Declaress ongoing public fight creating bad waves for Nigeria globally
Dangote and the management of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Expressing his opinion on the matter, Adesina described the whole issue as “shocking” , pointing out that it was creating bad waves for Nigeria globally. He argued that those who accuse Dangote of having monopolistic tendencies should show evidence,
stressing that there exist natural entry and exit encumbrances in
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Amid Sustained Inflationary Pressures,
Cardoso: Addressing insecurity, transportation will bring down food prices Diaspora remittances hit $2.34bn, FX inflows $38.8 billion, capital importation $5.92 billion NECA, CPPE react to policy rate adjustment
Support for Dangote Refinery Swells, Kyari Denies Owning Blending Plant in Malta
House urges FG to suspend NMDPRA CEO pending probe into allegations
Atiku describes conflict between Africa’s richest man, NMDPRA as troubling
Otedola to FG: Support Dangote like other nations back their industrialists
MINISTER OF POWER VISITS SAVANNAH GAS PROCESSING FACILITY IN AKWA IBOM...
Tinubu Urges Students to Shelve Planned Protests, Says Concerns Being Addressed
Promises to run all-inclusive govt, pay stipends to unemployed graduates Atiku supports protest, says it’s constitutional IG warns protest organisers to forget about it Obi to sue Onanuga, demands N5bn damages, APC fires back, dismisses his assessment UN cautions, worries rally may be hijacked Wike declares president not responsible for hunger, Ekpo seeks understanding Lagos students backout, mull solidarity walk amid more national reactions
Deji Elumoye, Chuks Okocha, Olawale Ajimotokan, Adedayo Akinwale, kechukwu Aleke in Abuja, Okon Bassey in Uyo, David-Chyddy Eleke in Awka, Segun James in Lagos and Bassey Inyang in Calabar
In a move intended to abort the planned nationwide protests by Nigerian youths set to begin August 1, President Bola Tinubu, yesterday, appealed to organisers to shelve their plans, assuring them that he had listened to their concerns and already working to address them.
The protest, billed to hold across the country from August 1 to 10, is the way Nigerian youths have elected to register the impact of food scarcity and the inability to afford common needs by the citizenry.
The president, who urged the youths to exercise patience, however, promised to run all-inclusive government, and also pay stipends to unemployed graduates.
This was as former Vice-President Atiku Abubukar, hasthrown his support behind the proposed national protest against bad governance and hunger, stating that such protests were constitutional.
But the Inspector General of Police, Kayode Egbetokun, hasasked organisers of the protest to perish the idea because the Police would not condone any form of breakdown of law and order arising from such democratic adventure.
In similar breath, presidential candidate of Labour Party (LP) in the 2023 election, Mr Peter Obi, has threatened to sue the special adviser to Tinubu on Communications and Strategy, Mr. Bayo Onanuga, for accusing him of being one of the brains behind the protest.
However, responding to Obi, the All Progressives Congress (APC) said the assessment of the state of Nigeria’s economy by him was based on half truth and misinformation.
Conversely, the United Nations (UN) Department of Safety and Security, has expressed worries that the planned protests could be hijacked by groups with ulterior motives and turn out a violent adventure.
The FCT Minister, Nyesom Wike, while reacting to the development, slammed organisers of the protest, saying Tinubu was not the architect
of hunger in the country.
His counterpart in the Ministry of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, however, urged Nigerians to be patient with the Tinubu-led federal government, saying greater effort was being put into addressing the economic challenges occasioned by the removal of fuel subsidy.
This, nonetheless, students of various tertiary institutions in Lagos State, have distanced themselves from the protest, and instead, proposed a solidarity walk with the government of the state.
Briefing newsmen after a routine meeting with the President at the State House, Abuja, Information and National Orientation Minister, Mohammed Idris, said, "Mr President has asked me to again inform Nigerians that he listens to them especially the young people that are trying to protest.
“Mr President listens to them, he takes what they say seriously and he is working assiduously to ensure that this country is good, not just for today but also for the future.
"On the issue of the planned protest, Mr President does not see any need for that. He has asked them to shelve the plan and asked them to await government’s response to all their pleas. He has listened to them like I said."
The Minister further disclosed that intervention measures had been taken by the Tinubu administration, including the new minimum wage of N70,000 already passed by the National Assembly, trucks of rice already dispatched to all the 36 states of the federation and the Federal Capital Territory as well as the Student Loans Fund launched recently by the President.
"A lot is happening. Only today, the National Assembly, has expediously passed the bill on National minimum wage. You can see how the President is working. It was transmitted only yesterday, today it has been passed.
“A lot of other interventions that the President has also put in place are also going to be looked at expediously in the interest of Nigerians. So, there is no need for strike.
“The young people out there should listen to the president and allow him more time to see to the realisation of all the goodies he has
for them,” he said.
Highlighting other policies to cushion the effect of the hardship, he said, “For example, you saw that the federal government approved grains and rice for state governments. It was delivered to them expeditiously.
“Also, the federal government, like I said that time, it is just the necessary first step. Government is going to continue in that direction, supporting them and assuring that whatever intervention the federal government has put in place goes to those that should benefit. It is very important that is being put out.
"The federal government is looking at strategies that every intervention would go directly to those who benefit from those interventions not middle men intervening along the way.
"You heard about the student loans board launched by Mr President? Mr President is very passionate about the fact that everyone will have the opportunity to go to school.
“It is no longer a time for all of us to stay back and see our able bodied young men and women that have passed the examinations to go to tertiary institutions that have not been able to do that because their parents are not able to pay for their fees.
“This is now a thing of the past. Government is very very desirous to ensure that happens. You know the provision that was made to the NELFUND? Already, we have in excess what is required today and the more that people are requiring, the more the president will also give.”
Idris also disclosed that government would soon come up with a scheme that will accommodate all unemployed graduates nationwide, stressing that Tinubu was committed to running an all-inclusive government.
According to him, "There is also the intervention the President is making for young men and women, who have finished school and who are yet to get employed post-NYSC.
“For example, there is a scheme the government is perfecting now and that will be pushed very fast so that all those young men and women who have finished school, graduates of universities and polytechnics that are not able to get jobs, will continue to be supported by the government until such a time that those jobs are offered to them.
"The whole idea is that no one is left behind, everybody will be in. It is an all-inclusive government and the president is determined to ensure that no one is left behind in this attempt to march Nigeria towards progress."
Atiku: Right to Protest Constitutional
Supporting the protest, Atiku took to his verified X account to offer support for the Protest.
Accounting to the former vice president, "For the avoidance of doubt, the rights of citizens to protest are enshrined in the Nigerian Constitution and affirmed by our courts. Section 40 of the 1999 Constitution (as altered) unequivocally guarantees the right to peaceful assembly and association.
"Chasing shadows and contriving purported persons behind the planned protests is an exercise in futility when it is obvious that Nigerians, including supporters of Tinubu and the ruling APC, are caught up in the hunger, anger, and hopelessness brought about by the incompetence and cluelessness of this government.
"It is deeply ironic that those who now seek to stifle these rights were themselves leading protests in 2012.
"A responsible government must ensure a safe and secure environment for citizens to exercise their constitutionally guaranteed rights to peaceful protest. Any attempt to suppress these rights is not only unconstitutional but a direct affront to our democracy," Atiku stressed.
Perish Protest Idea, IGP Tells Organisers
Inspector General of Police, Kayode Egbetokun, has asked organisers of the planned protest to perish the idea because the police would not condone any form of breakdown of law and order as a result.
He assured the people that the police would provide security for the protesters if they conducted themselves well in pursuing their rights as guaranteed by the legal instruments.
He however, added that the police would also not hesitate to carry out its constitutional duty of protecting life and property if the protest turned violent or was hijacked by hoodlums to cause mayhem on innocent and
law-abiding citizens.
Speaking at a conference with strategic police managers, in Abuja, he said the position of the police was that the proposed protest was ill advised and should be jettisoned forthwith.
“We have the responsibility to protect properties and everyone, irrespective of their race, colour, ethnic, or tribe, who are lawfully embarking on their daily activities.
"We will, therefore, not sit back and fold our arms to watch violent extremists unleash violence on our peaceful communities, and/or destroy any of our national critical infrastructures and assets again.
“We have mapped out plans to ensure that no individual or group succeeds in fostering a reign of terror and or anarchy on other law abiding and peace loving Nigerians."
Obi to Sue Onanuga, Wants N5bn Damages
Presidential Candidate of the Labour Party (LP) in the 2023 election, Mr. Peter Obi, has threatened to sue the special adviser to President Bola Tinubu on Communications and Strategy, Mr Bayo Onanuga, for alleging he was one of the organisers of the protest.
Onanuga had recently alleged that Obi was responsible for the plan to hold a protest against the Tinubu-led government, over the hardship in the country.
In a letter by Obi's lawyer, Mr Alex Ejesieme (SAN) to Onanuga, the presidential hopeful demanded N5 billion as damages for the allegation of being responsible for the impending protest.
Ejesieme stated in the letter thus:
"The said statements are in every sense malicious and convey with them, the potentiality of an ostracisation of our client by well-meaning citizens of Nigeria.
"It should be stated without any form of equivocation, that our client is an elder statesman, a diplomat and an unwavering democrat. He has always tailored his affairs according to the dictates of the Nigerian law.
“Where there has been any dissatisfaction with any process or procedure, our client’s first and only resort has been to invoke the appropriate legal mechanisms to ventilate his grievances.
"It is our client’s conviction that the publication was a calculated plot to demean, ridicule, humiliate and embarrass him by the estimation of every right thinking member of the society.
"It appears you have achieved your insipid motive as well-wishers from all around the globe have inundated him with calls to register their shock.
"Consequently, we have our client’s mandate to demand that you retract the statement made in the publication and tender an unreserved apology to him within 72 hours of the receipt of this letter in not less than 4 National Dailies to wit: Vanguard, This Day, Punch and the Cable, including your verified “X”.
"Our client also is making an unequivocal demand for monetary damage of N5,000,000,000 (Five Billion Naira) only for the embarrassment your defamatory publication has caused him and his family."
Ejesieme said failure to meet the demands set out, he would be constrained to approach a court of competent jurisdiction and take legal action against Onanuga for defamation and libel.
Obi’s Opinion on Economic Situation Based on Half Truth, Misinformation, APC Says
The All Progressives Congress (APC) has said the assessment of the state of Nigeria’s economy by Obi was based on half truth and misinformation.
National Publicity Secretary of the party, Felix Morka, in a statement, said Obi has once again showcased his obsessive devotion to self-promotion against the best interest of Nigeria. He noted that Obi’s warped conclusion that Nigeria’s economic crisis was caused by nine years of APC-led administration was highly revisionist and dishonest.
“Mr. Obi’s latest statement on the country’s economic situation is an admixture of half truths, blatant distortions and misinformation calculated to mobilise outrage against the All Progressives Congress (APC) government of President Bola Ahmed Tinubu.
L-R: Chief Executive Officer, Income Electrix Limited, Matthew Edevbie; Managing Director/Chief Executive Officer, Niger Delta Power Holding Company Limited, Chiedu Ugbo; Minister of Power, Adebayo Adelabo; Managing Director, Savannah Energy Nigeria, Pade Durotoye; and Head of Finance, Savannah Energy Nigeria, Funmilola Ogunmekan, during the minister’s visit to Savannah Gas Processing Facility in Uquo, Akwa lbom State...yesterday
Senator ezenwa onyewuchi'S defection to the aPc...
others
Gabon President Invites Dangote to Invest in Cement, Fertiliser in Central African Country
President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in cement and fertiliser production in Gabon.
The president urged Dangote to explore potential investment opportunities in the country’s cement and fertiliser sectors, specifically urea and phosphate production.
According to a statement yesterday, Nguema made the call during Dangote's visit to the country where he engaged in discussions with the
president and other top government officials.
The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity.
Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments. He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation,
technology transfer, and enhanced industrial capacity.
Dangote, renowned for his successful business ventures across Africa, underscored his company’s dedication to fostering economic development in the continent.
He emphasised that investing in Gabon’s cement and fertiliser sectors aligns with Dangote Industries’ strategic vision of expanding its footprint and supporting sustainable development across Africa.
“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialization
efforts. By leveraging our expertise in cement and fertilizer production, we aim to support Gabon’s infrastructure and agricultural sectors,” Dangote stated.
"The visit marks a significant step towards strengthening economic ties between Nigeria and Gabon. As Dangote Industries continues to explore and finalize investment opportunities, both nations anticipate mutual benefits that will drive economic progress and regional integration," he added.
The statement noted that the potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial
Make Yourself Available for Second Term, WTO Members Tell Okonjo-Iweala
Representatives from 52 country members of the World Trade Organisation (WTO) have expressed their support for a proposal from the African Group of the global trade body calling for an early start to the Director-General selection process, just as they asked the incumbent, Ngozi Okonjo-Iweala, to make herself available to serve a second term.
They made the call at a meeting of the WTO General Council, where they urged Okonjo-Iweala to announce her second term bid as soon as possible.
Most of these members praised the former Nigeria’s Finance Minister’s hard work and her achievements during her first term.
Members discussed the request from the African Group of members regarding the appointment of the Director General, according to a statement obtained by THISDAY yesterday.
The African Group had requested that Okonjo-Iweala make herself available to serve a second term, and had proposed that the process of reappointing the Director-General should be started as soon as possible.
Okonjo-Iweala is the seventh Director-General of the WTO. She took office on March 1, 2021, becoming the first woman and the first African to serve as Director-General. The current term of the Director General finishes at the end of August 2025. She is eligible for a second four-year term.
In her response to her endorsement by the WTO members, Okonjo-Iweala said she was
grateful for the show of support from members.
“Everything that I've accomplished, we've accomplished together,” she said.
The DG added that she took the call of members very seriously and was favourably inclined. She said she would get back to members very soon regarding her intentions.
The General Council Chair, Petter Ølberg (Norway), said he heard unanimous, broad and strong support, both for the current DG to make herself available and to run again, and for the process
to be started as soon as possible.
The Chair said he would be reaching out to delegations in the days and weeks to come.
At the meeting, Brazil presented for adoption by the General Council its proposal: “Moving Agriculture Negotiations Forward — Draft Decision”
The proposal sets out a work programme for achieving tangible progress and balanced outcomes in the agriculture negotiations by the 14th Ministerial Conference (MC14), which would take place in Cameroon.
“Forty-three delegations took the floor on this item. Many delegations thanked Brazil for its work on the proposed work programme and voiced support for adoption of Brazil's proposal, saying that the text could serve as a good common basis for negotiations to move ahead after the summer break.
Others expressed concerns over the process and substance of the Brazil proposal, with some saying that better account needed to be taken of priorities highlighted by the African Group,” the statement added.
landscape, ensuring a steady supply of essential materials for construction and agriculture.
This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.
"In the coming months, further
discussions and assessments will be conducted to finalise the investment plans. The collaboration between Dangote Industries and the Gabonese government holds promise for a robust partnership that will significantly impact Gabon’s economic landscape," it added.
Northern Group Kicks Against FG’s Alleged Cancellation of Katsina Road Project
John Shiklam in Kaduna
The Arewa Coalition for Justice (ACJ), has kicked against the alleged cancellation of the a N147.6 billion contract for the full rehabilitation of Katsina-Kankara-Dutsinma-Maraba Kankara road in Katsina state.
The contract was said to have been awarded to an indigenous firm, Vipan Global Resources Limited, after fulfilling all the requisite requirements, with a completion period of 24 months.
Addressing a press conference yesterday in Kaduna, Ibrahim Muhammad, spokesperson of the group expressed displeasure over developments surrounding the road contract and its subsequent cancellation.
He said the ACJ, had it on good authority that the Katsina state Governor, Dikko Radda and Ibrahim Masari, an aide to President Bola Tinubu, were allegedly, behind the cancellation of the road project because it was awarded to a company linked to a member of the opposition Peoples Democratic Party (PDP).
Muhammad said the road contract which was awarded in April 2024 for total rehabilitation, is one of the busiest in Katsina state, connecting several communities and states.
“We were elated by this development, as it promised to significantly improve the quality of life for residents of the adjoining communities and stimulate economic activities in a region plagued by banditry.
“However, we were alarmed to learn about the cancellation of this vital road project, which holds immense potential for the prosperity of Katsina State and Northern Nigeria.
“This is sad and it shows that these people have little or no regards for the state and they are bent on sabotaging the efforts of Mr President”, Muhammad said.
The group alleged that, David Umahi, Works Minister, merely cancelled the contact based on the recommendation of the governor and the president’s aide.
“How can we allow political sentiment on a project as important as this?”, the ACJ asked.
FG Says It’s Fortifying Work on Long-delayed East-West Road after Threats of Protests
emmanuel addeh in Abuja
The federal government has said it is deploying the use of reinforced concrete technology on the long-delayed East-West road, which traverses the South-south part of the country, to ensure that segments of the road do not fail again.
Minister of Works, David Umahi, who spoke during an inspection of the project, explained that the government will give all regions the right environment to attain their full economic potential and guarantee a sense of self actualisation.
A statement in Abuja by the minister’s spokesman, Uchenna Orji, quoted Umahi as saying that he had introduced a more formidable measure of construction to end pavement failures and years of infrastructural neglect on the highway.
Umahi visited section II of the road, comprising Kaiama-Ahoada
in Rivers/Bayelsa states as well as the construction of multiple box culverts at flood-damaged locations along the “dualisation” of the road.
The minister’s remarks came weeks after the Movement for the Survival of Ogoni People (MOSOP) and former agitators in the Niger Delta threatened to embark on a protest over the uncompleted axis of the road.
MOSOP, in a statement signed by its Public Relations Officer, Imeabe Saviour, said the non-completion of the road had led to a series of accidents, resulting in loss of lives.
It stated earlier in July, “It is worrisome to mention that despite the substantial revenue generated within the Ogoni ethnic nationality, the stretch of the East-West road in our area has remained in its worst state, dilapidated and a nightmare to travellers and a death trap to the Ogoni people.
“It suffices to state that the EastWest road, hyped as completed, still stands as an abandoned project today.”
Similarly, former agitators in the Niger Delta region threatened a massive protest over the deplorable state of the road. They alleged that the project had been abandoned, despite the fact that it led to critical national infrastructure, like the Onne port, the Port Harcourt Refinery, and Indorama Eleme Petrochemical Limited, among others.
But speaking after the inspection, Umahi said the federal government had redesigned the inherited project, using reinforced concrete technology to end the perennial pavement failures and years of road neglect across the wetland Niger Delta.
He said some sections of the road, starting from Lokoja to Benin, were also re-scoped and redesigned in reinforced concrete. He explained that the height of the road was increased
above the flood level.
Umahi added that the redesign factored the peculiar environment, “geomorphology” and soil characteristics, which were responsible for the failures of flexible pavement used over the years by successive administrations.
On the Kaiama-Ahoada section, the minister said, "When we came on board, the job was already awarded by the past administration. And so the only new thing in all these locations under President Bola Tinubu is the relief culverts that these two local contractors are putting, and are proving themselves to be of a very high reputation in terms of their works.
“We are encouraging many more local contractors to come and work, because there's so much to work."
He observed that the effect of climate change was largely responsible for the flood that came over the two sections of the road, but commended
the two contractors handling the relief culverts for their commitment to the intervention, despite not been paid. "And so our directive is that the contractor shouldn't open more relief culverts. Let us contain the floods by working with the Niger Delta Development Commission (NDDC),” he added.
Umahi lauded the contractors, who also did emergency works, even though it was outside their scope, and the 29 Battalion with other paramilitary outfits for the management of the traffic, which, he said, would continue for the next two to four weeks.
While asking for patience on the side of the road users, the minister assured that a permanent solution was underway, as the project was being procured to raise the road above the flood level, while reinforced concrete of 12 inches would be used to do the overlay.
L-R: APC Deputy National Chairman, South, Chief Emma Enukwu; Governor Hope Uzodimma of Imo State; and Senator Ezenwa Onyewuchi, and
after the latter's defection to the APC from the Labour Party at the floor of the Senate... yesterday.
emmanuel addeh in Abuja
WEDDing REcEptiOn OF gEnERAl MustAphA OnOyivEtA's DAughtER...
Shettima: Nigeria Ready to Overtake Other World Economies, Technologies
Launches
AI expertise clinic in Jigawa Announces FG's N150,000 grant for each business owner Partners Gluwa to train 1,000 tech experts annually
Vice President Kashim Shettima has declared that Nigeria is not only catching up with the rest of the world but is also ready to overtake them in terms of economy and technology.
Shettima disclosed this, Tuesday, when he launched the AI Expertise Blockchain and Technology Training and Outsourcing Initiative in Dutse, the Jigawa State capital, as part of Nigeria's strategy for digital transformation and leadership in Africa.
The AI Expertise Blockchain and Technology Training and Outsourcing Initiative, a partnership with tech company Gluwa, aims to train 1,000 Nigerians annually in artificial intelligence, blockchain, and other cutting-edge technologies.
Speaking during the launch of the Initiative at the Yakubu Gowon NYSC Orientation Camp, Fanisau, Dutse, the Vice President called on Nigerian youths to embrace the initiative, which he said is important for the nation's economic future.
According to him: "We are not merely catching up with the rest of the world; we are poised to overtake them. This initiative offers its beneficiaries the chance to become part of a global workforce, driving innovation that will shape our future".
Shettima noted Jigawa State's pioneering role in digital technology adoption, calling the programme "a homecoming ceremony for those who have eased our journey through the Fourth Industrial Revolution."
He also outlined the federal government's broader vision, saying, "we are adopting this initiative across the nation to create a network of tech hubs
that will power Nigeria's economic growth for decades to come."
The Vice President commended the partnership with Gluwa, stating that it aligns with President Tinubu's agenda to revolutionize Nigeria's digital technology sphere.
He acknowledged Gluwa's significant impact, even as he applauded the firm for its empowerment of Aella Microfinance Bank, resulting in the disbursement of over N100 billion to two million Nigerians.
Addressing the global implications of the Initiative, Shettima said: "Our aspiration remains to transform Nigeria into a premier destination for technology outsourcing, creating a model that combines global expertise with local talent."
Speaking earlier, Governor Umar Namadi of Jigawa State, noted the importance of the initiative, describing it as a rare opportunity at the doorstep of the youths.
He called on the population to "venture into the Digital World of ICT Outsourcing and reap all the benefits that it offers, particularly in terms of job creation and opportunities to contribute to the growth of our economy."
Explaining that Jigawa has a history with ICT education, Namadi said, "The State is blessed with hundreds of thousands of ICT-savvy and qualified youths in various fields of information and communication technology. This is courtesy of our very reputable Informatics Institute established more than two decades ago."
He said the new initiative aligns with both the federal government's Renewed Hope Agenda and Jigawa State's 12-Point Agenda, prioritizing
digital technologies and innovation.
The governor further announced the establishment of a new ICT & Digital Economy Agency, saying, "More than ever before, we are determined to reposition Jigawa State as a major ICT hub in Nigeria."
Shettima had earlier launched the 4th edition of the Expanded National Micro, Small and Medium Enterprises (MSMEs) Clinic, disclosing that President Bola Tinubu has ordered that a grant of N150,000 should be given to each of the business owners in the state as the federal government's support to MSMEs across the country.
According to him, the N150,000 grant for each of the MSMEs as directed by the president was an
outright grant that does not require beneficiaries to repay.
His words: "Distinguished ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Tinubu, has mandated that a grant of N150,000 each be awarded to outstanding exhibiting MSMEs at today's event. Rest assured that this is an outright grant, and the beneficiaries will not need to repay it".
The Expanded National MSME Clinics is one of the federal government's strategies for ease of doing business in Nigeria through a series of business forums organized across the country to provide on-the-spot solutions to challenges confronting MSMEs, with the first, second, and third editions launched in Benue,
Ogun, and Ekiti States respectively earlier this year.
Shettima said, that as the very foundation of the nation's economy, the MSMEs sub-sector has remained a top priority of the Tinubu administration, noting that they not only represent 96 percent of all businesses in Nigeria and contribute over 45 percent to its GDP but also provide a crucial lifeline to 80 percent of the nation's workforce.
"We recognize your essence, and that's why we are establishing MSME clinics across the nation. These clinics will act as incubators for small businesses and offer alternative financing.
“They will also ensure that you have the support and resources you need to compete and thrive,"
he added.
Noting that the prosperity of small businesses is the prosperity of Nigeria and their downturn is the downturn of Nigeria, the Vice President urged the business owners not to harbor any fear, saying the Tinubu administration will not rest until each of them is in a vantage position to access the support and capital made available for them.
Earlier in his remarks, Jigawa State Governor, Malam Umar Namadi, thanked the federal government for providing dividends of democracy for the people of the state through the MSME Clinics and related projects scattered across the area.
continues online
Edo Guber: It's Time to Move our State Forward,
Adibe Emenyonu in Benin City
The governorship candidate of the Peoples Democratic Party (PDP), for the September 21st election, Dr. Asue Ighodalo, Tuesday, declared that it is time to move Edo State forward.
Ighodalo accompanied by his running mate Osarodion Ogie stated this at the Urhokpota Hall, Benin City, during a town hall meeting for the official presentation of his manifesto: "The Pathway to Prosperity".
The PDP standard bearer disclosed that the manifesto is a contract he and his running mate have with Edo
people of the state, vowing that they will fulfill all the promises contained in the manifesto to the people as presented to them because of their genuine love for Edo people.
He vowed to make the people happy and never to disappoint or fail them if given the opportunity to lead the state.
He, however, challenged the people to ensure they interrogate every candidate's antecedent to know whether he has done well in his past work to enable them know the right person to vote for.
Ighodalo acknowledged the pres-
ent suffering in the country caused by high inflation which has resulted in high cost of living that has almost spiraled out of control, stating that Governor Godwin Obaseki has laid down a good foundation which he promised to build upon and take the state to the next level.
On security, Ighodalo promised to make the Security Trust Fund in the state work better to take care of security matters, emphasising that security is very key in that without it every other thing may not work well.
"We will get it right to protect the
people in the area of work, farming, trade and travelling. We will also make use of the latest technology and equipment to prevent invaders into the state", he said.
On the well-being of the people, Ighodalo promised to reduce suffering and hardship among the people in the state and make life better for them, adding that it is government's duty to make the people live a better life with the available resources.
On education, he said government will encourage every child to go to school and those doing well would be supported with bursary awards.
Funmi Ogundare
The National Bureau of Statistics (NBS), in collaboration with UNICEF, is conducting a survey to gather information on Nigeria's progress toward achieving the Sustainable Development Goals (SDGs) in education, health, nutrition, and the socio-economic welfare of children, women, men and adolescents.
The Statistician General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, disclosed this yesterday at a workshop for the 7th round of the Multiple Indicator Cluster Survey (MICS 7) and the National Immunization Coverage Survey (NICS), in Lagos.
The workshop aims to determine the number of households to be surveyed nationwide and ensure that a representative sample is collected.
Adeniran explained that 38 indicators have so far been linked to the SDGs, marking the first time such a large number of indicators is being used in the survey series.
"The workshop is part of the series organised by UNICEF whenever they plan MICS in the country. It is a platform where the questionnaire for the survey tool is designed to interview respondents nationwide," he said.
Adeniran also noted that the Nigerian MICS is the largest of its kind globally, requiring extensive
planning and a robust governance structure, adding that the NBS is reintroducing anthropometric measurements to assess the nutritional status of children under five years old, a practice that had been paused in the last two survey rounds.
Adeniran mentioned the rigorous training needed for this exercise.
His words: "The NBS is also introducing small area estimation, a methodology that will be used after the main survey results are obtained. This approach will al- low for the estimation of selected indicators at the local government level, providing more detailed data than the usual national, state, and geopolitical zone results."
Michael Olugbode in Abuja
Nigeria’s plan to embrace Artificial Intelligence (AI) took a great leap with the official launch of UNESCO's Readiness Assessment Methodology (RAM) in the country.
Speaking at the launch in Abuja, the Head of Abuja Office and United Nations Educational, Scientific and Cultural Organisation (UNESCO) Representative to Nigeria, Mr. Abdourahamane Diallo, said the event signifies a pivotal moment in Nigeria's journey towards embracing ethical artificial intelligence practices.
Diallo said: “As we gather here at the UN House, we are reminded of the transformative potential of AI in driving innovation and sustainable
development across our nation.
“UNESCO's Readiness Assessment Methodology (RAM) stands as a beacon of guidance, ensuring that our advancements in AI are not only groundbreaking but also aligned with global standards of ethics and responsibility.
“We are particularly proud that Nigeria is joining us as part of UNESCO's custodial role in promoting the ethics of AI worldwide.
UNESCO's Recommendations on the Ethics of AI, adopted by 193 countries, provide a robust framework for the responsible and ethical development and deployment of AI technologies.
“These recommendations emphasize human rights, fairness,
transparency, and accountability, and it is heartening to see Nigeria committing to these principles as we work together to build an inclusive and ethical AI ecosystem.”
He added that: “As we gather here today, we are reminded of the profound impact that artificial intelligence has on our society. AI permeates many aspects of our daily lives, and its ethical implications have become a focal point for all actors within the ecosystem.
“Recognizing this, in 2023, UNESCO launched the Readiness Assessment Methodology (RAM) as a pivotal tool for implementing its Recommendation on the Ethics of AI, which was adopted by 193 countries in 2021.
Deji Elumoye in Abuja
L-R: Groom's father and former ADC to the late President Umaru Musa Yar'Adua, Brigadier General Mustapha Onoyiveta (Rtd); former President Dr Goodluck Jonathan; bride’s mother, Mrs. Ibrahim; the couple, Abdulazeez and Nusaiba Onoyiveta; former First Lady, Hajia Turai Yar’Adua; groom’s mother, Princess Onoyiveta; and bride’s father, Dr Gambo Ibrahim, at the wedding reception in Abuja...last Saturday.
National Assembly Passes N6.2trn 2024 Appropriation Act, Finance Act
Defence, agric, take lion share FG gets 70 % of banks’ windfall Edun at NASS: FG injects N1trn into manufacturing sector
Sunday Aborisade in Abuja
The two chambers of the National Assembly, Tuesday, passed the N6.2 trillion 2024 Appropriation Act (Amendment Bill) 2024.
The money bill was transmitted to the federal legislature on Wednesday, July 17 by President Bola Tinubu.
The National Assembly, also on Tuesday, passed the Finance Act targeted at funds that accrued to Nigerian banks since the commencement of the current forex regime in the country.
The appropriation act amendment bill was meant to provide for the sum of N6,222,595,926,139. Out of the amount, N3, 222,595,926,139.00 was meant for Capital Expenditure and N3,000,000,000,000.00 was for Recurrent Expenditure.
While the N3.2 trillion was meant to
disagreements between the management of Dangote refinery and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
They called on government agencies in the petroleum sector to support the growth of the $19 billion oil refinery in Lagos, rather than attempting to tear it down.
But Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari, yesterday, reacted to an allegation by Dangote that some officials of the organisation owned a blending plant in Malta.
fund legacy projects, and other sectors of the economy, the other N3trn was expected to fund the new minimum wage of N70,000.
The two chambers had last week suspended their rules to accommodate the first and second reading of the bill, and referred it to the Committee on Appropriations for further legislative action.
Leading the debate on the legislation at the Committee of Supply, Tuesday, Chairman, Senate Committee on Appropriation, Senator Solomon Adeola, reminded his colleagues that the N28,777,404,073,861 2024 Appropriation Bill was passed into law by the National Assembly last year and was subsequently assented to by the president on January 1, 2024.
Adeola said, "The 2024 Appropriation Act (Amendment) Bill seeks to, among others, make available
Kyari wrote on his X handle that he had no plant in Malta or anywhere in the world.
certain businesses, including the huge initial capital outlay needed for such ventures.
Adesina explained that having imported its fuels for decades, the situation had become almost normal for Nigeria, positing that the mentality that Nigeria should simply import what it needs will not help the economy.
“Monopoly often exists where there are high barriers to entry or high capital costs,” Adesina contended.
He added: How many individuals or companies can do railways? How many can do refineries of the scale of Dangote Refineries?
“In a nation that has been importing refined petroleum products for several decades, the abnormal simply became very normal. No smart investor would make a $19.5 billion investment and want it to be undermined by importers.
“To manufacture is extremely expensive and risky. This is even more so in Nigeria, given the very challenging business and economic environment, fraught with policy uncertainties and policy reversals, and where the self-defeating default mode of ‘simply import it’ is always so easily rationalised and chorused to solve any problem,” he maintained.
According to him, while competition is good, the Dangote refinery cannot be asked to start contending business-wise with importers of the product, a situation that he said will lead to unfair competition.
“Competition is good for everyone. But is Dangote refineries anti-competitive? What is the evidence? Has Dangote refineries prevented any other company from setting up refineries?
“Why have others not done so? How come they have not done so for several decades? Was it Dangote that held them back? But Dangote refineries surely cannot be asked to ‘compete’ with importers of petroleum products.
“That is not competition. Let the importers set up local refineries and compete by refining in Nigeria. That
Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) called for protection of local industries. It stressed that the current row between Dangote and NMDPRA touched on domestic fuel security for the country and should not be about personalities.
The organisation maintained that undermining the refinery will be counterproductive and detrimental to Nigeria’s development aspirations.
Former Vice President and the presidential candidate of Peoples Democratic Party (PDP) in the 2023 general election, Atiku Abubakar, described as “troubling” the ongoing fight between the management of
is fair and justified competition,” he added.
Adesina argued that Nigeria cannot afford to belittle the huge investment in the Dangote refinery, urging the authorities to protect the oil asset for the benefit of Nigerians.
“We cannot and must not undermine, disparage or kill local industries, talk less of one that is of this scale — a jewel of industrialisation in Nigeria.
“It is more than simply delivering the cheapest product to the market. It is about domestic supply security, driving (and yes, protecting) globally competitive industries, maximising forward and backward linkages in the local economy, job creation, reducing forex expenses and shoring up the Naira.
“We must not be myopic. This whole disparaging of Dangote is uncalled for. It is self-defeating. And it is very bad for Nigeria. Who will want to come and invest in a country that disparages and undermines its own largest investor?
“Investing is tough. Pettiness is easy. It sadly sends a signal that the price for sacrificing for Nigeria is to get sacrificed,” he posited.
Aside the fight to get International Oil Companies (IOCs) to supply him crude oil at normal prices, Dangote had recently clashed with the industry regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) over the quality of products from his oil refinery in Lagos.
While the NMDPRA said the diesel and jet fuel supplied by the refinery were subpar, the management of the company had recently moved to show that the quality of its fuels were far better than those imported by the Nigerian National Petroleum Company Limited (NNPC).
Dangote contends that his fuels have less than 78ppm, that is the amount of sulphur in the products, and would hit as low as 10ppm by August this year, insisting that the imputation that his fuels were substandard was baseless.
additional funds for Renewed Hope Infrastructure Development Projects, to be undertaken across the country and to meet other recurrent expenditure requirements, such as the minimum wage increase necessary for effective governance of the federation.
"Considering the fact that the committee was mandated to report back to the senate on the bill within one week, the Senate Committee on Appropriations consulted widely with the leadership of the committee and other critical stakeholders.
"More significantly, it met and deliberated with the Hon. Minister of Budget and Economic Planning, Senator Atiku Bagudu, and deliberated on the scope of the bill as well as its source of funding the projects.
"Subsequently, the committee processed the bill together with its House counterpart, in line with
Dangote refinery and the industry regulator.
Writing on his verified X account, Atiku said Dangote refinery was crucial for Nigeria’s energy and economic stability. He stated that Nigeria risked scaring foreign investors away with the current altercations.
While calling for protection for the multi-billion-dollar investment, Atiku maintained that by doing so, the country will attract Foreign Direct Investment (FDI) as well as boost economic growth.
He stated, “The conflict between Aliko Dangote and the NMDPRA is troubling. The Dangote Refinery, our nation's largest private investment, is crucial for Nigeria’s energy and economic stability.
“The 650,000 bpd refinery is essential for our energy needs and economic stability, and NNPC's investment underscores its importance. If we neglect this, we risk deterring vital foreign direct investment.
“No investor will trust a nation that undermines its key assets. Protecting significant investments, like Dangote’s, is essential to attract FDI and drive our economic growth.”
The public differences between Dangote and NMDPRA had in recent days dominated national discourse after Chief Executive Officer (CEO) of the regulatory agency, Farouk Ahmed, publicly ran down products coming from the much awaited facility.
Ahmed stated that the refinery was churning out products with sulphur levels of between 650 Parts Per Million (PPM) and 1,200ppm. But
that the central had raised interest since February.
Addressing journalists at the end of the two-day meeting of the MPC in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the committee was mindful of the effect of rising prices on households and businesses and expressed its resolve to take necessary measures to bring inflation under control.
The committee further reemphasised its commitment to CBN's price stability mandate, expressing optimism that despite the June 2024 uptick in headline inflation, prices are expected to moderate in the near-term.
This came as Director General, Nigeria Employer's Consultative Association (NECA), Mr. AdewaleSmatt Oyerinde, said the hike in MPR was unlikely to douse inflation amid the Naira's continued depreciation at the FX market.
Also, Chief Executive, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, the marginal increase in MPR marked a softening of the MPC's tightening stance.
The MPC further doubled down on its commitment to stay on course with its tightening cycle in view of the urgent need to address inflationary
relevant rules of legislative practice and procedures."
Adeola said the committee observed the need to provide the government equity component of the Renewed Hope Infrastructure Projects and other critical projects to be undertaken across the country and other recurrent expenditure requirements, like the provision for the new minimum wage, among others, which necessitated the request for the amendment of the 2024 Appropriation Act.
He said the additional expenditure contained in the amendment bill would be financed by the one-time windfall tax on banks’ foreign exchange profits for the year 2023, as approved by the National Assembly.
The committee recommended the authorization and issuance from the Consolidated Revenue Fund of the Federation, the sum of
Dangote quickly moved to rebut the imputation after tests showed that his products were about 78ppm as of last weekend.
But Ahmed had maintained that products from the facility, namely diesel and jet fuel, were of lower quality than the one imported by the Nigerian National Petroleum Company Limited (NNPCL).
Speaking with journalists on the matter, the NMDPRA chief executive stated that Dangote refinery had not even been granted a full licence to operate, explaining that the facility cannot be solely relied upon to satisfy the fuel needs of the country
Ahmed added that he had been under pressure by Dangote refinery to stop all import of diesel and jet fuel, despite the fact that the imported fuels had lower sulphur content than the 650,000 barrels per day Dangote refinery.
He alleged, “The Dangote refinery is still in the pre-commissioning stage. It has not been licenced yet. We haven't licenced them yet. They are still in pre-commissioning stage. I think they're about 45 per cent completed, in completion rather.
“So we cannot rely heavily on one refinery to feed the nation, because Dangote is requesting that we should suspend or stop all importation of petroleum products, especially Automotive Gas Oil (AGO) or diesel and jet fuel, and direct all marketers to the refinery.
“So, in terms of quality, currently... Dangote refinery as well as some major refineries produce between
pressures to consolidate on the gains achieved so far.
The committee particularly hinged its optimism on monetary policy gaining further traction, in addition to recent measures by the fiscal authority to address food inflation.
Cardoso, who read the committee's communique, specifically noted the persistence of food inflation, which continues to undermine price stability.
He said while monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development.
Notably, the CBN governor pointed out that the prevailing insecurity in food producing areas and high cost of transportation of farm produce are also contributing to headline inflation.
He said the committee was therefore, not oblivious to the urgent benefit of addressing these challenges as it will offer a sustainable solution to the persistent pressure on food prices.
The CBN also considered the increasing activities of middlemen who often finance smallholder farmers, aggregate, hoard and move farm produce across the border to neighbouring countries.
N35,055,536,770,218
Adeola said N1,742, 786,788,150 would be for Statutory Transfers, N8,270,960,606,831 for Debt Service, and 11,268,513,380,853 for Recurrent (Non-Debt) Expenditure.
He added that the sum of N13,773,275,994,384 would be for contribution to the Development Fund for Capital Expenditure for the year ending on December 31, 2024
None of the senators expressed objection to the bill and the senate dissolved to the Committee of Supply to discuss the clause-by-clause consideration of the bill.
In the sectoral consideration, under recurrent expenditure component of the budget, contingency recurrent had the highest vote of N2.536 trillion, followed by the Ministry of Defence, which had the sum of N1.308 trillion proposed for it.
650ppm and 1,200 ppm. So, in terms of quality, their quality is much inferior to the imported quality.”
It was unclear if attempts by Minister of State Petroleum (Oil), Senator Heineken Lokpobiri, to settle the rift caused by the NMDPRA chief executive’s utterances made any impact. But a statement from his office on Monday said he had met with the contending parties to try to douse the tension.
Nigerian billionaire, Femi Otedola, also threw his weight behind Dangote amid the company's dispute with the downstream oil regulator. Otedola urged the federal government to support Dangote, like other countries supported their industrialists.
In a series of posts on X yesterday, Otedola said Dangote had built “the largest single train refinery in the world, the second-largest sugar refinery in the world,” emphasising that he (Dangote) remains the highest taxpayer in Nigeria.
Otedola wrote, “My brother, the visionary, has built the largest single train refinery in the world, not in Kano, but in Lagos State. He is the owner of the second-largest sugar refinery in the world, also in Lagos State, and the largest cement factory in the world, not in Kano, but in Kogi State.
“Additionally, he has established the second-largest fertiliser plants in the world, soon to surpass the biggest one in Qatar, also in Lagos State. Furthermore, he has built a fertiliser plant in Lagos that already exports globally. Aliko Dangote is
The committee, thus, highlighted the need to put in check such activities in order to address the food supply deficit in the Nigerian market to moderate prices.
The MPC, therefore, resolved to sustain collaboration with the fiscal authority to ensure that inflationary pressure is subdued.
According to Cardoso, the MPC further expressed optimism with the recent stop gap measures by the federal government to bridge the food supply deficit.
In particular, he noted that the 150-day duty free import window for food commodities including maize, husked brown rice, wheat and cowpeas, among others, will moderate domestic food prices.
The central bank stated that these measures will not lead to direct injection of liquidity into the economy as to cause further inflation.
The apex bank boss also noted that while the measure was a welcome development and may prove effective in the short run, "it is expedient that it is implemented with a defined exit strategy to avert a possible rollback of the recent gains in domestic food production.
He stated that to support these initiatives, the CBN was already
Others included Ministry of Police Affairs, N869.120billion; Ministry of Education, N857billion; Ministry of Health and Social Welfare,
a titan that God created especially for mankind.
“Aliko Dangote is also the largest private sector employer of labour in the country, and his companies are among the largest taxpayers. The Dangote Group often pays more in taxes than the top banks combined.
“If not for him, we would still be importing cement. His contributions extend beyond industrial facilities to critical infrastructure, having built major roads, such as the Apapa Oshodi-Oworonsoki Express Road, Wharf Road, and the Obajana-Kabba Road.”
Otedola added, “Countries in the nascent stages of industrialisation require visionary leaders. This is why it’s no surprise that the United States was built by the vision and tenacity of a few remarkable individuals, Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J.P. Morgan, and Henry Ford – The Men Who Built America’s industrial landscape.
“These men left the world without these assets but left behind a legacy that has kept their country thriving generation after generation. Their contributions were immortalised not in the material wealth they amassed but in the enduring institutions and industries they established.
“These visionaries were also supported by their government, which recognised the importance of fostering local champions. Similarly, today’s tech giants, like Microsoft and Tesla, received substantial support from the
engaging Development Finance institutions (DFIs) including the Bank of Industry (BOI) to ensure adequate support to industries with a focus on Small and Medium Scale Enterprises (SMEs).
On the Foreign Exchange (FX) segment, Cardoso noted the narrowing spread between the various foreign exchange segments of the market, which he said was an indication of price discovery and improved market efficiency, thus reducing opportunities for arbitrage and speculation.
The MPC also noted that the increase in the level of external reserves would further build confidence for a more stable exchange rate and thus urged the bank to explore available avenues to improve inflows, especially through diaspora remittances.
The committee also acknowledged the sustained resilience of the banking system, reflected in improvements of key financial soundness indicators (FSIs), and further encouraged the continued need for close monitoring of the system, as the implementation of the recapitalisation exercise progresses.
Cardoso also explained that the various reform initiatives in the FX
Edun
INTERNATIONAL AFRICA HOUSING SHOW 2024...
L-R: Founder/CEO Eximia Reality Co. Ltd, Mr. Hakeem Ogunniran; Minister of Housing and Urban Development, Arc. Ahmed Dangiwa; Chairman of the occasion, Pastor Mathew Ashimolowo; Managing Director, Africa International Housing Show, Mr. Festus Adebayo; and former President, Nigerian Institute of Town Planners, Mr. Toyin Ayinde, during the opening ceremony of the
Housing Show 2024 in Abuja ... yesterday
Akpabio Apologises to Natasha over 'Night Club' Comment
The President of the Senate, Godswill Akpabio, has apologised to Senator Natasha Akpoti-Uduaghan, representing Kogi Central, over some uncomplimentary remarks he made about her on the floor of the Senate last week.
Akpabio had told AkpotiUduaghan not to speak like she was in a “night club” after she spoke without first being recognised by the senate president.
Speaking, Akpabio said he would never intentionally denigrate any woman, adding that his phone and that of his wife had been bombarded with calls and text messages, most of them insults.
An obviously remorseful Akpabio said “I will not intentionally denigrate any woman and I always pray that God will uplift women. Distinguished Senator Natasha, I want to apologise to you.
“The interest shown in the social media shows that we have enemies. I felt I should tender a public apology to you. I do not mean any harm. People should concentrate on things that will move this country forward.
“Social media handlers should practice with decorum. We won’t out of anger regulate social media.”
Akpabio also denied social media posting which claimed that he had “numerous girlfriends,” saying, “I have only one wife and she is enough
for me.”
Meanwhile, the two chambers have adjourned plenary to
September 17 to enable the federal lawmakers proceed on their usually long annual vacation.
Both the Senate President, Godswill Akpabio and the
Speaker, House of Representatives, announced the adjournment after yesterday's plenary.
National Assembly Passes New National Minimum Wage Bill
Senate confirms Bello's appointment as FCCPC boss, Ewalefoh as ICRC DG Federal legislature adjourns plenary till September 17
Sunday Aborisade and Juliet Akoje in Abuja
The Senate and the House of Representatives, yesterday, passed
WOWICAN Seeks Stringent Measures Against Gender-based Violence
Say victims need empathy, support
Onyebuchi
As part of the efforts to curb incidents of rape and domestic violence against women and the girl-child in Nigeria, the Women Wing of the Christian Association of Nigeria (WOWICAN) has urged the federal government to again review the laws to make culprits face stiffer penalties. Speaking at the sensitization programme for traditional and religious leaders on Prevention of Violence Against Women and Girls in Nigeria, the chairperson of WOWICAN, FCT Chapter, Mrs. Felicia Jessa, said apart from taking stringent measures against perpetrators of domestic violence, government should do more to empower women economically.
The event held at ECWA Good News Church in Lugbe, Abuja, the Federal Capital Territory (FCT) saw various resource persons and women leaders engage women and girls in an interactive session on ways to prevent the societal ill and to provide support to victims. Jessa said that the WOWICAN decided to take the advocacy programme to the women in their communities so that they will be sensitized about the issues and to feel a sense of belonging.
On the enforcement of the law against gender violence, she said that women groups have cried out to government to take more proactive measures to address the menace by enacting laws that provide stiffer penalties for offenders.
She said: "We want the government to help us in this direction and give women more opportunity to be heard,” adding that “Most of the cases of gender violence or domestic violence occur due to societal silence and the fact that most of the victims who are women and girls could not speak out on time.”
She also noted: "Most women have fallen victim of the domestic violence due to silence. Government should take women issues more serious and provide them opportunity to express themselves.
"Also, we believe that government can review the law to provide for more stringent sanctions against perpetrators of domestic violence and rape of our innocent female folks"
Women Fellowship leader of the ECWA Good News Church, Mrs. Grace Yusufu said that sensitization programme is a welcome development because gender-based violence is very common today.
She said that most often it is igno-
rance and poor parental upbringing that fuels cases of violence against women and the girl-child by their male counterparts.
"As a woman leader, I know how many women i have had to talk to
and help address their complains.
for period review of the national wage from five years to three years and for related matters 2024," the bill amended the Section 3 (4) of the Minimum Wage Act No. 8 of 2019 substituting the figure N30,000 with N70,000.
Section 3 (4) of the Principal Act was also amended by substituting five years with three years.
At the senate, the bill was accorded accelerated consideration as it passed first, second and third reading at plenary because the Red Chamber amended its rules to achieve the passage.
The House also approved President Bola Tinubu's request to amend the 2019 National Minimum Wage Act to effect the recently approved national minimum wage for Nigerian workers
The lawmakers expeditiously adopted all prayers in the bill and
approved the recommendations, which increased the minimum wage from 30,000 naira to 70,000 naira and reduced years of review from 5 to 3 years.
In a related development, the Senate has approved the appointment of Dr. Olatunji Bello, as the Chief Executive Officer/Executive Vice-Chairman of Federal Competition and Consumer Protection Commission (FCCPC).
The confirmation was sequel to the consideration of the report of the Committee on Trade and Investment chaired by. Senator Sadiq Suleiman, (APC, Kwara North).
The Senate also approved the appointment of Dr. Jobson Eseodion Ewalefoh for Appointment as the Director-General, Infrastructure Concession Regulatory Commission (ICRC).
NAPTIP Promises Improved Strategies to Tackle Evolving Trend in Human Trafficking
Michael Olugbode in Abuja
The Director General of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Prof. Fatima Waziri-Azi, has pledged that the agency will continue to develop new strategies, expand cooperation, and foster more collaboration to keep pace with the evolving trends in human trafficking. She gave the commitment in Abuja while unveiling the activities planned for the 2024 World Day Against Trafficking in Persons, themed, "Leave No Child Behind in the Fight Against Trafficking in Persons".
The World Day Against Trafficking in Persons was proclaimed by the
United Nations General Assembly in December 2013 to be observed annually on July 30th to promote comprehensive, coordinated, and consistent responses at national, regional, and international levels to counter trafficking in persons. It aims to promote a human rightsbased, gender- and age-sensitive approach in addressing all factors that make people vulnerable to trafficking, and in strengthening the criminal justice response necessary to prevent trafficking, protect victims, and prosecute perpetrators.
According to the United Nations, the 2024 World Day Against Trafficking, urges accelerated action to end child trafficking, recognizing that children represent a significant
proportion of trafficked victims worldwide, with girls being disproportionately affected.
On the activities lined up for the 2024 World Day Against Trafficking in Persons in Nigeria, Waziri-Azi disclosed that it is in collaboration with UNODC, IOM, ICMPD, and OHCHR and would be commencing from Saturday, July 28 to Sunday, August 4, 2024.
She noted that the programmes have been carefully selected to reflect the theme of the celebration, insisting that: “These activities aim to create the needed awareness and impactful sensitization to address the concerns of all and reduce the vulnerability of potential trafficking victims.”
Wazir-Azi said: “I am pleased
to state that our activities and interventions in the fight against human trafficking in Nigeria are inclusive, involving various categories of stakeholders.
“For the first time, NAPTIP will commemorate the World Day together with the National Agency Against Trafficking in Persons (NAATIP), our counterpart agency that would be visiting from The Gambia.” She disclosed that the celebration will kick off on Saturday, July 27, 2024, with a female novelty match to "Kick Against Human Trafficking" involving NAPTIP officers and partners at the Wakanda Games Arena, Accra Street, Wuse Zone 5, starting at 8:00 am.
International Africa
PHOTO: ENOCK REUBEN
Ezigbo in Abuja
Sunday Aborisade in Abuja
Olukoyede: Leading the Fight Against Corruption
Corruption is without doubt stunting growth and development in Nigeria. However, the new push to tackle the scourge by the Chairman of the Economic and Financial Crimes Commission, Olanipekun Olukoyede, is an indicator that there may be some light at the end of the tunnel. Folalumi Alaran reports.
Arecent report released by the National Bureau of Statistics (NBS) has indicated that N721 billion was received as bribe by Nigerian public officials in 2023.
The report titled, “Corruption in Nigeria: Patterns and Trends”, was based on a survey conducted with the United Nations Office on Drugs and Crime. The report showed that the average cash received by public office holders in 2023 was N8,284, an increase from an average of N5,754 in 2019.
The report also revealed that N721 billion paid in bribes across the country in 2023 amounted to about 0.35 per cent of the country’s Gross Domestic Product (GDP).
It said: “According to the 2023 survey, the average cash bribe paid was 8,284 Nigerian Naira. While the nominal average cash bribe size has increased since 2019 (from NGN 5,754), this does not account for inflation. The inflationadjusted average cash bribe in 2023 was 29 per cent smaller than in 2019 in terms of what could be bought with the money.
“Overall, it is estimated that a total of roughly NGN 721 billion (US$1.26 billion) was paid in cash bribes to public officials in Nigeria in 2023, corresponding to 0.35 per cent of the entire Gross Domestic Product of Nigeria.”
The report further revealed that more than 95 per cent of all bribes paid in 2023 were paid in monetary form (cash or money transfer), stating that more than N700 billion in cash bribes were paid by citizens to public officials in the same year.
It is noteworthy that the NBS ranked corruption 4th among the most important problems affecting the country in 2023, after the cost of living, insecurity and unemployment.
It noted: ‘’Nigerians’ confidence in the government’s anti-corruption effort has been declining over time and across regions. While in 2019, more than half of all citizens thought that the government was effective in fighting corruption, in 2023, the share declined to less than a third of all citizens.
“The downward trend in the citizen’s confidence is observable across the entire country, with all six zones recording reductions of more than 10 percentage points between 2019 and 2023 in terms of the share of citizens who thought the government was effective in fighting corruption.”
The report indicated that 56 per cent of Nigerians interacted with a public official in 2023, down from 63 per cent in 2019.
Despite this reduction, bribery remains widespread, with an average of 5.1 bribes paid per bribe payer, totalling approximately 87 million bribes
nationwide. This is a decrease from the 117 million bribes estimated in 2019.
It was also disclosed that bribery is more common in rural areas, with rural residents paying an average of 5.8 bribes compared to 4.5 bribes in urban areas.
On payment mode, the report noted that over 95 per cent of bribes were paid in monetary form (cash or money transfer) in 2023.
It said public officials were more likely to demand bribes while private sector actors included doctors in private hospitals, which increased from six per cent in 2019 to 14 per cent in 2023.
Nevertheless, it is a known fact that systemic corruption is a major obstacle to stability and economic development in Nigeria.
Checks revealed that in the 64 years since independence, corruption has cost the Nigerian economy more than $550 billion.
In 2022, World Justice Project Rule of Law Index said the country’s endemic corruption also contributed to its overall weak rule of law and ranked Nigeria 120 out of 140 countries surveyed in absence of corruption in 2022.
Undoubtedly, corrupt practices in the justice system often lead to slow and ineffective dispensation of justice.
However, despite of the endemic corruption in the country, the renewed push by the Chairman of EFCC, Mr. Olanipekun Olukoyede appears to be giving some kind of hope to the country.
Although, Olukoyede recently admitted that apart from terrorism, corruption is the next deadliest affliction of humanity. He said most of the governors being prosecuted today were those who couldn’t pay minimum wage.
His words: “Most of the governors being prosecuted today were those
Olukoyede called for enhanced and consistent commitment to whistle blowing by Nigerians to tackle the menace of economic and financial crimes and other acts of corruption. According to him: Aside terrorism, corruption ranks as the next deadliest affliction of humanity in every region of the world. In view of the danger and threat to our existence which corruption represents, it is imperative that individuals, communities, corporate bodies and indeed the whole world join hands to tackle it frontally. One way of doing this is through the whistle-blowing initiative.
who couldn’t pay minimum wage”.
The EFCC boss made this known while addressing stakeholders recently at the Unity Fountain in Abuja to commemorate the 2024 African AntiCorruption Day.
Olukoyede called for enhanced and consistent commitment to whistle blowing by Nigerians to tackle the menace of economic and financial crimes and other acts of corruption.
According to him: “Aside terrorism, corruption ranks as the next deadliest affliction of humanity in every region of the world. In view of the danger and threat to our existence which corruption represents, it is imperative that individuals, communities, corporate bodies and indeed the whole world join hands to tackle it frontally. One way of doing this is through the whistle-blowing initiative”.
Olukoyede was of the opinion that the fight against corruption required absolute commitment to integrity and unfaltering focus.
He said: “We cannot win the war against corruption through lip service, emotional outburst or mere mob campaigns. There is a need for commitment, passion, consistency and credibility of intelligence. Every whistle blown must point towards truth and evidential proofs.”
The EFCC boss urged the Nigeria Labour Congress (NLC) and Civil Society Organizations (CSOs) to be part of the anti-graft war saying “this is an urgent need for us to fight corruption and NLC will throw its weight behind the agency in all fight against corruption.”
Also speaking, NLC President, Comrade Joe Ajearo said the union will fully support the EFCC in its fight against corruption.
On his part, Chairperson, Conference of Civil Society and Coordinator Civil Military Co-operation (CIMCO), Adams Otakwu, commended the EFCC for galvanising Nigerians to stand against corruption.
He said: “It may interest us to know that upon all the threats to national security, inclusive of terrorism, insurgency, proliferation of small arms and light weapons the most insidious of them is corruption and that is why the fight against corruption must be tackled head on”.
The fight against corruption in Nigeria appears to have lost steam. In most cases, the party in power uses the anti-graft agency as a witch-hunt against perceived political enemies.
But with what has been witnessed since Olukoyede assumed office, it appears that the strategic steps and holistic approach being applied by the commission under his leadership may as well reinvigorate the fight against corruption in the country.
Olukoyede
Linda Ogbonye: Leveraging AI, Data Analytics, and ESG for Brand Success
In the dynamic and rapidly evolving landscape of brand and media strategy, Linda Ogbonye stands out as a visionary leader, innovator, and trailblazer, harnessing the power of artificial intelligence (AI), data analytics, and advanced communication technologies to transform the industry. With a decade of experience and an unwavering commitment to environmental, social, and governance (ESG) principles, Ogbonye has established herself as a leading expert in creating personalised campaigns that resonate deeply with target audiences, driving business results and fostering meaningful connections. Write MARY
NNAH
Linda Ogbonye’s impressive portfolio includes managing social media pages for top brands like Globacom Limited and spearheading experiential marketing campaigns for Hyundai Kona. She has also worked with leading brands such as Stallion Bajaj, Dettol Cool, Lafarge, and Chimamanda Adichie’s Purple Hibiscus Workshop, and has delved into the entertainment industry as a public relations consultant for Nigeria’s leading actress, Mercy Johnson, as well as the films 4th Republic and Legend of Inikpi. Her unique blend of creativity, data-driven insights, and technical expertise has achieved outstanding results for businesses across Africa.
Her innovative use of AI and data analytics has optimized campaigns, elevated digital insights, and set new standards for ethical and sustainable practices in the industry.
As a master storyteller, Ogbonye crafts engaging content that establishes a strong brand presence across various platforms, from social media to digital advertising and traditional media. Her holistic approach ensures that each brand’s story aligns with its values and objectives, fostering genuine connections with audiences, and driving business results. Beyond her work with clients, Ogbonye is dedicated to mentoring the next generation of marketers, promoting the application of AI and data analytics in communications and branding, and pushing the boundaries of what is possible in the industry.
With a first-class graduate degree from the prestigious University of Ibadan, and teaching experience at esteemed institutions such as the University of Ibadan, Nigeria, University of Ilorin, Nigeria, and East Tennessee State University, USA, Ogbonye’s academic excellence and record-breaking achievement have driven her to become a world-renowned communicator using data and AI.
Her passion for innovation, creativity, and sustainability has made her a sought-after expert in the industry, and a role model for young professionals.
Ogbonye’s commitment to ESG principles is reflected in her work, as she strives to create campaigns that not only drive business results but also promote social and environmental responsibility. Her dedication to excellence, innovation, and sustainability has made her a pioneer in the industry, and a shining example of what can be achieved with hard work, determination, and a passion for making a positive impact.
As technology continues to evolve, Ogbonye remains at the forefront of innovation, leveraging AI, data, and digital marketing to drive business results and promote sustainable practices. Her expertise in data
analytics and AI has enabled her to develop cutting-edge marketing strategies that drive real results for her clients. Her ability to analyze complex data sets and develop actionable insights has made her a valuable asset to her clients, and a respected voice in the industry.
Ogbonye’s impact on the industry extends beyond her work with clients. She is a dedicated mentor and teacher and has developed training programs and workshops to help the next generation of marketers develop the skills they
need to succeed in the industry. Her commitment to knowledge sharing and capacity building has made her a respected leader in the industry, and a role model for young professionals.
In recognition of her contributions to the industry, Ogbonye has received numerous awards and accolades. She has been recognized as one of the top marketing professionals in Africa and has received awards for her innovative approach to marketing and her commitment to ESG principles.
Despite her many achievements, Ogbonye remains humble and dedicated to her craft. She continues to push the boundaries of what is possible in the industry and is a shining example of what can be achieved with hard work, determination, and a passion for making a positive impact.
In conclusion, Linda Ogbonye is a true pioneer in the industry, and a shining example of what can be achieved with hard work, determination, and a passion for making a positive impact. Her commitment to excellence, innovation, and sustainability has made her a respected leader in the industry, and a role model for young professionals. As technology continues to evolve, Ogbonye remains at the forefront of innovation, leveraging AI, data, and digital marketing to drive business results and promote sustainable practices. Her impact on the industry will be felt for years to come, and her legacy will continue to inspire future generations of marketers and communications professionals.
“Linda Ogbonye is a true pioneer in the industry, and a shining example of what can be achieved with hard work, determination, and a passion for making a positive impact. Her commitment
to
excellence, innovation, and sustainability has made her a respected leader in the industry, and a role model
for young professionals.”
Ogbonye
Kutebi: Entrepreneurs Need to Involve Professionals in Housing Projects to Avoid Collapse
Bennett Oghifo
Nigeria, sadly, is now being presented at conferences abroad as a sour example of where buildings collapse frequently in Africa. The President of the Council for the Regulation of Engineering in Nigeria (COREN), Sadiq Abubakar, said recently that 22 buildings collapsed between January and July this year with 33 deaths. Professionals in the nation’s building sector believe these figures are conservative, particularly because the COREN data was released before the Jos school building collapse that killed 22 people. Many more buildings have collapsed since then. How to end this incessant collapse of buildings? Professionals say there is no shortage of recommendations but that the government should muster the political will to implement them for a safer built environment.
Preventing a building from collapsing during and after construction is no rocket science. A team of experts should be in place to tick all the boxes, as is being done at the Eko Atlantic City, according to Ayoolanrewaju Kutebi, the Group Managing Director of GMH Luxury, a leading real estate developer, renowned for its focus on innovation and excellence.
Kutebi, whose company is developing the Demaris Resort, on an island between the lagoon and the Atlantic Ocean, said there are immediate to long term solutions to the needless deaths and destruction. “In a short term. What the government should do is to look at estates that have been so successful, as far as development is concerned, and I will say that Eko Atlantic City has been so successful because of the participation of core professionals from the design process to the approval process.
“The approval process for Eko Atlantic City is totally away from the government sector, the Lagos State Building Control Agency, Lagos State Physical Planning Authority are not part of the team for Eko Atlantic. Eko Atlantic has their own team of experts, as far as control is concerned, and your designs are going to pass through this team of seasoned experts.”
This team of experts has more Nigerians, he said. “Funny enough, the majority of them are locally sourced. So when you look at the quality of development, compared to the rest of the locations we have in Nigeria, there’s a big difference. It is very different. And it is as a result of the participation of core professionals in the process of design and execution.
“So, if the government agencies can understudy or make Eko Atlantic a case study, what you will discover is the fact that the issue of collapse within the built sector will be a thing of the past. It will practically go away.”
He said a curious thing going on in the highly unregulated real estate sector is that people with access to funds now become housing developers overnight and then invite quacks to build for them, instead of assembling a team of professionals to do a thorough job for them. “The custom now is that I have money in my hand so I can be a developer. But the fact remains that money is not the sole component as far as development is concerned. Yes, money is the lifeblood of every development. That is why we have professionals handling the work, as far as real estate is concerned.
“So, we will notice in recent times that we’re not having much collapse in Abuja compared to what we have in Lagos because there is a surge in market demand. So, every Tom, Dick and Harry is jumping into housing development because that is what is in demand. They are driven by demand without the participation of the core professionals.
“Definitely, we’re going to be having a lot of collapses. The process is as important as the end project at the end of the day. The participation of core professionals in real estate development is a must if we’re going to stop incessant collapse, as far as the real estate market is concerned.
What do I mean by core professionals?
We have the Town Planners, the Architects, the Structural and Civil Engineers, the Builders, Surveyors, Quantity Surveyors, the Mechanical, Electrical and Plumbing engineers. All of these put together form the team of experts.
“Recently, I entered a place and the whole place was smelling. The reason was the fact that the vent had collapsed. The service engineer is incharge of that. It was a 5-Star restaurant that didn’t have to experience such. That is what you get when Professionals are not handling your design. That is just one leg of the issue.
There is also a dearth of artisans, he said, “Another major issue we are facing is the acute shortage of semi-skilled workers. To get them is hard work because nobody wants to learn a trade.
“Gone are those days when you go to a carpenter’s workshop and you see many young people trying to learn carpentry. The same goes for the iron bending,
the welding works, and masons. Before you get good ones, you have to look beyond the shores of this country. You have to go to places like Togo, but unfortunately, their currency is higher than Nigeria’s. So, we are recycling workers at that level. We have to go to Togo, we have to go to the Republic of Benin to get a good Mason and we pay more because our currency is weaker. It’s so serious that to get a good job done, you have to be looking in the direction of a Lebanese man handling building work. So, the majority of this work that is supposed to be domesticated to empower our economy, is greatly being exported and it’s a shame.”
YOUNG NIGERIANS NEED TO BE TRAINED ON TECHNICAL SKILLS
“Technical school values are faded, polytechnic values are gone, because everybody wants to go to the university. To do what? So the government needs to do something, as far as this skill model is concerned. We have a younger generation that are doing what? The bulk of our population are young people. What are they doing? We have a very young unproductive generation. And if the government can incentivice this sector, it has the ability to bring young people out of poverty.
“What do I mean by that? It is by training, through training and empowerment. When you train as a carpenter, you will be given seed funding to start. You have a workshop you can go to. A shared workshop where you can go to produce whatever you’ve been contracted to produce. A workshop that is for the government. You pay a quarter to the government for the maintenance of the workshop. If you have a welding work to do; like you want to produce a burglary proof, tanks or you want to produce metal doors, a factory will be the best for that.
So you’re recommending that the government should have a factor? A production hub. Everybody will have their own work station. Gone are those days when you can go to a government establishment to hire equipment for your use. We don’t have that anymore. Gone are those days when you go to a
specific location to get skilled labour. In fact, that organisation has gone into oblivion.
“So, these semi skilled, or the artisans as we call them in the real estate setting, are highly unregulated. They don’t have any corporative body whatsoever that certifies their usefulness. That certifies that this person has gone through the process of learning this work and that this person can actually practice this work. Like that trade certificate that they are giving to confirm that this person has graduated as a plumber, as a carpenter, as an iron bender, or as a bricklayer. We don’t have that anymore. Everybody just carries their bags and goes to work.
What about a scale of fees to encourage these semi-skilled workers?
For that to take effect, you need to have a body before you can begin to talk about the scale of fees. When you have a regulatory body that is in charge of fees, you can begin to talk about the scale of fees.
Nigeria’s Real Estate Market has multidimensional problem
So Nigeria’s real estate market is suffering from a multi dimensional problem; from inflation to acute shortage of semi skilled labour to inadequate funding, to lack of suitable finance for the sector.
Can we solve these problems? What solution would you profer to solve these problems?
One thing is to solve the acute shortage of semi-skilled labour. It’s for the government to incentify technical schools. It’s for the government to revamp technical schools and a coalition of trading hubs where carpenters, bricklayers, iron benders, tilers can go and they are sure of getting a job. Because that is where people go to draw from the pool of workers that have been listed through that hub. And with that, we can begin to have good data about the activities of these artisans. It is, actually at the moment, an untapped gold mine in terms of revenue, even for the government, because these people also contribute to the economy of this country. With this hub, we are sure to know, at least to a reasonable extent, the volume of work that is being undertaken by a set of semi-skilled workers.
And you recommend it for the six geopolitical zones?
Yes, it is highly recommended for the six geopolitical zones. At least, we should have it in every state. Even in every town. Whereby people can go there to learn a trade. And when you go there to learn trade, it is incentified by job guarantee, by empowerment micro credits. Having access to micro credits is important so that when you finish as an apprentice, you will have a micro credit that you can use to purchase the first set of equipment you will need to function as a semi skilled worker. And when you’re contracted to do a particular job, there is a place you can go to for the job to quickly be done and the government is also paid during the entire ecosystem. The government will be paid from the little you get. Yes, because it is a quota for you to work at the hub. There is a contribution you must pay no matter how small.
So before you know it, all these hubs become self sustained later on.
It should be PPP model
To make this work, it has to be a Public Private Partnership (PPP) because of the continuous management and sustenance of the hub. Because of maintenance and continuous upgrade of the hubs. And this will drive youths to want to learn one trade or the other to become useful to the entire ecosystem of the economy.
He also discussed the stress housing developers go through to take loans for projects.
“Is finance suitable for real estate? The answer is no. You go to the bank, you take a million from the bank for a development project. The maximum period you’re going to get is six months on the principal, not on the interest. The interest factor, you will have to start paying immediately.
“These kinds of finance are not suitable for real estate let alone what is even the average interest element for funding of real estate. The minimum you get is above 20%. That is why the cost of real estate is for the rich and middle class, because of the rate of inflation, devaluation and high lending rate, the cost of average housing is not affordable, as far as Nigeria is concerned. And it is the funding model that is the contributing factor to this. So, the government needs to play an active role as far as this is concerned. They need to find a way to subsidise facilities for the real estate sector.
“And that is when we can now begin to have what we call affordable housing. What Singapore was able to do and what the United Kingdom is about to do at the moment, to cut their housing deficit of about four million. The active participation of the private sector in real estate in solving the housing deficit is actually very crucial. And government participation is needed the most to solve this problem.
So, by subsidizing the real estate housing falls through different channels. There are family home forms, there is Federal Mortgage Bank of Nigeria, there is Nigeria Mortgage Refinance Company (NMRC), there is Development Bank of Nigeria, all of them are not enough. They cost a lot. The volume of finances needed to bridge our housing deficit makes it impossible to do so even in 100 years to come if something tangible is not done concerning all of this.
“What we’re asking for is synergy, subsidy and refocus on residential development. It is actually a major deficit as of these times.
Yes, that’s for funding. Do we have a land bank to do this in all the states?
Of course, we have not developed up to 20% of our land banks. So, that means we have over 80% of our lands suitable for residential purposes. They are undeveloped or underdeveloped. So it is not a question of inadequate land banks, it is a question of access to the land as a result of multilayers of encumbrances by the government or by the individuals.
“In Lagos today, if you say you get a government allocation, you’re going to do a double purchase. You’re going to be buying land from the government, as well as the so called individuals. If not, you’re going to have a land on paper but you will not be able to take over that land. End of story. So why will the government give me land that I’m unable to possess? That’s for the developer now. You still have to pay the people that own the land. Government can give you legal possession but not physical possession.
“As I always say, infrastructure ought to precede development, but in real terms, it is the development that precedes infrastructure.
“That is why when the government comes at the end of the day, they start demolishing people’s buildings and sweat, claiming there is a road or something else in the area. So the issue of infrastructure has to be dealt with before proceeding with development. We should be intentional with everything we want to do.”
Kutebi
Kayode Tokede
In a bid to bridge the 2024 budget deficit, the federal government through the Debt Management Office (DMO) has raised a sum of N4.35 trillion from the Bond market.
The federal government has been successful in the bond because of attractive yield and investors’ appetite for long-term investment.
Analysis of trading activity
sowed that while the debt office offered to raise N4.96 trillion in the period under review, total subscription stood at N5.18 trillion.
Last month, the Director General of DMO, Ms. Patience Oniha disclosed that the federal government had raised N4.5 trillion out of the N6 trillion target in the 2024 budget.
She noted that domestic securities remain a major source
of federal government spending.
She stated, “Last year, we raised N7 trillion as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets.”
“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of N7 trillion approved for securitisation, we have raised N4.905 trillion.”
Since the beginning of the year, investors have shown interest in the long-term FGN Bond, a major factor contributing to the amount raised in the period.
The seven months auction by DMO revealed a shift in investor preferences towards higher-yielding and longer-tenor bonds, amidst a backdrop of cautious market sentiment.
The DMO has since January
2024 continually re-open some FGN Bonds and steadily hike its interest rate to attract investors amid inflation rate.
The FGN bond market this year consistently witnessed increased participation by Pension Funds Administrators (PFAs) as double-digit inflation rate eroded investment in money and capital market instruments.
Consequently, the pension funds industry portfolio in the FGN Bonds increased to N12.08 trillion as of May 2024, a report by the National Pension Commission (NAICOM) revealed.
In the latest auction for July 2024, the DMO disclosed that it raised N225.714 billion for the federal government, which is about 75 per cent of its target as demand for short-term bonds weakens.
In June 2024, about N297.006 billion was raised from the June
bond auction, which means that the amount raised this month has dropped slightly by 24 per cent.
While the FG offered a total of N300 billion across the three different bond tenors in the latest auction, total subscription for the July 2024 FGN bond auction amounted to N279.664 billion, which is an under subscription of N20.336 billion.
Amid the under subscription, the total amount allotted to successful bids in the auction was N225.714 billion, which is slightly less than the total subscription.
The auction results, released by the DMO, reveal strong investor interest in longer-term securities while demonstrating a noticeable reluctance towards shorter-term bonds.
The auction featured three reopenings of Federal Government of Nigeria (FGN) bonds: the 5-year,
19.30% FGN APR 2029; the 7-year, 18.50% FGN FEB 2031; and the 9-year, 19.89% FGN MAY 2033. The total bids received for these bonds amounted to 186, highlighting a moderate level of participation and competitive interest.
The 19.30% FGN APR 2029 bond, a re-opening of the 5-year bond, saw a modest level of investor interest. The Federal Government offered N100 billion worth of these bonds, and received a total of 21 bids. Out of these, 11 bids were successful, culminating in a subscription amount of N21.485 billion.
Amid the low subscription, the government allotted N18.885 billion of the bonds. The range of bids for this bond varied from 18.5000% to 21.0000%, with the marginal rate being set at 19.8900%.
The 18.50% FGN FEB 2031 bond, which is a re-opening of
the 7-year bond, experienced even lower investor interest compared to the 5-year bond. With N100 billion on offer, the total number of bids received was 16. Out of these, only 9 bids were successful, resulting in a subscription of N16.530 billion. The government allotted N6.180 billion worth of the bonds from this subscription. The range of bids for the 7-year bond was between 16.0000% and 20.5900%, with a marginal rate of 21.0000%.
In stark contrast to the shorterterm bonds, the 19.89% FGN MAY 2033 bond, a re-opening of the 9-year bond, attracted substantial investor interest. The amount offered was the same N100 billion, but the bond received a remarkable 149 bids. Out of these, 117 bids were successful, leading to a massive subscription of N241.649 billion.
The Consul General of the People’s Republic of China in Lagos, Yan Yuqing, yesterday, said that Nigeria and China must oppose unilateralism and protectionism, in order to safeguard the global economic order, as well as the security and stability of the industrial chain and the supply chain.
She stated this at a media forum organised by the Chinese Consulate in Lagos, to intimate the Journalists
on the recent communique of the third plenary session of the 20th Central Committee of the Communist Party of China.
She said at present, amid accelerating global changes of a like not seen in a century, the world’s external uncertainties are increasing, adding that this would not affect China’s firm determination and confidence to continue to deepen reform and widen opening up.
She highlighted the plenary’s important plans to promote a
high standard opening up to the world and expand the use of foreign investment, many of whose policies will benefit the Nigerian people.
According to her, “What I want to emphasize is that, at present, economic globalization is facing great challenges, and it is the common responsibility of governments and enterprises of all countries, including China and Nigeria, to oppose unilateralism and protectionism, and to safeguard the global economic order, as well as the security and
stability of the industrial chain and the supply chain.
“China remains a favorable investment destination for all countries. We will continue to improve the business-friendly environment, and share with the foreign-funded enterprises the huge opportunities arising from China’s development of new quality productive forces and the promotion of Chinese modernization.”
She however, noted that facing a world fraught with changes and
turbulence, China and Nigeria needs to strengthen solidarity and cooperation more than ever.
She said, “This year is an important year for China-Africa as well as China-Nigeria cooperation, and the new summit of the Forum on China-Africa Cooperation (FOCAC) will be held in Beijing in early September, which will hopefully elevate China-Africa relations to a whole new level, and China- Nigeria bilateral relations are expected to be further improved in quality and
elevated in level.” On the relationship with Nigeria and how Chinese firms are contributing to the nation’s economy, Yuqing, said every year China organises large-scale international exhibitions. She noted that Chinese enterprises and compatriots in Nigeria are also trying their best to contribute to the society through their own ways.
Oluchi Chibuzor
Okpanachi: Green Climate Fund Will Aid Nigeria in Fight against Effects of Climate Change
Development Bank of Nigeria, has also been accredited to access between $50 million and $250 million from the Green Climate Fund that was established within the framework of the United Nations Framework Convention on Climate Change, for on-lending, blending for loans and project management. The bank’s Managing Director/ Chief Executive Officer, Dr. Tony Okpanachi, in this interview speaks on how the effort will boost Nigeria’s fight against the effects of climate change. He also spoke on how the bank has been able to bridge the financing gap for businesses, particularly in underserved sectors and regions. Nume Ekeghe presents the excerpts
Okpanachi
How much will DBN access from the Green Climate Fund (GCF) to address climate-related issues that businesses might require funds for and how will the GCF be administered by DBN in Nigeria and is it going to be on a concessionary rate basis or MPR related interest rate?
HDBN has been accredited under the Medium Category, which means it can access GCF’s funding for projects between $50m and $250m. DBN has also been accredited for on-lending, blending for loans and project management only. Which means at this stage, DBN cannot access grant funding, equity and guarantee instruments from GCF. However, plans are underway to seek an upgrade to include these instruments in the future. Through this collaboration, Nigeria will receive a boost in its fight against the effects of climate change such as desertification, global warming, unpredictable rainfall patterns, storms, floods as well as assist the country’s efforts towards achieving sustainable development, promotion of environmentally friendly technologies in key sectors of the economy including agriculture, manufacturing, healthcare, education, transport and logistics etc.
It will also help create greater awareness on climate change, culminating in greater involvement of Nigerians in climate actions prompting a shift towards green economy as well as raise the Nigerian portfolio in climate financing globally, and unlocking more climate funds. Climate change has become an existential threat to humanity as extreme weather conditions have caused devastating effects on livelihoods, depletion of grazing lands for livestock, rising sea levels causing excessing flooding that displaces communities, changing rainfall patterns that negatively affect agricultural yields, poor water and air quality that impact health, and extensive loss of biodiversity, plant and animal species among other implication.
With this accreditation DBN is empowered to develop and submit funding proposals for projects and programmes, oversee management and implementation of projects and programmes, deploy a range of financial instruments such as concessional loans, co-financing and blending for loans and mobilize private sector capital for such climate change initiatives. GCF funds will be administered on a concessionary rate basis through a structure that will involve close collaboration with the NCCC for project selection, appraisals and alignment with the Nigeria NDC’s. Shortlisted projects will then require detailed funding proposals that will be sent to the GCF for approval. GCF’s resources can only be used for climate mitigation and adaptation projects, which must be aligned with Nigeria’s NDC focus areas.
Given the significant role of MSMEs in Nigeria’s economy, how has the Development Bank of Nigeria been able to bridge the financing gap for these businesses, particularly in underserved sectors and regions?
The bank have particularly focused on underserved segments and regions by channelling significant resources to womenowned and youth-owned businesses. DBN also remains unwavering in its support for women-owned MSMEs, recognizing the unique challenges they face in accessing financial and business development services. DBN’s commitment to supporting women entrepreneurs was acknowledged with an honourable mention at the 2022 Global SME Finance Awards.
Similarly, DBN has directed efforts towards empowering the youth, who constitute approximately 70 per cent of Nigeria’s population and are the nation’s greatest assets. Innovation remains at the core of DBN’s operations, which is why the Bank has introduced innovative products such as longer-tenured loans and the Finance2Finance product, which facilitates funding for Financial Institutions which have active MSME portfolios but are unable to receive direct funding from DBN.
The DBN has achieved a “AAA” rating from GCR and other favourable ratings from other agencies. What strategies and operational efficiencies have contributed to this exceptional creditworthiness?
DBN’s exceptional creditworthiness can be attributed to several strategies including: Robust Risk Management: DBN have implemented comprehensive risk management frameworks that ensure the quality and safety of our loan portfolios; Strong Financial Performance: Consistent financial performance, including DBN’s ability to maintain high levels of liquidity and profitability, has been crucial. Operational Excellence: DBN’s focus on operational efficiencies, including the use of technology and streamlined processes, has enhanced the bank’s service delivery and strategic Partnerships: Collaborations with reputable financial institutions, consultants and development partners have bolstered our credibility and financial strength.
How has the DBN leveraged its partnership with financial intermediaries to expand its reach and impact on MSMEs across Nigeria? What challenges have you encountered, and how have you addressed them?
One of the merits of DBN’s wholesale model is the advantage it provides the Bank to leverage the extensive and vast network of its PFIs to reach MSMEs dispersed across the country. Hence, the Bank has strategically partnered with over 69 PFIs across commercial banks, micro-finance banks and other financial institutions as at the end of 2023. Strategies are in place to partner with more PFIs within the financial sectors to disburse loans more effectively.
Challenges such as limited financial literacy among MSMEs and the varying capabilities of PFIs have been addressed through targeted training programs and continuous technical assistance support. One of DBN’s mandate revolves around providing Technical-Assistance to PFIs, enhancing their capability and willingness to lend to MSMEs. Through strategic partnerships with organizations such as Google Nigeria and the Entrepreneurship Development Centre (EDC) of the Lagos Business School, DBN has facilitated capacity-building programs for Nigerian MSMEs to enable these businesses to become financially viable. Additionally, with the introduction of a Learning Management System, DBN has equipped over 5,000 MSMEs as of December 2023 with the necessary knowledge and skills to overcome financing challenges and pursue growth aspirations.
There is the incidence of high cost of borrowing, how is DBN stepping in help MSMEs, and small corporates navigate this challenge?
We recognise the difficulties businesses face in this challenging economic landscape, and this has indeed increased our resolve as an institution to accelerate and catalyse access to finance for MSMEs. Consequently, the Bank has an interest drawback program that incentivizes the PFIs to on-lend to businesses in key impact segments and sectors of the economy. Furthermore, there is a close relationship between cost of capital and risk perception. Hence, reducing both the inherent and perceived risk in the MSME sector will go a long way in reducing the cost of capital. To this end, the Bank has a robust capacity-building program developed to enhance the capacity of MSMEs to thrive and become fund-ready thereby unlocking more affordable financing.
How does the DBN measure its impact on job creation, economic growth, and poverty reduction? Can you share some specific examples of the bank’s contributions in these areas?
DBN’s impact target is to support Nigeria’s
economic transformation and sustainable socioeconomic growth through financial and non-financial support mechanisms to enable a vibrant, diverse, and growing MSME sector. One of the most tangible impacts of increased MSME financing is job creation. As of December 2023, DBN’s activities had also resulted in the creation of about 1.2 million jobs. DBN assesses the impact of its initiatives across three levels: at the ecosystem level, at the Participating Financial Institution (PFI) level, and at the MSME level.
At the ecosystem level, DBN’s impact target will improve investor confidence to support MSMEs, leading to new investors and sources of capital in the ecosystem, alongside a variety of fit-for-purpose funding models and supportive regulations and policies. Indicators of this include the percentage of DBN’s loan book funded through new investors and the number of MSME finance policies or regulatory instruments drafted with DBN input.
At the PFI level, DBN’s impact target is to equip PFIs with an improved understanding of the MSME sector, thereby enabling them to become better positioned to provide appropriate products and services to the MSME sector. DBN measures this through indicators such as the number of PFIs reporting an increased understanding of the MSME sector and an increased ability or willingness to lend to MSMEs due to DBN loans, guarantees, and capacity building. At the MSME level, key metrics include the percentages, volume, and count of loans disaggregated by gender, youth, sector, and geography. Over the next 5 years, in line with the new strategic direction of the Bank, DBN targets disbursing 30 per cent of loans outstanding to youth-led MSMEs, 40 per cent to women-led MSMEs, and 15 per cent to MSMEs in underdeveloped geopolitical zones/focus states.
What are the DBN’s expansion plans, both in terms of geographic reach and product offerings, to further deepen its impact on the Nigerian MSME ecosystem?
DBN has firmly established itself as the primary development bank supporting MSMEs in Nigeria. With the recent launch of a new 5-year strategic plan, DBN aims to accelerate its impact and reach over 2 million MSMEs, reflecting the Bank’s commitment to scaling its efforts and driving sustainable growth in the Nigerian market. DBN plans to expand its geographic reach by increasing its presence in underserved regions, particularly in the North-East and North-West. DBN is also broadening its product offerings to include more tailored financial solutions, for impact segments such as green, youth and gender-based financing. We are collaborating with more financial intermediaries and leveraging technology to scale its impact over its new strategic cycle.
Proposed Retroactive FX Windfall Tax Riles Banks
nume ekeghe writes on the federal government’s recent decision to implement a windfall tax on banks’ foreign exchange gains, highlighting the potential repercussions for investor confidence in Nigeria’s financial sector
In a move that could significantly impact Nigeria’s banking sector, the federal government’s proposed windfall tax on foreign exchange gains is sparking controversy. As the Central Bank of Nigeria (CBN) pushes for recapitalisation efforts to strengthen the financial system, analysts warn that this new tax policy might deter crucial investments, both local and foreign. The timing and approach of the windfall tax have been criticised for potentially undermining the investment climate, just as banks are striving to meet new capital thresholds set by the CBN.
Earlier this year, the CBN announced new minimum capital requirements of N500 billion and N200 billion for commercial banks with international and national authorisation, respectively. The apex bank in a statement announcing the requirement also set a new capital base of N50 billion for banks with regional licenses and merchant banks, while non-interest banks with national and regional authorisations must raise their capital to N20 billion and N10 billion, respectively. These requirements are to be met by March 31, 2026.
The recapitalisation plan, initially announced by the CBN Governor Mr. Olayemi Cardoso, aims to bolster banks’ resilience, solvency, and capacity to support Nigeria’s economic growth. Banks have been encouraged to consider various options, including private placements, rights issues, mergers and acquisitions, or changing their license authorisations to meet the new capital thresholds. The CBN has emphasised that the new capital base will consist solely of paid-up capital and share premium, excluding shareholders’ funds.
ConTRoveRsy oveR WindFall TaX
The federal government’s proposal to retroactively amend the Finance Act 2023 and impose a one-time windfall tax on banks’ foreign exchange gains realised in their 2023 financial statements has generated significant controversy. Analysts have raised concerns about the timing and potential repercussions of this tax.
The Managing Director of Parthian Securities Limited, Mr. Tunde Awolola, emphasised the possible negative effects on Nigeria’s global financial reputation.
“The justification for the tax is not convincing, and it will likely affect our global ratings, potentially driving foreign investors elsewhere. Similarly, if the government is taxing windfall profits from bank activities due to policy changes in FX transactions, how will it support companies that incurred significant losses from the same policy? Is there a stabilization fund for these companies?” he questioned.
An anonymous analyst also critiqued the bill’s approach and timing, despite recognising the government’s fiscal challenges.
“The rationale for the bill is clear, given the weak fiscal state of the federal government of Nigeria.
The recently agreed increase in the minimum wage is expected to further inflate government expenditure without new sources of revenue. However, the bill, if passed into law, could have more negative impacts. Targeting a specific industry rather than a specific activity violates the principle of fairness in taxation. Additionally, the timing is poor, as most banks are currently on roadshows trying to attract investors,” he said.
“PWC has highlighted the practical challenges posed by the windfall tax, noting that it complicates the allocation of expenses between different revenue streams. The retrospective application of the tax on profits from the financial year 2023, which were already filed and paid in June 2024, adds to the complexity. Banks must now navigate new compliance requirements and potential disputes with tax authorities.”
“The proposed retrospective imposition of the windfall tax has sparked a debate on its legality and the potential erosion of investor confidence. The principle of non- retroactivity in law is a cornerstone of legal fairness and certainty. a similar principle was supported by the courts in the case between accugas ltd and the FiRs where it was ruled that taxes should not have retroactive application. By taxing profits already realised and reported, the government risks being perceived as unpredictable, which could deter future investment and impact confidence in the financial markets.”
imPaCT on Banks, invesToRs
The proposed amendment to the Finance Act includes a one-time 50 per cent windfall tax on the foreign exchange revaluation gains recorded by Nigerian banks in 2023.
Analysts at Meristem in its latest report expressed concerns about the tax’s impact on banks’ effective tax rates, profitability, and ongoing recapitalisation efforts. They argue that this funding source is relatively insignificant compared to the N6 trillion funding gap identified by the government.
According to the analysts: “We consider this funding source to be relatively insignificant compared to the N6 trillion funding gap identified by the government. Additionally, there are concerns regarding the potential impact of the windfall tax on banks’ effective tax rates, profitability, and ongoing recapitalisation efforts.”
Also, PricewaterhouseCoopers (PWC) Nigeria has highlighted the practical challenges posed by the windfall tax, noting that it complicates the allocation of expenses between different revenue streams. The retrospective application of the tax on profits from the financial year 2023, which were already filed and paid in June 2024, adds to the complexity. Banks must now navigate new compliance requirements and potential disputes with tax authorities.
PWC in their recent report titled ‘The Windfall Tax Conundrum; Navigating the Fiscal Impact on Nigerian Banks’ Investor Sentiments,’ stated: “The proposed retrospective imposition of the windfall tax has
sparked a debate on its legality and the potential erosion of investor confidence. The principle of non- retroactivity in law is a cornerstone of legal fairness and certainty. A similar principle was supported by the courts in the case between Accugas Ltd and the FIRS where it was ruled that taxes should not have retroactive application. By taxing profits already realised and reported, the government risks being perceived as unpredictable, which could deter future investment and impact confidence in the financial markets.”
invesToR senTimenTs
The proposed retrospective imposition of the windfall tax has sparked a debate on its legality and the potential erosion of investor confidence. The principle of non-retroactivity in law is a cornerstone of legal fairness and certainty. By taxing profits that have already been realised and reported, the government risks being perceived as unpredictable, which could deter future investments and impact confidence in the financial markets.
navigaTing
RegulaToRy Changes
As Nigeria navigates these complex financial and regulatory changes, the need for careful consideration and stakeholder consultation becomes paramount. Balancing fiscal policy with the necessity of maintaining investor confidence and supporting economic growth will be crucial in ensuring the long-term stability and prosperity of the Nigerian economy. The financial sector, particularly banks, will have to adapt to these new challenges while continuing to play a pivotal role in the country’s economic development.
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
July-2024, unless otherwise stated.
Thisday Afrinvest Index Down 0.2%
Thisday Afrinvest 40 index dipped 0.2% to print at 4,284.00 points due to price decline in ZENITH ( 1.6%), FBNH ( 0.9%), and ACCESSCORP ( 0.3%). Cumulatively, these stocks account for 13.5% of the index.
Wednesday, July 24, 2024
THISDAY AFRINVEST 40 INDEX
Bears return to the Bourse ASI down 0.08%
Yesterday, the NGX ASI fell 8bps to 100,486.12 points, following price depreciation in major banking bellwethers ZENITH ( 1.6%),UBA ( 1.5%), and FBNH ( 0.9%). Consequently, YTD return weakened to 34.4% (previously: 34.5%) while market capitalisation remained steady at ₦56.9tn. Meanwhile, activity level weakened as volume and value traded decreased by 16.3% and 2.5% to 280.0m units and ₦3.6bn respectively.
Negative Sector Performance
Performance across our coverage sectors was negative, as three indices lost, one gained while the Oil & Gas and Industrial Goods indices closed unchanged. The Banking index depreciated the most, down 67bps due to losses in ZENITH ( 1.6%), UBA ( 1.5%), and FBNH ( 0.9%). Following, losses in MANSARD ( 2.8%), WAPIC ( 2.5%), and CWG ( 3.7%) pushed the Insurance and AFR ICT indices lower by 15bps and 0.8bp sequentially. Conversely, the Consumer Goods index gained by 6bps due to price appreciation in FLOURMILL (+2.2%), INTBREW (+0.5%), and HONYFLOU (+0.3%).
Outlook
Investor sentiment, as measured by market breadth, worsened to 0.17x (from 0.10x) as 14 stocks advanced, 27 declined, and 76 closed flat. Today, we anticipate the market to close positive, as investors look for bargains in an oversold environment.
Dantsoho: Speedy Rehabilitation of Port Infrastructure Across Nigeria myTopmost Priority
Eromosele Abiodun
The newly appointed Managing Director of Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has identified the speedy rehabilitation of dilapidated port infrastructure across the nation as his topmost priority.
Dantsoho, who stated this during an unscheduled visit to Tin Can Island Port (TCIP) in Lagos yesterday, also vowed to collaborate with port stakeholders in a bid to deliver efficient services at the nation’s seaports.
According to the NPA helmsman, adequate port
infrastructure and robust collaboration with stakeholders will enable the nation’s seaports attain improved revenue generation through efficiency and productivity.
Speaking to the press during the visit Dantsoho reteirated that President Bola Ahmed Tinubu mandated the Authority to deliver efficient port services and improved industry outcomes, adding that his management team is poised to do that as quickly as possible.
“With the kind of backing we have from the Minister of Marine & Blue Economy, His Excellency Adegboyega Oyetola CON, I want to
assure stakeholders that the much-talked about reconstruction of Tin Can Ports Complex will move from rhetoric to action,” he remarked.
Dantsoho equally observed that port competitiveness is dependent on sound infrastructure and assured that the NPA will deliver on that necessity as soon as possible to better service Nigeria’s domestic cargo needs and those of landlocked neighbouring nations.
Abubakar Dantsoho, who was recently appointed as Managing Director of NPA assumes the role with over 25 years hands-on operational experience at the Authority.
Ujoatuonu: Universal Insurance, Leader in Bond, Guaranty Insurance
The Managing Director/Chief Executive Officer, Universal Insurance Plc, Dr. Benedict Ujoatuonu, has said that his company was one of the leading underwriters of Bond and Guaranty Insurance business in Nigeria.
He stated this at the 2023/2024 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE) held at Insurers House, Victoria Island, Lagos recently.
While highlighting some of the things that made Universal Insurance thick, Ujoatuonu listed Bond and Guaranty Insurance, Local Travelers Insurance and Keke
PASS Insurance as flagship products, technology adoption, and digitisation of its retail operations from end to end, amongst others.
According to him, Universal Insurance is one of the Companies in this market that is known and has expertise in Bond and Guaranty Insurance.
“We are one of the few Companies that profitably underwrite Bonds and Guaranty. Other people, even our reinsurance people, usually ask ‘how are you doing it?
The reason is simple, it was a deliberate thought-out strategy from the beginning” he stated.
Explaining further he said, “I was a thoroughbred
underwriter that has a focus on Bond and Guaranty Insurance. When I saw that a lot of Insurance Companies were running away from that business, we sat down, as a company, to look at what we could do to make this class of business profitable, we did it and it has been working for us. So one of the things you see is that when the new administration was inaugurated and government contracts started coming out, the simplest business that was coming out from there was Bond and Guaranty Insurance and we took advantage of it and it is giving us the required value,” he added.
Terminal Operators Congratulate Dantosho on Appointment as NPA MD
The Seaport Terminal Operators Association of Nigeria (STOAN) has congratulated Dr. Abubakar Dantsoho on his appointment as the Managing Director of the Nigerian Ports Authority (NPA).
STOAN Chairman, Vicky Haastrup, in a statement yesterday, expressed appreciation to President Bola Ahmed Tinubu for deeming it fit to appoint a professional from within the NPA to head the Authority.
Haastrup expressed confidence in the ability of the new NPA Managing Director to reposition the Authority for improved efficiency and increased revenue generation.
“On behalf of the Seaport Terminal Operators Association of Nigeria (STOAN), we extend our warmest congratulations to Dr Abubakar Dantsoho on his well-deserved appointment as the Managing Director of the Nigerian Ports Authority. The appointment is a testament to his hard work, dedication, and expertise in the industry.
“I have no doubt that he will excel in leading the Nigerian Ports Authority to greater heights. His leadership and vision will undoubtedly have a profound impact on the Authority and the industry as a whole.
“We celebrate this well-
deserved appointment and welcome Dantsoho’s leadership. His expertise and vision will undoubtedly propel NPA and the ports forward,” Princess Haastrup said in a statement issued yesterday.
Dantsoho was appointed as NPA Managing Director by President Bola Tinubu on 12th July 2024. He brings a wealth of experience to the role, having served in various positions within NPA, including Assistant General Manager, Technical Assistant to the Managing Director, Port Manager at Onne Port, and Principal Manager of Tariff & Billing.
Heirs Life Boss Now NIA Governing Council Member
Ebere Nwoji
The Managing Director and Chief Executive Officer Heirs Life Assurance, Niyi Onifade, has been elected to the Governing Council of the Nigerian Insurers Association (NIA). He was elected to the position at the Association’s 53rd Annual General Meeting held recently in Lagos.
According to NIA council, Onifade’s election further strengthens the capacity of the Association as an umbrella body steering the insurance industry towards new-age practices and adopting customer-centric policies to bring the public closer to the insurance sector.
Speaking on the election, NIA Director General Bola Odukaye,
said ‘We strongly believe your expertise and contributions will significantly enhance the quality of the Council’s deliberations and activities towards positioning the insurance industry to its rightful place in the Nigerian financial services sector.”
Niyi Onifade expressed his commitment to the association. He said, “I am honoured by the Council’s trust in my leadership capabilities and the opportunity given to serve and contribute my quota to the transformation of the Nigerian Insurance industry. This election is also a testament to Heirs Insurance Group’s unwavering commitment to advancing the insurance industry.’
The Nigerian Insurers Association (NIA) said it
would continue to advocate the growth and stability of the Nigerian insurance sector. It said Onifade’s role would be instrumental in shaping policies and strategies that would foster a positive outlook for both the industry and the wider economy.
Niyi Onifade is a seasoned insurance practitioner with over 30 years experience in the Nigerian Insurance Industry. He serves as the MD/CEO of Heirs Life, a member of Heirs Insurance Group.
Heirs Insurance Group pioneers a new era of insurance solutions with the roll-out of various initiatives including a seamless mobile app, USSD; Prince, its intuitive chatbot; InConnect, its partnership portal Digital Experience Centre; and more.
The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference Basket
Crudes
following: Saharan Blend (Algeria), 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).
Managing Director/CEO Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho (2nd Right); flanked by Port Manager Lagos Port Complex, Charles Okaga (2nd Left); Chief Port Engineer Lagos Port Complex, Kayode Aluko and other NPA Officials when Dantsoho undertook an unscheduled operational visit to Tincan and Apapa Port Complexes in Lagos... yesterday
Agama: Utilise Potential of Sustainable Finance to Build Green Climate Resilient Economy
Kayode Tokede
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has enjoined capital market stakeholders, intermediaries, issuers, investors, and regulators to take advantage of the enormous resources and potential of sustainable finance to build a green climate resilient economy in Nigeria and create greater prosperity for investors and
Nigerians.
He stated this yesterday during a capacity building workshop for capital market operators on Green Finance in Lagos. The workshop is part of an ongoing capacity building initiative administered by the African Development Bank Group and financed by the Capital Market Development Trust Fund (CMDTF) of the Bank.
The SEC DG represented by Executive Commissioner
Operations SEC, Mr. Bola Ajomale, emphasised that the Commission is steadfast in its commitment to champion sustainable finance initiatives as the Rules on Green Bonds have already facilitated a couple of sovereign issues and multiple corporate issues.
Agama said. “The Federal Government through the Debt Management Office (DMO) has led the way in Africa in this regard by issuing the first sovereign green bond in
December 2017. It has since followed up with another N15billion issuance in June 2019 specifically to fund renewable energy, afforestation and transportation.
“The Commission also approved wo green bond issues by North South Power Services Ltd and Access Bank Plc worth N8.56billion and N15billion respectively to finance various infrastructural projects in the power, water and agriculture sectors of the Nigerian economy.
The onus therefore lies with all of us distinguished ladies and gentlemen to continue to expand these issuances by locating a need and fashioning appropriate sustainable financing products to meet them
The SEC DG disclosed that the Commission continues to strongly support and champion efforts to deliver coordinated and coherent policy advice, capacity building and regulatory support to leverage actions
across a broad spectrum of sectors to build the momentum for a green economy, which could bring socially inclusive and environmentally sound economic transformation.
Agama said the workshop presents an opportunity to stakeholders in the capital market to enrich the discussion on Green Finance and more importantly, take concerted action on issues relating to climate change and sustainability.
Fake Twin Birth: Police Arraign Bella Gbogbolowo for Defrauding Traditional Ruler of N6.3m
Funke Olaode
Police have arraigned a socialite, Ajisola Oluwatobi, aka ‘Bella Gbogbolowo’ a TikTok influencer, before the Ogba Chief Magistrate’s Court, Lagos, on alleged charges of fraud, faking the birth of twins, and conduct likely to cause a breach of public peace.
The defendant was arraigned on three counts of charges before Magistrate Lateef Owolabi. According to a source who was privy to the matter, the relationship turned sour.
The relationship between the traditional ruler, Emmanuel Olofinjana and the socialite, Bella Gbogbolowo, began in early 2023 when the duo met at a social gathering. It was a casual and short-time relationship.
Attracted to the traditional ruler, the socialite started a relationship. After some time, the socialite told her lover that she was pregnant. Excited by this news, King Olofinjana rented an apartment for her and placed her on a monthly stipend for ante-natal and personal care to
the tune of N6.3 million.
While this was going on, the love-struck ruler travelled abroad.
When the ‘delivery’ approached, she announced to his lover that she would soon be delivered of twins. She demanded money for the baby shower and delivery. Still basking in the euphoria of adding two beautiful offspring to his brooks, the Lover King yielded to her demand.
Upon returning to Nigeria for the naming ceremony, the love-struck ruler discovered that there was no pregnancy at the initial stage and that the alleged twins were fake.
Infuriated by her deceit, he instituted a case against the socialite, demanding a refund of his money spent on the alleged fake relationship/ babies.
At the arraignment, Inspector Oluwasegun Dada announced his appearance as the prosecutor. Barrister Ademola Adefolaju appeared for the nominal complainant, while Barrister Emmanuel Apasobi represented the defendant.
While arraigning the defendant, Inspector Dada, the prosecutor told
the court that she committed the offences between August 2023 and July 2024.
He further told the court that the defendant committed the offences at her residence located at 17 Kayode Oduba Drive, Thomas Estate, Ajah, Lagos.
Precisely, the prosecutor informed the court that the defendant defrauded the nominal complainant, Emmanuel Olofinjana, who is a traditional ruler of the sum of N6.3m on the pretext of giving birth to twins for him.
The defendant’s illegal acts, according to the prosecutor, contravened sections 168(f), 314(1) (2) and 323(1) of the Criminal Law
of Lagos, 2015.
The defendant, however, pleaded not guilty to the charges.
In view of the plea, the defendant’s lawyer, Apasobi, pleaded with the court to grant her bail in the most liberal terms.
“That you, Ajisola Oluwatobi ‘f, in the month of August 2023 to July 2024 at No. 17, Kayode Oduba Drive, Thomas Estate, Ajah, Lagos, in the Lagos Magisterial District, did defraud one Olofinjana Emmanuel ‘m’ of the sum of N6,300,000.00 (Six Million, Three Hundred Thousand Naira) and thereby committed an offence punishable under Section 314(1) (2) of the Criminal Law of Lagos
State of Nigeria, 2015.
“That you, Ajisola Oluwatobi ‘f, on the same date, time and place in the aforesaid Magisterial District, did trick one Olofinjana Emmanuel ‘m’ of the sum of N6,300,000.00 (Six Million, Three Hundred Thousand Naira) and thereby committed an offence punishable under Section 323(1) of the Criminal Law of Lagos State of Nigeria, 2015.
“That you, Ajisola Oluwatobi ‘f, on the 9th day of July 2024, at the above-mentioned address, in the aforesaid Magisterial District, did conduct yourself in a manner likely to cause the breach of peace by deceiving one Olofinjana Emmanuel ‘m’ by telling him that
you have given birth to twins for him, knowing fully well it is false and thereby committed an offence punishable under Section 168(f) of the Criminal Laws of Lagos State of Nigeria, 2015,” said the charge sheet.
In his ruling, the magistrate admitted bail of N400,000 to the defendant with two sureties in like sum. The magistrate ordered that one of the sureties must be a family member while the other a civil servant. The two sureties must provide evidence of tax payments to the Lagos government and verified addresses.
The matter has been adjourned until July 29 for trial.
Lagos Attorney General’s Withdrawal of Criminal Trial of Owonla Perversion of Justice: Petitioner
A businessman and hotelier, Otunba Hassan Alli, has reaffirmed that the discontinuance of the
criminal case against the alleged notorious land grabber Moroof Owonla by Lawal Pedro (SAN), Lagos’ Attorney General and Commissioner for Justice, is in
Breach of Trust: Court Awards N75m against Sterling Bank
Wale igbintade
The Lagos High Court has awarded N75 million damages against Sterling Bank over breach of the non-disclosure and noncircumvention agreement it had with Comfort Stevens Nigeria Limited and its Chief Executive Officer, Dr John Nwankwo.
Justice Olumuyiwa Martins, in her judgment, said N50 million is for damages, while N25 million serves as the cost of the action by the claimants.
The claimants are Comfort Stevens Nigeria Limited and Dr Nwankwo.
The court held that the defendant’s conduct in circumventing the confidentiality deed dated September 16, 2019, and the non-disclosure and noncircumvention agreement dated October 3, 2019, by engaging in the same project it had with the claimants with a third party without the consent and full disclosure to the claimants, is wrongful and unlawful, resulting in a material violation
of the agreement’s terms and conditions.
The court stated, “The breach of the Confidentiality Deed dated September 16, 2019, and the Non-Disclosure and Non-Circumvention agreement dated October 3, 2019, is deemed unlawful and unjustifiable.
“An order of perpetual injunction is granted in favour of the claimants to prevent the defendant, its personnel, and agents from directly or indirectly committing or engaging in any act prohibited by the terms and Conditions of the Non-Disclosure and Non-Circumvention agreement dated October 3, 2019.
“The sum of N50 million is awarded as damages for breach of the Non-Disclosure and NonCircumvention Agreement dated October 3, 2019, in favour of the claimants. The sum of N25 million is awarded as the costs of this action in favour of the claimants. This is the judgment of the court.”
The claimants had sought to embark on a N10.5 billion
footwear and shoe component technology and automated project in Aba, which the Bank indicated interest in financing if the firm agrees to reduce the amount to N4.5 billion or N4 billion.
The claimants consented, reduced the project amount to N4.5 billion and executed a non-disclosure and noncircumvention agreement with the bank to protect their trade secret from being shared with third parties.
However, the bank breached the agreement and entered into discussions on shoe deals with Abia (before Governor Alex Otti) and Kano governments without the claimant’s knowledge.
Unhappy with the development on discovering it, the claimants in 2020 initiated the suit marked LD/ ADR/3317/2020, contending that the defendant’s decision to initiate negotiations with a third party to manufacture footwear and tanneries without full disclosure to the claimants,
constitutes a breach of the agreements.
After disclosing their trade secrets, they argued that the defendant acted in bad faith by taking advantage of the information received and negotiating and agreeing with a third party on the same product with Abia and tanneries with the Kano government.
After listening to the parties, Justice Martins, on July 2, 2024, while delivering her judgment, noted that the defendant did not deny executing the agreement.
“Considering the overwhelming evidence of the claimants, the court finds that DW1 is economical with the truth of the circumstances surrounding the transaction. The court finds her to be a witness of untruth, her evidence to be unconvincing, and a mere afterthought. Therefore, this issue is resolved in the claimants’ favour,” Justice Martins declared before she awarded the damages against the bank.
total disregard to the interest of justice and the rule of law.
He also said Pedro’s actions showed gross bias, injustice, and danger to the Administration of Criminal Law of Lagos State and against the public interest.
According to a statement by the aggrieved businessman, in response to the attorney general’s publications on the subject matter, Alli noted that the attorney general’s action was aimed at promoting abuse of the legal process.
The police recommended Owonla for prosecution after diligent investigation and duplicating the case file with the Directorate of Public Prosecution (DPP) under the tenure of former Attorney General Moyosore Onigbanjo.
The development led to the DPP issuing legal advice and filing eight-count charges against Moroof Owonla after verifying the facts in the case file.
However, Owonla, in defiance of the lawful court, refused several court appearances ordered by Justice Adenike Coker of the Ikeja Division of the High Court, a move that prompted the judge to issue a bench warrant against him.
In a twist of trial, Pedro became the attorney general and filed a discountenance of the case in exercising his prosecutorial power of nolle prosequi.
Expressing his dissatisfaction, Alli noted that the action is in a clear departure from the provisions of section 211(3) of the 1999 (amended) Constitution,
which empowers the attorney general to exercise nolle prosequi.
He pointed out that under Section 211(3), it was stated clearly that in exercising his power, the attorney general “shall have regard to the public interest, the interest of Justice and the need to prevent abuse of legal process.”
The businessman refers the attorney general to the case file where the police, who investigated the criminal allegations, revealed that the court order in suit no ID/1722/92 relied on by Owonla to loot his 33 Rooms Hotel in Ayobo area is fake following the response letter from the Office of the Chief Registrar of the Lagos High Court. He emphasised that it was fallacious, untrue, and a distortion of material facts by the attorney general to conclude coherently that the IP0 of the case was petitioned for bias investigation in Alagbon when investigation on the case was concluded at the Police Headquarters of FCID, Abuja.
Alli stated that it was crystal clear from the content of the discountenance letter that the attorney general was out on a mission of deliberate bias and injustice against the legal process, stressing that his actions are contrary to the public interest, thereby raising empty and non-existent defences for the criminal actions perpetrated by Owonla and his thugs against him.
Funke Olaode
The Art of Leading, By Olusegun Obasanjo
Mark Nwagwu
A Review
WI thought the author, being himself an accomplished leader in his own right, would tell some intriguing personal anecdotes of some of the heads of states and governments he had interacted with in his long service to the country at different tiers of leadership. I was mistaken: it showed up one of my silly shortcomings; I do not read closely or thoroughly, for the book had an ancillary title too: Unconventional Wisdom From Biblical Leaders. Immediately I lost interest: whatever the book had to say had been said. The Bible is arrayed by one prophet after another, one patriarch after another, one apostle after another, and one martyr after another. What could be new?
I was wrong on all counts. I know only too well that a story can be told several times by several people but only one of the many would capture the reader with its style, syntax, emphasis, nuances, even poetics and lift the story to intoxicating heights. I have not read many biblical stories outside of the Bible itself, The Catechism of the Catholic Church, the writings of the Second Vatican Council and the writings of the saints, e.g. St.Augustine, St. Thomas Aquinas, St. John of the Cross, St. Therese of Lisieux, and others.
I commend Olusegun Obasanjo for taking us to those leaders in the Bible of classical and immediate attention, nothing old, all things pertinent. I must quickly add that the reader should constantly evaluate the author as a leader and the extent to which he had adhered to the precepts captured in this book. I dare say that the success of the author in birthing this book may be judged by the extent to which his own long and continued sojourn as a leader fulfill the norms he so avidly and magnificently cherish.
The first chapter is on God: The Supreme Leader. You would say there is nothing much here we do not know already. You are mistaken,or I am: there is something interesting and quite revealing in there. He tells us quoting J. Oswald Sanders that leadership is influence and elaborates to show how we are all made to influence others and be influenced at the same time. Continuing in this mode, he referred to the Sermon on the Mount Our Lord Jesus Christ on how we could influence others for the good: “You are the light of the world….Let your light so shine before men that they may see your good works and glorify your Father in heaven.”
Cast in this way, the message is clear: you and I have the ability to offer our services to others and influence their actions for the better. We are all called to be leaders at the local, neighborhood level. What happens at higher levels, however?
The author takes us to the first human leader, Abraham and in the first statement says: “In the introduction and chapter one, we made two indispensable and indisputable points.” I think this interpretation or conclusion should be left to the reader. Abraham’s leadership, wrapped in faith and mission, is nobly portrayed.
Next we meet Joseph, leader with a dream in an engaging chapter. The author treats us to refreshing thoughts: “Righteous persecution is part of the price we have to pay for success in life. It is better to suffer for doing good than for doing evil. And adversity in our life may move us towards our destiny or what God has proposed for us. ‘We know in all things God works for good of those who love him, who have been called according to his purpose.’ So simple, so true, so significant.
The author has had a career chiseled in the finest marbles. I spent time to apply these words to his life as Head of State in the military regime and also in a democracy, such as we have now. I would pray the reader to evaluate the author in light of the words applied to Joseph as a leader
“So, Pharaoh asked them, ‘Can we find anyone like this man, one in whom is the spirit of God?” Joseph superbly accomplished his duties as prime minister masterly and majestically to the benefit and satisfaction of everyone in the country, and most amazingly helped his brothers to their utter consternation.
We might ask, when we appoint men and women to positions of authority in our land, do we select the best we have, or do other non-relevant considerations hold sway? Accordingly mediocrity swiftly but surreptitiously creeps into domains of
went to the New Testament to the man the wicked servants in the vineyard, how these ungrateful workers massacred those sent to collect their master’s share of the harvest (Mark 12: 1-12). I can never for the life of me understand how these servants could kill the very son of their master rejoicing in the hope that the vineyard would be theirs.
The author directs us to the confounding incongruities of the responses to Pharaoh’s maladies and wishing us to capture the egregious ignominy of a dictatorial and unrepentant leader that Pharaoh was. He spends much time reminding us of his hardheartedness and highhandedness. The accounts of God’s anger and forgiveness characterize the life of Moses in the face of the gross offenses of the people he led.
“God’s anger burned against them, and when the cloud lifted from above the tent, there stood Miriam leprous like snow. Aron turned towards her and saw her leprous; he trembled and asked Moses to forgive them of the sin they had foolishly committed. Moses prayed toGod to heal her and God healed Miriam, but after seven days of confinement outside the camp.”
With God’s forgiveness ever so extant, I ask, why did Adam and Eve not ask for forgiveness after they had disobeyed God by eating the fruit?
youths today (and) “Samuel as a young man had to take up the leadership of Israel as a priest, prophet and judge during the period of great and unprecedented crisis for the nation.”
The readings on Samuel are remarkable for the hand of God at work against Israel’s enemies. Throughout Samuel’s lifetime, the hand of the Lord was against the Philistines and there was peace in Israel. The author considers this period as both unprecedented and unsurpassed. The reader might want to ask if Samuel equaled David in historical prominence.
Samuel grew old and Israel wanted a king and God guided Samuel to take an active part in anointing Saul as their king.
In his first act of war to liberate the Israeli people of Jabesh- Gilead from the Ammonites, led by Nabash, who had wanted to gouge the right eye of the Israeli, Saul enlisted Samuel’s support and, the Spirit of God with him, he routed the Ammonites. Many victories and successes came to Saul. He grew from strength to strength until his nefarious encounters with David. The author spends ample time navigating the horrors perpetrated by Saul pursuing David to kill him so he will not be king. He had grown jealous of David’s immense popularity with the people after his victories against the Philistines, Israel’s arch enemies.
The chapter that captured most of my attention and held me spellbound in places dwelt on David,
“He does not search for ‘angels at the flesh’ or for perfect people because there are none…There are, however, basic qualities on which God can build men and women. …..Three of these basic qualities are spirituality, humility and integrity.” You might ask in what ways the author satisfies these basic requirements in the eyes of God. He David, of course, passed this examination handily and showed other leadership qualities nurtured in his stewardship as a shepherd. “Nature was his nurse, his companion, his teacher. Solitude has nurturing qualities. Obscurity is another way through which God trains His people for leadership assignments. Another one is monotony, just dull plain life. Reality, particularly in the experience of life, is the last way of training relevant to this study of the life of David. God is looking everywhere for His people to whom he can give assignments. Our calling is to be faithful in the demanding Thus does the author take us into the life of David in the onerous task of leading his people. At the same time, he points out our respective roles in responding to God’s call in our ordinary daily duties. We may not all be David but we have been called to influence one another without stop. David’s fight against Goliath is a legend of history, the victory which only God can grant to a boy unskilled in battle, confident and full of faith and precocious in subtlety, simplicity and precision. He struck down Goliath, cut off his head and put the David, a boy, a king, the greatest king ever in Israel is a leader among leaders, his weaknesses notwithstanding, shows all of us how to serve God above all things at all times in victory and in defeat. He leads the way for us all to follow. How he manages to tarry with the enemy Philistines while being pursued by Saul is a masterpiece of You might therefore ask how Olusegun Obasanjo the author has led Nigeria in good times, and in bad times, which he has created wittingly, or
“Oh! there are stories you don’t want to end, like music unto your ears and heart transcending
My next interest was the chapter on Esther, Queen, and Xerxes King of Persia. Take your time to read this to learn and understand what a masterpiece it is to dine with the enemy, not necessarily with a long spoon but with an ally providing the dishes. Here we meet Hegel, the eunuch in King Xerxes’ harem, who selected Esther to go to the king’s bedroom when Queen Vashti was banished and Mordecai, a Jew, in the service of the king, cousin
Haman was elevated to the highest post of all the nobles and officials partly because he helped to uncover a plot to kill the king, although it was actually Mordecai who unconverted the plot. Being a Jew he could be readily set aside in the award of honours. But not for long. Haman, intoxicated with power and authority, did not want any rival to challenge him in any way: he hatched a plot to get rid of Mordecai and all Jews along with him. Esther goes to work and most brilliantly reverses the tide of fortune in favour of the Jews to the death of Haman. King Xerxes learns of Haman’s evils schemes, elevates Mordecai to the highest honours of the land, and sends Haman to his death. Esther had saved the Jews from the dastard schemes of Haman and, thereafter, enjoyed the king’s favour and deepest love.
The author writes on Mary, the mother of Jesus and Jesus Christ himself. Coming from the New Testament, they are markedly read by Christians and I do not have any comments here.
The author is a former president of this country who has played primary roles in the life of this nation. The success of this book lies not only in the stories of the leaders recounted herein, but in the extent to which his leadership compares favourably or otherwise with that of the leader who wrote the book.
I most warmly and enthusiastically commend this book, The Art Of Leading and congratulate the author for his blistering courage and wisdom in calling attention to the most tormenting irony in Nigeria today, Leadership.
•Mark Nwagwu, fANA, FAS is Professor of Cell and Molecular Biology and also a student registered for the PhD in Cultural and !Media Studies, University of Ibadan
Former President Olusegun Obasanjo
EDUCATION
MTOY: Ten Years of Inspiring Excellence in Teaching
Ten years after instituting the Maltina Teacher of the Year competition to reward excellence and boost the morale of Nigerian teachers, The Nigerian Breweries - Felix Ohiwerei Education Trust Fund has not only carved a niche in corporate social responsibility but has also made a strong positioning statement for both the brand and the initiative. Raheem Akingbolu reports
Sustainability and relevance to society or the host community define an ideal corporate social responsibility agenda. Over the years, many CSR initiatives have been dismissed by their target audiences because the essence of their establishment was defeated from the onset. However, society-based initiatives hinged on genuine interest and positive impact on beneficiaries will enhance brand reputation and impact the business.
The above background is necessary to capture the relevance of the 10-year-old ‘Maltina Teacher of the Year’ competition instituted by The Nigerian Breweries – Felix Ohiwerei Education Trust Fund. From the first edition till its decade mark this year, this CSR initiative has continued to wax stronger every year, attracting the buy-in of more stakeholders. Considering the importance of teachers in society, the success story of MTOTY can be attributed to the unique area it targets.
Teachers contribute hugely to human development but get little in return. Every day, stakeholders, especially the government and parents, sing their praises, but it ends there. Over the years, lip services have remained a case, with little or no action being taken to change their status. This is the story of Nigerian teachers who build homes, institutions, and nations unrewarded daily.
Of course, it is widely accepted that teachers are the foundation of our nation, but like the proverbial lamp that helps others to see, it remains in darkness; most teachers live in penury. Aside from being poorly remunerated, governments at various levels don’t see teachers as an essential part of the system. Many observers have described this nonchalant attitude towards their welfare as part of why they (teachers) don’t give their best to their jobs. To augment their poor salaries, many teachers are involved in farming, petty trading and commercial driving while their students yearn for knowledge.
Aware of this challenge, Nigerian Breweries Plc, like a phoenix from the ashes, announced nine years ago that it had instituted an award of excellence for teachers. Under the Nigerian Breweries – Felix Ohiwerei Education Trust Fund, the ‘Maltina Teacher of the Year Competition’ was established to recognize and celebrate exceptional teachers in the country.
Compared to other such initiatives, one unique thing about the award is sustainability and social relevance. Now in its 10th edition, the competition has gotten the endorsement of the Federal Ministry of Education and other education stakeholders, including the Nigeria Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPPS) and Teachers Registration Council of Nigeria (TRCN).
As a result of the impact it is making in the empowerment and development of teachers, Nigerians have continued to hail the organisers. Before establishing
MD of Nigerian Breweries, Hans Essaadi
Teacher of the Year initiative, the Nigerian Breweries-Felix Ohiwerei Education Trust Fund was set up in 1994 with a startup capital of N100 million for sustained quality education through structured intervention.
Among other opportunities, the competition provides the opportunity to recognize the roles of teachers and to do more in support of those individuals who take pride in the noble profession and reward exceptional ones who have contributed immensely to shaping and moulding students.
Though the material and cash rewards that come with the competition may not be as important as its overall impact on society, the upward review of the cash price from N1 million at the maiden edition to N10 million a decade after practically shows the commitment of the brewing giant to education growth.
At the unveiling ceremony of the first edition in Lagos, the company declared that the initiative was designed to recognise, celebrate and motivate teachers in Nigeria with a first-year focus on public secondary schools.
Nigerian Breweries affirmed that everywhere
in the world, teachers play a vital role in training, coaching and determining the quality of education, adding that their strategic roles are critical to sustainable national development.
In Nigeria, where the concept of CSR has almost been abused, the unusual approach ignited reactions from different quarters. For Nigerian teachers, who saw the announcement as a dream come true, they couldn’t but show their feelings and identify with the brand.
To this end, the Nigerian Union of Teachers (NUT) quickly adopted Maltina as its official drink and urged its members to see it as a teachers’ brand. Then-acting Deputy General Secretary of the Nigerian Union of Teachers, Chief Wole Oyeniyi, who spoke at the flag-off ceremony of the initiative, stated that Maltina took the lead in bringing back the lost glory of the teaching profession.
The impact and significance of the MTOTY cannot be overemphasised, and this was evident when former Vice-President Yemi Osinbajo, who was the special guest at the 2022 edition, praised the organisers for recognizing and celebrating teachers, noting that the achievements recorded by previous award recipients reflected the significance and impact of the competition.
“Teachers must be appreciated. Everyone needs affirmation and encouragement, as it can only lead to greater achievements. And this is why I think that the Maltina Teacher of the Year award is an incredible boost for teachers and the teaching profession,” he said.
In 2024, apart from the N10 million cash prize for the overall winner, the first and second runners-up will also receive N3 million and N2.5 million, respectively, while other state champions receive N1 million each. According to the organisers, the significant increase in the annual prize became necessary to mark the significance of the 10th edition of the initiative.
At a recent briefing to announce the commencement of the application processes, the management of the company said the overall winner this year would “receive a trophy, a total cash prize of N10 million, and a capacity development training opportunity abroad while their school receives either a block of classrooms or a computer laboratory.
Speaking on the company’s commitment to the project, the Managing Director of Nigerian Breweries Plc, Hans Essaadi, said the flag-off of this year’s edition represents the beginning of another journey to appreciating and celebrating teachers’ tireless efforts and dedication.
According to Essaadi, through the Felix-Ohiwerei Education Trust Fund, the company remains unwavering in its commitment to supporting teachers in shaping future leaders and changing students’ lives for the better in Nigeria.
He said, “The Maltina Teacher of the Year competition presents an opportunity to express our gratitude to teachers for the sacrifices they make, the extra hours they invest, and the guidance and mentorship they provide to ensure the success of our youth.
“Through this competition, we aim to recognize the efforts of teachers in the countless ways they have shaped our future. We acknowledge their selflessness, their passion for teaching, and their relentless pursuit of the growth and development of our nation.”
The managing director also announced that other corporate organisations have come on board to be part of what he described as a transformative initiative, adding that Union Bank of Nigeria Plc, Woodhall Capital Foundation and Air Peace have been enlisted as main partners while First City Monument Bank and Alert Group are supporting partners for the competition.
In her keynote address, the Corporate Affairs Director, Nigerian Breweries Plc, Sade Morgan, disclosed that the competition remains a veritable platform to reward and inspire teachers for their invaluable contribution to the development of education and society at large.
Morgan said the platform aims to recognise and appreciate teachers for the stewardship of Nigeria’s most precious national resource – the youth.
“Indeed, our teachers continue to play their role effectively and, as such, deserve to be appreciated, recognized, and celebrated for what they have done, and what they continue to do, to make society what it is today, particularly in human and national development,” she said.
In her remarks, the winner of the 2023 Maltina Teacher of the Year Competition, Adeola Adefemi, while praising the organisers for the competition, said her emergence as the winner had attracted pride, fame, and fortune.
Adeola, who made these remarks preparatory to her MTOTY-sponsored capacity development training in Finland., relayed that the success has further boosted her confidence and attracted her to several global opportunities in the teaching profession.
With the 10 years of success of the initiative, promoters of the Maltina brand have demonstrated a commitment to ethical and socially responsible practices, attracting consumer loyalty and increasing sales and market share.
Loyola Old Boys Advocate Private Sector Support in Educational Development
The President of the Loyola College Ibadan Old Boys’ Association, Prof. Olufemi Ogunbiyi, has advocated for private sector intervention in infrastructure advancement and student sponsorship. He stated that there are now more indigent students than before who need to be supported through school. He added that the private sector can be key in developing entrepreneurship for the students who can take up from there.
Ogunbiyi stated this during the press conference that preceded the 70th-anniversary lecture, delivered by the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun.
Ogunbiyi, who regretted that the government is not doing enough, stated that the association has concentrated on trying to revamp the college from its decadent state in the past couple of years.
He said the old boys moved to see how the government could
return the school to the mission.
According to him, the old students played a major role in ensuring a semblance of a school environment for the current students.
He said that different sets of old boys have embarked on several projects, such as the complete renovation of classroom blocks, library, and laboratories, providing a computer room with computers for training and computer-based tests, and renovating the sports complex, among others.
He said the old boys reintroduced inter-house sports competitions, which were absent in the school for 15 years, because they believed in a well-rounded education, adding that they hired teachers for specific subjects to enhance students’ performance.
The president announced plans by the old boys to construct an alumni building, which will be a melting pot for alumni to visit the school and take reminiscences based on things featured there and for the current students to see and learn from old students what to
emulate in their growth.
The First Vice-President and Chairman of the 70th Anniversary Planning Committee, Gbenga Biobaku, stated that other activities to celebrate the 70th anniversary
include programmes for students like an essay competition, career talk, and talent hunt.
He said an annual general meeting will be held on August 3 to usher in a new executive
committee for the association, while the gala night will be held on August 10. He stated that the college has produced eminent personalities that have contributed to the different spheres of life
regarding public service and the private sector. The event also featured the launch of a book ‘Loyola Stories’, which chronicles the stories of the school over the past 70 years.
Gradely Launches Gamified Mobile Learning App, Partners Japanese Firm on Coding App
Uchechukwu Nnaike
An edtech firm, Gradely, has demonstrated its commitment to improving students’ learning outcomes with the launch of its gamified mobile learning app in Nigeria.
The company also launched Qureo, an online app for teaching coding to children, in partnership with Sprix Inc Limited, a wellestablished Japanese company with over 15 years of experience providing high-value educational services and operating 300 learning centres across Japan.
The CEO of Gradely, Boye
Oshinaga, stressed the importance of personalised learning in today’s fast-paced educational landscape. Gradely combines advanced technology, gamification, expert tutors, and dedicated students to create an unbeatable formula for success.
He said the company recently crossed the milestone of supporting over 100,000 Nigerian students across more than 500 schools.
He said, “The company’s accolades include the ‘Adaptive Learning Solution of the Year’ 2020 award from the Federal Ministry of Education, a $100,000 grant from the Google Black Founders Fund,
and being part of the Mastercard Foundation EdTech Fellowship, which provides growth-stage edtech companies with financial and business development support to drive inclusive access to education.
Gradely has also been featured on BBC, CNN, and local media, demonstrating its commitment to a technology-driven learning lifestyle.”
According to him, Gradely’s approach identifies knowledge gaps and provides personalised interventions, ensuring mastery of each curriculum topic.
Oshinaga said the new app features gamified and animated
content to increase students’ interest in subjects they would ordinarily dislike or struggle with, along with an attractive reward system to keep them engaged. “Expert tutors play a crucial role in this process, overing tailored lessons that adapt to each student’s learning style and progress, ensuring comprehensive support and engagement.
“Gradely’s innovative approach and impressive reach have also attracted significant investment. With over $500,000 in funding from backers like Norskken, Ventures Platform, and Microtraction, Gradely is well-positioned for continued growth,” he stated.
the Maltina
Uchechukwu Nnaike
COUrtESy vISIt by WEmA bANk’S tEAm tO AfE bAbAlOlA UNIvErSIty...
L-R: Managing Director/CEO, Wema Bank PLC, Mr. Moruf Oseni; Nigerian Lawyer and
during a courtesy visit by the Wema Bank’s team to Afe Babalola University in Ado-Ekiti ... recently
Customs Generates N80bn Revenue at Lagos Airport in Six Months
Chinedu Eze
The Murtala Muhammed Area Command of Nigeria Customs Service (N yesterday reported that it generated a revenue of over N80 billion from customs duty and other charges between January 1, and June 30, 2024. The Command Area Controller (CAC), Comptroller Michael Awe, who made this known during a media briefing held at the Area Command Headquarters, Hajj and Cargo Area of Murtala Muhammed International Airport Lagos, said the feat was possible because the Com- mand reinforced its efforts built on the achievements of the previous year both in the area of revenue generation and in anti-smuggling activities.
Intensifies Fight against Oil Theft, Destroys Illegal Bunkering Hideout
Ikechukwu
The High Command of Nigerian Navy, yesterday said that its Quick Response Team of Forward Operating Base Bonny, under the auspices of Operation Delta Sanity, engaged a group of suspected crude oil thieves in a fire fight at Elem Akrakama, and Elem Tombia general area of Rivers State.
It said that one oil thief was killed, two others arrested, while their hideout was traced and destroyed.
The Nigerian Navy also disclosed that between April and July 2024, no fewer than 24 suspects and six vessels were arrested, while 122 Illegal Refinery Sites were discovered and deactivated, and 57 wooden boats also destroyed.
A statement by spokesperson of Nigerian Navy, Cdre Aiwuyor Adams-Aliu, explained that the suspected oil thieves who were armed on board two speedboats,
on sighting the team, diverted and fled into their camp with the troops in pursuit.
Adams-Aliu, said the Nigerian Navy team deployed drone surveillance for situational awareness and effective fires forcing the suspects to retreat into the surrounding creeks.
The operation, he said, resulted in a decisive victory as the criminals’ camp and boats were successfully destroyed.
He said: "One suspect was neutralised while two suspects were arrested and are currently undergoing investigation. Items recovered from the suspects include two outboard engines (200 and 140 Horse Power) and two Motorola walkie-talkie radios amongst others".
The Naval spokesperson recalled that the Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla launched Operation Delta Sanity in January 2024 to combat Crude Oil Theft in the Niger Delta Region.
“The Command from January to June, 2024 was able to collect a total duty of N80,351,299,068.00 on Customs duty and other charges. In comparison to the revenue collected same period in 2023, the revenue stood atN38,707,054,216.44, which clearly shows a progressive difference of N41,644,246,851.56, showing 107.5 per cent increase,” Awe said.
Since his assumption of office at the Customs Area Command,
Awe, the system said, is noted to have brought up strategies in line with World Customs best practices that have aided the ease of doing business, trade facilitation, reduction of cargo clearance time and increase in revenue generation. Also, the Command recorded export of goods with Export Value worth of N266,655,113.66 from the country, from January to June, 2024 with a Free On Board (FOB) value
of $204,597.07. Addressing journalists at the media conference, Awe reiterated the Command’s commitment to sustain and improve upon revenue generation in the second half of 2024.
Awe who sought the continuous cooperation of all stakeholders, assured of the Command’s commitment to promoting ease of doing business and trade facilitation.
The Controller also commended
Officers and Men of Murtala Muhammed Area Command for their dedication to the noble course of combating smuggling and implored them to always adhere strictly to the rules of engagements while discharging their statutory duties. He also appreciated the Comptroller General of Customs, Adewale Adeniyi and his management team for always giving the Command the leverage to perform.
LAMATA: Why Lagos Red Rail Line Hasn't Commenced Operations
Segun James
Following outcry over the none commencement of operation of the Lagos Mass Transit Rail, commissioned by President Bola Tinubu earlier this year, the Lagos Metropolitan Area Transport Authority, LAMATA has given assurance that commercial operation will begin soon.
The Public Relations Officer, LAMATA, Mr. Kola Ojelabi, who stated this disclosed that it was infrastructures related to the operation of the rail system was commissioned by the president and not actual operation.
His statement comes following concerns raised by members of the public since the inauguration in late February by the president.
According to him, "We can only say it ought to have commenced commercial operation if we had announced a date but we have not done that.
"By the time it is ready to commence operation, we will definitely announce it and you will get the message."
When asked what was responsible for the delay, Ojelabi said: "What we have done is to launch the infrastructure but infrastructure is different from operation.
"There are a lot of things to be put in place before operation starts and so we are putting those things in place. There are issues that we have to deal with and we are dealing with them."
The project, an intra-state rail service which spans 37 kilometres is aimed at improving transportation within the city.
While inaugurating the project, the President reiterated his administration’s commitment in improving on the nation’s infrastructural development.
The Red Line will share the right-of-way with the Lagos-Kano
Standard Gauge Railway. The route will run from Agbado in Ogun State to Oyingbo in Lagos, with notable stations including Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.
Emmanuel Ugwu-Nwogo in Umuahia
Following the restiveness of workers, the Abia State Government has finally specified the exact the formula it would use to clear the N17, 629, 767, 340.9 salary arrears it inherited from the immediate past administration.
The Commissioner for Information and Culture, Prince Okey Kanu, spelt out the modality yesterday while briefing journalists on the outcome of this week's State Executive Council meeting, saying that N1.5 billion would be disbursed every month for arrears.
He said that government has also fixed a timeline of 12 months to offset the entire salary arrears, adding that payments by instalments would start
from August.
Governor Alex Otti had consistently pledged his commitment to paying off the arrears in fulfilment of his 2023 campaign promises without saying how he was going to do it.
But Kanu said that the payment formula emerged at the weekend when the governor met with the management of the Abia State University Uturu (ABSU), at his Nvosi country home to discuss the funding issues facing the institution. He said that the meeting between Governor Otti and ABSU management was fruitful as the governor directed the accountant general of the state, "to ensure that within the week, all outstanding salaries are paid" to both
the "verified staff and those yet to be verified".
Kanu said that the meeting "offered the governor the opportunity to bring those lingering issues (affecting ABSU) to an end".
Giving further insights into the lingering issue of payment of the inherited salary arrears, the Commissioner for Finance, Mr. Mike Akpara, said that after "due verification" the arrears rose to N17.6 billion as against the initial estimated amount of N16.5 billion.
He said that the workers affected by the backlog of unpaid salaries running into upwards of 33 months were from state-owned tertiary institutions and some agencies.
Akpara gave the breakdown as follows: ABSU with 11 months of arrears totaling N3.1 billion; Health Management Board(HMB) with N1.5 billion representing 15 months of arrears; Abia State University Teaching Hospital(ABSUTH), Aba, 21 months, N3.1 billion; Abia State College of Education, Technical, Arochukwu(ASCETA), 22 months, N540 million.
Others are Abia State Polytechnic, Aba (Abiapoly) with the highest arrears of 33 months amounting to N4.5 billion; Secondary Education Management Board (SEMB), 15 months, N3.6 billion; Abia State Universal Basic Education Board(ASUBEB), eight months, N1.089 billion.
Governor Babajide Sanwo-Olu said the commissioning of the Lagos Red Line project isn’t just about improving the city’s mobility, but about reshaping the urban landscape and setting a new pace for development. In a brief statement on X (formerly Twitter), the Lagos State governor also noted that by connecting critical points across Lagos, “we’re opening doors to opportunities, growth, and a sustainable future.”
Onyebuchi Ezigbo in Abuja
As part of efforts to improve healthcare delivery Nigeria's rural communities, the Nursing and Midwifery Council of Nigeria (NMCN), has granted accreditation to Apex College of Nursing Sciences Igbo-Ukwu to train nurses and midwifes
The council is mandated by law to regulate the standards of Nursing and Midwifery Education and Practice in Nigeria
In a statement heralding the accreditation, the Provost of the College, Promise Ekeagba, said the institution runs a comprehensive programme which ensures that graduates are well-prepared for the challenges in the healthcare industry.
"This achievement marks a new chapter for Apex Specialists Nigeria Limited, which is now set to provide top-notch nursing and midwifery education, to help address the critical shortage of nurses in Nigeria and position itself as a leader in the field," he said. Ekeagba, assured that the training programmes would be delivered to match international standards in collaboration with relevant partners.
President Bola Ahmed Tinubu had commissioned the Red Line Rail Project in Lagos on February 29, 2024.
He further said: “Apex College of Nursing Sciences Igbo-Ukwu, with its innovative approach to nursing and midwifery education, strong commitment to research, community engagement, and academic excellence, is poised to shape Nigeria’s future as a leader in health education.
"Our expert faculty members will instill a sense of purpose, foster creativity, and inspire a new generation of nursing professionals who will make a significant impact in the world.”
Proprietor of the College and Group Medical Director of Apex Healthcare System, Prof. Uchenna Nwosu, said there is presently a global shortage of nurses adding that the college's mission is to train professionals to meet this demand.
“We aim to produce well-rounded nurses who not only serve the Nigerian market but are also equipped to work internationally.
“Our healthcare sector is further depleted by this brain drain, magnifying our own need for trained nurses,” he explained. He encouraged students to see themselves as part of a select group tasked with addressing this critical need.
Aleke in Abuja
Founder of Afe-Babalola University, Aare Afe Babalola (SAN); and Deputy Managing Director, Wema Bank Plc, Mr. Wole Akinleye
ASSOCIATION OF ADVERTISING AGENCY GETS NEW EXECUTIVES...
L-R: Publicity Secretary, Association of Advertising Agencies of
the
APC Threatens Mutfwang, Asks Him to Join Party or They’ll Retake Plateau, Others
Governor hails new NBA president, Osigwe
in Abuja
In a subtle threat, the North Central APC Forum, has advised the Plateau State Governor, Caleb Mutfwang to defect to the ruling party because it was ready to retake state, which it lost to opposition PDP in 2023, including all the states in the North Central.
US government.”
Otedola said in January 2010, the US Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles, and to develop a manufacturing facility in Fremont, California, to produce battery packs, electric motors, and other powertrain components for powering these innovative vehicles.
In his intervention on the Dangote/ NMDPRA imbroglio, former Governor of Anambra State and presidential candidate of Labour Party (LP) in the 2023 presidential poll, Mr Peter Obi, stated that Dangote refinery should be fully supported, not vilified.
Obi said the recent conflict between Dangote industries and some government agencies was deeply troubling, stressing that the issue transcends political affiliations and personal grievances.
A statement by Obi on his X handle said, “It is fundamentally about Nigeria’s economy, future, and the wellbeing of its citizens.
Given Alhaji Dangote's significant contributions to Nigeria, it is crucial that these disputes are resolved swiftly.
“Government agencies should be directed to offer the necessary support for the seamless launch and operation of the Dangote refinery and its associated enterprises. The refinery has the potential to generate approximately $21 billion in annual revenue and create over 100,000 jobs, with numerous additional positive impacts on the economy.
“Its strategic importance in addressing Nigeria’s fuel crisis, boosting foreign exchange earnings, and fostering economic growth cannot be overstated. The refinery is too vital to fail and must not be hindered, considering its crucial role in our national welfare.”
He explained that the federal government and its agencies needed to recognise the significance of Dangote’s contributions, explaining that he is not just a businessman, but a national and African brand symbolising patriotism, commitment, and impactful entrepreneurship.
Obi said despite operating in a challenging business environment,
Chairman of the North Central APC Forum, Saleh Mandung Zazzaga, in a statement, said the call became necessary to advance the progressive outreach of the APC
The letter titled, “Invitation of Governor Caleb Mutfwang of Plateau State to join APC”, stated that in recent times, they had made
The APC has however sent a letter of invitation to Mutfwang to that effect.
Dangote had established a remarkable industrial hub in Nigeria, encompassing over 15 sectors, including cement, sugar, salt, fertiliser, infrastructure, tomatoes and automotive.
He listed others as energy, petrochemicals, rice, poly sacks, real estate, mining, logistics, and maritime.
According to Obi, “Dangote’s unwavering dedication to Nigeria's industrialisation, job creation, and economic growth, despite adversities, warrants full support and protection.
With economic indicators, like unemployment, inflation, forex scarcity, and debt worsening, every sensible and patriotic government should regard enterprises like Dangote Industries as national treasures, meriting robust support and protection.
“In the interest of Nigeria and its citizens, as well as Africans, at large, I urge the federal government and its agencies to provide Dangote Industries, especially the refinery, with all necessary support.
“The success of Dangote is intrinsically linked to the success of Nigeria and Africa; conversely, its failure would be a significant setback for both Nigeria and the continent.”
Meanwhile, Kyari reacted to an allegation by Dangote that some NNPCL officials owned a blending plant in Malta.
In a post on his X handle, Kyari said he had no plant either in Malta or elsewhere.
He urged Dangote to report such persons to the relevant government agencies for prosecution.
Kyari stated, "I am inundated by enquiries from family members, friends and associates on the public declaration by the President of Dangote Group that some NNPC workers have established a blending plant in Malta, thereby impeding procurements from local production of petroleum products.
"To clarify the allegations regarding blending plant, I do not own or operate any business directly or by proxy anywhere in the world, with the exception of a local mini-agric venture. Neither am I aware of any employee of the NNPC that owns or operates a blending plant in Malta or anywhere else in the world.
several consultations and also met with many chieftains of their party from Plateau State and the North Central region in general, to work out modalities on extending their invitation to the governor.
The APC noted that they had reached out to the governor already through the media.
“Consequent upon this, it is also pertinent to formally notify you of
"A blending plant in Malta or any part of the world has no influence over NNPC's business operations and strategic actions."
The GCEO of the national oil company said sanctions will be meted out to any NNPC employee found culpable.
He said, "For further assurance, our compliance sanction grid shall apply to any NNPC employee who is established to be involved in doing so if availed and I strongly recommend that such individuals be declared public and be made known to relevant government security agencies for necessary actions in view of the grave implications for national energy security."
However, on the altercation between the Dangote refinery management and NMDPRA, NACCIMA called for protection and support for local industries, stressing that it is in the interest of Nigeria.
In a statement yesterday, the organisation also lauded the intervention of the federal government in the disagreement involving NMDPRA and Dangote refinery.
National President of NACCIMA, Dele Oye, said protecting local industries was crucial for the economic growth of any country, explaining that they are significant sources of job creation and economic diversification.
Oye listed other functions of local industries as enhancing domestic supply security, technological advancement and innovation, increased Gross Domestic Product (GDP) and economic output, and foreign exchange savings, among others.
NACCIMA said, “Protecting local industries, like the Dangote refinery, is not just about ensuring the cheapest product in the market. It is about domestic supply security, driving globally competitive industries, maximising linkages within the local economy, creating jobs, reducing foreign exchange expenses, and strengthening the naira.
“Undermining local industries, especially those of such scale and significance, is self-defeating and harmful to our national interests.
“Protecting local industries is not just about shielding them from
our invitation to him (Mutfwang) to join the APC, and a formal letter to this effect will also be delivered to him hereafter, and to the Plateau State APC, as well as his ward in Mangu local government area,” the letter explained.
It stated that the call for Mutfwang to join the APC would enable the party to retake Plateau State which it lost to the PDP in the 2023 election.
external competition; it is about creating a favourable environment where they can thrive and contribute to the overall economic health of the country.
“Policymakers must strike a balance between protectionism and openness to ensure that local industries can compete globally while also supporting domestic economic goals.”
The NACCIMA president highlighted the role played by Minister of State for Petroleum Resources, Heineken Lokpobiri, in convening a meeting involving Dangote and Ahmed, among others, aimed at resolving the current disagreements.
Oye stated, “The Dangote refinery stands as one of the eighth wonders of the world, a symbol of black African innovation and entrepreneurship. It represents a monumental achievement in Nigeria’s industrial sector and is crucial for the nation’s economic growth and energy security.
Similarly, Manufacturers Association of Nigeria (MAN) declared that no regulatory agency in Nigeria should be seen to be casting aspersion on a home-grown investment, like the Dangote refinery.
The declaration was made yesterday by Director General of MAN, Mr. Segun Ajayi-Kadir, who expressed concern over the recent allegations of poor quality of diesel levelled against one of the largest private investments in Africa, the Dangote refinery.
Ajayi-Kadir added that MAN had expressed grave concern and called for caution from major actors, government agencies and regulators in the oil and gas sector of the economy because hardly would any major foreign investor be encouraged to invest in Nigeria by the recent unwarranted castigation of Dangote refinery.
He said, “No regulatory agency should be seen to be casting a shadow over a home-grown investment, like the Dangote refinery. The allegations of poor quality, monopolistic tendencies, and non-issuance of license have since been roundly debunked. There may then be the need to issue a clarification that absolves the Dangote refinery of the negative perception generated by the news report.”
According to Ajayi-Kadir, it
According to the letter, Mutfwang’s development efforts, his acceptability in the state, his approach towards boosting peace and security of the state and his progressive personality have been impressive.
Meanwhile, Mutfwang has extended his heartfelt congratulations to Mazi Afam Josiah Osigwe, SAN, on his election as the new President of the Nigerian Bar Association (NBA).
is expected that agencies of the government that provide regulatory oversight functions should promote an enabling business environment for local investments to thrive.
He stressed that local investors in Nigeria, particularly Dangote, played a vital role in driving economic growth by paying taxes, creating jobs, and fostering development within the country.
“As such, it is important that these investors are protected and given the necessary support to thrive in this business environment,” he said.
Ajayi-Kadir said a businessman, like Dangote, with investments in diverse sectors of the economy and across the continent, should be accorded all needed support to grow and invest in more sectors and positively impact the wellbeing of the people.
He stated, “There is no gainsaying the fact that Dangote refinery is deserving of government protection and support. The Dangote refinery, located in Lagos, is the largest single-train refinery in the world, will play a significant role in reducing Nigeria's dependence on imported petroleum products, reduce cost and energy poverty, and significantly boost our energy sufficiency.
“This is also a company in which Nigeria and Nigerians are shareholders. We should never encourage or promote a preference for imported products over local alternatives. This amounts to importing poverty and exporting prosperity.”
According to the director general, the manufacturing sector is beset with multifaceted challenges that include high cost of electricity, high cost of compliance with regulatory requirements, lack of access to financing, unfavourable foreign exchange, and unfair competition from imported and smuggled products.
“It is, therefore, imperative that the Nigerian government takes proactive steps to address these binding constraints in order to improve the competitiveness of local industries and enhance their contribution to the GDP,” he said.
Ajayi-Kadir added that local investors were not only drivers of economic growth but also champions of national development.
The Governor expressed confidence in his united approach to lead the association towards a future focused on truth and justice for all Nigerians.
In a statement by the his Director of Press, Mr. Gyang Bere, Mutfwang commended the NBA for conducting a successful election, saying it underlined the association's vital role as the "conscience of the society and the hope of the common man."
He said, “They are the mirrors of our national industrial aspirations and their wellbeing is the attraction for both local and foreign would-be investors.
“There is hardly any major foreign investor that would be encouraged to invest in Nigeria by the recent unwarranted castigation of Dangote Refinery.
“On the other hand, supporting and protecting local investors, like the Dangote Refinery, would be sending a clear signal to foreign investors to take advantage of the conducive environment and invest, thereby creating jobs and building a more prosperous future for our people.”
The MAN director-general called on the Nigerian government to prioritise the protection of local investors and actively take necessary steps to improve the operating environment for manufacturers and other economic operators to thrive.
The House of Representatives called on the federal government to suspend the chief executive of NMDPRA, Ahmed, pending conclusive investigations into the allegations against the authority.
The resolution followed the adoption of a motion of urgent national importance on the “Urgent Need to Address the Outrage Resulting from Unguarded Comments by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority,” moved by Hon. Esosa lyawe at plenary yesterday.
Iyawe, while presenting the motion, stated that fuel quality could impact engine hardware, thus ultra-low sulphur diesel was recommended for all types of companies, power plants, storage tanks, industrial facilities, fleets and heavy equipment, and even ships, as high sulphur content in fuels caused damage to engines and contributed to air pollution.
He said considering the various risks associated with sulphur, governments around the world had taken steps to regulate it by setting standards that required maximum reduction of emissions of this chemical compound, which diesel producers were expected to adhere to.
Nigeria (AAAN), Mrs. Funmibi Fayo-Adeleye; immediate past President of the association, Mr. Steve Babaeko; Vice President, Adekoyejo Abiola;
newly elected President, Mr. Lanre Adisa; Veteran Advertising Practitioner, Sir Steve Omojafor; Ex-officio, Raphael Idu; and another Ex-officio, George Omoraro, during the inauguration of the new executives at the 51st Annual General Meeting of the association held in Abeokuta ....recently
Chuks Okocha
and Seriki Adinoyi in Jos
NAIRAMETRICS’ COURTESY VISIT TO FBNQUEST...
L-R: Senior Analyst, Nairametrics, Idika Aja; Head, Fixed Income, FBNQuest Asset Management, Ifeoluwa Dixon; General Manager Nairametrics, Chris Pemu; Head, Investment Advisory, FBNQuest Asset Management, Anne Oragwu; Head, Equities and Alternatives, FBNQuest Asset Management, Laura Fisayo Kolawole and Ag. Managing Editor, Nairametrics, Chike Olisah, during the courtesy visit of Nairametrics Financial Advocates Limited to FBNQuest Office in Lagos...recently
NASS Amends Police Act, IGP to Remain in Office Based on Appointment Letter Terms
Police chief directs DIGs, AIGs, CPs to clamp down on vandals of critical infrastructure, economic saboteurs
The National Assembly, yesterday, passed a Bill to amend the Police Act.
The proposed legislation was meant to allow the Inspector General of Police to remain in office based on the terms of his or letter of appointment.
The Bill was passed for first, second and third reading in both chambers.
After the first reading on the the floor of Red Chamber, the Senate Majority Leader, Opeyemi Bamidele,
led the debate for the Second Reading of the Bill.
He said, “The Bill was read for the first time today, 23rd July, 2024. Mr. President, my dear Colleagues, this Act seeks to enable a person appointed to the office of InspectorGeneral of Police to remain in office until the end of the term stipulated in the letter of appointment.
“The Bill aims to revolutionise police operation by enhancing accountability, modernising policing method and fostering a more
Am ID Su STAI ne D Infl ATI on A rY Pre
segment had been positive.
He said exchange rate has converged, limiting the opportunities for arbitrage.
He disclosed that that FX inflows had increased from 37.93 per cent between January and May 2024 to $38.8 billion while net inflows grew by 73.4 per cent May 2024 compared to May 2023.
Cardoso also stated that diaspora remittances had currently gone up to $2.34 billion in compared to $1.58 billion in the corresponding period last year.
He said capital importation also increased to $5.92 billion between January and June compared to $1.77 billion same period last year.
He said, "So, that's all very positive for foreign exchange management. We've also seen that on the capital markets policies, the capital market has been responding positively and of course, the banking sector.
"We have been very aggressive in giving guidance to the banks with respect to how we want them to position themselves for the future of the $1 trillion economy.
"Inflation targeting is something that is an ongoing process, which we will be giving more and more guidance as we go along."
The CBN governor insisted that the aim of monetary policy decisions were meant to impact the man on the street, pointing out that the current economy hardship were a result of policy choices by past administrations.
He said, "It is important to cast our minds back and ask ourselves how did we get to where we are today. Let us not forget that over a period of time, we had an economy and have failed to diversify that economy. We would argue that the Nigerian economy has basically been a monolithic one, dependent on one source of revenue.
"Now, of course, a monolithic economy has its own risks. And part of those risks, of course, is
that if anything happens to your dependency, then the whole system gets shaken.
"And I guess in many respects, that is part of what we're going through. Part of it is, not all, certainly part of it because let's not forget that there are global headwinds as well.
"And that going forward, we must ensure that we are able to craft policies that are sustainable and will bring a sustainable method of development for our people."
Cardoso said the CBN was currently engaging with the Organised Private Sector (OPS) which had been raising concerns over the continued monetary tightening regime of the bank.
He said, "Inflation really and truly is having a major impact on our economy. Purchasing power is getting eroded. People are being pushed into different categories of poverty, and it is in their own interest that we are able to take the scourge of inflation.
"If not, the ramifications will also be for them. It's not on the average man alone. We understand the need for growth and we also understand that it is relatively challenging when you have high-interest rates.
"We also understand that, quite frankly, my belief is that it is so fundamental to the long-term future and stability of our economy that inflation should be brought under control that in the short term these are pains which ultimately will be able to help our economy and help the manufacturing businesses as well."
On CBN's recent policy on dormant accounts, Cardoso said the move was in the interest of account holders, adding that the apex bank should be commended for taking the steps to safeguard them from fraudsters.
He said, "Over the years, in my experience what I found personally, is that if you leave the accounts dormant in banks...In fact, most times, they are more susceptible to fraudsters copying your identity and trying
harmonious relationship between the police and the community. Accordingly, I hereby urge you all to support the quick passage.”
Senator Seriake Dickson objected to the Bill saying the amendment of the Police Act should have been done in collaboration with the Nigeria Police hierarchy.
Bamidele explained that the only amendment was to stipulate that the tenure of office of the Inspector General of Police which is four years and provided for in the Police Act,
to game the system to grab all of your money.
"So, that is a problem that I think most DMBs face and I'm sure if you've been on the receiving end, I have been, then you know that anything that can protect you in the process from these kinds of predators will be welcomed."
He said the policy directive was meant to ensure that all those monies come to the central bank for safekeeping. You don't lose your money and it is at zero cost to the beneficiaries.
"All that will happen is that the central bank will manage the monies within our position and when the rightful owner surfaces, the money is returned, plus whatever income is accrued to them.
"I think this should be a welcome development, even from the naysayers because at a time like this, we recognise the fact that everybody needs every single penny that belongs to them, to accrue to them and not have a situation where you're putting money in a particular place and essentially end up losing it. Of course, it will create liquidity within the system as well."
However, reacting to the policy rate adjustment, Oyerinde stated that the latest increase MPR in the second quarter to address the persisting inflationary growth in the economy might not be sufficient to tackle inflation "as long as the Naira kept depreciating at the foreign exchange market".
He observed that the upward adjustment in policy rate would lead to further increase in cost of credit, which is about 30 per cent at the moment.
The NECA boss said it has become more difficult for businesses to maintain existing investments and almost impossible for significant new investments to take place.
According to him, "The persistent use of MPR to moderate inflation may yield limited results so long as the huge depreciation in Naira's
should be sacrosanct irrespective of whether the occupant of the office has attained mandatory retirement age.
Meanwhile, the Inspector General of Police, Kayode Egbetokun, has directed the management team of State Police Command to clamp down on those systematically vandalising the nation's critical infrastructure.
He also noted that he recently reorganised and repositioned IGP Special Task Force on Petroleum and Illegal Bunkering (IGP-STFPIB), to enhance its operations as part of
value that has shrunk business activities in the real sector remains unchecked."
He therefore, urged the CBN to prioritise an exchange rate management procedure that will address the huge erosion in Naira's value.
He also emphasised the need for a strong and deepened collaboration between monetary and fiscal authorities in the management of the economy.
He said, "A collaboration of Federal Ministry of Finance, Federal Ministry of Budget and Economic Planning and CBN in economic policy development will be most efficacious in the current economic quagmire."
Also, the CPPE chief executive said the hike in interest rate appeared to be a moderation in the CBN's aggressive tightening stance.
Yusuf said it is perhaps a reflection of some responsiveness to the clamour by stakeholders in the real economy for the apex bank to effect a deceleration in its rate hikes.
He said: "Although my preference was for a pause on the rate's increases because of the enormity of the headwinds that businesses are grappling with.
"But the marginal increase marks a softening of the tightening stance.
"It is tolerable and I believe we should now accelerate the implementation of the fiscal policy measures to tackle inflation.
"Already the Economic Stabilisation Plan contains a number of laudable fiscal policy measures that could reduce production costs in the economy."
He said it was also important and urgent for the government to adopt and quickly implement the recommendation of the Presidential Committee on Fiscal and Tax Reforms on the customs duty exchange rate, which proposed N800/dollar.
"The adoption of this recommendation would have a considerable impact on the cost of goods and services in the country," he said.
efforts to curb the menace of oil thefts and economic sabotage in Nigeria.
Egbetokun, who gave this directive while meeting with strategic police managers, in Abuja, also said the police recorded remarkable successes in the fight against criminalities in the last one month manifesting in the arrest of a total of 1,284 suspects nationwide.
"I want to take our attention to the issue of pervasive vandalism and theft of public properties and components
of critical public infrastructure such as manhole covers, rail lines, and public lights.
“With its devastating negative consequences on national development, pipeline vandalism, in particular, has resulted in significant economic losses, environmental degradation, and loss of lives."
The IGP said the theft of manhole covers has led to accidents, injuries, and even deaths, while the destruction of rail lines has disrupted transportation and hindered economic activities.
House Minority Caucus Calls for Nnamdi Kanu’s Release, Advocates Political Solution
Adedayo Akinwale in Abuja
The Minority Caucus of the House of Representatives, has called for the release of the leader of the outlawed Indigenous People of Biafra (IPOB), Nnamdi Kanu, advocating political solution.
The resolution of the caucus followed the adoption of a motion moved by Hon. Obi Aguocha, at a dinner held in Abuja, on Monday.
Moving the motion, he urged his colleagues to take a definitive position on the ongoing discourse surrounding Kanu and to explore a political solution to this pressing issue.
Aguocha emphasised the importance of a united stance within the minority caucus, adding that the resolution of Kanu's case was crucial for national peace, stability, and unity.
He, therefore, called for immediate and strategic engagement with relevant stakeholders to advocate a peaceful and political resolution to the matter, which has significant implications for the socio-political landscape of Nigeria. Aguocha underscored the potential benefits of addressing the situation through dialogue and reconciliation rather than a “prolonged abuse of legal processes and confrontation.”
He expressed beliefs that a political solution could pave the way for enhanced national integration and the restoration of trust among various communities.
“Today, the opposition parties have taken a decisive stand on Mazi Nnamdi Kanu, the planned protest, insecurity, the dilapidated infrastructure, and the economy,” he said.
Ganduje Tasks Students on Education Loan
Ahmad Sorondinki in Kano
The National Chairman of All Progressives Congress (APC),Dr. Abdullahi Umar Ganduje, has urged Nigerian students, especially those from less-privileged backgrounds, to apply for the Students Education Loan Fund.
Ganduje, spoke at a sensitisation workshop on education loan fund, organised by Kano chapter of the APC, held in Kano, yesterday. He said the loan fund was designed to provide financial assistance to deserving students, helping to bridge the financial gap and promote easy access to education for all.
Ganduje, represented by DG
Campaign Gawuna Garu, Alhaji Rabiu Suleiman Bichi, encouraged students to apply for the Education Loan to improve learning.
According to him, "the aim of the sensitisation was to educate students about the readiness of President Bola Tinubu to increase access to Education in the country. We have a president who is visionary for a better Nigeria in the future."
He also spoke on the advantages of the Education Loan Fund, which included provisions of education to the vulnerable and less privileged. Ganduje, maintained the collecting load was not prohibited in Islam, and that, there was no verse in it against taking loan.
Sunday Aborisade and Ikechukwu Aleke in Abuja
Obaseki receives accreditatiOn team fOr edO cOllege Of HealtH sciences...
L-R (front row): Director of Education, Health Records Officers Registration Board of Nigeria, Halima Ahmed; Edo State Governor, Mr. Godwin Obaseki; his deputy, Engr. Omobayo Marvellous Godwins;
Consultant to the Edo State College of Health Sciences and Technology, Dr. Esther Oshunluyi, and the Chief Executive Officer, Medical Laboratory Science Council of Nigeria, Prof. Tosan Erhabor, during a courtesy visit by the accreditation team for the State College of Health Sciences and Technology, at the Government House, Benin City, ... yesterday
NEITI: Sourcing $1.9tn Funding for Nigeria’s Energy Transition Programme Will Be Challenging
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji, yesterday said that sourcing the $1.9 trillion for Nigeria’s Energy Transition Programme remains a challenge.
Orji spoke at the a programme in Abuja themed: “Strengthening Methane Emission Reduction Strategies in Nigeria’s Gas Expansion Plans”, organised by the Natural Resource Governance Institute (NRGI).
However, Orji stated the recent constitution of a Presidential
Committee on Climate Action and Green Economic Solutions and appointment of focal persons were fundamental steps taken by government to redefine the country’s necessary next steps going forward.
He explained that it was important that Nigeria incorporates methane emissions reduction/ control as part of its key agenda in the country’s response to energy transition.
The global transition from fossil fuels to renewable energy sources, he said, poses significant risks to countries that depend heavily on hydrocarbon-based natural resource revenues for survival.
The fear of the known risks in most of the affected countries, Orji said, far outweighs the potential unknown opportunities, stressing that the reality, concerns and apprehension informed why most of the countries chose to approach the energy transition debate with measured steps.
According to Orji, the main trust of the plan is to cut carbon emissions including methane emissions reduction or total elimination and provide the infrastructure for renewable energy.
The other key objectives, he said, include economic growth through energy access, energy efficiency,
energy security, environmental sustainability, economic diversification, job creation among others.
“To address these needs and more, the Nigeria Energy Transition Plan (NETP) estimates that $1.9 trillion would be required. This translates to spending about $10 billion annually and investment requirements of nearly $40 billion annually to achieve the country’s transition targets by 2060. The plan relies on private capital, mostly from foreign investments for sustenance.
“The challenge of implementing Nigeria’s energy transition plan and achieving net zero target by 2060 is reflected in the huge
LG Autonomy: Abia Assembly Warned Against Approving N57bn Loan for Govt
emmanuel Ugwu-nwogo in Umuahia
The Abia State House of Assembly has been warned not to approve a loan request of N56.73 billion which Governor Alex Otti is seeking for the running of Abia State Local Government Areas, LGAs, presently under transition committees.
The immediate past Commissioner for Trade and Investments, Chief John Okiyi Kalu, sounded the alarm in a statement he issued Tuesday, made available to the media.
He said that it was suspicious for the Abia State Government to have gone to the State House of Assembly for loan approval on behalf of the LGAs soon after the Supreme Court ruling granting financial autonomy to the third tier of government.
"Why will Abia State Government rush this borrowing of N56.73 billion bill through the Abia State House of Assembly after the ruling by the Supreme Court on autonomy of LGAs?," heThequeried.executive bill before the House is "HAB 18: The Abia State of Nigeria Local Councils 2024 Appropriation Bill, which is a Bill for a byelaw to appropriate the sum of N56,732,136,110.00 for the services of Local Government Councils of the State for the year ending 31st December 2024 and for other related purposes". After passing through second
reading, the Abia House Speaker, Rt. Hon. Emmanuel Emeruwa, had on Monday reportedly committed the Bill to the House Committee of the whole for further legislative action.
But Okiyi, who had also served as information commissioner in the past government, asked the Abia lawmakers to jettison the idea of passing the bill into law.
"The Speaker of Abia State House of Assembly, Emmanuel Emeruwa, should know that based on the recent ruling of the Supreme Court, the State House of Assembly clearly does not have powers to approve borrowings for our LGAs. Abia State LGAs have legislative arms that should approve any borrowing," he insisted.
"That loan of N57 billion must not be approved under any guise because that will be an illegal act".
The former commissioner said that it was wrong for the Abia government to circumvent the verdict of the Supreme Court just as the Speaker has ignored an Appeal Court judgement.
He has so far refused to swear-in a lawmaker-elect, Hon Aaron Uzodike of PDP, who was declared victorious for Aba North State Constituency by the appellate court, he added.
Okiyi stated that Abia government should borrow a leaf from Osun State where "all the Transition Council Executives have reportedly resigned in deference to the recent Supreme Court ruling".
"Obviously, any action taken by those appointed by Governor Alex Otti will be deemed illegal, null and void in the eyes of the law yet he retains them because of hubris," he said. The former Abia government
N667.577billion; and National Social Investment Programme Agency, N200billion.
Under the capital expenditure component, the Ministry of Works had the highest projected sum of N1 404 trillion, followed by Ministry of Agriculture and Food Security with projected sum of N1.334 trillion.
Others were Ministry of Health and Social Welfare, N486.456 billion; Ministry of Education, N431.829 billion; Ministry of Finance N353.949 billion; Ministry of Power, N264.265 billion; Aids and Grants funded projects, N685.632 billion; Contingency (capital) N200 billion, and Zonal Intervention Projects N100 billion.
NASS Passes Finance Act Amendment Bill
Equally, on Tuesday, the National Assembly passed the Finance Act targeted at the funds, which accrued to Nigerian banks since the commencement of the new forex regime in the country. The federal legislature said the implementation would take effect from when the forex regime started during the administration of President
spokesman said that instead of looking for ways to beguile Abia people and dip hands into council funds, Otti should "simply go and conduct LGA elections as previous governors did and allow the LGAs run autonomously".
The federal government recommended the sharing of the windfall at 50-50, but the National Assembly approved a sharing formula of 70-30 per cent in favour of the federation.
The passage followed the adoption of the report of the National Assembly Joint Committee on Finance chaired by the duo of Senator Sani Musa and Hon. James Faleke.
The joint committee observed that the banks enjoyed windfall as a result of the exchange rate unification policy of the federal government.
The panel stated that the windfall was as a result of forex allocation to selected commercial banks.
The policy, the report added, did not permit the use of windfall for dividend payments.
The joint panel recommended that the application of the provisions of Section 30 of the Principal Act should take effect from January 1, 2023. It stated that the levy shall be 70 per cent on the realised profits from all exchange transactions of banks.
The report stated, "Any bank that fails to pay the windfall profit levy to the FIRS has not executed the deferred payment agreement by
financial resources required to produce renewable energy to meet domestic industries demands and our large population of over 200 million which is even projected to exceed 400 million by 2050.
“This is why NEITI publicly welcomed the recent demonstration of commitment to address the climate change, energy transition and environmental sustainability challenges by President Bola Tinubu administration,” he explained.
However, NEITI, he said, has made a strong case to the president for a seat on that presidential council for several reasons.
“Besides, energy transition seeks a global shift from fossil fuels to renewable sources of energy. This global shift will certainly require sustaining the ongoing reforms of the extractive industries which is at the heart of the work of Nigeria Extractive Industries Transparency Initiative.
“In this respect NEITI’s legitimate interests in the Climate Change, Energy Transition and Green Economic Solutions discus are institutional, legitimate and multi – dimensional,” Orji said.
He reiterated that NEITI's recent
31st December, 2023, shall be liable to pay the windfall levy withheld or not remitted in addition to a fine of 10 per cent of the levy withheld or not remitted per annum and interest at the prevailing Central Bank of Nigeria minimum discount rate.”
FG Injects N1trn into Manufacturing Sector
In another development, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Tuesday, said the federal government had injected funds amounting to N1 trillion into the manufacturing sector as incentives within the last one year.
Edun spoke at a meeting with the National Assembly Joint Committee on Finance over the 50 per cent tax on banks’ foreign exchange windfall.
The Tuesday public hearing of the panel was in continuation of the Finance Act (Amendment) Bill 2024 deliberations.
At the meeting, also, was Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who declared that accelerated stabilisation fund focused, among others, on series of legacy projects geared towards
report on the oil and gas industry disclosed a total unremitted revenue of gas royalty payments of $559.8 million and another unremitted sum of $828.8 million from unpaid gas flare penalties.
A close look at these figures, Orji explained, indicated that about 10 per cent of gas was flared during the period, thereby posing serious dangers to the country’s commitment for total gas flare out by 2025 which is just one year away and global commitment of 2030 which is less than six years away.
“Apart from gas flare, another major source of dangerous emissions, massive environmental pollution and damage to the eco systems is oil theft, illegal refineries, pipeline vandalism.
“Data from NEITI Reports between 2009 and 2021 disclosed that Nigeria lost 619.7million barrels of crude, valued at $46.16billion or N16.25 trillion between 2009 and 2020.
“In addition, Nigeria lost 4.2 billion litres of petroleum products from refineries, valued at $1.84 billion at the rate of 148,000 barrels per day, from 2009 to 2018,” he pointed out.
putting in place infrastructure to make the sector more viable.
The minister, in his response to requests by members of the committee that the manufacturing sector should be considered as a beneficiary of the proposed tax on banks’ foreign exchange profits (windfall tax), said the sector had already been taken care of.
He said, "There is expenditure of N1 trillion in terms of incentives to the manufacturing sector to help them with the high cost of production.
"In addition, under the Accelerated Stabilisation and Advancement Plan, which is a six-month plan for emergency economic, fiscal, and corporate sectoral actions in order to help, in particular, the manufacturing sector, there is low interest funding coming for the manufacturing sector."
In his presentation to the joint committee chaired by Senator Sani Musa (APC Niger East), Adedeji said the proposed one-time windfall tax was geared towards redistribution of wealth, which, according to him, would be beneficial to the various sectors.
He explained that strategic programmes of the Tinibu government were targeted at reinvigorating the manufacturing sector.
emmanuel addeh in Abuja
Bola Tinubu.
BUILDING CAPACITY FOR GREEN FINANCE…
Deputy Director, Securities and Exchange Commission,
and Director, SEC, Mrs Hafsat Rufai, during institutional capacity development on green finance for capital market operators in Lagos…yesterday
Baby Factory: Woman Arrested, 10 Pregnant Women Rescued in A’Ibom
Okon Bassey inuyo
Police operatives in Akwa Ibom State have arrested a woman who operates a baby factory at the World Bank Estate in Owerri, Abia state, and 10 pregnant women rescued.
The commissioner said that 21 criminal suspects are in police custody for allegedly committing various offenses, including kidnapping, armed robbery, attempted murder, vandalisation, cultism, stealing among others.
Ayilara said: “On 15/7/2024 at about 4:30p.m., based on actionable
The Akwa Ibom State Commissioner of Police(CP) Waheed Ayilara, disclosed this yesterday while briefing journalists on the activities of the state police command under his watch.
Plateau Stakeholders Reiterate Call for State Police
Seriki Adinoyiinjos
Stakeholders in Plateau State have called for the establishment of state police, emphasising that implementation is a crucial measure to addressing the region’s security challenges.
This call was made at a round table discussion on “Peaceful and Just Societies: State Police as the Sentinel of Plateau,” organised by JISRA in partnership with Tearfund and the Plateau Peace Building Agency. The event brought together a diverse group of participants, including security actors, policy makers, religious and traditional
leaders, civil society organisations, non-governmental organisations, and other stakeholders in peace and security.
Discussions focused on preventing political interference in state police, setting up an independent state police service commission, and ensuring sustainable funding through mechanisms like state security trust funds
In his opening remarks JISRA Country Coordinator for Nigeria, Mr Jude Likita, emphasised the importance of the round table discussion, describing it as a unique opportunity to engage in meaningful dialogue.
Aiyedatiwa Swears in Three New Special Advisers
Fidelis David in akure
xs
The Ondo State Governor, Lucky Aiyedatiwa, has sworn in three new Special Advisers.
They include Mrs. Seun Bosede Osamaye, Aide to the Chief of Staff to President Bola Tinubu, (Femi Gbajabiamila) who was sworn in as Special Adviser (Women Affairs); Mr. Adeyemi Olayemi (Environment) and Dr. Jibayo Adeyeye (Legislative Matters and Special Duties).
The governor had announced
the appointment of the three special advisers and seven other aides on June 19.
Speaking at the event, which was held at the Governor’s Office in Akure, Aiyedatiwa charged the SAs to bring their wealth of knowledge and experiences to their new role for the betterment of the coastal state.
Responding, the newly swornin SA on Women Affairs, Dr. Seun Osamaye, thanked the governor for appointing her and promised to do her best towards transforming the ministry.
WAP Commences New Season of Superstory in August
Sunday Okobi
Wale Adenuga Productions (WAP), multiple-award-winning producer of Super Story TV drama, Papa Ajasco and Company TV Comedy, and Akpan & Oduma Online Comedy Skits, has announced that a fresh season of Superstory titled: ‘The Curse’, would start airing across Nigeria and worldwide on August 8, 2024. The management stated that the star-studded cast of Superstory includes Mr. Macaroni, Yetunde Barnabas Olayinka, Hafiz Oyetoro,
Gloria Young, Babaseun Faseru, Sa’eed Muhammed (Funky Mallam), Lalude, Segun Arinze, Kate Adepegba, Dele Odule, Olajumoke George, Samuel Olasehinde, Joke Muyiwa, Temitope Aremu, “and many more of your favourite stars.”
According to Wale Adenuga Jnr., the producer of SuperstoryTV Drama, “Superstory: ‘The Curse’, is a very captivating story which would hook viewers from the very first episode. In addition to the great production design, and the multiple celebrities in it.
intelligence, one Mrs. Eunice Eze ‘f’ age 56yrs was arrested for running a baby factory at World Bank Estate in Owerri.
“The suspect specialises in
stealing babies and pregnant women from Akwa Ibom State through her agent, one Ability Henry 10 pregnant women were rescued.”
The commissioner also said that “through intelligence led operation, operatives of the command in partnership with sister security agencies arrested
vandals responsible for vandalising most of the electric transformers and communication mast within Akwa Ibom and Rivers States respectively.
Banditry: Zamfara Govt, Minister of State Defence Camps Bicker
Onuminya
Innocent
The camps of Zamfara State Government and Minister of State for Defense Mohammed Bello Matawalle are in war of words accusing each other for
the lingering banditry activities in the state.
In a statement released yesterday by the government flayed Matawalle and his former Commissioner for Information Ibrahim Dosara for not telling
the truth.
The statement noted that the government read with utmost surprise, the write-up by the immediate former Zamfara state’s Commissioner for Information, Alhaji Ibrahim Dosara, who tried
to defend his master, the Minister State for Defence, Honourable Bello Mohammed Matawalle against series of condemnations both within and outside the state regarding the video clip released by a bandits kingpin Bello Turji.
Demolition of Late Saraki Property: Counsels Petition Police over Breach of Court Order by Kwara
Hammed Shittu in Ilorin
Counsels to the family of late Olusola Saraki has petitioned the Kwara State Commissioner of Police(CP), Mr. Victor Olaiya, over breach of court order on the demolished building of the late politician by the state government.
The property is owned by the
Sunday Okobi
late former Senate Leader, Dr. Olusola Saraki and located at Ilofa Government Reservation Area (GRA), Ilorin.
In a letter by one of the counsels supporting the Lead Counsel, Dr. Akin Onigbinde, dated July 18, 2024, Abdul Azeez Ayodeji Ibrahim, a copy of which was made available to journalists in Ilorin yesterday
said that, “the state government went to demolish the structures and buildings thereon the land since about 40 years ago while the suit is still pending and not finally determined or struck out by the Court.”
The petition said: “In the suit no: KWS/112/2021 of Asa Investments Limited and 1 or v. Governor of Kwara State and
4 ors, the Claimants in the suit mentioned complained of breach of order of Honourable Justice A. A. Adebara, The Chief Judge of Kwara State.
“The claim in the suit referred to above is in respect of the plots of land at G.R.A., Ilorin belonging to Late Dr. Abubakar Olusola Saraki on which buildings known and called Ile Arugbo.
The Permanent Representative of the group to the United Nations, Mr. Olufemi Aduwo, in a statement recalled that Kaduna State used to be synonymous with violence and insecurity during
A group, Centre for Convention on Democratic Integrity (CCDI), has applauded Kaduna State Governor, Mr. Sanni Uba, for “creating an enabling environment for residents, visitors and investors alike in the state through his government’s deliberate policies that has enhanced safety of lives and property in the state.”
the immediate-past government, “a situation where some notable politicians from the state and foreigners could not visit for fear of being attacked has now become a safe haven for all.”
Aduwo commended the governor, noting that his achievements are visible for all eyes to see, adding that democracy is synonymous with development. According to him, without peace and security, no reasonable, sustainable development could be achieved, with reference to the sustainable development goal number 16 which focuses on peace and justice.
The Kano State Government has commenced desliting of its 22 dams as part of efforts to support dry season farming, which involve removing silt, sediment, and other deposits that have accumulated over the years in the dams.
The state Commissioner for Agriculture and Natural Resources, Dr Danjuma Mahmoud, disclosed this yesterday in Kano.
He said government had also commenced massive clearance of 1,299 cultivable lands to ensure improved farming activities in
the the upcoming dry season.
“We have set aside 1,299 hectares of land at Dansoshiya forest to boost irrigation farming in Kano, and the country at large.
“The destilling of our dams will help us to boost agricultural productivity, enhance food security support farmers’ livelihoods and promote sustainable water management practices.”
“After cultivating and harvesting the crops, there is also the need to use good roads to evacuate the produce to their various destinations, including the houses and markets,” the Commissioner added.
Oyebanji Presents N1bn Cheques to Pensioners in Ekiti
Gbenga Sodeinde in ado Ekiti
The Governor of Ekiti State, Mr. Biodun Oyebanji, yesterday presented cheques worth N1 billion as gratuity to pensioners in the state.
Oyebanji while distributing the cheques to the 450 beneficiaries of between April and July 2014 in Ado-Ekiti, the state, explained that his administration was committed to offsetting the backlog of gratuities owing to the state and local
government pensioners.
He, however, apologised to the beneficiaries of the one billion Naira cheques over the delay since 2014, noting that other pensioners who retired from the state civil and LG services would soon be remembered
in the payment of the gratuity he described as their legitimate right.
The governor pointed out that his administration since inception in 2022 has paid over N12 billion as pensions and about N2.3 billion as gratuity to the state pensioners.
E-Health Devices Critical to Nigeria’s Healthcare Devt, Says Senator Banigo
Blessing Ibunge in Port Harcourt
The Chairman, Senate Committee on Health, Senator Ipalibo Harry Banigo, has stressed the importance of e-Health devices and digital health solutions in improving
the Nigeria’s healthcare system. Senator Banigo emphasised that health is a multilayered activity and a multi-sectoral collaboration that requires legislators to work together to provide legislation, implement policies, and track
funds effectively. Banigo, who is representing Rivers West senatorial district in the National Assembly, made these remarks at the 5th Annual Legislative Summit on Health in Abuja, with the theme:
‘Improving Legislative Stewardship and Accountability for Universal Health Coverage.’ She highlighted the potential of e-Health devices, especially given Nigeria’s large population and limited healthcare professionals.
Ahmad Sorondinki in Kano
L-R:
Mr. John Briggs; Executive Commissioner, Operations, SEC, Mr. Bola Ajomale; Executive Director, Climate Transition Limited, Mr. Olumide Lala,
Ebi, Abiodun Empower Abia and Rivers Angels as FIFA Shares $11.3m Among Clubs
Femi Solaja with agency report
Following the record-setting FIFA Women’s World Cup Australia and New Zealand 2023, 1,041 clubs from 48 FIFA Member Associations across all six confederations are to receive a share of the revenue for the release of players who participated in the tournament. Going by the final list of players submitted by the Nigeria Football Federation (NFF) to the tournament, two domestic club sides, Abia Angels and Rivers Angels will profit from the $11 million largesse. The funds have been made available via FIFA’s Club Benefits Programme (CBP), which was introduced ahead of the FIFA Women’s World Cup France 2019 to recognise the fundamental role that clubs play in developing players. The total amount committed
NBBF Unveils D’Tigress’
Final Roster for Paris 2024
The Afrobasket champions in final warm-up clash with Japan tonight
Duro Ikhazuagbe
The Nigerian Basketball Federation (NBBF) released the final 12-player roster of the country’s glory-seeking senior women’s basketball team, D’Tigress for the Paris 2024 Olympic Games.
Leading the squad expectedly are the trio of veteran Ezinne Kalu, Amy Okonkwo and Promise Amukamara. These players formed the soul of the team to the last Olympic Games in Tokyo. Others in the squad under the watch of experienced Coach, Rena Wakama, include; Elizabeth Balogun, Nicole Enabosi, Murjanatu Musa and Ifunaya Okoro.
Pallas Kunayi, Blessing Ejiofor, Olaoluwatomi Taiwo, Lauren Ebo and Adebola Adeyeye complete the roster.
Meanwhile, the D’Tigress will engage Japan in their last warm up game tonight at 8pm before kicking off their Paris 2024 Olympic Games Group B adventure on Monday, July 29 against Australia.
D’Tigress who will play this final warm up match against Japan in Lille, France, have been preparing and training hard in Germany.
Although the first two test matches played against Germany and Serbia have not produced the desired effect as they lost both matches, basketball aficionados were quick to insist that the team was still in the works.
The reigning Afrobasket champions will play France (August 1) and Canada August 4) in their other Group B matches in the group phase of the Games.
U-17 Youth League All-Stars Camp Opens in Abuja
A two-week development camp opened in Abuja for the Nigeria Premier Football League (NPFL) Youth League All-stars.
The 30 players arrived at camp on Sunday, July 21 and are staying at the Goodluck Jonathan Athletes Performance Hostel inside the FIFA Goal Project of the MKO Abiola National Stadium in Abuja.
They are made up of seven players from the NPFL Champions, Rangers International Youth Team, six from the NPFL Runners-up and Remo Stars Youth Team, and five from winners of the maiden NPFL U17 Youth League, Rivers United.
The rest are four from Plateau United and Katsina United, two from Lobi Stars and one each from Abia Warriors and Sunshine Stars.
The players were picked from
the five zonal qualifiers which were held in February at Lafia, Kaduna, Ado Ekiti, Enugu and Port Harcourt as well as from the finals that were held from February 25 to March 3 in Benin.
Some of the very outstanding players went on to be promoted to the senior teams of their respective clubs just as some made it to the National U-17 team that narrowly missed qualification for the AFCON U-17 Championship.
Notable amongst the players in camp are the duo of Oscar Ozornwanfor and Seiyefa Jackson of Rivers United, Chimaobi Igwilo of Rangers and Aigbe Bolaji of Remo Stars. The camp will close on August 3 while there are plans to have the players travel to Spain for further training.
European Leagues, Players' Union Sue FIFA over International Calendar
European Leagues and the FIFPRO Europe Players Union are taking legal action against FIFA over the "saturated" and "unsustainable" international match calendar.
FIFA is accused of neglecting its responsibilities as a governing body, favouring its commercial interests to the detriment of national leagues and player welfare.
In 2025, FIFA will hold its first edition of the revamped Club World Cup, expanded to a 32-team competition that will last four weeks across next June and July. A new annual competition called the FIFA Intercontinental Cup will replace the previous version of the Club World Cup each December.
The legal complaint claims FIFA is
guilty of breaching EU competition law and of an abuse of dominance as both a regulator and organiser.
"Following decisions by their respective executive bodies, European Leagues and FIFPRO Europe will jointly file a formal complaint to the European Commission on competition law grounds against FIFA regarding the international match calendar," a lengthy statement explained.
"For several years, the leagues and player unions have repeatedly urged FIFA to develop a clear, transparent, and fair process regarding the international match calendar. The latest formal request was sent ahead of the FIFA Congress and Council in May 2024.
to clubs that released and/or trained the stars of women’s football rose to USD 11.3m for the 2023 edition of the FIFA Women’s World Cup™ from USD 8.48m four years earlier.
two million fans at the tournament’s ten
and
the
football at last year’s
FIFA Women’s World Cup, and now the clubs that played integral roles in shaping the talents of all 736 players at the tournament are to be rewarded.
“Strong clubs are crucial to the growth of women’s football, so distributing funding to over 1,000 clubs that have been instrumental in developing the world’s top female footballers is just one way that FIFA can offer its support,” said FIFA President Gianni Infantino yesterday.
“What’s truly unique about this programme is that FIFA does not only reward the clubs that released the players for the tournament but also the clubs that have contributed to each player’s development between the ages of 12 and 22.
This development also means that most of the players who began their careers in Nigeria before their sojourn overseas will benefit from the gesture from the world football body.
“This model ensures that crucial funding as well as the incentive for clubs to provide the best possible training and environment for female talent – reaches every part of the global football ecosystem, benefiting grassroots and professional clubs.”
The number of clubs that were identified by FIFA as eligible to receive payments via the FIFA Women’s World Cup 2023 CBP increased by 219 clubs from 822 in 2019 to 1,041 in 2023. Positively, the number of clubs across FIFA’s Member Associations also increased from 39 in 2019 to 48 in 2023. Each club’s share has been determined by the role that they played in a player’s development or participation in the tournament, either as a releasing club, a training club, or both.
Each eligible releasing club will receive an equal amount per player per day at the tournament, counting from the beginning of the release period (10 July 2023) and finishing the day following the last match of the player’s national team at the tournament.
Omotayo, Edem, Others Get Opponents at Paris 2024 Olympic Games
Aruna gets bye to the Rd of 64
As the official draw for the table tennis competitions of the Paris 2024 Olympic Games is set to take place on Wednesday, July 24, Nigeria’s trio of Olajide Omotayo, Offiong Edem, and Fatimo Bello will know their first-round opponents when the event kicks off on July 27 at South Paris Arena.
A total of 172 players, (86 in men’s and 86 in women’s category), will compete across five medal events (two per gender and a mixed) at the Paris Olympic Games, while Omotayo who will be making his second appearance at the games will start his campaign from the Preliminary Rounds of the Men’s Singles.
Like Omotayo, Edem who is making her fifth Olympic Games appearance as well as debutant Bello will also start their participation in the Preliminary Rounds of the Men’s Singles.
As one of the top 16 seeds, Quadri Aruna will commence his fifth Olympic Games campaign from Round of 64 which will commence on July 28.
Aruna, whose best outing at the Olympic Games was at Rio 2016 in Brazil where he defied odds to reach the quarterfinal of the Men’s Singles as the first African to attain the height.
However, Egypt’s Omar Assar equalled Aruna’s quarterfinal feat at the Olympic Games in Tokyo 2020 when the 2023 African Games champion worked his way into the last eight of the Men’s Singles in Japan.
Apart from Aruna and Assar who are among the top 16 seeds, other Africans like Egypt’s trio of Dina Meshref, Hana Goda, and Mohamed El-Beiali as well as Senegal’s Ibrahima Diaw, Cam-
eroon’s Sarah Hanffou, Algeria’s duo of Mehdi Bouloussa and Lyna Loghraibi including history-making 21-year-old Fabio Rakotoarimanana of Madagascar will all begin their quest from the Preliminary Rounds of the Men’s and Women’s Singles on July 27.
Meanwhile, 35-year-old Chinese legend Ma Long, who is considered the undisputed king of table tennis, prepares for what could be his final Olympic hurrah in Paris.
With five Olympic gold medals, the most of any player, Ma Long’s legacy is already cemented. His journey to the top began in 2012 when he secured his first Olympic gold as part of China’s dominant Men’s Team. Four years later, in Rio 2016, Ma Long’s legend truly ignited. He displayed a mastery of the racket, showcasing both offensive prowess and tactical brilliance as he clinched his first Men’s Singles gold medal. This victory cemented his place as a top contender and a force to be reckoned with on the world stage. Tokyo 2020 wasn’t just another year for Ma Long. He defied expectations and accomplished the unthinkable – defending his Men’s Singles title. This historic feat had never been achieved before, solidifying him as an Olympic legend. Ma Long also secured a team gold, adding another chapter to his already impressive Olympic resumé. His haul of five Olympic gold medals, combined with three singles world titles and the record for the longest reign at number one in the world rankings, leaves no doubt that Ma Long is the undisputed greatest table tennis player in history. Now, in Paris, Ma Long sets his sights on potentially adding another team gold to his collection.
Nearly
stadiums –
two billion following around
world – witnessed a new standard of women’s
Former Super Falcons captain, Onome Ebi
Deborah Abiodun at the last FIFA World Cup tournament
Nigerian table tennis star, Olajide Omotayo
MISSILE
Agbakoba to Federal Govt
“But why take over what a private individual built? Why can’t the FG fix its refineries all these years and make Dangote irrelevant? Why allow an efficient businessman to hold you to ransom when there is a very simple alternative? The simple alternative for us all is this- let Nigeria work. Let there be light. Let there be food. Let there be water. Let there be jobs. Let there be money, schools, healthcare, roads etc” --FormerNBAPresident,Dr.Olisa Agbakoba,urgestheFGtofixownrefineries,nottotakeoverthatofDangote.
SamAmADI
A New Development Agenda for Nigeria
Things are worse than they may appear. Nigerian economy is in a bad place. The more frightening thing is that everyday politics compounds it and undermines the prospect of getting out of the mess. We ought to be jumping out, but we are digging in. President Tinubu inherited a mismanaged economy. But he is making it worse. The worst part of this debacle is that the politics of Nigeria (especially Tinubu’s brand of it) makes it more difficult to advance remedies for its maladies. It is true that there is no problem a determined people cannot solve. But that is if their politics does not undercut their determination. Nigeria’s tragedy is that its politics undermines any prospects of its recovery from the crisis of values and the collapse of socioeconomic wellbeing.
Today, I doubt if anyone will credibly contest that Nigeria is not heading to hell, if it does not correct course and quickly too. Whether at the levels of aggregate or the individual, life in Nigeria is poor and nasty, if not yet brutish and short. The fact that about 26.5 million out of 200 million Nigerians are expected to starve in 2024 speaks to the depth of the collapse of livelihood. The growing debt and shrinking revenue profile speaks to a near future that will not be markedly better. More and more people are rushing from average to extreme poverty in Nigeria because of rising food inflation and complete lack of social protection. In the meantime, Nigerian governing elites are isolated from the turbulence and are unwilling to change the fundamental of public governance. They are cautionary about inflation when it comes to increasing earnings for the lowest workers who are below minimum in livelihood. But they are bullish in stuffing the pork barrels for themselves and their cronies.
The current fight between Dangote and the Nigerian government over the fortunes of his giant refinery project is evidence of one unorthodox aspect of the Nigerian economic crisis. It is not just that Nigeria’s economy is captured by its elites and disconnected from the socioeconomic realities of its ordinary citizens. But even worse, amongst the capturing elites there is no consensus on how to expand the state coffers for their pilfering. That is a double stroke of misfortune. At least if the economy cannot work for the ordinary people, let is work coherently for the overlords. The rest of us can live on trickle-downs. But the Nigerian economy does not. It is incoherent to the extent that there is no principle governing its extraction and exploitation. It is just endless transactions. We are seeing the first evidence of a disaggregation of state capture.
The fight may not last long. At a point soon, we can be sure that the bureaucrats and oligarchs will make up and rally together. But not in a coherent manner, and not in service of any strategic agenda beyond self-enrichment. Developments in Nigeria continue to confirm Peter M. Lewis’s claim that although Nigeria and Indonesia are similarly corrupt, they grew apart because whereas Indonesia’s thieving elites had consensus on development, Nigeria’s lacked such.
The problem that the rulers of Nigeria should fear is that the disruption of the social order has added new threats to the instability of Nigerian political economy. Since return to civilian rule, the disruptive force of civic society
against political establishment has been tamed. This is largely because the aperture for social disruption narrows in a democratic regime, no matter how nominal. It is difficult for citizens to learn the art of democratic intercessions, and democracies, even highly flawed ones like Nigeria’s, are clothed with some dignity that makes appeals to protests sound unreasonable. So, the regime survives as it stutters and stumbles.
But things have changed. In the past, incompetent regimes can muddle through to the next rigged election without much harm. It was easier to keep the people bottled. But no longer so. The contagion of ‘revolution’ across the world, especially the Kenyan example and the disruptive nature of new technologies and the autocracy of social media mean that fractiousness is a new social order. The state lives under continuous threat of disintegration. And the tools and skills of social herding of the people are deprived of their potence. The EndSARS protests are both a foretaste of what could be and a reminder that the charmed circles are no longer charming.
We have come to the end of power as Moses Naim famously put it in his book of the same title. The end of power means that hierarchy is no longer as important as it used to be. Network and narrative have replaced money and force as the currency of social management. Whether in the boardroom or the state house or the church, power is ended; replace by narratives and networks. The economic implication of these tectonic shifts is that Nigeria’s dysfunctional economics needs a radical rethinking and retooling to even survive. We could be close to real Armageddon considering that the advanced west is trapped in its peculiar incubus and do not have extra bandwidths to spare for us. We are at a unique juncture in global political economy when there is attention deficit in matter of the global south, for good
or bad. We will have to paddle alone to the shore. Considering that our fundamentals are terrible, a disruptive social order would compound the problem and push the crisis further down the tunnel. Things are very bad but could be terrible.
But there is solution. And it wears the toga of social regeneration of the politics of power. It is in the form of a new development agenda that is rooted in democratic citizenship. The Nigerian crisis could be a valuable thing if it leads to a new mindset on development. The textual and conceptual anchoring for the new development agenda is not far-fetched. It is right there in our constitutional text, Chapter 2 of the Nigerian constitution. The chapter lays down elements of a development agenda focused on the wellbeing of Nigerian citizens. The chief merit of the chapters and its articulation of the fundamental objectives and directive principles of state policy is that it provides actionable platforms to secure public trust in government and engender consensus on key approaches and outcomes of development.
With a social compact defined by the economic, social and political dimensions of citizenship as described in Chapter 2, we easily get around the political stasis holding back transformation. It will be easier to commit politicians to investment in a national development agenda if it is cast in terms of the policies and programs that advance national development. There would be incentives for such commitment because it goes with popular support and greater public trust. A social compact in the nature of the fundamental objectives and principles of state policy will clothe government with credibility and legitimacy to undertake radical restructure of the political economy. It will help to reduce social conflicts and enhance elite consensus necessary for social and economic development.
There is an obvious economic argument for reorienting economic development policymaking in Nigeria away from dubious neoliberalism to a social democratic model that is hinged on social production and social welfare. Such an economic model will build the human capital and requisite social capital for high and sustained economic growth. The growth imperative is not realizable in present prebendal, extractive and oligarchic economics.
Apart from the usual severe business crises of Nigeria’s anarcho-capitalism, the current social fractiousness ensures that any dream for economic development of the sort that leads to escape of cyclical crises of extreme poverty and stagnant growth will end as mere dream.
The transition to a new development agenda built on the foundation of democratic citizenship will serve Nigeria’s political economy well by reinvesting resources towards resolving the national question. The nationality question in Nigeria has been a drag on the wheel of economic development. There is a reason why economic development in the past has been accompanied by a high degree of nationalism. One reason Nigeria has not developed the requisite degree of nationalism for economic transformation is because economic governance has alienated rather than mobilized the people. Focusing economics specifically on the welfare of the people will provide a
lever to socialize Nigerians into an ideology of national development which will help to kickstart and sustain real development.
The economics of a social compact based on democratic citizenship can enhance commitment to social welfare and antipoverty strategies. Chapter 2 of the constitution enjoins public officials to manage the national economy in a manner that guarantees “maximum welfare, freedom and happiness on the basis of social justice, equality of status and opportunity”. The social compact commits Nigerian government to develop policy framework and take practical actions that institutionalize a comprehensive social security policy framework that is costefficient and ensures that no citizen lives in extreme poverty. It will provide incentive for legislators and bureaucrats to drastically reduce the cost of public governance to free financial resources for sustainable living wages for Nigerian public workers.
Another beneficial outcome of a new development agenda rooted in the chapter 2 social compact is that it will lead to high economic growth based on rural industrialization. Rural Nigeria has been abandoned and impoverished because of the perverse incentives of the oil windfall that feeds the comprador capitalism. If we refocus attention on the people we re-engage industrialization, especially rural cottage industry, and build a real rural economy that can nurture transition to techno-industrialization.
Some of the highpoints of such transition is the full mobilization of Nigerians under full employment of all natural and human resources for economic development; refocusing economic development away from oil and gas multinationals to micro and medium enterprises that are locally owned and producing goods for consumption and exports; focusing on public taxation and social sector expenditure in order to overcome rent-seeking and engender an ownership society where citizens have stakes in protecting democratic governance; supporting entrepreneurship through removal of bottlenecks to competition through sound macroeconomic policies; and revitalizing manufacturing and industrial complex.
Now, Nigeria is stuck at the primal level of state formation where political power is used for extraction for self and close kindreds. The economy in such a state cannot witness significant and sustained progress. Yes, we can produce a handful Dangotes. But the aggregate outlook will still be one of gross underdevelopment. Today, with entrenched social fractiousness, disarticulated anarcho-capitalism will lead to poverty and disintegration. The solution will be a development agenda intentionally constructed on the economic imperatives of citizenship.
The constitutional authorization for a different development agenda is right here. The justification is well-made. What is missing is a politics that is less chaotic, insane, neurotic and psychotic, and can breakthrough the narrow corridor of inclusive and other-regarding politics. Such politics is difficult, but not impossible, to construct in the present circumstances. Is Tinubu up to it? Will Tinubu inaugurate a new development by transcending the current political imperatives in which he excels? It does not look like he is willing or able. But who knows?
