TRUTH & REASON
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Engagement between PDP presidential candidate, Rivers gov face-saving Obasanjo denies supporting any candidate, plans to disclose own agenda soon Shekarau joins main opposition party today
Last week’s London meeting between the presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu, and the aggrieved Peoples Democratic Party (PDP) governor of Rivers State, Mr. Nyesom Wike, though shrouded in secrecy, was actually not a successful engagement, THISDAY has learnt. Tinubu was alleged to have declined committing to all of Wike’s conditions precedent to working together during next year’s presidential election.
Laleye Dipo in Minna and Ibrahim Shuaibu in Kano
The Director of Trade and Exchange Department, Central Bank of Nigeria (CBN), Dr. Ozoemena Nnaji has revealed that diaspora remittances through the ‘Naira 4 Dollar Scheme’ stood at $2.4 billion the first eight months of 2022. She noted that the inflow has been strong, pointing out that in the entire 2021, remittances recorded through the scheme were a total of $2.9 billion whereas eight months into 2022, Nigeria had already recorded $2.4Shebillion.disclosed this at the weekend, at the 33rd Seminar for Finance Correspondents and Business Editors with the theme, “Policy Options for Economic Diversification: Thinking Outside the Crude Oil-Box,” organised by the Also,CBN.sherevealed that the CBN was considering improving the scheme to have a more streamlined approach, which would enhance diaspora remittances in collaborations with other government parastatals. According to her, “In 2021, we were able to record $2.9 billion of cash inflows, so far this year, we have recorded $2.4 billion. So, in half of the year, we have gotten almost what we got in the year 2021. “We have a component of remittances which include Continued on page 5 workers’ compensation, anyone that worked in Nigeria, even if you are a Nigerian but are paid in dollars because you work for an embassy or an international organisation, it is counted as a remittance.
By implication, the subsequent engagement between the Rivers State governor, his colleague governors, and the presidential candidate of PDP, Atiku Abubakar, also in London, was timeous and face-saving for embittered Wike andMeanwhile,friends. fresh facts have emerged on the covert involvement of former President Olusegun Obasanjo, who was equally in London at the time and met with Wike and the rest of them, in some of the ongoing discussions ahead of the 2023 polls.
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Says little things dividing Nigerians can also unite them Urges youths to take charge of their future the future of the world, saying they should take charge of their
Segun James Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, said with the selection of the right leaders in next year’s general election, Nigerians could create the tomorrow they would be proud of. Sanwo-Olu spoke at the 2022 Children and Youth Harvest Thanksgiving of Our Saviour’s Church, Diocese of Lagos (Anglican Communion), Tafawa Balewa Square (TBS), Lagos, with the theme, "Harvest of Restoration and Divine Satisfaction."
The governor said the things that seemed to divide Nigerians could also unite them. He described the Nigerian youth as Sanwo-Olu: With Right Choices in 2023, We Can Create Tomorrow to Be Proud of Continued on page 5
How Tinubu’s ‘Zero Commitment’ at London Meeting Forced Wike Back to Atiku Eromosele Abiodun, Nume Ekeghe and James Emejo in Abuja
Governor of Akwa Ibom State, Mr. Udom Emmanuel (left) and Chairman/Editor-in-Chief of THISDAY Media Group and ARISE News Channel, Prince Nduka Obaigbena, during a condolence visit by the governor to his residence in Lagos, after a successful funeral ceremony for Princess Margaret Obaigbena (Nee Usifoh) in Owa Kingdom, Delta State…recently
UDOM EMMANUEL PAYS CONDOLENCE VISIT TO OBAIGBENA...
CBN: Diaspora Remittances Through Naira4Dollar Scheme Hits $2.4bn in Eight Months Brazil, Nigeria Trade Relations Recorded $281bn Export Earnings in 2021...Page 10 NBET, Turkish Agency Seal Deal to Boost Commercial Transactions, Investments in Nigeria's Power Sector...Page 6 Monday 29 August, 2022 Vol 27. No 10002. Price: N250
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Earlier, Vicar of Our Saviour's Church, TBS, The Ven. Ife Okupevi, urged Sanwo-Olu to intervene in the ongoing strike by the Academic Staff Union of Universities (ASUU). Okupevi urged Sanwo-Olu to speak to President Muhammadu Buhari, Minister of Education, and other stakeholders to facilitate quick settlement between the federal government and ASUU, to end the union’s strike that has grounded tertiary education for many months. Okupevi praised Sanwo-Olu for taking necessary action against COVID-19 and the security being enjoyed in Lagos State, as well as the provision of infrastructure in different parts of the state. In his sermon, Reverend Emmanuel Mordi, urged Christians to use their resources for God and enjojned those in positions of authority to be merciful to the people and ensure justice. Meanwhile, Sanwo-Olu, yesterday, inaugurated a 250-seater lecture hall donated by Oloto of Oto-Awori Kingdom, Oba Josiah Ilemobade Aina, to the newly upgraded Lagos State University of Education (LASUED) in Ijanikin, Badagry Division. The governor, who was in OtoAwori Kingdom to felicitate with the monarch on the occasion of his 15th coronation anniversary, inaugurated the hall to mark the anniversary.Hesaidthe king’s gesture was worthy of emulation, noting that the facility would complement those being built on the campus by the state government, as part of the projects initiated after the school was upgraded from College of Education to a university by the National Universities Commission (NUC).Sanwo-Olu explained why the school, alongside Lagos State Polytechnic, was elevated to degree-awarding institutions. According to a statement, Sanwo-Olu said Lagos, as a big city with a high population of young people, was being underserved by one university. He said, “Education and technology have been the key parts of our deliverables. This objective can only be achieved when we have standard tertiary institutions offering competitive opportunities to raise human capital.
Ndubuisi Francis in Abuja An International Monetary Fund (IMF) capacity development mission has visited Nigeria in a strategic move to support the Fiscal Responsibility Commission (FRC) in establishing a Fiscal Monitoring Framework (FMF) for the country. The FRC is the agency saddled with the mandate of promoting a transparent and accountable government financial management framework for Nigeria.TheIMF intervention came as the Commission continues to clamour for the amendment of the Fiscal Responsibility Act (FRA 2007) in order to strengthen the nation’s public finance management system. The IMF team led by a Senior Economist in the Fiscal Affairs Department of the Washingtonbased multilateral lender, Sybi Hida, spent two weeks with the management and technical staff of the Commission during the intensive programme. The latest support by the IMF was the second mission to the Commission this year alone, the first being a one-month training of over 30 FRC senior staff delivered future.While admonishing the youth to participate actively in activities geared towards nation-building, Sanwo-Olu said they could play leadership roles wherever they found themselves. He said serving in the house of God was a good foundation for a great career. The governor stated, "Let us hold ourselves together. Whatever is dividing us as a country are the little things that can also unite us as a country. Let us make the right choices. Let us create a tomorrow that all of them can be proud of. "We have that responsibility to continue to make this place (Lagos) safe. We have that responsibility to continue to make sure that we will not divide ourselves. We will continue to create opportunities for every one of our citizens. And we will continue to make it home to all for as long as they want to be peaceful and law-abiding."
SANWO-OLU: WITH RIGHT CHOICES IN 2023, WE CAN CREATE TOMORROW WE’RE PROUD OF
“We are taking baby steps because we also know that we don’t have the resources and weight to put on it because it involves both Ministries of Finance and that of Foreign Affairs.”Shenoted that citizens abroad who benefit from such scheme in Pakistan register with their embassies abroad and have a certain percentage remitted to the country every month in collaboration with their collating ministries in an orderly manner.
“It should be improved upon to increase remittances. In Pakistan for example, it has increased remittances from $11 billion to $24 billion. So, we can improve if we tinker with the current Naira4Dollar scheme.” Responding to this, Ozoemena added that the CBN has had meetings with Pakistan’s monetary authority and has plans to improve the scheme’ She explained: “We actually did studies of countries that have implemented remittances schemes and we even had meetings with the Pakistani authority and what they are doing is far broader than what we are implementing here.
5MONDAY, AUGUST 29, 2022 • THISDAY PAGE FIVE HOW TINUBU’S ‘ZERO COMMITMENT’ AT LONDON MEETING FORCED
“We are talking to agencies in Nigeria including the Ministry of Foreign Affairs, but that conversation hasn’t gotten to a point where it can be implemented. “So, we are doing the Naira4Dollar and we have seen an increase in the Naira4Dollar in terms of remittances,” she said. On his part, Chief Executive Officer of Adedipe & Associates, Dr. Biodun Adedipe advocated for the professionalisation of both the civil service and public service to address the current economic quagmire, stressing that doing so will extract value from the Ministries, Departments and Agencies (MDAs). He stressed the need for meritocracy and diversity in appointments while identifying MDAs that directly drive the economy and appoint proven professionals to lead them. “There is need to reduce the size of MDAs and pay well, align pay to productivity, retention in office, redeployment or exit must depend on performance and ensure accountability from the top leadership,” he advised. In his contribution, an economist and Chief Economic Strategist in the ECOWAS Commission, Dr. Ken Ife, praised the CBN’s Anchor Borrowers’ Programme (ABP), saying its introduction was timely and helped in averting food crisis in the country. He said: “We would have been buying a bag of rice today at between N70,000 and N100,000, and if we didn’t have the intervention from CBN, it would not only have been only importing food, we would have had more people dying from hunger, poverty, and starvation in Nigeria than victims of conflict and covid-19 put together.” virtually by IMF’s AFRITAC II. That capacity-building programme formed the basis for the latest intervention. In a statement, the FRC Head of Strategic Communications, Bede Anyanwu said the IMF mission to set up a Fiscal Monitoring Framework followed the approval of the Minister of Finance, Budget and National Planning, Mrs. ZainabImpressedAhmed.by the significance and content of the IMF support programme, the FRC Chairman, Victor Muruako was quoted to have said: “We have come to the conclusion that amongst all manpower development support and interventions that the Commission has enjoyed since its establishment over a decade ago, this IMF Mission is certainly the most impactful, combining elements of strategy meetings, organisational self-discovery sessions, training and ecosystem development."Thisis,literally speaking, the template which the Commission never had at its inception.” He recalled that at inception, the Commission was handed a novel mandate without corresponding templates, guidelines, handover notes or depth of access to requisite manpower development, adding that the staff, being pioneers in the fiscal responsibility monitoring and enforcement space, found themselves doing the work of both visionaries and operators. Muruako added: “Oftentimes, the scenario looked like we were building an airplane while at the same time, flying it. Thank God, we have been successful at both.” He lamented the fact that in spite of the many achievements of the Commission, it still encounters stakeholders that appear to be finding it difficult to understand where and how to accommodate the Commission in the public finance management ecosystem. He stated that FRC is a fiscal reform organisation that has had to use hard work and integrity to break through the fog and deliver on its mandate, which is unique and not a duplication of any other agency’s as assumed in the report of the Orosanye Panel. Reflecting on the phases that the Commission had passed over the years, the FRC Chairman noted that the Fiscal Responsibility Commission has been very well received by citizens and the federal government alike since its establishment over a decade ago.
The sources said Wike wanted Tinubu to force the APC candidate in Rivers State, as well as those of Oyo, Abia and, especially, Benue, where the APC candidate, a cleric, is believed to be very popular, to drop their ambitions. But Tinubu failed to commit to the demands, except for Rivers, which he promised to look into, despite the fact that a prominent member of the APC, over 40 years ago. Why should we not build more on this solid foundation? As big as Lagos is, with a huge population, having one state university does not befit us. “Lagos cabinet, with the approval of the House of Assembly and NUC, set up two more universities to complement LASU and we got the approvals to establish the schools at the same time.
former governor of the state and immediate past Minister of Transportation, Chibuike Amaechi, is from the same state as Wike. According to THISDAY sources, Wike and the others left the meeting with Tinubu disappointed. However, they were excited to learn that Atiku was on his way to meet with them in London and as such, used the window provided to save face and re-align with the party. Although they also tried to grandstand with the PDP candidate by giving conditions, which some of Atiku’s men dismissed as untenable, nevertheless, it was not a difficult situation for the former vice president to manage, being members of the same party, as he simply told them he would look into their demands. The demands bordered mainly on the removal of Ayu as national chairman to allow for a southerner to be produced by the Wike group.
“So, there are so many components of remittances. But the component of inflows that comes into this country so far, we are at $2.4 billion.” Also speaking, a Professor of Economics and Capital Market, Uche Uwaleke called on the CBN to tinker with the scheme to increase its benefits and improve remittances into Nigeria by modeling it after the Pakistan model. He said: “On the ‘Naira4Dollar’ policy, we have seen some successes. We have been told that since its introduction we have seen some accretion to the reserves on account of that. “However, the central bank should consider the Pakistani model where they introduced something similar but in 2020, moved a step further to introduce a loyalty reward scheme that encourages remittances to benefit from participating companies.
Continued on page 43
IMF Team Visits Nigeria, Partners FRC on Establishing Fiscal Monitoring Framework
CBN: DIASPORA REMITTANCES THROUGH NAIRA4DOLLAR SCHEME HITS $2.4BN IN EIGHT
Sanwo-Olu and his wife, Ibijoke, who were “Parents of the Day” for the Harvest Programme, appealed to Nigerians to unite and shun division. He said his government would continue to be responsible and responsive to the people of Lagos State, adding that his administration would ensure development in every part of Lagos State in line with the Greater Lagos Development agenda. According to him, "What the church stands for is to give you (youths) the foundation and space for you to be able to do those things you want to do and fly to whatever height, because, indeed, you are not just the future of the nation, you are indeed the future of the world and the future is now. And so you need to be partaker of it and take full charge of it."
“The late Alhaji Lateef Jakande gave us Lagos State University
The Rivers State governor, who was bitter over his loss, had been openly engaging in what could pass for anti-party activities. He blamed his loss on religion, betrayal by the party leadership, especially, the national chairman, Dr. Iyorchia Ayu, and the Sokoto State governor, Aminu Tambuwal, whose sudden decision to stand down for Atiku, he claimed, allegedly tilted the presidential primary result against him. Ever since, Wike had been working against the interest of PDP, holding meetings with leaders of other political parties in a deliberate effort to undermine his party in next year's presidential election. Besides APC leaders, Wike had met with leaders of LP and New Nigeria Peoples Party (NNPP), ostensibly, mulling his options. The governor had been meeting with different people in search of a better deal, and he had hoped for a fruitful engagement with Tinubu, a move he believed would undo his party’s candidate at the presidential election. However, after he allegedly tabled his demands before Tinubu, soon after their discussions, the former Lagos State governor was said to have failed to commit to any of his demands and explained why he could not accede to his terms. According to sources at the meeting, Tinubu believed Wike’s demands were largely unrealistic and way above what he could realistically bring to the table. For instance, Wike was said to have demanded that the APC candidate “ensures if he wins the presidential election, which comes first, he will ensure he does not influence the outcome of the governorship and House of Assembly polls in Rivers, Benue, Oyo and Abia states, so that candidates in his camp and those of the other governors could win maintain control of the states”.
Although Obasanjo denied backing any candidate ahead of the presidential poll, he was believed to be rooting for the presidential candidate of the Labour Party (LP), Mr. Peter Obi, for reasons of balance of power among Nigeria’s major ethnic nationalities, in the interest of justice, equity and fairness. Relatedly, Obasanjo said yesterday in Minna that he would unveil his own agenda for the 2023 general election soon. He stated this after visiting two former Heads of State, General Abdulsalami Abubakar and General Ibrahim Badamosi Babangida, at their residences. In another development, former governor of Kano State, Senator Ibrahim Shekarau, was billed to formally join PDP today at an elaborate ceremony, believed to have compelled Atiku to cut short his Paris trip in order to officially receive the ex-governor and his people into the opposition party. Wike and his friends –Governors Samuel Ortom (Benue), Seyi Makinde (Oyo), and Okezie Ikpeazu (Abia) – had met in London with Tinubu to consider the possibility of working together. This was after Wike lost out at the PDP presidential primary held May 28, and was also unable to clinch the running mate slot.
The sources said of Wike, “He also wanted assurances that their men should be allowed to win Senate and House of Representatives seats, including the governors contesting senatorial elections. There was no headway on this demand either, since the presidential and National Assembly elections would take place same day.“Tinubu, however, didn’t make any commitment and that was a red flag for Wike. The APC candidate only said, yes, he could look into the demands for Rivers, but he cannot do same for Oyo, Benue and Abia; that it would be very difficult and will not want to come across as deceptive.”
“This dream has come true and Oto-Awori Kingdom is a beneficiary. The gesture of OtoAwori king to support our efforts to improve access to education with the donation of a lecture hall is an act that is worthy of emulation.”Sanwo-Olu said he had approved the construction of a 750-seater Lecture Theatre on LASUED campus, just as he directed procurement of two high-capacity buses for students to aid their mobility to and from the campus.
Additionally, the governor offered free campus-wide highspeed Internet for research work and other academic uses. Sanwo-Olu used the occasion to appeal to towns locked in communal crisis in the area, urging them to embrace peace. The governor cautioned all parties against destruction of property and public facilities, stressing that development would only happen in an atmosphere of peace. The monarch said his gesture was to support government’s intervention in education was borne out of his pledge to assist indigent people to surmount challenges preventing them from going to school. Oba Aina recalled that he could not finish his academic programme at a university in Ondo State because of N6,000 fee. He promised to embark on more education-focused projects to support government’s efforts.
Sources believed that Atiku was not unaware that the options before Wike and allies were limited but he refused to rub it in their faces. He played along, especially, as he did not want to appear insensitive to their plight as the leader of the party de facto. If the dictates of the Independent National Electoral Commission (INEC) timetable and schedule of activities were properly situated, they had clearly shut the doors of any realistic options against Wike and co. For one, all the activities in the electoral process are tied to time, with legal implications for any contraventions. This makes it difficult for Wike and others to leave the Conversely,PDP.Wike’s candidates for the senate election, for example, are three as with other states, but he also has eight candidates for the House of Representatives, 32 candidates for the state assembly, a governorship and deputy governorship candidates, all of which come down to 45 candidates for the 2023 elections. This same calculation is applicable to other PDP governors, including Makinde of Oyo State, who is itching to return to office for a second term, as well as Ortom of Benue State and Ikpeazu of Abia State, both of whom are senatorial candidates of the PDP. Situated better, the options before them became even more impossible, given the understanding that the presidential and the National Assembly elections are holding first, the outcome of which could sculpt subsequent elections in 2023. Thus, with their careers, political future and those of their followers at stake and at the mercy of whatever option they ultimately embraced, it became evident that Wike and others could not actually leave the PDP but were only seeking a better deal after the outcome of the presidential primaries.Stillon the pre-election permutations, indications that Obasanjo might be working for Obi as his preferred presidential hopeful manifested after their London meeting, when the former president allegedly alluded to the need for balance of power in other to achieve justice, fairness and equity in the polity. One of the sources privy to the meeting and believed to be close to Obasanjo, explained, “OBJ’s support for Obi is borne out the desire to secure his place in the history of Nigeria, as a nationalist. It is his firm view that it is the turn of the South-east to produce the next president, since Hausa and Yoruba have had their turns. So, his support for Obi is rooted in that Questionsdesire.”have been raised about Obasanjo’s support for Obi’s presidential bid and, ultimately, his victory. But the former president has also not hidden his disapproval of the ambition of other older candidates, whom he is always quick to dismiss, albeit in veiled references, as no longer capable of delivering result. Yesterday in Minna, Obasanjo, who spoke about unveiling his 2023 agenda soon, did not, however, give details of the agenda to be released.While declaring that he had no favoured candidate for the WIKE BACK TO ATIKU
Deji Elumoye in Abuja
The youths made the demands at the grand finale of Nigeria Policy Hackathon organised by the Debate and Development Resource Center (DEDERC) Nigeria, funded by Heinrich Bolls, held in Abuja at theInweekend.apresentation titled, ‘team learning curve,’ by students from the Nasarawa State University, Keffi, they stated that the enactment of a law to promote export of both crude oil and agricultural products, investment in human capital development and electro-mechanical production were necessary for Nigeria’s economic development.
The Memorandum of Understanding (MoU) signed between the two agencies at EXIST's campus in Maslak, Turkey to boost cooperation and knowledge exchange between the two countries was designed to explore mutually beneficial opportunities for growth between NBET and EXIST.
According to the team, expertise should be applied in the drafting of Nigeria's foreign policy to make it attract development to the country beyond what currently obtains. They also recommended that: "The National Assembly through the committee on education should invite the University Service Commission and any other tertiary institution body, to discuss the importance of issuing a circular to all tertiary institutions across the country in providing compulsory general course to all first year students on Policy and Strategic Studies." On its part, Team 'Zoba Advisory,' proposed a legislation for climate change issues, including tax incentives to promote renewable energy sources and carbon capture as well as sequestration efforts that could help Nigeria move beyond fossils and achieve development in a changing climate.
"The key aspects of the cooperation would see NBET strategically leveraging on cutting edge technology to chart a new course in its commercial transactions in the electricity market. It will ultimately pave the way for more power investments in the country and deepen competition in the market, with greater value delivery to participants in the market," he said. According to him, NBET would also synergise with EXIST in developing a framework for upscaling sustainable investments in renewable energy in line with the federal government's commitment to diversify the country's energy mix and transition to a low-carbon economy. The corporation, according to the statement, also ties in neatly with NBET's long-term plan of leading Nigeria's renewable energy push in line with its mandate. It said the cooperation agreement covers the transfer of experience and business knowledge, and the design of a functional trading structure for the Nigerian Electricity Supply Industry (NESI).
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
Agency
Transactions,
"A bill of fully funded scholarships for researchers especially the youths (Master or PhD. scholars) be considered to hinder them from focusing on leaving the country, but motivate them in researching climate-related technologies that can help improve our economy," the team added.
Osinbajo: I'm Committed to Virtues of Integrity, Transparency, Social Justice
Turkey has a large and growing manufacturing base which requires an increasing amount of power generation and the country's annual growth rate in additional power generation capacity has been around five per cent due to the increasing economic activity and a rising population in the country.
NBET, Turkish Seal Deal to Boost Commercial Investments in Nigeria's Power Sector
6 THISDAY • MONDAY, AUGUST 29, 2022 NEWS Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580
Talking about Nigeria and its perception in the international community, the vice president explained to the postgraduate students some of whom were Nigerians, that it was in understanding the size of Nigeria that the international community could better appreciate the enormity and complexity of some of the country’s challenges. His words, “first, there is a need to appreciate the size of the country, which is crucial to understanding what the issues are. “For instance, Borno State is about the size of the whole of the United Kingdom plus Sweden or Denmark. So, when it is reported that there is violence in Nigeria, it is probably an incident in one remote area of the country, and many people in Abuja and Lagos may hear about it on social media, such is the size of this country.
The Vice President, Prof. Yemi Osinbajo has stressed his personal commitment to virtues of integrity, transparency and social justice. This was just as he called on the international community to understand the big size of Nigeria to know the enormity of the nation's challenges.Speaking at the weekend, at the State House, Abuja, while playing host to a group of Harvard Business School students, Osinbajo articulated his personal commitment to the virtues of integrity, transparency and social justice which are also virtues exhorted in the different faiths and religions in the country. He was quoted in a statement to have said, “for me, spirituality connotes values. I came into government with values about what I think is important especially around transparency, social justice and justice, among others. “You are almost always a product of the values you believe in. Fortunately, a lot of these values cut across the different faiths, they are not necessarily restricted to a religion or one faith. "In societies that are more developed institutionally, you don’t need to be told that you shouldn't do certain things because you could end up in jail if you do and there is a likelihood that you could be detected and the process will go through and you will be punished. "I speak about corruption and all that. But where the institutions are weak, some people have reasons for not doing the right thing." He emphasised that in a situation where societal or governmental institutions were not strong enough to compel individual behaviour in a way that advances the common good, spirituality and commitment to such values as social justice and transparency are important. According to him, "just looking at these values, there is a great deal of unanimity about what is the right thing to do. The question is whether or not you will do those things, or whether you are motivated enough to do them, or whether you are compelled to do them.
The Nigerian Bulk Electricity Trading Plc (NBET) and Energy Exchange Instabul (EXIST), a Turkish agency, have signed an agreement on cooperation to help Nigeria improve commercial transactions and revenue collections in the country's power sector through cutting edge technologies with attendant investment inflows into the sector.
The statement further explained, "With this partnership, the NESI can leverage EXIST's experience towards the design and implementation of policy frameworks that will ramp up energy solution to the manufacturing sector and other vital economic sectors towards increasing the Gross Domestic Product (GDP) of Nigeria and improving living conditions of its "Thepeople.agreement also aims to liberalise the current market in Nigeria; simultaneously, for the cooperation, the parties have agreed to establish a partnership to support the optimisation of NBET’s current energy portfolio and identify sustainable means to scale up energy generation and supply in "ConcerningNigeria. areas of cooperation, the parties also agreed to ensure knowledge development and share cross-visits to learn from each other's experiences. Both parties have committed to further research and development in relevant areas that are beneficial for enhancing the energy sector in "InNigeria.addition, EXIST shall also assist NBET in the design and implementation strategy and plan that would enable optimal bulk electricity trading that adopts a least cost trading model for energy efficiency."However, in fulfilling the conditions, the partners said EXIST shall assist NBET in under-studying the Turkish experience and energy transition to adapt successfully to the Nigerian context. NBET currently manages a portfolio of over 13,000MW of installed electricity generation capacity.Further to this plan, the statement added that "the two parties will work towards establishing a renewable energy support scheme like the Turkish experience and both parties will work on developing necessary feasibility studies to establish the energy exchange".
others
Youths Demand 15% Budget for Education
Onyebuchi Ezigbo in Abuja Youths which included students from various parts of the country have urged federal government to strive to meet the threshold of at least 15 per cent budget for education going forward. They said such commitment would ensure that adequate resources are provided for infrastructure development in the nation’sSimilarly,universities.theyouths urged the National Assembly to enact laws that would promote export of raw materials as well as finished products and to impose taxes on fossil fuels companies, according to their high rate of carbon emissions.
The signing ceremony was witnessed by the Nigerian Minister of Finance and Chairman of NBET Board of Directors, Zainab Ahmed; Chief Executive Officer of NBET, Dr. Nnaemeka Ewelukwa, and EXIST's Chief Executive Officer, AhmetWhileTürkoglu.Nigeria's power generation has been stagnating at below 5000 megawatts (MW) due to multiplicity of challenges, Turkey boasts of generation capacity of 100,000MW, ranking as Europe’s sixth largest electricity market and the 14th largest in theApproximatelyworld. 54 per cent of the European nation's power generation capacity comes from renewable energy, including hydroelectric, wind, solar, geothermal, and biomass power plants, making it the sixth largest generator of renewable energy in Europe and the 12th largest in the world. The country is well advanced in electricity infrastructure and crossborder trading, hence the optimism about the opportunities presented to Nigeria by the new partnership, especially as the Government of Turkey has shown keen interest in strengthening bilateral relations between both countries. Speaking at the agreement signing ceremony, Ahmed was quoted in a statement issued by NBET, yesterday, to have stated that Nigeria wanted to establish a solid electricity market like Turkey by providing the necessary transformation in the country. "EXIST has reached an admirable stage. We also want to establish electricity markets by providing the necessary transformation in our country. We want to cooperate with you on this journey by walking hand in hand," the Minister stated. Commenting on the deal, Ewelukwa expressed optimism that the cooperation agreement with EXIST would go a long way in re-positioning NBET for enhanced performance in the Nigerian electricity market and consolidate on its accomplishments.
CHILDREN AND YOUTH HARVEST THANKSGIVING OF OUR SAVIOUR’S CHURCH... L-R: wife of the Vicar of Our Saviour's Church, TBS, Mrs. Okupevi; Queen of the Day, Miss Maya Akwiwu; Vicar of Our Saviour's Church, TBS, The Ven. Ife Okupevi; King of the Day, Apostle Paul-Igumbor and Lagos State Governor, Mr. Babajide Sanwo-Olu during the 2022 Children and Youth Harvest Thanksgiving of Our Saviour’s Church, Diocese Of Lagos (Anglican Communion), at TBS, Marina…yesterday
“Spirituality helps in that sense to help you to decide what to do and what not to do. Especially where institutions are not strong enough to restrain people from behaving in a particular way or not.”
Partnership to be in areas of knowledge sharing, technology,
Says international community must understand Nigeria's size to appreciate enormity of its challenges
MONDAY AUGUST 29, 2022 • THISDAY 7
James Sowole in Abeokuta
APC Lambasts Ikpeazu over Claims of Completing 150 Roads in Abia Emmanuel Ugwu-Nwogo in Umuahia Abia State Governor, Dr. Okezie Ikpeazu has come under the criticism of the All Progressives Congress (APC) following his claims that his administration has built 150 roads across the state. Ikpeazu had in his broadcast on August 27, to mark the 31st anniversary of the creation of Abia said his government had at the last count built 150 roads that were "strategic" to the economy of theButstate.the chairman of Abia APC, Dr. Kingsley Ononogbu in a reaction to Ikpeazu's broadcast, said the governor awarded himself outlandish marks of performance, arguing that such number of roads could only exist in the imagination of the Abia chief executive. He said Ikpeazu was only deceiving the people of Abia with tales about the existence of phantom road after subjecting the people to sustained, "years of woes, agony and outright failure through the practice of kleptocracy by successive governments."However,the APC chairman commended Abians for their steadfastness and in keeping hope alive for a better tomorrow for us all, our children and children's children. According to him, in celebrating their state at 31, "Abians should ideally be celebrating monumental developmental strides given the enormous human and material resources we are endowed with as a people by the Almighty God. "But in reality and all honesty, Abians are merely celebrating the anniversary of the creation of the state with nothing concrete on the ground to show for the 31 years of existence when compared with other neighboring States and others created the same time.
"These questions and answers are critical at this crucial point in time to avoid a repeat of the mistakes of the past," he said. Nonetheless, the Abia APC chairman asked Abians, "to cry no more, search no more and look no further because God has heard our cries and prayers by touching credible Abia sons and daughters to take interest in politics.” He noted that those Abians, who had made it in life and would have ordinarily stayed away from politics have decided, "to come forward to offer their services and expertise and participate in the state’s electoral process in order to rescue and fevelop Abia State."
constructed by that regime were a waste of resources. For instance, on the entire stretch of the formagnanimity.commendedbulldozers,lostcompensationpraisedisonlyAtan-Lusada-Agbara19kilometersroadhasonebridge.Andthelengthshort,”hesaid.Meanwhile,Abiodunhasbeenforhisinterventionintheprocess.AresidentofAgbado,whomanyshopstoAmosun’sMr.AbayomiOlanreway,thegovernorforhisHeberatedthelastadministrationsubjectingpeopletounwarranted
Omon-Julius Onabu in Asaba Delta State Governor and VicePresidential Candidate of Peoples Democratic Party (PDP), Dr. Ifeanyi Okowa, has congratulated Prof. Epiphany Azinge on his appointment as President of Commonwealth Secretariat Arbitral Tribunal sitting in London, United Kingdom.Okowa described the appointment of the Delta-born legal luminary to the exalted position as well-deserved against the backdrop of Azinge's antecedents as a distinguished academic and quintessential legal icon. Speaking, yesterday in Asaba, through his Chief Press Secretary, Mr. Olisa Ifeajika, Okowa urged Azinge to bring his wealth of experience to bear on his new job.
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Victor Ogunje in Ado Ekiti
hardship, even as he regretted that the road had been abandoned for more than six years now that the demolition took place. Olanrewaju, who said he depended on his shops to survive before the demolition, also disclosed that their road was better before the bulldozer moved in for the massiveAnotherdestruction.resident,Taiwo Adebari, also expressed gratitude to the state government, noting that the compensation will help in alleviating some of their Meanwhile,sufferingsthe African Industries Group, has disclosed its preparedness to invest over $500 million in the state. The Chairman of the group, Mr. Raj Gupta made this known at the weekend in an interview with newsmen shortly after a meeting with the governor at Abeokuta. He said the company which deals mainly in steel and aluminum was interested in growing its business in the Guptastate.who further noted that the company currently has over 5,000 employees on its payroll, added that he was impressed with the level of infrastructural development embarked upon by the present administration in Ogun. "We have many industries in the state and we are here to see how we can grow our investment further. We are employing 5,000 people in the state, and our group investment in Ogun State far exceeds 500 million dollars. "I have to say I was very impressed so far with what we have seen as progress made by the present administration, our business is in the area of steel and aluminum," he submitted.
8 THISDAY • MONDAY, AUGUST 29, 2022 GET WELL VISIT…
Former Head of State, General Abdulsalami Abubakar (L)with former President Olusegun Obasanjo, during a visit by the former president to the residence of the former Head of State in Minna ...yesterday
Speaking in Ado Ekiti yesterday, the Vice Chancellor posited that the resumption was a decision taken by stakeholders of the institution.
Consequent upon this, ASUU's President, Prof. Emmanuel Osodeke, had made a scathing and derisive comment against the university, describing it as a, "quack and irrelevant university". Not pleased with such a debasing statement, the management had risen in defence of the university and called on ASUU's leader to retract the comment and tender apology.
"The Abia ugly narrative has long become an embarrassment even to the players in the successive administrations since the creation of the State," Ononogbu lamented. The chairman of the main opposition party insisted that, "there is actually nothing to celebrate within the developmental indices, suggesting that what this time calls for is sober reflection by all Abians and to ask ourselves pertinent questions.”Hestated that Abians should be interrogating themselves on how their state got to this level of underdevelopment and, "what must be done to reverse the ugly trend" as the 2023 general election keeps drawing near.
Ogun State Government is to begin paying compensation to owners of properties demolished by the administration of Senator Ibikunle Amosun, to pave way for the expansion of some road projects across the state. Already, Governor Dapo Abiodun has approved that the compensation payment should commence to alleviate the sufferings of those affected.The immediate past administration, had demolished some properties across the state in the desire to expand some roads to as much as 8-lanes without paying compensation to affected owners. In addition, it was double jeopardy as many of the roads were abandoned midway through the construction process, while others did not take off at all. Commissioner for Works, Mr. Ade Akinsanya, who spoke on the issue at the weekend, said the governor has approved the compensation payment, which would be in Akinsanyaphases.noted that the demolitions carried out by Amosun’s administration were unnecessary, adding that it ended up compounding the problems being faced by the present government. According to him, the state government now has billions of compensation claims to contend with in addition to looking for another huge sums of money to complete the abandoned roads. He noted that the Abiodun administration inherited outstanding debt of N202 billion from the Amosun government on roads alone.The commissioner said the state government decided on the policy of no demolition in its project execution, except where necessary andHeunavoidable.saidthelast administration had earmarked some houses for demolition preparatory to the rehabilitation of Kemta-Somorin road in Abeokuta. The project is nearing completion without any demolition carried out, he added.
Road Construction: Ogun Begins Compensation for Properties Demolished by Past Government
Ononogbu therefore, urged Abians to be optimistic and confident in God Almighty saying that if given the mandate by Abians in 2023, an APC government, "will change the narrative positively and lead our people and the State to our collectively desired vision of a New Abia".
“Our road design and construction is such that we try to avoid demolition. It is actual not necessary to demolish while constructing roads, unless it is actually unavoidable. “The same thing applies to bridge construction. Most of the bridges Steel conglomerate to invest $500m in state, to employ 5,000 workers
Commonwealth Tribunal: Okowa Congratulates Azinge on Appointment as President EKSU Defies ASUU, Orders Lecturers to Resume Today
The governor also lauded him for his achievements as an eminent "learned gentleman" in Nigeria andWhileAfrica.wishing Azinge successful tenure in office, Okowa expressed confidence that the new president of the Commonwealth tribunal would use his office to ensure that the objective of CSAT was realised. The statement noted in part, “On behalf of the government and people of Delta, I congratulate our illustrious son, Professor Epiphany Azinge (SAN), on his appointment as President of Commonwealth Secretariat Arbitral Tribunal. "Given the antecedents of Prof. Azinge as a brilliant and cerebral lawyer, I have no doubt that he will bring his wealth of experience to bear in improving activities at CSAT."
"It was a decision taken by the stakeholders about the effect of this prolonged strike on the institution and our position have been made public about our intention to begin work and restore normalcy," he said. Also in an explicit statement, EKSU's Registrar, Mr. Ife Oluwole, said the resumption affects the old students and the newly admitted ones for the 2021/22 academic session. Oluwole said: "Stakeholders in Ekiti State University, Ado Ekiti, which included the Vice Chancellor and other Principal Officers, Provosts, Deans, Directors, Heads of Departments, Professors and Officers on grade level 14 and above met on Sunday, 21st August, 2022 to review the situation in the University."Stakeholders noted the socioeconomic effects of the current strike action embarked upon by the staff unions in the University on other stakeholders (parents, students, alumni and staff) and the plea by the parents.
In defiance to the hardline position of the Academic Staff Union of Universities(ASUU), authorities of the Ekiti State University(EKSU), Ado Ekiti, would reopen the institution for academic work today. This comes after six months ASUU members, EKSU chapter joined the ongoing strike declared by the university lecturers to press for urgent reform of the country's ivory towers among other myriad of Thedemands.university had last week through its Vice Chancellor, Prof. Edward Olanipekun, announced its intention to suspend the nationwide strike in the institution and commenced academic work.
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“I am deeply worried at the non-adherence to budgetary provisions by most missions. It is important to note that this act contravenes the provision of extant regulations which stipulates that no expenditure on any sub-head of the recurrent estimates in excess of the provision in the approved estimates or supplementary estimates may be authorised by any officer controlling a vote without the prior approval of the National Assembly. “It should also be noted that this practice makes nonsense of the appropriation. I have observed that most of the Nigerian Missions have formed the habit of over-expending their allocations with impunity. This practice makes nonsense the essence of appropriation and should be frowned at.
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MBAH GETS AUTHORITY...
Chinedu Eze in Lagos and Udora Orizu in Abuja
Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the AttorneyGeneral of the Federation and Minister of Justice, Abubakar Malami to provide it with a copy of the agreement the federal government recently signed with the United States of America for the repatriation of $23 million stolen by late General Sani Abacha.
TRADITIONAL
The House of Representatives Committee on Public Accounts has commenced investigations into how Nigeria’s foreign mission engage in extra budgetary spending and refuse to remit internally generated revenue into government coffers as provided for in the nation’s extant laws.This was just Chairman House of Representatives Committee on Aviation, Hon. Nnolim Nnaji has expressed appreciation to the federal government for responding to the appeal and concerns expressed by the House of Representative leadership by releasing more than half of the trapped foreign airlines' funds. The report of how some embassies spent over N13 billion not budgeted for was contained in the report of the Auditor General for the Federation on the financial and other activities of the foreign missions and the Federal Ministry of Foreign Affair between 2010 and 2019, which the Public Accounts Committee is currently lookingHowever,into. the Auditor General stated in the report that efforts to audit the accounts of some of the missions were rebuffed by staff of such embassies acting on the directing of the Permanent Secretary, Ministry of Foreign Affair who directed them not to allow staff of the Auditor General access to their books. In the over 450-page document,
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“I have noted with dismay that most Nigerian Missions incur expenses on most of their expenditure sub-heads in excess of the provision in the approved estimates. It should be noted that this contravenes the provisions of Financial Regulation 313 (2009 Edition) which stipulates that no expenditure on any sub-head of the Recurrent estimates in excess of the provision in the approved estimates or supplementary estimates may be authorised by any officer controlling a vote without approval of the National Assembly.”
Brazil, Nigeria Trade Relations Recorded $281bn Export Earnings in 2021, Says Ambassador due to the war, supplies from Russia have been replaced by supplies from Nigerian to the tune of $1 billion 2022, noting that they have already bought $517 million tonnes of urea, “it is funny, but that is the same trade deficit that we have.” According to him, “So all the trade deficit is due to urea exports to Brazil in the first quarter. So urea has been growing five years ago and Nigeria was not even in the top 10 urea suppliers, but today it is the second largest supplier of Urea fertilizer in the world. It was the first in the first four month of 2022, but later Oman overtook Nigeria.
In the letter dated August 27, 2022, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said by the combined reading of the Nigerian Constitution 1999 (as amended), the Freedom of Information Act, and the country’s international obligations, there are transparency obligations imposed on the government to widely publish the agreement on the $23 million Abacha loot. SERAP stated that providing it with a copy of the agreement and publishing the agreement would allow Nigerians to scrutinise it, and to monitor the spending of the repatriated loot to ensure that the money was not mismanaged or Thestolen.letter read in part: “Your government has a responsibility to ensure transparency and accountability in how any repatriated stolen funds are spent, to reduce vulnerability to corruption and mismanagement. “SERAP also urges you to provide details of the transparency and accountability mechanisms that have been put in place to ensure that the repatriated funds are not mismanaged, diverted or “Were-stolen.would therefore be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public“Publishinginterest. a copy of the agreement signed with the US would also promote transparency and accountability in the spending of public funds. Nigerians are entitled to their constitutionally and internationally recognised human right to information.”
$23m Abacha Loot: SERAP Writes Buhari, Wants Copy of Agreement with US Published
the Auditor General raised alarm over the habit of the foreign missions to engage in extra budgetary expenses and refusal to remit generated revenue into the Consolidated Revenue Fund of the Federation, while also engaging in activities that has negative impact on the nation’ finances.
The report alleged that while the landed properties of the Nigeria Embassy in Brassila have been left in a dilapidated position without any effort to renovate them, the Embassy has been spending a staggering amount of $50,247.89 (N7,500,000.00) annually on rent for two of its staff, adding that the $50,247.80 spent on rent for three years could be utilised to renovate the landed properties which are deteriorating and a lot of savings made for government.
L-R: HRH. Ifeanyi Ogbu; HRH. Igweshi O. Igweshi; HRH. F. O. Nwatu; HRH. J. Nnaji; Peoples Democratic Party (PDP) Governorship candidate for Enugu State, Dr. Peter Mbah; Deputy Governorship Candidate, Mr. Ifeanyi Ossai; HRH. A. O. Nwobodo; HRH. G. O. Arum; HRH. Greg Ugwu (Behind Arum); HRH. H. A. Edeani (Beside Ugwu), and HRH. Dume Nnamoko (Behind Ossai), when the PDP candidate officially received the endorsement of the traditional rulers of Enugu East Senatorial District as they handed him the traditional authority (Ofo) to empower him for the election, at Enugu…recently
The AuGF added, “the practice where Nigerian Missions overexpended their allocations with impunity should be frowned at. It should be noted that this action is a contravention of financial regulation which stipulates that no expenditure on any sub-head of the recurrent estimates in excess of the provision in the approved estimates or supplementary estimates may be authorised by any officer controlling a vote without the prior approval of the National Assembly.
House Uncovers How Nigeria’s Foreign Missions Engage in Extra Budgetary Spending
“The biggest problem that is preventing Brazil, Nigeria trade relations to grow is the lack of logistics. There is no air cargo, and there are very few shipping lines, mostly bulk. So we don't have container lines going straight to “ButBrazil.we are hopefully that these will change with the green imperative as soon as the CKD machine seems to start coming, then we are going to use containers, and when we send, Nigeria products can come to Brazil using this container. So I think logistics will improve.
“The non-availability of direct flights is also a problem because the businessmen have to go sometimes to the Middle Eastern and back or to Europe and back. The possibility through South Africa that was the most common when FedEx suspended the flights here is now is now complicated, it is not every day anymore. South African airlines stopped flying to Brazil. There is one Brazilian company operating the flights, but it is completely full it is the only link between Asia and Latin America.”
Lawmaker commends FG over Release of $265mn to Foreign Airlines Aliogo The Brazil and Nigeria trade relations recorded $280.81 billion in export earnings in 2021. However, Nigeria’s export earnings to Brazil was $47.2 billion in the year under review. In the area of imports in 2021, Brazil was higher with import earnings of $219.41billion, while Nigeria recorded earnings of $52.1Thebillion.Brazilian Ambassador to Nigeria, Francisco Soares Luz, disclosed this yesterday, at a media briefing in Lagos, to announce the forthcoming Brazil-Nigeria business forum 2022. The forum is to take place in Lagos at Eko Hotel and Suites, as part of activities marking the Brazil’s Bi-centennial anniversary. He said Brazil remains committed to strengthening trade relationship with Nigeria, stating that in 2021 some of the import commodities were iron ore, soybeans, crude petroleum, sugar, and beef, while the export commodities were refined petroleum, chemicals, crude oil, vaccines, fertilizers. He also noted that Brazil’s nominal Gross Domestic Product (GDP) nominal growth rate in 2021 was 4.6 per cent, while in 2022, it was two per cent and it was expected to be 2.5 per cent in 2023. Luz pointed out that in the area of energy distribution, the country has built comparative advantage in Hydropower (65%), Natural Gas (9%), Wind (8.6%), Biomass (8%), Nuclear (2.5%), Solar (2%). He further explained that Russia was the country’s third supplier of urea fertilizer, but
THISDAY • MONDAY, AUGUST 29, 2022
It also stated that the embassy exchanged six old vehicles whose prices were not made available for two new one purchased at a total cost of $95,211.00 (N11,754,444.44), while an additional amount of $17,642.08 (N2,375,224.28) was expended on shipment, Insurance and clearing of these new vehicles even when there was no budgetary provision for the purchase. Furthermore, the report stated that in 2010, the then Nigerian Ambassador to Poland claimed over N9.777 million annually for non-existing domestic staff. The AuGF report also stated that in 2011, the Nigeria Ambassador to France spent over N1.75 million from government coffers on entertainment of Guests without any record of the guests, haircut, manicure, hair colouring and cost of ticket to Nigeria for consultation without any evidence of any official invitation/approval for the journey, describing them as very private expenses that should not have been borne by public funds. Also, it showed that at the Embassy in the United Arab Emirate, the AuGF said, a total sum of $100,000.00 (N15,385,000.00) was remitted as take-off grant to Oil and Gas Free Zone Authority (OGFZA) Rito Office, to open and operate an investment office in Abu Dhabi, UAE, even when there was no policy instrument to support theTheremittance.AuditorGeneral stated there was a general lack of standard and uniformity in the conditions of service of the local staff, most of whom are Nigerians living in the United Kingdom while an average sum of £226,974.80 was spent monthly on the remuneration of the local staff, compared to the £74,108.38 spent on the home based officers.
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Emameh Gabriel asks if ex-President Olusegun Obasanjo has anything up his sleeves with the recent meeting in London with Governor Nyesom Wike of Rivers state and Labour Party’s presidential flag-bearer, Peter Obi
noTE: Interested readers should continue in the online edition on www.thisdaylive.com
The National Agency for Science and Engineering Infrastructure (NASENI) which was established in 1992 by the Federal Government by its mandate and scope of operation is the Nigerian only purpose built Agency designed to conduct developmental work in the areas of manufactur ing and as such, it is capable of coordinating the proliferation of technologies developed either within or outside of its Centers including patents obtained. The mission of NASENI is to establish and nurture appropriate and dynamic Science and Engineering Infrastructure-base for achieving home-initiated and home-sustained industrialization through the development of relevant processes, capital goods and equipment necessary for job creation, national economic well-being and progress. For decades the agency has tried to live up to their mandate. Recently, President Muhammadu Buhari approved the sum of N24 billion for NASENI for the implementation of a smart modular irrigation project designed to enhance agricul tural development in the country by enabling farmers to produce crops three times round the year. Towards this, the agency has acquired 10 hectares of farmland in Adamawa State where it will draw water from River Benue for the pilot scheme.
President Buhari is the Chairman of the Board of the agency and this idea resonates with his administration’s desire to diversify the economy and restore agriculture as its mainstay. According to Haruna, the money approved is for the procurement of pumps, developing the structure, the farming techniques, as well as for the farmers, the officers, the offices that are needed, the vehicles, and the administrative management.NASENIisthe only agency with the responsi bility of nurturing an appropriate and dynamic science and engineering infrastructure base for achieving home initiated and home sustained industrialization for the country. It has the mandate to engage in capital goods research, production and reverse engineering in six broad areas including Advanced Manufacturing Tech nology (AMT), Education Intervention, Energy Intervention, Mechatronics, Nanotechnology, and Reverse Engineering.
The latest move is one of a series of attempts by the former president to unseat a ruling party or sitting president he had supported in the past. Former president Goodluck Jonathan was one of his victims, although he failed when he took similar move against incumbent President Muhammadu Buhari in Last2019.Thursday, Obasanjo met with the presidential candidate of Labour Party, Peter Obi and the Rivers State Governor, Nyesom Wike, in London. The move was said to be the first step aimed at building strong sup port for Labour Party’s presidential candidate who is believed to be Obasanjo’s favorite in the race. Allies of the Rivers State gov ernor, including governors Seyi Makinde of Oyo State; Samuel Ortom of Benue State; Okezie Ikpeazu of Abia State and former Cross River State Governor, Donald Duke, were also at the meeting. The meeting came barely 24 hours after Governor Wike met the process that eventually paved the way for him to emerge the flag bearer of the PDP against zoning arrangements, something that did not go down well with Southern leaders. This came despite calls and agitations by several socio-political groups across the coun try, including PANDEF, Afenifere, Middle Belt Elders Forum, Ohanaeze, that power should shift to the South based on equity, fairness andAtikujustice.was the architect of his own ordeals. He made critical mistakes that turned the public and allies against him, and led his party men to gravitate towards the opposition. Indications have shown that Obasanjo, who in 2018 reviewed his stance about Atiku and endorsed him for the 2019 presidential elec tion, is also not favourably disposed towards a northern presidency in 2023. This leaves him with no choice but to work towards the actualisation of Obi’s presidential bid. THISDAY however gathered that if things work against Obi, Obasanjo still have prefer ence for Atiku over Tinubu who is from the South. with the presidential candidate of the APC, Bola Tinubu, also in London. The duo met alongside Governors Samuel Ortom of Benue State, Okezie Ikpeazu of Abia State, Seyi Ma kinde of Oyo State and former Cross River State Governor, Donald Duke. On the same day, the Peoples Democratic Party’s presidential candidate, former Vice President Atiku Abubakar, also met with Wike, in London as part of efforts to resolve the differences between him and Wike. Atiku arrived UK just a day after Wike met with Tinubu, who he has been in constant touch with through proxy. Although it was not clear if Atiku and Wike reached any concrete agreement, it was reported that the former vice president agreed to meet all Wike’s demands, which include the resignation of PDP national chairman, Ayiochia Ayu, as a pre-condition for negotiation. The relationship between Atiku and Wike worsened shortly after the PDP presidential primary, which was won by former Vice President.Atiku’sordeals began when he jettisoned the recommendation of a PDP committee, which picked Wike, who came second at the presidential primary, as his running mate. Atiku had used his ally, Ayu, to manipulate
AMT is a production technique that incor porates highly automated and sophisticated computerized design and operational systems aimed at manufacturing high quality products at low cost within the shortest delivery time. Under the Education Intervention, NASENI seeks to change the poor conditions in the sector through aiding enhanced quality of science education in its schools at all levels. The agency’s intervention in the Energy sector involves the establishment of a Solar Panel Plant, design and production of Small Hydro Power turbines, Pole Mounted Transformers, and Wind Turbine blades. The other area, which the agency focuses on is Mechatronics, a relatively new field of engineering dealing with the integration of Me chanics and Electronics with intensive computer involvement using a multidisciplinary approach to product and manufacturing system design. It does this in its belief that the application of Mechatronics can help increase productivity, maintain consistency in the production process and produce products of higher quality with greater efficiencies and flexibility as well as lower operating cost to enable the products to compete with international standards.
Haruna
What Game is Obasanjo Up to?
Politics MONDAY DISCOURSEActingGroup Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only 16 THISDAY • MON DaY aUGUST 29, 2022
Deji Elumoye looks at the effort of government to extend dividends of democracy to Nigerians through the activities of the National agency for Science and Engineering Infrastructure (NaSENI) to facilitate the development of economic prosperity at the grassroot level
A reliable source in the PDP who confided in THISDAY at the weekend said, “It is not about PDP or APC but Obasanjo’s inordinate desire to ensure that no one from the South West ever earn the title ‘Mr President or Ex president’ as long as he is alive”. Obasanjo has earned the distinction of being the only former president in Nigerian history to work against every sitting president since he left power in 2007, except for late President Yar’Adua who died in power but still was not spared by Obasanjo in the wake of his health challenges.
Extending Democracy Dividends to Nigerians through NASENI
Beyond the criticisms that trailed the trip last week to the United Kingdom for horse-trading and perhaps, fencemending, indications have emerged that former President Olusegun Obasanjo is very keen about a southern presidential candidate emerging victorious in the February, 2023 election in the country. With Bola Ahmed Tinubu, former Lagos State governor who is also from the south west where Obasanjo wants to maintain political relevance as the only living ex-president from the region, the former military head of state pundits believe will stake anything to ensure that Tinubu’s ambition does not see the light of the day.
The Executive Vice Chairman/ Chief Executive Officer (EVC/CEO) of the agency, Prof. Mohammed Ha runa, said in a move by the present administration to deliver dividends of democracy to the people at the grassroot level, the technology involved will make it possible to have three multi-crop seasons in one year.
Obasanjo Wike Obi noTE: Interested readers should continue in the online edition on www.thisdaylive.com
monday discourse 17THISDAY • mon day au G usT 29, 2022 NOTE: Interested readers should continue in the NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
“He was an epitome of what the Yoruba would refer to as “Omoluabi,” due to his spartan lifestyle, discipline, a knack for excel lence, uncommon patriotism and remarkable and unalloyed loyalty to friends, associates, colleagues and fellow professionals. He was not just my Adviser-in-Chief, he was one of our brain boxes, in and out of office.
“I am downcast wondering why my triple chief didn’t give me a chance to say goodbye. Nigeria has lost a colossus, a wordsmith, a walk ing encyclopedia, a reservoir of knowledge and a rich chronicler of history, whose worldview is defined by sheer intellect, content and character. Nigeria has lost Duro Onabule.
Ubah during the visit said: “In line with my first phone conversation with you immediately after the election last year which was predicated on my resolve not to challenge the electoral outcome and to support this government in any capacity, I thank you for your formidable efforts so far in combating the pervasive security challenges in Anambra state, especially in Anambra south senatorial district. “In furtherance of my support, I pledge to donate N500,000,000 worth of security and developmental gadgets to the state Govern ment which will be implemented within the next three months.”
He was very aware that, to many Nigerians, the June 12 election annul ment and the subsequent killings that followed were the greatest injustice that was ever perpetrated against an individual and the nation. To this day, Nigerians still look back to the election with nostalgia, but Onabule, despite not being one of the decision makers bore the responsibility till theHisend.forte and first love was journal ism, and he excelled in it as he rose to the pinnacle of the profession as an Editor. Although he was not born with any superhero qualities, but he was a brilliant journalist. According to Chief Eric Teniola, who was the Chief Press Secretary to then Governor of Old Ondo State, Commodore Olabode George, Onab ule was very protective of his boss. Teniola recalled when Babangida paid an official visit to Ondo state in 1987 and one of the drivers in the presidential convoy crushed someone to death.“The pressmen got wind of it and went to interview the man’s family and relatives. But I was able to convince them to drop the story. I told them that that was the first day of Babangida’s visit, and that if they reported it, it was going to mar the whole event. It is not as if I asked them to kill the story. I just didn’t want them to blow it up and make it the main story. Most of the boys were ready to cooperate with us. “But there were two – I don’t want to mention their names – who didn’t want to do so. One was from Daily Times and the other from The Nigerian Observer. They felt that the story was more important than the state visit. So, I was in a panic. I met Egbon and told him what was at stake. He said, don’t worry. He asked me to call those correspondents. I did. He didn’t appeal to them. He gave them an order not to publish the story as long as the General was around.” Teniola said that because he was an ex-Daily Times man, he believed that he could talk to any journalist. He said, ‘I don’t want that story.’ That was how the story ended. He stressed that the former presidential spokesman was highly principled. “He was a Zikist to the core. He wore the badge of Zikism to the end. He believed in Dr Nnamdi Azikiwe as one of the great pillars of this country.” Born into Muslim family, he was named Ganiyu Durowaiye Onabule. Not many people knew that he was called Ganiyu. Not many know this aspect of him and he never exhibited it. The former presidential spokesman died at 83 last Tuesday. He was born in Ijebu-Ode, Ogun state, on September 27, 1939. He attended CMS Grammar School and School of Journalism, London.Hestarted working as a journalist for Daily Express in 1961 and later joined Daily Sketch three years later. He was said to have returned to Daily Express after working with Daily Sketch for a period. In 1969, he served as the London correspon dent of the Express and in the mid-1970s, he worked for the Daily Times, rising to become a deputy editor. In 1984 when Concord press was established, Onabule was appointed Features Editor and rose to become Editor of the National ConcordReactingnewspaper.tothedeath of the veteran journalist, President Muhammadu Buhari, in a statement by his Adviser on Media and Publicity, Femi Adesina, condoled with the former military leader, General Ibrahim Babangida, the Nigeria Union of Journalists and the Nigerian Guild of Editors over the sad loss. He noted the commendable contributions of the respected journalist to the development of Nigeria, especially his role in stimulating robust debates with insightful articles while working variously as Editor of National Concord and Chairman, Board of Directors of Nigerian Television Authority (NTA). Also reacting, General Babangida said with the demise of his former CPS, he has lost an elder brother. Babangida, in a statement, noted that Onabule was not only his Adviser-in-Chief but was one of his administration’s brain boxes in and out of office. The statement said: “The news of the passing on of Duro Onabule came to me as a rude shock. It was a bad birthday gift for me this year; my 81st year on mother earth. I didn’t believe the news until I compared notes with a few of my friends who confirmed the sad news.
His was a particularly precarious position, at a particularly momentous time in the nation’s history. Segun James looks at the life and times of late former presidential spokesman, duro onabule Duro Onabule: Torn Between the Devil and the Deep Blue Sea
OnabuleUbah
Ubah did not just make the donation by exchanging stacks of cash to the governor, he rather marshalled out how the money would be spent, saying in the next three months, the promise would have been fulfilled. He said: ‘N200million will be spent for the training/provision of security personnel and latest security communication gadgets for Anambra South security vigilante groups, N300million for the provision of solar lights to further illuminate and strengthen the security architecture of the state.” Anambra has since the inception of Soludo’s government been using the collaboration of local vigilante with state security agencies to fight crime. The gesture has been worth the while as members of the vigilantes are also members of the community where they work, and as such are most suited to know it’s nook and cranny, including its inhabitants, and will be able to say, when new faces come into the society. Thus, Ubah’s gesture to further train members of the vigilante and also provide them equip ment to the tune of N200million is a welcome development. This is especially as Anambra South zone was known to be the hottest area, throughout the period criminals held sway in Anambra State. Also, the idea of illuminating the entire Anambra South zone with streetlights will held to scare away criminals as has also been noted that crime thrives more in the dark. During the period also, Ubah who is mostly noted for his support for youth and knowing that empowerment of youth would also stem crime; went on a laptop distribution spree. Ubah as part of efforts to build the capacity and skills of youth to enable them compete favorably in the 21st Century technology driven economy, empowered over 150 Anambra Youth with brand new advanced high tech HP laptops.
“His rich experience during our time in government helped in no small measure in our decision-making processes. He was a nationalist par excellence. He was a dear friend.”
Ifeanyi Ubah: Mixing Politics with Nation Building
During the June 12, 1993 period, the world of the Chief Press Secretary to President Ibrahim Babangida, Chief Duro Onabule, became a small, dark, and cluttered place. This was the time he had to hide not out of fear but because of his particular position in the scheme of things as events that saw the annulment of the election won by his former boss and mentor, Chief Moshood Kashimawo Olawale Abiola unfolded.
The senator representing anambra south senatorial district, ifeanyi ubah, a philanthropist, mixes politics with nation building, reports David-Chyddy Eleke.
“While in government, Duro was the first to reach me daily to discuss reports and hap penings in the country. He was a Chief Press Secretary par excellence. He was exemplary. He was punctual and adopted the military way of doing things; especially time management.
Senator Ifeanyi Ubah’s first major ap pearance was as an oil czar. He founded Capital Oil and Gas, which grew to become one of the biggest names in the Nigerian oil industry, with substantial recognition.Ashemoved the company to higher heights, he also adopted philanthropy as a major way of giving back to society. Ubah it was who during a major kerosene crises in the country, and at a time when his fellow oil marketers were hoard ing kerosene, broke out of the group, launched tankers with attached nozzles, from where he drove round several cities, selling kerosene for pittance to consumer, straight from the tankers. Ubah attempted to become the governor of Anambra state, upon joining politics in 2013. He had since then made several other attempts, including the last election in 2021. But before the last election, he had been elected as the Sena tor representing Anambra South, and has long positioned himself as the most productive first time Senator in the Ninth Senate. But as the old Igbo saying goes that an old woman never grows old in a dance she knows well how to deliver, Ubah despite joining politics has taken philanthropy along with him into the Nigerian political space. This can be seen in many of his gestures, which keep resonating as one that can only come from a large heart. Recently, Ubah engaged in one of those his philanthropic gestures that has always made many see him as one of the very greatest phi lanthropist out of Nigeria. But he did not just engage in philanthropy, he looked out for an area of need and saw what needed to be improved upon, and decided to leverage on it. During his visit to the governor of Anambra State, Prof Chukwuma Soludo, Ubah announced a stunning donation of N500million to the Anambra State government, as a way to encourage the fight against insecurity in the state. Anambra had for close to a year been under the tight grip of criminals, who hid under the fight for freedom to kill, maim, steal and destroy. The criminals also kidnapped for ransom and almost put the 2021 governorship election in the state in jeopardy. But recently, Gobernor Soludo took on them headlong, and the result of the fight is the relative peace that the state enjoys today. It may have been the success of the fight that motivated Ubah to support more for the reclaiming of the state, as already started by Soludo.During the visit to Soludo on Tuesday; August 2, 2022, in company of Anambra South stake holders and traditional rulers, Ubah in his first visit to Soludo since he became the Governor of Anambra State; congratulated him on his assumption of office and assured him of his unwavering support for his administration.
For him, the June 12 debacle was particularly an unfortunate incident. It was Abiola who recommended him to his friend, General Ibrahim Babangida, who just successfully plotted his way to power in a coup that saw the ouster of General Muhammadu Buhari. During this period, Abiola enjoyed a chummy relationship with Babangida who also encour aged him to contest the presidency when the ban on politics was lifted. But the situation soon changed when Abiola won the election that was considered to be the best and freest in the nation’s history. The situ ation soon changed as Babangida refused to relinquish power as the election was canceled. It was a devastating blow for Onabulae as he was now torn between the devil and the deep blue sea. Because of his relationship with Abiola, he became a suspect in the power equation. He was not fully trusted by the people around Babangida and he could not fully relate with Abiola either. He was soon a man in limbo. Never wanted here and never needed there. The consequence of this is that he never got his groove back. June 12 has had a momentous impact on his life – privately, publicly, and politically. All these, added to the weight of the burden he had to carry till he died. It was the darkest moment of his life. Although the statement that announced the annulment of Abiola’s election came from the presidency, it was not signed. Even though he was the presidential spokesman, he stopped or was prevented from signing any statement after that on behalf of the presidency or the government again. His loyalty was suspect. After June 12, he couldn’t settle at anything. He wrote columns for the Sun Newspapers, but the situation was never the same again.
Before highlighting some of the experiences that the former CNS alluded to, Ferreira first expatiates on the concept of navies and the essence of seapower. He cites three authorities to explain both, educating the reader of the fact that the functions of navies are essentially three: military, diplomatic and policing (all of which apply to the NN). He also quotes one authority as affirming that there are roles essentially for two types of navies’ viz. the postmodern navy and the modern navy, while he quotes another authority to confirm the fact that “maritime security issues cannot be resolved by any single State…” character of the book.” He informs that, together with NNS Thunder, it was part of the two ships acquired from the US and had been previously designated as USCG Gallatin (call sign WHEC 721), a Hamiltonclass high endurance cutter (he gives more information on how ships are given their designations, including in the Royal Navy and how that might have influenced the designation of the USCG ships). Specifically and like its sister ship, NNS Okpabana has a crew of 160, displaces 3,340 tons and requires 1 million litres of fuel (i.e. 33,000-litre tankers x 30) to be fully filled up. It also has the capacity to accommodate a single HH-65 Dolphin helicopter. It completed its last assignment with the USCG on 11 December 2013, was de-commissioned on 31 March 2014 and transferred to the Nigerian Navy on 7 May 2014 under the US Foreign Assistance Act. Together with NNS Aradu and NNS Thunder, they form the Thunder-Class frigate fleet of the Nigerian Navy. Those interested in military maneouvres will find Chapter 6 exhilarating as the author brilliantly explains the entire spectrum of Exercise Treasure Guard, all the platforms that were involved, the top Admirals who monitored the exercise and the ubiquitous exercise control officers who kept the CO’s and their personnel on their toes throughout that undertaking. The account is also laced with very good images of the ships in formation, the helicopters deployed, the naval SBS commandos involved in opposed boarding operations, fire-fighting drills, gunnery exercises and of course excellent mess arrangements to round off such a serious business! In similar vein, the author would give suc cinct accounts of similar exercises—Obangame Saharan Express (page 123-196), Operation Tsare Teku I (pages 197 to 210), Exercise Opia Toha (229 to 248), Exercise NEMO (pages 249 to 258), Operation Tsare Teku II (pages 259 to 280) and Operation Tsare Teku III (pages 291 to 298). These exercises depict the effort of the NN to maintain a state of complete operational readiness at all times, the organic engagement with sister services and international cooperation with other navies and political authorities towards ensuring regional and international maritime safety and security. In this wise, it is pertinent to highlight the author’s comprehensive account of Exercise Obangame Saharan Express held in Port Harcourt (Nigeria) and Douala (Cameroon). The author explains that it was “facilitated by the US Naval Forces Africa (NAVAF),” as an “at-sea maritime exercise designed to improve cooperation amongst participating nations in order to increase maritime safety and security in the Gulf of Guinea (GoG).” Participation involved the navies of the Cape Verde, Cote d’Ivoire, France, The Gambia, Liberia, Mauritania, Morocco, Nigeria, Senegal, Sierra Leone, Spain, the UK and the US. It is instructive to note that the Nigerian Air Force (NAF) was also a key participant in the exercise. One important detail in the account of the author regarding preparation of NNS Okpabana for the exercise was the fabrication of spare parts for the frigate at Owode Onirin, a suburb of Lagos. In fact, following that successful effort and experience, the author preaches the need for the authorities to bolster the latent industrial capacity inherent in Ikoku (Port Harcourt), Aba (Abia State) and Panteka (Kaduna State) to enhance the growth of the domestic military-industrial complex. While exercises are simulations of potential actual scenarios that may occur and for which the military needs to prepare, those actual events often occur without notice and in ways in which even the simulated exercises may not have anticipated. This was exactly what happened later and required NNS Okpabana to intervene. Indeed, the high point of Admiral Ferreira’s book for me is therefore the military operation to locate, identify and rescue the hijacked vessel, MT Maximus, an Indian-flagged oil tanker. This operation is the stuff of which action-adventure movies are made and I am sure many Nigerians, Africans and indeed all lovers of this genre of movies would not only love to read about his account, but be proud of the efforts of our navy and its gallant officers and ratings, especially the team that risked their lives to rescue the crew of the distressed MT Maximus.
Admiral
The author provides detailed and succinct accounts of how the entire rescue situation unfolded—from the hijacking of MT Maximus off the coast of Cote d’Ivoire, how the pirates successfully evaded the efforts of the Togolese and Ghanaian navies to accost the hijacked vessel, to its arrival and interception within waters adjacent to Sao Tome and Principe. Imagine getting a call from the number one naval officer in the land directly on your mobile phone to prime you for a mission when you had barely spent a few days at home (and while helping your kids with their homework)? Imagine having to abruptly suspend maintenance of a key component of your warship, seek to locate most of your 168 crew members who had dispersed well beyond Lagos city on a pass in a few hours (in such a chaotic traffic situation that Lagos presents) so you can have the required personnel to embark on your mission, heading out to sea in search of a ship whose name had not only been changed by the pirates (to MT Elvis-5 to further obfuscate efforts at executing a rescue) but whose Automatic Information System (AIS) had been switched off by the criminals to deny its being located electronically?
All the above-mentioned were the reality confronting Admiral Ferreira, in addition to steaming after a hijacked vessel that lay 400 nautical miles away from the location of his ship and had lead time over him and his gallant crew! These were the ingredients of the looming chase and exchange of fire with the pirates, their eventually being subdued, the rescue of all crew members of the hijacked vessel who were on board (two had been take away by the pirates before NNS Okpabana’s rescue mission began) and the liberation of MT Maximus exactly eight days after the ship had been hijacked off Ivorien waters! It is commendable that the author gives credit to every single personnel—officer or rating—who played key roles in not only the rescue of MT Maximus, but in other facets of the operations in which NNS Okpabana took part. This isn’t a General who ascribes every action and success to himself as some military authors are wont to do, but one who duly gives credit and commendation to those for whom it is due. This in itself is a hallmark of true leadership and professionalism.
BOOK REVIEW
It is however gratifying to observe that we have many more successes than failures in the bibliography on naval operations and the book, “Victory with Honour” by Rear Admiral Olusegun Ferreira of the Nigerian Navy (NN) gifts us with yet another brilliant account of a successful command of a modern man-o-war in the form and shape of the frigate, NNS Okpabana. Ferreira’s book blazes a trail in the sense that Nigerian military officers usually do not write of their experiences, not because they do not possess the intellectual capacity to do so, but simply because it has not been a tradition in the country’s military. With the exception of the many erudite accounts of the civil conflict in the late 1960’s which saw Nigerian and Biafran commanders document their experiences and opinions, we rarely come across accounts from Nigeria’s military officers. Admittedly, not every military operation can be made available for public consumption, given the implications of that for national security, however, there should be aspects of such professional exposure that can serve to document important facts and details, enlighten the general public, and help enhance the professional competence of younger officers. It is my considered opinion that Victory with Honour is a good candidate for fulfilling all three. It is a good candidate because in its 343 pages, 18 chapters and an epilogue, it chronicles 7 sea training exercises (popularly referred to as naval manoeuvres), one major and globally acknowledged successful anti-piracy operation in the Gulf of Guinea, and addresses other important happenings on the navy and naval operations, including Obangame Saharan Express and Ship borne Helicopter Operations. Indeed, Ferreira sets about detailing the contribution of the ship under his command to the already glorious contribution of the Nigerian Navy to enhancing national, regional and international security. Vice Admiral IE Ibas, erstwhile Chief of Naval Staff (CNS) concurs, affirming, in his foreword to the publication that “I am confident that the experiences that have been chronicled will find the readership it deserves and mentor future generations of upcoming commanding officers of naval platforms and leadership in the Nigerian Navy.”
The author waxes syllogistic in his advocacy for the institution of ship borne helicopter operations, explaining the cost-benefit analysis and relying on his experience and skill as a naval combat aviator to press home his case. That case is indeed compelling, but the reader is not informed as to whether eventually and despite the extensive preparation of NNS Okpabana for accommodating a helo on board, this has seen the light of day. For this reviewer who is somewhat conversant with the NN, I find it rather intriguing that the author would need to make such a compelling case given the fact that (as he also alluded to), NNS Aradu (classified a frigate but considered a destroyer in my humble opinion) had been in the vanguard of such quest since it had two Lynx helos for ASW operations embedded on it. The fact that Nigeria has also started acquiring OPVs in reasonably good numbers (NNS Unity and NNS Centenary and the two new versions being built in Turkey) should make the author’s case a done deal so to speak without any need for such strident advocacy! I even go further to aver that in this modern era of UAV technology, the NN should be giving serious consideration to the proposal of the author given the fact that it already has platforms that can embark UAVs specially-configured for various forms of maritime operations and the modalities for embarking and deploying them could benefit from systems already provided to aid ship borne helicopter missions. Rear Admiral Olusegun Ferreira wrote this book as a Commodore, though the events so chronicled took place while he was a Captain. Now he is a Rear Admiral and in my view, has distinguished himself as a truly fine officer, seaman, aviator and gentleman. His style of writing enables any reader to digest the book effortlessly and though there is the use of certain naval and military jargons, they are easily explained when a recourse is made to Google. He masterfully presents the issues his book addresses in simple English which nonetheless underscores his very good command of that language. The use of photographs, graphs and other diagrams—152 in all—to illustrate the book makes it very easy on the eye and pleasurable for the reader. Indeed, to have this number of illustrations in a 343 page book is extremely unprecedented (for a publication that is not dedicated to photography) and serves to explain the painstaking research undertaken by the author. I just add that his ability to obtain images that did not even belong to the NN or that was shot by its personnel attest to the goodwill he enjoyed with the owners of those pictorial property. Admiral Ferreira’s Victory with Honour is an excellent addition to a growing list of works on Nigerian military history, regional and continental maritime safety and international peace and security. I wholeheartedly commend the publication to all readers and everyone with a thirst for knowledge, adventure and connoisseurs of excellent literary enterprise.
The of Olusegun Ferreira’s Command of NNS Okpabana
To illustrate this opinion, let me cite the very brilliant Captain Will Rogers, United States Navy (USN), who was given command of the first ever Ticonderoga-class Aegis cruiser in the USN and was a shining star before the Bandar Abbas tragedy during which that ship under his command shot down Iran Air Flight 655 in the Persian Gulf, killing 290 civilians—an unprecedented blunder that practically ended his incredibly fascinating career. The fate of this brilliant officer underscore the fact that sometimes, there are factors directly within and indirectly beyond the control of men and women entrusted with great responsibilities that will determine whether they succeed or fail in their assignments. The author of the book being herewith reviewed alluded to this as well when in his preface, he submits that “…although the job of a commanding officer of a seagoing ship can be prestigious, dignifying, honourable and arguably the best job in any navy, it can also present some of the most perilous of circumstances that can ruin careers and even lead to loss of lives and materiel in other situations.”
Great powers take their navies seriously and the author provides a brief analysis of China’s emerging strategic maritime interests and her effort to advance these, while contrasting this ambition with US interest in maintaining herself as the dominant hegemon in the South China Sea and the implications of this rivalry for bilateral relations between both powers. He proceeds therefrom to argue that Nigeria had long foreseen herself as possessing maritime interests which must be protected and advanced, leading to the birth of the NN in 1956 to protect and guarantee those interests by being a “vanguard of Nigeria’s sea power aspirations, whilst playing a central and critical role in providing a safe, secure and enabled maritime environment for socio-economic activities to thrive.” It is no surprise therefore that the author devotes the entire Chapter 2 to expounding on the origin, growth and statutory roles of the NN. He uses the liberty of his knowledge to give the reader a deep historical excursion into the history of the NN, submitting that it is “statutorily charged with defending Nigeria’s territorial integrity, maintaining the country’s sea lanes of communications and safeguarding her maritime resources. (In this wise, the author provides a lucid account of NN operations during the unfortunate Nigerian civil war, explaining the salient role it played in suppressing the rebellion, including its amphibious operations, whose high point was the capture of Bonny Island by the Third Marine Commando Division of Colonel Benjamin Adekunle—other amphibious operations being the landings to re-take Delta Ports i.e. Warri, Koko and Sapele, as well as that to establish a beachhead in Oron to facilitate the capture of what is now Cross River State. One must not fail to add here that the Bonny landing in particular and the other amphibious operations in general remain perhaps the only large scale opposed amphibious military operations undertaken till date by any African navy. The NN also undertakes flag cruises to friendly countries in support of the country’s foreign policy objectives but the author averred that in recent time, the navy has been more focused on policing roles due to multidimensional maritime threats confronting the country. The writing of this book might not have been necessary without a letter addressed to the author and which he received on Friday 30 October 2015. That correspondence informed him of his appointment as Commanding Officer (CO) of NNS Okpabana, one of the frigates in the fleet of his country’s navy and his functioning in that capacity exposed him to many situations—some pleasant, others comprehensively challenging— over which he was a principal actor and for which he has graciously shared his experiences as contained in this fascinating book. Interestingly, on his first patrol as CO of NNS Okpabana, the author ensured the arrest of two vessels, MT Mona and MT United Trader. What a way to start! Taking over a ship that had been part of the US Coast Guard (USCG) had a lot of history behind it. The author takes the time therefore to give a good background to the ship, given that it is “the central Adebayo Olowo-Ake I t is gratifying to note that the rich bibliography of publications on naval warfare and maritime operations continue to expand, offering the reading public a wide variety of topics within this genre to choose from and gifting researchers with first-hand participant accounts of the events enunciated to enhance intellectual enquiry and policy analysis. Indeed, the list of such rich store of historical accounts is dominated by books such as “One Hundred Days: The Memoirs of the Falklands Battle Group Commander RearAdmiral Sandy Woodward,” the published perspectives of Captain Edward Pellew, in command of HMS Indefatigable (described as “the greatest British frigate captain in the age of sail”), the nerve-wrenching account of Frank Gregory-Smith, in command of the escort destroyer HMS Eridge which sailed for a grueling 18 months between Tobruk and Malta under German controlled airspace during the 2nd WW. His experiences resulted in a famous book titled “Red Tobruk: Memoirs of a World War II Destroyer Commander.” There is also the iconoclastic book, “Stand by for Action” by William Donald detailing his exploits commanding first a Corvette, and then a Destroyer, to escort East Coast convoys in Norwegian waters during the 2nd WW. From the above-mentioned, we might be tempted to conclude that many navies the world over have brilliant commanders and that their experiences always make for spectacular publications to titillate our imagination. This thinking would be a function of the fact that oftentimes, commanders do not write about experiences that expound on their professional failures, choosing to keep those in the archives and so denying us access to the other side of the success stories that we are more familiar with.
Publisher: authorHOUSE UK Number of pages: 343 Availability: Amazon.com; Barnes & Nobles; iBooks; Kindle. Additional information/purchases can also be sought through: https://www.olusegunferreira.com • The reviewer, Adebayo Olowo-Ake, is the author of several strategic policy papers and various publications, including ECOMOG & EUROCORPS—Models of An African Strategic Peace Equation, an independent study for the then OAU (now AU) that influenced the adoption of regional standby brigades in Africa (instead of a centralised and previously touted African High Command). He has 20 years’ experience in humanitarian relief operations, humanitarian diplomacy and provision of instruction to military forces on Laws of Armed Conflict. He is the in-coming Director/Principal Research Fellow at the African Resource Development Centre (ARDC), Lagos, Nigeria. He can be reached on debayoaxe@gmail.com. Lagos, July 2022
Chronicle
18 THISDAY • MONDAY, AUGUST 29, 2022 A R eview of v icto R y with h onou R :
I am working on building an inclusive healthcare product for women, so I’ve been doing design products for pregnant women for the past five years with my business called Biamo Technologies, but now we are working on a device that would help women go back to the workforce, feel more freedom but also being available to nurture their children and their families. It’s a hands-free breast bump device that is in the pipeline. I am excited about that. We are going to roll out here in Nigeria as well as in the United Kingdom, which is my biggest project at the moment. Something else that is interesting is my career, but I just pivoted from building products to cyber security. I am currently getting a master’s degree in cyber security, and it is special to me because I think that what has brought me this far is being able to learn and pivot, understand what’s valuable on the market and upskill myself, and hopefully, that young women especially see that and feel that they too can learn. You can do and learn anything if you want to. I have just created a card game that I want to open to the fintech ecosystem on teaching their staff or their employees how to be more security conscious to keep attacks like cyber security attacks at bay. Helping employees to be more aware and educated about security. That’s another project that’s in the pipeline. What do you think has been holding women back in the fintech space? I agree that there is a gap, and I can’t deny that. There are a lot of lessons that I learnt along the way because I still remember my female friends and I talking about this with tears rolling down our eyes. We learnt to be as bold as the men, we learnt to assume space as much as the men, and there is also an innate culture in tech that allows the men to thrive. So, if we deconstruct it, men are bold. Men understand that they can make mistakes, they can fail, and they would take lessons from that experience and go again. It is also a fairer playing field; I do not need to know anybody’s daddy to thrive at tech. I can go at this thing and be the best at it. There is also the idea of talking boldly like the men do. You must learn how to do that. You must learn how to be visible and how to be seen so that people would think of you. If you think of products in Nigeria today, there is no way my name is not going to come up. So, the question is, what do I need to do to be visible so that people would think of me? People would want to do business with me. There is also the fact that I must be on my toes and do my best work. There is no gender in the quality of work. Your work has to be better than the men because you have to open the door for other younger women. So, when you talk about challenges in technology, having a tribe of women helps because it really helped me; building in public alsoUnderstandinghelped. that there is no limit for me as the biggest battles is in the mind. So, fighting that battle, getting help, talking to my friends, talking to girls just like me who are facing the same challenges. We learned to weather the challenges together and being open to learning, asking questions, be stupid in public if you have to. Something else that helped me was communicating my values, first to myself, then to my team, my company and more importantly to my industry, because that is what made me visible. Do not work, add value, and hide. Scream and shout at the rooftop. That helps you because our ecosystem is still shallow, so the more women who come out and say, I am this, this is what I have done, this is the value I have provided, amazing! But of course, you have to do good work. You cannot cut corners. More importantly, when you learn to grow in tech, teach other people because I think it’s that same spirit of teaching; that same spirit of I want to teach other people is one thing that has helped my career growth because I must teach. If I learn something, I will teach it because that is what leads you to create content like articles and videos, people then understand that this person knows it. Can you share some biggest projects you have worked on? I think my biggest baby is OPay. I have so many babies that are so precious to me, but the first ever product that I worked on was with a bank at Paystack. It was the first time in the Nigerian ecosystem that people could put in their bank account numbers, your bank would send you an OTP, and you pay online. It was the first time in our ecosystem. That was so dear to me. Then, building Switch from scratch. Switch is a digital bank that is an offshoot of Sterling bank. It was the second digital bank seen in the ecosystem. I grew a team to thirteen people, and it was the first time a bank was assuming a platform model, which was then what formed the bedrock of my subsequent projects. That was when I was called the youngest banking CEO in Africa at the time. I learned so much. And now, Chipper cash because I feel like this is the big girl stage where I’m serving a global market, and I’m also working on securing us, which is like end to end what I am about. On a special note, this breast pump that I am working on is very special to me because there are components of it that are specific to black women, and I am submitting a patent for it, I am hoping that it shakes the industry. What hurdle have you faced in the fintech space, especially in Nigeria? I would not frame it as a challenge, it is a learning opportunity. In the Nigerian market, of course, there are things like, you know, ‘Nigerians are Nigerians’ whether it is in tech or not. I have learnt the dance of managing them. Being able to apply the nuance of Nigerianism to doing business and building people and products is interesting. Nigerian relationship management is a huge part of being successful in Nigeria. It is a challenge of the mind where I thought that I could have been limited, or I always limited myself because I have been conditioned to do so. It is the woman factor, and that is the Nigerianism I am talking about. So, that can also be a part of how people see you. They think like, ‘You are a woman, now, you are supposed to stay in HR’, it’s a shocker when you see a woman reaching, growing and being ambitious. It can be a struggle to settle in or be part of the Nigerian ecosystem as an ambitious woman, but we are seeing more of that. You have to be stubborn and be openly ambitious with your choice. What latest trends should we look out for and tap into? I think we should look out for gaming. We should look out for new applications of technology. So, gaming is interesting, and augmented reality is interesting. Metaverse is going to be interesting as well. Have you heard of Web3? There is a lot of growth. It is like a balloon with the way young people can capture value for it. There is a lot of money in the sale of non-Fungible tokens (NFTs), and there are also new applications for the technology. The Gig economy is so interesting at the moment. What can be done to curb rising cybercrime? There are two major things; One is robust security awareness training and sensitisation organisation wide because an organisation is as safe as the weakest link. Two, we need to share incident responses as it should not be kept a secret. Additionally, we need to band together as an ecosystem. Let us share notes so that we can haveindustry-wide reports. If I see a pattern, I have learnt that if this happens, this is what I should do about it. Having more ecosystem-wide education would be amazing. For example, if something happens in Sterling bank, Citi bank should know so that if they see a semblance of it in their own system, they know what to do or they know how to block it.
MONDAY, AUGUST 29, 2022 • THISDAY
This Week In Tech
Runsewe: There’s Room for Growth in Nigeria’s Tech Ecosystem for Women
Tell us a bit about you.
Fintech product leader, Seun Runsewe speaks about thriving as a woman in the technology space, cyber crime, and the latest trends in technology. presents the excerpts:
“You must learn how to be visible and how to be seen so that people would think of you. If you think of products in Nigeria today, there is no way my name is not going to come up. There is also the fact that I must be on my toes and do my best work. There is no gender in the quality of work.”
19 08097710984 nosakhare.alekhuogie@thisdaylive.com Nosa Alekhuogie
Iam a fintech product Leader in Nigeria. I am working on gathering everything that I have learnt in my decade of advising financial institutions, building financial technology companies, and sharing that knowledge with people who are looking to do the same. I am doing this in collaboration with AltSchool. I am really looking forward to people being able to build billion-dollar products from contents like this. So, it’s a pretty exciting project I am working on. What other projects are you working on?
MONDAY AUGUST 29, 2022 • THISDAY20
The Head of Financial Institutions’ Ratings Agusto & Co, Mr. Ayokunle Olubunmi, however, questioned the NBS data on financial institutions Q2 2022 outcome. “Is it revenue, loan growth or asset size NBS used to estimating financial institutions contributions to real GDP in Q2 2022,” he questioned. He added, “Most banks actually grew their loan books in Q2 2022. I’m struggling to reconcile what NBS has reported on financial institution performance and what we are seeing as regarding their performance in the period under review.” Also speaking, the CEO, Wyoming Capital & Partners, Mr. Tajudeen Olayinka explained that financial Institutions had a significant growth of 20.06per cent in Q2 2022 over Q2 2021, but had a decline of 5.98per cent over Q1 2022, similar to what happened to real GDP for Q2 2022, which recorded 0.37per cent decline over Q1 According2022. to him, “financial Institutions recorded much significant growth in Q2 at a faster decelerating rate when compared to Q2 real GDP for the country. “In other words, financial Institutions performance in Q2 simply mirrored what happened to the larger economy in Q2, even though the larger economy recorded a slower growth at much better decelerating rate. The truth is that financial Institutions performed much better than the larger economy in Q2Meanwhile,2022. the NBS in the report stated that, “The finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 89.10 per cent and 10.90 per cent of the sector respectively in real terms in Q2 2022.
At N655.22bn, Financial Institutions’ Contribution to Real GDP Decline by 6%
Continued on page 23 RATES AS AT Augu ST 26,2022 MONEY MARKET REPO S & P INDEX S & P INDEX EXCHANGE RATE OPR 11.25% CALL 10.25% INDEX LEVEL 613.31% 1/4 TO DATE -0.85% N416.86/ 1 uS DOLLAR* OVERNIGHT 11.50% 1-MONTH 9.56% 1-DAY 0.16% YEAR TO DATE 7.64% *AS AT LAST fRiDAY 3-MONTH 10.52% MONTH-TO-DATE 0.44% Continued on page 23 THISDAY • M ONDAY Augu ST 29, 2022 Market data a s at F r Iday, a ugust 26, 2022 BILLS MATuRITY countDis- Yield (%)Change updated Time NTB Nov-2210- 3.90 3.93 0.00 August 25, 2022 NTB 26-Jan23 9.80 10.22 -0.01 August 25, 2022 NTB 9-feb23 10.00 10.48 -0.01 August 25, 2022 NTB 9-Mar23 10.05 10.62 -0.01 August 25, 2022 NTB 27-Apr23 4.90 5.07 0.00 August 25, 2022 BONDS DESCRIPTION Price Yield (%)Change updated Time ^14.20 MAR-202414- 104.55 10.92 -0.01 25,August2022 13.53 MAR-202523- 100.89 13.10 0.00 25,August2022 ^12.50 JAN-202622- 98.10 13.20 0.00 25,August2022 ^16.2884 MAR-202717- 112.10 12.70 -0.01 25,August2022 ^13.98 23fEB-2028 104.50 12.81 0.00 25,August2022 OTC FX F u T u RES (MTCONTRACTENORONTH) Contract ($/₦)RateCurrent updated Time 1 NguS Aug 31 2022 433.54 August 25, 2022 2 NguS SEP 28 2022 435.39 August 25, 2022 3 NguS OCT 26 2022 437.24 August 25, 2022 4 NguS NOV 30 2022 439.09 August 25, 2022 5 NguS DEC 28 2022 440.94 August 25, 2022 CP S MATuRITY Discount Yield (%)Change updated Time fDHP CP 17-MAR-23iii 12.09 12.96 0.00 August 25, 2022 VHPL CP 1-APR-23iii 16.44 18.24 0.00 August 25, 2022
THISDAY analysis of the report showed that financial institutions contributing to real GDP gained 20.06 per cent Year-on-Year (YoY) from N545.76 billion in Q2 2021 to N655.22billion in Q1 2022, while insurance sector appreciated by 6.96 per cent to N80.18 billion from N74.96 billion reported in Q2 2021. Analysts have attributed the decline in financial institutions contribution to real GDP to inflation and economic challenges.
“It is positive for investors because it reduces the impact of high inflation on their investment and enables them to get more returns,” vice president, Highcap securities, Mr. David Adnori explained to THISDAY on phone. He added that, “The increase in treasury bills interest rate has been long coming, given the rising inflation rate and further to the recent increase in the MPR by 250 basis points. Investors continue to search unsuccessfully for positive real returns on their investment.” “Unfortunately, the government’s debt service cost will also increase which will reduce the revenue available to finance government’s programmes,” Adnori added. According to the CBN’s money market indicators, interest on saving deposit moved to 1.42 per cent in July, highest so far in 2022. Interest rate on three-month and six-month reached highest level in July at 4.96 per cent and 5.87 per cent, respectively. The apex bank in August ordered banks to pay savings deposit accounts an interest rate of at least 4.2per cent, an increase from the 1.4per cent previously received.Theapex bank in a circular titled, “Review of Interest Rate on Savings Deposits” and signed by Director Of Banking Supervision, Mr. Haruna Mustafa noted that the hike in savings interest rates, which is effective from August 1, was made in light of the return to complete normalcy after taking into account the current macroeconomic conditions.Thecircular read, “It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30 per cent to 10per cent
Interest Rate on Treasury Bills Hits Eighteen-month High Kayode Tokede Financial institutions’ contribution to real Gross Domestic Product (GDP) dropped by 6 per cent to N655.22 billion in second quarter (Q2) of 2022 from N696.87 billion reported in the first quarter (Q1) of 2022, a report by the National Bureau of Statistics (NBS) has revealed. Specifically, the report revealed that the insurance sector contribution to real GDP dropped by 5.79 per cent to N80.18billion in Q2 2022 from N85.11billion reported in Q1 2022.
On his part, Senior Lecturer at Lagos Business School, Dr. Bongo Adi attributed the decline in financial institutions contribution real GDP to hike in inflation/interest rates and scarcity of foreign exchange.
Kayode Tokede Money market data released by the Central Bank of Nigeria (CBN) has shown that interest rate on Nigerian Treasury Bills increased to 2.76 per cent in July 2022 from 2.49 per cent in January 2022 after the Monetary Policy Rate (MPR) was hiked to 250 basis points. This was due to rising inflation, which led to an increase in the benchmark interest rate from 11.5 per cent to 14 per cent. The money market indicators revealed that the last interest rate on Treasury bills is the second highest since January 2020 when its was at 3.45 per cent. The development is seen as a good opportunity for local and foreign investors to reduce negative real returns on their investment.
21
Speaking with THISDAY, the Chief Executive Officer, Financial Derivatives Co Limited, Bismarck Rewane said real GDP growth is not about revenue generated by financial institutions but their output. According to him, “If financial institutions handle more transactions in Q1 2022 than Q2 2022, the growth is expected to be negative, even though they are still profitable. “Financial institutions might be profitable but output reduced in the Q2 2022. Always remember that GDP measures output not revenue.” Rewane’s firm in Q2 2022 GDP presentation said, “During the quarter under review, the economy witnessed several exogenous shocks, which will manifest themselves in Q3. “The second quarter was the pivotal moment of the RussianUkraine war, spike in diesel prices, currency crisis and monetary tightening. However, there is a time lag between events happening and the transmission effects. Hence, the real impact of these events will be felt in Q3.”
BUSINESS WORLD Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com08056356325
22 BUSINESSWORLD N EWS
Group Business Editor Eromosele
The National Pension Commission (PenCom) has issued a revised Regulation on Retirement and Terminal Benefits for immediate implementation. This is the maiden comprehensive review of the Regulation since its initial issuance in 2007. The Regulation guides the process of accessing retirement and terminal benefits by pension contributors and retirees under the Contributory Pension Scheme (CPS). In line with its consultative approach, PenCom obtained input from key stakeholders to ensure a more efficient retirement benefits administration.
accrueD pension benefits for private contributorssector
Furthermore, the Revised Regulation has made provision for the administration of Pre-Act Benefits, which are the accrued pension benefits of contributors mainly in the private sector based on the employer’s trust deed before the commencement of the CPS in June 2004. Any employee who retires and has pre-act contributions shall notify the PFA of their intention to withdraw the Pre-Act balance. A PFA shall request the retiree to provide the necessary documents and an application to access the Pre-Act part of the RSA balance. Consequently, the Pre-Act balance can be paid to the retiree separately before the retiree selects either Programmed Withdrawal or Annuity to access the remaining balance of their RSA. In Part II, we will continue our presentation on the key highlights of the Revised Regulation on Retirement and Terminal Benefits.
While the old Regulation outlined the documents required for retirees to access benefits, the Revised Regulation has simplified the documentation process. It has now mandated Pension Fund Administrators (PFAs) to ensure that all documentation preparatory to the retirement of the Retirement Savings Account (RSA) holder should be provided and concluded within four months before the date of retirement. To ensure that prospective retirees are duly educated on the modes of accessing their benefits, PFAs have also been mandated to advise prospective retirees to check their websites and be acquainted with the CPS Retirement Pack containing features of Programmed Withdrawal (PW) and Retiree Life Annuity (RLA), at least three months to the date of retirement. The pack also explains other salient issues that would guide retirees and facilitate a smooth retirement process. non-confirmation of employment status by employers In addition, the Revised Regulation has simplified the provisions on the notification and documentation required for access to RSA due to temporary loss of job. Temporary loss of job is a situation where an employee voluntarily retires, disengages or is disengaged from work before attaining the age of 50 years and is unable to secure another employment after four months of the disengagement. The provision addresses situations where employers refuse to confirm the retirement or disengagement of their former employees. Prior to the Revised Regulation, a letter of acceptance of resignation or disengagement issued by the employer was mandatory for a pension contributor seeking payment of 25 per cent of their RSA balance for temporary loss of job. However, the Revised Regulation provides that where the employer fails/refuses to accept the resignation letter from the employee, the PFA shall write the employer confirming the employee’s resignation and ensure that an acknowledgement copy is kept as proof of receipt. Where the employer fails to respond to the PFA’s inquiry within 30 days, the employer’s refusal is taken as acceptance of the employee’s resignation for the purpose of benefits payment. aDDitional lump sum payment
Deputy Business Editor Chinedu
Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development) comercio partners Harps on forces Driving f oreign c apital importation Decline
The Revised Regulation has also clarified that the RSA must be consolidated before retirement benefits can be accessed. A retiree shall only be entitled to access their retirement benefits upon consolidation of their RSA. The components of an RSA at retirement shall consist of accrued pension rights or Pre-Act Benefits (if any) for employees that were in employment before the commencement of the CPS, employer/employee pension contributions, returns on investment and the fixed portion of voluntary contributions (if any). The new Regulation mandates the PFA to liaise with the employer and other relevant parties to ensure that all the entitlements of a retiree or deceased person are credited to their RSA in order to determine the final RSA balance before processing benefits.
The Director-General/Chief Executive, National Pension Commission (PenCom), Mrs. Aisha DahirUmar, has stated that the Revised Regulation on the Administration of Retirement and Terminal Benefits, which was recently introduced by the commission, seeks to among other things, mete administrative sanctions on Pension Funds Administrators who disregard the provisions of the regulation.Shesaid the regulation, which is for immediate implementation had instituted sanctions to ensure that PFAs promptly process the payment of retirement benefits to retirees.
Speaking at the opening of a media workshop for pension correspondents themed: “Increasing Informal Sector Participation in the Contributory Pension Scheme (CPS): The case for Micro Pension Plan,” the PenCom boss said the revised regulation guides the process of accessing retirement and terminal benefits by pension contributors and retirees under the CPS. Other key highlights include clarifications and simplification of documentation processes, Retirement Savings Account (RSA) consolidation before payments of retirement benefits, accrued pension benefits for private sector contributors, and additional lump sum payments.
Significantly, in terms of lump sum payment, the Revised Regulation has clarified that the retirees shall be allowed to access additional lump sum after the payment of the initial lump sum, provided that there are additional inflows of funds into the RSA from the employers. However, the additional remittances shall first be applied to augment pension up to 50 per cent of the retiree’s final salary, while the balance may be paid out as lump sum. Where the retiree’s pension is already up to 50 per cent of their final salary, the retiree may choose to collect the entire additional remittances as lump sum. Where the additional inflow into the account of a retiree on Retiree Life Annuity (RLA) is not up to N100,000, the amount shall be paid directly into the retiree’s bank account, subject to the Commission’s approval. rsa consoliDation before payment of benefits
The ongoing tight monetary policy of major central banks around the world, as well as domestic factors including scarcity of foreign exchange, widespread insecurity, and pre-election jitters, will lead to further decline in foreign capital importation (FCI), into the country, a Lagos based investment banking firm, Comercio Partners has said.Co-Managing Partner and Chief Executive Officer, Comercio Partners Asset Management, Tosin Osunkoya, stated this while commenting on the FCI into the country in the second quarter of the year, Q2’22. Oshunkoya however described the YoY growth in FCI in H1’22, as a statistical phenomenon due to weak base, stressing that the focus should be on the QoQ decline which showed that foreign investors’ appetite for the Nigerian economy is dwindling. Explaining the foreign and local factors responsible for this development, Oshunkoya said: “The ravaging trend of inflation across major developed economies has triggered hawkish policy responses such as interest rate hikes, which tend to spur capital repatriation from frontier economies such as Nigeria while discouraging foreign capital inflows into the local economy, particularly through foreign portfolio investments (FPIs). “Furthermore, the impact of global headwinds does not entirely absolve the local economy of blame, as persistent tightness in the currency market and unabated insecurity remained a fundamental threat to foreign investors in the review quarter. “As a result, it was unsurprising that FCI fell marginally by 2.40% QoQ to $1.54 billion in Q2’22, owing largely to a 20.91% drop in FPIs, which have historically accounted for over 55% of capital imported into the local economy over the last five years.”
“We already have 4 MHCs and it is good to see the fifth one joining the fleet and undergoing the required testing and commissioning. We have been multi-skilling our operators and upskilling them to operate both the MHCs and RTGs,” he said. Also speaking, WACT’s Deputy Managing Director/Head of Country Projects, Jeethu Jose, said, “The Onne terminal upgrade project enables sustainable success in executing our strategy, with the ultimate goal of providing world class service delivery at our terminal. Adding one more crane will increase our yard to the industry in Lagos. Musa, who is also the Managing Director Cornerstone Insurance Plc noted that prior to the enactment of the consolidated Insurance Act 2020, the definition of Capital in Insurance Act 2003 was defective and highly restrictive. Several attempts by NAICOM to conduct peaceful and successful recapitalisation exercise in insurance sector was often foiled by controversy over what constitutes capital for insuranceCommendingindustry. the federal government on the Act, Musa said :”We are delighted to report that with the President’s assent to the Finance Act 2021, we now have a more acceptable definition of capital. Prior to this time, the definition of Capital in Insurance Act 2003 was defective and highly restrictive.“Weappreciate the Hon Minister of Finance, Budget and National Planning, Commissioner for Insurance, KPMG and members of our association for their support in seeing this process through. We are optimistic that this major milestone achievement has removed the major encumbrance on the recapitalization exercise”, the NIA Chairman said. Ebere Nwoji Fresh round of recapitalisation exercise in the insurance sector recently muted by the insurance sector regulator the National Insurance Commission (NAICOM), may this time scale through unhindered unlike the previous attempts as a result of clear and more acceptable definition of what constitutes capital in the insurance sector domain in the consolidated Insurance Act soon to be passed into law by the law makers. This hope was expressed by the outgoing Chairman Nigeria Insurers Association (NIA), Mr Ganiyu Musa during his recent valedictory speech Abiodun Eze Comms/e-Business
James Emejo in Abuja
Represented by the commission’s Head, corporate Communications Department, Mr. Abdulqadir Dahiru, she said the revised framework also contains several new provisions on pension enhancement, voluntary contributions, payment under the Micro Pension Plan (MPP), payment of benefits of missing persons, and payment of Nigeria Social Insurance Trust Fund (NSITF) benefits.
Umar also said the commission remained focused on strategic efforts to drive the Micro Pension Plan (MPP) which was conceptualised to expand pension coverage to the informal sector, including small-scale businesses, entertainers, professionals, petty traders, artisans, andSheentrepreneurs.saidthe MPP was implemented to curb old-age poverty by assisting the workers to contribute while working and build long-term savings to fall back on when they become old. She added that PenCom was also strategising to boost confidence in the participation of the MPP by providing incentives such as health insurance for retirees.
M ONDAy, AU g UST 29, 2022 • THISDAY
p en c om: n ew s anctions r egime Will e nhance p rompt payments of b enefits Wact boosts operation with additional new Generation mobile Harbour crane insurance operators to embark on f resh r ecapitalisation e xercise PENCOM DG, Aisha Dahir-Umar p en c om r evises r egulation on retirement, terminal benefits (part i)
The revised Regulation contains several new provisions on Pension Enhancement, Voluntary Contributions, Temporary Access to RSA due to loss of job, Payment under the Micro Pension Plan, and Administrative Sanctions for violations by Pension Fund Administrators (PFAs), amongst others. Furthermore, the Regulation introduces salient amendments to several existing provisions while providing more clarity on others. The key highlights of the Revised Regulation are presented below.
Highlighting the insignificance of the YoY growth in FCI in Q2’22, Oshunkoya explained: “While we are aware of the 75.34% year-on-year increase in capital importation in the review quarter, we must attribute this increase to the weak base period, as the Q2 2021 base quarter was hampered by lingering Covid-19 concerns due to the prevalence of the virus’s Delta variant.
Documentation process
APM Terminals’ West Africa Container Terminal Nigeria (WACT) has taken delivery of one more new generation Mobile Harbour Crane (MHC) to enhance service delivery at its terminal at the Onne Port, Rivers State. The new Liebherr LHM600 Mobile Harbour Crane is a powerful and effective crane for handling containers. The new acquisition, which brings the total number of Mobile Harbour Cranes at the terminal to five, effectively consolidates the position of WACT as the best-equipped terminal in the eastern ports. In addition to the Mobile Harbour Cranes, the terminal also has 18 Rubber Tyred Gantry (RTG) cranes and several other container handling Theequipment.Managing Director of WACT, Naved Zafar, who received the new Mobile Harbour Crane alongside the Deputy Managing Director and Head of Country Projects, Jeethu Jose, and other senior management staff of the company on Monday, said the new crane was acquired as part of a fresh investment of USD112 million by APM Terminals to upgrade and expand the terminal. The upgrade, according to him, includes the acquisition of Mobile Harbour Cranes, Rubber Tyred Gantry Cranes, Empty Handlers, Terminal Trucks and Forklifts. The upgrade also includes the deployment of reefer racks with a 600-plug capacity, as well as expansion of the current yard, new workshop and a new terminal gate complex.
At N655.22b N , Fi NAN ci A l iN stitutio N s’ c o N tributio N to r e A l GDP Decli N e by 6%
Kayode Tokede Ws a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors, Transnational Corporation Plc in its half year ended June 30, 2022 result and accounts has shown impressive performance and is expected to outshine 2021 financial year performance.Thegroup in 2021 reported N111.22 billion revenue as against N75.27 billion reported in 2020, while profit after tax increased significantly to N27.99billion in 2021 from N1.61 billion in 2020. In H1 2022, Transnational Corporation’s profit before tax has nearly reached half of N27.99billion reported in 2021, and it is on the backdrop of a significant increase in revenue and effective management of cost. Profit before tax closed H1 2022 at N13.3 6billion, representing an increase of 89.5per cent from N7.05billion reported in H1 2021, while profit after tax rose by 84.7 per cent to N12.01billion in H1 2022 from N6.5billion reported in H1 2021. A reflection of growth in Hospitality, Power and corporate centre impacted on half year performance, leading to 18.08 per cent increase in revenue to N62.89 billion in H1 2022 from N53.26 billion reported in H1 2021.
The data further disclosed that prime lending rate in the banking sector dropped to 12.1 per cent in July from 12.29 per cent in June, while maximum lending rate remained flat at 27.61 per cent in July. Prime lending rates are the interest rate that commercial banks charge their most creditworthy customers, generally large corporations. Analysts noted that the move is meant to attract more lending to customers.
Finance cost dropped to N6.07 billion in H1 2022 from N7.97billion in H1 2021, while Foreign exchange (loss) on financing activities was at N1.04billion in H1 2022 from N1.31billion in H1 2021. Finance cost was driven by the group’s interest expense on loans that has amounted to N103.06billion as of June 30, 2022 from N106.09billion reported in 2021 financial year ended December 31, 2021.
MaNagEMENT’S ViEw
“Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30per cent of MPR. This supersedes our letter dated BSD/DIR/GEN/LAB/13/052 on the subject. September 1, 2020.”
Can Transnational Corporation Exceed 2021FY Performance?
iN terest rAte o N t re A sury b ills Hits e i GH tee N -mo N t H Hi GH of the MPR. This was aimed at stimulating growth in the larger economy following the economic slowdown occasioned by the Pandemic.”Theapex bank noted that Nigeria has returned to economic normalcy, “following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.
The breakdown of business diversification of Transcorp Corporation showed a 70.8 per cent increase in hospitality segment to N14.98 billion in H1 2022 from N8.77billion in H1 2021, while Power generated N47.9 billion revenue in H1 2022 from N44.49 billion in H1 2021. In addition to revenue, Corporate centre also grew by 3.05 per cent to N4.52 billion in H1 2022 from N3.05 billion in H1 2021. The power segment of Transnational Corporation has been a driving force in growing profit before tax as it contributed N12.10billion of the group’s N13.36 billion profit before tax in the period under review. Transcorp Power Ltd is a 972MW-capacity power plant in Ugheli, Delta State, and it is actively contributing its quota to improving access to electricity for Nigerians.
OThEr SubSidiariES Another firm of Transnational Corporation, Transafam Power Limited, consist of Afam Power Plc and Afam Three Fast Power with a combined installed capacity of 966MW located in Okoloma Afam, Rivers State, and it actively contributing to the National grid, bringing affordable, dependable power to the Nigerian Meanwhile,people.costof sales increased to N31.78 billion in H1 2022 from N29.75 billion in H1 2021, primary driven by Natural gas and fuel costs that hits N21.47billion in H1 2022 from N24.46billion reported in H1 2021. The marginal increase in cost of sales positioned Transcorp Incorporated gross profit to N31.11 billion in H1 2022 from N23.51billion in H1 2021. This brings the group’s gross margin to 49.46 per cent in H1 2022 from 44.13 per cent in H1 Administrative2021 expenses grew by 45 per cent to N10.89billion in H1 2022 from N7.5billion in H1 2021, while impairment (loss) on financial assets closed H1 2022 at N335million from N272.8 million in H1 2021. The interplay between administrative expenses, among others positioned the group’s operating profit to N20.48billion in H1 2022, representing an increase of 25.4 per cent from N16.33 billion reported in H1 2021.
“Quarter-on-Quarter growth was -5.19 per cent. The sector’s contribution to the overall nominal GDP was 3.63per cent in Q2 2022, higher than the 3.21 per cent it represented a year previous, and lower than the contribution of 3.80 per cent it made in the preceding quarter.“Growth in this sector in real terms totaled 18.48 per cent, higher by 20.96per cent points from the rate recorded in the 2021 second quarter and down by 4.76 per cent points from the rate recorded in the preceding“Quarter-on-Quarterquarter. growth in real terms stood at -5.96 per cent. The contribution of Finance and Insurance to real GDP totaled 4.25 per cent, higher than the contribution of 3.72 per cent recorded in the second quarter of 2021 by 0.54 per cent points, and lower than 4.51 per cent recorded in Q1 2022 by 0.25 per cent points.”
The report disclosed that financial institutions contributed N2.3 trillion to the nation’s real GDP in 2021, up by 10.5 per cent from N2.1 trillion in The2020. report showed that the contribution of financial institutions to the real GDP rose slightly by two basis points to 3.2 per cent from 3.0 per cent in According2020.to the NBS report, financial institutions excluding insurance, in real terms recorded year-on-year, YoY, growth in Q3 2021, namely Q1, Q3, and Q4. “In Q1 2021, the segment recorded 0.15 per cent, YoY, growth to N555.6 billion from N554.72 billion in Q1 2020. The segment however contracted by 4.54 per cent, YoY in Q2 2021 to N545.8 billion from N571.7 billion in Q2 2020. This trend was however reversed with a 25.5 per cent, YoY, growth in Q3 2021, to N530.8 billion from N422.9 billion in “TheQ3’2020.upward trend persisted in Q4’21 as the subsector recorded 25.19 per cent growth to N686.4 billion, up from N548.3 billion in Q4’2020.”
t H is DAy • M ONDay, aU g USt 29, 2022
“As a whole, the sector grew at 29.90 per cent in nominal terms (year-on-year), with the growth rate of Financial Institutions at 31.63 per cent and 17.28 per cent growth rate recorded for Insurance. The overall rate was higher than that of Q2 2021 by 31.76 per cent points and lower by 2.39 per cent points than the preceding quarter.
BUSINESSWORLD Stat US RE p ORt 23
Responding also, the President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka said the decline in prime lending rate followed hike in saving deposit and it is expected to attract more savings in the banking amid double-dight inflation rate and politicalOgubunkatension.saidNigeria’s economy in 2022 has not witnessed major improvement to warrant a hike in banking lending rate to the real sector, stressing that the increasing interest rate on treasury bill might renewed investors interest in government security.
NEEd TO grOwiNg wOrkiNg CaPiTal As total assets gained 0.28 per cent to N417.2billion as of June 30, 2022 from N416billion reported in 2021 full financial year results, the group needed to expand its current assets in a move to further boost its working capital and do in its coreAsoperations.currentassets gained 1.77 per cent to N89.8billion as of June 30, 2022 from N88.26billion in 2021 FY, current liabilities dropped by 17 per cent to N162.3billion as of June 30, 2022 from N195.01billion reported in 2021. The Group as of June 30, 2022 has negative N72.46billion working capital from negative N106.75billion in 2021. However, long-term assets dropped by 0.1 per cent to N327.3billion as of June 30, 2022 from N327.74billion in 2021, while long-term liabilities closed June 30, 2022 at N97.42billion as of June 30, 2022 from N74.7billion reported in 2021 FY. Therefore, the proportion of total liabilities/ total assets dropped to 62.25 per cent as of June 30, 2022 from 64.8 per cent in 2021. In addition to the group’s balance sheet position, it recorded a total equity that gained nearly eight per cent to N157.49billion as of June 30, 2022 from N146.29billion in 2021.
The Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, had attributed the Group’s continued strong performance to growth in its power and hospitality businesses, which continued to perform excellently despite the tough operating environment. Omogiafo noted that “Across all our businesses, we are relentless in executing our transformation and growth agenda and are pleased with the results achieved thus far. We have invested strategically over the years in long-term projects and businesses that continue to yield productive returns and position Transcorp Group as an institution that delivers value to all stakeholders, and as one to transcend many generations”Speakingfurther on the growth, the President said, “Our hospitality arm, Transcorp Hotels Plc (THP) recorded a revenue growth of 173per cent over same period last year, demonstrating a strong and sustained recovery from the impact of COVID-19 pandemic, leveraging innovative strategies and superior customer experience. In our Power business, despite the challenges of grid instability and gas reliability, we recorded considerable growth in our power investment, with our available capacity growing by 21per cent (100MW) over last year and improving our overall operational efficiency. We have continued to progress with our OPL281 investment and are well on the way towards attaining of our integrated energy strategy, and increasing returns for all stakeholders”. According to her, Transcorp Group is fully geared up to sustain its growth trajectory for the rest of the year and beyond, notwithstanding the macro-economic issues. “We do not plan to rest on our laurels, and we will continue to surpass past performance” Owen Omogiafo assured its stakeholders.
The Minister notes that the growing contribution of the ICT sector to the GDP is as a result of the commitment of the administration of President Muhammadu Buhari, to the development of the digital economy. The diligent implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, stakeholder engagement and creation of an enabling environment have all played an important role in this achievement, “Pantami said. Kayode Tokede TAJBank Limited said it has formalized the kick-off the bank’s N100 billion Sukuk bond issuance with the signing of all the parties for issuance of the first-ever noninterest private Sukuk bond offer in the nation’s capital market. The Bank has secured all regulatory approvals required for opening the Sukuk to the general public and the bond will be listed on the Nigerian Exchange Limited (NGX).Speaking during the epochmaking event at the bank’s headquarters in Abuja, the bank’s Managing Director/Chief Executive Officer, Mr. Hamid Joda, described the bank’s latest investment initiative as a very important milestone in the annals of Nigeria’s capital market development and assured investors of good returns on their investment in the TAJBank Sukuk bond. He explained: “The Sukuk bond issuance by TAJ Bank is a very important milestone in the history of Nigeria’s capital market. I believe that after this issuance, we will see a number of companies in the Nigerian market coming out to issue Sukuk bonds and that will lead to the deepening of the non-interest market and eventually economic development of Nigeria. “My message to the investing public is to take advantage of the opportunity in view of its potential for good returns. The instrument is coming out at an expected rate of 15 percent. It is also an ethical instrument and there are very few ethical instruments out there and I believe a lot of investors are looking for instruments that have ethical leaning”, Joda assured. In his remarks, the bank’s Executive Director, Mr. Sheriff Idi, also stressed the importance of the Sukuk bond to the TAJ Bank’s operations, capacity to provide financial support to needy enterprises with the attendant positive implications for the nation’s economic growth.
He added: “The Google underwater cable coming into Lagos, all of that will reduce the cost of internet services and increase the speed. So the capacity of all of that is almost 20 times that are coming into this place and it is going to create jobs. Is going to make it possible for us to work faster for companies in Nigeria and for companies abroad from Nigeria.”Hefurther stated that the increase in investment recorded in the tech space is due to the partnership, which the State entered into under the broadband fibre infrastructure expansion programme.
‘18.44% ICT Contribution to GDP in Q2, Highest Ever’ TAJBank to List N100bn Sukuk Bond on NGX
Gilbert Ekugbe
Gilbert Ekugbe The Raw Materials Research and Development Council (RMRDC) and the University of Lagos, have charged manufacturers to embrace additive manufacturing to bring down their cost of operations by at least 30 per cent.The call was made at a press briefing to herald the first international additive conference scheduled to hold on the 26th and 29th of September, 2022 in InLagos.achat with newsmen in Lagos, Director General and Chief Executive Officer, RMRDC Prof Hussaini Ibrahim said the council showed interest in the collaboration because of the huge saving in foreign exchange that additive manufacturing can save for the country as a cost effective system of manufacturing that holds hope for 4th industrial revolution.AProfessor at the University of Lagos who also doubles as a member of the Additive Manufacturing Group (AMG), Prof. Funso Falade, said additive manufacturing is a newly developed manufacturing technology that is widely accepted worldwide in the advanced world, saying that it is revolutionising the industrial production landscapeEarlier,the Director General, Manufacturers Association of Nigeria (MAN) Segun Ajayi Kadir, represented by the Director of Corporate Services, MAN, Ambrose Oruche, said manufacturing additive would make Nigeria manufacturers more competitive when it
L-R: Corporate Affairs and Sustainability Director, Nigerian Bottling Company (NBC) Ltd., Mr. Ekuma Eze; Executive Governor, Imo State, Senator Hope Uzodinma; Corporate Affairs and Community Partnerships Manager (East/Central), NBC, Ifeoma Okoye; and NBC Plant Manager, Owerri, Mr. Collins Idike, at the commencement session of NBC’s Youth Empowered training program in Owerri… recently
The National Bureau of Statistics (NBS) released the report of the recent statistics on ‘Nigeria’s Gross Domestic Product Report’ for Q2 2022, at the weekend, which showed that the Digital Economy sector under Pantami continued its trend of playing a key part in the growth on Nigeria’s economy. The Report by the NBS indicated that the ICT sector contributed 18.44 per cent to the total real GDP in Q2 2022. This is the highest contribution of ICT to the GDP and is truly unprecedented and marks the third time that the sector has achieved an unprecedented contribution to Nigeria’s GDP during the tenure of the Minister in Q1 2020, Q2 2021 and now Q2 2022.According to the report, the oil sector contributed 6.33 per cent to the total real GDP in Q2 2022, which was lower than the contribution in Q2 ‘2021 and Q1 ‘2022, where it contributed 7.42 per cent and 6.63 per cent respectively. The non-oil sector’s contribution grew by 4.77 per cent in real terms, resulting in a 93.67 per cent contribution to the nation’s GDP in the Q2 ‘2022, higher than Q2 ‘2021 and Q2 ‘2022, where it contributed 92.58 per cent and 93.37 per cent respectively.
BUSINESSWORLD NEWS 24 M ONDay, aU g USt 29, 2022 • THISDAY
Lagos State Attracts $1.5bn Investment in Technology in 5 Months
Director General, of the Institute, Prof. Ayo Omotayo, made this known when he led a delegation from the institute on a courtesy visit to the Executive Secretary of NLTF, Dr. Bello Maigari, in AccordingAbuja.tohim, “I am here today with my management team to strengthen and seek for strong partnership with the National lottery Trust Fund in areas of needs that will assist us to build a better society.
NIPSS Seeks Collaboration with NLTF on Intellectual Devt RMRDC, UNILAG Tasks Manufacturers on Additive Manufacturing to Reduce Production Cost
The Commissioner for Economic Planning and Budget Lagos State Sam Egube, has stated that the investment inflow into Lagos State’s technology space has hit over $1.5 billion in five months. According to him, this is the first time the State is ahead of other States in technology investments.Egubestated this on the sidelines of the Year 2023 budget consultative forum for Ikorodu division.Inhis words: “One of the things that attract technology companies is the idea that there is a lot of distribution. For the first time, Lagos State is ahead of other states has driven significantly, the broadband expansion. We now have about 3000 kilometers of broadband fibre infrastructure which can now connect to towers and connect to homes.”
“We will continue to push the envelope further as we have the Knowledge, Innovation and Technology and Enterprise center (KITE) in Yaba which is a big technology campus we are putting there and we are driving another one out of Lagos State University (LASU) Campus. Indeed, Lagos is leader right now in Africa as well long as technology and enterprise support is concerned and we expect to remain so our next target is to begin to also need in emerging markets,” he averred.
“We find National Lottery Trust Fund an excellent organisation that we will partner with in areas of education and promoting national intellectuals, to move our dear country forward.” Nigeria, he said, has a lot of smart and intellectual people who are currently idle, and expressed hope that the partnership would help to bring those precious intellectuals to NIPSS for the betterment of Responding,Nigeria.Maigari said that no fewer than 30 universities and other higher Institutions of learning across Nigeria, had sent in requests for educational Intervention from NLTF. Maigari noted that such requests stemmed from the fact that many of the institutions were lacking social amenities and conducive learning environment.
competes with other African countries on the continent. “Some of our members are already using the technology. The sector is struggling to survive because of the numerous challenges hindering the sector. The forex and energy challenges are hindering the sector. I must commend the manufacturers that are still in business because it is a tough terrain, but we are hopeful that this technology would reduce the cost of our production significantly,” he said.
On the State’s N1.65 trillion budget size for next year, he expressed optimism that despite challenges of dwindling revenue, the State would be able to hit the 80 plus budget performance target it records on annual basis. “As of today, we are at 70 per cent in terms of budget performance and on the revenue side, we are at 81 per cent. So it is transforming those revenue into execution speed, “he said. “Typically, we have always achieved by 80 plus per cent in performance and we believe that the execution powerhouse called Lagos will continue to deliver those expectations to the people of Lagos and we believe that is what we expect to see, “he said. He noted that Lagos is an economic powerhouse in Africa, saying that if Lagos was a country, it probably would be sixth in Africa.
The National Institute for Policy and Strategic Studies (NIPSS), Kuru, has expressed desire to partner with the National Lottery Trust Fund (NLTF), to enhance national development. The NIPSS said it was seeking close working relationship with the NLTF in the areas of education and intellectual development.
Emma Okonji The Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, has said the 18.44 per cent contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022), is the highest ever in the history of the Nigerian economy.
Kayode Tokede FMDQ Exchange, yesterday announced the registration of the C & I Leasing Plc’s N50 billion Commercial Paper (CP) Programme on its platform. C & I Leasing, a diversified, leasing and business service conglomerate providing support services to various indigenous and multinational organisations in West Africa along three lines: Fleet Management, Personnel Outsourcing, and Marine Service.Astatement from the FMDQ Exchange explained that C & I Leasing provides transportation logistics solutions in the form of car and marine vessel rental, fleet management and automobile distribution through its wholly owned subsidiaries: C & I Marine, C & I Fleet Management, C & I Outsourcing, and CITRACKS.
C & I Leasing Registers N50bn CP Programme on FMDQ
25 BUSINESSWORLD NEWS THISDAY • M ONDay, aU g USt 29, 2022
“The successful registration of this CP Programme, which is sponsored by Cordros Capital Limited (the Lead Sponsor), and Kairos Capital Limited, both Registration Member (Quotations) of the Exchange, tactically positions the Issuer to raise short-term finance from the Nigerian debt markets at strategically viable times during the CP Programme validity, through CP issuances, within the CP Programme limit,” the statement added.
Appoints
Speaking during the signing of the tripartite agreement which is further aimed at strengthening the SME Digital beendelightedaccessMSMEswillFasanya,AgencyEnterprisesExecutive,Director-General/ChiefAcademy,SmallandMediumDevelopment(SMEDAN),Mr.Walesaidthearrangementenhancethecapacityofaswellasboosttheirtofunding.Hesaid,“Weareverybecausewehavelookingforanumber of banks to partner with. As much as we try to let MSMEs know that it’s not all the time that the problem is funding. But access to funds is also a major“Wething.arehighly delighted because we are now matching non-financial services with financial services. It’s been done in most countries of the world including Canada.”
Managing Director, Polo Limited,John Obayuwana and Co-Founder, Franck Muller, Geneve, Frank Muller, during the partnership to introduce Franck Muller Watch band in Nigeria
Sky Capital & Financial Allied Limited, the financial services subsidiary of SIFAX Group, has appointed a new Managing Director and three non-executive directors for one of its subsidiaries Skye Bank, Sierra Leone. The company in a statement said following the approval by the Bank of Sierra Leone, Mr. Abiola Bolaji has assumed office as the substantive Managing Director while Mr. Ayoku Liadi, Mr. Abdul Sheku Kargbo and Arch. Abel Onomake have assumed the positions of non-executive directors of the bank. “Abiola Bolaji is a graduate of Obafemi Awolowo University, Ife and has two Masters degrees in Accounting and Financial Management (Distinction) and Corporate Finance from the ICMA Centre, Henley Business School, University of Reading, United Kingdom.“Ayoku Liadi is an accomplished financial expert with over 25 years of progressive experience. He had served as the Deputy Managing Director, UBA Nigeria where he was in charge of about 500 branches of the bank with deposits of more than N3.5 trillion. Abdul Sheku Kargbon is an Executive Director of the National Drug Law Enforcement Agency and the immediate past board chairman of UBA Sierra Leone. “Abel Onomake is a seasoned architectural consultant who has worked on key designs and supervision of architectural and engineering projects in Nigeria, Sierra Leone, Liberia and The Gambia, “it stated.
Sky Capital MD, Others for Skye Bank Sierra Leone
Olam Agri Appoints Ashish Pande as Country Head in Nigeria
Kayode Tokede The Nigerian Exchange Limited (NGX) has announced that is set to host capital market stakeholders to a Circuit Breaker webinar this week.The virtual event themed, “Role and Impact of Index Circuit Breakers in the Capital Market”, is designed to increase awareness and enhance the understanding of NGX Circuit Breakers among stakeholders. The NGX Circuit Breaker Webinar will feature leading capital markets experts across the globe including the Vice President of Research at CBOE Holdings Inc, Chicago, William Speth, Financial Economist, World Federation of Exchanges (WFE), Kaitao Lin, and Jude Chiemeka, Divisional Head, Capital Markets, NGX. The webinar is positioned to bring together Market Operators, Asset Managers, Pension Funds Administrators, Banks, Retail Investors and Regulators. NGX Circuit Breaker webinar is consistent with the Exchange’s commitment to providing avenues for engagement on its various products and services, with the aim to enhance stakeholders’ knowledge and deepen capital marketCapitalactivities.markets continue to be impacted by economic headwinds; leading to volatility that if not checked could adversely affect the market.
SMEDAN, Partners Sign MoU to Strengthen MSME
James Emejo in abuja The Small and Medium Enterprises Development Agency (SMEDAN) has signed a Memorandum of Understanding (MoU) with Sapphital Learning Limited and Zenith Bank in a bid to among other things empower Micro Small and Medium Enterprises (MSMEs) to contribute to job creation and poverty alleviation in theThecountry.partnership will also strengthen SMEDAN’s operations, and help it realize one of its mandates to generate revenue and support youths who are mostly unemployed.
Across the world, the rising interest in Forex market trading has evolved to become a significant driver in the financial sector and Nigeria is no exception to this. To this end, the international Forex broker, OctaFX produced a report that discusses the Nigerian Forex trading market, its opportunities, and scams. This report examines the state of Forex trading in Nigeria while focusing on the threats to mainstream participation in it and ways to avoid them. The dedicated white paper also presents measures to facilitate effective trading decisions, developed by the global Forex broker OctaFX. Speaking on the launch of the report, the OctaFX press office stated, “we decided to conduct this extensive research to learn about the difficulties our clients—and traders in Nigeria in general—face when entering the market. This served as an effort in line with the philosophy of our rebranding, highlighting the focus on our clients’ goals as our mission. “One of the greatest barriers to Forex trading for new traders are scams. This barrier blocks the way to numerous opportunities in the market. We hope that the report will help both novice traders and more experienced ones, as well as those who are afraid of entering the Forex marketAccordingyet.”
to a 2021 report, there are approximately 300,000 retail Forex traders in Nigeria, and there has been a substantial rise (46 per cent) in female traders over the past couple of Inyears.Nigeria, trading in the Forex market reached an all-time high of 300 per cent growth in March 2020. Nigeria’s internet penetration also supports this growth. This growth in the momentum is considerably due to increased mobile penetration in the country and growing interest from the youth population in Nigeria.There are approximately 84 million internet users in Nigeria, and this figure is estimated to reach 117 million by 2027.
FIRS, NITDA, Presidential Candidates to Promote eGovt at 2022 Summit
Emma Okonji Federal Inland Revenue Service (FIRS), National Information Technology Development Agency (NITDA), some presidential flag bearers in the 2023 general election and many other organisations and distinguished personalities are set to promote eGovernment at this year’s Nigeria eGovernment Summit, holding on September 27 at the Sheraton Hotels in Ikeja, Lagos.Organised by DigiServe Network Services, in partnership with Nigerian Communication Commission (NCC), Federal Inland Revenue Service (FIRS), Association of haseGovernment2022ofLicensed(ATCON)CompaniesTelecommunicationsofNigeriaandAssociationofTelecomOperatorsNigeria(ALTON),theeditionofNigeriaSummit,thetheme:‘Promoting eGovernment in Election Year for Improved Governance’. Invited speakers include: Vice President of Nigeria, Prof. Yemi Osinbajo; Governor, Lagos State, Mr. Babajide Sanwo-Olu; Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed; Chairman, Independent National Electoral Commission (INEC), Prof Mahmood Yakubu; and the Executive Vice Chairman, Nigerian bearers.wamongImumolenLabour(PDP),People’sAlhajiofAsiwajuflagothers.UmarCommissionCommunications(NCC),Prof.GarbaDanbatta,amongSomeofthePresidentialbearersinvitedinclude:BolaAhmedTinubuAllProgressiveParty(APC),AtikuAbubakarofDemocraticPartyPeterGregoryObiofParty(LP);ProfChrisofAccordParty,otherpresidentialflag
OctaFX’s Report Sheds Light on State of Forex Industry in Nigeria Nume Ekeghe Olam Agri, a leading agribusiness in food, feed, and fibre, has appointed Ashish Pande as the new Country Head of Olam Agri in Nigeria, effective 23rd August 2022. Olam Agri in announcing this appointment in a statement noted that Ashish has been instrumental in establishing Olam Agri’s animal feed business, successfully integrating the acquired Dangote Flour Mills, setting up Crown Flour Mills’ extensive fleet operations, and overall leading a successful wheat milling business in Nigeria. He will lead Olam Agri to its next stage of growth in the country which is an important market for the company globally. Under Ashish’s leadership, the flour milling business unit of Olam Agri, Crown Flour Mill Limited’s immense contribution to national productivity was recently recognised by the Nigerian government and awarded the Presidential “Productivity Order of Merit Award” by H.E. Muhammadu Buhari, President of the Federal Republic of Nigeria. Ashish has more than 22 years of experience in Food & Beverage across three continents. Ashish is an Engineer with a master’s degree in Business Administration.
NGX to Highlight Impact of Circuit Breakers in Capital Market
MONDAY AUGUST 29, 2022 • THISDAY26
I can never forget the day Prof. John Adair, the first professor of leadership in the world, and the chairman United Nations Leadership system said while we hosted him in Nigeria during our 2010 Emerging leaders Conference in Abuja. “Linus, the greatest need facing Nigeria and the African continent is the task of grooming good leaders and leaders for good.” In my own words, I would say that the greatest need facing Nigeria is the task of grooming and raising visionary leaders. Visionary leaders are so important to organizations, societies and nations. One of
1THISDAY MONDAY AUGUST 29, 2022 Monday August 29, 2022 Vol 27. No 9100 www.thisdaylive.com opinion@thisdaylive.com
Leaders are dealers in hope. I know with all certainty in these times of uncertainty that Nigeria needs men and women who are driven to succeed; men and women who will have the courage to dream of things that never was and find the energy and commitment to make them happen. It will require vision to mobilize the people of this great continent to rally behind leadership to pursue a common cause of achieving greatness in all aspects of our lives. The heart of this work will be to make a case for creating institutions that will be responsible for making the grooming of visionary leaders in Nigeria possible. Dr. Myles Munroe defined Leadership as the ability to motivate, move, drive, influence people towards a particular direction through inspiration and not intimidation nor manipulation. Leadership could also be described as the skill of motivating, guiding and empowering a team towards a socially responsible vision. Leadership is foundational to the functionality of any human system especially countries. Everything rises and falls on leadership. The practice of ideal leadership in any system is central to building effective systems and a veritable asset for sustainable success. The degree of leadership capital any system possesses is directly proportional to its progress.Leadership is, arguably, one of the most observed and least understood phenomena on earth. The poor understanding of the concept and practice of leadership is the primary cause of the challenges of governance across the world. The increased reoccurrence of failed governmental systems around the world and deepening decline in the indices of development have revealed the significance of leadership to nationbuilding.Nigeria is a diverse country with wealth of human and natural resources. Nigeria should be poised to take her place in the league of nations. However, lack of visionary leadership over a long period of time has led to uprisings and proliferation of small arms around the country and contributed largely to the present-day reality of insurgency. This has also become a nagging challenge and set back to the developmental potential of Nigeria.Corruption is another recurrent problem in most African states. Corruption is a pervasive problem in both the developed and developing world. In recent years, the problem has gained much interest due to increasing awareness of the cost of corruption throughout the world and the practical and economic changes many countries are undergoing. In Africa corruption is a development issue and is at the root of the challenges already highlighted. One major reason Nigeria has been enmeshed in several challenges and has been overwhelmed by them is the absence of a system for leadership training and appraisal of governmental structures. For the most part, countries in Africa have maintained a certain model of leadership over the decades and have adopted a rigid disposition to the dynamic nature of her challenges. There is no better time than now to change the narratives. Only visionary leaders have the capacity to understand current realities and create a vision, transfer the vision and execute the vision in such a way that will lead to complete transformation. No nation of the world that has become a developed nation, would have done so without the emergence of visionary leaders. Visionary leaders with a resolve to change things for the better must emerge in the political space of this great country. The people of Nigeria must catch a vision of electing only men and women capable of dreaming big dreams and executing them as leaders at all levels. Great people of Nigeria, you must remember, if a person does not have a purpose for waking up, sleeping becomes interesting.
As organizations face the challenge of creating interventions that will change existing cultures, implement a new survey result, initiate a work improvement campaign; the starting point of the success of the change process is a clear vision. Visionary leadership plays a major role in the facilitation of the changeAccordingprocess.to Cummings & Worley, C. G. (2005), “organizations can use planned change to solve problems, to learn from experience, to reframe shared perceptions, to adapt external environmental changes to improve performance, and to influence future changes.” It requires visionary leadership to go through pain, challenges, obstacles and use the feedback that comes from such a process as learning experiences that can guide the organization to achieve set goals. (Nanus 1992) says, “Vision provides guidance to an organization by articulating what it wishes to attain. It serves as a signpost pointing the way for all who need to understand what the organization is and where it intends to go.” Vision is more than an image of the future. It has a compelling aspect that serves to inspire, motivate, and engage people. To assist leaders in developing an appropriate vision, (Nanus 1992) says, ‘right vision’ has five characteristics: attracts commitment and energizes people, creates meaning in workers’ lives, establishes a standard of excellence, bridges the present to the future, and transcends the status quo. The responsibilities of visionary leadership are to ensure that whenever a new technology is utilized to generate feedback in the organization, the moment the results of such surveys are released as action point and interventions that can save the organization, it will be the responsibility of the leaders of that organization to implement the interventions by attracting the commitment and buy in of the people, establish standards as well as build bridges that transcend the pain. If the ability to execute becomes a culture, then such organizations can grow to become global brands that will attract people of different races and backgrounds.
UNIVERSITIES:ENDANGERED THE WAY OGHAGBONEFOSAOUTKENNETH lists measures to redress the anomalies in Nigeria’s university education BUSINESS MORTALITY AND THE FUTURE OF NIGERIAN SMES Maintaining an appropriate structure, adequate capital, and having contingency plans are some strategies to reduce business failure, writes TIMI OLUBIYI EDITORIAL THE UNENDING CHOLERA SCOURGE See page 25 See page 25
my greatest hobbies is to observe human activities. I like to watch people talk and work. I see people display no sense of urgency at times when it matters most. I have seen people engage with life with so little sense of purpose. It frightens me that somebody will wake up and seek to be elected or appointed into public office or position of responsibility without a sound vision for his or her life. The very essence of successful leadership is the ability to grasp and hold a vision. Leadership is the capacity to translate vision into reality. It becomes very imperative for every individual who desires to play any significant role in shaping society to as a matter of necessity develop a great sense of direction because for the person who does not know where he wants to go to, there is no favourable wind.
LEADING CHANGE THROUGH VISIONARY LEADERSHIP
All over the world, change has become a constant. According to Boyd (1992), “an organization’s vision is an important component in the change process.”
Linus Okorie is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre.
It becomes very imperative for every individual who desires to play any significant role in shaping society to as a matter of necessity develop a great sense of direction because for the person who does not know where he wants to go to, there is no favourable wind
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T U S N See page 26
LINUS OKORIE canvasses the need to create institutions for grooming visionary leaders in Nigeria
ENDANGERED UNIVERSITIES: THE WAY OUT EFOSA KENNETH OGHAGBON lists measures to redress the anomalies in Nigeria’s university education BUSINESS MORTALITY AND THE FUTURE
3THISDAY MONDAY AUGUST 29, 2022 28 (controllable) and external factors (uncontrollable). Without a systematic outline and identification of the many challenges faced by small businesses, here are the most common business failure factors in the country that operators need to pay attention to: low quality or low level of education and qualification of operators and workforce; lack of manpower, loss of seasoned personnel and management due to social mobility and relocation (“Japa”), resulting in skill shortages within the business and inability to attract and retain new highly qualified personnel; lack of an appropriate corporate governance structure and organogram in the case of the few structured SMEs; Customer dissatisfaction due to low product or service quality; poor customer experience and declining patronage. A variety of funding issues are also relevant to business failures, including no or low business capital or profitability, revenue erosion (in some cases referred to as undercapitalization), insufficient cashflow or cash reserve, and an excessive reliance on borrowed funds (high leverage). Poor accounting practice, teeming, and lading can also result in business failures. The absence of adequate marketing channels, poor market knowledge, outdated services and products, and not being in touch with customer needs (for illustration, dealing in Nokia 3310 related accessories or phone sales when the market demand is for Android phones). Poor and negative customer relations; poor pricing techniques; lack of innovative drive, ignoring product or service innovations and new ideas; ignoring competitors’ pressure and offerings; resource mismanagement; undue family influence and control in the business operations can kill businesses. Further to this, poor internal communication, lack of free flow of business information, and fraudulent acts by employees, including legal tussles, can also be contributory to the failures. Others are ineffective and reckless leadership tendencies, a high cost of running the business, huge overhead, and an inability to control expenses. Inappropriate response to new external and/or internal challenges, lack of strategic and business planning (competitor analysis, marketing analysis, risk analysis, opportunity and threat analysis), underestimating or over-estimating risks in the marketplace, among others. Failure to recognise and capitalise on new market opportunities, intense competition, and adherence to ineffective competitive formulas or strategies. Another is being outwitted by competitors or even former employees; and relying too heavily on one or a few clients’ patronage are also attributable. Leadership tussles and conflicts within management, business owners, and/ or power struggles cannot be ignored. Failure to provide value for money can make customers disgruntled and avoid patronage. Poor inventory management, failure to differentiate products and services in a highly competitive environment. and the strong bargaining power of buyers can cause business failure.
Dr. Olubiyi is an Entrepreneurship & ManagementBusinessexpert
Despite the significance of SMEs to the economy and national development, Africa has a high rate of business failures and short-lived businesses. In Nigeria SMEs account for 48 percent of the national GDP, 96 percent of businesses, and 84 percent of employment in the country, according to a PricewaterhouseCoopers (PwC) report. In contrast, due to the country’s dire economic circumstances, at least 1.9 million SMEs have been lost since 2017, according to the report. Yet business closures persist at an alarming rate. Why do so many businesses fail so quickly, be they structured or unstructured? It can be attributed to many challenges, and this is the focus of this piece. In the context of this article, the word “failure” refers to any kind of closure, including bankruptcy, liquidation, stopping further losses, giving up and starting a new business, and/or closing by choice (like retiring early or shutting down). According to the author’s observations, small businesses, especially those with one to nine staff, are prevalent, mostly unstructured, and largely operating informally throughout the country. Convenience shops and grocery stores, dry cleaning and laundromat services, taxi services, trucking and transportation businesses, beauty salons, local restaurants, and several other small businesses operate with no data sets or registration databases. For instance, in Lagos State, most of these small businesses are overwhelmingly dominated by people moving in from other states of the country, largely due to the fact that barriers to entry into the business ecosystem are low, there is no compulsion for registrations or certifications, and the start-up capital is usually low. The worry is that many of these business operators are inexperienced and pay no attention to business structure, technology, skill sets, accountability, or the importance of business continuity. Therefore, business failures keep getting worse without any known help. In fact, it is hard to see how the sector can make a big difference or impact in creating jobs, growing the economy, and reducing poverty. Business failure is the last stage of the business life cycle. However, it is so prevalent that it happens within the first five years of a significant number of SMEs in Nigeria and the rate is alarming. Even though the environment is a key part of how easy it is to do business, it is still harsh and hard in the country, with or without post-COVID-19 consequences. Truly, there are many problems with the economy’s supply chain and infrastructure, such as the price of diesel, problems with the foreign exchange market, and regulations that hurt businesses. Many of the business failure factors are frequently categorized as “poor management or lack of access,” though the failure predictors are in two broad categories: internal factors
Oghagbon is Professor of Chemical Pathology & Metabolic Medicine, Benue State University, College of Health Sciences, Makurdi, BenueState OF NIGERIAN SMES Maintaining an appropriate structure, adequate capital, and having contingency plans are some strategies to reduce business failure, TIMI
writes
OLUBIYI
Recall, from 1960 - 1970, six Federal universities (first generation universities) were created in Nigeria. Out of these, five were in the geographical South and one in the North. This differential influenced the development thereafter of universities and tertiary education that are funded by the federal government of Nigeria. Note that of the six first generation universities, only University of Ibadan and University of Lagos were actually initiated by the federal government. The others were regional in origin; Ahmadu Bello University was by the Northern region government, while University of Ife (Western region), University of Nigeria (Eastern region) and University of Benin (Midwest region). They were however taken over by the federal government in 1975. The import of this action by the federal government on the overall university education story in Nigeria is a subject for another. But it led the way for creation of more institutions over the years till this day, by the federal government.Thecountry Third National Development Plan (1975 – 1980) made provision for the establishment of additional four universities, but this was altered for creation of seven institutions. These newly created universities during this Plan are; Universities of Calabar, Ilorin, Jos, Sokoto, Maiduguri, Port Harcourt and Ado Bayero University, Kano. Out of these seven universities, otherwise referred to as second generation universities, five were located in the geographical North and two in the South. Furthermore, during this period the federal government took over the first generation universities, thus bringing the total 13 universities under the management of the federal government with obvious attempt to equalize their distribution between the geographical North and South of the country. Third generation universities in the country were established 1980 – 1990, and these are the Federal Universities of Technology in Owerri, Makurdi, Yola, Akure and Bauchi. The geographical distribution of the created third generation universities showed three in the North and two in the South. Thus, by the end of 1990, the federal government established 18 universities in Nigeria, out of which nine located in the North and nine in the South. The manner of creation suggests that the factors underpinning their evolution were more politically influenced rather than needs predicated on skills distribution or national growth and development gaps analyses. This pattern must have opened the flood gate for creation of States universities which has continued to this day. The federal government having led the way in wanton creation of universities, the creation of States in Nigeria, fueled the craze for establishing same for their people. Each created State wanted to have a university, following footsteps and political blueprint for such endeavor, led by the federal government examples. Without a doubt, records show that the firstgeneration universities were acclaimed centres of excellence in the 60s and 70s and were so globally recognised. These pride of place institutions naturally led to very keen competition among prospective students, and only the best were admitted into them. This situation was made worse with the economic boom of the 70s, which led to the Udoji awards thus making money easier. As a result, there was a large movement of youths from rural to urban areas for white collar jobs. Consequently, there was pressure for the establishment of more universities to train “our people” to share in the national cake. The emphasis then, and even now, should be to ascertain the sectoral needs of the country for certain skill sets, create institutions and programs that will target and plug identified gaps. Neither were these gaps identified, evaluated nor policies derived to address them. Universities which should have been asset in such regards lacked focus to contribute to national development issues. The failure of university system in this regard and others of national interest are due to many factors, as discussed below. The mass of Nigeria youths has in large number over the years sought university education, irrespective of capacity to undertake it, because it is seen by a section of society, students and their parents as a means to government employment, money in government and status symbol. This wrong perception is aided by government weak emphasis on university management in line with needs assessment of the national economy. All these added to significant pressure on government and its actors to provide this level of education for all and sundry. To beat entry to our centres of excellence, the federal government created the Joint Admissions and Matriculation Board (JAMB). The Board introduced standards killing items such as federal character, catchment areas, disadvantage states, et cetera. These factors provided avenues for circumventing standards, leading to prospective students obtaining letters from government and its functionaries, in order to gain admissions, they do not merit. In countries where education meet set goals and objectives, individual universities set their standards for admission to respective programmes. The import of all these is that we are missing the point emphasised by an earlier US President, when he said, “We cannot always build our future for the youth, but we can build our youth for the future”. Education is the only way to build our youth for the future, our future. Nigeria can no longer emphasise university education for employability of graduates, but now we should focus on these graduates, creating employments, instead. To ensure these for the good of all, standards must be emphasized without any iota of ambiguity.
Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer. Email
peter.ishaka@thisdaylive.com
Editor
EDITORIAL
For more than four decades, cholera has been a recurring disease in Nigeria and has led to the death of thousands, especially children. While there have been some efforts by the federal government to deal with the challenge, we have not seen a corresponding commitment from the state governments. Yet, that is where cholera appears to be ravaging citizens the most. That no fewer than 91 fatalities have been recorded from cholera within January and July this year should concern all relevant authorities. According to the Nigeria Centre for Disease Control (NCDC), 31 states across 190 local government areas are currently reporting suspected cases in 2022. As an under-reported disease, the casualty figures from cholera are likely to be far higher and hardly any state can be exempted, especially during the raining season.
RUFAI OSENI: A TRIBUTE TO MY DAD 29
Authorities in the 36 states must do more in providing adequate clean water for the citizens, especially for those in the rural areas
T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE T H I S D AY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com
“We need to provide good water to prevent cholera outbreaks and ensure that things we eat especially fruits are properly cleaned before we can consume them,” a United Nations Children Fund (UNICEF) official admonished. Cholera, which often leads to the infection of the small intestine, is mostly contracted through drinking of contaminated water and eating of waste products. It is a shame that Nigerians are still afflicted by such a disease in age that we are in. But with the systemic collapse of critical institutions and basic health facilities in many of the states today, it is also little surprise that the country is made to spend more on the treatment of cholera rather than on its prevention. Since the first crisis concerning the spread of the disease begins with failure to provide potable water for their people, most of the governors should be held accountable for cholera prevalence in our country. The spread of cholera becomes worse when the environment is not clean; when water system is not treated and when sanitation is not taken seriously. In many of our states, the villagers and rural dwellers are left to rely on streams as the only source of drinking water and there are no provisions for disposing waste. In most cases also, the people rely on stagnant water for washing their clothes and other items. Therefore, since cholera is more prevalent in rural areas, the problem becomes more compounded when and where there are no modern medical facilities to assist in the treatment of the Beyonddisease. what government should do, Nigerians should also not neglect the issue of personal hygiene. All they need to always do is simple hand washing before eating, after going to the toilet, and should also cover their foods against flies. Since cholera kills when a person loses too much bodily fluids, such deaths are preventable if victims are quickly rehydrated. And since no vaccine has been developed against cholera, what is commonly used is oral rehydration solutions (ORS) as part of measures to mitigate the problem. But prevention is still better than cure. To that extent, our rural dwellers and the urban poor should be taught the rules of basic hygiene. The world has moved ahead of the era where cholera kills citizens. Healthcare officials and other critical stakeholders in Nigeria must therefore sit up to do the needful. Authorities in the 36 states must do more in providing adequate clean water for the citizens, especially for those in the rural areas. We must work towards stemming the cholera affliction.
4 THISDAY MONDAY AUGUST 29, 2022
THE UNENDING CHOLERA SCOURGE
Letters to the LETTERS
Editor, Editorial Page PETER ISHAKA
Good personal hygiene could help in stemming the disease
Writing a tribute about my dad is indeed writing a letter to my friend and I know he is reading it. He wasn’t my dad, he was my friend and the mutual rela tionship was our anchor on sad days. He never missed a chance to tell me how much he loved me and I al ways told him what he meant to me. We always talked for hours on the phone and never ran out of things to talk about. Our friendship grew stronger when I lost my mum at a tender age. He taught me all I know and preparing me for the future. I learnt a lot of engineer ing and accountability from my Dad. Every day he will write letters to us all about the chores for the day and he will inspect everything. He had a planning notebook, where he will record every expenses made and he had a file for everything. For him every new project needed a file. He will al ways say that documentation is the heart of life. He increased my passion for politics by allowing me to engage politically with some of his friends and that was rewarding for me. He was my boldest cheerleader and trust me he did watch every show I did on TV and he was proud. I remember a day when we went out and we came back late to Ibadan and we ran into a robbery incident. I remember how he told me to duck and run home, that he will find his way, which was scary. My Dad was a fighter, he always won. He taught me the fighting spir it, he battled disability gloriously. In the 70s, he had an accident and he lost two fingers on his left hand but he was undeterred and his resolve was strong. About 15 years ago, he had a seizure in front of me and when he was resuscitated in the hospital, he smiled and said it’s not time to die. He had an interesting sense of humor, he had the heart of a child. He also battled a tumor in his spinal cord that affected his mobility but he kept on pushing for another 11 years with great enthusiasm. At the age of 86, he battled sepsis for six days before he finally died. This time he had battled enough, his body had been ridden by disease but his spirit was strong and that’s the strength I hold on to. My father knew me so well and when he saw I be came a journalist he laughed because he had always wanted me to study to the Arts, but I was hell bent on sciences. He will let me have my way. When I look back I have no regrets because I kissed him every time I got the chance and I told him every day how much I loved him and we did dance a lot. One thing is certain I know this isn’t goodbye, he is still around. I can’t kiss him anymore but I feel his spirit every time. The last time I saw him two weeks ago, I suprised him, I didn’t tell him I was coming. You need to see his eyes, they glistened with joy and we hugged. He is not dead to me. My Dad can never die. He lives. Love you pal. Your friend that happens to be your son, Rufai Oseni, rufaioseni@gmail.com
MONDAY AUGUST 29, 2022 • THISDAY30
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e ko Towers ii fondly referred to as the ‘g uest House’, is a 27-floor prime edifice in Victoria i sland, Lagos. i t is the second purpose-built tower of e ko Hotels Limited. Bennett o ghifo writes Eko Towers II As Lagos Luxury Pamper Palace
THISDAY • Mon Day, augusT 29, 2022
The EkoTowers II– Guest House- is a design and build contract conceived as the tallest building on Victoria Island at 118.34m from the finished ground Level.The Eko Guest House edifice comprises the basement, ground floor, mezzanine, level 01-05 (car park), level 06-07 (emergency need centre), level 08 (restaurant), level 09 (restaurant/ meeting room), level 10 (conference room), level 11-12 (health club & terrace), level 13 and 26 (technical zone), level 14 (staff rooms) and level 15-25 (guest rooms). No doubt, the Eko Guest House is set to add colour to the beautiful Victoria Island landscape. The structure consists of reinforced concrete columns, beams and hollow core slabs, all sitting on piles and raft concrete foundations. All the finishing materials are the first choice and are carefully selected to meet the client’s taste. The use of glass in the construction of the building, particularly the cladding/facade, is consistent with the contemporary quest for low energy utilisation. Experts have determined that building envelope design and construction has become a specialised field with several codes emphasising energy efficiency in buildings both on a mandatory and voluntary basis. Glass is an energy-efficient material that lends aesthetic and functional value to a building. Glass is extensively used in buildings, whereas the fields aligning including the right selection, analysis, design including facade design and consulting is tremendously facing a lack of knowledge and competent professionals across the country.
Tucked in a sweet corner of Adetokunbo Ademola Street, Victoria Island, Lagos, is the 27-floor Eko Towers II that glitters during the day from its glass facade and glows at night, looking resplendent. Eko Towers II, promoted by Eko Hotels Limited, is a mixed-use facility hosting a medical and social centre, guesthouse, luxury accommodation, appealing restaurants and top-rate bar, and a conference centre, among other tools to pamper guests. The facility is now completed; the contractor was Cobel Construction, and the design was by Enia Architects. According to architects Enia, Eko Towers II “consists of a mixture of real estate components, including a guesthouse, medical and social centre, parking lot, restaurants and bars, health club and outdoor sports facilities and more. It was designed to serve as a summary of all the property types within the Eko Hotel Strip, reflecting the identity of all the buildings in the area.
& Design
Continued on page 33 Busi32 N ess S P ecial editor: Obinna obinna.chima@thisdaylive.comChima08024557078 Mon Day, au G u St 29, 2022 • THISDAY
President Muhammadu Buhari Minister of Finance, Budget and National Planning, Zainab Ahmed Communication (Telecommunication) which contributed 18.44 per cent to growth in Q2. Others are trade 16.81 per cent, agriculture 23.24 per cent, Financial and Insurance 4.25 per cent, and transport 1.84 per cent. Indeed, in the past few years, Nigeria’s economic growth has been unimpressive, constrained by a number of structural issues. Some of them include sustained rise in petrol subsidy payments, escalating debt service cost, insecurity, forex scarcity, high inflation, depletion in fiscal buffers, among others. For instance, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed recently revealed that the country’s debt service cost presently outweighs its revenue, while the Nigerian National Petroleum Company (NNPC) Limited also disclosed that payment for petrol subsidy now exceeds total revenues from sales of crude oil and gas, which are both clear signs of economic dangers ahead. According to Ahmed, the country’s debt service cost in the first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period. On the other hand, data from the NNPC’s monthly presentation at the last Federation Account Allocation Committee (FAAC) meeting showed that in the first half of 2022, petrol subsidy claims surpassed oil and gas revenue by a whopping N210Besidebillion.these, the increasing level of insecurity across the country, forex scarcity due which manifests in scarcity on the parallel market are other sources of concerns to policy makers and pundits. Due to Nigeria’s dwindling revenue, the continued payment of trillions of naira on fuel subsidy by the government and the attendant economic challenges, the World Bank recently raised the alarm that the country might be facing an existential threat.
The federal government is estimating that N6.7 trillion would be spent on petrol subsidy next year.
The multilateral institution warned that if the country failed to optimise its tax system and focus on other areas to boost its revenue, the already low revenue would continue to drop. It noted that despite the rise in the price of oil in the international market, Nigeria had not reaped the benefits because of the huge amount spent on fuel subsidy.
To the World Bank Country Director for Nigeria, Shubham Chaudhuri, Nigeria would continue to face fiscal pressures because of its ballooning cost of fuel subsidy at a time production continues to decline. The World Bank chief pointed out that Nigeria, for the first time since its return to democracy and as the only major oil exporter, hasn’t been able to benefit from the windfall opportunity created by higher global oil prices presently.According to World Bank’s estimates, the present economic challenges the country is facing are likely to push an additional one million Nigerians into poverty by the end of 2022, in addition to the six million Nigerians that were already predicted to fall into poverty this year because of rising prices, particularly food prices.
“Going forward, the approach to revenue mobilisation has to be more strategic. We need to be more strategic and it’s not just about taxing more, Nigeria needs to tax better. We need to review the collection system and not just about what to collect and from who. There have been discussions about how the tax system has to be progressive and efficient in terms
“Also, I think there is a huge opportunity to raise excise on goods like beer, wine, spirit and cigarettes. There is a very tiny tax that has been introduced on them and this could be higher.
“There is also a need to reform the fuel subsidy regime, moving towards its full elimination at least by 2024. Nigeria needs to roll back the PMC subsidies and adopt the free market price. This is critical for this country. There is also the need to improve revenue from cross-border transactions and other international tax measures.
Commenting on how to boost economic growth, Awasthi stressed the need for technology deployment in tax administration and data sharing between the Federal Inland Revenue Service and the states’ Internal revenue services to boost the revenue from personal income tax. He also called for an increase in the tax levied on certain goods, like wine, cigarettes and beer.
Obinna Chima writes on measures the federal government must adopt to achieve higher Gross Domestic Product growth rate
To the Senior Public Sector Specialist, Domestic Resource Mobilisation, at the World Bank, Mr. Rajul Awasthi, Nigeria must have to eliminate petrol subsidy to stimulate economic growth. Awasthi stated, “Nigeria has the largest economy in Africa and the largest country in Africa by population, so it is critical to Africa’s progress. There is no doubt about that. But the government of Nigeria, from the public finance perspective, is really facing an existential threat. Let’s not downplay the situation. That is the actual reality. “Nigeria is 115th out of 115 countries in terms of the average revenue to Gross Domestic Product ratio. Despite the oil prices rising the way they have been, net oil and gas revenues have been coming down because of the tremendous impact of the subsidy. “So, what is going to happen in 2022? The federation’s revenues are going to be significantly lower. They are already very low, and Nigeria is already the lowest in the world out of 115 large countries and this year, it’s really going to be lower than what it was in 2020 because of the debilitating impact of fuel subsidy.”
Path to Higher, Inclusive Economic Growth
“These are the kinds of things that across the world there is a consensus that these rates should be higher because they are supposed to attack and address negative externalities of these products.
Data released by the National Bureau of Statistics (NBS) at the weekend showed that the country’s Gross Domestic Product (GDP) grew by 3.54 per cent (year-on-year) in real terms in the second quarter of 2022. The growth rate however indicated a decline when compared to the 5.01 per cent recorded in the second quarter of 2021. According to the Q2 2022 report, posted on the NBS’ website, the rising prices of goods and falling oil production adversely impacted on the Q2 2022 performance. The growth rate in Q2 decreased by 1.47 per cent from 5.01 per cent growth rate recorded in Q2 2021 and increased by 0.44 per cent relative to 3.11 per cent in Q1According2022. to the NBS, in the period under review, aggregate GDP stood at N45 trillion in nominal terms, higher than the N39.12 trillion recorded in Q2 2021, indicating a year-on-year nominal growth of 15.03 per cent. The nominal GDP growth in Q2 2022 was higher relative to the 14.99 per cent recorded in Q2 2021 and higher compared to the 13.25 per cent growth recorded in the preceding quarter. However, the economy was largely driven by the non-oil sector which contributed 93.67 per cent to growth while the oil sector accounted for 6.33 per cent. In the review period, average daily oil production stood at 1.43 million barrels per day (mbpd), lower than the 1.61mbpd recorded in the same quarter of 2021 by 0.18 mbpd. This was also lower than the Q1 2022 production volume of 1.49 mbpd byHowever,0.06mbpd.real growth of the oil sector was –11.77 per cent (year-on-year) in Q2, indicating an increase of 0.89 per cent compared to the Q2 2021. On the other hand, the non-oil sector grew by 4.77 per cent in real terms during the reference quarter (Q2 2022), lower by 1.97 per cent compared to the rate recorded same quarter of 2021 and 1.31 per cent points lower than the first quarter of 2022. The sector was driven by Information and
“We have had this analysis over and over and so the diagnosis is clear. We know this problem, we know that Nigeria is grappling with several unsustainables, be it in the area of security or in the area of macroeconomic framework and subsidies that nobody gets. We subsidise those who own cars but have no money to build the roads for them to drive on,” he added. Soludo lamented that sub-nationals were bearing the cost of subsidies.
this D aY • Monday, august 29, 2022 of compliance and making sure we are targeting the right tax bases.”
“If we continue with subsidy, the central bank would continue to print money, the deficit will continue to rise, and how does the federal government pay its bills? It has got to resort to ways and means and the ways and means continue to fuel inflation and the depreciation of the exchange rate,” heThewarned.International Monetary Fund (IMF) urged the country to take proactive measures to enable it escape debt default.
Major Foreign Exchange Earner Path tO h igh
According to the Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, Nigeria’s economic challenges can be placed in four categories.
• Amadi is an oil palm farmer based in Owerri
The ban of crude palm oil and its derivatives exports by Indonesia, the world’s largest supplier of the commodity, should be music to the ears of investors in that line of business in Nigeria who eye the export market. Before the ban, palm oil and the refined products from it, were a major source of foreign earnings for that Asian country. In April 2020, a ton of Indonesian crude palm oil was fetching around $545 on the European and other markets. Two years later, that jumped to $1,700. For most agricultural experts, it is painful to recall that the Asians picked the first seedlings of the agricultural plant from Nigeria in the first republic. Ironically, Indonesia has eclipsed Nigeria in the cultivation of the plant and the production of its derivatives no thanks to a policy that played down the importance of agriculture in the nation’s strive to increase its Gross Domestic Product (GDP) and enhance her foreign revenue earnings.
On his part, Anambra State Governor, Prof. Chukwuma Soludo recently stressed the need for the government to phase out petrol subsidy immediately.
,
s pecial a nalysis
A recent presentation by the Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane had shown that, “Nigeria is approaching the fiscal cliff with a fiscal deficit of N3.09 trillion and the actual debt service was more than revenue between January and April 2022. In addition, the excess crude oil account was depleted to $375,000 in July 2022 from $35.7 million in June 2022.” But the Chief Economist and Director, Research Department, IMF, Mr. PierreOlivier Gourinchas noted that, “If you don’t have a reduction in the claims of debt restructuring, then the country is still saddled with unsustainable liabilities that it has to service and is unable to.”
“Our biggest problem has been expenditure; we need to re-prioritise our expenditure and only spend on essential items until our revenue profile improves. Unfortunately, we are going into an election year and naturally, in an election year in every government in Africa, you spend more than what you had budgeted. “But I pray that we would have that fiscal discipline. Eventually, I see us going back to the International Monetary Fund (IMF) for support. We have to do that because that is the only way we can get support, at least in the medium term.”
E Ec O n OM ic gRO wth 33
“So, the issue is that there is some money kept aside in sinking fund; if I am to advise the Minister of Finance, I think this is the right time to use the sinking fund to pay off all the domestic debts rather than rolling them over. That will reduce our debt burden.
Oil Palm
He added, “The second thing is that we need to bring in innovative way of increasing our revenue. For that, if I were the federal government, I would cancel any tax relief that I had given to people. For now, you don’t need to give any tax relief because the government is in dire need of revenue.
The macroeconomic challenge, which he said has to do with inflation, debt crisis and exchange rate; and the structural challenge, which has to do with ensuring productivity and competitiveness in the economy, driven largely by the quality of our infrastructure. The third challenge he said was one of security which has become a major problem now because it’s affecting productivity in the economy especially in agriculture and affecting the ability to attract investment from countries also affecting domestic investors from investing.Ontheglobal factor, Yusuf said Nigerians were yet to recover fully from the COVID-19 pandemic when the Ukraine -Russia war that is threatening global food supply chain broke out thus causing disruptions in the energy sector. He argued that in order to tackle the macro-economic issue, the government needs to tackle inflation by dealing with the problem of productivity. In this regard, Yusuf stated that government needs to revive infrastructure, so that the level of competitive output can be improved and increased.
CBN’s intervention in the Oil Palm value chain, pragmatic as it is forward looking, is aimed at increasing production from 1,250,000 metric tonnes to 2,500,000 metric tonnes by 2028 through the cultivation of approximately 350,000 hectares. The overall policy objective is to meet local demand for palm oil and its derivatives and at the same time improve local processing quality and standards; conserve foreign exchange reserves; create jobs and enhance the skills of Nigerian people along the oil palm value chain; facilitate easier access to funding for palm oil majors, Small and Medium Enterprises (SMEs), and smallholders in a way that will improve and grow the economy. Information available in the economic space indicate that the key value chain development activities in the sector which the CBN is deliberately pursuing involves the funding of oil palm majors and SMEs towards plantation development and mill construction and upgrade. It also includes a policy thrust to develop the out-growers framework for implementation, pursue a pilot scheme of the out growers’ scheme and facilitate land allocation to investors by state governments. It is instructive to point out that there are ongoing discussions between moribund oil palm estates such as Adapalm in the South east and possible investors. So far 170,000 hectares of land has been allocated to investors across 11 States. For instance, the Edo State Oil Palm Program (ESOPP) launched by Godwin Emefiele in 2019 is expanding. So far, a total of 65,000 hectares have been allocated by the state government to oil palm investors while the CBN has provided funding for the projects in the State to the tune of N51.29 billion. On its part, the Ondo state government has flagged-off its Red Gold Project. The state allocated a total of 54,000 hectares to oil palm companies and is supporting smallholder farmers towards the cultivation of a total of 6,000 hectares across three senatorial districts, in phases. The support is in form of providing ISPO, a government certification scheme issued through a ministerial regulation and as such is legally binding. The farmers have commenced nursery development, part of which commenced last year and will be transplanted to the main fields this year. Other states are also having talks with CBN through their Deposit Money Banks (DMBs) towards accessing facility for oil palm development by small holder farmers. Already, industry watchers are mapping out plans, projections and forecasts for 2022 and beyond with the hope that 350,000 hectares will be cultivated by 2028 as expected. In the final analysis and within the period under review, that is to say, total approved disbursement to Oil Palm Major/SME/Smallholders by CBN from inception of the policy to April 2022, is put at N73.38 billion. This is immensely commendable. It is also necessary to point out that events in Indonesia is positive pointer to the appropriateness of the Emefiele policy in the oil palm sector. From this perspective, therefore, experts urge investors in Nigeria to redouble their efforts so as to take advantage of the openings created by that country in the international palm oil market.Thebenefits are immeasurable as no bi-product of oil palm is wasted. Apart from palm oil, there is palm kernel and, yes, brooms that are still heavily in use in spite of the onslaught of technology. A new broom as it is said sweeps clean even in politics.
“We need to fix infrastructure to be able to support output production and employment that is critical in bringing down inflation. Another thing we need to do is to reduce inflation and moderate the rate at which the Central Bank of Nigeria finances government deficit which is extremely high at the moment. The cumulative figure now is about N15 to N19 trillion. A major component of inflation is food inflation and insecurity is the biggest problem contributing to food inflation.
“If we have not had the kind of disruption to our agric sector, the situation would not have been as bad as this,” he added. On naira depreciation, he said “If we can address the issue of insecurity and forex, then we can address the issue of inflation. We also have the revenue collapse. The level of fiscal deficit is high. The level of debt servicing is increasing. The way to deal with that is to ensure we restore investors’ confidence. If there is more investment, there will be more revenue. If there is more revenue, there will be less need for deficit financing and therefore less need for debt. “There is a need to review government’s expenditure. We are still spending the way we used to spend. There is no deliberate effort to cut down on the cost of governance. The issue of oil theft needs to be addressed. We are having a major financing deficit because of oil theft, especially our forex. “It is in our control to ensure security within our own space. If we are able to fix the oil theft issue, we will be able to restore sanity in our oil producing areas.”
Commenting on how to address the challenge in the forex market, Ayodele Akinwunmi of FSDH Merchant Bank, noted that the best way to resolve the issue was through increased supply. This, he said could be achieved through increased export of goods and services. “It is also about how do we move away from exporting only crude oil to refined oil and how do we do that? There are lots of modular refineries that are idle today. We need to ensure those things are in “Thereplace.is need to look at other government refineries, rather than doing turnaround maintenance, sell them to private investors, let them do the maintenance, increase production and export. It will help increase local demand and reduce demand for forex,” he said. “In terms of non-oil export, he said there was need to further incentivise manufacturers in the non-oil sector. We have competitive advantage in agriculture but insecurity has not allowed us to extract maximum value in that area. These are the things we need to do to earn more dollars,” he added.
However, the Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Dr. Baba Musa, pointed out that Nigeria’s biggest challenge has always been the debt service cost for its domestic debts, compared to that of the external debts. He noted that the interest rate the federal government pays on its domestic debts was twice as much as what it pays on external debt and that they were shortdatedMusainstruments.said,“When you look at the redemption profile of our debts, that of domestic debts are much higher. And the bonds, the government keeps rolling them over and when they roll them over, they do so at higher cost.
The reference to the above analysis is intended to bring to the fore the vision of the Central Bank of Nigeria (CBN) which is pursuing a policy of reviving the oil palm arm of the agro-business sector in Nigeria. It is obvious that the demand for palm oil in the global market is healthy enough to encourage any businessman desirous of investing in the sector that has proved to be even more profitable than oil and gas. It is on record that, presently, a barrel of palm oil costs more than a barrel of crude. It goes without saying that oil palm business is sustainable in the long run because it is renewable unlike hydrocarbon which is a wasting asset. It is from this perspective that the present administration in CBN took the bull by the horn as part of its effort to return agriculture to its pride of place as a major economic activity that once buoyed the economy of the country. It is also important that the CBN chose oil palm as one of the crops to attract its policy intervention. It is pertinent to point out that in the immediate post-independent Nigeria, oil palm played a key role in the economy of the then Eastern Region. It is pertinent to observe that Oil Palm supply gap is estimated at 1,250,000 metric tonnes. This is even as local demand is estimated at 2,500,000 metric tonnes and local production is 1,250,000 metric tonnes. It is, therefore, germane to point out why the apex bank is so committed to bringing back the lost glory of the sector that financed the major infrastructure in the south, especially, the South east in the colonial and immediate post-colonial era in the country.
“Another thing is to do what is called debt re-profiling, so that for those that have two to three years maturity duration, we can elongate the tenor, so that it can mature in five to 10 years or beyond. This will enable government to have breathing space, otherwise, our debt service cost would continue to dwarf our revenue, which is a mis-match.”
CBN Governor, Godwin Emefiele Kelechi Amadi
Reviving asER i nclusiv business
Inadequate road infrastructure, coupled with indiscriminate violation of the FCT Masterplan by developers, in connivance with compromised officers of the Federal Capital Territory Administration (FCTA) and Federal Housing Authority (FHA) have compounded the traffic situation in the city
“We also want to draw attention to the spate of crimes in this area in the last couple of months. We can’t sleep with our eyes closed because of constant gunshots heightened by commercial activities and government bodies are not making things easy for us. Recently we had one our houses in the estate converted to a restaurant and a bakery and we were wondering under whose approval and why the parking lot is going to be right there on 69 Road. There is a plaza springing up—two floors as we speak- and we don’t know if it is going to end at two floors or they are going ahead to make it three floors. Who is giving the authorisation? We have approached FHA. Some of them would claim they are unaware, but when we go to meet people building, they will say they have proper papers, documented, signed and they were given approval,” Agomoh lamented. She also warned that Road 69 could be cut off as a result of the deterioration of the gully that has eroded and nar rowed the road, adding the authorities have turned the blind eye despite that residents have in the past six years notified authorities about the parlous state of the road. “When that happens it is going to be a major catastrophe for us. If you are coming in from our estate right from the 3rd Avenue and coming home from work, from Chambian to this estate, you won’t do it in less than an hour and half, a journey that under normal circumstances should be like three to five minutes. You can be stuck in traffic for more than one and half hour for no other reason than the springing up of plazas, not just shops –two, three, four floors of plazas and they have no parking lot. Their customers are parking right on the road, making the road inaccessible,” Agomoh said. Hassles in Life Camp, Kafe District The traffic originating from and into the newly created Kafe District of Life Camp is a major concern for residents
The growth of the Federal Capital Territory since its creation in 1976 has surpassed the projections of its planners as it is attracting new settlers from across the country. Its urban area population is projected to hit 3.8 million by 2023 and 4.2 million by 2025. However, what is very concerning is the perennial gridlock in parts of the city arising from creation of new districts and the influx of people into Abuja. Traffic menace is a dilemma for residents and the managers of the city, Olawale Ajimotokan reports
From Daki Biu, a new upscale district abutting the once sleepy Wuye District, to Kafe, Life Camp, Wumba, Gwarimpa, Guzape, Maitama 2, Asokoro Extension, Karmo, Lokogoma and Kugbo among others, the thriving districts will, to some extent, ease the nation’s infrastructural deficit.However, some of the residents of these districts barely cope with traffic snarls that have now become emblematic with the new Inadequatedistricts.road infrastructure, coupled with indiscriminate violation of the FCT Masterplan by developers, in connivance with compromised officers of the Federal Capital Territory Administration (FCTA) and Federal Housing Authority (FHA) have compounded the traffic situation in the city. Traffic Chaos in Gwarimpa The situation in Gwarimpa is critical to the case under review. Gwarimpa, the largest estate in Nigeria was conceived in 1993 when Lateef Jakande was the Minister of Works under the Abacha Administration. But over time develop ments have brought unmitigated hardship on the residents in form of traffic gridlock in parts of the estate. The residents of Adkan Estate in Gwarimpa, recently made an outcry about the deteriorating conditions of Road 69 which connects about 30 other estates in Gwarimpa to the Kubwa Express way via the Charlie Boy Bus-stop exit point. The Secretary of the estate’s board of Trustees, Mrs Chidinma Agomoh, said traffic has literally taken over Road 69 because many of the green areas in the estate were being converted to high rise plazas and night clubs by developers. She said the spate of developments and commercial activities at the estate, in stark violation of the FCT masterplan by developers in collusion with officers of FCTA and FHA, was creating hardship for residents who were mainly retired seniorAgomohcitizens.excoriated authorities for not addressing their grouse despite drawing the attention of the FHA, FCTA and the Federal Capital Development Authority (FCDA) to the ongoing infraction.“Wedon’t know what is going on here. The FHA people are selling the vast green areas in the estate to some people who are turning them into multi-storey plazas, causing lack of vehicular control because many vehicles now park indiscriminately on the road. We are also worried that many residential buildings are being turned into supermarkets and night clubs in violation of the master plan,” she said. Agomoh added that the end result was the unending gridlock which residents and other road users were experiencing on that axis of the city. “Shoppers are parking right on the road, making the road inaccessible. You can see how narrow our road is. It was actually built to be a one lane road. You can imagine what happens when plazas take half of that road and what we are left with to drive through. And we begin to wonder who is giving the approval for these plazas without proper approval for adequate parking lot. We are not against commercial activities, but it must be properly checked."Abuja has a master plan but what we are seeing in Gwarimpa is chaos. We don’t know whether we are still part of the master plan or have been taken out of it. Every given space is taken up by a plaza. When we brought houses in this estate, we were informed that it was strictly residential and as an association, we have worked hard to maintain that. You can hear it from our name—Adkan Residents Association. This is where we reside and not where we will come and trade and go home. We are worried when we can’t get home because of the activities of shop owners.
CITYSTRINGS 34 THISDAY • MON daY aUGUST 29, 2022 Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 07010510430 Continued on page 35
Urbanisation and Its Attendant Traffic Menace in FCT Districts Traffic congestion in Abuja
Kafe district gridlock
Agomoh stresses the distress Gwarimpa residents routinely face on the road
T raffic congestion is the new concern in some of the existing and emerging districts in the FCT. Estates, lavish duplexes, terrace houses and shopping malls, some using clean energy now dot different districts in Abuja.
Gully eroding Road 69 at Gwarimpa, which causes traffic congestion
“Again there is this traffic light at Catholic Church by Spar Super Market that is not working. Private individu als have tried to do it but government must make traffic accessible by installing traffic light,” Okereke said. In order to tackle the pe rennial gridlock on the axis, he suggested that a flyover be constructed across the roundabout in addition to expanding the road to connect Gwarimpa and by creating other roads as well.
“But the developers have found them selves without primary infrastructure and they have to keep improving for their business,” Okereke said. Mpape Chaos In regular discourse the usual reference when it comes to Mpape is that it is a neglected urban community that breeds crime and where most of the residents live in squalid conditions. Mpape is a community with the poten tial to be a tourist destination given its position on a hilly terrain that affords a breathtaking sight of major landmarks in the city ranging from the National Assembly, the Federal Secretariat, the Millennium Tower, National Mosque, National Christian Centre, Transcorp Hilton, the Central Bank, IBB Golf Course and among others. Most parts of Maitama and Asokoro are also visible. But the roads to Mpape are so bad that business owners are avoiding the area. The only road that leads to the community is the one that branches off the Kubwa Expressway. The community is prone to traffic congestion that stretches from end to end during the peak hours.
With regard to suggestion that the authority should control the expansion at Kafe where many duplexes and shop ping malls are springing up because the development does not commensurate with infrastructure on ground, he said the developments at the district are mostly those entered into with the FCTA, which on its part is obliged to provide primary infrastructure, while the developers provide the secondary infrastructure in the estate they are building.
“Another thing is about the traffic light. The duration allowed for traffic to flow from Life Camp is not sufficient—about 45 seconds. On this side because you have so many people coming out from here, you need to allow for at least 90 seconds for the traffic to flow so that we don’t have long back off.
“Even from Canaan Estate going to Gwarimpa, a road that is of less than 6km, there is traffic. Traffic will improve from Life Camp to that side going out. The only accessible road in Life Camp is from Canaan Estate to the Court and that is even a private initiative. Everybody is coming in even from Gwarimpa and Kubwa through this area creating a whole lot of traffic because the place also connects to the airport. They can create a road from Canaan Estate going to Gwarimpa –so that traffic will flow out from Life Camp and improve traffic in Life Camp proper”.
The Apo District is strategic to the FCT because its expansion will take development right into the centre of Abuja and to the communities on the fringes with Nasarawa State. However, Apo and its environs are some of the worst impacted areas of the FCT by traffic logjam stemming from the non-completion of the Apo-Karshi road and the Apo-Wassa road that was awarded in 2017 at the cost of N8.2 billion.
“Now in Life Camp there is no other way to come out of places around the Catholic Road because there is no bypass. FCTA should create new roads to take the traffic away. It must build new roads in that area because it can afford it.
“We don’t know what is going on here. The FHA people are selling the vast green areas in the estate to some people who are turning them into multi-storey plazas, causing lack of vehicular control because many vehicles now park indiscriminately on the road. We are also worried that many residential buildings are being turned into supermarkets and night clubs in violation of the master plan"
Commercial plaza at development stage in a residential area in Gwarimpa Road side Green Zone at Gwarimpa allegedly sold to developers and converted into shopping malls in contravention of the Master Plan
citystrings THISDAY • MON day aU g U st 29, 2022 35 in the morning and during evening rush hours. It can be laborious getting into or com ing out of Kafe District. This is because the traffic from the Southern Park Way that traverses four key roads in Garki and the Central Business District and runs across Mabushi, splinters into four narrow roads at the Life Camp roundabout and hampers traffic for vehicles heading towards Life Camp, Kafe, Gwarimpa, Jabi, Lokogoma and other communities along the International Airport Road.
FCTA Blames Roadside Traders for Traffic The Senior Special Assistant on Moni toring, Inspection and Enforcement to the Minister of FCT, Ikharo Attah has blamed traders and pantakers operating on the roadside for the perennial traffic gridlock at Mpape and Apo communities. He pleaded with traders to leave the roadside at Mpappe because the community is a gateway to and from Abuja’s main resettlement community at Galuwyi Shere. He said the market stretch, structure and structures within 25 metres from the road on both sides must be removed.
Anita, a civil servant, who resides in the community, said she sometimes spends several hours in the traffic whenever she is returning home from work. She lamented lack of access road in several villages in the community with the exception of, Crushed Rock Road, Arab Construction site and the GaluwyiShere Road that is under construction by“WeFCTA.experience agony on daily basis because of the narrowness of the road. There was an occasion when a neighbour of mine needed urgent medical inter vention. They used a wheel barrow to evacuate him to the hospital in order to beat the traffic,” Anita said. But despite its terrible road, choice estates that dot Mpape valley are visible to the left of the road when ascending the community. There is Mopol 24 Cross Court State House Barracks and Maman Vatsa Writers Village. Mpape also provides access to Maitama 2. Apo Gridlock and the Burden of Development
“Now with the influx of many residents the routes need to be expanded as they are not enough for everybody. Why we understand the way things are with the economy and government and paucity of funds and all of that but for immediate step, there are things that can be done to alleviate the problem now,” Okereke said.He urged the authority to rehabilitate the damaged portions of the road that slow down traffic, properly mark the road and force drivers to comply with the rules and regulations. He also harped on strict enforcement of the law against traffic violators, who in spite of the road signs still jump the line and beat the light. He said offenders should be arraigned before a mobile court at that “Withroundabout.regardtothe design of the road on the masterplan, you can expand the road a little by having two lanes on one side and two lanes on the other side. It does not have to be the six-lane on the masterplan which I know the FCTA can’t afford now, but at least we can expand this road to accommodate more vehicles. Now the traffic growing up from Life Camp builds up to that roundabout on a single lane that is why the traffic is a problem. If we have six lanes by the time you get to that that roundabout it will ease the traffic on both sides of the road.
The Chairman of Kafe District Stake holders Forum, Chief Uche Okereke described the traffic at Kafe as very concerning particularly as the district is developing with many estates coupled with the influx of residents.
“We observed that most people have extended shops and structures multiple times to appoint here they now sit on the road. The demolition of Mpape is long overdue, ” Attah declared.
The Salisu Ilyasu Road that connects parts of Life Camp 1 and 2 and Kafe District is reminiscent of a bottleneck that restricts vehicular flow. On that corridor are the Spar Market and several estates including Brains and Hammer, Aco Estate, Godab Es tate, Chesville Corte, Sunshine Estate, Favourland Estate, Kafe Garden Estate, Marcon Estate, Audi-Kan Beulah, Hill View Estate and Bah Island by Bilaad. Also in Kafe are many elite schools including JC Best School and the world class Kafe District Market owned by Abuja Investment Company Limited (AICL) and its Italian partners. Given its constriction the road can barely cater for the residents who on daily basis experience agonising traffic.
The Apo- Wassa road is part of the Outer Southern Expressway (OSEX) that after its completion, will run through Wasa District and Kuje before pulling up at Gwagwalada. But communities are bearing the grunt as a result of the slow pace of work on the road. Mechanics and traders, who produce a lot of wastes that are deposited on the road, occupy vast stretch of the road. Developers are building up estates along the road with many of them lacking accessible inner roads. The upscale Shoprite supermarket is along the road just before the Oladipo Diya Road at Apo Akpmajenya Village. Traffic in that axis is a battle of the fittest with commercial tricycle operators competing for space with other vehicles.
Pathfinders Justice Initiative Launches “HERS
James Emejo in Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has urged the trade associations and merchants to take advantage of the numerous benefits provided by the Central Bank Digital Currency (CBDC) also known as eNaira to promote and grow their businesses. Specifically, Emefiele said the availability of eNaira payment option on e-commerce merchant platform such as Remita will complement the existing digital payment system, translating to about 50 per cent increment in e-commerce transactions and at a lower Speakingcost.at opening of the ABUJA eNaira Merchants Mega Event over the weekend, which was organised by the apex bank in collaboration with the Abuja Chamber of Commerce and Industry (ACCI), Arabatech and PNAIL, the CBN governor noted that for merchants, eNaira would help them reduced cash handling costs, elimination of failed transactions, instant settlement, increased speed of transactions, improvement in records keeping and elimination of challenges associated with giving change to customers, amongst others. He, however, pointed out that merchants including petrol sta tions, supermarkets, e-commerce and other businesses not only have significant roles to play in driving the adoption of the eNaira, but can also leverage on the opportunities offered by the digital currency to improve cash management and make significant savings in operating cost. Represented by Deputy Governor, Economic Policies Department, CBN, Dr. Kingsley Obiora, Emefiele noted that the event was aimed at driving the adoption of the digital currency by merchants and other key stakeholders in the country. He further assured the partici pants that the CBN will continue to innovate and upgrade the eNaira platform to serve business and deepen the digital economy in AsNigeria.aresult, he said the bank is already partnering with Fintechs and have also put in place a robust Help Desk to provide support for merchants and other users towards ensuring seamless adoption of the digital money. In his remarks, President of ACCI, Dr. Al-Mujtaba Abubakar, said the eNaira event comes at a good time to educate the business community on its benefits and importance because despite the high expectations and hype around the CBN digital currency, the business community is yet to embrace it fully. He said, “Newspaper research recently revealed that major retailers and vendors in the country are yet to adopt it about 10 months after the launch. “If fully embrace, there are several benefits attached to it for the business community. Some of the benefit include speedy delivery, safe, and simple trading and transactional opportunities to customers and end-users.”
The Chairman of the Board of the Nigerian National Petroleum Company Limited (NNPC), Sen. Margery Okadigbo; Chairman, Integrated Oil and Gas, Captain Emmanuel Iheanacho; Pioneer Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Mrs. Mfon Usoro; Chairman, Starzs Investments Company Limited, Engr. Greg Ogbeifun; and Senior Partner of OAL, Dr Olisa Agbakoba, SAN have been shortlisted alongside some frontline industry practitioqners for the Maritime and Offshore Award (The OMIS) 2022. Chief Executive Officer of The OMIS, Femi Da-silva disclosed this in a statement. He said that captains of industry and frontline prac titioners were nominated by leading voices in the maritime sector because of their self less leadership roles and contributions to the growth of the Da-Silvasector. added that Samsung Heavy Industries, Bureau Veritas, CMA CGM Shipping, Niger Dock, SIFAX, were among firms nominated in the corporate organisations’ category of the award.
L-R: Acting Assistant Comptroller General of Customs and outgoing Customs Area Controller of PTML Command, Comptroller Festus Okun, handing over to the new Area Controller of PTML Command, Comptroller Suleman Bomoi in Lagos...recently
The Special Adviser to the President on Ease of Doing Business/Secretary, Presidential Enabling Business Environment Council (PBEC), Dr. Jumoke Oduwole, has said the newly approved $750 million World Bank- assisted Sate Action on Business Enabling reforms (SABER) programme will for the first time, help to scale up the business environment reforms at the states’ level. PEBEC was set up in July 2016 by President Muhammadu Buhari, to remove bureaucratic constraints to doing business in Nigeria, and make the country a progressively easier place to start and grow a business. Speaking at a media briefing, Oduwole said of the total sum, $20 million will be used for technical assistance to help the states deliver on critical reforms properly.Shesaid $730 million will be deployed facilitate reforms in four areas namely land registra tion, Certificate of Occupancy (C/O), timelines and digitisation. She also revealed that the council planned to celebrate “our indefatigable entrepreneurs, and the MSMEs who have been working tirelessly to make a living through entrepreneurship across the country”.
DAILY BASKET PRICE As AT TH u R s DAY, MAY 7
“Our mission is to prevent sex slavery/sexual violence and to liberate enslaved women and girls through the direct eradication of root causes. Benson-Idahosa urged interested Nigerians to take advantage of the services which he said are totally free of charge, by visiting www. hersAfrica.com.
The presidential aide said to this effect, PEBEC will be stage play titled, “The Future is Here” between October 1 and 2, 2022, to “celebrate the men and women who have delivered the reforms which we have been able to accomplish so far in the ease of doing business intervention.” In achieving its mandate, the council had been interfacing with the agencies of government including ministries, departments and agencies (MDAs) to de-risk the business landscape. Although the task is still ongoing, several reforms have been successfully implemented, thereby making the business environment less risky for investors.Theassignment has also been extended to the states where there are lots of impediments to friendly business environment especially in the areas of multiple taxation.However, Oduwole said the council seeks to specially recognise public and civil servant who have helped to facilitate the economic reforms so far realised. To this end, she said the annual PEBEC awards to honour the titans of reforms would be held on December 1. She also disclosed that the second edition of the Ease of Doing Business Report for Nigeria would be made public thereafter.“Thereport covers the entire country; what private sector are saying about the entire country and that report is going to be used to create state action plan. We were trying to digitise the economy and you know what good data does for all of us, ”she added.
business/ MOn e YG ui D e • Monetary Policy Rate - 13% Oduwole: World Bank’s $750m SEBER Programme Will Deepen Economic Reforms MARKET INDICATORS • Source - CBN MONEY AND CREDIT STATISTICS (M i LL i O n n A i RA) JUNE 2022 Money Supply (M3) 48,865,823.53 -- Cbn bills Held by Money Holding sectors 167,956.2 Money supply (M2) 48,797,867.32 -- Quasi Money 28,405,330.1 -- narrow Money (M1) 20,392,537.22 ---- Currency Outside Banks 2,722,785.91 ---- Demand Deposits 17,669,751.32 net Foreign Assets (nFA) 6,242,394.29 net Domestic Assets(nDA) 42,623,429.24 -- net Domestic Credit (nDC) 57,267,178.05 ---- Credit to Government (net) 17,996,690.06 ---- Memo: Credit to Govt. (net) less FMA 0.00 ---- Memo: Fed. and Mirror Accounts (FMA) 0.00 ---- Credit to Private Sector (CPS) 39,270,488 --Other Assets net 5,566,430 Reserve Money (base Money 11,320,304 --Currency in Circulation 3,259,269.15 banks Reserves 11,320,303.72 special intervention Reserves 384,377.56 Money Market Indicators (in Percentage) Month June 2022 Inter-Bank Call Rate 11.10 Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR) 13.00 Treasury Bill Rate 2.45 Savings Deposit Rate 1.38 1 Month Deposit Rate 3.48 3 Months Deposit Rate 4.55 6 Months Deposit Rate 4.97 12 Months Deposit Rate 5.30 Prime Lending rate 12.29 Maximum Lending Rate 27.61 36 THISDAY •MONDAY, Au G usT 29, 2022
Okadigbo, Iheanacho, Others Set for Maritime, Offshore Award
James Emejo in Abuja
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
AFRICA”, Rehabilitates 2,700 Women
OPEC
Pathfinders Justice Initiative, a non-governmental Organisation has stated that it has assisted in rehabilitating 2,700 women survivors of trafficking even as the organisation launches a new initiative HERS AFRICA. According to Ruth Evon Benson-Idahosa, Executive Director PJI, HERS (Hub of Economic Resources for Sur vivors) Africa, is the first and only digital ‘one stop’ resource hub in Africa to address the unique and complete needs of survivors of trafficking as they navigate a path towards self-sustainability and economic independence.Benson-Idahosa stated that “It is our hope that this one stop digital hub, the first of its kind I Africa will address the unique and complete needs of African survivors, will provide you with the resources you need to journey from victim to advocate. We are so glad you are here!
eNaira to Boost e-Commerce by 50%, Says Emefiele
Turnaround Maintenance
OF 26 /8/2022 MAIN BOARD DEALS MARKETPRICE qUANTITyTRADED vALUE TRADED(N)MAIN BOARD DEALS MARKETPRICE qUANTITyTRADED vALUE TRADED(N)
Boosts Notore’s Revenue, Profit in H1 2022
The company has also stepped-up efforts to diversify its revenue base with its installed 2,000 metric tons per day NPK blending capacity. They are also ramping up their seeds business producing about 5,000 50KG bags of rice in Despite2021.allthese positives, the company’s biggest challenge is its external debt obligations which we addressed in this article. According to the information contained in its latest results, Notore’s debt burden is currently about N130 billion. The company stated that the Dol lar portion of the loans increased slightly by 0.81per cent from 2021 financial year majorly from the impact of the Naira devaluation on USD-denominated loans while the proportion of long-term loans to total loans increased to 85 per cent from 62per cent in 2021FY, resulting from the restructuring of short-term loans to long term as part of the financial initiatives taken by the company.
Kayode Tokede Notore Chemical Industries Plc released its 2022 half-year result posting revenue of N26.2 8 billion as against N9.43 billion reported in nine months of 2021 and profit before tax of N2.6billion in H1 2022 from N15.85billion loss reported in nine months of 2021. Nigeria’s fertilizer-producing company performance in the period under review showed an impressive performance with its 500,000 Metric Tonne Urea Plant and a 600,000 Metric Tonne of NPK Blending Plant in Onne, Rivers State, Nigeria. Over the last 5 years, it has wallowed in debts and suffered severe revenue declines as it is unable to produce at full capacity. In 2019, the company decided to embark on major turnaround maintenance of its plant which was completed in 2021 after Covid-19 induced delays. The breakdown of revenue revealed that Urea and other chemicals grew by 311.07 per cent to N24.97billion in six months of 2022 from N6.07billion reported in nine months of 2021, while revenue from NPK dropped to N639.46million in six months of 2022 from N2.27billion reported in nine months of 2021. Since its Plants are more reli able and production output has massively improved delivery of Urea and other chemicals amid increasing demand for fertilizer within and outside Nigeria is also high even as Russia/Ukraine war cast a dark cloud over its outlook. Analysis by geographical location revealed that revenue within Nigeria grew significantly by 27.9per cent to N11.57billion in six months of 2022 from N9.05billion reported in nine months of 2021, while revenue outside Nigeria moved from N388.8million in nine months of 2021 to N14.72billion in six months of 2022. AS
THISDAY •MONDAY, AUGUST 29, 2022 37 M ARKET NEWS
PRICES FOR SECURITIES TRADED
Consequently, YTD return strengthened to 16.3% (previously: 15.6%) while market capitalisation increased by ₦168.0bn to ₦26.8tn. Activity level improved as average volume and value traded grew 10.0% and 19.9% w/w to 182.9m units and ₦3.1bn respectively. The top traded stocks by volume were MBENEFIT (139.0m units), FBNH (70.2m units), and UBA (52.3m units) while MTNN (₦1.8bn), ZENITH (₦1.1bn), and AIRTELAF (₦1.0bn) led trade by value.
Afrinvest West Africa Limited
The domestic market closed the week on a positive note as the NGX All Share Index rose 0.6% w/w to settle at 49,682.15 points.
THISDAY • MONDAY, AUGUST 29, 2022
Meanwhile, performance was bearish across sectors within our coverage as only 2 of 6 indices gained. The Industrial Goods and Oil & Gas indices led laggards, down 4.2% and 4.1% w/w respectively on the back of losses in DANGCEM ( 5.2%), BUACEMENT ( 3.4%), SEPLAT ( 8.4%), and ETERNA ( 8.3%). Trailing, the Consumer Goods and Banking indices dipped 1.7% and 0.7% w/w respectively following price decline in NNFM ( 12.8%), VITAFOAM ( 9.4%), UBN ( 6.7%), and UNITYBANK ( 6.7%). On the flip side, buying interest in AIRTELAF (+7.1%), CWG (+10.0%), NEM (+20.9%), and MBENEFIT (+20.0%) pushed the AFR ICT and Insurance indices up by 5.2% and 3.9% w/w sequentially. Investor sentiment, as measured by market breadth, strengthened marginally to 0.1x from 0.2x recorded in the previous week as 26 stocks gained, 37 lost while 89 were unchanged. The top outperforming stocks for the week were NEM (+20.9%), MBENEFIT (+20.0%), and JAPAULGO (+17.2%) while NNFM ( 12.8%), FTNCOCOA ( 12.1%), and FIDSON ( 9.6%) were the top underperforming stocks. Next week, we expect bargain hunting activities to drive marginal gains.
Adedoyin Allen | aallen@afrinvest.com Taiwo Ogundipe | togundipe@afrinvest.com Robert Omotunde | romotunde@afrinvest.com Christopher Omoh | comoh@afrinvest.com Brokerage Asset Management Abiodun Keripe |akeripe@afrinvest.com Damilare Asimiyu dasimiyu@afrinvest.com Investment Research Ticker CurrentPrice PreviousPriceChange WeightingCurrent ChangePriceYTD IndexChangePricetoDate ROE ROA P/E P/BV DivindendYield EarningsYield THISDAY AFRINVEST 40 2491.81 0.04% 34.4% 149.2% 26.1% 4.9% 4.7x 0.7x 7.0% 14.4% 1 Airtel Africa PLC 2,040.00 0.0% 52.3% 113.6% 17.8% 19.2% 6.7% 1.0% 2 MTN Nigeria Communications PLC 200.00 0.0% 6.8% 1.5% -13.0% 144.8% 14.4% 12.0x 15.2x 7.1% 8.3% 3 BUA Cement Plc 52.00 0.0% 4.2% -22.4% -27.7% 23.3% 12.1% 19.5x 4.4x 5.1% 5.1% 4 Guaranty Trust Holding Co PLC 20.00 0.3% 4.0% -23.1% -2.4% 19.8% 3.2% 3.3x 0.7x 15.0% 30.4% 5 Zenith Bank PLC 21.90 -0.5% 4.1% -12.9% 0.9% 20.7% 2.7% 2.8x 0.5x 14.2% 36.3% 6 Dangote Cement PLC 245.00 0.0% 3.4% -4.7% -10.9% 44.2% 15.8% 12.2x 5.5x 8.2% 8.2% 7 Lafarge Africa PLC 23.90 -0.2% 2.6% -0.2% -9.5% 15.6% 11.1% 6.4x 1.0x 8.4% 15.6% 8 FBN Holdings Plc 10.85 0.9% 2.4% -4.8% -6.5% 20.5% 1.9% 2.3x 0.4x 3.2% 43.1% 9 Nestle Nigeria PLC 1,350.00 3.3% 2.4% -13.3% -3.6% 178.2% 15.1% 23.2x 37.1x 3.7% 4.3% 10 SEPLAT Energy PLC 1,300.00 0.0% 2.5% 100.0% 0.0% 9.9% 5.1% 10.0x 1.0x 3.2% 10.0% 11 Access Holdings PLC 8.20 0.0% 1.9% -11.8% -11.8% 17.9% 1.6% 1.8x 0.3x 8.5% 55.8% 12 United Bank for Africa PLC 7.15 0.7% 1.5% -11.2% -4.0% 15.6% 1.4% 2.1x 0.3x 14.0% 48.8% 13 Nigerian Breweries PLC 47.15 0.0% 1.2% -5.7% -19.8% 13.4% 4.9% 16.0x 2.1x 3.6% 6.3% 14 Okomu Oil Palm PLC 188.30 0.0% 1.2% 32.6% -13.2% 52.6% 30.4% 8.4x 4.2x 3.9% 11.9% 15 Ecobank Transnational Inc 10.80 0.0% 1.3% 24.1% 1.9% 20.0% 1.1% 2.2x 0.4x 6.2% 46.2% 16 Stanbic IBTC Holdings PLC 30.50 0.0% 1.1% -15.3% -9.1% 18.0% 2.3% 6.2x 1.1x 11.5% 16.2% 17 International Breweries PLC 5.00 -3.8% 0.9% 1.0% -20.6% -2.4% -0.9% 1.0x -2.5% 18 Flour Mills of Nigeria PLC 27.00 0.0% 0.8% -4.8% -16.9% 0.6x 8.0% 19 Fidelity Bank PLC 3.06 0.0% 0.6% 20.0% -10.5% 13.3% 1.2% 2.3x 0.3x 11.4% 43.0% 20 Guinness Nigeria PLC 80.00 -4.8% 0.6% 105.1% -11.6% 19.1% 8.1% 11.2x 1.9x 8.9% 8.9% 21 Presco PLC 142.60 0.0% 0.4% 62.4% -13.6% 53.7% 20.2% 6.3x 3.3x 5.1% 15.9% 22 FCMB Group Plc 3.20 6.0% 0.4% 7.0% -7.5% 12.4% 1.2% 2.1x 0.3x 6.3% 47.5% 23 AXA Mansard Insurance PLC 1.85 0.0% 0.4% -20.3% -7.5% 5.7% 1.7% 9.1x 0.5x 13.5% 10.9% 24 United Capital PLC 11.95 0.0% 0.4% 20.7% -6.3% 5.7x 2.7x 12.6% 17.5% 25 Dangote Sugar Refinery PLC 16.00 0.0% 0.4% -8.0% -1.8% 23.2% 8.7% 6.5x 1.4x 6.3% 15.3% 26 Transnational Corp of Nigeria 1.04 0.0% 0.3% 8.3% -15.4% 19.0% 4.3% 2.5x 0.4x 1.9% 39.3% 27 PZ Cussons Nigeria PLC 8.05 0.0% 0.2% 32.0% -16.1% 6.1x 0.9x 2.9% 16.3% 28 Cadbury Nigeria PLC 13.40 0.0% 0.2% 52.3% -22.3% 7.6x 1.7x 3.8% 13.1% 29 UAC of Nigeria PLC 10.80 0.0% 0.2% 13.7% -2.7% 3.6% 1.6% 18.0x 0.7x 6.0% 5.6% 30 TotalEnergies Marketing Nigeri 234.50 0.0% 0.2% 5.7% 0.0% 1.8x 31 Julius Berger Nigeria PLC 25.90 0.0% 0.2% 15.9% -2.3% 19.1% 2.1% 5.5x 0.8x 9.7% 18.2% 32 Custodian and Allied Insurance 6.50 -3.0% 0.1% -17.7% -7.1% 18.2% 5.2% 3.9x 0.7x 7.7% 25.5% 33 Wema Bank PLC 3.50 0.0% 0.2% 386.1% 9.7% 15.7% 0.9% 8.8x 1.8x 6.9% 11.4% 34 Unilever Nigeria PLC 13.50 0.0% 0.1% -6.9% -8.8% 7.2% 4.3% 42.0x 1.2x 3.7% 2.4% 35 Jaiz Bank PLC 0.86 1.2% 0.1% 53.6% -5.5% 20.0% 1.5% 6.3x 1.2x 4.7% 15.9% 36 Oando PLC 5.05 1.0% 0.1% 14.3% -10.9% -21.5% -178.0% 37 Union Bank of Nigeria PLC 5.60 -6.7% 0.1% -5.1% -8.9% 6.4% 0.7% 8.9x 0.6x 11.2% 38 Sterling Bank PLC 1.53 0.7% 0.1% 1.3% 0.7% 10.3% 1.0% 2.8x 0.3x 6.5% 35.8% 39 Notore Chemical Industries Ltd 62.50 0.0% 0.0% 0.0% 0.0% -17.7% -4.1% 1.8x -1.8% 40 Transcorp Hotels Plc 6.25 0.0% 0.0% 16.2% 0.0% 1.0x 1.1% Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index THISDAY AFRINVEST 40 INDEX Monday, August 29, 2022 Ticker Price Price Chg % CWG 0.99 10.0% LEARNAFRCA 2.47 9.8% CAVERTON 1.15 9.5% MULTIVERSE 2.30 9.5% CHAMS 0.27 8.0% AIRTELAFRI 2040.00 7.1% LASACO 1.01 6.3% OANDO 5.00 4.2% BUAFOODS 55.80 3.3% NEM 5.00 3.3% Ticker Price Price Chg % MBENEFIT 0.28 -9.7% HONYFLOUR 2.72 -8.4% FLOURMILL 27.00 -7.1% UNITYBNK 0.40 -4.8% FCMB 3.02 -3.5% FTNCOCOA 0.29 -3.3% WAPIC 0.39 -2.5% JAIZBANK 0.85 -2.3% CHAMPION 3.85 -1.3% GTCO 19.95 -0.7% Top 10 Gainers Top 10 Losers Ticker Volume Price Chg % MBENEFIT 74.5 -9.7% FBNH 23.4 0.0% ACCESSCORP 15.8 0.0% UBA 15.3 1.4% NEM 13.5 3.3% GTCO 10.7 -0.7% TRANSCORP 8.5 0.0% ZENITHBANK 5.5 0.0% LINKASSURE 5.0 0.0% FIDELITYBK 4.9 1.0% Ticker Value Price Chg % MTNN 505.0 0.0% NESTLE 434.2 0.3% AIRTELAFRI 322.3 7.1% FBNH 251.9 0.0% GTCO 213.9 -0.7% ACCESSCORP 130.2 0.0% DANGCEM 130.2 0.0% ZENITHBANK 121.9 0.0% UBA 107.1 1.4% SEPLAT 85.0 0.0% Top 10 Trades by Volume Top 10 Trades by Value 38
Domestic Equities Market: Local Bourse Records Mild Gains ASI up 0.6% w/w
GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 25Aug-2022, unless otherwise stated. Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
MARKET NEWS 39MONDAY, AUGUST 29, 2022 •THISDAY
A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS Coral Balanced Fund 4,034.46 4,087.69 5.40% Coral Income Fund 3,607.55 3,607.55 6.18% Coral Money Market Fund 100.00 100.00 10.13% FSDH Dollar Fund 1.11 1.11 4.02% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.97% Vantage Balanced Fund 2.89 2.94 1.14% Vantage Guaranteed Income Fund 1.00 1.00 6.00% Kedari Investment Fund (KIF) 142.38 142.38 3.93% Vantage Equity Income Fund (VEIF) - June Year End 1.24 1.28 2.04% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 0.74% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.59 1.62 12.23% Lotus Halal Fixed Income Fund 1,165.00 1,165.00 6.12% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.03 12.09 10.38% Meristem Money Market Fund 10.00 10.00 11.16% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.09 102.09 9.65% Norrenberger Money Market Fund (NMMF) 100.00 100.00 9.88% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 130.04 132.63 4.74% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.06 1.06 9.24% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,547.61 3,582.84 4.75% Stanbic IBTC Bond Fund 241.21 241.21 2.39% Stanbic IBTC Ethical Fund 1.40 1.42 11.90% Stanbic IBTC Guaranteed Investment Fund 324.97 324.98 3.78% Stanbic IBTC Iman Fund 257.30 261.62 10.42% Stanbic IBTC Money Market Fund 1.00 1.00 8.46% Stanbic IBTC Nigerian Equity Fund 11,554.09 11,715.16 5.92% Stanbic IBTC Dollar Fund (USD) 1.33 1.33 3.31% Stanbic IBTC Shariah Fixed Income Fund 119.48 119.48 2.20% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 111.67 111.67 4.98% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.94 0.97 6.59% United Capital Balanced Fund 1.33 1.35 2.07% United Capital Wealth for Women Fund 1.12 1.13 8.29% United Capital Sukuk Fund 1.08 1.08 4.66% United Capital Fixed Income Fund 1.91 1.91 4.10% United Capital Eurobond Fund 122.86 122.86 3.70% United Capital Money Market Fund 1.00 1.00 11.34% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.82 3.92 -4.66% Vetiva Consumer Goods Exchange Traded Fund 5.84 5.94 -0.13% Vetiva Griffin 30 Exchange Traded Fund 17.95 18.15 1.52% Vetiva Money Market Fund 1.00 1.00 9.25% Vetiva Industrial Goods Exchange Traded Fund 17.61 17.81 -11.82% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 141.47 143.47 -10.26% REITS Fund Name NAV Per Share Yield / T-Rtn SFS REIT 118.56 4.66% Union Homes REIT 51.93 2.11% EXCHANGE TRADED FUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Equity Exchange Traded Fund 14.05 14.15 0.44% SIAML Pension ETF 40 126.56 129.77 -0.43% Stanbic IBTC ETF 30 Fund 98.97 101.13 -0.79% MERGROWTH ETF 16.40 16.50 -6.20% MERVALUE ETF 17.10 17.20 13.62% INFRASTRUCTURE FUND Fund Name NAV Per Share Yield / T-Rtn Chapel Hill Denham Nigeria Infrastructure Debt Fund 107.59 0.00% info@anchoriaam.com MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 8.64% AIICO Balanced Fund 3.70 3.76 7.99% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 6.38% Anchoria Equity Fund 138.02 139.59 -0.88% Anchoria Fixed Income Fund 1.17 1.17 2.10% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.95 21.58 3.26% ARM Discovery Balanced Fund 507.52 522.82 12.49% ARM Ethical Fund 42.18 43.46 8.28% ARM Eurobond Fund ($) 1.08 1.08 0.01% ARM Fixed Income Fund 1.06 1.06 4.16% ARM Money Market Fund 1.00 1.00 9.03% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 92.59 92.59 -4.33% AVA GAM Fixed Income Dollar Naira 1,091.43 1,091.43 9.14% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.01 1.01 5.48% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.73% Paramount Equity Fund 19.15 19.5 9.93% Women's Investment Fund 145.77 147.54 2.70% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.37% Cordros Milestone Fund 131.16 132.09 5.42% Cordros Dollar Fund ($) 110.95 110.95 5.13% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.99% Emerging Africa Bond Fund 1.03 1.03 8.83% Emerging Africa Balanced Diversity Fund 1.03 1.03 2.84% Emerging Africa Eurobond Fund 103.16 103.16 2.05% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1493.57 1493.57 11.42% FBN Balanced Fund 192.06 193.29 9.59% FBN Halal Fund 122.76 122.76 10.69% FBN Money Market Fund 100.00 100.00 9.45% FBN Dollar Fund (Retail) 125.48 125.48 6.00% FBN Nigeria Smart Beta Equity Fund 156.87 158.98 3.94% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn
MONDAY AUGUST 29, 2022 • THISDAY40
MONDAY AUGUST 29, 2022 • THISDAY 41
"By the combined effect of Section 156 (1)(a) and Third Schedule, Part 1, Item F, paragraph 14 (1), these individuals are constitutionally prohibited from any appointment as members of INEC. It will be against the sacred spirit of the constitution to accept their nomination. “Given their antecedent and close affinity with political parties, it is improbable that they will remain neutral and objective if successfully screened as INEC Resident Electoral Commissioners (REC)." The CSOs stressed that their appointments into INEC have grave implications for the credibility, independence and capacity of the Commission to deliver credible, transparent, inclusive and conclusive elections.Accordingly, they stated that it was for this reason that the constitution prescribes the criteria and procedure for appointments into INEC to protect the Commission’s neutrality, objectivity and nonpartisanship. Section 156(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria clearly prohibits the appointment of any person who is a member of a political party as a member of INEC. “To further ensure the neutrality of the members of INEC, the Constitution clearly mandates in the Third Schedule, Part 1, Item F, paragraph 14 (1) that Commissioners shall be non-partisan and persons of unquestionable integrity," they added.Also, the CSOs said they observed that the appointments did not reflect the principles of non-discrimination and inclusivity that the civil society community had and continued to advocate, particularly, in this instant case, with regard to Persons with Disability (PWDs) who represent about 15 per cent of Nigeria’s population and have been completely left out of the Accordingly,process.they said, "We submit that it is critical that as we strive to make the electoral process more inclusive, representative, and qualitative, the appointment of PWDS would provide the pulse required to give effect to the provisions of the Discrimination Against Persons Living with Disabilities Act, 2018, and other legislations and guiding principles in that regard." To this end, they stated, "we, the undersigned, reject their appointment as RECs entirely and urge President Buhari to withdraw their nomination in the public interest and in furtherance of his commitment to leave a legacy of a truly independent electoral institution that enjoys the trust and confidence of citizens and electoral stakeholders.
“Also, The Nigerian Correctional Service received books they can use to create libraries for inmates in their facilities to prepare more inmates for the next intake,” the statement added.Creditswitch recently partnered with the Nigerian Correctional Service on a CSR initiative to promote literacy and improve educational opportunities for prison inmates by sponsoring 22 inmates at the Lagos prison to take the 2022/2023 JAMB. The VAS aggregator company provided books and laptop computers to assist the inmates in studying for the exam.
A coalition of civil society organisations (CSOs) have raised the alarm over the alleged appointment of politicians and those indicted for corruption as members of the Independent National Electoral Commission (INEC) Resident Electoral Commissioners (REC). Addressing a press conference yesterday in Abuja, the CSOs consisting of Yiaga Africa, International Press Center, Center for Media and Society, The Albino Foundation, Elect Her, Nigerian Women Trust Fund, Partners for Electoral Reform and Inclusive Friends Association said the appointments contravened the constitution.Thejointstatement of the CSOs was read by the Executive Director Yiaga Africa, Samson Itodo. It stated: "Our investigation and analysis prove the contrary. Some of the nominees of the president fail the constitutional test of non-partisanship and unquestionable integrity. "Evidence abounds that some of the nominees are either partisan, politically aligned, or previously indicted for corruption.
"To mention a few, Prof. Muhammad Lawal Bashir from Sokoto was a Governorship aspirant under the All Progressive Congress (APC) in the 2015 elections cycle. Mrs. Sylvia Uchenna Agu, the nominee for Enugu state, is believed to be the younger sister of the APC Deputy National Chairman, South-east.”"Thenominee for Imo State, Mrs. Pauline Onyeka Ugochi, a former Head of ICT at INEC in Imo state, gained notoriety for alleged corruption and connivance with politicians to undermine elections.
"We are familiar with the terrain and pipeline routes running across the state and only youths from Akwa Ibom State can protect the pipelines better than a visitor, if our youths are engaged in such a project, the rate of unemployment will reduce.", the group stressed. Bishop of the Anglican Communion in Aworiland, Johnson Akin Atere; his wife, Foluso Atere; Olota of Ota, Adeyemi Obalanlege; Ogun State Governor, Dapo Abiodun and his Deputy, Noimot Salako-Oyedele at the180th Anniversary of Christianity in Aworiland at the Cathedral Church of St. James, Ipate Oyinbo, Ota, Ogun State...yesterday
"This is our contribution to building inmates' capacity and their chances of reintegration into society while positioning them to take advantage of future opportunities," Salabiu added. In his response on behalf of the Command, Oladokun, thanked Creditswitch for their assistance in ensuring that inmates improve their educational status by enrolling in the various academic programs available in custody.
"In 2015, when President Goodluck Jonathan was about to hand over to President Muhammadu Buhari, Ex-Militants from Akwa Ibom State in our numbers protested to the National Assembly against similar contract which did not accommodate us.
42 THISDAY • MONDAY, AUGUST 29, 2022
NEWS
"This is just one of the many ways Creditswitch collaborates with organisations across the country to effect long-term change in communities. We are deeply committed to promoting education and literacy and are excited to see how these individuals will contribute to society," Kuton said at the presentation ceremony. She noted that love for humanity was a core pillar of focus for the company's corporate social responsibility strategy. She added that the initiatives are purpose-driven to develop and drive social change through strategic investments that promote quality education for all without bias and increase socioeconomic activity and community development.
"Mrs. Queen Elizabeth Agwu, a former Accountant-General of the Ebonyi, was suspended allegedly on the grounds of incompetence and corruption in 2016," the CSOs furtherTheyalleged.claimed that the appointments of the RECs contravened Section 156(1)(a) of the 1999 Constitution of the Federal Republic of Nigeria, which clearly prohibits the appointment of any person who is a member of a political party as a member of INEC. They further stated: "To further ensure the neutrality of the members of INEC, the constitution clearly mandates in the Third Schedule, Part 1, Item F, paragraph 14 (1) that Commissioners shall be non-partisan and persons of unquestionable integrity."Thesenate president, Ahmad Lawan had in July announced the new nominees include Pauline Onyeka Ugochi (Imo); Muhammad Lawal Bashir (Sokoto); Prof. Ayobami Salami (Oyo); Zango Abdu (Katsina); Queen Elizabeth Agwu (Ebonyi); Agundu Tersoo (Benue), Yomere Oritsemlebi (Delta); Prof. Yahaya Ibrahim, (Kaduna); Dr. Nura Ali (Kano); Agu Uchenna Sylvia (Enugu); Ahmed Garki (FCT); Hudu Yunusa (Bauchi); Prof. Uzochukwu Chijioke, (Anambra); and Mohammed Nura (Yobe). The reappointed nominees included Ibrahim Abdullahi (Adamawa); Obo Effanga (Cross River); Umar Ibrahim (Taraba); Agboke Olaleke (Ogun); and Prof. Samuel Egwu (Kogi). The CSOs stressed further, "We contend that the appointment of these individuals as RECs will significantly undermine the neutrality and impartiality of INEC and it will increase mistrust in INEC and Nigeria's electoral process.
Creditswitch Rewards 2022 Top Five Prison Inmates with Educational Grants
Okon Bassey in Uyo
"The leadership of the National Assembly with Heads of security agencies received our protest letter and assured us that Akwa Ibom Ex-Militants will be accommodated in future contracts.
A'Ibom Ex-militants Threaten to Shut Down Oil Production Over Pipeline Contract
"We are giving the federal government a seven-day ultimatum to address the situation or we will embark on a marathon protest that will shot down oil and gas production in Akwa Ibom State. "Our youths have refused to be involved in oil theft and pipeline vandalism because of our patriotism for Nigeria and the agreement we signed with the federal government during the amnesty deal should not be criteria for us to be marginalised in the award of such a contract," it stated.Thegroup advised the federal government to award the contract in sections to accommodate youths of all the oil producing states in the region, to avoid renewed agitation and possible negative actions that will defeat the purpose of government intentions.
After sponsoring inmates at Lagos prisons to take the 2022/2023 Joint Admissions and Matriculation Board exam (JAMB), Creditswitch, a value-added services aggregator company has rewarded the top five inmates and other outstanding inmates with educational grants.
180TH ANNIVERSARY OF CHRISTIANITY IN AWORILAND... L-R:
Ex-militants from Akwa Ibom State have threatened to shut down oil production in the state if the federal government refuses to revoke the N48 billion annual pipeline surveillance contract awarded to Tompolo.Thethreat was contained in a petition to President Muhammadu Buhari in which the security agencies were copied. The petition signed by the State Coordinator-General of the ex-militant forum, Johnson Solomon and the Secretary, Godwin Edohoaqua gave the federal government seven days ultimatum to address the situation or face mass protest that might affect oil and gas production in state.The group said it was wrong for the federal government to award contract for the surveillance of oil pipelines passing through Akwa Ibom State without engaging youths from the state whose communities had suffered environmental degradation over the years as a result of oil exploration and exploitation activities.
Chuks Okocha and Emameh Gabriel in Abuja
The presentation was held at the Nigerian Correctional Service office at Alagbon, Ikoyi Lagos. According to a statement, in attendance were the Chief Information Officer, Creditswitch, Michael Elue; Head of Marketing and Communications, Creditswitch, Enitan Kuton; Brand Manager, Creditswitch, Olukayode Salabiu, and Rotimi Oladokun, the PRO of the command. “Results of the inmates released by JAMB showed that the highest score was 313, followed by 258 and 252 points, and thirteen other inmates scored between 250 and 150“Withpoints.the results awe-inspiring, Creditswitch decided to give educational grants of N50,000 each to the top five inmates, while other outstanding inmates received N10,000 stipends, backpacks and writing materials to improve their literacy skills and prepare them for tertiary institutions.
UTME's
CSOs Raise the Alarm over Appointment of Politicians, Alleged Corrupt Persons as INEC's RECs
the group called on the federal government and the Nigerian National Petroleum Company (NNPC) to revoke the contract with Tompolo to accommodate former Niger Delta agitators from Akwa Ibom State, pointing out that most of the oil and gas pipelines pass through the state.
"It is wrong for the federal government to shortchange the youths of Akwa Ibom State by awarding such a bogus contract to a sectional former leader of Ex-Militants while Gas and Oil pipelines crisscrosses our land but we are not engaged, we won't accept such marginalisation.
The federal government had last Monday renewed a N4 billion monthly contract for the surveillance of oil pipelines to a former leader of the Movement for the Emancipation of the Niger Delta, Mr. Government Ekpemupolo, popularly known as ButTompolo.inastatement, yesterday
Kwara Garment Factory to Create 2,000 Direct Jobs, AbdulRazaq Pledges of policy holders and pensioners, who stand to lose all their benefits, need to ensure the survival of the company, save regulatory costs, efforts, legal costs and complexities that would be involved if the licence is cancelled.Itmaintained that considering its appeal will preserve the image and reputation of the industry, help avoid collateral damage, which includes loss of employment tax and other entitlements to key stakeholders.Ittherefore appealed to the minister to approve a 12-month period to allow for the full implementation of the SPA and recapitalisation of the company by the new investors, promising to address all the operational issues listed by NAICOM in its letter and restore the company to a strong financial footing. When a response wasn’t forthcoming from the minister’s office, the company sent a reminder dated July 8, intimating her that while it awaited the response, its licence had been revoked. “It, therefore, came to us as a rude shock that while we awaited the response to our appeal from the Honourable Minister, and were positioned to meet all requirements that will allow the company successfully operate going forward, we, on June 28th, 2022, received a letter from NAICOM that our Registration Certificate has been cancelled. “And this is despite the readiness of the identified investors to invest and continue to run the company to the benefit of all stakeholders including the government,” the insurer noted. It stressed that it was disturbed that for the period its appeal was lodged, NAICOM did not at any time during the period deem it fit and necessary to invite them and the investors in respect of the appeal which was copied the regulator.
Standard Alliance Kicks Against Revocation of Operating Licence, Heads to Court
From the residence of Abdulsalami, Obasanjo visited former military president, General Ibrahim Badamasi Babangida, where he also held another closed-door meeting. He left the residence of Babangida about 2.30pm for the Minna airport, from where he flew to Abuja. On his part, Atiku, who flew into the country last night from Paris, alongside Ayu and other party officials, was scheduled to present the PDP membership card to Shekarau at his Mundubawa Residence in Nasarawa Local Government Area of Kano State. An official of the party told THISDAY in Kano that the officials of the party had since held a closed-door meeting with Shekarau at his residence on Sunday to perfectly complete the arrangement for his movement to the party from NNPP. A PDP official, who spoke under condition of anonymity, said, "As I'm talking to you now, we met Shekarau at his residence and we are busy arranging his defection along with his supporters into PDP. We perfected all the arrangements."Ourparty officials are fully engaged to ensure successful hosting of our presidential candidate, Atiku Abubakar, and the national chairman of the party, Dr. Iyorchia Ayu. Atiku will stay in Kano for three days to articulate and woo many opposition members into the PDP. I am confident that the party will win the 2023 general election."
Kwara State Governor, Alhaji AbdulRahman AbdulRazaq at the weekend said the state’s garment factory would generate 2,000 direct labour after its inauguration this year. Speaking with dozens of APC supporters, youths, progressive social media influencers, the governor said the idea was to make Kwara a hub for garment production, which according to him could then benefit from the African Growth and Opportunity Act (AGOA) of the United States and other economic benefits. The governor added that other projects of the administration such as the visual arts centre, Adeta Yebumot Road, Ilesha Gwanara and Osi-Obbo-Aiyegunle Road, General Tunde Idiagbon Bridge, among others, would also be inaugurated in the fourth quarter of the year. He explained that the N27.2 billion bond the administration took was being deployed for what it was meant, adding that the private bond was governed by very strict rules that protect public interest and disallow mismanagement of any kind. The governor said the delay in the bond issuance last year and the inflationary trend both affected the pace of the projects, although the challenges are being surmounted.AbdulRazaq however said the administration had completed several projects and implemented many programmes with great impacts across the state, adding that he hardly believes that project commissioning was synonymous with good governance as some Nigerians may appear to believe. The administration has made huge impacts in the lives of the people in various sectors like health, water, social safety nets, support for businesses, education, gender inclusion and youth empowerment, and rural urban development, AbdulRazaq said. The governor said the administration was constructing 39 digital literacy centres across Kwara State in partnership with UBEC — apart from the innovation hub which he said would also be inaugurated later this year.
The regulator stressed that this constituted a ground for cancellation of the certificate, adding that Standard Alliance had significant shortfall in its assets cover and deficit solvency margin. Furthermore, it stressed that the company had consistently failed to submit its annual accounts as at when due and did not have an up to date approved accounts. “Please note that unless within 30 days from the date of this notice you lodge with the Minister of Finance Budget and National Planning a notice of appeal, the commission will proceed to cancel the certificate of registration of your company,” it stated.
HOW TINUBU’S ‘ZERO COMMITMENT’ AT LONDON MEETING FORCED WIKE BACK TO ATIKU 43MONDAY, AUGUST 29, 2022 • THISDAY
On April 12, in a letter signed by Johnson Chukwu, Chairman of the company, Standard Alliance appealed for a review of the notification by NAICOM to cancel its “Whileregistration.we do not write to dispute or contest the grounds cited in the said letter as reasons for the intended cancellation, we however, believe that the decision is ill-timed as our company is all set to overcome its recapitalisation and operational challenges.
the party’s structures in Kano to another former governor of the state and current presidential hopeful, Rabiu Kwankwaso, who was the governor at the time, following the latter’s defection to APC, also from the PDP. Shekarau rejoined APC in 2019 and contested the Kano Central Senatorial position, a position he is still enjoying, and dumped the party for NNPP some three months ago. His defection followed weeks of lobbying from both APC and PDP, each trying to woo Shekarau to its side. Last week, Shekarau explained that Kwankwaso and his group betrayed the trust reposed in them by aligning with NNPP months ago. “All the agreements we had with him were betrayed by Kwankwaso and his boys and they did not accommodate one single person from my camp,” Shekarau said as he left NNPP.
Hammed Shittu in Ilorin.
L-R: CIO Creditswitch, Michael Elue; Head Marketing & Communications, Enitan Kuton; Brand Manager, Olukayode Salabiu, and P.R.O, Nigerian Correctional Service, Rotimi Oladokun, during Creditswitch’s presentation of cheques for educational grants to five inmates at the Lagos prison after sponsoring their 2022/2023 Joint Admissions and Matriculation Board exam (JAMB) as part of the company’s corporate social responsibility, held in Lagos…recently presidency of the country, as being speculated in the media space, Obasanjo said, "I do not have a special candidate; I only have a national agenda."
The source stated that Atiku would meet with various groups of Islamic scholars, youth groups and women, students, young and old politicians, during his stay in ShekarauKano. had in 2014 defected from APC to PDP. That year, he protested against APC for giving
“It is therefore our appeal that the Honourable Minister intervene to give our company enough time to implement the attached SPA aimed at putting the company on a strong footing,” the company pointed out. The company stressed that giving the company more time and working with the new investors to revive the company will have better and more positive impact on the insurance industry than cancelling the licence. “Standard Alliance Insurance Plc has offices in major cities in the six geopolitical regions of the country. It provides living income to over 200 families excluding extended families.“Itisa publicly quoted company and manages annuities for pensioners. There are insurance claimants and other stakeholders that will suffer if the company is disallowed from continuing in business by the cancellation of its “Worselicence. still, it will further damage the insurance industry and possibly panic the insuring public who may now fear that the industry is unstable. It is therefore, our firm belief that any chance to save the company should be encouraged.“Surelycancellation of our licence at this time should be avoided in the light of the determination of the board of the company and committed Investors to recapitalise the company as represented by the duly executed SPA,” documents obtained by THISDAY showed. The company based its appeal on the need to protect the interest
Says due process not followed by NAICOM Emmanuel Addeh in Abuja One of Nigeria’s insurance companies, Standard Alliance Plc, has kicked against the revocation of its operating licence, insisting that due process was not followed by the National Insurance Commission (NAICOM), the industry regulator. The insurance company accused the sector’s regulatory agency of failing to tarry for the Minister of Finance’s response to its appeal as required by the law guiding the process of cancellation of licences. In June, NAICOM had announced that it had cancelled the Certificates of Registration of Standard Alliance Insurance Plc and one other insurance company in the country. It thereafter appointed Kehinde Aina as receiver/liquidator of the company despite reasons shown by the insurance company why it should not be liquidated and in alleged disregard for the minister’s awaited response to conclude the process.Inits notice to Standard Alliance dated March 28, 2022 NAICOM, had alleged that the company was not conducting its business in accordance with sound insurance principles, noting that the commission had received and verified various complaints of failure to settle admitted claims.
Obasanjo said he was in Minna to see Abdulsalami, who had been indisposed, adding that the former leader "is very special to me. I came to see my brother, who has been a little indisposed. When he was in London, I wanted to visit him but the day I arrived in London was the day he left. So, that is why I decided to come and see him at home "He (Abdulsalami) is very special and I am still strong to visit those who are special to me." Obasanjo arrived at Abdulsalam's residence about 12.30 pm and after greetings with members of the family, he entered into a closed-door meeting with the former Head of State. The meeting lasted for a little over 30 minutes.
“Being aware of the capital shortfall challenge of the company, our board and management have been working very hard to attract new core investors who are able to bring in fresh funds to recapitalise the company and to also provide new“Fortunately,leadership.our board has just signed a Shares Purchase Agreement (SPA) with a reputable group of investors, Endura Investment Global Limited, that will fully address the recapitalisation needs of the company,” it noted. With documents attached, Standard Alliance noted that investors were committed to, in the first instance, stabilise the capital of the company by providing equity in the sum of $8 million, about N4.5“Thebillion.investors plan to reconstruct the capital structure of the company, after which, they will bring in further funds to adequately recapitalise the company to meet regulatory capital requirements.
Kaita, who represents Daura senatorial zone in the National Assembly, alleged that the APC government has nothing tangible to show in the state for the past seven years it has been in power. Addressing APC defectors in Baure town, the lawmaker claimed that, the legacy of the present administration in the state were insecurity, poverty, rising unemployment and endless loans orchestrated by the state government.Kaita,had in April this year, left the ruling party for the PDP over alleged marginalisation of critical stakeholders by the state government and the leadership of the party at the state. He also cited serial denial of the people’s mandate at the recent state APC congresses, among other related developments, as reasons that informed his decision to leave the APC alongside thousands of his supporters to the PDP. While addressing defectors in Baure, Kaita said, "Our joy is that the failure of the APC administration in the state is enough to give our party (PDP) a landmark victory in the 2023 elections. So, we need not even campaign to win any election in the state and even at the national level."The serving senator, who is also the PDP senatorial candidate for Daura senatorial zone, however, vowed to expose what he described as the antics of the APC and its leaders from "top to bottom" in no distant time. "I wanted to expose the APC in this gathering, but I will not because it is not yet time for campaign. When the campaign starts, we will expose them from top to bottom," he said.
Kasim Sumaina in Abuja
The Nigerian Vigilante Group (NVG), at the weekend, said it has lost over 1,200 personnel to fighting insecurity in four years, because of its inability, by law, to bearSpeakingarms. during its National Executive Council Meeting (NEC) in Abuja, the Commandant General, Dr. Usman Mohammed Jehu, who explained how the group had lost many of its men from 2019 till date, called on President Muhammadu Buhari, to as a matter of urgency, sign the Vigilante Group Bill to enbale them carry arms and effectively fight insecurity. According to him, "You see, this work we are doing, we need government support especially, with working materials like vehicles, uniforms and equipment.
Explains why merger talks with Obi collapsed Okon Bassey in Uyo
A group of Ibibio ethnic nationality, the Mboho Mkparawa Ibibio, has urged governors and National Assembly members from the Niger Delta region and other coastal states in Nigeria to rise against the proposed Water Resoures Bill being put forward for consideration at the National Assembly. The body in a communique issued at the end of its Central Working Committee (CWC),weekend, in Uyo, signed by its International President, Akparawa James Edet and International Secretary, Akparawa (Elder) Bassey Bassey, said, this was the time for all the governors and National Assembly members from the coastal region, irrespective of party affiliations to unite and frustrate the bill. The group described the bill as evil, repressive, a complete misplacement of priorities and an attempt to deprive the people of the Niger Delta region and other coastal states resources freely given to them by God and by such action, as well as further impoverishAccordingthem.tothe communique, the group reasoned that, "A bill, which aims to confer ownership, control and management of surface and underground waters on the federal government, like what is obtainable in petroleum resources, is an affront to the sensibilities of our people, which must be rejected and fought with all peaceful and constitutional means available to ensure it does not see the light of theIt,day."therefore, called on members of the National Assembly and the federal government to resist every
GOOD TO SEE YOU SIR…
44 THISDAY • MONDAY, AUGUST 29, 2022
Wondering why the gullible electorate would be deceived by the APC, which claimed that the NNPP was the same thing with ruling party, Alkali said, "We are distinct from the APC; we represent a new Nigeria. Why should the APC members, who are contesting for the same election, deceitfully claim that we are an appendage of the "YouAPC.know why they have nothing to campaign with with? The APC should campaign and tell Nigerians how their administration have led to the collapse of the Nigerian economy; how they have brought massive insecurity in the country." On why the merger talks between Obi and the NNPP collapsed, he said, "The technical team was supposed to discuss and agree on certain things before the parties will step in to formalise the agreement, but immediately talks started, they went public on the social media to talk about merger. We know that what was possible at that time was only alliance. “We never said anything. But they were all over the media. They had only one agenda, which was to have the Presidency and to get our leader to step down. So, nothing else was discussed. Who will benefit from such an arrangement? What will be the benefits? “Some of them said, yes we know that Kwankwaso is popular and has followers and wide support, but it is the turn of the South east. When the process was stalled, they are the ones that went to town again to announce that the process had deadlocked. We did not say anything, because we believe that when a process is stalled, it can stillAlsoresume."discussing why a former governor Kano State, Senator Shekarau left the NNPP, he said, "We will not comment on Shekarau’s exit, but only to say that the NNPP, has moved on. Our aim and objective is to move Nigeria forward and build bridges" The NNPP national chairman dwelt on the ongoing meetings between some presidential candidates in and outside Nigeria, and said, "What is happening now is power show. It is my turn, no policies, but pecuniary interest without the welfare of Nigerians in mind. It is all selfishness. He said that much as there is zoning in Nigeria, that it must be on the six geopolitical zones of the country, where any one out of the six geopolitical zone can contest within the dictates of democracy, noting that in a democracy, every position is out for open contest and one is reserved for zone; any group has right and is entitled to contest as long he or she is a Nigerian.
temptation by the promoters of "this evil and obnoxious bill to exacerbate the already shouldering schisms in our country, which have brewed mistrust fueled by actions, inactions, policies and lopsided appointments to key positions in favour of a particular section of theThecountry."group said the federal government should be worried over a situation, where our students have been grounded at home for over six months due to the ASUU strike; a time insecurity has attained monumental proportions with killings and abductions for ransom. It maintained further that the federal government should be concerned at a time that the country’s currency, the naira, was on a free fall and at its lowest ebb ever in the history of our country; at a time enterprises are shutting down and foreign investors are leaving the country due to unbearable operational costs and poor economic policies.
Kaita: PDP Doesn’t Need to Campaign to Win in 2023 Elections
Jehu further hinted that the Bill has been passed by the National Assembly and sent to the president over the last four years, stressing that, "Yes, there must be causalities in the course of fighting insecurity and we have lost more than 1,200 personnel in various operations and there is no welfare package forHe,them."however, urged the president to ensure that those, who fought insecurity in the country without the necessary provisions did not fight in vain, adding that signing the bill into law, has become necessary to allow them have access to quality training and arms.
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"What should preoccupy policy makers in our nation should be how to channel all energy and resources towards tackling those issues and not to plunge the country into more avoidable crisis, with such a highly contentious bill, which is suspected to have been put forward to serve sinister and sectional interests.
"That working with other ethnic nationality groups in the Niger Delta region and sister coastal states, Mboho Mkparawa Ibibio will mobilise strong resistance to the Water Resources Bill and hopes that other patriotic Nigerians who desire the unity and cohesion of the country will lend their voices as well, as injury to one is injury to all," the communique stated. Says APC’s failure will market opposition party Laments inability to bear arms, asks president to sign its bill
Insecurity: We've Lost 1,200 Personnel in Four Years, Says Vigilance Group Chuks Okocha in Abuja National chairman of the New Nigeria Peoples Party (NNPP), Prof. Alkali Rufai, has called on the All Progressives Congress (APC) members within the North West geopolitical zone to stop campaigning that the NNPP was an appendage of the APC. Alkali, who further berated the APC, however, called on the ruling party to account for mismanaging the economy and security in Nigeria in the last seven years than seeking a fresh presidential mandate. Explaining why the merger talks between the NNPP and the presidential candidate of the Labour Party, Peter Obi collapsed, Alkali, who was National Publicity Secretary of the PDP at a time, said it was awful for APC members to engage in a deceitful campaigns by telling the people that the NNPC was an appendage of the APC.
Francis Sardauna in Katsina Senator Ahmed Babba Kaita, has said the opposition Peoples Democratic Party (PDP) does not have to campaign to win the 2023 elections, because the failure of the ruling All Progressives Congress (APC)-led government, both in Katsina State and at the national level, would give the PDP a landslide victory.
Former Deputy Governor of the Central Bank of Nigeria (CBN) and panelist, Prof. Kingsley Moghalu (right) greeting former Vice-President of Nigeria, Namadi Sambo, Chairman of the occasion, at the 2022 Ibrahim Babangida Legacy Dialogue on “Issues in Africa’s Democratic Journey,” held in Abuja…recently
"For now, we are not allowed to carry arms, except in places, where there is serious trouble. The security personnel allow us to carry arms but the authority does not authorise us to carry arms."
We’re Not APC’s Appendage, Says NNPP National Chair
N’Delta Govs, Lawmakers, Others Urged to Resist Proposed Water Resources Bill
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L-R: Guest of Honour, Mrs. Alaba Lawanson; former Media Aide to President Olusegun Obasanjo, Chief Doyin Okupe; Apesinola of Remoland, Chief Tokunboh Oluwayomi Fakoya; Alaperu of Iperu, His Royal Majesty Oba Idowu Basibo; Primate of The Church of the Lord Worldwide, His Holiness, Most Reverend Rufus Okikiola Ositelu; former Governor of Ogun State, Otunba Gbenga Daniel; and his wife, Yeye Olufunke Daniel, during the annual 86th Mount Tabieorar festival celebration at Ogere, Ogun State...recently
PHOTO: eTOP UKUTT
PHOTO: sUNDaY aDigUN
images Photo e ditor Abiodun Ajala e mail abiodun.ajala@thisdaylive.com 48 THISDAY • MON dAy AUGUST 29, 2022
L-R: Clergyman, Pastor Kingsley Oparah, the couple, Mr. Olatunji Peter Oni and Mrs. Oluwadamilola Oni; and Pastor’s wife, Mrs. Glory Oparah, at the wedding of the couple in Surulere, Lagos...recently
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L-R: Mr. Felix Akure, Miss Joy Unueroh Nnadozie, Mr. Joseph Ebasa, and Mr. Clement Udi, all members of the executive committee of the Rotary Club of Agbarha Otor, Delta State, during the membership development seminar of Rotary International District 9141 held in Asaba...recently
L-R: The bride’s father and Chairman, Chicason Group of Companies, Chief Chika Okafor; bride’s mother, Lady Favour Okafor; the couple, Mr. Oluyemi Adeniyi Oyewole and Mrs. Goodluck Mmesoma Chika-Okafor; groom’s parents, Mrs. Bosede Oyewole and Justice Oluyemi Oyewole, at the solemnisation of the holy matrimony of the couple at Our Saviour’s Church, TBS, Lagos...recently
L-R: Managing Director/Chief Executive Officer, Halogen Group, Mr. Wale Olaoye; Halogen adopted athlete and Commonwealth gold medalist, Ms. Odunayo Adekuoroye; and Sports Analyst, Godwin Enakhena, during Adekuoroye’s courtesy visit to Halogen headquarters to appreciate the company for its support, in Lagos... recently
Chief Veterinary Officer, Ogun State Ministry of Agriculture, Dr. Tunde Adeniyi; Chairman, Conference of Directors of Veterinary Services, South West region, Dr. Taiwo Jolaoso; President, Nigeria Veterinary Medical Association of Nigeria, Dr. Olutoyin Adetuberu; Permanent Secretary, Lagos State Ministry of Agriculture, Mrs. Olatokunbo Omopai; Chief Veterinary Officer of Nigeria, Dr. Maimuna Abdullahi Habib; and a guest speaker, Dr. Abubakar Suleiman, at the South West Directors of Veterinary Services Conference held in Lagos...recently
PHOTO: aBaYOmi aKiNYeLe
The Secretary to the Government of Niger State, Mr. Ahmed Ibrahim Matane, has observed that intra party squabbles are threats to democracy and the stability of politicalMataneparties.made the observation when he addressed members of the All Progressives Congress (APC) from Mashegu Local Government Area of the state an event which took place in Kontagora town. He, therefore, urged APC faithful in the state and the country to eschew bickering and infighting, which are capable of derailing the party’s march to victory in the 2023 general elections. “We should always deploy patience and wisdom in resolving differences” he said, stressing that such disposition would also strengthen the party’s unity in the“Intra-partyarea wrangling is not only a threat to democratic consolidation but also stability of the party, there is therefore the need for aggrieved members of the party in the area to sheath their swords and work towards making the party emerge victorious in the 2023 elections” Matane declared.
Okon Bassey in Uyo
10,000 Aggrieved APC Members Defect to PDP in Kwara
“If our son, the then minister of works had allowed the work to continue simultaneously at Ewu through Ekpoma because of the university and up to Ehor, the deplorable condition at Ekpoma would have been averted today.
Falana: FG Should Implement Collective Agreements Reached with ASUU
Udora Orizu in Abuja
The political leader in Eket Local Government Area of Akwa Ibom State, Chief Nduese Essien, has said that the 2023 general elections in the country would be shocking as major political parties are on the verge of collapse. Essien, a former member of the House of Representatives on the platform of People’s Democratic Party (PDP), noted that political parties are now not manage the way it should. He spoke at his residence in Eket when the governorship candidate of the New Nigeria People’s Party (NNPP) and former Chieftain of the All Progressives Congress (APC), Senator John James Akpanudoedehe consulted him over his governorship ambition weekend.According to him, in 1999 people won elections on merit as the military supervised it and allowed rules and regulations systems to operate, but today parties no longer abide by their principles but have been allowed to operate on the whims and caprices of emergent owners. He said it was a sad development the current situation where each party now has an owner, and the owner decides who does what and who goes where, stressing that the country could not continue to operate along that line. “Let me use this opportunity to alert all of us that the major political parties are on the verge of collapse throughout the“Thecountry.gradual persistent erosion of political cultures in the parties since 2003 has led them to the situation they have found themselves today.
But the Coalition of Esan Youth Movements in a statement signed by the group’s convener, Odion Ighodaro, said the road was awarded in 2013 when a son of Edo state and Esanland, Honourable Mike Onolememen, a PDP chieftain was Minister of Works. “We remember he (Onolememen) promised Nigerians that the road will be completed within 30 months. He also added then that the federal government awarded the contract to three different companies so that work can be hasten on the road. The minister in his wisdom revoked one of the contractor’s move to start work from Ewu in Edo central up to Ehor junction, but approved the start of the work from Auchi on one section and Benin on another section.”
CAN’S MEGA PRAYER RALLY…
Only the traditional ruler of Ipogu community in Ifedore Local Government Area of Ondo State has the traditional and spiritual means to fight the recent surge in insecurity across theThecountry.traditional ruler of Ipogun, His Royal Majesty, Oba Raphael Oluwadare Ojo, stated this on Sunday while speaking with journalists during the Ipogun 2022 New Yam Festival Celebration. The monarch said traditional rulers and the traditional worshipers would offer sacrifices and special prayers to combat the surge of insecurity in the state, if given the opportunity. Oba Raphael said: “We have created avenue to discuss this several times. We the traditional rulers have decided to call for traditional means of securing our“Wepeople.applaud the Governor of Ondo State, Mr. Oluwarotimi Akeredolu, who is the leader of Amotekun in the south west region. People now realise that we can’t separate tradition from everything. When we go by traditional means, our people will be more secured. “We are now telling the government to encourage traditional means of securing our people. For instance, the new yam festival we are celebrating today is part of it, where we adore our idols. When we celebrate this new yam festival, our sons and daughters, home and abroad will come home and we always give them protective charms to use against their enemies.
The Gender Strategy Advancement International (GSAI) has said that the federal government has made no discernible efforts to integrate women in counter insurgency operations, forgetting that women are reputed enablers of insurgents’ activities and therefore should constitute a strong target in the disarmament and reintegration processes.
Ondo Monarch Seeks Traditional Means to End Insecurity
Group: Involve Women in Counter Insurgency Operations
The community urged government to come their aid by prioritising provision of functional police post or station, motorable access roads, schools, hospitals, electricity supply and potable water supply in the community, having about one thousand households. They complained that the relocation settlement, sited on Arab Road, in Bwari Area Council of the FCT, which was mapped out by FCDA in 2003, and duly signed and commissioned to exist, is yet have government presence. Bobai described the insecurity situation as alarming as five of their security guards were attacked last week, resulting to the death one, while four were hospitalised.
David-Chyddy Eleke in Awka Supporters of the presidential candidate of the Labour Party (LP), Mr Peter Obi yesterday held a rally in the commercial city of Onitsha in Anambra State, shutting down most streets in the city. Young men and women donning white polo shirts with Obi’s picture and inscription of his party started gathering at Zik’s Avenue at around 11:30am, from where they moved to other parts of the town. The group held banners with several inscriptions, supporting Obi and marched peacefully along most streets, terminating at the Chinua Achebe’s Stadium, Fegge, Onitsha. Convener of the rally, Mr Chibuike Akpotue, who addressed supporters said: “We just want to show the world that Obi has our support, he was born in Onitsha, he grew up in Onitsha, his businesses are here. So, we decided today to show him solidarity because we were told he does not have structure, we want to tell them we are his structure. “This is not about LP. The most important thing is that we want someone that can change the economy of this country. Since I graduated, I did not find any job to do and I went into business, which is not a bad idea. “We know the amount it costs us to load one truck in 2010 and the amount it is costing now. We know the amount it costs us for the upkeep of our families before 2015 and the amount it is costing us now. So, no one can say that the economy is comfortable for him. “We are looking for a person that can turn around the economy of this country for good and not a party. Check out Obi’s record as Anambra governor, you will see that he is the only governor that served eight years and yet never have any issue with the EFCC and he goes out without any escort.”
Faults Lagos parking levy, says it’s illegal Wale Igbintade Human rights lawyer, Mr. Femi Falana SAN has advised the Federal Government to focus on the implementation of collective agreements reached with Academic Staff Union of Universities, ASUU, which are enforceable by virtue of the relevant provisions of the Trade Disputes Act instead of embracing the fascist option of proscribing the union. This is just as the lawyer kicked against the implementation of a setback parking levy by the Lagos State Government, describing the policy as illegal and urged the state government to withdraw it without delay.
monday august 29, 2022 • THISDAY 49 n EW s
Residents of Kubwa Extension II, Relocation community, have appealed to the FCT Administration and other relevant authorities to quickly mitigate insecurity and other developmental issues that have subjected them to daily nightmarish experiences.
Vice Chairman, Kubwa Extension II, Relocation Residents Association, Mr. Francis Bobai, spoke to newsmen, at the end of the community’s emergency meeting, at the weekend, in the aftermath of a deadly attack on their private security guards, by suspected hoodlums that attempted to rob the community.
Fidelis David in Akure
The Group Executive Director, Adaora Onyechere, who stated this during the Women and Peace Cultural exhibition in commemoration of International day of remembrance of victims of insurgence, at the weekend, said women want to be consulted and involved in the analysis of the root causes of violent extremism andAtterrorism.theexhibition, where the GSAI baseline report for women’s participation in politics from 1999 till date was also officially launched, Onyechere said women also want to be represented in mechanisms and structures to counter terrorism, including in national security agencies.
‘2023 Elections ‘ll Be Shocking as Major Parties are Likely to Collapse’
Laleye Dipo in Minna
L-R: Governor Ifeanyi Ugwuanyi of Enugu State; Chairman, Christian Association of Nigeria (CAN), Enugu State Chapter, Rev. Emmanuel Edeh, and the representative of the Catholic Bishop of Enugu Diocese, Rev. Fr. Geoffrey Aguigwo, at the end of this year’s Mega Prayer Rally organised by CAN in Enugu at the weekend Olawale Ajimotokan in Abuja
Kubwa FCT Residents Decry Insecurity, Bad Road
Falana in a statement issued yesterday said to Hammed Shittu in Ilorin Ahead of 2023 elections, no fewer than 10,00 aggrieved members of the ruling All Progressives Congress (APC) in Kwara State at the weekend dumped the party for the opposition’s Peoples’ Democratic Party (PDP) in the state. The aggrieved APC members who cut across the 16 local government areas of the state were later received into the PDP by the former Senate President, Dr. Bukola Saraki. The aggrieved APC’s members that are led by Hon. Kayode Ogunlowo and Mr. Saka Babatunde, complained about the irresponsibility, poor performance and failed promises of Governor AbdulRahman AbdulRazaq-led APC’s government in the state. Addressing the mammoth crowd at the event held at the country home of former Senate President, Dr. Saraki at GRA, Ilorin, the leader of the defectors, Hon. Ogunlowo said: “We had to retrace our steps as we were all deceived by cooked lies and propaganda against the former Senate President, Dr Abubakar Bukola Saraki. “It’s now obvious and crystal clear that APC in 2019 was a one-chanceOgunlowovehicle.”added that “the government of APC decided to intimidate us despite working hard for them to gain power in “The2019.present administration led by mediocre has not done anything despite all the billions borrowed, Kwara is our future and story, we can’t continue let mediocre to be running it anyhow, I and thousands of APC will work hard to elect all PDP candidates in Kwara.
Peter Obi’s Supporters Hold Mega Rally in Onitsha
Intra-Party Squabbles Threat to Democracy, Says Niger SSG
The People’s Democratic Party have been told to own up to the deplorable condition of EkpomaBenin highway and apologise to the youths who were arrested while protesting the state of road in the Ekpoma area. The youths were arrested and prevented by military officials earlier in the week from protesting on the expressway as a long queue of trailers and tankers have worsen the condition of the road.
‘PDP Should Take Responsibility for Deplorable Ekpoma-Benin Road’
ban ASUU the Government will have to amend the fundamental right of citizens to freedom of association enshrined in Chapter 4 of the Constitution. According to him, it is a special amendment which requires the resolution of four fifths of members of the National Assembly and approved by two thirds majority of members of not less than 24 Houses of Assembly.
EKO CLEAN AIR CAMPAIGN… L-R: Community and Church Leader,Itedo Community, Rev. Adeigbagbo Harrison; Oro Ale of Itedo Community, Chief. Gbogunhan Topia;General Manager, Lagos State Environmental Protection Agency (LASEPA), Dr. Dolapo Fasawe; Permanent Secretary, Office of the Environmental Services, Dr.Tajudeen Gaji, and Managing Director/CEO, Lagos State Signage and Advertisement Agency (LASAA), Mr. Adedamola Docemo, at the kick-off ceremony of the Eko Clean Air in Itedo Community, Lagos…recently EtOP UKUtt Sylvester Idowu in Warri Ahead of the 2023 general election, a cleric of The Last Day Church of God has called on Nigerians to pray against revolution in the country. He particularly called on Christians and ministers of God to go into fervent prayers, noting that he sees a revolution and not election in 2023. The cleric, known as Prophet Coming of the Lord, gave the revelation yesterday while speaking to journalists at his residence in Otokutu near Warri, Delta State, saying the lord revealed so many things in an encounter on his recent sojourn to a prayer mountain, stressing that the 2023 election will be tough. He emphasised on the need for genuine Christians to embark on serious prayers to avert a revolution that will be worse than the #EndSARS protest, adding that many people will die as a result of “that mother of revolution that will come before, during or immediately after the 2023“Nigerians,elections. I am not seeing any election taking place, I am seeing a revolution not election.
‘PDP ‘ll Resolved Crisis, Win 2023 Presidential Election’
Some gunmen terrorising Okija community in Ihiala Local Government Area of Anambra State have been arrested by the town’s vigilance operatives. Okija was among Anambra communities where hoodlums referred to as unknown gunmen operated camps in bushes, where they kept kidnapped victims, during the height of insecurity in Anambra State.
“As we celebrate our remarkable achievements these past 19 years, we wish to thank our subscribers for keeping faith with us these past 19 years. We assure them that Globacom will remain a catalyst for expectations.technologiesinvestingthatMr.Nigeriaempowermentsocio-economicnotonlyinbutalsoinAfrica”,Koleoshosaid,addingthecompanyisconstantlymassivelyinnewtoexceedcustomer Glo Marks 19th Anniversary, Re-commits to Service Excellence
The officers, Francis Yisa, and John Kefas, a superintendent of police (SP) and assistant superintendent of police (ASP) respectively, were kidnapped while on a reconnaissance mission against terrorists in Kogi.
Meanwhile, police sources, who spoke to THISDAY on anonymity said the policemen were found by teams of policemen from Kogi and Edo States
Taraba Community Wants Military Deployed to Curb Attacks, Killings Bolaji Babatunde
Commands, Intelligence Response Team (IRT) and Tactical Squad (STS) deployed by the Inspector General of Police (IG), Usman Alkali Baba to rescue them.
Primera Microfinance Bank, a fully licensed and technologydriven finance institution has extended over N5 billion in financing to Small and Medium Scale Enterprises (SMEs) so far in 2022. The bank, which offers financial solutions to businesses and individuals, it accomplished this laudable feat by strategically targeting key growth sectors in the SME space to stimulate their commercial and economic growth. Primera Microfinance Bank further pledged to maintain robust financing lines to entrepreneurs in the economy, to enable them weather economic headwinds and surmount critical financial challenges.According to the bank, in recognising the key role that gender-diversity and financial inclusion for women plays in driving sustainable economic growth, approximately 26 per cent of these financing lines were made out to female entrepreneurs in the current financial year, doubling the 13 per cent share recorded in 2021. These funding lines were focused on enabling small and mediumscale entrepreneurs sustain and grow their businesses as well as empower them to launch new businesses to compete in the marketplace.
The community recently appointed a former state chairman of the Peoples Democratic Party (PDP), Chief Kenneth Emeakayi as coordinator of the community’s vigilance services. Emeakayi told journalists at the weekend that his group has dislodged many of the criminals operating in the area, most of who have confessed to many of the heinous crimes in the community.Invideos clips sent to journalists by the head of the vigilance services, the arrested criminals were seen confessing to the attack on the palace of the traditional ruler of Okija, Igwe Okezie, and the recent invading of the home of a prominent indigene of the town, Chief Ossy Ndiogulu, during which they made away with over 100 pump action guns purchased for the town’s vigilante group and some cars.
Sunday Okobi Former National Chairman of the Peoples Democratic Party (PDP), Dr. Haliru Bello Mohammed, has expressed optimism that the crisis rocking the party will be resolved in earnest, adding that the party will win the 2023 presidential election.Theparty is currently enmeshed in an internal battle of wits over sundryMohammed,issues. while speaking on a Channels Television’s politics programme, downplayed the perceived seriousness of the crisis in the party, maintaining that the PDP had experienced politicians working to resolve the impasse. He noted that their skill helped the party to tackle many crises in the past to become stronger. According to him, “Nomination problem is always significant in any electioneering. We have always come through them. But this very one, because of the importance of Governor Nyesom Wike in our party (remember he stood with the party when we were in deep crisis over the Ali Modu Sheriff problem), and he has also been our pillar supporting the party since that time. “In fact, the rebuilding of the party happened, thanks to him and some other governors since we lost the 2015 election. But all the same, the issue of nomination, and especially nomination of running mate, this time, became problematic, not because Atiku Abubakar set up the committee, but because in 2019, when the vice president was nominated without consultation, there was a lot of complaints and brouhaha.
CREDAB, an acronym of Cross Rivers, Rivers, Edo, Delta, Akwa Ibom and Bayelsa, is a sociocultural organisation that aims at uniting all the people of the South-south that live in Lagos. The assembly, mainly convened to foster robust cultural relations among its members, was attended by the National Leader of Labour Party, Prof. Pat Utomi; Senior Pastor, Trinity Church, Pastor Ituah Igodalo; Lagos Commissioner for Economic Planning and Budget, Mr. Sam Egube and CREDAB National Coordinator, Chief Lucky Oyakhere, among others.
2023: I See Revolution in Nigeria, Not Election, Says Cleric
Ugwuanyi Strong Pillar of Christian Community, Says Enugu CAN Digital solutions company, Globacom, has expressed gratitude to its subscribers and Nigerians for their support over the past 19 years. The company, which marks its 19th anniversary this week, having commenced business on August, 29, 2003. In a press statement released in Lagos, Deputy Chief Operating Officer of Globacom, Mr. Bisi Koleosho, expressed appreciation to Glo subscribers and all Nigerians for their faith in the company, and restated its commitment to the provision of world-class communications and digital services. This, he noted, is in line with the corporate promise Globacom made at launch to build a robust communications and technology infrastructure that would consistently deliver value to its esteemed customers.
Gboyega Akinsanmi
Vigilance Operatives Arrest Gunmen Terrorizing Anambra Community Wole Ayodele in Jalingo
The Ichen community of Bissaula in Kurmi Local Government Area of Taraba State has enjoined the state Governor, Darius Ishaku, to quickly ensure the immediate deployment of soldiers to the community to curb the incessant attacks and killings in the area. Bissaula, the traditional headquarters of Ichen people in Kurmi LGA has come under series of attacks since December 17, 2021, leading to the death of scores of people, including three mobile police officers deployed to provide security in the area who were killed during an attack on March 16, 2022. Addressing a press conference in Jalingo at the weekend on behalf of the Ichen community, Elder Ebi Bako enjoined the governor to as a matter of urgency, facilitate the permanent deployment of soldiers to the community to quell the killings. According to him, “The Ichen community of Bissaula is appealing to the state governor to as a matter of urgent importance, ensure the deployment of military personnel to be stationed permanently in Bissaula to enforce peace between the Ichen and Ndaka people.”
Primera MFBank Facilitates N5bn Financing for SMEs
Edeh said that CAN is delighted to be associated with the governor and his uncommon leadership style which has entrenched enduring peace, security and development in Enugu State. “My appreciation goes to our God fearing, peace loving and indefatigable Governor of Enugu State, His Excellency, Rt. Hon. Ifeanyi Ugwuanyi, a man with a heart of gold, a listening and action governor whom God is using mightily to maintain unparalleled peace and security in our dear Enugu State,” he said. Stressing the governor’s commitment to peace and security, the CAN Chairman added that the feat has “made Enugu State the number one state in Nigeria as far as venue for hosting regional, national and international programmes is concerned, because of the safety we are enjoying here in our dear state.
“I most especially thank you Sir, for being a bulwark, a strong pillar and a wonderful senior partner with me and the Christian Community in Enugu State, as you always hearken to us whenever we reach out to you.”
The Christian Association of Nigeria (CAN) has described Governor Ifeanyi Ugwuanyi of Enugu State as a strong pillar and highly cherished partner of the ChristianPresentingcommunity.hisaddress during this year’s Mega Prayer Rally in Enugu, the Chairman of CAN, Enugu State Chapter, Rev. Emmanuel Ositadinma Edeh, appreciated Ugwuanyi’s commitment to God and his invaluable support to the Christian Community in the state.
Two Kidnapped FIB Policemen Regain Freedom
50 monday august 29, 2022 • THISDAY NEWSxtra Chiemelie Ezeobi Two police officers attached to the Force Intelligence Bureau (FIB), the apex intelligence gathering in the Force that provides intelligence on crime and National Security, who were kidnapped last week in Kogi State have regained their freedom.Theirkidnap occurred barely a month after 10 policemen returning to Nasarawa State from election duty in Osun State were attacked in Kogi, who left them stranded for several hours before help eventually came their way.
Ibru: South-south Can Influence Nigeria Politically if United David-Chyddy Eleke in awka
THISDAY gathered they were among those deployed by the police to tackle the renewed attacks in the confluence state that have led to several killings and kidnappings recently. Prior to their release, they spent four days in the kidnapper’s den while the kidnappers reached out and made their ransom demands.Following their abduction, their captors had initially demanded N50 million each for their release but later reduced the amount to N20 million each. But at the time of their release on Saturday, it was however unclear if any ransom was paid at all.
Former Chairman of Ikeja Hotels Plc, Chief Goodie Ibru, has said South-south, a geo-political zone comprising six oil-producing states, can influence Nigeria politically if the people work in unity across theIbrufederation.therefore, called on the people of South-south that chose Lagos as their residence to work together and take advantage of numerous empowerment and investment opportunities in the state to better their lives and families.According to him, about six million people of South-south live in Lagos. He made these remarks at the inaugural general assembly of CREDAB Peoples Association held at the Airport Hotel, Lagos recently while expressing satisfaction at the creation of the movement of the South-south people.
Speaking on the significance of the prayer rally, Edeh explained that the theme, “Watch and Pray,” reflects the situation in Nigeria which he said could be likened to the time of pains, sorrows and agony of Jesus Christ on earth when “He (Christ) needed men that could watch and pray with Him (Matthew 26 vs 36-41)”.
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on goals difference. Earlier on Saturday, another Nigerian international Terem Moffi netted twice as Lorient beat 10-man Clermont 2-1. A fortnight ago, Simon grabbed his first goal of the season as Nantes battled to a 1-1 draw against Lille in a Ligue 1 fixture. The 27-year-old Super Eagle put the Canaries ahead in the 28th minute but second-half substitute Ismaily ensured Lille picked a point from the second game of the season at Stade de la Beaujoire with a well-taken effort in the 76th minute.Simon was handed another start by manager Antoine Kombouare and he almost scored the opener in the 11th minute when he combined well with Egypt international Mohamed, but after evading his two markers, he shot wide. Elsewhere in Europe last night, Victor Osimhen was denied a goal by VAR as as Napoli were held goalless by Fiorentina in the Italian Serie A Anotherclash. Super Eagle forward, Ademola Lookman, was on the winning side as Atalanta claimed another precious three points after they defeated Verona 1-0 in Sunday’s Serie A game. It was Lookman’s second league appearance and never disappointed as he was a thorn in the flesh of Verona defenders.Hewaslater substituted in the 46th minute by Muriel.
L-R: CAF Executive Committee and FIFA Council Member, Amaju Pinnick; FIFA President Gianni Infantino; and President of Costa Rica, Rodrigo Chaves Robles, during the inauguration of FIFA Forward Synthetic PItch in San Jose, Costa Rica...yesterday
After Ghana’s Black Stars denied Super Eagles of Nigeria a place in this year’s FIFA World Cup in Qatar, another nightmare appears to be in the offing as we may miss qualifying for the 7th African Nations Championship (CHAN) meant for players domiciled in the various leagues in the continent. Yesterday, the Salisu Yusuftutored Super Eagles B team were handed a 2-0 defeat by Ghana’s Black Galaxies at the Cape Coast Sports Stadium to make the return leg in Abuja a tall dream.
Bayelsa State Governor, Senator Douye Diri, has given thumbs up to the state-sponsored football team, Bayelsa United, after emerging champions of the Group B2 Southern Conference of the 2021/22 Nigerian National LeagueBayelsa(NNL).United defeated Cynosure of Abakaliki, Ebonyi State 2-0 on Saturday at the Samson Siasia Sports Complex in TheYenagoa.win sealed the team’s promotion back to the elite league seven years after dropping out of the Nigerian Professional Football LeagueGovernor(NPFL).Diriin a statement by his Chief Press Secretary, Daniel Alabrah, yesterday, expressed delight that after several close attempts, Bayelsa United eventu ally gained the much-sought promotion to the NPFL. He commended the resilience and dedication of the players as well as the commitment of the Coach Diepreye Teibowei-led technical crew, saying they have again brought pride to the state. The governor also praised the club’s Chairman, Ebiki Timitimi, and other board members for their focus in ensuring that they deliver on his charge to them. He recalled that like in 2021 when the state recorded a double in the victory of Bayelsa United and Bayelsa Queens in the male and female categories of the AITEO/FA Cup, both teams have again won their respective leagues this year. The Bayelsa helmsman said his administration’s investment in sports and human capacity development was no fluke as evident in the performance and achievements of the state in sports in the last two and a half years. He stressed that the investments were geared toward positively engaging youths of the state and urged them to take advantage of the numerous opportunities created by the government. Ahead of the decisive game, the governor visited the team in training on Thursday and charged the players to ensure victory, promising to double their match bonus and host them to a dinner afterwards.
Bayelsa close range that Adewale could only punch into his own net with four minutes left. The result leaves the Super Eagles B with some work to do ahead of the return leg, as both teams square off again at the MKO Abiola Stadium, Abuja on Saturday evening.
United’s Promotion to NPFL Excites Gov Diri Nigeria Lose to Ghana Again as CHAN Ticket Hangs Nigeria’s U-19 Team Set for Cricket Qualifier in Botswana EUROPEAN LEAGUES 54 MONDAY AUGUST 29, 2022 • THISDAY
MONdayspOrts Group s ports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com08111813083SMSONLY VAR denies Osimhen winning goal as Fiorentina hold Napoli Moses Simon Lifts Nantes with Second Goal of New Season
Victory Igbinedion, Divine Uranta, Lucky Piety - (Wk), Queen Joseph, Oseyande Omokhobhio, Rebecca Awaji - (Wk), Aisha Shittu (Wk), all of whom are batters. The bowlers include; Henrietta Mbam, Rejoice Assan (Spin), Peculiar Agboya, Ude Lilian, Judith Anthony, and Rukayat Abdulrasak who is the team’s ViceTheCaptain.team’sstandby players are Shola Adekunle and Amarachi Noko.Coach of the team Onome Oghenekevwe said the team is primed for the event with a number of the players already regulars in the national women’s team.“Our goal is to pick the World Cup ticket at the Qualifiers. So every game is important to us. The male side did it in 2019, so there’s nothing more than picking the ticket. Our team is motivated for the goal” he concluded.Nigeriawill be battling for the lone World Cup spot alongside Malawi, Mozambique, Namibia, Rwanda, Sierra Leone, Tanzania, Uganda, and host Botswana. The Qualifiers will run from September 3rd to 12th in Gaborone.
“It gives me joy to see the young teenagers that would be taking part in the maiden Under-19 Women’s World Cup in Botswana. Virtually all the players representing Nigeria are the direct product of our schools developmental project, the ones that earned Nigeria the global development awards.”
After an evenly-balanced first period, during which goalkeeper Adeyinka Adewale quickly redeemed himself after dropping the ball with a Ghanaian forward lurking, Daniel Barnieh shot the Galaxies ahead in the 50th minute from the penalty spot as Beninoise referee Issa Mouhamed punished a Nigerian infringement in the eighteen-yard box. The Super Eagles fought valiantly to get even as the game wore on, to no avail, and were then open to a sucker punch as Seidu Suraj unleashed a shot from Nigeria’s team for the maiden International Cricket Council’s African Qualifier for the maiden Women’s Under-19 World Cup will depart the country tomorrow, Tuesday August 30th, 2022 for Gaborone,PresidentBotswana.ofNigeria Cricket Federation (NCF), Uyi Akpata, said at the weekend that while his federation is not in doubt that women’s cricket in Nigeria is one of the leading development stories on the continent, the NCF has been working at spreading the effort across board.
Duro Ikhazuagbe Nigeria’s Moses Simon provided an assist and scored as French Cup holders Nantes came from behind to beat Toulouse 3-1 in the Ligue 1 yesterday.Thegoal was Simon’s second in the four weeks old top French league. The Super Eagles player had provided the assist to Evann Guessand that helped Nantes cancelled Toulouse lead in the 50th minute. Egypt striker Mostafa Mohamed fired Nantes into the lead in the 55th minute before Simon sealed the victory with the third goal in the 61st minute. The victory moved Nantes to 11th spot with PSG, Marseille and Lens who are all tied on 10 points leading the standing Moses Simon scored and also provided an assist as Nantes defeated Fiorentina 3-1 ...yesterday
The final list of the players representing the country was released over the weekend after intensive camping of the team at the Edo Boys High School, High performance Centre in Benin City. The list is led by Miracle Imimole, who comes with experience as a current national team player. Others include;
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Ihear that Academic Staff Union of Universities [ASUU] National President Emmanuel Osodeke is a professor of Soil Science. That is very good, because it means he can appreciate a down-to-earth discussion. Since he is leading the third biggest fight in Nigeria right now [after the war against terrorists/bandits and the 2023 election war], I urge him to supplement his knowledge of soil science with a little reading of military history. As we learnt from Adolf Hitler, the biggest strategic mistake in war is to open a second front when war is still raging on the first front. Osodeke did just that last week. Apparently irked by the question that some ASUU branches in state universities were pulling out of the six-months’ strike action, he reeled off names of the big federal universities that are still on strike. He then off-handedly referred to the ones that pulled out as quacks.
As a former ASUU member myself who used to sit in the staff common room and monitor the movement of salary vouchers from the middle of the month, I have a good idea how poor lecturers’ salaries are and
Quacks, Suits, Bags, London Mission
MAHMUDJEGA VIEW FROM THE GALLERY
Show moderator Reuben Abati gave him a chance to recant when he asked him if state universities are quacks. The ASUU leader affirmed what he said. Osodeke’s later claim that he was misquoted was forlorn, since a video of his remarks had already gone viral. Several ASUU branches and authorities of state universities reacted harshly to Osodeke’s remarks. Suddenly, like Hitler, he had opened a second front when war was still raging on the first front. If indeed state universities are quacks, then Osodeke’s non-quack colleagues in federal universities are substantially responsible for it, because many of them teach in those varsities. Indeed, the authorities allege that ASUU’s main objection to IPPIS [never mind the alleged mind-boggling theft there under the former Accountant General] is because IPPIS will detect any name that appears more than once in the Federation-wide payroll and promptly delete it. With respect to the first front of this war, ASUU has already rolled over its strike twice, and some reports say that when the second roll-over expires this week, it will declare an indefinite strike. That means an indefinite no work, no pay. It looks like this time, government is bent on enforcing the law and not acceding to the “non-victimisation clause” that has traditionally been the last item in government-ASUU agreements to end strikes. Non victimization is euphemism for paying salaries withheld during the strike period. That is illegal under the law. To ask government to accede to it is to ask the President to set aside his oath to uphold all laws and willfully break one law. It is better instead to get the National Assembly to amend that section of the Trade Disputes Act, if possible. If Presidents reserve for themselves the power to break laws, there will be no end to it, and in the end the same citizens will cry foul.
gentlemen make. Videos went viral of “learned” lawyers rioting at the convention hall and breaking the booths. Why this show of shame? Allegedly because they paid for expensive conference bags and got substandard ones instead. What? Rioting because of a conference bag? Even though I am not “learned,” I have got dozens of bags that I got from attending conferences in the last decade alone. I never had to stand up from my seat before one was thrust into my hands, quite often at the registration desk before I even enter the conference hall. It was the final proof, if any was needed, that the hood does not make the monk. Fashionable suits, ties and shoes do not gentlemen make. Last week was also the week of the Wike trip to, err, London. It was an impressive delegation that Governor Nyesom Wike led, including Governors Makinde and Ortom of Oyo and Benue states. There they held three high-profile meetings, with former president Olusegun Obasanjo, with Labour Party presidential candidate Peter Obi and with PDP presidential candidate Atiku Abubakar. Oga Wike, you mean all the gardens in Port Harcourt are not enough to host meetings until you go to, err, London? What is the meaning of this eclectic group that you met with? Two candidates on the same presidential ballot; are you going to vote for, err, both of them? Speaking to reporters at the airport when they returned home, Ortom said they were on a rescue mission because Nigeria is in distress and they were gathering ideas about how to rescue it. Then why did you go to Britain? Oga Ortom, are you aware that the British are also looking for a solution to a big problem that they just created? Your quarrel with Atiku is even small. Ms. Liz Truss, who is most likely to become Prime Minister of Britain next month, opened a big quarrel with French President Emmanuel Macron when she said “the jury is still out” as to whether the French are friends or enemies of Britain. This Madam, who is also the British Minister of Foreign Affairs, does not believe that matters were settled at the Battle of Waterloo in 1815, when the Duke of Wellington defeated Napoleon. Remember, she is the Foreign Minister and she made this most undiplomatic remark. Which is a reminder to Oga Wike that degree certificates alone do not a good Foreign Minister make. He devoted half the time at his press briefing lambasting Alhaji Sule Lamido without mentioning his name, saying imagine a man with a secondary school certificate becoming Foreign Minister. Truss has a degree from Oxford but by picking up an unnecessary fight across the English Channel when the war in Ukraine is far from over, she behaved like ASUU. I am wistfully wishing for a down to earth Foreign Minister, down to the bag learned lawyers, down-to-the-speech [not suit and sneakers] reporters, and a down-to-the-soil ASUU President.
Osodeke how tough things are for lecturers, even in the best of times. We had a colleague who was well informed on the voucher’s movement. He will say, “Today, it left the desk of Mr. Krishnan [Chief Accountant Payroll]. It is with Audit. It will go to Bursar tomorrow for cheque signing.”
TRUTH & REASONMonday, August 29, 2022 Price: N250 Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com MISSILE Pastor Kumuyi to Politicians thiscontentiousunto“Astonextyear,2023abouttheelection,everythingisinthehandsofGod.KnownGodbeforethebeginningoftimeandwhatwewantinanswertotheproblemofpeopleinourland.WhatHewantswillcometrue.WhentheAlmightysaysiswhatitis,forNigeriainparticular,for2023inparticular,noelephantofamancanstandinitsway” W.F.–TheGeneralSuperintendentofDeeperChristianLifeMinistry,PastorKumuyi,onGod’splansforNigeriainthe2023elections.
In the long run, as former vice chancellor Prof. Tukur Sa’ad wrote, the dire situation should be alleviated through innovation, substantial reform and ample research funds, sourced from all over the world. Right now, the demand for one trillion naira to revitalise federal universities seem far-fetched because N1 trillion is nearly 6% of the cash strapped federal budget for this year, half of it borrowed, a huge chunk of it going to repay debt, one quarter of it going to subsidise fuel consumption, and the government still has a war to fight against terrorists, kidnappers and bandits. Removing fuel subsidy alone will help a lot, but then, which president will do that on the eve of general elections? As to the matter of no work, no pay, Nigerian trade unions should better institute a system of Strike Funds, as in done in other climes. These are small amounts deducted from members’ pay, which is then invested and used to pay members’ salaries anytime the union embarks on strike. Of course the assumption here is that the union will go on strike once or twice in a generation, not every year, as has become ASUU’s tradition, and not for many months at a time. When British coal miners led by Arthur Scargill went on a year-long strike in the 1980s, they exhausted their strike funds but other unions across the world rushed in to help, including a 4 million pounds’ donation from the Soviet Union’s All-Union Central Council of Trade Unions. Here, apart from huffing and puffing in solidarity, even Nigeria Labour Congress has no money to donate to ASUU. Before Prof Osodeke’s gaffe of a lifetime, the chief controversy in Nigeria last week, at least as blown to high heavens by social media activists, was regarding the suit that APC vice presidential candidate Kashim Shettima wore to the Nigeria Bar Association [NBA] Annual Conference in Lagos. It was very ironical that Shettima, who in his eight years as Governor of Borno, in the last three years as senator, in his previous life as a commissioner, top Zenith Bank manager, university lecturer and ASUU member, was best known for his profound speeches, compassionate care for IDPs, building of model schools and rebuilding of destroyed towns in addition to lightly embroidered Kanuri flowing gowns, will be assailed for unfashionable wear. While a photographer was busy capturing his sneakers, unbuttoned suit and long neck tie, Shettima also delivered the most profound speech at the conference. Good luck to the electorate if, in the upcoming race to Aso Rock, we give more attention to suits than to ideas about how to end insecurity and tackle poverty. Comprehensive proof soon came, from the same NBA gathering in Lagos, that smartly-fitting suits, short neck ties and designer cover shoes do not in themselves
