WEDNESDAY 14TH AUGUST 2024

With Estimated Loss of

Kyari Ramps Up War against Oil Theft

puts

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Soneye,

www.thisdaylive.com

Intrigues as Ruling Party,

14 Months in Office: Council of State,

Pass Confidence Vote on Tinubu's Leadership

Emmanuel Addeh in Abuja

huge losses to the nation, the Group Chief Executive Officer of

L-R: Former Chief Justice of the Federation, Justice Tanko Muhammad; Vice President Kashim Shettima; former President, Muhammadu Buhari; President Bola Ahmed Tinubu; President of the Senate, Senator Godswill Akpabio; and Secretary to the Government of the federation, George Akume, during

...yesterday

PHOTO: GODWIN OMOIGUI

Blessing Ibunge in Port Harcourt

intrigues playing out in Rivers State took a

MuStAFA LECky MArkS thrEE

SCOrE ANd 10...

Edun, Lokpobiri, Kyari, Others Meet on NNPCL's

Crude Sales Initiative to Local Refineries in Naira

Dangote Refinery Disowns N600/Litre Petrol, Says No Price Fixed Yet Dumebi Kachikwu: It’s illogical for anyone to want to frustrate Dangote Refinery

Ndubuisi Francis, Emmanuel Addeh and Chuks Okocha in Abuja

To ensure the full implementation of President Bola Ahmed Tinubu's directive for the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the Dangote Refinery and other local refineries in naira, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday met with relevant stakeholders for the actualisation of the policy objective of the federal government.

This comes as the presidential candidate of the African Democratic Congress (ADC) in the 2023 general elections, Dumebi Kachikwu, yesterday, said there was no sabotage against the Dangote Refinery but rather, the President of the Dangote Group, Aliko Dangote, only stepped into an industry where there are bigger players, different from Nigeria’s food and cement sectors, where he had dominance.

The meeting between Edun and the stakeholders, which held at the headquarters of the Ministry of Finance in Abuja, brought together important stakeholders, including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri meeting; Group Chief Executive Officer of NNPCL, Mr. Mele Kyari; Executive Chairman of the Federal Inland Revenue Service (FIRS),

Dr. Zacch Adedeji; the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya and other notable participants, provided an opportunity for in-depth discussions, which underscored longstanding challenges within the petroleum sector.

Although details of the meeting were not available, a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga stated: "This initiative aims at strengthening the domestic economy as well as supporting the sustainable operations of local refineries, including the Dangote Refinery.

"As the meeting drew to a close, a sense of strong confidence and collective purpose filled the air with Edun expressing optimism that with the collaborative efforts of all stakeholders, this groundbreaking initiative will empower local refineries, stimulate economic growth, and redefine the nation's petroleum landscape.

"By harnessing the collaborative spirit of key stakeholders, Nigeria is poised to witness a transformative shift in its economic trajectory.

"Thus, the country is set to unlock new opportunities, overcome longstanding challenges, and emerge stronger.

"The Naira Crude Sales initiative marks a significant milestone in Nigeria's journey towards economic prosperity, and all eyes are on the promising future that lies ahead."

Tinubu had on July 27, directed the NNPCL to sell crude to Dangote Refinery and other local refineries in naira.

The Special Adviser to the President on Information and Publicity, Bayo Onanuga, who disclosed this had stated: “To ensure the stability of the pump price of refined fuel and the Dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.

"Afreximbank and other settlement banks in Nigeria will facilitate the

trade between Dangote and NNPC Limited. The game-changing intervention will eliminate the need for international letters of credit. It will also save the country billions of dollars used in importing refined fuel.”

Meanwhile, Dumebi Kachikwu, has said that there was no sabotage against the Dangote Refinery but rather, Aliko only stepped into an industry where there are bigger players, different from Nigeria’s food and cement sectors.

He said this in an interview on ARISE NEWS yesterday, while responding to the allegations of

sabotage against the Dangote Refinery. Giving his take on the matter, Kachikwu said, “Dangote has operated in a space for the longest time in the food sector where he’s akin to being a monopoly. He’s operated in the cement sector where he’s probably part of a duopoly.

“This is the first time Dangote is entering waters where you have mega players, probably bigger than his company is, and he cannot understand that Dangote the superstar in food production or cement production is not a superstar in oil and gas where you have the likes of Shell, Mobil

and the rest. So, I think that that’s one of the issues that is at play here.” Addressing the allegations of conspiracy against the Dangote Refinery, he said, “I don’t believe that it’s in the government’s interest, in a country that is suffering a foreign exchange crisis, to frustrate a Dangote Refinery when it’s in their interest to have domestic production so we don’t spend all the dollars we’re spending every month to import oil. So, I don’t understand why anyone would think that.

Nigeria Targeting 6000 Megawatts, Says Power Minister

The Minister of Power, Chief Adebayo Adelabu, in Ikot Nyong, Odukpani Local Government Area of Cross River State, yesterday, announced that Nigeria was targeting the generation of 6,000 megawatts of power by the end of this year.

Adelabu said so far, within the short period of President Bola Ahmed Tinubu's administration, power generation in the country has reached 5,105 megawatts.

He said before the advent of the current administration in the country,

power generation was not more than 4,000. megawatts.

Adelabu, said these while on an inspection visit to the Calabar Power Generation Plant, a subsidiary of National Integrated Power Project, NIPP in the state.

The minister said he was at the power station to ascertain the state of the power generation infrastructure, the state of the generators, turbine and other facilities that help generate power. Adelabu, said what he saw on the ground were very impressive, more so as the Calabar Power Generation Plant is the most active of all

NCDMB, Petroleum Commission Ghana Begin Technical Cooperation

Olusegun Samuel

In furtherance of its long-standing support to African oil and gasproducing countries and development of local content in the continent, the Nigerian Content Development and Monitoring Board (NCDMB) has begun a five-day knowledge-sharing programme with the Petroleum Commission of Ghana.

The engagement seeks to establish technical cooperation between the NCDMB and the Ghanaian Commission through capacity building and learning from the Board’s rich experiences, best practices, and procedures in local content development.

A statement from its Corporate Communications Department stated

that part of the objectives was to foster the Petroleum Commission of Ghana’s efforts to institute an effective framework that will enhance compliance and deepen local content in their nation’s oil and gas industry.

The opening day’s activities included a courtesy visit to the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, at the Board’s liaison office in Lagos, where the helmsman welcomed the delegation to Nigeria and relayed the Board’s unwavering commitment to the development of African local content.

In his opening remarks, the Director of Monitoring and Evaluation, NCDMB, Mr. Abdulmalik Halilu, emphasised the need for close cooperation among African oil-producing

countries, noting that the technological and financial challenges facing the industry cannot be solved when countries operate in silos.

He canvassed that African oilproducing countries should develop unique and specialised capabilities that would facilitate effective trade amongst themselves, and grow the African economy, as envisaged by the African Continental Free Trade Agreement (AfCTA).

Thereafter, other key officials shared NCDMB’s strategies and operating templates covering supplier development initiatives, the Nigerian Oil and Gas Parks Scheme (NOGaPS), and the structure and operations of the agency.

Presentations in the later days of the week would focus on the

operating framework for Nigerian Content planning, research and statistics, succession planning processes, Nigerian Joint Qualification System (NJQS), Biometrics system, human capacity building, institutional strengthening, Nigerian Content Equipment Certification (NCEC) and other templates.

Other themes that would be explored as part of the engagement include the Nigerian Content Development Fund (NCDF) operating framework, the Projects Certification and Authorisation Division (PCAD) templates and implementing framework, the Monitoring and Evaluation implementing framework, and the Community Content Guidelines and Stakeholder Management strategies and many more.

the power plants under the Nigeria Delta Power Holding Company.

"Coincidentally, this is the most active of all the ten plants under the (NDPHC), I commend the management for for this", Adelabu said.

Walson-Jack Takes Over from Yemi-Esan as HoS

Olawale Ajimotokan in Abuja

Mrs. Didi Esther Walson-Jack has formally taken over the baton as the Head of Civil Service of the Federation (HoS) from Dr. Folasade Yemi-Esan following her appointment and the swearing-in by President Bola Ahmed Tinubu at the Federal Executive Council meeting.

The handing-over ceremony took place at the Office of the Head of the Civil Service of the Federation (OHCSF), yesterday being the retirement date for Dr. Yemi-Esan.

In her acceptance speech, Walson-Jack, expressed gratitude to the President for the trust and confidence reposed in her to serve the nation, promising to honour the achievements of her predecessors by continuing and fast tracking ongoing reform initiatives in the Service.

The new head of service reiterated the maximum use of technology in driving transformation in the Service and promised to maintain, enforce and deploy the core principles of the service in all her dealings.

She also beckoned on all stakeholders and civil servants to

support the vision and mission of the Service toward the realisation of the Renewed Hope Agenda of the present administration.

Earlier, Dr. Yemi-Esan, prayed God to sustain her successor and give her the necessary strength and wisdom to excel, in the overall interest of the Service and Nigeria, in general. Tinubu had on Monday, before the commencement of the FEC meeting, sworn in the newly appointed HoSF. At the occasion, he had admonished her to serve the nation with integrity and transparency.

Walson-Jack holds a Bachelor of Law degree from the University of Lagos and was called to the Nigerian Bar in 1987.

She started her Civil Service career as a State Counsel in Rivers State in 1992, rising to the position of SolicitorGeneral and Permanent Secretary, Ministry of Justice in Bayelsa State.

The HoSF joined the Federal Civil Service in 2009 and was appointed as Permanent Secretary in 2017. She served in several MDAs, including the OHCSF, Niger Delta Affairs,Power, Water Resources and Sanitation and, lately, Education.

Bassey Inyang in Calabar

L-R: Hon Hussein Lecky, member of Edo State House of Assembly; Hassan Lecky (USA); former INEC National Commissioner and celebrant, Dr. Mustafa Lecky; Zahir Lecky (USA); Basil Lecky (USA); and Hadiya Lecky, on the occasion of their father's 70th birthday celebration in Abuja...last week

War against Oil theft...

Power Asset Vandals Killed, Several Arrested as TCN

Intensifies Fight against Destruction of Installations

Company laments rising cases of vandalism nationwide, records dozen of cases in six weeks

emmanuel addeh in Abuja

Transmission Company of Nigeria (TCN) yesterday said several persons had been arrested by the police in connection with the destruction of electricity assets, while two were killed by hunters in parts of the north.

TCN expressed concern over the alarming rise in vandalism of transmission installations across the country, stating that the growing threat urgently requires the cooperation of all citizens, particularly those in host communities where the installations are located.

A statement by General Manager, Public Affairs, at the governmentowned company, Ndidi Mbah, called for increased vigilance from everyone to combat the menace.

The statement said, “TCN has consistently engaged security operatives, host communities, and local vigilante groups in response

to this issue. However, it is crucial that everyone works together to curb or eliminate the increasing attempts by vandals to damage transmission lines and cables, while also ensuring that stolen items are not sold in our markets.

“Specifically, between July 1 and August 11, 2024, TCN installations have experienced numerous vandalism attacks in less than six weeks. These incidents are widespread, affecting every transmission region of TCN.

“On Wednesday, August 7, 2024, security operatives apprehended vandals in a blue pick-up van loaded with sacks containing tower members and cables stolen from transmission towers along the Damboa/Maiduguri 132KV transmission line.

“The vandals were arrested by the Nigeria Police and are currently in custody at the Damboa Police Station. They will be transferred to the National Police Force Headquarters

in Maiduguri.

“The tower members and cables were stolen from the towers along the Damboa/Maiduguri 132kV transmission line, which is still under reconstruction due to a previous vandalism attack on the same line.

“On August 11, 2024, vandals attacked towers T377, T378, and T379 along the Gombe-Damaturu 330kV transmission line, which is undergoing rapid and urgent repair following a previous vandalism incident involving Improvised Explosive Devices (IEDs) on towers T193 and T194. However, two of the vandals were killed by hunters at the Damaturu end of the line,”

TCN said on August 3 and 5, vandals attacked towers along two transmission line routes under Enugu Region of TCN, adding that the first attack targeted tower T9 on the Apir-Aliede 330kV transmission line, and the second targeted tower

T12 on the Apir-Otukpo-Yandev 123kV transmission line, both passing through Ikpayango Village.

In response to the first incident, the local vigilante group acted promptly, preventing the vandals from stealing the skywire after it had been brought down.

Additionally, on August 5, TCN stated that vandals managed to cut off and steal the yellow phase conductor from towers T11 to T12 along the Apir-Otukpo-Yandev line, which caused a tripping of the 150MVA power transformer at the Apir Transmission Substation.

TCN explained that its engineers responded swiftly by removing the remaining conductors on tower T11, allowing the continued supply of bulk electricity to Yandev, Otukpo, and Takum through the 132kV New Haven-Otukpo transmission line.

“The TCN team has successfully sectionalised the affected towers to

With New National Policy on Health Workforce Migration, FG Seeks to Reverse Brain Drain

Onyebuchi

President Bola Tinubu has approved a policy that would ensure that health sector professionals are wellsupported, adequately rewarded, and optimally utilised to meet the healthcare needs of Nigerians.

The initiative known as the National Policy on Health Workforce Migration seeks to leverage the expertise of the country’s diaspora health professionals to bridge gaps within the health sector.

Minister of Health and Social Welfare, Prof. Muhammad Ali Pate, who gave the cheering news yesterday, on his X-handle described the policy as a comprehensive strategy to manage, harness, and reverse health workers’ migration.

He wrote: "This afternoon, President Bola Ahmed Tinubu, in-Council, approved a landmark policy set to transform healthcare human resource management in Nigeria.

"The National Policy on Health Workforce Migration addresses the critical challenges facing Nigeria’s health human resources. As the AU Champion for Human Resources for Health and Community Health Delivery Partnership, Mr. President’s commitment to a resilient and robust healthcare system is powerfully reflected in this forward-looking

policy.

“This policy is more than just a response to the ongoing exodus of healthcare professionals; it’s a comprehensive strategy to manage, harness, and reverse health worker migration.

"It envisions a thriving workforce that is well-supported, adequately rewarded, and optimally utilised to meet the healthcare needs of all Nigerians.”

At a time when Nigeria is grappling with the uncontrolled exodus of health workers, Pate stated that the new approach would champion reciprocal agreements with other nations to ensure that the exchange of health workers benefits Nigeria.

He said the bilateral and multilateral agreements were designed to protect national interests while respecting the rights and aspirations of healthcare professionals.

"We call on recipient countries to implement a 1:1 match—training one worker to replace every publicly trained Nigerian worker they receive.

“Recognising the importance of work-life balance, the policy includes provisions for routine health checks, mental well-being support, and reasonable working hours, especially for younger doctors. “These measures aim to create a supportive work environment, reducing burnout and enhancing

job satisfaction.

“The governance of this policy will be overseen by the National Human Resources for Health Programme within the Federal Ministry of Health and Social Welfare in collaboration with state governments. This ensures responsible implementation and alignment with broader sector-wide health objectives.

“With this decisive action, the National Policy on Health Workforce

Migration is set to secure the future of Nigeria’s healthcare system.

Under Mr. President’s leadership, this policy will further catalyse the transformation of our health sector, ensuring access to quality healthcare for all Nigerians.

"As we embark on this journey, all stakeholders are invited to contribute to building a healthcare system that reflects our nation’s potential and promise,” Pate said.

facilitate repairs. They have also stabilised both ends of the sectionalised network that supply power to Otukpo, Yandev, and Takum from the New Haven Substation while the 150MVA transformer has been tested and restored.

“On July 24, 2024, in the Osogbo Region, Tower T328 along the 330kV Osogbo-Ganmo line in the Oba-Oke area of Osogbo, Osun State, was vandalised. This incident caused severe structural damage to the tower, leaving it twisted and bent, with insulators at a dangerous angle of 65° to 70°. The damaged and bent tower T328 also affected towers T327 and T329 on either side.

“Despite the precarious condition of T328, the cables remained supported by the bent towers, preventing power outage. The Osogbo Region of TCN has since carried out emergency repair work on the affected towers to prevent their collapse while awaiting permanent reconstruction of Tower T328.”

TCN added that it had reported these incidents to security operatives, including the military, police, Department of State Service (DSS), and civil defence.

It said a visit was also made to the Oba of Oba-Oke to emphasise the need for community collaboration in protecting installations within his domain, with more local vigilantes being employed to monitor the facilities.

In the Benin Region of TCN, on July 19, tower T449 at Oluku community along the Ihovbor/ Benin 330kV transmission line, TCN said, was vandalised, with the three legs and supporting members cut off. TCN said its engineers swiftly carried

out temporary repairs to prevent the tower's collapse.

The statement said, “On July 25, 2024, tower T72 along the Benin/ Egbin 330kV transmission line, also in Oluku Community, Benin, was vandalised, with the four legs of the tower (B6N) cut off. TCN’s engineers again reinforced the tower legs to prevent collapse.

“In the Port Harcourt Region of TCN, vandals attacked Towers T98 and T99 along the Ahoada-Yenagoa 132kV line on July 29, 2024, causing them to collapse. These towers were located in the Igbogene community of Bayelsa State.

“On August 3, 2024, Tower T97 along the same line route also collapsed due to instability from the adjacent collapsed towers, compounded by storm and wind effects. Repair work has commenced, including cracking and clearing the affected tower bases to facilitate the complete reconstruction of the towers.

“Recently, transmission lines in the North-east, under the Bauchi Region of TCN—stretching from the Jos 330kV Transmission Substation to Bauchi, through Gombe, Damaturu, and up to Maiduguri—have suffered multiple vandalism attacks at various points. Additionally, several other less severe acts of vandalism have also occurred.”

The company reiterated the need for collective action against vandals of power installations of any kind. It said it remained committed to working with communities and security agencies and vigilantes to safeguard power installations.

“The fight against vandalism remains pivotal to maintaining a stable power network,” TCN pointed out.

Information Minister Signs Performance Bonds with Heads of Agencies on Delivery of FG's Mandate

Olawale ajimotokan in Abuja

Minister of Information and National Orientation, Mohammed Idris, has signed performance bonds with heads of agencies and parastatals under his supervision with a mandate to work towards communicating the successes of President Bola Tinubu’s Renewed Hope Agenda.

He disclosed this yesterday, in Abuja, while declaring open a one-day retreat for directors of the ministry and heads of its agencies and“Sinceparastatals. the advent of the administration of President Bola Ahmed Tinubu, there has been a structured

agenda to achieve a Renewed Hope Initiative with all MDAs involved, and with a tracking system to ensure compliance.

“This tracking system is managed by the Central Results Delivery and Coordinating Unit (CRDCU) in the office of the SGF. All of you here are responsible for delivering our results to this office as heads or delivery officers.

“This retreat is organised to ensure that we understand this responsibility.

“You may recall that the Permanent Secretary and I signed a performance bond with the President to guarantee that we would fulfill the ministry's mandate. I have been

told that the Permanent Secretary has involved directors to also commit to the process; during this retreat, I plan to get the heads of parastatals to sign the performance bond as well,” he said.

He urged the heads of the public information organs and information departments in the ministry to have an in-depth understanding of the efforts that the federal government was putting into renewing hope as it has promised, in the area of improved minimum wage, student loans, consumer credit, loans to big and small businesses as well as different support grants to communicate to the public effectively.

“The government is also not resting on its oars regarding infrastructure and social projects around the country; we must understand these efforts before we can communicate them successfully,” he added.

Idris said the Ministry’s remit also included regulatory responsibilities and the partnerships being offered to other government organisations to communicate their respective mandates.

The Minister therefore urged the participants to have open discussions regarding grey areas so that they do not just deliver on their mandate but are also seen to deliver well.

L-R: Minister of Petroleum Resources, Oil, Senator. Heineken Lokpobiri; Chief of Defence Staff, General Christopher Musa; and GCEO, NNPCL, Mallam Mele Kyari, during the meeting on war against oil theft in Abuja…yesterday

PHOTO: KINGSLEY ADEBOYE

ezigbo in Abuja

SIGNING OF RETREAT FOR HEADS OF AGENCIES...

L-R: Director Generals, Voice of Nigeria, Mallam Jibrin Baba Ndace; National Broadcasting Commission, Mr. Charles Ebuebu; Nigerian Television Authority, Comrade Abdulhameed Dembos; Managing Director of the News Agency of Nigeria, Mr. Ali M. Ali; Executive Secretary, Nigerian Press Council, Dr. Dili Ezughah; Minister of Information and National Orientation, Mohammed Idris; Permanent Secretary, Federal Ministry of Information and National Orientation, Dr. Ngozi Onwudiwe; and Director General of Federal Radio Corporation of Nigeria, Dr. Mohammed Bulama, at the signing of Performance Bond and retreat for heads of agencies and directors in the ministry in Abuja ... yesterday.

Stakeholders: Despite $70bn Investment, Telecoms Industry Needs Further Funding in Digital Infrastructure

Emma Okonji

Worried about the continuous decline in telecoms' infrastructure investment in the last 18 months, industry experts that attended the Telecoms Industry 2.0 Forum in Lagos yesterday, organised by Financial Derivatives Company (FDC), have stressed the need for further investment in digital infrastructure, despite the $70 billion investment in the telecoms sector since the inception of the rollout of Global System for Mobile Communications (GSM) in 2001.

Although the deregulation of the telecoms sector shortly after the rollout of GSM networks in 2001, led to the evolution of digital economy that catalysed economic growth, the experts were of the view that the telecoms industry was currently facing several challenges as investments in telecoms continue to decline.

In his keynote presentation, the CEO, Chapel Hill Denham, Bolaji Balogun, who played a role in the rollout of the first GSM network in Nigeria by Econet Wireless, said although there had been significant investments in the telecoms sector by Data Centre Operators, Mobile Network Operators, Cable Network Operators, Internet Service Providers, Tower Companies, and Infrastructure Companies, amounting to over $70 billion since 2001, the industry was

fraught with challenges that are Impeding growth.

He therefore suggested that the industry needed more investments in digital infrastructure to grow and sustain the sector.

According to Balogun, Nigeria was currently sixth largest mobile market globally and was projected to rise to the third largest mobile market globally in less than ten years, giving its population size and growth, provided there was increased investments in digital infrastructure.

Balogun, further said government could be key enabler in scaling investments in the telecoms sector by placing tariffs on imported goods in order to protect local manufacturing and assembling; co-invest in import substitution start-ups; encourage financial transparency by mandating operators to publish financial statements; create differentiated tax rates for listed companies; and set a requirement for any concession-based company to be listed on the Nigerian exchange.

He said subscribers, operators and the regulators must collaborate to grow a bigger telecoms ecosystem.

The CEO, MTN Nigeria, Mr. Karl Toriola, who expressed concern over the continued decline in investments in the telecoms sector, said, investments would not thrive in the telecoms sector because of the harsh business environment affecting

telecoms growth. He mentioned the difficulties in accessing forex and the high cost of pricing in the areas of diesel and maintenance of base stations, as impediments affecting investments in the telecoms industry.

Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, however

said he remained hopeful that there would be more investments in the telecoms sector, but stressed that government must do something to stimulate and re-motivate investments in the sector, to achieve greater investments in the telecoms sector.

Highlights of the forum were the two panel sessions that discussed

challenges in the industry and what government and the financial institutions were doing to address the issues.

The CEO of Financial Derivatives Company, Bismarck Rewane, said the forum was organised to provoke thoughts and illuminate the issues affecting telecoms growth in Nigeria.

He said Nigeria has passed through four revolutions in addressing growth in the Nigerian economy including the agricultural revolution, industrial revolution, Information and Communications Technology (ICT) revolution, and the digital revolution that is currently sweeping across the globe.

With Tinubu’s Assent, Judicial Office Holders' Salaries, Allowances Rise by 300%

Sunday Aborisade in Abuja

President Bola Ahmed Tinubu has signed the Judicial Office Holders' Salaries and Allowances Bill into law.

The approval granted a 300 percent salary increase for judicial officers at the federal and state levels.

Special Adviser to the President on Senate Matters, Senator Basheer Lado, disclosed the signing of the Bill into law in a statement in Abuja, yesterday.

Lado said, “This extraordinary move underscores Mr. President’s absolute prioritisation of the welfare of Nigerian workers above all else just like he did when he recently put on hold an ongoing Federal Executive Council (FEC) meeting to assent to the new National Minimum Wage Bill of N70,000.”

Lado, said the new Act, “prescribes salaries, allowances, etc., for judicial officers to reflect the changing realities and consequentially amend the provisions of the Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc.), Act, No.6, 2002 (as amended) to delete the provisions relating to Judicial Office Holders.”

According to him, among the salient features of the Act include:

“The prescription of salaries, allowances, and other benefits for Judicial Officers.

“The amendment of the Certain Political, Public and Judicial Office Holders (Salaries and Allowances, etc.) Act, No.6, 2002 (as amended) which provides for the deletion of provisions relating to Judicial Office Holders from the aforementioned Act.”

He described the signing of the Bill by the President as a landmark achievement and a manifestation of his unwavering commitment to the welfare of Nigeria’s workforce.

Lado added, “In a demonstration of his visionary leadership and deep compassion for the Nigerian people, President Bola Ahmed Tinubu has once again affirmed his unwavering commitment to the welfare of the nation’s workforce by assenting to the revised Salaries and Allowances for Judicial Office Holders.

“This landmark decision reflects Mr. President’s profound dedication to ensuring that every salary earner in Nigeria, especially those serving in vital and strategic roles, receives the recognition and compensation they deserve.

Abiodun Promises Grants, Digital Skills to Empower Ogun Youth

James Sowole in

Abeokuta

The Ogun State Governor, Prince Dapo Abiodun, has disclosed his administration is set to offer business-oriented youths in the state grants ranging from N500,000 to N10 million under the Ogun Youth Empowerment and Entrepreneurial Programme (OGYES).

Abiodun stated that the grants which would commence during the next phase of OGYES soon to be relaunched would offer unemployed youth and women a wide range of opportunities and provide beneficiaries with the cash they need to expand their businesses.

He added that other youths would have access to interest-free digital loans.

The governor made this known during the Remo International Youth Day, themed ‘Transforming Food Systems: Youth Innovation for Human and Planetary Health,’ held at the Christ Apostolic Grammar School, Iperu-Remo.

Abiodun also disclosed that more

youths will be trained in the area of Digital Training Enterprises and added that technical and vocational training would also be provided for other youths in the state.

He said: “The Ogun Youth Empowerment and Entrepreneurial Scheme that we would be launching in the next two weeks aims to do a few things; it is a programme directed at our Ogun State youths.

“We will identify, through a process, our young men and women who are entrepreneurs - those who have a flair for starting their own businesses or those who are already engaged in various businesses. We will support them with various grants.

“We will give them grants that will start from N500,000 to N10 million. This will allow them to have the cash they need to expand their businesses and provide cash flow for them.

“Others will have access to interest-free digital loans. All this we are unveiling in the next few weeks.

“We will also be training others

in what we call Digital Training Enterprises - those who have a flair for ICT, those who want to improve their digital skills, and those who can become social media influencers and marketers.

“We will also be providing technical and vocational training. This is very important because today, Ogun State is a massive construction site. We will be training our youth to become construction experts and contractors - those who will have the zeal for building, painting, welding, and many other skills.”

The governor stated that his administration had concluded arrangements to introduce the Ogun Youth Agricultural Programme explaining the state would replicate the Soilless Farm Lab currently in operation in Awowo, Ewekoro Local Government Area of the state.

He noted that the Ogun Youth Agricultural Programme would commence in Remoland, adding that the farm would be training

2,000 youths every three months and have 8,000 youths trained in Soilless Farm Lab technology yearly

He said: “We are going to be introducing the Ogun Youth Agricultural Programme. This programme will leverage the Soilless Farm Lab that I saw some time ago in Awowo, Ewekoro Local Government Area of the state.

“We are replicating what Samson Ogbole has done in Awowo across the state. We are going to start the programme in Remoland, and that farm will be training 2,000 youths every three months, meaning that 8,000 youths will be trained within one year.

“That means we are taking you, training you, and turning you into agripreneurs. You will begin to own your greenhouses.

“To that extent, the state government, working with Soilless Farm Lab, will provide the land. We will support you while you're in training, support you to set up your greenhouses, and

the government will offtake your produce from you.”

The governor also promised that his administration would continue to ensure the development of the state, disclosing that he would join others to harvest rice that was planted in the last three months in the state.

“We started planting rice three months ago. That rice is due for harvesting this week. That means we can plant that rice four times a year,” he added.

Abiodun expressed the importance of youth participation in agriculture to achieve food security and agricultural excellence.

He added: “We must acknowledge that the future health and prosperity of our community depend on the active participation of young people like you.

“Our food systems are at a pivotal juncture, and the importance of a robust food system cannot be overstated. It impacts our health, environment, and economy.

“By prioritising the financial well-being of our judicial officers, Mr. President is not only reinforcing the integrity of our justice system but also setting a new standard for leadership that truly values the hard work and sacrifices of all Nigerian workers.

“Under President Tinubu's administration, the welfare of our workers has become a central pillar of national progress.

“His visionary policies continue to uplift the lives of millions, ensuring that the dignity of labour is upheld, and that those who serve our nation are justly rewarded.

“This assent is a clear testament to Mr. President’s tireless efforts to build a more prosperous and equitable Nigeria, where every worker is empowered to contribute to the nation's greatness.

“As we look to the future with hope and determination, Mr. President remains steadfast in his mission to champion initiatives that deliver fair compensation, improved working conditions, and a brighter future for all Nigerians.”

Lado commended Senate President Godswill Akpabio and Speaker of the House of Representatives, Rt. Hon. Abass Tajudeen, for their patriotic commitment to progressively improving the welfare of Nigerians. He also lauded members of the 10th National Assembly for prioritising the welfare of Nigerians by passing and transmitting the executive Bill which has now been promptly assented to by the President.

He urged Judicial Office Holders in the country to redouble their efforts in ensuring that justice is served and speedily so in the light of the action of the President aimed at enhancing their overall welfare and well-being.

“The judiciary remains the hope of the common man and it is hoped that Nigerians seeking justice get it irrespective of their status in life,” he added.

CBN Resumes Publication of Key Economic Reports

The Central Bank of Nigeria (CBN) yesterday said it has reintroduced the publication of several key economic reports which were hitherto discontinued.

In a statement, CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the resumption of publication reaffirmed the bank's commitment to fostering transparency and accountability in the Nigerian economy.

Deji Elumoye in Abuja

In their collective push for a better Nigeria, National Council of State (NCS) and Nigeria Governors’ Forum (NGF), at separate meetings yesterday, passed a vote of confidence on the 14-month-old administration of President Bola Tinubu.

NCS, comprising past presidents, some ministers and governors, among others, held their maiden meeting, with Tinubu presiding, at Council Chambers of State House, Abuja, and NGF, thereafter, met with the president at the same venue.

The council of state meeting was attended by former presidents Muhammadu Buhari and Goodluck Jonathan, with former Heads of State, General Yakubu Gowon and Abdulsalami Abubakar, attending virtually. Ex-President Olusegun Obasanjo and erstwhile military President Ibrahim Babangida were absent.

Briefing newsmen after the meetings, Chairman of NGF and Governor of Kwara State, Alhaji Abdulrahman Abdulrazaq, stated that the two meetings came up with a resolution to pass a confidence vote on Tinubu following presentations by some of his ministers on the implementation of the Renewed Hope Agenda of the administration.

Abdulrazaq said, "We, indeed, had a very robust meeting. The high note of the meeting was a unanimous passage of a vote of confidence on President Bola Tinubu, Commander-in-Chief of the Nigerian Armed Forces.

"Members, especially those of the Nigeria Governors’ Forum, were satisfied with the presentation by the members of the Federal Executive Council, and after that meeting, there was an executive

She stated that reports including the Purchasing Managers' Index (PMI), Business Expectation Survey (BES), Inflation Expectation Report, and other macroeconomic indicators, would provide stakeholders with timely and accurate insights into the country's economic performance.

The central bank further said the reintroduction of these reports, which is part of the ongoing data enhancement initiative within the CBN, aimed to ensure that the public, policymakers, and the business community have access

session between members of the Nigeria Governors’ Forum and Mr President, and frank and fruitful discussions were held between both parties, and I'm glad to say we're on the right track.

"And to say in the same vein, members of the NGF also, like the members of the council of state, passed a vote of confidence on Mr President. We also wished him well and prayed for God’s guidance for him."

Equally briefing newsmen on the outcome of the council of state meeting, Minister of Solid Minerals Development, Dele Alake, said the well-attended meeting was an eloquent testimony to the kind of support Tinubu enjoyed.

Alake explained that many issues were discussed at the meeting, with seven members of the Tinubu cabinet making presentations before the council members.

He stated, "A lot of issues were exhaustively discussed at the meeting. And, of course, you know that apart from the former Heads of State, the constitutional composition of the council of state includes all governors, security adviser, Attorney General, and the rest. So, the governors were all in attendance as well.”

He said some ministers were invited to make presentations at the council of state meeting “on our roadmap on what we've been able to achieve, the prospects and the challenges in our various ministries”.

Besides, himself, Alake said others who made presentations included Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; Minister of Budget and National Planning, Senator Abubakar Bagudu; Minister of Industry, Trade and Investment,

to essential economic indicators.

The PMI, which assesses the health of the manufacturing, services, and agricultural sectors, along with the business and household expectations reports, are crucial tools for understanding the country's economic climate.

These reports offer valuable insights into the perceptions and outlooks within the business and household sectors, respectively.

Sidi-Ali pointed out that the initiative remained part of the bank's broader efforts to enhance

Dr. Doris Uzoka-Anite; Minister of Works, Senator David Umahi; and Minister of Agriculture and Food Security, Abubakar Kyari.

Alake said, “These seven of us, ministers, made individual presentations to the council of state meeting, and our presentations were well-received, from the feedback that we got immediately after individual presentations."

He revealed that other matters of state, including the security situation in the country, were extensively discussed.

The minister also said the National Security Adviser (NSA), Mallam Nuhu Ribadu, assured that the country was well secured, despite the recent protests across the country, which became violent in some places.

He said NCS appreciated Nigerians for resisting any attempt to unconstitutionally effect a change of government in the country.

According to Alake, "Matters of state were discussed in a robust manner and frank manner. And the National Security Adviser also was on hand to present the security situation of the country.

“And he did inform the council of state about the pre, during and post event of the last protests, which I do not call a protest. I call it a movement to effect a change of regime by force, which was also resisted.

"The council thanked Nigerians at large for resisting any unconstitutional move to change government. If anybody is not

This was as members of the Renewed Hope Family in the state, led by Chief Tony Okocha, yesterday, held a solidarity walk in the major streets of Port Harcourt, in support of President Bola Ahmed Tinubu's policies and the Minister for Federal Capital Territory (FCT), Chief Nyesom Wike.

transparency, promote informed decision-making, and support economic growth.

She said the reports would be periodically released on the CBN's website, ensuring that they are easily accessible to all.

"The CBN encourages economists, analysts, investors, media, and the general public to use these reports to gain a more comprehensive understanding of Nigeria's economic dynamics, thereby fostering a more inclusive economic discourse," she added.

satisfied with the government, any current administration, there is always an election coming, so you wait for election and cast your vote.

"So, the NSA briefed the council on the security situation, and allayed fears all round. After the NSA’s briefing, generally, he allayed everybody's fears and spoke on the tightness of the security around the country, and also reassured all and sundry that nobody will be allowed to truncate our hard earned democracy.

"Any change of government has to be through the ballots and not through the barrel of the gun or through insurrection or through any other unconstitutional means, only through the ballot box can any government be changed.

“And he reassured the nation on the security readiness of all security agencies in the country, to secure our territorial integrity and to protect Nigeria's democracy.”

Alake stated, regarding the details of the discussions, "Now, the details of the presentation that the ministers did will be too long for you. But succinctly put, it is just to let the council of state know the progress being made in each sector of the economy. And the emphasis, of course, by the Renewed Hope Agenda, is on economic diversification.

“And that's why I was there. That's why agric was there. That's why all the other ministers you know that constitute, or the ministries that constitute the plank

sponsoring Fubara in the political crisis in the state.

Specifically reacting to the judgement, Beke alleged that Okocha was playing the script of Wike to make the state ungovernable for Fubara.

of the Renewed Hope Agenda, economic diversification and transformation."

On his part, Edun told newsmen that he had a robust engagement with the council of state members.

He stated, "We did have the opportunity and the privilege to present to the council of state, and, in particular, the former presidents, who turned out in large number to participate, and we had the opportunity to, in my case, update them on the economy.

“Update them on how far progress had been made in terms of the macroeconomic policies being followed under the leadership of President Bola Tinubu, and these policies are anchored in his eight priority areas and the results to date have been very encouraging.

"We looked at the data, or we reported on the evidence and the data of this half year for which data was available, compared to the first quarter and the second quarter of 2023. And in broad terms, the economy is growing.

“The balance of payments, in particular, the trade balance and a current account balance are in surplus. The exchange rate is stabilising, and inflation, though high, uncomfortably high for the liking of Mr. president and his team, it is slowing and it is set to fall.

"But, in particular, there has been support for the economy from investors, foreign investors,

Speaking on his loyalty to the APC and how he would ensure the unity of the party, Beke noted the need to also support the governor to achieve relative peace and development in the state.

by way of portfolio investors, domestic investors, who are participating in important private public partnerships, particularly infrastructure sector and foreign direct investment, is beginning to recover, I would say so.

"On that basis, we reported on, in particular, the opportunities for the economy once stabilised for investment and growth, and identified for the meeting the fact that we have exports, goods exports, non-oil exports, at $55 billion last year with tremendous room to grow.

"We identified that the service sector, that is software services, computer services, accounting services, personnel services, which can be provided by young Nigerians staying in Nigeria and providing services through the internet and through telephones, outsourcing in a world was a big area.

"So in a nutshell, we reported that there was good progress being made, that the effort was going to continue to ensure that the interventions and measures to ameliorate the high cost of living for individuals, for the agricultural sector, for industry, for small scale businesses, were going to continue to be implemented with all efforts needed for success.

"And on that basis, we reported an optimistic outlook for the Nigerian economy and the Nigerian society, in general, as a result of prospects for economic growth and economic progress."

now time for governance.”

The Securities and Exchange Commission (SEC) has granted Access Holdings Plc a 10-day extension on its N351 billion rights issue.

The Company Secretary, Access Holdings, Mr. Sunday Ekwochi in a signed statement, yesterday revealed that the period of the acceptance list for its rights issues that opened on July, 8 2024, to close on August 14, 2024, was extended to August 23, 2024, following the approval of the Commission.

The pan-African financial institution is seeking existing shareholders support to raise 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share through a rights issue offers

The offer would be issued on the basis of one new ordinary share for every two existing ordinary shares held as of Friday, June 7, 2024.

This marked a significant milestone in the Group’s previously announced Capital Raising Programme, which aims to generate up to $1.5 billion.

According to Ekwochi, the decision to extend the offer was in response to recent nationwide

protests that disrupted operations of businesses and individuals across Nigeria and to provide shareholders with ample opportunity to subscribe to their rights.

“During the extended period of the issue, dealing by the company’s insides on the Company’s insiders on the company’s shares will continue to be strictly limited to participation in the rights issue as earlier approved by the Exchange in respect of the non-dealing period on the company’s audited interim financial statements for the period ended June 30, 2024, until 24 hours after the publication of the interim financial statements,” the statement added.

At a recent signing ceremony, Acting Managing Director/Chief Executive Officer of Access Holdings, Bolaji Agbede in a statement had disclosed that, “The rights issue is a significant step in delivering our 2023-2027 strategic plan. The additional capital will enable us to maximise emerging opportunities and deliver long-term value to our shareholders.”

The stock price of Access Holdings closed August 13, 2024 at N19.30 per share.

The battle for political supremacy in the state changed slight on Monday, when a Rivers State High Court presided by Justice Sika Aprioku, in Port Harcourt, sacked the Caretaker Committee of the APC in the state led by Okocha as inaugurated by the National Working Committee of the party and reinstated the Beke leadership of the party.

However, Beke, who declared the support during a live interview with Arise News, yesterday, exonerated the former Minister of Transportation, Chibuike Amaechi of allegedly

of Defence Staff, Gen. Christopher Musa, who led senior military officers on a visit to the NNPC Towers in Abuja.

Nigeria loses trillions of naira to oil theft and pipeline vandalism annually, resulting in its inability to meet its Organisation of Petroleum Exporting Countries (OPEC) quarter for years.

Although the data on the actual volume and value of oil stolen in Nigeria daily vary, in October last year, the Nigerian Senate revealed that the country had lost N2.3 trillion to the menace of crude oil theft at that time in 2023.

In April this year, the Speaker of House of Representatives, Hon. Abbas Tajudeen, said that Nigeria loses a sum of N1.29 trillion annually to oil theft, pipeline vandalism and other forms of criminality annually.

Specifically, he stated that Nigeria loses about 300,000 barrels of crude oil per day to theft, urging the military

“What do you expect to hear from somebody who has already failed? I don’t have contact with any judge in Rivers State. We waited and followed due process, and by the grace of God, we got that judgment yesterday. The hope of the common man is the judiciary, and the judiciary has given judgment.”

“Tony Okocha is not a member of APC. He was. He is coming to play a script for someone, and it won’t work. He is playing Nyesom Wike’s script. Wike’s script wants to control both PDP and APC in Rivers State. Wike is not a member of our party. He brought Tony Okocha and the caretaker members.”

to rise to the occasion.

Before then, in August 2023, the National Security Adviser (NSA) Mallam Nuhu Ribadu, had revealed that Nigeria was still losing about 400,000 barrels of crude oil daily to local and international thieves despite efforts to end the menace.

“I personally call for enhanced and sustained security engagement. This is because we have reached a new peak in production that we haven't seen in the last three years.

“This is clearly related to the sustained efforts by the armed forces and other security agencies to protect our critical assets, particularly the pipeline infrastructure in specified areas where we are working closely with these agencies. We are already seeing the results transforming into increased production,” Kyari stated yesterday.

Latest data for July 2024 from OPEC indicated that Nigeria added

He assured the people that if the governor extended hands of fellowship to his party, they would support him to ensure Rivers State becomes an enviable state, through the promotion of development across the local government areas of the state.

His words: “Fubara is the governor of Rivers State, and you cannot have two governors. Even if you give your biological son the position as governor, then you should allow him to function in it.

“If he extends a hand of fellowship to APC, we will work with him and develop the state. We can’t continue fighting. Rivers is going backwards. We have finished the politicking. It’s

30,000 barrels per day of oil production to climb to 1.307 million bpd, according to its Monthly Oil Market Report (MOMR).

However, OPEC production data usually excludes condensates, which constitute a significant portion of Nigeria’s monthly oil output.

Putting into consideration the July data published yesterday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which computes condensates as part of production, Nigeria’s hydrocarbons output was 1.533 million bpd last month, being the third highest this year. In January Nigeria’s combined production was 1.64 million bpd; it was 1.539 million bpd in February; 1.43 million bpd in March; 1.44 million bpd in April; 1.46 million bpd in May; 1.50 million bpd in June and 1.533 million bpd in July. But Kyari, who commended

Beke disclosed that he would be organising a stakeholders’ meeting of the party later this week, emphasising the need to prepare ahead of local government election slated to hold in October this year.

Meanwhile, Okocha led the rally which commenced at about 8am from the Polo Club in the Government Residential Area through the major Aba Road, to the Government House axis and then terminated at the Port Harcourt Club on Forces Avenue. Speaking, he urged the people of the state and Nigerians to be patient with President Tinubu, saying his policies would right the fortunes of the country in due time. He said the group which was under the leadership of Wike was determined to support the President achieve success in his transformation and progressive development in country.

the defence chief and his team for their commitment to securing the nation's critical hydrocarbon assets, especially in the Niger Delta region in recent months, emphasised that achievements were not only crucial to Nigeria but also to the global energy community.

He expressed confidence that Musa and his team will deliver on the presidential mandate to mitigate security-related challenges affecting the nation’s crude oil production.

"Components of this effort that depend on security are being effectively managed by you. Your coordinated and focused response is paving the way for improved security engagement, particularly in the Niger Delta," Kyari said. Earlier in his remarks, Musa said the visit was intended to introduce the monitoring team to the NNPC,

Kayode Tokede

James Emejo in Abuja

CBN Governor, Yemi Cardoso

COUNCIL OF STATE MEETING...

L-R: Governor Dapo Abiodun of Ogun State; Governor AbdulRahaman AbdulRazaq of Kwara State; Governor Ahmed Usman Ododo of Kogi State; and Vice President Kashim

State meeting held at the Council Chambers of the Presidential Villa, Abuja…yesterday

Africa Declares Emergency over Mpox Outbreak, Records 15,000 Cases, 461 Deaths

Onyebuchi Ezigbo in Abuja

Africa’s top public health body, the Africa Centre for Disease Control and Prevention (Africa CDC) yesterday declared a “public health emergency of continental security” over an outbreak of monkeypox that has spread from the Democratic Republic of Congo to neighbouring countries. The decision was conveyed in a briefing held virtually on by Africa CDC, after it warned last week of an alarming rate of spread of the viral infection, which is transmitted through close contact and causes flu-like symptoms and pus-filled lesions.

"Most cases are mild but it can kill. We declare today this public health emergency of continental security to mobilise our institutions, our collective will, and our resources to act swiftly and decisively,” Director General, Jean Kaseya, said in a briefing that was live-streamed on Zoom.

According to the Centre, Mpox

Nigeria's Out-of-School

outbreak in Congo began with the spread of an endemic strain, known as Clade I.

"But the new variant, known as Clade Ib, appears to spread more easily through routine close contact, particularly among children," said the centre.

Director General of Africa CDC,

Kaseya said in the briefing that the continent needs more than 10 million doses of the vaccine, but only about 200,000 are available.

He promised that the Africa CDC would work to quickly increase the supply to the continent.

“We have a clear plan to secure more than 10 million doses in Africa,

Crisis: UNICEF

Calls for Increased Funding, Data-driven Advocacy

Funmi Ogundare

Education specialist at UNICEF's Abuja Office, Azuka Menkiti, yesterday, appealed to education stakeholders to ensure adequate funding, particularly for secondary education, and to develop reliable data to advocate for support from state governors and donor agencies.

Menkiti made this call at a twoday regional stakeholders’ meeting focusing on out-of-school children, as well as retention, transition, and completion models for South West states, held at Kankanfo Hotel, Ibadan, Oyo State.

Speaking with journalists, she emphasised the need for states to leverage community and religious

leaders to address social norms that prevent children from attending school.

She highlighted that both direct and indirect factors hinder the demand for secondary education and stressed the importance of scaling up foundational literacy and numeracy programmes.

"This would ensure that children entering school are prepared to learn, supported by systems that foster a conducive learning environment," she stated

Menkiti noted that the program aims to help states develop effective models to enhance retention, transition, and completion rates in secondary education. This initiative builds on a decade-long intervention focused on girls' education, which

has successfully increased school attendance for girls.

Her words: "Out-of-school children include those who have never enrolled, those unlikely to enroll, and those who have dropped out. UNICEF is particularly concerned with those at risk of dropping out, especially in southwest states with high school attendance rates."

The education specialist emphasised the importance of addressing retention, transition, and completion issues for adolescents aged 10 to 18 years. She added that commissioners, SUBEB chairmen, and permanent secretaries from the southwest would review the models to determine their suitability for their respective states.

"UNICEF aims to strengthen educational systems, expand access, and improve quality learning opportunities for adolescents," Menkiti said, adding that there is need for credible evidence to advocate support and encourage states develop plans and policies that will support children's education.

Babagana Aminu, another education specialist for UNICEF, highlighted a troubling statistic from a Multiple Indicator Cluster Survey by the Nigeria Bureau of Statistics (NBS), indicating that nearly 80 per cent of children in the six southwest states of Nigeria are out of school.

This issue, he noted, is tied to challenges in retention, transition, and completion rates, observing that, "Specifically, the data reveals that while 92% of children complete primary school, only 85% make it to

upper secondary education, suggesting a significant drop-off.”

Aminu emphasised the need for government and education stakeholders to focus on improving foundational literacy, numeracy, and transferable skills to better prepare children for the modern world.

Oyo State Commissioner for Education, Science and Technology, Prof. Saliu Adelabu, expressed concerns about the influx of young children into the state. He mentioned that the Ministry of the Environment is working on integrating them into schools or vocational training.

Hamzat Omolaja, Director of Social Mobilization at Lagos State Universal Basic Education Board (LSUBEB), expressed optimism about the meeting's impact on addressing out-of-school children.

starting with 3 million doses in 2024,” he added, without saying where the vaccines would be sourced.

The health body said that more than 15,000 cases and 461 deaths were reported on the continent this year so far, representing a 160 per cent increase from the same period last year. A total of 18 countries have reported cases. Monkeypox has been endemic in parts of Africa for decades after it was first detected in humans in the Democratic Republic of Congo in 1970.

A milder version of the virus spread to more than a hundred countries in 2022, largely through sexual contact, prompting the World Health Organisation (WHO) to declare a public health emergency of international concern, its highest level of alert.

The WHO ended the emergency 10 months later, saying the health crisis had come under control.

The US CDC issued a second health alert last week to notify clinicians and health departments about the deadly new strain. Also last week, Africa CDC said it had been granted $10.4 million in emergency funding from the Africa Union (AU) for its mpox response.

WHO chief, Tedros Ghebreyesus, has promised to convene an emergency committee to discuss whether the outbreak in Congo represents a public health emergency of international concern.

The federal government says it has revoked the contract of the company handling the construction work for its smart school infrastructure in Kebbi State and re-awarded it to another contractor.

Minister of State for Education, Dr. Yusuf Sununu, disclosed that the construction work of the smart school in Bayelsa State is also undergoing due process to revoke and re-award the contract to another contractor, so that no state will be left behind in the smart school application of technology in education.

Sununu disclosed this on Tuesday in Abuja while touring the FCT Smart School in Karshi, together with the Minister of Education, Prof. Tahir Mamman.

"The two schools that are lagging behind; that of Kebbi State has been revoked and awarded to another contractor, and Bayelsa is also undergoing due process to revoke the contract and re-awarded it so that no state will be left behind in the smart school application of

technology in education," he said.

He also decried the failure of some states whose smart schools have been completed and handed over, to supply the federal government with 75 teachers to be trained so as to run the schools.

He therefore called on other states to emulate the FCT administration which is already providing roads and hostel accommodation to expand the scope of the smart school in its domain with a full complement of staff.

Sununu also called on traditional rulers and residents of Karshi, to provide adequate security for the facilities as they are the primary beneficiaries of their services before other Nigerians.

The Smart School project was initiated and funded by the Universal Basic Education Commission (UBEC) in collaboration with Korea International Cooperation Agency, KOICA, to increase the capacity of teachers in the development and use of ICT content and to improve the access of teachers and pupils to quality teaching and learning

materials.

Earlier, the Minister of Education, Mamman, said Nigeria's education system was currently directed towards technology-enhanced learning to help nurture the thinking and creativity of the students.

According to him, "This is the type of institution we aspire to have in the country that integrates personal learning and takes technology right from the beginning and makes learning interactive for toddlers; learners taking from the foundation and from there to build up to university level.

"It will help to nurture their thinking and creativity. So, this is the direction our education is going."

While describing the pioneer staff of the school as very lucky, he encouraged them to take their jobs seriously, adding that the school will serve as a training ground for other teachers and institutions around them.

Reiterating government's plan to establish one smart school in each state of the federation, the minister said currently, there are 26 of them while construction work on the remaining ones is ongoing.

Olawale Ajimotokan in Abuja

The newly appointed Acting Executive Chairman of FCT-IRS, Mr. Michael Ango, has said his priority is to seek alternative source of revenue for the FCT that would allow the territory to fund its major projects from the revenue generated by the service with minimal dependence on federal allocation.

He stated this, Tuesday, when addressing the management staff of FCT IRS upon assumption of duty following his appointment by President Bola Ahmed Tinubu on August 9, 2024.

He stressed that the FCT Minister Nyesom Wike had already shown that he was committed to doing so, evidenced by all the infrastructural development ongoing and completed in the last one year in Abuja.

Ango stated that there would be no room for laxity, incompetence or other negative tendencies that would

not align with the vision and goals of Mr. President and the Minister of FCT.

Ango, who was received by the immediate past Acting Executive Chairman, Mr. Haruna Y. Abdullahi, said his mandate was to implement Mr. President’s vision for making Nigeria, a truly prosperous nation, that is able to provide its citizens with the opportunities and environment to meet their individual and collective aspirations.

He also added that he would work to support the agenda of the FCT Minister to create a modern and truly 21st century capital city that provides infrastructure, social services and a secure citizen friendly environment comparable to any developed nation in the world.

"We will work together to make the transition seamless, with minimal disruption to our day-to-day operations. For all the staff, we will embark on a new journey from today and I

need cooperation of everyone in the Service. I thank you all for warmly receiving me and I look forward to working with all of you starting from now," he stated.

Earlier in his remarks, Abdullahi said it had been a pleasure serving as the Acting Executive Chairman of FCT-IRS.

He said the service was excited to welcome a new administration filled with new bustling ideas and strategies that would further improve revenue generation.

He assured the new Acting Executive Chairman of his continued support adding that the service will ensure a seamless handover process to him.

"I will always be available for any clarity he may require. FCT-IRS has been my blood, my family for the last six to seven years so anything that pertains to the Service I will be interested in being part of it," Abdullahi said.

Shettima, at the Council of

PHOTO: GODWIN OMOIGUI

Kuni Tyessi in Abuja

FEaturEs

Maximising Nigeria's Energy Potential

Oyindamola Adeyemi

With Nigeria’s oil and gas industry shifting under recent policy changes and numerous upstream divestments by international oil companies (IOCs), opportunities abound in Nigeria’s hydrocarbon future for indigenous companies. It gives ample room for indigenous companies to participate, bid competitively for projects, have access to industry assets and gain a share of voice within the Nigerian market.

Moreover, the market change could bring prolific avenues for collaboration between indigenous brands and departing international companies. It also creates an opportunity for improved local knowledge of the operational technology by local companies from their international counterparts. However, challenges still abound for the local companies to thrive. Securing capital for asset acquisition and development portends a severe hurdle to leveraging the current divestment.

Local companies must also overcome technical and operational inefficiencies while dealing with a complex regulatory environment. Although the Nigerian local content policy has ensured the transfer of knowledge from foreign experts to indigenous manpower, technical inefficiencies by the local companies could undermine their full potentials and benefits of the ongoing divestment.

The Executive Chairperson of Tirex Petroleum and Energy, Oyindamola Adeyemi identifies securing capital for asset acquisition and development as a major obstacle to fully leveraging the ongoing divestments. Adeyemi also emphasises the fluctuating nature of global oil prices as the biggest challenge for the growth and sustainability of Nigeria’s hydrocarbon industry in the coming years. However, she remains optimistic about the opportunities the sector has propagated amidst the volatility.

“Three deepwater drilling campaigns are expected to commence between 2025 and 2026 to drive the long-term value of the industry,” explains Adeyemi, “While shallow water projects also present promising prospects.” Furthermore, the shift towards ESG standards, while challenging, also offers Nigerian companies lucrative pathways to new markets, funding opportunities, and long-term sustainability.

Indigenous companies like TirexPE, with their in-depth understanding of the regulatory environment and its operational complexities, have the inside track on streamlining operations and boosting profitability. Yet, as TirexPE and other energy players press forward, challenges persist.

Adeyemi emphasises the potential synergies from leveraging international expertise alongside local knowledge and operational experience. She sees a unique opportunity for TirexPE to reaffirm its position as a pre-eminent player in Nigeria's hydrocarbon future. “The recent divestments by international oil giants mark a turning point for indigenous companies like TirexPE. It represents a clear move towards greater local participation and control and presents a dual opportunity and challenge for indigenous brands."

This operational prowess is evident in TirexPE's recent successes. Over the past 18 months, the company has drilled approximately sixteen wells for various customers, marking a substantial contribution to the nation’s oil production. TirexPE has also navigated sectoral challenges by forming impactful partnerships with IOCs and spearheading major drilling projects, such as the Ikike Wells Development and Well Intervention Campaign. “Our focus lies in providing advanced technologies and innovative solutions that will enhance the efficiency of local oil exploration and production processes, especially with the promising opportunities ahead,” says Adeyemi.

As Nigeria’s leading drilling contractor, TirexPE’s initiatives have not only enhanced production but also bolstered the country's export capacity and contributed to critical infrastructure development. “Nigeria’s

heightened hydrocarbon production capacity necessitates improvements in transmission and distribution networks, development of new fields to explore additional wells, and expansion and maintenance of existing infrastructure,” Adeyemi explains.

Building on this momentum, TirexPE plans to invest $80 million to $100 million in strategic assets over the next 24 months. By expanding its service portfolio to comprise a broader range of upstream activities, TirexPE is cementing itself as a comprehensive service provider in the country. “We are also investing in the development of our workforce, ensuring that our team possesses the requisite skills and knowledge to manage these assets effectively,” Adeyemi adds. Through extensive skill-building programs, including on-the-job training and specialised courses, the company actively cultivates the potential of the Nigerian workforce. “As a cornerstone of our operations, TirexPE champions local content by building technical capacity that otherwise would not have been available,” she says. In parallel, TirexPE remains committed to community development and knowledge transfer in the Niger Delta, investing in quality education to nurture the nation’s future leaders.

At this landmark juncture, TirexPE remains steadfast in leveraging market changes to meet Nigeria's escalating energy needs at scale. With the

Gas

nation’s economic resurgence spotlighting topperforming sectors such as oil and gas, Tirex Petroleum and Energy Limited is strategically positioned to enhance national security, drive local content, and set new benchmarks for innovation and efficiency. Adeyemi concludes, “I urge investors to consider Nigeria, with its unique confluence of opportunities and potential, as a prime destination for new business and investments.”

For the records, Nigeria’s economy remains the largest in Sub-Saharan Africa, with vast natural resources including oil and the continent’s largest gas reserves.

Nigeria’s hydrocarbon-based economy faces long-term decline. Strategic policy reforms and investments in gas can enable a return to growth. Natural gas offers a transformative opportunity as global markets seek cleaner alternatives to oil. Nigeria is an established oil producer grappling with declining market share and dimming economic prospects – but it could reverse its fortunes if authorities take a proactive approach to exploration and export, namely for natural gas.

The country has the second-largest proven oil reserves in Africa, after Libya. It sits on the 10th-largest proven oil reserves in the world, with roughly 2 percent of global reserves behind Venezuela, Saudi Arabia, Iran, Iraq, the United Arab Emirates (UAE), Kuwait, Russia, the United States and Libya. It is also the oldest sub-Saharan OPEC member country, having joined the producer group in 1971.

For 42 years (1979-2021), Nigeria dominated Africa’s oil production. At its prime in 2010, its production reached 2.5 million barrels per day – equivalent to more than

a quarter of the continent’s total output. However, since that peak, due to difficult investment and security environments and producers exiting the country, Nigeria’s oil production has experienced one of the fastest declines in Africa, shrinking at an average annual rate of 5 percent from 2012 to 2022, when Nigeria produced 1 million barrels per day less than its peak volume. That decrease is equivalent to the total oil production of Angola, the second-largest oil producer in sub-Saharan Africa.

Today, Nigeria is the 16th-largest oil producer in the world. A loss in production spells trouble for this oil-dependent economy. Since Nigeria became a significant oil producer in the 1970s, hydrocarbon products have consistently accounted for 90 percent of its exports, according to the International Monetary Fund. In 2023, Abuja announced an ambitious plan to return to growth and surpass historic peak production levels with a new target of 2.6 million barrels per day by 2026. This would translate into a massive increase of 79 percent in just two years (more than adding another Angola-sized producer to global output).

Gas has the potential to transform the country’s future role in global energy markets. Nigeria’s proven oil reserves have plateaued in recent years, but this by no means indicates that Nigeria is running out of opportunities; on the contrary, its deepwater potential largely remains untapped. The necessary exploration and development of such resources, however, will be neither cheap nor fast.

Additionally, in a more climate-conscious world, a solution that could deliver sustained economic growth would be for Nigeria to capitalise on low-hanging fruit – that is, natural gas. Gas has the potential to transform the country’s future role in global energy markets should above-ground factors, particularly government policy, provide the necessary prerequisites for the sustainable exploitation of the resource.

-Adeyemi is the Executive Chairperson of Tirex Petroleum and Energy.

Adeyemi

Email: deji.elumoye@thisdaylive.com

Playing Politics with Nigeria’s Power Sector

Mon-Charles Egbo in this piece advises President Bola Tinubu on the need to ensure that the reforms currently being carried out in the nation’s power sector are devoid of politics.

Nigeria is held down by economic losses and threats to lives due to the perennial insufficiency in public power supply. According to a report, “what Nigerians spend on self-generation of power – on fuelling and servicing their generators – is N16.5 trillion” yearly. Imagine the economic outcomes of investing this sum elsewhere. Yet, the federal government is seemingly indifferent.

Though there have been successive attempts, the power sector is still yearning for robust interventions.

The latest was the privatization of the generation and distribution segments of the electricity value chain with Nigeria retaining the transmission component. It was designed to last for 10 years, from 2013 to 2023, for possible renewal.

Presently, the 10th Senate is investigating several messy deals perpetrated in the last administration which cumulatively heightened the debt profile of the country.

One of them is the Make-Up Gas (MUG) transaction involving the Niger Delta Power Holding Company Limited and the Calabar Generation Company Limited.

Nigeria recorded a scandalous loss in this project.

Going by the preliminary outcomes, Nigeria cannot attain availability and affordability of electricity except decisive actions are urgently taken.

Establishing the overall ineligibility of NDPHC, the panel, through its vice chairman, Senator Lola Ashiru, retorted that “looking at all these things, there is issue of capacity to enter into contract. When there is no capacity to enter into contract, what it means is that the existence of your business is in doubt. The only way we can get out of this is a total renegotiation and when you are doing total renegotiation, you must be sure of your own capacity to do business. If you are not sure of it, we will just be going round and going deeper into debt”.

The committee further lamented that “now we are talking of our own GenCos and every day of our lives we are going deeper and deeper into debts. I don’t know what we should do at this stage, but I think it is important for you to carefully restructure your business, to carefully restructure yourself and repackage all these indices into a new contract renegotiation”.

This is just a reinforcement to the persistent

outcries that the licensed operators lacked the integrity, competence and capacity to discharge their obligations.

But sadly, political expediency and sundry narrow interests would not allow for necessary actions.

According to Senator Ahmad Lawan, sitting then as the President of the Senate, “the federal government in recent years has invested billions of dollars in this sector, most of which money appear to have gone down the drain as the problems of inadequate power supply continue to plague Nigeria. Even the subsequent privatisation of the sector has had no visible impact. In fact, many Nigerians believe that we allowed ourselves to be further defrauded through the privatisation of the sector”.

Continuing, “the truth is that we all know what is wrong. What we really need to do is to have the political will to take on the challenges generally. From the electricity power reform of 2005 to the privatisation of GenCos and DisCos and to what is happening today, we know that everything is a fraud”.

He therefore warned that “if we play the ostrich, in the next 10 years we will be talking about the same things. I think the time has come for us to have courage”.

Elsewhere, he stressed that “the distribution companies have no capacity

to supply us power. We shouldn’t continue to give them money. They are private businesses. We need to review this whole thing”.

This was a verdict by the head of a crucial arm of the federal government which was unchallenged, even to date.

So, what happened afterwards, one may rightly ask?

Lawan’s Ninth Senate investigated “all federal government interventions in the power sector since the privatisation of the sector with a view to ascertaining the adequacy of such interventions and their desired impact”.

But while Nigerians were feeling upbeat, the Senate handed down two directives.

The first was for “the Ministry of Finance to include the Nigerian Electric Power Sector in the disbursement of the proposed N500bn COVID-19 Crisis Intervention Fund in order to ameliorate the financial hazards and operational challenges” while the other was for the Central Bank of Nigeria “to allow operators in the power sector access to foreign exchange for procurement and materials”.

Nigerians were taken aback at this display of inconsistency. Rather than dealing with the identified “fraud” the government kept empowering these private investors in their desperation to milk the already ailing economy, in addition to subsidy payments.

How time flies!

Exactly four years after Lawan’s outburst there was yet another subtle threat of imminent calamity in a 10-year interval. The Minister of

But respectfully, Mr President, there are already, sufficient policies. Implementation is the issue. You can only extract views from critical stakeholders to enrich the existing frameworks for purposeful implementations. Rather than billions of naira, it is better to inject discipline and efficiency in the power sector, primarily, to diminish the saboteurs. Nigerians are eager to know what informed the questionable renewal of the operators’ licences.

power, Adebayo Adelabu, stunned Nigerians with the revelation that “for this sector to be revived, the government needs to spend nothing less than $10 billion annually in the next 10 years”.

He had earlier justified the outrageous electricity tariff increase with the claim that the federal government owed N3 trillion to the operators in addition to about N1.5 trillion for the 2024 subsidy.

For the record, the 10th Senate twice opposed the hike without success because with the weak constitution, the legislature has its say but the executive has its way.

Meanwhile, the privatisation terms provided that Nigeria would generate 40,000 megawatts by 2020. Yet, 10 years later, it remains a herculean task exceeding 3500 despite all the successive noises about economic prosperity.

Just recently, Aliko Dangote reminded us that “nobody can create jobs with an interest rate of 30 per cent. No growth will happen. No Power, No Prosperity. No affordable financing, no growth, no development”.

But the craving for political correctness would still not allow for the acknowledgement that the inefficiency of the regulator, the Nigerian Electricity Regulatory Commission (NERC) catalysed the “fraud” in the first place.

Realizing that the operators lacked the financial capacity and convictions to invest, but were only out to make profits, a patriotic regulator would have saved Nigeria the harrowing experience.

Bola Tinubu is the third president in the lifespan of the ill-fated privatization. His first five months in office were coincidentally the last five months of the deal.

He admitted that “10 years on, I believe it is fair to say that the objectives of the sector privatisation have by and large, not been met”. But moving forward, “the poor performance must not continue to drag the sector down. All licensees must not only have the technical capacity to deliver on their license but must also have the financial muscles to invest to improve their operations”.

-Egbo, a parliamentary affairs analyst, writes from Abuja

Tinubu

Akpabio

Adelabu

Anambra LG Poll: Stakeholders Square Up to Soludo Over Sept 28 Date

More than 10 years after the last local government election was held in anambra State, Governor charles Soludo is set to break the jinx, but other political stakeholders are querying the mad rush to conduct the poll by September 28, 2024. David-Chyddy Eleke reports.

After a long wait of over 10 years after the last local government elections were conducted in January, 2014, Anambra state is set for the exercise again. A notice signed by the State Chief Electoral Officer, Genevieve Osakwe, Esq, which was circulated among newsmen on Monday revealed that the election will be held on September 28, 2024. This means that political parties have a little above one month to prepare for the contest

The notice by Osakwe read: “Anambra State Independent Electoral Commission wishes to inform all registered Political Parties and the general public that Local Government Elections in the State will be held on Saturday, September 28, 2024. Election Timetable/Schedule of Activities and other details can be collected from the Headquarters of the Anambra State Independent Electoral Commission, Awka, from Wednesday, 14th August, 2024”.

There have been several cries over the years about the non-conduct of local government election in the state. Soludo during the 2021 governorship election had leveraged this to woo the people, with a promise to conduct the election within six months if elected. However, after his election, two years down the line, the election remained a mirage until recently when he sent an executive bill to the state house of assembly for the constitution of the Anambra State Independent Electoral Commission (ANSIEC).

Severally, many top government functionaries while defending the delay in the conduct of the election had argued that Soludo is taking his time to get the house of assembly to pass concrete laws that will ensure that ANSIEC was truly independent, and also give the people confidence about the processes they set out to conduct.

During one of his press conferences, National Chairman of All Progressives Grand Alliance (APGA), Sly Ezeokenwa told reporters in his office in Awka that the kind of elections being conducted by many state independent electoral commissions lacked

credibility as it was more of winnertakes-it-all kind of elections, where the political party of the governor in charge of the state simply sweeps the seats. He assured that such was not the kind of SIEC Soludo was putting together as he was taking his time with laws that will fortify the commission and make it truly independent.

Last week, after the state assembly ratified the appointment of members of the commission, Soludo swore them into office, charging them to go forward and ensure they give Anambra people a credible election. Soludo while performing the task said: “The rest of the job is in your hands. People of Anambra are expecting you to hit the ground running. When you are done, announce to the people when you’ll hold elections. I’ve done my job. Ndị Anambra, here comes your ANSIEC Commissioners,” the Governor added.

Barely a week after Soludo performed this exercise, the commission has announced the date for the elec-

tion, causing members of the opposition political parties to express discontentment about what they call Soludo’s plan to ambush them. Others have also accused Soludo of slaughtering credibility on the altar of speed.

A member of the opposition and a member of the House of Representatives, Hon. Afam Victor Ogene, who represents Ogbaru Federal Constituency on the platform of Labour Party (LP) has expressed concerns over the hasty amendment of the Anambra State Electoral Law by the State House of Assembly and scheduling of elections. He described the move as a promotion of undemocratic tactics aimed at frustrating opposition parties in the state.

Ogene in a statement he released in Awka, the state capital on Tuesday criticised the swift amendment of the state’s Electoral Law, calling it an unholy manoeuvre to stifle the interest of the grassroots in producing credible leadership at the local government levels as envisioned by both the constitution and the recent pronouncement by the Supreme Court, which granted financial autonomy to the LGAs for the purpose of sustainable

Indeed, it is ludicrous that 10 years after the last local government in Anambra state - and two and half years since he mounted the saddle - Governor Soludo and his recently appointed ANSIEC would seek to hoodwink the people of the state through a hurriedly clobbered council election process. We urge all advocates of democracy to remain vigilant and engaged in the upcoming Anambra local government and state elections, ensuring that the people’s will is not subverted by the state government’s deceitful tactics under Soludo’s leadership.”

developments at the local areas.

Ogene said: “Governor Soludo and the State Assembly have perpetuated an undemocratic practice by utilizing the democratic institution of the Assembly to handpick local government leaders. This anti-people approach excludes the majority who do not align with their authoritarian tendencies. The newly imposed 30-day notice period for local government elections will lead to widespread disenfranchisement at the grassroots level. Within this truncated timeframe, it will be nearly impossible for stakeholders to conduct meaningful consultations, organize primary elections, secure funding, and prepare for the election without government support.

“This is a disservice to the people and a mockery of our democracy. By frustrating the enthronement of true democracy at the grassroots level - the foundation of democratic governance - the government is mindlessly undermining the very essence of democratic practice.

Indeed, it is ludicrous that 10 years after the last local government in Anambra state - and two and half years since he mounted the saddle - Governor Soludo and his recently appointed ANSIEC would seek to hoodwink the people of the state through a hurriedly clobbered council election process. We urge all advocates of democracy to remain vigilant and engaged in the upcoming Anambra local government and state elections, ensuring that the people’s will is not subverted by the state government’s deceitful tactics under Soludo’s leadership.”

On his part, an indigene of the state, Mr Tony Okafor, queried the reason for the rush to conduct an election that had not been conducted for over 10 years in the state. He warned against sacrificing the need for a credible election of the altar of wanting to hastily conduct one, just to see himself as a jinx breaker.

Soludo

Ogene

Kayode Tokede

FGN Bonds and Sukuk listed on the Nigerian Exchange Limited (NGX) stood at N4.54 trillion between January and July 2024, surpassing equities and new bond insurances by corporates in the months under review.

FGN Bonds issued by the Debt Management Office (DMO) on behalf of the federal government are listed on the floor of the NGX.

Analysis of data obtained from the NGX showed that the FGN securities dominated listing on the Exchange so far this year.

The NGX data showed about 34 FGN Bonds have been listed between January and July 2024 worth about N4.56 trillion in market value while corporates’ rights issues, Eurobond in the period stood at N1.99 trillion.

The bond market in 2024 has consistently witnessed increased participation by Pension Funds

Administrators (PFAs) as double-digit inflation eroded investment in the capital market.

Analysts attributed the strong demand for FGN bonds to attractive yields, which offer investors high returns on their investments, stressing that the oversubscription also revealed that investors have confidence in the Federal Government’s ability to meet its debt obligations.

The appetite for FGN bonds indicates that PFAs, and Nigerian investors prefer investment instruments with less volatility that assures them of their capital returns albeit with low yield on investment.

Further analysis of the NGX data revealed that Sovereign Trust Insurance Plc in January 2024 listed N1.43 billion s Rights Issue of 2,841,116,504 ordinary shares of 50 Kobo each at 50 Kobo per share on the basis of one new ordinary

for every four.

In February 2024, Ellah Lakes Plc listed N2.19 billion; Chapel Hill Denham Management Limited listed N11.58 billion while SCM Capital Ethical Fund had a memorandum listing of N411.9 million.

In March 2024, Transcorp Power Plc listed N1.8 trillion worth of shares on the NGX. The company listed a total of 7,500,000,000 ordinary shares of 50 kobo each at N240.00 per share.

In April 2024, Emerging Africa Asset Management Limited listed a total of N5.55 billion instrument, while VFD Group Plc listed N12.5billiion following its Rights Issue of 63,342,455 ordinary shares of N0.50 each at N197.33 per share on the basis of one new ordinary share for every three ordinary shares held as at 12 October 2023.

On its part, Royal Exchange listed N1.56 billion worth of shares in

April 2024 while AVA Global Asset Managers Limited and Cadbury Nigeria Plc listed N4.08 billion and N N7.04 billion, respectively in May 2024.

In addition, Multi-Trex Integrated Foods Plc listed N2.5 billion in June 2024.

The report revealed that Tantalizers Plc, Wema Bank Plc and Notore Chemical Industries Plc listed N1.07billion, N39.95 billion and N105.79billion, respectively in July 2024.

Meanwhile, analysts have warned that the country’s debt profile is becoming unsustainable.

“Ways and means refer to the CBN’s lending to the Federal Government. The DMO said that the “securitization of ways and means” is not unusual and is a common practice in many countries, but it is not a decision that can be made by the DMO alone,” said Vice President, Highcap Securities Limited, Mr.

David Adnori, Adnori expressed concerns that Nigeria’s rising debt profile could become unsustainable if not managed properly.

Adonri, noted that listings of new companies have been low for some years, noting that the market had witnessed more companies delisting than new entrants.

He noted that investors’ confidence is still low especially in the primary market segment, noting that the ability to form capital has diminish in the market, which is also a major reason why companies delist on the NGX.

He explained, “The major oil companies in Nigeria should be compelled to list on the daily official list of the Exchange as they contributed largely to the nation’s GDP.”

Adnori called on the government to induce the oil companies and other multinational companies by

introducing tax holidays and other incentives such as government contracts to make listing attractive to them.

Recently, the Group Chief Executive Officer, NGX Group Plc, Mr Temi Popoola outlined strategies to drive listings, tackle delistings and other market challenges, emphasizing the importance of government policy and alternative asset classes. Popoola highlighted the role of government policy in driving listings, citing historical successes such as the indigenization policy of the 1970s. He stated, “Policy can drive companies to list if the government wills it, and it worked during the indigenization policy of the 70s.” He remarked, “If you have 10 companies that delist with an aggregate value of N50billon, you can have 2 listings with an aggregate value of N5trillion.”

Data from the Central Bank of Nigeria (CBN) has revealed that Nigeria’s overseas payments rose by roughly 31 per cent between January and May 2024, despite the country’s weak foreign exchange liquidity.

The nation’s foreign payments are projected to quicken in the coming months as a result of the government’s intention to increase food imports to supplement domestic output.

Experts have argued that the apex bank’s willing buyer and willing

seller FX policy would have a negative impact on the local currency due to the economy’s reliance on imported goods.

To effectively channel foreign currency resources to appropriate sectors, the Central Bank of Nigeria has begun selling US dollars to FX users as it restarts the retail Dutch Auction system that it had abandoned.

The naira has not benefitted as expected despite monetary authority’s efforts to boost foreign exchange inflows by offering government instruments at higher clearing rates

to local and foreign investors.

The local currency plummeted to N1600 due to FX liquidity shortage in the currency market, though gross external reserves continue to maintain uptrend in the second half of 2024, reaching 18-month high, recent data from the apex bank showed.

“International payments by the apex bank increased by 30.8 per cent year on year to $3.31 billion in five months of 2024 from $2.53 billion in the comparable period in 2023,” Cordros Capital Limited said in a commentary note at the weekend.

A breakdown showed that foreign

debt service and payments increased by 96.3 per cent year on year to $2.19 billion, while the amount accounted for 66.1 per cent of total international payments.

The investment firm highlighted that there was an increase in direct remittances underpinned by increased payments for international services by Nigerian residents. Within the period, direct remittances increased by 28.5 per cent year on year to $841.37 million, analysts stated.

Meanwhile, payments for letters of credit fell by 63.3 per cent to $279.99 million versus $762.03 million in

the equivalent period in 2023. The contraction was partly attributable to reduced consumer demand underpinned by high inflationary pressures as well as the depreciation of the naira.

Analysts said they expect international payments to remain elevated, supported by the federal government’s repayment of maturing debts primarily from Multilateral and Bilateral sources as well as interest payments.

Trade imports have also been projected to improve in the short term due to reduced naira depreciation

and the federal government’s 150day import duty removal on certain agricultural produce, potentially increasing international payments. Last week, the Central Bank of Nigeria re-initiated the Retail Dutch Auction System (RDAS), marking the first foreign exchange retail auction under the current CBN administration.

Broadstreet analysts highlight that the strategic move by the apex bank was aimed at achieving several objectives.

Arthur Eriye

The CBN is seeking to satisfy the growing FX demand, which has been partly fuelled by seasonal factors such as summer tourism and businesses seeking the greenback for trade; stabilizing the naira, and facilitating transparent price discovery. The results of the retail Dutch auction showed that the CBN received bids from end users amounting to $1.18 billion submitted through 32

authorised dealer banks. However, bids valued at about $313.69 million from six banks were disqualified due to late submissions or failure to adhere to the required bidding format.

Consequently, the CBN successfully auctioned $876.26 million at a cut-off rate of N1,495.00 per US dollar, with settlement for the successful bids scheduled for Thursday. Although the CBN has

not specified the frequency of retail auctions, analyst said they expect the naira to stabilise in the short term due to reduced demand pressure and tight naira liquidity after a significant portion of bids

were met at the auction.

“However, we note that the expected currency response may be short-lived if the CBN does not sustain interventions in the FX market,” Cordros Capital Limited stated.

Credit to Private Sector Increased by 38% YoY in June

Despite economic challenges, credit to the private sector

experienced a notable surge, increasing by 38 per cent yearon-year (YoY) in June 2024, a report by the Central Bank of

Nigeria (CBN) has revealed.

The money and credit statistics report revealed that total credit extended to the private sector

in June 2024 reached N73.12 trillion, a significant rise from the N52.81 trillion recorded in June 2023.

PTML Becomes Major Transshipment Hub to Europe, Receives First RoRo Ship from China

In a groundbreaking achievement, PTML Nigeria, West Africa’s largest roll-on roll-off (Ro/Ro) multipurpose port terminal, has become a major strategic logistics hub for the transshipment of vehicles to Europe.

PTML achieved the historic feat in July when it received a Grimaldi vessel named “Grande Houston”, which arrived at the Tin Can Island Port to tranship a staggering 5,489 new vehicles, loaded in China and destined for ports across Europe and Africa.

The development marks a significant milestone for the Nigerian port industry as it is the first time a port in West Africa received such a large quantity of new vehicles discharged by a single vessel. Most importantly, these new vehicles, loaded in China, were destined for ports in Europe and other African countries from PTML terminal at the Tin Can Island Port, Lagos.

This historic feat demonstrates PTML’s efficiency and capability, as all vehicles were discharged in under three days and reloaded

Group Business Editor

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Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Energy

Emmanuel addeh

Asst. Editor, Money Market

Nume Ekeghe

Correspondents

Kayodetokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporter Peter Uzoho (Energy)

within a week onto ships bound for various ports in Europe and other African countries.

The Managing Director of PTML Nigeria, Ascanio Russo attributed the success to PTML’s operational excellence, security, and state-of-theart infrastructure.

“PTML’s selection by Grimaldi as a transshipment hub highlights the terminal’s operational excellence and security. The terminal’s first-class infrastructure, the state-of-the-art equipment and the expertise of its staff were critical elements that convinced the Chinese car manufacturers and the Italian shipowner to use PTML as a hub.

“The decision to pick Lagos for these complex logistics operations is also a testament to the efforts of the Nigerian Port Authority (NPA) in developing Lagos as a premier port hub, not only for containers but also for vehicles, trucks, plants, and other rollable cargo.

“This successful operation has positioned PTML and Lagos port as a premier logistics platform for

FBS Leverages

the global automotive industry, at par with established international port hubs in Asia and Europe,” Russo said.

The PTML Managing Director said the successful call of “Grande Houston” has paved the way for Grimaldi to open a new direct RO/RO service between China and Nigeria.

“For the first time, China and Nigeria will be connected by a dedicated Ro/Ro service, offering a fast and efficient route for all importers of rollable cargo, including cars, vans, trucks, and plants. This dedicated ro/ro service is much faster than any existing container and general cargo vessel with a transit time between Shanghai and Lagos of less than 25 days and it is the only ro/ro service from China. The next Grimaldi vessel from China – MV Viking Queen – is expected to arrive at PTML on 25th September, followed by the MV Great Abidjan on 20th October,” he said.

The introduction of direct Ro/ Ro services between China and

Strong

Nigeria, for the first time in the history of both countries, represents a new era in maritime logistics for Nigeria. The direct service opens new opportunities for the Nigerian automotive market by providing easier, safer and cheaper access to Chinese cars, trucks, plants and equipment.

Ro/Ro shipping is renowned for its efficiency and cost-effectiveness, particularly for transporting vehicles and other wheeled cargo. It offers faster loading and unloading processes, reduced risk of damage, and is generally more environmentally friendly compared to container and general cargo shipping.

By facilitating more efficient trade routes and reducing shipping costs, the direct Ro/Ro service from China is expected to contribute to reduce cost of importation and spur economic growth in Nigeria. This positions PTML and Lagos port as pivotal players in the global automotive supply chain, enhancing Nigeria’s role in international trade.

Institutional Investors to Impact African Insurance Market

Ebere Nwoji

FBS Reinsurance Nigeria Limited (FBS Re) said it is leveraging on the business and other strategic relationships of frontline insurance companies that are institutional shareholders to impact African insurance market.

The reinsurance firm said it came into existence to close the existing gap in reinsurance services across Africa and to combat capital flight in insurance and reinsurance businesses in Nigeria and across Africa.

The company stressed that over the years Nigerian and other African insurance industry players have been relying on foreign reinsurers, leading to the undesirable consequence of

scarce foreign currencies being exported to pay for reinsurance services abroad.

The reinsurance-underwriting firm noted in a statement that African markets experienced foreign reinsurers withdrawing their capacities, especially, during any foreign currency liquidity crisis, which, unfortunately, is a perennial occurrence on the continent.

It said these foreign companies’ impromptu exits usually disrupt corporate planning efforts, erode much-needed stable reinsurance capacity, and increase the cost of business. Thus, the markets face capacity availability volatility to provide for growing industrial, Energy, Aviation, and Marine risks,” it pointed out.

It noted that it was this difficult scenario that compelled a group of Nigerian insurance and reinsurance professionals to establish FBS Re to reduce the capacity gaps and to conserve the economy’s scarce foreign exchange. With this, FBS Re said it leverages the business and other strategic relationships of frontline insurance companies that are institutional shareholders, namely Leadway Assurance, Custodian and Allied Group, Standard Insurance Consultants, Scib Nigeria Limited, and YOA Re Brokers. The statement added that, FBS Re focuses on offering better services to close the gaps in Nigeria and Africa and aims to be a significant player in international reinsurance.

The YoY increase of 38 per cent highlights the ongoing efforts by banks and financial institutions to bolster lending to businesses and individuals, contributing to overall economic growth.

However, when comparing month-on-month (MoM) figures, there was a slight decline in credit extended to the private sector. In May 2024, credit stood at N74.31 trillion, which means June 2024, saw a modest decrease of 1.6 per cent.

This slight contraction, according to market watchers, may be attributed to seasonal factors, temporary tightening of credit conditions, or a cautious approach by lenders in response to specific economic indicators. The credit extended to the private sector in Nigeria during the first four months of 2024 showed that in January 2024, credit to the private sector stood at N76.48 trillion. By February 2024, this figure saw a significant increase, rising by 5.7 per cent to N80.86 trillion.

However, March 2024 brought a sharp decline, with credit dropping by 11.9 per cent to N71.21 trillion. While in April 2024, credit to the private sector saw a slight recovery, increasing by 2.4 per cent to N72.92 trillion. But, credit extended to the government witnessed a significant YoY decline in June 2024, alongside a slight MoM decrease.

According to the latest data, credit to the government stood at N28.05 trillion in June 2024,

marking a 10.2 per cent drop from the N31.23 trillion recorded in June 2023. The YoY contraction in government credit underscores a deliberate move by the government to curb borrowing, possibly in a bid to manage debt levels and reduce the fiscal deficit. The decline could also suggest a more disciplined approach to public finance, with the government seeking to lower its dependence on credit from the domestic financial system. On a MoM basis, credit to the government also saw a modest decline of 1.1 per cent, decreasing from N28.38 trillion in May 2024 to N28.05 trillion in June 2024.

The credit extended to the government in Nigeria during the first four months of 2024 exhibited significant volatility, reflecting shifts in government borrowing needs and fiscal policy adjustments.

In January 2024, credit to the government was N23.52 trillion, indicating a relatively moderate level of borrowing as the government likely managed its fiscal commitments at the start of the year. By February 2024, this figure saw a substantial increase, rising by 44.3 per cent to N33.93 trillion.

However, March 2024 witnessed a sharp decline, with credit dropping by 42.3 per cent to N19.59 trillion, while in April 2024, credit to the government saw a slight increase, rising by 2 per cent to N19.98 trillion.

AT N4.54TN, fgN BoNDS, SUkUk lISTINgS oUT - PAC e Cor P or AT e S o N N g X

Also recently, a Professor of Finance and Capital market, Uche Uwaleke called on the need for the government to unlock the huge potential of long-term financing inherent in the capital market and ensure borrowings tied to infrastructure bonds.

He said this became necessary for the nation’s economy to grow steadily at 16 per cent per annum over the next six years to attain the projected $1 trillion economy by 2030.

Uwaleke stated that with the nation’s infrastructure investment need which had continued to widen, and government debt profile which is substantially high,

mobilising long-term financing through the capital market and deploying domestic market borrowings into infrastructure bonds had become critical to achieving the target.

Financing this huge infrastructure gap presents a formidable challenge to the government given Nigeria’s low revenue-to-GDP ratio of less than 10 per cent making inevitable the capital market route. However, Uwaleke pointed out that the nation’s capital market is currently beset with myriads of challenges, which had continued to constrain its full development despite giant strides achieved in the last two decades.

Nume Ekeghe

Budget & Economic Planning: Appraising Bagudu’s Stewardship

In this piece, james Emejo assesses some of the milestones so far recorded by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, barely one year in office

Budget and economic planning remain critical aspects of economic development, helping governments prioritise spending, and ensuring that resources are allocated efficiently to sectors key sectors including healthcare, education, infrastructure, and defense, which are crucial vital for the country’s development.

If anything, economic planning helps to stabilise the economy by controlling inflation, managing public debt, and ensuring that government spending aligns with the available resources to prevent economic crises and ensures long-term sustainability among others.

Essentially, budget and economic planning constitute essential tools for ensuring that an economy functions effectively, remains stable, and achieves long-term growth and development goals.

The Federal Ministry of Budget and Economic Planning is saddled with the mandate to determine and advise the government of the federation on matters relating to national development and overall management of the national economy, and a mission to promote national development through plans formulation, qualitative budgeting and effective coordination of socioeconomic development including capacity building and tracking implementation of government policies.

Bagudu was sworn in as Minister of Budget and Economic Planning on August 21, 2024, to coordinate the recovery of an ailing economy which was tethering on the brink of collapse.

Not many would envy the minister’s portfolio at the time when all of the country’s macroeconomic indices were headed south amid high inflationary environment, Foreign Exchange crisis and severe revenue challenges – all worsened further by the COVID-19 crisis and bad policies by past administrations.

Bagudu had an unenviable task of returning the economy to the path of macro-economic stability to comfort both domestic and foreign investors who had become weary of the country.

Right mAn foR thE joB

However, the minister could be described as the right man for the job as he’s largely on a familiar ground - having served as a Special Assistant to the Minister of National Planning, Mr. Kalu Idika Kalu, under President Ibrahim Babangida’s military government.

His legislative experience as a Senator representing Kebbi Central, 2009-2015, and his executive experience as former Governor of Kebbi State, 2015-2023, came in handy on his new national tasks.

“Bagudu who is no doubt a workaholic, has left so much to be desired within one year of his appointment and is adjudged as one of the key ministers in tinubu’s administration who has contributed immensely to economic stability and social cohesion amid the current economic challenges from both global and domestic headwinds. “

Bagudu, on assumption of office quickly hit the ground running, implementing a systematic budgeting and coordination of consensus around issues of national concerns.

BudgEt milEStonES

The minister promptly brought his vast experience as a former federal legislator to bear on the country’s hitherto chaotic budgeting process by successfully negotiating the 2023 Supplementary Budgets and 2024 fiscal estimates as well as their amendment with the National Assembly.

All key aspects of the review were passed and assented to without the usual rancour that signposts such exercises in the past.

Notably, the 2024 Budget was submitted to the National Assembly as and when due despite the delay in the appointment of ministers while the President assented to it on January 1, 2024, in line with the budget cycle of January - December. If anything, the N28.77 trillion budget achieved its objective of reducing the fiscal deficit to support macroeconomic reform objectives of addressing low investments and low revenue issues, increasing capital expenditure, supporting the vulnerable populations affected by reforms, and increasing allocations to key sectors and innovative schemes.

The 2023 Supplementary Budget of N819 billion was re-negotiated to provide N500 billion for intervention in agriculture, energy transition, presidential conditional grant to NANO businesses, and MSME credit support while an additional N2.17 trillion 2023 Supplementary Budget focused on Security, Infrastructure (Roads and FCT), Agriculture, Wage awards to public servants, and cash transfer provisions were successfully negotiated by Bagudu’s dint of hard work.

Moreover, the N6.2 trillion (2024 Amendment Act), which focuses on providing counterpart and equity contributions for Renewed Hope Infrastructure Projects, providing a minimum wage, and additional funding for water, irrigation, and dam development, as well as agriculture and food security initiatives, were also successfully negotiated and resolved with the National Assembly.

BudgEt imPlEmEntAtion, monitoRing

The federal government programmes and projects funded by the 2023 Capital Budget Appropriation were monitored against targets

set in the National Development Plan.

Over 500 selected federal government projects implemented in 2023, Capital Appropriation were monitored to ensure accountability and value for money. In addition, Eyemark, an App developed to provide citizens with feedback on projects is currently being implemented.

The ministry also spearheaded the review and revision of the National Development Plan, 2021-2025, to accommodate President Bola Tinubu’s eight priorities and Renewed Hope agenda which is currently 95 per cent completed.

The implementation of the $750 millionNational Poverty Reduction with Growth Strategy (NPRGS) to address Multidimensional Poverty and Job creation in the country was coordinated with the relevant MDAs across 36 States and FCT. In 2023, the FCT and 34 states were reimbursed N438.3 billion. So far, 67,038 jobs have been created in the first phase of the 2023 implementation. The recommendations of the Multidimensional Poverty Index Report across 36 States and FCT were further implemented to address the challenges of deprivation and access to social services.

Under Bagudu, the effective coordination and engagement with development partners and NGOs has enhanced Development Assistance to Nigeria, with the minister pressing donor agencies and nations to do more for the country.

Also, the minister played a key role in the development of the National Transport Policy for Nigeria in collaboration with the Ministry of Transportation.

EnhAncEd SociAl PRotEction Policy

The revised National Social Protection Policy was a key initiative of the current administration, which was coordinated by the ministry under Bagudu and ready for launch. All 36 State governors at the National Executive Council (NEC) meeting agreed that the President should launch the policy as a guide for managing the social protection programme in the country. As a result, the Community of Practice of Stakeholder MDAs on implementation of the National Social Protection Policy was inaugurated. This has enabled the timely release of monthly inflation figures to guide policy decision-making. The release of quarterly GDP

numbers and other indicators are consistent with the timeframe, ensuring that the National Bureau of Statistics (NBS) remains independent.

The ministry has also commenced preliminary work on rebasing the GDP numbers to cover emerging economic sectors. When completed, this will boost the country’s GDP and strengthen its prime position as the largest economy in Africa. Through the NEC, the ministry developed the Action Plan to prevent crude oil theft, thereby boosting oil production as well as improving the government’s fiscal position through enhanced revenue generation. Among other things, the ministry successfully coordinated the implementation of the NG-CARES programme, a World Bank/FGN multisectoral programme designed to provide immediate emergency relief to vulnerable and poor Nigerians, smallholder farmers, and Nano, MSMEs that were adversely affected by the COVID-19 pandemic across the 36 states. Following the support, in 2024, the NG-CARES Programme transitioned from “Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) Programme to the Nigeria Community Action for Resilience and Economic Stimulus, shifting focus from COVID-19 recovery to building the resilience of the poor and vulnerable, especially entrepreneurs. The interventions of the NG-CARES programmes in 35 states plus FCT have impacted seven million poor and vulnerable households.

The ministry also coordinated the inaugural meeting of the National Council on Nutrition (NCN), chaired by the Vice President, the outcome of which was presented to all the governors at the NEC meeting, which eventually led to the constitution of the National Core Working Committee on Nutrition, housed in the Office of the President.

Bagudu who is no doubt a workaholic, has left so much to be desired within one year of his appointment and is adjudged as one of the key ministers in Tinubu’s administration who has contributed immensely to economic stability and social cohesion amid the current economic challenges from both global and domestic headwinds.

He has been visible on critical national matters, especially during the recent “hunger protest”, communicating and engaging with Nigerians on the need to exercise patience as well as showing evidence of why the hardship may not endure.

There’s no gainsaying, however, that the minister’s vast experience will still be crucial in the tasks ahead, and he remains a key pillar and asset in the current administration.

Bagudu

Olam Agri Commits N6.5bn to Sustainable Social Investment in Nigeria

Oluchi Chibuzor

Olam Agri has announced that itis significantly expanding its Corporate Responsibility and Sustainability (CR&S) investment strategy to deepen its social, environmental, and economic development impact within the country.

The company in a statement said it has committed to a four-year development plan, allocating approximately M6.5 billion to various CR&S initiatives.

These initiatives, it said, are designed to drive socioeconomic growth within the communities where it operates.

“These initiatives are part of the award-winning Seeds for the Future (SFTF) programmeOlam Agri in Nigeria’s flagship sustainability effort designed to foster a brighter future for all. The initiative focuses on five key areas: supporting farmers and farming communities, enhancing education and skill development for young people,

economic empowerment of indigent women, promoting health and nutrition, and reducing carbon emissions across its operations. The expanded investment commitment will support Olam Agri’s purpose for sustainable development across its business portfolio of rice, wheat milling and pasta, animal feed and protein, sesame, cotton, and edible oils from 2024 through 2028, “it said.

Managing Director of Olam Agri in Nigeria, Anil Nair commented on the investment, stating, “As a business founded in Nigeria over 34 years ago, we are committed to investing in initiatives that positively transform lives and impact the livelihoods of our host communities while scaling food production in the country.”

He added, “We are dedicated to turning our priorities into action by implementing key sustainability initiatives across our value chain to advance the current administration’s

Renewed Hope Agenda. Our four-year implementation plan aims to make a real impact that benefits all.”

A high-level delegation led by Nair paid a courtesy call to the Lagos State Executive Governor, Babajide SanwoOlu recently. During the visit, the Managing Director sought partnerships with the State Government to deepen investments for expanded food production and job creation, given the state’s strategic economic importance.

Governor Sanwo-Olu commended Olam Agri for driving productivity in the agricultural value chain and stressed the need for continued efforts. He stated, “Olam Agri has positioned itself as a prominent leader in Nigeria’s agricultural industry. This meeting provided a great platform to exchange insights and discuss ways to strengthen our contributions to this crucial sector.”

Algorand Reaffirms Commitment to Empowering Nigerian Blockchain Startups

Kayode Tokede

The Algorand Foundation has reiterated its dedication to supporting the Nigerian startup, tech, and developer ecosystems.

This year, the global organization supporting growth and adoption of the Algorand blockchain will expand its series of events, which include both professional education on blockchain as well as hackathons and workshops for startups and founders.

Nigeria is home to several successful startups and tech companies across fintech, AI, agritech, and more. In 2022, Disrupt Africa reported nearly

500 tech startups were operating in the country (source).

Algorand has launched several initiatives and collaborations to help strengthen the Nigerian ecosystem even further, aiming to provide education and other resources for founders and developers interested in blockchain and web3 technologies.

Country Head of Nigeria at the Algorand Foundation, Benjamin Onuoha in a statement said, “We are organizing events aimed at fostering digital literacy and blockchain expertise, especially among Nigerian youths.

“These events drive innovation by challenging participants to learn and develop blockchain

solutions, offering mentorship, resources, and workshops. Winning teams often receive funding and support to scale their projects, connecting them with investors and accelerators.”

Onuoha highlighted the impact of these initiatives, saying, “The top three Nigerian startups from Algorand’s Global Hackathon in 2023 received up to $95,000 in cash prizes and Amazon infrastructure credits to support the development and deployment of their solutions. Beyond funding, we also have programs that provide platforms for startups to showcase their projects and pitch to potential investors.”

Almond Unveils Nominee for 2024 Almond Insurance Awards

Ebere Nwoji

Organisers of 2024 Almond Insurance Industry Awards, Almond Productions Limited has unveiled nominees for the Awards slated for Friday, November 1 2024 in Victoria Island, Lagos.

Almond said winners for the award would be announced from 10 categories. For the Insurance CEO of The Year Award category, it said the Managing Director/ Chief Executive officer AIICO Insurance, Tunde Fajemirokun, his REX Insurance counterpart Ebelechukwu

Nwanchukwu, MD/CEO, Mutual Benefits Assurance Plc; Olufemi Asenuga, , MD/ CEO, Stanbic IBTC Insurance Limited Akinjide Orimolade and MD/CEO, Anchor Insurance Company Limited Austin Ebose were nominated.

Speaking at a press briefing to unveil the nominees for the award in Victoria Island(VI), Lagos the chairman for the Awards Panel of Judges, Ms. Prisca Soares, noted that, the meticulous nomination process which spanned over a month saw active participation from Top Management, Corporate

Entities, and Individual Clients, saying all nominations were based on the provided criteria.

“This year, we witnessed a significant increase in participation from Insurance Industry Stakeholders. This is evident in the number of nominations we received this year (392) compared to last year’s 101. The 288.12% increase in participation in the nomination process is a testament to the growing recognition and prestige of the Almond Awards within and outside the Insurance Industry,” she pointed out.

Atu Chris Recognised as Nigeria’s Top 50 Best Performing CEOs

Mary Nnah

In a remarkable recognition of his exceptional leadership and commitment to excellence, Dr. Chris Atu, CEO of Freightliner Logistics Services Limited, was honoured as one of Nigeria’s Top 50 Best Performing CEOs at the prestigious Business Times Nigeria awards.

This prestigious award testifies to Atu’s visionary leadership, dedication, and hard work of his team, which has driven innovation and growth in the logistics industry.

Atu’s acceptance speech

highlighted the award as a motivation to strive for even better service delivery, saying, “This recognition is a challenge for us to continue delivering outstanding results and aiming higher in every aspect of our business. We are committed to exceeding our clients’ expectations and setting new standards in the logistics industry.”

Freightliner Logistics has established itself as a leading logistics and transportation company, offering a wide range of services to clients across Nigeria and Africa.

The company’s commitment

to excellence and customer satisfaction has been the driving force behind its success, and this award is a well-deserved recognition of its efforts.

Atu averred that with the recent award, Freightliner Logistics is poised to further enhance its service delivery, leveraging his leadership and the team’s expertise to meet the evolving needs of its clients.

The company’s commitment to excellence and customer satisfaction is expected to drive its continued growth and success in the logistics industry.

Crudes (ORB)

made

following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

L-R: The Technical Advisor, Digital Policy and Cooperation GIZ/DTC Nigeria, Mr Olusegun Alimi; the Permanent Secretary Ministry of Communications, Innovation & Digital Economy, Faruk Yusuf Yabo; the Director General and CEO NITDA, Mr. Kashifu Inuwa Abdullahi; the SEDEC Coordinator, GIZ Nigeria, Mr. Markus Wauschkuhn; the Head of Project, GIZ/DTC Nigeria Dr Thuweba Diwani and the Director General and CEO NCAC Mr. Obi Asika at the handover of PPIF in Abuja…recently

Veritas Kapital Assurance Eyes Top Five Spots in Insurance Sector by 2025

Kayode Tokede

The management of Veritas Kapital Assurance Plc said it is poised to be among top five insurance companies in Nigeria as it has developed some strategies to drive its production capacity.

The Managing Director/ CEO, Veritas Kapital Assurance Dr. Adaobi Nwakuche at a media parley held recently in Lagos stated that the listed insurance company on the

Nigerian Exchange Limited (NGX).

The MD said the company would grow its market share, improve on customer service delivery and upgrade the technology infrastructure for better service delivery.

She added that “We want to carve a niche for ourselves in various lines of businesses.

In Aviation, Oil and gas and then off course motor and other lines of businesses.

“We are a customer-centric

company. We take our customers very seriously. This is part of the strategies that have brought us to where we are today. Processes, turnaround time, service delivery and all that, we have finetuned them to be able to suit our customers and every other stakeholder in the industry,” the MD said.

She said it has paid N1.3billion in claims for the period ended June 2024 (H1 2024), in fulfilment of its pledge to promptly settle

claims to the delight of its customers.

According to her, the company’s profit grew from N672.4 million in H1 2023 to N4.908 billion in H1 2024, marking an extraordinary year-on- year growth.

Within the period, she said the net insurance and investment results saw a remarkable growth of 425per cent, leaping from N1.243 billion in the same period last year (2023) to N6.523 billion in 2024.

According to her, the insurance revenue also experienced a significant boost, increasing by 350per cent from N2.201 billion in 2023 to N9.908 billion in 2024.

Moreover, the Gross Written Premium (GWP) showed a substantial 330per cent improvement, rising from N2.921 billion in 2023 to N12.574 billion in 2024

While further highlighting the company’s robust performance, she said key

financial metrics indicate a 41per cent increase i the group’s total assets, rising from N24.641 billion in 2023 to N34.828 billion in 2024. Shareholders’ funds also experienced substantial growth, rising from N16.369 billion in 2023 to N21.553 billion in 2024, reflecting a 32per cent increase.

Nwakuche described the financial records as magical, saying “the ongoing quarter will be more magical.”

PRICES FOR SECURITIES TRADED ASOF AUGUST 13/24

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 12-August-2024, unless otherwise stated.

perspective

BBNaija: When A Social Experiment Becomes Youth Empowerment

Bennett Oghifo

The Nigerian social media space was buzzing on the evening of July 28 with the premiere of the ninth edition of Africa’s most-watched reality TV show, Big Brother Naija (BBNaija). Conversations spilled into the early hours of Monday as audiences dissected everything, from the outfits to the demeanours of the 28 new housemates in the “No Loose Guard” season.

This buzz is a familiar occurrence whenever the show launches, which is unsurprising. Each premiere marks the beginning of another season filled with shared values, passion, and a sense of identity, as millions of Nigerian youths see reflections of themselves in the diverse characters selected for the show. Critics might argue that the show is a yearly distraction for the youth, but if it is indeed a distraction, it’s one with significant value. After all, what other entertainment platform has empowered Nigerian youth as much as BBNaija in the last decade?

This season, one of the housemates (the big sister of the Ndi Nne pair) finally secured a spot on the show after eight attempts. Several others share similar stories of persistence, finally hitting the jackpot after multiple tries. Such is the belief in the show that actors, singers, and other talented individuals view it as a guaranteed platform for career exposure and growth.

As the Executive Head of Content and Channels: West Africa at MultiChoice,, Busola Tejumola, reckoned, what started as a content creation initiative has evolved into a significant empowerment phenomenon. “In the short term, we create great content for our customers, showcasing real people with real-life issues that resonate across the continent. In the long term, Big Brother enables us to impact the continent’s economy on a large scale. From providing jobs for over 2,000 people per season to contributing billions of naira to the Gross Domestic Product, we continue to be Africa’s most loved storyteller by holding a mirror to society through the housemates,” Tejumola explained.

Since the show’s revival after an eleven-year hiatus between its first and second editions, BBNaija has consistently produced success stories. By the end of this current season, over 200 Nigerian youths will have earned the title of ex-Big Brother Naija housemate—a designation that carries significant weight in the entertainment and media industries.

Although only eight individuals have won the star prize and become multi-millionaires directly through the show, many others have leveraged their exposure to build successful careers and achieve financial success.

At the 2023 Africa Magic Viewer’s Choice Awards, Tobi Bakre won the ‘Best Actor’ award.

The star of ‘Slum King’, ‘Brotherhood’ and ‘Gangs of Lagos,’ is now one of Nollywood’s biggest names, and his foray into the movie industry is traceable to his participation in season three of Big Brother Nigeria.

Ebuka Obi-Uchendu, the BBNaija show host, is another testament to the show’s empowerment power. A product of the first edition in 2006, Ebuka has since become one of Africa’s most popular

and sought-after show hosts.

Likewise, Busola Aiyeola’s career in the entertainment industry received a significant boost after she participated in the 2017 ‘See Gobbe’ edition of the show. She has since won a Trailblazer Award at the AMVCAs and hosted international shows like ‘Shoot Your Shot’ and ‘Family Feud’ on Africa Magic. She has also starred in notable films like ‘Sugar Rush,’ ‘Meet the Kujus,’ ‘Gold Statue,’ ‘Picture Perfect,’ ‘Breaded Life,’ and ‘Dinner at My Place.’

Thanks to their popularity, ex-housemates have become influential voices and faces for brands aiming to connect with Nigerian youth. For example, the new Supa Komando advert features four Big Brother Naija housemates (Neo, Sasskay, Erica,

and Cross), who also serve as Supa Komando ambassadors. Other former housemates like Elozonam and Diane, who have the AMVCAs in their kitty, and others such as Tacha, Mercy Eke, Cee-C, Venita, and Ozo, Groovy, Kim Oprah, have become prominent brand ambassadors and influencers.

In every corner you look in the entertainment industry, the impact of the show is evident. As the 2024 edition unfolds, another set of Nigerian youths will likely leverage their newfound fame to achieve success. The show’s influence is undeniable, and it has become more than just a social experiment for Nigerian youth— who have come to see the show as a platform for showcasing talent, securing industry recognition, and achieving career growth.

NFF, Premium Trust Bank Sign Four Years Sponsorship Deal worth N300m

Financial institution becomes official bank of NFF board, national teams

The Nigeria Football Federation (NFF) yesterday, signed a four-year sponsorship contract worth N300 million with Premium Bank to develop grass roots football across the country.

This was as the bank became the official financial institution of the NFF and the national teams.

President of NFF, Alhaji Ibrahim Musa Gusau, revealed that the agreement would be for four years during which the financial institution would pay the football-ruling body the sum of N300 million annually (with a built-in clause for 10% increase every year). He thanked the organisation for its support and encouragement of Nigeria sports in less than three years of its existence.

Gusau, in his address at the event held in Abuja, noted that the NFF was excited to be associated with Premium Trust Bank because of its credible, close relationship with sports over its less-than-three-years life in the financial sector.

He added: “During our interactions leading to the signing of this agreement, I was moved by the palpable enthusiasm and commitment of the organisation to supporting and encouraging Nigerian youth all the way from the grassroots to stardom.

“While celebrating the coming of

Premium Trust Bank which is the first huge partnership that we are signing, we call on credible corporate entities like the bank to come forward and support the Nigeria game.”

Gusau, however, used the opportunity to assure Nigerians that his administration was committed to improving Nigeria Football in

all facets.

On his part, the Managing Director/CEO of Premium Trust Bank, Mr. Emmanuel Emefienim, highlighted the bank’s support for sports since its birth to include its partnership with the Athletic Federation of Nigeria; support for Nigeria’s world record holder in the women’s 100m hurdles

Tobi Amusan; sponsorship of the 2022 National Sports Festival in Delta State; support for Bayelsa Queens in its CAF Women Champions League campaign in Morocco and; sponsorship of the 2024 Abuja Half Marathon, among others.

He said that the bank, which prides itself as a leading 21st-

century financial institution provides innovative solutions, that impacts its customers and communities to make a positive difference in their world.

Emefienim added: “We have been very deliberate in our support for sports, because we are deliberate when it comes to impacting lives.

Helicopter Landing Cost: FG, Oil Companies Chart Framework for Navigational Services

Kasim sumaina in Abuja

The federal government, International Oil Companies (IOCs) and Local Oil Companies (LOCs) under the aegis of the Oil Producers Trade Section (OPTS) have begun drafting framework for navigational services. The framework, would guide navigational services in the country ahead of the resumption of the collection of helicopter landing levy.

The federal government had granted Messers NAEBI Dynamic Concept Ltd exclusive rights as consultant to collect the levies.

After the company was granted the rights, stakeholders expressed reservation on the appropriateness of the levies.

Following concerns raised, the Minister of Aviation and Aerospace Development, Festus Keyamo, announced the suspension of collection of the levy. The suspension took effect from 30th May, 2024

The minister thereafter set up a committee with members from the Ministry of Aviation and Aerospace Development and its relevant agencies, Airline Operators

of Nigeria (AON), International Oil Companies (IOCs) and Messers NAEBI Dynamic Concept Ltd.

Members of the committee were charged to look into the issues raised by concerned stakeholders and submit a report on or before end of June,2024.

There are indications that the committee has submitted its report to the Minister.

It was learnt that the ministerial committee recommended the resumption of the collection of the helicopter landing levies.

Ahead of the resumption, at a

meeting between the oil companies, ministry officials, representatives of NAEBI Dynamic Concepts Limited, and aviation industry regulators in the Ministry of Aviation and Aerospace Development focused on creating a framework for navigational services.

The helicopter landing levies to be collected by NAEBI Dynamic Concepts Ltd are aeronautical revenues applied within the lower airspace, targeting IOCs and LOCs in line with global conventions and international best practices.

The levies are expected to boost

the country’s economy as the country currently loses millions of dollars due to poor regulation of the collection process.

Besides revenue generation, the levies on oil fields, terminals, platforms, rigs, floating production storage and offloading (FPSO) units, helipads, airstrips, and aerodromes would also strengthen national security.

The IOCs that attended the meeting physically and virtually are; the OPTS Oil Producers Trade Section, Agip, Shell, Total, Mobil, Elf, Chevron, and others.

Obi-Uchendu

Mercy Eke

Kasim sumaina in Abuja

L-R: Chief Client Officer, AXA Mansard Insurance Plc, Rashidat Adebisi; Chairman, Board of Director, AXA Mansard Insurance Plc, Kola Adeshina; General Counsel/HRD, AXA Mansard Insurance Plc, Omowunmi MabelAdewusi; Chief Executive Officer, AXA Mansard Health Limited, Tope Adeniyi; and non-Executive Director, AXA Mansard Insurance Plc, Biola Bada, after the 32nd Annual General Meeting of the company held Lagos...recently

L-R: Partner and West Africa Strategy Lead, PwC NG/Technical Adviser to Digital Free Zones in Nigeria (DiFZIN), Olusegun Zaccheaus; Head of Policy Development and Compliance, Itana/Policy Adviser to DiFZIN, Nella Andem-Ewa; Chief Executive Officer of Itana/Executive Director of DiFZIN, Luqman Edu; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Managing Director/CEO of NEPZA, Olufemi Ogunyemi; Head of Business Development Unit, MD’s Office, NEPZA, Kabir Folorunsho; Associate Director, PWC NG/Technical Adviser to DiFZIN, Ademola Idowu; and Technical Adviser on Legal Matters, MD’s Office, NEPZA, Seyi Are, during the inauguration of the Steering Committee for the establishment of DiFZIN held in Abuja...recently

L-R: Wife of the Chief of Staff to Osun State governor, Alhaja Bilikisu Akinleye; Osun State First Lady, Erelu Ngozi Adeleke; and Osun State Chief of Staff, Alhaji Kazeem Akinleye, during the installation ceremony of Erelu Ngozi Adeleke as the Erelu Asoludero of Erinmo Ijesa, Osun State...recently

Lagos State Commissioner of Police, Fayoade Adegoke (centre), addressing the management staff of the Lagos State Rescue Operations at the fire incident that happened at a Mobil Filling Station on Obafemi Awolowo Way, Ikeja in Lagos...recently

L-R: President, Nigeria Institute of Electrical Electronics Engineering (NIEEE), Felix Olu, and the Head of Electrical Electronics, Standard Organisations of Nigeria (SON), Mr. Ismaila Lawal, during Olu’s courtesy visit to the SON in Lagos…recently

Mr. Gbenga Awe with his wife/celebrant, Mrs. Yetunde Awe, during her 60th birthday ceremony held at their country home in Sagamu, Ogun State...recently

Education

Ojo: Why Youths’ Skills Devt is Imperative to Promote Entrepreneurship, Economic Growth

Adeyemi Ojo is Head of Commercial, BIC Nigeria. In this interview with Funmi Ogundare, he emphasised the importance of World Youth Skills Day, observed annually on July 15. He explained why focusing on youths’ skills development is essential for addressing unemployment, promoting entrepreneurship, and fostering inclusive growth in society. Excerpts:

What is the significance of World Youth Skills Day to BIC Nigeria?

World Youth Skills Day ultimately promotes investing in training and education to better integrate the youth into the workforce. At BIC, education is one of our main commitments as part of our sustainable development programme that aims to enhance our societal and environmental footprint;’ Writing the Future Together’. This shows an alignment with the core goals of World Youth Skills Day. Our commitment to the youth, the future of our nation, starts from the classroom all the way through to preparing them for the professional world. We provide students with a motivating learning environment by donating writing tools and refurbishing school facilities. Moving outside of the classroom, we encourage self-expression and creativity through our Art Master Africa competition and finally work with partners to prepare students for the professional world through internships, as well as project and business ideation and execution. We also regularly take part in or create education initiatives and campaigns. Most recently, we ran the Canvas of Change programme in Nigeria, where we worked with renowned educators, including Femi Taiwo, Opeifa Olasunkanmi, and Oluwaseun Kayode, to run masterclasses for teachers in hundreds of schools in Lagos.

Why do you think it is important to focus on youth skills development?

The youth are the leaders of tomorrow and represent the future workforce. Focusing on youth skills development is crucial to ensure a robust, adaptable, and innovative economy. In a rapidly changing job market, equipping young people with diverse and relevant skills is essential for addressing unemployment, promoting entrepreneurship, and fostering inclusive growth. By investing in youth skills development, we are not only preparing

individuals for the workforce but also empowering them to contribute meaningfully to society.

What are some of the most valuable skills young people should focus on in today’s job market?

The three most valuable skills include digital literacy which is crucial for today’s workforce and tomorrow’s generations to be accepting and adaptable to new technological innovations and tools. Learning how to leverage digital tools to enhance the quality and efficiency of work is fundamental. They also need to show creativity in problem-solving. By incorporating creativity in work methodologies and approaches helps set individuals apart. Finding new ways to complete tasks, run processes, and find solutions is a

skill that is always required in businesses. Engaging in creative activity outside of work and being exposed to creativity in its various forms helps engage the mind and unleashes creativity further. Soft and analytical skills are another. Soft skills, including emotional intelligence and effective communication, are fundamental to an individual’s success. Strong soft skills include advanced cognitive abilities including critical thinking, problem-solving, and analytical skills. All of which are crucial to advancing in the professional world. Youths need to continuously expand their horizons and work on themselves to keep abreast of the ever-evolving environment and landscape and remain relevant and competitive.

How do you think educational institutions can better prepare youth for the workforce?

Educational institutions need to work on a comprehensive and holistic approach to learning. This would help integrate practical and theoretical skills, merge traditional and modern education, as well as bridge the gap as students transition from learning to working. It is imperative to incorporate creative teaching methods into educational curricula and work with educators to help them adopt modern and innovative learning techniques that could help students and the youth. Incorporating practical education also helps raise well-rounded individuals. This includes internships and community work. For instance, we worked with teachers across West and Central Africa last year to help equip them with necessary and useful teaching methods. Similarly, we have provided our partner teachers with our BIC Foundation’s Creativity Educator’s Guide. Our Mentor Me Programme, in partnership with Enactus, has helped students in Nigeria receive hands-on business experience. These are just examples of how organisations committed to this space could contribute. There is a lot that could be done to prepare youth for the workforce, namely in partnership between the private and public sectors.

What are the biggest challenges you see in youth skills development today? One of the biggest challenges in youth skills development today is the mismatch between the skills taught in educational institutions and those demanded by the job market. Additionally, there is a disparity in access to quality education and training resources, particularly in underprivileged regions. The rapid pace of technological advancement also poses a challenge, as it requires continuous learning and adaptation, which can be daunting for both educators and learners.

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

Celebrating Eight Decades of Empowering Girls, Ireti Girls’ Primary School Marks Milestone

Ireti Girls’ Primary School has been a beacon of hope and empowerment for young girls in Nigeria for eight decades. With a rich history of academic excellence and a commitment to holistic education, this pioneering institution has shaped the lives of countless students who have made significant contributions in various fields. As the school celebrates its 80th anniversary, scheduled for November this year, Mary Nnah takes a closer look at its remarkable journey, its impact on girls’ education, and its plans for a brighter future

In a remarkable feat, Ireti Girls’ Primary School is commemorating its 80th anniversary, a testament to its enduring legacy and unwavering commitment to empowering young girls. This prestigious institution has been at the forefront of girls’ education, shaping the lives of countless students who have made significant contributions in various fields.

Ms. Omolade Onwumere, the 80th Anniversary Project Coordinator, said, “This milestone is a celebration of our rich history, academic excellence, and holistic approach to education. We’re proud to have played a vital role in promoting girls’ education and empowering them to become confident, capable, and compassionate leaders. Our alumni are a testament to the power of education and the impact it can have on individuals, communities, and society as a whole.”

The school’s history is a fascinating one, marked by pioneering spirit, dedication, and perseverance. Founded in 1944, Ireti Girls’ Primary School was one of Nigeria’s first schools dedicated to girls’ education. Over the years,

it has consistently produced highachieving students, many of whom have become prominent figures in their fields.

Onwumere revealed further that the anniversary celebration will be a

grand affair, with a series of events promoting girls’ empowerment and education.0

Notable headmistresses and pupils who have made remarkable contributions to education and their chosen fields will be honoured, recognising their achievements and inspiring future generations.

Onwumere said further that the funds raised during the celebration will be used to support various projects, including infrastructure upgrades, scholarship programmes, technology integration, and alumni engagement.

The proposed annual lecture series will contribute to the advocacy for the girl child’s well-being, exploring critical topics such as girls’ education, gender equality, mental health, and leadership.

She emphasised the importance of community support, “By supporting Ireti Girls’ Primary School, the community can help empower future generations of girls and women, fostering a more equitable and prosperous society. We invite everyone to join us in this celebration and be part of our journey towards a brighter future.”

The school plans to sustain the momentum

from the celebration by establishing an alumni network, strengthening the Parent-Teacher Association, and continuing outreach programmes, partnerships, and collaborations.

By involving alumni, parents, and the wider community, the school aims to create a sustainable, supportive ecosystem that fosters girls’ education, empowerment, and development.

In addition, the school will launch a mentorship programme, pairing students with accomplished professionals and role models. This initiative will provide guidance, support, and inspiration, helping students navigate academic and personal challenges.

Furthermore, Ireti Girls’ Primary School will establish a memorial fund in honour of its founding headmistress, Bucknor, who dedicated her life to girls’ education. This fund will provide scholarships and support to deserving students, ensuring that her legacy lives on.

As Ireti Girls’ Primary School celebrates this milestone anniversary, it reaffirms its commitment to empowering girls and women, shaping the future of Nigeria, and contributing to a more just and equitable society.

Ojo

Onwumere

Crime&Punishment

From Reporting to Morgue: Pathetic Story of Gboah TV Intern, Pelumi Onifade

Funke Olaode

Lagos was boiling as atmosphere was enveloped with hostility. The civil unrest breaks everything and anything on its path; at the end of the alleged crossfire laid dead a young, promising intern with a privately-owned TV, Gboah, Pelumi Onifade. The young Onifade was last seen alive on October 24, 2020, and his corpse was discovered at a morgue somewhere in Ikorodu.

Like any young man of his age, he saw the world ahead of him as prosperous and filled with high expectations. Armed with this belief, he chose the pen profession. Alas! His hopes and dreams were cut shot while covering the #EndSARS protests in 2020. Today, 20-year-old-Onifade is still lying in the morgue while the parents seek justice.

According to one of Pelumi’s colleagues, who was with him at the scene, he saw the journalist sustain an apparent gunshot wound. The colleague, whose name was not disclosed at the peak of the investigation four years ago, said that they saw police officers place Pelumi, who was wearing a press jacket, into a police van along with some of the alleged robbers, according to those reports.

From October 24 to 27, Pelumi’s family and colleagues searched for the journalist at police stations and other facilities in Lagos without success.

On October 27, the journalist’s family and Gboah TV posted a missing person’s announcement on social media; later that day, police called Pelumi’s family and scheduled to meet them the following day to discuss the possibility that the journalist was in police custody.

On October 28, at the police headquarters in Ikeja, officers told Pelumi’s family and colleagues that they had arrested five people in Agege on October 24 and that one of those arrested had died, and his corpse was deposited at a mortuary in Ikorodu.

On October 30, the family identified Pelumi’s corpse at the mortuary, according to Egberongbe and the Gboah TV staffer.

Following the identification of the journalist’s body, police said Pelumi was not among those they arrested on October 24 and said they had found his body on the ground at an unspecified location and decided to put it in the mortuary.

It has been four years of seeking

justice for the young man. Last week, the Lagos Division of the Federal High Court ordered the Lagos government to carry out an investigation into the death of the aspiring journalist.  Justice Ayounle Faji, who presided over the court also ordered the State Government to conduct a coroner’s inquest to ascertain the cause of Onifade’s death, as well as, identify and prosecute those responsible.

Justice Faji made the above orders on July 21, 2024, while delivering judgment in a suit filed by Media Rights Agenda (MRA) over the death of the journalist against the police commissioner in Lagos, the inspector-general of police and Lagos attorney general.

In his judgment, Justice Faji held that the government’s chief law officer “cannot just conduct an inquest without a duplicate of the case file,” but he ruled that section 74 of the Administration of Criminal Justice Law (ACJL) of Lagos gives the attorney general the power to request a case file from the police commissioner.

However, Justice Faji dismissed five of the claims made by MRA against the defendants on the ground that there was no evidence before the court to support the reliefs sought.

The judge also held that none of the facts in MRA’s affidavit was denied by the attorney general, who only raised an issue of law, adding that in the course of oral arguments, the attorney general’s counsel also undertook to conduct an inquest.

MRA in its suit filed through its lawyer, Mr. Charles Oyaole Musa (SAN), was pursuant to Sections 6(6) and 46(1) as well as 33, 35 and 39 of the 1999 Constitution; Articles 4, 5 and 9 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act, 2004; and Order II Rules 1, 2, 3, 4 and 5 of the Fundamental Rights (Enforcement Procedure) Rules 2009.

“Mr. Onifade’s shooting in Oko Oba in Agege Local Government Area of Lagos state by agents of the COP and the IGP on October 24, 2020, in the course of his journalistic work is unconstitutional and a gross violation of his fundamental rights as guaranteed by section 33 of the 1999 Constitution (as amended) and Article 4 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (Cap A9) Laws of the Federation

of Nigeria, 2004,” said MRA. It added, “Mr. Onifade’s arrest and unlawful or restriction of his liberty by agents of the COP and the IGP on October 24, 2020, in the course of his journalistic work is unconstitutional and a gross violation of his fundamental rights as guaranteed by sections 35, 39 and 46(1) of the 1999 Constitution and Articles 5 and 9 of the African Charter.”

MRA stressed that the constitutional and statutory duties of the respondents do not extend to unlawful detention of innocent individuals who have not been charged to Court or found guilty of any offence by a competent court of law in Nigeria.”

According to the MRA, the police commissioner and the inspector-general of police must investigate crimes committed against Onifade, a journalist

Libel: Veteran Actor

exercising his right to freedom of expression as guaranteed under Sections 33 and 39 of the Constitution and Articles 4 and 9 of the African Charter.

MRA also asked the court for three orders.

It prayed the court to direct the respondents to launch a transparent, impartial and independent investigation into

the circumstances of the death of Onifade, whose body was found in a morgue in Lagos, to conduct a coroner’s inquest to ascertain the cause of his death and to identify and prosecute those responsible for his death.

In his judgment, Justice Faji pointed out that although the police commissioner and the IGP were served with the originating summons and other processes in the suit, they did not file any response. He also noted that Mr. John Gbadamosi, MRA’s programme officer who deposed to the affidavit in support of the suit, did not witness any of the facts relevant to the matter, adding that there was also no documentation in support of the claim that Onifade’s corpse was deposited in a mortuary.

Justice Lateef Lawal-Akapo of the Ikeja Division of the Lagos High Court has sentenced a man, Adeola Agbonrin to

Attah Demands Apology, N500m from TV Hosts

Wale igbintade

Veteran Nollywood actor Patrick Uchenna Attah has given presenters of a TVC talk show, ‘Entertainment Splash (e splash)’, a 14-day ultimatum to apologise for the alleged uncomplimentary claims on his relationship with actress Genevieve Nnaji.

Attah in separate letters dated August 6, 2014, written by his lawyer, Mr. Anthony Omaghomi, to the Managing Director, TVC Communications, and the three presenters of the talk show, Olayemi Ogunwole (aka Honeypot), Jay Paul (Mr. Flamez), and Cassey Bashua Alimi demanded that the public apology be published in three national newspapers, namely, Vanguard, THISDAY and Punch Newspapers.

Attah vowed to file a

defamation libel lawsuit if they failed to apologise.

The demand comes after the presenters, using TVC’s platform, falsely alleged that Attah, to chase clout and publicity granted an interview where he claimed without being asked, that he had dated, actress Genevieve Nnaji. Attah’s counsel described the allegation as a “calculated plot” to demean and embarrass their client, causing significant harm to his reputation and emotional well-being.

The counsel noted that the allegation went viral on social and mainstream media, maligning Attah’s hard-earned reputation.

He said the broadcast was calculated to demean, ridicule, embarrass and humiliate him.

Besides, the letter demanded an immediate retraction, a written apology, and the payment of N500

million as compensation for the alleged defamation.

“In consequence of the said publication, our client has been greatly injured in his credit, character, reputation, profession and family life. Our client is one of the pioneers of the Nollywood film industry in Nigeria, a reputable actor, musician and businessman. He is also a family man with children who has suffered greatly from this reckless publication,” the letter stated.

It added, “Our client was very circumspect in the said interview. He repeatedly said his relationship with Genevieve Nnaji was cordial and serious, which did not in any way tarnish the image of Genevieve Nnaji. It is in the light of the above, acting on the instruction of our client, that we make the following demands.”

The letter said, “That you are to retract the contents of the

said broadcast made on the 8th of August, 2023, on your television station anchored by Olayemi Ogunwole (aka honeypot), Cavey Bashua Alimi, Jay Paul (a.k.a Mr. Flamez) and tender an unreserved apology to our client. This retraction and apology must be published and broadcasted in the same means and manner in which the libellous publication was made, including YouTube channel, Twitter, all social media platforms, WhatsApp and Facebook, etc.”

It explained that the retraction and apology must also be aired on the same programme, ‘Entertainment Splash (e-splash)’ and be anchored by the same persons who must apologise to our client. In addition, this apology and retraction must be published in at least three national newspapers: Vanguard, THISDAY and Punch Newspapers.

21 years’ imprisonment for manslaughter.

The judge sentenced him to 21 years’ imprisonment following his guilty plea to the one-count charge brought against him by the government. Agbonrin was charged with the murder of Farinmade before applying for a plea bargain agreement. He was first arraigned before the same court on January 31, 2013.

He was, therefore, rearraigned on information contained in a charge marked no ID/99C/15, dated July 3 2024, wherein he was alleged of the manslaughter of the victim, Matha Farinmade.

The prosecution team led by the Director of Public Prosecution (DPP), Dr Babajide Martins, said that Agbonrin committed the offence on January 7, 2012, at No. 32, Mojalate Street, Ilupeju, Lagos.

His offence is contrary to Section 225 of the Criminal Law, CH. C. 17, Vol.3, Laws of Lagos State, 2011.

The judge, therefore, found him guilty as pleaded, sentencing him to 21 years’ imprisonment.

Before the sentence, the prosecution counsel, Martins,

informed the court of the plea bargain agreement between the parties.

He said both parties agreed that the defendant would serve a term of 21 years from the date of remand. The court held that the defendant was remanded in prison custody on February 9, 2012, and has been in custody for 12 years and four months. Justice LawalAkapo held the defendant’s guilty plea and asked if he was forced to change his plea, and Agbonrin answered that he willingly approached the prosecution himself.

The defendant’s counsel, Mr V. Amaechi, pleaded with the court to temper justice with mercy. He added that the defendant is remorseful.

“I am satisfied that the defendant understands the charge and the facts presented. I am also satisfied that he entered into the plea bargain agreement freely without being influenced. I, therefore accept his plea guilty,” said Justice Lawal-Akapo. “You, Adeola Agbonrin, is hereby sentenced to 21 years’ imprisonment commencing from 9th February 2012 when he was remanded.”

Funke Olaode

OLAM AGRIC COUNTRY HEAD VISITS GOV SANWO-OLU...

Governor commended the agribusiness for its contribution to

Obaseki Signs N450bn Revised Supplementary Budget into Law

The Edo State Governor, Mr. Godwin Obaseki, Tuesday, signed into law a revised supplementary budget of N450 billion.

Obaseki who signed the revised supplementary budget at the EXCO Chamber, in Government House, Benin City, said the government is appropriating about N5 billion to boost the growth of small businesses in the state.

He said: "I want to express my profound gratitude and appreciation to Mr. Speaker and members of the Edo State House of Assembly (EDHA) for the honour you have done us by promptly and expeditiously approving the revised supplementary budget.

“Also, I thank you for your understanding and appreciation of the issues at stake. Last week, I met with Mr. Speaker and the appropriation committee to inform and intimate them of the need for a revision of the budget they have earlier approved.

“We had to come back to the House to request for a revision and a supplementary allocation of the existing 2024 budget. After proper review and analysis, we found out that the 2023 budget was about N225 billion and at that time the exchange rate was about N750.

“It only follows common sense that if we must grow the economy of Edo State, our budget size needed to be doubled. What we have done in Edo is not just to double the budget size but to ensure more efficiency of the budget.”

Obaseki continued: “What is different about this budget which has

been revised is that we are almost certain that we have a 95 percent performance on the budget. As at half year, we are almost at a 100 percent relatively speaking. We don’t see the situation changing at the end of this year.

“What is more important for Edo people that we represent is that with this supplementary provision, most provisions are now going to capital expenditure. Whereas at the last evaluation, the budget ratio was about 55 per cent for capital and 45 per cent for recurrent, this appropriation is now 57 per cent for capital and 43 for recurrent expenditures. You can see that a lot more efficiency and resources are going to our people.

“We also used the opportunity of this revision to address a very important issue raised during the last citizens’ protest in Nigeria. Edo joined Nigerians to voice out their concerns about the deteriorating welfare of citizens.

“As a state, we can't address all these issues but realized that for many small businesses, because of inflationary pressure, most of their capital has been eroded as they can only trade with 50 percent and earning less.

“With the revised supplementary budget, we attempted to address some of these issues. We are providing in this budget up to N5 billion which we plan to disburse up to N1 billion monthly to help very small businesses, traders, and farmers access capital.

“We will use market associations, age groups and associations in

communities where they already have some sort of support to each other as we try to ameliorate the suffering of Edo people.”

The governor added: “We want to assure you that for the few months left in the life of this administration, our goal is to ensure that we complete all projects started

and to leave a solid foundation on which the next administration will build on.”

Earlier, the Speaker of the State Assembly, Rt. Hon. Blessing Agbebaku, alongside other members of the house, presented the 2024 revised supplementary budget to the governor.

Presenting the budget, the Speaker noted, “We are here to present to you the 2024 approved revised appropriation law that was passed some hours ago. We all know that at every given point towards the end of the year, there must be a supplementary budget to appropriate areas not captured or appropriate

for areas not budgeted for.

“We are here today to present to you the 2024 approved supplementary reviewed appropriation law. With this budget, we know you will be finishing well and properly. I am here to present to you the 2024 appropriation supplementary budget.”

CJID, Citizens’ Gavel, Others Urge Tinubu to Address Incessant Attacks on Journalists

The Centre for Journalism Innovation and Development (CJID), Citizens’ Gavel, journalists, media professionals and other CSOs have called on President Bola Ahmed Tinubu to take decisive action to stop incessant, unwarranted attacks and harassment of journalists across the country.

In a related letter, the media stakeholders and CSOs stated that in recent months there has been a disturbing rise in incidents involving the unlawful arrest, harassment, intimidation, violence, and detention of journalists who are simply carrying out their professional duties, over unfounded claims.

Deputy Director, Journalism Programme at CJID, Busola Ajibola, who signed on behalf of the groups, said the actions not only threaten the safety and lives of journalists and media professionals, but also undermine the fundamental principles

of freedom of expression and the press.

“The role of the media in a democracy cannot be overstated as journalists and media professionals play a pivotal role in promoting good governance, transparency, and accountability,” the letter stated.

In the letter, CJID Press Attack Tracker data between May 29, 2023, and June 30, 2024, was mentioned to illustrate the intensity of the attacks.

The letter also called on the president to: "Implement laws and other measures directed at strengthening press freedom protection, and ensuring that journalists and media professionals carry out their watchdog activities as guaranteed by the constitution, without any fear of attack and intimidation.

"Conduct thorough investigations into recent cases of journalists’ detention and into all reported cases of attacks on journalists, and ensure that the perpetrators are brought to book.

Nordic Countries Agree to UN Reform, Canvass Security Council Membership Increase

Michael Olugbode in Abuja

Nordic countries have agreed to support Nigeria’s demand for the reform of the United Nations.

The Nordic countries - Finland, Norway, Denmark, Iceland and Sweden - gave the promise on Tuesday in Abuja during the visit of their foreign affairs ministers to Nigeria.

The countries said it was important to address Africa's under-representation in the UN Security Council.

The foreign affairs ministers from the five countries are in Nigeria on a joint visit, the first of its kind

outside of Europe.

The visiting Nordic delegation comprised Mr. Tobias Billström, Minister for Foreign Affairs of Sweden, Ms. Elina Valtonen, Minister for Foreign Affairs of Finland, Ms. Thórdís Kolbrún Reykfjörd Gylfadóttir, Minister for Foreign Affairs of Iceland, Ms. Bjørg Sandkjær, State Secretary for International Development, Norway and Ms. Eva Marie Frida Barløse, Under Secretary for Foreign Policy, Denmark

Speaking during a visit to Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, at Tafawa Balewa House, Abuja,

Mr. Tobias Billström, Minister for Foreign Affairs of Sweden described Nigeria as a prominent actor both in Africa and globally.

While commending Nigeria's efforts towards promoting peace and forging international cooperation, Billström said: "Our engagement in Africa has been guided by solidarity and long-term equal opportunities.

“The diplomatic ties between Nigeria and the Nordic countries date back more than 60 years, half a century. And Nigeria is also one of our largest trading partners on the African continent.

"And the recurring business forum Nordic-Nigeria Connect,

hosted in Lagos last year is an important venue for further boosting trade and investments between our countries. The role and importance of African countries in international politics is greater than ever.

“Nigeria is a prominent actor on the regional and global stage, and plays an important role in maintaining peace and furthering international cooperation.

"We highly appreciate the Nigerian President's efforts to promote stability and democracy within ECOWAS, and supporting ongoing efforts to further enhance cooperation between the United Nations and regional organizations.

"Engage and pressure all the arms of government to commit to respect press freedom by upholding and protecting the rights of journalists as guaranteed by the Nigerian Constitution.

"Engage the security agencies, particularly the Nigerian Police Force, the Nigerian Army, and the State Security Service, also known as the DSS on their roles in protecting press freedom and the importance of properly implementing the laws that relate to press freedom and freedom of expression."

It also called for engagement with media professionals and other relevant

stakeholders to facilitate constructive dialogues on the issues of press freedom and journalists’ safety and to work in partnership with them to create a safer and enabling environment for journalism to strive in Nigeria. Furthermore, the letter stated that all complaints against journalists in connection with their work be first reported to, and investigated by the Nigeria Media Complaints Commission (NMCC), otherwise known as the National Ombudsman with prima facie case been established before the journalist concerned is invited, arrested, or prosecuted.

National Productivity Centre Partners Enugu Govt to Train Public Servants

The National Productivity Centre has partnered the Enugu State Government to build the capacity of public servants across ministries, departments and agencies in the state for enhanced productivity.

Speaking during the opening of a three-day capacity building workshop organised by the Enugu State Ministry of Labour and Employment in collaboration with the productivity centre, its Director-General, Baffa Agundi, said that improving productivity in the public sector is pivotal for ensuring efficient and effective service delivery. Agundi, represented by the Director of Productivity and Capacity Building at the centre, Titi Lola, recalled that the centre signed a Memorandum of Understanding (MOU) with the Enugu State Ministry of Labour on the 12th July 2024 in its bid to improve productivity in the state.

“The purpose of the MOU is to build the momentum for change through a holistic capacity building programme

since no organization, institution or nation can fare better than the quality of the human resource in terms of their ability to create, innovate, add value and generate wealth,” he said. He noted that the centre was currently working on the Productivity Linked Wage System which is geared towards linking the wage of workers to productivity, adding that it was also involved in the development of a Performance Management System (PMS).

In his address, Governor Peter Mbah of Enugu State said his administration remains committed to creating a dynamic and responsible public service that is capable of meeting the evolving needs of the citizens while still developing the state.

Mbah, represented by the Secretary to the State Government, Dr. Chidiebere Onyia, noted the training is one of the key ways of tracking performance, adding that skills and competence of every workforce determines to a very large extent how far a state can go in achieving its objectives.

Gideon Arinze in Enugu

Kuni Tyessi in Abuja

L-R: Olam Agri Nigeria Country Head, Anil Nair and Lagos State Governor, Babajide Sanwo-Olu, during a recent courtesy visit where the

food security held in Lagos...on Monday

COMMITTEE OF FRIENDS...

L-R: Secretary to the Imo State Government, Chief Cosmas Iwu; Chief Executive Officer, Roudo Nigeria Limited, Sir Tony Chukwu; Father of the groom and Chief Executive Officer of Orange Group, Sir Tony Ezenna; President/Chief Executive Officer, Chimons Gas Limited, Mr. Chijioke Achigbu; Deputy Speaker, Imo State House of Assembly, Hon Amara Iwuanyanwu, and Chieftain of the All Progressives Congress, Dr. Clement Anozie, at the wedding reception of Ernest and Amanda Ezenna in Lagos…recently

Court Summons Education Minister, Others over Scrapping of HND Pharmaceutical Technology

A Federal High Court in Abuja, Tuesday, summoned the Minister of Education, the National Board for Technical Education (NBTE) and the Pharmaceutical Council of Nigeria (PCN), over the planned discontinuation of the award of Higher National Diploma (HND) certificate in Pharmaceutical Technology.

Justice Peter Lifu of the Federal High Court, Abuja, summoned the minister and the two other defendants while delivering ruling

in an exparte application brought by some aggrieved holders of the HND Pharmacuetical Technology certificate.

The three defendants are to appear before the court on Friday August 16, 2024, and show cause why the request for a restraining order against them should not be granted.

The NBTE had in a circular dated April 7, 2024, resolved to discontinue the award of HND certificate in Pharmaceutical Technology in all institutions under its control.

In the circular, the NBTE indicated that it will henceforth stop granting approval and accreditation of HND in Pharmacy Technician Programme but, will however continue to grant approval and accreditation of National Diploma in Pharmacy Technology.

The circular signed by the Executive Secretary of the NBTE, Prof Idris Bugaje, after a ministerial meeting in the Federal Ministry of Education, said that all students currently studying Pharmaceutical Technology in institutions across the country will be allowed to graduate

Obaseki Extols Virtues of Late Emeritus Archbishop of Benin, Ekpu

The Edo State Governor, Mr. Godwin Obaseki, has extolled the exemplary virtues of the late Emeritus Archbishop of Benin City Catholic Archdiocese, Archbishop Patrick Ebosele Ekpu, hailing his contributions to the development of the State’s education sector.

Obaseki who led a delegation of government officials on a condolence visit to the Archbishop of Benin Catholic Archdiocese, Archbishop Augustine Akubeze, in Benin City, the Edo State capital, described the late emeritus archbishop as a lover of education and great ambassador of the Catholic faith.

The governor was accompanied on the visit by the Speaker of the Edo State House of Assembly, Rt. Hon. Blessing Agbebaku; Deputy Speaker of the Assembly, Hon. Maria Edeko, and other members of the Assembly; Secretary to the State Government, Joseph Eboigbe; serving Commissioners and heads of Ministries Departments and Agencies (MDAs), among others.

Obaseki stated: “We are here to pay condolence to you and the Catholic community in the state on the passing of our late father, His Grace Most Rev. Dr. Patrick Ebosele Ekpu, the Archbishop of Metropolitan See of Benin City.

“He was the Bishop we knew growing up in Edo. He was a father to us all. What stood him out and will always be remembered for was his interest and love for education and how he made the Catholic Church the proprietor of choices in terms of the way he rebuilt the Catholic schools.

“He has worked so hard in the

vineyard of God. We thank God for his life and we are here to commiserate with you and thank God he was able to make a difference in his lifetime in our society and life.”

He added: “We celebrate his achievements and even though we will miss him, we will always

remember the good he did for us in the state and the Catholic community and mankind.”

In his response, Archbishop Akubeze thanked the governor for the visit, reassuring him of the continued prayers of the church for the success of his administration.

but that there shall be no fresh admissions as from April 2024. The circular also indicated that graduates of Pharmacy Technology may have no place in clinical setting according to PCN but can seek employment in other sector.

Displeased, the six plaintiffs through their lawyer, Wumi Adebayo, filed a commenced legal action last month against the NBTE and PCN.

Pending commencement of hearing in the main suit, the plaintiffs filed an exparte application to halt the implementation of the directives of discontinuing the award of HND in Pharmaceutical Technology.

They specifically urged the court to make an order of interim injunction restraining the two defendants from implementing or giving effect to the "circular with reference number C/TEB.792/ VOL.I/270 dated April 17, 2024 titled ~ ‘Circular on Discontinuation of HND Pharmaceutical Technology Training in all institutions under the Purview of the National Board for Technical Education (NABTE)’ or further threatening or attempting to cease and/ or stop the course/training of Pharmaceutical Technology in all institution under the purview of the

House Committee Queries WAEC over N6bn Deficit Incurred in 2023, N5bn Loan

Adedayo Akinwale in Abuja

The House of Representatives Committee on Basic Examination Bodies, has queried the. West African Examination Council (WAEC) Nigeria over a N6 billion deficit the agency incurred in 2023.

The Committee while interrogating the Head of National Office, Josiah Dangut, at an investigative hearing held on Tuesday in Abuja further grilled the examination body over a loan of N5 billion it got in 2022 for the purchase of customised calculators.

Dangut was accompanied by the Registrar, Angus Okeleze; Senior Deputy Registrar, Victor Odu; Acting Director of Finance, Segun Jerumeh, and Deputy Director of Finance, WAEC.

The committee queried the WAEC on the number of students that participated in the 2022 examination that it got the calculators for.

Chairman of the committee,

Hon. Oboku Oforji, maintained that there was a need for the examination body to explain how WAEC generated N34 billion in 2023 but spent N40 billion.

He wondered how the examination body could approve a loan of up to N5 billion, when even a Ministerial Board could not approve such an amount.

Following the unsatisfactory response by the WAEC representatives, the committee resolved that WAEC must submit all its bank statements from 2018 till date within a week.

Dangut provided the cash book of the agency to the committee, but they declined, insisting that it must submit its bank statements.

A member of the Committee, Awaji-Inombek Abiante, described WAEC as uncooperative, saying they must be held accountable.

According to him, "WAEC Nigeria was an uncooperative witness in this process, shielding and denying Nigerians of having value for whatever investment

the country has had in that office should submit to this committee in furtherance of this investigation all the bank account statements of his office."

The committee, therefore, demanded that WAEC must provide the expenditures that have led to the N6 billion deficits and all correspondence related to the purchase of customised calculators.

It said evidence of approval for the N5 billion loan to purchase the customised calculators must also be provided The committee further demanded evidence of due process followed for the award of the contract as well as evidence of payment, including payment vouchers and bank records.

It equally asked for evidence of submission of accounts to the Auditor General for the federation from 2018 to 2023, as well as the profile of the external auditor for the agency and the engagement letters for the past three years.

1st Defendant and/or preventing healthcare professional who are Pharmaceutical Technologist from using their certificate to work or gain employment in the Hospitals and healthcare/clinical settings in Nigeria pending the hearing and determination of the Motion on Notice for interlocutory injunction now pending before this Honourable Court".

After listening to the argument of the applicants, the court drew their attention to their failure to make the Minister of Education a party in the suit in view of the fact that the decision to discontinue the HND programme was at the instance of the minister.

Justice Lifu thereafter ordered them to go and amend their processes to accommodate necessary parties in view of the national and sensitive nature of the request being made from the court.

He ordered that upon amending

Adibe Emenyonu in Benin City

Edo State Government said it would unveil a new development plan for the state to give a new lease of life to residents ahead of the next administration, as part of activities marking the state’s 33 years anniversary.

At a joint press conference, the Commissioner for Physical Planning, Housing and Urban Development, Isoken Omo; her Education counterpart, Dr Joan Oviawe; that of Arts, Culture and Tourism, Dr. Uyi Oduwa-Malaka; as well as Commissioner for Information and Orientation, Chris Nehikhare, outlined the events for the celebration, with the theme, “The Glory of The New Edo Nation.”

Omo said, “This is the end of this administration. We are going to the next 30 years of this state and what better way to celebrate the next 30 years than recognising what we are in our past, and then bring up to the future and hand it over to the next generation.

“That is why we are launching the Edo State Regional Development and Benin City masterplan at this Edo at 33. We will launch and hand over to the next generation, to be launched on Tuesday 27th

their processes, they should serve same on the defendants who must appear in court along with the plaintiffs on August 16, 2024, to show cause why the request should not be granted.

"Considering the national nature of this case, I hereby invoke order 26, Rule 8 of the 2019 Rules of this Court to order the defendants to show cause latest by Friday August 16, 2024, while the reliefs being sought herein should not be granted as prayed in the motion exparte", the judge held.

While the plaintiffs in the suit marked: FHC/ABJ/CS/911/2024 are Abdul Aziz Bello, AbdulRasheed Tanimu, Osaro Odeh, Comrade Olufemi Adebisi, Medical and Health Workers Union of Nigeria and the National Association of Pharmaceutical Technologists and Pharmacy Technicians of Nigeria, the two defendants are the NBTE and PCN.

of August, which is the day Edo State was created. There is nowhere in the world where Nigerians are excelling that you will not find an Edo person.”

On her part, Oviawe said the event would feature school children from kindergarten, special needs children to the tertiary institutions “to create a different structured format for them to interface with the Edo State masterplan. It is important that our young people understand that, imbibe it in our quest to carry the torch light into the next generation.”

Oduwa-Malaka said the celebration would bring Nigerian celebrities, like Rema, Shallypopi, and others to spice up the events and honours given to deserving Edo people.

Nehikhare summed up the conference, saying, “This government has been very deliberate in everything that it has done.

“I don’t think there is any government in the past that has done this that will be handed over to the next generation and it is only fair that we hand over the next generation about Edo. All great cities, all great towns, have masterplan; we didn’t inherit any, but it is good we hand over one to the next generation.”

Alex Enumah in Abuja

CloSEout EvEnt of

ovEr 20,000 GirlS...

L-R: Permanent Secretary, Ministry of Youth and Social Development, Mrs. Oluwatoyin Oke-Osanyitolu; Commissioner for Youth and Social Development, Mr. Mobolaji Ogunlende; ; Representative of Governor of Lagos State and the Commissioner for Economic Planning and Budget, Mr. Ope Goerge; Special Adviser, Climate Change and Circular Economy, Mrs. Titi Oshodi; Commissioner for Local Government, Chieftaincy Affairs and Rural Development, Hon. Kayoed Roberts and the Deputy chief of Staff to the Governor, Mr. Sam Egube, during the Closeout Event of the ‘Leave No One Behind’ Initiative, designed to empower over 20,000 girls and women with essential skills in circular economy practices, held at the Correctional Centre for Girls, Idi-Araba, Lagos ... recently

Afenifere: Neither Military Coup Nor Intervention by Foreigners Can End Hunger

Says Ekiti safer under Oyebanji

Adedayo Akinwale in Abuja and Gbenga Sodeinde in Ado Ekiti

Afenifere, a pan-Yoruba socio-cultural and socio-political organisation, Afenifere has condemned the outcome of the recent hardship protests, saying neither a military to take over of power or intervention by external forces could end hunger in Nigeria.

National Publicity Secretary of the group, Jare Ajayi, in a statement, therefore warned that the country's democratic dispensation should not be sacrificed or truncated for any reason.

The group further noted that some people, who hid under the guise of the recently concluded protests called on the army to stage a coup and seize the reign of political power in the country.

“Whether the flags belonged to Russia or the army, the message is

He recalled that during the recently hardship protests, some protesters brazenly hoisted flags associated with Russia, while some maintained that the insignia on the flags were that of the Nigerian army.

more or less the same – inciting the taking-over of government through an unconstitutional means,” he said. He added that since the protest was ostensibly to push for an end to the hunger and sundry other deprivations in the land, "how come they look in the direction of either the military or a foreign power.

“It would be a height of

Igbinedion's Daughter, Others Dump PDP for APC

Adibe Emenyonu in Benin City

The membership of the All Progressives Congress (APC) in Edo State, yesterday, swelled as the daughter of Esama of Benin, Chief Gabriel Igbinedion, a former member of the House of Representatives, Omosede Igbinedion, and her supporters joined the APC a few hours after resigning from the Peoples Democratic Party (PDP).

Ms Igbonedion was received at the Edo South senatorial district flag-off of the APC governorship campaign for the September 21 gubernatorial polls by political leaders of the party, who berated the almost eight years administration of Governor Godwin Obaseki.

At the rally, the APC standard bearer, Senator Monday Okpebholo, unveiled a five-point manifesto, which included security, infrastructural development, education, agriculture and water provision.

The rally held at the Ekheuan

Campus of the University of Benin attracted leaders of the party from the 77 wards that make up the Edo South district.

Speaking at the rally, former governorship candidate of the party, Pastor Osagie Ize-Iyamu, said the rally signified the end of the PDP in the state.

Also, a former member of the Board of Trustees (BoT) of the PDP, who recently returned to the APC, Mr. Charles Idahosa, urged the people of Edo Central to organise a debate for Okpebholo and his PDP counterpart, Asue Ighodalo, in their homeland to speak to their people and see who would falter.

Idahosa apologised to the people for leading Obaseki from the APC to the PDP, adding: “I was the face of Obaseki to the PDP. It was a mistake."

Receiving Igbinedion, who was accompanied by two of her brothers, Mike and Fred Igbinedion, the Acting State Chairman of the APC, Emperor Jarrett Tenebe said, “The train to

ATED Lo SS of 400,000bp

which will be responsible for interfacing with the company and other stakeholders in the oil-producing regions to secure the nation’s critical hydrocarbon infrastructure.

While pledging commitment towards improving security and the performance of his troops, the CDS said the military will sustain the onslaught and analyse the troops' capabilities to enhance their performance and bolster productivity.

He stressed the need to ramp up production for a prosperous economy and reassured collaboration with intelligence agencies, private security, state governments and host communities for enhanced performance.

"Working in silos won't give us the best results. I want to assure you that we will collaborate with the

necessary stakeholders to achieve our set targets as mandated by Mr. President," he stressed. Meanwhile, the NNPC has said that its investment in the Dangote Petroleum Refinery was cut to 7.2 per cent because of its decision to focus partly on Compressed Natural Gas (CNG).

Soneye, NNPC’s spokesman stated this during a call-in programme to Brekete Family programme, a popular pidgin radio programme in Abuja.

In September 2021, NNPC acquired a 20 per cent interest in Dangote refinery for $2.76 billion. But, on July 14, Aliko Dangote, chairman of the 650,000bpd Dangote refinery revealed that the NNPC had reduced its stake in the refinery to 7.2 percent. But the NNPC spokesman

Osadebey Avenues is taking off and it will stop in Edo Central, Edo North and come back to Edo South, so the people should enter the train now before it gets to Osadebey Avenue.”

Speaking, Omosede Igbinedion said she left the PDP because the APC had supported her vision for Ovia people.

Former governor of the state and senator representing Edo North in at the National Assembly, Adams Oshiomhole, noted that Igbinedion’s coming to the APC was an asset and urged the people to vote out PDP and its candidate, whom he accused of presenting fake credentials of what he is not.

self-delusion to assume that the intervention of either the military or a foreign power will put an automatic stop to the hunger in the land."

Afenifere stressed that while democracy might not yet avail the country the best that it desired and deserved, it was still the best in the current situation because of its inherent characteristics of making the people the custodians of political mandate.

“Its elastic nature allows various tendencies to operate, as long as they do so within the ambit of the law. This is a far cry from what is obtainable under a military government,"Afenifere added.

Meanwhile, Afenifere has lauded the Ekiti State Governor, Biodun Oyebanji, in the area of security, saying the governor in his almost two years in office has demonstrated uncommon commitment to the wel-

fare and socio-economic development of the state.

The deputy chairman of Afenifere in Ekiti state, Bayo Idowu spoke to newsmen in Ado-Ekiti, the state capital yesterday after a tour of major ongoing road projects across the state, equally lauded the governor for his investment and commitment to the upliftment of the state's infrastructure.

"Looking at security situations in other states of the federation, scores are being killed, people are being kidnapped. I must say Ekiti is safer now under Governor Oyebanji" Idowu who spoke on behave of the state chairman, Elder Yemi Alade, also identified the ongoing construction of Ado-Iworoko-Ifaki road, the first phase of Iworoko, Are and Afao Ekiti road and other township and community roads visited were testament of the administration’s dedication to improving the landscape of the state through road construction.

Assembly Recommends Ogun Monarch’s Prosecution over Alleged Land Grabbing

James Sowole in Abeokuta

Ogun State House of Assembly, yesterday, recommended prosecution of a traditional ruler, the Olu of Obafemi, in Obafemi-Owode Local Government Area, Oba Taofeek Kayode Owolabi, over allegations of land grabbing.

The Assembly also directed the

insisted that the company does not have any reason to sabotage the refinery since it has equity in the $19 billion firm.

“The reason for reducing our stake in Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap and all over the world, people are investing in clean and cheaper alternative energy,” Soneye said in pidgin.

According to him, when Nigerians use CNG, it will be cost-effective for them, explaining that the NNPC does not regulate the downstream and therefore has no issues with the facility located in Lagos.

He, however stated that the only issue was crude supply which the NNPC has not been fully able to comply with due to oil theft. He

Ministry of Local Government and Chieftaincy Affairs and the State Council of Obas to immediately suspend the monarch for perpetrating acts capable of disrupting the peace of the residents of AgboroOlatunde village and the people of the State at large.

The recommendation of the Assembly, was part of the resolution

urged Nigerians to join in the fight to end the menace.

“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria, why don’t we invest in it since this is what people are doing all over the world?” Soneye asked.

He added: “We want all Nigerians to know that the NNPC does not have any issue with the Dangote Refinery. We are part of the owners of the Dangote Refinery and we don’t want it to collapse.

“We invested billions of naira into the Dangote refinery. As of today, we have a 7.2 per cent stake in the refinery. So, why would we want to sabotage such a company?

of the House passed at its plenary.

Specifically, the Assembly directed State Attorney-General and Commissioner for Justice, Oluwasina Ogungbade, SAN,to prosecute the monarch in accordance with the provisions of the State Anti-Land Grabbing Law, 2016 and other extant laws.

The action of the Assembly, was exercised in line with its quasi-judicial function.

The passage of the resolution, the Assembly said, followed the presentation of the report of the House Committees on Justice, Ethics and Public Petitions on the petitions received from Agboro Olatunde Community Development Association against the monarch, as presented by the Vice- Chairman of the Committee, Hon. Tella Babatunde, who thereafter moved for its adoption.

The motion, was seconded by Hon. Olusegun Kaka and supported by the whole house through a voice vote.

Consequently, the Majority Leader, Yusuf Sheriff, later moved the motion converting the Committee's recommendations into the House resolution, which was seconded by the Minority Leader Lukman Adeleye and supported

by the whole House, through a unanimous voice vote.

The report partly read: "In view of the allegations raised by the petitioners and the failure of the respondent to honour the invitation of the House on the issues raised by the petitioners, the Committee embarked on the spot assessment of the land under contention and observed as follows:

“That there is a land dispute between the residents of AgboroOlatunde Village and Oba Taofeek Kayode Owolabi (The Olu of Obafemi); the land under contention is located at Obafemi Owode Local Government Area of Ogun State;

“The monarch, who was alleged of land grabbing brought in a developer to Agboro-Olatunde Village, where over 30 hectares of land belonging to the residents of the village was cleared and cash crops amounting to millions of naira were destroyed by the respondent.

“The monarch, according to the Assembly, did not have either registered or non-registered title documents on the disputed land; and the action of the Monarch was contrary to the Anti-Land Grabbing Law, 2016 of Ogun State," the report read.

AUGUSTINE ALEGEH CELEBRATES BIRTHDAY…

L-R: Nigerian Bar Association (NBA) General Secretary, Mr. Adesina Adegbite; the celebrant, Mr.Augustine Alegeh, SAN; NBA Annual General Conference Planning Committee Chairperson, Mrs Oyinkansola Badejo-Okunsanya, and Chairman, NBA Benin Branch, Nosa Francis Edo-Osagie, during the birthday celebration of Mr. Alegeh held in Lagos… recently

Edo APC Candidate, Okpebholo, Warned against Attacks on ARISE TV

Adibe Emenyonu in Benin-City

A socio-political group, the Concerned Edo Citizens Forum (CECF), has warned the candidate of the All Progressives Congress (APC) for the September 21 Edo governorship election, Monday Okpebholo, to cease his attacks on ARISE News Channel and its presenter, Rufai Oseni, for simply doing their job of holding candidates accountable and calling on him to come forward and lay out his plans and programmes for the people.

Convener, CECF, Comrade Roy Oribhabor and the Director of Publicity, Mr. Felix Osas Osagie, the group charged the

In a statement by the

Group Urges PDP Lawmaker Not to Undermine Tinubu’s Govt

Sunday Okobi

The Diaspora group of the All Progressives Congress (APC) yesterday counseled the member of the House of Representatives representing Ideato North/South federal constituency of Imo State, Hon Ikenga Ugochinyere, not to undermine the administration of President Bola Tinubu.

The group in a statement alleged that Ugochinyere of the Peoples Democratic Party (PDP) was rallying opposition forces in the country in preparation for the 2027 general election..

According to the group,

“Some members in the House of Representatives are concerned at the subtle campaign currently embarked upon by the opposition legislator to target and portray the APC-led federal administration officials supervising the petroleum sector as complicit in the alleged maladministration of the sector.”

The group said: “Last Friday, he led five other members to meet with former President Olusegun Obasanjo in Abeokuta where the former leader openly charged the legislators to work towards a reformed Nigeria where the country is transparently and efficiently run.

Court Sends Four Persons to Life Imprisonment in Ekiti

Gbenga SodeindeinadoEkiti

The High Court of Ekiti State presided over by Hon.Justice A.L Ogunmoye on Monday convicted and sentenced four persons to life imprisonment.

The convicts are: Adeoye Sunday, Adewusi Dare, Bamigboye Damilola and Ogunlayi Seun, who were convicted for the offence of kidnapping and five years imprisonment for the offence of conspiracy. The 5th defendant,Ojo Tope was , however, acquitted and discharged for all the offences.

The offences were committed by the convicts on the 14th day of September, 2017 at lkere – Ekiti

where one Madam Florence Popoola, an aged woman of 75 years was kidnapped in her house and was kept in the forest between Eyio and Awo-Ekiti for four days until she was eventually released after the payment of N1.5 million ransom.

The four convicts were arrested and charged to Court with the offences of Conspiracy,Armed Robbery contrary to Section 6(b) &1(2) (a)of the Robbery and Firearms (Special Provisions) Act, Cap. R11, Laws of the Federation of Nigeria, 2004, Kidnapping and Conspiracy to Kidnap contrary to Sections 3 & 4 of the Ekiti State Kidnap and Terrorism (Prohibition)Law,2015.

Group Electrifies Niger Delta Community with Solar Power

Blessing IbungeinPortHarcourt

A group, Youths and Environmental Advocacy Centre (YEAC-Nigeria) has electrified Umuolu community with a sustainable solar power system, marking a significant milestone in the fight against energy poverty and environmental degradation in the Niger Delta.

Umuolu community in Ndokwa East Local Government Area of Delta State, previously plagued by darkness and reliance on diesel and generators since its creation, is now basking in the glow of clean and renewable energy.

The 90.12kwh capacity solar

power system, designed and installed by YEAC-Nigeria through its subsidiary, Community Energy and Development and YEAC-UK is expected to empower the local economy, improve healthcare, education, and overall quality of life for the community.

Speaking, the Executive Director of YEAC-Nigeria, Mr. Fyneface Dumnamene, said the electrification of Umuolu is the beginning, as the organisation continues to work tirelessly towards its mission of promoting sustainable development and environmental stewardship across the Niger Delta region.

APC candidate to stop evading public scrutiny and honour the invitation extended to him by the station, just as other

candidates in the forthcoming guber elections.

The group condemned, in the strongest terms, the fierce attack

against ARISE Channel by the APC candidate in an attempt to gag one of its presenters, Rufai Oseni.

Azman Air Suspends Commercial Services, Sacks Workers Without Pay

Chinedu Eze

Nigerian carrier, Azman Air, has suspended its operations and sent its staff on compulsory leave without pay, thus reducing the number of aircraft on domestic services in Nigeria.

This was confirmed by the Nigerian Civil Aviation Authority(NCAA) which indicated that the airline took the decision after the end of its hajj operation and the grounding of its Boeing 737 aircraft.

Dana Air in May also sacked its workers without pay after NCAA suspended its operations due to safety concerns.

Industry sources said the two airlines have pushed at least 600 workers into the job market with the suspension of their operations.

The circular signed by the Human Resources Manager at Azman Air stated that only eight senior staff members were exempted from unpaid leave.

In March 2021, Azman Air suspended its flight services to all destinations in Nigeria when NCAA grounded its operations over an incident and the huge debt it owed the regulatory authority.

NCAA stated then that it allowed regulators to audit the carrier to determine the cause of previous incidents and recommend solutions.

Presidential Amnesty Graduates Laud Otuaro’s Innovative Leadership

The National Association of Presidential Amnesty Graduates (NAPAG) has applauded the innovative leadership of the Administrator of the Presidential Amnesty Programme (PAP), Dr Dennis Otuaro.

NAPAG, in a statement issued yesterday by its National

Coordinator, Somina Morrison Igani, commended Otuaro for his innovative approach to leadership.

The group also hailed him for bringing vast improvements in overseeing the PAP.

Igani observed that Otuaro’s innovative leadership approach has manifested greatly in all aspects

of the programme, particularly in his determined effort to bridge the human capital development gap in the Niger Delta.

He noted that the PAP administrator’s steadfast dedication has resulted in significant progress in several areas under the programme.

He listed these to include enhanced academic opportunities through scholarship awards, the prompt payment of monthly stipends to PAP delegates, and a revitalised vocational skills acquisition programme, providing beneficiaries with high-quality training in various trades.

Kwara Vows to Prosecute Violators of Indiscriminate Dumping of Refuse

Hammed Shittu in Ilorin

Kwara State Government yesterday vowed to prosecute anybody caught indiscriminately dumping refuse across the state.

Towards this development, the government has set up 300-man environmental task

force committee that would ensure that the residents of the state comply with the rules and regulations guiding the dumping of refuse in the state.

Speaking in Ilorin with journalists on the state of environmental situation in the state, the state Commissioner for

Environment, Alhaja Nafisat Musa Buge, expressed deep concern over the attitude of residents of the state towards making the Ilorin, the state capital, and other parts of the state cleaner for the people.

According to her, “It is therefore pertinent for a responsible government to take action in order to sustain a clean and hygienic environment for the healthy living of its people.

“Governor AbdulRahman AbdulRazaq is deeply committed to this cause and has given the ministry the mandate and all the necessary support to deliver on the job.

Tension as Four Killed, Three Missing in Enugu Community Clash

Tensions is currently brewing in Igbo-Etiti Local Government Area of Enugu State following the alleged killing of four Aku youths by members of the neighbouring Ikolo community. The victims were reportedly part

of a search party looking for three missing youths, who were suspected to have been kidnapped by Ikolo residents.

According to a source from the community, the tragic development began on August 1, 2024, when three young men from Aku who were identified as Frank Didigwu, Chibuike Nnadi, and Obiora Dugwu, went to Ikolo to seek traditional medicine for the critically ill mother of one of them.

He said that “on getting to the premises of the herbalist, one of the victims put a phone call to his sister, confirming that they have got to the residence of the herbalist and awaited their turn to receive attention.

“Since that call, the three young men have not been seen or heard from, and their phones have remained switched off” he said, adding that on Thursday, August 8, the search party was allegedly ambushed by suspected armed Ikolo residents, leading to the killing of four of them, while others sustained gunshot injuries.

Abbey Mortgage Bank Re-launches App to Boost Customer Experience

Abbey Mortgage Bank, a renowned financial institution, has revamped its mobile app with innovative digital solutions to enhance customers’ mobile banking experience.

The Abbey mobile app known as ‘AbbeyMobile 2.0’ comes with

new exciting features, enhanced security, and a user-friendly interface designed to meet customers’ financial needs.

Speaking about the newly upgraded mobile app, the Group Head, Retail Sales & E-business, Abbey Mortgage Bank, Felix

Omodayo-Owotuga, said: “The re-launch of AbbeyMobile 2.0 comes on the heels of the bank’s recent ISO recertification which highlights its adherence to the highest security standards.

“AbbeyMobile 2.0 represents a significant step in the bank’s

ongoing journey to enhance its services and embrace the future of banking.”

“The re-launch coupled with our ISO recertification demonstrates the institution’s dedication to innovation, security, and customer satisfaction.”

Osun Assembly Passes Bills to Strengthen Local Govt Autonomy

Yinka Kolawole in Osogbo

In a move to bolster local government autonomy, the Osun State House of Assembly yesterday passed two crucial bills into law, the Osun State Independent Electoral Commission (Amendment 1) Bill, 2024 and the Osun State Local Government Areas (Creation and Administration) (Amendment 7) Bill, 2024.

The key objectives of these bills are to align the state’s legislation with the recent

Supreme Court judgment that upheld the independence of local governments. The Osun State Independent Electoral Commission Bill seeks to regulate the state’s electoral body to conduct elections in the recognised 30 local government areas. It also empowers the elected local government chairmen to appoint chief administrators into the Local Council Development Areas (LCDAs) and the six area councils within their respective jurisdictions.

GideonArinzeinEnugu

How

people in the society where they operate. I believe that is the spirit behind Tony Elumelu’s Africapitalism philosophy which is being driven through his Tony Elumelu Foundation, TEF outreach to Africans with one hundred million dollars ($100m) funding for mentoring and seeding young entrepreneurs. One wonders why a similar concept to help the critical mass of Nigerians in one way or the other was not copied by the financial services sector or the Bankers Committee in Nigeria. That is what self-regulation is about.

Take for instance the Dangote Group which has made concerted efforts to support the most vulnerable in our society by offering them sucor through distribution of food (rice)to the indigent nationwide.

Contrast the image of the Dangote Group five (5) years ago, and one can see the difference from when it was highly vilified for its trucks being a menace to the road users to the present situation where those public officers in NNPC Ltd condemning products from Dangote Refinery can be lynched by a Dangote loving mob for what they consider unpatriotic and intransigent behavior.

Such is the power of image burnishment which can change negative to positive perception and it can be applied be individuals, corporates and governments as well with superlative outcomes such as the Tony Elumelu and Aliko Dangote outcome.

I am aware that the anticipated revenue from the FX tax is intended to partially fund the 2024 national budget deficit of N9.18 trillion, with N6.2 trillion expected to come from the windfall bank tax to help reduce the deficit. This supplementary budget, intended for infrastructure, education, and other critical areas, was passed by the National Assembly alongside the amendment of the Finance Act 2023, which imposed a 70% tax on FX gains—now part of the Finance Act 2024—along with penalties for non-compliance, including three years of imprisonment and a 10% fine.

However, many economists believe that taxing capital gains is inefficient. The dilemma is that without taxing capital gains, people might shift taxable income into this category. This creates a complex situation: if our banks are overly taxed, they might lose their competitive edge internationally, especially as they expand across Africa and generate foreign exchange for the country. This makes the tax a tricky issue.

In “Das Kapital,” Karl Marx explores the consequences of the rich and the poor coexisting in society without balance. He argues that society is divided into two main classes: the bourgeoisie (the rich) and the proletariat (the poor). Marx believed the bourgeoisie exploited the proletariat by paying them less than the value of their labor, generating profits for themselves. In modern Nigeria, given the large profits banks are reporting, they could be seen as the bourgeoisie, extracting value from the Nigerian banking public, who resemble

NEWS

CBN Governor, Yemi Cardoso

the proletariat. This concentration of wealth among banks supports Marx’s view that capitalism leads to wealth concentration in the hands of a few, while the majority remain poor and powerless, potentially leading to unrest.

We saw a glimpse of such unrest during the naira redesign exercise introduced by the CBN in 2022/23, which caused a severe naira shortage. Bank managers hoarded the currency in their vaults, selling it at a premium incurring the wrath of the masses who set some bank buildings on fire. Public anger was also directed at P.O.S. operators who charged high fees for naira withdrawals as they were physically attacked.

I aimed to apply Marx’s concepts of exploitation, surplus value, and class struggle to Nigeria’s current situation, where the CBN has had to intervene to prevent public anger against banks, bankers, and related services like P.O.S. operators.

Overall, Marx’s ideas about the exploitation of the proletariat by the bourgeoisie are relevant to Nigeria’s banking system, where banks appear to be profiting significantly while much of the population remains economically marginalized. The naira redenomination exercise and the resulting public anger towards bankers and P.O.S. operators highlight the tensions between these classes. The CBN might be trying to diffuse this tension through the profit tax on banks, which is now causing discomfort for financial institutions, especially deposit money banks.

The banks’ difficulties are compounded by the timing of this policy, which coincides with a new CBN recapitalization requirement. Banks must now increase their capital base to N500 billion for an international license and N200 billion for a national license, prompting them to scramble to raise funds from the Nigerian public, who are currently facing high inflation nearing 40%.

Adding to the challenges, the CBN has issued a directive that all funds in dormant accounts must be transferred to the CBN for safekeeping. Faced with multiple policies that could harm the financial services sector, bankers suspect malice from ex-bankers now leading the Ministry of Finance and the CBN, specifically Wale Edun, Minister of Finance, and Yemi Cardoso, CBN Governor. These policies are seen as stripping banks of idle funds in dormant accounts and windfall money that could have supported their recapitalization efforts.

This suspicion is intriguing, especially since the CBN allowed banks to report their FX windfall in their 2023 annual accounts before implementing the FX gains tax policy. It feels like a trap, particularly because banks had no warning, despite two of the four deputy governors, Philip Ikeazor and Emem Usoro, coming from the banking sector. It seems the era of a secretive CBN governor, where financial institutions must closely watch for signals, has returned.

This secretiveness, common in the U.S., where understanding the Federal Reserve Bank governor’s next move is an art, appears to have taken hold in Nigeria. A host of financial analysts is now trying to decipher the CBN’s actions.

Given these circumstances, the windfall FX gains tax can be seen as a strategic, albeit controversial, move that could have a significant impact if fully implemented.

Notably, windfall profit taxes on certain sectors due to extraordinary profits from favorable policy changes are not unprecedented. For instance, in 1981, British Prime Minister Margaret Thatcher’s finance minister, Geoffrey Howe, imposed a windfall tax on banks that made excess profits, raising about £400 million through a 2.5% surcharge on non-interest-bearing current account deposits. Similarly, in 2020, Chancellor Rishi Sunak imposed a bank profits surcharge to raise £2.1 billion for the UK government.

Despite resistance from banks, Thatcher defended the policy, arguing that the banks’ large profits were due to government policy, not improved efficiency or service.

In Nigeria, a similar tax on banks is expected to generate about N6.2 trillion, contributing to the increase of the 2024 appropriation to N35.055 trillion after the National Assembly’s amendment of the act. European countries like Spain and Italy have also imposed windfall taxes on oil companies following a 40% increase in

prices due to the ongoing Russia-Ukraine war.

In the United States, the Windfall Profit Tax (WPT) was enacted in 1980 as part of a compromise between the Carter Administration and Congress over the decontrol of crude oil prices, following price controls implemented by President Nixon from 1971 to 1980.

The bottom line is that the banking sector may become sturdier and more robust if the capital base for international licenses is increased to N500 billion and N200 billion for national licenses as directed by the CBN. That would enhance the capacity of the Nigerian economy to grow to become a one-billion-dollar one as envisaged by the incumbent administration.

The last time bank consolidation occurred in Nigeria was in 2005, and the number reduced from 87 to 25 after undergoing consolidation via mergers and acquisitions.

Will the number of banks shrink further after the ongoing consolidation exercise?

Already, the CBN has approved the gobbling up of an old generation financial institution, Unity Bank Plc by a start-up Providus Bank even as Hallmark Bank was wound down by the apex financial institution.

The Providus/Unity merge minicks the manner in Titan Bank, a very young bank acquired Union Bank, which is one of the oldest regional financial institutions whose origin predates independence and which is in the same age range as Wema Bank, First Bank, and UBA.

Incidentally, UBA had also been acquired by a relatively new Standard Trust Bank in the manner that Titan and now Providus deemed to be babies in banking, acquired grandees such as Union Bank and Unity Bank.

Although, the Titan/Union Bank acquisition/merger is currently caught up in controversy, the Standard Trust Bank/UBA deal merger has worked out well for the shareholders who have received more value since the combination.

Is it not amazing that one bank that has remained unchanged in terms of ownership is First Bank? Despite remaining intact and not having been acquired or receiving new funding from new owners, so no dramatic change of management has been forced, it has been pulling its weight by growing organically. As such it has remained amongst the tier 1 banks in Nigeria.

The bottom line is that with banks being better capitalized would the high interest rates charges synonymous with Nigerian banks be reduced any time soon?

Is the CBN strategizing on how to achieve that objective of a regime of interest charges dropping from its present high of 30% to single digits? That is perhaps the question that is uppermost in the mind of the banking public in Nigeria.

Ministry to Unveil Intellectual Property Policy in Major Boost for Creative Industry

The Ministry of Art, Culture, and the Creative Economy has announced that it will launch an Intellectual Property (IP) Policy within the next four weeks.

The Minister, Hannatu Musa Musawa made this known on Arise Tv on, during an interview on the programme, Prime Time, a statement by the Special Adviser, Media and Publicity to the Minister, Nkem Anibeze, stated. Musawa said that the policy which is being developed in collaboration with the Ministry of Industry, Trade,

and Investment, will revolutionise the protection and promotion of Nigeria’s creative industry.

“One of the things that we knew was very important was to set up a regulatory and legal framework. We didn’t have a proper policy framework that could protect or support people or creators within the sector, so, we are working on an intellectual property policy which is completely foundational and there is an inter-ministerial committee that has been set up for that purpose.

“The Minister of Industry, Trade, and Investment and I are driving

that particular policy and hopefully, within the next three to four weeks, that should be done. We are working together with the Nigerian Economic Summit Group (NESG) and the World Intellectual Property Organisation (WIPO), to also come up with an updated version of our culture policy that will be in line with the yearnings and the nuances of today.

“We are committed to empowering our creatives and unlocking the full potential of our creative industry. This IP policy will be a major milestone in our journey towards becoming a global creative hub,” Musawa stated.

The policy, when finalised is expected to provide a robust framework for the protection of intellectual property rights, fostering a conducive environment for creativity and innovation to thrive.

It will include clear guidelines for IP protection and enforcement, support for creatives to commercialize their work, support for collaboration between Nigerian and international creatives and fostering innovation and entrepreneurship, the statement said.

According to the ministry, with international partnerships in place

JAMB Registrar: Unbundling of Mass Communication in Nigerian Varsities Untimely

Hammed Shittu in Ilorin

The Registrar and Chief Executive of Joint Admission and Matriculation Board (JAMB), Prof. Is’haq Oloyede, yesterday, disclosed that the unbundling of mass communication discipline in Nigeria’s tertiary institutions is untimely.

Speaking in Ilorin, Tuesday, while delivering his address at the 15th Year Anniversary Celebration of the University of Ilorin 89.3FM Radio Station, Oloyede stated that specialization should be restricted at the post- graduate level.

The theme of the programme is entitled: “The Future of Radio, AI and the Transformation of Broadcasting”. According to him, “Nigeria is still developing and has not reached the state for such development”.

He said that the country has many graduates looking for jobs,

adding that narrowing down their opportunity to a particular discipline would also limit their chances of getting employed.

Oloyede added, “We need to be broader, giving the level of our under development. It is important to keep mass communication at the undergraduate level”.

Oloyede however described radio as a form of mass media and sound communication that contributes significantly towards development of the society.

“The intention of the radio is to improve the night economy of a community, especially Ilorin. Some people are night workers, while some are insomniacs,” he said.

Oloyede observed that Nigerian night economy keeps dwindling and needed attention, adding that radio could be used to achieve such development.

He reminded the university that the major role of the varsity radio is to disseminate educational programs, and information to students in and surrounding areas of the institution.

Also speaking at the event, the Vice Chancellor of the University of Ilorin, Prof. Wahab Egbewole, lauded the achievement of the campus radio since its establishment 15 years ago.

He commended the visionary stance of Oloyede who helped to establish the varsity radio during his tenure as Vice Chancellor of Unilorin.

Egbewole pledged the University will continue to ensure that the radio continues to develop and excel further, despite all odds,

“There is need for navigating, repositioning and going back to approaches employed.

“The university will continue to identify with issues that challenges and proffer solutions to the com-

munity,” he said.

Also in her lecture, Prof. Francisca Oladipo, the Vice Chancellor of Thomas Adewumi University, Oko, submitted that Artificial Intelligence (AI) will enhance radio communication.

She described radio as a powerful medium, and that with emerging technology, it can reshape the industry.

According to her, radio broadcasting is diverse, dynamic and through AI can provide opportunities for personalization and interaction with presenters.

Oladipo noted that AI allows machines to carry out tasks including natural language processing, where news can be translated into indigenous languages.

She further explained that AI can be employed in assisted script writing and fact checking.

as cited in the ministry’s eight-point agenda, including collaborations with the WIPO, Nigeria is poised to become a leader in intellectual property protection.

The ministry, Musawa stated, has also engaged with local stakeholders, including creatives, industry experts,

and legal professionals, to ensure the policy meets the needs of the Nigerian creative community.

The launch of the IP policy is expected to have a significant impact on Nigeria’s creative industry, attracting investment, creating jobs, and promoting cultural exchange.

Laleye Dipo inMinna

The Niger State Government on Tuesday carried out the training of over 2000 market men, women and youths on digital literacy.

This is just as the government pledged to keep the data base of the participants for intervention in its NG: Cares programme.

The Commissioner for Communication Technology and Digital Economy, Alhaji Sulaiman Isah, addressing the participants at the Idris Legbo Kutigi International Conference Centre, said the programme was organised to bring them at par with modern ways of transacting business.

Sulaiman Isah added that the era of traveling several kilometers to buy goods for sale was over urging the participants to avail themselves of the opportunities provided by the training to open new horizons in transacting business.

Saying no matter how small the business enterprise was “digitalization will expand and boost your trade” and reduce the drudgery of road travels.

Isah also noted that adopting technology in their businesses will protect them from bandits and armed robbers adding that: “this training

is to expand your businesses and markets”.

The commissioner disclosed that more follow up trainings will be organised for the participants to further boost their horizons.

Also addressing the participants, Alhaji Ahmed Gwada, a senior official in the Ministry of Small and Medium Enterprises announced that details of the participants will be put in the NG:Cares Data Base to enable them benefit in the next batch of the governments grant for women and traders.

According to Alhaji Ahmed Gwada, government had already released N50,000 each to 10,000 people under the programme adding that the next phase of the grant which is “free” will be for 20,000 participants.

“The money is free the portal will soon be opened. If you don’t know how to access the portal ask your children to help you; don’t give money to anyone,” Gwada declared.

The Permanent Secretary in the Ministry of Communication and Digital Technology, Alhaji Abubakar Sadiq Musa, urged the participants to continue to give their support and cooperation to the administration of Governor Mohammed Umaru Bago for the success of the government.

Emmanuel Addeh in Abuja

Ademola Lookman Aims High with Atalanta against Real Madrid Tonight

Femi Solaja with agency report

With over 6,000 fans on the ground, Super Eagles and Atalanta forward, Ademola Lookman, has said that the Italian side is aiming to replicate another magical night that saw them win the Europa Cup as they take on Real Madrid tonight in the UEFA Super Cup match this evening.

The AFCON 2023 silver medal winner with Super Eagles last February, turned up the heat in his side’s clash against Leverkusen in the UEFA Europa League final, with three master-class goals against Xabi Alonso’s men, who had enjoyed a 51-match unbeaten run.

On the other hand, the masters of cup games, Real Madrid were under intense pressure in their UEFA Champions final match

UEFA Super Cup

against Borussia Dortmund but the ‘Whites’ prevailed via two second-half goals in the epic final match at the Wembley Stadium for a record 15th time.

But at the press conference yesterday, the 25-year-old Nigeria said he is looking forward to another magical night and expressed confidence in his side’s ability to the blistering Real Madrid attack that could include Kylian Mbappe, Endrick and ever-consistent Vinicius Junior.

“Wonderful, these are the games you have wanted to play since you were a child and finally, the moment has come. We won the Europa

League, and we will now play for another trophy. We can’t wait. We are preparing with obsessive attention. So yes, we will be ready! We don’t need great motivation; we will face a top team, and it’s an appointment with history. They are the greatest football team in the world, and it will be an exciting chapter and opportunity for everyone,” the Nigerian star player remarked.

The two teams face off at the Stadion Narodowy in Poland, with kick-off set for 8 pm, Nigerian time.

A win by Atalanta this evening will not only go into the club's history, it will also put Ademola among the rank of Nigerian players

that have won the Super Cup in theThepast.duo of Nwankwo Kanu and George Finidi played for Ajax in the win over Real Zaragoza in the 1995 final just as Celestine Babayaro, played a crucial role for Chelsea as they edged out Real Madrid 1-0 at the Stade Louis II in Monaco.

Other Nigerians like Chidi Odiah with CSKA Moscow and Julius Aghahowa for Shakhtar Donetsk were on the losing side to Liverpool in 2005 and Barcelona in 2009 respectively.

The same fate befell Mikel Obi and Victor Moses as Chelsea lost to Atletico Madrid 1-4 in 2012 but Obi was to taste another defeat with the London side in 2013 when his side lost on penalty shootout after a 2-2 draw.

Paris 2024 Paralympics: PCN Boss Confident of Surpassing Tokyo 2020 Outing

The President of the Paralympic Committee of Nigeria, (PCN), Sunday Odebode, has expressed optimism that Team Nigeria will surpass their Tokyo 2020 Paralympics feat when the Paris 2024 Paralympic Games take centre stage between August 28 and September 8.

The Nigerian Paralympics contingent departed the country on Monday for Germany where they will be camped ahead of the Games.

The PCN President confirmed that the athletes have been in camp in Nigeria in the past few weeks, and the trip to Germany is part of plans to ensure a memorable outing

in Paris.

He said: “Actually, the team has been in training for the past three weeks, and today, we are moving to Saabrucken (Germany) for the training camp, to prepare for the Paris 2024 (Paralympics).

“We are going to surpass the record of Tokyo 2020.”

At the Tokyo 2020 Paralympics, Nigeria won four gold, one silver and five bronze medals.

Team Nigeria is putting 24 athletes forward for this year’s Paralympic Games and will participate in ParaBadminton, Para-Athletics, Para-table tennis and Para-Powerlifting

Lagos, Ogun, Others for Judo, Sambo Clinic in Osun

To update the knowledge of athletes ahead of major tournaments, a one-day judo and sambo clinic has been organised by a UK-based King Timmy Judo and Sambo Sports Foundation in collaboration with Osun State Sports Council.

The exercise will take place from Friday, August 16 to 18 at Oyan Town Hall, in Osun State with Lagos and Ogun leading other contingents from the South-West states to the event which has been endorsed by the Osun State Government.

The clinic is an initiative of UK-based certified Sambo coach Rotimi Okeniyi who said that he aimed to popularise Sambo as well as update the knowledge of the athletes on new judo rules.

To encourage more participation, Okeniyi said: “We decided to organise this event to popularise the sport and also assist the southwest states with training equipment which I have been doing for years now and part of the plans is to build

one of the best training facilities in Nigeria and in the southwest. Osun being my state, I also want Sambo to be popular in the state as well.

Top dignitaries including Senior Special Assistant on Sport, Culture, and Tourism to Osun State Governor, Shefiu Babatunde; Chairman, Osun State House of Assembly on Sports, Abiola Awoyeye, as well as Speaker of the State House of Assembly Wale Egbedun, will grace the event.

The father of the day is the Oloyan of Oyan, HRM Oba Kelani Adekeye Oluyeye I while national head coach Edokpolo Ihaza will be among the instructors who will handle proceedings during the clinic.

For the Vice President of the Sambo Association of Nigeria, Sheriff Hammed, the initiative would help to galvanize interest in Sambo following the successful outing of the country at the 2023 African Games in Ghana and the 2024 African Championships in Egypt.

As the 2024-25 La Liga season kicks off this Thursday, football fans around the globe, including those in Nigeria, are eagerly awaiting the action.

The season opener features some thrilling matchups, Athletic Club open the season against Getafe on Thursday. Kelechi Iheancho will make his La Liga debut on Friday when Sevilla meets Las Palmas in

an away match.

All 380 La Liga games will air on StarTimes’ Sports Premium channel, with select matches airing on the Sports Life channel.

Barcelona is poised to start their campaign on a high note when they meet Valencia on Saturday.

The most anticipated match of matchday one is Mbappe’s debut on Sunday for Real Madrid. Kylian Mbappe's high-profile transfer to Real Madrid is set to shake up La Liga. His arrival not only boosts Real

Madrid's attacking options but also enhances the league's global appeal.

Mbappe's presence is expected to draw more international viewers, making La Liga a focal point for football fans worldwide.

Spanish players have been making waves in international tournaments in 2024, with many of them plying their trade in La Liga. This dominance underscores the league's quality and depth. The success of these stars in global competitions enhances La Liga's

reputation as a premier destination for top talent and a powerhouse in European football. With the influx of talent and the presence of global stars like Mbappe, La Liga teams are poised for strong performances in European competitions.

For Nigerian fans, La Liga offers a captivating blend of tactical football and star-studded lineups. Players like Kelechi Iheanacho making his La Liga debut for Sevilla, will be of particular interest.

On the same day, there will

a

keep in his Yaoundé residence till dawn. The next day, the body of Hayatou who was a Prince of the Garoua lamidat, will be buried according to Islamic rights.

A lamidat is a traditional Muslim chiefdom in northern Cameroon.

In a related development, the former Secretary General of the Nigeria Football Federation (NFF) Dr. Bolaji Ojo-Oba, has described

looking forward to sending him

my felicitations on his birthday,”

Ojo-Oba, a former CAF and FIFA Security Manager stated.

He stated further “You can just imagine how deeply shocked I was when I heard about his passing but having said that, I’m consoled that President Hayatou did his very best for African football.

“His tenure witnessed monumental development across the continent and we can never forget his good ideals.”

“I think to say Hayatou was a true servant of African football’ is an obvious statement because he devoted all his life to the growth and development of African football, “the former Oyo State Commissioner for Sports noted.

Obaseki Hails Edo Queens for 5-0 victory over Niger’s AS GNN at CAF CL Qualifier

The Edo State Governor, Godwin Obaseki, has congratulated the State’s female football team, Edo Queens for their 5-0 victory against AS Garde Nationale FC of Niger, in their Group B opener of the CAF Women’s Champions League, WAFU B qualifying tournament.

Obaseki, in a statement, commended the Nigerian Women’s Premier League (NWPL) champions for their impressive performance, expressing confidence in the team’s ability to clinch a ticket to the CAF Women’s Champions League which comes up later in Cairo, Egypt.

Edo Queens are Nigeria’s representative to the fourth edition of the

CAF Women’s Champions League WAFU-B Inter–Clubs play-off, taking place in Cote D’Ivoire. The team which continues to enjoy the support of the state government and regarded as the best-motivated women club side in the annals of the Nigeria Women Football League is competing among top African female clubs in Ghana, Burkina Faso, Niger, Cote D’Ivoire and Togo, among others. While commending the team for the victory, the governor said, “I heartily congratulate the Nigerian Women Premier League (NWPL) champions, Edo Queens for their resounding victory against AS

Garde Nationale FC of Niger, in their Group B opener of the CAF Women’s Champions League WAFU B qualifying tournament.

“The team has continued to give an excellent account of themselves as Nigerian champions with their exceptional performance and dominance on the field of play, thrashing their rivals 5-0 in the opening match of the tournament.

“As you continue on this impressive run, we assure you of our relentless support and are confident in your ability to clinch the ticket to the CAF Women’s Champions League proper which comes up later in Cairo, Egypt.

The Paralympic contigent on arrival from the last edition in Tokyo

The late Hayatou

Ademola Lookman

The former CAF President, Issa Hayatou who died a week ago in Paris will be buried in his native home, Garoua on Friday. His remains, according to family sources, will leave Paris on Thursday and arrive at Nsimelen International Airport Yaounde by 21h.

be

wake

MISSILE

Atiku to Buhari, President Tinubu

“The economy went into recession twice under the last APC administration, because it knows nothing about economics. Nepotism, corruption were at high. Whatever Buhari did wrong we are seeing a higher dimension under Tinubu. What we are witnessing today is Buhari pro-max. Divisions under Buhari have become craters under this government” --FormerVP,AtikuAbubakar, flaysBuhariandPresidentTinubu,saysnothingtoshowthat thisgovernmentisreadytosolvethenation’sproblems.

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How Banks Could Have Avoided the FX Gains Tax Through CSR

In a society where a few live in luxury while many struggle in poverty, it’s not surprising that feelings of envy, jealousy, and even resentment arise among the less fortunate towards those who are well-off.

This is particularly true when it comes to banks, which serve as intermediaries, receiving deposits from those with surplus funds and lending them to those in need—for a fee. However, it seems that these deposit money banks are growing wealthier while their customers are becoming poorer, making them easy targets for criticism.

A notable critic is Mr. Femi Otedola, chairman of Geregu Electricity Power Company, who recently expressed concern that around five banks, likely from the top-tier category, have allegedly spent over $500 million on private jets for their executives. The banks, on the other hand, argue that these jets are necessary for their executives to save time, avoiding the delays and inconveniences of commercial flights. They also point out that these jets are often part of leasing pools, generating income for the banks when not in use by their executives.

An analysis of this situation suggests that the issue of banks making substantial profits while others in society struggle financially is multifaceted. Banks are profit-oriented institutions, primarily focused on delivering returns to their shareholders. During economic downturns, they often become more cautious, reducing lending and taking on less risk, which can worsen economic hardships. This behavior can widen the wealth gap, as bank profits do not typically benefit the broader population, contributing to income inequality.

To address the challenges posed by the banks’ significant profits, stricter regulations and policies

may be necessary. This could be why an excessive profit or windfall tax has been introduced through the amendment of the Finance Act 2023, which imposes a levy on banks’ Foreign Exchange (FX) gains. The tax rate on these gains has been increased from 50 to 70 percent.

This move comes in response to the significant FX income banks generated following the naira’s devaluation after the current administration took office.

The new policy has faced initial criticism, particularly from banks that have described it as double taxation.

KPMG Nigeria, a tax and audit advisory firm, criticized the 50% windfall tax on banks’ foreign exchange revaluation gains recorded in 2023, warning it could lead to legal challenges, as Nigeria’s tax policy does not support retroactive taxation.

Similarly, PwC Nigeria raised concerns that the unpredictability of the windfall tax on already reported 2023 profits might deter investment. Prominent lawyer Dr. Olisa Agbakoba also criticized the proposed amendment to the Finance Act, arguing it was poorly conceived and outside the National Assembly’s authority. He added that the policy’s burden would likely fall on the banks’ customers.

While banks and audit firms are opposing the tax, Femi Otedola, the largest shareholder in First Bank of Nigeria (FBN), has voiced his support, arguing that revenue from windfall taxes could be directed towards essential public services like healthcare, education, and infrastructure, benefiting all citizens and reducing social inequality.

Tony Elumelu, Chairman of United Bank for Africa (UBA), and Ladi Balogun, CEO of First City Monument Bank (FCMB), also expressed support after meeting with President Bola Tinubu and his economic team, saying that extraordinary income should help alleviate poverty, aligning with the government’s intentions.

The Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN) have also endorsed the FX Windfall tax on banks. CITN Chairman Chief Samuel Agbeluyi noted that windfall taxes, or “prosperity taxes,” are not new and have been applied in situations where certain sectors, like telecommunications during COVID-19, performed exceptionally well.

Despite being swiftly enacted into law, critics argue that effective implementation will be challenging due to the issues they have identified.

In hindsight, proactive Corporate Social Responsibility (CSR) efforts by the banks might have mitigated this situation. Banks have previously engaged in com-

Jimoh Ibr AHI m

mendable public good projects, such as the renovation of the National Arts Theatre and contributions to the CACOVID initiative during the pandemic, which provided medical care and palliatives to Nigerians.

Based on experience from other jurisdictions/ climes, I anticipated the FX gains tax, during the public presentation of my book “Leading From The Streets: Media Interventions By A Public Intellectual 1999-2019” three months ago. In that welcome address, I highlighted the large profits banks were declaring while other sectors and most Nigerians were struggling. In light of the above, l suggested that banks could positively impact society by reconsidering some charges, such as waiving fees for alerts and statement printing, as a small but significant sacrifice for the greater good.

“We should recognize the commendable efforts of Corporate Nigeria during the COVID-19 pandemic. Under the leadership of the Central Bank of Nigeria (CBN), banks and major corporations, through the Special Purpose Vehicle (SPV) CACOVID, provided much-needed support to Nigerians, earning widespread praise and reinforcing public confidence in the corporate sector’s resilience.”

As if l was being prophetic, I expressed the view above on May 8, about three months before the proposal to amend the Finance Act 2023 on July 17, which was passed by the Senate on July 23. If bank owners and managers had followed my advice to lessen the burden on their customers, it’s possible the FX gains tax, which is now causing them significant concern, might not have been imposed.

Doing good to members of a society/community can earn an organization or sector the goodwill of the

Dangote Refinery: Any Hope for Survival?

The first $15 billion was already spent on Nevada’s Yucca Mountain megaproject until the Obama administration scrapped the project! A total of $65 billion, including damages, was spent on Yucca, and the ground was covered back without a project after spending $65 billion! Nigeria’s Government has in stock 11866 abandoned megaprojects, three of which account for about 60% of the national debt. For Ajaokunta Steel, the government spent $10 billion on the project and was on-site for 42 years, and no steel was produced! The iron law of megaprojects is cost overruns, schedule delays, and benefit shortfalls over and over Again. A megaproject is considered a project in which at least $1 Billion and above is expected to be invested. It is usually not an ordinary project. Megaprojects typically come with converging complexities. It is simply the converging complexities that Dangote is facing, with megaproject you must keep explaining! He must contend with cost overrun (it is different from what you think the project will cost that you will spend! You find that in Dangote refinery!). You must prepare for the scheduled delays (it was different from when you planned to commission the project that you will commission, for you keep rescheduling the commission date if you ever commission it! Dangote shifted his commissioning date of the project many times). You will see benefit shortfalls (it is not when you think the project will benefit the society and yourself that

Alhaji Aliko Dangote

you will get benefits! Dangote is at a loss on where his project’s benefit is). If you know all of this, you will understand the Dangote refinery project. This underscores the need for meticulous planning and execution in megaprojects, mainly operational cash flow if you ever complete the project! It is the usual case of blind men with elephant projects. Six blind men were asked to describe an

elephant after touching it. This is how they represent an elephant. The first man touched and felt the broad and sturdy side and described the elephant as a wall; the second man felt the tusk and thought the elephant was a spear; the third man felt the trunk and thought the elephant was a snake; the fourth touched the knee and felt the elephant as a tree, the fifth felt the ear and described the elephant as a fan, and lastly the sixth felt the tail and thought the elephant was a rope. Who among them successfully described an elephant? That is what megaprojects look like. In Britain, where finance is never an issue, the Cross Rail project rose from £825m to £18.599 billion! (cost overrun). The public sector investment is estimated to be $9 trillion annually or approximately 8% of the global gross domestic product (GDP) on megaprojects. For example, programme spending was recorded at £420 billion in the United Kingdom in 2013. This history of megaprojects underscores the importance of learning from past mistakes to inform future decisions.

President Obasanjo’s experience after securing $675m for building the Ajaokunta steel company is here. Just after the handover to President Shagari, a representative of TPE came to meet Obasanjo in his retirement home with the complaint, “Mr President, you did not hand over well”. The president asked why he felt that way, to which the man replied that the minister of mines and steel was demanding a bribe. The minister had refused to sign the certificates of

completion of jobs, which were needed for payment. However, they could not pay any bribe from their contract sum since the payment for the contract was from Russia. “We do not have control over such payment since the bribe payment is not part of the bid.” In sum, the project was blocked because of a “lack of enthusiasm for it,” which resulted in the project no longer being given sufficient priority. Obasanjo spoke to his successor, Shagari, but did not know whether Shagari ever pushed for completion.

Yes, Dangote may be looking forward to assistance from the Federal government or NNPC with operational cash flow or the completion of the remaining 55% of the refinery project in whatever manner; let’s forget about operating the refinery in the free zone area, but selling products domestically we can let go things like tax issues but in any event, President Tinubu must not forget the 11866 abandoned megaprojects and specifically the Ajaokuta (since we now use 25% of our budget on importation of steel). Again, the only connection is the Second Niger Bridge of Nigeria with the people from the East. Megaprojects failed Innovative China; the Guinness Book of Records described the failed China 117 towers as the tallest unoccupied building in the world! Less complicated Yanqiapu (another China megaproject) failed after the Chinese government spent $50 billion. The converging complexities of Megaprojects usually make a big project too big to succeed!

Chairman UbA, Tony Elumelu