Why Nigeria lost at arbitration and US appeal to Zhongshan Fagbemi accuses firm of arm-twisting tactics in order to seize Nigeria's assets abroad
the Federation and Minister of Justice Lateef Fagbemi has accused the Chinese firm of resorting to arm-twisting tactics in order to
Marketers shut down filling stations, price exceeds N1,000 per litre NNPC insists it does not owe foreign traders $6.8bn, blames distribution issues
The biting scarcity of Premium Motor Spirit (PMS), also known as petrol, which had hit the Federal Capital Territory (FCT) since over one month, became more acute at the weekend and spread nationwide, with fuel queues on a scale not seen in recent times, and the product selling for more than N1,000 per litre in some places.
The scarcity led to disruption of commercial and social activities at the weekend in Abuja and the country’s commercial capital of Lagos, as well as Kaduna, Kano, Port Harcourt, Niger, Nasarawa, and several other states.
Many filling stations shut down
Adibe Emenyonu in Benin City
The candidate of the Peoples Democratic Party (PDP) in the September 21 governorship election in Edo State, Dr Asue Ighodalo, has ended his US engagement with the Edo Diaspora Community in New York with a promise to reshape and build a bigger, better economy for the state.
Speaking on the last day of his three-legged town hall meeting with indigenes of the state resident in New York and its environs over the weekend, Ighodalo assured that if voted into power, together with his running mate, Osarodion Ogie, he would reshape the economy to lift
seize Nigerian assets in foreign jurisdictions.
Also, former Ogun State Governor, Senator Ibikunle Amosun, yesterday called Zhongshan an imposter, saying this dispute is like the P&ID situation where Nigeria eventually prevailed - and calls their attempt to seize Nigerian assets unlawful. In March 2021 an arbitration tribunal - chaired by the president of the UK Supreme Court - awarded $74.5m (£57.8m) in compensation to the Chinese firm. Ogun State reportedly refused to pay this amount. Meanwhile, Nigeria's inability to prove allegations of misrepresentation and concealment of facts against Zhongshan, among others, are said to be reasons the country lost its appeal against the arbitration award to the Chinese firm, a source from the US
people out of poverty. He stressed the that the expertise of the people in the Diasporas would be needed in the state.
In a statement by the media campaign committee made available to journalists in Benin City, Ighodalo who expounded his plans for the state as captured in his manifesto, tagged "The Pathway to Prosperity for All", also assured that a lot would be done that would turn around the economic status of the people in the state.
Accompanied by his wife, Mrs Ifeyinwa Ighodalo, his running mate, Ogie and others, Ighodalo declared: "Edo State is blessed with different mineral resources. We will harness
courts hinted THISDAY. Recall that one of the reasons given by the Ogun State government for revoking the joint venture agreement with Zhongshan was based on information from Zhongshan that the a Chinese company; CAI and its parent company have been liquidated and wound up without successor companies, adding that CAI lacked capacity to execute the free trade zone project.
One Mr Adeoluwa, who testified for Nigeria had recalled how he wrote two letters in 2011/2012, relying on mouthwatering representations by Zhongfu about its ability to manage the Zone, as well as representations concerning and relating to CAIs incapability to manage the Zone and the criminal investigation in China involving its parent company.
them for the betterment of our dear state. But we need your help in various areas of expertise to move Edo State to a first world economy."
He reiterated the need for quality leadership and assured the audience of over 300 attendees that the PDP gubernatorial team was poised to provide that quality leadership.
"With the right leadership that we will offer, Edo State can pull other neighbouring states by peer pressure to economic revolution in Nigeria.
"We will leverage on the gains by the Governor Godwin Obaseki's administration in the agriculture sector to take Edo to another level. We will ensure our farmlands are
The source however, said that the arbitration, held that there was no evidence presented by the witness to prove that CAI has been liquidated or has ceased to exist prior to the 2011/2012, when he wrote and send the letters.
Besides, the tribunal noted that even if a case of misrepresentation was made, it was obvious that what led Adeoluwa into writing the 2011/2012 letters was, his conviction about Zhongshan's record and promises, as well as CAI’s poor performance.
It was the conclusion of the tribunal that Ogun State signed the 2013 JVA based on its assessment of Zhongshan's ability.
On the allegations of concealment of material facts to the extent that Zhuhai and GXIG entered into an
secured with adequate security to enable our farmers to go to their farms, and this will reduce food inflation.
"By its geographical location, Edo State is a natural logistic hub with several entry and exit points. We will source for finance to build industrial parks, and this will increase our Internally Generated Revenue (IGR) base," he assured.
Talking about security, Ighodalo categorised it as "very important " as almost every other thing depends on the security of lives and property in the state and Nigeria.
"We will beef up security with modern technology to track criminals and build a synergy between our
Entrustment of Equity Management Agreement, it was the position of the tribunal that the fact that Zhongshan did not inform Ogun State about the Equity Agreement, even if it became effective, did not amount to some sort of wrongdoing on the part of company.
According to the tribunal, the fact that A is negotiating, or even has negotiated, a contract with B, who is in a contractual relationship with C, is not something which A is legally obliged to reveal to C when negotiating a contract with C, even if the negotiations are related to C’s contract with B.
Meanwhile, the US appellate said it agreed with the district court that the FSIA’s arbitration exception stripped Nigeria of its sovereign immunity in this case.
their operations due to the severe undersupply of PMS.
Although Nigerian National Petroleum Company Limited (NNPCL) had said the shortages were caused by “distribution” challenges, it did not specify the cause of the current spike, which had lingered in Abuja and environs for over four weeks.
But NNPC denied reports that it was indebted to international oil traders to the tune of $6.8 billion and that it had not remitted revenues to the Federation Account since January, among other allegations.
In several parts of Abuja, a 10-litre container of petrol sold for as high as N12,000 on the black market, while private filling station owners sold for between N700 and N1,050 per litre, depending on location. However, the few NNPC mega stations in Abuja still sold for N617, but with queues stretching several kilometres.
The situation led to the skyrocketing of transport fares, with the doubling of rates in many routes within Abuja.
From the NNPC mega station on the Gwarimpa axis of the Zuba-Kubwa Expressway to Conoil and Total filling stations, directly opposite the headquarters of the national oil company in the Abuja city centre, as well as Salbas filling station at the Dei-Dei end of the Zuba-Kubwa expressway, the story was the same.
In Zone 1, the NNPC mega station on Olusegun Obasanjo Way was open, and the one opposite GSM village also had the product, but with extremely long queues. Other stations around the area, including Total filling station, did not have the product. The NNPC filling station in Mabushi did not open to the public when THISDAY visited.
Speaking on Arise Television at the weekend, the president of Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, blamed the situation on “panic buying”. Maigandi said, “There was protest for almost seven days and most of the depots were not loading. During the protest, we informed all our marketers to sell their products in 24 hours so
that there will be no side effects in terms of the purchase of the petrol.
“Immediately they called off, then we rushed to where we were supposed to load this product and we have started loading. Some of the trucks are already on the way, but we are having some challenges.
“The vessels that are supposed to bring the product to the tank farm were experiencing some delays in movement due to the rain, but that problem has been resolved.”
Separately, Maigandi told THISDAY how his members groaned under the supply shortage. He said petrol was the main product that kept them in business.
In what appeared to be a U-turn, Maigandi said NNPCL had not really told them what the issue was, beyond the logistics claims.
In Lagos, the current petrol scarcity assumed an alarming dimension, with most of the major filling stations shut while a few that opened for business were flooded by long human and vehicular queues that stretched along major roads.
Some marketers, who spoke with THISDAY, blamed the endless scarcity on huge subsidy payments, despite persistent claim by President Bola Tinubu and his team that subsidy had been removed from the petrol marketing equation in Nigeria.
The marketers said they had no option than to shut down their filling stations since the product was not available. They said only Tinubu had the answer to the scarcity, not NNPCL, which had become the sole importer of petrol and the risk bearer for the government.
THISDAY observed that on Awolowo Road in Ikoyi, Lagos, only the two NNPC mega stations were selling the product, but with heavy queues of desperate motorists and jerry-can-bearing buyers that crammed the facilities, causing heavy traffic gridlock on the busy road.
The Total filling station on Mobolaji Bank Anthony Way, Ikeja, was not selling, while the Northwest filling stations at
Maryland Bus Stop was open, but with heavy queues that caused traffic congestion on Ikorodu Road towards Palmgroove.
The Conoil filling station in Ikeja, opposite LASUTH, was not open for business.
At the Cele-Okota axis, only Pinnacle filling station was selling as of yesterday, while other nearby stations, such as Conoil, Rainoil, Emadeb, Total, and MRS were shut. Similarly, at Gbagada, at the foot of the Third Mainland Bridge, only Northwest Petroleum was selling, and still with heavy queues and resultant traffic congestion on the road.
The story was the same in Surulere, where most of the filling stations were either shut or open for skeletal trading with heavy queues.
Amid the scarcity yesterday, NNPC sold between N650 and N700 per litre at its stations in Lagos. But private marketers that were open sold between N750 and N900. Black marketers, who sell in jerry-cans, sold as high as N1,500 to N2,500 per litre, depending on location and desperation of the buyer.
Expressing their frustration with the situation, some of the marketers, who spoke with THISDAY, anonymously, blamed the persistent fuel supply challenge on subsidy.
One of the marketers, who said he was a member of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), said the problem would not go away any time soon as long as there was still subsidy and government was not willing to own up and address it once and for all.
He said, "What do you think is the problem? It is subsidy. Subsidy is heavy in the system but government keeps denying that. Have you checked the cost of petrol in other countries? No marketer will be willing to buy and sell below the cost price. So only NNPC can import and sell at below its landing cost because it is government; because only NNPC gets dollars at the official rate. No other marketer has that advantage.
"So, we have said it again
local security and other relevant security agencies to track down crime.
"We will strengthen laws to checkmate crimes and ensure that criminals are prosecuted in due time. There must be consequences for engaging in criminal activities so that it will be a deterrent to others," he stated.
Speaking about education, Ighodalo said efforts would be made to take out-of-school children back to the classroom.
"We will ensure that our out-ofschool children are taken back into classroom learning. Our curriculum will be reviewed periodically and improve our learning facilities to increase the gains of EdoBest." Ighodalo
According to the appellate court the FSIA’s arbitration exception requires the court to find the existence of three jurisdictional facts: (1) an arbitration agreement; (2) an arbitration award”; and (3) a treaty governing the award. The court stated that the first two
just flying a kite.
The game plan, it was learnt, became even clearer following the recent #EndBadGovernance nationwide demonstrations, which apparently showed serious disgruntlement by the voting population in the region with the Bola Tinubu-led administration.
THISDAY was told that the scheming to persuade the former Nigerian leader to join the race was already in top gear, even though Jonathan is non-committal at the moment.
and again that subsidy is not sustainable. Because it creates the kind of problem we are seeing. Because it kills competition and investor confidence. It creates corruption and lack of transparency. The moment you genuinely remove subsidy from petrol, you will not see scarcity again. It will now be based on willing buyer, willing seller.
"So, I think people should stop calling out NNPC and blaming them. It is not their own making. They are government and government tells them how they want the system to be run.
Government made NNPC the sole importer of petrol and its riskbearer. No NNPC chief executive can go against the directive of the president."
A top official at 11Plc, owners of Mobil filing stations, told THISDAY that his company had run out of stock and had been waiting for new supply from NNPC.
In Rivers State, THISDAY investigation across local government areas and communities revealed that a litre of petrol had skyrocketed from N700 to between N880 and N900.
While some of the major marketers, including Oando and Conoil, sold at N900, other independent marketers sold between N870 and N888. NNPC sold at N591 per litre, but with long queues.
Visits to filing stations revealed that Stip International Global Venture, Jiang oil and gas, along NTA Road, Ozuoba, sold at N880 per litre, while Oando in old Port Harcourt Township, Conoil at Education Bus Stop in Diobu axis of Port Harcourt sold at N900.
Chikweri Petroleum and Giccel Limited in Ogbogoro, Obio/ Akpor, sold at N880 and N900, respectively. Izumba Filing Station on Rukpokwu by C4i checkpoint and Hydropet along Eliporanwa, Rumuolumeni, sold at N900.
Request Filing station at Igwurita sold the product at N888 per litre, Eterna Filing station at Rumuokwuta sold at N870, while NNPC on Aba Road by Road Safety office, sold at N591 per litre.
However, when THISDAY contacted the former President's confidants on the move by northern leaders, they were hesitant to talk on the matter, but were unanimous that talk about 2027 was premature at this point; "this talk about running or not running is way too early in the scheme of things.
The former President is focusing on his international assignments and humanitarian works rather than concern himself with potential run for President in 2027."
At the weekend, the Bauchi governor, Mohammed, said that he will not contest under the Peoples Democratic Party (PDP) presidential ticket if the former president decides to run again.
But the source stated that the decision to sway Jonathan to agree to throw his hat into the ring went beyond party lines and affiliations, explaining that if Jonathan decides to participate, the Nigerians will see how party affiliation will not be an issue.
Mohammed, a Minister of the Federal Capital Territory under Jonathan, who spoke after an event organised by a Non-governmental Organisation (NGO), Save Africa Initiative (SAI), had urged Jonathan to consider running for the The governor said the former president has more experience and would do a good job if he had a second mandate to manage the country.
He said: “With regards to your call for me to present myself, I am still contemplating my chances as the leader of the opposition. I know there are good leaders within the People Democratic Party (PDP), especially my boss Goodluck Jonathan.
“I have always said that as long as Jonathan is around, I will not present myself for leadership of this country, unless he decides not to run. If we can persuade him to come forward, I will support him with my blood. Out of modesty, he is still not ready. I hope you will meet him and encourage him to run.
“He will do a better job because he has the experience. We know the prices of things; we know the level of inflation. His leadership recruitment was exemplary. We need leaders like him – young people with energy, foresight, and drive,” Mohammed argued.
Aside the fact that Jonathan is expected to govern the country for only one term, having done the first a term earlier, before his loss to ex-President Muhammadu Buhari, the North is also considering that picking Jonathan will be a fair deal.
requirements are not disputed in this case and are plainly established in the record. Nigeria and Zhongshan had an arbitration agreement because Nigeria extended an open offer to arbitrate to all Chinese investors, and Zhongshan was a qualifying investor.
With Tinubu scheduled to end his first stint in Aso Rock by May 2027, the political permutation is that if Jonathan decides to contest, the South will have served out its eight years by 2031, given the unwritten understanding among Nigerian politicians to allow for rotation of the presidency between both regions. Jonathan served as president from 2010 to 2015 after his then boss, Umar Yar’Adua died, before conceding defeat to Buhari after the 2015 polls. While the last national protest was peaceful in the South, it was largely violent in the North, with some angry demonstrators going beyond the main reasons for the action to hoist the flag of a foreign country.
The violence that followed, many believe, was a blowout from the pent-up dissatisfaction with the current government, which they believe is the cause of the current hardship in the land. Tinubu had after taking over the reins of power in May 2023, begun a slew of reforms, key among which were the ‘removal’ of fuel subsidy as well as the devaluation of the Naira, as a result of the merging of the official and parallel FX windows. These policies have had very harsh economic impact on Nigerians. According to the reliable source, during Jonathan’s regime, his government was largely inclusive, and addressed issues like the Almajiri system and creating initiatives for unemployed youths.
The northern elite is also said to be disgruntled with the current administration because of what the source described as the loss of control of the levers of power in the country and the feeling of palpable helplessness.
The region is said to be comfortable with Jonathan because, according to the source, “they like and trust him because they benefitted from his government.” He maintained that if the Almajiri schools policy had continued, the number of out-of-school children would have reduced by now. “They see Jonathan as a safe bet,” he added.
He stressed: “And because of the aftermath of the last national protest, they believe that the All Progressives Congress (APC) has lost ground across the North. So, that's the problem.”
Buttressing this recently, the Dean of Borno Elders Forum, Prof Khalifa Dikwa, said members of the elite in the northern region of the country were unhappy with Tinubu because of his “misfit and weak appointees” as well as his “anti-people policies”.
The political analyst, who spoke on national television, said the northern elite were “not happy because each of these policies affect the north entirely”. He said: “Most of the appointees are either misfits or weak or to the wrong places,” adding that the appointments by the Tinubu administration were “lopsided”.
Dikwa added that even “the southern elite should be annoyed because Nigeria is more than Lagos”, describing it as “provocative”.
L-R:
and the Special
to the
on
and
James Emejo in Abuja
The chairman of House of Representatives Committee on Banking and Ancillary Institutions, Hon. Eze Nwachukwu Eze, has urged the Asset Management Corporation of Nigeria (AMCON) to do more and be aggressive in the recovery of about N5 trillion outstanding debts owed the corporation.
Eze also renewed the committee's campaign for all agencies of the federal government should join AMCON's debt recovery drive.
Speaking during a retreat with the theme, "Revitalising Asset Management for Economic Stability: Exploring Policy Changes and Legislative Support for AMCON,” in Enugu, at the weekend, Eze stated that the recovery would enhance government's fiscal position and boost the delivery of the Renewed
Hope Agenda, which President Bola Tinubu promised Nigerians.
The committee chairman urged Managing Director/Chief Executive of AMCON, Mr. Mr Gbenga Alade, to be more proactive “in the recovery strategy, which should not allow a few obligors get away with the commonwealth of all Nigerians".
In a statement by Head, Corporate Communications Department, AMCON, Mr. Jude Nwauzor, the House committee chairman further charged the corporation not to be deterred by the personality or position of any obligor when enforcing the debt recovery mandate.
Eze said, “The new AMCON management has to face the reality of debt recovery, which is not easy, and must not consider social status of obligors in carrying out enforcement
actions.
"In fact, even if you find my name on the list of AMCON obligors, please, come after me. The success of AMCON’s mandate is not the responsibility of one institution alone; it requires the concerted efforts of all stakeholders.
"This includes the government, financial institutions, the regulatory bodies, security agencies, and, indeed, the private sector."
He added, “We recognise that the economic landscape is evolving rapidly. Global and domestic challenges require us to reassess our strategies and adapt to new realities.
"Retreats such as this presents us with another opportunity to reflect on AMCON’s journey so far, to identify areas where we can enhance its capacity, and to align our efforts towards ensuring that the corporation
continues to be a key player in our nation’s economic stability.”
Eze, who described the theme of the retreat as not only timely, but also important, stated that the task of managing distressed assets was complex, requiring robust policies, innovative approaches, and unwavering legislative backing.
He said the task meant “more than just improving existing processes; it involves a rethinking of the entire framework within which AMCON operates. It calls for strategic adjustments that will enable AMCON to be more proactive, agile, and effective in its interventions.
“In this regard, the Committee on Banking and Other Ancillary Institutions is committed to working closely with AMCON and other stakeholders to ensure that our policy framework supports the corporation’s objectives.
The Rural Electrification Agency (REA) in partnership with a private developer, Nayo Tropical Technology Limited at the weekend commissioned a 40KwP Solar Hybrid Mini-grid in Rafinzurfi Community, Gwagwalada, Abuja, about 100 years after the founding of the area.
The REA is the implementing agency of the federal government under the Federal Ministry of Power tasked with the electrification of unserved and underserved communities to catalyse economic growth and improve quality of life for Nigerians.
Through the 40kWp solar hybrid mini-grid, THISDAY gathered that over 138 households, the community clinic, two community schools, 16 commercial users and 11 productive users were benefitting from clean, sustainable energy. Speaking at the event, Managing Director of the REA, Abba Aliyu, who was represented by the Executive Director of the Rural Electrification
Fund (REF), Doris Uboh, stated that to sustain the scheme there was the need to ensure fair and affordable tariffs for the community.
Aliyu stated that with the establishment of a Rural Electricity Users Cooperative Society (REUCS), comprising indigenes of the community, to oversee the project’s maintenance and ensure its longevity, the programme was not likely to fail.
“A lot of funds have been sunk into this project, so you cannot expect it to be free. What you should expect is a reasonable tariff for the community to be able to afford it and gradually grow their business,” he said.
He argued that without some form of tariff, it will lead to the collapse of the project and it would remain unsustainable.
“If you give it for free, that means you want this place to collapse because you won’t be able to sustain it. And the sustainability plan, like we said earlier on, is to inaugurate a committee that will be made up of indigenes of this community. They will be trained on how to handle minor maintenance
on the panels.
“So we do have plans to make sure that this goes a long way. The batteries of this project, the panels, we have plans in place to ensure the project’s sustainability,” Aliyu said.
The initiative executed through the Rural Electrification Agency under the REF Call 2 programme, aimed to provide clean, affordable, and reliable electricity to underserved communities in Nigeria.
Aliyu said that the off-grid, renewable energy ecosystem in Nigeria will continue to be a driving force for the Nigerian economy, stressing that through the multidimensional impact of the REA’s nationwide footprint, it was evident that the interventions in unserved and underserved communities were serving as catalysts to true sustainable development.
“The energy sector is going through a phase that is unprecedented in the sector’s history and at the REA, we are delighted to be tasked with a mandate that allows us to deliver real solutions to real life problems,”
he added.
He said the project was just one out of the 51 mini-grids to be completed and activated under the 2nd Call of the scheme.
Also speaking, the Minister of State for the Federal Capital Territory, Dr Mariya Mahmoud, represented by her Special Adviser, Michael Bawa, said the project had the potential to drive socioeconomic transformation in the community.
She said: “Beyond the illumination of a vibrant community such as Rafinzurfi, there is no doubt that the men, women, and children in this community will now experience socioeconomic transformation like never before.
Electricity is a catalyst, and access to sustainable electricity creates opportunities and possibilities for previously unconnected citizens.
“This is why the work being done in rural communities by the REA further shows that the Federal Government of Nigeria is keen on leaving no one behind in the delivery of its developmental programs."
"We must also consider the broader economic implications of these policies, ensuring that they contribute to sustainable growth and development."
According to Eze, "As lawmakers, it is our responsibility to provide the legal infrastructure that enables AMCON to fulfil its mandate effectively.
"This includes reviewing existing laws, proposing new legislative measures, and ensuring that AMCON has the necessary tools to navigate the complexities of asset management.”
Earlier, Alade urged the committee to continue to support the corporation, stating that as the economy tightens up, the assignment of debt recovery has also become more difficult.
Represented by AMCON Executive Director, Operations, Mr. Lucky Adaghe,
Alade said, “The Nigerian economic landscape presents a complex web of challenges for debt recovery, as the country grapples with high inflation, and currency fluctuations. "The current economic reforms, such as the removal of fuel subsidy, foreign currency exchange unification etc. aimed at diversifying the economy and promoting growth are expected to positively impact debt recovery. “Initiatives such as the National Development Plan 2021 – 2025, the Economic Recovery and Growth Pan (ERGP), and the Central Bank of Nigeria’s measures to strengthen the banking sector and enhance credit facilities, should improve business operations and increase revenue generation."
Kuni Tyessi in Abuja
Vice President Kashim Shettima, Dr. Goodluck Jonathan and Prof. Yemi Osinbajo are expected to grace the launch of a book titled "Public Policy and Agent Interests: Perspectives from the Emerging World.
The book which has been coauthored by erstwhile Minister of Finance as well as National Planning, Dr. Shamsuddeen Usman, is billed for public presentation on Thursday, September 26 at the Musa Yar'Adua Centre in Abuja.
Also, the high-profile event will also witness the formal unveiling of the Shamsuddeen Usman Foundation (SUF) founded and registered by his children in his honour and dedicated to the promotion of education in the country.
In a statement released by the Chairman, Media Subcommittee, Etim Etim, the book, he said, is a unique publication on both the impetus for, and impediments to growth and development in emerging economies.
He added that it provides a fascinating and penetrating insight into the workings of government and the boardroom, in terms of policy formulation
and implementation, economic management as well as the overall growth paradigm in the developing world, with Nigeria as a case study.
He said: "It is also an account of the interactions between the government, its agencies and the private sector and how such engagements impact national growth, investments and the overall performance of the economy.
"The book will therefore be a veritable reference material for policymakers, technocrats, business leaders and public officials on the workings of government and governance and the tradeoffs they have to make in designing and implementing public policy.
"It is without doubt a go-to publication for universities; public and home libraries and for students, academics and public and private sector officials."
He revealed that other contributors to the book who are also experts in their own fields were carefully selected, based on their impressive records in the public and private sectors, to share their experiences in key areas of policy making and development. The proceeds of the book launch would be used to support the activities of the foundation.
Deji Elumoye in Abuja
Vice-President Kashim Shettima, has charged Heads of Departments and Agencies under the supervision of the State House to be guided by extant laws as they prepare the 2025 budget of their organisations.
This formed part of preparations for the issuance of the call circular for the commencement of the 2025 budget exercise, as the State House Management and Heads of government agencies under its supervision held a one-day retreat at the weekend in Abuja.
Declaring the retreat open, Shettima, represented by Deputy
Chief of Staff, Senator Ibrahim Hadeija, urged the Heads of Agencies to be guided by the extant provisions that establish their organisations. He emphasised the importance of adhering to the set objectives initiated by the State House management, particularly in institutionalising e-governance to improve operations.
The vice-president, who also commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, for participating in the retreat, titled his presentation: ''Delineation of roles and functions between the
Michael Olugbode in Abuja
A Vietnam-bound businessman Paul Mbadugha has been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) at the Nnamdi Azikiwe International Airport, Abuja, after he tested positive to ingestion of cocaine.
The 54-year-old suspect was intercepted at the boarding gate of the Abuja airport last Monday during the outward clearance of Qatar Airways flight QR 1432 to Hanoi, Vietnam, via Doha.
In a statement, Sunday, spokesman of the anti-narcotics agency Femi Babafemi said after four days under excretion observation, Mbadugha egressed a total of 88 wraps of cocaine with a gross weight of 1.71 kilogrammes.
Babafemi said in Mbadugha’s statement, he claimed he’s a Lagosbased businessman and was given the cocaine pellets to swallow by a friend at Isolo area of the state for onward delivery in Vietnam for a fee of $2,000.
The spokesman said also NDLEA officers at the export shed of the Murtala Muhammed International Airport, Lagos, have intercepted a shipment of Loud, a synthetic strain of cannabis weighing 800 grammes concealed in noodles going to Congo. He added that a follow up operation at the Alaba International Market, Ojo area of Lagos led to the arrest of the sender of the consignment, Nnamani Sunday, who deals in GSM handsets.
He also revealed that a large consignment of Loud imported from Canada have been recovered by NDLEA operatives at the Lagos Airport, stating that a suspect, Desalu Temitope, who arrived on board an Air France flight with six boxes was arrested by anti-narcotic officers during a joint examination by security agencies at the arrival hall.
He said a total of 65.8 kilogrammes of the psychoactive substance were recovered from four of the six suitcases.
Desalu in his statement, was said to have disclosed that he and an accomplice currently at large were promised $10,000 upon successful delivery of the shipment in Lagos. Babafemi also revealed that no less than 892,400 bottles of codeine-based syrup worth N6,246,800,000.00 in street value were recovered from five containers by NDLEA operatives at the Port Harcourt Ports Complex, Onne, Rivers State, during a joint examination of the containers with men of the Nigeria Customs and other port stakeholders last Wednesday
He said bottles of the opioid were packed in 5,337 cartons with a gross weight of 133,860 kilogrammes and shipped in five containers from India. In Ekiti State, NDLEA operatives supported by men of the Nigerian Army and other security agencies as well as community youths last Wednesday raided the Ise Forest Reserve, Saalaja camp, Ise-Ekiti, where 21,800 kilogrammes of cannabis sativa on 20 hectares of farm land were destroyed.
management and the agency and its supervising entity: A prerequisite for good relationship and effective delivery of Mandate.''
According to Shettima, ''This a very important retreat to remind senior civil servants, new appointees and Heads of Agencies about the Civil Service regulations.
''These regulations can be quite tedious, and the Permanent Secretary, State House, was right when he said some of these issues will come back to his table.
''I remember when I was in the Senate Public Accounts Committee, I have seen some faces here that we summoned to come and answer questions that arose from the Auditor-General’s report.
''This underscores the importance of reminding ourselves of the procedural issues that have to complied with in governance and administration."
In his overview of the retreat, State House Permanent Secretary, Olufunsho Adebiyi, explained that the retreat was designed to foster collaboration and create synergy in the operations of State and Agencies under its supervision.
He said: ''In order for us to drive the Renewed Hope Agenda of President Bola Tinubu, it has become necessary for us to synergise within the State House and all the agencies under its control.
''The retreat is structured to
define who is responsible for what, how we can help each other achieve our mandates, and some of us are meeting each other for the first time.
''It is necessary to define our roles and limits and avoid breaking financial, procurement, administrative thresholds."
The agencies whose establishing Acts placed them under the supervision of the State House included the Bureau of Public Enterprises (BPE), Bureau for Public Procurement (BPP), Nigeria Agriculture and Land Development Agency (NALDA), Office of the Chief Economic Adviser to the President (OCEAP) and the Economic and Financial Crimes
Commission (EFCC). Others were Nigeria Extractive Industries Transparency Initiative (NEITI), Nigerian Financial Intelligence Unit (NFIU), Nigerian Institute for Policy and Strategic Studies (NIPSS), National Hajj Commission of Nigeria (NAHCON), National Centre for the Coordination of Early Warning and Response Mechanism, National Council on Climate Change (NATCCC), National Emergency Management Agency (NEMA), National Agency for Science and Engineering Infrastructure (NASENI) and the National Atomic Energy Commission (NAEC).
Dike
Onwuamaeze
The Nigeria Employers’ Consultative Association (NECA) has warned that the speed at which Nigeria is racing toward debt overhang would deter serious investors from bringing capital into the country.
This warning was given last week by the President of NECA, Dr. Ifeanyi Okoye, in an interview with THISDAY, in which he identified the floating of the Naira as the last straw that broke the camel’s back and precipitated the exit of many multinational manufacturing concerns from Nigeria.
Okoye said: “The country is fast reaching debt-overhang and no serious investor will bring capital in a debt-ridden economy.
“It is, therefore, important that government should moderate the cost of governance so as to reduce borrowing, particularly if it cannot improve revenue at this point.”
He noted that the 2024 supplementary budget would lead to increased borrowing by the federal government from overseas lenders and local facility, but whichever way, “it will be detrimental to both foreign and domestic investments.”
He added: “The country’s Debtto-GDP-Ratio is standing at 52.9 per cent, which is above the 50 per cent World Bank/IMF benchmark for developing countries. Also, debtservice-to-revenue reached 73.5
per cent in 2023 and may even be more now. These indices present serious warning for the country.”
According to him, the exits of multinational manufacturing firms would have tragic implications for the country’s economic growth and employment sustenance.
His words: “What is going on is called capital flight in economics, which is tragic for economic growth and employment sustenance. The trend is not a good trajectory for the country.
“I am not surprised that the pharmaceutical sector is most affected as the sector utilises a significant proportion of foreign raw-materials and other inputs, say 50 per cent notwithstanding the persistent shortage of forex.
“For years, capacity utilisation in the pharmaceutical sector has been one of the lowest among other sectors as it averaged a sub-optimal 56.8 per cent from 2021 to 2023.
“Unfortunately, the recent implementation of total floating exchange rate regime was the last straw that broke the camel’s back.
“It is, therefore, important that government review the foreign exchange policy and implement a regime that is proven to support businesses.”
He also stated that the President Bola Ahmed Tinubu’s administration’s Economic Stabilisation Programme that is targeted at food security,
improved power supply, enhanced social welfare and healthcare, increased energy production etc. could address the core challenges of businesses in the economy.
Further according to him, “The manufacturing sector is beset by inadequate and high-cost credit supply. No doubt therefore, the N650 billion short term facilities will go a long way to support the sector, provided the final interest rate is liberal and is enjoyed by bona fide manufacturing companies. We await the full implementation.
“As earlier pointed out, the manufacturing sector has credit challenges across all categories –MSMEs and large companies.
“The commercial bank’s short term lending rate is about 30 per cent, therefore, a long-term facility with interest rate between 9.0 and 11 per cent will no doubt create investment expansion and boost manufacturing activities in the country, particularly when complemented with sound infrastructure development, including electricity, etc.
“However, to achieve the objective of the facility, it is important that the manufacturing sector is thoroughly consulted to identify bonafide manufacturers accompanied with proper implementation.”
This, according to him, accounted for the mere 4000MW daily supply of electricity, which unfortunately suffers collapse often.
He said: “Ideally, if we assume that the population of Nigeria is 200 million by the rule of thumb, we should have at least 200,000MW daily supply.”
The president of NECA also noted that it is unfortunate that the agitation for government to impose additional 20 per cent tax on the final price of carbonated soft drinks is being spearheaded by internationally funded NonGovernmental Organisations (NGOs) operating in Nigeria.
He said: “It is purely an interest-driven proposal by some unscrupulous individuals that have never invested in factory business in Nigeria.
“The non-alcoholic beverage sector is the major employer of labour and contributor to the government’s revenue in addition to their rooted Corporate Social Responsibility (CSR).
“However, NECA has commended the government for the six months’ suspension, but recommended that it should be completely jettisoned.
“We believe that there are other ways of addressing the issue, which would require concerted stakeholders’ consultation.”
Okoye also pointed out that electricity production in Nigeria is heavily constrained across all segments of its value chains - be it generation, transmission and distribution.
L-R: The Minister of Power, Chief Adebayo Adelabu with Chief Operating Officer, MBH Power Ltd Meter Assembly Plant, Mr. Rakesh Mahapatra, during the minister’s official tour of MBH Power Ltd Meter Assembly Plant along Lagos-Ibadan Express Road, Mowe, Ogun state... yesterday
Dike Onwuamaeze
The Centre for the Promotion of Private Enterprise (CPPE) has urged the federal government to peg the customs duty exchange rate to N1,000 per dollar.
The CPPE said it is worried that the problem of the prohibitive and unpredictable exchange rate for cargo clearance is yet to be addressed by government.
It also called for the amendment of the Customs Act to move the responsibility of determining applicable exchange rate for import duty payment to the fiscal authorities by placing it in the hands of the Federal Ministry of Finance and the Federal Ministry of Trade and Investment in order to permanently address the matter.
Commenting yesterday on the matter in a press statement titled “Need to Revisit the Policy on Customs Duty Exchange Rate,” the Chief Executive Officer of CPPE, Dr. Muda Yusuf, said: “We believe it is a
major policy adjustment that needs to happen to complement current measures to address the current cost-of-living crises in the country.
“In the light of this, the CPPE is reiterating its appeal to the presidency to peg the customs duty exchange rate at N1000/$ for the next six months in the first instance through an Executive Order.
“This resonates with the current federal government’s commitment to alleviating the current hardships on the citizens and the burden on businesses.”
Yusuf said that it is gratifying that the Presidential Committee on Fiscal Policy and Tax Reforms had made similar recommendation while the Organised Private Sector (OPS) had also strongly advocated in the same vein.
He said: “The current customs duty exchange rate on the Nigeria Customs Service portal is N1578/$. This rate has been changing almost weekly, which is not good for the investment environment.
“It is important to clarify that this proposition is without prejudice to the ongoing foreign exchange reforms of the present administration.”
According to him, the high and volatile exchange rate for import duty assessment is fueling the already high inflation, increasing production and operating costs for manufacturers and other businesses, worsening the cost-of-living crisis, putting maritime sector jobs and investments at risk and weakening investors’ confidence.
“There is also the added heightened risk of cargo diversion to neighboring countries and smuggling which could jeopardise the realisation of customs revenue target.
“This situation additionally creates serious competitiveness challenges for ethical and compliant investors in the economy because of their relatively elevated production and operating costs,” he said.
Yusuf argued that contrary to concerns expressed in some quarters, the adoption of lower exchange rate for computation of customs duty
would not undermine the current foreign exchange reforms because it is not a request for a concessionary exchange rate for forex allocation.
He said: “We are dealing with two separate issues here. One is about foreign exchange policy and the other is purely a trade policy matter.
“The responsibility of the CBN should end at the point of opening of Form M for importers within the context of extant foreign exchange policy.
“All other matters relating to international trade should be within the remit of the Federal Ministry of Finance and the Federal Ministry of Trade and Investment.
“These are the institutions statutorily responsible for trade policy issues. The determination of the customs duty exchange rate by the CBN is an intrusion into trade policy space, which needs to be urgently corrected.”
The CPPE said that in order to permanently address this matter, it might be necessary to amend
The National Agency for Food and Drug Administration and Control NAFDAC, Cocoa Processors Association of Nigeria (COPAN) and other stakeholders in food export trade have agreed to work together to boost non-oil export trade and end food products rejection abroad.
A statement by the NAFDAC's Resident Media Consultant Sayo Akintola said that the goal of the collaboration is to end rejection of processed and semi-processed cocoa products and other food exports by foreign countries.
The agreement was struck in a deal at the NAFDAC Export
Stakeholder’s Interactive Session with Cocoa Processors Association of Nigeria (COPAN), Network of
Practicing Non-oil Exporters of Nigeria (NPNEN), Lagos Chamber of Commerce and Industry (LCCI), and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) on the draft NAFDAC export regulations in Lagos.
While addressing stakeholders, the Director General of NAFDAC, Prof. Mojisola Adeyeye allayed the fears about the provisions of the draft cocoa regulations that the agency posted on its website for comments. She noted that regulations are legal instruments for control and elucidation of standards for the compliance of all stakeholders in the manufacture, importation, exportation, distribution, advertisement, sale and use of regulated products.
She also said that the regulations derive from the enabling enactments and stipulate red lines and penalties against infringement.
Adeyeye explained that NAFDAC which is now a WHO ML3 Regulatory Agency has, under her leadership, updated and gazetted 21 new regulations covering many areas of the agency’s regulatory activities, stressing that export regulations is just one of the several regulations that are in the process of being gazetted into law.
Her words: “As you are all aware, often, our regulated products which are packaged, and for most of the time, exported without NAFDAC certification failed at the entry borders and reports have accumulated to put Nigeria at a disadvantage in international commerce.’’
He said that a few stakeholders’ products are already on the red list of some importing nations.
Adeyeye pointed out that this has been the outcome of years of poor oversight and lack of regulatory supervision of the quality and safety components of regulated products produced, packaged and presented for export, adding that these enabling laws have placed the responsibility of regulation and control of the quality and safety of these products on NAFDAC.
She added that NAFDAC has continued to pursue regulatory interventions at both local and international levels to ensure that the nation is not totally and completely banned from exporting any kind of food product in international commerce.
the Customs Act to move the responsibility of determination of applicable exchange rate for import duty payment to the fiscal authorities.
It said that this is necessary to bring such rates in alignment with the extant trade policy direction of government and remove the current
avoidable uncertainty around international trade.
“This is what our peculiar circumstances demands. It is important to localise and adapt economic policy models to our peculiar circumstances,” he argued.
Kuni Tyessi in Abuja
The federal government has supported 300 Internally Displaced Persons (IDPs) with stipends to engage in farming on a 150 hectares of farmland in Bassa Local Government of Plateau State for an initial period of five years.
The government, through the Federal Commissioner for the National Commission for Refugees Migrants and Internally Displaced Persons (NCFRMI), Aliyu Tijani Ahmed, explained that the initiative was done in partnership with the Federal Ministry of Agriculture and Food Security.
Represented by the NCFRMI Director, Internally Displaced Persons, Fatima Mamman Daura, Ahmed said the first phase of the scheme would be carried out in Nasarawa, Plateau and Yobe States, respectively, and would be expanded to other states with a significant IDPs population.
Ahmed said the government would provide security for the farmers through the services of Nigeria Security and Civil Defence Corps (NSCDC) and Agro Rangers.
"We are here in Bassa Local Government to launch the second phase of the Renewed Hope Project for Internally Displaced Persons.
“So, we are partnering communities where we have significant IDPs population. The first phase was launched in Nasarawa State. We are here in Plateau State launching the second phase.
“The NCFRMI and Ministry of Agriculture and Food Security provided the inputs to cultivate the lands. Of course, the NCFRMI profiled the IDPs with cash grants.
“The private sector provides the off takers who will now sell the produce after harvesting grains and put money in the hands of IDPs and contribute to food security. We are hoping to restore livelihoods through agriculture.”
Deji Elumoye in Abuja
President Bola Tinubu will on Monday, August 19, 2024 depart the nation's capital, Abuja for a working visit to France.
Presidential spokesperson, Ajuri Ngelale, in a release issued on Sunday evening, stated that the President is expected back in the country after his brief work stay in France.
President Tinubu's latest trip to France is coming three days after he returned from a three-day state visit to Malabo, Equatorial Guinea during which he held bilateral talks with President of Equatorial Guinea, Nguema Mbasogo and also signed security and oil and gas pacts with his host country.
In a move that promises to redefine the
The event is expected to bring together the brightest minds and most innovative thinkers among Nigeria's youth to shape a brighter future for the country.
"We believe the youth hold the key to unlocking Nigeria's full potential, and this summit is a testament to our commitment to empowering them to take ownership of their future.
"We believe this event will inspire young people to work collectively
In a press release made available to THISDAY, the APC National Youth Leader, Dr. Dayo Israel said: “This summit is a crucial step in ensuring that the voices of young Nigerians are not only heard but also play a vital role in shaping the nation's development agenda.
towards realizing the Renewed Hope Agenda.
He added: "By tapping into the passion and innovative spirit of young Nigerians, we can shape a brighter future for our nation. This summit is a call to action for young leaders to rise up and take their rightful place in shaping the future of Nigeria."
The three-day event will feature
a series of Ministerial Town Hall sessions, where participants will have the opportunity to engage directly with government leaders on critical issues such as education, technology, economic development, and institutional reforms. The summit will also feature discussions on job creation, youth inclusion, technology, communication, and tackling inequality, as well as keynote addresses from renowned experts and thought leaders. With over 3,000 participants expected from across the nation, the summit promises to be a historic gathering of young leaders who are ready to take ownership of their future.
"We invite all young Nigerians to join us for this historic event," Dr. Israel concluded.
L-R; Category Manager, Dairy, Nestle Nigeria Plc, Mr. Omofasa Orhiunu; Country HR Manager, Mr. Shakiru Lawal; Commercial
Sustainability Lead, Victoria Uwadoka, during the Nestle's
Seriki Adinoyi in Jos
Stakeholders in the control, treatment and management of tuberculosis in Plateau State have tasked the government on funding for the management of the disease, disclosing that over 1,500 cases of the disease have been detected in the first quarter of this year in the state.
Speaking at one of the series of technical dialogue sessions on tuberculosis funding, treatment and control under the auspices of the USAID sponsored Northern Nexus Cluster for the control of Tuberculosis in Northern Nigeria held in Jos, Programme Manager Tuberculosis (TB), Leprosy and Buruli Ulcer Control Programme in Plateau State (PLSTBLCP), Dr. Maxwell Jublick, decried the low funding in the fight against the scourge of the disease in the state.
He said that funding has been largely driven by development partners- USAID and GlobalFund, adding that Plateau State has no
funding line for tuberculosis control, leading to a surge in the incidence of the disease in the state.
Jublick observed that the last release by the state for TB programme, which was not enough to cover the funding gap in TB control programmes, came during the last administration.
Represented by the Lenkat Joseph Mukan, Jublick outlined the many challenges that hamper active case finding and cause increased mortality rate among patients with TB to include lack of training of Local Government TB and Leprosy Supervisors (LGTBLSs), inadequate weighing scales, quarterly continuous On-site Data Validation, outreaches to slumps, schools and correctional facilities, commemoration of World TB Day, Direct Observation Treatment Sites (DOTS), Refresher training for DOTS officers and administrative cost among others.
He said: “Normally we start with screening the patients by the signs and symptoms of tuberculosis. So, there must be adequate screening;
that is the first thing to do. When we screen, we get some of the samples to the lab for diagnosis.
“When we take the samples to the lab, we don't have all the equipment to diagnose TB, like the G-Expert machine which ideally, we should have in every local government area.
“We need human resources too, which is very important. Lack of human resources and adequate training is another limiting factor. All these require lots of funds.”
Meanwhile, Executive Director, KRP- FEMA, Kaneng Rwang-Pam, said that the aim of the engagements is to create awareness about TB and funding gaps.
She said that there's the need for increase in local funding, especially the payment of the counterpart funding to
bridge the gap as donors are already becoming fatigued.
Rwang-Pam further said: “Our aim is to bring everybody on board- government, public and private sector, faith-based and humanitarian organisations and individuals - to contribute their little quota to the fight against TB.”
In his remarks, Executive Director of Eagle Lead Development Initiative (ELDI), Peter Ezekiel, said there is the need to increase political and administrative commitment so as to encourage legislators to give TB control a priority in the state's health agenda by guaranteeing TB programmes receive steady funding and support.
He said, “NGOs, foreign partners, and government agencies should work
together more closely to develop a cohesive strategy for tuberculosis control.
“There's also the need to address drug resistance and improve treatment adherence and to guarantee that patients finish their TB treatment, and put in place patient support networks like treatment partners or community health professionals.
Improve surveillance methods to quickly identify and treat drugresistant tuberculosis cases while making sure the right treatment guidelines are crucial.
“There’s equally need to ensure sustainable funding by encouraging more government funding and look at sustainable financing strategies, such as including the private sector in Plateau State TB Programme funding,
and integrating TB care into larger health insurance systems, and also adopt affordable TB preventive and treatment plans while making sure the monies available are spent wisely.”
Ezekiel, who is also the Plateau State Programme Officer GF/NACA/ TBN C19RM Project, said that “By putting the aforementioned tactics into practice, Plateau State can greatly improve the efficacy of its tuberculosis control initiatives.”
Officials and media partners of KRP FEMA paid advocacy visits to ministries of finance, health, State TB control programme office, and health institutions.
The series of engagements are aimed to raise awareness, promote advocacy, and strengthen partnerships in the fight against TB.
Ikechukwu Aleke in Abuja
Ibrahim Oyewale in Lokoja
As part of efforts to tackle the menace of the malaria diseases among the children, an international NonGovernmental Organisation, NGO, Malaria Consortium, in partnership with Kogi State Ministry of Health have commenced Seasonal Malaria Chemoprevention SMC programmes across the 21 local government areas of the state.
The objective of the SMC programme in the State is to target over 1,200,000 children of age 3 months to 5 years who are vulnerable to malaria diseases.
The State Coordinator of the Malaria Consortium, Kenneth Maduka, explained that the SMC project had commenced since 2012 in 21 states.
According to him, malaria is a public health issue that affected over 229 million people estimated globally with Nigeria having 27% adding that over 409, 000 people die from malaria each year and the children under five are particularly vulnerable comprising of 70%of all malaria deaths.
Maduka stressed that Malaria Consortium in partnership with Kogi State Ministry of Health have rolled out yet another Seasonal Malaria
Chemoprevention programme in Kogi State, urging the parents to seize the opportunity to ensure that their children benefitted from this.
He posited that the Malaria Consortium primarily focused on the control and management and where appropriate to control for elimination.
He added that the Malaria Consortium balance the focus on child and maternal health in preventing malaria and not curative.
The State Programme Manager, Dr. Ake Oluwarotimi, while speaking at the opening ceremony of the Seasonal Malaria Chemoprevention 2024 in Lokoja, the State capital at weekend, said the programme covers 21 local government areas.
Oluwarotimi pointed out that malarial prevalence among children under five years can range from 43.2-84.2% during the raining season.
He added that SMC is to prevent malaria in those most vulnerable to the disease and in the areas where malaria transmission is seasonal, noting that the World Health Organisation WHO has recommended Seasonal Malaria Chemoprevention SMC.
He stated that the development partner, the Malaria Consortium had been helping in 21 States of the federation to eliminate malaria disease.
The National Working Committee of the Police Community Relations Committee (PCRC), has exonerated the Inspector General of Police Kayode Egbetokun and force spokesperson ACP Olumuyiwa Adejobi against alleged arbitrary use of power to shield corrupt elements within the leadership of PCRC.
An online news portal had last week published a story titled "Exposed: How Nigeria Police Force is Covering up Corruption, abuse of Office Allegations in the Police Community Relations Committee".
The medium further noted the force under the leadership of the Inspector General of Police, Mr. Kayode Egbetokun, has continued to aid and abet Alhaji Mogaji Ibrahim Olaniyan, the PCRC National Chairman, despite various attempts to eradicate corruption in the Police Community Relation Committee (PCRC).
Alhaji Olaniyan, alongside some top executive members of the Police Community Relations Committee, the report alleged, misappropriated a total sum of sixty million, three hundred and twenty-five thousand naira (N60,325,000.00), and three hundred dollars ($300) being funds realized from registration of members and issuance of identity cards, among other events.
The story stated: "Among the misappropriated funds were twenty-nine million, six hundred and seventy-seven thousand, five hundred naira (N29,677,500) which was realized
from registration of 3,957 members of PCRC for identity card (ID card), and the sum of twelve million, seven hundred and forty thousand naira (N12,740,000) which was generated through election conducted in 14 states of the federation, and the sum of three million naira (N3,000,000 ) collected for a capacity building program in Brono/Yobe States among many others, which were yet to be accounted for."
The petitioner, Princess Dahiru Nana Ngozi, the National Welfare Secretary for PCRC, averred that her petition dated July 21, 2023, and addressed to the Inspector General of Police, lent credence to her current allegations.
The petition was filed against Alhaji Mogaji Ibrahim Olaniyan, PCRC Chairman, Amb. Mary Samuel, PCRC Deputy National Secretary, and Hon. Maina Digma Gana, PCRC National Treasurer, by Omeiza Ibrahim & Co on behalf of Princess Dahiru Nana Ngozi, the National Welfare Secretary for PCRC.
Princess Dahiru further alleged that the chairman in a bid to legalize his nefarious acts has in a proposed amendment to the Constitution of the PCRC completely expunged Article 24 of the existing constitution and also attempted to smuggle in a provision in Article 1(1:3) in the proposed amendment by usurping the powers of the national executive committee and vesting same on the national chairman.
But in a swift reaction to the weighty allegations, the PCRC in a statement signed by Assistant National Publicity Secretary, Muhammed Sale,
asserted that the allegation was not only spurious and fictitious, but frivolous claims by a disgruntled elements of stagnation, retrogression and bitterness.
According to him, "This disgruntled element usually derive joy in defaming people's character just as proven by her deliberate act of dragging the highly referred offices and personalities of the Inspector General of Police, Kayode Egbetokun and the Force PRO/ National Permanent Secretary of the PCRC, ACP Olumuyiwa Adejobi.
"Under the current NWC, the PCRC has made giant strides including the recovery of our national secretariat site in Jabi FCT Abuja which was almost lost to highly sophisticated conspiracy from both enemies within and outside the PCRC who have concluded plans to sell the land for almost a billion Naira.
“We are now getting to understand why a national chairman who bluntly refused an inducement of over two hundred million Naira (N200,000,000.00), is now being baselessly accused of misappropriating fabricated figures by an enemy within.
“It is now also clear to us why this disgruntled element has failed to identify with the Nigeria Police Force or the PCRC during many recent challenges and recordbreaking achievements such as the #Endbadgovernance protest to mention a few, despite still holding on to her position as the National Welfare Secretary.
“But she was quick to hypocritically talk about repair of police barracks in
her sponsored online publication when indeed, all she's desperately thirsts for is total control of the national chairman to fulfill her personal ambitions and highly dangerous motives in the PCRC by retaining the office of the National Women Committee Coordinator which up till date, she has yet to congratulate the new appointee".
Comrade Sale said that after several attempts to stop the unprecedented progress being recorded in the PCRC under the current NWC led by the national chairman, Alhaji Mogaji Ibrahim Olaniyan for selfish and other demonic motives, “this disgruntled element who has apologized severally for her unbecoming conducts at different occasions both within and outside the PCRC with verifiable records can only be described as a sworn enemy of progress who will stop at nothing but to continue to drag her bitter self and not the PCRC in the mud.”
The statement read: "The attention of the National Working Committee (NWC) of the Police Community Relations Committee (PCRC) has been drawn to a sponsored publication online with fictitious and frivolous claims by a disgruntled element who has continued to constitute and conduct herself with a very few minority in the NWC and as a matter of fact; with just two out of a 25 member NWC as elements of stagnation, retrogression and bitterness because she was not granted her desired wish of becoming the Coordinator of the PCRC National Women Committee at over 70 years of age".
Bayo Onanuga writes about the maiden meeting of the National Council of State presided over by President Bola Tinubu in Abuja last week during which some ministers presented their score sheets to the presidential advisory body.
The National Council of State, a diverse body comprising former presidents, heads of government, chief justices of the federation, state governors, secretary to the government of the federation, the attorney-general of the federation and the minister of the Federal Capital Territory, held its first meeting under President Bola Tinubu on Tuesday, 13 August, 2024. This diverse composition underscores the council’s advisory role in shaping the nation’s policies and decisions, ensuring a broad spectrum of perspectives are considered.
At its last meeting 18 months ago, the council was briefed by the INEC Chairman and the Inspector General of Police on the preparations for the general election, which took place two weeks later. Godwin Emefiele, then the Central Bank governor, also informed the council on implementing the currency redesign policy, which created a severe economic crisis.
This time, six ministers and the National Security Adviser, Mallam Nuhu Ribadu, briefed the council. President Tinubu reported on the appointments made to the National Population Commission and the Independent National Electoral Commission. Both INEC and NPC are federal executive bodies contained in the constitution.
In his briefing, the President told the council that he fully complied with the Federal Character principle and subjected the appointments to the approval of the Nigerian Senate.
It was fitting that the NSA, Mallam Nuhu Ribadu briefed the council first, the meeting coming just a few days after the end of peaceful and violent national protests in which some Nigerians called for regime change. In some cities in Northern Nigeria, protesters even displayed the Russian flag and caused some destruction of public and private properties. The NSA profiled some of the protesters as ideologues,
anarchists, unemployed youths, and members of socialist movements and non-governmental organizations (NGOs). The protesters used internet radio and social media platforms, such as TikTok, Twitter Spaces, and fake news to mobilise people on the streets.
He mentioned the involvement of an Islamic Group and some Nigerians in the diaspora. Nigeriens also took part in the protest, and the participation of a
foreign agent provocateur, a European, was also found during the protest. His local collaborators have been arrested. The protest was well funded, with N4 billion contributed by political actors and $ 50 million traced to crypto wallets. Four wallets containing $38 million were blocked. The funding sources are all under investigation.
The protest recorded casualties. Eight people died from a variety of causes: bombing in Borno, vigilante shooting in Kebbi, and reckless driving also in Borno.
The briefing, laced with infographics, was comprehensive. Council members praised the paper. The council suggested the country step up efforts to secure the borders and stabilise the exchange rate. President Tinubu promised to work on the suggestions.
Next was the Minister of Agriculture and Food Security, Senator Abubakar Kyari. He reported on the gains of dry-season farming: 118,657 hectares cultivated, 474,628 metric tonnes of grains harvested, valued at N309 billion. He spoke on the food palliatives: 43,000 metric tonnes released from the reserve, 20 trucks of rice sent to the states from March/April, and the decision to allow tariff-free import of food for six months, all designed to crash the cost of food. Finally, he spoke of importing thousands of tractors and other mechanisation equipment from the United States, Brazil, and Belarus and establishing mechanisation hubs in the six geopolitical zones with a $945 million loan. Coordinating minister of the economy, Olawale Edun, briefed the council on the gains recorded in the last 14 months. Among these are exchange rate stability, a positive trade balance, and an increase in foreign direct investment and Portfolio Investment. According to recent figures from the National Bureau of Statistics, he said inflation has been slowing down. Oil production has increased, and revenues collected hit N9 trillion at the end of June, the year’s first half. He said the outlook for the year’s second half will also be better.
-Onanuga is Special Adviser to the President on Information and Strategy
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Gloria Unwaha examines the growing unease among members of the Defunct Tinubu/Shettima Women Presidential Campaign Council, exploring the far-reaching implications if the concerns raised are not addressed.
One of the scathing criticisms that trailed the All Progressive Congress (APC) under President Muhammadu Buhari’s administration was its poor reward system, which left party loyalists feeling unapprieciated and disillusioned. This perceived ingratitude was a significant factor in the widespread discontent that trailed the party, leading many to abandon its ship in the build up to the 2023 presidential election.
The consequences of this neglect were starkly evident in the 2023 general election results, which reflected the people’s anger and frustration. The party’s failure to recognise and even reward most of its dedicated supporters, who had worked tirelessly since its inception in 2014 and Buhari’s re-election in 2019, was a costly oversight. The fact that a newcomer like Peter Obi, who contested for the first time, under the Labour Party (LP) and former Vice President Atiku Abubakar, came close to winning the presidential election, underscored the depth of discontentment in the party in the build up to the 2023 presidential election. Despite the APC’s attempts to downplay its poor outing in 2023 due to neglect of its footsoldiers, the election will be etched in history as a watershed moment, marked by stunning upsets and a seismic shift in the political terrain. The repercussions of neglecting loyal party members have been laid bare, serving as a stark reminder of the perils of ingratitude. The election’s contentious and controversial nature exposed the fault lines within the APC, revealing a party that was grappling with internal strife and disillusionment going into the election battle ground. The fact that the party’s complacency was punished at the polls was a strong statement of the power of
grassroots discontent. The 2023 election will be remembered as a turning point, a moment when the APC’s neglect of its party faithful came back to haunt it. The 2023 election has come and gone, the dust raised before and during and after the election has settled, appointments have been made and the political landscape has begun to take new shape. However, as President Bola Tinubu’s ad-
ministration has continued to take form after 14 months, a familiar pattern seems to be emerging, prompting widespread disquiet and allegations of neglect. Despite earlier promises, it appears that the new government is following in the footsteps of its predecessor, overlooking the contributions of loyal party members, particularly women’s groups who feel marginalised and excluded from the spoils of victory.
By implication, the APC is potentially staring
into the abyss, with a looming crisis threatening to undermine its prospects in the 2027 elections. A simmering storm of discontent among members of the defunct Tinubu/Shetimma Women Presidential Campaign Council has erupted into a full-blown crisis, dominating newspaper headlines for almost two months now. This escalating saga has become a source of deep concern, casting a long shadow over the party’s future. The widespread disillusionment among these women, who played a pivotal role in the party’s electoral success, funding the party’s campaign without donation from anywhere, has exposed festering wounds within the APC. Their grievances, if left unaddressed, could snowball into a full-blown rebellion, imperiling the party’s chances of retaining power in 2027.
Without being economical with words, in its current state, if elections were to be conducted today, the APC will meet a catastrophic electoral defeat. The party’s impending doom is not solely attributable to the prevailing economic woes afflicting the nation, but also to the pervasive discontent simmering among its own ranks. The grievances, now palpable and widespread, threaten to upend the party’s fortunes, as erstwhile loyalists increasingly feel alienated.
Recent exposés in national dailies have laid bare the feelings of dejection of powerful party stalwarts, who, driven by sense of betrayal feel their contributions and sacrifices have been callously disregarded.
-Unwaha writes from Lafia, Nasarawa state
NOTE:
Email: chiemelie.ezeobi@thisdaylive.com, 07010510430
With the Supreme Court overwhelmed by thousands of delayed cases and appeals stretching into 2028, the PCC emerges as a vital alternative dispute resolution mechanism. Under the leadership of Honorable Abimbola Ayo-Yusuf, the PCC has made significant strides in raising public awareness and enhancing its operational effectiveness. Key initiatives, such as the establishment of a Complaint Lounge and Call Centre, demonstrate the PCC’s commitment to providing accessible and efficient justice for Nigerian citizens. By addressing administrative injustices and facilitating systemic changes, Dakore Ekpendu writes that the PCC plays a crucial role in improving governance, promoting social justice, and alleviating the judicial backlog, thereby restoring public confidence in the country's justice system
The role of the ombudsman and conflict resolution in Nigeria has become critical, with the reported 6,000 cases of public complaints of rights violations gathering dust in the courts. Many litigants experience frustration as their cases suffer multiple adjournments. Alarmingly, some appeals pending at the Supreme Court are not scheduled for hearing until 2028, five years from now. This situation highlights the ineffectiveness of the Alternative Dispute Resolution (ADR) mechanisms in the country.
Against this backdrop, the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, lamented that the Supreme Court is grappling with 6,884 delayed cases. According to the National Judicial Council (NJC), the judiciary’s regulatory body, only 1,179 judges are available for courts across the country, which has an estimated population of 218 million people.
As a result, many cases drag on in the courts, with some files being called up for the first time after ten years. A senior staff member of the Supreme Court disclosed that many appeals filed in 2006 were being heard for the first time in 2023. Recommendations from past committees for special courts to expeditiously handle cases like criminal and corruption cases have not been implemented.
This is where the Public Complaints Commission (PCC), Nigeria's ombudsman, should intervene to resolve disputes between parties. However, for many years, it has not lived up to its responsibilities, and many Nigerians are unaware of its existence. The PCC acts as a neutral third party that facilitates the resolution of disputes outside the traditional court system.
The Commission helps resolve issues through informal mediation and identifies new issues and opportunities for systemic change. As an agency of the federal government of Nigeria under the Presidency, it acts as an ombudsman, receiving complaints from citizens against the government, private institutions, or their officials and intervening to settle issues.
The unique positioning of the ombudsman provides unfiltered information that can offer insights into issues and resolutions. Fortunately, the strides made by the new leadership of the PCC in recent years have raised hopes that there will be respite for litigants and an end to their frustration with the court system.
With renewed vigour and progressive ideals, incumbent Chief Commissioner of the Public Complaints Commission (PCC), Honorable Abimbola Ayo-Yusuf, is effectively embodying the vision of President Bola Ahmed Tinubu led administration and the principles of patriotic, people-centered governance.
For the first time in its history, the Nigeria Ombudsman, the Public Complaints Commission (PCC), was granted election observer status during the election that ushered in the administration of President Bola Ahmed Tinubu. Under the leadership of Ayo-Yusuf, this peoplecentred proactive involvement in deepening our democracy marks a significant milestone, establishing the PCC as a vital stakeholder, not just in electoral matters but also in all that concerns the present and the future of Nigerian citizens in an evolving democratic space.
Established on October 16, 1975 by the then military regime of Murtala – Obasanjo on the recommendation of the Udoji panel of inquiry vested with the powers to investigate and resolve any form of injustice arising from administrative errors, abuse of power and office by government officials or private establishments in Nigeria, the Public Complaints Commission (PCC) stands as a sentinel against administrative excesses and legal abuses, serving as a vital organ of the Nigerian government.
The organisation is dedicated to addressing grievances brought forth by citizens or residents who have suffered administrative injustices.
Many believed the PCC has not been heard for so many years despite the huge responsibilities it has to resolve issues but upon LEADERSHIP Sunday enquiry, Hon. Ayo-Yusuf said since 2021 when the new leadership came into office, it has been championing social justice and offers a robust avenue for individuals seeking redress from the errors, omissions, or abuses perpetrated by government officials or private entities.
According to him, this institution ensures that Nigerians, and all residents, have a reliable mechanism to challenge and rectify bureaucratic wrongs.
He further told our Correspondent that beyond actualising redress, the PCC now plays an increasingly crucial role in enhancing public administration as it meticulously reviews and recommends improvements to laws, procedures, practices, rules, regulations, and the standard conduct of officials, as outlined in the ACT, CAP 37 LFN 2004.
It is sad enough that many Nigerians do not even know their rights and if they lack the knowlege of their rights, how do they enforce it. Apart from knowing their rights and enforcing it, many Nigerians do not even know the
primary functions and responsibilities of the PCC and this is where relevant government agencies should step in to create awareness among Nigerians on the agencies they could approach in place of litigations in court where they will suffer several adjournments, which could be frustrating.
“At its core, the PCC’s primary function is to conduct unbiased investigations on behalf of those wronged by government actions or inactions, or by private companies and the Commission operates independently of government bureaucracy, wielding significant powers to ensure confidentiality and access to all pertinent government information. As a bulwark against excesses in high places, it compels the production of documents necessary for thorough investigations and enforces compliance to secure essential information. This autonomy and authority underpin the PCC’s commitment to justice and accountability in the process of quiet but effective renewal of citizens’ hope in Nigeria.
“Since its establishment, the PCC has quietly investigated and successfully handled hundreds of thousands of complaints that have been brought before it by Nigerians and residents in Nigeria. Living up to its mission statement of restoring dignity of man through the enthronement of rule of law and the protection of the individual and organization against administrative injustice. The PCC has since inception been promoting effective and efficient services that is responsible to the needs of the citizenry through proactive investigation and
The Commission helps resolve issues through informal mediation and identifies new issues and opportunities for systemic change. As an agency of the federal government of Nigeria under the Presidency, it acts as an ombudsman, receiving complaints from citizens against the government, private institutions, or their officials and intervening to settle issues
resolution of complaints against various levels of government such as the Federal, State and Local Governments, including Public Corporations, Private Sector Organizations and their officials.
“With its core mandate such as to investigate and conduct research in Ministries, Departments and Agencies of Government, private companies and officials of these bodies; investigate administrative procedures of any court of law in Nigeria; report crimes in the course or after investigation; report any erring officer for disciplinary action; report, interpret policies of government and advise government and companies; to make public, reports and after investigation; have access to all information and make recommendation, especially after proactive investigation, PCC, has no doubt given and has continued to give Nigerians better and qualitative service delivery. Even more under the President Bola Ahmed Tinubu renewed hope agenda”, he said.
It is a common thing for every government institution to complain inadequacy of statutory budgetary allocations but according to the Chief Commissioner of the PCC, that has not hindered his commitment towards putting the Public Complaints Commission on the pedestal of success in the effective service delivery to Nigerians and even, non-citizens resident in Nigeria.
A quick look at the record of the organisation shows that PCC discharged its statutory role to enhance peace and development. For instance, between July 2021 and October 2022 alone, the Commission received 34,000 complaints out of which 13,000 were resolved.
In about a year later, PCC was again, inundated with not less than 258, 780 complaints from members of the public, aside from cases initiated by the commission to address systemic issues in Ministries, Departments and Agencies (MDAs) and the private sector. About 170, 000 of such cases were successfully resolved.
Apart from just looking into complaints of parties before it, notably, the PCC has also successfully engaged various authorities on issues that include various infractions and poor service delivery as well as complex issues surrounding the administration of budgeted ecological funds across the entire thirty-six states of the federation.
For enhanced productivity, the recent creation of the Complaints Lounge and Call Centre by the PCC can be said to be all about bringing the Commission closer to the people. “It is worthy of note that the PCC is dedicated to serving the public in the best possible means. Hence, the establishment of a Complaint Lounge popularly known as Call Centre. Undeniably, call centres create valuable interactions that build and facilitate feedback communication, trust and confidence between the governed and the government”, he said.
Despite its historical challenges, the PCC has seen a resurgence under the leadership of Ayo-Yusuf, aligning with the vision of Tinubu’s administration. The PCC has taken significant steps towards championing social justice and providing a robust mechanism for individuals seeking redress from administrative injustices. By engaging in proactive measures such as the creation of a Complaint Lounge and Call Centre, the PCC has enhanced its accessibility and effectiveness. The Commission's ability to independently investigate complaints and recommend systemic changes positions it as a crucial player in Nigeria’s pursuit of improved governance and public administration. With continued support and public awareness, the PCC has the potential to significantly alleviate the judicial backlog and restore public confidence in the justice system.
Dike Onwuamaeze
The Manufacturers Association of Nigeria (MAN) has expressed optimism that that continued lowering of inflationary pressure and effective implementation of the newly enacted minimum wage would lower production cost and improve sales of manufactured goods in the country.
The MAN expressed this optimism in its report: Manufacturers’ CEO Confidence Index (MCCI) for the Q2’24, which stated that the MCCI’s Aggregate Index Score (AIS) dropped by 1.6 points to 51.9 points in Q2 2024 from 53.5 points it recorded
in Q1 2024.
It said: “The sentiments of the manufacturers on the business condition and production level in the next quarter remained above the threshold (50) point primarily due to the expectations that inflationary pressure in the country may subside to slightly ease production costs and improve demand for manufactured products.”
“In spite of the general notion that the approved higher minimum wage would lead to tighter employment conditions, manufacturers expect its implementation to improve sales.”
The report further stated, “the
expectations of a prolonged stability in the exchange rate and the adoption of the recommendations by the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) also contributed to the optimism of the manufacturers during the reviewed period.
“The adoption and effective implementation of the recommendations of the PFPTRC can ease tax burdens faced by the manufacturers by streamlining the several taxes currently paid into just eight taxes.”
Commenting on the1.6 points drop in the AIS from53.5 points in Q1’24 to 51.9 points in Q2’24, MAN said that it represented, “a
relapse following the improvement recorded in the previous quarter.”
It attributed the decrease in the AIS to the current performance of diffusion factors, which showed that the indicators for “the current business and the current employment conditions declined below the 50-point benchmark, dropping from 46.8 points and 47.5 points in the first quarter of 2024 to 43.9 points and 47.2 points in Q2 2024, respectively.”
The index of the current production level fell from 52.8 points to 49.7 points which is also below 50-point threshold, and underscored a significant decline in manufacturers’ confidence
regarding production levels during the review period.
The deterioration of the three indices was occasioned by the exorbitant increase in the electricity tariff, the aggressive hike of the interest rates, the high exchange rate, the persistent inflationary pressure, the reoccurrence of fuel scarcity as well as the disruptive effect of the Industrial Action observed by the National Labour Congress.
It said: “Based on the prevailing harsh economic environment, the manufacturers also reduced their expectations for the Employment Condition and Production Level in the Next Quarter. A closer observation reveals that more
manufacturers are projecting tighter employment conditions for the next quarter, which is responsible for the decline in the Employment Condition Index in the Next Quarter.
“The index dropped below the 50-point threshold, sliding from 51.2 points in Q1 2024 to 49.8 points in Q2 2024. Similarly, manufacturers’ expectations for production levels remained pessimistic, as reflected in the Production Level Index for the Next Quarter, which recorded a drop of 3.3 points, falling from 63.5 points in Q1 2024 to 60.2 points in Q2 2024.
Despite the tough operating clime, six banks that have so far released their results for the Half Year (H1) ended June 30, 2024, surpassed their 2023 performance, posting N979.19 billion profit before tax, about 133 per cent increase over the N421.04 billion reported in corresponding period of 2023.
The banks, which are listed on the Nigerian Exchange Limited (NGX) include; Ecobank Plc, FBN Holdings Plc, Wema Bank Plc, Jaiz Bank Plc, FCMB Group Plc and Sterling Financial Holdings Company Plc.
However, sector giants such as Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Holdings Company Plc Stanbic IBTC Holdings Plc and Fidelity Bank Plc, are yet to announce their audited H1 2024 results.
The six banks had reported N854.21 billion profit before tax in 2023, representing an increase of 93.08 per cent from N442.42 billion reported in 2022 financial year.
Their profit before tax growth during the period under review was driven by significant increase in interest income and income from non-interest income on the back of
the Central Bank of Nigeria (CBN) hike of Monetary Policy Rate (MPR).
Operating environment was intense in the period under review, influenced by double-digit inflation rate, sustained hike in monetary policy parameters that drain liquidity in the banking system, among other challenges.
Analysts attributed the banks’ financial performance to the devaluation of the naira. They said most banks have international affiliations, with a significant portion of their assets denominated in dollars.
As a result, the devaluation has led to a substantial increase in their
profits,” said Vice President, Highcap Securities Limited, Mr. David Adnori.
“In the history of banking, hardly any bank has ever declared PBT of up to N400 billion in a half-year period. However, due to the devaluation and the transition from a pegged exchange rate to a freely floating one, banks have experienced a significant spike in their declared profits in the first half of 2024,” he said.
He added that a substantial portion of this increased profitability of these banks is attributed to noninterest income. The devaluation has affected fees, commissions,
off-balance sheet transactions, and other non-interest income sources, which now contribute significantly to the banks’ higher profits.
“According to their financial statements, a significant portion of their profits is derived from non-interest income, and this portion has grown in recent periods,” he added.
Speaking, Investment Banker & Stockbroker, Mr. Tajudeen Olayinka said a significant portion of the banks’ recent profit gains came from revaluation gains on their net long US dollar income positions.
He stated that most banks have structured their balance sheets to maintain net long US dollar positions, which means that they are able to record gains whenever the currency is adjusted.
“Most tier-one banks currently hold a net long position in USD. This means that their foreign currency assets exceed their currency liabilities. Consequently, whenever there is currency revaluation, it will positively impact their profits,” Olayinka said.
With a strong digital channels penetration and adoption, FBN Holdings Plc, and four other Deposit Money Banks (DMBs) generate N346.55 trillion worth of transactions from customers using mobile and internet banking services in the 2023 financial year.
This is about 29 per cent increase over the N268.82 trillion reported in 2022 financial year.
It was learnt that most digital transactions recorded by Nigerian banks were from mobile and internet banking services amid increasing threat in the cyberspace.
Other digital platforms are: Automated Teller Machine (ATM), Point-of-Sale (PoS), and Unstructured Supplementary Service Data (USSD).
The other banks are; Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc and Guaranty Trust Holding Company Plc (GTCO).
Analysis of the 2023 mobile and internet transactions showed that Zenith Bank generated the most, reporting about N100.82 trillion, an increase of 11 per cent from
N90.8 trillion in 2022, while Access Holdings generated N98.14 trillion value of transactions from mobile and internet banking in 2023, representing an increase of nearly 70 per cent.
As UBA reported N63.6 trillion value of transactions from mobile and internet banking in 2023, a growth of 17 per cent from N54.27 trillion in 2022, FBN Holdings reported N42.28 trillion worth of transactions from mobile and internet banking in 2023, 38 per cent high from NN30.6 trillion reported in 2022.
In addition, GTCO reported N41.73 trillion through mobile and internet banking services in 2023, nearly 18 per cent from N35.4 trillion reported in 2022.
According to GTCO, it recorded a strong growth of 27 per cent in volume and 17 per cent value of Mobile banking in 2023.
“Mobile Banking value grew from N32.8 trillion in 2022 to N38.4 trillion in 2023 on the back of an 27per cent increase in volume from N625.3 million to N490.6 million from increased adoption.
“Internet Banking continues
to supplement mobile app usage with strong growth recorded in both value (N3.33trillon vs N2.62 trillion) and volume (N10.9 million vs N8.8 million),” GTCO explained in a presentation to investors and analysts.
The Group Managing Director and Chief Executive Officer, UBA, Mr. Oliver Alawuba noted that most of the Pan-African financial institution transactions are increasingly migrating to these digital channels. He said, “And for us, it’s a very strong growth pool for the future, and we are making all necessary investments, both in technology and in security, to ensure that we continue to grow the payments business.
“And all of that growth in count and volume reflects in the digital banking income, which grew from N79.4 billion to N131.7 billion yearon-year, which is some 66per cent growth.”
The Group Chief Executive Officer, GTCO, Mr. Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals. Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.”
To cushion the effect of hardship and to revitalise small businesses and enhance the livelihoods of his constituents, a member representing Tambuwal/Kebbe
Group Business Editor
Eromosele Abiodun
Deputy Business Editor
Chinedu Eze
Comms/e-Business Editor
Emma Okonji
Asst. Editor, Energy
Emmanuel Addeh
Asst. Editor, Money Market
Nume Ekeghe
Correspondents
KayodeTokede(CapitalMarkets)
James Emejo (Finance)
Ebere Nwoji (Insurance)
Reporter Peter Uzoho (Energy)
Constituency Abdussamad Dasuki, has commenced the disbursement of grants to farmers, traders, and small and medium-scale entreprises.
The grant scheme according to Team Dasuki has already kicked off with the distributions of cheques to beneficiaries in Kuchi district, Kebbe Local Government.
The team further explained that it will visit markets, farms, and business hubs to identify and issue cheques to eligible SME owners.
It also disclosed that the initiative, is a fulfilled campaign promises aimed to boost local economies and bring governance closer to the people.
The team quoted the lawmaker as saying the exercise will be conducted monthly to ensure all SMEs in the constituency receive support.
Beneficiaries were granted sums ranging from N100,000 to N250,000, with categories including N250,000, N200,000, N150,000, and N100,000.
The team the move comes as a welcome relief to constituents facing hardship amidst the country’s economic challenges.
They explained that investing in local businesses, Dasuki demonstrates his commitment to driving growth and development in Kebbe/Tambuwal Federal Constituency.
Kayode Tokede
As the federal government moves to upturn a controversial judgment by a court in Paris, France, authorising a Chinese firm, Zhongfu International Investment FXE to seize Nigeria’s presidential jets undergoing routine maintenance in France, the Managing Director, DataPro Limited Mr. Abimbola Adeseyoju has advised Nigerian government at all levels to mandate its agents not to invest in companies without credit rating report.
Adeseyoju, in an interview with THISDAY, said although a statement by a former governor of Ogun State, Senator Ibikunle Amosun has provided clarity over the business deal that went awry, he, however, said that a credit rating report would have exposed the shenanigans of
Dun & Bradstreet’s Vend-R platform has said that it his successfully connected over 5,000 vendors to clients in Nigeria. Dun & Bradstreet is a leading global provider of business decisioning data and analytics.
In a statement, it said the Vend-R platform has become a cornerstone for procurement teams seeking to optimise supply chain operations and mitigate risks.
Country Manager at Dun &
Emma Okonji
NIGCOMSAT, the government agency responsible for the launch of Nigeria satellite into orbit, has assured Nigerians that it will still launch the new satellite tagged NigComSat-2 as earlier planned.
According to NIGCOMSAT, the planned new satellite launch represents the next phase of its commitment to advancing Nigeria’s space capabilities and providing world-class satellite services.
the Chinese company at the centre of the controversy.
Amosun had admitted that he was deceived into handing over a free trade facility in Ogun State to an investment group from China.
In his reaction, the DataPro boss said “A credit rating report would have established the true position of the company currently causing Nigeria such a big international embarrassment. This is one of the duties of credit rating agencies.”
Calling on the government at all levels to mandate its agencies to demand credit rating reports before committing government funds to any investment, Adeseyoju said the government at all levels should borrow a leaf from the Pension custodians who were forbidden from investing pension funds in any entity that is not investment graded.
According to him, the sharp reduction in bank failure these days could be attributed to the culture of reliance on credit ratings by banks. He added that even the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) would not commit any fund for the host communities to any investment without credit rating reports.
He said doing so would save the nation from all sorts of embarrassment like the case of the Process & Industrial Developments Ltd (P&ID) versus the Nigerian Ministry of Petroleum Resources, and many other controversial agreements waiting to snowball into problems in the future.
“Government should ensure that no agency enters into any agreement with any entity without getting a rating report which will make
Bradstreet Nigeria, Womo Diriyai, said: “We are incredibly proud of Vend-R’s success in Nigeria. Our goal is to empower businesses with the tools they need to thrive. By connecting buyers and suppliers seamlessly, Vend-R is driving operational efficiency and risk reduction.
“Vend-R offers a comprehensive suite of features, including vendor qualification, performance management, and supplier risk
Managing Director/Chief Executive Officer, NIGCOMSAT Ltd, Mrs. Jane Egerton-Idehen, who disclosed this at a one-day sensitisation training for journalists in Lagos, recently, said NigComSat-2 satellite would significantly enhance the capacity to deliver robust, highspeed communication services across Nigeria and beyond.
The managing director who was represented by Assistant General Manager, Communications, NIGCOMSAT, Aisha Bantam, said
assessment. The platform also enables compliance and legal teams to conduct thorough screenings of suppliers, shareholders, and directors against global watchlists and adverse media coverage. “Leading Nigerian companies, such as Ikeja Electric, Mobil, Walter Smith, and Nigerian Breweries, have adopted Vend-R to streamline their procurement processes and enhance supplier management.
the new satellite would support a wide range of applications, including broadband Internet, telemedicine and e-learning, among others.
According to her, NigComSat-2, whose launch is in the immediate future, will also enable the agency to better serve critical sectors such as agriculture, security health and education, driving economic growth and improving the quality of life for Nigerians.
“The launch of NigComSat-2 satellite is not just a technological
available a quantitative and quality report on the entity. How could a state government have entered into an agreement which later turned out to be a scam? ” he wondered.
The seizure of Nigeria’s assets came after litigations were initiated by the Chinese company against the federal government and the Ogun State Government due to the termination of the contractual agreement.
In a statement at the weekend, a former governor of Ogun State between 2011 and 2019, Senator Ibikunle Amosun, said his administration terminated the management rights of Zhongfu based on the request of the Chinese Government and advice from the Department of State Services (DSS), and the Nigeria Export Processing Zones Authority (NEPZA).
“Our partnership with Dun & Bradstreet has been instrumental in optimizing our supply chain,” said an official at Ikeja Electric. “Vend-R has significantly improved vendor pre-qualification and registration, allowing us to focus on core business activities.” Dun & Bradstreet remains committed to supporting Nigerian businesses by providing innovative solutions that drive growth and sustainability.
milestone; it attests to Nigeria’s growing prowess in the global space industry and underscores our resolve to harness the power of space technology for national development.
“As we continue on this path of growth and innovation, our commitment to providing reliable, high-quality satellite communication service is unwavering, and we are continuously innovating to meet the growing demands of our digital economy,” she said.
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 15-August-2024, unless otherwise stated.
Ebere Nwoji
The Chief Executive Officer of Leadway Assurance Company Limited, Gboyega Lesi, has called on communities, businesses, and individuals to take immediate and proactive steps in anticipation of the severe flooding forecasted by the National Emergency Management Agency (NEMA).
In a July report presented at a forum in Abuja, NEMA predicted an increase in flooding incidents across 33 states from August through October. The agency urged various sectors to begin taking precautionary measures immediately.
Lesi also reechoed NEMA’s warnings, emphasising the
seriousness of the situation: “Flooding poses a significant threat to communities across Nigeria, and the latest Nigerian Meteorological Agency (NIMET) report highlights the urgent need for proactive protection measures for individuals, families, properties and investments.”
The Nigerian Bureau of Statistics (NBS) reported that the 2022 flood disaster, deemed the worst in decades, caused about $9.12 billion in direct economic damages, as the Federal Government and the World Bank estimated.
The assessment reveals extensive damage to residential and non-residential buildings, businesses, households, and public infrastructure and
significant disruption to productive and agricultural sectors. The financial impact is overwhelming, underscoring the need for urgent action.
Lesi underscored Leadway Assurance’s dedication to equipping Nigerians for rapid recovery from disaster impacts through its specialised insurance solutions tailored to the distinct challenges posed by flood-related risks. “Our comprehensive policies offer robust protection, empowering individuals and businesses to recover quickly and effectively after a flood. We understand that each flood scenario is different, and our coverage is flexible enough to meet specific needs and circumstances.”
Nume Ekeghe
The Nigeria Inter-Bank Settlement System Plc (NIBSS) recently celebrated a year of significant milestones and strategic growth in the 2023 financial year.
Speaking at its 30th Annual General Meeting (AGM), Chairman, Board of Directors of NIBSS and Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Mr. Philip Ikeazor noted that despite facing economic challenges, they maintained its crucial role in the Nigerian payment system while pioneering innovations that set new benchmarks across the industry.
NIBSS in a statement noted that the AGM marked a significant milestone in the history of
NIBSS, as it celebrated three decades of advancing Nigeria’s payment system and financial inclusion.
Addressing Shareholders, Board members and other stakeholders, Ikeazor expressed his satisfaction with the company’s resilience and performance amid challenging economic conditions.
Ikeazor said: “Our ability to navigate the complexities of 2023, while delivering on our mandate, is a testament to the strength of our leadership and the unwavering commitment of our team. NIBSS has not only sustained its critical role in the Nigerian payment system but has also pioneered innovations that are setting new benchmarks for the industry.”
He reiterated that 2023 was
a year of significant achievements for NIBSS, driven by our commitment to enhancing Nigeria’s financial and payment infrastructure, one of the most notable achievements in 2023 was the successful launch of the AfriGO Card; the national domestic card scheme, in collaboration with the Central Bank of Nigeria.
Expressing his excitement about the future, Mr. Premier Oiwoh, Managing Director/ CEO of NIBSS, articulated his gratitude to all stakeholders for their unwavering support. “As we close the 2023 financial year, I am filled with immense pride in what we have achieved together and the strides we have made in fortifying Nigeria’s payment infrastructure.
Nume Ekeghe
Ecobank, the pan-African Bank has announced 12 top finalists for the coveted $50,000 cash prize for its 2024 Ecobank Fintech Challenge.
Speaking at the semi-final hybrid event, in Lagos, Chief Executive Officer of Ecobank Group, Jeremy Awori, said, “The finalists in this year’s Ecobank Fintech Challenge have showcased exceptional talent and innovation; and we look forward to welcoming them to the Finale.
“At Ecobank, we’re committed to collaborating with these business builders to develop products and services that will benefit our customers and contribute to our continent’s progress.”
In his welcome remarks, Managing Director, Ecobank Nigeria, Bolaji Lawal, noted that, “Ecobank Nigeria is fully committed to working with the Ecobank Group to provide market access to the innovative solutions that emerge from this Challenge. We believe that by fostering collaboration between traditional banking and fintech innovations, we can create a more inclusive, efficient, and robust financial ecosystem for all Africans.”
The finalists were selected from a cohort of 40 highly competitive fintechs that made it to the semi-final stage of the competition, with this year’s challenge attracting 1,550 applications
from 70 countries in Africa and other global regions.
According to the bank, finalists will showcase their innovative solutions at the Ecobank Fintech Challenge Grand Finale, scheduled for 27 September 2024, at the Ecobank Pan African Centre in Lomé, Togo.
The finalists of the 2024 Ecobank Fintech Challenge include BuuPass, Kenya; Daba Finance,Ivory Coast; EasyEquities, South Africa; Exuus, Rwanda; Melanin Kapital Neobank, Kenya and MiaPay, Togo. Others are PaySika, Cameroon; Proboutik, Senegal; Sawport Video Banking as a Virtual Branch, Nigeria; Sproutly, Nigeria; Vaultpay, Democratic Republic of the Congo and YMO Africa, Guinea.
Nume Ekeghe
In a bid to ease financial barriers to air travel, multiple awardwinning airline, Qatar Airlines has extended its partnership with Access Bank for up to 12 per cent discount on both business and economy class tickets to Access Bank customers who book their flights online using Qatar Airways’ website.
Access Bank in a statement noted that from now till December 31st, 2024, Access Bank customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel at a discounted rate.
“This partnership reiterates
Qatar Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers. Through diversified methods of payment and exclusive rewards, Qatar Airways continues to ensure traveling and flight bookings remain seamless and accessible to travelers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market,” said Qatar
Airways’ Vice President, Africa, Hendrik du Preez.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers,” Du Preez explain.
Access Bank Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
Despite the challenging environment following the Central Bank of Nigeria’s intervention in January 2024, which led to heightened customer concerns, Union Bank of Nigeria has reported a profit before tax of N79.8 billion on gross earnings of N333 billion during the half year ended June 30, 2024 compared with a profit before tax of N66.5 billion on gross earnings of N210.5 billion during the corresponding period of 2023, representing a growth of 20 per cent in profit
before tax and 58 per cent in gross earnings. The bank in a statement said, ”This accomplishment demonstrates the bank’s resilience and commitment to delivering results in uncertain times.”
Commenting on the results, Managing Director and Chief Executive Officer of the Bank, Yetunde Oni, said: “I am pleased that Union Bank of Nigeria has delivered a progressive financial performance in the first half of the year, with a significant
boost in Net Interest Income, Net Operating Income, and Net Trading Income.
“At the beginning of the year, our top priority was to keep the momentum going with a strong focus on stability following the intervention of the Central Bank of Nigeria. We also continued with the planned strategic priorities, which are centred around scaling our digital play, driving hypergrowth in target sectors, optimising our wholesale bank structure, aggressively ensuring
recoveries of past-due obligations, and orchestrating a robust ecosystem play through existing and new partnerships.
“So far, we are seeing the direct impact of our strategy on our financial performance. We achieved a substantial increase in Gross Earnings by 58% to N333 billion compared to N210.5 billion in H1 2023. Net Operating Income after Impairments increased by 32% to N143.6 billion from N108.5 billion in H1 2023, attributed
to enhanced interest income, fees, commissions, and margin expansion. Similarly, we achieved Profit Before Tax (PBT) of N79.8 billion, representing 20% growth compared to N66.5bn in H1 2023.”
He added, “In pursuit of our strategic priority to scale our digital play, Union Bank successfully launched its digital lending platform, UnionKash. This platform enables existing and new-to-bank customers to access soft loans easily. Since its launch in the first quarter of
the year, over 14,000 customers have successfully accessed soft loans through the USSD code *826*41#.
“These achievements reflect the remarkable resilience and dedication of our staff, who have been instrumental in navigating the challenges of a demanding operating environment. Despite the pressures of inflation, exchange rate volatility, and increased operational costs, our team has remained steadfast and committed to delivering excellence.
Femi Salako
In a resounding testament to transformative leadership, Hon. Olubunmi Tunji-Ojo, the current Minister of Interior for the Federal Republic of Nigeria, has demonstrated an unwavering commitment to excellence and innovation. His tenure, marked by significant reforms and unprecedented accomplishments, has set a new standard in public service, encapsulating a vision of efficiency, equity, and progressive change.
One of Tunji-Ojo’s hallmark triumphs is his commendable feat at the Nigeria Immigration Service (NIS). Confronted with an overwhelming backlog of 204,332 passports, he orchestrated their clearance within a record-breaking three-week period. This remarkable achievement not only alleviated a dire national crisis but also restored confidence in the NIS’s capability to meet the needs of Nigerian citizens efficiently.
Beyond addressing immediate crises, Tunji-Ojo’s visionary directives have heralded a new era of efficiency and service delivery. He pledged to revolutionize passport processing by promising a two-week timeline for applications. Starting in February 2024, Nigerians will benefit from the introduction of home and office delivery of passports, a service aimed at enhancing convenience and accessibility. Moreover, his initiative to implement personal uploads of passport photographs streamlines the application process, making it more user-friendly and efficient.
Tunji-Ojo’s proactive stance on international relations underscores his commitment to fairness and reciprocity in visa processes. He has taken a bold stand against inequitable privileges granted to foreign nationals, championing the rights of Nigerian applicants and ensuring they receive just treatment
abroad. This stance not only protects Nigerian citizens but also strengthens the nation’s international standing.
The minister’s Midas touch extends to the welfare of paramilitary officers. He has been a vocal advocate for equitable compensation and has initiated plans for a functional pension board, boosting morale and productivity within the ranks. His efforts aim to align paramilitary salaries with those of the Nigeria Police Force (NPF), ensuring fairness and equity.
signify a pivotal step towards enhancing the livelihoods of those who serve the nation.
Tunji-Ojo’s dedication to criminal justice reform is evident in his resolve to decongest correctional facilities. By clearing fines and compensations worth N585 million for 4,068 inmates, he showcased a compassionate approach to justice. His commitment to transforming correctional homes into centers of rehabilitation signifies
a paradigm shift from punitive measures to holistic rehabilitation, fostering hope and redemption for inmates.
In recognition of his sterling performances, Tunji-Ojo was awarded the “Public Service Person of the Year 2023” by Leadership newspaper. This accolade was bestowed upon him for his bold, extensive, and exceptional reforms in tackling the perennial passport booklet debacle at the NIS, within less than five weeks of assuming office. Leadership found him worthy of the award for his ability to resonate with millions of citizens for whom obtaining or renewing the Nigerian passport had become a nightmare.
As the year passes it midpoint, Tunji-Ojo’s tenure as Minister of Interior continues to stand as a testament to his unwavering dedication and transformative leadership. His latest achievements include the completion of a state-of-the-art Data Centre and Command and Control Centre at the NIS headquarters, which will soon be commissioned. These new facilities are set to fully support new visa and passport application policies, as well as an effective border management system. Additionally, the installation of E-Gates at several airports across Nigeria and the rehabilitation of various correctional centers further highlight his commitment to modernizing and improving the country’s security infrastructure. With these sterling performances thus far, Hon. Olubunmi Tunji-Ojo is poised to elevate the Ministry of Interior to greater heights. His relentless pursuit of excellence, coupled with his visionary leadership, fortifies the nation’s security and amplifies Nigeria’s role in shaping a brighter future. As Nigeria steps into the new year, the achievements of Tunji-Ojo resonate as a prelude to even greater strides ahead, cementing his legacy as a transformative leader in the annals of Nigerian public service.
Daniel David Otobo
“The trouble is simply and squarely a failure of leadership. There is nothing wrong with our Land or climate or water or air or anything else. The problem is the unwillingness or inability of our leaders to rise to the responsibility, to the challenge of personal example which are the hallmarks of true leadership.” – Chinua Achebe. Trouble with Nigeria, 1983.
As I leaf through the tattered pages of my father’s old but cherished book, I am struck by the passage of time and the persistence of certain issues. This original copy of Chinua Achebe’s “Trouble with Nigeria,” bought for N3.5 in 1983, still resonates today. The problems Achebe highlighted remain unresolved, prompting me to ask: Why have things worsened? Did our leaders not read this book? Where did we go wrong?
I am an African, a solitary black voice amidst many. My favorite meal is whatever is available, my greatest fear is facing the consequences of my leaders’ actions, and my hobby is simply being alive in every sense of the word. I dislike health insecurity, social insecurity, life insecurity, property insecurity, work insecurity, and financial insecurity. My reality, unfortunately, mirrors these dislikes
In Kenya, citizens protested against a finance bill proposed by Governor Ruto’s administration,
which aimed to raise $2.7 billion through increased taxes. My brothers over there told me it wasn’t just about the bill but about the leaders’ extravagant lifestyles. After much struggle and sacrifice, the people won. The government listened, scrapping the bill and reducing the cost of governance. This victory showed that when people speak up, change can happen. They spoke so loudly that their government went further to make institutional changes and even had an X (twitter) space direct conversation with the people.
Similarly, the Nigerian ENDSARS protest in 2020 was a powerful demonstration of the people’s voice. Despite the pandemic, Nigerians stood firm, demanding the disbandment of the Special AntiRobbery Squad (SARS). Nonetheless, in both the Kenyan and ENDSARS protests, civilian lives were significantly lost. This death and destruction of properties forces the question, why do our leaders have to wait for us to go into the streets to demand -seemingly- basic and obvious things? Nevertheless, they seem to work. Increasingly, by the day, it seems young Africans are slowly concluding that protests hold the answer to their requests.
In my profession, the lack of basic healthcare equipment is a daily struggle. I have witnessed preventable deaths due to inadequate resources. This reflects the broader issue of governance and the need for systemic change.
So, what if health workers decide to utilize this
newfound solution to request for better health facilities and equipment? Imagine a new Burns Unit in every tertiary facility, truly free maternal and child health emergency services, radiology technology beyond just X-rays, functional ambulance services, and availability of essential equipment and drugs. This could significantly improve the health of Nigerians and make practicing medicine in Nigeria more bearable.
Some may argue that health workers have protested in the past, and these protests have rarely focused on patient welfare. Often, strikes have been about political reasons or financial remuneration, such as when residency trainee doctors strike for their due payments or when other healthcare staff (JOHESU) push for equal treatment as doctors. This view would be shortsighted since healthcare workers have always advocated for improved working conditions so they can better serve their patients. But I acknowledge that it does seem like healthcare workers are more focused with their wellbeing. But who can blame them when their safety is at risk? A notable instance was the strike action by Lagos state medical doctors following the tragic and preventable death of Dr. Diaso Vwaere due to a faulty elevator. The doctors demanded the arrest of the person responsible for approving its repair and the elevator’s repair before returning to work. A year later, the strike has since been forgotten yet, no one has been arrested, and the
elevator remains unrepaired till date. Logically, one would ask: Why must we protest to be heard? Protests have become a route to power in Africa. Interestingly, leaders who once protested now sit in government, chastising the protesting youth and forgetting their promises.
The message here is clear: we need to stand together for more than just our pockets. We have the power and the voice to make real, lasting change as was the case when protesters secured salary reductions for parliamentarians and increased minimum wages. So yes, we need to stand together for “If you want to go fast, go alone. But if you want to go far, go together.”
Protests seem to be the only way to get our leaders to listen, but is this sustainable? It is disheartening that these measures only come after public outcry. We need a more sustainable and logical approach to governance that does not rely on the sacrifices of the people. Until then, it seems protests will remain a necessary tool for the voiceless to be heard.
As Chinua Achebe would say, “Unity, they say, can only be as good as the purpose for which it is desired.”
Let us desire life.
Life in its fullness.
Thank you
•Dr. Daniel David OTOBO [MB; BS, FSASS, MAAN, CGH, CSRHR, CTEAM]
FCMB Group Plc is currently in the market for its public offer to raise N110.94 billion. Kayode Tokede reports the importance of the offer to stakeholders as the group drives its expansion strategic growth plan
The FCMB Group issuing 15,197,282,219 ordinary shares of 50 kobo each at N7.30 per ordinary share of N0.50kobo each. This is about N110.94 billion the group aimed to raise from new and existing shareholders.
The offer which opened on Monday, July 29 will end on Wednesday, September 4, 2024.
The offer price represents a discount of approximately 7.6per cent to the closing share price of N7.90 on June 06, 2024 and a 4.2per cent to the 30-day VWAP of N7.62 on June 06,2024.
The Group has consistently delivered impressive returns to investors, ranking second across the industry in share price growth (305per cent) over the last five years with dividends per share growing by 100per cent year-on-year.
According to analysts, FCMB’s stock offers significant upside for growth, given the stock is still trading below book value (0.31) and a low price earning ratio (1.31). Its diversified group earnings (Nigerian Bank 68per cent vs other subsidiaries 32per cent) and strong profitability growth over the last two years (CAGR 114per cent) provide a strong justification for the rerating of FCMB share price to the benefit of investors.
The Group capital raising exercise is on the backdrop of Central Bank of Nigeria (CBN) policy for banks operating in Nigeria to recapitalise.
In March 2024, the CBN released new guidelines on the minimum capital requirement for banks operating in Nigeria. This ranges from N50billion to N500billion depending on the type of licence held by the bank. In total, approximately N4.14trillion is expected to be raised between now and March 31, 2026.
This is why the ongoing FCMB Group’s N110.94 billion capital raising initiative at the capital market has continued to draw reactions from the investing public who admitted that the Group is already counting the gains of its proactive measures.
While some other banks are still deliberating on what to do to raise their capital, FCMB Group which had announced its desire to shore up its capital well ahead of the CBN’s announcement, is now on
the verge of having its N110.94 billion capital target fully realised.
Analysts said the bank is banking on its stream of impressive performance to woo potential investors to its public offer. For instance, a recent review has shown that FCMB Group outperformed all major market indices for measuring returns in the Nigerian stock market.
FCMB Group’s strong financial performance and resilience in the face of adversity reaffirm its position as a leader in the financial sector, poised for sustained success and growth, and these constitute the strong points that cast it as a profitable investment.
FCMB Group recorded a profit before tax (PBT) of N64.2 billion in the first half (H1) of 2024, marking a 68 per cent year-on-year growth from the N38.2 billion posted in the corresponding period of 2023.
During the period, the group’s net profit hit N59.5 billion, which was a 68 per cent YoY improvement from the N35.4 billion posted in H1 2023. It recorded a gross earning of N374.5 billion in H1’2024, representing a 57 per cent year-on-year (YoY) improvement from the N238.2 billion gross earning posted in H1’2023. Interest income of N269.2 billion represents an 81 per cent YoY increase from the N149 billion interest income in H1’2023.
Also in the H1 2024, customers’ deposits in FCMB Group increased by 26 per cent to N3.9 trillion, from N3.1 trillion as of 2023 FYYE.
FCMB Group’s net loans and advances to customers increased by 32 per cent in H1 2024 to N2.43 trillion, from N1.84 trillion as of 2023.
FCMB Group posted a net interest income of N106.2 billion during the period, marking a 47 per cent improvement from the N72.3 billion as of H1 2023. There was also a 33 per cent YoY decline in net impairment losses during the period to N31.3 billion, from N47.1 billion as of H1 2023.
The Group had declared growth
in deposits, loans, assets under management, revenue and earnings and improved its environmental, social, and corporate governance scorecard in financial year ended December 31, 2023.
Meanwhile, the Group recorded a profit before tax of N104.4 billion, a 186 per cent YoY increase compared to N36.6 billion in 2022 and earnings growth across its business segments: Banking Group 212.6per cent, Consumer Finance 67.3per cent, Investment Management 40per cent, and Investment Banking 89.7per cent.
FCMB Group, paid shareholders a dividend of 50 kobo per share. The group contributed to food security and import substitution in Nigeria by increasing lending to the agricultural sector by 38.4per cent from N147.4 billion in 2022 to N204.3 billion in 2023.
In safeguarding the environment, it switched six additional branches of its retail and commercial banking subsidiary (First City Monument Bank Limited) from grid/diesel generators to solar power last year, taking the number of branches running on renewable energy to 160, which represents 78per cent of total branches.
In addition, the bank secured funding of up to N13 billion from local development finance institutions for on-lending to customers requiring solar energy solutions to further support its commitment to driving renewable energy.
FCMB’s customer base grew by 15.6per cent YoY from 10.9 million to 12.5 million for the period ended December 2023, whilst users of its mobile app that offers lending, wealth and payment solutions grew by 31per cent YoY to 3.4 million.
The Group’s flagship subsidiary FCMB Limited will invest the fund to accelerate the execution of its expansion growth plans that would further enhance stakeholder value creation. The offer proceeds will be used for, business growth
and expansion; Investment in IT and cybersecurity infrastructure; and Investment in human capital.
The group intends to use N84.57 billion of the proceeds on business growth & expansion; N16.22 billion on investment in IT & cybersecurity infrastructure and N7.32 billion on investment in human capital.
During the Facts Behind the Offer presentation at the Nigerian Exchange Limited (NGX), Group Chief Executive, FCMB Group, Ladi Balogun, who presented compelling evidence of the group’s resilience, operational strength and financial performance said that despite ongoing economic uncertainties and market fluctuations, FCMB Group has sustained robust growth and demonstrated exceptional resilience.
He said the Group’s earnings are expected to grow by a compound annual growth rate (CAGR) of more than 50 per cent over the next three years leading to significant earnings per share (EPS) accretion and dividend per share (DPS) growth (20 per cent of EPS) post-recapitalisation.
Balogun highlighted that the group has a robust recent growth trajectory, diversified with strong market position across business segments, excellent three year+ earnings growth outlook, digital led business model and impact through innovation.
On digital led business model, he said the group is well positioned to benefit from a mobile first digital ecosystem with digital banking already contributing 12 per cent of H1 2024 earnings (N45billiion) driven by a unique lending led digital strategy.
“Domestic & cross border payments, digital wealth, and SaaS offering new growth horizons,” he said.
He said the Group is a market leader in the Consumer Finance (#1) and Investment Banking (#2) segments with a leading position in pensions and banking.
“The Nigerian Bank contributed 68 per cent of group profits while other subsidiaries have contributed 32per cent as at H1 2024,” he explained.
Despite the many challenges associated with manufacturing in the country, Nigeria Machine Tools Limited (NMTL), an indigenous company engaged in the production of industrial spare parts and fittings, has remained a beacon of industrial excellence and innovation, writes Emmanuel Addeh.
Since achieving ISO-9001-2015 certification in 2014, NMTL has earned its place as a premier in-country manufacturer of bolts and flanges. This achievement, coupled with independent approvals from major oil and gas companies across Nigeria, the firm says, underscores its commitment to quality and industry leadership.
The story of NMTL began in 1980, initially focusing on serving a wide range of technical industries, and specialising in industrial metal processing machine tools and custom production machinery.
In those early days, NMTL was under the stewardship of the federal government, which guided its operations through the challenges and triumphs of the early years.
In 2007, NMTL underwent privatisation, having been acquired by Quinn McGrath Limited, a fully indigenous Nigerian company, thereby heralding a period of significant transformation.
The new chapter was marked by an ambitious goal: to steer NMTL toward a path of sustained profitability and growth.
As the company entered the period between 2012 and 2014, NMTL embarked on a bold expansion of its production capabilities. The introduction of five new production lines was a strategic move aimed at enhancing service offerings, particularly in the energy sector.
They included: Stud-Bolt Manufacturing Plant, designed to produce high-quality stud bolts, a critical component in various industrial applications as well as a Zinc & Zinc Nickel Electroplating Plant wherein advanced anti-corrosion coatings were provided, ensuring durability and longevity for various products.
Besides , NMTL floated the Zinc Phosphating Plant which improved surface protection through phosphating, further enhancing product resilience.
In addition, the PTFE Coating Plant where specialized PTFE coatings were applied was established, adding an extra layer of durability to components.
Not done, the new managers of the NMTL, floated a Hot Dip Galvanising Plant, helping to implement hot dip galvanising techniques and delivering superior corrosion resistance.
These expansions were not just incremental improvements; they were pivotal in advancing the in-country production of stud bolts and elevating anti-corrosion treatment solutions.
Additionally, NMTL’s machining capabilities were strategically adapted to include the production of flanges and customised machined components, meeting the diverse needs of multiple industries.
NMTL’s journey from its government-managed origins to a privately-acquired entity marked a significant transformation. The company’s evolution was not merely about expanding facilities or increasing production capacity; it was about reimagining its role within the Nigerian industrial landscape. By integrating advanced technologies and embracing a culture of continuous improvement, NMTL positioned itself as a leader in industrial manufacturing.
Today, NMTL stands as a testament to what can be achieved through innovation, dedication, and strategic foresight. The company’s legacy is built on a foundation of excellence and its commitment to delivering high-quality products that meet the rigorous standards of the oil and gas industry and beyond.
In the ever-evolving landscape of Nigeria’s industrial sector, Nigeria Machine Tools Limited (NMTL) has carved out a distinguished reputation as a premier integrated engineering and manufacturing entity. Specialising in piping packages, anti-corrosion protection, and bespoke industrial solutions, NMTL has established itself as a cornerstone of excellence in Nigeria’s oil and gas industry.
Milestones
NMTL’s path to prominence is marked by a series of significant milestones that underscore its commitment to quality and innovation. The journey began in 2014 when the company achieved
ISO-9001-2015 certification. This international quality standard affirmed NMTL’s dedication to maintaining the highest levels of excellence in its operations.
In 2015, NMTL received its initial OEM (Original Equipment Manufacturer) approval from Shell Companies in Nigeria, validating NMTL’s capability to produce high-quality stud bolts and nuts. The following year, in 2016, the company’s reputation was further solidified with OEM qualifications from Exxon Mobil Producing Nigeria Unlimited and Nigeria Liquefied Natural Gas (NLNG) for the same products.
2017 was another landmark year, with NMTL gaining OEM approval for flanges from Shell Companies. This achievement was complemented by its listing in Shell’s Technical Acceptance Management of Procurement (TAMAP) list in 2021, highlighting the company’s ongoing commitment to excellence.
By 2018, Chevron Nigeria Limited recognized NMTL’s prowess, qualifying it as an OEM for both stud bolts and flanges. The momentum continued into 2020 when Total Energies also added NMTL to its list of approved manufacturers for these critical components.
NMTL’s Contribution to Key Industry Projects
NMTL’s expertise has played a vital role in several high-profile industry projects, underscoring its capacity to deliver on a grand scale. In 2017, the company contributed to the Bonga FPSO Turn Around Maintenance for Shell, showcasing its ability to support major operations with precision-engineered solutions. The following years saw NMTL’s involvement in the QIT Offshore Maintenance Projects for Exxon, highlighting its ongoing role in the offshore sector.
Nigeria Machine Tools is the only Nigerian company that has received Shell TAMAP approval. This certification highlights its commitment to excellence and adherence to international standards.
Between 2020 and 2021, NMTL made significant contributions to the Ikike Project for Total, demonstrating its adaptability and commitment to large-scale ventures.
The company’s engagement in the Train-7 Project from 2020 to 2022 further cemented its status as a key player in advancing Nigeria’s industrial infrastructure.
Project Delivery
NMTL’s dedication to quality and operational excellence is evident in its successful execution of numerous high-priority projects. Among these, several notable contributions stand out.
They include the Julius Berger Quarry where NMTL delivered precision-engineered rotor ledges (600mm & 800mm), enhancing the efficiency and performance of quarry operations and Lafarge, where the company supplied and installed specialised segment kiln inlet protectives, improving both safety and operational efficiency.
Others were: Iron and Steel Industries; Metal Recycling Industries; Baker Hughes; Shell; Egbin Power Plc; IKIKE project; Sokoto Cement; NNPC(Port-Harcourt
Refinery and Petroleum Company); Nigeria LNG Limited – Maintenance, repair and upgrade services as well as Nigeria LNG Limited Train 7 Project.
In addition NMTL has been deeply involved in Total Energies, where it was engaged with facility maintenance as well as NNPC’s Warri Refinery and Petroleum Company.
Situated on a 110-acre site, NMTL says its natural setting is not merely a backdrop but a reflection of its commitment to sustainability and ethical practices.
Environmental Stewardship
NMTL has embraced eco-friendly building designs and renewable energy solutions. Its facilities are outfitted with green building practices and energy-efficient technologies, aiming to minimize the company’s environmental footprint.
The company takes active measures to protect its forested areas, which serve as a sanctuary for local wildlife.
This commitment underscores NMTL’s dedication to preserving biodiversity and maintaining a balanced ecosystem.
The natural environment surrounding NMTL offers a unique opportunity for environmental research. The company leverages this setting to explore sustainable innovations and align its business operations with ecological preservation.
NMTL stresses that it recognises that a supportive work environment is crucial for employee well-being and productivity. The company’s social impact initiatives, it says, focus on fostering a balanced work-life environment and community engagement.
These can be enunciated under employee satisfaction and retention, community engagement.
Governance Excellence
According to NMTL’s operations, the company has a strong commitment to ethical leadership and transparency, based on ethical leadership.
The company’s focus on work-life balance and transparent communication about policies exemplifies its ethical approach to management. NMTL ensures that its governance practices are fair and responsible.
Formal policies are in place to promote energy conservation and set specific goals for achieving sustainability. NMTL’s leadership actively supports these policies, encouraging employees to adopt sustainable practices, including efficient resource use, among others.
The NMTL pledges to continue its relentless pursuit of innovation. The upcoming Valve Assembly & Testing programme is a testament to this forward-thinking approach. This collaboration with AMPO Valves not
only enhances NMTL’s technical capabilities but also reinforces its commitment to sustainability. The programme is designed to meet stringent environmental and social criteria, ensuring that the company’s growth aligns with its core values of responsible stewardship and operational excellence.
In a momentous occasion for both NMTL and the Nigerian Navy, the Chief of Naval Engineering, Rear Admiral Levi, led a distinguished delegation from the Nigerian Navy Engineering Division to NMTL’s cutting-edge facility in Osogbo on July 23, 2024. This visit underscored the growing collaboration between NMTL and key stakeholders in the defence sector.
Upon arrival, the Rear Admiral and his team toured the NMTL’s expansive facility, renowned for its state-of-the-art manufacturing capabilities and technological innovations. The delegation was impressed by the advanced production processes and sophisticated equipment that define NMTL’s operations.
In a significant step towards fostering closer ties, a delegation from NMTL led by Obehi Ojeaga, General Manager of Business Development and Corporate Affairs, and Ikemefula Chikwendu, Assistant General Manager of Business Development and Projects, recently visited the Nigeria LNG facility on Bonny Island. This visit was aimed at reinforcing and familiarizing NMTL’s relationship with NLNG, while also exploring potential collaboration opportunities. The delegation engaged in in-depth discussions with NLNG representatives about ongoing and future projects. The conversations centered on identifying how NMTL’s advanced product offerings and engineering solutions could align with NLNG’s operational needs.
The goal was clear: to explore ways in which NMTL could contribute effectively to NLNG’s projects and operations, thus strengthening the partnership between the two organizations.
Exploring Opportunities with UNIDO
In a separate but equally significant engagement, NMTL was honoured to host a distinguished delegation from the United Nations Industrial Development Organization (UNIDO) at its headquarters.
The team, led by Dr. Reuben Bamidele, National Project Officer, and Mr Azubike Emechebe, Project Coordinator for the Regional Centre for Small Hydro Power (SHP), visited the facility to explore potential collaboration opportunities.
The primary focus of their visit was to discuss how NMTL could serve as a key partner in the design, development, and manufacturing of small hydro-turbines.
Celebrating Art with Next of Kin Series 6
In its commitment to fostering creativity and artistic expression, NMTL sponsored the renowned Next of Kin Series 6, hosted by Thought Pyramid. This prestigious art event is celebrated for showcasing the work of both emerging and established artists from around the globe.
Strengthening Ties with NCDMB
A delegation from NMTL, led by our Executive Vice Chairman Norbert Chukwuma, had also visited the NCDMB Liaison Office in Ikoyi. The team included Smart Idahosa, Finance Director; Ojeaga, General Manager of Business Development and Corporate Affairs; Ikemefula Chikwendu; and Daniju Aishat, Business Development and Corporate Affairs Intern.
During the visit, Chukwuma delivered a comprehensive overview of NMTL’s history and activities. The delegation showcased its in-country manufactured stainless steel stud bolts and nuts, which are crucial for various industrial applications.
“We anticipate that this engagement will further strengthen our collaboration with NCDMB and pave the way for achieving new milestones in our partnership. NMTL is enthusiastic about continuing this fruitful collaboration and advancing our shared goals for industrial and economic development.
“Through our support of cultural initiatives and strategic industry partnerships, NMTL remains committed to contributing positively across various sectors, enriching the cultural landscape, and driving industrial progress,” it said.
L-R: APC National Youth Leader, Dayo Israel and Vice President, Kashim Shettima during the former’s visit to the Vice President at the State House, Abuja in preparation for the 2nd edition of the Progressive Young Leaders
Adedayo
Former governor of Cross Rivers State, Donald Duke has lamented that quack politicians have brought governance to the lowest level in the country.
He added that to fight the current economic hardship in the country, the Organisation of Petroleum Exporting Countries (OPEC) should not be the body fixing the price of fuel for local consumption.
Duke stated this on Sunday in Abuja at the Teens annual conference themed “The Power of Music," organised by the Redeemed Christian Church of God (RCCG), The Everlasting Arms Parish".
His words: "Politics could be the most elevating vocation but a lot of quacks are involved in it, so they have brought it down to the lowest level. When politics is right, it elevates everything. It elevates medicine. It elevates your livelihood.
“When we complain about the
country not being good, we should look at politicians. So, if you have the right politicians, you have the right country. So, it is the most noble of vocations.”
The former presidential aspirant noted that one of the pitfalls of the country was never preparing the next generation for leadership, saying the same problem led the country to a civil war.
Duke added: “One of the pitfalls of our country is never preparing the next generation for leadership. It led us to a civil war. We have young people with incredible energy, but it's not channeled in the right direction.
“So, you find that the major actors in the Nigerian Civil War, or in the coup that led to the Civil War, were very young people who were idealistic, who wanted the best for the country, but were not exposed well enough on how to go about it better than war.”
He was of the opinion that
everyone has something to give, adding that it was left to the individual to find out his or her usefulness.
Duke admitted that his generation was luckier, saying there is a lot of despondency going on.
He stressed that at the moment, an average young person is looking out and not looking within.
“I believe the Almighty created and put us in this part of the earth for a reason. It's for us to discover that reason so that we can contribute. I also said in my speech that we are blessed to be Nigerians, an amazing country.
“It has incredible potential, but because we never prepare ourselves, it will always remain a potential that is yet to be discovered. And this young generation, this new generation, has the capacity to discover and actualise the potential that they are Nigerians,” Duke noted.
On what could be done differently
to restore the confidence of young Nigerians who are looking outside, Duke said people see politics as a means of livelihood rather than a means of service.
He stated: “We need to reflect; it's a two-way thing. People see politics as a means of livelihood rather than a means of service. If we begin to see it as a means of service and then politicians become role models and create hope. Create hope in the young ones that their tomorrow will be better than today, just as that today ought to have been better than yesterday.
“That is a failure of our system and unfortunately, when I look at the horizon, I don't see the political class ready for that. They think of themselves. But anyone that has common sense will know what they call enlightened self-interest.
When Christ said, love thy neighbor as thyself, it's enlightened self- interest, because what you do for your neighbor, if your neighbor
Adibe Emenyonu in Benin-City
To boost its achievements in the education sector through the EdoBest programme, the Edo State Government on Friday announced that it had recruited 5,500 teachers to boost teaching and learning in the basic education sector.
This was just as the government debunked the rumours making the rounds in the state that many teachers had been laid off, explaining that the true position was that over 75 percent of the teachers in its novel programme, EdoSTAR, whose contract would expire in April next year, were made to participate in the recruitment exercise and absorbed as permanent teachers in the state.
Making the disclosure at an event held at the John OdigieOyegun Public Service Academy (JOOPSA), to give an overview of the activities of the Edo State Universal Basic Education Board (SUBEB), the Executive Chairman of the Board, Mrs. Ozavize Salami, said that the recruitment exercise had been completed and the successful
candidates would be issued their letters of employment by Monday.
Mrs. Salami further explained that when the state government noticed the teachers gaps across the 18 local government areas of the state, Governor Godwin Obaseki directed that the EdoSTAR programme, which entails the recruitment of applicants willing to take up teaching appoints in their local government area on part-time basis for a period of three years during which they would be trained and then recruited later to fill the gaps.
The programme, which took off in 2022, Salami further explained, had been greatly successful as those recruited not only stayed in the rural areas, but showed enough commitment and dedication to their work such that parents and guardians alike could monitor their children and wards’ learning journeys, while the state government, through SUBEB, also monitored the teachers from the date on the teaching tablet devices given to them.
According to her, “Edo Best started in 2018 and the state has become very
popular because of the programme as every primary school in the state are onboarded in the programme. And with that, we have been able to build an accountability system and gain a lot from the technology.
“Teachers are more committed, and we have achieved a level of stability such that as a parent in Edo State, you can tell the learning journey of your children. Learning and teaching are also better done through the tablets given to the teachers.”
On Edo STAR programme, she explained that the aim was to keep recruiting teachers constantly to address the dearth of teachers in the rural areas, with the take-off number being 3,000 teachers who would be assessed after three years and recruited as permanent teachers.
The employment of the new 5,500 teachers, the SUBEB Chairman added, was part of the state government’s responses to the 11,000 teacher gaps it noticed in the state’s basic education, adding that of the 19,931 applications received, 16, 038 made it to the computer-based
test and the subsequent interview.
She stated: “This recruitment exercise is part of our strategy to close the teacher gap in primary and junior secondary schools. It is another testament to Governor Obaseki’s unwavering commitment to fulfilling the promise of delivering quality education to the children of Edo State.
“Most of the new teachers are young and vibrant; they will reinvigorate the existing crop of teachers in the school system. Governor Obaseki continues to put in place measures that will sustain the position of Edo as a leader in reform in Nigeria and beyond.”
She noted further that: “A remarkable feature of the recently concluded recruitment is that over 70% of EdoSTAR fellows who were engaged as trainee teachers two years ago were recruited to full-time government teachers. The fellows who are signed up to a minimum wage salary have benefited from the recent wage increase in the state which took their salary from N40,000 to N70,000 in May 2024.”
is hungry, you are threatened. For our own enlightened self-interest, we need to uplift our people for our own survival.”
Duke pointed out that there was no problem in Nigeria that is unresolvable including the current economic hardship.
He said: “You see this inflation you are experiencing; you know why you have inflation? High energy. So, if the cost of energy - fuel goes up, inflation will go up, because you're going to transport your food, you're going to transport other people.
“I'm just giving you that as an example. Say, for instance, fuel was N700 per litre, today is N1500, inflation will almost double. If the cost of electricity increases, it will also inflate.
“This is a country that flares gas, that's energy. It's a country that has oil. We can fix the price of our oil. We don't have to allow the rest of the world determine the price of our oil
for our own consumption.
“This is how we're going to do it, and monitor it in such a way that it serves us and not go to other countries. That's very important.
“The second thing is, all this energy, gas that we're flaring; doesn't it occur to us to use it for the sake of our own people. Just that alone will crash this inflation you're talking about. So, when you look, there's no problem that cannot be solved.”
On his part, the Pastor-in-Charge, Dr. Eva Azodoh, RCCG, The Everlasting Arms Parish, Garki 2, Abuja, said the aim of the conference was to provide the teenagers with people they can have as role models.
According to him, “We want them to have people who have by dint of hard work and integrity have achieved what they achieved in life so that people can look at them and know that by hard work and honest work and integrity you can succeed.
James Sowole in Abeokuta
Ogun State Governor, Dapo Abiodun, has pleaded with the operatives of the Nigeria Customs Service (NCS) to be civil with market women and men regarding complaints of invasion of shops and warehouses in markets across the state.
Traders in the state had accused Customs officers of breaking into their shops and warehouses in search for smuggled goods.
The governor made the appeal while receiving the Comptroller General of Customs, Mr. Adewale Adeniyi, in his office.
Abiodun stressed that while there were bound to be some unscrupulous individuals, who could be found wanting over the issue of smuggling, he insisted that the majority of the people in the state were law-abiding.
He explained that for the purpose of peaceful engagement and economic development in the state, there was a need for peaceful interaction between the security agency and the traders.
"There is an issue of paramount importance I want to discuss with the CG; it is about our market women and men. I don't know how they got to know that you are coming here today, but they have bitterly complained that your men break into their shops and warehouses while looking for smuggled goods.
“They were even planning to come and protest here. I want to say that our people in the state are law-abiding. I am not saying that there are not some unscrupulous people who could be committing this crime, but the majority of our people are doing legitimate business.
"I want the Comptroller General to address this issue and talk to his officers in the state to be civil in their operations and engagement with our market women and men," Abiodun averred.
In his response, the Customs boss frowned upon any form of invasion of markets, expressing his disappointment over the issue as he promised to look into the matter for redress.
Sunday Aborisade in Abuja
Deputy President of the Senate, Senator Jibrin Barau, the Northern Senators Forum and the Senator representing Niger East, Sani Musa, have rejoiced with former Military President, General Ibrahim Badamasi Babangida, on his 83rd birthday.
The elder statesman, who was born in Minna, Niger State, on August 17, 1941, served as the
country's Military President from August 27, 1985, to August 26, 1993.
Barau, in a statement by his Special Adviser on Media and Publicity, Ismail Mudashir, said the former military leader played a significant role in advancing the country's infrastructure.
He said the legacy projects of the former military leader would continue to benefit the Nigerian masses.
"He is one of our elder statesmen who played a significant role in fast-tracking the development of our beloved country.”
The Northerner Senators Forum (NSF), in a statement by its Chairman, Senator Abdulaziz Yar'adua, said Babangida’s “selfless service to our great nation has left an indelible mark on our history.
“Your vision for a united
and prosperous Nigeria led to the creation of 11 new states, promoting true federalism and development across the country.
“Your contributions to the growth of our nation are countless, from the development of the federal capital territory, Abuja, to the construction of the iconic Third Mainland Bridge in Lagos, then the longest bridge in Africa.”
Musa, who represents Babangida in the Senate, described
him as an inspiration to many Nigerians.
The Chairman, Senate Committee on Finance, thanked God for the life of Babangida, who has impacted positively in the lives of Nigerians across the country.
Musa noted the Babangida endeavours towards the development of the nation, especially in infrastructure and other areas.
country home in Ihima, Okehi, had in attendance the farmers’ unions from the five local government areas of the district; the Ebira Farmers’ Unions from neighboring states; the Ebira Peoples Association (EPA), as well as members of the Hausa, Yoruba, and Igbo communities in Kogi Central.
Former President Olusegun Obasanjo, has praised the agricultural programme of the Niger State Government under the leadership of Governor Mohammed Umaru Bago likening the scheme to his Operation Feed the Nation Policy launched in 1976.
Obasanjo, however, said the Bago programme would succeed because of the availability of modern agricultural equipment in the country and globally.
Exchanging views with a delegation of Commissioners
and Special Advisers of the Niger State Government, who paid him a courtesy visit at his Otta farm in Ogun State, former President Obasanjo "emphasised that with modern equipment now available, the impact of such initiatives can be even greater than before"
Obasanjo highlighted the critical importance of agricultural self-sufficiency, stating that, "Until Nigeria begins to feed itself, the challenges facing the country will persist. A nation that cannot feed itself is sitting on a ticking time bomb."
Obasanjo, therefore, advised governors in the country "to follow the Niger State lead in
agricultural development to ensure that Nigeria can produce the majority of its own food"
In a statement on the visit made available to newsmen in Minna yesterday and signed by the Senior Special Adviser Print Media to the Governor, Aisha Wakaso, Obasanjo encouraged Niger State to continue investing in agriculture and explore modern methods to enhance existing practices.
He expressed his intention to visit Niger State with his team to learn from its progress and exchange ideas to improve and add value to his own agricultural
endeavors.
Obasanjo also advised Nigerians to consider investing in soilless farming, warning that with the current rate of land use, Nigeria could soon face a shortage of arable land,adding also that innovative farming techniques were essential to sustaining the nation’s agricultural productivity.
The statement, however, emphasised the Niger State government’s commitment to advancing agriculture and would continue to seek out and implement innovative solutions to ensure the state's and the nation’s food security.
Emmanuel Ugwu-Nwogo in Umuahia
The apex Igbo socio-cultural organisation, the Ohanaeze Ndigbo Worldwide, has lauded former President Olusegun Obasanjo, Lagos State Governor, Babajide Sanwo-Olu and Afenifere for standing against the rash of ethnic hatred directed at Ndigbo. Ohanaeze stated this in a press release issued weekend by itsNational Publicity Secretary, Dr Chiedozie Alex Ogbonnia.
Ohanaeze, which has continued express alarm over the pervasive campaign of hatred against the Igbo, joined "millions of patriotic Nigerians and all the members of the civilised community" to thank Obasanjo for his principled stance and living up to his status as a statesman and patriot.
It was particularly pleased with Obasanjo's recent remarks condemning the Igbo Must Go hashtag by berating the ethnic bigots, telling them that "those
saying the Igbo must go from Lagos will be the ones to leave.”
Ohanaeze equally commended Sanwo-Olu, Afenifere and all individuals and groups that have come to condemn the resurgent hatred against Ndigbo.
Kicking against ethnic profiling, Obasanjo reportedly said he “doesn’t believe that anybody in Nigeria should be driven away from any part of the country," insisting that, "We own this country together.”
Nonetheless, Ohanaeze said
more stakeholders in the South West should take a stand and not sit on the fence in the obvious attempt to stoke the embers of ethnic conflagration that could consume the entire nation.
The organisation expressed its "grave concern over the orchestrated ethnic profiling, hate speech, incendiary and inflammatory rhetoric and outright demolition of Igbo properties and liquidation of their sources of income in Lagos State since a few years now."
Meanwhile, the senator representing Kogi Central Senatorial District, Senator Natasha Akpoti-Uduaghan, has distributed four trucks of fertilisers to farmers as part of efforts to ensure food security and promote agriculture in her constituency.
The distribution, held at her
Akpoti-Uduaghan encouraged the farmers to register under union in their area to facilitate federal government interventions, emphasising that accurate data of farmers and their needs can only be obtained through verifiable records.
She disclosed that the intervention was brought by the federal government to support farmers.
Says it’s work of mischief-makers with Kwankwassiyya elements
Adedayo Akinwale in Abuja
The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje, has disowned campaign posters circulating online suggesting that he planned to contest against President Bola Tinubu in 2027.
Ganduje, in a statement yesterday by his Chief Press Secretary, Edwin Olofu, described it as fake and malicious.
He noted that it was the work of mischief-makers in collaboration with certain elements within the Kwankwassiyya movement who were determined to create dissaffection between him and Tinubu.
“This is to inform the general public that the poster currently circulating on social media, claiming that the APC National Chairman, Dr. Abdullahi Umar Ganduje, is contesting for the presidency in 2027 with
Imo State Governor, Hope Uzodimma, as his running mate, is entirely false and a malicious piece of fake news.
“The All Progressives Congress (APC) wishes to categorically state that this is the work of mischief-makers, likely in collaboration with certain elements within the Kwankwassiyya movement, who are determined to create disaffection between Dr. Ganduje and His Excellency, President Bola Ahmed Tinubu.
“For the avoidance of doubt, Dr. Abdullahi Umar Ganduje remains unwaveringly loyal to President Tinubu and is fully committed to supporting the president's vision and leadership. Dr. Ganduje believes that President Tinubu is on the right trajectory to steer Nigeria towards greater prosperity and unity.
“We urge the public to disregard this fabricated story and refrain from spreading unverified information.”
Chuks Okocha in Abuja
Fresh crisis of confidence is brewing among members of the National Working Committee (NWC) of the Peoples Democratic Party (PDP) as the National Legal Adviser, Kamaldeen Ajibade, SAN, has expressed shock over a letter written by the acting National Chairman, Illya Damagum and the National Secretary, Senator Samuel Anyanwu, to the Court of Appeal, Port Harcourt to disregard
his letter.
According to section 42 of the PDP constitution, the national legal adviser of the party is to initiate all legal issues of the party.
Latching unto this, Ajibade told THISDAY that he filed all legal processes for the Rivers State lawmakers coming up today, Monday, at the Court of Appeal in Abuja, but expressed shock and surprise at the decision of Damagum and Anyanwu, who wrote a counter letter to the
processes that he had filed in court.
When confronted why the acting national chairman wrote a counter letter, he said, "I am shocked. Go and ask him. For me, I have filed the processes in court as stated by the PDP constitution."
A letter by Damagum disowning Ajibade in a suit, might have reignited the crisis in the Rivers State chapter of the party.
Damagum and Anyanwu, had in an August 16, 2024 letter to the
Deputy Chief Registrar, Court of Appeal, Port Harcourt, said the party “did not authorise the filing “of a Notice of Discontinuance on July 24 in respect of a case involving the party at the Appeal Court.”
The appeal with No CA/ PH/307/2024 is principally against 27 members of the State House of Assembly who, on the 11th of December, 2023, defected from the PDP to the All Progressives Congress (APC).
The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has said the ECOWAS Parliament has not given up on getting Mali, Burkina Faso, and Niger realign with other countries in the regional bloc.
To that extent, he said already put in place by the West African legislative arm was a parliamentary diplomacy mechanisms to bring back the departing sister countries. Kalu made the disclosure in an interview with journalists in Abidjan,
In Kaduna State, PMS sold at few filling stations cost between N760 and N950 per litre, depending on where the stations got their supply.
At Omosco filling station, located along Yakowa Way, Kaduna, petrol sold for N950 per litre, while at Rain Oil, located at Refinery junction, Kaduna, and Mobil filling station located along Warf Road, Kaduna, it cost between N880 and N760.
Many of the NNPC mega stations located along Marraban Rido after Indomie factory, Barnawa near Living Faith Church, and Ali Akilu Way, among others, did not have the product. Transport fares also rose in Kaduna as a result of the hike in petrol prices. Fares from places like Sabon Tasha, Gonin-Gora, Narayi and Kakuri among other areas within the metropolis, which used to be between N250 and N300 to the Central Market, now cost between N400 and N500.
The situation was not different in Kano, with long queues resurfacing, as motorists struggled to buy petrol, which cost over N800 per litre.
Checks revealed that both the independent and major marketers in Kano had earlier closed their outlets throughout last week.
Motorists queued in large numbers at Total filling stations along BUK, and Zoo road, with motorists
Cote D’Voire.
He said there was no cause for alarm over the bloc’s perceived existential threat posed by violent extremism, and the exit threats from ECOWAS by the three Sahelian countries of Niger, Mali and Burkina Faso.
The lawmaker said there were already mechanisms in place, through what is called parliamentary diplomacy, to reach out to them.
He disclosed that, “Letters have
buying for N889 per litre.
There were long queues at Aliko filling stations along Maiduguri road, Zaria road, and BUK road, as motorists waited in line for an extended period to buy the fuel sold at N750 per litre, which was considered the cheapest compared to other filling stations.
NNPC sold the product at N617 per litre, but had extremely long queues.
However, most of the filling stations, particularly those located on the outskirts of Kano, took advantage of the fuel shortage and high demand by charging exorbitant prices, up to N1,000 per litre.
NNPC blamed the current product shortage on evacuation challenges, and promised to resolved it by midweek.
In a terse response to THISDAY’s inquiry, earlier on Sunday, Chief Corporate Communications Officer of NNPC, Mr Femi Soneye, stated, “We are currently experiencing some evacuation challenges in Lagos, but they should be resolved by midweek.”
Similarly, in a short statement issued afterwards, Shoneye said NNPC regretted the shortages in fuel supply, which he said resulted from distribution challenges.
He urged motorists to shun panic buying, as the company was working with relevant stakeholders to resolve the
been sent to them, and very soon, some of us will start visiting those countries to engage the heads of government. We’ll open up the doors for them to come back to the family. We need them.
“We’ll tell them, for instance, that, granted, maybe they were offended by one or two things, but let us sit down again and discuss.
“You can’t just forget them and say it doesn’t matter; that they can go on their own. No! We have to
situation.
The statement read, “The NNPC regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges. The company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.”
Yesterday, also, NNPC denied reports that the company was indebted to international oil traders to the tune of $6.8 billion and that it had not remitted revenues to the Federation Account since this year.
Soneye stated, “Consequently, the following clarifications have become necessary: that NNPC Ltd. does not owe the sum of $6.8 billion to any international trader(s). In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other.
“But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis.
“It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC and all its subsidiaries remit their taxes to the Federal Inland
reach out to them and say we are better off as one family. I’m sure it’s going to work.”
Kalu, however, said that in the event of a worse case scenario, where the three countries go ahead and exit, ECOWAS would not be threatened financially.
He said there was a clear definition of the sources of ECOWAS revenue, adding that the Community Levy happened to be just one of them.
Revenue Service (FIRS) regularly.
This is in addition to payments of Company Income Tax (CIT) to road contractors under the Road Investment Tax Credit Scheme.
“In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC).”
On the issue of “quality/ quantity fiscalization” of imported petroleum products, NNPC said it had no role whatsoever as it was not a regulator.
Soneye stated, “The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC. “
He said NNPC was not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company would always take the opportunities to state the facts.
He stated, “This is in line with the company's commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019.”
Addressing reporters last night in Abuja, some PDP members of the House of Representatives from the state accused Damagum and Anyanwu of plotting to sabotage the party in the ongoing legal tussle involving the state lawmakers loyal to the FCT Minister, Nyesom Wike.
They said the letter by Damagum and Anyanwu “represents a blatant disregard for the constitutional authority of the PDP National Legal Adviser and a clear attempt to undermine the interests of the PDP.”
The House members led by Hon. Ikenga Ugochiyere, alleged that Damagun and Anyanwu were plotting to hand over the party to the APC in Rivers State with a view to impeaching Governor Siminilaye Fubara of the state.
The lawmakers accused the two leaders of a covert plot to sabotage PDP’s interests in an ongoing legal
battle involving defected former members of the Rivers assembly, which they said was part of a desperate and shameful effort to betray their own party. They added that the plot was to further destroy all legal efforts and aid the pro-Wike APC elements to have the legal backing to attempt their plot of removing Fubara from office. Ugochinyere, therefore, called for immediate action, including reaffirming the authority of the National Legal Adviser, taking legal steps to restrain the National Chairman and Secretary from further interference, and convening a disciplinary committee to investigate their actions.
They claimed that the alleged plot, if successful, could lead to the destruction of the PDP “as we know it, and this is something we cannot and will not allow to happen.”
Chuks Okocha in Abuja
Socio-Economic Rights and Accountability Project (SERAP), has urged the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, to disclose the “exact amount of monthly running costs” allotted to members of the National Assembly.
SERAP requested the spending details of any of such running costs as well.
This information was made known in a statement signed by the Deputy Director of SERAP, Kolawole Oluwadare.
The group’s demand came on the heels of the recent controversy surrounding the salary of senators.
A former Senator representing Kaduna Central, Senator Shehu Sani, had stated that Senators receive over N13 million monthly, but the Revenue
Mobilisation Allocation and Fiscal Commission faulted his claim.
SERAP urged the NASS leadership to “promptly end the alleged practice by the National Assembly of fixing its own salaries, allowances and running costs, in conformity with the Nigerian Constitution 1999 (as amended), and the country’s international obligations.” It also called them “to end the alleged practice of paying running costs into the personal accounts of lawmakers, and to refer the alleged misuse or mismanagement of the running costs to appropriate anticorruption agencies for investigation and prosecution where there is relevant admissible evidence.”
The statement also urged the NASS leadership to “promptly disclose the total amount of running costs that have so far been paid to and received by the lawmakers and to ensure the return of any misused or mismanaged public funds.”
Kasim Sumaina in Abuja
The Nigeria Shippers' Council (NSC), weekend, disclosed that Nigeria was most likely to commission another Inland Dry Port in the next six months, having had a robust meeting with the Governor of Borno State, Professor Babangana Zulum.
NSC, hinted that it was promoting the Inland Dry Ports to facilitate and promote trade under AfFCTA.
Executive Secretary of NSC, Pius Akutah, gave the hint when he paid a courtesy call on the National
Coordination office of the African Free Continental Trade Agreement (AfFCTA) in Abuja, "We have opened our trade borders as a continent. So, if we just sit down and watch, we will see people come in with goods and services while we just sit down and look at them.
“So, we have to develop all critical infrastructure, especially in the transport sector in order to be able to encourage movement of good and services for our country,” stating that trade was an important component for economic growth for the nation.
L-R: Immediate Past President, University of Jos (UNIJOS) Alumni Association, Mallam Idris Yakubu; Chairman, UNIJOS, Alumni AssAociaton, Lagos Chapter, Dr.Victor Ogwezzy;Principal Partner,Babatunde Ogala and Company/Awardee, Mr. Babatunde Ogala (SAN);Chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru; Vice Chancellor, UNIJOS, Prof. Ishaya Tanko;immediate Past Group Managing Director/ CEO, Odu’a Investment Company Limited/ Awardee, Mr. Adewale Raji; Group Managing Director/CEO, Unified Payments/ Awardee, Dr. Agada Apochi, and President, UNIJOS Alumni Association Worldwide, Pastor Johnson Sanni, at the UNIJOS Alumni Association Lagos Chapter 2024 civic reception and dinner in Lagos… yesterday ETOP UKUTT
Chuks Okocha in Abuja
The Human Rights Writers Association of Nigeria (HURIWA) has raised the alarm over the escalating surge in kidnappings and killings by armed gunmen across Nigeria.
HURIWA in a statement by the National Coordinator, Emmanuel Onwubiko, expressed
The Peoples Democratic Party (PDP) has won in all the 20 local government areas in the last Saturday local government election in Bauchi State.
The Chairman of the Bauchí State Independent Electoral Commission (BASIEC), Alhaji Ahmed Makama, announced the results in his office last Saturday night.
Meanwhile, the main opposition party, the All Progressive Congress (APC), had earlier raised the alarm that the PDP and BASIEC would allegedly rig the election in favour of PDP. Also, the Chairman of APC in the state, Alhaji
deep concern over the apparent failure of the country’s security agencies to curb these heinous acts and strongly condemned the inability of the armed forces to respond effectively to these threats.
The association also criticised the glaring absence of decisive leadership from President Bola Ahmed Tinubu, in addressing
Muhammad Hassan, at a news briefing on Saturday, described the election as a “broad-day robbery of franchise and murder of democracy.”
He cited numerous alleged irregularities, including inade-quate election materials, withheld sensitive materials and result sheets and votes allocation to the ruling PDP.
Others were the alleged absence of returning officers and the abandonment of election materials at the polling units.
“There were also instances of ballot box snatching, massive thumb printing of ballot papers for PDP and votes allocation to PDP candidates across all the local governments,” Hassan alleged.
Frontline environment newspaper, NatureNews has been certified by the Journalism Trust Initiative (JTI). The prestigious certification, which was announced at the weekend, is sequel to the newspaper’s excellent performance on a score of JTI parameters.
JTI is an ISO-Standard international organisation designed to provide a transparent mechanism for curbing misinformation and providing tangible rewards for ethical and professional journalism.
the nation’s deteriorating security situation.
HURIWA described the recent wave of kidnappings and killings, which have left communities across the country
in fear and disarray, as a clear indication of a breakdown in law and order.
The group attributed this failure to the inefficiency and ineffectiveness of the nation’s
security intelligence apparatus, as well as the gross incompetence of the armed forces in protecting the lives and property of Nigerians.
Onwubiko said: “The protection of lives and property
is the primary duty of any government, and the failure to fulfill this responsibility reflects the total collapse of governance under President Tinubu’s administration.”
Adibe Emenyonu in BeninCity
Ahead of the September 21 gubernatorial polls in Edo State, the Edo State Chapter of the Peoples Democratic Party (PDP) yesterday alleged bias by Nigerian Police Force to
Kayode Tokede
Shareholders of Transnational Corporation Plc, along with its listed subsidiaries, Transcorp Hotels Plc and Transcorp Power Plc, have recommended interim dividends of N16.33 billion to their shareholders for the first
circumvent the outcome of the election in favour of the All Progressives Congress (APC).
The PDP said the police had been showing their bias through incessant harassment and unlawful intimidation of chieftains of the party.
Director-General Asue/
time in the companies’ history.
The half-year ended June 2024 result and accounts milestone achievement reflects Transcorp Group’s commitment to delivering sustainable value to its shareholders and demonstrates the strength and resilience of its diversified portfolio.
Ogie Campaign Management Council, Matthew Iduoriyekemwen, who made the allegation at a press briefing in Benin-City, said it has become imperative to highlight the disturbing pattern of harassment, unlawful arrest, and the kidnap of chieftains of the Edo State chapter of the PDP across the three senatorial districts of the state by some policemen suspected to be from the Intelligence Response Team (IRT) in Abuja who are believed to have been paid huge sums of money by the APC.
The Transcorp and Transcorp Hotels declared an interim dividend of N0.10kobo per share, respectively while Transcorp Power’s board recommended an interim dividend of N1.50kobo per share.
In terms of value, Transcorp paid its shareholders a sum of N4.06 billion interim dividend in its half year ended June 30, 2024, while Transcorp Power’s shareholders got N11.25 billion. On the other hand, Transcorp Hotels rewarded its shareholders with N1.02 billion as interim dividend.
David-Chyddy Eleke in Awka
the wedding of the daughter of Governor Chukwuma Soludo.
Anambra State Commissioner for Youths Development, Hon Patrick Aghamba, who was kidnapped last Friday with his wife, has been released.
The statement said more than 400 media outlets from over 70 countries are currently participating in the JTI programme, with NatureNews blazing a historic trail as the first media establishment in Nigeria to be JTI certified. In a letter conveying the prestigious certification, Mr. MacoumbaNdour said: “Nature News has been independently certified according to the JTI and CEN Workshop Agreement No. 17493.2019. The certificate covers the media production, media business management, production quality, and information reliability of the news brand.”
A statement by the media organisation said the JTI standards were developed by the Paris-based Reporters Without Borders (Reporters Sans Frontieres- RSF) in partnership with 130 experts and organisations representing journalists, editors, technology and advertising industries.
Blessing Ibunge in Port Harcourt
Mr Nwokima Nwankwo has emerged the new chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Rivers State Branch, succeeding Hamilton Odum.
The change in leadership of group took place at the weekend, during its annual meeting with the inauguration of its Executive Committee for the 2024–2026 term.
In his speech, Nwankwo expressed gratitude for the trust and confidence placed on him by his colleagues, while stating his commitment to development of the group. He said: “I am
committed to working closely with everyone to further the growth and strength of our dear Rivers State Branch.”
Outlining his administration’s vision, Nwankwo introduced “The 4Ds of the Treasure Base Branch”, saying is a strategic plan focused on four key areas.
Nwankwo emphasised the need to elevate the estate survey profession by engaging more closely with government bodies, corporate organisations, and other professional associations.
He said his administration aims to strengthen advocacy efforts and build strategic partnerships that will benefit NIESV members.
The were abducted by gunmen on Friday while traveling on a commercial vehicle to Abuja for
This was coming as the body of his aide, who travelled along with him, ABK Offiah, who was killed by the gunmen, was brought back to Onitsha, his hometown, yesterday.
Details of the release of the commissioner was sketchy, but
the Press Secretary to Governor Soludo, Mr. Christian Aburime, confirmed to THISDAY that he was released on Saturday night.
Meanwhile, there was wailing in Onitsha yesterday as the corpse of the aide to the released commissioner, who was killed during the abduction, arrived Onitsha.
The return of the body of Offiah, a lawyer from Onitsha, who holds the traditional title of Kpajiego, elicited wailing from indigenes. The victim was also said to be a youth leader.
A video on social media showed the moment an ambulance arrived in his compound with his corpse, leaving everyone devastated.
John Shiklam in Kaduna
The Agribusiness Coordinator, Horti Nigeria, Makama Danjuma, has called on government to come up with more policies that will make farming attractive to the youths to curb the increasing rate of
unemployment and crime.
He also called for the introduction of Agriculture as a compulsory subject in secondary schools.
Danjuma spoke in an interview with journalists in Zaria, Kaduna state, at a youth training organised by Horti Nigeria to mark the International Youth Day(IYD).
He said the introduction of agriculture as a compulsory subject in secondary schools will go a long way in preparing young people to explore the opportunities in the sector.
According to him, Horti Nigeria, a four-year horticulture sector development programme, funded by the Kingdom of Netherlands (KN), has been in the forefront for building the capacity of youths to embrace farming.
Ahmad Sorondinki in Kano
The Kano State Governor, Abba Yusuf, has denied any knowledge of alleged diversion of about N10 million from each of the 44 local government accounts to a company called Novomed for the purchase of medical supplies.
Yusuf, who replied a whistleblower, Dr. Bello Galadanci, said his administration had zero tolerance for corruption by blocking leakages which could led to the misuse of public funds.
Galadanci, who is also a content creator on social media and had been revealing alleged corrupt practices of some Nigerian leaders, claimed that the state government did not follow due process while awarding the contract to the Novomed.
In a joint statement the Commissioner for Information, Baba Dantiye, and the governor’s spokesman, Sanusi Bature, said Yusuf ordered immediate investigation into the matter.
“The governor therefore directed the Executive Chairman, Kano State Public Complaints and Anti-Corruption Commission (PCACC), Muhyi Magaji, to immediately investigate the allegation and report the outcome for further necessary action.
Funmi Ogundare
Chairperson of the Lagos Chapter of the Association of Professional Women Engineers of Nigeria (APWEN),Mrs. Atinuke Wuraola Owolabi, yesterday appealed to the federal and state governments, as well as international organisations,
Owolabi highlighted the serious issue of unhygienic waste disposal in the community and expressed the association’s plan to construct a proper toilet facility.
She emphasised the importance
to assist the Aiyetoro Makoko/ Ilaje communities in Lagos, by providing sanitary toilet facilities. She made the call at the Cholera Sensitisation and Waterways Cleanup Awareness Drive, themed, ‘Engineering Clean Communities: Preventing Cholera Together# thechangebeginswithme#’, in collaboration with the Ministry of Environment and Water Resources; and WaterAid Nigeria.
of collaborative efforts in solving this problem and suggested that a bio-digester could be utilised to power the community.
“A community without toilets faces significant waste disposal challenges. We can work together to find solutions and use these facilities to improve the community.”
The digital divide is even more pronounced when examining the disparity between men and women. Women are notably disadvantaged in accessing mobile and internet technologies, with only 34% of Nigerian women and girls online compared to 54% of men and boys (GSM Association). To bridge this inequality and truly harness Nigeria's potential as a digital powerhouse, it is essential to address these gaps. By advancing gender equality in digital access and youth participation, we can strengthen our economy and make meaningful progress towards achieving the Sustainable Development Goals (SDGs), ensuring inclusive and equitable growth for all.
To truly enhance Nigeria's collective digital literacy, especially among the youth, a coordinated effort is essential. Development Finance Institutions (DFIs) like the Bank of Industry (BOI), alongside the government and private organisations, have a pivotal role to play. Their contributions through policies, training programmes, and infrastructure development are crucial in promoting digital literacy across the nation. However, the current landscape is fragmented, with too many splintered efforts that dilute the impact of initiatives.
Recognising this challenge, the BOI has already taken significant steps to lead the unification of these efforts. By aligning roadmaps with key stakeholders, pooling resources, and strategically deploying massive capacity, the BOI is working to create a more cohesive and effective approach to digital literacy. This unified strategy not only maximises the impact of digital literacy initiatives but also accelerates Nigeria’s journey towards becoming a digital economy powerhouse. The BOI’s leadership in this
regard is paving the way for unprecedented results, setting the foundation for a digitally empowered future.
Recognising the challenges of the digital divide and other inequalities, the Bank of Industry has identified six thematic groups: Youth & Skills, Gender, Digital, MSMEs, Climate Finance, and Infrastructure, to deepen our development impact. Each thematic group has interventions designed to provide targeted solutions to their respective sectors, fostering more equitable and inclusive development.
At the Bank of Industry, we are committed to supporting and empowering the next generation to harness digital tools and contribute to sustainable development. A digitally literate economy could significantly boost Nigeria's growth over the next decade, potentially increasing GDP by 2% by 2028, creating nearly 2 million new jobs, and generating NGN 1.6 trillion in additional tax revenue (GSM Association). Investing in a digitally skilled workforce is crucial to fully realise these opportunities and drive sustainable development.
As Jack Ma insightfully noted, "The most
important thing is to make technology inclusive – make the world change." And I couldn’t agree more. We joined the world in celebrating International Youth Day as Nigerian youths participated in our carefully curated Masterclass session which held on 15th August 2024. This event featured thought leaders and seasoned professionals who shared their expertise and insights on this year’s theme, "From Clicks to Progress: Youth Digital Pathways for Sustainable Development." This occasion presented an opportunity to impact over 150 young individuals, equipping them with essential digital skills and fostering their growth as future leaders in the digital space.
•Dr. Olasupo Olusi MD/CEO, Bank of Industry
billion in damages against Nigeria over a failed gas project. In that case, the firm went so far as to instruct its lawyers to identify Nigerian assets worldwide that could be seized to enforce the arbitration award. These incidents paint a troubling picture of Nigeria's handling of international contracts and the country's reputation on the global stage.
The ongoing dispute with Zhongshan Fucheng Industrial Investment Co. Ltd is likely to negatively impact Nigeria's global standing, especially when the country is desperately trying to attract
foreign direct investment. This case highlights the often poorly structured nature of Nigeria's international contracts, where subnational governments and even private companies have found ways to entangle the federal government in their questionable and often poorly thought-out deals. The result is a further tarnishing of Nigeria's already fragile reputation. Following the Dangote saga where there is perception that Nigeria could not treat its own businesses fairly ,this is another blow to Nigeria's global image . The country already suffers from a prevalent negative perception regarding
the sanctity of contracts, largely due to inconsistent adherence to contractual obligations. The federal government's failures to uphold these commitments, particularly at the subnational level, only exacerbate the problem. This disregard for the sanctity of contracts contributes to a growing cynicism about Nigeria as a reliable destination for investment and business. It is crucial to uphold agreements and respect contracts to restore Nigeria's reputation. The symbolism of this saga is still visible to us. Beyond the immediate damage to Nigeria's national reputation,
this incident brings broader issues related to leadership, business ethics, and the sacrosanct nature of contracts. It underscores the importance of continuity in government—where all governments inherit their predecessors' assets and liabilities and should not cancel contracts arbitrarily. Moreover, this situation highlights the critical need to build solid, responsive, and trustworthy institutions that command respect locally and internationally and can handle the complexities of international business contracts. It is an anomaly that contracts involving Nigerian
Femi Solaja
Nigeria’s champions, Enugu Rangers, look one foot into the next round of the CAF Champions League following a valuable lone goal win against Zilimadjou of Comoros Island at the Godswill Akpabio in Uyo in the first leg of the first round of the tournament.
Fortunately for the Nigerian representative, it was the visiting Comoros side that were at home and it was Uwumiro Frank’s strike in the 22nd minute that settled the match. Both teams will return to the
same venue on Friday with Rangers playing home this time.
In Ikenne, NPFL runner up, Remo Stars for the first time in their five continental matches, convincingly won a CAF inter-club match and left the stadium smiling. They beat favourites, AS FAR of Morocco 2-1 in a thrilling CAF Champions League first-round first-leg encounter at their stadium.
It was a match in which all goals came from headers. And for the first time in their continental adventure, Remo Stars scored a first half goal. After taking a commanding performance in the opening of the
match, Remo Stars went up with a perfect header from their captain, Nduka Junior who connected a free-kick by ‘master-of-assist’ Sodiq Ismail in the 19th minute.
It was the first time Remo Stars scored a first half goal in five continental matches.
Thereafter, they continued
dominating the match with crisp and penetrating passes. Alas, most of the chances created were fluffed. But late in the first half, the home side were lucky not to have conceded a penalty and few minutes later in the second half escaped another call but in the 50th minute, AS FAR levelled
when Joel Beya was given a free header opportunity off a cross to put scorelines at 1-1.
Thereafter, the tempo changed and the Moroccans resorted to time-wasting tactics. But as it appeared they may get away with a 1-1 draw, Sodiq Ismail, a natural wingback did the unthinkable with
a remarkable diving header that can go for television exhibition. The master of assists has turned into a goal scorer, finishing the game with an assist and a goal. The return leg comes up on Sunday in Rabat as Remo Stars strive to cross the first-round barrier for the first time.
The Edo State Governor, Mr. Godwin Obaseki, has congratulated the State’s female football team, Edo Queens for securing a ticket at the CAF Champions League WAFU B Qualifier, after defeating Omnisport Etincelle 1-0 in their final Group B match.
Edo Queens who are Nigeria’s representative to the fourth edition of the CAF Women’s Champions League WAFU-B Inter–Clubs play-off, secured maximum points from three matches in Group B to clinch a spot at the next round of the tournament.
The Nigerian Women’s Premier League (NWPL) champions will be facing the host nation's Inter D’Abidjan at the semifinal match of the competition as the teams battle to decide who will represent the zone at this year’s CAF Women’s Champions League finals in November.
“I heartily congratulate our
Olawale Ajimotokan in Abuja
The Comptroller-General of Nigeria Customs Service, Adewale Adeniyi has at a reception over the weekend lauded the Team Nigeria's wrestlers for giving their best at the recently concluded Paris 2024 Olympics in France.
Though the wrestlers failed to win medals despite high hopes pinned on them, Adeniyi commended them for their patriotic zeal in addition to reaching the semi-finals and quarterfinals at the Games.
He assured that the wrestlers would win medals again with the right support and environment.
Adeniyi noted that the Customs decided to celebrate the athletes for their efforts at Paris 2024 to inspire upcoming athletes that the country and the federation will always appreciate their endeavour regardless of the outcome.
He noted the wrestlers gave their best at the Olympics but unfortunately fell short of winning medals.
"Our athletes and officials qualified for the Olympics which is the highest level of performance in the world. They gave their best and it was unfortunate that they were unable to win medals. But it is not the end of the world because we know that they have done it before and it is our belief that with the right support and environment they will do it again.
"It is not only when we win that we should have this kind of reception.
darling ladies, Edo Queens for their outstanding performance in the CAF Champions League WAFU B Qualifier, securing a place in the semifinals of the competition after their 1-0 victory over Omnisport Etincelle of Burkina Faso.
“I celebrate your exploits and stellar performance throughout the group stage of the tournament where you secured maximum points from all three matches, making our dear State and country proud. As the champions of the Nigerian Women's Premier League (NWPL), you have once again demonstrated your prowess and exceptional talent on the continental stage, and we are confident that you will bring the laurel home.”
Obaseki added, “As you continue on your impressive run at the WAFU Zone B CAF Women’s Champions League qualifiers, be rest assured that the people and government of Edo State stand behind you. Accept my hearty congratulations.”
We find it necessary for us to show our athletes and officials that we are indeed a federation and a country that appreciate what they have done. We want to continue to encourage these athletes and to serve as reference for the younger ones that the federation and indeed the country will always appreciate the effort they put into any endeavour irrespective of the outcome," Adeniyi said.
The Minister of Sports Development, Senator John Owan Enoh, who was at the reception, commended Adeniyi and the president of Nigeria Wrestling Federation (NWF), Daniel Igali, for hosting the wrestling team.
He said the federation was the only and the first to celebrate their athletes despite not winning any medal at the Paris Games, describing the gesture as reassuring ways of encouraging the athletes.
The minister also expressed anathema for the negative comments that have trailed the poor performance of the team Nigeria in Paris.
On his part, Igali, said wrestling was only the federation that won six medals at the world championship.
“We also apologise to Nigerians for not reaching the climax that we set for ourselves.
“In the past, there was no federation in Nigeria’s history that has won six world championships. It is only the wrestling federation," Igali said.
Six wrestlers - one male and five females, represented Nigeria at the Paris 2024 Olympic Games.
A new chapter in Nigerian football history was written, as midfielder Chrisantus Uche scored a sensational goal for Getafe in a 1-1 draw against Athletic Bilbao, live on StarTimes.
This momentous occasion marked the beginning of an exciting La Liga season, with Nigerian fans eagerly anticipating more thrilling performances.
Uche's historic goal made him the youngest Nigerian to score on his La Liga debut at 21 years and 87 days, becoming the 23rd different Nigerian to score in the
Spanish top flight.
This achievement is a testament to the talent and dedication of Nigerian players in La Liga, following in the footsteps of legends like Mutiu Adepoju and the Uche brothers, Kalu and Ikechukwu.
What makes Uche's achievement even more remarkable is his rapid rise to prominence.
Last year, he scored zero goals in Spain's 3rd tier, but he has since perfected his skills, scoring a stunning header into the bottom corner from 10 yards out.
Uche's physical presence, drib-
The Adejumo Tennis Complex in Egbeda, Lagos will from Monday (today) host the second edition of the Chief Gbolahan Odele age group tennis tournament.
According to the organisers, Badejo Sports, over 120 junior tennis players are expected to participate in the talent hunt initiative.
Head of the organizing team, Coach Dele Badejo told our correspondent at the weekend that this year’s edition would be an upgrade of the first one which took place at GRA, Ikeja.
Coach Badejo said the sponsor of the tournament, Chief Gbolahan Odele, has huge expectations of the competition because of his
love for the youths.
“The sponsor, Chief Odele, loves the youth and he believes in the catch them young idea. His target is to get future champions for Nigeria in the years ahead,” Badejo said.
“We have prepared very well for this and I can assure you that the young ones would have a great time in the competition.”
The tournament is staged for Boys and Girls between the ages of 12 and 16. There will be U-12, U-14 and U-16 competitions in the male and female cadres.
The competition which has attractive prizes at stake ends on August 24th.
bling skills, and overall confidence on the pitch are impressive, making him a player to watch in the upcoming season.
Football fans can catch all the action live on the StarTimes
Sports Premium channel, with the platform offering every La Liga match for just N600 weekly on the StarTimes-ON app.
This affordable subscription provides unparalleled access to the excitement of La Liga, with Uche's historic goal setting the tone for an electrifying season.
Meanwhile, after failing to play
any part in last Friday's away clash against Las Palmas, the Sevilla duo of Kelechi Iheanacho and Chidera Ejuke are expected to make their debuts against Villarreal, live on StarTimes.
The Yellow Submarines picked a point in this corresponding fixture last season, but Sevilla will be keen to secure a win at the Ramón Sánchez Pizjuán stadium. With Uche's impressive start and the upcoming debuts of Iheanacho and Ejuke, Nigerian fans are eagerly anticipating a thrilling La Liga season.
In line with the ideals of its Foundation, the 5th Dr. Adegboyega Efunkoya Cadet Table Tennis Championships will commence on Tuesday, August 20, with a two-day coaching clinic at the Indoor Hall of the National Stadium in Lagos.
According to the foundation, the clinic aims to fine-tune the athletes’ skills and familiarize them with the latest techniques in the sport. Top table tennis coaches from across the country will conduct the clinic, which will feature athletes from various regions.
Ranti Lajide, the spokesperson
for the Efunkoya Foundation, stated that the clinic, initiated in 2023, is designed to prepare athletes for the main tournament. “We are aware of the new techniques in the sport and it behooves us to let the players be conversant with them. This is why we have decided to continue with the clinic. Observing the Paris 2024 Olympic Games, where French teenager Felix Lebrun became the youngest medalist at 17 in the history of table tennis, we aim to produce new stars who can balance education with their sporting talents,” Lajide said.
“The Nigerian National Petroleum Company Ltd has called on...jobseekers, to discountenance rumours of employment slots for sale...there is no iota of truth in the insinuations that it has employment slots on offer to anyone who wishes to buy... as a responsible corporate entity, recruitment into the company...does not involve the sale of slots or inducement of any kind" -ChiefCorporateCommunicationsOfficer, OlufemiSoneye,warnsgulliblejobseekersagainst scammers' trap.
As the future of work and life becomes increasingly intertwined with digitisation and technology, the demand for higher-value skills and digital literacy is on the rise. This shift is creating new business models, job opportunities, and driving economic growth. According to the World Economic Forum, an estimated 70% of new value created over the next ten years will be based on digitally-enabled businesses— businesses that leverage digital technologies to create, deliver, and capture value in the market. The benefits are substantial, as these digital tools and technologies are expected to boost productivity, efficiency, and innovation across various sectors, thereby accelerating economic growth.
Nigeria's Digital Opportunity: Job Creation and Emerging Sectors
In Nigeria, the onset of digitisation presents a significant opportunity for job creation and the emergence of new sectors. Digital technologies are reshaping traditional industries, with sectors like fintech, e-commerce, and digital health growing rapidly. For instance, companies like Flutterwave and Paystack are revolutionising financial services by providing innovative solutions for entrepreneurs. A 2022 McKinsey report projects that Africa’s Financial Services market will grow by 10% annually, reaching $230 billion in revenues by 2025, with Nigeria's fintech sector accounting for about a third of this market.
The Need for Enhanced Digital Literacy
To capitalise on the opportunities presented by digitisation, Nigeria must prioritise enhancing digital literacy and developing
higher-value skills across its workforce. With the population becoming increasingly connected through the internet and digital devices, ensuring that citizens—especially the younger generation—are digitally literate is key to harnessing the full potential of digital technologies. An estimated 122.5 million people are internet users in Nigeria, indicating a 55.4 percent nationwide connectivity. According to the Nigerian Communications Commission, 70% of these users are young people between 18 and 35 years old. However, this also means that a large proportion of Nigerians, most of whom are young, still cannot access the internet and are unable to benefit from advancements in communication and technology. This digital divide could result in a generation missing out on the global digital revolution and its dividends to Nigeria.
Every story has two sides, but when a country's reputation as a sovereign and an investment destination comes under threat, it calls for immediate concern and action from its citizens and leaders. The recent unfolding of a concerning development has significant implications for Nigeria's global standing as an investment hub. A Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd, secured a court order in France following an arbitration award initiated in 2017, with the Ogun State Government over a contractual relationship that dates to 2010. The arbitration panel ruled in favour of Zhongshan, stating that "It is clear that Zhongshan is the effective winner in these arbitral proceedings, in that it has proved its version of events is accurate, successfully resisted Nigeria's jurisdictional and preliminary objections, established a valid claim against Nigeria under the Treaty, and
obtained an award for substantial damages." This is not just a legal victory for the Chinese firm, but a red flag for Nigeria's global investment reputation that demands immediate attention and action.
This ruling is a significant blow to Nigeria's absolute sovereign status and the doctrine of sovereign immunity. The order has since been upheld by a US court, which dismissed Nigeria's sovereign immunity defence in enforcing the $70 million investment treaty award. The US court was scathing in its judgment, asserting that Nigeria had "gruesomely" violated the Chinese firm's fundamental and commercial rights. This ruling has led to the dramatic seizure of three Nigerian aircraft in France—aircraft that belong to the federal government. The seized jets include a Dassault Falcon 7X, a Boeing 737-7N6/BBJ, and an Airbus A330-243, all stationed at Paris-Le Bourget and Basel-Mulhouse airports.
While initially a dispute between a subnational government and a private firm, this situation has spiralled into a crisis with broader and more severe implications for Nigeria. It raises critical questions about Nigerian subnational entities' conduct and the federal government oversight of international contracts. Can subnational entities enter into agreements guaranteed by sovereign that do not include national assets or support? What level of due diligence should subnational governments observe before they engage in contractual relationship with foreign firms? More importantly, does this case reflect a more profound, systemic issue within Nigeria—a culture that lacks respect for contracts and international agreements?
The case also casts a spotlight on the perceived weaknesses of Nigeria's institutions, which need more authority or respect on the global stage. This perception is troubling and raises the question: do foreign
investors lack confidence in Nigerian institutions ? These are not rhetorical questions but rather pressing concerns that demand a thorough investigation and straightforward answers. The implications are dire, as evidenced by this case, which has resulted in public embarrassment for the country and the potential loss of much-needed funds due to poorly negotiated and managed contractual relationship . A thorough investigation is crucial to restore trust and confidence in Nigeria's international business dealings.
This situation is not an isolated incident but part of a worrying trend. It calls to mind earlier cases, such as the P&ID arbitration ruling in 2010, where Nigeria was found tardy in a failed gas supply and processing contract. Though this was reversed but it left a scar . Similarly, in 2019, a UK court awarded an Irish engineering firm $9.6