MONDAY 3RD AUGUST 2020

No Stolen Nigerian Crude Oil in China, NNPC Insists Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) has clarified that it did not lose 48 million barrels of crude oil to theft, describing an allegation that such quantity of crude oil was

stolen and shipped to China as a failed attempt by officials of a Mexican firm to extort, intimidate and defraud the corporation.

In fact, it said, there was no stolen Nigerian crude oil anywhere in China.

Consequently, lawyers to

the state-owned oil firm, Afe Babalola and Co., had said the corporation had concluded arrangements to sue an oil trading firm, Samano Sa De CV, for making several unsubstantiated claims against it.

NNPC has also described

the company that made the allegation of stolen crude oil as “an international crime syndicate.”

The company had written the NNPC demanding a five per cent reward for ‘exposing’ the alleged diversion and theft of 48 million barrels of crude

oil valued at over $2 billion.

It said despite the assurances of the reward, some government and NNPC officials sold the products with the proceeds not remitted to the government’s coffers, while the corporation also refused to pay the five per cent.

But in a statement signed on behalf of the NNPC by the law firm, the corporation noted that the entire episode was replete with falsehoods, offensive and a failed move at gold-digging.

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Low Prices Boost Stock Market by N113bn in July... Page 8 Monday 3 August, 2020 Vol 25. No 9247. Price: N250

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Sabotage Prolonging Insurgency War, Says Borno Gov Military takes delivery of new weapons for North-east Focus on rehabilitation of victims of violence, SANs tell FG Kingsley Nwezeh, Alex Enumah in Abuja, Michael Olugbode in Maiduguri and Daji Sani in Yola Borno State Governor, Prof. Babagana Zulum, has

attributed the long-drawn battle to rout insurgency in the North-east to sabotage.

The governor spoke as the military high command said it had taken delivery of new weapons to be deployed in

the North-east to fight the insurgency.

The Nigerian Air Force (NAF) has also said it would deploy Unmanned Aerial Vehicles (UAV) in Katsina, Zamfara and Gombe States

in its renewed determination to combat armed bandits and terrorists in the North-west and North-east.

Four Senior Advocates of Nigeria (SANs) have, however, advised the federal

government to focus on the rehabilitation of the victims of insurgency, the majority of whom are currently living as Internally Displaced Persons (IDPs) in various camps scattered across Nigeria,

rather than give succour to repentant insurgents.

The war on Boko Haram has been on for over a decade and despite huge budgetary Continued on page 12

Concerns Mount over Loan Agreement Clause Waiving Nigeria’s Sovereignty Immunity Experts fear repeat of fate of Zambia, say waiver of immunity, unconstitutional Yemi Ajayi, Davidson Iriekpen, Martins Ifijeh in Lagos and Chuks Okocha in Abuja Concerns mounted at the weekend over the rising trend of government officials signing loan agreements with a clause that waives the sovereign immunity of the country if it defaults in its repayment plan.

Last week, the House of Representatives summoned the Minister of Transportation, Hon. Rotimi Amaechi; Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed; and Minister

of Communications and Digital Economy, Alhaji Isa Pantami; over a loan agreement with China, which contained the waiver clause.

According to the House, Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China concedes Nigeria's sovereignty to China.

The lawmakers had picked holes in the $400 million loan agreement for Nigeria National Information and Communication Technology (ICT) Infrastructure Backbone Phase II Project, signed in 2018.

Continued on page 12

PDP Govs to Battle FG over Alleged Breaches of Constitution... Page 5

MARITIME MATTERS...

President, National Association of Stevedoring Companies, Mr. Bolaji Sunmola (left), and Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, during a courtesy visit by the association to the agency in Lagos…recently

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

PDP Govs to Battle FG over Alleged Breaches of Constitution

Chuks Okocha in Abuja State governors under the aegis of the Peoples Democratic Party Governors Forum (PDP-GF) have vowed to checkmate the perceived excesses of the federal government that they say violate the provisions of the 1999 Constitution as amended.

This was part of the outcome of a virtual meeting of the forum presided over by its Chairman and Governor of Sokoto State, Hon. Aminu Waziri Tambuwal.

According to the communiqué of the meeting held on Saturday, which was read by Tambuwal, the governors have also set up two committees on the activities of the National Assembly, especially as it regards the ongoing constitution, local governments and Electoral Act amendments.

To checkmate the excesses of the federal government, the forum has set up a fiveman legal committee under the chairmanship of Rivers State Governor, Mr. Nyesom Wike, which is "expected to explore various infractions of the constitution by the federal government, including the arbitrary and illegal deductions from the Federation Account."

The forum also set up a five-man Legislative Liaison Committee to be led by Governor Bala Mohammed of Bauchi State.

The secretary of the two committees is the DirectorGeneral of the PDP-GF, Hon. CID Maduabum.

The Wike-led committee, which has Governors Samuel Ortom (Benue), Seyi Makinde (Oyo), Chief Darius Ishaku (Taraba), and Bello Matawalle (Zamfara) as members, is also expected to identify and coordinate legal matters affecting the forum as well as guide it on local

government, inter-state and federal government relations.

According to the communiqué, the Mohammed-led Legislative Liaison Committee, which has Governors Udom Emmanuel (Akwa Ibom), Senator Douye Diri (Bayelsa), Senator Ifeanyi Okowa (Delta) and Hon. Ifeanyi Ugwuanyi (Enugu) as members is expected to liaise with both the national and state legislatures on legislative matters.

It is also expected to guide the forum on pending bills, including the Electoral Act amendment and constitution review matter as it affects the forum.

The PDP governors also called on President Muhammadu Buhari, the Independent National Electoral Commission (INEC) and ancillary electoral agencies to be impartial in the conduct of the forthcoming elections in Edo and Ondo States billed for September and October respectively.

Other resolutions of the meeting were the call for inclusiveness in the fight against the COVID-19 pandemic.

According to the communiqué, the governors appealed to Buhari, INEC and other agencies that would be involved in the forthcoming elections to play an impartial role, while urging PDP supporters to stay vigilant and ensure that all votes are counted and count.

While formally welcoming the Edo State Governor, Mr. Godwin Obaseki, into its fold, the forum resolved to lend its complete and total support to the PDP in Edo State in order for it to emerge victorious in the forthcoming governorship election.

It also congratulated Mr. Eyitayo Jegede (SAN), on his emergence as the flag bearer of the PDP in the October

gubernatorial election in Ondo State, resolving to support him and the party to recover Ondo State for the PDP in the election.

The meeting also reviewed the various congresses held by the party in all states of the federation and resolved to continue to support the party at all levels to enthrone internal democracy and consequently good governance in the states the party is in control and all the states of the federation.

Appreciating the roles played by the leadership of the party's National Working Committee (NWC) in the way and manner it conducted primaries in Edo and Ondo States and the generally rancour-free congresses in many states of the federation, the PDP

governors urged the party to continue to deploy conflict resolution mechanisms to resolve any dispute.

The meeting was attended by the governors of Abia, Adamawa, Bauchi, Cross River, Delta, Edo, Enugu, Oyo, Rivers, Sokoto and Zamfara States.

Also at the meeting were the Deputy Governors of Ebonyi State, Mr. Eric Kelechi, and Maduabum.

PDP Entitled to its Opinion, Says DG, Progressive Governors However, the Director-General of the Progressive Governors Forum (PGF), Dr. Salihu Lukman, has

said that the decision of the PDP Governors Forum to set up both Legal and Legislative committees was not worth responding to, explaining that the opposition party was entitled to its opinion.

Lukman while speaking with THISDAY in a telephone interview yesterday, said the All Progressives Congress (APC) does not have to respond to everything because it's the ruling party.

According to him, “Why should we react to such a thing?

They said this is what they want to do, we should stop them? I don't really know the way to go, they are doing their own, and we are doing our own. Where there is disagreement, we will settle it out politically. I don't think it is

a matter worth responding to.

Lukman said with time, it would be known if the intention of the PDP was for the public good or not, but insisted that it is within their rights.

He stated: "If they are setting up a committee, is it about infractions? No! You are getting it wrong. We are not in a perfect set up. They have their perception, we have our own perception. Democracy is about negotiations, they (PDP) are free to say this is what they want, just like we are free to say this is what we want."

The director-general emphasised that at the end of the day, if there are contesting issues, it would be negotiated politically.

PREROGATIVE OF MERCY...

L-R: Recently pardoned convict, Ms. Jenifer Okafor; Kano State Governor, Dr. Abdullahi Ganduje; and Managing Director of Karota Nigeria Limited, Mr. Baffa Dan-Agundi, after the pardon, granted Okafor by Ganduje in Kano…yesterday

Discos Give Conditions to Accept FG, W’Bank Forensic Audit Heavy consumers to pay exit fees as NERC releases new rules Chineme Okafor and Emmanuel Addeh in Abuja Ten out of the 11 electricity distribution companies (Discos) in Nigeria’s power sector have said that they will take part in a planned forensic audit of their operational activities by the federal government through the Nigerian Electricity Regulatory Commission (NERC) and the World Bank if certain conditions are guaranteed to them.

This is coming as the NERC at the weekend released guidelines for heavy electricity consumers who wish to exit the services of Discos to get supply directly from the Generation Companies (Gencos).

The Discos, excluding Yola, met with a team from the World Bank last week, and a copy of their deliberation was obtained

by THISDAY. In it, they insisted on the inclusion and execution of a comprehensive audit of the entire power sector as one of the conditions that must be met to guarantee their participation in the audit.

They equally told the World Bank, which intends to support Nigeria’s power sector with funds through the Power Sector Recovery Plan (PSRP) that the NERC miscalculated the total tariff shortfall in the sector by N53 billion.

According to them, the total tariff shortfall in the sector so far was N2.17 trillion and not N1.64 trillion as calculated by the NERC. The Discos explained that the NERC did not consider the collection losses incurred from government’s Ministries, Departments and Agencies (MDAs) as well as exchange rate differentials.

The World Bank had noted that its board of directors approved $750 million in International Development Association (IDA) credit to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria. The approval was part of the PSRP. In their meeting, the Discos noted that they were not, “averse to NERC’s audits, given that NERC periodically conducts annual and open book audits of their financial books,” but they were concerned with the intentions of the planned forensic audit.

“At a minimum, the definition of forensic audit conveys the following: A wide range of investigative activities that are conducted to prosecute a party for fraud, embezzlement, or other financial crimes.

“A process where an auditor may be called to serve as an expert witness during trial

proceedings for financial fraud disputes related to bankruptcy filings and business closures.

“An examination and evaluation of a firm’s or individual’s financial records to derive evidence that can be used in a court of law or legal proceeding,” they told the Bank.

They added that the forensic audit implied that they had failed in their operations but that the financial troubles of Nigeria’s power market were directly related to historical policy and regulatory inconsistencies as well as commercial and technical misalignments.

In this regard, they stated that: “An audit of the Discos without a complete system audit of the value chain, would not necessarily yield the desired sector/market discipline, transparency and improved governance.”

“The PSRP financing plan and the distribution recovery operations are unlikely to succeed without a commercial and technical alignment of the NESI value chain. A forensic audit creates a criminal narrative against the Discos,” they added.

The Discos explained their preference for a holistic audit of the power sector, stating that regulation of the industry has been politicised with inconsistent tariff making and implementation; just as gas-

to-power price has remained dollar-denominated as well as the pipeline network and commercial framework of the subsector inadequate to support the entire electricity industry.

They also said that questionable available generation capacity, opaque Power Purchase Agreements, the inconsistency of grid invoicing, frequent collapses of the transmission network as well as payment indiscipline, high Aggregate Technical Commercial and Collection (ATC&C) Losses and load rejection were the other reasons for their preference for a holistic audit.

“A forensic audit sends the wrong signal and perception of government’s scapegoating of the Discos’ investors and operators for the purpose of other malicious intent, (it) promotes perceived political bias against Discos investors and potentially worsens the lack of investment interest in the sector and ignores the fact that Discos are subject to annual audits, as well as periodic open book audits,” they further stated.

The Discos, therefore, noted that the “validity of any such audit must be based on the neutrality of auditors.

“We recommend a system audit for the entire power sector value chain. Clarification by the World Bank on the exact

type of audit required for its intervention in the Nigerian power sector; exploration of alternative options of due diligence for the distribution sub-sector, relative to the World Bank’s potential loan to same.”

Heavy Consumers to Pay Exit Fees as NERC Releases New Rules Meanwhile, NERC at the weekend released guidelines for heavy electricity consumers who wish to exit the services of Distribution Companies (Discos) to get supply directly from the Generation Companies (Gencos).

Signed by the Chairman of the commission, Prof. James Momoh, and Commissioner for Legal, Licensing and Compliance, Dr. Dafe Akpeneye, NERC said the new guide for the target group, expected to pay Discos a certain amount tagged: “Competition Transition Charge” was arrived at after findings from public hearings conducted by the commission last year.

In June 2019 the regulatory agency notified the public of a 21-day period in which it was soliciting contributions to a consultation paper on the CTC before the final rule was made.

It noted that the CTC shall enable the 11 Discos recover

permitted revenue and returns on invested assets arising from the exit of eligible customers from their networks.

The regulation enables electricity users and Industrial consumers who are not satisfied with the services of the Discos to opt to buy power directly from the Gencos and have the energy transported to them by the Transmission Company of Nigeria (TCN).

The major target groups are members of the Manufacturers Association of Nigeria (MAN), who have needs for such bulk electricity and are now expected to pay the TCN or the Discos, depending on the ownership of the line used in delivering power.

Although some operators had already announced commencement, stakeholders had complained about the lack of clarity of the rules of engagement and how operators will file for claims of loss of revenue with the commission.

But in its latest guidelines, obtained by THISDAY, the commission clarified that the CTC is the additional revenue a distribution licensee is eligible to collect outside its normal tariff as compensation for loss of revenue to cover its “committed prudent expenditure and/or its inability to earn permitted rates of return on assets.”

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Low Prices Boost Stock Market by N113bn in July Goddy Egene The stock market recorded a positive performance in July as investors gained N113 billion, compared with a decline of N399 billion in June.

The market capitalisation, which measures the value of all equities, rose from N12.766 trillion to N12.882 trillion, indicating a growth of 0.8 per cent, while the Nigerian Stock Exchange (NSE) All-Share Index rose by the same margin from 24,479.22 to 24,693.73.

The market, which recorded a decline of over 20 per cent in the first quarter, recovered in the first and second months of the second quarter as investors cashed in on low prices of stocks. But profittaking led to a decline in June.

However, the market ended July, which is the beginning of the second half of the year, with a growth of 0.8 per cent.

Market operators linked the positive performance to bargaining hunting and positioning ahead of corporate results for the half-year ended June 30.

While some investors were trading cautiously waiting for the corporate results, some were taking advantage of the low prices to enter the market,

hence the gain recorded in the month under review.

Although the market has recorded a growth in July, analysts at Cordros Securities Limited, said their view continued to favour cautious trading as risks remained on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions.

“Thus, we continue to advise investors to seek trading opportunities in only fundamentally justified stocks,” they said.

Some market operators had said one of the factors that would determine the market direction for the second half (H2) of 2020 would be corporate results for six months to June 30.

In their assessment, analysts at Afrinvest (West Africa) said the first half (HI) of the year cautioned against an overly optimistic outlook for the second half.

“We envisage that the recovery pattern in late H1:2020 would be sustained due to an improvement in risk appetite mostly from the locals and an improvement in external conditions. That said, we note that the downside risks to our expectation include tightening of the partial economic reopening

due to new wave of the COVID-19 spread, lower oil prices, MSCI’s classification of the Nigerian market as a standalone, continued FX illiquidity and weaker than anticipated economic and earnings growth,” they added.

Before now, operators had advised discerning investors to take advantage of the current low prices and increase their investments in the market.

For instance, a stockbroker, Mr. Ayo Oguntayo, said: “Just like the scenario that occurred after the decline in Q1 when investors swooped on shares due to their low prices, the decline in June has provided an opportunity for discerning investors to come in ahead

of the release of H1 financial performance of companies.

"Although there are some apprehension that the COVID-19 pandemic may have an impact on the results, there are possibilities of some companies still coming up with positive results because many of them activated their business continuity plan that helped to mitigate the negative impact of the lockdown,” Oguntayo said.

Also speaking, the Chief Executive Officer of Wyoming Capital and Partners, Mr. Tajudeen Olayinka, said now that stakeholders have had a better understanding of the pandemic, and the fact that everyone has got to live with it, going forward, it is

unlikely that market will go through a repeat of the experience it had at the start of the pandemic.

“However, the market needs to analyse H1 results that are being awaited, to determine the impact of the pandemic on listed companies, before taking further investment decisions or charting a way forward.

More importantly, how the various measures put in place by the government would impact the economy as a whole.

On a balance of probability, we may see a better market in H2 2020,” Olayinka said.

Besides, market operators said H2 would also be affected positively by the

words of assurance of the Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, that investments in the market would be protected.

“We want to assure investors that this market is for them and we are ready to do everything to ensure that we increase investor enlightenment through education, robust regulation and fair dealing. For those that want to defraud investors, there would be no respite because we are ready to fight market manipulation to the last, anyone that flouts our rules will be made to face the consequences of their actions,” Yuguda had said.

CAN Protests Southern Kaduna Killings Urges presidency to stop speaking for bandits John Shiklam in Kaduna Chairman of the Kaduna State chapter of the Christian Association of Nigeria (CAN), Rev. Joseph Hayab, has asked the presidency to stop speaking for the bandits unleashing terror on communities in the Southern part of Kaduna State.

Hayab spoke yesterday during an indoor protest organised by the state chapter of CAN over the incessant mass killings in Southern Kaduna.

In an interview with journalists after the protest and special prayers in Kaduna, Hayab said: “The presidency should stop speaking for the bandits that are out to wipe out the people of Southern Kaduna.”

He said by speaking for the killers, the presidency gave the impression that it knew the killers.

According to him, if the government wakes up to its responsibility of protecting the citizens and chase out the killers, there will be peace in Southern Kaduna.

“It is sad and embarrassing that the Department of State Services (DSS) and the Nigeria Police Force made security so cheap under the current political dispensation by arresting individuals but failed to send troops to root out bandits," he added.

He said despite several threats he had received from some faceless persons over his stance on the killings in Southern Kaduna, he would continue to speak out until the killings had stopped.

“The federal government should stop being the spokesman of the bandits.

If the government can send security personnel to arrest somebody in Sokoto, Port Harcourt - if they can send that to Southern Kaduna, peace will come to the state.

"We have challenges of killings, especially in Southern Kaduna. The development becomes bad. We have cried out but what we see happening is that government, instead of listening to our cry and attending to our cry, seems to be speaking for the killers.

"So, we said since we don't have anybody to speak for us, we called on Christians, declaring a whole month (August) every Sunday like this, we meet and speak to ourselves and expressed our grievances to the entire world.

"We are all simply saying, stop the killings. We don't want anything or favour from them. The constitution of the country said the government should protect us but we seemed not to be protected," he added.

Hundreds of Christians trooped out for the protest, carrying placards with various inscriptions such as "Enough of the bloodshed", “Live and let live," “Inaction is complacent," "CAN says no to killings," "who are you protecting, the killers or the citizens," Southern Kaduna bleeds," "Cry for help cry for justice,” and " Speaks for the citizens not for the terrorists.”

Special prayers were also offered to end the bloodshed.

INCIDENT COMMANDER...

Lagos State Governor, Mr. Babajide Sanwo-Olu, during a media briefing on the fight against COVID-19 in Lagos…weekend

Save Courier Operators from Stifling Regulations, LCCI Tells FG Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to save the Nigerian courier industry from stifling and suffocating regulatory regime by expunging some provisions in the guidelines, which were introduced recently by the Nigerian Postal Services (NIPOST).

The chamber stated that the federal government should expunge the provision in the courier regulation guidelines, which required operators of courier and logistics services to contribute two per cent of their annual revenue to the postal fund.

The fund is meant for postal development and delivery of postal services in rural and underserved areas.

The LCCI expressed reservations concerning the provision, saying it would put too much burden on courier and logistics businesses and make them unsustainable.

It said: “We request that this provision be expunged immediately in the interest of investments and investors in the courier and logistics sector of the Nigerian economy.”

A statement issued yesterday by the DirectorGeneral of the LCCI, Dr. Muda Yusuf, and titled: “NIPOST regulatory provisions for courier industry,” also called on the government to remedy the framework that allowed the NIPOST to be a regulator and an operator.

The LCC added that the framework is detrimental to the development of the courier business.

The chamber viewed the

framework as inconsistent with global best practice principles of business regulations.

LCCI said its negative consequence had manifested in the provision in the courier regulation that “all courier items/articles such as right issues, shares certificates, statement of accounts, cheques, letters or offer documents, etc., weighing below 0.5 kilogramme brought to a courier/logistics service operator shall be recorded and referred to the nearest post office of the NIPOST for processing and delivery.

“Failure to do so will attract payment to NIPOST of a penalty of 90 per cent of the amount charged on the item by the erring operator,” LCCI said.

It asked the Minster for Communications and Digital

Economy, Isa Patami, to immediately expunge it.

The chamber added that another provision in the courier regulation, which vested the minister with powers to compel any licensed courier and logistics services operator to undertake free delivery service for the purpose of Universal Postal Service’s obligations or any social service delivery in the national interest needs to be reviewed because it “borders on overbearing powers with little regard for the interest of investors.”

It added that these provisions would undermine the confidence of investors in the courier and logistics business in the country and negate the efforts of the federal government to attract investment, create jobs and grow the economy.

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PAGE TWELVE CONCERNS MOUNT OVER LOAN AGREEMENT CLAUSE WAIVING NIGERIA’S SOVEREIGNTY IMMUNITY The controversial clause in the agreement, signed

by Federal Ministry of Finance (borrower) on behalf of Nigeria and the Export-Import Bank of China (lender) on September 5, 2018, provides that “the borrower hereby irrevocably waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8(5), thereof with the enforcement of any arbitral award pursuant thereto, except for the military assets and diplomatic assets.”

While the ministers are to have their day with the House on August 17, 2020, to explain their action, some critics, including former vice president, Alhaji Atiku Abubakar, agreed with the federal legislators at the weekend that the clause was capable of mortgaging the sovereignty of Nigeria, saying it exposes Nigeria to the fate of Zambia, which signed a loan agreement with a similar clause with China and has now lost some of its national assets to the Asian country on default of repayment.

THISDAY checks showed that China in 2018 had taken over Zambia National Broadcasting Corporation (ZNBC) over loan default and had commenced talks with the Zambian government to take control of Zambia's national electricity company, ZESCO, and the Kenneth Kaunda International Airport, Lusaka, owing to the inability of Zambia to meet its loan repayment promises to the Asian country.

According to data from the China Africa Research Initiative (CARI) at Johns Hopkins University, Zambia had accumulated loans from China totalling almost $6.4 billion as at December 2017.

Senior lawyers, including Mr. Ebunoluwa Adegboruwa (SAN) have called on the National Assembly to compel President Muhammadu Buhari to submit to both chambers all agreements signed with China to enable experts to vet them, saying the contract might not have been signed with the input of experts.

Many other lawyers that spoke with THISDAY said the waiver clause might have been accepted by the Nigerian

officials out of ignorance of the concept of the sovereign immunity of states, which protects sovereign states from the jurisdiction of courts, particularly in a foreign country without the consent of the state.

They pointed out that it is this concept that Nigeria is hanging on to in its $9.6bn arbitral award case with Process and Industrial Development (P&ID) in the United States, where the nation is challenging the enforcement of the award on the ground of sovereign immunity.

Besides, some legal experts told THISDAY that the agreement having not been approved by the National Assembly would be unconstitutional and illegal, adding that although Amaechi claimed in a statement on Saturday that the loan was approved by the federal legislature, the contract might not bound the country if its details were not approved by the legislature.

“I think Amaechi has missed the point. The National Assembly might have approved the executive’s borrowing plan but not the agreement signed on the loan,” a senior lawyer told THISDAY last night.

Amaechi had warned that the Chinese authorities might not sign the $5.3 billion Ibadan-Kano rail line loan if the lawmakers continued to investigate the agreement.

The minister had also explained that the clause ‘waiving sovereignty’ in the loan agreement between Nigeria and China was only a contract term, a sovereign guarantee that assures payback according to the terms and conditions of any loan.

However, a former Minister of External Affairs, Prof. Bolaji Akinyemi, clarified that Nigeria and other African countries cannot plead sovereign immunity when they are sued for defaulting in loan repayment, saying that the special clauses in these agreements are standard procedures.

But Atiku and the Peoples Democratic Party (PDP) flayed the agreement and Nigeria's rising debts yesterday, warning that both were a threat to the country’s sovereignty.

They called on President

Muhammadu Buhari to rethink the borrowing strategy leaving a heavy debt burden for successive administrations.

Atiku, in a statement yesterday by his media office, urged the federal government and the All Progressives Congress (APC) to apologise to Nigerians and make an admittance of guilt for taking the country through the throes of subjugation to another country.

Atiku recalled that he had called the attention of the country to the reality of reckless borrowing by the present APC administration and how the terms of those loans could compromise the future of the country.

He lamented that some managers of the party and even the government denied the allegations that he raised and also discounted the warning for caution.

"Regrettably, just last week, a cabinet minister confirmed our fears. Now, we all are aware that Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil. No negotiation could be weaker than that!

"Nigeria had a total foreign debt stock of $7.02 billion on May 29, 2015. Today, our foreign debt is $23 billion and rapidly rising. Debt, by itself, is not a bad thing.

But debt budgeted for such unproductive ventures, like the proposed $500 million upgrade of the Nigerian Television Authority and other sundry bogus contracts is debt that leads to death. To trade Nigeria’s sovereignty for this type of profligacy is the height of irresponsibility," Atiku said.

The PDP said the revelation of the clause in the agreements entered by the APC administration with their Chinese lenders had vindicated its stand that the APC had been secretly mortgaging the sovereignty of Nigeria to benefit its selfish leaders.

The PDP also called on the National Assembly to review all foreign loan agreements entered into by the APC administration and take urgent steps to redress the situation.

The PDP, in a statement, signed by its National Publicity Secretary, Mr. Kola Ologbondiyan, said its investigation showed that the mortgaging of the nation’s sovereignty to foreign lenders, including the $500 million loan from China, had been with the active connivance of the APC. The PDP rejected the attempts by the Buhari administration to justify its action.

It said: "Nigerians can recall that our party had on May 28, 2020, alerted that the Buhari administration and the APC had placed our nation on the international auction market with an accumulation of foreign loans under nebulous terms."

Nigeria, Others Can't Plead Sovereignty if they Default, Says Akinyemi Former External Affairs Minister, Akinyemi, however, said that Nigeria and other African countries cannot plead sovereign immunity if they default on loans from international organisations or nations.

Akinyemi, during an interview on Daily Motion recently, said the country could only plead sovereignty during political relations and not economic relations, which the commercial loan agreement falls on.

He said: "Africa should look closely into terms of engagements. African governments should not sign agreements they cannot operate with. It doesn't make sense to sign an agreement where the Chinese promise to give you money in Yuan whereas you are to pay back in dollars. That is an unequal term of agreement.

"Ask yourself if the project will be in your favour in the future. What is the point of signing an agreement for Chinese to build a railway system with the terms paid within 20 years, when the volume of people travelling by railway in your country cannot sustain the railway system?

“If the income generated by the railway system can generate the loan, then go ahead, but if you know you will be unable to repay the loan, then don't go into it.

"There is usually a clause in these agreements, which are standard procedures. It usually says country X cannot plead its sovereignty if there are disagreements, and you need to go to arbitration.

You cannot say you are a sovereign country and cannot be dragged to the court of arbitration. That is standard procedure. Economic relations are different from standard relation."

He said for political relations, a country could plead its sovereignty to protect itself, but for economic relations, it was not possible.

"Always get experts to interpret the terms of your agreement to ensure it will not lead you to economic slavery," he added.

Akinyemi also stated that there was nothing wrong in Africa broadening the basis of its interaction with the economic global community, as this was better than just being dependent on one source.

"It makes sense for us to have many economic and trading partners. What a lot of people are worried about is the content of the engagement our countries have been signing with China.

"We should separate these two issues from the propaganda we are getting from the West that we should have nothing to do with China and that we should be afraid of getting China too deeply involved in African affairs. They are only trying to protect their own trading relationship with Africa," he stated.

Former president of the Nigerian Bar Association (NBA), Mr. Olisa Agbakoba (SAN), stated that the loan agreement Nigeria entered into with the Chinese government does not mean it has signed away its sovereignty to the Asian giant.

In an interview with THISDAY yesterday, he said China’s agreement with Nigeria means if it defaults in paying its loans, it would waive its sovereign immunity such that it can be taken to the arbitration court for defaulting, adding that this was different from signing away a country’s sovereignty.

He said: “If you take a loan, you must present a guaranty. So what this China

– Nigeria loan stated is that if Nigeria defaults, it cannot raise sovereign immunity.

“In 1973, Nigeria’s cargo plane was arrested in the United Kingdom. So the London court said if Nigeria is involved in a connection transaction, it cannot invoke sovereign immunity.

“What the Chinese has done is to say, they are giving us a loan on a connection basis, and that in the event that we default, we cannot avoid the court by saying we are bringing in sovereign immunity into it. You know sovereignty would mean the country is immune from liability.”

He said although loans were necessary for infrastructural development, it was important that they go through the relevant processes, adding that Bilateral Investment Treaty (BIT) ought to be vetted by the Ministry of Justice before they should be signed.

He said: “The vetting is to check if it is in the best interest of Nigeria.

For instance, is there an arbitration agreement that makes China the place of the hearing and not Nigeria?

As you know, arbitration has become a very big issue, and if Nigeria loses that arbitration, it is losing about 20 per cent of its foreign reserve.

“While it is important to keep in mind that loans are not a bad thing to get into, it is important proper legal framework is followed.

I am not sure proper legal framework has been followed in this case because it is the Ministry of Justice that advises the executives on how loans are structured,” he added.

Sovereign immunity, or state immunity, is a principle of customary international law, by virtue of which one sovereign state cannot be sued before the courts of another sovereign state without its consent. Put in another way, a sovereign state is exempt from the jurisdiction of foreign national courts.

The United Nations Convention on Jurisdictional Immunities of States and Their Property, which seeks to lay the global ground rule was adopted by the General Assembly on 2 December 2004 but is yet to come into force.

appreciated by all.

He added that all governors are with him and are ready to support him in the onerous task of ending the insurgency.

On hand to receive the visiting governors were the state Deputy Governor, Alhaji Umar Kadafur; the former governor of the state, Senator Kashim Shettima, as well as Senator Ali Ndume and members of the State Executive Council.

the Nigerian Army had taken delivery of additional vehicles and fighting equipment that were procured last year and deployed to the theatre of war in the last one year.

Buratai told troops of Super Camp 14 Damasak in Borno State that apart from the ones deployed last year, the Nigerian Army had taken delivery of "new weapons and armaments of different calibres that will soon be injected into the mission area."

He said Operation Lafiya Dole had recorded tremendous successes over Boko Haram, ISWAP, their international and local collaborators as well as their auxiliaries.

“Although a lot of progress has been made in containing the threats posed by the insurgents more needs to be done to maintain control over

SABOTAGE PROLONGING INSURGENCY WAR, SAYS BORNO GOV allocations and claims of victory by the military, the war still rages.

The attack on the convoy of the Borno State governor last week by suspected members of a faction of Boko Haram and Islamic State of West Africa (ISWAP) in Baga had fuelled suspicion of sabotage.

The governor had expressed surprise at the attack on him, saying he was told the area was secured by the military authorities before he embarked on the trip to Baga.

Speaking yesterday to two of his colleagues, Governors Atiku Bagudu (Kebbi) and Badaru Abubakar (Jigawa) who represented the Progressives Governors Forum on a solidarity visit to him, Zulum warned President Muhammadu Buhari of sabotage by those involved in fighting terrorism in the North-east.

He added that this was the reason there is no end in sight yet to the war on insurgency in the North-east.

He accused some people of trying to frustrate the efforts of the federal government in ending the insurgency, adding that Buhari needs to know the truth.

He said: “Let me also reecho 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 had 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 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 and

2015, at a time, almost about 22 LGAs were under the insurgents; and 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 efforts of his administration are no longer undermined.

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?

“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?”

Earlier, Bagudu had said they came to the state to sympathise with Zulum and to congratulate him for escaping death.

He described the governor as hardworking and someone

Military Takes Delivery of New Weapons for North-east The military said at the weekend it has taken delivery of new weapons to be deployed in the North-east to combat terrorism.

Speaking at a Sallah luncheon with troops, the Chief of Army Staff, Lt. General Tukur Buratai, said

Continued on page 40

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COMMENT

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

CASH AND CASH MANAGEMENT IN A PANDEMIC Small Medium Enterprises, including large firms, must pay close attention to their cash flow, writes Timi Olubiyi

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s the coronavirus pandemic continues to affect economies, businesses and household globally, the impact has been severe, and the world is grappling with the negative consequences. The cash flow of a company is a crucial factor that enhances business operations at this time. To achieve long-term success, Small Medium Enterprises (SMEs), including large firms, must pay close attention to their cash flow.

The cash flow portrays how companies have spent or receive cash. It is also one measurement for evaluating firm stability, strength, and future ability to generate cash flows. A business must have adequate cash on hand to pay for operations, liabilities and borrowed funds, and to make investments. Having cash is a crucial requirement for a business to stay solvent. When a business no longer has enough cash to pay its dues, it is often declared bankrupt.

Cash flow is the net amount of cash and cash-equivalents being transferred into and out of business. Simply ascribed as inflows and outflows of cash and cash equivalents. Cash is referred to cash on hand, in the bank, which is the most liquid in business transactions. Cash equivalents are items that are similar to cash or can easily be sold of and turn to cash. Examples are short term investment bills, stocks and unfinished goods in-store and marketable securities with less than 90 days maturities (commercial papers, treasury bills and short-term government bonds).

A good quality cash equivalents do not usually include equity or stock holdings because they can fluctuate in value with some associated risk elements. It is imperative to state that both cash and cash equivalent are usually referred to current assets in the balance sheet of a company, meaning they are the most liquid of short-term assets.

That said, the cash flow statement’s primary purpose is to provide information regarding a company’s cash receipts and cash payment in various sources. A secondary purpose of the cash flow statement is to provide information about a company’s operating, investing, and financing activities. Because of the importance of this concept, International Reporting Standards (IFRS) require that companies distinctively report cash flow statement in the annual reports. Cashflow statement is necessary in a financial statement for companies to summarize the amount of cash and cash equivalents entering and leaving the company’s coffers. Therefore, expectedly the cash flow statement is usually presented as a separate financial statement that provides additional information for evaluating the solvency and liquidity of SMEs or any business entity.

Cashflow statement is often used in tandem, and it complements the balance sheet and income statement. It is a mandatory part of a company’s financial reports since 1987 and the third component of a company’s financial statements.

The cash flow statement measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses. The cash flow report is essential because it informs the reader of the business cash position.

The places where cashflow are required in any business entity are in the operating activities (such as proceed from sales, salary and wage payments to employees, rent, cash recovered from good sold on credit and

WITH THE CURRENT REALITIES WITH COVID-19 COMPANIES NEED TO PAY EXTRA ATTENTION TO CASHFLOW AND SEE THAT IT REMAINS POSITIVE AT ALL TIMES

payment made for purchases). Investing activities such as (dividend received, interest received, and purchase of investments. Financing activities (proceeds from company shares issued, proceeds of loan, bank loan repayment and dividend paid to shareholders. A cash flow deficiency from operating, investing or financing activities could lead to poor overall cash flow performance, meaning reduced cash inflow and increased cash outflow, which could lead to a shrinking cash reserve.

Insufficient cash on hand could have dire consequences for businesses.

In the end, a business must have enough cash to pay for operating expenses, capital expenditures and any borrowing costs. To ensure an adequate cash flow performance in all areas of business activities, a business must effectively manage sales, investment holdings and fund-raising activities to achieve maximum cash inflow and maintain an optimal level of cash reserves.

Although cash flow is essential if a business entity is to continue in operation, in general, it is misconstrued with liquidity which is the ability of a company to meet its current liabilities using its current assets, especially its obligations when it falls due. Cash flows are a more direct measure of liquidity and a contributing factor in corporate performance. The novel coronavirus (COVID-19) has brought about stiff cashflow issues that companies need to work on because any ongoing and unattended cash flow concerns could have a general negative impact on a business’ overall performance. Cash represents the firm’s vascular system; if it dwindles, the business will not survive.

So, with the current realities with COVID-19 companies need to pay extra attention to cashflow and see that it remains positive at all times.

If cash inflow exceeds cash outflow, the business is said to have positive cashflow. While for the opposite, the business will have a negative outflow. Cashflow is relatively different from profit because it only involves the availability of cash for business spending and most times cash transaction activities. The fact that a firm is profitable does not mean that it is also solvent. The profit is not cash It is imperative to state that cash flow statement and information assist the financial statement users in obtaining the relevant information concerning the use of resources of virtually the entire financial resources over a given time period of a business. The cash flow statement allows investors to understand how a company’s operations are running, where its money is coming from, and how money is being spent. The cashflow can help determine whether a company is on a solid financial footing.

In conclusion, should you be having serial challenges around your business or company’s cash flow management a problem even after employing a professional? Can you tell if your business is actually profitable? Are you having difficulties distinguishing among cashflow, profit or even liquidity of your organization? Do you have the necessary records in case of any audit exercise or performance review?

You might need to reach out using the details below for the essential advice. Good Luck!

Dr. Olubiyi is an Entrepreneurship and Small Business Management expert

NIGERIA AFTER COVID-19

F. E. Ogbimi writes that the country must mobilise all citizens for learning and industrialisation

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hat do you think Nigeria must do at the end of the covid-19 pandemic? National development may be likened to a journey. One travelling ought to have a destination and a route to travel through to it. But Nigeria as a nation did not have a destination, a route and a direction before the pandemic. Nigeria has been acting like a ship without a rudder, doing disjointed things, stagnating and confronted by the problems of inappropriate planning, increasing unemployment, poverty, indebtedness, insecurity, corruption, poor infrastructure, hopelessness, other undesirables, since political independence in 1960, the great increase in petro-dollars revenue, notwithstanding. That is why the efforts to deal with the Covid-19 pandemic through lockdown, probably the most effective approach, was practically impossible. Over 90 per cent of Nigerians must go out daily to struggle for what to eat and drink. The situation points to the fact that what Nigeria must do after the pandemic is not a return to the faulty thinking and activities of the 60 years since independence. It must be starting anew; initiating the rapid development of the nation, Nigeria.

History shows that all the rich nations in the world today were poor and had agricultural/handicraft economies for a long time before achieving industrialisation and becoming rich. The lesson from history therefore, is that as long as a nation is not industrialised, it remains a poor society assailed by myriad of problems, large quantity of natural wealth endowment notwithstanding. So, promoting rapid industrialisation is a must, for Nigeria to eliminate mass unemployment, poverty and high crime wave.

What does promoting rapid industrialisation involve? Industrialised nations are nations of

experts. They are nations with many millions of knowledgeable, skilled and competent people.

Rapid industrialisation involves intensive learning (education, training, employment and research) and acquiring knowledge, skills and competences, not mere education. Education, alone, co-exists with mass unemployment and poverty for a long time. Achieving industrialisation is the scientific transformation of an economy from its agricultural/ handicrafts status into a highly productive one.

A society must acquire scientific knowledge and develop technological capabilities in breadth and depth before it achieves industrialization. Science is the knowledge of nature. Technology is the application of the knowledge of nature in solving the problems that confront man and society. Science constitutes the building blocks of technology. Science is to technology what vocabulary and syntax are to a language. The learning-man appreciates in intrinsic value; he is an Appreciating Asset(AA). The learning society is the progressive one. The learning people increase in intrinsic values; they are Appreciating Assets (AAs). The learning society is the progressive one. It is increasingly able to solve its problems including production. As the people of a society learn and acquire knowledge, skills and capabilities (KSCs) in breadth and depth, a point is reached on the technological ladder where all the KSCs together form an invisible KSCs-network - a problemattacking front. The society thence achieves a science and technology (S &T)-puberty – industrialisation.

Thus industrialisation is a group activity; unity is strength, they say.

The achievement of industrialisation by a society may be likened to how the spider spins its silk-threads and builds its web. The single silkthread which the spider spins is a relatively weak structural material which fails readily under any

stress regime. But the web which the spider makes from many of its silk-threads is a potent tool which catches many small creatures on which the spider feeds. The web is the spider’s economy. Similarly, the single person, no matter how knowledgeable, skilled and competent cannot solve the problems of a society. But the combination of many millions of knowledgeable, skilled and competent people lead to the industrialisation of a society and confers a huge power that transforms all aspect of life in a society.

In another sense, the development of technology may be likened to speaking a language. Speaking a particular language demands acquiring a minimum vocabulary and syntax of that language. It is about how much you know about the language. How soon a person speaks a language depends on the intensity of learning the language. Nigerians youths who go to France for postgraduate studies speak the French language in a few months because of the high intensity with which they learn the language there.

In another sense developing technology may be likened to the development of a fruit; it takes a long time for the fruit to develop and mature; the mature fruit takes a much shorter time to ripen.

Nigeria has a mono-sectorial economy, how does Nigeria achieve diversification? Technological diversification follows industrialisation. Diversification is a technological status that may be likened to puberty in the life of human beings. It is a fruit or aftermath of industrialisation. It is not like the diversification of a man’s portfolio in the stock market as Nigerians have been assuming for about 60 years. Technological diversification, the fruit of industrialization, is the state of S & T development at which many sectors of an economy become distinct and perform productively, efficiently and effectively. In the context of S &T growth and industrialisation, the diversification process may be

likened to the maturity of a flower. The flower plant has a root and shoot portions. The root portion is always established first before the shoot system. The beautiful bright red five-petal borne by the hibiscus flowering plant is enclosed in a single green sheath till the flower matures. The technological system of a nation has two types of frameworks. They are the invisible technological framework (INTF) and the physical technological framework (PHTF). The INTF is constituted by all the knowledge, skills and capabilities in the society. The PHTF is made up of all the structures in the society. The INTF is the essential one. The PHTF is a product of the INTF. A wise nation focuses on the development of the INTF. A nation can only achieve technological diversification after industrialisation just like no puberty no procreation. What this means is that there cannot be improvement in agricultural productivity beyond the petty-artisan productivity level till Nigeria acquires scientific knowledge and achieves industrialisation.

An artisan economy cannot achieve food security.

Similarly, there cannot be sustainable improvement in the quality of service in the so-called health sector through mere importation of infrastructure till Nigeria acquires scientific knowledge and achieves industrialisation. A nation remains a one- sector economy till industrialisation. Nigeria cannot erect adequate and reliable infrastructure by mere capital investment. Nigeria is a one-sector economy (agriculture/handicraft) with over 75 percent of the population involved in agriculture. The quality of structures in a society would always depend on the state of S & T development. The quality of Nigeria’s infrastructure especially roads and bridges, has always been shameful to live with because the level of S & T and industrialisation is very low.

Prof Ogbimi is Coordinator, Society for Linking Education and Problems

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EDITORIAL GOING FOR GOLD The presidential artisanal gold mining initiative could help Nigeria build a profitable gold market

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n 2019, the federal government launched the Presidential Artisanal Gold Mining Development Initiative (PAGMI) as a comprehensive plan to develop artisanal gold mining practices in Nigeria. Initiated to formalise and integrate the sector into the economy, PAGMI sought to provide legal and institutional framework for the practice to flourish and thus benefit the state and individual practitioners. On a broader scheme, PAGMI will address the structural factors which made it difficult for artisanal gold miners in the country to practice their trade in a legitimate manner.

Gold is designated as one of Nigeria’s strategic minerals after oil and gas. The mining growth road map records that the country’s gold reserve is estimated at 200 metric tonnes. In its 2018 audit report of the country’s solid minerals sector, the Nigeria Extractive Transparency Initiative (NEITI) disclosed that between 2007 and 2018, the country’s solid minerals sector contributed revenue worth $2.086 billion to the national economy. The audit report equally mentioned that the sector lost huge sums of money that should IF WELL IMPLEMENTED, have accrued to the PAGMI SHOULD BE ABLE country, and thus fingered irregular TO CREATE MORE JOBS FOR NIGERIANS MOSTLY practices in the sector IN RURAL COMMUNITIES such as illegal mining and exportation of WHERE GOLD DEPOSITS unprocessed gold ARE LOCATED amongst other solid minerals to neighbouring countries as one source of such revenue leakages.

Using data from United Nations Comtrade, Nigeria puts the monetary and quantitative value of her gold smuggled out of its shores at over $3 billion and 97 tonnes between 2012 and 2018. But beyond the loss in revenue, illegal mining of the country’s gold and other solid minerals through artisans are equally responsible for various shades of environmental, health and security risks.

However, through the PAGMI, the government appears to have initiated a bold step to systematically tap from the economic benefits of the country’s gold deposit.

Letters to the Editor

As was disclosed during its recent launch by President Muhammadu Buhari, the scheme intends to promote the production and refining of gold for purchase by the Central Bank of Nigeria (CBN) under a Federal Gold Reserve Treasury Scheme. It will also be funded to accredit and support up to 10,000 artisanal gold miners in five states of the federation to deliberately formalise gold production, trade and exports. This will bring the sector into the formal space and give parties involved improved benefits.

T T H I S DAY

EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, DAVIDSON IRIEKPEN, MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE

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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

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.

The Wealth In Palm Trees

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he provision of access to markets for the artisanal miners through a national gold purchase programme by the CBN is an incentive we consider key in the PAGMI framework. It is indeed important that a formalised access to market be created and sustained to stifle gold smugglers. Deploying enhanced mining methods and mechanisms at artisanal and smallscale mining sites across the country and enhancing the productivity of artisans is another key incentive in the PAGMI. Beyond the economic sabotage, mining of gold by artisans has equally resulted in great health risks.

Mercury and lead poisoning incidents across gold mining communities in the country have been reported in the past. With unregulated artisanal mining in places such as Zamfara and Kebbi States, incidences of lead poisoning deaths which are related to gold mining activities have heightened. With both incentives – market access and deployment of enhanced mining methods – keenly implemented, Nigeria should be able to take adequate care of the insecurity, environmental and health risks.

If well implemented, PAGMI should be able to create more jobs for Nigerians mostly in rural communities where gold deposits are located, enhance production and open access to market, advance national identity management through the registration of artisanal miners while raising revenue and the gold reserves of the country. It will also contain incidences of insecurity supported by the activities of gold smugglers. But if PAGMI is not properly implemented, both the state and artisanal miners will continue to lose out on the benefits of the precious stone.

alm tree is one of the richest trees on earth when it comes to natural endowment. No part of palm tree is wasted, every part of it can be converted into monetary gain.There are enormous products you can get from palm tree, some are known to us, while some are totally unknown. Let’s look at various things we can use different parts of a palm tree to make: palm oil, wood or planks, palm wine, broom, palm Kernel, frond stall, Mats, basket, palm kernel, etc.

Palm oil - is the most popular product we get from the palm tree. It is extracted from the palm fruit and it’s used as cooking and frying oil. Palm oil is very healthy and nutritious for human consumption. It is also used for industrial purpose, for manufacturing cosmetic, soaps, toothpaste, lubricant, ink and waxes.

Wood or planks - the stems from palm tree can be converted into woods or planks for making buildings.

Palm wine - palm wine is a sweet tasty drink that’s gotten from the sap of various species of palm tree like the date palms, Palmyra and coconut palms. It is one of the most popular drink in Africa with enormous benefits. It has the ability to fight cancer, it increases eyesight, reduces the risk of cardiovascular disease, promotes lactation and also helps in maintaining a healthier skin, hair and nails.

Broom -there is no home (poor or rich home) you won’t find brooms. Broom is used for sweeping, removal of cobwebs and also used for making ewedu soup in Nigeria.

Palm kernel - palm kernel is an edible seed of the palm fruit.

Palm kernel oil is derived from palm kernel seed, the oil is a great remedy for epilepsy, is a rich antioxidant agent that contains vitamin

E and prevents symptoms and signs of aging; when applied to the hair it makes hair thicker and prevents breakage, it softens the skin, helps to detoxify the body, controls blood pressure and takes care of body odour.

Frond stall - is used as purling in making roofs.

Mats - leaves fiber obtained from the leaves of raffia palm, are used for mats, baskets hats for commercial purpose and for tying plants and other objects.

Baskets - baskets are made from leaves fiber of palm trees, it is being sold in bulk most times to distance places where they are being used for different purposes.

Advantages of palm tree plantation are: There is no fear of theft.

You are sure of getting frequent income and always has good market price all through the year.

It provides local employment, encourages intercropping and has low pest and disease incidence.

It yields highest edible oil among the other oil crop.

The palm tree is a great source of generating income in Nigeria because of usefulness and the huge profit involved in every part of the tree (fruits, kernel, trunks, leaves and sap) used for different products. If there is any agricultural business I can advise anybody to go into, it is owning a palm plantation because this is a business that can serve many generation to come. It takes about four to five years to start reaping the fruits from the tree but it is definitely worth the wait because it generates income for years to come. This type of business requires patience.

Grace O. Abu, Program assistant Cal-maji foundation, abugrace71@gmail.com.

Will Trump Nuke Iran?

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ill President Donald Trump of the US nuke Iran if Iran decimates a US 5th Fleet Central Command’s Carrier Strike Force (CSF) by a barrage of missiles launched from underground silos concealed in the desert plateau of central Iran? Recall that a CSF like the Nimitz-class carrier flagship and escort ships sail off to sea and probable mission with about 7,500 sailors and airmen. But that armada is one lumbering target for a barrage of killer missiles, and destroying a CSF can cause great consternation in the US during an election year. But if a desperate Iran hits a CSF real hard, will the sitting US prez request for the nuclear suitcase? It can be sometimes difficult to gauge the mood of America because this is one country that mixes military bravado (they call it “deterrence” over there) with extreme compassion in equal measure. If not America, where else in the world will a country take in Muslim Somalia migrants and mix them up with “pure white” Christian Protestants in the states of Minneapolis and Utah and watch these Somali Muslim migrants and their offspring gradually radicalise and begin to negatively influence the local communities that provided succour for them in the first place? One of those communities has produced Ihlan Omar who is now a pain to Donald Trump and the Republican Party and American Christian values. Amazingly, as Iran threatens America and Israel with military attacks there are Americans like Nancy Pelosi and Joe Biden who really love Iran and still want to get serious with Iran. Strange people, strange place, that Am’rica of far yonder west.

Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

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T H I S D AY ˾ MONDAY AUGUST 3, 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

In Edo, Obaseki Turns the Governorship Permutation Nseobong Okon-Ekong writes that Governor Godwin Obaseki of Edo State has completely turned the table against his former party, the All Progressives Congress and strengthened the capacity of the Peoples Democratic Party to win the September 19 governorship election

Obaseki

Oshiomhole

Ize-Iyamu

Wike

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there is one opponent that the All Progressives Congress (APC) dread in Edo State, it is the incumbent governor, Mr. Godwin Obaseki. The reason is not far-fetched, a little while ago, the Edo governor was a member of the APC, even if he was treated like a leper for a season by key decision makers in the political party, particularly its erstwhile National Chairman, Comrade Adams Oshiomhole. What began as a minor misunderstanding between the two men was mismanaged on both sides.

The gulf of distrust became so wide that it was impossible to reach across the divide for a friendly handshake.

Powerful individuals and interest groups had weighed in on the war between the political godfather, Oshiomhole and his estranged godson, Obaseki. The APC National Leader, Senator Bola Tinubu overtly threw his weight behind Oshiomhole, while the former National Chairman of the party Chief John Odigie-Oyegun backed Obaseki.

Finally, the differences took an irreconcilable turn. Obaseki was denied the APC gubernatorial ticket which would have enabled him to take a second chance at the office of the gov-

ernor in the impending September 19 Edo State governorship contest. What was APC’s apparent loss, became PDP’s gain. The tables turned quickly as Obaseki switched political party loyalty to the Peoples Democratic

Party (PDP). In a twinkle of an eye, the PDP had become the ruling party in Edo. The permutation for the governorship contest was altered.

Obaseki who was threatened with the ‘Ambode treatment’, meaning, like

The governor commenced the civil service reform by ensuring that those who work hard for the growth and development of the state are assured financial security by ensuring that their monthly salaries and other emoluments are paid promptly. As a matter of fact, on the 26th of every month, all workers in Edo State get their salaries. Pensioners aren’t left behind in this reform as they receive their pensions as and when due. This doesn’t only sustain the pensioners but provides hope for civil servants who are assured that once they retire from service, their emoluments will be promptly paid

the immediate past governor of Lagos State, Mr. Akinwunmi Ambode, he will not be given the opportunity to serve a second term, has shown that he was not willing to yield an inch without giving the fight of his life.

His supporters are boasting that the APC made a fatal error by giving its governorship ticket to Pastor Osagie Ize-Iyamu. In their reckoning, APC has kissed the state goodbye.

When the political imbroglio in Edo started, many did not give Obaseki a chance. The prevailing opinion summed it up as a mismatch. Coming up against the much experienced Oshiomhole who had fought many battles against military dictatorships and challenged faltering civilian administrations, many expected Obaseki to be a walk over. Nobody gave him a chance. What they did not reckon with is that the man understood the inner workings of the Edo State government like the back of his palm. For about seven years, Obaseki was a trusted lieutenant, who served Oshimhole as the Chairman of the Edo State Economic and Strategy Team. It is largely to Obaseki’s credit that the state’s Internally Generated Revenue shot up. One year after his appointment, he was able

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MONDAY DISCOURSE

Ganduje

Tinubu

Odigie-Oyegun

Buhari

to secure, for the state, N25 billion infrastructure development bond from the Nigerian capital market in 2010. Deploying his knowledge as an Investment Banker, Obaseki helped the Oshiomhole administration to usher in an unprecedented era of prosperity to Edo. Particularly, for this reason of continuing to grow the state economy, Oshiomhole felt confident that he was leaving the state in the hands of a capable administrator. So, he was willing to damn the suspicion of other trusted allies who warned him to be wary of Obaseki.

When the face-off between Oshiomhole and Obaseki became public, the governor went after his former principal and forced him to go on the defensive. Two issues were germaine in his allegations. One, he wanted the public to ask Oshiomhole why he wanted to play godfather-a political arrangement he resolutely fought against. Two, he accused Oshiomhole of being in the vanguard of influential Edo Indigenes who wanted him to allow them unfettered access to the resources of the state. An embarrassed Oshiomhole was forced to bite the humble pie and explain himself at every turn. Other brick bats were thrown at him in the form of allegations of fraud perpetrated under his watch as governor of Edo State.

Obaseki has learnt fast on the job.

His hold on Edo politics is such that no one is in doubt that he has the capacity to triumph again. Previously, he kept a low profile, maintaining a self effacing disposition and humility. Many understood this to be that he was playing the part of his profession, as a Stock Broker, which demands being conservative and discrete. However, in the last one year, that image has turned full circle to expose Obaseki in colours the public never knew he had. Away from the perceived timorous attitude, the Edo State Governor has recently shown a display of valour and candour historically associated with his forebears, the Iyase of Benin, that is, the Second in Command (to the revered Oba of Benin), Prime Minister, Commander-in-Chief. With such a heritage, it was a miscalculation to see Godwin Obaseki as a weakling, who lacks self-confidence.

A new Obaseki has emerged. One who is ever ready to advertise his score card. For a little more than three years that Mr. Obaseki has served as Edo State Governor, he has inspired a new approach to governance, bringing to bear on the state’s affairs his impeccable flair for prudent financial management, undiluted taste for quality projects and a commitment to the enhancement of the wellbeing of society through people-oriented policies, programmes and reforms.

The governor started off by identifying six planks upon which his interventions in the state’s political

economy would rest. In just over three years, the governor studiously followed through with the plans in remaking the post-modern Edo State, which aspires to become an investment hub propelled by its strategic geographic advantage, a vibrant and aspirational youth population and a rich, diverse cultural heritage that dates back several centuries.

These dynamics have propelled investments in institutional reforms, sports development, industrialisation, education and health reforms, infrastructural development, skills development and job creation and far-reaching civil-service reforms.

enhance access to rural areas and consolidate on his administration’s urban renewal vision.

The governor, has in the last three years embarked on road construction projects in each of the 192 wards in the 18 LGAs of the state, with each of these roads either completed or in various stages of completion.

So far, the state government has built over 800 roads, which stretch for about 2000km. While the State’s Ministry of Infrastructure constructed about 200 roads, which stretch for 700km, the state under the various streams of the Edo State Employment and Expenditure for Result (SEEFOR), constructed over 400 roads, spanning about 1300km across the state.

need for efficient and functional bureaucracy as the fulcrum upon which development in the state would revolve.

The governor commenced the civil service reform by ensuring that those who work hard for the growth and development of the state are assured financial security by ensuring that their monthly salaries and other emoluments are paid promptly. As a matter of fact, on the 26th of every month, all workers in Edo State get their salaries.

Pensioners aren’t left behind in this reform as they receive their pensions as and when due. This doesn’t only sustain the pensioners but provides hope for civil servants who are assured that once they retire from service, their emoluments will be promptly paid.

To improve productivity, the state government embarked on massive construction of new offices and secretariats for the workers, including the completion of Blocks C and D in the Secretariat Complex with the Treasury Building. The two blocks were abandoned for over 40 years.

The John Oyegun Public Service Training Centre is 95 percent ready. At the facility, workers in the state’s civil service are to be consistently trained on a weekly, monthly, quarterly and annual basis. These trainings are essentially for retooling and equipping workers with the right skills and capacity to do their jobs.

Education Reforms Governor Godwin Obaseki’s farreaching education reforms in Edo is anchored on a determined resolve to attack the rot in the state’s education sector from its base, which is captured in the re-enactment of the state’s basic education sector.

In the last three years, the reforms have resulted in the training of 11,356 teachers on digitally- enhanced pedagogy; educating over 270,000 pupils in not less than 846 public primary schools across the state; training over 11,500 School Based Management Committee (SBMC) members and distributing over 1,140,000 learning materials to pupils. The state governor has concluded plans to roll out the plan in the junior secondary school sector to capture more children in the state.

Infrastructure The milestone achievements recorded by the Governor Godwin Obaseki-led administration in various sectors of the state’s economy are pinned on the governor ’s resolve to overhaul road infrastructure across the state, open up new towns, improve ease of doing businesses,

Industrialisation With a daunting vision to recast Edo State as an industrial hub in Nigeria, Governor Obaseki is pulling every string available to attract investors, build local capacity, engender industrial growth and create wealth for the state and its people.

The governor has pursued this over the last three years delivering on top-notch projects, with a clear-cut strategy to harness the state’s human and natural resources to reposition it for industrial revolution and economic expansion.

On the top of avalanche of projects to reposition the state for industrial growth is the Edo Production Hub, a facility that has now turned out to be the life-line to other industrial projects, serving as a lynch-pin for launching the state into its industrial age. Others are Edo Innovation Hub, Benin River Port, Emotan Gardens, CCETC-Ossiomo Power Plant, and the Edo Industrial Park, among others.

Institutional Reforms Governor Obaseki in repositioning the state for growth, identified the

Obaseki was a trusted lieutenant, who served Oshimhole as the Chairman of the Edo State Economic and Strategy Team. It is largely to Obaseki’s credit that the state’s Internally Generated Revenue shot up. One year after his appointment, he was able to secure, for the state, N25 billion infrastructure development bond from the Nigerian capital market in 2010. Deploying his knowledge as an Investment Banker, Obaseki helped the Oshiomhole administration to usher in an unprecedented era of prosperity to Edo. Particularly, for this reason of continuing to grow the state economy, Oshiomhole felt confident that he was leaving the state in the hands of a capable

Agricultural Reforms Hinged on the huge potential of agriculture for wealth and job creation that could guarantee Edo people better life, Governor Obaseki has implemented well thought-out, strategic and far-reaching reforms that attract and retain investments in oil palm, cassava, maize, yam, rubber, cocoa, rice, vegetables, aquaculture and livestock production.

The Central Bank of Nigeria (CBN) is investing a whooping N69 billion into the Edo State Oil Palm Programme (ESOPP). The Edo State Agripreneur programme, which commenced in 2017, is part of the Governor Obaseki-led administration’s strategies to boost Micro, Small-scale and Medium Enterprises (MSMEs) and sustain current youth-focused agricultural initiatives in the state.

Under the scheme, over 10,000 hectares of rice, maize, cassava, soybean, and other crops are being cultivated in Agenebode, Warrake, Usugbenu, Iguoriakhi and Sobe.

There were over 55,000 young beneficiaries while nearly 20,000 jobs were created under the initiative.

In addition, the Edo Food and Agriculture Cluster (Edo-FAC) in Ehor, Uhunmwode LGA has benefited over 1,300 farmers. There is also a farm mechanisation programme for commercial agriculture in the state.

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FEATURES

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

Terrorism: The Jagged Edges of Govt's Deradicalisation Programme Kingsley Nwezeh looks at government's policy on repentant terrorists in the North-east tagged "Operation Safe Coridor" and the national outrage over the neglect of the actual victims of insurngency and other stakeholders

Some of the havoc caused by the Boko Haram terrorists

"I

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 ‘Boko Haram fighters have repented,’ and you take care of them".

The lamentation above by a mother of four, whose husband was killed in her presence by Boko Haram insurgents, some of whom are participating in government's deradicalisation programme, captures the grief shared by not just victims of terrorism strewn across many Internally Displaced Persons (IDP) camps in the North-east, but a greater percentage of the populace with government's deradicalisation, rehabilitation and reintegration programme for the reportedly repentant insurgents, formerly members of terrorist groups, Boko Haram and the Islamic State for West African Province (ISWAP).

It is even more disheartening that such a programme is initiated in the middle of hostilities in the North-east where available records showed that 100,000 people, mothers, fathers, children, officers and men of the armed forces were decimated by insurgent attacks in a span of 11 years by the same repentant terrorists.

Boko Haram insurgency alone is believed to have claimed at least 100,000 lives, displaced more than 2.6 million people, caused pain to over 52, 311 orphans and 54,911 widows, and led to about $9 billion worth of damage.

UNICEF blames the militant group for killing around 2,295 teachers and destroying more than 1,400 schools destroyed since the conflict started ten years ago, according to Al-Jazeera Study Center, citing statistics provided

by UNICEF. Deradicalisation of Insurgents There have been issues surrounding government's deradicalisation programme, codenamed Operation Safe Coridor (OPSC). Critics believe that radicalisation of the religious hue centers around ideology which was built up overtime and would not just disappear with a six-month programme of deradicalisation.

Some have also argued that prederadicalidicalisation programmes should be in place before deradicalisation and

Some of the IDPs in Banki, Borno State

may whittle down issues that eventually lead to radicalism, violent extremism and eventually deradicalisation efforts.

This is also in tandem with the four pillars of United Nations' global counter terrorism strategy expected to be adopted by member countries, notably addressing the conditions conducive for the spread of terrorism, measures to prevent and combat terrorism and measures to build state's capacity to prevent and combat terrorism.

Reintegration After the six months deradicalisation programme, the federal government last week announced the reintegration of 601 ex-Boko Haram terrorists into the society.

Their reintegration followed the completion of a de-radicalisation programme.

The 601 ex-Boko Haram terrorists include 14 foreign nationals from Cameroon, Chad and Niger. It said the repentant terrorists were reintegrated through their respective national and state authorities.

Coordinator of Operation Safe Corridor, Major General Bamidele Shafa, who made the disclosure at the DRR Camp in Mallam Sidi, Gombe State, said the programme was aimed at giving

hope to ex-combatants who willingly give up their arms to embrace peace.

"On arrival at the camp, the clients went through documentation processes to obtain vital background information after which they were subjected to comprehensive medical screening to determine their health status. “Their DNA samples were also collected while their biometrics were captured on national data using the National Identity Management Commission (NIMC) facilities for future references", he said.

Shafa said “the background information serves as a guide for the experts – Local Treatment Team – to properly place the clients for treatment therapies and vocational training.

"The LTT are specialised experts in various fields of deradicalisation and rehabilitation therapies drawn from the Nigeria Correctional Service.�

Operation Safe Coridor Operation Safe Coridor was set up by government through the Defence Headquarters (DHQ) to oversee the deralidicalisation, rehabilitation and reintegration of willing insurgents.

The military high command had applauded the project as a model that

is already being replicated by other countries.

Speaking on the project recently, the Chief of Defence Staff, General Abayomi Olonisakin, said the initiative was a nonkinetic multi-national and multi-agency humanitarian operation being conducted in accordance with extant international human rights and humanitarian laws.

He said OPSC was a rare window to encourage willing and repentant Boko Haram terrorists in the North-east to surrender and shun acts of violence.

General Abayomi said the project was designed to deradicalise, rehabilitate and reintegrate repentant insurgents into society. “I must say that this model has been replicated by many countries of the world and series of organisations and groups have come here to study that particular model, to know how we achieved it. “The Armed Forces of Nigeria is committed to performing its constitutional role of providing peaceful and enabling environment in the country", he said.

The defence chief said “It will continue to develop strategies to address challenges arising from its operations in the North-east in order to wipe out the insurgents from our country,�.

The Arguments While the military praised the OPSC as a global model worthy of emulation, there is a loud disagreement with the entire programme and its mode of implementation.

Critisims have trailed the skewed nature of implementation which borders on concentration of efforts only on male insurgents without regard to the actual victims, (women and children) and the actions of the so called repentant insurgents, whose activities have left a trail of destruction and blood.

There are also cases of the insurgents going back to an unfriendly community where they continue a life of violence.

Some have allegedly rejoined the insurgents or allegedly found their way into the military. The military, however, denied any record of such movements.

Ali Ndume, a vocal senator, who has held strong positions on government policies with regard to the insurgency in the North-east, also pooh-poohed the amnesty programme for terrorists.

Ndume, who represents Borno South Senatorial District and Chairman, Senate

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FEATURES

The repentant boko haram terrorists during their deradicalisation

Buhari

Committee on Army said one of the repentant insurngents fled after killing the father.

"This government’s programme is unacceptable to our people. The right thing is to stop it, forthwith. Not that he even apologised to you, he apologised to the government. His thinking was that government has failed and that is why they are being pampered", he said in a BBC interview.

Ndume maintained that “they are like Kharajites. Many among those released have since run away. They will never repent. The government should know what to do about them. But not reintroducing someone to you, who has killed your parent, or your relations. “If there is sincerity of purpose in this, those in the IDP camps should be trained in various trades and vocation so that they could start life again.�

Protests, Complaints from Victims In spite of government's position, there are mounting protests, complaints, and criticisms of the programme from major stakeholders especially victims of insurgency.

A widowed mother of four reportedly lamented the lack of assistance from government after her husband was killed in her presence by insurgents. “I 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 ‘Boko Haram fighters have repented,’ and you take care of them".

One of the female victims, spoke in the same vein.

"What about us who have spent six years in the (IDP) camp. We are not taken care of. Only those who came from the bush, looking for amnesty are

General Olonisakin

the ones being taken care of", she said.

A BBC report also cited other unammed victims, who lamented the situation.

"Honestly, the government has not been just on this issue because I don’t get money to feed my children until I go and wash clothes and dishes for people.�

Another victim, who lost four brothers to Boko Haram attacks said, “They drove us out of our homes. Are these the people we are going to live with as if nothing happened?�

A widow, Tata Hussaini, who has been living in an IDP camp in Maiduguri since 2014, when her husband was killed at Tumbum-Mata, Baga, said she had not seen her daughter who was kidnapped by the insurgents. “I do not know if she is still alive.

She should be 13 years by now", she lamented.

Professor Mohammed Dikwa of the University of Maiduguri considers the case of the repentant insurngents a case of government's insensitivity to the plight of victims.

"This is utterly insane and insensitive to our feelings. Such a myopic decision can never be contemplated in sane climes.

What is about to happen in the name of safe corridor is a blatant show of preference for Boko Haram whose comrades are still out there maiming, killing and kidnapping people including humanitarian workers", he said.

He further queries: “Where do we situate the memory of our slain dear ones or the yet to be resettled traumatised victims of the 11 painful years of Boko Haram terrorism in terms of thousands of lives lost, widows, orphans and shattered extended proud families?�

Tony Blair Institute Weighs In Tony Blair Institute for Global Change

At their graduation and reintegration

Senator Ndume

has also weighed in by raising the issues broached by other stakeholders. On its executive summary on deradicalisation in the Lake Chad region as it relates to Nigeria, the center observed that less attention was paid to the women involved in insurgency and victims of insurgency. It also argues that surrendering of terrorists to authorities is not enough.

"In the case of Operation Safe Coridor (OPSC), is surrendering, giving up on Boko Haram, repenting and willingly enrolling in a state deradicalisation programme enough to suggest a change of tune?

"If so, the question arises of whether there is any need for a formal process.

Our analysis is that surrender is not enough, especially in the case of Boko Haram", it said.

The centre said combatants may be forced to surrender by a number of factors, such as military pressure or a lack of supplies. “In such situations, there is still an evident need for deradicalisation.

Even if the surrender is entirely voluntary, defeating violent Islamist groups also requires tackling the ideology and socio-economic grievances that drove fighters to Boko Haram—something that can happen on the programme.

"All of the clients on the OPSC programme are men. In several interviews, people running the scheme stated that three or four women had begun the programme at OPSC but had been swiftly moved to another location. Interviewees noted that the women had been vastly outnumbered by the men and the staff did not have the capacity to engage with the women in a meaningful way", the center said.

The executive summary noted that "in our field research we came across

no official documentation that backed these statements up. On further questioning, there was little clarity on where exactly those women had been and what programme they had been on, if any.

"Nigeria is unique in that large numbers of men, women and children are all involved in fighting for an extremist group.

While there remain major questions about the level of willingness of each participant in Boko Haram’s activities, there is no doubt that every person requires attention on leaving the group. But the male-dominated programme at OPSC neglects the female former members of Boko Haram who have willingly surrendered".

Intersociety Accuses Govt of Insincerity A human rights group, the International Society for Civil Liberties and Rule of Law (Intersociety) accused government of indiscriminate granting of state pardon to terrorists.

"The central Government of Nigeria and its Armed Forces has also vicariously and officially maintained a policy of soft spot for Boko Haram and its terror jihadism in the North-east. This, the same government does to through window dressing and, some say, ‘conflict profiteering", the group said, in a recent statement, while "indiscriminate and unilateral granting of state pardon to terror jihadists (i.e. “repentant Boko Haram combatants�) and their alleged enlistment into security forces as well as abandonment and persecution of victim groups or communities".

In view of the issues raised by stakeholders and victims of insurgency, it may be necessary for the government and military to review the programme and address all the concerns raised.

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BUSINESSWORLD R A T E S MONEY MARKET OVERNIGHT OBB

A S

REPO CALL

2.10 1.40

1-MONTH 3-MONTH

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S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

Group Business Editor Obinna Chima

Email obinna.chima@thisdaylive.com 08152447875

J U L Y 610.85% 0.78% 8.53%

3 1 ,

S & P INDEX 1/4 TO DATE YEAR TO DATE

2 0 2 0 8.35% 26.95%

EXCHANGE RATE N381/1US DOLLAR* *AS AT LAST FRIDAY

Quick Takes Polaris, Facebook to Empower SMEs

BUSINESS REVIEW

L-R: Executive Director, Operations, Mutual Benefits Assurance Plc, Mr. Biyi Ashiru-Mobolaji; Managing Director, Mr. Femi Asenuga, and Chairman, Dr. Akin Ogunbiyi,atthecompany’sAnnualGeneralMeetingheldinLagos...recently ABIODUN AJALA

Report: Persistent Insecurity Hurting Investment, Development Dike Onwuamaeze Persistent insecurity in the northeast and some parts of the country poses a major threat to stability in Nigeria’s macroeconomic and socio-political environment, analysts have warned.

Analysts at Afrinvest West Africa Limited gave the warning in their latest macroeconomic report, pointed out that a climate of instability reduces confidence in the economy, leading to slower investment and development outcomes in areas affected. It noted that northern Nigeria has been the region most susceptible to the risk of insecurity, with this having disproportionate impact on development given the high incidence of poverty in the region.

It further stated that insecurity was also widespread in other regions, including high incidence of kidnapping in the south and the attack on oil infrastructure and oil theft in the Niger-Delta.

ECONOMY According to Afrinvest, from a sectorial point of view, agriculture continues to be affected by insecurity, leading to food shortages.

It noted that high food prices are devastating given that 56.6 per cent of household consumption spending was on food. “Additionally, the majority of households who rely on agriculture, especially in the north-east, have either been displaced or suffered crop losses. Without economic means and limited social protection, these households are more vulnerable to poverty.

As the majority of food supplies emerge from the North, the entire economy is also at risk from insecurity. “The security challenges faced in the Niger-Delta also reduce the potential oil revenues accruing to the government. Without sufficient resources, government’s spending

on public goods would remain inadequate. “While funding to the security ministry has been strong, the federal government has experienced difficulty in tackling insecurity.

However, the situation requires more urgency as progress has been limited between 2017 and 2020.

Perhaps, exploring more useful approaches beyond funding could yield better results,� the report stated.

It noted that in the latest plan put forward by the federal government to accelerate recovery from the current COVID-19 induced crisis, there were no initiatives on the security front.

As such, the Lagos-based investment and financial advisory firm anticipated sustained security risk in the macroeconomic environment, with knock-on effects on consumer purchasing power, investments and ultimately growth. “In our view, plans that do

not recognise elevated insecurity as a threat to development and provide solutions would deliver less impact than expected,� added.

In reviewing activities in the equities market, it noted that the market kicked off the year amid stronger optimism propelled in part by the unattractive fixed income yield environment and the hunt for high dividend yielding stocks by investors.

However, the outbreak of the COVID-19 pandemic and the economic fallout swiftly put an end to the early optimism, with the resulting fear and uncertainty dictating market sentiment for the rest of the first half, it stated. “The social distancing measures put in place to curb the spread of the virus led to a disruption in economic activities and a shift in investors’ confidence from high to low. Interestingly, the valuation of the Nigerian equities market from Continued on page 24

FG Reiterates Pledge to Unlock Opportunities in Gas Sector Goddy Egene The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said Africa, particularly Nigeria, has huge gas resources which can be harnessed and leveraged for economic growth opportunities.

Mele, stated this at the Seplat Energy Summit 2020 with the theme “Business Sustainability and Strategic Leadership in Africa.’ The summit featured discussions on providing valuable insights on the challenging cases on the role of energy systems to build a sustainable Africa economies. “We must not lose sight of the fact that the world is transiting transition to renewable. Gas

ECONOMY business is the future,� Kyari said.

The maiden event had in attendance government officials, apex and self-regulatory organisations, capital market operators, players in oil and gas, investment bankers, policymakers, chief executive officers (CEOs), economists, researchers, analysts, academics, and private equity firms.

In his submission, President of Nigerian Gas Association, Audrey Joe-Ezigbo, said: “We need to leverage on Africa over 527 TCF proven natural gas reserves and use that side by sides complementary to building up our renewables profile as well which Nigeria should be championing.�

The new Chief Executive Officer, Seplat, Roger Brown, said Africa as a continent needs to build that base-load for which it can build from and drive it’s gas agenda which Nigeria can lead through renewable energy.

Concerning expectation from government which will allow Nigeria play a leading role, Brown said the government should support oil firms through partnerships in Joint Venture agreement, more support in competing transactions and approvals and clearer legislature.

Chairman, Corporate Social Responsibility Committee Board, Lord Mark Malloch-Brown said African energy is caught in two overlapping revolutions which include shifting from being a

supplier to the global markets to a supplier to a pan African regional market and the dramatic potential change in the energy mix as it shift from fossil fuels to renewables. “Africa is right up there as one of the most dynamic growing markets, also the continent has some of the most important potential renewable assets in the world,� Malloch-Brown said.

Speaking on how to finance the energy sector on the African continent, former Director General of Securities and Exchange Commission (SEC), Arunma Oteh, asked energy companies to rigorously optimise their cash flow by rigorous cost cutting

PolarisBanksaiditiscollaboratingwithFacebooktoprovidefreedigital marketing training to SMEs in Nigeria.

The bank explained that the move was intended to equip SMEs who are focused on leveraging social media tools to drive business and sales.

According to the bank’s Group Head, Products & Market Development, Mrs. Adebimpe Ihekuna, “This partnership is part of Polaris Bank’s nonďŹ nancial oerings to SMEs in their bid to scale to the next levelâ€? “As an enterprise positioned to meet the challenges of the digital age, especially in the era of COVID-19, we want to assist as many SMEs as we can to ensure they remain relevant in their line of business.â€?

The virtual training is scheduled for August 3rd to 7th and would hold for ďŹ ve days with a maximum of two modules daily, at dierent time intervals (i.e. morning and afternoon), while a repeat session will hold the following weekforthenextsetofSMEswhowerenotaccommodatedintheďŹ rstweek.

Participants would among other things, learn how to ďŹ nd new customers and build business communities using digital tools. They would also be exposed to strategies to grow their business internationally, build an online business presence with Facebook, use WhatsApp to grow their business, learn how to create Facebook Ads, and scale advertising with Ads Manager and unearth tools to drive their business.

Firm Partners Western Union on Insurance

AXA has entered into a strategic collaboration with theWestern Union to provide inclusive insurance products to customer of the money transfer company.

A statement explained that by linking insurance to money transfer services, the two groups would help to better cover migrant workers and their families at home.

An initial pilot, called ‘Transfer Protect’, launched recently in France with AXA Partners, oers Western Union’s customers sending money viaWestern Union, the option to seamlessly sign up for a life and disability insurance solution.

It will help provide peace of mind to the migrant population knowing thattheirdesignatedfamilymembersorlovedoneswillreceiveapayment in case of an unfortunate life or disability event, the statement added.

According to both organisations, the strategic partnership was in line withAXA’sambitiontosigniďŹ cantlycontributetoďŹ nancialinclusionthrough its AXA Emerging Customers division.

Chief Executive OďŹƒcer of AXA, Thomas Buberl, said: “Our customers around the world trust Western Union with their most important and complex money transfers. They also want other value-add services to sustain their ďŹ nancial well-being and long-term ďŹ nancial goals. “Providing value to the global populations we serve is a key focus for our global strategy.This new partnership will provide a new way for us to facilitate value added products and services to the millions of immigrants and dual-belongers.

Renaissance Capital Wins Awards

Renaissance Capital has announced that its Africa research team delivered a stellar performance in the 2020 Financial Mail Top Analyst Awards,conductedbySouthAfrica’sleadingweeklybusinessandďŹ nancial magazine.

It disclosed that its rating for equity research improved to top-3, from number four in 2019.

Commenting on the feat, Managing Director, Head of Research for AfricaandHeadofMetals&MiningResearch,RenaissanceCapital,Johann Pretorius,said:“WearehonouredtobeacknowledgedbytheFinancialMail TopAnalystAwardsforyetanotheryear.Inatimeofincreaseduncertainty, quality research and reliable advice are more important than ever. “We have adapted quickly to the challenges presented by COVID-19 and our high standards in research and client support remain intact.�

On her part, the Director, Head of SSA Research and SSA Economist, Renaissance Capital,Yvonne Mhango, said: “We are delighted with Renaissance Capital’s stellar performance in the Financial Mail Awards 2020.

Given the Firm’s long-established focus on the African continent, having a strong and acknowledged on-the-ground research team is one of the best ways to distinguish ourselves on the market. Congratulations to all of our award-winning SA and SSA analysts.�

“Addressing the key structural impediments in a comprehensive way will create the enabling environment to help Nigeria ensure better outcomes for girls�

W’Bank Country Director for Nigeria,

Continued on page 24

Shubham Chaudhuri

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BUSINESSWORLD REPORT: PERSISTENT INSECURITY HURTING INVESTMENT, DEVELOPMENT a price/earnings ratio viewpoint was down marginally to average 8.1x at the end of the first half. “This was due to sustained upbeat performance in the reported Q1:2020 earnings of most listed corporates and the April to May recovery in prices.

Trading activities on the floor of the NSE remained strong despite COVID19 disruptions, with volume of trades rising significantly during the period,� it added.

According to the report, in the first eight trading sessions of January, the benchmark index advanced 10.4 per cent driven by robust demand for high dividend yielding stocks, concluding the month with a 7.5 per cent gain.

However, as the pandemic continued to spread with Nigeria recording its first case in February, stocks lost 9.1 per cent for the month as investors panicked.

FG REITERATES PLEDGE TO UNLOCK OPPORTUNITIES IN GAS SECTOR

and also rationalise their asset portfolio. “They should try and divest non-performing assets, optimise investments in merge and acquisitions and explore other financial structures,� Oteh said.

On his part, CEO, Nigerian Stock Exchange (NSE), Oscar Onyema, said domestic investors were still willing to continue to put money into oil and gas sector however he warned that the oil and gas sector will continue to experience eternal pressure throughout 2020.

He explained that the global pace of growth and the intensity of the trade tensions between the United States and China will continue to be a determine factors for investments.

President and Chairman of the Board of Directors, African Export-Import Bank (Afrexim) Benedict Oramah, said the future for Africa is integration which was why African Continental Free Trade Area (AfCFTA) was put in place which will create a harmonised approach that will distribute energy in a way that allows direct consumption.

NEWS

Sanwo-Olu Launches Smart Metre Initiative Nosa Alekhuogie The Lagos State Governor, Mr. Babajide Sanwo-Olu, has assured residents of the state of improved access to sustainable electricity.

The governor gave the assurance in Lagos, during the launch of the Smart Metre Initiative tagged “The Lagos Smart Metre Hackathon 2020�

The initiative was launched during a virtual press conference organised by the Lagos State Ministry of Energy and Mineral Resources, in collaboration with Eko Innovation Centre.

The Minister of State, Federal Ministry of Power, Goddy JedyAgba, along with other government officials, were part of the programme.

Through the initiative, the Lagos State government will leverage the availability of bright local talents in Nigeria to develop and produce affordable smart electricity metres for consumers.

The initiative is expected to significantly reduce the revenue leakages in the sector and ultimately improve last-mile electricity supply.

Sanwo-Olu in his remarks stated that the launch, “marks a significant milestone in the implementation plan of the state government towards improving access to electricity in the state and it is also in line with the Sustainable Development Goal 7 of the UN, which aspires to drive universal access to affordable, reliable, sustainable, and modern energy for all by 2030.�

The governor added that

increased electricity access remained one of the priority mandates of his administration given its significance in ultimately driving economic development of the state to enable it achieve the objective of making Lagos a 21st century economy.

According to Sanwo-Olu, “This Lagos Smart Metre Initiative is an important way for the Lagos government to demonstrate its commitment to improving electricity access and reliability for Lagosians. We believe that adequate metering of Lagosians and in turn Nigerians, would

increase willingness to pay for electricity, improve productivity, and more importantly, continue to improve the living conditions of our people. “Now, as we launch the Lagos Smart Metre Hackathon 2020, we call on all relevant stakeholders – electricity sector players, technology experts, investors, regulators – to support this worthy cause as we strive to ensure sustainable electricity for all in Lagos.�

In his keynote address, JedyAgba explained that local design and production of affordable

metres would be transformational for the industry and the economy at large and therefore urged all to support it. “Lagos is an important state in Nigeria in terms of size, economy and resources. With a population of over 20 million and the 5th highest GDP in Africa, Lagos is by far the biggest economy in Nigeria. Therefore, getting access to electricity right in Lagos is critical for access to electricity in the entire country. “Electricity is an essential service, and we need to ensure that the benefits of smart meters

flow to everyone. I call on all relevant stakeholders in the sector to support this innovative and impactful initiative– industry regulators, electricity sector players, technology experts, and fund providers,� Jedy-Agba said.

The Commissioner for Energy and Mineral Resources, Mr. Olalere Odusote said: “The initiative is expected to provide access to affordable smart meters for Lagosians to improve electricity supply, monitoring, and trust between electricity providers and end users while preventing revenue leakage.�

SUPPORTINGCOVID-19FIGHT

L-R: Medical Director, GSK Nigeria, Dr. Omolaja Odunuga; Representative of Minister of Health, Prof.Wasiu Adeyemo;Vice-President, NIRO-Pharm, Sammy Ogunjimi; Financial Secretary, Kunle Ademola, and President, Femi Soremekun, during a COVID-19 support donation by Niropharm member companies in Lagos....recently ETOPUKUTT

BoI Increases Support for MSMEs to N53bn Dike Onwuamaze In demonstration of its commitment to the development of micro, small and medium scale enterprises (MSMEs) in the country, the Bank of Industry (BoI) has disclosed that it made a total disbursement of N53 billion to the segment in 2019.

This was a 56.3 per cent yearon-year increase from the N33.9 billion disbursed in 2018.

This was announced at the Bank’s 60th Annual General Meeting held virtually in line with COVID-19 protocols of the federal government.

During the year under review, the BoI stated that it disbursed

a total of N234 billion to a total 10,145 enterprises, thereby facilitating the creation of an estimated one million direct and indirect jobs.

Presenting the Group’s financial scorecard for the year 2019, the Chairman, Board of Directors, Mr. Aliyu Abdulrahman Dikko, stated “I am also pleased to report that the group’s balance sheet remains strong while our business operations are in line with both regulatory requirements and global best practices.�

According to him, the Group grew its total equity by 13.5 per cent to N293.09 billion for the year ended 2019, over 2018 position of N258.24 billion.

However, he noted, the group’s total asset dropped slightly by 2.7 per cent to N1.04 trillion.

The Group also recorded profit before tax increase by 7.3 per cent to N39.34 billion year-on-year, over the N36.66 billion recorded in 2018.

On loans and advances, the Chairman said that despite a slow start in the first quarter of the year due to the build-up to the 2019 general elections, the Group recorded a growth of 16.7 per cent, from N634.11 billion in 2018 to N740.03 billion in 2019.

Interest income and interest expense increased by 20 per cent and 54 per cent on a year-on-year basis respectively, due to increase

in loan book as well as the impact of borrowings.

He said, “in the course of the year, we made significant progress towards improving the size of our loanable funds, leveraging our strategic partnerships in the international market and the support of the Central Bank of Nigeria. The Bank was able to raise â‚Ź1 billion (One Billion Euro) through syndication by international banks for onlending to SMES to create jobs.â€?

The Managing Director of BoI, Mr. Kayode Pitan, described the year under review, which marked the 60th anniversary of Nigeria’s oldest Development Financial Institution, as

a significant year for the Bank. “As a Bank, we have survived 60 years and by God’s Grace, the Bank has done very well,� he said. “The balance sheet of the Bank, after 60 years, is now slightly over one trillion Naira; and the profit for last year was also very good.�

Beyond the profit, he said, the Bank made strong impact on the economy by disbursing over N200 billion in 2019 to over 10, 000 different institutions and organizations, including the about 60 per cent increase in disbursement to the SME segment. “So for us, it was a good year,� he stressed.

Zenith Bank Introduces ‘Zenith Beta Life’Promo Group Business Editor

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji

Senior Correspondent

Raheem Akingbolu (Advertising) Correspondents

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

Nume Ekeghe (Money Market) Nosa Alekhuogie (ICT)

Zenith Bank Plc has commenced its ‘Zenith Beta Life’ Promo to reward customers of the bank with gifts every week starting from Friday July 31st, 2020, to July 30th, 2021.

A statement from the bank explained that during the period, 50 customers would be selected

via raffle draw each week and rewarded with gifts worth N30,000.

The promo is open to existing and new Zenith Bank customers.

However, for a customer to participate, he or she must maintain a minimum deposit of N5,000 for the period; request and

collect a Zenith Bank card; and download and register on the Zenith Mobile App or register for *966# EazyBanking.

Zenith Bank Plc is recognised as one of the most customerfocused financial institutions in the country and was voted the most customer-focused

bank in Nigeria for the retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS). “A clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of

alternative channels that ensure convenience, speed and safety of transactions, Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices,� the statement added.

FIRS Grants One Week Extension for Companies to File Returns James Emejo in Abuja The Executive Chairman,Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has announced a further one-week extension to the July 31 deadline for companies with December accounting year end to file their 2020 annual income tax returns.

He said the extension was in the spirit of the Eid-el-Kabir festivities and further to earlier palliative measures rolled out by the service in support of the Nigerian taxpayers against the backdrop of the COVID-19 pandemic.

Nami said the affected companies would not be penalised for

late submission, if they file their tax returns within the grace period, between August 1st to 7th, 2020.

In a statement by Director, Communications and Liaison Department,FIRS, Dr. Abdullahi Ahmad, the EC also granted a one-week grace period to regular monthly obligations that become due at the end of July 2020, par-

ticularly the petroleum profits tax instalmental payment, withholding tax and Value Added Tax (VAT) returns.

He, however, stressed that nonetheless, the service would continue to identify with the challenges of the times, which the taxpayers are going through. “FIRS will continue to respond

proactively to the realities of these times, towards easing the burden of our esteemed taxpayers.�

FIRS had earlier in the month announced a further extension for the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30 to August 31.

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BUSINESSWORLD

INTERVIEW

Ovia: Succession Planning Key to Business Survival The Founder/Chairman of Zenith Bank Plc, Mr. Jim Ovia, was the Guest Speaker at the second edition of the Nigerian British Chamber of Commerce’s Sharing Experiences series. Responding to questions from participants, Ovia emphasised that successful brands were built through innovation, adding that in a world ravaged by COVID-19, businesses must adopt creativity and innovation in order to remain in business. Obinna Chima brings the exempts: How has your personal philosophy impacted on the brand?

The Zenith Bank brand is a vision we created 30 years ago. At that time, we all recall that Nigerians were very doubtful as to whether young boys of our age (we were all in our 30s), if we could really be trusted with depositors’ money and whether we would just wear blue jeans and vanish from the country. But we were determined to prove members of the public wrong. We were determined to make a change. If you recall, it was during the military era. I do know a number of persons who were CEOs of banks at that time that were arrested, tried and jailed, because they lost all their depositors’ money. The history books are there of the number of banks that were affected. So, we were terrified and for that reason we needed to be very careful and we needed to display a great deal of honesty and integrity to continue to do well. That was the vision and that was the focus. And in those days, if there are letters from the government or the regulators, you just have to stop what you are doing and read those letters three times, to be sure you knew what they wanted you to do . Otherwise, if you ignore what the letter says, it might render the project you are running useless.

So, that was the era we came into banking and those were the situations we met. It was very scary.

Having established a brand that has lasted long, as the founder of a bank, how do you ensure that in the pursuit of expansion, that you maintain the brand quality and more importantly, when you retired, how did you ensure that the brand remained the way you envisioned it?

This is one of my favorite questions and I have been asked this severally. There is the 100 Club, which is all about companies and institutions that have lasted 100 years and beyond. My inspiration is that if those organisations had been built 100 years ago and are still in business, then we should be able to do that. So, succession planning is very important.

Who takes over from who is very important. So far we have done it three times now and remarkably so well. Many assume I am still there, but the last time I ever visited the office was about 10 years ago, when I retired. But some assume Jim Ovia is still there. But succeeding CEOs have always continued to run the institution even better than the way I did when I was a CEO. Definitely, the brand would continue to be maintained and the reputation of the institution would continue to be maintained, whether I am there or not.

Ovia There would always be challenges in life, in business and in anything you do. It doesn’t really matter about the profession or the kind of business you do. So, you have to be prepared to face those challenges when they come. And, businesses may not be good all the time. So, you have to be prepared so that when you run into such adversity, you will be able to survive at the end of the day. But you can’t run away from challenges.

With the banking industry going through the biggest innovation change, what challenges do ďŹ ntechs pose to the traditional bank?

I do not personally see fintechs as being destructive, but I see them as being collaborative. We need the fintechs to do certain services that banks would not ordinarily be able to do. Definitely, we need the fintechs. They are smaller, they are more nimble and they have the technology. The fintechs also cannot possible survive without the banks in terms of some retail transactions. So, it is a collaborative effort. We don’t see it as being destructive, we see it as being creative and innovative to our retail business and at the end of the day, all the funding and liquidity are going to end up in the banks.

What tips do you have for innovators in Nigeria to overcome the myriad of challenges that the peculiarity of our environment presents?

Let me put it this way: Every country has its challenges. It is not just in Africa or Nigeria that many people tend to complain that we don’t have the type of enabling environment that Amazon, Facebook, Apple, Microsoft, all enjoy in the United States. That is their own environment. We have our own and we have to adapt to our own situation and circumstances. And the kind of enabling environment that these companies enjoy in the US, you don’t even see too many companies enjoy

What is your personal template or methodology that an organisation can adopt to build a reputable brand leveraging innovation?

Firstly, you must have integrity. Integrity is defined as your word is your bond. Integrity is that you must respect corporate governance, you must respect rule of law, you must respect and honour contracts. Even though when the contracts were drafted, you suddenly realised that it did not favour you anymore and that you are going to lose money, but it is a contract and so you must honour it. That is integrity. That is what we do at Zenith Bank and that is what we think people should do.

The best asset of any company are the people.

You have to have the best people. Do not hire your brothers, your sisters or your cousins, just because you know them and that you are related with them. Those kind of people would not give you any idea that would be disruptive or gamechanging ideas

As it relates to Zenith Bank, what challenges did the bank encounter in seeking to maintain its brand equity and how did you overcome those challenges?

such in Europe either. So, it is not only in Africa. I remember when Nicholas Sarkozy was President of France, he said then that the way the French workers protest all the time, there was no way they could build great institutions such as Microsoft, Apple and Facebook. That meant Sarkozy was admitting to the fact that what the innovative companies in the US were doing, they couldn’t do them. So, let’s not complain that in Nigeria we do not have a perfect enabling environment and let’s adapt to the situation that we find ourselves.

With beneďŹ ts of hindsight, what advise will you give to younger entrepreneurs?

I tend to think depending on time, chance and the opportunity that may have arisen at that point in time. It is actually difficult to hypothesise of what to do differently if such problem never occurred. Yes, we faced challenges and we were able to surmount those challenges, resolved them and we moved on.

You are passionate about youth empowerment.

In your view, how do you think the business community in general has done in this regard?

The youths are the future of any nation. We must empower the youths, encourage them and we must sponsor the youths so that they would be to achieve their dream.

What is the impact of an environment on the brand and can an environment within which a business operates shape the way a brand is perceived or affects the brand equity in any way?

Definitely, the environment you operate is part of the brand equity. We are listed on the London Stock Exchange. The perception before we got listed was that African and Nigerian businesses might not respect the rule or adhere to corporate governance. But we have proven that we do respect the rule of law, we have proven that we can obey corporate governance all over the world and wherever we operated. We have operated in the United Kingdom for over 12 years and we have

never been sanctioned once. So, we respect what the regulatory institutions say because we know the perception of the Europeans about African or Nigerian businesses back home. We are not given benefits of doubt and we are presumed guilty until we prove ourselves to be innocent. So, based on that we ensure that we don’t do things that would bring shame to our country. Not just Zenith Bank, but other Nigerian banks operating in London and they are all doing extremely well and I must also tell you that none of them have been sanctioned or betrayed the name of our country.

In this Covid-19 era with its attendant effects, what strategic model should businesses adopt to drive public affairs and stakeholders’ engagement?

Definitely, Covid-19 has a very difficult period for all businesses globally and no country can say it has the magic wand or the solution. The only solution to the virus is when there is a vaccine and that is when we can all go back to our normal way of life. But so far, you don’t have cure for it. So, everyone is obeying the NCDC, W.H.O protocol. That is what all organisations are doing.

We can’t design our own strategy. We are obeying the Presidential Task Force on Covid-19 and so far it has worked for us.

How do you create an organisation that encourages innovation?

Having the right people. The best asset of any company are the people. You have to have the best people. Do not hire your brothers, your sisters or your cousins, just because you know them and that you are related with them. Those kind of people would not give you any idea that would be disruptive or game-changing ideas. They would be so happy to be loyal to you, but definitely they would not be disruptive nor would they create any positive change. But they would be loyal to you and they would be bowing down from you every morning. And that is all you may get. So, go for the best people always. That is why our tripod stand at Zenith is people, technology and service.

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BUSINESSWORLD

ANALYSIS

As Coronation Capital Provides Insights into Business Valuation Hamid Ayodeji Coronation Capital for about two weeks brought together investment bankers and other operators in the financial services sector to participate in its second Corporate Finance and Business Valuation Masterclass with Professor Aswath Damodaran, of the Stern School of Business, New York University as the facilitator.

The Masterclass was conceived as an opportunity to share deep insights on business valuation with industry stakeholders and enhance capacity in the nation’s capital market.

The event which was a virtual three-hour sessions took place over four days between 3pm and 6pm on July 20th to 21st and July 28th to 29th.

The programme featured four sessions with broad topics including: Discounted cash flow model; Risk premiums and betas; Loose ends in valuation and the dark side of valuation; the dark-side of valuation (continued) and relative valuation.

Each of these topics was treated in an engaging manner by Damodaran and participants were able to ask questions and obtain clarity on general corporate finance and business valuation principles.

Speaking about his background and journey to becoming the renowned Dean of Valuation, Damodaran noted that he was a teacher and he was aware of what he wanted to do early. According to him, it is important to be aware of moments of grace when God is telling you what to do. He further explained that he was attracted to corporate valuation because he has always been good with numbers and telling stories.

On adjusting for liquidity, Damodaran stated that liquidity dries up when trust is lost, adding that investors price companies that are transparent and open more because it is believed that trading on the same reflects reality.

Advising financial professionals, he emphasized the need to value companies based on where they are located not where they are incorporated, adding that valuation needs to be forward-looking and dynamic. For corporates like Coronation Capital, the iconic professor explained that with a culture of learning people should not be punished based on outcomes but on processes, because processes matter more. In response to a question on changes in the investment world after 40 years, Damodaran stated that the investment world is now much flatter resulting in more similarities than differences in output as the same tools are available to everyone

Damordaran

Opubor

in the world for a fee.

According to him, passive investors have taken market share from mutual funds resulting in pressure on money managers to justify management fees; and that corporations have also witnessed some change as in the past, the local markets were protected.

But, with globalisation, he said corporations are now exposed. “For instance, fewer companies can count on earnings as a measure of corporate health and are therefore reluctant to pay dividends and prefer buybacks as a more flexible way to return cash to shareholders. “There are no changes with valuation, however, as the intention is always to get a view on the present value of future cashflow. Another change in the investment world is the belief that things can be done the same way over the years with different results. “The world is now too dynamic for the things to be done the same way for different, better results, a dynamic, analytical, forward-looking means of execution is now required,� he added.

Furthermore, Damodaran said market bubbles are a common, necessary feature of markets and are corrections that change the way things are done.

In fact, every forward movement for mankind comes from people overreaching, pushing the margins on what can be done, he added.

On possible distinction in valuation methods applied in Nigeria, the expert stressed that the method of valuing companies is the same globally. He, however, argued that some Nigerian companies are opaque in that relevant information are often withheld. “Transparency is very important for financial markets. If there is no transparency, there is less liquidity. Lack of transparency and family control of companies is a recipe for individual investors exit as can be seen in the Middle East. It is best to build transparency and Nigerian companies that are transparent are priced much better that opaque companies. Liquidity can dry up in countries like Nigeria when the investors lose trust,� he added.

In response to a question on key considerations when valuing companies in emerging markets, Damodaran suggested that companies should be assessed not only from the perspective of the jurisdiction of their incorporation but also where the business of the company is conducted. In addition, valuers should not get caught up in domestic risk factors and parameters which may be overly dismal but should always confirm the business and sector risk.

He argued that accountants are incorrect to consider a balance sheet as a true reflection of the worth of a business, saying balance sheet is actually a reflection of the past in view of

the nature of modern companies such as Jumia for instance.

He stated that a balance sheet is backward looking and static while valuation is forward-looking and dynamic. Accounting earnings are used as a basis for valuation but the mis-categorisation of values should always be noted, he said.

His view is that accounting was designed for old time manufacturing companies with assets in their books. Accounting is not ideal for modern technology companies without visible, tangible assets.

In response to the question on strategies for building human capital, Damodaran encouraged Coronation Capital to create and maintain a culture of learning by not punishing staff for outcomes as long as the right processes are followed. Where outcomes are celebrated and not processes, the learning process is undercut as staff focus more on the outcome and less on the process.

Explaining the concept of company exposure to risk, the finance expert said that the danger of focusing just on revenues is that it misses other exposures to risk (production and operations), adding that the default approach in valuation has been to assign country risk based upon your country of incorporation. “As companies globalize and look for revenues in foreign markets this practice will underestimate the costs of equity of developed market companies with significant emerging market exposure and overestimate the costs of equity of emerging market companies with significant developed market risk exposure�, he said.

Speaking at the opening session, the founder/ Chairman of Coronation Capital Limited, Mr. Aigboje Aig-Imoukhuede, said the company remains committed to building a continuous learning environment that empowers its employees.

He said: “At Coronation Capital, we are strong believers in continuous learning, developing intellectual abilities. That is why whenever there is an opportunity to bring renowned academics, we seize it.�

He said the company decided to invite Damodaran, who headlined the first edition again to handle this year’s edition, because, “there is no better person that will teach you how to value assets.�

In his remarks, Managing Partner of Coronation Capital, John Opubor thanked the Professor and participants for a successful event.

Opubor had noted that, “The world has entered uncharted territory. History teaches that a return to fundamentals espoused by Professor Aswath Damodaran is crucial to thriving in times like this.�

Deloitte Launches Initiative to Support SMEs, Others Peter Uzoho Deloitte Africa Leadership has launched the Deloitte Private in West Africa, a practice established to focus on serving SMEs), high net worth individuals, familyowned businesses and Private Equity houses.

The launch was held in partnership with the Nigerian Stock Exchange (NSE) under

its Growth Board programme.

The Growth Board, launched in January 2020, is a specialised board for emerging businesses with high growth potentials, to encourage SMEs to get listed on the exchange.

A statement explained that Deloitte Private would provide value-added services to SMEs listed on NSE’s Growth Board and private companies facing

challenges affecting the future of their businesses.

Speaking on Deloitte Private Services and offerings, Chief Executive and West Africa Leader, Deloitte, Fatai Folarin, said: “small companies have the potential to become tomorrow’s multi-nationals and entrepreneurs have the passion to become future business leaders.�

He stressed the importance

of SMEs to the economy and explained Deloitte’s commitment to partnering with SMEs in Nigeria and across Africa to drive growth.

Folarin, also stated that the collaboration with the NSE on the initiative was essential to boosting investors’ confidence and would ultimately accelerate growth in Nigeria.

In setting the context for the two-day event, Deloitte Private

West Africa Leader, Linda Quaynor, indicated that the initiative was to demonstrate the commitment to SMEs by offering unique solutions through cost-effective delivery models that will enable them scale operations and future proof their businesses.

Also speaking at the event, Head, Primary Markets, Listing Business Division, NSE, Tony Ibeziako, provided insights into

the operation of the Growth Board, including the importance of listing on the Growth Board and the benefits for SMEs. The firm stressed that launch of the initiative would accelerate growth in the private market segment, support and build capacity for small businesses and help SMEs navigate the complexities in the operating environment to scale exponentially.

Notore’s Operating Income Rises to N3.8bn Oluchi Chibuzor Notore Chemical Industries Plc has posted a six per cent revenue growth, showing gross revenue of N17.4 billion and operating income of N3.8 billion for the nine months ended June 30, 2020.

The company disclosed this in its unaudited third quarter 2020 financial results.

The company explained in a

statement at the weekend that, “There has been good progress with the on-going Turn Around Maintenance (TAM) programme on the existing plant. Significant increases in production outputs and revenues are projected after TAM is completed at the end of December 2020 as expected.�

Giving further breakdown of its results, the company said, “The gross revenue stands at

N17.42 billion, compared to N16.49 billion in third quarter 2019 (6% year-on-year growth), representing a modest increase in production output and sales, while operating income is N3.79 billion, compared to N3.34 billion in Q3 2019 (an increase by 13% YoY) driven largely by increases in other income.

It noted that its debt service cost stood at N11.89 billion, compared

to N10.45 billion in Q3 2019 (14% YoY growth), due to additional term borrowing to finance the TAM programme and the impact of Naira devaluation on foreign currency denominated loans.

It continued: “Notore’s gradual revenue growth is attributable to some improvements in Plant reliability derived from the on-going Turn-Around Maintenance (TAM) programme, which has begun to

impact positively on Plant operations, resulting in some modest increases in production volumes and production on-stream days during the period. “Operating expenses increased by 22 per cent to N16.24 billion during the period from N13.23 billion for the corresponding period of Q3 2019 due mainly to a combination of increases in production activities, Plant

repair and maintenance expenses exacerbated by Naira devaluation.�

On the impact of the coronavirus (COVID-19) on its operations, the company said it has continued to weather the storm during the period and recorded impressive sales during its 2020 financial year, noting, “For the period under review, Notore sold all the urea that it produced in both domestic and international fertilizer markets.�

Cross River Unveils Covid-19 Tax Palliatives The Cross River State government has announced a package of relief and incentives for individual taxpayers and businesses in the state, following an approval by the Governor, Prof. Ben Ayade.

The Commissioner for Finance, Asuquo Ekpenyong, in a statement explained that the relief package in the form

of exemptions would cover the period from February – December 2020.

While breaking down the incentives, the Executive Chairman, CRIRS, Akpanke Ogar, stated that individuals in the public sector (under the Pay-As-YouEarn scheme) earning less than N100,000 are granted tax relief

from Personal Income Tax, in line with the provisions of the Cross River State Tax exemption law 2015 (as amended), while self-employed persons (artisans, hawkers, okada riders, tricycle riders, taxi drivers, petty shops, barbing/hair dressing salon owners, restaurants/eateries) are also granted tax reliefs in

line with the provisions of the CRS Tax exemption law 2015.

He also stated that taxpayers would be allowed to make instalmental payments in 2020 for outstanding tax liabilities from 2018 – 2019 over a period not exceeding six months.

The Chairman also said the deadline for the submission of

Pay-As-You-Earn (PAYE) annual returns by employers of labour in the state for the 2019 tax year was extended to September, 30th, 2020, with waivers granted on penalties.Other taxes, levies and fees received varying degrees of rebates from 50 per cent to 100 per cent.

In his remarks, the President

of the Calabar Chamber of Commerce (CALCCIMA) Eta NdomaEgba, commended government for the budget review and the tax reliefs, noting that the Chamber had long advocated for these, and it came at the right time, as both the state and businesses were grappling with the challenges of COVID 19 economy.

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FGUrgedtoAdhereto TransparencyinPublicFinanceMgt. Oluchi Chibuzor The federal government has been tasked to ensure transparency and fiscal equity in its drive to utilise public finance.

This is in line with the recently signed Finance Act 2020 and the aggressive tax policy drive of the government.

The charge was given by the Civil Society Legislative Advocacy Centre (CISLAC) during a recent stakeholders’ dialogue held in Lagos.

Speaking, the Executive Director, CISLAC, Auwal Musa, said Nigeria’s fiscal regime has been in a near mess with the different news on financial misappropriation on a daily basis, adding that ministries, department, agencies are having field day with issues of financial malpractices.

He said the call was necessary because tax inequalities and massive leakages in the public procurement process and budget implementation creates loophole

for misappropriation of public funds. “The Nigerian economy as at the present is majorly dependent on borrowed resources no thanks to the pandemic excuse and multinational companies are free to practice all available evasive practices with their local collaborators due to lack of oversight. “Allegation of abuse of public offices and misappropriation of public funds by public office holders is becoming a form of our daily offices in Nigeria. Government must ensure that money generated from tax is adequately used for developmental projects in the country.�

Achieving this, according to a CISLAC’s recent report on ‘Policy Brief on Effective Public Finance Management Roadmap in Nigeria,’ according to him, noted that development and growth experienced by any nation are primarily determined by the efficiency of the nation’s public finance management system.

CBN Urged to Clarify GSI, Sandbox Policies for MFBs Ugo Aliogo The Central Bank of Nigeria (CBN) has been advised to clarify the Global Standing Instruction (GSI) and Sandbox policies for Microfinance Banks (MFBs) as financial institutions get ready to embrace the guidelines.

This was view expressed by experts during a webinar with the theme: ‘Implications of Global Standing Instruction (GSI) and Sandbox Policies for MFBs,’ organised by Accion Microfinance Bank in Lagos recently.

The CBN had issued guidelines aimed at reducing non-performing loans in the banking sector and to monitor chronic loan defaulters.

The GSI guidelines give banks the power to debit loan and accrued interest due from bank accounts of loan defaulters across the Nigerian banking system.

While the Nigeria Inter-Bank Settlement System Plc (NIBSS) is expected to manage the entire operations of the GSI on behalf of banks using customers Bank

Verification Numbers (BVN).

Speaking at the meeting, the Head, Emerging Markets and Other Financial Institution, (NIBSS), Samuel Oluyemi, said there was need to be clear mention of other financial institutions under the sandbox framework and then GSIs for MFBs and other financial institutions (OFIs) as well as the definition on the point of default. “What happens to the loans that have been granted pre-launch of this GSI? We need to look at it very fast in the sense that all the loans that have been disbursed before now, to come within the view of the GSI through an administration of the GSI mandate on present loan holders with MFBs. There also needs to be a definition on the point of default whether it is at the point of non-performing loans or a substandard loan�, Oluyemi said.

He explained that for the integration of GSI for MFBs, another window needs to be created while calling for more activity in BVN validation.

LG Enhances Customer Experience LG Electronics (LG) has upgraded its ‘Life’s Good with LG Wash, Free Wash’ center in Ogba, Ikeja, suburb of Lagos, with new sets of commercial washers and dryers for efficient free service delivery to families in the community and beyond.

A statement from the company explained that a major part of the upgrade was the introduction of the company’s commercial Washing Machine-Giant C Pro, developed to add value to its teeming customers.

Officially launched in 2018, the free laundry service was targeted at alleviating shortage of water and power supply in the area, for residents to efficiently carry out their laundry activities.

The laundry cabin is equipped with state-of-the-art facilities to effectively take care of laundry needs of up to 50 local families each day, with laundry needs at no cost. LG constructed the facility,

which included the installation of a constantly replenished water tank, uninterrupted power supply, washing machines, dryers, air conditioners and sufficient supply of detergents and laundry bags to cater for the laundry needs of the people.

The newly added set of commercial washing machines/dryers will not only improve the living conditions, as well as support the daily washing needs of people in the area, but will also save time, because of its high efficiency advantage, the Head of Corporate Marketing Division, LG Electronics West Africa, Mr. Hari Elluru said. “LG commercial washing machine called the Giant C Pro which has an easy installation process accompanied with high efficiency and performance, is the ideal commercial laundry product to save costs and get owners / users ahead of their competitors in the laundry business.

Group Life Insurance: FG Pays N15bn Premium to Insurers Ebere Nwoji The federal government recently fully paid the premium for its employees’ Group Life Insurance cover for 2020.

This was disclosed by the Nigerian Council of Registered Insurance Brokers (NCRIB).

Though the Vice President of the Council, Mr. Tunde Oguntade, who made the disclosure while speaking to members of the National Association of Insurance and Pension Correspondents (NAIPCO) shortly after their 2020 Annual General Meeting (AGM) held in Lagos, did not disclose the actual figure paid to the insurers, government had early in the year budgeted N15 billion for full payment of the premium.

Government had in the 2020 Appropriation Bill, proposed N15 billion for payment of Group Life insurance of its employees.

The amount would be used to pay for Group life insurance for

employees of all federal government ministries, departments and agencies including DSS/insurance of sensitive assets, Corpers plus administrative monitoring.

Section 4 (5), of the Pension Reform Act, 2014 states that, “every employer shall maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium shall be paid not later than the date of commencement of the cover.�

Expressing the feelings of insurance operators, Oguntade, who represented the NCRIB President, Mrs. Bola Onigbogi, at the meeting, described the payment as a positive development.

He, however, called on federal government to engage the services of the registered insurance brokers in the purchase of insurance services in order to mitigate the risk of contact failures.

He expressed displeasure about

the government’s failure to engage insurance brokers in its insurance arrangement.

According to him: “On government contracts, what we are trying to do at NCRIB is to talk to ministers through our liaison committee and leadership that the contract failure thing you have all over the federation if you have insurance and you have brokers arranging them for you, of course all those contracts failure will not be there because contracts failures are sometimes premeditated and they do not want to listen to us. “We have been talking to them about all these roads, bridges and rails under construction on the importance of the government to engage the brokers. “If they don’t want the contracts to fail they know what to do.

Imagine someone who go to roadside agent to ask for insurance policy. It’s the NCRIB that puncture that thing and say this is wrong. We will continue to do

our best to engage government as long as government is willing to do the right thing, NCRIB will be there to support them.�

Speaking on ways to deepen insurance penetration, he said: “You have online models which is referred to as technology, you have physical, and you have referrals. If somebody tries to get you online, you are bouncing, tries referrals, you are bouncing, he will try the last option which is physical correct. There’s nothing that is wrong.�

On application of technology in their operation, Oguntade, said what NCRIB has done was to ensure that all its members are ICT savvy.

Also speaking, NCRIB’s Executive Secretary, Mr. Fatal Adegbenro, said the council was in very close contact with government agencies, stating that every year the council writes to inform them on the need to engage the services of the registered insurance brokers.

FOR CUSTOMER SATISFACTION

L-R: Digital/PR/CSR Manager, LG Electronics, West Africa Operations, Mrs. Esther Fagbola; Product Manager, Mr. Olugbenga Ogunbayo; General Manager, Home Appliances, Mr. Jiung Park; Head, Corporate Marketing Division, Mr. Hari Elluru, and Showroom Manager, Fouani Nigeria Limited, Samir Abdo, at the opening of LG’s Life is Good Free Wash Center upgrade at Ogba, Lagos‌recently

Kenya Airways Resumes International Passenger Flights Chinedu Eze Kenya Airways has announced that it has resumed international passenger services following the easing of movement restrictions as directed by President Uhuru Kenyatta.

The East African carrier said the first international flights departed August 1, 2020 to the following international destinations: London, Dubai, Addis Ababa, Kigali, and Lusaka.

Kemya Airways said during the month there would be a gradual increase in the network with flights to Paris, Mumbai and Amsterdam, adding that in Africa, the airline would operate flights

to Accra, Dzaoudzi, Freetown, Harare, Kilimanjaro, Lagos, Monrovia, Moroni, Nampula and Zanzibar.

Also based on demand and other factors, resumption of services to other destinations around the globe would occur.

The airline said it also plans to start operations to USA, China and Thailand from October 2020, noting that these destinations require the bulk of the network to open up so as to sustain adequate traffic on the routes. “Since resuming domestic flights on 15th July 2020, we have been monitoring the adherence to the protocols that we have in place to ensure the health and safety

of our customers and staff, and I am pleased that they are being enforced and followed strictly,� said the Group Managing Director and Chief Executive Officer of Kenya Airways, Allan Kilavuka. “The resumption of our international flights is an important milestone for us. Through the COVID-19 pandemic, we have continued to provide connections for our farmer’s produce to reach international markets, medical supplies to reach our people through our Cargo flights, as well as reuniting families through the repatriation flights we mounted with support from the government of Kenya. “We look forward to welcom-

ing our guests on board from today onwards as we play our role in kick starting economies, not only for Kenya but also for those countries that we operate to,� he added.

Kenya Airways said some of the safety measures the airline has put in place to ensure the safety of passengers include: the use of Personal Protective Equipment (PPEs) by the flight crew and airport workers where necessary, and limited interaction between crew and passengers.

The airline added that it is also providing sanitizer stations and on-board and washing of hands would be encouraged by crew during flights.

Ibom Air Takes Delivery of Fifth Aircraft Chinedu Eze Ibom Air has announced that it has delivered additional aircraft, thus increasing its fleet to five aircraft.

The Akwa Ibom state-owned airline said the aircraft would have been delivered earlier but was delayed due to the COVID-19. “After delays occasioned by the COVID-19 pandemic, Ibom

Air is pleased to finally receive its fifth Bombardier CRJ900 aircraft, the second of the two additional aircraft purchased in December 2019. The aircraft, with registration number 5N-BXO, arrived Lagos from Calgary, Canada at 00.05 am local time, Saturday morning, 01 August 2020). “With the arrival of this aircraft, our modern and efficient fleet grows to five aircraft and Ibom Air

continues to operate the youngest fleet amongst Nigeria’s airlines.

This fleet strategy is in line with our vision to be a world-class African regional airline,� Ibom Air management said.

The airline also disclosed that a key benefit of Ibom Air’s modern fleet of Bombardier CRJ 900 aircraft was that they all come factory-fitted with High Efficiency Particulate Air (HEPA) filters.

“HEPA filters are high-intensity filters that do not just filter dust, but effectively capture greater than 99.97 per cent of the airborne microbes in cabin air, including microscopic particles such as bacteria and viruses. Cabin air in HEPA equipped aircraft generally pass through the filters every 2-3 minutes, removing contaminants and greatly enhancing the quality of air in the cabin.

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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×

L-R: Outgoing CEO,SEPLAT Energy, Mr. Austin Avuru; the Chairman, Dr. ABC Orjiako; Board Member. Mr. Basil Omiyi; and lncoming CEO, Mr. Roger Brown during the Summit 2020 with the theme “Business Sustainability and Strategic Leadership in Africa� held in Lagos ...recently PHOTO: SUNDAY ADIGUN

L-R: Medical Director, GSK Nigeria, Dr. Omolaja Odunuga; Representative of Minister of Health, Prof. Wasiu Adeyemo; Vice-President, NIRO-Pharm, Sammy Ogunjimi; Financial Secretary, Kunle Ademola; and President, Femi Soremekun, during a COVID-19 support donations by Niropharm member companies, at the Central Medical Store, Lagos....recently PHOTO: ETOP UKUTT

L-R: Director, Public Aairs, Nigerian Communications Commission (NCC), Dr. Ikechukwu Adinde; Former Head, Media and Public Relations, NCC/celebrant, Mr. Sonny Aragba-Akpore; his wife, Florence and Director, Projects, NCC, Mrs. Abigail Solanke, during a valedictory session organised in honour of Aragba-Akpore, who retired from the services of the Commission in Abuja...recently

L-R: Secretary , Network of Enterpreneural Women (NNEW) , Mrs. Adeola Remi-John ; Mrs. Catherine Ogbizi ; Vice President , Jacquelyn Olua; and Wife of the Inspector General of Police , Hajiya Fatima Adamu during the distribution of Nigeria Breweries palliatives to widows of Police OďŹƒcers Women Association (POWA) in Abuja..recently PHOTO: GODWIN OMOIGUI

R-L; Minister of State for FCT, Dr Ramatu Aliyu; Chairman of the Gwagwalada Area Council, Adamu Danze and Aguma of Gwagwalada, Alhaji Mohammed Magaji during the visit of the minister to Gwagwalada ood victims in Abuja...recently

L-R: Yoruba Leader, Auto Spare Parts and Machine Dealers Association (ASPMDA), Alhaji Ibrahim Olaleye: Treasurer, Chief David Ajisafe; Member, Mr. Nurudeen Adeniye: and Chairman Yoruba Forum,, Mr. Akin Olatunde, during a press conference to protest the Marginalisation of Yoruba traders in the management of ASPMDA Market aairs, in Lagos...recently PHOTO ETOP UKUTT

L-R: Former President, Urhobo Leadership Forum, Abuja (ULFA), Prince Igho Majemite; President, ULFA, Olorogiun Jonathan and Vice President, ULFA, Barr. Okakuro Bright, during the press brieďŹ ng by the ULFA on the ongoing NDDC saga in Abuja...recently PHOTO: ENOCK REUBEN

Some of the 158 stranded Nigerian migrants from Niamey, Niger Republic, during their arrival at Nnamdi Azikwe International Airport Abuja...recently

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NEWS XTRA

Fayemi Sets up Burial Committee for Afenifere Leader, Fasanmi

Victor Ogunje in Ado Ekiti

Ekiti State Governor, Dr. Kayode Fayemi, has set up a 13-man committee to coordinate the burial of Afenifere leader, Pa Ayo Fasanmi, who died on

July 30.

The committee is headed by the Secretary to the State Government, Mr. Biodun Oyebanji.

Fasanmi, 94, was a senator in the Second Republic and one

of the staunch allies of the late sage, Chief Obafemi Awolowo.

In a statement issued yesterday by his Chief Press Secretary, Mr. Yinka Oyebode, the Ekiti State governor said the committee would work with the

family of the late elder statesman and the government of Osun State to ensure a befitting burial for the deceased.

He will be buried tomorrow in Iye Ekiti in Ilejemeje Local Government Area, Ekiti State.

Other members of the committee are Senator Bunmi Adetunmbi; Hon. Ibrahim Olanrewaju; Hon. Tope Ogunleye; and Chief Folorunsho Olabode, Mr. Paul Omotosho.

Others are Mr. Femi Ajayi, Mr. Ayoola Owolabi, Aare Muyiwa Olumilua, Mrs. Moji Fafure, Brig. Gen. Ebenezer Ogundana (rtd), Chief Alaba Abejide and Mr. Taju Adejumo as secretary.

support of its claims were not genuine. A report of this finding was issued by the committee to Mr. President.

“Consequently, the federal government terminated all communications with Samano as it became apparent that its claim was a hoax. ” According to the corporation, when Samano realised that the government was no longer interested in the non-existent stolen crude, it resorted to blackmail and intimidation of key officials of the government.

The NNPC stressed that the company threatened that it would publicise the fact that the non-existent crude had been recovered, sold and proceeds looted by senior government officials and other personalities when it knew this was absolute falsehood.

“Samano made several demands, including the demand that it be paid the sum of $125,000,000:00 by the government officials to prevent it from disclosing this false information to the public," it added.

As a result of the constant harassment, NNPC said it was constrained to make a formal report to the Department of State Security (DSS) and Nigeria Police while other victims wrote petitions in

respect of the same subject to the Attorney-General of the Federation.

After a thorough investigation, the corporation explained that it was discovered that the allegations of conspiracy, forgery, obtaining money by false pretence, blackmail and extortion were wellfounded and that some of the fraudulent activities of one Mr. Ramirez and Mr. Jose Salazar Tinajero (both agents of Samano) constituted a threat to the national security of Nigeria.

“During its investigation, the Nigerian Police discovered that Samano is part of a notorious crime syndicate that habitually intimidates, blackmails, and defrauds government officials and other high-profile persons.

“For instance, it was discovered that Mr. Ramirez, Samano’s representative, was indicted by the U.S. District Court in the Southern District of Texas as the mastermind of a scheme leading to the loss of several millions of dollars through various mail and wire frauds between 2010 and 2013.

“The police became aware that Mr. Ramirez fled the United States of America and settled in Nigeria where he continued his criminal

activities in conjunction with Samano and its managing director,” the national oil said.

It added that there is a subsisting warrant issued by the United States government for the arrest of Ramirez, while his wife has been convicted in the United States for her role in a visa lottery scam, he masterminded.

NNPC said it was aware the officials of the company are being currently prosecuted by the Economic and Financial Crimes Commission (EFCC) for other offences.

The corporation noted that while the company claims that it is entitled to compensation for supplying information on the missing crude oil pursuant to the federal government’s whistleblower policy, the so-called information was furnished in 2015 whilst the policy only commenced in December 2016.

“Samano’s attempt to shift attention from the on-going criminal charges against its managing director and agents will not fly. NNPC has instructed counsel to take appropriate legal actions against Samano and its officers for the injury done to the corporation and its officials by the falsehoods peddled

by Samano and its agents,” the NNPC said.

they should be assisted to contribute to the rehabilitation of their former victims who are still languishing in IDP camps. They can contribute to understanding the root causes of insurgency. They can assist the intelligence agencies on how to approach the fight against insurgency," he added.

Akinseye-George, who is the president of Centre for SocioLegal Studies (CSLS) further said those in IDP camps must not be neglected, adding that they should equally be rehabilitated and assisted to return to normal life.

Another senior lawyer, Mallam Ahmed Raji (SAN), who noted that the Boko Haram saga called for a total holistic review, said the focus should be on causes more instead of planning as if Boko Haram had come to stay.

He said: "How come the insurgency has refused to go away? Are we adopting the right approach? Are the leaders sincere? Do we need foreign assistance? Is there anything to learn from Chad's recent exploits?

"The victims are more deserving than the aggressors.

We should not give the impression that will suggest that some of our leaders are in bed with the insurgents.

"I honestly believe a meeting of all the former heads of the country, former Chiefs of Army Staff, all former Chiefs of Defence Staff and former Intelligence Chiefs

( it is sad Alhaji Umaru Shinkafi is late) may unravel the mystery surrounding the unending challenge. We should go to the cause and stop focusing on the effects.

Something fundamental is wrong somewhere."

Mr. Dayo Akinlaja (SAN) said that the heinous crimes perpetrated by Boko Haram are such that there cannot be a moral basis for dignifying the repentant fighters.

According to him, "This is more so on the backdrop of what we read about that some of those who had previously been rehabilitated went back to their evil cohorts in the Boko Haram terrorist group. To me, the gravest concern is with the possibility of the so-called repentant ones going back to their evil and murderous ways.

"Be that as it may, I am mindful that the rehabilitation agenda could have been conceived as a strategy to stem the tide of the seeming intractable insurgency. In today’s Nigeria, the number one challenge we have is that of the tragic insecurity dotting virtually every inch of our landscape."

He, however, advocated that everything must be done to ensure that the present crop of repentant Boko Haram members do not renege on their oath of allegiance and go back to their past activities with the terrorist group.

Akinlaja who expressed sadness that victims of Boko

Haram are still largely in IDP camps said: "If rehabilitation is the price we have to pay to end Boko Haram, it is worthwhile to pursue it in my humble view."

Mr. John Baiyeshea (SAN), faulted the rehabilitation of Boko Haram fighters, saying that there is no such thing as repenting with insurgents.

"The rehabilitation programme for the so-called 'repentant' Boko Haram terrorists is ill-advised. Putting it mildly, it is a very bad policy.

The truth of the matter is that Boko Haram elements hardly (if ever) repent. In order words, they don't truly or sincerely repent. It is deceitful to think that they repent," he said.

Baiyeshea added that integrating them back to society on the guise of being repentant is a disaster waiting to happen.

"Senator Ali Ndume who should know better (because he represents the constituencies most affected by Boko Haram terrorism), stated a few days ago that the policy is dangerous. He stated further that one so-called 'repentant' Boko Haram terrorist, killed his own father as soon as he returned home.

"Something has to be done to immediately reverse this ugly policy. It is tantamount to pampering terrorists and giving them and others of like mind, the impression that it pays to be involved in crime,” he said.

NO STOLEN NIGERIAN CRUDE OIL IN CHINA, NNPC INSISTS According to the corporation, Samano first contacted officials of the federal government in 2015, indicating that it had been approached by an unnamed group in China to buy 48 million barrels of Nigerian crude oil, which they believed to have been stolen from Nigeria.

It said Samano requested that it be allowed to purchase the stolen crude after its recovery, adding that shortly after, the company indicated that it was no longer interested in buying as it only obliged the government with the information to assist the Buhari administration’s fight against corruption.

The NNPC stated that it was impossible, based on the operations and state of the international crude oil market in 2015, to ship 48 million barrels of crude oil from Nigeria to China without any record or trace of the same.

“For context, as of 2015, the daily production of crude oil in Nigeria was below 1.6 million barrels. Therefore, 48 million barrels of crude oil would have been the total production capacity of the country for a whole month.

“It was and remains simply impossible for one-month

crude oil production for the entire country to disappear without any record or trace from the shores of the country.

“NNPC was also aware that as at the material time and considering the fact that the People’s Republic of China is one of the most regulated economies in the world, the export of crude oil from Nigeria to China was exclusively undertaken by four known companies approved by, under the control, ownership, and management of the Chinese government.

“It would, therefore, have been impossible to transport 48 million barrels of crude oil from Nigeria to China without the active involvement of the said companies. Again, from an economic perspective, it made little sense that anyone would store that volume of crude oil in China for such a considerable period having regard to the attendant significant storage costs,” NNPC stated.

The NNPC added that the Chinese government had, through its officials, stated in response to the allegation at different fora that there was no stolen Nigerian crude oil stored in any port or terminal or storage facility in China.

It said that despite the

reservations and in view of the fact that transparency remained an integral component of state policy under President Muhammadu Buhari, the federal government set up the Presidential Committee on Recovery of Stolen Nigerian Crude Oil in response to the claims made by several companies including Samano.

The NNPC explained that when Samano was asked to present evidence in proof of its allegations to enable it to investigate and verify its claim, it refused, neglected or failed to provide the committee with any cogent and verifiable evidence in support of its allegations.

It added: “Notwithstanding the failure of Samano to produce verifiable evidence in support of its allegations, for completeness, relevant officials were mandated to pay an in-person visit to China and further investigate Samano’s claim.

“During this fact-finding trip to China, it was discovered that Samano’s claim was false as there were no 48 million barrels of stolen Nigerian crude oil or any stolen Nigerian crude oil in any port, terminal or storage facility in China.

“It was also discovered that all the documents previously presented by Samano in

SABOTAGE PROLONGING INSURGENCY WAR, SAYS BORNO GOV the liberated territories and to rid our communities of of Victims of Insurgency to fully establish government criminal elements,” he said. War, SANs Tell FG authority in all areas within the North-east region.

“We must remain poised to ensure the final defeat of the terrorists and to resist any attempt by the criminals to re-establish control in the liberated area,” Buratai added.

The Chief of Air Staff, Air Marshal Sadique Abubakar, also said at the weekend that unmanned aerial vehicles would be deployed in Katsina, Zamfara and Gombe States to contain insurgents and armed bandits.

Abubakar, at a luncheon with Nigerian Air Force (NAF) personnel of the Air Component of Operation Hadarin Daji, said: "Some of the Unmanned Aerial Vehicles (UAVs) being procured for the NAF would be stationed in Katsina and Gusau, to cover the North-west and Gombe for the North-east."

He added that steps were also being taken to improve the development and employment of NAF special forces in order to keep them motivated to remain the excellent lethal force they had become.

He charged the personnel to maintain control of the operational space and exploit every intelligence resource.

“We must continue to remain focused by maintaining the highest level of vigilance and combat readiness that the NAF is known for in order

In his remarks, Governor Aminu Masari of Katsina State while appreciating the immense contributions of the NAF in addressing the security challenges facing Katsina State and the entire North-west zone, expressed delight that the construction of the aircraft hangar, along with ancillary facilities would soon commence.

Addressing the soldiers during Eid-El-Kabir lunch with troops of the Air Taskforce Operation Lafiya Dole in Yola, Adamawa State capital as part of the tradition to foster comradeship in the fight against insurgency, Abubakar said the recent procurement of additional platforms such as the Super Tucano aircraft and other platforms had changed their mode of operations in the fight against the insurgency.

"The essence of this celebration is to help fill the void created by not being able to celebrate with our families because you are deployed at the frontlines.

"To this end, let me congratulate you for the recent procurement of the Super Tucano aircraft to NAF. It shows we are committed to ensuring the total elimination of the Insurgency in our country," he added.

Focus on Rehabilitation

Meanwhile, four SANs have advised the federal government to focus on the rehabilitation of the victims of insurgency, the majority of who are currently living as IDPs in various camps scattered across Nigeria.

The senior lawyers told THISDAY in separate interviews that nothing should be spared in the pursuit of peace in the country.

One of them, Professor Yemi Akinseye-George (SAN), said the repentant Boko Haram fighters being rehabilitated and reintegrated into the society should be properly documented.

“Their biometrics and all personal data should be collected and preserved by the security agencies.

This will enhance effective monitoring and evaluation of the rehabilitation programme," he said.

According to him, such documentations would enable the country in a few years’ time to know how many of those rehabilitated "have made good use of this second chance provided by the amnesty and how many have returned to criminality.

"They should also be trained and assisted to start new lives.

Many of them were victims of bad and corrupt governance.

"As repentant persons,

MONDAY AUGUST 3, 2020 ˾ T H I S D AY

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NEWSXTRA

APC Accuses PDP of Converting Edo’s Treasury to Political Slush Fund Allegation is antics of drowning party, PDP replies Chuks Okocha and Adedayo Akinwale in Abuja The All Progressives Congress (APC) has accused the Peoples Democratic Party (PDP) of ‘criminally’ converting the Edo State treasury to a ‘political slush fund’.

But in a swift reaction to the allegation that the PDP is

looting the treasury of the state government, the Secretary of the PDP National Campaign Council for Edo State governorship election, Kola Ologbondiyan, said such is the antics and unnecessary cry of a drowning party.

The Deputy National Publicity Secretary of APC, Mr. Yekini Nabena, in a statement issued yesterday, said the widely reported

faceoff between Governor Godwin Obaseki and his Deputy, Philip Shuaibu, over the release of funds for the PDP governorship campaign has already given credence to that.

Nabena, while responding to a recent communique issued by the PDP Governors’ Forum, where it

enjoined President Muhammadu Buhari, the Independent National Electoral Commission (INEC) and security agencies to “play an impartial role” in the forthcoming governorship elections in Edo and Ondo States, said PDP’s plan is to unleash violence, intimidate voters and buy votes during the

election.

He said: “For a party whose stock-in-trade remains cloning of Permanent Voter’s Cards (PVCs), stealing card readers, voter intimidation, thuggery and vote buying as witnessed during the 2019 general election, the PDP’s call is dubious and a smokescreen

for their real and sinister intentions.

“The real issue is how the Edo State treasury has been criminally converted to a political slush fund as exposed by the widely reported faceoff between Obaseki and his deputy, Shuaibu, over the release of funds for the PDP governorship campaign.

Rivers Police Kill Three Kidnappers, Rescue 18 Passengers The Rivers State Police Command yesterday said that it killed three kidnappers who hijacked a commercial bus along the Etche-Owerri Road of the state.

The kidnappers, who were said to have been terrorising the axis of the East-West Road, were felled by police bullets during an exchange with operatives of the state Anti-Kidnapping Unit on Sunday morning.

Spokesperson for the State Police Command, Nnamdi Omoni, who confirmed the killings, said arms

and ammunition used by the gunmen were recovered.

Omoni also said all 18 passengers on the bus were rescued unhurt.

“We swung into action when we heard that the bus carrying 18 passengers was hijacked by armed robbers. They tried to kidnap the passengers on the bus. But we were able to rescue the kidnap victims.

“The armed robbers engaged our men but three of the robbers were fatally wounded. They were confirmed dead when they were taken to the hospital,” he said.

WE SHARE YOUR GRIEF...

Nigeria’s COVID-19 Cases Rises By 304 to 43,841

Governor of Cross River State, Senator Ben Ayade (left), and Chairman of Bakassi Deep Seaport, Mr. Kevin-Joe Jedy-Agba, during the governor’s condolence visit to the Bakassi Deep Seaport chairman over the passing of his mother, Her Royal Highness, the late Queen Gertrude Jedy-Agba in Utugwang, Obudu ...recently

Martins Ifijeh

NBA Elections: Akpata, Others Receive Certificates of Return

Nigeria has recorded 304 new cases of COVID-19, bringing to 43,841 the number of confirmed cases in the country.

It has also recorded five COVID-19- related deaths within the last 24 hours, while 221 patients have tested negative to the virus in one day.

It said: “Lagos recorded 81 new

cases; Federal Capital Territory (FCT), 39; Abia, 31; Kaduna, 24; Rivers, 23; Plateau, 16; Cross River, 13; Ebonyi and Ondo, 12 each; Ekiti and Edo, 11 each; Benue and Nasarawa, 10 each; Ogun, six; while Gombe recorded five.

“Nigeria has so far recorded 43,841 confirmed cases of COVID-19. 20,308 persons have been discharged, while 888 have died.”

Police Confirm Death of One Person in Ogun Gas Explosion One person was reportedly burnt to death in a gas explosion that rocked the Ijebu-Ode area of Ogun State.

The gas explosion occurred yesterday at the Golden Estate in Ijebu-Ode The Police Public Relations Officer (PRO) in the state, Abimbola Oyeyemi, who confirmed the incident, explained that security operatives have been

by a handful of supporters of the elected members of the incoming executive committee of the association was presided over by the Chairman of the ECNBA, Mr. Taiwo Taiwo (SAN).

In his opening remarks, Taiwo noted that the results of the elections which held electronically with over 29,000 verified voters, were declared within 24 hours after the polls ended at 11p.m on July 30, 2020.

Taiwo, who expressed concerns

about disunity in the NBA, noted that there was no need for any ill-will or disaffection within the association.

He said, “The essence of NBA elections or the essence of every election is service. And if the purpose is service, why should there be ill-will and disaffection?

Let us try as much as possible to be united. Let me warn that the house divided against itself cannot stand and shall fall.

“All these perceived divisions

must stop. Within the NBA there are many sub-divisions. One day we may find the association of non-car owners among lawyers.

Let us retrace our steps.”

Congratulating the newly elected officials, Taiwo urged them not to see their elections as an avenue for personal aggrandizement.

“If you think so, you have made a mistake,” he said, adding, “Let us work together for the betterment of the NBA.”

drafted to the scene.

“One person died and his corpse has been taken to the state general hospital morgue in Ijebu-Ode.” Speaking on the number of persons injured, Oyeyemi said, “No one sustained injury. The explosion affected one person who died immediately while others scampered for safety”.

Ize-Iyamu Receives Blessings of Otaru of Auchi The Candidate of the All Progressives Congress (APC) in the Edo Governorship election, Pastor Osagie Ize-Iyamu, has received royal blessings from the Otaru of Auchi and the Vice-Chairman of the Edo State Council of Traditional Rulers, the High Royal Highness, Alhaji Aliru Momoh Ikelebe III. Ize-Iyamu was at his palace on Saturday alongside his running mate, Mr. Gani Audu, and other leaders of the APC to pay the traditional ruler homage as part of the Eid-el-Kabir celebrations and to officially deliver copies of his SIMPLE agenda manifesto.

He said that he visited to

The Electoral Committee of the Nigerian Bar Association (ECNBA) has presented Certificates of Return to the winners of the just-concluded association’s national officers’ elections.

The president-elect, Olumide Akpata, and eight others who emerged winners in the elections were presented their Certificates of Return at the NBA national secretariat in Abuja, preparatory to their inauguration on August 27.

The low-key event attended

felicitate with the Otaru of Auchi during the Sallah to formally inform him of his governorship bid because he is one of the most important Islamic traditional rulers in the country.

Ize-Iyamu praised the Otaru as a forward-thinking ruler with great love for his people and lamented the state government’s failure to take maximal advantage of the solid minerals deposited in Auchi and the rising insecurity that has scared away investors from the area.

He assured the ruler that he would tackle the challenge of security and the erosion problems of the Auchi Kingdom.

Ikpeazu Removes Transport Commissioner, Suspends LG Chairmen Governor Okezie Ikpeazu of Abia State has sacked the state’s Commissioner of Transport, Mr. Ekele Nwaohammuo.

This was contained in a statement issued yesterday titled, ‘Government special announcement’ by Chief of Staff to the Governor, Dr. Anthony Agbazuere.

It added that the Transition

Committee Chairmen for Aba North, Victor Ubani; Aba South Cherechi, Wogu and Ibe Local Government Areas, Umunnoechi Mathew were also suspended.

Also, the General Manager of Traffic and Indiscipline Management Agency of Abia State, Mr. Bright Ikeokwu, was also sacked.

“The Governor of Abia State,

Okezie Victor Ikpeazu, Ph.D. has approved the immediate suspension of the following: The General Manager of Traffic and Indiscipline Management Agency of Abia State; the Transition Committee Chairman of Aba South Local Government Area; the Transition Committee Chairman of Aba North Local Government Area.

“The Governor has also relieved the Commissioner of Transport, Ekele Nwaohammuo of his appointment as Honourable Commissioner.

“The Transition Committee Chairman of Umuneochi LGA, Mr. Mathew Ibe has equally been relieved of his appointment.

Compel Buhari to Publish Loans Obtained Since 2015, SERAP Urges Court Udora Orizu in Abuja Socio-Economic Rights and Accountability Project (SERAP) has asked the Federal High Court in Abuja to order President Muhammadu Buhari to publish details of loans that have been obtained by the government since May 29, 2015, including the interest rate, the total amount of debts that have so far been incurred by this government, as well as details of the projects which the loans have been spent on.

Joined as respondents in

the suit number FHC/ABJ/ CS/785/2020 are Attorney General of the Federation and Minister of Justice, Abubakar Malami; Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, and the Director-General of the Debt Management Office (DMO), Ms Patience Oniha.

The suit followed SERAP’s Freedom of Information (FoI) request dated May 30, 2020, to President Buhari, expressing concerns that while various governments since 1999 have borrowed money in the name

of Nigeria and its citizens, much of the funds have reportedly been mismanaged, stolen or squandered, leaving the citizens with the burden of having to repay these loans.

It would be recalled that Buhari recently sought the National Assembly’s approval for a fresh loan of $5.513billion, reportedly to fund the 2020 budget deficit, critical projects, and support some states. The National Assembly also recently approved a N850 billion loan.

Another loan of $22.79 billion

had previously been approved by the National Assembly.

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Adelanke Aremo, read in part: ‘’The massive and growing national debts have continued to have negative impacts on the socio-economic development and on Nigerians’ access to public goods and services, including quality education, adequate healthcare, clean water, and regular electricity supply.

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NEWSXTRA

Masari: 30 Policemen Manning 100 Villages in Katsina Governor Aminu Masari of Katsina State has lamented that despite the escalating killings by bandits and other criminal elements in Katsina, only 30 policemen are deployed to man over 100 affected

villages.

He described the current statistics of deployment of an average of 30 policemen to about 100 villages as “gross deficit’.

The governor at the weekend

NNPC: We’ll Deliver Refineries Mid-2023 The Nigerian National Petroleum Corporation (NNPC) has promised to get the refineries functional by mid-2023.

In a television programme monitored in Abuja, the Group Managing Director of NNPC, Mr. Mele Kyari, also stated that it was currently impractical to float the refineries commercially and beneficially.

Kyari spoke alongside the Minister of State for Petroleum Resources, Mr. Timipre Syla, in a virtual dialogue during the programme.

The NNPC boss said private investors would work with the corporation to fix the refineries, adding that the model adopted in the Nigeria Liquefied Natural Gas company could be used for refineries.

“In this model, NNPC is going

to be the minority partner in the refineries,” he said.

Kyari said the refineries were currently dormant, but noted that the oil firm was working hard to get them back to life in order to begin domestic refining of crude.

On his part, Sylva said the National Assembly would get and possibly begin work in earnest on the Petroleum Industry Bill in two weeks.

He expressed hopes that the bill, which had dragged for years without being passed, would become law under the current administration.

The minister insisted that the downstream oil sector had been deregulated and that petrol price would be determined by global crude oil prices.

Oyo to Repatriate Trafficked Indigenes Stranded in Lebanon Kemi Olaitan in Ibadan Oyo State Governor, Seyi Makinde, yesterday assured the state of the commitment of his government to ensure the repatriation of all its indigenes trafficked to Lebanon.

This is just as he said the state would not stand by and watch its indigenes suffer dehumanisation under any guise.

A statement issued by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, indicated that the governor made the pledge while receiving a brief on the plight of Oyo State indigenes trafficked to Lebanon from the Senior Special Assistant on Diaspora Matters, Mrs. Bolanle Sarumi-Aliyu.

According to the governor, “We will pay for the repatriation of all Oyo State indigenes who have been confirmed to have been trafficked to Lebanon. Please put all necessary plans in place

to bring them back.

“I understand that some wellmeaning individuals and groups have made some donations to some of the victims, let them use such donations as pocket money.

“This state will pay for their flights and the fees requested to conduct COVID-19 tests on each of them.”

Makinde was informed that a number of Oyo State indigenes had been discovered to be illegal migrants trafficked into apparent modern-day slavery in Lebanon.

Sarumi-Aliyu said while 40 of such victims have been screened and ready to come back home, more victims were still being discovered, adding that her office had been working closely with the Lebanese authorities to identify Oyo State indigenes stranded in Lebanon while the 40 victims already screened would return home this month.

however said his administration had initiated actions to amend extant laws with a view to enhancing authority of village heads and local authorities for community policing.

Masari said this will compliment ongoing efforts to emplace a

robust community policing structure whilst addressing the gross deficit in the deployment of police operatives at local levels.

Masari spoke during the luncheon organised by the Nigerian Air Force to celebrate the Eid-El-Kabir with frontline

troops in Katsina.

He emphasised if such actions were not taken, “even if the bandits were wiped out by the military, another generation of criminal elements would quickly take their place in the absence of adequate policing”.

According to him: “The bandits are intertwined within the communities so sometimes it may be difficult for the NAF or the Army to distinguish them from the locals in order to conduct offensive operations devoid of collateral damage.

REWARDING CUSTOMER LOYALTY...

L R: National Sales Director, Dangote Cement Plc, Mr. Adeyemi Fajobi; One million Naira Winner, Mr. Ojediran Kayode; and Marketing Director, Dangote Cement Plc, Mrs. Funmi Sanni, holding the symbolic Cheque after presentation to the winner in Ibadan, Oyo State ...recently

Alleged N700m Fraud: Buhari is Aware of PDP’sVicious Attack against Me, Says Ize-Iyamu Adedayo Akinwale in Abuja The candidate of the All Progressives Congress (APC) in the September 19 Edo State governorship election, Pastor Osagie Ize-Iyamu, yesterday said President Muhammadu Buhari is aware of the vicious attacks on innocent people and their reputation by the Peoples Democratic Party (PDP), “and is not bothered by the ongoing attempt by the party to use the

alleged N700 million fraud before the court to blackmail him.”

The APC governorship hopeful stated this while reacting to a statement by PDP’s agents in a letter to Buhari, pleading with him not to meet with Ize-Iyamu over an alleged corruption he is currently facing at the Federal High Court in Edo State.

According to the APC candidate in a statement issued by his media campaign unit, “Although these faceless persons claim to write on

behalf of Edo people at home and in the diaspora, the mendacious claim is exposed by the deluge of endorsements received daily by Ize-Iyamu from the people of Edo State across the world, including prominent members of Governor Godwin Obaseki’s government and family, who are resigning in numbers never seen before because they are convinced of Ize-Iyamu’s integrity, competence, and documented manifesto to move Edo State forward. ‘’We are confident that the

president is well-aware of the vicious, unprincipled, and mindless attacks on innocent people and their reputation by the PDP, having been a victim of their flexible principles and morality himself. ‘’Therefore, he needs very little convincing on why their childish demand, alongside the shameful insistence on dragging others into their campaign of calumny to hide the failure of their candidate, stems from their approaching defeat on September 19.”

PDP Chieftain Urges Non-indigenes toVote for Obaseki’s Re-election Sylvester Idowu in Warri Ahead of the September 19, 2020, gubernatorial election in Edo State, Peoples Democratic Party (PDP) chieftain and former Delta State gubernatorial aspirant, Chief Sunny Onuesoke, has appealed to non-indigenes resident in Edo State to cast their votes enmass for the re-election of the state Governor,

Godwin Obaseki, and his Deputy, Hon. Philip Shaibu.

Onuesoke, who made the appeal while addressing journalists at the Edo State PDP Secretariat, Benin-city, yesterday noted that it is expedient that the non-indigenes join forces with the Edo indigenes to return Obaseki as the governor of the state as his support base continues to grow on the back of his personal character,

integrity and performance in office, including sectoral reforms and investment in infrastructure which have attracted investors and industrialisation of the state.

The PDP chieftain reiterated that the re-election of Obaseki and Shaibu for another term would further consolidate the achievements recorded in their first tenure, stressing that Edo State is in safe hands under Obaseki.

According to him, “Obaseki needs to be re-elected in order to continue to maintain his government pragmatism and enduring sagacity in providing happinessforthegeneralityof Edomasses.Hisunalloyedcommitment totheprovisionofgoodgovernancehas ruffledthegodfathersandthoseelements who see governance as a means of self-enrichment to the detriment of the larger society.

A press release that was released yesterday by the State Police Public Relations Officer, SP. Bala Elkana, said incident took place on Friday, July 31, 2020 at 1:50 p.m.

Elkana noted that the police operatives deployed to the Third Mainland Bridge intercepted and rescued Abiodun, a resident of

Abaranje Road, Ikotun, from his suicide attempt.

Abidun explained that he procured a loan of N390,000 in March this year with monthly repayment plan for six months and an accrued interest of N142,287:25 from a micro finance bank in Lagos Island.

Abiodun, who holds a B.Sc. in Physics and Master’s Degree in Business Administration, said he collected the loan to upgrade his wine retail business, but the business failed and the money lost.

He has been taken to the Bariga Police Station for questioning.

Ize-Iyamu: Why Oshiomhole Criticised Me in 2016 Police Rescue Father of Two from Attempted Suicide over Debt Davidson Iriekpen The governorship candidate of the All Progressives Congress (APC) in Edo State, Pastor Osagie Ize-Iyamu, has given reason why he was criticised by the former National Chairman of the party, Adams Oshiomhole, in the 2016 Edo governorship election, saying it was because he was in a different political party then.

Ize-Iyamu who spoke in Benin City at the weekend, said the criticisms were all about politics and nothing that should be taken seriously.

Oshiomhole, who was recently ousted after an acrimonious battle with his protege -turned political enemy, state governor, Godwin Obaseki, had described Ize-Iyamu as a bad choice for Edo people then.

Oshiomhole was captured in different video clips deriding

Ize-Iyamu, the then PDP candidate, in a bid to sell the candidacy of his then political ally, Obaseki, in 2016.

“Godwin has worked for the people of Edo using his brain, using his creativity quietly, with the economic team he built using his network of friends without demanding one naira,” he said in one of the videos. He questioned Ize-Iyamu’s education and political background, citing some inconsistencies.

With the exit of the incumbent governor from the APC to the PDP and the emergence of Ize-Iyamu as the APC’s 2020 governorship candidate, Oshiomhole has now retracted his statements on Ize-Iyamu.

He now describes Obaseki as a “bad product” who should not be re-elected by the state electorate.

Rebecca Ejifoma Officers of the Lagos State Police Command have rescued a 45 years old father of two, Mr. Adeyinka Abiodun, who attempted to commit suicide at the Third Mainland Bridge lagoon to avoid his accumulated debt of N500,000.

APC Not Worried By PDP Govs’ Decision to Set up Legislative, Legal Committees, Says Party Adedayo Akinwale in Abuja The Director General of the Progressive Governors Forum (PGF), Dr. Salihu Lukman, has said that the decision of the PDP Governors’ Forum to set up both legal and legislative committees does not worry the All Progressives Congress (APC) and was not worth responding to.

Lukman also told THISDAY yesterday that the APC won’t to respond to everything because it is the ruling party.

“Why should we react to such a thing? They said this is what they want to do - we should stop them? I don’t really know the way to go; they are doing their own; we are doing our own. Where there is disagreement, we will settle it

out politically. I don’t think it is a matter worth responding to”.

Lukan said the intention of the PDP governors would be revealed with time.

He insisted that it is within their rights to set up committees.

“If they are setting up a committee - is it about infractions? No! You are getting it wrong. We are not

in a perfect set-up. They have their perception; we have own perception. Democracy is about negotiations; they (PDP) are free to say this is what they want, just like we are free to say this is what we want.”

He emphasised said at the end of the day, if there are contesting issues, it would be negotiated politically.

MONDAY AUGUST 3, 2020 ˾ T H I S D AY

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NEWSXTRA

FG Evacuates 170 Nigerians from East Africa Chinedu Eze The federal government has successfully evacuated 170 volunteers

from Rwanda, Tanzania and Kenya, THISDAY has learnt.

A local airline, Azman Air, was used for the evacuation.

The flight arrived the Murtala

Bakare Cautions against Reopening of Churches Dike Onwuamaeze The Overseer of the Citadel Global Community Church (CGCC), Pastor Tunde Bakare, has warned against the re-opening of churches as directed by the Lagos State Government in spite of the ravaging COVID-19 pandemic “in order to avoid driving Christians like sheep to the slaughter houses by trooping to churches.”

Bakare gave this warning yesterday during the CGCC’s (formerly known as the Latter Rain Assembly) online Sunday worship.

He said: “I have to appeal to you once again, please keep safe

A former ally of Governor Godwin Obaseki and former Commissioner representing Esan Central on the board of the Edo State Oil Producing Commission (EDOASOPADEC), Mr. Emmanuel Odigie, has alleged that the state in the last four years under the leadership of the incumbent governor has not made any meaningful progress.

He also berated the Peoples Democratic Party (PDP) for its ‘Pepper them and crush them’ slogan, saying it is needless and unnecessary.

Odigie who resigned his position as a Commissioner of EDOASOPADEC at the weekend called for a peaceful election and issue-based campaign ahead of the September governorship election

in the state.

He told journalists yesterday that the incumbent governor would have been at an advantage if he has done anything meaningful in the last four years.

Making reference to the job creation claims of Obaseki, he said,”he claimed to have created 200,000 jobs for Edo youths. If that is true, it ought to have been the basis of his campaign and not the other way.”

The former commissioner, who was obviously miffed by what transpired at the Oba of Benin Palace, said: “I will call what transpired in the Oba’s palace as a lack of tolerance from Governor Godwin Obaseki. He appears to be over ambitious and an ambitious man is a desperate man and a desperate man is a very dangerous man.

Ibadan Indigenes Allege Marginalisation in Appointment of UI VC, Others Kemi Olaitan in Ibadan Indigenes of Ibadanland, under the aegis of Central Council of Ibadan Indigenes (CCII), have lamented the marginalsation of the indigenes of the ancient city in the appointment of the Vice Chancellor of University of Ibadan.

The CCII also decried the fact that none of the railway stations located on Ibadan catchment area was named after prominent

Nigeria’s know-how and expertise with other African, Caribbean and Pacific countries (ACP).

The scheme draws from large pool of Nigeria’s well-trained manpower to provide volunteers requested by beneficiary countries.

Since inception in 1987, Nigerian volunteers have served

in many countries in Africa and Caribbean and Pacific countries.

The scheme is opened to all Nigerian graduates with three years post National Youth Service Corps (NYSC) experience.

The returnees, who tested negative for COVID-19 before departure, are expected to self-isolate for 14 days in line with the protocols.

They are also expected to take another test latest this week.

Director General and Chief Executive Officer of TAC, Dr. Pius Osunyikanmi, who was grateful to President Muhammadu Buhari for successful evacuation, said the president had been very supportive in the evacuation process.

and do your best to stay alive. Do not let anyone, whether religious or governmental leader, to drive you like a sheep to the slaughter.

If they (the government and the disease control authorities) said the month of August is going to be the peak of the infection, why should they ask people to rush in (re-open the churches) again.

Please keep safe and do your best to keep alive by keeping all the necessary rules. We know that by the grace of God this pandemic, like the others before it, has an expiry date. It shall not see our end. We shall see its end in the mighty name of Jesus.”

Edo APC Chieftain: Obaseki’s Administration a Failure Peter Uzoho

Muhammed International Airport, Ikeja Lagos in the early hours of yesterday.

The volunteers, professionals in different fields, were in the three East African countries under the Technical Aid Corps (TAC) scheme.

TAC is a federal government agency responsible for sharing of

Ibadan indigenes, adding that no prominent political positions has been given to them since the inception of the administration of President Muhammadu Buhari in 2015.

The President General of the CCII, Mr. Adeyemi Soladoye, made these remarks yesterday when he addressed journalists at a press conference that was held at Ibadan House, Yemetu, Ibadan.

FIGHTING PANDEMIC...

Enugu State Fire Service decontaminating the State Secretariat Complex, GRA, Enugu, at the weekend, ahead of civil servants’ resumption of duty, today, after four months of lockdown.

CSOs Ask Buhari to Investigate Malami over Alleged Corruption Adedayo Akinwale in Abuja Some civil society organisations have asked President Muhammadu Buhari to investigate the Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, over “14 high-profile corruption cases”.

In a letter sent to the president during the weekend, the CSOs listed “financial fraud” and

“influence peddling” among the allegations levelled against the AGF. The letter was signed by the Chairman, the Civil Society Network Against Corruption (CSNAC), a coalition of 150 CSOs, Olanrewaju Suraju; Chairman, Centre for Anti-Corruption and Open Leadership (CACOL), Debo Adeniran, and Ezenwa Nwagwu of Say No Campaign.

The CSOs said the immediate

option before the AGF is to resign and give way for full inquiry into the allegations against him.

“It has to be now or never.

There are very strong allegations of corruption against Mr. Abubakar Malami with clear evidence.

President Buhari should act now,” the coalition said.

“We have listed these corruption cases after painstaking compilation of high-profile corruption cases involving the country’s No One

law officer. The president must act without delay.

“We are perturbed by these reports considering the revered position occupied by Malami, being the number one law officer of the country.

Some of the allegations as conveyed in the media reports go to the root of breakdown of law and order and total disregard for the rule of law.

Obasanjo, Atiku, Saraki, Others Felicitate With CUPP’s Spokesman at 38 Udora Orizu in Abuja Many prominent Nigerians, including former President Olusegun Obasanjo, former Vice President Atiku Abubakar, Chairman, Peoples Democratic Party (PDP) Governors’ Forum and Sokoto State Governor, Aminu Waziri Tambuwal; PDP National Chairman, Prince Uche Secondus; former Senate President Bukola Saraki, Governor of Rivers State

Nyesom Wike, have felicitated with the spokesperson for the Coalition of United Political Parties (CUPP), Ikenga Ugochinyere, as he marks his 38 birthday today.

The political leaders who reached out to Ugochinyere via letters, phone calls, text messages and social media, described him as a fearless champion for democracy.

Others, who felicitated with him in statements made available

to journalists yesterday in Abuja, included Governor of Enugu State, Ifeanyi Ugwuanyi; former Governor of Imo State, Emeka Ihedioha; former Governor of Anambra State, Peter Obi; Ebonyi State Deputy Governor, Eric Kelechi Igwe; Sierra Leone ex-Vice President Loene Samsumana, and Timi Frank.

They lauded Ugochinyere’s commitment for a greater, united and accountability-driven

country, describing him as a courageous political activist, strong pillar of democracy and rule of law.

Obasanjo in his congratulatory message he personally signed, said: ‘’I am delighted to send you my best wishes on this occasion of your 38th birthday anniversary celebration. They say life begins at 40, so by this 38th birthday, you are two years away from beginning life.

Ogun Demands COVID-19 Test for Returning Students Ogun State Government yesterday said no student would be admitted into boarding facilities in private or public schools without negative COVID-19 test certificates.

It said the certification will serve as requirements for operations of boarding facilities in secondary schools as SS3 students resume today.

Special Adviser to Governor Dapo Abiodun on Basic and Secondary Education, Mrs. Ronke Soyombo, made these known in a

statement issued yesterday.

She noted the requirement was part of the guidelines jointly developed and agreed by parents, private school owners, government representatives and other stakeholders.

Soyombo stated Ogun arguably has the highest number of schools (public and private) operating boarding facilities, which informs the need to avoid community transmission among students in the facilities.

She explained: “A key additional

requirement is presentation of certificate of negative COVID-19 test before a student is admitted to the boarding facility in both public and private schools in the state.”

The special adviser however said government will bear full costs of test for all boarding SS3 students in state-owned public schools while private school owners must ensure all their boarding students are certified COVID-19 negative before admission to the facilities.

She however hinted the

government has negotiated a huge discount for the test with some healthcare service providers for private schools.

The test, she explained, must be done within 72 hours before resumption by service providers certified by NCDC She said government has commenced distribution of facemasks to all schools in Ogun State – public and private – for use by returning SS3 students and their teachers.

Workers Plan to Ground Bristow Operations over Discriminatory Policies Chinedu Eze The National Association of Aircraft Pilots and Engineers (NAAPE) has served notice that it would shut down all operations of Bristow helicopters from midnight Monday, August 3, 2020.

The NAAPE has also directed all pilots and engineers in

the employ of the helicopter company to embark on an indefinite strike action over what it called blatant discriminatory policies and consistent victimisation of Nigerian nationals.

The Deputy General Secretary of NAAPE, Mr. Umoh Ofonime said: “NAAPE has been actively engaged with the management of Bristow for some time now in

a bid to carry out the renewal exercise of the conditions of service for Nigerian pilots and engineers.

“The NAAPE had previously instructed members in the employment of Bristow to embark on a three day warning strike at the expiration of which an olive branch was extended to the Bristow management in

the form of a seven-day notice period during which the union had hoped for an amicable resolution to the items under contention.

“But unfortunately, the Bristow management was unable to proffer any solution even after the union graciously extended seven days’ notice period at the behest of the management.”

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MONDAYSPORTS

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

Oshoala Scores Brace in Barca Femeni Win against Montpellier Olawale Ajimotokan

Super Falcons forward Asisat Oshoala scored two goals as Barcelona Femeni defeated

Montpellier 3-0 in a friendly in Spain yesterday.

The Nigerian international fired Barcelona’s Women’s team in front in the 64th

Gerrard Heaps Plaudits on Leon Balogun Head Coach of the Scottish Premier League side Glasgow Rangers, Steven Gerrard, has heaped praises on Nigeria’s Super Eagles defender Leon Balogun following his outstanding performance in the match-day one of the new season.

The Super Eagles defender joined Rangers last week Monday from Wigan Athletics.

He was the star player on Saturday as Rangers secured a 0-1 away win over Aberdeen at Pittoride following Ryan Kent only goal of the match. �He’s been in the door six

minute after the first 45 minutes ended goalless at the game played behind closed gates of the Ciutat Esportiva Joan Gampar stadium.

Still not satisfied, Oshoala again added to

Barcelona’s tally in the 86th minute to show her readiness to continue from where she stopped in the disrupted season due to the Covid-19 pandemic.

Oshoala’s teammate, Jenni Hermoso completed the job

with the third goal in the added time.

Barcelona will take on Montpellier again in another friendly game in France n e x t S a t u r d a y.

Barcelona Femeni who were the log

leaders as at the time the Women’s league in Spain was prematurely halted due to the p a n d e m i c , w e re crowned champions of the 2019/20 league season.

days, this is probably one of the toughest away games on your debut. You’re only getting used to knowing the players. “But we’d seen and what we’d seen prior, we had trust in him. But he went out and put out a performance. He deserves all the plaudits that come his way. I thought he was outstanding,� he said.

Aberdeen struggled to make several incursion into Rangers’ vital area but Balagun’s i n s p i re d defence line did not give the home side any breathing space for the n e e d e d e q u a l i s e r.

Relief Fund Will Be Used According to FIFA’s Guideline, Says NFF Scribe The General Secretary of the Nigeria Football Federation (NFF), Dr Sanusi Mohammed, has stated that the relief fund expected from FIFA will be used according to the guidelines from the world football body and as such not one that can be channelled arbitrarily to other ventures.

Sanusi said the fund have a thorough process that FIFA itself monitor and wants to be briefed on how it was spent.

He added that the NFF have its own machinery set up to ensure strict compliance with the terms of reference of the funds from FIFA. “Be rest assured that once the money is received from them (FIFA), we will use it for the purpose it is meant

to serve. “We also have developed a system whereby even after they say do this do that by the time we finish we also send it to them and ask, this is what we have done, is it in order for us to go ahead? Once they give the go ahead we will do what exactly we are supposed to do. “They are coming to audit the account so they will tell you how they want the money to be used and they will want to find out if you have actually followed what they said you should do with the money.� Sanusi told Todayng.com.

The NFF had said that the 2020 sponsorship funds will mopped up together with the FIFA relief funds before it will be used.

Asisat Oshoala (left) scored two goals in Barcelona Femeni’s 3-0 defeat of Montpellier in a friendly...yesterday

Amapakabo Needs to Move Abia Warriors to Aba to Succeed, Says Egbe Ernest Chinwo in Port Harcourt

Stadium Facility Expert and Chief Executive Officer of Monimichelle, Ebi Egbe has congratulated the new manager of Abia Warriors of Umuahia, Imama Amakapabo, even as he charged the management of the club to consider playing their home games at the lush Aba stadium turf next NPFL Season.

Speaking at the

weekend, Egbe said that Abia Warriors have made the right decision by signing on Amapakabo but given his playing philosophy, the Umuahia stadium won’t be the best for the team. “I want to congratulate Imama (Amapakabo) for teaming up with Abia Warriors. It is a good move for both the coach and the club. Imama is a fantastic coach...a coach that believes in putting the ball on the ground and playing fluid football.

“Abia Warriors are also blessed with young and talented players that can execute Imama’s game plans, but my fear is that the playing pitch in Umuahia would be their greatest undoing. “My candid advice would be for them to move to neighboring Aba and play at the Enyimba Stadium where the players can express themselves.

They will get the right support in Aba just like Umuahia,� Egbe further observed.

He stressed that ultimately, the Abia State government should fix the Umuahia stadium turf just like the Enyimba Stadium. “To the glory of God, Monimichelle constructed the Enyimba Stadium turf which today is one of the best in the country. Gov Okezie Ikpeazu should also upgrade the Umuahia stadium turf...that is the only way Abia Warriors would play good football at home and stop laboring to do well at home,� concludes Egbe.

Corruption: FIFA Backs Infantino, Blasts Swiss Probe FIFA President, Gianni Infantino, will continue in his post, world football’s governing body insisted yesterday, as they blasted the launch of Swiss criminal proceedings against him. “There was and is absolutely no reason to open any investigation because nothing remotely criminal has happened and there is nothing at all to suggest any form of criminal wrongdoing,� FIFA said in a media release issued on Sunday afternoon. “The FIFA president will continue to fully assume his functions within FIFA and fulfil his duties and will continue to cooperate with the authorities in Switzerland and around the world.�

Special prosecutor Stefan Keller started proceedings on Thursday as part of an investigation into suspected collusion between Infantino and Switzerland’s Attorney General

Michael Lauber, the country’s top prosecutor.

Lauber, who offered his resignation on 24 July, was in charge of Switzerland’s probe into the towering corruption scandal that exploded at the heart of Zurich-based FIFA in 2015.

But he was forced to recuse himself from the investigation in June 2019, following media revelations that he had held several undeclared meetings with Infantino during the probe.

Swiss authorities said Keller “reached the conclusion that... there are indications of criminal conduct� in relation to meetings between Infantino, Lauber and another official, Rinaldo Arnold, in 2016 and 2017. “This concerns abuse of public office, breach of official secrecy, assisting offenders and incitement to these acts,� the authorities said.

FIFA hit back on Sunday,

accusing Keller of having brought forward no legal grounds for his probe. “Keller has presented no serious elements or legal basis for the opening of any investigation and lacks any detail as to the substance of the case. “FIFA and the FIFA president categorically deny any implication or suggestion that the Fifa president would ever have attempted to exert any form of improper influence� on Lauber.

FIFA said it was “not illegal anywhere in the world� to meet a prosecutor.

It said the meeting between Infantino and Lauber was “entirely logical� given that the Office of the Attorney General (OAG) was conducting investigations in more than 20 cases in FIFA-related matters.

The organisation said such meetings or contacts were “routine� during an investigation.

It said the point of the meeting was to offer FIFA’s “full support� for the investigations, and Infantino attended in “good faith�. “FIFA was trying to restore trust in the institution at that time,� it said, finding itself “in a disastrous situation and at risk of being designated a criminal organisation by the US authorities�.

Fifa said that “in no way whatsoever� were the meetings secret, and they had been arranged by the OAG. - ‘No obligation’ to keep minutes FIFA claimed that meeting a prosecutor was “the best guarantee that any such meeting is legitimate�.

It also insisted there was “no obligation� on the FIFA president to keep minutes of such meetings.

Switzerland has pursued a number of cases since a raid

on a luxury hotel in Zurich in May 2015 led to the arrests of a several Fifa executives and exposed an allegedly corrupt underbelly in world football.

In total, more than 20 FIFA

Gianni Infantino...FIFA President

proceedings have been opened in Switzerland over the past five years into allegations of corruption and vote-buying, and allegations over the awarding of television rights contracts.

Ëœ ÍťËœ ͺ͸ͺ͸ Ëž T H I S D AY

47

MONDAYSPORTS

Passion, Profits and Probabilities‌.

I

t’s no news that Nigerians are passionate about football. In fact this fervor gives us a self-assured, almost hubristic attitude that we are adept on the topic of football. We label ourselves with various adjectives: pundit, oracle, authority, specialist, aficionado, doyen, maestro etc. even without any formal training to deserve such, just by the size of our love and following of the game. It is little wonder that when former Super Eagles coach Clemens Westerhof was questioned about the criticisms he had received and various opinions written in the papers about his team selections after losing a match, he responded that in Nigeria every grandmother is a coach. And it is with this omniscient air that a lot of Nigerians troop into the numerous bet shops springing about the nation.

The proliferation of sports betting shops and companies is no surprise. Adding poverty to the passion of sports, one can see why a lot of youths believe that their betting receipt is a ticket to riches. A lot of people have regarded hard work like it’s an evanescent pastime and embraced the yearning quick millions. One

of the numerous anfractuous reasons the proponents of these online gambling will sell to you.

A promise of quick riches. One so fallacious and misleading but even if true, can make a scattergood of beneficiary. But they have many disciples, and so every weekend just before the European football starts, every corner of the numerous bet shops around major cities would be filled with an interesting klatch, with different perspectives and predictions of the weekend’s matches brought up for discussion so as to predict probable outcomes. These followers are so unrepentant that even in the midst of lugubrious tears of lost income, as they often would lose, they excuse their actions with a lot of blarney about why they lost. Sometimes attributing the ill fate to just one simple “mistake� or “I almost made it, just one game was wrong.�

And so with renewed hope that fate will smile on them, the bet once more with more money.

But then, there are winners.

Constant winners. In an industry reported worth USD 3 Trillion, people must make money. Though more than half of that involves illegal betting.

To try and curb this and put some kind of protection while generating funds via taxes, a lot

of countries are now legalizing betting and instituting strict regulations. A landmark ruling by the US Supreme law court giving states the powers to regulate betting further helped spur football betting in the US. Although football is not the most wagered on sport in the US, a legal betting environment in the country may fuel soccer betting into more than $150 billion soon.

In the legal betting field, football

Amaju Pinnick...NFF President

is the most wagered sport on Earth. According to a report by News Agency of Nigeria (NAN), roughly 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting.

Almost N2 billion is spent on sports betting daily in Nigeria, which translates to nearly N730 billion in a year.

PricewaterhouseCoopers (PWC) in their 2017 report of the gaming industry in Nigeria (which appeared more of a proposal than a report) posted that, “The gaming industry has continued to expand, benefitting

from; the large and youthful population, improving internet penetration, and the increasing access to internet-enabled devices. Sports betting has slowly emerged as a lucrative segment, leveraging Nigeria’s huge football culture. Some of the big leagues, such as the English Premier league, and the Spanish La Liga, have millions of fans in the country - betting provides Nigerians the opportunity to earn from what they love.�

While the report did not state figures of revenues, profits, taxes or losses, it clearing exposed the dangers and the future growth the industry is heading towards.

It explains that the industry is driven by various trends such as growth in the telecoms industry and partnerships with telecom companies, the broadening customer base, influx of foreign entrants and increased regulations.

While acknowledging the growing future of the industry it highlights the challenges also.

Regulation (overlap between Federal and State governments.), multiple taxations, Foreign exchange (instability of the naira), poor corporate structure, cyber-security and negative social behaviour such as addiction.

Millions of naira in reality can be made from sports betting, but it is more likely that more

millions are lost than made as most profits are entirely to chance. Yet there are some people who are professional betters. They make their living by betting on games. Becoming a professional punter ironically ones knowledge of soccer or the sports is not as important as ones knowledge of mathematics. The math underlying the betting can help determine whether a wager is worth the risk. Understanding the types of odds and how to convert these given probabilities into implied improbabilities percentages is crucial in the decision making. Once the implied probability for an outcome is known, decisions can be made regarding whether or not to place a bet or wager. The key to assessing an interesting opportunity is to determine if the probability is higher than the implied probability reflected in the odds. The most successful bettors tend to be the ones that have no inclination to try and “pick the winners�, nor have any interest in the actual event (ironically).

It’s the methodical approaches to gambling that are most successful.

Becoming a successful sports trader is incredibly difficult. It’s estimated that less than 1% of

people earn a consistent profit.

But it should be remembered that the house always wins. The odds on display never reflect the true probability or chance of an event occurring (or not occurring). There is always a profit margin added by the bookmaker in these odds, which means that the pay out to the successful punter is always less than what they should have received if the odds had reflected the true chances.

So while an education in mathematics may be more important than the knowledge of Real Madrid, this addictive habit of betting is designed to make customers lose and business owners richer, so as a regulation, it is advisable that most of the profits and taxes from these indulging behavior be used for social benefits or perhaps sports development.

Then, the society may see some positive impact to an otherwise worrisome vice.

* EneďŹ ok is an author, Speaker, administrator, Life coach, businessman and Nigeria’s ONLY Male two Time Olympic Medalist

FA Cup: Arsenal Win over Chelsea Most Watched Game of the Season Saturday’s FA Cup final between Arsenal and Chelsea was the most watched match of the 2019-20 season, television viewing figures have revealed.

The Wembley final, which Arsenal won 2-1, was watched by 8.2million people at its peak on BBC One and had an audience share of 46.1 per cent.

It means that nearly half of the UK population who own televisions tuned in to watch the final on terrestrial television.

The viewing numbers for the final topped the audience figures for the FA Cup semifinal between Manchester United and Chelsea on July 19, which attracted 7.3million people at its peak.

In fact, all of the matches in the list of the top five most-watched games of the season were FA Cup matches broadcasted on the BBC. Fans are currently not allowed to enter stadiums due to the coronavirus pandemic, meaning supporters

and neutral must watch the matches on television in order to follow the action.

Saturday’s final at Wembley was played behind closed doors, with only a set number of people, consisting of the players, coaching staff, club officials and media personnel, allowed into the ground.

In the list of the top five most-watched TV games of the season, three of the games were played behind closed doors.

Only Chelsea’s fifth-round win over Liverpool in March (6.8million) and Liverpool’s draw with Shrewbury Town in January (6.1million) had fans in the stadium when the shortlisted match was broadcasted.

Meanwhile, Sky Sports’ biggest TV viewing figures of the season was for Everton’s 0-0 draw with Liverpool at Goodison Park in June, with 5.5million tuning in to watch the Premier League encounter.

In Saturday’s final, Chelsea took an early lead through

American winger Christian Pulisic’s clever finish after good work from former Arsenal striker Olivier Giroud.

But the Gunners managed to turn the game on its head either side of half-time thanks to a brace from club captain Pierre-Emerick Aubameyang.

The Arsenal striker was brought down in the penalty area by Chelsea captain Cesar Azpilicueta and Aubameyang picked himself up to score the spot-kick before the interval.

The Gabon forward then added a second goal in the second period with a clever chip over Chelsea goalkeeper Willy Caballero.

That goal was enough to separate the sides and give the Gunners the allimportant win over their London rivals, who had midfielder Mateo Kovacic sent off late on for two yellow cards.

It is the 14th time Arsenal have won the FA Cup, with the Gunners winning the

...Azpilicueta Blames Chelsea Teammates Not Ref for FA Cup Loss Chelsea Captain, Cesar Azpilicueta, yesterday refused to blame referee Anthony Taylor for his side’s FA Cup final defeat by Arsenal.

The official harshly gave Mateo Kovacic a second yellow card in the 73rd minute and left the Blues with an uphill task of overturning a 2-1 deficit with just over 15 minutes remaining.

Christian Pulisic had given Frank Lampard’s side an early lead but Azpilicueta conceded a penalty after dragging back Pierre-Emerick Aubameyang.

The striker converted the

spot-kick before scoring the winner mid-way through the second half.

The Blues’ skipper was forced to watch most of the game from the sidelines after he went off with a hamstring injury just before half-time.

While the big calls went against his side, Azpilicueta insisted he and his team-mates only had themselves to blame. “A lot of times there were 50-50’s (that went Arsenal’s way) and we had the same in 2017 - but we have to look further than this,� Azpilicueta told chelseafc.com.

“We have to look at ourselves. We know two weeks ago when we played against Man United (in the semi-final), we really controlled it. “It’s painful and a tough one to take. Obviously when you lose a final, it’s always painful.’ “We started the game well and scored an early goal which normally gives a confidence to build on but we didn’t capitalise on it. “We dropped our level a little bit and we were punished,� concludes the Chelsea captain.

competition four times in the past seven years.

The viewing figures for Saturday’s FA Cup final is small in comparison to the

most-watched football match of all time - the 1966 World Cup final between England and West Germany.

Indeed, England’s

successful World Cup final, which attracted 32.3 million people, is the mostwatched British TV event of all-time.

Gabonese Pierre-Emerick Aubameyang (left) and Manager Mikel Arteta celebrati ng Arsenal’s 2019/20 English FA final victory over Chelsea...at the weekend

Not Feasible to Re-sign Neymar, Insist Barcelona It is “unfeasible� for Barcelona to re-sign Neymar from Paris St-Germain in the current economic climate, says the club’s President Josep Maria Bartomeu.

A move for Inter Milan striker Lautaro Martinez has also been affected.

Bartomeu told Spanish newspaper Sport that Barca generated 200m Euros less than expected between March and June because of the coronavirus pandemic. “All the big European clubs are affected,� he said. “This isn’t going to last a year, but three or four.�

Brazilian forward Neymar joined PSG for a world record 222m Euros (ÂŁ199m) in August 2017 but Barcelona tried to re-sign the player

last summer. “Neymar? In this situation, it’s unfeasible,� said Bartomeu. “Nor does PSG want to sell him. “Barca have spoken with Inter about Lautaro, but the talks have stopped. The situation doesn’t invite large investments.�

Bartomeu went on to explain that Barcelona lost 200m euros between March and June. He added: “In the 2020-21 season we expected to post 1.1 bn euros, but we’ll have 30% of that. “If the situation of the pandemic doesn’t improve, there will be no spectators, no museum, no stores open, and money will continue to be lost. “It forces us to be very

rigorous in management: we must review which investments are essential and which can wait.�

Bartomeu also confirmed the club opened up disciplinary proceedings against midfielder Arthur, who is joining Juventus as part of a swap deal with Bosnian midfielder Miralem Pjanic, after he failed to return to the club from holiday. “We reached the agreement that until the Champions League ended, he would continue playing for Barca. He could help us,� said Bartomeu, who has been Barca president since 2014. “But he didn’t return from his mini-break so we have opened a file on him

Monday August 3, 2020

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MISSILE

Oshiomhole to Obaseki “I have made my honest mistakes. Only God is perfect. I am now 68 years old. I have come to apologise for the mistake of supporting Obaseki in 2016. I am in Edo State to repair my mistakes” – Former National Chairman of APC, Mr. Adams Oshiomhole, apologising for supporting Governor Godwin Obaseki in 2016.

MAGNUSONYIBE Fuel Subsidy Removal and Naira Devaluation GUEST COLUMNIST

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ǰȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȃ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ Ȃ ȱ ę ¢ȱ ¢ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȃ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱę ǯ ȱ ȱ ¢ȱ ȱ ¢ȱ ȱ ¢ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ¡Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱǻ Ǽǰȱ ȱ ǯȱ ȱ ǰȱ ȱę ȱ ȱ ȱ ę ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¡ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ Ȭŗşȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ¢ȱ ȱ ¡ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ £ ǰȱ ȱ ȱ ¢ȱ ǯ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ȱ¢ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ¢Ȭ ȱ ȱ Ĵ ȱ ȱ Ȭ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ĵ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ¢ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱĚ ȱ ȱ ȱ ȱ ȱ ȱ ¢ǯ ȱ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ¢ ȱ ȱ ǰȱ ȱ ȱ ȱ ǰȱ ¢ȱ ȱ ȱ ȱ ȱ Ȭ ȱ Ĵ ȱ ȱ ȱ ȱ ȱ ǰȱ ¢ȱ ȱ ȱȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱȁ ¢ȱ Ȃȱȱ ¢ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ

Buhari £ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱŗŘǰȱŘŖŗŜǯ ȱ ȱ ȱ DZȱȃ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ǵȄȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ Řśǰȱ ŘŖŗŜȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ĝ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ Ě ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ¢ȱ ¢ȱ ȱ ȱ ȱ ȱ Ĵ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¡ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ¡ ȱ ȱ ȱ ȱ DZ “Some of us have literarily been at President Muhammadu Buhari’s ‘throat’ over what we deem to be economically, socially and politically rough methods and procedures that the president has been adopting in combating corruption in Nigerian and ȱ ȱ ě ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ evidently obtrusive anti-corruption war, another clog in the wheel of progress is the knee jerk and pigeon hole policy initiatives that have led to failed expectations of positive outcomes, as opposed to unleashing a holistic ¢ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ę ȱ economic, political and social challenges harmoniously in a timeous manner, without equivocation and thus ¢ ȱ ȱ ȱ ȱ ȱ ȱ ǯ “By now, it must be clear to all, as it has become incontestable that, it is the economic, social and political fallouts of the brutish pursuit and tunnel vision of eliminating corruption at all costs by this administration that is the culprit for the unprecedented ȱ ¢ȱ Ĵ ȱ ȱ Ȃ ȱ ¢ȱ ȱ ȱ ǯ ȱę ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ Ě ȱ ȱ ȱ ȱ ȱ ȱ ę ȱ by both the IMF in its World Economic Outlook, WEO report and the Central bank of Nigeria, CBN ȱ ȱ ȱ ę Ȃ ȱ ȱ ¢ȱ ȱ ȱ ȱ ǯ

Other incidents or events signposting the fact that Nigeria and indeed Nigerians are in dire straits are: social upheavals in the north east triggered by Boko Haram terrorism resulting in millions of families being consigned to living miserably in Internally Displaced People (IDP) camps; renewed Niger Delta militancy focused on bombing oil facilities that has crippled oil/gas business and damaged the ecosystem and environment very badly; the recent increasingly violent crimes popping up in the suburbs of Lagos and in fact, across the country in the form of kidnappings ȱ ȱ Ĵ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ǯ ȃ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ě ȱ ȱ ȱ Ȭ ȱ ȱ ȱ ȱ ȱ ȱ ȱ poloi, whom the president is ostensibly protecting, nobody has considered a change of tactics to ease ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ǯȱ This implies that our leaders may be oblivious of the reality of how, cruel, grueling and dreary life has ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ¢ ǯ “In the light of the growing and palpable despondency being foisted on the populace, following the economic woes in the country fueling the emasculation of the common man, the rhetorical question elicited by the circumstances would be: which is more hurtful, ȱ ȱ ȱ ȱ ȱ ȱę ȱ ǵȄ “On a scale of balance, the simple and rational answer would be that corruption is more harmful, because it is debilitating and virulent like HIV/ aids, Ebola virus and cancer disease combined, but ȱę ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ not to inadvertently throw away the baby and the bath water, otherwise, the collateral damage could be equal, if not more devastating, as we are currently ȱ ȱ Ȅǯȱ Ȃ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ĵ ȱ ȱ¢ ȱ ǰȱ ȱ ȱ ȱ ¢ǵȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ¢ȱ ȱ ȱ ¡ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ Ȃ ȱ ȱ ȱ ¢ȱ ȱ ȱ¢ ȱ ȱǻŘŖŗŜǼȱ ȱ ȱ ȱ ę ȱ ȱę ȱ ¢ǰȱ ȱ ȱ ȱ ȱ ȱ Ĵ ȱ ȱ Ȭ ǰȱ ȱ Ě ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȃ ȱ ȱ ȱ ȱ ȱ ȱ Ȅȱ ȱ ¢ȱ ȱ ȱ ǰȱ ȱ ȱ DZȱ ȱ ȱ ȱ ȱ ȱ ȱǻŗşşşȬŘŖŗşǼȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ¢Ȭ ȱ ȱ ȱ ȱ DZ ȃ ¢ǰȱ ¢ȱ ȱ ȱę ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȂȂȱ ȱ ȱ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ŗŖŖȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ę ȱ ȱ ȱ ȱȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ¢ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ǰȱ ȱ ¢ ȱ ȱ ǰȱ ǻ ȱ Ǽȱ ȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ǰȱȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ Ȃ ȱ ȱ ȱ ȱ ȱ ȱ ȱ

ǰȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ¢ ȱ ȱ ȱ ǯȱȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ¡ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ǯȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱę ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ěȱ ȱ ȱ ȱ ȱ ȱ ǻ ȱ Ǽȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢Ȃ ȱ ȱ ȱę ȱ ȱ ȱ ǯȱ ¢ǰȱ Ȃ ȱ ¢ǰȱ ȱ ǰȱ Ȃ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱȁ Ȃȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ę ȱ ȱ ¢Ȧ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ¢ Ȃ ȱ ȱ ¢ȱ ¢ȱ ȱȃ ȱ ȱśşDZȱ ȱ ȱ ȱ ǵȄ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱę ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ £ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ Ȭ ȱ ȱ ȱȱ ȱ ȱ ȱ ȱ ǯ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ¢ ȱ ȱ ȱǻ ¡ ȱ ȱ ȱ ȱ ȱ ȱǼȱ ȱ ȱ ȱ ȱ ȱŜŖȱ¢ ȱ ǰȱ ȱ ȱ ¢ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ǯ ȱ Ĝ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ¢ȱ ¡ ȱ ȱ ¢ȱ ǰȱ ȱ ȱ ȱ ȱȱ Ĵ ȱ ȱ ȱ ȱ ȱ ǰȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱŗŖȦƖȱ ȱ ȱ ȱ ȱ ȱ ȱŗşŜŖ ȱǰȱ ȱ ¢ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ǯ ȱ ȱ ȱ ǰȱ ȱȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ ȱ ȱ ¢ ȱ ȱę ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ¢ǯ ȱ ǰȱ ȱ¢ ȱ ȱ ȱ ȱ Ȃ ȱ ȱ ȱŘŖŖřǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ¢ ȱ ȱ ȱ ǯ ȱ ȱ¢ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ǰȱȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ¢ȱ ȱ ǰȱ ǰȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ȱ ȱ ¢ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ǯȱ Ȋ ȱ ¢ ǰȱ ȱ ǰȱ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ȱ ¢ǰȱ ȱ ¢ǰȱ Ĵ ǰȱ ȱ ȱ ȱ ȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ȱ ǯȱ ȱ ȱ ǰȱ ȱ ȱ ȱ ǯ NOTE: Read full piece in the online edition on www.thisdaylive.com

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