Like NNPC in Dangote, Saudi's Aramco Dangles $25Bn for 20% Stake in Reliance Oluchi Chibuzor with agency report Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Limited’s oil refining and chemicals business, people with knowledge of the matter told Bloomberg.
The Saudi Arabian firm is discussing the purchase of a roughly 20 per cent stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, the people said, asking not to be identified because the information is private. The announcement comes
about two weeks after the Federal Executive Council (FEC) approved the acquisition of 20 per cent minority stakes by the Nigerian National Petroleum Corporation (NNPC) in upcoming Dangote Petroleum and Petro-Chemical Refinery. Dangote Petroleum Refinery is a 650,000 barrels per day
(BPD) integrated refinery project under construction in the Lekki Free Zone near Lagos, Nigeria. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility. The Pipeline Infrastructure at the Dangote Petroleum Refinery is the largest anywhere in the world, with 1,100 kilometers
to handle 3 Billion Standard Cubic Foot of gas per day. The Refinery alone has a 400MW Power Plant that is able to meet the total power requirement of Ibadan DisCo. The Refinery will meet 100 per cent of the Nigerian requirement of all refined products and also have a surplus of each of these
products for export. It is designed to process Nigerian crude with the ability to also process other crudes. Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people Continued on page 12
Orji, Oteh, Awosika Appointed into UK’s G7 Presidency Impact Taskforce...Page 8 Wednesday 18 August, 2021 Vol 26. No 9627. Price: N250
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Banditry: Masari Officially Sanctions Self-help in Katsina
Asks citizens to acquire weapons to defend themselves Says security isn’t govt’s sole responsibility
Francis Sardauna in Katsina Frustrated by the unceasing reign of terror and banditry in his state, the Katsina State Governor, Aminu Bello Masari,
has officially approved a resort to self-help and asked his people to acquire weapons in defence against terror and banditry. The governor said it was morally wrong for people to submit meekly
to the bandits without any attempt to defend themselves, noting that security was everybody’s business. According to Masari, who is the governor of President Muhammadu Buhari's home
state, it was the people’s meek submission that emboldened the bandits to continue with their heinous activities with murderous frequency, adding that people must divorce their
mind from the mistaken notion that security was government’s sole responsibility. Masari, according to a statement issued to newsmen by his DirectorGeneral on Media, Abdu Labaran
Malumfashi, stated this in Jibia town Tuesday, when he visited to condole with the people over the death of 10 people, crushed Continued on page 8
Buhari Set to Announce PIA Implementation Committee Today FG: No immediate removal of petrol subsidy Explains why govs are clamouring for price hike Private sector operators, APC commend president on new oil sector law Wike: 3% allocation to host Communities insufficient Emmanuel Addeh, Adedayo Akinwale in Abuja Dike Onwuamaeze in Lagos and Blessing Ibunge in Port Harcourt President Muhammadu Buhari will today unveil an implementation committee for the Petroleum Industry Act (PIA), THISDAY learnt yesterday. THISDAY exclusively gathered from a reliable source in the Presidency that the committee may be chaired by either the Minister of State for Petroleum Resources, Mr. Timipre Sylva or someone with good knowledge of development economics. The committee which has 12 months to carry out its tasks, would be saddled with the responsibility of establishment of Nigeria Upstream Regulatory Commission, Nigeria Midstream and Downstream Regulatory AuContinued on page 12
Oramah Leads Afrexim's executives to osinbajo… L-R: AFREXIM Executives, Mr. Chris Oshiafi; Ms.Tekome Okoh; Afrexim Bank Chief Executive Officer, Prof. Benedict Oramah; Vice President Yemi Osinbajo SAN; Mr. Eric Monchu Intong and Mr. Ekene Uzor, during the bank’s visit to the State House in Abuja... yesterday
Buhari, Jonathan, Lawan, Gbajabiamila, Jang, Atiku, Ekweremadu, Others Mourn Mantu... Page 17
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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322
ACF to FG: You Must Bring Repentant Insurgents to Justice Apprehension grips Boko Haram, ISWAP camps as another 219 terrorists surrender to troops
John Shiklam in Kaduna and Kingsley Nwezeh in Abuja A foremost northern group, the Arewa Consultative Forum (ACF) has said the federal government must set a good example in its fight against insurgency by bringing repentant Boko terrorists to justice or release the rest of
them still in custody. Chairman of the forum and former Minister of Agriculture, Chief Audu Ogbeh, in a statement on Tuesday titled: “On repentant Boko Haram Terrorists and the Principle of Equity and Justice”, said an apology was not enough to bring relief to Nigerians and the thousands
that were killed and maimed. This is as the military authorities, yesterday, said some 219 more terrorists had surrendered to troops in the North-east, bringing the number of terrorists, who had laid down their arms to 1,219. However, according to Ogbeh, “We are currently witnessing large
scale surrender of large numbers of Boko Haram insurgents, among whom are bomb makers, commanders, arsorrists, rapists, and child snatchers. “Do we have good reason to cheer and hope for an end to this decade-old insanity? Is ‘I am sorry’ enough to bring relief to Nigerians and the thousands of
CELEBRATING WITH BABANGIDA AT 80... L-R: Former military President, Ibrahim Babangida; former Anambra State Governor and Vice Presidential candidate of the Peoples Democratic Party (PDP), Peter Obi, in the 2019 presidential election and immediate-past Senate President, Senator Bukola Saraki, at Babangida’s hilltop residence in Minna, Niger State to celebrate his 80th birthday... yesterday
dead and maimed?” he asked. While noting that the massive destruction of property by the insurgents, who have rendered many people homeless, the ACF posed further questions: “What of those victims bombed in the churches, mosques, schools, and markets? What of all the men and women in uniform murdered by them? “Who can count the thousands of widows and orphans they have created? And what is the difference between them and the Ighoho’s or ESN of Nigeria? None. So what do we do with them? Should we just embrace them and trust them wholesale? Are their moves informed by altruistic repentance? We seriously doubt.” Ogbeh, who expressed support to similar concerns raised by the Shehu of Borno, the Borno State governor and other concerned Nigerians, said, the path being toed by the federal government would make other Nigerians feel gullible. “We join the Governor of Borno, the Shehu of Borno, Senator Ndume and millions of Nigerians in pondering over this development and our simple advice is: Bring them to trial, or free all others presently in custody anywhere, while we Nigerians plead guilty of naivety and gullibility in the extreme, punishable by more insurrection and anarchy,” the statement said. Meanwhile, a situation report by the military that more terrorists had surrendered to them, was believed to have triggered tension and confusion in the camps of Boko Haram and ISWAP following continued depletion of the number of their fighters. About 1000 terrorists facing military's intense aerial and artillery bombardment in addition to the vacuum created by the death of their leader, Abubakar
Obasanjo, Saraki, Others in Minna for IBB's 80th Birthday Chuks Okocha in Abuja and Laleye Dipo in Minna
Minna, Niger State, yesterday, played host to the who is who in Nigeria as former Military President, General Ibrahim Badamasi Babangida, marked his 80th birthday. Leading the pack of prominent Nigerians, who paid homage to IBB on his birthday is a former military and civilian President of the country, Chief Olusegun Obasanjo, who calledearly at the Hilltop residence of the general. Obasanjo had flown to Minna from Abuja and on arrival at IBB’s residence, the main sitting area was cleared of all guests to allow the duo have a private discussion. Even another former military head of state, General Abdulsalami Abubakar, who had been with IBB before the arrival of Obasanjo, also excused the two leaders. No one was, however, privy to the discussion between the two generals. The press was also prevented from moving beyond the first security post in IBB’s house,resulting in those who had arrived at the gates as early as 8am being asked to leave. Others who visited IBB were former Senate President, Dr. Bukola Saraki; National Chairman of the opposition Peoples Democratic Party (PDP), Uche Seconds; Governor Udom
Emmanuel of Akwa Ibom state and Senators Rochas Okorocha, Ben Obi, Philip Aduda and former Governor Peter Obi of Anambra State. The list also included General Aliyu Gusau, who was National Security Adviser during the administration of the celebrant; a media mogul, Chief Raymond Dokpesi, diplomats and members of the organised private sector. Virtually all those that came presented gifts to the former military president. Secondus, who led some members of the National Working Committee (NWC) of the party to Minna, Niger State capital, said
the party was happy to be part of the 80th birthday ceremony as they always identified with great leaders, who served this country well. "Gen Babangida is our father. He is the father of the nation, we will continue to identify with him," the PDP leader said, adding that Babangida served the country wholeheartedly and that his records of achievements would continue to speak for themselves. In a special Christian prayer during the prayer session for the celebrant, Secondus asked God to grant him more years so that the country could continue to
tap on his wisdom and talent. He said more than ever before, the country needed the deep wise counsel of Babangida at this time and prayed God to grant him and his household the peace that was needed for his longevity. Obi, in his remark, said IBB's economic policy during his time was needed to salvage the country now. Obi said traders and bankers like him had their best time during the era of Babangida, because under him, Aba and Onitsha flourished and that meant a lot for them. He too prayed God to grant Babangida more years as he, Obi
desired to return to Minna to celebrate his 90th birthday. On Monday, a lecture and presentation of a book on Babangida took place in Minna, where the Publisher of Blue Print Newspaper, Alhaji Ibrahim Malagi, who was represented by his Media Aide, Alhaji Jibrin Ndace, said people should be celebrated, when alive to serve as motivation to the upcoming generation. Titled, "The pyrography of A General", the book was authored by Ibrahim Mohammed Muye and the lecture was organised by the Youth Congress of Niger State.
CBN Moves to Strengthen Cybersecurity in Other Financial Institutions Places enormous responsibility on board of directors, others
James Emejo in Abuja
The Central Bank of Nigeria (CBN) yesterday moved to strengthen cyber resilience of Other Financial Institutions (OFIs) under its regulation in order to ensure that they remain safe and sound amidst increase in the number and sophistication of cybersecurity threats and attacks against them. The move was contained in a circular titled, "Exposure Draft of the Rise-Based Cybersecurity Framework and Guidelines for Other Financial Institutions" which was addressed to all OFIs in the country. The CBN correspondence dated August 13, 2021, and signed by
the Director, OFIs Department, Nkiru Asiegbu, stipulated the minimum requirements for enhancing cybersecurity. The apex bank explained that the purpose of the guidelines which provides a risk-based approach to managing cybersecurity risk, was to among other things create a safer and more secure cyber environment that supports information system security and promote stability of the OFI sub-sector. It noted that the safety and soundness of the sub-sector particularly required that they operate in a safe and secure environment. Hence, it stated that the platform on which information
processed and transmitted should be managed in a way that ensures the confidentiality, integrity and availability of information as well as the avoidance of financial loss and reputational risk among others. Essentially, the document provided for cybersecurity governance and oversight; cybersecurity risk management system; cyber resilience assessment; cyber operational resilience; cyber threat intelligence and metrics monitoring and reporting. The guidelines also spelt out the responsibilities of the board of directors, senior management and chief information security officer (CISO). The CBN stated that the board
of directors shall ensure that cybersecurity is completely integrated with business functions and as well managed across the OFI. The board is also to have oversight and overall responsibility for cybersecurity programmes. In addition, senior management of OFIs be responsible for the implementation of the board approved cybersecurity strategy, policies, standards and the destination of cybersecurity responsibilities among others. The document also mandated every OFI to appoint or designate a CISO whose responsibilities shall include the day to day cybersecurity activities and the mitigation of cybersecurity risks in the institution.
Shakau, had surrendered to troops in the last three weeks. But traditional rulers including Shehu of Borno, HRH Abubakar El-Kanemi and the Borno State Governor, Prof. Babagana Zulum have expressed concerns over the development. The traditional ruler said last weekend that North East communities found it difficult to come to terms with their likely reintegration with the society after the mass murder and destruction they unleashed on them. Zulum, also expressed concerns over the likely acceptance of the repentant terrorists by Borno communities. He met with the Chief of Defence Staff, (CDS), Gen. Lucky Irabor on Monday in furtherance of his resolve to widely consult with security and Borno State stakeholders towards developing a framework that would address concerns raised over the surrender of Boko Haram and ISWAP fighters. However, a statement issued by the Nigerian Army said a total of 186 Boko Haram terrorists led by their Amir, Manye Aga, comprising 67 adult males, 54 adult females and 65 children surrendered to troops of Operation Hadin Kai at Forward Operational Base (FOB) Ajiri. Items recovered from the surrendered terrorists included several AK 47 rifles and magazines, a locally made pistol and eight locally fabricated daggers. "Following the recent unprecedented and massive surrendering of Boko Haram errorists in Bama Operational area on 2 and 4 August, 2021 respectively, there has been confusion and severe apprehension in the camps of the Islamic State of West Africa Province especially,amongst its top ranking commanders over the depleting strength of its members, which has drastically dwindled their overall fighting efficiency. "It is against this back drop that the terrorists group opted for the use of propaganda via AMAQ terrorists media wing with the aim to portray the group as if it is still a potent force in the North East," it said. The army’s statement signed by Brigadier-General Onyema Nwachukwu, said, “the present trend of apprehension in their camps was further aggravated by the recent alarming turnout of members of the terrorists group, who came out in droves with their families to lay down their arms and surrender to own troops at Mafa Local Government Area on 14 August, 2021.” Similarly, on 15 August, 2021, the theatre took custody of additional Boko Haram fighters, comprising of 4 adult males, 11 adult females and 18 children from Landanli, Azah, Ngaridua and Kondilla villages, who surrendered to own troops of 151 Task Force Battalion, Banki Junction in Bama. It stated that ISWAP was yet to come to terms with the reality of its current predicament, which has posed serious negative impact on its prowess. "It is also worthy of note that the terrorists are overwhelmed with palpable fear and are making desperate efforts to halt the ongoing surrendering of their fighters from the Tumbus and Sambisa axis. "The Nigerian military is more resolute in intensifying both kinetic and non kinetic efforts in the fight against insurgency, banditry and sundry crimes in the country", it said.
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Afreximbank to Deliver 40m J&J COVID-19 Doses to Nigeria Nigeria takes delivery of 699,760 vaccines from UK
Deji Elumoye, Michael Olugbode, Emmanuel Addeh in Abuja and Dike Onwuamaeze in Abuja President of African ExportImport Bank (Afreximbank), Prof. Benedict Oramah, has disclosed that the bank will supply a total of 40 million doses of Johnson and Johnson COVID-19 vaccine to Nigeria between now and 2022. This is just as about 699,760 COVID-19 vaccine doses donated by the United Kingdom (UK) have been received at the Nnamdi Azikiwe International Airport, Abuja. Oramah, who made this known yesterday, while making a presentation on some of the bank’s projects to Vice President, Prof. Yemi Osinbajo, at the State House, Abuja, stated that the bank was investing in trade and health infrastructure, and also involved in the procurement and distribution of COVID-19 vaccines to African countries including Nigeria, to enable the continent achieve herd immunity. The bank is also planning to establish National Quality Assurance Centres in parts of the country in order to support and upgrade export of commodities from Nigeria, Oramah added. He declared that there is an arrangement under the Afreximbank facility to deliver 40 million doses of the Johnson & Johnson COVID-19 vaccines to Nigeria before the end of 2022. According to him, the bank was committed to ensuring the continent achieves herd immunity by vaccinating about 60 per cent of Africa’s population against the disease. He said Afreximbank plan to invest in critical sectors of the Nigerian economy, including health, citing plans to build a world class tertiary hospital and health park in Abuja. The bank CEO reiterated that the 500-bed state-of-the-art hospital would be developed in collaboration with Kings College Hospital in the UK, and other partners. Responding after the bank's presentation, Osinbajo commended the African ExportImport Bank for its efforts in stimulating and developing African trade, including its many engagements in Nigeria. He expressed satisfaction with the work done by the bank and the interest shown in areas such as health infrastructure, trade facilitation and tourism, among others. Referring to the proposed establishment of quality assurance centres across the country, the Vice President said it was important because, “one of the problems we have had with our exports is really this problem of quality assurance and making sure that we have the facilities to test our export products and get all of our agencies working together. I am sure that you have SON, NAFDAC, and all of our agencies working with you on this project.” While thanking the bank for its support, Osinbajo noted that the federal government’s programmes in Micro, Small and Medium Enterprises (MSMEs) sector, particularly in the Shared Facility Initiative under the National MSMEs Clinic, are important and deserving of AFREXIM’s backing. According to him, the initiative which is implemented in collaboration with state governments and aimed at developing manufacturing clusters across the country, could be enhanced through partnership with the bank.
Nigeria Takes Delivery of 699,760 Vaccines from UK
Also, about 699,760 COVID-19 vaccine doses donated by the UK have been received at the Nnamdi Azikiwe International Airport, Abuja. A statement by the British High Commission in Nigeria, yesterday, revealed that Nigeria unveiled 699,760 doses of the AstraZeneca-Oxford COVID-19 vaccines donated by the UK via the COVAX facility and flown into Abuja on Monday night. The vaccines were unveiled at a cold storage unit near the Nnamdi Azikwe International Airport, with the Acting British High Commissioner to Nigeria, Gill Atkinson, joining the Executive Director of the National Primary Health Care Development Agency, Dr. Faisal Shuaib, and the World Health Organisation Country Representative to Nigeria, Dr. Walter Kazadi Mulombo for the unveiling, alongside other dignitaries. The vaccines delivered to Nigeria were part of the three million doses of the AstraZeneca COVID-19 vaccine that the UK has donated to 11 countries across Africa to help the fight against COVID-19. This included the 119, 200 doses sent to Zambia and the 51,840 sent to Democratic Republic of the Congo (DRC) on 13 August; the 119,040 doses sent to Malawi on 14 August, the 140,160 doses sent to Senegal on 15 August, the 299,680 doses sent to Egypt on 16 August, and the 299,520 doses that will be delivered to Uganda today, August 18. According to the statement, the shipments of the UK-donated doses were part of a broader pledge to share 100 million vaccines with the rest of the world, of which 80 per cent would be through COVAX. The UK has continued to play a global role in promoting an effective roll-out of the vaccine, including being one of the largest COVAX donors and through its engagement with the Nigerian-led response. In Nigeria, the UK has restructured its health and human development programming to support the country’s response and continued to respond to the COVID-19 outbreak across all nine pillars of the government’s incident action plans, through the UK Health Security agency, formerly the Public Health England (PHE) and FCDO’s Lafiya health programme in selected states, as well as direct technical engagement at federal level. Speaking on the donation, the Foreign Secretary, Dominic Raab said: “Three million doses of UK-donated vaccines are now arriving in 11 countries across Africa, including Ethiopia, Kenya and Uganda, to help the fight against COVID-19. This is the first batch of 80 million being donated via COVAX – because we know no one is safe until everyone is safe.” The Acting British High Commissioner to Nigeria, Gill Atkinson said, “The UK was one of the first countries to back COVAX with £548 million. We have consistently pushed for a global effort that helps every country receive the vaccine against Covid-19. I am so pleased to see Nigeria receive 699,760 doses, donated by the UK, in their second batch of the vaccine through COVAX. “This is the first tranche of the 1,299,760 doses expected to be donated by the UK through COVAX. Only by vaccinating more people around the world can we bring an end to the global coronavirus pandemic.” Meanwhile, speaking on Arise News Channel yesterday, Shuaib confirmed the receipt of the vaccines from the UK. He urged those who had taken
the first dose of the vaccines not to mix them or take a different brand, assuring that the jabs will eventually reach all those interested in taking them. “It also very instructive that just last night, we got just over 700,000 doses of the AstraZeneca vaccine donation from the UK Government. “And this will be an opportunity for us to actually give those Nigerians who had taken the first dose of the AstraZeneca vaccine their second doses, and we're expecting additional doses from the COVAX facility, namely AstraZeneca and then Pfizer vaccine. “The Pfizer vaccine amounts to about 3.5 million doses. We're going to be getting the Johnson and Johnson vaccine in the course of the next few months, terminating
right around Q1 of 2022. Overall, we figure that we'll be able to get close to 45 million doses of the different vaccines, and we'll be able to give protection against the COVID-19 virus,” he stated. He described the problem of access to COVID-19 vaccine as a global challenge, noting that rich nations had been hoarding large quantities of the vaccines for their populations, sometimes, close to 10 times what they actually require. Shuaib stated that with the federal government engagements with countries such as the United Kingdom, United States and other countries, they had started releasing some of the vaccines that they hoarded. According to him, with the 40 million J&J jabs being expected,
Nigeria would be able to adequately vaccinate a sizeable part of its population, expressing joy that all of the vaccines being accessed by Nigeria are able to confer protection from severe disease, hospitalisation and death due to the Delta variant of the virus. According to him, by Thursday, Lagos would be able to start vaccinations, saying the delay was caused by a thorough process of labelling and barcoding the vaccines so that they can be traced to the health facilities for accountability. He pointed out that most of the states that have airports would be receiving their vaccines starting yesterday, while those that have no usable airport will have to go using road transport. “So, all those people who have
had their first doses are going to be covered, it is not a challenge for them. And by no means should they be trying to mix and match. What the data suggests is that you should not be mixing your AstraZeneca with your Moderna. So if you take your AstraZeneca, please wait. “We have AstraZeneca vaccines more than enough coming in the pipeline. For those that will be taking the second dose and even for those who want to start with the first dose and complete with a second dose of AstraZeneca, we're going to get enough vaccines. “For those who have taken the moderna vaccine, they should also take the moderna vaccine as the second dose as the Nigerian government is not recommending mixing and matching,” he stated.
COURTESY VISIT TO DIRI… Bayelsa State Governor, Senator Douye Diri (left) and Convener/Global Chair, United Nations Rescue Services, Ambassador Steve Midalah, during the latter's courtesy visit to Government House, Yenagoa... yesterday
Zamfara Bandits Demand N350m to Free Abductees Onuminya Innocent in Sokoto
The abductors of the 15 students and four staff of the College of Agriculture and Animal Science in Bakura Local Government Area
of Zamfara State have demanded N350 million as ransom. Provost of the college, Habibu Mainasara, informed THISDAY on Tuesday in a telephone conversation, adding that he
had spoken with each of the victims in captivity. According to him, the bandits had contacted him via telephone conversation that about 20 persons which included students
Malami: Mutual Legal Treaties Not Domestic Laws Determine Appropriation of International Recoveries Alex Enumah in Abuja The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, SAN, has stated that international treaties entered between Nigeria and foreign countries usually determined how recovered assets were appreciated. Malami specifically stressed that international recoveries were governed by “Conflict of laws” principles and not local legislation in view of multiple sovereignties involved. "International Recoveries are more or less governed by international conventions, negotiations and agreement of parties. It is never a straightjacket application of local legislation", he said in a statement on Tuesday. The statement signed by
his media aide, Dr. Umar Gwandu, further argued that the Revenue Mobilisation and Fisical Commission Act has nothing specific on funds recovered from indicted public officers, adding that the act merely mentioned accruals and disbursement of revenue from the Federation Account. He described as misleading, impression that such recoveries and usage of stolen funds stashed abroad were provided for by the Revenue Mobilisation, Allocation and Fiscal Commission Act. "One cannot situate rights and entitlements on looted funds and recovered assets with myopic and narrow understating of concepts of the application of local legislations. “For the avoidance of doubt and the purpose of setting the record straight, the application
of the looted funds can only be factored within the context of mutual understanding and negotiations of international and multifaceted jurisdictional and territorial legislative issues. "The recovery of stolen assets and the subsequent uses to which these funds may be employed are subject to international agreements between Nigeria and the affected countries, thereby, bringing conflict of laws into contemplation. "Importantly, also, these repatriated funds were based on cooperation and mutual assistance agreements, especially, the United Nation Convention against Corruption and Implementation of the Global Forum on Asset Recovery (GFAR) Principles on the Repatriation of Stolen Assets," he added.
and staff of the college were in their custody and therefore, asked the Provost to produce N350 million naira before they would be freed. Bakura Local Government Area, where the College of Agriculture and Animal science is situated is about one hundred and twenty kilometres from Gusau, the Zamfara State capital News filtered in last Monday that suspected bandits invaded, the college of Agriculture and Animal science, in the Bakura Local Government Area of Zamfara State, killing two security guards, one Policeman and abducted 15 Students and four staff of the college. The state Police Command later confirmed the development to newsmen through a press statement and that they were conducting search and rescue operation to ensure the safe rescue of the Abducted persons. The alleged bandits were said to have come inside the college through the pedestrian gate and thereafter broke the main gate with Cutlass to make it easy for them to go out with their abductees. The bandits were also said to have fired sporadic gunshot to scare people within the area away.
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GROOMING THE CHEFS… L-R; Abubakar Farida (Kaduna State Polytechnic, Kaduna); Abiola Lawal (Lagos State Polytechnic, Ikorodu - Lagos); Damilola Adenike (Federal University of Technology, Minna); CEO, Promasidor Nigeria, Bruno Gruwez; Mayowa Bamgboye (Tai Solarin University of Education, Ogun); Diana Joseph (Federal University Kashere, Gombe) and Bibian Ugwumba (University of Nigeria, Nsukka - Enugu) when the finalists of the 2021 ONGAlicious Next Top Chef competition met with the Chief Executive Officer, Promasidor Nigeria, Bruno Gruwez at the Head Office of the Company in Lagos... on Monday PHOTO: Abiodun Ajala
Orji, Oteh, Awosika Appointed into UK’s G7 Presidency Impact Taskforce Obinna Chima Three eminent Nigerians have been appointed members of the global Impact Taskforce (ITF), which was established under the United Kingdom’s 2021 presidency of the G7. They are the Managing Director, Nigeria Sovereign Investment Authority (NSIA), Mr. Uche Orji; the Founder & CEO, The Chair Centre Group, Mrs. Ibukun Awosika and a former Director General of the Securities and Exchange Commission, Arunma Oteh, who is now an Academic Scholar at the University of Oxford The new taskforce is made up of over 100 global leaders from the world of business, public policy, and the social sector, including senior figures from BlackRock, Temasek, Schroders, Mahindra Group, Morgan Stanley, S&P Global, BASF, the World Bank, the International Monetary Fund and the European Commission. The Impact Taskforce was created in July under the UK’s G7 2021 presidency and is being coordinated by the Global Steering Group for Impact Investment (GSG) working with its UK member, the Impact Investing Institute. The ITF focuses on fostering and facilitating discussions and recommendations for G7 governments and industry around impact transparency, integrity, and trust. According to a statement yesterday, the ITF would also investigate ways to create financing vehicles that could deliver investments for the benefit of people worldwide and the planet. It would also coordinate efforts with other relevant working groups in the G7, G20 and COP26, while working with initiatives led by regulators, such as the IFRS Foundation’s proposed Sustainability Standards Board (SSB). Additionally, it would produce technical documents and recommendations that would be shared under the UK´s G7 Presidency with Foreign Affairs and Development Ministers, Finance Ministers, standard setters, and the financial sector in December 2021. “The impact investing market has been growing rapidly, with impact assets under management reaching $700 billion in 2019. However, more capital needs to be mobilised to stimulate recovery from the COVID-19 crisis and drive fairer and more sustainable economies in the long term. “In developing countries alone, the pandemic is estimated to have magnified the existing $2.5 trillion annual funding shortfall to meet
the Sustainable Development Goals (SDGs) by 2030 by a further $1.7 trillion in 2020. “Given the central role that impact investing can play in achieving international objectives like the SDGs and the transition to a net-zero world, the ITF is expected to define a multi-year agenda,” it added. Commenting on the appointments, Chair of the Impact Taskforce, Nick Hurd said, “We have been asked by the G7 Presidency to give advice on how we can mobilise private capital for public good at scale and with integrity. “This is a critical question given the level of investment needed to achieve the Sustainable Development Goals and other commitments. I am delighted by
the diversity of perspective that we have assembled. It is already clear that our members are very engaged with the important task.” The Impact Taskforce held the first in a series of meetings in early August and the group’s final report is expected to be delivered to G7 governments in December 2021. The new initiative, under the secretariat of the GSG, working with its UK member, focuses on fostering and facilitating discussions and recommendations around impact transparency, integrity, and trust. The taskforce would also investigate ways to create financial vehicles that could deliver investments for the benefit of people and the planet worldwide. In doing so, it would actively
look to advance impact investment in low- and middle-income countries hit hard by the pandemic, the statement added. “The GSG will oversee the development of thematic and technical efforts focusing on the need for greater simplification and harmonisation of impact reporting methodologies and accounting, as well as transparency and industry integrity. “The Impact Investing Institute will lead on the design of principles and recommendations for financing vehicles that can mobilise private capital at scale to achieve impact in areas such as the creation of quality jobs, education and health in the context of the global transition to net-zero carbon economies.” It added.
In his comment, Chief Executive of the Global Steering Group for Impact Investment (GSG), Cliff Prior, said: “We are delighted to have been asked by the UK government to lead the secretariat of the Impact Taskforce. Robust reporting standards and innovative investment structures are absolutely central to the development of the impact Investing market that benefits people and the planet. The creation of the Taskforce will put an impact ecosystem firmly on the G7 agenda as countries around the world seek solutions for fair and just recoveries from the COVID-19 crisis.” Also, the CEO of Impact Investing Institute, Sarah Gordon said: “Impact investment has the potential to contribute to solutions
to some of the biggest challenges we face – whether that is a just recovery from the pandemic or addressing the climate crisis. “To harness private capital at scale for public good, we need structures that meet investors’ requirements and deploy capital where it is needed, improving access to decent jobs, education and healthcare, and investing in a just transition to a net-zero world.” In his contribution, the President and Chief Executive Officer, S&P Global, Douglas L. Peterson said: “Transparency and a common language for accounting and reporting are essential for every asset class and investment approach, and impact investing is no exception.
Wike: Secondus’ NWC Can't Lead PDP to Victory in 2023 Says it’s the reason he wants them sacked
Chuks OkochainAbujaand Blessing IbungeinPortHarcourt The Rivers State Governor, Nyesom Wike, has said the reason some of them wanted the current National Working Committee of the Peoples Democratic Party (PDP) removed was because they could not lead the party to victory in the 2023 general election. Wike, who noted the efforts of members of the NWC in the past, stressed that if allowed to go on, they might corrupt the victory of the party, hence quest for call for replacement. Speaking on a national television in Port Harcourt on Tuesday, Wike maintained that the internal misunderstanding recently witnessed in the party was following the failure of the NWC to carryout its responsibility as an opposition political party effectively. The governor said Nigerians only expect credible alternative party to take over power in 2023. "If you go to the public and ask Nigerians if PDP is ready to take over power in 2023, if you take referendum, you will know that Nigerians are even waiting for PDP. But the fear of Nigerians is whether PDP is ready to take over power. So, people are concerned about it. Obviously, it is ripe for PDP to take over, but you must be prepared to take over. “And we said with what we have now, it will be difficult to take over power in 2023 if there are no amendment. Leadership was
the problem. The point is this, the current NWC, as it is today, cannot lead the party to victory. Nobody has said they have not done well, one way or the other, but we are talking about the challenges ahead. "That is why we are pushing for the party to have other people to lead the party and to give it a different strength altogether. If you know APC, you know that you need a robust, determined leadership of the party (PDP) to make sure you match them word by word, action by action,” he said. Wike, therefore, said anyone who loved the PDP and meant well for the party would adhere to the resolutions reached after the intervention of the governors, Board of Trustees and elders to douse brewing crisis in the party. The governor dismissed insinuation that he was nursing a presidential ambition, hence his opposition to the current NWC, adding that his primary preoccupation was to see how the PDP could be better positioned to win the 2023 general election. On the issue of the amended Electoral Act, the governor said Nigerians expected President Mohammadu Buhari to veto the bill over the rejection of electronic transmission of election results by APC members in the National Assembly. Wike accused President Buhari of supporting the position of APC members in the National Assembly even after he had attested publicly on how he benefitted from the introduction of card reader device
by former President Goodluck Jonathan's administration. He stressed that the electronic transmission of results was at the centre of conducting credible and transparent election, and that it behooved the President to bequeath to Nigerians a credible electoral process as he had promised. "Mr. President gave Nigerians the assurance that, one of the legacies he will leave is to make sure that we have credible, and transparent election. And one of the steps to show transparency is, let the election results be transmitted
electronically. “You remember when Mr. President was declared the winner of that election in 2015, he said the introduction of the card reader was a good innovation. We thought he would have improved on that. But instead of improving on that, we are going backwards." The governor also wondered why the Senate committee chairman on INEC, who recommended the transmission of electoral results electronically, voted against it. Wike also commended the signing of the Petroleum Industry
Bill into law, but declared that allocation of a meagre 3 per cent for host communities in the Niger Delta was unacceptable. “We believe that 3 per cent is not enough as regards the kind of pollution and environmental crisis we have had, because of oil exploitation. I thought what Mr. President would have done was to tell members of National Assembly, yes, you have done what you are supposedto, but again, you need to take into consideration the yearnings of the host communities,” he said.
BANDITRY: MASARI OFFICIALLY SANCTIONS SELF-HELP IN KATSINA on Monday by the operative of the Nigerian Customs Service. He assured the people that government was perusing all the necessary legal steps to seek redress for the families of the deceased, as well as those, who sustained various degrees of injuries. He added that legal experts had already been consulted to advise on the way forward in order to ensure speedy (legal) resolution of the matter. He, however, cautioned the families of the victims not to succumb to any covert enticement from the Nigerian Customs Service, saying doing so would compromise and jeopardise the government’s efforts to secure justice for the bereaved and injured. “What Customs operatives are doing is wrong, and therefore unacceptable. Do not succumb to any covert enticement from the customs service, no matter what they offer or promise to
do for you. “Whatever they want to do for you, let it be in the open, not in secret. “If you accept any secret offer, then, you will be truncating government’s efforts to seek justice for you, but if you resist any untoward move, the organisation will then have to rethink its attitude towards its host community". Recall that Masari had last week told the Chief of Army Staff (COAS), Lieutenant General Faruk Yahaya, that the state was under severe attacks by bandits and kidnappers, a situation he said had left 10 out of the 34 local government areas of the state vulnerable. The governor, who expressed worry over the prevailing security challenges in the state, affirmed that the deteriorating spate of banditry accompanied by kidnapping, raping of innocent women and armed robbery on the state’s highways,
were afflicting his government’s effort of restoring peace and normalcy in the state. Masari, who hinted at this while receiving Yahaya at the Government House, Katsina, said both residents and security agencies must work together to up the ante in the war against bandits, kidnapping and other criminal activities in the state. He said the military and other security agencies in Nigeria needed logistics support and manpower to tackle banditry, kidnapping and other insecurity challenges confronting the nation, particularly in the North-west region of the country. He, however, called for the deployment of modern technology to tackle insecurity in the country, saying the world has gone into the era of technology, adding that, “with technology, you can fight your war with minimum number of personnel”.
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TWELVE BUHARI SET TO ANNOUNCE PIA IMPLEMENTATION COMMITTEE TODAY thority as well as the corporatisation of the Nigerian National Petroleum Corporation (NNPC) to a Limited Liability Company, which will now be called Nigerian National Petroleum Company Limited. In addition, the committee would also be tasked with the responsibility of determining the assets and liabilities of the NNPC, which would be transferred to NNPC Limited. Also, the committee would be tasked with the responsibility of determining the stranded or toxic assets and liabilities which would be taken over by government. “The committee has 12 months to finish its job. Also, the committee will look into the conversion of the Oil Prospecting Licences (OPL) and Oil Mining Licences (OML) to Petroleum Prospecting Licences (PPL) and Petroleum Mining Licences (PML) respectively, which are the new names under the Act,” the source who preferred to remain anonymous added. The PIA which was birthed on Monday, would serve as framework for the operations in the oil and gas industry. The law which had suffered several setbacks since 2008, when it was first presented to the National Assembly, aims at removing legal and regulatory uncertainties that have held back the industry’s growth. The PIA provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters. But the federal government yesterday clarified that it is not going to immediately remove the current subsidy being paid on the pump price of petrol, saying that it intends to manage the process to ensure that vulnerable Nigerians are not heavily impacted. However, while members of the organised private sector and the president’s All Progressives Congress (APC) yesterday welcomed the PIA, saying it would unlock investment opportunities in Nigeria’s oil and gas sector, Rivers State Governor, Nyesom Wike has described the three per cent allocation for host communities in the Niger Delta region as contained in the PIA as meagre.
FG: No Immediate Removal of Petrol Subsidy
The federal government has said it will not immediately end its current subsidy regime, saying it intends to manage the process to ensure that vulnerable Nigerians are not heavily impacted. Sylva, who spoke at a briefing in Abuja, to mark his two years in office, noted that although desirable, operationalising the free market regime would require that a lot of economic shock absorbers will be out in place. Sylva noted that because deregulation would come with a lot of changes, it would not be advisable to suddenly remove the subsidy, saying it would become a reality when the law becomes fully operational.
“It (deregulation) is something that is desirable, which I have always said. I've never deviated from that. Deregulation is desirable because that is the sustainable way out of where we are. But also, the reality is that deregulation is going to come with some changes. “And of course, when people have been used to certain behaviours, behavioural patterns which means you've been used to subsidy for this long, and you want to change that, you have to have some kind of change management process in place. “You cannot just change the policy on everybody without looking at some of the problems that this might create. One of which is that we know that this is going to entail increase in price. How do we alleviate the problems that will come with this increase? “This is not a mindless government. It is a government that really, really cares about the Nigerians. So, we have to really look at all these possibilities of how to at least alleviate the pains and the problems that this increase might occasion. And that's why we are taking our time. And that's why it will not happen overnight. “But I'm just telling you that there is a provision in PIA that will make this happen, that we have to jointly ensure that we're able to come up with a workable way of making this happen. And that process is already ongoing,” he stated. He admitted that although the new law has actually deregulated the sector, it wouldn’t mean that there would be an immediate implementation of pricing. The minister further said that governors were asking for deregulation and by extension a price increase because it would be in their interest, adding that a hike means they would have access to more revenue from the federation account. He noted that governors are currently getting less from the federation, saying that they had realised that in the end, they are just cutting their noses to spite their face with subsidy. Also, contrary to the position of the Group Managing Director of the NNPC, Mallam Mele Kyari, that Nigeria was consuming about 103 million petrol daily, Sylva described that figure as a “flash” which happens once in a while, pegging the figure at 52 million litres daily consumption on the average. “But of course, you know we have flashes. Sometimes, we have these flashes. The daily consumption was at about 66 million litres per day when we came in, and were able to bring it down to about 52 million. That's really the average. “But once in a while, you have that flash and it goes up, maybe because of the activity of smugglers. Well, those are not really the ideal situations, so you cannot really use that as the measure of what is the average consumption. “The average product consumption has actually reduced from about 66 million on average. But of course
you can't discount these flashes that you have, which you cannot really judge us on,” he added. On the host communities’ fund, the minister explained that it was better to have three per cent of what the communities are sure of. He described all the levies and taxes paid by oil companies as a balancing act, saying the new legislation has been fair to the host communities and pointing out that for the first time, there is now a pool of funds targeted at the host communities in this country. On the rising prices of cooking gas, the minister stated that the market has been fully deregulated, emphasising that government was no longer in control of how much the product is sold. “We are not in a position to determine gas pricing because gas is not a regulated product. But then we are also very concerned that prices are high. We are also doing something about it. “Just in the interest of the ordinary Nigerian, I have discussed with some of the suppliers. But I can tell you that it is not really our role. But just in the interest of Nigerians we are trying to see how we can intervene with the suppliers and have discussions to allow us see how we can bring down the price of gas to make it more affordable. “I understand that the average cost of cylinder now is N5,000 to N6,000. But we are following the price and we are doing something about it with the suppliers,” he explained. The minister who also took time to explain the frontier exploration fund, noted that the frontier territories are not only in one area of the country. “There are frontier territories in Cross River, in the North-east and in the South-west. So when people just locate frontier territories in one part of the country and settle on that, then there’s a problem. So, we must come together as a country, frontier and host communities,” he advised. He argued that Nigeria has had about 37 billion barrels reserve for the past 10 years and has not added to it, saying there was need to bring vigour into the industry. “We cannot go back to where we are coming from. Let's look forward as a country, we must look at Nigeria. First, who is the one that is gaining. And I think in this case, it is Nigeria that is the ultimate beneficiary,” he noted. Sylva added that the sector has been able to reduce the cost of production by over 5 per cent, despite the issues of currency fluctuations, as the industry has rationalised contracts, renegotiated others, while many expatriates who were paid in hard currency left because of COVID-19 pandemic, allowing Nigerians to step in.
OPS Hails Buhari, Call for Transparent Implementation of New Law
Meanwhile, representatives of the
Organised Private Sector of Nigeria (OPSN) have commended the federal government over the PIA. Both the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ambassador Ayo Olukanni, and the Director General of the Nigeria Employers’ Consultative Association (NECA), Dr. Timothy Olawale, said the PIA was a landmark decision. The representatives of the OPSN, in separate statements noted that the PIA 2021, would herald a positive change in the oil and gas industry, noting that they looked forward to a more robust industry with improved investor confidence and the creation of more employment opportunities for the generality of Nigerians. Olawale stated that, “the relevant changes to the governance, administration, regulatory and fiscal framework of the petroleum industry will enhance transparency and further position the industry to contribute effectively to national development. “While some provisions of the PIA are far-reaching with various degrees of implication and consequences for operators in the industry, we urge the government to create a platform of proactive and continuous engagement with the operators in the sector for a smooth implementation of the provisions of the PIA.” He urged the federal government to carry stakeholders along in setting up the implementation and monitoring committee in order to ensure the maximisation of the benefits inherent in the PIA. Speaking in the same vein, Olukanni, said NACCIMA expects that the PIA would reposition the Nigerian oil and gas sector to attract more investments. He said: “The NACCIMA welcomes the signing into law of the PIB by President Bhuari. After a long journey, the association commends this bold and strategic step to reposition the Nigerian oil and gas sector to restore investor confidence and attract much needed Foreign Direct Investment (FDI) and local participation.” He argued that the growth of the sector had been stagnated as a number of principal players, “placed new investments on hold or even divested existing assets due to perceived unstable legal and policy environment.” The director general of the NACCIMA also noted that, a restructured NNPC and its ownership structure would help create a wider opportunity and space for members and the oil producing communities to participate. Olukanni, however, noted that NACCIMA was of the view that the PIA should be implemented in a structured and disciplined manner in order for it to achieve its purpose in the long run. He said: “Such an implementation approach will ensure transparency and focus while reinforcing confidence among local and international players. “It is also the view of the association that the private sector is
LIKE NNPC IN DANGOTE, SAUDI'S ARAMCO DANGLES $25BN FOR 20% STAKE IN RELIANCE said. Shares in Reliance extended gains to as much as 2.6 per cent in Mumbai after the Bloomberg News report. A deal would forge a closer alliance between the world’s biggest oil exporter and one of the fastest-growing consumers. Ties and trade between the two countries have grown in recent years as India looks to bolster its energy security and Saudi Arabia reduces its support for Pakistan over the disputed territory of Kashmir. Riyadh and New Delhi elevated their relationship to a “strategic partnership” in 2019. It would seal more than two
years of negotiations and mark Aramco’s first all-stock deal since its initial public offering in 2019. Ambani confirmed talks about a deal with an implied stake valuation of $15 billion that same year. Discussions were delayed by the onset of the coronavirus pandemic and slump in oil prices. Energy markets have since recovered, with crude prices jumping around 35 per cent this year to almost $70 a barrel. Aramco said last week due diligence on a deal with Reliance was underway. A transaction would boost Aramco’s sales of crude to
India. For Reliance, it would help to lock in a steady supply of oil for its giant refineries and make the Indian company a shareholder in Aramco. Based on Aramco’s market valuation of about $1.9 trillion, a transaction would give Reliance a stake of around one per cent. Details of the potential transaction are still being negotiated, and talks could drag on longer or fall apart, the people said. A representative for Aramco declined to comment. The Saudi government’s Center for International Communication didn’t immediately respond to an email requesting comment.
A representative for Reliance said the company does not have anything to add beyond Ambani’s comments at the shareholders’ meeting in June, when the conglomerate appointed Aramco Chairman Yasir Al-Rumayyan to the board. Ambani had said Reliance could finalize an investment deal with the oil producer this year. The transaction would help Aramco reach its goal of more than doubling refining capacity to between eight million and 10 million barrels of crude a day. The Saudi firm had 3.6 million barrels a day of capacity at the end of last year, including stakes in joint ventures.
in a prime position to drive the realisation of the objectives of the PIB and as such should receive the requisite support and policy enablement to play this key role in the upstream, midstream and downstream segments.” In his contribution, a former Senior Technical Adviser, Upstream and Gas, at the Ministry of Petroleum, Gbite Adeniji, yesterday said the PIA would cut wastages in the oil and gas industry. Speaking on Arise Television, THISDAY’s broadcast arm, Adeniji, who was an adviser when Dr. Ibe Kachikwu was petroleum minister, said the new law is not only a petroleum sector reform document, but an economic legislation that could remarkably impact the country. He explained that the Act would open the petroleum sector up to a new wave of opportunities, stressing that the country now has a basis for deregulating the downstream. “We can cut away all the subsidies that we have completely mismanaged in the last 20 or more years, and redirect some of that towards more useful social and economic needs in the country. “It also creates the opportunity for leveraging on Nigeria's main abundant natural resource, which is natural gas, because if you look at the law, it's got provisions galore on natural gas. “And this is the first time ever, we actually have provisions dealing with that endowment. So when you think of the energy transition, if you have clarity around the legislative framework for gas, I think that basically positions Nigeria for that future,” he said. Adeniji emphasised the need to move quickly into a gas-based industrialisation era, stressing that the new law also addresses issues around environmental regulation in the industry, both in the upstream, midstream and downstream. He explained that as Nigeria liberalises its oil and gas industry, it also needs laws that would curtail the potential for abuses and monopoly, which the new legislation substantially addresses, saying aside the NNPC, the industry has a number of monopoly operators currently. “So, there’s a statutory duty to move away from subsidies. We then have to now see how they set up the regulatory agencies, and how they actually go about implementing the mandate, which is to see that the wholesale transactions as well as seeing petroleum products being sold on a willing buyer, willing seller basis, as opposed to the way we are doing things currently,” he said. He noted that there would be need to appoint experienced management consultants to support the process to see to the proper design of the new national oil company, which the law envisages. While stressing that six months might be too short to do a proper job of assessing and unpacking the assets that are not critical to the future of the new national oil company, including the issue of liabilities, Adeniji noted that competent hands should be hired to turn around the fortunes of the corporation. On the refineries, he stated that although currently a liability, the facilities have the capacity to begin to add massive value to the operations of the corporation when they start working.
With PIA, Buhari Has Shown Courage, Says APC
In its reaction, the All Progressives Congress (APC) said President Buhari showed courage by signing the Petroleum Industry Bill (PIB) 2021 into law, ending the long jinx which had seen the bill delayed
since early 2000. The National Secretary of Caretaker/Extraordinary Convention Planning Committee (CECPC), Sen. John Akpanudoedehe, in a statement yesterday, said the economy would be the ultimate beneficiary. He said the new legislation would overhaul the oil and gas industry. He further said it would also provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities as well as offer new fiscal incentives to investors. Akpanudoedehe added, "The new Petroleum Industry Act may not be a perfect document. No law anywhere in the world is a finished product. It is a good way to start, after decades of groping in the dark in the oil industry. "Mr. President has broken the jinx on many fronts, this is a clear demonstration of the will of a leader, determined to do the right thing. We salute the President's forthrightness and his courage to lead Nigeria right." The secretary stressed that before now, Nigeria’s oil and gas industry used to lose as much as $15 billion in investments annually due to the delayed passage of the PIB, adding that this was about to change with the Petroleum Industry Act. Akpanudoedehe argued the Peoples Democratic Party (PDP) attacks of the PIA showed that the opposition party was ready to play politics with the historic feat. "We ask, what was the fate of the PIB during the wasted 16 years the PDP was in government? We will let the discerning public be the judge. Meanwhile, the APC will not get tired of righting the PDP's wrongs," he said.
Rivers State: 3% Allocation to N'Delta Communities Meagre
However, Wike has described the three per cent allocation for host communities in the Niger Delta region as contained in the Act as meagre. The governor who commended the passage of the law, stated that the stipulated allocation for the host communities of oil exploitation was unacceptable. Speaking in Port Harcourt yesterday, Wike said: "We believe that three per cent is not enough as regards the kind of pollution and environmental crisis we have had because of oil exploitation. I thought what Mr. President would have done was to tell members of National Assembly, yes, you have done what you are supposed to do, but again, you need to take into consideration the yearnings of the host communities.” The governor bemoaned the exclusion of oil producing state governments in the implementation and administration of the three per cent oil revenue recommended for host communities in the PIA. He expressed concern that the international oil companies would take advantage of this, to continually instigate crisis in oil producing communities in order not to pay the three per cent due the host communities. Speaking on the ongoing constitutional amendment process, Wike said it was satisfying to know that such function was not an exclusive preserve of the National Assembly. "The confidence people have today is that the amendment of the constitution will get to the states. Take for example, the federal government may not be in support of state police, but you have two-third of states that say they need state police, so in that case, state police will pass. There are issues that you may not like, but these are done on clause by clause basis."
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Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
BBNAIJA: TIME TO BAN THE REALITY SHOW Sonnie Ekwowusi writes that BBNaija is an assault on our cultural heritage
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t is high time the federal government banned the airing of the ongoing TV Reality Show Big Brother Nigeria (BBNaija) in Nigeria. Nigeria’s Minister of Information and Culture Lai Mohammed, Ohaneze Youths, Arewa Youths, Foundation for African Cultural Heritage (FACH), National Council of Women Societies (NCWS), Muslim Rights Concern (MRC), Project for Human Development (PHD), Association of Concerned Mothers, Director-General of the National Council for Arts and Culture (NCAC) Mr. Segun Runsewe continue to lead the pack of men and women and institutions clamouring for the immediate ban of the BBNaija The BBNaija is nothing but sexual barbarism. It is eroticism and nudity. Put succinctly, BBNaija is a pornography. For example, last Sunday, one of the BBNaija inmates brought out his erected penis and started flaunting it in front of the female inmates and to the whole world. One wonders the point the young man was trying to make. You can imagine how disappointed his parents were watching their son disgracing his family on TV. Any human being who does not appreciate his or her intrinsic worth or human dignity is unaware of the deepest truth about his or her existence. Flaunting of one’s private parts in public is animalism per excellence. It is a slur on human civilization. Anyway, this disgraceful behavior is nothing compared to other BBNaija sexual escapes being displayed online. If you want to look at them, just google: “BBNaija photos” and you will be shocked by the BBNaija porn photos. Our tragedy in Nigeria is that we are not only being destroyed politically: we are presently being destroyed on all fronts- politically, socially, culturally, intellectually and morally. For example, most of our public institutions are now being damaged by the new sexual identity politics. Sad. At the risk of constant repetition, if constitutional democracy must lead to true human flourishing it must transcend political experiment. This is because democracy is more than a political experiment: it is also a moral enterprise which largely depends on the shared beliefs, shared values and liberating principles of the citizenry for its success. But unfortunately one of the most remarkable new features of our society, writes Hans Boersma in his essay, “Therapeutic Revolution,” is its blithe dismissal of shared beliefs, shared values and liberating principles which have long shaped our social and political life. Time-tested religious and philosophical convictions that guarded generations before us such as marriage as a life-long commitment, spousal fidelity, sexual union as a sacred reflection of the relationship between God and his people, child rearing, honouring our mothers and fathers, duties of truth-telling, public shame, hard work and so forth are being discountenanced as archaic and anachronistic. In the past in Nigeria the aforesaid time-tested convictions were treated as foundational to our common life. Today they have all been toppled- not by a narrow conspiracy, but by a broad, bipartisan process. A society that topples time-tested convictions and repudiates shared values and transcendental as undergirding people’s basic political convictions and practices is an anti-cultural society. A fundamen-
NIGERIA SHOULD LEARN TO COUNTER TODAY’S PERVADING ANTI-CULTURE. HOW? BY REFUSING TO COLLABORATE IN THE DISINTEGRATION OF OUR CULTURAL HERITAGE
tally anti-traditional and or anti-historical attitude pervades today’s anti-cultural society. And that was why in the midst of an American culture that had become so debased and disoriented Richard John Neuhaus invited his admirers to join him on the high adventure of being countercultural. Similarly we in Nigeria should learn to counter today’s pervading anti-culture. How? By refusing to collaborate in the disintegration of our cultural heritage by endorsing BBNaija. In short, BBNaija is an assault on our cultural heritage. Besides, the airing of BBNaija to the Nigerian public is illegal and unconstitutional. It is a violation of public morality as enshrined in sections 17(3)(f) (g), 21 (a),23, 37, 38,42, 45(1) of the 1999 Constitution of the Federal Republic of Nigeria and Articles 2, 8, 17, 18, 28, 29 of the African Charter on Human & Peoples’ Rights (Ratification Enforcement) Act, CAP 10 and sections 0.2.2.2 (a), 0,2,3 (a) 3.6.1, 3.6.2, 3.7.5. 3.7.10, 3.8.1. 4.2.1, 4.2.2 (a) (b) (j), 14.0.1 of the National Broadcasting Commission (NBC) Code (5TH Edition). Many do not know public morality can be enforced under the Nigerian law. The right to freedom of expression and the press including right to watch BBNaija guaranteed under section 39 of the 1999 Constitution of the Federal Republic of Nigeria are invalidated to the extent to which they are in violation with public morality and public decency under section 45(1) of the same Constitution. Most important, section 29 of the African Charter on Human and People Rights (which Nigeria has ratified and domesticated as part and parcel of the Nigerian law) provides that the rights and freedom of each individual shall be exercised “with due regard to the rights of others, collective security, morality and common interest”. The section also provides that the government shall preserve and strengthen positive African cultural values in its relations with other members of the society, in the spirit of tolerance, dialogue and consultation and, in general, to contribute to the promotion of the moral wellbeing of society. But in their defence, Multi-choice, DSTV, NBC and other proponents of the BBNaija argue that no viewer is forced to watch BBNaija; that the porn is privately subscribed only on DsTV and, besides, viewers who feel offended by the BBNaija should refrain from watching it. This is fundamentally flawed. To start with, BBNaija is aired virtually on all TV stations in Nigeria. So even those who do not subscribe to it are now exposed to watching it. The other day a lawyer friend stumbled across the reality show and came out fuming and screaming to high heaven that the porn should be banned. BBNaija is aired at a time children are awake. You can imagine its damaging effects on our children who are always glued to the TV. Child pornography is a crime. There is nothing like private subscription to crime. In any case, the NBC is empowered by the Nigerian law to control and monitor all broadcastings and programs within the Nigerian air space including the DSTV’s BBNaija. Why? To ensure that no foreign movie or program that compromises Nigerian cultural heritage is aired in Nigeria.
AITEO FA CUP AND PATRIOTISM Aiteo group has opened a new vista in grassroots sports development, writes Jackson Okilo
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ehind every success, there is a source. And behind every history, there is a story. So, when Bayelsa State recorded a historical success recently by becoming the first state to have its male and female clubs win the FA Cup, now called Aiteo FA Cup, there was both a source and a story. The source was the Aiteo Group, sponsors of the FA Cup since 2018 and the story belongs to Benedict Peters, the President of the Group. Peters was the man who stepped out to save the nation’s football at a time it was fading both in glory and in form. The gesture was part of the corporate social responsibility of the Aiteo Group. And it has become a decision and gesture worthy of adulation. Since the group assumed sponsorship of the FA Cup as part of a five-year N2.5 billion deal with the Nigeria Football Federation (NFF), the glamour, thrill and frill associated with the FA Cup have returned. This year’s FA Cup final was a thriller worthy of its badge. The female edition had offered a teaser with Bayelsa Queens outfoxing Robo Queens of Lagos 4-2 on a wet soggy turf. But it was the male edition that pumped the adrenaline. Little known Bayelsa United had squared up against a more popular Nasarawa United. Edgy, cagey and sometimes on a cliff edge. It was worth the moment as both teams refused to be outdone within regulation time having netted two goals apiece to keep the score at 2-2. It was a match that brought back the glamour and grandeur of the FA Cup as we knew it. At the end, it was Bayelsa United, the underdog in the doggish match, that held nerves to emerge victorious. A historical upset! Beyond the money, the effort of Aiteo must be appreciated for its essence and value. It’s a show of patriotism, a call to duty and a clear demonstration that so much can be achieved in Nigeria with
Nigerians in the entire sports spectrum. Nigeria has been a nursery of talents, a major supplier of athletes, footballers and other actors in the broader entertainment ecosystem who end up naturalizing as citizens of western nations. Everybody is born with a talent. What makes the difference is discovery, nurturing and guided husbanding of such talents. This is the missing link for young Nigerian talents. Gifted and endowed with ingenious talents, the Nigerian child is left to wander in hopeless swagger. And while the Nigerian child growing up in Nigeria pounds the street of hopelessness and despair, his counterpart in the western world is already mainstreamed into the classroom, theatre, academy or any such place where his talent is honed and transformed into scalable, marketable brand. And this is down to availability of sponsorship and good mentorship. In accepting the sponsorship of the FA Cup as one of its corporate social responsibilities, Aiteo Group has given life to the dreams of many home-based footballers who may never have had the opportunity to showcase their talents. Players of Bayelsa United, a lower league club, will now have the opportunity to strut their stuff on the continental stage where they would be exposed to international scouts and the benefit of stronger competition. When in the 2021/2022 season, Bayelsa United steps out to represent Nigeria at the CAF Confederation Cup, let’s not forget the source and the story behind such transcendental triumph of courage: Aiteo and Peters. Nigeria has a rich pool of outstanding football talents, with many restricted to playing street football in far-flung rustic communities, far away from scouts and the opportunities that city life brings. With a dying culture of schools football, from primary to tertiary, the Aiteo FA Cup offers the best option for grassroots soccer development. The
probability of footballers from non-professional league clubs being mainstreamed into the Nigerian Professional Football League (NPFL), and even overseas to Europe and other African nations with stronger leagues is high. Without any doubt, the Aiteo intervention in Nigerian football has had the most positive inductive effect on the nation’s overall football life. Since the intervention, the dour stories of non-payment of salaries to coaches and sundry emoluments to players involved in the competition have varnished. Aiteo partnership with Nigeria football authorities triggered a bouquet of fortunes for the nation. First, Nigeria became the first national team in Africa to qualify for the 2018 World Cup, against the old order where qualification is always a matter decided by the last kick of the ball in the last qualifying match. In some cases, pundits resort to computation of results from other nations’ matches to determine if Nigeria will qualify, a lottery of sort. Aiteo did not only focus on the national team, the commitment was to help develop grassroots football. And who would have believed that a club like Bayelsa United from the second division would edge out NPFL giants like Rangers, Rivers United and Nasarawa United which finished as the second best team in the NPFL league? The partnership with NFF further boosted the marketing visibility and value of the nation’s football. First, global sports-wear behemoth, Nike, jerked up its sponsorship money on Nigerian football. Nike did not just throw jersey at the national team, Super Eagles, as was the case in the past, the multinational company practically took over real marketing of the Super Eagles as a brand including marketing the Super Eagles jersey at the last World Cup in Russia and pitching it as the
‘best jersey brand’ in the world to the acclamation of the whole world including FIFA. The Aiteo gesture is a worthy example of how corporates and individuals can infuse patriotism with nationalism to improve the development quotient of a nation. At a time many Nigerian corporates making big money in Nigeria, the largest market in Africa, opted for the unpatriotic act of sponsoring and empowering overseas clubs and sports persons, Aiteo decided to give back to Nigeria. This is the stuff of a typical public-spirited entity. Peters has by this singular act in a period of national and global drought for businesses, demonstrated that he’s a different kind of capitalist and entrepreneur. By choosing to invest in Nigerian football, he has opened a new vista in grassroots sports development; the type that produced legends like Kanu Nwankwo, Jay-Jay Okocha, Stephen Keshi, Taribo West, Daniel Amokache, Finidi George, Celestine Babayaro and a host of others including the current horde of Kelechi Iheanacho, Wilfred Ndidi, et al. They all started from home (Nigeria) before gracing the biggest stage of club football, Europe, from where they have brought fame, glory and cash to Nigeria. And if tomorrow comes, as sure as seed time and harvest time it will, another generation of young Nigerians having been provided opportunity at home to hone their skills, find their way to Europe to excel in the Beautiful Game, such success, in part, should be ascribed to the labour of love of Aiteo Group and its chief driver, Benedict Peters, a child of national consolation. Nigeria needs more of such patriots and philanthropists to complement the effort of government in building our capacity and competences in football and other sports. Okilo wrote from Yenagoa
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T H I S D AY • WEDNESDAY, AUGUST 18, 2021
EDITORIAL
ACCOUNTABILITY AND THE POWER SECTOR Lack of transparency has aided incompetence in the sector
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he entire country was recently plunged into blackout when the national grid collapsed and lost 3,489 megawatts (MW). That about 99.7 per cent of the country’s daily generation would collapse in one day reinforces existing concerns about the structural defects of the Transmission Company of Nigeria (TCN). It has proved incapable of stabilising the power grid, transmitting generated volumes with minimal losses and putting an end to frequent power outages. More tellingly, the national blackout coincided with the release by the Senate of a N132 million fraud at the Nigerian Bulk Electricity Trading Company Plc (NBET). Both developments – the nationwide power outage and the unbudgeted N132 million NBET expenditure – clearly illustrate the absence of accountability in a sector that has a fully constituted NERC running its affairs. For the nationwide power outage, reports indicate that it was the fourth time the country would be experiencing system collapse in ANY COUNTRY KEEN ON 2021. This is despite SUSTAINABLE SOCIOthe huge investment ECONOMIC DEVELOPMENT of over $1.6 billion to upgrade TCN’s CANNOT OVERLOOK transmission infraTHE INEVITABLE structure through the REORGANISATION World Bank, African NEEDED AT THE HUGELY Development Bank DYSFUNCTIONAL (AfDB), and other BEHEMOTH CALLED TCN multilateral organisations. The TCN has also received budgetary allocations to support its transmission infrastructure upgrade, yet it is at best a lame duck, unable to support the objectives of the power sector privatisation consummated in 2013. According to operations report, in the first week of March 2021 for example, the power sector lost about N6.8 billion to constraints and other challenges which included unavailability of transmission infrastructure. Clearly, the TCN cannot guarantee stable transmission of power to the Discos for onward distribution to end-
Letters to the Editor
users. It also constraints the national economy from growing as industries and commercial entities, including small and medium-sized enterprises heavily rely on diesel and petrol generators to stay afloat. Any country keen on sustainable socio-economic development cannot overlook the inevitable reorganisation needed at the hugely dysfunctional behemoth called TCN.
D T H I S DAY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE
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NIGER DELTA CHANGING NARRATIVES
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ata from the system operator of the TCN reveal that the national grid has recorded steady collapses, but no one is ever called to account by the Nigerian Electricity Regulatory Commission (NERC) for what could be considered a drawback on the power sector. This is also what is on display at NBET. Reports from the Senate Committee on Public Accounts which was adopted by the Senate, noted that the NBET spent N95.320 million on overseas training for its staff, which never took place; N34.163 million on unverifiable services and N2.583 million on uniforms for outsourced drivers. As indicated by the Senate, a federal government entity spending N2.583 million on uniforms for outsourced drivers is clearly illegal considering that it is solely the responsibility of the contractor to kit its employees. Additionally, the money spent on overseas training for NBET staff between October and November 2014 was in violation of a presidential directive against such expenses. The Senate also pointed out that the expenditure has no documentary evidence to back its execution. The business of NBET as a bulk power trader in the sector is essential, just as its processes are expected to be transparent and fraud-proof. To have an NBET with questionable transactions is akin to putting the fate of the country’s electricity market in jeopardy. Clearly, both cases at the NBET and TCN are evidence that accountability in Nigeria’s power sector is not yet the priority of the government or the regulator, NERC. They also suggest that the reasons why top private investors and investments seldom look towards Nigeria’s power sector may not be all about the absence of funds to invest, but about the lack of trust in a market that lacks transparency and accountability.
side from being perceived as backward and degraded, occasioned by crude oil exploration, exploitation and production, the Niger Delta region means different things to different people. To some, it is a region where communal right to a clean environment and access to clean water supply is violated. By its admission, the oil industry has abandoned thousands of polluted sites in the region. Aquifiers and other water supply sources which are being adversely affected by industrial or other activities need to be recovered while communities are adequately compensated for their losses. To others, it symbolizes a location where the government employs non-participatory approach to development/ broadbased consultative approach that strips the people of their sense of ownership, where the government and other Nigerians have failed to see the problem of the Niger Delta as a national one. To the rest, it is a zone where fierce war has been raging between ethnic and social forces in Nigeria over the ownership and control of oil resources. And as a direct result, a long dark shadow has been cast on efforts to improve the wellbeing and economic development of the region’s individuals, peoples, and communities. However, looking at recent developments particularly as it affects the region; it will not be hasty to say that the narrative is changing. I will concentrate on two. First is the passage of the Petroleum Industry Bill(PIB) by both Houses after years of back and forth movement. And recently, precisely on
Monday August 16, 2021, President Muhammadu Buhari signed the bill into law. The Act provides legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of host communities. The second development has to do with the recent declaration by Nigeria’s Vice President, Professor Yemi Osinbajo at the GbaramatuVoice Newspaper’s 6th Anniversary Lecture/Niger Delta Awards. Professor Osinbajo, among other remarks, told the gathering that this administration is determined to see through the completion of all the critical projects that had been embarked upon in the region. In his words, “we have invested significantly in the Niger Delta as the region that holds the energy resources that have powered our progress for six decades as well as the keys to an emergent gas economy. In 2017, following my tour of the Niger Delta, which involved extensive consultations with key stakeholders in the region, the New Vision for the Niger Delta was birthed in response to the various challenges which had been plaguing our people. The objective of this New Vision is to ensure that the people of the region benefit maximally from their wealth, through promoting infrastructural developments, environmental remediation and local content development. …” Even as this appear welcoming, the truth must be said to the effect that the people of the region are particularly not happy with the paltry three per cent allocation to host communities by the new Act. Jerome-Mario Utomi, Lagos
REPAIR MAGAMASAMINAKA ROAD
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he recent gruesome killing of 22 innocent commuters at Gada-Biyu area of Zaria road, Jos North local government, Plateau State, is very unfortunate and unacceptable. This was not the first time innocent commuters were attacked in the area since 2001 Jos crisis. Indeed, the area has become a dead zone for commuters in the state. Therefore, there is need for the government to urgently intervene so as to bring an end to these murderous acts before it will take different dimension. Government must bring the culprits to book to serve as a deterrent. In addition, I’m appealing to the federal and state governments to immediately construct or repair the roads linking Bauchi to Kaduna State, from Magama Gumau to Saminaka. If repaired the road will be of great significance to everyone by reducing commuters plight from the Southern part of the country to the Northeast. Magama to Saminaka roads will be more secure and safer than the Gada-Biyu -Zaria road that has become a death trap. Finally, I am again calling on the authorities to do the needful by bringing the culprits to book so as to avoid losing innocent commuters through cheap deaths. Ibrahim Sule, Department of Mass Communication, University of Maiduguri
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WEDNESDAY, ˜ ͺͺ ˾ T H I S D AY
IMAGES from KABUL AFTER TALIBAN TAKEOVER
HAUNTING IMAGES OF AMERICA’S $1 TRILLION FAILED AFGHAN INVESTMENT
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ncredibly powerful, defining images from Kabul Airport that marked the end of American military intervention in Afghanistan – as people clamber onto US military aircraft in a desperate bid to escape Afghanistan following the Taliban takeover. Others surged other aircraft to try to get away from Kabul by all means and at all cost. It was gutwrenching to watch.
600 people packed inside a US military aircraft meant to carry 100 people
After the Afghan president fled the country, Taliban fighters took over the presidential palace.
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WEDNESDAY, ˜ ͺͺ ˾ T H I S D AY
NEWS
Buhari, Jonathan, Lawan, Gbajabiamila, Jang, Atiku, Ekweremadu, Others Mourn Mantu Deji Elumoye, Chuks Okocha, Adedayo Akinwale in Abuja and Seriki Adinoyi in Jos Prominent Nigerians, including President Muhammadu Buhari, former President Goodluck Jonathan, Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila, former governor of Plateau State, Jonah Jang, former Vice President Atiku Abubakar and immediate past Deputy President of the Senate, Senator Ike Ekweremadu,have mourned an ex-Deputy Senate President, Senator Ibrahim Mantu. Mantu passed on early yesterday after a brief illness, which was not disclosed and has since been buried according to Islamic rites. He was aged 74. But sources have also claimed that the deceased lawmaker might have died of complications from the ravaging covid-19 virus. A family source, who confirmed the demise said the late Senator died at a private hospital in Abuja after nine days of sickness in isolation. “He fell ill about nine days ago and was receiving treatment at home but he was rushed to the hospital, when there was no sign of improvement. He died at about 2am on Tuesday," the source added. In his condolence message, Buhari condoled with the family of Mantu, the Plateau State Government and indigenes of the state over the passing of the renowned politician. Buhari, in a release issued on Tuesday by his Media Adviser, Femi Adesina, also commiserated with leaders and members of the National Aseembly, friends and political associates of the former Deputy Senate President, who dedicated most of his life to service of his people. The President prayed for the repose of the soul of the departed, believing his legacy of reconciliation and promotion of peaceful co-existence will always be remembered, especially, in bringing more harmony in his state and the country at large. Jonathan, in a condolence message to the family by his special adviser, Ikechukwu Eze,described Mantu as a patriot, who contributed so much to the growth of the nation’s democracy. Jonathan also noted that the late Senator would be sorely missed by many, because of his commitment to peace, justice and unity, even as he recalled his contributions to the political development of the country. “During his days at the Nigerian Senate, Senator Ibrahim Mantu provided the needed leadership and direction that helped stabilise the National Assembly and contributed his quota to the democratic progress recorded at that time. Senator Mantu was patriotic, courageous, and a passionate advocate of peace and justice,” he said. Lawan also commiserated with friends and political associates of the former Senator, as well as the government and entire people of Plateau State over the huge loss. "Mantu had a brilliant political career, which he capped with the quality representation
Late Mantu he provided the people of Plateau Central District as their two-term Senator between 1999 and 2007. "As Deputy Senate President, Mantu played the role with great energy and finesse, which earned him,” he said. Gbajabiamila, in a statement issued Tuesday by his Special Adviser on Media and Publicity, Mr. Lanre Lasisi, said Mantu contributed immensely to the growth and development of the Nigerian Legislature. He noted that Mantu, who served as the Deputy President of the Senate in the 5th Assembly, was one Nigerian that would be remembered for his democratic credentials. Jang, in a statement personally signed, said he received the news of Mantu’s death with deep sense of sorrow and described him as a brave and courageous statesman. He said, “Late Senator Mantu was a brave and courageous Plateau elder statesman, who stuck in neck for the interest, growth of the state, not only during his reign as Deputy President of the Senate but throughout his entire political career. “He distinguished himself in politics such that he became a household name whenever
the politics of Plateau State and Nigeria was a subject of discussion. He was reputed to have stood for and supported any Plateau man, who aspired for anything at the national level. His love for the state and for his people will remain indelible in the history of our dear state.” The senators representing Plateau South and North, Nora Daduut and I. D. Gyang described his death as a big loss to the state and the nation. Daduut said, "Mantu exhibited the values of discipline, integrity and devotion wherever he found himself. He will surely be missed." Gyang affirmed too that Mantu “was an elder statesman, charismatic leader and a political colossus of immense networking and bridge building capacity.” Atiku, in a statement issued by his media office in Abuja Tuesday, said his association with Mantu dated back to the era of military guided political transition programmes He noted that while he was in the defunct Social Democratic Party (SDP), Mantu was a leading political light in the Nigeria Republican Convention (NRC). “Mantu was very central in the management of the
frosty relationship between the executive and the legislature in those difficult years of learning the nuances of democratic practice.” He alluded to Mantu’s dogged and tenacious spirit, which he said was instrumental in lifting him from humble beginnings to a life of statesmanship, adding that Nigeria would miss his political experiences, which spanned over four decades. Ekweremadu, who succeeded Mantu as deputy senate president, expressed sadness and shock over his death, noting that Nigeria had lost a legislative icon. Reacting to the news in a statement by his Media Adviser, Uche Anichukwu, Ekweremadu, said, “He (Mantu) played critical roles in reinventing the legislature with the advent of the current democratic era. In particular, as Deputy President of the Senate and Chairman of the Joint National Assembly Committee on Constitution Amendment, Senator Mantu will be remembered for pioneering the constitution amendment process in the current democratic dispensation in response to agitations over the many inadequacies and contradictions of the 1999
Constitution.” He described Mantu as a cosmopolitan and deft politician, who while in the legislature, saw the entire nation as his constituency. Similarly, the Peoples Democratic Party (PDP) too has expressed shock over the death of Mantu, saying it was heartbroken because he was one of its leading elders, a member of its Board of Trustees (BoT) and former Deputy President of the Senate, Senator Ibrahim Nasir Mantu. In a statement by PDP’s National Publicity Secretary, Kola Ologbondiyan, it said, "Our party is indeed devastated and inconsolable over this huge tragedy, which has befallen not only the PDP but our entire nation, Nigeria, at large. "Senator Mantu was a highly resourceful leader, an excellent lawmaker, exemplary democrat and dazzling political mobiliser; a very humble and detribalised statesman, who spent his life in innumerable sacrifices towards the unity, stability and economic development of our dear fatherland." Mantu was one of the notable figures in the nation’s political landscape for many years. In 2001, he was elected Deputy Senate President on
the PDP platform, a position he held till 2007, when he did not return to the senate. Mantu, who hailed from Gindiri District in Mangu Local Government Area of Plateau State, worked in various establishments before joining politics. Also yesterday, the Secretary to the Government of the Federation, Boss Mustapha, expressed shock and sadness over the death of former Deputy Senate President, Dr. Ibrahim Mantu. In a statement yesterday on his behalf by Director, Information, Office of the Secretary to the Government of the Federation, Willie Bassey, the described the late Mantu, who was the Deputy Senate President from 2003 to 2007, as a forthright individual who made his mark in the political landscape of the country. He noted his patriotic zeal in his contributions towards the enactment of various laws which has contributed in no small measure to the overall development of the country. The SGF commiserated with the Government and people of Plateau State, his family and political associates and prays to God to grant the deceased Al-Jannah Firdaus.
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
MIDWEEKPOLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
PIA: Beyond Buhari’s Assent In spite of the many benefits some industry players claimed were embedded in the new Petroleum Industry Act, President Muhammadu Buhari’s assenting to the bill was a subliminal message to the people of Niger Delta, writes Iyobosa Uwugiaren
Buhari
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ven the five-days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on August 13, could not deter the President from assenting to the controversial bill. President Muhammadu Buhari’s assent to the provocative Petroleum Industry Bill (PIB) 2021 into law demonstrates his determination to fulfil his constitutional duty. Presidential spokesman, Femi Adesina, alluded to this fact. In a statement announcing Buhari’s action on the PIB, he said that the Petroleum Industry Act has proved to be ‘’a real nightmare for successive administrations’’ since the need for the bill was first mooted by the former President Olusegun Obasanjo administration, over two decades ago. To interest groups in the South-south, however, Buhari’s assent to the Bill was an affront, offensive, hateful, against natural justice, and a very strong proclamation that the voice of the region doesn’t matter in the vexed issue. Going by the harsh criticisms and protests that greeted the Bill - when it was passed by the National Assembly, most people in the region expected the President to exercise his discretion rightly by returning the bill to the NASS to, at least, among others bring the host fund to 10 percent. The bill, which was first presented to the National Assembly in 2008, was intended to remove legal and regulatory uncertainties that have held back the industry’s growth for decades. Analysts said that while oil contributes less than 10% to Nigeria’s Gross Domestic Product, it accounts for nearly all foreignexchange earnings and half of the government revenue. The nation’s economic-growth cycle is strictly linked to crude oil output. Monitors of the oil industry also argued that squabbling between politicians and complaints by the multinationals in the oil industry frustrated earlier efforts to bring upto-date the regulations/policies, a process that started almost 20 years ago. It is on record that oil firms active in Nigeria, including Royal Dutch Shell Plc, Chevron Corp and others secured some concessions from the Federal Government - after objecting to parts of the bill that was sent to the National Assembly in September. Insiders say that was what informed the lawmakers’ reduction of the levels of taxes and royalties originally proposed and decided that a “hydrocarbons tax” should not apply
to deep offshore production. Consequently, while some industry monitors said the Act would offer materially lower royalties and taxes for oil, the Federal Government is expecting that the new Act would incentivize investors and players in the industry to support its determination to meaningfully increase Nigeria’s natural gas output and consumption. On its part, the Nigeria National Petroleum Corporation ( NNPC) believes that the new legislation would make the oil sector more competitive and help attract more domestic and foreign investors, with the NNPC becoming a separate limited liability company to encourage the inflow of both foreign and domestic investors. And with the expected growth in the number of investors, the oil industry will become more competitive and effective, and aid the deregulation of the oil sector to help attract more investors to the downstream sub-sector. This, analysts say, will allow potential private investors the huge opportunity to participate in oil production in the downstream sector thereby raising aggregate oil output. There is also a huge expectation that the Petroleum Act will help with the growth of oil infrastructure that will improve Nigeria’s oil production and export revenue. To be sure, it is expected that with the Act, private investors will help in the rehabilitation and
development of the new oil refineries to increase aggregate oil output; while their investment will also lower Nigeria’s dependence on imported refined oil. With the Act that is expected to enhance the deregulation of the oil sector, experts believe it will help to attract Foreign Direct Investment (FDI) into the country - thereby escalating the contribution of the sector to the country’s economy. While more FDI inflows is expected to help in external reserves accretion thereby supporting the exchange rate. The Act contains five chapters, which include, Governance/Institutions, Administration, Host Communities Development, Petroleum Industry Fiscal Framework and Miscellaneous Provisions in 319 clauses and eight schedules. The Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and other related matters. The National Assembly had passed the bill - thus ending a long wait since early 2000. The passage of the Act was not devoid of controversy and protest. In passing the bill, the Senate and the House of Representatives had recommended three and five percent percent respectively for host communities. But after a conference both houses eventually settled for three percent. The lawmakers equally approved 30 percent of the NNPC profit share for exploration of
In passing the bill, the Senate and the House of Representatives had recommended three and five percent percent respectively for host communities. But after a conference both houses eventually settled for three percent. The lawmakers equally approved 30 percent of the NNPC profit share for exploration of frontier basins. This, immediately generated huge protests mainly from the Niger Delta region and some stakeholders in the oil industry
frontier basins. This immediately generated huge protests mainly from the Niger Delta region and some stakeholders in the oil industry. For instance, the pan-Yoruba socio-political organisation, Afenifere; the Yoruba Ronu Leadership Forum; the apex Igbo socio-cultural group, Ohanaeze Ndigbo, the Pan Niger Delta Forum (PANDEF), the Southern governors and other stakeholders rejected the three per cent host community fund in the Petroleum Industry Bill (PIB) and recommended that the fund should be increased to five per cent. In fact, at the public hearing on the bill, representatives of the host communities had demanded that they be allocated 10 percent on the grounds that percent was not enough to improve the standard of living of their people. Also, in rejecting the proposed 30 per cent share of profit for the exploration of oil and gas in the basins, the Southern Governors Forum disagreed that the company be vested in the Federal Ministry of Finance but should be held in trust by Nigeria Sovereign Investment Authority (NSIA) since all tiers of government have stakes in that vehicle. However, the huge criticisms, protest and the ethnic and political tension the passage of the bill by the National Assembly generated, did not deter Buhari from assenting to the bill. And there appears to be jubilation in some circles, especially by NNPC over the new Act, while some groups representing the Niger Delta are mourning. Specifically, the Pan Niger Delta Forum (PANDEF) has faulted President Muhammadu Buhari’s assent to the Petroleum Industry Bill (PIB) despite the public outcry associated with the passage of the bill by the National Assembly. The group in a statement by its spokesman, Ken Robinson, stated that the Niger Delta people may have no option but to take a position on the issue, which include seeking political as well as legal response to the issue at stake. PANDEF wondered why Buhari assented to the bill in spite of the condemnation of some of its provisions including the paltry three percent provision for the Host Communities Development Trust Fund and the brazen appropriation of an outrageous 30 percent of NNPC Ltd profit for a dubious, nebulous Frontier Oil Exploration Fund. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
POLITICS
Maduka: Exemplifying the Anambra Spirit The Accord Party governorship candidate in Anambra State, Dr. Godwin Maduka, exemplifies the excellence of the spirit of the state, writes Nseobong Okon-Ekong
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veryone says Anambra State has its peculiarities when it comes to politics. And they are right, in more ways than one. The first publicised incident of seizure of a serving Nigerian governor by a gang of roughnecks was recorded in Anambra, when Chief Chris Uba, the self-styled godfather of Anambra politics held former Governor Chris Ngige against his will for failure to fulfil an oath that he was compelled to take at a voodoo shrine at Okija. Uba was 37 years old in 2003, at the time of this heinous act. One thing that stands the South-east state out is its abundance of wealthy men and women. Anambra has the highest number of millionaires and billionaires in Nigeria, who are fiercely competitive in every field. The volume of financial transactions coming out of the Anambra towns of Onitsha and Nnewi on a daily basis is humongous! Their aggressive manner with which the average Anambra millionaire/billionaire gets things done has registered positive impact throughout its 181 towns and over 170 autonomous communities. The role of the President General of these town unions, which often clashes with that of the traditional ruler, is very crucial as it serves as a major catalyst for groundbreaking transformation of the landscape. The state comes tops in communal infrastructure and projects masterminded and executed by individuals, without any help from government. These include hospitals, roads, stadiums, worship centres, schools and markets. One of the best individuals who exemplifies the excellence of the Anambra spirit is Dr. Godwin Maduka, the American-trained triple Professor and Pain Specialist. His grassto-grace story typifies the can-do capacity of an Anambrarian. Single-handedly, Maduka lifted his community from the dunghill of embarrassing poverty to the cheerful ladder of hope. On his steam, Umuchukwu, his community in Orumba South local government area, is home to a 17-floor building for medical research, arguably the tallest structure of its kind in Africa. He has built a Magistrate Court and a High Court, living quarters for judges; work space and accommodation for men and officers of the Nigeria Police and the Nigeria Security and Civil Defence Corps, a multi-purpose community centre, connecting roads, worship centres, schools, markets and homes for the indigent. Maduka’s socio-economic intervention in Umuchukwu is unquantifiable. As he told a group of journalists recently at the offices of Godwin Madula Foundation in Awka, the Anambra State capital, he is not as fresh on the political scene of Anambra as many believe. All the while, he has been the unassuming tycoon, providing the financial muscle, behind many successful politicians in the state; albeit without the notoriety of a Chris Uba. While the evidence of his philanthropy is in your face everywhere in Umuchukwu, he has been moving sure-footedly across Anambra, building rewarding friendships and connecting with associates that would serve his political interest on a day like this. Last week, Maduka whose ambition to govern Anambra State on the platform of the Peoples Democratic Party (PDP) ran into stormy weather, re-tooled his ship and set sail again for Government House, Awka. This time, his choice vessel is Accord, the Independent National Electoral Commission (INEC) recognised political party, that is Number One on the ballot paper. This strategic point was one of the compelling reasons that influenced his choice of Accord, among other factors like sharing the same vision with the National and State Chairman of Accord. “The voting exercise requires use of the thumb. The Thumb is the symbol of Accord. People can easily connect to this symbol,” he reasoned. Constantly in search of new turf to exert power, in a bid to outdo one another, Anambra billionaires from the 21 local government areas of the state may be said to shower attention on their homestead more than any other part of the country.
Maduka
There is little wonder then that having conquered the world of commerce, industry and business with great accomplishments, these tycoons hunger for an opportunity to leverage on the apparatus of government to improve on their environment. This is when politics beckons. Therefore, anytime there is a contest for public office, the field is usually crowded with eager, qualified financiers willing to give it a go. The pool of aspirants in the PDP where Maduka took his first shot was expectedly large. All eyes have been on Anambra since INEC revealed the date of its governorship election as November 6. Starting from late June when the supposed three major political parties in the election; All Progressives Congress (APC), All Progressives Grand Alliance
(APGA) and the Peoples Democratic Party (PDP) held their governorship selection process, many aspirants who were muscled out, but are convinced that they can go ahead to test their popularity have moved on to actualise their dream to govern Anambra on the platform of other political parties. Eleven of the 14 governorship aspirants of the APC in Anambra State have said that the June 26 governorship primary in the state did not hold. The governorship primary of the PDP in Anambra State was held on the same day by two separate factions. In APGA, the situation is not different. The three big parties in Anambra have a cloud of uncertainty hanging over their governorship bid. With this in mind, the field is wide open for exploits from Maduka who
Maduka whose ambition to govern Anambra State on the platform of the Peoples Democratic Party (PDP) ran into stormy weather, re-tooled his ship and set sail again for Government House, Awka. This time his choice vessel is Accord, the Independent National Electoral Commission (INEC) recognised political party, that is Number One on the ballot paper
has garnered wide acceptance across the state. His conviction and that of his followers is that had the PDP primary followed the expected course by allowing thousands of duly accredited delegates vote for their choice governorship aspirant, Maduka would have won the PDP ticket. Disappointed at the turn of events, his teeming supporters decided right at the venue of the primary to pull out of the PDP and go with Maduka, wherever he pitched his tent. Dr. Maduka may be said to have picked up a few lessons, from how he ended his PDP campaigns, which will serve him better in his new prospect. Chief Bartho Igwedibia, Chairman, Accord, Anambra State believes the party can produce the next governor of the state. When this happens, “Anambra, he said, “will witness a boom in medical tourism, food production, empowerment generation for women and youths as well as security.” What’s more, with so much reference to his capabilities to deliver on his campaign promises, Maduka could not have a better broad theme to capture his aspiration in one word. He sums it up as ‘Evidence’. Indeed, testimonies abound everywhere in Anambra of the number of people who have benefitted from his kindness; students on full scholarship, artisans acquiring life skills, widows given a lifeline and functional infrastructure powered by him in various communities. If Anambrarians want evidence of an accomplished performer who can build a new Anambra of their dream, they need not look any further, the unassailable evidence is in Maduka!
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WEDNESDAY AUGUST 18, 2021 • T H I S D AY
WEDNESDAY AUGUST 18, 2021 • T H I S D AY
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430
Boosting their Wings to Fly Chiemelie Ezeobi reports that in the past six years, the Nigerian Air Force has received major boost, especially in acquisition of essential platforms and reactivation of grounded aircraft, thus giving them wings to fly in battling insurgency, banditry and other forms of insecurity
NAF fighter pilots
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were reactivated. Additionally, for the first time in its history, it was gathered that the NAF successfully conducted multiple in-country Periodic Depot Maintenance (PDM) on two C-130H, three L-39ZA aircraft, two Mi-35P helicopters, as well as three Alpha Jet aircraft. Essentially, these acquisitions and reactivation, as well as the emplacement of robust logistics support structure have enabled the NAF to raise the serviceability status of operable aircraft from about 35 per cent in 2015 to about 72 per cent as of August 2, 2021.
ver the years, the Nigerian Air Force (NAF) has grown into a formidable force within the West African sub-region. Even more so, under the administration of President Muhammadu Buhari, the aerial force has really evolved in enhancing its airpower capabilities in response to contemporary national security challenges. Since time immemorial, air power has been a critical factor in determining the outcome of any war. Thus, the capability of every air force globally is measured by the number of serviceable aircraft in its inventory and the professional competence of its airmen, a creed the Chief of Air Staff (CAS) Air Marshal Oladayo Amao is bent on adhering to. In its 57 years as a professional fighting force, the NAF has had its fair share of neglect and setback, just like any other sector of the economy, but from all indications, the NAF has a lot to celebrate especially with the progress it has recorded under this administration. New Acquisitions Under the watch of President Buhari, THISDAY checks revealed that the federal government has acquired 26 brand new aircraft to boost the combat readiness of the NAF in the last six years. The newly acquired aircraft include 10 Super Mushshak trainer aircraft, five new Mi-35M helicopter gunships and two Bell 412 helicopters. Others include four Agusta 109 Power attack helicopters, two Mi-171E helicopters and more recently, three JF-17 Thunder multi-role fighter aircraft. Recently, the NAF inducted six A-29 Super Tucano aircraft out of the 12 already purchased by this administration. For the remaining, it is expected that it would soon arrive before the end of the year, along with some Unmanned Combat Aerial Vehicles, all geared towards boosting NAF’s air power capabilities in support of joint operations.
L-R: CAS, Air Marshal Amao; HMOD, Bashir Magashi; and COAS, Lieutenant General Faruk Yahaya inspecting the A-29 Super Tucano
Reactivation of Grounded Aircraft In the same vein, with the support of President Buhari, 20 previously
grounded aircraft including the Falcon 900, ATR-42, Beechcraft, Super Puma, F-7Ni, EC-135, Do-228, Mi-24V, Mi-35P, C-130H, L-39ZA and Alpha Jet aircraft
Essentially, these acquisitions and reactivation, as well as the emplacement of robust logistics support structure have enabled the NAF to raise the serviceability status of operable aircraft from about 35 per cent in 2015 to about 72 per cent as of August 2, 2021
Airlift Capabilities At present, NAF has an aggressive airlift capacity that provides speedy airlift support for sister services, the federal government and its agencies both within and outside the country. The NAF also has a search and rescue airlift capability made up of helicopters that are capable of performing large-scale rescue operations over jungles, mountains and high seas. Another area where the NAF’s exploits readily come to mind is disaster management. Training and Retraining To ensure the sustainability of the newly acquired platforms, the federal government has in the last six years invested substantially in the training and retraining of NAF personnel both locally and abroad. Within the period under review, the NAF has winged over 133 pilots while 233 other personnel of various trades are currently undergoing training. Similarly, the enhancement of training facilities at the 401 Flying Training School (401 FTS) Kaduna has improved the training capacity of the school. As a result, for the first time in about three decades, 401 FTS was able to complete ab-initio flying training for cadets of the Nigerian Defence Academy before their commissioning as officers.
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FEATURES
The newly acquired A-29 Super Tucano
These were achieved through the provision of medical facilities and school feeding programmes in IDP Camps in Borno State, conduct of medical outreaches to host communities of NAF units across the country, provision of airlift in support of the national COVID-19 response and availing host communities of NAF schools and medical facilities. The NAF have also dedicated significant time and resources to capacity building of personnel of other support trades, whilst placing high premium on the welfare of personnel and their families to ensure enhanced performance in the field.
In the aspect of aircraft serviceability, the NAF has trained and retrained engineers and technicians to ensure adequate maintenance of its fleet. Fight against Insurgency These efforts at enhancing NAF’s fleet as well as building capacity of personnel has no doubt reflected on NAF’s operational output. Coupled with the renewed and enhanced synergy among the services and other security agencies, the acquisition and employment of these platforms has yielded tangible results in the fight against insurgency in the North-east, while recording gains in the fight against armed bandits, kidnappers and other criminal elements in the North-west and North-central theatres. For instance, from January 2021 till date the Air Component elements of Operation HADIN KAI (OPHK) conducted 1,015 missions in 1,357 sorties and logging 1,861hrs. The most recent achievements recorded in the OPHK Theatre included provision of Close Air Support (CAS) to ground troops in combat with ISWAP forces equipped with 12 GTs and two Armoured Personnel Carriers at Damboa, Borno State on 3 June 21. Here, NAF aircraft prevented troop’s location from being overrun and inflicted heavy casualties on the ISWAP forces leading to their eventual withdraw. Air interdiction and CAS missions were also conducted at Lamboa on June 20, 2021 against ISWAP elements with all five of their gun trucks destroyed and several terrorists neutralised. Similarly, on June 27, 2021, CAS was provided for ground troops in combat with ISWAP forces at Bula Yobe on June 27, 2021. The air operations destroyed threegun trucks, neutralised many terrorists, and prevented our troop’s location from being overrun. The successes recorded by NAF’s air component also extended to Operation HADARIN DAJI (OPHD) in the Northwest as well. Indeed, from January 2021 to date, the air component of OPHD conducted 591 missions in 692 sorties with 943 hours flown. These operations led to the rescue of some kidnapped students whilst providing CAS for troops on clearance operations in various locations resulting in the destruction of bandit camps. Within the same period, the air component of Operation THUNDER STRIKE (OPTS)
Welfare The welfare of personnel has also received close attention as the NAF have renovated/ remodeled and constructed new blocks of classrooms and hostel accommodation in existing NAF schools across the country. In the same vein, the NAF has vigorously engaged in massive construction and renovation of residential accommodation to reduce the accommodation challenges in our bases. It has also sustained its efforts at expanding the post-service housing schemes to ease the burden of post-service life settlement for our personnel. All these were done as part of efforts to bolster morale by improving personnel welfare for effective and efficient service delivery.
CAS, Air Marshal Oladayo Amao
conducted 500 missions in 630 sorties with 975 hours flown with tangible results in the areas of curtailed cattle rustling, kidnapping and banditry. The NAF also made significant contributions to the results achieved in Operations WHIRL STROKE in the North-central; DELTA SAFE in the South-south and AWATSE in the South-west. These efforts and successes recorded no doubt were realisable due to the improvement and enhancement in NAF’s air fleet inventory that comprises aircraft of various capabilities required for different types of operations.
The NAF recently conducted a holistic assessment of its combat efficiency in order to determine requirements, in terms of air platforms, armament, communication, manpower and medical, amongst others, to raise the efficiency of the service to appropriate levels to meet current and emerging national security imperatives. Non-kinetic Operations While the NAF sustains its kinetic operations, it has also continued to devote resources to non-kinetic operations aimed at winning the hearts and minds of the civil populace.
These efforts at enhancing NAF’s fleet as well as building capacity of personnel has no doubt reflected on NAF’s operational output
Healthcare Healthwise, the NAF unveiled the telemedicine portal to ease personnel’s access to quality healthcare that transcends borders. Also, NAF College of Nursing was upgraded and accredited to offer HND programmes. Research and Development One key factor for any thriving military is Research and Development (R&D). For the NAF, this is also critical and under this administration, they have also continued to invest heavily in Research and Development especially in Unmanned Aerial Systems technology, rockets and rocket launchers, heat shield protective cones for the Alpha Jet rocket pods, among others. From capacity building to platform acquisition, research and development, welfare of personnel, infrastructural development, robust and result-orientated training for enhanced professional performance, the NAF has indeed been given wings to fly.
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
BUSINESSWORLD R A T E S MONEY MARKET
A S
REPO
OBB OVERNIGHT
16.75% 17.25 %
A T
Group Business Editor Eromosele Abiodun
Email oriarehu.eromosele@thisdaylive.com
08056356325
A U G U S T
S & P INDEX
1 6 , 2 0 2 1
S & P INDEX
CALL 1-MONTH
4% 6%
INDEX LEVEL 1-DAY
547.96% 0.51%
3-MONTH
10%
MONTH-TO-DATE
2.00%
EXCHANGE RATE
1/4 TO DATE YEAR TO DATE
2.8% -18.25%
N410.80/ 1 US DOLLAR* *AS AT LAST FRIDAY
FIRS, Others Rake in N450bn Tax from GTCO, Zenith Bank, Four Other Banks in Three Years
Darasimi Adebisi The Federal Inland Revenue Service (FIRS), and other tax authorities in countries where Nigerian banks operate, generated a total of N450.2billion as tax income from six DomesticSystemically Important Banks (D-SIBs) in three years, a report by the National Bureau of Statistics (NBS) has revealed. These six D-SIBs are GTCO Plc (formally Guaranty Trust Bank), Zenith Bank Plc, Ecobank Transnational Incorporated Plc, FBN Holdings Plc, Access Bank Plc, and United Bank for Africa (UBA) Plc. Banks in Nigeria are required by law to remit tax income to state and federal government agencies where they have branches. Aside paying statutory rate
of 30 per cent of total profit as company’s income tax, banks are meant to pay Education Tax, National Information Technology Development Agency (NITDA) Tax and Nigeria Police Trust Fund levy. The report revealed that tax paid to FIRS and other revenue agencies by the D-SIBs dropped significantly in 2020, majorly caused by COVID-19 pandemic. Specifically, tax income by these six D-SIBs in 2020 was N142.2billion, about 15.05per cent drop from N17.39billion in 2019. A further interrogation of the NBS report revealed that the banks, in 2018, remitted N140.61billion as income tax to FIRS, among other revenuegenerating agencies in states and jurisdictions where they have branches.
The National Bureau of Statistics in its report also disclosed that Banks & Financial Institutions in 2020 paid N140.08billion as company income tax, a 1.83 per cent drop from N142.69billion reported in 2019. In 2018, NBS reported N96.4billion income tax paid by banks & other financial institutions in the country. THISDAY reliable gathered that GTCO, Zenith Bank and ETI are the leading banks in terms of tax income remittances, amid growing profit generation in 2020. In the last three years, ETI’s income tax increased to N116.53billion, while that of GTCO and Zenith Bank was N102.37billion and N93.96billion, respectively. UBA’s income tax between 2020 and 2018 was N68.45billion, as Access Bank paid a total of
N45.99billion income tax to FIRS, among other revenue generating agencies. In addition, FBN Holdings in the chart paid a sum of N22.9billion as income tax between 2020 and 2018. As regards 2020 financial year, four D-SIBs reported decline in income tax amid increasing deferred tax liabilities. EIT’s income tax dropped by 30.05 per cent in 2020 to N34.13billion from N48.8billion reported in 2019 while Zenith Bank tax expenses moved to N25.3billion in 2020, a 26.57 decline from N34.45 billion reported in 2019. FBN Holding plc also reported 12.2 per cent drop in income tax to N8.11billion in 2020 from N9.24billion in 2019, while UBA’s Income tax expense closed 2020 at N18.1billion from N22.12billion
in 2019. Access Bank reported N19.9billion tax expenses in 2020 from N17.8billion in 2019 as GTCO reported N36.66billion tax income from N34.84billion in 2019. Analysts have expressed that listing on the Nigerian Exchange Limited (NGX), means banks must be transparent in tax payment to government agencies where they operate. They hinted that failure to pay might force government to shut banks branches and truncate banking operations. Speaking on the performance of the equities market recently, the Head, Economic Research and Policy Management, Securities and Exchange Commission (SEC), Mr Afolabi Olowookere had disclosed that out of the N5.8trillion realised by the
FIRS in 2018, listed companies contributed about 60 per cent of the value. A tax expert at a PwC Nigeria, Mr. Taiwo Oyedele, in a chat with THISDAY noted that banks income tax remittance is facilitating economy growth, which is similarly to telecommunication sector. According to him, taxes paid by banks are based on laws and regulations, stressing that banks are meant to play by the rules, which has to do with full disclosure. He explained further that, “A good number income that banks generated are exempted from tax. Banks are not meant to pay tax income on treasury Bills, government bond and agriculture loan. Continued on page 26
NNPC: Oil, Gas Exports Hit $1.6bn in One Year, April Sales Fall by 60% Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) exported oil and gas worth $1.61 billion between April 2020 and April 2021, latest information from the just-released full market and financial operations report from the national oil company has indicated. The document showed that a total sum of N220.08
billion was made on the sale of petrol by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in April 2021 compared to N234.56 billion sales in March 2021, representing a shortfall of about N14 billion. Total revenue generated from the sales of refined or white products, of which petrol constituted over 99.27 per cent for the period April
2020 to April 2021 stood at N2.157 trillion, where petrol contributed total sales valued at N2.141 trillion. The NNPC did not offer an explanation why a paltry total export sale of $78.40 million was recorded in April 2021, decreasing by 57.99 per cent compared to March. But it noted that the sales only contributed 5.38 per cent of its dollar transactions compared
with $93.37 million contribution in the previous month. “The April 2020 to April 2021 crude oil and gas transactions indicated that crude oil and gas worth $1.61 billion was exported. Total export receipt of $72.05 million was recorded in April 2021 as against $189.55 million in March 2021. “Proceeds from crude oil amounted to $1.89 million while gas and miscellaneous
receipts stood at $68.91 million and $5.80 million respectively. Of the export receipts, $0.00 million was remitted to the Federation Account while $72.05 million was remitted to fund the Joint Venture (JV) cost recovery for the month of April 2021 to guarantee current and future production,” the corporation stated. In addition, it noted that total export crude oil and gas receipt
for the period April 2020 to April 2021 stood at $1.84 billion; out of which the sum of $1.12 billion was transferred to JV Cash Call as first line charge and the balance of $0.72Billion was paid into Federation Account as of April this year. In the previous month of March, NNPC said its total crude oil production decreased Continued on page 26
M A R K E T D ATA A S AT T U E S D AY, A U G U S T 1 0 , 2 0 2 1 FGN BONDS DESCRIPTION 11.668 FGNSB 15-AUG-2021 10.301 FGNSB 16-AUG-2021 11.150 FGNSB 11-SEP-2021 12.364 FGNSB 12-SEP-2021 12.175 FGNSB 10-OCT-2021
Price
Yield
BILLS Change (%)
MATURITY
OTC FX F U T U R E S
Discount Yield Change (%)
100.11
3.16
0.00
NTB 26-Aug-21
3.00
3.00 0.00
100.12
3.16
0.00
NTB 9-Sep-21
3.10
3.11 0.00
100.69
3.13
0.00
NTB 16-Sep-21
3.15
3.16 0.00
100.82
3.12
0.00
NTB 30-Sep-21
3.25
101.49
3.08
0.00
NTB 14-Oct-21
3.35
CONTRACT TENOR (MONTH) 1
Contract
Current Rate ($/₦)
NGUS AUG 25 2021 420.93
2
NGUS SEP 29 2021 422.38
3
NGUS OCT 27 2021 423.83
3.26 0.00
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NGUS NOV 24 2021 425.28
3.37 0.00
5
NGUS DEC 29 2021 426.73
C Ps MATURITY
Discount Yield
Change (%)
MREP CP XXXI 13-AUG-21 UNCP CP III 27AUG-21 VAAG CP I 27AUG-21 TTNG CP II 31AUG-21 SIBP CP I 2-SEP21
9.02
9.03
0.00
4.26
4.27
0.00
10.20
10.25 0.00
4.59
4.60
0.00
4.13
4.14
0.00
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WEDNESDAY AUGUST 18, 2021 ˾ T H I S D AY
BUSINESSWORLD
BANKING
Fostering Loans in Turbulent Time Nume Ekeghe writes on efforts by UBA Plc in fostering growth in the economy through its drive at making access to credit easily accessible
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ll over the world the COVID 19 pandemic left in its trail a significant dose of woes on many, who lost quite a lot in business, assets and loved ones. Globally Businesses are still smarting from the pangs of the contagion. Nigeria fragile economy is even worse hit and has been grappling to recover fully from the economic recession it is currently enmeshed in. A lot of Businesses have since crumbled due to the harsh business climate and low purchasing power of Nigerians. Amid these challenges, more and more businesses need credit facilities to stay afloat but have been starved off the needed funds to do so because of the seeming apathy of banks in giving credit to businesses. However, a few banks, namely, United Bank for Africa and Zenith bank, stood out from the crowd, shedding this toga of indifference to SME’s. Instead they have become the lifeline of these businesses helping them overcome the trying times and stimulating unprecedented economic growth in the process. United Bank for example was innovative enough to help weather the storm with several loan facilities that practically helped change the narrative and eventually catalyse growth UBA lent to its customers, a total of N178 billion, in the three months under review to put its loan portfolio to customers at N2.733 trillion, from N2.555 trillion.
UBA’S PRODUCT VARIANTS Some of their products which made the difference are tailored specifically to meet the varying needs of all its customers. They are skewed to cater to Students, Young Professionals, Established Professionals, Self-employed, SMEs Salary earners which includes those whose salary is not domiciled in the bank, artisan and Nigerians living in diaspora.
LENDING WITH EASE UBA’s Click Credit is an automated loan with no form of documentation, paperwork or queue. Customers can get up to 1 million naira instantly and pay through a period of 12 months. This loan product of UBA is known for speed, efficiency and competitive rate. This product is available to all salaried customers. Customers can apply by dialing *919*28#, Sending “Loan” to Leo and by
Uzoka
Clicking on the “Click Credit” feature on Mobile app or Internet banking all these with no documentation required
STRUCTURED LOANS Asides from its easily accessible loan, UBA also strides in giving out personal loans, auto loans, asset finance as well as for mortgages. Personal loans is a product designed to aid the finance of the day-to-day personal needs of our customers. Available to
employees of enlisted counterparties whose salaries and other emoluments are currently being paid through UBA OR are willing to transfer their accounts to UBA. While UBA personal Loan Direct is a variant of UBA Personal Loan product targeted at civil servants whose salaries are not domiciled with UBA. The product is designed to offer personal loans to civil servants who have difficulties in changing their salary accounts from other banks to UBA.
Asset finance loans are designed to facilitate the purchase of physical assets ranging from household appliances to alternative power solutions and devices by our retail customers through approved partnering vendors, giving them the convenience to pay over a period. Customers must be employees of Bank’s approved counterparties. Also, for customers who plan to own their home, mortgage loan is a product designed to part-finance the acquisition of residential real estate by salary earners whose employers are listed on the Bank’s approved counterparty list. The product is targeted at High Net Worth Individuals (HNIs) with predictable and sustainable income. For Nigerians that operate FX accounts with the Bank, UBA FX Cash Backed Loan is a term loan designed for such Customers who can get up to 10 million naira for investment purposes or to meet the financial needs of relatives in Nigeria. The product is targeted at the following categories of customers with domiciliary account, Nigerians in Diaspora with FX accounts with UBA Beneficiaries of Remittances from abroad, income Earners in FX and Customers with cash-funded FX deposits. SME LOANS The UBA Working Capital loan offers up to NGN50M to help business owners meet their cash flow needs and expand their business. A flexible collateral cover will be required depending on the loan amount and the nature of customer’s business. This loan product is targeted at customers with verifiable credit net worth whose cash flow patterns meet the requirement for lending to other structured groups and business clusters UBA School Loans is a medium to longterm facility aimed at meeting working capital, asset and mortgage needs of registered privately–owned schools. The bouquet comprises of a 4-month time loan, a 3-year asset finance loan and a 10-year mortgage loan.
UBA HEALTH LOAN The UBA Health Loan is designed to provide financing to registered hospitals, pharmacies, medical laboratories, diagnostic centres, optical and dental clinics for their business expansion/upgrade, equipment purchase as well and support their cash flow needs.
FIRS, OTHERS RAKE IN N450BN TAX FROM GTCO, ZENITH BANK, FOUR OTHER BANKS IN THREE YEARS
Group Business Editor Eromosele Abiodun Comms/e-Business Editor Emma Okonji Aviation Editor Chinedu Eze Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafo (Energy) Emmanuel Addeh (Energy) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)
“If you take all of those, sometimes you will find out that tax banks are paying effective on their profit maybe be less compared to manufacturing companies not that they are not deliberately not paying taxes. “The N450.2billion tax income between 2020 and 2018 by these banks is significant. These banks contribution is significant bearing it in mind
that they also pay IT levy and they also employ a lot of staff. Their staff also remits tax to state government, which also contribute to economic growth.” He stressed the need for banks to come together and do a total tax income contribution to the country’s Gross Domestic Product (GDP). The Vice-President, Highcap Securities Limited, Mr. David
Adnori stated that banking sector over the years maintained stronger profit, which is meant to contribute to government tax revenue. He expressed that most companies that were reluctant to come to the stock market were hiding their financials or were scared of take-over by wealthy Nigerians. He said: “Once the govern-
ment can work together with the FIRS to enforce tax laws, there would be no hiding place for companies. Thus, they will be forced to come to the market.” According to the Chief Economist/Head, Investment Research, PanAfrican Capital Holdings, Moses Ojo, financial institutions are operating under CAMA that mandated 30 per
cent payment of the CIT, two per cent as Education tax. “These taxes are remitted to the federal government. The only tax that goes to the state government is PAYE, ”he said. On economy development, He stated that: “Banks income tax contributed significantly to budget finance of the federal and state government over the years.”
NNPC: OIL, GAS EXPORTS HIT $1.6BN IN ONE YEAR, APRIL SALES FALL BY 60% by 5.87 million barrels or 12.95 per cent at 51.23 million barrels that month, with daily average of 1.65 million bpd when compared to January 2021 production. National gas production in April 2021 decreased by 6.05 per cent at 209.27BCF compared to output in March 2021; translating to an average daily production of 6,975.72 mmscfd, while the daily average natural gas supply to gas power plants decreased by 6.16 per cent to 795 mmscfd, equivalent to power generation of 3,416MW, it stressed.
In April, 1.99 billion litres of petrol were supplied into the country through the DirectSale Direct-Purchase (DSDP) arrangement as against the 1.91 billion litres of petrol supplied in the month of March 2021. In the month under review, the national oil company disclosed that it remitted the sum of N128.74 billion to the Federation Account Allocation Committee (FAAC), adding that from April 2021 to April 2021, total remittances to the committee was worth N1.708 trillion; out of which federation
and JV with government priority projects received the sum of N855.02 billion and N853.56 billion respectively. According to the national oil company, a number of disruptions also occurred during its operations in the period under review, with one of the biggest being the loss of about one million barrels of crude oil due to a power outage which resulted in a shutdown. In addition, the NNPC stated that operations at the Forcados was curtailed due to Seplat shutdown for planned
repairs, while Pan Ocean Oil Mining Lease (OML) 147 shut in production to avoid tank top and also because of an industrial action that occurred during the period. “Also, some stations were shut down on 11/03/2021 for Trans Ramos Pipeline repairs. The cumulative loss for the period was 1,456,500 bbls,” it stated. Furthermore, there was production shutdown due to maintenance in Yoho and Ima terminals, amounting to a 210,000bbls and 31,000bbls loss respectively, while a similar
shutdown occurred in Akpo and Erha due to detection of gas at starboard riser and repairs of a critical pipe. “Also Jisike was shut down due to industrial action by PENGASSAN. Cumulative loss of production within the period was 35,000bbls, 560,000bbls and 13,500bbls. “Egina terminal was shut down due to power failure while Pennington terminal was shut down for vessel swap and chain adjustment. These amounted to aggregate losses of 65,000bbls and 125,000bbls respectively,” the report said.
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MONEY
CBN’s Giant Strides towards Food Security James Emejo writes that the CBN’s numerous interventions in agriculture has given a great boost towards achieving the federal government’s agenda on food security and self-sufficiency
Emefiele
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chieving food security remains one of the critical programmes of the administration of President Muhammadu Buhari, whom experts believed has done enough by providing support towards realising this objective. No doubt the Central Bank of Nigeria (CBN) had been instrumental to achieving the food security mandate of the federal government. The bank in its developmental role had launched several initiatives aimed at repositioning agriculture, which had before now been relegated to the background by previous administrations. Beginning with the exclusion of 41 items from accessing foreign exchange from the official windows, the CBN under the leadership of Mr. Godwin Emefiele, had taken the bull by the horn in ensuring that Buhari’s directive of ensuring that the country produces what it eats and eats what it produces came to fruition. It is on record that the CBN’s Anchor Borrower Programme (ABP) had been instrumental in the local rice revolution in the country, helping to drastically slash the country’s annual food import bill. This was particularly referenced recently by Buhari when he disclosed during his Democracy Day broadcast that his administration’s agricultural policies particularly the ABP had led to a sharp decline in agricultural imports into the country, resulting in food import bill reduction from $2.23 billion in 2014 to $0.59 billion by 2018. Buhari, recently reiterated his determination in ensuring that the country achieved food security during the life of his administration. In aligning with the presidential directive on growing agriculture, Emefiele had in his Five-Year Policy Thrust of the CBN (2019 - 2024), promised to consolidate on the success of the CBN ABP and other intervention programmes geared towards supporting the growth of agriculture and manufacturing. He said, “In keeping with the recent Presidential Directives, we intend to: Boost productivity growth through the provision of improved seedlings, as well as access to finance for rural farmers in the agricultural sector, across 10 different commodities namely: rice, maize, cassava, cocoa, tomato, cotton, oil-palm, poultry, fish, and livestock/dairy.” According to him, “Our choice of these 10 crops is driven by the amount spent on the importation of these items into the country, and the over 10 million jobs that could be created over the next five years if efforts are made to expand cultivation and processing of these items in Nigeria. “We believe these measures will help to boost not only our domestic outputs but also improve our annual non-oil exports receipts from $2 billion in 2018 to $12 billion by 2023. Our intervention programmes will strengthen the linkage between farmers and processors/ manufacturers agroby ensuring that the output of farmers is purchased by processors/manufacturers. “This linkage with agro processors is necessary in order to prove that farmers are creditworthy individuals with bankable contracts. It will also help to unlock private
capital flows from financial institutions to farmers, in order to enable farmers meet orders from agro processors.”
INTERVENTION PROGRAMMES
Going by the progress so far made in its agricultural intervention programmes especially in recent times following harvest of produce and commodities, it is evident that the CBN initiatives have yielded positive results that could help materialise the government’s earnest expectations. It is on record that for the timely interventions of the CBN in the agricultural sector, the global food shortages brought about by the COVID-19 pandemic would have dealt a devastating blow on the Nigerian economy - but for the level of local sufficiency which the country had attained in rice production among other commodities. If anything, the ABP had proven the potency of the apex bank’s numerous interventions in agriculture. No doubt, the restriction of access to foreign exchange on the 41 items has had a positive impact on the economy as it is on record that the implementation of the policy had created employment and helped to conserve the hitherto depleting foreign reserve. Analysts have alluded to the fact that the restriction of access to foreign exchange placed on the 41 items made Nigerians to start looking inward for the production of goods and products that the country has comparative advantage to be produced locally. In fact, the successful implementation of the 41 items policy gave birth to the other initiatives such as the ABP, which ignited the rice revolution across the country. The success of the ABP had been amplified during the flag-off of the 2020 wet season harvest aggregation and 2021 dry season input distribution under the CBN-Rice Farmers’ Association of Nigeria (RIFAN) ABP as part of the 5th anniversary of the programme. Emefiele, commenting on the successes of the CBN interventions in agriculture during the last Monetary Policy Committee (MPC) meeting indicated that under the bank’s development finance initiatives, the sum of N756.51billion was granted to 3,734,938 small holder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 wet season to 627,051farmers for 847,484 hectares of land, under the ABP. He added that for the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), the sum of N121.57 billion was disbursed to 32,617 beneficiaries. Across the six geopolitical zones where the ABP is being implemented, the harvests had been characterised by the symbolic rice pyramids display as a demonstration of the potentials of the country in the production of the commodity as well as proof that the country had achieve self sufficiency in rice production.
In Kebbi, during the ABP 2020 wet season harvest aggregation and 2021 dry season input distribution flag-off, Emefiele had expressed optimism over the country’s capacity to achieve food self-sufficiency within the shortest time possible.
INCREASED CULTIVATION
He said the CBN and RIFAN had further targeted to cultivate 1 million hectares of rice farms, which represented over 350 per cent increase from the 221,450 cultivated in 2020. According to him, a total of 2,923,937 farmers cultivating 3,647,643 hectares across 21 commodities through 23 participating financial institutions had been financed in the 36 States of the federation includingthe Federal Capital Territory (FCT) from inception till date. He said the CBN had also financed 221,450 farmers for the cultivation of 221,450 hectares in 32 states under the 2020 wet season partnership with RIFAN. In Ekiti, the CBN governor said the rice pyramids served as a movement to demonstrate that rice production is viable in all states of the federation adding that other states including Lagos, Kwara, Kogi, Niger, Edo and Ekiti States - had all benefitted from CBN disbursements for various agricultural projects which are still ongoing, adding that its interventions cut across all the states of the federation. Also, in Niger State, Emefiele said the ABP scheme had proven to be a game-changer in the financing of smallholder farmers in the country adding that the programme had revolutionised agricultural credit financing and remained the fulcrum of transformation initiatives in the sector. The CBN governor assed that through the use of technology to boost productivity, the apex bank intended to work with farmers to achieve one million hectarage cultivation during the 2020 dry season from 500,000 hectarage in the preceding farming year. According to him, with the deployment of technology which covered farmers enumeration, biometric capture and GPS mapping of farms, all embedded to enhance the operational efficiency of the ABP, the 2018 wet season witnessed a geometric rise in beneficiaries adding that about 275,000 farmers were empowered to cultivate 220,000 hectares across all the 36 States of the Federation and FCT. The apex bank, during the exercise in Gombe State said the CBN was positioned to ensure the integration of Nigerian farmers into the federal government’s economic sustainability programme, aimed at providing five million homes with electricity using solar energy. The initiative, he explained will ensure that every farmer in the ABP would be eligible to get a solar home system that will provide electricity to power their essential home appliances, adding that they will use produce from the farms to offset the amount
of electricity consumed. He also commended the resilience of Nigerian farmers who continued to farm to ensure food sufficiency in the country, in spite of the challenges of insecurity in some parts of the country. But the CBN intervention was not limited to rice production alone as there had been positive traction along other commodity chains. Emefiele recently announced that the bank remained committed to improving local production of wheat and reducing importation by 60 per cent over the next two years. In Rivers State, the CBN boss, during the inauguration of the Rivers State Cassava Processing Plant in Oyigbo Local Government Area of the state, said the country spent about $580m spent on importation of cassava byproducts. He told stakeholders that the country could no longer afford to support continued importation of items that can be produced locally. The CBN governor said the apex bank had set aside the sum of N1.5 billion for land clearing, urging the states, particularly the southern region to take advantage of the facility to open up their respective economy and advised them to woo private investors to their states to help resuscitate their economy to generate employment through agriculture, adding that this would also help the states boost their internally generated revenue.
COMMENDATIONS
However, Emefiele has variously been commended for his patriotism and selfless service towards the revival of key sector of the economy particularly agriculture through the ABP. Gombe State Governor, Alhaji Muhammadu Inuwa Yahaya and his Jigawa State counterpart, Alhaji Mohammed Badaru, both commended the gains made in agriculture under the CBN-ABP as well as Emefiele’s commitment to the economy. Ondo State Governor, Mr. Rotimi Akeredolu said but for the CBN governor’s passion and selfless initiatives, little or nothing would have been achieved in agriculture adding that Emefiele’s commitment and support for agriculture was unrivaled. “CBN under your watch has done extremely well,” he said. Governor of Kebbi State, Senator Abubakar Atiku Bagudu, praised Emefiele for the development in rice production stressing that through policy guidance and CBN support, rice production had been greatly enhaced as well as milled and consumed locally while farmer have better income. Moreover, Abubakar, thanked Emefiele for his sincerity as well as putting the country first in the diversification efforts. He said:”The CBN is working to substitute rice importatation and support the production of exportable crops. And this is driven by passion. I believe the country must thank you very much”. His counterpart from Osun State, Mr. Gboyega Oyetola commended for the CBN governor for funding the ABP, which he said Buhari had used to enhance food security. Also, Governor of Ekiti State/Chairman, Nigeria Governors’ Forum (NGF), Dr. Kayode Fayemi, said the CBN interventions had helped to reduce poverty in the country.
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INTERVIEW
Akinbolagbe: Nigeria Needs Enormous Private Sector Investment to Deliver Quality Healthcare
With Nigeria’s elite often going overseas for medical attention, Nigeria’s healthcare system has always grabbed the front burner as the nation debates how to establish an efficient system in the country. A major facet of the debate revolves around the role of the private sector, an issue that brings to mind the Private Sector Health Alliance of Nigeria (PSHAN), a platform founded by Alhaji Aliko Dangote, Mr. Jim Ovia, Mr. Aigboje AigImoukhuede, and other business leaders, to mobilize private sector resources and capabilities to support improvement of Nigeria’s healthcare system. It was thus that THISDAY’s Eromosele Abiodun and Ugo Aliogo sat down with the Chief Executive Officer of PSHAN, Dr Tinuola Akinbolagbe to discuss Nigeria’s healthcare challenges and PSHAN’s flagship project, the Adopt-A-Health Facility Program. Excerpts! Can you tell us about the Private Health Sector Alliance of Nigeria and why this coalition is so important in healthcare development and delivery in Nigeria? HSAN is the Private Health Sector Alliance of Nigeria. The coalition is formed because we found out that the private sector needed to actively get involved in healthcare and improving outcomes in Nigeria. We have come to the realisation that the federal and state governments cannot do it alone. Therefore, we have a lot of international bodies that are involved in one way or the other. So, the private sector decided to step up, take responsibility, and take a lead on that. The ultimate objective is to have improved healthcare outcomes in Nigeria. What are the major challenges that pose a threat to quality healthcare delivery in Nigeria? PSHAN has done a scan of the healthcare space and discovered the common problems that are obvious to everybody. Nigeria has some of the worst health indices in the world, both in maternal and infant mortality. We have infectious diseases and non-communicable diseases, even the COVID-19 pandemic. So the myriads of problems are there. We have a population that is exploding and growing rapidly. We have a lot of people that are concentrated on the lower ends of the demographics, which are the young people in Nigeria who constitute more than 50 percent of the population. Therefore, when you look at the health indices and the facilities you will see that there is need for interventions. What the government is trying to do is obvious to anybody. So, the problems we have noted are both on the demand and supply side. On the demand side, there is virtually no access to healthcare in a lot of sectors; the rural sector in particular. Even in the urban areas, you find people that live in Lagos but they do not have access to standard healthcare services. So, the access problem is there in the rural and urban sectors.
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Also, you have a problem of ability to pay, which is critical. We have said as a nation we are committed to universal health coverage and you have more than 70-80 percent of Nigeria paying out of their pockets for healthcare. If someone has to pay for healthcare, they are focused on making the choice between eating, transporting themselves, feeding their children, and going to the hospital. So, going to the hospital becomes a low priority-access to payment and quality health and services that are not available. Most facilities available are not up to par or even in line with baseline standards, talk more of being in best healthcare practices. On the supply side, there is not a lot of funding in healthcare. You have not gotten a lot of banks involved in financing. If I approach a bank that I want to open a music studio, the chances of me getting funding is high. But, if I go to a bank and say I want to open a hospital, they will laugh me out of the place because it is not seen as viable, and the model is not making sense. There is poor funding. We have the brain drain problem, but their skills are not being reinforced or improved upon. You have a lot of skilled medical personnel leaving. I will like to cite an example with myself. When I graduated from the University of Lagos we were a group of 130 students in medicine and dentistry. In less than five years, we were less than 10 left in Nigeria. The others have all gone overseas to practice medicine. I am counted as a medical doctor, but I cannot remember the last time I picked up a stereoscope. And when they are counting medical doctors in Nigeria, they count me. But really I’m not a practicing doctor. Honestly, we need to improve the conditions and make healthcare delivery in Nigeria attractive. We need to focus on things such as task shifting. In most
countries, it is not the medical doctor that does everything; nurses, healthcare practitioners, physiotherapists, and others do a lot of tasks. There are so many people on the value chain. But in Nigeria, we load everything on the medical doctors, and we don’t go out of our way to reward or encourage the doctor. So, we have the problem of manpower and infrastructure. The average clinic you visit is not up to standard, the healthcare workers may be paid or not be paid, and they may be cutting corners, which is not ideal. The government is trying, but it is not something that they can do alone. With healthcare poorly and badly maintained in Nigeria, how does PSHAN intend to revitalize that sector with keen concentration in primary healthcare delivery? We did an assessment and realised that during the days of former Minister of Health, Dr Olukoye Ransome-Kuti, there was a lot of attention on the primary healthcare sector. It was not that the health sector was so much better then, but efforts were put in place and you could see the difference in the health indices. So, if you can find a solution that affects 70-80 percent of the population, then your chances of getting improved health outcomes are better. So, why don’t we address the health problem at the grassroots, which is the primary healthcare level where most people can go and get their problems sorted before it is escalated? Some of the health problems we have in Nigeria are malaria, pneumonia, tuberculosis, HIV/AIDS and others that can be handled at the Primary Healthcare Centers. You don’t have to wait until the thing gets out of control before going to the tertiary care level, which is more expensive to build, operate and maintain and keep up to standards. So,
PSHAN came up with the initiative, which was an idea from one of our directors, Mr. Aigboje Aig-Imoukhuede. He is the chairman of Coronation Group and Co-Chair, Global Business Coalition on Health, (GBC Health) based in New York. He said why don’t we come up with a concept where Nigeria can be divided into regions? Nigeria have 774 local government areas, they are not that many. If we have one global standard Primary Healthcare Center in each of these LGAs, it may not solve the problem in its entirety, but will go a long way in improving the situation. So, that was the initial vision. We have done a lot of work in developing this and we have also engaged with a lot of people. We have had a high-level engagement and we have a full plan in place that is divided over four phases, and it is expected to run over six years, where we would fund these centers and put them in place, then get the organised private sector fully committed to delivering on these projects for all Nigerians. Given what you have said, funding will be an issue and you are not a government agency. So how do you hope to fund your initiatives? PSHAN has in the past six years managed to raise over N6 billion to intervene directly. We have realised that the organised private sector is powerful. In fact, look at how much they were able to raise for CACOVID. We must applaud the Nigeria private sector organisations. We had over a 100 private sector organisations and some government organisations take the lead and managed to raise over N30 billion at a relatively short notice. They intervened at the height of the pandemic, and that is what helped Nigeria. As a result, the federal government was able to set up screening and testing centers, wards and provide relief materials. So, it means if the private sector is organized, they will and can make a difference. We are calling
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BUSINESSWORLD on like-minded private sector organisations that are carrying out activities in the form of Corporate Social Responsibility (CSR) to see how we can pull resources together because in that, we are better and big, we use the economies of scale to make very definite strides in the healthcare sector. I don’t think there is anybody in the organised private sector that has not been affected by the pandemic. This is something that if you don’t intervene, it affects where you make money. Your staff cannot go to work and business cannot resume. You can see that the rest of the world is moving on and picking up, and Nigerians are still waiting to be vaccinated. The point I am making is that the private sector cannot afford to stand aloof. They must throw what they have into the ring and actively take the lead. PSHAN offers a credible and neutral platform. We are not affiliated with any political party, tribe, or region. We are simply saying that we are the organised private sector and we have on our board industry leaders who have made the impossible happen. They are lending credence to the credibility, integrity, and full transparency of the platform. So, we just need to pull our resources together to make a difference for the betterment of all of us, so that you can give back to your staff, their families, and the community where you make your living and do good. Some organisations have proven that it is profitable to do good, you can still do good and make profit, they are not mutually exclusive. Speaking specifically about outcomes, what can you say PSHAN has delivered in the healthcare sector in Nigeria? As I said, PSHAN was formed in 2010 as a private sector roundtable aligned with the government initiative. We are not here to compete. Instead, we are here to align with the government and support some of the programmes and initiatives that they have and we have had a lot of success stories such as the Malaria-to-Zero programme, Nigeria Health Quality initiative (NHQI), which was involved in improving the quality of services in Nigeria. We have had the Nigeria Health Innovation Marketplace (NHIM) and the focus of this was to bring to scale innovations in the healthcare space that could better the health of Nigerians. We also had the ARC project, which is the Africa Resources Centre for Supply Chain management, and it was done with GAVI and Bill and Melinda Gates Foundation. The project was very instrumental in the eradication of polio in Nigeria. We got that certificate finally late last year, but because of the pandemic, it didn’t get as much fanfare as it should have. Our founding Director, Alhaji Aliko Dangote, and also our Chairman, Jim Ovia, were very much involved in that effort. What policies should the government put in place to drive interventions in the healthcare sector? Government is trying and you can see a lot of successful public-private partnerships. You can see what the Lagos State government did through partnerships to get the testing of the diagnostic center of the COVID-19 virus. You have also had Public Private Partnership (PPP) at the National Hospital. The truth is that governments don’t have the capital to dedicate to certain fields, but if they partner with the private sector, and the governance framework is in place, then the private sector provides the resources and equipment, and they work together, it will be good. For me, a very easy thing will be to mandate health insurance in some form. You find out that a lot of states have domesticated the laws for health insurance. We have some micro-health insurance schemes, but so long as it remains an option, and not mandatory, then you will not have increased uptake. For healthcare in any sector to make sense, you must have a pool of funds. We don’t have that pool of funds and capacity, which if it was available, it will be a value chain enhancer. Just by saying that health insurance should become mandatory, those who cannot afford it will not be left behind. If you recall, the government passed a law saying that one percent of the consolidated revenue should go to providing for the vulnerable, and half of that was supposed to go to Nigeria Primary Healthcare Development Agency (NPHDA). We came up with a beautiful prototype of minimum standards and things that should be done. The other half was to be expended through the Nigeria Health Insurance Scheme to provide insurance for the vulnerable (below age 5, pregnant women, prison population, and the elderly). So, there are beautiful frameworks that are in place. But for them to become effective, health insurance should be made mandatory and PPP should be encouraged. Regarding the ongoing disagreement between the striking doctors and the federal government over unpaid hazard allowances, and other benefits, what is your advice
INTERVIEW
“HMOs and micro health insurance schemes must function to be able to pull the resources. And so when that happens, people are able to access healthcare without having to consider what is in their pocket. For healthcare to work in Nigeria, each of those sectors - health insurance, healthcare financing, healthcare provision, standards, monitoring and evaluation, must all work together.” to the government on how to resolve the crisis so that it doesn’t become a recurring issue? The health sector should be treated the same way the banking sector and other sectors are treated. There should be minimum regulations, you cannot just wake up and open a quack center. There should be standards and adequate monitoring. There should be funding. Let me say that the federal government has positioned the Bank of Industry (BOI) and the Central Bank of Nigeria (CBN) to make some efforts to provide funding for pharmaceuticals. But you must make the sector attractive such that private sector funds also flow there. You cannot have the entire health sector fund based on the public sector funds. Private sector funds must be encouraged to go there. Before private sector players must put their funds there, they must see some stability and indication of direction from the government. So if you come and say health insurance should be mandatory, then you will have people in digital health space, health software space, pharmaceuticals, equipment manufacturers and so many other people that will drift in that direction and the funds will follow them. Let’s be fair to Nigerians; the reason why people seek alternatives that don’t seem to make sense is because the cost of accessing things that make sense is out of their reach. I am a believer in God and I do know that God works through people. I also feel that God works through medical doctors to provide care. But if my salary is such that I can barely feed by the 20th of the month, there is an issue there. For some people, the month ends on the 20th, while for others it ends on the 30th. So, for those that their salary ends on the 20th, it means that during that time of the month, the salary is finished and if someone falls sick on 22nd there is no income to treat such a person. Then at this point, people allude to the fact that health-seeking behaviour is poor. It is not a matter of health-seeking behavior; rather it is about available resources. If the health insurance is in place, and I know that I can get to the hospital and be attended to because my premium is already paid and it is well underrated, why will I not visit the hospital? HMOs are major players in the industry. Do you intend to work with them or is there an existing collaboration with them? It is a multi-sectoral approach that we have. HMOs and micro health insurance schemes must function to be able to pull the resources. And so when that happens, people are able to access healthcare without having to consider what is in their pocket. For healthcare to work in Nigeria, each of those sectors - health insurance, healthcare financing, healthcare provision, standards, monitoring and evaluation, must all work together. One of the major challenges concerning healthcare in Nigeria is financial barrier to accessing health services. What do you think is the way out? For me, it is about treating healthcare delivery like every other sector and taking it seriously, and ensure that the sector grows actively. For the bankers, they put
some regulations in place, though it is not as simple as it sounds. But if we have regulations that are properly adhered to, there is transparency, if you meet the standards, you will be granted a license, and then you will have more credible people coming into the sector. A lot of healthcare investments are small Small and Medium Scale Enterprises (SMEs), almost micro. You have a medical doctor graduating from medical school and he/she sets a private clinic. It is fine; he is qualified to do that. Imagine if you have a group of doctors come together and say they are forming a group practice. They have pulled all their funds together; there is no need to replicate the head of pharmacy or procurement. So, the economics of scale comes into play. But the government has to put in place an enabling environment for that to happen. Like I said before, it cannot be government-funded, you must direct private players and encourage them by having a level playing field. So going forward what do we expect from PSHAN? For PSHAN, a lot of what we have done in the past was done by my predecessors and kudos to them for the work they did. We also have a very strong board that despite their busy schedules, still have the time for PSHAN, and they are very much involved. We have restructured over the past 18 months, and we are focused on addressing the needs of the entire Nigerian population. We are engaging actively with a lot of private sector players. We are doing a lot of engagements with government and international agencies to identify gaps. Our frontline project is the Adopt a Primary Healthcare Facility Programme (ADPHF) and we do have other programmes, which we will roll out soon. So, I do expect that you will see a lot more visibility and impact from PSHAN. What is the expected timeframe for the ADHFP creation/implementation, and, more significantly, what will the impact be in Nigeria? The Adopt a Primary Healthcare Facility Programme (ADPHF) is expected to run over a six-year period. It is divided into four phases and we intend to start the pilot phase later this year with the launch programme and the pilot phase. The learnings from that will be used to ramp up and scale to stage two, three, and four. The impact will be immediate. We are targeting about six or seven Sustainable Development Goals (SDGs) because we are not just providing medical care, but we are looking at the entire value chain. We are providing security, potable water, power, building, staff, staff remuneration, medication, equipment, medical furniture and furnishing, training for the staff, monitoring and evaluation, quality control and an end-to-end value chain. So, with that in place, we are addressing about seven or eight SDGs, which is in line with what the government is doing. We are looking at poverty, health, and water; those are some of the major SDGs, cooperation, partnerships, sustainable communities, and infrastructure. It is a huge task, but we are confident that we will deliver. Why is ADHFP being implemented
now? I think the pandemic has exposed the underbelly of our healthcare system and how fragile it is. You have seen some kind of efforts from certain states in Nigeria and the federal government. We managed to get through Ebola, Lasser Fever, and now we are currently in a Cholera issue and we are trying to solve that. We must applaud the government because they are trying, but they cannot do it alone. We need the diaspora to get involved because as I mentioned earlier, a lot of people in my set practicing overseas are looking to give back. So, these persons in Diaspora can come and organise these programmes, then return to their base, which is good but the programmes are fragmented. We like all these efforts to be aligned together, so we can see credible movement in the right direction. What role will PSHAN play in the postCOVID era in Nigeria? PSHAN is going to act as an aggregator and provide a neutral platform. We are looking at a situation where people contribute financially no matter how small or big, so far it is able to make a difference. So we will pool the resources together and advise you on the options that are available and we will also advise on best practices for HSC and handling health for your staff as showed by this pandemic. People are trying to solve this problem on their own individually. Each organisation is making up the rules as they go along, while for some even though they have right intentions, they don’t have the right resources and information to make the right decisions. How will COVID-19 influence the organization’s operations? COVID-19 pandemic has shown us that a lot of things can be done remotely, partnerships can move quickly in the right direction. It has also shown us that we need to make decisions quickly because things change and they evolve. Look what we have in two, three months, things have changed and they are changing again with the Delta variant. Decisions in healthcare must be taken quickly, databased, and scientifically. I must commend the Nigeria Center for Disease Control (NCDC) and a lot of the states, they are working the way it should. At the center of all of these is the Federal Ministry of Health, who are guiding things and making evidence-based decisions. A lot of the decisions of the Presidential TaskForce are made based on scientific data. They are very transparent and carry people along. They also have a lot of stakeholders. So, stakeholders must be called to the table; it should not be a top-down approach, instead, it should be a collaborative effort. As a healthcare professional, what in your opinion should come first between profitability and humanity? It has to be a mix of the two because if you say, ‘it should be humanity,’ it is a good idea but is it sustainable? If I say I am going to pay for healthcare for everybody in this facility, that assumes that my business continues to improve and other competing needs don’t come to take that. So, it must be set in such a way that there must be a viable model such that it is self-sustaining and it continues in perpetuity rather than just addressing the immediate needs, then petering out when there is no fund or structure in place. There must be funds coming back in to sustain the business. I think it has to be a healthy mix of the two.
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BUSINESSWORLD
INSURANCE
Challenge of Claims from Emerging Risks Losses from disasters as a result of climatic change, civil unrest, cyber crimes among others, which sum up what insurers tagged, “emerging risks,” is fast becoming the key source of huge claims for Nigerian insurers and their global market counterparts. Ebere Nwoji in this report looks at the preparedness of Nigerian insurers to face the new challenge
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ecent report by a renowned global insurance broker, Aon, that losses from emerging risks in form of natural disasters, catastrophes and civil unrests, in the first half of 2021, cost global insurers $42 billion and that natural disasters losses alone cost the global economy a whooping $93 billion, is a food for thought for Nigerian insurers on the challenges currently posed to them by these emerging risks. Available evidence indicates that Nigerian insurers are not yet well prepared for these emerging risks. Similar report by the Allianz Global & Specialty (AGCS), in its 2021 Risk Barometer noted that significant increase in the number of riots, demonstrations and vandalism have made civil unrest the main political risk exposure for companies as well as key source of claims for insurance firms, which is also another lesson for the insurers. AGCS, a leading global corporate insurance carrier and a key business unit of Allianz Group, in the report, cited country by country instances of civil unrest with attendant damages to businesses, with particular reference to Nigeria, saying that violence that trailed the #EndSARS demonstrations in Nigeria, student protests in South Africa or clashes in Ethiopia with their damages, disturbances and ultimately, losses from riots, protests, vandalism or other forms of civil unrest were among the main political risk exposure for companies. It further said the impact of the Covid-19 pandemic did not leave businesses and insurers with little damages and claims. These risks highlighted by these reports constitute the emerging risks and is currently a big challenge to Nigerian insurers. Risk analysts defined emerging risks as newly developing or changing risks, which are difficult to quantify and which may have a major impact on an organisation or an economy. Insurers said emerging risks are driven by new economic, technological, socio-political and environmental developments as well as the growing interdependencies between them, which can lead to an increasing accumulation of risk. Threats from Emerging Risk THISDAY observed that in Nigeria, precisely, in the past 10 to 12 years, various social and environmental developments, namely the advent of terrorism group in form of Boko Haram and their activities, the 2012 flood which menace still leaves many Nigerians homeless, the social and political unrest in form of EndSARS protests, activities of separatist groups and their supporters in the South East and South West, coupled with insurgency in the South South part of the country have culminated in huge damages and losses that at the end of the day fall back on insurers for those businesses that have insurance cover.
For those that have no insurance cover, the development is causing government a lot in maintenance of various centers called internally displaced persons camps (IDPs). Industry observers said these have spelt the need for Nigerian insurers in addition to consolidating on conventional risks they are familiar with also pay more attention to designing core products that would address the needs of victims of these emerging risks. According to them, in the face of these developments, Nigerian insurers are expected to shift from their culture of racing for government business and those of corporate organisations at all cost to think bigger on how to harness the opportunities existing in these emerging risks and at the same time save Nigerian economy from huge losses emanating from the risks. According to industry observers, insurers current stance on relying on extension covers to address claims from these new risks will do more harm than good to the already dented image of the insurance sector, as the insured, when a client is denied of claim on a particular policy he bought because of non purchase of extension cover. He will draw his conclusion that the insurance firm in question has defrauded him and denied him claim.
ENDSARS PROTEST RISKS
An instance is claim from damages caused by disrupters of EndSARS protest in which the insurers said they will only pay claims to victims who bought extension to the main policy cover they paid for. The Managing Director/Chief Executive Officer, FBN Insurance, Mr. Val Ojumah, in a telephone response to THISDAY’s enquiries said, “We are purely business operators and can only pay claims purely on business ground. Insurers can only pay claims to those whose policy purchase covered the cause of the damage through extension.” He said anybody who did not buy the extension policy would have to wait for the government’s support. On the capacity of insurers to pay the huge claims from the civil unrest, Ojumah said, “Any insurance underwriter who issues a policy has the capacity to cover the account. This is because such underwriter must have purchased adequate reinsurance cover for the particular account.”
STAKEHOLDER’S VIEW
To the FBN boss and other insurers, this is right ideal and logical, but to an average
Nigerian who bought insurance policy cover, it is pure fraud as far as they are concerned. For insurance companies, insurance policy cover once purchased has been purchased irrespective of whether there is extension or not. But the view of the public is that anybody who bought cover for a risk must be indemnified when risk occurs with or without extension. Indeed for members of the insuring public, the issue of extension raised by the insurers in the EndSARS claims is always the case. According to them, most times, insurers do not pay claims not because they don’t have the money to pay but because they will always bring up argument on the extent of coverage of policy bought. This has called for the need for insurers to design and sell specific policy for specific risk instead of relying on the extensions, which many Nigerians neither understand nor believe in.
TACKLING EMERGING RISKS
Presently in Nigeria losses emanating from social vices like kidnapping, terrorism activities from the Boko Haram insurgents as well as huge losses from climatic change factor like flood and other similar negative developments in the country, which amount to huge loss of lives and property are categorised as emerging risks. Some insurers believe they lack the capacity to play in this line of business while others regard the emerging risks as uninsurable. Insurance industry analysts said a close watch at the activities of the insurers shows that since the launch of the regulator’s medium term plan for deepening insurance penetration in the country tagged Market Development and Restructuring Initiative (MDRI), operators are fast changing from their stereotyped business model of competing for government businesses like group life insurance to becoming more versatile in looking inwards to the opportunities in other business lines like micro insurance which many are experimenting on today. According to the analysts, they are however still far from looking into the emerging risks area, which many said has to do with huge losses that are capable of liquidating the entire capital and asset of an insurance firm. This, they said, is because many insurance firms still assume that emerging risks are still remote or new in Nigeria, as such, they have not yet included the policy cover in their product profile and portfolios but the analysts believe the need for their inclusion are currently there in the industry.
According to the Managing Director of Universal Insurance, Mr. Ben Ujoatuonu, the emerging risks like social and political unrest is a challenge to both the insuring public and to insurers. Ujoatuonu, in a telephone chat told THISDAY that recent happenings in the country like the #EndSARS protest are enough to encourage Nigerians to embrace insurance services. According to him, the destruction of businesses by hoodlums during that particular civil unrest should serve as an eye opener to Nigerians on the need to buy insurance for protection because no one knows when risks of this sort will come. He said there was likelihood that this type of commotion and the associated risks on lives and properties would come again anytime because peoples’ expectation from government is becoming higher and government cannot totally meet these expectations. On the part of the insurers themselves, he said it is equally a challenge for them to brainstorm and come up with policies that will cover damages caused by these emerging risks.
NATURAL DISASTERS
Over the years, scientists and environmental experts have been warning against the negative effects of such climatic change like global warming on the environment. They have been calling for action plans by governments and risk prevention and mitigating experts and agencies to prevent and provide for the effects of climatic change. A group of scientists called union of concerned scientists in their recent reports on the impact of human activities on the environment said: “Human beings and the natural world are on a collision course. Human activities inflict harsh and often irreversible damage on the environment and on critical resources. If not checked, many of our current practices put at serious risk the future that we wish for human society and the plant and animal kingdoms, and may so alter the living world that it will be unable to sustain life in the manner that we know”. The group warned that fundamental changes are urgently needed in order to avoid the collision the present course would bring about. The report said among all the natural disaster that affect man, flood has the worst disastrous effect in terms of human life and material resources destruction. The report therefore called for action plan against the devastating effects of flood. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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Analysts List Measures to Sustain Disinflation James Emejo in Abuja Analysts yesterday called on the federal government to tackle the seemingly intractable security challenges facing in order to sustain the current disinflation rate in the country. The headline index declined for the fourth consecutive month to 17.38 per cent in July after an upward trajectory lasting about 18 months. Analysts said given that the rise in core inflation may not be unconnected with high exchange rates, the CBN should continue to ensure forex market liquidity to boost access especially now that crude oil prices are relatively high and in view of the recent suspension of forex sales to BDCs. The analysts in separate
interviews with THISDAY, further argued that given the high inflationary situation in the country as well as erosion of purchasing power, which is being felt by most Nigerians, the marginal decline in the headline index should not be heralded as a positive development in the economy. According to the National Bureau of Statistics (NBS), the Consumer Price Index, (CPI) which measures inflation dropped to 17.38 per cent (year-on-year) in July, compared to 17.75 per cent in the preceding month, according to the National Bureau of Statistics (NBS). This would be the fourth consecutive month of decline in recent times. The NBS however, explained
that the 0.37 per cent reduction lower in the headline index implied that prices continued to rise in July but at a slower rise than it did in June. It noted that prices moderated in all parameters that determined inflation during the review period. According to the CPI report for July food inflation slowed to 21.03 per cent in the review period compared to 21.83 per cent in June, mean-
ing that food prices continued to rise in July but at a slower speed than it did in June. Core inflation, which excludes the prices of volatile agricultural produce however increased to 13.72 per cent, up by 0.63 per cent when compared with 13.09 per cent recorded in June. The NBS pointed out that the slower rise in the food index resulted from increases in prices of milk, cheese and eggs, coffee, tea and
cocoa, vegetables, bread and cereals, soft drinks, and meat. On the other hand, the core index recorded highest prices in garments, shoes and other footwear, clothing materials, other articles of clothing and clothing accessories, vehicle spare parts, major household appliances whether electric or not, pharmaceutical products, cleaning, repair and hire of clothing, furniture and furnishing, medical services
and hospital services. Speaking with THISDAY however, Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Abuja Branch, Prof. Uche Uwaleke, said the deceleration in inflation rate facilitates monetary policy implementation adding that it is also expected to reduce the incentive for speculative activities in the forex market as more people begin to increase their fate in the domestic currency.
IGI Commences Payment of Outstanding Claims Ebere Nwoji The Industrial & General Insurance Plc (IGI), said it has taken steps to expedite the clearance of outstanding claims owed by the company to its numerous clients. The company said that as part of the efforts, it had decided to settle due and substantiated claims in pre-determined batches. The company’s spokes person, Mr. Steve Ilo, in a statement said the new management of IGI indicated that the batching of payments takes immediate effect. He said the company structured the batch-by-batch system in order to ease the processing of the claims and ensure seamless disbursement, while allowing for verification and clearance of requisite documents. “Consequently, claimants have been grouped into batches
and verified obligations in the surrender, maturity and other categories are now being paid in turns. “The initial batches have now been deployed and there is an assurance to adhere strictly to the structured approach and each batch of claimants will be contacted as the exercise progresses”, Ilo said. According to him, the management deeply appreciated the patience of the claimants thus far and regrets the inconvenience occasioned by the delay in payments. “IGI, had recently affirmed its capacity to meet the obligations, stressing that it paid over N1 billion as claims in the past 15 months”. He said the company would continue to consolidate relationship with its partners, even as it keep faith its renewed commitment to best standards, expeditious and satisfactory service delivery.
TALKING BUSINESS…
L-R: Group Head, Growth Marketing, Merchant and Ecosystem, Olawale Akanbi; Founder, Accountinghub.ng, Chioma Ifeanyi-Eze; Founder, Naijabrandchick, Nelly Agbogu, Growth Marketing Specialist, Quickteller, Tochukwu Aneneat the ‘Let’s talk: Your business and sales with Nelly and Chioma’ event powered by Quickteller Business in Lagos... recently
Babalola Debunks Claim on Ownership of Star Orient Femi Solaja Business magnate, Babatunde Babalola, has dismissed the claims in some quarters that he owns a depot the domestic airport in Lagos, Star Orient Nigeria Limited, which is presently enmeshed in debt recovery controversy. Babalola, who sit atop conglomerate including First Deep Water, Star Petroleum, Discovery Airways, OSCON among others explained that he was not blocking Special Fraud Unit of the Nigeria Police in Lagos from investigating the financial deal-
ings of the Star Orient Limited as alleged by the duo of Lanre Bamgbose and Dare Osamoh recently. He explained that the two accusers whom he entrusted with the running of the depot years back, mismanaged the loans collected from a major financial institution and are now attempting to avoid justice in the course of investigation and would prefer the company to go under. “As a busy entrepreneur, I should be able to entrust people with responsibilities in the course of my relationship with them, I
appointed them to hold for me in trust the day-to-day running of the company. “But in 2014, I secured a land at the airport and built a depot from start to finish with the purpose to serve Discovery Airline and to serve other airlines too and thereafter, I allocated shares to them but today they are laying claim to the owners of the shares. “I signed a Deed of Trust with Dare which he drafted for me to sign but there comes a point in time they are having financial problem and needed the assistance alongside Isaac
Adewole of Shibahwells Energy Services Limited who also came in and wanted a Joint Venture agreement and the agreement was signed on 31st July, 2018. “The modus of agreement was simplely bring in product, sell product and share the proceed and each parties go their ways until a year ago when he came and said he was looking for N1.4billion and I initially took it as a joke until it became a police matter and I was invited for questioning and wondering why they are not comfortable with the agreements again.”
COVID19: PenOp Organises Knowledge Sharing Session for PFAs
Makinde Seeks N50bn Supplementary Budget for Roads
Ebere Nwoji
Kemi Olaitan in Ibadan
Issues bothering on how to make the most of flexible working situation in the face of new wave of COVID19, how business managers can use the challenge to their advantage as well as how they can drive business outcomes and performances under a remote and flexible work environment, formed the thrust of discussions at the recent knowledge sharing session organised by the Pension Operators Association of Nigeria( PenOp). PenOp is the umbrella body of all licensed pension fund administrators in Nigeria. PenOp Chief Executive officer, Oruche Aguda, speaking at the forum, said the monthly session was for C-level executives, human resources and other personnel in the pension industry and stood as a forum where various subject matter experts were invited to dig deeper into topical issues that add value to the audience and the industry in general. He said mental health checkins were very important in this new phase of work, adding that the monthly knowledge sharing sessions were op-
portunity for the pension industry to discuss salient issues and interact with a view to improving understanding of various topical issues. He said PenOp, came up with the knowledge sharing initiative because of realisation of the fact that following the uncertainty in the business environment as a result of the COVID pandemic, many companies locally and internationally were struggling to cope with the new nature of work. He said with many countries facing a third wave of the COVID pandemic, some had instituted lockdown measures and travel restrictions, noting that this had forced many companies to push back their plan for physical opening and brought up a number of issues for businesses. Also speaking, resource person at the August edition of the programme, and Chief Executive Officer, Learning Impact Nigeria, Omagbitse Barrow, highlighted the benefits and disadvantages of remote and hybrid working; stating that while this was not an entirely new phenomenon, it had certainly gained traction in the last 18 months.
Governor Seyi Makinde of Oyo State, has sought the consideration and approval of the state House of Assembly for a supplementary budget of N50billion. The request was contained in a letter sent to the House of Assembly on Tuesday and read at plenary by the Speaker, Hon Adebo Ogundoyin.
The governor said the N50billion supplementary budget was to cater for three major projects not captured in the approved 2021 budget. The three projects, according to Governor Makinde include Ibadan Circular road which takes the largest sum of Twenty-Five billion naira (N25,000,000,000,00), Iseyin -Ogbomoso road which takes Fifteen billion naira (N15,000,000,000,00)
and Ibadan Airport Improvement which has the lowest sum of Ten billion naira (N10,000,000,000,00). The letter read in part, “ The N50billion will be provided by the Central Bank of Nigeria under the Differentiated Cash Reserves Requirements, DCRR of which N100billion was approved by the House of Assembly. “With this development, the 2021 budget will increase
from Two Hundred and Sixty-Eight billion, Seven Hundred and Seventy-Seven million, Nine Hundred and Sixty-Four thousand, Eight Hundred and Sixty naira only (#268,770,964,860,00) to the sum of Three Hundred and Eighteen Billion, Seven Hundred and Seventy million, Nine Hundred and Sixty-four thousand, Eight Hundred and Sixty naira only (318,770,964,860).”
AIICO Organises Capacity Training for NAIPCO Members AIICO Insurance PLC recently organised one day training workshop for the media. The training was for members of National Association of Insurance and Pension Correspondents (NAIPCO). The training workshop, which took place today in Lagos with the theme “Financial Understanding and Analysis” is aimed at building journalists’ capacity and broadening their knowledge in the industry’s financial reporting. This is the second time AIICO would sponsor a training workshop for NAIPCO members. The insurer had
organised similar training for journalists in November 2020. Addressing NAIPCO members, the Managing Director and Chief Executive Officer of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, who was represented at the event by Head, Strategic Marketing and Communications Department, Segun Olalandu, restated the firm’s commitment in ensuring a deliberate and sustained collaborative partnership with the media to build their capacity for enhanced performance. He said the company was passionate about NAIPCO
members and their critical roles in the growth of the industry adding, “We are committed to working with you to achieve your objectives as highlighted to us in your proposal.” “We are always passionate about NAIPCO. Whenever issues are raised about NAIPCO, we always think of how to work together because of your critical role as a purveyor of information.” The AIICO MD/CEO who commended the efforts of NAIPCO members in creating awareness and educating the public on the benefits and
advantages of insurance as a risk-mitigating mechanism and a tool for poverty alleviation and wealth creation, stressing the prime place of the media in nation-building. While describing NAIPCO as a “very important association strategic” for the nation’s insurance industry, he assured the group of his company’s continued supports. Mr. Fajemirokun implored the journalists to redouble their efforts and remain committed to their professional ethics and conduct in order to take the industry to the next level.
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To Tackle Smuggling, Customs Urges NNPC to Set up Filling Stations in Neighbouring Countries Peter Uzoho The Nigeria Customs Service (NCS) has urged the Nigerian National Petroleum Corporation (NNPC) to set up filling stations in the neighbouring West African countries to curb the menace of petrol smuggling into those areas. The customs also accused the Department of Petroleum Resources (DPR) of aiding petrol smuggling because it has continued, against its advice and the law, to issue licences for the establishment of filling stations 20 kilometers close to the border. The Comptroller General of Customs, Col. Hameed Ali (RTD.), made the proposal in Abuja when he appeared before the House of Representatives committee on Finance on the 2022-2024 medium term expenditure framework/
fiscal strategy paper for ministries, departments and agencies. Nigeria has witnessed an upsurge in petrol smuggling in the last few months, resulting to the rise in the volumes of petrol consumed in the country to over 100 million litres daily, with its huge negative impacts on the nation’s economy. Ali’s proposal was in response to a question from a member of the House committee, who had asked the Customs’ boss to explain the surge in petrol smuggling, leading to a daily rise in the consumption of petrol. Ali said Customs had advised NNPC to establish petrol stations in neighbouring countries, maintaining that that would help to tackle petrol smuggling and enable the country to make revenue and completely diminish the penchant for smuggling.
He argued that Nigerian banks have their branches in neighbouring West African countries and that there was nothing wrong if the NNPC or DPR opened filling stations in those areas to compete for market there. This, he explained, would help the country to make money and at the same time completely reduce the penchant for petrol smuggling. Ali said, “We have also proposed to NNPC, if the price differential is the problem, we have our banks — Zenith Bank, GT Bank —operating in the West coast, what stops us. “NNPC or Department of Petroleum Resources (DPR) should establish petrol stations in our neighbouring countries and move these products at the cost that we sell, and sell to this people. We will make money,
we have the market and by so doing we will completely diminish the anxiety or the penchant for smuggling. “If a Beninoise will get the fuel at the price we are getting and the cost of transportation, which is the minimal, there is no way he will wait for people to import to him at twice the price. We have made this proposal, we have made noise about it, no one seems to listen.” He maintained that there was hardly anything they could do to stop the smuggling of fuel outside the country because the smugglers use the creeks, land borders and virtually everything possible to succeed in their illicit deals. According to him, “we cannot be everywhere, we must begin to think out of the box. We should extend our petrol stations into
NNPC Pledges Continuous Support to NLNG Peter Uzoho The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has reiterated the corporation’s commitment to supporting the Nigeria Liquefied Natural Gas (NLNG) Limited towards achieving its goal of becoming a global LNG company of choice. Speaking as a Guest of
Honour at the 2021 NLNG Health Safety and Environment (HSE) Day, Kyari, who was represented by the Group General Manager, LNG Investment Management Services (LIMS), Nike Kolawole, said HSE was a critical determinant of business performance success across the oil and gas industry. A statement yesterday by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru,
quoted Kyari as stating that as a principal shareholder in the company, NNPC would continue to ensure that NLNG placed more emphasis on HSE. He stressed that “no matter the figures, indices or values recorded in production, sales, profit or revenue, a dismal HSE performance would lead to obliteration of long built achievement”. He remarked that the rapid growth of NLNG from the base project (Trains 1 and 2) to six
trains was unprecedented, and commended the company for its ability to adapt and effectively manage changes within the period. “Central to the world-class excellent record is the company’s unprecedented HSE culture, placing priority on safety performance ahead of other performance indices. “Your consistent emphasis on human performance principles through Goal Zero deserves applauds”, he said.
these countries. We should move these products there.” He said when the borders were closed, NNPC recorded a drastic drop in the volume of fuel released to the public, saying with the opening of four entrances on Nigeria’s land borders, the quantity of products reportedly released to the public has historical increased. Blaming the porous and lengthy borders for the rise in smuggling, Ali added that owners of the many petrol stations created at the borders with the support of the NNPC now receive products and siphon them at nights. “Secondly, we have, by the aid of the NNPC, created so many filling stations right at the border, and Mr Chairman, these filling stations get daily supply, and when they get these supplies, they release the supply in the tank
at night, and by the morning, it has been siphoned,” he revealed. He, however asked the House committee to investigate the operations of DPR in granting licences to filling stations at 20km close to the borders, accusing the agency of aiding smuggling by refusing to comply with the law. The Customs boss added, “That is why we said, filling stations that are 20km of the border should not be given petroleum products. We must monitor DPR — are these figures really what are being released? This thing keeps going up and down. “We had a series of meeting with the DPR, they said most of those filling stations at the border are illegal. So, we said, give us the names and list of those illegal fuelling stations, then we will take care of the legal ones, three years after, we have not received one name.
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EDUCATION Investing in Geoscience Education Will Boost Economic Development -Prof. Adekoya John Adekoya is a professor of Economic Geology. He recently celebrated his 80th birthday with the launch of his book on Metalic and Industrial Minerals of Nigeria. In this interview with Funmi Ogundare, he explained why the government must fund geoscience to boost economic development
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go to the field. Rocks and minerals are in the field, you go out to study them, and if you cannot go out to study them, you can see the tragedy that has befallen us that can ruin the course and training. The government should prevent bandits from operating through the security agencies in the country. They should synergise and face the criminals. The impression we get is that the government is not doing it right for one reason or another. They need to do more than they are currently doing.
hat does Economic Geology entail? It is a branch of Geology that deals with mineral deposits, their mode of occurrence, their constitution, application, or uses to mankind. To appreciate economic geology, you need to understand all other aspects of Geology such as neurology, structural geology and petrology. What you call mineral deposits are also rocks. Their importance comes in our usage because we use tiles, concrete, roof, etc. So you need to understand the basic courses before going into Economy Geology. You recently clocked 80 years. How does it feel, especially when you look back on students you had trained? I feel great. Some of my students had put their resources together to gift me a birthday card to appreciate learning from me. When they were my students, many of them felt I was too strict or too hard on them, but with time, they realised that I was doing my work in the right way to make them better people in the future. One of my brightest students who made a first class told me recently that when they were students, some of them had complained that I was too strict, but he said he wanted me because I usually correct him if he wasn’t doing the right things. Being 80, I feel fulfilled that many students who had passed through me knew that I was moulding them for the future.
What role did you play in their development? I was formerly in the geological survey of Nigeria, now known as Geological Survey Agency, an erstwhile department of the Federal Ministry of Mines and Power. I was there from January 1969 to December 1981. I transferred my service to The Polytechnic Ibadan. A former lecturer of mine, Dr Makanjuola, now late, had invited me to join them. They transferred me to Ibadan to head the zonal office because I didn’t feel like going back to the North. Then he baited me with the appointment at The Polytechnic, Ibadan, for the Geological Technology programme. So I accepted the offer as a principal lecturer. The course was very attractive to me. Here now, we are teaching geology with an aspect that will endear students to technology. So we were teaching geological techniques. To teach this course, it means you must know geology and know the field techniques because we were training students who will be useful as laboratory and field technologists in geology. How will you describe the quality of Geology graduates Nigerian universities produce? One of my students now has a PhD in Geology whom I taught geological techniques at the polytechnic, is now a far better student in geology than the ordinary graduate who didn’t learn geological techniques. He can function more effectively in the laboratory when he is studying rocks and minerals. To some extent, in my former university at the Federal University of Technology Akure (FUTA), we also introduced some aspects of these into their course. The students spent five years, unlike the conventional university where they spend four years. We introduced many technical aspects into their course, making them more functional as graduates and more employable. I can give a pass mark to the quality of geoscience graduates, but the only snag is inadequate lecturers in our university and overpopulation. How can the government balance the lecturers-students ratio? The university usually has its carrying
Prof. Adekoya capacity which means, there ought to be a certain number of students that lecturers can teach. Once you go beyond that, it is a problem. Because you will have the challenges of marking their scripts when they are too many, you can’t be as thorough as when we used to have 10 or 15 students in the classroom. But now, we have 90 or 100 students in the classroom. In those days, we usually have graduate assistants who help in grading and supervising practicals. But they are no longer available because the university can no longer afford them. That is part of the problem that is affecting the university system generally. Insufficient funds and lack of facilities to cater for the needs of the staff and students is also a major problem, which is why ASUU is going on strike. In those days, I had a microscope to myself, and when we had practicals, I used it to study further and lock it up in my locker. Students had access to lecturers because we were very few in the classroom. Nowadays, you have 10 students on a microscope, and they can’t even identify it or even know what to do to identify the minerals. The teachers are doing their best, but the facilities are inadequate. The government should provide enough facilities for the staff and students. There is still no reason you cannot have a microscope for each of the students, you may not be able to purchase it at once, but you can buy it in bits. You recently launched a book, ‘Metallic and Industrial Minerals in Nigeria’. What spurred your interest, and how is it expected to impact students of geology?
Two things led to the writing of that book. Firstly, when I was in the Geological Survey Agency, I was in the economic geology section. From time to time, people come to the geological survey to ask for information about mineral resources because they are interested in investing in them. So as a geologist interested in that portfolio, it became necessary for me to look for relevant information to pass on to them. I started developing that over the years. When I became a lecturer and was teaching economic geology, I found out that we don’t have a specific book. So we had to look for information everywhere to be able to teach the students effectively. Particularly in FUTA, apart from economic geology, I was also handling some other aspects of Industrial Rocks and Mineral as a course that are not so theoretical. So I talk about every available mineral in Nigeria, not only in the world. I felt that students need to have a book that they can refer to. For the entrepreneurs, investors and common man on the streets who want information about the mineral resources in Nigeria, that is the book to consult. For the students who want to know about mineral deposits in Nigeria, that is a book he can open and read. Insecurity must have hindered students from receiving training on the field. What do you think the government can do to make the mining industry viable for the country’s development? We are all worried because insecurity impacts not only the mining sector but also the training of students. Geology is essentially a field programme. If the students are to understand all you have taught them in the classroom, they must
You have played a role in the Banded Iron Formation (BIF) and other mineral deposits in the country. What impact has this made on the economy? I became interested in the BIF because it was the first assignment I received when I joined the geological survey agency. At that time, the military government was interested in locating all iron deposits in the country. Part of the responsibility of my office was to work on and investigate all mineral resources. So I went to Maru in Zamfara. When I worked on the iron deposits, I became very interested in them. Unfortunately, after working at Maru, I was asked to go to Birnin Gwari. I was there for several years. Then the Russians came because they were interested in mineral deposits. At that time, the federal government created Nigerian Iron and Steel Development Authority (NISDA). Later, they changed the name to National Iron and Steel Development Authority and later Nigerian Steel Council and Steel Raw Material Exploration Agency responsible for the investigation. They discovered mineral deposits in Itakpe, Kogi and other iron deposits around the region. Then they felt that the council should be looking for raw steel material used in the processing of iron. When I joined the academia, I worked further on the iron deposits, particularly from three locations: Maru in Zamfara, Birnin Gwari in Kaduna and Muro in Nasarawa. I worked a lot on them and came out with detailed work on the structure, constitution and mode of occurrence. I turned out a lot of publications on them which was what I did to become a professor. Based on the preliminary work, we discovered that the Maru iron deposits in one location alone were about 19 million tonnes of iron, Birnin Gwari about 10 million tonnes and Muro was about 110 million tonnes. But if you are going to investigate, you will do detailed work for exploitation and arrange them in order of preference. The development of the iron and steel industry is very important to the country. The government should make funds available. One thing that Nigeria is rich in is manpower in every sector of the economy. How can Nigeria improve the employability of geoscience graduates? The government should fund the universities well and ensure that laboratory facilities are available. One important thing that we used to study in a laboratory is a microscope. Geoscience students use petrographic microscopes because rocks and minerals are studied using a tin section from the rock by reflecting light on the rock. However, the petrographic microscope is very expensive. They are not like the biological microscope. So if I have 90 students in my class and I have to teach them petrography, each student must have it, else they will be idle. If you employ him to do the work for you, how will he do it effectively? So everybody must have a microscope. If the government cannot provide the facility, they should provide adequate staff to run shifts. Funding is very crucial so that they can provide the teaching and learning facilities. Technical support must be provided for every student if he must learn geology.
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
EDUCATION
South-west PGDE Results out Soon, Says NTI Uchechukwu Nnaike ÓØ ËÑÙÝ ËØÎ Kemi Olaitan ÓØ ÌËÎËØ
Following the outcry by thousands of ex-students of the National Teachers’ Institute (NTI) in the SouthWest over the non-release of their Postgraduate Diploma in Education (PGDE) results after four years, the institute has assured them that the results will be released soon. The students, who said they completed the programme in 2017, stated that the delayed release of the results had caused untold hardship, like losing their jobs and other
opportunities to advance their careers. The acting Director-General and Chief Executive of the institute, Bashir Mamman, gave the assurance while briefing journalists in Ibadan after a stakeholders’ meeting with its partners at UI and representatives of the students. He said the institute had resolved the delay in releasing the results with the University of Ibadan. Mamman, represented by a deputy director in the institute, Dr Ibrahim Bala, noted that the NTI and UI are finally uploading the students’ data on the university’s portal.
He said the delay was as a result of the closure of universities due to COVID-19, ASUU strike, affiliation processes involving series of meetings, consultations and signing of MoU; time needed to process results; and uploading students’ data on the University of Ibadan’s portal. The NTI, in a statement, said it ran its PGDE in affiliation with six universities and bachelor degree programmes with the University of Maiduguri and the National Open University of Nigeria (NOUN). The universities included the
University of Port Harcourt, Usumanu Danfodio University, Sokoto, UI, University of Ilorin, UNIMAID, and Nnamdi Azikiwe University, Awka. According to the statement, the institute signed a Memorandum of Understanding (MoU) on the affiliation agreement with five universities out of the six universities, while UI is in process. “It is worth noting that each university has unique ways of processing and issuance of results and certificates. Hence, duration or time required to release results may differ,” the institute explained.
The statement added: “The institute is committed to providing quality teachers for the country by training teachers while on their jobs. All the institute’s activities and programmes are made flexible and favourable to students. The delay in the release of the PGDE students’ results, particularly that of the SouthWest, is one of the institute’s hard times since its inception.” Also speaking at the meeting, the Director, Directorate of Affiliation at UI, Prof. Wole Akinsola, confirmed the results would be released soon. However, the ex-students
doubted the institute’s sincerity. One of the affected ex-students who spoke with THISDAY on the condition of anonymity dismissed NTI’s explanation that COVID-19 was partly the cause of the delay. “The programme was 2017. COVID-19 was 2020. It’s the same old story for four years,” the ex-student stated. “These people are so inhuman and insensitive. The way they will even treat us with disdain when we go to their office to ask for the result is disgusting. I make bold to say that NTI is not sincere and sensitive to our agitation.”
Firms Unite to Equip Youths with Employability Skills Uchechukwu Nnaike
L-R: The Head of Quality Assurance (Secondary), Chrisland Schools Limited’s, Mr. Livinus Udeh; the school’s Head of Academic Support Unit/Executive Assistant to the MD, Mr. Oludotun Sotunde; Lagos State Commissioner for Education, Mrs. Folashade Adefisayo; the Principal, Chrisland College Idimu, Mrs. Ijeoma Maduabuchi-David; the Principal, Chrisland High School VGC, Mr. Jide Onigbogi; and Head of Special Duties, Mr. Iyke Igili, while receiving the Most Outstanding Private Secondary School Award by the National Education Summit and Awards... recently
Chrisland Awarded most Outstanding Private Secondary School, Seeks Govt’s Support Funmi Ogundare
Chrisland Schools Limited has received the Most Outstanding Private Secondary School Award by the National Education Summit and Awards. The award was in recognition of the school’s continued drive for excellence as exhibited in its learners’ performances in local and international examinations, sports and other co-curricular activities. The National Education Summit is a platform to dialogue on solutions to challenges bedeviling education in Nigeria, along with various practices essential for expanding learning opportunities
and promoting a culture of innovation and excellence in the educational sector in Nigeria. The platform also recognises educational outfits that are playing active roles in positively shaping the Nigerian experience. Meanwhile, the Managing Director of Chrisland Schools, Ibironke Olayemi, has appealed to the government to encourage the private sector by cushioning taxation on private schools. She also said the government should develop policies that will favour the education sector and the economy in the long run.
Olayemi stated this while reacting to the conduct of the West African Senior School Certificate Examination (WASSCE) in August, as against the usual May/June. She expressed concern that this would put pressure on teachers who have to go the extra mile to continue teaching students even after completing the curriculum for the session. Addressing journalists during a virtual meeting, she explained that there should be more planning by the government. Olayemi said: “Private schools are facing a lot of challenges. We have to provide everything ourselves, yet we
are bombarded with taxes and regulations as well as inconsistent policies.” She also expressed concern about the poor budgetary allocation for education, calling for an increase and that lecturers must be better paid to work with improved facilities for teaching and learning. Explaining how the school coped during the pandemic, she said, “we ensured that all our learners came on board with their devices. We have our learning system, and we made use of available resources, Google classroom and software to teach students, which made learning fun. It’s been a very positive experience.”
Authur Jarvis University Appoints Jedy-Agba as BoT Chairman Authur Jarvis University has appointed the Minister of State, Power, Dr Goddy Jedy Agba, as its board of trustees chairman. The letter confirming the appointment and sent to the minister recently was signed by the university’s Chancellor, Authur Jarvis Archibong. “I greatly appreciate your kind acceptance of appointment into the membership of the Board of Trustees of Authur Jarvis University. After due consideration
of your distinct commitment to national development, I have the pleasure to heartily inform you that you have been appointed chairman of the Board of Trustees of Authur Jarvis University. This is a four-year tenured appointment with effect from August 1, 2021,” it said. Explaining what the university expects from the new BoT chairman, Archibong explained, “It is my belief that the leadership aptitude, candour, and resilience
of which you so graciously epitomise will be brought to bear in your position as chairman, Board of Trustees.” The minister thanked the chancellor for the appointment, saying, “I am particularly happy because the university is a historic one being the first privately owned university in our dear state. I have said many times that quality education is the solution to the challenges facing Nigeria. When we get
our education right, we’ve got our leadership at all levels right. I believe that although we’re not there yet, we’re making progress.” The minister highlighted the current administration’s commitment to reforming the education sector, which he said was reiterated when President Muhammadu Buhari pledged in London to increase the annual budget for education by 50 per cent.
As part of efforts to tackle unemployment and insecurity in Nigeria, five organisations have formed an alliance to provide mentorship for youths and equip them with entrepreneurial skills. The Global Alliance for Youth Nigeria was launched to commemorate this year’s International Youth Day, comprising Nestle Nigeria, Jobberman Nigeria, Big Bottling Company, Sterling One Foundation and United Nations Global Compact Network Nigeria. It plans to reach 250,000 youths between 16 and 35 years in the next three years. The group said the alliance became necessary because, with 62 per cent of the population below 25 years, Nigeria has one of the highest youth populations in the world. “According to data from the National Bureau of Statistics, as of the second quarter of 2020, over 13.9 million young Nigerians were unemployed. Millions are also underemployed or in uncertain jobs,” it said. Speaking at the alliance launch in Lagos, the Managing Director and Chief Executive Officer of Nestlé, Wassim Elhusseini, said: “If there was a time when an
alliance for youth is needed, it is today. Yes, our youth are confronted with multiple challenges, but the critical challenge is that of a lack of opportunities.” He noted that youths “have great potential, and those who have been privileged to find the right opportunities have thrived in remarkable ways.” In her remarks, Executive Director UNGCNN, Naomi Nwokolo, mentioned that it was “no longer fashionable to ignore the youth” as she urged “all stakeholders to pivot” towards harnessing the powers and potential of the youth demographic. Also speaking, the Chief Executive Officer, Sterling One Foundation, Olapeju Ibekwe, explained that the alliance prioritised partnerships to achieve the Sustainable Development Goals across “our focus sectors.” She added that “effective collaboration is the only” sustainable strategy for “holistic social impact at this time.” The alliance said they would collaborate with policymakers, government and other stakeholders to develop solutions to address youth unemployment and foster employability and job creation.
TETFund Gets Draft Bill to Float Research Foundation Kuni Tyessi ÓØ ÌßÔË The Tertiary Education Trust Fund (TETFund) has received the draft executive bill to establish the National Research and Development Foundation (NRDF). Executive Secretary Prof. Suleiman Bogoro said that the agency had laid a foundation for driving Nigeria’s knowledgedriven economy with the draft bill already submitted. “When we lack the fidelity to implement our policies and lack the discipline to enforce our laws, it is precisely why Nigeria has failed. We have failed to attain our potential as a nation because of some of these areas,” the TETFund boss stated. “Let us admit collective guilt. We shouldn’t be buck-passing. When we bring ourselves like this, those in government are there, the academia, of course, is there and the industry operators are there.” According to him, there is the
need to rejig and reflect over governance in government and academic institutions, adding that the area of appropriate governance at all levels has failed the nation. The Chairman of the drafting committee, Prof. Auwalu Yadudu, said the committee was inaugurated two months ago to draft an executive Bill for the establishment of the research and development foundation. Yadudu said the bill had the support and endorsement of the federal government and would be forwarded to the education minister for approval before submitting it to the National Assembly. “The bill seeks to establish a national research and development foundation to Institutionalise, mainstream and commercialize research and development, promote innovation and support enterprise development for job and wealth creation for a knowledge-driven economy for Nigeria,” Yadudu stated.
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
EDUCATION
Rotary Club Earmarks N79m to Boost Education, Others Uchechukwu Nnaike
The Rotary Club of Maryland, Ikeja, has announced plans to invest about N15 million to construct a block of classrooms with an assembly hall and offices at Wasimi Junior School, Mende Maryland for the 2021-22 Rotary Year. In addition to providing other services to boost basic education and literacy in the state, the club said it would invest N79 million in education and six other areas to cover the seven focus areas of Rotary International. Its newly installed president, Bamidele Onalaja, who announced this during his investiture in Lagos, noted that his tenure would increase adult literacy in communities, reduce gender disparity in education,
and provide financial support for professionals related to basic education and literacy. He said the classrooms would be ready by September 2021. In maternal and child health, Onalaja announced plans to build a maternal and child centre in the Amuwo Odofin area of Lagos and provide other services in the sector to the tune of N50 million. Onalaja, the “20th Hope President,” said the club would also improve access to essential medical services, trained community health leaders and health care providers for mothers and children. It will also provide financial support for career-minded professionals with an interest in maternal and child health. The event, attended by dignitaries, including the
Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, was also an avenue to raise funds for the projects. The president stated that the Chris Bamidele Onalaja Foundation (CBOF), which he founded, will collaborate with the club to execute the 2021-2022 Rotary Year projects. According to him, work has commenced on the maternal and child centre, and the project would be inaugurated before the end of the current Rotary Year. He, therefore, solicited the support of members and other stakeholders, as he promised to work tirelessly to actualise the seven points agenda of Rotary International. While highlighting the club’s achievements last Rotary Year, the immediate past president, Obafemi Obadina, explained that the club could execute
projects covering the seven areas of focus, despite the COVID-19 challenges. At the end of the last Rotary year, the club emerged as the second overall best of the Rotary International District 9110. In his remarks, the District Governor, Remi Bello, urged Nigerians to inculcate the spirit of Rotary in everything they do; to see their positions as an opportunity to serve. He also advised the new president not to lose focus, as his projects align with the theme of the new Rotary year, ‘Serve to Change Lives’. Also speaking, the Ooni of Ife commended the club for choosing Onalaja as its president, saying the members will feel his impact in the club because he is focused and would execute every task to the latter.
Some pupils of Cicero School, during their graduation ceremony in Lagos... recently
Lagos Unveils Digital School Platform Funmi Ogundare The Lagos government has unveiled the EkoDigitalSchool. com, an online learning platform designed to engage students in classroom activities to ensure global competitiveness. Speaking during the official launch recently, the education commissioner, Folasade Adefisayo, noted that the innovation is in line with the THEMES agenda of Governor Babajide Sanwo-Olu. Adefisayo added that the EkoDigitalSchool.com platform would ensure continuous learning for all children in the state. She noted the platform
would enable students to have continuous, uninterrupted learning, adding that the initiative fulfils four education transformation focus areas of the state. “These areas are to invest in technology as a learning aid, improve overall student welfare and capacity development; improve the capacity and welfare of school personnel and also establish and leverage impactful publicprivate partnerships (PPP),” she noted. Adefisayo explained that the ministry would protect pupils against COVID-19 via e-learning and teaching platform. With these realities,
the commissioner reiterated the commitment of the government to innovatively use technology to push education to a world-class standard while making learning accessible, despite all odds. According to the commissioner, the state will provide devices to teachers in secondary schools. The permanent secretary in the ministry, Abosede Adelaja, stated that in meeting the 21st-century requirements, the governor approved various programmes and initiatives for students’ academic success. In a presentation, the cofounder/CEO of Chronicles
Software Development, Oluwatosin Oluwakoyejo, explained, “Through this platform, students can take classes online, do group projects and chat with their teachers if they have challenges in solving tests and quizzes.” He said plans were ongoing to ensure that the learning platform is data-free to give all students equal access. “It will enable educators to build 21st-century skills and collaborate. They can have access to the platform. They can do live video sessions and make them available so that students everywhere can learn from the best teacher,” stated Oluwakoyejo.
FG Urges Youths to Embrace Education to Actualise 2030 Agenda Olawale Ajimotokan in Abuja The federal government has urged Nigerian youths to embrace education, innovation and entrepreneurial solutions and continue to play a significant role in the actualisation of the 2030 agenda covering poverty reduction, social inclusion, health care, biodiversity conservation, and climate
change mitigation. The Minister of Youth and Sports Development, Sunday Dare, made the appeal while marking the International Youth Day celebration. He said the federal government was training about 5,000 Nigerian youths across the six geopolitical zones in critical areas of green stimulus, digital skills, AI and robotics and clean and renewable
energy. The minister said this year’s International Youth Day celebration offered the world an opportunity to implement timely policies that will harness the innovative talents of youth development. “Our world is increasingly technology-driven by a youthful generation of brilliant and innovative minds who are daring and ready to
discover new frontiers through innovation. Without any iota of doubt, we now know that youth innovation is a catalyst needed to drive development in all its ramifications,” Dare said. “With the increasing uptake of technology as an enabler by a huge number of the younger generation, the innovative minds and skills of the youth will serve as the fuel for development.”
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Teacher’s DIARY KEHINDE OMORU
www.kayomoru.com
EFFICACY OF EXTRACURRICULAR ACTIVITIES IN SCHOOLS
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xtra-curricular activities also known as extraacademic activities, extracurricular activities include sports, student government, community service, employment, arts, hobbies, and educational clubs. Extracurricular activities all complement an academic curriculum. You may wrongfully believe that activities outside the school or classroom environment are not of much importance. Researchers suggest that children pick up some of their most important skills from programmes and activities outside a school’s pedagogical environment. That is why children who do not participate in any extracurricular activities are generally slow and less vibrant. The learning environment, that you enroll and/or register your child in outside of his or her school’s activities, must however contribute to the overall development of your child. It must be as disciplined and as functional as that found within the school. This is especially true of educative out-of-school programmes and activities. A well-resourced place of this nature, should teach the child important skills like: time-management, collaboration and goal setting. Time-management for instance, is a vital skill, but it is not achieved easily. Managing time is a skill that is learnt and imbibed over a period of time, Children need to experience the discipline that is needed to finish a task an the happiness of finishing the allotted work, within a specific time span. Children look for different things in learning settings, be it formal or recreational. Your chosen environment should be attractive, colorful and informative. Teachers or organisers must use charts, pictures, posters and drawings to liven up a class. Age appropriate audio-visual and other sensory aids should also come into play. Additional resources that are not easily available in the school may make your teaching and learning sessions arresting and interesting. For instance, when teaching a biology lesson, allow the child to, for instance: see through a microscope, see slides of bacteria, see live insects and animals (safely). This direct experience with nature, adds to his knowledge and also makes him more enthusiastic about his learning. Discipline should be upheld as a must in school and recreational activities. In fun or sport-based activities, it is easy for children to step out of line and create havoc. While children should be allowed to have fun, they should be curtailed from displaying unacceptable behavior. The best way to practice discipline is to lay down ground-rules at the very beginning. Let the children partake in listing out what is unacceptable, right at the beginning. They should also democratically list out penalties for derailments. Rewards are an important aspect of any learning process. The reward can be a simple pat on the back or a token of appreciation. Motivate your children to aspire for higher attainments by rewarding their achievements. Holding competitions or sport activities where the children can show their proficiency is a reward in itself. Children do get bored easily, during educational and structured programmes. The main thrust of an academic program is to repeat what has been taught in class and to allow the child to learn it quickly. It is difficult to pique the child’s interest a second time, especially when the child is already tired of one dose of the same lesson. You must quickly tweak boredom by using creative techniques like an impromptu activity like: a quiz; a slideshow or a game. r 0NPSV JT B GSFFMBODF XSJUFS FEVDBUJPO IFBMUI BOE TPDJBM DBSF BEWPDBUF
“Researchers suggest that children pick up some of their most important skills from programmes and activities outside a school’s pedagogical environment. That is why children who do not participate in any extracurricular activities are generally slow and less vibrant”
WEDNESDAY AUGUST 18, 2021 • T H I S D AY
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T H I S D AY ˾ WEDNESDAY AUGUST 18, 2021
CITYSTRINGS
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430
Championing the Give Back Culture to Society Chiemelie Ezeobi writes that over the years, the MD/CEO of Vintage Deluxe Interiors Lagos, Francis Nwaogwugwu, has championed the give back culture to his immediate Ezinihitte Mbaise community and even beyond
One of the many houses he built for his kinsmen
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or MD/CEO of Vintage Deluxe Interiors Lagos, Francis Nwaogwugwu, the give back culture is sacrosanct. Known in many circles as Mune, the businessmancum philanthropist, who clocked 35 today has ensured that the legacy of giving is entrenched in his community. Over the years, his acts of philanthropy began with sharing a bag of rice for the needy in his Ezinihitte Mbaise community. This he began right before he even went for his National Youth Service Corps (NYSC). That singular act of philanthropy has spanned 10 years and has since grown to encompass sharing of 100 bags of rice and foodstuff, constructing roads in and out of his village, and even tearing down mud houses and building new bungalows in its place. He has also sponsored the academics of many even up to tertiary education. He noted that "we have been trying our best even though what we do is by ourselves. The little that comes in we try as much as we can to reach out to the people, old friends and all." To acknowledge and perhaps, reciprocate the laudable gesture he has exhibited over the years, in 2017, he was given the chieftaincy title of Nwachinemere. Not done, this year, the entire Mbaise community, which comprises three local governments, confirmed the chieftaincy name but now its not limited to his immediate community. For him, the wholesome gesture does not translate to just an upgrade of his title but means his acts of philanthropy will extend to Mbaise at large. Formative Years It might not be the typical grass to grace story that Nollywood depicts in their movies, but from all indications, the MD/CEO of Vintage Deluxe Interiors Lagos, Francis Nwaogwugwu made his fortunes from dint of hardwork and taking advantage of opportunities presented by the interior decorating industry even when he was a youth corp member. But for providence, he would have ended up as a seminarian. He was enrolled into the Holy Ghost Juniorate in Ihiala but was later transfered to Mbaise Secondary School in Abor Mbaise, where he wrapped up his secondary education after his plans to become a reverend father didn't materialise. Apparently, fate had another destiny in stock for him. Born in Enugu State to late Festus Nwaogwugwu and Mrs. Kate, the family moved to Onitsha in Anambra State where where he had his nursery and primary education. For his tertiary education, he schooled at Anambra State University, Uli Campus, where he studied Mechanical Engineering. Bent on contributing his quota to the school, he ran for the office of the Director of Sports in his first year and he won, a position he held until his final year.
2016, he expressed gratitude that he was able to celebrate his parent's 35 years of marriage in December 2015. Already he is gearing to celebrate his mother's 65th birthday. Meanwhile, Nwaogwugwu got married at the age of 29 in 2016 to Joy Nwaogwugwu, daughter of Bishop Walter Mbamaram of TREM church, and they already have two kids- a soon to be four year old daughter and a two year old son. According to him, he met the wife during his NYSC and having married her, it's been an amazing five years journey. Foray into Real Estate His first foray into real estate started when he bought his first property in Lagos in 2015 and afterwards built his house in 2017. Since then, he has built about six houses in Lagos. His first property was in Sangotedo on a land he acquired for N28million qt Fountain Estate. He went on to build two more, which he sold already. Still in the works are two others at Victoria Garden City (VGC). Meanwhile, he has plans to extend this investment to the East, particularly in Imo State.
The MD/CEO of Vintage Deluxe Interiors, Francis Nwaogwugwu Deal Breaker After his school year, he was posted to Lagos for service in 2011. He moved to his uncle's house in Lagos but later left due to space constraints. To rent a house, he had to sell his car, which he had acquired at 23 during his internship in 2017. This was a bit easier as he had some savings given his entrepreneurial nature right from school where he sold shirts. With the money from the car sales and savings, he rented his first apartment at Kilo, Surulere. Suffice to say, the proximity of his house to Tejuosho Market in Yaba, where his interior business started was a deal breaker. It was at Tejuosho market he got his first major break. But his foray into interior designing did not start from there. Even as a student, he had exhibited passion to decorate and used his room as sounding board to execute his dreams. According to him, "It has always been my passion, so when I came down to Lagos, I noticed that interior is actually a vast one so you need to pick a particular one: lightning, and tiling all these are interior.
So I met this oga (man). I was able to explain how I would love to learn the business. So I learnt the business in six months and I started getting my personal jobs. I diverted fully from selling shirts and focused on the business. "I tried to talk to my friends, I did one or two jobs and got small money. I didn’t have much so I registered my company in 2012 then in 2013, I travelled out of the country for the first time to Dubai. In 2014 I went back again. In 2013, I was a novice; I didn’t know anybody in Dubai; I just heard in the market that people said when you go to Dubai it’s nice. So I had to see my way through. I came into Dubai, paid for a hotel and started making contacts from the ones I saw on the internet. I spent two weeks in Dubai and came back. "I was waiting for my goods but before I got it, I got one shop. When the goods arrived, it wasn’t enough but I just packaged it and that was how I started." Family Life Even though he lost his father in
We have been trying our best even though what we do is by ourselves. The little that comes in, we try as much as we can to reach out to the people
Challenges Like any business man, he has encountered daunting challenges over the years, but that has not deterred him from pressing harder. Given the state of the economy, " God has been faithful. We have been consistent. Even with the dollar rate, we still have the strength to stock because there are still people who buy only premium. We have never had any challenge which is bigger than us, there has always been a way to walk around it". Charge As one who went through stages in life to get to his present position, he frowned at the "get rich quick syndrome", which has seemingly possessed the youths. "Some people that know me will tell you to call Vintage now if he’s in Surulere, call him in Ajah I will be there in 10 minutes. Nobody remembers when you were flying bikes everywhere in Lagos here and there. At a time I traveled five times in a year to Dubai for business so all these are stages you pass through. "But young guys of these days don’t think in that direction, they don’t want to stay 10 years to wait. My advice to them is if it comes quick, at times it goes quick, but if you go through the right source you will see yourself, you might not be fast to get there but slowly and surely." Speaking to the government across board, he charged to ensure that businesses thrive by ensuring that the system works and ease of business is sacrosanct. For the billion dollar question of whether he nurses any political ambition, he was quick to point out that he started politics as far back as when he contested for the position of Director of Sports in the university. But beyond that, he hopes to take if further in the nearest future.
T H I S D AY ˾ WEDNESDAY ͯͶ˜ ͰͮͰͯ
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CRIME&SECURITY
WNC FOC Harps on Inter-agency Cooperation
FOC WNC, Rear Admiral Jason Gbassa and AIG Zone 2, Johnson Kokumo flanked by other officers Chiemelie Ezeobi
The Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Jason Gbassa, has stressed the need to build on the existing level of cooperation between the Nigerian Navy and the Nigeria Police. He made this disclosure when the Assistant Inspector General of Police Zone 2 Lagos, AIG Johnson Kokumo paid him a courtesy call at the Headquarters Western Naval Command, Apapa Lagos. Admiral Gbassa reiterated that the
cooperation between the navy and the police was envisaged during the End SARS protest in Lagos where the military, police and other security stakeholders were able to collaborate to respond proactively to salvage the situation not to get to the level the criminal elements wanted. Admiral Gbassa, also commended the two organisations for working seamlessly in the course of duty, adding that the understanding and cooperation that exist portends
for a peaceful coexistence. He also used the opportunity to call for the establishment of formal and informal lines of communication amongst security stakeholders. He added that, when we have formal and informal events we should invite each other so as to interface and relate efficiently for the interest of the nation. Similarly, the Assistant Inspector General of Police thanked the Flag Officer Commanding for the cooperation, understanding and
synergy that has existed between both organisations. Kokumo stressed that the police plays a major role in internal security and cannot do it alone. He emphasized that the police have enjoyed the cooperation and synergy with the Nigerian Navy in the past and he is here to solicit for more. He added that he will continue to identify areas where both organisations can collaborate with efforts to ensure that we continue act positively on the security of lives and properties.
Navy Releases Seized Logistic Vessel to Owners in Delta Sylvester Idowu in Warri
In line with the directive of the Chief of Naval Staff, Vice Admiral Awwal Gambo, the Nigerian Navy Ship Delta (NNS Delta) Warri, recently released a seized vessel, MV Platform Care I, to its owner, Blut Logistics Limited. While handing over the vessel at the
Naval Base, Warri, the navy warned its operators to always obtain necessary documents for their activities as part of precautionary measures to checkmate insecurity in the country. THISDAY learnt that the vessel was seized in February 2020 for not having regular documents of the Nigerian Maritime Administration and
Safety Agency (NIMASA) and the Department of Petroleum Resources (DPR) at the point of arrest. Executive Officer of NNS Delta, Commander Levi Deyin signed the release of the vessel on behalf of the CNS, as well as the Commander NNS Delta, Commodore Abdulhamid Baba-Inna.
Speaking during a brief ceremony marking the handing-over of the vessel, Commander Deyin emphasised the need for operators to acquire relevant documents during operations. The officer-in-charge of NIMASA Central Zone, Sub-Lieutenant Richard Oluwaferanmi Olalekan, witnessed the handing over of the vessel to a representative of the company.
Mouka Foam Maintains Unprovoked Stance over Violent Attacks by Protesters Chiamaka Ozulumba
Mouka Limited has maintained its unprovoked stance over the recent violent attacks and disruption of company activities by protesters at its Ikeja office in Lagos. The protest had first started off as an industrial action but later exacerbated when unknown elements were said to have hijacked it. When the company invited the police to maintain peace, the protesters allegedly turned violent and pelted the police with stones, thereby forcing the operatives from Area F, Ikeja to arrest them. Refuting allegations of any misdemeanor, Head HR, Mouka Limited, Mrs. Ifeoma Okoruen, said the police were on ground to prevent the protest from getting violent before protesters started harassing other members of staff. She pointed out that Mouka Limited never ordered the arrest of the protesters but maintained unprovoked stance
even while the protesters threw stones and objects at distributors. In a statement made available to THISDAY, she said: "To put the record straight, Mouka Limited has a robust staff welfare with a proud tradition of providing welfare benefits that go above and beyond the expected duty of care to the Mouka staff and their families. “As part of Mouka’s continuous improvement plans, the company recently undertook a restructuring program which engaged almost 10 per cent of the Mouka People across all employee grades and in all locations nationwide. “The major objectives of this exercise were to strengthen operations and to provide career development opportunities for key deserving employees. “However, as it is the case with every progressive development in corporate organisations, a few will resent the change. The resentment
of the current few agitators does not align with the majority. “The event of Thursday, August 12, where a few staff were agitating unjustly for some personal demands, staged a protest which initially started as peaceful but later degenerated into harassment and attack of other staffers who had refused to be recruited into this anti-operation activity. “Even then, the company being a law-abiding corporate organisation, maintained unprovoked stance even while the troublemakers continued throwing of stones and objects at distributors, visitors and other staffers of the company.” She further alleged that the agitating few, on the following day, recruited some non-staff to join the agitation and they became violent. “When the law enforcement agents who had all along been there to maintain peace and order
could no longer bear the escalating attack on persons and an attempt to attack them, they called for reinforcement and effected the arrest of the few troublemakers. “The company is disappointed that the actions of a few led to some unsavory scenes in the roadways outside of the premises and in the immediate community. We want to state categorically, that Mouka management did not order for the arrest of any staff nor the violent few. “However, despite the fact that the arrests have not been ordered by the management of our company, efforts are being made to resolve the issue provided the violent attack and the infringement of other workers’ rights ceases. “Our hope is that reason and good conscience will prevail in the circumstance as our company continues to remain focused on investing in the careers and livelihoods of our loyal, committed, and dedicated employees," she added.
42
T H I S D AY ˾ ˜ 18, 2021
BUSINESS/MONEYGUIDE
Ikonne: NALDA’s Farm Estate Will Yield N2bn Annually in Ogun James Emejo ÓØ ÌßÔË The Executive Secretary/Chief Executive, National Agricultural Land Development Authority (NALDA), Prince Paul Ikonne, has said that its proposed Integrated Farm Estate in Ogun State is expected to generate about N2 billion annually. He added that the project, which is billed to be completed by February 2022, will also provide employment opportunities for 1,500 beneficiaries when operational. Ikonne, told journalists shortly after visiting the 100-hectare farm located at the Special Agro Industrial Zone, in Makun-Obafemi Owode Local Government Area of the state, that the site would become NALDA’s biggest project in fish, goat and snail production. He said farm estate would also accommodate a garri processing and packaging plant, snail farming, goat rearing and fishing
farming. Already, the land clearing for the project had been completed while construction is expected to commence before the end of August. The NALDA boss said, “The reason why we want to make Ogun farm one of the biggest in production is its proximity to Lagos, and you know that there is market for everything in Lagos and our target for the farm is proximately N2 billion annually after the first year of commencement. “Ogun is one of our key farm estate because of its proximity to the sea ports for export purposes and the farm estate would give Nigeria and Nigerians an image in food production.” He also said the farm estate would facilitate development of the host community, reduce youth migration to the urban areas, increase the indigene’s incomes through agriculture as well as
boost their living standards within the communities that are hosting NALDA integrated estates. He said, “The prospects are high because there would be traffic of people coming into the community buy from the farm estate based on what is being produced in the farm. So it’s a win-win for all the communities that are hosting NALDA integrated farm estate.” He said the move by the authority was sequel to the directive by President Muhammadu Buhari that all abandoned farm estate be recovered and reactivated as well as create new ones in order to create employment opportunities and achieve food security in the country. The efforts to set up another farm estate came barely a month after Buhari inaugurated the maiden 100- hectare integrated farm estate established by NALDA in Daura, Katsina State.
GoTechPro: Nigeria’s Real Estate Sector now Attracting FDI GoTechProlimited has described the Nigerian real estate sector one of the fastest growing sectors of the economy with massive local and foreign direct investments. The company in a statement said the sector now have an array of products to choose from adding that the sector has potential to grow despite the Covid-19 pandemic, which has affected all sectors of the Nigerian economy. “One of the key indicators for this growth will no doubt be the unprecedented urbanisation and influx of foreigners into the country for business and pleasure. This has given way to the rise of luxury vacations
like the LuxuryStay Homes, a fully furnished serviced apartment from the stables of GoTechPro with offers like Premium Homes Away from Home Packages. “GotechPro, a leading real estate short-let accommodation service, located in Lagos between Lekki and Ikoyi, offers Nigerians and foreigners its premium Luxury Stay experience that gives guests the wholesome feeling of control, satisfaction and top-notch value, “it stated. The LuxuryStay package, according to the company offers luxury homes at affordable prices with efficient standard amenities rarely provided for outside the home. It added, “Apart from the Basic Luxury Facilities, there is a provision of
a 24hour chauffeur cum security service, daily housekeeping service, topnotch room service, dedicated laundry service with the option of a washing machine in the case of guests who prefer to do their laundry themselves as though at home including an array of other value-added services. “LuxuryStay by GoTechPro is all about the dream vacation for the family, couples, tourists, and travelling corporate or business executives who don’t want to be homesick when on out of station assignments all across Nigeria” The statement said, adding that “these services cater to everyone’s dream of what a vacation and luxury living should be.
Emerging Africa Appoints Executives Goddy Egene Frontline African investment banking franchise, Emerging Africa Group (EAG), has made senior executive appointments in a move to strengthen leadership capacity as the business continues to grow across all areas of its business. According to the group, as it builds internal capacity, it is determined to deploy superior human capital, processes, strategy and culture as a means to consolidate growth across the group and prepare for even more growth. Consequently, Stella Abimbola Shopeju has been appointed Director of Resources and Chief Executive Officer, Emerging
Africa Capacity Building. Shopeju is a well-versed business executive, she has nearly 20 years’ experience working in the power, telecommunications, and finance sectors. She is specialised in financial planning and controls, human capital and talent management, commercial performance, FinTech, and payment solutions. Also, Felicia Ine Sonubi, has been made the Managing Director, EAC Trustees Limited. Sonubi has over 20 years of experience in Corporate Legal Advisory and Trusteeship. I n the course of her career in the Trust Industry, she was the Managing Director/CEO of Apel Capital & Trust Ltd and Managing Director/CEO of
Oceanic Trustees Nigeria Limited. On the other hand, Chukwuemeka Anazodo, has been appointed as Group Chief Financial Officer. Anazodo is a finance business partner with over a decade of financial services sector working experience in preparing and analyzing financial statements, audit, tax and regulatory management, strategy and investor relations, treasury and cash flow management, business process automation, budget preparation and analysis, corporate rating management and finance team training and development. Prior to joining Emerging Africa Capital Limited as the Group CFO, he was with Mainstreet Capital Limited as the CFO.
CBN Threatens to Prosecute Abusers of Naira James Emejo ÓØ ÌßÔË The Central Bank of Nigeria (CBN) yesterday warned Nigerians to desist from disrespecting the legal tender - the Naira - or risk being arrested by law enforcement agencies. The bank particularly emphasised on the activities of persons, who flagrantly abuse the legal tender by hurling wads of naira notes in the air and stamping on the currency at social functions.
The CBN acting Director, Corporate Communications, Mr. Osita Nwanisobi, in a statement made available to THISDAY, stressed that there had also been cases where people mishandled the naira, defaced as well as hawked the currency at parties while others rejected the currency in some instances. He said contrary to the practice of these unpatriotic persons, it is neither cultural nor moral, for people to disrespect the currency
which citizens trade in. He said,”For the avoidance of doubt, Section 21(3) of the Central Bank of Nigeria Act 2007 (As amended) stipulates that “spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under the law by fines or imprisonment or both.”
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
JANUARY 2021 Money Supply (M3)
38,779,455.43
-- CBN Bills Held by Money Holding Sectors
1,039,129.55
Money Supply (M2)
37,740,325.88
-- Quasi Money
21,779,302.69
-- Narrow Money (M1)
15,961,023.19
---- Currency Outside Banks
2,364,871.13
---- Demand Deposits
13,596,152.06
Net Foreign Assets (NFA)
7,414,275.50
Net Domestic Assets(NDA)
31,365,179.93
-- Net Domestic Credit (NDC)
42,916,586.63
---- Credit to Government (Net)
12,304,773.44
---- Memo: Credit to Govt. (Net) less FMA
0.00
---- Memo: Fed. and Mirror Accounts (FMA)
0.00
---- Credit to Private Sector (CPS)
30,611,813.19
--Other Assets Net
3,892,112.74
Reserve Money (Base Money
13,264,585.14
--Currency in Circulation
2,831,167.19
--Banks Reserves --Special Intervention Reserves
10,433,417.96 317,234.17
˾ ÙßÜÍÏ ̋
Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ
OPEC DAILY BASKET PRICE ˜ ͯͳ ͰͮͰͯ
The price of OPEC basket of thirteen crudes stood at $73.15 a barrel on Thursday, compared with $75.29 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
43
T H I S D AY ˾ ˜ ͯͶ˜ ͰͮͰͯ
TY Holdings Acquires 72% Stake in BOC Gases Nigeria Ȋ ȱ ȱ Darasimi Adebisi TY Holdings Limited yesterday announced to investing public that it has acquired 72 per cent stake in BOC Gases Nigeria Plc. The Company Secretary, BOC Gases Nigeria, Mrs. Ronke SegunAlabi, in a statement on Nigerian Exchange Limited (NGX) said TY Holdings recently acquired additional 249,746,823 ordinary
shares or 60 per cent of the entire shares in the Company previously owned by BOC Holdings UK (a member of the Linde Group). She explained in her statement that: “The purchase is in addition to the existing 12per cent shares of the Company owned by TY Holdings Limited prior to this transaction bringing the ownership of TY Holdings Limited in BOC Gases Nigeria
P R I C E S MAIN BOARD
F O R DEALS
Plc to 72per cent. This change in the ownership of BOC Gases Nigeria Plc is effective today 13th day of August 2021.” She, however, assured shareholders and the public that the Company would make certain that it sustains the reputation and standing it has built for over the last 62 years. The company in its unaudited half year (H1) ended June 30, 2021 reported 25.5 per
S E C U R I T I E S
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
cent increase in Profit before income tax to N244.15million from N194.6million in half year ended June 30, 2020. Profit after tax also rose by 27.3 per cent to N168.44million in H1 2021 as against N132.3million reported in H1 2020. Impressive growth in profits was driven by nearly 20 per cent increase in revenue to N1.77billion in H1 2021.
T R A D E D MAIN BOARD
A S
The shareholders of the company approved 50 kobo per share dividend for the 2020 financial year result and accounts in June. Meanwhile, the stock market closed trading activities yesterday on the positive note, to reverse the previous day bearish sentiment, as market capitalization grew by N23 billion. In summary, the of the Nigerian Exchange Limited (NGX) All-Share Index (ASI) grew
O F
by 44.96 basis points, representing a rise of 0.11 per cent, to close at 39,550.36 basis points from 39,505.40 basis points. Thus, Month-to-Date gain increased to +2.6per cent, while Year-to-Date loss moderated to -1.8per cent. Consequently, the overall market capitalisation value gained N23 billion to close at N20.606 trillion from N20.583trillion.
1 7 / 0 8 / 2 0 2 1 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
44
WEDNESDAY, ˜ ͺͺ ˾ T H I S D AY
WEDNESDAY AUGUST 18, 2021 • T H I S DAY
45
MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 16Aug-2021, unless otherwise stated.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 156.37 157.73 -3.40% Afrinvest Plutus Fund 100.00 100.00 4.80% Nigeria International Debt Fund 316.07 316.07 -21.66% Afrinvest Dollar Fund 110.79 110.79 -1.16% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 7.52% AIICO Balanced Fund 3.27 3.43 -3.74% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.67% Anchoria Equity Fund 141.75 143.39 6.57% Anchoria Fixed Income Fund 1.12 1.12 -16.17% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 19.69 20.28 8.56% ARM Discovery Balanced Fund 431.73 444.74 7.83% ARM Ethical Fund 38.29 39.45 13.59% ARM Eurobond Fund ($) 1.09 1.09 -1.04% ARM Fixed Income Fund 0.97 0.97 -7.57% ARM Money Market Fund 1.00 1.00 8.14% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.72 105.72 3.94% AVA GAM Fixed Income Naira Fund 1,017.95 1,017.95 1.80% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund 1.00 1.00 9.47% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.02 2.02 -10.31% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.13 2.17 -8.16% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 2.40% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 8.03% Paramount Equity Fund 16.61 16.91 3.84% Women's Investment Fund 136.86 138.44 2.84% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 7.56% Cordros Milestone Fund 2023 118.79 119.55 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 107.80 107.80 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 7.71% Coronation Balanced Fund 1.20 1.21 -0.31% Coronation Fixed Income Fund 1.38 1.38 -12.79% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,402.88 1,402.88 11.34% FBN Balanced Fund 192.12 193.48 2.36% FBN Halal Fund 111.88 111.88 8.30% FBN Money Market Fund 100.00 100.00 9.23% FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund
126.69 157.24
126.69 3.64% 160.56 4.01% fcmbamhelpdesk@fcmb.com
Bid Price 1.00 3.96 1.60 1.18
Offer Price Yield / T-Rtn 1.00 5.67% 3.96 2.43% 1.63 4.92% 1.18 4.20% coralfunds@fsdhgroup.com
Bid Price N/A N/A N/A
Offer Price N/A N/A N/A
Yield / T-Rtn N/A N/A N/A
GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.94% Vantage Balanced Fund 2.68 2.74 -6.22% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 152.58 152.30 -2.06% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.33 1.94% Vantage Dollar Fund (VDF) - June Year End 1.10 1.10 0.92% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.43 1.45 4.86% Lotus Halal Fixed Income Fund 1,144.54 1,144.54 5.41% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.48 11.54 9.65% Meristem Money Market Fund 10.00 10.00 7.68% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.66 1.69 7.16% PACAM Fixed Income Fund 11.53 11.58 -4.98% PACAM Money Market Fund 10.00 10.00 5.56% PACAM Equity Fund 1.64 1.66 3.80% PACAM EuroBond Fund 112.76 114.58 2.64% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.76 134.35 8.60% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 10.12% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,284.11 3,319.15 2.26% Stanbic IBTC Bond Fund 232.26 232.26 3.30% Stanbic IBTC Ethical Fund 1.22 1.24 4.24% Stanbic IBTC Guaranteed Investment Fund 305.87 305.87 3.80% Stanbic IBTC Iman Fund 225.14 228.49 3.16% Stanbic IBTC Money Market Fund 100.00 100.00 8.16% Stanbic IBTC Nigerian Equity Fund 10,376.78 10,527.38 -1.10% Stanbic IBTC Dollar Fund (USD) 1.27 1.27 3.42% Stanbic IBTC Shariah Fixed Income Fund 115.28 115.28 3.78% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 103.03 103.03 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.30 1.32 1.85% United Capital Bond Fund 1.91 1.91 4.16% United Capital Equity Fund 0.87 0.89 9.50% United Capital Money Market Fund 1.00 1.00 9.73% United Capital Eurobond Fund 119.68 119.68 4.56% United Capital Wealth for Women Fund 1.06 1.07 3.65% United capital Sukuk Fund 1.06 1.06 5.95% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Equity Fund 12.94 13.05 9.03% Zenith Ethical Fund 14.25 14.38 16.64% Zenith Income Fund 24.28 24.28 1.24% Zenith Money Market Fund 1.00 1.00 6.14%
REITS NAV Per Share
Yield / T-Rtn
125.18 51.80
10.79% 2.67%
Bid Price
Offer Price
Yield / T-Rtn
13.47 122.74 97.21 17.91 18.22
13.57 125.80 99.35 18.01 18.32
1.91% 2.08% -2.01%
Fund Name SFS REIT Union Homes REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF
VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Griffin 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund
funds@vetiva.com Bid Price
Offer Price
Yield / T-Rtn
3.91 5.93 17.57 1.00 19.33 154.03
3.95 6.01 17.67 1.00 19.53 156.03
3.44% 4.14% 8.22% 6.31% -5.79% -29.80%
NAV Per Share
Yield / T-Rtn
107.40
13.11%
INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
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NEWS
Jos Violence: Three UNIJOS Students Killed, Two Missing, Says NANS PFN urges FG to stop escalation Stakeholders seek lasting solution Seriki Adinoyi in Jos and Kemi Olaitan in Ibadan At least three students of the University of Jos have been feared killed, while two others were declared missing on
Sunday following escalation of Saturday attacks on commuters at Rukuba road in Jos. THISDAY also gathered that five other students were receiving treatments in various hospitals in Jos following injuries
2023: Group Roots for 50-year-old Nigerian to Take over from Buhari
Hammed Shittu in Ilorin
Ahead of 2023 general elections, a youth oriented NGO, under the aegis of New Nigeria Movement (NNM) has canvassed that any person that would take over the reign of power from President Muhammadu Buhari in 2023 must be at the age of 50 years in order to be more energetic to fix the country. The National Coordinator of the NNM, Mr. Mohammed Ajia, stated this in Ilorin, Kwara State, yesterday while speaking with journalists on the state of the nation. Ajia said that, the country is presently sick and its people needing a young person that would rescue the country. He said: “Our nation is very sick and can only be cured by us the young people and not the
old politicians that are moving across the country. “We must commence the process of curing Nigeria from now on amd it starts with our unity of purpose on this mission. “Disrespect for our nation among committee of countries, economic hardship, high level of borrowing and poor infrastructure amongst others are results of their failure. “I want to assure you all that our commitment and hard work would usher in a president below the age of 50 years in 2023. “A president who would build a team that would rescue the country from its current state.” He opined that, “Our collective effort will also ensure that majority of the States in Nigeria will have young, energetic and resourceful young people as governors from among us.
they sustained during attacks on them. The Chairman, Joint Campus Committee (JCC) of National Association of Nigerian Students (NANS), UNIJOS chapter, Comrade Jeremiah Matthew, Dalong disclosed this in Jos while speaking with journalists. This is as the President, Pentecostal Fellowship of Nigeria (PFN), Bishop Francis Wale Oke, Tuesday, called on the federal government to take preemptive
measures to forestall another crisis the recent Jos killing is capable of engendering. Meanwhile, Mathew has said the students locked in the hostels were starving as they could not go out to buy food, because of the 24-hour curfew imposed on Jos, calling on Plateau State, federal governments and the management of the university to as a matter of urgency send food to the stranded students in the hostels or arrange to
evacuate them to go and met their parents. He said two of the students were declared missing, because they have not been seen since the crisis broke out, and no one was sure of their whereabouts. “The food vendors too have disappeared. Even if you have money, there is nowhere you can see food to buy. The few vendors that manage to find their ways to the hostels sell at exorbitant prices, beyond what
the students can afford.” Also, Oke in a statement by his Media Office, while condemning the incident that led to the loss of lives of many travelers, urged that a halt should be put to bloodshed in the country. Oke, who is the Presiding Bishop of the Sword of the Spirit Ministries, Ibadan, bemoaned that the gruesome killings of those involved was the height of inhumanity and ungodliness.
BOOSTING SMES…
L-R: Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba; Chief Executive Officer, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Dikko Umaru Radda; and First Deputy National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Chief Dele Oye, at the first Abuja SME Conference and Exhibition held in Abuja…recently
One Suspect Arrested as Military Bribery: ICPC Arraigns University Registrar, Project Manager Osundu, over his alleged of N110,500 in the course of O. G. Onah, filed a bail Kingsley Nwezeh in Abuja Investigates Abduction of complicity in the demand for processing her transcript and application, which was not opposed by ICPC Counsel, The Independent Corrupt bribe from the ex-post graduate certificate. Bayelsa SSG ‘s Mother They were alleged to have Kioba Anabrabra. Practices and Other Related student, Mrs. Susan Eno-Abasi Olusegun Samuel in Yenagoa One suspect has been arrested in the investigation into the abduction of Madam Bentinal Benson, the 90-year old Mother of the Secretary to the State Government, Kombowei Benson. This is as the troops of the Nigerian Army has taken over the investigation leading to the arrest of a 27-year old suspect, Mr. Stanley Woniowei, an indigene of Olugbobiri community in Southern Ijaw Local Government Area of the state. Our correspondent gathered that the Nigerian Army troops from 16 Brigade were leading
a joint operation with other security agencies in the state to rescue the abducted 90 years old victim. Investigations showed that the arrested suspect was allegedly involved in connection with the abduction on July 20 at the Old State Legislators Quartersm, Off Azikoro Road in Ekeki area of the state. Meanwhile, the operatives of the Bayelsa State Police Command have arrested a 20-year old notorious cultist, Justice Egbo, after a tip-off from members of the vigilante of Otuasega Community in Ogbia Local Government Area of the state.
FG Wants, Functional, Viable Airports, Says Sirika Chinedu Eze The Minister of Aviation, Senator Hadi Sirika, has said that the federal government decided to embrace concession of airport facilities because it wanted to provide functional and viable airports to Nigerians. Sirika said these objectives would be achieved with laid out strategy and by bringing private funding through Public, Private Partnership (PPP), as government does not have the finances to upgrade and expand the airports to meet increasing passenger traffic. The minister, who made this known at the stakeholders’ meeting in Lagos Monday, explained that the airport upgrade was part of the aviation master plan that seeks
to revamp the aviation sector through the active participation of the private sector and make it self-sustaining. “Some of the core objectives of the aviation master plan seek to establish a national carrier; have a ready maintenance, repair and overhaul center; establish an aviation leasing company; establish five airport free zones; and the development of an agro-allied cargo terminal,” he said. The minister also remarked that the four major airports in Nigeria located in Lagos, Abuja, Port Harcourt and Kano were not designed as international facilities and therefore were not designed as international hubs but operate separate international and domestic terminals.
Offences Commission (ICPC), has arraigned an Assistant Registrar of the University of Calabar Post-Graduate School, Mrs. Emem Akpan, for allegedly demanding a bribe from a former student of the school. ICPC, in a two count-charge filed at the High Court of Cross River State, Calabar, also arraigned one Mr. Promise
Genschow. The charge sheet filed before Justice I. B. Itade of High Court 9, revealed that, Mr. Osundu, who was a Project Manager in Seamfix Nigeria Limited for the University of Calabar Transcript Projects, conspired with the Assistant Registrar, Mrs. Emem Akpan, to defraud Mrs. Genschow of the sum
committed the crime sometime between 2019 and 2020, contrary to Section 26 (1) (c) of the Corrupt Practices and Other Related Offences Act, 2000, and punishable under Section 8 (1) (b) (ii) of the same Act. The accused persons pleaded not guilty when the charges were read to them. Counsel to Mrs. Akpan,
Justice Itade, ruling on the bail application, granted them bail in the sum of N3 million each with one surety in like sum. The trial judge also ruled that the sureties must be public or civil servants working in Cross River State. The case was then adjourned to 21st October, 2021 for trial.
Nigeria, Sierra Leone Police Chiefs Sign Agreement on Regional Security Kingsley Nwezeh in Abuja In furtherance of regional security imperatives, the Inspector-General of Police, Mr. Usman Baba, yesterday signed an agreement with his Sierra Leonean counterpart, D.r Ambrose Michael Sovula in Abuja. The agreement was signed in a bilateral policing engagement targetted at deepening and consolidating
relationship between the NPF and the Sierra Leone Police (SLP) in core areas of policing such as manpower development, intelligence sharing, tackling regional and transnational threats and crimes, amongst others. The Inspector General of Sierra Leone Police is on a five-day working visit to the Force Headquarters, Abuja led by that country’s Minister
of Internal Affairs, Republic of Sierra Leone, Mr. David Maurice Panda-Noah. Speaking at the meeting, IG Baba said: “Crime is dynamic especially in planning, perfection and execution, and increasingly resonating beyond the borders where it is committed.” As a panacea for the threats, he advocated among other things, “the need for continuous
bilateral police cooperation and network to successfully confront regional security threats”. The IG stated that the NPF had a historically unique relationship with the Sierra Leone Police especially in the area of capacity building. He noted, for instance, that in 1996, the NPF offered slots for the training of seven Sierra Leonean cadet officers at the Nigeria Police Academy, Kano.
Nasarawa’ll Resist Frustration of Al-Makura’s Chairmanship Ambition by EFCC, Warns APC Chieftain Igbawase Ukumba in Lafia A chieftain of the All Progressives Congress (APC) in Nasarawa State, Musa Yayaya Azara, yesterday, warned that any attempt by the Economic and Financial Crimes Commission (EFCC) to arrest or detain Senator Umaru Tanko Al-Makura based on a fictitious petition to frustrate his
national chairmanship ambition would be strongly resisted by the entire people of the state. The Nasarawa APC chieftain gave the warning in Lafia, when interacting with journalists on the fallout of the invitation of the erstwhile governor by the EFCC recently. But Azara has also dismissed the invitation of the former governor by the EFCC with
a wave of the hand, saying it would not affect his ambition to become the next national chairman of the APC. Azara maintained that Al-Makura, who currently represents Nasarawa South senatorial District in the National Assembly, remained the best governor among all the governors that had governed the state so far, because he
ran the most transparent and accountable administration in the state. “If you see any good road, street, school, hospital in Nasarawa State today, it was built by Al-Makura. He opened up the state for us and we will continue to be ever grateful to him for the developmental strides he brought to the state,” he said.
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NEWS XTRA
45 Soldiers Jailed for Demanding Adequate Weapons Regain Freedom Chiemelie Ezeobi and Sunday Ehigiator The 45 soldiers of the Nigerian Army, who were court-martialed and jailed seven years ago for demanding adequate weaponry to aid the fight against insurgency, have been released. The soldiers were convicted and jailed at Ikoyi Correctional Centre and Kirikiri Medium Correctional Centre, Apapa, Lagos. Initially, the soldiers were charged with mutiny and sentenced to death but their sentences were commuted to 10 years jail term after the case was reviewed. The soldiers were released to the waiting arms of their families before they were conveyed in a bus belonging to Baptist Convention, branded
“Plenty - Move Faster”, to the chambers of Femi Falana. According to Falana, who represented them during the military court-martial, “the only allegation proved against them at the courts-martial was that they protested the refusal of the military authorities to provide weapons to fight insurgency. “Unlike many soldiers who deserted the army, the convicts were ready to defend the territorial integrity of the country. They only made a legitimate demand for equipment to fight the insurgents who were better equipped and motivated. “The second batch of convicts actually fought and defeated the Boko Haram troops at Delwa in Borno State when weapons were eventually made available to them. “But for having the temerity
to demand for weapons they were convicted and sentenced to death.” THISDAY also gathered from reliable sources that they
would be taken to Defence Headquarters in Abuja to meet with the Chief of Defence Staff, and Chief of Army Staff. Also, the soldiers have been
scheduled for rehabilitation in Eket, Akwa Ibom State by an NGO to ease their reintegration into the society. THISDAY findings also
revealed that 20 of the 54 inmates were brought to Ikoyi Correctional Centre and four pursued degrees at the National Open University (NOUN).
PREPARATION… Two Await Prosecution in RETIREMENT L-R: Lagos State Commissioner for Establishments, Training and Pensions, Mrs. Ajibola Ponnle; Deputy President, Lagos Chamber of Commerce Industry (LCCI), Dr. Micheal Olawale-Cole; Permanent Secretary, Ministry of Establishments, Training and Pensions, Dr. Biodun Onayele; Akwa Ibom for Abduction, and and Director-General, Public Service Staff Development Centre, Mr. Serukam Ajose-Harrison, at the workshop on Entrepreneurial Life after Retirement organised by the state Civil Service Pensions Office, in Alausa, Lagos…yesterday ETOP UKUTT Rape of Minors Okon Bassey in Uyo Two suspects are in the custody of the Akwa Ibom State Police Command waiting to be prosecuted over alleged abduction and rape of two under-aged girls in the state. One of the suspects, Edidiong Ufe, also known as ‘Isong Akpa’, an indigene of Idu Uruan in Uruan Local Government Area of the state was alleged to have abducted and raped a 12-yearold girl from the neighboring community of Ifiayong Usuk of the same local government area. The state Police Public Relations Officer (PPRO), SP Odiko MacDon, confirmed the report, stressing that the suspect had confessed to committing the crime. Condemning incidences of gender-based violence in the state, the PPRO said the suspect would be charged to court on conclusion of investigations. Also, he said the state police command has apprehended one Iboro Ayama, an indigene of Ikot Offiong, but a resident of Ini LGA over alleged rape of a 10-year-old minor. Ayama, 48, was said to
have accosted his victim while going to buy foodstuffs for her grandmother. She was reportedly dragged to a nearby bush and defiled. The PPRO said: “Based on a complaint of abduction, the operatives of Uruan Police Division swung into action and arrested one Edidiong Etm Ufe also known as Isong Akpa of Idu Uruan in Uruan LGA, who allegedly abducted a 12-year-old girl of Ifiayong Usuk, Uruan LGA and consecutively had carnal knowledge of her which resulted in four months pregnancy. The suspect has confessed to the crime. “Similarly, following a tip-off, operatives of Ini Police Division also apprehended one Iboro Ime Ayama of Ikot Offiong, but residing at Ikot Etok Eren, Ini LGA, who forcefully had carnal knowledge of a 10-year-old girl from Edem Idim Ibakesi of the same LGA. “Investigation reveals that the victim was sent to buy foodstuffs at Affiong Aran market by her grandmother but was allegedly accosted by the suspect on her way home, dragged into a nearby bush and unlawfully defiled her.”
Enugu Govt Donates Additional Security Vehicles to Army The Enugu State Governor, Ifeanyi Ugwuanyi-led administration has donated two additional brand new Toyota Hilux patrol vehicles to the 82 Division of the Nigeria Army in Enugu to further aid its security operations in the state. Presenting the vehicles to the Garrison Commander, 82 Division of the Nigerian Army, Brigadier General Christopher A. Ataki, the governor, who was represented by the Secretary to the State Government (SSG), Prof. Simon Uchenna Ortuanya, disclosed that the gesture was in keeping with the present administration’s cardinal objective of sustaining peace and security in the state. The state government had on different occasions in the past donated security
vehicles to the Nigerian army, including 100 units of Innoson Vehicle Manufacturing (IVM) patrol vans equipped with communication gadgets, procured and distributed proportionally to all the security agencies in the state to aid their operations. Receiving the vehicles at the Government House in Enugu yesterday, Brig. Gen. Ataki said: “Today is a special day not only for the Nigerian army but for the people of Enugu State.” The Garrison Commander, therefore, expressed gratitude to Ugwuanyi for the gesture, assuring him and the people of the state that “we will continue to do our best to ensure that the peace we enjoy in the state and indeed across the South-east region is sustained.”
NEMA Debunks Allegation of Hoisting Strange Flag
Kasim Sumaina in Abuja The National Emergency Management Agency (NEMA), yesterday debunked what it termed ‘false claims’ of hoisting strange flag at its headquarters in Abuja. The agency, in a statement by its Press and Public Relations, Mr. Manzo Ezekiel, hinted that its attention has been drawn to a picture with various captions
that is circulating in the social media and alleging that a strange flag has been hoisted at the headquarters of the agency in Abuja. The NEMA said: “The allegation is false as the agency has not hoisted any strange flag. The Nigerian National Flag and that of NEMA are the only flags in the offices of the agency.” The agency further stated that it is unfortunate that the picture that
has been circulating in the social media was taken by suspected mischief makers on Friday August 13, 2021, at the commissioning of NEMA’s newly upgraded Emergency Call Centre (ECC). The statement said: “The centre was upgraded with supports from the King Salman Humanitarian Aid and Relief Centre, that has also provided food assistance to persons affected by insurgency in the North East and banditry
in the North West in 2018 and this year. “Flags are very important national symbols. Therefore, it was normal to have flags of Nigeria and that of Saudi Arabia placed behind representatives of the two nations at a bilateral function such as the commissioning of the upgraded ECC that was funded by an agency of the Kingdom of Saudi Arabia for the benefits of Nigerians.
Osun Empowers over 100 Livestock Farmers Yinka Kolawole in Osogbo As part of efforts to reposition agriculture, ensure food security and empower young farmers in the state, the Osun State Government has commenced massive distribution of chicks to livestock farmers in the state. However, no fewer than 100 farmers benefitted from the first phase of the distribution exercise, as each of the beneficiaries took home 2,000 day-old chicks.
The state government also commenced massive distribution of feed-mills, vaccines and drugs to farmers, an effort geared towards enhancing their production capacity. The initiative is anchored under the Osun Broilers Outgrowers Production Scheme (OBOPS-III), which is aimed at eliminating poverty and enhancing production capacity of the livestock farmers in the state. Beneficiaries of the initiative
lauded the state Governor, Adegboyega Oyetola, for his administration’s efforts at revitalising the state agriculture sector through numerous interventions as well as the implementation of farmersfriendly policies. While flagging off the distribution exercise at Ara Junction, Ede, the state Commissioner for Agriculture and Food Security, Mr. Dayo Adewole, said the initiative was designed to support farmers,
particularly the youths and women, who could not afford to secure the chicks. Adewole, who was represented by the Director of Livestock Services, state Ministry of Agriculture and Food Security, Mr. Amos Daramola, said adequate vaccines, drugs and feedmills that would be enough to last between five and six weeks had been put in place for distribution to beneficiary farmers.
FG Inaugurates Platform on ECOWAS Cross Border Programme Michael Olugbode in Abuja Nigeria has moved to consolidate its cross-border relations with neighbouring West African countries with the inauguration of the National Platform on the Economic Community of West African States (ECOWAS) Cross Border Cooperation (CBC) support programme (2021-2025). The Minister of State for Foreign Affairs, and Chairman,
International Boundaries Technical Committee, Zubairu Dada, while performing the inauguration yesterday in Abuja, noted that the overall goal of the new ECOWAS CBC programme is to strengthen cooperation and good relations among ECOWAS member states in order to ensure free movement of people, goods and services. He stated also that there is a consensus understanding
that cross-border cooperation is superior to unilateral action in the development of border regions and the facilitation of the much-desired regional integration, adding that this fact has necessitated the need to establish a national platform to serve as a springboard for the facilitation of the much needed cooperation. Dada said: “Many protocols, treaties and decisions have been adopted by the ECOWAS
member states to bring down barrier among us, key among which is the decision to adopt the concept of Cross Border Cooperation. “This framework between inextricable and contiguous neighbours was adopted by the Heads of State and Government of ECOWAS in January 2006 as a necessary mechanism for the transformation of border areas into zones of exchange and bridges of cooperation.”
Flood: NSEMA Charges Riverine Communities to Keep Two Homes
Laleye Dipo in Minna
In order to avoid the devastating effect of flood caused by heavy rainfall and overflowing of rivers, the Niger State Emergency Management Agency (NSEMA) has told the people living in the riverine areas of the state to keep two homes. One of the homes, the agency said, should be their ancestral home while the other should
be upland of the rivers. The riverine people were also told to learn to engage in dry season farming. The Director-General of NSEMA, Alhaji Ahmed Ibrahim Inga, in a statement made available to journalists in Minna yesterday regretted that the organisation does not have sufficient capacity to accommodate the myriad of problems associated with
annual flooding of the riverine communities. “In thinking out of the box, we must realise that our communities affected yearly by flood cannot be completely relocated hence, ‘the two abode project’, and a wet season home at the high land and a dry season home is suggested.” In addition, Inga said the agency “is also working on every cardinal goals of Sendai
Framework which includes: Know Risk, Institutionalisation of DRR and most importantly, Building the Resilience of Communities at risk because it’s cheaper and it also saves time.” He observed that: “It is time and energy-saving when we direct our resources towards proactive strategies than response which does not only consume money but lives and property.”
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WEDNESDAYSPORTS
Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com
0811 181 3083 SMS ONLY
Super Eagles have been drawn against seven-time champions Egypt, Sudan and Guinea Bissau in Group D of AFCON 2021 scheduled to hold next January in Cameroon
AFCON 2021: Eagles Draw Seven-time Champions, Egypt, Sudan, G’Bissau Femi Solaja As rightly anticipated, Nigeria’s Super Eagles will have a herculean task to cope with at next year’s 33rd Africa Cup of Nations (AFCON) in Cameroon as they were drawn against seven-time winners, Pharaohs of Egypt, Sudan and Guinea Bissau in Group D last night. Interestingly, the last time both teams met at the tournament held in Angola in 2010, Egypt as defending champion, defeated
Nigeria 3-1 after Chinedu ObasiOgbuke had put Eagles in front in the opening group match. But on January 11th, 2022 at the 38,000 capacity Roumde Adja Stadium in Garoua, Cameroon, both teams will have settle to score as Nigeria will be looking to exact a pound of flesh from the Pharaohs with their talisman Mohamed Salah in action. The game will also be the 11th anniversary of their last AFCON 2010 clash in Benguela, Angola. Aside the Pharaohs of Egypt,
Super Eagles also have Sudan and Guinea Bissau to contend with as teams in the group battle for the two automatic tickets to the knock out phase. In the other groups drawn at the ceremony which held in Yaounde, host Cameroon will play Stallions of Burkina Faso in opening Group A match just as Comoros Island, who are making their first appearance at the tournament, will have their hands full when they take on Senegal, Ghana and Gabon in
Group C. Defending champions, Algeria, must navigate their way past Sierra Leone, Equatorial Guinea and Cote d’Ivoire in Group E in the quest for second round phase. Elsewhere, Tunisia have been zoned alongside Mali, Mauritania, and Gambia in Group F. The 33rd edition of the biennial African football showpiece was due to begin on January 9, 2021, however, it was pushed back to January 2022 due to
the impact of the coronavirus pandemic that crippled footballrelated activities. Before the advent of Covid-19, the competition was moved from June-July 2021 dates to January 2022 due to the unfavourable climate in the West African country during the summer months. Nigeria last won the championship in 2013 when Super Eagles defeated Burkina Faso 1-0 in South Africa courtesy of Sunday Mba’s first-half strike.
Bayelsa Gov, Diri, Rewards Oborududu with N4m Bayelsa State Governor, Duoye Diri, has showered Nigeria’s silver medalist at the Tokyo 2020 Olympic Games with the sum of N4million. The incentive was in fulfillment of the governor’s pledge to always reward the state’s representatives at major
sporting event both local and international. Aside the Olympian, the governor also doled out cash to the Bayelsa United and Bayelsa Queen who both emerged champions of the 2021 Aiteo Cup for the men and women. Oborududu clinched the silver
Bayelsa State Governor, Douye Diri (left) yesterday rewarded Blessing Oborududu with N4million for winning silver medal at Tokyo 2020
medal in the women’s wrestling freestyle event after she lost in the final to an American athlete. Ever before the Olympics, the
governor was the main supporter of the country’s wrestling team. Under the watchful eyes of Bayelsa’s Sports Commissioner
and President of the Nigeria Wrestling Federation, Daniel Igali, the wrestlers found home in the state.
THE GROUPS Group A: Cameroon, Burkina
Faso, Ethiopia, Cape Verde Group B: Senegal, Zimbabwe, Guinea, Malawi, Group C: Morocco, Ghana, Comoros Islands, Gabon Group D: Nigeria, Egypt, Sudan, GuineaBissau
Group E: Algeria, Sierra
Leone, E’Guinea, Côte d’Ivoire Group F: Tunisia, Mali, Mauritania, The Gambia
Nigeria Begins Chase for Medals at World Junior Championships
The process of unearthing future Olympic medalists for Team Nigeria starts today when the World Athletics Under-20 Championship officially begins in Nairobi, Kenya. The championship has in the past produced athletes who have gone on to become Olympic medalists for the country and this new set of U-20s will be hoping to emulate the feats achieved by their predecessors. That first step will be taken in Nairobi from this morning when the 4x400m mixed relay team take to the track in the second semifinal heat. The team will be followed by the boys and girls' 100m and 400m runners who have the ardous task of trying to emulate the enviable feats of the likes of Davidson Ezinwa, Deji Aliu, Bisi
Afolabi, Fatimah Yusuf, Falilat Ogunkoya and Francis Obikwelu who emerged champions of their respective events. In the boys 100m, Godson Oghenebrume (10.13) is ranked the fastest boy coming to the championship in the absence of the Americans while Favour Ashe, with a personal best of 10.17 seconds achieved this year is also ranked in the top four. Nigerian has not won the 100m title at the Championship since 1996 when Francis Obikwelu became the second junior after Ato Boldon of Trinidad and Tobago to successfully complete a sprint double in the history of the competition. Both Oghenebrume and Ashe can make history as the second set of Nigerian sprinters to finish 1 and 2 in the 100m final after
Obikwelu and Seun Ogunkoya picked the gold and the silver medals at the 1996 edition in Sydney, Australia. It will be a tough call for the girls as they seek to become the first Nigerian after Tina Iheagwam in 1986 to be crowned queen of the blue ribband event at the championship. In fact, the last time Nigeria made it to the podium in this event was in 1998 when Uduak Ekah won the bronze medal medal behind the USA duo of Shakeedia Jones and Angela Williams in Annecy, France. Praise Ofoku and Tima Godless will begin that mission to return Nigeria to the podium today at the Kasarani stadium. Both are ranked outside the top 10 in the event coming to the Championship. In the girls' 400m, Opeyemi Oke
and Nse Uko Imaobong will be hoping to follow in the footsteps of Fatimah Yusuf and Bisi Afolabi who not only emerged champions of this event in 1990 and 1994 respectively but also raced to the podium at the Olympics as members of the 4x400m relay team that won a silver medal in Atlanta, Georgia, USA. Nse Uko will be hoping to go a step further. The world's fastest U-18 girl (51.70) is the fastest coming to the championship following the absence of compatriot, Favour Ofili and the USA athletes and will be hoping to not only become the third Nigerian to win the event but also become the youngest Nigerian quarter-miler to run a sub-51 seconds after Fatimah Yusuf who ran inside 51 seconds to win in Plovdiv, Bulgaria in 1990.
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Ronaldo Terrified of Another Season in Juve, Wants Out Real Madrid boss Ancelotti dismisses interests in the Portuguese Cristiano Ronaldo wants to leave Juventus. The Portuguese talisman is terrified of another season in Turin and wants to follow in Lionel Messi's footsteps as the Argentine switched to Paris Saint-Germain, reports from Italy claimed yesterday. The reports also claimed that his agent, Jorge Mendes, has offered the 36-year-old to Manchester City for just £25million, as an alternative option to Tottenham's Harry Kane, who will cost Pep Guardiola's side over £100m. Messi completed a shock free transfer move to Paris Saint-Germain on a £1milliona-week contract after he was not allowed to stay at Barcelona due to financial problems at the club. And according to Italian news outlet La Reppublica, Messi's move to PSG has destroyed Ronaldo's self-esteem and is ready to accept a call from Real Madrid or Manchester City. But in a rare move, Real Madrid Manager, Carlo Ancelotti, dismissed the speculation linking Ronaldo with a return to the club. Ancelotti responded to the rumours in a tweet on Tuesday. "Cristiano is a Real Madrid legend and he has all my love and respect. I have never considered signing him. We look forward. #HalaMadrid," he wrote in the social media post. Ronaldo scored 450 goals in nine seasons for Los Blancos. The report from Italy said Ronaldo is refusing to speak to teammates or coach
TRANSFER NEWS Massimiliano Allegri and is keen to change cities. The Juventus forward is reportedly open to playing for Pep Guardiola's City, despite spending six seasons at their rivals Manchester United, should Real make a move for Paris Saint-Germain's Kylian Mbappe, who has just one year left on his PSG contract.
Cristiano Ronaldo ....terrified of another season in Turin
ArtetaApprovesAubameyang’s Exit from Arsenal Arsenal boss Mikel Arteta will not stand in the way of captain Pierre-Emerick Aubameyang leaving the club this month, 90min understands. Aubameyang missed the club's season opener against Brentford after being ruled out late on with an illness, along with Alexandre Lacazette, and the pair's involvement in the fixture against Chelsea this Sunday is uncertain. Arsenal signed Aubameyang from Borussia Dortmund in January 2018, and the now Arsenal captain agreed a contract extension with the club last year. He has two years remaining on that contract, worth around £350,000 a week, and stands as one of the highest paid players in the Premier League. 90min has learned however that Aubameyang and Arteta have had disagreements in recent months, and now serious doubt remains over how much football the 32-year-old will see before the transfer window closes. Club chief Edu is working behind the scenes on a possible exit plan for the Gabon star. However, as seen with a number of players on big wages this summer, it is not always that easy to move players who carry such a hefty salary. That is certainly the case with Aubameyang. The financial commitments make it hugely difficult for Arsenal to find a club to deal with. Barcelona have had a longstanding interest in the player,
Ronaldo has always held a strong bond with the United fans, so a move to the Etihad Stadium would be seen as a betrayal. Despite the reported interest from Ronaldo in moving to the Etihad Stadium, City's priority signing in the striker role remains Tottenham striker Harry Kane, with the club yet to improve upon their £100m informal offer to Spurs earlier in the summer. Spurs Chairman, Daniel Levy,
but their current financial situation means it would be unlikely they would take on such a huge wage packet. It has been suggested that Barcelona could swap Philippe Coutinho, who is on a similar wage and is of interest to Arsenal, but 90min has been told that would be a hugely difficult situation to agree with all sides. As it stands the two clubs have not talked directly about any such deal. Arsenal now find themselves in a situation where they could again be paying their top wage earner to sit on the sidelines; something they had to go through with Mesut Ozil for more than a year towards the end of his stay at the club.
values Kane at a minimum of £150m and will not entertain offers south of that. As it stands, City are unwilling to match Tottenham’s valuation, though they do intend to make an improved offer before the window closes at the end of the month. City chiefs are ready to tell their Spurs counterparts that they are unlikely to renew their efforts to sign Kane next summer if they fail this month. Meanwhile, La Reppublica's
report adds that PSG are not completely out of the race for Ronaldo, as they dream of combining the Portugal forward with Messi in attack. Ronaldo joined Juventus for a £100million fee in the summer of 2018 and has scored 101 goals in 133 games for the Serie A giants. The forward has guided his side to two Scudetto titles and one Coppa Italia trophy, but has failed to lift the Champions League trophy during his time
in northern Italy. The 36-year-old is preparing for the new Serie A season with Juventus after six-time Serie A champion Massimiliano Allegri returned to the club after two years away. Allegri also guided the Old Lady to two Champions League finals in his first spell at the club - in 2015 and 2017 - with Ronaldo failing to win the tournament he has won five times in his career in the past three seasons.
Pierre-Emerick Aubameyang...freed to leave Arsenal
Tammy Abraham Completes Roma Switch from Chelsea ˇNigerian-born British Striker, Tammy Abraham, has completed a €40m (£34m) move to Italian side Roma from Chelsea. Abraham, Chelsea's joint top scorer last season, joins the Serie A club - managed by former Chelsea boss Jose Mourinho - on a five-year deal. It is understood the deal for the 23-year-old England international includes a buy-back clause set at £68m. "You can sense when a club really wants you - and Roma made their interest clear immediately," said Abraham. "Roma is a club that deserves to be fighting for titles and trophies. I've had the experience of winning
major trophies and I want to be in those competitions again - so I want to help this team to achieve that and get to the level where Roma should be. "It's a massive honour to be the number nine at this club and I just can't wait to get started and to help the team." Abraham, who has had loan spells at Bristol City, Swansea City and Aston Villa, flew to Italy on Sunday for a medical after Roma struck a deal with European champions Chelsea over the weekend. The Premier League club
re-signed their former striker Romelu Lukaku from Inter Milan for £97.5m on Thursday. Inter Milan replaced Lukaku by signing Roma's former Manchester City forward Edin Dzeko. Abraham, who has won six England caps, scored 30 goals in 82 appearances for Chelsea, having joined them at the age of seven. The buy-back clause cannot be triggered until the Chelsea academy graduate has completed two seasons with Roma. Chelsea Director, Marina Granovskaia, said: "Tammy
will always be welcomed back at Stamford Bridge as one of our own. "We have all enjoyed watching his progress through our academy and into the first-team squad, and are grateful for his contribution to our successes at senior and youth level." Roma's General Manager, Tiago Pinto, said: "Despite still being very young, with a huge amount of potential to keep improving, Tammy has already played more than 200 games in his career and scored over 100 goals - and won a number of major trophies too.
NTA to Broadcast Aisha Buhari Cup Draw Live Nigeria’s National Broadcaster, the Nigeria Television Authority (NTA) will broadcast live, today’s Draw Ceremony of the Dr. Aisha Buhari Invitational Women’s Football Tournament (Aisha Buhari Cup), the Local Organizing Committee announced on Tuesday evening. Marketing Consultant for the tournament, Mr Taye Ige, who is also President of HotSports Media Group, flew into the Federal Capital Territory, Abuja on Tuesday to seal the deal, following a meeting with the Director-General of the station, Alhaji Yakubu Ibn Mohammed. Chairman of the LOC, Barr.
Seyi Akinwunmi, said: “This is an interesting development. We are excited by this and it will surely complement the efforts we have put up to ensure a first-grade ceremony on Wednesday.” The ceremony, billed to commence at noon at the Eko Hotel & Suites, Victoria Island, Lagos will see the six teams in the tournament drawn into two groups of three teams each, with nine-time African champions Nigeria heading Group A, and Africa’s number two-ranked team, Indomitable Lionesses of Cameroon, heading Group B.
L-R: Speaker, Kano State House of Assembly, Rt. Hon. Hamisu Chidari; Captain of Kano State U-17 basketball team, Zakari Tahir, Founder, African Children Talent Discovery Foundation, Engr. Noah Dallaji; and Speaker, Bauchi State House of Assembly, Rt. Hon. Abubakar Suleiman at the presentation of the winner’s trophy of the Noah Dallaji Basketball Legacy U-17 Basketball Tournament to Kano State…on Sunday
Wednesday, August 18, 2021
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Price: N250
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Wike To Secondus
“If he (Secondus) had shown leadership in Cross River, our party would not have had the problem we have today. The National Chairman said we need good leadership in the country, but if you don’t show good leadership, the party cannot produce good leaders. That is the truth of the matter” --- River State Governor, Nyesom Wike, berating the PDP National Chairman for poor leadership of the party.
KAYODEKOMOLAFE THE HORIZON
kayode.komolafe@thisdaylive.com
0805 500 1974
Nation Building, the Afghan Way O ne of the obvious lessons of the takeover of Afghanistan by the Taliban is that building a nation is squarely the historic duty of its people. The import of the troubling developments in that south Asian country is that no country, however powerful, can build another nation on behalf of the people. The United States, which toppled the Taliban regime 20 years ago, and its allies have blamed the government of President Ashraf Ghani for failing to muster the necessary capacity to govern and keep the country stable. Ghani fled the capital, Kabul, as the Taliban approached the city a few days ago. After two decades of waging a war to bring about a stable democratic nation in Afghanistan, American has pulled its troops out of beleaguered nation. So much for externally imposed solutions to internal problems! Although Afghanistan is 6, 596 kilometres away, this supreme lesson in nation building is relevant to Nigeria and some other African countries in many respects. So, as Reuben Abati eloquently made the point on this page yesterday, it is no Afghanistanism to reflect seriously on the possibility of any nation treading (perhaps unmindfully) the road to Kabul. Originally used in the American media, Afghanistanism was actually popularised by Sonala Olumehense’s column in the days of the military regimes of the 1980s as he drew attention to the journalistic practice of focussing on events in foreign land while avoiding controversial ones at home for comments. What with the penchant for seeking external solutions to internal problems in Nigeria, there is indeed a lesson to learn from Afghanistan. Politicians and civil society activists have the predilection for putting the “international community on notice” on issues of democratic development and governance. Meanwhile this “international community” essentially means the United States and the United Kingdom in the dictionary of those making the calls. At least those calling other countries to intervene in Nigeria’s affairs do not have China, Japan or Russia in mind. In this illusion of galvanising external pressures, politicians, who are now in the All Progressives Congress (APC), used to send their protests against the government of the People’s Democratic Party (PDP) to the American Embassy and the British High Commission. In an intriguing reversal of roles, the PDP and its supporters now frequently call on the same western countries to put pressures on the incumbent APC government on some national problems especially threats to the rule of law. Visa ban is one weapon often demanded to be used against political opponents Even with the teachable moment of the heroic struggle for the validation of the June 12, 1993 presidential election won by Bashorun Moshood Abiola, Nigerian politicians and democracy activists continue to look out in vain for exotic solutions to socio-political and economic problems. It’s axiomatic in imperialist logic that America or any other foreign power will intervene in another country based only on its “strategic interests.” Besides, the fear is prevalent in many parts of the world bedevilled with terrorism that given its history Afghanistan could become another haven for terrorists under the Taliban as well as a source for arms flow. Although as pointed out later in this piece, the Taliban said yesterday this might not be the case in this second coming to Kabul, the bitter consequences of what happened in Libya,
Afghan President, Ashraf Ghani Mali and other places should make countries like Nigeria pay attention to the events in Afghanistan. Apart from providing a breeding ground for terrorists and drug traffickers, Afghanistan could be a source of illegal arms for terrorists. After the fall of the Muammar Gaddafi, terror groups in Sahel region had access to the unprotected armoury. The West was too fixated on getting Gaddafi out to think of what to do with the mess that has followed the regime change including the arms flow in the hands of non-state actors. Nigeria tragically became a ready receptacle for some of these freely traded arms. Furthermore more, from the Middle East and Asia ISIS and al- Qaeda have moved nearer Nigeria to link up with terrorists in the Sahel. The consequences of this network of terror are manifest in parts of Nigeria. It will, of course, remain a matter of historical conjecture if the outcome of the American mission to Afghanistan could have been different if another approach had been adopted. To the hawks in the United States policy establishment in 2001 in the immediate post-September 11 mood, there was, of course, no alternative to the invasion and the smashing of the Taliban regime of extremists. The United States and its North Atlantic Treaty Organisation (NATO) allies invaded Afghanistan and chased the Taliban out of power when the Taliban refused to hand over Osama Bin Laden and his men accused of being responsible for the September 11, 2001 attack on America. The mission has, at least, achieved the prevention of another terror attack on America for 20 years. But the operation has also turned out to be the commencement of what is now referred to as the America’s longest war. The Taliban held on until America got tired and decided to leave Afghanistan. It is clear that the United States is abandoning Afghans in frustration. Now, some cynics may even say that it is not for nothing that Afghanistan has earned the sobriquet of the “graveyard of empires.” A combination of historical, cultural and geographical factors has made the mountainous terrain of Afghanistan difficult to conquer permanently
for centuries. The landlocked country shares borders with Pakistan, Iran , China, Uzbekistan and some other countries that belonged to the defunct Soviet Union. The terrain has frustrated many invaders with the mountains. But the Afghan guerrilla fighters have mastered the caves and the landscape in a way no foreign army can ever match. The country is also a complex one with many ethnic groups, a result of many cultural influences arising from years of conquests. It is located at the crossroads of central and south Asia. Some of the Afghan ethnic groups belong to the same stock as ethnic groups which are dominant in the neighbouring countries to Afghanistan such as Pakistan and Uzbekistan . However, the sobriquet of a “graveyard of empires” would seem to be hyperbolic when Afghanistan is situated in the proper historic context. Yes, some empires that conquered Afghanistan had to abandon the enterprise out of frustration. The central and south Asian empires include those of Indian Maurya, Mongol, Safavid and the Mughal. Hardly did any empire collapse solely because it conquered or invaded Afghanistan. At most, what you could say is that the interventions of those empires came at a huge and unsustainable costs. Hence the eventual frustration in most cases. For instance, after the 1839-1842 war, the British later learnt their lessons too it was better to do business with the factional leadership that was rooted in the people and not to merely rely on the one backed by foreign powers like the collapsed government of Ghani a few days ago. History appears to be repeating itself in Afghanistan. Indeed, it has been said the government of former President Donald Trump was already making a deal with the Taliban without involving Ghani’s government in preparation for the pulling out of the American troops. Similarly, the defunct Soviet Union invaded Afghanistan. At that point, America supported the Afghanistan fighters. The Soviet Union could not hold on to Afghanistan indefinitely before it faced its own collapse. So Russia may not make the mistake of invading Afghanistan under nay pretext again. Four American presidents – George W. Bush, Barack Obama, Donald Trump and Joe Bidenhave sustained the war which was popular in the immediate post-September 11 years. Now, the American public has become war-wearied after the American - led coalition lost over 3, 500 soldiers and the nation has sunk over two trillion dollars into the war. Another choice open to the United States is permanent occupation. But the cost of a permanent occupation of Afghanistan by America is just unthinkable. Don’t blame the Americans, you may say. But the withdrawal could have been more responsibly done to avoid the
“The import of the troubling developments in that south Asian country is that no country, however powerful, can build another nation on behalf of the people”
humanitarian consequences that have followed. Afghans who worked with the coalition and may, therefore, be targets of attacks by the Taliban ought to have been better protected. Footages of Afghans desperately fleeing the country do not show sufficient scientific projections by the Americans about the turns of events. It is remarkable that the tone of a press conference called by the Taliban yesterday appeared conciliatory. The optics sold to the world yesterday was that of a new Taliban as it renamed the country as the Islamic Emirates of Afghanistan. The world would, of course, be right to be sceptical. The spokesman, of the militant group, Zabihullah Mujahid, said that while the “new “ Taliban would not be ideologically different from the “old” Taliban, the “tactics” and the “forces at play ” would be different because of the “experience.” In the new Taliban song, women were promised access to education and work and exercise of their rights “within the framework of Sharia.” Before the American invasion, Afghanistan under the rule of the Taliban was notorious for the brutal subjugation of the female gender among other extremist interpretations and enforcement of the Islamic laws. A “free” and “independent” press was also promised. Political opponents were promised an inclusive process and civic space. Members of the old regime were asked not to flee the country as everybody would be allowed to participate. The announced plan of the Taliban is not to make “internal and external enemies.” The rest of the world bearing the brunt of terrorism would take note in particular the promise that Afghanistan would no more be a haven for terror and a source of illegal arms flow. The spokesman said that not a single weapon would be allowed to be taken out of the country. Not a few governments would also watch if the pledge to bring the production of opium to the zero level could ever be fulfilled. Beyond the initial rhetoric of the combatants, the picture would be clearer when a government is put in place by the Taliban in a way to prove that they like to build “one nation” in which all would be involved as the spokesman said at the yesterday’s press conference. Public servants including the police have been asked to return to work. A blanket “amnesty” was declared for those who fought the Taliban in the Afghan military that was backed by the coalition. All told, the failure of the American-led coalition to subdue the Taliban should compel a serious rethink of the so-called clash of civilisations dictum orchestrated by western theorists. Instead of positing the inevitability of a clash of civilisations, the history, identities and cultural specificities of others should be respected. As Joseph Nye has put it, America would probably need more of soft powers than hard powers to bring its influence to bear more effectively. Soft powers in terms of political beliefs, diplomacy and culture could be the more veritably used tools in other lands. But the peculiarities , identities and complexities of each nation should be adequately understood. Just like hard power of fire power an economic blockade may prove futile, soft power arrogantly employed may also not solve the problem. Afghanistan is another proof that America may not fully understand the world at it claims. Every nation has its own evolutionary trajectory. It is the people of the nation under a purposeful leadership that will build the nation in their own way.
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