MONDAY 29TH JULY 2024

Fitch: Inflation Has Peaked in Nigeria, Will Moderate Below 25% By

Says president in full support of peaceful protests

Three Days to Nationwide Protests, Nigerians Still Divided on Action

IGP: Why protesters must register with police Kwara, Ogun govs, Barau seek understanding

Peter Obi endorses countrywide action CAN, NANS ask members to shun protest CSOs accuse FG of blackmail, intimidation PTD: NUPENG chasing political relevance

L-R: Wife of Kwara Governor, Prof. (Mrs) Olufolake Abdulrasaq; former President Olusegun Obasanjo; celebrant, Erelu of Lagos, HRH Abiola Dosumu; Governor of Lagos State, Mr. Babajide Sanwo-Olu; his wife, Dr Ibijoke; and Olowo of Owo, Oba Ajibade Gbadegesin, at

Emmanuel Addeh in Abuja Fitch Solutions has said Nigeria’s

Deji Elumoye in Abuja The presidency, yesterday, assured Nigerians of President Bola Tinubu's commitment to putting the country on a sound economic footing, despite

his administration. Media Adviser to the President,

Nigerian Passport Falls 30 Places in 18

Years, Emerges World’s 92nd Most Powerful

Africa tops list of EU visa rejections Singapore re-crowned world’s most respected travel document

Emmanuel

Addeh in Abuja

Nigeria has emerged as the country with the world’s 92nd most powerful passport, falling from 62nd position in 2006, but rising from 97th position in 2023, according to the Henley Passport Index, 2024.

The Henley Passport Index ranks all the world’s passports according to the number of destinations their holders can access without a prior visa. The index is based on exclusive

data from the International Air Transport Association (IATA).

The Henley Passport Index compares the visa-free access of 199 different passports to 227 travel destinations. If no visa is required, then a score with value = 1 is created for that passport. The same applies if one can obtain a Visa On Arrival (VOA), a visitor’s permit, or an electronic travel authority (ETA) when entering the destination.

According to the latest report by

THREE DAYS TO NATIONWIDE PROTESTS, NIGERIANS STILL DIVIDED ON ACTION

Deji Elumoye, Chuks Okocha, Ikechukwu Aleke, Folalumi Alaran in Abuja, John Shiklam in Kaduna, Hammed Shittu in Ilorin, James Sowole in Abeokuta, Segun Awofadeji in Bauchi, Laleye Dipo in Minna, Blessing Ibunge in Port Harcourt, Segun James, Dike Onwuamaeze in Lagos and Ahmad Sorondinki in Kano

With just three days to the August 1 countrywide protest against hardship and hunger, allegedly, brought on the country by some of the policies of the current administration of President Bola Tinubu, Nigerians are still largely divided over the choice of demonstration to register their displeasure with the government.

Division among the country's prominent opinion leaders as well as the mass of the people continued to build up since the idea of protest was mooted by some Nigerians, and bought into by a majority of the people, who feel the pain of the current economic hardship in the country.

Inspector General of Police (IGP) Kayode Egbetokun, yesterday, explained why he asked all groups planning the protest to register and provide requisite information at their respective state police commands before embarking on the protest.

Deputy President of the Senate, Senator Barau Jibrin, also appealed to organisers of the protests to reconsider their decision and shelve the idea so that the fragile peace in the country would not be disrupted.

Kwara State Governor and Chairman of Nigeria Governors Forum (NGF), AbdulRahman AbdulRazaq, weekend, appealed to Nigerians to be patient with Tinubu as he tackles the myriad of challenges facing the country.

Ogun State Governor Dapo Abiodun equally called on Nigerian youth not to allow themselves to be used by a movement, allegedly, sponsored by politicians.

But the presidential candidate of Labour Party (LP) in last year’s general election, Peter Obi, threw his weight

Nigerians were currently facing economic pressures and food crisis, the administration was doing a lot in the short, medium and long terms to change the situation.

He emphasised that development would ordinarily take time and Nigerians understood that there was no magic switch to instantly solve the country's problems.

He reeled out the administration's achievements to include single-digit interest rate credit facilities for over one million micro, small, and medium-scale enterprises, road reconstruction across the country, and seaport reconstruction.

The presidential spokesperson also mentioned the National Student Loan programme, Consumer Credit Programme, and the increase in national minimum wage, stressing that these initiatives would have a positive impact on the livelihoods of citizens.

Ngelale acknowledged that some of the efforts might not be immediately visible, but assured that the administration was working tirelessly to create a prosperous future for Nigeria.

He stated, “When the president sets

behind the protest.

Christian Association of Nigeria (CAN) and National Association of Nigerian Students (NANS), however, told Christians and students in Niger State to shun the planned nationwide protest against high cost of living and hunger in the country.

The organised civil society said it was alarmed by the blame game and blackmail tactics being deployed by handlers and aides of Tinubu try to arm-twist and intimidate Nigerians out of the impending protest. Instead, they said the presidency should have immediately started to address issues of the unbearable economic situation necessitating the planned mass action slated for August 1 to 10.

But the national leadership of Petroleum Tanker Drivers (PTD) branch of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) accused the parent body of being insensitive and opportunistic for using the proposed protest as a buffer to gain a voice publicly after conducting a sham election in flagrant abuse of the guidelines laid down by the National Industrial Court of Nigeria.

IGP: Why Protesters Must Register with Police

The IGP had on Friday ordered all groups planning to take part in the protest to provide certain information to the police command closest to them to forestall breakdown of law and order, as well as destruction of critical national infrastructure and looting of private businesses.

The information, according to him, included proposed protest routes and assembling points, expected duration of the protest, names and contact details of protest leaders and organisers, measures to prevent hijacking by criminal elements, including key identifiers for possible isolation of potential troublemakers, among others.

Continued on page 42

out to build… right now you have over 300 roadways across all states of the federation being reconstructed and that is not including the super-highway from Lagos to Calabar that’s under construction, the Badagry to Sokoto highway and many others.

“Not to talk of $1 billion being right now expended on seaport reconstruction across the eastern and western seaports.

“There are a number of things that are going on now that create direct employment and set us up for a prosperous future, where our infrastructure actually supports the foreign direct investment drive that this president is aggressively pursuing.

“But it is also incumbent upon our administration, not just at the federal level, but obviously incumbent on the state and local levels, to ensure that whatever policies are being implemented to create fiscal space for households, that these things are actually done, that we don't have any kind of administrative incompetence, that we don't have unnecessary bureaucratic delays.

“The last point I would make

the organisation, Nigeria was 62nd in 2006; 64th in 2007; 67th in 2008 and 2009; and 76th in 2010.

Falling to an all-time low of 103rd position in 2021, Nigeria’s ranking on the Henley index picked up steam in 2022, rising to 98th position and then 97th in 2023, before the current 2024 ranking of 92nd most powerful travel document.

Africa also topped the list of the European Union (EU) visa rejections, according to a new research conducted for Henley & Partners by Prof. Mehari Taddele Maru, Adjunct Professor at the School of Transnational Governance at the European University Institute, and Johns Hopkins University in Italy.

The survey compared Schengen

These, it said, will continue to strain household finances, worsen poverty, and suppress private consumption in the quarters ahead.

According to Fitch, overall, fixed investment will grow by 7.0 per cent but add just 1.0pp to headline growth in 2024 as it continues to remain muted, despite improving market sentiment.

The global firm also projected that the Nigerian economy will expand by a muted 3.0 per cent in 2024, up slightly from 2.9 per cent in 2023, but will hit 3.5 per cent in 2025. “Inflation has peaked, but weak food production to keep prices elevated,” Fitch predicted.

However, it stated that the current high inflation, tighter monetary policy, and weak foreign direct investment will weigh on domestic demand, although an increase in domestic refining will support net exports.

Fitch stated, “In 2025, we project that real Gross Domestic Product (GDP) will grow by 3.5 per cent as inflation moderates; however, structural constraints will keep growth below potential.

“We forecast that the Nigerian economy will expand by a muted 3.0 per cent in 2024, up slightly from 2.9 per cent in 2023.”

After taking over the reins of power in May last year, President Bola Tinubu announced the “removal” of petrol subsidy and later the liberalisation of the exchange rate. The impact of these reforms have mostly led to inflation in the country surging to a three-decade high.

For these reasons, Fitch said the economic growth will remain subdued in the coming quarters due to weak consumer spending.

It stated, “We project inflation will moderate to just under 25.0 per cent by year-end, but food prices will

on this is that when you look at the government right now we've rolled out the National Student Loan program, where you have over 100,000 beneficiaries, students who originally would not have been able to access institutions of higher learning, but are now able to do so, not just accessing the tuition, but accessing the logistics, accommodation, upkeep and all of that.

“If you look at the Consumer Credit Programme, if you're looking at a scale of over one million Nigerians in the first year that would benefit from that program, these are things that take time ultimately to mature.”

Ngelale added, “There's no question about the fact that there is a lot of work that has to be done and there's a lot of work that is being done, some of which is not going to have the bells and whistles of TV cameras and nobody's going to be sitting in the office, for example, of the CBN governor, as he's doing his paperwork which leads to the full payoff of $7 billion worth of foreign exchange backlog.

“It has massive impact on investor confidence, it has massive impact on

visa rejection rates for African applicants to those from other regions.

The results showed that around 3 in 10 or 30 per cent of African Schengen visa applicants were rejected, compared to 1 in 10 applicants worldwide, despite the continent having the lowest number of visa applications per capita.

The report also found evidence that the poorer the African country of origin, the higher the rejection rate for its nationals.

According to Maru’s research published in the Henley Global Mobility Report 2024, July edition, Africa accounted for seven of the top 10 countries globally with the highest Schengen visa rejection rates in 2022.

stay elevated due to weak domestic production, caused by insecurity in agricultural regions and adverse weather conditions.

“This will continue to strain household finances, worsen poverty, and suppress private consumption in the quarters ahead.”

The report added that the workers’ wage increase was unlikely to prevent a decline in consumer spending this year. It forecasted private consumption to fall by 2.5 per cent in 2024—following a decline of 10.3 per cent in 2023—and shave off 1.5 percentage points (pp) from headline economic growth.

It said, “Meanwhile, we believe that fixed investment will provide only limited support to the Nigerian economy. While the reforms enacted by the Tinubu administration are positively influencing market sentiment, concerns about Nigeria’s long-term business environment remain.

“Notwithstanding a 219.7 per cent y-o-y increase in capital inflows in Q1 2024, foreign direct investment remains subdued, pointing to a continued reluctance by foreign companies to invest in tangible assets, particularly outside of the hydrocarbons sector.”

From a domestic perspective, the central bank’s increase of the cash reserve ratio, it said, had reduced liquidity within the banking system, which will hinder business financing in the coming quarters.

Furthermore, despite the start of the Lagos-Calabar Coastal Highway Project, Fitch said the persistent fiscal pressures stemming from high debt servicing costs and weak tax collection will limit the government’s ability to bring capital expenditure closer to that of other Sub-Saharan African countries.

“Overall, we forecast that fixed

the medium term kind of monetary space in the country, but that's not something that people are necessarily going to be dancing and celebrating about. So there's a lot going on.

“I think the key thing for us is to recognise that the president has agreed that we are going to ensure that our states, and now by virtue of the president's action with the institution of the suit that ultimately resulted in a Supreme Court judgement that has led to a local government financial autonomy, is going to ensure that the local governments now have the fiscal space they need to be able to truly deliver the dividends of democracy that our people require at that level.

“I think that is restructuring in practice. That is the kind of thing that Nigerians would need to give some time to see what the difference actually will translate into in terms of the impact on their livelihoods.”

The presidential spokesman also stated, “I think the other part of this is to recognise that it is under the leadership of this president, that we have had a 100 per cent increase in

Algeria was (45.8 per cent), Guinea-Bissau (45.2 per cent), Nigeria (45.1 per cent), Ghana (43.6 per cent), Senegal (41.6 per cent), Guinea (40.6 per cent), and Mali (39.9 per cent).

Nigerians faced almost three times the rejection rate of Turkish applicants (15.5 per cent) and twice that of Iranians (23.7 per cent).

The report said despite justifications based on apparent security or economic concerns, the European visa system clearly demonstrated a pre-determined bias against African applicants.

It stated, “While factors such as per capita income, the incidence of illegal overstays, and the low rate of return and readmission of Africans illegally present in Europe partially

investment will grow by 7.0 per cent but add just 1.0pp to headline growth in 2024,” it stressed.

On a more positive note, Fitch said it believed that the operational start of the Dangote refinery will boost net exports in 2024.

It said a significant portion of the produced petrol will be sold domestically, with the Independent Petroleum Marketers Association of Nigeria (IPMAN), which controls about 150,000 retail stations across Nigeria, already having committed to purchasing and distributing gasoline from the refinery.

Fitch said, “As such, our oil and gas team forecasts that Nigeria’s trade deficit of refined liquids will narrow from 493,000 barrels per day (bpd) in 2023, to 228,000 bpd in 2024 , pointing to a marked reduction in the country’s dependence on petrol from overseas.

“Meanwhile, a portion of Nigeria’s crude production—which will continue to grow this year will be redirected from the export market to domestic refining, capping export growth.

“All told, we forecast that net exports will add 3.1 per cent to headline economic growth in 2024, and act as the key driver of economic expansion. We project that real GDP growth will accelerate to 3.5 per cent in 2025 as consumer activity picks up.

“Inflation will remain on a downward trend next year, averaging 18 per cent, thanks to statistical base effects and more stability in the foreign exchange market.”

Fitch said greater monetary orthodoxy by the Central Bank of Nigeria (CBN) will lead to stronger capital inflows compared to previous

the national minimum wage and I think it will be difficult for everybody in the country to fully appreciate what it took in terms of the leadership of the president to get the private sector to agree in uniformity, with state governments and local governments, making sure that everybody's on the same page with respect to the payment of a new national minimum wage, it's not easy to achieve that, he achieved it.

“I think there are a lot of elements of what the president has done, that Nigerians truly do appreciate and truly do recognise as progressive. These are things that we've been in this democratic dispensation now for about 25 years, we have not seen some of the measures that this president has now put in place ever being put in place before.

“I think people have confidence, but I think it's also fair to say that people are frustrated, people do feel they are buckling under this intense economic difficulty with respect to energy prices, food inflation and many of the other elements but what we are working hard in hand in hand with our people to communicate is that the trends are

explain these higher rejection rates, they do not fully account for the significantly greater restrictions against African Schengen visa applicants, and, for that matter, the passport strength itself.

“It is highly likely that European migration policies, shaped by national identity politics, play a more significant role in these discriminatory restrictions than is officially acknowledged.”

years, limiting pressure on the naira. This, it said, will gradually improve households’ purchasing power and allow private consumption to start a recovery next year, adding 1.7 per cent to headline economic growth.

In addition, Fitch said that it expected the Dangote refinery to ramp up petrol production next year, further lowering Nigeria’s dependence on imported fuel.

It stated, “Although we believe that the refinery’s target of reaching full capacity of 650,000 bpd next year is overly ambitious, further infrastructure developments should allow for production increases. Consequently, we forecast net exports will contribute positively to overall economic growth, adding 1.1 per cent.”

Besides, it stated that fixed investment was unlikely to reach full potential next year, as structural challenges remain, with Nigeria’s high cash reserve ratio and elevated interest rates limiting corporate credit growth. Meanwhile, limited progress on fiscal reforms, widespread insecurity and a challenging operating environment, it pointed out, will keep Foreign Direct Investment (FDI) inflows muted.

Fitch stated, “All told, we forecast fixed investment to add 0.6pp to headline real GDP growth in 2025.

“Risks to our economic growth outlook are tilted to the downside. Should production at the Dangote refinery fall below expectations, growth will come in softer than we currently forecast.

“Similarly, if the refinery exports most of its petrol rather than supplying the domestic market, fuel imports will remain higher than anticipated, negatively impacting Nigeria’s growth outlook.”

moving in the right direction.

“We are seeing revenues going up, we are seeing inflation growth stagnate into a descent. So we have come through the worst of it and this is what we're communicating to our people and we will together with them get to the end of where the light is at the end of the tunnel.”

Shedding light on concerns raised by government on the protests planned for August 1-10, Ngelale said, “Let me be clear, we are not in office to dominate our people; we are here to serve them.” He stated that Tinubu fully supported the right of Nigerians to protest peacefully, citing his own history as an activist fighting for democracy. Ngelale condemned any internal voices suggesting that citizens should be prevented from protesting, saying, “No one in our administration has the authority to deny Nigerians their right to peaceful protest.”

He acknowledged fears surrounding potential protests, and made reference to credible intelligence that they could be hijacked, like was the case during the #EndSARS protests.

Tunji-Ojo

ADUN’S 80TH BIRTHDAY CELEBRATION...

L-R: Former Edo State Governor, Chief Lucky Igbinedion; Edo State Governor, Mr. Godwin Obaseki, and former House of Representat ives member representing Egor/Ikpoba Okha Federal Constituency, Jim Aiku Adun, during Adun’s 80th birthday celebration in Benin City, at the weekend.

FG Fixes May 2025 to Complete 'Dualisation’

Work on 375km Abuja-Kano Road

Emmanuel Addeh in Abuja

The federal government has said it is commencing work immediately on the “dualisation” of the uncompleted sections of the 375.9 kilometres Abuja-Kaduna-Zaria-Kano highway in North-west. Minister of Works, David Umahi, stated this during the site handover of the 38 kilometres dual carriageway section of the road to Dangote Group around Zuba at

the weekend, a statement by the minister’s spokesman, Uchenna Orji, said.

Speaking during the flag-off and handover ceremony, the minister charged the three companies handling the three sections of the project to show commitment to the completion of the project, stating that the ministry would look at the need for project rate review if necessary. Umahi said that was to cushion

the effect of the increase in material costs, given that the last review was done about nine months ago .

"So the first section is 38 kilometres by two, which is 76 kilometres. The work is starting today (yesterday), with palliatives and earthworks, and then they will now start to put reinforced concrete pavement,” he was quoted as saying.

The minister used the opportunity to launch the federal government’s

“Operation Free our Roads”, which he said was aimed at making sure that all the federal roads under rehabilitation were made passable, starting from the rainy season. He said, "So, we are using this as a point of contact to flag off free our roads all over the country. And so, they will use stone base and free all the potholes. In failed portions or where we have potholes, they will all be filled, both carriageways.

LH Telecoms Takes Majority Stake in 9Mobile as Etuh, Danjuma, Edun, Others Join Board

Emmanuel Addeh in Abuja

Emerging Markets Telecommunication Services Limited, operating under the trade name 9Mobile, yesterday announced the completion of an equity investment by LH Telecommunication Limited.

In a statement, the company said that this followed the approvals of the Nigerian Communications Commission (NCC) and the Federal Competition and Consumer Protection Commission (FCCPC) as required by law.

The investment, which was approved by African Export Import Bank (AFREXIM), the senior lender to 9Mobile in May 2023, it said, has resulted in a change in control of 9Mobile in favour of the new investor by the issuance of new shares amounting to 95.5 per cent of 9Mobile to the new investor in consideration for the injection of fresh capital into the company.

Pursuant to the injection of capital, the new investor, the statement said, nominated Thomas Etuh as the Chairman of the Board.

The statement said that Etuh is an accomplished and versatile entrepreneur with over 36 years of experience in strategic sectors of the

African economy, including agriculture, fertiliser production, mining, banking, telecommunications, power and aviation.

Among others, Etuh previously served as the Chairman of the Board of Directors of Unity Bank Plc, Veritas Kapital Assurance Plc and Lighthouse Capital Limited. He is currently the Chairman of the Board of Notore Chemicals Industries Plc.

Also appointed as director was Nahim Ibraheem, who the statement said has over 30 years of experience across finance, upstream and downstream oil trade, procurement, and manufacturing.

Beginning his career at Orbit Communications in 1990, he founded Soveran Nigeria Limited, a specialty procurement and petroleum product distribution company, in 1995.

Besides several other qualifications, as Chairman of Euronat Nigeria Limited, Ibraheem, it said, has overseen major oil product exports from the NLNG and NNPC.

His notable roles include representing VShips Monaco S.A in Nigeria and advising Africa Merchant Bank ( a Fortis Bank Subsidiary) and Société Générale Bank France.

Ibraheem serves as Chairman of the

Boards of Veritas Kapital Assurance PLC and Lighthouse Capital Limited, as well as a Non-Executive Director of the VFD Group and Veritas Glanvills Pensions Ltd.

In the same vein, Femi Edun is a financial services industry professional with over 35 years’ experience across assurance, consulting, credit ratings and research, investment banking and proprietary investment, from a variety of roles in Akintola Williams & Co (now Deloitte), Price Waterhouse, (now PricewaterhouseCoopers), Agusto & Co. Limited, Nigeria’s first credit rating agency and Frontier Capital Limited.

He is the Chairman of the board of Craneburg Construction Limited, independent non-executive director of Chevron Closed Pension Fund Administrators Limited and nonexecutive director of Notore Chemical Industries Plc and Agusto & Co. Limited amongst others.

Also, following the completion of the transaction, LH Telecommunication Limited has nominated Senator Daisy Ehanire Danjuma, Michael Ikpoki, Ibrahim Puri, Gloria Danjuma, Emmanuel Etuh as directors.

The new board has also ratified the appointment of the new management team led by Obafemi Banigbe as the

Managing Director and Chief Executive Officer of the Company to lead the Company through this transition stage and take it on the path of recovery.

“Obafemi is an accomplished technology executive with proven track record of steering technological innovations and strategic initiatives throughout various pivotal markets across Africa.

“He has over 24 years in the telecommunications industry and has worked in different capacities within the industry, including as Network Operations director in Airtel Nigeria, Chief Technology Officer in Millicom International Cellular Tanzania, Chief Operating Officer and interim Chief Executive Officer of Millicom Ghana,” the statement said.

Similarly, the Board has approved the appointment of John Vasikiran as the company’s Chief Operating Officer and Abolaji Idowu as Chief Financial Officer, with years of experience and unassailable qualifications.

The reconstitution of the Board of Directors and the Executive leadership of the company, 9Mobile said, has brought the company’s transformation programme to a momentous phase in readiness to compete strongly in the market.

“Then, they will continue to maintain one carriageway for vehicles to follow while they consistently walk on one carriageway.”

Umahi emphasised the need for the ministry's engineers to take the task seriously, including those being done by the Federal Emergency Road Maintenance Agency (FERMA).

He stressed, "And this operation free our roads is not only for the ministry of works, but also for FERMA. We're going to put our eyes, all the directors, and all the zonal engineers of FERMA must take this thing very seriously."

While at the section handled

by Julius Berger Plc, the minister commended the contractor for starting work and doing a good job, and maintained that the federal government expected the entire project to be completed and delivered by May 2025.

He said, "So what we will be discussing with Julius Berger is what can we do to finish this job within May 29. This is very important because we don't want to stay here beyond May 29, 2025.

“And so what Julius Berger cannot finish, we would also have to take it over to Dangote under Tax Credit and for reinforced concrete pavement."

NBTE Concludes Accreditation Inspection of NiMet Training Centre in Lagos

Kasim Sumaina in Abuja

A team from the National Board for Technical Education (NBTE), led by the Director of Monotechnic Programmes, Mallam Ismaila Tanko, over the weekend concluded an advisory, resource inspection visitation exercise at the Oshodi-Lagos training facilities of the Nigerian Meteorological Agency (NiMet).

The exercise which lasted two days was with the view of accrediting the National Diploma (ND) programme in Meteorology and National Diploma (ND) programme in Climate Change Sciences being proposed by NiMet, to be offered at its NiMet/WMO Regional Training Centre.

The NBTE team inspected the library, classrooms, student hostels, medical clinic, weather equipment, weather station, agricultural facilities, equipment fabrication and furniture workshops, printing section and other resources and facilities at the centre.

While debriefing the Director General of NiMet, Prof. Charles Anosike, who was represented by Prof. Peter Odjugo, Director of

Research and Training, Head of the NBTE delegation, Tanko alongside the Deputy Director, Specialised Division, Dr. (Mrs) Kubura Jauro, among others, expressed satisfaction with the way NiMet officials had cooperated with the NBTE team during the exercise.

Anosike expressed optimism that NiMet will be accredited by the NBTE to offer the specialised National Diploma courses in Meteorology and Climate Change Sciences.

“The services NiMet render for the benefit of the Nigerian economy are specialised in nature. Our sector is currently experiencing skills shortage in different areas. This is our own response to solving that problem.

"It is also in line with the Aviation sector agenda of Mr Festus Keyamo, the Minister of Aviation and Aerospace Development.

"Development of human capacity and ensuring strict compliance with safety regulations and continuous upward movement of Nigeria's rating by ICAO are all parts of that agenda which NiMet is working hard at contributing to," Anosike said.

Zulum Supervises Distribution of Food, Agric Input to 35,000 Families in Borno

Zulum revealed that the rice package was part of the 20 trucks donated by the federal government to the state to alleviate the hardship faced by people due to high cost of food items.

of the 35,000 beneficiaries received one bag of 25kg of rice and cowpeas to enable them cultivate their farmlands, a government statement said yesterday.

He said: “We are in Monguno town mainly for two functions, first to distribute food items provided to the government of Borno State by the federal government. 20 trucks of rice were given to us, and this morning, we distributed all of them to this community.

“In addition to this, we have also distributed seeds, as most of them do not have the capacity to buy farm inputs, and we have distributed cowpeas to all the able heads of households.

“I want also to inform you that the federal government has provided 90 trucks of fertiliser to the state government for free to distribute to our farmers,” Zulum stated.

The governor, who was in Monguno expressed gratitude to the federal government for supporting the people

of the state. He said: “On behalf of the people of Borno State, I want to appreciate the federal government for this laudable gesture."

He also distributed over N450 million to 45,000 widows and vulnerable women in Monguno during his Sunday visit.

Zulum said: “We have also distributed N10,000 in cash support and a wrapper to each of the over 45,000 widows and vulnerable women in Monguno town.”

According to the governor, the distribution of palliative by his administration was not meant to create dependency but to support vulnerable families that have lost their sources of livelihood to the Boko Haram crisis facing Borno State.

Meanwhile, Zulum has expressed commitment to addressing the manpower deficit in the healthcare sector of Borno State.

The governor made this known on Sunday in Monguno when he paid an

assessment visit to the project site for the construction of School of Nursing in the northern part of Borno.

“Human resources in the healthcare sector is one of the major problems throughout the country. To provide a permanent but long-term solution, we have decided to establish a school of nursing in Monguno so that in the near future, we will produce health workers who would provide healthcare services to the people of northern Borno.

Michael Olugbode in Maiduguri Borno State Governor, Babagana Zulum has supervised the distribution of food items and agricultural inputs to over 35,000 male heads of household in Monguno local government area of the state. Each

EXECUTIVE CONDOLENCE VISIT...

BUA Cement to Increase Production Capacity to 20 Million Tonnes Per Annum

James Emejo in Abuja

Managing Director/Chief Executive, BUA Cement, Mr. Yusuf Binji, said the company has signed an agreement to expand its production line in Sokoto, to boost its installed capacity to 20 million tonnes per annum.

He said the company had moved from a two per cent market share to over 30 per cent within the last eight years.

Speaking at the 12th anniversary of business partnership between BUA Group and CBMI Construction Company Limited, over the weekend in Abuja, Binji said the company's aspiration was to become the country's foremost cement producer, "making cement affordable and available nationwide".

He noted that from a humble beginning in the industry with about 500,000 tons, the company has currently increased its capacity

to over 17 million tons per annum.

He said, "We've built a strong brand, producing two cement brands: Bua Cement and Sokoto cement.

"Our cement product is widely recognized as the best in Nigeria, and we hope to receive endorsement from engineers present here today.

"We've executed several projects with CBMI and continue this partnership, extending into operation and maintenance and mining.

The MD said, "The journey hasn't been easy, but it has brought interesting developments.

"The Edo Cement Company and the Cement Company of Northern Nigeria, Sokoto, merged to form Bua Cement in 2019.

"It was listed on the Stock Exchange in January 2020 and is now the fifth-highest capitalised company on the Nigerian Stock Exchange."

Maiden Loading: NLNG’s

Ulta-modern Chartered Vessel, AKTORAS, Arrives Bonny Terminal

Peter Uzoho

A new state-of-the-art, energy-efficient maritime vessel, AKTORAS, recently chartered by the Nigeria Liquefied Natural Gas Limited (NLNG), has arrived at the company’s Bonny Terminal for its maiden loading of LNG.

The company announced this yesterday in a statement signed by its Manager, Corporate Communication and Public Affairs, Sophia Horsfall.

The charter of the vessel by NLNG’s shipping subsidiary, Bonny Gas Transport Limited (BGT), was a strategic move to diversify and reduce the carbon footprint of the company’s shipping portfolio.

NLNG said the vessel was equipped with MEGA propulsion system, which uses advanced technologies and cutting-edge design to reduce emissions and increase efficiency.

"It is a 174,000 m3 capacity LNG carrier, with a length of 299.6 metres, breadth (moulded) of 46.40 metres and deadweight of 81,194 tons. The vessel’s arrival at the Bonny Terminal followed a vessel-naming ceremony at the Hyundai Samho Heavy Industries shipyard in Mokpo, South Korea,” according to the Special Adviser to the President on Energy, Mrs. Olu Verheijen.

The company stated the vessel is managed by another NLNG subsidiary, NLNG Shipping and Marine Services Limited (NSML), which took over its technical management and operation after construction, marking a new phase in vessel management for the company. It said NSML currently manages BGT-owned LNG vessels within the NLNG fleet, providing comprehensive vessel technical management services to ensure that managed vessels are sea and cargoworthy in line with international standards.

At a brief ceremony to welcome the vessel and her crew to Bonny, NLNG’s Deputy Managing Director,Mr. Olakunle Osobu, represented by the company's General Manager, External Relations and Sustainable Development, Mr. Andy Odeh, emphasised the significance of AKTORAS in the company's evolution towards sustainability and a net-zero future. His words: “AKTORAS is not just a vessel; it is a symbol of our steady evolution, our commitment to sustainability, and our preparedness for a net-zero future. AKTORAS is simply the beginning of the positive changes to come. The significance of this investment extends far beyond the present moment.

Chairman, BUA Group, Mr. AbdulSamad Rabiu, expressed gratitude gratitude to CBMI for their support, friendship, and commitment to partnership, adding that the relationship was built on mutual trust, collaboration, and efficiency.

Chronicling BUA's journey, he said, "In 2008, the then-President of Nigeria, Late President Umaru Musa Yar'Adua, recognised the need to increase cement production and supply in Nigeria.

"At that time, Nigeria was only producing about three to four million tons of cement,

which represented only about 40 per cent to 50 per cent of the country's demand. The rest was being imported.

"To address this challenge, the government decided to invite six companies from the six geopolitical zones in Nigeria to participate in the cement business."

Rabiu said, "Our company, BUA Group, was invited from the northwestern part of Nigeria to participate. Initially, I had no knowledge of the cement business, but I was invited to participate.

"During the meeting with the then Minister of Industry, he

emphasised the importance of having companies with capacities to support the government in importing cement and establishing cement plants.

"However, there were challenges, as only three companies had terminals, making it difficult for new entrants to import cement. To overcome this, we explored unconventional options and acquired a cement floating terminal from Europe."

Continuing, he said, "Our first year of operation was successful, and we realised the potential of the cement business.

"We then acquired a small company in Nigeria, which came with Edo Cement, and expanded our operations.

"We faced another challenge when we needed to erect a cement plant. European companies were unwilling to come to Nigeria, so we turned to China and found CBMI. "They not only did the erection but also supplied equipment and did the civil construction. We signed a contract with CBMI, and they delivered. We have since built seven lines with them and are about to sign another contract for the eighth line."

ITF, CIPMN Mull Special Certification for Artisans

James Emejo in Abuja

The Training Fund (ITF) said it has partnered the Chartered Institute of Project Managers of Nigeria (CIPMN) to develop a special certification category for artisans in the country.

Addressing journalists at a press briefing on the commencement of a special certification for Nigerian artisans trained under the Skill Up Artisan Programme (SUPA), over the weekend, Director-General/Chief Executive, ITF, Dr. Afiz Ogun, said the collaboration will also lead to the development of a training programme for both trainers and artisans.

He said the collaboration with CIPMN remained a game changer in the practice of artisanry in the country.

Ogun pointed out that beyond elevating the practice and professionalising artisanry, the concept provides the artisan with the critical knowledge needed to organise work and craft which is required for success.

He said, "The Nigerian artisan by this collaboration and upon passing the requisite examination becomes a certified Project Manager and a member of CIPMN in a special category.

"Our work is not done yet for we have just began our ambitious march to

transforming the face of artisanry in Nigeria.

"These artisans are happy and hopeful because they can see the work and effort being put in to changing their circumstances."

The ITF boss added that the federal government was not resting on its oars in ensuring that the condition of artisans and practice of artisanry in all trades transformed for good.

He used the opportunity to prevail on Nigerians over the planned protest on August 1, 2024.

He urged the protest leaders to sue for patience as the Renewed Hope agenda promised by the President Bola

Tinubu is being worked on assiduously.

He said, "It is not designed to be enjoyed for a fleeting moment but to last, endure and replenish Nigerians of all shades and stripes." In his remarks, Registrar, CIPMN, Mr. Henry Mbadiwe, said the collaboration between both institutions, and the introduction of project management learning to artisans' development was the first of its kind in the country. He said the initiative was set to not only change the skills level within the informal sector but also contribute to elevating the status of those who practice these trades.

NARTO Cautions Members against Joining Planned Nationwide Protest

Emmanuel Addeh in Abuja

The Nigerian Association of Road Transport Owners (NARTO) yesterday cautioned its members against participating in actions that could undermine the federal government as the August 1 nationwide draws closer.

Several youth groups had recently made public their intention to hold a nationwide protest under the hashtag #EndBadGovernance, to draw governments’ attention to the current economic hardship in the country.

President Bola Tinubu as

well as Nigerian governors and traditional rulers had recently appealed to the organisers to call off the protest, assuring that the current administration was doing everything to alleviate the economic difficulties facing the country.

In a statement in Abuja, NARTO President, Yusuf Othman, emphasised that the association would not support any protest led by anonymous organisers unwilling to engage in dialogue with the government.

He urged NARTO members to remain focused on their professional responsibilities

and avoid being influenced by individuals with hidden agendas.

Othman acknowledged the economic hardships in the country but noted that the current administration was actively addressing the challenges.

He stated: "We recognise the economic difficulties, but we also see the administration's sincere efforts to tackle these issues. We will not support actions that disrupt the movement of petroleum products and the haulage of goods and services."

He also expressed concern

that a 10-day protest, as planned by the #EndBadGovernance organisers, would severely damage the economy, which is still in a fragile state.

Othman called on NARTO members to demonstrate patriotism and patience, give the administration time to stabilise the economy for the nation's collective benefit. "We urge the group to channel their grievances through the appropriate and legitimate means for quick resolution by the government. We don't support any violent means as it will not augur well for the country," he stressed.

L-R: Daughters of the deceased, Ms. Ihuoma Onwuneme; Mrs. Nnenna Awah Onwuneme; Abia State Governor, Dr. Alex Otti; and Son of the deceased, Mr. Nwabueze Onwuneme, at the funeral of Mrs. Victoria Onwuneme, in Umuahia, Abia State…recently

BOI MANAGEMENT TEAM'S COURTESY VISIT TO LAGOS FREE ZONE...

Missing N100bn Dirty Notes, Other Funds: SERAP Sues CBN, Urges Court to Compel Apex Bank to Render Account

Chuks Okocha in Abuja

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”

In the suit number FHC/L/ MSC/441/2024 filed last week at the Federal High Court, Lagos, SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the over N100 billion dirty and bad notes kept in various branches of the Central Bank of Nigeria (CBN) since 2017.”

SERAP is also asking the court to “direct and compel the CBN to explain the whereabouts of the N7.2bn meant for the construction of the CBN Dutse branch building in 2010 and the N4.8bn meant for

the renovation of the CBN Abeokuta branch in 2009 and to publish the names of contractors who collected the money.”

SERAP is asking the court to “direct and compel the CBN to explain the whereabouts of the allegedly missing outstanding loan of N1.2bn granted to the Enugu State Government in 2015 and the outstanding loan of N1.9bn granted to the Anambra State Government between 2015 and 2016.”

In the suit, SERAP is arguing that,

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

SERAP is also arguing that, “These grim allegations by the Auditor-General of the Federation suggest grave violations of the public trust, the provisions of the

Nigerian Constitution, the CBN Act, and national and international anticorruption obligations.”

According to SERAP, “These grave violations also reflect a failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and anti-corruption standards.”

SERAP argues that, “These allegations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank. The CBN ought to be committed to transparency and accountability in its operations.”

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Mrs. Adelanke Aremo, read in part: “Nigerians have the right to know the whereabouts of the public funds. Granting the reliefs sought would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”

“Paragraph 708 of the Financial

Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.”

“Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.”

“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the Constitution.”

“Paragraph 3112(ii) of the Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission

Food Security: FG Distributes Assorted Fertilisers, Irrigation Equipment to Benue Farmers

Agricultural activities in Benue State have received a boost following the distribution of about four thousand bags of fertilizer and irrigation equipment to farmers to enable them go into large scale farming to achieve food security in the country.

Similarly, the federal government has also distributed bags of rice to Benue citizens to reduce the hardship being faced by citizens to feed themselves and their families.

Making the distribution on Saturday in Makurdi, the Minister of Water Resources and Sanitation, Prof. Joseph Terlumun Utsev, explained that the distribution of the fertilizer and irrigation machines was in addition to the earlier distribution to the state by the federal government to ensure bumper harvest and all year-round agriculture in Benue which is an agrarian state adding that such interventions were ongoing across the thirty-six states of the federation and the FCT.

According to the minister, the fertilizer and irrigation machines which were free of charge were to make agriculture attractive and to encourage more youths and women to venture into farming to make ends meet.

The minister maintained that with the declaration of the state

of emergency on food security, both the federal, states and local governments were working together and assiduously to ensure that every Nigerian has food to eat at no cost.

Professor Utsev announced that construction of dams and water schemes across the country including Benue were ongoing to ensure irrigated agriculture and enable citizens have access to clean and safe water especially those in rural communities.

He told Benue people that the administration of President Bola Ahmed Tinubu has also introduced reforms aimed at improving the lives of citizens such as Student Loans, Mass Urban Housing Scheme across the thirty-six states and FCT, ongoing construction of roads across the thirty-six states to ease vehicular movements and enable farmers transport their farm produce to the markets.

The minister said work on the construction of River Katsina Ala at Buruku crossing has also commenced while approval has been made by the Federal Executive Council for the construction of Makurdi, Gboko and Katsina Ala road.

He added that conscious efforts were being made to tackle insecurity in Benue and other parts of the country.

He urged Benue people to

appreciate the tremendous support and attention the state has received under President Bola Ahmed Tinubu administration and appointment of many sons and daughters into key federal positions.

The Water Resources and Sanitation Minister appealed to Benue people not to be part of the planned nationwide protest being canvassed by some people saying President Bola Ahmed Tinubu was aware of the challenges facing the country and was doing everything possible to address them and return Nigeria to greatness.

Speaking at the occasion, House of Representatives Member for Kwande Ushongo Federal Constituency, Mr. Terseer Ugbor, said the National Assembly was committed to working in synergy with the administration of President Bola Ahmed Tinubu to provide the desired dividends of democracy to citizens.

This is exemplified in the recent passage of a new National Minimum Wage for Nigerian workers and the Student Loan scheme where thousands of Nigerian students have already been enrolled, he said.

On their part, members of the Benue State House of Assembly who spoke through Gboko East representative at the Assembly, Mrs. Becky Orpin, said they were solidly behind the policies and programmes

of President Bola Ahmed Tinubu administration stressing the country stand to benefit more from the administration.

They called for more patience and understanding with the administration and thanked the Nigerian judiciary for restoring local government autonomy.

Speaking on behalf of the Benue youths, Mr. Terdindi Adom and President, National Union of Benue State Students, Mr. Sylvester Terwase, as well as a retired civil servant, Mr. Peter Chiangi and market women who also spoke at the occasion, enumerated the achievements of President Bola Ahmed Tinubu within one year in office.

They vowed never to be part of any protest against the administration of President Tinubu who they said was on track to address the yearnings and aspirations of Nigerians.

They expressed appreciation to President Bola Ahmed Tinubu, Secretary to the Government of the Federation Senator George Akume, and the Honourable Minister of Water Resources and Sanitation, Prof. Joseph Terlumun Utsev, for supporting Benue farmers with fertilizer free of charge and food items and pledged their total loyalty and support to the administration of President Bola Ahmed Tinubu to succeed.

(EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).’”

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.”

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”

According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion [N100,672,999,000.00] ‘dirty and bad notes’, and other large sum of cash awaiting examination in various branches of the CBN.

The Auditor-General fears that the ‘dirty and bad notes’ initially

planned to be destroyed may have been ‘be diverted and re-injected into the economy.

Further according to the report,

“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.

“The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’

“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.

“There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to incompetent contractor,’ and wants the ‘job completed without further delay.’

The Lagos State Government is leveraging Science, Technology, Engineering, and Mathematics (STEM) education through the Transportation and Traffic Management; Health and Environment; Education and Technology (THEMES) plus agenda to empower its citizens and drive progress towards the United Nations Sustainable Development Goals (SDGs).

This was made known by the Senior Special Assistant to the Governor on Basic and Secondary Education, Opeyemi Eniola, during Education Students’ Parliamentary Council held at the Lagos State University, Ojo with the theme: Sustainable development: The Role of Parliaments in Ensuring Implementation and Accountability.

Eniola said the Lagos State Government is not only investing in education and technology to foster development, it is also recognizing the crucial role of STEM in shaping the future of work and society, which has made the Governor Babajide Olusola Sanwo-Olu-led government implement several initiatives to promote STEM learning at all levels in line with best global practices.

Speaking at the event on Thursday, Governor Sanwo-Olu’s aide said that

“Mr. Governor believes that STEM education is an essential pillar in achieving the SDGs and creating a sustainable and prosperous future for its citizens.

“The state is committed to continuing its efforts in promoting STEM and empowering its people to become leaders in the digital age and that’s why the Ministry of Basic and Secondary Education have ensured the teaching of tech skills in our schools and the students are learning fast, winning laurels and gaining recognitions both nationally and internationally” he added. Earlier in his speech, the keynote speaker of the event, Mr. Olawale Arigbabu, lauded the Lagos State Government for taking the lead in the provision of the social amenities for residents of the state.

He added that “Lagosians are so lucky to have a working system, some states can’t even boast of portable drinking water which makes the implementation of Sustainable Development Goals important”. The students took turns to give their appreciation to Governor Babajide Sanwo-Olu and also suggested ways to improve on the implementation of the SDGs.

L-R: Group Managing Director, Tolaram, Africa, Haresh Aswani; Chief Executive Officer, Lagos Free Zone, Adesuwa Ladoja; Managing Director/Chief Executive Officer, Bank of Industry( BOI), Olasupo Olusi; and Group Finance Director, Tolaram, Dinesh Rathi, during a courtesy visit of the BOI management team to Lagos Free Zone at Ibeju Lekki, Lagos State last Friday

George Okoh In Makurdi

Email: deji.elumoye@thisdaylive.com

08033025611

Iwuanyanwu: Exit of an Igbo Icon

David-Chyddy Eleke reports that in his lifetime, late President-General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu, was a very prominent voice in affairs regarding the Igbo nation.

The news of the death of Chief Emmanuel Iwuanyanwu last Thursday came with mixed feelings. First was that it was unexpected to many, but even at that, some believe that he cannot exactly be said to have died young at the age of 82.

Before his death, Iwuanyanwu who has played many role in his lifetime - a businessman, politician, elder statesman, sports promoter and many others - was the President General of Ohanaeze Ndigbo, the pan Igbo socio-cultural organisation which binds the Igbo race in the South-east and the South-south.

Iwuanyanwu was born on September 4, 1942, to the war commander, Bernard Iwuanyanwu and his wife, Hulder Iwuanyanwu of Umuohii Atta in Ikeduru LGA of Imo state. He attended St. Patrick’s School, Rukpokwu, in Port Harcourt for his standard one to four from 1948 to 1952. For his standards five and six, he was transferred to Holy Trinity Primary School in Rumuapara, now in Obiakpo LGA of Rivers state. This was from 1953 to 1954. From 1955 to 1959, he attended New Bethel College, Onitsha, in Anambra.

In 1960, Iwuanyanwu was among a select few who were offered admission into the Federal School of Science in Lagos, where he studied pure and applied mathematics, physics, and chemistry.

In 1963, he gained admission into the University of Nigeria (UNN), Nsukka, where he studied civil engineering and was later awarded the German Academic Exchange Scholarship. Iwuanyanwu utilised his well-roundedness in politics and business, becoming an authority of reckoning in Nigeria.

Iwuanyanwu was a prominent businessman in the South-east and beyond. He was the publisher of Champion Newspapers, a thriv-

ing daily newspaper in Nigeria which helped chart the part for the Nigeria media industry, and employing several prominent journalists in Nigeria at the very height of its operations.

He was also the owner of Hardel and Enic Construction Company, a construction company which he co-founded with

two foreigners; Harper and Delano as Hardel Construction Company, which he later bought over and renamed as Hardel and Enic.

At some point, Iwuanyanwu’s business grew into a conglomerate of over 20 companies, including Enic Advertising Ltd, Magil Industries Limited, National Post Newspapers, Sunrise Insurance Brokers, Oriental Shipping Lines Limited,

The Return of Bwala

Paradise City Hotel, Oriental Airlines, Sunrise Breweries Limited, and Magil Agricultural & Animal Health Products Limited.

He was also a heavy promoter of sports and the founder of a football club, Iwuanyanwu Nationale, which later transformed into Heartland Football Club of Owerri.

His political life was one that saw him to the very height of the Nigerian political sphere as he contested for the topmost position in the country, seeking to lead her as president.

Iwuanyanwu first contested the presidency under the National Republican Convention in 1992 after then military president Ibrahim Babangida lifted a ban on political activities. He was later named the national chairman of the unregistered Nigeria National Congress (NNC), which later merged to become the National Republican Convention (NRC). Adamu Ciroma won the primary and the party chose Iwuanyanwu as his running mate. The NRC’s rival was the Social Democratic Party (SDP) and Shehu Musa, its candidate.

Iwuanyanwu contested again in 1995 under the United Nigeria Congress Party (UNCP). His third attempt was with the All People’s Party (APP) which adopted him as the south-east’s consensus presidential candidate. The APP primaries were held on February 14, 1999, with nine candidates seeking nominations.

In what is seen as his last role in his earthly sojourn, Iwuanyanwu was in 2023 appointed the President-General of Ohanaeze Ndigbo; a group he had joined in 1988. He had first served in the group as chairman of its planning/strategy committee, political committee, state creation committee, and council of elders.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Tijjani Kumalia writes about the recent move by former spokesman of Atiku Abubakar 2023 presidential campaign organisation, Daniel Bwala, to fault ranking Senator Ali Ndume for openly criticising the administration of President BolaTinubu.

Some few days back, Daniel Bwala, who appears to have been carried away by his scramble for relevance and later found a launchpad in Senator Ali Ndume’s harmless reminder to President Bola Tinubu to make more advances. Obviously hoodwinked by modern-day marketing stunts ravaging the literary world, Bwala, is excited by some averagely written motivational books hidden behind bestseller tags to play it up. After throwing up his usual tantrums, he ended up justifying Senator Ndume’s position.

The senator, who comes from the same senatorial constituency as Bwala drew the attention of Nigerians, as well as the president himself, to the fact that he is being shielded from the real state of affairs in the country. Both Bwala and Felix Morka, APC’s publicity secretary—and now APC as a party—unfortunately went on to visit more harm on the president than they set out to defend him for. They went beyond what the senator is alluding to, and implied that it was in fact the president who is both intolerant of, and does not entertain, alternative views. If the president is not shielded by his handlers, it then must be a case of him building a Gilded Cage around himself.

For Morka, he has a job to defend his party and the president, even though not from friendly fires; but for Bwala, the motive is apparent, to even scarcely need re-stating. Morka may have felt the senator is stirring up the polity, a polity though already agitated, but Bwala sees a game for his hunt.

First of all, with Ndume or not, Nigerians already feel that, given the hardship they have been plunged into since May 2023, the president is not adequately aware of how difficult life has become for them. And if he is aware, whatever

energy he may be putting into alleviating, it is not visible to Nigerians and at the same time not felt by the most affected groups.

That he emphatically admits them in his addresses to the nation means little to them since the policies put out by his government make no impact on their lives.

Senator Ndume has remained consistent

in his opposition to things that do not sit well with him. He is full of conviction and has remained unpretentious about his real sentiments; which nobody should expect the relevance seeker to understand, since it is a quality he is not endowed with. This has been the reason he always had one altercation or the other with each of Jonathan, Buhari, and now Tinubu.

He tried to use the usual tactic used by

sympathizers of this government to discredit the very important issue raised by the senator. In an attempt to take away blame, he said the ‘problem’ this government is ‘solving’ were all created by Buhari. That is false. Every single problem Nigeria is facing under this government today is self-created by itself. They are three: Naira devaluation, ‘removal’ of petrol subsidy, and a lack of ability to manage inflation created by the two.

Bwala, thought that he could shout down the senator. First, he cannot; because even presidents, with the exclusive privilege of having the security apparatus at their disposal and every needed influence at his beck and call, failed to do that. Second, the factors that cause him to feel he has better understanding of things than Ndume is the fallout of acquiring education in foreign schools. They say education is a leveler, true; but it does not level up in wisdom and quality of thought. As such, Bwala thinks everyone lacks the ability to understand complex things. The problem of lack of wisdom is not that alone; Bwala now thinks he can understand things better than the senator and even educate him. Unfortunately, he doesn’t understand that he doesn’t understand.

You have a man who has been in the corridors of power for two decades, with a record of rising from the ashes and featuring, or even influencing the course of some of the most important turning points in the country’s politics, and another who feels, thanks to literacy, his thought processes are so sophisticated as to munch up decades of experience and thus form narratives the nation is waiting to receive.

Wise up Barrister.

-Kumalia writes from Abuja.

Bwala

Iwuanyanwu

LIEUTENANT GENERAL TAOREED ABIODUN LAGBAJA: Transforming the Nigerian Army through Leadership, Operational Effectiveness and Sound Administration

When Lieutenant General Taoreed Abiodun Lagbaja assumed office in June 2023 as the 23rd Chief of Army Staff, COAS, he set out his Command Philosophy “To Transform the Nigerian Army into a well-trained, equipped and highly effective force towards achieving its constitutional responsibilities within a joint environment”. One year down the line, the trajectory of the Nigerian Army has changed for good, especially in terms of fleet and equipment recapitalisation, welfare of personnel and collaboration with sister services. But perhaps, more laudable is the substantial gains made in the fight against terrorism and insurgency. The inroads against insecurity is a testament to the COAS’ extensive grasp of land, airborne and amphibious warfare, as well as experience garnered when he decimated bandits, cattle rustlers, and terrorists that operated mostly in Kaduna, Niger, Kebbi, and other North West States as the then General Officer Commanding, 1 Division, where he was as fearless as they come. Earlier in July 2024, Lieutenant General Lagbaja met with few selected top media defence and security executives, including Chiemelie Ezeobi of THISDAY Newspaper, in Jos, as part of activities marking the just concluded Nigerian Army Day Celebration, NADCEL, which commemorated its 161 years anniversary. From the significant progress made against insecurity to the well laid insurance policy for personnel, as well as the boost received by the NA Aviation wing with the acquisition of the Bell UH-1 helicopters and the soon to be received 12 MD 530F Cayuse combat helicopters, the army chief was quite clear of his vision to transform the Nigerian Army through worthy leadership, operational effectiveness, and sound administration

It is clear that we have made significant progress in the North East. There were times when insurgents attacked army bases, even super camps, but today they no longer have that capability. I can’t recall the last time a Nigerian Army base was breached by the enemy; this deserves , recently ago in Gwoza, suicide bombers targeted a community and took lives unexpectedly. Nigerians were taken aback, and now the international community is concerned that these terrorists have recruited many, including women, for a new form of insurgency. Based on the reports you’ve received, what happened there? Did we miss something? How did intelligence fail to detect this? Also, the Mandara Mountains have been insurgent strongholds for years. On the Cameroon side lies Gwoza where other terrorists reside. When will we extend our clearance operations, conducted numerous times, to the Mandara Mountains, where these insurgents likely have camps?

The conduct of offensive and other forms of operations by the troops deployed in the North East theater is still ongoing. As you mentioned, we’ve made significant progress beyond holding our defensive localities and other positions in strength, ensuring they are not easily breached by the adversary. We have also taken the battle to Boko Haram and the Islamic State West Africa Province in their enclaves. We just concluded another major round of offensives, which we tagged Operation Desert Sanity 3, Lake Sanity 2, and Mountain Sanity 2. During these operations, we made new inroads into the Timbuktu Triangles, where the troops recovered equipment including Mine Ambush Protected (MAD) vehicles, ambush-protected vehicles, artillery pieces, and other high-caliber weapons. These were taken many years ago, not only from Nigeria but also from our international partners. We also made significant gains in the Sambisa Forest and even in the Lake Chad Basin.

Deriving from the successes recorded from this offensive and understanding the tactics and techniques of Boko Haram in the past, we know that anytime they are on the battlefield and under immense pressure, they always react in different ways. One of the ways they react is by sending out suicide bombers. These tactics were prominently displayed by the terrorists in 2015, 2016, 2017, 2018, and 2019 following our major offensives: Operation Deep Punch 1, Deep Punch 2, and Army Facades. All the major offensives we have conducted in the Northeast have always elicited some form of reaction from the terrorists.

Following our just-concluded dry season offensive, we expected the terrorists to behave similarly to what they have exhibited in the past. We also received intelligence that they had prepared over 15 female suicide bombers from all around their camps. What we experienced in Gwoza is just a one-off incident, and I want to assure Nigerians that the troops are on top of the situation. The intelligence we received indicated that 15 suicide bombers were sent into Giza, and three of them succeeded in detonating the suicide bombs. If you look at the pattern of the detonation, the casualties reduced gradually until the last bomber was taken out by the troops, which resulted in injuries to the troops and even casualties among the civilian joint task force.

We are learning from this occurrence and evolving our tactics to prevent a reoccurrence. One reassuring fact is that they sent 15 suicide bombers, and only three were able to detonate their bombs. Even though we didn’t fully prevent it, I would say the troops have done well. We are projecting our offensive into their enclaves to prevent them from engaging in the production of these suicide vests and other forms of improvised explosive devices. Additionally, we are working with the

intelligence community to ensure that the troops are one step ahead of insurgents. This way, before they even get into the community, we will have averted incidents like what happened in Goza.

I listened to a commentary on one of the news channels some days back, and the commentator mentioned that it seems society has let its guard down. Gone are the days when metal detectors were used at entrances to places with large gatherings of people. I appeal that as the troops are raising the bar, every stakeholder in our society also needs to raise the bar. Collectively, we can prevent these bad guys from inflicting casualties on innocent civilians. We need to bring back the culture of using handheld scanners and other forms of detection to prevent suicide bombers and other criminal elements from infiltrating our communities at will.

The ongoing complex conflict, described by experts globally as being in the age of durable disorder, is only winnable when society takes its own responsibility. It is not possible for the armed forces, no matter how many military officers and men we have, to have boots on the ground everywhere. There must be internal vigilance. To win this war, we need to support the armed forces beyond just applauding them but also by reporting threats with the necessary.

Still on Gwoza, some people, especially after the unfortunate suicide attack, claimed that 80% of the Gwoza area is still under the occupation of Boko Haram fighters. They listed Amuuda, Arboko, Attagara, Gava Kumu, and Agapalawa as areas affected, including members from the National Assembly. Could you shed light on this for us?”

If you pull up Google Maps and plot all these settlements you’ve mentioned, you’ll find that they are all located on the Mandara Mountains. In early 2015, before we captured Gwoza, the main battle was at Koroka. Following that, we expanded

our control to Bitta Tokumbere. Recently, I was joking with my field commanders and principal staff officer about this. It’s something I often hear from my troops in the trenches—that Bitta used to symbolise the shifting control from insurgents to government forces, like a chess game. However, now Bitta has stabilised, and I told them that if Bitta used to be bitter, today, Bitta is sweet. IDPs have returned to Bitta and other communities around Giza.

With the support of the Borno state government and other critical stakeholders, we are working to facilitate the return of IDPs and stabilize these areas.

Our recent offensive, Mountain 72, focused on the Mandara Mountains. We collaborated with our international partners, including Cameroonians on the eastern border, to clear Agapaluwa and Chinene. However, the terrain in this area is challenging, and the weather has not been favorable.

Following this offensive, we have seen combatants, including the second in command to Aligoza, descend from the hills to surrender to our troops, along with their arms and ammunition.

Yesterday, we had a combatant from Mandarama come down and surrender to our troops. Alongside nine males, several females, and children surrendered as well. Our troops recovered two AK-47 rifles and ammunition from these individuals. While I won’t claim we’ve completely dominated Mandarama yet, it’s a work in progress. Our troops will continue their efforts until every inch of ground is liberated, and we establish cooperation with the Cameroonians on the other side of the border.

Rest assured, in the near future, we aim to clear every community and forest where insurgents have left their mark. Our goal is to make these areas safe for inhabitants to return and engage in lawful activities.

We’ve noticed instances where the Nigerian Army has been involved in civil matters that are typically handled by the police, civil defense,

or other private organisations. This seems to be a growing trend. Are you concerned about this development? If so, what measures do you plan to implement to ensure that such matters concerning internal security are appropriately handled by the relevant agencies?

The military in Nigeria has the primary constitutional role of safeguarding the nation against external aggression. We also have a secondary role of assisting civil authorities in maintaining and restoring law and order where there is a breakdown. We have troops deployed in almost all the states of the Federation. I think it’s only in Osun State that we do not have troops patrolling the streets. However, even in Osun State, where we do not have troops patrolling the streets, we have them deployed in forward operational bases. The essence is to position the troops close to identified flash points so they can react in the event of an emergency. When you have troops deployed in the population domain, there are bound to be misunderstandings and face-offs due to differences between the military and our civilian friends. In response to reports we have received, we have investigated all cases, sometimes in conjunction with reputable organisations like the ICRC and the National Human Rights Commission. We have opened ourselves up as an army to scrutiny. When there is any report on our troops, we conduct an inquiry. Beyond that, we have a toll-free line, the Nigerian Army emergency response 193, that any Nigerian can call to report any soldier on the street. We have also continued enlightening our troops and educating them. We have gone ahead to produce the rules of engagement and the Code of Conduct. These have been reduced into booklets that are kept in the breast pocket to serve as a reminder of the need to exercise maximum restraint and to conduct themselves in the highest discipline manner possible while discharging their duties in the population space. Our current involvement in what you have called civilian matters, I think, is a vote of confidence in the military. If I may surprise you, I receive a minimum of three requests monthly from executive conferences and critical stakeholders in our society to establish forward operational bases in various places. Currently, I have 37 forward operational bases established around the country. Yet, every day, I get requests from National Assembly members, sub-national government officials, and other critical stakeholders. I think that is a vote of confidence in the military. However, we are not going to get carried away by this vote of confidence. We will continue to hold our troops accountable to the highest standard possible, and where there are infractions, we will investigate and hold the culpable troops accountable.

What is clear is that despite the challenges and perceptions by some, Nigeria and the Nigerian Army, and by extension, the Armed Forces, remain respected not just on the African continent. For those of us who have been privileged to visit other African countries, we know that without the Nigerian Armed Forces, some countries would not exist.

Congratulations on the successful launch of the Nigerian Army Aviation. Nigerians are curious about why the Nigerian Army has established an aviation arm alongside the existing Nigerian Air Force. Additionally, there has been noticeable synergy among the current service chiefs, which has been evident to all Nigerians. Does this suggest that the Nigerian Air Force failed to provide the necessary support to the troops?

The Nigerian Air Force has been very supportive in the conduct of our operations and even in the administrative tasks that our formations and units are engaged in. However, I must emphasize that resources, especially critical combat enablers needed by troops in the field, can never be sufficient.

According to the table of organisation and equipment,

Lagbaja

a Nigerian mechanised battalion is expected to have 88 armored personnel carriers or mine-resistant ambush protected vehicles, amounting to approximately $88 million. When other necessary assets are factored in, the total cost exceeds $100 million to maintain one battalion.

Given our economic constraints, I don’t believe our economy can support that level of expenditure. The challenge of inadequate critical combat enablers is pervasive across all branches of the Armed Forces of Nigeria, other security agencies, and even government ministries, departments, and agencies.

The operationalisation of the Nigerian Army Aviation is beneficial for both the Nigerian Army and the Nigerian Air Force. It’s important to clarify that the Nigerian Army is not in competition with the Nigerian Air Force. Our goal is to complement the support that the Nigerian Air Force provides to our troops in the field. We are here to celebrate the Nigerian Army’s achievements.

Our pilots have been actively flying for the past three days, alleviating pressure and allowing us to focus on more critical tasks. We have also relied on the expertise and support of the Nigerian Police Force for operations in the field. For instance, during the December 2023 crisis in Mambo and other local government areas in Plateau State, and during the pursuit of bandits who kidnapped students from the Kogi State University, we utilized helicopters provided by the Nigerian Police Force.

Although we do not always publicise it, we sometimes acquire air assets from sources such as oil companies or Julius Berger. Having an organic aviation capability within the Nigerian Army will significantly enhance our operations in the field. This Nigerian Army Aviation initiative is aimed at boosting our operational capabilities, not competing with the Nigerian Air Force. We seek to complement and enhance the overall security efforts in Nigeria.

The Bell aircraft are indeed beautiful additions. Personally, I understand how significant this achievement is after over 20 years of aspiring for it. We must commend you and the Nigerian Army for this milestone. However, upon observing these two aircraft, it appears they are not combat-enabled. Nigerians are questioning why, at this critical stage, the army opted for non-combat aircraft instead of focusing on acquiring combat-ready ones. Could you please clarify the decision-making behind this choice?

The journey towards the actualisation of the Nigerian Army aviation started in 1984, 40 years ago. Since then, the Nigerian Army has been training pilots, engineers, and other personnel engaged in the aviation industry. The idea of having an organic aviation arm to the army is the best practice worldwide. If you go to some African countries like Kenya, Uganda, and even the Central African Republic, the armies in those countries have organic Army Aviation units.

The primary tasks of organic Army Aviation are about 66 per cent non-combat, such as casualty evacuation, troop insertion, or other non-combat tasks. Only about one-third of the roles of organic Army Aviation are combat-related. Considering we are just starting, it is better to begin with non-combat tasks and then scale up. Some months back, the government entered into a contract with a United States company to procure 12 MD 530F Cayuse combat helicopters for the Nigerian Army. Those helicopters are still being manufactured in the United States.

We have pilots who have been trained, and to keep them current in their trade, they are deployed with the police, the Navy, and the Air Force. It’s better to keep them engaged. When the opportunity came up for the army to acquire the Bell UH-1 helicopters from South Africa, we seized it, knowing these helicopters have proven to be versatile. They will be required for the non-combat tasks I have described, and they will also help our pilots maintain their currency while awaiting the arrival of the combat helicopters.

I want to thank the other services, including the Navy, the Air Force, and the Nigerian Police Force, for the support they have offered to the Nigerian Army towards the actualisation of the Nigerian Army aviation. They have helped to keep our pilots current and provided facilities for us to house our helicopters upon their arrival in Nigeria. These helicopters are on display as part of the Nigerian Army Celebrations 2024, and our troops will continue to engage in

operations as the need arises.

I would like to acknowledge that in the last year, there have been significant improvements. One can see that you’ve made substantial progress in the fight against insurgency and insecurity. However, I would like to ask how the Nigerian Army is working to protect and ensure human rights and protect civilians in conflict areas

The troops of the Nigerian Army deployed in population centres are held to the highest standards in their operations. This includes the protection of civilians, the safeguarding of critical national infrastructure, and adherence to established rules of engagement and the code of conduct. We are working with reputable organisations like the International Committee of the Red Cross (ICRC) to train our soldiers in international humanitarian law, human rights, and other laws applicable to the protection of civilians.

The incident in Orlu that you referred to has not been brought to the attention of the Army headquarters. Whenever we receive that report, we will investigate to uncover what actually happened. We will sit down with relevant stakeholders and, following our investigation, take appropriate action against anyone found culpable. My assurance to Nigerians is that the troops of the Nigerian Army are their brothers, sons, and daughters, working in challenging environments to ensure the safety and security of law-abiding citizens. I appeal to them to continue supporting these troops with information in whatever way possible. If these troops are found to be on the wrong side of the law, Nigerians should not hesitate to inform us. The Army toll-free line is open, and we will investigate every report and take appropriate action. Our troops deployed in the field do not go out to target innocent civilians; they exercise restraint. This restraint is why there are accusations of troops taking sides or not measuring up. We are guided by the rules of engagement and the code of conduct. As those in the legal profession say, it is better for ninety-nine accused persons to go free than to have one innocent person jailed unjustly. When our troops cannot positively identify a criminal element from a law-abiding citizen, they let the situation slide to avoid collateral damage as much as possible. We do not target innocent civilians. If there is a mistake in the conduct of the troops, as happened in Tudunwada, we admit our error. I went and apologized to the community for the error committed by the troops. That is our usual practice, and we will sustain it.

In Plateau State, we now sleep with both eyes closed thanks to your men, and the state governor has confirmed there is currently peace. With your ongoing support and encouragement, I believe your troops on the plateau will achieve even more. However, the Zamfara state government recently accused the military of not supporting them, alleging that your men take orders from Abuja and conduct negotiations with bandits in the state without their knowledge or input. How do you respond to these allegations?

The Constitution does not vest the power to deploy the military to the state governor. If you check through our Constitution, defense and security are on the exclusive list. It’s only the president, the Commander in Chief, who can deploy the military. Having said that, the Nigerian military will continue to work with the government at the national and sub-national levels. We have been working with all state governments, including the governor of Zamfara state.

I’ve visited Zamfara on two occasions since my assumption of office. The first time, I interacted personally with the governor. The second time I visited, he was in Saudi Arabia performing the lesser hajj, so we interacted via telephone. The allegation coming from the governor that the troops do not respond to his orders might have been misunderstood. I do not know who

in Abuja the governor was referring to.

On the issue of negotiation with bandits, negotiation with non-state actors is never within the remit of the military. This is a political decision, and I am very sure and can vouch that Governor Lawan did not accuse the military of negotiating with the bandits because we are not engaged in that. When this allegation was flying all over social media, I picked up my phone and called the governor. He explained to me that he never accused the troops of taking sides.

In the convoy of the governor of Zamfara State, I have my troops escorting it all over Zamfara, which is an aberration, because governors are only entitled to police escort. However, considering the volatile nature of Zamfara, I allow my troops to escort Governor Dauda Lawal. How better can the Nigerian army defer to a state executive than to have my men escorting the governor all over the place? I think that’s the highest honor we can give to the governor. To place it on record, my troops, including other services of the Nigerian Armed Forces, have continued to support the Zamfara State government.

We work even with the State Security Guard established by the Zamfara State government. What we demand of this irregular outfit is that they conduct themselves in line with the standards expected of men in combat. They should not target innocent civilians, just as my soldiers do not. If there are areas where we have misunderstandings, we want to sit down with the Zamfara State government to chart the best possible way forward.

The key part of the success story in the last year remains the breakthrough in the payment of insurance policies to families of deceased personnel. How do you feel about this achievement? Additionally, as with most achievements like this, there are concerns about who will collect what, especially in cases where spouses are not the next of kin. How would you ensure this reaches the right people?

The payment of our outstanding claims to the families of our deceased personnel under the Group Life Assurance policy is a significant achievement for me as the Chief of Army Staff. Upon assuming office and drawing on my experience as a commanding officer, brigade commander, and general officer commanding, I regularly visited barracks and interacted with soldiers, their families, and their children. One recurring issue I encountered was the outstanding claims owed to families of deceased Nigerian Army personnel between 2012 and 2022.

Upon assuming office, I initiated a compilation process, and the Department of Army Administration identified 6,400 families awaiting payment. Due to these outstanding payments, we couldn’t ask them to vacate our barracks. This tied down 6,400 accommodations, affecting over 20,000 children (with an average of 4 children per family), thereby straining critical barracks infrastructure.

Clearing this backlog is immensely fulfilling, and I sincerely appreciate President Bola Ahmed Tinubu, the Commander-in-Chief of the Armed Forces, for approving the payment of these claims. To ensure these payments go to the rightful next of kin and eligible beneficiaries, the Department of Army Administration collaborated with the Nigerian Army Finance Corps and other relevant departments for thorough verification. We conducted detailed checks through our records to confirm

entitlement before making payments.

Learning from past experiences where disputes arose among relatives of deceased personnel, our Directorate of Welfare Services within the Department of Army Administration has developed effective mechanisms to handle such issues. They are prepared to address any challenges that may arise during this payment process seamlessly.

The payment process is progressing smoothly due to the rigorous checks and balances in place. We are committed to ensuring these procedures remain robust and effective in the ongoing payment of outstanding Group Life Assurance claims.

The COAS flanked by other senior officers with the recently acquired Bell UH-1 helicopter of the Nigerian Army Aviation wing be hind

FOCUS

Resolving Pending FX Forward Obligations to Boost Economy

James Emejo writes on the urgent need to settle the outstanding Foreign Exchange (FX) forwards to salvage the economy from the brink of collapse

Shortly after assuming office in September 2023, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, granted an interview to Arise Television, a sister broadcast arm of THISDAY, where he reassured investors and stakeholders on the bank’s commitment to resolving the mounting FX obligations inherited from the past administration.

Cardoso’s interaction came at a critical time when investors were losing confidence in the economy amid uncertainties resulting from the political transition and the unpaid FX liabilities estimated at about $7 billion.

The CBN governor, however, revealed that about $2.4 billion out of the acclaimed $7 billion outstanding FX liabilities of the federal government were not valid for settlement.

He said while the bank had settled verified FX requests which amounted to $2.3 billion at the time, the total outstanding obligations remained at $2.2 billion.

The central bank governor further indicated that part of the headline FX claims was invalid, citing the outcome of a forensic audit by Deloitte Management Consultant which the apex bank commissioned.

Cardoso had insisted that the CBN would not pay for FX requests that are not validly constituted, adding that the bank had written to authorised dealers to explain the disparities identified.

Furthermore, Cardoso said the bank had contracted the Economic and Financial Crimes Commission (EFCC) to investigate suspicious transactions and prosecute individuals and entities with fraudulent entries.

However, over six months after his pronouncement, the EFCC is yet to conclude its probe, prompting anxiety among affected companies whose genuine FX biddings had been trapped.

These companies – mostly corporates and SMEs have expressed worry that the outcome of the investigation appeared to be taking forever as most of them have used bank-confirmed lines to open Letters of Credit (LCs), paid import duties, and received the goods, while suppliers were mostly settled by their banks’ correspondent banks.

Forwards As Contracts

Essentially, FX forward entails a financial derivative contract between two parties to exchange a specified amount of one currency for another at a predetermined exchange rate on a future date.

Unlike spot transactions, which settle immediately, FX forwards are settled at a future date, providing a mechanism for hedging against FX risk or speculating on currency movements.

Here, the two parties agree on the notional amount, exchange rate, and settlement date. This agreement can be further customised based on the needs of the parties while the terms of the forward are documented.

The contract involves a buyer and a seller, which can be corporations, financial institutions, or individuals while the specific amount of currency to be exchanged is agreed upon by both parties, as well as the rate at which the currencies will be exchanged on the settlement date, fixed at the time of contract initiation. The future date on which the currency exchange will occur, also known as the maturity date is often determined.

In addition, forwards are financial instruments used by the CBN to manage foreign exchange reserves and influence exchange rates, and represent agreements between the apex bank and a counterparty to exchange a specified amount of foreign currency at a predetermined rate on a future date.

Hence, forwards are liabilities of the apex bank which are signed off when allocated while beneficiaries are often responsible corporates and SMEs from the Organized Private Sector (OPS).

Settlement Overdue/Implications For Economy

However, the transactions in question which occurred between 2022 and 2023 are yet to be settled by the CBN.

Analysts have continued to express concerns that these unsettled forwards could potentially erode investor confidence in a struggling economy with

all the attendant implications.

Moreover, failure to honour genuine forwards could have significant implications for companies, especially their financial, operational, reputational, and regulatory aspects.

Among other things, unsettled forwards could result in immediate financial losses as companies may need to enter the spot market at potentially unfavourable rates to meet its currency needs.

Also, where forward contract was meant to hedge against adverse currency movements, non-settlement could expose the company to currency risk, leading to increased costs if exchange rates move unfavourably as the case is presently in the country.

The company’s counterparty may incur losses due to the failure, which could lead to legal claims and financial compensation demands and disrupt the company’s cash flow management, as expected receipts or payments in foreign currencies are not realized as planned.

Analysts further emphasised that repeated failures to honour FX forwards might indicate weaknesses in internal controls and risk management practices, necessitating a review and overhaul of such systems among other negative implications.

Huge Toll

Reports have already indicated the fact that with the non-settlement of forwards, companies are about to lose about N2.4 trillion which will no doubt impact their profits over the next two to three years as well as threaten federal government’s income.

Yet, there are growing concerns by Nigerian corporates and SMEs that the non-settlement could take a toll on the fragile FX market which is being repositioned by the apex bank as it would come under severe pressure, and potentially drive exchange rates to about N3,000, THISDAY gathered.

In addition, these losses could also trigger bank losses as confirmation lines used may not be serviced by the SMEs and corporates as well as put over one million jobs at risk, thereby worsening the country’s unemployment challenges.

A source told THISDAY that “While CBN says EFCC is investigating, the corporates are bleeding and under intense pressure from their banks and suppliers.”

The stakeholders therefore, called on the central bank to settle the forwards and get EFCC to prosecute companies involved in any act of round-tripping or abuse in the utilisation of the liquidity, insisting that not all the pending liabilities are fraudulent.

Sources also warned that the continued delay in settling the outstanding liabilities of companies has far-reaching implications for the companies and the economy in general.

Analysts’ Perspectives

In an interview with THISDAY, Managing Director/ Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, urged the CBN to separate the genuine claims from suspected fraudulent transactions in the interest of the economy.

He said, “There are two sides to these claims: Firstly, CBN said they are still investigating these claims, and there may be some suspicious claims being investigated. Amongst the claims may also be very genuine claims.

“Whatever the case may be, investigation cannot be forever. The outcome of the investigation should be out by now after a reasonable time.”

Ekechukwu, who is a former Director General, Abuja Chamber of Commerce and Industry (ACCI), also said, “I agree that business and counter-party confidence may be affected adversely. We do expect that the apex bank will assess the claims in their entirety and sieve the chaff from the substance in order not to affect genuine corporates from pursuing their business goals.”

Also, Chairman, Nigerian Economic Summit Group (NESG), Mr. Niyi Yusuf, described the development as worrisome adding that the group was currently engaging with the CBN to resolve the issues.

Director General, Nigerian Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde, explained that forward transaction is an agreement whereby a company credits the CBN through its bank for the future supply of FX usually within 90 days.

He expressed dismay that data provided by JP Morgan & Co., had estimated unsettled liabilities at $6.8 billion in 2022, which certainly would be higher afterward.

Oyerinde, said the development had already truncated the smooth running of production plans and capacity

utilisation in industries, particularly that of SMEs that do not have the financial clout to explore other liquidity sources.

He further lamented that supply of raw-materials and production cycle had been broken due to the unsettled indebtedness by the central bank, which had ultimately led to a low level of business activities, loss of revenues and low profit margins for corporate firms, including the SMEs.

He therefore urged the CBN to prioritise the settlement of outstanding forwards so that the companies involved could move forward and get on with their businesses.

He maintained that the involvement of EFCC in the matter was unnecessary.

Oyerinde said, “The CBN had informed the public that some of the FX Forward claims are not genuine and that the Economic Financial Crime Commission (EFCC) is investigating the issues.

“But the FX Forward is a transaction that involves the companies, their banks and the CBN with definite documentations and approvals as such. Therefore, due diligence by the CBN should be sufficient in determining the genuine cases.”

He said the CBN should engage “relevant banks on the claimed outstanding forwards to resolve unsettled cases rather than involving EFCC that is not part of the initial agreement.”

Also, commenting on the issue, Professor of Economics and former member of the CBN’s Monetary Policy Committee (MPC), Prof. Akpan Ekpo, further prevailed on the CBN to settle the forwards to reduce the pressure from suppliers and banks on businesses.

Ekpo, who is also a former Director General, West African Institute Financial and Economic Management, argued that forwards only made sense in an economy that is productive and certain of inflow of foreign exchange, whereas the Nigerian economy is more of a consuming and import-dependent one. He said, “An economy like Nigeria, which depends heavily on crude oil exports for foreign reserves must tread carefully with forwards or not engage in the practice.

“The unsettled forwards by the CBN would have adverse effects on corporates and SMEs, especially the latter. It would affect their ability to procure essential materials required for production.”

He said, “The reduced productivity would result in the layoff and/or sack of workers further worsening the unemployment rate in the country” adding that while “Corporates may be able to call on their headquarters for assistance - a situation not tenable for SMEs.”

Ekpo further cautioned that the development could effectively erode confidence and trust - sending a wrong signal to potential foreign and domestic investors, adding that “SMEs and corporates would find it difficult to obtain credit lines and loans from banks”.

He said, “CBN should settle the forwards to reduce pressure from suppliers and banks. After-all, investigation can continue even after settlement and those found culpable should be brought to book. Delay would affect an already sinking economy.

“The economy needs a push from all angles and not settling FX forwards would further worsen the situation. To save the country, we must build a productive economy.”

In the same vein, Economist/Chief Executive, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, also aligned with the position of the OPS that the CBN should clear the outstanding forward transactions.

Yusuf stressed that the current operating environment for most businesses remained extremely challenging, particularly with the real sector and small businesses.

He said, “There are macroeconomic headwinds, there are structural impediments, there are multidimensional supply chain challenges.

“Profitability and sustainability of many businesses are at risk. In truth, the plight of workers amid the cost-of-living challenges is a cause for concern.

“But the difficult operating environment for businesses is equally very troubling. These two considerations matter in this conversation and require some delicate balancing. It is only a business that is thriving that can retain or create new jobs.”

Cardoso

This Week In Tech

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Tech Top 5 News

NIGERIA’S DIGITAL TRANSFORMATION: NIGCOMSAT SHATTERS REVENUE RECORDS

In a striking demonstration of Nigeria’s burgeoning digital economy, NIGCOMSAT

Limited has reported doubling its annual revenue from 2023 to the first half of 2024.

This revelation, shared by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, underscores a significant milestone in the nation’s technological advancement under President Bola Tinubu’s administration.

Dr. Tijani made this announcement during a widely attended Twitter space session focused on national issues, highlighting the strategic achievements of the current government in the technology sector. This surge in revenue reflects a remarkable turnaround for Nigeria’s communications satellite, NIGCOMSAT-1R, which had long been underutilised.

“Nigeria is the only country in West Africa with its own satellite. Historically and unfortunately, that satellite had not been put to good use. But this government is now putting it to good use,” Tijani said, emphasising the satellite’s newfound efficiency and utility.

The 2024 federal budget allocated N5.3 billion to NIGCOMSAT, up from N4.5 billion in 2023, reflecting the government’s commitment to leveraging space technology for national development. This investment is beginning to pay off as NIGCOMSAT attracts business users and plays a pivotal role in the ambitious Project 774. This initiative aims to connect all 774 local government areas in Nigeria to the internet, fostering digital inclusion and bridging the connectivity gap.

The impressive financial performance of NIGCOMSAT is a testament to the innovative strides being made in Nigeria’s digital landscape, positioning the country as a leader in satellite technology within the region.

META TARGETS ONLINE EXPLOITATION: MAJOR CLEANUP OF NIGERIAN FACEBOOK ACCOUNTS

In a decisive move against online exploitation, Meta, the parent company of Facebook, has purged approximately 63,000 Nigerian Facebook accounts linked to sextortion scams. This crackdown is part of a broader effort to protect users from increasingly sophisticated online threats.

These scams often involve impersonators posing as attractive individuals to deceive victims into sharing explicit images or videos. The perpetrators then use these images to blackmail their victims, demanding ransom under the threat of public exposure.

Meta’s recent actions have resulted in the removal of around 7,200 resources, including 1,300 accounts, 200 pages, and 5,700 groups associated with Nigerian users. These groups played a crucial role in the scams, offering training, scripted dialogues, and images for creating fake identities.

The primary targets of these sextortion attempts have been adult males in the United States, although there have been alarming instances involving minors. These cases were promptly reported to the National Center for Missing and Exploited Children.

The rise of the internet has facilitated a surge in financial sextortion and online catfishing, crimes that operate on a global scale and often begin under the guise of romance. Recent investigations have uncovered a disturbing trend of targeting mobile game players for exploitation.

These cyberattacks are frequently orchestrated by groups known as ‘Yahoo Boys,’ who employ a variety of scams, with sextortion being one of their primary tactics.

To combat these threats, Meta is testing innovative technologies to protect its users. One notable feature is Instagram’s new auto-blur function for direct messages, which automatically blurs images detected to contain nudity, helping to prevent users from falling prey to these malicious schemes.

NIGERIA LAUNCHES TECH TRAINING INITIATIVE TO BOOST GLOBAL COMPETITIVENESS

In a bold move to position Nigeria as a leader in cutting-edge technologies, the Federal Government has announced a new initiative to train 1,000 Nigerians annually in artificial intelligence, blockchain, and other advanced tech fields. The program, officially launched by Vice-President Kashim Shettima in Dutse, Jigawa, marks a significant step in the nation’s digital transformation agenda.

Partnering the tech firm Gluwa, the AI Expertise Blockchain and Technology Training and Outsourcing Initiative is designed to equip Nigerian youths with skills critical for the future economy. Shettima urged young Nigerians to embrace the opportunity, emphasising its importance for economic growth and global tech standing.

“We are not merely catching up with the rest of

TECH PERSONALITY OF THE WEEK

How Olusegun Onigbinde’s BudgIT Revolutionised Nigeria’s Data Access

the world; we are poised to overtake them,” Shettima stated. “This initiative offers its beneficiaries the chance to become part of a global workforce, driving innovation that will shape our future.”

Jigawa, known for its early adoption of digital technology, was chosen as the launch site to symbolise its leading role in the Fourth Industrial Revolution. Shettima praised the state’s efforts and announced plans to expand the initiative nationwide, creating a network of tech hubs to spur economic development.

Governor Umar Namadi highlighted the initiative’s potential to create jobs and boost the local economy. He revealed that he is establishing a new ICT & Digital Economy Agency to cement further Jigawa’s status as an ICT hub in Nigeria.

This initiative is part of a broader government strategy, which includes the National Information Technology Development Agency’s (NITDA) plans to establish research centres for emerging technologies across Nigeria’s six geopolitical zones. These centres will focus on areas such as AI, Internet of Things (IoT), blockchain, and robotics, aiming to build a robust technology research ecosystem in the country.

ITU REPORT: NIGERIA EMERGES AS DIGITAL TRANSFORMATION LEADER IN AFRICA

Nigeria has been recognised for its exceptional readiness for digital transformation in a recent report by the International Telecommunications Union (ITU). The report, titled ‘Collaborative Regulation: Accelerating Nigeria’s Digital Transformation’, highlights Nigeria’s impressive 71 per cent score in

This week, we spotlight Oluseun Onigbinde, co-founder and director of BudgIT, a pioneering organisation revolutionising public data visualisation in Nigeria. Under Onigbinde’s leadership, BudgIT has empowered over eight million Nigerians by providing transparent access to budgetary information through innovative online and offline solutions.

Since its inception, BudgIT has transformed public finance discussions, turning budget matters into key debate topics across the country. By employing visual intelligence, infographics, and interactive interfaces, the organisation delivers actionable data to citizens, enhancing fiscal transparency. BudgIT’s impact is further underscored by its partnership with the International Budget Partnership (IBP) for the Open Budget Survey. Onigbinde’s commitment extends beyond BudgIT. He has played a crucial role in developing Tracka, a platform monitoring public projects in over 600 Nigerian communities, and founded Civic Hive, Nigeria’s civic innovation hub for tech start-ups.

An advocate for data-driven journalism, Onigbinde was selected by the Obama Foundation for its inaugural Obama Scholars Program at Columbia University in 2018. He is also a board member of the ONE Africa Policy Advisory Board and has received over ten international awards for his contributions to fiscal transparency and civic innovation.

legal, policy, and governance frameworks, placing the country among the top seven in Africa on the BEMECS 5G Readiness Index.

Unveiled recently by Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, the study underscores the nation’s preparedness to deploy and adopt mass-market 5G networks. Conducted in collaboration with the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and the Nigerian Communications Commission (NCC), the report was presented at the Digital Economy Complex in Abuja by ITU’s Kagwira Nkonge.

The report praises Nigeria’s strides in transitioning towards collaborative digital governance and agile regulation in the digital economy. It benchmarks Nigeria’s performance against the Generations of Regulation frameworks, noting the country’s significant accomplishments: 91 per cent in regulatory capacity, 82 per cent in market rules, 81 per cent in collaborative governance, 76 per cent in legal instruments for ICT/ telecom markets, and 69 per cent in national digital agenda policy.

The Executive Vice-Chairman of NCC, Dr. Aminu Maida, stressed the importance of these indicators in fostering effective regulation, attracting investment, and developing innovative models for broader digital inclusion. He highlighted that collaborative regulation is crucial for Nigeria’s evolution towards effective digital governance.

This recognition by the ITU cements Nigeria’s position as a leader in digital transformation, paving the way for enhanced economic growth and technological

advancement in the region.

OPENAI UNVEILS SEARCHGPT HERALDING NEW ERA IN ONLINE INFORMATION ACCESS

In a bold move to redefine how we access information online, OpenAI CEO Sam Altman announced the launch of SearchGPT, an innovative AI-powered search engine. This groundbreaking tool aims to merge advanced AI with real-time web data, promising a transformative shift in the search landscape.

Altman shared the vision behind SearchGPT on Twitter, pointing out OpenAI’s dedication to continuous improvement and user-centric innovation.

“We think there is room to make search much better than it is today,” he stated. “We are launching a new prototype called SearchGPT. We will learn from the prototype, make it better, and then integrate the tech into ChatGPT to make it real-time and maximally helpful.”

SearchGPT is designed to deliver answers directly through a conversational interface, allowing users to ask follow-up questions and refine their queries. By integrating AI models with up-to-date web information, SearchGPT promises fast, relevant responses with clear links to sources.

This prototype launch marks just the beginning. OpenAI plans to gather feedback from a select group of users and publishers to refine the technology. Altman added, “While this prototype is temporary, we plan to integrate the best of these features directly into ChatGPT in the future.”

The introduction of SearchGPT is poised to challenge major search engines like Google, offering a more dynamic and interactive search experience. OpenAI’s initiative could revolutionise the search market, making real-time information retrieval more efficient and user-friendly.

BUSINESS WORLD

Nigerian Banks Pay over N1tn Taxes to Govt on Strong Profit Growth

Kayode Tokede

Despite the tough operating environment, Nigerians banks’ taxes to government agencies tripled between 2023 and 2022 as banks’ resilient operational growth and profitability continue to support economic growth.

THISDAY analysis of audited reports and regulatory filings by banks showed that they have paid over N1 trillion in taxes to government over the past two years, with payments in the last audited year accounting for about three-quarters of the total payments. Nigerian banks recorded significant growth in profitability in 2023 with average profit growth in the sector in double digit.

The growth in profitability was due mainly to business expansions, but in several instances, boosted by gains from foreign exchange revaluation gains. Nigeria had undergone a currency exchange

management in 2023, with relative floating of the naira and a marketdriven exchange system.

Companies are required by law to remit tax income to state, federal government agencies, among other agencies where they operate.

Aside from paying the statutory rate of 30 per cent of total profit as the company’s income tax, companies operating in Nigeria are meant to pay Tertiary Education Tax, National Information Technology Development Agency (NITDA) Tax and Nigeria Police Trust Fund Levy.

The tertiary education tax is imposed on every Nigerian company at the rate of 2.5 per cent of the assessable profit for each year of assessment, while the Act that established the Nigeria Police Trust Fund was meant to receive funds from a levy of 0.005 per cent of the net profit of companies operating a business in Nigeria

and other various sources, which will be utilized for the training and welfare of personnel of the Nigeria Police Force.

A breakdown revealed that Nigerian banks paid about N700 billion as taxes in 2023 financial year, an increase of 180 per cent on about N250 billion paid for the 2022 business year.

Further analysis revealed that United Bank for Africa Plc (UBA), followed by Zenith Bank Plc were the highest tax paying firms in the Nigerian banking sector.

As UBA generated N757.68 billion Profit Before Tax (PBT) in 2023 from N200.87 billion in 2022, it paid N149.98 billion income tax expense in 2023, about 390 per cent increase from N30.6 billion in 2022.

Zenith Bank reported the highest PBT of N795.96 billion in 2023 from N284.65 billion in 2022 and declared N119.05 billion income tax expenses in

2023, representing an increase of 96 per cent from N60.74 billion in 2022.

The likes of Stanbic IBTC Holdings Company Plc, Fidelity Bank Plc and FCMB Group Plc with significant growth in profit also show significant increase in income tax expenses in the year under review.

As Stanbic IBTC Holding declared 65 per cent increase in income tax expenses from N19.54billion in 2022 to N32.29 billion in 2023, Fidelity Bank’s income tax expenses closed 2023 at N24.81 billion, a significant increase of 256.8 per cent from N6.95billion declared in 2022.

In addition, FCMB Holdings announced N11.4billion income tax expenses in 2023, a growth of 109.76 per cent from N5.44 billion reported in 2022.

Analysts have expressed the importance of companies remitting taxes to government

agencies, stressing that the federal government’s move to retroactively amend the Finance Act 2023 would have negative impact on banks profit and contribution to nation’s economy growth.

The senate recently passed a bill to amend the Finance Act 2023, and impose a one-time windfall tax on banks’ foreign exchange gains realised in their 2023 financial year.

But experts noted that the exercise is ill timed, citing that it could undermine investor confidence and negatively impact Nigeria’s investment climate.

The Vice-President, Highcap Securities Limited, Mr. David Adnori stated that listed companies over the years maintained stronger profit, which is meant to contribute to government tax revenue.

He expressed that most companies that were reluctant to come to the stock market were hiding their financials or were

scared of take-over by wealthy Nigerians.

He said: “Once the government can work together with the FIRS to enforce tax laws, there would be no hiding place for companies. Thus, they will be forced to come to the market.”

He noted that the proposed policy by FG would translate into over regulated banking sector amid macroeconomy challenges.

Speaking with THISDAY on the impact of retroactively tax, Investment Banker & Stockbroker, Mr. Tajudeen Olayinka stated that the decisions had been taken by all categories of investors, analysts and other stakeholders, on the basis of all known existing laws and international accounting standards in arriving at buy or sell recommendations on all securities issued by these banks.

The NIBSS data showed that as of December 2023, there were 60 million BVNs registered, indicating a growth of 2.7 million this year.

This surge is primarily attributed to a directive issued by the Central Bank of Nigeria (CBN) in December 2023, which mandated that all banks freeze accounts not linked

Enrolment for the Bank Verification Number (BVN) by bank account owners surged to 62.7 million as of July 2024, recent data from the Nigeria Inter-Bank Settlement System (NIBSS), has revealed. This represents a significant increase over the 61.87 million recorded in early May, with 854,267 new registrations in just two months.

to a BVN by April 2024.

The directive also required all commercial, merchant, non-interest, and payment service banks, as well as other financial institutions and mobile money operators, to mandate the BVN or National Identification Number (NIN) for all accounts and wallets.

The Central Bank of Nigeria (CBN), had in a strategic move

to fortify financial integrity and regulatory compliance, made a significant announcement in December of the preceding year.

The directive, effective from April 2024, outlined stringent measures for accounts lacking both a Bank Verification Number (BVN) and a National Identification Number (NIN).

Through a comprehensive

circular, the apex bank emphasised the need to align banking operations with robust security protocols and regulatory standards. Financial institutions were instructed to impose a “Post no Debit” restriction on all existing Tier-1 accounts and wallets that did not comply with BVN or NIN requirements.

This restriction marks a pivotal step in enhancing customer identification protocols and safeguarding against potentially fraudulent activities within the financial ecosystem. By mandating the freezing of accounts without BVN or NIN, the CBN aims to mitigate risks associated with unverified transactions and enhance transparency across the banking sector.

Nume Ekeghe

NATIONAL DIASPORA DAY…

L-R: Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa;

and Executive Director, Optiva Capital Partners, Amaka Okeke-Lawal at the

Stock Market Down N1.3tn

Investors Migrate to Fixed Income Market

Following the increase in Monetary Policy Rate (MPR) to 26.75 per cent, by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), the stock market segment of the Nigerian Exchange Limited (NGX) depreciated by N1.3 trillion Week-on-Week (WoW) as investors take comfort in Treasury Bills and other fixed income securities.

Specifically, the overall market capitalization, which opened for trading at N56.929 trillion, dropped by N1.3 trillion or 2.33 per cent to close last week at N55.605 trillion.

Also, the NGX All-Share Index (NGX) depreciated by 2,337.91basis points or 2.33 per cent WoW to 100,539.40basis points from 98,201.49 basis points last week.

All market indices, NGX Banking, Oil & Gas and Industrial Goods were negative last week.

But experts said the hike in MPR to 26.75 per cent is targeted at further reducing liquidity from the banking system and jerk up cost of credit with adverse consequences on output.

“Having done 750 basis points between February and May this year, I had predicted they would do a minimum of 50basis points or a max of 100basis points in July. I am glad to note that they chose the floor, which is a sign that a complete halt is most likely in their next scheduled meeting in September. But the adjustment to the asymmetric corridor around the MPR is a major source of concern for me.

“The MPC communique did not provide any explanation for increasing the SLR from +100 to +500 and the SDR from -300 to -100. By implication, with an MPR of 26.75per cent, banks will now

Stakeholders Move to Address Challenges in Mobility Business

stakeholders that

have

proffered solutions on how best to address the challenges of mobility business in Nigeria and Africa.

They identified some of the challenges in the mobility business, which include poor road infrastructure, lack of investments, insufficient electric powered vehicles and electric power stations among others.

Group Business Editor

Eromosele Abiodun

Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Money Market

Nume Ekeghe

Senior Correspondent

Raheem Akingbolu (Advertising)

Correspondents

Emmanuel Addeh (Energy)

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporters

Peter Uzoho (Energy)

Ugo Aliogo (Development)

Speaking at a panel session that discussed the theme: ‘Shaping the Future of MobilityInnovations, Challenges and Opportunities for Africa’, the Co-founder, MAX, Mr. Chinedu Azodoh, said Nigeria has been ranked as the country with the highest number of poor road networks in Africa, a development he said, had adversely affected mobility businesses in the country.

“As a business, we are solving mobility challenges by making vehicles available to drivers on a rental basis for a specified duration of time. We have introduced electric vehicles on our roads to reduce carbon emission and its associated health hazards. We have partnered organisations like Oando to roll out sub-stations where the batteries of available electric vehicles could be charged.,” Azodoh said.

get loans from the CBN at 31.75per cent while they will be remunerated for their excess deposits at 25.75 per cent. This will further squeeze liquidity from the banking system and jerk up cost of credit with adverse consequences on output and the equities market.

“The MPC communique should

have made it clear why it was better to mask the tightening in the asymmetric corridor than reveal it in the MPR. May I observe that unlike previous MPC communiques, recent ones are silent regarding how the members voted. This information is useful at this stage even before their personal

statements are published. I submit that as far as taming the current elevated inflation in Nigeria is concerned in view of its major non-monetary drivers, the fiscal side holds the ace,” financial expert and Director of the Institute of Capital Market Studies (ICMS), Nasarawa State University, Prof.

Uche Uwaleke said.

Speaking, analysts at Cordros Research stated that, “In recent weeks, yields in the fixed income market have maintained an upward trend. Specifically, the average yield for longer-term securities has risen to 19.20per cent as of 23 July (June: 18.75 per cent).

FITC Unveils Sustainability & ESG Institute with Groundbreaking Summit

The Financial Institutions Training Centre (FITC) is set to launch its Sustainability & ESG Institute summit, at the inaugural summit designed to address pressing sustainability and ESG issues. ESG stands for Environmental, Social, and Governance. This pivotal event is set to take place on July 31st, 2024, bringing together industry leaders, policymakers, and stakeholders to explore the future of sustainability in Africa’s financial sector.

In a chat with newsmen in Lagos, Managing Director/CEO of FITC, Chizor Malize, said the FITC Sustainability & ESG Institute has been established with a clear mandate to drive impactful change within the financial services sector and beyond. She said, “With over 43 years of

experience in equipping Africa’s financial sector through innovative training programs, advisory services, and comprehensive research, FITC continues to lead in shaping a sustainable future. This new initiative reflects our commitment to aligning with global sustainability standards and supporting the Central Bank of Nigeria’s (CBN) sustainability goals.

“The FITC Sustainability & ESG institute’s establishment follows the Nigerian Bankers Committee’s launch of the Nigerian Sustainability Banking Principles (NSBP) in 2012, marking a significant advancement in aligning Nigeria’s financial sector with global sustainability standards. This initiative supports the Central Bank of Nigeria’s goals and addresses critical

sustainability challenges identified by the regulator. It also aligns with international ESG trends, showcasing FITC’s dedication to global impact and local relevance.

“The FITC Sustainability & ESG Institute aims to foster a culture of sustainability within Africa’s financial services sector by: Providing cuttingedge knowledge solutions through workshops, training, and conferences. Facilitating policy development and strategic advisory to enhance ESG integration. Supporting both operators and regulators in achieving their sustainability objectives. Contributing to the broader societal goal of sustainable development and responsible business practices.”

She added that ESG integration

Lagos State Launches Omibus Water Transportation

Caverton Marine Limited in collaboration with the Lagos State Government, will today, kick off its pilot operations within the Lagos metropolis.

In a statement, the Ministry of Transport and the Lagos State Waterways Authority (LASWA), said the Omibus Pilot operations will focus on thorough testing of the ferries, data collection, public awareness, and operational framework refinement ahead of full deployment.

The Chairman of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, has commended Optiva Capital Partners, for its partnership with the commission. This recognition came during the 18th annual National Diaspora Day celebrations held at the Banquet Hall of the Presidential Villa, Abuja. Dabiri-Erewa expressed her gratitude to partners and sponsors, particularly highlighting Optiva Capital Partners for their collaboration with NIDCOM.

The statement added that during the two-week pilot operation period, the ferries will operate on three key routes, with one round trip per day on each route – one in the morning and one in the evening.

“The Omibus ferries have received international recognition for their safety standards from Interferry, a prestigious global ferry association, for meeting and exceeding IMO international standards. This acknowledgement

She emphasised the importance of providing a platform for Nigerians globally to engage and invest in their home country in meaningful and impactful ways.

National Diaspora Day, celebrated annually on July 25, acknowledges the significant contributions of Nigerians living abroad, including their economic, social, and cultural impact. The theme for this year, “The Japa Phenomenon and its Implication for National Development,” reflects the growing trend of migration for

underscores Caverton Marine’s commitment to safety and excellence in the design and construction of the Omibus ferries.

“Embarking on this pilot scheme will also enable the promoters of this laudable Waterways transportation initiative to collect operational data, evaluate the operational costs, passenger experience, and overall efficiency of the Omibus ferries. And finally, to raise public awareness about the benefits of waterway transportation and the features

better opportunities. The term “Japa” is derived from Yoruba, word, which means “to flee or escape”.

Speaking at the event, Executive Director of Business Development at Optiva Capital Partners, Amaka Okeke-Lawal, representing CEO Dr. Jane Kimemia, remarked, “Our partnership with NIDCOM extends beyond the National Diaspora Day celebrations. Optiva Capital is committed to leveraging our extensive network to support Nigerians interested in investing

enhances business sustainability, risk management, and investor appeal while fostering societal benefits like environmental preservation and social equity. It’s crucial for organizations to adopt ESG principles to stay competitive, innovative, and compliant with regulations.

“The summit will feature an impressive lineup of speakers, including distinguished figures from regulatory bodies, financial institutions, and sustainability thought leaders. Attendees will gain invaluable insights into the latest global ESG trends, practical strategies for implementation, and innovative approaches to achieving sustainability goals, business practices and regulatory compliance, “she said.

of the Omibus ferries. Upon the success of the pilot programme, the management of both Lagos State Ministry of Transport and LASWA anticipate commencing regular passenger operations, with an increased frequency of trips per day.

“Omibus ferries are with international safety and standards and offer a comfortable travel experience. Join us in this transformative journey towards alleviating traffic congestion and enhancing water transportation,” it stated.

in key sectors such as real estate, hospitality, health, education, ICT, and agriculture. This partnership aims to create new opportunities and enable our diaspora community to achieve their investment goals while contributing to national development.”

Optiva Capital Partners and NIDCOM recently formalized their collaboration through a Memorandum of Understanding (MOU), focusing on providing services tailored to the needs of Nigerians worldwide.

Kayode Tokede

Emma Okonji

Industry

attended the Global Tech Africa 2024 conference in Lagos last week,

Head, Northern Operations, Optiva Capital Partners, Sylvia Onyalu; Secretary to the Government of the Federation, George Akume

commemoration of National Diaspora Day sponsored by Optiva Capital Partners in Abuja… recently

CORPORATE GOVERNANCE ADVOCATES…

L-R: Group Managing Director, FBNHoldings, Nnamdi Okonkwo; President, Institute of Director (IoD), Tijjani Borodo; Chairman Board of Governors, Institute of Directors Centre for Corporate Governance (IoDCCG), Mr. UK Eke and President, Institute of Chartered Secretaries and Administrators (ICSA), Mrs Funmi Ekundayo At the 2nd National Corporate Governance Summit Organised by IoDCCG in Lagos… recently

Transcorp Hotels Plc has reported its half-year (H1) ended June 30, 2024 results with revenue at N29.7 billion, about 61 per cent increasing when compared to N18.5 billion declared in H1 2023.

The hospitality subsidiary of Transcorp Group on the Nigerian Exchange Limited (NGX) reported N10.5 billion profit before tax in H1 2024, representing an increase of 192 per cent over the N3.6 billion recorded in H1 2023. Consequently. The company is rewarding shareholders with an interim dividend of N1.02 billion at N0.10 for every 50 kobo ordinary share, subject to appropriate withholding tax and approval.

Also, profit after Tax stood at N6.6 billion in H1 2024, an increase of 157per cent year-on-year compared to N2.6 billion during the same period last year.

In the period under review, the company’ occupancy grew to 81per cent in H1 2024, up from 77per cent in H1 2023.

Revenue per Available Room (RevPAR) increased by 57per cent to N162,999 from N103,646 during the same period in 2023.

Managing Director/CEO, Transcorp Hotels, Dupe Olusola in a statement said the Company continues to deliver excellently on its record Q1 financial results, and further driving its secondquarter performance to new levels, achieving a combined strong half-year performance, with 61

Minister Decries

High Mortality Rate of Domestic Airlines

The Minister of Aviation and Aerospace Development, Festus Keyamo, has decried the rate airlines are going under in Nigeria and said that it is the responsibility of government to halt the short life span and help the airlines to grow.

He made this known in his remark at a conference organised by the League of Airports and Aviation Correspondents (LAAC) in Lagos at the weekend.

Keyamo said that it has become a responsibility of the Nigerian government to make sure that domestic airlines exist for a long time and also are profitable, noting that although past government did not see the importance of supporting these carriers to prolong their life but the Tinubu administration is committed to save the airline because doing so will protect jobs in the sector, give a boost to GDP and generate revenue to government.

He said that it should be known that aviation sector grows on the wings of domestic airlines because without them there would be no industry.

“I don’t think for many years different governments that have come and gone have prioritized growth of domestic airlines as one of their focal points. I think support for our local operators is very critical. Without them, there would be no industry. We put it as one of our very focal points. Support our local operators. Make sure to enhance their capacities because for so many years we have had a lot of mortality rates, high mortality rates in the aviation industry, in terms of airlines coming and going under. Very high mortality,” the Minister said.

As part of helping the airlines to survive and grow, Keyamo said that the first thing is to enhance the capacity of the airlines, noting that currently there is paucity of operating aircraft, which has contributed in the high cost of fares.

percent revenue growth, setting another performance record.

“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both

group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Olusola stated.

“As we continue to combine

our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with

our strategic objectives and delivering long-term value to all our stakeholders. We are excited about the launch of our upcoming 5,000-capacity event centre later this year,” he added.

Keyamo Promises to Resolve NIMASA, NRC Non-compliance to NSIB Act

Oluchi Chibuzor

The Minister of Aviation and Aerospace Development, Mr Festus Keyamo, has promises to intervene in the non-compliance with the NSIB Establishment Act of 2022 by the Nigeria Maritime Administration and Safety Agency (NIMASA) and the Nigerian Railway Commission (NRC) in remitting the statutorily required percentages of their revenue to Nigeria Safety Investigation Bureau (NSIB).

He stated this at the opening of the Lagos office of NSIB, while regretting the demolition of the NSIB’s former office by the previous

administration.

According to him, “On the issue of the non-remittance of funds that you mentioned from the other agencies of governments. Thankfully, my brother is here, the Chairman, House committee on Aviation. I want to thank him very well, though we have not gotten to the promised land.

“But I can tell you that he has put in a lot of effort. Presently, a lot is happening behind the scenes. It’s not what you will say in front of the cameras. Very soon, I think we will see some change of attitude by the other agencies. And you will have your funds. It may not be all

of it, but you will have some of your funds with which to work.”

Meanwhile, the minister noted that the action to demolish the NSIB former office was regrettable.

“I was quite sad when I came to the office and discovered that a whole new office with a whole complex that NSIB had in the middle of the floor; a functional office, owned by NSIB was demolished for no reason. And I was very sad about that incident. Lagos is very important in the aviation sector. So it is actually unheard of that a critical agency like NSIB would not have an office in Lagos. And so I fully supported the initiative.”

Earlier, the Director-General of NSIB, Alex Badeh Jr. said that they have faced significant challenges in fulfilling their mandate, notably securing the necessary funding to support our operations.

According to him, “The non-compliance with the NSIB Establishment Act of 2022 by the Nigeria Maritime Administration and Safety Agency (NIMASA) and the Nigerian Railway Commission (NRC) in remitting the statutorily required percentages of their revenue to NSIB has severely impacted our ability to conduct comprehensive multi-modal accident investigations.

NCS to Discuss Data Technology for National Development

Emma Okonji

Nigeria Computer Society (NCS), the umbrella body of all IT professionals, interest groups and stakeholders in Nigeria, will be discussing the role of emerging technologies like data technology in engaging citizens for national development at its international conference scheduled to hold in Port Harcourt, Rivers State. The theme of the conference:

‘Technological Solutions for Smart Economy (SmartEco 2024)’, is designed to provide the needed technological support for government drives and vision in modern society.

Giving details about how NCS intend to use technology to support government and engage citizens, the President of NCS, Dr. Muhammad Sirajo Aliyu, the emergency of connected cities and data-driven nations has made

planning and decision-making easier at the global level.

“Different studies have ranked Africa low in adopting technology to build a safe, secure and sustainable economy. At the heart of the technology driving innovation is data and citizen engagement. In transforming our nation to meet future demand, we must use technology to create a more sustainable and secure future for our citizens. We must change our

approach and challenge the status quo.,” Aliyu said.

Vice President of NCS, Mr. Charles Onyeukwu said the conference would focus on important issues related to the theme and sub themes such as: Intelligent Cities, Design and Regulatory Framework, eGovernment and policy Framework, E-health and smart healthcare, Precision and intelligent Architecture.

Philip Consulting, Assima Partner for Change Management Training

Sunday Ehigiator

Leading Nigerian consulting firm, Phillips Consulting (pcl), and Assima, a global systems training platform, have announced a strategic partnership to transform change management training in Africa.

In a statement signed by the duo, the collaboration is expected

to bring together over 50 years of combined expertise to provide organisations with immediate and effective solutions to existing training challenges. They said the partnership will also enable African clients to access Assima’s cutting-edge systems training platform for the first time, facilitating smoother transitions, improved adoption

of new systems, and enhanced achievement of strategic goals.

According to the CEO of Assima, Brendan Scullion, “This partnership will facilitate the growth of pcl’s services and Assima software in the African market. The combined expertise of both companies will elevate the standards of systems process training to unprecedented levels. It will drive growth and

innovation in the African market, elevating systems process training to new heights.”

According to the statement, “With this partnership organisations will benefit from state-of-the-art systems training development, comprehensive change management strategies, and customised solutions tailored to their unique needs.”

Chinedu Eze

Kayode Tokede

HoS Sensitises Ministerial Aides on Workplace Harmony

The Head of Civil Service of the Federation (HoCSF), Dr Yemi Folashade-Esan has sensitised senior ministerial aides on workplace harmony and effective service delivery for maximum productivity.

She said the workshop was necessary to ensure the implementation of President Bola Tinubu administration’s Renewed Hope Agenda and the country at a critical point in its journey towards national development.

The head of service was represented at the parley by the Permanent Secretary for Service Policy and Strategic Office (SPSO), Dr Bako

Zioncity Launches Documents-recovery Services in Nigeria, Africa

Sunday Okobi

A digital solution company, Zioncity Innovation Services Limited, has unveiled a document-recovery service provider called Back2U in Nigeria as well as other countries in Africa, with the assurance to the public that any lost document could be recovered and returned to the owner within 48 hours.

At the service launch in Lagos over the weekend, the Chief Executive Officer of the firm, Hero Usiagwu, told journalists that Back2U is web-based service whose objective is to return lost and found official documents, like personal identity cards, passports, drivers’ licence, academic certificates among others.

He described Zioncity Innovation Services Limited as a place where innovation meets excellence, adding that: “We are a forward thinking

company. We strive to push boundaries of what is impossible, making it possible with the power of cutting edge technology, and creating ingenuity to address complex challenges and problems.

“The service will ease the difficulties often faced with trying to retrieve lost document and also those who try to return lost but found documents to the legitimate owners.”

Also speaking during the launch, a Business Consultant and partner of Zioncity Innovation Services Limited, Ngu Denulf, described Back2U as an innovative concept that has come to solve social problems in Africa.

He noted that the service, which was being launched in Nigeria, was already operational in Cameroun, Ghana, and Cote d’ivoire even as he hinted that they would soon take the service to Kenya.

BII Unfolds £725m New Sustainable Development Commitment in Africa

In a year marked by global economic challenges and increasing climate crises, British International Investment (BII) has emerged as a beacon of hope and progress for sustainable development in Africa. The UK’s development finance institution and impact investor announced a remarkable £725 million in new investments dedicated to sustainable development across the continent, representing a significant 61 percent of its total global commitments for 2023. BII’s mission to alleviate poverty through impactful investments continues to resonate across the most underserved regions, where private capital is scarce. The newly published Annual Review, titled Creating Impact Together, reveals BII’s extensive reach and influence.

The £725 million invested in Africa reflects an increase from £692 million in 2022, underscoring the organization’s growing focus on the continent.

Chair of BII, Diana Layfield,

highlighted the organization’s critical role in addressing global challenges: “In a world facing an ever-growing climate challenge, and where inequality and access to basic water, power, and economic development remain profound human challenges, our role is as important as it has ever been.”

Managing Director and Head of Africa for BII, Chris Chijiutomi, echoed this sentiment, emphasizing BII’s impact on the continent: “We continue to make a real difference to the lives of millions of people living in Africa on behalf of the British taxpayer. Our 2023 investment performance underlines our dedication to supporting our partners across the continent as they play a key role in creating vital jobs and services and building economies that are more adaptable and resilient to the impacts of the climate emergency.”

Deborah Odoh. She noted that the ministerial aides had the responsibility to support t heir principals to ensure that the much-needed policies and programmes were effectively and efficiently implemented in order to secure a Nigeria that can maximize its full economic and developmental potential.

“In line with the vision of His Excellency, President Bola Tinubu as the head of the civil service of the Fed eration is committed to ensuring that the required synergy and harmonious working relationship exists between the office of Honorable Ministers, who are the representatives of Mr President and the civil servants under the administrative leadership of the head of service and her transformative permanent secretaries.

“As you all know, our country is at a critical point in its journey towards national development and it is our responsibility to support our principals to ensure that the much-needed policies and programs are effectively and efficiently implemented in order to secure the future we desire of a Nigeria that is able to maximize its full economic and developmental p otential,” she said.

NDDC, FMBN Enlighten Staff on Housing Scheme Benefit

In a bid to bolster affordable housing initiatives in Nigeria, the Niger Delta Development Commission (NDDC) and the Federal Mortgage Bank of Nigeria (FMBN) have raised their collaboration efforts by enlightening staff of its housing scheme benefits.

Speaking at the interactive session held at the commission’s headquarters in Port Harcourt, the NDDC Director, Administration and Human Resources, Mr. Patrick Ekade, stressed the need to

provide affordable housing for workers, noting that, “shelter is a fundamental human right.”

Ekade, who was represented by Director, Administration and Human Resources Directorate, Anele Stephen Nzelaw, noted that every employee was expected to make a mandatory contribution of two and a half per cent of their monthly earnings into the fund, managed by the Federal Mortgage Bank.

He said that it was necessary

to sensitize NDDC staff on the housing scheme being managed by the FMBN.

Making a presentation, the Port Harcourt Branch Manager of FMBN, Mr. Melody Ukwa, highlighted the bank’s role in addressing Nigeria’s housing deficit by providing affordable housing loans. He explained that NDDC staff could benefit from housing development loans and individual loans with single-digit interest rates.

He explained: “Housing is a basic human right and a key

factor for social and economic development. The FMBN, as the apex mortgage institution in the country, has a critical role to play in addressing this challenge. The FMBN has been providing mortgage finance and facilitating home-ownership for low and medium-income earners through its various schemes and products. However, these efforts are not enough to meet the growing demand for shelter and the expectations of the Nigerian people.”

Stanbic IBTC Awards Scholarships to 200 Outstanding Varsity Students

Funmi Ogundare

Stanbic IBTC has awarded scholarships to 200 outstanding students from various public universities across Nigeria. The recipients were selected from 16,000 applicants, recognising their excellent academic achievements and potential to contribute to Nigeria’s future.

Speaking at the recent scholarship programme in Lagos, the bank’s Chief Executive Officer, Dr. Demola Sogunle, congratulated the scholars saying that their selection was based on academic excellence, leadership potential and a strong desire to impact their communities and the

nation. He emphasised that their hard work and dedication had earned them this recognition, symbolising their potential for even greater accomplishments.

According to him, “your hard work, resilience, and dedication have brought you this far, and this scholarship is proof of your potential to achieve even greater heights.”

He underscored the importance of education as a transformative tool, which motivated the bank’s commitment to the university scholarship programme.

“Since its inception in 2019, the programme aims to support brilliant young minds who face

financial challenges in pursuing their academic goals. We envision a Nigeria where every child can achieve their fullest potential regardless of background, a Nigeria where education is the great equaliser,” he stated. By investing in these students’ education, the bank is contributing to a brighter and more prosperous future for Nigeria.

Executive Director of Stanbic IBTC Trustees Limited, Emi Agaba-Oloja, explained the bank’s commitment to supporting students in achieving their financial goals.

The bank’s endowment fund also provides support in cases of parental death or incapacitation.

She noted that the education trust requires a minimum of N100,000 to ensure funds are managed appropriately for children’s education.

Beneficiaries of the scholarship expressed their gratitude. Temitope Jinadu, a 300-level Electrical Electronics student at the University of Lagos, received the scholarship after scoring 338 in the Unified Tertiary Matriculation Examinations (UTME). The scholarship allowed him to invest in online courses and seek mentorship, maintaining a first-class grade. Jinadu expressed his appreciation for Stanbic IBTC’s support and hopes to give back to society in the future.

Ufitfly, Wakanow Sign Partnership Deal to Serve Customers Better

Kemi Olaitan in Ibadan

A leading destination management company, Ufitfly and one of the country’s foremost travel agencies, Wakanow have entered into a strategic partnership aimed at enhancing the travel and tourism experience for Nigerians.

The collaboration, which was formalized at Wakanow’s head office, in Lekki, Lagos, last Friday, marked a significant milestone in the travel and tourism industry.

The Managing Director/CEO of Ufitfly, Mr. Ajibola Ogunkeyede, while speaking with journalists

after the signing, expressed his excitement about the partnership, stating that the agreement represents a new era in the travel industry as it offers the need to leverage each other’s strengths to offer customers an unparalleled travel experience.

“The partnership between Ufitfly and Wakanow is poised to set a new standard in the travel industry, bringing together two powerhouse companies with a shared vision of excellence and innovation,” he said According to him, the partnership will see both companies integrate their offerings and services, providing customers

with a seamless travel experience, disclosing that from September 1, customers can visit the Ufitfly website to book tickets and make payments online thus eliminating the need for physical visits to their offices.

He added that the move towards a self-service model underscores the commitment of both companies to improving convenience and accessibility for travellers.

The Group CEO of Wakanow, Mr. Bayo Adedeji, in his own remarks, said “this collaboration is set to enhance customer satisfaction and offer a broader range of travel products and services.”

With the partnership, Ufitfly’s services that include Educonsult package, European packages and pilgrimage exercises will be integrated into the platform of Wakanow while Wakanow will also feature Ufitfly’s offerings and services in order to provide a united front to the market. Others present at the event from Ufitfly include the Director of Operations, Mr. Bisola Folarin and Head of Administration and Human Resources, Mr. Ademola Adetunji as well as Wakanow’s Head of Business Development, Mr. Gbenga Onitilo.

Olawale Ajimotokan in Abuja

L-R : Acting. Chief Operation Officer, Bicourtney Aviation Services Limited, Mr. Remi Jiboodu; Former Managing Director, Federal Airport Authority of Nigeria, (FAAN), Capt. Rabiu Yadudu; Chairman AGHAN, Mr. Olaniyi Adigun; Chairman League of Airports and Aviation Correspondents (LAAC), Mr. Suleiman Idris; Special Guest of Honour/ Minister of Aviation and Aerospace Development, Mr. Festus Keyamo; Group Managing Director, Finchhglow, Mr. Bankole Bernard; Chairman of the occasion, Chief Executive Officer/ Founder, CITA Aviation Fueling Company Limited, Dr. Thomas Ogungbangbe and Keynote Speaker, Managing Director/ CEO Nigeria Airs pace Management Authority, Umar Farouk, during the LAAC 28th Annual Conference held in Lagos. .. recently PHOTO: KOLAWOLE ALLI

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as at

July-2024, unless otherwise stated.

Stakeholders Advocate for Stronger Corporate Governance Frameworks In Public Sector

Oluchi Chibuzor

Stakeholders have called for the institutionalisation of corporate governance in Nigeria’s public sector to foster transformation and support the government’s goal of achieving a trillion-dollar economy.

This call was made at the second edition of the National Corporate Governance Summit, held in Lagos.

The event, with the theme “Institutionalising Good Governance for National Transformation: The Imperative of Public/Private Sector Collaboration,” was organised by the Institute of Directors’ Centre for Corporate Governance (IoDCCD), the Ministry of Finance Incorporated (MOFI), the Financial Reporting Council (FRC), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

Managing Partner at Compliance Professionals Plc, who was also the former chairman of the

Federal Inland Revenue Service (FIRS), Mrs. Ifueko Okauru, highlighted the necessity of good corporate governance despite cultural, experiential, and ethnic divides.

Drawing from her public sector experience, she asserted that establishing corporate governance is achievable with dedication, personal sacrifice, and firm commitment.

Okauru stressed that Nigeria must adopt good governance practices to align better with international business standards. She also called for a legal framework to support this institutionalization and structures to drive national transformation.

Chairman of IoD CCG, Mr. U. K. Eke, stressed the importance of integrating the public sector into national development efforts. He underscored the critical role of corporate governance in achieving high performance across both private and public sectors, advocating for the

application of governance principles across all economic sectors. Executive Secretary of FRC, Dr. Rabiu Olowo, pointed out that good governance is globally recognized as the foundation of economic growth.

He commended the success of the Nigerian Code of Corporate Governance 2018 in enhancing private sector governance and called for similar efforts in the public sector to drive national transformation.

CEO of MOFI, Dr. Armstrong Takang, stressed the necessity of adopting and institutionalizing corporate governance in the public sector.

He noted that while the private sector, particularly banking, has seen significant success from good governance, government institutions often lack transparency and accountability. Takang expressed optimism that entrenching good governance principles would lead to noticeable improvements.

‘Lagos GDP Negatively Impacted by Travelling Long Distance

Lagos State’s Gross Domestic Product (GDP) has been found to be negatively impacted by long traveling distance to place of work.

This was disclosed at the 15th Inaugural lecture series of the Yaba College of Technology, with the theme, “Lagos: The Poor, the Pot, and the Bed,” which was held in Lagos.

Using a hybrid approach that combined a literature review

with a field study, Dr. John Okesoto, who delivered the lecture stated that the pot of the poor workers are unambiguously far from their bed for obvious reasons of exclusion as a result of their income which directly impacts their choice of locating their homes close to where they work.

According to him, “This impacts further on their living standard because it

to Work’

makes them less productive, makes them spend so much on commuting in terms of money, time and human energy. This also impacts negatively on the state’s GDP and the carbon footprint of the environment. It therefore becomes necessary that something must be done to make the working poor live closer to where they work by making the poor sleep closer to where his pot is.”

Wema Bank Launches ALATPay, Payment Gateway for MSMES

Wema Bank has launched ALATPay, a payment gateway platform designed to provide a secure end-to-end shopping experience for customers and instant settlement for merchants.

The launch event, held in Lagos, highlighted ALATPay’s unique features, including online storefronts for each business, a unique link for each business, and the ability to collect payments in foreign currency.

Speaking, Wema Bank’s Executive Director, Lagos Directorate, Oluwole Ajimisinmi underscored the Bank’s drive for empowering businesses and providing viable solutions for them to thrive and scale.

He said, “The bulk of the economy comprises small businesses so creating and providing solutions that will

empower them to thrive, maintain optimal productivity and actively contribute to the economy, is the goal for us.

“ALATPay is the future, and we are proud to do yet another major one in the financial services industry, positioning Nigerian businesses to seamlessly acquire transactions worldwide. With ALATPay, customers are not just getting access to the payment gateway, they are getting a full SME Toolkit, trainings, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success.”

Wema Bank’s Divisional Head of Payment Business, Damola Bolodeoku added that a major value-added service that Wema Bank

offers is the ability to collect payments in foreign currency, adding that if a customer from the United States picked items from a business’ storefront and paid with their USD Card, ALATPay allows the business to receive the payment directly in their USD Account in dollars.

On her part, Software Developer, Ndidiamaka Ruth, said, “From the Developer’s perspective and as someone that has consumed a lot of APIs especially in the FinTech industry, ALATPay is very smooth and simple. The data structure is seamless, the time frame between when you process the payment and when you get a response to your call-back URL is literally milliseconds, I have tested it with other payment gateways.

NICE Seek Stakeholders’ Collaboration to Address Engineering, Economic Challenges

Kingsley Aliamaka

The Nigerian Institution of Civil Engineers (NICE) has advocated collaboration by policymakers, regulators, academia, professionals, practitioners and stakeholders to proffer solutions on the challenges affecting the growth and development of the civil engineering sector and economy.

The body made the call at the maiden edition of Construction Expo Africa and NICE’s first ever international exhibition and fair that brought all the stakeholders in the built environment together to discuss the future of the industry.

Speaking to journalists at the Expo in Lagos, the National

Chairman, Nigerian Institution of Civil Engineers (NICE), Virgilus Chukwudi Ezugu said, “The essence of the Expo is to bring all the practitioners of civil engineering into one roof – the academia, the professionals or people teaching in Universities. We have the manufacturing engineers manufacturing civil engineering products, regulators, COREN, Standard Organisation of Nigeria, the research institutes, like Nigerian Building and Roads Research Institutes, the Lagos State Public Works Corporation, the policymakers, building professionals, the civil engineers, consultants and other material service companies so that we can synergise and proffer solu-

tions to the challenges of civil engineering in Nigeria.”

According to Engr. Ezugu, “this exhibition and fair was conceived out of the need to bridge the gap between academia, professionals and industry in order to consciously work in synergy to solve the mirage of civil infrastructure deficits and failures of available ones.

“From humongous housing deficit of about 28 million units in 2023 up from 20 million units in 2018 to dilapidated highways, very poor rail transport system, chaotic air transport system to inadequate potable water etc. our dear country is faced with gross inadequacy in civil infrastructure.”

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),

Murban (UAE)

Merey (Venezuela).

L-R: The Honourable Commissioner, Lagos State Commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose-Medebem; MD/CEO Sterling Bank and Member Board of Directors, Sterling One Foundation, Abubakar Suleiman; Executive Governor of Lagos State, H.E Governor, Babajide Sanwo-Olu; the Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Permanent Secretary, Lagos State Commerce, Cooperative, Trade and Investment, Dr. Olugbenga Aina at the Africa Social Impact Summit (ASIS) pre-event, the Investors’ Roundtable in Lagos...recently

H1 2024: Unilever Reports 7.3% Increase in Profit to N6.28bn

Kayode Tokede

Unilever Nigeria Plc, has announced its unaudited interim report for half year ended June 30, 2024 with N6.28 billion profit before tax, about 7.3 per cent increase from N5.85 billion reported in half year ended June 30, 2022.

The household company listed on the Nigerian Exchange Limited (NGX) in its profit & loss figures declared N4.44 billion profit in H1 2024,

representing 8.3 per cent growth from N4.1 billion declared in H1 2023.

The company recorded revenue of N63.9 billion in the period under review which represents 41per cent topline growth compared to N45.3 billion revenue recorded in the corresponding period in 2023.

The company recorded a gross profit of N26.2 billion in H1 2024 which is 100per cent increase versus N13.1

billion reported for H1 2023.

Speaking on the results, the Managing Director, Tim Kleinebenne, in a statement said, “We are pleased with our commitment to stay in Nigeria as the longest serving manufacturing company in the country. As a company that has stayed over a centenary in Nigeria, we are not just here to stay, but we are very convinced that the opportunities in Nigeria are more than the challenges.”

“Our H1, 2024 unaudited results with a topline growth at 41per cent, is a testament that with our Growth Action Plan (GAP) we are committed to serving consumers with our best brands to meet their daily needs of improved health and hygiene. Unilever Nigeria is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories,”

Kleinebenne, said. The shareholders of Unilever Nigeria had approved the N0.75 kobo per share dividend payout for its 2023 financial year, an increase from the 25kobo declared in 2022. Thas declared dividend is estimated at N4.31 billion for the year ended December 2023. The declaration follows an impressive growth in revenue of N103.9 billion in 2023, representing a 51.3per cent growth compared to N68.6

billion recorded in 2022. According to the 2023 financial statement, the household company’s profit after tax stood at N16.4 billion in 2023, a growth of 205.2 per cent from N5.4 billion in 2022. As a centenary old company and the longest serving manufacturing company in Nigeria, Unilever Nigeria is committed to ensuring continuous socioeconomic impact and investment in Nigeria through its brands and operations.

PRICES FOR SECURITIES TRADED ASOF JULY 25/24

THISDAY MONDAY, JULY 29, 2024

HOMES & DESIGN

High Gardens of Glitz, Greatness and Good Life

High Gardens by Tetra Manor Ltd is one of Eko Atlantic City’s finest. This exquisite skyscraper is a signature of glamour, greatness and good life reserved for only a few discerning investors. Bennett Oghifo writes

Tetra Manor High Gardens is curated to mirror a luxurious and glamorous lifestyle with a combination of beauty, affluence and eminence, created for the one per cent who appreciate the finest things of life.

This elite development in the Eko Atlantic City, which is the best real estate destination in Africa, is the perfect address for luxury living and exclusive existence.

The project consists of 25 floors of luxury apartments (one-bedroom apartment, two-bedroom apartment, three-bedroom apartment, threebedroom maisonette, and four-bedroom maisonette), each valued at N140 million and above.

A modern-day haven designed to be nature-friendly, making room for greenery in all the spaces.

High-end finishing features complement the impeccable aesthetics of High Gardens, with “no value compromised” to offer not just a place to live in, but a lifestyle to experience and revel in.

Features such as external security door, internal wooden door, aluminium EBM profile windows, standard interior decoration, smart door locks, conduit wiring, quality bedroom wardrobes, high quality kitchen cabinets, stainless steel internal railings, wired for internet and entertainment, P.O.P ceiling for living room ans master bedroom, electrical fittings (Milano or Eq.), modern sanitary fittings (Milano or Eq.), high quality ceramic and verified tiles, screeded walls, and satin wall paint (internal).

Other features include elevated pool, sea view, 24-hour surveillance,

fibre optic connectivity, children’s play area, lounge/bar, gym, office space, 24-hour power supply.

“We give significant discounts to existing offers, a convenient payment plan (four years). It is specifically designed for families, which you can earn guaranteed or up to 20 per cent returns with top-notch facilities,” said the developer.

“We always provide the best to our customer,” Tetramanor said in a statement on its website.

It is a private limited liability company “created to provide real estate and property development services for the numerous Nigerians who are in need of a place to call home.”

The goal of the company is to provide choice but reasonably priced residential and commercial spaces,

with focus on the commercial capital of Nigeria – Lagos. By getting close to proposed clientele, understanding their needs and personally overseeing every aspect of projects, the Tetramanor team is able to deliver high quality spaces at reasonable costs.

Its projects are located in choice, fully built-up locations.

“This ensures that our clients are able to move into their homes immediately, have access to infrastructure (power, roads and water), and get value for their money.

“And this is the promise we make to our clients: We will not compromise our standards for any reasons whatsoever, we will not extort our clients in order to make profit, and we will not sell to our clients spaces we are not willing to live in ourselves,” said the real estate firm.”

BUSINESS SPECIAL

Banu: Improved Regulation, Awareness Growing Mutual Funds Market

Managing Director, STL Asset Management Limited, Ahmed Olaitan Banu spoke to Oluchi Chibuzor on the mutual funds market, role of STL and benefits investors stand to gain by investing in the market. Excerpts:

Can you briefly explain what Mutual Funds are and how they work?

Mutual Funds are a type of Collective Investment Scheme, which allows multiple investors to pool their resources towards a common investment goal. This pooled investment is managed by a fund manager who oversees the buying and selling of investment instruments within the Mutual Fund. Additionally, a corporate trustee ensures that the fund manager operates in line with agreed terms and responsibilities whilst the fund is also authorised and regulated by the Securities and Exchange Commission (SEC). The benefits investors receive from a Mutual Fund are proportional to their invested capital. The more you invest, the greater your potential returns, all else being equal.

How has the Mutual Funds market evolved in Nigeria over the years?

The Mutual Funds market in Nigeria has seen significant growth. The total Assets Under Management (AUM) have surpassed N2 trillion, a significant increase from just above N2 trillion before the COVID-19 pandemic. This growth can be attributed to increased awareness and regulatory support from the SEC. Initially, equity Mutual Funds dominated the market, focusing on stocks. Today, Money Market Funds and Dollar Funds have become more prevalent.

Why should investors consider Mutual Funds as part of their investment portfolio?

Investing in Mutual Funds offers several benefits: The first is expertise. Investors leverage the expertise of fund managers to achieve good returns. Second benefit is compliance monitoring. The SEC ensures that Mutual Funds adhere to regulatory standards, providing a layer of security for investors. The third major benefit is diversification: Mutual Funds grant access to a diverse

Banu

portfolio of securities, reducing investment risk. This makes them particularly appealing to risk-averse investors seeking safety and expert management of their investments.

What factors should investors consider when choosing a Mutual Fund?

Investors should consider the following factors. The number is regulation. They should ensure the Mutual Fund is registered and authorised by the SEC. They should look out for transparency by checking for publicly available information and regular updates from the Fund Manager. Also, investors should consider the fund manager’s pedigree by researching the fund manager’s experience and accessibility.

Another importance factor investors should consider is returns. They

“Our vision is to become the most preferred Mutual Funds provider in Sub-Saharan Africa, known for our returns and reach while meeting investors’ objectives. Innovation, one of our core values, will guide us in navigating the ever-changing macroeconomic and financial environment. We are building our business on the foundation of technology and agility to achieve this vision.”

should determine if the expected returns (fixed or variable) align with their investment goals. Similarly, investors should try and understand the specific features of the Mutual Fund, such as income distribution frequency, to ensure they meet your needs.

Does STL Asset Management offer any Mutual Funds products. If so, can you tell us about them?

Yes, STL Asset Management offers two Mutual Funds: the STL Money Market Fund and the STL Balanced Fund. STL Money Market Fund aims to provide investors with high liquidity and capital safety by investing in low-risk Money Market instruments. On the other hand, the STL Balanced Fund seeks to grow investment capital and generate periodic income through a diversified portfolio of stocks and fixed-income instruments.

What are the key features of the STL Mutual Funds?

The STL Money Market Fund offers daily income accrual on invested capital, ensuring that invested funds grow daily. The accrued interests are paid quarterly to investors or reinvested in the Mutual Fund. However, a 20 per cent penalty on accrued interest applies if invested capital is withdrawn within 30 days

of the initial investment date. This Mutual Fund is ideal for short-term investments and liquidity management. On the other hand, the STL Balanced Fund provides returns from both fixedincome instruments and stocks, offering diversification benefits. Dividends are paid annually, with the option for reinvestment. A 20% penalty on total returns applies if invested capital is withdrawn within 90 days of the initial investment date. This Mutual Fund is suited for medium- to long-term investments, aligning with the benefits of equities over time.

How do STL Mutual Funds differentiate themselves from other Mutual Funds in the market?

We prioritize safety, returns, and customer service. We ensure the safety of our clients’ investments and strive to deliver positive returns. Our focus on customer service ensures a seamless investment experience, from onboarding to withdrawals. Efficiency is a key aspect, with instant value recognition for investments.

How is STL Asset Management delivering on this promise of efficiency?

We leverage technology to enhance our investment management processes. Our web-based app, 1Click by STL, facilitates seamless client engagements, allowing for easy onboarding, investments, and withdrawals. Our technology ensures smooth operations with minimal human intervention, aligning with our vision for efficiency in the Nigerian Capital market.

Aside from the STL Money Market Fund and STL Balanced Fund, are there any new products or services in the pipeline that investors can look forward to?

Yes, we plan to launch the STL Dollar Fund before the end of the fourth quarter of 2024. This Mutual Fund aims to provide investors with a secure outlet for USD-denominated investments, offering competitive returns and capital safety within a medium- to long-term horizon.

Finally, what is your vision for the future of STL Mutual Funds, and how do you plan to adapt to the evolving financial landscape?

Our vision is to become the most preferred Mutual Funds provider in SubSaharan Africa, known for our returns and reach while meeting investors’ objectives. Innovation, one of our core values, will guide us in navigating the ever-changing macroeconomic and financial environment. We are building our business on the foundation of technology and agility to achieve this vision.

Looming Threat of Violent Extremism in West African States and N eed for New Strategy

The persistent threat of violent extremism in West African states, exacerbated by groups such as Boko Haram, ISWAP, and Al-Qaeda, necessitates a reevaluation of current strategies. The complexity of this issue, driven by factors such as widespread poverty, weak governance, political instability, and limited educational opportunities, calls for a comprehensive and multifaceted approach. This article by Senator Iroegbu highlights the urgent need for a new strategy that addresses the socio-economic and political root causes of extremism, emphasising the importance of community engagement, economic development, and inclusive governance in building a more resilient and peaceful West Africa

of dedicated peacebuilders at the three-day

RISING EXTREMISM AND ITS DRIVERS

Violent extremism has long plagued West African countries, with groups such as Boko Haram and its splinter groups like the Islamic State in West Africa Province (ISWAP) and Ansaru, bandits, herdsmen, and Al-Qaeda spreading terror and destabilizing the region. Despite ongoing efforts by governments, international organizations, and civil society groups, the threat of violent extremism continues to grow, underscoring the need for a new, comprehensive strategy to tackle this pressing issue. West Africa has experienced a steady rise in violent extremist groups, driven by a complex web of interrelated factors. Key among these are: widespread poverty, which creates a fertile ground for extremist groups to exploit vulnerable populations, offering financial incentives in exchange for allegiance.

Other factors include weak governance and political instability that undermine state authority, providing opportunities for extremist groups to gain influence and territory. Historical and ongoing ethnic conflicts also contribute to the cycle of violence, as extremist groups manipulate these divisions to further their agendas. This is added to the fact that limited educational opportunities leave many youths without prospects for a better future, making them susceptible to radicalization. Consequently, extremist groups have adeptly exploited these vulnerabilities to recruit disenfranchised youth and spread their toxic ideologies. By capitalizing on socio-economic grievances and offering a sense of belonging and purpose, these groups have managed to swell their ranks, leading to a surge in violence and instability across the region.

To this end, the persistent threat posed by these violent extremism in West Africa calls for a reevaluation of current approaches and the development of a new, multifaceted strategy. This strategy must go beyond traditional military responses and address the underlying socio-economic and political factors that fuel extremism. Key components should include economic development by investing in job creation and opportunities to alleviate poverty and provide alternatives to joining extremist groups. Also critical is the need for political reforms by strengthening governance and promoting political stability to restore public trust and diminish the appeal of extremist narratives.

It is therefore crucial to note that while violent extremism continues to challenge the stability and

security of West African states, a comprehensive and inclusive strategy that addresses the root causes of extremism holds the promise of building a more peaceful and resilient region. These strategies could also include expanding access to quality education to empower youth and equip them with the tools to resist radicalization; and fostering dialogue and reconciliation within and between communities to bridge divides and promote social cohesion.

THE ROLE OF PEACEBUILDERS, PEACEBUILDING AND CONFLICT PREVENTION

In the face of the escalating threat of violent extremism in West Africa, a network of dedicated peacebuilders is working tirelessly to counteract extremist narratives and promote peaceful conflict resolution. Through grassroots initiatives, community engagement, and dialogue, these activists strive to address the root causes of violence and build a more peaceful and inclusive society.

One notable effort is the recent three-day training workshop held in Abuja, Nigeria, organized by the Research and Action for Peace Network (REcAP Network). This workshop, implemented by the West Africa Network for Peacebuilding (WANEP) in partnership with the Stockholm International Peace Research Institute (SIPRI) and the Danish Refugee Council (DRC), and funded by the European Union (EU), focused on “Conflict Prevention, Violent Extremism, Crisis Management, and Peacebuilding.” The objective was to foster stronger community ties, promote dialogue and reconciliation, and cultivate a culture of peace and mutual understanding.

The three-day training featured various facilitators, including Dr. Bridget Osakwe, the Nigeria National Network Coordinator for WANEP-Nigeria; and Dr. Festus Kofi Aubyn, Regional Coordinator for Research and Capacity Building at WANEP-Regional. Others are: Ms. Edwige Dede Mensah, who discussed early warning response, negotiations, mediation, and dialogue on alternative dispute resolution; and Ms. Patience Ikpeh-Obaulo, Head of Programmes at WANEP-Nigeria, who facilitated sessions on Gender, Peace, and Security.

The project, which trained 20 participants, aims to establish a sustainable, inclusive, and effective regional network of experts specialized in peacebuilding and the prevention of conflicts

and violent extremism. This network will operate across 18 countries in West Africa and the Lake Chad Basin, providing an interactive platform for regional cooperation and knowledge sharing.

Training the next generation of peacebuilders: Osakwe highlighted the goal of the training, which is to engage 20 beginners who had no prior knowledge in peacebuilding. “The overall objective of the project is to strengthen the role of civil society, including regional, national, and community practitioners and researchers, in effective peacebuilding, crisis management, and the prevention of conflict and violent extremism in West Africa and the Lake Chad Basin. This enables more informed decision-making by policymakers,” she explained. She underscored the necessity of expanding peacebuilding efforts to include more practitioners and researchers who can apply their knowledge in various domains. According to her, the ultimate goal is to have more individuals practicing and studying peacebuilding, thereby broadening the reach and impact of these efforts.

Building knowledge and community resilience: Aubyn described knowledge as progressive, saying: “it is always good to acquire knowledge, but don’t keep it to yourself; it is always good to impart it”. According to him, “knowledge should be shared within communities and workplaces. We need to change, and that change doesn’t rest solely on the government.”

Aubyn emphasized that peacebuilding knowledge should be disseminated at the community level and integrated into everyday practices and interactions. He pointed out that while the government plays a crucial role, community-driven initiatives are equally important in fostering sustainable peace.

The path forward and inclusive efforts: Despite these commendable efforts, peacebuilders face significant challenges. The complex web of factors driving violent extremism—poverty, political instability, ethnic tensions, and lack of access to education—requires comprehensive and coordinated approaches. Osakwe noted that expanding peacebuilding initiatives and bringing more practitioners and researchers into the field is essential for addressing these multifaceted issues effectively. The facilitators stressed on the central theme of the training was the importance of inclusive efforts in peacebuilding. Accordingly, the workshop aimed to build bridges between communities, promote dialogue and reconciliation, and create a culture of peace and understanding. By involving

a diverse group of participants, including those without prior knowledge of peacebuilding, the project sought to cultivate a broad-based, grassroots movement for peace. They noted that the collaborative approach adopted by REcAP Network, WANEP, SIPRI, DRC, and the EU underscores the vital role of international partnerships in addressing violent extremism. Such partnerships bring together diverse perspectives and resources, enhancing the effectiveness of peacebuilding initiatives.

CHALLENGES OF CONFLICT FACED BY WEST AFRICAN GOVERNMENTS

Despite concerted efforts by West African governments to combat violent extremism, the challenges they face are immense. The region is plagued by weak governance, widespread corruption, porous borders, and limited resources, all of which significantly hinder the ability to effectively address the root causes of extremism and dismantle the networks of extremist groups operating in the region. Moreover, the transnational nature of violent extremism complicates efforts, making it difficult for individual countries to tackle the issue in isolation.

“When you look at the West African states, the Sahel, Lake Chad and even the coastal areas these places are involved with different levels of conflict. At the Sahel, we have aggravated conflict, in part of Nigeria and the Lake Chad basin we also have high-intensity conflict, what this is saying is that we are not doing much in terms of conflict prevention,” Aubyn noted.

Ungoverned Spaces: Ungoverned spaces have been a significant factor contributing to extremism in many West African states. These areas, often perceived as marginalized by the government, become breeding grounds for violent activities due to the lack of effective governance and security presence. Providing insight into the violence in Nigeria’s North East, Dr. Osakwe explained, “At the start of Boko Haram, it was initially perceived through the lens of religion, power struggles, and other factors. However, we now see banditry in the North West and farmer-herder conflicts in the North Central. “The crises differ in their ideologies,” Osakwe continued, “but one common factor is that these crises thrive in ungoverned spaces where government presence is minimal. In these areas, there are numerous identity issues and unresolved grievances.”

Network

training workshop held in Abuja, organisedbby the Research and Action for Peace Network (REcAP Network) and implemented by the West Africa Network for Peacebuilding (WANEP) in partnership with the Stockholm International Peace Research Institute (SIPRI) and the Danish Refugee Council (DRC), and funded by the European Union (EU)

13TH POSTGRADUATE CONVOCATION CEREMONIES...

foremost lawyer, Chief

prices, and conferment of Honorary Doctorate Degrees held at the institution, on Sunday

Tinubu Applauds Military’s Anti-Terrorism Efforts

Influx of weapons into conflict zones dangerous, says

Ikechukwu Aleke in Abuja

President Bola Tinubu has applauded the valour and bravery of the Armed Forces of Nigeria, in curtailing the menace of terrorism, banditry, kidnapping, farmers/herders’ clashes, secessionist agitation, and other violent crimes across the federation.

President Tinubu gave this commendation in Kaduna, during the graduation ceremony of the Armed Forces Command and Staff College (AFCSC), Jaji Senior Course 46.

In a related development, the United Nations Office for Disarmament Affairs, has described the influx of weapons and ammunition into conflict zones as dangerous.

The Deputy to the High Representative of the UN Office for Disarmament Affairs, Adedeji Ebo, disclosed this while addressing the UN Council on 25 July on the current threats to international peace and security.

Ebo in a statement issued Sunday said any transfer of weapons and ammunition must take place consistently with the applicable international legal framework, including relevant Security Council resolutions.

President Tinubu’s commendation also trails successes recorded by the air component of Operation Delta Safe which uncovered and dismantled no fewer than 12 illegal refining sites and two reservoirs located in Abia

and Rivers States, during special air operations aimed at minimizing the activities of oil thieves and other economic saboteurs, in Niger Delta region.

A statement by Acting Director, Defence Information, Brig. Gen. Tukur Gusau, said the president also tasked the college to redouble its commitment to professional development of the AFN.

Represented by the Chief of Defence Staff, Gen Christopher Musa, the president noted that the military is essential to the security and stability of Nigeria as well as West Africa Sub-region and beyond.

Tinubu further said the College fosters invaluable networking opportunities for future operational collaboration.

He called on the foreign graduands to always remember the bonds forged and lessons learnt, keep the spirit alive, support one another and strive for unity and cooperation.

He told the graduating officers that most security challenges facing the world are both asymmetric and transborder involving mainly non state actors.

He added that the training will afford participants the opportunity to know how to counter such threats.

According to him, the past one year has been particularly challenging for the nation, but through the efforts of the military and other security agencies, the government has shown

Edo Guber: Ighodalo Holds Meeting with Etsako East PDP Stakeholders

Adibe Emenyonu in Benin-City

Ahead of the September 21 governorship election in Edo State, Dr Asue Ighodalo, candidate of the Peoples Democratic Party (PDP), yesterday held a crucial meeting with party stakeholders in Etsako East Local Government Area.

The meeting which held behind closed doors was at the behest of the local government chairman, Benedicta Attoh, with the purpose of leveraging on the road show held three days earlier by supporters of Ighodalo and his running mate, Osarodion Ogie and the PDP in Auchi.

Also, Ighodalo joined hundreds of congregants to worship at the Omega Fire Ministries International, Auchi, Etsako West Local Government Area.

The worship session presided over by the Senior Pastor, Apostle Johnson Suleman, warmly welcomed Ighodalo when his presence was announced.

The visit has been described as a further demonstration of Ighodalo's

commitment to connecting with various communities and different faith groups across the state.

In a short address to the congregation, Ighodalo expressed appreciation for the opportunity given him by Suleman to worship with the rest believers and was particularly grateful for the privilege to address the worshippers.

While expressing his gratitude for the warm reception accorded him, he underscored the importance of unity and faith in driving the progress of Edo State which he has aptly envisioned in his "The Pathway to Prosperity for All" manifesto.

Ighodalo described the Church as an important non-partisan society stakeholder. He emphasised that the church has a crucial role to play in teaching values like compassion, discipline and accountability.

He reiterated his commitment to serving the people of the state and his determination to make the state a first world sub-national sovereign in Nigeria if elected as the state's governor in September.

commitment to enhancing national security as well as a vision for a safe, secure, prosperous and strong nation.

He maintained that AFN is working tirelessly to enhance its combat effectiveness, operational capabilities and training necessary to eliminate the threat together with other stakeholders.

On a historic note, Gen. Tukur concluded that the college, which has been in existence since 1970 had a total of 240 participants as Senior Course 46 who passed through a 50 weeks rigorous training. Amongst the students are foreign participants from other Africa countries.

Also, the Director of Public Relations and Information, Nigerian

Air Force, AVM Edward Gabkwet, in a statement on Sunday, said armed reconnaissance undertaken by the air component of operation Delta Safe, in Umueze in Abia State, revealed several illegal refining sites situated in many fenced households.

This information, he said was subsequently relayed to ground troops for further exploitation and necessary action.

"Heading towards Owaza, three illegal refining sites were observed hidden under thick vegetations, which were subsequently destroyed. Thereafter, the crew followed the river line down to Komkom and Okoloma in Rivers State, where nine illegal refining sites and two reservoirs were

UN

discovered and destroyed. In total, 12 illegal refining sites and two reservoirs were destroyed," Gabkwet said.

He noted that the sighting of illegal refining sites in fenced living environments is indicative of the sophistry of the illegal oil refining trade that would require other means beyond air strikes to checkmate.

According to him, those engaged in these acts, especially in fenced living environments, are again reminded of their danger to human lives and health as well as the environment.

Gabkwet assured that armed reconnaissance missions as well as destruction of illegal refining sites will continue unabated until crude oil theft and other forms of economic

sabotage are reduced to the barest minimum.

Meanwhile, Deputy to the High Representative of the UN Office for Disarmament Affairs, Adedeji Ebo highlighted the ongoing war in Ukraine, noting that the provision of military assistance and arms transfers to Ukraine's armed forces continue amid the full-scale invasion by the Russian Federation, which began on February 24, 2022, in violation of the UN Charter and international law. Ebo noted: “Any transfer of weapons and ammunition must take place consistently with the applicable international legal framework, including relevant Security Council resolutions.”

NAPTIP: Nigerians Need Understanding of Human Traffickers’ Antics to Fight Crime

Michael Olugbode in Abuja

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has regretted that many Nigerians remain victims of human trafficking for failure to understand the antics of traffickers and the nature of the crime.

Speaking at the 2024 World Day Against Trafficking in Persons commemorated in Abuja at the weekend with a novelty football match between female officers of NAPTIP and female partners of the agency, Director-General of the antitrafficking in persons organisation, Professor Fatima Waziri-Azi, said the sensitization should not be limited to elderly persons but equally children to educate them on the different strategies and antics of

IDPs:

human traffickers.

Waziri-Azi who used the occasion of the 2024 World Day Against Trafficking in Persons to sensitise the public, said the purpose is to leave no child behind in the fight against human trafficking.

She noted the aim of the football game was to create fun and also using the same avenue to sensitise people to create the needed awareness about issues of human trafficking.

She said: “We know that a lot of times we talk about human trafficking, because children are also proportionally affected. So, it's just for us to remind the public, remind the world that victims of human trafficking, and those trafficking our people should learn to show them compassion. We should also show solidarity in addition to sensitization.”

She said that NAPTIP remains the focal anti-human trafficking law enforcement agency in Nigeria, and in carrying out its work. a fivepronged strategic approach which is prevention, protection, prosecution, partnership, and policy is evolved.

The head of International Centre for Migration Policy Development, ICMPD, Mojisola Sodeinde, on her part said: “It's a game that is very important. It's not so much who won or who lost. We all won because we're gathered here to make an event in support of anti-trafficking efforts that narrative we have been championing for decades.

“The ICMPD as a partner, not only in Nigeria, but across the West African region with NAPTIP has shown in its efforts today and that of our partnership and the effort

that we all put in to fight against trafficking.

“This year for ICMPD, we started a project with NAPTIP in five states - Benue, Edo, Ogun, Delta and Enugu - where we're working with school authorities as well as the communities to continue the advocacy work of NAPTIP and also ICMPD.

“Every year, we always strive to improve what we did the previous year. So, this year is better than last year because obviously, we're doing more, we're doing it better. We have a lot of experience doing it now.

“What is unfortunate is that traffickers are also on their side, coming up with new ways of perfecting their trade. And we always have to catch up with them to know the new approaches, the new tactics that they are deploying, as partners.”

Nigeria Hosts Over 6m, as FG Flags-off

Agricultural Empowerment

Kuni Tyessi in Abuja

The Federal Commissioner for the National Commission for Refugees, Migrants and Internally Displaced Persons, (NCFRMI) Tijani Ahmed, has revealed that as of June 2024, Nigeria is playing host to about 6 million internally displaced persons due to ongoing internal conflicts, armed banditry and natural disasters. As a result of this, the commission has embarked on a project which will be in phases and with the first targeting 1,000 IDP farmers across

the three states of Borno, Nasarawa and Plateau.

It has been designed to ensure that IDPs take part of the farm produce for subsistence, while the remaining is purchased by humanitarian agencies such as the commission, NEMA, NEDC and other agencies including the private sector.

Tijani stated this over the weekend in Loko, Nasarawa State, during the flag-off of the Renewed Hope Agricultural Empowerment Project for Internally Displaced Persons (REHAEPI) in Nigeria,

Project

in collaboration with the Federal Ministry of Agriculture and Food Security.

He disclosed that the commission has completed resettlement cities for IDPs and other persons of concern in the states of Borno, Katsina, Zamfara, Nasarawa and Kano, and will expand the resettlement to Benue, Cross River, Niger, Sokoto and the FCT.

He said: "Nigeria experiences high internal displacement due to its large population, competition for resources, climate change and the

attendant conflicts and insecurity. As of June 2024, Nigeria is host to about 6 million internally displaced persons due to ongoing internal conflicts, armed banditry and natural disasters. "The commission has made major strides in the provision of sustainable housing for IDPs. We have completed resettlement cities for IDPs and other persons of concern in the states of Borno, Katsina, Zamfara, Nasarawa, Kano and we are expanding these resettlement cities to Benue, Cross River, Niger, Sokoto and the FCT.

L-R: Ekiti State Governor, Biodun Oyebanji;

Wole Olanipekun (SAN); Ogun State Governor, Prince Dapo Abiodun; Ogoga of Ikere-Ekiti, Oba Samuel Adu Adejimi; the President and ViceChancellor of Babcock University, Prof. Ademola Tayo, during the 22nd undergraduate and 13th postgraduate convocation ceremonies for the award of degrees,

COURTESY VISIT...

Canada’s High Commissioner to Nigeria, James Christoff (L) and Chief Leemon Ikpea, the founder/chairman of Lee Engineering Group and Allied Companies Limited, during the High Commissioner’s courtesy call on Chief Ikpea in Lagos ..,recently

Ganduje, Uzodimma, Abiodun, APC, Others Mourn Ubah

Chuks Okocha, Adedayo Akinwale, Sunday Aborisade in Abuja and James Sowole in Abeokuta

More Nigerians have continued to mourn the Senator, who represented Anambra Central Senatorial District, Dr. Ifeanyi Ubah, after he passed weekend.

The CEO of Capital Oil and Gas Ltd., passed away in London at the age of 52.

National Chairman of the All Progressives Congress (APC),Dr. Abdullahi Ganduje, expressed deep sadness and sorrows over the death of the In a condolence message by his Senior Special Assistant on Public Enlightenment, Chief Oliver Okpala, the APC national chairman expressed shock over the death of the Senator.

"Senator Ubah's closeness to the leadership of the party as a great pillar in Anambra state will be sorely missed," he said, lamenting that his untimely death was a colossal loss to Anambra State and Nigeria as a whole.

"This is indeed a big blow to the party, the Igbos and Nigerians in general," he added.

The Imo State Governor, Hope

Uzodimma bemoaned the sudden passing of Uba, and described his death as not just shocking, but a huge loss.

Uzodimma, who is Chairman of Progressives Governors' Forum, Chairman South East Governors' Forum as well as the leader of the All Progressives Congress in the South East, said in a statement by his Chief Press Secretary/Special Adviser Media, Oguwike Nwachuku, that Uba's passing now was nothing but a monumental loss to the Senate, Nigeria, Anambra State, South East and the APC family.

He further noted that Senator Uba would be sorely missed as one who never withheld the blessings of God upon him to help the less privileged around him.

On his part, the Chairman of the Southern Governors' Forum (SGF) and Governor of Ogun State, Dapo Abiodun, described the death as shocking and a great loss to the country.

Abiodun, in a condolence message to the people and government of Anambra State on the demise of the lawmaker, coming just few hours after that of the President-General of Ohaneze Ndigbo, Chief Emmanuel

Iwuanyanwu, said Ubah has left a great void that would be difficult to fill.

He described him as a selfmade man, a politician, business mogul, and philanthropist, who contributed his own quota to the development of the nation.

Also, the Chairman, Senate Committee on Finance, Senator Sani Musa, commiserated with the family of the late Ubah.

Musa, in a tribute, personally signed, said, "It is with profound sadness and a heavy heart that I write this tribute to my dear friend, confidant, brother, and colleague, Senator Ifeanyi Ubah.

"Our journey together has been one of unwavering support, shared dreams, and lasting memories. I recall many years ago when Sir Emeka Offor introduced us to each other at his residence.

"From that moment, a strong bond was formed, one that has only grown deeper over the years. Together, we transitioned from the world of business to the realm of politics, and ultimately, to the esteemed role of lawmakers.

"Throughout this journey, we stood by each other, sharing our experiences and offering mutual support and encouragement.

Senator Ifeanyi Ubah was a man of great vision and dedication. His commitment to his constituents and his passion for service were truly inspiring.”

At the same time, the Director General of the National Institute For Legislative and Democratic Studies (NILDS),Professor Abubakar Sulaiman, expressed shock and sadness at the news of his passing.

Sulaiman extended his condolences to the deceased' family, friends, the President of the Senate, Sen. Godswill Obot Akpabio, who has lost an illustrious member of the Senate, the entire National Assembly, as well as the government and people of Anambra State.

The All Progressives Congress (APC) and the former Managing Director of National Inland Waterways Authority (NIWA), Chief George Moghalu, have equally expressed sadness over his death.

The ruling party in a statement by the spokesperson, Felix Morka considered Ubah’s passing as a massive loss, saying he would be missed dearly.

The party said, “Our heartfelt prayers and thoughts are with his

Stakeholders Canvass Religious Tolerance Among Nigerians for Peace

in Benin-City

The need for religious tolerance in Nigeria took the centre stage at the weekend in Benin-City, capital of Edo State, at a grassroots sensitisation programme on survey report on Freedom of Religion and Belief (FORB) in Nigeria.

The programme themed: "Mechanism to Monitor Freedom of Religion in Nigeria", was implemented by the National Human Rights Commission (NHRC); the Kukah Center for Faith, Leadership and Public Policy, and Nasrul-lahi-l-Fathiu Society (NASFAT), while King Abdullah ibn Abdulaziz International Center for Inter-religious and Inter-cultura! Dialogue (KAICIID) provided the logistics.

In her opening remarks, Project Coordinator, FORB, Hajia Halimat Oyedele, said the project targets increasing the level of coexistence

and the opportunity for peace in the country, and also addressing the existing structural limitations.

She added that the project was meant to promote changes in policies to ensure existing laws and mechanisms, promote social cohesion and the respect of freedom of religion and belief.

Her words: "In addition, it is meant to prevent possible future violations. The project will also focus on spreading a culture of respect of difference through targeted awareness raising activities on Interreligious Dialogue (1RD) and the respect of freedom of religion and belief.

"This will increase the level of tolerance of the population and, hence, the possibility for peaceful coexistence between communities."

On his part, the keynote speaker, Nurudeen Asonogie, while stating that all the major religions in Nigeria preach justice, stressed:

"All religions preach justice. You can't take everything because you think you are the majority.

“You can't take everything just because you think you have the opportunity. Let it go round because the one who doesn't get would create a situation where you have no peace. Everything you do must be on the wheel of ethics."

Also speaking, Country Expert Representative, KAICIID, Joseph Atang, stressed the need for freedom of religion in Nigeria, warning that disrespect for individuals' religious beliefs would result in conflict as currently experienced in the country.

He said: "Some persons’ faith is disrespected so it becomes a source of conflict. Every human love respect. Every human love honour. Every human wants to have source of belonging. Where you don't have all these, you are angry and it could lead conflict."

Also lending his voice, South-

South Coordinator, NASFAT, Dr. Adesoye Mustapha, stated that religion is being used as a weapon at the grassroots by people in authority, noting however, that such religious intolerance experienced among the masses is not obtainable among the politicians.

In his goodwill message, the Chief Imam of Benin, Alhaji Abdulfatai Enabulele, who stated that God is one and that there's no need for religious strife in the country, appealed to religious leaders in the country to be more accommodating.

Also in his goodwill message, Humphrey Iriabe, Director of Evangelism & Inter-faith Matters of the Christian Association of Nigeria (CAN) Edo State Branch, noted: "We must see ourselves as the children of Abraham. Religious leaders need to educate their people that we are one. We are all humans created by one God.”

family, constituents, colleagues at the National Assembly and the good people of Anambra state at this difficult time.

Moghalu in a statement noted

that it was devastating receiving the shocking news of Ubah’s death, describing it as a monumental loss to Anambra State and the country in general.”

148 Babcock Graduands Bag First Class as VC Calls for Review of Electricity Tariff for Educational Institutions

Funmi Ogundare

As Babcock University, Ilishan-Remo Ogun State, weekend, graduated 2,842 with 148 in First Class division, the President/Vice Chancellor of the institution, Prof. Ademola Tayo, has appealed to government to review the electricity tariff for educational institutions in Nigeria by coming up with policies that will prioritise education funding and support universities in navigating economic challenges.

He explained that investing in education is crucial for Nigeria's economic growth and development, adding the university's biggest challenge is maintaining quality education with inflation rates soaring in the country.

According to him, "There has been a significant increase in expenses from staff salaries, cost of feeding students to infrastructure maintenance. Inflation diminishes the purchasing power of academia, posing an increasingly formidable challenge in upholding standards, especially in light of the significant surge resulting from the reclassification of customers in Band A for electricity tariff by the authorities and the consequential burden of meeting exorbitant monthly electricity expenses."

Despite this challenge, Prof Tayo stated that the university is resolute not to lower its standards, but rather raise the bar of education.

His words: "This is our pledge to our stakeholders. Within our limited resources, we shall intensify our efforts to eliminate wastage, cut cost, remove redundancy without compromising standard."

He congratulated the graduating students saying that they should carry with them the values and lessons they had learnt.

"To our graduates, you are the torchbearers of our university's legacy. As you step into the next phase of your lives, be bold, be curious, and never stop striving for excellence.

Remember that you are part of a community that believes in the power of education to change the

world," he said.

Statistics of the graduating students showed that 333 were from the School of Management Sciences , 616 from the Veronica Adeleke School of Social Science, 64 from School of Science and Technology, 575 from School of Computing Sciences, 116 from School of Education and Humanities, 123 from School of Law and Security Studies , 239 from the Schools of Basic Medical Sciences and Clinical Services, while 400 finished at the College of postgraduate studies.

Miss Elomezino Oghenemairo from the School of Education and Humanities, emerged the best graduating student with Cumulative Grade Point Average (CGPA) of 4.89. Honorary awards of Doctor of Law and Administration (Honoris Causa) and Doctor of Strategic Leadership and Business Finance were given to the former President, Nigerian Bar Association (NBA), Chief Wole Olanipekun, SAN, and the CEO of FSDH Merchant Bank, Mrs. Bukola Onikepo-Smith.

In his commencement speech titled, 'Go and Replenish the Earth: Man's Misconception of God's Mandate', Chief Olanipekun advised the graduates to cautiously and consciously pick their role models in life and strive to be like them.

"Rejoice at the success of others, but never be envious of their better achievements; for envy breeds bitterness, hatred, animosity and unjustified feud. Be true friends rather than friends to yourselves. Refrain from pulling people down," he stated.

In her response, Onikepo-Smith thanked the management of the university for the honour and being a source of encouragement for the community at large and impacting lives over a number of years. She assured graduates that they can achieve their aims while admonishing them to stay focused.

"You can make a lot out of your career. Make accountability, resilient and integrity your watch word as these will count in your journey of life."

Adibe Emenyonu

2ND NATIONAL CORPORATE GOVERNANCE SUMMIT...

L-R: Chief Executive Officer, Development Bank of Nigeria, Bonaventure Okaimo; Founder H

corporate Governance Summit, which held in Lagos lastFriday

THREE DAYS TO NATIONWIDE PROTESTS, NIGERIANS STILL DIVIDED ON ACTION

Fielding questions from newsmen during a press conference in Abuja, Egbetokun justified the stringent measure put in place to prevent violent protest and possible breakdown of law and order.

He stated, "The right to protest is a right to peaceful protest. Today, you see in the social media people calling for violence. We have to be very careful. We have to be very careful not to be misled into destroying our own country. This country belongs to all of us. This is our country.

"We must be thinking of how to build our country and not how to destroy it. Violent protest is going to leave us worse off. And that is why you see many Nigerians, law-abiding Nigerians, coming out to speak against violent protest.

“But we are saying, okay, we recognise the right of the citizens to protest peacefully. And if you want to do that, come and tell us. Let us know, so that we can provide security for you. And that is why we are doing what we are doing presently."

Responding to questions on lessons learnt from the brutal EndSARS protest, the police boss said EndSARS protest was the most recent violent protest witnessed in Nigeria, adding that the country has had a history of violent protests.

According him, “We know from this experience that violent protest doesn't yield anything positive. What follows violent protest has always been violent crimes.

"After the EndSARS protest, police stations were burnt down, public infrastructure destroyed to the tune of trillions of Naira, private businesses looted, valued in trillions of Naira, several jobs lost in thousands. What happened after? What was our experience with the EndSARS protest?

“Those areas where police stations were burnt down, criminals and armed robbers took over. Women could no longer come out once it was 7pm in those areas where police stations were burnt down. That was our experience with the EndSARS."

Kaduna State Police Command asked all groups in the state planning to participate in the nationwide protest to provide necessary details as instructed by the IGP.

In a statement, spokesperson of the command, Mansir Hassan, said providing important information to the police commissioner about how protesters intended to operate will enable the police to provide adequate security cover.

The statement said, "In the interest of public safety and order, we request all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.

"To facilitate a successful and incident-free protest, we ask for the following information:

"Proposed protest routes and assembly points; expected duration of the protest; names and contact details of protest leaders and organizers, measures to prevent hijacking by criminal elements, including key identifiers for isolating potential troublemakers."

Kwara State Police Command also

warned that anyone found instigating violence or attempting to disrupt the peace of the state would be arrested and prosecuted without hesitation.

A statement issued by the police command, signed by the Police Public Relations Officer (PPRO), DSP Ejire-Adeyemi Toun, warned, "Our commitment to ensuring public safety and order remains unwavering."

The statement read, "The Commissioner of Police, Kwara State Police Command, CP Victor Olaiya, wishes to address the public regarding the impending protest and important guidance to our esteemed citizens who wish to exercise their constitutional rights to a peaceful protest, as well as issue a stern warning to individuals with malicious intent.

"The Kwara State Police Command wishes to discourage citizens from participating in the said protest and to remind all persons that if the peaceful protest should take place, any attempt by miscreants to hijack the protest for their own selfish end will not be tolerated.”

Barau: Tinubu Making Genuine Efforts to Tackle Challenges, Appeals to Organisers

Deputy President of the Senate, Senator Barau Jibrin, appealed to organisers of the protests to reconsider their decision and shelve the idea so that the fragile peace in the country would not be disrupted.

Barau, who was First Deputy Speaker of the ECOWAS Parliament, said Tinubu was making genuine efforts to address the country's challenges.

In a statement by his Special Adviser on Media and Publicity, Ismail Mudashir, the deputy senate president urged the protest’s promoters to give the government more time to implement lofty programmes and policies of the administration as captured in the Renewed Hope Agenda for the country's socio-economic development.

He said since the government was inaugurated on May 29, 2023, it had worked hard to try to restore the country's glory and return it to the path of progress and prosperity for the benefit of all.

Barau stated, "As we all know, one year is not enough to address the challenges facing the country for decades. Various interventions have been rolled out, and more are being conceived by this administration. Short, medium and long-term measures are being put in place to tackle the challenges that have been with us for decades."

Barau said the signing of the North West and South East Development Commissions bills into law by Tinubu was one of the measures to address the challenges facing all parts of the country.

He drew the attention of the sponsors of the protest to how what started as peaceful demonstrations in Syria, Yemen, Libya and Sudan turned bloody and took the countries backwards.

"Against this backdrop, l urge everyone to reflect deeply on the problem and reconsider the idea of a protest. There is a risk that the protest could be hijacked,” he stated.

The deputy senate president added, "This is our country; we have no place to go other than the Federal Republic of Nigeria bequeathed on us by our forefathers. Exercise more patience and allow for more time. We will get it right. The efforts of the new government will yield the desired results, by the grace of God.”

AbdulRazaq, Abiodun Appeal to Nigerians to Exercise More Patience with President

Kwara State Governor and Chairman of Nigeria Governors Forum (NGF), AbdulRahman AbdulRazaq, appealed to Nigerians to be more patient with Tinubu in view of the present economic hardship in the country.

AbdulRazaq stated that the administration had continued to roll out programmes to ease things and improve the living standard of the people.

AbdulRazaq made the appeal in Ijagbo, Oyun local government of the state, weekend, at the first coronation anniversary of the Onijagbo of Ijagbo land, Oba Sarafadeen Adeniyi Babalola, and the launch of Ijagbo Palace Development Fund.

The governor said the president assumed office amid mounting economic downturn, which required systemic reforms and understanding by the people.

He said, "President Tinubu is gradually fixing things. So, he needs our patience and support to get things done. For those who are planning protests, let them have patience with Mr. President to fix things.

“It is an appeal. He just spent one year in the office. It is also too early for those who have political ambitions to start measuring his performance."

Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, said the federal government was doing its best to salvage the present economic situation in the country. Fagbemi called on people to shelve the planned protests.

The AGF assured Nigerians that they would soon begin to feel the ease of the transformative agenda of the President Bola Ahmed Tinubu administration.

Fagbemi appreciated God that the first year of the reign of Onijagbo had been peaceful and impactful, and thanked AbdulRazaq for his administration's support to the community.

Ogun State Governor, Dapo Abiodun, said there was no need for the planned nationwide protest, as there was room for youths to engage and dialogue with the government constructively.

The governor, who spoke at the 22nd undergraduate and 13th postgraduate convocation ceremonies of Babcock University, Ilishan, Ikenne Local Government Area, for the award of degrees, prizes and conferment of honorary doctorate degrees, stated that the country had not gained anything meaningful from past protests.

He said, "Which investor will be attracted to a nation that is under siege by protesters? Please, do not allow yourselves to be used by a so-called leaderless movement, sponsored by

frustrated politicians who tried in the past and lost. We do not need protests. We must not gamble with our democracy. Let us dialogue.

"This current wave of inflation is biting everywhere. It is in the UK, US, Ghana, and Egypt. So, it is not peculiar to Nigeria alone.

"I seize this opportunity to appeal to our youths to constructively engage with government in finding lasting solutions to Nigeria's problems, rather than engaging in protest that may start peacefully but usually get hijacked and may lead to anarchy.

"What have we ever gained from protests, except losses in productivity, loss of lives, loss of private and government properties, looting and vandalisation of assets?"

Peter Obi Endorses Nationwide Protests

Presidential candidate of Labour Party (LP) in the 2023 general election, Peter Obi, supported the protest.

Speaking on Sunday after a meeting with Governor Alex Otti of Abia State, Obi said protesters must carry out the act within the ambit of the law, and charged security agencies to be law-abiding, saying protest is allowed globally.

He stated, “Within the Nigerian constitution, protest is allowed. All I plead for is that those who are protesting do so within the law and in a civil manner that allows us as a nation to show that we live within the law. Everybody knows that things are difficult.

“When they talk about sponsors of the protest, I always say the sponsors are very simple. It’s hunger and hopelessness among the youth, so we all have to listen to what Nigerians are going through.

“What I will say to the security agencies is that they should ensure they manage the situation again within the law. We should not strive to be over-bearing. It should be something that we will do within the law. There is nothing wrong. Protest is allowed globally. People also protest in my house.

“It is for us to listen to those who are protesting. Why are they protesting? Engage them. That is what governance is all about. There is nothing wrong with that. I was governor for years and people protested.”

CAN, NANS Ask Members to Shun Protest

Christian Association of Nigeria (CAN) and National Association of Nigerian Students (NANS) told Christians and students in Niger State to shun the planned nationwide protest.

CAN told Christians to boycott the protest, in a statement made available to newsmen in Minna, while the leadership of NANS, Niger State, gave a similar directive to students at a news conference addressed by its Chairman, Comrade Salihu Yusuf.

The state CAN chairman, Most Reverend (Dr) Bulus Yohanna, said, in a statement, that it was asking Christians to shun the protest because “genuine protest can easily be seized by hoodlums

and selfish groups to cause enormous havoc on innocent citizens”.

Yohanna told CAN Bloc leaders, church leaders, local government coordinators and parents to remind their members and children to remember the book of Romans 13:1-3, which asks Christians not rebel against constituted authority.

He stated, “As you are aware, there are plans to stage a nationwide protest across the country, but as children of God and responsible people known for peace, I urge us all to shun the protest, speak to our children/wards and members of our congregation.to also shun the protest.

"I want us to note that as a body, the Christian Association of Nigeria (CAN), Niger State, will not be part of the exercise, but rather prefer to have peaceful dialogue and continue to pray for our nation.”

Addressing newsmen in Minna, the NANS chairman said, "We refuse to be hoodwinked to believe that protests is our only way of getting out of any problem being faced by human race.

"We are using this medium to inform great Nigerian students to shun ungodly call to protest, which may eventually lead to destabilisation and cause breach of peace, law and order in our society.

"We refuse to forget easily the many innocent lives that were lost and incarcerated without trials for no just cause."

CSOs Accuse FG of Blackmail, Intimidation

The organised civil society said it was alarmed by the blame game and blackmail tactics currently being deployed by handlers of the president in trying to arm twist and intimidate Nigerians out of the protest. They asked the presidency to start addressing issues of the unbearable economic situation necessitating the planned mass action slated.

United Action Front of Civil Society groups also stated that as leaders of the organised civil society and prodemocracy movement that forced the military out of power for the restoration of the current democracy being presently bastardised by opportunists in power, they wished to note that governance in Nigeria had largely become self-serving. They said the democracy had been hijacked by political traders and state captors, to the exclusion and detriment of a vast majority of Nigerians, who presently wallowed in abject poverty and hopelessness.

A statement by Head, Coordinating Secretariat of the United Action Front of Civil Society, Olawale Okunniyi, said the mercantilists in power were presently entrenched in destructive state capture of Nigeria, rather than check their excesses and repent of their exploitative politics.

The group said the present crop of leaders in Nigeria were still blindfolded by their lust for rapacious aggrandisement of perks of office and filthy lucre, to the extent of indulging in blaming and blackmailing innocent leaders of the opposition for their selfinflicted conflicts with Nigerian citizens.

The group stated, "We are even

very shocked that a Bola Tinubu, who is supposed to be a product of our pro-democracy struggles against the military can become the most culpable President of Nigeria for anti-people and anti-democratic rule.

"We had thought that a person with the democratic experience and credentials of President Bola Ahmed Tinubu must have by now resolved the Nigeria democratic and economic crisis, whose simple solution we articulated and put in the face of the military. But, alas, his short reign has deepened the economic hardship and sufferings of Nigerians.

"As vanguard of democracy in Nigeria, which the Tinubu government has refused to listen to its various appeals for good governance and pro-people's policies, we wish to throw our weight behind the planned peaceful nationwide citizens' protest to compel government to hearken to the voice and demand of the people for the amelioration of the sufferings and hardships in the land, which was essentially exacerbated by the mindless hike in the price of petrol by the Tinubu administration.”

PTD: NUPENG Seeking Political Relevance

The national leadership of Petroleum Tanker Drivers (PTD) branch of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) accused its parent body of insensitivity and opportunism, saying it is trying to use the planned nationwide protest to gain a public voice publicly after a sham election. The reaction was contained in a statement jointly signed by the national chairman of PTD, the deputy, and national Secretary, Comrades Lucky Osesua, Dayyabu Garga, and Humble Obinna, rspectively.

The PTD national executives, on behalf of the branch, said, “NUPENG leadership should cover its face in shame for being insensitive and opportunistic by using the planned nationwide protest as a buffer to gain a voice in the public after conducting sham election in flagrant abuse of the guidelines laid down by the National Industrial Court of Nigeria.

“For the record, what Comrade Olaitan Idris canvassed in his widely publicised statement was purely about PTD affairs, it has absolutely nothing to do with the planned nationwide protest by some Nigerians on August 1, 2024. However, for NUPENG to say the organisers are unpatriotic elements working for those planning to inflict more hardship on Nigerians shows NUPENG leaders as presently constituted are the real enemies of the underdogs. It also reveals their desperation to gain relevance into a frenzied search for recognition, having displayed gross incompetence in office over the years.

“NUPENG has wilfully exacerbated a dangerous security situation through its unguarded utterances and encouragement to rogue elements within its ranks and trying to profit from further politicisation of the fallout of a controversial situation in which it is complicit.”

Pierson Associate Ltd, Eileen Shaiyen; and Non-Executive Director, United Bank for Africa, Angela Aneke, at 2nd National

STANBIC IBTC TOP PERFORMANCE AWARD...

Kenneth Okonkwo Cuts Ties with Obi, LP

Says Ex-Anambra gov too weak, indecisive Obi replies: Humanity, patience aren't weakness

Sunday Ehigiator

Nigerian lawyer, actor and politician, Kenneth Okonkwo, has announced his decision to cut ties with the presidential candidate of the Labour Party (LP) in the 2023 General Election, Peter Obi, as well as the party due to concerns over Obi's leadership style and ability to confront national issues.

But Obi, in a subtle reply, emphasised the importance of humility and patience in leadership, saying it was not an indication of weakness.

In a lengthy statement, Okonkwo expressed his commitment to a great Nigeria built on equity, justice, and fairness, but stated that the current leadership of the APC and PDP was incapable of achieving this vision.

Okonkwo had initially supported

Obi's presidential bid but became disillusioned with his leadership style, citing his failure to build a strong party base and his ambivalence towards the Labour Union's efforts to fight for the soul of the party.

He also questioned Obi's ability to secure electoral victories and confront the country's ‘kakistocrats’ and ‘kleptocrats’ head-on, while also emphasising that he needed a more decisive, bold, and brave leader with integrity and team spirit to achieve his vision for Nigeria.

The statement read in part: “What is happening in the Labour Party today has inspired in me a determination to chart a new course for my political journey. After the 2023 general election, Nigerians, including me, had high hopes for the Labour Party.

“I believe that Peter Obi will seize the momentum and build a solid party of integrity that will have the solid base that we need to overthrow these kakistocrats and kleptocrats. He just needed to give the right directives and everyone would fall in line.

“I received my first shock when he publicly declared that he didn’t promise Nigerians to build a strong Labour Party, but to solve Nigeria’s problems.

“I was like, does it mean HE Peter Obi is not aware that without a solid party base, we are heading to nowhere politically? However, I continued in his defence believing he would still privately bring the needed solution to LP's problems to no avail.

“PO also publicly demanded that the Abure-led National Working

Committee must organise an all-inclusive convention that will guarantee the participation of all members of the Labour Party in the choice of the leaders.

“This didn’t happen, and surprisingly, PO refused to disassociate himself from the shenanigans and criminal activities of the former NWC as their time had expired.

“Every member of the Labour Party is confused today as to the future of the Labour Party because of the lack of leadership from PO over the party, and unfortunately, when they look up to me to tell them about PO’s standpoint, I sincerely have nothing to tell them because I don’t know myself.

“I cannot continue to speak on behalf of a leader that I do not

Lukman: Tinubu Has Impoverished Nigerians Through Impatience, Arrogance

Adedayo Akinwale in Abuja

A former National Vice Chairman North-west of the All Progressives Congress (APC), Dr. Salihu Lukman, has lamented that the government of President Bola Tinubu had impoverished Nigerians.

Lukman, in a statement, stressed that within one year, virtually everything has crashed, due to the 'impatience and arrogance of Tinubu."

He said before settling down to resume work, Tinubu declared an end to petroleum subsidy without

any plan, adding that he also proceeded to float the exchange rate of the Naira against other international currency.

The former party chieftain noted that for an import-dependent nation, why should any leader be in a hurry to implement such policies without having any plan to boost local production.

According to him, “In the case of withdrawal of subsidy, does it require any counselling to time such policy with ensuring capacity for local refining?

“With all the talk of fixing the four refineries in the country and

the beginning of production activity by the Dangote refinery, why is President Asiwaju Tinubu in a mad rush and unable to align his policy initiatives with these expectations?”

Lukman stressed that Tinubu's government has demonstrated lack of capacity to to ameliorate worsening living conditions of Nigerians.

He said rather than fixing the country, the federal government was desperately mobilising opposition against the nationwide protest scheduled to take place between August 1 and 10, 2024.

The former director general of Progressives Governors Forum (PGF) noted that as someone who was privileged to have organised protests in the country, one could say without any fear of contradiction that Nigerians, across every part of the country, have never been pushed to the wall like they are today.

“If President Asiwaju Tinubu has turned out to be an impatient leader who is in a hurry to implement policies that have impoverished citizens, why should citizens be patient with him?” he said.

know his stand on issues of great importance. I simply don’t know how to manipulate facts.

“I am shocked that PO could not openly support the noble efforts of the Labour Unions who founded the Labour Party as a base to fight for the welfare of workers to the extent that some of them are openly saying that PO is now the problem of LP.

“The Labour Unions now have the unfortunate situation where they are fighting criminals who want to hijack their party when an ordinary statement from PO would have brought the solution. I cannot continue with this ambivalence forever.

“I am of course in full support of the Labour Unions and other stakeholders who are now compelled to fight for the soul of LP without the support of PO.

“However, the consequence is that I no longer have the confidence that PO has what it takes to build a party that can win these kakistocrats and kleptocrats, and above all, he has proved that even if the people vote for him, he doesn’t have what it takes to secure the mandate.

“I don’t intend to embark on such a campaign as we did in 2023, projecting a person who cannot sustain the victory even if he wins.

“In this regard, I have decided to

continue my political journey into the great Nigeria of our vision without Peter Obi. I am always 100 per cent loyal to a leader whenever I work or follow the leader.”

In his reaction, Obi stated that he considered Okonkwo and others who have left the party as his "beloved younger brothers" who will eventually realise the value of humility and patience in achieving their goals. He lamented that Nigerians have become too accustomed to using force and aggression to get things done, which is often mistakenly seen as a sign of power or greatness.

According to him, "Kenneth, Balami, and others remain my beloved younger brothers, who, in due time, will realise the virtues of humility and patience in trying to do things in a peaceful manner.

"In Nigeria, we have become all too accustomed to rascality and forcefully doing things, making noise, and bulldozing our way through, even when we are wrong.

"This behaviour is often mistakenly seen as a measure of power or greatness. However, the yardstick must not continue to define us because that is not the society we want to build.

"The society we preach is one that values doing things the right way, with integrity, patience, and perseverance, even if it takes time.

Energise Music Partners Orchard to Revolutionise Family, Gospel Music

Energize Music has announced plans to partner Orchard in what it described as a plan to revolutionise family and gospel music nationwide.

Energize Music leverages Nigeria’s rich musical heritage while extending its influence globally.

I Have No Intention of Running for Ekiti Governorship, Declares Ope Bamidele

Gbenga Sodeinde in Ado Ekiti

The Senate Leader, Michael Opeyemi Bamidele, has reiterated that he didn't have the intention to run for governorship in the state in 2026.

Bamidele made this known again on Friday while inaugurating the public e-library he built for the state which he named after his former school principal, late Bishop Gabriel Oloniyo in Ado-Ekiti, the State capital.

about the progress of the state. I chose to form a partnership that I know in the eight years with BAO governorship will take the State to a greater height. I am sorry if I offended anyone," Bamidele said.

other people who were privileged to school under his tutelage saying he didn't spare the cane.

"He flogged like no man did. I can't remember any teacher who flogged more than the late Bishop Oloniyo. He was not only a school principal but also a class teacher. He's someone I have a lot of honour and respect for, and someone to whom I owe a lot of gratitude as a mentor.

to the State". Said the distinguished Senator.”

"I have said it in good faith. It's about our people who are hungry and need all the help. It's about the people who are underemployed. It's

Describing the personality of his mentor, the late Bishop Oloniyo, whom, Bamidele, representing Ekiti Central Senatorial District of Ekiti State, said he met him in 1976 when he was admitted into Egba Owode Grammar School in Ogun State, where he was the school principal. The Senate Leader said, Oloniyo instilled a lot of discipline in him and

“I am personally happy today that somehow, I have found a way to recognise our father and it's really my pleasure to handover the facility

In his remarks, Governor Biodun Oyebanji said the library was very critical and dear to him, and promised to build a public library when he got a complaint from the Executive Secretary of the State Library Board, Mrs Yemisi Adeleye, that the State known as Fountain of Knowledge was not having a befitting library.

Oyebanji said he consulted the Senate Leader about it and that he told him that he was building one already and promised that he would release it to the State. 2026:

The studio and creative hub, it said, represents the label’s commitment to becoming a formidable player in the global music industry. With ventures into TV, film, podcasts, gaming, and social media, Energize Music said it is more than a record label—it’s a multimedia powerhouse.

Chief Executive and Founder, Tochukwu Macfoy, also known as Dr. FOY, described the studio and creative as “The label of the future.”

“A landmark moment for Energize Music is its strategic alliance with Orchard, a subsidiary of Sony Music. This partnership significantly boosts the label’s distribution reach, enabling it to connect with a global audience,” he said.

Also, Excel Joab, Head of Music, stressed: “The quality of music must be excellent, a standard that permeates every facet of the label’s artist development and production efforts.”

Situated in Victoria Island, Lagos,

Artists like TY Bello and Greatman Takit are making waves on international charts, from Lagos to London and São Paulo, demonstrating the label’s ability to cross cultural and linguistic barriers with messages of hope and empowerment.

Head of Legal and Admin, Teniola Akanni, it said is ensuring the company’s foundation is robust, fostering sustainable growth.

Also, Emmanuel Abadi, Head of Tech and Products, it said, sees technology as pivotal to the label’s future. “We are leveraging technology to stay ahead and bring our artists’ visions to life,” he asserted.

Lanre Masha, director of African operations for Orchard, praised the new partnership: “I’m excited for this new venture between Energize and Orchard; they’ve done amazing work in the Christian music space and I’m particularly excited about what they’re trying to accomplish with clean family music,” Masha said.

L-R: Head, Sustainability, Risk and Capital Management, Stanbic IBTC Holdings, Tosin Leye-Odeyemi; Chief Finance and Value Management Officer, Stanbic IBTC Holdings, Kunle Adedeji; Head, Corporate Governance and Strategy, Ayodeji Adeniran; and Head, ESG, both of Independent Project Monitoring Company Limited, Agatha Afemikhe, during the presentation of the Bronze Class of the ESG Top Performance Award at Stanbic IBTC Towers, Victoria Island, Lagos.

CROWN HEIGHTS COLLEGE’S DOUBLE CELEBRATION…

L-R: National Secretary, South-west Agenda for Asiwaju (SWAGA), Hon. Bosun Oladele; Chairman, Nigerian Port Authority (NPA), Senator Adedayo Adeyeye; Proprietor, Crown Heights College Ibadan, Prince Gbadebo Adeyeye; Former Minister of Information and National Orientation, Mr. Labaran Maku, and renowned author of famous Economics and Government text books (O.A. Lawal) Dr. Olayiwola Adejare Lawal, during college’s valedictory service of Class of 2024 and dedication of Oba David Adeyeye Hall in Ibadan, Oyo State…recently

Two Dead as Boko Haram Attacks Police Barracks in Borno

The Borno Police Command yesterday said two lives were lost as its men repelled an attack by Boko Haram terrorists at Jakana Police Barracks in Konduga Local Government Area of the State.

Daso said that the swift response of the Police Mobile Force Officers attached to the Jakana Police Station repelled the assailants, preventing them from overrunning the police asset.

He explained that two lives

The command’s Public Relations Officer, ASP Nahun Daso, who confirmed the incident in a statement released in Maiduguri said that the attack took place in the early hours of yesterday.

Edo 2024: PDP Accuses Police of Being Bias

Adibe Emenyonu in Benin-City

The Edo State chapter of the Peoples Democratic Party (PDP) yesterday accused the police of acting in manners that suggest that they are a wing of the All Progressives Congress (APC), preferring to rather attend to issues raised by the APC and its agents while disregarding complaints by other actors in the polity.

The state chairman of the PDP, Dr. Tony Aziegbemi, who made the accusation while addressing journalists in Benin-City, said few weeks ago, the Deputy Director General, Media and Publicity of the PDP Election Campaign Council, Rev. Olu Martins, was invited and arrested by officers

of the Nigeria Police Force based on a petition against him.

He explained that Martins was subsequently arraigned in Court and granted bail after meeting the necessary bail conditions set by the trial Judge and the case was subsequently adjoined.

Aziegbemi disclosed that on the contrary, he as the chairman of the PDP in Edo State, wrote a petition over comments by the chairman of the State’s chapter of the APC where he threatened to mobilise and lead youths to stone the Edo State Governor, Mr. Godwin Obaseki, which is clearly a recipe for violence and chaos in the State, given the sensitivity of the Office of the Governor.

Family of Slain Policeman Cries to FG for Help

The family of the late Inspector Itobi Green, who was brutally murdered by an armed robbery gang in 2018, has appealed to the Presidency and the Federal Attorney General for intervention following the release of the alleged primary suspect, Chief Hyacinth Okolie.

The suspect is said to be a notable figure in the OgwashiUku Kingdom in Delta State and was initially arrested in connection with the crime.

Inspector Green, along with Inspector Bienowu Richard, was attacked and robbed of several AK-47 rifles. Despite strong evidence, including

witness statements and the recovery of firearms from his residence, Okolie was released after the Delta State Ministry of Justice entered a nolle prosequi, discontinuing the prosecution against him. The other suspects remain remanded at the Federal Correctional Centre in OgwashiUku, Delta State and their trials are still ongoing.

According to a statement, at a meeting in Abuja, the Green family presented their case to the federal authorities. They accused the Delta State Ministry of Justice of prematurely releasing Okolie, who was arrested alongside other gang members.

Supa Komando Unveils Inspiring New TV Commercial

Beverage manufacturer, Seven-Up Bottling Company, has launched a new consumer-centric TV commercial for its vibrant and award winning innovative energy drink brand, Supa Komando.

The commercial themed ‘Fire

On Naija’, was unveiled during the Big Brother Naija season 9 premiere yesterday featuring on air personality and hype man, Do2tun ‘The Energy Gad’, ex Big Brother Naija housemates, Neo, Cross, Saskay and Erica with a message of resilience to its Nigerian consumers.

Brand Lead, Energy Category Marketing, Seven-Up Bottling Company, Yewande Ade-Alao, said the commercial highlights some of the daily challenges faced by consumers and how Supa Komando serves as a reliable companion during tough times.

“It is imperative that our communication continues to reinforce the message that Supa Komando inspires consumers to “Fire on” in their daily hustle.Every day, we all face challenges in our journey towards growth and success.

were tragically lost in the exchange of fire.

“They included a police officer and a civilian woman.

Additionally, a police patrol vehicle was burnt down during the incident.

“The Commissioner of Police

in Borno, CP Yusufu Lawal, has extended his condolences to the families of the victims and assured that a discreet investigation has commenced.

”Security measures have also been taken to prevent further attacks,” he said.

APC Chieftain Tasks FG on Agric, Transportation Policies to Address Economic Hardship

Hammed Shittu in Ilorin

A chieftain of All Progressives Congress (APC) in Kwara State, Dr. Mumin Yinka Ajia, at the weekend tasked the federal government to take a pragmatic move to deploy a cohesive agricultural policy and rejig the country’s transportation system to tackle current socioeconomic challenges currently facing the country.

Ajia stated that such move would go a long way of enhancing economic prospects and reduce the hardship in the country.

The party chieftain, an associate professor of Business Administration at the Lincoln University, Missouri, USA, stated this in Ilorin while answering questions from journalists on the planned nationwide protest on the economic hardship facing the country.

He said that: “There is no doubt that Nigeria is in emergency situations that need urgent attention of the government to bring new lease of life to the populace.

“Nigeria needs a president that would lead from the front by carrying out field job across the states of the federation to complement the desk job he is doing.

Osun Monarch Urges Tinubu to Wade Into Dangote Refinery, NNPCL Matter

Yinka KolawoleinOsogbo

A prominent monarch in Osun State, Olowu of Kuta, Oba Adekunle Makama Oyelude has pleaded for caution on the crisis over Dangote Refinery, calling on President Bola Ahmed Tinubu to wade into the matter in order to save the country’s image.

The Osun monarch in a statement issued, signed and made available to THISDAY in Osogbo, Olowu Kuta, they observed that President Tinubu as father of the nation and an undisputed patriot should please safe this refinery now as many onlookers are already insinuating the current imbroglio to wrong political calculation on

the part of Aliko Dangote.

He said the refinery as major critical national asset, it must be jealously protected despite the fact that it is privately owned..

The monarch said: “In view of this national honour and my status as a royal father, I find it much more obligatory to share my view on the ongoing travail of the Dangote Refinery, a major private investment which sits on 2,635 hectares with a view to producing and exporting petrol and ultimately saving Nigeria foreign exchange. “

“This unprecedented stride, to my senses, would reverse Nigeria’s reliance on other countries for petroleum supply.”

Abia Sets Up 27-member Task Force to Fight Oil Theft

Emmanuel Ugwu-Nwogo in Umuahia

Abia State Governor, Alex Otti, has drawn the state into the battle against oil thieves following his inauguration of a 27-member Petroleum Team specially constituted to deal with

the problem of oil theft.

The Petroleum Team, which includes 12 military personnel, was carved from the Abia State Harmonised Taskforce (ASHTF), as a branch charged with curbing the incidents of oil theft in the state.

Abia is among the oil

producing states of Nigeria with oil coming from Ukwa West Local Government Area of the state.

The team, which has a journalist, Mr. Sam Oditah of the News of Nigeria (NAN) as member, was inaugurated in Umuahia at the weekend by the state Commissioner for Local Government and Chieftaincy Affairs, Mr. Uzor Nwachukwu. The commissioner, who represented Governor Otti, charged the PT members to be tough on pipeline vandals as well as petroleum marketers engaging in sharp practices and economic sabotage.

Court Awards Payment of N1.1bn to Ex-Oceanic Bank Employees

Wale Igbintade

Justice Rabiu Gwandu of the National Industrial Court, Lagos Division, has awarded the sum of N1, 086,611,589.11 in favour of former employees of the defunct Oceanic Bank International, as payment of their gratuities and severance allowances.

The court gave the order while delivering judgement in suit number NIC/LA /231/2012 filed by 1,742 ex- employees of the defunct Oceanic Bank, which merged with Ecobank Bank Limited sometimes in 2012.

The claimants, Babajide Bayode, Yemisi Adesote, Adeboyejo Oladimeji, Seun Aina, Yusuf Kadiri, Segun Alasan, Adetayo Familugba, and Lolade Olaribigbe, who sued for themselves and as representatives of 1,733 other ex-employees of Oceanic Bank, had through their lawyer, Nwabu Okoye, sought an order directing Ecobank to pay the outstanding sum of N1,146,470,393,.62 being the sum total of their savings in the Staff Savings Investment Trust Fund (SSITF) scheme.

Forum of LG Commissioners Appoints Kano Deputy Gov as Chairman

Ahmad Sorondinki in Kano

The Forum of Commissioners of Local Governments of the Federation has announced the appointment of Kano State Deputy Governor, Comr. Aminu Gwarzo as its new interim Chairman.

The decision was made during the forum’s maiden meeting held in Abuja, where commissioners from across the country gathered to discuss and strategise on key issues affecting local governments in Nigeria.

According to a statement, Gwarzo would bring his wealth of experience and a track record of excellence in local government to his new role, adding that the appointment is seen as a significant step towards strengthening local government administration and promoting collaboration among commissioners nationwide.

In his acceptance speech, Gwarzo expressed gratitude for the confidence reposed in him by his colleagues and reiterated his commitment to advancing the objectives of the forum.

“I am honoured to serve as the Chairman of this esteemed forum. Together, we will work tirelessly to promote effective local governance, improve service delivery, and ensure that our communities thrive,” he said.

Abass: Legislative Reforms ‘ll Transform Petroleum Industry

Blessing Ibunge in Port Harcourt

Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, said the National Assembly is committed to deploying effective legislative reforms

to strengthen the operations, create competitive businessfriendly environment, institutionalise transparency and sustainable development in the oil and gas industry. Abbas made the assertion in his remark at end of a three-day retreat of the

joint House Committees on Downstream and Midstream, in Port Harcourt, Rivers State.

The Speaker, who was represented by Leader of the North-west Caucus in the House, Hon. Sada Soli, noted that the National Assembly has already commenced

the processes of legislative reforms that will enhance holistic governance overhaul with a view to transforming the nation’s major economic driver and revenue earner in line with the provisions of the Petroleum Industry Act (PIA).

HONOURING

CIBN CHIEFS…

L-R: Registrar/CEO of Chartered Institute of Bankers (CIBN),Akin Murakinyo; President/Chairman of Institute of Capital Market Registrars (ICMR), Seyi Owoturo; President/ Chairman of CIBN, Prof. Deji Olanrewaju; Treasurer of CIBN, Dr. Peter Ashade, and Registrar/Chief Executive of ICMR) Jonathan Eborah at a dinner in Olanrewaju and Ashade in Lagos…recently

NDLEA Intercepts Spain-bound Cocaine Concealed in Sandals

The National Drug Law Enforcement Agency (NDLEA) has arrested a 50-year-old Spainbased businessman, Francis Akajiobi, with cocaine concealed in his sandals at the Murtala Muhammed International Airport (MMIA) Ikeja, Lagos.

NDLEA spokesman, Mr Femi Babafemi in a statement yesterday in Abuja, said that operatives of the agency

Wole Ayodele in Jalingo

apprehended the suspect at the departure hall of Terminal 2 of the airport.

Babafemi said that parcels of cocaine weighing 1.20 kilogrammes were discovered in his pair of sandals while attempting to board his Royal Air Maroc flight to Madrid, Spain.

“The two parcels of cocaine were concealed in the soles

of a pair of black sandals the suspect was wearing to board his flight when NDLEA operatives intercepted him on Thursday, July 25.

“During his preliminary interview, he claimed the consignment was delivered to him at a bar in Port Harcourt, Rivers.

“The suspect said he was to deliver it to his friend and neighbour in Spain for a fee of €5,000 upon successful delivery to the recipient,” he said.

Obaigbena Delivers Jakande Annual Memorial Lecture in Lagos

Ogheneuvde Ohwovoriole in Abuja

Family of Slain Economist Seeks Justice, Petitions IG Abia

The family of Mohammed Abubakar, who was alleged to have been gruesomely murdered by local hunters in Ardo Kola Local Government Area of Taraba State has appealed to the Inspector General of Police (IG) to ensure the killers of their breadwinner are brought to book. Mohammed Abubakar, an economists, who graduated from Gombe State University, was killed alongside three others by hunters on the allegation that they were kidnappers.

A’Ibom

In a petition written by Hamza Dantani and addressed to the Deputy Inspector General (DIG), Force Criminal Investigation Department, on behalf of the complainants, the family urged the DIG to use his good offices to wade into and investigate acts of kidnapping, abduction, killings, theft and conspiracy as well as criminal intimidation perpetrated by the suspects in the case.

The suspects in the case are Salisu Abdullahi Nomo, who is the head of the local hunters in Ardo Kola, and Alhaji Ismail Zakari Dangote.

PDP Holds Peaceful Ward Elective Congress

Okon Bassey in Uyo

The Akwa Ibom chapter of the Peoples Democratic Party (PDP) at the weekend conducted peaceful ward congress to elect new ward executives of the party with large turnout witnessed across the state.

Impressed by the large turnout and participation of members, the state Governor, Umo Eno, lauded party members for exhibiting unity of purpose, and urged them to sustain their dedication and commitment to the success of the party.

Orile-Owu

Speaking in his native town, Ibiakpan Obotim Ward 2, Nsit Ubium Local Council Area, the governor expressed satisfaction with the peaceful conduct of the congress and charged the newly elected executives of the Ward to be committed and dedicated to the growth of the party and members.

He stressed that the successful outcome of the congress was an indication that the party was ready for the forthcoming local government elections.

Crisis:

Monarch Commends Gov Adeleke

Yinka KolawoleinOsogbo

Sequel to the communal clash that broke out recently between Orile-owu and Araromi-Owu in Isokan Local Government Area of Osun State, the Olowu of Orile-Owu, Oba Dauda Adebimpe Akinfalabi, Arole Ajibosin, Lagbedu III, has commended the state Governor, Ademola Adeleke, for his efforts at ensuring that peace reigns in the area.

As a result, Oba Akinfalabi has equally appealed to the governor to ensure that no stone was left unturned in ensuring that those behind the crisis are brought to book.

While speaking with newsmen in his palace, the monarch who shed more light on the cause of the crisis, alleged that some people forged his letterhead and signature and used the forged document to write to the government that Olu of Araromi had been recognised as a Second Class monarch and presented same to the government for approval.

He further explained that the forged letter misled the government to making an announcement on January 24, 2024, that the Olu of Araromi had been elevated before the government later reversed it having discovered that the document was forged.

As Nigerian media contends with harsh economic environment, the Chairman, THISDAY/Arise Media Group, Prince Nduka Obaigbena, will share with editors, media executives and other

Emmanuel Ugwu-Nwogo in

Umuahia

stakeholders, the survival strategies for the trying times at the second Alhaji Lateef Jakande Annual Memorial Lecture schedule for this tomorrow in Lagos.

With a theme: “Rapidly Changing Media Landscape: Survival Strategies”, the lecture, which is slated for 10.00a.m at Radisson Blu Hotel, Isaac John Street, Ikeja, Lagos, will be chaired by the Minister of Information and National Orientation, Alhaji Mohammed Idris, while Governor Babajide Sanwo-Olu of Lagos State will be the Special Guest of Honour.

In a statement issued yesterday and signed by the Nigerian Guild of Editors (NGE) President, Mr. Eze Anaba and the General Secretary, Dr Iyobosa Uwugiaren, the Publisher of Vanguard Media Group, Uncle Sam Amuka, former Governor of Ogun State, Chief Segun Osoba and former Minister of Foreign Affairs, Gen. Ike Nwachukwu (rtd), will be Fathers of the Day.

After paying a heavy electoral price for going into the 2023 general election without a united front, the Abia State chapter of the All Progressives Congress (APC) has rolled out measures to finally seal all the cracks in the party. This was contained in a seven-point communique issued at end of an expanded caucus/ stakeholders’ meeting held at the state party secretariat in Umuahia at the weekend where the suspensions imposed on some members between 2022 and 2023 over alleged anti-party activities and other sundry offences were lifted.

David-Chyddy Eleke in Awka

Rotary Club of Awka Smithtown has identified non-availability of pipe borne water as a major challenge in most rural areas in the capital city of Anambra State, Akwa.

The President of the club, Mr.

Alex Arinze, stated this yesterday during his installation as the ninth president of Awka Smithtown club of Rotary International.

Arinze said his leadership of the club has identified some key projects it will carry out during his one year leadership as the president of the club.

In the communique read by a former Speaker of the Abia State House of Assembly, Martins Azubuike, the caucus members and stakeholders said that the suspensions were lifted after reviewing the cases, and in the spirit of restoring peace and unity in the party.

However, the beneficiaries of the lifted suspensions were asked to reciprocate the magnanimity by withdrawing all cases filed against the party in the courts or with the police.

Rotary Club International Identifies Pipe Borne Water as Challenge in Rural Areas

He said: “Our interventions have always been in the area of healthcare and education mostly.

“We have touched lives by sharing mosquitoes treated nets in rural areas, disease prevention and many others.

“During this rotary year, we solicited funds for distribution of net, to create awareness on maternal mortality. We will also sponsor spelling bee competitions within this period.

“This year, we are adding provision of pipe borne water in rural areas because we have identified it as a great challenge in the rural areas.

NSCDC Nabs Couple for Employment Racketeering in A’Ibom

The Nigeria Security and Civil Defence Corps (NSCDC) command in Akwa Ibom said it has arrested a woman and her husband over suspected involvement in employment racketeering.

NSCDC Commandant in Akwa Ibom, Mr Eluyemi

Eluwade, disclosed this while briefing newsmen at the command’s headquarters in Uyo.

Eluwade said that the couple, Blessing Ezekiel, 27 and her husband, Joseph Ufot, 46, were was arrested on July 22, along IBB Avenue in Uyo metropolis.

He said that the suspects, who were apprehended following complainants from members of the public, had defrauded many people using fake job advertisements as a bait.

“They collect N4,800 from each of their victim, they have defrauded thousands of people with the promise of giving them jobs, they even gave appoint letters to them,” The NSCDC official said that the suspects also used a fake UNICEF-sponsored non-governmental organisation called, Child Support Foundation to collect money from families.

Education Ministry Tasked to Create Unit, Dept for Research Findings Implementation

Ibrahim Oyewale in Lokoja

As part of efforts to improve the standard of education in Nigeria, the Federal Ministry of Education has been tasked to create a unit or department to take charge of various research findings for adequate implementation.

Professor David Omole gave this advice while speaking as a guest lecturer of the 20th inaugural lecture at the Federal University FUL, Lokoja, Kogi State, at the weekend.

The don explained that there are laudable research findings in the education system that can turn the narratives and operations of Nigerian education to a first-class global status if properly articulated and religiously implemented.

He said: “The Federal Ministry of Education should create a unit or department in the ministry that will solely be responsible for harvesting, articulating and disseminating appropriate research findings to designated end users and following up on the same to ensure adequate implementation.” He, therefore, recommended that this act should be domesticated in the states to improve the standard of education.

Sokoto Distributes Fertiliser to Farmers for Food Security Enhancement

Onuminya Innocent in Sokoto

To enhance food security in the state, the Sokoto State Governor, Ahmed Aliyu, has distributed free fertilizer to farmers in the state.

At the flagging-off the distribution at Dange/ Shuni Local Government Areas in the state, Aliyu urged farmers to use the opportunity in ensuring food security in the state.

According to the governor, the event was organised in a significant move to enhance agricultural productivity and promote food security in the state, which is aimed at

ensuring a bumper harvest for the 2024 cropping season and a comprehensive support package for both women and youth farmers.

Governor Aliyu emphasised the importance of the initiative in addressing food security and creating job opportunities, particularly at the grassroots level. He said: “We are here to distribute agricultural inputs free of charge to our farmers, including women and youths, with the sole aim of ensuring a bumper harvest and promoting food security by the special grace of Allah.”

Also, a suspect: Lekan Makinde has been arrested in connection with the seizure of 99 parcels of Canadian Loud.

WELL NOW, ZANGA ZANGA

into law, then the Federal Government must issue a circular containing “consequential adjustments” for other grades of civil servants, then the Federal Treasury must “cash back” the vouchers, after which, if IPPIS still works, workers can get the pay. That is at the Federal level. No one is as yet sure what will happen at the state and local government levels, with state governors huffing and puffing that they will not be able to pay the new wage. If state and local governments can’t pay, imagine what will happen in the Organized Private Sector, not to mention the small and medium scale enterprises, which make up the bulk of the economy. Senate President Godswill Akpabio further fouled the waters last week when he said even housemaids, domestic drivers and other servants must be paid the new wage. With which money? This could lead to the loss of millions of small jobs.

Most Nigerians will attribute this situation to two key policy steps of the Tinubu Administration, namely removal of the costly fuel subsidy regime and Central Bank’s floating of the naira. Truth is that government is still paying backhand petrol subsidy in hundreds of billions of naira under some guises while the naira is not really free floating because CBN still does some underhand intervention. Still, the effect of both policies on the citizenry has been immediate and calamitous. Add to that insecurity, which has impeded farming activities in many parts of the country, impeded travel for commercial activities and sent tens of thousands of otherwise productive citizens to IDP camps where they rely on food aid from state agencies and donors.

Beginning on Wednesday, some mostly anonymous groups have announced plans to hold ten days of protest rallies variously called “#EndBadGovernance2024, “Days of Rage” and “Tinubu Must Go” all over the country. While a few of the groups have surfaced and even applied to the police for

protection, most of the protest “organisers” have remained anonymous. Why should that be so when, as the government itself stated, the constitution guarantees citizens’ right to protest? Government can give with one hand and take away with another. Police Inspector General Kayode Egbetokun’s statement that protest rallies are allowed however contained some veiled threats. He said he had credible information that foreign mercenaries were involved in the plans. Protest organisers, he said, should submit their names and contact details, assembly points, protest routes and “measures to prevent hijacking by criminal elements.” He took away with the left hand what he gave with the right hand.

Protest organisers, too, made near impossible demands. One of the funniest was the letter to FCT Minister Nyesom Wike, in which the protesters asked to use our iconic Eagles Square, told Wike to ensure that there is enough electricity, water and sanitation at the venue, and that he should remove the wire cage around the square because they intend to march to Presidential Villa a kilometer or two away. In Washington, DC protesters often gather at the iconic National Mall but here, it is unthinkable to cede Eagle Square to protesters. Minister Wike also responded, saying they only applied on the social media and didn’t pay the necessary fees in case of damage to facilities.

Federal Government’s near-panic response to the planned protests has been a combination of persuasion and threats. Meetings were held with state governors, ministers, party chieftains, clerics and traditional rulers, among others, to thwart the protests. In the North, it was actually the effort of Muslim clerics to discourage the protests that popularised the phrase Zanga Zanga, much more effectively than the protest organisers could ever do. On the same Friday, several hundred Imams mounted the rostrum and spoke against protests; some even said it is Haram [as in,

IN GOVERNMENT, SIZE MATTERS

the Ministry of Agriculture is not fit-forpurpose agency to manage such.

Several new agencies and commissions have already been established between the Buhari administration's last days and the Tinubu administration's promise to implement the Oronsaye report. Some of such institutions are the Nigeria Data Protection Commission, the National Social Investment Programme, and the National Senior Secondary Education Commission. It appears that this is an unending exercise. The bourgeoning of government ministries and agencies paints a picture of desperation and a government throwing everything it has at solving intractable socio-economic challenges or improving standards, but in reality, it is adding to the problem of an over-bloated government without the efficiency needed to deliver on the ethos of a public-private partnership model for economic growth.

It is evident that the government urgently needs a comprehensive plan to refocus its desire to manage interests and its responsibility to right size/streamline the size of MDAs or its twin;cut the cost of governance. The consequences of inaction will be appalling. What is the effect of increasing the size of government and, by implication, the cost of governance at a time of national economic distress? At a time when the debt profile is at an all-time high, inflation is taking a toll and debt servicing cost expenditure accounts for a greater percentage of our spending. Expanding the government's footprint during economic distress can significantly hamper economic growth, widen our debt profile crisis since we often borrow to fund recurrent expenditures, worsen inflation, kill private enterprise, and affect the most vulnerable among us. Unarguably, a combination of a large, bloated government in a third-world country and inefficient public service is an inhibitor of economic growth. One can argue that size is not necessarily an indicator of efficiency, productivity, and quality of service. It is sometimes

Boko Haram]. Their synchronized timing was bad because many young citizens said on the social media that the clerics were hired. Overnight, prominent clerics became the butt of jokes. Security agencies also held meetings and announced strategies to counter the protests.

Ok, there is this Hausa saying that even though the rat is known to be a thief, the local seasoning called daudawa is also at fault because it has a thick aroma. The government’s response to the protests is understandable to some of us because I have for long known that we Nigerians, and citizens of the Third World generally, do not know how to protest peacefully. Where others hold placards and, if necessary, throw tomatoes and raw eggs at leaders, here we easily resort to throwing sticks, stones, broken bottles and iron rods. Almost every announced “peaceful protest” ends up in violence. Why because, we have millions of hoodlums in our cities and towns who are waiting for an opportunity to invade and loot supermarkets and shops.

I had my personal experience with leading peaceful protests. In 1980 when Zimbabwe was transitioning from minority White settler to majority rule, as President of the Students Union at the then University of Sokoto, I led a rally of thousands of students from four tertiary institutions to protest the handling of the transition by the British colonial governor, Lord Soames. In those days, Nigerian students were not only highly patriotic and pan-Africanist but fervently internationalist as well. I marched at the head of the demonstration to the Government House. Governor Shehu Kangiwa came out, addressed us and collected from me a protest letter to deliver to the British High Commissioner in Lagos. As we began walking back to our campus, policemen suddenly surrounded and arrested me. I was taken to state police headquarters and accused of leading a violent demonstration. It turned out that as we were marching ahead, hoodlums

better to professionalise the civil service, increase their value addition through innovation and technology, and proper human resource management. The government needs to take a step back and appreciate that despite its best intentions, the perception and signaling it provides does not engender or promote the commitment required to solve citizen’s present and future challenges; and as such should take deliberate steps to create an enabling economic environment that will enhance the private sector's ability

to create jobs and absolve any possible loss of jobs that may result from the streamlining of government MDAs. Today’s technological advancements, even locally, has made it easier to rely on e-governance technology to provide seamless services in government to government, government to business, and government to citizens. Some state governments are at the foundational level of setting up e-governance to improve their services. Edo and Akwa Ibom states in the south-south, Enugu and

hijacked the back of the demonstration and attacked vehicles and shops. Imagine, it was about Zimbabwe, not any local issue! A few months later, there was an altercation at the Bakolori Dam in old Sokoto State where mobile policemen shot dead many protesting farmers. Students immediately gathered to stage a protest. This time I was reluctant to lead it, since the issue was local and very hot. Police warned me to restrict the rally to our campuses, but it still spilled out, cars were attacked and I was again apprehended. In 2020 AD when I overheard some young women hurrying off to join the EndSARS protest and repeating all the while that it was a peaceful protest, I chuckled and said myself, “That was precisely what I told myself 40 years ago.” The way EndSARS protest ended, with accusations and counter-accusations over what happened or did not happen at Lekki toll gate, did not surprise me in the least.

Government officials recently posted a video on WhatsApp, showing the looting and destruction that accompanied the recent protests in Kenya and warned Nigerians that the same could happen here. When I saw it, I thought, “Chei! This piece of propaganda will backfire!” In truth, we have lots of hoodlums in our cities who are eagerly waiting for the protest to begin in order to loot and destroy. Who said they will be dissuaded by what happened in Kenya? They are eager to reenact it here!

If this protest starts on Wednesday and even if the President makes some concessions, who can call it off? Remember, the 2012 Occupy Nigeria protest rode on the back of a general strike launched by labour leaders, with one agenda only, to reverse the removal of fuel subsidy. It ended after President Jonathan brought back petrol subsidy and NLC called off the strike. This time, who is there to call it off?

Ebonyi in the southeast are creating the architecture for this. The future is e-governance. It is inevitable. So, the earlier we adopt, adapt and refocus the civil service towards being service-oriented and not job creation-oriented, the better it will be for the efficient government running.

Big and small governments have their relative advantages and disadvantages, but the multiplicity of MDAs with overlapping responsibilities serves no purpose other than to drain scarce resources. It simply reduces government services to social security rather than productive labour.

The greatest challenge of a multiplicity of MDAs that are also inefficient is that they stifle the spirit of entrepreneurship and innovation, encourage waste, promote corruption, mediocrity, and politics triumph over national interest. Even much more fundamental than the multiplicity of MDAs or cost of governance is the impact of the misalignment of governments' words and actions. It does irreparable damage to public trust.

This administration’s multiplicity of government MDAs, as well as the size and cost of governance, is best understood by correlating its words with the actions that follow. When used as an instrument of popular appeal, words could mean something different in politics and public life from their ordinary literal meaning. It is action that builds trust and credibility. It is time the government stuck with its goal of adopting or adapting the Oronsaye report on streamlining the MDAs to achieve efficiency, save cost, create policy consistency and build public trust. Nigeria is in a difficult place now, and businesses and citizens want clarity of policies and direction. Even the MDAs and civil service need clarity and a roadmap for the future. I recommend that the government comes out clearly and tell Nigerians where they are on this issue of the ideology, purpose and size of government. The government's words must match their actions.

Tinubu

World Champions Spain Grab Late Winner Against Falcons

Femi Solaja

Nigeria’s Super Falcons will continue the search for their first points in the 2024 Women’s Olympic Football Tournament against Japan on Wednesday. Still, the nine-time African champions deserve credit for holding out for 85 minutes against world champions Spain before conceding a lone goal that handed the Europeans all three points in Nantes on Sunday.

Spain dominated possession,

expectedly, and only a masterclass defensive performance by the Falcons restricted them to the odd-goal win. Yet, it could have turned out differently, had captain Rasheedat Ajibade not lost her balance when through on goal in the 36th minute, and had substitute Chinwendu Ihezuo not wasted too much time deciding what to do with the ball when she had only the goalkeeper

Nigeria’s Adam Olaitan Olaore lost to Kazakhstan’s Oralbay Aibek in the Men’s 92 kg boxing preliminary round of the ongoing Paris 2024 Olympic Games yesterday at the North Paris Arena.

All five judges awarded the bout to Aibek with a score sheet of 30 to 26.

The Nigerian got a point deduction following a warning in the second round.

Late Saturday night, Nigeria’s second entry in the boxing event, Cynthia Temitayo Ogunsemilore (22), was suspended from the Games for violating an anti-doping rule, the

International Testing Agency.

According to ITA, the sample collected from the boxer "has returned an adverse analytical finding for the specified prohibited substance furosemide," the ITA said in a statement.

Furosemide is classified under "diuretics and masking agents" by the World Anti-Doping Agency (WADA), the ITA added.

The sample was collected in Paris on Thursday, a day before the Olympics opening ceremony, and reported by a WADA-accredited laboratory on Saturday.

to beat in added time.

For some parts of the game, the Falcons looked dangerous on the break, including in the 23rd minute when Esther Okoronkwo’s shot was pushed away by the goalkeeper when she latched on to a pass from Ajibade, and in the 65th minute when Ajibade lifted the ball a little too high

when running into a backpass by Asisat Oshoala. Oshoala herself could have made hay with 18 minutes left, but she went to pass when it appeared easier to go for the kill.

Earlier in the second half, Salma Paralluelo had the ball in the net as she bundled past Nnadozie from a corner kick, but she was ruled

offside. With nine minutes to go, Osinachi Ohale cleared from the line as Alexia Putellas, who had been thwarted severally by Nnadozie, struck from just outside the box.

The winner came in the 85th minute, when the ubiquitous Putellas heaved the ball past Nnadozie straight from a free-kick on the left side of the Nigeria defence. Defeat means the Falcons remain pointless in the tournament, and must achieve a win against Japan who defeated Brazil 2-1 in the group’s other match yesterday at the same venue on Wednesday to stand any chance of progressing to the quarter-finals.

RSA Squash Open Concludes with Celebrations of

Ikoyi Club’s Summer Squash clinic to begin today

Nigerian player, Fatima Bello, to take on home girl, France’s Yuan Jia Nan in the Round 2 of the Women’s Table Tennis singles event.

Nigeria’s biggest hope for a table tennis medal, Quadri Aruna blew a 3-0 lead to capitulate 3-4 in the men’s single on Saturday night.

He failed to repeat his Rio 2016 quarterfinals performance as he was dashed by Eduard Ionescu, who completed an astonishing 4-3 upset in his Olympic debut. The 20-year-old Romanian saved a total of 6 match points to defeat the Nigerian (8-11, 9-11, 6-11, 11-8, 12-10, 11-9, 13-11).

The RSA Squash Open 2024, hosted by Sports Bridge International (SBI) and Ikoyi Club1938 in partnership with Zenith Bank, concluded with a spectacular closing ceremony, celebrating the remarkable talents in the game.

The day’s drama reached its climax with another seven-game thriller, as Australia’s Finn Luu surrendered a 3-0 lead to a determined Alberto Mino, who sealed a memorable victory amidst a jubilant Ecuadorian contingent.

ARC Abimbola Ajayi (Catering Adviser), and Babatunde Orunbeja (General Manager/Chief Executive Officer).

sustainability and development goals. We are dedicated to fostering unity, health, and excellence within our community," Oladimeji stated.

Nigeria's total telecommunications solutions provider, Globacom, has introduced exceptional data roaming packs for Nigerian travellers to the Olympic Games in Paris, France.

In a statement issued by Globacom yesterday, these packs will ensure that Glo subscribers can seamlessly capture and share unforgettable moments from the global sporting event with friends and loved ones back home.

“Globacom's data roaming packages offer unbeatable value, starting from N5,000 for 300MB, valid for 7 days. Other options include N10,000 for 750MB, valid for 15 days, and N15,000 for 1.25GB, valid for 30 days. To subscribe, simply dial

*312#, select Option 5, and follow the prompts to choose your preferred pack,” the statement stressed. In addition, these reasonably priced bundles can be purchased in Nigeria, with validity commencing upon arrival in France. Globacom assures subscribers of no billing shock, as they only use their purchased bundle. Regular consumption messages will be sent to help monitor usage and depletion.

With Globacom's data roaming packs, Nigerian Olympics visitors can stay connected, share their experiences, and enjoy the beautiful city of Paris without worrying about excessive data charges.

Incidentally the 20th Ikoyi Club Squash Summer Clinic will start today with up-coming talents and rookies expected to be on parade till August 16 at the Squash section of the club.

However, this year's RSA Squash Open featured nine outstanding clubs competing across the Men's, Ladies', and Veterans' categories, showcasing participants ranging in age from 30 to 77. In the Veterans' category, Ikoyi Club1938 emerged victorious with Clement Efakpokire, while UNILAG Staff Club's Gbenga Ilori secured the second runner-up position. In the Men's category, Lagos Country Club clinched the title with Bunmi Akpata, and Ikoyi Club1938's Akinsope Roberts was the second runner-up. The closing ceremony was graced by the Ikoyi Club1938 General Committee (GC)executives; including Tafa Zibiri-Aliu (Club Chairman), Rufai Ladipo (Vice Chairman), Toyin-Oluwafemi Leo-Olagbaiye (Honorary Secretary), Peter Adekunle (Golf Captain), Oladiran Famakinwa (Chairman, Lawn Tennis), Ikedichi Kanu (Chairman, Swimming), Dr. Adeoye Thomas Adeyemi (Chairman, Badminton), Olufemi Shadamoro (Entertainment Chairman), Engr. Toyin Akomolede (Premises Adviser),

Also in attendance was Lanre Oladimeji, General Manager (Group Head, Retail Banking) of Zenith Bank PLC, who reiterated the bank's commitment to supporting sports development at grassroots and community levels.

"Supporting events like the RSA Squash Open 2024 brings us a step closer to achieving our

Rerhe Idonije, Chief Executive Officer of Sports Bridge International, highlighted the importance of promoting sports and social inclusion within Nigeria.

"Initiatives like the RSA Squash Open help individuals excel physically and mentally through community engagement. Research shows that participation in sports

can enhance mental health, social cohesion, and overall well-being. The Anchor Partner and Chairman of the Squash Section, Ikoyi Club1938, Akinsope Roberts, emphasized the significance of such events for the squash community.

The RSA Squash Open 2024 was made possible through the support of Zenith Bank PLC, Nigerian Breweries, Nescafe and Ikoyi Club1938, and carried the endorsement of the Nigerian Squash Federation and the Lagos State Squash Association.

The fourth leg of the first season of the X-Kart Race Series in Nigeria will return to the Work and Play Arena on Abeokuta Express Way, Ogun State on Saturday, August 3rd, 2024, with a new team; Team Larry being announced as the latest addition to the challenge.

Despite defaulting in the last installment of the series, Team X is still in the pole position with 40 points from two clear victories in races 1 and 2, of the series. However, the promoters of the new team, Team Larry, believe that joining the fray at the fourth race has nothing to do with their chances.

“I believe we have more chances as our racers are fresh and benefit from incorporating the weaknesses of all the other teams into their

gameplan. We are better prepared,” said the captain of the new entrant, Larry Bakare.

Adeoye Ojuoko, President of one of the two promoters of the X-Kart Series, Work and Play, said that the momentum being generated and the growth of the Motorsports community occasioned by the X-Kart Series is unprecedented.

“We started this project out of pure passion, and as a way to encourage Nigerian youths to express their passion for Motorsports, especially aligning with international best practices under the laid down rules of the FIA and other regulators.”

He said that despite the learning opportunities that have accompanied this first season, there has been

tremendous traction generated in the opening season. He added that the level of acceptance has exceeded the expectations of Work and Play and its partner Metallic Horses.

“Now we are having inquiries from new entrants despite having gone mid-season already, and some sponsors are also showing interest when they saw the level of professionalism we are deploying at the event,” he added.

Team Work and Play, who lost the opportunity to move ahead of Team X on the ranking table, in the third race will be hoping for a redemptive performance. Team Harmony, the surprise entrant at race three, zoomed into fourth place (out of 11 teams), courtesy of their maiden win.

Super Falcons' Asisat Oshoala (left) battling for ball control with Spain defender, Laia Alexandria Lopez during their Paris 2024 Group C clash in Nantes, France... yesterday

Nigeria's Adams Olaore in red attire against the winner yesterday

TEAM NIGERIA FIXTURES TODAY

Table Tennis (Women)

Fatimo Bello vs Jia Nan Yuan (France) 9 am

Basketball (Women)

Nigeria vs Australia 10 am

Boxing (Women 60kg)

*Cynthia Ogunsemilore vs Wu Shin (Taipe) 2:30 pm

*(bout on hold following suspension of the Nigerian)

TRUTH & REASON

Monday, July 29, 2024Price: N400

MISSILE

Northern CAN to Federal Govt

“There is no denying the fact that life in Nigeria has become unbearable as a result of these problems. Nigerians are indeed hungry, angry, and as resilient as they had always been, they are becoming hopeless about the state of the Nigerian nation...the planned protest is an indication that things have gone really bad. Hunger has now become a unifying factor for the masses" -Northern CAN Secretary General, Sunday Oibe, tells President Tinubu to apologise to Nigerians for failure to address insecurity, economic hardship crippling Nigerians.

MAHMUDJEGA

VIEW FROM THE GALLERY

Well Now, Zanga Zanga

This week may either see the biggest anti-government protests in Nigeria since #EndSARS in 2020 or, if the combined efforts of government, security agencies, clerics, party chieftains, elders and traditional rulers succeed, it could be a no show.

You know what it reminds me of? The blurb on the back of James Hadley Chase’s 1967 novel Well Now, My Pretty. It said something like, “Take a casino, with a few million dollars in it, very ripe for robbery. Add Serge Maisky, a man with big ideas for all that money. Stir in four of the roughest, toughest, meanest crooks in the United States. Sprinkle liberally with live ammunition and very dead corpses and you have Well Now, My Pretty.”

Take a country, with immense wealth circulating within a narrow elite circle. Add more than 100 million desperately poor citizens living below the poverty line, including a million bandits, cattle rustlers, armed robbers, pipeline vandals and Yahoo boys with big ideas for striking

it rich. Stir in several million hoodlums spoiling for action to loot richly stocked super markets. Sprinkle liberally with

trigger-happy policemen and truckloads of tear gas and you have Well now, Zanga Zanga.

It has been a long time since I heard a phrase uttered so many times in public discourse in Nigeria that I felt like vomiting. Sure there had been several such occasions in the past but in the last three weeks or so, the Hausa phrase Zanga Zanga [which means protest, demonstration or even riot] has dominated discourse all over Northern Nigeria, on the social media, in mosques and churches, in schools, roadside chat forums and in homes. Two, bitterly opposing sides contributed to the elevation of the phrase Zanga Zanga: those who are planning it or support it, and those who are working to thwart it or at least oppose it. The divisions of opinion are part political, partly to do with one’s job, partly generational and partly to do with socio-economic standing, whether one’s head is still above water or whether one is down and out and doesn’t mind seeing things go up in flames.

It all has to do with the dire socio-

DAKUKU PETERSIDE

BENEATH THE SURFACE

economic situation in the country, particularly the phenomenal increase since last year of transport fares, food prices and the cost of almost everything else. Producers of every other good and service almost daily adjust their prices in order to meet their own needs. It has led to the worst inflationary spiral probably since 1974, when General Yakubu Gowon paid the Udoji salary award, backdated it to the day he inaugurated the public service wage review panel chaired by Chief Jerome Udoji, and paid the hefty arrears which even old man Udoji did not recommend.

It is a different ball game this time. After many months of acrimonious negotiations and two rounds of general strikes with a possible third one looming, President Bola Tinubu sent a bill to the National Assembly to increase the national minimum wage from 30,000 to 70,000 naira a month. Workers don’t get to chop the new wage overnight; the president must sign the bill

In Government, Size Matters

Any government can easily undermine its credibility if it sends mixed signals on essential policy issues or initiatives, flip-flop from one policy or strategic direction to another, and turn essential socioeconomic frameworks into a yo-yo game. The outcome and resultant consequences have been consistent: a total erosion of integrity and trust in the government. This has been more glaring in the critical decision on Nigeria's government size and its twin, cost of governance. In government, size matters! But what matters most is the ideological underpinning of what determines size, relative to goals and objectives. The size of the government in Nigeria has, over the years, been a contentious issue, primarily because of its linkage with bloated bureaucracy, huge recurrent expenditure, and negative impact on economic growth. It is common sense that as the size and cost of the government skyrocket, there will be less funding for development interventions.

At this time, we can see that the more specific challenges and consequence of not having the right service architecture that matches context, resources and state objectives is manifested in the multiplicity of Ministries, Departments, and Agencies (MDAs) that perform similar functions or have overlapping responsibilities, hence the increased cost of governance and an increasing misery index. This "misery index" reflects the challenges faced by the average citizen due to the inefficiencies and redundancies in the government system. These challenges have been the bane of governance in Nigeria and merit attention. Successive administrations in Nigeria recognised this elephant in the room and set up processes to tackle these challenges. One would have wondered why it is taking too long to streamline government and governance when everyone knows and agrees it needs to be done. The answer lies in one thing - the political will and courage to take an action that has enormous political ramifications

and may affect millions directly and indirectly, supposedly in terms of government jobs and the quality of services the government provides. The current administration acknowledged this inverse relationship between the ballooning size of government and economic growth. Hence, at various times, the president had promised to streamline the size of government ministries, departments, and agencies. The president made several consequential statements to address the challenge of the unsustainable size and cost of government. The most applauded was his commitment to implementing the Steve Oronsaye report on mergers and streamlining of government agencies. This column dealt with the issue in a piece titled "High Cost of Government, Low Outcome". In that piece, it was my argument then as it is now that "I acknowledge as a fact that a US-type presidential system tends to be big by constitutional requirements. And in a country where the government is both an industry and a social welfare

institution, the tendency for big expansive government is high".

Nearly a year later, the government is clearly in a dilemma. Instead of streamlining the size of government, we are likely to see MDAs increase by the end of the year. In the past six months, the National Assembly has initiated bills to create more than two dozen new agencies and institutions. According to Order Paper, a parliament watchdog publication, under its Oronsaye Report Tracker project, 25 establishment bills have been passed since the presidential proclamation. Most recently, President Bola Tinubu signed the Acts establishing the Southeast and North-West Development Commissions into law. Mr President also announced the creation of the Ministry of Livestock Development, the 49th Federal Ministry. The presidential think tank suggests that the Ministry of Livestock is the silver bullet that will solve the perennial farmer-herder conflict, assuming that

Tinubu