MONDAY 10TH AUGUST 2020 by THISDAY Newspapers Ltd

NNPC Remits N161bn to Federation Account in May Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) remitted N161.8 billion to the Federation Account in May, the latest figures from the national oil company indicated at the

weekend. The N161. 8 billion remitted by the corporation in May was less than the N219.16 billion remitted in April by N57.30 billion, but higher than the N147.15 billion remitted in March by N14.25 billion and also higher than the N148.53

billion remitted in February by N13.27 billion. In the corporation’s full report of its activities for the month under review obtained by THISDAY, it also noted that from May 2019 to May 2020, it netted in about $4.47 billion from the export of oil

and gas. However, for May alone, the corporation’s total export sale was $174.80 million, a decrease of 10.73 per cent compared to April. NNPC said crude oil export sales contributed $120.50 million (68.94 per cent) of its

dollar transactions compared to $148.86 million contribution in the previous month. “Export gas sales amounted to $54.29 million in the month. May 2019 to May 2020 crude oil and gas transactions indicated that crude oil and gas worth $4.47 billion was

exported. “As for dollar payments to JV cost recovery and FAAC, the total export receipts of $133.16 million were recorded in May 2020 as against $193.05 million in April 2020” the Continued on page 9

Concerns over Sulaiman’s Dual Roles as FRC, Cadbury Chairman... Page 8 Monday 10 August, 2020 Vol 25. No 9254. Price: N250

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Low Turnout as Lagos Churches Reopen Amid COVID-19 Protocols Bakare, Okotie, TB Joshua, MFM churches yet to resume services Segun James, Rebecca Ejifoma, Ayodeji Ake, Sunday Ehigiator and Chiamaka Ozulumba Poor attendance greeted yesterday’s reopening of

churches in Lagos State as worshippers strictly observed the safety protocols established by the Presidential Task Force (PTF) on COVID-19. The churches, like other worship centres, were closed

in March as part of measures to contain the spread of COVID-19. However, the Serving Overseer of the Citadel Global Community Church (CGCC), Pastor Tunde Bakare;

Shepherd Superintendent of the Household of God Church, Rev. Chris Okotie; General Overseer of the Synagogue Church Of All Nations (SCOAN), Prophet TB Joshua; the Senior Pastors

of Daystar Christian Centre, Sam and Nike Adeyemi; and Mountain of Fire and Miracles Ministries (MFM) did not reopen their churches yesterday. While Bakare said reopening

of churches in the midst of the rampaging pandemic would amount to driving Christians like sheep to the slaughter houses by trooping Continued on page 9

Magu Knows Fate as Salami Panel Submits Report Next Week Kingsley Nwezeh in Abuja The suspended acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, may know his fate next week when the Justice Ayo Salami-led Judicial Commission of Inquiry is expected to submit its report to President Muhammadu Buhari, THISDAY has learnt. The president had on July 3 directed a Judicial Commission of Enquiry under the Tribunals of Inquiry Act (Cap T21, LFN, 2004), to investigate alleged financial impropriety and mismanagement of recovered assets leveled against Magu. The commission was mandated to conduct a public sitting on the activities of the commission since 2015. The letter inaugurating the panel, which was signed by

Buhari, gave the commission 45 days from its first public sitting to complete its investigation of the suspended EFCC boss. The letter, sighted by THISDAY, was titled, “Instrument Constituting a Judicial Commission of Inquiry for the Investigation of Mr. Ibrahim Magu, the Acting Chairman of the EFCC for Alleged Abuse of Office and Mismanagement of Federal Government Recovered Assets and Finances from May 2015 to May 2020.” The letter listed the sevenmember panel to include a former President of the Court of Appeal, Justice Ayo Salami (North-central); Deputy Inspector-General of Police, Mr. Michael Ogbezi (South-south); a representative Continued on page 9

FG, ASUU Set to Resume Negotiations to End Strike... Page 5

WE SHARE YOUR PAIN... L-R: Son of late media icon, Malam Isa Funtua, Mr. Abubakar Funtua; National Leader, All Progressives Congress, Senator Bola Tinubu; Senator Abu Ibrahim; and Senator Dayo Adeyeye during the APC leader’s condolence visit to the Funtuas in Abuja…yesterday

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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

FG, ASUU Set to Resume Negotiations to End Strike Union’s alternative payment platform, UTAS ready

Onyebuchi Ezigbo in Abuja Strong indications emerged at the weekend that the federal government and the Academic Staff Union of Universities (ASUU) will soon resume negotiations to end the fourmonth strike by lecturers. THISDAY’s investigations revealed that both sides are making moves to restart discussions that were abandoned following the disagreement over the introduction of the Integrated Payroll and Personnel and Information System (IPPIS) in the university system and subsequent stoppage of salaries of non-compliant ASUU members. ASUU has also said its alternative payment platform, University Transparency and Accountability Solution (UTAS), was ready for verification and validation by agencies of the

federal government. While the ASUU President, Prof. Biodun Ogunyemi, told THISDAY at the weekend that the union had met with the Minister of Education, Mallam Adamu Adamu, to help facilitate resumption of talks with the federal government on the lecturers' grievances, the Minister of Labour and Employment, Dr. Chris Ngige, also confirmed to THISDAY that he was set to invite the union to resume talks. Ogunyemi said ASUU was ready to resume negotiations but an invitation had not been extended to it. "Yes, we had a discussion with the minister of education recently and we are hoping that he would provide a platform for further discussions with the government. So, for now, we are in touch with the minister of education only that we have not specified the time for the

resumption of negotiations. We will be resuming talks as soon as they call us," he stated. The ASUU president listed the five outstanding issues as "provision of funds for the revitalisation of the universities, conclusion of renegotiation of 2009 agreement with regard to the conditions of service of our members, the issue of Earned Academic Allowances (EAA) that the federal government promised to start paying as from November last year, the issue of visitation panel to federal universities, which we have been talking about for three-four years now and finally the issue of proliferation of universities in the country, especially the universities by state governments.” Reacting to a question on whether the union will suspend the strike to allow

universities to reopen, Ogunyemi said: "We believe that if the federal government is sincere, our members would be willing to go back to work as soon we resolve these outstanding issues. "What we need is the sincerity of purpose; we had a framework that we were using to engage all of these issues what we call the Memorandum of Action of February 7, 2019. So, the government can go back to the framework. That framework provides timelines for the implementation of agreements reached. "When we say memorandum of action, every item has a timeline; so we want the government to demonstrate good faith and our members will go back to work. "Those aspects of the timelines that ought to have been met should be met. Let the other timelines contained in the 2019

agreement be revalidated." For instance, Ogunyemi said the federal government promised to pay the outstanding balance of the Earned Academic Allowances up to 2018 starting from November last year. He said under the implementation timeline agreed on in February last year, the government promised to pay the EAA in four installments beginning with the first batch being in November 2019 but failed to do so. "We are approaching another November, one year after and no kobo has been paid,” he added. On the dispute over IPPIS, Ogunyemi said that ASUU’s alternative platform, University Transparency and Accountability System (UTAS), was ready. According to him, ASUU will soon submit the platform to the Ministry of Education and other agencies to test run.

"We are telling the government now that ASUU is ready for demonstration. We shall soon unveil our platform but part of the requirements for final adoption is that it must be surrendered to the Nigeria Information Technology Development Agency (NITDA) for validation and that will also take sometimes. So, we are going to make it available to them for validation. But before that, we will do a demonstration for the Federal Ministry of Education to show how the platform operates and its advantages over IPPIS," he said. Before the lockdown to combat COVID-19 pandemic, that led to the closure of all schools nationwide, ASUU had declared an indefinite strike to protest the stoppage of their salaries and the order for the enrolment of its members into the IPPIS.

Pondei Petitions IG over Contractors’ Failure to Deliver N1.6bn NDDC Contract

Deji Elumoye and Udora Orizu in Abuja

The Acting Managing Director of Niger Delta Development Commission (NDDC), Prof. Kemebradikumo Pondei, has petitioned the Inspector General of Police (IG), Mr. Mohammed Adamu, over the refusal of seven contractors to supply chairs and desks worth N1.625 billion fully paid for by the commission for primary and secondary schools in the nine states of the Niger Delta Region. In a six-page petition dated July 29, 2020, entitled "Re: Forwarding of documents in respect of ongoing investigation," Pondei claimed the contractors were each paid the sum of N232,209,600.00 to manufacture the chairs and desks. The MD said instead of supplying the chairs and desks to the commission's warehouse in Port Harcourt or to any of the NDDC’s offices in the nine Niger Delta states, the contractors supplied them to a warehouse described as Akuede Akwis, Benin Expressway, Okpanam before Wichetech. According to him, the resultant effect is that the commission and the Niger Delta region have been deprived of the use of the desks and chairs and neither have the contractors refunded the monies paid on the items to the commission. He also mentioned the names of the contractors and the amount they were allegedly paid. The petition read in part, ''The commission has already forwarded some documents to you in assisting with your investigations. In addition to the documents given to your team, I hereby forward the attached documents to you. In or about 2017, the commission awarded contracts to certain companies for the production of desks and chairs for primary and secondary schools in the Niger Delta Region.'' ''The list of the companies is

attached. The contracts were awarded in furtherance of the commission's education sector mandate as a learning condition in the Niger Delta region. Instead of supplying the chairs and desks to the commission's warehouse in Port Harcourt or to any of the NDDC offices in the nine Niger Delta states, the contractors supplied them to a warehouse described as Akuede Akwis, Benin Expressway, Okpanam before Wichetech.'' ''The warehouse is located in Delta state and has no relationship with the commission. Waybills evidencing delivery of the desks and chairs at the said warehouse are hereby attached. ''The company names, project title and the amount paid are as follows; Noan integrated services (production of plastic desk and chairs for primary secondary schools in nine states of NDR) N232,209,600.00. De towers constructions and allied services Ltd (production of plastic desks and chairs for primary secondary in nine states of the NDR) N232,209,600.00, Franstine Nigeria Enterprises (production of plastic desk and chairs for primary secondary schools in nine states of NDR) N232,209,600.00. Edrihide company (production of plastic desk and chairs for primary secondary schools in nine states of NDR) N232,209,600.00. Isumabe Uk global (production of plastic desk and chairs for primary secondary schools in nine states of NDR) N232,209,600.00. Benchmark construction and project Ltd (production of plastic desk and chairs for primary secondary schools in nine states of NDR) N232,209,600.00. and Millstone allied builders Ltd N232,209,600.00.'' "Despite having been fully paid for the contracts, the contractors and the owner of the warehouse have refused to release the chairs and desks to the commission.''

CONDOLENCES... L-R: Vice President Yemi Osinbajo SAN (left) and wife of a former governor of Oyo State, Mrs. Florence Ajimobi, during a condolence visit by the vice president over the death of Senator Abiola Ajimobi in lbadan...recently

PGF DG: APC Showing PDP's Negative Tendencies Adedayo Akinwale in Abuja The Director-General of the Progressive Governors’ Forum (PGF), the umbrella of All Progressives Congress (APC) governors, Dr. Salihu Lukman, has expressed concern over the degeneration of the ruling party. He said it was worrisome that after the emergence of President Muhammadu Buhari as the presidential candidate of the party in the 2015 election, all the negative characteristics associated with the Peoples Democratic Party (PDP) and all the other parties became dominant features of APC. He said APC was being corrupted daily and was becoming worse than PDP in some cases. Lukman, in a statement issued yesterday, said the scope for membership participation in political parties since 1999 appeared to be declining, adding that the main focus of all political parties in Nigeria is to win elections fairly or unfairly, including the APC as it is constituted today.

He faulted the recruitment process of party members, saying that across all the parties, once an aspirant has strong financial capability, the party is surrendered to the aspirant, and such aspirant would then proceed to nominate the party leaders from among his/her loyalists. He said party offices had been reduced to the centres of control by aspiring politicians with hardly any focus on services to members. He added that the presidential aspirants nominate party leaders at national levels and gubernatorial candidates nominate party leaders at states, local governments and wards. Lukman, however, said there was a need for the ruling party to open itself up to ensure increasing recruitment of members and more participation and guaranteeing that structures of the party meet as provided in the provisions of the APC constitution. He stated: "If anything, the reality is that the last activity of the party that differentiated

APC from all the other parties was the December 10, 2014, national convention that produced President Buhari as the presidential candidate of the party for the 2015 election. By every standard, that convention and the primary election that produced President Buhari as the presidential candidate for the 2015 election was adjudged to be transparent, fair and democratic. "Thereafter, almost all the negative characteristics associated with the PDP and all the other parties became dominant features of APC. Most of the leadership conflict in the party, across all the 36 states, bordered on issues of who control the structures of the party so much that political bullying is now assuming a major feature in the APC. "Consequently, APC is being corrupted by every passing day and therefore becoming more and closer to PDP and in some cases even worse than PDP. Unlike PDP however, it needs to be recognised that in terms of accommodating dissent within the party, APC is more liberal,

largely because President Buhari truly ‘belongs to everyone and belongs to no one’." The director-general said immediately after the merger exercise, which produced the APC, there were internal debates towards establishing computerised membership data centre for the whole country, in Lagos. Lukman said since the November 22, 2014 attack on the centre by the PDP-controlled federal security forces, nothing was heard about the project, until around February/March 2020, when the National Working Committee (NWC) placed some newspaper advertorials inviting biddings from interested service providers to assist the APC establish computerised membership data register. He added that although no reference was made to the previous APC membership data centre of 2014 in the advertorial, the invitation for bidding suggested either nonavailability of a computerised membership register or inadequate register.

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Concerns over Sulaiman’s Dual Roles as FRC, Cadbury Chairman Dike Onwuamaeze Some financial market experts have expressed concerns over the recent appointment of the Chairman of the Financial Reporting Council of Nigeria (FRC), Mr. Adedotun Sulaiman, as the chairman of the Board of Directors of Cadbury Nigeria Plc. They said with the appointment, the integrity of the FRC as an objective and an impartial regulator could be undermined. They stated that Sulaiman must relinquish one of the appointments as his continued retention of both positions would expose the FRC to ethical issues as well as conflict of interest in the discharge of its responsibilities. Cadbury Nigeria Plc had last month named Sulaiman as chairman of its board, effective immediately. He replaced Mr. Atedo Peterside, who stepped down on June 30. Sulaiman's appointment was contained in a statement issued by the company’s Corporate Communications and Government Affairs Manager for West Africa, Mr. Frederick Mordi. Efforts by THISDAY to get the view of Sulaiman on the matter were unsuccessful as he didn’t reply to a text message, a WhatsApp message as well as phone calls. Similarly, the Executive Secretary/Chief Executive Officer, FRC, Mr. Daniel Asapokhai, failed to respond to THISDAY’s inquiries. When contacted, a source at Cadbury, who pleaded to remain anonymous said it was a matter for the FRC and not for the company. But speaking with THISDAY yesterday, a former President of the Chartered Institute of Bankers of Nigeria (CIBN) and Managing Director/Chief Executive Officer of Maxifund Securities Limited, Mr. Okechukwu Unegbu, said the chairman of the FRC ought to be somebody not linked to any business or company that the FRC would supervise. Unegbu said: “One thing I keep saying is that we don’t respect the code of ethics in Nigeria. How can you be the

chairman of the FRC that also regulates the accounts of the Cadbury Nigeria that you are also its chairman? With him as the chairman, do you think that they can find anything wrong with the accounts of the Cadbury? They will not. “They will even fear him and won’t be able to report properly. Most of our regulators are making this mistake. These are regulators that ought to know that the code of ethics must be respected. It is very sad for me. These things are an abuse of processes and also an abuse of our nation by portraying us as stupid people. It is very sad.” He also advised Sulaiman to pick one of the two appointments in order to preserve his integrity, saying transparency of the FRC is at stake. “His integrity would have restrained him from holding both appointments at the same time. Transparency is at stake. He already has a name so what is he trying to achieve?” “To be the chairman of the FRC and the chairman of Cadbury simultaneously is really indicting. This is my personal opinion, others may see it differently but this is my opinion,” Unegbu added. According to him, the country must begin to get certain things right in order to pass an unstained baton to the next generation. The Founder and Chairman of Proshare Nigeria Limited, Mr. Olufemi Awoyemi, also faulted Sulaiman’s dual role as the chairman of the FRC and the Cadbury respectively because such appointments that required an individual to operate from both sides of the market as a market regulator and market operator always have serious ethical issues. He said: “There is a general breakdown in governance that happens when the chairman of a regulatory body is also the chairman of a quoted company. It is even worse in the case of Cadbury Nigeria because of its recent history of market infractions. “This even raised the question that should such an infraction occurs, will the FRC be in a position to objectively do its

job? Or will the chairman have to excuse himself either as the chairman of the Cadbury or chairman of the FRC?” He explained that not even Sulaiman’s uncommon good standing in the market could compensate for the potential damage his position on the two entities would wrought on the transparency of the FRC. “It is all about corporate governance and they (FRC) need to have an appearance of objectivity irrespective of the pedigree of Sulaiman. “It is all about the principle of corporate governance issue and not about doing the things that are right in law because he has not violated any law. But it is unethical. He has to do one. He cannot do both. It is not done. There is an inherent absolute conflict of interests,” Awoyemi said. He referred to the battle that forced the former DirectorGeneral of the Nigerian Stock Exchange, Prof. Ndi OkerekeOnyiuke, to relinquish her appointment as the board chairman of the Transcorp Corporation, saying that “there

are precedents to cite to show that the market has taken a stance on this matter.” Similarly, a Senior Lecturer, Department of Accounting, Faculty of Business Administration, University of Lagos, Dr. Okwy Okpala, noted that Sulaiman’s dual appointments at the FRC and the Cadbury Nigeria would squeeze the FRC into regulatory capture. Okpala said: “This truly raises the issue of ethics and potential conflict of interest. There is the possibility of public perception of the regulatory capture of the FRC by the entity that it is being regulated. It may not be advisable to hold the top position as a regulator and another in an entity subject to your regulation simultaneously. In such a situation the person may consider resigning from one to keep the other.” He described regulatory capture as a situation whereby the regulated seems to have an unhealthy influence on its regulator in such a manner that the regulator could not in good conscience do all the things it

should have done without overlooking certain things. “Even when they (staff of the regulator) are determined to do their duty, they would be afraid that the upper reporting line might overrule them. It is unethical and not advisable. Note that we are talking from the viewpoint of ethics without considering the legality of the appointments,” Okpala said. The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. Ayoola Olukanni, told THISDAY: "We think this is an issue the FRC itself will eventually look into and deal with as appropriate if necessary. We, therefore, await the decision of the council on the matter." However, the National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, said there was nothing wrong with the dual appointments Suliaman is holding simultaneously at the FRC and the Cadbury Nigeria. Okezie stated that Sulaiman has been combining his

appointments as the chairman of the FRC and a non-executive director of the Cadbury Nigeria concurrently without any issue until his recent elevation to the chairmanship position of the board of the Cadbury. “He has been a director of Cadbury for years before he was recently elevated after the exit of Mr. Atedo Peterside as chairman. Since he has been a director there all along, conferring on him the chairman will not bring any conflict of interest. Otherwise, he would have resigned his board appointment as a director of Cadbury. “It is just like the case of the former Minister of National Planning, Mr. Udo Udoma, who was the Chairman of UAC of Nigeria Plc when he was appointed the Chairman of Securities Exchange Commission. “But it didn’t matter because the government knew that he was at those boards before appointing him. He only resigned from the UACN when he was appointed a minister. So, Sulaiman’s appointment should be cleared based on the enabling Act that established the FRC.

RESOLVING OIL SPILLAGE... Minister of Defence, Maj. Gen. Bashir Magashi (rtd) (left), and Minister of State for Environment, Ms. Sharon Ikeazor, during their working visit National Oil Spill Detection and Response Agency in Abuja…recently

Senate Not Out to Blackmail Elumelu, Says Akinyelure Deji Elumoye in Abuja The Chairman of the Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure, has said the upper legislative chamber is not out to blackmail the Chairman of the United Bank for Africa (UBA), Mr. Tony Elumelu, over its investigation into the alleged N41 billion NITEL/MTEL account fraud linked to the bank. He, however, stated that the management of UBA has questions to answer over alleged withdrawals of N41 billion from N42 billion NITEL /MTEL accounts domiciled with it by liquidators of the telecommunication firms. Akinyelure in a statement entitled: "Clarification of allegations of false and malicious publication against Chief Tony Elumelu, Chairman/CEO of UBA Plc," said his earlier submissions on the matter were not meant

to blackmail Elumelu or the bank but to let the public know the allegations levelled against the bank. He said: "My action as the committee chairman to address the press is to distinguish between two petitions against UBA before it, and not meant to cause malicious damage to the management at UBA Plc, having invited them for a closed-door meeting twice to resolve the issues amicably without success. "My media briefing was, therefore, never intended to blackmail or cause any malicious damage to the reputation of Chairman/ CEO of UBA Plc, Chief Tony Elumelu, or any of its officials, but our responsibilities to the whole Nigerians as democratically elected representatives of the people in the legislature to fight for their rights where we feel that their rights have been infringed upon."

The lawmaker, however, said the UBA management must appear before the committee to respond to the two petitions against the bank by creditors and liquidators of NITEL and MTEL. The statement dated August 8, 2020, read in part: "My attention as the Chairman of Senate Committee on Ethics, Privileges and Public Petitions has been drawn to several publications on various national dailies and, therefore, requires me to make the following clarifications to refute the said allegations on the following grounds. "That there are two separate petitions against UBA before the Senate Committee on Ethics, Privileges and Public Petitions for consideration in respect of alleged unauthorised withdrawals of N41 billion out of N42billion from NITEL and MTEL accounts. "The first of such petitions by liquidators at NITEL &

MTEL was from Messrs Otunba Sonbore against UBA for the refund of N685, 390.365.25 of excess bank charges against NITEL and MTEL account in liquidation. "This case was brought before the high court and appeal court and judgment was in favour of the liquidators of NITEL/ MTEL, which has, however, been appealed against by UBA in the Supreme Court, the basis upon which the committee stepped down further hearing on it in line with Senate rules. "The second petition against the bank was referred to the committee on 1st July 2020, a petition written by J. U. Ayogu Esq. a human rights lawyer on behalf of the creditors of the liquidated NITEL and MTEL against the managing director at UBA Plc for deliberate denial of payment of over N41.8 billion withdrawn from various accounts at NITEL without provision of tickets

for withdrawals as follows: "N29, 882,868,204.17 on NITEL account 1142030000705 was withdrawn without authorisation and nonprovision of tickets up till now. "N11.672, 467,105.19 withdrawn by UBA Plc without authorisation from account 1003537230, which was the closing balance at the account on liquidation. "N169, 128,039.24 withdrawn from NITEL Plc account 100729072 without authorisation and nonprovision of tickets up till now. "N22,948,854.73 also withdrawn without authorisation and without provision at tickets up till now. "N6,866,171.71 transferred to the Office at the Accountant General of the Federation without authorisation to be reversed back to account. "The above transactions were not in any way being litigated against by the UBA in the court of law and, therefore,

the committee only call on the UBA Plc management to come and justify their actions for not providing tickets for unauthorised withdrawals from NITEL/MTEL accounts up till now and secondly to show court processes it has on any of the above, that will convince the committee not to order for a reversal of outstanding amounts back to the customers’ account after seven years till date." Akinyelure had penultimate week, summoned the Group Managing Director of UBA, Mr. Kennedy Uzoka, to appear before his committee over the alleged fraud. The planned investigation could not hold due to exceptions taken by Elumelu to the allegations read by the senator against the bank. Elumelu had in his reaction to the alleged fraud threatened to sue Akinyelure if the allegations were not retracted within seven days.

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NSITF MD Challenges Suspension in Court Sues Buhari, Ngige Onyebuchi Ezigbo in Abuja The suspended Managing Director of the Nigeria Social Investment Trust Fund (NSITF), Mr. Adebayo Somefun, has sought reliefs from the National Industrial Court (NIC) to contest his suspension as ordered by President Muhammadu Buhari. Minister of Labour and

Employment, Senator Chris Ngige, told THISDAY that he saw the summons of the court action in which Somefun along with one other suspended management staff sued the federal government to the court of arbitration. Ngige, at the weekend, added that the directive suspending Somefun and another top

management staff of the NSITF was in order. He said the president had the constitutional rights to appoint and dismiss certain categories of public officers without recourse to anybody. While confirming the summons by the industrial court, Ngige said: “It is only two of them that decided to

go to court. Today, I saw their summons taking me and the president to court, National Industrial Court." He stated that there were some breaches and financial regulations infractions for which the MD and the affected staff were expected to clear their names. He said some of the infractions were prima- facie

and they needed to prove their innocence. The suspended NSITF management staff had rejected their suspension, saying that it did not emanate from Buhari. The management, in a statement, had said: "We wish to state that President Muhammadu Buhari has not suspended the management of

NSITF and did not make such an announcement. The person mentioned in the media report is not a staff of the president.” The suspended officers said the minister's action was against Buhari's directive through the Secretary to the Government of the Federation that no minister should suspend or sack any head of an agency.

Allow Peace to Reign, Obaseki Pleads with Political Actors Accuses APC of using federal might to intimidate voters Adibe Emenyonu in Benin City Governor Godwin Obaseki of Edo State has enjoined all political actors especially the opposition party, the All Progressives Congress (APC) to give peace a chance in the September 19 governorship election in the state. He also accused them of wanting to use federal might subvert the will of the people in the election.

Obaseki who stated this at an interactive session with journalists, last night in Government House, Benin City, added that for him as governor of the state, he had no intention of killing anyone to remain in power. However, he said if the opposition APC wants to take over, they should do so through a peaceful means. His words: "We cannot be the ones killing our people. If they want to come into

government, they (APC) must understand what the people want to see how they can persuade the people to believe them and vote for them on September 19. "We will continue to plead with the Federal Government, as we do not have the police and security under our control, because they are all federal government's agencies, and they have promised, as part of their intimidation tools, that

they will use these federal government agencies to intimidate us and you can see it already. "If we have a peaceful environment and go for an election today, they (the opposition politicians) do not have the confidence that they will win and succeed because they know where the sympathies of the people are. Rather than trying to persuade and win over people, as they do not

have records to do so, their strategy is to first wage a war of massive and very vicious propaganda. "Put fear, intimidation and scare people from coming out to exercise their franchise. By the grace of God, they will not succeed, because people are a lot more conscious of what is going on than they give them credit for.” He also accused the APC in the state of total disregard for court orders and existing

court pronouncements. "There is a total disregard of Edo State's court orders and existing court pronouncements and they are acting as if there is no law. They behave so lawlessly because they believe that nothing will happen and that if we even dare to challenge them, they will put the state into anarchy and postpone the election. They do not have anything to lose, because they are already down.

second service took off at past 9 a.m. and came to an end at 11:30 am. But among the megachurches that operate in the megacity, only the Christ Embassy was opened for service. At the national headquarters of the church at Billingsway, Oregun, Lagos, few worshippers were around even as most of them were without face masks, one of the requirements for attending service by the state government. THISDAY, however, gathered the poor attendance by the RCCG worshippers may be due to the ongoing convention of the church, which is taking place at the Redeemed Camp along the Lagos-Ibadan Expressway. Also under lock and key was Pastor Sam Adeyemi's Daystar Church. At its Oregun headquarters, only security men

were around when THISDAY visited. The same situation applied to the Household of God Church, pastored by Okotie. At the church's headquarters, only the Mercedes Benz limousine belonging to Okotie was conspicuously parked at the entrance of the church. There was no one to speak to when THISDAY called. At Bakare's Church at Ogba, the gates were also locked. This was also the situation with most Anglican Churches. At the Apostolic Church, Agege, there was nobody to talk to. Although its gates were open, few persons, who appeared to be church workers, were seen at the Victorious Army Ministries International along Acme Road in Ikeja. Most small Pentecostal churches also did not open for service.

of its first sitting, it was not clear when the panel held its first sitting. This is because although the president had recommended a public sitting, the commission had been sitting behind closed doors. But by the July 3 date of Buhari’s letter, the commission is expected to submit its report on or before August 16, 2020. There were also protests over the decision of the panel to contrary to its terms of reference, sit in private, barring

journalists from covering its proceedings. However, many witnesses had testified against Magu before he was served with the allegations and terms of reference on Saturday, August 8, 2020. The panel had by yesterday, spent 38 days sitting in private and 37 days before serving Magu a copy of the allegations against him. A 12-point petition by the Attorney General of the Federation and Minister

of Justice, Mr. Abubakar Malami, had accused Magu of corruption and mismanagement of recovered assets.

supplied in April. In the downstream petroleum product distribution sector, the NNPC said a total of 950.67 million litres of white products were sold and distributed by the Petroleum Products Marketing Company Limited (PPMC) during the month compared to 990.17 million litres the previous month. Federation crude oil and gas lifting are broadly classified into equity export and domestic, with both categories

lifted and marketed by NNPC and the proceeds remitted into the federation account. Equity export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid directly into Federation Account domiciled in the Central Bank of Nigeria (CBN), while payments are effected to the account by the NNPC after adjusting crude and product losses and pipeline repairs as well as management cost incurred during the period.

LOW TURNOUT AS LAGOS CHURCHES REOPEN AMID COVID-19 PROTOCOLS to churches, Okotie rejected the use of face masks in the church, saying it will amount to the reintroduction of the veil, which was abolished when Jesus Christ died on the cross. Joshua said he needed to hear from God before reopening SCOAN services, while MFM headquarters had directed the church not to resume until September. Despite the reopening of churches, the streets of Lagos were shorn of heavy traffic of worshippers as only a few of them attended services. However, in Ikorodu, the 8:15 am mass in Saint Augustine Catholic Church, Mary Hill, Ikorodu, held with strict adherence to the COVID-19 protocol and regulations. Only 40 per cent of worshippers were allowed in per mass, with two services running simultaneously. Security personnel on the

ground assisted with crowd control. Also, there were various handwashing stations and sanitiser dispensers at strategic points within the church, just as they ensured all worshippers wore face masks. During the service, all worshippers observed social distance, with only three parishioners on a pew, just as the service was short. In Oshodi, it was no different as the 6 am mass at St Paul's Catholic Church, Oshodi, which was held in five different locations within the church premises. Each location had a maximum of 50 persons and people were moved to the next location once the previous reached its full capacity. Also, all members and parishioners complied with the face mask policy while the church also ensured that

temperatures were checked and hands washed as they came through the entrance. During the service, which only lasted for an hour, social distance was observed. Only four persons sat on the pews that would normally have contained 12 persons each. Also, handshaking, loitering or hugging after service was disallowed as members were asked to go home immediately so to allow other members come in for the second mass. Pentecostal Day Vision Ministries also recorded a scanty congregation but all protocols were observed. A visit to MFM churches all around Oshodi showed they complied with the directives from the headquarters for all branches in Lagos and Ogun not to open till September. However, the Lord's Chosen Church and Redeemed Christian Church of God

(RCCG) around the area held very brief services of about an hour still under strict adherence to laid-down protocols of reopening of churches. In Ogba, as observed by THISDAY, there was a low turnout in churches in the area. Also services at Celestial Church, Ikeja 2 Parish were skeletal as attendance was low, but the members conformed to COVID-19 protocols. In Ebute Metta, Ijero Baptist Church also registered low attendance but it enforced ‘no face mask, no entry’ rule, as well as social distance. In FESTAC Town, the Assemblies of God Church, Festac II, observed the protocols with 50 per cent sitting capacity, temperature checking, hand washing with soap and running water as well as wearing face masks by worshippers. While the first service ran from 7:30 am to 9 a.m., the

MAGU KNOWS FATE AS SALAMI PANEL SUBMITS REPORT NEXT WEEK of the Federal Ministry of Justice, Mr. Muhammad Babadoko (North-central); and a representative of the Department of State Services (DSS), Mr. Hassan Abdullahi (North-central). Others are Mr. Muhammad Shamsudeen from the Office of the Accountant General of the Federation (North-west), Mr. Douglas Egweme from the Nigerian Financial Intelligence Unit (South-east), and Mr. Kazeem Atitebi (South-west) who serves as the Secretary.

In the letter dated July 3, 2020, Buhari wrote: “I hereby direct the judicial commission to submit its interim reports to me from time to time but the judicial commission shall, in any case, submit its final report not later than 45 days from the date of its first public sitting or within such extended period as may be authorised by me in writing.” Buhari also directed the panel to audit the accounts of the EFCC from 2015 to 2020, and also investigate allegations

of personal enrichment, abuse of office, disobedience to court orders, and the alleged sale of recovered assets to cronies by the suspended EFCC boss. The president also mandated the Salami-led panel to investigate an alleged complaint against Magu by the National Crime Agency of the United Kingdom, as well as his handling of the controversial P&ID case. Though the panel is expected to submit is report after 45 days from the date

NNPC REMITS N161BN TO FEDERATION ACCOUNT IN MAY corporation noted. It added that contribution from crude oil amounted to $105.08 million while gas and miscellaneous receipts stood at $8.71 million and $19.7 million respectively. But the corporation stated that in dollar terms of the export receipts, $20.20 million was remitted to the Federation Account while $112.96 was remitted to fund the JV cost recovery for May 2020 to guarantee current and future productions.

“Total export crude oil receipts from the period May 2019 to May 2020 stood at $4.77 billion out of which the sum of $3.18 billion was transferred to JV cash call as first line charge and the balance $1.59 billion was paid into the Federation Account. “In May 2020, NNPC remitted the sum of N161.89 billion to FAAC. From May 2019 to May 2020, total NNPC remittance to FAAC is N1,834.13, out of which federation and JV with

government priority projects received the sum of N857.39 billion and N976.75 billion respectively” the corporation said. Based on its Direct sales Direct Purchase (DSDP) arrangement, in terms of petroleum product supply, the national oil company stressed that in May 2020, 495.10 million litres of petrol were supplied into the country through the DSDP arrangement as against the 1,812.81 million litres of PMS

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MONDAY AUGUST 10, 2020 ˾ T H I S D AY

NEWS

‘Yahoo’ Boys Have Become Role Models, Diezani Laments Peter Uzoho A former Minister of Petroleum Resources, Mrs. Diezani AlisonMadueke, has said that the societal values have disintegrated to the extent that online fraudsters otherwise known as ‘Yahoo boys’ have become role models in Nigerian society. Diezani said this while delivering a lecture at a virtual event which was also attended by her former boss, ex-President Goodluck Jonathan, on Friday. Speaking at the event organised by the Ijaw National Development Group, Diezani stressed the need for mentorship of Ijaw youths. The videos of the event were

posted on Twitter by blogger, Mr. Jackson Ude, who is also the publisher of Point Blank News. The former minister said, “The ones that have swag, the Yahoo Yahoo boys as my son would say; these in short, are the role models they are looking at. These are the ones that reinforce negative societal norms and values. “This is a travesty of an unfolding tragedy for us. Why have I spent time talking about fatherless homes and the impact it has on our children? The truth of the matter is that an irresponsible boy tends to become an irresponsible man and it is therefore a vicious cycle. If you plant yam, you cannot harvest plantain.” Diezani said there are no shortcuts

to progressing in life, adding that only hard work could guarantee success. The former minister added, “There are no shortcuts to working your way up the ladder of life. Progressing in life, in work and relationships – marital or otherwise – is always dependent on consistent

effort and hard work. “As we create more responsible young men, we will generate more responsible fathers which will in turn engender a more sustainable society and build a greater nation of successful Ijaw men and women.” Diezani said societal values

had collapsed mainly because of weak family bonds caused by broken homes. She said in some instances, children raised by single parents do well in life but it should not be the norm that children should be brought up by single parents. Diezani thanked her former boss,

Jonathan, for empowering women during his tenure. The former minister is being investigated by the Economic and Financial Crimes Commission, (EFCC) for alleged fraud running into billions of dollars, but she has been living in the United Kingdom since 2015.

Nigeria’s COVID-19 Cases Rise by 437 to 46,577 Martins Iﬁjeh Nigeria has recorded 437 new cases of COVID-19, bringing to 46,577 the number of confirmed cases in the country. It has also recorded three COVID-19 related deaths within the last 24 hours, raising the tally from 942 to 945 in a single day. Announcing this yesterday, the Nigeria Centre for Disease Control (NCDC) said Lagos recorded

107 new cases; Federal Capital Territory (FCT), 91; Plateau, 81; Kaduna, 32; Ogun, 30; Kwara, 24; Ebonyi, 19; Ekiti, 17; Oyo, eight; Borno and Edo, six each; Kano, four; Nasarawa, Osun and Taraba, three each; Gombe, two; while Bauchi recorded one case. It said: “Nigeria has so far recorded 46,577 cases of COVID-19. 33,186 patients have been discharged, while 945 persons have died.”

Petrol Scarcity Looms as Lagos Tanker Drivers’ Strike Begins Today Peter Uzoho The Petroleum Tankers Drivers Association (PTDA) section of the National Union of Petroleum and Natural Gas Workers (NUPENG) has said its planned strike will begin today (Monday) as planned because the association could not reach any agreement with the Lagos State Government. The National Chairman of PTDA, Mr. Salimonu Oladiti, confirmed this development in Ibadan, Oyo State capital, yesterday. National President of the NUPENG, Mr. Williams Akporeha, and the General Secretary, Mr. Olawale Afolabi, had in a statement issued on Friday directed tanker drivers to begin the withdrawal of their services as from 12midnight of today. But Oladiti said the issues

which forced the drivers to plan to embark on an indefinite strike had not been addressed. He noted that talks between officials of the Lagos State Government and petrol tanker drivers failed to achieve the desired result. Oladiti said, “We don’t have much to say. If the issues of extortion and harassment of our members are addressed, we won’t go on strike but if the issues are not addressed, we will go on with it. “We are not happy to disrupt fuel supply because we know the effect but we cannot continue to cope with the problems. “Security agents and hoodlums are extorting our members and officials of the Lagos State Traffic Management use taser on our drivers and this can kill.

FG Evacuates another Batch of 327 Nigerians from UK A total of 327 stranded Nigerians successfully evacuated by the Federal Government have departed Gatwick Airport, London, and are expected to arrive at the Nnamdi Azikiwe International Airport in Abuja. Special Assistant (Media) to the Minister of Foreign Affairs, Ms Sarah Sanda, disclosed this to journalists on Sunday in Abuja. The News Agency of Nigeria (NAN) reported that Sanda said the returnees departed London at 11.15 a.m. aboard Air Peace airline. “The 327 returnees from the UK departed Gatwick Airport in London to Nnamdi

Azikiwe International Airport today, Aug. 9, 2020, at 11.15 a.m. aboard Air Peace flight No. P47854 operated by Air Europa Fight No AEA855,” she said. Following the COVID-19 pandemic, Nigeria has been evacuating its citizens stranded in other countries. On Saturday, August 8, 323 stranded Nigerians, including six infants, successfully evacuated from the UK, arrived at the Murtala Mohammed International Airport in Lagos. The returnees will undergo testing and quarantine in line with the Federal Government’s COVID-19 guidelines.

TACKLING APAPA GRIDLOCK...

L-R: Commissioner of Police, Lagos State Police Command, Mr. Hakeem Odumosu; Lagos State Governor, Mr. Babajide Sanwo-Olu; his Special Adviser on Works and Infrastructure, Mrs. Aramide Adeyoye; Chairman, Lagos Inter-Agency Monitoring and Enforcement Coordination Committee, Mr. Kayode Opeifa; and Permanent Secretary, Ministry of Works and Infrastructure, Mr. Olujimi Hotonu, during an inspection tour, at Marine Bridge, Apapa...yesterday

Kashamu Buried Amid Wailings by Sympathisers Amid wailings by family members and other sympathisers, the remains of the late former senator, Buruju Kashamu, were interred in his Ijebu-Igbo, Ogun State countryhome a few hours ago. Kashamu, who represented Ogun East senatorial district at the National Assembly between 2015 and 2019, died in a Lagos hospital Sunday of COVID-19 complications. He was laid to rest at about 12:55 pm on Sunday according to Islamic rites. He was aged 62.

Earlier, the Ogun State governor, Prince Dapo Abiodun, had paid a confolence visit to the deceased’s Ijebu-Igbo home. It was gathered that the remains of Kashamu arrived from Lagos Saturday night. A seething crowd was witnessed at the Kashamu burial, as encmiums poured in torrents, with many who spoke with THISDAY decribed the deceased as “generous, kind to a fault and humane.” One of them, a vulcaniser, Mr.

Muyiwa Ayantunde, said amid sobs, “How do I begin from here? He is the one paying my children’s school fees.” Apart from Governor Abiodun, other dignitaries at the burial include the Speaker of Ogun State House of Assembly, Rt. Hon. Olakunle Oluomo; former deputy governors in the state, Senator Gbenga Kaka and Segun Adesegun, respectively, as well as politicians from across political parties. Others include Senator Lekan Mustapha; the immediate past

governor of the state, Senator Ibikunle Amosun, who was represented by Alhaji Abdul-Majeed Ekelojumati, as well as several royal fathers as represented by their staff of office. They all paid their last respects to the late politician and business mogul. In his sermon, the Grand Mufti of Ogun State Muslims, Shile Mikhail Rufai, described the late politician as a generous man, who placed high premium on the welfare of the people of his community.

NMA Investigates Bloody Election in Enugu The Nigerian Medical Association (NMA) yesterday announced the setting up of a three-member committee to investigate what the medical body described as the “shameful behaviour” exhibited by its members in Enugu State during the aborted election. While describing the action as “public opprobrium” brought on the noble profession of medicine in

Nigeria, the association apologised to Nigerians and other nationals who may be disappointed at the behaviour of some doctors during the Enugu State NMA election. The President of NMA, Prof. Innocent Ujah, who announced the setting up of the committee during a press conference in Abuja entitled, “Enugu State NMA disrupted election: A show of shame”, said

it was a sequel to the National Officers’ Committee meeting. He told all the state branches of NMA yet to conduct their elections to ensure that the values and inalienable rights of members were not eroded. The committee chaired by a former President of NMA, Prof. Mike Ogirima, also has Dr. Agam Ayuk and Chris Yilgwan,

immediate-past chairmen of NMA in Cross River and Plateau states as members. Among the terms of reference of the committee which has two weeks to submit its report, including investigating the immediate and remote causes that led to the disruption of the 2020 Enugu State NMA election.

SERAP Cautions World Bank over $114.28m Disbursement to Nigeria Advocacy group, Socio-Economic Rights and Accountability Project (SERAP), has asked the World Bank to tread carefully in the disbursement of $114.28million to Nigeria for the purpose of tackling economic challenges of the COVID-19 pandemic. The group said in giving the $114.28million facility to Nigeria, the World Bank must obtain an undertaking from the federal and state governments that they would be transparent in

the handling of the funds. SERAP gave the advice in an open letter released yesterday by its Deputy Director, Mr. Kolawole Oludare, to the President of the World Bank, Mr. David Malpass. The open letter was titled, ‘COVID-19: SERAP asks World Bank to ‘tread carefully in disbursing $114.28m credit for Nigeria’. The group urged Malpass to “put pressure on authorities and the 36 state governors to accept

voluntary scrutiny by Nigerians and civil society regarding the spending of the funds and use of the resources, including on how they will spend the money to buy medical equipment, and improve access to clean water, sanitation and hygiene.” SERAP said, “The World Bank has a responsibility to ensure that federal authorities and state governments are transparent and accountable to Nigerians in how they spend

the approved credit and grant. The Bank should tread carefully in the disbursement of funds or distribution of resources to states if it is to reduce vulnerability to corruption and mismanagement. “Insisting on transparency and accountability would ensure repayment of the credit, and protect the project objectives and intended purposes for which the funds and resources are approved, disbursed and distributed.

CBN Approved Our Stamp Duty Account, NIPOST Replies FIRS The Nigerian Postal Service (NIPOST) yesterday said its stamp duty account was opened by the Central Bank of Nigeria under the Treasury Single Account (TSA) in response to claims made by the Federal Inland Revenue Service (FIRS). NIPOST said its attention was drawn to a publication by FIRS

alleging that the postal service agency operated an illegal stamp duty account. It said FIRS’ director of communications and liaison made the statement in a series of tweets. “We hereby state categorically that the statement is false and made to misinform and mislead

members of the public,” the postal agency said in a statement issued on Sunday by its General Manager, Corporate Communications, Mr. Frank Alao. In the statement, which was entitled, “NIPOST stamp duty account was opened by CBN,” the agency said the account in question was opened in consultation with

the Office of Accountant-General of the Federation. It said the name of the account was NIPOST Stamp Duties Collection Account, adding that the CBN gave instruction to Deposit Money Banks to commence the deduction of N50 stamp duties from bank customers’ accounts at the time.

MONDAY AUGUST 10, 2020 ˾ T H I S D AY

NEWS

Apapa Gridlock: Lagos Donates Land for Trailer Park Ejiofor Alike The disturbing gridlock created along Apapa corridor in Lagos State by heavy-duty trucks clogging the major highways may soon fade away, if the actions being taken by Governor Babajide Sanwo-Olu fully materialise. The governor, yesterday, set out on a five-hour tour of projects and infrastructure being developed on the Apapa corridor to ease traffic congestion in the area. A poser raised by the governor on why container-laden trucks usually disregard the state’s traffic laws and park on roads generated heated arguments among terminal operators, Nigerian Ports

Authority (NPA) and Maritime Transport Unions and Associations (COMTUA). In the ensuing blame game, Sanwo-Olu expressed disapproval of the truck drivers’ action and the failure of the NPA to enforce extant regulations preventing trucks not yet approved for loading to park indiscriminately on the highways. The governor stressed the need to overhaul the terminal system at the ports, noting that there was no reason for the trucks to park on the highways if their dedicated terminals were operational. He disclosed that the state government had made a request to the federal government to prevail on the concessionaire that will be

operating the 700-truck capacity Lilypond Terminal at Apapa to open the facility for use without further delay. Sanwo-Olu revealed that the state government had donated additional 30 hectares of land in Ijora area as part of the solutions initiated to address the problem, noting that the land would expand the holding capacity of the Lilypond terminal. He said: “Today, I have taken

time to personally inspect some projects being developed both by the Federal and State governments to improve traffic around Constain, Iganmu, Apapa and Mile 2 areas. The projects are initiated specifically to address the chaos created mainly by indiscriminate parking of trailers along the routes. Already, there is an ongoing rehabilitation work on Marine Bridge, where a stretch has completely been scarified. “There is also a Lilypond

Terminal, a major holding bay for heavy-duty trucks, which has not been operated after it was transferred to a concessionaire. We are aware that the concessionaire is meant to complete an agreement with NPA on the transfer of the facility. But, while this is being done, the Lagos government has donated 30 hectares of land in Ijora to raise the capacity of the Lilypond Terminal. “These steps will be part of

the solution of taking the trucks off the Apapa highways. When the rehabilitation work on Marine Bridge is completed in another four months, there will be improvement in journey time towards Apapa. We will also be having meeting with various stakeholders operating at the port, including the truck owners. The system needs a total overhaul. We need to agree and formalise the matrix of the trucks’ movement in and out of the port.”

Gunmen Murder Obiano’s Aide David-Chyddy Eleke in Awka The Anambra State Governor, Mr. Willie Obiano, yesterday morning lost his Senior Special Assistant (SSA) on Security, Mr. Azubuike Ekwegbalu. Obiano, who announced the death of Ekwegbalu through the State Commissioner for Information and Public Enlightenment, Mr. C. Don Adinuba, said the police suspect that his death was a case of homicide. Spokesperson of Anambra State Police Command, SP. Haruna Mohammed, confirmed that Ekwegbalu was stabbed to death in his apartment in Awka by assailants. Mohammed said the police would do all in its power to track down the killers. Adinuba said: “Mr. Ekwegbalu was a thorough, quiet, unassuming, energetic and dedicated security official whose forte was intelligence gathering. “To carry out his duties faithfully, effectively and efficiently,

he kept a low-profile in the public space throughout the years he was in office as the SSA to the Governor on Security. He was not known to most government officials and declined the use of any paraphernalia that could give him out as an intelligence operative. “He had in the last few months devoted his infectious energy and acute professional intelligence to monitoring cults in various parts of the state following an increase in the menace of young cult members in educational institutions and elsewhere. The results have been outstanding. “Mr Ekwegbalu’s tragic death is a serious setback to the fight against the cult menace and crime generally in the state.” He added that Ekwegbalu’s death has been reported to his family by the state governor. Adinuba promised that the Anambra State Government, working with the security agencies, would do everything in its power to apprehend those responsible for Mr. Ekwegbalu’s death.

Otti to Join APC on August 14 Emmanuel Ugwu in Umahia It has emerged that the former governorship candidate of the All Progressives Grand Alliance (APGA) in Abia State, Mr. Alex Otti, has refused to rescind his decision to dump the party in spite of entreaties from political associates. Otti had caused upheaval in APGA when he announced that he was quitting the party to join All Progressives Congress (APC). He cited gross erosion of the foundational ideals of APGA, factionalisation, abuse of power and incompetent leadership at the highest level for his leaving the party. It was gathered that the faction of APGA at the national and state level which Otti belonged had made efforts to dissuade him from going ahead with his decision to dump the party, but the reconciliation efforts appeared to have failed. The Media Assistant to Otti, Ferdinand Ekeoma, confirmed in a statement yesterday that there was no going back to APGA

for the 2015 and 2019 governorship standard bearer of the party. He said the former bank boss had already formalised his APC membership by registering in his ward preparatory to a public declaration. According to him, “The proposed declaration is billed to take place on August 14, 2020, at his Ward5 in Ehi na Uguru, Isialangwa South Local Government Area of the state by 12 noon.” Ekeoma further revealed that “the leadership of the APC at the highest level has promised to storm the state later for a special statewide reception for Otti and other entrants joining the party with him, after the COVID-19 pandemic must have subsided.” Otti, a first class graduate of Economics from the University of Port Harcourt, was a renowned banker, who got to the peak of his career to become the Managing Director of Diamond Bank Plc. He voluntarily retired in 2014 and joined active politics in his home state of Abia.

WELCOME TO THE SALT OF THE NATION...

Governor of Ebonyi State, Mr. David Umahi (left), and Chief of Training and Operations of the Nigerian Army, Lieutenant General Lamidi Adeosun, during the handover of the Soja Magazine to the governor at the groundbreaking ceremony for the Nigerian Army Reference Hospital in Abakaliki...weekend

Osun Police Dismiss Inspector for Allegedly Killing Fashion Designer over N50 Bribe Yinka KolawoleinOsogbo The Police Inspector, Ago Egharevbe, who allegedly killed a 20-year-old fashion designer, Taiwo Ayomide, in Osun State over N50 bribe has been arrested and dismissed by the Nigeria Police Force. A statement signed by the state Police Public Relations Officer, Mrs. Yemisi Opalola, and made available to journalists confirmed his arrest.

Opalola, who gave the name of the suspected killer-police as Ago Egharevbe, said he has been tried in orderly room and the state Commissioner of Police, Undie Adie, had recommended his dismissal to the Inspector General of Police (IG). She further explained that the suspect would be charged to court today. “The officer has been tried in orderly room and the state

commissioner of police had recommended his dismissal to the IG, so he is going to be charged to court tomorrow (today), PPRO Opalola said. Ayomide, was allegedly brutalised with the butt of the gun by Egharevbe over alleged N50 bribe. THISDAY gathered that Ayomide died early yesterday morning at the Ladoke Akintola Teaching Hospital,

Osogbo, where he was receiving treatment. Ayomide has been battling for his life following the attack on him by the suspected police officer. One of the deceased relatives, who simply identified himself as Segun, while breaking the news on a telephone call told THISDAY, said Olamide gave up the ghost yesterday morning.

Uzodimma Angry over ‘S’Court Gov’ Tag by PDP, Petitions NJC, AGF Amby Uneze in Owerri Imo State Governor, Senator Hope Uzodimma, has expressed dissatisfaction over the label of ‘Supreme Court Governor’ continuously allegedly used by the Peoples Democratic Party (PDP) loyalists in the state. To this end, the governor has petitioned the National Judicial Council (NJC), the Attorney General of the Federation and Minister of Justice (AGF), Mr. Abubakar Malami; the leadership of the National Assembly among

others to prosecute those behind the alleged act. In a document circulating in the local tabloid in the state tagged: ‘Petition against Mr. Ogubundu Nwadike, the Imo State Publicity Secretary for the PDP’, and signed by the Special Adviser to the state governor on Political Matters, Chief Batos Chikezie, he demanded that Nwadike and his cohorts should desist from making such “wicked propaganda and blackmail characteristically designed to incite and delude the people of the state thereby

misdirecting them to disregard the judiciary.” The governor called on the NJC through the Registrar of the Supreme Court to require Nwadike to stand trial for contempt for, according to him, “persistently making mockery of the decision and proceeding of the Supreme Court on the Imo State gubernatorial election, thereby making them look compromised and biased in the eyes of the public which is a dent on their integrity and pedigree.

“We call on the Nigeria Union of Journalists (NUJ) to quickly clampdown on Nwadike as a practicing journalist, and require that all media outlets blacklist him from their stables, blogs, pages and airtime in referencing a duly elected government as an ‘Abuja/Supreme Court Government’, which is a calculated attempt to incite the people of the state and dent the image of the most esteemed judiciary arm of government.”

Edo Poll: Okunbo Urges Political Actors to Emulate Jonathan Adibe Emenyonu in Benin-city Business mogul and philanthropist, Capt. Hosa Okunbo, has advised politicians in Edo State to take a cue from former President, Dr. Goodluck Jonathan’s statement that: ‘No blood of any citizen is worth his ambition’. Okunbo, who gave the advice in a statement he issued in Benincity, capital of Edo State, ahead of the governorship election slated for September 19, 2020, bemoaned the current political violence in the state, saying

while the state remains for all, politicians will, however, come and go. He appealed to parents to prevent their wards from being used as political thugs for the election, calling on the youths to avoid being used. The businessman said violence creates an atmosphere of instability, and as such, hinders development. According to him, “Election will come and go, but the state will remain. Nothing thrives in violent atmosphere, and our state

can only move forward when we have a peaceful environment. “We must begin to redirect our youths from negativity to positivity. “I want to take cue from my great friend and brother, President Jonathan, who said no blood of any citizen is worth the blood of any politician. “He stated this when he addressed the country before the 2015 elections; he did not only say it but stood by it as well, and it has earned him great global respect.

“Today as I address you as a stakeholder, I want to appeal and pray for a more prosperous Edo State. “The future of our children is pregnant, so we must be careful.” Okunbo also urged the citizens to identify any stranger in their midst and report same to the security agencies in the state, adding: “As they (politicians) intend to import thugs into our midst, we must prepare to identify such strange person and report same to the security agencies.”

MONDAY AUGUST 10, 2020 â&#x20AC;¢T H I S D AY

MONDAY AUGUST 10, 2020 â&#x20AC;¢ T H I S D AY

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COMMENT

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

THE BUSINESS OF GOVERNMENTS IN BUSINESS Gboyega Atoyebi writes that government should create an enabling environment for businesses to thrive

he debate on the role of government in business is centuries old, ranging from the ideological differences between Adam Smith and Karl Marx to the more recent big government versus small government. However, when in dire straits, as rightly fabled, whether the cat is black or white, if it catches a mouse, it is a good cat. It is no gainsaying that Nigeria is in dire straits economically. Although its economic woes are not new, it however seems to be worsening as evidenced by unwanted titles such as â&#x20AC;&#x153;poverty capital of the worldâ&#x20AC;? (Nigeria is estimated to have over 90million people living in extreme poverty) and disturbing statistics such as 54% of her youth being either unemployed or underemployed as at first quarter 2020. A 2019 McKinsey report on Nigeria titled, â&#x20AC;&#x153;Nigeria at crossroadsâ&#x20AC;?, gives an inkling to what can be done to reverse this trend. The report was a review of the economy from 1999-2019. The starting point of the review, 1999, was the beginning of the countryâ&#x20AC;&#x2122;s 4th republic and had been preceded by 16 years of military rule which had led the country to becoming a pariah nation, neck deep in debt, a forbidden destination for foreign direct investment with her productive citizens in a â&#x20AC;&#x153;check outâ&#x20AC;? (emigration) mode. The report however revealed that the next two decades between 1999 and 2019 became the most prosperous period in Nigerian history based on average annual GDP growth of 6.5% (19681998 was 2.6%). The average Nigerian may argue with the reality of this data based on nostalgia and personal experience while the economists might engage in the debate between growth and development. More surprisingly, this growth was not primarily driven by high crude prices particularly during the first decade of the period reviewed (1999-2009) when oil prices averaged $54 /barrel but by deliberate actions of the government. This brings to the fore the role of government in business which should be creating an enabling environment for businesses to thrive and galvanizing growth and development and not the direct participation in commercial activities. Due to the level of underdevelopment in the country, the concept of â&#x20AC;&#x153;enabling environmentâ&#x20AC;? has been reduced to the provision of physical infrastructure such as power and roads but neglecting possibly the more important environment which is the regulatory and adjudication environment. This was the focus of the Nigerian government during President Olusegun Obasanjoâ&#x20AC;&#x2122;s presidency (1999-2007) and it was no surprise that the major reason adduced for the pace of growth during this period and years after were reforms in three critical sectors namely: telecommunications, pension and banking sectors. These reforms and the creation of an appropriate regulatory framework (particularly in telecommunication and pension) led to the revitalization and exponential growth of hitherto comatose or underperforming sectors with the whole economy in tow. Prior to the deregulation of the telecommunications sector that com-

DUE TO THE LEVEL OF UNDERDEVELOPMENT IN THE COUNTRY, THE CONCEPT OF â&#x20AC;&#x2DC;ENABLING ENVIRONMENTâ&#x20AC;&#x2122; HAS BEEN REDUCED TO THE PROVISION OF PHYSICAL INFRASTRUCTURE, BUT NEGLECTING POSSIBLY THE MORE IMPORTANT ENVIRONMENT WHICH IS THE REGULATORY AND ADJUDICATION ENVIRONMENT

menced in 2001 with the enactment of the Nigerian Communications Act, which established the Nigerian Communications Commission and subsequent auctioning of GSM licenses, the telecommunications sector was a government funded monopoly operated and regulated by Nigeria Telecommunications Limited (NITEL), boasting about 600,000 telephone users with an insignificant contribution to GDP. The deregulation of the sector saved the government millions of Naira in annual budgetary allocation, generated about $1billion in licensing fees, attracted billions of dollars in investment, 170million telephone users, 120million internet users and serving as a growth enabler to multiple industries such as banking, entertainment, trade, logistics, etc. The expanded sector currently accounts for about 14% of GDP. This was achieved without government building any physical infrastructure or making any financial investment. Similarly, the pension sector as at 2004 was an inefficient, poorly regulated, public sector dominated industry with N2trillion funding deficit. The Pension Reform Act 2004 (and subsequent related acts) created a private sector managed, contributory pension scheme regulated by the National Pension Commission. Within 15 years of this initial major reform, the sector currently boasts of over nine million registered contributors and more than N10trillion in assets becoming the largest single investment pool in the country. The last of the major reforms was the banking sector reform of 2004 supervised by the Central Bank of Nigeria. Before this intervention, there were 89 banks whose combined shareholdersâ&#x20AC;&#x2122; funds was less than that of a leading South African bank at that point. The Nigerian banking sector was incapable of funding or propelling a private sector-led economy. The reforms, pivoted on a 2400% increase in share capital, resulted in 25 relatively stronger banks able to withstand economic shocks, fund big ticket transactions, galvanise the economy and compete continentally. Further to this recapitalization, Nigerian banks were able to partake in financing the oil and gas industry, undertake big industrial project finance and access larger international credit lines which hitherto were mainly the exclusive preserve of international banks. Based on the results of this approach, it is imperative that this government and subsequent governments consider sectoral or sub-sectoral reforms that can generate revenue for and save the country from subsisting colossal wastes such as the deregulation of electricity prices (while illegalizing estimated billing) and petrol pricing (this being different from the much desirable comprehensive petroleum industry reform) as diesel was deregulated some years ago. This could unlock billions of naira and help fund more socially beneficial sectors like health and education. Atoyebi, FCA, is a Financial Services Executive and an alumnus of Lagos Business School

NIGERIA AFTER COVID-19 Ă&#x2019;Ă? Ă?Ă&#x2122;Ă&#x;Ă&#x2DC;Ă&#x17E;Ă&#x153;ĂŁ Ă&#x2014;Ă&#x;Ă?Ă&#x17E; Ă&#x2014;Ă&#x2122;Ă&#x152;Ă&#x201C;Ă&#x2013;Ă&#x201C;Ă?Ă? Ă&#x2039;Ă&#x2013;Ă&#x2013; Ă?Ă&#x201C;Ă&#x17E;Ă&#x201C;Ă¤Ă?Ă&#x2DC;Ă? Ă?Ă&#x2122;Ă&#x153; Ă&#x2013;Ă?Ă&#x2039;Ă&#x153;Ă&#x2DC;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ë&#x153; ĂĄĂ&#x153;Ă&#x201C;Ă&#x17E;Ă?Ă? Francis E. Ogbimi

arly in the 1980s I had reasons to ask myself whether the Blackman is the same modern man like the Caucasian and Asian. I commenced a curiositydriven research in 1986 to establish the scientific basis of the present global distribution of wealth and power and how nations develop. The research has been blessed abundantly. I have summarized the highlights of the results in a seven-book series. The titles are: One, Solution to Mass Unemployment in Nigeria. Two, Understanding Why Capital Investments Cannot Promote Sustainable Economic Growth and Industrialization. Three, Understanding Why Learning Is the Primary Source of Growth, Industrialization and Development. Four, Understanding Why Education and Training Are Indispensable to Rapid Industrialisation and Development. Five, Causes and Remedies for Poverty in Africa. Six, Understanding Why Privatisation Is Promoting Unemployment and Poverty and Delaying Industrialisation in Africa. Seven, Understanding the Theory and Practice of Federalism and Democracy. I believe that the results of my research constitute a special Godâ&#x20AC;&#x2122;s gift-package to mankind. Whereas economists and their friends for lack of the sense of history and lack of understanding of the science of development of societies, claim that capital investment is the primary source of sustainable economic growth and industrialisation (SEGI), our research revealed that learning (education, training, employment and research) is the primary source of SEGI. The history of the economic, social and political statuses of mankind is that of his learning history. All human beings are born as crying-babies. The baby soon begins to babble (to learn how to talk) and later talks. The baby who could not babble grows up to be a dumb adult. Just as the baby acquires the capabilities to talk through learning, so s/he acquires every other capability

through learning. If a society possesses the capabilities to manufacture many scientific products, the people must have acquired the relevant knowledge, skills and capabilities. The scientific knowledge possessed by the citizens of a nation and the extent to which the citizens apply science in solving problems are the most important factors that determine the economic and political statuses of a nation in the world today. The development of scientific skills and industrialization in the West reached a peak with the dawn of the scientific age there. The world was transformed more thoroughly in the 20th century alone than in the 70,000 years since mankind first learned to use tools and light fires. Scientists and technologists were responsible. There are more of them alive today than existed in those previous 70,000 years combined. What is more, the rate of progress is accelerating: the quantity of knowledge now available may have tripled at the end of the 20th century. The rate of transformation of a society is determined by the learning rate. European and Asian nations neglected education and training, for thousands of years. They acquired science through learning-on-the-job. Britain did not have public educational systems when it achieved the first modern industrial revolution. Hence, the transformation from the pre-industrialized to the industrialized status was very slow and took them 2000-3000 years. We developed a theory of employment which demonstrated that Employment (In Quantity and Quality) is the blood of the economy. We may therefore liken a well-managed economy to a well-inflated football; they both bounce. Whereas the well-managed economy is filled with many millions of experts - knowledgeable, skilled and competent people, the well-inflated football is filled with high-pressure gas. Again, how soon an economy is filled with the necessary experts is a matter of the rate of learning.

All industrialised nations are relatively rich; but all nations with agricultural/handcraft economies are poor, large endowment of natural resources notwithstanding. History shows that all the industrialised nations had agricultural-handcraft economies for many centuries before they were transformed into industrialised nations. Our research revealed that industrialization is achieved when a nation has learnt for a period and accumulated a critical quantity of experts, knowledge, skills and competences (KSCs). This suggests that a nation should not wait for job openings. Rather, a nation should mobilize all its citizens for learning, accumulate the necessary KSCs and achieve industrialization, speedily. Certain observations are relevant to promoting accelerated industrialization as solution to mass unemployment and poverty. First is the lesson of the spiderâ&#x20AC;&#x2122;s web. Many of us know what the spiderâ&#x20AC;&#x2122;s web is. It teaches a great lesson about the development process of a society. The single silk-thread which the spider spins apparently does not do much for the spider. It fails readily as a structural material when subjected to stress. But when the spider through instinct combines many of its silk-threads to make the web, it develops an economy that catches many small creatures on which the spider feeds. The spiderâ&#x20AC;&#x2122;s silk thread and web relationship tells us that the development process is a group effort. Second, in my experience as a young person in the village, I observed that farmers used to apply the principle that productivity increases with the number of the people working together. Five or higher number of farmers go to each personâ&#x20AC;&#x2122;s farm to work together in turn. They realized that five of them working together certainly do much more than one man would do going to his farm, alone, for five days or times. The Isoko-speaking people in Delta State of Nigeria call the practice, ufo. Some

Yoruba-speaking Nigerians call it oya. Many other Nigerians know of it. It is a type of farming cooperative. Third, Adam Smith regarded as the father of economics, Smith (1776), observed that when one man made the straight pin with one head flat and the other pointed, he made 20 pins a day. He conducted an experiment which demonstrated that the higher the people who work together, the higher is the productivity (output/input). He observed that there were 18 operations in making the straight pin. He chose ten men to produce straight pins. They produced 48,000 pins in a day. Productivity went up 240 (48000/20) times. Fourth, after many trials, the United States of America in 1854 through the threat of her naval fleet forced Japan to open her ports to American ships and trade. That led to the subtle change of government known as the Meiji Restoration of 1868. The Meiji government decided to learn from the West. Japan mobilized all the citizens for learning in the period 1886-1905, 20 years and achieved industrialization. Fifth, China after wallowing in poverty under kings for about 3000 years was lucky to have Mao Zedung as its leader in 1949. He mobilized the entire nation (over one billion) for learning (education, training, employment and research) and industrialization. The Chinese economy began to grow 17 per cent. Unemployment, poverty, high crime wave, etc., disappeared immediately from China. That was how China, after being called a sleeping giant for about 3000 years, accelerated its transformation to become a world power. Nigeria should not be talking of 774, 000 petty jobs in agriculture after covid-19. We should all tell President Muhammadu Buhari we have found solutions to mass unemployment, poverty and insecurity in Nigeria. Nigeria will become industrialised in a few decades, if we mobilize all the citizens for learning like Japan and China did. fogbimi@yahoo.com

T H I S D AY ˾ MONDAY, AUGUST 10, 2020

EDITORIAL FUEL TANKER AND ROAD CARNAGE The authorities could do more to minimise accidents on our roads

he recent explosion of a fuel tanker around Koko junction along the Benin/Sapele Expressway in Delta State is a sad reminder of the value we attach to lives in this country. No fewer than 17 lives were lost with scores of others injured. In what has become a familiar story, the tanker reportedly was avoiding a bad spot on the road when it careered off track, sparking off a huge ball of ﬁre. The victims were trapped in their vehicles and got burnt. Those at the scene said it involved 10 vehicles and the casualties were charred beyond recognition. Indeed, the turnover of victims on our roads is undesirable given that they are often people in their productive years, but who unfortunately can no longer play a part in the future of the country. The Benin/Sapele Expressway is a major road that sustains the economic well-being of the nation, linking the southern communities with those in the western part THE CARNAGE ON THE of the country. BENIN/SAPELE ROAD AND Sadly, the road has become problematic MANY ROADS ACROSS for commuters. It THE COUNTRY IS AN APPARENT DERELICTION has been left in a deplorable condition OF DUTY BY THOSE for almost a decade, WHOSE TASK IT IS TO and in the process MANAGE OUR ROADS becoming a death trap for many road users. While the body count from truck accidents keep mounting, we need to point out that these tragedies could have been avoided by simple common sense and inexpensive remedial interventions. It is common knowledge that there are too many rickety vehicles on our roads. The tyres of several of them are worn out; some are in a state of disrepair, just as their brakes are suspect. To worsen matters, the drivers of a good number of these trailers and

Letters to the Editor

tankers are most often either drunk or half asleep behind the wheels.

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

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

hat is happening on most of our highways across the country is anathema to decency in road usage, while the armada of trailers and petroleum tankers will be considered primitive in more civilised societies. Unfortunately, years of toeing the path of impropriety and poor infrastructure development and maintenance in the energy and other sectors are having their toll on other forms of business. That explains why we have tankers of all sorts on the roads every day with all the risks they pose to other motorists. Indeed, driving on Nigeria’s approximately 200,183 kilometres road network can be risky and arduous as large swathes of the road tracks have broken down and are ridden with potholes. The carnage on the Benin/Sapele Road and many roads across the country is an apparent dereliction of duty by those whose task it is to manage our roads and curb the human and material waste. However, the proclivity by those in authority to neglect the roads has earned the country a dubious reputation as one of the countries with very high road crashes in the world. Statistics by the Federal Road Safety Corps (FRSC) bear this out. On the average, 12 people died daily in road accidents across the country last year while 4,163 persons were killed in crashes during the same period. In the same vein, about 20,000 of the over 11 million vehicles in the country were involved in accidents. Apart from the roads being littered with craters, driving at night is comparable to walking through a dark alley because of lack of street lights. We beckon on the authorities to fulﬁl their constitutional and civil duty to the public by ﬁxing the roads, as some of them only require fresh coat of tars and proper road signals, to mitigate the distressing harvest of deaths.

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

ANAMBRA: Obiano Efforts On Access Roads

ntil the state poverty mapping, it was thought that no community in Anambra state was poor and neglected to the extent of lacking basic infrastructural needs, especially access road. The notion was sustained by the narrative of Anambra having the best network of roads, and or one of the best networks of road in Nigeria, depending on who tells the story and how convinced he is. With the exploit of ex-Governor Chris Ngige in road construction in the state years back which was furthered by ex-Governor Peter Obi, it was taken for granted that every community in the state has an access road. But the narrative does not wash. It bears all the trappings of the single story which writer, Chimamanda Adichie, says leapfrogs over nuances and details of a given situation. Beyond the narrative of fine stretches of road that dot the state, lay a dozen others that are overly treacherous and bumpy, leaving many communities inaccessible. Most of these communities are in the riverine area of the state and have low-lying land that is flooded in wet seasons and at high tide. Gaining access to these communities at certain periods in a year was difficult, at best circuitous, and done through the neighboring states. Onono, Umuikwu, Umudora, Umuomu and the Igalaspeaking communities of Inoma and Nzam, all in Anambra West, accessed their place through Delta State. While access to the state’s oil field in Umueje and Aguleri Otu in Ayamelum and Anambra East council areas respectively was gained through Enugu state.

But unlike access through the Delta, entering the oil field through Enugu was fraught with a lot of danger perhaps because of its economic importance. Sparks of violent reaction became almost a daily occurrence between the abutting communities on both sides of the states. The Igga community in Enugu state very often resisted the use of its land as a thoroughfare. The skirmishes that erupted on each occasion left the communities worse off. The case of Ogwuaniocha, another oil-bearing community in Ogbaru council area, was not any better. Like others earlier mentioned, Ogwuaniocha equally had no access to good road notwithstanding its economic importance in the state. As a matter of fact, it never had tarred road until the current effort by the Obiano government to have a road asphalted there. The level of neglect of these riverine communities was such that to continue was to prolong the day of rage. It was no longer justifiable and economically unviable. Eager to deal with the problem and harness the economic potentials of the communities (many of which also double as the food basket of the state) the Obiano government decided to double down on tackling the tortuous marshy terrain and cut a road through the communities. It may be fair to argue that only a government that does not play politics with its people can undertake the responsibility of building roads in the swampy communities. Conscious of the cost, but convinced of its economic impact, the government undertook a 14 kilometer road to Nzam, the headquarters of Anambra West with a bridge which has already been completed. Only about 2.4 kilometers of that stretch are awaiting sand filling

before asphalting to Nzam is completed. To take the burden of a thoroughfare off Igga community in Enugu state another 42 kilometer of road is being constructed from Aguleri Uno/Aguleri Out/Mkpunando to the oil field. Twenty one kilometers of this stretch have been completed while 21 are ongoing. In Ayamelum the government is doing 11.2 kilometers of road from Umueje community to the oil field with a bridge which is also completed. A Twelve point four kilometer Ogwuaniocha road with about 24 culverts is under construction while the longest bridge constructed by any state government in the entire Southeast which stands at 280 meters was constructed across the Omambala River, linking Aguleri Otu and Aguleri Uno. These roads and bridges, without prejudice to the ones done by the same government in the central and southern senatorial zones of the state, were built at very exorbitant rates because of the peculiar nature of the soil. Building roads in marshy terrains entails a lot of sand filling and fortification for it to withstand flooding, water log and high tide. It is therefore expected that the effort of the Obiano government in building up these riverine areas should be costly and physically exerting. The cost, monetary and physical, is not made better by the increasing challenge of gully erosion in the state. So far about a thousand active gully erosion sites are threatening to submerge roads and buildings in the state. The effort to contain them, though intensified, is being slowed down by the dwindling economy. Ejike Anyaduba, Abatete

MONDAY AUGUST 10, 2020 â&#x20AC;¢T H I S D AY

MONDAY AUGUST 10, 2020 â&#x20AC;¢ T H I S D AY

T H I S D AY ˾ MONDAY AUGUST 10, 2020

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

The Stormy Petrel from Borno Rattles the Military Nseobong Okon-Ekong and Michael Olugbode write the non-conformist Governor Babagana Zulum of Borno State may have made some irritating allegations against the military that cannot be swept under the carpet

Buhari

Zulum

Shettima

Buratai

authority to every town and village in the state. This is to subsequently allow for the closure of internally displaced camps and return of displaced persons back to their homes and return of economic activities. A lot has already been invested in building accommodation for the IDPs on their return since the last administration, many deadlines for the return of the IDPs to their homes have been set and equally shifted as insecurity still pervade, in fact people took the former governor, Kashim Shettima as only making political statements that he knew he could not achieve within the deadline. This has become a burden to the present governor, with no hope on the horizon that security of lives could be assured with all the supposed investments made by the previous administration.

Garbai El-Kanemi as worrisome, insisting that 10 kilometers outside Maiduguri is not safe to anyone.

State University met hundreds of vehicles queued up on both sides of the road. In ihs usual no holds barred attitude, he challenged the officers and soldiers on the beat, saying “It is unacceptable.” He asked them, “How can you subject people to this kind of torture all in the name of National ID card? And you are all here collecting N500 and N1000 from poor travellers who don’t have national ID card.” When a soldier tried to offer some explanation, the governor said “No this is not right. The federal government has not created an enabling environment for our people to get their national ID cards and you are here collecting N500 and N1000 as a fine for not having what the federal government has not provided for all.” He told them that he has received several reports about the alleged extortion at the Maiduguri checkpoint. The governor had to stop the Army from relocating people from two towns, Mainok and Jakana, on the Maiduguri-Damaturu Highway. He was embittered by the plan to move the people without first clearing from him and drove to the town to pre-empt the action. The recent attack on his convoy in Baga and the allegation of sabotage is another episode in the governor’s relationship with the military. The governor who had to be whisked away from his official car into the Federal Anti-Robbery Squad (FSAS) armoured personnel carrier to keep him safe after the attack was repelled, did not spare the military his vitriolic, “As far as I am concerned, what happened in Baga is a complete sabotage by the military. There is no Boko Haram in Baga. “I wonder, we have over 1181 soldiers in Baga, 72 officers; 400 soldiers in Mile 4 and 1900 soldiers in Monguno. I see no reason why only five Boko Haram men will stop them from occupying Baga town.^ He added, “The troops have been in Mile 4 for over one year. There is complete sabotage. The problem is not with President Muhammadu Buhari but the command and control structure. There is a need to look into the command structure.” Few days later when he was visited by Governor Atiku Bagudu of Kebbi State, who is the Chairman of the All Progressives Congress Northern Governors’ Forum, and Governor Badaru Abubakar of Jigawa State. He was still enraged, “Let me also re-echo my previous position with respect to the level of insurgency in Borno State, I earlier said that the gravity of the insurgency cannot be compared with what has happened between 2011 to 2015, and 2015 to date. Yes, it’s true. The President has done well. But there’s sabotage in the system that will not allow insurgency

aving prevailed against the wish of the immediate past Governor of Borno to have one of his many friends succeed him, Professor Babagana Umaru Zulum knows he must continue to ride on the train of popularity that brought him to power. In Borno State, security and safety is top priority. This is understandable. The state has been battling murderous insurgents for over one decade. As a former member of the state executive council, Zulum is no stranger to the urgency that security demands. There is no doubt that the security of the vast state is important to achieve his set goals and has invested a lot in ensuring that all the formal military and security agencies performed at optimal. This has been attested to by the head of the military and security agencies. The Minister of Defence, retired Major General Bashir Magashi once said of the governor: “We are very happy that you who is very versatile and dedicated in our operational activities of fighting Boko Haram, happens to be the governor of Borno State at this point in time. You have been according so much support to our military on ground in this battle and we are here to thank you and to redesign the battle. I am happy to also inform you that we have improved our synergy with the multinational forces from Chad.” The Chief of Army Staff, Lt. Gen. Tukur Buratai had this testimony on Zulum: “I want to use this opportunity to thank Your Excellency, most sincerely, for all your support to the Nigerian Army and other services, the Nigerian Airforce, as well the the theatre of operation Lafiya Dole. Your support is quite immeasurable. We appreciate it and this has really made us to improve on our operations” Zulum has also assisted the ‘Agro Rangers’, a creation of the Nigeria Security and Civil Defence Corps to function well in the state and allow farmers back to their farms by pushing out the threats especially of Boko Haram from farmlands. He has also employed about 15,000 Civilian JTF and local hunters to secure the state from insurgency and other security beaches. He created the Rapid Response Squad, which consist of members of the police and other security agencies, Civilian JTF and local hunters to equally protect the state. All the security apparatus have received a lot of investment from Zulum, to increase the volume of vehicles and financial assistance availableto them. Targets Peace His investments in security is mainly targeted at fast tracking the return of peace and civil

Continued Attacks Attacks from insurgents have not abated, though it seems to have lost the intensity and the level of destruction, but safety on the highways have not been fully restored. People are frequently killed and abducted. Important personalities are attacked, the list include former governor Shettima whose convoy was attacked in his last days in office with three persons murderered in the convoy. The present governor, Zulum has been attacked twice. The recent attack in Baga has been alleged to be a sabotage. Another former governor, Ali Sheriff was recently attacked too and people in his convoy were killed, the Chief of Army Staff, Lt. Gen. Tukur Buratai has not been spared as his convoy has been ambushed. The erstwhile Theatre Commander, Maj. Gen. Olusegun Adeniyi escaped being killed when his convoy was ambushed. The attack and insecurity in the state was aptly described by the Shehu of Borno, Alhaji

Frustrations and Loggerheads There is frustration everywhere with the siege on the state continued and with various terminologies used to describe the level of the war. Many who have thought that the war on insurgency would be an easy victory had to see that it may still be with us for much longer. Millions of people have been displaced from their homes, many have become orphans and many are widows owing to the activities of insurgents. About half of the people in the state have lost their entire life savings to insurgency and the promise of better tomorrow has run cold. Frustration is in the air, everywhere you turn and even the very diplomatic Kashim Shettima during his administration had to speak out and alleged conspiracy from the presidency and at a time he was at loggerheads with former President Goodluck Jonathan. What else do people expect from the frank Babagana Zulum? In the past , he has had to instruct the military to allow people into Maiduguri a little later when the gate to the town was closed sometimes around 5pm and many people were left at the mercy of insurgents, this should have been a wake up call for the threat ahead as many travelers were subsequently slain by Boko Haram on Maiduguri-Damaturu Highway. The governor had to question unprofessional conduct by the military and other security agencies on the highway in the state. He accused them of collecting bribes of N1000 from travellers who do not have national identity cards. The governor had upon reaching the Maiduguri entrance checkpoint, located near the Borno

A top military official who preferred anonymity told our correspondent that from the look of things the war on insurgency was not meant to be won yet. He said the military was a prawn on the chessboard of war politics that involves international agencies and foreign governments that have interests and are supporting the insurgents. He said whenever the insurgents seem overwhelmed, they are quickly assisted to gain new life from some powerful quarters

T H I S D AY ˾ MONDAY AUGUST 10, 2020

MONDAY DISCOURSE

Jonathan

Sheriﬀ

Bagudu

Badaru

to end. The President has to know this very important point. When he came to Maiduguri two months ago, I said so because between 2011 to 2015, at a time, almost about 22 LGAs were under the insurgents. “Out of the four main roads that lead to Maiduguri. only one was functional.” He called on the President to examine the security situation in the region critically, to ensure the effort of his administration is no longer undermined. Zulum made a very damaging allegation against the military. The governor told his colleagues that he has come to know that the military has taken over the farmlands of residents He said there was no justification for this, stressing that the residents displaced by insurgency should not have been prevented from returning to their ancestral homes. Zulum said, “There is one very important question that we need to ask, ‘why is the insurgency not ending? There’s sabotage in the system and there’s a need for the President to examine the current situation with a view to resolving it. We have a huge population and people do not have access to their agricultural lands, and poverty is one of the causes of insurgency; why are you not allowing people to go back to their ancestral lands so that they will go and earn their living?” The Borno Governor questioned some extra-military actions embarked on by armed personnel who were posted to the state to end insurgency. According to him, “A situation where our Nigerian military are farming the lands, denying access to the common man to farm; what justification do they have for not allowing our people to go back to their ancestral homes?”

is why they do not want any one to go there, let alone restoring civil authority. “It is believed that the army do not want the governor to see the alleged fish business during the visit, hence they stage managed an attack and even the Maiduguri grenade launch which killed four persons a few days later.” He alleged that the prolonged Boko Haram war could be traced to sabotage as some people have come to benefit from the war and perhaps are doing everything to make sure it is not over yet. He said: “ I cannot go outside Borno State and say that it’s the entire North or Northeast that there is a sabotage, but for certainly l believe that of Borno is a sabotage.” Prof. Khalifa Dikwa of University of Maiduguri (UNIMAID), while admitting that President Muhammadu Buhari is doing all in his power to end the war, lamented that some individuals may be sabotaging his efforts. He said: “ I must exonerate the President, it is the view of the people that some of them (forces) do not want the war to end. They are making money.” He said the attack on the governor’s convoy may have been initiated by some soldiers to stop him from having free movement in Baga, stressing that: “It is possible, since it’s true that the soldiers have taken over the fish business in Baga , acting like gendarmes along Maiduguri-Ngala Road.” Dikwa said it is known to everyone that “Soldiers are doing things other than their main job at the borders. The military will deny it even if the Governor describes exactly what they are doing in Baga and Gamboru Ngala. The fish packages don’t come to Maiduguri Market, but go to Hadeja and Yola markets.” Many residents of the town seem to be on the side of the governor as they continue to ask why did war seems endless if nothing was amiss.

the insurgents seem overwhelmed, they are quickly assisted to gain new life from some powerful quarters. The morale of the troops has not been stable. It has been going up and down at different points. Recently, soldiers fighting against insurgents resigned from the army and the reason was they are made to fight a war that they do not understand and their lives were being sacrificed on the platform of politics and sabotage.

language, the same believe but they divided them, the same with Vietnam and so on. After 1953, they began a deliberate corruption of the moral value of many countries, until in 1979 when the revolution said no to them and dropped them and they went to Arab countries including Saudi Arabia, changing the education curriculum to impose an ideology that if it is not coinciding with that ideology you are seen as not a good Muslim and deserve to be completely liquidated and this is the mindset that Boko Haram still has, that Muslims were the first target and the same media, the same western media, the mainstream media will always repeat the scenario that they are not willing to have a Muslim caliphate which is not true at all.”

Support from his People Even though these utterances of the governor is seen in many quarters as likely going to undermine the gains of past military operations, the submission of some observers is that the complacency of the military have started showing in the rising attacks by insurgents with the audacious attack on the governor’s convoy, the killings of aid workers and the recent slaughter on what was previously a safe route Maiduguri-Damaturu Highway. Therefore, the people support Zulum’s call for a closer examination on the activities of the military. A Maiduguri-based public analyst, Bulama Yerima said, “I quite agree with his confrontational approach because we are all humans and we differ in our individual approach to issues and events, if he didnt do it this way many will not know how serious he is and some may consider him to be a weak governor. This is a clear manifestation of his commitment towards restoration of peace, return of the people to their homeland and the restoration of civil authority in the local government areas.” On the utterances of the governor undermining the past gains, Yerima said: “Look, it took us three years without the support of the Army to fight Boko Haram, it’s for those in charge to take up the challenge and do the needful or give way. We are not blaming the soldiers but those in command and control. The boys are executing the plans of the officers.” Yerima had earlier alleged that: “The attack on the governor’s convoy has confirmed the allegation that the business of fish in Baga has been taken over by the military and that

Sabotage Alegation Reinforced within the Military A top military official who preferred anonymity told our correspondent that from the look of things the war on insurgency was not meant to be won yet. He said the military was a prawn on the chessboard of war politics that involves international agencies and foreign governments that have interests and are supporting the insurgents. He said whenever

An Interesting Perspective Dikwa, a respected academia and critic introduced an interesting scenario to the Boko Haram crisis, insisting that it was never accidental but created by the “establishment” to keep the nation in crisis and perpetually underdeveloped so that it cannot take it place in international politics. He said, “There is conspiracy all over even in the war in the Lake Chad which has over 40 million people across the borders including Central Africa which is rich in diamond and gold. There is no peace in Sierra Leone or Liberia and northern Nigeria. It is about resources. They give the problem a religious connotation but it is not about religion. Look at the mono-religious countries like Somalia. It has been completely devastated and they want the same thing in Libya. They want that in northern Nigeria. You can see helicopters dropping things at night but even if they informed their own governments, those governments cannot call out the ambassadors to show dismay over the sabotage on their security apparatuses, these foreign countries would first go to those who the president is likely to consult with in terms of advice before tabling it to the president, so he is only going to be advised on the foreign interest. “The insurgency is only a different name but the same ideology created by western intelligence, be it Taliban in Afghanistan, Pakistan, the same thing you have in Somalia where you have the El-Shabab, the same ideology, you have with Boko Haram, you have ISIS. All of them are the same ideology created in the late 1970s. They created the same thing when we had religious problem with Iran after toppling the President of Iran in 1953. The same year marked the end of Korea war, splitting Korea into two, with one as communist and the other pro-western. The same people, the same

The Borno Governor questioned some extra-military actions embarked on by armed personnel who were posted to the state to end insurgency. According to him, A situation where our Nigerian military are farming the lands, denying access to the common man to farm; what justiﬁcation do they have for not allowing our people to go back to their ancestral homes? Even though these utterances of the governor is seen in many quarters as likely going to undermine the gains of past military operations, the submission of some observers is that the complacency of the military have started showing in the rising attacks by insurgents

NEDC and Reintegration of“Repentant” Boko Haram The North East Development Commission (NEDC) created to address the gulf in development of the North East region which is believed to be responsible for the birth of Boko Haram is now seen as a creation to line the pockets of few opportune ones without really doing what it is created for as in the case of Niger Delta Development Commission (NDDC). Billions of Naira have been released, but there are no projects to show for the huge sums of money. At best, there are white elephant projects all over. On the release of the repentant insurgents, many see this as a bad joke that would only add to the crisis and further increase bad blood, since it is perceived as a reward of villains over victims. Posers for Zulum While it is apparent that Zulum has good intention and is very passionate about driving a positive narrative in Borno, but he is not just experienced enough or perhaps diplomatic enough to navigate through the rough terrain on to safe landing. No matter how much he praises Buratai and Buhari in the public, his open and biting criticism of the military leaves an irreparable damage on their collective and individual reputation, as the President is the Commanderin-Chief of the Armed Forces. Zulum is not hiding his stance. He has lent his voice to the agitation to sack the service chiefs of which Buratai an indigene of Borno holds a prominent position in the top brass. On the hand, Zulum has to thread softly in order not to be seen as supporting the call of the main opposition party, the Peoples Democratic Party’s call for the resignation of Mr. President for not being able to contain the wanton killings and insecurity all over the country. Professor Babagana Umara Zulum was not a core politician but academia, he rose to prominence by dint of hard work and commitment to ensuring standard delivery of service. He was never born with silver spoon and had to struggle for perhaps everything he achieved. He had to drive commercial vehicle to pay his way through school, he was not just a commercial drive but had to do some other menial jobs to get education, this has imbued in him discipline and made him a crusader of strong will, commitment and discipline, he loathes cutting corners. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

A S

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7.50 6.75 8

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Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

A U G U S T

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EXCHANGE RATE N381/1US DOLLAR* ĚŠ

Quick Takes AIICOâ&#x20AC;&#x2122;s StaďŹ&#x20AC; to Work from Home Till 2021

FACILITY TOUR

L-R: Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari; Minister of State for Petroleum Resources, Chief Timipre Sylva; and Group Managing Director, Rainoil Limited, Dr. Gabriel Ogbechie at the inauguration of Rainoil Liquified Petroleum Gas (LPG) facility in Lagos...recently

Report: Only 21% of NSE Top 20 Companiesâ&#x20AC;&#x2122; Board Position Held by Women Obinna Chima

ECONOMY

A report has disclosed that 21 per cent of board directorships of top 20 companies listed on the Nigerian Stock Exchange (NSE) are held by women. The Professional Women Roundtable (PWR) disclosed this in its PWR NSE Top 20 Gender Diversity Scorecard, made available to THISDAY, at the weekend. The report measured the level of female representation on the boards of the top 20 companies by market capitalisation on the NSE. The data used in the study were sourced from a combination of company annual reports, company websites and the NSE website as of July 2020. A breakdown of the figures revealed that out of 230 board seats in the top 20 companies, 48 seats are held by women (20.9%

of total) and 182 positions held by men (79.1% of total). According to the report, NSEâ&#x20AC;&#x2122;s top 20 companies by market capitalisation have at least 30 per cent female representation on their boards. It pointed out that in the United Kingdom, 33 per cent of FTSE 100 companies have 30 per cent of their board seats occupied by women, adding that the UK government advocates a 30 per cent female board representation target for listed companies. On the other hand, in Nigeria, the Central Bank of Nigeria (CBN) stipulates 30 per cent female representation on the boards of commercial banks. Furthermore, the PWR scorecard showed that 15 per cent of the NSE top 20 have female board chairs with one in an acting

capacity. And findings showed that these were all banks. Precisely, it stated that 50 per cent of the banks in the list have at least 30 per cent of their board seats occupied by women. But the report revealed that one company in the NSE top 20 did not have any female representation on its board. Among the NSE top 20 companies, it ranked Access Bank Plc and Stanbic IBTC as the highest performers in terms of female board representation, with 40 per cent (or more). The banks were closely followed by Stanbic IBTC Holdings, Lafarge Cement Wapco, Union Bank of Nigeria, Nigerian Breweries and FBN Holdings respectively, with 30 per cent (or more) female representations. â&#x20AC;&#x153;In the Financial Services sector, 37.5 per cent of the boards in this list are chaired by women. Our

research also shows that across the other sectors represented (Consumer goods, Industrial goods, ICT and Oil/Gas), none of the boards are chaired by women,â&#x20AC;? it added. According to the IMF, gender parity has a significant impact on economic development in any society. â&#x20AC;&#x153;At a corporate level, Mckinsey found that African companies with at least 25 per cent female representation on their boards, had a 20 per cent higher than industry average earnings before interest and taxes (EBIT) margin. â&#x20AC;&#x153;Other studies, including studies by the Catalyst, confirm the finding that financial performance for firms improves with more gender-balanced corporate boards. With a more gender-balanced leadership team comes better Continued on page 26

â&#x20AC;&#x2DC;Tax Revenues Keeping Economy Afloatâ&#x20AC;&#x2122; James Emejo in Abuja The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has said the economy is currently thriving largely on tax revenues generated by the service despite the challenges posed by the COVID-19 pandemic. He said tax revenues accounted for about N500 billion or 70 per cent of total revenue available for distribution to the tiers of government in July. He also said the renewed focus on stamp duty had started to yield dividends as revenues had improved from N18 billion

ECONOMY to about N80 billion annually. Nami, in a statement by FIRS Director, Communications and Liaison Department, Dr. Abdullahi Ahmad stressed that but for tax receipts, the economy would have been in a dilemma. He added: â&#x20AC;&#x153;Without this money, there will be chaos everywhere. You are looking at issues relating to COVID-19 and the impact it is having on businesses today. People are actually losing jobs but it would be worse if taxes are not paid.â&#x20AC;? He further maintained that

there would never be a convenient time for citizens to pay their taxes adding that bankable Nigerians have been paying stamp duty on their cheque books since the introduction of the stamp duty in 1939. The FIRS boss made the comments as part of his national public enlightenment on voluntary tax compliance, especially educating the citizenry on stamp duty payments. Speaking on the stamp duty, he said: â&#x20AC;&#x153;Currently, it is in the region of N80 billion. I can confirm to you too that a commercial bank which has not been remitting this stamp duty before now in the

month of July alone remitted about N1.2 billion. â&#x20AC;&#x153;So we are not playing about it. We know that oil revenue is not there. We know that we are in a serious economic crisis and the only way to ensure that Nigerians are happy with the government is to ensure that this money deducted from their hard-earned income but which is not remitted is remitted to government coffers.â&#x20AC;? He said: â&#x20AC;&#x153;Nobody wants to pay tax but payment of tax is necessary. There is never a time that is appropriate for somebody

Following the shutdown of theThird Mainland Bridge and its attendant heavytraďŹ&#x192;cjamonmajorroadsinLagos,AIICOInsurancePlchasextended its â&#x20AC;&#x153;Work from Homeâ&#x20AC;? policy to allow more of its employees work from home till January 2021. Currently, about 50 percent of the companyâ&#x20AC;&#x2122;s workforce work from home, while others enjoy the ďŹ&#x201A;exibility of running weekly rotation as a social distancing measure. In a statement to this eďŹ&#x20AC;ect, the companyâ&#x20AC;&#x2122;s Managing Director and Chief Executive oďŹ&#x192;cer, Babatunde Fajemirokun, said, â&#x20AC;&#x153;In view of the recent shutdown of the Third Mainland Bridge and its eďŹ&#x20AC;ects on movements across Lagos, the management of the company, has deemed it ďŹ t to allow majority of its employees take advantage of the work from home arrangement. â&#x20AC;&#x153;We are in unprecedented times and we keep evolving and adapting to the new normal. We are mindful of what our employees go through, commutingtoandfromwork.Ourrobustbusinesscontinuityplan,whichwe implemented during the lockdown period, has proven to be quite eďŹ&#x20AC;ective in running business operations either on premise or remotely. â&#x20AC;&#x153;Our employeesâ&#x20AC;&#x2122; productivity during that period was quite impressive. Wewillcontinuetoleverageourbusinesscontinuityarrangementtodeliver valuetoourcustomerswhileensuringouremployeesâ&#x20AC;&#x2122;well-beingandsafety.â&#x20AC;? Also speaking, Head, Human Resources, of AIICO, Mr. Oluyemi Obakin, said: â&#x20AC;&#x153;AIICOâ&#x20AC;&#x2122;s Work from Home policy had been in existence since 2018; we only modiďŹ ed and expanded it to adapt to current realities. It is among several other people initiatives we have deployed to boost employeesâ&#x20AC;&#x2122; morale and productivity level.

Ecobank Fintech Challenge Gets Finalists

The Ecobank Group has announced ďŹ nalists from the 2020 Ecobank Fintech Challenge.The challenge, in its third edition, is designed to deepen collaborationbetweenEcobankandFintechswithAfricafocusedproducts. The 10 ďŹ nalists Fintechs from seven diďŹ&#x20AC;erent countries, who emerged from a competitive pool of over 600 ďŹ ntechs, would participate in an online Finale scheduled for August 21, 2020. The 2020 Finalists are: Always In-Touch Real-time ( South Africa), Fluid AI (India), Franc Group (South Africa), Growth Factor (Ghana), Leaf Global Corporation (Rwanda), Moja Ride (Ivory Coast), Nokwary Technologies Limited (Ghana), Papersoft S.A (Mozambique), Ukheshe Payment Solutions (South Africa), PayChap Technologies (Tanzania). The bank explained that the ďŹ nalists would pitch their products to a jury for the cash prizes for the top three, worth $10,000, $7,000, and $5,000. All the ďŹ nalists would be enrolled into Ecobankâ&#x20AC;&#x2122;s Fintech Fellowship where they would spend the next six months exploring partnership opportunities which includes an opportunity to pursue collaboration with Ecobank and possibly launch products in Ecobankâ&#x20AC;&#x2122;s 33 African markets; a chance to become a pan-African service partner to Ecobank for Fintechs with the qualities to become product partners and oďŹ&#x20AC;er joint services with Ecobank; and king support: Access to networking and mentoring opportunities within the Ecobank Group and its vast network of global and African partners, as well as integration with existing Ecobank digital oďŹ&#x20AC;erings: An opportunity to potentially integrate with Ecobankâ&#x20AC;&#x2122;s existing digital oďŹ&#x20AC;erings.

IDSL Organises Forum on Oil Industry

Followinggovernmentâ&#x20AC;&#x2122;sdirectiveforE&Pcompaniestoreduceoperating costthroughtechnologyadoption,IntegratedDataServicesLimited(IDSL), is championing the initiative to sensitise the industry on the imperative of data acquisition, data democratisation and leveraging digital technologies. This will be done through a monthly series of webinars featuring industry experts in asset management, data democratisation, analytics and digital technologies. According to energyfocusreport.com, the session will focus on how E&P companies could make insightful decisions by acquiring the right data, at the right frequency and democratising these data to improve operational eďŹ&#x192;ciencies and foster clarity in decision making. The ďŹ rst of the series would hold this Thursday.

â&#x20AC;&#x153;Entrepreneurship is the way to go and more youths needed to be mentored on the way to go and how to navigate the various challenges they may encounter while doing businessâ&#x20AC;? CEO, Heritage Bank,,

Continued on page 26

IďŹ e Sekibo

MONDAY AUGUST 10, 2020 â&#x20AC;¢T H I S D AY

MONDAY AUGUST 10, 2020 â&#x20AC;¢ T H I S D AY

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BUSINESSWORLD REPORT: ONLY 21% OF NSE TOP 20 COMPANIESâ&#x20AC;&#x2122; BOARD POSITION HELD BY WOMEN decision making and reduced â&#x20AC;&#x2DC;group thinkâ&#x20AC;&#x2122;. It introduces new perspectives and it is also a wider representation of the companyâ&#x20AC;&#x2122;s stakeholders including customers,â&#x20AC;? it stated. It noted that gender parity is clearly good economics, adding that is also increasingly a key consideration for foreign investors evaluating investment opportunities. â&#x20AC;&#x153;Many Nigerian companies looking to maximize financial returns as well as meet global standards, are starting to make it a business imperative. This scoreboard will be released annually to track progress and support such forward looking businesses,â&#x20AC;? it added. The PWR is a female leadership/career development and gender diversity consulting firm that operates across Africa. The firm develops programs for corporate organisations to help them maximise the benefits of gender diversity for increased business performance and profitability as well as help career women develop their leadership capacity and raise their visibility and representation in the marketplace. â&#x20AC;&#x2DC;TAX REVENUES KEEPING ECONOMY AFLOATâ&#x20AC;&#x2122;

to pay taxes. You can see it all over the world. â&#x20AC;&#x153;This belief that with oil money we are rich is false. What you see the federal, states and local governments sharing at the federation account meetings monthly comes from the taxes paid by Nigerians or body corporate. â&#x20AC;&#x153;At the FAAC meeting in July, the total amount shared among the three tiers of government was N696 billion. From this amount 30 per cent came from revenue generating-agencies like NNPC and Customs. The remaining 70 per cent which is almost N500 billion, came from tax money that you paid, including stamp duty. â&#x20AC;&#x153;Without this money, there will be chaos everywhere. You are looking at issues relating to COVID-19 and the impact it is having on businesses today. People are actually losing jobs but it would be worse if taxes are not paid.â&#x20AC;?

Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

NEWS

â&#x20AC;&#x2DC;IoDâ&#x20AC;&#x2122;s Code of Ethics to Boost Investor Confidenceâ&#x20AC;&#x2122; Dike Onwuamaeze The Minister of Industry, Trade, and Investment, Mr. Adeniyi Adebayo, has declared that the launch of the Institute of Directorsâ&#x20AC;&#x2122; Nigeria new Code of Ethics 2020, with the theme: â&#x20AC;&#x153;Doing Good is Good Business- The Ethics Dimension,â&#x20AC;? will play a vital role in achieving President Muhammadu Buhariâ&#x20AC;&#x2122;s socioeconomic goals in job creation, poverty alleviation as well as to boost investor confidence. He said this during the launch of the IoD Code of Ethics 2020. Adebayo explained: â&#x20AC;&#x153;The code of ethics will serve as a strong corporate governance guide and compass for all directors to make decisions that are fair, good, and right in their daily interactions. It will also help in shaping the nationâ&#x20AC;&#x2122;s public and private sector to be a suitable ground for thriving investment.â&#x20AC;? He said the code of ethics clearly laid out values and principles that would preserve and improve public confidence on the boards of companies, ensure sustainability and creating wealth for the benefit of the business and the nation as a whole. â&#x20AC;&#x153;This is of great important to the Federal Ministry of Industry, Trade, and Investment as we continue to address the challenges that discourage investment into Nigeriaâ&#x20AC;&#x2122;s economy,â&#x20AC;? the minister said. The Chairman of the Occasion and former Nigeriaâ&#x20AC;&#x2122;s High Commissioner to the United Kingdom, Dr. Christopher Kolade, said ethics can never be achieved without the directors that are trustworthy in

Raheem Akingbolu GB Foods, manufacturer of the popular Gino tomato paste brand, has inaugurated its new N5.5 billion ($14.5m) factory in Ogun State. The new factory will be used to make its mayonnaise brand, Bama, for the Nigerian and West African market. The opening of the new factory

Emma Okonji The Minister of Communications and Digital Economy, Dr. Isa Pantami has urged all federal government parastatals under the supervision of his ministry, to promote the countryâ&#x20AC;&#x2122;s digital economy initiative. Pantami, who presented the keynote address during a virtual forum organised recently by the Association of Telecoms Companies of Nigeria (ATCON), said the COVID-19 pandemic, which took the world by storm, has brought about a new normal,

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

ethics could not be more apt and relevant. She said the code consists of a set of principles aimed at improving and guiding the governance practices of organisations in Nigeria and should be, â&#x20AC;&#x153;read in conjunction with applicable laws, any relevant rules, regulations, best practices and the Nigerian Code of Corporate Governance 2018.â&#x20AC;? The Chairman of Polaris Bank, Mr. Muhammad Ahmad, who was also the lead speaker at the event, said good ethical practices in business and personal life is needed in Nigeria to drive good corporate governance in both the public and private sectors.

PROJECTLAUNCH

L-R: Managing Director, Green Eagles Agribusiness Solutions Ltd, Adebola Adetayo; Director, Dr. Emmanuel Ijewere; Chief Executive Officer, Mr. Taiwo Oluwadahushola;andChiefExecutiveOfficer,ReebakInvestmentLtd,Mr.QuareebKuku, atthemediapresentationongreenwealthprojectlaunchbyGreen EaglesAgribusinessSolutionsLtd inLagos...recentl ETOPUKUTT

accompanied a redesign of the Bama brand. New packaging includes a quality stamp designed to tell consumers about the brandâ&#x20AC;&#x2122;s quality credentials. In June GB Foods opened its N20 billionn ($52m) tomato processing factory in Kebbi state, in northern Nigeria. The new factory has been built in partnership with the Central

Bank of Nigeria and the state government and is the second largest tomato processing plant in Nigeria. It is a major show of faith in the Nigerian market by the Spanish manufacturer, which is headquartered in Barcelona. A big part of the strategy is that the Nigerian government is increasingly reluctant to let valuable forex

leave the country to pay for food imports. In August, President Buhari asked the Central Bank of Nigeria to stop providing funds for food imports, saying â&#x20AC;&#x153;Donâ&#x20AC;&#x2122;t give a cent to anybody to import food into the country.â&#x20AC;? With the fall in oil prices, Nigeriaâ&#x20AC;&#x2122;s oil dependent economy is suffering, meaning retaining forex will be even more

important. It is likely that the Nigerian government will seek to introduce heavier tariffs and import bans for food products it knows can be made in Nigeria, like mayonnaise. This new Bama factory is effectively an insurance policy against that outcome, as well as an investment in local production close to the point of consumption.

where demand for critical data infrastructure and broadband are now in higher demand to enable people keep abreast with digital developments and to enable local and international investors keep track of their investments. Pantami said government would continue to protect the interests of all Nigerians and investors alike during and after COVID-19, and charged all parastatals under the supervision of the Ministry of Communications and Digital Economy, to ensure they uphold and promote governmentâ&#x20AC;&#x2122;s digital economy initiative that is

designed to cushion the effect of the pandemic. According to Pantami, â&#x20AC;&#x153;Federal government will continue to develop its digital economy policy for a digital Nigeria. Both the Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) that are under the supervision of my ministry, now have special departments that promotes digital economy initiative and I urge them and all other parastatals under my supervision, to ensure that they promote the

digital economy initiative of the federal government in order to maintain investorâ&#x20AC;&#x2122;s confidence and to protect the interest of Nigerians, especially telecoms consumers. â&#x20AC;&#x153;Government on its part will ensure that the interests of telecoms companies and the interest of Nigerians are protected. Government is currently addressing the challenges in the cost of investments such as the issue of vandalisation of telecoms infrastructure, and President Muhammadu Buhari has officially directed all security

institutes, through the Office of the National Security Adviser (ONSA), to protect telecoms investments in the country.â&#x20AC;? The Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, in his presentation, said: â&#x20AC;&#x153;The COVID-19 pandemic rapidly and sharply ravaged the globe, Nigeria is no exception. Governments therefore, faced unprecedented challenges from COVID-19 pandemic. The impact affects most sectors of the global economy, ranging from health, to education, to finance, to trade and investment.â&#x20AC;?

â&#x20AC;&#x2DC;Why Artisans are Not Getting Patronageâ&#x20AC;&#x2122;

Raheem Akingbolu (Advertising)

Reporters

The Chairman of the Ethics Committee of the IoD Nigeria, Mrs. Amina Oyagbola, said the committee was set up in September 2018 and tasked with the responsibility of developing a Code of Ethics for members and staff of the Institute that would embrace sound business ethics and good corporate governance in line with the values of the institute and its motto of â&#x20AC;&#x153;Integrity and Enterprise.â&#x20AC;? Oyagbola, observed that in the light of recent corporate failures, corporate fines of some blue chip organisations and the gross mismanagement of some public institutions, the code of

FG Urges Parastatals to Promote Digital Economy Initiative

Senior Correspondent

Chinedu Eze (Aviation) Eromosele Abiodun (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor ((Energy)

said. The President and Chairman of the Council of the Institute of Directors (IoD) Nigeria, Mr. Chris O. Okunowo, said in his welcome address, said the code of ethics would ensure that there is â&#x20AC;&#x153;no longer any tenable excuse of ignorance or lack of knowledge about what to do and how to behave when confronted with ethical challenges.â&#x20AC;? Okunowo said the code would serve as a guide for all the instituteâ&#x20AC;&#x2122;s members and its personnel on the practice of sound business ethics and principles as it focused on current realities and challenges faced by directors.

GB Foods Opens N5.5bn Factory to Boost Local Production

Emma Okonji

Correspondents

dealing with other stakeholders and the public. â&#x20AC;&#x153;The directors must be people who are trusted by other stakeholders. We have a situation whereby if you practice the right ethics, there is a confidence between the director and the stakeholders, who have expectations. This mutual confidence can only be built if the directors and other input makers recognise the fact that they must make themselves accountable for the way they utilise the resources that have been giving to them. This accountability is the platform that we must practice to ensure good corporate governance,â&#x20AC;? he

Kemi Olaitan in Ibadan Despite the huge potential in large number of artisans across the country, lack of basic tools and finance to do business is responsible for their not getting good patronage. A member of the House of Representatives representing Egbeda/ Ona Ara Federal

Constituency, Hon. Akin Alabi, who said this while speaking during the commencement of a training program he organised in conjunction with the Nigeria Institute of Transport Technology in Ibadan, the Oyo State capital, insisted that this deficiency on the part of the artisans in Nigeria would not make them compete with their counterparts in other

countries in the world. The All Progressives Congress (APC) lawmaker speaking at the event where working tools were distributed and commencement of 30 days training for no fewer than 250 tailors in Egbeda and Ona Ara local government areas of Oyo state, said many artisans lack basic tools and materials which could make them produce goods

that are of the same quality with foreign materials. He noted that this was the major reason why most of them were not being engaged by some Nigerians. He maintained that majority of the artisans also lacked capital, which is an integral part of business, appealing to his colleagues in the National Assembly and other

spirited Nigerians to cultivate the habit of patronizing the home based artisans in a bid to boost the economy of the country. According to him, â&#x20AC;&#x153;Many Nigerian artisans are not getting patronage from many citizens because they donâ&#x20AC;&#x2122;t have working tools. They donâ&#x20AC;&#x2122;t have money to do business and that is why they donâ&#x20AC;&#x2122;t get patronage from people.

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INTERVIEW

Sokefun: Why Insider Loan Abuse Should Be Criminalised The Chairman of the Nigeria Deposit Insurance Corporation, Mrs. Ronke Sokefun, in this interview during an online forum organised by Babalakin & Co Legal Practitioners, spoke about the regulatory roles of the corporations. She also called for a timeline for the existence of bridge banks, while speaking about other developments in the banking industry. Obinna Chima brings the excerpts: allow a bank to go under, you may have a run on the entire banking system. Also, it ensures that the employees of such banks are not in panic of being thrown into the unemployment market. Of course, we also preserve the deposit of depositors in such institutions because they continue to have access to their deposits in such an institution. It also engenders confidence in the banking sector. Those are some of the merits of a bridge bank system. What are the demerits? Well, if banks tend to feel that a bridge bank would easily be created to resolve financial crisis â&#x20AC;&#x201C; it may engender some form of laxity and instead of safeguarding depositorsâ&#x20AC;&#x2122; funds, there could be the tendency of thinking that once there is a problem tomorrow, you can fall back on the regulators to establish a bridge. Of course, government has to fund this and it therefore comes at a cost to government. I know how much, between the CBN and NDIC, was spent in the case of Polaris Bank. Again, more often than not, the insurer becomes responsible for the operation of the bridge bank. Like I said, it undermines market discipline and sometimes it becomes a road, as against a bridge because it then lasts longer, in certain cases, more than it was planned for. But again, the good thing about it is being able to preserve depositorsâ&#x20AC;&#x2122; funds. In time past if you recall, it was almost like a ten-year thing such that every ten years there seems to be a major burst in the banking sector. But, we have been able to prevent that.

Deposit insurance is NDICâ&#x20AC;&#x2122;s most signiďŹ cant mandate. What type of ďŹ nancial institutions are presently insured by the NDIC and what is the maximum deposit rate for these insured institutions? Currently, we insure deposit money banks, merchant banks and non-interest banks inclusive, the primary mortgage banks, microfinance banks and most recently we added to our portfolio mobile money operators (MMOs). As we all know, financial inclusion is currently a big trend and we canâ&#x20AC;&#x2122;t close our eyes to the fact that we are aware that these MMOs operate, even though they operate as agents for these banks. So, that is our purview. In terms of coverage, all three except microfinance banks, the maximum insurance coverage is N500, 000, but for microfinance banks, it is N200, 000. What is the formula for ďŹ xing the monetary deposit insurance coverage for banks? It is essentially the standard of living and per capita income of the average Nigerian that forms the basis for the monetary deposit insurance coverage. Can someone increase his or her deposit protection if the funds of such persons are placed in two separate account in two different branches of same liquidated bank? Unfortunately, because it is same bank with different branches, we consolidate all you have and you are still entitled to same amount as your deposit insurance coverage which is the N500, 000. We donâ&#x20AC;&#x2122;t pay per branch, we consolidate everything. With the recent Global Standing Instruction (GSI) introduced by the Central Bank of Nigeria, which permits banks to debit loans and accrued interest from the account of loan defaulters, going forward, will the NDIC take this policy into cognisance when it comes to the settlement of claims of depositors? First and foremost, we are still studying the GSI, even though it is a welcome development. On the board of the NDIC, the CBN has a very senior representative as a Director. We had a board retreat recently and it was one of the things we discussed. We are really studying it, essentially to look at its practicability. But, it appears that it might impact on pay-off of those affected during liquidation. So, I would say for now that it is work-in-progress. We would our own policy statement at the appropriate time regarding its practicability. Current data showed that the NDIC has liquidated 425 ďŹ nancial institutions since 1988. Can you shed some light on the extent these claims have affected depositors in these banks and how they have been settled? It is usually an ongoing process. We have a whole department dedicated to this at the corporation. We have a Claimsâ&#x20AC;&#x2122; Resolution Department whose job it is to verify claims in any institution. Their job is to collate the names of the depositors and of course, ascertain the claim made by each. Sometimes the process is slow because we donâ&#x20AC;&#x2122;t have access to records and data. Sometimes, because of the gap between when the bank goes burst and when its licence is eventually revoked. Before we step in, the licence must first be revoked by the CBN. So, during that time is when the access to records could become a challenge. So, like I said, it is an ongoing process. But I think that as at the first quarter of this year, we paid about N117 million owed to insured depositors and another over N300 million as dividend to insured depositors and shareholders of some of the banks. So, it is ongoing process and it depends on access and how quickly the stakeholders come forward for their claims. When one hears of banking supervision, what comes to mind ďŹ rst is the Central Bank of Nigeria (CBN) whether rightly or wrongly. What is actually the statutory role of the NDIC in relation to the supervision of banks and how do ensure that when carrying out this role you donâ&#x20AC;&#x2122;t encroach into the area of

Sokefun the CBN so that there is no conďŹ&#x201A;ict? Section 28 of the enabling Act of the NDIC speaks to bank examination and the appointment of examiners. That tells you that we do have a right to go into any insured institution to look at the books. We do not encroach on the role of the CBN. Over the years, what we agreed was to always collaborate. So, we jointly examine these banks. By doing that, there is no infringement on role. Each party goes in there and we compare notes. So, there is no conflict on roles whatsoever. Our Act permits us to examine the books of insured institutions and to appoint examiners. So, we do work together with the CBN. We work jointly to examine the insured institutions. But during a recent public hearing by the Senate Committee on Banking and Insurance on the Amendment of the BOFIA, it was reported that the NDIC called for its involvement in the process of licencing new banks, can you shed more light on this? All I can say is that the NDIC and CBN are talking behind the scene on this matter. But I think there was a misunderstanding on the intent behind this. What we sought to achieve was a situation whereby they would be a due diligence of sought before banks are licenced or before

Bridge bank is a temporary arrangement. Essentially, it is operated by the deposit insurer. The bank is meant to acquire the assets and liabilities of a failed bank until a ďŹ nal resolution is achieved

officers and directors are appointed. It was all in good fate. But the CBN saw it as undermining its role as the lead regulator. So, like I said earlier, we have a representative of the CBN on the board of the NDIC. So, both parties have decided to go back to the drawing board. Those discussions are already taking place, with the involvement of the Ministry of Finance and certainly we would articulate our position. Still from that public hearing, the NDIC also proposed the criminalisation of insider loans and for the imprisonment of defaulters. Can you shed more light on this? The bane of bank failures traditionally has always been as a result of non-performing loans (NPLs). We found out that a large chunk of this was attributable to insider loans. People take undue advantage of their positions in these organisations to take out loans which they never repay. So, we were of the view that there should be criminalisation. I was appalled recently when I found out that someone who was part of those that led to the failure of a bank, who also had unpaid loans, was entitled to deposit insurance payment. So, it has become imperative that we must take certain stringent steps to arrest this development. We need it to put people in check. Regulations like that would forestall such occurrences and reduce bank failures. Can you please explain the bridge bank resolution approach, its merits and probably its demerits if any? Bridge bank is a temporary arrangement. Essentially, it is operated by the deposit insurer. The bank is meant to acquire the assets and liabilities of a failed bank until a final resolution is achieved. The most recent we have had in that category is Polaris Bank. These banks are usually set up for a specific duration until we find interested investors that would take over fully, the assets and liabilities of such an organisation. It is to ensure stability in the financial system. If you

Still on bridge banking, you mentioned that it is a temporary arrangement. Polaris Bank was set up in September 2018 and it is still a bridge bank till date. What is the status of that bank? Polaris Bank remains a bridge bank until we find interested investors. The current management was put in place by the CBN. Of course, you have seen the results of their work which was why the bank recorded improved profit after tax. That intervention in the bank saved over 6,000 jobs. The bank had well over 200 branches and deposit was in excess of N940 billion, which depositors still had unhindered access to. So, again like I said, if that bridge does not achieve the purpose for which it was set up, we would run the risk of destroying the entire banking system. More importantly also, I think the CBN and NDIC must sit together and agree on a timeline for the operation of any bridge bank, because anything that doesnâ&#x20AC;&#x2122;t have time, canâ&#x20AC;&#x2122;t be measured. So, there must be a timeline within which a bridge bank ceases to be a bridge, so that it doesnâ&#x20AC;&#x2122;t become the norm. There seems to be the perception that the CBN and NDIC do not have the appetite for rescuing microďŹ nance banks and primary mortgage banks. Is this perception true? Section 47 of the NDIC Act does say that we would give financial assistance under certain considerations. So, we have a right to prescribe under certain conditions and it is our prerogative to prescribe under those conditions. The truth of the matter is that most of the microfinance banks and primary mortgage banks donâ&#x20AC;&#x2122;t meet our conditions. As at the end of first quarter, 37 microfinance banks were listed for closure. Why? They could no longer pay their depositors, cessation of businesses and persistent non-rendition of monthly returns. So, the handwriting is always on the wall. You will always see it coming. And, there is also that need to protect ourselves so that all these institutions donâ&#x20AC;&#x2122;t just assume that the NDIC was set up just to fund their failings. Some, itâ&#x20AC;&#x2122;s almost like they set out to fail from day one. For instance, as at the end of first quarter this year, primary mortgage banks in Nigeria had a combined insured deposits of N112 billion. But guess what? Non-performing loans stood at N65 billion. What does that tell you? So, each time we have issues like this and always dip our hands into our deposit insurance funds, if we then have a major issue in the industry, how would we be able to fulfil our obligation? So, more often than not like I said, a lot of these MFBs and PMBs donâ&#x20AC;&#x2122;t meet the conditions which we set to enable us rescue them.

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BUSINESSWORLD

PMICertifiesProjectManagers James Emejo in Abuja The Project Management Institute (PMI( Nigeria has awarded its Portfolio Management Professional (PfMP) certification to two Nigerians. With only about 800 holders of the certification globally, Mr. Taopheek Babayeju and Chigozie Ndekile both staff of iCentra Consulting, became the seventh and eight awardees to be so honoured in the country. President of PMI Nigeria, Dr. Lambert Ofoegbu, who made the announcement further encouraged more organisations and individuals to improve their project management effectiveness to programme and portfolio levels by contracting persons with PMI certifications. He said: â&#x20AC;&#x153;Portfolio management is the most effective way to implement strategic initiatives, it bridges the gap between strategy and implementation. Portfolio managers align projects, programmes and operations with strategic objectives, investing resources in the right work to deliver the expected value.â&#x20AC;? He said organisations with mature project portfolio management practices

complete 35 per cent more of their programmes successfully. Babayeju, however, told THISDAY that, â&#x20AC;&#x153;Organisations both public and private manage portfolios of multiple projects and programmes in order to achieve their set objectives, unfortunately not all organisations have the capability and capacity to reach optimal performance in terms of delivering on projects, big and small.â&#x20AC;? He said: â&#x20AC;&#x153;Nigerian organisations in the private and public sector having certified portfolio management practitioners increases the chance of success and achievement of value by aligning projects with the organisational strategic direction, making the best use of limited resources, and building synergies between projects.â&#x20AC;? He added:â&#x20AC;?For our company, iCentra, the portfolio management certification has positioned us to assist large corporations and group to improve their project, program and portfolio management maturity and further put Nigeria on the map of project management excellence.â&#x20AC;?

NEWS

NSE All-Share Index Gains 1.4%, Market Sustains Positive Momentum Goddy Egene The stock sustained its positive momentum last week closing with higher index and market turnover. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 1.41 per cent to close at 25,041.89, while market capitalisation added N181.6 billion to be at N13.06 trillion. Similarly, volume of trading soared by 152 per cent to 1.065 billion shares worth N10.798 billion traded in 20,482 deals, from 422 million shares valued at N5.337 billion exchanged in 11,801 deals the previous week. Market analysts attributed the positive performance to the reactions to financial results released by companies for the six months ended June 30, 2020. The results showed relative resilience in the performance despite the COVID-19 pandemic.

In spite of the growth recorded last week, analysts at Cordros Securities stressed the need for investors to maintain cautious trading, â&#x20AC;&#x153;as risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions.â&#x20AC;? The Lagos-based firm added: â&#x20AC;&#x153;Thus, we continue to advise investors to seek trading opportunities in only fundamentally justified stocks.â&#x20AC;? A look at the market turnover showed that the Financial Services industry led the activity chart with 677.301 million shares valued at N5.070 billion traded in 10,386 deals. Thus, the sector contributed 63.6 per cent and 46.9 per cent to the total equity turnover volume and value respectively. The Conglomerates industry followed with 153.384 million shares worth N580.216 million in 894 deals, while the third

place was the Industrial Goods industry, which recorded a turnover of 57.404 million shares worth N861.263 million in 1,671 deals. Trading in the top three equities namely FBN Holdings Plc, UACN Plc and Access Bank Plc accounted for 320.196 million shares worth N1.802 billion in 2,639 deals, contributing 30.1 per cent and 16.6 per cent to the total equity turnover volume and value respectively. Meanwhile, 41 equities appreciated in price last week, higher than 24 equities in the previous week, while 18 equities depreciated in price, lower than 28 equities in the previous week. Neimeth International Pharmaceuticals Plc led the price gainers with 21.3 per cent. UACN Property Development Company Plc trailed with 18.5 per cent, just as Flour Mills Nigeria Plc chalked up 13.2 per cent. Seplat Petroleum Development

Company Plc garnered 12.8 per cent, while Stanbic IBTC Holdings Plc appreciated 10 per cent. University Press Plc gained 9.9 per cent, while AXA Mansard Insurance Plc, Fidson Healthcare Plc and Guinness Nigeria Plc added 9.7 per cent, 8.5 per cent and 8.4 per cent respectively. On the negatively side, U A C N Plc led the price losers with 11.4 per cent ,trailed by Total Nigeria Plc with 9.9 per cent with 9.9 per cent. Ardova Plc shed 9.6 per cent, just as Custodian Investment Plc and SUNU Assurance Nigeria Plc went down by 9.0 per cent apiece. Consolidated Hallmark Insurance Plc and Mutual Benefits Assurance Plc depreciated by 8.8 per cent and 8.7 per cent in that order. Unilever Nigeria Plc lost 8.5 per cent, just as NEM Insurance Plc and Linkage Assurance Plc shed 6.5 per cent and 5.0 per cent in that order.

NIRSAL Empowers 2,872 Female Farmers in South-south James Emejo in Abuja The Managing Director/ Chief Executive, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Plc (NIRSAL), Mr. Aliyu Abdulhameed has said it is currently empowering 475 female farmers in Uyo, Akwa Ibom State for cassava production during the 2020 wet season farming. He added that a total of 2,872 rice, maize and cassava farmers were receiving NIRSALâ&#x20AC;&#x2122;s support in the South-South states of Akwa Ibom, Cross River, Edo and Delta while a 44,670 farmers cultivating on 68,771 hectares of land are also benefiting nationwide. Speaking during the flag-off of the distribution of inputs to farmers in the state recently, he said the move was in adherence to both NIRSAL and the current administrationâ&#x20AC;&#x2122;s principles of all-inclusive growth. Abdulhameed, further pointed out that members of the Uyo Women Agro Geo-Cooperative (AGC) would access financing through the Central Bank of Nigeriaâ&#x20AC;&#x2122;s (CBN) Anchor Borrowersâ&#x20AC;&#x2122; Programme (ABP) for which NIRSAL was playing a critical role as a Participating Financial Institution (PFI) in ensuring that the central bank and indeed the federal governmentâ&#x20AC;&#x2122;s developmental and economic diversification goals are realised. Represented at the occasion by the NIRSALâ&#x20AC;&#x2122;s Head, Project Monitoring, Reporting and Remediation Office (PMRO), Akwa Ibom State,

Helen Akula, Abdulhameed noted that its support to Uyo Women AGC would further create jobs for many families in the community, thereby achieving the agencyâ&#x20AC;&#x2122;s mission of forging partnerships between finance and agriculture while achieving food security, creating jobs and spurring economic growth. He said through the ABP, the farmersâ&#x20AC;&#x2122; door to commercial financing had been unlocked, thereby paving the way for a better-quality life for Nigerians. He, however, reminded the farmers that the input received was not grant but a loan facility which must be paid back for other farmers to also benefit from. He said: â&#x20AC;&#x153;I have faith in you all that together as a team every kobo will be repaid with ample profit left in the bank for you to enjoy the fruits of your labour.â&#x20AC;? In his remarks, CBNâ&#x20AC;&#x2122;s Head, Development Finance Office, Akwa Ibom State, Mr. Desmond Ushe said with the integration of NIRSALâ&#x20AC;&#x2122;s AGC concept, risks would be reduced significantly, and the participation of farmers in the ABP would be boosted. He urged the beneficiaries to reciprocate the good intentions of CBN Governor, Mr. Godwin Emefiele, whom he said possesses the utmost passion for the ABP and for economic growth through agriculture. However, President of the Uyo Women AGC, Mrs. Theresa Thompson Akpan, described the CBNâ&#x20AC;&#x2122;s support through NIRSAL as a milestone in enhancing cassava production in the state.

Trading ďŹ&#x201A;oor

ICAN President Urges Nigeriansto EmbraceMade-In-NigeriaProducts Obinna Chima The President of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Onome Joy Adewuyi has called on Nigerians to embrace and patronize â&#x20AC;&#x153;Made in Nigeriaâ&#x20AC;? products post covid-19. A statement quoted the ICAN President to have made the call during a parley with media executives in Lagos. According to her, one of the great lessons from the covid-19 pandemic and the attendant lockdown was the ingenuity displayed by Nigerians by producing their own face masks, water/soap dispensers, sanitisers, personal protective equipment and ventilators. â&#x20AC;&#x153;Necessity, they say, is the mother of invention. In unison, Nigerians arose. This points to

the huge human capacity and creativity that exist in this country. The spirit of â&#x20AC;&#x2DC;we can do itâ&#x20AC;&#x2122; must be embraced, propagated and seriously encouraged,â&#x20AC;? she added. While calling on the government to latch in on this to drive national economic revival, she advised that the effort should be reinforced through more investment in tertiary institutions to fine tune these inventions. Speaking further, Adewuyi said since the lockdown prevented many people and corporate entities from going about their value-creating activities, the hardest hit were SMEs, small and medium-sized practices (SMPs) and other players in the informal sector. She, therefore, called on governments to focus on how to support these entities and people who

contribute the most to national economic growth, adding that most of the SMEs and SMPs might have consumed their capital in order to survive. â&#x20AC;&#x153;There is need for them to be given one-year interest free loans by development institutions so that they can revive their businesses. When they start to grow and prosper, they will pay back the loans while the government will reap taxes from them,â&#x20AC;? she added. On steps to be taken to set Nigeria on the path of economic growth, the ICAN President explained that one of the banes of economic growth and development of Nigeria was over dependence on oil and poor infrastructure such as power supply, roads, rail, health, education facilities and potable

water. She further advised that diversification of the national source of foreign exchange must be done not only in words and plans but in real investment in infrastructure. The ICAN boss said Nigeria must evolve a strategy for the export of intangible human expertise to drive its development. She also posited that the nation should create business hubs based on specialisation in different zones of the country. â&#x20AC;&#x153;While agriculture is key and should be mechanised, except the nation adds value to its products before export, we would continue to be at the mercy of our trading partners. We need to process our agricultural products to add value and earn foreign exchange,â&#x20AC;? she added.

Fintechs Seek Funding Grants to Boost Innovation James Emejo in Abuja Ahead of the implementation of the African continental Free Trade Agreement (AfCFTA) next year, President, Fintech Association of Nigeria, Dr. Segun Aina has urged the federal government to extend funding grants to fintech operators in order to encourage local entrepreneurship and innovation as well as limit external financing options which is â&#x20AC;&#x153;detrimental to the economyâ&#x20AC;?. He said while local fintech and innovation funds remained critical

for the growth of the sector, the current situation whereby financing support from Foreign Direct Investment (FDIs) dominated fintech investments is harmful to the economy and does not promote local entrepreneurship. Speaking during a web conference on the NG-AfCFTA Workshop (Trade in Services), he said Nigeria accounted for $663 million out of the $1.34 billion in Africa FDI investment in fintech firms in 2019 as well as $137.5 billion globally. According to him, Nigeriaâ&#x20AC;&#x2122;s leadership and beneficial

participation in the agreement could only be enhanced through an agile fintech ecosystem with a strong payment infrastructure and support from stakeholders. Aina, said the government and regulators needed to quickly develop and promote progressive regulations and policies to drive the process of Nigerian fintech companies to scale to other countries with ease particularly business passporting rights. The AfCFTA implementation had been postponed from July 2020 to January 2021 due to the

global impact of the COVID-19 pandemic. However, in his presentation titled: â&#x20AC;&#x153;Growing Nigeriaâ&#x20AC;&#x2122;s Trade in Services in Africa with AfCFTA- Perspectives and Expectations of the Fintech Industryâ&#x20AC;?, the Fintech president identified lack of patient capital for the fintech start-ups at seed stage and scaling, regulatory issues and cost of licenses, cost of operations especially multiple registrations in other African countries as key challeges facing the development of the sector.

MONDAY, AUGUST 10, 2020 ˾ T H I S D AY

MARKET NEWS

Standard Chartered Launches Premium Banking for Clients Goddy Egene Standard Chartered Bank (Nigeria) has launched its Premium Banking segment in Nigeria, designed to

cater to the financial needs of the emerging affluent providing a wide variety of services and solutions. It caters to clients between

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

the ages of 25 and 45 years old who are typically graduates, start-up entrepreneurs, SMEs, new working professionals etc and are individuals who are

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 06Aug-2020, unless otherwise stated.

technologically/digitally inclined requiring minimal personal contact. Speaking on the offering, Head of Retail Banking, David Idoru,said: “As a bank, we

believe in building long term relationships with our clients and having the Premium Banking segment enables us to do so more strategically with our

clients within this age bracket. This is one of the many ways we continue to demonstrate and reiterate to our clients that we are Here for good.’’

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 122.05 123.18 -17.63% Afrinvest Plutus Fund 100.00 100.00 2.39% Nigeria International Debt Fund 363.51 363.51 16.03% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 0.92 0.93 1.79% ACAP Income Funds 0.78 0.78 9.96% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 6.10% AIICO Balanced Fund 2.97 3.04 20.92% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 14.29 14.72 -6.70% ARM Discovery Fund 337.90 348.09 -2.18% ARM Ethical Fund 30.52 31.44 4.96% ARM Eurobond Fund ($) 1.14 1.14 14.04% ARM Fixed Income Fund 1.08 1.08 8.06% ARM Money Market Fund 1.00 1.00 4.51% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 95.06 95.72 -1.06% AXA Mansard Money Market Fund 1.00 1.00 4.96% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 0.06 0.04 5.56% Paramount Equity Fund 11.12 11.22 -11.56% Women's Investment Fund 109.57 110.51 -0.78% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 4.93% Cordros Milestone Fund 2023 104.32 104.65 Cordros Milestone Fund 2028 108.23 108.53 Cordros Dollar Fund ($) 101.50 101.50 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 3.62% Coronation Balanced Fund 0.95 0.96 2.37% Coronation Fixed Income Fund 1.56 1.56 17.15% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund 107.37 107.39 7.37% FBN Money Market Fund 100.00 100.00 4.58% FBN Nigeria Eurobond (USD) Fund - Retail 118.92 119.37 2.43% FBN Nigeria Smart Beta Equity Fund 112.48 114.25 -13.56% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 3.97% Legacy Debt Fund 3.80 3.80 3.98% Legacy Equity Fund 1.11 1.13 -1.94% Legacy USD Bond Fund 1.11 1.11 3.04% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,108.04 3,141.78 2.20% Coral Income Fund 3,208.17 3,208.17 4.30% FSDH Treasury Bills Fund 100.00 100.00 4.51% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A

GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 3.88% Vantage Balanced Fund 2.32 2.36 6.08% Vantage Guaranteed Income Fund 1.00 1.00 8.56% Kedari Investment Fund (KIF) 149.18 149.80 4.04% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.24 1.26 6.23% Lotus Halal Fixed Income Fund 1,125.87 1,125.87 6.38% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.37 1.39 12.22% PACAM Fixed Income Fund 11.88 11.95 5.52% PACAM Money Market Fund 10.00 10.00 3.89% PACAM Equity Fund 1.05 1.06 PACAM EuroBond Fund 106.54 109.00 SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 114.43 116.55 -6.29% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.01 1.01 6.03% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 2,521.35 2,532.80 2.16% Stanbic IBTC Bond Fund 210.33 210.33 0.65% Stanbic IBTC Ethical Fund 0.88 0.89 1.72% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 0.81% Stanbic IBTC Iman Fund 154.92 156.64 0.72% Stanbic IBTC Money Market Fund 100.00 100.00 4.48% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 0.00% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 0.50% Stanbic IBTC Shariah Fixed Income Fund 118.18 118.18 0.00% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.13 1.15 -5.05% United Capital Bond Fund 1.84 1.84 6.24% United Capital Equity Fund 0.64 0.66 -9.09% United Capital Money Market Fund 1.00 1.00 4.77% United Capital Eurobond Fund 113.73 113.73 4.09% United Capital Wealth for Women Fund 1.02 1.02 -2.84% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 10.25 10.35 -0.36% Zenith Ethical Fund 11.63 11.68 -0.17% Zenith Income Fund 24.48 24.48 9.93% Zenith Money Market Fund 1.00 1.00 4.85%

REITS NAV Per Share

Fund Name SFS Skye Shelter Fund

Yield / T-Rtn

117.03

4.39%

53.25

2.31%

Bid Price

Offer Price

Yield / T-Rtn

9.13 86.49 66.88

9.23 84.70 67.88

4.90% -0.34% 1.17%

Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

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

NAV Per Share

Yield / T-Rtn

108.03

15.02%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

IMAGES

T H I S D AY Ëž ÍŻÍŽË&#x153; Í°ÍŽÍ°ÍŽ

Photo Editor Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039; Email Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC;Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

L-R: National President of Arewa Youth Consultative Forum, Alhaji Yerima Shettima; Secretary of Initiative for Fostering Unity in Diversity, Youths and Nation Building (IFUDYNB), Mrs Beauty Cletus; President of IFUDYNB, Mr Ebhodaghe Cletus; and Project Consultant, Mr Steve Eboh, during a pre-launch news conference to unveil a new Pan Nigeria Reality Show themed: â&#x20AC;&#x153;Naija Unity Houseâ&#x20AC;?, in Lagos...recently

L-R: Leader, South-South Professionals Forum, Kenneth Uzoigwe; Speaker, House of Representatives, Rep. Femi Gbajabiamila, Nigeriaâ&#x20AC;&#x2122;s Ambassador Designate, John Usanga and member, South South Professionals Forum, Ejima Chris after the newly appointed Ambassador paid a courtesy visit to the Speaker in Lagos... recently

L-R: APC Caetaker Committee Chairman/Yobe State Governor, Mai Mala Buni; Kwarw State Governor, AbdulRahman AbdulRazaq; Chairman of the Progressive Governorsâ&#x20AC;&#x2122; Forum/Kebbi State Governor, Abubakar Bagudu; First Child of AGF SAN, Dr. Alimi AbdulRazaq; Hon. Kashim lbrahim lmam and Niger State Governor, Sani Bello during a condolence visit to the Abdul Razaqs by the governors over the death of the late AGF Abdul Razaq SAN at the Family home of the deceased in Idigba ,Ilorin...recently

L-R: Coordinator of the award committee, Comrade Chukwebuka Oyekwelu; Permanent Secretary, Enugu Government House, Mr Emmanuel Ugwu; Representative of the National President, National Association of Nigerian Students (NANS), Comrade Modesta Okoli; and Senior Special Adviser to Enugu state Government on Public Enlightenment, Mr Kizito Awalu, during NANSâ&#x20AC;&#x2DC; Icon of Hopeâ&#x20AC;&#x2DC; award presented to the Permanent Secretary, in Enugu...recently

L-R: Ondo State Governor, Arakunrin Oluwarotimi Akeredolu; All Progressives Congress National Leader, Asiwaju Bola Ahmed Tinubu; and Akeredoluâ&#x20AC;&#x2122;s running mate in the next governorship election in the state, Mr. Lucky Ayedatiwa, when the governor visited Tinubu to present Ayedatiwa to him in Lagos...recently

L- R: Commissioner for Commerce, Industry & Cooperatives, Mrs. Lola Akande; Governor Babajide Sanwo-Olu; and First Lady of Lagos State, Dr. Ibijoke Sanwo-Olu during the 6th Lagos Corporate Assembly tagged â&#x20AC;&#x153;BOS meets Businessâ&#x20AC;?, at Lagos House, Alausa, Ikeja...recently

General Secretary, Cherubim & Seraphim Movement Church (Ayo Nio), Surulere District, Special Apostle, Pastor, George Ogunleye (left);and Chairman, 50th Anniversary Committee, Special Apostle, Festus Ajani, during the unveiling of the church anniversary logo, at the Church hall, in Lagos.....recently

Trainees of the Nigerian navy basic training school (NNBIS Batch 29) in unarmed combat display, during a passing out parade, in Port Harcout...recently

T H I S D AY Ëž ÍŻÍŽË&#x153; Í°ÍŽÍ°ÍŽ

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi Ă&#x2014;Ă&#x2039;Ă&#x201C;Ă&#x2013; Ă?Ă&#x2019;Ă&#x201C;Ă?Ă&#x2014;Ă?Ă&#x2013;Ă&#x201C;Ă?Ë&#x203A;Ă?Ă¤Ă?Ă&#x2122;Ă&#x152;Ă&#x201C;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;Ë&#x153; Í&#x2018;Í&#x2122;Í&#x2018;Í&#x201D;Í&#x2122;Í&#x161;Í&#x2018;Í&#x2019;Í&#x161;Í&#x201C;Í&#x2013;

Clarion Call to Tackle Menace of Articulated Vehicles Rebecca Ejifoma writes that the sudden and tragic death of two staff members of the Federal Airport Authority of Nigeria, who were recently crushed to death by a container-laden articulated vehicle, should be a clarion call to tackle the continuous dangers such heavy duty vehicles pose

The mangled commercial bus Chidinma Ajoku and her colleague Chima Nnaekpe, who were crushed to death by a fallen container

lthough the road haulage industry in Nigeria plays a critical role in ensuring the economic prosperity of the nation, the road crashes involving such articulated vehicles are much more distressing because of the higher rate in fatality and over all negative multiplier economic effects, asides environment pollution. In a document made available to THISDAY by the Federal Road Safety Corps (FRSC) in 2018, the data on articulated vehicles involved in Road Traffic Crashes (RTCs) in Nigeria was on the high side. According to the data, in 2016, the statistics for truck, tanker and trailer accidents were put at 1637, 359 and 657 respectively. In 2017, the data for truck, tanker and trailer accidents were put at 1732, 308 and 624 respectively. Also in 2016, the number of RTCs recorded and RTCs involving articulated vehicles were put at 9,694 and 2,653 respectively with a percentage of 27.4 per cent, while in 2017, the figures were put at 9,383 and 2,664 with a percentage of 28.4 per cent. Causative Factors According to FRSC Corps Marshal, Oyeyemi Boboye, some of the causes of such road carnage by articulated vehicles include non-adherence to road traffic safety practices, inadequate driverâ&#x20AC;&#x2122;s training/certification and re-training leading to driversâ&#x20AC;&#x2122; errors, inadequate provision of tanker/ trailers parks across the country, non- adherence to safe laden/haulage practices /standards (including vehicleâ&#x20AC;&#x2122;s) by stakeholders; inspite of practice guidance and non-functional weighbridges to assist in enforcement of axle load compliance, including overload with sundry goods. He cited others as aging trucks and lack of fleet renewal programmes, heady and non-cooperative attitude of drivers and other stakeholders, security challenges and lack of clear-cut policy on tanker/truck transit in Nigeria, non- adherence to standards by operators and by tank constructors, alteration of original design value of truck heads and/or trailer, state of the nationâ&#x20AC;&#x2122;s roads, parking on unauthorised location along the road, failure to install speed limiting device and lack of cooperation of private tank farm owners on Safe-To-Load programme.

Collateral Damage Aside the loss of life, the collateral damage such accidents cause cannot be quantified. They include the cost of treatment for people injured, damaged roads and road infrastructure, environmental impacts that will require mitigation, and other collateral damages (farm lands, houses, settlements displaced, other vehicles in collision with, other property e.t.c. A Motherâ&#x20AC;&#x2122;s Agony These statistics recently came to life for the

Mrs. Ajoku, Chidinmaâ&#x20AC;&#x2122;s bereaved mother

Condolence visit by LASG oďŹ&#x192;cials to Ajokuâ&#x20AC;&#x2122;s residence

families of Ajoku and Nnaekpe. The duo, 27-year-old Chidinma Ajoku and her colleague Chima Nnaekpe, 29, were crushed by a container driver in Lagos on Sunday, July 26. For the Ajokuâ&#x20AC;&#x2122;s, the death of their daughter Chidinma fondly called Deedee and her colleague Chima, who were squashed to death in their prime after a 20ft container fell on the commercial bus they were in on their way back home from work at Ilasa bus stop Oshodi-Apapa Expressway, Lagos, should not be swept under the carpet. As usual, the container was said to have fallen off a moving truck, with registration number SMG 715XA, on the bus conveying eight passengers including Chidinma and Chima. The deceased were not only colleagues at the commercial department of Hajj and Cargo Terminal of Federal Airport Authority of Nigeria (FAAN), but they were also neighbours; hence, commuted together always. According to the bereaved mother, Mrs. Ajoku, who just lost her husband a year and some months ago, Chidinma, who was a graduate of Babcock University, Ogun State, had nurtured plans to go for her Masters abroad and was the first daughter of the family. In a viral video, the bereaved mother said: â&#x20AC;&#x153;I will like to tell the public what happened on Sunday evening. My daughter, Chidinma and her colleague, Chima, were returning from work. We were told that the driver of the commercial bus in which my daughter and her colleague were in stopped to either pick or drop passengers at Ilasa bus-stop when a reckless trailer driver on high speed fell on the bus.â&#x20AC;? While she was home waiting for Chidinma, little did she know of the misfortune. â&#x20AC;&#x153;I was

waiting for her to return home. I dialed her number, but no response. I called her aunt whom she stayed with at Surulere. Both of us didnâ&#x20AC;&#x2122;t sleep until 6a.m. when a colleague of hers called me to say they were involved in an accident and that they were at the Isolo General Hospital. â&#x20AC;&#x153;When we got there, we were told they were not among those brought in. We were referred to the government hospital, Yaba. When we got there, they told us to go and check the morgue. My friendâ&#x20AC;&#x2122;s husband and my sons went to check the morgue, only to find my daughter and her colleague bodiesâ&#x20AC;?. â&#x20AC;&#x153;This incident of container falling on vehicles is getting too much. These container drivers keep killing people and nobody is talking. My daughter was just 27 years and had plans to travel abroad for her Masters in the near future only to have life snuffed out of such a promising girl and her colleagueâ&#x20AC;?. Cry for Justice Harping only the need for the case not to be swept under the carpet, the grieving mother said: â&#x20AC;&#x153;I appeal to the authority concerned to bring these people to book. The government should do something because it is getting too much especially in Lagos. â&#x20AC;&#x153;I remember there was a time when these trucks were virtually off the road in the day and were only allowed at night. Now, they are everywhere, driving recklessly. I donâ&#x20AC;&#x2122;t know what they drink while driving which makes them fall on cars. There had been several similar cases that happened and nothing was done to bring justice to the victims. â&#x20AC;&#x153;But my daughterâ&#x20AC;&#x2122;s canâ&#x20AC;&#x2122;t go just like that. If

my daughterâ&#x20AC;&#x2122;s case will be used to stop these unwarranted killings, then, let it be what I have achieved. I know they will say I am a nobody. But I think everybody in Lagos, whether you have a car or not, our lives are in danger because we encounter these trailers and containers every day because they are very reckless. We should champion this course together. We should not wait until more persons are killedâ&#x20AC;?. On their long journey to get justice she said: â&#x20AC;&#x153;I sent a cousin to the Ilasa Police Station and the police said they could not trace owner of the truck. We were told that the driver and conductor took off with the truckâ&#x20AC;&#x2122;s particulars. Again, we were told that owner of the truck called to say he was coming. But nothing has been heard so far. All I demand is justice for my late daughter.â&#x20AC;? LASGâ&#x20AC;&#x2122;s Pledge Meanwhile, the Lagos State Government paid condolence visits to families of Ajoku, and the Nnaekpes on August 5 and 6 at their respective residences. The State Attorney General and Commissioner for Justice, Mr. Moyosore Onigbanjo, SAN, assured of the state government's support towards getting justice for the bereaved families. Onigbanjo described the incident as unfortunate and avoided, adding that the Governor, Babajide Sanwo-Olu has directed the Commissioner of Police, Hakeem Odumosu, to commence investigation into the incident. While sympathising with the families, the Attorney-General emphasised that the prosecution of the case would be handled by him to ensure that the death of Chidinma and Chima are not in vain.

T H I S D AY Ëž ÍŻÍŽË&#x153; 2020

BUSINESS/MONEYGUIDE

AXA Mansard Insurance Sells Pension Subsidiary to Verod Group Goddy Egene AXA Mansard Insurance Plc has divested from its subsidiary, AXA Mansard Pensions Limited. The insurer has sold its stake in the company to Eustacia Limited (a member of the Verod Group). In a notification to the Nigerian Stock Exchange (NSE) last Friday, AXA Mansard explained that a sale and purchase agreement was entered with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60 per cent shareholding held by AXA Mansard Insurance and 40 per cent shareholding held by the minority shareholder. According to the company, the divestment has received letters of â&#x20AC;&#x2DC;No Objectionâ&#x20AC;&#x2122; from the National Insurance Commission (NAICOM), National Pension Commission (PENCOM), and the Federal Competition & Consumer Protection Commission (FCCPC). Commenting on the divest-

ment, Chief Executive Officer, AXA Mansard Insurance Plc, Mr. Kunle Ahmed, said: â&#x20AC;&#x153;This transaction marks a new step in AXAâ&#x20AC;&#x2122;s broader strategy to focus on and grow our Life, Property & Casualty (P&C) and Health businesses across all its geographies. The AXA Group sees great potential in the Nigerian insurance market and believes AXA Mansard is ideally placed to capture these opportunities, thanks to its market leadership positions in Health Insurance, Property & Casualty and Life Insurance. â&#x20AC;&#x153;We plan to capitalise on our successes to further build our capabilities and continue to deliver the best offers & services to our customersâ&#x20AC;?. Also speaking on the transaction, the Chief Executive Officer (CEO) of AXA Mansard Pensions Limited, Dapo Akisanya, said: â&#x20AC;&#x153;We are confident about Verodâ&#x20AC;&#x2122;s strong commitment to providing the company with the requisite

support to actualise our promise to our clients and stakeholders. â&#x20AC;&#x153;As a West African investor with deep local knowledge and presence, we look forward to harnessing Verodâ&#x20AC;&#x2122;s unique, and world-class, attributes towards setting new standards in the industry. â&#x20AC;&#x153;Verod has the capacity, expertise, and network, to support the business to continue to expand and to provide innovative solutions for the benefit of our current and future clientsâ&#x20AC;? In his comments, Partner at Verod, Eric Idiahi, said: â&#x20AC;&#x153;We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and gain market share. The NAICOM continues to demonstrate a strong commitment to raising standards within the industry and driving pension penetration rates in the short to medium term.

FG Reiterates Pledge to Enhance Activities in Gold Sector Ibrahim Shuaibu Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2DC;Ă&#x2122; Ă&#x2039;Ă&#x2DC;Ă&#x17D; Nume Ekeghe Ă&#x201C;Ă&#x2DC; Ă&#x2039;Ă&#x2018;Ă&#x2122;Ă? The Minister of Mines and Steel development, Mr. Olamilekan Adegbite, has reiterated the federal governmentâ&#x20AC;&#x2122;s commitment to boosting activities in the Gold and precious metals sector. Adegbite said this at the weekend, during the formal launch of â&#x20AC;&#x2DC;Kano Gold Durbar,â&#x20AC;&#x2122; organised by Kian Smith Trade & Co. Limited and other stakeholders. Adegbite commended the organisers, saying the event was a step in the right direction in showcasing Nigeriaâ&#x20AC;&#x2122;s potential in gold craftsmanship. He said: â&#x20AC;&#x153;What we are doing here today is actually to convert gold in its raw form into derivatives that is jewelries, trinkets ornaments and more and that

is why we are in Kano.â&#x20AC;? On ways the government would support the sector, he said: â&#x20AC;&#x153;Also, the government is training people in the art of making jewelries. It is a 9-month a program and we are in the process of selecting people that we would train and who would now form trainers to others in Nigeria. â&#x20AC;&#x153;We are trying to create a gold ecosystem that would transcend beyond the bullion to trading in jewelry and more and I think we are in the right direction.â&#x20AC;? He further added: â&#x20AC;&#x153;Oil and gas has dominated the economy, and a lot of people do not talk about other assets that Nigeria has. â&#x20AC;&#x153;This market has operated below the radar and what the government is doing now is to give recognition to these people,

enhance their productivity and at the same time, they pay what is due to government.â&#x20AC;? Kian Smith Trade & Co. Limited, a gold exploration, mining and processing company pledged to support the federal governmentâ&#x20AC;&#x2122;s gold drive, saying the commodity was poised to become a major income earner for Nigeria. Also, at the event, the Kano state government was presented with a gold bar that was mined processed and crafted by Kian Smith firm. Speaking on the sidelines, the Managing Director of Kain Smith, Ms. Nere Teriba, said: â&#x20AC;&#x153;The world is capitalising on gold and we are loosing and so those of us in this market decided that it was time to stop loosing.

Senate Urges FG to Fund Technology Research David-Chyddy Eleke Ă&#x201C;Ă&#x2DC; ĂĄĂ&#x2022;Ă&#x2039; The Senate Committee on Science and Technology has advised the federal government to fund research in technology to grow the economy. The committee said growth in technology could help the country stem the tide of unemployment and even earn her foreign exchange. The Chairman, Senate committee on Science and Technology, Senator Uche Ekwunife, stated this when she led members of the committee on a courtesy call to the governor of Enugu State, Mr. Ifeanyi Ugwuanyi, at the government house, and also visited some

technology incubation centres in the state and Ebonyi. Ekwunife said: â&#x20AC;&#x153;What we need is what we can use to make our youths self-reliant. The technology incubation centre is a good example of that. â&#x20AC;&#x153;It can drive us to independence in terms of the things we consume in Nigeria and also make our youths entrepreneurs who will not seek employment but create jobs. â&#x20AC;&#x153;The challenges of science and technology is finance. We need the federal government to invest in science and technology. If we do not invest in science and technology, we will remain backward.

â&#x20AC;&#x153;Research cost a lot of money and we are calling on the federal government to invest in science and technology. They must fund research, because it costs money.â&#x20AC;? Speaking to management staff of Technology Incubation Centres in Enugu and Ebonyi, Ekwunife said, â&#x20AC;&#x153;The reason for this visit is to liaise with you to see how we can advance our technology and also see what we can help you do in terms of budget and appropriation. â&#x20AC;&#x153;Every quality product is as a result of research, and research is fueled by science and technology. It does not come cheap and government has to do more in terms of funding.â&#x20AC;?

Agusto & Co, GCR Affirm Infracreditâ&#x20AC;&#x2122;s Rating Agusto & Co and Global Credit Ratings (GCR) have simultaneously re-affirmed the â&#x20AC;&#x2DC;AAAâ&#x20AC;&#x2122; credit rating of the Infrastructure Credit Guarantee Company Limited (InfraCredit). Notwithstanding the unprecedented impact of the COVID-19 pandemic, which continues to weaken global and domestic macroeconomic outlook, InfraCredit sustained its strong risk capital

and broader balance sheet, with significant headroom to underwrite further guarantees in pursuit of its mission of unlocking long term local currency infrastructure finance in Nigeriaâ&#x20AC;&#x2122;s real sector, according to a statement. Notably, the statement pointed out that InfraCreditâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;AAAâ&#x20AC;&#x2122; National Scale Rating, which is at par with the Nigerian Sovereign and reinforce the unparalleled credibility of

its unconditional irrevocable guarantees, partly reflects the support of its shareholders and capital providers, which include the Nigeria Sovereign Investment Authority (NSIA), Africa Finance Corporation, GuarantCo (a Private Infrastructure Development Group company), and reputed multilateral institutions, including KfW Development Bank, who are committed capital providers.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

SEPTEMBER 2019 Money Supply (M3)

35,029,779.72

-- CBN Bills Held by Money Holding Sectors

7,374,356.91

Money Supply (M2)

27,655,422.82

-- Quasi Money

116,533,891.21

-- Narrow Money (M1)

11,121,531.60

---- Currency Outside Banks

1,625,047.69

---- Demand Deposits

9,496,483.91

Net Foreign Assets (NFA)

13,911,335.83

Net Domestic Assets(NDA)

21,118,443.89

-- Net Domestic Credit (NDC)

35,918,179.45

---- Credit to Government (Net)

10,452,199.38

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

11,007,422.79

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

25,465,980.07

---- Credit to Private Sector (CPS)

-14,799,735.56

--Other Assets Net

7,000,253.07

Reserve Money (Base Money

2,005,600.83

--Currency in Circulation

4,677,530.81

--Banks Reserves

317,121.43

Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ÍŻÍąĎą

OPEC DAILY BASKET PRICE Ë&#x153; Í´ Í°ÍŽÍ°ÍŽ

The price of OPEC basket of thirteen crudes stood at $45.17 a barrel on Thursday, compared with $45.34 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY Ëž ÍŻÍŽË&#x153; Í°ÍŽÍ°ÍŽ

Meristem Presents H2 Outlook, Bullish on Telecoms, Healthcare Stocks Goddy Egene The Deputy Managing Director, Meristem Securities Limited, Sulaiman Adedokun, has said the outbreak of the COVID-19 pandemic benefitted healthcare, telecoms and technology stocks, saying the outlook for telecoms sector was largely positive. Adedokun stated this while speaking on the economic outlook report for the second half (H1) of the year by Meristem

titled: â&#x20AC;&#x2DC;Unmasking value in a scourge.â&#x20AC;&#x2122; According to him, the share prices of healthcare, telecoms and technology companies rose, while stocks of firms operating in sectors like oil & gas, aviation and hospitality were the worst hit. â&#x20AC;&#x153;Notwithstanding, our outlook for the telecoms sector is largely positive, given that the implementation of social distancing and remote working

P R I C E S MAIN BOARD

F O R DEALS

policies have accelerated the adoption of technological solutions across the country. We expect this to positively impact data revenue in subsequent periods. However, the growth in top-line will be tempered by weaker voice revenue (which contributes 65 per cent to revenue) due to shrinking subscriber wallets, along with growing adoption of cheaper Voice over Internet Protocol(VoIP) alternatives like

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WhatsApp calls,â&#x20AC;? he said. He said with the outbreak of the Covid-19 pandemic mid-March, Meristem had offered forward guidance to investors on strategic investment prospects that existed within the capital market, emphasizing that pocket of opportunities existed within the fixed income environment. He said that the new outlook report further extends the scope on valuable strategies

T R A D E D MAIN BOARD

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that investors could adopt to realize value across various asset classes. â&#x20AC;&#x153;The Meristem research outlook has been able to unearth profound insights for our clients, investors and the general public, who seek to revise their investment strategies for the remaining part of the year. We congratulate our efficient team of analysts who have been able to delineate every section of global and

O F

domestic economies to offer a refreshing view of the investment landscape and thus predict a course of action amid a pandemic that has exhausted some global and economic superpowers,â&#x20AC;? Sulaiman said. He said Meristem firm has remained a leading player in Nigeriaâ&#x20AC;&#x2122;s competitive investment market with a solid reputation as a highly profe ssional and client-centric firm, helping to take their clients farther.

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T H I S D AY Ëž ÍŻÍŽË&#x153; Í°ÍŽÍ°ÍŽ

FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

Yobe Tackles Environmental Challenges The launch of the Governor Mai Mala Buni Climate Change Action Plan last week by the Yobe State government was a show of commitment in tackling the challenges confronting the environment, writes Rebecca Ejifoma

few years ago, when scholars and researchers in the country working on social change predicted that the North-east region would be impacted significantly as global warming causes serious climatic changes, Yobe State was a focus because of a particular belief that it is the â&#x20AC;&#x153;hottestâ&#x20AC;? of the six states in the zone. The stateâ&#x20AC;&#x2122;s natural challenges include drought and desertification, which are made worse by artificial ones â&#x20AC;&#x201C; bush-burning, deforestation, over-grazing and, recently, the Boko Haram insurgency. Through their relentless campaign of violence, Boko Haram terrorists have displaced thousands of people from their original communities, thereby whittling their capacity to engage in farming and to tend to the environment. Since 1991 when Yobe State was carved out of the old Borno State by the General Ibrahim Babangida regime, successive governments tried, almost to no avail, to address various climate change-related challenges ravaging the state. However, the present administration of Governor Mai Mala Buni has taken the bull by the horn, by confronting all the challenges frontally and summoning the courage to revamp and resuscitate the effort to address desertification. Most notably, the Yobe State Government through the Ministry of Environment recently launched the Governor Buni Climate Change Action Plan as a blueprint to turn the vast swathe of the desert-prone part of the state, comprising some eight of the 17 local government areas of the state, into a green environment by planting over three million trees across the 17 local government areas in the first instance. The goal is to have 20 million over four years. According to environmental expert, Ula David, â&#x20AC;&#x153;what Governor Buni is doing in the area of making the environment green should be emulated by all governors in the North-east. In fact, all governors across the 36 states of the federation should take such a bold step. By so doing, all our trees which have fallen will be replaced and it will reduce deforestation and drought in many regions during the dry season.â&#x20AC;? The governor had, while formally launching the 2020 Tree Planting Campaign and the Buni Climate Change Action Plan for Yobe at the Dusuwa Forest Reserve, lamented indiscriminate felling of trees which, he noted, had resulted in the â&#x20AC;&#x153;present situation where there is prevalence of flood, desertification, wild windstorm, low density rainfall, and low agricultural yields etc.â&#x20AC;? He stated that as this yearâ&#x20AC;&#x2122;s rainy season began, it was imperative that the state government kick-started its new innovative environment drive to raise over 20 million assorted tree seedlings over the next four years. He expressed the belief that this would provide the much-needed impetus for land restoration and increase vegetation cover in the state. Buni described this yearâ&#x20AC;&#x2122;s theme - Plant a Tree for Better Tomorrow - as apt â&#x20AC;&#x153;if we take into consideration the precarious situation of our forest landâ&#x20AC;?. The governor observed that â&#x20AC;&#x153;it is disheartening to note that credible international sources (European Union and the United Nation Food and Agriculture Organisation) have classified Yobe among the states in the country with high deforestation rate in the world where from 1990 â&#x20AC;&#x201C; 2010, 50 per cent of our tree cover were felled. â&#x20AC;&#x153;This situation, if allowed to continue, will not augur well for our state in particular and the nation at large,â&#x20AC;? he said, adding, â&#x20AC;&#x153;our forefathers bequeathed to us a good and sound environment with thick vegetation cover, but over the years, we depleted the environment through illegal felling of trees thereby degrading it to its present situation where there is prevalence of flood, desertification, wild windstorm, low density rainfall, low agricultural yields etc. â&#x20AC;&#x153;In order to address this situation, this administration evolves some sound measures, which ultimately creates awareness, participation, and involvement of all Yobeans to own the programme. â&#x20AC;&#x153;Consequently, the state government raised three million assorted tree seedlings through the Ministry of Environment for this planting seasonâ&#x20AC;?, To ensure action across the local government areas in the state, the governor has also established Environment and Sanitation

Governor Buni (left) ďŹ&#x201A;anked by some oďŹ&#x192;cials at the unveiling of the Climate Change Action Plan

Governor Buni planting during the during the launch of the Climate Change Action Plan outside Damaturu... recently Committees with a view to monitoring and enforcing the environment and forestry laws of the state. He also disclosed that the state government is currently reviewing the Environmental and Forestry Laws to bring them up to date with current realities. He charged all the traditional rulers to strictly ensure the protection of the environment. Buni was clear in his warning that there should be no more illegal felling of living trees in Yobe State, adding that anybody found guilty will be prosecuted. He said: â&#x20AC;&#x153;Henceforth all our gazetted forest reserves are sacrosanct. No official be it from

the local government or the emirate councils are allowed to allocate, sell, or lease any portion of these reserves.â&#x20AC;? To give more teeth to the effort to plant trees and save the environment, the governor has declared every July 29 a work-free day for tree planting in the state with effect from the year 2021. â&#x20AC;&#x153;As from 2021, 10 million assorted tree seedlings will be raised each year up to 2024 where a target of 40 million assorted seedlings will be raised planted and nurtured,â&#x20AC;? he stated. The stateâ&#x20AC;&#x2122;s Commissioner for Environment, Sidi Yakubu Karasuwa, who said that the Buni Climate Action Plan was introduced to

restore the stateâ&#x20AC;&#x2122;s forest land for improved community livelihood programme, said that to implement the Climate Change initiative, ambassadors were appointed, including members of the State Executive Council, members of the National Assembly from the state, members of the state House of Assembly, Special Advisers and Senior Special Assistants to the governor, heads of agencies, parastatals and extra ministerial departments, traditional rulers and directors of personnel managing the 17 local government councils. Karasuwa added that 50 youth ambassadors in each of the 17 local government areas who will spread the Governor Buni Climate Change Action Plan across the state were also nominated. The commissioner said the youths will work to ensure the success of the initiative and become beneficiaries and owners of the project for its sustainability for the long haul. The Action Plan will also carry schools along so that students and pupils are encouraged to develop a culture of care for the environment. â&#x20AC;&#x153;Governor Buni Climate Change Action Plan for Schools proposes the introduction of environmental issues in school curriculum at the central level. Another important component of this campaign is the role our traditional rulers, local government councils, tertiary institutions, and the basic and secondary schools will play particularly, in the area of planting and nurturing of the seedlings,â&#x20AC;? he said. The ministry also proposes competition among schools on tree planting and nurturing and aim to ensure that the governor personally presents an award to the best schools in environmental effort. Following the directives Governor Mai Mala Buni on the production, distribution and planting of three million assorted seedlings for the year 2020 planting season, the state Ministry of Environment plans to carry out the exercise thus: Damaturu Central Nursery is to produce 800,000 seedlings; Bayamari Central Nursery, 400,000; Gaidam Central Nursery, 600,000; Gashuâ&#x20AC;&#x2122;a Central Nursery, 600,000; and Nguru Central Nursery, 600,000 seedlings. On distribution and planting, the state government plans to plant 100 hectares of Gum Arabic and other assorted trees in each of the three senatorial districts while five selected primary schools in each of the seventeen local government areas are to establish one hectare plantation/orchard. Ten selected secondary schools under Teaching Services Board will establish one hectare plantation each, another five selected secondary schools under Science and Technical Education Board are to establish one hectare plantation each; even thousand assorted seedlings are to be provided to the 14 Emirate councils, 10 higher institutions in the state are to be given 100,000 assorted seedlings for school plantation and premises planting. Other plans include Trans-Sahara road 40km roadside plantation, 200,000; afforestation project (for establishment of road side plantation along Gujba road and other types of planting), 200,000; NEAZDP (for planting and distribution to their contact farmers), 200,000; general public for household and street planting, 1,000,000; other interested agro forestry farmers, 72,000. Karasuwa said in order to actualise this project, the ministry proposed the rehabilitation of the stateâ&#x20AC;&#x2122;s dormant nurseries at Potiskum, Damagum, Yusufari Garanda and Warsala. He said the governor had similarly approved the re-survey and re-demarcation of the Dusuwa Forest Reserve. â&#x20AC;&#x153;We intend to include in our 2021 budget proposal, the demarcation and re-survey of at least two more forest reserves. The demarcation of our forest reserves will continue annually and run concurrently with the lifespan of the Governor Buni Climate Change Action Plan for Yobe Stateâ&#x20AC;?, he said. The commissioner enjoined the stateâ&#x20AC;&#x2122;s international partners, NGOs, CSOs and all the people of the state to support and participate in the governorâ&#x20AC;&#x2122;s drive to restore the stateâ&#x20AC;&#x2122;s forests through the Governor Buni Climate Change Action Plan â&#x20AC;&#x153;for we firmly believe that by the year 2024, a total of 323, 748, 51 hectares will be planted with the strategy put in place for the protection and management of these trees.â&#x20AC;? It is clear that under Governor Buniâ&#x20AC;&#x2122;s leadership, Yobe is set to reverse the decades long trend of desertification and desert encroachment and thereby free a vast swathe of land for the people to engage in agriculture and food production.

T H I S D AY Ëž AUGUST 10, 2020

FEATURES

Revamping the Pension Scheme in Niger Laleye Dipo writes that though the bold steps taken by the Niger State government to revamp the pension fund scheme uncovered some high level scam, some measure of reforms have been put in place

1, 2020. This is without prejudice to the earlier communicated resolve that resumption in deductions shall be subject to the implementation of the contents of the agreement reached between organised Labour and Niger State government on February 8, 2020. According to the letter jointly signed by the state NLC Chairman Comrade Yakubu Garba and his counterpart in the TUC Comrade Yunusa D Tanimu : " The scheme must be operated in strict compliance with the provisions of the New Niger State Pension Act". The new act was passed by the state house of assembly and assented to by Governor Abubakar Sani Bello on September 6, 2017. In order to key into the stand of labour and ensure due diligence, it was not possible for the CPS implementation to recommence in March as suggested by Labour. However, earlier, Ahmed said everything has been put in place and all loopholes plugged the CPS will commence by June this year. He said the Pension Funds Administrators (PFAs) have been selected for different segments of the contribution with Premium Pensions assigned to workers in the state civil service, Trust Funds for those in the employment of the local governments and PAN for those engaged by the State Universal Basic Education Board. In addition, Ahmed said different administrators were also engaged for the five per cent deduction. Veritas is assigned to the state, IEI for local governments.

have not received any assistance. I am left with four children. The kind of life we live now is some days we eat, some other days we have nothing to eat and then you (government) say â&#x20AC;&#x2DC;Boko Haram fighters have repented,â&#x20AC;&#x2122; and you take care of them". The Pension Fund administration in Niger State was once in contention with government and all the stakeholders. To resolve the issue and revamp the scheme, the state government set up a panel to look into the pension fund administration. One of the major fundings was the confirmation that N5.778 billion was missing from the fund as against N6 billion initially thought to have disappeared. The disappearance of the money was alleged to have taken place between 2012 and 2015 when the last administration was in office. Findings Item iii of the committee's findings states that "the embezzlement and mismanagement of Pension Funds by officials during the Pension Administration in the Ministry for Local Government and SUBEB was occasioned by non- remittance of fund and resulting to zero balance in the Retirement Savings Accounts of Staff of local Government Councils and SUBEB amounting to N5.97Billion". Another finding by the committee was that 15 persons, some of them politicians and civil servants with some of them no longer in service, were found to be culpable in the alleged "stealing" of the N5.778billion. The report however exonerated the Pension Board of any involvement in the diversion of the money since the "missing amount did not get into the account of the board". The committee was headed by the state Deputy Governor, Alhaji Ahmed Mohammed Ketso with the Permanent Secretary Cabinet and Security office of the Main Secretary while three other assistant secretaries drawn from strategic ministries and departments also on the panel. Organised labour had its representative on the committee just as the Pension Board, the Nigerian Union of Pensioners, as well as the Nigeria Union of Local Government Employees. Recommendation What has been the cheering news to members of the orgainsed labour, which submitted a position paper to the panel during its almost one year of sitting, is the recommendation by the committee that everything should be done to recover the missing money. More cheering is the decision of the government to avail itself of the expertise of the Economic and Financial Crimes Commission (EFCC) in the recovery of the missing money. In fact, it is now public knowledge that the operatives of the Department of State Security Service (DDS) immediately the report was made public, sought for and got a copy of the document indicating that they have stepped into the matter. Whether the government will have the political will to go after those that stole the public money or not is another issue waiting to be seen but the Director General of the Pension Board Alhaji Usman Tinau Ahmed is emphatic that "government will recover the money to the last kobo" insisting that " government will not take responsibility for this money, those involved must pay back the money, it is the peoples moneyâ&#x20AC;?. Resumption of Contributory Pension Scheme One other problem the report has been

Niger Governor, Abubakar Bello

Fund Management Committee As a departure from the past, a Fund Management Committee has been set up with prominent government officials including the Deputy Governor, the Secretary to the State Government Commissioner for Finance among others as members. Also in line with the directive of PENCON, a "Service Level Agreement" SLA has been set up to properly monitor all issues related to the management of the fund. It is learnt that the 7.5 per cent contribution by workers started when the amount involved for June and July was deducted from workerâ&#x20AC;&#x2122;s salaries in the month of July.

DG Pension Board, Alhaji U T Ahmed

able to address, which also received the blessing of the organised labour, is the resumption of the Contributory Pension Scheme (CPS) for certain category of workers in the state civil service and in the local governments as well as those engaged by the State Universal Basic Education Board (SUBEB). The scheme suffered setback way back in 2015 when Labour raised serious objections to its implementation especially as it concerned those workers that will be enrolled on the scheme and those that will remain on the Old Pension Scheme. The disagreement between Labour and government dragged on till a truce was now reached with the panel set up to look into the matter and all stakeholders agreeing that workers that had been in service from 1992 downwards should remain in the Old Pension scheme while those employed from 1993 to date will be

enrolled in the new Contributory Pension Scheme. It should also be understood that while the CPS was stopped, there was no contribution either by the workers or the government. Another reason why the CPS implementation first hit the rocks was " lack of political will on the implementation of the CPS by the previous administration which accounted for poor administration of pension remittances" and "inability and in most cases delay by Pension Desk Officers in Local Government Councils to submit files of returns to the Pension Board for capturing". In agreeing to the reintroduction of the CPS therefore, Labour said : "The Organised Labour in Niger state is committed to the resumption of the 7.5 per cent Contributory Pension Scheme for Workers in both the state and local government area levels effective March

Hitches However some workers kicked against the deduction because it has not been backed by the relevant "Circular" from the office of the Head of Service. The argument of the workers is that if there is no circular similar events that occurred in the past could still resurface and workers may not have any document to fall back on which might result to loss on the party of the contributors. One major problem the implementation of the CPS is already facing is lack of current data of the numerical strength of staff in the local governments despite repeated requests for this information by the Pension Board. Gains This notwithstanding, the exercise has also taken off for workers in the local governments while the appropriate and accurate data are expected. At the moment the state is said to be paying over N488m as monthly pension to retirees of the state civil service and N287m to those retirees from the local governments. The reforms already carried out though may not be totally acceptable to all the stakeholders, it is believed this will bring sanity to the entire pension administration in the state unlike what obtained in the past.

MONDAY AUGUST 10, 2020 ˾ T H I S D AY

NEWSXTRA

South-east, South-south Professionals Insist on Restructuring, Return to Regionalism South-East, South-South Professionals Of Nigeria (SESSPN), has raised the alarm over the state of the nation, urging President Muhammadu Buhari to tackle the unending security challenges which the country has been facing, especially under the current administration. President of the forum, Mr. Hannibal Uwaifo while addressing a press conference on Zoom last Thursday, maintained that the nation’s security challenges would never be resolved unless the federal government identify and address the root causes with boldness and sincerity. Uwaifo, who described the organisation as a non-political, non-partisan advocate group for the rapid economic and social development of South East and South South geo-political zones, said the fundamental flaws in the country were so critical in the foundation of the country and so numerous they could never be resolved unless they were tackled.

He spoke during his maiden press conference after the election and inauguration of the SESSPN new executive council members, He said some of the flaws included faulty structure leading to injustice, tribalism and nepotism, religious fundamentalism in governance, massive corruption, opaque governance, inexplicable and deceitful quota arrangements among others. Uwaifo stressed: “To us in SESSPN, these retrogressive factors are mainly responsible for the intractable security situation we find ourselves in today. Due to faulty structure of the nation, our borders are very porous and manned by corrupt and uncommitted security personnel. “Postings are done on ethnic, religious and deceitful quota considerations. Personnel are posted to what are often referred to as ‘juicy’ areas and positions to raise money for their benefactors by extorting the helpless public

and oftentimes, outright stealing government revenue. “The system is unable to respond due to the faulty structure oiled by nepotism, religion, tribal considerations, leading ultimately to opaque governance, the bane of our society. “How can insecurity be tackled when the appointment of Service Chiefs and other critical security officials are harped on religious beliefs, personnel affinity and closeness to persons in the corridors of power?” According to him, insecurity could not be tackled when huge funds budgeted to buy critical equipment, motivate personnel, pay for intelligence services are stolen and then more money voted for probes and investigations which results would take decades to prosecute in law courts operating under adverse conditions, if not duress.

Defence Ministry to Address Pay Disparity of Retired Generals Kingsley Nwezeh in Abuja The wide pay disparity of retired military Major Generals and Brigadier-Generals, as well as security debarment allowance were among other burning issues discussed at a meeting held at the weekend by the Minister of Defence, Major General Bashir Magashi (rtd); the Chief of Defence Staff (CDS), General Abayomi Olonisakin, and officials of military pensioners. Military veterans under the aegis of Coalition of Concerned Veterans (CCV) had threatened to shut down the country in protest to press home its demands with effect from the first week of August. The group in a statement said if the authorities refused to dialogue with them in their offices, they shall meet in the streets of Abuja and other state capitals and in the full glare of the international community. At a meeting attended by Magashi, Olonisakin, Chief of Defence Account and Budget,

Maj. Gen. Jahadi Ezra Jakko; Chairman, Military Pensions Board (MPB), Major Gen A.B Adamu, and the Director, Veteran Affairs Defence Headquarters, the military veterans agreed to suspend their planned nationwide protest. The issues raised by the leaders of the Nigerian Legion, Veterans Federation of Nigeria (VFN) Coalition of Concerned Veterans (CCV) and the Retired Army, Navy and Airforce Officers (RANAO) included their unjustifiable exclusion from the payment of the Security Debarment Allowance (SDA) aimed at preventing retired personnel from using the knowledge and skills acquired while in the service against the state. The veterans argued that they met the required criteria to be paid having acquired knowledge and skills while in service. Other issues raised by the military pensioners included the need to address the wide gap between the pensions of the

Brigadier Generals and the Major Generals, as well as incremental issue as a result of the increase in minimum wage. The parties deliberated on the restricted National Health Insurance Scheme (NHIS) for the veterans and the need to institute burial support for the veterans. The Minister of Defence, who is also a military veteran, said the issue of SDA should not be a reason to protest, pointing out that the provision in the manual of the financial administration for the armed forces was clear. While briefing the meeting, the Chief of Account and Budget, Defence Headquarters, Major General Jakko, recalled that President Muhammadu Buhari signed and approved SDA on the February 24, 2018, but backdated the policy to take effect from November 9, 2017, payable to all personnel on retirement, pointing out that the policy does not cover the agitating veterans who retired before this date.

Ondo 2020: APC Aspirants Collapse Structures for Akeredolu James Sowole in Akure The re-election bid of the incumbent Governor of Ondo State, Mr. Oluwarotimi Akeredolu, yesterday received a major boost as all governorship aspirants who lost at the primary of the All Progressives Congress (APC) pledged to work towards ensuring success of the party in the October 20, 2020, governorship election. Akeredolu defeated 11 other aspirants with a wide margin of 2,458 votes while his closet rival, Chief Olusola Oke, got 262 votes to clinch the ticket.

The former aspirants made the pledged in Akure at a meeting of the APC Advisory Council presided over by the national leader of the party, Bola Tinubu, who was represented by former APC National Vice Chairman, South West, Chief Pius Akinyelure. Among those who attended the meeting were Oke, Chief Segun Abraham and Hon Isaac Kekemeke. Speaking to journalists after the meeting, Kekemeke said they all decided to work collectively for the success of the party in the October 10 governorship poll. Kekemeke said they would

deliver massive votes for Akeredolu’s re-election. “We have resolved that we have no other party than the APC. We have no other candidate than Akeredolu. We have decided to bury our differences and work for the victory of our party. “What you are going to see form today is a bigger party, a reengineered APC. All internal cleavages in our party have been put to rest. It is our party and we have one candidate. “We are ready. We are united and we have resolved to work together in unison,” Kekemeke said.

MONDAY AUGUST 10, 2020 ˾ T H I S D AY

24 HOURS...

Senate Spokesman Berates DG PGF over Comments on Edo Poll Deji Elumoye in Abuja

Chairman of the Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, has chided the Director-General of the Progressive Governors’ Forum (PGF), Salihu Moh Lukman, for criticising the All Progressives Congress (APC) handling of Edo State election campaigns as weak, defeatist and cowardly. He has also called on the Governors’ Forum to immediately call Lukman to order, and bar him from making disparaging remarks about the party. According to the senator, “Those who really have nothing

useful to contribute to the ongoing campaigns should desist from making remarks that will discourage genuine democrats who are working for the progress of APC and the country. Basiru, who was the Secretary of the APC Credentials Committee on Edo State governorship poll, dismissed Lukman’s view point as conceding electoral victory to the opposition before casting the first ballot, and that no true progressive-minded individual ought to nurse such negative view point. He said: “The approach advocated by the DG that Adams Oshiomhole should be

withdrawn into the background is cowardly, weak and at its best, defeatist as well as treacherous. Can anyone withdraw his best asset when needed most? “We shall be indulging in self-delusion if we say Oshiomhole is not important or central to the on-going campaigns especially when the opposition has made him the focus of their campaign.” The Senate spokesman reminded the DG that the same Oshiomhole led Governor Godwin Obaseki by the nose and campaigned vigorously for him to become governor four years ago.

Kashamu: Your End will also Come, Fayose Tells Obasanjo A former Ekiti State Governor, Mr. Ayodele Fayose, has condemned ex-President Olusegun Obasanjo’s official statement on the death of exSenator Buruji Kashamu. Kashamu, a governorship candidate of the Peoples Democratic Party (PDP) in the 2019 election in Ogun State, died of COVID-19 complications on Saturday at the age of 62. But in a message titled, ‘Letter of condolence,’ addressed to Ogun State Governor Dapo Abiodun, Obasanjo, who condoled with the family of the deceased and the state as whole, also

alleged that Kashamu used the instruments of law and politics to evade justice. However, reacting to Obasanjo’s letter on Saturday night, Fayose tweeted via his verified Twitter handle @GovAyoFayose: “I commiserate with the family of Senator Buruji Kashamu for this irreparable loss and pray for the repose of his soul. The Almighty God will console those he left behind. “I also condemn the statement made by former President Obasanjo on his (Kashamu) death. “It is regrettable that Obasanjo

could say what he said about Buruji Kashamu after his death and when he can no longer question him. Why didn’t he say that when Kashamu was alive? “Can Obasanjo say in good conscience that he did not at some point collaborated with Kashamu and most of the things he (Kashamu) did politically were not with his collaboration? “Nigerians will watch out for Obasanjo’s own end. He should stop forming saint because he is not. He should also remember that his own end will come too and nobody knows how the end will be.”

MONDAY AUGUST 10, 2020 ˾ T H I S D AY

24 HOURS...

COVID-19: US Warns Citizens against Travelling to Nigeria The United States has warned its citizens against travelling to Nigeria due to the COVID-19 pandemic. The warning was contained in a travel advisory obtained on its website. The advisory, which was dated August 6, also cautioned US citizens from travelling to 12 states in Nigeria over security challenges. “Reconsider travel to Nigeria

due to COVID-19. Some areas have increased risk,” it noted. Among the security challenges listed in the advisory are terrorism, civil unrest, kidnapping, and maritime crime. In a statement, titled, “Country Summary”, the US citizens were warned not to travel to Borno and Yobe and Adamawa states due to terrorism. They were also asked to avoid Adamawa, Bauchi, Borno, Gombe,

APC Commends Edo Electorate for Massive Turnout AdedayoAkinwaleinAbuja The All Progressives Congress (APC) has commended the people of Edo State for their massive turnout, and support extended to the party’s National Campaign Council during Saturday’s campaign flag-off of its governorship candidate, Pastor Osagie Ize-Iyamu. The Deputy National Publicity Secretary, Mr. Yekini Nabena, in a statement issued yesterday said Edo electorate have sent a clear message on the governance direction of the state - a progressive one which puts the people’s welfare and interests first. He said, “President Muhammadu Buhari in endorsing the APC governorship candidate, Pastor Osagie Ize-Iyamu charged the APC leadership to prosecute and win the Edo State governorship election using all legal and constitutional means by

avoiding the pitfalls that affected the party’s victory in Rivers, Zamfara and Bayelsa states during and after the 2019 elections. This we intend to achieve with the new and positive party disposition under the Governor Mai Mala Buni-led APC Caretaker Committee.” The ruling party commended the Oba of Benin, Oba Ewuare II, for the warm reception and hospitality extended to its party leaders during the courtesy visit to the Palace. “We congratulate the Governor Mai Mala Buni-led APC Caretaker Committee for successful bringing together party ranks as a repositioned, united and happy family in total support of the APC governorship candidate. Going forward, the task before us is to collectively showcase our evident people-focused development records to the good people of Edo State.

Tinubu, Okupe Mourn Kashamu The National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, and a former presidential spokesman, Dr. Doyin Okupe have commiserated with the family and friends of the late former Senator representing Ogun East senatorial zone, Buruji Kashamu over the death of the chieftain of the Peoples Democratic Party (PDP). Tinubu in a statement issued yesterday by his Media Office, said he was deeply shocked and saddened by the news of the passing of Kashamu. The former Lagos State governor described the late former senator as a notable leader in the country

and a true grassroots politician. “He fought for his convictions, for the people of Ogun State and for his country. Senator Kashamu was also a good party man. He was unwavering in his support for his party, PDP, through all the twists and turns of his political life. His passing is a big loss to the larger political family in Nigeria. He worked assiduously to advance the political and economic fortunes of his state. Kashamu represented, with merit, Ogun East in the 8th National Assembly and worked well for his constituents. He was a kind and generous man, a philanthropist in his own right and an astute businessman.

GroupThreatens to Recall House Member over Siting of Polytechnic Chinedu Eze The Conference of Concerned Constituents (CCC) for Shendam/Quanpaan/Mikang federal constituency of Plateau State has threatened to initiate the recall of the member representing the federal constituency in the House of Representatives, Hon. Alphonsus Komsol Longgap. Their grouse was that Longgap allegedly failed to attract the siting of the proposed Federal Polytechnic in the constituency. A statement that was signed by the Chairman of the CCC, Mr. Shalwus K. Lucas, and its Public Relations Officer Mr. Peter Maishik, said that the last

week’s resolution of the House of Representatives for the establishment of the proposed federal polytechnic at Zandi in Jos East Local Government Area of Plateau State came as a shock to them. The group expressed disappointment over what it described as Longgap’s failure to defend the interest of the constituency when the matter was being discussed in the House. The concerned constituents said that they were compelled to raise their voices against Longgap due to his refusal to either counter the motion or issue a reassuring press statement stating his position on the matter after the House resolution.

Kaduna, Kano, and Yobe states due to kidnapping Other states listed are Akwa Ibom, Bayelsa, Cross Rivers, Delta, and Rivers states (with the exception of Port Harcourt) due to civil unrest, kidnapping, and maritime crime. “Do not travel to Adamawa, Bauchi, Borno, Gombe, Kaduna, Kano, and Yobe states. The security situation in Northwest and Northeast Nigeria is fluid and unpredictable, particularly in

the states listed above due to widespread inter-communal violence and kidnapping. “Terrorist groups based in the Northeast target churches, schools, mosques, government installations, educational institutions, and entertainment venues. Approximately two million Nigerians have been displaced as a result of the violence in Northeast Nigeria. “Do not travel to coastal areas of Akwa Ibom, Bayelsa, Cross Rivers, Delta, and Rivers states (with the exception of Port

Harcourt) – Crime is rampant throughout Southern Nigeria, and there is a heightened risk of kidnapping and maritime crime, along with violent civil unrest and attacks against expatriate oil workers and facilities,” it read. While giving a summary of security situation in Nigeria, it added, “Violent crime – such as armed robbery, assault, carjacking, kidnapping, and rape – is common throughout the country. Exercise extreme caution throughout the country due to the threat of indiscriminate

violence. “Terrorists continue plotting and carrying out attacks in Nigeria, especially in the Northeast. Terrorists may attack with little or no warning, targeting shopping centers, malls, markets, hotels, places of worship, restaurants, bars, schools, government installations, transportation hubs, and other places where crowds gather. “Sporadic violence occurs between communities of farmers and herders in rural areas. There is maritime crime in the Gulf of Guinea.”

CONGRATULATIONS...

L-R: Representative of the Minister of Interior, Major General EE Bassey (rtd); Newly promoted Assistant Comptroller General of Nigerian Immigration Service (NIS), Mrs. Doris Braimah; and sister of the newly promoted officer, Dr. Ruth Okunbo, during the decoration of the officer with her new rank at the NIS Headquarters in Abuja...weekend

Aviation Unions to Protest Nationwide against FG’s Plan to Concession Airports Chinedu Eze Labour unions in the aviation industry have said they have concluded plans to embark on nationwide industrial protest to kick against federal government’s plan to concession the nation’s airports General Secretaries of the National Association of Aircraft Pilots and Engineers (NAAPE), Association of Nigeria Aviation Professionals, (ANAP), National Union of Air

Transport Employees, (NUATE) and the Air Transport Services Senior Staff Association of Nigeria, (ATSSSAN) made this known in a statement issued yesterday. They described airport concession as a crime against the Nigerian people and insisted the plan must be resisted frontally. In a joint statement, signed by the General Secretaries of ANAP, Abdulrazak Saidu, NAAPE, Ocheme Aba and

ATSSSAN, Frances Akinjole, the unions said they were not ignorant of the concessions or Public Private Partnership (PPP) procedures as being overseen by the Infrastructure Concession Regulatory Commission (ICRC). “As a matter of fact, our well-considered contention that the ICRC has not performed due diligence on the concession programme, and that the ministry has not acted altruistically in

the matter is borne out of our knowledge that both the Ministry and the ICRC have gravely failed to comply with the established PPP due process.” Giving reasons for their opposition to the concession plan, the unions called attention to noticeable fundamental infractions in the handling of the airport concession project by the ICRC and the Ministry of Aviation.

FIDA Petitions NJC, CJN over Gombe CJ’s Appointment Alex Enumah in Abuja The International Federation of Women Lawyers (FIDA) has joined the fight against alleged women discrimination in the country, with a call on the National Judicial Council (NJC) not to bow to the wish of the Gombe State Government in the appointment of a substantive Chief Judge for the state.

FIDA, which made the call in a petition to the NJC, lamented what it termed recurring discriminatory actions against female law practitioners in some parts of the country, and vowed to resist the application of such if it applied in the selection of a substantive Chief Judge for Gombe State. FIDA, while expressing worry over what it described

as deep-seated discrimination against female lawyers, especially in the northern part of the country, advised the NJC not to succumb to “such anachronistic and discriminatory antics.” In a petition forwarded to the NJC, which was signed by its Country Vice-President, Rhoda Tyoden, and National Secretary, Evelyn Membere-Asimiea, FIDA

drew the attention of the NJC, particularly, its Chairman and Chief Justice of Nigeria (CJN), Justice Tanko Mohammed, to what they described as serious infractions by the Gombe State Judicial Service Commission, where a female judge, Justice Beatrice Iliya, is about to be denied elevation as Chief Judge of the state, ostensibly because of her gender.

North-east Devt Master Plan Ready Soon, Says NEDC Michael Olugbode in Maiduguri The North East Development Commission (NEDC) yesterday said the development master plan for the troubled sub-region would be available soon. The pledge was made by the Managing Director of the Commission, Alhaji Mohammed Alkali when the six governors of the region paid a courtesy call on the commission in Maiduguri. He said as a mandate of the commission, it has plans that will

transit between humanitarian development and development of peace and stability in the region. Goni said it is very composite thing that NEDC is going to do that which will cover all aspects of lives that include livelihoods development. He said the governors’ visit to the headquarters in Maiduguri is to see things for themselves and ensure that the commission is working. Alkali described the governors’ visit after a meeting of the Nigeria North-east Governors Forum as

special. “This week, we have finally decided that all the Management Staff should move to Maiduguri being the headquarters of the commission. We are going to seek for more support so that we can do our work effectively and efficiently. Each of the governors has given us temporary office to operate in their respective states.” “ With collaboration and teamwork, the Northeast region shall rise again to its glorious past,” he said.

On the N6 billion Education Endowment Fund set up by the NEDC for the North-east , Alkali said the fund is to resuscitate the region’s devastated education sector and rebuild the human capital. Responding on behalf of the governors, the newly elected Chairman of the Forum and the governor of Borno State, Professor Babagana Zulum noted that one of the reasons for the establishment of the NEDC is to enhance the economic recovery and stabilisation of the region.

Ë&#x153; ÍšÍ¸Ë&#x153; ÍşÍ¸ÍşÍ¸ Ëž T H I S D AY

MONDAYSPORTS

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

E U R O PA L E A G U E Q â&#x20AC;&#x2122; F I N A L

Ighalo in Cologne, Set for 13-Day Lockdown with Man Utd Duro Ikhazuagbe with agency report Odion Ighalo who is primed to feature for Manchester United against FC Copenhagen in this eveningâ&#x20AC;&#x2122;s Europa League winner-takes-all quarter-final clash in Cologne, is potentially facing a 13-day lockdown in Germany. If Ole Gunnar Solskjaerâ&#x20AC;&#x2122;s men beat the Danish side today at the RheinEnergieStadion and go all the way to final, they would be in the lockdown for 13 days. The final of the Europa was originally supposed to be held in Gdansk, Poland, but that has been pushed back to next year with Germany seen as an ideal country to host the new knockout format adopted to conclude the season disrupted by the Covid-19 pandemic. This will be the second time Ighalo who is on loan till end of January will go through the process after his first experience when he joined the Red Devils fresh from China on mid-season transfer last January. The AFCON 2019 top scorer was placed on 14-day quarantine for fear of Covid-19 before he joined the rest of United players.

Ighaloâ&#x20AC;&#x2122;s main rivals for starting shirt, Mason Greenwood and Marcus Rashford were also in Unitedâ&#x20AC;&#x2122;s 21-man party that flew into Cologne on Sunday morning. The former Super Eagles forward has started each of the last three games contested by Manchester United in the Europa League - Club Brugge (home) and in the home and away legs against LASK of Austria. He was on the scorerâ&#x20AC;&#x2122;s sheet away in Austria before the lockdown. The Red Devilsâ&#x20AC;&#x2122; win against the Danish Superliga powerhouse would see them face either Wolverhampton Wanderers or Sevilla in the semifinal to be staged next Meanwhile, UKâ&#x20AC;&#x2122;s Daily Mail reported yesterday that Manchester United were surprised to discover that UEFA have allocated them a training ground at the 12,000-seater Sudstadion, home to fourth-tier outfit Fortuna Koln, or a third division alternative if they go through. They were hoping to be given access to facilities at a Bundesliga club, but were told that they are all being used in preparation for the start of the new German season next month. The rules will be the same

Dare Hailed Over Move to Reposition Long Distance Running in Nigeria Sports Minister, Sunday Dare, has been hailed over his determined move to resuscitate long distance running in Nigeria after years of neglect. A former National Steeplechase Record Holder and World Athletics Certified Lecturer, Professor Ezra Gunnen, applauded the ministerâ&#x20AC;&#x2122;s move at the weekend, stressing that he has shown uncommon political will to see that long distance runners in Nigeria get the required training, exposure and opportunity to compete locally and internationally. â&#x20AC;&#x153;Before now, middle and long distance development has never been a focus of any administration since the time of Air Commodore Anthony Ikazobor,â&#x20AC;? he recalled. The former steeplechase record holder believes developing long distance programmes will provide outlets that will redirect the energy of youths into positive ventures of self-development and a source of pride to the nation, region and community. â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Failure to develop the potentials in youths is causing them to depend on government for everything and when itâ&#x20AC;&#x2122;s not forthcoming, they join all sorts

Sunday Dare Sports Minister

of groups,â&#x20AC;? said Gunnen who is delighted the sports minister is going in the right direction with the project. â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Prosecuting the project requires the will power of the Federal Ministry of Sports to channel resources in the right direction once and for all. Once developed, sponsors and organizations interested in specific athletes will take over,â&#x20AC;? he said but warned the results of the project will not be immediate. â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Developing distance runners requires time, at least one and a half years of good training, recovery and competition. It is attainable but as a research trial project unto the hands of few coaches,â&#x20AC;? he added and insists that the project of which he is a member of the committee inaugurated by the committee in June will commence almost immediately now with the relaxation of Covid-19 rules for non-contact sports in Nigeria. Gunnen is not however happy that most governments, especially states and at the local levels are thinking of developing athletes outside the school system. â&#x20AC;&#x2DC;â&#x20AC;&#x2122;Both must work together as parents will not allow their children to be in sport without education and so sport should be seen as an entrepreneur programmes for students that have the potentials. With what we have now, we are just wasting our youths,â&#x20AC;? he said and believes the sports ministerâ&#x20AC;&#x2122;s bold moves in reforming sports generally and particularly with the long distance project will begin to correct some of these problems. The committee has identified two training areas in Jos, Plateau State and Mambila in Taraba State to develop facilities for altitude training and Professor Gunnen heads the technical committee for the project.

for every team, with Bayer Leverkusen forced to abandon their state-of-the-art complex and train 20 miles away in Dusseldorf before facing Inter Milan tonight. Itâ&#x20AC;&#x2122;s understood that the fourstar hotel booked for United is

also some way below their usual standards for European trips. Solskjaer had preferred to fly in and out of Germany for the tournament and work with his squad at Carrington as usual. United last won the competition

in 2017, beating Ajax 2-0 in the final in Jose Mourinhoâ&#x20AC;&#x2122;s first season at the club. UNITEDâ&#x20AC;&#x2122;S 21-MAN SQUAD: Bishop, De Gea, Grant; Dalot, Fosu-Mensah, Laird, Lindelof, Mengi, Wan-Bissaka, Williams;

Fernandes, Galbraith, Garner, Pogba, Matic, Mata, Lingard, Pereira; Chong, Greenwood, Ighalo, James, Rashford. TODAYâ&#x20AC;&#x2122;S FIXTURES@8pm Man Utd v Copenhagen Inter v Leverkusen

Manchester United players and officials on arrival in Cologne, Germany for the Europa League quarter final clash with FC Copenhagen... yesterday morning

Rivers Utd Threaten to Approach FIFA, Others over Champions League Ticket A Nigeria Professional Football League (NPFL) side, Rivers United FC have threatened to explore legitimate means available including formal petition to FIFA, CAF and CAS to ventilate their grievances over the decision of the league managers to place the team in third position. Rivers United have insisted they finished second and not third as against the final season table revealed by the League Management Company. In a statement signed by the General Manager of the club, Okey Kpaluku and made available to media over the weekend which reads, â&#x20AC;&#x153;Our attention has been drawn to a purported Nigeria Professional Football League (NPFL) table

being circulated around the media space wherein Plateau United, Enyimba and Rivers United were placed first, second and third respectively. According to the table, while Rivers United and Enyimba were tied on same number of points, a totally strange/ inconclusive head-to-head consideration affected by same force majeure was used to place Enyimba in the second position. â&#x20AC;&#x153;Nothing can be further from the truth; as such consideration can only exist in the imagination of those peddling the fake table â&#x20AC;&#x153;For emphasis and to inform discerning members of the public, what is internationally known and even in the rule books of League Management Company (LMC) of Nigeria is that points

are the first basis of separating teams, followed by goal difference before head to head. â&#x20AC;&#x153;The Points Per Game (PPG) model adopted by the Nigeria Football Federation (NFF) and LMC is a straight forward coefficient of dividing the total number of points with the total number of matches played as when the league was suspended in order to guarantee fairness to club that played less number of matches. â&#x20AC;&#x153;With the application of PPG, all teams are now measured equally erasing the scenario of whether or not any club played higher number of matches than the other. â&#x20AC;&#x153;It also follows therefore that in separating the tie by goal difference, is to divide number

of goals scored by number of matches played to arrive at a coefficient. â&#x20AC;&#x153;Based on the above, it is obvious that Rivers United is the second-placed team and no amount of false narratives will deceive those who should know. â&#x20AC;&#x153;We have already made our position known to the NFF and LMC and, we expect that justice will be served without fear or favour. â&#x20AC;&#x153;On a final note, we may be compelled to explore all legitimate means available, including formal petitions to FIFA, CAF, and CAS to ventilate our grievances and press for justice,â&#x20AC;? concludes the press statement made available on several platforms by the Rivers United FC media.

FC One Rocket Rolls out New Technical Crew Ahead of the new season, the management of Eket-based FC One Rocket has named officials to manage the affairs of the Nigeria National League (NNL) side. The outfit in the oil city being bankrolled by a member representing Onna State Constituency in Akwa Ibom House of Assembly, Rt. Hon. Nse Essien, recently bought over the NNL spot hitherto held by Collins Edwin Sports Club. FC One Rocket has named Emmanuel King as head coach of the club. King is an experienced grassroots coach and will be assisted by youthful Coach Attat Itoro Xavier. Others technical staff of the club announced at the weekend include; Olatunji Baruwa (Goalkeeper Trainer); John Paul (Media); Uwem Linus (Team Coordinator), Barr. Linus Ukpong

(Secretary) while the 2013 Golden Eaglets World Cupwinning Coordinator, Suleiman Abubakar (MON), will serve as the teamâ&#x20AC;&#x2122;s Sporting Director. Meanwhile, Essien who doubles as the Akwa Ibom State House of Assemblyâ&#x20AC;&#x2122;s Deputy Chief Whip and Chairman, Committee on Security & Sports, said it was his love for the Beautiful Game

and the desire to impact on the life of youths in the state and its environs that necessitated his resolve to float the team. â&#x20AC;&#x153;It is my dream that this club is going to be a gateway for many young players to actualise their dreams of playing football in Europe and I am serious about this because we want to run this club as a business venture,â&#x20AC;?

Essien said in club statement. He admitted to have several links with clubs in Europe. â&#x20AC;&#x153;Already, I have several links with clubs in Europe and itâ&#x20AC;&#x2122;s my desire that no player stay in my club for more than two season before going abroad to further their careers; this is my modest dream for FC One Rocket,â&#x20AC;? he noted.

FC One Rocket Proprietor, Rt. Hon. Nse Essien, surrounded by the clubâ&#x20AC;&#x2122;s oďŹ&#x192;cials and players at the unveiling of the new technical staďŹ&#x20AC;â&#x20AC;Śat the weekend

Monday August 10, 2020

UT H

& RE A SO

Price: N250

MISSILE

Wike to Oshiomhole

â&#x20AC;&#x153;It is unfortunate that we are in a country that somebody that does not have a certiďŹ cate will question the one that has. Oshiomhole has trade test which is not an academic qualiďŹ cation. I challenge him to show the world his academic qualiďŹ cationâ&#x20AC;? â&#x20AC;&#x201C; Rivers State Governor, Mr. Nyesom Wike, denouncing the claims by Mr. Adams Oshiomhole that Governor Godwin Obaseki lacked required academic credentials to contest the September 19 poll.

ALEXOTTI Slicing the Fat from Our Pot Bellies III OUTSIDE THE BOX

alex.otti@thisdaylive.com

â&#x20AC;&#x153;Never use what you require for nourishment to just grow tallâ&#x20AC;? â&#x20AC;&#x201C; Local Nigerian Saying

her. In this concluding part of our discussion of taming the cost of governance, we will look at the states as that arm of government which constitutes the bulk of the waste of scarce resources we experience in the public sector. Â&#x;Â&#x17D;Â&#x203A;Â˘ČąÂ&#x2013;Â&#x2DC;Â&#x2014;Â?Â&#x2018;Ç°ČąÂ?Â&#x2018;Â&#x17D;Čą Â&#x17D;Â?Â&#x17D;Â&#x203A;Â&#x160;Â&#x2022;Čą Â&#x2022;Â&#x2022;Â&#x2DC;Â&#x152;Â&#x160;Â?Â&#x2019;Â&#x2DC;Â&#x2014;Čą Â&#x2DC;Â&#x2013;Â&#x2013;Â&#x2019;Ä´Â&#x17D;Â&#x17D;Čą meets in Abuja to share money to the component parts of government. According to the approved formula for sharing, 56% of funds goes to the Federal Government, while the remaining 44% is shared by the states. Of this amount, 20% should theoretically go to the local governments through the Joint Local Government Account (JAAC), a body that in all practical terms, is also controlled by the states. This is because the local governments are accountable to the state governments. In most cases, in order to control the funds in the JAAC account, states refuse to conduct local government elections, preferring the subterfuge of appointing â&#x20AC;&#x2DC;Transitionalâ&#x20AC;&#x2122; Council Â&#x2018;Â&#x160;Â&#x2019;Â&#x203A;Â&#x2013;Â&#x17D;Â&#x2014;Čą Â&#x160;Â&#x2014;Â?Čą Â&#x2DC;Ä&#x153;Â&#x152;Â&#x17D;Â&#x203A;Â&#x153;Ç°Čą Â Â&#x2018;Â&#x2DC;Čą Â&#x160;Â&#x203A;Â&#x17D;Čą Â&#x152;Â&#x2DC;Â&#x2013;Â&#x2122;Â&#x2022;Â&#x17D;Â?Â&#x17D;Â&#x2022;Â˘Čą accountable to the governors. For some state Governors, they simply continue to renew the appointment of the transitional councils ad Â&#x2019;Â&#x2014;Ä&#x2122;Â&#x2014;Â&#x2019;Â?Â&#x17E;Â&#x2013;ČąÂ?Â&#x2DC;ČąÂ&#x17D;Â&#x2014;Â&#x153;Â&#x17E;Â&#x203A;Â&#x17D;ČąÂ?Â&#x2018;Â&#x160;Â?ČąÂ?Â&#x17D;Â&#x2013;Â&#x2DC;Â&#x152;Â&#x203A;Â&#x160;Â?Â&#x2019;Â&#x152;Â&#x160;Â&#x2022;Â&#x2022;Â˘ČąÂ&#x17D;Â&#x2022;Â&#x17D;Â&#x152;Â?Â&#x17D;Â?Čą Â&#x2DC;Ä&#x153;Â&#x152;Â&#x17D;Â&#x203A;Â&#x153;ČąÂ?Â&#x2DC;ČąÂ&#x2014;Â&#x2DC;Â?ČąÂ&#x17D;Â&#x2013;Â&#x17D;Â&#x203A;Â?Â&#x17D;ÇŻČą Â&#x;Â&#x17D;Â&#x2014;ČąÂ Â&#x2018;Â&#x17D;Â&#x2014;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x2122;Â&#x203A;Â&#x17D;Â&#x153;Â&#x153;Â&#x17E;Â&#x203A;Â&#x17D;Čą becomes too much, they would simply organise a selection exercise that would guarantee that only their loyalists emerge at the end of such processes. It was all these that led the National Assembly to pass a law recently, aimed at guaranteeing the autonomy of local governments. That one is a story for another day. Nigeriaâ&#x20AC;&#x2122;s political structure boasts of 36 states as at now, along with 774 local governments. The jury is still out as to whether these are very large numbers or not, when considered alongside the economic situation of our country. Could we have done with fewer states and local governments? Â&#x17D;Čą Â&#x153;Â&#x2018;Â&#x160;Â&#x2022;Â&#x2022;Čą Â&#x160;Ä´Â&#x17D;Â&#x2013;Â&#x2122;Â?Čą Â?Â&#x2DC;Čą Â&#x2122;Â&#x203A;Â&#x2DC;Â&#x;Â&#x2019;Â?Â&#x17D;Čą Â&#x160;Â&#x2014;Â&#x153;Â Â&#x17D;Â&#x203A;Â&#x153;Čą Â?Â&#x2DC;Čą Â?Â&#x2018;Â&#x17D;Â&#x153;Â&#x17D;Čą posers during this discourse. The thirty-six-state structure in the country implies that we have 36 governors and 36 Deputy Governors. For each of these states, there is a state House of Assembly charged with promulgating laws for the state. All the Houses of Assembly for the 36 states of the federation put together, have a total of 1,022 members. Now, one must bear in mind that each of the Members of the State House is entitled to a Â&#x2014;Â&#x17E;Â&#x2013;Â&#x2039;Â&#x17D;Â&#x203A;ČąÂ&#x2DC;Â?ČąÂ&#x160;Â&#x2019;Â?Â&#x17D;Â&#x153;ČąÂ&#x160;Â&#x2014;Â?ČąÂ&#x2122;Â&#x17D;Â&#x203A;Â&#x153;Â&#x2DC;Â&#x2014;Â&#x160;Â&#x2022;ČąÂ&#x153;Â?Â&#x160;Ä&#x203A;ČąÂ Â&#x2018;Â&#x2DC;ČąÂ?Â&#x17D;Â?ČąÂ&#x2122;Â&#x160;Â&#x2019;Â?Čą â&#x20AC;&#x2DC;somehowâ&#x20AC;&#x2122; by the states. The remaining members of the executive in the states equally have their own retinue of advisers, special assistants and senior special assistants. These also come along with a retinue of other personal aides. Each of the 36 states has commissioners (which we have estimated at twenty in number per state). These invariably also function along with their own Â&#x160;Â&#x203A;Â&#x2013;Â˘ČąÂ&#x2DC;Â?ČąÂ&#x153;Â?Â&#x160;Ä&#x203A;ČąÂ&#x160;Â&#x2014;Â?ČąÂ&#x160;Â&#x2019;Â?Â&#x17D;Â&#x153;ÇŻČą Â&#x2018;Â&#x17D;ČąÂ&#x2022;Â&#x2DC;Â&#x152;Â&#x160;Â&#x2022;ČąÂ?Â&#x2DC;Â&#x;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x2013;Â&#x17D;Â&#x2014;Â?Â&#x153;Čą on their own, have Chairmen, Deputy Chairmen and Councilors, who also have their own aides Â&#x160;Â&#x2014;Â?ČąÂ&#x2122;Â&#x17D;Â&#x203A;Â&#x153;Â&#x2DC;Â&#x2014;Â&#x160;Â&#x2022;ČąÂ&#x153;Â?Â&#x160;Ä&#x203A;ÇŻ In its report titled â&#x20AC;&#x153;State of the States 2019 Editionâ&#x20AC;?, Budgit, a public and civic organisation, revealed that out of the 36 states in Nigeria, only Â?Â&#x2018;Â&#x203A;Â&#x17D;Â&#x17D;Ç°ČąÂ&#x;Â&#x2019;ÂŁÇ°Čą Â&#x160;Â?Â&#x2DC;Â&#x153;Ç°Čą Â&#x2019;Â&#x;Â&#x17D;Â&#x203A;Â&#x153;ČąÂ&#x160;Â&#x2014;Â?Čą Â&#x160;Â&#x2014;Â&#x2DC;Ç°ČąÂ&#x160;Â&#x203A;Â&#x17D;ČąÄ&#x2122;Â&#x153;Â&#x152;Â&#x160;Â&#x2022;Â&#x2022;Â˘Čą Â&#x153;Â&#x17E;Â&#x153;Â?Â&#x160;Â&#x2019;Â&#x2014;Â&#x160;Â&#x2039;Â&#x2022;Â&#x17D;ÇŻČą Â&#x17E;Â?Â?Â&#x2019;Â?ČąÂ?Â&#x17D;Ä&#x2122;Â&#x2014;Â&#x17D;Â&#x153;ČąÄ&#x2122;Â&#x153;Â&#x152;Â&#x160;Â&#x2022;ČąÂ&#x153;Â&#x17E;Â&#x153;Â?Â&#x160;Â&#x2019;Â&#x2014;Â&#x160;Â&#x2039;Â&#x2019;Â&#x2022;Â&#x2019;Â?Â˘Čą as a state being able to raise enough Internally Generated Revenue, IGR, to defray its recurrent Â&#x17D;ÂĄÂ&#x2122;Â&#x17D;Â&#x2014;Â?Â&#x2019;Â?Â&#x17E;Â&#x203A;Â&#x17D;ÇŻČą Â&#x2014;ČąÂ&#x160;Â&#x2122;Â&#x2122;Â&#x2022;Â˘Â&#x2019;Â&#x2014;Â?ČąÂ?Â&#x2018;Â&#x2019;Â&#x153;ČąÂ?Â&#x17D;Ä&#x2122;Â&#x2014;Â&#x2019;Â?Â&#x2019;Â&#x2DC;Â&#x2014;Ç°Čą Â&#x17E;Â?Â?Â&#x2019;Â?Čą assumes that most states would continue to rely on external forces like federal allocation and Â&#x2DC;Â?Â&#x2018;Â&#x17D;Â&#x203A;ČąÂ&#x17D;ÂĄÂ&#x2DC;Â?Â&#x17D;Â&#x2014;Â&#x2DC;Â&#x17E;Â&#x153;ČąÂ&#x2019;Â&#x2014;Ä&#x161;Â&#x2DC;Â Â&#x153;Ç°ČąÂ?Â&#x2DC;ČąÂ?Â&#x17E;Â&#x2014;Â?ČąÂ?Â&#x2018;Â&#x17D;Â&#x2019;Â&#x203A;ČąÂ&#x152;Â&#x160;Â&#x2122;Â&#x2019;Â?Â&#x160;Â&#x2022;Čą expenditure. Had the report on the other hand,

Finance Minister, Zainab Ahmed made the assumption that states would fund their total expenditure from internally generated revenue, the picture would have been markedly, Â&#x160;Â&#x2014;Â?ČąÂ?Â&#x2019;Â&#x153;Â&#x160;Â&#x2122;Â&#x2122;Â&#x2DC;Â&#x2019;Â&#x2014;Â?Â&#x2019;Â&#x2014;Â?Â&#x2022;Â˘Ç°ČąÂ?Â&#x2019;Ä&#x203A;Â&#x17D;Â&#x203A;Â&#x17D;Â&#x2014;Â?ÇŻČą Â&#x203A;Â&#x2DC;Â&#x2013;ČąÂ&#x160;ČąÂ&#x2122;Â&#x17E;Â&#x203A;Â&#x17D;Â&#x2022;Â˘Čą economic point of view, most of the states in the country are not viable. Like we have seen lately, with the advent of the pandemic and the massive drop in oil prices, the Nigerian economy, just like many others in the world, went into a tail spin. Even before the pandemic Â?Â&#x2DC;Â&#x2DC;Â&#x201D;ČąÂ&#x17D;Ä&#x203A;Â&#x17D;Â&#x152;Â?Ç°ČąÂ&#x203A;Â&#x17D;Â&#x152;Â&#x17D;Â&#x2014;Â?ČąÂ&#x2018;Â&#x160;Â&#x2122;Â&#x2122;Â&#x17D;Â&#x2014;Â&#x2019;Â&#x2014;Â?Â&#x153;ČąÂ&#x2019;Â&#x2014;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ?Â&#x17D;Â&#x152;Â&#x2018;Â&#x2014;Â&#x2DC;Â&#x2022;Â&#x2DC;Â?Â˘Čą space, leading to the discovery of alternative energy sources, which are cleaner and renewable, had put our oil-based economy in a precarious Â&#x153;Â&#x2019;Â?Â&#x17E;Â&#x160;Â?Â&#x2019;Â&#x2DC;Â&#x2014;ÇŻČą Â&#x2018;Â&#x17D;ČąÂ&#x153;Â&#x17E;Â&#x152;Â&#x152;Â&#x17D;Â&#x153;Â&#x153;Â?Â&#x17E;Â&#x2022;ČąÂ&#x160;Ä´Â&#x17D;Â&#x2013;Â&#x2122;Â?ČąÂ?Â&#x2DC;ČąÂ&#x2122;Â&#x2018;Â&#x160;Â&#x153;Â&#x17D;ČąÂ&#x2DC;Â&#x17E;Â?Čą Â&#x2018;Â˘Â?Â&#x203A;Â&#x2DC;Â&#x152;Â&#x160;Â&#x203A;Â&#x2039;Â&#x2DC;Â&#x2014;ČŹÄ&#x2122;Â&#x203A;Â&#x17D;Â?ČąÂ&#x;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x152;Â&#x2022;Â&#x17D;Â&#x153;ČąÂ?Â&#x2DC;Â&#x203A;ČąÂ&#x17D;Â&#x2022;Â&#x17D;Â&#x152;Â?Â&#x203A;Â&#x2019;Â&#x152;ČąÂ&#x152;Â&#x160;Â&#x203A;Â&#x153;Ç°ČąÂ Â&#x2018;Â&#x2019;Â&#x152;Â&#x2018;Čą will become the standard in the next few years in Europe, North America and parts of Asia, has further dampened the hope for a revival in oil prices. Before the pandemic, majority of the states had been unable to successfully deal with their Â&#x152;Â&#x160;Â&#x153;Â&#x2018;ČąÄ&#x161;Â&#x2DC;Â ČąÂ&#x152;Â&#x2018;Â&#x160;Â&#x2022;Â&#x2022;Â&#x17D;Â&#x2014;Â?Â&#x17D;Â&#x153;ÇŻČą Â&#x2DC;Â&#x2013;Â&#x17D;Čą Â?Â&#x160;Â?Â&#x17D;Čą Â&#x2DC;Â&#x;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x2DC;Â&#x203A;Â&#x153;ČąÂ&#x2018;Â&#x160;Â&#x;Â&#x17D;Čą even been unable to pay the basic salaries of civil servants and other government employees till date. Many of them have already sunk their states into unsustainable debt levels. According to the DMO, out of the total national debt overhang of $79.3b, the states and FCT account for $11.4b or about 15% of the total, as at the end of March 2020. Some of the states have had to depend on non-guaranteed sources of funds like Paris Club refunds, budget support funds and bailouts from the federal government, and outright loans and advances from Commercial and Central Banks. It must be pointed out that these sources of funds are neither regular nor sustainable. The result is that many states have not been able to render the much-needed services to the people, a mandate which is the fundamental reason for the Â&#x152;Â&#x203A;Â&#x17D;Â&#x160;Â?Â&#x2019;Â&#x2DC;Â&#x2014;ČąÂ&#x2DC;Â?ČąÂ&#x153;Â&#x17E;Â&#x152;Â&#x2018;ČąÂ&#x153;Â?Â&#x160;Â?Â&#x17D;Â&#x153;ČąÂ&#x2019;Â&#x2014;ČąÂ?Â&#x2018;Â&#x17D;ČąÄ&#x2122;Â&#x203A;Â&#x153;Â?ČąÂ&#x2122;Â&#x2022;Â&#x160;Â&#x152;Â&#x17D;ÇŻČą ČąÂ&#x2013;Â&#x160;Â&#x201C;Â&#x2DC;Â&#x203A;Čą area where most of them have failed woefully is education. Many of the states have virtually abandoned their role of providing qualitative Â&#x160;Â&#x2014;Â?ČąÂ&#x160;Ä&#x203A;Â&#x2DC;Â&#x203A;Â?Â&#x160;Â&#x2039;Â&#x2022;Â&#x17D;ČąÂ&#x17D;Â?Â&#x17E;Â&#x152;Â&#x160;Â?Â&#x2019;Â&#x2DC;Â&#x2014;ČąÂ?Â&#x2DC;Â&#x203A;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ˘Â&#x2DC;Â&#x17E;Â?Â&#x2018;ÇŻČą Â&#x2018;Â&#x2019;Â&#x2022;Â&#x17D;Čą the local governments have the responsibility of providing education at the primary level, the states are saddled with the responsibility of providing education at the secondary level. These responsibilities have long been abandoned in many states, leading not only to low enrollment but also poor output. Healthcare delivery in most of the states is in a state of neglect. This outbreak of the pandemic has further exposed the decrepit state of health

care in many states except maybe in the states mentioned earlier, others have no standard hospital Â?Â&#x2018;Â&#x160;Â?Čą Â&#x152;Â&#x160;Â&#x2014;Čą Â&#x160;Ä´Â&#x17D;Â&#x2014;Â?Čą Â?Â&#x2DC;Čą Â&#x;Â&#x2019;Â&#x152;Â?Â&#x2019;Â&#x2013;Â&#x153;Čą Â&#x2DC;Â?Čą Â?Â&#x2018;Â&#x17D;Čą Â&#x152;Â&#x2DC;Â&#x203A;Â&#x2DC;Â&#x2014;Â&#x160;Â&#x;Â&#x2019;Â&#x203A;Â&#x17E;Â&#x153;Čą pandemic. Studies done earlier have shown that whatever metric one chooses to adopt, many of our states fall below acceptable standards. Infant mortality remains very high, maternal mortality, access to drugs, access to medical personnel and doctor patient ratio remain in the very poor quadrant. A look at the state of infrastructure reveals the alarming level of decay in most states of the federation. Roads have completely collapsed, housing is not even being mentioned in some states and drainages, water, electricity and transport systems have practically decayed. All these come as no surprise because most of the states have found themselves in the same problem that the federal government has been, as more than 70% of their annual budget goes to recurrent spending while a meagre amount, considerably less than 30%, is allocated to capital expenditure. There is the added challenge of many of the states rolling out ambitious budgets that they cannot fund and therefore, the budgets end up not being implemented to any appreciable level. While these are festering, it is imperative that Â Â&#x17D;ČąÂ?Â&#x2DC;Â&#x2014;Č&#x201A;Â?ČąÂ&#x153;Â&#x2019;Â?ČąÂ&#x2122;Â&#x203A;Â&#x17D;Ä´Â˘Ç°ČąÂ&#x2018;Â&#x2DC;Â&#x2122;Â&#x2019;Â&#x2014;Â?ČąÂ?Â&#x2018;Â&#x160;Â?ČąÂ?Â&#x2018;Â&#x17D;Â&#x153;Â&#x17D;ČąÂ&#x203A;Â&#x17D;Â&#x160;Â&#x2022;Â&#x2019;Â?Â&#x2019;Â&#x17D;Â&#x153;Čą would soon reverse themselves on their own. Our constant essays on reducing the cost of governance are part of our own patriotic call on everyone to begin to prepare for the rainy day as the ominous dark clouds gather. The urgent question that needs to be addressed now is whether we should continue to keep our existing unviable governance structure even when we are convinced that it is a drain on the nationâ&#x20AC;&#x2122;s scare resources. Some commentators have pushed back to say that if we saved money that were Â&#x2018;Â&#x2019;Â?Â&#x2018;Â&#x17D;Â&#x203A;Â?Â&#x2DC;ČąÂ&#x153;Â?Â&#x2DC;Â&#x2022;Â&#x17D;Â&#x2014;ČąÂ?Â&#x203A;Â&#x2DC;Â&#x2013;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x152;Â&#x2DC;Ä&#x203A;Â&#x17D;Â&#x203A;Â&#x153;ČąÂ&#x2DC;Â?ČąÂ?Â&#x2DC;Â&#x;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x2013;Â&#x17D;Â&#x2014;Â?Ç°Čą then the cost of governance would pale into Â&#x2019;Â&#x2014;Â&#x153;Â&#x2019;Â?Â&#x2014;Â&#x2019;Ä&#x2122;Â&#x152;Â&#x160;Â&#x2014;Â&#x152;Â&#x17D;ÇŻČą Â&#x2018;Â&#x2019;Â&#x2022;Â&#x17D;Čą Â Â&#x17D;Čą Â&#x2013;Â&#x160;Â˘Čą Â&#x2014;Â&#x2DC;Â?Čą Â&#x152;Â&#x2DC;Â&#x2013;Â&#x2122;Â&#x2022;Â&#x17D;Â?Â&#x17D;Â&#x2022;Â˘Čą discountenance this line of argument, we must quickly add that stopping the leakages is not mutually exclusive with controlling our cost of governance. We therefore argue that indeed, we can and should do both, as we can put a stop to â&#x20AC;&#x2DC;relootingâ&#x20AC;&#x2122; the looted funds and also cut the cost of governance. In the medium term, we want to recommend that our states and their leadership need to understand the enormity of the problem. Our Â&#x152;Â&#x2DC;Â&#x2014;Â&#x152;Â&#x17D;Â&#x203A;Â&#x2014;ČąÂ&#x2019;Â&#x153;ČąÂ?Â&#x2018;Â&#x160;Â?ČąÂ&#x2022;Â&#x17D;Â&#x160;Â?Â&#x17D;Â&#x203A;Â&#x153;Â&#x2018;Â&#x2019;Â&#x2122;ČąÂ&#x160;Â?ČąÂ?Â&#x2019;Ä&#x203A;Â&#x17D;Â&#x203A;Â&#x17D;Â&#x2014;Â?ČąÂ&#x2022;Â&#x17D;Â&#x;Â&#x17D;Â&#x2022;Â&#x153;ČąÂ&#x2019;Â&#x2014;ČąÂ?Â&#x2018;Â&#x17D;Čą states donâ&#x20AC;&#x2122;t seem to be conscious of the fact that there is a problem. This is a major issue because a problem that is not acknowledged cannot be solved. Even when states cannot pay salaries one sees that leadership seems not to bother and continues with the lifestyle of leadership that prevailed when we were operating a hundreddollar-per-barrel-oil economy, when in fact we cannot get half of that amount in the current Â?Â&#x2019;Â&#x153;Â&#x2122;Â&#x17D;Â&#x2014;Â&#x153;Â&#x160;Â?Â&#x2019;Â&#x2DC;Â&#x2014;ÇŻČą Â&#x2018;Â&#x17D;Â&#x203A;Â&#x17D;ČąÂ&#x2019;Â&#x153;ČąÂ?Â&#x2018;Â&#x2019;Â&#x153;ČąÂ&#x160;Ä´Â&#x2019;Â?Â&#x17E;Â?Â&#x17D;ČąÂ?Â&#x2018;Â&#x160;Â?ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x152;Â&#x2DC;Â&#x153;Â?Čą Â&#x2DC;Â?ČąÂ&#x203A;Â&#x17E;Â&#x2014;Â&#x2014;Â&#x2019;Â&#x2014;Â?ČąÂ?Â&#x2DC;Â&#x;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x2013;Â&#x17D;Â&#x2014;Â?ČąÂ&#x2019;Â&#x153;ČąÂ&#x160;ČąÄ&#x2122;Â&#x203A;Â&#x153;Â?ČąÂ&#x2022;Â&#x2019;Â&#x2014;Â&#x17D;ČąÂ&#x152;Â&#x2018;Â&#x160;Â&#x203A;Â?Â&#x17D;ČąÂ&#x160;Â&#x2014;Â?Čą must be considered despite the parlous state of revenue. We all know that this is untenable, yet we continue to operate like the proverbial fellow Â Â&#x2018;Â&#x2DC;Ç°ČąÂ Â&#x2018;Â&#x2019;Â&#x2022;Â&#x17D;ČąÂ&#x2018;Â&#x2019;Â&#x153;ČąÂ&#x2018;Â&#x2DC;Â&#x17E;Â&#x153;Â&#x17D;ČąÂ&#x2019;Â&#x153;ČąÂ&#x2DC;Â&#x2014;ČąÄ&#x2122;Â&#x203A;Â&#x17D;Ç°ČąÂ&#x2019;Â&#x153;ČąÂ&#x2122;Â&#x203A;Â&#x17D;Â&#x2DC;Â&#x152;Â&#x152;Â&#x17E;Â&#x2122;Â&#x2019;Â&#x17D;Â?Čą with hunting rats in the same house. We also advocate drastic reductionist actions to control costs and be able to carry out the required spend on critical infrastructure for the populace to grow and also enhance internally generated revenue. We may not be in a position to recommend the numbers that would be required Â&#x2019;Â&#x2014;ČąÂ?Â&#x2019;Ä&#x203A;Â&#x17D;Â&#x203A;Â&#x17D;Â&#x2014;Â?ČąÂ&#x153;Â?Â&#x160;Â?Â&#x17D;Â&#x153;ČąÂ&#x2039;Â&#x17E;Â?ČąÂ Â&#x17D;ČąÂ&#x2039;Â&#x17D;Â&#x2022;Â&#x2019;Â&#x17D;Â&#x;Â&#x17D;ČąÂ?Â&#x2018;Â&#x160;Â?ČąÂ&#x2019;Â?ČąÂ&#x2022;Â&#x17D;Â&#x160;Â?Â&#x17D;Â&#x203A;Â&#x153;Â&#x2018;Â&#x2019;Â&#x2122;Čą is sincere, it will work towards optimising the numbers both at the level of commissioners,

and that of the aides also. Just like we posited in our previous interventions, we make bold to state that the compensation packages for the leadership at the state and local government Â&#x2022;Â&#x17D;Â&#x;Â&#x17D;Â&#x2022;Â&#x153;ČąÂ?Â&#x2DC;ČąÂ&#x2014;Â&#x2DC;Â?ČąÂ&#x203A;Â&#x17D;Ä&#x161;Â&#x17D;Â&#x152;Â?ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x153;Â?Â&#x160;Â?Â&#x17D;ČąÂ&#x2DC;Â?ČąÂ?Â&#x2018;Â&#x17D;Â&#x2019;Â&#x203A;ČąÂ&#x203A;Â&#x17D;Â&#x153;Â&#x2122;Â&#x17D;Â&#x152;Â?Â&#x2019;Â&#x;Â&#x17D;Čą Â&#x17D;Â&#x152;Â&#x2DC;Â&#x2014;Â&#x2DC;Â&#x2013;Â&#x2019;Â&#x17D;Â&#x153;ÇŻČą Â&#x2018;Â&#x17D;Â˘ČąÂ Â&#x2019;Â&#x2022;Â&#x2022;ČąÂ&#x2014;Â&#x17D;Â&#x17D;Â?ČąÂ?Â&#x2DC;ČąÂ&#x2013;Â&#x160;Â&#x201D;Â&#x17D;ČąÂ&#x153;Â&#x160;Â&#x152;Â&#x203A;Â&#x2019;Ä&#x2122;Â&#x152;Â&#x17D;Â&#x153;ČąÂ?Â&#x2DC;Â&#x203A;Čą Â?Â&#x2018;Â&#x17D;ČąÂ&#x2039;Â&#x17D;Â&#x2014;Â&#x17D;Ä&#x2122;Â?ČąÂ&#x2DC;Â?ČąÂ?Â&#x2018;Â&#x17D;Â&#x2019;Â&#x203A;ČąÂ&#x153;Â?Â&#x160;Â?Â&#x17D;Â&#x153;ČąÂ&#x160;Â&#x2014;Â?ČąÂ&#x2022;Â&#x2DC;Â&#x152;Â&#x160;Â&#x2022;ČąÂ?Â&#x2DC;Â&#x;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x2013;Â&#x17D;Â&#x2014;Â?Â&#x153;ÇŻ Â&#x2022;Â&#x2DC;Â&#x153;Â&#x17D;Â&#x2022;Â˘Čą Â&#x203A;Â&#x17D;Â&#x2022;Â&#x160;Â?Â&#x17D;Â?Čą Â?Â&#x2DC;Čą Â?Â&#x2018;Â&#x17D;Čą Â&#x153;Â&#x17E;Â?Â?Â&#x17D;Â&#x153;Â?Â&#x2019;Â&#x2DC;Â&#x2014;Čą Â&#x2DC;Â?Čą Â&#x152;Â&#x17E;Ä´Â&#x2019;Â&#x2014;Â?Čą costs is the issue of internally generated revenue in the states and local governments. Governments at these levels should understand that going to share money in Abuja, though had been done for a long time is not a sustainable way to run government. While they could continue to enjoy this for as long as it lasts, they should immediately start thinking of when there is no more money to share in Abuja. Like we had demonstrated above, the time for this to happen does not seem farfetched anymore. To generate revenue locally, governments must invest in creating the enabling environment for businesses to thrive and share in the prosperity it has created. Frankly speaking, they must give scope for the private sector to lead economic activities in the states. Expecting that it is possible to collect taxes without making the state and local government competitive is like expressing water out of rock. Therefore, our governments should do away with the mindset that investing in infrastructure for the populace must be centred on political patronage. Some very viable towns and cities have been allowed to rot by subsequent governments on account of this kind of political reasoning. What those who indulge in this fail to realise is that as they believe they are punishing their enemies in those towns by not investing in infrastructure and renewals, they are at the same time kissing their IGR goodbye. Again, states must see themselves as being in competition. And they truly are in competition. Why would a businessman chose to locate his business in one state rather than the other? You think that just because the governor is friends with a businessman that it is enough to consider you a preferred investment destination? If there is anything that is rational and without emotions, it is capital. Capital shows up in a location that has prepared itself not only to receive it but also to protect it and votes with its feet when it senses danger. So, when you see leaders working round the clock to ensure that there is adequate security for their states or local governments, when you see leaders going on a roadshows to showcase their potential, when you see leadership working on ease of doing business, when you see leadership working very hard on building critical infrastructure for the populace, when you see leaders investing in bringing gas to their industrial zones; then know that such leaders understand that it is not a favour for Â?Â&#x2018;Â&#x17D;ČąÂ&#x2122;Â&#x2DC;Â&#x2122;Â&#x17E;Â&#x2022;Â&#x160;Â&#x152;Â&#x17D;ČąÂ&#x2039;Â&#x17E;Â?ČąÂ&#x160;ČąÂ&#x2039;Â&#x17E;Â&#x153;Â&#x2019;Â&#x2014;Â&#x17D;Â&#x153;Â&#x153;ČąÂ?Â&#x17D;Â&#x152;Â&#x2019;Â&#x153;Â&#x2019;Â&#x2DC;Â&#x2014;ČąÂ?Â&#x2DC;ČąÂ&#x160;Ä´Â&#x203A;Â&#x160;Â&#x152;Â?Čą investors and enhance IGR potential. Finally, we would like to do a recap on all the critical issue we have dealt with in this piece, and they are as follows: Do we need 36 states with FCT? Do we need 36 State Governors, their Deputies, Commissioners and their army of aides numbering tens of thousands? Do we need 36 Â&#x2122;Â&#x17D;Â&#x160;Â&#x201D;Â&#x17D;Â&#x203A;Â&#x153;Ç°Čą Â&#x17D;Â&#x2122;Â&#x17E;Â?Â&#x2019;Â&#x17D;Â&#x153;Ç°Čą Â&#x203A;Â&#x2019;Â&#x2014;Â&#x152;Â&#x2019;Â&#x2122;Â&#x160;Â&#x2022;Čą Ä&#x153;Â&#x152;Â&#x17D;Â&#x203A;Â&#x153;Čą Â?Â&#x2DC;Â&#x203A;Čą Â?Â&#x2018;Â&#x17D;Čą Houses, and over 1,000 members nationwide with their retinue of aides? Do we need 774 local government Chairmen and their Deputies, Councilors and their aides? Even if the answers Â?Â&#x2DC;ČąÂ?Â&#x2018;Â&#x17D;Â&#x153;Â&#x17D;ČąÂ&#x2122;Â&#x2DC;Â&#x153;Â&#x17D;Â&#x203A;Â&#x153;ČąÂ&#x160;Â&#x203A;Â&#x17D;ČąÂ&#x2122;Â&#x2DC;Â&#x153;Â&#x2019;Â?Â&#x2019;Â&#x;Â&#x17D;Ç°ČąÂ&#x152;Â&#x160;Â&#x2014;ČąÂ Â&#x17D;ČąÂ&#x203A;Â&#x17D;Â&#x160;Â&#x2022;Â&#x2022;Â˘ČąÂ&#x160;Ä&#x203A;Â&#x2DC;Â&#x203A;Â?Čą them? Should we not cut down these numbers? Can we do all what is required to achieve the reduction? Do we have dedicated leadership that can understand the point that we are making here and make these changes? Questions, questions, questions! Only time will tell.

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