To inject N700 billion into new entity as 20-year term loan
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Says 'we ignored agriculture which could have been centrepiece of our investment'
Emmanuel Addeh in Abuja
Nigeria’s former President, Olusegun Obasanjo, has argued that the country’s overreliance on crude
FG places protest sponsors in Diaspora on watchlist, freezes their local accounts Normalcy gradually returns to Kano as government relaxes curfew Sani: Protests sponsored, it’s about regime change, not hardship or bad governance
Chuks Okocha, Michael Olugbode, Onyebuchi Ezigbo, Ikechukwu Aleke in Abuja, Seriki Adinoyi in Jos, Wale Igbintade, Sunday Ehigiator in Lagos, Ahmad Sorondinki in Kano, Blessing Ibunge in Port Harcourt and Sylvester Idowu in Warri
The Armed Forces of Nigeria, yesterday, described those, allegedly, calling for regime change under the guise of #EndBadGovernance protest as representing less than one per cent of the country's population. They expressed their resolve to resist such attempt.
Speaking at a joint press conference of the service chiefs and other heads of security agencies at Defence Headquarters in Abuja, Chief of Defence Staff, General Christopher Musa, vowed that the military will defend the country's democracy with the last drop of their blood.
Equally yesterday, the federal
L-R: Hannatu Musa Musawa, minister of Art, Culture and Creative Economy; Abiante Awaii-Inombek; Dagomie, representing Andoni-Opobo/Nkoro Federal Constituency Rivers State; His Royal Majesty, King (Dr.) Dandeson Douglas Jaja, Jeki V, Treaty King, Natural Ruler, the Amanyanabo of Opobo Kingdom; Patricia Ibiene, permanent secretary, Ministry of Art Culture and the Creative Economy at the inauguration of Technical Committee for the establishment of the King Jaja of Opobo Cultural and Historical Centre in Opobo, Rivers State. .. yesterday
The federal government in collabora- tion with the International Cotton Advisory Committee (ICAC), has commenced moves towards the resuscitation of Nigeria’s moribund cotton industry.
The target is to create over 1.4 million jobs annually in the cotton/ textile sector, while the focus is to develop key components of the cotton value chain comprising farming, weaving, ginning and linking of cotton, all in line with the industrialisation drive of the President Bola Tinubu government.
This formed the highpoint of a meeting held yesterday, between Vice President Kashim Shettima and a delegation from the ICAC led by its Executive Director, Mr. Eric Trachtenberg, at the State House, Abuja.
Speaking after remarks from the ICAC delegation and other participants at the meeting, Shettima urged stakeholders to come up with a roadmap for the revitalisation of the cotton/textile sector in Nigeria, noting that, “it is time to work more and talk less”.
He assured that the Tinubu administration would make conscious efforts to ensure the country harnesses opportunities in the cotton value chain, including ensuring that Nigeria regains its ICAC membership.
The Vice President thanked the delegation for the visit, just as he acknowledged ICAC’s commitment to the development of the sector in Africa, noting that, “your diverse backgrounds in ICAC gives a nuance understanding of the complexities and opportunities in the cotton value chain.”
Addressing newsmen after the meeting, stakeholders, including governors, industry players and international partners, saw the plans bringing in more jobs, other economic advantages and an improved security.
Earlier in his remarks, Governor Babajide Sanwo-Olu of Lagos said his state was well positioned to harness opportunities in the cotton value chain, given that it hosts the factories, the market and is a critical component of the business ecosystem for the cotton sub-sector.
According to him, Lagos, as an integral part of the cotton value chain
in Nigeria, would support every effort by stakeholders to revamp the sector to enable the state sustain its status as the largest fashion hub in the continent.
He expressed excitement at the possibility and opportunity for the resuscitation of the cotton and textile sector with a particular focus on job creation and economic transformation.
Sanwo-Olu pledged the State’s readiness to offtake cotton produced in other parts of the country for companies based within the area.
Sanwo-Olu stressed the need for Nigerians to patronise locally produced cotton, rather than relying on foreign imports.
He explained that many Nigerian garment manufacturers use polyester instead of cotton, due to its lower cost, he however highlighted the potential for Nigeria to produce high-grade cotton and reduce reliance on imports.
Sanwo-Olu emphasised the importance of examining the entire value chain and promoting local production and consumption, citing statistics that showed that the cotton industry once employed 15-18 million Nigerians, and expressed hope that reviving the industry could create millions of jobs in the next few years.
Also speaking, Governor Hope Uzodinma of Imo State said the meeting was the beginning of Nigeria’s quest to revamp the textile industry as part of the broad objective for industrialising the economy.
He said Imo State and the Southeastern region would key into the renewed effort to revamp the cotton/ textile sector with the bid to create jobs for the people and for the overall industrialisation drive of the country.
According to him, “the opportunity created by the meeting is a new beginning in our quest for industrial recovery and creation of jobs for our teeming youths as well as an opportunity for a new partnership.”
Uzodinma of Imo State, expressed excitement about the potential of the cotton industry to revamp Nigeria's economy and highlighted the opportunity for Nigeria to leverage international partnerships, expertise, and innovations to revamp its moribund cotton and textile industries.
Describing the ICAC as “the United Nations of cotton manufacturing", Uzodinma emphasized the potential for job creation, employment, and
engagement of young people, saying "this is a new opportunity that will create jobs, employment, and engage our young men and women roaming the streets”.
He recalled the past glory of Nigeria's textile industry, citing the numerous textile industries in Lagos' Isolo area and Kaduna's reputation as a center for cotton production and textile mills.
The governor also stressed the need to stimulate the economy, create jobs, redefine Nigeria, and align with the new digital age for production and economic stimulation.
Earlier in his remarks, Trechtenberg said he was pleased with the level of interest and commitment shown by the leadership of the country and other stakeholders in reviving the industry in Nigeria.
Citing examples in China, India, Pakistan and other parts of the world, the ICAC Executive Director said the potentials in the cotton value chain was huge and has proven to be transformative.
He noted that cotton and textile offer competitive advantage, economic transformation and is a very competitive product that can be sold, both domestically and internationally, with probability to generate high quality jobs for now and in the future.
According to him, ICAC would support Nigeria’s cotton value chain revamp by offering expert advice in improving productivity and boosting the value chain and investment facilitation.
The Executive Director of the International Cotton Advisory Committee (ICAC), Trachtenberg, expressed excitement about the prospects of Nigeria's cotton industry, citing a “compelling historical moment” for growth and development.
He noted that Nigeria has low-cost labor, market access to the African Growth and Opportunity Act (AGOA) and Economic Partnership Agreements with the EU, and a talented workforce.
Trachtenberg emphasised that ICAC was committed to supporting Nigeria achieve its goals, creating
quality jobs, generating foreign exchange, and re-imagining the global cotton economy.
Comptroller-General of the Nigerian Customs Service, Adewale Adeniyi, who was also part of the meeting, pledged to tackle smuggling and support the revival of the textile industry in Nigeria.
Adeniyi acknowledged that smuggling has hindered the industry's development, but noted that other challenges like yield, power, and investments also need to be addressed.
According to him, the Nigerian Customs Service has been given a "marching order" to play its role in reviving the industry, focusing on policy formulation and implementation.
Adeniyi, identified policy as a major factor that "killed" the textile industry, but expressed commitment to revisiting and reforming policies to support the industry's recovery.
He assured that the Customs Service would do everything possible to protect the industry, affirming its
commitment to supporting Nigeria's economic recovery through the textile sector.
Also, the Director-General of the Nigerian Textile Manufacturers Association, Hamma Kwajaffa, expressed optimism about the revival of the textile industry, predicting a surge in employment and a reduction in security problems.
Kwajaffa, said the association was happy to see the revival of the textile industry, which would lead to increased employment opportunities and a decrease in protests.
He emphasised that the focus was not on funding, but on ensuring a conducive environment for cotton production, citing the need for scientific expertise to achieve high yields.
Kwajaffa, noted that many textile mills have closed due to lack of raw materials and smuggling, but expressed confidence that the industry will bounce back, with about 70 textile mills expected to reopen, up from the current 24.
Dike Onwuamaeze
The Lagos Chamber of Commerce and Industry (LCCI) has called on President Bola Tinubu to take critical steps that would practicalise his administration’s numerous reform policies and make them beneficial to Nigerians.
The call was made yesterday, by the Director General of LCCI, Dr. Chinyere Almona, in a statement titled “LCCI Statement Following the President’s Speech on the #EndBadGovernance Protest,” which noted that while the LCCI recognised the right to protest as guaranteed by the constitution, it was concerned about the unintended negative impact such actions could have on businesses and society at large.
Almona said: “Beyond the highlights of the achievements so far by this government, a more urgent action should be taken to ensure that
the citizens start to see and feel the policies and programmes in action without any further delays.
“For instance, all the import waivers and tax exemptions should take immediate effect so that businesses and individuals will start to enjoy these concessions.”
She also identified the cost of doing business, the cost of living (food security) and youth unemployment among the critical variables the government should address.
“We call on the government to focus and report progress on these variables that are seen to have links to many other issues in the economy, like poverty, high inflation, increased hunger, heightened crimes, etc.
“In another dimension, we advise that all youth-oriented programmes be fast-tracked such that more youths are rapidly engaged, and others are hopeful of near-term opportunities,” Almona said.
The LCCI also added that apart from the support to academic pursuits through the student loan programme, “we have always recommended that government-supported Technical and Vocational Education (TVET) skills acquisition is known to have huge capacity to develop and empower our youth to take up emerging opportunities.
“Technology, creative and the arts provide great opportunities that can gainfully engage our youth, home and abroad.”
The chamber reiterated the importance of quick implementation of the single digit loans to large manufacturers to boost manufacturing output and stimulate growth and the support to small businesses in terms of grants and low interest loans.
The LCCI stated that, “with the prevailing high interest rate, companies find it too expensive to access credit from the banks.”
It added: “One quick fix is the distribution of the million Compressed Natural Gas (CNG) kits at extremely low or no costs to commercial vehicles that transport people and goods and who currently consume 80 per cent of the imported PMS and AGO, according to the President. This must be expedited.
“We urge the government to pay stern attention to the implementation and coordination of highlighted programs as this has always posed a challenge.
“We also need to be more timesensitive and have clear timelines for implementing policies and programmes.
“We see a more collaborative approach to policy planning and implementation as being crucial from now on. Regular stakeholder engagement with the business community, the media and grassroots mobilisation structures is advised.”
IkoyI-obalende empowerment programme tagged 'empowerIng Her Fortune InItIatIve 2.0'... L-R: Personal Assistant to Chairman, Ikoyi-Obalende, Local Council Development Area (LCDA), Mr. Ben Ike-Echie Benny; one of the beneficiaries of Ikoyi-Obalende LCDA N50 million Smallbiz Grants, Bibein Oluwakemi; Chairman, Eket Local Government Council, Akwa Ibom State, Hon. Akaniyene Tommey Ikott; Director-General, Small and Medium Enterprise Development Agency (SMEDAN), Mr. Charles Odii; Chairman, Ikoyi- Obalende LCDA, Hon Fuad Atanda-Lawal; and Chief Financial Officer, Momo PSB, Omolara Micheal-Nwadu, at the Ikoyi-Obalende empowerment programme tagged ''Empowering Her Fortune Initiative 2.0" in partnership with MTN Momo PSB in Lagos ... yesterday
James emejo in Abuja
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the introduction of the controversial windfall tax in the banking industry was aimed at redistributing unearned income.
He said the levy was not peculiar to Nigeria alone adding that it's "done everywhere else in the world where you have, especially the energy sector as well as banking".
The minister gave the clarification when he recently appeared on AIT's Moneyline programme.
He said, "Where you have unearned income, where you have a section of the society or an industry or a set of companies
that earn money through no dint of hard work of their own.
"The society deserves a chance to share some of that and it’s just redistribution of that. So I think that takes care of the issue of the windfall levy."
Edun also clarified that the recent decision to raise the maximum borrowing percentage in the Ways and Means from five to 10 per cent does not imply that the federal government tends to rely on the Central Bank of Nigeria (CBN) financing.
He said the government had rather used market instruments to manage its debts.
The minister said, “We have not gone to the central bank to say, please lend the government money to pay its debt, to pay
its salaries. That’s Ways and Means. We have not gone. In fact, we have used market instruments to pay down what we owed, and that is a very, very germane aspect of having a strong economy.
He described the approval by the National Assembly, a fail-safe measure.
The minister said, “Sometimes it just gives that extra flexibility so that if a payment needs to be made and there’s a mistiming, there’s a gap between the time at which the revenue will come in and the expenses needed, you can just draw down briefly.
"So, the aim, is to keep within the letter of the law, I think that’s the main point."
He alao said the welfare of
Nigerians remained a key priority for the current administration, particularly ensuring food availability and affordability.
Edun said, “There is a concerted effort to ensure that we have homegrown food available. In the short term, apart from what is being distributed from reserves, there is a window that has been opened for importation because the commitment of Mr. President is to drive down those prices now and make food available now.”
He assured that the measure will not undermine local farmers, as importation will only be permitted after exhausting local supplies.
He said, “So, one of the conditions for this importation
deji
President Bola Ahmed Tinubu, yesterday evening, approved the appointment of seven qualified Nigerians to head strategic agencies and programmes under the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development. According to a release by presidential spokesperson, Ajuri Ngelale, the new appointments were made to facilitate the needed relief to Nigerians and ensure the effectiveness of humanitarian and social development programmes. Ngelale listed the affected agencies and programmes and their new
heads, with their qualifications, as follows: Dr. Badamasi Lawal, Chief Executive Officer, National Social Investment Programme Agency (NSIPA), who had previously served as a commissioner in Katsina State; Ms. Funmilola Olotu, Programme Manager, National Social Safety-Net Coordinating Office, holds a Master's degree in business administration, and until her appointment served as Senior Special Assistant to the Governor of Lagos State on state lotteries; and Ms. Aishat Alubankudi, Programme Manager, Grant for Vulnerable Groups, who holds a Bachelor’s degree in community development and has experience as a risk assessor and financial manager.
Others are Princess Aderemi Adebowale, Programme Manager, Home Grown School Feeding, who holds a doctorate degree, and until her appointment was Special Adviser to the Governor of Lagos State on Civic Engagement, and previously served as a local government chairperson; Mr. Abdullahi Alhassan Imam, Programme Manager, National Cash Transfer Office, who had previously served as chief accountant, Northern Dairies Ltd, and as a bank manager; Mr. Ayuba Gufwan, Executive Secretary, National Commission for People with Disabilities, who was until his appointment Executive Director of the Beautiful Gate Handicapped People Centre, Jos; and Ms. Lami
The presidency has advised former Vice-President Abubakar Atiku to rise above sentiments on the nationwide protest against hardship by considering the country's stability ahead of whatever advantages he seeks to derive from the demonstration on the streets.
Special Adviser to the President on Information and Strategy, Bayo Onanuga issued the condemnation last night in a statement.
He urged the former vicepresident and PDP candidate in the 2023 presidential election to borrow a leaf from opposition figures in the United Kingdom, who have
rallied behind the government to condemn the ongoing riots in UK, calling for the arrest and prosecution of those behind the wanton destruction of public and private assets.
"Such nationalistic temperament as displayed by opposition figures like Rishi Sunak, the immediate-past Prime Minister of UK is expected of Alhaji Atiku," Onanuga said.
He descended on Atiku for his tweet yesterday, where in he warned security agencies against using "lethal force against looters and arsonists who masqueraded as protesters."
The presidency averred that
as a statesman, Atiku ought to question the mob in Kaduna, Kano, Plateau, Jigawa states for looting and hijacking what the organisers of the protest against economic hardship intended as a peaceful protest.
The presidency noted that the security forces had remained professional, even-handed, and observed every restraint in the face of extreme provocation by the rioters.
It, however, expressed surprise and berated the Atiku for still relying on Section 40 of the 1999 constitution (as amended) "to justify a protest that is now clearly a riot, a rampage in some parts of the
Binta Adamu Bello, Director General, National Agency for the Prohibition of Trafficking in Persons, who had served at various times as Secretary-General of ALGON, and Permanent Secretary, Federal Ministry of Health, as well as Permanent Secretary, Federal Ministry of Women Affairs and Social Development.
The statement said the president expected the new heads of the critical agencies and programmes to discharge the functions of their offices with utmost integrity and diligence so as to ensure that Nigerians, especially vulnerable groups, were the exclusive and direct beneficiaries of his administration's reconfigured welfare programmes.
country.
"Section 45 of the constitution says the right of assembly and the right of freedom of expression are not absolute. They can be abridged and fettered in the interest of public peace, public safety, law, and order.
"The Service Chiefs reiterated the rights of Nigerians to protest and gather freely. They, however, reinforced their constitutional duty, today, when they said they cannot sit by idly and watch hoodlums destroy the country and its democracy.
“The Service Chiefs and the officers and men of our security outfits should be commended for their patriotic duty to our country,"
will be that everything available locally in the markets or with the millers and so forth has been taken up. We will have auditors that will check that."
He said these interventions seek to reduce inflation, stabilise exchange rate, and lower interest rates, thereby creating a conducive environment for investment and job creation.
According to him, “With the kind of food production programme we have, inflation will come down as prices come down. When inflation comes down, exchange rate will stabilize. Interest rates will come down and the economy will have a chance.
"People will have a chance at reasonable rates to invest in various sectors of the economy, increase productivity, grow the economy and create jobs which is the key to reducing poverty."
The minister also commented on government's cash transfer programme to support the poorest and most vulnerable citizens.
He said the programme currently reaches about 4.3 million people, with plans to increase this number rapidly.
He said, “Right now it’s about 4.3 million. But the last million was in the last few weeks. And when I say we’re ramping at a rate of 1 million per month, that is an ongoing process."
He projected that the programme could potentially scale to assist one million people per week or every two weeks, depending on technological capabilities.
On funding for economic initiatives, Edun said, “This
the statement said. It further likened Atiku to a supporter and enabler of the destructive 'protests', saying he certainly wanted the sinister protest to continue despite the red signals from the streets.
"A tweet that condones the destruction of private and public property and investments of citizens is unbecoming of a former vice-president of Nigeria.
"Alhaji Atiku ought to have risen above the sentiment he expressed and put the interest of our country’s stability ahead of whatever advantages he hoped to reap from the insurrection on our streets,"Onanuga said.
particular money, $800 million, is under a World Bank programme. But it’s under an International Development Association (IDA) programme, and that money is for 40 years at one percent. So, if you say it is borrowing, well it is, but it is the softest and the cheapest and the most affordable form you can get. The rest will come from the Nigerian federal budget.”
He further explained that to bolster production and tackle inflation, the government had introduced several funding schemes for various enterprise sizes.
He said nano enterprises will receive grants of N50,000, while small and medium enterprises can access N1 million funding at 9 per cent per annum. Larger medium-sized enterprises are eligible for up to N1 billion financing at the same interest rate.
He stated that import waivers and fiscal measures are being implemented to reduce costs for large companies, including eliminating withholding tax for the manufacturing sector and small businesses.
He also spoke on the coordination of fiscal and monetary policies highlighting how the Ministry of Finance and the Debt Management Office have assisted the Central Bank of Nigeria (CBN) in managing inflation.
According to him, “The government, through the Ministry of Finance and the Debt Management Office, took on the challenge of paying higher interest rates on our domestic debt so that we could help the central bank, one, achieve its inflation target, but more importantly, attract foreign flows into the country, which has helped the central bank to pay down virtually all of its outstanding foreign obligations." Edun also clarified the issue of the N570 billion recently released to state governments, stating that it was a reimbursement under the COVID financing protocol.
According to him, “This actually refers to a reimbursement that they received around December, from December last year onwards and it was a reimbursement I think under the COVID financing protocol but the point is that the states have received more money. They have received more money. We have to do our research."
Kemi Olaitan in Ibadan
Oyo State, under the leadership of Governor 'Seyi Makinde, would soon become a hub of international investments and trades, Special Adviser to the Governor on the African Continental Free Trade Area (AfCTA) and International Trade, Neo Theodore Tlhaselo, has said.
Tlhaselo, who was appointed by the governor last Thursday, maintained that she would deploy her rich experience in international trade and business development towards ensuring the realisation of the implementation of AfCFTA in Oyo State.
According to her, this vision would align with the realisation of Makinde's Omituntun 2.0 Sustainable Development Agenda, as the state would be able to develop a sub-national AfCFTA Implementation Strategy that would create a competitive edge for it in the face of Africa's single market agenda.
Tlhaselo, who is an International Trade , Business Development and Communications expert of over 15 years experience and founder/ CEO of Conversation With Africa, an organisation promoting the AfCFTA and Agenda 2063, said she would equally help the state to develop supporting instruments and strategic frameworks towards the vision of sustainable economy for the state.
She maintained that apart from her organisation being endorsed by the AfCFTA Secretariat, she is also the founder of The Business Kraal, a media company and consultancy company, and that her wealth of
experience would be brought to bear in delivering Makinde's agenda to develop Oyo State sustainably.
She said, "I appreciate the Oyo State governor, 'Seyi Makinde, for the opportunity given to me to work with him in delivering sustainable development in Oyo State.
"As an International Trade, Business Development and Communications expert of over 15 years’ experience, rendering expertise across government agencies, diplomatic institutions, private sector, amongst others, in Africa and globally, this opportunity will help us to bring about the realisation of the implementation of the AfCFTA within Oyo State in alignment with the realisation of the Omituntun 2.0 Agenda of the governor.
"This we will achieve through developing a sub-national AfCFTA Implementation Strategy in which we will bring forward a competitive edge for Oyo State in the face of Africa's single market agenda beveloping supporting instruments and strategic frameworks towards the achievement of that objective.
"Through this office, we will explore more global relations to attract investment and create an enabling environment for the realisation of international trade, cultivate and cement relations with diverse and targeted strategic partners in the region and internationally for the broader achievement of creating a sustainable economy for the Pacesetter State.
"I do believe that a multilateral approach through Economic Diplomacy will be an imperative tactic
for achieving the vision for the state and Economic Diplomacy has been one of my areas of practice and expertise as evident by the latest National Economic Diplomacy Campaign and Foreign
Policy Forum in which I was one of the primary contributors to its conceptualisation and implementation, as I spearheaded its rollout in Botswana.
"We will also explore the strategic
opportunity my organisation ‘Conversation with Africa's’ endorsement as a think-tank organisation at the AfCFTA Secretariat-African Union, as well as my recognition as an expert facilitator and technical expert
at the AfCFTA Secretariat-African Union consultative forums to Oyo State's advantage by deploying the wealth of expertise, regional and global network for the benefit of the state."
Oluchi Chibuzor
The Heirs Insurance Group (HIG) has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General.
The appointments further strengthen HIG's governance and leadership team.
A statement yesterday, explained that HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance products and customer-centric service proposition.
Puri is an accomplished financial services leader, with over 30 years of experience in banking, fintech, and FMCG industries. He was Group Executive Director at the United Bank for Africa and serves on the board of RedTech and Nigeria Breweries.
He brings a deep understanding of the African financial industry and the ability to navigate complex market dynamics.
On the other hand, Iroche has
over four decades of experience in finance, investment promotion, and economic advisory. He serves as the Executive Chairman of Strategic Alliance Promotion Company and has held leadership positions at the Transmission Company of Nigeria and United Capital Plc.
He also serves as a special advisor
to the Board of Governors of the African Leadership Institute (AFLI).
Commenting on the appointments, Chairman, Heirs Holdings, Mr. Tony Elumelu said: "We are pleased to welcome Ibrahim and Sonny to Heirs Insurance Group, and specifically to Heirs General Insurance. Their exceptional leader-
ship and track record of success will further assist in executing our vision of being Nigeria's foremost, trusted, and innovative insurance provider.
“I know that their expertise will enhance Heirs Insurance Group’s position as an industry leader, delivering exceptional value to all stakeholders."
Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents, founded and led by Elumelu.
“With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.
“Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance,” the statement added.
James Sowole in Abeokuta
The Ogun State Governor, Mr. Dapo Abiodun, yesterday, said the establishment of farm labs (settlements) across the country was the only panacea to ensure food sufficiency for the people.
The governor stated that with the current situation in the country, there was need for Nigerians to embrace agriculture and form the habit of eating what they grow and growing what they eat.
Abiodun, spoke during a visit to the Soilless Farm Lab, located at Awowo in the Ewekoro Local Government Area of the state.
While relating the Farm Lab to a similar initiative he saw some years ago in Israel, where people work, live, worship and play in a farm settlement, Abiodun said the Soilless Initiative was an inspiring model
that should be replicated across the country.
He noted that he would encourage the setting up of similar settlements in other parts of the state, adding that it is one initiative that the federal government would support.
He added, "We are going to support the Chief Executive Officer of this project and the trainees, and we are going to replicate this in Ogun State, and I believe that other states would also key into it as it would solve food problems and unemployment."
Abiodun, also announced that the state government, has waived the payment of any form of fees for the issuance of all title documents to encourage the promoters of the Farm Lab.
According to him, the management of the farm would receive all the title documents within 24 hours.
"As a responsible state government, we are going to work with you. I had asked how far you had gone with regularising your documents for this place, and you said you are not quite sure that you are still struggling with it.
"Today, by the authority vested in me as the Executive Governor of Ogun State, in the next 24 hours, you will receive all your title documents for this place.
"And guess what? I waive all the fees, every single fee. The state government will not charge you a fee for the title document of this place; that is the least we can do," he said.
Abiodun also announced a donation of N20 million to the farm trainees on behalf of the state government.
"I have asked Samson Ogbole (the team lead) to come and meet me so
we can both fashion out the kind of support that he needs now and will need in the immediate future and how to replicate what is going on here.
"But I also want to support all of you. I am so encouraged by your level of enthusiasm, commitment, how intentional and deliberate you are, how responsible you all are. You know what you are; you are all champions.
"On behalf of the state government, I am donating N20 million to all of you," he said.
Abiodun also expressed his delight at the beautiful tapestry of people from the length and breadth of the country and even outside the country, commending the team lead of the farm (Samson Ogbole) for taking in over 1,000 trainee farmers between the ages of 18 and 35 years every three months.
Abiodun further commended Ogbole for building leaders, capacity, and for generating revenue and foreign exchange, describing the Soilless Farm Lab as a perfect example of a public-private partnership that should be replicated across the country.
He also acknowledged the Alawo of Awowo, Oba Abdul-Fatai Olasunkanmi Tijani, for embracing the development of his town and the idea of the Soilless Farm Lab when it was first brought to his attention by the team lead of the farm.
In his remarks, Oba Olasunkanmi Tijani commended the administration of Abiodun for looking after the welfare of monarchs in the state, acknowledging the governor for allowing the establishment of the farm, even after the immediate administration refused to give the nod for the commencement
of the project. Earlier in his remarks, Ogbole noted that the farm started the work-and-learn program in September 2020, adding that the farm has been able to train over 10,000 people between then and November 2022.
He added that in the last one year and six months, the farm has successfully trained 6,000 young people from 28 states across the country, saying that the current batch has foreigners from Cameroon and Togo.
"What we were doing is that everywhere we are going to set up a farm, while we were setting up a farm in that state, we do free training. We used the free training to get workers for free. But as they work for free, they are also learning for free. So, we tagged it 'Work and Learn,'" he said.
Emmanuel Addeh in Abuja
Fitch Ratings has downgraded Dangote Industries Limited (DIL) National Long-term Rating to 'B+(nga)' from 'AA(nga)' on what it termed operational and financial underperformance, made worse by local currency devaluation.
Fitch also simultaneously placed the ratings on Rating Watch Negative (RWN), stressing that it followed lower than expected disposal proceeds.
During the H1, 2024, Fitch stated that the Dangote refinery operated at around 50 per cent capacity and produced between 325,000 bpd to 375,000 bpd, but the Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) contribution from the refinery had been far below previous projection.
“The downgrade reflects significant deterioration in the group's liquidity
government said it had identified and placed on its watch list individuals in the diaspora believed to be sponsoring the nationwide protests. It said their Nigerian accounts had been frozen.
The revelation came as Inspector General (IG) of Police, Kayode Egbetokun, ordered Deputy Inspectors General of Police for North-west and North-east zones, Bala Ciroma and Bello Makwashi, respectively, to take charge of operations in the states within the two geo-political zones, where subversive campaigns were ongoing under the guise of protests.
At the same time, Economic Community of West African States (ECOWAS) Commission, yesterday, called on protesters in Nigeria to accede to appeal by President Bola Tinubu for dialogue.
Nonetheless, a degree of normalcy had begun to return to Kano, as the state government announced a relaxation of a 24-hour curfew imposed following five days hunger protests in the state.
one basket by relying on oil. We had a very important commodity, gas, but we were flaring it,” he said.
He also lamented the failure of the Nigerian National Petroleum Company Limited (NNPC), the International Oil Companies (IOCs), and other national oil companies to ramp up oil production to meet the country’s needs.
The former Nigerian leader pointed out that Nigeria could have invested more in agriculture as against crude oil stressing that: “We ignored agriculture which could have been the centrepiece of our investment.”
Speaking on the reason Nigeria’s four refineries had remained moribund despite huge investments and attempts at revamping them, Obasanjo recalled how he persuaded Shell to run the country’s refineries but the IOC declined, saying there was too much corruption in the sector.
“When I was president, I invited shell to come and take equity and run our refineries for us. They refused and said our refineries were not well maintained. We brought amateurs instead of professionals.
“Then there was too much corruption with the way our refineries were maintained. They didn’t want to get involved in such a mess,’ he Obasanjo noted.
He condemned the government’s disposition towards getting the refineries back to working properly, lamenting the lack of certainty surrounding when the facilities will start functioning.
“How many times have they told us that the refineries would be fixed, and at what price? Those problems as far as the government refineries are concerned have never gone. They have even increased. And if you have such problems, and the problems have not been
position following lower than expected disposal proceeds, operational and financial underperformance compared to our prior expectations, also affected by local currency devaluation, and lack of contracted backup funding to repay its significant debt facilities maturing on August 31, 2024.
“We view the lack of DIL's audited accounts for 2023 as a corporate governance issue. The RWN reflects uncertainty related to the group's ability to refinance maturing debt. Lack of tangible steps to refinance or repay the maturing debt would lead to further downgrade while we do not expect a positive rating action until the company's liquidity position improves substantially,” Fitch said.
DIL, Fitch said, has immediate debt servicing requirements related to the syndicated loan raised to finance the construction of Dangote Oil Refining Company (DORC).
According to the ratings agency,
In Kaduna State, the governor, Senator Uba Sani, said the protests in the country were not about hunger or bad governance, but sponsored to stoke anarchy for regime change.
Plateau State Governor, Caleb Mutfwang, explained that the reason he imposed a 24-hour curfew in the state was to prevent an escalation of the protest. Mutfwang said if the demonstrations were allowed to continue, criminals would have hijacked it to wreak havoc on citizens. Amid the curfew, 26 suspects, including eight minors, were, reportedly, arraigned at the Jos High Court on charges of criminal conspiracy, unlawful assembly, disturbance of public peace and order.
Bauchi State Governor, and Chairman of Peoples Democratic Party (PDP) Governors Forum, Bala Mohammed, said while he recognised the level of suffering and hardship in the country, he could not allow the breakdown of law and order to continue.
removed, then, it means we are not going anywhere,” Obasanjo maintained.
He said that those benefiting from the lucrative business of fuel importation would make efforts to frustrate the Dangote Petroleum Refinery.
Obasanjo made the comments against the backdrop remarks by the President of the Dangote Group, Aliko Dangote, that some ‘mafias’ were making efforts to frustrate the $20 billion refinery.
“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.
“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” Obasanjo stated.
There has been an altercation between the Dangote group and the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Ahmed Farouk, who appeared to have recently cast aspersions on the quality of fuels churned out by the 650,000 bpd refinery.
Also, Obasanjo expressed concern over youths’ restiveness caused by unemployment, fearing that Nigeria might be sitting on a keg of gunpowder.
He said: “Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late.”
For over one week youths all over the nation have been on a nationwide protest over the current hunger and hardship in the country, urging the government to
further delays in meeting the funding requirements would significantly increase the likelihood of financial restructuring or default and lead to further rating downgrade.
However, Fitch stated that it was expecting a gradual improvement in EBITDA contribution from DORC going forward, following the initiation of petrol production in Q3 this year.
“Major currency devaluation in 2023, caused the group to record a significant FX loss of NGN2.7 trillion in 2023 as the company faces a mismatch between USD denominated debt and domestic revenues. We expect devaluation to continue at a higher pace in 2024,” the agency stressed.
The group, it said, has senior secured debt raised at subsidiary levels amounting to $2.7 billion at end-2023 representing 49 per cent of total group debt.
The debt structure, it said, also
Lagos State Deputy Governor, Dr. Kadri Hamzat, who appeared on the Arise News channel, yesterday, disclosed that the state government would continue to engage with the youth in the achievement of its set goals and programmes.
Nevertheless, Justice Sherifat Sonaike of the Lagos State High Court sitting at Tafawa Balewa Square extended the order restricting protesters in the state to the Gani Fawehinmi Freedom Park in Ojota and Peace Park, Ketu area of the state, pending the full compliance with the protocol.
Meanwhile, police launched a crackdown on treasonable protesters and arrested over 90 suspects in connection with the display of foreign flags as well as call for military takeover.
Speaking at the joint press conference yesterday, Musa stated that the military and other security agencies will continue to go after those encouraging attempts at
end sleaze in governance.
But Obasanjo also criticised the style adopted by President Bola Tinubu in removing fuel subsidies, stating that the present administration should have first considered the hardship the decision to remove underpayments could cause people and how to ameliorate it.
“There’s a lot of work that needs
interest rate of Monetary Policy Rate (MPR) minus 11 per cent, subject to a minimum of six per cent.
According to a CBN letter titled, "Request for Merger Approval and Financial Support, "addressed to Managing Director, Unity Bank Plc, dated July 22, 2024, and signed by CBN acting Director, Banking Supervision, Dr. Adetona Adedeji, payments of the loan are to be made semi-annually, with a principal moratorium of five years.
Beginning in the sixth year, the new entity will commence repayment in 15 equal instalments until maturity.
The central bank specified that the total obligation of Unity Bank amounting to N303.7 billion (comprising N92.00 billion of First Bank of Nigeria exposure on clearing obligation, N51.70 billion financial accommodations of the CBN, N25.00 billion Anchor Borrowers Programme obligation, and N135.00 billion NIRSAL obligation) will be deducted from the N700 billion financial accommodation.
It added that obligations to the CBN and NIRSAL will be settled accordingly. Also, the balance of 4396.30 billion from the financial accommodation would be invested in a 20-year Federal Government of Nigeria (FGN) bond.
The N396.30 billion invested in the 20-year FGN bond will qualify as a Tier 2 capital instrument and
includes an on-demand shareholder loans from its ultimate parent Greenview plc, amounting to $2.3 billion representing 43 per cent of total debt.
“We view the shareholder loans as subordinated debt. The company has also raised senior unsecured debt amounting to N350 billion with long dated maturities in 2029 and 2032 to finance capex requirements,” it stated.
Fitch also based its rating on Dangote’s reduced cement profitability, stressing that it expects DIL's EBITDA margins in cement production to drop further in 2024 following softer retail demand for cement particularly in the Nigerian market as well as limited ability to pass on increased raw material cost to consumers.
“Dangote Cement Plc (DCP) is a DIL-controlled cement producer with factories spread across 10 African countries. Nigeria remains the major
unconstitutional change of government or subversion, and those into vandalism or destruction of lives and property.
The defence chief said the military were only after people who did not mean well for the country, and enemies of the state. He stressed that anyone who made himself an enemy of the state must be willing to face the law.
Musa stated, "We encourage the youth to dialogue with authority, as violence will do the nation no good. The ongoing hardship is not peculiar to Nigeria alone; it is a global issue. We are not isolated in the suffering and hunger; it is a new world order, so we must speak with one voice in support of our dear country."
He assured the public that the military will remain professional in the discharge of their duties, adding that they have ordered their men on the field to respect the rights of Nigerians.
Chief of Naval Staff, Vice Admiral
to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” the former president argued.
According to him, for there to be investor confidence in Nigeria, the country will have to move from being a transactional economy to a transformational one.
component of shareholders' fund, CBN added.
Unity Bank's current Cash Reserve Ratio (CRR) shortfall of N117.90 billion had been waived from being debited.
CBN added that Providus Bank's CRR balance, post-merger, will serve as the opening balance of the new entity. Nonetheless, CBN said the strategic merger was designed to bolster the stability of the country's financial system and avert potential systemic risks.
In a statement by acting CBN Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, the apex bank said the merger was contingent upon the financial support from the CBN.
Ali said the fund will be instrumental in addressing Unity Bank's total obligations to the central bank and other stakeholders.
She said apex bank’s action was in accordance with the provisions of Section 42 (2) of the CBN Act, 2007.
According to Ali, "This arrangement is crucial for the financial health and operational stability of the post-merger organisation."
The central bank further stressed that no Nigerian bank currently faced a precarious situation comparable to that of Heritage Bank, which was recently liquidated.
The apex bank reiterated its com-
contributor to DCP's consolidated revenues. In 2023, the group had a 52 million tonne per annum (Mta) capacity and sold 27.2 Mta through various operations in Africa.
“Revenues in local currency grew by 36 per cent to N2.2 trillion in 2023 and EBITDA to N886 billion from NGN708 billion in 2022. Export sales of clinker to West African markets from Nigeria, stood at N12.3bn in 2023 with a 400 per cent increase year-on year.
“Fertiliser utilisation rate still low.
Dangote Fertiliser (DFL) has a total production capacity of 2.8 million tons per annum (MTPA) of Urea and Ammonia. Chevron and NNPC have committed to supplying gas for 20 years at a rate of 200 million standard cubic feet per day (mscf/day).
“Although the project began its first phase of production in 2021, the average utilisation rate improved but remains low at just 50 per cent in
Emmanuel Ogalla, said the armed forces were the power behind democracy in Nigeria. Ogalla said the military were committed to defending the country's democratic journey. He regretted that the protests had taken a negative dimension, and become subversive.
Ogalla stated, "People are now displaying flags of foreign nations and openly calling for unconstitutional change of government. Protesters asking for foreign intervention in our country. This shows that the intentions of these protesters are not in tandem with the aspirations of many Nigerians.
“This protest is sponsored by foreign and subversive elements, who are bent on distorting the peace that we have enjoyed in the last 25 years. It is obvious that the sponsors have other sinister motives other than the one they told the protesters.
"We will not renege on our responsibility. We are ready to defend the country with the last drop of our blood, that I can assure you."
Chief of Army Staff, LieutenantGeneral Taoreed Lagbaja, said there had been different dimensions to the security challenge in the country in the past five days.
Lagbaja said the country had witnessed wanton destruction of property, loss of lives, and even stretching the insecurity in the country to the point of treason and subversion.
He stated, "The Nigerian Army will not sit by and watch the nation slide into anarchy. The troops
mitment to safeguarding depositors' interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.
The CBN acting director added that the "CBN's decision underscores its dedication to maintaining financial stability and promoting confidence in the banking system during this transformative period."
In a joint statement yesterday, Providus Bank and Unity Bank declared that they were pleased that the CBN approved the framework for their merger, "marking a significant milestone in the evolution of our respective institutions."
The statement said, "This proposed merger represents a strategic and complementary union that will leverage the strengths of both banks to create a leading financial institution in the industry with footprints in retail, corporate, commercial, and digital banking."
Unity Bank, with its rich legacy of over 18 years, had established a robust retail banking network, comprising more than 220 branches nationwide.
"With a strategic niche in the agricultural business, our commitment to delivering exceptional customer service and a comprehensive range of financial products has earned us the trust and loyalty of millions of customers," the bank said.
of Nigerian Army will continue to work in conjunction with other security agencies to maintain law and order.
“Our return to democracy in 1999 as a nation cost us blood and treasure. My appeal to the youth is that what we have witnessed in the past five days is a needless investment of blood and treasure by calling for unconstitutional change of government."
Comptroller General of the Nigerian Immigration Service (NIS), Kemi Nandap, disclosed that the federal government had identified and placed on watch list individuals in the diaspora sponsoring the nationwide #EndBadGovernance protests. Nandap made this known in Abuja at the combined news conference by the heads of security agencies and service chiefs. She added that the sponsors will be arrested when entering the country.
According to her, “We have identified some diaspora sponsors; they are on our watch list. Any attempt they make to come into the country, we will be notified, and they will be picked up and handed to the appropriate authority.”
The immigration boss said the service had, in response to the protests, deployed more officers to land borders and airports to ensure effective manning of those entry ports. She stated that NIS had equally stepped up surveillance to prevent foreign intervention in the country. Similarly, Egbetokun said the police
Providus Bank, on the other hand, is renowned for its innovative approach to banking, boasting a strong digital footprint, innovative products, high quality service culture and strong focus on helping customers grow.
It said, "As a fast-growing newgeneration bank, ProvidusBank has consistently pushed the boundaries of technology to deliver cutting-edge financial solutions that cater to the evolving needs of modern consumers.
"The combination is driven by a shared vision to provide an unparalleled banking experience to our customers."
The statement added, "By combining Unity Bank's extensive branch network and deep-rooted customer relationships with Providus’s digital prowess and innovative spirit, we aim to deliver a seamless blend of traditional and modern banking services.
"Our customers will benefit from an expanded suite of products and services, greater convenience, and improved access to banking solutions across various channels.
"The integration of our digital platforms will offer enhanced security, faster transactions, and a more personalised banking experience." It further stated, "As we embark on this journey together, we remain
Funke Olaode
In a sleek black SUV, with plush hair and a fresh face, the social media celebrity Idris Olanrewaju Okuneye, aka Bobrisky, was seen leaving the Kirikiri Correctional Centre for two days.
In footage that has since gone viral, Bobrisky was spotted inside a luxury car accompanied by two friends as they departed from the prison vicinity. They were vibing to Mohbad and Chike’s viral song, ‘Egwu’. The video also captured his friends saying, “We’re out of prison. Congratulations, Bobrisky.”
The controversial crossdresser on Monday regained his freedom after spending six months in incarceration for abusing the naira by spraying it at parties. He was sentenced without the option of a fine. Before the sentencing, the judge asked Bobrisky about his sex, and he quickly replied, “I am a man.”
The Ogun State-born Nigerian fashion model, internet personality, beauty therapist, entrepreneur, and LGBTQ+ activist became famous for documenting her transition on social media. He usually sensitizes people about the LGBTQ+ community and advertises fashion and beauty products on social media.
While courting his fans, he did not shy away from discussing her sex
life in public. Conservative Nigerians, including his parents, frown upon Bobrisky’s controversial character and lifestyle.
The crossdresser was even adjudged the “best dressed female” at the premiere of a movie of one of his best friends, which led to controversy amongst his fans, the partygoers, and society which saw it as absorb. But the joy was short-lived as the hand of law caught up with him.
Bobrisky’s travail began on April 12, following sentencing by Justice Abimbola Awogboro of the Lagos High Court for mutilation of naira notes during a case brought against him by the Economic and Financial Crimes Commission (EFCC).
“That you, Okuneye Idris Olanrewaju, on the 24th day of March 2024, at Imax Circle Mall, Jakande, Lekki, within the jurisdiction of this honourable court whilst dancing during a social event, tampered with the total sum of N400,000.00 notes issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence contrary to and punishable under section,” said the charge sheet.
Justice Awogboro pointed out that “naira mutilating continued to damage the image of the country.”
The judge added, “Enough of people mutilating and tampering with our currencies. It has to stop.”
Bobrisky was initially charged on a six-count charge of money laundering and abuse of the naira by the (EFCC) on April 5. However, once he admitted to the crime, the court dropped the money laundering allegations against him but found him guilty of naira abuse. Additionally, the court ruled that he should be kept in the custody of the EFCC in Lagos. But on April 5, Bobrisky entered a guilty plea to the commission’s four charges of naira misuse.
Wale igbintade
The National Lottery Regulatory Commission, and the National Lottery Trust Fund have filed a stay of execution of the judgement of Justice Daniel Osiagor of the Federal High Court in Lagos, which declared the invasion and sealing up of Nestle Nigeria Plc office illegal and unconstitutional.
Justice Osiagor had, in his judgment delivered on November 29, 2023, in suit number FHC/L/CS/1418/2022 declared the invasion and the sealing up of the applicant’s head office (Nestle Nigeria Plc) at 22-24 Industrial Avenue, Ilupeju, by the NLRC, amounted to compulsorily taking possession of the applicant’s
Having mastered his act, Bobrisky has become a celebrity you may not like but can’t be ignored. Always dress to a nile and keep head turning at any society gathering.
He has loads of followers, which rival several of his controversies. But always come out unscratched. For those who have followed his life trajectory since leaving school, Bobrisky has never practised his calling as an accountant. He has always stirred controversy as he appears in public functions in female costumes. In 2021, he revealed a new physical appearance to become more feminine after surgery. But for someone who has ridden on the high horse before his adversity, will he be able to face society again? Asked a source who saw the video of unremorseful Bobrisky. Maybe, and maybe not. Only time will tell as he continues to bask in the euphoria of new freedom.
property without due process, in contravention of Section 44(1) of the 1999 Constitution (As Amended).
The judge also declared the forcible occupation of the applicant’s premises and the consequential restraining of the applicant’s employees freedom by the respondents until a letter of undertaking was forced to be signed by the applicant for the payment of an alleged N65,155,365.00 within four days, as well as the subsequent payment of the said sum to the 1st respondent, contravened Section 34(1), right to dignity of person under the 1999 Constitution of the Federal Republic of Nigeria (As Amended).
Dissatisfied with the judgment, the National Lottery Regulatory Commission filed a Motion on Notice
Wale igbintade
Justice Olabisi Ogungbesan of the Tafawa Balewa Square Division of the Lagos High Court will, on September 26, 2024, rule on the legal status of Pan Atlantic University.
The court will also determine whether the university is a juristic entity that can be sued.
Justice Ogungbesan fixed the date after taking arguments from counsel to the claimant, Chief Uche C. Ihediwa (SAN), and lawyer to the defendants, Mr. A.O Okafor.
The claimant, Prof. Nduka Otiono had sued Mrs. Josephine Effah-chukwuma, wife of a former Regional Director, Ford Foundation, the late Innocent Chukwuma, and the university over the biography of her late husband, titled ‘Possibilities Unlimited - A Biography of late Innocent Chukwuma’.
In suit number LD/10395GCMW/2023, the claimant prayed the court for a declaration that the defendants breached the contract terms when they failed to approve the manuscript within 30 days by March 14, 2023.
He also urged the court to declare the defendants’ letter dated May 8, 2023 purporting to terminate the contract between the parties as wrongful, illegal, null and void.
When the matter came up on Friday for hearing, counsel to the defendants, Okafor, urged the court to strike out the name of the second defendant (Pan Atlantic University) from the suit for being not a person known to law and incapable of being sued.
The application was brought pursuant to Order 15 Rule 17 (1) and Order 43 Rule 1 of the High Court of Lagos State (Civil
Procedure) Rules, 2019, and Section 6(6) of the Constitution.
He submitted that “there is no existing legal entity or person known as Pan Atlantic University (proprietor of Lagos Business School) or Pan Atlantic University,” as described in the respondent’s originating processes.
He argued that the Lagos Business School and the Lagos Business School Sustainability Programme are not legal entities or juristic persons capable of being sued.
Opposing the application, the claimant’s counsel, Ihediwa, argued that it is not the rules of the court that bestow juristic personalities on corporate entities, adding that statutes confer juristic personality. He submitted that the court rules merely provide for how categories of juristic persons may be sued. Otiono, in his statement of claims,
stated that around mid-2021, the first defendant (and representatives of the Ford Foundation, West Africa) approached him and offered him a ghost-writer proposal through a request for proposal document.
The claimant averred that on or about November 2021, he negotiated a contract with the defendants to write a biography of the late Chukwuma titled ‘Possibilities Unlimited - A Biography of late Innocent Chukwuma’. The claimant stated that executing the assignment involved the engagement of assistants, extensive travel within and outside Nigeria, research and analysis of materials on the deceased’s life, reviewing the work of the deceased, conducting several interviews, identification of contributions to civil society, criminal justice reform, youth and women rights, among others.
bought pursuant to Order 32 Rule I of the High Court of Lagos State Civil Procedure Rules 2019 and under the court’s inherent jurisdiction.
The NLRC is asking the court to stay the execution of the judgment pending the hearing and determination of the appeal and for such further and other orders as the court may deem fit to make in the circumstances, claiming that the first defendant/respondent has filed and served the plaintiff with the notice of appeal, stressing that the grounds of appeal raise substantial and arguable points of law, such that the execution of the judgment in this matter should be stayed until the issues are determined on appeal.
Nestle Nigeria Plc had, in a fundamental right enforcement suit filed by its lawyer, Dr. Tunji Abayomi, stated that on or about May 28, 2012, the applicant and the Nigerian Employers Consultative Association initiated an action in the Federal High Court seeking reliefs against the respondents (NLRC and the National Lottery Trust Fund), and others for sealing up of its office premises in Jos, the harassment of the staff, and the threat to seal up its office in Kaduna and the sealing off the office of the applicant’s distributor and the arrest of the staff of the applicant at Ilorin.
The company stated that even if the establishment of the first and second respondents was within the legislative powers of the federal government, sales carried out by the applicant could not come within the lottery powers of the first and second respondents.
The firm stated that the unilateral use by the first and second respondents of state police power to seal off the applicant’s premises was wrongful and unlawful.
It further stated that the Federal High Court, presided by Justice Adeniyi Ademola, delivered a judgment on November 10, 2015,
striking out the suit of the applicant and NECA on the ground that they did not give the first and second respondents a pre-action notice.
The said judgment was subsequently appealed by the respondents and cross-appealed by the applicant and NECA. The applicant and NECA after that filed a motion praying the appellate court to injunct any further action of sealing up or taking possession of the applicant’s premises by the NLRC and the NLTF pending the determination of the appeal.
The applicant stated that notwithstanding that the appeal is presently before the appellate court, to which the applicant and the respondents’ are parties, the NLRC, in the exercise of self-help, threatened the applicant with forcible sealing up of her business premises unless the applicant paid N65, 155,365.00 alleged to be due to them.
It is the position of the applicant duly communicated to the respondents that the parties, in due respect for the administration of justice, should tarry and await the decision of the appellate court in light of the prevailing appeal of both parties and application for injunction pending before the court, especially considering that it was the respondents that first appealed the judgment of the Federal High Court before the applicant cross-appealed. It added that on October 7, 2019, the respondents in the company of heavily armed police officers invaded and took possession of the premises of the applicant and forcibly sealed up the premises while over 100 employees were on duty by either forcing employees out of their offices or preventing employees and applicant’s customers entry or exit from the premises until the applicant signed a letter of undertaking to pay an alleged sum of N65, 155,365.00 which the Respondents claimed to be due to them within four days.
Email: deji.elumoye@thisdaylive.com
David-Chyddy Eleke in this piece looks at the person of the late ranking Senator Ifeanyi Ubah, his style of politics, how he influenced society vis a vis his unfulfilled political dream of governing anambra State.
In 2013 when Senator Ifeanyi Ubah first joined politics and contested for the governorship seat in Anambra State, this journalist was among several others who were at his home in Nnewi for a press conference.
At the time, Ubah’s oil and gas business was at its very peak, and his company, Capital Oil was regarded as one of the most successful in the sector, in the country. During the press conference, this journalist asked Ubah why he was so keen on joining politics, when he can remain in business and become an Igbo icon in business, just as Alhaji Aliko Dangote is to the North and Otunba Mike Adenugu to the West.
In reply, Ubah said politics rules the economy, and just one policy by political leaders can ruin several years of hardwork by a businessman, as such, there was need for Ndigbo to seek to have voices in the corridors of power, and that was what he set out to do by joining politics. He added: “For me, I have nothing more to prove in the business world, I have seen it all, and this is the time to go into politics, so that I can touch more lives using government policies.”
True to his words, Ubah never gave up on his dream of holding public office. Even though it was not easy, Ubah continued to work for the realization of his dream, and even though he never made it to the governorship position of Anambra State, he was able to secure a seat in the Senate, and was already a second time Senator and still pursuing his dream of becoming the governor of Anambra State, before his death.
His politics
From All Progressives Grand Alliance (APGA) to Labour Party (LP), the Peoples Democratic Party (PDP), Young Progressives Party (YPP), and finally to the All Progressives Congress (APC), Senator Ifeanyi Ubah bestroded the entire gamut of the Anambra and Nigerian political space like a collossus.
It didn’t matter which political party he belonged to, what mattered more was that he was in a particular party, and one would see a huge cache of youths and women rallying around him. The youth was one of Ubah’s card in playing political game in Nigeria. In Anambra, he used his sponsorship of various sports to galvanize young people to himself, while also using his philanthropy to rake in women into his fold.
In 2018, Ubah created history as being the only private individual to sponsor the highest number of young people to Russia for the world cup. Several youths who never dreamt of having an international passport, were sponsored to the tournament. He was passionate about sports, and this could be seen in his investment in his football club, FC Ifeanyi Ubah. His stadium, Ifeanyi Ubah International Stadium can be described as the biggest single individual-owned stadium, and he had great plans of what he wanted to do with that project.
In philanthropy, using Ifeanyi Ubah Foundation, the late Senator touched several lives in uncommon way. If there was anything that aided Ubah’s political career so very well, it is his knack for giving. He gave without looking back to check what was remaining for him, and this endeared him to the heart of so many. On several occasions, Ubah has had to break protocol to visit poor families, making donations and even building houses for families who lived in places considered to be unbefitting. He had also given out scholarships to far too many students, such that many believe that his death is one singular death that has taken away the destiny
of many people.
In his Umuanuka village in Nnewi, Ubah had over 10 years ago introduced the interlocking technology for building roads. All around the community, he used interlocking stones to build roads, and had once told journalists that besides being cheaper, the use of the stones for road construction creates jobs for local people. He promised that when he became the governor of Anambra State, he would deploy the technology in a larger scale.
He also has a large beneficiary base in his neighbours in his village, where he provides electricity for all homes and businesses within Umuanuka where his house is.
Beyond providing electricity for home and businesses around his area, the patronage which the huge cache of people who troop to his home everyday creates for businesses will be largely missed
with his demise. On a good weekend when Ubah comes back home, his house is usually a Mecca of sort, and this provides business boom for traders in the area.
Unfulfilled dreams
In February, 2024, Ubah reached out to this journalist, asking that a media team be assembled for his governorship aspiration. He was later to speak to the team of journalists, declaring his intention to run for the governorship of Anambra State. It would have been the third time that he is contesting for the position if he had made it.
The governorship position was one of his dreams, which is now still born. Ubah loved Anambra, and wished for a state which would have been a mini country, running all by itself and flourishing in its businesses, without recourse to happenings in the larger Nigeria.
During one of his tours to show newsmen his preparedness for the 2025 governorship contest, Ubah took journalists into a room he called his security room.
It didn’t matter which political party he belonged to, what mattered more was that he was in a particular party, and one would see a huge cache of youths and women rallying around him. The youth was one of Ubah’s card in playing political game in Nigeria. In Anambra, he used his sponsorship of various sports to galvanize young people to himself, while also using his philanthropy to rake in women into his fold.
The large room had over 100 television sets, all showing various areas of the Nnewi metropolis. He announced to journalists gleefully, “This is the room that secures the entire Nnewi. From this room, you can see virtually every street in this town. It is because of this room that anyone who kidnaps or steals in Nnewi is captured.”
Still speaking gleefully like an inventor showing off his latest invention, Ubah asked the technicians working in the room to call up several parts of Nnewi, which he showed journalists happenings in the area in real time. And he said: “If a kidnap incident happened in a particular area, all we need to do is to come here and view the cameras and know who is involved and how to go after them.”
Ubah concluded by telling reporters that: “This thing is not rocket science, and we can do it in a larger scale in the entire Anambra State. My wish is that Anambra will become a great place where people can come to learn how to better their own state. We can do it, and if Anambra people wish for a secure and booming Anambra State, they can count on me to make it happen, if they don’t, we will leave them the way they want it to be.”
Beyond his love for Anambra State, Ubah loved his Nnewi home far more. It was not uncommon for Ubah to receive an award in Awka, the state capital and ask all guests to retire to his home in Nnewi, an over one hour journey for entertainment, even when it was already late in the day. He loved Nnewi and did all he could to showcase it to the world. Journalists who interacted with him once joked that if he made it to the governorship seat, the seat of power would be moved to Nnewi, and many people who wished to work closely with the governor may have no option than to relocate to Nnewi.
During that meeting, Ubah took newsmen on a tour of his project, Nnewi Height, a five-storey structure that overlooks the entire Nnewi town. The structure, he said, would upon completion house an international television station, a garment factory, a convention centre and many others.
At his Ifeanyi Ubah Stadium, he showed a five- star hotel which he was building around the gallery of the stadium. He said when completed, he intended to start up a West African Tournament, where three West African nations will come to Nnewi every three months to slug it out in a football contest. “When we do that, we would have succeeded in selling Nnewi to the entire world, and our international television station will beam it live to the world,” Ubah had declared. This was how much he loved his town.
Sadly, all these will remain a mirage as Ubah had passed away about two weeks ago in London. The real details of his death have not been told as while others are saying that he died in a hotel room while making series of calls, others said he was engaging in a workout with his son, within the hotel when he slumped and died.
His death has brought untold sadness to many of his beneficiaries across Nigeria and more in his state, Anambra. In Nnewi his home town, it is a different ball game as the entire town was thrown into mourning. A three-day morning was declared by the traditional ruler of Nnewi, Igwe Kenneth Orizu, and even after the end of the mourning period, more than a week after, people are yet to get over his death, and the atmosphere and faces of people of the town have been moody all along. He was 52 at the time of his death.
Funmi Ogundare writes that the 2024 Lagos International Water Conference (LIWAC), held recently, focused on enabling experts in the water and sanitation sector to explore new pathways for financing and implementing sustainable solutions, as well as ensuring effective WASH systems and services
For two days, stakeholders converged on Eko Hotels and Suites for the 2024 Lagos International Water Conference. The event aimed to develop innovative financing models to achieve sustainable water and sanitation solutions.
It focused on creating a comprehensive Water, Sanitation, and Hygiene (WASH) framework that includes private service providers and harnesses local private investment through targeted Public-Private Partnership (PPP) models.
The conference also aimed to foster collaboration and partnerships to ensure effective implementation of these strategies. The theme of the programme was, 'Financing Water and Sanitation for a Greater Lagos'.
Funke Adepoju, Executive Secretary of the Lagos State Water Regulatory Commission, (LASWARCO), stated that the conference would provide actionable strategies to contribute to the broader goals of WASH in Lagos.
She highlighted the importance of securing adequate financial resources to support and enhance water and sanitation infrastructure in the rapidly growing city.
She emphasized that a robust and effective regulatory framework is crucial for realising the objectives of the conference, noting the need for high-level political support and a pragmatic regulatory approach.
Adepoju explained that the conference's objective was to deliberate on innovative financing models and strategies, essential for achieving sustainable development in the water and sanitation sector.
"At this point, it is essential to note that the nature of the water and sanitation sector requires implementing a pragmatic regulatory framework with high-level political championship and support.
"This provides the enabling framework, credibility and certainty to a sector in dire need of more resources from both the public and private sectors and, perhaps significantly, an assurance of better and effective use of the existing resources",
she stated.
The objective Adepoju explained, was to deliberate on innovative financing models and strategies, adding," these conversations are crucial and intentional for the administration as we seek to achieve sustainable development in the water and sanitation sector and ensure that every resident of Lagos has access to these essential services."
She recalled her office's focus over the years on advocating for adequate budgetary provisions for the WASH sector, institutional strengthening, and promoting private sector involvement as critical strategies.
Tokunbo Wahab, Commissioner for the Environment and Water Resources, emphasised that the forum would enable participants to explore new avenues for financing, identify best practices, and build partnerships to address water governance issues.
He noted that the conference would serve as a platform to share knowledge and explore innovative solutions for sustainable water management in Lagos. Wahab
stressed the importance of adequate financing to improve water infrastructure, conservation, and resilience in the face of climate change and other challenges.
He urged stakeholders to ensure that actions are inclusive, participatory, and equitable, leaving no one behind in the pursuit of water security.
The Special Guest of Honour and Minister of Water Resources and Sanitation, Prof. Joseph Utsev, highlighted the need for concerted efforts and innovative solutions to address water resources and sanitation challenges in Lagos. He commended the Lagos State Government for its consistency in convening experts to seek experiencebased solutions for financing the Water and Sanitation sector.
Utsev noted that a mix of financing options is critical for infrastructure development, as many residents rely on informal water sources leading to waterborne diseases.
Lagos State Governor, Babajide SanwoOlu, stressed the need for stakeholders in the water resources sector to move beyond discussions and invest in providing residents with good and hygienic water. He called for an end to the era of talking without actions, emphasising that the conference should lead to practical solutions to the
It is essential to note that the nature of the water and sanitation sector requires implementing a pragmatic regulatory framework with high-level political championship and support. This provides the enabling framework, credibility and certainty to a sector in dire need of more resources from both the public and private sectors and, perhaps significantly, an assurance of better and effective use of the existing resources
state's water resources challenges.
Sanwo-Olu reiterated the state government's commitment to fostering partnerships, leveraging community engagement, and international alliances to achieve water management, financing, and sanitation efforts in Lagos.
USAID Country Director, Evelyn Mere, announced the introduction of the "Resilient Water Accelerator" and the proposed Lagos Water Partnership (LWP) before the end of the year. She explained that the intervention aims to mobilise finance for a water-resilient future in Lagos and attract investments targeted at climate-vulnerable and water-stressed communities.
Mere highlighted the recent cholera outbreak as a stark reminder of the urgent need for access to safe water, good sanitation, and empowering people to practice good hygiene.
She emphasized the importance of effective WASH systems and services to eradicate such menaces, pledging WaterAid's support for post-conference action planning to ensure tangible and measurable benefits from each successive conference.
"It is for his reason that WaterAid always seeks to support post-conference action planning to promote the implementation of key recommendations from each successive conference. This is to ensure that, year-on-year, the successes of the LIWACs are tangible and deliver measurable good to the people.
"This will mean that we demonstrate that many more households are connected to pipe-borne water, many more communities become open defecation free, that urban centres have wastes properly managed so they do not pollute the environment and constitutes a threat to public health, that many more hospitals and public places have safe, inclusive and sustainable sanitation facilities, and that many more girls can go to school because adequate WASH facilities ensure that they are able to manage their menstrual cycles with dignity," Mere stressed.
Subscribers are at the mercy of the operators, writes SONNY ARAGBA-AKPORE
For inexplicable reasons most of last week, especially days preceding the #End Bad Governance in Nigeria protests, telecommunications services which were already in very poor state got worse.
Download speeds including those on WhatsApp and Facebook were nightmarish as internet speeds went below acceptable average of 27.62 megabyte per second (mbps) according to World Wide Broadband Speed Report published in July 2024.
There were insinuations that government may have given a marching order to Mobile Network Operators (MNOs) to reduce the speed of the internet on their networks in order to forestall and frustrate the use of the internet by would be protesters.
Subscribers were affected by the alleged imposed restrictions that cut across all networks thus creating a backlash in that regard.
The speed became even slower during the first three days of the protests and strangely not a logical explanation for this coincidence except for a drab Tv appearance by Communications, Innovation and Digital Economy Minister, Bosun Tijani where he said,
“There’s no instruction to tamper with (phone) networks.”
Nigerians on MTN, Airtel, GloMobile, 9mobile and other networks have raised concerns on social media about unusually slow browsing speeds.
These complaints have led to suspicions that someone within government may have ordered the telecom companies to disrupt the protests digitally.
But in reality these are mere speculations as government has denied such insinuations describing them as misplaced.
But while the government is on a denial spree, Nigerians were jolted a few days earlier when nearly 20 million subscribers had their lines disabled and disconnected from various networks on the excuse that they were unable to link their National Identification Number (NIN) to their Subscriber Identification Module (SIM) card since the deadline of April 15, 2024 but extended to July 31, 2024.
But the industry regulator sensing the possible negative reactions from the affected subscribers who besieged operators facilities nationwide where vandalism began and to forestall any industry backlash, the Nigerian Communications Commission (NCC) ordered telecommunications companies (telcos) to reconnect the affected subscribers with immediate effect.
While reprieve came the way of these beleaguered subscribers, they woke up a day after to the general lull in data services thus creating the suspicion that government may have ordered operators to reduce speed of the internet as part of measures to frustrate the planned protests.
The unusually slow internet speeds experienced by subscribers in the last few days maybe traced to the declining network services as a result of decaying infrastructure, lack of access to foreign direct investments, poor returns on investments, vandalism and losses sustained by operators as a result of the economic climate.
Although, not much information appeared on public space on the subject of SIM deactivation as a result of not being linked to the NIN, the NCC had in March 2024 provided Mobile Network Operators (MNOs) an extension till July 31,2024, to verify all Identity Numbers (NIN) submitted by subscribers with four or
fewer SIMs, as well as bar those whose NINs fail verification with the National Identity Management Commission (NIMC).
The compulsory linkage began in 2020 when the government directed telecommunication companies to block calls from unregistered and unlinked lines.
The policy was expected to help the authorities in fighting bandits and terrorists who kidnap and kill innocent people daily. Despite the extension of deadlines, many phone lines are yet to be linked.
While not linking network outages to this, it is important to state that causes of network outages include e but not limited to software and hardware Issues, human error and, electrical issues, among others.
Apart from these, network traffic congestion include but not limited to physical damage issues like weather and design issues ,cable cuts, among others.
In reality,these companies are believed to be handicapped as a result of crippling inflation and currency volatility, which defied all the policies implemented in the last one year thus creating a challenging macroeconomic environment for some of Nigeria’s biggest businesses.
Only recently,9mobile which was terminally ill got a fresh lease from L.H Telecommunications Limited when 95.5% of it’s shares were acquired. Subscribers connected to 9mobile before now were already porting (migrating) to other manageable networks in large numbers as a result of very poor services provided by the company. It has been debt-laden to a consortium of banks and several equipment vendors, tower owners who could no longer offer life line to this company that had gone through a transition from Etisalat to 9mobile as midwifed by the Central Bank(CBN) and the NCC to stave off its near comatose profile.
With new shareholders including Thomas Etuh, Mrs. Daisy Danjuma, her daughter, Gloria Danjuma, former MTN Chief Executive, Mike Ikpoki among others, and the heavy capital injection into the operation,9mobile may be on the rise again.
Aragba-Akpore is a member of THISDAY Editorial Board
SONNY IROCHE argues that the use of AI in the banking sector has the potential to transform operations, enhance security, and drive innovation
The banking sector in Nigeria will soon undergo a significant transformation with the adoption of Artificial Intelligence (AI). Nigerian banks, particularly the Tier 1 banks, can leverage AI technology to achieve various benefits such as improved customer service, increased efficiency, enhanced security, better risk management, personalized banking experiences, cost savings, competitive advantage, compliance and regulatory adherence, data analytics, and innovation.
Prior to the adoption of AI technology in banking, it is essential to first embark on an AI Readiness Assessment Process. Nigerian banks can utilize AI to achieve these benefits and gain a competitive edge in the market. Artificial Intelligence has revolutionized various industries, including banking, particularly in the global North, while majority of the 54 African countries are yet to have a national AI strategic framework, and not to talk about the achievement of any substantial AI Readiness. The use of AI in the banking sector has the potential to transform operations, improve customer service, enhance security, and drive innovation. Nigerian banks, particularly those that are well resourced can leverage AI technology to achieve various benefits and improve their overall performance.
Essentially, Nigerian banks can harness AI to achieve benefits such as improved better risk management, efficiency in credit analysis and credit approval, personalized banking experiences, cost savings, competitive advantage, compliance and regulatory adherence, data analytics, and innovation.
One of the key benefits of AI readiness and adoption for Nigerian banks is improved customer service. AIpowered chatbots can provide instant, personalized responses to customer queries, enhancing the overall customer experience. Chatbots can handle a large volume of customer inquiries simultaneously, providing quick and efficient responses 24/7. For example, when a customer has a query about their account balance or transaction history, a chatbot can quickly provide the information without the need for human intervention. This not only improves customer satisfaction but also frees up bank employees to focus on more complex tasks that require human intervention. AI can automate repetitive tasks such as data entry, processing, and document verification, allowing bank employees to focus on more highvalue activities. By automating routine tasks, banks can streamline operations, reduce manual errors, and improve efficiency. For instance, AI algorithms can process loan applications faster by analyzing applicant data and creditworthiness, making the approval process quicker and more accurate. This not only saves time but also enhances the overall efficiency of the bank's operations.
Security is a top priority for banks, and AI can play a crucial role in enhancing security measures. AI algorithms can analyze vast amounts of data in realtime to detect and prevent fraudulent activities such as unauthorized transactions or identity theft. And track the activities of hackers who defraud unsuspecting bank customers in an increasing present day scam. By continuously monitoring transactions, AI can identify suspicious patterns and alert the bank's security team to take immediate action. This proactive approach to security can help banks mitigate financial losses and protect customer data from cyber threats.
AI can analyze large volumes of data to identify potential risks and make more informed decisions, helping banks mitigate potential losses. By leveraging AI algorithms, banks can assess credit risks, detect anomalies in transactions, and predict market trends with greater accuracy. For example, AI-powered risk management systems can analyze historical data to identify patterns of default and predict the likelihood of a customer defaulting on a loan. This proactive risk assessment can help banks make informed decisions and reduce their exposure to potential risks.
AI can analyze customer data to offer personalized product recommendations and services, increasing customer satisfaction and loyalty. By understanding
customer preferences, behavior, and financial needs, banks can tailor their services to meet individual requirements. For instance, AI algorithms can analyze a customer's spending patterns and recommend personalized investment options or insurance products that align with their financial goals. This personalized approach not only enhances the customer experience but also fosters long-term relationships with customers. By automating processes and improving efficiency, AI can help banks reduce operating costs and improve their bottom line. AIpowered systems can streamline operations, eliminate redundant tasks, and optimize resource allocation, leading to cost savings. For example, by automating back-office processes such as data entry and reconciliation, banks can reduce manual errors and operational costs. Additionally, AI can help banks optimize their marketing strategies by targeting the right audience with personalized offers, resulting in higher conversion rates and increased revenue.
Banks that adopt AI early can gain a competitive
edge in the sector by offering innovative services and improving customer satisfaction. By leveraging AI technology to enhance customer service, streamline operations, and personalize banking experiences, banks can differentiate themselves from competitors. For example, banks that use AI-powered chatbots to provide instant customer support can attract tech-savvy customers who value convenience and efficiency. And also cater for the not too savvy customers through AIhuman coexistence. This competitive advantage can help banks retain existing customers and attract new ones, ultimately driving growth and profitability.
AI can help banks ensure compliance with regulatory requirements from the Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC) and other stakeholders by automating processes and monitoring transactions for suspicious activities. Regulatory compliance is a critical aspect of banking operations, and noncompliance can lead to hefty fines and reputational damage. AI-powered systems can analyze transactions in real-time, flag suspicious activities, and generate reports for regulatory authorities. By automating compliance processes, banks can reduce the risk of regulatory violations and ensure adherence to industry standards.
AI can analyze large volumes of data to provide valuable insights that can help banks make better business decisions and improve their overall performance. By leveraging AI algorithms to analyze customer data, market trends, and financial indicators, banks can gain actionable insights that drive strategic decision-making. For instance, AI-powered analytics platforms can identify customer segments with high profitability potential, allowing banks to tailor their marketing strategies accordingly. This data-driven approach can help banks optimize their operations, improve customer engagement, and drive growth.
Editor, Editorial Page PETER ISHAKA
Email peter.ishaka@thisdaylive.com
Government should establish botanical gardens to grow threatened species
Arecent study that over 1000 vascular plants in Nigeria may be undescribed should be of interest to the academic community in the country. Researchers from the German Center for Integrative Biodiversity Research (iDiv) and Leipzig University published their findings in Annals of Botany. “Documenting the full account of plant diversity is essential for protecting threatened species and ensuring they can sustain human needs before they become extinct”, says lead researcher, Muellner-Riehl, a German professor who is also an iDiv Member. Without the description of species, it is difficult to ascertain whether they are endangered. That there is no recent record of the status of plants and animal species in Nigeria has long been an issue. The last known documentation of the nation’s plants and animal species was done in 1992 by the Federal Environment Protection Agency (FEPA). The document titled ‘Biological Diversity in Nigeria: A Country Study’ states that two species of animals and 20 species of plants had become extinct since 1950. Contemporary record documented in the study shows that 305 species of plants are endemic, 48 species of animals and 431 species of plants are endangered; 16 species of animals and 45 species of plants are categorised as rare; 30 species of animals and 20 species of plants are vulnerable. Meanwhile, according to most experts, Nigerian plants that are gravely depleted are species exploited for natural medicine and food, timber, woodcarving, cane furniture, dyes and cosmetics. This makes the call for government’s intervention in conservation efforts very important. However, it is also significant to mention here that the federal government has been able to attract significant foreign funding for its forest conservation initiative known as REDD+ even though without much result. Conceived by the United Nations to, among other things,
reduce emissions that fuel climate change, REDD+ stands for reducing emissions from deforestation and forest degradation.
Nigerian plants that are gravely depleted are species exploited for natural medicine and food, timber, woodcarving, cane
T H I S D AY
EDITOR SHAKA MOMODU
DEPUTY EDITOR WALE OLALEYE
MANAGING DIRECTOR ENIOLA BELLO
DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU
CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI
EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN
THE OMBUDSMAN KAYODE KOMOLAFE
T H I S D AY N E W S PA P E R
EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA
GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, EMMANUEL EFENI
DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE
DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI
SNR. ASSOCIATE DIRECTOR ERIC OJEH
ASSOCIATE DIRECTOR PATRICK EIMIUHI
CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI
DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO
TO SEND EMAIL: first name.surname@thisdaylive.com
According to a World Bank report, no fewer than 171 Nigerian plant species have been classified as endangered and vulnerable. These plant species of high medicinal and food value are harvested from our forests through commercial activities that cause rapid deforestation at about 400,000 hectares per annum. Experts have warned that their disappearance could disrupt the nation’s genetic resource with resultant threat to our biodiversity. Unfortunately, unlike animals, there is no national law or regulation that protects plant species that are treated as the private property of the landowner/community. It is unfortunate that authorities in Nigeria are not paying attention to the fact that many plants and animals are going into extinction in the country. Perhaps because there is so much preoccupation with today there is hardly a thought about tomorrow. Yet, we need to stress the importance of the preservation of nature’s gifts for the future. Nigeria is located within the rainforest of tropical Africa, which extends from the coast of West Africa to the basin of River Congo. The area, as documented by conservationists, has about 8,000 species of which more than 80 per cent are endemic.
We urge the government, especially at the local and state levels, to encourage the establishment of botanical gardens and horticultural centres where these endangered plants would be grown. Many of these plant species usually grow in the wild but if they are cultivated, there would be sustainability. We also urge the concerned authorities to collaborate with our universities and research institutions so that plant species that are peculiar to the country be given names. But much more importantly, they should work with the Nigerian Conservation Foundation (NCF) to combat the threat to many of these local species in the interest of the country.
Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.
The recent summit by Clean Technology Hub (CTH) Nigeria intertwined crises of climate change, conflict, and fragility . It revealed several things about our country and these neglected issues. The event brought together thought leaders, policymakers, civil society and the ecological community who underscored the urgent need for concerted action to mitigate the devastating impacts of these challenges, especially in Nigeria. In his address on ‘Conflict, Fragility and Development in the Nigerian and Global Context,’ the Catholic Bishop of Sokoto Diocese, Matthew Hassan Kukah offered a scathing critique of the political class, accusing them of turning governance into a vehicle for personal enrichment. He highlighted the state's failure to address ecological challenges and enforce policies to mitigate degradation. Kukah underscored the urgent need for a merit-based system of governance to address the root causes of conflict and fragility. In his intervention, the Director of Research and Training at the Dawah Institute of Nigeria, Sheikh Nurudeen Lemu painted a grim picture of a world grappling with a geometrically increasing climate crisis, warning that current solutions are growing at an arithmetic pace. He emphasized the pivotal role of trees in environmental protection,
highlighting their capacity to mitigate the escalating impacts of climate change.
Meanwhile, the CEO of CTH, Ms. Ifeoma Malo underscored the importance of inclusivity in climate action to prevent conflict, the disproportionate impact of the climate crisis on women and youth, and the imperative for people-centered government policies.
Several participants highlighted the need for a shared national vision, a comprehensive understanding of climate change’s impact on key sectors and strengthened partnerships between government and civil society to drive sustainable development. In his intervention, the Executive Director, Lux Terra Leadership Foundation, Father George Ehusani delved deeper into the complexities of conflict, fragility, and development in Nigeria. The session provided a platform for participants to share insights and experiences, fostering a collaborative approach to addressing these challenges.
In light of the critical issues addressed at this Summit, immediate and sustained action is imperative. The insights shared by speakers and panelists underscore the urgency of implementing comprehensive strategies to mitigate the in-
terlinked challenges of climate change, conflict, and fragility in Nigeria, Africa and beyond. Overall, the summit served as a critical platform for raising awareness about the interconnected nature of these challenges while also highlighting the urgent need for concerted action, including investments in environmental protection, good governance, and sustainable development.
Moving forward, it is essential to translate the summit's deliberations into tangible policies and initiatives. Priority should be given to developing and enforcing robust environmental protection measures, with a particular focus on reforestation efforts highlighted by Lemu. Concurrently, there is a pressing need to reform climate governance structures to ensure merit-based leadership and effective policy implementation, as emphasized by Kukah. Inclusivity must be at the forefront of climate action strategies, ensuring that women, youth, and marginalized communities are actively involved in decision-making processes.
As the non-settlement of matured Foreign Exchange (FX) forwards by the Central Bank of Nigeria (CBN), continue to stoke interests among stakeholders, particularly Nigerian corporates and SMEs, the National President, Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Mr. Dele Oye, has further sounded the alarm that the development was dangerous for the economy. In this exclusive chat with James Emejo, he said the association had been doing a lot to save the situation on behalf of its members, by engaging with the Central Bank, the Federal Ministry of Finance and the National Assembly on the matter. Among other things, he pointed out that the CBN’s failure to honour its commitments had put enormous financial strain on affected companies and damaged their reputations with international trading partners. He also hinted that the development could have legal and constitution repercussions for the apex bank. Excepts
Sir, a lot of your members currently have a running battle with the Central Bank of Nigeria (CBN) over their outstanding FX forward transactions which are deemed mature for payment. What is NACCIMA doing to ensure that these liabilities are cleared?
NACCIMA has been proactive in addressing the issue of outstanding FX forwards. We have engaged in rigorous advocacy, urging the CBN Governor to reconsider their stance for several reasons.
First, the lack of fair hearing. Now, the CBN’s decisions lack procedural fairness. The affected companies were neither issued queries nor given an opportunity to respond to the findings before conclusions were drawn.
Secondly, there is a unilateral breach of contract. The CBN’s appointment of Deloitte and subsequent actions without involving the companies breach contractual agreements. Such unilateral decisions are null and void, infringing on the companies’ right to fair hearing.
Again, there are legal and constitutional concerns. NACCIMA has communicated that the CBN’s current position is legally untenable. We have escalated the matter to the Hon. Minister of Finance, the Hon. Minister of Industry, Trade and Investment, and the House Committee on SME at the National Assembly, highlighting the unconstitutional nature of the CBN’s actions.
SMEs are indisputably catalysts for economic growth. However, given the unresolved FX scenario, what is the fate of the sector?
The unresolved FX scenario is devastating for SMEs, which are crucial for economic growth. The uncertainty and financial strain are stifling their potential, leading to business closures and stunted economic development.
Looking at the larger picture, what economic impact does this portend?
The economic impact is vast and multifaceted,
affecting almost every sector. The size of the transactions and the number of companies involved necessitate urgent intervention. Asking the banks and the affected companies to report to the nearest efcc office for clearance without any prior invitation is not a viable solution. The President should step in to ensure a swift resolution.
How has this development impacted businesses, particularly the cash flow, operational efficiency, and their overall financial health?
The non-payment of FX forwards has severely crippled the affected companies, pushing many towards bankruptcy. The businesses and banks involved are now burdened with exorbitant interest rates, averaging over 35 per cent. This financial strain has damaged their reputations and strained relationships with international trading partners, who are perplexed by the CBN’s failure to honour its commitments. The CBN’s actions have eroded trust and credibility, significantly harming Nigeria’s financial standing on the global stage.
What are the broader economic implications of the forward liabilities, especially their potential impact on inflation, foreign investment, and the exchange rate?
Well, the broader economic implications are dire. One is erosion of reputation. The reputation of Nigerian companies with their trading partners has been severely damaged. Again, the companies face immense financial pressures, threatening their continued operations.
In addition, banks’ reputation and financial health have been adversely affected.
Interestingly, if the issue is not resolved amicably, forcing companies to settle at current exchange rates could lead to a further crash in the value of the Naira, as the market cannot sustain such
a massive demand for US dollars. Also, the inability of companies to absorb the exchange rate differences and loan interests could lead to widespread bankruptcies, exacerbating economic instability.
How much damage has this done to investor confidence in the Nigerian economy, and how could the situation be remedied?
Thank you. The delay has severely undermined investor confidence. The CBN must resolve this issue promptly to prevent further reputational damage. Restoring confidence requires transparent communication. The CBN should communicate directly with each affected company, providing specific details and resolutions. Upholding international financial commitments is crucial to maintain credibility. Also, ensuring consistency and predictability in financial policies will help restore investor trust.
Given that these forward transactions occurred between 2022 and 2023, what does this delayed settlement portend for the reputation of the apex bank?
The CBN’s reputation has been severely tarnished. Reneging on financial commitments involving international parties is a significant embarrassment, damaging the institution’s credibility both locally and globally.
At a period when the country is facing unemployment challenges, what does the non-settlement of forwards mean?
The non-settlement of FX forwards exacerbates unemployment issues. Affected companies are unable to optimise or expand operations, leading to closures and downsizing. This results in significant job losses, further aggravating the country’s unemployment crisis.
The federal government has inaugurated the technical committee responsible for the implementation of the construction of the King Jaja of Opobo Historical and Cultural Centre in Opobo, Rivers State. Minister of Art, Culture, and the Creative Economy, Hannatu Musa
Musawa inaugurated the committee at a ceremony in Abuja .
The minister said that the project signifies a milestone to take Nigeria’s Art and Cultural heritage to enviable heights.
“The establishment of the King Jaja of Opobo Cultural and Historical Centre is a testament to our commitment to immortalizing past heroes and promoting our cultural identity.
“I am delighted to address you at this epoch-making event of inauguration of the Technical Committee to oversee the implementation of a project considered key in the preservation of our cultural heritage, the establishment of King Jaja of Opobo Cultural and Historical Centre in Opobo, Rivers State,” she said.
She highlighted the project’s objectives, emphasising the importance of partnership and collaboration.
“One of the ministry’s core mandates is immortalizing past heroes by promoting national heritage and values.
‘’ Today’s event is a testament to our readiness to partner with any State, community, individual or group
emmanuel Addeh in Abuja
The National Emergency Management Agency (NEMA) has delivered 68,087 litres of liquid gel fertiliser under the National Food Security Council-Emergency Agricultural Intervention (NFSC-EAI) to Niger State for distribution to farmers affected by the 2018 flood in the State.
The State Acting Governor, Yakubu Garba, received the fertiliser
in Minna when the Director General (DG) NEMA, Mrs Zubaida Umar led other officials of the agency to hand over the items.
The Director General NEMA while handing over the fertiliser, explained that the liquid gel fertiliser was a replacement for the balance of the NPK fertiliser approved for Niger State under the NFSC-EAI which distribution commenced in 2020.
The NEMA boss who was
represented by the Director Planning, Research and Forecasting, Dr. Onimode Bandele, explained that the distribution could not be concluded due to the changes in the regulations by the Presidential Fertiliser Initiative (PFI).
He said PFI terminated the former contract while a new one commenced, substituting the granular powder fertiliser to liquid gel based on recommendation from the Office of the National Security
Adviser.
She noted that a litre of the liquid gel fertiliser is equivalent to 50 kg of NPK 20-10-10 Fertiliser and that the process of procuring started in 2022 and ended in February 2024.
She appreciated the Governor of Niger State, Mohammed Umaru Bago for his efforts in agriculture aimed at promoting national policy on food security and called for timely distribution of the liquid gel fertiliser to the intended beneficiaries.
that desires to immortalize persons of proven capabilities, whose immense contributions had helped in shaping and projecting the uniqueness of our cultural values, norms and artefacts as a people.
“This project is designed to be a historic tribute to cultural renaissance as well as a clarion call for cultural preservation. It is a step to encourage our nation’s quest for cultural tourism and a boost for diplomacy in international affairs.
The establishment of the Centre is in tune with Nigeria’s vision of utilizing the Art, Culture and Tourism Sectors to create job opportunities for the teaming youth as well as contribute to the nation’s Gross Domestic Products”, she knows.
She tasked the Technical Committee to regard their selection as a clarion call to national assignment and to provide regular updates to the stakeholders on activities of the Committee and progress made.
“Let me remind you that you are expected to play critical roles in the realisation of this onerous task at hand. Your assignment will require you to serve as liaison between the Federal Government (represented by the Ministry), the State Government
and the Host Community. You will also be required to come up with a work plan for the project and draft the strategy on the implementation, detailing the timeline as well as suggest other terms of reference that are considered germane to the success of the project”. She also thanked the government and people of Rivers State, the Amayanabo of Opobo, and the people of Opobo Kingdom for their vision and commitment to sustaining cultural heritage and immortalizing their progenitor, Late King Jaja of Opobo.
Earlier, His Royal Majesty, King, (Dr.) Dandeson Douglas Jaja, Jeki V, Treaty King, Natural Ruler and the Amanyanabo of Opobo Kingdom who led a delegation of Opobo Kingdom indigenes to Abuja, thanked the federal government for their willingness to partner with the people of Opobo to establish a historical and cultural centre and immortalize King Jaja of Opobo. A member representing Andoni/ Opobo/Nkoro Federal Constituency of Rivers State, Hon. Awaji-Inombek Abiante praised the Federal Government for moving towards immortalizing King Jaja of Opobo.
Kayode Tokede
Nigerian banks are on course to double their profit in 2024 as improving operating efficiency and aggressive market expansion continue to uplift banks above macroeconomic challenges such as; include double-digit inflation rate and unstable naira at the foreign exchange market.
Industry data showed that commercial banks and their holding companies recorded profit before tax of about N2.03 trillion in the first quarter (Q1) of 2024, almost half of about N4.4 trillion recorded in 2023 full year.
Annualised, banks’ total profit before tax could surpass N8.2 trillion in 2024, underscoring the resilience of the sector, which has become all-weather growth despite the often-volatile changes in the operating environment.
A THISDAY review market data showed that banks’ continued profitability is driven mainly by aggressive business growth, prudent risk management and diverse markets that mitigate
shocks from national challenges.
Strong investments in information and communication technology (ICT) was the backbone for most banks, with digital banking contributing substantially to increasing incomes and profitability.
The Q1 2024 data for period ended March 31, 2024, obtained through regulatory filings and industry association, indicated that nearly all banks would record substantial growth in profit in 2024. Although foreign exchange (FX) changes could moderate performance in the period ahead, many banks could hit N1 trillion profit this year, if they sustain the tempo of growth in the first quarter throughout the year.
As gathered by THISDAY, Guaranty Trust Holding Company Plc (GTCO), followed by Zenith Bank Plc, are the most profitable Nigerian banks.
FBN Holdings is among the list of over 20 banks investigated by THISDAY, ranking third in profit before tax generation in Q1 2024.
GTCO reported N509.35 billion profit before tax in Q1 2024, about
587 per cent increase from N74.09 billion reported in Q1 2023, while Zenith Bank declared N320 billion profit before tax in Q1 2024, about 270 per cent increase from N 86.81billion reported in Q1 2023.
Group Chief Executive Officer, GTCO, Mr. Segun Agbaje in a statement had said: “Our first quarter results reflect the unfolding value of what we have created in all our business verticals through the Holding Company Structure - from Banking and Payments to Funds Management and Pension, we are positioned to compete effectively on all fronts and fulfil all our customers’ needs under a unified, thriving financial ecosystem. Despite the challenging operating environment, we delivered a solid performance, recording significant growth across all financial and non-financial metrics, and we remain on track to meeting our full year guidance.”
Agbaje further said: “Looking ahead, we will continue to focus on strengthening our relationships with our loyal customers, supporting not just individuals and businesses but also our communities through our
well-attested free business platforms as well as innovative products and services.
“We are confident in our credentials to lead the future of financial services in Africa and will not relent in our commitment to excellence whilst delivering long-term value to all stakeholders.”
Zenith Bank in a statement stated that despite the challenging operating environment and tightening monetary policy stance, the Group reported strong year-on-year (YoY) growth of 189 per cent in gross earnings from N270 billion reported in the Q1 2023 to N781 billion in Q1 2024.
“The impressive growth in the top line resulted in profit before tax (PBT) of N320 billion in the Q1 2024, representing an increase of 270 per cent from the N87 billion reported in the Q1 2023.
“We are making progress on our planned capital raise to support future growth, and are optimistic that we will meet the minimum capital requirements under the CBN’s recapitalization directive. As we accelerate migration to our new technology architecture
and also transition into a holding company, the Group remains poised to maximize value for all stakeholders,” the bank added in a statement.
For FBN Holdings, it declared N238.53 billion profit before tax in its unaudited Q1 2024 result and accounts, about 325.2per cent growth from N56.1 billion reported in Q1 2023.
The Q1 2024 result and accounts is a reflection of 2023’s impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.
From its Q1 2024 profit & loss figures, the Group declared N208.1 billion profit, about 315.8 per cent from N50.1 billion reported in Q1 2023.
The group announced N730.3 billion gross earnings in Q1 2024, an increase of 181.4 per cent from N259.5 billion in Q1 2023.
The Group Managing Director, FBN Holdings, Nnamdi Okonkwo in a statement had said, “FBN Holdings’ strong start to the year reinforces the confidence in achieving targets
and delivering sustained value for our shareholders.
“Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results. Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement. Remarkably, gross earnings grew 181.4 per cent to N730.3 billion, while profit before tax increased by 325.2 per cent to N238.5 billion while our total assets increased by 27.4 per cent in three months to N21.6 trillion.”
He added that the group remains focused on its strategic initiatives towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.
The Vice President, Highcap Securities Limited, Mr. Daviid Adnori stated that Nigerians banks are resilient and sound amid macro economic challenges.
Data from the Central Bank of Nigeria (CBN) has indicated that the currency in circulation reached an all-time time of N4.04 trillion in June 2024.
The Money and Credit Data released by CBN also showed that currency outside banks settled at N3.79 trillion, also a historical high and 93.6 per cent of money in circulation. A six months breakdown showed that the year began with the currency in circulation at N3.65 trillion. This stable figure indicated a moderate start to the year, aligning with typical postholiday economic activities. By the end of February, the currency in circulation slightly increased to N3.69 trillion, a growth of N43 billion or 1.18 per cent from January.
March saw a more pronounced increase, with the currency in circulation rising to N3.87 trillion, a month-on-month increase of N175 billion or 4.76 per cent. The upward trend continued in April, with the currency in circulation reaching N3.92 trillion. The N53 billion or 1.39 per cent increase from March suggests sustained economic activity and increased consumer spending during the Easter period.
May experienced a further increase to N3.97 trillion, up by N42 billion or 1.07 per cent from April while the most notable rise occurred in June, with the currency in circulation peaking at N4.04 trillion, an increase of N84 billion or 2.11 per cent from May.
Also, a breakdown of currency outside banks for the first half of the year showed that the year commenced with the currency
outside banks at N3.28 trillion. By the end of February, the currency outside banks rose to N3.41 trillion, an increase of N130 billion or 3.98 per cent from January.
March witnessed a notable rise, with the currency outside banks reaching N3.63 trillion, a month-on-month increase of N217 billion or 6.34 per cent.
In April, the currency outside
banks slightly decreased to N3.61 trillion, a drop of N22 billion or 0.62 per cent from March. May saw the currency outside banks climb again to N3.71 trillion, up by N105 billion or 2.93 per cent from April and lastly, the most significant rise occurred in June, with the currency outside banks peaking at N3.79 trillion, an increase of N80 billion or 2.16 per cent from May.
Kayode Tokede
Despite macroeconomic challenges, Neimeth International Pharmaceuticals Plc’s first quarter (Q1) ended March 2024 and half year (H1) ended June (2024) unaudited result and accounts show that the company is on the recovery path as the management continued to drive revenue while remaining prudential in cost management.
In Q1 2024 the company declared N77.65million profit compared to a loss of N189.5million in Q1 2023, and in H1 2024 it declared N198.23 million profit before tax, an increase of 144 per cent from N452.6 million loss for the same period in 2023.
On the backdrop of this impressive performance, the company saw its share price rise from N1.6 to N1.95 in July, 2024 marking a 21.9per cent gain with a Year-to-date gain of 0.52per cent.
The company is projecting a N211 million profit for 2024 financial year (FY) against a net loss of N2.8 billion in 2023. Neimeth has innovative products which will enable it to improve on revenue and profits amid stiff competition in the pharmaceutical sector.
The first two quarters of the year so far show a significant increase in revenue and moderation in operating expenses. The latest H1 2024 result and accounts indicate a N1.66 billion revenue, representing 73 per cent increase from N957.4 billion in H1 2023, driven by sales of pharmaceutical products.
At the 65th Annual General Meeting of the company held in June, the Management had promised shareholders that it aims to grow its turnover by more than 127.7 per cent in the 2024 financial year compared to what it made in 2023. The company plans to generate sales of N5 billion in the current business year against a turnover of N2.2 billion it made in the prior year. From this quantum leap the company hopes to make a profit of N211million. So far, it has generated N198.23 million profit and is expected to hit the N200million in nine months of 2024.
The Managing Director/Chief Executive Officer of Neimeth International Pharmaceuticals, Pharm. Valentine Okelu, had disclosed that the planned 128 per cent growth in revenue is an ambitious bold step towards solidifying the company’s position as a leading healthcare provider in Africa. “We have planned to move the company on a severe growth trajectory. For instance, for 2024, we plan to deliver
N5billion revenue. We are looking at delivering N211million as profit and if we stretch it up to 2028 to 2029, we are projecting N700million in profits,” he stated.
He said the company is growing its production capacity to effectively meet demand of the market.
Neimeth he said recently undertook a facility upgrade of its Oregun, Lagos factory increasing installed capacity by about 300 per cent.
“After our factory upgrade we are now working on capacity upgrade to overcome the challenges of meeting customer demands,” he explained. Okelu said the plan is to continue driving sales northwards to a level where losses would be contained and profit achieved in 2024.
Meanwhile, Cost of Sales (CoS) closed H1 2024 at N722.8 million, about 10per cent from N656.85 million reported in H1 2023.
The reported N722.8 million was influenced by N118.5million production salaries and wages in H1 2024 from N125.69 million in H1 2023, while cost on power and fuel stood at N79.16million
in H1 2024 from N64.13 million in H1 2023. The relationship between revenue and cost of sales dragged gross earnings to N933.9 million in H1 2024, about 211 per cent increase from N300.6 million reported in H1 2023. Consequently, the proportion of gross earning/revenue stood at 56.4 per cent in H1 2024 from 31.4 per cent H1 2023.
Furthermore, Neimeth International Pharmaceuticals in terms of Operating Expenses (OPEX) declared N525.6 million, a decline of 29.4 per cent from N744.12million reported in corresponding period of 2023. The breakdown of OPEX shows that as marketing and distribution expenses stood at N263.87 million in H1 2024, about 42 per cent from N453.62 million in H1 2023, administrative expenses closed H1 2024 at N261.72million, about 10 per cent decline from N290.51million reported in H1 2023.
In terms of finance cost, the company in H1 2024 declared N293.38 million, representing 138 per cent increase from N67.92 million reported in H1 2023, to bring operating profit to N198.23million from an operating loss of N475.38mllion reported in H1 2023.
With the resurgence in profit, the company’s basic Earnings Per Share (EPS) moved to 5 kobo in H1 2024 from negative 11 kobo.
NEIMEtH
In the period under review, Neimeth International Pharmaceuticals solidified its balance sheet size position in total assets and shareholders’ fund. The company’s total assets rose to N9.56 billion as of June 2024, a growth of 6.94 per cent from N8.94 billion reported in 2023.
As non-current assets moved from N3.66 billion in 2023 to N3.88 billion as at June 30, 2024, current assets stood at N5.65billion as at June 2024, representing an increase of nearly eight per cent from N5.24 billion reported in 2023 full financial year.
Liabilities stood at N7.90 billion as at June 2024 from N7.47 billion reported in 2023FY, driven by N7.39 million current liabilities as at June 2024 from N6.97 billion reported in 2023 and non-current liabilities of about N503.40million as at June 2024 from N496.91 million reported in 2023.
The company, thus closed June 2024 with N1.67 billion total equity, about 13.61 per cent increase from N1.47 billion reported in 2023FY.
NEIMEtH INtERNAtIoNAl PHARMACEutICAlS GRowtH PlAN
Despite the challenges of the economy, Okelu believes that investment in pharmaceutical manufacturing in Nigeria is a good and viable business decision. He said the Nigerian pharmaceutical industry is projected to be worth $1.7 billion by 2024 with an annual growth rate of 8.08 per cent.
Neimeth International Pharmaceuticals over the years is pursuing a multi-pronged strategy to strengthen its position as a leading Nigerian pharmaceutical company and to develop a competitive global capacity that allows it to tap into emerging continental opportunities.
As part of the expansion plans, the company is building a N5 billion manufacturing facility at Amawbia, Anambra State which will comply to World Health Organization (WHO) current standards of Good Manufacturing Practice (cGMP).
It had upgraded its Oregun factory which has been completed. The Oregun factory upgrade is expected to increase Neimeth’s manufacturing capacity by more than 300 per cent, particularly of liquid products. This will enable the company to grow more rapidly in both turnover and profit. The Amawbia project is also expected to have reached advanced stage of implementation by the end of the current financial year and is expected to contribute to revenue generation in the near future.
Also, in pursuit of its corporate vision to be the leading innovative healthcare provider out of Africa, the company is pioneering research and development of African home-grown solutions to various diseases. Already, it has many therapeutic formulations that will provide solutions to various human and animal diseases on the continent.
Neimeth is also partnering with overseas pharmaceutical companies to formulate medicaments for various common ailments on the continent. Currently, it has several human pharmaceutical lines undergoing registration with the National Agency for Food and Drug Administration and Control (NAFDAC) while veterinary products are underway. Many other human pharmaceutical products are scheduled to be submitted to the National Agency for Food and Drug Administration and Control (NAFDAC) for registration soon. Most of these products are expected to be introduced into the market in the current business year, thus expanding the company’s product portfolio. Investment in Neimeth is certainly an investment in the near future with vast opportunities for profit.
Arthur Eriye
The Chief Executive Officer (CEO), of The Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju has stressed the importance of conducting National Housing and Population Census in the attainment of the UN Sustainable Development Goals (SDGs).
Aduloju, who stated this during an interview in Abuja, said reliable and timely population and demographic data are essential in monitoring SDG progress.
He added that Nigeria’s performance in the 2024 Sustainable Development Report highlights substantial challenges across various SDGs, with an overall score of 54.6, ranking 146th out of 167 countries.
He said: “Key indicators reveal high levels of poverty, undernourishment and child stunting, along with concerning health outcomes, limited education access and gender inequality. The SDGs report shows that nearly half the population live in poverty (31.4 per cent below $2.15 per day and 49.0 per cent below $3.65 per day).
“High level of undernourishment (15.9 per cent), stunting in children (31.5 per cent), concerning health outcomes such as maternal mortality ratio of 1,047 per 100,000 live births and a life expectancy of just 52.7 years.
Education access is limited, with a net primary enrollment rate of 64.4 per cent, and gender equality remains a challenge, with only 3.9 per cent of
parliamentary seats held by women.”
He explained that census could potentially provide reliable data for about 90 SDG indicators, either directly or through population projections based on data.
He added that Nigeria’s outdated census data hindered its ability to monitor and achieve goals effectively, impeding overall progress toward sustainable development.
However, the Chairman of the National Population Commission (NPC), Nasir Kwarra, said efforts are ongoing to ensure the census is conducted soon.
Kwarra said the commission is prepared and just waiting for presidential approval to conduct the headcount.
Group
Eromosele abiodun
Comms/e-Business
Asst. Editor, Energy
Asst. Editor, Money Market
Nume Ekeghe
Correspondents
Kayodetokede(CapitalMarkets)
James Emejo (Finance)
Ebere Nwoji (Insurance)
Reporter
peter Uzoho (Energy)
The African Development Bank (AfDB) has signed a $20 million equity investment in the African Infrastructure Investment Fund 4 (AIIF4), which reinforces the bank’s commitment to boost private sector development and boosting infrastructure across the continent.
The AfDB, in a statement, said the deal, signed on July 31, 2024, was to reinforce the Bank’s commitment to fostering private sector development and boosting infrastructure across the continent.
The investment, approved by the Bank Group’s Board of Directors on 19 June 2024 and on 31 July 2024, will be financed from the Bank’s ordinary capital resources designated for private sector operations.
According to the AfDB, Africa’s infrastructure sector remains a significant investment opportunity, driven by substantial demand deficits and a scarcity of capital.
“With rapid urbanization and increasing local purchasing power, the continent requires between $130 and
$170 billion annually in infrastructure spending. However, there’s currently a substantial yearly financing gap of $68 to $108 billion,” the statement reads in part. AIIF4, with a 13-year term and a 5-year investment period, has completed its first closing at circa $230 million, attracting international investors.
To date, the Fund has raised more than the $500 million target, with the final close expected to be concluded in Q3 2024.
The Fund is projected to deliver significant development outcomes, particularly in private sector growth and
household income improvement. The Bank assesses the likelihood of achieving these outcomes on time as ‘High.’ The investment also complements the Bank’s ‘High 5’ operational priorities, along with its Ten-Year Strategy (20242033) relating to accelerating and scaling up its operations. Additionally, the Fund pipeline aligns with the Private Sector Development Strategy (2021-2025), the Climate Change and Green Growth Framework, and the Strategy for Addressing Fragility and Building Resilience (2022-2026).
“By providing this scarce private equity investment to AIIM to bridge the infrastructure financing gap in Africa, the Bank is reinforcing its commitment and support to developing infrastructure in Africa to private sector participation. Therefore, our confidence in AIIM as a fund manager is renewed and strong, given its proven expertise and track record in driving impactful investments,” said Mike Salawou, Director for Infrastructure, Cities and Urban Development at the AfDB.
Ajimotokan
There is a growing global concern over hardware supply chain attacks. According to a recent study conducted by HP Wolf Security, it was discovered that 19 per cent of businesses had been impacted by nation-state threat actors targeting
physical supply chains.
The survey was conducted by Censuswide on behalf of HP Inc. from February 22 - March 5, 2024, among 803 IT and security decision-makers in the US, Canada, UK, Japan, Germany, and France.
The report added that 29 per cent of businesses in the US have
reported such incidents.
The study highlighted further the need for organisations to focus on device hardware and firmware integrity. Among other key findings of the report, it was stated that 35 per cent of organisations believed they or others they know had been impacted by nation-state threat actors targeting
supply chains to insert malicious hardware or firmware.
Also 91 per cent of organisations believed nation-state threat actors would target physical supply chains to insert malware or malicious components, while 63 per cent feared the next major nation-state attack would involve poisoning hardware supply chains. Expert insights by Principal Threat Researcher at HP Security Lab, Alex Holland said system security relies on strong supply chain security, starting with the assurance that devices are built with intended components and haven’t been tampered with during transit.
n ume e keghe writes on the recent strides by Transcorp Hotels and its impressive results which rewarded shareholders with interim dividend
Transcorp Hotels Plc for the first time since being listed on the Nigeria Exchange Limited (NGX) in 2015 has declared interim divided to reward shareholders. The mouth-watering return is driven by fundamentals the company has built over the years.
The key fundamentals include growing revenue and redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels.
Transcorp Hotels joined Transcorp Power Plc and Transcorp Corporation Plc to reward shareholders with interim dividend and it is coming on the backdrop of robust profit generation and resounding revenue drive.
The management of Transcorp Hotels declared an interim dividend of N0.10 per 50 kobo ordinary share, translating into N1.02 billion for the half year (H1) ended June 30, 2024.
For Transcorp Power, the management proposed an interim dividend of N1.50kobo per share and the group, Transcorp Plc shareholders got an interim dividend of N0.10 kobo per 50 kobo ordinary share.
The combined interim dividend declared by the three firms is worth about N16.34 billion amid generating N96.18 billion profit after tax in the period under review, about 224.84 per cent increase from N29.61 billion profit after tax generated in the corresponding period of 2023.
However, Transcorp Hotels in its H1 22024 result and accounts performance showed a continuous exponential growth from 2023 full year accounts as revenue stood at N29.7 billion in H1 2024, about 61 per cent increase from N18.5 billion reported in H1 2023.
GrowTH DrIverS
Analysis of the company’s results showed that room services and food & beverage were the major drivers of revenue growth in H1 2024. Room services in Transcorp Hotels stood at N19.66 billion in H1 2024 from N12.26 billion in H1 2023, while revenue from food & beverage moved from N5.03billion in H1 2023 to N8.67billion reported in H1 2024.
In the period under review, the company’ occupancy grew to 81per cent in H1 2024, up from 77per cent in H1 2023. Revenue per Available Room (RevPAR) increased by 57per cent to N162,999 from N103,646 during the same period in 2023. Cost of sales stood at N8.53 billion, an increase of 71.09per cent from N4.99 billion reported in H1 2023, driven primarily by N5.37 billon food and beverages cost of sales in H1 2024 from N3.18billion reported in H1 2023 as Non-core business income stood at N4.23 billion in H1 2024, representing an increase of 338.74 per cent from N964.75 million reported in H1 2023. With the rising inflation, Transcorp Hotel declared N13.28 billion operating expenses, about 50.61per cent increase from N8.82
billion declared in H1 2023. 2023FY, 2024 H1 ComparISm
Further analysis showed that profit generation in H1 2024, was a reflection of 2023FY performance. Transcorp Hotels’s profit before Tax closed H1 2024 at N10.5 billion, about 192 per cent increase from N3.6 billion reported in H1 2023, while profit after tax increased to N6.6 billion in H1 2024, a growth of 157 per cent when compared to N2.6 billion reported in H1 2023.
The company in 2023financial year sustained its profitability momentum and dividend payout to shareholders amid domestic macroeconomy challenges.
The company in financial year ended December 31, 2023 declared a resounding performance, driven by the management’s effective management and innovations.
The group’s bottom-line performance showed a resilient result and accounts with N9.48billion profit before tax in 2023, an increase of 104.6 per cent from N4.663billion inn 2022.
The substantial growth in profit before tax can be attributed to the higher growth in revenue relative to the growth in cost of sales.
With about N3.23billion tax expenses in 2023 from N1.77 billion in 2022, Transcorp Hotels closed 2023 financial year with N6.25billion profit after tax in 2023 as against N2.86 billion reported in 2022.
On the backdrop of improved performance, the Board of Directors had recommended an interim and final dividend of N2.05 billon (2022: N1.33 billion) equivalent to 20 kobo per ordinary share for the year ended 2023.
Transcorp Hotel is aiming at improving its revenue and is expected to launch a 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events.
This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled
to open in the second half of 2024.
“I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience,” The Managing Director/CEO, Transcorp Hotels, Dupe Olusola had said.
Reacting to H1 2024 performance, she said in a statement that the company continued to deliver excellently on its record Q1 financial results, and further driving its second-quarter performance to new levels, achieving a combined strong half-year performance, with 61 per cent revenue growth, setting another performance record.
“Revenue Per Available Room increased nearly 60 per cent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” she said.
“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders.”
“We are excited about the launch of our upcoming 5,000-capacity event centre later this year,” she added. This world-class development is expected to attract both regional and international events to Abuja, positioning Nigeria to get more share of the global Meetings, Incentives, Conferences and Exhibitions (MICE) industry estimated at $802.59 billion in 2023, thereby contributing to the nation’s economic growth.
Chairman, Board of Directors, Emmanuel Nnorom stressed that the Company’s exceptional performance in the first half of the year underscores its resilience and strategic foresight in navigating the dynamic hospitality landscape.
He added, “The interim dividend is a testament to our robust financial health and our unwavering commitment to rewarding our investors. It also signifies confidence in our growth trajectory. As we look ahead, we are confident that Transcorp Hotels will continue to thrive, setting new industry benchmarks in line with our mission of redefining hospitality in Africa.”
The issue of identity management in the Nigerian capital market has been lingering for so many years despite numerous reforms by the regulating body and stakeholders. In this report, kayode Tokede examines the implications of what the new management of the Securities and Exchange Commission and the Committee on Identity Management for the Capital Market is putting to check the menace
Regulating bodies, and stakeholders over the years have blamed mounting unclaimed dividend, among others in Nigeria’s capital market, to poor identity management. The negative impact has contributed to weakening investors’ confidence, increasing fraudulent activities, and decelerating overall market growth. Recently, the Securities and Exchange Commission (SEC), disclosed that as at March, 2024, the value of unclaimed dividends of 15 months and above stood at a whopping N180.92 billion, This is despite the introduction of e-Dividend Mandate Management System (eDMMS) in 2023 that makes it easier for investors to mandate their accounts for electronic dividends.
SEC had revealed that the total value of unclaimed dividends was at N190 billion in 2022, about 7.35 per cent increase from N177 billion recorded in 2021. With the current revelation of N180.92 billion unclaimed dividend by the Director-General, of the SEC, Emomotimi Agama, it means a lot investors enlightenment, among others innovations are needed on the backdrop of banks raising fresh capital as required by the Central Bank of Nigeria (CBN).
Over the years, the capital market regulating body has endeavored to curb the escalating issue of unclaimed dividends in the capital market, albeit with success stories as more shareholders are claiming their hard earned money.
neeD To TaCkle IDenTITY
manaGemenT
Identity management in the Nigerian capital market is crucial for ensuring transparency, security, and efficiency in transactions. It involves the verification and authentication of participants to prevent fraud, comply with regulatory requirements, and enhance trust among investors and stakeholders.
“In view of the promise to stem this undesirable trend going forward, the Commission is very passionate about this initiative because its success would portend great potentials for our market,” Agama said. In a move to tackle identity management challenges, the Capital Market Committee in 2018 discussed ways to address legacy identity management issues in the market.
The apex market regulating body in 2019, set up an in-house committee on the subject. The Committee was tasked with identifying issues surrounding identity
management in the market, engaging with relevant stakeholders to document and proffer solutions, and make recommendations to Management.
Mr. Aigboje Aig-Imoukhuede chairs the committee, and its membership was drawn from leading market players and institutions across the Nigerian capital market ecosystem.
In the course of its work, the Committee engaged the services of Ernst and Young (EY) as consultants to assess the current state of the capital market identity management system, undertake a crossjurisdictional peer review and develop a future-state identity management framework for the Nigerian Capital Market
The Committee came up with terms of reference that include, resolving lingering issues around obtaining probate to enable wealth transfer, minors’ accounts, legacy accounts and unclaimed dividend; to agree on the unique identifier to be adopted by the capital market with a view to building on existing regulation without reinventing existing local and international best practice and to research best practice identity management systems in other capital market jurisdictions and adapt same to the Nigerian Capital Market context.
Others are: establishing the appropriate capital market structure to support 21st century customer experience for local investors and those in the diaspora; to enable partnerships between non-traditional capital market institutions such as Commercial/ Retail Banks, Telecoms Operators and Market Operators and to stimulate the introduction of products to democratize access to markets.
Speaking at a workshop in July 2024, the SEC boss stated that the commission is very passionate about this initiative because its success would portend great potentials for Nigerian capital market.
Agama noted that the report submitted by the in-house Committee to Management, stressed on the need to consolidate investors’ data and seek ways and means to finding a lasting solution to this monster plaguing the market.
“Following the recommendations of the Committee, the Commission, in 2021, dissolved the in-house Committee and set up a market-wide and
bigger Committee, to undertake a more intensive study of the depth of the Nigerian identity crisis , and more specifically, in the capital market and articulate actionable and measurable solutions to the lingering issues: harmonise the various databases of investors in the capital market with a view to engendering data accuracy, and addressing the absence of a central repository of investors’ data for the entire spectrum of the Nigerian capital market.
“I believe that the identity management issues when solved will provide lasting solution to the issue of unclaimed dividends, reduce the barriers of entry to our market and make our market more attractive to the youth segment whose participation is currently very low,” he said.
Aig-Imoukhuede stated that in the course of their work, EY conducted two workshops during which it had extensive engagements with key Capital Market Operators and participants in the market including the deployment of two surveys: one targeted at the wider capital market ecosystem and the other targeted the youth investor demography.
He stressed at the Exploratory Workshop, “EY was able to deep-dive into the current state challenges and pain points in the Nigerian capital market identity management system (IDMS).”
“At the Design Thinking workshop, EY conducted further engagements with relevant stakeholders to validate the investor personas and user journeys in the Nigerian capital market. Since both workshops held virtually with smaller groups, the Committee in its wisdom has put together this Industry Workshop to encourage wider participation and discussions on the subject matter from key players across the full spectrum of the capital market,” he said.
According to the committee chairman, at the workshop delved into the current state of the Nigerian Capital Market IDMS, discussed the studies carried out on the Nigerian Capital Market IDMS, vis-à-vis five (5) benchmark jurisdictions namely: India, South Africa, UAE, Singapore and Malaysia.
“They also presented the proposed future state where we hope to secure your buy-in on the
implementation roadmap. There were breakout sessions of three (3) groups to discuss issues on Regulation, Market Structure and Minimum Operating Standards and Technology as it affects the proposed future state IDMS architecture.
“I would like to use this opportunity to thank the SEC for the support rendered to the Committee and the various engagements held to better align with the work of the Committee. I commend all members of the Committee who have dedicated their time and resources to ensure the success of this phase.
“The Committee has been saddled with this huge responsibility and will surely rise to the occasion to contribute our quota to building Nigeria’s capital market to compete favourably and contribute to the nation’s economic development. We expect you, our dear stakeholders to hold us accountable with the timelines we have established today for the implementation of the future state of the Nigerian capital market IDMS” he added.
Part of the key solutions to solidified identity management in Nigeria involved adopting international best practices, continuous monitoring and updating of security protocols, and ensuring compliance with local and global regulations. Market participants, including brokers, dealers, and other financial institutions, are required to implement Know Your Customer (KYC) procedures to verify the identities of their clients.
KYC processes involve collecting and verifying personal information, such as names, addresses, identification numbers, and other relevant details.
Also, National Identity Management Commission (NIMC), responsible for creating and managing a national identity database. It issues the National Identification Number (NIN), which is used to uniquely identify individuals. The integration of NIN with capital market operations helps in verifying investor identities and reducing fraud.
In addition, biometric data, such as fingerprints and facial recognition, are increasingly being used to enhance identity verification processes. This technology ensures higher accuracy and security compared to traditional methods.
Food crisis in Nigeria and its consequences such as the ongoing protest against hunger and bad governance as well as predictions of severe hunger hitting Nigeria in the nearest future, have fuelled the call for government to promote agric insurance among Nigerian farmers, writes Ebere nwoji
Recently, the United Nations (UN) predicted that 82 million Nigerians may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity.
The UN prediction comes in the wake of persistent hike in food prices in the country leading to on going endbadgovernance and hunger protest in different parts of the country.
The prediction has fulled the growing call for government to look critically and evolve ways of encouraging farmers and improve agricultural productivity through promotion of agric insurance in Nigeria.
According to the National Bureau of Statistics (NBS), Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 increase.
This surge represents the largest year-on-year increase in food prices since records began in 1996.
Food InFlAtIon In nIgErIA
Historically, food inflation in Nigeria has averaged 13.42 per cent, with the lowest point of -17.50 per cent in January 2000.
In 2023, the Food and Agriculture Organisation (FAO) predicted that no fewer than 2.6 million Nigerians in Borno, Sokoto, Zamfara states, and the FCT may face a food crisis between June and August 2024.
Although the current food crisis in the country has often been attributed to activities of kidnappers and bandits in various bushes in Nigeria, the recent report and prediction by the UN said effects of other negative factors such as climate change, pest infestations, and other threats to agricultural productivity cannot be ruled out. The UN authorities therefore advised government to rise up to the challenge and restore food security in the country.
AgrIc InsurAncE ExPErts’
dEmAnd
Agric insurance experts want the present administration
to look inwards and consolidate on the plans laid down by the past administrations on agric insurance and protect the remaining few farmers in the country from losses ravaging their efforts.
The insurers recalled that in the days of former president GoodLuck Jonathan and Akinwunmi Adesina as the Minister for Agric, the Federal Government had registered about 10 million farmers under its Growth Enhancement Scheme, an aspect of its Agricultural Transformation Agenda of the administration.
The farmers’ registeration was geared towards boosting food production in the country.
A former director at the Federal Ministry of Agriculture, Dr. Talabi Odeyemi, at the regional mechanisation stakeholders’ sensitisation workshop in Kaduna, noted that the government intended to continue with the registration of more farmers in to the agric insurance scheme.
Odeyemi said the Agricultural Transformation
Agenda of the President Goodluck Jonathan administration was geared towards moving agriculture from a development project to a profitable business venture.
He disclosed that the government had put in place a bush clearing intervention with about 6,000 hectares of farm land earmarked to be cleared across the country as a way of assisting farmers who had difficulties in that area.
These efforts were geared towards boosting agric production in the country.
Unfortunately, in all these, mention was not made of effort towards boosting agric insurance to secure agric produce from the above effort.
Indeed, Agric insurance among Nigerian farmers has been very unpopular despite the menace of climatic change in Nigeria in recent times.
FloodIng And Food PrIcEs
It will not be a surprise to hear that some farmers who were affected by 2012 flood are still under the effect of the huge losses they incurred because there was no form of compensation from anybody. Indeed, in 2012, the experience of many Nigerians on the menace of flood has left indelible mark on many families as houses and farmlands were washed away by flood. The effect on food production and food pricing in the country has left many families under the threat of hunger and starvation as prices of food especially staple food like garri, yam and beans have hit the roof top.
The problem is now worse as food stuff prices continue to skyrocket.
For instance, a paint cup of garri hitherto sold for N450 during Jonathan’s regime now sells for N3,500.
A tuber of yam sold between N180 , N200 then, now sells between N3, 500 and N5000.
This is because farmers suffered great losses without any form of compensation because many of them did not insure their farms.
At one of the economic summit held in Abuja, Economists have viewed that the promotion of agricultural insurance among farmers is a major factor that will enhance large scale food production worldwide.
Agricultural insurance all over the world has become as prominent in public discourse as conventional insurance. This is due to the adverse effects of global climatic change on food production in different countries which is costing the world several billions of dollars annually excluding loss of lives .The development is also fast retrogressing progress in the global struggle for food security and individual country’s sufficiency in food production including Nigeria.
At micro level, periodic losses by farmers on account of natural disaster like flood has left them at various stages of poverty that some lacked the least capital to continue farming even at domestic scale after each year’s natural disaster.
This situation is worsened by lack of insurance cover by the farmers which would have helped to
cushion the effects of such losses on the farmers and reposition them to remain in business.
Here in Nigeria, many farmers are still far from understanding and making use of insurance services in their agric business. This has been attributed to factors such as lack of funds to carry out the business and at the same time pay for insurance services. This aside, many farmers have failed to see their farming activities as a profession or a business. They still see it as leisure or hobby; they therefore find it difficult accepting innovations that would improve on what they already know.
These reasons and more explain why despite campaigns in different parts of the country on agric insurance some farmers are still not responding to it.
In different parts of Nigeria, agric insurance is still not too popular. Indeed farmers see losses from natural disaster like flood or influenza like bird flu as a seasonal occurrence that must come at its due time.They also believe that such losses are unpreventable natural phenomenon, therefore they do not need preventive measures, but must take their natural course.
Bearing this in mind, effort to make them see the need for agric insurance has not yielded the desired result. This is despite mass sensitisation programmes of the National Insurance Commission (NAICOM), which through its micro insurance programmes has been doing a lot to familiarise Nigerian farmers with agric insurance. NAICOM has also collaborated with foreign agencies in doing this as part of effort to ensure insurance penetration in the rural parts of the country.
Government has in the years past been contributing its quota in this regard by bearing part of farmers’insurance cost through subsidised agric insurance scheme which is provided by the Nigerian Agricultural Insurance Corporation (NAIC). But in the past few years, NAICOM had expanded the scope of agric insurance in the country by liberalising the subsector and encouraging the private sector insurers to participate in non-subsidised agric insurance underwriting. This is due to increasing need for agric insurance occasioned by adverse effect of climatic change in the country.
Although private sector insurers have argued that agric insurance is such a high-risk business that many insurers will not want to delve into without government support, company like Industrial and General Insurance and few others have recently ventured into it . Their experience so far shows that many Nigerian farmers have not seen the need for insurance services and this has continued to expose them to various forms of risks.
The all-important nature of agric insurance has in recent times continued to attract public attention and solution as economists believe that lack of agric insurance has impaired large scale production among Nigerian farmers.
In one of education conference of the Chartered Insurance Institute of Nigeria (CIIN) held in Lagos, a past President of the institute, Dr Wole Adetimehin, had challenged the insurers to key to the Federal Government’s transformation agenda in various sectors of the economy including insurance, to expand their coast in insurance services provisions.
They viewed that farmers in the country need reorientation and rehabilitation in their modus operandi to make them be in tune with global standard in food production and migrate from domestic to commercial farming scale.
They viewed that to achieve this, farmers need to block leakages in their system especially in the area of annual loss of farm produce to natural disasters like flood and influenza among livestock farmers.
According to them, where it occurs, farmers need some cushioning effects to make them enjoy some level of financial stability and remain in business.
According to them, agricultural insurance and other related services will go a long way to cushion the effects of any form of loss by the farmers.
They identified risks associated with agriculture as floods as witnessed in different parts of the country in 2012, vagaries in weather conditions, fire disasters, communal clashes, market failure, price changes, unsteady rainfall pattern, policy changes, land losses as well as pest and disease attacks.
Bennett Oghifo
Professionals in real estate business have been advised to find value and opportunity in the global challenges.
The President of the African Real Estate Society, (AfRES), Dr. ESV Kunle Awolaja, gave this advice at the Society’s inaugural Presidential Lecture held in Lagos recently.
Awolaja said it was “an occasion that holds special significance as we honour the late ESV Akinola Olawore. His vision and dedication laid the foundation for the sustainability of AfRES, and it is fitting that we dedicate this event to his memory.”
Awolaja said, “Our theme today, ‘African Real Estate
Outlook: Finding Value After the Great Reset,” underscores the transformative journey we are on, navigating through global challenges and emerging stronger and more resilient.”
According to him, “Today’s theme challenges us to find value and opportunity in the face of global shifts. The ‘Great Reset’ has presented us with
unprecedented challenges, but it has also opened doors to innovation and transformation. It is a call to action for all of us to harness our collective expertise, creativity, and resilience to shape a sustainable and prosperous future for African real estate.
“We are privileged to have Professor Timothy Gbenga Nubi, a distinguished scholar
and Professor of Housing and Urban Regeneration at the University of Lagos, as our keynote speaker. His insights will undoubtedly inspire us to explore new frontiers and seize the opportunities that lie ahead, “Let us remember that the strength of AfRES lies in our unity and shared vision. Together, we can navigate the
The move was a bold step towards bringing the legacy South Western governmentowned conglomerate closer
L-R: Group Managing Director/Chief Executive Officer, Mr. Abdulrahman Yinusa; Director, Mr Segun Olujobi; Director, Otunba Lai Oriowo; Chairman, Otunba Bimbo Ashiru, all of Odu’a Investment Company Limited and Director SSG office representing the State SSG, Omotayo Gbajabiamila. At the back: Independent Director, Odu’a Investment Limited, Otunba Mrs. Debola Osibogun; and Mr Seni Adio, SAN, during the official opening Odu’a Investment Company Limited Lagos Liaison office at Broad Street… recently
to the hub of business and enterprise at Lagos Island, as part of its ongoing repositioning efforts to become a truly modern business empire with investments across energy, real estate, agriculture, technology and manufacturing.
Speaking at the unveiling ceremony, the Group Chairman of Odu’a Investment Company Limited (OICL), Otunba Bimbo Ashiru, said the idea of a new liaison office was borne out of the need to enhance ease of access for local and international partners of the emerging conglomerate in line with its ambitious growth strategy.
The Chairman noted: “We are commissioning today our tastefully well-furnished offices and board room that will act as an information hub for gathering market intelligence, conducting research and facilitating collaboration between OICL and
potential business partners.
The liaison office will serve as a communication bridge between the holding company and the investing community.
“This magnificent OICL Lagos liaison office where we are all gathered today is strategic in our drive towards accelerated growth and expanding the footprint of OICL. Two of our new subsidiaries have their offices within the facility – South West Agribusiness Company (SWAgCo) and South West Innovation and Tech Company (SWIT). The facilities in the Lagos liaison office includes an executive office, modern boardroom with teleconference equipment, lounge, meeting rooms and kitchenettes,” he stated.
Ashiru added that the facility is beyond a mere physical space but a strategic asset that will facilitate easy assess to the business community, communication,
complexities of our time and create a future where African real estate stands as a beacon of innovation, sustainability, and excellence.”
Reflecting on the past year since his inauguration, as the body’s president, in Nairobi, Kenya, he said, “I am humbled by the remarkable progress we have made together.
and a step towards fostering international relationships and navigating the ever-evolving landscape of global business with finesses in the drive to become a world class conglomerate.
Meanwhile, OICL Group Managing Director/CEO, Abdulrahman Yinusa emphasised the development as a testament to the company’s resilience, innovation, and unwavering commitment to excellence.
He stated that, “The new OICL Lagos liaison office has been well structured for comfortability and ease of operation for better proficiency.”
Bimbola Salu- Hundeyin, the Secretary to the Lagos State Government (SSG), represented by Director, SSG Office, Omotayo Gbajabiamila expressed confidence in the board and management team of OICL, noting that with Lagos state’s involvement, excellence is inevitable.
Fadekemi Ajakaiye
The General Manager of Haven Homes, Mrs. Ufuoma Ilesanmi, has been honoured with the Woman in Real Estate Excellence Award 2024 by the Africa International Housing Show (AIHS) held in Abuja recently.
Ufuoma’s recognition was for transformation and contributions to the Real Estate industry with her impressive background, which includes a first degree in Human Resources and a Masters in Strategic Marketing, complemented by numerous leadership
and management training. A versatile businesswoman, she has been instrumental in developing Haven Farms and Haven Suites, while also mentoring aspiring entrepreneurs.
Joining Haven Homes 13 years ago as a Sales Assistant, Ufuoma rose through the ranks to become the Corporate Manager, then the Assistant General Manager and ultimately General Manager.
Her journey in the Real Estate industry has been marked by consistent growth and dedication.
In a brief interview, she expressed her humility and
gratitude for the award, saying, “I’m deeply honoured that the Africa International Housing Show has watched my growth over the years. This recognition of my consistency is truly humbling, as I didn’t realize people were observing my progress. I’m grateful for this award, I am grateful to my boss Mr. Tayo Sonuga (MD / CEO, Haven Homes) who believes in me and has given me the platform to express myself. I truly hope this inspires others in their respective fields.”
Ufuoma’s success story highlights the importance of continuous learning,
Fadekemi Ajakaiye
Revolution Plus, a real estate company, is looking forward to becoming stronger and more efficient in its primary objective of providing affordable housing and bridging the housing deficit in Nigeria.
The company, which marks its 10th anniversary this year, intends to go about its business, which it said, has many more opportunities for growth, with its “core values of integrity, trust and timely delivery” of homes.
Since its establishment in 2014, Revolution Plus has blazed a trail in its first 10 years, providing affordable housing
solutions across the country and bridging the housing deficit, according to a statement by company officials.
“In the last 10 years of Revolution Plus Properties has engendered a series of innovative projects, impactful social responsibility programmes, and infrastructure developments, while giving valuable stewardship to its great number of clients, despite encountering numerous challenges.”
Founded by Dr Bamidele Onalaja and his wife Mrs Tolulope Onalaja, “the company with over 44 estates nationwide and eight mega housing projects, situated in various locations in
Nigeria has transformed over thousands of Nigerians into proud property owners.
“With six branches of properties and offices in Nigeria, as well as 10 subsidiaries, Revolution Plus has now become a global brand with an international office in Dallas Texas, USA that serves the diaspora community.
“As one of Nigeria’s biggest property brands, Revolution Plus has empowered small business owners, including market women and artisans, to become landowners through flexible installment payment plans and other structures designed to accommodate low-income earners.
skill development, and adaptability in one’s career. Her journey from corporate management to becoming an award-winning figure in Real Estate demonstrates that dedication and selfimprovement can lead to significant achievements.
Her multifaceted approach to business, involving starting new ventures and growing existing ones, coupled with her commitment to developing people, has set her apart in the real estate sector. This award from AIHS is a testament to Ufuoma’s excellence and the positive impact she has made in the industry.
Fadekemi Ajakaiye
Rivers State boasts the second largest economy in Nigeria, next to Lagos State, with ample investment and growth opportunities in critical sectors such as real estate, manufacturing, agriculture, international trade, transportation, tourism, ICT and energy.
Recently, the State Government hosted the Rivers State Economic and Investment Summit themed ‘Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability’ in Port Harcourt the capital city. The key goal of the summit was to explore
dynamic trends, foster insightful dialogues, and build strategic partnerships that will propel Rivers State into a prosperous future.
In his welcome address, Chibeoso Abolu, chair of the local organizing committee, stated that the theme of the summit, “Rivers Emerge: Advancing Pathways to Economic Growth and Sustainability”, reflects our collective aspiration to harness innovative strategies and sustainable practices for a thriving economic future.’ According to him, ‘we are living in an era of unprecedented change and opportunity, where global interconnectedness and technological
advancements are reshaping the economic landscape’. Through keynotes, thought - provoking panel and interactive sessions, the two – day summit featured sub – themes on Infrastructural Development and Security for Sustainable Progress in Rivers State, Empowering the Future: Leveraging Education and Technology for Youth and Women Empowerment; Harnessing the Blue Economy: Investment Opportunities for Sustainable Coastal and Maritime Sector Growth and Tourism, Creative Economy and Today’s Investment Opportunities in Tourism and Creative Startups, among others.
In Anambra, there have been a harvest of collapsed buildings lately, but despite an existing law for government to confiscate any land where a building collapsed, David-Chyddy Eleke reports that politics may have set in as one of the collapsed structures belonged to government, and another to a church deemed to be powerful
In February this year, at least five people were killed and 26 others rescued when a building collapsed at Ochanja Market in Anambra State on a Monday evening.
The building being allegedly erected by the state government at Odu-Igbo Market in Ochanja, Onitsha North Local Government Area was a two storey building. The development was greeted with jest as many taunted the Prof Chukwuma Soludo-led government, especially as Anambra has a law stipulating the confiscation of any land where there is a building collapse. Those who made jest of the governor stated that if it were the project of a private individual, government would have clamped down on such a person.
The building was still under construction when it collapsed. Governor Charles Soludo who visited the scene expressed sadness over the incident, describing it as “tragic.” He revealed that the collapsed building was constructed by a private developer without government approval. He reiterated his commitment to address illegal constructions in the state.
“My government did not approve of this building. We will redesign this area and build it properly. All buildings constructed without proper approval will be brought down henceforth, including structures currently under construction at other markets,” he said.
The governor said he would conduct “a comprehensive inventory of buildings” in markets and public places within the state.
“Markets will undergo integrity tests to identify and remove potentially unsafe structures and individuals found responsible for illegal construction will face legal consequences,” he said.
Subsequently, many private buildings in the area, that were deemed not to have passed government tests were bulldozed.
A month after, in March, another building collapse at the Fegge area of Onitsha. This time, a five-storey building, but lucky enough, no casualty was recorded.
Confirming the incident, the Chairman of the Anambra State Physical Planning Board, Chike Maduekwe, decried the development and expressed gratitude to God that no life was lost as the collapse was a partial one.
He, however, disclosed that the approval given was for the construction of a three-storey building but the developer went contrary to plan and started erecting a five-storey building. The building was meant to serve commercial purpose upon completion.
Not done, two months after in May, a five floor building being financed by the Old Boys
Association of Dennis Memorial Grammar School (DMGS), Onitsha, a prestigious secondary school, owned by the Anglican Communion collapsed, trapping some workers. The building was meant for the celebration the 100th year anniversary of the school, and named Centenary Building.
In Anambra, the church, especially Catholic and Anglican churches are known to be powerful and integral parts of government. DMGS is owned by the Anglican Communion. Since after some of these incidents, many have been raising eyebrows as to why there haven't been a sanction, especially as two of the buildings involved belonged to government and the Anglican Church.
In what looked like a reaction to this, Soludo two weeks ago set up a committee, to investigate the collapse of the Ochanja market stalls and the Anglican Church's centenary building.
These have however been mired in politics as there have been disagreements over the composition of the committee, just as many have described it as a political exercise that will end up a futile, producing no result, especially because of the caliber of organisations involved.
One day after Soludo announced the constitution of the committee, the management of DMGS, and the Anglican Church rejected some member of the panel. Lawyers from the legal team representing DMGS and the Diocese on the Niger, Anglican Communion rejected two members of the panel investigating the incident.
In a press release by Sir Oselloka
Offoh, Director of Communications for the Diocese, the Church rejected Prof. Akaolisa Ezeagu, the panel's chairman, and Engr. Sir Victor Meju, a key member. They accused them of making biased comments and publications following the incident, and doubted their credibility and fairness.
Part of the release read: "The Legal Team pleaded with the Governor most respectfully to withdraw the two persons from the panel or in the alternative the two persons be allowed to honorable recuse themselves from the panel, so that Natural Justice, Equity, Good Conscience and Fairness shall prevail in the deliberation and report of the panel.
"They however commended the Governor for setting up the Panel of Enquiry to investigate the immediate and remote causes of building collapses in parts of the state. The Legal Team believes that this laudable initiative by the Governor Wil help to ensure utmost professionalism in the construction sector."
Meanwhile, reactions from some indigenes of the state have pointed to bias on the part of the state government.
An indigene, Mr Abel Ezechi said: "This panel is just a political solution to the teething problem on ground. The state has a law that any building that collapses, the owner forfeits the land.
"The first building that collapsed this year belongs to the government, even though they are trying to deny it. What has the government done about this? They did almost nothing until a private building collapsed again in that area, before they decided to subject all ongoing buildings in the area to integrity test. That operation was headed by the local government chairman, and a lot of buildings were pulled down.
"It only took the government months again to regain their voice when the centenary building
The state has a law that any building that collapses, the owner forfeits the land. The first building that collapsed this year belongs to the government, even though they are trying to deny it. What has the government done about this? They did almost nothing until a private building collapsed again in that area, before they decided to subject all ongoing buildings in the area to integrity test
of DMGS collapsed. Now they have set up a panel and I hear that some members of the panel have been rejected. Now, the first building and the third one belong to government and the church, which is an integral part of government. This looks suspicious. It looks to me like politics."
Meanwhile, a respondents who choose to be anonymous told THISDAY that the Anglican Church was right to have rejected some people in Soludo's panel. He said most of the people in the panel are theorists who parade high academic qualifications, but have no practical experience of the matter on ground.
"They are right to reject the charade.There shall not be elements of bias in the forensic analysis, otherwise the trend of collapsing will continue.
I worked in cement manufacturing company as an analyst in Quality Control Laboratory.
"The crop of people that make up the panel do not know what cement manufacturing, composition and constituents entails. They are all professionals from rank of end users, they can not see the cause. The incidents of collapsing of the high rise buildings may be attributed to the cement used in forming the mortar, because, C2S, C3S, C4A, C4AF ratios must be right. The composition of M2O, Mn+O, etc must not be above certain range, otherwise there will not be late strength development of the concrete formed, no matter the correctness of the structural, Architectural and Engineering designs, hence the building must crack and eventually collapse.
"If a good job is to be done and the collapses wished to be stopped, the above composition must be checked and these panelists can not deliver as mere paper work will just be submitted to govt where it will be kept in files to be collecting dusts.
"The lawyers and the church are right. It is a panel set up to do a job of clearing the government from liability of the passing given to the materials used by Raw materials office and get the Contractor off the hook of liability for the loss," the source said.
There have however been many testimonies to the panel, suggesting that there were lapses either in the materials used or the quality. The Transition Chairman of Onitsha South Local Government Council of Anambra State Chief Emeka Joseph Orji while appearing before the Probe Panel submitted the building plan of the Ochanja market stalls project, saying it was originally designed to be a storey building against the two storey building that collapsed.
Uchechukwu Nnaike
Like a diamond in the sunning sky, Gbadebo Adeyeye, a prince of Ise Ekiti, descended into the expansive premises of Crown Heights College, Ibadan, where he radiantly received friends and well-wishers to the 2024 valedictory service of the prestigious college’s class of 2024 and dedication of Oba David Opeyemi Adeyeye Hall.
Adeyeye’s characteristic smiling face was magical as it happened on the said day that even newcomers had no second thought to tell the state of his inner mind; a pure-minded personality who, despite having seen it all locally and globally, remains calm with humility being his personal trait. No wonder the parade of who is who that graced the well-organised and managed ceremony that started off with the inauguration of the new hall, which he said was still a peanut in appreciating his late king-father, His Royal Majesty Oba David Opeyemi Adeyeye, Agunsoye II, the Arinjale of Ise-Ekiti, who reigned for 32 years between 1932 and 1976.
The hall, inaugurated by former Minister of Information and National Orientation and former Deputy Governor of Nasarawa State, Hon. Labaran Maku, became the venue of the all-important event. It was a day to remember all the times with all the glitters and glamours that both graduating students and their junior ones still in school put into it, to the amazement of the guests including members of the press.
It is noteworthy the emotionladen performances whereby the junior students sent off their graduating seniors, who intermittently filed in to hug, shake hands and dance with them, with some of them having to lift up their faces to look into the ceiling systematically, an indication of a very sad-happy reality that the departure from fellow school juniors was now real.
“We will miss you,” some junior students told their passing-out seniors. It was a day that one will not be able to recount the great things that transpired, especially as Adeyeye engaged the guests with his short address that started poetically followed by the minister of God, Pastor Johnson, who gave a spiritual diet that became too plenty for the audience to finish, the oratory paper presentation by the guest speaker, Maku, to the special guest of honour’s address of Senator Adedayo Clement.
The Crown Hearts College’s event had a lot of takeaways, so hilariously entertaining, informative and educative.
In his welcome address, Adeyeye said, “In a moment like this, nothing is more important in our nation than to provide quality education for the young population of our society. According to the United States-based educationist James Madison, many years ago, ‘A popular government without popular information or a means of achieving it is a tragedy’.
“Knowledge will forever
govern ignorance, and people who want to be their own governors must arm themselves with power that knowledge is.
This is why Crown Heights College remains committed to its founding mission since 1997 to provide our young men and women in society with a conducive environment where they can be well educated without any compromise and without fabrication.
“As we gathered here this afternoon to celebrate our class of 2024, to rejoice with their parents and their guardians, there is no better moment than this to remind them that no matter what Nigeria’s situation is today, the future of our society is still bright. Don’t lose hope. And that bright future does not belong to the Yahoo leaders, the bright future belongs to you. That is why you must take your role from today, and I pray that the Lord Almighty will continue to guide you in your journey of life.”
Responding to journalists’ questions about what prompted him to move from marketing and advertising to becoming an educationist, Adeyeye said, “In our modern days, that is not really strange as it has been done many times,” and he listed names of great people in the world who were not educationists but became partakers in the sector. All we care about is to contribute to the future of the younger population of our society, which is very important and nothing is more important than that.”
On his achievements since he started Crown Heights College, Ibadan, 27 years ago, Adeyeye said, “Money is not the only achievement that we are expecting, personally, that is not the motivation. The motivation for me is to see the students growing well and doing well in all areas. So, the major achievement so far is in the products that we have already released to society; many of them are doctors and engineers, and each time I see them, I feel much, much better than millions of naira in my bank.”
On whether or not he is worried about the state of education in Nigeria, he said, “Well, if I tell you I am not worried, I am just deceiving you or myself. Everybody is worried. At least anybody with a good education and a progressive mind should be worried now because we are not in the right place. The country is not where we are supposed to be, not only in education but in all areas. We are talking of education here, and I think we need to wake up and do what is right for our people and great country.”
In his lecture, Maku, while addressing the valedictorian after giving all his adulation about the role he believes Ibadan has played in the nationhood of Nigeria, stated, “Because of these great young men and women that are leaving school today, when my friend (Senator Adedayo Adeyeye) told me they’d decided that I should be the one to come and speak to them, I said whatever I would be doing this weekend, I would
set it aside to come to Ibadan.
“Young men and women, let me assure you, no matter what you read about Nigeria and hear about Nigeria and most of the time, especially now when what you read is negative, 90 per cent of what you read about the country is negative, and I am worried for children that are growing up like you when you read newspapers and see what is going on in our media concerning our country, even adults, parents are despairing about the future of our country. Every day, you hear one negative story.”
He added: “No matter the level of education that you have, without character rooted in culture and traditions, you are empty. Addressing the graduands further, he said, “Whatever it is that you have
read or have heard about Nigeria, the future of the country is great.”
He said Nigerians should stop concentrating on the negative things said about their country and think about the positive, adding that the challenges of today are opportunities for better things to happen in the future.
Maku held guests in the Oba David Adeyeye Hall spellbound when he said Nigerians’ problem is usually that they go to school to train to work in government. He said it is a mentality that must change because, the best place for job creation is the private sector. He then urged the graduands to start thinking of making productive contribution to make Nigeria truly great.
The special guest of honour,
former Minister of State for Works, Senator Adedayo Adeyeye, thanked his brother, Prince Gbadebo Adeyeye, for naming a hall after their late father.
He said, “I am sure of so many people who have graduated from this school, who are in various professions. That is the beauty of education. I congratulate you on this milestone. And I want to thank you specially for naming this building after our late father, the late Oba David Opeyemi Adeyeye, Agunsoye II, Arinjale of Ise-Ekiti (1932-1976), a great Oba indeed, one of the greatest monarchs that have ever been produced in the history of Ekiti State. In the history of Ekiti, he had the privilege of being the Chairman of Pelupelu, which is the highest level of traditional
rulers, in 1942. He was revered, and he was great.” He added, “Now my attention should be turned to you, children. Today is a historic day in your life. You are passing out of secondary school. That is an event that occurred in my own life some 51 years ago, in 1973, precisely when I was 16 years old. At that event like this, people came to speak to us, and those words remain with me till today. Make Christ your foundation, and be focused in life. It is not the number of degrees that you have that matters. Of course, you can get a Ph.D. and become a professor. You can be anything but focused. There are many professors in this country who have not made their mark, let me say, and I am sure at the end of the day, did not feel fulfilled in life.”
The Deputy Vice-Chancellor of Afe Babalola University, Ado Ekiti, Prof. Damilola Olawuyi, has urged law students in various Nigerian universities to take advantage of the opportunities in energy law as they move towards specialisation and extending their frontiers in the legal profession.
Olawuyi said this at a lecture organised by the class of 2024 of the University of Abuja Law Students’ Association (LAWSAN) in Abuja, in honour of the Chief Executive Officer of OANDO Plc, Mr. Wale Tinubu.
Adewuyi, a senior advocate of Nigeria spoke on the theme ‘21st Century Lawyers: Harnessing
the Benefits of the Relationship between Law and Energy’.
While pointing out the unique place of energy law in the nation’s economy, he stated that the relationship between law and energy is the foundation upon which the Nigerian economy has been built for over 40 years.
The university lecturer said, for instance, that the privatization of electricity supply and management was achieved through law; he said the privatisation of NNPC was also achieved through law.
To this end, Olawuyi pointed out that any stagnation or change in the energy sector
that wishes to be sustained can only happen with the help of the law.
He also stated that the energy field is a pool of opportunities that 21st-century law should venture into to harness boundless opportunities. He used himself and Mr. Tinubu as a testimony of the power of the energy industry.
Though it was not the first one, the 2024 edition attracted dignitaries from various fields of human endeavour, including lawyers, academics, politicians, business moguls, and students, including the unveiling of a well-packed journal in honour of Tinubu and presentation of
awards of excellence to a few dignitaries and students from various levels of the faculty.
According to the chairman of the organising committee for the dinner, Mr. Rufai Tayo Uthman, the night was not only for merry-making but also a special ceremony to celebrate and honour the oil industry giant, Tinubu. According to him, Tinubu, a distinguished member of the Nigerian Bar and business genius and the CEO of one of the largest oil companies in Nigeria, Oando PLC, was singled out for his contribution to humanity, law and the country’s economy.
Mary Nnah
In a clarion call to transform the landscape of Christian ministry, the Rector of the Redeemer’s College of Technology and Management (RECTEM), Pastor (Mrs.) Stella Mofunanya is spearheading a transformative wave set to leave an indelible mark on the church and society. With unwavering passion and unrelenting zeal, she is inspiring a new generation of leaders to embrace creativity, innovation, and transformation.
At the valedictory service of Redeemer’s International Leadership Academy (RILA), held recently at the RCCG, Olive Tree Parish, Banana Island, Lagos, Mofunanya delivered an innovative lecture titled ‘Creativity and Innovations in Transforming Christian Ministry in Contemporary Society’, which served as a catalyst for change, challenging the status quo and urging leaders to rethink their approach to ministry.
“The church is at a crossroads,” she declared. “We
can continue down the path of comfort and familiarity, or we can courageously step into the unknown, embracing the creativity and innovation that will propel us forward.”
With a focus on transformative leadership, Mofunanya is equipping leaders to tackle the complexities of modern society, from social justice to digital evangelism. “We must harness the power of creativity and innovation to reach new heights in ministry,” she stressed.
“The status quo is no
longer sufficient. We need to think outside the box, push boundaries, and explore new frontiers,” she added.
In a message delivered at the event, Pastor Josiah Bolarinwa, who represented Pastor E.A. Adeboye, General Overseer of the Redeemed Christian Church of God, challenged graduating students to take their learnings to the marketplace and make a positive impact on the world. He emphasized leadership’s vital role in shaping Nigeria and Africa’s future.
Etim Etim
It is reassuring that the Board of Trustees, Governing Council and other stakeholders of Wigwe University are working hard to sustain the university and fulfil the vision of its founder, Herbert Onyewumbu Wigwe, who passed away with his son and wife in such a tragic and difficult-to-understand circumstance six months ago. The university will open in September for its first set of students who are going in to study various courses in engineering; science and computing; management and social sciences and the arts. Herbert’s death undoubtedly created pain, panic and anguish and caused a delay in completion of some projects in the new institution, but overall, the institution is developing at a preset pace to meet all timelines. The recent departure of the university’s former vice-chancellor also caused some anxiety, but I can confirm that he was let go in the overall interest of the university and the vision of the founder.
A replacement, Prof. Marwan Al-Akaidi, has been named and he is exceedingly suitable to provide the required leadership. Al-Akaidi was formerly the university’s Dean of College of Science and Computing and Deputy Vice-Chancellor (Research and innovation). I should also stress that many facilities in the campus have been completed and are ready. They include the gas-powered power plant that will provide 24-hour
uninterrupted electricity; IT infrastructure; classroom blocks; students’ hostels; faculty buildings; admin block and sporting facilities. Construction work on the Senate Building and other facilities is progressing in earnest. ‘’We shall receive our first set of students into the university on September 18 and 19 for reception; but parents are welcome to visit the campus from September 5. Lectures will begin on September 21. We are fully ready with our world-class facilities to receive the students,” Prof Al-Akaidi told me.
Licensed in June 2023, the university is owned by HOW Foundation, established by Herbert in 2016 as a special purpose vehicle to drive his philanthropic activities. Mrs Yvonne VictorOlomu, the foundation’s chief operating officer, says Herbert’s death was a terrible blow, but the resilience of the team he left behind saw the vision through. She is grateful to some eminent Nigerians for their unwavering support in ensuring that the university’s dream is fulfilled. They include Aigboje Aig-Imokhuede and the Tengen Family Office; Aliko Dangote; Leo Stan Ekeh; Gov. Siminalayi Fubara of Rivers State and the Rivers State government. ‘’In addition, our Board of Trustees chaired by Prof. Fabian Ajogwu and the Governing Council led by Prof. Julius Okojie have been fantastic in driving the vision of Dr. Herbert Wigwe,” she told this writer, noting that the host
Funmi Ogundare
The Chairman of the newly inaugurated Governing Council of Yaba College of Technology (YABATECH), Prof. Isolaowa Afolabi, has called for unity, cooperation, and a shared vision among all stakeholders of the institution.
During the council’s inaugural meeting, held at the college’s Multipurpose Hall alongside other principal officers, Afolabi emphasised the importance of collective efforts to maintain YABATECH’s esteemed status as Nigeria’s leading polytechnic.
“This shared vision and unwavering support from all members of this institution are crucial to achieving our goals,” he stated.
Afolabi underscored the council’s dedication to transparency and inclusivity, promoting an open-door policy that encourages open dialogue and mutual respect.
“We are here to listen, to learn, and to work together. My office is open to everyone, and I urge all stakeholders to engage with us as we address the challenges facing our institution,” he added.
He assured that this approach would be central to the council’s governance, ensuring that deci-
community and the lead construction firm deserve commendation for their support. Prof. Okojie is a former Executive Secretary of NUC whose acumen in managing tertiary education has been invaluable in shepherding the young institution.
But why did Herbert set up the university? What exactly did he set out to achieve? On January 14, less than a month to his death, Herbert Wigwe laid out his vision for the university in a speech he delivered at the 2024 DLD Conference in Munich, Germany. Here are his words: ‘’Those of us who have built successful businesses in Africa - and want to see more economic growth for all - cannot wait
for (Africa’s) problems to solve themselves. We cannot afford to waste the talents of the next generation. That’s why my foundation is the driving force behind the launch of Wigwe University: to empower the continent’s youth to lead the charge in global leadership, innovation and progress.
‘’Our vision is nothing less than the transformation of tertiary education in Africa: to help the continent leapfrog the world as a global leader in innovation and development. Higher education can transform Africa, and we can transform higher education. Our university sets out to train and mentor the next generation of fearless African
leaders, entrepreneurs and innovators. It is a homegrown institution - built by Nigerians for Africans and the world. Sitting on 600 hectares in Rivers State, it has the capacity for 11,400 students, as well as 400 faculty and staff. In its first year, 2024-2025, it will onboard 2,500 students, with staff recruited from across the world – from Europe, North America, Asia and of course Africa. We have reimagined what higher education in Africa should be – by emphasizing entrepreneurship and employability.
‘’We are building a culture of innovation, providing students with practical skills, including critical thinking, problem-solving and leadership itself. We offer work-integrated learning programs, internships and mentorship initiatives, to bridge the gap between academia and industryincluding partner institutions across the globe. We are embracing cutting-edge technologies, including artificial intelligence, data analytics and renewable energy, to prepare our students for the Fourth Industrial Revolution. To do all that, we have invested heavily in our own infrastructure, which many African universities sadly lack. We have our own 10MW power plant, and our own fiber optic internet connectivity. We are building sports facilities to the world-class standards of FIFA, IAAF and the NBA.
‘’We are building a world-class performance arts center with a Broadway-
standard stage, outdoor amphitheater, and our own sound stage and editing suites. We also have our own university farm to help feed the university and our host community, as well as support research. Our motto is “We, the fearless.” Because that’s who we are, and who are students would be. However, we need you - the visionaries outside Africa - to be fearless too. That means transforming your ideas about African youth and your relationship to Africa.”
There is no greater honour to Herbert’s memory than to nurture this vision; and as his post humous birthday draws near, I am thankful to all Nigerians of good heart who are standing up to ensure that this is done. Their own vision will never dim.
Founded in 2005, DLD (Digital-Life-Design) has developed into Europe’s leading innovation conference for visionaries around the globe. Herbert was a leading member and the keynote speaker in its January conference. The main purpose of DLD is to bring together business, creative and business leaders, as well as investors and opinion formers, to exchange ideas and get inspired. It is one of Europe’s leading conferences on innovation. Herbert’s presentation was titled ‘Leapfrogging Africa to the forefront of global development through tertiary education’.
-Etim is a journalist and author
sions were made with input from the college community.
Recognising the vital role of staff in the daily operations and overall success of the institution, Afolabi committed the council to addressing concerns, particularly those related to staff welfare and professional development. He acknowledged ongoing issues in these areas and promised that the council would prioritise them.
Afolabi also emphasised the importance of maintaining high academic standards and providing students with a well-rounded education that prepares them for the future. “You are the future of this institution and the country at large. We are committed to offering you the best possible educational experience—one that is not only academically rigorous but also enriching in every aspect,” he said.
The Rector, Dr. Ibraheem Abdul, expressed optimism about the new council’s arrival, noting that it has brought relief to the college. He stated that the entire college community had been eagerly anticipating the new leadership, and Afolabi’s focus on unity, open communication, and a commitment to excellence has laid a strong foundation for the council’s work.
The Thompson Abayomi Oshin Health and Education Foundation has donated a state-of-theart building to the University College Hospital (UCH) of the University of Ibadan to immortalize the pioneering contributions of their father, Dr. Thompson Abayomi Oshin, to the growth and development of physiotherapy in Africa and Nigeria. The building comprises lecture halls, offices, museum, among others.
Chairman of the foundation, Dr. Segun Oshin, said the foundation embarked on the project to honour his father in response
to a request from the College of Medicine, UI because he was the first African physiotherapist and he also started physiotherapy training in Nigeria.
The foundation will also endow a prize in the Faculty of Nursing in memory of his mother, Mrs. Adepeju Olufunmilayo Oshin, who retired as a senior matron from UCH.
President Bola Tinubu inaugurated the building on Dr. Abayomi Oshin’s 98th birthday. The president, who was represented by the Minister of State for Health and Social Welfare, Dr. Tunji Alausa, described the build-
ing as a significant milestone in advancing education and health in Nigeria.
“Today, we celebrate a beacon of hope and generosity embodied by the Thompson Abayomi Oshin Health and Education Foundation,” he said, adding that “this commitment to improving education and healthcare in Nigeria is a testament to the enduring spirit of philanthropy that defines the nation.”
According to the president, the donation of the building is not merely a gift to UI but a symbol of hope and progress, which should remind others that
even in challenging times, some individuals and families can step forward to make a difference.
“The Oshin family stands as a shining example of how private citizens can contribute to the public good, ensuring that future generations benefit from an enhanced educational system and facilities. Today, we honour not just a new building but also the legacy of Dr. Thompson Abayomi Oshin. His life is a testament to dedication, excellence and service. From being the first African physiotherapist in 1954 to his numerous pioneering roles in physiotherapy across the globe,” Tinubu said.
Kemi Olaitan in Ibadan McPherson University, Seriki Sotayo, Ogun State, has inducted its pioneer set of nursing graduates into the nursing profession.
The first 15 graduate nurses were inducted at the university’s Multipurpose Hall, administered by the Registrar of the Nursing and Midwifery Council of Nigeria (NMCN), Dr. Faruk Umar Abubakar. Abubakar, represented by Mrs. Kemi Awe, in his address after administering the oath, reminded the newly inducted registered nurses of society’s expectations of them as health-
care providers, urging them to live up to the profession’s demands at all times.
He also encouraged them to be willing to learn from senior colleagues during their internship, urging them to acquire higher degrees in nursing after the internship.
In his remarks, the ViceChancellor of the institution, Prof. Francis Igbasan, advised the newly inducted nurses to apply the practical and people management skills acquired during their internship, adding that they should learn from senior colleagues at work.
He also urged them always to remember that nursing is
an art that requires empathy, clear communication skills, care and emotional intelligence, urging them to be kind to themselves as they navigate another journey, patient with themselves as they learn and grow, seek out mentors and role models who can guide and support them.
“As nurses, you will be called upon to care for patients in some of the most vulnerable moments of their lives. You will be trusted with their stories, their fears, and their hopes. You will be responsible for providing comfort, compassion, and healing. And I know that each and every one of you is
up to the task. I believe very strongly in you.
“Throughout your education here at McPherson University, including the frequent practical training in all the hospitals where you carried out practical postings, you have learned, to the best of my knowledge, technical and people management skills. These are necessary skills for you to excel as nurse. All the knowledge you have accumulated will come in handy day by day. As you begin nursing practice, be patient to learn from experienced colleagues. Remember, learning is continuous,” he said.
The guest speaker, Dr. Doro-
Nume Ekeghe
The Bank of Industry (BOI) has reaffirmed its commitment to supporting local manufacturers, enterprises, and investors with resources to drive significant industrial growth and transformation as well as economic development in the country.
The Managing Director/ Chief Executive Officer, Bank of Industry (BOI), Dr. Olasupo Olusi, who stated this during a tour of the Tolaram Group’s facilities in the Lagos Free Zone (LFZ), underscored the bank’s dedication to fostering industrial growth and empowering Nigerian enterprises to achieve global success.
Olusi lauded the impressive achievements of Tolaram Group and its significant impact on
the economy while highlighting BOI’s pivotal role in supporting Tolaram’s expansive industrial initiatives.
He expressed pride in BOI’s association with Tolaram Group, describing the activities in the Lagos Free Zone facilities and the Lekki deep seaport as a testament to the success of both entities’ role in supporting industrial development and job creation. The Managing Director, Tolaram Africa, Mr. Haresh Aswani, expressed gratitude to BOI for its long-standing partnership with Tolaram Group in their commitment to building industries, which has resulted in substantial industrial growth and economic infrastructure development in the country.
Aswani underscored the cooperation between both
entities, which began when the bank was known as the Nigerian Industrial Development Bank (NIDB), emphasising the critical need for continued industrial development in the country.
The Managing Director/ Chief Executive Officer, Lagos Free Zone (LFZ), Adesuwa Ladoja, emphasised the critical role of securing the right funding to actualise the zone’s ambitious vision of becoming the premier infrastructure space not only in Nigeria but across Africa and the world.
She underscored the necessity of partnerships with key financial institutions to achieve this goal, emphasising BOI’s critical role in the zone’s development from inception, making it an attractive destination for investors and manufacturers.
Credit Direct Finance Company
Limited (Credit Direct), the consumer finance arm of FCMB Group Plc has recently received an upgrade to its credit rating from Agusto & Co. to BBB+.
Agusto & Co. in a statement said, “The upgrade reflects Credit Direct’s dominant position in the industry and its good and consistent profitability, which compares better than most peers in the consumer lending segment.”
Managing Director/CEO of Credit Direct, Chukwuma Nwanze commented on the upgrade of the Company’s credit rating by Agusto & Co, saying,” We are honored and proud to announce that Agusto & Co. has upgraded Credit Direct’s rating to BBB+, a remarkable achievement considering the high inflationary and turbulent macroeconomic environment we are navigating.
“This upgrade which puts us among the highest rated FinTech lenders in the country is not only a testament to our robust financial health and strategic agility but also reflects our resilient business model focused on expanding financial inclusion for Nigerians, our sound risk management practices, and the trust we have built with our customers and stakeholders.”
Furthermore, Credit Direct announced the successful payout of its N6.9 billion Series I and II commercial paper issued in November 2023 on the FMDQ Securities Exchange.
Nwanze thanked the investor community for participating in the series I and II commercial papers saying, “The strong investor confidence demonstrated through their participation and support underscores our position as one of Nigeria’s leading digital-first non-bank financial services providers.
“We extend our deepest
gratitude to our investors for their trust, and we remain dedicated to delivering exceptional value and fostering long-term partnerships that is critical in achieving our ambition to expand financial inclusion for all Nigerians.”
Commenting on the financial performance of the business in the first half of 2024, the Chief Financial Officer at Credit Direct, Kolawole Omoniyi explained that the company is continuing its growth trajectory despite a tough business clime. Omoniyi stated “we delivered a strong financial performance in 2023 and have continued the momentum in the first half of 2024.
“In our H1 2024 unaudited financial performance, we achieved a 105% YoY growth in interest income. This helped to raise our profitability by 154per cent in the first six months of the year compared with the corresponding period last year.
Nume Ekeghe
The Alternative Bank, is leading the charge in fostering sustainable economic growth in Africa through its catalytic capital approach.
This innovative financial model was prominently showcased at the recent Africa Social Impact Summit (ASIS) 2024, co-hosted by Sterling One Foundation and the United Nations.
“ASIS 2024 must catalyze collaboration and action towards sustainable development in Africa. Public-private partnerships, fuelled by catalytic capital, are essential for attracting impactful investments,” Hamzat remarked.
Executive Director-South of The Alternative Bank, Korede Demola-Adeniyi, highlighted the transformative power of catalytic capital through flagship projects such as the Lagos Rice
The summit, themed, “Reimagining Progress: A New Blueprint for Sustainable Growth in Africa,” brought together influential figures from both public and private sectors. Deputy Governor of Lagos State, Obafemi Hamzat, representing Governor Babajide Sanwo-Olu, emphasized the critical role of catalytic capital in driving sustainable development.
Mill and electric transportation for women in Kano.
“These projects exemplify the power of catalytic capital and effective partnerships. By working with partners who provide concessionary financing, training, and other resources, we are making previously unfeasible projects a reality and driving substantial social impact,” she stated.
Sterling One Foundation CEO, Mrs. Olapeju Ibekwe, outlined the summit’s goals, stating, “ASIS aims to build and scale partnerships, attract increased impact investment, and advocate for supportive policies.”
Nume Ekeghe
C & I Leasing Plc has fortified Huawei’s operations by providing a range of bus solutions designed to enhance safety, comfort, and reliability, thereby streamlining the company’s logistics needs. This strategic partnership underscores C & I Leasing’s commitment to leveraging its extensive network to help businesses maintain a competitive edge.
In a statement by C & I Leasing, it noted that the Fleet
business has experienced a remarkable boost in 2024, winning multibillion naira contracts that underscore the company’s strong market position and reliability.
“These new contracts have not only increased the company’s vehicle fleet and deepened its relationships with client partners but also reflects C & I Leasing’s ability to offer more versatile and scalable solutions, ensuring that clients can rely on the company for all their transportation needs.
“In the outsourcing sector,
C & I Leasing has maintained its existing contracts, showcasing the company’s consistent delivery of high-quality services.
More impressively and despite the significant market business exits witnessed in the country by major conglomerates, our Outsourcing business has experienced steady increase in headcount in 2024 and this is a testament to C & I Leasing’s expertise in providing tailored outsourcing solutions that meet the unique needs of diverse industries, including telecommunications, banking and healthcare,” it said.
The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference Basket
Kayode Tokede
The Nigerian stock market yesterday sustained its negative sentiment for the second consecutive day, dropping by N372 billion on investors’ profit-taking in BUA Cement Plc and 24 others.
The Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 653.89 basis points or 0.67 per cent to close at 96,928.52
basis points. Also, market capitalisation declined by N372 billion to close at N55.033 trillion.
The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; BUA Cement, Eterna, Fidson Healthcare, Guaranty Trust Holding Company (GTCO) and Nigerian Aviation Handling Company (NAHCO).
As measured by market
breadth, market sentiment was positive, as 30 stocks gained relative to 25 losers.
Academy Press and NASCON Allied Industries emerged the highest price gainer of 10 per cent each to close at N2.20 and N32.45 respectively, while Oando followed with a gain of 9.89 per cent to close at N30.55, per share.
Skyway Aviation Handling Company increased by 9.80 per cent to close at N22.40,
while R.T. Briscoe Nigeria added 9.78 per cent to close at N1.01, per share.
On the other side, BUA Cement led the losers’ chart with 9.99 per cent to close at N128.90, per share. Thomas Wyatt Nigeria followed with a decline of 8.52 per cent to close at N1.61, while Champion Breweries shed 7.97 per cent to close at N2.77, per share.
Eterna depreciated
by 7.37 per cent to close at N17.60, while Fidson Healthcare down by 6.78 per cent to close at N13.75, per share.
The total volume traded rose by 38.64 per cent to 449.210 million units, valued at N6.735 billion, and exchanged in 9,381 deals.
Transactions in the shares of United Bank for Africa (UBA) led the activity with 62.827 million shares worth N1.308
billion. Oando followed with an account of 36.158 million shares valued at N1.101 billion, while Veritas Kapital Assurance traded 33.507 million shares valued at N28.818 million.
Sterling Financial Holdings Company traded 33.244 million shares worth N127.805 million, while Access Holdings traded 30.963 million shares worth N575.290 million.
L-R: Trustee of the Voice of the Child Law Centre, Justice Lateefat Folami; Founder, Voice of the Child Law Centre and Justice, Prof Iyabo Ogunniran; and Justice Seri Solebo (Rtd), at the presentation of a report on the study of the Training and Treatment of Children in the Lagos State approved children's institutions... recently
The United Nations Children Emergency Fund (UNICEF), has handed over a 720,000 litres capacity oxygen plant to the Rivers State Government.
The plant located at the premises of the Eleme General Hospital in Eleme Local Government Area was built in partnership with the federal Government, Canadian Government, Rivers State Government and IHS Towers.
Handing over the facility to the
state government, Country Representative of UNICEF, Ms. Cristain Munduate, said the initiative was a follow up to the comprehensive and nationwide assessment of oxygen needs of health facilities across the 36 states of the federation and the Federal Capital Territory, Abuja.
She said the gesture represents a significant milestone and a major advancement in the ongoing efforts to improve maternal, newborn and child health in Rivers State and across Nigeria.
Her words: "This plant will
significantly boost the capacity of Eleme General Hospital and surrounding healthcare facilities to provide life-saving medical oxygen. It will ensure that oxygen is readily available and accessible, reducing dependency on external supplies and ensuring that emergencies are swiftly and effectively managed.
The impact of this facility cannot be overstated as it will save lives, improve health outcomes, and provide a stronger foundation for the comprehensive healthcare that every individual deserves."
The UNICEF Country Representative expressed confidence that the state would put the facility to best use.
Further according to her: "As we handover this plant to the Rivers State Government, we are confident that they will be maintained and utilised effectively to maximize their impact.
“I am particularly happy that the state has opted for operationalising this plant using the public private partnership model. If properly executed, I have no doubt that the plant's use would be long-lasting.”
Michael Olugbode in Abuja Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency, Brig. Gen. Mohamed Buba Marwa (rtd) has said that the recent training and certification of officers of the Marine Command of NDLEA in basic diving, advanced open water diving and full-face mask diving will discourage large shipments of cocaine to Nigeria.
Marwa, who stated this while receiving a report of the training from the agency’s Director of Seaports Operations, DCGN Omolade Faboyede, said the new capability will send a strong message to international drug cartels that they have no place to hide their illicit consignments on any ship or vessel coming to Nigeria.
According to a press statement by the spokesman of NDLEA Femi Babafemi on Tuesday, eight officers were selected from four countries including two from Nigeria by the United Nations Office on Drugs and Crime (UNODC) to undergo the certification training in Bombinhas City, Brazil in two phases; first in November 2023 and then July 2024.
The UNODC disclosed that the diving training was initiated to strengthen the fight against drug trafficking and transnational crime activities for the four countries: Cape Verde, Guinea Bissau, Nigeria and Senegal.
The second phase of the training was to qualify professionals certified in basic and advanced diving in public safety diving to conduct ship hull searches, enforce the law and ensure public safety in combating transnational drug trafficking.
While commending the two NDLEA officers who participated in the
training and certification programme for their exemplary performance,
Marwa said their “new ability to dive into the sea to search ship hulls will no doubt discourage global drug networks from attempting to send any large consignment to Nigeria knowing fully well that our men now have the
capacity to search every nook and cranny of ships and vessels coming to Nigeria.”
He said the agency will continue to be steps ahead of drug cartels in skills and capability with a view to ensuring that they have no means to smuggle illicit drugs into Nigeria.
Marwa said: “We will also continue to expose our officers, men and women to trainings and the use of modern technological tools in our determined bid to keep our country safe by curbing the menace of substance abuse and illicit drug trafficking.”
While appreciating partners for their support and Governor Siminalayi Fubara for his dedication towards improving healthcare in the state, the UNICEF Country Representative sought the commitment of the Rivers State Government to deploy skilled healthcare professionals to man the newly established level 2 newborn unit established in the same facility.
Commissioning the facility, Governor Fubara assured that it would be put into best use. He noted that building of the plant aligns with his health policy for the state.
"What we are doing today is in-line with our three points agenda. We might have so many things in mind before we came onboard but along the line we must redirect our minds in line with the needs of the people.
The need for quality education, the need for affordable healthcare and need to put food on the table of our people and you are geniune imperatives.
"We have spent and we are still spending to make sure that Rivers State becomes health tourism
state. As we speak today, the zonal health centre are almost 70 percent completed not as we met them but advancing it to international standard and I believe the only reason why this project was allocated to Rivers State is because of our investment in healthcare," Fubara said.
The governor noted that his investment in healthcare attracted the project to the state, just as he charged people of Eleme to take ownership of the project and secure it.
"They are seeing what we are doing and they believe that it would be right to partner with Rivers State and I want to assure you that we'll protect this project, we would do everything to ensure that the Hospitals Management Board put everything in place to secure this project," he stated.
Giving a description of the project, the State Commissioner for Health, Dr. Adaeze Oreh, explained that the faculty has the capacity of producing 123 cylinders and 720,000 of oxygen in 24 hours.
She said the facility will serve facilities in the state and other neighboring states.
Wale Igbintade
Justice Ayokunle Faji of the Federal High Court in Lagos has ordered the Lagos State Government to ensure an investigation into the death of Mr. Pelumi Onifade, a 20-year reporter with Gboah TV, an online television channel, who was reportedly arrested by officers attached to a Lagos State task force while covering the #EndSARS protests in 2020, and later found dead at a mortuary in Ikorodu in Lagos, where his body was deposited.
The Court also ordered the State Government to conduct a coroner's inquest to ascertain the cause of the death of Mr. Onifade as well as identify and prosecute those responsible.
Delivering judgment in a suit filed by Media Rights Agenda (MRA) over the death of the journalist against the Police and the Lagos State Government, Justice Faji agreed that the government’s chief law officer “cannot just conduct an inquest without a duplicate of the case-file.”
“But he ruled that section 74 of the Administration of Criminal Justice Law (ACJL) of Lagos State
gives the Attorney-General the power to request for a case-file from the Commissioner of Police.
Although the Court dismissed five of the claims made by MRA against the Police on the ground that there was no evidence before the court to support them, Justice Faji noted that none of the facts in MRA's affidavit was denied by the Attorney-General who only raised an issue of law, adding that in the course of oral arguments, the Attorney-General’s counsel also undertook to conduct an inquest.
Lagos-based lawyer, Mr. Charles Musa, had filed an originating summons on August 4, 2021, on behalf of MRA, against the Lagos State Commissioner of Police (COP), the Inspector-General of Police (IGP) and the Attorney-General of Lagos State.
In the suit filed pursuant to Sections 6(6) and 46(1) as well as 33, 35 and 39 of the 1999 Constitution; Articles 4, 5 and 9 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act, 2004; and Order II Rules 1, 2, 3, 4 and 5 of the Fundamental Rights (Enforcement Procedure) Rules 2009, the organization is
asking the court to declare that:
He argued that Onifade’s shooting in Oko Oba in Agege Local Government Area of Lagos State, by agents of the COP and the IGP on October 24, 2020 in the course of his journalistic work is unconstitutional and a gross violation of his fundamental rights as guaranteed by section 33 of the 1999 Constitution (as amended) and Article 4 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (Cap A9) Laws of the Federation of Nigeria, 2004; He submitted that Onifade’s arrest and unlawful or restriction of his liberty by agents of the COP and the IGP on October 24, 2020 in the course of his journalistic work is unconstitutional and a gross violation of his fundamental rights as guaranteed by sections 35, 39 and 46(1) of the 1999 Constitution and Articles 5 and 9 of the African Charter; He urged the court to hold that the constitutional and statutory duties of the respondents do not extend to unlawful detention of innocent individuals who have not been charged to Court or found
guilty of any offence by a competent court of law in Nigeria; and He stated that the COP and the IGP have an obligation to investigate crimes committed against Mr. Onifade, a journalist exercising his right to freedom of expression as guaranteed under Sections 33 and 39 of the Constitution and Articles 4 and 9 of the African Charter.
MRA also asked the court to issue three orders, directing the respondents to launch a transparent, impartial and independent investigation into the circumstances of the death of Mr. Onifade whose body was found in a morgue in Lagos; directing them to conduct a coroner’s inquest to ascertain the cause of his death; and directing them to identify and prosecute those responsible for his death.
In his judgment, Justice Faji pointed out that although the COP and the IGP were served with the originating summons and other processes in the suit, they did not file any response.
The court noted that the John Gbadamosi, MRA’s Programme Officer who deposed to the affidavit in support of suit, did not witness any of the facts relevant to
the matter, adding that there was also no documentation in support of the claim that Mr. Onifade’s corpse was deposited in a mortuary.
Justice Faji also observed that although there was constant reference in the affidavit to the family of the deceased who, he said, would have the necessary information regarding their various interactions with the police, none of them filed any evidence in support of the incident. He therefore dismissed the claims against the police for lack of evidence.
Although the judge commended the Office of the Attorney-General of Lagos State for upholding the duties of the office by attending court and assisting the court in the matter, he noted that the explanation by the Attorney-General’s lawyer that the reason a coroner’s inquest was not conducted was because the duplicate of the case file was not forwarded to his office. According to him, in response to the court’s question on what the Attorney-General did about the matter since being served with the court processes, the lawyer submitted that the Attorney-General is ready to conduct an inquest.
Mary Nnah
A constellation of visionary leaders and change-makers is set to converge for the 2024 Wilson & Yinka Badejo
Memorial Lecture on August 7th at the prestigious Nigerian Institute of International Affairs in Lagos to review the troubled trajectory of the Nigerian state.
Themed "Cultivating a Culture of Dialogue: Nurturing Understanding in a Culturally and Socially Diverse Nation”, this year's lecture promises to be a watershed moment in the
country's quest for unity, progress, and a brighter future.
Keynote speaker, Dr. Tunde Bakare, Serving Overseer of Citadel Global Church and Convener of
Fidelis David in Akure
Ondo State Government on Tuesday disclosed its readiness to implement the new national minimum wage for workers in the state as approved by President Bola Tinubu.
The State Head of Service disclosed this while fielding questions from journalists in his office in Akure, the state capital.
According to him, Governor Lucky Aiyedatiwa of the state had repeatedly given the assurance at several fora that his government would not do anything less than whatever is approved by the federal government as the national minimum for workers.
Reiterating the commitment of Gov. Aiyedatiwa to the welfare of the state workforce, Mr. Philip recalled that apart from Ondo State being the first to pay the N35,000 wage award to its workers, the state was also one of the few states that paid beyond the six months earlier stipulated and would continue to pay till the new minimum wage fully kicks off.
He added that the government also extended the gesture to retirees and workers in state-owned tertiary institutions as a way of ameliorating the current economic situation in
theHiscountry.'words: "Before the bill was assented to by the president, the governor had given his words that Ondo State will pay whatever minimum wage as may be agreed upon and assented to by Mr. President.
“And as I speak, we are doing all the preliminaries that as soon as the details of the salary table for the minimum wage is out, we will look at it, and I know, true to his promise, will implement it without delay".
While also speaking on the operations of government offices during the ongoing protest in some parts of the country, he said the people of Ondo State could not protest against themselves as they had seen Aiyedatiwa's government as their government for themselves and by themselves.
He lauded the inclusive leadership style of the governor, who he said from time to time engaged relevant stakeholders in the state, stressing that it was the reason the protest was shunned by the youths, workers, traders, students, women and other associations in the state.
"Here, no one is protesting. Not the youths, not the market women, not the students, not the public
servants. As you can observe, we are in our various offices carrying our statutory duties and there is tranquillity across the state.' He noted.
“The reason is that we have a governor who is in touch with the feelings and aspirations of
the people. A governor who is well-connected with the people.
“In fact, the government that is been run in Ondo State is the government owned by the people themselves. So, we cannot organise a protest against ourselves.” Philip added.
Save Nigeria Group, will deliver a thought-provoking address anticipated to challenge the status quo and inspire a new generation of leaders.
Mrs. Debola Deji-Kurunmi, celebrated author, public policy advisor, and motivational speaker, will set the tone as opening speaker, while Rev. Sam Aboyeji, General Overseer of Foursquare Gospel Church in Nigeria, will bring his wisdom and insights as Father of the Day.
The Wilson & Yinka Badejo Foundation, established in 2007 by the late visionary founders, Rev. Dr. Wilson Adebogun and Rev. (Mrs.)
Yinka Anike Badejo, has been a beacon of hope for the oppressed, less privileged, and displaced. With a remarkable legacy of empowering over 2000 at-risk youths, providing 500 scholarship awards, and completing numerous community projects, this year's lecture is poised to be a milestone event that will build on the foundation's impressive achievements.
As Nigeria grapples with the daunting challenges of poverty, insecurity, social unrest, and cultural divisions, the 2024 lecture offers a glimmer of hope and a chance for collective reflection.
Edo Govt Alleges Niger Delta Minister Out of Touch with Reality, Lacks Facts About Food Programme
Special Adviser to the Edo State Governor on Media, Crusoe Osagie, has berated the Minister of Niger Delta Affairs, Engr. Abubakar Momoh, for attempting to mislead the public on the state government’s feeding programme.
He noted that claims by the minister that the bags of rice allocated to the state by the federal government were rebagged and distributed by the state government were completely false and malicious.
In a statement, Osagie said the state government had in March, 2024, designed a feeding programme that was implemented through religious institutions in the state with over N2.2bn released to Christian and
Muslim bodies to implement the programme, which has been very successful.
According to him, “The attention of the Edo State Government has been drawn to comments by the Minister of Niger Delta Affairs, Engr. Abubakar Momoh, in which he attempted to mislead the public about the state government’s feeding programme.
“The state would like to place on record that the reference made by the minister that the bags of rice allocated to the state government by the federal government were rebagged and distributed by the state government is completely false and malicious.
Okon Bassey in
Uyo
The paramount ruler of Ibiono Ibom Local Government Area of Akwa Ibom State, Okuku Ime Inyang, has tasked the state government to assist in equipping and staffing a health facility in the area, Utit Obio Community Hospital, built in 1981, through community effort.
The monarch made the call during the flag off of a four-day free medical outreach in the hospital, located at Ikot Uba Village and sponsored by the member representing Ibiono Ibom State Constituency in the State House of Assembly.
The native king lamented that the health care facility which foundation was laid in 1981 by the then Cross River State governor, late Dr.
Clement Isong, has suffered neglect of successive administrations since the creation of the state in 1987.
He lauded the lawmaker for sponsoring the outreach which he reasoned was going to bring health care services to many community dwellers in the area.
The monarch described the lawmaker as, "a patriotic, worthy and exemplary son of Ibiono Ibom who has made Ibiono Ibom proud through his people-oriented representation".
"Where we are seated today is a hospital which was initiated through the efforts, support and contribution of Utit Obio sons and daughters, and if we go round the premises, you would discover that the foundation was laid in 1981 by
the then governor of Cross River State, late Dr. Clement Isong.
"Now, through Moses Essien, we are gathered here for a medical outreach; that's commendable.
The Akwa Ibom State Government should see the need to urgently intervene in the equipping and staffing of this facility to operate optimally and maximally."
He praised Senator Bassey Akpan who during his tenure as the Senator representing Uyo Senatorial District facilitated the donation of hospital equipment and other medical items to the hospital.
The Speaker of the State House of Assembly, Elder Udeme Otong, who flagged off the program, commended the lawmaker for initiating, "a well thought out
healthcare programme that will handle diverse health challenges of the people of Ibiono Ibom state constituency."
The speaker, who was represented by the member representing Ini Constituency, Hon Lawrence Udoide, described Essien as an "articulate and vibrant member of the eight Assembly."
He lauded the Ibiono Ibom member for his effective representation and according a priority to the health and wellbeing of his constituents in his legislative engagement.
The speaker noted that the free medical outreach was in sync with the health care and rural development blueprint in the development agenda of the Umo Eno-led administration.
“The state government had in March designed a feeding programme that was implemented through religious institutions in the state. Over N2.2bn was released to Christian and Muslim bodies to implement the programme, which has been very successful.
“The case of looted bags of rice referenced by the minister has been put to rest by the Christian Association of Nigeria (CAN), who have explained that it was an incident at the residence of one of its vendors.
“But unfortunately, the All Progressives Congress (APC), whose propaganda the minister appears to echo in his interview on national television, seems to have an axe to grind with the Christian umbrella body.”
Osagie noted that, “It was mischief unexpected of a top government official to claim credit for the relief materials being distributed by CAN under the sponsorship of the State Government. Also, it is expected that a member of the federal executive council, the highest government decision-making organ in the country, will be able to make factual statements about the federal government’s own feeding programme.”
The statement further read: “The Minister appeared hollow and was confused about the feeding programme by the government he serves, therefore leaving the people even more confused than they were before he attempted to provide an explanation.
“The Governor of Edo State, His Excellency, Mr. Godwin Obaseki, as he has repeatedly done to keep the
agencies of the Federal Government in check, has expressed concerns about the way and manner the federal government has proceeded with its efforts to feed the vulnerable people in the country.
“Just the same way he warned the federal government against the printing of Naira notes without commensurate economic value, noting that it will throw the country into spiraling inflation, federal ministers and APC top officials vehemently denied it and called him names, but today Nigerians are bearing the brunt of over 40% inflation rate.
“Another instance was when he warned about the impending plunge of the value of the Naira against the Dollar and other world currencies. The federal government and the Central Bank of Nigeria (CBN) derided the governor and sponsored attacks against him but today the rate is N1600 to a dollar. It was N750 to a dollar when the governor gave the warning.
“Just as Nigeria is reeling from the consequence of the previous warnings by the governor, over which he was attacked and pilloried, so also will the negative consequence of the resort to ill-planned and poorly implemented feeding programme come back to haunt the Federal Government in the face of mounting hardship and suffering of the people. Time will tell.”
The governor’s aide stated: “For the enlightenment of the minister, who needs to pay more attention to what is going on in his home state, Governor Godwin Obaseki has implemented more people-oriented policies in the light of the current hardship in the country.
L-R: Olusegun Zaccheaus, Partner & West Africa Strategy Lead, PwC NG/Technical Adviser to DiFZIN; Nella Andem-Ewa, Head of Policy Development and Compliance, Itana/Policy Adviser to DiFZIN; Luqman Edu, CEO of Itana/Executive Director of DiFZIN; Mr. Wale Edun, Honourable Minister of Finance and Coordinating Minister of the Economy; Dr. Olufemi Ogunyemi, MD/CEO of NEPZA; Kabir Folorunsho, Head of Business Development Unit, MD’s Office, NEPZA; Ademola Idowu, Associate Director, PWC NG./Technical Adviser to DiFZIN; and Seyi Are, Technical Adviser on Legal, MD’s Office, NEPZA, during the inauguration of the steering committee to establish digital free trade zones in the country.
addeh
The federal government has launched an initiative to establish digital free zones in the country in a bid to position Nigeria as a hub for global digital trade and innovation.
Chaired by President Bola Tinubu, the steering committee has been inaugurated to oversee the establishment of the digital free zones, which are designed to attract and support tech, finance and service-oriented businesses.
A statement in Abuja by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, listed members of the steering committee as the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun who is Vice Chairman and the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN).
Others are the Ministers of Com-
munications, Innovation and Digital Economy, Dr. Bosun Tijani; that of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; Interior, Mr. Olubunmi Tunji-Ojo and the heads of relevant government agencies.
The statement said: “The Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) serves as the private-sector stakeholders' representative and technical advisers on the committee.
“DiFZIN, a non-profit advocacy and policy research organisation, is supported by a consortium of private sector development-focused and advisory institutions, including Africa Finance Corporation, PwC Nigeria, Charter Cities Institute, Future Africa, and Itana.
“The mission is to develop Nigeria’s free zones ecosystem into Africa’s primary hub for global technology, finance and service businesses.
“The committee will collaborate
the Russian flag.
with relevant government agencies and private stakeholders to update Nigeria’s free zone policies and 30-year-old regulatory framework, technology and processes to align with global standards.
“This includes developing and publishing policy and operational frameworks to enable qualified global and local technology, finance and services-based businesses to establish Pan-African or global operations from Nigeria,” the statement added.
Businesses operating within the zones, the statement said, will benefit from modernised free zone regulations, including tax, banking, and immigration incentives, simplified government compliance processes, and a stable regulatory environment.
“The strategic goals include boosting foreign direct investment, creating employment opportunities and facilitating foreign exchange inflow through an innovative approach to the free zones ecosystem.
M I l ITA r Y: We’ll r e SIST ATT e M p T T o Force r eg IM e cHA nge had uncovered some sponsors, but he declined to give further information on them.
The IG said some bank accounts of such individuals had been blocked, and “many of them reside abroad. We have identified some diaspora sponsors; they are on our watch list”. Director General of the Department of State Services (DSS), Yusuf Bichi, represented by the service’s spokesman, Peter Afunanya, said the service was monitoring those concerned.
Bichi said the DSS was also working with the Nigerian Financial Intelligence Unit to identify more people behind the protest’s funding.
IG Orders DIGs Ciroma, Makwashi to Lead Police Operation in North-east, North-west
Egbetokun ordered DIGs Ciroma and Makwashi to take charge of operations in the states within the North-west and North-east zones, respectively, where subversive campaigns were, allegedly, ongoing under the guise of protests.
The IG also tasked the duo to stabilise the situation in the zones and prevent further violence in the affected states.
A statement by force spokesperson, Assistant Commissioner of Police (ACP) Olumuyiwa Adejobi, said the police had also issued a stern warning against the display of foreign flags during protests and call for military takeover, categorising such actions as treasonable felony.
Adejobi said the order followed a wave of violent protests, particularly, in Bauchi, Kano, Kaduna, and Katsina states, where protesters brandished
Adejobi said ongoing investigations revealed that protest organisers in those states were luring innocent children into participating in the unpatriotic and criminal acts.
According to him, over 90 suspects have been arrested, including tailors who sewed the flags and their sponsors. He added that efforts were underway to apprehend others, who sponsored the production of the flags and fuelled the treasonable acts.
ECOWAS Commission called on protesters in Nigeria to accede to appeal by Tinubu for dialogue.
In a statement, yesterday, ECOWAS Commission said it had been “closely monitoring the ongoing protests by citizens of the Federal Republic of Nigeria, and deeply regrets reports of violence in the course of the protests and the unfortunate death of some protesters as well as alleged looting and destruction of public and private properties”.
The statement added, “The commission extends heartfelt condolences to the bereaved families and sympathises with the government and people of the Federal Republic of Nigeria over the losses.
“The ECOWAS Commission recognises the right of citizens to peaceful protests, as guaranteed by the 2001 ECOWAS Supplementary Protocol on Democracy and Good Governance and enshrined in the 1999 Constitution of the Federal Republic of Nigeria, as amended.
“The commission welcomes the State of the Nation address of 4th
August 2024 by H.E. President Bola Ahmed Tinubu and urges the protesters and all stakeholders to heed the president’s call for inclusive dialogue for the resolution of all grievances and for the preservation of peace and security in Nigeria and the ECOWAS region, at large.”
“The establishment of Itana, Africa’s first digital free zone management company, registered and licensed by NEPZA, underscores the federal government's commitment to creating an enabling environment for global technology, finance and services-based businesses.”
The Vice Chairman of the Steering Committee, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said the initiative was designed to attract investments.
He said: "The pivotal role of free zones in catalysing and sustaining economic growth in Nigeria cannot be overemphasised.
“In this digital age, we must integrate technology-focused businesses to attract investments and showcase our domestic talents under a liberal regulatory framework.”
The government, he added, “aims to deliver these benefits through the digital free zones.”
Chairman, Abdulmajid Daudu, NPFM accused the president of blame game in the aftermath of the violence that marred the protests in Kano State.
Daudu said the president refused to address the demands of the people, which included high cost of living, bad governance, and extreme poverty in the country.
In his remarks, the Minister of Communications, Innovation and Digital Economy, Tijani said: “As we embrace the concept of digital free zones in Nigeria, we are presented with a unique opportunity to drive local domiciliation of global technology companies to boost skills development and job creation in innovation and technology, and contribute to the local economy.
“An ecosystem tailored to fostering innovation, knowledge and skills development, and improved digital infrastructure is crucial for harnessing the potential of Nigeria’s digital economy.”
Also, the Managing Director of NEPZA, Dr. Olufemi Ogunyemi, said the initiative will enhance the ease of doing business.
"NEPZA is committed to digital transformation through initiatives like the e-NEPZA platform, which will streamline government services and comply with the federal government’s ease of doing business policy. We look forward to partnering with DiFZIN to advance our digital processes," he said.
Also speaking, the Executive Director of DiFZIN and CEO of Itana, Mr. Luqman Edu, said DiFZIN was committed to driving regulatory
reforms in taxation, banking, immigration, and ease of doing business within the free zones ecosystem. He said: “Our goal is to create a conducive environment for global technology, finance and servicesbased businesses, positioning Nigeria as a hub for Africa, akin to Delaware for the US and Dubai for Asia."
The Executive Director and Head of Financial Services at AFC, Mr. Banji Fehintola said the: "AFC’s advisory team is skilled in providing tailored financial and technical advice across Africa.
“We look forward to collaborating with DiFZIN to modernise Nigeria’s free trade zones, attract investment, create jobs, and boost trade and commerce in Nigeria and Africa."
On technological and economic impact, the statement said: “Digital Free Zones will leverage cutting-edge technologies like Artificial Intelligence (AI) and edge computing, fostering an environment for innovation, job creation and economic expansion.
“These ecosystems will support business growth and competitiveness through a supportive regulatory framework, facilitating the seamless integration of emerging technologies into business operations,” the statement said.
Curfew
Normalcy began to return to Kano State as the state government, yesterday, announced the relaxation of the 24-hour curfew it had imposed in the state following five days of anti-hunger protests.
This announcement was made by the Commissioner of Police, Dogo Salman, at a joint security meeting with Governor Abba Yusuf, at Government House, Kano.
Salman stated that the decision to relax the curfew hours reflected the improved security situation and the efforts of the security agencies in restoring normalcy to the state.
The police commissioner emphasised the government’s commitment to maintaining peace and order in the state, while gradually easing restrictions to allow residents resume their daily activities.
Yusuf urged citizens to cooperate with law enforcement agencies and abide by the curfew regulations to ensure continued safety and stability in the state.
But a group, Nigerian Patriotic Front Movement (NPFM), alleged that the mayhem and wanton destruction of public and private property in Kano was perpetrated by Tinubu’s supporters.
At a press conference in Kano by its
Similarly, leaders of the Nigeria Ethnic Nationalities Youth wing condemned the act of raising Russian flags during the ongoing nationwide protest in Kano.
Addressing journalists in Kano, leader of the group, Balarabe Rufai, described the act as treasonable.
Rufai also condemned the wanton destruction of live and property that marred the protests in some northern cities.
Kaduna State Governor, Senator Uba Sani, said the protests in the country were not about hunger or bad governance, but a sponsored attempt to stoke anarchy and force regime change.
Sani commended the security agencies for their professionalism in handling the violent activities of protesters in Kaduna and Zaria.
Speaking while assessing the security situation in Kaduna, the governor said the police acted professionally in containing the protesters.
He stated, "I want to commend the security for managing the situation, because if you noticed what happened, some of the children are even climbing
committed to maintaining the highest standards of corporate governance, financial stability, and customer satisfaction.
"Our united team of dedicated professionals will work tirelessly to ensure a smooth transition and continued tradition of excellence in all our operations.
"This combination signifies the beginning of a new chapter in our shared history, one that is filled with promise and potential.
"We are confident that the combined strength of both entities will create a formidable force in the banking sector, driving innovation, growth, and prosperity for our customers, employees, and stakeholders.
"We extend our heartfelt gratitude to the Central Bank of Nigeria for their consideration and approval and to our customers, employees, and partners for their unwavering support.
"Completion of the proposed merger is subject to the final approvals of the respective boards, shareholders, and relevant regulatory approvals."
Providus' sound financial footing was evidenced by its positive performances in recent times. The bank improved its Profit After Tax (PBT) to N44.87 billion in 2023, from N8.03 billion in 2022.
It also grew its assets to N1.75 trillion, compared to N735.81 billion in the review period.
Providus further reduced its portfolio of Non-Performing Loans (NPLs) to 2.5 per cent, from 4.1 per cent.
However, recently, Chief Executive, Afrinvest Group, Dr. Ike Chioke, said the banks' new capital raise posed new challenges for the industry, particularly, in terms of achieving the $1 trillion economy.
Speaking at the launch of the 2024 Afrinvest Banking Sector Report, titled, “Bank Recapitalisation: Catalyst for $1 trillion Economy?” in Abuja, Chioke said the entire banking industry needed N4.1 trillion (about $3 billion) to meet the new minimum capital requirements. Chioke specifically predicted that mergers and acquisitions were likely to happen, though none had occurred yet.
Chioke said, “We have not seen anybody trying to do any mergers and acquisitions. But the evidence of the M&A that was done in the past doesn't paint a very rosy picture for some of those M&A transactions.
“And the last but not the least, the license downgrade or upgrade. Well, that's a very challenging one. But today we have quite a number of offers in the market.” c en T r A l B A nk Approve S p rov ID u S B A nk S ' TA keover o F u n ITY B A nk
L-R: Borno Commissioner of Environment, Engr. Emet Kois; and Governor Babagana Umara Zulum (middle) presenting a seedling to Chairman
tree planting campaign in Borno State... yesterday
M I l ITA r Y: We’ll r e SIST ATT e M p T T o Force r eg IM e cHA nge the Armoured Personnel Carrier (APC) of the police, which showed that the police are very understanding.
"They acted professionally for them to even allow children, because they realised that those children were underage. We are investigating the situation."
The governor dismissed the notion that the violent protests were about bad governance or hunger. He said the initial genuine protests were hijacked by sponsored elements exploiting uneducated and underage children.
Sani sympathised with innocent residents affected by the 24-hour curfew. He said many of them could not earn a living or go to the market due to the curfew.
He attributed the protests to external influences, citing the involvement of children aged 9-14 waving flags of another country.
He stated that the violent protest was "a deliberate attempt to create anarchy, taking advantage of the psychology of the children and the cultural closeness to neighbouring countries, like Niger Republic”.
According to the governor, "The sad aspect of what has happened is that innocent people are now at home. These are people who are supposed to come out and earn their own living.
"When you see, particularly, children within the ages of nine, 10 and 14 now raising the flag of another country, you will agree with me that it is well designed and sponsored by some elements who are calling for anarchy in their own country.
"They took advantage by using the psychology of those children, knowing full well that here in northern Nigeria, our people are close to our neighbouring countries, like Niger Republic, making them to believe that what happened in Niger Republic can happen in Nigeria; what happened in Burkina-Faso can happen in Nigeria, and what happened in Mali can happen in Nigeria.
"So, as far as I am concerned, the protest has nothing to do with bad governance or hunger or anything. Those that came out a few days ago were sponsored by some people who took advantage of the fact that most of the children are not even educated and, of course, they are under aged."
Mutfwang:
Plateau State Governor, Caleb Mutfwang, said the reason he imposed a 24-hour curfew in the state was because of the escalation of the protests. Mutfwang said if the protest was allowed to continue, criminals would hijack it to wreak havoc on citizens.
The governor, in a state-wide broadcast, yesterday, commended the protesters in the state for demonstrating a high sense of responsibility from the outset of the protests.
He, however, said he imposed the curfew because criminals were already infiltrating the protest to cause mayhem.
Mutfwang stated, “I have never been more proud than now for the privilege of being your leader. Since the commencement of your constitutionally guaranteed right of protest, you have demonstrated, to the admiration of other Nigerians and even the international community, that the glorious days of the beautiful and peaceful Plateau are back!
“But my dear brothers and sisters, the more we continue with the protests, the more the likelihood of being hijacked by sponsored criminals and hoodlums, like we began to notice from Sunday evening.
“Based on the intelligence at our disposal, we know the lawful protests have been infiltrated by criminals, who were waiting for an opportunity to loot shops, attack and rob innocent citizens of their hard-earned belongings.
“We even saw the display of foreign flags by some of these criminally-minded intruders. So, as a responsible government, we had to take proactive steps to prevent further acts of criminality. Thus, the 24-hour curfew we imposed on Jos-Bukuru metropolis starting from Sunday midnight.”
Meanwhile, 26 suspects, including eight minors, were arraigned at the Jos High Court on charges relating to criminal conspiracy, membership of unlawful assembly, disturbance of public peace and disturbance of order, amid the curfew.
The minors will be taken to a young people's home for correction, while the adults will be remanded at the Jos Custodial Centre until they provide witnesses.
According to a terse statement by the Commissioner for Information, Mr. Musa Ashoms, the suspects pleaded not guilty to the four-count charge, despite being arrested in the act.
The offences contravened Sections 59, 66, 77, and 104 of the Plateau State Penal Code 2017.
In his continuing efforts to enhance the security of lives and promote peaceful coexistence in the state, Mutfwang convened an expanded meeting with critical stakeholders in the Jos/Bukuru metropolis.
We Can’t Allow Breakdown of Law and Order to Continue, Mohammed Declares
Bauchi State Governor and Chairman of PDP Governors’ Forum, Bala Mohammed, lamented the level of suffering and hardship in the country, but insisted government could no longer allow the breakdown of law and order to continue.
“There is a lot of hardship,” Mohammed said, as he tried to contain the violence that erupted in Bauchi.
“Protests are the rights of everyone in a democracy. It is the right of the
people to show anger,” he said.
But he expressed displeasure over violence that erupted during the protest in Azare, the headquarters of Katagum Local Government Area.
Mohammed said, “We are with the youth in Bauchi State, but at the same time, we are not with those who want to unleash mayhem, violence and destruction of lives and property. We cannot allow this breakdown of law and order to go beyond the manifestation we have seen today in Bauchi.”
He commended the security personnel for containing the violence, adding that all hands must be on deck to ensure there is no repeat of what happened in Azare and some parts of the Bauchi metropolis.
The governor stated, “We are assuring all the people of Bauchi of their safety and security through persuasion and ensuring that security agencies go by the rules of engagement.
“This will ensure that there is no arbitrariness, subjectivity and arbitrary use of force and at the same time being firm to ensure that lives and property are protected.”
Lagos State Deputy Governor, Dr. Kadri Hamzat, said the state government would continue to engage with the youth to collaborate and partner in achieving their goals and programmes.
Speaking yesterday on the Arise TV programme, “The Morning Show”, Hamzat added that the Lagos State government had been engaging the youth across different sectors to get them involved in how things were done and run in the country.
He said Lagos was committed to providing the youth with “cuttingedge” facilities and technology, and empowering them to reach their full potential, including the desire to drive innovation and growth in the state.
The deputy governor highlighted some of the initiatives the current administration had put in place to ensure that the youth were engaged and unleashed their potential for prosperity. He said some of the youth in the state were being sponsored to different countries to see how things were done.
Hamzat stated that the Babajide Sanwo-Olu administration would be remembered for laudable projects it had embarked upon, which would be a legacy of the administration. He listed some of them to include road infrastructure, agriculture and food security, and transportation, comprising the three major means of transportation, namely, road, water, and rail, among other projects.
The deputy governor said the state government had introduced three telephone lines by which residents could interact with officials.
The numbers were for Ministry
of Youth and Social Development (+2347077178295), Information and Strategy (+2348119655788), and the Office of Political, Legislative and Civic Engagement (+2348025224347).
Commissioner for Information and Strategy, Gbenga Omotoso, said, “This is the way it should be. This is Lagos. We will always choose dialogue above violence, which is never our way.”
However, Justice Sherifat Sonaike, who extended the order restricting protesters in Lagos to the Gani Fawehinmi Freedom Park in Ojota and Peace Park, Ketu area of the state, said the order followed an application by the Lagos State Attorney-General and Commissioner for Justice, Mr Lawal Pedro, SAN.
The judge said the application was granted, having complied with the pre-action protocols for pre-emptive remedies ordered last week by another vacation judge, Justice Emmanuel Ogundare.
Pedro, who was represented in court by Director for Civil Litigations, Mr Hameed Oyenuga, told the court yesterday that the earlier court order had been served on all the respondents in compliance with the pre-action protocols for pre-emptive reliefs sought by the attorney-general against the representatives of the protesters.
Listed in the application as codefendants are Adamma Ukpabi and Tosin Harsogba (for Active Citizens Group); Comrade Juwon Sanyaolu and Hassan Soweto (for Take it Back Movement); Persons unknown and Commissioner of Police, Lagos State.
A combined team of policemen and soldiers from 3 Battalion, Effurun, yesterday, averted an attack on Delta Broadcasting Service (DBS), Edjeba, in Warri South Local Government Area of Delta State.
The security agents, as early as 6am, weaved a web of cordon around the station following intelligence about a planned protest at the entrance of the radio and television outfit.
THISDAY gathered that a notice was sent out by yet-to-be-identified organisers of the protest hinging their move on alleged subtle directive by the state government to its broadcast outfits not to relay any report about the ongoing agitations by aggrieved Nigerians and, particularly, as it concerns the state.
The notice obtained by THISDAY, read, "Notice! Notice!! Notice. To all patriots. This is to inform all wellmeaning Nigerians that the ongoing hardship protest will be taking place tomorrow (yesterday) at Warri DBS gate along NPA expressway. Come with a black top. Time: 7am. Date: 6th August, 2024. Announcer: Warri End bad government group. Please don't come alone. Thank you as you show unconditional love to your country." It was gathered that security
agents, on receiving the intelligence, surprised the organisers by deploying personnel at strategic positions around the broadcast station, thereby foiling the plan.
APC Accuses Rivers Govt of Attack on Secretariat
The caretaker committee chairman of All Progressives Congress (APC) in Rivers State, Tony Okocha, accused the state government of sponsoring the #EndBadGovernance protesters that attacked the party’s secretariat on Monday.
But the Commissioner for Information and Communication in the state, Joe Johnson, denied the allegation. Johnson stressed that the allegation was a frivolous claim by APC to discredit the governor’s peaceful character.
Okocha was reacting to the attack on the APC secretariat on Aba Road, where protesters-turned-hoodlums destroyed the party’s giant billboard. He told journalists in Port Harcourt that those that vandalised the party’s secretariat threatened to come back for another attack.
Okocha stated, "Today, the issue in point is the vandalisation of the APC secretariat by hoodlums, who were arranged, sponsored by a source, which in the course of this our engagement I will reveal. I will name the source; we are not scared to name the source because the situation has become so political.”
But Johnson said it was not in the character of the current state government to destroy other people's property.
He said, “The governor of Rivers State, Sir Siminalayi Fubara, is the Peace Advocate of the Silverbird in Year 2023. He is a thoroughbred, not somebody that has destruction in his gene. It is not in his bloodline. He is the most enduring governor.”
Commissioner of Police, Olatunji Disu, advised everyone to conduct their demonstrations peacefully within designated locations.
Disu said the police would provide adequate protection and isolate any criminal elements.
In a statement, Disu said, “The police will act decisively to arrest and prosecute any individuals who attempt to infringe on the rights of others or engage in criminal activities under the guise of the protest. The police will take necessary and decisive action immediately the protest stops being peaceful.”
ADF: Why Igbo Chose
An Igbo group, Alaigbo Development Foundation (ADF), said it believed the reason the South-east zone of the country appeared not to have participated in the ongoing protest was their resolve to adopt a non-resistant style in pursuing the cause of good governance and justice.
The group said it would appear that the people had accepted that non-violent resistance of sit-at-home was more effective to draw attention to the injustice and bad governance often foisted on them from outside Igboland.
ADF, however, dismissed as wrong notion the assertion that Ndigbo were not in support of the nationwide protest to end bad governance, tagged #EndBadGovernance Protest by the organisers.
The clarification was contained in a statement released by ADF, Tuesday, and jointly signed by its National President, Professor Ukachukwu A. Awuzie, and National Secretary, Hon. Abia Onyike.
President Yet to Engage People’s Demands, CSOs Allege
A coalition of 14 civil society groups faulted President Bola Tinubu’s Sunday broadcast. They stated that the president did not address the core demands of Nigerians across the country, who were calling for good governance and immediate change from the downward trend in accountability and social development.
The groups also said the president failed to acknowledge that the security forces’ response to protesters had resulted in the extra-judicial killing of several protesters, and missed the opportunity to assure the nation that their perpetrators will be held accountable.
The statement by the groups was signed by Accountability Lab Nigeria, BudgIT Foundation, Centre for Journalism Innovation and Development (CJID), Enough is Enough (EiE) Nigeria Fix Politics, Global Rights, Human and Environmental Development Agenda (HEDA), Media Rights Agenda (MRA), Public and Private Development Centre (PPDC), Sesor Empowerment Foundation, TechHer, Women Advocate Research and Documentation Centre (WARDC), and Yiaga Africa.
The statement said, "The Nigerian government must not forget that sovereignty belongs to the people of Nigeria, from whom government, through this constitution, derives all its powers and authority. Section 14(2)(a) of the 1999 Constitution (as amended), thus, it is imperative to engage citizens from the perspective of their needs within their stated demands.
''Over the last few weeks, Nigerians have planned, mobilised, curated different demands, and given the government adequate notice. We recognise that citizens have taken ownership of the demand to #EndBadGovernance and have contributed to the list of demands in circulation from their pain points.
“As civil society groups and stakeholders in the polity, we have streamlined the demands based on consultations, to midwife a peaceful and holistic engagement of issues by the government.”
President, Nigeria Institute of Electrical Electronics Engineering ( NIEEE), Felix Olu(left) and Head
Electrical Electronics, Standards Organisation of Nigeria (SON), Mr.
Lawal, during a courtesy visit to the SON in Lagos… recently
The Minister of Education, Prof. Tahir Mamman, has charged the National Board for Technical Education (NBTE) and Nigerian Educational Research and Development Council (NERDC) to develop skills curriculum for adoption and implementation.
Mamman gave the charge at a one-day pre-validation meeting of stakeholders on the National Policy on Skills Development, in Abuja yesterday.
academic session in September.
According to him, implementation of the skills curriculum by schools across the
The Minister urged the agencies to come up with the skills curriculum for all levels of education and made ready before the commencement of next
Yinka Kolawole inOsogbo Organisers yesterday suspended the #EndBadGovernance protest in Osun state.
The decision was reached after the conclusion of the sixth-day protest in the state. The protesters, under the aegis of Coalition of Concerned Nigerian Citizens, had earlier converged on the popular Nelson Mandela Freedom Park, Osogbo and marched to the Government Secretariat, Abere.
They presented their demands to Governor of the state, Ademola Adeleke, through his deputy, Prince Kola Adewusi and Secretary to the State
Government. The Coordinator of the group, Ajala Adetunji, in a statement said they decided to put the protest on hold after reviewing the security situation and the ongoing Osun Osogbo festival in the state capital.
“Since the inception of this peaceful protest, we have made our demands clear, seeking immediate action from our leaders to address the pressing issues affecting the citizens of our beloved state and country.
“We acknowledge the recent address by the President of Nigeria. However, we express our profound disappointment as President Bola Tinubu’s speech failed to address any of our specific demands.
Agnes Ekebuike
The Minister of Art, Culture and the Creative Economy, Hannatu Musa Musawa, has inaugurated the Technical Committee responsible for the implementation of the construction of the King Jaja of Opobo Historical and Cultural Centre in Opobo, Rivers State.
At the inauguration ceremony in Abuja, the minister said that the project signifies a milestone to take Nigeria’s art and cultural heritage to enviable heights.
The minister was quoted in
a statement as saying: “The establishment of the King Jaja of Opobo Cultural and Historical Centre is a testament to our commitment to immortalising past heroes and promoting our cultural identity.
“I am delighted to address you at this epoch-making event of inauguration of the Technical Committee to oversee the implementation of a project considered key in the preservation of our cultural heritage, the establishment of King Jaja of Opobo Cultural and Historical Centre in Opobo, Rivers State.”
Ayodeji Ake
Apart from its achievement of feeding 1,000 students every day in Nigeria, PlungeSmile has disclosed plan of reaching out to 30 million students across Africa in the next 30 years.
PlungeSmile Foundation in the past 20 years of operation in education and health in public schools has been providing school kits, uniforms, and nutrition for students, including providing relief materials to residents of communities.
Celebrating two decades of
establishment and the 50th birthday of Plungesmile President, Mr. Olayemi Popoola, he expressed joy on the foundation’s track record of impacting lives every day. He also canvassed for support from corporate organisations and well-meaning Nigerians to help the foundation reach out to more students. Poor said: “Personally, helping people and making them smile has been central to my life’s ambition. I’m always happy looking back to see what our foundation has been doing for decades and the life we are improving across the education sector.
country will help in addressing learning crisis in the country.
Meanwhile, he expressed concerns over the looting in Kano,
Kaduna, Sokoto, occasioned by the #Endbadgovernance# protest, adding that those that took part in the looting were young Nigerians without skills.
“The only solution to address the skills gap is to expose the younger ones to skills.”
Adedayo Akinwale in abuja
The Independent National Electoral Commission (INEC) has revealed that a total of 4,682,086 registered voters would participate in the forthcoming Edo and Ondo states governorship elections.
INEC National Commissioner & Chairman, Information and Voter Education Committee, Sam Olumekun, disclosed this in a statement issued yesterday on the final register of voters for Edo and Ondo states.
The Edo state governorship election is scheduled to hold on September 21, 2024, while the Ondo election will be held on November 16, 2024.
Olumekun said: “The commission met today, Tuesday 6th August 2024, and approved the final register of voters for the Edo and Ondo Governorship elections.
“The register integrated new voters from the recent Continuous Voter Registration (CVR) as well as the figures of successful applicants for transfer from other States of the Federation to the two States.” He said Edo state now has 2,629,025 registered voters, adding that of this figure, 1,370,061 (52.11 per cent) are male while 1,258,964 (47.89 per cents) are female.”
Chuks Okocha in abuja
Contrary to the fake news being peddled by merchants of lies and propaganda, no Appeal Court ruling has disqualified Dr. Asue Ighodalo, candidate of the Peoples Democratic Party (PDP) in the September 21
governorship election in Edo State.
This clarification was made on Tuesday by PDP Campaign Council in a strongly worded statement in Benin City.
The PDP described the concocted story of the disqualification of Ighodalo as “fake, imaginary, diabolical and a satanic creation of the warped minds of the leaders and chieftains of the All Progressives Congress (APC) in Edo State, currently suffering from massive rejection by the good, well-meaning and enlightened people of Edo State.
“The rudderless APC, in a bid to divert attention from its total rejection by the people of Edo State, having seen through its unpreparedness for the election, had gone to town with a fake news that Ighodalo has been disqualified. It’s not true. It’s fake news.
‘Oborevwori Defrays N130bn of N465bn Inherited Debt’
Governor Sheriff Oborevwori of Delta has defrayed a total sum of N130 billion of the N465 billion inherited debt from previous administrations in the state.
This was disclosed at a joint news conference by the Governor’s Executive Assistant, New Media, Felix Ofou, and Executive Assistant,
Media, Mr. Norbert Chiazor, yesterday in Asaba.
Ofou said that Oborevwori’s administration was transparent, prudent and dedicated to delivering the dividends of good governance to the people of the state.
According to Ofou, the State Auditor-Generals Report for 2023
has been published and is open to the general public.
“We run an open government and several publications on the activities and achievements of the current government are in the media space. “This administration inherited a debt of N465 billion from successive government and as at March, this year, the Oborevwori-led government has paid N130 billion of that money.” He said that the governor had taken deliberate step to pay back the debts and clear all the debts before leaving office to ensure no debt burden was passed to the next generation.
The people of Ika Nation in Canada under the umbrella of Ika Association in Toronto GTA Canada have expressed concern over the increasing rate of insecurity in Ikaland, Delta State.
Ibrahim Oyewale in Lokoja
The Media Office of former Governor of Kogi State, Yahaya Bello, has said that it has disclosed that it has uncovered a plan to falsely label the former governor as a security threat. This was contained in a statement
In a statement issued and made available to THISDAY yesterday by the Chairman of the association, Dr. Emmanuel Emordi, the group lamented that Ika North East and Ika South Local Government Areas (making up the Ika Nation) are facing a growing threat of kidnapping and other forms of insecurity.
The statement noted that indigenes of the land now live in fear for their safety as they experience abduction from their farms and held hostages for ransom, resulting in tragic outcomes for some, even after ransom payments were made.
Emordi said: “This situation has severely impacted their livelihoods, particularly since farming is the core occupation of the people and the base of the economy of the community.
“The continuous incidents have left indigenes in fear, unsure of who may be targeted next.”
signed by the Media Officer, Ohiare Michael, and made available to the journalists in Lokoja yesterday.
The statement read: “We have uncovered a high-wired plan by some disgruntled enemies of the nation and persons on the ‘Project Bring Down Yahaya Bello’, to frame
him up as one of the sponsors of the #EndBadGovernance protests across the country.
“We wouldn’t have bothered to respond to a clout-chasing blackmailer and blackmail pawn, a hired gun in the hands of some unpatriotic Nigerians, Jackson Ude,
who published a fake, malicious and unintelligent report about an imaginary involvement of Yahaya Bello in the ongoing protests across the country.“But it is pertinent to respond to the tirades of falsehood by the writer because it borders on national security.”
Sunday Okobi
The Lagos Archdiocesan Catholic Men Organisation of Nigeria (LACMON) has vowed to intensely project the fight against drugs and pornography among Nigeria youths
and family as a way to protect the future of the youths as well as sustain an ideal family system in Nigeria. The group lamented the high rate of drug abuse and access and consumption of pornographic by the youths and even adults,
which it described as sinful and destroyer of the family system, promising not to relent in its pursuit of drug and porn-free society.
The leadership of the religious group disclosed these at a press conference to herald in the upcoming
11th edition of the annual convention of the Lagos Archdiocesan Catholic Men Organisation (LACMON) which is scheduled for August 9 and 10, 2024 at the fields of St. Gregory College, Obalende, Ikoyi, Lagos.
Duro Ikhazuagbe Live in Paris
When Tobi Amusan takes to the track of Stade de France today in the heat of the women’s 100m hurdles of Paris 2024, she will be aiming to rewrite Nigerian history in the event.
Glory Alozie was the last Nigerian sprint hurdler to win a medal for the country at the Sydney Olympic Games in Australia 24 years ago. Ever since, no athlete, (male or female) has made the podium in the sprint hurdles. Only Amusan has rewritten Alozie’s National and African records in the event.
Of course, Alozie missed the gold by whiskers to Kazakhstan’s Olga Shishigina in a photo finish that cold night in Sydney. Track & field aficionados however praised
Alozie for overcoming the death of her fiance, Hyginus Anugo, barely a few days into the race to win that precious silver. For reasons best known to the sprint hurdler, Alozie dumped Nigeria for Spain after Sydney and all appeared as if she went away with the country’s luck in that barrier sprint event.
However, Oluwatobiloba Amusan has not only stepped in to rewrite history, she carries on her slender shoulder, the aspirations of over 220 million Nigerians for that elusive Olympic Games gold medal in the sport.
Amusan has every right to lay claim to the precious medal just like Jasmine Camacho-Quinn of Puerto
Duro Ikhazuagbe Live in Paris
Nigeria’s hope in the women’s long jump event, Ese Brume, has said nothing short of the gold medal is her ambition in Paris 2024.
Speaking with THISDAY inside the Athletes Village yesterday, the Delta-born Brume said after winning a bronze medal at the last Games in Tokyo, her ambition is to improve to gold.
“I want to win the gold medal. That is my ambition here at Paris 2024,” stressed the back-to-back Commonwealth Games gold medallist.
She admitted to having recovered fully from the injuries that dogged the better part of her outdoor season.
“I am ok now. My injuries are gone. I just pray that luck is on my side to get one beautiful jump in the final on Thursday,” stressed Brume.
Interestingly, this is the first time that Nigeria will have three of her athletes in the final of the long jump final.
Apart from Brume who jumped
6.76m in the qualifying round to make the final, the other two jumpers include Ruth Usoro and Prestina Ochonogor. Usoro impressed with a jump of 6.68m, showcasing her potential and earning her first Olympic final appearance while Ochonogor also made a remarkable debut with a modest jump of 6.65m good enough for the final.
Out of the 12 finalists, three are Nigerians, making this a significant moment in Nigeria’s athletic history.
Since Nigeria began competing in the Olympics in 1952, the country has never had three athletes advance to the final of an individual event.
This historic achievement was made more exciting by the inspiring performance of Ese Brume, who, despite being in danger of missing the final, delivered a clutch jump to secure her spot.
While Brume is no stranger to the Olympic finals, this will be the first time for Usoro and Ochonogor.
The final will take place on Thursday, August 8th at 7:00 pm Nigerian time.
Africa’s hammer record holder and one of the athletes supposed to represent Nigeria at the last Olympic Games in Tokyo, Annette Nneka Echikunwoke, yesterday won a silver medal for the USA.
The Nigerian-American athlete made a podium appearance in the hammer throw event, with a silver medal for the United States on Tuesday after switching allegiance from Nigeria.
Echikunwoke had missed out on an opportunity to participate in the Tokyo Olympics hammer throwing event in 2021 because the Athletics Federation of Nigeria
Rico; Jamaican Danielle Williams and Bahamas’ Devynne Charlton. These are the top dogs in the event and any of them is good enough for the gold. Camacho-Quinn in particular, is the biggest threat to Amusan realizing her dream here in Paris 2024. The Puerto Rican holds the Olympic record at 12.26secs achieved in Tokyo in 2021. She broke that Olympic record in the semifinals, running 12.26 secs, to go equal fourth on the world all-time
list. The following day in the final, Camacho-Quinn won the gold medal with a time of 12.37 secs. Amusan failed to make the podium, placing fifth in Tokyo. But a year later, the petit Nigerian hurdler fondly called “Tobi Express” announced her final arrival on the big stage at the 2022 World Championships in Eugene, Oregon USA. On that cold night, Amusan rewrote the 100m hurdler history, clocking a new world record of 12.12 secs in the semi-final of the
World Championships. In the final, she further lowered the record to 12.06secs but was not legitimate as the wind reading of +2.5 m/s was above the acceptable limit.
After achieving the ultimate goal, Amusan went on to win back-to-back Commonwealth and African titles in 2018 and 2022 in the 100 m hurdles. She is also a two-time African Games champion in the event. She is also the current Diamond League champion in the
Nigeria advancing out of the group stage of the Paris Olympics women’s basketball tournament was a surprise. A quarter-final win over the United States on Wednesday would qualify as an Olympic miracle.
D’Tigress have already made history in Paris, becoming the first African team – men’s or women’s – to reach the last eight in Olympic basketball. Bringing an end to the United States’ 58-match winning streak and run of seven consecutive gold medals would be a contender for the biggest upset in sporting history.
“You can do hard things,” said Nigerian guard Amy Okonkwo.
(AFN) had failed to conduct drug tests for the athlete and nine others and missed participation at the games three years ago.
“On my 25th birthday, I was officially informed that I cannot compete at the Tokyo Olympics due to the negligence of the federation I was set to compete for,” Echikunwoke shared on Instagram in July 2021.
After that changed allegiance and represented the United States at Paris 2024 winning a silver medal, she threw her season’s best of 75.48m. Nigeria’s loss has become the United States’ gain.
“You can do anything that you set your mind to. It doesn’t matter where you’re born or where you come from.
“You can do it.”
Nigeria may bring buckets of enthusiasm and belief to the Bercy arena on Wednesday but will need much more to turn the tide on the mighty Americans, who have won all five previous meetings including their most recent, a 100-46 thrashing in an Olympic qualifying event in February.
Led by Breanna Stewart and A’ja Wilson, who are averaging 20.3 points a game, the U.S. tops the tournament in scoring and rebounds, but its three-point shooting
and intensity have been less than spectacular.
Still, the Americans have depth that no other team can come close to matching and experience led by Diana Taurasi, who is chasing a sixth Olympic gold medal.
“We’re not the USA, the dynasty, without it,” said U.S. coach Chery Reeve. “I think it’s what defines the dynasty, the depth of talent that the USA has.”
Nigeria looks to Ezinne Kalu, who is averaging 19.3 points per game, for scoring. But the side’s success is built around an aggressive team defence that leads the tournament in steals.
The other quarter-final matchups
Echikunwoke opened the competition with a strong throw of 73.11 meters followed by a 71.45-meter attempt.
It was in the third round that she achieved her best throw of the evening, launching the hammer to 75.48 meters.
Although she fouled in the fourth round, she quickly recovered with throws of 73.32 and 73.56 meters in the final two rounds.
However, it was Camryn Rogers of Canada who ultimately claimed the gold medal with a throw of 76.97 meters.
100 metres hurdles having won the final in 12.33 seconds (+1.8 m/s) achieving a winning streak in 2021, 2022 and 2023.
However, Amusan’s fairytale run got punctured when AIU slammed her for missing three anti-doping controls and was given a provisional suspension from participation in the sport she loves with her soul. That accusation disrupted the rhythm and build-up of this petit Nigerian hurdler towards an encore of another World Championships medal. On 17 August 2023, the Disciplinary Tribunal of CAS however found that Amusan had not committed an Anti-Doping Rule Violation of three whereabouts failures within 12 months and her provisional suspension was lifted just a few days before her event at the 2023 World Championships held in Budapest, Hungary. She finished sixth in the final.
will see host France taking on Germany, Serbia facing Australia and Spain against Belgium. With the action relocating from Lille, where group matches were held, to the big stage in Paris, the French women will be counting on a turbo-charged boost from the home crowd to propel them back onto the Olympic podium after taking bronze in Tokyo.
But Germany have impressed in their Olympic debut and are keen to continue their run at French expense.
Ohanaeze
“President Bola Ahmed Tinuwbu’s speech had the potential to sway the protesters off the streets if there had been a pronouncement of the reversal of fuel prices or any of the demands put forward by organisers of the protests. The economic policies outlined are commendable, but the immediate challenge is how to address the protesters’ demands and prevent further chaos” --OhanaezeNdigboSecretaryGeneral,MaziOkechukwu,saysthe President’sspeechworthlesswithoutaddressingtheprotesters’demands.
In my column of 14 July 2017 titled: “Biafra. From Monologue To Dialogue” I had a tinge of optimism that the incarceration of Nnamdi Kanu, lPOB leader facing sedition charges from the Federal Government of Nigeria, was about to end.
The optimism was informed by the fact that the national assembly and presidency had waded into the matter especially when Arewa youths issued Igbos a so-called quit notice from the north and all other members of the Nigerian union started threatening to expel members of other ethnic groups in their domain.
In that 2017 media intervention, which is seven years ago, l made the case below:
“As the cry for Partitioning of Nigeria along ethnic, cultural and religious lines, which mimics the Partitioning of Africa amongst European countries during the Berlin Conference of 1884-1885, grows louder, it is pertinent to note that the conflict is being fueled by policies steeped in politics, as opposed to equity and justice.
“This is why allowing the Igbo agitation in particular and similar self-determination struggles amongst the multifarious ethnic nationalities in Nigeria to remain a monologue rather than a dialogue, has been dangerous, if not reckless.
“And it is therefore very heartening that both the presidency and the National Assembly, NASS are now weighing in to resolve the conflict as evidenced by recent consultations and media comments from both acting president, Yemi Osinbajo, and senate president, Bukola Saraki.
“I’m pretty convinced that like the duo, it has dawned on most Nigerians that disputes related to ethnic nationalism can no longer be attended to via the surfeit of window dressing measures that have been the attitude of authorities in Nigeria.”
My prognosis in 2017 which is seven years ago was wrong as evidenced by the fact that Mazi Nnamdi Kanu, the leader of the Indigenous People of Biafra, IPOB was re-arrested in 2021 and has remained under detention.
So, my optimism that the presidency and national assembly had finally found the courage and formula to heal the old wounds in the ‘easterners’ and ‘northerners’ relationship which has been fractured since the unfortunate civil war ended some 54 years ago, was a misjudgment.
Perhaps that is principally because it was not an idea whose time had come. But today it appears to me as it is an idea whose time has come.
The quote “Nothing is more powerful than an idea whose time has come” is often attributed to Victor Hugo, a renowned French writer.
It encapsulates the notion that when the conditions are ripe and the world is ready for a particular concept or change, the impact of that idea can be immense and transformative. According to the proponents of the thought process, the power of an idea lies not just in its intrinsic qualities but also in the context in which it emerges.
They argue further that a groundbreaking idea that resonates with the needs, values, and aspirations of a society can spark significant change and progress. And conclude that when an idea aligns with the prevailing sentiments, challenges, or opportunities of a given time, it can gain momentum and catalyze action on a large scale.
The current efforts and activities surrounding the renewed call to free Nnamdi Kanu tick all the boxes highlighted above.
In fact, for the devotees of the concept of an idea whose time has come, the imminent release of IPOB leader Kanu is an example of a zeitgeist or a time spirit. One would argue that it is a historical moment, where the idea or concept (a “spirit” if you will) is perfectly received by a cultural movement that surrenders to its utility as dictated by historical necessity.
In fact, the scenario described above aligns with the current dynamics of political change in our country which has brought a progressive president,Bola Tinubu to be at the helm of affairs at the Aso Rock Villa presidential seat of power. Thus it can be said that he has become the one put in a position to resolve the over half a century-old agitation by the Igbos in a
manner that would be most beneficial by integrating them into one united Nigeria which they have been craving.
That is because being a neo-liberal free market economy adherent, president Tinubu understands the economics of scale and appreciates the benefits of a large population being enjoyed by the likes of China and India which have the largest and second largest populations in the world and have leveraged the population advantage to also be the first and second fastest growing economies worldwide.
So, the president recognizing that we are stronger together as a huge market would be keen to do all he could to heal the old wounds by addressing the reasonable grievances of the aggrieved parties and helping the lgbos blend with society as opposed to nursing grudges and expressing animosity.
Hopefully, if President Tinubu decides to play the political card and helps to build the bridge by allowing a political solution that would enable Kanu to regain his freedom, peace would return to the otherwise very industrially productive region currently rendered comatose due to insecurity challenges such as the Seat-At-Home order on a certain day imposed by IPOB in protest of Igbo’s exclusion from mainstream Nigerian politics after the Biafran war ended in 1970.
By last month June, it had been three years since Nnamdi Kanu has been and continues to be the ‘guest’ of the federal government of Nigeria, FGN which has applied all manners of legal weapons to abridge his freedom following a charge of treasonable felony against him.
Remarkably, multiple Nigerian and even ECOWAS courts had ruled that he should be freed from detention until the supreme court of Nigeria, on appeal from the FGN lawyers overruled the decision of the lower courts in December of 2023.
As part of a more recent effort to help Kanu regain freedom through a political rather than legal process, 50 members of the House of Representatives from different parts of Nigeria and political parties, which branded themselves Concerned Federal Lawmakers For Peace and Security in the South East, had written to President Tinubu to activate Section 174 of the Constitution of Nigeria, 1999 (as amended) and Section 107(1) of the Administration of Criminal Justice Act, 2015 for the release of the detained IPOB leader.
One thing that is significant to note with the initiative is that never in the past had a coalition of lawmakers that are not of Igbo stock formed a bipartisan force to solicit for the release of the IPOB leader from detention. That it just happened is a pointer to the expectation that it is truly an idea whose time has come.
So, given the current renewed and broad efforts involving non-Igbos, it seems to me now that it is a question of when, not if Kanu will be released from detention which willy-nilly will be sooner than later.
The assertion above is underscored by the fact that it has become clear to all involved that diplomacy rather than the nzogbu nzogbu (forceful) approach hitherto adopted by the hard-liners in lPOB leadership
would be the key to Kanu’s freedom.
When that happens it would be a classic case of the triumph of diplomacy over the nzogbu-nzogbu (forceful) approach to conflict resolution.
As at the last count, the former democratically elected president of Nigeria/former military head of state of our country, Chief Olusegun Obasanjo, and Chief Emeka Anyaoku, former secretary general of the Commonwealth of Nations covering all the countries formerly under the British Empire including Canada, Australia and India to mention a few had just finished rubbing minds with the governors of the five(5) eastern states on the need to and how to secure Nnamdi Kanu’s release from detention.
It was initially hoped that the involvement of eminent personalities such as the pair of Obasanjo and Anyaoku, who are juggernauts in the art of diplomacy and leadership not only in Nigeria (Anyaoku was also minister of foreign affairs in the 2nd republic) but the world (Obasanjo was a member of Eminent Persons Group with ex-prime ministers of Uk and Australia amongst others) Mazi Kanu was on track to be liberated from the jail for lack of a better terminology to describe his incarceration since June 2021 when he was allegedly renditioned from Kenya to answer to treasonable felony charges brought against him by the federal government of Nigeria.
But the optimism about Kanu’s immediate freedom through the efforts of the former president and former commonwealth secretary general was dampened by the subsequent rebuttal of the news that the elder statesmen would be leading the delegation of eastern states governors to plead with President Tinubu.
But hope is not entirely lost because although the corrigendum by former president Obasanjo that his meeting with the governors from the five southeast states in Enugu on the 3rd of July did not have the freedom for Kanu on the agenda looks like a setback, my hunch is that it is a tactical move by former president Obasanjo.
After all, negotiations for political settlements of matters of that nature are not supposed to be made public until it is done and dusted.
In other words, there may still be some ongoing backroom negotiations which makes it premature to go public with the freedom for Kanu initiative.
Whatever the case may be, while the lPOB members see Kanu as a leader of the struggle to emancipate Igbo people through secession, some sons and daughters of Igbo land at home and in the diaspora consider him their kit and kin who are fighting for the common good of the Igbos, but perhaps in a nasty and abhorrent way which they detest and have denounced.
Without a doubt, it is the rhetorics of defining Nigeria as a zoo and using expletives that do not bear repeating in this space to characterize leaders of Nigeria during feats of anger by Kanu that has, to put it mildly, bruised the egos of those he has been mocking as his vituperations bordered not just on disagreements with government apparachik but treating with disrespect other tribes.
That is a major factor that has made the struggle to free him after he was renditioned into Nigeria three years ago, a very daunting process.
According to John Maxwell, the renowned leadership expert, there is a difference between disagreement & disrespect. Apparently, the problem is not just a disagreement between the lPOB leader and the Nigerian nation.
But it appears to be a disrespect problem because he tended to be disrespecting other tribes. The point being made is that, when one disagrees with another, both can talk it out. They will just sit there and probably agree to disagree, by never agreeing on anything, but they will keep talking. So when we disagree, we’ll talk it out.
But if one disrespects another, it puts a wall between them. This may result in what can be identified as a confirmation bias. In other words, people seek to listen to only people they agree with. Instead of confirmation bias, what is needed is a collaboration bias. Based on Maxwell’s philosophy, Igbos need to seek out people who are different from them to build relationships with in other to achieve full integration.
Before Obasanjo and Anyaoku’s visit in the company of the Obi of Onitsha, Igwe Nnaemeka Achebe to confer with the five governors of eastern Nigeria in Enugu on Tuesday 3rd July, in November of 2021, Chief Mbazulike Amaechi, led a delegation of Igbo leaders to visit then president Muhamadu Buhari to appeal to him for the unconditional release of Nnamdi Kanu.
During that meeting Chief Amaechi was in the company of Dr. Chukwuemeka Ezeife, former Governor of Anambra State, Bishop Sunday Onuoha of the Methodist Church, Chief Barrister Goddy Uwazurike, former President of Igbo socio-cultural group, Aka Ikenga, and Mr. Tagbo Mbazulike Amaechi, the nonagenarian 2nd republic minister of transport (all who have now passed away along with Dr. Ezeife) had described the situation in the Southeast as “painful and pathetic,” lamenting that “businesses have collapsed, education is crumbling, and there is fear everywhere.”
He then committed to then-president Buhari that if Kanu was released to him as the only First Republic Minister still alive, “he would no longer say the things he had been saying,” stressing that he could control him, “not because I have anything to do with them (IPOB), but I am highly respected in Igbo land today.”
Then he concluded by making a solemn wish: “I don’t want to leave this planet without peace returning to my country. I believe in one big, united Nigeria, a force in Africa. Mr President, I want you to be remembered as a person who saw Nigeria burning, and you quenched the fire.”
Unfortunately, that wish never came to pass, before the 93-year-old Amaechi and 86-year-old Ezeife joined their ancestors in 2022 and 2023 respectively. Fortuitously, although the late Mbazukike Amaechi had offered himself to then President Buhari as a guarantor of Kanu’s good behavior if released to him, a deal which the former president declined, reportedly Nnamdi Kanu himself and lPOB leadership have now undertaken to abide by whatever rules that are given as precondition for his freedom currently being negotiated.
So an out-of-court settlement is on track even as a few days after the eastern states’ governors resolved to take their plea to President Tinubu, Senator Enyinnaya Abaribe of Abia state has led his colleagues from the southeast to meet with the Attorney General of the Federation, AGF and Minister of Justice, Lateef Fagbemi to negotiate the release of Kanu so that peace would reign in the eastern region like it used to before the agitation for a sovereign nation of Biafra raised the tension that has made the region a boiling couldrom of sorts.
It is such a paradox that only in 2016 the eastern region merited being granted by the United Nations Development Program, UNDO the status of the safest region in terms of human security in Nigeria.
Today that geographical location has become so blighted that it is a shadow of its old self as the agitation to separate the Igbos from the rest of Nigeria has taken a very violent and bloody turn with thousands of the youths going to their graves prematurely.
That high level of violence had made Igbo land a no-go area for people who cherish peace and tranquillity as the space that was in no distant past a bastion of commerce and industry has become a cauldron of sorts.
Before proceeding further a bit of historical background of the three figures who have influenced lgbo nation the most and have been the major drivers of the Igbo struggle would be in order.
The three notable leaders in the annals of the modern Igbo nation are Dr. Nnamdi Azikiwe, Chief Odimegwu Ojukwu and Mazi Nnamdi Kanu.
•Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, development strategist, alumnus of Fletcher School of Law and Diplomacy, Tufts University, Massachusetts, USA, and a former commissioner in Delta state government, sent this piece from Lagos, Nigeria.
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