US, Bagudu’s Brother Near Deal on Kebbi Governor’s Money Laundering Case Oluchi Chibuzor with agency report The United States is nearing an agreement with the brother of Kebbi State Governor, Abubakar Bagudu, to resolve a court case over more than $140 million that it said was laundered by the governor.
Bloomberg disclosed that the Justice Department had been trying to seize four investment portfolios held in trust for Bagudu and his family since 2013. The US alleged that Bagudu, 60, was part of a network controlled by former dictator Sani Abacha that misappropriated billions of dollars from state coffers in the
1990s. However, Governor Bagudu has always maintained his innocence of the alleged crime. The US and Bagudu’s brother, Ibrahim, applied on August 3, to suspend the case that is ongoing in a federal court in Washington, DC. They “agreed upon the principal terms of a settlement” on July
19 and “believe a brief stay will allow the parties to reach a final agreement resolving the litigation,” it quoted their joint motion to have stated. The judge, who accepted the request, ordered the parties to provide an update on their negotiations by November 2. The motion didn’t provide any
details about the contents of the potential settlement. Bagudu is the Chairman of the All Progressives Congress Governors’ Forum, an influential body of governors and recently oversaw the party’s selection of Bola Tinubu as its presidential candidate for next February’s general elections.
Ibrahim Bagudu, who is entitled to an annuity from the assets, had challenged the forfeiture efforts. The US and Ibrahim Bagudu have been negotiating a broader agreement that includes his brother as well as the Nigerian and United Kingdom governments, documents Continued on page 5
Lagos Red Rail Line Now at Completion Stage, Says Sanwo-Olu...
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2023: Groups, Melaye Descend on Keyamo,Tinubu over Comments on Atiku Say minister is myopic, intellectually stagnant Chuks Okocha in Abuja and Sunday Ehigiator in Lagos
PERTINENCE AT 10... L-R: Pertinence Company Secretary, Mr. Steven Olasite; Board Member, Mrs. Moyinoluwa Olutayo; Consultant, Mr. Samson Davies; Co-founder, Dr. Sunday Olorunsheyi; Chairman, Dr. Olumide Emmanuel; Co-founder, Mr. Wisdom Ezekiel; Members, Mrs. Bosede Olusola-Obasa, and Mr. Ebunoluwa Olufemi at the 10th anniversary of Pertinence in Lagos…recently
Although campaign for the 2023 general election has not officially started, a foretaste of what Nigerians might expect came Continued on page 5
In Last 12 Years, Nigeria’s Electricity Grid Suffered Over 222 Partial, Total Collapses Ministry advocates purchase of SCADA system Expert blames archaic, obsolete grid system Report says Sub-Saharan Africa loses up to $28bn in GDP to power collapses Emmanuel Addeh in Abuja In the last twelve and a half years, spanning the period from 2010 to the first half of 2022, Nigeria’s power grid suffered at least 222 partial and total collapses, a THISDAY analysis of industry data, mostly from the Nigerian
Electricity Regulatory Commission (NERC), has shown. To reduce the rate of grid failures, Minister of Power Abubakar Aliyu said the federal government would fast-track the purchase and installation of a Continued on page 5
Zenon Petroleum Petitions Court to COURTESY VISIT TO GOVT HOUSE, MARINA... of PremiumTrust Bank, Mr. Emmanuel Emefienim (left) and Governor of Lagos State, Mr. Babajide Sanwo-Olu, during a courtesy visit at Wind Up Ardova Plc over $6m Debt... Page 8 MD/CEO the Government House, Marina, Lagos State…recently
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Commonwealth Games: Buhari Hails Team Nigeria for Winning 35 Medals Says feat parting gift for him as president Abiodun rejoices as Amusan wins another gold medal Deji Elumoye in Abuja and James Sowole in Abeokuta President Muhammadu Buhari has hailed Team Nigeria and the coaching crew for making the country proud by winning 35 medals at the 22nd edition of the Commonwealth Games in Birmingham. As the curtain draws on the Games today, the President, in a statement issued yesterday by his Media Adviser, Femi Adesina, celebrated the athletes that represented Nigeria gloriously in the competition. He joined millions of other sports loving Nigerians to watch some of the colourful and spectacular moments in the 11-day competition, which had no fewer than 5,000 athletes representing 72 nations and territories, competing in 280 medal events. Saluting the memorable display of Team Nigeria athletes, the president commended the 94 worthy ambassadors that proudly flew the Nigerian flag in nine sporting events, and for those exciting moments when the medalists brought smiles
to our faces by breaking world, national and games records, as well as achieving personal bests in their career. With 35 medals, including 12 gold, 9 silver and 14 bronze harvested already on the late evening of the 10th day of the Games, and more medals likely for the country on the last day, the president thanked the shining stars of Nigeria for competing among the best in the world and displaying the God-given attributes of the real Nigerian- never give up, strive to the end. According to the president, it was noteworthy that majority of the medals so far, including 12 gold for the country, “were championed by our talented young women and girls, including multi medalist Tobi Amusan (100m Women’s Hurdle and 4x100m Relay), Favour Ofili, Rosemary Chukwuma, Grace Nwokocha (4x100m Relay); Miesinnei Mercy Genesis (50 kg), Blessing Oborududu (57 kg) and Odunayo Adekuoroye (57kg) in Women’s Freestyle wrestling; as well as Adijat Adenike Olarinoye (55kg) and Rafiatu Folashade Lawal
IN LAST 12 YEARS, NIGERIA’S ELECTRICITY GRID SUFFERED OVER 222 PARTIAL, TOTAL COLLAPSES Supervisory Control and Data Acquisition (SCADA) system. However, a study jointly published in March by Nnaemeka Emodi of the University of Queensland and Ogheneruona Diemuodeke of the University of Port Harcourt, estimated that in Sub-Saharan Africa, every one per cent increase in power outages (in terms of hours) had been associated with a 2.86 per cent decrease in Gross Domestic Product (GDP). “This translates to a loss of about $28 billion in GDP,” according to the academics. While information relating to the crashes was not officially available from September 2021 to June 2022, a 12-year-nine-month review of NERC data, covering 2010 to September 2021, showed that 216 crash incidents happened during the period. But from independently sourced information between the last quarter of 2021 and June this year, it was gathered that about six cases of total collapse of the power grid had been publicly reported, taking the figure to 222 between 2010 to June 2022. Although there was a marked improvement between 2020 and 2021, the fragile national power grid experienced frequent crashes this year, amounting to approximately six times it would be happening in 2022. The last incident happened on June 13, less than a month after the previous one, which threw the entire country into a total blackout. Similarly, there was a complete breakdown twice in March and twice in April this year, mostly induced by gas constraints, water management challenges, gas pipeline vandalism, and general system imbalance, according to the authorities. As a background, the national power grid, a network of electricity transmission lines connecting generating stations to loads across the entire country, is designed to operate within certain stability limits in terms of voltage (330kV+5 per cent) and frequency (50Hz+5 per cent). Whenever the grid operates out of these stability ranges, it becomes unstable; power quality decreases and leads to wide-scale supply disruptions, resulting in grid collapse and blackouts. While maintaining a stable grid frequency of 50Hz requires a sustained balance between the amount of electricity fed into the electricity grid and the amount of electricity off-taken by end-users, since it is not economically optimal
to store electricity in large quantities over a long period, the System Operator (SO) ensures that the frequency is sustained at all times within a tolerance threshold. When supply exceeds demand, the electrical frequency increases and in extreme cases some power plants that are unable to tolerate excessive frequency variation may shut down, thereby causing a sudden drop in the available generation on the grid. This exacerbates the frequency imbalance, potentially leading to a full/partial system collapse. It is the same when demand exceeds supply and the frequency drops. Unless the SO immediately brings in additional supply or sheds off some load, it could lead to a complete collapse of the grid. A THISDAY review of the data showed that in 2010, Nigeria experienced 42 total and partial crashes; 19 in 2011; 24 in 2012; still 24 in 2013; 13 in 2014; and 10 in 2015. In 2016, the number of cases rose to 28; it came to 21 in 2017; 13 in 2018; 11 in 2019; and four in 2020. Following the same downward trend, in the first quarter of 2021, one power collapse was recorded; in the second quarter, it remained one incident, while in the third quarter, two breakdowns were recorded, bringing the total for last year to roughly four. NERC stated, “The stability of the grid network showed improvement in 2020, as the number of total system collapses declined from the previous years. The improvement in the grid stability is attributable to the tighter enforcement and adherence to the provisions of the Grid Code, which mandates free governor control at grid-connected power plants.” To sustain the improvement in grid stability in subsequent years, the commission vowed to continue to intensify monitoring of strict compliance with the SO’s directives to generators on free governor and frequency control mode in line with the provisions of the subsisting operating codes in the industry. The commission added that it was exploring options for the enforcement of under-frequency load shedding scheme that had been put in place to provide an added layer of security for the grid in the case of a sudden loss of generation. A few weeks ago, Chairman, Senate Committee on Power, Continued on page 8
(59kg) in Women’s weightlifting. Other gold medalists are Folashade Oluwafemiayo, Women’s heavyweight Para Powerlifting, Eucharia Iyiazi, Women’s shot put, Chioma Onyekwere and Goodness Nwachukwu in Women’s Discus throw, and Ese Brume, long jump.” According to him: ‘‘We are proud of these achievements and the memories will linger with the nation forever and for me this is a special moment and a fitting parting gift, being my last Commonwealth Games as Head of State". The president also lauded the coaching crew and team officials for the passion towards the development of sports in the country, assuring them that history will remember them for all their contributions in making our
athletes shine in the international arena. Meanwhile, Ogun State Governor, Dapo Abiodun, has congratulated Nigerian sprinter and world champion, Tobi Amusan for winning a gold medal in the Women's 100m Hurdles at the 2022 Commonwealth Games, in Birmingham, United Kingdom. “Our golden girl has done it, again. This is a testament to the fact that she is consistent, reliable and deserved the World record, indeed. This is a moment of joy for us all in Ogun State and Nigeria and we are pleased at her streak of successes,” Abiodun was quoted to have said in a statement issued by his Chief Press Secretary, Kunle Somorin The world champion had on Sunday successfully defended her
title at the Alexander Stadium in the women’s 100 metres hurdles final by running a Games record of 12.30sec thus defending her Commonwealth title and setting another record in the process on Sunday. According to the governor, this made her “the first World Champion to win Gold in the event and the first Nigerian athlete ever - dead or alive - to be crowned champion at all levels of athletics in the same year.” Congratulating the Ogun State born athlete, the governor described her feat as heroic, saying this was following and improving on the records of her other Ogun stars like Modupe Oshikoya, Falilat, Ogunkoya-Osheku and other compatriots. Abiodun, who said the sprinter
made Ogun, Nigeria and indeed Africa proud at the Games, lauded her spirit of excellence on the tracks. The governor noted that though Ogun had been known for being the home of illustrious personalities in every human endeavour, the achievements recorded by Amusan further put the state on a global pedestal. He said "Amusan is a compatriot with prodigious talents reflecting the standard of excellence that our state is noted for. Our state is reputed for exemplary courage, consistency, integrity, and good sportsmanship. Tobi has exhibited these on the world stage, by proving again and again that that success is achievable with hard work and determination."
2023: GROUPS, MELAYE DESCEND ON KEYAMO, TINUBU OVER COMMENTS ON ATIKU to the fore at the weekend, as a former lawmaker, Dino Melaye, took on the spokesman of the All Progressives Congress (APC) presidential campaign, Festus Keyamo, and the ruling party’s presidential candidate, Bola Tinubu, alleging that the former Lagos State governor is seeking the presidency as his entitlement and retirement benefit. Melaye, who was last week appointed Atiku Abubakar presidential campaign spokesperson alongside Daniel Bwala, claimed that Tinubu was contesting for the presidency not on the basis of the greater good of the country, but to fulfil his “lifetime ambition.” Keyamo, who is also Minister of State for Labour and Employment, had in a recent television interview said, “Atiku Abubakar has never held any government position where he makes the final call. He was vice president; he was not the chief executive. He was never governor. He was never anything. Even Peter Obi is ahead of Atiku Abubakar. "Peter Obi is ahead of him in terms of capacity to make decisions. So how are we going to hand over the country to somebody who has never shown the capacity, who has never held a position where he makes the final call?” However, responding to Keyamo, in a video shared on his Facebook page, Melaye said, unlike Tinubu, the PDP candidate was contesting the 2023 election with rich credentials. According to him, Atiku has the rudiments of civil administration and politics. Melaye said, “Atiku Abubakar is running for the presidency for the second or third time and he understands this route better than the political virgin, Tinubu, that you (Keyamo) are supporting, who is running for the presidency for the first time and sees it as his life entitlement and retirement benefits for supporting Buhari. “Atiku has rich credentials and he is not running because of entitlements; he is not running because of his support for any party. He is running because he’s got the credentials and he is a team player. He is a talent hunter and leader per excellence. “Keyamo’s inactive ministerial sojourn is affecting him. Because if he has succeeded as a minister he won’t be talking the way he is talking. Many Nigerians will
tell you today they don’t know the ministry where Keyamo is working because he is redundant, inactive and invisible and he has been completely consumed by the aura of Ngige, the superior minister. “Because Keyamo is a commercialised conscience and he has monetised his life that is why he will not understand that the vice president of the Federal Republic of Nigeria has some ministries, agencies and government parastatals under his direct supervision. “What he has done is that he has disrespected the office of the vice president of Nigeria as a lawyer who understands the constitutionality, enormous responsibilities of that office.” Melaye also questioned Keyamo’s intellectual capacity, saying nobody who was properly taught and brought up would degrade the office of the vice president of the Federal Republic of Nigeria. He told Keyamo, “I challenge you to a debate, and when we sit down then I'll break you to pieces. Unfortunately, I'm doing this over social media, but I'll wait for an invitation from any other platform to sit down with you so that I'll expose your ignorance to Nigerians, so they know how empty you are.” Other Atiku campaign groups also reacted to Keyamo’s comments, advising Nigerian parents, "If you love your children, if you want ASUU strike to be a thing of the past, then vote out a government that met Nigeria as the third fastest growing economy in the world, according to CNNMoney, and has now turned her into the world headquarters for extreme poverty for the last five years.” The groups added, “Atiku Abubakar has a private university that has never gone on strike. Vote for him and he will do for our public university, what he has done for his personal university." The Atiku's support groups also faulted Keyamo, saying, "It may be that Mr. Keyamo is faced with selling such a bad product as Bola Tinubu, a man who voluntarily entered into a drug assets forfeiture plea bargain with the US Department of Justice and who has multiple questions on his source of wealth, real identity, and educational qualifications, that he is doing the next best thing, de-marketing his main rival.
"It is not true that vice presidents do not have executive experience and capacity, to the extent where they have the final call. At least in Nigeria and the United States. By virtue of Section 153 of the Constitution of the Federal Republic of Nigeria, as amended, the Vice President has final executive control and capacity over the National Economic Council. "As a matter of fact, Atiku Abubakar headed the National Economic Council during the Obasanjo years. The National Economic Council comprises of the Vice President as the Executive Chairman, and the 36 state Governors, as well as the Governor of the Central Bank of Nigeria. "At the time that Atiku Abubakar headed the National Economic Council, Bola Tinubu, Rabiu Musa Kwankwaso and Peter Obi were all members and sat under him. In other words, Atiku was their boss. "Not only was Atiku Abubakar the boss of these bosses (Tinubu, Kwankwaso, and Obi), but he also led the National Economic Council at a time when Nigeria paid off all her foreign debts to the Paris Club and other Bretton Woods institutions, meaning that not only does he have experience, but his experience is good.” The Atiku groups further stated, "Atiku Abubakar was also the chairman of the National Council on Privatisation, which is a statutory body and he thrived in that position. Meaning that he also has further executive experience that is positive. "It would be recalled that Atiku Abubakar stood in for then President Obasanjo on multiple occasions. One of such occasions was on July 10, 2003, when the governor of Anambra, Chris Ngige, was abducted while then President Obasanjo had travelled and then Vice President Atiku Abubakar was in charge. “In an interview with THISDAY newspapers on August 16, 2020, Chris Ngige revealed how Atiku Abubakar ordered Tafa Balogun, the then Inspector General of Police, to restore him to power. What will Festus Keyamo call that, if not executive authority? This is the same executive authority that enabled Vice President Yemi Osinbajo sack the Director General of the Department of State Security, Lawal Daura, on August 7, 2018. "And although it is fallacious to
say that Waziri Atiku Abubakar has no executive experience, let us for the sake of argument condescend to Keyamo’s pedestrianism. How much executive experience did Kennedy, Obama, and Trump have before going on to be President? None. Yet, they performed. "Keyamo said Tinubu increased Lagos’s IGR. True. But much more than that, Tinubu increased Lagos’s debt. Tinubu met a debt of less than $200 million and left a debt of billions of dollars. Lagos alone owes six per cent of Nigeria’s external debt and approximately four per cent of her domestic debt. “Tinubu’s debt overshot his IGR, which is a net loss for Lagos. Besides, with AlphaBeta, are we sure the IGR got to the coffers of the Lagos government or to private hands?" Continuing, the groups stated, “Furthermore, Keyamo averred that Tinubu is a good head hunter. How can that be true when he was responsible for head hunting Buhari? “How can that be true when he brought in Ambode and fought with him? How can that be true when the electorate rejected his hand-picked governor in Osun and he lost the state to the PDP? "If, as Keyamo said, Tinubu is a good manager of men and resources, then how come he is the first governor of the Fourth Republic to have fought with two of his own hand-picked deputy governors and instigated their impeachments?" The Atiku groups asked, "If Tinubu promised to continue within Buhari’s good works, can he mention those good works? A man who wants to continue where Buhari stopped is definitely not the right choice for Nigerians. "But besides the above, how can the Academic Staff Union of Universities be on strike for a record period, and the minister who is supposed to solve this national emergency, Festus Keyamo, has left his station to promote Bola Tinubu’s campaign? If this administration was serious, Keyamo should have been focused on the ASUU strike. "His obsession with promoting Bola Tinubu at the cost of his responsibilities as Minister of State for Labour is another reason why the ASUU strike would not be solved any time soon and will move from an emergency to a crisis. This administration and Keyamo are more interested in politicking than in governance."
US, BAGUDU’S BROTHER NEAR DEAL ON KEBBI GOVERNOR’S MONEY LAUNDERING CASE filed during the litigation show. A UK court froze the investment portfolios in 2014 after a request from the US. The government of Nigerian President Muhammadu Buhari had said it was unable to assist the US because it’s bound by a settlement Abubakar Bagudu reached with a previous administration in 2003. That arrangement allowed
Bagudu to return $163 million to the Nigerian authorities, which in exchange dropped all outstanding civil and criminal claims against him, according to court filings. Buhari’s government and Bagudu concluded a new agreement in 2018, that would see ownership of the investment portfolios worth €141 million ($144 million) in late 2019 -- transferred to the Nigerian
state, which would then pay €98.5 million to Bagudu and his affiliates, according to US court documents. Buhari’s administration had applied to the UK court to unfreeze the assets. While the US and Ibrahim Bagudu obtained an initial stay in early 2020 to explore an outof-court resolution, they said in March that those talks had reached
an “impasse” and the case should restart. Discussions continued following the resumption of the litigation five months ago. The US Department of Justice declined to comment. Spokesmen for Nigerian Attorney General Abubakar Malami, as well as lawyers for the Bagudu brothers, didn’t respond to requests for comment, according to Bloomberg.
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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580
NIGERIA'S GOLDEN GIRLS SUPER SPRINTERS... L-R: Favour Ofili, Rosemary Chukwuma,Tobi Amusan and Grace Nwokocha shortly after setting a new 4x100m record to win Birmingham 2022 Commonwealth Games gold... yesterday
FG, IOCs Urged to Release $5.6bn Owed NDDC Delay in NDDC board inauguration may lead to renewed hostilities, groups warn Olusegun Samuel in Yenagoa and Sylvester Idowu in Warri Traditional rulers and youth groups from the Niger Delta have urged the federal government and multinational companies (IOCs) operating in the region to release the accumulated monies owed the Niger Delta Development Commission (NDDC) to enable the new Minister of the Niger Delta Affairs, Mr. Umana Okon Umana, to reposition and implement the newly developed roadmap for the commission. The stakeholders alleged that under the former minister, Godswill Akpabio, NDDC was owed about $5.6 billion and N649 billion by the IOCs. They warned that the newly developed roadmap by the new minister to achieve the commission’s core mandates might not work if NDDC was not removed from its life support approach, saying what the commission receives on a monthly basis is just enough to pay employees’ salaries and office maintenance. The stakeholders made up of traditional rulers, women and youth leaders, in a statement issued by their Secretary-General, Chief Anthony Loveday, noted that the
call on the federal government and the IOCs was necessitated by the short time available to the administration of President Muhammadu Buhari and the worrisome reality that the roadmap developed by Umana might not be implemented without proper funding. They restated their support for the expected rebranding of the commission, saying it would enable it to serve as a vehicle to drive the socio-economic development of the region. The statement said, "The leadership must understand that time is of the essence, as millions of people across the region are languishing in abject poverty. Therefore, the federal government should match its words with action and release the funds owed to the NDDC and also direct the multinational oil and gas companies to release the monies owed the commission. “We support the new policy directions and the expected rebranding of the commission under the ministerial leadership of Mr. Umana O. Umana. We are waiting on the FG to release the funds for the expected reforms to commence. “We expect the reforms to lead to
Edo Govt Urges Residents to Get Vaccinated against Deadly Hepatitis Adibe Emenyonu in Benin City Edo State Government has urged residents to get vaccinated against hepatitis, which is a leading cause of death. The Director, Disease Control and Immunisation, Dr. Gideon Iraoyah, said this during an event to mark the 2022 World Hepatitis Day in Uromi, Esan North East Local Government Area of the state. Iraoyah said awareness was key in the management of viral hepatitis, an inflammation of the liver that results in severe liver disease and cancer. According to him, the state government would continue to rally stakeholders in the health sector, to strengthen advocacy on the dangers of hepatitis. He pointed out that Hepatitis remains a serious liver infection
that could lead to death, noting that there was need for people to get screened to know their status and treatment for the people who test positive. The director urged patients to get vaccinated against the deadly virus. Deputy Director, Disease Control and Immunisation, Dr. Eseigbe Freeborn, reiterated the importance of getting screened for Hepatitis while appealing to patients to take advantage of the free exercise to get vaccinated against the deadly virus. He noted that a three-dose vaccine schedule was being used in which a patient would receive first dose vaccination and return a month later for the second dose while the third dose is administered six months after the second dose.
sound decisions on various issues affecting the people of the region, including the completion of the East-West road, and the review of various infrastructural development projects across the region. “The Presidency should as a matter of urgency grant the NDDC new contracts awarding powers to enable the NDDC provide communities across the nine states in the region with empowerment and entrepreneurship training programmes in order to alleviate the sufferings of the people in the region, and to ensure payments of verified and completed contracts before the expiration of the tenure of President Muhammadu Buhari.”
Delay in NDDC Board Inauguration May Lead to Renewed Hostilities, Groups Warn Meanwhile, a coalition of groups under the aegis of Community
Development Committee of Oil and Gas Producing Areas of the Niger Delta (CDCOGPAND) and Oil Mineral Producing Communities Traditional Rulers Forum (OMPCTRF) have urged President Muhammadu Buhari to speed up the implementation and inauguration of the Board of Niger Delta Development Commission (NDDC). The groups stated that continued delay in the inauguration of the board of the commission might lead to renewed hostilities in the region. According to a statement jointly signed by Chairman, Board of Trustees of the coalition, Joseph Ambakederimo, and Head of Secretariat, OMPCTRF, Kingsley Arthur, the groups urged the Minister of Niger Delta Affairs, Umana Okon Umana, not to allow himself to be manipulated or give in to the shenanigans of those they referred to as buccaneers.
They urged the minister to follow the path of honour and due process to end the on-going illegality of administering NDDC with a sole administrator in violation of the NDDC Act. According to the groups, “Looking at other appointments the president has made, particularly the recent appointment of the Managing Director for the Oil and Gas Free Zone Authority (OGFZA), Onne, in Rivers State, the swiftness at which the appointment was made calls to question why the NDDC board has become something of a ridicule to the people of the region.” CDCOGPAND and OMPCTRF also drew attention to the directive issued by the president for a forensic audit of Hydrocarbon Pollution Remediation Project (HYPREP) “without dissolving the board of the HYPREP or appointing an interim sole administrator to run the affairs
of HYPREP while the audit will last.” In the case of NDDC, the groups noted that a substantive board had been delayed even after the forensic audit had been concluded. The groups also stated that the president did not appoint an interim sole administrator to run the affairs of the OGFZA. “A substantive appointment was quickly made which has made the OGFZA appointment the swiftest appointment ever made in seven years of this administration," the groups added. They groups asked Umana to explain what was delaying the NDDC Board inauguration, and sought to know, “why the NDDC board inauguration is being handled in such a lackadaisical manner, and why are the people of the region seeming so weak that they can’t resist this treatment of slavery by our own people?”
LIRS Partners Deloitte to Boost Transparency in Tax Administration with Whistle-blower Initiative Segun James The Lagos State Internal Revenue Service (LIRS) has said its Whistleblower Initiative would deepen transparency, accountability and uphold a high standard in the administration of the tax system in the state. The Executive Chairman of the LIRS, Ayodele Subair, said this at the official launch of the initiative in Lagos at the weekend, adding that the platform was introduced to encourage the reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations and optimally boost the tax administration in the state. He said the scheme, an initiative of the state government, would be driven by Delloite Anonymous and the Confidential WhistleBlowing facility, a platform run by a globally recognised accounting and audit firm, Delloite Nigeria. He added that the whistleblowing facility would promote the reporting of acts of commission
or omission that borders on unethical conduct of the LIRS employees, management and other stakeholders through the designated channels to the authorities. "The facility is designed to ensure that concerns about wrongdoings or malpractice observed in the LIRS administrative and operational activities can be raised by any stakeholder without fear of victimisation, subsequent discrimination, disadvantage or dismissal. “This facility does not only provide the avenue to report but ensures the credibility of reports through investigation, feedback to the whistle-blower and ensures protection for such whistle-blower from possible reprisals or victimisation for all disclosures made in good faith. "The whistle-blowing initiative is a two-way affair; even though it is aimed at exposing the LIRS staff involved with misconduct, employees of entities who want to
report employers who circumvent tax laws or even members of the public who wants to raise the alarm on persons or entities who willfully commit financial crimes leading to revenue loss for the state can make use of the whistle-blowing platform," he said. Subair said Deloitte’s engagement as an independent assessor was to ensure an objective and unbiased review of issues raised. Also speaking at the event, the Commissioner for Finance Dr Rabiu Onaolapo Olowo said the Whistle-blower Initiative of the LIRS is a pilot scheme of the Lagos State Speak-Up programme aimed at encouraging feedback mechanism from the general public, boosting their confidence and trust in the operational activities of government. Olowo said it was logical to choose the LIRS as the pilot scheme for the initiative because it is responsible for more than half of the revenue generated by the state and due to its multifaceted
interactions with the members of the public, the Lagos government could use the channel to boost its message of openness and transparency. He said: "In our pursuit to make transparency, accountability and openness count in governance in the last three and half years, this is one step to help us to wrap up some of the things we have been doing to take government down to the people. “We have to appreciate Governor Babajide Sanwoolu for approving this Speak-Up initiative. It will further help us to effectively discharge the policy thrust of this government and we believe it will promote and engender trust and citizen engagement. "The reason we have chosen the LIRS as the pilot MDA for this scheme is quite obvious because it is the major revenue-generating agency for the state. Today, LIRS accounts for almost 75 per cent of Lagos's revenue and it engages with the public at multi-faceted levels.
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LAGOS RED RAIL OPERATIONAL SOON… L-R: Director, Rail Transportation, Lagos Metropolitan Area Transport Authority (LAMATA), Engr. Olasunkanmi Okusaga; Project Manager CCECC, Mr. Zhang Peng; Lagos State Governor, Mr. Babajide Sanwo-Olu and Managing Director, LAMATA, Engr. (Mrs) Abimbola Akinajo, during the inspection of the ongoing works on the Red Rail project sites... yesterday
Lagos State Red Rail Line Now at Completion Stage, Says Sanwo-Olu Again, governor inspects state-owned metro project Adibe Emenyonu in Benin City Lagos State Governor, Mr. Babajide Sanwo-Olu yesterday once more went on an extensive inspection of
the ongoing construction activities around the Lagos Rail Mass Transit (LRMT) Red Line project. It was the fourth time in a year the governor would be
inspecting the pace of work on the 37-kilometre-long rail infrastructure wholly started by his administration, with Sanwo-Olu assuring Lagosians that the rail
IN LAST 12 YEARS, NIGERIA’S ELECTRICITY GRID SUFFERED OVER 222 PARTIAL, TOTAL COLLAPSES Senator Gabriel Suswan, speaking at the recently concluded Nigeria Oil and Gas (NOG) conference, said the federal government had made a payment of $100 million as part of Nigeria's counterpart fund in the Presidential Power Initiative (PPI) being undertaken by German power firm, Siemens. While assuring that grid crashes would soon be a thing of the past, Suswan said, "The government has paid that $100 million for the project so that Siemens can quickly activate that contract, so that the power deficit, which has militated against proper servicing of the industry will come to an end. "And so this issue of grid collapse will become a thing of the past. We will be able to address the issues, fix the infrastructure, and then we'll increase power supply to about 7,000 megawatts as it stands now." Although there could be pockets of issues with other lines, the Alaoji to Onitsha, and Calabar transmission lines have been touted to be among the major lines where frequency disturbances have been recorded since 2010. Alaoji has about 500MW. In addition, the long stretches of the 132KV lines could cause transmission losses and low voltage if more load points are connected to the line without a transmission substation or an injection substation. In March, when the grid collapsed, the Minister of Power said the federal government had upgraded the Okpai, Odukpani, and Alam VI power plants as part of efforts to improve power supply. Aliyu also said the government was preparing to begin negotiations with Nigerian Agip Oil Company
(NAOC) to establish the new Okpai 11 power plant on the grid. The new power plant will add 400 megawatts of generation capacity, the minister said in a statement. Successive Nigerian governments have promised but failed to turnaround the country’s power sector, which on average produces about 4,000 megawatts for a population of over 200 million. “We wish to reassure all electricity consumers that all relevant agencies involved in the restoration of normality in power supply have been charged to act in the context of the emergency state of the industry,” Aliyu said. The minister added that the federal government would speed up the purchase and installation of the SCADA system to curb grid failures. The SCADA system is a software used to monitor and control an electrical grid system based on the information it collects from the substations within that system. Aliyu said while reacting to recent system crashes, “We wish to assure Nigerians that the federal government is working assiduously to deliver on the much-needed reforms and investments, including SCADA, that are critical to improving the capacity and reliability of the national grid.” The research paper jointly published in March by Emodi of the University of Queensland and Diemuodeke of the University of Port Harcourt stated that in sub-Saharan Africa, every one per cent increase in power outages (in terms of hours) was associated with 2.86 per cent decrease in GDP, which translates to about $28 billion loss in GDP.
According to the academics, “In summary, the grid collapse can be attributed to the following major factors: low water levels at the hydropower plants, low gas supply at the gas power plants, fire at the largest power generating station, load rejection, and inability of the transmission companies to wheel electricity from generators to distributors.”
project would be delivered on its scheduled completion date. The entire construction, the governor said, has moved into the finishing phase in which precast beams and other concrete fittings are being coupled to the constructed structures. The transport infrastructure being developed by the Lagos Metropolitan Area Transport Authority (LAMATA) would have the capacity to transport over 500,000 passengers daily when it becomes operational in the first quarter of next year. The Red Line would traverse on standard gauge from Agbado to Oyingbo, in the first phase, while terminating at Iddo in the second phase. It has eight stations and
it is expected to reduce travel by over two hours. Sanwo-Olu was joined on the project tour by the Deputy Governor, Dr. Obafemi Hamzat, and members of cabinet, first stopped at the multi-level Agege Terminal, where he inspected completion work on the facility. The Agege Red Line terminal shares the same yard with Babatunde Raji Fashola Station built by the Federal Government, but stands about 300 metres apart. The governor also inspected the staff quarters built by the Lagos Government for the railway workers in the employment of the Federal Government. Sanwo-Olu, thereafter, led the team to the iconic Ikeja Station of
the Red Line, where 80 percent of the civil work had been completed. The governor also checked the progress of the overpass being constructed on Awolowo Way axis to ensure non-interference of vehicular movement on the rail passageway. The governor stopped at Mushin terminal, to inspect the station and overpass, which stretches between Kayode and Ogunmokun streets, being developed there, before proceeding to Yaba and Oyingbo stations. After the exercise that lasted for four hours, Sanwo-Olu expressed satisfaction on the quality of the work done, disclosing that most of the difficult tasks had been completed.
Zenon Petroleum Petitions Court to Wind Up Ardova Plc over $6m Debt Kayode Tokede
Zenon Petroleum & Gas Limited has asked a Federal High Court in Lagos to wind up Prudent Energy and Services Limited, which is the parent company of Ardova Plc over the inability of the company to pay a $6 million. Alhaji AbdulWasiu Sowami is the Chief Executive Officer of Prudent Energy and Services Limited. In the suit at the Federal High Court, Lagos, with No. FHC/L/ CP/1450/2022, the debt was alleged to have arisen from the sale conducted in 2018 where Zenon Petroleum & Gas Limited and its affiliates sold 74.02 per cent of the issued share capital of Forte Oil Plc (now Ardova Plc.) to Sowami and Ignite Investment & Commodities Limited. It stated that as security for the deferred consideration for the sale of the shares, Prudent Energy and Services Limited and Sowami had provided a guarantee in favour of Zenon Petroleum &
Gas Limited and its affiliates for the prompt payment of the deferred consideration as at when due. In the petition, Zenon Petroleum & Gas Limited alleged that the sum of $6 million being part of the deferred consideration became due on June 18, 2022, and despite the demand letters served on Prudent Energy and Services Limited and its CEO, the debt was not paid. Zenon Petroleum & Gas Limited therefore urged the Court to wind up Prudent Energy and Services Limited on the ground of inability to pay its debts. The Nigerian Exchange (NGX) Limited had last month suspended trading in the shares of Ardova and some other companies over their failure to file their audited financial statements for the 2021 accounting year. However, the suspension was lifted by NGX Regulation Limited, the regulatory arm of the domestic stock exchange, after the company submitted its results, even though it was poor as it recorded a N3.9 billion loss in the year compared
with the profit of N1.9 billion it reported the preceding fiscal year. The loss recorded by the oil and gas company had stemmed from a high cost of sales and operating costs that ate into its margins. Ardova had blamed the losses on its subsidiary, Axles & Cartage, a transport and haulage services business which commenced operations in August 2020. It also blamed transformational challenges with its recently acquired Enyo Business as part of the reasons for the huge loss. It had explained: “As a group, we were negatively impacted by our subsidiaries, Axles & Cartage Limited, which faced operational environment issues and the newly acquired Enyo, which is presently undergoing a transformation process to drive operational efficiency and profitability. When subsidiaries are taken consideration the group loss amounts to N3.8bn.” The company’s CEO, Mr. Olumide Adeosun had also said: “The loss experienced in
2021 are an expected reflection of the strategic inorganic growth programme of the company, and do not affect the viability of the company, especially as some of the immediate benefits of this programme were illustrated by the better year on year performance recorded in our Q1 2022 results.” Ardova had early this year announced the successful completion of a N25.3 billion Series 1 fixed rate senior unsecured bond issue under its N60 billion debt issuance programme. The bond issue was the largest local currency bond issuance by an indigenous oil and gas company in the history of the Nigerian debt capital markets. The bond issue was 143 per cent subscribed and comprised 7-year tranche A and 10-year tranche B bonds. The 7-year tranche A bonds priced at 13.30% and the 10-year tranche B bonds priced at 13.65%. Ardova had said it would apply the proceeds of the bond issue to fund expansion projects and its working capital requirements.
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SECURITY ON THEIR MINDS… L-R: Group Executive Chairman/CEO, Lee Engineering Group, Chief Leemon IKPEA; Minister of State for Education, Goodluck Opiah; Imo State Governor, Hope Uzodimma, and CEO/ Country Chairman, Shell, Osagie Okunbor, during a strategic security meeting in the Imo State government house… recently
Your Plan to Revamp Manufacturing, Agric Sectors Alluring, Entrepreneurs Tell Atiku Chuks Okocha in Abuja Former vice president and the presidential candidate of the Peoples Democratic Party (PDP) in the next general elections, Atiku Abubakar yesterday disclosed that he recently
held series of meetings with local entrepreneurial groups in the country who endorsed his plan for the manufacturing and agricultural sectors. In a statement yesterday, Atiku explained: "I had a couple of meetings last week with different
APC Denounces 'Vote-manufacturing', Unveils Omo-Agege's Running Mate Omon-Julius Onabu in Asaba PA chieftain of the All Progressives Congress (APC) and former Speaker, Delta State House of Assembly, Hon Victor Ochei, has said that the era when politicians and political parties could speak authoritatively about winning a coming election was over due to the reforms in the electoral process, particularly by the new Electoral Act in the country. Ochei, executive director at the Nigerian Maritime Administration and Safety Agency (NIMASA), said the new electoral law would prevent the "manufacturing of votes" by political parties. The former speaker of the Delta legislature stated this while fielding questions from journalists in Asaba shortly after formally unveiling the APC 2023 deputy governorship candidate, Hon Friday Osanebi, before the leaders of the party in Delta North senatorial district at a meeting held in Asaba on Saturday. On APC's taking over Delta from the PDP in 2023, the former speaker said, "Well, at the end of the day, Deltans will decide. I'm not sounding boastful because
there are no longer times when a political party can beat its chest and say it will win an election; because with the new Electoral Act, it's one-man-one-vote. You don't have votes being manufactured anywhere like it was in the past." He added, "Having said that, I do know that Deltans have a choice - they will have a choice in 2023 - and they will definitely vote for the APC." The meeting, attended by various party leaders, also had in attendance candidates for national and state assemblies positions in the 2023 general election. Before proceeding to a closeddoor session, the party leaders stated that "the real game" had just begun as the APC was "on a rescue mission" in Delta, which the PDP allegedly mismanaged since the return to democracy in 1999. Ex-Minister of Niger Delta Affairs and the DirectorGeneral of Delta State APC 2023 Governorship Campaign Organisation, Godsday Orubebe, assured that the APC would the victory of Senator Ovie OmoAgege in the 2023 governorship election.
groups of local entrepreneurs especially farmers. "The engagements were quite impressive and I am more pleased that there seems to be a consensus amongst them that our plan to re-energise the manufacturing sector and make agriculture a more viable business is alluring." He explained that he had said it many times that his plan to boost the economy was pro-business.
According to the former vice president, "I believe that the business of free-enterprise with government playing the customary role of regulation will bear the solution to many of our endemic problems especially expanding our revenue base and providing quick employment for our people. "That is where we are ideologically different from the other folks. Whereas my policy plan is laser precise about
creating wealth and driving the vast majority of our people out of extreme poverty, others do not even have a coherent plan other than vapid, earsplitting sloganeering. "That brings us to the point I keep making, that the job ahead of us is too important to be left for you and I alone to accomplish." Accordingly, the former vice president said, "Every election is won and lost from the Polling
Units. And because the stakes in the upcoming polls are high, we shall go a long way if we start early to recruit more people to our side - I mean folks who share in our passion and believe in our dreams. "And always remember: this is not about you or me. We are in this for the good of our dear country, Nigeria. "But I am sure you believe, just like I do too, that as one, we shall get it done," he stated.
North Central APC Group Asks Lalong to Resign as Party’s Presidential Campaign DG Chuks Okocha in Abuja Leaders and members of the All Progressives Congress (APC) under the aegis of the North Central APC Forum have called on Governor Simon Bako Lalong to immediately reject his appointment as the Director General (DG) of the Tinubu/Shettima presidential campaign organisation. Describing the appointment as an insult to the region, the Forum said it had been canvassing for the emergence of the next President from the zone. In a statement made available to THISDAY, the Plateau State Capital leader of the group, Saleh Mandung Zazzaga explained that their initial stance was not to compromise the 2023 presidency for any other position, saying apart from the military era, the region had not produced either
the President or the Vice President Zazzaga noted that it then became obvious that their push for the presidency could not be actualised since the APC, in a way of mutual understanding, considered the southern part of the country for the presidency. He said they thereafter immediately began to canvass for the vice presidential slot, which eventually went to the north-east. According to him, “If the north central is not good or qualified enough for the presidential ticket because the party thinks nobody from the region has the political weight to pull votes from the northern region come 2023, how come then has the party or presidential candidate in the person of Tinubu become so trustful of someone from the region to become the presidential
campaign organisation DirectorGeneral? “Our concern in the 2023 elections is either the president or vice president, but we were denied because they considered us either not qualified or competent enough. But as soon as it came to Director-General of the presidential campaign, we suddenly became the most qualified. “Ironically, it is the same Governor Simon Bako Lalong whom we have been canvassing support for as either president and then later as a presidential running mate/vice president, that was suddenly appointed as the DG of the party’s presidential campaign organisation. “We spent lots of resources pushing for either the presidential slot or vice president at different times and it was all over the
media since last year. “We, therefore, consider Lalong’s appointment as insulting, degrading and making the region irrelevant in the political calculation of the country. We won’t accept this because this is quite unfair and sort of relegating our people to the background. “That is why we are calling on Governor Lalong to reject this offer, and those celebrating his selection from the region should desist henceforth because this is a great slap on our face. “We have been pushing for the good of the region in national political affairs all along, but those who have never lent their voices, time and resources to our cause are busy celebrating the ‘relegation’ of our region in this 2023 elections at the national level. This is quite insensitive, unfortunate and regrettable,” he said
South-south Beneficiaries Share Testimonies on FG's MSME Survival Fund Adibe Emenyonu in Benin City Beneficiaries of the federal government’s N66 million Micro Small and Medium Enterprise (MSME) Survival Fund in the South-south at the weekend commended the government for relieving them of the hardship brought by the outbreak of COVID-19 pandemic. The beneficiaries at a town hall meeting in Benin City, Edo State, also described the
programme as lives-saving. The Chairman, Amalgamated Commercial Tricycle and Motorcycle Owners, Repairs and Riders Association of Nigeria (ACOMORAN), Edo State Chapter, Mr. Sylvester Obaweki, said more than 95 per cent of the members that applied for their fund, received it. Obaweki, whose members stormed the venue of the meeting in appreciation of the financial succour, recounted how the fund sustain their
businesses. The ACOMORAN leader said the members, who benefited from the National Economic Sustainability Plan (NESP) would ever remain grateful to the government. Also in his own testimonies, the Proprietor of Ogboro Computer Academy, Benin, Sunday Ogboro, said the government helped to pay four of his five staff members for three months under the payroll support track. Jeff Obaseki-Obasogie,
who spoke on behalf of the Nigerian Association of Road Transport Owners (NARTO), also applauded the initiative of the government, but however sought for improvement so that many could also get. Earlier in her address, the Chairman, Steering Committee, MSME Survival Fund Ambassador Mariam Katagum, disclosed that a total number of 203,537 benefitted from the various tracks under the scheme in the South South region.
"In the south-south region, the following statistics were achieved - Payroll Support Scheme – 74,030; MSME Grant Scheme, 13,899; Artisan and Transport Scheme, 73,161; CAC Formalisation Support scheme, 39,636 and Guaranteed Offtake Scheme, 2,811.” She claimed that over N66 billion was disbursed for beneficiaries across the country. According to her, under the first scheme, employees received between N30,000 and N50,000 as three months’
salaries, while beneficiaries in the second one-off got N30,000 grant. Katagum further explained that 250,000 businesses successfully registered under the third scheme, with a one-off N50,000 grant given to MSMEs under the fourth scheme. In his remark, Special Assistant on MSME and Project Coordinator of the survival fund, Mr. Tola Johnson, applauded President Muhammadu Buhari for approving the scheme.
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YOU ARE WELCOME ON BOARD… L-R: Newly appointed Independent Non-Executive Director, Funmi Oyetunji; Chairman, Phillips Oduoza; Independent Non-Executive Director, Gbemisola Laditan, and Non-Executive Director, Chinedu Uzoho, at the 5th Annual General Meeting of NOVA Merchant Bank where the shareholders ratified the new directors in Lagos… recently
Buhari: My Govt Guarantees Media Freedom, Civil Rights Pledges support for hosting of major cultural, tourism events Deji Elumoye in Abuja President Muhammadu Buhari has declared that his administration guarantees media freedom and freedom of expression in the country. This was just as he also promised total support for three major international events scheduled to hold in Nigeria in October and November this year, saying they are opportunities to showcase the nation’s rich heritage in culture, arts, tourism and entertainment as well as advancements on media freedom. Nigeria would be hosting the 2022 UNESCO Global Media, Information Literacy (MIL) Week in Abuja, in October; the first Global Conference on Cultural Tourism and Creative Industry in Lagos, as well as the 2nd Global Association of Literary Festivals Conference in Abeokuta by November. Welcoming the decision by UNESCO, the United Nations World Tourism Organisation (UNWTO) and the Global Association of Literary Festivals to grant Nigeria the right to host the separate historic events, the president, in a statement issued
yesterday by his Media Adviser, Femi Adesina, assured all relevant stakeholders and participants of the warmth and hospitality of Nigerians. On the MIL Week, Buhari noted that it was instructive that Nigeria was attracting positive international attention as a country that promotes media freedom and freedom of expression, recognising the important roles information literacy and media education play in sustainable development. On the first Global Conference on Cultural Tourism and Creative Industry, the president said the rapid growth of Nigeria’s film, fashion, music, and ICT sector, and the increase in international appeal and acceptance would continue to spur government to devote more resources to the sector. Among other initiatives, he recalled that the Creative Industry Financing Initiative (CIFI) established by his administration and managed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee has provided single-digit financing to many young Nigerians in the fields of fashion, film, music and
Education Commissioner: Oyo Govt Not Returning Schools to Original Owners Oyo State Commissioner for Education, Science and Technology, Mr. Abdulrahman Abduraheem has reacted to insinuations that the state government was planning to return some schools to their original owners, be they missionaries or individuals. The Commissioner who clarified the state government's position in a statement at the weekend, maintained that the government at no time indicated its readiness to return schools to their original owners. He declared that the only recent event where Governor Seyi Makinde spoke about ownership of schools was at Loyola College, during the inauguration of a Hall named after the Ondo State Governor, Rotimi Akeredolu. According to the Commissioner, the governor only advised members of the Old Students Association of the school to direct their request to the Ministry of Education. He added that the state government had drawn up a Memorandum of Understanding to guide the planned takeover of Government College, Ibadan, by the Incorporated Trustees of the Government College Ibadan, comprising the Old Students
Association and government nominees, adding that the new regime of control at the Government College, Ibadan, is meant to serve as a litmus test for necessary template on the matter. The statement quoted the Commissioner as saying: "There is clearly no truth to the story making the rounds that the government of Oyo State was about to return schools to their original owners. "The government does not have such intention and there was nowhere His Excellency, Governor Seyi Makinde, made that statement. "For the avoidance of doubt, the governor was confronted about a possible return of the Loyola College, Ibadan, to the Old Students Association and he asked the association to direct its request to the Ministry of Education for necessary engagement. "He did not give any directive on the return of the school or any school, whatsoever. "It is true that the state has developed a proof of agreement with the Incorporated Trustees of GCIOBA, but that does not in any way amount to a blanket return of all schools to their original owners.
information technology. He noted that the $100 million re-development of the National Theatre, Lagos, into a world-class Creative Park was also ongoing, following the handover of the
facility to CBN and the Bankers Committee. The Nigerian leader expressed hope that the literary world would find many good things to celebrate about Nigeria when
they meet in the historic city of Abeokuta, homeland and birthplace of one of Nigeria’s finest literary icons and Nobel Laureate, Prof. Wole Soyinka. Buhari said he was also
delighted to welcome international visitors to Nigeria and urged fellow compatriots to use the period to exhibit the values, “that make us a unique, friendly and peace-loving people.”
SERAP, CJID Sue Buhari, Wants N5m Fine on Trust TV, Others Reversed Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) and the Centre for Journalism Innovation and Development (CJID) have filed a suit against President Muhammadu Buhari, asking the court to declare arbitrary and illegal the N5 million imposed on Trust TV, Multichoice Nigeria Limited, NTA-Startimes Limited and TelcCom Satellite Limited, over their documentaries on terrorism in the country. Joined in the suit as Defendants were the Minister of Information and Culture, Lai Mohammed, and the National Broadcasting Commission (NBC). The NBC had last week imposed the fines on the media houses, claiming that their documentaries, “glorified the activities of bandits and
undermines national security in Nigeria,” and contravened the provisions of the Nigeria Broadcasting Code. But in the suit with number FHC/L/CS/1486/2022 filed last Friday, at the Federal High Court, Lagos, SERAP and CJID sought an order setting aside the arbitrary and illegal fines of N5 million and any other penal sanction unilaterally imposed by the NBC on these media houses simply for carrying out their constitutional duties. According to the plaintiffs the NBC and Mohammed did not show that the documentaries by the media houses would impose a specific risk of harm to a legitimate State interest that outweighs the public interest in the information provided by the documentaries. The suit filed on behalf of the plaintiffs by their lawyers
Kolawole Oluwadare and Adelanke Aremo read in part: “A fine is a criminal sanction and only the court is empowered by the Constitution to impose it. Fine imposed by regulatory agencies like the NBC without recourse to the courts is unfair, illegal, and unconstitutional. “The plaintiffs are also seeking the following reliefs. A declaration that the act of the Defendants imposing a fine of five million naira each on the independent media houses is unlawful, inconsistent with, and amounts to a breach of the principles of legality, necessity, proportionality and therefore a violation of the rights to freedom of expression, access to information, and media freedom. "An order of court setting aside of the fine of N5 million imposed by the Defendants, through the 3rd Defendant, each on Trust TV,
Multichoice Nigeria Limited, TelCom Satellite Limited (TSTV) and NTA-Startimes Limited for televising the documentary by the British Broadcasting Corporation “BBC Africa Eye” titled “Bandits Warlords of Zamfara. "An order of perpetual injunction restraining the Defendants or any other authority, persons or group of persons from unlawfully shutting down, imposing fine, suspension, withdrawal of license or doing anything whatsoever to harass and intimidate or impose criminal punishment on the independent media houses or any of Nigeria’s journalists and media houses for promoting access to diverse information on issues of public importance; and any other order or other order(s) that the Court deems fit to make in the circumstances. No date has been fixed for the hearing of the suit."
Nova Merchant Bank Appoints New Directors, Promotes Staff Oluchi Chibuzor Nova Merchant Bank Limited has announced the appointment of two independent non-executive directors and one non-executive director as it elevated about 20 per cent of its workforce to various grade levels in the bank. According to a statement, the three new appointees were expected to strengthen the board and bring more inclusivity and diversity to the bank’s board. It explained that Mr. Chinedu Uzoho, who was appointed as a non-executive director, is a top-level finance, banking and capital market professional with over 40 years of experience in the banking industry and capital markets. He had served on the board of many reputable institutions and currently the Chairman of Nova MBL Securities Limited (a subsidiary of Nova Merchant Bank Limited). Also, Mrs. Funmi Oyetunji who was appointed as an independent non-executive
director is an accomplished professional with about 40 years of corporate experience gathered across several roles in professional practice and banking in Nigeria and the United Kingdom. She serves on a number of boards and retired recently as an independent non-executive director of Ecobank after serving the full tenor of three terms. She is the CEO of Abitos Financial Services Limited. In the same vein, Mrs. Gbemisola Laditan, appointed an independent non-executive director, is a prize-winning chartered accountant with over 30 years of experience in banking and consulting. She had served on the board of major institutions and is currently the managing director/ chief executive officer of Flux Logistix Limited. “The appointments were ratified by the shareholders on 29th July 2022 at the bank's headquarters in Lagos, following its 5th Annual General Meeting where the bank’s financial
performance for the year ended December 31, 2021, was presented and approved. “The bank reported significant improvement in key financial parameters in the year under review despite the headwinds and macroeconomic challenges. All the appointments have been approved by the Central Bank of Nigeria and all the regulatory bodies,” it stated. The Chairman, Nova Merchant Bank, Mr. Phillips Oduoza who congratulated the new Directors, said the appointments demonstrated the bank’s commitment to leverage a team of talented professionals with requisite experience, fresh perspectives and insights to drive the next banking revolution wave. “We are an Impact-driven organisation committed to delivering sustainable tangible results to all stakeholders and we believe that the careful selection of the new members is guided by the bank’s overarching philosophy of "New ThinkingNew Opportunities to win in the
marketplace,” he said. Furthermore, the statement disclosed that in demonstration of the bank’s commitment to empowering its employees and in recognition of their effort in driving productivity despite the challenging economic terrain, the MD/CEO, Mr. Nath Ude, announced the promotion of about 20 per cent of its workforce. The promotion exercise spanned the bank’s senior, middle, and junior levels even as the management strives to continuously create opportunities for career growth in the institution. Commenting on the exercise, Ude said “Nova is a performancedriven organisation that holds its staff to the highest ethical standards. We have a refreshing corporate culture at Nova which offers immense benefits for our employees embodied by our commitments to them, hence this promotion exercise. We will remain devoted to developing and empowering our people to achieve their full potential.”
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DEEPENING COOPERATION IN BANGKOK… L-R: Nigeria's Ambassador to Thailand, Amb. Oma Djebah and the President/CEO of Thailand's PTT Public Company Ltd, one of Asia's biggest Oil, Gas and Energy Corporations, at the end of a meeting on deepening cooperation in Bangkok ...at the weekend
Eight Bandits Gunned Down by Military in Plateau Air strikes kill terror leaders in Katsina, hideouts around Abuja bombed Seriki Adinoyi in Jos and Kingsley Nwezeh in Abuja
He was known to regularly invite terrorists’ groups from other areas and regions to join him in attacks on targets. Specifically, he was part of the terrorist group that carried out attacks that eventually led to the death of the Nigerian Police Area Commander of Dutsin ma on July 5, 2022. A military source confirmed that Abdulkareem Boss was neutralised in the precision strike alongside 27 of his foot soldiers. It was further gathered that air strikes conducted by the Air Component of Operation Hadin Kai at Degbawa near Mandara Mountain in Gwoza LGA of Borno State on the 3 August 2022 may have led to the death of a wellknown terrorist Kingpin, Alhaji Modu, aka Bem Bem, and some of his fighters. "Alhaji Modu, a key ISWAP Commander had converged with others for a morning meeting on an intended attack before they were struck by an array of NAF
assault aircraft. "An assessment of the strike revealed that the entire location was levelled to the ground and sources have since revealed that no fewer than 20 terrorists were confirmed eliminated in the strike", a military source said. THISDAY learnt that similar air strikes were also conducted on terrorists’ hideouts around Abuja. "Although Intelligence Surveillance and Reconnaissance reports have since indicated that the terrorists fizzle out immediately after carrying out their nefarious acts, credible information have since revealed that threats within Abuja was being orchestrated by
Buhari's Nephew Dumps APC, May Join PDP
Two vigilante members have been killed and many others injured by gunmen suspected to be terrorists in a fresh onslaught on Shola Quarters in Katsina Local Government Area of Katsina State. The hoodlums who invaded the quarters situated behind the Federal Teaching Hospital in Katsina metropolitan area in the wee hours of Sunday, abducted a newly wedded couple and other residents of the community. A resident of the quarters, Usman Ibrahim Atiku, who confirmed the attack to THISDAY yesterday, said the vigilante members were shot dead while trying to prevent the suspected terrorists from invading the commercial quarters. The Public Relations Officer of the State Police Command, SP Gambo Isah, also confirmed the attack and promised to give details of the incident in a press statement, but could not as of press time. He added that the hoodlums, armed with sophisticated weapons, stormed the quarters riding on motorcycles and started shooting sporadically to scare the residents before the intervention of the local vigilante members who were later overpowered by the criminals. According to him, "They (terrorists) came in large numbers
Eight bandits were yesterday killed in Sabongari village in Wase Local Government Area of Plateau State by military taskforce (Operation Safe Haven) in the state. The incident occurred during a joint operation by officers of the taskforce and vigilantes. The operation which began on Saturday lasted till Sunday evening. A resident of the area, Mallam Abdullahi Usman said during the clash, two villages - Zurak and Yaddi-Lawan - which were earlier seized by the bandits and had served as base for them were burnt and reclaimed by the soldiers. He said, "Some of the bandits were killed while others ran out of the community. It is joint operation with soldiers and vigilantes. It was a successful operation." Spokesperson of the military taskforce, Major Ishaku Takwa confirmed the incident.
Francis Sardauna in Katsina President Muhammadu Buhari's nephew and member representing Daura/Sandamu/ Mai'Adua federal constituency at the House of Representatives, Hon. Fatuhu Muhammed has dumped the ruling All Progressives Congress (APC). The lawmaker, in a resignation letter made available to
He said "Eight bandits were killed during the operation in the area." Meanwhile, military air strikes at the weekend killed terror leaders and 27 insurgents in their enclaves in Rugu Forest in Katsina State and some parts of the Northeast of the country. Similar air strikes were also conducted on terrorists’ hideouts around Abuja. In addition, Military authorities said last night that fighter jets bombed terror hideouts around Abuja. Intelligence reports also indicated that while the terrorists fizzle out immediately after carrying out attacks, it has emerged that threats within Abuja were orchestrated by terrorists from their hideouts within Kaduna, Niger and Zamfara States. The air interdiction came barely a week after the military service chiefs at the last national security council meeting in Abuja, reassured President Muhammadu
journalists in Katsina yesterday, said he ceased to be a member of the Buhari-led APC with effect from July 15, 2022. Although the House of Representatives member did not disclose his next political line of action in the resignation letter, credible sources said the lawmaker has already perfected plan to join the Peoples Democratic Party (PDP).
Buhari and Nigerians that there would be a change in strategy and momentum in the fight against insurgency and terrorism and after the Chief of the Air Staff’s directive to Nigerian Air Force (NAF) operational and air component commanders to ‘show no mercy’ as in decimating terrorists and insurgents in the country. THISDAY gathered after days of careful planning and coordination, the Air Component of Operation Hadarin Daji Saturday carried out successful strikes on key terrorists’ enclaves and hideouts located at Rugu Forest in Katsina State. The air strikes, it was learnt, killed one Alhaji Abdulkareem Lawal, aka Abdulkareem Boss. Lawal was a high valued target who had been on the radar of the Nigerian Military and other security agencies for a while. He was based in Marina area of Safana LGA and was responsible for several terrorists’ attacks and kidnappings.
The letter reads: "This is to notify you that I have resigned my membership from the APC with immediate effect commencing from Wednesday the 15 day of July, 2022. Attached herewith is my Party Membership Registration slip with slip No. KT/DRA/10/00002 "While I thank you and the Party for the opportunity given
to me to serve the interest of the people of Daura/Sandamu/ Mai'Adua Federal Constituency while working with the Party, accept my best wishes please." The letter was addressed to his Sarkin Yara A Ward Chairman and copied to the chairman of Daura local government, state chairman of the APC and the Speaker of the House of Representatives.
Group Passes Vote of Confidence on TETFUND Executive Secretary Ibrahim Oyewale, Lokoja A group, the Northern Youth Initiative for Governance (NYIG) has passed a vote of confidence on the Executive Secretary of the Tertiary Education Trust Fund (TETFUND), Mr. Sunday Echono for implementing and executing the mandate of the agency within his hundred days in office. Speaking at a press conference in Lokoja, Kogi State yesterday, the convener of the group, Mr. Alfa Ebune, said after a discrete independent assessment on the performance of the Executive Secretary of TETFUND, the group was
absolutely satisfied with his performance. Ebune said the TETFUND boss was able to execute infrastructure development, sponsorship of scholars within and outside the country and workshops across all federal and state tertiary institutions geared toward improvement and development of instructions in the country. "We have seen his midas touch in both state and federal tertiary institutions in Nigeria. We therefore pass a vote of confidence on him because for a short time in office he was able to hit the ground running by virtue of his achievements.
"Our organisation will continue to support him and also support other appointees of President Buhari who are equally doing well like Arch. Echono," he said. While commending President Muhammadu Buhari for putting a round peg in a round hole in appointing Echono the head of TETFUND, the youth leader described him as a man with long standing records of commitment and dedication to work when he held sway as the permanent secretary federal ministry of education. Ebune who is also the chairman, stakeholders
committee, Nigeria Youth Congress North central appealed to heads of tertiary institutions to ensure effective, diligent and prudent management of interventions provided by TETFUND. He also charged tertiary institutions who are not up to date in the assessment of interventions for their institutions to be proactive in doing that in the interest development. "We learnt that some tertiary institutions are yet to asses even 2018, 2019, 2020 and 2021 TETFUND interventions. Such institutions should brace up to do the needful" he said.
terrorists from their hideouts within Kaduna, Niger and Zamfara States", a security source said. "In view of this, NAF aircraft under Operation Whirl Punch were dispatched to undertake intensive air interdiction operation to degrade/neutralise the terrorists within their identified hideouts in Giwa, Birnin Gwari, Kajuru and Chikun LGA in Kaduna State and Kusasu, Kwaki and Kukere LGA in Niger State. "The operations were aimed at forestalling them from further planning to cause mayhem within Kaduna and Niger States as well as surroundings around the Federal Capital Territory (FCT).
Police Rescue Six Kidnapped Victims, Terrorists Kill Two, Abduct Couple in Katsina Francis Sardauna in Katsina
on motorcycles and started shooting indiscriminately before the intervention of our vigilante members. Sadly, they killed two of the vigilante members, injured two others and abducted other residents including a newly wedded couple. "The vigilante members had to retreat to their houses when the bandits overpowered them and it was just now (morning) that we retrieved the two corpses and took the wounded ones to the hospital. The attacks on Katsina metropolis are becoming rampant, the government should rescue us". Meanwhile, the state police command has raided a terrorists' hideout in Danja Local Government Area of the state where they rescued six kidnap victims. The command's spokesman, Isah, who confirmed the development yesterday, said the command received an intelligence report about the hideout which prompted its operatives to raid the location at Unguwar Dako,Tandama village where the six people were rescued around 5.30 p.m on Saturday. Isah said: "On Saturday 6,August,2022 at about 0530hrs, based on credible intelligence, the command raided terrorists hideouts at Unguwan Dako, Tandama village, Danja LGA and succeeded in rescuing six kidnapped victims."
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Acting Group Politics Editor DEJI ELUMOYE
POLITICS
Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY
M O N D AY D I S C O U R S E As Senate Engages Miltary Chiefs over Security Challenges... Sunday Aborisade reviews the meeting between the leadership of the Senate and security chiefs over the mounting security challenges in the country amid insistence of opposition Senators to proceed with impeachment of President Muhammadu Buhari
Buhari
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ith no indication that the President Muhammadu Buhari-led executive arm of the Federal Government will be acting on any of its resolutions and reports on security conferences, opposition lawmakers in the Senate are hell bent on going ahead with their planned impeachment proceedings when they return from their annual vacation in September. The development is therefore generating unprecedented tension among the principal officers and body of principal officers. Some of the opposition senators who spoke with THISDAY on and off the record, expressed doubts if the Buhari’s government would be able to stem the rising insecurity challenges before the expiration of their six-week ultimatum. The Chairman, Senate Committee on Federal Roads Maintenance Agency, Senator Gershom Bassey, insisted that the Buhari administration had not taken the federal parliament serious so far regarding the resolutions and reports on security passed to it. He said, “We have had two security conferences which came up with a long list of solutions to the ongoing insecurity across the country. The only recommendation that was implemented was the change of security chiefs. “Rather than implement the recommendations, the executive arm of government came to the Senate with a supplementary budget of about N900bn to enable it to tackle insecurity. We still passed the bill and approved the entire money they requested for. We had earlier approved $1bn which they said was purely to tackle insecurity. “Anytime they come up with any financial request to address insecurity, we are always willing and ready to approve without delay. We are very serious about the issue of security in the National Assembly. “The bottom line is not about money now. We are not even talking about funding at this time. We are just interested in ensuring an improvement in the security situation across the country.” Similarly, the Vice Chairman, Senate Committee on Customs and Excise, Senator Francis Fadahunsi, ruled out the possibility of Buhari-led administration handling the crisis within the six weeks ultimatum. Fadahunsi said his colleagues in the opposition political parties in the Senate had made up their minds to go ahead with the impeachment proceeding on resumption. According to him, majority of the Senators across political party lines had already passed a vote of no confidence on Buhari because of his administration’s inability to address the worsening security situation in the country. He expressed doubts in the ability of Buhari to tackle the embarrassing security challenges currently facing the country in six weeks since
Irabor
he couldn’t do so for seven years. Fadahunsi vowed that the impeachment proceedings would commence as soon as his colleagues resume their current six-week annual vacation on September 20. He said, “We have been talking and giving suggestions on how we could end the insecurity challenges facing the country but the Head (Senate President) is hooked to the Villa. He has been frustrating all moves by us to take drastic measures against the President. “We have now made up our mind to strike now that the iron is still hot instead of wasting our time, cooperating with the Ahmad Lawan leadership while the nation is being destroyed by terrorists with no plan by the government to stop them. We won’t wait until we are all killed. “We have now decided to pull out of the “rubber stamp” arrangement so that the whole Nigerians would know that we have not been in support of the failing economy, the huge debts accumulation, falling naira, insecurity across the country and the unprecedented forms of corruption going on in the polity. “Unfortunately, the man heading us now (Lawan) was leading the opposition lawmakers before and was challenging the rots in the system then. Now, he doesn’t want anyone to challenge the Buhari’s government when things are falling apart everyday. “Any leader that opposes such challenge in a democratic setting must also be challenged because we are elected by the people. “Go and interview most of the Senators. There is no effective oversight of the ministries, depart-
Lawan
Fadahunsi
ments and agencies of the federal government. Buhari will bring the budget and his people here will want us to pass it as he brings it. No examinations and heads of MDAs are doing what they like. “Those who voted for Buhari in 2015 thought he could contain the insecurity being a former military general but unfortunately things are getting worse under his watch and he appeared helpless. “That is why we resolved that if we come back on September 20 and discovered that the situation is still the same, with no appreciable steps taken, we would impeach him. “We will first impeach anyone who says we will not impeach Buhari. If anybody tries to block us here, whether the Senate President or anyone in the Senate, we will remove the person. “Mr. President is finding it difficult to sack his non performing security chiefs while those terrorising the nation are not being arrested. There is tension everywhere and something drastic has to be done.” Interestingly, the leadership of the Senate last Wednesday, held a marathon four-hour meeting with military chiefs and heads of security and intelligence agencies over the deteriorating security situation in the country with both sides maintaining sealed lips after the closed-door parley. President of the Senate, Dr Ahmad Lawan led other principal officers of the Senate and Chairmen of security related committees to the meeting which started around 3pm and ended at 7pm. Chief of Defence Staff. General Lucky Irabor also led to the talks the three Service Chiefs, Inspector General of Police, heads of Intelligence agencies like NIA and DSS and also Commandant General of Nigerian Security and Civil Defence Corps(NSCDC). The National Security Adviser, Major General Babagana Monguno (rtd) was represented because he was attending the Federal Executive Council (FEC) meeting at the time.
Lawan told journalists before they were sent packing from the hall that the meeting was at the instance of the Senate leadership. He said, “We have invited you today for what is obvious, what is before everyone, what is of concern and of interest to every Nigerian today. “The Senate, before we went on recess last week Wednesday, we had discussions over the security situation in the country. “But even before then, we have had several discussions over the security situation. “Let me say, this Senate particularly and indeed even the previous sessions of the National Assembly generally, have shown serious commitment and partnership with the executive arm of government. “As far as I can remember, there has never been an administration in this country, especially since the Fourth Republic started in 1999, that invested so much resources in the security of this country like this present administration. “I have no doubt about it. I am a participant. To a very large extent I can say that none. “We believe that as a National Assembly, we have always met this Executive at the right position, at the right time, most especially when it concerns investment in the security of life and property in Nigeria. “We have also, in our individual capacities as committees of the National Assembly and infact as a National Assembly shown concern about the security situation. “The security situation of any country cannot be one hundred percent satisfactory but of course there is a level at which no country can be comfortable with insecurity. “Ours has lingered definitely. We had hoped that by this time, the security situation in Nigeria would have been far better and Nigeria would have made more progress not only in the area of security but also in the area of economy which is tied to the security situation again. “I believe that all security agencies and armed forces have been doing their best but apparently we have to do more to achieve what we desire to achieve. “There are, of course, several arguments whether the resources available to our Armed forces and our security agencies are enough or not. Definitely not enough. “I don’t know of any country where there is enough really. But even within the scarcity that we have, this administration and this Senate and National Assembly has always prioritise the security of our country. “This particular session of the interaction between us is to look into where we are today and probably this current position where we are is most frightening because it is like there is nowhere to hide, no where to go.
We have now decided to pull out of the “rubber stamp” arrangement so that the whole Nigerians would know that we have not been in support of the failing economy, the huge debts accumulation, falling naira, insecurity across the country and the unprecedented forms of corruption going on in the polity. Unfortunately, the man heading us now (Lawan) was leading the opposition lawmakers before and was challenging the rots in the system then. Now, he doesn’t want anyone to challenge the Buhari’s government when things are falling apart everyday
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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T H I S D AY ˾ MONDAY AUGUST 8, 2022
MONDAY DISCOURSE
Oni’s Petition and Ekiti’s Politics of Vengeance
Victor Ogunje examines the move by the Social Democratic Party’s candidate in the recent gubernatorial election in Ekiti State, Segun Oni, to appeal the victory of Biodun Oyebanji of the All Progressives Congress at the poll
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n July 6, 2022, former governor Segun Oni and the candidate of the Social Democratic Party in the recent Ekiti State governorship election, filed a petition at the Election Petitions Tribunal to upturn the victory of Biodun Oyebanji and All Progressives Congress candidate in the keenly contested electoral battle. Oyebanji, a former Secretary to the State government and experienced politician with full grasp of Ekiti politics, having been part of government since 1999, garnered a total of 187,045 votes to defeat Oni, his closest challenger, who polled 82, 209 ballots to rank second in the highly pulsating poll. As constituted by the Appeal Court President, Hon Justice Dongban-Mensem, the Tribunal panel, is to be chaired by Justice Wilfred Kpochi, while Justices Sa’ad Zadawa and Jacob Atsen, are members. The current litigation, which pundits presumed will be fierce because of the existing enmity between the personalities involved, was being taken in some quarters as more of a game of vengeance, grudge and belligerence, with full periscoping of the past political events in the state. In retrospect, Oni was booted out of government as a governor on October 15, 2010, owing to a long-drawn electoral battle waged against him by the then Action Congress. Since that free fall into obscurity, Oni had found it difficult to rise politically. This was a further testimony to the deep-seated acrimony between him and Governor Kayode Fayemi, who spearheaded the catastrophic litigation. Looking at the trajectory of elections in Ekiti since 2007, Oni could be said to be returning to a familiar terrain. Then, Oni as a governor traversed all the hierarchies of courts twice when his victory was being challenged by Fayemi, who was the AC candidate for that election. The first litigation began on May 14, 2007 and the November 8, 2007 verdict of the Justice Bukar Bwala-led five-man panel of Tribunal Judges threw away Fayemi’s petition on the potent ground that he vehemently failed to prove his case beyond reasonable doubt.
Oni
Oyebanji
But the undaunted Fayemi proceeded on appeal and reprieve came his way on February 17, 2009, when Justice Mohammed Dattijoled Appeal Court in Ilorin, Kwara State, upturned Oni’s election and subsequently ordered a partial rerun in 10 out of the 16 local government areas of the state. The sordid scenario that dogged the outcome of the April 26 and May 5 , 2009 rerun in Ido/Osi launched Ekiti to prominence, though in a negative fashion. The word “Ido/ Osi” then became registered as one of the country’s electoral lexicons for “rigging”. Eventually, Oni won the poll and returned as Ekiti Governor on May 8, 2009, with high expectations that he would be spared of all legal distractions to complete his tenure on May 29, 2011. But his hope was dashed as Fayemi again filed a petition against the rerun and the electoral battle and enmity, that had become a vicious cycle resonated again.
The second petition ended up being the most diligently prosecuted suit in Nigeria’s history. This eventually brought about a split judgement of August 10,2009 where Oni narrowly survived the hammer. The judgement delivered by Justice James Barka and two other Tribunal Judges, dismissed Fayemi’s petition and returned Oni as the validly elected governor. But Justices A. Adebara and Obande Ogbuinya found probative value in Fayemi’s petition and declared him the actual winner. This contrasting judgements created frenzy moods in the two camps and across all the strata of Ekiti. The matter was later laid to rest at the Court of Appeal in Ilorin on October 15, 2010, when the then President of the Court of Appeal,Justice Isa Ayo Salami and others in their unanimous verdict removed Oni as a governor and declared Fayemi as winner of the rerun. Looking at the synopsis of Oni’s political history and his serial battles with the progressive party, one should be able to decipher that this present petition could be a payback for the ruling party. Since these battles ended, those in Oni’s camp had always perceived Fayemi as an enemy. Even
when the former governor showed interest to work with Fayemi in 2014 to secure a second term, he did so owing to intervention of some powerful forces in APC in the Southwest enclave. Whatever happens during Oni’s stint with the APC as the Deputy National Chairman (South) didn’t erase the vestiges of bad blood between the two political juggernauts. This also manifested in the ferocious way Oni pursued the case he instituted against Fayemi after the March 26, 2018 APC governorship primary won by the incumbent governor up to the Supreme Court. Oni told the court to declare him the valid candidate on the premise that Fayemi was ineligible to contest, having failed to resign 30 days to the primary as demanded by law as a serving Minister of the Federal Republic of Nigeria. He also contended that Fayemi’s indictment by Justice Silas Oyewole-led judicial panel of inquiry set up by former Governor Ayodele Fayose for alleged financial impropriety, was another ground that rendered Fayemi unfit to contest. But the court found the position implausible and dismissed same. All these underscored that the two personalities had always posed as arch rivals and enemies and would be hard for their paths to cross. Oyebanji, being Fayemi’s political scion, is now drinking from the sour chalice the political acrimony between the duo former governors had assumed. In the suit filed by his lawyer, ObafemiAdewale (SAN), Oni averred that the 2022 election violated the provisions of the Electoral Act and the 1999 Constitution, as amended, with alleged cases of widespread vote- buying and muzzling of opposition figures that vitiated the election. Oni also described the primary that produced Oyebanji as candidate as being fraught with irregularities. He opined that the governor-elect was not validly elected to fly the party’s flag on the premise that the Governor Mai Mala Buni-led National Caretaker Committee of the party was a contraption and a flagrant negation of the APC constitition. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Cross River APC Divided Over Governorship Running Mate Chuks Okocha writes that some stakeholders of the All Progressives Congress in Cross River State are at daggers drawn with Governor Ben Ayade over the choice of the party’s deputy governorship candidate for the March, 2023 gubernatorial poll
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overnor Ben Ayade of Cross River State last year defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) due to perceived irreconcilable political differences. He moved with his political associates in the State House of Assembly, including Peter Odey Agbe who also left the PDP for APC so as to maintain his position as House Leader. As expected, the PDP dragged him to court on the basis that he cannot leave the party because there was no leadership crisis in the state as well as the national cadre of the party. The PDP challenged his defection, urging the court to declare his seat at the state House of Assembly vacant. He went to court to claim that he is still a member of the PDP. At a time when the court was to give judgement against his defection to APC. He filed a suit at the Federal High Court, denying that he has left the PDP. He denied being a member in suit number FHC/ABJ/CS/976/2021. But last month, he was listed as the governorship running mate to the APC gubernatorial candidate, Prince Bassey Otu. APC members in the state are accusing Governor Ayade of imposing a non party member as a running mate to the party’s flag bearer in the state. Stakeholders of the APC in the state, in a petition addressed to the national chairman, Abdullahi Adamu, signed by the chairman of the Cross River State Council For Good Governance (CRSCGG) James Udoh and the Secretary, Emmanuel Akpan, made available to Thisday, accused Governor Ayade of imposing his political associate, Odey Peter Agbe who is a chieftain of the PDP as the
Ayade
running mate to Otu Bassey who is the governorship candidate. Accordingly, they said in the petition to the APC national chairman, “The truth is that you cannot put something on nothing and expect it to stand. Peter Odey is not a legitimate member of APC. He denied being a member in suit number FHC/ABJ/CS/976/2021. “By extension to his own averments in the above suit, he has demonstrated bad faith in accepting to deputise Prince Otu having denied being a member of a political party he is now shamelessly parading himself as a member. What a politi-
cal summersault by the Peter Odey. “You cannot approbate and reprobate at the same time, you can not blow hot and cold. It is on record and the evidence is there that Peter Odey, a stooge to the governor in an attempt to please the governor defected with the governor to APC and when sued by the PDP, he swore on oath that he is still a member of PDP. “It is surprising to now see him accept the inglorious position to deputize Sweet Prince and if our party APC does not tread with caution, the opposition will take advantage of the flaw of Peter Odey as deputy. We have seen precedents how a sitting governor was removed recently due to the sins of his deputy. A case study is Bayelsa state. May this never happen to Cross River State APC. “May this man Peter Odey not infect our amiable governor in waiting Prince Otu with his bitterness. It is our candid opinion that because it is unclear whether or not Peter Odey has resigned his membership from PDP, he cannot in all honesty be handpicked by the governor to be deputy in a party that wants to win election in what is going to be a highly contentious election. He is not qualified and if nothing is done to change this impending disaster that is about to befall the party, then be rest assured that defeat is imminent. Let he who stands take heed lest he falls. Prince Otu is too sweet to have bitter Odey as running mate. Governor Ayade is only being mischievous and the governor may not know the legal implications of the candidacy of Peter Odey. Ayade should continue playing pranks. He can not always flatter our intelligence and if he refuses to give the choice of Peter Odey as deputy a
thought, then no matter the matter, it will matter where it matters in the coming days. The petition to the APC national chairman supported with an affidavit sworn at the Federal High Court. Abuja by Ekanem Bassey Asoquo said “Peter Odey Agbe is a registered member of the PDP and was hitherto sponsored by the PDP to contest election in the State House of Assembly”. They further stated that the PDP issued him with the certificate of returns having won the election to represent his state constituency in the state. According to the petition, the stakeholders argued that the group has checked the membership register of the APC in his ward, that as the time of their petition that he is still a member of the PDP. The petitioners said the name of Peter Odey Agbe “is not found in the APC register and yet, his name was imposed on the governorship candidate, Bassey Otu as his running mate”. According to the petitioners, “they know it as a fact that even when the APC care taker committee extended their registration exercise to all interest intending members, that Peter Odey Agbe never registered or revalidated his membership of the APC”, thus retaining his membership of the PDP “That this is a ploy by Governor Ben Ayade to cause the APC to loose the gubernatorial election coming and ensure that he wins his senatorial ambition at the forth coming National Assembly election in the state.”, the petitioners claimed. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email: chiemelie.ezeobi@thisdaylive.com, 07010510430
Making Case for Okada, Mining Given the recent threat by the federal government to ban all activities of mining and commercial motorcyclists as part of measures to stem the tide of banditry and insurgency, the Nigeria Economic Security Agenda are however of the opinion that the said decision would not only ruin the economy, but triple unemployment, Chiemelie Ezeobi reports
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s part of measures to stem the rising insecurity across the nation, the federal government recently said it was considering a nationwide ban on commercial motorcycles, popularly known as okada, as well as mining activities. According to Abubakar Malami, attorneygeneral of the federation, several approaches for containing insecurity were deliberated during the National Security Council meeting and they arrived at the fact that motorcycles provide the means of transportation for terrorists while mining is their source of funds for the purchase of arms, thus the need to ban both nationwide. But in its reaction, the Nigeria Economic Security Agenda (NESA), said whereas they align with government on the need to secure this country for the good of all of us, they however disagree with the proposed procedure which they believe would not serve the intended purpose. Stressing that their reaction was out of deep and genuine concern against a move that would ruin the economy, NESA Convener, Ikenna Emewu said: "these sectors embody very important economic activities which are prime to the stability of the country. No doubt, socio-economic security, and safety are the core of stability and it is only economic security that guarantees national security. In Nigeria, like in any other country, societies with higher unemployment have higher crime rates". Okada as an Economic Incentive For NESA, motorcycles for instance, generate employment for millions of Nigerians who are helpless and these come through the value chain of manufacturers, who have factory plants in Nigeria where motorcycles are assembled after they are imported in completely knocked down (CKD) mode. Emewu noted that some plastic ware factories also locally manufacture the rubber and plastic components of the motorcycles, using local rubber loaves from Cross River, Delta and Edo states, adding that they employ many as 12,300 Nigerians and have also invested as much as N100 billion, some with foreign partners. "These places they have put into existence are not what the government should crush overnight. This ill-advised ban would further affect the agricultural sector that produces the rubber for the local factories. A good instance is a memorandum of understanding between the Innoson Motors and the Edo State government early this year on the supply of rubber loaves to the Innoson’s plastic wares factory in Enugu which makes plastic parts for the motorcycles he assembles," he noted. On the dealers, he said there are over 500 Nigerians nationwide that import motorcycles with so many distributors. "Between Nnewi, Lagos and Kano, there are at least 45,000 dealers or sellers of the spare parts, with each of them employing an average of 10 persons They also provide employment for not less than 760,000 Nigerians who sustain their families through the business". On taxi operators, he said in all the states of Nigeria, there are at least 5.2 million citizens who operate motorcycle taxis commonly called okada, thus "banning bikes on a nationwide scale would have grave repercussions on the economy and the larger society, especially as the government can’t have any ready alternative". Also making case for repairers and spare parts dealers, he said all over Nigeria are not less than 1,000,000, adding that "cumulatively, the motorbike value chain provides jobs for over 20.2 million Nigerians directly and indirectly with an average investment and gross value of over N200 billion, inclusive of those that use it for courier dispatch services. "We are rightly persuaded that the prime obligation of a government is the provision of the right environment for businesses and individuals to thrive, not the opposite".
Some seized motorcycles
President Buhari Okada and Nigerian Security Challenge Positing that one can’t situate or blame the insecurity in Nigeria on motorbikes, he said: " Yes, terrorists are reported to attack towns, villages, and facilities to attack targets on motorbikes, but these are not beyond our security system to confront just because they come on motorbikes? What is the assurance that if they don’t have access to a motorbike, they won’t devise alternatives, since they operate unchallenged most times? "Viewed critically, how could it be justified that a horde of bike-riding criminals travel 10s of kilometers to attack targets, abduct captives, and vanish like in a magic movie? It is quite unthinkable that the security system can’t detect or stop such movement and instead plans a ban on what affords Nigerians a living. "So, using that as justification is like the government punishing us
Photo credit: Google
Malami the helpless citizens whose businesses depend on motorbikes as scapegoats for their own failings. "For instance, while these problems linger, our security system in the north has still not enforced the registration of motorcycles as done in the southern part of Nigeria. Beyond disputation, no single motorbike used as a taxi in the Abuja suburbs has plate numbers. Even around the airport very close to the toll point on the airport road in Abuja, it is common to see motorbikes in their pools all without marks or identification on them or on the riders. "The bandits and terrorists use mobile phones to communicate with the families of their victims, so has that made the government to ban the use of mobile phones nationwide? If the terrorists eat food and drink water, should we also ban food and water, nationwide? If they use drugs, we shut down all pharmacies in Nigeria, right? The criminals also use cars, and do we expect that to be banned in the future to check insecurity?" Refusal to Ban Nomadic Cattle Grazing Perplexed as to why the government would want to ban okada but refuse to ban nomadic
The bandits and terrorists use mobile phones to communicate with the families of their victims, so has that made the government to ban the use of mobile phones nationwide?
cattle grazing since 2016, Emewu said many Nigerians have factually clamoured for the ban of open nomadic grazing by people of some parts of Nigeria. "Thousands of Nigerians have been killed and their deaths are linked to nomadic herdsmen who invade the farms and business places of other Nigerians, killing them, burning down towns and villages, and invading repeatedly. "Benue, Kogi, Enugu, Ebonyi, Abia, Ondo, Taraba, Ogun, Oyo, Edo, Ekiti states and many more, including southern Kaduna and parts of Plateau State have been living under their siege. Yet, this government blocked theirears to the millions of calls from the people to ban open cattle grazing and restrict them to ranches. "Ironically, in the list of world’s top cattle owner countries, Nigeria is not counted among the first 20. Only Egypt is an African country in the list. The top countries like India, China, Brazil, Netherlands, etc don’t have cattle roaming the streets. They house them in ranches. "I am aware that 85 per cent of Nigeria’s mechanised and modern agriculture is practised in the north through government grants, it baffles why the region resists modernisation of cattle breeding in ranches as other parts of the world do. "Because the cattle is valuable, far more valuable than motorcycles, and are not protected y, it becomes a huge attraction to rustlers to go for them and kill in the course of their act. Because the income of the rustlers is not taxable, that leaves them with enormous capital to fuel terrorism against Nigeria." Economic Implication Citing grave implications on the economy if the ban is executed, he said with the volume of businesses thriving in the motorcycle sub-sector, there is a huge pool of revenue that accrues to the government in duties and taxes through importation and company taxes. "At the prevailing rate of 20 per cent taxes on new vehicles and 15 per cent on used vehicles with effect from April 2022, the mass importation of this product into Nigeria yields a large chunk of revenue that the struggling economy could not afford to lose. It runs into some tens of billion of naira annually. "The FG can consult the Federal Inland Revenue Services (FIRS) in Nnewi, Lagos, Onitsha and Kano for the confirmation of this yield. More than 20 million Nigerians in the motorcycle value chain will be out of job Continued on page 19
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T H I S D AY ˾ DAY AUGUST 8, 2022
FEATURES
Mining for natural resources and the country will lose investments worth over N200 billion". Charging the government not to punish the innocent, he said government knows the factors that fuel insecurity and rather prefers to deal with innocent and helpless Nigerians who make a living through motorcycles or okada. "Such an intended ban has multiple effects because in so many cities, there is a proliferation of courier services that use motorcycles for operation. Nigeria already has over 5,300 such courier and dispatch companies in the business. "Such a ban will also put all these people out of business and thereby worsen the economic crises of the country, at a time the citizens are going through their worst moments of hardship. "There are motorcycle spare parts dealers and manufacturers who do legitimate business and all would be unjustifiably swept away by such a reckless plan when the government has failed to protect the same people from economic hazards. "It has been advised by experts since 2016 to ban nomadic cattle herding and introduce ranching that would register and identify cattle, the source and their movement. That way, the foreigners that bring in their cattle to kill will no longer operate and the farmer victims would have peace and pursue their lawful economic lives in their localities. "However, when these okada riders, whom about 60 per cent of them are northerners, are out of employment due to the planned ban, it is a very easy way to provide terrorist groups with hands to recruit into their squad of killers. 400 Boko Haram Sponsors not Prosecuted For NESA, it is imperative to examine all the issues, especially compromises in the past on how the federal government handles insecurity in Nigeria, noting that it includes "the announced 400 sponsors of Boko Haram the Attorney General of the Federation told the press about in May 2021. "He was quite definite that the FG already had the list ready and will soon commence prosecution. Fourteen months after, we have not heard anything and the big man behaves like he never said that. It is a sickening compromise for a government to have a list of 400 crime suspects whose activities threaten the existence of Nigeria and refuse to do anything. "Recall that in November 2020, six Nigerians were convicted of funding and acting as conduits for Boko Haram financing in Abu Dhabi in the UAE. None of them had anything to do with okada riding or solid minerals mining. Three of them were rather government officials. They didn’t get involved in the terrorism funding through the government or for the government, but for themselves. "Isn’t it rather disheartening that the FG plans to ban okada, but has failed to track down a notorious terrorist, Ada Aleru who was visible when he was turbaned as Sarkin Fulani Yandoton Daji Emirate by Emir Aliyu Marafa in Zamfara State? The security system said it can’t find a man that was made a king as terrorists' leader just a few hours after the turbaning. Seeming Laxity and Pertinent Questions On the seeming laxity of security operatives
in the face of rising insecurity, Emewu posited that on March 31, 2022, some days after the terrorists attacked the Abuja-Kaduna train, Governor Nasir El Rufai of Kaduna told the press that “the Nigerian authorities know the camps of the terrorists, the identities of the operators and even listens to their conversation" which was when he called for the bombing of their camps. "Did the presence of motorcycles in any way stop the security system from smoking them out", he queried. "Unfortunately, however, after the train attack, the Minister of Transportation, Hon Chibuike Amaechi said there was prior information of the attack but that the necessary approval was not made to safeguard the railway track from the incident. "In December 2016, El Rufai said he visited some neighbouring countries and paid Fulani herdsmen with Nigerian money to stop attacking innocent Kaduna citizens, especially the southern Kaduna axis. So, if these people were paid as he said, means they were seen and known. Has that anything to do with okada? "Has our government any justification to throw open our borders to foreigners that cause us pain and destroy our stability, and turn around to ban the lawful means of the livelihood of citizens? Sometime this year, in a live TV discussion, the Bauchi State governor, Bala Mohammed justified the mass migration of Fulani herdsmen of neighbouring countries, arguing that all Fulani of any country belong to Nigeria. So, why visit others with a ban over this deliberate failure? "El Rufai was specific on December 3, 2016, that “Fulani herdsmen from across Africa bring their cattle down towards Middle Belt and Southern Nigeria…some of them are from Niger, Chad, Cameroon, Mali, Senegal. Fulani are in 14 countries and they traverse this country with the cattle.” Pray, what did the FG do to stop this invasion, a henchman of the government and the party revealed? Because of the porosity of the borders up north, these people stream in unhindered. "In 2020 when the FG had closed most borders down south to the West African countries, Rep. Fatuhu Mohammed representing the Daura/ Sandamu/Mai’Adua lamented at the House of Representatives plenary how he deliberately visited the Jibiya border late at night to find that the closure was not effective as goods
and people moved freely at night into and out of Nigeria from the Niger Republic." Compromise of Security Leaders One of the commonest features of our insecurity challenge "is the constant complaint of our dedicated troops that the military bosses shortchange them and divert the funding meant for their support. "Whereas some of them have been rather punished by the military high command, no such accused chief officers were ever prosecuted to serve as a deterrent. These encourage insecurity in Nigeria," Emewu lamented. After the invasion of the Kuje custodial centre, Abuja, the supervising minister, Rauf Aregbesola admitted to the press that the intelligence agencies informed the security system ahead of time who rather refused to act on the tips. "So, Nigeria’s insecurity should be checked by the government firming up the activities of its agencies. It has nothing to do with okada or solid mineral mining," he posited. Banning Solid Minerals Mining Stressing that banning Solid Minerals mining was a joke taken too far, NESA said the Federal Ministry of Mines and Steel Development has in the past 10 years invested so many resources in the development of the solid minerals sector to be an alternative economic avenue to the government. Dishearteningly, he said it is one of the two aspects of the economy the FG mooted banning to curb insecurity. How? You may ask. "In the days of President Olusegun Obasanjo and into the Yar-Adua administration, the country faced serious vandalism of oil installations and militancy in the Niger Delta. That crashed Nigeria’s crude production to about 45 per cent. "Did the FG ban oil exploration in the Niger Delta region stop the threat? Does it make sense for someone to slash off his nose to spite his face? Today, there is still some security threat to oil exploration and installations. Are we expecting the FG to announce also banning oil mining? "What is the wisdom - security, social, economic, etc in the FG contemplating banning solid minerals exploration to check insecurity? None at all, apart from sounding like surrendering to the terrorists. "Investments in the solid minerals sector by Nigerians and foreigners is in excess of N200 billion including equipment, while the sector provides employment for at least 350,000 Nigerians. These investments are mostly in the long term that take quite some time to recoup and there will be calamity on such investors and Nigeria to freeze all these." Therefore, he said the duty of the government is to ensure there is the right environment for all sectors of the economy to thrive - not ban. Going down memory lane, he said in the early years when the late Prof. Dora Akunyili was the director general of NAFDAC, she
Nigeria’s insecurity should be checked by the government firming up the activities of its agencies. It has nothing to do with okada or solid mineral mining
mentioned a plan to ban pure water production, and Nigerians went up in arms against that. They rather challenged her on proper and strict regulation. "So, why would the FG ban solid minerals mining in a country the economy needs some breath of life at all costs? We don’t see any administrative, economic, or security wisdom in that. The wisest thing for the government to do is to tighten security measures around solid minerals mining for it to flourish. "Even this government has invested so much in solid minerals development, and also reaped most income from it compared to the past administration. So why ban the industry just to check insecurity when it can adequately provide security around the sector when Nigeria needs all the resources it could muster to be alive? "Meanwhile, the Nigeria Extractive Industries Transparency Initiative (NEITI) report in 2020 depicted a remarkable increase in revenues accruing to the federation from the solid minerals sector over the years. "A breakdown of the accruals shows that in 2018, the total contribution by the sector to the revenue of the government was N69.47 billion, up from 2017’s total contribution of N52.76 billion." NEITI also noted that: “revenue from the sector to the Federation Account rose by 54 percent in 2020 to N128 billion compared to N75 billion recorded in 2019.” Further to that: “statistics from the National Bureau of Statistics (NBS) showed that the value of total trade in solid minerals in Q4, 2021 stood at N43.37 billion representing 0.37 per cent of total trade in Q4, 2021. Solid minerals exports in Q4, 2021 stood at N13.56 billion, a decrease of 25.95 per cent compared to Q3, 2021 but an increase of 201.41 per cent when compared to the corresponding quarter of 2020.” "What then is the rationale that when Nigeria started picking up in solid mineral extraction at a time the country’s economy runs on bleeding deficit is the time to even contemplate a ban on solid mineral extraction? 'It is our hope and expectation that the FG would reconsider this intention and instead encourage these segments of the economy to flourish while it does its bit to protect the country the proper way. "At a time Nigeria is preparing for elections and need to hold the security situation in place, it would be policy somersault and counter productive to the party in power for the government to try this gamble. The government should also not forget that most of these 20.2 million Nigerians have their PVCs and can make statements of survival with them when the time comes," he added. Way Forward In summary, NESA charged the federal government to register all cattle and owners as companies. They further proposed series of interventions as means to beef up security. They include: "That can only be done when they are kept in ranches with the farmers also known. When they are kept in ranches, they can be tracked even to the market for sales for safety of the business and the larger society. It will make it impossible for strangers to stray into Nigeria with cattle unchecked; "Take more seriously the duty of manning our borders against intruders who freely invade the country to escalate insecurity; "Register as a rule, all motorcycles in the north as it is done in the south. When such vehicles are registered, it would be easy to track what use they put to and also track anybody committing crime with them. If Nigeria can register all phone users, there is no big deal in doing likewise about cattle and motorbikes; "The genuine and lawful okada operators in the north should be aggregated into unions with the leaders held accountable in cases of security breaches using motorcycles; "Deploy the tracking benefits and services of the GSM we use in Nigeria and locate where terrorists hide especially as they make calls to negotiate for payment; "Equip and motivate our security operatives better and fish out from among them, those that work in collusion with the criminals; "Prosecute those 400 Boko Haram sponsors you said you have and use them as scapegoats; let there be total ban on open cattle grazing; and "Provide adequate security around mines and miners to enable them contribute more to the economy instead of banning their lawful business. They need the support of the government to remain in business."
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MONDAY, AUGUST 8, 2022 • T H I S D AY
2023 CAMPAIGN WATCH SAMUEL AJAYI
E-mail: yemielegance@gmail.com
Mobile: 08033083367
As Wike Stays in PDP, Horse Trading Continues
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s the Rivers State governor, Nyesom Wike, continues to hold his party in suspense over his next political moves, indications have emerged that his group has listed conditions that needed to be met for them to agree to work for the presidential candidate of the party and former Vice-President, Atiku Abubakar. Since the completion of the party’s presidential election exercise at the end of May, Wike has been having a cold war with the party after he lost to Atiku. Matters were made worse when Wike was overlooked and current governor of Delta State, Ifeanyi Okowa, was named by Atiku as his running-mate. Wike’s loyalists felt he should have been picked ahead of Okowa going by his contributions to the party. Even before the primaries, Wike had passionately and vehemently campaigned that the presidential ticket of the party be zoned to the South going by the fact that the North would have had the presidency for eight years by 2023 and coupled with the fact that the ruling All Progressives Congress, APC, would zone its own presidential ticket to the south. (The APC’s presidential ticket eventually went to the South). Earlier in the week, Wike met with his campaign coordinators in Abuja and some PDP governors probably sympathetic to his political cause and ahead of a meeting of the elders of the party scheduled to hold any moment from now, the Wike camp seems determined to extract some commitments from the leadership of the party. A national newspaper, (not THISDAY) had reported few days ago that the conditions include the resignation of the National Chairman of the party and former Senate President, Dr. Iyorchia Ayu, to reflect the geo-political balance of position sharing within the party. The argument is that since Atiku had picked the presidential ticket of the party, the national chairmanship of the party should come from the South. While this could not be independently confirmed, sources told THISDAY that one of the conditions given by the Wike group was that a commitment be extracted from the Atiku group that the former Vice-President agree to serve only one term if he eventually wins the presidential election. It is not known if Atiku would accede to this demand going by its sensitive nature and how it derailed the party’s 2015 presidential bid. From all indications, though, Wike and his group as well as loyalists and supporters would not be quitting the PDP as they believed their interests would be better served by remaining within the party. Beyond this, even the political balance in Wike’s home state of Rivers does not even support Wike decamping to the ruling APC as former Transportation Minister and a presidential hopeful of the party,
Benue State Governor, Samuel Ortom (left) and his counterpart from Rivers, Nyesom Wike
Osun State Governor Gboyega Oyetola (left) and Governor-elect Ademola Adeleke
Rotimi Amaechi, is currently the party leader in the state. Magnus Abe, one of Amaechi’s right hand men who he later fell out with, had picked the governorship ticket of the Social Democratic Party, SDP. He was the only one challenging Amaechi for the control of the APC machinery in the state. Wike should know
better than being on the same political boat with Amaechi after both of them bitterly fell out ahead of latter’s decamping to the APC in 2014. The days ahead promise to be pivotal to whether PDP would be going into the 2023 general elections as a united family or a divided one. Though it should be noted that the issues are festering now that the party still has time to discuss and resolve them. Beyond that, however, it remains to be seen who holds the ace: Wike or the party.
“The victory of Adeleke has thrown up new permutations as the 2023 general election gathers momentum, especially WILL OSUN GOVERNORSHIP as it relates to the presidential OUTCOME HURT TINUBUS election with the erstwhile PRESIDENTIAL BID? National Leader of the APC, Many stalwarts of the ruling All Congress, APC, did Senator Bola Tinubu, the Progressives not see it coming but when the presidential candidate of the Independent National Electoral (INEC), returning party. The victory of Adeleke Commission officer for the Osun State 2022 has brought the number of PDP governorship election, Professor governors in the South-west Oluwatoyin Ogundipe, declared Ademola Adeleke of the Peoples to two.” Democratic Party, PDP, as the duly
elected governor of the state, then reality dawned on them that it would be a different political ball game in the state from October this year. Adeleke had polled 403,371 to defeat the incumbent governor Gboyega Oyetola, who polled 375,027 votes. To many watchers of the politics of the state, it did not come as a surprise. They readily referred to the 2018 governorship election in the state during which even many members of the ruling party admitted that Adeleke actually won the election but was robbed of victory after INEC surprisingly declared the election as being inconclusive and ordered that a by-election be held in Ile-Ife and Oyetola now won by less than 500 votes. And President Muhammadu Buhari himself alluded to this when he was addressing Osun State traditional rulers in January 2019 that his party had to win Osun via remote control. The victory of Adeleke has thrown up new permutations as the 2023 general election gathers momentum, especially as it relates to the presidential election with the erstwhile National Leader of the APC, Senator Bola Tinubu, the presidential candidate of the party. The victory of Adeleke has brought the number of PDP governors in the South-west to two. While many have been saying the presidential election would be a different ball game entirely, even those who are directly involved in Tinubus campaign know that it would not be a walkover for the APC in the zone if people choose to vote along party lines and not along ethnic lines as many are suspecting. It must however, be noted that the ethnic card is really working for the APC candidate in the South-west, but his job would have been made easier if his party were in total control of the six south-west states. But as it
T H I S D AY • MONDAY, AUGUST 8, 2022
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2023 CAMPAIGN WATCH
Staying Close With 2023 “Many have reasoned that the politics of Abdullahi’s attendance of the funeral service should not be lost in the solemn ambience of the occasion. It was seen as part of the ruling party’s to win over the Christian population who feels their faiths and interests might not be protected under a Muslim-Muslim presidency.”
Abdullahi Adamu
is, PDP will firmly be in charge of two of them. And it is even deeper than that. Let it be noted also, that Governor Makinde of Oyo State would be seeking re-election, a few weeks after the presidential election and the cause of his re-election would be greatly helped if his party could put up a good showing in the presidential election in the zone, even if it doesnt win outright. And going by his rumoured closeness to Atiku Abubakar, the presidential candidate of the PDP, and the struggle to be recognised as the de facto leader of the party in the zone, Makinde might have a point to prove come February next year. Therefore, Tinubu and his foot soldiers have their job cut out.
AS ABDULLAHI, APC CHAIR, GOES TO CHURCH As many people have averred the Olajide Adediran Jandor and Funke Akindele Muslim-Muslim ticket of the ruling All Progressives Congress, APC, nor belong to any well-known part of the ruling party’s to win over the Christian population who would never have been an issue denomination. but due to the fact that over the In the southern part of the feels their faiths and interests last seven years when the party has country with predominant might not be protected under a superintended over the affairs of the Christian population, the Muslim-Muslim presidency. Will Abdullahi’s visit to the country, religion and ethnicity have opposition to the Muslim-Muslim church douse the tension and become a major issue. And this no ticket has been very strident thanks to the gross lack of respect to which ironically coincides with reassure the Christian community religious and tribal sensibilities. The the Peter Obi candidacy gaining in the country that they have lopsidedness in his appointments is traction; especially among younger nothing to worry about with the Muslim-Muslim ticket? The so glaring that even some prominent Nigerians. northern leaders have had cause to With the Muslim-Muslim ticket remains to be seen as Tinubu complain about this. facing unrelenting scrutiny and and Shettima continue their It is against this background that criticism, it was not surprising consultations across the country. many prominent Christians kicked when the National Chairman when the presidential candidate of the party, Senator Adamu THE FUNKE AKINDELE of the party, Senator Bola Ahmed Abdullahi, visited the Awayi, CANDIDACY When the governorship Tinubu, picked former governor Nassarawa State, branch of the candidate of the opposition of Borno State, Senator Kashim Evangelical Church of West Africa, Peoples Democratic Party, PDP, Shettima, as his running-mate. The ECWA, for the burial of the late Dr. Abdulazeez Olajide Adediran, Christian Association of Nigeria, monarch, Bala Angbazo, the Aren CAN, was at the forefront of Eggon, who died at the age of popularly known as Jandor, picked opposition to this and even matters 89 after being on the throne for popular thespian, Funke Akindele, as his running mate, many were were made worse when, during the 41 years. official presentation of Shettima, In a video trending on social understandably stunned as to what some unknown clergymen, decked media, Abdullahi, who is also a must have informed the choice. in their canonical robes, were seen former governor of Nassarawa The fear (or was it a surprise?) was at the occasion. With many of them State, was seen shouting “Praise borne out of the fact that many have hitherto thought Akindele unknown in Christian circles, the the Lord”. Tinubu Campaign organisation Many have reasoned that the was apolitical and apart from that, had to come out to say that they politics of Abdullahi’s attendance she had no electoral value. Speaking to Channels Television were actually clergymen but they of the funeral service should not were still building their ministry; be lost in the solemn ambience on why he picked Akindele, hence they were not yet well known of the occasion. It was seen as Adeniran had this to say:
My running mate, Funke Akinfele, people call her an actress, but Ill say, I picked a lawyer who found love in film-making. Beyond being an actress, shes a filmmaker. Someone who has grown her business from zero to something and has won massive followership in the process of what shes been doing for years. An Ikorodu-born diva who I believe is going to add value to my candidacy. He added that some people forgot that the purpose upon which a political party is established was to win elections. My running mate is a brand that connects with the grassroots and my people in cyberspace. So, a combination of that force already spelt doom for the Lagos APC in 2023. In Lagos, what we have is an unusual situation and it requires an unusual solution. This is why we have presented to Lagosians a total departure from the norm. This is something fresh, Adeniran explained. Adeniran might have been right in his assessment of Akindele but he must also bear in mind that this is practical politics and Jenifa, as Akindele is popularly called, is coming into a world she has no prior experience of. Besides, the hegemonic hold of Tinubu and APC on the politics of Lagos State, it requires more than what Adeniran was offering in terms of his reasons for picking Funke Akindele to break that hold. The talented actress no doubt has millions of followers and admirers. But will these translate into electoral value? That is the one million dollar question that the Lagos PDP needs to answer. It must be noted that this would be the first time in three general election cycles that PDP would be having a different candidate from the veteran runner, Jimi Agbaje. Adeniran, the man who would be replacing him on the ballot next year, was part of the APC apparatchik in Lagos before decamping. And as someone explained to THISDAY last week, the only way APCs stronghold could be weakened and probably destroyed in Lagos is if there is an implosion within its ranks. Even if Adeniran opted out and joined the rival PDP to finally end APCs reign in Lagos, picking Akindele does not show seriousness. Perhaps, there is a joker up his sleeves.
T H I S D AY • MONDAY, AUGUST 8, 2022
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This Week In Tech 08097710984
nosakhare.alekhuogie@thisdaylive.com
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Tech Top 5 News BLOCKCHAIN INVESTMENTS IN AFRICA SOARS IN FIRST HALF OF YEAR he Blockchain ecosystem in Africa has continued to be on the rise as the adoption of cryptocurrency continues to soar in Africa. Blockchain companies in Africa have raked in $304 million in funding in the first half of the year. According to reports by the African Blockchain 2021, funding grew by 1,668 per cent, rising from $5.1 million to $91 million between Q1 2021 and 2022. The report also explained that the lack of common legacy financial systems and an enormous population, primarily unbanked citizens contributed to the popularity and growth of cryptocurrencies on the continent. Nigeria, Kenya, and South Africa have received the largest venture capital inflow of cryptocurrency. Crypto-centric payments too have been growing, surging by 1,200 per cent between July 2020 and June 2021. Commenting on the trends, Ian Putter, Standard Bank’s Head Blockchain COE and Blockchain Research Institute Africa Regional Director, Ian Putter said, “Countries like South Africa, Kenya, Nigeria, and Ghana have seen a rapid uptake of crypto assets to access more efficient payment trails provided by blockchain networks and yield returns on income with assets like Bitcoin or stablecoins pegged to the value of the US dollar.”
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10, 722,886 PHISHING ATTACKS REPORTED IN AFRICA IN Q2 Cyber-attacks rose significantly in Africa in the year’s second quarter, with 10,722,886 phishing attacks detected. This is according to a recent analysis conducted by Kaspersky, a multinational cybersecurity solutions and digital privacy company. Phishing is a type of social engineering where an attacker sends a fraudulent or fake message designed to trick a person into revealing sensitive information to the attacker. Phishing and scam attacks related to data loss threats hit Nigeria, Kenya, and South Africa the hardest. Kaspersky data revealed attacks related to data loss threats have grown by 234 per cent in Africa in the second quarter of 2022. Kaspersky security solutions detected 5,098,534 phishing attacks in Kenya, a 438 per cent increase compared to the previous quarter. This was followed by South Africa with a total of 4,578,216 attacks, 144 per cent higher than the previous quarter. A total of 1,046,136 detections were recorded for Nigeria at a growth of 174 per cent above the level recorded in the first quarter of 2022. Kaspersky researchers further observed that phishers deploy a variety of tricks to bypass email blocking and lure as many users as possible to their fraudulent sites. AMAZON PRIME VIDEO LAUNCHES IN NIGERIA Global video streaming subscription service, Amazon Prime Video has launched its streaming services in the country. Customers in Nigeria can now sign up for Prime Video in naira, and the Prime Video membership will cost N2,300 ($4) per month after a seven-day trial. According to the tech giant, launching the localised version of its service is aimed at boosting its subscriber push in new markets like Africa by increasing its investment in local production, unveiling slates of localised originals, and introducing discounted Amazon Prime
Tech Personality of The Week HONEY OGUNDEYI
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his week’s tech personality is Honey Ogundeyi. She is the founder and CEO of Edukoya. Edukoya is a free learning application that helps students learn key subjects and prepare for school and university entrance exams. The app builds online education content and offers online tutoring for students and their parents. Edukoya has raised a total of $3.5 million in funding over one round. This was a pre-seed round raised on December 15, 2021. The startup is funded by nine investors, with Target Global and Shola Akinlade being the most recent investors. Ogundeyi is enthusiastic about using technology to uplift Africa. She is also the founder of fashpa.com, an e-commerce platform for African Fashion. The platform connects global buyers to small and medium-sized fashion brands and artisans across Africa. According to the techpreneur, the vision is to redefine learning for a new generation by connecting every African to high-quality education. In 2018, Ogundeyi was appointed to Facebook SME Council for Nigeria. In 2016, she was listed by the World Economic Forum as one of the top 10 innovators in Africa, 10 most influential young Nigerians under 40 in technology. She was recognised as a One Young World Ambassador representing Nigeria. membership offerings to customers. Amazon Prime Video launched in Africa in 2016 as part of its global push across more than 200 countries worldwide, bringing some serious competition to Netflix’s global plan launched that same year. However, versions of the service available in the region have never featured the local-language interfaces, subtitling, and original content offerings typical in more developed markets. In a tweet, the company said that customers in Nigeria could stream more than 20,000 original TV shows and movies within its ecosystem, such as ‘The Boys’, ‘Al.l or Nothing’, ‘Reacher’ and ‘All the Old Knives’. First-time users in Nigeria will be able to subscribe to Prime Video using their local currency, and unlike how most have accessed the platform for region-specific content in the past, they would not require a VPN to stream content on the service. Prime Video has also been collaborating with filmmakers and content creators in Nigeria regarding producing original and licensed content. “From local payment and a fullscale local marketing campaign to more local content specifically for Nigerian customers, our investment in Nigeria is a significant step towards our broader expansion plans in Africa and our ambition to be the most local of global streaming services,” said the Director of International Expansion, Prime Video, Josh McIvor. They also have plans to launch in other markets like South Africa.
ENERGY-TECH COMPANY, BEACON POWER, CLOSES $2.7 MILLION ROUND Energy-tech start-up Beacon Services (BPS) recently closed a $2.7 million seed round funding. The company, which provides energy management software and analytics for utilities and mini-grid operators, said the new funding would enable it to improve its current products and expand into new markets beyond Nigeria and Ghana. The company’s seed round was led by Seedstars Africa Ventures with participation from Persistent Energy, Kepple Africa Ventures, Factor[e] and Oridun Capital Management. In a statement, the founder and CEO, Bimbola Adisa, explained that to improve the quality and duration of electricity supplied to Africa’s cities, BPS creates smart grids across the continent and uses data to reduce the considerable inefficiencies in the electricity distribution systems. Speaking on how the company’s solutions will help Africa, Adisa said, “Africa is home to the fastest growing cities in the world, but when most people think of energy access in Africa, they think of the rural areas with little or no access to electricity at all. However, it is impossible for Africa to develop without significantly improving electricity access and reliability across its major cities.” MEST AFRICA OPENS APPLICATION FOR $50,000 AFRICA CHALLENGE MEST Africa has officially announced the opening of applications for the
2022 MEST Africa Challenge. Early-stage technology start-ups in Ghana, Nigeria, Senegal, Kenya, and South Africa can apply to receive $50,000 in funding when they participate in the competitions slated to hold in October 2022. Two finalists will be selected from each country to participate in the final Demo Day Pitch event to be held in Accra, Ghana, for the ultimate prize of $50,000 in equity. Entries will be accepted till August 30, 2022 through the competition’s online application portal. MEST Africa’s Director of Portfolio, Melissa Nsiah, said, “We are excited to bring back this competition to give more African Start-ups a platform to display and build on their unique value in an era where African start-ups and innovations are taking centre stage and gaining global recognition and investments. We look forward to an invigorating season that will increase the drive towards building better businesses in Africa.” Run by a pan-African training programme, seed fund, incubator and hub, MEST Africa, the MEST Africa Challenge (MAC) is Africa’s go-to pitch competition for technology start-ups looking to get to the next level of their growth journey. The challenge provides a stage for technology start-ups to raise funding, build industry networks and gain international visibility that would serve them well in growing and expanding their businesses. The competition has received thousands of applications from around the continent since its inception. It has spotlighted and impacted the growth of winning start-ups such as Nigeria’s Accounteer, Ghana’s OZE, and South Africa’s Snode Technologies.
T H I S D AY • MONDAY, AUGUST 8, 2022
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TRIBUTE CAPT HOSA OKUNBO
Remembering A Legendary Philanthropist, Bridge Builder One Year After
Ifetayo Adeniyi and Patrick Ochoga
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t was former South Africa President, late Nelson Mandela that wrote, “Death is something inevitable. When a man has done what he considers to be his duty to his people and country, he can rest in peace”. While one of the greatest and famous Scientist that lived, Albert Einstein wrote about death, “Our death is not an end if we can live on in our children and the younger generation. For they are us; our bodies are only wilted on the tree of life”. A sad fact is that with life comes death. It will happen to all of us. But that doesn’t make dealing with or understanding it any easier. The devastation that the death of a friend or loved ones causes is profound. And facing up to our mortality can be distressing too. So looking for a way to cope or help with the loss of someone is natural. We seek ways to make tough times that’s bit easier, as well as some understanding. Exactly, on the 8th of August, 2021, dark clouds covered the blue sky for millions across the globe when the news of the demise of a global icon, an illustrious leader, a father, business mogul, philanthropist, industrialist, a humanist, a brother and grandfather, late Capt (Dr) Idahosa Wells Okunbo, (JP), was snatched by the cold hands of death to join his creator. It was indeed sad and devastating that Capt Hosa had gone to join the saints. He was everything good to those who came across him. Expectedly, the passing of iconic business mogul attracted reactions across the world among those who knew him and those who had encountered him cannot but be overwhelmed by his penchant to always champion and pursue peace and unity in the society. Tributes that greeted his demise last year was a clear testimony to the fact that Capt Hosa lived a life worthy of emulation by all men of good and clear conscience. His path to greatness as rightly submitted by many who spoke during his burial were unanimous in the fact that Capt’s larger than life image was indeed a gift not only to his Edo people but to the world and those whose path crossed during his sojour here on earth. It was difficult for us during his demise to pen
down a tribute for a man we considered, a father, benefactor, whose large heart to always put a smile on faces and give listening ears had gone. In all our interaction with Capt which we will cherish is also a reminder to reflect deeply about legacies and what one would be remembered for after we must have gone. In his usual baritone voice in some of our conversations often talked passionately about his desire to make an impact in the Nigeria economy and lives of the people with his God’s given wealth he will say, “listen my friends, I’m not driven by money but by value. When you create value naturally money will come. That for us, sank and quite inspirational and that has guided us in our professional dealings. His love for God at all times was visible aside the fact that his late father was a Reverend; his passion for things of God was legendary. He would say, “God has done so much for me beyond my life expectations. I will serve him forever him”. He would say.
SUSTAINING LEGACIES As aptly captured during the grand burial, ‘Capt. Lives Forever’. His children led by the scion of the family Osahon Okunbo and the Olori of Warri Kingdom, Olori Atuwatse III has continued to toe the path of their father by sustaining and keeping to his legacies which are worthy of commendation. They have ensured that their late father’s vast investment which cut across all sectors of the economy continued to flourish, a demonstration that they are indeed the scion of a noble and influential family of the Okunbo’s. In keeping faith with their father’s legacies, his children and family members came together during their father’s 64th posthumous memorial birthday on 7th January, 2022, doled out free scholarship to 100 under privileged students in public’s schools in Edo state. Also, the first daughter and wife to the Olu of the Warri Kingdom, Olori Atuwatse III, on behalf of the Okunbo’s family fulfilled their fathers promised by providing solar-powered streets light to Government College, Warri where the late philanthropist attended. In faraway Northern state of Keffi, Na-
sarawa state, the Keffi Polo Club also donated a cup to the memory of capt Hosa’s outstanding development of polo games. The cup according to the organizers was one of their initiatives to immortalize the philanthropist who was a patron of the club before his demise.
BIOGRAPHY Late Capt Idahosa Wells Okunbo, (JP) attended Government Primary School Benin City and Federal Government College Warri, where in 1975, he wrote and passed the West African School Certificate Examination, (WASCE) in flying colours. In 1979, he graduated from the Nigerian Civil Aviation Training Centre, (Zaria) as a professional Commercial pilot . He was just 21 years old at the time. He began his professional career with Aero contractors Nigeria Ltd. He later joined the Intercontinental Airline, where he accumulated most of his flying experience in jet time. He thereafter proceeded on further training at the Acme School of Aeronautics in (Dallas Texas USA) in 1983, where he obtained an Airline Transport Pilot license; the young Idahosa Okunbo was promoted in the same year to the position of Airline Captain, having accumulated a compulsory 4,500 flying hours to his credit at the age of 25 years. Having reached the zenith of his profession at the age of 25, with a broad horizon of experience traversing various aircraft types and flying over different continents, he felt the need to pursue new challenges and subsequently ventured into other endeavours. It was this singular decision and the desire to engage in new pursuits that led him into oil and gas terrain. He quickly identified the windows of opportunities inherent to his new aspiration in the Oil and Gas sector and registered his company, Hoslyn Ventures Nigeria Limited in 1986 targeting procurement for refineries as the area of core competence. Capt Okunbo later realized the enormity of the commitment required in this industry which had zero tolerance for part-time human capital investment. At the age of 30, he resigned as an Airline Captain with Okada Airline, after booking over 7, 500
hours of flight time (most of which was jet experience). Hoslyn Venture was responsible for the successful supply of refinery catalysts which were used in major refineries in Nigeria. Hoslyn was also involved in major revamp projects and procurements in the Oil and Gas sector and also participated in the procurement of major engineering components for the Warri Refinery Turn around Maintenance, (TAM) in 1992. Never scared to take a new challenge, Captain Okunbo , through Hoslyn Technologies Nigeria Limited , one of the first indigenous companies to carry out Engineering , Procurement and Construction (EPC) contract in Nigeria, was able to complete and commission the early production facility for Nigerian Petroleum Development Company, (NPDC) at Ajoki Oziengbe South field in 2001. He was the Executive Chairman of Ocean Marine Solutions LTD , (OMS), a company that provides relevant, effective and modern solutions to high –risk security concerns in Nigeria. Among other services, OMS provides Maritime Management and Logistic, Sea Patrol Security and Ocean Vessel Escorts. As Chairman, Captain Okunbo continues to provide leadership for a host of other successful local and international companies. Principal among them are: CMES-OMS Venture Limited (an integrated energy related company with enormous capacity to provide financing and technical solutions to the upstream Oil and Gas sector) , Wells Property Development Company Limited (a company involved in the development of affordable properties for low income earners, high networth individuals and office development), Gyro Air Limited (a private airline charter service with a fleet of aircraft in its ownership ), Wells procurement Services Limited , The Wells Carlton Hotel and Luxury Apartments (Abuja), The New London Carlton (London). Wells Entertainment Limited (entertainment and movie production), Westminster Security Solution Nigeria Limited (franchise of Westminster Group Plc Uk in which he was a shareholder), Wells Bakery and FEVA TV are both making waves in Canada. Prior to his demise he was also on board of many striving companies. May his gentle soul continue to rest in peace our great Capitano, the iroko to Many forest. • Adeniyi, Ochonga write from Benin City
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MONDAY AUGUST 8, 2022 • T H I S D AY
T H I S D AY ˾ MONDAY, AUGUST 8, 2022
25
BUSINESSWORLD R A T E S MONEY MARKET
A S
REPO
Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com
08056356325
A T
A U G U S T
S & P INDEX
S & P INDEX
5 , 2 0 2 2 EXCHANGE RATE
OPR
11.25%
CALL
10.25%
INDEX LEVEL
613.31%
1/4 TO DATE
-0.85%
N416.86/ 1 US DOLLAR*
OVERNIGHT
11.50%
1-MONTH
9.56%
1-DAY
0.16%
YEAR TO DATE
7.64%
*AS AT LAST FRIDAY
3-MONTH
10.52%
MONTH-TO-DATE
0.44%
Banks Shun Lending to Real Sector as Deposit With CBN Surge by 12%
Kayode Tokede Despite the 65 per cent Loan-toDeposit (LDR) ratio policy of the Central Bank of Nigeria (CBN) which was aimed at forcing the hands of financial institutions to lend to the real sector of the economy, banks’ deposits with the CBN has continued to witness exponential growth hitting 12 per cent Year-on-Year (YoY) as at end July this year. According to Standing Deposit Facility (SDF) data by the apex bank, banks’ deposit since the beginning of the year has witnessed a steady increase as uncertainty continued
to mount over the 2023 general elections, among other factors. The SDF is a lower corridor of the Monetary Policy Rate at which Deposit Money Banks (DMBs) and discount houses can deposit their money overnight with the CBN for an interest rate. Another window, Standing Lending Facility (SLF), an upper corridor monetary policy rate at which DMBs and discount houses can borrow money from the CBN at a pre-specified rate, typically the benchmark policy rate plus a margin. The applicable interest rate on SDF moved to 7 per cent at an
asymmetric corridor of +100/-700 basis points around the 14 per cent MPR in July 2022. The CBN has over the years maintained that strong patronage at the SDF confirm healthier liquidity in the banking system. The applicable interest was at 4.5 per cent early in 2022 when CBN maintained its MPR at 11.5 per cent. According to the financial data by CBN, a sum of N2.32trillion has been deposited through the SDF in seven months of 2022, representing an increase of 12 per cent year-onyear (YoY) from N2.06trillion in seven months of 2021.
The Month-on-month (MoM) breakdown showed that banks in January deposited N296.8billion with CBN and it increased by 65 per cent to N489.05 billion in February. The CBN in its economic report for the month of February disclosed that, “Activities at the Standing Facility window reflected ease in banking system liquidity during the review period. The total SDF increased significantly by 60.79 per cent, to N472.38 billion, from N293.79 billion in January 2022.” CBN in the report noted that, “Subdued activities in the SLF window and the strong patronage at
the SDF, confirm healthier liquidity in the banking system. Hence, key short-term interest rates declined, just as the Nigerian financial market showed resilience despite a volatile global financial market. “Furthermore, activities in fixed income securities increased as investors navigate difficult economic conditions and underlying pricing pressures in search of better yields.” A sum of N572.5billion was deposited with CBN in March, the highest in 2022, and in April, it dropped by 38.3 per cent to N353.32billion. Deposits by banks through
the SDF further dropped to N279.63billion and N265.31billion in May and June, respectively. It finally closed July at N60.26billion, a decline of 71.9per cent YoY when compared to N214.24billion deposited by banks with CBN in the prior year’s July of 2021. Commenting, analysts stated that without banks’ involvement in lending, the domestic economy might not achieve the predicted growth by international agencies, coupled with other internal challenges. Speaking with THISDAY, the Continued on page 27
CBN Auctions N2.89trn NTBs in 7 Months, Records 39.47% Oversubscription Nume Ekeghe In a bid to help the federal government finance the 2022 budget deficit, the Central Bank of Nigeria (CBN) has auctioned the sum of N2.98trillion through Nigerian Treasury Bills (NTBs) auction in seven months of 2022, compared to N2.28 trillion auctioned in seven months of 2021. The CBN, who offered to auction N2.05trillion 91-Day, 81-Day, and
364-Day tenor NTBs, according to its “government securities” in the period under review, eventually raised N2.98 trillion as investors’ demand for its long-term NTBs spike over lucrative yield. Specifically, the 364-Day tenor NTBs recorded a total subscription of N4.86trillion as against the N1.9trillion total offer by the CBN, which gave the room for a final allotment of N2.71trillion in seven months of 2022.
It implies that investors oversubscribed the 364-Day by 93.6 per cent in the period under review. A further breakdown revealed that investors auctioned 91-Day NTBs with a total offer of N59.06billion of which N66.03billion was the final allotment after recording N121.89billion oversubscription, while the 180-Day NTBs that comes with N87.09billion total amount offered against N112.32billion that was eventually offered by CBN
when it recorded N211.16billion oversubscription in the period under review. However, THISDAY gathered that investors in 48 auctions NTBs auctions by CBN this year witnessed a total subscription of N5.19trillion, a 39.47 per cent oversubscription when compared to N2.05trillion it offered to raise in seven months. As the interest rate on 91-Day NTB opened this year at 2.5 per cent as of January 12, 2022 to 2.8
per cent as of July 27,2022, interest rate on 364-Day NTBs rose to 7 per cent as of July 27, 2022 from 5.5 per cent as of January 12, 2022. It is worth noting that, despite the rise in the interest rate, increased inflationary pressure to 18.6 per cent in June 2022 still means that the NTBs printed a negative real yield of 11.6 per cent. The move was geared towards curbing the rising rate of inflation in the country as prices of goods and
services hit record highs following galloping global inflationary numbers. Meanwhile, the uptrend in the 364-Day NTBs interest rate is following the aggressive move by the CBN, raising the benchmark interest rate to 14 per cent, the second hike in 2022. For example, the NTBs auction by CBN for a 364-Day tenor, which sought to raise N258.5 billion as of Continued on page 27
M A R K E T D ATA A S AT F R I D AY, A U G U S T 5 , 2 0 2 2 BILLS
BONDS DESCRIPTION Price ^14.20 14MAR-2024 13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028
Yield
104.87
10.81
104.68
11.41
102.07
11.75
115.19
11.91
107.92
11.98
Change Updated (%) Time August 0.00 3, 2022 August 0.00 3, 2022 August 0.04 3, 2022 August 0.00 3, 2022 August 0.00 3, 2022
MATURITY
Discount
Yield
OTC F X F U T U R E S
CPS
Change Updated Time (%)
NTB 13-Oct22 NTB 10Nov-22 NTB 26-Jan23 NTB 9-Feb23
9.00
9.16
0.00 August 3, 2022
3.90
3.94
0.00 August 3, 2022
7.50
7.78
0.00 August 3, 2022
7.30
7.59
0.00 August 3, 2022
NTB 9-Mar23
5.45
5.63
0.00 August 3, 2022
MATURITY SIBP CP III 27-OCT-22 DLMG CP IV 11-NOV-22 FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23
Discount Yield
Change Updated Time (%)
15.12 15.14
-0.03 August 3, 2022
17.24 17.98
0.06 August 3, 2022
11.25 11.57
0.06 August 3, 2022
10.44 10.71
0.06 August 3, 2022
CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS AUG 31 1 433.54 2022 NGUS SEP 28 435.39 2 2022 NGUS OCT 26 3 437.24 2022 NGUS NOV 30 4 439.09 2022 NGUS DEC 28 5 440.94 2022
Updated Time
August 3, 2022 August 3, 2022 August 3, 2022 August 3, 2022 August 3, 2022
26
MONDAY, AUGUST 8, 2022 ˾ T H I S D AY
BUSINESSWORLD
NEWS
NAICOM Seeks to Commence Compulsory Insurance Implementation With FG Assets Ebere Nwoji The National Insurance Commission (NAICOM) is seeking for federal government’s support to commence implementation of compulsory insurance with federal government assets all over the country. The commission during a recent courtesy visit to the Secretary to the government of the federation (SGF) Boss Mustapha, pleaded with the SGF to mandate government ministries, department and agencies (MDAs) to compulsorily insure government assets under their
purview. Chairman, Governing Board of NAICOM, Dr. Abubarkar Sani, who stated these during the visit pleaded with the SGF to support the commission in executing compulsory insurance scheme for all MDAs. According to him, the commission is interested in seeing all government assets insured, “we want the SGF to issue a circular or letter to all MDAs on the necessity of compulsory insurance.” In his response, the SGF, represented by the Permanent Secretary, General Services Office (GSO), Dr.
Maurice Mbaeri, requested the commission to come up with a draft document of what the commission wanted the Circular to contain to guide the office of the SGF to be properly articulated in the circular. According to him, “send a draft copy of the circular to the SGF, after the review a circular will be released to the MDAs.” Mbaeri, decried the decline in budgetary allocation meant for insuring public assets. He said there was no way the HoS alone could cover insurance premium for all the MDAs.
How Pension Contributions Grow Under Contributory Pension Scheme
NPA Begins Construction of 4.5km Access Road to Onne Port The Nigerian Ports Authority (NPA) has flagged off the construction of the 4.5 kilometers access road ‘D’ at the Federal Ocean Terminal in Onne Port Complex to ease the movement of cargo in and out of the port. The 4.5 kilometers long road, which would be built with street lights and other complementary facilities, would be delivered within a 10 months period. Managing Director of NPA, Mohammed Bello-Koko who flagged off the construction in Onne during his maiden visit to the port, said the road was part of the port expansion plan of phase 4B that was awarded to the Deep Offshore. According to him, the cost of the project was part of the total port rehabilitation that was awarded long ago but was suspended due to some reasons. “The road is the main artery into the Onne Port, and we have witnessed a large increase in terms of cargo and other businesses. We felt it was time we ask the contractor to go back to the site. This will ease movement into the port. While we are complaining about the roads outside the port, which is outside our purview, we want to make sure
that the roads in the port are in good condition,” he said. Earlier before the flag-off, Bello-Koko also commissioned three marine crafts including a pilot cutter, a security patrol boat, and a security boat in line with the NPA mandate to provide marine side infrastructure to support port operation. “We are doing these things to encourage businesses to move to the Eastern Ports in order to reduce congestion in Lagos Ports by ensuring that the Eastern Ports are functional,” he said. On the export processing plant run by the West African Container Terminal (WACT), one of the terminal operators in Onne, he said it was part of the NPA’s strategy to work with the Federal Government to improve the export of non-oil products. “The export terminal has the capacity to accept, arrange and bag export. It also containerise the cargo before sending the goods to the ship for export. It helps to reduce the cost and time wastage for exporters but it also ensures that products are exported fresh in line with the international best practices,” he said. On the challenge of security facing businesses at Onne Port, the NPA
boss said the authority is working with the Nigerian Navy to improve security along the waterways. He assured that the Nigerian Maritime Administration and Safety Agency (NIMASA) has also deployed security assets under the Deep Blue Project that would be used for offshore patrols. Speaking at the stakeholders’ interactive session in Onne Port, Kazeem Adebisi, president of Shipping Trade Practitioners Association of Nigeria, Onne Chapter, appealed to the NPA management to urge other government agencies to comply with the joint boarding policy aimed at reducing ship delay and improving the turnaround time of ship. He complained of the delay experienced by ship charterers when their ships come into Onne late at night without agency officials to board the ship for inspection. Responding, Bello-Koko promised to reach out to the agencies that are not complying with the order on ease of doing business that requires all agencies to jointly board vessels for inspection. On the dilapidated state of the major road to the port, he assured that the Ministry of Niger-Delta has taken up the road reconstruction.
FG Pledges to Target More Nigerians with MSME Survival Fund Gilbert Ekugbe The federal government has stated plans to reach more beneficiaries in the country with its Micro Small and Medium Enterprise (MSME) survival fund. So far, over 1,258,183 beneficiaries have benefitted from the fund launched by the Buhari-led administration in 2020 to cushion the effects of the Covid 19 pandemic especially on vulnerable MSMEs and self-employed individuals in the country.
Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)
The Project Coordinator, MSME Survival Fund and Guaranteed Offtake Scheme, Mr. Tola Adekunle, who was represented by the State Manager, Lagos, Bank of Industry (BoI), Uche Nwachukwu, at a beneficiary town hall meeting in Lagos, said the Project Delivery Office (PDO) worked with several partners to drive the five different tracks meant to support and sustain the livelihood of vulnerable MSMEs and self-employed individuals most affected by the shock of the Covid 19 pandemic, its prolonged lockdown and attendant social distancing guidelines. He commended the present administration for the support given to MSMEs through the scheme, noting that across the 36 States and the FCT, a total of 398,024 beneficiaries received a one-off N30,000. A member of the Steering Committee, Mr. Kamar Bakrin, said the town hall meeting is to highlight the Scheme’s achievements around the country and to receive beneficiary feedback on all tracks of the Scheme. He noted that the meetings will also serve as a medium to sensitise the public (especially, the informal sector) on the advantages of Federal Government interventions. These meetings are taking place simultaneously in Lagos (South-West); Kano (North-West); Enugu (South-East); and, Edo (South-South). He added that the National Economic Sustainability Plan (NESP) approved by the Federal Executive Council (FEC) was borne out of the need to stimulate the economy post lockdown, especially for small and medium-scale businesses and self-employed individuals previously gainfully employed, by creating production opportunities for MSMEs and providing conditional grants to
distressed businesses and self-employed individuals who have been strained with payment of salaries post-COVID 19. “A Steering Committee was inaugurated to run the Scheme and set parameters of engagement with the public. The Steering Committee worked directly with State Governmentappointed Focal Persons who acted as liaisons to ensure the engagement of MSMEs in their States,” he said. He noted that the anticipated impact of the programme was to directly engage 100,000 MSMEs in the production sector alone and save at least 1.3 million jobs. He stated that the programme had a target of 45 per cent female-owned MSMEs, and 5 per cent for those with special needs, saying that the overall target beneficiaries for the scheme were self-employed entrepreneurs, and micro and small businesses registered in Nigeria. “A verification and approval platform was launched by the Project Delivery Office (PDO), and beneficiaries in the 36 States and FCT were invited to apply via the Survival Fund Portal. Applications were verified in line with the Project’s approved criteria which were: Nigerian citizenship, registration in Nigeria with the Corporate Affairs Commission (CAC), berifiable BVN of business owner and staff strength of not less than 3 persons He pointed out that the implementation of the Survival Fund across the five tracks yielded positive results. The tracks are the Payroll Support Scheme, Artisan and Transport Scheme, Formalization Support Scheme, General MSME Grants Scheme, and Guaranteed Offtake Scheme.
PENCOM DG, Aisha Dahir-Umar
A key feature of the Contributory Pension Scheme (CPS) is the periodic growth in the pension contributions of Retirement Savings Account (RSAs) holders for active employees/workers. This means that workers who participate in the CPS are assured of their pension contributions at retirement and returns accrued over time from the investment of their contributions. The CPS, which was established in June 2004 by the Pension Reform Act (PRA) 2004 and later repealed and re-enacted in July 2014, is an arrangement where both the employer and the employee contribute a portion of an employee’s monthly emolument towards the payment of the employee’s pension at retirement. The PRA 2014 provides that the minimum rate of contribution is 18 percent of the employee’s monthly emoluments comprising 10 percent by the employer and 8 percent by the employee. An employee may also decide to add to his/her contribution by voluntarily providing additional contributions through his/her employer. However, the contributions accumulated in the RSAs of CPS participants grow over the years as the funds are invested by Pension Fund Administrators (PFAs) in safe financial instruments for fair returns. It is the pool of these funds in respective individual RSAs that constitute the total pension fund assets under the CPS, which are often cited as a key performance indicator of the scheme. Section 85(1) of the PRA 2014 states that “All Contributions made under this Act shall be invested by the Pension Fund Administrator with the objectives of safety and maintenance of fair-returns on the amount invested”. Also, section 85(2) states that “Pension funds and assets shall only be invested in accordance with regulations and guidelines issued by the Commission, from time to time”. The Regulation on Investment of Pension Fund Assets provides that pension funds and assets shall be invested in bonds, bills and other securities issued by the Federal Government through the Central Bank of Nigeria, as well as State and Local Governments; Bonds, debentures, redeemable shares and other debt instruments issued by corporate entities and listed on a Stock Exchange registered under the Investment and Securities Act; ordinary shares of public limited companies listed on a Stock Exchange under the Investment and Securities Act; bank deposits and securities; real estate development
investments; specialist investment funds and such other financial instruments as approved by PenCom from time to time. It is instructive to note that the returns on all pension fund investments are distributed directly to the RSAs of pension contributors. Consequently, PFAs are required to state clearly in the RSA Statement of Accounts, the total monthly pension contributions since inception and the returns on investment accrued to the contributor as at the particular reporting period. Furthermore, in order to ensure transparency, PenCom requires PFAs to publish the daily value of an accounting unit for the RSA Funds as well as disclose the three-year rolling average rates of returns on pension fund investments. Indeed, due to the sound investment regulatory framework issued by PenCom, returns on investment have been steady over time such that it contributes a significant proportion of the RSA balances of contributors. Accordingly, the CPS provides an opportunity to the contributor to grow his retirement income, unlike the Defined Benefits Scheme where retirement benefit payments are fixed upfront. Therefore, a key benefit of the CPS is that the investment returns generated from pension contributions are compounded over the years, thus resulting in increased RSA balances that avails the contributor greater financial security during retirement For RSA holders to get the benefits of investments done by PFAs, it is important for employees to monitor and ensure prompt remittances of the pension contributions by their employers monthly. The employers are obliged by law to deduct and remit pension contributions into their employees’ RSAs not later than seven working days from the date salaries are paid. Consequently employers that delay remitting pension contributions will eventually pay the delayed contribution plus a penalty of not less than 2 percent of the total unpaid contributions monthly. This is to ensure that the employees are compensated for possible loss of income due to non-timely remittance. As at 30 June 2022, pension fund assets stood at N14.27 trillion indicating a growth of about N843 billion when compared with N13.88 trillion recorded at the end of March, 2022. This clearly affirms the safety and consistent growth of pension funds occasioned due to the sound supervision and regulation by PenCom.
T H I S D AY ˾ MONDAY, AUGUST 8, 2022
27
BUSINESSWORLD
STATUS REPORT
ETI’s OPEX Management Boost Profit
Kayode Tokede
T
he effective management of Ecobank Transnational Incorporated’s (ETI) operating expenses and non-core business transactions enhanced profit declared in half year (H1) ended June 30, 2022 unaudited result and accounts. The pan-African bank has operations into four geographical regions and they are: Francophone West Africa (UEMOA), Nigeria, Anglophone West Africa (AWA), and Central, Eastern and Southern Africa (CESA). With the growing business challenges in 33 African countries where its operates, the Group announced an increase of 28 per cent or 24 per cent in profit before tax to N108.96billion or $136.23million as against N85.32billion or $109.76million reported in H1 2021. The increasing profit before tax was generated mostly from AWA that contributed $130.28million to profit before tax, followed by $123.23 million and CESA and Nigeria in H1 2022, respectively. The group generated a net revenue that grew by 10per cent or 23per cent at constant currency to $910million, demonstrating growing success in revenue expansion goals under its ‘Execution Momentum’ strategy. The increase in revenue was primarily driven by a 13per cent growth in non-interest revenue and eight per cent growth in net interest income. ETI’s Net interest income (NII) was $493 million, increasing by eight per cent, or 21per cent at constant currency and it benefited from higher interest rates as several Central Banks increased benchmark interest rates to curb inflationary pressures. As a result, the net interest margin (NIM) expanded by seven basis points to 5.1 per cent in H1 2022. Also from the profit & loss figures, the Group reported Non-interest revenue (NIR) around $417 million, increasing by 13 per cent, or 26 per cent at constant currency, to reflect strong client and customer activity. The group show its Net fees and commission income of $231 million rose 12per cent, driven by significantly higher spending on cards, cash management fees, and credit-related fees. Net trading income of $164 million increased by 24per cent, driven by solid client activity
in the trading of currencies, partially offset by lower fixed-income trading income. As a result, the NIR ratio, which measures the share of NIR of total net revenue, improved to 45.8per cent in H1 2022 versus 44.8per cent in H1 2021. The financial institution’s operating expenses were $509 million, increasing by five per cent or 15per cent at constant currency. Employee-related expenditures increased by five per cent to $222 million and other operating expenses rose five per cent to $237 million, predominantly driven by higher inflation. Revenue expansion and stringent cost containment measures improved the cost-to-income ratio to a record 56 per cent compared to 58.7per cent in H1 2021 unaudited results. Also, the cost-to-assets ratio, which measures costs to average assets, was 3.7per cent, flat on the previous year. Impairment charges on loans (provision for credit losses), net of loan recoveries and impairment releases was $92 million compared with $87 million a year ago. Gross impairment charges were $137 million, down four per cent from a year ago, primarily reflecting the decrease in non-performing loans. Recovered loans and impairment charge releases were $45 million compared to $55 million in the prior period. In addition, the Group built its central macrooverlay provision reserves further by $42 million in the H1 2022 to $206 million as a buffer against tightening market conditions. As a result, the cost-of-risk for the period was 1.81per cent compared with 1.80 per cent reported in H1 2021. Income taxes were $76 million compared with $58 million in the prior-year period. The effective income tax rate (ETR) was 29per cent versus 27.4 per cent in the prior-year period, primarily driven by higher profits in different tax jurisdictions. Balance sheet on positive proportion ETI’s gross loans and advances to customers was $10.1 billion as of June 30, 2022, dropped by
two per cent year-to-date (YTD) but increased by six per cent on a year-on-year (YoY) basis. End-of-period net loans (gross loans less accumulated credit impairment charges) fell by two per cent YTD but were higher by six on a YoY basis. The loan increase was mostly within our CMB business, especially in our SME line of business and trade loans within CIB, which grew by 17per cent to $2.2 billion, driven by commodities finance. Deposits from customers (EOP) were $19.7 billion as of 30 June 2022, flat YTD but increased three per cent or 16per cent at constant currency, YoY. Deposit growth at constant currency was primarily driven by robust client activity within cash management and payments primarily within CIB and CMB. Current and savings account (CASA) deposits constituted 82% of total customer deposits. The Group’s estimated Tier 1 CAR and Total CAR were 10.7per cent and 14.8 per cent as of March 31, 2022, compared with 10.7per cent and 14.8per cent reported in 2021 full financial year performance. Equity available (attributable) to ETI shareholders was $1.36 billion as of June 30, 2022, down 11per cent or $175 million YTD, driven mainly by profit attributable to shareholders ($130 million), offset by mark-to-market losses ($51 million), FX translation reserves ($213 million) and dividends related to 2021 ($40 million). Conclusion The CEO, Ecobank Group, Ade Ayeyemi in a statement stated that, “Our results for the first six months of 2022 reflect not only the benefits of the firm’s diversification but also our resilience and capabilities to continue serving our clients and customers in a challenging environment and still generate adequate returns responsibly for our shareholders. “As a result, we delivered a return on tangible equity of 19.5 per cent, a record, and increased earnings per share for shareholders by 24 per cent year-on-year. In addition, profit before tax increased by 24per cent to $261 million and by 53per cent if you adjust the increase for the significant
depreciation of some of our critical African currencies to the US dollar. He added that, “We performed well because of our investments, including in technology, and Ecobankers’ continued dedication to meet customers’ financial needs, despite a challenging operating environment of high inflation, weakening African currencies, worsening government fiscal balances and lowering economic growth. “In our Consumer Banking business, pre-tax profits increased 43per cent on higher deposit margins, loans, and debit card spending. In Corporate and Investment Banking, profits rose 33 per cent, as we gained share in the letters of credit market, payment volumes increased by 43 per cent on Omniplus, and FX volumes grew by 25 per cent as client activity rebounded from the pandemic. “In addition, an increase in SME activity and growth in the payment business lifted profits in Commercial Banking by 15 per cent.” “Our investments in technology and digital capabilities have contributed to a reduction in our cost-to-serve. Along with revenue growth, the outcome is our record cost-to-income ratio of 56%. In addition, we increased impairment charges to reflect heightened credit risks. More importantly, we have proactively built central impairment reserves of $206 million, which we can deploy in a stressed credit environment. At the same time, our balance sheet remains liquid and adequately capitalised, providing us the capacity to serve our customers better.” “Our service to our customers and communities, anchored on our vision to advance Africa’s economic development and financial integration, is widely recognised. Recently, Euromoney adjudged Ecobank for 2022 – Africa’s Best Bank, Africa’s Best Digital Bank and Africa’s Best Bank for SMEs. “These accolades are a testament to our passion for serving clients and customers and our continued investments in technology, processes, and people. I am extremely proud of my colleague Ecobankers and thank them for their diligence. As always, we are passionately working towards realising our vision and remaining the bank that Africa and friends of Africa trust.” Ayeyemi concluded.
CBN AUCTIONS N2.89TRN NTBS IN 7 MONTHS, RECORDS 39.47% OVERSUBSCRIPTION July 27, 2022 from investors, recorded an oversubscription of 22.7 per cent, as interest rate rose to seven per cent from 6.07 per cent reported in the previous month. Specifically, the 364-Day tenor TB recorded a total subscription of N317.25 billion as against the N258.53 billion offered by the CBN, which gave the room for a final
allotment of N261.33 billion at a stop rate of seven per cent. A further breakdown of the summary showed that the 91-Day and the 182-Day NTBs recorded an under subscription of 16.1per cent and 60.3 per cent respectively. The 91-day NTBs recorded a total subscription of N1.86 billion as against the N2.22 billion
intended debt raise, at a stop rate of 2.8per cent, while 182-Day NTBs recorded a total subscription of N1.26billion as against N1.4trillion total subscription and allotment of N1.26trillion. In addition, the CBN NTBs for a 1-year tenor worth N158.04 billion, which was auctioned on June 27, 2022, accumulated a
total subscription of N297.96 billion, representing 88.5 per cent oversubscription, albeit a 12.53 per cent real negative yield when it stop rate was at 6.07 per cent. Further breakdown of the report for the month of June 2022 showed that the 91-day NTB recorded an under subscription rate of 5.4 per cent, while the 182-day bill was
oversubscribed at 702.12 per cent. Analysts at CardinalStone in a report titled, “Nigeria: 2022 midyear outlook: same challenges, new shocks,” said over the first half of 2022, the federal government raised N4.1 trillion via bonds and NTBs. According to the report: “ After effecting the huge bond repayment of N605.3 billion in January and
rolling over N1.6 billion NTB maturities, an estimated N2.0 trillion was available for budgetary purposes. “This net issuance was 53.9 per cent of the domestic borrowing target for 2022 including supplementary provision. For H2 2022, we expect the government to raise N3.9 trillion in bonds and NTBs.”
In his view, analysts at PAC Holdings, Mr. Wole Adeyeye stated that banks in 2022 are maintaining effective risk management in a move to cut down NPL. He added that: “banks and merchant banks with an increasing deposit from customers prefer to lend to CBN rather than their customers to maintain NPL below five per cent threshold.” The Head of Financial Institutions’ Ratings Agusto & Co, Mr. Ayokunle Olubunmi explained that: “Because CBN is implementing
the discretionary CRR, banks were being careful in terms of sourcing for deposits because it doesn’t make sense as a bank to get deposits and then CBN is actually holding them. So, banks are being careful with deposits. He added that: “2022 is going to be much more drastic if the CBN does not change their stance. Because what we have seen last year is that banks are getting a bit more reluctant to lend. If not well managed, it could cause a dysfunction in the economy.”
BANKS SHUN LENDING TO REAL SECTOR AS DEPOSIT WITH CBN SURGE BY 12% CEO, Wyoming Capital & Partners, Mr. Tajudeen Olayinka, attributed the surge in banks deposit with CBN to uncurtaining in the business environment over rising insecurity, among others. According to him, “The most significant factor is the increasing level of threat in the environment of business in Nigeria, arising from: insecurity, supply chain problems, rising inflation and poor purchasing power, low level of productivity, rising unemployment, liquidity overhang and paucity of risk-free
financial instruments.” He added that, “As a result, most banks prefer to be debited by CBN for running short of LDR limit, as against extending credit to businesses that are finding it difficult to survive. It is all about managing risk.” The Chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion stated that CBN is the last resort where DMBs deposit excess liquidity that comes with an attractive yield. He explained that, “When a
bank goes to borrow from CBN, it is a sign the bank is having liquidity challenges. The latest report by CBN revealed stability in the banking sector and most of them have a strong capital base to lend to the real sector and expand. “The LDR policy of CBN is meant to encourage bank to lend to the real sector and of recent, the private sector lending has witnessed trajectory and a bit disruption due to hike in global interest has slowed down customers borrowing from the banks. The hike in interest rate
has impacted the cost of funds, which is expected to change the direction on who banks lend to customers. “For me, the improvement in deposit with CBN is a sign that these banks have enough liquidity and are taking preventive measures to checkmate Non-performing Loan (NPL). In addition, the high interest of seven per cent depositing with CBN also another alternative to for banks to make more money and improve on profitability.”
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eNaira: CBN Improving Features for Re-launch, Inclusive Adoption Clement Nwoji
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he Central Bank Digital Currency (CBDC) otherwise known as the eNaira, is undergoing what may be termed ‘cautious adoption’ by users just like the cases of the previous technology- driven payment platforms (Automated Teller Machines, Debit Cards, and Point of Sale- POS) when they were introduced. Despite the pessimism that heralded the introduction of Debit Cards and POS, in the early stages of its introduction, they have become indispensable means of financial transactions in the daily life of Nigerians. Such is the current cycle of the eNaira. As one of the latest technology- driven mode of payments, it is not surprising that caution and doubts are still being expressed in adopting eNaira by greater majority of Nigerians. Perhaps, the delay in adoption may be due to lack of understanding of the eNaira’s intrinsic advantages over other modes of payments or the initial resistance that is usually exhibited before embracing change. However, there is air of optimism and relief going by CBN’s plans to relaunch the eNaira, having infused more technological innovations into it since it was first launched in October, 2021. The expectation is to make eNaira a household partner for merchandising transactions within and outside the shores of the country given its unique advantages over other payment systems. The evolving technological innovations and advantages of the eNaira were highlighted by the duo of Dr. Khalipha Nuhu, Officer, Information Technology Department, CBN and Mr. Daniel Awe, Head, Africa Fintech Technology while reviewing the adoption rate of eNaira in a live Television programme recently. According to Dr. Nuhu, the CBDC being the first in Africa is passing through a learning curve. He aknowledged that there are challenges but added that such challenges and feedbacks have been addressed through the innovations the apex bank have so far introduced after its launch. “It has been a learning curve. It’s been an extraordinary journey. We’ve seen a lot of optics, we’ve seen a lot of challenges and we’re moving towards ways to improve the adoption. As it is, we are currently working on the relaunch of the eNaira wallet both mobile Application and Web
CBN Governor, Godwin Emefiele
wallets. “In terms of the challenges, there have been a lot of people asking us, you introduced eNaira, where can you spend this money? It is not just about having a wallet. All these feedbacks have been taken. We are doing a lot of work onboarding merchants, that is, where people can go and spend this eNaira. We have redesigned the wallet to improve the technology and added more features and adoption is very important. We’ve collaborated with Africa Fintech Technology to run Hackathon, which is a way of sourcing ideas to solve societal and business problems. So, that’s one of the major things we now do in terms of adoption”, he stated. Dr. Nuhu dismissed the insinuations that eNaira is tantamount to Cryptocurrency since it uses Blockchain technology. He explained
that Cryptocurrency is also not Blockchain but makes use of Blockchain technology advantages. He added that the use of Blockchain technology (which eNaira adopts) gives one the ability to harness its technological advantages to improve people’s lives, make trades and businesses easy and move people from the informal sector to the formal sector of the economy with the attendant advantages. He stated that with the use of Blockchain technology, “you can increase remittance of taxes, and can easily get data and be able to make databased decisions for SMES and other businesses.” On his part, Daniel Awe, Head, Africa Fintech Technology, which is working in concert with the CBN for technological innovations of eNaira, noted that eNaira is a payment platform rather than money to be
spent. “But the concept of the eNaira is a platform that is meant to source for funds. We are working with the Central Bank to bring innovations and solve problems, solving real life problems where people will see the value of the eNaira, “he stressed. According to Mr. Awe, “So many people have asked the question that since they can go on their mobile bank app and transfer money from one bank to the other, so what has the eNaira come to do differently? But absolutely in the long run, the capability that the eNaira will bring; the normal transfer of mobile app, will not be able to match it. For example, if you want to pay someone in China, you can right there in your mobile phone, pay the person directly into his account in China without even going through the banking sector. So, that is the kind of capabilities that the eNaira will bring eventually.” He noted that Africa Fintech Technologies is working with the CBN to create those innovations, bring in those real cases and solve problems that will make the entire financial sector see the opportunities in the use of the eNaira. He stated that the manner we transfer money today is quite expensive when looked at from the global perspective. “When you want to send money from Nigeria to the United Kingdom, United States of America, and for other cross border transfers to execute international trade, it is quite expensive. By the time we get to the maturity level of eNaira, it becomes cheaper, faster, more efficient and you can break more boundaries, you can do things that are not possible today based on the fiat currency which is the normal Naira which you can spend on your mobile phones, internet banking among other existing channels. “I can tell you that with time, Nigeria being the first to introduce it globally, within the next three years and with the way technology is moving, there will be so many possibilities that the eNaira will be able to achieve, “he averred. Going by the innovations and advantages of the eNaira, and the greater understanding that the relaunch is expected to build, it is most likely that the eNaira will, in no distant time, be embraced to further enhance financial inclusion. t $MFNFOU /XPKJ JT B CVTJOFTT BOBMZTU BOE QVCMJD BGGBJST DPNNFOUBUPS CBTFE JO "CVKB
Experts to Proffer Solution N G X G r o u p R e p o r t s to Nigeria’s Transport Woes N820.17m Profit in H1 2022 Esther Olukwu The Chartered Institute for Logistics and Transport (CILT), Nigeria, has said that a team of 22 experts will proffer solutions to Nigeria’ transport woes at its forthcoming annual general meeting and cpnference. The Chairman, Conference Planning Committee for the institute, Mr. Kayode Oyesiku, told journalists at a press briefing while announcing the organisation’s National Conference and Annual General Meeting (AGM) slated for 11th and 12th October 2022. The Conference and AGM tagged: “Sustainable Innovations in Global Logistics and Transport,” is divided into three critical segments namely; the panel discussions and dinner, research presentations by experts and a tour of the Lekki Deep Seaport and Eko Atlantic City.
While decrying Nigeria’s Logistics Performance Index (LPI) ranking of 126 out of 150 in the community of member nations, he noted that the figure was a shame and should be corrected and as such, this year’s conference is designed to tackle the problems in Nigeria’s transport sector through research gleaned from 22 experts in global best practice. “The Logistics Performance Index (LPI) of nations is now the yardstick for measuring their economic resilience and competitiveness and Nigeria ranks number 126 out of150 nations. Giving the observed socioeconomic phenomena in Nigeria, the conference through cognitive interaction of professionals anticipates to embrace sustainability and competitiveness internally and among the League of Nations,” he said. He also stated that with the organisation’s mandate to
marry ‘town and gown’ by drawing contributors from the academia and practicing industry professionals, it is hoped that the deliberations from the conference will position the nation’s transport sector in line with best practices in logistics and transport around the world. “We have established a board to bring together people in the academia and in the industry so that as we listen to people on those that are practicing, We have the theoretical background of what we need across the globe from the academia so that we can be more enlightened, “he said. Oyesiku stated that among stakeholders positioned to drive the initiative of the institute are; transport professionals in the Nigerian academic community, industry practitioners, the Federal Ministry of Transportation, Federal Ministry of Aviation and Lagos state government.
Kayode Tokede The Nigerian Exchange Group (NGX Group) has announced its unaudited results for the half year (H1) ended June 30, 2022 with N820.17million profit, representing an increase of 82.4 per cent from N million reported in the half year ended June 30, 2021. The group’s H1 2022 results also revealed that profit before income tax grew by 134.4per cent to N1.22 billion in H1 2022 from N521.9 million in the corresponding period in 2021 due to impressive growth in the top line which was more than sufficient to mitigate the impact of the increases in key expense lines. The Group financial performance review also showed that gross earnings recorded a significant growth of 138.3per cent to N4.22 billion in H1 2022 from N1.77
billion as of H1 June 2021 benefitting primarily from a 140.4per cent growth in revenue (91per cent of gross earnings), and 119.6 per cent growth in other income (nine per cent of gross earnings). Total expenses grew by 102.6per cent from N1.9 billion in H1 2021 to N3.9 billion in H1 2022 primarily driven by a 231.6per cent growth in operating expenses (59.1 per cent of total expenses) to N2.3 billion from N702.9 million in June 2021. This was largely as a result of a finance cost (57 per cent of operating expenses) of N1.3 billion related to a term loan taken during the period. Personnel expenses (34.4 per cent of total expenses) also grew by 27per cent from N1.01 billion in June 2021 to N1.35 billion during the period under review. Commenting, the Group Managing Director/Chief
Executive Officer, NGX Group, Mr. Oscar Onyema in a statement said: “In 2021, we took strategic steps to reorganise our business by laying the foundation for the rebirth of our franchise as we became a fully-fledged forprofit making company with a clear focus on maximizing resources and improving stakeholder returns. “Our performance in the first half of 2022 is a testament to our ability to deliver long-term value. We recorded impressive growth in our top line to deliver a profit before tax of N1.22 billion despite the peculiar challenges inherent in our operating environment. He added that, “Our goal remains to sustain our position as a leading integrated market infrastructure group in Africa, by diversifying our revenue streams, and identifying and investing in new businesses.
T H I S D AY MONDAY AUGUST 8, 2022 TR
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Monday August 8, 2022 Vol 27. No 9980
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opinion@thisdaylive.com
www.thisdaylive.com
DIGITAL INFRASTRUCTURE AND CONNECTIVITY Significant progress has been made in Nigeria’s digitisation process, writes PATRICK BRUCE
See page 30
LAGOS AS METAPHOR FOR COMMODITIES ECOSYSTEM SOLA ONI writes that as Nigeria’s gateway to the global market, Lagos is playing on the front lane of the new commodities market
See page 30 EDITORIAL MOVING AWAY FROM OIL ECONOMY
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LINUS OKORIE writes on how to develop leadership systems for personal and national transformation
WHY LEADERSHIP MATTERS We woke up one morning and realized a disruption to our usual daily activities. From one capital of the world to another was the same story of fear, panic and uncertainty. COVID 19 suddenly crept into our lives. The question which resonated in the minds of many was, “what does the future hold?” The truth is that the world will never remain the same. But this should not have been our business. Why should what started in Wuhan, China give us all sleepless nights? Why should the news that broke out in a village called Wuhan become the concern of every nation of the earth? What concerns over 80 billion people? It is called globalization. The world has simply collapsed in our palms. Distance in now dead. Welcome to the new age of a globalized world driven by innovation, communication and technology. We are even moving towards the higher elements of DUWLÀFLDO LQWHOOLJHQFH These developments have brought to us some hard truth that we are now living in a globalized world where everything at the press of a button is now interconnected. The reality now is that our competition is no longer local. As leaders, we are now competing with the very best from around WKH ZRUOG LQ RXU GLͿHUHQW DUHDV RI FDOOLQJ We either join in race of nations in the pursuit of competitive advantage that will make us standout in the global markets, or we go the part of decline or extinction. For us here today, the greatest call is for us to now rise to be called leaders. Prof John $GDLU WKH ÀUVW SURIHVVRU RI OHDGHUVKLS LQ the world said to me in 2010 when I hosted KLP LQ 1LJHULD IRU WKH ÀUVW WLPH ´/LQXV WKH greatest need for Nigeria is to build great leaders and leaders for good.” Go ahead and build these leadership systems. Without leadership, there will be no growth. We have become a nation in great need of leadership. A nation in search of visionary leadership. As a nation we must embark on a journey of progress and prosperity that is inspired by many dreams. A nation`s ability to confront and surmount corruption and organized crime depends on the vision and will power of the political class. For this political class WR ULVH WR PDNH DQ\ GLͿHUHQFH HDFK RI XV must rise and deliberately build leadership capital. We must as a matter of need understand leadership concepts, principles and applications. When Dr. Myles Munroe GHÀQHG OHDGHUVKLS DV ´WKH DELOLW\ WR LQVSLUH motivate, drive a group of people towards a particular direction via inspiration, not intimidation nor manipulation,” he must have had us in mind. It is time for us to rise to leadership in practice so we can get out of the prevailing culture of manipulation and intimidation WR D SODFH RI LQÁXHQFH DQG LQVSLUDWLRQ )RU this to happen we must build our personal leadership systems. Nations of the world that have made great progress have been
nations that have invested heavily in the leadership capital of her citizens. If we must have sustainable progress, our leaders from all sectors of the economy must bear the responsibility of grooming leadership capital. This for is a matter of urgency. Nations do not just become great. There is the stretching DQG VHOÁHVV DVSHFW RI SUHSDULQJ OHDGHUV DQG carrying out the real work of shaping these leaders to accept the responsibility of their leadership roles. We must create the following leadership V\VWHPV :H PXVW VLPSO\ /,9( / /HDUQLQJ 6\VWHP , ,QWHJULW\ 6\VWHP 9 9LVLRQ 6\VWHP DQG ( ([HFXWLRQ V\VWHP /HW PH VWDUW ZLWK WKH OHDQLQJ V\VWHP 7KLV LV D QHYHU HQGLQJ F\FOH RI OHDUQLQJ $Q individual deliberately creates a personal routine that makes it possible for learning to become part of his or her daily activity. The art of being a perpetual learner with an open mind, asking the right questions, pursuing the right knowledge, building networks of learning partners, providing the right HQYLURQPHQW IRU WKH SUDFWLFH RI UHÁHFWLRQ Image if every leader in this country will DGRSW WKH DWWLWXGH RI $ULVWRWOH (YHQ WKRXJK he was the master of knowledge during his days he went about telling everybody he met, “I know nothing, I know nothing.” Can this nation become a learning nation? Can our organizations become learning systems? The second system that is critical for the success of our nation is Integrity system. The system we practice in this country is GHVLJQHG LQ VXFK D ZD\ WKDW LV YHU\ GLFXOW to practice integrity. Many people who are key role models when measuring their integrity capital, you can have at best 90% which is really a very great mark considering the factors and roadblocks we deal with daily in carrying out our business transactions. We cannot continue this way. We must cry RXW OLNH $EUDKDP /LQFROQ GLG ZKHQ KH VDLG ´0D\ WKH JRRG /RUG JUDQW XV PHQ RI principles as our principal men.” He was calling for men and women of honor who might not be perfect but have resolved to become whole in the process of leading with honour and integrity. When these types of leaders emerge, they will create systems that will enable the practice and culture of integrity in our institutions. The third system is the vision system. It
Nigeria is in great need of transformational leaders who have a heart for the people and are willing to dream big dreams and push themselves to make those dreams happen. We need leaders who can mobilise the talents and resources in this nation and turn things around
ZDV 0DUWLQ /XWKHU .LQJ ZKR VDLG ´0HQ make history not the other way round.” In periods where there is no leadership, society stands still. Progress occurs when men and women of vision and courage seize the opportunity to change things for the better. Without vision nothing happens. Vision is the ability to see beyond current reality. Nigeria is in urgent need of visionary leaders who can dream great dreams. Nigeria is in great need of transformational leaders who have a heart for the people and are willing to dream big dreams and push themselves to make those dreams happen. We need leaders who can mobilize the talents and resources in this nation and turn things around. We need visionary leaders who will not see young people as liabilities but as assets, thus unleashing their creativity for wealth creation. We must be a nation of visionary people. The fourth system is execution. The question is, how crucial is execution? ([HFXWLRQ LV HYHU\WKLQJ ,W ZDV ,ÀH 6HNLER PhD, Managing Director of Heritage EDQN ZKR ZURWH LQ KLV ERRN /HDGHUVKLS Turnaround, “Without action vision is dead.” ([HFXWLRQ LV D FULWLFDO OHDGHUVKLS VWUDWHJ\ IRU anyone who wants to leave a legacy. Arnold Glasgow said, “Ideas not coupled with action never become bigger than the brain FHOOV WKH\ RFFXS\ µ (YHU\ JUHDW OHDGHU NQRZV that the world judges by results. Only skilled execution can make change happen. There DUH WKUHH HOHPHQWV RI HͿHFWLYH H[HFXWLRQ D .QRZ \RXU UHVRXUFHV E 'HWHUPLQH LI the right people are in the right position. (c) (ͿHFWLYHO\ DQWLFLSDWH ,Q KLV ERRN ¶([HFXWLRQ 7KH 'LVFLSOLQH RI *HWWLQJ 7KLQJV 'RQH· /DUU\ %RVVLG\ WKH IRUPHU & ( 2 RI +RQH\ZHOO ,QWHUQDWLRQDO teaches that installing a system that monitors LQÁXHQFHV HͿHFWLYH H[HFXWLRQ ZKLFK LV WKH leader’s most important job. This system should ask, what are the individual tasks? Who does them? How do we know when they are done right? Imagine if we passionately execute our plans? Imagine what will happen in our lives if we become a community of executors. Imagine if we become the new generation of a political class that will execute good governance and servant leadership principles. We will then build a local, state and federal government that works for the prosperity of the common good. We will attract the very best from around the world to line up to visit, invest and experience the prosperity of our great country. My last words. Great people of Nigeria, you must remember that if a man does not have a purpose for waking up, sleeping becomes interesting. Okorie is the CEO of the GOTNI Leadership Centre, www.gotni.africa and can be reached at linus. okorie@gotni.africa
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Significant progress has been made in Nigeria’s digitisation process, writes PATRICK BRUCE
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SOLA ONI writes that as Nigeria’s gateway to the global market, Lagos is playing on the front lane of the new commodities market
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T H I S D AY ˾ MONDAY, AUGUST 8, 2022
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L-R. Chairman, Kennis Communications Ltd, Mr. Kenny Ogungbe; Matriarch of Dokpesi Family, Mrs. Mojisola Dokpesi; President, AFRIMA, Mr. Mike Dada; Managing Director, Parallex Bank PHOTO: ETOP UKUTT Ltd, Mr. Olufemi Bakre; and Co- Chairman, Primetime Entertainment, Mr. Dayo Adeneye,during the launch of Kennis Music Bites in Lagos… recently
Ardova, R.T Briscoe, Japaul Others Report N3.44bn Losses in H1 Kayode Tokede As most companies listed on the Nigerian Exchange Limited (NGX) announced increase in profit before tax in H1, the likes of Ardova Plc, R.T Briscoe (Nigeria) Plc, Japaul Group Plc, and 8 other companies have reported a sum of N3.44 billion loss before tax in half year (H1) ended June 30, 2022. This 54 per cent lower when compared to N7.5billion loss before tax declared by these 11 companies in half year ended June 30, 2021. The other companies are: Omatek Ventures, Union Dicon Salt Plc, The Tourist Company of Nigeria Plc, Morison Industries Plc, UPDC Plc, Meyer Plc, SCOA Nigeria Plc, and FTN Cocoa Processors Plc. The performance of these companies on the NGX revealed mixed performance in revenue, hike in operating expenses and finance costs that led to poor corporate earnings and eventually, dwindling stock prices. In the period under review, companies in Nigeria were facing high cost of doing business, foreign exchange restrictions, a hike in interest on borrowed funds due
to 13 per cent Monetary Policy Rate (MPR) now currently 14 per cent and a double-digit inflation rate that have driven the cost of goods and service at astronomically level. Some, specifically, Omatek Venture with a business decision that went wrong compounded to its losses over the years. In December 2012, Omatek Venture secured a term loan and working capital facility totalling N5.81 billion from BOI for the purpose of financing the procurement of assembly components for the production of laptops. But things went awry for the company and it could not service the loan, leading to a court order to take over the premises of the tech company. Amid poor corporate earnings and late filing of results, the likes of The Tourist Company of Nigeria is on the NGX delisting watch list. The board of NGX RegCo had approved the reclassification of Omatek Ventures from delisting watch list to restructuring status giving the company time to source investors and reclassify its operations. In addition, FTN Cocoa
Processors, and Union Dicon Salt are placed on restructuring status on the backdrop of complaining post-listing requirement of filing result and accounts to the Exchange. FTN Cocoa Processors in 2019 stated that it was facing a threat to its continuity as its bankruptcy issue heightened. The firm in a statement to said the situation was due to the unfavourable condition of the company due to the nonavailability of required working capital to procure cocoa beans, stressing that various efforts are being made by the company to secure working capital both locally and internationally were yet to yield desired results. According to findings by THISDAY, Ardova with a significant increase in finance cost to N2.18billion in H1 2022 from N489 million reported in H1 2021, announced in its unaudited result and accounts a loss before tax of N1.15billion in H1 2022 from N2.6billion loss before tax reported in H1 2021. Of all the companies that have submitted H1 2022 unaudited results, the reported figure by Ardova is
the highest loss before tax reported by listed companies on the bourse, according to an investigation by THISDAY. A total of N1.45billion interest on long-term bond and N694.27million interest expense on bank loans and overdrafts contributed to the Ardova’s loss in the period under review. Ardova had announced N192.47billion revenue in its full year result and accounts ended December 31, 2021, representing an increase of nearly six per cent from N181.66billion reported prior year full result and accounts. The company, thus, closed the 2021 financial year with N1.54billion profit as against N2.06billion reported in 2020 full year result and accounts. The Nigerian leading indigenous and integrated energy company involved in the distribution of petroleum products had announced first quarter (Q1) ended March 31, 2022 unaudited result and accounts that showed significant improvements as yields from investments made in 2021 contribute to growth in revenue, sales volume, and profits. As revenue grew by 1.4 per cent to N50.6billion in Q1 2022 from N41.65billion reported in Q1
2021, Profit, before tax appreciates by 37 per cent to N1.60 billion in Q1 2022 from N1.17billion, reported in Q1 2021. The Chief Financial Officer, Ardova, Moshood Olajide in a statement said, “We also continued to increase our capital expenditure, principally in investments that facilitate our strategic expansion, and we expect to see returns within a three-year window.” Following Ardova is R.T Briscoe (Nigeria) Plc that reported N953.32million loss before tax in H1 2022 from N947.58million in H1 2021 amid 161 per cent increase in cost of sales to N6.64billion in H1 2022 from N2.54billion in H1 2021. Despite announcing 154 per cent increase in revenue to N8.02billion in H1 2022 from N2.04billion in H1 2021, R.T Briscoe (Nigeria)’s costeffective management plunges its profit to loss. Further findings revealed that The Tourist Company of Nigeria Plc saw its loss before tax dropping from N2.33billion in H1 2021 to N451.13million in H1 2022, following its expenses that surpassed revenue. The Tourist Company of Nigeria reported 25 per cent increase in
expenses to N2.29billion in H1 2022 from N1.84billion in H1 2021, while its revenue grew by 35.4 per cent to N1.66billion in H1 2022 from N1.22billion in H1 2021. Other companies that reported loss before tax include: Japaul Group with N426.6million loss before tax in H1 2022 from N257.54million in H1 2021; FTN Cocoa Processors announced N169.77million loss before tax in H1 2022 from N689.66million in H1 2021; Union Dicon Salt announced N91.02million loss before tax in H1 2022 from N14.22million in H1 2021 and SCOA Nigeria Plc declared N78.86millin loss before tax in H1 2022 from N85million loss before tax reported in H1 2021. Omatek Ventures posted N48.99million loss before tax in H1 2022 from N8.26million loss before tax in H1 2021; Morison Industries in the period reported under review announced N46.67million loss before tax as against N36.47million loss before tax in the corresponding period; UPDC reported N6.14million loss before tax in H1 2022 from N511.48million in H1 2021 as Meyer posted N20million loss before tax in H1 2022 from N7.51million reported in H1 2021.
Ethiopian Airlines Launches Tour Activity Services ‘No Change in Chinedu Eze Ethiopian Airlines, the largest aviation group in Africa, has partnered with the globally leading online booking platform GetYourGuide, to offer passengers an unforgettable travel experience.
This partnership provides Ethiopian Airlines’ customers easy access to book travel activities alongside their flight. Passengers will have the option of booking high quality and well-curated tours and activities online either immediately after booking flights or at a later date.
Regarding the partnership Ethiopian Airlines Chief Commercial Officer Mr. Lemma Yadecha said, “Ethiopian strives to offer passengers a service beyond just travel and its ancillary services are its tools in doing so. The new partnership
with GetYourGuide will be the new stream of convenience our leisure passengers can enjoy. Putting our vast network and GetYourGuide’s services in major cities around the world into consideration, our passengers will have a great number of exciting experiences
Ikoh Visits US Consulate for Collaboration on Devt, Deployment of Modular Refineries in Nigeria The Honourable Minister of Ministry of Science, Technology and Innovation, Dr. Olorunnimbe Mamora and the Minister of State, Chief Henry Ikechukwu Ikoh have expressed their determination to leave a visible footprint in the development of Science, Technology and Innovation in Nigeria’s business environment. In pursuit of this objective, Chief Henry Ikoh visited the United States Consulate Commercial Department in Lagos for a discussion on the immediate deployment of Modular Refinery Technology in the oil and gas sector, with emphasis on a business-driven
approach. Ikoh said there is urgent need for immediate deployment of modular refineries in the nine Niger Delta States, starting with states that have the most conducive environment with reference to security and business interests. He emphasized that such investments will improve the economic outlook of the country and enhance the welfare of the Niger Delta people, as well as create jobs for local artisans, which will help to curb operation of artisanal crude refineries, reduce health hazards and protect Nigeria’s environment.
He further emphasized that a modular system is required at this time and would have to be demonstrated at pilot scale in different locations. Responding, the representatives of the US Consulate Commercial Department applauded the Minister’s business visit considering the current level of eagerness to get much done within the shortest time possible. Senior Commercial Specialist of the US Consulate Commercial Department, Ms Ngozi Nkwo, assured the Minster of State, that the US Mission in Nigeria wholly
supports the initiative and promises to match the speed of the Government of Nigeria on the project of deploying modular refinery in the country to enhance business growth, human and environmental protection. On his part, Commercial Specialist at US Consulate Commercial Department, Mr. Chamberlain Eke, added that though funding has always hampered such initiatives, especially with reference to the commercial scale envisaged, however, the enthusiasm of the current administration will facilitate funds sourcing.
Management of Trucks Transits Parks Limited’ The Management of Trucks Transit Parks Limited, (“TTP” or the “Company”) has issued a public notice to re-emphasize the media notice earlier issued July 23, 2022, that Mr. Jama Onwubuariri remains the Company’s Co-founder and Managing Director and not Mr. Temidayo Adeboye. The company in the notice said Adeboye or anyone else claiming to be the Acting Managing Director of TTP is acting in outright violation of a court order which mandates the maintenance of the status quo until all the parties return to court. “This means that the entire board of directors of the company remains unchanged and intact as filed and certified at the Corporate Affairs Commission (CAC), Abuja. The general public is therefore advised to disregard any information, or anyone purporting to be issued by
the Acting Managing Director or claiming that a change in the composition of the Board of Directors of TTP has taken place, and to treat Mr. Adeboye or any person parading himself as the Acting Managing Director of the Company as an impostor. Anyone who deals with the said party(ies) does so at their risk. “TTP wishes to officially state that Mr. Adeboye is in breach of existing court orders and anyone who deals with Mr. Adeboye would be in breach of the same orders. All information about our management team can be confirmed in the About Us section of our website, www.ttp.com.ng. Our 24/7 operational support to the maritime ecosystem in Apapa remains uninterrupted. To learn more about us, visit our website or reach out to our media contact below, “it stated.
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MONDAY AUGUST 8, 2022
EDITORIAL
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
MOVING AWAY FROM OIL ECONOMY Government should be serious about diversifying the economy
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for 43 per cent of the world production, but now accounts he prevailing economic downturn has for less than seven per cent of global output, with most worsted the capacity of Nigerians so much of the production coming from dispersed smallholders. so that basic necessities of life, including 0HDQZKLOH 0DOD\VLD ZKLFK VRXUFHG LWV ÀUVW RLO SDOP food and healthcare are becoming luxuries. seed from Nigeria, is the world’s second largest producer. Available statistics paint a dire situation of The case of cocoa is lamentable because Nigeria used millions of idle youths condemned to the WR UDQN DPRQJ WKH ÀUVW ÀYH ODUJHVW SURGXFHUV EHIRUH street corner and economically inactive. A combination of the neglect. Nigeria’s coca production which peaked at sustained negative economic growth and an uncontrolled around 400,000 tonnes a year in the 1970s now accounts GHPRJUDSKLF EXOJH KDV SXW WKH FRXQWU\ LQ D YHU\ GLFXOW IRU IDU OHVV 7KLV LV GHVSLWH WKH EHVW HͿRUWV RI WKH 1DWLRQDO and potentially explosive situation. Unfortunately, Cocoa Development Committee (NCDC) to rehabilitate the response from the government to these challenges ROG ÀUPV VXSSO\ KHDYLO\ VXEVLGLVHG DJUR FKHPLFDOV VWDUW remains incoherent. Even with all the noise about new plantations or replant aged ones with high-yield GLYHUVLÀFDWLRQ RI WKH HFRQRP\ IURP RLO WR DJULFXOWXUH trees, and promote the local there is nothing on ground consumption of cocoa-based to suggest seriousness. products to boost prices. At the eighth edition Also, the famous of the European UnionOil has also created a culture of fast money through governgroundnut pyramids, which Nigeria Business Forum hallmarked the groundnut last month, the EU ment patronage and corruption boom in the 1970s started ambassador to Nigeria disappearing with the and Economic Community discovery of oil. Not even of West African States the establishment of the (ECOWAS), Ms Samuela T H I S D AY African Groundnut Council under the aegis of the African ,VRSL VSRNH WR WKH FXUUHQW FKDOOHQJH ´,Q WKH ÀUVW TXDUWHU EDITOR SHAKA MOMODU Union to promote the production, consumption and of 2022 the Nigerian economy grew by 3.1 per cent and DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA exportation of groundnut oil in six countries of Africa this was driven by the non-oil sector. However, the MANAGING DIRECTOR ENIOLA BELLO including Nigeria, has helped matters. Like the case of DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU HFRQRPLF VLWXDWLRQ UHPDLQV GLFXOW µ ,VRSL DGPLWWHG CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI oil palm, groundnut production is done today mostly by “Countries that are still struggling to recover from the EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN small holders. Worse, the largely subsistence agricultural COVID-19 pandemic now face further challenges caused MANAGING EDITOR BOLAJI ADEBIYI sector has not kept up with rapid population growth, and by the Russian-Ukraine war. In Nigeria, the shockwaves THE OMBUDSMAN KAYODE KOMOLAFE Nigeria, once a large net exporter of food, now imports DUH DOUHDG\ EHLQJ IHOW RQ IXHO IHUWLOLVHUV DQG IRRG SULFHV µ most of its food products. Even with all the arable land, She said Nigeria’s new economy should be focused Nigeria is now a nation that cannot feed its people. RQ ÀQGLQJ D SDWK WKURXJK GLFXOW WHUUDLQ LGHQWLI\LQJ T H I S D AY N E W S PA P E R S L I M I T E D $V D FRQVHTXHQFH RI WKLV QHJOHFW WKH HFRQRP\ LV VDGO\ opportunities and adopting a sustainable business EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA over-dependent on the oil sector, which provides less approach. GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, than 25 per cent of GDP, despite accounting for more than ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI Unfortunately, even in these moments, there is no real 90 per cent of foreign exchange earnings, and about 65 DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, commitment to the much-talked-about agriculture sector ANTHONY OGEDENGBE per cent of government revenues. Oil has also created a which nonetheless still contributes the bulk of the Gross DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI culture of fast money through government patronage and Domestic Product (GDP) in the country today. We are SNR. ASSOCIATE DIRECTOR ERIC OJEH corruption. We therefore urge government to demonstrate particularly worried that Nigeria continues to neglect ASSOCIATE DIRECTOR PATRICK EIMIUHI cash crops like cocoa, oil palm and groundnuts, which for CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI more seriousness in diversifying the economy from oil to DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO others sectors capable of putting millions of our young years constituted the mainstay of the country’s economy. TO SEND EMAIL: first name.surname@thisdaylive.com people to work. In the early 1960s, Nigeria’s palm oil production accounted
Letters to the Editor 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.
LETTERS
COMMON PRIDE AT COMMONWEALTH GAMES Sports can be a great tool for building national cohesion and recently, when record-setting Nigerian athlete Tobi Amusan shattered the existing world record at the 2022 World Athletics Championship in Oregon, Nigerians found some cause for cheer and some momentary distraction from the many problems convulsing the country. At a time when it is not exactly love, light and laughter back home in Nigeria, Nigeria`s participation at the ongoing Commonwealth Games commonly known as Birmingham 2022 is giving Nigeria some reason for cheer. The commonwealth Games, often referred to as the Friendly *DPHV LV D TXDGUHQQLDO LQWHUQDWLRQDO PXOWL VSRUW HYHQW DPRQJ DWKOHWHV IURP WKH FRPPRQZHDOWK RI 1DWLRQV 7KH HYHQW ZDV ÀUVW held in 1930 and with the exception of 1942 and 1946 when the event was cancelled due to World War II have held every four years. The Commonwealth Games Federation(CGF) is the organization responsible for the direction and control of the Commonwealth Games and Commonwealth Youth Games, and for delivering on the vision of the Commonwealth Sports Movement: to build peaceful, sustainable and prosperous communities globally by inspiring Commonwealth Athletes to drive the impact and ambition of all Commonwealth citizens through sport.
7KH RUJDQL]DWLRQ KDV LWV KHDGTXDUWHUV LQ WKH 8. EXW ZRUNV member nations and territory. Nigeria`s medal haul so far at the games in Birmingham is testament to how Nigerian athletes are holding their own there. This is no easy feat given the historic development problem sports have witnessed in Nigeria especially as the country continues its downward spiral into the doldrums of bad governance. So far, at the games holding between July 28,2022 to August 8,2022, the Nigerian team known as Team Nigeria is the leading African team after clinching its eight gold medal on Day nine of the games. At the end of Day Eight, Nigeria had trailed South Africa in eight position on the table having amassed a total of seven gold, three silver, and six bronze medals to bring its haul to 16 medals. However, on Day nine of the Games, Nigeria had shot up to nine gold medals when Eucharia Iyayi won gold in the Women`s F55-57 Shot Put event. On Sunday, August 7, 2022, World Athletics Champion Tobi Amusan brought home Nigeria`s 10th gold medal at the Games when she ran a Games record of 12.30s to erase the 16-year-old 12.65 seconds record set by Jamaica`s Brigitte Foster-Hylton in Melbourne Australia.
It may seem incongruous to speak of artistry when talking about an athlete, but as record after record continues to tumble before the champion hurdler, providing in the process a positive distraction for a beleaguered country, to describe Amusan`s breathtaking achievements as artistry is to capture the essence of her genius. There is no telling what is possible in Nigeria. But those who can have the courage to try can tell that anything is possible in country of more than 200 million people, many of whom are youths who defy great odds to keep pushing barriers in a country that continues to post some of the worst human capital outcomes in the world. There is corruption and then there is sheer incompetence on the part of those who administer sports in Nigeria, just as there is with those who govern the country. But given what Nigerians JR RQ WR DFKLHYH QRW MXVW LQ VSRUWV EXW LQ YDULRXV ÀHOGV ZKHQ WKH environment is right, there is no telling what can happen when WKH FRXQWU\ ÀQDOO\ EHJLQV WR JHW LWV DFW WRJHWKHU For a country that hurts all over, the Games and the gold medals are cathartic. Kene Obiezu, keneobiezu@gmail.com
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HOMES&DESIGN
The Begonia Ikoyi Crafted for Peace and Harmony At the heart of Ikoyi, Lagos is an emerging iconic highrise fondly known as The Begonia. Its promoters are rendering it a place for peace and harmony, a mix of exquisite homes and a beautiful landscape. Bennett Oghifo writes
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he Begonia is a seven-floor facility located on Mobolaji Johnson Avenue in Ikoyi, Lagos. It is the brainchild of REFin Homes Limited, a home building
company. The Begonia is conceived as an environmentally friendly facility and will have a cover of Begonias trees planted during the groundbreaking performed last week. Tree Begonias or cane-stemmed Begonias are a very tall growing begonia up to 2 metres or more in height and forming a clump of upright stems. They are very
hardy, being drought and heat tolerant. Flowers of red, pink and white hang in beautiful clusters and continue to flower throughout the year. The two Managing Partners of REFin Homes, Kazeem Owolabi and Olatunde Macauley, were on hand to give details of what they plan to render to prospective home buyers. The Begonia is a long-planned project tailored to the type of luxury clients demand in their homes. “The way we work is that we build to specifications. We don’t go to the site
without having requests from clients,” stated Owolabi. The promoters plan to infuse nature and urban development to be in harmony, which is why they tag it as peace and harmony. “We try to plant as much as we can in order to replace nature back. We build smart and green,” he added. “All our projects right now are smart, green in line with climate change and to ensure that people live well and live healthy.” The Home Builders are positioning
Begonia for the “middle-upper class’’ and “that’s because, in the pyramid, those are the working class right now.” Macauley said the subscribers should expect good quality housing at completion, adding that the firm will not compromise its mission to deliver standard homes and spaces. He explained, “From the foundation, we are engaging a reputable firm to do the job and bringing on board a well-known project manager. The subscribers would be assured of quality infrastructure, adequate security and good quality housing.”
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HOMES&DESIGN
Simple Ways to Elevate your Mood this Summer
chool is out and summer is well and truly underway. Whether you’re booking a villa somewhere exotic or planning a staycation, there a few mindful yet simple ways you can make the best of your living spaces and give you and your family an even better summer experience. No doubt, the space around you can have a huge impact on your mood, health and overall well-being Here’s how to create (or look out for if you’re booking) interiors that positively impact your life and boost your health index.
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PLAYING WITH COLOUR We have all felt, consciously or not, the direct effect certain colours have on our mood. It is important that you choose your room colours carefully. You may want to feel relaxed in your bedroom and energetic and sociable in the dining room. Warm colours, shades of white, greens or blues are great for creating a calm retreat in the bedroom, while adding a dash of canary yellow to your kitchen will lift your mood and boost your energy.
BRING IN SUNLIGHT Natural light brings positive energy to your home. Open your windows every morning and let the sunshine magically in. Choose light and airy curtains for your windows to maximize light transmission. Sunlight is also a great natural disinfectant, gently purifying the air and keeping it healthy.
GET A GOOD FLOW OF CIRCULATION There’s a lot to be gained from understanding and applying the principles of Feng Shui. To keep it simple though, just have at the back of your mind the general rule that the energy in your home should not be ‘trapped’ anywhere. Try moving the furniture around to create wide passageways that allow free movement through spaces and from one room to the next.
BRING NATURE INTO YOUR HOME Extend your living space to the outside if you have windows overlooking the garden or create a cozy balcony area with plenty of greenery. Being surrounded by nature is a great way to add positivity and boost your well-being. You may be interested in bedroom plants which also have the added benefit of improving air quality. WATCH OUT FOR ALLERGENS. Whether it’s hay fever, dust allergies or sniffles triggered by moisture and mould, try as much as possible to opt for easy to clean surfaces and washable materials. Avoid carpet if you can or at least opt for short piles over long fluffy ones. A dehumidifier could help you feel more comfortable during the rainy season or a humidifier if you’re somewhere dry and dusty. For better sleep stay away from feather pillows and choose synthetic fillers and down alternative. GET HOUSEPLANTS THAT PURIFY THE AIR You may not know it but indoor air is often more polluted than the outdoors, even with all the pollutants from car exhausts and generator fumes. There is a simple solution: plants! Some amazing houseplants are known to absorb toxins and eliminate pollution. Grow aloe in a pot by the window of your sunny kitchen and place a snake plant in your bathroom. Money plants or ivy look beautiful in hanging pots and can be hung anywhere.
BURN ESSENTIALS OILS OR FRAGRANCES Burn essential oils like lavender, chamomile, and spearmint in a diffuser to release negative energy and create a calming, tranquil atmosphere in your home. Try experimenting with different blends and see which work best for you. DECLUTTER YOUR HOME A cluttered space can lead to feelings of confusion, tension, irritability or just leave a person feeling generally unsettled. Be intentional about not having too many things around you. Becoming a minimalist would be great but even if you can’t achieve that in one summer, start by getting rid of any garbage that has accumulated over the years. Clean out your closet frequently and dispose of unnecessary items. USE MIRRORS TO MAKE ROOMS LOOK SPACIOUS If your space is dark and cramped, well-placed mirrors can bring in light, accentuate your space, and add personality. Creatively angled mirrors can help your favourite accessories stand out, add light to an entire room or reflect your garden in an interesting way.
SURROUND YOURSELF WITH BEAUTY Surround yourself with works of art, photographs, or small sculptures that bring you joy. Increase positive vibes and draw happiness from the artifacts around you!
EMBRACE NATURAL ELEMENTS Incorporating natural elements such as wood, reeds, bamboo, terracotta and cotton fabrics into your interior instead of synthetic or technical materials can improve your mood and have a positive impact on your subconscious mind. Natural materials produce soft and gentle vibrations. GET SEATING THAT IS ERGONOMIC Most of us spend a lot of time in front of computers and television screens. Sitting incorrectly can have far-reaching effects on your spine. Get a chair that provides good back and neck support for long-term health benefits. Add a lumbar pillow that matches your colour palette to blend in with your decor.
CREATE A SPACE TO RELAX AND MEDITATE For those of us working through the summer, you still can try to make it a relaxing one. Between stressful appointments, try to take a few minutes to relax. A cozy corner with comfortable chairs, cushions and floor mats is perfect for a refreshing meditation session. Or even a yoga mat in front of a window where you can stretch or practice deep breathing before you start your day can make all the difference. When it comes to decorating your space, all of these suggestions su will help you energize, relax, and detox your y surroundings to ensure balance and wellness in your y living space.
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MONDAY, AUGUST 8, 2022 ˾ T H I S D AY
BUSINESSSPECIAL
Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078
Adeniji: ‘Big Men’ Must Be Kept Away from New NNPC to Enable It Deliver
The Managing Partner at ENR Advisory, an oil, gas and power investments advisory firm, Mr. Gbite Adeniji, in this interview, provides insights into Nigeria’s national oil company’s transitioning into the Nigerian National Petroleum Company, with suggestions on how the company can attain profitability and professionalism. Peter Uzoho presents the excerpts: In line with the Petroleum Industry Act, the Nigeria National Petroleum Corporation (NNPC) has finally transitioning into a limited liability company. What is your take on this development? t’s a welcome development, because what we wanted when we were designing the reform process was a national oil company that is independent and insulated from interference. A significant part of what had affected the performance of the now defunct corporation was its invasion by the many potentates in the land: the big and powerful men, who basically wanted one contract or favour or the other and basically got in the way of the professional work that the people in the corporation had to do. And let me say this, there are some really solid people in that company, who have the national interest at heart. But when you are overbearing on them and you don’t let them get their work done, the company suffers, and then the nation suffers. So, it was important to design something that we hope will be free from that interference. And I heard the president signal around the issue of independence during the unveiling. So, it starts from the board that is given the power to supervise the management. So, if you look at that board now, you’ve got the Group Chief Executive Officer and the Chief Financial Officer as members. You will probably have in attendance, the other senior members of management. That’s really how companies generally function. So if we can keep to that, it will help. The background also, is that policy reform was done. That’s the basis for everything, where proper clarification of the respective roles of government as a regulator, government as a policymaker, and government in business are spelt out. So this is now government in business made very clear. That’s what we wanted and we hope that it will be allowed to work the way it is designed to work so that all Nigerians can benefit from it.
look at the Bulk Electricity Trader. It needs to be properly funded so that it can viably purchase power and those who are sending gas to the power stations can be paid. Then of course, that should stimulate economic growth. So the policy choice for subsidisation of PMS is wrong. There’s no way we can dress it up. It’s a wrong policy choice that should have been wiped out over the last seven years. But to your original question, until the government policy changes, NNPC has no choice but to follow what its masters have told it to do, which is the government, unfortunately. So, that decision is not NNPC’s decision but the decision of the presidency. That’s where the action is, because the president is the Minister of Petroleum Resources, and he’s also the one that is in charge of the country. He has decided that he’s going to retain subsidy until he goes. But my hope is that whoever comes in as a new president attacks this issue immediately. This is what the incumbent president should have done in his early years as the President, which he has failed to do. The new president must do it.
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With the kind of human capital and management team in NNPC now, do you think they can deliver the efficiency, profitability and professionalism expected of the company as a commercially-oriented entity? The human capital in NNPC is very strong. In fact, there is continuous training going on in NNPC. Secondly, because they are interfacing on a daily basis with global level partners, there is some level of osmosis that happens. They have some of their staff cross-posted. They do daily negotiations with global level corporations, they see many types of deals and transactions. So, they know what to do. Again, I emphasise: they should be able to deliver only if they are allowed to do their job. That’s the main thing. If the Nigerian factor is kept away, the company will do very well and succeed. So, basically, it’s either we are going to be victims of ourselves, or otherwise. But the big men have to be kept away from NNPC so that they can do their work. The people are there, the capacity is in the company, they have more than enough human capital. Are you comfortable with the new structure of the company? I love the new structure. It’s a more streamlined company with very clear business lines. They’ve clearly gotten pretty good advice. The question now is just making sure that they have the right people in the right place. That’s just the next thing. Structurally, the design looks good. So, it’s now a function of who is to put where and making sure that each person has the competence for the position that they put him in. Again, it’s for the board to make sure that that is done.
Adeniji
To reduce the company’s risks and burden, is there any need for them to consider selling off some of the dormant assets like the refineries? So, let’s just put the past behind us, because it has not been a glorious past. Let’s be forward-looking. This company wants to do everything: upstream, midstream and downstream. I see the desire to continue owning those four refineries. Nothing is wrong with that, only if they can be managed properly. That’s number one. Only if none of those past malpractices reoccur. Only if the big men are not allowed to invade it, because refineries produce different types of products, and different kinds of things can happen when they sell those products. So, with a commercial orientation, which is statutory duty now, everything produced must be sold commercially without undue preference to anybody. Again, we go back to my first statement: if the company can be allowed to do its work well, then let it continue running those refineries so long as they don’t stop anyone else from running a refinery, because that would create monopoly and discourage competition. So, it should be happy to do business with others who must be allowed to do their own business in the downstream. What we don’t want is for the state to crowd out private investors, because
the downstream is a contestable area of enterprise. The processing and the sale and the distribution of hydrocarbons should be open to everybody. The state must not crowd out those that want to engage in that kind of business. What is your take on NNPC’s position that it would continue to be the sole importer of petrol and that the subsidy regime would continue, even though it said it would be rendering that service to the government at a cost? It’s a very simple position. I’m one that is fundamentally opposed to the issue of subsidy of PMS, because I know the damage it does to the treasury and to the macro economy as well. I know that we are also effectively subsidising PMS sales in other countries in the region. And also, you are also enriching the pockets of those, who do business around this subsidy thing. It’s a shame, because the country doesn’t need it. I would rather that the money we are spending on PMS subsidy is re-allocated to get our power sector off the ground. You can achieve a lot more in terms of economic growth if we invest in power sector infrastructure. What PMS subsidy does is, it regresses the economy. Whereas if you invest on the gaps in the power sector, where the gaps are, you can make the power sector more bankable. For instance, take a
Oil theft and massive crude losses have become issues of national emergency. Is this not something the government can tackle again? One would assume so. One would assume that a government that depends so much on revenue from the sector would take this matter as a priority. I’ve taken a view that the matter is so serious that what it needs is a judicial inquiry. It’s not something that you can just wave off as one of those things. This is a big deal! It is a big deal that we are not able to produce beyond half of our capacity of three million barrels a day. So, if those people who we have elected in the National Assembly don’t know their job and wont properly interrogate this issue, the executive should have at least ordered a judicial inquiry to this. So what’s the big deal about finding out what’s going on? If you put some drones up in the air, you will know exactly where these leakages are. That hasn’t happened. You then use the security agencies to shut this whole thing down. So by not doing it, it just doesn’t make the government look good. And for some of us who interface with investors on a regular basis, we can see why they don’t want to come. Just think about it. You put your money in a hole, you can’t get it out, because by the time you start producing, some people will just syphon it and there will be no consequences. So, we are told: “your political risk is too high, and you can’t manage the crisis”. It’s like, if your government is a hostage to people that you people don’t know, why should we be going there? Are you the only oil producer in the world? There are many countries, even in Africa, where oil can be produced. So basically, this is doing more damage than we appreciate. Damage, first, to the immediate, dependable revenues of the nation, to long term revenues and to the wider investment climate in the country. If you cannot secure your most important revenue base, you’ve got a problem. That’s what they tell us. So, those are the issues. And you can see the implications. Look at the naira today. It’s clear. You’ve got the subsidy issue and you also can’t secure your oil revenues, your country is bound to slide. And God forbid the exchange rate doesn’t get to N1000/$, which is not unlikely. So, if we don’t address these two big issues, it would certainly get worse than what we are seeing it now. These issues Continued on page 39
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BUSINESS SPECIAL
ANALYSIS
ADENIJI: ‘BIG MEN’ MUST BE KEPT AWAY FROM NEW NNPC TO ENABLE IT DELIVER have gotten to an industrial scale - crude oil theft, and if you add the subsidy, you are just bleeding. Is government really seeing these issues the way others are seeing them, because the IOCs have been complaining about it, and this is why they are leaving? IOCs are not leaving only because of the oil theft. Oil theft has been going on for sometimes. It is just that it has now become almost uncontrollable. The word ‘bunkering’ is not a new word. It has been there decades ago. It’s just that then, people would steal a few barrels, but now it has gone to hundreds of 1000s of barrels on a daily basis. Which is why when you read papers, you see some oil company executives say that it has become an industrial scale activity. But that’s not the only reason the IOCs want to leave. What are the other reasons? They are just fed up with the way we are running our system. Everywhere you turn, there is one headache or the other: state government headache, local government headache, federal government headache, National Assembly headache, all sorts of headaches - the totality of what we call ‘above-ground risks’. You get pulled up and down by the National Assembly for one thing or the other. You get shaken down by one government official or the other. The cost of doing business and the process
of doing business in Nigeria has become too much of a headache for them. The other issue is their desire to de-risk from Nigeria. it has become too risky to own such level of assets. In a country where it doesn’t appear that the government is able to handle the political risks that we see on a daily basis, so the IOCs say, why should they be here when there are other countries where the cost of doing business and the process of doing business is easier? And oil has been found all along the entire coast of Africa. You know, technology is a wonderful thing. Before, it was all about the Niger Delta province. Now, technology has opened up other basins. So, they are now diversifying their risks. The third reason they are leaving is the energy transition. If you take a closer look, you’ll find that a lot of facilities in Nigeria are aging facilities. A business man doesn’t want that liability. So, it’s better you run as quickly as possible before that problem matures. There are many facilities that need to be repaired and rehabilitated. In this transition, decarbonisation of upstream facilities is a big issue. You can go ahead and do your own industry thing but you have to decarbonise the industry. Very soon, I’m sure you are going to be seeing the upstream petroleum regulator being more aggressive around
decarbonisation of the industry. There’s a lot of issues in the upstream that need to be addressed. So oil theft is just one reason they are leaving. They also have their selfish reasons for doing so. But we have given them the excuse because of the way we have run our country. Because normally, why should you be running from mature assets or from a mature province when you have a complete data set, which means, it’s so easy to find oil here because it’s a province that has been so explored over 60 years. You know where the oil is, you know where the gas is. In fact, over the years, we were just plugging holes and today, the world is now all about gas. See Europe screaming about gas because of what Russia is doing. So, this is not the time to go. But our problem is too much. But it’s not in the interest of government to lose its partners and I am not surprised they are trying to hold them down and say you are going nowhere. However, it would have been nice, or better, that there is a clear policy statement by the government around these divestments. Remember, when we started the conversation, we said we’ve clarified the role of government as a policymaker, government in business, and government as a regulator. So, what’s the policy of government
around divestments? It’s not there. We are seeing some actions but if you want to follow the principles of the so-called reforms, there should have been a clear policy statement by the Minister of Petroleum Resources or the Minister of State around divestments. We’ve not heard anything about that. Why is it important? So that everybody knows whether they should bother talking to the oil companies or not about buying assets from them. Because it costs a lot of money, it costs millions of dollars for you to go through the process of wanting to buy an asset or a group of assets from the IOCs. Should you be wasting your time and your money if at the end of the day, the process is going to become zero? So, it’s only fair that people know: is it a do or no do? That’s how petroleum provinces are run -with clarity. Don’t leave it to the National Oil Company to be forced to make those statements, because where there is a vacuum, someone will fill it, which is what has happened, where the NNPC now has to step in to make policy statements or take policy positions. Something that should have been the job of the minister to do. So, the state must have a position and the position must be known to everyone, from the proper channels. But in the absence of that, somebody has to help them do their work.
Evercare: Driving Sustainable Healthcare Delivery in Nigeria Mark Chieshe
G
lobal awareness of climate change and the importance of sustainability as a strategic mitigant is transforming industries. This includes healthcare delivery, which in many countries worldwide is witnessing a gradual but steady evolution towards environmental resilience. This transformation to sustainability is helping hospitals enhance the quality of healthcare delivery, optimise business results, and save the planet. Research showed that hospitals are the second most energy-intensive buildings. They operate 24/7 and consume 2.5 times the energy of a comparable commercial property. Incorporating sustainability practices in hospitals’ design, construction, and operations help owners realize significant operational savings by reducing energy and water consumption. Eco-efficient solutions create well-ventilated hospital spaces and foster a nurturing environment that enhances patient care. To stay ahead of the curve in Nigeria’s healthcare industry, Evercare Hospital Lekki is leading a shift towards sustainable medical care. Located in Lagos, Nigeria’s economic nerve center, the 165-bed multispecialty tertiary care facility has resource efficiency in its design and operations. Evercare CEO, Rajeev Bhandari, who has a track record of identifying and creating business opportunities to grow market share, noted that sustainability is a key part of the hospital’s overall business strategy. “This is because we understand sustainability’s important role in boosting healthcare delivery, protecting the ecosystem, and preserving natural resources for future generations.” says Rajeev Bhandari. “We aim to ensure optimal outcomes for our patients by preventing care-related incidents and infections while providing safe care and appropriate medical management. Our patients are happy to know that our environment is green and eco-friendly, which means that there are no adverse effects on their health within our environment. They are assured of our hygienic cooling air system, which ensures no cross-infection in the air circulation within the hospital.” Evercare Hospital Lekki was commissioned by Vice President Yemi Osinbajo and commenced operations in March 2021, offering high-quality and accessible healthcare across a range of specialty medical and surgical services to communities. The hospital is part of the Evercare Group. The international investment Group is wholly owned by the Evercare Health Fund, a US $1bn emerging markets healthcare fund managed by The Rise Fund, the impact investment platform
Evercare Hospital Lekki of global alternative asset manager TPG Capital. The Group comprises the world’s leading development finance institutions including IFC and other impact investors such as the Melinda Gates Foundation and the Nigeria Sovereign Investment Authority (NSIA). Leveraging the EDGE Hospital Advantage To realise its sustainability objectives, Evercare Hospital leveraged the many benefits of EDGE to engineer a facility that provides the highest healthcare standards without wasting resources. EDGE (Excellence in Design for Greater Efficiencies) is an innovation of the International Finance Corporation (IFC), a member of the World Bank Group. It is powered by free software that empowers property developers to deliver resourceefficient buildings in a fast, easy, and affordable way. EDGE is a key part of IFC’s efforts to lead a sustainable future by encouraging construction developers worldwide to build a safer climate and is currently in use in over 140 countries. Evercare made a right decision to incorporate EDGE in the hospital’s structural design and construction due to the software’s tight focus on energy, water, and embodied energy in materials and the credibility of the World Bank Group’s name. The free EDGE software-enabled Evercare to evaluate their designs, increasing their confidence to obtain certification.
In May 2022, Evercare Hospital Lekki made history as the first hospital in Nigeria to receive Final EDGE Certification as a resource-efficient and environmentally friendly building healthcare project. SintaliSGS, an environmental certification body and global certification partner for IFC’s EDGE green building program, established that Evercare Hospital achieved a 38.81 per cent reduction in energy usage, 20.50 per cent in water consumption, and 42.07 per cent in materials’ embodied energy compared to a local benchmark. Bhandari further noted that sustainable design bolstered Evercare Hospital’s ability to price right in a highly competitive market. “Increased energy efficiency gives Evercare high savings on operational costs, which contributes to the highly competitive pricing that we offer to our customers. As a result, our hospital is more accessible to a wider spectrum of income earners,” Bhandari said, adding that, “In addition, even though we spent a little more to achieve sustainability, it was on the conviction that building green saves a lot of money over time. I am proud to note that in our 15 months of operations, we have saved 28 per cent in energy costs. This makes up for the initial additional sustainability Capex. Indeed, we are pleased to have taken this decision. “. Eco-efficient technologies at Evercare Hospital Lekki include solar photovoltaics
handling a significant portion of power needs, energy-efficient lighting, and smart air conditioning systems. The hospital uses LED light fittings and light in key parts of the facility is timer controlled. Instead of re-circulate the air in the hospital, the hospital’s cooling system takes fresh air from the outside, treats, and distributes it to different cooling units. The hospital also deployed insulated roofing sheets, double-glazed glasses, aluminum sheets to reduce the sun’s rays and wall to window ratio, improve efficient material usage. Other features include use of low flow plumbing fittings for wash hand basins, kitchen faucets, taps, and a wastewater treatment plant to optimise water usage. Evercare’s fine fusion of sustainability and advanced medical care should inspire other players in Nigeria’s healthcare industry to join the global transition to eco-friendly hospitals that care for patients and the planet. The hospital’s savings from operational costs due to energy and water savings, an improved environment that enhances patient recovery and satisfaction, and employee productivity are also good business takeaways. They prove the business case for sustainable healthcare delivery in helping hospital owners achieve the corporate social responsibility of caring for the environment and the planet. t 5FSIFNFO .BSL JT B IPVTJOH QPMJDZ analyst based in Abuja. Email: mchieshe@ gmail.com
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T H I S D AY ˾ ˜ AUGUST 8, 2022
BUSINESS/MONEYGUIDE
Actis Concludes First Close of West Africa Focused Real Estate Fund at $45m Kayode Tokede
Actis, a leading global investor in sustainable infrastructure has recently concluded a first close of its real estate fund, Actis West Africa Real Estate Income Fund Limited Partners (REIFLP) and Nigeria Real Estate Income Fund (NREIF) at $45 million. Anchor investors in the first close included Stanbic IBTC Pensions Managers, FCMB Pensions Limited and Pensions Alliance Limited. The Fund will invest in market leading, stabilised real estate assets across West Africa, with a special emphasis on Nigeria. All assets in the portfolio will attain a minimum standard of
IFC Edge certification. NREIF will acquire and manage real estate assets across a range of sectors, including retail, office, industrial, education and healthcare. NREIF is the fourth vintage of Africa focused real estate funds managed by Actis. Actis has invested in the sector since 2004. Funke Okubadejo leads Actis’ Pan African Income Fund team, while Tolu Sokenu serves as the Fund Manager for NREIF. Actis and NREIF are advised by Simmons & Simmons and Udo Udoma & Belo-Osagie. Actis is a leading global investor in sustainable infrastructure. It delivers competitive returns for institutional investors and measurable positive impact for
countries, cities, and communities in which it operates. Its global experience, operational knowhow and strong culture allow them to create global sustainability leaders. It does it at scale. And have been doing so for decades. Since inception, it has raised US $24 billion to invest in a better tomorrow. Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. The firm has consistently been awarded the highest rating score in the UN Principles for Responsible Investment (PRI) independent assessment.
i-Invest Chief Harps on More Enabling Regulations for Fintech Nume Ekeghe The Chief Product Officer of i-invest, Mrs. Tobi Olusoga has called for regulations to be more enabling to encourage fintech to thrive and aid in enhancing financial inclusion nationwide. Speaking on a panel at the Nigeria Fintech Forum, she said the growth of the sector has seen more people pivot from traditional banking systems to digital services. Olusoga noted that the right regulations are necessary to tackle growing risks and threats within the industry, but care must be taken not to stifle growth and innovation. The sector, which has greatly
improved the country’s financial inclusion indices has also generated a lot of interest from financial and market regulators, who are now evaluating existing rules and enacting new ones to accommodate the growing opportunities and threats associated with the fintech sector. She further stressed the need for a firmer handshake among key industry players for continuous dialogue with the various financial regulators on the importance of streamlining existing guidelines to suit the fast-changing industry without inhibiting growth and innovation.
“We must continue to have dialogues for simplified regulations that fully understand and tackle the challenges we face as an industry while enabling businesses to create solutions that promote financial inclusion in this digital age. “i-invest being a regulated and compliant-first organisation understands that the regulations exist to create a more secure environment for all players within this growing industry. However, a system with too many regulations and guidelines can limit innovation while also impeding sustainable growth for businesses,” she stated.
Agusto Assigns “Bbb”Rating to Comercio Partners Agusto & Co, a foremost rating agency, has assigned a “Bbb” rating to Comercio Partners Limited, CPL. In a statement announcing the rating, Augusto said: “The rating reflects CPL’s low leverage, adequate capitalisation, good liquidity and competent and experienced management team.” It added that, “The rating is, however, constrained by concentration in the Group’s investment portfolio, the heavy reliance on proprietary trading income, concentration in funding and the dominance of key stakeholders in the ownership and management. We have also considered the significant uncertainty in the economic environment, which has adversely affected businesses and households. “CPL is a financial services group that offers asset management, securities trading and
financial advisory services to high net-worth individuals (HNI), institutional and retail investors. The Group, which also operates a proprietary trading desk, comprises six subsidiaries: Comercio Partners Asset Management Limited, Comercio Partners Trading Limited, Comercio Partners Capital Limited, TradeFi Tech Investment Limited, Comercio Partners Property Development Limited and a Special Purpose Vehicle.” Commenting, Co-Managing Partner, Comercio Partners, Stephen Osho, said: “The recent Bbb rating assigned to Comercio Partners Limited by Agusto & Co is a testament to the commitment of the management and staff of the firm to the highest standards of service. “We have consistently improved our processes, responsibly and consciously focusing on our
drive to meeting the set tasks of empowering minds in Africa and enhancing returns to our numerous shareholders. “We understand the huge task of striving to stay on top and continuously implementing strategies to meet the desire and aspirations of our clients through innovation of quality products and services in our unique style.” Similarly, Co Founding Partner/Executive Director, Trading Division, Nnamdi Nwizu said, “It is a testament to the hard work, dedication and processes set in place by the organization. “At Comercio Partners, we ensure that we breathe and live our core values which are, Knowledge, Innovation, Integrity and Excellence. All key ingredients to that ensure that we continue to serve our clients responsibly.
Ecobank Rewards 100 Customers in Monthly Draw Nume Ekeghe Ecobank Nigeria has announced the names of 100 customers who are the first set of lucky winners in the super Rewards season 3 campaign monthly draw with N50,000 cash prize each. The Super Rewards Campaign is a customer-focused initiative designed by Ecobank Nigeria to reward customers’ loyalty. Season 3 will reward a total of 200 customers with cash prizes of N50,000 within two months, while two customers will go home with N1 million each at the end of the Season. The two-month campaign kicked off on June 20th and will run through to August
21st, 2022. Announcing the first set of winners in a statement made available to THISDAY, the Head, Consumer Banking, Ecobank Nigeria, Ms. Korede Demola-Adeniyi, said the campaign is open to both new and existing individual customers of the Bank, who qualify to be rewarded, while also enjoying a first-grade banking experience. She urged customers to position themselves and be part of the second set of winners later this August. She stated: “Now is the perfect time to open an account with us or reactivate and fund your dormant account. The Super Reward campaign, which was initiated by Ecobank in March
2021 is designed to promote a healthy savings culture amongst Nigerians and reward customer loyalty to the Ecobank brand. The success of season 1 and 2 campaigns followed by customers’ demand led to the introduction of Season 3. Both Seasons 1 and 2 have produced a total of 8 Millionaires and 1,600 customers being rewarded N25,000 weekly in batches of fifty per week,” she stated. Speaking on the dynamics of the campaign, Head Consumer Products, Ecobank Nigeria, Daberechi Effiong, said the conditions to qualify for the campaign are simple and easy to ensure both new and existing customers participate and get rewarded.
L-R: Minister of State Science, Technology and Innovation, Henry Ikechukwu Ikoh; Commercial Attaché, United States Mission to Nigeria, David G. Russell and President/CEO, Rock Results Group, Ifeanyi Clement Okorie after a meeting at the US Consulate in Lagos...recently
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
JUNE 2022 Money Supply (M3)
48,865,823.53
-- CBN Bills Held by Money Holding Sectors
167,956.2
Money Supply (M2)
48,797,867.32
-- Quasi Money
28,405,330.1
-- Narrow Money (M1)
20,392,537.22
---- Currency Outside Banks
2,722,785.91
---- Demand Deposits
17,669,751.32
Net Foreign Assets (NFA)
6,242,394.29
Net Domestic Assets(NDA)
42,623,429.24
-- Net Domestic Credit (NDC)
57,267,178.05
---- Credit to Government (Net)
17,996,690.06
---- Memo: Credit to Govt. (Net) less FMA
0.00
---- Memo: Fed. and Mirror Accounts (FMA)
0.00
---- Credit to Private Sector (CPS)
39,270,488
--Other Assets Net
5,566,430
Reserve Money (Base Money
11,320,304
--Currency in Circulation
3,259,269.15
--Banks Reserves --Special Intervention Reserves
11,320,303.72 384,377.56
˾ ÙßÜÍÏ ̋
Money Market Indicators (in Percentage) Month
June 2022
Inter-Bank Call Rate
11.10
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
13.00
Treasury Bill Rate
2.45
Savings Deposit Rate
1.38
1 Month Deposit Rate
3.48
3 Months Deposit Rate
4.55
6 Months Deposit Rate
4.97
12 Months Deposit Rate
5.30
Prime Lending rate
12.29
Maximum Lending Rate
27.61
˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ
OPEC DAILY BASKET PRICE AS AT THURSDAY, MAY 7
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
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T H I S D AY ˾ ˜ Ͷ˜ ͰͮͰͰ
Capital Hotels Crosses N10bn in Market Cap over Private Placement Listing Kayode Tokede Capital Hotels Plc has crossed N10billion in market capitalisation on the Nigerian Exchange Limited (NGX) over its recently concluded 1,611,995,510 ordinary shares of 50 Kobo each per share offered through Private Placement to 22 Hospitality Limited. The notification by the NGX during the
weekend noted that the company with additional 1,611,995,510 listing ordinary shares, bring its total issued and fully paid up shares increase from 1,548,780,000 to 3,160,775,510 ordinary shares of 50 kobo each. It means that the company’s stock price that closed transaction at N3.40 on Friday thrust its market capitalisa-
P R I C E S MAIN BOARD
F O R DEALS
tion from N5.27billion when its paid up shares was at 1,548,780,000 to N10.75billion in market capitalisation. The transaction had involved the issuance and purchase of new shares by 22 Hospitality Limited which resulted in a change in control, with the new investor holding 51percent of the issued and fully paid shares post
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
transaction completion. The capital raised from the transaction is meant to be utilised for the renovation of the hotel with 22 Hospitality Limited as the new majority investor. Meristem Stockbrokers Limited had acted as the stockbroker for the transaction while Meristem Capital Limited acted as the issuing house(s)/financial adviser(s).
T R A D E D MAIN BOARD
A S
Capital Hotel’s premier and only hotel, the Sheraton Abuja Hotel, commenced business in January 1990. The hotel operates and maintains restaurants, apartments for letting, recreational facilities, night club and a business centre. Capital Hotels also engages in the hotel business which includes the furnishing of hotels and the sale of accommodation; food and
O F
0 4
beverage in the ordinary course of business. Its unaudited financial statement for the half year (H1) ended June 30, 2022 shows a turnover increase of 114 per cent N2.84billion as against N1.33billion in the same H1 period of 2021. Capital Hotels, thus, reported a profit after tax of N22.5million in H1 2022 as against loss after tax of N234.91million in H1 2022.
/ 8 / 2 0 2 2 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
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T H I S D AY • MONDAY, AUGUST 8, 2022
Monday, August 8, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ dŚĞ ƵůůƐ ŽŵŝŶĂƚĞ͙ ^/ ƵƉ Ϭ͘ϳй ǁͬǁ
THISDAY AFRINVEST 40 INDEX
The local bourse saw more earnings releases which ƌĞƐƵůƚĞĚ ŝŶ ƐŝŐŶŝĮĐĂŶƚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ on ƚǁŽ ŽĨ ƚŚĞ ĮǀĞ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ͘ ŽŶƐĞƋƵĞŶƚůLJ͕ ƚŚĞ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
Current Price
Ticker
NGX All-^ŚĂƌĞ /ŶĚĞdž ƌŽƐĞ Ϭ͘ϳй ǁͬǁ ƚŽ ϱϬ͕ϳϮϮ͘ϯϯ
ƉŽŝŶƚƐ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϭϴ͘ϳй ;ĨƌŽŵ ϭϳ͘ϵйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŐĂŝŶĞĚ േϭϵϱ͘ϰďŶ ǁͬǁ ƚŽ േϮϳ͘ϰƚŶ͘ ĐƟǀŝƚLJ ůĞǀĞů ǁĂŶĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƐŚĞĚ Ϯϭ͘ϯй ĂŶĚ ϭϱ͘ϴй ǁͬǁ ƚŽ
THISDAY AFRINVEST 40
10 SEPLAT Energy PLC 11 Access Holdings PLC
DdEE ;േϯ͘ϲďŶͿ͕ E/d, ;േϵϰϳ͘ϳŵͿ͕ ĂŶĚ E ^d>
ROE
33.5% 147.5%
ROA
P/E
26.0%
4.9%
10.0%
19.2%
6.7%
9.1%
-6.6%
144.8%
14.4%
-12.3%
-18.2%
23.3%
12.1%
0.5%
19.8%
3.2%
0.0%
49.2%
214.90
0.0%
7.3%
58.80
0.9%
4.8%
20.60
0.5%
4.2%
-20.8%
5 Zenith Bank PLC 6 Dangote Cement PLC 7 Lafarge Africa PLC
ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďLJ ǀŽůƵŵĞ ǁĞƌĞ E/d, ;ϰϰ͘ϳŵ ƵŶŝƚƐͿ͕
0.06%
1,905.40
3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC
8 FBN Holdings Plc 9 Nestle Nigeria PLC
& E, ;ϰϯ͘Ϯŵ ƵŶŝƚƐͿ͕ ĂŶĚ 'd K ;ϰϮ͘ϴŵ ƵŶŝƚƐͿ͕ ǁŚŝůĞ
2475.15
1 Airtel Africa PLC 2 MTN Nigeria Communications PLC
ϭϰϭ͘ϭŵ ƵŶŝƚƐ ĂŶĚ േϯ͘ϭďŶ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ ƚŽƉ
Price Price Previous Current Change Change Price Weighting Index to YTD Change Date 99.5%
Divindend Earnings Yield Yield
P/BV
4.9x
0.8x
6.7%
ot Applicable
1.1%
13.8%
12.9x
16.3x
6.2%
22.1x
5.0x
4.5%
4.5%
3.4x
0.7x
14.7%
29.5% 36.3%
7.7%
21.90
-0.5%
4.2%
-12.9%
0.9%
20.6%
2.6%
2.8x
0.5x
14.1%
265.00
0.0%
3.7%
3.1%
-3.6%
44.2%
15.8%
13.2x
6.0x
7.8%
7.6%
25.45
0.0%
2.8%
6.3%
-3.6%
15.6%
11.1%
6.8x
1.0x
8.0%
14.7%
10.95
0.5%
2.5%
-3.9%
-5.6%
20.5%
1.9%
2.3x
0.4x
3.2%
42.7%
1,300.00
0.0%
2.4%
-16.5%
-7.1%
178.2%
15.1%
22.4x
35.7x
3.8%
4.5%
1,430.50
0.0%
2.8%
120.1%
10.0%
9.9%
5.1%
11.1x
1.1x
2.9%
9.0%
9.00
0.0%
2.1%
-3.2%
-3.2%
17.9%
1.6%
2.0x
0.3x
7.8%
50.9% 48.1%
12 United Bank for Africa PLC 13 Nigerian Brew eries PLC 14 Okomu Oil Palm PLC
7.25
0.0%
1.6%
-9.9%
-2.7%
15.6%
1.4%
2.1x
0.3x
13.8%
47.15
0.0%
1.2%
-5.7%
-19.8%
13.4%
4.9%
16.0x
2.1x
3.4%
6.3%
216.90
0.0%
1.4%
52.7%
0.0%
52.6%
30.4%
9.7x
4.8x
3.6%
10.3%
9.90
0.0%
1.2%
13.8%
-6.6%
20.0%
1.1%
2.0x
0.4x
6.6%
49.9%
31.00
0.0%
1.1%
-13.9%
-7.6%
15.6%
2.1%
6.5x
1.0x
9.7%
15.3%
-2.4%
-0.9%
;േϴϳϮ͘ϰŵͿ ůĞĚ ďLJ ǀĂůƵĞ͘
15 Ecobank Transnational Inc 16 Stanbic IBTC Holdings PLC 17 International Brew eries PLC
5.25
0.0%
1.0%
6.1%
-16.7%
ĐƌŽƐƐ ŽƵƌ ƐĞĐƚŽƌ ĐŽǀĞƌĂŐĞ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ
18 Flour Mills of Nigeria PLC 19 Fidelity Bank PLC
32.00
3.2%
0.9%
12.9%
-1.5%
3.00
3.1%
0.6%
17.6%
-12.3%
13.3%
1.2%
ŝŵƉƌĞƐƐŝǀĞ ĂƐ ϰ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ǁŚŝůĞ Ϯ ůŽƐƚ͘ ƵLJŝŶŐ
20 Guinness Nigeria PLC 21 Presco PLC
83.00
-8.3%
0.6%
112.8%
-8.3%
19.1%
8.1%
158.40
0.0%
0.4%
80.4%
-4.0%
53.7%
20.2%
7.0x
3.34
-1.8%
0.4%
363.9%
4.7%
15.7%
0.9%
8.4x
1.8x
7.2%
11.9%
3.11
0.3%
0.4%
4.0%
-10.1%
12.4%
1.2%
2.0x
0.2x
6.4%
48.9%
5.7%
1.7%
9.3x
0.5x
13.2%
10.7%
5.9x
2.8x
12.5%
17.1%
6.8x
1.5x
6.0%
14.8% 35.5%
DdEE ;нϳ͘ϰйͿ ĚƌŽǀĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ and AFR-
22 Wema Bank PLC 23 FCMB Group Plc 24 AXA Mansard Insurance PLC
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25 United Capital PLC 26 Dangote Sugar Refinery PLC
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27 Transnational Corp of Nigeria 28 PZ Cussons Nigeria PLC 29 Cadbury Nigeria PLC 30 UAC of Nigeria PLC 31 TotalEnergies Marketing Nigeri
1.89
0.0%
0.4%
-18.5%
-5.5%
12.25
0.0%
0.4%
23.7%
-3.9%
16.50
0.0%
0.4%
-5.2%
1.2%
23.2%
8.7%
19.0%
4.3%
1.0x
-2.4%
0.7x
6.7%
2.3x
0.3x
11.9%
11.6x
2.0x
8.6%
8.6%
3.7x
4.6%
14.3%
43.8%
1.15
0.0%
0.3%
19.8%
-6.5%
2.8x
0.4x
1.8%
10.25
9.6%
0.3%
68.0%
6.8%
7.8x
1.1x
2.4%
12.8%
15.40
0.0%
0.2%
75.0%
-10.7%
8.7x
1.9x
3.3%
11.4%
11.20
1.8%
0.2%
17.9%
0.9%
18.7x
0.7x
5.8%
5.4%
234.50
0.0%
0.2%
5.7%
0.0%
3.6%
1.6%
1.8x
32 Julius Berger Nigeria PLC 33 Custodian and Allied Insurance
25.90
0.0%
0.2%
15.9%
-2.3%
19.1%
2.1%
5.5x
0.8x
9.7%
18.2%
6.80
0.0%
0.2%
-13.9%
-2.9%
18.2%
5.2%
4.1x
0.7x
7.4%
24.4%
34 Unilever Nigeria PLC 35 Jaiz Bank PLC
13.50
-10.0%
0.1%
-6.9%
-8.8%
7.2%
4.3%
42.0x
1.2x
3.7%
2.4%
0.86
8.9%
0.1%
53.6%
-5.5%
20.0%
1.5%
6.3x
1.2x
4.7%
15.9%
36 Oando PLC 37 Union Bank of Nigeria PLC 38 Sterling Bank PLC 39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc
4.99
0.0%
0.1%
12.9%
-12.0%
5.80
0.0%
0.1%
-1.7%
-5.7%
6.4%
0.7%
9.3x
0.6x
1.51
0.0%
0.1%
0.0%
-0.7%
10.3%
1.0%
2.8x
0.3x
-17.7%
-4.1%
62.50
0.0%
0.0%
0.0%
0.0%
6.25
0.0%
0.0%
16.2%
0.0%
-21.5%
-180.2% 10.8% 6.6%
1.8x
36.2% -1.8%
1.0x
1.1%
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P ric e C hg %
UB N
5.50
10.0%
M ULT IVER SE
1.88
9.9%
UC A P
11.10
T R A N SC OR P N GXGR OUP
P ric e C hg %
Z EN IT H B A N K
22.7
9.5%
F LOUR M ILL
18.9
0.0%
9.9%
UB A
15.6
5.9%
1.12
9.8%
FB NH
15.2
0.0%
21.95
9.8%
D EA P C A P
11.4
0.0% 5.0%
3.18
9.7%
GT C O
11.0
0.23
9.5%
F ID ELIT YB K
10.4
9.7%
Z EN IT H B A N K
20.70
9.5%
UA C N
8.9
8.7%
IN T B R EW
5.35
9.2%
UC A P
7.9
9.9%
UA C N
11.20
8.7%
A C C ESSC OR P
7.3
5.9%
T o p 10 L o s e r s
T o p 10 T r a d e s b y V a lu e
P ric e
P ric e C hg %
PZ
8.50
-9.6%
F LOUR M ILL
575.1
0.0%
C A VER T ON
1.00
-9.1%
Z EN IT H B A N K
459.3
9.5%
WEM A B A N K
3.29
-8.4%
M TNN
245.3
5.3%
A C A D EM Y
1.85
-7.5%
GT C O
215.3
5.0%
C OUR T VILLE
0.40
-7.0%
FB NH
164.8
0.0%
LIN KA SSUR E
0.54
-6.9%
UB A
108.1
5.9%
C H A M P ION
3.65
-5.2%
UA C N
94.7
8.7%
T ic k er
Value
P ric e C hg %
ET ER N A
6.20
-4.6%
N EST LE
93.4
0.0%
C UST OD IA N
6.50
-4.4%
GUIN N ESS
88.3
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1.15
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84.6
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Afrinvest West Africa Limited
Vo lum e
J A P A ULGOLD
T ic k er
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T o p 10 T r a d e s b y V o lu m e
Brokerage
Asset Management
Investment Research
Adedoyin Allen | aallen@afrinvest.com
Robert Omotunde | romotunde@afrinvest.com
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Damilare Asimiyu | dasimiyu@afrinvest.com
47
MONDAY, AUGUST 8, 2022 • T H I S D AY
MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 04Aug-2022, unless otherwise stated.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 4.93% Anchoria Equity Fund 141.87 143.48 1.88% Anchoria Fixed Income Fund 1.19 1.19 4.41% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 21.81 22.46 7.50% ARM Discovery Balanced Fund 515.15 530.69 14.18% ARM Ethical Fund 43.10 44.40 10.63% ARM Eurobond Fund ($) 1.07 1.08 -0.55% ARM Fixed Income Fund 1.05 1.05 3.59% ARM Money Market Fund 1.00 1.00 8.12% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 91.22 91.22 -5.67% AVA GAM Fixed Income Dollar Naira 1,092.53 1,092.53 9.25% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 2.58% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.34 2.41 14.52% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund 1,010.59 1,010.59 4.52% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 8.45% Paramount Equity Fund 19.86 20.22 13.86% Women's Investment Fund 149.84 151.70 5.52% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.76% Cordros Milestone Fund 134.39 135.34 7.86% Cordros Dollar Fund ($) 110.50 110.50 4.94% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.40% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.35% EDC Nigeria Fixed Income Fund 1,112.70 1,129.79 0.03% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.95% Emerging Africa Bond Fund 1.03 1.03 6.56% Emerging Africa Balanced Diversity Fund 1.05 1.05 15.34% Emerging Africa Eurobond Fund 102.93 102.93 4.87% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1484.11 1484.11 11.25% FBN Balanced Fund 194.71 195.99 11.10% FBN Halal Fund 122.03 122.03 10.46% FBN Money Market Fund 100.00 100.00 8.80% FBN Dollar Fund (Retail) 125.04 125.04 5.88% FBN Nigeria Smart Beta Equity Fund 161.08 163.24 6.39% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn
Coral Balanced Fund Coral Income Fund Coral Money Market Fund
4,112.39 3,595.92 100.00
4,169.81 3,595.92 100.00
9.43% 6.21% 9.47%
FSDH Dollar Fund 1.11 1.11 3.99% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.61 1.64 13.20% Lotus Halal Fixed Income Fund 1,159.78 1,159.78 5.67% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.48 12.53 14.14% Meristem Money Market Fund 10.00 10.00 9.33% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.62 101.62 9.71% Norrenberger Money Market Fund (NMMF) 100.00 100.00 7.99% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 126.74 129.10 4.45% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 9.25% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,653.45 3,695.84 7.97% Stanbic IBTC Bond Fund 240.41 240.41 2.05% Stanbic IBTC Ethical Fund 1.46 1.48 16.67% Stanbic IBTC Guaranteed Investment Fund 323.73 323.73 3.39% Stanbic IBTC Iman Fund 269.85 274.03 15.73% Stanbic IBTC Money Market Fund 1.00 1.00 6.46% Stanbic IBTC Nigerian Equity Fund 11,969.25 12,138.81 9.74% Stanbic IBTC Dollar Fund (USD) 1.33 1.33 2.98% Stanbic IBTC Shariah Fixed Income Fund 119.23 119.23 1.98% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 111.10 111.10 4.44% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.99 1.01 11.47% United Capital Balanced Fund 1.34 1.36 2.85% United Capital Wealth for Women Fund 1.16 1.17 11.90% United Capital Sukuk Fund 1.07 1.07 4.27% United Capital Fixed Income Fund 1.90 1.90 3.77% United Capital Eurobond Fund 122.31 122.31 3.24% United Capital Money Market Fund 1.00 1.00 9.64% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.86 13.99 5.08% Zenith ESG Impact Fund 16.20 16.37 10.84% Zenith Income Fund 22.92 22.92 4.40% Zenith Money Market Fund 1.00 1.00 6.67% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.83 3.93 -4.47% Vetiva Consumer Goods Exchange Traded Fund 5.77 5.87 -1.30% Vetiva Griffin 30 Exchange Traded Fund 18.53 18.73 4.73% Vetiva Money Market Fund 1.00 1.00 6.03% Vetiva Industrial Goods Exchange Traded Fund 19.27 19.47 -3.57% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 149.08 151.08 -5.47%
REITS NAV Per Share
Yield / T-Rtn
117.96 51.82
4.16% 1.90%
Bid Price
Offer Price
Yield / T-Rtn
14.59 136.86 105.49 17.10 16.40
14.69 140.15 107.74 17.20 16.50
4.32% 7.60% 5.72% 20.50% -4.20%
NAV Per Share
Yield / T-Rtn
107.59
12.10%
Fund Name SFS REIT Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
48
MONDAY AUGUST 8, 2022 • T H I S D AY
MONDAY AUGUST 8, 2022 • T H I S D AY
49
50
T H I S D AY • MONDAY, AUGUST 8, 2022
NEWS
ROGERS-HALLIDAY UNVEILED AS 7UPHBS SCHOLARSHIP WINNER… 7UpHBS Scholarship Managing Director, Seven-Up Bottling Company Limited (SBC), Mr. Ziad Maalouf and 7Up Harvard Business School MBA Scholarship 2022 winner, Miss Dafi RogersHalliday flanked by NYSC members at the unveiling of Rogers-Halliday as the 12th awardee at SBC head office, Ijora Lagos recently
Group Asks Police to Interrogate Amosun over Alleged Rigging of 2019 Governorship James Sowole in Abeokuta A group, Centre for Good Governance (CGG), has asked the authorities of the Nigeria Police Force (NPF) to invite the senator representing Ogun Central, Ibikunle Amosun, to question his claim that the 2019 governorship election in Ogun that brought Governor Dapo Abiodun to power was allegedly rigged. "The riggers must be disclosed. Consequently, the police must, without hesitation, invite him for questioning in order to avert possible anarchy in Ogun State and save our democracy from crisis," the CGG stated. "And where he cannot substantiate the allegation, he must be brought to justice." Amosun, an ex-Ogun governor, was reported to have made the allegations while receiving an award in Abeokuta last Friday. In a statement by its organising Secretary, Comrade Akeem Olanrewaju, the group said
the allegations made by the exgovernor were weighty and should not be swept under the carpet. The statement said: “Declarations or confessions about rigged elections touch on the very foundation of Nigeria’s democracy and can, therefore, not be swept under the carpet. The NPF should invite Amosun for questioning over his claim that election were rigged by some unnamed persons and that the riggers apologised to him. Nigerians want to know the riggers so they could be taken care of by law before the 2023 elections." The statement added, “Unlike Amosun, Dapo, the incumbent governor, did not have all the paraphernalia of government to swing votes in his favour. Dapo only came with the goodwill of the people of Ogun state, with which he won the election. And as we all very well know, goodwill of the people wins elections; it does not rig elections! This was clearly validated and
Labour Party Supporters Vow to Win Seats in Edo Assembly, House of Reps, Senate Ask saboteurs to stay clear off party Adibe Emenyonu in Benin City Thousands of supporters and several support groups of the Labour Party (LP) and its presidential candidate, Peter Obi at the weekend gathered in a town hall meeting in Benin City, Edo State where they vowed to win seats into the state House of Assembly, House of Representatives and the Senate in order to provide the needed administrative support for an Obi presidency in 2023. They also pledged to neutralise activities of saboteurs who they alleged were being planted in the party just as they demanded that candidates for the various elective positions in the state be unveiled to them so as to profile them and know who they are working for. Speaking at the event, the President of, "No Controversy Organisation," one of the support groups of Obi and LP, Dennis Ogbeide said, “We don’t want saboteurs in our party because they are reaching out to us. "All those political armed robbers are there hanging around. So we want to know all our candidates, we want to know those who are not on the side of the political robbers so we can know our own.” Also in his remarks, the state
chairman of LP, Lucky Ogbaloi said the party took time to pick its candidates who he said are people with good track records, character and proven integrity in their various fields of life. He said “Peter Obi is the arrow head of LP and its presidential candidate. We are also aware that a tree does not make a forest. That is why we have candidates for various positions and we must ensure that they win elections so that they will run the government side by side with Obi. “We have our hands on the plough, let us not look back. We are aware that some people are planning to do some funny things, we are not sleeping over it, we will put machinery in place to check this." According to him, "What distinguishes Labour Party from other political parties is that it is ideologically and trade uniondriven, to promote an active role in the country, create economic prosperity and provision of social services on a long term basis.” These he said, the ruling All Progressives Congress (APC) and the opposition Peoples Democratic Party (PDP) at the federal level have both failed to provide for Nigeria and Nigerians.
laid to rest by the Supreme Court where Amosun had initially tried out this false allegation of election rigging." By claiming that the 2019 governorship election was rigged, Amosun cast aspersions on the
integrity of the Independent National Electoral Commission (INEC), the Supreme Court, the police and other security agencies, stressed the group. “If indeed election riggers confessed to him and he refused
to make such information known to the police, then he must be treated as an accessory after the fact and charged along with the felons that he referred to during his Abeokuta speech last Friday," the group further noted.
According to the group, Amosun has a lot to tell Nigerians about the alleged rigging of the 2019 governorship election in Ogun because "this is crucial to unravelling the crime he claimed was perpetrated by "the people."
NSCDC, UN Women Partner to End Violence against Women in Politics Michael Olugbode in Abuja The Nigeria Security and Civil Defence Corps (NSCDC) and United Nations Women have expressed readiness to work together to ensure that women's rights, including those in politics, are protected. The Commandant General of the Corps, Dr Ahmed Audi, pledged the commitment of the NSCDC to protect women's rights and assist in ending violence against women in politics. He stated this when he paid a
courtesy visit to the UN Women Country Representative, Ms Beatrice Eyong, at the UN House in Abuja at the weekend. The civil defence boss stated that to promote women's rights, he established the gender unit and launched the Gender Policy Document to mainstream women into policies and programmes of the NSCDC at all levels. "About this time last year, we launched the gender policy document to ensure we have a guideline for the operation of the gender unit in all our commands across the federation," said Audi.
"The event also ushered in my decoration as a "He for She" by the Honorable minister of women affairs, Mrs Dame Pauline Tallen, in recognition of our effort to promote women inclusiveness in our service since the beginning of my administration." Audi assured the UN Women Country Representative of Women's safety in the country. He reiterated President Muhammadu Buhari's commitment to the security of the lives and property of Nigerians and foreigners.
Eyong commended the NSCDC boss for his involvement in the fight for women's rights. "We shall expand our partnership with the NSCDC to leverage the expertise of your Agro Rangers unit to provide security for rural women who are farmers as well as our officials when the programme commences," she explained. Eyong also sought NSCDC's support in preventing the trafficking of women and girls, stating that about 18.5 million children are out of school, and over 10 million are girls.
African-Americans Reunite with their Igbo Roots Dike Onwuamaeze Many African-Americans in the United States of America were reunited with their ancestral Igbo linage during the 2022 Igbo World Festival (IWF) hosted in Igbo Village, Frontier Culture Museum of Virginia by the Council of Igbo States in Americas (CISA). The 2022 IWF, which was held on July 29 and 30, was a live event that featured live cultural performances, food and drinks, material art exhibits, gala night entertainment, and much more. A statement issued by the Director Publicity and Media, CISA, Mr. Mathias Mgbeafulu explained that, “the reconnection tells the story of NdiIgbo separated from their homeland through slavery and resettled in America; and who now as African American descendants have traced their roots back to Igbo lineage and are reconnecting with their living relatives in Nigeria and Diaspora. The reconnection remains one of the most avowed emotional high point for many in attendance. “Emotional tears were seen in the faces of many that the 400
years old shackles have been broken. It reflects to a large extend the final step in a quest to discover and reconnect with relatives separated by time, space, and distance dating back to the era of slave trade.” Mgbeafulu said that twoday festival featured variety of spectacular displays of special effects, world class musical talents, exhibitions, costumed cultural performances, symposium, interactive art, traditional cuisines, fashion show, marriage traditions, masquerades, and carnival rides as well as the celebrated Ohafia war dance, and the youthful Atiliogwu acrobatic displays entertained the audience. He added: “It was all splendors as enthusiasts and well-wishers came in grandeur from all corners of North America, the Caribbean, and Nigeria to share with the Igbo the enduring legacy of their progenitors in blending the civilization that is now United States. “It is, therefore, not surprising that the festival, which has now assumed a global dimension as a unifying force for the Igbo of Nigeria living in Diaspora and
their kinsmen at home, garnered an unprecedented crowd. Many African Americans were in attendance for the emotional re-union of the cross Atlantic brotherhood. “Their families, whose DNA testing confirmed their Igbo ancestry, received Igbo names based on the four-day Igbo market week, re-connected with their Igbo brothers and sisters and were officially welcomed back to their Igbo ancestral homeland by elders and traditional title holders.” Earlier in his welcome address, the President of CISA, Mr. James Ogbuka Umekwe, thanked all the quests for honoring CISA’s invitation and urged them to take time to experience the uniqueness of Igbo Village, the Queen City of Staunton environ and enjoy their exceptional attractions. In a similar development, the Chairman of the Festival Planning Committee Hon. Felix Nnaji, thanked members of his committee for moving forward with the program irrespective of the pandemic that kept the festival indoors since 2019. In his comments, Chair CISA Board of Trustees, Dr.
Nwachukwu Anakwenze, pointed out that the festival since its inception has combined cultural entertainment and fun while promoting cross-continental Atlantic reconnections. CISA is thankful to all and can’t wait to see everyone again next July 2023. The high dignitaries who attended the events included Ambassador of the Federal Republic of Nigeria to United States, Her Excellency, Dr. Mrs. Uzoma Emenike, who was represented by Mrs. Tarela Njokanma and Mr. Anthony Alonwu. Others were Rev. Dr. Albert Sampson from Chicago, who was ordained by Rev. Dr Martin Luther King Jr.; former Haitian Ambassador to United Kingdom, Ambassador Jean Pillard; an Official of the Government of Virginia, Mr. John Avoli; the Chairman of World Igbo Congress, Professor Tony Ejiofor; a member of Igbo Council of Traditional Title Holders (ICOTTHUSA), HRH Eze Chibuzor Ngwakwe, and delegates from Jamaican, Trinidad and Tobago, Haiti and Barbados communities.
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Akinfeleye Identifies Potholes in Governance, Urges FG to Scrap JAMB Emma Okonji
The former Head of Department, Mass Communication, University of Lagos (UNILAG), Professor Ralph Akifeleye, has called for the immediate solutions to address the identified potholes in President Muhammadu Buhari’s administration. Akinfeleye, who is the current Chairman of UNILAG television and radio stations, also decried the poor state of the country’s educational sector and called for the scrapping of the Joint Admission and Matriculation Board (JAMB). Citing Chapter 2, Section 22 of the Nigerian Constitution, which empowers the media to hold government accountable to the people when he spoke during the weekend in Lagos at the launch of Walure Capital Technology Hub where he delivered a paper on the theme: “Potholes in Nigeria’s Democracy—The Role of the Media,” Akinfeleye said: “The media therefore has critical role in holding government accountable to the people for bad governance
that has created several potholes in Nigerian democracy.” According to him, the potholes are obstacle to good governance, and should be leveled in order to
create a better avenue for good governance. He listed some of the potholes to include unending insecurity, incessant disruption
in the educational sector, high foreign exchange rates, corrupt judiciary, poor electricity supply, poor healthcare delivery system, corruption in police force and
high cost of transportation, among others. Akinfeleye said that the security challenges in the country has become worrisome and scaring
going by the way people are kidnapped and killed mercilessly even after the killers must have collected ransom from the family of their victims.
FUNDALL RELAUNCHED…
Managing Director (MD), Financial Institutions Training Centre (FITC), Mrs. Chizor Malize; Executive Vice-Chair, Emerging Africa Group, Mrs. Toyin F. Sanni; Chairman, Emerging Africa Group, Chief (Mrs) Onikepo Akande, and Chief Executive Officer, Fundall Technology Solutions Limited, Mrs. Abimbola Shopeju during the relaunch of Fundall in Lagos…recently
Rivers Denies Structural Monarchs, Priests Shielding Gender Based Failure on 10th Flyover Offenders Risk Prosecution, FIDA Warns Blessing Ibunge in Port Harcourt The Rivers State Government has described as false and misleading information circulating on social media that its 10th flyover bridge undergoing construction at Rumukrushi in Obio/Akpor Local Government Area of the state, had structural failure leading to partial collapse. THISDAY observed at the site that an excavator horizontally collided with an already launched beam while trying to assist a tipper that got stuck. The beam moved
out of place and affected the other beams, which slightly damage the beams on that row. In his reaction to the incident, the Special Assistant on Media and Documentation to the Rivers State Commissioner for Works, Mr. Dornubari Kiinee, said that the incident was avoidable. Kiinee said: “Our attention has been drawn to a misleading narrative concerning the incident that occurred at the Rumukrushi (Tank) Flyover project site yesterday, Saturday, August 6, 2022.
2023: I Remain Plateau LP Guber Candidate, Says Margif
Seriki Adinoyi inJos
The Governorship Candidate of the Labour Party (LP) in Plateau State, Ambassador Yohanna Margif, has said that he is still the authentic flag bearer of the party in the state, urging the people to disregard anyone parading himself as the new candidate of the party. Addressing newsmen in Jos yesterday, Margif said that some individuals had approached him “requesting that I relinquish the hard earned ticket to them, but being the serious minded politician that I am, I felt it will be unwise to toy with the party mandate and the peoples trust hence my
stern refusal to grant their wishes. He said: “Surprisingly, while I was strategically going on with my campaigns, my attention was drawn to a purported and illegal primary election by some disgruntled political elements who disguised themselves as members of Labour Party in Plateau State in which one Dr. Patrick Dakum emerged as my replacement. “While I find that Kangaroo arrangement, which is obviously borne out of desperation laughable, it is imperative I set the records straight. I wish to state clearly that I am the only and authentic governorship candidate of Labour Party in Plateau State.
Ekhomu’s Foundation Relaunched Rebecca Ejifoma Family of the late Dr. Ona Ekhomu is set to relaunch his foundation, the Dr Ona Ekhomu Educational Foundation (DOEEF) with scholarships awarded to undergraduates tomorrow, August 9, at Our Saviours Church, Tafawa Balewa Square, Lagos. The relaunch is in memory of the first Chartered Security Professional in West Africa and former Chairman of Transworld Security System, the late Dr Ona Ekhomu. He died on 9th August 2021 at 66 after an illness. While the memorial service
will hold at 1pm at our Saviours Church, Civic Centre Panoramic View Tafawa Balewa Square, the reception will follow at Ozumba Mbadiwe Avenue, Lagos at 3 pm. The late Ekhomu was revered as a global leader in industrial security. He was also a founding member of the Association of Industrial Security and Safety Operators of Nigeria (AISSON) International in Nigeria. Upon his death, his wife, Mrs. Victoria Ekhomu, took up the gauntlet to continuously drive her husband’s legacies, especially with the foundation and the scholarship.
Victor Ogunje in Ado Ekiti
International Federation of Women Lawyers(FIDA), has warned that any traditional or religious leader shielding suspected Gender Based Violence (GBV) offenders will henceforth face prosecution in
Ekiti State. FIDA’s Chairperson in Ekiti, Barrister Oyinade Olatunbosun, gave the warning, at the weekend in Erinmope and Ilawe Ekiti, Moba/Ekiti Southwest Local Governments, during a Ford Foundation funded community action plan progress review and
preventive plan to addressing violence against women and girls. Speaking about efforts being made to tackle oppression against women and girls, Olatunbosun added that 60 surveillance team and 20 para legal advocates had been trained in the two towns, to canvass against GBV, for Ekiti
to be crime-free. She frowned at the reported cases of some traditional and religious leaders and influential people allegedly deploying their connections to suppress issues bordering on rape and molestations of women and girl child in the state.
NDLEA Arrests ‘Pastor’ with Three Drums of Mkpuru Mmiri MichaelOlugbodeinAbuja The National Drug Law Enforcement Agency (NDLEA) said it has arrested a pastor, Anietie Effiong with three drums of crystal methamphetamine, locally called Mkpuru Mmiri, believed to have been imported from India. A statement yesterday by the spokesman of the anti-narcotics
agency, Femi Babafemi said: “A trans-border drug dealer, Pastor Anietie Okon Effiong has been arrested by operatives of the National Drug Law Enforcement Agency, NDLEA, with three drums of crystal methamphetamine, locally called Mkpuru Mmiri, believed to have been imported from India.” He revealed that the consignment weighing 90 kilogrammes and
loaded into a commercial bus with registration number RSH 691XC at Ojuelegba in Lagos was intercepted during a stop and search operation along Umuahia - Ikot Ekpene highway last Saturday. According to him, the dangerous drug packed 30kg in each drum was meant for Pastor Effiong, who was arrested in a follow up operation at Oron beach in Oron, noting that the
recovered Meth drums were meant for onward delivery to neighbouring Republic of Cameroon. The latest clampdown is coming on the heels of four seizures of the same illicit substance weigwwhing 4.074 kilogrammes going toAustralia, Indonesia and Philippines with a 3 kilogrammes cannabis sativa heading to Dubai, United Arab Emirates at some courier companies in Lagos.
Osun CP Disbands Surveillance Tactical Squad Yinka Kolawole in Osogbo
The Osun State Commissioner of Police (CP), Olawale Olokode, yesterday ordered the immediate disbandment of Commissioner of Police’s Surveillance Squad (CPSS). According to a statement that was issued in Osogbo yesterday by the Osun State
Command Police Public Relations Officer, SP. Opalola Yemisi, the dissolution is coming on the heels of complaints of unprofessional conduct exhibited by the personnel of the squad. Yemisi said that the dissolution is with immediate effect and enjoined all personnel attached to the
squad to report to the State Headquarters for redeployment while investigation has commenced at the State Criminal Investigation Department (SCID). She said: “the CP is using this medium to state that, this will serve as deterrent to other tactical squads in the command, as the command
under his watch will not tolerate or condone any act that is unbecoming of a police officer.” The command, however, enjoined the public to rekindle their trust in the police, as the command is committed to giving them improved policing services that would stand the test of time.
Pantami Becomes First African Fellow of Information Security Institute The Minister of Communications and Digital Economy, Prof. Isa Ali Pantami, has been conferred with a Fellowship status by the Chartered Institute of Information Security (CIISec). According to a statement, the honour was bestowed on the Minister after rigorous interviews and evaluations. With the award, Pantami becomes the first and the only
African admitted into CIISec amongst 89 other fellows. CIISec Fellowship is awarded to individuals who have earned respect and authority within the Cybersecurity community and have demonstrated a commitment to developing the profession CIISec (the Home of Cyber) is the only genuine information and cybersecurity institution granted
the Royal Charter of Incorporation status in the United Kingdom(UK) since 2018. The institute has been dedicated to raising the standard of professionalism in information and cybersecurity. Information from the website of the institute shows the name of ProfessorPatami on the updated list of current fellows and the only African amongst 89 other Fellows.
According to the institute, “Fellow is the highest level of attainment in the Chartered Institute of Information Security’s (CIISec) membership levels and is there to:recognise industry leaders in the information/cyber security profession; meet the aspirations for recognition of achievement and contribution to the profession.”
Fake News Contributes to Insecurity in Nigeria, Says Minister
Laleye Dipo in Minna
The Minister of State for Foreign Affairs, Ambassador Zubairu Dada, has said that the publication of fake news by the social and regular media outlets is partly responsible for heightening insecurity in the country. Dada spoke at the 2022 Nigerian Union of Journalists
(NUJ) Press Week in Minna, Niger State, charging media practitioners to guide against the publication of fake news for the sake of the corporate survival of the country. Dada, a former journalist, however, said that the federal government is tackling the security problems facing the country headlong and would
soon surmount the challenge. He said: “The country is faced with suspicious security challenges that put us and other Nigerians more on the line of dangers,” but “the federal government is doing its best to address the insecurity challenges facing the country in conjunction with the international communities.” He appealed to media
practitioners to join the governments at all levels in the battle to bring insecurity to its kneels with the publication of authenticated news items. “The journalism profession is either for constructiveness or destructiveness and the social media is being abused by some persons who are few members of the society.
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Wike: Rivers Politicians Recruiting Thugs, Cultists Ahead of 2023 Elections Blessing Ibunge in Port Harcourt Rivers State Governor, Nyesom Wike, has raised the alarm that some politicians in the state have started recruiting thugs, cultists and ex-convicts ahead of their political aspirations for 2023. The governor in a state broadcast yesterday said he is aware that owners of hotels and entertainment centres have allegedly agreed to give out their premises to politicians and political parties as a base for the gathering of said political thugs across the State. Wike, who said the report was from reliable intelligence, warned that the state government will not allow any politician, no matter his previous or present position the chance or opportunity to upset the prevailing peace and security in Rivers State. “Similarly, we will not allow any political party, be it the All
Progressives Congress(APC), the Peoples Democratic Party (PDP)or the Social Democratic Party(SDP) to threaten the safety and security of lives and property during the
campaigns with mayhem, thuggery or violence. “Accordingly, we have already alerted and set the security agencies on the trail of these misguided politicians
and leaders of political parties and stop them in their tracks with the full weight of the law. “We also wish to warn owners of hotels and proprietors of relaxation centres
to take notice and desist from releasing their facilities for politicians and party leaders to use to meet and plot against the peace, safety and security of our state.”
The governor further warned that the state government will pull down hotels and other entertainment places that are linked with such criminal political activities.
MINISTER VISITS TRADE FAIR COMPLEX…
L-R: Director, Federal Ministry of Industry, Trade and Investment, Mr. Abubakar Aliyu; Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo; Executive Director/CEO, Lagos International Trade Fair Complex Management Board (LITFCMB), Mr. Charles Okoye; and President, Association of Progressive Traders, Lagos International Trade Fair Complex, Chief. Ifeanyi Eric, when the minister visited the complex in Lagos…recently ETOP UKUTT
Wanted Suspected Thug Osun Guber Election Devoid of Manipulation, Says APM Chairman Arrested in Osun Yinka Kolawole in Osogbo
Yinka KolawoleinOsogbo
Operatives of the Osun State Police Command have arrested a suspected cultist, Rasheed Hammed, popularly known as Rasidi Oko’lu. Oko’lu was arrested around 4am on Sunday in his hideout at a hotel in Osogbo, Osun state capital. A source informed THISDAY yesterday that the Ede-born suspected thug was arrested by combined team of the anti-cultism unit of the Osun police command and members of Oodua Peoples Congress (OPC). Oko’lu was declared wanted in March by the police after allegedly
causing the death of a Higher National Diploma graduate of Banking and Finance of Federal Polytechnic, Ede, awaiting his callup letter, as well as, a commercial motorcyclist during a fight in Ede. The State Police Public Relations Officer, Yemisi Opalola, confirmed the arrest in a text message to a journalist in Osogbo. Opalola said: “Yes. We arrested him last night.” Also, speaking on the development, the Osun State Coordinator of OPC, Prince Deji Aladesawe confirmed the arrest. The arrest of Oko’lu elicited jubilation across the nooks and crannies of Ede.
RCCG Convention Kicks Off Today
Rebecca Ejifoma
To mark its platinum jubilee across the globe, the Redeemed Christian Church of God (RCCG) will host millions across the world at its convention of praise and prayer impact which kicks off today, August 8 and will run till August 14, at the RCCG camp on Lagos-Ibadan road. Speaking to newsmen, the Continental Overseer (North Africa Continent), Joseph Obayemi, said Jubilee represents a year of harvest of souls into the kingdom of God. For the church, he added, it is also a year of the deliverance of
many from captivity and turning many slaves into kings and priests through the salvation of “Our Lord Jesus Christ”. Obayemi expressed further that God had helped the church to carry out these through their numerous outreaches across the world earlier in the year. “And we are just starting.” As a mission with a commitment to the development of the nation of origin, Nigeria, “Jubilee is a season where we see God liberating our nation from the many challenges the nation is currently facing -- we are confident that indeed, Nigeria will become the delight of all nations,” he said.
A’Ibom YPP Guber Candidate Names Amba as Running Mate
Okon Bassey in Uyo
Gubernatorial candidate of the Young Progressives Party (YPP), Akwa Ibom State, Senator Bassey Albert Akpan, has picked a retired Assistant Inspector General (AIG), Anwana Asuquo Amba as his running mate in the 2023 elections in the state. The YPP governorship candidate was said to have settled for the retired AIG Amba as his deputy after exhaustive consultations with political associates, critical stakeholders and chieftains of the party. The YPP deputy governorship candidate, who
is from Urue Offong/Oruko Local Government Area, (Oro Nation axis) of Eket Senatorial District was unveiled by Senator Akpan weekend at the state party secretariat in, Uyo before the YPP executive members, party faithful and supporters. While unveiling his running mate, Senator Akpan assured that their government will be loyal to everyone since it will be rooted in democracy which is the government of the people by the people and for the people. The YPP governorship candidate said his government will be based in “3Rs”: Recover, Reconcile and Reposition of Akwa Ibom State.
The Chairman of Allied People’s Movement (APM) in Osun State, Mr. Ezekiel Adegboyega, has commended the Independent National Electoral Commission (INEC) for conducting free, fair and credible gubernatorial election in Osun State. Adegboyega remarked that
the governorship election was conducted under a peaceful atmosphere and expressed gladness that the inhabitants of Osun were free to choose the leader of their choice without any interference from any quarters. He noted that the July gubernatorial election was devoid of manipulation, saying that it was a thing of joy that the will of
the people eventually prevailed. He spoke yesterday on the sideline of the party’s state congress that was held in Osogbo, Osun State’s capital, where he was elected the state chairman of the Allied Peoples Movement (APM). The newly elected APM’s chairman urged members to spread the gospel of the party
and assured them of victory in the next year’s elections in the state. He said: “The last election was very good. There was nothing like manipulation because most of the party agents worked in so many polling boots and they had no any bad records. I can commend INEC that it was a very credible election.
Bauchi Joint Action Committee Suspends Warning Total Strike Segun Awofadeji in Bauchi
Members of the Joint Action Committee (JAC) and Non Academic Staff Union (NASU) of the five tertiary institutions owned by Bauchi State Government have been directed to resume their normal duties as the warning strike has been called off.
The JAC, in a press statement that was jointly signed by the Chairman and Secretary, Mr. Abdulkadir Mohammed and Mr. Ibrahim Bala Abdullahi, respectively, yesterday, directed its members to immediately resume their various duties. The statement reads: “Following the declaration of 12 days warning strike which
ended on 30th July 2022 by the JAC, which lasted between 19th to 30th July, 2022., the JAC at its emergency meeting held today, 30th July, 2022, at Abubakar Tatari Ali Polytechnic, Bauchi resolved to suspend the warning strike and convey to the general public.” It explained that the suspension followed consideration that the
government showed some signs of commitments to address the pressing issues that led to the strike. The JAC stated that the suspension is subject to the following conditions: No single JAC member’s salary problem should be left unattended as assured and reassured by the state government.
Demand Quality Representation from Lawmakers, NGO Tells Constituents Hammed Shittu in Ilorin A non-governmental organisation (NGO), Open Parly Nigeria in support of the National Endowment for Democracy (NED), at the weekend advised constituents in the country to desist from asking their lawmakers for financial favours, but should
only demand from them quality representation and facilitation of developmental projects and programmes in their communities. This, the group said, would go a long way to accelerate the socio-economic development of the country. Speaking with journalists in Ilorin, Kwara State, after the
group advocacy visit to three communities in the state, the Content and Digital Advocacy Lead of the group, Mr. Shakir Akorede, also appealed to the constituents to take interest in political participation on the workings of the legislature for effective representation and good governance. The three communities visited
included Solu village in Asa Local Government Area; Edidi town in Isin LGA, and Jebba town in Moro LGA of the state. He said the people’s participation in activities of the parliament and contributions to decisions and policies would help them directly on their socioeconomic lives and development of their communities.
Emerging Africa Group Relaunches Fundall Digital Bank App Oluchi Chibuzor and Ijeoma Okonji As part of its effort to reduce the number of unbanked persons in the country, Fundall, a member of the Emerging Africa Group, has relaunched its digital bank application platform that provides seamless features for customercentric interaction and innovative products to its clientele.
Speaking at the launch of the Fundall 2.0, in Lagos, the Chief Executive Officer of Fundall, Mrs. Abimbola Shopeju, said with better economies of scale, Fundall has access to increased capital and better bargaining power in the market. She stated that the organisation is changing the narrative on how the efficiency of the platform can scale up and how technology is
being used to reduce unbanked population in the country. She said: “The company founded in 2019, has grown to the end-to-end full-stack digital bank which is built on a commitment to promote financial inclusion and literacy and empower Africans with financial tools to make intelligent financial intelligences. In October 2021, Emerging Africa Groups
acquired controlling shares of Fundall and has since then made significant investment in the development and growth for us to expand and improve on our offerings.” Commenting on the app, the Chairman of Emerging Africa Group, Mrs. Onikepo Akande, acknowledged the role of Fintechs in the development of the economy driven by technology.
Gbenga Power Joins ADC, Launches House of Representatives Bid
Philanthropist and politician, Hon. Gbenga Oyekunle Power has declared his House of Representatives bid in the 2023 elections before a crowd of supporters in the ancient town of Omupo in Ifelodun Local Government Area of Kwara State. The occasion also witnessed the public declaration of the decision of the politician and his
supporters to pitch their tents with the African Democratic Congress (ADC) going forward. The gathering of ADC supporters and beneficiaries of the philanthropist’s programmes had in attendance ward leaders, community elders, women leaders, coordinators of the Gbenga Power Foundation, professional and artisan groups
in Ifelodun, Offa and Oyun Local Government Areas of the State. In what political pundits in the State have described as unprecedented and a clear signal that Power looks good to coast home to victory in the election, the supporters revealed how influential the philanthropists is among his constituents. A community leader
and politician in Offa Local Government Area, Kanmi Adetunji described the turn-out as a positive signal for the bid. According to him, “You can see for yourself. Even if a governorship aspirant records this type of huge turnout of supporters and admirers at his political rally, he will be reassured that truly his people are behind him.
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Lack of Awareness, Corruption Responsible for Poor Execution of Constituency Projects, Says Budget Expert Ibrahim Oyewale in Lokoja Lack of awareness, corruption and improper budgeting have been identified as major impediments to the poor execution of constituency projects across the country, a facilitator and budget expert, Mr. Henry Omokhaye, has said. He made this know at a twoday workshop and training for journalists on Budget Monitoring and Tracking of Constituency Protects, held in Lokoja, the Kogi State capital, at weekend. The workshop was organised by a non- governmental organisation, the Stallion Times Media Service, in collaboration with Wole Soyinka Investigative Journalism and the MacArthur Foundation. Omokhaye explained that lack of knowledge and participation by the members of the host community in budget process and execution of the constituency projects have been a recurring decimal across the country, noting that the members of the National Assembly have given too much of power to nominate projects. He noted that in most cases, some communities did not know that constituency projects are
located in their areas simply because none of people of these communities are aware of them nor did they participate in the budget process for the same projects. The budget expert pointed out that in other hand, corruption
has largely been responsible for poor execution of the constituency projects, arguing that despite the nomination by the federal or the state lawmakers, some would connived with contractors and supervising agencies to cut corners.
He posited that the improper budget for specific projects occasioned by ceiling from the ministry or parastatals is not helping matter, adding that some constituency projects had been abandoned without hope because the amount released was
not enough to complete them. The expert added that experience has shown that when must of the constituency projects were monitor and tracked, over 60 percent were poorly executed and not even beneficial to the host communities of these projects.
He, therefore, tasked journalists and all Nigerians to be actively involved in budget processes, monitoring and tracking either of the constituency projects or other states and federal government’s projects to enhance the anticipated development across the country.
SUPPORTING SMALL AND MEDIUM ENTERPRISES…
L – R : Deputy Managing Director, North, Access Bank, Victor Etuokwu; Chief Executive Officer, Agriman Industries Limited, Muzaffar Ahmad Monsoor, and Customer Service Manager, Access Bank, Kano, Fattyma Kiyawa , at the Access Bank cocktail and business conversations with SMEs in Kano …recently
‘We Want to Provide Accessible Monarch Backs Clamour for Telecom Infrastructure Protection Healthcare for Nigerians’ Emma Okonji
Ugo Aliogo and Ijeoma Okonji
The Managing Director of Clearview Hospital, Kunle Ajayi, has expressed the commitment of the hospital to provide accessible and improved healthcare delivery for Nigerians as part of efforts to complement the activities of federal government in the healthcare sector. Disclosing this recently in Lagos during anniversary celebration, Ajayi stated that at the initial phase of the hospital, there was a slow start, but over the years they have grown and are well established, “and they have had patients with us for all these years.” He further explained that
from scoring a record as a mother and child care facility, it has expanded its services to pre-conception focused on fertility solutions-Treating infertility, fibroids removal through laparoscopic myomectomy, and all other factors that lead to infertility to conception IVF treatments, ICSI, IUI and delivery robust ante-natal program, and NICU services and partnerships that would give the facility the capacity to cater to more pre-term babies. He expressed delight with the growth of the hospital and their specialisation in different areas such as paediatrics, fibroid treatment, mother and child care, and general medical care.
Peller Visits Family of LAUTECH Student Murdered by Kidnappers Kemi Olaitan in Ibadan A member of the House of Representatives representing Iseyin/Itesiwaju/Kajola/Iwajowa Federal Constituency, Hon. Shina Peller, weekend, called for thorough investigation into the abduction and killing of two kidnapped victims in Ogbomoso. The lawmaker, who made the call during a visit to the families of the duo in Ogbomoso, described the killing as unfortunate.A hotelier and one of his staff members, were kidnapped at Aba area in
Ogbomoso town on Thursday, 28 July. The duo, Miss Opadele Rachael Abiola, a final year student of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, and the owner of the hotel, Mr. Olugbenga Owolabi, were killed by their abductors after a sum of N5 million was paid as ransom. The lawmaker has, however, charged the security agencies to fish out the killers while also calling them to avert further abduction in the area.
West African Students Honour Ugwuanyi Students of West African subregion under the auspices of the West Africa Students’ Union (WASU) has honoured Governor Ifeanyi Ugwuanyi of Enugu State with “The Chief Custodian of WASU in Nigeria” award. Presenting the award to Ugwuanyi at the Government House, Enugu, the President of WASU, Comrade Romans O. Pillah, stated that the honour was in recognition of the governor’s commitment to peace and good governance as well as his friendly disposition
to education and wellbeing of students “at the national and regional student leadership structure and support for leaders of Enugu State extraction at various echelons including Comrade Chidi Ilogebe - immediate past NANS President, and others”. Comrade Pillah expressed delight at the governor’s leadership role in providing the platform for student leaders of Enugu State to excel, stressing that “our study has proven that your leadership has benefited the national and regional student leadership structure”.
The advocacy for telecom infrastructure protection across the country by the Nigerian Communications Commission, (NCC) has received the royal support of the Olubadan of Ibadan, Oba Lekan Balogun, who has urged every citizen in Nigeria to take responsibility for the protection of telecom facilities for mutual benefit of all. The monarch, who spoke
through the Ayingun Olubadan of Ibadanland, Chief Ademola Odunade at the Village Square Dialogue (VSD) of NCC at the Mapo Hall, Ibadan, at the weekend, advised the Nigerian public “to support the NCC to achieve its objectives of protecting telecoms consumer because this should be seen as a collective responsibility.” The event, which was presided over by the Chairman of the Board of the NCC, Professor
Adeolu Akande, was designed to discuss one of the most important issues affecting the operations of the telecom industry, which is the protection of telecoms infrastructure to guaranty improved quality of service for benefits of business and the consumers. Akande, in his address to guests at the forum that witnessed large turnout of traditional rulers, representative of telecom operators and consumers, asked the
consumers and other stakeholders to join hands in protecting telecoms infrastructure in their communities to ensure sustained connectivity. “The objective of this novel consumer engagement is to explore how we can all protect these infrastructures to continue to provide us with life-supporting services and we are happy to bring this programme to Oyo State to really sensitise telecom consumers and other critical stakeholders in this regard,” he said.
Kogi Gov Inaugurates Boundary Committee to Curb Insecurity, Crisis
Ibrahim OyewaleinLokoja
As part of efforts to ensure peace and security among the neighbouring states, the Kogi State Government has inaugurated the State Boundary Committee to manage all boundary issues from other states and within. The state Governor, Yahaya Bello, disclosed this while speaking at the inauguration of the Kogi
State Boundary Committee at the Government House in Lokoja at the weekend. Bello explained that the move became imperative to maintain peace and tranquility, and adequate security within and outside Kogi State. He stated that the state is bounded by nine states, including the Federal Capital Territory (FCT),
Nasarawa, Niger Benue Kwara, Edo, Delta Anambra, Ekiti and Ondo. The governor pointed out that the setting up of the Kogi State Boundary Committee was by the National Boundary Commission Act 2006, which empowered state governments to set up boundary committees in their states. He, therefore, charged the members to put in their best to
ensure continued peaceful coexistence in the state. Bello recalled that before the advent of the present administration in the state, there had been a boundary crisis between Anambra and Kogi States, pointing out that the state Deputy Governor, Edward David Onoja, is expected to be the Chairman of the Kogi State Boundary Committee.
‘Breast Feedingdiseases Lowers Woman’s Risk of Breast Cancer’ and all forms of child occasion to engage breastfeeding stronger immunity, reduced risk Segun Awofadeji in Bauchi
The Executive Chairman, Bauchi State Primary Health Care Development Agency (BSPHCDA),Dr. Rilwanu Mohammed has declared that optimal breastfeeding lowers a woman’s risk of breast and ovarian cancers as well as offers a powerful line of defence against
malnutrition. Mohammed made the declaration during the World Breastfeeding Week Celebration 2022 organised by BSPHCDA in collaboration with Alive and Thrive (A&T) with the theme, “Step Up for Breastfeeding,” Bauchi. BSPHCDA and A&T used the
mothers, and other relevant actors and stakeholders to highlight their roles in protecting, promoting and supporting breastfeeding in the society. The BSPHCDA chairman said that adherence to exclusive breast-feeding prevents child deaths, postpartum bleeding while also providing the babies
of infections and many childhood illnesses, and may also have longer-term health benefits. He called on governments at all levels and workplaces to also join in promoting, protecting, supporting and sustaining breastfeeding- friendly environments for lactating mothers and their babies for their comfort.
Journalists Urged to be Agent of Economic Development
Blessing Ibunge in Port Harcourt
The Nigerian journalists have been advised to be agents of the nation’s economic development through their professional skills. A Veteran Journalist and former Chairman Of the Nigerian Union of Journalists
(NUJ) in Rivers State, Mr. Amaopusenibo Bobo Brown, gave the advice at the weekend during a two day media training on “Investigative Reporting, Inclusive Development and Accountability” held in Port Harcourt by National Point Newspaper. Brown, who was a former
president and council chairman of the Nigerian Institute of Public Relations (NIPR), charged journalist to be competitive in terms of news management, adding that they could report news pointing in the direction that have hampered development in the regions and nation at large. The veteran who made a
presentation on Ethics, Media and Development advised that “Nigerian journalists must learn to break the structural impediment of operating alone by learning to work together, collaboration on major stories that can help our people understand the reason for poverty in our country and lack of development.
Kwara PDP Deputy Guber Candidate Tasks Stakeholders on Peace
Hammed Shittu in Ilorin
The Kwara State Deputy governorship candidate for the Peoples Democratic Party (PDP), Hon. Gbenga Makanjuola, at the weekend stressed the need for all party stakeholders from Kwara South to embrace peace and unity
for the electoral victory of the party in the next general election in the state. Makanjuola, a two term member of the House of Representatives, who represented Irepodun/Isin/Oke-Ero/ Ekiti federal constituency at the National Assembly, stated
this in Omu-Aran during the Kwara South PDP stakeholders’ consultation meeting. He said the development also became imperative in view of the need to shun all forms of action that may prevent the party from taking over power from the All Progressives Congress (APC)-led
government in the next elections. The former federal lawmaker added that the party has taken its pride back now among other political parties in the country, noting that: “It is high time the party stakeholders desist from actions that may hinder the progress.”
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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com
0811 181 3083 SMS ONLY ALL THE GOLD MEDALISTS *Track & field - Tobi Amusan (100m Women’s Hurdle and 4x100m Relay) - Nigeria women’s 4x100m Relay (Favour Ofili, Rosemary Chukwuma, Grace Nwokocha) - Chioma Onyekwere (Women’s Shot put) - Goodness Nwachukwu (Women’s Discus throw) - Ese Brume (Women’s Long Jump)
*Wrestlers(Women’s Freestyle wrestling) - Miesinnei Mercy Genesis (50 kg); - Blessing Oborududu (57 kg) and - Odunayo Adekuoroye (57kg)
*Weightlifting(Women) - Adijat Adenike Olarinoye (55kg) and - Rafiatu Folashade Lawal (59kg) - Folashade Oluwafemiayo
GOLDEN BUGA GIRL... Tobi Amusan...multiple medalists at the Commonwealth Games ending today showing the BUGA poise after collecting her 100m hurdles gold medal yesterday in Birmingham
Ese Brume...reclaimed the gold medal of the women’s long jump in Birmingham yesterday
*Women’s heavyweight Para Powerlifting - Eucharia Iyiazi
Amusan, Brume and the Women’s 4x100m Quartet Cap Best Outing for Nigeria Duro Ikhazuagbe As curtain falls on the 22nd Commonwealth Games in Birmingham, United Kingdom today, Team Nigeria recorded her best outing in the quadrennial competition which effectively ended last night. Nigeria claimed a total of 12 gold, 9 silver and 14 bronze medals to stay in the seventh position. Sunday started as a spectacular day for Team Nigeria as world record holder in the women’s 100m hurdlers, Oluwatobiloba Amusan, race into the Games history as
NIGERIA'S PAST FIVE OUTINGS *2022 - 7th position (So far) 12 Gold, 9 Silver, 14 Bronze
*2018 - 8th position 9 Gold, 10 Silver, 6 Bronze
*2014 - 8th position 11 Gold, 11 Silver, 14 Bronze
*2010 - 8th position 11 Gold, 8 Silver, 14 Bronze
COMMONWEALTH GAMES the second sprint hurdler to successfully defend the title she won four years ago in Gold Coast, Australia. The 12.30secs she clocked in winning the gold is also the Commonwealth Games new 100m hurdles record. It erased the 12.65 Games record set in 2006 by Jamaica's Brigitte Foster-Hylton. Before the final, Amusan who fortnight ago in Oregon USA set a new world record of 12.12 to win the gold, the first by a Nigerian, ran a new time of 12.40 to win the semi final but was denied the record by a 2.4 m/s tail wind. The 25-year-old Amusan has also gone in history as the second sprint hurdler in Games history after Australia's Sally Pearson (2010 and 2014) to successfully defend the event's title. Bahamas' Devynne Charlton settled for silver with 12.58secs while home girl Cindy Sember picked the consolatory bronze in 12.59secs. Barely two and half hours after winning the sprint barrier event, Amusan inspired Nigeria women's 4x100m quartet of herself,
Favour Ofili, Rosemary Chukwuma and Grace Nwokocha to make history at the Alexander Stadium in Birmingham, becoming the first women's relay team to win a Commonwealth Games gold in 28 years. The quartet did it in record breaking fashion, running 42.10 secs to break the barely a month old 42.22 seconds African record they set in Oregon, USA at the World Athletics Championships. World and Commonwealth Games 100m hurdles champion and record holder, Amusan started
The Nigeria Golf Federation (NGF) led by Otunba Olusegun Runsewe has summoned the First Nigeria Golf Federation Summit for August 31 – September 2, 2022. The summit, scheduled to hold at Ladi Kwali Hall, Sheraton Hotel, Abuja, will discuss topical issues relating to the development and growth of golf in Nigeria. The occasion, which is supported Royal Ceramics, Polaris Bank, Anchor Insurance, AIT, NTA and Golf Garden, will be chaired by the Chairman of IBB Board of Trustees, Gen IBM Haruna (rtd), while the Minister of Youth and Sports Development, Mr Sunday Dare will be the special guest of
honour. Over 70 Captains of golf clubs from across the country will attend the Summit along with other critical stakeholders to enable the entire golfing family chart the way forward to developing golf across the country and network with international bodies within the golf space. Runsewe said the Summit will open a new network for golfers across the country particularly on the World Handicap System (WHS), which the NGF is working out to integrate the Nigerian golf community to the entire world. He alos noted that NGF would want to use the platform to galvernise the support and understanding of the golf
Nigeria won her first 4x100m relay Commonwealth Games gold in 1994 in Victoria, Canada when the quartet of Faith Idehen, Mary Tombiri, Christy Opara-Thompson and Mary Onyali ran a then 42.99 seconds Games record to win. The country's first actual 4x100m relay medal was won four years earlier in Auckland, New Zealand where the quartet of Beatrice Utondu, Fatima Yusuf, Charity Opara, Chioma Ajunwa won a bronze medal. Eight years ago in Glasgow, Scotland, Blessing Okagbare, who successfully completed a sprints double inspired the team to a silver medal finish.
As if the Nigerian ladies reserved their best in the track and field till the last day, Ese Brume jumped a 7.00m new Games Record to win the gold medal for the second time. Her first was at the Glasgow Games eight years ago. Australian jumper Brooke Buschkuehl (6.95m) and Ghanaian girl, Deborah Acquah (6.94m) settled for the silver and bronze medals respectively. Brume who won a silver medal at the last Worlds kicked off her gold medal rush with 6.99 in her second jump after a faulty first leap. She then had 6.81, 6.99, and 6.96. Her last sixth jump produced the 7.00m mark that gave her the gold.
Buhari, Abiodun Hail Team Nigeria for Spectacular Outing in Birmingham Deji Elumoye in Abuja and James Sowole in Abeokuta President Muhammadu Buhari has hailed Team Nigeria and the coaching crew for making
NGF Convenes First National Summit on Golf Olawale Ajimotokan in Abuja
the historic run with a brilliant first leg before handing over to Ofili who ensured Nigeria maintained the advantage before giving Chukwuma, the individual 100m finalist the baton. Chukwuma ran the curve perfectly and handed over to reigning Nigerian 100m queen, Nwokocha in first position. The 21-year-old Nwokocha maintained the advantage despite the threat by Great Britain's anchor leg runner, Darly Neita to bring home Nigeria's first women's relay gold in well over two decades. Four years ago Amusan was part of the relay team that finished third at the Gold Coast in Australia.
captains from across the country by working out and moving the game to a new level. “As the apex golf body in Nigeria, NGF is working out a plan that will open new opportunities for upcoming golfers.We are working on youth development programme. The federation is excited about Iyeneobong Essien and wishes to congratulate the 16-year-old for her outstanding performance at the Champion of Champions World Golf Championship in Northern Ireland where she placed the first runners up. “She has made Nigeria proud and the golf federation will ensure it discovers more upcoming golfers from across the country,” Runsewe said.
Nigeria proud by winning 35 medals at the 22nd edition of the Commonwealth Games in Birmingham. As the curtain falls on the Games today, the President, in a release issued Sunday eveningby his Media Adviser, Femi Adesina, celebrated the athletes that represented Nigeria gloriously in the competition. He joined millions of other sports loving Nigerians who watched some of the colourful and spectacular moments in the 11-day competition, which had no fewer than 5,000 athletes representing 72 nations and territories, competing in 280 medal events. Saluting the memorable display of Team Nigeria athletes, the President commended the 94 worthy ambassadors that proudly flew the Nigerian flag in nine sporting events, and for those exciting moments when the medalists brought smiles to our faces by breaking world, national and games records, as well as achieving personal bests in their career.
With 35 medals, including 12 gold, 9 silver and 14 bronze harvested by close of competition last night, the President thanked the shining stars of Nigeria for competing among the best in the world and displaying their God-given attributes of the real Nigerian- never give up, strive to the end. According to him: ‘‘We are proud of these achievements and the memories will linger with the nation forever and for me this is a special moment and a fitting parting gift, being my last Commonwealth Games as Head of State". Speaking yesterday also, Ogun State Governor, Dapo Abiodun, congratulated Nigerian sprinter and world champion, Tobi Amusan, on winning a gold medal in the Women's 100m hurdles event at the Games. “Our golden girl has done it, again. This is a testament to the fact that she is consistent, reliable and deserved the World Record, indeed. This is a moment of joy for us all in Ogun State and Nigeria and we are pleased at
her streak of successes”, Abiodun said in a statement issued by his Chief Press Secretary, Kunle Somorin. According to the governor, this made her “the first World Champion to win Gold in the event and the first Nigerian athlete ever - dead or alive - to be crowned champion at all levels of athletics in the same year.” Congratulating the Ogun State-born athlete, the governor described her feat as heroic, saying this is following and improving on the records of her other Ogun stars like Modupe Oshikoya, Falilat, OgunkoyaOsheku and other compatriots. "On behalf of the government and people of Ogun, I say big congratulations to one of our finest in the field of sports. Oluwatobiloba Amusan has once again made us proud as a people. In Ogun, we shall continue to celebrate our icons and stars, while we shall also continue to encourage the budding talents across Ogun,” Abiodun was quoted to have stated in the statement.
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MISSILE BON to NBC DG, Ilela
“BON has noted that NBC in the last few years has violated its own laid down procedures of handling complaints from persons or group of persons or institutions against Broadcaster(s). In the current case, the NBC did not provide any written evidence from any complainant(s), nor did it issue any query to the said organisations that it claimed to have violated NBC codes” – BON Executive Secretary, Yemisi Bamgbose, berating the National Broadcasting Commission (NBC), for imposing fines on some TV stations.
KINGSLEYMOGHALU GUEST COLUMNIST
Where’s the Vision?
V
ision, the Oxford Dictionary tells us, is “the ability to think about and plan the future with imagination and wisdom”. Without visionary leaders, no country or organization can achieve at great levels. We must from now place greater emphasis on vision as a major criterion for leadership selection in Nigeria. Promises of bridges and roads, track records of paying workers’ salaries, all of which should be basic functions of governance, are a very low bar for leadership selection. Vision is often associated with great transformations. It is important for a leader, political, organizational, or business to lay out a picture of a future that does not exist right now – and thus might appear “impossible”, “ambitious” or “impractical”. Next is to mobilize and motivate citizens, members, or employees to work collectively to attain such a future state. It is precisely this quality that drove the transformations achieved by great leaders and nations such as Mustafa Kemal Ataturk of Turkey, Sheikh Al Maktoum of Dubai, Abraham Lincoln of the United States, Mahathir bin Mohamad of Malaysia, and Ben Gurion of Israel. Here at home, we had Rt. Hon. Dr. Nnamdi Azikiwe, the pan-Africanist and leading light of Nigeria’s struggle for independence, and his contemporaries such as Obafemi Awolowo and Sir Ahmadu Bello. Between these three leaders much was achieved in Nigeria’s regions in the 1950s and 60s. But a combination of the cold, calculated machinations of colonial Britain and the internal quest for ethnic dominance ultimately set Nigeria on a downward slope of internal conflict. Nigeria today needs a truly national and visionary leader that can set our country on the path of transformation. We have had Vision 2010, Vision 2020, and the Economic Recovery and Growth Plan (ERGP). But they all failed as a result of governance inadequacies, including a lack of dedication to execute the plans effectively. Just as important, these economic visions were not grounded on any economic philosophy or any philosophical worldview of the Nigerian state. This vacuum in turn exists because Nigeria is a territorial state but has not transitioned from a country to nation with a widely shared national ambition and sense of purpose. A transformational leadership can cure this nation-building deficit with the development and inculcation in citizens of a clear worldview. A worldview is a way in which we see the world around us and our place in it. It is a personal or group perspective. A national vision is therefore often anchored on a worldview, which asks and answers questions such as: Who are we? Why is the world the way it is? Where have we come from? Where are we going and how will we get there? What are the values that will govern our society and pave our path to the future we want? What is our strategy
Azikiwe
to achieve success in a competitive world? What is the knowledge system that transmits and anchors our worldview? The worldviews of all great nations are easily identifiable. That of the United States and much of the Western world is anchored on individual freedom, rational scientific inquiry, and an emphasis on strong, independent institutions to check tyrannical governance following the decline of monarchies in Europe (the “Old World”). Americans believe theirs is “God’s own country”, with a “manifest destiny” of greatness. The Chinese and Asian worldview is anchored on the cyclicality of time, social stability and order as an end in itself, and the superiority of community and its collective interest over individual rights. Nigeria today is rudderless, with no particular direction in the world, and faces fundamental threats to its existence. Our citizens are increasingly unsure of what being a Nigerian means. Not surprisingly, we are fundamentally challenged in our quest for development. For Nigeria to make progress, therefore, we must become a “worldview state” for the following reasons. First, without unity and a common sense of purpose, we cannot achieve much. When a country is not organized and motivated by a worldview, small views (extremely narrow worldviews) reign. Ethnic and religious irredentism and corruption are prime examples of these narrow worldviews. We have increasingly retreated into our primordial cocoons of nativity as opposed to identifying with modern statehood, and even the sense of country, let alone achieving nationhood, increasingly feels like the past tense. This sense was captured by Chinua Achebe’s controversial last book There Was a Country, which reflected a strong sense of disappointment, bitterness even, at what our country has become. This is why creating, promoting, and
internalizing a national philosophical worldview is a powerful way to solve the problems of ethnic and religious divisions in Nigeria. This task belongs to our leadership cadre. We need something that unites us, which rises above and subordinates our differences. We are in fact too absorbed with these differences and with Lord Lugard and his wife Flora Shaw. With very few exceptions such as Japan and the two Koreas, most countries in the world are made up of different ethnic groups. Thus, insisting on a quest for ethnic purity as the basis for nationhood means that Nigeria will have to become perhaps 250 countries. Our diversity, coming from an artificial amalgamation of different ethnic groups in 1914 by colonial Britain, is doubtless a challenge because nations grow organically based on mutual trust. A 2002 paper by Alberto Alesina et al of the Harvard Institute of Economic Research, titled “Fractionalization”, established empirical evidence of a link between heightened ethnic diversity in countries and internal conflict, low GDP per capita, and weak democratic evolution. African countries are the world’s most diverse relative to other continents. The challenge to development that Nigeria faces by reason of its ethnic and religious diversity is therefore real and should not be underestimated. But it can be successfully managed if we have good leadership that creates a level-playing field with justice and equity. It can be turned into a source of strength just as it has been in the United States. A constitutional restructuring of Nigeria back to real federalism remains the best way to achieve this outcome. It is the best path to development in a populous, diverse country. Second, Nigeria needs a worldview to help us achieve our full potential. It’s time we moved from potential greatness, while 100 million Nigerians live in extreme poverty, to actual greatness that makes their poverty history. Driven by a strong worldview, China has lifted 800 million out of poverty in the past 40 years. Without a competent state anchored on knowledge, vision, positive passion and innovation, this achievement would not have been possible. A worldview will not only motivate us but will also equip us with the tools to shape and meet our national goals. It is the only thing that can drive progress that is genuine, one that we can measure and sustain. This is because value systems that define a society, and a knowledge system that will equip Nigerians to acquire, interrogate, and validate knowledge as well as a strategy to attain collective goals, are all part of any coherent worldview. Third, having a worldview remains essential for Nigeria to attain developed country status, or at least full emerging-market status from our present lower-middle-income country and a “frontier” market one. A strong and clear worldview will give us a national ambition to assess from a comparative and competitive
standpoint the distance (“transformation gap”) between us and more successful countries. We can and should, therefore, aim to catch up with and possibly overtake countries such as Thailand, Indonesia, and Malaysia that in the early 1960s had less economic or technological prospects than Nigeria, but today are middle-income countries and strong emerging markets. Fourth, our statecraft – our global diplomacy, economic management, and security and intelligence services – must be driven by a worldview if it is actually to advance the real national interest of 200 million Nigerians rather than those of vested foreign interests. Fifth, and finally, a clear, well-articulated and internalized worldview will enable us as a country have real knowledge (an understanding of “the causes of things”) of the phenomenon of globalization. With such knowledge, we can become more productive and competitive in the global economy. We will become part of the production value chain of globalization, and not merely consumers of, and a market for, the goods of globalization as we are today. Nnamdi Azikiwe and his fellow nationalists had a worldview geared toward political freedom from colonial domination. They achieved success based on that philosophical vision. The Murtala Muhammed/Olusegun Obasanjo military administration in the 1970s, as well as the Ibrahim Babangida administration in the mid-1980s/early 90s achieved very significant successes in the field of foreign policy. From the independence of Angola and Zimbabwe in which Nigeria played pivotal roles, to the Technical Aid Corps and peace keeping in troubled states in West Africa, Nigeria projected regional power and its national interest effectively. It is hardly so today. Why? Because a focus on political freedom and diplomatic influence that is not backed up by domestic economic transformation is not sustainable. Moreover, Nigeria’s political leadership culture became progressively anti-intellectual. Our leaders thus became increasingly ineffective, and incompetent from the absence of knowledge. By the way, knowledge also is a value and is not always the same thing as having a certificate. Development begins in the mind. Ideas rule the world. We love the “practical” and jest at “blowing grammar”. But look around the world: every “practical” success is based on a sound concept, and many successful nations are led by men and women “blowing grammar”. We can elect to be different, but we will live with the consequences. •Moghalu, a former deputy governor of the Central Bank of Nigeria, is the president of the Institute for Governance and Economic Transformation, a public policy think tank. This article is adapted from the 2022 Convocation Lecture he delivered recently at Babcock University.
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