for palliatives by the Bola Tinubu-led administration of the All progressives Congress (APC), after what it described as the arbitrary hike in petrol price.

The group decried as another grand deceit, "the N8,000 monthly handouts proposed by government

The group said it was also beyond doubt that the meagre monetary palliative could barely feed a family of two for five days considering the fact that the fuel price hike in the name of subsidy removal had deepened the proportion of multi-dimensional poverty in the country.

Accordingly, the group said, "The leadership of the organised civil society therefore considers the supposed intervention as erroneous and a poorly conceived

Continued on page 37

Nigerians Depart for Sponsored University Education in India

Michael Olugbode in Abuja

Twenty Nigerians are to depart the shores of the country between midJuly and early August for university education in India, which is fully sponsored by the Government of India.

The Nigerians are mostly going in for MBA, B.sc or M.sc (Zoology, Chemistry, Physics, Geology, Space Science, etc), Phd in Pharmacy, Engineering, Economics, Agriculture, IT, Cyber Security, among other.

The Indian government has yearly since 1958 been sponsoring Nigerians to study at various Indian university under the Indian Council

Cultural Relations (ICCR) Scholarship Programme which has seen several thousands of student worldwide and over a thousand Nigerians benefiting from the scheme.

The Indian High Commissioner to Nigeria, Mr. Shri Balasubramanian, while speaking at an orientation programme for the 20 beneficiaries, asked them to be good ambassadors of Nigeria to India by being well mannered and facing their studies. He equally advised them to make sure they return back to Nigeria and involve in their homeland socio-economic growth.

He said India was counting on them to be promoters of Indo-Nigerian

relationship as they were going to be accustomed to the two cultures, which noting that both Nigeria and India were multicultural and share many things in common.

India is well known as an education hub attracting international students from all over the world.

India’s robust education system, in the backdrop of its rich diversity and vibrant culture and history, affords a broad range of options for students.

And as a rapidly growing country with a leading technological edge, studying in India has much to offer, whether it is Engineering, Computers, Arts, Philosophy, Political Sciences or Classics etc.

Indian Council for Cultural Relations administers various scholarship programs annually and awards about 3000+ scholarships under 21 different schemes to foreign students from about 180 countries.

Amongst the 21 schemes, six were funded by ICCR from its grant and others were administered on behalf of MEA and Ministry of Ayush.

The courses offered for studies are for Under-graduation, Post-graduation and Ph.D. levels. Each academic year, ICCR has about 6000+ of its foreign scholars who are studying at various Central/State Universities, Institutes, NITs, and Agricultural Institutions etc.

Chuks Okocha, Sunday Aborisade in Abuja and Wale Igbintade in Lagos

L-R: Roosevelt Ogbonna, Group Managing Director, Access Bank Plc, and Sunil Kaushal, Regional CEO, Africa & Middle East, Standard Chartered Bank at the signing of agreements for Access Bank’s acquisition of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, and its Tanzanian Consumer, Private & Business Banking business in London…recently

SEND-OFF DINNER FOR LOSADA…

NNPC Upstream Plans 40bn Barrels Reserves by 2030, Seeks Investment in Pipelines Network

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) has said with all the ongoing upstream projects, it plans to meet its 40 billion barrels crude oil reserves target by 2030.

The Executive Vice President, Upstream, Adokiye Tombomieye, who spoke during the just-concluded Nigerian Oil and Gas (NOG) week in Abuja, stated that the company would also need massive investments

to revamp part of its over 5,000 kilometres pipelines nationwide.

The EVP who was represented by the Upstream Business Advisor, Olanrewaju Igandan, said that with existing proven crude oil and condensate reserves of 36.966 billion barrels as well as 208.83 trillion cubic feet of natural gas, it was important to ramp up the country’s stock of the commodity.

Tombomieye, stated that the NNPC had been active within the inland basin and has partnered with

PTAD Assures Pensioners Prompt Payment, Improvement in Documentation, Computation

David-Chyddy Eleke in Awka

The Executive Secretary of Pension Transitional Arrangement Directorate (PTAD), Dr. Chioma Ejikeme, has assured pensioners that the directorate would do well in ensuring prompt payment of their pensions.

The directorate, which is an arm of the National Pension Commission, stated this at the weekend, during a South-east stakeholders’ engagement forum, which held in Awka Anambra State capital.

Ejikeme, who addressed stakeholders recalled the difficulty in accessing pensions and gratuity by retirees, the haphazard documentation and the wrongful computation of pensions that used to be the order of the days.

She assured that: "PTAD’s determination to change the narrative as far as pension administration under the Defined Benefits Scheme (DBS) in Nigeria is concerned is irrevocable.

"We have intentionally and consistently been working on achieving positive and sustainable change in the DBS Pension management for the almost 10 years of our operation.

"You may recall that the Defined Benefit Scheme in the past was fraught with allegations of fraud, corruption and inefficiencies prior to the establishment of the Directorate. “However, the processes and controls that have been put in place since the establishment of PTAD have contributed immensely to the change being witnessed today in the management of the Defined Benefit Pension scheme." Ejikeme, listed some of her achievements in office, saying the directorate aims at repositioning matters regarding pension in the country, and make it even more

seamless for pensioners to access their hard earned money.

"Our journey from field verifications, mobile verifications, to putting together a solid database of pensioners, benefit computation, ensuring the regular payment of monthly pensions and paying long overdue pension arrears to pensioners, has been a progressive one filled with creativity, dedication, commitment, persistence and resulting in milestone achievements.

"It is not yet a perfect situation, but PTAD is committed to continuing to make giant strides.

"Since our last Stakeholders Forum for the South-East held in Enugu, Enugu State in January 2022, PTAD has carried out a series of activities which include:

“Complete payment of arrears arising as a result of the consequential adjustment to pensions as a result of the increase in minimum wage of April 2019 to the four operational departments in the Directorate.

"Complete liquidation of the 126 months outstanding liabilities due to ex-workers of Nigeria Reinsurance Corporation, complete payment of the 219 months of inherited liabilities to Ex-workers of New Nigeria Newspaper Limited, complete payment of the 100 months of inherited liabilities to Ex-workers of NICON Insurance, complete payment of the 96 months of inherited liabilities to Ex-workers of Delta Steel Company (DSC), among many others."

She added that PTAD had also commissioned a mechanised filing system, put in place to safely store pensioners’ physical verification and departmental files. She said securing and archiving the documents would make it faster and easier to recall pensioners’ files to reconcile and resolve complaints.

TotalEnergies for the discovery of the Ntokon field in Oil Mining Lease (OML) 102, with the discovery of large volumes of the commodity.

He stated there was the need for a conducive investment climate to operate, highlighting the critical role of the Petroleum Industry Act (PIA) in creating a transparent and efficient sector.

“As one of Africa's leading oil and gas reserves holders and producers, we will continue to attract significant investments albeit under the right investment climate.

“NNPC limited has made commendable exploration forays into the frontier basins. Following our success in the Kolmani River prospects in the Upper Benue

trough, NNPC has increased its activities into the middle Benue trough with the spudding of the Ebenyi well.

“We have also progressed the Chad basin with the spudding of the Wadi B well. All this is geared towards achieving the 40 billion barrel reserves mark by 2030,” he said.

He noted that the issue of insecurity remains a significant barrier to the company’s realisation of its vision for the upstream sector, lamenting that in August 2022, for instance, it was so severe that the NNPC production dropped to less than 1 million barrels of crude oil only.

To address the issue, Tombomieye

stated that the NNPC in collaboration with its partners, devised a new security architecture for the entire industry and has since then seen an upward trend in its production so much that in February 2022, it went to as high as 1.69 million barrels of crude oil and condensates.

“We have separated the regulatory and commercial functions and so that provided a level playing ground and an environment that is conducive to attract both local and foreign investment.

“A significant amount of our deferred production is as a result of infrastructure issues. At least 40 per cent of our main pipeline infrastructure systems are over 30

to 40 years old and they must be replaced.

“Assets integrity issues have created issues such as deteriorating of the pipelines, hydrocarbon spills, postponement and shutdowns. We will need enormous investment to replace aging infrastructures,” he stressed.

According to him, many exploration companies now invest more in digital oilfield technology to increase production efficiency and reduce operating cost.

He disclosed that efforts to integrate hardware, software data analysis techniques, digital oilfield technologies to collect data in real time so that decisions can be made in real time were ongoing.

UN: 3.3 Billion People Live in Countries Spending More on Debt Service Than Education, Health

African countries borrow at rates four times higher than US Outlines roadmap to tame global burden

Ndubuisi Francis in Abuja

ANo fewer than 3.3 billion people live in 48 countries that spend more on servicing their debts than on education or health, a new report by the United Nations Conference on Trade and Development (UNCTAD) has indicated.

Titled, "A World of Debt:

A Growing Burden to Global Prosperity," the report submitted that developing countries were dealing with an international financial architecture that exacerbates the negative impact of cascading crises on sustainable development.

The burden of debt on development, it stated, was intensified by a system that constrains developing countries' access to development finance and pushes them to borrow from more expensive sources, increasing their vulnerabilities and making it even harder to resolve debt crises.

According to the report, in 2022, global public debt – comprising general government domestic and external debt reached a record $92 trillion, with developing countries owing almost 30 per cent of the total, of which roughly 70 per cent was attributable to China, India and Brazil.

Public debt has also spiked more than five-fold since 2000, the report added.

The report submitted that countries

were facing impossible choice of servicing their debt or serving their people, adding that a world of debt disrupts prosperity for people and the planet.

It revealed that African countries borrow on average at rates that are four times higher than those of the United States and even eight times higher than those of Germany.

It stated that high borrowing costs make it difficult for developing countries to fund important investments, which in turn further undermines debt sustainability and progress towards sustainable development, adding that interest payments were growing faster than other public expenditures.

It acknowledged that public debt could be vital for development, as governments use same to finance their expenditures, to protect and invest in their people, and to pave their way to a better future.

"However, it can also be a heavy burden, when public debt grows too much or too fast. This is what is happening today across the developing world. Public debt has reached colossal levels, largely due to two factors.

"Financing needs soared with countries’ efforts to fend off the impact of cascading crises on development. These include the COVID-19 pandemic, the cost-ofliving crisis, and climate change.

"An unequal international financial architecture makes developing countries’ access to financing inadequate and expensive.

"The weight of debt drags down development. Debt has been translating into a substantial burden for developing countries due to limited access to financing, rising borrowing costs, currency devaluations and sluggish growth.

“These factors compromise their ability to react to emergencies, tackle climate change and invest in their people and their future.

"Countries are facing the impossible choice of servicing their debt or serving their people. Today, 3.3 billion people live in countries that spend more on interest payments than on education or health.

"A world of debt disrupts prosperity for people and the planet," the UNCTAD report explained.

Public debt around the world has been on the rise over the last decades. Cascading crises in recent years triggered a sharp acceleration of this trend.

As a result, global public debt has increased more than five-fold since the year 2000, clearly outpacing global GDP, which tripled over the same time.

The UNCTAD report lamented that developing countries are dealing with an international financial architecture that exacerbates the

negative impact of cascading crises on sustainable development.

The burden of debt on development was intensified by a system that constrains developing countries access to development finance and pushes them to borrow from more expensive sources, increasing their vulnerabilities and making it even harder to resolve debt crises, it added.

Noting that borrowing from foreign creditors increases exposure to external shocks, the report stressed that developing countries’ total public debt increased from 35 per cent of Gross Domestic Product (GDP) in 2010 to 60 per cent in 2021.

Similarly, external public debt, the part of a government's debt owed to foreign creditors, increased from 19 per cent of GDP to 29 per cent of GDP in 2021.

According to UNCTAD, comparing debt levels to developing countries’ ability to generate foreign exchange through exports showed that their ability to generate sufficient revenue to service their external debt obligations has also been deteriorating.

"The share of external public debt to exports increased from 71 per cent in 2010 to 112 per cent in 2021. During the same period, external public debt service as a share of exports increased from 3.9 per cent to 7.4 per cent.

L-R: Former Director General of Nigerian Maritime Administration and Safety Agency(NIMASA), Dr. Dakuku Peterside; Publisher, The Abuja Inquirer, Dan Akpovwa; Consul General Spanish Embassy, Lagos, Mr. Daniel Losada; Former Minister of Transports, Hon Rotimi Amaechi and Managing Director/Chief Executive Officer of Central Securities Clearing System (CSCS) Plc, Haruna Jalo-Waziri, during a private send off dinner for Mr Losada held at Capital Club Lagos... yesterday. :  KUNLE OGUNFUYI

NBA-SBL 17TH ANNUAL INTERNATIONAL BUSINESS LAW CONFERENCE…

Onaiyekan: 2023 Elections Worst in Nigeria's History

Highlights potential for judicial intervention, urges proper scrutiny of presidential poll results

Criticises politics, religion for fostering divisions, violence

Bishop Emeritus of the Archdiocese of Abuja, Cardinal John Onaiyekan, has criticised the 2023 elections, particularly, the presidential polls, labeling them as the worst in Nigeria's democratic process.

Speaking at a virtual town hall meeting organised by the Rebuild Nigeria Initiative (RNI) with the theme 'Nigeria-Pathway to National Peace and Reconciliation,' Onaiyekan expressed his regrets over the deep divide and violence in Nigeria, caused by the intertwining of politics, religion, and the activities of Boko Haram.

"It is true that there is nowhere in the world where elections are perfect, but does that justify the

foolish acts we witness during elections?" queried the Cardinal.

He emphasised that while many aspects of the 2023 elections were being challenged in court, individuals were also being sworn into office, giving the impression that, "nothing will come out of the court proceedings.

“But I do not believe that because the court has addressed electoral grievances in the past, as we have seen governors being removed from office following court proceedings. There have been previous instances of flawed elections, but what we witnessed in the last election is unparalleled. We have never experienced anything like this before.

Abiodun Eulogises Wife

James Sowole in Abeokuta

The Ogun State Governor, Prince Dapo Abiodun has praised his wife, Bamidele Abiodun, for her continuous support and role at ensuring the successful implementation of his administration’s ISEYA program, saying her determination at ensuring his success as Governor of the state had helped in filling in the gap as he serves the people of the state.

Abiodun, poured encomium, during the 57th birthday thanksgiving of his wife held at the Government House Chapel, Oke-Igbehin, and charged the congregation and the people of the state to deliberate and live a life that touches others.

He said, "I want to thank you for filling in the gap as I serve the good people of Ogun State. I want to thank you for your consistent prayers, may the Lord Almighty continue to protect and keep you under his shadow.

"Today is a special day of thanksgiving because my beautiful and adorable wife has added another year, we are here to celebrate what the Lord has done for us.

"I want to pray that God continues to give you Bamidele unspeakable and everlasting joy, may you fulfill your destiny," he said.

Abiodun, who also noted that days like his wife's birthday thanksgiving was indeed worthy of celebration, saying, "Days like these are indeed worthy of celebration, but at the same time, they are

reminders that we have added one extra year and we have one less extra year left on this earth."

The State Governor who also urged the people of the state to ask themselves of what reason God has created them, said that occasions like birthday thanksgivings are created not to only number our days, but to also give thanks to God.

In her remarks, the celebrant and wife of the Ogun State Governor, Mrs. Bamidele Abiodun, who thanked God for giving her a good health and sound mind, thanked God for holding her hands even in times of tribulation.

Bamidele, while noting that she would be intentional about how she lives her life from now on, thanked her husband for being her greatest supporter.

In his message titled, "Unquantified Thanksgiving," the South-west Chairman of the Organisation of Africa Instituted Churches(OAIC), Jacob Adetokunbo Adeaga, who read from the book of Psalm 103, disclosed that no man could ever quantify the level of the love of God in their life, saying that it is good to always thank God for his love in our lives.

Adeaga, who also urged the first lady, to continuously thank God for his love in her life, charged her to continue to do more for God, the people and the state.

Adeaga who also thanked the husband of the celebrant, for his wonderful performance in his first term, charged him to surpass the performance of his first term as he started his second term.

"INEC promised us a standard election, but what transpired in the presidential election fell short of our expectations. We should not resign ourselves to accepting elections that lack credibility. These leaders claim to have been elected by us, yet, we know we did not elect them. Even taking oaths with the Bible and Quran has become so common among politicians that they no longer have any moral compass.

"There are ongoing cases in court that have yet to be resolved. We have a president, whose election is being challenged, and the court is handling the matter. It is not enough to attribute Nigeria's problems solely to leadership.

“Why do we allow these same leaders, who have not denied being corrupt, to continue leading us? We do not need to legitimise it; what is wrong is wrong. They owe us the responsibility to wield the power acquired from public office judiciously."

Onaiyekan also discussed the historical collaboration between Christians and Muslims in Nigeria, highlighting a time, when the nation was on the path to becoming a model country, characterised by peace and harmony.

He lamented that, "In recent years, we have witnessed a shift in this trajectory, a downward spiral,

as religious fanatics have strained the relationship between the two religions.

"The emergence of Boko Haram caused significant damage, as it was perceived as an attack on Christians. Fanatics believe that anyone practicing a different faith is in error. This is incorrect. We should assume that everyone is sincere and convinced of their own beliefs. That is why it is wrong for anyone to speak ill of any religion.

"I do not want it to seem as though we have lost our way as a people because we still coexist. Both religions have not given up on peace. While some individuals strive to create divisions for their own selfish gains, the majority of Nigerians still believe in unity," he added.

The Cardinal emphasised the importance of speaking truthfully about the issues affecting the country, stating, "It is not a matter of being polite; it is about speaking the truth. For example, when I criticise a Muslim brother, it is not to provoke a quarrel but because it is the truth. We cannot refrain from telling the truth without sugarcoating it."

On the role of the politicians in fueling violence in Nigeria, he pointed out that politics played a significant part in the divide. Many

politicians use their positions to make speeches that promote sectional support, based on ethnicity and religion, further exacerbating divisions.

"When a politician wants to win or gain an advantage, they exploit ethnicity and religion, claiming, 'I am fighting for you because you belong to this tribe or because you are a Christian or Muslim.' This has further divided us.

"We complain about politicians manipulating situations, but why do we allow ourselves to be manipulated when the power to elect lies with the people? Moreover, it is challenging to distinguish between political leaders and religious leaders because their speeches blur the line between the two."

Onaiyekan reiterated the need for peace to foster national development, emphasising the necessity of reviewing the national policies, saying, “Accepting things merely for the sake of peace is wrong, instead, the nation should pursue the kind of peace it truly desires.

"When things are not done properly, development stagnates. The immunity clause, which shields wrongdoings, has hindered progress. We should not forget that Nigeria is the only country in Africa capable of making significant strides. If

Nigeria fails, what other country can succeed?

"It is becoming shameful that despite our abundant natural and human resources, we remain at this level. I believe we can achieve more, not overnight, but a four-year term can make a significant difference.

"As a people, I do not believe we are powerless, as the people play an active role while the politicians play a passive role in elections. For far too long, we have placed trust in our leaders. We should no longer trust them, as they have taken us for granted and betrayed our trust. Those who have betrayed us still hold positions of power.

"We strive for peace, but I fear that if the court does not resolve the election petitions in a timely manner, issues may arise. Some of the president's actions are in response to public protests, and we must continue engaging the government to voice our concerns.

"Although we have not seen the ministerial list, it will likely comprise the same old faces. The positive aspect is that no one remains in office forever; there will be an end when officials vacate their positions. We need functional structures in place. When these leaders leave the country, they behave properly, not because they are guarded, but because the system enforces it."

NYSC, Symbol of Nigeria's National Strength, Says Governor Mohammed

Segun Awofadeji in Bauchi

Bauchi State Governor, Senator Bala Mohammed of Bauchi has described the National Youth Service Corps (NYSC) as not just a programme, but a symbol of Nigeria's strength and diversity.

Mohammed, stated this in Bauchi, during the swearing-in ceremony of 1,756 of the 2023 Batch B stream 1 corps members posted to the state at the weekend.

Represented by his Deputy, Mr. Auwal Jatau, Mohammed, added that the scheme brings together young men and women from different ethnic, cultural, and religious backgrounds, uniting them under a common goal so as to contribute to the progress of the nation.

According to him, "In the course of this orientation exercise, you

will undergo rigorous training that will equip you with the necessary skills and knowledge to face the challenges ahead.

"It is an avenue for you to learn, to grow, and to cultivate a spirit of resilience, adaptability, and excellence.

"As young graduates, you are the future leaders and changemakers of our society and your enthusiasm, creativity, and fresh perspectives are invaluable assets that can drive our nation forward."

The governor, however, urged the corps members to seize every opportunity presented to them during the programme, saying it would help shape their personal and professional development.

He also reminded them that the true essence of NYSC lied not only in the skills they acquired but

also in the values they embodied.

"I urge you to embrace the diversity of cultures and traditions that you will encounter during your service year," he advised.

In her address, the state Coordinator of NYSC, Mrs Rifkatu Yakubu, commended their patriotic disposition as demonstrated in their readiness to participate in the orientation exercise.

She said the orientation course was the first cardinal programme of NYSC which was aimed at introducing them to the objectives and programmes of the Scheme.

According to her, it was also designed to prepare them for the tasks of the service year through training on Skills Acquisition and Entrepreneurship Development, leadership coaching, paramilitary drills and other physical activities

as well as sensitisation on topical national issues.

"It is also an avenue that provides the opportunity for you to realise your potential and attain individual feats both during and after the service year.

"I, therefore, enjoin you to take advantage of this golden opportunity to participate in all the camp activities," she said.

The State Coordinator also commended the state government for its avowed commitment towards the realisation of NYSC objectives in the state.

She, however, reminded the state government on the scheme's call for the reconnection of the orientation camp's electricity to the national grid, provision of additional hostel accommodation and expansion of the camp multipurpose hall.

L-R:; Communications Manager, Savannah, Nigeria, Okwudili Onyia; Legal Manager, Kofoworola Bamgbose; Head of Human Resources, Yetunde Onabule; Chief Compliance Officer, Titilayo Okoye; and Senior Legal Counsel, Solomon Alo, during the NBA-SBL 17th Annual International Business Law Conference 2023 held in Lagos….recently SUNDAY ADIGUN

UNILEVER IN PARTNERSHIP WITH UNICEF…

At AU Meeting, President Affirms Africa's Unity, Strength

Rejects report of new scramble for continent Says war, violence will impede economic integration African leaders express commitment to integration, cooperation

Deji Elumoye in Abuja

President Bola Tinubu, in his maiden appearance at the African Union (AU) mid-year meeting in Nairobi, Kenya, yesterday, spoke glowingly about the continent and affirmed Africa's unity and strength.

Tinubu rejected the notion of a new scramble for Africa, warning that past plundering and exploitation of the continent should remain in the past and never be repeated.

Speaking at the Fifth Mid-Year Coordination Meeting (5thMYCM) of the African Union (AU), the Regional Economic Communities (RECs), the Regional Mechanisms (RMs), and the African Union Member-States, the president announced plans to strengthen the ECOWAS Standby Force to deter coups and combat terrorism in the sub-region.

In his capacity as Chairperson of the ECOWAS Authority of Heads of State and Government, Tinubu highlighted the progress made by ECOWAS in various sectors of its integration process, including trade, free movement of persons, investment promotion, infrastructure development, and security.

In his statement titled, "Address on Status of Regional Integration in ECOWAS," Tinubu emphasised the need for Africa to overcome its challenges and work towards a prosperous future, focusing on inclusive growth, good governance, and leveraging the opportunities provided by the African Continental Free Trade Area (AfCFTA).

Calling for good governance to ensure a prosperous future for Africa, free from the exploitations of the past, the president said, "As Africans, we

forge ahead no matter the barriers thrust before us. The world we inhabit is often unkind and uncertain. Past history and current global difficulties argue against our future success.

''Lessons of the past few years teach us that the world economy can be disrupted in ways that halt progress and invite downturn. Our nations can suddenly find themselves in dire situations if we choose to be passive observers of our fate.

“Such passivity does not commend itself to me. I will not listen to it. Neither should any African. The challenges we face mean that governance will be difficult. They also mean that visionary good governance is necessary. Some observers assert a new scramble for Africa is afoot and it is much like the old scramble that plundered our continent.

"But, here and now, let it be said

to whomever the new scramblers might be that our continent may be old but our spirit is new. And it is strong. The bad that took place in the past must stay there. It shall never be repeated.''

Addressing peace, security, and stability, Tinubu acknowledged the challenges faced by the sub-region, including terrorism and anticonstitutional changes in government.

According to him, “We sit here in meaningful discussion of vital economic matters. Yet, it will be impossible to bring full meaning to what we attempt unless we give due consideration to the instability and conflict that now scar many of our nations.

“The fullness of the integration we seek will elude us as long as several of our nations stand in the mist on violence and war. The trade and

Geregu Stock Price Soars as Investors Cheer PPP Deal, Solid Earnings

Geregu Power stock price may just be marking time and consolidating on its technical patterns before making an explosive move higher as a number of positive catalysts are set to drive its fundamentals for long term growth.

Geregu on Friday, released its second quarter (Q2), financial statement showing a 34 per cent jump in revenue from energy sold, and capacity charge. Its stock trading on the NGX rose 6.45 per cent to a new 52-week high of N330 per share, as investors cheered the announcement of a partnership with the Lagos State Government, the State Grid Corporation of China and the African Development Bank

(AfDB).

According to Moneycentral, an online news platform, for the 3-months period to June 2023, revenue for the energy giant stood at N20.465 billion, while gross profit rose by 48.5 per cent to N11.175 billion.

Other positives for the quarter included a reduction in receivables due from related party Amperion Power Distribution Company Ltd, to just N6.9 billion as a total of N31.58 billion was paid to Geregu Power.

Overall, trade receivables fell by 22.4 percent to N59.633 billion. Geregu remained in solid liquidity position as its cash and cash equivalents for the period

stood at a healthy N44.3 billion.

Geregu earns more interest than it pays, so coverage of interest payments is not a concern.

The firm repaid N35.82 billion in long term borrowings helping to cut its outstanding term loans by 47 per cent to N17.363 billion. The outstanding amount is a N17 billion facility types 1 to 2 from First Bank Ltd at 20 per cent interest rate to augment working capital and finance major overhaul.

Geregu alongside its coinvestors and technical partners, the State Grid Corporation of China (largest electricity company in the world) had agreed in principle to go into a partnership with LASG to

enhance its transmission capacity by circa 3,000MW through a combination of upgrades and new development in the short-medium term with the AFDB acting as the lead arranger and financier in the partnership.

The objective was to support stable and affordable electricity to Lagos state residents ahead of building and developing a state grid with a capacity >10,000MW in the long term.

The benefit of the quick win was that it allows both distribution and transmission upgrades for the immediate provision of a minimum of 3,000 MW which is well and over the current 500MW supply.

Oyebanji Seeks to Partner Obas in Tackling Insecurity

Presents staff of office to Onikoyi

Gbenga Sodeinde in Ado Ekiti

Ekiti State Governor, Biodun Oyebanji, has reiterated that his government was relying heavily on the partnership of the royal fathers to tame the hydra-headed problems of insecurity bedeviling the state.

The governor stated that the monarchs were central and pivotal to peace building process and maintenance of law and orders in their respective domains, urging them to spiritedly discharge their duties to safeguard the lives of the residents.

Oyebanji said this in Ikoyi Ekiti, Ikole Local Government Area, on Friday, while presenting the staff and instrument of office to Onikoyi, Oba Akinwande Moses Ogundana.

The seat became vacant following

the demise of Oba Olalere Falaki, on August 5, 2022, while the process for the selection of a new occupant of the royal seat kick-started on January 3, 2023.

Presenting the instrument, Oyebanji, represented by his Deputy, Chief (Mrs) Monisade Afuye, appreciated the monarchs for acting like true stabilisers and peace makers in their towns.

The Governor, however, pointed out that more concerted, cohesive and stronger united fronts were required to tame the occasional kidnappings and killings being experienced in the state through the activities of some evil doers.

"I want to commend our royal fathers for their exceptional support and contributions toward ensuring

security, peace and stability in their domains, and for being there always to resolve knotty issues of varying dimensions for the benefit of your communities.

"As traditional rulers, you sit on a throne of power and enjoy privileges that are peculiar to your office. You are bound to face several challenges and shoulder greater responsibilities, which at times may be very heavy and seem uneasy to bear. Always remember that uneasy lies the head that wears the crown. This should always be your guiding principle."

He congratulated Oba Ogundana for ascending the throne of his forebears, urging him to accommodate all divergent interests to Fasttrack development in the town. Meanwhile, Oyebanji, Saturday,

commerce we talk of today refers to valued goods and services that improve life. The trade and commerce these nations suffer is of destruction and disorder that takes lives and steals opportunity.

“We cannot integrate Africa and attain the prosperity we seek while our nearby brothers and sisters suffer in pain and anguish, they should not suffer. We must advance as one continent toward peace and prosperity. Otherwise, we risk the creation of two or more Africa, one a select group of nations moving steadily while the rest remain trapped in the age-old mire of poverty, conflict, and lack of hope.

“It is very clear that in the area of peace, security, and stability, our region is confronted with the twin challenges of terrorism and reversal of democratic gains through undemocratic changes of government.

“To address these challenges, the ECOWAS Authority, which I have the honour to chair, has given directive regarding the enhancement of the role of the ECOWAS Standby Force for deployment to fight terrorism and undemocratic changes in government.

“The Authority has also resolved

to raise our own funding internally to finance the peace support operations in our community. Meanwhile, we have continued to monitor the transition programmes in Mali, Burkina Faso, and Guinea.”

Tinubu recounted that during the recently concluded ECOWAS Summit in Bissau, West African leaders resolved to maintain engagement with Mali, Burkina Faso, to assiduously work towards the implementation of the 24-month transition calendars agreed with ECOWAS.

Nonetheless, to assist Burkina Faso and Mali in defending their territories from occupation by terrorists, he said ECOWAS had decided to provide support for their security agencies, even as he appealed to international partners to assist to provide necessary support that would ensure the restoration of democratic order in these member-states.

On trade, the president said ECOWAS had achieved the Free Trade Area and was working on establishing the Customs Union and Common Market.

AON to Partner Customs for Training of Personnel on Aviation Matters

Chinedu Eze

The Airline Operators of Nigeria

(AON) has said it is working with the management of Nigeria Customs Service (NCS) to establish Aviation Desk for the federal agency to enable its personnel undergo training on aviation matters for better understanding of the sector.

AON, said this would enable Customs to understand the importance of air travel and the urgency to clear aircraft spares, especially when under AOG (aircraft on ground).

because they do not understand the urgency of clearing it so that the aircraft would return to work,” Onyema said.

He said in other climes, once any aircraft spare part was brought in under AOG, Customs would allow it to be cleared immediately and later the airline would deal with the processes.

“This is because the aircraft is treated like a human being; it needs to fly due to the critical role it plays in the economy of any nation. But over here it is not the same thing.

described his father, Pa Ezekiel Oyebanji, as a man, who placed great value on honesty, integrity, humility, hard work and self -discipline, virtues, which according to him, had helped in shaping his personality.

The governor also stated that those who had been speculating possible political crisis between him and the Senate Leader, Senator Opeyemi Bamidele, would be grossly disappointed, adding that the cord of their relationship stood strong and unbreakable.

Oyebanji spoke during a thanksgiving service held at the First Baptist Church, Ikogosi Ekiti, marking the 90th birthday celebration of his father, who is a retired school principal.

This was disclosed by the Vice President of AON and Chairman/ CEO of Air Peace, Allen Onyema, during a recent meeting organiSed by Aviation Round Table (ART) in Lagos.

“For easy clearance of aircraft spares and other related imports by the NCS, one of us, Captain Roland Iyayi spearheaded a move that AON should work with customs so that they would have aviation desk.

“We suggested this to the leadership of Customs and they agreed. They are disposed to doing that with us, in establishing an aviation desk where some of their personnel will be trained specifically to deal with airlines.

“This is important because currently many of the officials do not understand how aviation works, like what is AOG. So, an airline’s aircraft spare parts might come and it might remain there for three weeks

“So, we need to expedite clearance of spares or aircraft from Customs. The ease of doing business should be improved. It is not only with Customs, but everywhere. This will enhance the support Nigerian airlines need to be stronger,” the AON Vice President said.

Reiterating the challenges faced by domestic airlines, Onyema said not having transit facility at any of the nation’s major airports was a hindrance to intra-regional connectivity and even international operations.

Ideally, in passenger movement, airlines on international service could use airport with transit facility as hub where passengers are brought together and taken to other destinations, but Nigeria does not have such facility at any of its airports.

“To support Nigerian airlines to be stronger, the airport infrastructure must be improved too. Government officials said Nigerian airlines are not flying international. They compare them with Ethiopian Airlines.

Says he imbibed humility, hardwork from his 90-yr-old father

L-R: People Partner and FUCAP Project Lead, Unilever Nigeria, Zainab Ajadi; Managing Director, Unilever Nigeria, Tim Kleinebenne; Chief, Lagos Field Office, UNICEF Nigeria, Celine Lafoucriere; Human Resource Director, Unilever West Africa, Ola Ehinmoro; Partnerships Specialist, UNICEF Nigeria, Ochuko Ege; Head, Communications and Corporate Affairs, Unilever Nigeria, Godfrey Adejumoh; and Communications Officer, UNICEF Nigeria, Blessing Ejiofor at the launch of Future-X Campus Ambassadors Program (FUCAP), by Unilever Nigeria in partnership with UNICEF Nigeria - Generation Unlimited (GenU) in Lagos on Friday.

As APC National Caucus, NEC Meetings Begin Today...

The ruling All Progressives Congress has scheduled the National Caucus and the National Executive Committee (NEC) meetings of the party for 10th and 11th of July, respectively. Adedayo

The National Working Committee (NWC) of the All Progressives Congress (APC) has scheduled the National Caucus and the National Executive Committee (NEC) meetings of the party for July 10 and 11 respectively.

The National Secretary of the party, Senator Iyiola Omisore in a notice of meetings issued last week said the National caucus meeting would take place at the Banquet Hall of the State House, Abuja, while the NEC meeting would take place at Transcorp Hilton Hotel, Abuja.

The notice of the national caucus meeting was issued pursuant to Article 12.5 of APC constitution while that of NEC was issued in pursuant of 25.2(I) of the party’s constitution.

Those expected at the national caucus meeting are: the National Chairman, Deputy National Chairmen (North and South), National Secretary, National Legal Adviser, National Treasurer, National Organising Committee, National Women Leader, National Youth Leader, National Leader of Persons with Disabilities.

Others are: Past and Present Presidents and Vice Presidents who are members of the party, Senate President, Present and Past Speakers of the House of Representatives, among others.

Also, those expected at the NEC meeting are members of the NWC, Past and Present Presidents and Vice Presidents who are members of the party, Senate President, Present and Past Speakers of the House of Representatives, among others. Some of the issues expected to be discussed are the allegations of high handedness against Adamu and Omisore, among others.

THISDAY recalled that prior to the presidential primary of the ruling party, the NEC had on April 20, 2022 transferred power to the Abdullahi Adamu-led National Working Committee (NWC) until July, 2022 for 90 days.

However, following the expiration of the three months of grace, the leadership of the party refused to convene NEC meeting, leaving the NWC as the only organ of the party.

Nevertheless, this did not go down well with the party’s National Vice Chairman, North-West, Dr. Salihu Lukman, who had since embarked on a solo-fight against the leadership of the party, while demanding that the affairs of the party be run as stipulated in the constitution of the party.

Trouble started when Lukman, in April, 2023 accused Adamu and Omisore of turning other members of the NWC to rubber stamps. He alleged that the duo take all decisions bordering on managing the finances of the party without the knowledge of other NWC members.

The National Vice Chairman in a statement said the National Advisory Council

(NAC) of the party had not been inaugurated more than a year after the Adamu-led NWC assumed office.

He stressed that the constitution of the party under Article 13.2B(i) stipulates that, “the National Secretary shall, not later than one month after an elective convention, convene the meeting of the National Advisory Council”; but added that one year after assuming office, Omisore has never proposed any action towards the inauguration of NAC.

The party chieftain didn’t stop at that as he also during a recent interview on national television, accused Omisore of mismanaging Osun State governorship election campaign funds.

“Part of the issue with that is that I’m aware the party has given some campaign funds to Osun which was handled by the National Secretary but more importantly, he’s not accounting to anybody and you have to activate the process of accountability,” he had said.

Following the allegation, Omisore threatened to sue Lukman.

The party scribe in a letter written by his attorney dated March 15, 2023 demanded for a retraction, apology, and payment of N500 million damages for the libelous statement against his person.

Lukman, who will not go down without a fight, said Omisore cannot bully him into silence. Rather, he insisted that Omisore should render account of the money provided for the prosecution of the Osun governorship election.

In another letter dated April 5,

2023, Lukman gave one week notice to Adamu to convene NEC meeting wherein all the issues bordering on the management of smooth transition between the then outgoing government of former President Muhammadu Buhari and the then incoming government of President Bola Tinubu could be considered.

Expectedly, after the expiration of the one-week ultimatum, Lukman dragged the Adamu-led NWC before an Abuja High Court over his refusal to convene NEC and national caucus meetings of the party.

To this end, on May 3, 2023, Adamu summoned an emergency meeting of the NWC following a lawsuit instituted by Lukman against him and the National Secretary over their refusal to convene meetings of relevant party organs.

The crisis, however, got messier when the National Legal Adviser, Ahmad ElMarzuq, recommended the expulsion of Lukman, in his letter to Adamu, for dragging the party to court.

Reacting to the expulsion threat, Lukman in a letter by his lawyers, Legal Resource Consortium (LRC), said the NWC of the party lacks the power to suspend him.

According to him: “There is nowhere in the APC Constitution where the NWC is given the power to discipline any member of the party. I have already forwarded the memo to my legal team for further legal action.”

Interestingly, at the end of the emergency meeting of the NWC in May, 2023, the leadership of the party was able to reach a truce. While Lukman was prevailed upon to withdraw the suit against Adamu, the meeting also agreed that all the issues raised by Lukman would be addressed.

Nevertheless, after realising that Adamu was not ready to convene the NEC meeting, Lukman in another letter in June,

Some of the issues expected to be discussed are the allegations of high handedness against Adamu and Omisore, among others. THISDAY recalled that prior to the presidential primary of the ruling party, the NEC had on April 20, 2022 transferred power to the Abdullahi Adamu-led National Working Committee (NWC) until July, 2022 for 90 days. However, following the expiration of the three months of grace, the leadership of the party refused to convene NEC meeting, leaving the NWC as the only organ of the party. Nevertheless, this did not go down well with the party’s National Vice Chairman, North-West, Dr. Salihu Lukman, who had since embarked on a solo-fight against the leadership of the party, while demanding that the affairs of the party be run as stipulated in the constitution of the party.

2023, described the party’s chairman as a conservative and reactionary politician, who, if left unchecked, may lead APC to committing political suicide.

He tasked all party leaders and members to wake up to this reality and stop Adamu from achieving his mission of self destroying the APC.

Lukman, in an open to APC leaders noted that the National Secretary of the party lacks capacity to win election in Osun State and yet pretends to command political influence.

He alleged that billions of Naira had been expended based on discretionary decisions of the Chairman and Secretary, saying till date, no member of the NWC could claim to know how much was in all the accounts of the party outside Adamu and Omisore and perhaps the National Treasurer and National Financial Secretary.

The party chieftain stressed that Osun and Ekiti elections cost the party billions of Naira without any attempt to review the experiences. He noted that the ruling party faced an embarrassing situation whereby in Osun during the just concluded 2023 elections it was roundly defeated.

Lukman said: “We lost all the three Senatorial seats, lost all the seats for the House of Representatives and lost all the House of Assembly seats. And this is the state where the National Secretary, Senator Omisore, comes from. And he sits pretending to command political influence when he cannot win any election.

“If we are truly aspiring to be a progressive party, leadership must be earned. Senator Omisore must give account of his leadership in Osun State in every respect. Osun is the only state in the country today where the party has no single elected representative. Maybe we have Councilors, who by this trend would be voted out in the next election.

“He knows exactly what he is doing by not convening the meetings of organs of the party. By every definition, Senator Adamu’s politics is conservative and reactionary.

‘‘Unfortunately, however, based on all the unfolding realities, he is a conservative and reactionary politician, who, if left unchecked, can pull the party in the direction of committing political suicide. All party leaders and members must wake up to this reality and stop Senator Adamu from achieving his mission of self destroying the APC.”

Meanwhile, a party source who pleaded anonymity said initially, the refusal of Adamu to convene the meeting of NEC was because his fate as the chairman of the party might be decided there.

Be that as it may, if the allegations against Adamu and Omisore are discussed in detail, it would require a miracle for both the chairman and the secretary to retain their seats.

Akinwale takes a look at some issues that might likely be discussed at the fora.

Tinubu

Adamu Lukman Omisore

Ribadu: Poised to Tackle Nigeria's Complex Security Challenges

Sunday Ehigiator writes on expectations from the new National Security Adviser, Mallam Nuhu

In over one decade since the commencement of hostilities in the North-east, the nation has battled waves of attacks from insurgents, armed bandits, herdsmen, kidnappers, separatists and agitators from all over the country.

With casualty figures ranging from 100,000 and above in 14 years, the activities of non-state actors appear malignant and hydra-headed with wide-ranging hostilities breaking out in some parts of the country while a lull pervades other parts with terrorists and their families surrendering in their thousands, notably, the North-east.

There are also ongoing attacks in Plateau and Benue where over 207 people were killed in the last two months, a situation that requires urgent intervention of government.

There have been suggestions and opinions on the way forward including negotiations with bandits by the former Governor of Zamfara State, Ahmed Yerima, while other views border on reequipping the armed forces, application of modern technology and massive recruitment of more personnel.

The recent appointment of Mallam Nuhu Ribadu as the National Security Adviser (NSA) by President Bola Tinubu appears to be the fulfilment of the long held belief by progressives in the security sector that for once, in a long while, a man with the requisite background and experience to deliver on the national security imperatives, has mounted the saddle.

With global, intelligence fundamentals tilting towards timely intelligence gathering and intelligence-led security, it has become imperative to redirect the focus of national security.

It has been restated in several security fora and expert opinions that the one single factor missing glaringly in Nigeria's war against insurgency and other criminalities in the past 14 years remained poor intelligence gathering and delivery hence the devastating impact of insurgency, banditry, kidnapping and oil theft, the collateral damage in terms lives of the citizenry and security personnel, who died in their thousands within the period.

As the first Chairman of the Economic and Financial Crimes Commission (EFCC), having served as a senior police officer that rose to the rank of a Deputy Inspector-General of Police (DIG), Ribadu has extensive knowledge of the nation's internal security set-up and the intelligence training and background required to contain crimes, criminalities and security challenges bedeviling the nation.

It is said that the approach and investigative skills of the new NSA as EFCC chair were reminiscent of the long tradition of the special branch of the police which later metamorphosed into the National Security Organisation (NSO) which in turn, birthed the nation's intelligence agencies, schooled in high level intelligence gathering and whose impact at the time was a safe and secure nation.

As chair of the anti-graft agency, it is on record that he had the highest prosecution record of high profile, politically exposed persons, going after corrupt, sitting and former state chief executives in an unprecedented manner that shook the nation.

As the nation's anti-corruption czar, Nuhu Ribadu had extensive contacts with global investigative agencies and actually signed several partnership agreements with the London Metropolitan Police, the United States Federal Bureau of Investigation (FBI), the International Police (Interpol), European Police (Europol), global financial task forces among others.

Such relationships and partnerships will come in handy in Ribadu's new role as the nation's top security man.

Speaking at the handover ceremony signalling his assumption of office as the National Security Adviser, Ribadu, who was appointed to the position by President Bola Tinubu on June 19, 2023, laid out clearly what the nation required at this time.

Ribadu took over from former NSA, Maj Gen Babagana Monguno (rtd).

He said the time had come for Nigeria to enjoy peace and stability.

He said it was a collective duty of all Nigerians to secure the nation and "we intend to continue with what has been done".

“We will stabilise this country, we will secure our country and we will make Nigeria peaceful because we believe time has come for this country to enjoy peace, restore order and rule of law just like any other country in the world.

“Securing the nation is a continuous process. We will look at what has been done and build on it. We will count on your support in the course of discharging our responsibilities.

“Mr. President has a huge commitment to securing every inch of our country. We will work with all stakeholders to deliver on this vision.

“This enormous task of securing our country is that of all Nigerians, and all friends of Nigeria,” he said.

Ribadu

"The successes recorded so far by the JTFs would not have been possible without the robust understanding between and amongst the agencies in each task force unit".

Involvement of the Police as the Lead Security Agency in Internal Security Ribadu may need to take another look at the role of the police as the lead agency in internal security operations following long years of relegation of the force to the background.

There were also recent complaints that even in the office of the National Security Adviser, police representation is lacking.

There are views in police circles that the police as an institution is marginalised or totally absent in decision making processes at the NSA's office, a situation that requires urgent attention in order to promote the synergy of security agencies in an intelligence-led security atmosphere.

"The creation of the office of the national security advisor was the idea of the police. Courses that are meant for the police abroad are attended by the military for some obvious reasons. "Out of the six offices of directors in the office of the national security advisor, there isn't a single police man as a director. The last police officer to have held the position of a director in the office, DIG Peace Ibekwe Abdallah, was retired.

"Militarisation of internal security can never address our internal security challenge. No wonder insecurity under the Buhari administration went perennial because there wasn't genuine political will and capacity to address it", a security expert that spoke on the condition of anonymity, said.

"The involvement of military in internal security is completely unacceptable in the developed world except in Africa.

Ribadu solicited the full cooperation of all servicemen and women, and by extension all Nigerians.

He said there was need to unite to accomplish the present administration’s quest for a more stable, peaceful and prosperous Nigeria.

In his remarks, the former NSA, Monguno, said "Ribadu is well equipped, well qualified, well educated and has a very deep understanding of the complexity of the security challenges confronting Nigeria".

He said the new NSA had the capacity to tackle whatever challenges that he might encounter having served in the various positions, saying that Ribadu was starting on a good footing.

“For me, I have been able to handover a comprehensive note to him and also brief him extensively.

For me, I want to give gratitude to the Almighty God for giving the grace to serve for such a long time and also allowing me to depart in good health and enjoy the rest of my life in an atmosphere that is bereft of the type of pressure that are associated with this all important office.

“I am also wishing in the same vein that Mallam Nuhu Ribadu will have a very successful tenure and depart in good health when the time comes for him to depart", he said.

Monguno said the ever changing 21st security environment demand complex approach.

"Today we are dealing with a situation in which we have terrorists and insurrectionists. The way and manner you will deal with the situation is such that you will have to rely on collection of competent staff", he said.

Intelligence-led Security

Mallam Nuhu Ribadu, by the previous roles he played in the security sector is better placed and understands the nuances between global security alliances, intelligence sharing, full involvement of the community and synergy of security agencies to succeed in his new role.

As a nation still battling terrorism and other crimes and having battled perpetrators of financial crimes and internet fraudsters himself, he is also

well placed to mobilise national security to track down terror financiers and their local and international networks.

He is also expected by his leadership of the nation's highest decision making organ to improve upon the community approach to intelligence gathering which the last administration called a "whole-of-the-society" approach and leverage technology in doing so as well as strengthening the commendable joint operations of the military and other security agencies.

There is also the compelling need to improve upon and infuse more intelligence content in the 2019 National Security Strategy (NSS) document expected to be the nation's guiding security document till 2024.

The document, has, however been criticised for being low on intelligence-led security.

A security paper entitled: "Intelligence Gathering: Strategy For Security of Lives and Property" delivered by Oladayo Ogunbowale, listed some specific platforms aiding intelligence-sharing amongst the security agencies including attitudinal change which should be key to Ribadu's agenda.

"As highlighted earlier since the return to democracy in 1999, the various security agencies embarked on several reform programmes, to drive attitudinal change amongst officers and men of the services.

"Although this process is still on, it has helped to improve the camaraderie amongst all categories of personnel, promoting the concept of community-based Intelligence-Led Policing (ILP) on the premise that all crimes are usually hatched, planned and executed within the community", he said.

"Therefore the community is central and critical to security management and law enforcement. In this regard, the efforts of the DSS, NPF and other stakeholders is contributing appreciably to sensitisation and education of the community.

"Indeed this effort has helped to develop capacities amongst the agencies to know the different dimensions that constitute threats, to know appropriate individuals to report to or feed with information, to know how to use basic investigation techniques, to understand basic security and safety procedures which may include how to avoid certain dangers, and getting them to also become peer educators.

On joint operations by security agencies, he said "the various joint task forces in flashpoints which comprises of the DSS, the Nigerian Army, Nigerian Navy, Nigeria Police Force, National Intelligence Agency, Defence Intelligence Agency (DIA) and other critical stakeholders" have been successful.

"Nigeria's experience started in 1999 over a communal clash in Plateau state. Today, the military are in every state with no genuine commitment to end the crisis and and return to their barracks", he said.

Ribadu's Dalliance with the International Community

Because of the integrity, dedication and diligence he displayed as the former boss of the EFCC, Ribadu has remained a highly respected ally of international partners and indeed the global community in the fight against corruption and financial crimes.

He is a recipient of several awards, notably, from the European Parliament, anti-graft focused civil society organisations, universities and notable newspapers and magazines in Nigeria, who repeatedly voted Ribadu as man of the year in recognition of his outstanding achievements as a committed crusader against corruption and other related crimes.

Ribadu also bagged an outstanding award on anti-corruption.

The award, administered by Rule of Law and Anti-corruption Centre (ROLACC) celebrates corruption fighters, academics and campaigners from around the world.

The award ceremony held at the Putrajaya International Convention Centre in Malaysia.

Ribadu jointly won the lifetime/outstanding achievement category alongside Leonardo McCarthy, former South African corruption fighter and ex-World Bank vice-president.

Mahathir Mahamad, former Malaysian Prime Minister, and Tamim Al Thani, Emir of Qatar, were present at the ceremony.

A citation of Ribadu on the European Parliament website, describes Ribadu thus: "the name Nuhu Ribadu has become a household name in Nigeria and beyond on account of his glorious public service record and personal integrity.

"A trained lawyer and fearless crime fighter, Ribadu has carved a niche for himself as someone who is patriotic, passionate, honest, courageous and compassionate. He is the pioneer Executive Chairman of Economic and Financial Crimes Commission (EFCC), the government commission tasked with countering corruption and fraud which he literally transformed into one of the most effective and renowned anti-graft agencies in modern history.

"Yet, his major tribute to anti-corruption crusade was his selflessness, resilience and exemplary conduct in his spirited fight against the cankerworm.

With uncommon commitment and dedication to duty, Ribadu worked assiduously to clean the augean stable created by graft and fraud.

"He courageously brought to book hundreds of fraudsters, scores of high profile looters and economic saboteurs in spite of temptation, booby traps and threats to life".

At a second meeting with President Tinubu on Monday, Ribadu, who addressed the media afterwards restated the commitment of the national security team to deliver on their mandate of restoring peace and containing non-state actors.

Nigerians have great expectations.

Nigerians anticipate a safe and secure nation with the Ribadu-led security team in place.

Securing the nation is a continuous process. We will look at what has been done and build on it. We will count on your support in the course of discharging our responsibilities.

“Mr. President has a huge commitment to securing every inch of our country. We will work with all stakeholders to deliver on this vision

Ribadu

REGIONAL PEACE AND SHARED PROSPERITY

The attraction of Europe as a destination, lies not only in their long history of industrial progress and innovation but more in their determination to building a shared prosperity. The European Union is an example of the strength of regional co-operation that has brought about the birth of a currency –the Euro, which has made Europe more competitive in global international exchanges. That currency has been built on the back of a carefully worked out economic convergence, driven by increased productivity, more efficient asset allocation and an openness in law, job mobility and markets. The new global competition is no longer just about territory for area, but aggregation to

espoused at the Chatham House lecture. The passion with which he has continued to push for shared prosperity, which he demonstrated as a sub-regional leader in Nigeria, are the marks of the leadership he wants to pursue. The wisdom of his choice as leader by his colleagues, (heads of state), will allow him design big ticket transactions for a regional market, in excess of 400 million people.

So the key actions for the effective domestic plumbing of the economies will be, productivity, efficient asset allocation, and openness. Successful regional arrangements have one or more strong kernel countries, the countries where the lattice structure of governance is tightly put together without slacks. If Nigeria is to be that kernel in ECOWAS, then she must address her internal issues of declining productivity, become more efficient in asset allocation, and lead the way for increasing openness in governance, as tools of building resilient communities.

These new leadership challenges call for contributions from all citizens, who through their engagements, guarantee our ability to deliver that leadership.

FREDRICK NWABUFO reckons that Nigeria is on its way to status redemption

NIGERIA’S FOREIGN POLICY DIRECTION

Events in the past weeks betoken a pristine approach to Nigeria’s foreign policy utility. There are indications that the nation’s foreign policy plank will follow a clear and unconfused trajectory. And it is apparent that Nigeria will play a purposive role in the affairs of West Africa and Africa under President Bola Ahmed Tinubu.

A firm, decisive and progressive leadership at home, commands global attention and respect for the country. Essentially, a clear direction on the domestic front reflects on the utterly transactional and anarchical international front. Global or continental leadership, as it is with every other aspect of leadership, begins and succeeds with

and imperativeness of Nigeria in Africa. At every turn in his foreign engagements, he has centred Nigeria and Africa as the denominators of his blueprint.

At a meeting with President Patrice Talon of Benin Republic at the New Global Financing Pact Summit in France recently, President Tinubu reaffirmed Africa as the centrepiece of Nigeria’s foreign policy. He said: “We are ready to improve relations. Africa has been the centrepiece of Nigeria’s foreign policy. I believe in Africa. We have the necessity to grow the continent. The world’s economy is wobbling, and Africa has been left behind. On risk factors, Africa is always placed high, with higher interest rates on borrowing. We are always classified as high risk. We must work together for systematic recovery and growth.”

building shared prosperities.

The Ukraine war is borne out of a deep desire to share in the prosperity of the European Union. The bold move of Perestroika and Glasnost, aimed at building a region of shared prosperity by Mikhail Gorbachev, has not provided a comparable alternative for her neighbours, or admirers from afar.

Regional pacts and other global aggregations, must take seriously the task of ensuring cohesion at home and building the shared prosperities amongst her member states. The MAGA mantra of Donald Trump, the empire plan of Putin, the disorder in Africa and South East Asia are centripetal forces threatening to take the world apart and a reminder of the warning by Nelson Mandela, that perhaps the new crop of global leaders may not be in the mold of their founding fathers.

High walls and the moat- like protection of seas will not protect regional gains, if actions are only just about dealing with the effects of migration without a concerted effort to deal with their root causes.

It is against that background that we must view the new charter of the President Bola Ahmed Tinubu on taking over the mantle of ECOWAS leadership.

Is the leadership ready, if there is no fiscal consolidation at home?

Can economic convergence come about, if member states remain disorderly with public finances, while neglecting the good of their people?

Can the region (ECOWAS) construct shared prosperity?

Do we understand the intrinsic links between money in circulation to tax rates?

How do we run sustainable governance models?

Can ECOWAS develop the large scale perspectives for ensuring regional cohesion?

These are the conversations and planning meetings that need to follow the declaration to build a region of peace devoid of upheavals, accentuated by military coups.

Nigeria is back! as declared by the new chairman and ready to provide the leadership needed. There are difficult choices ahead, but the careful sequencing of actions and the ability to make the calls as we motor on, will require the wits of a champion sportsman.

These declarations are a reinforcement of President Tinubu’s position, which he brilliantly

Without economic convergence, it will be difficult to manage trade and exchange in the sub region, as commodity product price arbitrage will put a crushing burden on the kernel states and lead to border closures, which are antithetical to building a free economic zone. If you overlay on that, the existing inefficiencies of international exchanges, then the outcomes will already have been determined.

The inability to efficiently harness our resources (agricultural in particular) within a market framework, means that the level of initial losses from wastage, put most economies at a disadvantage. This is not helped by the reward mechanisms, as the impetus for driving productivity is no longer the local currency but the US dollar. Most currencies are not considered good stores of value, which is blamed by the bankers on declining productivity. The bankers however, have given up on catalyzing local production and have settled for the sweet ether of international trade financing. And so slowly, one after the other, the economies have gone to sleep. (Most production plants have gone silent)

The production matrices are weak and the capacity building arrangements for skilled manpower are not fit for the purpose of industrial production. Wide income inequalities, mean that the local demand pull for goods and services is weak.

Economic growth against that background is elusive, and many are left out in the cold without a safety net. The idle soon find employment in crime and provide reasons for military adventurers to strike, offering plenty but ill-equipped to deliver anything.

This is the cycle that has to be broken to discourage coups in the sub-region.

The economic adjustment options

While assembling a strong cabinet at the centre and building a detailed administrative structure from the top is good, the key success factor is the resilience of local communities. This is what ensures the matching approach from the bottom up. At the local level, asset creation can lead to fragmentation, but ownership and management of assets created is often best delivered here. These models could vary from country to country as determined by the activity data generated on idle assets and capital.

Above all, do the regional natives know they are free, and are they prepared to stand-up for their rights?

All the ministries department and agencies are the tools to ensure delivery in this format.

We must not fail to plan this time, or we would be condemned to repeat it.

Iyore is Partner, DNA Capital, Darenth, Kent England

personal example. Evidently, Nigeria is beginning to show leadership in its internal affairs. That is the utility of personal example.

In the past, Nigeria was bogged down by domestic problems such that it could not extend itself a bit more robustly. Insecurity across the country meant previous administrations had to look exceptionally inwards. But there was also the problem of lack of interest or capacity, and policy direction. Although Nigeria did try to maintain some presence within Africa, its leadership was not all too palpable.

At times of internal upheavals, most states tend to be more nationalistic and protectionist. Between 1937 (Era of the Great Depression) and 1944, the US, battling its own domestic problems, exercised the Doctrine of Isolationism which advocated noninvolvement in external wars and politics. But the US joined the Second World War at the twilight when its territorial interest was threatened. And with it came the Truman Doctrine in 1947 -- by President Harry S. Truman which states that ‘’the United States would provide political, military, and economic assistance to all democratic nations under threat from external or internal authoritarian forces’’.

The vacuum in pilotage on the continent is conspicuous. Nigeria is by the conspiracy of history, geography, size, and economy, a default leader of Africa – and as such it should exercise this leadership.

The concept of Africa as the centrepiece of Nigeria’s foreign policy was ideated and articulated in the 1960s during the administration of Prime Minister Tafawa Balewa. The abstraction has been adopted and iterated by successive administrations. The spirit of the idea, which was a dominating motif of the de-colonisation era, is that Africa must come first in Nigeria’s foreign policy formulation. And true to the objective, Nigeria has over the decades played a decisive role in Africa.

President Tinubu has shown a clear understanding of the leadership example

At the ECOWAS summit in GuineaBissau where he was elected as the chairman of the sub-regional group, President Tinubu made an impassioned and audacious declaration on the fundamentals of defending, protecting, and nurturing democracy in the zone. The President said: “We must stand firm on democracy. There is no governance, freedom, and rule of law without democracy. We will not accept coup after coup in West Africa again. Democracy is very difficult to manage but it is the best form of government. There is no one here among us who did not campaign to be a leader. We didn’t give our soldiers resources; we didn’t invest in them, in their boots, in their training to violate the freedom of the people. To turn their guns against civil authorities is a violation of the principles upon which they were hired, which is to defend the sovereignty of their nations. We must not sit in ECOWAS as toothless bulldogs.”

This patently demonstrates a keen sense of duty, obligation, responsibility –which I encapsulate as Tinubu’s Doctrine of Responsibility, of duty. It is a bounden duty and an unrelenting obligation for Africans and Africa to work together for ‘’systematic recovery and growth’’, and to protect and defend democracy.

Africa and Africans are afflicted by the same problems and are connected by the umbilicus of poverty, political, instability, unstable economy, and the like. So, it is important that African states deal with their shared challenges as partners. The fallout of the chaos in Libya and how it imperilled the security of some African countries, including Nigeria’s, points to why cohesion, partnership and mutual trust is a desideratum for the continent.

The Doctrine of Responsibility, as it relates to transnational relations, establishes patriotism, loyalty and commitment to African ethos, values, survival, success, and future. It evokes a sense of duty to father land and Africa.

However, it is important that while Nigeria retakes its place as the lodestar of Africa, it must evolve and not stay fastened to the old ways of ‘’bigbrother diplomacy’’, but adopt more of mutualism, diplomacy of reciprocity. International relations is governed by an anarchy of interests, and as such Nigeria must protect its own domestic interest.

With a vibrant national leadership and a defining presence in West Africa and Africa, Nigeria is well on its way to status redemption.

Nwabufo is a media executive

Nigeria must address internal issues of declining productivity and asset allocation to lead ECOWAS effectively, argues CHARLES IYORE

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

TACKLING YOUTH UNEMPLOYMENT

Government economic plans must prioritise youth employment

Unless the relevant authorities do something critical and urgent about the astronomical rise in unemployment levels, particularly among the youths, Nigeria may be sitting on a time bomb waiting to explode. Figures available paint a dire situation of millions of Nigerian youths roaming the streets looking for work but cabinet and the direction of his economic programme, one issue that must be uppermost in his mind is how to tackle the tokenism of previous administrations.

global audit and tax

that unemployment rate in Nigeria will rise from 37.7 per cent in 2022 to 40.6 per cent this year. “Unemployment is expected to continue in 2023 due to the limited investment by the private

T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

before the removal of subsidy in the downstream sector of the petroleum industry which has impacted negatively on millions of Nigerians.

that more than 50 per cent of that army of idle citizens is of failure of government policies aimed at dealing with the challenge. Worse still is that there is no evidence to suggest gravity of the situation nor are there plans to deal with it.

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

Letters to the Editor

idleness among young persons are already manifest in the level of strife and crimes in virtually every corner of the country. Whereas the multitude of violent outbursts might have religious and ethnic colorations and undertones it is trenches of war are youths who if otherwise meaningfully engaged would have been unavailable for those worthless this situation include a growing population amid declining country where farming is the main occupation, the incessant violence on communities by terrorists have made the profession a serious hazard. No doubt, the unemployment challenge is directly linked with the illhealth of the economy. recovery plan, therefore, must prioritise youth employment and formulate policies to reduce it to the barest minimum. In the past, the federal government had economic

Whatever undermined those programmes should be reviewed and appropriate measures taken to improve curriculum with the needs of the economy. It has been the school leavers are unemployable regarding their training and skills. It has become necessary therefore that our educational training curriculum at all levels development so that graduates leave school with the out for him.

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

LETTERS

MR PRESIDENT, NIGERIANS ARE HUNGRY

The soaring price of good and services since the removal of petroleum subsidy is frightening. The prices of grains and other essential food items in local markets have skyrocketed beyond the reach of the common man. The World Bank has released a damning report of four million Nigerians who slid into poverty in the last six months and warned that another 7.1m are likely to fall into poverty by the end of the year unless government quickly rolled out palliatives to cushion the effects of subsidy removal. Even before the removal of subsidy, the Food and Agricultural Organization (FAO)

had predicted that Nigeria would face imminent famine this year. FAO prediction was premised on the ongoing war in Ukraine, banditry and farmer/herder’s crisis in North West and North-central respectively. There is no gainsaying the fact, Katsina, Zamfara and Sokoto States have been hit hard by the activities of bandits. Peasant farmers have been sacked or driven away from their ancestral homes. The worrisome activities of bandits are affecting food production, and spiking up food prices leading to hunger.

The federal government has

planned to disburse N500 billion palliatives to Nigerians. Under the plan, N8000 will be distributed to each of 12 million selected households for a period of six months. In the short time, the safety net will temporary relieve poverty among the beneficiaries ,but in the long run, when the payment stops, poverty may increase. Instead of doling out billions of naira to Nigerians, the government should subsidise farms product, health and improve irrigation to augment seasonal farming. While the immediate past administra-

tion of Muhammadu Buhari had opened some borders to ameliorate food shortage, the Tinubu led administration should follow suit and open the remaining ones. The rising cost of essential food products calls for prompt action. Insecurity which plagues the North should be squarely addressed to guarantee food security. It is unarguable to say, millions of Nigerians hardly eat one square meal, let alone three a day.

It has become necessary that our educational training curriculum at all levels must incorporate skills acquisition and entrepreneurial development

Ibrahim Mustapha, Pambegua, Kaduna State

Tech Top 5 News

GOOGLE’S BARD EXPANDS FEATURES, LANGUAGES, WIDER REACH

In an exciting development, Google’s conversational AI service, Bard, has significantly expanded, bringing innovative features, extended language support, and a wider global presence.

This expansion includes forty new languages, marking a significant milestone for the tech giant. Notably, Swahili, the first African language to be incorporated, has found its place among the languages supported by Bard. With this remarkable move, Bard is now available in most countries across the globe, breaking barriers and fostering a more inclusive digital landscape.

The extended language support of Bard encompasses the world’s most widely spoken languages, such as Chinese, German, Spanish, Arabic, and Hindi, enabling users to engage with the service in their preferred language. Additionally, Google has introduced textto-speech functionality in eight languages, enhancing accessibility and ensuring a seamless user experience. Head of Communications and Public Affairs, SSA, Google, Dorothy Ooko, expressed enthusiasm for the significant expansion, calling it Bard’s most extensive to date.

She stated, “That’s why we created Bard: to help you explore that curiosity, augment your imagination and ultimately get your ideas off the ground not just by answering your questions but by helping you build on them.”

As part of the expansion, Google has introduced various features to enhance interactivity and customisation. The “Listen to Responses” feature adds an auditory dimension to Bard’s responses, enabling users to grasp accurate pronunciation or comprehend scripts effortlessly.

Users can now personalise their interactions with Bard by modifying the tone and style of its responses. Five options are available, including simple, long, short, professional, or casual, ensuring a tailored and engaging experience. Although this feature is currently launched in English, Google plans to extend it to other languages, making it universally accessible.

To further enhance productivity, Google has introduced four additional features. Users can now pin and rename their conversations with Bard, making it easier to revisit valuable information or ideas later. Additionally, Bard enables the exportation of Python code to Replit, in addition to Google Colab, fostering collaboration and simplifying code sharing across platforms. Introducing shareable links allows users to collaborate on projects or seek feedback on their ideas effortlessly. Lastly, users can now upload images along with prompts to Bard, expanding the service’s capabilities and opening new avenues for creative exploration.

ELON MUSK UNVEILS XAI: BOLD COMPETITOR TO CHATGPT EMERGES

Tech visionary Elon Musk revealed the formation of xAI, a dedicated company focused on artificial intelligence, following much anticipation and speculation about his plans to develop a ChatGPT competitor.

xAI, accompanied by a newly unveiled website and a talented team of twelve members, will be spearheaded by Musk himself, as stated on the company’s website. The venture aims to collaborate closely with X (Twitter), Tesla, and other organisations to drive advancements aligned with their shared mission.

The website emphasises xAI’s ambitious objective of comprehending the fundamental essence of the universe, echoing Musk’s previous descriptions of his AI aspirations. Notably, Musk had been an early supporter of OpenAI, the creator of ChatGPT, but eventually expressed discontent with the safeguards implemented by the company to prevent biased or sexist responses.

In a December tweet, Musk warned against training AI to be “woke”. It regarded it as perilous, responding to a user’s query about the possibility of disabling the “woke settings” on ChatGPT.

With the launch of xAI, Elon Musk sets his sights on pushing the boundaries of artificial intelligence, seeking to carve a distinct path and make a substantial impact in the field.

FLUTTERWAVE PARTNERS IATA TO STREAMLINE PAYMENTS FOR AFRICAN TRAVEL

Flutterwave, Africa’s leading payments technology company, has joined forces with the International Air Transport Association (IATA) to enhance travel experiences in sub-Saharan Africa. By integrating with Flutterwave’s platform, airlines worldwide gain the ability to process payments from customers using various methods, including cards, bank transfers, mobile money, and alternative payment options.

IATA’s Financial Gateway (IFG) serves as an

Tech Personality of The Week

EHIEMUA-OCHUI

Ehiemua-Ochui: Nigeria’s Artisans-Clients

Chasm Bridged By LaborHack’s Technology

This week, we spotlight Oare EhiemuaOchui, a prominent figure in the tech industry. Oare is the CEO and visionary behind LaborHack, an innovative platform that seamlessly connects skilled artisans with households and businesses throughout Nigeria.

Oare’s motivation for establishing LaborHack stemmed from the realisation that a lack of prominent platforms consistently provided high-quality, vetted, and well-trained artisans with ongoing opportunities. This realisation propelled her to take matters into her own hands and launch LaborHack.

In 2019, LaborHack was born with a clear objective: to train and equip electricians, carpenters, and other skilled workers with the necessary expertise while securing apprenticeship placements that would expose them to innovative practices and advanced technologies. Despite the challenges of finding suitable job placements initially, they persevered and successfully trained several batches of talented individuals.

The primary mission of LaborHack is to establish a direct and efficient link between clients and dedicated artisans who excel in delivering on-demand services. These artisans are readily available whenever their expertise is needed, offering convenience and reliability to clients. The startup controls a pipeline of artisans, ensuring that only those who have undergone rigorous training and thorough vetting are utilised. Doing so guarantees that all work performed adheres to the highest standards with minimal room for error, prioritising clients’ safety within their own homes.

In addition to her role at LaborHack, Oare is also the founder of OPL Academy, an employment accelerator designed to address the talent demands of Nigeria’s construction industry. Her commitment to bridging the skills gap and providing sustainable solutions has earned her recognition, including an esteemed award at the World Summit Awards (WSA) in 2023.

omnichannel payment orchestration and management platform exclusively designed for the airline industry. Its purpose is to enable airlines to receive local payments from diverse markets across all distribution channels.

Recognising Africa’s potential as one of the fastest-growing aviation regions, Flutterwave’s CEO & Founder, Olugbenga Agboola, emphasised the importance of facilitating seamless payment processes to foster the continent’s aviation industry.

He said: “According to the International Air Transport Association, Africa is set to become one of the fastest growing aviation regions in the next 20 years with an annual expansion of nearly 5%. How can we further accelerate this growth?

One way is to ensure airlines can easily set up operations across the continent and seamlessly receive customer payments. This partnership with IATA solves the problem of payments for global airlines venturing into Africa. We hope that this encourages more global airlines to expand into Africa.”

By utilising Flutterwave through IFG, airlines and travel agencies can effortlessly accept various payment methods when customers book their airline tickets. This integration eliminates the complexities of managing multiple connections to payment service providers in Africa. Instead, IFG offers a unified global connection, granting complete control over payment and settlement processes while seamlessly integrating with ticketing systems and distribution channels.

NITDA: DIGITISATION OF MSMES COULD BOOST NIGERIA’S GDP BY $53 BILLION

The National Information Technology Development Agency (NITDA) has highlighted the potential of digitising Micro, Small, and Medium Enterprises (MSMEs) to significantly impact Nigeria’s Gross Domestic Product (GDP).

The Director-General, NITDA, Mr. Kashifu Inuwa revealed during a recent visit to the GIZ/Digital Transformation Centre in Lagos that digitised MSMEs could contribute an

additional $53 billion to Nigeria’s GDP.

Mr. Inuwa referenced recent research indicating that digitally transformed MSMEs have the potential to increase their revenue by 26 per cent while simultaneously reducing costs by 22 per cent. He further cited statistical data from 2018, which demonstrated that globally, digitally transformed enterprises contributed $13.5 trillion to the GDP. Projections indicate that by 2023, this figure will reach a staggering $53.3 trillion, accounting for over 50 per cent of the global GDP.

Highlighting the potential impact of digital transformation on Nigeria’s MSMEs, Mr. Inuwa stated, “If we can digitally transform our MSMEs in Nigeria, it could add 26 per cent to GDP or the revenue of the MSMEs. Currently, MSMEs contribute 43 per cent to Nigeria’s GDP, approximately $205 billion. A 26 per cent increase would mean that digitization of our MSMEs can boost our GDP by $53 billion.”

The DG emphasised the Federal Government’s commitment to digitally transforming the economy, underpinned by a seven-point strategic roadmap and action plan. The second pillar of this plan revolves around enhancing digital literacy and skills, as digitalisation, transformation, and the digital economy are all knowledge-based domains in which human capital holds paramount importance.

In line with this vision, NITDA aims to achieve 90 per cent digital literacy among Nigerians by 2030, enabling widespread access to digital services using digital devices. To date, NITDA has trained over 219,000 individuals in various technology-related disciplines, and in digital literacy, more than three million Nigerians have received training through diverse channels.

NCC INTRODUCES GUIDELINES FOR MOBILE OPERATORS’ ADVERTISING TRANSPARENCY

The Nigerian Communications Commission (NCC) has rolled out new guidelines for Mobile Network Operators (MNOs) such as MTN, Airtel, and Glo, which now require approval

from the commission before launching advertising campaigns. These guidelines have been introduced to regulate promotional activities conducted by MNOs in Nigeria.

According to the guidelines, MNOs are obligated to submit a written request for approval of any promotional advertisements, ensuring they do so at least thirty working days in advance. The NCC will carefully evaluate these applications based on predetermined standards and requirements.

Furthermore, the NCC mandates that all approved advertisements must be registered with the Federal Competition and Consumer Protection Commission (FCCPC) within three days of their launch, reinforcing transparency and consumer protection measures. The guidelines also specify several requirements for licensees. These include providing detailed reports on the advertisements, clearly indicating the products and target audience, and presenting reliable data that adheres to research principles. Adherence to established quality standards is also emphasised, ensuring that promotional activities meet the highest standards of professionalism and accuracy.

Regarding pricing, the NCC stipulates that all prices must be communicated clearly, prohibiting hidden adjustments, unrealistic comparisons, and exaggerated claims that may mislead consumers.

The NCC retains the right to reject applications, and if rejection occurs, the commission will provide detailed reasons within 14 days. However, licensees are granted an opportunity to rectify the situation or modify their applications within a specified period. The NCC also holds the authority to revoke approvals for promotions if they contravene specified conditions, such as network congestion, poor service performance, customer complaints, misrepresentation, or deviations from the original applications.

Licensees are responsible for ensuring that their networks can manage the increased traffic resulting from promotional activities while also adhering to the approved tariffs set by the commission. It is crucial that promotions accurately represent the goods and services provided by the licensees, maintaining integrity and transparency.

These guidelines establish a comprehensive framework that guarantees accountability, fairness, and adherence to industry standards in the promotional activities of MNOs operating in Nigeria.

RATES AS AT JULY 14,2023

Working Capital, Expansion Drive Lift MTN, Dangote Cement, Others’ Debts to N3.08tn

Kayode Tokede

Following the drive to expand their business networks and compete in key sectors, MTN Nigeria Communication Plc, Dangote Cemment Plc, Seplat Energy Plc and 12 other firms listed companies on the Nigerian Exchange Limited raised N3.08 trillion in total debts in first quarter of (Q1) 2023, an increase of 2.57 per cent from N3 trillion reported in full year ended December 31, 2022.

Other firms investigated by THISDAY who play in the Fastmoving Consumer Goods (FMCG), oil and gas firms, breweries agro-allied sectors tapped the

debt markets to shore up working capital.

In the period under review, MTN Nigeria Communication followed by Dangote Cement and Seplat Energy have the highest debts amid growing total assets and profit.

Capital market analysts said the growing debts by these firms is contributing to cuts in profit and dividend to shareholders.

For instance, MTN Nigeria closed Q1 2023 with N779.9 billion total debts, an increase of 13.08 per cent from N689.67 billion in 2022 full financial year, while Dangote Cement reported N680.9 billion total debts in Q1 2023, a decline of 6.2 per cent from N725.88 billion

reported in 2022FY.

Analysis of MTN’s unaudited result and accounts for March 31, 2023, showed that its long term-debt dropped to N424 billion from N439.46 billion in 2022, while short-term debts increased to N355.9billin as of March 31, 2023, a growth of 42.2 per cent from N250.21billion reported in 2022.

In Q1 2023, MTN Nigeria led other firms with the issuance of N125 billion Commercial Papers (CP) to boost its short-term working capital and funding requirements. MTN Nigeria communications reported N58.05billion finance costs on its borrowing in Q1 2023 from N40.32 billion reported in Q1 2022.

MTN Nigeria during the first quarter of 2023 had a debt-to-equity ratio of 1.79x, a decline from 2.05x in 2022.

THISDAY had reported that firms operating in Nigeria raised a whopping sum of N766.64billion via CPs and Corporate Bonds in Q1 2023, an increase of 145 per cent from N313.2 billion raised in Q1 2022.

CPs are money-market securities issued by large corporations to obtain funds to meet short-term debt obligations like payroll and are backed only by an issuing bank or company’s promise to pay the face amount on the maturity date, which is usually in 270 days or less.

FX Reforms: Analyst Predicts $6.2bn

Nume Ekeghe

Against the backdrop of recent Foreign Exchange management reforms by the federal governmental, analysts at Afrinvest have pegged the base case for capital importation in fiscal year 2023 at $6.2 billion.

However, the analysts said the projection is hinged upon the implementation of crucial reforms, including the unification of foreign exchange rates and a transition towards a managed float system.

They added that if the feat is

attained, it would be an increase of $900 million when compared to the $5.32 billion recorded in 2022.

Afrinvest stated this in its report tagged, “Q1’2023 Capital Importation Data: Pre-election Jitters and Weak Fundamental Dampen Inflows.”

They stated: “Moving ahead, the CBN in tandem with the FG has introduced several policies to improve Nigeria’s ability to attract foreign capital and diaspora remittances.

In a recent circular, the Apex bank announced the reintroduction of the naira payout option for diaspora

remittances using the I&E window.

“This alongside the collapse of the different FX windows into one window and pivot of the FX administration into a managed float, is a laudable initiative given that they are pro-market in nature. We believe these recent measures can help reverse the ugly trends of low foreign capital and remittance into the country.”

“Additionally, poor business climate stemming from weak infrastructure, policy mismatch, insecurity, and increasing poverty are some of the challenges that

The CPs of MTN Nigeria included a 188-day CP at a yield of 11.00 per cent and 267-day CP at a yield of 12.50 per cent. The CP issuance was completed on 1 March 2023.

The exercise began on January 30 and was concluded on February 2, with the cement maker saying the funds raised were intended for financing the company’s working capital needs and for general corporate objectives.

For Dangote Cement, its longterm debts stood at N342.05billion as of Q1 2023, representing a growth of 2.56 per cent from N333.5 billion reported in 2022, while its short-term debts dropped

to N338.83 billion as of Q1 2023 from N392.38 billion reported in 2022.

The Cement giants had raised N 126.7 billion under its N150 billion CP programme in Q1 2023. Other financial liabilities of Dangote Cement are: N263.26 billion Bond as of Q1 2023 from N263.17billion reported in 2022; N24.96 billion bulk commodities international loans as of Q1 2023 from N23.7 billion reported in 2022 and N97.07 billion bank loans as of Q1 2023 from N261.43 billion reported in 2022.

The story continues online on www.thisdaylive.com

Capital Importation for

undermine the attractiveness of capital inflows, especially FDIs and remittances. Therefore, the introduction of policies to support business growth, increase crude oil production and diversify FX earnings would allow the CBN to reduce its reliance on capital controls to manage FX reserves and, in turn, the free flow of capital would reduce the apathy of foreign investors to Nigeria.”

“In light of recent initiatives by the new government, we maintain our base case capital importation projection of $6.2bn for FY:2023.

2023

This is hinged on the unification of FX rates and pivot to a managed float system that keep rates close to its fundamental value and less aggressive capital controls in H2:2023, ”they said.

They added that based on their data, total capital importation in Q1:2023 stood at $1.1bn, representing an increase of 6.8 per cent over the preceding quarter, “However, on a yearly basis, the inflows declined 28.0 per cent, the worst Q1 performance since 2017.

“We attribute the decline to risk factors pertaining to the general

MARKET DATA AS AT FRIDAY, JULY 14, 2023

elections and existing fundamental issues such as persistent capital control measures, multiplicity of exchange rate, high insecurity, and increasing yield in advanced economies. Disaggregating the data, Foreign Portfolio Investment (FPI) experienced a significant decline of 32.2 per cent y/y to $649.3 million. This is the lowest level seen in the past six years, on the back of decrease in inflows from money market investments (-79.6 per cent) and bonds (-2.9 per cent).”

NPA: Warri Pilotage District Berthing Vessels Despite Need for Breakwater Reconstruction

Contrary to unfounded claims in a section of the media (not THISDAY), the Nigerian Ports Authority (NPA) has declared that the Warri pilotage district is berthing vessels calling at the port.

The Managing Director/CEO of NPA, Mohammed Bello Koko said the Escravos breakwaters constructed to prevent the siltation of the Warri channels needs to be reconstructed.

“Although the Escravos breakwaters constructed to prevent the siltation of the Warri channels had collapsed decades ago and the current management of the Nigerian Ports Authority (NPA) led by Mohammed Bello Koko has concluded the survey and mapping of the channel and is at conclusive stages of securing relevant approvals for the best financing option to fund its reconstruction, the NPA has put mitigants in place to ensure safe berthing of legally operating vessels in the spirit of trade facilitation.

“The up-to-date local and international training, simulation and maneuverability competence

building of the highly experienced pilots of the NPA has ensured zero incidence of vessels running aground and enabled the safe berthing on Friday 14th July, 2023 of inbound vessels MT Zonda and MT Stellar and outbound vessel MT Duke, MT Vardar and MT Igbinosa, with six vessels at anchorage outbound and inbound for Bonny Island, Koko and Escravos, “he said.

Cognizant of peculiarities of the Warri channel, the NPA said it procured and installed adequate buoys, realigned the entrance buoys, docked and reclassified vessels, stipulated frequent simulation training and retraining for all the pilotage crew to enable them respond to the exigencies of the channel.

“The occasional reported incidences of vessels running aground cannot impede the channel as they are vessels operating illegally without NPA Marine Pilots onboard, and ran aground only because they veered off the channel and safety marked areas due to incompetence. To enhance its domain awareness

capability to detect and frontally keep illegal vessels at bay, the Authority recently awarded consultancy for the installation of Vessel Traffic Services(VTS) across all its Port locations, and the first phase is already completed. It will be recalled that the Authority had recently acquired and deployed security patrol boats and intensified its collaborations with relevant security agencies to stem the activities of such illegal vessels whose activities result in such breaches, “he added.

The NPA boss assured all stakeholders doing business legally in the Warri Pilotage of navigational safety despite the urgent need for the breakwater reconstruction, “Whilst we are working assiduously under the guidance of the Ministry of Transportation and Federal Government to sustainably and comprehensively address the challenges of all Delta Ports, we have put measures in place to ensure nothing impedes business continuity for all those operating within our safety and security rules, “he said.

AGRA to Unlock $80m into Agriculture Investments

James Emejo in Abuja

Agricultural investment institution, AGRA, has said it hopes to unlock $80 million for investments in agriculture in three flagship states in the country.

AGRA’s Vice-President, Policy and State Capacity, Dr. Apollos Nwafor, said the planned intervention was contained in its new five-year document, aimed at impacting over 1.2 million farmers in the country.

Speaking at the launch of the AGRA 3.0 Strategy (2023 – 2027) which also witnessed the signing of a Memorandum of Understanding (MoU) between AGRA and the Ministry of Agriculture and Rural Development, Nwafor said its strategic interventions will focus on enhancing the productivity and profitability of smallholder farmers, improve market access and value chain development, promote climate-smart agriculture, and foster an enabling policy environment over the next five years.

He said AGRA is determined to leave no one behind as well

as ensure that the benefits of its initiatives reached all segments of society, particularly women, young people, and historically marginalised groups.

On his part, Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr. Ernest Umakhihe, on behalf of the federal government, commended AGRA for its past programmes in the country which he said were successful and impactful.

He pointed out that the federal government’s policy on agriculture aligns with AGRA’s strategic plan in its objectives and mandates.

Umakhihe also expressed hope that the MoU between both parties would further bring about transformation in the country’s food systems.

Nwafor, however, explained that AGRA and the federal government have been in strategic partnership for the past 15 years.

He said the institution had invested over $32 million to support inclusive agricultural transformation in the country between 2007 and

CPS Pack for Retirees: What You Need to Know about Pension Pa yment Options

2022.

According to him, investments in farmer and system development had so far benefitted 964,260 farmers including 260,350 women and 703,910 men in maize, rice, and soybean value chains out of the 1.5 million farmers targeted across Kaduna and Niger States in the last strategy.

Under the new framework, AGRA will also partner with the government to address the challenge of low budgetary allocation to agriculture by tracking budget approvals, releases and actual expenditures in order to assure adequate funding for program implementation.

AGRA Board Member, Ms Ada Osakwe, said the interventions would assist to accelerate Nigeria’s food systems transformation, adding that the institution will continue to support the country stakeholders to take advantage of new technologies and innovation opportunities that could facilitate knowledge sharing and local actions that enable greater participation in food systems decision making that work for the people.

FUCAP: Unilever Partners UNICEF to Reach 3m Youths

Unilever Nigeria and UNICEF have announced the launch of the Future-X Campus Ambassadors Program (FUCAP) to reach 3 million Nigerian youth and equip 700,000 of them between the ages of 16 and 24 with the requisite skills to succeed in the workplace of the future by 2026

This aligns with the Unilever Compass commitments to equip 10 million young people worldwide with essential skills to prepare them for job opportunities by 2030, and UNICEF’s Generation Unlimited Nigeria initiative – a public-privateyouth partnership aimed to support 20 million young Nigerians by 2030 with skills and opportunities to transition from learning to earning, through shared-value partnerships around digital skills development, workforce readiness programmes, and young people engagement.

The FUCAP initiative was launched on UNICEF’s Yoma and U-Report Platforms, a youth-centered platform, to ensure an extensive reach of young people in universities and other institutions of higher learning across Nigeria.

Speaking on the initiative, the Managing Director, Unilever Nigeria, Tim Kleinebenne, said, “FUCAP is targeted at students in Universities and Polytechnics across Nigeria. This is part of our commitment to helping young people in Nigeria reach their full potential and contribute to the development of Nigeria.”

On his part the Human Resources Director, Unilever West Africa, Ola Ehinmoro said, “our target for FUCAP which is a three-year program is to equip 700,000 young people with skills to become entrepreneurial-minded

and prepared to keep re-inventing themselves for the future of work annually in the first year of kick off.”

“We will also engage 100,000 students through hybrid campus seminars that will provide students with information about the skills they need to succeed in the workplace and opportunities to network with employers and other young people. Unilever Nigeria will provide 15 Graduate Internship placements through the FUCAP initiative to immerse these talents into its workforce.” He added.

“UNICEF is happy to partner with Unilever Nigeria on this important initiative that focuses on developing critical 21st-century skills for young people,” said Cristian Munduate, UNICEF Nigeria Representative.

IITA Trains Investors to Boost Yam Production in Nigeria

Gilbert Ekugbe

The International Institute of Tropical Agriculture’s (IITA) Capacity Development Office (CDO) and Yam Improvement Programme (YIP) have empowered yam investors with the requisite skills and techniques to boost yam production in Nigeria.

At a two-day training to expose participants to seed value-chain analysis and the various seed categories that could

be produced under license from the National Agricultural Seed Council (NASC), the training focused on seed and seed production techniques that are critical to commercial-scale yam production, especially as focus is now shifting to utilisation of yam beyond domestic consumption.

The move, according to IITA, is apt considering the fact that yam is a staple crop in Nigeria, with the country being the largest producer of yams in the world, accounting for over 70-76 per

cent of global yam production According to reports, annual yam production in Nigeria is about 50 million tonnes, which is valued at $13.6 billion.

A highlight of the training covered requirements for tuber export, seed health and technologies, and storage systems as facilitators also emphasised the need to leverage on the qualities of the newly released D.alata cultivars from IITA as a composite to enhance the flour industry in Nigeria.

The

Contributory Pension Scheme (CPS) Retirement Pack is a joint publication of the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM). The Pack is a guide for prospective retirees under the CPS. It provides information on the two modes of accessing retirement benefits:

Programmed Withdrawal (PW) and Retiree Life Annuity (RLA). The Retirement Pack helps wouldbe retirees to make informed decisions.

Pension Fund Administrators (PFAs) are mandated to make available the Retirement Pack to potential retirees to guide them towards a smooth retirement process. The PFAs are to host the Retirement Pack on their websites for easy access to potential retirees. The Pack contains Frequently Asked Questions (FAQs), features of PW and RLA and details of the roles of the prospective retirees and the PFAs in facilitating the payment of retirement benefits.

As contained in the CPS Retirement Pack, PW is a product offered and administered by the PFAs under the regulation and supervision of PenCom. PW offers a retiree the option of a lump sum and regular monthly or quarterly pension payments. In contrast to the PW is the RLA, a product of Life Insurance Companies regulated by NAICOM. Like PW, monthly or quarterly payments are made to the retiree who chose RLA.

The retiree under PW enjoys periodic pension enhancement resulting from increased investment returns. Furthermore, retirees under PW may move to RLA after 12 months of being under PW. Finally, under PW, if a retiree dies, the balance in his RSA is paid to the legal beneficiary. Depending on the RLA product, there may also be periodic pension enhancements. It is pertinent to note that a retiree on RLA cannot move to PW. The retiree can only move to another RLA provider after at least two years with his existing provider.

PenCom has put in place Administrative Sanctions to penalise PFAs that fail, neglect, or refuse to enlighten would-be

retirees on the features of PW and RLA. RSA holders with at least six months to retirement should acquaint themselves with the modes of accessing their retirement benefits. Furthermore, RSA holders should get all documents required to access their benefits ready. The documents include a Notice of Retirement from the Employer, a current Payslip, and Evidence of Accrued Rights or acknowledgement of Indebtedness (for employees of Treasury Funded government agencies). The retirement Pack provides the list of required documents. So, the first step for a prospective retiree is to obtain the Pack from his PFA.

RSA holders who are already retired should approach their PFA and get a Data Confirmation letter and Standard Retirement Notification. After that, they can choose their preferred mode of pension payment and apply for their retirement benefits.

Retirees may visit their PFAs’ websites to download the retirement pack or physically visit the PFAs to obtain it. Should a retiree under PW have complaints or concerns, he should direct such matters to his PFA. Still, if the retiree is not satisfied with the response of the PFA, he can escalate the issues to PenCom for intervention. Similarly, a retiree under RLA is expected to contact his RLA provider on any matter regarding his benefits. If not satisfied, he can escalate the issue to NAICOM for resolution.

In conclusion, PenCom remains committed to ensuring all RSA holders receive their retirement benefits as and when due.

PENCOM DG, Aisha Dahir-Umar

NAICOM Seeks to Establish Cre dible, Sustainable Template for Risks Determination

James Emejo in Abuja

The Commissioner for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has inaugurated the Nigerian Actuarial Society Discount Rate Committee (NAS-DRC) to establish a standardised basis for determining discount rate factors for use by the insurance industry and other stakeholders in the financial services sector.

He said the proposed template will be particularly helpful in the implementation of the International Financial Reporting Standard 17 (IFRS 17), and insurance contracts.

Speaking while inaugurating the committee, the NAICOM boss pointed out that the move would enhance accountability, prudence and comparability in financial reporting and thereby support the stability of the Nigerian financial system.

He noted that the membership of the committee was suitably drawn from representatives of NAS, NAICOM, actuarial representatives of audit firms,

as well as Resident Actuaries of Insurance Operators (with annuity business). The committee’s terms of reference were to determine the risk-free yield curve for use by the insurance industry, and provide commentary on any market movement that might impact the determination of the risk-free yield curve.

Thomas said the deliberations and activities of the NAS-DRC will bring about the desirable impact on the Nigerian financial system.

According to him, “It is apparent the role of Actuaries in the implementation of IFRS 17 cannot be overemphasised, likewise the need for credible, prudent, consistent and sustainable discount rate devoid of possible manipulation by different stakeholders if left to determine same for individual company’s use.”

Essentially, the discount rate factor is a concept used to calculate the present value of future cash flows and is commonly applied in actuarial science and risk

FX REFORMS: ANALYST PREDICTS

$6.2BN CAPITAL IMPORTATION FOR 2023

analysis to determine the value of insurance policies, annuities, or other financial instruments with long-term payout structures.

The concept takes into account the time value of money, which means that a dollar received in the future is worth less than a dollar

received today - money can be invested or earn interest over time.

By applying a discount rate factor, insurers can adjust

the future cash flows to their present value, reflecting the economic reality that future payments are worth less than their nominal values.

NASENI Seeks NGF’s Support to Industrialise Nigeria

Emma Okonji

The National Agency for Science and Engineering Infrastructure (NASENI), has solicited the support of the Nigerian Governors’ Forum (NGF) in funding the agency to realise its mandate of processing all the capital goods that will create job opportunities and guarantee Nigeria’s industrial development.

The Executive Vice Chairman/ Chief Executive Officer of NASENI, Dr. Bashir Gwandu, stated this while receiving the Executive Governor of Osun State, Senator Ademola Adeleke, during a courtesy visit

to the agency’s headquarters in Abuja recently.

According to Gwandu, NASENI as an Agency has a lot to offer to the country and that is why there is need for the Governors Forum to support the agency to achieve its mandate of ensuring that Nigeria manufactures industrial capital goods that will put an end the country’s import dependence.

The NASENI EVC expressed appreciation to the governor of Osun State for finding time to visit the agency while remarking that Governor Adeleke was the first state chief executive to visit him since

he resumed office as EVC/CEO of NASENI in May, 2023.

Gwandu thanked the governor for the allocation of land and issuance of certificate of occupancy for NASENI Institute in Osun State free of charge.

He said as part of vision for NASENI he has since assumption of duty as chief executive, began a tour of the institutes under NASENI to see for himself what the agency has and to find out where there is need to change how things were done in the past.

He said his vision for NASENI was to introduce new strategies of how the agency would work or to

see its products in the market, not only competing in Nigeria but with technology products from other countries across the world.

On his part, Governor Adeleke commended the EVC of NASENI for training youths in the on-going Skill Acquisition Training and Youth Empowerment Programme, embarked upon by NASENI, even as the governor requested the agency’s management to fast-track the takeoff of the proposed Agricultural Machinery and Equipment Development Institute (AMEDI) approved to be sited in Osun State by the federal government.

The analysts however noted that there has been an increased investments in equities that witnessed a substantial growth of 559.5 per cent (q/q: 4,472.0

per cent), “As a result, the share of FPI in total capital inflows decreased to 57.3 per cent, compared to 60.9 per cent in Q1 2022.”

Takaful Insurance Beyond Ethnic, Religion Bias, Says Shehu

James Emejo in Abuja

The Managing Director/Chief Executive, Jaiz Takaful Insurance Limited, Mr. Ibrahim Usman Shehu, has clarified that though Sharia-based, the brand of insurance remained an ethical finance option from which everybody stands to benefit irrespective of religion, race, and tribe.

He said takaful insurance is a service provision in terms of business to mitigate risks to which everyone involved in business and other endeavours are exposed.

Speaking exclusively to THISDAY during a sensitisation walk on the brand of insurance offer in Abuja, he Shehu, who led the walk, said the company’s seven years of existence had been quite successful notwithstanding

a tortuous beginning which any start-up would experience.

He said, “But we’ve been able to overcome those challenges and the experience is getting better and we are launching ourselves into the main classes of the biggest insurance companies in Nigeria.”

He said acceptance of the Islamic product had been quite impressive adding that the ingenuity of Nigerians had been excellent towards the products.

The Jaiz Insurance chief executive said, “Nigerians embrace whatever they stand to benefit from and the level of acceptance of takaful insurance in Nigeria is very impressive, and we are raising the bar and we hope that in no distant future, the awareness will be all over the country and everybody will embrace it.”

Gilbert Ekugbe

The International Livestock Research Institute (ILRI) has unveiled a six year strategy (2024-2030) to boost livestock production in low and middle-income countries across the globe.

The Director General, ILRI, Mr. Appolinaire Djikeng, in a statement to mark his 100 days in office, said that the new strategy would revolve around taking on the challenges of environmental and climate change in its bid to turning them into opportunities for sustainable

development.

Djikeng said: “We are about to embark on an extensive consultation process, and we are committed to keeping you informed every step of the way. Your contribution and ideas are invaluable in shaping our future direction, and we encourage you to actively participate in this process. Our strategy process should also challenge us to identify the top 10 innovations that we aim to deliver by 2030.

“Our previous strategy has shifted our focus towards vital areas such as sustainable livestock systems,

the nexus between humans and animals, improved value chains, and addressing environmental challenges and climate change. Through collaborations, research, and capacity-building efforts, ILRI has played a significant role in enhancing livestock productivity, ensuring food security, and reducing poverty in low- and middle-income countries.”

He highlighted that the institute would be prioritising partnership going forward, pointing out that collaborations are the cornerstone of its activities.

“The recent Africa partnership

meeting at the Forum for Agricultural Research in Africa (FARA) highlighted the significance of collaborative efforts in achieving our goals.

“By joining forces with like-minded organisations and stakeholders, we can amplify our impact and create meaningful change in the livestock sector.

“We have also engaged a range of partners in Africa and globally with whom our plans are advancing and will lead to establishing strategic science partnerships and alliances,” he averred.

ILRI Unveils Six-Year Strategy to Boost Livestock Production inDrive Extends Services, Launches Freight Services in Lagos

inDrive, a global mobility and urban services platform, has extended its peer-to-peer ride-hailing services in 15 new Nigerian cities and has launched its freight services in Lagos.

The ride-hailing company disclosed this at the just concluded Lagos Startup Week, an event that celebrates entrepreneurship and innovation in Africa in Lagos.

Business Development Representative, inDrive Nigeria, Mr. Timothy Oladimeji, said inDrive’s commitment to community empowerment through fair, transparent urban mobility, and delivery solutions was underlined by the new expansion within Nigeria. The company sees vast opportunities within this dynamic country and is eager to engage and serve new local markets.

The ride-hailing service has

already achieved a triumphant operation in Lagos, Abuja, and Ibadan. With the forthcoming grand launch this July, the service will further extend its reach to Kano, Kaduna, Benin City, Nnewi, Aba, Onitsha, Jos, Enugu, Warri, Abeokuta, Akure, Owerri, Calabar, Ado, Ekiti and Uyo. These metropolitan areas stand to gain immensely from the access and convenience that inDrive provides.

Speaking on the importance of brand differentiation and positioning, Oladimeji said: “A brand’s unique value proposition is what sets it apart from the crowd. It is the key driver that leads a business into carving out its unique space in the market and attracts the right kind of customers. For instance, inDrive Nigeria, by implementing a peer-to-peer business model, positioned itself differently than traditional ride-sharing services. This model empowers both drivers

and riders to dictate their experiences, thereby challenging prevailing market norms.

“By focusing on this unique model, inDrive has positioned itself as a forerunner in people-first focused transportation services.”

Speaking about its Peer-to-Peer Business Model, he said: “This model has revolutionised traditional ridehailing services. inDrive connects individuals who need a ride with drivers who have a car and are willing to provide this service. It has created an environment that not only benefits the users by providing a reliable and affordable transport service, but it also empowers drivers by offering them a flexible employment opportunity. This unique model fosters a strong sense of community and helps inDrive stand out in a crowded marketplace. It has been a key factor in the growth of inDrive, demonstrating the power

of a shared, community-based economy.”

According to him, inDrive Nigeria has recognised the importance of challenging prevailing market injustices by prioritising the community above all else. Unlike traditional ridesharing services that often impose high commission rates on drivers, leading to difficulties in earning a sustainable income, inDrive has taken a different approach, Oladimeji said.

“By charging only a 10 per cent service fee inclusive of VAT, inDrive has effectively confronted this injustice and fostered a fairer distribution of earnings. This positioning not only sets inDrive apart from its competitors but also demonstrates its commitment to social responsibility and creates a strong foundation for future growth,” Oladimeji further said.

L-R: Head, Brands and Marketing Communications, Airtel Nigeria, Omobolanle Osotule; Nancy Charles-Egwu; Chief Commercial Officer, Airtel Nigeria, Femi Oshinlaja; Morolake Lawal and Moses Efe Imafidon, at the presentation of cash prizes to the top winners of the ‘Imagine with Airtel’ Competition in Lagos… recently

Emma Okonji

Climate Change: We Are All in This Together

Robert Mbonu

Arguably the world is currently undergoing an extinction event, one with no time frame, whose extent and impact we are still beginning to understand –Global warming.

The risks related to this phenomenon are already impacting livelihoods and is one of the greatest global challenges of our time.

If you imagine how COVID-19 took the government and businesses entirely unprepared, the time is now to develop frameworks, policies and programmes that can mitigate the downside effects of climate change, while enhancing the opportunities.

For one thing, global warming is real. With this has been linked to climate change – long-term shifts in temperatures and weather patterns.

From a Nigeria perspective, with dire predictions of worse floods in 2023 – yes, worse than last year - the economy sluggishly creeping out of recession post covid, and hope in a new civilian government, population set to rise by nearly 100% by 2050 (from 213.4m to 401m by all accounts), what does this mean? Is it all doom and gloom? How about the good sides, the opportunities? Let’s start these conversations.

The floods interfere with our infrastructure, food production, basic amenities for life like power and water, our homes, our crops and the economy.

And we are told that we need to do two things; Mitigation and Adaptation. What do they mean on a macro, regional, local and personal scale? Let’s dive into these two words.

Mitigation means to prevent or stop from happening. But we cannot stop the

floods from happening, or can we?

We know that with climate risk, our usual rainy seasons are becoming much more unpredictable, and that unpredictability of weather exists across the whole of Africa, indeed across the world. Every country is struggling with the effect of climate change, we can no longer deny it’s happening.

The temperature in Nigeria has already risen by one degree Celsius since 1960 . That might not seem a lot, but it is already messing with the big things that make the weather. We can’t change

Pestra, Bosch Security Launch Distribution Partnership to Meet Market Demand

Raheem Akingbolu

Pestra Limited, one of the leading security, safety, and IT systems distribution companies in West Africa has announced the expansion of their security systems portfolio at an exclusive event held in Lagos.

The distribution partnership, which was said to involve the multi-domain solution set of Bosch, aims to reinforce Pestra’s value proposition - providing turnkey security solutions based on top brands and meeting increasing local market demand.

Speaking at the event, the Managing Director of Pestra Limited, Mr. Paul Nwokolo stated that “The new additions were aimed at ensuring that our customers can procure endto-end solutions to fulfill their security, safety, and IT systems project requirements, all from a single source. In the past two years, we have been able to fix

product availability issues faced by systems integrators in the country, by ensuring that Bosch products are locally available. We have also provided training and advanced technical support to our partners and users of Bosch products across West Africa.”

Pestra carries the full range of Bosch security and communications products, solutions and services, including IP cameras, recorders and management software as well as public address and voice alarm systems.

Nwokolo further explains that by expanding Pestra’s partnership with renowned technology manufacturers like Bosch, Astrophysics, Mircom and Johnson Controls, Pestra is able to provide a broad range of high quality security solutions for all industries and applications including Smart City and integrated border control solutions, baggage scanning, hostile vehicle mitigation solutions, advanced video surveillance systems,

e-parliaments systems, nurse call and hospital management solutions among others.

Regional Sales Manager Video Systems and Solutions, Badir Shir, explains, “The partnership between Pestra and Bosch showcases Bosch’s dedication to work with young, innovative, local distribution. partners. By empowering local partners such as Pestra through certified training, Bosch users can take advantage of pre-sales, sales and post-sales services in local language and are very close to them.”

Regional Sales Manager Communications Systems, Smail Ouazi, adds, “Bosch Security and Safety Systems and Pestra share the same vision; to support our integrator partners in executing their conference and public address projects using the latest Bosch innovations while end customer satisfaction remains our ultimate objective.”

EXMAN Commemorates 10th Anniversary with Summit

Raheem Akingbolu

The Experiential Marketers Association of Nigeria (EXMAN), has commemorated its tenth-year anniversary with a two-day brand experience Summit titled “Unlocking the X.” The event, which coincided with the association’s Annual General Meeting (AGM), also included awards and change of leadership.

Kicking off with a twoday brand experience summit last week, the event featured a lineup of over 30 speakers from diverse fields, including technology, marketing communications, entertainment, legal, and film

production.

The speakers explored a wide range of topics, including “Activating Brands in the Metaverse,” “Amplifying Live Experiences through Digital,” “Monetizing Events through Streaming,” “The New Agency Model,” “Creating Experiences With Afrobeat,”

“Understanding the Nigerian Consumer through Financial Data,” “The Power of Live Experiences - the BBN Story,” “Insights on Pop Culture,” and “Intellectual Properties (How Agencies can protect their IP),” among others.

Following the enlightening brand experience summit, the association held its Annual

General Meeting, where five agencies were inducted.

In another development, the EXMAN Executives led by Tunji Adeyinka concluded their service to the association after two successful terms in office, during which they propelled both the association and the experiential industry to new heights. They made way for a newly elected leadership, led by Tolulope Medebem, who assumed responsibility as President of the association. Medebem, who is also the CEO of AsterIML, becomes the first female president of EXMAN, having previously served as the association’s first female Vice President.

the past, this temperature rise is with us now, it’s REAL and it’s effect will be far reaching.

But we can do our bit to stop it getting worse. Imagine what another one degree increase in temperature would do to the climate systems. Yes, I know that Nigeria contributes a miniscule amount of climate change activity compared the developed countries. The scientists have proved that the big thing that changes our climate is the amount of carbon dioxide in the atmosphere.

In 2021 we produced 0.60 tonnes of carbon dioxide per head of population. Compare that to UK, which was 4.95, or the USA which was 14.24. But our 0.60 is more than many of our neighbours (Cameroon is 0.38) and our rate of emitting carbon dioxide is going up, when the Western countries are taking steps to going down.

While this is happening, the frightening rate of deforestation continues with 14% of our forest cover lost in two decades. Why is this important? Forests absorb

carbon dioxide; fewer trees means even more carbon dioxide in the air.

We are blessed with three of the most important sustainable sources of energy ever, the sun, wind and our rivers. So why are we not harnessing those more? Let’s look at dams. We need dams for two reasons; to produce hydroelectricity and to act as buffers against floods. But to produce electricity, the dams need to be full.

However, for the dams to act as buffers against floods, they need to be empty! Dams in a flood scenario will be submerged and not produce the energy we need. What about using our gas to power the economy? The time is now to start planning for gas powered electricity infrastructure. The government to create the enabling environment and private sector investors and entrepreneurs jump on the opportunities.

Adaptation is about responding to or reacting to the risks such as floods. With much more sophisticated warning systems, we have time to build flood drainage channels, empty our dams, clear our gutters, remove trash from our gullies and move our livestock to safe places. But when there were 1.3m people displaced by the 2022 floods, some of those responses seem facile and simplistic. Levees and dykes should be built around rivers to obstruct the flow water into low lands. This is where the plans and policies which is the role of government, is key.

Over the next few weeks, in this series of articles on climate change risk management, we will investigate some of these issues and suggest solutions, some of which might be uncomfortable, some costly, and some solutions where we can lead the world. I will demonstrate that the fragility of our systems and our experience of the knock-on effects of climate events is making us stronger as we learn and adapt.

Far from being doomed, Nigeria has the amazing capacity and capability to rise to and overcome the challenge of climate risks, feed all growing population, protect our natural assets and become a net exporter of food and energy.

Nobody can “japa” from global warming related climate change. We are all in this together.

PHOTO NEWS

On July 5 to 16, the New York-based Battery Dance Company famous for captivating choreography and breathtaking performances, returned to Nigeria for the third time. With support from the U.S. Mission and in partnership with the Society for Performing Arts in Nigeria and the Krump Dance Studios, the internationally renowned Battery Dance Company offered free workshops in Abuja and Lagos for emerging dance artists, instructors and stage lighting professionals focusing on contemporary dance techniques and cultural exchange. Here are faces from their various engagements while in Nigeria.

L-R: CEO of the Society of the Performing Arts in Nigeria, Sarah Boulos; U.S. Consulate Public Affairs Officer Joseph Kruzich and U.S. Mission Counselor for Public Affairs Adnan Siddiqi welcome reception hosted in honor of the New York-based Battery Dance Company at the American Guest Quarters in Lagos.

Workshop participants at the “Dancing to Connect” program led by artist/instructors of Battery Dance Company giving a dance performance.

L-R: U.S. Consulate Public Affairs Officer Joseph Kruzich, Founder/Artistic Director, Battery Dance Company, Jonathan Hollander; with U.S. Mission Counselor for Public Affairs Adnan Siddiqi, during Battery Dance Company’s public performance at the Eko Hotel in Lagos.

Students of the Footprints of David during on stage as part of the Battery Dance Company public performance in Lagos.

Battery Dance Company performing live on stage at the Eko Hotel in Lagos.

Battery Dance Company performing live on stage at the Eko Hotel in

Guests at the welcome reception hosted in honor of the New York-based Battery Dance Company at the American Guest Quarters in Lagos.

A cross section of emerging Nigerian dance artists during a workshop with Battery Dance Company instructors focused on contemporary dance techniques and cultural exchange.

Lagos.

CEO of the Society of the Performing Arts in Nigeria, Sarah Boulos; with U.S. Mission Counselor for Public Affairs Adnan Siddiqi, during Battery Dance Company’s public performance at the Eko Hotel in Lagos.

Award-winning Nigerian vocalist, Yinka Davies (left) with Founder/Artistic Director, Battery Dance Company, Jonathan Hollander, during a welcome reception hosted in honor of the New York-based Battery Dance Company at the American Guest Quarters in Lagos.

Renowned Nigerian Flutist Tee Mac Omatshola Iseli (left) with Battery Dance Company’s Founder/ Battery Dance Company’s public performance at the Eko Hotel in Lagos.

Guests at the welcome reception hosted in honor of the New York-based Battery Dance Company at the American Guest Quarters in Lagos.

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 13July-2023, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF.

Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

Improving Foreign Inflows into Economy with FX Reforms

One of the biggest challenges facing the Nigerian economy is the lack of foreign direct investments (FDI) especially the non-oil inflows.

Given the country’s overreliance on oil for most the government’s revenues and in view of the uncertainties in the oil economy, FDIs are particularly crucial for the growth of the economy.

Unlike portfolio investments, with their inherent risks, even though they provide temporary succour to an economy, FDIs are a class of investments where a company or individual from one country invests in a business or project in another country, with the aim of establishing a lasting interest and control in the foreign enterprise.

These investment types remain critical source of capital, technology, and expertise for developing countries, and play a crucial role in their economic development in several ways.

Among other things, foreign investments can provide Nigeria with the much-needed access to capital, as foreign investors bring in money that can be used to finance new projects, expand existing businesses, and create jobs.

This will normally boost economic growth and increase the standard of living for people in these countries; enhance technology and knowledge and skills transfer to the local workforce among other capabilities.

However, the federal government’s failure to create a conducive environment for FDI to flourish, including an appropriate legal and regulatory framework, a stable political environment, security guarantees and a skilled workforce, has made these categories of investments elusive in recent times.

FDIs provide the needed foreign exchange needed to shore up the country’s external reserves in order to protect the Naira.

This is notwithstanding Nigeria’s position as the most populous country, and biggest economy in Africa as it continues to woos investors from time to time without meaningful progress.

The hostile investment climate characterised by insecurity, multiple taxations, and lack of infrastructure including power and skilled manpower seems a turn-off to investors.

It is not that investors don’t show interest in investing in the country but whenever they come and realise the challenging investment landscape, they are further discouraged.

INVESTMENT ANNOUNCEMENTS NOT BACK UP WITH ACTIONS

The Nigerian Investment Promotion Commission (NIPC) periodically tracks investment interests in Nigeria. The commission stated that it tracked investments valued at about $23.30 billion in 2021, which represented about 39 per cent increase over the $16.74 billion recorded in 2020.

The investment announcements, though not actual investments, nevertheless help to gauge confidence levels and appetite in the business environment.

The NIPC had indicated that the increase in the value of investment interests in the country further demonstrated the growing adaptation to the global ‘new normal’ after the economic disruption occasioned by the restrictions imposed to check the spread of the COVID-19 pandemic.

Although the improvement showed the growing confidence of investors in the government’s efforts to improve the national investment landscape, in the past, some of the investments tracked did crystalise but the majority of the interests shown in the Nigerian economy have not come to fruition in recent times.

According to the data tracked, Lagos, Bayelsa, Delta, Akwa Ibom and Adamawa ranked as the five leading investment destinations with $8.7 billion, $3.6 billion, $2.9 billion, $2 billion, and $1 billion respectively in 2021.

The manufacturing sector had 20 projects valued at $10.5 billion or 45 per cent of total investment prospects among others.

In the third quarter of 2021 alone, a total of $8.99 billion was tracked as investment announcements involving 33 projects spread across eight states of the federation.

CAPITAL INFLOWS STILL SLUGGISH

Despite the huge interest often shown by investors in the economy, actual investments are still elusive.

According to a recent report by the National Bureau

Shonubi

of Statistics (NBS), total capital importation into the country rose by 6.78 per cent to $1.13 billion in the first quarter of the year (Q1 2023), compared to $1.06 billion in the preceding quarter.

This, however, represented a 28 per cent decline when compared with the $1.57 billion recorded in Q1 2022.

The largest capital importation during the period was received from portfolio investment, which accounted for $649.28 million, representing 57.32 per cent of total capital imported.

DISINCENTIVES TO INVESTMENT

According to analysts, some of the key issues in the investment environment are related to insecurity, bad government policies and the perceived constraints of the country’s foreign exchange segment.

Reputable global financial and investment ratings agencies including the World Bank and the IMF had severally urged the government to overhaul its exchange rate policies which they believed were keeping investors at bay.

They were questions about the country’s operation of multiple exchange rates which they said were major disincentives for foreign investment.

There had been a growing agitation by both foreign and local investors for critical reform in the foreign exchange segment, particularly floating the naira and allowing market forces to determine its real value.

However, the concerns of the economic managers had been that the present economic fundamentals do not support FX unification or allow the forces of demand and supply to determine the value of the naira.

The argument was partly because Nigeria remained largely import dependent with a low industrial and export base. In essence, with the uncertainties in the oil economy, it is unable to earn enough dollars to support the naira in the event of a currency float.

Ideally, the concerns around the naira float had been largely on the supply side.

WHY FX SEGMENT MATTERS

Essentially, a country’s foreign exchange policy remains critical for investors’ confidence as a clear and consistent policy provides stability and predictability for investors. When a country has a transparent policy framework, investors can assess and understand the rules and regulations governing foreign exchange transactions.

Stability fosters confidence as investors can make informed decisions regarding their investments without undue uncertainty or risk.

In addition, foreign exchange policies that prioritise investor protection contribute to investor confidence. This includes regulations and mechanisms to ensure the repatriation of profits and capital, fair treatment of investors, and the availability of effective legal recourse in case of disputes. In other words, investors feel more confident when they know their investments are protected and that they can freely convert and repatriate their funds.

Foreign exchange policies also need to be aligned with a country’s overall monetary and fiscal policy framework as investors seek assurance that foreign exchange policies are consistent with broader economic policies and objectives. Coordination between monetary authorities and fiscal authorities helps maintain macroeconomic stability, control inflation, and ensure sustainable economic growth.

A NEW DAWN

From the foregoing, it is no wonder that the recent policy changes by the Central Bank of Nigeria (CBN) in the country’s FX market had been able to cause a positive reaction from local and foreign investors.

The acting CBN Governor, Mr. Folashodun Shonubi, had recently abolished the segmentation in the foreign exchange (FX) market and collapsed all rates into the Investors and Exporters (I&E) window – to the excitement of investors and analysts.

Among other immediate reforms, the CBN under Shonubi, also announced the cessation of the RT200 Rebate and Naira4Dollar Remittance Schemes, with effect from June 30.

Both initiatives, introduced by the suspended CBN Governor, Mr. Godwin Emefiele, were launched to boost non-oil exports and diaspora remittances to encourage foreign exchange inflows into the economy.

These initiatives had been highly commended and welcomed by analysts with early positive results since they were launched.

The initiatives in the FX market also led to the devaluation of the naira as the local currency became weaker against the US dollar.

The apex bank had explained that the policy changes introduced in the country’s foreign exchange market were meant to promote transparency, liquidity and price discovery in the FX market

in order to improve supply, discourage speculation, enhance customer confidence as well as ensure overall stability in the FX market.

The CBN also announced that going forward domiciliary account holders are permitted to utilize cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer. CBN Director, Corporate Communications, Department, Dr. Isa Abdulmumin, in a statement issued after an extraordinary Bankers’ Committee meeting also said all visible and invisible transactions including medicals, school fees, BTA/PTA, airline and other remittances are eligible for the Investors’ and Exporters’ (I & E) window.

As a result, he said Deposit Money Banks (DMBs) shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.

The central bank director pointed out that the meeting had discussed the policy implementation and implications for the banking public.

ANALYSTS’ VIEWS

The reforms in the FX market have continued to attract goodwill from both analysts and stakeholders including the international investors who viewed it as a step in the right direction for the economy.

Analysts particularly hailed the floating of the foreign exchange believing that issues concerning the supply side will hopefully be addressed in due course.

While admitting that the move had boosted investors’ confidence in the economy, they also warned that the reforms in the FX segment alone cannot provide all that is required to fix the economy as other issues around insecurity and multiple taxation among others needed to be addressed.

Speaking in separate interviews with THISDAY, the analysts believed that though some of the current initiatives may not produce immediate gratification as expected, they hold much promise in the long run.

Lead Economist at Wells Fargo Bank, United States of America, Dr. Emmanuel Akande, said he expected the confidence level of the investors in the Nigerian economy to grow following the FX reforms.

But he said the government needed to clear more obstacles that stand in the way of investments in the country.

Akande said, “With the floating of the Naira the true picture and status of Nigeria’s economy has come to the full glare of the investors hence, I expect the confidence level of the investors in the Nigerian economy to increase.

“Presently, the market forces determine the rate at which foreign currency is bought and sold. These market conditions help the investor to bet on the forex market direction after a critical study of the market fundamentals.”

However, he said notwithstanding the normalisation of the forex to its market forces, “Nigeria is currently experiencing a foreign exchange shock and energy shock, and the longer this shock persists the less confidence the investors would have in the economy.

“So, to encourage a continuous increase in the confident level of the investors in the Nigerian economy, it is crucial that there exists a less or lower government intervention in the market as this will give the market a quick turnaround to cool off.”

According to him, what investors look for before they invest in any economy includes good governance, security, sound economic policy (monetary and fiscal), tax policy among others.

“Resolving forex policy issues alone will not entirely solve the problem but a comprehensive policy overhaul of the spectrum of the entire economy will do the needful.

“Forex reform is one of the indicators that investors are watching and since that was done with, a nod of consideration for investing in Nigerian economy becomes imminent,” he stated.

Also, Chief Executive, Global Analytics Consulting, Mr. Tope Fasua, said quite a few of the investor clusters have actually expressed their increased confidence in the country as a result of the FX reforms.

He said some of the investors have also demanded to increase rates so they can be further incentivised, adding however that it would be dangerous to continue to increase rates.

James Emejo writes that the recent regulatory interventions in the nation’s foreign exchange segment appears to have emboldened confidence in Nigeria’s economy which has hitherto been avoided by foreign investors.

How FMBN is Lever aging Mortgages to Deliver Aff ordable Housing to Nigerians

Terhemen M. Ikyaave

In an interconnected world where mortgages have become the prevailing method for achieving homeownership in many countries, Nigeria finds itself facing a significant challenge in embracing this widely accepted approach. Unlike countries such as the United Kingdom, USA, and France, where mortgages are commonplace, the wide scale adoption of this financing option remains alarmingly low in Nigeria.

This deficiency plays a substantial role in the country’s staggering housing deficit, which experts estimate to be between 17 and 22 million units, requiring trillions of Naira to make a meaningful impact. Understanding the capital-intensive nature of housing and the limited capacity of Nigerians to save, it becomes evident that to provide adequate housing for its citizens, Nigeria must urgently embrace and promote access to affordable housing finance, particularly through the adoption of mortgages.

To grasp the gravity of the situation, it is crucial to recognize that housing is a very expensive venture. Unfortunately, the combination of low wages and a high cost of living leaves millions of Nigerians with minimal room to save towards purchasing or constructing their own homes. Addressing this issue requires concerted efforts to bolster access to affordable housing finance, empowering individuals to finally attain the dream of homeownership.

This is where the promotion of mortgages as the preferred path to homeownership, a strategy employed by many countries worldwide, comes into play. By providing borrowers with the necessary funds to acquire a home, mortgages operate under the premise that the debtor will repay the loan, with interest, over the course of several years. In an ideal scenario, both the borrower and the lender benefit from this mutually advantageous arrangement.

It is worth emphasising that mortgages have proven to be a transformative force, enabling millions of people around the world to purchase homes. The beauty of mortgages lies in their ability to empower individuals who may not have immediate access to large sums of cash. With a mortgage, the prospect of purchasing a 10,000,000 Naira home becomes feasible, even if one does not possess that amount upfront. Instead, the payment can be spread out over an extended period, allowing borrowers to gradually repay the loan and eventually attain full ownership of the property.

In practice, a mortgage entails a lender, whether it be a commercial or mortgage bank, providing a loan to a prospective homeowner for the purpose of purchasing real estate. Before granting the loan, the lender meticulously evaluates certain criteria such as the borrower’s income level and financial capacity to repay the debt. It is important to note that if the borrower fails to fulfill their repayment obligations, including the interest accrued, the lender has the authority to foreclose on the mortgaged property and assume ownership.

The impact of widespread mortgage adoption is readily apparent when examining homeownership rates across different countries. For instance, the United States boasts a homeownership rate of over 65.1 percent, while the United Kingdom maintains a rate exceeding 67.69 percent. Remarkably, homeownership rates in Singapore and Indonesia reach 90 percent and 84 percent, respectively. Conversely, Nigeria’s homeownership rate stands at a meager 25 percent, significantly lower than countries such as Kenya (73 percent), Benin Republic (63 percent), and South Africa (56 percent).

FMBN: EMPOWERING NIGERIANS WITH LONG-TERM, SINGLEDIGIT INTEREST MORTGAGES

In Nigeria, where affordable housing remains a pressing issue, the role of the Federal Mortgage Bank of Nigeria (FMBN) in providing access to affordable housing finance cannot be overstated. As a wholesale mortgage finance institution, the FMBN plays a crucial role in supplying primary mortgage banks with low-cost funds, enabling them to offer affordable mortgages to Nigerian workers. With notable features such as long payment tenors, single-digit interest rates, and low equity requirements, FMBN mortgage loans are instrumental in

making homeownership more attainable for Nigerians across different income segments.

The FMBN mortgage loans stand out due to their minimal equity requirements. For loans up to N5 million, there is zero equity requirement, while loans ranging from N5 million to N15 million require only a 10 percent equity down payment. This flexibility in equity ensures that individuals with limited savings can still access mortgage financing. Additionally, FMBN mortgage loans offer competitive single-digit interest rates, ranging from six to nine per cent per annum. These favorable interest rates significantly reduce the financial burden on borrowers and enhance affordability.

Recognizing the need for manageable repayment terms, FMBN mortgage loans provide extended payment tenors of up to 30 years. This allows borrowers to spread their repayments over a longer period, resulting in more affordable monthly installments. The extended tenors align with the financial capabilities of borrowers, particularly low- and medium-income earners, enabling them to comfortably repay their loans without undue strain on their incomes.

The FMBN’s housing products are primarily available to contributors of the National Housing Fund (NHF) Scheme, a social savings program aimed at mobilising long-term funds from Nigerian workers, banks, insurance companies, and the government to promote access to affordable housing finance. Through the NHF scheme, FMBN grants concessionary loans to its accredited Primary Mortgage Banks (PMBs) at a 4 percent interest rate. These PMBs then offer loans to qualified workers who contribute to the NHF scheme at a modest 6 percent interest per annum. The ability to access these loans after just six months of continuous contributions is a significant advantage for NHF subscribers.

To address the housing needs of lowand medium-income earners, who form

housing property as tenants and gradually make payments towards ownership. With monthly or annual installments spread over a maximum period of 30 years, workers can secure homeownership at an interest rate of just 7 percent. This initiative provides an accessible pathway to homeownership for those who may not have immediate access to significant upfront funds.

Recognising the importance of maintaining and improving existing homes, FMBN has significantly scaled up its Home Renovation Loan product. This worker-centric offering provides up to N1 million to homeowners for carrying out essential renovations and improvements. By empowering homeowners to enhance the quality and value of their properties, this loan ensures that individuals can enjoy the benefits of a comfortable and upgraded living environment without facing excessive financial strain.

FMBN: EXPANDING HOUSING OPPORTUNITIES THROUGH INNOVATIVE LOAN PROGRAMS

Recognising the importance of cooperative societies and the collaboration with key stakeholders, FMBN has enhanced its Cooperative Housing Development Loan (CHDL). This loan program allows cooperative societies that have acquired land to develop houses for their members. With attractive features such as tenors of up to 24 months, including a 12-month moratorium, and an interest rate of 10 percent, the CHDL facilitates the realization of housing projects. Qualified cooperative societies can access up to N500 million under this facility, providing them with the necessary resources to deliver homes to their members.

a dominant segment of the Nigerian population, FMBN has developed a rich portfolio of social housing products. These products are designed to provide affordable housing options tailored to the financial capacities of low- and medium-income earners, ensuring that they have equal opportunities to own homes and improve their living conditions.

FMBN: BALANCING HOUSING PRODUCTS WITH WORKERS’ FINANCIAL CAPACITY

The Federal Mortgage Bank of Nigeria (FMBN) has been at the forefront of innovation, striving to ensure that its housing products align with the financial capacity of Nigerian workers seeking homeownership. The bank introduced two creative housing products, in addition to the NHF Mortgage Loan, to cater to the diverse needs of aspiring homeowners. These initiatives aim to strike a balance between affordable housing options and the financial capabilities of Nigerian workers.

One of these innovative products is the Individual Home Construction Loan, specifically designed for NHF contributors who possess unencumbered land, appropriate land titles, and approved building plans. This loan empowers contributors by providing up to N15 million at a seven per cent interest rate, allowing them to undertake self-construction projects. The repayment period extends up to 30 years, taking into account the borrower’s age and remaining years in service. This product enables individuals to build their dream homes while benefiting from affordable financing and extended repayment terms.

The FMBN Rent-To-Own Housing Scheme presents another attractive option for Nigerian workers aspiring to own a home. This scheme offers a convenient and flexible payment arrangement, allowing workers to move into an FMBN-owned

In a bid to strengthen collaboration and instill confidence among workers, FMBN approved and is currently implementing a National Affordable Workers’ Housing Scheme in partnership with key organizations such as the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Nigeria Employers Consultative Association (NECA). The scheme, launched in October 2018, aims to deliver affordable houses for Nigerian workers across the country. The first phase comprises approximately 1,400 housing units, located in twelve sites across the six geopolitical zones, including Lagos and Abuja. Each zone will have a minimum of 200 units. The second phase aims to deliver around 2,160 houses in fourteen additional locations. The housing options include finished semi-detached bungalows, as well as 1-, 2-, and 3-bedroom units in blocks of flats, catering to a range of housing preferences.

In February and May, the Bank under the leadership of Madu Hamman carried out a nationwide commissioning exercise of completed projects in in Borno, Adamawa, Yobe, Ebonyi, Ondo, Sokoto, Kogi, Katsina. Imo, Kano, Jigawa, Kwara States, as well as the FCT.

These initiatives demonstrate FMBN’s commitment to expanding housing opportunities and ensuring affordable homeownership for Nigerian workers. By strengthening the partnership with cooperative societies, FMBN empowers them to develop housing projects for their members. Additionally, the National Affordable Workers’ Housing Scheme exemplifies collaboration between FMBN and key stakeholders to deliver affordable homes across the country. These efforts address the housing needs of Nigerian workers, promote socioeconomic development, and enhance the overall welfare of the workforce.

The Federal Mortgage Bank of Nigeria (FMBN) plays a pivotal role in making homeownership more accessible and affordable for Nigerians. By leveraging the National Housing Fund (NHF) Scheme, the FMBN ensures that low- and medium-income earners have access to affordable housing finance. This empowers individuals to realise their dreams of homeownership and creates a positive impact on their financial well-being and quality of life. With the FMBN’s commitment to providing affordable mortgages, Nigeria can make significant strides in bridging the housing deficit and fostering sustainable socioeconomic development.

Hamman

Opara Urges Enhanced Risk Management Vigilance in the Current Digital Era

Nume Ekeghe

President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN) Ken Opara has urged risk managerment practitioners to enhance risk management vigilance in line with the rapid advancement of technology and increased reliance on digital systems.

ALSO, Opara stressed the need for proactive measures to identify, assess, and mitigate these risks adding that by implementing robust risk management practices, organisations can safeguard their sensitive data, protect against cyber threats, and ensure the smooth functioning of their operations.

He gave this call at 2023 Induction Ceremony of the new Certified Risk Managers (CRM) in Lagos.

He said: “As we embrace

the benefits of digitalization, we must also be mindful of the attendant risks.”

The theme for the induction programme was, “Risk Management Focus in a Digital Era,” a theme Opara qualified timely as the world struggles in an “era where technology is advancing at an unprecedented pace, transforming the way we live, work, and conduct business. With the rapid adoption of digital technologies, the financial landscape is evolving, presenting both opportunities and challenges for risk management professionals.”

In reality, the fast-paced advancement of technology which is redefining and causing major disruptions in every aspect of human existence, has given rise to challenging risks; Cybersecurity threats, data breaches, and technological vulnerabilities.

Opara strongly charged Risk Managers to rise up to the challenge in safeguarding, “our institutions by developing a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them. Our role as risk managers therefore has become even more crucial in safeguarding the integrity, security, and resilience of our institutions.”

“In this digital era, we must constantly adapt and enhance our risk management practices to effectively mitigate these emerging threats. We need to develop a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them. This requires a multidimensional approach that encompasses technology, people, processes, and governance, ”Opara said.

FastCash Distributes N105bn Digital Loans to Over 3M Nigerians

First City Monument Bank (FCMB), has announced that FastCash, its instant loan solution has disbursed over 3 million loans worth N105 billion to Nigerians from all walks of life.

Each loan, it said in a statement, was disbursed in less than five minutes, with no collateral or paperwork required for accessing up to N200,000 via the Bank’s mobile app and *329*11 USSD code.

“The instant loan solution powered by state-of-the-art Artificial Intelligence and Machine Learning technology was launched in 2018 and has become popular for Nigerians seeking quick access to funds. It is available to FCMB customers, and repayment terms are flexible, with repayment options ranging from 30 days to three months cycles.

“The milestone of N105 billion in loan disbursements is a testament to FastCash’s popularity and the trust that Nigerians have placed in the financial product. It has become one of the most convenient and accessible ways to access funds, helping to bridge Nigeria’s access to credit gap in urban and rural areas, “FCMB said.

Affirming the bank’s commitment to financial inclusion and customer-centric solutions, Divisional Head of Personal Banking at FCMB, Mr Shamsideen Fashola, highlights the transformative impact of FastCash.

He said, “We are thrilled by the extraordinary reach and impact of FastCash, our digital loan product, with a remarkable sum of N105 billion disbursed over five years. Through FastCash, we

MARKET INDICATORS

effectively bridge the access to credit gap for countless Nigerians. We know the solution has improved the well-being of Nigerians. So, we remain resolute in our dedication to serving as a steadfast pillar of support to our customers and the wider Nigerian society.

First City Monument Bank will continue to empower individuals and contribute to advancing our society through innovative, convenient, secure, and easily accessible digital products.

“In addition to FastCash, FCMB offers the Salary Plus Loan, a consumer credit scheme exclusively available to salary account holders. This scheme enables qualified FCMB customers to access short or medium-term funding to meet urgent financial obligations.”

PatrickGold Bank Launches GentriPos

Kemi Olaitan

One of the fastest growing financial institution in the country, PatrickGold Microfinance Bank, has launched its Point of Sale terminals codenamed GetriPos, to boost financial services for business owners and agency banking agents across the 36 states of the federation and the Federal Capital Territory.

This is coming exactly a year after it launched two of Nigeria’s most efficient banking apps, GetriPay and

GetriSave.

The Chairman of the bank, Olutosin Bamiduro, while speaking with journalists, during the launch, said GetriPos is designed to support financial inclusion while helping businesses and Point of Sale agents to carry out seamless transactions.

According to him, “GetriPos uses modern POS terminals to provide deposit, withdrawal, airtime purchase, data topup, bills payment and sports betting services to Nigerians. The user-friendly interface is

accompanied by super-fast processing speed for safe and secure banking while accepting all cards.

“With this product, no one has to worry about delay in transactions due to network errors and other glitches because for us, our loyalty to our customers goes beyond financial exchanges.”

He added that intending users of the terminal could either walk into the bank office in Lagos or apply through the GetriPay app on Android and iphone.

Bond Chemical MD Tasks FG to Support Manufacturers

Kemi Olaitan

The federal government has been called upon to make it a priority of supporting the manufacturing sector towards creating more jobs and reducing unemployment in the country.

The Managing Director, Bond Chemical Group of Company, Awe in Oyo State, Mr. Aderemi Olayinka Omotosho, who made the call while playing host to the leadership of the Pharmaceutical Society

of Nigeria (PSN), led by its President, Pharm. (Prof.) Cyril Usifoh, said the manufacturing sector is in dire need of government support, stating that with government support to the sector it would help in reducing importation.

He disclosed that Bond Chemical has been playing a critical role in the pharmaceutical sector since its establishment over 30 years ago, noting that it would continue to contribute its quota to the development of not only

Money Market Indicators (in Percentage)

its immediate environment and Oyo State but the country as a whole.

According to him, “We want government to support us. The government should patronise us. The value chain of manufacturing company has a multiply effects. It will create jobs, give us raw materials and reduce unemployment. To import is easy but manufacturing is a lot of stress. In developing countries the manufacturing industry is given priority but it is not like that in Nigeria.

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

and Merey (Venezuela).

OPEC DAILY BASKET PRICE AS AT 16 JUNE, 2023

L-R: President Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara; Director Risk Management Central Bank of Nigeria(CBN), Dr Blaise Ijebor; President Chartered Risk Management Institute of Nigeria (CRMI), Prof Ezekiel Oseni and member Governing Council CRMI, Dr Laurine Ubanozie at 2023 CRMI induction ceremony in collaboration with CIBN in Lagos…recently

Market Development: NGX Group Woos FG, Targets Foreign Investment Inflows

Kayode Tokede

Amid recent bullish sentiments in Nigeria’s stock market, the Board and Management of Nigerian Exchange Group Plc (NGX Group) have said that they are open to working with the Federal government, as well as stakeholders towards improving the country’s credit profile and creating a favorable environment for both domestic

and foreign.

This was disclosed by the Group Chairman, NGX Group, Alhaji Umaru Kwairanga, during the Group’s 62nd Annual General Meeting (AGM) held in Lagos.

Addressing shareholders at the meeting, Kwairanga, lauded President Bola Tinubu-led administration for the various reforms that have resulted in the impressive performance of

the market.

“The capital market community is excited by the new government and the steps it has so far taken with respect to the economy as reflected in the tremendous growth in our market indicators. As a group, we are committed to working with the government to stimulate further growth in the economy, address higher capital costs, as this will go a long way

to enhance Nigeria’s credit profile, and create a favourable environment for both domestic and foreign investors, ”he said.

Kwairanga further noted that the Federal government needs to eke out more friendly market policies that will engender growth as consistent and faithful implementation of market policies will help businesses to thrive. He added that the group is hopeful that the planned Initial

Public Offer (IPO) of the NNPC Limited will be fast-tracked by the Tinubu-led administration.

Speaking on the performance of the group, Kwairanga noted that NGX Group demonstrated resilience in 2022, achieving a 10.3 per cent increase in gross earnings to N7.5 billion, despite a challenging economic environment. The Group’s total revenue grew primarily due to a 6.8 per cent increase in revenue

to N6.2 billion, and a 30.1 per cent increase in other income to N1.3 billion.

The growth in its revenue was further bolstered by a 51.2 per cent increase in treasury investment income and a 9.0 per cent increase in transaction fees. However, its total expenses rose by 35.5 per cent to N8.8 billion, primarily due to interest costs on borrowed funds used for strategic acquisitions.

PRICES FOR SECURITIES TRADED ASOF JULY/13/23

GROUP LIFE INSURANCE/POLICE WORKING PARTNERSHIP...

APGA’s Nweke Withdraws Petition against Enugu Governor, Mbah

Gideon Arinze in Enugu

The All-Progressives Grand Alliance (APGA), governorship candidate in Enugu State, Frank Nweke, has withdrawn the petition filed against Enugu State governor, Peter Mbah, challenging the outcome of the March 18 governorship election at the Enugu

State governorship election tribunal.

While addressing the tribunal yesterday, the petitioners' counsel, Race Achara, said his client wished to make an oral application to withdraw the petition which had its suit number as EPTEN/GOV/07/2023 from the court.

"My lords, as has been instructed by my client, I wish to make an oral

application before the honourable tribunal to withdraw the petition filed against the first, second and third respondents in this matter so that we will no longer be wasting the time of the court, as we were not able to gather the evidence that will help in prosecuting the matter, " counsel to the petitioners said.

Replying to the petitioners’ application, the first, second and 3rd respondents told the court that they had no objection to Nweke's application.

Thereafter, chairman of the tribunal, Justice M. K Akano, made a ruling striking out the petition.

Meanwhile, INEC’s Resident

TINUBU: MISINTERPRETING THE LAW ON 25% FCT VOTES CAN LEAD TO ANARCHY

“(See Maxwell on the Interpretation of Statutes, 12th Edition, Chapter 10). In my view, it would lead to absurdity and manifest injustice to nullify the election for the entire nation because of the nullification (sic) of the election of one state, some local government areas, wards and units. Such a devastating result could hardly have been contemplated by the framers of the Constitution.

“It is my conclusion, therefore, that the cancellation of the election in Ogun State and the other smaller components does not substantially affect the election of the 1st and 2nd respondents. In the event, this petition fails and same is dismissed with costs, which I assess at N5,000 in favour of each set of respondents.”

The senior lawyer submitted that from the apex court’s judgment above, it could be seen, “That even if results of elections are canceled in more than one state (including the FCT), that election is not rendered invalid, provided, the winning candidate meets the constitutional requirements of one-quarter of the votes cast in two-thirds of the 37 states contemplated.

“Anything to the contrary would be devastating, and such was never contemplated by the framers of the Constitution. All the winning candidate needs is a majority of the votes, and even if there was no election in one state (including the FCT), or even if the election of a State/States (including the FCT) is/are voided, the entire election cannot be voided or canceled.

“In concluding our arguments on this issue, we urge the court to hold that any election where the electorate exercise their plebiscite, there is neither a ‘royal’ ballot nor ‘royal’ voter; and that residents of the FCT do not have any special voting right over residents of any other state of the federation, in a manner similar to the concepts of preferential shareholding in Company Law. We urge this court to resolve this

issue against the petitioners and in favour of the respondent,” he pleaded.

Faulting the entire petition, Olanipekun, urged that, “based on the arguments and submissions contained in this address” the Court should “dismiss this petition as totally lacking in merit, substance and bona fide.

“It has been glaringly shown and demonstrated by the presentation of the petition itself and the evidence presented by the petitioners, including the evidence of PW27, that the petition itself is not only frivolous but also amounts to a crass abuse of the process of the court.

“Non-existent documents were being sourced and printed from the internet, among others, to be presented before this court, after the filing of the petition, in furtherance of the abusive nature of the petition itself.

According to him, it was glaringly evident that the election went very peacefully, under a free and fair atmosphere, “without proof in court of violence, ballot box snatching and such other electoral irregularities and vices; a state of affairs, to which the petitioners’ witnesses all testified.

“In fact, the election was conducted in substantial compliance with the principles of the Electoral Act, the INEC Regulations and Manuals for the election. The unchallenged evidence on record, particularly, the sole witness called by the respondent, is that the 1st petitioner has bided, unsuccessfully, for the office of President of Nigeria severally, even till 2019.

On the controversial issue of electronic transmission of results using the Bi-modal Verification Accreditation System (BVAS), Olanipekun said, “Coincidentally, a host of the witnesses called by the petitioners corroborated the unstable and or unpredictable nature of technological devices/ applications within the Nigerian terrain, as this will be demonstrated anon.”

The senior lawyer pointed out that

it was wrong for the petitioners to build their case only on electronic transmission as the law also recognises manual transmission of results.

“Our clear submission is that all the provisions of the regulations created the alternative between electronic transmission and transfer, with the use of the article “or”. For instance, paragraph 38(i), which deals with movement from the polling unit states that “on completion of all the Polling Unit voting and results procedures, the Presiding Officer shall: (i) Electronically transmit or transfer the result of the Polling Unit, direct to the collation system as prescribed by the Commission.” Tinubu, while faulting the evidence of the 40 witnesses called by both Atiku and Obi, claimed their testimonies rather complimented the case of the respondents.

“The evidence of these witnesses essentially centers round the function of the BVAS and IREV and ultimately seeks to impeach the veracity of INEC’s explanation about the technological glitches that occurred on the day of the election and its implication on the overall results of the election.

“Without equivocation, it is our respectful submission that the petitioners have woefully failed in this adventure of theirs and this will be seen through the direct analysis of their respective evidence. The evidence of PW2 is largely irrelevant for the benefit of the petition, as his witness statement on oath only attempted to outline the various features and functions of the BVAS; the involvement of the Amazon Web Service (AWS) and its corporate profile; as well as the description of the IREV, its workings and configurations.

“However, despite the supposed authoritative assertions of this witness in respect of the BVAS and the IREV, under cross examination, he confessed that he is not familiar with the applications on the BVAS device

and that as a software engineer, he has never designed any software that was applied for the conduct of any general election. Though this witness had made several assertions in respect of the AWS in his witness statement, in all fairness to him, he opened up that he is not a staff of AWS.

“Similarly, the witness confessed that he was not aware of the number of software that makes the components that INEC used for the 2023 general election, as he is not an INEC staff, admitting that he never had any of the materials he used for his supposed findings before the court, but on his laptop which was not made available to the court. The irony about this witness is that despite his bogus claim and the bravado exhibited in the statements regarding the various technological issues, he virtually claimed not to be aware of anything at the end of everything.”

On the alleged US forfeiture proceedings, Olanipekun contended that the witnesses of the petitioners failed to point to a single mention of the word “fine” in any of the documents forming part of the proceedings tendered as exhibits, which they admitted had not been registered in Nigeria in line with the clear provisions of section 3 of the Reciprocal Enforcement of Foreign Judgments Ordinance and Foreign Judgment (Reciprocal Enforcement) Act.

“Without prejudice to the foregoing, it is our submission that there is no admissible evidence before this court that will make it void or set aside the election of the 2nd respondent. May we submit straightaway that the petitioners have not produced any evidence before this court to warrant voiding or setting aside the respondent’s election.

“While the petitioners called 27 witnesses, it is our submission that substantially, the cumulative effect of

Electoral Commissioner, REC, for Enugu State, Dr. Chukwuemeka Chukwu, who was in court following the subpoena served on the Commission to produce specific BVAS machines used during the election in some isolated areas, told the tribunal during cross-examination that the election was free, fair and credible.

the terse evidence produced by them is against the petitioners. We further draw the attention of the court to the fact that most of the witnesses came to rehash the evidence of others before them. In essence, the end result of their evidence is the alleged non-transmission of already collated and entered results on form EC8A, to IREV portal.

“We adopt our arguments under issue 1, insofar as they relate to the evidence of witnesses and are appropriate for this issue. While we have already raised and argued preliminary objections to the petition itself, it is our further submission that every criminal allegation contained in the petition has not been proved, assuming without conceding that petitioners have not abandoned them.

“Starting from PW1, Captain Joe Agada (Rtd.) through to PW27, each of them admitted the correctness of the polling unit results. The law is trite that polling unit results constitute the foundation of an election.

“A successful challenge to the accuracy of a polling unit result is a condition precedent to the challenge of transmission of such result, whether to the ward level, local government level, state level or national level, whether manually or electronically.

Right from the old case of Nwobodo v. Onoh (1984) 15 NSCC 1 at 23, the Supreme Court has held that election issues end at the polling booths, where results are recorded in FEDECO forms (now form EC8A), and that even if any issue arises, those forms and the results therein can be added. In the words of the Supreme Court: Polling stations are the concrete foundation on which the pyramid of an election process is built.

“Both the law and statute on this position have not changed, whether with the introduction of BVAS or transmission to IREV. With much respect to the petitioners, one would have expected them to have a rethink

The REC, who was represented by the Public Relations Officer of the Commission in Enugu, Victor Ezeokafor, also stated that the Commission gave certified True Copies of electoral documents requested by Labour Party, adding that those that were not released were those that were not prayed for.

on proceeding further with this petition after the delivery of the decision of the Supreme Court in Oyetola v. Adeleke (supra), a decision which covers the field and clinically considers all issues which the petitioners are now agitating before this Honourable Court, including their failure, not only to tender, but identify or attempt to examine through any of their ‘experts’, or witnesses any of the BVAS machines deployed by INEC in the course of the election.

“In the same judgment, the Supreme Court stated that the use of the Voters’ Register has not been discarded under the new dispensation. In this connection, most of the witnesses called by the petitioners and, indeed, all the POS testified to the proper, seamless and effective use of the voters’ registers as well as the BVAS machines.”

Meanwhile, Tinubu has urged the PREPEC to add the sum of 10,929 votes in Kano State, belonging to him but were discounted during the process of collation, stating that if that was done it would increase his votes from 8,794,726 to 8,800,369.

“In paragraph 83 of the respondent’s reply, it has been pleaded that the votes scored by him in Kano State was discounted by 10,929; Exhibits RA20 and RA21 were tendered before this court and the sole witness called by the respondents was made to speak to them, identifying the figures relevant to the pleading as appearing in column 9 of each of the exhibits, that is, the votes recorded in RA20(Form EC8D) was discounted by 10,929 in Exhibit RA21 (Form EC8D(A). It was a mere arithmetical error, which is apparent on the two exhibits.

“Thus, the court has the power and jurisdiction to add the discounted figure of 10,929 to the final votes of 8,794,726, recorded for the respondent, to make his votes come to a total of 8,800,369, in conformity with Exhibits RA20 and RA21. We urge the court to so hold,” he said.

L-R: Nigeria Police Force Insurance Officer, ACP Uzairu Abdullahi; Managing Director/CEO, Leadway Assurance Limited, Tunde Hassan-Odukale; Relationship Manager, Total Security Insurance Brokers, Precious Okumagbe; and Acting Inspector General of Police, Olukayode Egbetokun as Leadway-led consortium of insurers presented Group Life Insurance Cheques worth N535.6million to Nigeria Police Force beneficiaries in Abuja…at weekend.

NCC BUSINESS CONTINUITY AWARENESS CAMPAIGN…

Navy Arrests Four Suspects over Crude Oil Theft in Rivers State

Destroys illegal refining sites

Blessing Ibunge in Port Harcourt

The Nigerian Navy on patrol has arrested four suspects in connection with oil theft and illegal refining in Rivers State.

Commander of Nigerian Navy Ship(NNS) Pathfinder, Commodore Suliaman Ibrahim, while addressing journalists on the development, at the weekend, said the apprehended suspects were indigenes of Southern Ijaw in Bayelsa State but reside in Borokiri, Port Harcourt.

Ibrahim, disclosed that on interrogation, the suspects confessed that they were paid N20,000 to transport diesel products from the creek to Port Harcourt.

He said the four suspects would be handed over to the prosecuting agencies are the conclusion of investigation.

Meanwhile, the Navy has dismantled and excavated oil equipment of a suspected oil syndicate at Well 17 of Oil Mining Lease(OML) 18 in Elem Krakama Creek, Degema Local Government Area of Rivers.

The NNS Pathfinder commander

said the illegal oil mining activities around the area were spotted by Navy's Patrol Helicopter on July 11, 2023, which led to the dismantling of the multiple pipelines buried in the ground.

Ibrahim, explained that the excavation exercise was done in collaboration with the operators of the well, the Nigerian National Petroleum Company Limited (NNPC).

Recall that it was reported that the Navy uncovered two tapped wellheads at Kala Ekweama and Elem-Krakama creeks in Asari-Toru and Degema LGAs of Rivers State all under the OML 18 oil field.

Ibrahim, who expressed shock at the level of sophistication of the oil thieves, said such large-scale theft cannot be masterminded by petty thieves or amateurs but a syndicate of high-level experts.

"We came here with Members of NNPC, OML 18 resources, they are the owners of the well.

"We came with our heavy equipment to make sure we dismantle the illegal structures that are being used to siphon

crude illegally. A lot of pipes have been recovered from the wellhead and we have disconnected where they are being connected to. "As an individual what I have seen here is way beyond what I have seen

elsewhere. The level of sophistication is beyond our imagination. The individuals involved had taken their time and done a lot of measurements and did welding on-site," he said.

The NNS Pathfinder commander

also disclosed that the Navy was already doing something in tracking the people involved, just as he assured the general public that all those involved will be arrested and prosecute the court of law.

He stated that although no arrest had been made concerning the Elem-Krakama creeks discovery, the Navy was working with sister security agencies specialised in investigations of cases like this.

Embattled LP Chair, Abure, Begs S'Court to Reverse Suspension

Emameh Gabriel in Abuja

Embattled National Chairman of Labour Party, Julius Abure, has approached the Supreme Court to set aside the concurrent judgments of the Court of Appeal and High Court, both in Benin, Edo State, which ordered his removal as national chairman of the Labour Party This was as he faulted the Lower Court for categorising issues of leadership of political parties as particular being a pre-election matter as against the provisions of Section 254 (14) of the 4th Alteration of the 1999 Constitution" No. 21 Act of 2017

The appeal court sitting in Benin

in a judgment delivered by Justice Theresa Ngolika Orji on July 10 maintained that the ruling of the lower court on the suspension of Abure by members of his ward was valid.

A ward in the Edo State chapter of the Labour Party (LP) had on March this year suspended Abure over alleged anti-party activities. But the embattled national chairman had since approached various courts for his reinstatement, the last of which was the Court of Appeal in Benin, which maintained the status quo.

However, dissatisfied, Abure in an appeal dated July 14 by his lawyer, and exclusively obtained

by THISDAY, faulted the appellant court on six grounds.

While he described the ruling as miscarriage of justice, he said the lower court justices erred in law when they proceeded to hear the appeal as a pre-election matter without a letter of authority from the president of Court of Appeal as provided for in the Court of Appeal Practice Direction on Pre-Election and Political Parties Leadership Matters 2021.

He said, "The lower court would have the ample time to hear the motion dated 7th July, which has been hurriedly excluded.”

In another ground, Abure maintained that "the Lower

SENATE: $800M NOT LOAN, IT'S WORLD BANK'S SUPPORT FOR VULNERABLE NIGERIANS

ploy to hoodwink the masses, who have been unduly trampled and pauperised by the policy of the APC government under ex-President Muhammadu Buhari; a trend that is sadly being renewed under the new administration.

"There are indeed enough reasons to conclude that the N8,000 monthly hand-out to a mere fraction of the poverty-stifled masses would end up another avenue for the corrupt enrichment of a few clique in power, as witnessed with previous supposed poverty alleviation programmes of the APC, namely the tradermoni scheme, the direct cash transfer and the school feeding programme supervised by the Ministry of Humanitarian Affairs and Disaster Management."

The United Action Front of Civil Society bemoaned what it described as the ridiculous tokenism which the new government was trying to foist on the country.

"It is indeed unfortunate that the government could be contemplating a meagre N8,000 six-monthly handout per tiny fraction of the several millions of households across the country at a time that a whooping N70 billion has been voted for 469 member-National Assembly.

"We make bold to assert that the N8,000 monthly handout is therefore not only insufficient, but ludicrous and therefore can’t and won’t be the remedy for the deep hardship attributable to government reckless

economic policy.

"It therefore speaks to lack of compassion and utter display of insensitivity and arrogance on the part of the leadership of the new administration to have concluded that the N8,000 monthly per household could sufficiently ameliorate the profound hardship aggravated by the hike in fuel price across urban and rural communities in Nigeria."

According to the group, "What is evident with the new loans is that the N8,000 monthly palliative proposed for 12 million households for a period of 6 months is a Greek gift after all.

"While desperate attempts are being made to hoodwink Nigerians that the N8,000 palliatives is for the collective best interest of the masses, it has however become expedient to lament the inevitable reality ahead, in not too distant future, to the effect that the masses would be forced to endure further pains that come with repayment of corruption laden loans that would only increase the debt burden of the Nigerian people rather than alleviate the multidimensional poverty line in the country."

Falana: N110bn

Palliative for N'Assembly Members Callous, Illegal

Also, Falana has described as

"callous and insensitive decisions of the members of the National Assembly to provide N110 billion for themselves in the 2023 Supplementary Appropriation Bill.

Falana, in a statement issue yesterday, titled 'Palliative of N110 Billion for National Assembly Members is Illegal and Contemptuous,' stated that the decision was a flagrant contravention of Section 70 of the constitution.

He lamented that while the masses were groaning under the excruciating economic pains unleashed on them by the ruling class, the National Assembly awarded N228.7 million to each of the newly elected legislators

He argued that approving allowances in the form of palliatives for themselves without the approval of the Revenue Mobilisation Allocation and Fiscal Commission(RMAFC), the members of the National Assembly deliberately acted illegally and contemptuously

The statement read: "Out of sheer insensitivity coupled with impunity, the members of the National Assembly, regardless of political affiliation, conspired to breach the relevant provisions of the Constitution of the Federal Republic of Nigeria, 1999 by padding the Supplementary Appropriation Bill, 2023 to provide the so called palliative of N70 billion for 306 newly elected members.

"While the masses of Nigeria are groaning under the excruciating

economic pains unleashed on them by the ruling class, the National Assembly has awarded N228.7 million to each of the newly elected legislators.

"As if that is not enough, the members of the National Assembly have earmarked N40 billion to purchase 465 Sports Utility Vehicles (SUVs) and bulletproof cars for principal officials and members.

"However, the legislators approved the sum of N500 billion for 12 million indigent people in a country where the National Bureau of Statistics has said that "62.9 per cent of people (133 million) are multi-dimensionally poor.

"The callous and insensitive decisions of the members of the National Assembly constitute a flagrant contravention of Section 70 of the Constitution of the Federal Republic of Nigeria, 1999 as amended, which stipulates as follows:

"A member of the Senate or of the House of Representatives shall receive such salary and other allowances as RMAFC may determine."

"In Monday Ubani & Anor. v Attorney-General of the Federation & Ors (Suit No FHC/LA/CS/690/ 2018), the learned trial Judge, Professor Chuka Obiozor had cause to interpret the above provision of the Constitution when he held that, “The National Assembly Service Commission has no power whatsoever to fix and determine or allocate the remuneration, allowances,

salaries, emoluments or monetary values to the members of the national assembly."

According to Falana, his Lordship had observed that, “Given many years of extreme poverty in the country, and the inability of several state governments to pay salaries of workers and pensions, the refusal or failure of the RAMFC to review and cut the salaries and allowances of members of the national assembly is a gross violation of the 1999 Nigerian Constitution (as amended) and the commission’s own Act.

"For the avoidance of doubt, the learned trial Judge held that, “The allowances of wardrobe, newspapers, kitchen travelling domestic and constituency project allowances of the members of the National Assembly are never contemplated or in the intendment of the constitution which created them and specified how they can be remunerated.

“Consequently, the Court ordered the RMAFC to review the salaries and allowances of members of the national assembly to reflect the country’s current economic realities.

"The epochal judgment was adopted by the Federal High Court in the similar case (Suit No FHC/ LA/CS/943/2019) filed by the Socio-economic Rights Accountability Project (SERAP), Enough is Enough (EiE), and BudgIT against the National Assembly on the same subject matter and assigned to the

Court Justices erred in law, when they granted the motion of the 1st respondent dated 15th June 2023,seeking accelerated hearing by departure from the rules of the Lower Court without considering the facts in the counter affidavit filed opposing the application.

He said, Order 8 Rule 6 (1) of the Court of Appeal Rules 2021 provides that, "Where a Notice of Appeal has been filed, the Respondent may apply for a departure from the Rules to compile and transmit the records of appeal to allow for an accelerated hearing and determination of the appeal. The Lower Court failed to consider the convenience of the parties in its ruling."

same Judge.

"It is pertinent to note that both judgements of the Federal High Court have not been set aside by any higher court. Neither has the execution of the judgements been stayed or varied either by the Federal High Court or the Court of Appeal.

“Therefore, since the judgements are valid and subsisting, they are binding on all members of the legislative and executive organs of the federal government.

"In view of the foregoing, it is crystal clear that by approving allowances in the form of palliative for themselves without the approval of the RMAFC the members of the National Assembly deliberately acted illegally and contemptuously.

"As such actions cannot be justified in a democratic society which claims to operate under the rule of law, we are compelled to call on the leaders and members of the National Assembly to reverse the scandalous palliatives and purchase of exotic vehicles.”

Falana added: "However, if the illegal decisions are not reversed, we call on the RMAFC to take urgent steps to prevent the National Assembly from further usurping its constitutional functions.

“Otherwise, we are going to commence contempt proceedings against the Chairman of the RMAFC and the leaders of both Chambers of the National Assembly."

L-R: Head, Procurement, Nigerian Communications Commission (NCC), Adejoke Atte; Commission Secretary, Gwa Mohammed; , Head, Corporate Planning Strategy and Risk Management, Kelechi Nwankwo; Executive Commissioner, Stakeholder Management, Adeleke Adewolu; Director, Compliance Monitoring and Enforcement, Efosa Idehen; Director, Human Capital and Administration, Usman Malah, and Director, Financial Services, Yakubu Gontor, at the 2023 Business Continuity Awareness Campaign hosted by the Commission for its staff in Abuja ... recently

ALMOND INDUSTRY AWARDS PANEL OF JUDGES INAUGURATION…

L-R: Group Head, Financial Risk/Insurance, Dangote Group, Mr. Obashola Alo; former Regional Director, West Africa Region, Africa Reinsurance Corporation, Mrs. Funmi Omokhodion; former Secretary General, African Insurance Organisation, Mrs. Prisca Soares; Senior Lecturer, Department of Actuarial Science and Insurance, University of Lagos, Dr. Jide Fadun, and former Head, Research and Statistics, Nigerian Insurers Association. Mr. Obinna Chilekezie, during the press conference on the inauguration of 2023 Almond Industry Awards Panel of Judges in Lagos…recently ETOP UKUTT

Terrorists Abduct Toddler, Seven Others in Fresh Katsina Attack

Police rescue two victims in Kwara

Francis Sardauna inKatsina and Hammed ShittuinIlorin

Eight persons, including a three-month-old baby, have been abducted by terrorists who attacked Wagini Community in Batsari Local Government Area of Katsina State.

In another development, the Kwara State Police Commissioner,

Mrs. Ebunoluwarotimi Adelesi, at the weekend said the men of the anti-kidnapping team of the state Police Command have rescued two of the four abducted victims at Isanlu-Isin and Ajara-Isin in Isin Local Government Area of the state.

It was learnt in Katsina that the toddler was abducted alongside her mother when the armed hoodlums launched a fresh onslaught on the

Robert Clarke: 1963 Constitution Best for Nigeria

Wale Igbintade

A Senior Advocate of Nigeria(SAN), Chief Robert Clarke, has said the country would continue to linger in her socio-political problems until there is a change of the current 1999 constitution which lacks certain elements of federalism. He said for over the years he has been practicing as a lawyer, the best constitution for Nigeria is the 1963 constitution. He suggested that if a

committee can be set up to look into the 1963 constitution and tinker with it in the light of modern developments, most of our problems as a country would be solved automatically.

Chief Clarke said the 1999 constitution has vested so much power on the president and governors, such that no one could hold them responsible for any misconduct or mismanagement of public funds while they are still in office.

‘How to Revive Nigeria through Active Following’

Yinka KolawoleinOsogbo

The Pro-Chancellor of Adeleke University, Dr Adedeji Adeleke, has said that the struggle and clamour for a new Nigeria that is economically strong and infrastructurally developed could be possible with active and responsible following.

Delivering his address at the 9th undergraduate and 5th post-graduate convocation of the university on Sunday, the business mogul and founder of the university challenged the stereotype of blaming only the national leadership for the

community on Saturday night.

A resident of the community, Abba Sani, confirmed the incident in a telephone interview with THISDAY last night.

He said the hoodlums invaded

the community on several motorcycles with sophisticated weapons, shooting into the air and causing panic among residents. He said: “At about 7.00 p.m on Saturday night, eight persons,

including a three-month-old baby and her mother, were kidnapped by gunmen that we are suspecting to be terrorists.

“The attackers, who came on many motorcycles wielding

weapons and in large numbers, shot sporadically to scare residents. Later they entered house by house kidnapping children who were sleeping at that time.”

Military Hands over 12 Suspected Oil Thieves to NSCDC for Prosecution

Sylvester Idowu inWarri

Troops of Joint Task Force (JTF) code-named ‘Operation Delta Safe’ have handed over 12 suspected oil thieves to the Delta State Command of the Nigeria Security and Civil Defense Corps (NSCDC) for prosecution.

According to a statement signed by the Assistant Director, Army Public Relations, 63 Brigade of the Nigeria Army, Major Yahaya Kabara, the suspects in Delta were at the weekend handed over to NSCDC officers at the Command’s headquarters in Asaba.

The suspects were apprehended

on July 7 aboard MV Tura 11, a vessel conveying stolen crude oil, by personnel of the Joint Task Force, operatives of Tantita Security Services and officials of the NSCDC off the coast of Escravos in Warri South West Local Government Area of Delta State.

The statement read: “You may recall that on July 7, 2023, a vessel, MV Tura 11, conveying suspected stolen crude oil was intercepted along the coast of Escravos by TPS of the Operation Delta Safe, operatives of Tantita Security contractors and personnel of NSCDC.

Imo Guber: NNPP Candidate Appoints Senator Iroegbu as DG of Campaign

The Gubernatorial Candidate of the New Nigeria People’s Party (NNPP), Chief Uche Ben Odunzeh, has appointed Senator Jude Obianuju Iroegbu as the Director General (DG) of the ‘New Imo/Uche Ben Odunzeh Campaign Organisation.’ The appointment, effective immediately, was announced in a letter signed by Odunzeh, dated July 14, 2023.

According to a statement, recognising Iroegbu’s extensive experience as a highly accomplished journalist, defence editor, security analyst, and multimedia consultant, the governorship candidate expressed confidence in his ability to effectively manage diverse assignments within and outside of political circles. Odunzeh anticipates that Iroegbu

poor state of the nation, affirming that Nigeria could not get out of the wood unless the followership accepts responsibility in nation building.

In his address titled “Change Begins with You”, the Chairman of Pacific Holdings Limited lamented the increasing rejection and maltreatment of Nigerians in several countries and posited that most challenges drawing the nation back are traceable to the followership’s refusal to take responsibility and the leadership complacency in the face of willing citizenry.

Ogbueshi Osamgbi Passes On

The Osamgbi family of Umu Nnikwu Village in Asaba Delta State, has announced the funeral arrangement of their father and Diokpa Nnikwu, Ogbueshi Alexander Chukwuma Osamgbi.

The Late Ogbueshi Osamgbi, who passed on recently in Asaba at the glorious age of 96, will be buried on Friday July 28,2023 at Nnikwu Village, Umuaji Asaba, after a requiem Mass at St. Patrick’s Catholic Church, West End, off Nnebisi Road, Asaba by 10am. This will be followed by a reception at the Dome Event Centre, Okpanam

Road, GRA, Asaba. Diokpa Osamgbi is survived by many children, grandchildren and great grandchildren, amongst whom are Mr Isichei Osamgbi, Director of Special Duties at Nigerian Maritime Administration and Safety Agency (NIMASA), Mrs. Uzor Eluaka, Vice Principal, Zappa Basic Secondary School, Asaba, Lady Ndidi Okogba, of the National Identity Management Commission (NIMC), Sir Peter Osamgbi, a businessman and Mrs. Eruke Omoyowuchowu Titiloye of the Coco Research Institute of Nigeria, (CRIN).

will lead an impactful, messagedriven campaign, ultimately leading the party to victory in the November 11, Imo Governorship election.

The letter of appointment conveyed the NNPP governorship candidate’s recognition of Iroegbu’s “impressive achievements and exemplary leadership”.

Senator Iroegbu, originally

from Okigwe LGA of Imo State and raised in Lagos and other parts of the country, has over 16 years of experience as a journalist, defence editor, analyst, researcher, and development knowledge facilitator. He currently serves as the CEO of CANAG Communication, Editor-in-Chief at Global Sentinel, and Editorat-Large at PRNigeria.

Adeleke has Strengthened Osun Security Apparatus, Says Aide

Yinka Kolawole in Osogbo

Osun State, Governor Ademola Adeleke, has been commended for doing everything possible to rid the state of all forms of criminalities.

The Special Adviser to the Governor on Security, Mr. Samuel

Oludare, gave the commendation on Imole Ayo, a sensitisation programme to promote the activities of Governor Adeleke’s administration on OSBC Radio and Television channels.

The programme is put in place by the office of the spokesperson to the governor,

Mallam Olawale Rasheed, to promote and showcase the achievements of Governor Adeleke’s administration on the development of the state.

Oludare said the governor holds regular meetings with heads of security agencies in the state, where drastic actions

are taken to nip insecurity in the bud in every nook and cranny of the state

The governor’s aide emphasised that there is synergy among all security agencies, including both the military and paramilitary to checkmate criminal activities in Osun State

Customs Generates N2.4bn in Sokoto, Probes Alleged Attack on Katsina Governor’s Aide

Onuminya Innocent in Sokoto and Francis Sardauna in Katsina

The Sokoto/Zamfara Area Command of the Nigeria Customs Service (NCS) has generated the sum of N2, 418, 477,044) from January to June 2023.

This is just as NCS has commenced an investigation into

the alleged attack on Mr. Jabiru Tsauri, the Chief of Staff to the Katsina State Governor, Dikko Umaru Radda.

In a statement issued by the Sokoto Command Public Relations Officer, Abubakar Tsafe, the NCS said: “A comparative analysis with the preceding year (2022) indicates that we have surpassed revenue

collected at the same period last year (2022) by 25.6 percent when compared to one billion, nine hundred and twenty-six million, two hundred and sixty-five thousand, seven hundred and forty-nine naira (N1,926,265,749) .

He further stated that the Command Area Comptroller, Musa Omale, reiterated the

Command’s commitment to sustain and improve upon revenue generation in the third quarter of 2023. Tsafe noted that the Comptroller sought the continuous cooperation of all stakeholders, and assured them of the Command’s commitment to promoting ease of doing business and trade facilitation.

Police Burst Job Racketeering Syndicate in Nasarawa

Igbawase Ukumba in Lafia

The Nasarawa State Police Command has busted a job racketeering syndicate in Lafia, the Nasarawa State capital, arresting seven suspects.

The Command’s Police Public Relations Officer

(PPRO), DSP Ramhan Nansel, made the disclosure at the weekend in Lafia while parading 30 suspected criminals arrested in the state recently by the Command.

The PPRO said sequel to the arrest of the fraud suspects, a complaint was

lodged by some job seekers at ‘B’ Division in Lafia that they had been defrauded by officials of Quest International Company (QNet).

He identified the firm to be located on Kasuwan Tomatoes Road, Lafia, without a signpost; and was alleged

to have defrauded about 20 victims of the sum ranging from N500,000 to N650,000 respectively.

Nansel added: “The victims said they were called on the phone and promised jobs, food, and accommodation with a weekly bonus of $225.

Sporting Lagos Edge Remo Stars to Win Naija Super 8 Tournament

Femi

Solaja

The Naija Super 8 tournament came to a glorious end last night in Lagos with football hungry Lagos fans trooping out in their thousands go witness newly promoted Sporting Lagos defeat Remo Stars 4-2 in penalty shootouts to emerge maiden champions. Regulation time ended 1-1 before the lottery game. This tournament packaged by the

Jenkins Alumona led Flykite Productions has reawakened interests of fans in the domestic club football with massive organization and funding. For the first time in decades, the refurbished Mobolaji Johnson Arena at Onikan witnessed a massive turn out of fans to see the two teams in the final. Fans outside the stadium outnumbered ticket holders thus forcing many to go and watch the epic final on televisions at home.

Amusan Equals Silesia Diamond League Record

Duro Ikhazuagbe

World record holder in the women’s 100m hurdles, Tobi Amusan, overcame a poor start to win the event in a season's best 12.34secs at the Silesia Diamond League in Poland yesterday evening. It was also the meeting record.

The Nigerian star hurdler came through strongly at the end to outrace USA's Kendra Harrison (12.35) and 2019 world champion Nia Ali (12.38).

The 26-year-old reflected on her performance thus: “I would not say that I executed, but the second part of the race was really good. I am most definitely building up for the World Championships, extremely satisfied with my season best – one step at a time,” Amusan was quoted by Making of Champions.

“I take it one step after the next. I knew it was going to be a battle until the finish line. I am happy to compete against the best. I am just out here doing well, I would not say that I am the best. I came out there, I was not feeling too good.”

In the women’s 100m in Silesia, Sha'Carri Richardson got the better of Shericka Jackson. Home favourite Ewa Swoboda made her customary fast start, and Jackson eased past her at the halfway stage to set herself up for the win.

But USA's Richardson kept her form and finished off her race strongly, going in front just metres from the line to triumph in 10.76.

Jamaican star Jackson (10.78) was second with Swoboda delighting the home fans by breaking 11 seconds for the first time in 10.94.

All Hail King Carlos!

Spain’s Alcaraz, 20, ends Djokovic’s dominance at Wimbledon

In the match proper, fans were well entertained by both sides with neither of the two clubs able to break each other’s formation but the first shot on goal was by Remo Stars in the 18th minute when Franck Muawena’s half volley forced Sporting Lagos goal keeper, Christian Nwoke to stretch full length to ward off the threat.

Towards the final quarter of the first half, Sporting Lagos regained

domination, leaving their fans with a lot to cheers and confident of a winning.

On resumption from the break, the Lagos side looked more adventurous and Aliu Salawudeen fired home in the 52nd minute from a rebound from the upright. Sporting had another opportunity to extend the lead but Salawudeen failed to connect a rebound with goalkeeper Kayode Bankole off his line.

Remo Stars took charge in the final quarter and pushed for the much-needed equaliser.

They actually got a goal which the referee ruled offside, leading to a minor altercation on the field.

However, Remo Stars got the equaliser in the 94th minute through Adams Olamilekan who fired home from a close range after a goal-mouth tussle.

The match went into a spot kick

as Junior Lokosa who just joined Sporting Lagos set the pace with a ferocious shot that beat Bankole in goal for Remo Stars but the captain of Remo Stars, Junior Nduka, missed his kick-to-hand advantage to Sporting Lagos.

The shootout ended as Sporting Lagos went ahead to win the exercise 4-2 and cart home the N25 million prize money of the maiden edition of Naija Super 8.

Maguire Stripped of Man Utd Captaincy

Harry Maguire confirmed yesterday that he has been stripped of the Manchester United captaincy by manager Erik ten Hag. Maguire was appointed skipper by Ten Hag's predecessor Ole Gunnar Solskjaer in January 2020- five months after signing for £80m from

Leicester City.

The England centre-back stressed he is "extremely disappointed" but will "continue to give my all" in the shirt.

The 30-year-old made eight starts in the Premier League last season and is linked with a move

to West Ham.

Maguire played in 31 of the club's 62 matches in all competitions during the 2022-23 season, with Portuguese midfielder Bruno Fernandes wearing the armband in his absence. His contract at Old Trafford runs to 2025.

"After discussions with the manager today he has informed me he is changing captain," Maguire posted on social media. "He outlined his reasons to me and whilst I'm personally extremely disappointed, I will continue to give my all every time I wear the shirt.”

LSAA Promises Exciting 2nd Edition of DT/Lagos Athletics Series

Kunle Adewale

Following the success of the maiden Deji Tinubu (DT)/Lagos Club Athletics Series, the Chairman of the Lagos State Athletics Association (LSAA), Solomon Alao, has promised a repacked second edition of the meet.

Carlos Alcaraz won the Wimbledon men's singles title for the first time on Sunday evening by ending Novak Djokovic's recent dominance with a stunning victory.

Spain's Alcaraz, 20, fought back from a nervy start to win 1-6, 7-6 (8-6), 6-1, 3-6, 6-4 against the defending champion.

Djokovic was going for a fifth straight win, an eighth men's triumph and a 24th major - all record-equalling feats.

But the 36-year-old Serb was outlasted by top seed Alcaraz, who underlined his class by winning a second major title.

"It is a dream come true for me," Alcaraz said.

"Even if I lost, I would have been proud of myself. To be able to play in these stages of these occasions - as a boy of 20 years old - is really fast.

"I'm really proud of myself."

Alcaraz, who won his first Grand Slam title at the US Open last year, celebrated by falling flat on his face and kicking a ball into the crowd after taking his first match point.

The majority of a packed Centre Court, which included the Prince and Princess of Wales, actor Brad Pitt and two-time winner Andy Murray, rose to their feet to acclaim the All England Club's newest champion.

As tradition now dictates, Alcaraz ran up the stairs from the court to his box and embraced coach Juan Carlos Ferrero, along with his family and friends.

Alcaraz is the third youngest man to win the Wimbledon title in the Open era after 17-year-old Boris Becker in 1985 and 20-year-old Bjorn Borg in 1976.

The four-leg tournament was staged for clubs across the country while some schools also featured in the championships with the grand finale held at the Yaba College of Technology (YABATECH) Sports Complex.

According to Alao, the success recorded at this maiden edition has motivated the association to expand and add more glamour to the meet.

His words: “I’m quite elated to be honest. It’s been a long journey and we are glad that we didn’t have any negative incident, no untoward accident or injuries and their were few scares but all the athletes did creditably well and fared well. “The events were well attended and the competition has been well received. The competition is only starting, this is the first edition but this simply means that this is a good idea, this is a good product and it’s only for the athletes and officials, it’s good for brands, clubs, and schools and anybody

who is interested in developmental sports, education, discipline, focus and learning what it means to strive for a goal and so on.” He added: “For me, it’s doing things right, getting it right the first time. Now, the future looks a little bit scary because to outdo what we have done which is what is expected, the expectations of us now will not be a mean feat but we are determined and we

will do it. You can expect a bigger competition, bigger venue. Technical Director, Athletics Federation of Nigeria (AFN), Samuel Onikeku, similarly commended the LSAA for putting up a good show.

“The AFN is proud to collaborate with the DT/Lagos Athletics Club Series. From the first to the final leg, it was the federation that registered it on the World Athletics and this is

part of the plans we have with the event for a along time. “The AFN can’t do everything but collaborate with states athletics associations to make the sport better. Even next year, we are planning to go zonal and have the athletes converge for the final in Benin City for the trials,” he said.

27 clubs and three schools took part in the N10million prize money meet.

ACCESS BANK DAY POLO IN ENGLAND...

at the

Polo Club, England, UK..recently

Sporting Lagos players and officials celebrating winning the maiden Naija Super 8 Football Tournament in Lagos...last night

Carlos Alcaraz defeated Novak Djokovic yesterday to win his first Wimbledon title

L-R: The 14th Emir of Kano, Khalifa Muhammadu Sanusi II; Group Managing Director/CEO of Access Holdings Plc, Dr. Herbert Wigwe; Governor Dauda Lawal of Zamfara State, holding the Access Private Bank souvenir and Governor Babajide Sanwo-Olu of Lagos State, at the winner prize presentation to the captain of Access Bank polo team during the closing ceremony of the 2023 Access Bank Day polo event

Guards

MISSILE

Dakolo to Oil Thieves, FG

“Therealoilthievesarethosewhohaveoilblocksandoilgulf,whohavehousesinBanana IslandinLagos,AsokoroareainAbuja,inUS,andinUK.Suchpersonscannotpassthe nightinthecreeksoftheNigerDelta,butwillbeusingerrandboystocontinuetostealour commonwealth.Governmentknowswhotherealoilthievesareandshouldgoafterthem. Whattheydoistofindwaysofreleasingtheirerrandboysaftereacharrest" –Chairman,BayelsaTraditionalRulersCouncil,BubarayeDakolo,accusingthebig interestgroupsofbeingresponsibleforcontinuousoiltheft in Nigeria.

Waiting to Ambush the List MAHMUDJEGA

VIEW FROM THE GALLERY

One young man wrote somewhere on social media at the weekend that President Tinubu should hurry up and name members of his cabinet “so that Nigerians can rest from the anxiety, speculations and fake lists in circulation.”

Rest? Who told him that we will rest when the list of ministers is finally out? In all likelihood, a new round of katakata will only just begin. There are many interest groups, analysts, social media warriors, CSOs, regional and politico-religious groups that are already lying in ambush, ready to pounce on the ministerial list and allege that this or that group has been marginalized, that this or that group was unduly favoured and that this or that group was forgotten altogether.

No wonder President Tinubu is playing his cards close to his chest. The formula for appointing ministers in Nigeria is more complicated that integral calculus. It is more delicate than open heart surgery. Nigerians expect it to be done faster than the Super Collider. It must have dimensions as precise as the Great Pyramid of Giza. It is given to more reading and interpretation than Shakespeare’s sonnets, and with less room for mistake than a NASA rocket launch.

In Nigeria, people who call themselves “politicians” expect to get all or at least most of the cabinet posts. While a person who gets elected as president or governor might now be thinking of quality appointees in order to deliver his programs, politicians think of cabinet posts only as reward for service already rendered, that is, in getting the votes. The more votes a politician delivered, the more he thinks he deserves a cabinet post, his other qualifications notwithstanding. “Where was he during the campaign, when we were sleeping in the bush?” is their attitude to the nomination of a technocrat. Their main argument, which by the way resonates with most Nigerians, is that “If we didn’t put him in there, will he be sharing posts to technocrats? Leave him. In four years’ time, let us see if technocrats can get him reelected.”

The added complication for President Tinubu is that nine APC governors, who played extremely crucial roles in his primary and general election success, finished their tenures in May and are visibly eager to get cabinet posts. Many other party hopefuls are not happy at this prospect, hence the planted newspaper articles urging Tinubu not to appoint former governors as ministers.

Eagerly waiting with their mouths close to microphones and with their fingers poised on laptop keyboards are spokespersons of regional and ethnic groups. Afenifere and Yoruba Elders

Forum, once the most vocal of them, are likely to have a shrill voice this time around because the region they claim to speak for now has the Ace of Spades, the President. The number of ministers from different regions will not be a big issue since the Constitution specified that each state must have at least one minister. I thought 36 ministers is large enough, but some Abuja natives are already clamouring that they must have a minister too. I even thought they will ask for three ministers since some lawyers have interpreted the Electoral Act to confer on the FCT an electoral status superior to ordinary states.

Yet, since 1999, presidents have found this number to be insufficient for purposes of political permutations. President Obasanjo added one more minister per geopolitical zone, for a total of 42. This enabled him to source technocrats, who ended up occupying the biggest cabinet posts, as well as to pick ministers from marginalized areas within geopolitical zones. So, while the number of ministers will not be controversial, wait until portfolios are assigned to them. Nigerians see some cabinet posts as “juicy” while others are seen as “dry.” That is when the geo-ethnic groups will scrutinize the list and some could go to town with allegations of marginalization.

Religious groups will not even wait that long. As soon as the list of ministers is made public, some groups will calculate the number of Christians versus the number of Muslims and go to town with howls of protest. President Tinubu might see cabinet appointments as his best chance to combat the Muslim/Muslim ticket furore once and for all. Yet, if he bends over too much, MURIC is there to howl that Muslims are marginalized in the cabinet. Luckily for the President,

adherents of traditional African religion, Nigerian polytheists, Nigerian Jews, followers of Guru Maharaji as well as Nigerian atheists have never protested their exclusion from the cabinet. Within the major religious blocs however, there are different sects, denominations and tendencies that could scrutinize the cabinet list and allege imbalance.

Women groups led by the National Council of Women Societies [NCWS] are eagerly waiting to see if they get “35% affirmative action.” In recent years, they have forced boards of directors of companies, management teams of public corporations and executive councils of civil society groups to bend over backwards and integrate women into their ranks. How many women can Tinubu get into the cabinet, much as he might wish to? One problem is that women are for the most part marginal in the top ranks of political parties. If he follows the old formula of asking state APC chapters to nominate three persons for ministerial appointment, few of them are likely to include women in their lists because too many powerful men will jostle for the slots. So, the president must find another way, maybe to tell the APC branches that at least one of their three nominees must be a woman. Or else, he could use the extra ministers representing geopolitical zones to get some women in.

Youth groups are likely to be up in arms if they perceive marginalization of youths in the ministerial line up. In recent years, youth groups have been the most vocal in their demands for inclusion in power circles. They are yet to say precisely who is a youth, with respect to ministerial posts. Early in this Republic, a group called “Under 50” politicians, many of them state governors, senators and ministers, sprang up in this country and claimed to be the vanguard of youths. More than twenty years later, some of them are still prominent in politics and they refuse to give way to younger folks.

There are as many definitions of youth as there are defining organisations. In Nazi Germany for example, Adolf Hitler told Hitler Youth Leader Baldur von Schirach to step down as Reichsjugendfuhrer because he turned 33 in 1940. In Nigeria, PDP once elected a 60-year-old as National Youth Leader. Some youth groups expect thirty and twenty something year olds to sit in the federal cabinet. One problem with that is that when such ministers go to their assigned ministries, their parents, uncles and teachers could still be in service and it will cause complications in exercise of authority. Anyway, a young person could still become minister if his grooming for high office started early. For example, a person who became a commissioner, state assembly or House of Reps member

in his or her 20s, could be ready for a ministerial job in his 30s and could be a governor by 40. But to expect to go straight from the classroom to become a minister is unrealistic unless you are the son of Nicaraguan dictator General Somoza. On the day his son graduated from military academy, he was appointed Army Chief as graduation gift.

Some professionals have spread the tale that for a cabinet to be of quality, it must be made up of “technocrats,” not “politicians.” Doctors, engineers, bankers and academics see themselves as the country’s most important talent pool who should be given top posts in order to ensure “quality.” Truth however is that given the topsy turvy nature of Nigerian public service, military, security agencies, diplomatic service and also of the private sector in recent decades, all kinds of technocrats and professionals have found their way into politics, it being the most open profession with no entry qualifications or certificate requirements. It is therefore wrong to make a distinction between the two groups because almost every kind of professional can be found in politics these days.

Opposition parties, of course, are unlikely to see anything good in the list of ministers once it is unveiled. There are rumours that some non-APC people could make it into the cabinet. While NNPP is likely to welcome such a prospect, PDP and Labour Party are likely to disown any member who accepts such a post. “Anti-corruption crusaders” are also lying in wait. As soon as the list is out, they will rush to see if anyone ever had a file in EFCC, ICPC, Code of Conduct Bureau, NDLEA or court. These groups are unforgiving; in 1991, they obtained a 1968 photo of a prominent Rivers State NRC governorship aspirant in his Ikoyi Prison uniform. They splashed it all over the city. It turned out that in 1985, Military Governor of Lagos State Group Captain Gbolahan Mudashiru granted him a pardon which wiped away the criminal record. In law that is, but not in politics.

Another pitfall area these days is NYSC. The service is 50 years old this year, so almost all those who are nominated to be ministers should have served in the scheme, unless the nominee’s education stopped at secondary school or if he or she obtained an exemption, some of which could be fake. Some NGOs will rush to NYSC data base and demand to see if the ministerial nominees dodged NYSC, a la two Buhari ministers. Finally, the media is likely to complain that some ministerial nominees have been recycled. Although the Constitution never set a limit to how long a person can be in public life, Nigerian newspapers want it to be as short as possible.

Tinubu