WEDNESDAY 21TH AUGUST 2024

CBN Declares $553 Million Remittance Inflows Amid FX Reforms

James Emejo in Abuja and Nume Ekeghe in Lagos

The Central Bank of Nigeria (CBN) yesterday reported a significant increase in remittance inflows,

which peaked at $553 million in July 2024.

The all-time high performance represented 130 per cent increase from the corresponding period in 2023.

In a statement, CBN’s acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, said the figure represented the highest monthly total inflows on record and reflected ongoing

efforts by CBN to enhance liquidity in the country's foreign exchange (FX) market.

The central bank attributed the substantial growth in remittance receipts to policy measures

www.thisdaylive.com

Clark: Wike Must Leave PDP

For

introduced by the bank to enhance liquidity in Nigeria's foreign exchange market. The measures included granting licenses to new International Money Transfer Operators (IMTOs), imple- Continued on page 9

menting a willing buyer-willing seller model, and enabling timely access to naira liquidity for IMTOs. Diaspora remittances were a

Party to Survive

Party inaugurates disciplinary, reconciliation committee today

Chief Edwin Clark, yesterday, said

the Federal Capital Ter-

(PDP) for the party to overcome its current travails. Clark, in another letter to the national leadership of PDP, sought

a thorough probe of the alleged anti-party activities against Wike over the political crisis rocking Rivers State and recommended

commensurate punishment. Relatedly, PDP will today inaugurate its recently constituted reconciliation and disciplinary com-

NLC Seeks Time Extension for Ajaero to Honour Police Invitation, Threatens Strike

onyebuchi Ezigbo, Linus Aleke in Abuja and Wale igbintade in Lagos

Nigeria Labour Congress (NLC) has formally written to the police stating why NLC president, Joe Ajaero, could not honour an invitation by the police yesterday.

However, in light of the budding face-off between the labour union and the Nigeria Police, NLC asked its members to be ready to commence a nationwide strike if need be.

Likewise, Amnesty International (AI), Nigeria, accused the federal government of trying to undermine and intimidate NLC and its leadership with allegations of terrorism financing.International Trade Union Confederation (ITUC) also expressed concern over what it called escalating attacks on the trade union movement in Nigeria.

L-R: Chief

... yesterday. Continued on page 9

Olabode George; Rivers State Governor, Siminalayi Fubara; and Senator Adolphus Wabara, at the Government House, Port Harcourt, during a fact finding visit by the PDP BoT, in Rivers

Continued on page 9

mittees. National Publicity Secretary of the party, Debo Ologunagba,

Chuks okocha and sunday Aborisade in Abuja

Foremost Ijaw national leader,

Minister of

ritory (FCT), Nyesom Wike, must leave Peoples Democratic Party

AftEr A strAtEgy sEssiOn Of nEM grOUP...

TCN: N1.7tn Required to Complete 129 Ongoing Transmission Projects Nationwide

Laments over N600bn debt in ground rents, growing vandalism Regrets difficulty in clearing goods at the ports

Emmanuel Addeh in Abuja

Transmission Company of Nigeria (TCN) said it would require roughly N1.7 trillion to complete about 129 ongoing electricity projects nationwide. The wholly federal governmentcontrolled organisation disclosed this when it received the House of Representatives Committee on Power, led by Hon. Victor Nwokolo, in Abuja.

TCN lamented the over N600 billion owed in ground rents across the states.

Speaking during the visit, Managing Director and Chief Executive of TCN, Dr Sule Abdulaziz, stressed that the growing spate of vandalism of power transmission assets nationwide had become very concerning.

Abdulaziz stated that the difficulty in clearing goods at the ports as well as the imposition of an offshore equipment Value Added Tax (VAT) by the federal government posed a huge challenge since the tax was not in existence when the projects were valued.

He disclosed that the company had commenced the implementation of the Supervisory Control and Data Acquisition System (SCADA) that will enable real-time monitoring and control of the environment to reduce transmission losses and allow for quicker response to disturbances.

Abdulaziz explained that the company had embarked on aggressive digital transformation, using data and home-grown solutions, and vendor-procured applications to enhance efficiency and effectiveness of TCN operations.

Rural

He stated, “On substations, we have 66 numbers that are ongoing; on lines project, we have 51; rehabilitation projects, we have 12. All of them, if you total them, they are 129.

“Now we have tried to come out with the total amount we require to complete these projects. The TCN needs around N1.7 trillion to complete these projects, whereas the funding we are getting is very small.

“And the balance that we have in the contract is N637 billion. But because of the inflation and escalating cost of materials, that's why the amount needed to complete the project has risen to 1.7 billion.”

The TCN managing director added, “We have constraints, which are two. Number one is clearing the goods at the port. Then, the second one, the federal government has put VAT in offshore equipment, which was not there, it was not in the contract.”

Abdulaziz stated that TCN was liaising with the government and that Minister of Power, Adebayo Adelabu, had written a letter to the Minister of Finance, Wale Edun, and both of them were resolving the issues.

He said as the country’s population continued to grow, there was need for grid expansion and integration of renewable energy.

According to him, TCN has also reduced the instances of partial and full system collapses, ensuring a consistent and reliable power supply to consumers.

He explained that to enhance the efficiency and effectiveness of TCN’s operations, there was need to embrace new platforms and tools, upgrade

existing systems, and automate routine tasks.

Highlighting recent achievements of TCN, Abdulaziz stated that the company had expanded the grid by adding new substations, “reconductoring” old lines, as well as rehabilitating old substations.

He also listed proactive maintenance, such as trace clearing, procuring spares, improved system stability and reliability, reducing the frequency of system disturbances and collapses, enhanced safety in substations and control rooms,

and improved collaboration with stakeholders as some of TCN’s recent feats.

Abdulaziz said TCN had conducted extensive training programmes covering advanced technical skills, leadership, cloud computing, cyber security, grid operations, and field engineering to improve overall and operational efficiency.

He listed lack of funds to complete projects, payment of compensation for acquisition of transmission lines Right of Way (RoW) for various

projects across the country, manual operations, and aging equipment as some of the challenges besetting the company. Abdulaziz stressed that there was also the inability of the Federal Ministry of Finance to pay its counterpart funding, leading to delay in the implementation of the donor-funded projects, since implementation was dependent on the release of the counterpart funds.

He said it was important to speed up the federal government's commitment to the payment of its

counterpart funds to ease the process and enable quick delivery of the projects.

“The intervention of the minister is required for a VAT waiver on all power equipment in order to expedite the release of our equipment at the port for quick delivery of our projects,” he said.

In his remarks, Chairman of the House Committee on Power, Nwokolo, stated that vandalism remained a major issue in the sector. He explained that vandalism had set the power sector back in a huge way.

FRC Commences Proactive Regulation to Forestall Audit Failures, Tasks Auditors on Strict Compliance

Dike Onwuamaeze

The Chief Executive Officer/Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has tasked practitioners to ensure maximum compliance with the FRC Act 2011 and other relevant statutory instruments.

He disclosed that the Council has commenced proactive regulation that would be resolutely firm and fair to forestall audit failures.

Olowo, said this yesterday, in Lagos, in his keynote address on, “Proactive Regulation, A Catalyst for Preventing Audit Failure,” at the first FRC’s Audit and Other Assurance

Providers Leadership Summit.

He described proactive regulation as a term used to describe approaches and programs that try to prevent regulatory and service problems from occurring by identifying harmful practices that could potentially lead to harm, rather than dealing with alleged misconduct after complaints are filed.

He said: “The bedrock of the transformation agenda of the council going forward is to ensure maximum compliance with the FRC Act 2011 (as amended), and other statutory instruments released by the Council. “FRC intends to give full credibility to any financial statements coming

out of Nigeria in a way that investors can rely on the information in the statements.

“A new FRC that will be firm and fair in carrying out her mandate; that will hold corporates and individuals accountable; and that will restore confidence in corporate reports and governance in the Nigerian economy thereby enhance the renewed hope of President Bola Ahmed Tinubu.”

“The loss of investors’ trust and confidence in the capital market hurts the economy badly as fresh funds cannot be mustered to drive rapid economic growth and development.

“The auditors, on the other hand, have had their reputation sullied. Audit clients switch firms that have a reputation for low audit quality.”

Electrification Agency Connects Two Edo Communities with

Adibe Emenyonu in Benin City

Respite came the way of hundreds of inhabitants of Oloyan and SuleCamp Communities in Ovia South West and Ovia North East Local Government Areas of Edo State following the installation of 100kWp Solar Hybrid Mini-grid project each by the Rural Electrification Agency (REA) to the localities. Speaking during the inauguration of the Solar Hybrid Mini-grid project in the communities, Acting Managing Director/CEO of Rural Electrification Agency, Abba Abubakar Aliyu, said the project was targeted at improving the lives

of rural dwellers. Aliyu, who was represented by the Executive Director, Rural Electrification Fund (REF), Doris Uboh, also noted that the two communities were among 52 rural communities that have been connected with 100KPw under the second phase of the rural electrification project of the President Bola Tinubu administration.

He said during the project design for the deployment of the mini-grid, the federal government took into consideration the economic activities the areas are known for and urged the benefiting communities to own and protect the 100KWp Hybrid Solar Mini-Grid electricity installation.

Solar Hybrid Mini Grid

"The Rural Electrification Fund remains a key mechanism of the federal government, designed to enable developmental impact in rural communities through the provision of sustainable energy access. The off-grid, renewable energy ecosystem in Nigeria will continue to be a driving force for the Nigerian economy.

"Through the multi-dimensional impact of the REA’s nationwide footprint, it is evident that our interventions in unserved and underserved communities are serving as catalysts to true sustainable development, in line with the objectives of the federal government.

"Leaning on the visionary leadership of President Bola Ahmed Tinubu and optimising the sector’s blueprint as captured in the 2023 Electricity Act passed into Law by His Excellency, we are at a critical stage of our journey towards nationwide energy access scale-up.

“The REA continues to play a key role in the Federal Government’s energy access scale-up plans

"These projects are some of the many testaments of the work that we do at the REA, connecting last-mile communities to clean, sustainable energy sources and facilitating the growth of socioeconomic systems through productive use.

Olowo, said the topic of his address was informed by the previous and ongoing scandalous audit failures around the world including Nigeria, which according to him, made it imperative that the FRC should, “weigh in with persuasive and encouraging warnings to accountants and auditors to improve themselves and complement reforms currently going on in Nigeria, in rules and best practices so that audits can deliver its affordances to the market and society, reassuringly.”

He described audit failure as a situation that arises when an auditor deviates from the applicable professional standards in such a way that the opinion contained in his or her audit report is false. According to him, audit failures are costly to investors, the auditors themselves, and even the wider society.

He said: “Enormous sums of money are lost every year by investors to fraud and corporate collapse. Nigerian investors have lost several billions of dollars because of companies that falsified and deliberately overstated their accounts and consequently failed or got into serious trouble.

The FRC executive secretary said some of the proactive steps being taken by the Council included the activation of registration and revalidation exercise of practitioners and, “ensuring the integrity of these processes through revalidation with the National Identity Number.” Olowo also stated accounting/ auditing was a confident-based profession that required practitioners to have the courage to stand up for what is right even when unpopular. This, he said, was one of the reasons why societies and markets have enduring trust in audits and auditors, though not popularly spoken about.

He said: “Since rules cannot be implemented by themselves, audit reform efforts should also consider the human elements of audit failure and how to address them, starting with separating the failings of governance and management from the failings of audit.

“Law is limited by the degree of compliance by people. If people are not going to obey laws, or are going to find ways around it, the laws will be ineffective. “Therefore, good rules and laws must consider how to get people to be compliant, such as creating a conducive social context, for the greater good.

L-R: Managing Director, NEM Insurance Plc, Mr Andrew Ikekhua; Group Chairman, Mr. Tope Smart; Managing Director, NEM Asset Management Limited, Bunmi Ajayi; and Managing Director, NEM Health Limited, Mr. Chidi Onyedika, after a strategy session of the group, in Lagos ... recently.

Bagudu: Sound Financial System Key to Capital

Inflows, Actualising Development Agenda

James emejo in Abuja

Minister of Budget and Economic Planning, Senator Abubakar Bagudu has said the country must develop a sound financial system with integrity to attract more resources to fund its development agenda. He spoke at the management retreat of the Nigerian Financial Intelligence Unit in Abuja.

The minister noted that, “Our Agenda 2050, a statement of our national aspiration, requires that we invest at least 100 billion dollars

annually to achieve a GDP per capita of $33,000 or more by 2050. We are nowhere near that.”

He said the current financing level was smaller than that adding that President Bola Tinubu’s administration had undertaken bold and courageous economic reforms to boost its revenue. Bagudu said, “However, we still need to be where we should be; we are not near the kind of flows we expect."

The minister cited the $20 billion federal budget size, which he said

was too small compared to other countries like Brazil and Indonesia, which have similar population sizes and have $750 billion and $210 billion budgets, respectively.

The minister explained that Nigeria needs a sound financial system to attract domestic and foreign investments to finance its development plan. He said, “The plan is to use private sector or capital market money to fund the plan. Because of that, we need confidence, integrity, and soundness in our financial system.

The rating agencies could be more generous with us, maybe not only with us but with all countries.”

He stated that this was the role of the NFIU, which he said had performed creditably but needed to communicate its activities more effectively for the public to acknowledge.

In a statement, he said, “Our credit rating should improve. We have taken measures similar to those in countries that have achieved significant increases in credit ratings.

Employee Benefits Rise 118.7% Y-o-Y, Company Reduces 221,000bpd Staked in N6.5 Billion Debt

The total employee benefits paid by the Nigerian National Petroleum Company Limited (NNPC) to its workers rose 118.73 per cent year-on-year, the national oil company’s newly released 2023 Annual Financial Statements (AFS) has indicated.

It also showed that the NNPC during the period successfully offset about 43,000 barrels per day, that is 35,000 bpd in the Dangote refinery and 8,000 bpd in OML 86/88 acquisition, out of its of its 221,000 bpd staked in various projects during the period under review.

NNPC’s employee benefits expenses in 2023 hit N583.8 billion when put side by side the N266.9 million in 2022, the audited statement pointed out.

This accounted for almost 20 per cent of general and administrative expenses, the biggest expense after exchange loss, as the benefits included salaries and wages which rose to N226.8 billion in 2023 from N73.6 billion the previous year.

According to the document, salaries and wages increased from N73.7 billion in 2022 to N226.9 billion in 2023, while staff allowances increased from N58.2 billion to N179.8 billion.

Also, staff welfare expenses increased from N36.8 billion to N77.1 billion in the years under review, while long-term employee benefits, which included long service awards and re-measurement loss/(gain) increased from N226 million in 2022 to N16.6 billion in 2023.

This, it said, was attributable to the increase recorded in long

service awards from N462 million to N15.8 billion, even as NNPC post-employment benefits decreased from N97.9 billion in 2022 to N83.3 billion in 2023.

Gratuity charge stood at N78.4 billion while post-employment medical benefits was N5.3 billion in the year under consideration, with pension costs slowing significantly by 86.8 per cent to N1.8 billion.

Also, out of a total of 221,000 barrels of crude per day pledged by the NNPC to offset its $6.55 billion debt incurred in 2023, about 43,000 bpd had already been repaid, the NNPC audited statement pointed out in the 2023 document.

The ones that are now pending are the $3.3 billion FX stabilisation fund spearheaded by Afreximbank wherein 90,000 bpd was pledged; the $1 billion part debt on the Port Harcourt refinery, where 67,000 bpd was mortgaged as well as the $0.95 billion General Corporate debt where the NNPC pledged 21,000 bpd.

There have been a groundswell of criticisms of recent as to how the remarkably lower quantity of crude oil produced by Nigeria had been mortgaged in forward sales, leaving the economy to struggle.

On the Dangote refinery, NNPC said: “In September 2021, NNPC entered into a forward sale agreement with Lekki Refinery Funding Limited to supply 35,000 bpd of crude oil for the settlement of the $1.036 billion (N426.2 billion) funding received for the financing of investment in Dangote Refinery.

“The interest rate for the facility is three-month LIBOR plus 6.125 per cent . As of 31st December 2023, NNPC limited has paid $625 million principal, while $424 million

(N324 billion) is still outstanding.”

It said that initially the investment was managed by NNPC Greenfield Limited, a specialpurpose vehicle wholly owned by NNPC.

However, following the restructuring of NNPC under the Petroleum Industry Act (PIA), the management of the investment, the NNPC said, was transferred to NNPC Downstream Investment Service (NDIS).

According to the NNPC, the restructuring also led to a significant change in the payment structure.

“ The balance of the cost of equity investments, amounting to $1.76 billion, was agreed to be paid in cash instead of the originally

proposed crude oil discount of $2.5 per barrel on the official selling price of crude oil,” it added.

The NNPC said in September 2021, it proposed to acquire 20 per cent interest in Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE).

It explained that the interest, worth $2.76 billion, was financed by a forward sale agreement of $1.036 billion from Lekki Refinery Funding Limited of which $1 billion was paid to Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE).

“As at 31 December 2023, NNPC Limited holds a 7.25 per cent interest in DPRP FZE,” the NNPC said.

"We have established and committed institutions, particularly the NFIU, and should benefit from them.

“Communication matters, so we

emmanuel Addeh in Abuja

Former Vice President Prof. Yemi Osinbajo (SAN) alongside other notable Nigerian political figures, including the presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, are currently attending the 2024 Democratic National Convention in Chicago.

They are special guests of the National Democratic Institute (NDC) based in Washington DC.

Aside Osinbajo and Obi, a former Senate President, Ken Nnamani, was also invited, according to the US-based NDI. The Speaker of the Federal House of Representatives, Tajudeen Abbas, was also said to have been invited but it was not clear if he had honoured the invitation.

The NDI is a notable non-profit and non-partisan organisation pushing democratic values around the world. It’s based in the United States of America.

The attendance of Osinbajo at the event, it is believed, further demonstrates his increasing global engagement and international political profile since his leaving office in May 2023.

reinforce and punish wrongdoing while drawing attention to our great work to enhance the integrity and soundness of our financial assistance.”

The presence of the distinguished Nigerians at the Democratic National Convention underscores the importance of fostering global democratic values and the role that African leaders play in shaping the future of democracy, both on the continent and worldwide. Their participation at the event signals a commitment to engaging with diverse political processes and learning from global experiences to enhance governance and democracy in Nigeria.

The Democratic National Convention, a significant event in the United States' political calendar, serves as a platform where key policies and strategies are discussed by the Democratic Party, besides the formal nomination of the party's presidential candidate and current US Vice President, Kamala Harris. The convention is also an opportunity for global leaders and stakeholders to observe and participate in discussions that could influence global political trends. Founded in 1983, NDI has been at the forefront of supporting and strengthening democratic institutions around the world.

oghenevwede ohwovoriole in Abuja

The federal government is to deploy and implement the latest Internet Protocol Version (IPV6) in the country to enable the country to identify and number internet users and devices and track internet transactions.

Minister of Communications Innovation and Digital Economy, Dr. Bosun Tijani, stated this at a one-day IPV6-Driven Digital Infrastructure Summit organised by the National Information Technology Development Agency (NITDA) yesterday, in Abuja.

The minister said the latest IPV6 version would enable authorities

to identify online transaction users.

"The IPv6 protocol is the latest protocol responsible for ensuring that online transactions and activities allow authorities to identify users, not just for security, but also to ensure that the system isn't used inappropriately.

"This is the standard used globally, but only a few countries are on the latest version. Countries like the US, France, Saudi Arabia, and UAE are on IPv6. Most countries are still catching up.

“Nigeria is now one of the first countries in Africa to migrate from IPv4 to IPv6, which means your providers can offer better services, ensure their systems are not easily hackable, and make sure the services

they provide are always available by identifying where the traffic is coming from," he said.

According to him, these are the technicalities of how systems get hacked, describing it as a fantastic move by the National Technology Development Agency (NITDA) and all the partners to ensure Nigeria is multiple steps ahead.

"Some of our companies are now operating on IPv6, but we would like to see it become the standard for every critical service provider within the digital economy space," the minister said.

Speaking on the impact the IPV6 would have on cybersecurity, he added, "You can't really do cybersecurity if you can't track

the traffic and identify the sources. Cybersecurity often involves people hiding in certain places to attack the system, but IPv6 improves the country's capability to track traffic and ensure our citizens are safe." President Internet Protocol Version 6 (IPV6) Forum, Latif Ladid, said Nigeria was at the forefront when it comes to internet use in Africa and seventh in the world. And for that, Nigeria needs to upgrade from IPV4 to IPV6. "Nigeria is the number one internet nation in Africa, and the seventh in the world. So that shows a sign that the internet is fairly widely spread, and we need to update the current protocol, which is IPV4r, to IPV6.

L-R: West Africa Regional Director, Irene Nwagbara; Honour Ambassador, Vivian Elegalam; International Society of Diplomats, Ambassador Orok Orok; and Deputy Secretary African Union Affairs, Dr. Tunji Asaolu, during the Investiture ceremony of African Union Ambassadors Assembly in Abuja. ...recently

PHOTO: KINGSLEY ADEBOYE

emmanuel Addeh in Abuja

LAunch Of AfriGO instAnt sEttLEmEnt cArd On POs...

Musawa: We’re Facilitating $100bn Investment Opportunities for Culture, Creative Industry Players

Minister of Arts, Culture and Creative Economy, Hannatu Musawa, has explained that the ministry is creating opportunities in the creative and cultural economy value chain through policies that make the business environment conducive.

Musawa, in an interview with journalists, said the current administration was intentional about ensuring a large chunk of the global market share of over $1 trillion came into Nigeria's creative industry. He said this was in line with the renewed hope agenda of the current administration.

"We are currently embarking on public private partnerships and have signed partnerships with the Nigerian Economic Summit Group (NESG) to accelerate the process of attracting innovative funding pool for players in the creative eco-system," she said.

The minister said her ministry had partnered "BigWin philanthropy", a major international development partner, to deliver a transformative job creation and industry strategy.

She said the ministry was drawn to BigWin partnership because of the achievement in delivering 500,000 Rwandan youths with digital skills and a million sustainable jobs in Cote d'Ivoire.

She further said the ministry was implementing four key components to deliver two million jobs in the creative economy through the BigWin partnerships.

Musawa stated, "Firstly, is the implementation of a job creation strategy that leverages regulatory frameworks, strategic investments, partnerships, and fiscal incentives as the strategy will maximise job creation potential within."

She disclosed that the ministry was currently exploring synergies

with Nigeria's commitments under the African Continental Free Trade Area (AfCTA) and broader economic expansion initiatives to expand Nigeria's creative opportunities in the $3.4 billion African market.

The minister also affirmed ongoing partnerships with critical creative economy eco-system developers,

such as the Bank of Industry (BoI), to ensure the growth of the sector. She added, "As a body that primarily supports the enabling of the private sector, the ministry's relationship with the BoI will be critical in developing the creative economy by providing incentives, resources and support to attract and

retain investments in the creative industries."

According to the minister, the revitalisation of the National Theatre and transformation of its surrounding areas are enhancing the creative industry’s eco-system and facilitating opportunities in performance spaces, exhibition centres, creative hubs,

and recreational centres.

She stated that the revitalisation would create opportunities for thousands of Nigerians in the creative industry’s value chain. "Artists, performers, entrepreneurs are already talking to us to explore economic opportunities at the National Theatre," she stated.

Enugu Govt Targets 700MW as Review of State's Draft Electric Regulatory Framework Begins

The Enugu State government has said it is working to ramp up the state’s electricity capacity from the 70MW currently supplied by the national grid to 700MW through private sector investment. A statement yesterday said this was in line with the state’s vision to grow its economy from $4.4 billion to $30 billion and meet its electricity need.

The government said it was eager to get the inputs of industry stakeholders into the state’s draft electricity regulatory framework to make the electricity market viable.

That was even as developers, operators, investors, financiers, consumers, among other stakeholders, commended what they described as the transparency and proactive attitude of the state in its effort to build an electricity market where everyone’s interest was protected.

The state government and industry players spoke at a stakeholders’ engagement and consultation organised in Enugu, the state capital, by the Enugu State Electricity Regulatory Commission (EERC) to review its

draft regulatory instruments.

Declaring the event open, Governor Peter Mbah, who was represented by Secretary to the State Government, Professor Chidiebere Onyia, said the campaign promise to resuscitate pipe-borne water, improve security, education and healthcare delivery services was on course.

Onyia said the plan to revamp and expand the road network, create the enabling environment for business development, job creation and economic growth would not be possible without a drastic improvement in electricity services.

He said, “Therefore, we are opening up the entire value chain of the electricity market in Enugu State for all market participants to play, from supply to generation, transmission to distribution, electricity retailing through off-grid to mini-grid solutions and from metering to energy efficiency applications.”

He assured the industry players of the continued independence of EERC to operate without political or administrative interference.

Chairman of EERC, Chijioke Okonkwo, who regretted the present power deficit in the state, stated that the commission needed to carry everyone along from the outset in order to build the investors’ confidence required to turn things around.

Okonkwo stated, “We have given ourselves some projected targets that within the next two years (2026), Enugu State should be consuming at least 300 megawatts and by 2030 we would have hit at least 700 megawatts.

“Right now, we are getting approximately 70 megawatts from the national grid. And this is not sufficient for us to say that we want to put ourselves in the position to industrialise. We want to change that narrative.

“However, industry players and operators want a place where they can carry out commercially viable businesses. They are here to make money, but they are also expected to provide services that are reliable and sustainable and also undertake

these service for the long term and not the short term.

“So, this engagement will give them an opportunity to make inputs and let us agree on what these regulations should speak to in order to support their investment initiatives before the finalisation, adoption, and implementation of the regulatory framework.”

Managing Director of Siemens Energy Nigeria, Seun Suleiman, commended the transparency of the state government through its regulatory agency.

Suleiman stated, “I see a lot of transparency here today. Each commissioner is breaking down all the discussions in terms of the regulation and how you will get the permit. We are very happy because

we also want to support a lot of these captive power investors with our ranges of gas turbines, which we have done in so many places.”

Acting Managing Director of the Infrastructure Bank, Nkiru Chime, said funding was needed to drive investment in the power sector.

Chime explained, “Enugu State is being very proactive in setting out how the electricity market will play. But funding is needed to drive the investment, and that is why we are here to provide an avenue to enable all the participants or market developers to attract the right kind of funding to develop the market.

“We believe that once the projects are structured correctly, once the projects are viable, you can attract an unlimited source of funding.”

AfriGO Introduces Instant PoS Settlement for Merchants

to pioneer industry advancements.

Akwa Ibom Govt Receives New Airbus Jet, Announces

Okon Bassey in Uyo

The Akwa Ibom State Government has received a new A220-300 series aircraft for the state-owned airline, the Ibom Air.

While receiving the new aircraft, Governor Umo Eno announced plans for the establishment of Aviation Village near the Victor Attah International Airport.

At a ceremony yesterday, the governor said the growth and expansion of Ibom Air, is worth celebrating and enjoined all Akwa Ibomites to always remain grateful to God for the airline.

In the governor’s words: "We will always gather to celebrate growth, hard work, commitment and dedication because Ibom Air is the pride of Akwa Ibom State.

"As part of our efforts to expand the aviation ecosystem in Akwa Ibom,

Plans to Establish Aviation Village

we will in the next few weeks, flag-off the construction of the aviation village for an estate that will accommodate aviation workers because they need to reside near the airport as we are planning to go on 24 hours operation.

“The housing estate will come with schools, hospitals and other amenities so that all of our aviation staff will live close to the airport."

Reflecting on the success story of the airline since inception five years ago, he added that, “Ibom Air remains a model of how best government should run business and we will soon use the same model in the state-owned specialist hospital.”

The governor said the state government is working towards ensuring the completion of the maintenance, repairs and overhaul hanger, MRO as well as the new international terminal building.

The governor also announced

plans to remodel the airport clinic in line with the new international standard of the airport.

He paid glowing tributes to the immediate past governor and visioner of the airline business, Mr. Udom Emmanuel, for his resilience in establishing the airline, despite the barrage of criticisms that trailed the vision.

He said: “He received a lot of attacks like we are receiving now in some of the strategic projects we are bringing to the State.

“But he (Udom Emmanuel) was focused and undaunted, today even the worst critic of this airline, I see them on this airline.”

The airline, he said currently owns seven aircraft and none is leased, describing the feat as a product of vision and focus which every leader should strive to imbibe.

The governor commended

President Bola Tinubu for his commitment to supporting the state and its programmes.

He said: “I salute all of our past leaders. His Excellency Arc. Obong Victor Attah that the airport is rightly named after and His Excellency Godswill Obot Akpabio, the Senate President of Nigeria for their pioneering roles in conceptualizing and constructing this airport and other facilities we find today in the state."

Promising to always remain supportive of the airline, he said his government will continue to place premium on tourism and other investment opportunities in state, saying the state is destination of choice.

He commended the security agencies, the royal fathers and religious leaders, the youths and elders for the role in making the state to remain peaceful.

Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS) has launched an instant settlement process for AfriGO card transactions at point-of-sale (POS) terminals.

Afrigopay unveiled this yesterday, at a press briefing noting that this service enables merchants to receive immediate credit for transactions, a move expected to improve cash flow and minimise risks linked to payment delays or disputes.

The introduction of the service followed the recent appointment of a new executive team at AFSL.

The upgrade was part of a broader strategy to enhance the efficiency and reliability of the National Domestic Card, underscoring AfriGO's role in advancing the country's card payment industry. The instant settlement for real-time POS transactions marks a significant milestone for Nigeria's payment sector, setting a new standard in transaction processing.

Speaking on this, Managing Director & CEO of NIBSS, Mr. Premier Oiwoh, said: " Since the launch of NIBSS Instant Payment in 2011, the world's first account-based digital payment solution providing instant value to beneficiaries, we have continued

“This new service will provide significant benefits to merchants and enhance their overall experience by offering timely access to funds, improved cash flow and reduced risk of delayed or disputed transactions. For cardholders, it ensures a seamless and efficient payment experience with realtime transaction processing and accurate account updates."

Reiterating the benefits of the National Domestic Card Scheme, Managing Director CEO, AFSL, Mrs. Ebehijie Momoh said: “The implementation of the AfriGO card scheme presents numerous benefits for the industry and the nation. By enhancing transaction security, ensuring data sovereignty and offering better pricing opportunities in local currency, the scheme reduces interchange fees and alleviates pressure on the Naira; it indeed symbolizes a national pride amidst the country's rapid electronic payment growth." She added: “This milestone achievement with AfriGO Card is a testament to our mission to revolutionise the card payment landscape and improve the financial experiences of businesses and consumers across Nigeria and Africa.

Emmanuel Addeh in Abuja

L-R: Head, Commercial Business, AFSL - Nnena Achife; Head, Enterprise Support Services, NIBSS - Bolanle Enigbokan; Managing Director/CEO, Afrigopay Financial Services Ltd. (AFSL) - Ebehijie Momoh; Chief Operating Officer, AFSL - Ugo Obasi; and Head, Products & Data Services, NIBSS - Onoshokemeh Williams, during the launch of Instant Settlement Process for Instant Credit to POS Merchants in Lagos... yesterday

Hassan: NDIC has Paid 86% of Heritage, Other

Nume Ekeghe

Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has announced that the commission has disbursed 86 percent of the total insured deposits to customers of failed banks, including Heritage Bank.

This represents an increase from the 82.36 per cent reported just a week ago.

Hassan, explained that the payment delays were primarily due to accounts that have Post No Debit (PND) instructions imposed by courts or regulatory authorities. Other factors include customers with Know Your Customer (KYC) limitations on daily deposits, accounts without a Bank Verification Number (BVN), and those who have not yet come forward for verification or provided alternative bank accounts to facilitate payment.

He said this yesterday in Lagos, during a retreat organised by the NDIC for the House Committee on Insurance and

Ajaero was billed to appear before the police investigation team yesterday for interrogation over allegations of terrorism financing and treasonable felony. But the labour movement urged the police to shift the date to August 29.

In a letter to the police authorities by NLC’s lawyers, the Femi Falana Chambers, Ajaero said the notice was short. He added that he only received the police invitation yesterday, when he had already planned an engagement.

The letter signed by a principal partner in Falana's chambers, Samuel Ogala, said Ajaero would be ready to appear before the police team next Wednesday, after details of the police allegations against him had been stated.

The law firm stated in the letter addressed to the Inspector General of Police and dated August 20, 2024, "We have the instruction of Comrade Joe Ajaero to inform you that he was unable to honour your invitation on Tuesday, August 20, 2024, in view of the fact that your invitation letter was received by him yesterday. He has an engagement that had been fixed before the receipt of your invitation.

"Therefore, Comrade Joe Ajaero will be ready for your interview on Wednesday, August 29, 2024."

But, apparently, anticipating a possible incarceration of Ajaero, the labour centre had on Tuesday stated in a communique issued after its emergency National Executive Council (NEC) meeting that it

Insured Depositors of Failed Banks

Actuarial Matters of the Federal House of Representatives.

The event with the theme, "Strengthening Financial Stability and Deposit Insurance Frameworks for Economic Resilience," also renewed the representatives' commitment to prioritising the enhancement of regulatory frameworks.

They emphasised the need for collaboration between governmental bodies, financial institutions, and stakeholders to ensure that regulations are not only comprehensive but also adaptable to evolving economic conditions.

Hassan said: “As at today, the NDIC has paid 86 per cent of the total insured deposits. The Corporation is making efforts to complete the payments of the remaining 14 per cent of the insured deposits.

“Some of the insured depositors constituting these remaining 14 per cent are customers whose accounts have post no debit (PND) instructions by courts or regulatory authorities.

“Others are those with KYC

had directed all the state chapters and affiliates of the congress to mobilise workers for an indefinite strike from midnight if anything happened to Ajaero.

NLC said Ajaero’s summon was premised on an unfounded and politically motivated investigation into alleged terrorism financing, cybercrime, subversion, criminal conspiracy, and treasonable felony.

In the communique signed by NLC Deputy President, Comrade Ado Minjibir, the congress stated, "The NEC directs all affiliates and state councils to immediately commence the process of mobilising their members across the nation.

"The congress will not hesitate to take all necessary actions, including mass protests and industrial actions, to protect the integrity and independence of the labour movement.

"If anything happens to the president of the congress or any other leader of the congress in furtherance of these tendentious allegations by the state, NEC puts all its affiliates and state councils alert to proceed on indefinite nationwide strike action by 12:00 midnight today."

NLC also called on all civil society allies and the general public to stand in solidarity with it in this critical moment.

The NEC meeting was convened to deliberate on the recent developments surrounding the invitation of Ajaero by the Nigeria Police.

FG Institutes Inter-Ministerial Committee to Enforce Supreme Court Judgement on Local Governments Autonomy

Olawale Ajimotokan in Abuja

The federal government has inaugurated an inter-ministerial committee to enforce the Supreme Court judgement delivered on July 11, 2024, which granted financial autonomy to local governments in the country. The Secretary to the Government of the Federation (SGF), Senator George Akume, performed the exercise yesterday. The 10-man committee is to be chaired by the SGF. Other members of the committee include the Minister of Finance and Coordinating Minister of the Economy, the Attorney General of the Federation and Minister of Justice, Minister of Budget and Economic Planning and the Accountant General of the Federation.

limitations on the maximum lodgment per day, customers with no BVN attached to their accounts or have not come forward for verification to provide alternate accounts in other banks to enable the Corporation to pay them.

“Notwithstanding the suc-

AI Accuses FG of Targeting NLC Leaders

Amnesty International (AI), Nigeria, accused the federal government of making concerted efforts to undermine and intimidate NLC and its leadership over alleged terrorism financing.

A statement by Country Director of Amnesty International Nigeria, Isa Sanusi, described the fresh allegations of terrorism levelled against NLC and its leaders as a blatant attempt to cripple the union.

Sanusi emphasised that government’s actions were a clear violation of international human rights laws, particularly

announced this in a statement yesterday

Clark, a First Republic information minister, insisted in the third letter to PDP that if found guilty, Wike should be expelled from the party.

He expressed fears that PDP was on the verge of extinction if the former Rivers State governor remained in the party with his alleged excesses.

In the letter he addressed to PDP’s Acting National Chairman, Umar Damagum, dated August 20, 2024, Clark said the National Working Committee (NWC) must take a decisive action against Wike to save the party.

He added that something had to be done to tame characters who saw themselves to be above the law, before they grew too monstrous and hard to be tamed.

The elder statesman stated, “We already have enough issues on

The rest are the Governor, Central Bank of Nigeria, the Permanent Secretary (Federal Ministry of Finance), Chairman, Revenue Mobilisation Allocation and Fiscal Commission, representative of state governors and the representative of local governments. A statement from the Office of the Secretary of the Government of Federation said the committee has as its primary function to ensure that local governments are granted full autonomy, allowing them to function effectively without interference from state governments. It added that the setting up of the committee was in line with President Bola Tinubu's efforts to give appropriate implementation to the provisions of the Constitution, which recognises local governments as the third tier of government.

crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments.

CBN's initiatives supported continued growth in the inflows, aligning with the institution's objective of doubling formal remittance receipts within a year.

The increase in remittances remained a strong testament to the success of the apex bank's ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.Recent data from the National Bureau of Statistics (NBS) revealed that Nigeria's year-on-year headline inflation rate slowed in July 2024, for the first time in 19 months. Sidi Ali said this was a clear

ensure timely reimbursement of uninsured deposits.

“It's pertinent to remind us here that upon payoff of both insured and uninsured deposits, the Corporation will subsequently proceed with the payment of creditors and others in accordance with priority of claim as provided in the extant law.”

Chairman of the House Committee on Insurance and Actuarial Matters, Hon. Ahmadu Usman Jaha, emphasised the critical need for robust financial stability measures, citing global economic shifts and unforeseen crises.

cess recorded in payment of insured sums to depositors of the defunct heritage bank, the Corporation is mindful of the uninsured depositors and we have therefore initiated the process of debt recovery and realisation of investments and physical assets of the bank to

the African Charter on Human and Peoples’ Rights, which guarantees the freedom of association.

“Workers cannot be targeted for participating in trade union activities,” he added.

The statement titled, 'Targeting of NLC and its leaders aimed at crippling the union,” read, “Amnesty International is deeply concerned by the Nigerian authorities’ fresh attempts to further intimidate and harass Nigeria Labour Congress (NLC) through threats of arrest of its President Joe Ajaero.

“We urge the authorities to end this pattern of brazen impunity and respect the right of the labour unions to agree or disagree with government and its policies.

our hands as a nation, because the persons responsible did not act fast when the cases were brewing.

“The purpose of this Open Letter, therefore, Mr. Acting National Chairman of PDP, is to call on you to immediately set up a probe panel/committee to probe members, like Barr. Nyesom Wike, and if found guilty, to face the appropriate sanctions as prescribed by the party’ s constitution.

“It is not the setting up of a reconciliation committee under the chairmanship of Maj. Gen. Oyinlola, with whom, when I discussed, asked him whom he is reconciling, because the G-5 members have disintegrated.

“While the governor of Oyo State, who was a member of the G-5, has retraced his steps back to his party fully, and today leader of the party in the South-west, the other three are floating about.

“To urge you to also purge

indication that CBN's monetary policy tightening measures were delivering results.

CBN further anticipated that these measures will contribute to achievement of its broader objective of maintaining stability in the foreign exchange market.

The statement added that the central bank will continue to monitor market conditions and adjust policies as necessary to enable greater remittance flows into the country.

Analysts commended the progress so far achieved in the country's foreign exchange market following recent reforms introduced by CBN Governor, Mr. Olayemi Cardoso.

Sources expressed optimism that if inflation continued to taper and FX flows sustained their rise, Cardoso might become the most consequential official in the

behind NDIC by reviewing and updating policies to address emerging risks and adapting to the evolving landscape of the financial sector.

He added: “NDIC plays a pivotal role in safeguarding deposits, ensuring that our financial institutions operate within a secure environment. We shall continue to enhance the effectiveness of the NDIC in fulfilling its mandate.

“A resilient economy can withstand shocks and continue to thrive. As we work to fortify our deposit insurance schemes, we must also address broader economic factors that contribute to resilience.

“In recent years, we witnessed various challenges that threatened the resilience of our financial systems-global economic shifts, regulatory challenges, and the impacts of unforeseen crises. These challenges underscore the critical need for robust deposit insurance frameworks that protect depositors and foster confidence in our banking systems.”

Jaha, pledged to throw weight

"Under international human rights law and the African Charter on Human and Peoples’ Rights, freedom of association is guaranteed, and workers cannot be targeted for participating in trade union activities. The Nigerian authorities have an obligation not only to respect the rights of workers but also to protect these rights from abuse.”

ITUC Condemns Alleged Intimidation of Trade Unions

“This includes promoting financial literacy among the populace, encouraging savings, and ensuring that our citizens understand the importance of deposit insurance. More so, we must leverage technology to improve our systems, making them more resilient against potential disruptions if we must strengthen our financial stability” he said.

International Trade Union Confederation (ITUC) expressed concern over what it described as rising attacks on the trade union movement in Nigeria.

yourself of all malfeasance. As Acting National Chairman of your party, you took your party’s NWC to court on the defection of the 27 members of the Rivers State House of Assembly.

“This is because they did not leave the PDP properly, they are still members of the party, even after the 27 members had publicly declared that they have defected, and had already been received by the APC.

“Your position, Mr. Acting National Chairman, is antithetical to the position of Section 109 of the constitution. You took your party’s NEC to court, an organ you preside over. Yet you still have the presence of mind to remain in office, earning benefits that come with the office.

“From all indications, you are conniving with detractors of PDP to ruin the party, for the All Progressives Congress (APC). Allow

administration of President Bola Tinubu.

Analysts also said the development will positively impact the economy going forward.

At the recent meeting of the Monetary Policy Committee (MPC), Cardoso explained that the various reform initiatives in the FX segment had been positive.

He said exchange rate had converged, limiting the opportunities forHearbitrage.disclosed that that FX inflows had increased from 37.93 per cent between January and May 2024 to $38.8 billion, while net inflows grew by 73.4 per cent in May 2024 compared to May 2023.

The CBN governor also stated that diaspora remittances had currently gone up to $2.34 billion, compared to $1.58 billion in the corresponding period last year.

He said capital importation also

In a statement by ITUC General Secretary, Luc Triangle, the body said, "This week, the president of the Nigeria Labour Congress (NLC) Joe Ajaero was summoned by the police as part of an investigation into ‘criminal conspiracy’ and ‘terrorism financing’.

"Earlier this month, heavily armed security forces raided and occupied the headquarters of the ITUC-affiliated NLC, arresting a union worker and wrecking the organisation’s bookshop.

“The situation in Nigeria is deeply concerning. These latest events come on the back of a sharp rise in intimidation and repression of trade unions.”

Nigerians to decide what party they want through the ballot box. Stop colluding with Barr. Nyesom Wike to destroy the party. A day of reckoning will come for all of man’ s activities.”

Meanwhile, PDP will today inaugurate its recently constituted reconciliation and disciplinary committees.

Ologunagba said in a statement that the 25-member reconciliation committee was chaired by former governor of Osun State, Olagunsoye Oyinlola, while Senator Ibrahim Dankwambo, a former governor of Gombe State, was the secretary.

Ologunagba also stated that the 26-man disciplinary committee had Chief Tom Ikimi as chairman and Eyitayo Jegede as secretary. Other members included Malam Ibrahim Shekarau, Chief Olabode George, Margaret Icheen, Dr Sam Egwu, and Alhaji Abubakar Baraje.

increased to $5.92 billion between January and June compared to $1.77 billion same period last year.

Cardoso said, "So, that's all very positive for foreign exchange management. We've also seen that on the capital markets policies, the capital market has been responding positively and, of course, the banking sector.

"We have been very aggressive in giving guidance to the banks with respect to how we want them to position themselves for the future of the $1 trillion economy.

"Inflation targeting is something that is an ongoing process, which we will be giving more and more guidance as we go along."

He said the aim of monetary policy decisions was to impact the man on the street, and pointed out that the current economic hardship was a result of policy choices by past administrations.

Bello Hassan

CLIMATE CHANGE BRIEFING...

Special Adviser to the President on Media and Publicity, Ajuri Ngelale (L) and Director General, National Council of Climate Change in Nigeria ,Dr. Nkiruka Maduekwe at the press conference on the forth coming 2024 United Nations Climate Change Conference (COP 29) in Baku Azerbaijan held at the Presidential Villa, Abuja…yesterday

Independent Oil Producers Reject Tinubu's Order on Sale of Crude to Dangote, Other Local Refineries

Peter Uzoho

The Independent Petroleum Producers Group (IPPG), an umbrella association of indigenous oil and gas-producing firms, has expressed its members' rejection of the directive by President Bola Tinubu on mandatory sale of

crude oil to Dangote Refinery and its local counterparts in naira.

The IPPG also called on the Nigerian National Petroleum Company Limited (NNPCL) to re-direct its allocated crude oil volumes to Dangote Refinery and other local refineries to mitigate the current crude supply

shortage being experienced by the local refiners which is impacting local product availability in many parts of Nigeria.

Chairman of IPPG, Mr. Abdulrazak Isa, advanced his members' position in a letter dated August 16, 2024, and addressed to the Chief Executive of

NFIU Moves to Take Nigeria Out of FATF Financial ‘Grey List’

Chuks Okocha in Abuja

Nigeria has launched efforts towards being taken out of the Financial Action Task Force (FATF) list of jurisdictions under monitoring and on “grey list” countries.

Chief Executive Officer of the Nigeria Intelligence Unit (NFIU), Hafsat Bakari, disclosed this during the agency’s first management staff annual retreat held in Abuja, yesterday.

She maintained that the agency was working assiduously towards achieving this and ensuring that the country was no longer a hub of money laundering and other financial crimes.

According to her, at the global level, the NFIU would continue to lead Nigeria’s efforts to exit the FATF list of jurisdictions under monitoring, known as the “grey list.”

She further explained that in as much as Nigeria has some remaining steps to take, the agency was confident that with the support

Akoje

The House Committee on Labour, Employment, and Productivity, alongside its Senate counterpart, has advocated delisting of the Nigeria Social Insurance Trust Fund (NSITF) from Schedule 1 of the Fiscal Responsibility Act (FRA), 2007.

According to a statement issued by the Spokesman of the House of Representatives, Hon. Akin Rotimi, yesterday, the advocacy follows a decision by the National Assembly and the NSITF to strengthen their collaboration, aiming to enhance the NSITF's capacity to provide a social safety net for workers across both the public and private sectors.

The developments were discussed during a recent two-day retreat in Lagos, organised by the NSITF for members of the House and Senate

of all citizens, the agency would complete all the required steps within the next few months.

“Indeed, the progress that we have made as a country has opened the path for us to become the second African member state of the Task Force in the near future after South Africa.

“The agency has also strengthened its technology platforms with the planned deployment of Artificial Intelligence and Machine Learning tools to assist in operational duties in the analysis of information and data to fast track our processes.

“The agency is already in conformity with the federal government policy of a paperless working office environment.

“The Crimes Records Information Management System (CRIMS) has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool.

“Furthermore, recognising

Committees on Labour, Employment and Productivity to familiarise the committee members with the NSITF’s operations.

The statement further stated that members of both committees urged the NSITF management to intensify efforts to enroll all public sector employees in the Employee Compensation Scheme (ECS), highlighting its social benefits and positive impact on economic productivity.

They also recommended the NSITF engage with relevant agencies to ensure timely collection and remittance of ECS deductions for both Treasury-funded and non-Treasury-funded agencies.

Acknowledging that the NSITF is not a revenue-generating agency, committee members emphasised that delisting it from Schedule 1 of the Fiscal Responsibility Act would not only exempt the NSITF from the

that our remit extends beyond the borders of Nigeria and also that the nature of serious crime is transnational and the proceeds of crime know no borders or boundaries, we have strengthened our international partnerships.

“Apart from being the permanent secretariat for the West African forum of FIUs covering 17-member states in Africa, we have taken a lead role in re-invigorating the Lake Chad and Sahel network of FIUs, which are cooperating to tackle terrorism financing,” she revealed.

On his part, the Attorney General of the Federation, Mr. Lateef Fagbemi, commended the efforts of the unit in combating ML/TF and proliferation financing.

According to him, the efforts of the unit would remain key in removing Nigeria from the FATF grey list due in May 2025.

He acknowledged the efforts of the agency towards putting Nigeria in a more proper financial services perspective.

mandatory 50% revenue deduction by the Federal Ministry of Finance but also allow for the full utilisation of its funds for its intended beneficiaries.

The General Manager of NSITF, Nwachukwu Godson stated that:

“With respect to its service delivery, it was resolved that it is critical for NSITF to undertake a digital transformation of its core functions, departments and programs as well as implement an electronic record system to improve service delivery and show transparency.

In alignment with the management’s plans, the committee urged the fund to embark on extensive advocacy to enable Nigerians better understand the criticality of the mandate of NSITF and the benefits that could accrue to employees if their employers subscribe to the scheme should there be any injury, sickness, death or disability

the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe.

Isa, said the NNPCL should utilise its allocated 445,000 barrels per day intervention crude oil volume to salvage the current situation as it did in many instances in the past.

He said some IPPG members already owned and or were supplying crude oil to local refineries but insisted that the NNPCL was in a good position to mitigate the current crude supply shortfall faced by local refiners by leveraging its statutory crude allocation for meeting local domestic consumption.

“Historically, NNPC has always had an intervention crude oil volume (445kbopd) meant to satisfy the nation’s domestic consumption. This volume has always been used, under various swap mechanisms, to import refined products for domestic consumption.

“Since there is now domestic refining capacity to meet consumption, this dedicated volume should be reserved for all domestic refineries under a price hedge mechanism that can be provided by a suitable financial institution such as Afrexim Bank,’’ he stated.

Isa, however, maintained that, “Any national production above this allocated volume should be treated strictly as export volumes, adhering to the willing-buyer, willingseller framework of the international market especially since the refiners will need to export excess products that surpass domestic demand thus boosting FX earnings.’’

The group also expressed concerns over certain recent developments including the domestic crude oil

arising from work related activities.

The Chairman of the House Committee on Labour, Employment, and Productivity, Hon. Adegboyega Adefarati, during his remark, commended the capabilities of the new NSITF Managing Director, Oluwaseun Faleye, who presented his roadmap, titled "NSITF Strategic Priorities 20242027," to the committee members.

“From the presentations, no one is in doubt that the Managing Director has the capacity, character, and competence to build a stronger NSITF. What is left is to give him every support to succeed."

Senator Diket Plang however expressed satisfaction with the robust engagement during the retreat and pledged the commitment of both committees to leverage their legislative influence to support the NSITF’s success.

refining requirements and crude oil production forecast for the second half of 2024, announced by NUPRC, as well as the request to all producing companies for their monthly quotations for crude oil supply to licensed refineries in Nigeria.

Specifically, the IPPG said some of its members had received letters from the Dangote Refinery for crude supply nominations for October, and faulted the approach as bringing them under an obligation.

Isa said the development conflicted with the spirit of the willing-buyer, willing-seller framework prescribed by the Petroleum Industry Act (PIA) 2021.

He asserted that the objective of enhancing the country’s petroleum value chain should be done within the confines of the law and existing obligations.

He expressed confidence that an amicable solution could be reached by all stakeholders without jeopardising the existing commercial agreements, economic interests and business models of each segment of the oil and gas sector.

“While we fully support and commend the efforts of Nigerian entrepreneurs to enhance domestic refining capacity, it is important that no private sector business is unduly pressured into arrangements that may effectively subsidise another within the oil and gas value chain under any guise whatsoever.

“Under this willing-buyer, willingseller framework, it is essential for refiners to negotiate and execute long-term crude oil Sales and Purchase Agreements with producers and their marketing agents. These agreements

should follow industry best practices, with typical tenures ranging from one to five years,” the IPPG chairman said. He added that some of them had also received allocation letters from NUPRC for the supply of specific volumes of crude oil to the domestic market for the second half of 2024, expressing concerns about its potential implications for the economy, especially the foreign exchange earnings through royalties and taxes.

The group noted, “We understand that the current allocation methodology appears to be based on a matrix of production forecasts by producers, issued technical allowable rates as well as crude oil requirements of domestic refineries, rather than actual local consumption needs. This raises significant concerns as it suggests that allocations are being determined based on the demands of refiners, which may exceed what is needed for domestic consumption.

“Such an approach could lead to inefficiencies and unfairly disadvantage producers. Therefore, it is crucial that refineries with excess capacity beyond local consumption do not exploit the Domestic Crude Oil Supply Obligations to the detriment of oil producers and other stakeholders, including the Government.’’ Isa called for transparency in how the allocations to oil producers were determined and requested NUPRC to provide clear details on the allocation criteria and methodology, while he sought an opportunity for IPPG to make input into the production forecast to ensure it accurately reflects operational realities.

Michael Olugbode in Abuja

Borno State Governor, Prof: Babagana Zulum, has supervised the distribution of the federal government’s donated food relief to over 10,000 families in Mafa Local Government Area.

The distribution took place on Tuesday in four centres at Mafa town, the headquarters of the local government council.

Each of the 10,000 heads of households received a relief package comprising one bag of maize grain.

While supervising the distribution, Zulum expressed gratitude to the federal government for the intervention and noted that some of the food items were distributed

in Gwoza and Nganzai. He said: “This food item constitutes the last batch of those donated by the federal government to the state. You can remember that we shared similar food items in Gwoza and Nganzai a few months ago.” The governor also distributed N150 million to 15,000 females in Mafa town.

In addition to the cash support, Zulum equally distributed wrappers procured by Borno State Government.

Each of the over 15,000 females will receive a package comprising N10,000 cash and one wrapper.

“Each female head of household will receive a wrapper and a sum of N10,000 through our Microfinance Bank,” the governor stated.

PHOTO: GODWIN OMOIGI

Juliet

in Abuja

Edo REfinERy And PETRochEmicAL comPAny GETs oPERATionAL LicEncE...

L-R: Executive Director, Hydrocarbon Processing Plant Installation and Transport Infrastructure (HPPITI), Mr. Francis Ogaree; Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed; and Head, Technical Operations, Edo Refinery and Petrochemical Company Limited, Segun Okeni, during the handover of Operational Licence to ERPCL ... recently.

SANs, Activists, Others Give Incoming CJN, Kekere-Ekun, Six-month Timeline to Initiate Reforms

Say judiciary’s institutional credibility lowest

Alex Enumah in Abuja

Nigerians have advised the incoming Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, to initiate reforms that would redeem and restore the glory of the country's judiciary within his first six months in office.

Speakers at a roundtable, which included two professors of law, Mr. Ernest Ojukwu, SAN, and Samuel Erugo, SAN, foremost female human rights activist, Aisha Yesufu, as well as leaders of some Civil Society Organisations (CSOs), stressed that Kekere-Ekun was assuming the helm of affairs "at a time when the judiciary confronts far-reaching challenges to its authority and reputation”.

The roundtable was organised by TAP Initiative for Citizens Development, in collaboration with the Network of University Legal Aid Initiative (NULAI).

In his opening remarks, Executive Director of Tap Initiative for Citizens Development, Mr. Martin Obono, pointed out that the "institutional credibility of the judicial branch in Nigeria has never been lower in public esteem".

Obono said while Kekere-Ekun was coming at a very critical and challenging period for the judiciary, the situation offered her an opportunity to articulate agenda for judicial reforms in order to restore public trust and confidence in the judiciary.

"As an organisation and individuals, we seek to contribute to

the distillation of this agenda," Obono said.

The group said the agenda must address the following areas: judicial appointments, conflicting judgements and abuse of interim injunctions, discipline and accountability, election petitions and political cases, and reform of the Supreme Court.

Speaking on the issue of judicial appointment, Obono observed that the National Judicial Council (NJC), which oversees the appointment of judges, had of recent come under heavy criticism, especially with the outgoing CJN, Justice Olukayode Ariwoola, accused of nepotism and favouritism.

While alleging that the council disregarded its guidelines over recent appointments, Obono said reports revealed that in one instance NJC appointed "a candidate who scored zero in the NJC interview".

He urged the new CJN "to commit explicitly to a policy of restoring integrity and merit to judicial appointments". He said achieving this would entail the introduction of transparent processes of selection, advertisement of judicial vacancies, as well as in nomination of candidates, interview, short listing and selections.

Yesufu called on the CJN to "initiate public consultation to announce within six months of assumption of office, measures designed to address the escalating patterns of judicial corruption as documented by the UNODC -NBS Corruption in Nigeria Report 2024".

She also called for the introduction of a mechanism for increased financial transparency, accountability and public reporting to restore public trust.

The female activist stated that disciplinary processes should be "both prompt and decisive and dispositions or punishment should be calibrated to be proportionate to

the seriousness of the misconduct found".

A member of the Garki Branch of the Nigerian Bar Association (NBA), Mr. Folarin Aluko, urged the new CJN to urgently tackle the incidence of conflicting judgements and abuse of interim injunctions. Aluko stated, "There should be clear practice directions on man-

agement of territorial jurisdiction overlaps. It is suggested for this purpose that the structure and scope of such overlaps be agreed at the All Nigerian Conference of Judges and the Practice Directions should be uniform across all the court systems in the country."

Both Ojukwu and Erugo said it was high time election petitions were taken away from the dockets of the courts. They advocated the implementation of recommendations of the Babalakin Commission and Uwais Panel concerning the need for courts to support the will of the people in election and ensure the ascertainment of such will so that it could be protected.

AU: Corruption, Bad Leadership Will Not Hinder Implementation of #Hope2063 Agenda, Says Board Chairman

Kuni Tyessi in Abuja

The Chairman, Board of Governing Council, African Union (Nigerian Ambassadorial Assembly), Prof. Tunji John Asaolu, has said the challenges of Africa like corruption and bad leadership are not strong enough to stop the implementation of Hope2063.

#Hope2063 is Africa's blueprint and master plan for transforming the continent into the global power house of the future and the continent's strategic framework that aims to deliver inclusive and sustainable development with concrete manifestation of the Pan-African drive for unity, self-determination, freedom, progress and collective prosperity pursued under pan- Africanism and African renaissance.

Asaolu who spoke on Tuesday in Abuja at the conferment of Ambassadorialship to some Nigerians,

said the social ills of bad leadership, corruption and embezzlement are not peculiar to Africa alone.

He said: "We are all working towards #Hope 2063 whereby we will see ourselves as one Africa, called United States of Africa and will see ourselves with one passport, currency and look forward to when African can inter-travel within the continent without a visa.

"Corruption is not peculiar to Africans. It will not be a hindrance to the implementation of the African Union agenda of 2063. It may be one of the factors, but among the few.

"With this award, what we have done is to bring in like-minded people, those that are patriotic and without mincing words, will promote this agenda. So, we have people that can put their legs in the shoes of Nelson Mandela. We have found them and will put them into use."

In the same vein, one of the

PSC Reiterates Commitment to End Corruption in Police System

Linus Aleke in Abuja

The Police Service Commission (PSC), yesterday reiterated its commitment to end corruption in police system in Nigeria. The Commission further vowed to eliminate corruption in police recruitment, promotion and disciplinary process.

Chairman of the Commission, DIG Hashimu Argungu, rtd, reaffirmed this commitment while receiving in audience a delegation from the CLEEN Foundation, a non-governmental organisation, with bias in justice sector reform, led by its executive director, Gad Peters. Argungu pledged that openness, transparency and integrity will remain the hallmark of his tenure

in the commission, stating that corporate good governance will be his watchword.

He said: "We will be as transparent as possible in anything we do here - be it recruitment, promotion or discipline, and very soon we will commence geo-political verification of all serving police officers to meticulously confirm those who are still in service.

“I will not tolerate corruption both in the commission and the police force and will expose anyone caught corrupting himself or the system. I am a whistle blower and stand ready to blow the whistle on any corruption or intention to corrupt. This will obviously serve as a deterrent to those who are hell bent in corrupting the system".

A statement by Head, Press and Public Relations, Ikechukwu Ani, said CLEEN Foundation was in the commission to pledge its readiness to continue to collaborate with the new leadership in implementing already existing initiatives and to ensure that the rights and safety of all Nigerians are upheld.

The two parties, Ani said, agreed to work together to convene a biannual police executive forum to review the challenges and strengthen coordination and collaboration.

Ani added that the duo also agreed to sustain the security stakeholders' coordination meeting as a measure to preserve human rights and dignity.

Speaking further, Argungu confirmed that the commission will partner CLEEN Foundation to

convene a bi-annual police executive forum to review the challenges and strengthen coordination and collaboration.

He also promised that the PSC under his leadership will sustain the security stakeholders' coordination meeting as a measure to preserve human rights and dignity.

The Executive Director of the Foundation, Gad Peters, acknowledged the efforts of the commission in promoting transparency, discipline and fairness within the Nigeria police force.

He however, noted that recent incidents have underscored the urgency for more proactive measures to ensure that police officers act within the confines of the law and respect the rights of all citizens.

recipients and entrepreneur, Vivian Lam, said African leaders need to do better, particularly in Nigeria which is globally known to be one of the most corrupt countries in the world and with bad leadership affecting its policies.

In addressing the issue of unemployment which she is pronounced in Nigeria, Lam encouraged the teeming youths to remain resilient, hard-working and dedicated and not to wait for the government, while noting that the government cannot

attend to the needs of all. Her words: "The case of Nigeria is pronounced as one country with high rate of unemployment and there are policies that have been mapped out to ensure that youths are engaged. I know it's not easy. So, my advice based on my experience is for the youths to develope themselves and remain consistent, dedicated and hardworking to put food on the table, and they will surely get there. So, it's not about waiting for the government."

FG Canvasses Strict Enforcement of International Humanitarian Law

Kuni Tyessi in Abuja

In commemorating the 2024 World Humanitarian Day under themed: ‘ActForHumanity,’ the federal government has called for strict enforcement of international humanitarian law and penalties.

It says humanitarian workers within the country have frequently found themselves in the crossfire of non-state armed groups, while citing that between 2020 and 2024, there have been no less than 49 reported incidents affecting 79 humanitarian workers.

These include the tragic killing of an aid worker from Médecins du Monde, the wounding of a UN pilot, and the attack on the United Nations Aid Facility in Borno State, which resulted in the deaths of at least 20 internally displaced persons and forced aid workers to flee for safety.

The Federal Commissioner for the National Commission for Refugees, Migrants and Internally Displaced Persons, Tijjani Ahmed, who stated this in Abuja, said such heinous acts not only endanger the lives of those who are dedicated to helping others,

but also violate the very principles of humanity that underpin global commitment to peace and justice. He said the importance of protecting humanitarian workers cannot be overstated and the brave individuals serve as lifelines to millions of people in distress, often putting themselves in grave danger to provide food, medical care, shelter, and hope. Ahmed added that the legal frameworks of the nation must be robust enough to prosecute those who commit such violations and end the cycle of impunity as the protection of humanitarian workers and civilians is a moral imperative. He said: "We are reminded of the immense sacrifices made by humanitarian workers who, in the face of danger and adversity, continue to stand on the front lines to provide assistance to those in desperate need.

"However, despite these established legal frameworks, we have seen a disturbing trend of increasing attacks on those who are there to help. In recent years, countries across Africa have witnessed violations of these protocols.

UNVEILING THE SHOWMAX AND DOMINIOS PARTNERSHIP...

L-R: Senior Manager, Partnerships, Showmax Nigeria, Uchenna Michael; Managing Director, Eat N' Go Africa Ltd, Ademilola Odunubi; Head of Marketing, Showmax Nigeria, Arinola

and Group CMO, Eat N' Go Africa Ltd, Olumide Aniyikaiye, at the press briefing to unveil the Showmax and Domino’s partnership in Lagos...on

Ex-Senate President, Wabara, Lauds Fubara's Patience in Handling Rivers Crisis

Says Nigeria loses future without the state

The Chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Senator Adolphus Wagbara, has commended the Rivers State Governor, Siminalayi Fubara,for his patience and maturity in handling the political crisis in the state.

This came as Fubara has insisted that he and his supporters were the genuine members of PDP in the state.

Wabara made the commendation, yesterday, when he led members of the BoT on a courtesy visit to Fubara at the Government House in Port Harcourt.

Speaking, the BoT chairman thanked Fubara for the warmth reception given his members, saying the visit was to bolster

peace and unity of the PDP in the state.

He explained that the BoT, as the elders and conscience of the party was genuinely concerned about media hype over the position of the PDP in Rivers, while assuring that contending issues will be constitutionally addressed to reposition the party ahead of the 2027 elections.

"We, the Board of this party came here in search of peace and unity of the Peoples Democratic Party. We have been reading all kinds of things on the pages of newspapers and on the internet for those who are internet savvy.

But we as the elders of this party decided to come and hear from the horses mouth.

"First of all, we want to thank you for still being there because

this party should not be allowed to die. And for that very reason, I am thanking you on behalf of my colleagues and as you can see, it is not from one geopolitical zone. We are well-represented nationally.

"We were scared when we read or heard speculations, perceptions and what have you, that the party if we are not careful might lose Rivers State and of course, if we lose Rivers State, then Nigeria has lost the future. We don't want what happened in 2015 and 2023 to repeat itself.

"These men and women you see here are very neutral but as the conscience of the party we must go by the rule of law and anything you do going by the rule of law can never be wrong. It may be delayed but it can never be wrong.

"We know you are caring for this party and that is why you have been so patient all along to take all the invectives, otherwise as a governor, we have former governors here, I doubt if they would have taken that much."

Speaking, Fubara said contrary to propaganda over the uncertainty of his membership of the PDP, he and his teeming supporters remain the genuine members of the party in the state.

He said the visit of the BoT had put to rest, the falsehood peddled by some quarters over his membership of the party.

"Today, I am happy that you are with us here to discuss the issue of Rivers State and I want to assure members of our party, genuine members of the PDP that are here with us that this is another hope to show that standing by the party is not a wrong decision.

Sunday Aborisade in Abuja Chief of Staff to President Bola Tinubu, Hon. Femi Gbajabiamila, has urged Nigerian youths to make themselves available as agents of change.

He said they could do so by applying their knowledge and skills to serve their communities and the nation.

He stated this yesterday at the launch of the third cohort of trainees for the Legislative Mentorship Institute (LMI), Gbajabiamila, a former Speaker of the House of Representatives, encouraged the 50 participants to seize available opportunities to uplift others.

He emphasised that true leadership was measured not by how many people one could bring down but by how many one could elevate.

“The great thing about leadership is how many people you pull up. As we try to pull you up, my prayer is that in your time, use whatever you learned here to pull others up.

“The road ahead will not always be smooth, but it is by overcoming these obstacles that true leaders

are made.

“You are not just joining the LMI programme, you are becoming part of the family, my family. The LIM began with the first cohort in 2022, expanded with the second cohort in 2023, and now embraces you as the third.

“This is a new beginning, not just for you, but for LMI. It is a new chapter in our collective journey towards shaping the future of Nigeria and Africa at large.”

Director General of the National Institute for Legislative and Democratic Studies (NILDS), Prof Abubakar Suleiman, said the trainees would be exposed to learning opportunities that would not only expand their intellectual horizons, but also instill in them the core values of leadership, integrity, and service.

Meanwhile, the National Assembly has challenged its staff to embrace modern technology in order to improve their productivity and skills.

Clerk to the National Assembly, Sani Magaji Tambawal, gave the charge at a four-day capacity building and training programme for 318 staff of the National Assembly from grade level 10 - 14.

The training programme with the theme: “Re-Orientation for improved productivity and effective service delivery” was organised by the National Assembly in collaboration with Zaramat Global

"I want to thank you for taking all the troubles to come to Rivers State to see the governor and the supporters of the party genuinely. We that are here are the undiluted members of the PDP.

Be Catalysts for Change, Tinubu’s Chief of Staff, Femi Gbajabiamila, Charges Youths

Company Limited.

The CNA also urged the staff to redouble their efforts in order to deliver the highest standards of service and support to the legislature and the people.

Fidelis David in Akure

A pan-Yoruba socio-political organisation, Afenifere, yesterday, called on President Bola Tinubu to overhaul the security architecture of the country to ensure that Nigerians live and move about without the fear of being kidnapped or harassed in any way.

In communique issued after the meeting held at the residence of its national leader, Pa Reuben Fasoranti, Afenifere berated the spate of kidnapping across the country, particularly that of medical students that were kidnapped at Otukpo in Benue State, the invasion of villages between Oyo and Iseyin in Oyo State and the ones in Borno, Niger

We're genuine members of PDP here, gov boasts Appoints

Deji Elumoye in Abuja

President Bola Tinubu has approved the appointment of Mr. Daser David as the new President/Chief Executive Officer of the Digital Bridge Institute (DBI).

David is an academic and industry expert with a deep understanding of digital technologies and educational leadership.

The President, according to a release issued on Tuesday by his Media Adviser, Ajuri Ngelale, also approved the appointment of Mr. Reuben Oshomah as Executive Director, Marketing,

“I am very conscious of the importance of information. I know that a lot of information is flying here and there but I know that whatever I have said anywhere I will still maintain it. What I have said in Abuja, is the same thing I say in Port Harcourt."

"This visit is for one purpose: what is the problem, how did it start or would I say what led to it and how did it degenerate to what it is today? I will prefer that when we go to the executive session, I will then discuss it.

Nigerian Communications Satellite Limited (NIGCOMSAT), and Mrs. Adama Kure, Executive Director, Finance and Administration, (NIGCOMSAT).

Oshomah has extensive experience in communications satellite marketing and strategic business development, while Kure is a seasoned finance professional with a strong record in financial management and corporate governance. The President expects the newly appointed officers to bring their wealth of experience and expertise to bear in driving the strategic vision for these institutions.

Afenifere Seeks Overhaul of Nation’s Security Architecture for Nigerians’

and Imo States.

The communique signed by the National Publicity Secretary of Afenifere, Jare Ajayi, explained that there was also the urgent need to deploy modern technology more comprehensively into the efforts of combating banditry and terrorism.

According to Afenifere, doing so would check, if not totally stop, the incidences of kidnapping and sundry banditry now ravaging the land.

"Afenifere also advocated for the licensing of Amotekun to carry lethal weapons. There should be greater cooperation between Amotekun and other security agencies. Command and Control posts be installed across all the local government areas so that information can be shared in real-time

as is done in many developed and not so developed countries."

In the light of the current high cost of living, Afenifere urged the federal government, through its various organs in charge of finance and fiscal policies, to accelerate actions that would strengthen the value of naira, enhance productivity, reduce costs of items and services geared towards reducing inflation and enhancing the welfare of the people.

"In view of the strategic position that the Nigerian National Petroleum Corporation Plc and Independent Oil Marketers occupy in the oil sector, Afenifere strongly called on them to let the interest of the nation, nay the interest of the people of Nigeria, be uppermost in their minds and actions.

"The ruling by the Supreme Court has made it possible for local governments to have more control over their finances. It is, therefore, imperative for them to go back to what used to be the case in the past.

“By this, we mean a situation in which local government councils not only have farms, but make things easy for local farmers by providing them with needed resources – sometimes at subsidised fees.

“This will not only make foodstuffs more available, it will also enhance the council’s finances and boost the local economy. This will also partly take care of the concerns raised by the farmers who visited The Leader in April this year."

Shobande;

Blessing Ibunge in Port Harcourt

Email: deji.elumoye@thisdaylive.com

Much Ado About Federal Lawmakers’ Monthly Earnings

The refusal of the management of the National assembly to publish the annual budget of the nation’s parliament has consistently left Nigerians in the dark over the allowances being paid to the federal lawmakers on monthly basis. This lack of transparency has also constantly made any legislator that dare to reveal his pay, a target of attack by colleagues. Sunday Aborisade reports.

Amember of the National Assembly representing the Kano South Senatorial District, Sumaila Kawu, courted the anger of his colleagues last week when he revealed that he earns over N21 million as salaries and allowances monthly.

His disclosure came a day after the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) revealed that each of the Nigerian senators receives a total of N1.06m in salary and allowances per month.

RMAFC Chairman, Mohammed Shehu, was reacting to recent controversies over the exact amount each lawmaker earns per month, which has over the years been shrouded in secrecy.

The RMFAC boss further clarified that each federal lawmaker earns N12.72m in 12 months and that the Federal Government makes a total expenditure of N1.4bn annually for all senators.

A breakdown of their monthly earnings revealed that each Senator collects a monthly salary and allowances of N1,063,860, consisting of a basic salary, N168,866:70; motor vehicle fuelling and maintenance allowance, N126,650:00; and personal assistant, N42,216:66.

Others include domestic staff,126,650:00; entertainment, N50,660:00; utilities, N50,660:00; newspapers/periodicals, N25,330:00; wardrobe, N42,216,66:00; house maintenance, N8,443.33:00; and constituency allowance, N422,166:66.

Shehu said, “The commission also wishes to use this opportunity to state that any allegation regarding other allowance(s) being enjoyed by any political, public office holder outside those provided in the Remuneration (Amendment) Act, 2008 should be explained by the person who made the allegation.

“To avoid misinformation and misrepresentation of facts capable of misleading citizens and members of the international community, the commission considers it most appropriate and necessary to request Nigerians and any other interested party to avail themselves of the opportunity to access the actual details of the present remuneration package for political, public and judicial office holders in Nigeria published on its website: www.rmafc.gov.ng.”

However, Kawu, the Kano South Senator, in an interview with the Hausa Service of the British Broadcasting Corporation, last Wednesday, disclosed that although his monthly salary is about N1m, his total takehome pay was N21m, a wide margin from figures quoted by RMFAC.

Kawu said, “The amount of salary I receive per month is less than N1m, if there are cuts, it comes back to about six hundred thousand naira and a little something as salary.”

He noted that there are usually a few deductions by the RMFAC.

The issue of the amount of money received by federal lawmakers stirred up fresh controversies since last week.

Chief Olusegun Obasanjo, who was president between 1999 and 2007, had penultimate Friday in Abeokuta, Ogun State capital while receiving in audience, six members of the House of Representatives, led by Ikenga UgoChinyere who visited him, chided the federal lawmakers for fixing their salaries and emoluments.

During the parley, Obasanjo said, “In your case, with all due respect, you’re not supposed to fix your salaries. But you decide what you pay yourself, the

allowances that you give yourselves (including) newspaper allowances.

“You give yourselves all sorts of things, and you know it is not right. It is immoral, (yet) you are doing it, the Senate is doing it, and you are beating your chests about it. In some cases, the executive gives you what you’re not entitled to. You all got N200 million (each).”

The Senate, had however, in a statement last week refuted the claims by Obasanjo stating that they were lies.

The red chamber also issued a strong denial of allegations suggesting that it is involved in determining its own salaries or receiving special fiscal packages from the Presidency.

In a statement released by Senate Spokesman, Senator Yemi Adaramodu, who represents Ekiti South, the Senate described the allegations as an attempt to “crucify the legislature by the centurions of political hypocrisy.”

Adaramodu emphasized that no Senator has received any financial patronage from the Presidency. He clarified that the constituency projects often linked to the legislature are merely suggested and nominated by Senators, following practices common in other democracies worldwide.

To set the record straight, the Senate stressed that it only receives the salary allocated to it by the Revenue Mobilisation Fiscal Allocation Commission, in strict accordance with

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

constitutional provisions.

The Red Chamber challenged anyone with credible evidence to present contrary facts, describing any suggestion that the National Assembly fixes its own salaries as “uncharitable and satanic.”

The Senate further explained that “the Executive arm of government, through its various ministries and agencies, is responsible for awarding contracts for the constituency projects.”

The statement read in part: “The funds allocated for these projects, vary depending on the number of constituencies in each state and the intention is to ensure that every region of Nigeria benefits from federal resources.

“As the country enters what some describe as a season of political pontificating, the 10th Assembly remains a responsible and responsive chamber.”

It reaffirmed its commitments to upholding the economy and growth of Nigeria, insisting that it only receives what is constitutionally allocated to it and would never seek additional perks from other branches of government.

THISDAY checks, however, revealed that the idea of lawmakers determining their running costs actually started some time in 2007 when the multi billion naira votes meant for the healthcare and other allowances which individual lawmaker, upon request during emergency, enjoyed were collapsed into a single account managed by the Chairman of Senate or House of Representatives Services Committee.

The idea was meant to ensure stability for the presiding officers as there were allegations in the past that the fund was sometimes disbursed to cronies of either the Senate President or Speaker of the House.

A principal officer in the 6th Assembly who craved anonymity told our correspondent last weekend that relative peace was restored when the fund was collapsed for equal distribution to the lawmakers.

Akpabio

Abass

Sumaila

UBA @ 75: Power of Impact, Transforming Lives

Keeping faith with its Legacies of Promos and in commemoration of its 75th anniversary, the United Bank for Africa, UBA, has set aside over N200 million to reward its loyal customers. Victoria Ojiako writes that while it is targeted at loyal customers, the bank continues to build its legacy of trust and excellence

Impact no doubt is a powerful tool which reverberates across disciplines, industries, and human experiences. At its core, impact signals the effect or influence of one object or entity on another. The power of vision which in many cases ties to making crucial decisions or implementing changes, can stimulate innovation, drive leadership, and spur growth particularly when it transcends generations. That is the classic story of United Bank for Africa (UBA) Plc, a global financial institution that has seen it consistently transform lives for 75 years and counting.

That is consistency in touching lives. It adds value to others as well as to your existence or that of your organisation. Consistency as they say opens the door to expertise and eventual greatness.

Talk about a global institution that has consistently touched lives, adding value while also meeting customers’ needs for over seven decades!

A short trip down memory lane will reveal that since its inception in 1949, UBA has evolved from its modest beginnings in Marina, Lagos Island to a global financial institution with presence in 20 African countries and four global financial nerve centres; New York, London, Paris and United Arab Emirates.

Today, the iconic success story of UBA since coming into existence 75 years ago, is tied to giving back to customers and building dreams and is a testament to vision and sheer determination that truly deserves commendation.

It is worthy to mention that UBA continues to distinguish itself in the banking industry with many firsts, which include, innovative financial products, like LEO – UBA’s AI Chat bot which revolutionlised the financial landscape; Braile account form opening for the visually impaired, first

Automated Teller Machine and many other products, services and promos that not only meet customers’ needs but leave a lasting impact that can transform their lives forever.

One of such is the UBA Super Savers promo, which has birthed several hundreds of millionaires since it was first launched, years ago.

The bank continues to use this medium to give back to customers and transform lives in appreciation of their established bank-customer relations.

This year, in commemoration of its 75th anniversary, and in a bid to appreciate depositors, UBA set aside over N200 million to reward its loyal customers in this edition of its legacy promo which just kicked-off and is targeted at loyal customers while commemorating the bank’s 75th anniversary.

The landmark campaign has been specifically designed to celebrate the bank’s rich legacy spanning 75 years, which is in line with its age long commitment of rewarding loyal customers.

The bank explained that this edition of the promo covers the 36 states of the federation and will run for six months begin -

ning from July to December where the bank will be giving out a whooping N200million in cash prizes and other consolation prizes to customers from various categories.

This edition of the promo is open to four categories of customers - bumper account holders, savings account holders, Kiddies and Teens as well as NextGen account holders., 75 customers will win the star prize of N1m each during the promo period, another 75 will win N250,000 each while yet another 75 will be smiling home with a win N100,000 each.

Similarly, 75 Kiddies and Teens will receive N200,000 in scholarship rewards and NextGen account holders will also be rewarded with N180,000 in pocket money while some more customers will win N10,000 monthly cash prizes.

Other consolation prizes lined up by the bank in the promo include, shopping vouchers, loaded pre-paid cards among others.

UBA’s Group Head, Retail and Digital Banking Shamsideen Fashola, who expressed delight at the promo, said the bank is always excited with every opportunity to reward their loyal customers while at the same time encouraging the savings culture, particularly at a challenging times where inflation is at 34.19% and is eating deep into the income of the average Nigerian.

The UBA Legacy promo is a testament of our enduring commitment to our customers. For 75 years, UBA has been at the forefront of banking innovation and this promo is another way we are showing our appreciation and continuing to

He said ”The UBA Legacy promo is a testament of our enduring commitment to our customers. For 75 years, UBA has been at the forefront of banking innovation and this promo is another way we are showing our appreciation and continuing to build our legacy of trust and excellence”.

To qualify for the UBA legacy promo, Bumper customers are expected to have a minimum of N5,000 operating balance and multiples of N5,000 will give the customers a higher chance of winning.

In the same vein, savings account holders are expected to save a minimum of N100,000 while multiples of N100,000 will also improve their chances of winning.

For Kiddies and Teens account holders, they are required to maintain a standing instruction of N10,000 monthly to stand a chance of getting the Scholarship reward of N200,000 while NextGen account holders are to maintain a minimum of N5000 plus getting a debit card to qualify for the N180,000 pocket money reward.

UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, stressed on the significance of the promo adding, ” As we mark this monumental anniversary, the UBA legacy promo not only celebrates our rich history, but also reinforces our dedication to enrich the lives of our customers. We are more than thrilled as we plan to further impact the lives of customers just as we have done in the last 75 years, building their dreams and creating accomplished and satisfied generational customers. She concluded by saying, “we are glad to offer these fantastic rewards as a thank you to our esteemed customers for their unwavering loyalty”. UBA therefore invites customers to avail themselves of the opportunity of reaping rewards by participating in this very beneficial promo.

The UBA team

Kayode Tokede

In the bid to bridge the 2024 budget deficit, the federal government, through the Debt Management Office (DMO), has borrowed a whooping N4.73 trillion in eight months using the Bond market, market data has revealed.

Analysis of the FGN bond issuance data showed that between January and August 2024, the DMO offered to raise N5.15 trillion, but got N5.64 trillion total subscription.

President Bola Tinubu had in his budget presentation at the joint session of the national assembly in November 2023, titled, “Budget of Renewed Hope” stated that 2024 budget deficit is projected at N9.18 trillion or 3.88 per cent of Gross Domestic Product (GDP).

“This is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP. The deficit will be financed by new borrowings totalling N7.83

trillion, N298.49 billion from Privatization Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects,” he added.

Since the beginning of 2024, THISDAY gathered that investors have shown interest in the longterm FGN Bond, a major factor contributing to the amount raised in the period.

The eight months auction by DMO revealed a shift in investor preferences towards higher-yielding and longer-tenor bonds, amidst a backdrop of cautious market sentiment.

The DMO between January and August 2024 has continually re-open some FGN Bonds and steadily hike its interest rate to attract investors amid double-digit inflation rate.

The FGN bond market this year consistently witnessed increased participation by Pension Funds Administrators (PFAs) as double-

digit inflation rate eroded investment in money and capital market instruments.

According to National Pension Commission (NAICOM), pension funds industry portfolio in the FGN Bonds increased to N12.22 trillion as of June 2024, contributing about 59.66 per cent of the N20.48 trillion of the industry assets.

In the latest auction for August 2024, the DMO disclosed that it has raised N374.751 billion for the federal government, of which it offered N190 billon to investors.

The month under review recorded N460.182 subscription as rate on the three auctions stood above 20 per cent.

The N190 billion raised from the bond market in August 2024 marks its lowest bond offer in 2024, as this offer amount is 37 per cent less than the N300 billion it offered July 2024.

These bonds, which were originally issued in earlier years, are being offered to investors once

again under attractive terms designed to ensure strong participation.

The bonds include a N70 billion reopening of the 19.30% FGN APR 2029, a 5-year bond that will mature in April 2029.

Also, the DMO offered another N70 billion through the 18.50% FGN FEB 2031 bond, which is a 7-year instrument maturing in February 2031 and the third bond in the offering was the 19.89% FGN MAY 2033, a 9-year bond with a reopening value of N50 billion, set to mature in May 2033.

Finance analysts attributed the strong demand for FGN bond to attractive yield, which offers investors high returns on their investments, stressing that the oversubscriptions also revealed that investors have confidence in the federal government’s ability to meet its debt obligations.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda

Yusuf had stated that the federal government notified the general public of borrowing more in 2024.

He said, “With all the volatility and foreign exchange issues, it makes sense to borrow at the domestic market rather than borrowing from the international market. It is all a reflection of our macro economy environment challenges and weak fiscal policy of the government. All this borrowing also is a reflection of the weak financial position of the government and it will continue like that.”

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

“But some analysts attributed the under subscription to some issuances to fear of interest rate risk, “as investors are full well informed that economy is still very much

challenged and that inflationary pressure remains unabated.

“So, investors expect higher yield for this particular issuance, while the government does not wish to borrow at higher interest rate,” said CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka. Meanwhile, in recent years, Nigeria’s rising debt profile has been a topic of concern, as Vice President, Highcap Securities Limited, Mr. David Adnori, warned that the country’s debt levels are unsustainable. According to Adnori, “Ways and means” refer to the CBN’s lending to the federal government. The DMO said that the “securitization of ways and means” is not unusual and is a common practice in many countries, but it is not a decision that can be made by the DMO alone.” Adnori expressed concerns that Nigeria’s rising debt levels could become unsustainable if not managed properly.

The United States Mission in the country has announced that Nigeria will receive $27 million as part of a broader $536 million humanitarian aid package directed towards Sub-Saharan Africa by the U.S. Government.

The U.S. Ambassador to Nigeria, Richard Mills, in a statement explained that it is part of ongoing efforts by the United States to provide lifesaving support to vulnerable populations and host communities across the continent.

Mills further explained the significance of the aid, saying, “This assistance will make a real difference in the lives of those most in need in Nigeria and across the continent.”

He stated that the U.S.’s commitment to aiding Nigeria in tackling humanitarian challenges, including food insecurity and the impacts of climate change.

The statement explained that the comprehensive aid package was officially unveiled by Under Secretary of State for Civilian Security, Democracy, and Human

Rights, Uzra Zeya, bringing the total U.S. humanitarian assistance to Sub-Saharan Africa for Fiscal Year 2024 to nearly $3.7 billion.

The funds, according to the statement, are earmarked to address the critical needs of vulnerable individuals in the region, including refugees, asylum seekers, internally displaced persons, and other conflict-affected

populations. It stated that it would focus on crises in the Sahel, among other areas, and support efforts to build durable solutions such as voluntary returns and refugee integration.

The statement further explained that the $27 million allocated to Nigeria would be distributed through the State Department’s

Bureau of Population, Refugees, and Migration and USAID’s Bureau for Humanitarian Assistance. Mills reaffirmed the U.S.’s solidarity with Nigeria, stating that they stand with Nigeria in its efforts to provide for vulnerable populations and build resilience against food insecurity and climate change impacts.

Eromosele Abiodun

Expert: Five Year Tenor on FG’s $500m Bond Issuance Seem

A Professor of Capital Market at the Nasarawa State University, Prof. Uche Uwaleke has expressed that the fiveyear tenor on federal government’s $500 million bond issuance seems ambitious, stressing that a two-year, short-term tenor, would have been better and less costly.

Uwaleke, who is also the President of Capital Market Academics of Nigeria in a statement obtained by THISDAY added that, “since this is a debut issuance designed to test the domestic market’s appetite for USD-denominated domestic bonds. It is instructive to note that when Ghana issued her first domestic dollar bonds in 2016, it had a 2-year tenor and was largely successful.”

According to him, another concern stems from the need to ensure that the exercise does not, as noted by the International Monetary Fund (IMF) in its Article IV Consultation report, put further pressure on the naira since part of the plan is to bring onshore dollar liquidity to the official market, ‘’which could lead to market fragmentation, increase the cost of naira securities, and add to pressures on the naira.”

“It is equally important to prevent a situation where the parallel market is made a source of funds invested in

these bonds which speaks to whether there are adequate safeguards in relation to the Know Your Customer (KYC) principles in view of the nature of the transaction.

“For Nigerians in Diaspora in particular, a key consideration would be the effectiveness of the Clearing and Settlement infrastructure associated with the domestic dollar bonds issuance,” he said.

THISDAY had reported that FG is set to issue dollar-denominated bonds in the domestic market and hopes to raise at least $500 million from local and international investors through the process.

This domestic dollar bond will be the first of its kind in the country and is part of a bond programme having a total size of up to $2 billion with the minimum subscription at $10,000 and integral multiples of $1,000 above the minimum size.

“It is not yet clear what the indicative pricing would be. However, the expectation is that it will be attractive enough to lure a broad category of prospective investors,” he added.

On the likely impact on the economy, he highlighted that the bond issuance provides an opportunity to earn risk-free return on investments given that dollar deposits with banks attract little or

PMI Attributes 60% of Startups Failure to Poor Project Management

The Managing Director, Sub-Saharan Africa, Project Management Institute (PMI), George Asamani, has urged entrepreneurs in Nigeria not to skip project management basics when jumping into business.

In a statement issued by the institute, Asamani admitted that technology is akin to Play-Doh because of its power to offer boundless possibilities and allow business owners to create, innovate, and solve problems.

He however opined that technology alone isn’t enough, adding that much like the mould that shapes Play-Doh into meaningful forms, startups need project management to transform ideas into viable projects.

While making reference to Exploding Topics, which stated that up to 90 per cent of startups fail, with more than 60 per cent of these failures attributable to factors directly or indirectly linked to poor project management, like overspending, scope creep, team dynamics, and lack of communication, amongst others, the PMI Boss pointed out

that project management is the discipline of planning, organising, and overseeing the successful completion of projects.

“It involves setting clear objectives, allocating resources, managing risks, and ensuring that projects are delivered on time and within budget. It is a strategic discipline that can make the difference between a startup that thrives and one that fails,” he stated.

According to Asamani, a startup built on a solid project management framework is also better equipped to align its operations with broader social and environmental goals. He stated that ventures like M-Kopa and Andela exemplify this approach, thereby contributing effectively to the Sustainable Development Goals.

“M-Kopa’s affordable solar solutions combat climate change by providing access to clean energy, while Andela’s tech training programs empower youth in Africa, promoting quality education and decent work.”

The statement further stated that young people are at the forefront of innovation and creativity in today’s rapidly evolving digital landscape.

no interest. “All said, the benefits of the domestic dollar bonds outweigh the costs. It is expected that the net proceeds will be ring-fenced and invested in critical sectors of the economy such as Agriculture, Education and Health,” he added.

NCAA to Digitalise Operations for Quicker Audit, Resolution of Passengers’ Complaints, Renewal of Certificates

Chinedu Eze

The Nigeria Civil Aviation Authority (NCAA) has announced that it would fully embrace digitalization in its operations to reduce processing time in auditing of airlines, issuance and renewal of certificates and resolution of passengers’ complaints.

Under the new arrangement, NCAA would be deploying the necessary digital platforms for the processing of approvals, licenses, renewal of recertification as well as the treatment of passengers’ complaints.

Acting Director General, NCAA, Captain Chris Najomo disclosed this at the weekend in Lagos while declaring open a training programme for the Consumer Protection Portal

unveiled by the authority.

According to Najomo, the new portal will not only make it faster and convenient to resolve complaints by passengers in record time, it will also serve as a barometer for assessing the performance of both local and foreign airlines operating into Nigeria.

Najomo said the capacity building programme was put together to equip personnel of airlines and the regulatory body to find lasting solutions to incessant complaints lodged by passengers on either delayed or cancelled flights and other service failures in the travel space.

To drive this, he said the NCAA has to retool its responsibilities by adopting the digitalization of most

of its operations using the latest information technology applications.

He said: “We have gone far. We started this MPIC process (MIPC is a mobile real-time video surveillance software used with Cloud IP Camera for surveillance) two years back and right now we’ve had some trainings. The people have come to train our people and they are deploying this system.

The AOC (Air Operator Certificate) system, certification, recertification, licensing, you will see it’s going to be awesome.”

The NCAA boss said the Minister of Aviation, Mr Festus Keyamo is leaving no stone unturned in ensuring that local carriers have access to convenient aircraft acquisition by engaging major

airplane manufacturers. He said: “The minister has been doing a lot to assist in this direction by going round to talk to airplane makers and other players on how to get aircraft. He has been engaging Boeing, Embraer, and others on how to secure dry leasing for our local airlines. And he’s done so much. Very soon you’ll see that result will come out so that our airlines will be able to get airplanes and bring them in for use.

“It’s capacity that is making what we’re having, having all these delays and cancellations. And all these airlines will key into it. Air Peace, United Nigeria Airlines, they’re all doing everything possible to get dry lease aircraft. That is the way to go.”

NLNG Train 7 Project: Daewoo Unveils Galvanising Plant in Rivers

Blessing Ibunge in Port Harcourt

Daewoo Engineering Construction Nigeria has unveiled a state-of-the-art 10,000 Tons per annum glassing galvanisation plant in Rivers State.

The plant, which was commissioned at Abam-Ama, Okrika local government area, will provide services for the Nigerian LNG Train 7 Project in Bonny with the employment of over 150 persons.

Daewoo Engineering Nigeria Limited is one of the Engineering, Procurement, and Construction (EPC) contractors of the Nigeria LNG Limited (NLNG) Train 7 Project. The galvanising plant is one of the capacity development interventions for the Train 7 project.

Sterling One Foundation’s strategic partners, The Coca-Cola Company Nigeria, Sterling Bank Limited, and the United Nations Global Compact Network Nigeria have restated commitment to advancing social impact across the continent by supporting the hosting of the Africa Social Impact Summit for the third year in a row, convening over 2,000 development leaders and professionals recently.

This move, which furthers each of the organizations’ commitment to driving more impact investment into critical sectors of the African

Speaking during the event, Managing Director of Nigerian LNG, Dr Phillip Msheibila stated that the plant signifies a major step towards Nigeria’s self sufficiency and industrial growth and as well, the realisation of Nigeria’s local content aspirations as driven by the Nigerian Content Development and Monitoring Board (NCDMB).

Represented by the General Manager, External Relations, Mr Andy Odey, Msheibila reiterated the company’s commitment to achieving its Nigerian Content objectives in its Train 7 Project on Bonny Island.

Mshelbila, stated that protection of steel for durability was a significant application in the energy

economy while building stronger partnerships for the SDGs, can best be described as the type of long-term effort needed to tackle the continent’s developmental challenges.

“ASIS is designed to address the COVID-19 setbacks faced by the African continent in achieving progress on the SDGs, amongst other development challenges by leveraging partnerships and we are grateful to have these partners who have been on board with the idea from Day 1,” explained Olapeju Ibekwe, CEO of Sterling One Foundation.

sector, bolstering the resilience of equipment against depletion and enhancing operational efficiency, reducing wastage from replacement costs, and prolonging the lifespan of relevant equipment.

He commended Daewoo for their commitment in local capacity development and empowering Nigeria’s industry and applauded the federal government through the NCDMB for their vision and support in making the Train 7 project a reality, considering the challenges posed by the COVID-19 pandemic.

On his part, Managing Director, Daewoo represented by the Deputy Construction Director, Youngphil OH, disclosed that the project was completed within one year.

He also pointed out that specialists from Korea where brought in to enable the company complete the project within the stipulated time frame of completion and provide training for local workers.

Commissioning the plant, the Executive Secretary of NCDMB, Mr Felix Ogbe noted the importance of the facility to the oil and gas industry in Nigeria and as well the towers and telecommunications sectors. He added that the commissioning of the hot deep galvanising plant has increased Nigeria’s galvanising capacity to over 180,000 Tons/annum, with similar facilities established by Dorman-long Engineering, Sparkwest steel industries and African Industries Group.

She added that the partners’ commitment to making real impact has been instrumental to the successes recorded by the Summit.

Senior Director, Public Affairs, Communications and Sustainability at Coca-Cola Nigeria, Amaka Onyemelukwe explained that partnership has always been at the core of the company’s strategy, making ASIS an important initiative to be a part of.

“What the Summit hopes to achieve in terms of effective regional partnerships is crucial for the development ecosystem in Africa and we are glad to support

and help move it from ideas to action,” she mentioned. The Africa Social Impact Summit which is convened by the Sterling One Foundation alongside the United Nations System in Nigeria, and a host of private-sector, media, and development partners aims to not only advocate better policies and build stronger partnerships but to become a platform for more impact investments, for both entrepreneurs and changemakers with impact-focused projects as well as for government development projects.

Raheem Akingbolu

Kayode Tokede

L-R: Executive Director Sundry Foods Limited, Nnamdi Opara; wife of MD/CEO Sundry Foods Limited, Nancy Enunwa; MD/CEO, Sundry Foods Limited, Ebele Enunwa; Chairman UBA Plc, Tony Elumelu and Chairman Board of Directors, Sundry Foods Limited, Adedotun Sulaiman during the 20th anniversary of Sundry Foods Limited in Lagos at the weekend

L-R: Head, Depository Services CSCS,  Babangida Yahaya; Head, Abuja Office CSCS, Ojone Umoru; Executive Director CSCS,  Adeyinka Shonekan; MD/CEO CSCS, Haruna JaloWaziri; Vice President of Nigeria, Kashim Shettima;  Head, Ancillary & New Markets Business CSCS, Hadiza Saidu; Technical Assistant to the CEO CSCS, Nnaemeka Okereke,and the Media Relations Officer, CSCS, Edidiong Inwang at a forum in Lagos… recently

Experts Advocate Stakeholders’ Commitments to Energy Security

Experts in the energy sector have called for more commitment from government and major stakeholders across the energy value chain to drive energy security.

The call was made during the 2024 Nigerian-British Chamber of Commerce (NBCC) energy group event, with the theme, “Securing Nigeria’s Energy Future: The Way

Forward,” which took place on Thursday, August 15, 2024, in Lagos. They said that this would help in reshaping the industrial sector and create a vibrant energy future for the country.

Special Adviser, Energy, to President Bola Tinubu, Mrs Olu Verheijen, reiterated the need to find solutions to the country’s energy insecurity, particularly with Nigeria as a top 10 gas reserve holder.

United Nigeria Airlines Attains Another IOSA Safety Certification

United Nigeria Airlines has announced that it has successfully achieved its second IATA Operational Safety Audit (IOSA) certification, thus reaffirming its commitment to the highest standards of operational safety and excellence.

IOSA certification is a globally recognised benchmark for operational safety, and this achievement demonstrates the company’s dedication to maintaining the highest levels of safety and quality in its operations.

The certification process involves a comprehensive audit of an airline’s operational management and control systems, and United Nigeria Airlines’ successful completion of this process, the second time in its three and half

years of operation, demonstrates its compliance with international safety standards.

Commenting on the achievement, Chief Operating Officer of the airline, Mazi Osita Okonkwo said:

“We are thrilled to have achieved our second IOSA certification, which is a testament to our unwavering commitment to safety and operational excellence. This achievement would not have been possible without the hard work and dedication of our team, and we look forward to continuing to provide our passengers with the safest and most reliable air travel experience possible.”

“We are proud to be among the select group of airlines that have achieved IOSA certification, and we will continue to work tirelessly to maintain and improve our safety standards,” he added.

Firm Launches Transactpay Digital Payment Platform

Transactworld Digital Services, a fintech company has launched its flagship product, Transactpay, a digital processing platform designed for businesses in Nigeria and abroad.

This, for the firm, signifies a major milestone for the firm, following their acquisition of a Payment Solution Service Providers (PSSP) license from the Central Bank of Nigeria. Speaking on the product, recently, the CEO of Transactworld Digital Services, Ernest Obi, said the launch of Transactpay marks a pivotal moment for Transactworld Digital Services.

According to him, “This platform is a testament to our commitment to innovation and our unwavering focus on delivering exceptional value to our clients. We are confident that Transactpay will redefine the payment ecosystem in Nigeria and beyond.”

“Securing this licence is a major achievement for us. Our commitment to client service drives us, and there’s nothing more rewarding than leading the way in innovation. We are excited to provide Nigerian merchants with a reliable and secure payment processing platform, while also creating opportunities for international businesses eager to enter the thriving Nigerian market.”

However, a key board member and former Executive Director Operations & Technology in Keystone Bank, Yvonne Isichei, said the product is a strategic tool for businesses.

“Transactpay is more than just a payment platform. It’s a strategic tool for businesses to thrive in a secure, seamless and stress-free manner. Its robust features and user-friendly interface are set to revolutionise how transactions are conducted”, Isichei stated.

She said that in evaluating the country’s performance over a decade, 76 per cent of Nigeria’s gas reserve was undeveloped.

She noted that the Tinubu administration had taken steps via the presidential directives to make the country’s energy environment more attractive for investments.

According to her, government is ready to improve regulatory certainty to make Nigeria a top three destination for investments in oil and gas.

“There have been presidential directives to clarify the role of regulators to attract investment in upstream and midstream sectors and to focus on fiscal incentives to drive energy transition to gas among others.

We have issued fiscal incentives and have attracted over $500 million and have started paying our gas debts.

“The President also launched an initiative to bridge the metering gap, we have grown our grid capacity by having a commercially viable value chain and designed targeted subsidies to protect the poor,” she said. President, NBCC, Mr Ray Atelly, noted that in a world where energy shaped the very foundation of societies, a focus on energy had taken the centre stage like never before.

Atelly stated that the event’s theme resonated deeply with the current need of Nigeria given that the country’s energy sector was

characterized by a substantial gap between demand and supply.

According to him, the global shift towards sustainability underscores the urgency for Nigeria to diversify its energy sources, particularly towards renewables like solar, wind, and hydropower.

General Manager, Production, Nigerian LNG (NLNG), Mr Nnamdi Anowi, said it was essential for Nigeria to align strategies with both current realities and future aspirations in a rapidly evolving global energy landscape.

Anowi noted that the country’s journey towards energy security was faced with numerous challenges ranging from infrastructure constraints

to the need for technological innovation and regulatory support. He stated that these challenges also presented opportunities to forge stronger collaborations, adopt groundbreaking solutions, and champion policies that would fortify the energy sector.

Managing Director, Shell Nigeria Gas, Mr Raph Gbobo, noted that in energy transition, gas was the fastest growing fossil fuel with a very broad industrial application. Gbobo said measures to drive energy security in the immediate term included enforcing discipline and transparency in the gas transportation network operation and implementing gas balancing.

Pitcher Festival Celebrates FCLA Creativity Awards’Winners

Raheem Akingbolu

The Pitcher Festival of Creativity has hosted a winners’ reception to celebrate the hard work, creativity, and dedication demonstrated by each winner at the 2024 Future Creative Leaders Academy and the Young Professionals Academy. According to the orgaansers the Pitcher Festival has expressed its delight for the feat achieved by all the winners and eagerly anticipates where their journeys will lead them next.

The Pitcher Festival is dedicated to nurturing and accelerating the career development of talented youths through two major platforms: the Future Creative Leaders Academy and the Young Professionals Academy. Each academy offers an intensive training programme, life-changing competitions, and connections with

partner events, bringing participants together with their peers from around the world.

The FCLA awards were presented by the Dean of the 2024 Future Creative Leaders Academy, Ngozi Akinyele, Group Executive, Chief Marketing & Communications Officer, Coronation Group. In her remarks, she said, “To the members of the winning team from Nigeria and Romania, your work has set a new standard for what can be achieved when we embrace global collaboration. You have not only enriched your own learning but have also contributed to the broader narrative of unity and shared purpose in our industry.”

The FCLA conducted a Cultural Fusion project for the first time this year in collaboration with Godmother, Romania with university students in

Professionals to Brainstorm on Aircraft Insurance Premium at CHINET Conference

At the 4th CHINET Cargo Conference coming up on Thursday insurance experts may find solution to the complexity of underwriting, high premium and risk coverage of aircraft in Nigeria.

The Insurance Commissioner, Olusegun Omosehin will be a Special Guest who will kick off discussions on why Nigerian airlines double insure their equipment both in Nigeria and overseas.

CHINET is the only air cargo event in West Africa and the 4th edition will be held in Lagos on the 22nd of August. It is organised by ATQNEWS LTD and it brings together the leaders of aviation, cargo business and regulators together with insurance professionals.

This year’s event will have a strong cast of insurance professionals led by Mr. Olusegun Omosehin

the Insurance Commissioner. Other insurance CEOs listed to grace the occasion include the former Chairman of African Insurance Brokers Association

Chief Babajide Olatunde-Agbeja; Mr. Eddie Efekoha, GMD Consolidated Hallmark Holdings; MD Unitrust Insurance Co. Ltd. Mr. Dayo Arowojolu; Mr. Moruf Apampa, CEO NSIA Insurance and Mr. Babajide Fajemirokun the MD/ CEO of AIICO Insurance Plc.

The aviation regulations for air cargo will be delivered by the Acting DG of NCAA Capt Chris Najomo. The MD of FAAN Mrs Olubunmi Kuku and the new Directorate of Cargo Development Services will showcase the pivotal role FAAN and it’s airports have been playing in growing air cargo in Nigeria. The CEO of the most successful airline in Nigeria Capt Ed Boyo will share his experience with the audience.

Nigeria and Romania. Members of the winning team in the Cultural Exchange Project are as follows: Faderera Quadri, Pan-Atlantic University, Aanuoluwapo Oladejo, Ajayi Crowther University, Joy Bepo, Covenant University, Oladipupo Oladipupo, Fountain University , Adeola Yekinni, Olabisi

Onabanjo University, Faith Ogunleye, Covenant University, Dragos Velicu, Romanian-American University, Bucharest, Romania, David Bajan, Romanian-American University, Bucharest, Romania and Laurentiu Luican, Romanian-American University, Bucharest, Romania

Chinedu Eze

Oluchi Chibuzor

Arthur Eriye

Chinedu Eze

Eastern Ports: NPA Set to Implement Electronic Call-up at Onne Port

In a bid to boost activity in eastern ports, the Nigerian Ports Authority (NPA), has expressed readiness to implement Electronic Call-Up System at the Onne Port Complex as approved by the Federal Executive Council.

The Managing Director/ CEO of the NPA, Dr Abubakar Dantsoho, stated this when the Executive Team of Call-up Technology Services Limited and Forge Concepts Limited, the operators of the electronic solution paid a Pre-Implementation visit to the NPA Headquarters. According to Dantsoho, “In line with the directive of the Minister of Marine & Blue Economy, Adegboyega Oyetola, we are poised to provide the support necessary to fast track the automation of truck traffic for Onne before the end of this quarter.”

The NPA helmsman stated further that, “We would ensure

that the operators structure their Information Technology deployments in a manner that seamlessly plugs into the Port Community System (PCS) and the forthcoming National Single Window (NSW) whilst also emphasizing sustainable use of alternative sources of energy.”

The Onne Port Complex which houses the Federal Ocean Terminal (FOT) and Federal Lighter Terminal (FLT) and is also the largest Oil & Gas logistics base in West and Central Africa, has in recent times been recording unprecedented growth in vessel and cargo traffic. Abubakar Dantsoho was Port Manager for Onne Port Complex from 2020 to 2021 where he spearheaded innovative investor-friendly initiatives responsible for the year-on-year growth being recorded at Onne Port Complex.

Dantsoho had recently identified the speedy rehabilitation of dilapidated port infrastructure across the nation as his topmost priority.

Dantsoho, who stated this during an unscheduled visit to Tin Can Island Port (TCIP) in Lagos yesterday, also vowed to collaborate with port stakeholders in a bid to deliver efficient services at the nation’s seaports.

The newly appointed Managing Director of Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has identified the speedy rehabilitation of dilapidated port infrastructure across the nation as his topmost priority.

Dantsoho, who stated this during an unscheduled visit to Tin Can Island Port (TCIP) in Lagos yesterday, also vowed to collaborate with port stakeholders in a bid to deliver efficient services at the nation’s seaports.

Universal Insurance Projects N100bn Premium Income in Five Years

Ebere Nwoji

The Managing Director of Universal Insurance Plc, Mr. Ben Ujoatuonu has said that the company will hit N100 billion in premium income in the next five years following the growth trajectory that has been maintained by the underwriting firm in the last three years.

Ujoatuonu, who stated this at the Annual General Meeting (AGM) of Nigerian Association of Insurance and

Pension Editors (NAIPE) in Lagos, noted that his desire was to leave a legacy of a strong and virile company.

He said, “If you look at our trajectory in the last three years, Universal Insurance has consistently grown her premium income by 55-60 perncent every year. If you take an average of the percentage growth on our premium income considering what we have done so far, in the next five years, universal insurance will be writing N100 billion in

premium income. If we project a 50 per cent growth year on year, in five years, we will be writing N100 billion.”

Speaking on the legacy he wants to leave behind, Ujoatuonu said: “The legacy I want to leave in Universal is that I want to be remembered for having come in, transform Universal, and built a very strong and virile insurance company that has come to stay. That is the legacy I want to leave for the company,” he said.

SUNU Assurances Pays N2.08bn Claims, Posts N2.5bn Profit

Ebere Nwoji

SUNU AssurancesPlc said it paid a total of N2.08 billion claims to its policy holders in the 2023 financial year, representing 41.5 per cent increase from N1.47 billion paid in 2022.

The underwriting firm also excited shareholders with a remarkable growth as they approved 5 kobo dividends per share of 50k ordinary share.

Speaking at the 37th Annual General Meeting (AGM) of the company, the Chairman, Mr. Kyari Abba Bukar, stated that increased business proportion on renewals, favourable impact of premium rates on fire and motor businesses were the major contributors to the increase in revenue.

He said: “We were able to reach another milestone

of premium generation, the highest since inception of the company with a Gross Written Premium of N8.16 billion in the year under review from N5.77 billion in 2022. Claims paid increased from N1.47 billion in 2022 to N2.08 billion in 2023 by 41.5 per cent which represented 87.1 per cent of the paid claims budget for the year.”

The Managing Director/ CEO, SUNU Assurances, Mr. Samuel Ogbodu, on his part said the company’s 2023 result has been considered very impressive.

He also said they are projecting to recapitalise the company above N25 billion or whatever amount the regulator, the National Insurance Commission (NACOM) requires.

“Basically, we are working

on having over N50 billion in the next five years. And when a company recapitalises up to this amount, the management is expected to sweat out the capital heavily by two or three times. So, we are looking beyond N25billion value. We are looking at N50billion in the next five years.

“We have had good investments that have yielded positive returns, and this has enabled us to pay our claims. We believe we are in the business to pay genuine claims and this we will continue to do more. Any company that does not pay claims will not survive so our first strategy in penetrating the market is prompt claims payment. We even pay borderline claims just to make our customers happy and retain them”, he noted.

Encomium as Peter Aghahowa Retires from PenCom

It was a night of commendations and testaments of diligence and dedication to excellence service by everyone in attendance at the dinner organised by the National Pension Commission (PenCom) in honour of Mr Peter Osamuede Aghahowa, who retired recently from the Commission.

The PenCom Director of finance, Dr. Charles Emukowhate, who spoke on behalf of the acting Director General of PenCom, Omolola Oloworaran, management and staff of the Commission,

noted that Aghahowa was a dedicated and excellent worker who always finds solution to any assignment given to him.

He said though Aghahowa was retiring from service after 35 years of service which coincided with his 60th Birthday, he was not tired because his skills and knowledge would certainly still be required in other endeavours.

Earlier in his opening remarks, the Chief host, Mr Abdulkadir Dahiru, who was Aghahowa’s successor as Head of Cor-

MARKET INDICATORS

porate Communications Department of PenCom, commended Mr. Aghahowa for his exemplary service.

In his response, the celebrant who attended the occasion with his wife and children, expressed appreciation to God for granting him grace.

“I want to thank God for the kind of grace he has given me. For those who are close to me, I’ve always told them that I’m a favoured child. I did enjoy God’s favour even in PenCom. Even at turbulent times, somehow, God was able to lead through those times.”

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference

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

Managing Director / CEO Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho (Middle); Executive Director Marine & Operations, NPA, Olalekan Badmus (4th Left); Chief Executive Officer Callup Technology Services Limited, Mr. Timi Koleolu (4th Right); Chairman Callup Technology Services Limited, Mr. Ayodele Durowaiye (3rd Right); General Manager Marine & Operations, NPA, Captain Jerome Angyunwe (2nd Right) and top officials of the NPA and Callup Technology Services Limited when the Board and Executive Management of Callup Technology Services Limited paid a Pre-Implementation visit to the NPA Headquarters in Marina...recently

Ebere Nwoji

Stock Market Appreciates by N66.13bn on Investors’ Demand for Shares

Kayode Tokede

The Nigerian stock market recovered from a bearish run yesterday, as investors’ investments went up by N66.13 billion, propelled by the demand for Seplat Energy Plc and 18 others.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 116.13 basis points or 0.12 per cent to close at 95,895.92 basis points from 95,779.79 basis points, to bring

the stock market Month-tillDate (MtD) and Year-till-Date (YtD) performance to -1.9per cent and +28.3per cent, respectively.

Also, market capitalisation rose by N66.13 billion to close at N54.448 trillion from N54.448 trillion the stock market opened for trading.

Sectoral performance was mixed, as the NGX Banking Index (+0.4per cent), NGX Oil & Gas IIndex (+0.4per cent) and NGX Insurance

PRICES

Index (+0.2per cent), while the NGX Consumer Goods Index (-0.1per cent). The NGX Industrial Goods index closed flat.

As measured by market breadth, market sentiment was negative, as 19 stocks gained relative to 24 losers. Learn Africa emerged the highest price gainer of 9.94 per cent to close at N3.87, per share.

Oando followed with a gain of 9.90 per cent to close at

N43.30, while Cutix advanced by 9.85 per cent to close at N2.90, per share.

R.T. Briscoe Nigeria rose by 9.63 per cent to close at N2.05, while University Press increased by 8.57 per cent to close at N2.66, per share.

On the other side, Thomas Wyatt Nigeria led others on the losers’ chart with 9.71 per cent to close at N1.58, per share. Omatek Ventures followed with a decline of 6.85 per cent to close at 68 kobo,

while FTN Cocoa Processors shed 6.80 per cent to close at N1.92, per share.

Neimeth International Pharmaceuticals lost 5.00 per cent to close at N1.90, while The Initiates Plc (TIP) depreciated by 4.44 per cent to close at N2.15, per share.

The total volume of trades declined by 71.41 per cent to 1.014 billion units, valued at N7.688 billion, and exchanged in 8,295 deals. Transactions in the shares

of Jaiz Bank led the activity with 651.290 million shares worth N1.497 billion. Sterling Financial Holdings Company followed with an account of 53.944 million shares valued at N218.412 million, while International Breweries traded 28.411 million shares valued at N127.991 million. FCMB Groups traded 21.865 million shares worth N165.997 million, while Access Holdings traded 20.294 million shares worth N384.087 million

TRADED ASOF AUGUST 20/24

INAugurAtION Of AMErIcAN HOspItAL DubAI NIgErIA...

IG: Tinubu Made Significant Impact in My Life

Recounts encounter with president 26 years after

Linus Aleke in Abuja Inspector General of Police, Kayode Egbetokun, yesterday, disclosed his 26-years-old encounter with

President Bola Tinubu, stating that the president made a significant impact in his life and career. Egbetokun, who recounted his encounter with the president in

1998, at the unveiling of a book titled: “Readings in Policing, Peace, and Security," averred that his life was transformed within 24 hours of meeting Tinubu.

Nigeria Gets Boost in Healthcare with American Hospital Dubai's Landmark Entry

In a landmark move, American Hospital Dubai has launched its first representative office in Africa, right in the heart of Lagos.

This initiative promises to transform healthcare in Nigeria, making it easier and more convenient for individuals to access world-class medical care in Dubai.

Chairman of American Hospital Dubai-Nigeria Limited, Mahmoud Harbaji, announced at the Africa Launch Event in Lagos, on Monday, that the newly established worldclass representative office in Victoria Island will bridge the gap between American Hospital Dubai and Nigerian patients.

This milestone marks the hospital's first representative office in Africa, strategically located in Lagos to facilitate seamless access to quality healthcare services for local communities.

Harbaji attested that he has always recognised Nigeria's potential and importance within Africa. Together, American Hospital Dubai (AHD) through its representative office in Lagos can positively impact the health and well-being of Nigerians.

The Consul General of the United Arab Emirates (UAE) in Nigeria, Dr. Abdullah Al-mandoos, expressed

his gratitude to President Ahmed Bola Tinubu and Governor Babajide Sanwo-Olu of Lagos State for their unwavering support in facilitating the success of their initiatives.

He also commended the invaluable contributions of his colleague, Mr. Sherif, CEO of the American Hospital Dubai Group, stating that their collective efforts have brought to fruition the plans and visions they had conceptualised since 2019.

On his part, Lagos State Commissioner for Health, Prof. Akin Abayomi, reminisced about his initial in-depth discussion with Dr. Al-Mandoos, where they explored potential collaborative initiatives between the UAE, Lagos, and Nigeria to bolster the healthcare sector. However, he noted that the COVID-19 pandemic temporarily hindered their progress.

He further stated that, as a representative of Lagos State Governor, Babajide Sanwo-Olu, he was echoing the governor's sentiment in affirming that the establishment of a representative office marks a significant and promising first step.

Prof. Abayomi recalled that during a meeting with the American Hospital Dubai team, Governor Sanwo-Olu expressed his enthusiasm for the initiative, stating, “Lagos warmly welcomes this endeavor. We aim to make medical interventions

in Dubai as seamless, safe, and hassle-free as possible for Lagosians, with additional discounts available through the office.”

The governor also highlighted Lagos' comprehensive development strategy, as outlined in the Lagos State Development Plan (LSDP) 2052, a 30-year roadmap for the state's growth.

"I must acknowledge the significant impact of a particular individual on my life and career. I met President Bola Ahmed Tinubu in 1998, and that meeting produced a positive transformation in my life within 24 hours. That story is also a testimony that I would like to leave for another day.

“I thank the Almighty God by whose grace I'm alive today to receive this incredible honour. My life and career are a testament to God's infinite mercy. It has been God all the way for me.

“As I'm standing here today, my mouth is filled with testimonies. I would have loved to share some of these testimonies, but today is not Thanksgiving Day. I will, therefore, reserve the details of

that for another day."

On the book written in his honour, Egbetokun said it would serve as a reference material and a source of inspiration for young officers.

He expressed confident that the book was an indispensable resource for scholars, policymakers and practitioners in the field of policing, peace and security.

The book, he added, would not only be a reference material, but also going to inspire the new generation of law enforcement officers in Nigeria.

President Bola Tinubu who was represented at the unveiling of the book, by Secretary to the Government of the Federation, Senator George Akume, said the book was a fitting tribute to the IG.

Hints on out-of-court settlement

Alex Enumah in Abuja

The office of the Attorney General of the Federation (AGF) and Minister of Justice, on Tuesday, told the Abuja Division of the Court of Appeal, that he was yet to take possession of the case file of a former Chief Justice of Nigeria (CJN), Samuel Walter Nkanu Onnoghen, appealing his unlawful removal from office five years ago.

Onnoghen was prosecuted in 2019 by the federal government on false declaration of assets at

the Code of Conduct Tribunal (CCT), convicted, had his assets forfeited and barred from holding public office.

He was earlier suspended during the trial and subsequently resigned from office.

Displeased with the proceedings of the CCT, Onnoghen had approached the appellate court to challenge his suspension by the CCT.

However, the trial has been stalled since 2019 and came up, Tuesday.

When the matter was called,

Onnoghen's lawyer, Chief Chris Uche, SAN, informed the court of his readiness for hearing, however, the federal government, through its lead counsel, Mr Tijani Gazali SAN, informed the court that the respondent is not ready, because it was yet to take possession of the case file from the private lawyer handling the matter on behalf of the federal government.

According to the senior lawyer, the trial of the former CJN was contracted to a Kano-based private lawyer, Aliyu Umar SAN, who is now late.

CGI Promises to Fight Corruption in NIS Headlong

Michael Olugbode in Abuja

The Comptroller General of Immigration, Kemi Nandap, has said that the Nigeria Immigration Service would stop at nothing to fish out and punish corrupt officials among its fold, stating that she would not sit and watch the integrity of the service thrown into the abyss.

Speaking to senior officers of NIS at the flag-off of a two-day workshop on building the value culture of Nigeria Immigration Service, the Comptroller General said: “We gather today at a critical juncture in our service's history,

where the fabric of our integrity is threatened by the actions of a few.

“Recent events have cast a dark shadow on our reputation, and it is imperative that we take collective responsibility to restore our honour and uphold the trust placed in us.”

She lamented that: “The footage of some officers soliciting gratification, taking bribes, and even being intoxicated while on duty is a stark reminder of the menace of corruption that threatens to consume us,” noting: “These actions not only betray the trust of the public but also undermine our very purpose as guardians of

our nation's borders and protectors of its citizens.”

Nandap told the officers that: “We must acknowledge that corruption is a hydra-headed monster that can only be defeated through a collective effort. It is our responsibility to identify and root out the corrupt elements within our ranks, and to create a culture of accountability, transparency, and zero tolerance for corruption.”

She noted that: “Recently, the Nigeria Immigration Service conducted a Nationwide campaign to mitigate corruption and improve service delivery,” revealing that:

“These sustained efforts are geared towards ensuring accountability, transparency, and a culture of excellence in our operations.”

She called on the officers that,

“As we begin this workshop on Mitigating Corruption, Improving Service Delivery, and Ethical Compliance, I urge you all to reflect on the oath we swore to uphold.

“At the heart of our service are the core values of: Integrity, Discipline, Professionalism, Customer Service, Patriotism, Excellence, Confidentiality and Teamwork.”

She said: “These values are the foundation upon which our service

is built, and this campaign intends to reiterate and promote them. We must recognize that our role is not just to enforce laws but to serve as ambassadors of Nigeria. Our conduct must reflect these values.”

She added that: “I pledge to lead by example, and I expect the same commitment from each of you. Together, we can mitigate corruption, improve our service delivery, and restore the dignity of our service.

“Let us rise to this challenge, and may our collective efforts be the catalyst for a new era of excellence in the Nigeria Immigration Service.”

Tinubu added that Egbetokun’s dedication to the principles of justice, peace and security has left an indelible mark on Nigeria's policy landscape.

“I stand before you today at this public presentation of a book that embodies both the essence and aspirations of our nation's internal security efforts. The book, “Readings in Policing, Peace and Security”, is a fitting tribute to Dr Kayode Egbetokun, our esteemed Inspector General of Police, a man whose dedication to the principles of justice, peace and security has left an indelible mark on Nigeria's policy landscape.

“When I was asked to write the foreword for this remarkable compilation, I accepted without hesitation."

Gazali therefore appealed to the court to grant an adjournment to enable the government to approach the chambers of the late private lawyer to retrieve necessary documents to respond to the appeal.

According to him, virtually all the processes served on the AGF in 2019 were taken to a private lawyer.

Besides, Gazali said that the matter was being looked into from another perspective with a view to working out an amicable resolution of issues in dispute by the new AGF.

Responding, Uche pointed out to the court that some documents were actually served on the AGF office and acknowledged.

Uche appealed to the court to allow him to move an application for an accelerated hearing, which was granted since there was no objection from the federal government.

Justice C. I. Jombo Ofo, who presided over the matter, granted an accelerated hearing and subsequently fixed September 19, for the hearing of the appeal. Onnoghen, who was in court to witness the proceedings, is praying the appellate court to set aside the judgement of the CCT that removed him from office and ordered the forfeiture of his five bank accounts.

Mary Nnah

L-R: The Consulate General of the UAE Lagos, H.E. Dr. Abdulla Almandoos; Lagos State Commissioner of Health, Professor Akin Abayomi and Group CEO, American Hospital Dubai, Sheriff Beshara at the inauguration of American Hospital Dubai Nigeria in Victoria Island, Lagos... on Monday

PHOTO: KUNLE OGUNfUyI

NIBSS ANNUAL GENERAL MEETING…

L-R: Managing Director/CEO, First City Monument Bank, Mrs. Yemisi Edun; Managing Director/CEO, Wema Bank, Mr. Moruf Oseni; Managing Director/CEO, Union Bank, Mrs. Yetunde Oni; Company Secretary/General Counsel, Nigeria Inter-Bank Settlement System (NIBSS), Mr. Kelechi Keke; Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN) and Chairman Board of Directors, (NIBSS) Mr. Philip Ikeazor; Managing Director/CEO, NIBSS, Mr. Premier Oiwoh; Chief Executive Officer, Stanbic IBTC Bank, Mr. Wole Adeniyi; Executive Director, Business Development, NIBSS, Mrs. Ngover Ihyembe-Nwankwo, and Executive Director, Access Bank, Mr. Lanre Bamisebi, at the 30th Annual General Meeting of NIBBS in Lagos… recently

Farmers/Herders Clashes: Amotekun Sets Up Six Control Points in Ondo Forests

Fidelis David in akure

Amid herders/farmers clashes in the Northern senatorial district of Ondo State, the state Governor, Lucky Aiyedatiwa, has directed the State Security Network Agency, Amotekun Corps, to establish additional six

control points within the state forests to counter the activities of criminals terrorising residents.

The state Commander of Amotekun, Adetunji Adeleye, who disclosed this while parading nine suspects arrested for various alleged offences at the headquarters of the corps

Nigerians Groan Under Chokehold of Fuel Scarcity

Yinka Olatunbosun

Unending queues have been observed at a few filling stations currently across the country. The fuel scarcity has again pushed up transport fares while most businesses that rely on power are feeling the heat of this prolonged fuel crisis.

For commuters, it is daily agony to wake up to a new hike in transport fares whilst income remains the same. In Lagos, many commuters opt to trek some distance to reduce the amount expended on daily transportation.

Fuel scarcity has been a staple in

the Nigerian economy. Still, many Nigerians find it worrisome that despite the country’s status as an oil-producing country, fuel scarcity still affects the quality of life of most Nigerians who suffer daily losses as they spend hours waiting endlessly to buy fuel.

One tweep (@dambatta_1) remarked on X (formerly Twitter): “We’ve the crude oil. We’ve the refineries. But we’ve to join long queue to buy #Fuel and also at an exorbitant price. When it comes to the list of world countries with the best leadership, Nigeria sits at the bottom.”

Suspected Ritualists Kill 21-yearold Female Student in Kwara

Hammed Shittu in Ilorin

A 21-year-old female student of College of Health Technology in Offa in Kwara State has been reportedly murdered by some suspected ritualists in Ilorin, the state capital.

in Akure explained that the establishment of the specialised unit within the Amotekun Corps called ‘Amot Rangers’ will rid

the coastal state of criminal elements.

Precisely, Adeleye said these rangers would operate from

six newly established control points within the state’s forests which will cover areas along the borders with Edo, Kogi, Kwara,

and Ekiti States and will live in the forests to control the excesses of miscreants causing trouble in the state.

MNJTF Intercepts Terrorists Logistics Supply Syndicate in Borno

Linus Aleke in abuja

Troops of MNJTF deployed in Sector 3 Mongunu, in conjunction with intelligence operatives and Civilian Joint Tasks Force have successfully intercepted Boko Haram/ ISWAP terrorists’ logistics supply syndicate at Cross Kauwa Market in Mongunu, Borno State.

Enugu State Government will in the coming days move against properties, whether private residences or business premises, used for kidnap purposes, the state government has said.

In a statement issued yesterday by the Secretary to the State Government, Prof. Chidiebere

A statement by Chief Military Information Officer, HQ MNJTF N’djamena, Chad, Lt Col Olaniyi Osoba, said the apprehended logistics supply syndicate, identified as Mr. Modu Gana, Mamman Saleh and Babagana Muktar were picked up while on transit to deliver supplies to the terrorists in their enclaves.

He noted that the members of the syndicate, who confessed of their involvement in providing logistics to terrorist groups, were found to be in possession of a cache of items intended for the terrorists.

Osoba revealed that items seized from the syndicate include; a techno phone, six goats, one carton of maggi cubes, a collection of charms, bags of guinea corn and millet, grounded corn, metal bowls, a calculator, a wristwatch, perfume, prayer beads, 36 empty sac bags and various other supplies crucial for sustaining the terrorist activities.

Property Used for Kidnapping in Enugu to Go Down Soon, Says Govt

Onyia, the government said the step was in continuation of the determined effort of the Governor Peter Mbah Administration to rid the state of all forms of crimes and criminalities.

The Enugu State House of Assembly had in November 2016 amended the Criminal

Code Law of Enugu State, which was subsequently signed into Law by the former governor, Hon. Ifeanyi Ugwuanyi, on 20th January 2017. Section 315 of the Criminal Code (Second Amendment) Law Cap. 30, Laws of Enugu State, currently provides that

“If the building or structure owned by the offender or any other person, who knows or ought to reasonably know that the building or structure is so being used for that purpose, the building or structure shall be demolished or forfeited to the State Government.”

Kano LG Polls: KANSIEC, Opposition Parties Disagree, NNPP Set up

AhmadSorondinkiinKano

Sources close to the police command told our correspondent in Ilorin yesterday that Blessing and her roommate were said to have received a phone call on August 9 from one Miss Timileyin, who informed her about an event being organided by students of Summit University and Al-Hikmah University in Ilorin. According to her, “Timileyin introduced Mojisola to Adebayo Happiness, a male student of Summit University, who invited her to the night party for N15,000.00.”

THISDAY investigations revealed that the deceased, Miss Mojisola Awesu, was said to have been declared missing since August 9, 2024, before her corpse was later discovered at a refuse dump near Aleniboro in Ilorin area of the state. It was gathered that late Mojisola’s roommate, Miss Blessing O. reported that she was missing at the police station.

MLSCN Commences Re-assessment of Facilities in Ebonyi

The Medical Laboratory Science Council of Nigeria (MLSCN) has commenced the reassessment of medical laboratory facilities and their operators in Ebonyi state.

The exercise, which was being done in collaboration with the Chairman of the Ebonyi state chapter of the Association of Medical Laboratory Scientists of Nigeria (AMLSN), Mr. Emmanuel Okeh, was to ensure that qualified medical laboratory facilities are licensed to operate in the state.

While interacting with journalists in Abakaliki, the Head of MLSCN, Ebonyi State office, Mrs Onyekachuku Okeke and the State AMLSN chairman, Okeh noted that this exercise was not going to be business as usual, and therefore warned that any unauthorised medical laboratory facilities would be shut down.

Okeke explained that she had visited all relevant stakeholders in the health sector as soon as she assumed office in the state to ensure a seamless exercise.

As preparation for the conduct of local government elections began in Kano, the opposition parties in the state have disagreed with the Kano State Independent Electoral Commission (KANSEIC) over the cost of the nomination forms fixed by the commission.

This is coming on heels of outrage by the opposition parties that the electoral umpire alleged to have connived with the NNPP-led government, to tactfully sideline them from participating in the 30th November polls.

The Inter Party Advisory Council

(IPAC) has condemned in strong terms the exorbitant fees being charged for nomination forms by some States Independent Electoral Commissions, SIECs, saying that it is in flagrant violation of the 1999 Constitution, as amended, the Electoral Act 2022.

In a statement signed by the

National Chairman, IPAC Yusuf Mamman Dantalle, said: “we are aware of the attempt by antidemocratic forces to suffocate the nation’s emerging democracy and the recent financial autonomy granted to local governments by the apex court in tandem with the Constitution of the Federal Republic of Nigeria.

Youth Support, Inclusion, Priority for Zamfara, Says Commissioner

Onuminya Innocent

Zamfara State Commissioner for budget and Economic Planning, Alhaji Abdulmalik Abubakar Gajam, has expressed confidence that the youths in the state will benefit greatly under the leadership of Governor Dauda Lawal.

He made the statement in an interactive section with journalists in Sokoto.

Gajam called on youths to accept system challenges and ensure better governance at all levels.

He described working in the minds of persons with higher

ages as one of his challenges, stressing that most times senior men consider his steps and focus as still immature.

The commissioner commended Governor Lawal’s effort on considering capability and capacity to undertake leadership which resulted in the appointment of more youths into various positions in his administration.

According to him, when he assumed office as the commissioner, he had remodelled the office building upgrading office from 12 to 24 and ensure staff training to accommodate modern initiatives for state progress.

Northern Elites Strategise, Plan Political Conference, Preach Unity

Chuks Okocha in abuja

Apparently having 2027 in mind, a group of northern elites comprising professionals, businessmen and children of former military heads of state and presidents gathered in Abuja

yesterday to galvanise support for the 19 northern states.

In their maiden meeting, the adopted the name “League of Modern Democrats(LND)” with former governor of Kano State, Ibrahim Shekarau, as protem chairman, Emmanuel Jime as

protem general secretary and Dr. Umar Ardo as the convener of the meeting.

The group said that they remain a renaissance of old northern political entity and it is a non-partisan body.

Before reading the

communique of the meeting Dr. Umar Ardo, said the group represents a renaissance of the northern elites, stating that in the past, we were decide the way things will go, but now we are struggling to hold the edge of the stick

Benue Stakeholders Endorse Umar Damagum-led PDP NWC, Others

George Okoh in Makurdi

The crisis rocking the Peoples Democratic Party (PDP) continued unabated with the group under the aegis of G14, in the Benue state chapter of the party passing a vote of

confidence on the Amb. Umar Damagum-led National Working Committee (NWC).

It equally praised the leadership qualities of former governor, Samuel Ortom and Senate Minority Leader, Senator Abba Moro, which took the

party to its great level in Benue state.

At a press conference in Makurdi yesterday, the leader of G14, Dr Laha Dzever, noted that peace, unity and respect for constituted authority must be placed above other

considerations to move the PDP family forward.

The G14 acknowledged challenges arising from the conduct of the ongoing elective Congresses to put Executive structures for the party in the state.

Benjamin Nworie in abakaliki

T H e I SS ue I n TH e Pro T e STS

“In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance. On the fiscal side, aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation, and mobilizing funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambiance.”

He then highlighted that under his administration, the federal government has advanced about N574 billion to government at sub-nationall levels to ameliorate hardships at the grassroots level and Nigeria has reduced the proportion of revenue used to service debt from 98% to 68% and paid off $5 billion in foreign debt. Additionally, he announced an investment of N45.6 billion for the procurement and installation of Compressed Natural Gas (CNG) kits in mass transit vehicles to counter the increased costs following the removal of petrol subsidies. Additionally, Mr. President stated that the government also allocated N200 billion to a newly formed program to drive consumer credit at single-digit interest rates to boost production and purchasing credit for the masses, just as it has provided N50 billion for the newly launched NELFUND, driving the currently functional student loan program. Other initiatives include setting aside $620 million for the empowerment of Nigerian youth through digital and creative enterprises.

Despite these measures, some protesters and leaders from the main opposition parties, the People’s Democratic Party (PDP) and Labour Party (LP), were not appeased. They argued that the broadcast, despite its calls for calm and dialogue, was self-serving. Fortunately, the nationwide tension has subsided, and peace has returned to most parts of the country. This may be because the genuine intentions of the protesters were overshadowed by those with a regime-change agenda, as evidenced by minors waving Russian flags during the protests. The use of minors to display these flags is likely a tactic to avoid prosecution, as the 1999 constitution as underaged individuals cannot be charged for criminal actions.

During the four days of unrest, three global events paralleled the protests in Nigeria.

The first event is the ongoing civil disobedience in the United Kingdom, fueled by misinformation spread via social media, similar to how social media was used during Nigeria’s 2020 #EndSARS protests and is now driving the #EndBadGovernance protests. This disobedience was sparked by the tragic stabbing of three children in Southport by a 17-year-old, Axel Rudakubana, who was wrongly identified by far-right activists as an immigrant.

PERSPECTIVE

Although UK authorities classify this as an antiimmigration crisis, I argue it is xenophobia targeting not just blacks but Muslims and non-Caucasian foreigners. This attitude mirrors the xenophobic violence in South Africa, where locals attacked the businesses and homes of successful black immigrants. It is also similar to the events that happened in Nigeria in the mid-1980s when Ghanaians were expelled in an anti-immigration crisis dubbed “Ghana-Must-Go.” A few years ago, Ghana retaliated by antagonizing Nigerians doing business and living there, accusing them of dominating commerce .

These scenarios illustrate that global poverty crises are triggering protests against authorities for either implementing poverty-inducing policies or being lax with immigration policies that allow immigrants, legal or otherwise, to take local jobs.

Just as Nigerians are marching against hunger, Britons are rioting under the guise of anti-immigration sentiments against Muslims, Arabs, and non-Caucasians, whom they believe are taking their jobs and corrupting their culture. This intolerance is both sad and disappointing.

Surprisingly, Britons may not even accept legal immigrants, despite these skilled workers filling gaps left by the UK’s exit from the European Union. This situation highlights global crises of various kinds, with world leaders still struggling to find solutions. This is evident as former U.S. President Donald Trump, now a candidate of the Democratic Party, and his supporters—comprising about 30% of voters, similar to the Republican’s 30%, (with 40% as independents in swing states which both parties are struggling to win over to their respective sides) —also expressing displeasure over illegal immigrants, whom they accuse of taking American jobs.

Given these dynamics, Trump is likely to win the November 5 election due to his stance on immigration, much like Marine Le Pen’s National Rally Party, which gained 143 seats in the French parliament by pushing an anti-immigration agenda. Consequently, with significant seats in the French parliament, President Emmanuel Macron must form a coalition government after the ongoing Olympics in Paris.

These events underscore a growing global intolerance towards foreign nationals and frustration with leaders’ policies on socioeconomic issues and immigration across the world.

Ultimately, citizens are expressing their dissatisfaction through protests and at the ballot box, as seen in the recent violence in the UK and France, following elections that enabled far-right gains. This expression of discontent is a hallmark of democracy, which guarantees freedom of speech, so protests against government Nigeria is not an exception. But forceful regime change which has been established as the sinister motive of some of the protesters in Nigeria is condemnable and thankfully and commendably Nigerian security agencies gathered enough

intelligence to figure it out and nipped it in the bud.

Another significant moment for me is Nobel laureate Professor Wole Soyinka’s condemnation of the Nigerian police’s brutal response to protests, resulting in numerous deaths, a figure disputed between 13 by some accounts and 7 by the Nigerian police. Unimpressed with the police conduct, Prof. Soyinka stated:

“Live bullets as a state response to civic protest – that becomes the core issue. Even tear gas remains questionable in most circumstances, certainly an abuse in situations of clearly peaceful protest.

“Hunger marches constitute a universal S.O.S., not peculiar to the Nigerian nation. They belong indeed in a class of their own, never mind the collateral claims emblazoned on posters.

“They serve as summons to governance that a breaking point has been reached and thus, a testing ground for governance awareness of public desperation.

“The tragic response to the ongoing hunger marches in parts of the nation, and for which notice was served, constitutes a retrogression that takes the nation even further back than the deadly culmination of the watershed #ENDSARS protests.

“It evokes pre-independence – that is, colonial – acts of disdain, a passage that induced the late stage pioneer Hubert Ogunde’s folk opera BREAD AND BULLETS, earning that nationalist serial persecution and proscription by the colonial government.”

Compared to the British police’s reliance on technology and surveillance cameras to manage riots, the Nigerian police’s lack of such infrastructure has led to accusations of unprofessional conduct. However, the security agencies argue that their harsh response was due to a hidden agenda among protesters, aiming for regime change through subterfuge, which they were duty-bound to prevent as earlier stated.

In fact, it was rather disconcerting and surprising that the suspicion of a regime change became evident when protesters were seen waving Russian flags. This act confirmed intelligence reports, leading the Inspector General of Police, IGP Kayode Egbetokun, to announce that the military was on standby in case the police were overwhelmed. This position was echoed by the Chief of Defense Staff, Army General Chris Musa, in a subsequent press conference.

Considering Russia’s involvement in neighboring Niger Republic, Mali, and Burkina-Faso where regime changes supported by the Wagner Group—a Russian-backed mercenary organization—have replaced French colonial influence, the concerns of Nigerian security agencies about potential plans to forcefully remove the Nigerian president were valid and commendable.

Hence, possibly as a preemptive measure, military force was used in some cases to repel suspected regime change agents who had infiltrated genuine protesters. This

might have unfortunately resulted in the tragic deaths of Nigerians, estimated by Amnesty International to be up to 13, though the Nigerian police as earlier stated claim the number is 7. Although the death of even one Nigerian arising from engaging in street protests is unacceptable, the conduct of the Nigerian police, especially the commissioners in Edo, Rivers, and Lagos states, is commendable as they worked hard to gain the trust and confidence of the protesters, making the protests in these locations less destructive.

Another key point for me is the CNN documentary titled “1968: The Year That Changed America,” which highlighted significant events in the US, including the civil rights movement and riots in Washington, DC, revealing the brutality of security agencies at that time. The documentary struck me with the similarity to how present-day Nigerian police had treated protesters, particularly during the #EndSARS riots in 2020, though having learned their lessons they have been less harsh in the current protests. The takeaway from the documentary is that Nigeria’s current practice of democracy is reminiscent of the US in 1968, over half a century ago.

Finally, as the dust from the imbroglio or temporary madness that engulfed our country resulting in an orgy of bloodletting settle, it is hoped that both the administration and the masses have learned lessons from the catastrophic fallouts.

Hopefully, going forward, Nigeria and Nigerians will not be prosecuting just a war on corruption which it has been doing without significant success even before Nigeria secured her independence in 1960 from British colonialists, as one has cataloged in this piece, but also a more serious war against poverty which is the enemy of the multiple ethnic groups/ nationalities that make up this great nation and who speak over 250 tongues and have reason in unison to declare collectively that they are hungry . As a stanza in our national anthem enjoins us “...though tribe and tongue may differ in brotherhood we stand”. We should all do well to imbibe the wording in the national anthem which are critical ethos that we should operatoonalize of citizens of our great nation, Nigeria.

In light of the foregoing, our subsidiary fights should be against religious bigotry and zealotry as well as against ethnic jingoism which crept into the agenda of the protesters in the nasty incident in certain parts of our country, particularly Lagos state revealed.

Commendably Lagos state governor Babajide Sanwo- Olu distanced the state government from the xenophobic outburst by the leftists.

As the President Tinubu has done in his broadcast and Lagos state governor has demonstrated, we must rise against politics of excluding any members of particularly ethnic sections of our country from living in any part or in the leadership of our country.

Laline: How executives Can Foster Adaptive, resilient organisational Culture, Inspire Change and Sustainable Success

Rodria Laline, the inventor of the first chip used on the first ATM card, is a former senior vice-president of Oracle in Asia Pacific and Harvard and is an INSEAD and IESE professor. She has been CEO of global research and development collaborations with IBM, ING, Hewlett-Packard, Digital Equipment Corporation, Honeywell Bull, Elsevier Science, Oracle Corporation, Siemens and Philips. She was co-founder of the Global Chipcard Alliance and an Open Software Foundation board member. She will be among the four faculty members delivering the TEXEM, UK programme Strategic Agility and Inspiring Change. Other faculty members include Ambassador Charles Crawford, an Oxford and Harvard-trained British diplomat. He is the winner of the equivalent of two Oscars and a former British ambassador to Bosnia and Poland. Oxford-trained Prof Roger Delves, board member at Global Firm at the age of 30 and Dr Alim Abubakre, advisory board member of London Business School Africa Society and Founder of TEXEM, UK. In this interview, Laline shares insights on how to inspire change and fuel Sustainable Success as part of this TEXEM, UK programme ‘Strategic Agility and Inspiring Change: Fuelling Sustainable Success’, taking place between August 26 and 29 at Hilton Liverpool. Excerpt:

Given your extensive experience with global giants like IBM, Oracle, and Siemens, how can executives effectively navigate the complexities of strategic agility in their organisations today?

Strategic agility is about balancing the need for flexibility with the discipline of execution. Companies like IBM and Oracle have thrived by constantly evolving their strategies to align with market changes while maintaining a solid operational backbone. For example, the shift from hardware to services and cloud-centric open-source models at IBM exemplified strategic agility. The transformation from a profit-maximising system into a purpose-driven IBM. Kyndryl is another example of how IBM has created a purposeful business in an agile way. Executives must foster an organisational culture that is both adaptive and resilient. This involves not just reacting to changes but anticipating them. The forthcoming TEXEM programme in Liverpool will delve into these dynamics, helping leaders master the art of strategic foresight and lead their organisations through uncertainty with confidence and clarity.

Can you provide an example of a company that successfully implemented radical change, and what lessons can executives learn from this?

A notable example is ING Bank, which transformed significantly to embrace a more customer-centric and digitally driven approach. This involved overhauling their operational models and flattening their organisational structure. The lesson here is the importance of a clear vision and the courage to dismantle existing paradigms. Leaders must understand that radical change often requires learning and letting go of legacy systems and mindsets that no longer serve the organisation’s future. Running the banking business and changing it requires agile leadership. It involves a hyper-awareness of the foreseeable strategic business changes with the current and desired business portfolios and IT risk profiles. During the TEXEM programme, we will explore such case studies, equipping executives with the insights needed to initiate and sustain transformative

changes within their organisations.

Why is mastering change management critical for today’s leaders, and how does TEXEM’s methodology support this?

In today’s challenging environment, the ability to manage change is no longer optional; it is a critical leadership competency. Effective change management involves not only planning and execution but also managing the human dimension of change, such as resistance and morale. About half of the work in leadership is transformative, institutional transformation, creating leader-follower relations, renewing institutional vision, societal engagement, effective communication, and performance. A quarter of the work is building

bridges, providing salvation in hopeless situations, and gaining the trust of stakeholders through humility and authenticity to realise the interest of those they serve. The remainder of agile leadership is an agency that leads advocacy for ethical and social advancement for the well-being of wider society.

It is transformational, empowering individuals to make meaningful contributions by exploring and questioning current reality. TEXEM’s methodology is unique in that it combines rigorous academic insights with practical, real-world applications. This approach makes learning engaging and memorable, ensuring that participants are passive recipients of knowledge and active contributors to their development. The interactive sessions, such as panel discussions and Kahoot games, reinforce learning, making it easier for leaders to apply these lessons in their own contexts.

Could you elaborate on the role of leadership in fostering strategic agility and provide an example of this in practice?

Leadership is pivotal in fostering an environment where strategic agility can flourish. This involves setting a sharp vision, empowering teams, and creating a culture that embraces continuous learning and adaptation. Good examples are Oracle Corporation and Philips International, which navigated several product-market shifts by empowering its product management leaders to make decisions aligned with the company’s broader strategic innovation and change objectives. At the end of the last century, both companies had an adaptation strategy that pushed more decision-making authority out to countries and regions. National sales representatives were deciding each year next year’s sales product portfolios. Their selection of products was mainly a listing of current cash cows. Innovative products from the headquarters product groups were hardly selected.

At the end of the last century, both companies completed a 90-degree transformative change by empowering their product management at headquarters

with P&L control over sales, changing the strategy from adaptive to aggregation. The boards of Oracle and Philips were instrumental in pivoting towards more profitable business segments when traditional markets declined. The TEXEM programme will examine how leadership behaviours influence organisational agility, providing executives with actionable strategies to enhance their leadership impact.

What challenges have you seen executives face when implementing systemic change, and how can they overcome them?

One of the most significant challenges is overcoming internal resistance and breaking down silos that hinder communication and collaboration. For example, Royal KPN faced these issues when it moved from a traditional telecommunications company to a bank and digital service provider in the banking sector. Overcoming these challenges required strong leadership, clear communication, and a relentless focus on strategic agility objectives. Executives attending the TEXEM programme will benefit from discussions on managing these challenges, learning from the successes and failures of others, and acquiring the tools needed to drive systemic change effectively.

How does your global experience across multiple cultures and industries inform your teaching, particularly in programmes like TEXEM?

My global experience has taught me that while the principles of leadership and strategy may be universal, their application is often context-specific. This is particularly true in multinational settings where cultural nuances can significantly impact decision-making and implementation. Working across diverse industries and geographies, from the industrial sector with Philips to financial services with ING Bank and autonomous navigation systems at the Port of Rotterdam, has shown me the importance of adaptability and cultural intelligence.

Prof. Rodria Laline

Ademola Lookman Set for Big Transfer Fight with Atalanta

Agrees five-year deal worth €5m per season with PSG

Atalanta BC striker, Ademola Lookman, has agreed personal terms like salary and contract duration with PSG, according to Top Transfer Expert, Nicolo Schira.

The 26-year-old Super Eagles player has agreed to a five-year contract worth Five Million Euros per season, about thrice what he earns at Atalanta.

PSG are now preparing a formal bid to Atalanta.

The Nigeria international striker has scored 32 goals and 18 assists in 79 competitive games for the Serie A club.

Lookman became a big hero in the

Europa League final against Bayer Leverkusen last season. He scored all the goals as Atalanta won 3-0.

The club-to-club negotiations may not be seamless as Atalanta wishes to keep hold of the Nigerian player.

Meanwhile, Lookman is set for a big and bitter fight with his Italian club Atalanta over a transfer possibly to PSG.

He pulled out of his team’s opening Serie A match at Lecce because he wished to make a transfer.

Atalanta coach Gian Piero admitted the player’s decision to quit was “unexpected”.

Atalanta Sports Director, Luca

Parcassi has now gone further to say that Ademola Lookman has been “wrongly advised” and it will be the club and not the player who will decide on any transfer. He stressed that the interest of Atalanta will be the priority.

“We are very calm because our idea, which is shared by the coach, the club and the owners, was for the first time in our history not to let important players leave,” he told SkySports “All players belong to Atalanta

and the club will decide what will be done based on what is best for the team.

“Unfortunately, these guys are too often given bad advice. The fact that the transfer window is open when the season starts makes it feel endless.”

After the excellent performance of Nigeria's women basketball team, D'Tigress at the 2024 Paris Olympic Games, the Nigeria Basketball Federation has released dates and venue for the 2024 Zenith Bank Women Basketball League.

According to the release, 16 teams will be competing in the first and second phase scheduled for different centres in the Savannah and Atlantic Conference league.

As in the past, the National finals will take place at the Indoor Sports hall of the National Stadium, Surulere, Lagos between October 13 and 19.

MFM women basketball team is the defending champion of the league with former champions like First Bank, Customs, Dolphins, Air Warriors, targeting a return to the podium this time around.

The first phase expected to be dunk off on September 1, 2024, will see the Savannah Conference teams taking to the court in Lafia from September 1 to 7, while the teams in the Atlantic Conference will be fighting for honours at the Indoor Sports hall of the Stephen Keshi Stadium, Asaba. All the teams are expected to gather points from the first phase heading to the second phase that will dunk off on September 22 and expected to end on September 28 at Abuja and Akure centres for the Savannah and Atlantic Conference respectively.

Varsity Cup Partners NUGA, Announces 2024 University Football Season

Varsity Cup, the annual national football championships for top men’s and women’s university football teams in Nigeria has entered into a partnership with the Nigerian University Games Association (NUGA) through its parent company, Perform Agency.

The partnership will see NUGA provide nationwide operational and technical support to Varsity Cup, as the organisers complete their preparations for the 2024 Nigerian university football season.

“At Varsity Cup, we envision a world of limitless opportunities for Nigeria’s talented student-athletes to thrive playing the sports that they love. It is why we prioritize partners and stakeholders that not only see the vision, but embody it.” said Olamide Adeyemo, the Chief Executive Officer of Perform and Varsity Cup.

“Our landmark partnership with NUGA is a testament to their willingness to create an enabling

A total of N20 million has been set aside as price monies for this year’s edition of the ShowTime Bowl Series scheduled to begin on September 6 at the Meadows Hall, Lagos.

According to the League Commissioner, Adebari Adejumo, the winner of the tournament will go home with N6 million, the first runner-up N4 million and the third-place team will receive the sum of N2.5 million while the remaining cash price would be shared between the other nine teams.

Adejumo said this edition is going to be bigger and more exciting as the organisers plan to create something that

environment for serious collaborators.

For the next decade, they can be rest assured of highlevel competitions designed to put their talent to use and connect them with the next stages of their careers.”

In his remark, the President of NUGA, Bawa Mohammed reiterated the commitment of the executive team and the entire association to enabling platforms that consistently put Nigeria’s collegiate sports on the global map.

“Building the future of collegiate sports is a collaborative effort. Our role as the custodian of university games enables us to identify and implement opportunities that advance our cause.

Varsity Cup is a much-needed showcase for our students to shine.”

“We have also had a positive working experience with the leadership of Varsity Cup in the past, which is a plus. We are looking forward to bigger strides.”

hasn’t been done before in Nigeria and Africa, stressing that a more pragmatic developmental approach to bond with the community and the general welfare of the players is being addressed.

The Commissioner added that the game has moved from being a mini-professional to a full-fledged professional with the 2027 Olympic Games a target for the organisers.

According to the CEO of ShowTime Bowl, Manal Nassar, “We’ve created a turf of international standard and an ambience of great competition for the players and the fans,” adding that spectators would have the opportunity

NPFL: Enyimba Gear up for New Season with Key Signings

As the countdown to the 2024/25 Nigeria Premier Football League (NPFL) season continues, teams are busy strengthening their squads for a successful campaign.

Former Nigeria champions Enyimba International have been particularly active in the transfer market, bolstering their squad ahead of the upcoming season.

The return of NPFL matches to TV screens last season was a significant milestone, thanks to a five-year broadcast rights deal worth N5.91 billion with StarTimes.

This partnership has enabled fans across the country to watch live matches from the comfort of their homes, bringing the excitement of the league to a wider audience.

Enyimba's latest signing is 27-yearold striker Wasiu Jimoh, who joins from Zambian side Forest Rangers.

Jimoh is no stranger to the NPFL, having played for several clubs including Shooting Stars, IfeanyiUba, Plateau United and Rivers United.

He has also gained experience in the CAF Confederation Cup, scoring three goals in Africa's second-tier club competition, where Enyimba will compete in the second qualifying round of the 2024/25 season.

Another addition to the team is goalkeeper Abubakar Zalii,

of patronising a Food Court to make the championship most memorable for the fans.

“The ShowTime Series is always about the community, the culture of the players and the team owners to feel more like a family and to foster community engagement, more than the flag football,” Nassar submitted.

Among the clubs participating in this year’s edition are; Spartan FC, Lagos Rebels, Titans, Lagos Mavericks, Outlaws, Warriors, Lagos Hawks, Lagos Wolverines, Lagos Raptors, Lagos Atlantic, Panthers and OFF- SZN Athletic.

who arrived from Doma United. Zalii's signing may be linked to the departure of Super Eagles' goalie Leke Ojo, who transferred to Sudanese side Al Merreikh.

Odinaka Francis has also joined the Aba Landlords from Lobi Stars, further strengthening Enyimba's

squad.

These new signings and others who have opted to stay at their respective clubs will be looking to prove their mettle while the fans cheer them on from the various match centres and also from the TV screens live on StarTimes.

Last season, Enyimba were dethroned as champions by Rangers International, finishing third, seven points behind the champions. Chairman Kanu Nwankwo is determined to reverse this trend, investing in new players to boost the team's chances of success.

Seven States, 20 Clubs Confirmed for 5th Efunkoya National Cadet Table Tennis Championships

Lagos, along with 16 other states and 20 clubs from across Nigeria, have registered for the 5th Dr Adegboyega Efunkoya Cadet Table Tennis Championships. Following the conclusion of a two-day clinic on Wednesday, August 21, preparations are complete for the participant screening, with the tournament set to commence on Thursday, August 22, at the Indoor Hall of the National Stadium.

A spokesperson for the Efunkoya Foundation, Ranti Lajide, noted an increase in participating states and clubs. Lagos will be joined by Kogi, Oyo, Ogun, Nasarawa, Delta, Kwara, Benue, Plateau, Abia, Anambra, Edo, Taraba, FCT Abuja, Ekiti, Ondo, and

The Edo State Governor, Mr Godwin Obaseki, has congratulated Edo Queens for securing a place in the finals of the CAF Champions League WAFU Group B Qualifier, after defeating Inter FC 2-1 in their semi-final match.

The final match will determine who will represent the zone at this year’s CAF Women’s Champions League Finals in November.

Edo Queens, who are the Nigerian Women's Premier League (NWPL) champions

Osun, along with 20 clubs confirmed for this year’s tournament.

Emphasizing the importance of education, Lajide highlighted that winners in the singles events over the past three editions have received educational scholarships.

The foundation remains committed to this ideal, reflecting the values upheld by the late Dr Efunkoya.

“We aim to encourage players to prioritize their education, as Dr Efunkoya did, ensuring that most players attend school. This way, even if they don’t reach the top in sports, they can continue their education,” Lajide added.

At a media briefing in Lagos,

are participating in the fourth edition of the CAF Women’s Champions League WAFU-B Inter–Clubs play-off.

Obaseki said: “I congratulate Edo Queens for their victory today in Ivory Coast against FC Inter. Our girls dominated the game and gave a good account of themselves, dictating the pace of the game and holding on to the last minute.

“They were spectacular today, keeping up with the pace from the beginning of the tournament.

Dr Femi Olugbile, a member of the Board of Trustees (BOT) of the Efunkoya Foundation, emphasized the tournament’s goal to perpetuate the ideals of the late Chairman of the former Nigeria Table Tennis Association, whose leadership brought significant achievements to the sport in Nigeria. Dr Olugbile stated that the foundation’s efforts are intended to support the Nigeria Table Tennis Federation (NTTF) in discovering new talents, which the federation will then nurture to stardom. The foundation comprises former players and stakeholders dedicated to revitalizing the sport.

They have remained unbeaten and are today heading into the finals with much confidence. I celebrate their genius and want to tell them that every girl child in Edo today is proud of their performance.

“As they continue with the laudable display at the WAFU Zone B CAF Women’s Champions League qualifiers, we are reassured of their resolve to come out victorious in the finals and ultimately make a loud statement on the continental stage.”

Ademola Lookman, 26, joined the Italian club in August 2022. His contract runs out in June 2026 with the club also having the option to extend by an additional year. His Transfermarkt valuation is 40 million Euros

Ademola Lookman

MISSILE

Femi Falana to Senators

Atedo Pe T er SID e

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Atedo’s Final Tribute To Mum

In this Final Tribute to my Mum (Ama as I called her), I can “confess” that I knew the end was near for my Mum since December 2023 and I told same immediately to my two sisters and to my wife. Of course, we all hoped that I was wrong, but my head and heart told me that I was right.

My Mum was always very strong spiritually and she lived her life in accordance with the written word in the Bible. It was the physical frailty and her total acceptance of it that made me realise that the inevitable call was near.

I decided therefore that I would visit my Mum in Port Harcourt every month going forward without fail - and so I saw her in January, in February and in March 2024. Each visit was like a last Supper. Indeed, the very last “Supper” we had together was on Friday, 08 March 2024, when I came visiting. In early April, I went to London and intended to come back home to visit her in mid-April.

My phone failed to ring at 9am on Wednesday, 10 April 2024 and so I guessed my Mum had passed on. I waited until it rang just after 10am and it was my Mum’s Doctor on the line telling me what I “knew” already - that my Mum had passed on. My Mum was so reliable that I knew instinctively that, if she was not on the telephone at 9am, as promised, then it meant she had answered the call from her Maker. She was not one for tardiness or lateness.

Since my Mum passed on, the only emotion that I have entertained has been one of immense gratitude to God for granting Mum’s 3 great wishes. These were:

1) Never having to bury a Child, Grandchild or Great Grandchild;

2) Lived to see her youngest Grandchild become an adult.

3) Never really being hospitalised - not even in her final month, week or day;

One of my fondest memories of Mum include the year 1965 when she decided to give me a “crash course” in maturity because she had adjudged that I could go off to King’s College Lagos as a boarder in January 1966 at the tender age of 10 years and 6 months and succeed,

notwithstanding the fact that I would probably be the youngest boy in the entire Secondary School.

The foundation for almost everything that I know today about Core Values, Integrity, the Dangers surrounding Cutting Corners and/or trying to be too clever by a half, Loyalty, the rationale for following Due Process etc was laid by my Mum. It was all bedded down by an anxious mother who had a burning desire to protect her only son who was deemed too young (by many) to be allowed to leave Port Harcourt for a Boarding House in “far away” Lagos.

Mum taught me several great lessons of life from a tender age. Some of my favourites were that:

1) Parenting never really stops, where there is genuine love and a shared vision;

2) Contentment is largely a choice. Mum coveted nothing and coveted no one’s position or status;

3) It is possible to love both your immediate family and wider family unconditionally;

4) It is possible to live without fear of any man or woman on earth - and so, those who really knew Mum understood that it was only her God and Maker that she feared. I still hear her voice booming in my ears from our 5-minute one-on-one telephone prayers which took place at the same time of the morning every day over the course of the last three decades. One of her favourite quotes was from the Book of Isaiah: “FEAR NOT: for I have redeemed thee. I have called thee by my name: thou art mine...”

5) Another favourite quote was from the Book of Ecclesiastes: “To everything there is a season and a time to every purpose under the heaven”. Mum believed there was a time to be born; and a time to die; a time to plant; and a time to harvest etc. Her Biography confirms that she knew when it was time to move on to something new or to the next phase of her life.

MAgnusONYIbe

Five years ago, on October 11, when Nigeria celebrated its 59th anniversary, I wrote a piece titled “The Call for a National War on Poverty,” which was published in Thisday newspaper and several other traditional and online news platforms.

The motivation for writing the article stemmed from the excessive focus on fighting corruption, which had created a hostile environment for foreign investors. This focus led to economic recessions between 2015-2023, with Nigeria plunging into recession twice in those eight years.

Today, nearly five years after that article, Nigeria and its citizens continue to grapple with corruption and poverty. Instead of moving from poverty to prosperity, the standard of living has worsened, leading to the #EndBadGovernance protests by angry and hungry Nigerians, which regrettably resulted in significant unrest and destruction.

The four days of protests before President Bola Tinubu’s national address wreaked havoc on the nation so much so that our beleaguered country and its struggling economy suffered further damage, with about 13 lives lost and properties worth billions of naira destroyed. The situation was so dire that the presumed convener of the protest, popular lawyer Olu Adegberuwa, reportedly expressed regret: “I appeal to the protesters to withdraw from their various protest grounds and suspend the protests immediately and indefinitely to give room for meaningful dialogue and engagement with the government.”

In recognition of the severe poverty ravaging Nigeria five years ago, I wrote an article titled “The Call for a National War on Poverty.” Originally published on

October 11, 2019, I am republishing and updating it with a new title: “Protests: Issues Around the Issues” which is focused on the question of whether President Tinubu’s reform policies are against or promoting poverty?”

“In utter contempt of the orders of the Federal High Court, the current leadership of the National Assembly increased the salaries and allowances of a Senator from N14m to N21m per month. This was confirmed last week by a member of the 10th Senate... the defence is a careless attempt to pull wool over the eyes of Nigerians” --Human RightsLawyer,FemiFalana,saysSenators’N21mrunningcostisillegal,contemptuous. Continued

When she turned 90 in 2014, Mum declared that the time for her to travel outside Rivers State was over and so she would no longer travel long distances. Yes, no more medical check-ups in London or even Lagos. Mum would not change her mind to consider even stepping into a Private Jet to convey her to Lagos. Mum had great conviction and so I knew it was futile trying to argue with her on such matters.

Before Dad passed on in 2016, Mum had instructed me to take over several family responsibilities from him. Unknown to many in the wider family, my Mum was more concerned about me supporting them financially than in asking for herself. She cautioned those living with her day-to-day not to tell me about any needs that they thought she had. She feared I would then “waste” resources seeking to meet those “frivolous” needs of hers, instead of channeling the very same resources towards what I could do for the wider family, community or the nation.

Mum did not want to end up in hospital and I am glad that she got her wish. My last phone call with her was at 9am on 9th April. She answered the call from her Maker, from her Port Harcourt home, at 10 am on 10th April 2024 - exactly 6 months short of 10th October, 2024, which would have been her 100th birthday. I dare not weep today or on any other day because Mum won’t like it. She brought me up (her only son) to be strong and stand like a man at all times and to be afraid of no one. Mum always wanted me to behave like a leader - an Influencer that would set the right example so that others can derive strength from my actions - and so I will continue to smile and give God the glory for the awesome life that my Mum lived.

Goodbye Ama - Until we meet again.

•Atedo N A Peterside CON, Arusibidabo of Opobo Kingdom

The Issue in the Protests

The question raised in this article’s title about whether the current administration is fighting poverty is crucial because unlike his predecessor, ex-President Muhammadu Buhari, who focused his leadership solely on fighting corruption for eight years, President Bola Tinubu’s administration, just over one year old, has concentrated on implementing massive reforms that have the potentials to alleviate poverty. Ostensibly, these reforms are aimed at overturning decades-old policies that have kept Nigerians shackled and in poverty. But they taking a bit longer to manifest their positive expectations which is why some Nigerians are anxious and aggrieved.

Key among these policies are the removal of subsidies on petrol, the naira, and electricity. These have been replaced with new socio-economic paradigms, which, although they hold promise for long-term improvement, have initially caused significant hardships for many Nigerians.

Former President Olusegun Obasanjo offers a unique perspective on the removal of petrol subsidies and boosting local production of this crucial commodity. He remarked, “If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him (Dangote) frustrated.” He added, “Those problems, as far as the government refineries are concerned, have never gone. They have even increased. So if you have a problem like that and that problem is not removed, then you aren’t going anywhere.”

Five years ago, I called for a paradigm shift in our development strategy from merely fighting corruption to combating poverty and reforming policies that hinder

development. This call was ignored by the previous administration, which continued its anti-corruption efforts without investing enough effort in combating poverty. The efforts devoted to solely tackling corruption ultimately proved ineffective, as reflected in Nigeria’s stagnant corruption perception index, while the fight against graft damaged the economy and the country’s image. As a result, the economy and the lives of Nigerians deteriorated, leaving the current administration with the task of alleviating the masses’ frustration after their painful experiences under the former regime.

Given this background, President Bola Tinubu, who promised change, was expected to quickly deliver the benefits of democracy. However, the delayed realization of promised economic reforms, which have had a severe impact on the general populace, has made the Renewed Hope Agenda seem like an illusion. That is why many Nigerians have been anxiously waiting for a drastic improvement in their conditions and becoming impatient as respite is not manifesting in their expected timeline. Unfortunately, this expectation persists despite being unrealistic. The reality is that it is wishful thinking to believe that Nigeria’s current economic problems, caused by poor policies over the past four to five decades that were supposed to be ad-hoc but became entrenched and permanent, would disappear instantly. When President Tinubu finally addressed the nation on the fourth day of the protests, which had turned riotous, he outlined the steps taken to help Nigeria escape poverty:

The late Patricia Gboloba Peterside

President Bola Tinubu

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