SATURDAY 31TH AUGUST 2024

Security Experts See Window of Stemming Insecurity Through Community Resistance

Again, Police Summon Joe Ajaero for Interrogation on Alleged Criminal Conduct

Onyebuchi Ezigbo in Abuja

The Nigeria Police Force have extended yet another invitation to the President of the Nigeria Labour Congress (NLC), Joe Ajaero, and

General Secretary, Emmanuel Ugboaja for interrogation. In a letter of invitation sighted by THISDAY yesterday, the two labour leaders were summoned to appear before the Deputy Inspector

General of Police, Force Intelligence Department (FID), Abuja . In a letter signed on behalf of the Deputy Inspector General, Force Intelligence Department by Commissioner of Police Ibitoye Rufus

Alajide, dated August 28, 2024, and addressed to Ajaero, the police said, " In furtherance to the investigation on alleged criminal intimidation, conducts likely to cause a breach of public peace and malicious damage to properties

SECURITY EXPERTS SEE WINDOW OF STEMMING INSECURITY THROUGH

Following the bold move by residents of Matusgi in Talata Mafara, Zamfara State who came together and stopped the incessant raid of their community by bandits and in the ensuing face-off, overpowered and killed about 37 of the criminals, security experts have said communities mobilising to confront bandits and terrorists was a positive way to stem the tide of insecurity which has ravaged parts of the country and disrupted the peace of the affected areas.

THISDAY gathered that the villagers in the Zamfara communities before the attack were informed of a possible invasion and they came out en masse armed with local weapons including fabricated guns, and waited for the arrival of the bandits.

According to a local identified as Abubakar Nura, unlike previous times when everybody toiled to take to heels for safety, this time, the bandits that invaded the Zamfara communities had unexpectedly received firepower by the locals from various angles, the situation which forced them to retreat.

“The bandits, while struggling to escape into a nearby bush, returned the fire on the locals during which three people were killed.

“Even before the bandits retreated, there were already twenty-five corpses of them lying in the blood who had been fatally hit by the unresisting flying locally made ammunition fired by the ambushing locals in defense of the community.

.However, while the security experts agreed that community resistance could help in securing the affected areas, they warned against sidelining the main security architecture of the country but advocated for synergy and refusal of locals to work with the bandits.

The experts were however in agreement that communities and individuals should desist from working with the bandits either as informants or supplying them with weapons and other logistics.

Managing Director of Beacon Consulting Limited, Dr. Kabir Adamu, described the action of the

the awards of contracts for the rehabilitation of Warri and Kaduna refineries for $1.48 billion.

The installed capacities of the Warri and Kaduna refineries, operated by NNPC, are 125,000 bpd and 110,000 bpd. At the time, the project was expected to be completed in three phases of 21, 23, and 33 months.

Nigeria, for years, has stopped producing crude oil products after all its government-owned refineries packed up. Earlier in April 2021, the NNPC signed a $1.5 billion contract with the Italian company Maire Tecnimont to rehabilitate the Port Harcourt refinery. The contract was aimed at restoring the complex to a minimum of 90 percent of its nameplate capacity. The project was initially meant to be completed in three phases of 18, 24, and 44 months. Not a drop of petrol has been produced from any of the facilities. In the extant case, the NNPC said it would be a single tender through a three-stage tender process namely: Expression of Interest (EOI), Technical, and Commercial.

community as natural consequence, stating that human beings would always protect themselves.

He also noted that there was nothing one could do about it when it comes to protection. According to him, "If you don't protect them, they will protect themselves. So, this is a natural consequence of the failure of the state to protect them. The more that happens, the more they will seek ways to protect themselves.

"So, whether the government does it or not, we'll see signs of this. But the danger is that the more weapons there are in the society, in the communities, in the hands of people, the more the security issue will increase".

He however warned that while this may sound like success, in the long run it would not be a success, pointing out that the likelihood of reprisal attack was also extremely high, predicting that the bandits may regroup and stage a come back.

He added that because the bandits have more weapons in their hands, they will most likely attack that community and the community will seek more weapons to protect themselves, therefore, the cycle will just continue like that, sadly.

On whether the action of the communities amounted to noconfidence vote on the security operatives, Umar said that a noconfidence vote was even putting it mildly. According to him, "In Zamfara and Kaduna States, the level of insecurity is so bad that the average person is living in a state of anarchy. Because they have no protection, their lives are affected. Their livelihoods are affected. So, that provision in section 14, subsection 2 of the constitution, that says security is the primary responsibility of government, unfortunately, they are not feeling it. So, it's really clear that public security does not really exist in parts of Zamfara, Kaduna and other Northwest, and North Central states".

To him, the current arrangement, where we have more security personnel in the urban centres and very few in the rural areas, must be changed. Umar canvassed that there has to be enough security personnel

The contract scope, the NNPC said in the public notice would cover long-term and short-term production and operations planning, production, and operations execution.

It would also extend to monitoring, reporting, and optimisation of operation, maintenance planning (short-term), maintenance execution, and reliability as well as inspection.

According to the national oil company, it also includes process and controls engineering, quality control, quality assurance and laboratory, specialist engineering, health and safety, and environmental management.

The winning firms will also be involved in turnaround maintenance planning and execution, minor projects, non-contractor management, subcontractor management, inventory, and warehouse management.

As part of the requirements for qualification, the NNPC stated that applicants must present audited accounts for the past four years, that is 2020 to 2023, including balance sheet as well as income and cash flow statements.

and equipment in the rural areas to protect rural dwellers.

e called for the decentralisation of security in Nigeria, adding that, "whether that decentralisation means state policing or it means something else, the government can decide. But we have to decentralize security. We also have to improve security sector governance".

He lamented situations where incidents occur and nobody is held accountable, stating that "security personnel are killed, villagers are killed and Nigerians are killed".

"I mean, a traditional ruler was killed. As you and I are discussing, his corpse is still in the hands of the people who killed him. Even after killing him, they refused to release his corpse. And we know who those bandits are. And yet, nobody has been held accountable. Not a single security personnel has been queried to say, why did you allow that person to be abducted? And after he was abducted, why did you allow him to be killed? Nobody has been held accountable. So, unless we change that, we will continue in this circle".

Former DSS Director, Mike Ejiofor opined that the killing of the bandits by the communities in Zamfara State, was borne out of frustration and desperation.

While calling on the people to continue to mobilise against bandits and terrorists as security cannot be left to the security agencies alone, Ejiofor cautioned against, jungle justice. He urged the people to volunteer information to the security agencies, stating that they know the bandits who come to the market to buy things and go.

"But, you know, it will be too hard for people who are not armed to engage armed people. And they might come for reprisals. So, they should just volunteer information and complain to the police and the security agencies. Volunteer information. So that there can be peace talks. But taking laws into their hands might be very dangerous because there might be reprisals," Ejiofor said.

Another security expert, Alhaji Zubairu Abubakar told THISDAY that it is not business as usual stressing

Bidders are also expected to provide evidence of their company’s latest credit ratings and the name of the rating agency and demonstrate a minimum average annual turnover of at least $2 billion for the financial years ending 2020, 2021, 2022, and 2023 respectively.

According to the NNPC, documents by interested persons should be submitted online through the electronic NIPEX tender portal latest noon on October 10.

“NNPC Ltd is seeking to engage reputable and credible O&M companies to operate and maintain two of its refineries, Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC), to ensure reliability and sustainability to meet the nation's fuel supply and energy security obligations,” the notice added.

The oil company further stressed that bidders must swear to an affidavit disclosing whether or not they are officers of any of the relevant committees of the NNPC, directors, shareholders, or have any pecuniary

in which you are featured. "You are requested to come with Mr. Emmanuel Ugboaja for an interview with the Deputy Inspector General of Police, FID through the undersigned, at SPO Room, Second Floor at the

COMMUNITY RESISTANCE

the community should collaborate with security agencies to stem the tide of insecurity in their domain.

He noted that the residents should desist from being used as informants to the terrorists saying without insiders the terrorists can't penetrate or operate successfully in any community.

Commenting on the development a resident, Alhaji Garba Adamu explained that people in the area were aware of the devilish activities of the bandits.

"Let me tell you, these people terrorising us have no friends or religion, if you betray your people as an informant, you are also causing harm for yourself, because when they attack the community they will also kill your relatives,” he stated.

He enjoined the government to equip locals with local weapons such as pump action, Dane gun, and other objects as people are now ready to defend their lands.

Retired former Commissioner of Police FCT Command, CP Lawrence Alobi, said that if bandits have been known to be a threat to the lives of the people and communities, they have done well, noting that their actions are commendable.

He however cautioned against killing people on mere suspicion. He added that if they were confirmed to be terrorists then their actions is in line with the law. He averred that if the citizens now come to the realisation that they have to protect their environment and they do that in unison and purposeful action, they should be applauded.

The former CP noted that the people themselves were the prime beneficiaries of safe and secure environment, as well as effective policing and security.

"The law protects them for standing up against adversaries of the state. The law of human rights provides that if the life of any other person is in danger, the people or the police have the duty to protect the person's life and property," he said.

He called on Nigerians to say no to terrorism, banditry and kidnapping. He further urged other communities to emulate this heroic actions to

interest in the bidder.

It also requested a written statement confirming that interested companies do not have any director who has been convicted in any country for a criminal offense relating to fraud or any financial impropriety or criminal misrepresentation or falsification of facts relating to any matter.

Among others, it called for a written statement confirming that the firm does not have any existing loan or financial liability with a bank or other financial institution.

NNPC stated that it will not enter any form of communication with interested bidder(s) from the commencement date of the advertisement.

Aside the Port Harcourt, Warri and Kaduna refineries which have missed their deadlines, the Dangote refinery has recently promised to begin refining of petrol in September to raise the country’s total refining capacity to over 1 million bpd.

The facilities are expected to make products available for the entire nation and the West African continent in the first instance.

scare bandits away from invading communities. He concluded that security is everybody's business no only security agencies or the government.

Former Security Adviser to Governor of Cross River State, Mr. Rekpene Bassey, noted that what the community did can be called vigilante security. He explained that vigilante security "is the situation where maybe because the people are no longer getting satisfaction from government or they are not happy with government efforts resort to self-help so they can stay alive".

He noted that the actions of the communities complement national security, adding that the communities need to be safe, and secure.

FID Complex, Shehu Shagari Way, Opposite Force Headquarters, Area 11, on Thursday, September 5, 2024 at 11 am".

After swooping on the headquarters of the labour movement the previous week, the Police followed up by inviting Ajaero for, "interview on charges connected to alleged criminal conspiracy, terrorism financing, reasonable felony, subversion, and cybercrime on Wednesday, August, 22, 2024.

The apex labour centre had written back to the Police authorities seeking a shift in the date and to allow Ajaero appear a week after, on Thursday August 29.

After a week of tension, involving verbal exchanges between the NLC and Police, Ajaero finally turned up before the Police investigation team on Thursday and was drilled and left to go.

However, suspecting foul-play, organised labour including the NLC, Trade Union Congress (TUC) and their affiliates mobilized members nationwide to hold peaceful procession and to be on alert in case the Police decides to detain Ajaero.

Kamala Harris Widens Lead over Trump, Reuters,Ipsos Poll Reveals

Democrat Kamala Harris is leading Republican Donald Trump 45 percent to 41 percent in a Reuters/Ipsos poll published on Thursday that showed the vice president sparking new enthusiasm among voters and shaking up the race ahead of the November 5 election.

The four percentage point advantage among registered voters was wider than a one point lead Harris held over the former president in a late July Reuters/Ipsos poll.

According to Reuters, the new poll, which was conducted in the eight days ended Wednesday and had a two percentage point margin of error, showed Harris picking up support among women and Hispanics.

Harris led Trump by 49 percent to 36 percent - or 13 percentage points - among both women voters and Hispanic voters. Across four Reuters/Ipsos polls conducted in July, Harris had a nine point lead among women and a 6 point lead among Hispanics.

Trump led among white voters and men, both by similar margins as in July, though his lead among voters without a college degree narrowed to 7 points in the latest survey, down from 14 points in July.

The findings illustrated how the U.S. presidential race has been shaken up over the summer.

President Joe Biden, 81, folded his flailing campaign on July 21 after a disastrous debate performance against Trump sparked widespread

calls from his fellow Democrats to abandon his re-election bid. Since then, Harris has gained ground against Trump in national polls and those in critical swing states. While national surveys including Reuters/Ipsos' give important signals on the views of the electorate, the state-by-state results of the Electoral College determine the winner, with a handful of battleground states likely to be decisive.

In the seven states where the 2020 election was closest - Wisconsin, Pennsylvania, Georgia, Arizona, North Carolina, Michigan and Nevada - Trump had a 45 percent to 43 percent lead over Harris among registered voters in the poll.

A separate Bloomberg News/ Morning Consult poll published later on Thursday showed that Harris was either leading or tied with Trump in each of those states. That poll showed Harris led Trump by two percentage points among registered voters across the seven states and was ahead by 1 point — a statistical tie — among likely voters. The margin of error was 1 percentage point across the seven states.

"It's obvious that running against Harris is more challenging for Trump given the shift in these numbers, but it's certainly not insurmountable," Matt Wolking, a Republican campaign strategist who worked on Trump's 2020 campaign, said in response to the Reuters/Ipsos poll results.

‘ONE LOVE’ NO MORE AS MUSIC ICON, ONYEKA ONWENU IS LAID TO REST

a final farewell.

The atmosphere was sober as Onwenu's casket was lowered into the ground, marking the end of an era for a woman whose legacy would continue to inspire and influence generations to come.

Otti, Obi, as well as Forbes-listed Richest woman in Africa, Mrs. Folorunsho Alakija, amongst others, were all present to pay their last respects to the late music icon.

Obi eulogised Onwenu as a Selfless, Impactful Icon

Speaking about the late singer, Obi described her as a wonderful and impactful soul who dedicated her life to showing love and service to humanity.

He noted that "she lived a life of love, giving, and progress, leaving a

lasting legacy."

During her burial, mourners were overcome with emotion as they gathered to pay their respects. Onyeka's sons were visibly moved, with one of them touching his mother's casket before it was lowered into the ground.

A bible was also placed on top of the casket, symbolising her strong faith in Christianity.

She was finally laid to rest in a white casket, surrounded by undertakers dressed in Igbo traditional attire.

Speaking further, Obi said, "God gave Nigeria a wonderful and impactful soul. She tried to show love and service to humanity."

He emphasised that she was a part of every progress made, leaving a lasting legacy.

Onuminya Innocent in Zamfara and Ikechukwu Aleke

EDO AT 33 CELEBRATION…

FG Strikes Deal for Deployment of 1.43m Meters Nationwide

and Peter

Lagos

The federal government, through the Bureau of Public Enterprises (BPE) and electricity Distribution Companies (Discos), has signed a deal with a consortium of firms for the supply and installation of 1,437,500 smart meters across the country. The firms constituting the consortium include: Ningbo Sanxing Medical & Electric Co. Ltd as well as Ningbo Sanxing Smart Electric Co. Ltd. and Messrs XJ Group Corporation.

This information was disclosed

yesterday by the Transmission Company of Nigeria (TCN) on its official X handle.

At the signing ceremony held at the BPE headquarters in Abuja, it added that the TCN's Chief Executive, Sule Abdulaziz, was represented by the Executive Director, Transmission Service Provider (TSP), Ajiboye Oluwagbenga. Abdulaziz praised the project as a significant step in bridging the 7.1 million metering gap in Nigeria, stressing that it will significantly help in closing the wide difference between supply and demand of meters in the country.

The project, the TCN said, is part

Obaseki: Rema Was Backstage Artiste at My Inauguration, Performing Days to End of My Govt as Global Superstar

Hails Igbinedion’s contributions to devt, Nigeria’s unity

Edo State Governor, Godwin Obaseki, has said afrobeat sensation, Divine Ikubor, popularly known as Rema, was one of the backstage artistes at his inauguration in 2016, expressing delight that the Edo-born music icon will be performing in the state barely two months to the end of his administration as a global superstar. Also yesterday, Obaseki, described the Esama of Benin, Chief Gabriel Igbinedion, as an icon and statesman who has contributed immensely to the peace, unity, and development of the state and nation.

Rema had arrived in his hometown of Benin, Edo State, on Tuesday, ahead of his highly anticipated homecoming concert scheduled for yesterday.

Addressing journalists, during a banquet to celebrate the state’s 33year anniversary and the milestones recorded by his administration in the last eight years, Obaseki noted that there is greatness in every Edo man and woman as they have the ability to conquer the world. According to him, “I am standing here this evening very glad and to express my gratitude to all our guests and citizens of the state for finding time out to join us to celebrate the 33rd year anniversary of the creation of Edo State.

“This celebration is important to us because after eight years of being governor, we are taking stock as we wind down this administration. Looking forward to what we are going to leave behind and how to sustain what we have achieved these last eigt years, we have every reason to thank God for the successes we have achieved so far.”

He continued: “Rema told me that

at my inauguration in 2016, he was one of the backstage artistes at that event and eight years after, he is now a global superstar.

“When I became governor in 2016, the image of the Edo girl and woman was at its lowest but today as I leave office, the Edo women are the West Africa champions and before I leave will become African champions.

“Nothing can stop us from celebrating our successes. It tells us that there is greatness in us, greatness in Edo. In the last eight years, what we have tried to do is to nurture and bring out that greatness in Edo. As we leave, we want to tell you that that greatness should not be diminished.

“To celebrate our greatness and 33 years birthday, we launched the Benin City and Edo Regional Development Master Plan that will see us evolve over the next 30 years. If you look back in the last 33 years, you will also want to look forward to the next 30 years; looking back one generation and forward another generation.

“We have done it before in history. We have built systems, built an empire, and civilisations throughout our history. It is the same people that did those great things centuries ago that still exist in the land.”

Obaseki said, “We are now beginning to see the resurgence of that greatness in the new generation. You have seen it in Rema, Edo Queens, in the children that we have been training in our EdoBEST programme. The future and the next 30 years will be amazing for Edo State. They are bound to be great years because that process has begun.

of the Distribution Sector Recovery Programme (DISREP), funded by the World Bank's $500 million facility through the Investment Project Finance (IPF) arrangement. Nigeria has had a longstanding electricity metering problem, with a significant number of Nigerian

households and businesses lacking the metering devices, leading to estimated billing and revenue losses.

In addition, a number of the existing metering infrastructure is often outdated, faulty, or bypassed, resulting in inaccurate billing and

energy theft. There is also the problem of lack of standardisation wherein different types of meters are used, making it challenging to integrate and manage the metering system.

A number of electricity consumers in the country have

complained about inefficient billing and collection, leading to errors, disputes, and revenue leakages.

In addition, addressing Nigeria's electricity metering problem is seen as crucial for improving the country's energy sector, reducing losses, and enhancing economic growth.

Confirmed Cases of Mpox in Nigeria Hit 48, Infection Spread to 19 states

Onyebuchi Ezigbo in Abuja

Nigeria Centre for Disease Control and Prevention (NCDC) has reported an increase in Mpox cases to 48 across 35 local government areas in 19 states and the Federal Capital Territory (FCT).

This was contained in the situation report for week 34 (August 25) posted on the agency’s website yesterday.

NCDC however said that no

death has been recorded from the disease so far in 2024.

“57 new suspected cases were reported in Epi week 34, 2024, compared with 25 cases reported in the previous week (Epi week 33).

“Eight confirmed cases were reported in week 34 compared with one (1) confirmed case reported in week 33, 2024.

“Twenty States and the FCT have recorded at least one confirmed

case across thirty-five (35) Local Government Areas in 2024,” the update partly reads.

According to the Centre, the age distribution of the cumulative number of confirmed Mpox cases showed that 17 cases were recorded among ages 0-10, seven cases were recorded among ages 11-20, nine cases were recorded among 21-30, eight cases were recorded among ages 31-40, and seven cases were recorded among

Police Get Eight New AIGs as PSC Elevates 684 Officers to Their Next Ranks

Linus Aleke in Abuja

The Police Service Commission (PSC), yesterday, announced the elevation of eight Commissioners of Police to the rank of Assistant Inspectors General of Police, while 15 Deputy Commissioners of Police were promoted to the next rank of Commissioners of Police.

The commission also noted that 52 Chief Superintendents of Police were also promoted to Assistant Commissioners of Police, 525 Superintendents of Police promoted to the rank of Chief Superintendents of Police and 84 Deputy Superintendents promoted to Superintendents of Police.

A statement by Head, Press and Public Relations, Ikechukwu Ani, said that ASP Patrick Ebhodahe was also

promoted to the next rank of Deputy Superintendent of Police.

Ani disclosed that the first plenary meeting of the new Board of the Police Service Commission took place yesterday with the promotion of 684 senior police officers.

He said the eight Commissioners of Police and 15 Deputy Commissioners were subjected to some form of assessment/ examination, a condition now precedent for their promotion to the new ranks.

The Chairman of the Commission, DIG Hashimu Argungu (rtd), said the officers must engage in deliberate self development through constant knowledge acquisition so as to be ready and equipped to face the challenges of 21st century policing.

Argungu said henceforth police officers

must be subjected to formal examination before consideration for their promotion stressing that it is a requirement imposed on all federal civil and public servants by the public service rules, adding that police officers will not be an exemption.

The Chairman said the commission must also ensure that promotions in the police will be merit based and predictable. He assured that the commission will not for any reason delay the promotion of deserving officers but insisted that it must be earned.

He congratulated the promoted officers on their new ranks and called for greater dedication to the service of their fatherland.

Argungu said they must be deliberate, committed and focused in the fight against insurgency and banditry in the country and charged them to go and free the nation from all forms of insecurity. The eight commissioners promoted to the next rank of Assistant Inspectors General of Police include "CP Benneth Igwe; Commissioner of Police, Federal Capital Territory, FCT, Command; Suleiman Mohammed Abdul, acting Assistant Inspector General of Police, PAB, Force Headquarters Abuja; CP Augustina Nwuka Ogbodo, CP Ebonyi State Command; CP Stephen Olanrewaju, CP Admin, Works, Force Headquarters Abuja; CP Kenechukwu Onwuemelie, CP Abia State Command; CP Fayoade Adegoke Mustapha, CP Lagos State Command; CP Adegboyega Funsho Adegboye, CP Admin, FID, Abuja and CP Mohammed Bala Labbo, CP Communication DICT Force Headquarters, Abuja.

Akinmurele: It's Time to Liberate Ondo People from Political Arrogance

Fidelis David in Akure

The candidate of the Young Progressives Congress (YPP) for the November 16 governorship election in Ondo State, John Otitoloju Akinmurele, has said it's time to liberate the people of the state from political arrogance

and power of vague incumbency. Akinmurele who stated this in Akure yesterday while meeting with stakeholders of the party across the 203 political wards of the state in preparation for the poll, said the coastal state has the second largest untapped bitumen in the whole world, yet its

people are suffering. According to him, for far too long, the state has been shackled by the arrogance of politicians who have placed their selfish ambitions above the well-being of the citizens and it's time to reject what he termed 'the very toxic old order'.

His words: "For too long, this state has been held by the jugular. For too long, people have been suffering in this state without anybody taking responsibility, whether a governor or whoever. If any governor had taken responsibility, then that action is not enough.

ages 41-50.

The recorded cases were recorded in Lagos (one), Rivers (two), Bayelsa (six), Abia (one), Delta (two), Imo (one), Edo (one), FCT (two), Anambra (two), Cross River (five). Other states with the disease are Plateau (two), Akwa Ibom (four), Nasarawa (one), Oyo (one), Kaduna (one), Ebonyi (one), Benue (three), Enugu (eight), Osun (two), Kebbi (one), and Zamfara (one).

Emmanuel Addeh in Abuja

Uzoho in

L-R: Governorship candidate of the Peoples Democratic Party (PDP), Dr. Asue Ighodalo; Edo State Governor, Mr. Godwin Obaseki; his wife, Mrs. Betsy Obaseki, and Afrobeats sensation, Divine Ikubor (Rema), during a banquet to celebrate Edo State 33rd anniversary, in Benin City…yesterday

Govs Flouting Constitution, Still Withholding Our Money, State Assemblies Cry Out

Ask Fubara, Amaewhule to settle rift in Rivers people's interest

The Conference of Speakers of State Legislatures of Nigeria (CSLN), a body of the presiding officers of the 36 houses of Assembly across the country, has once again, raised the alarm that governors were flouting the constitution by withholding funds of the legislative arm in their respective states. The presiding officers who stated

this in a communique they issued after their one-day special session in Abuja, noted that the governors were doing that despite constitutional provisions which forbade them from doing so.

The communique signed by the Director-General of the CSLN, Mr. Busari Sarafadeen, and made available to THISDAY in Abuja, said the lawmakers deliberated on the critical issue of financial autonomy for State Legislatures, as enshrined

in Section 121(3) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

The communique said, “This provision mandates the financial independence of State Houses of Assembly, ensuring that funds allocated to the legislature are disbursed directly to them, free from the control of the Executive arm of government. It lamented that there was non-compliance on the part of the

governors despite the clear provisions of Section 121(3).

It read, “We have observed with deep concern that this critical aspect of our Constitution is being routinely flouted by many State Governors.

“Instead of allowing for the direct disbursement of funds to State Houses of Assembly, as stipulated by the Constitution, some governors continue to exercise undue control over these funds, thereby undermining the

TEF Partners MIT, Chicago, Columbia Universities on Foundation’s Entrepreneurship Programme

Dike Onwuamaeze

The Tony Elumelu Foundation (TEF) is set to embark on a research collaboration with the Massachusetts Institute of Technology (MIT), the University of Chicago and Columbia University that would evaluate the impact of the TEF Entrepreneurship Programme in Africa on those who participated in the scheme.

The impact evaluation, whose result is expected to be released by the end of 2024, would compare successful applicants that were shortlisted to embark on the TEF entrepreneurship programme and those who could not participate in the programme because they were rejected for various reasons including low qualification scores, plagiarism, and unverified identity.

But the successful applicants were able to scale through all the selection processes and participation stages that included completing online business management training, receiving personalised mentorship, undergoing a pitching assessment, and producing a business plan.

The best among the successful applicants were provided with $5000 non-returnable seed capital to help them to start and grow their businesses.

The research would also consider applicants with lower scores who are around the cutoff for acceptance for the program that were either assigned to continue with the programme or dropped but invited to apply again next year. These were disclosed in TEF’s

publication titled: 'Empowering African Entrepreneurs: Cultivating Entrepreneurial Mindsets and Building Resilience in African Entrepreneurs through the Tony Elumelu Foundation Entrepreneurship Programme'.

It said: “We are in the process of tracking entrepreneur outcomes such as success in opening a business, income, number of employees, and business sales.

“Comparing those randomly selected to continue allows us to estimate the impacts of participating in the TEF programme.

“In addition, some locations within each country had more successful applicants and some fewer, allowing assessment of community-level impacts. We expect final results in late 2024.”

However, a random survey on 'Understanding What Unsuccessful Applicants Do Next' explored how the different messaging affected the intentions of those who could not participate in the program to reapply in subsequent years.

Some of these unsuccessful applicants are randomly selected candidates that received a message of encouragement to continue on their entrepreneurship journey, others received information about their application score relative to their rejected peers in their state, country, and the whole applicant pool or not while some received information about how popular the industry of their business idea was compared to peers in their state, country, and the whole applicant pool or not.

House Pledges Support for Financial Reporting Council

The House of Representatives has promised to collaborate with the Financial Reporting Council of Nigeria (FRC) to strengthen financial reporting and governance in the country.

The Chairman House Committee on Commerce, Hon. Ahmed Munir, gave the assurance on Thursday, in Lagos, during an oversight function visit to the FRC.

Munir pointed out that the federal government and National Assembly have undertaken strategic key reforms

to restore micro and macroeconomic stability in the country.

Furthermore, he noted creative steps in policy reforms across all sectors, with an “intended focus on repositioning our nation as truly the economic giant of Africa, producing significant achievement in fiscal and monetary policy consolidation.”

He highlighted efforts by the federal government to rebuild investor confidence and improve the lives of the citizens.

“It is our responsibility to make laws that are favorable to the growth of business in Nigeria for the subsequent

implementation by the Executive and the Judiciary arms of government.

“Our dear country, Nigeria, as a nation, is blessed with abundant human and natural resources. When the right policy for economic growth is in place and the political willpower to implement the policy is available, Nigeria can become one of the global economic power hubs.

“The 10th National Assembly is determined to ensure that business owners and investors in Nigerian economic space are sufficiently provided with the most conducive economic environment to succeed profitably with

marginal returns on their investment and their capital well protected with various business incentives currently under implementation by this administration.

“We want the whole world to know today that Nigeria is open for business, and we are ready to affirm our position as the economic giant of Africa,” he added.

In his remarks, Executive Secretary/ Chief Executive Officer, FRC, Dr. Rabiu Olowo, requested legislative assistance for the passage of the Nigerian Actuarial Chartered Bill that would birth “professional actuarial practice in Nigeria in line with global best practice.”

financial autonomy and independence of the legislative arm.

“Erosion of Legislative Independence: The persistent breach of this constitutional provision has significantly eroded the independence of the State Legislatures, compromising their ability to function effectively and independently as a check on other arms of government.

“This situation undermines the principles of separation of powers and weakens our democracy at the state level.

“Impact on Governance and Accountability: The lack of financial autonomy for State Houses of Assembly hampers their capacity to execute their legislative functions, including law-making, oversight, and representation.

“This, in turn, affects governance and accountability, as a legislature that is financially dependent on the Executive cannot effectively hold the Executive accountable.”

The speakers then resolved to, “Call for Immediate Compliance.”

“We hereby call on all State Governors to immediately and fully comply with the provisions of Section 121(3) of the Constitution by allowing for the direct disbursement of funds to the State Houses of Assembly.

“This compliance is not only a constitutional obligation but also a necessary step towards strengthening our democracy and promoting good governance.

APC NEC, Caucus Meetings Not for Regime Change, Says Party's Scribe

Adedayo Akinwale in Abuja

The National Secretary of the All Progressives Congress (APC), Senator Ajibola Basiru, has said that the Caucus and National Executive Committee (NEC) meetings scheduled for September 11 and 12 are not aimed at changing the leadership of the party.

Bashir disclosed this yesterday in Abuja during a courtesy visit by Governor Abdullahi Sule of Nasarawa State.

His words: “None of these activities of the party is elective meeting. The National Caucus is established under Article 11 of the Constitution of our party as well as the NEC. They are part of routine meetings that our party should be having on a regular basis.

“But people like to twist events.

Immediately we put up notice when the President told us about his availability, we read in the papers that the meetings (Caucus and NEC) are about changing the leadership of our party.

“None of these meetings are being scheduled for regime change in the party. It is being held to give stewardship of what has been done by the leadership of Dr. Abdullahi Ganduje in terms of also presenting our audit report to show what we

have been doing as well as the way forward.

“This is very important to put in the public domain. We want to thank His Excellency, Governor of Nasarawa State for dropping by to see us in our house. We will be happy to continue receiving you and give you support.”

Also, the National Chairman of the party expressed delight while receiving Sule at the party's secretariat.

According to him, "We want our party to be a strong institution that will back the government and ensure an internal democracy. The essence of the Progressive Institute we established is to give our party an identity."

On his part, Sule said he was at the party's secretariat to pay his respect to Ganduje.

He stated: “I'm a governor that this same National Working Committee worked very hard to ensure that I continue as a governor. They were there with me during the elections, they were there with me during the legal matters, they did not rest until I got my own victory. So, this is my house.

“And as it is my house, I think I have the right to go in any time that I feel comfortable to come to my house and that's why I am here.

CNS Ogalla: Holistic Approach Needed to Combat Maritime Crimes

Kemi Olaitan in Ibadan

The Chief of Naval Staff , Vice Admiral Emmanuel Ogalla, yesterday, proposed a comprehensive strategy that includes the designation of special courts for maritime crimes, advocacy campaigns to enlist community support, and socioeconomic crime prevention strategies towards combating maritime crimes and fostering the growth of the Blue Economy in the country. Ogalla while delivering a lecture titled: 'Role of the Nigerian Navy in combating Maritime Crimes for enhanced Blue Economy', at the Institute for Peace and Strategic Studies (IPSS), University of Ibadan

3rd Distinguished Personality Lecture, highlighted the need for more effective and efficient justice delivery, as well as the importance of fostering trust and understanding between the Nigerian Navy and local communities.

According to him, the designation of special courts for maritime crimes will ensure a dedicated and knowledgeable

judicial process for handling these cases, which, he said, will lead to more consistent application of laws and sentencing, reducing disparities and promoting fairness in judicial processes.

He further advocated an advocacy campaign that utilises federal, state and local mass communication platforms to

build public awareness and support for the Navy's efforts to combat maritime crimes and promote the Blue Economy. Ogalla highlighted the significance of addressing socio-economic factors that contribute to maritime crimes, emphasising the importance of community engagement and outreach programmes, educational initiatives and partnerships with key stakeholders. He acknowledged that garnering public support is crucial in combating maritime crimes and fostering the Blue Economy, and that through effective communication and partnership, the Nigerian Navy can successfully enlist the cooperation of communities in their efforts.

Sunday Aborisade in Abuja

Dike Onwuamaeze

INTERNATIONAL FILM, TV SUMMIT 2024.…

Edo 2024: PDP, APC Trade Blame Over Allegation to Rig Governorship Poll

Ahead of the September governorship election in Edo State, the Peoples Democratic Party (PDP), said it has uncovered surreptitious plans by the opposition All Progressives Congress (APC) to use fake staff of the Independent National Electoral Commission (INEC) who would be posing as technical staff to tamper

with the Bimodal Voter Accreditation System (BVAS).

The state PDP Chairman, Dr. Tony Aziegbemi, made the allegation yesterday in Benin-City, while briefing journalists.

Reacting to the PDP allegation of APC plotting to rig the election, Media Director of APC Campaign Council, Prince Kassim Afegbua, yesterday, accused the ruling PDP in Edo of planning to rig the September 21

governorship election.

He called on the PDP to campaign to the electorate, saying that the N500 million the state government allegedly spent on hiring Rema to Benin, should have been spent to improve the lot market women who he said were suffering.

Aziegbemi, who recalled that INEC had issued a timetable and schedule of activities in the state for the Governorship Election with 13 items

on that document, drew the attention of the public to item 9 “submission of names of political agents, to be uploaded on INEC portal”.

He alleged that INEC created a portal for political parties to upload their agents and access codes given to them, adding that the electoral umpire's portal for uploading Polling Agents opened on the 17th of July and automatically shut down on the 30th of July at midnight.

Exit of Heavyweight Politicians Continue in Abia PDP as Former Chairman, Nwaka, Dumps Party

Emmanuel Ugwu-Nwogo in Umuahia

As the exodus of party chieftains continues to plague the Abia State chapter of the Peoples Democratic Party (PDP), its former Chairman, Senator Emma Nwaka, has announced that he is longer a member of the party.

He told THISDAY that he had left the PDP two months ago, precisely on June 12, 2024 when he submitted his resignation letter at his ward, saying he resigned purely for "personal reasons".

Abia PDP started experiencing the exits of its high profile members after the party, which had controlled Abia for almost 24 years, lost power to the opposition Labour Party in the 2023 general election.

The party chieftains that have taken the exit door include the immediate past

Speaker of the State House of Assembly, Hon. Chinedum Orji who defected to the All Progressives Congress (APC), and former commissioners and lawmakers who defected to other political parties. Nwaka, who is a lawyer by training, piloted the affairs of Abia PDP between 2010 and 2015 during which period the party enjoyed overwhelming dominance of the political space in the state.

He said that he had quit the party quietly in his ward since June 12, 2024 but has now decided to make it public due to constant "invitations to PDP activities, which I've been declining politely".

The Abia North Senator in the shortlived third republic also explained that he needed to declare his membership status following prodding from political allies that want him to make known

his stand.

Unlike other PDP bigwigs in Abia that resigned and joined the APC, Nwaka said he has chosen to remain non-partisan, noting that he didn't resign from his party in order to defect to another.

"It's not in my nature to hop from one political party to another. I've been with PDP since it was formed over 24 years ago. I've now firmly resolved, for entirely personal reasons, to pull back and take stock," he said.

The former party chairman, who was a governorship aspirant in 2023, stated that even in his present non-partisan status he would continue to render service to the society when needed.

"Politics for me is about service to the public. One doesn't have to be involved in partisan political activities to render

Gov Mbah Congratulates New NBA

Governor of Enugu State, Peter Mbah, has congratulated Mazi Afam Osigwe, SAN, on his inauguration as the 32nd President of the Nigerian Bar Association (NBA), describing him as a round peg in a round hole.

Mbah, who is also a senior lawyer, charged Osigwe to bring his wealth of knowledge and experience to bear on the task of addressing the challenges facing legal practice

and the justice sector in general. In a statement issued yesterday, Mbah said, “I join the rest of the NBA and other well-meaning Nigerians in congratulating Mazi Afam Osigwe, SAN, on his inauguration as the 32nd President of the NBA.

“As a member of the inner Bar, a former Secretary-General of the NBA, Chairman of the Unity Bar,

service to his people," Nwaka said.

Nonetheless, he didn't completely rule out the possibility of returning to partisan politics in the future.

According to him, "If in the future it becomes necessary for me to align with any partisan political platform, I shall not hesitate to share the news with the press."

In the letter of resignation dated June 12, 2024 and addressed to the PDP Chairman, Ward 5 Oguduasa, Chief Innocent Nwagba, Senator Nwaka said that it was "time for me to quit".

He made it plain that his decision to resign his membership of PDP "for personal reasons was not taken whimsically", adding, "I chose this path after very deep considerations and reflection on the trajectory of my political life."

President, Osigwe

and a consummate legal practitioner, who has distinguished himself in his calling, Mazi Osigwe is purpose-built for the office he was overwhelmingly elected to occupy.

“Also, as a candidate, he articulated a blueprint for the advancement of the legal profession and the justice sector that enjoyed the buy-in of members. Therefore, I trust him to lead a proactive Bar

that delivers solutions and benefits to legal practitioners and the justice sector in general.

"On behalf of the Government and the good people of Enugu State, I wish him the best as he undertakes this onerous task."

The governor urged members of the Bar and Nigerians to accord the new NBA total support and cooperation to succeed.

FG Inaugurates Estate Surveyors Board, Tasks New Team on Proper Regulation

Addeh

The federal government has inaugurated the new Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), urging the team to ensure firm regulation of the profession in Nigeria. Speaking at the event in Abuja, the Minister of Housing and Urban Development, Ahmed Dangiwa, urged the 22-member professional body under the supervision of the ministry to help transform the housing sector. The minister recalled that the inauguration of the new ESVARBON board had become necessary due to the expiration of terms for several board members, which led to a shortage of active members.

According to o him, "on the 29th of August, 2024 INEC invited the National Chairmen and National Secretaries for an emergency meeting in Abuja but to our surprise, the APC did not meet with the requirement in 3,037 polling units and in 17 Local Government, which means APC has Polling Agents in only 1,482 Polling Units and one Local Government Agent while PDP uploaded Polling Agents in 4,378 Polling Units.

In his words, "You will recall that INEC had issued a timetable and schedule of activities in Edo State for the Governorship Election. There are 13 items on that document. I draw your attention to item 9 “submission of names of political agents, to be uploaded on INEC Portal”. INEC

created a portal for political Parties to upload their agents and access codes were given to the political parties. INEC portal for uploading Polling Agents opened on the 17th of July and automatically shut down on the 30th of July at midnight. "To our amazement, the APC did not meet the requirement in 3,037 polling units and in 17 Local Government, which means APC has polling Agents in only 1,482 Polling Units and 1 Local Government Agent. PDP uploaded Polling Agents in 4,378 Polling Units. A party that cannot upload its polling unit agents in two-thirds of the polling units cannot be trusted with power in our state. We demand that no political party be allowed to correct this anomaly.

John Shiklam

In a significant victory against internet piracy, the Intelligence Response Team (IRT) of the Force Intelligence Bureau has successfully apprehended the operator behind the notorious pirate domain www.score808.com.ng.

This domain was allegedly infamous for illegally streaming MultiChoice (SuperSport) content, drawing millions of visits from across Africa and beyond.

According to a statement, the arrest, which took place on August 22, 2024, in Osogbo, Osun State, marked a major milestone in the ongoing battle against intellectual property theft and online streaming piracy.

The capture followed an extensive investigation that spanned several months. Despite efforts to evade detection by frequently changing locations, the IRT's relentless pursuit ensured the eventual arrest. The suspect remains in Police custody, with substantial evidence pointing to involvement in large-scale illegal streaming activities. If convicted, the suspect could face a prison sentence of up to five years, the statement added.

Police's dedication and support in this operation.

He commented, "All forms of piracy continue to pose a significant threat to the creative industry. At Irdeto, we are fully committed to addressing every facet of piracy, whether it occurs online or through other means. The arrest of this notorious pirate is a testament to what can be achieved when law enforcement agencies and private sectors work hand in hand. We sincerely appreciate the Nigerian Police's unwavering support, which has led to this positive outcome.

“Online streaming piracy is not only a criminal offense but also poses significant risks to customers. Users who access pirated content are often exposed to malware, phishing attacks, and other cybersecurity threats that can compromise their personal information. Additionally, by engaging with illegal streams, customers inadvertently contribute to the erosion of the creative industry, undermining the livelihoods of thousands of people involved in content production and distribution.

“It is important to note that the board is an essential organ charged with the duty of overseeing the profession of Estate Surveying and Valuation in Nigeria. President Bola Tinubu has mandated the ministry to transform the housing sector for the actualisation of the Renewed Hope Agenda. “Therefore, all agencies, institutions, and parastatals under the ministry must be alive to their responsibilities and work hard towards achieving the objectives for which they were set up,” he added.

Dangiwa stressed that estate surveyors and valuers play an important role in the successful delivery of affordable housing across Nigeria.

“he scale of the illegal operation is evident from the website's traffic statistics. The domain www.score808. com.ng garnered 3.1 million visits globally, with over 1.2 million visits originating from Africa alone,” it added.

Director of Broadcasting and Cyber Piracy at Irdeto, Frikkie Jonker, expressed appreciation for the Nigeria

In a related development, the Police in Kaduna have arrested a three-man syndicate that specialises in swapping of Automated Teller Machines (ATMs) cards.

In a statement yesterday in Kaduna, spokesperson of the Kaduna Command, Masir Hassan, identified the suspects as Umar Yau, Hussaini Sulaiman (both from Zoo Road, Kano), and Abdullahi Bukar, from Tudun Wada, Kaduna.

in Kaduna

Emmanuel

in Abuja

Chuks Okocha in Abuja and Adibe Emenyonu in Benin-City

L-R: Regional Lead Creative Economy, SSA/Head of Arts Nigeria, British Council, Brenda Fashugba; Nollywood actress and media personality, Omotunde Adebowale-David (Lolo); CEO, Sterling One Foundation, Olapeju Ibekwe; Technical Consultant, Film Lab Africa, Don Omope, and Principal Partner, Film Lab Africa/Afrowen Productions, Olasunkanmi Adebayo, at the Nigerian International Film & TV Summit (NIFS) 2024, in Lagos… recently

FOR IMPROVED ENERGY SUPPLY…

Shell Plans to Cut 20% Jobs Globally in Oil Exploration Unit

Addeh

Shell plans to scale back its oil and gas exploration and development workforce by 20 per cent as its Chief Executive, Wael Sawan, widens his cost-saving drive to the highly profitable division.

This is coming after earlier deep cuts in renewables and low-carbon businesses, company sources told Reuters.

The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world, and will be felt in particular in its offices in Houston, The Hague and to a lesser degree in Britain, the sources said.

The planned 20 per cent reduction is subject to consultations with employee representative bodies, the sources added.

Shell's oil and gas production division, known as upstream, which includes the exploration and well development units, accounted for over one third of the company's $28.25 billion in adjusted earnings in 2023, the report said.

Exploration is vital for oil and

gas companies in order to replenish depleting reserves and discover new resources that, if developed, can be highly profitable.

Shell in recent years made significant discoveries in Namibia which it is now studying for potential development. A Shell spokesman would not comment on the reduction figures.

"Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business. That includes delivering structural operating cost reductions of $2 billion to $3 billion by the end of 2025," the company said in a statement.

Sawan, who took office in January 2023, has vowed to improve Shell's performance to boost profitability and narrow a wide gap in its shares valuation compared with larger US rivals.

As part of the strategy, Shell plans to grow its liquefied natural gas division, steady oil production and focus on its most profitable businesses. Shell in recent months scaled back operations in offshore wind, solar

Otti Undertakes Reconstruction of 41.4km Ohafia-Arochukwu Highway

Emmanuel Ugwu-Nwogo

Abia State Governor, Alex Otti, has undertaken the reconstruction of the 41.4km Ohafia-Arochukwu federal highway despite the non-commitment of the federal government to reimburse the state government for doing its job.

Otti, who disclosed this at the flag off ceremony at Ohafia, said that the federal government was still foot dragging on the issue of repaying Abia after completing the long abandoned federal road.

He said that the federal authorities had suggested that he should toll the road to recover Abia's money, adding that he didn't accept the proposal.

According to him, putting a toll

gate on the road "may actually not be the best way of rewarding the faithful taxpayers in these communities after what they had been through."

Otti pleaded with the federal government "to consider making the necessary financial provisions to eventually reimburse the State since we have taken the bull by the horn by doing what a responsible government should do for the citizens."

He promised that the road project would be completed in the next 18 months thereby putting an end to the age-long maxim: "there's no easy route to Arochukwu".

The Ohafia-Arochukwu highway ranks among the worst federal roads in the country having been abandoned in a state of dilapidation by successive federal and Abia governments.

and hydrogen, sold retail power businesses, refineries and some oil and gas production, including in Nigeria. In March, Shell weakened a 2030 carbon reduction target and scrapped a 2035 objective, citing expectations for

strong gas demand and uncertainty in the energy transition.

The company’s shares have gained over 8 per cent so far this year, outperforming its European rivals and Chevron as investor confidence

was buoyed by improving cash flow and the better performance of the company's key assets.

In Nigeria, as part of the restructuring, Shell recently agreed to sell its onshore oil and gas business

in Nigeria to a group dominated by local companies for $1.3 billion. The transaction is seen as an effort by Europe's largest energy company to reduce its risks in the country that is Africa's largest oil producer.

Soludo: Anambra has Surpassed UN Teacher-to-Student Ratio

David-Chyddy Eleke in Awka

Anambra State Governor, Chukwuma Soludo, said the state has beaten the United Nations (UN) studentto-teacher ratio, with the recent employment of teachers in the state.

Governor Soludo said this during the third anniversary of the scholarship programme of IG Aguowo Health and Academic Foundation, which was held at the International Convention Centre in Awka.

Commissioner for Education, Prof. Ngozi Chuma-Udeh who represented Soludo at the event said: "With the recent employment of teachers in the state, Soludo has beaten the UN recommended teacher-to-student ratio.

"The ratio currently in Anambra is 24 students to one teacher for secondary schools, and 21 pupils to one teacher in primary schools.

"Our governor is a lover of education and has through the recent employment ended the era of schools without teachers in Anambra State.

He is happy with what is going on here today and would have been here, but he is unavoidably out of town."

THISDAY learnt that the number of teachers already employed by the Soludo-led government stands at about 8,000 already.

At the event, the IG Aguowo Health and Academic Foundation gave out scholarships to 670 students from 36 states of the federation and the Federal Capital Territory (FCT).

The scholarship programme which

was described as one of the biggest in the country to the tune of N1 billion was instituted by the founder of the foundation, Mr. Ignatius Aguowo. Executive Director of the Foundation, Mrs. Gloria Abanihe in her address during the event said: "The IG Aguowo Health and Academic Foundation was established with clear vision, which is to bridge the educational gap and provide opportunities for talented and deserving students to achieve their dreams.

Lagos Agency Records 24,955 Sexual Violence Cases in Six Years

Segun James

The Lagos State Domestic and Sexual Violence Agency (DSVA) has said it recorded at 24, 955 gender-based sexual violence in the state between 2019 till date.

The state's Attorney General and Commissioner for Justice, Lawal Pedro, SAN and Executive Secretary of the Lagos State Domestic

and Sexual Violence Agency, Titilola Vivour-Adeniyi, revealed this at a media parley to commemorate the domestic and sexual violence awareness month and award night, held at Alausa, Ikeja.

They disclosed that the 2024 programme is themed: 'Not On My Watch!'

According to them, they are determined to curb the worrisome

rising cases of sexual violence, adding that the state government has unveiled plans to embark on massive advocacy campaigns across all the local government areas of the state.

Pedro, represented by Acting Solicitor General and Permanent Secretary, Hameed Oyenuga, decried the rising cases of sexual based violence involving both sexes in the state.

Edun, Defence Chief Appraise

According to him, "The theme of this year is based on the compelling need to ensure that Lagosians realise that ending the menace of Sexual and Gender Based Violence is indeed a collective effort, which requires the support and collaboration of all members of society.

"We therefore intend to engage all demographics including men, women and children."

Military's Role in Safeguarding Democracy, Economic, Social Recovery

Ndubuisi Francis in Abuja

Minister of Finance and Coordinating

Minister of the Economy, Mr. Wale Edun, yesterday paid a courtesy visit to the Chief of Defence Staff (CDS), Gen. Christopher Gwabin Musa, at the Defence Headquarters, Abuja, during which they discussed the critical role of the military in safeguarding democracy and driving Nigeria's economic and social recovery.

The CDS highlighted the military's unwavering commitment to safeguarding democracy and playing a crucial role in the nation’s economic and social recovery.

He also expressed his gratitude to the minister for the consistent support provided to the armed forces.

A statement released by the Director, Information and Public Relations, Ministry of Finance, Mohammed

Manga, said Edun commended Musa and his team for their tireless efforts in fostering a secure environment that enables the nation’s economy to flourish, in line with President Bola Tinubu’s mandate to enhance the quality of life for all Nigerians.

The visit also provided the opportunity for the minister to tour the Defence Headquarters, during which the CDS provided the minister with an

insightful overview of the operational and administrative functions of his office.

"As the Honourable Minister and the Defence Chief continue to work together, their synergy is expected to yield positive results for the nation.

"With a secure environment and a thriving economy, Nigeria is poised to achieve the President's mandate of enhancing the quality of life for all citizens.

UK Awards Chevening, Commonwealth Scholarships to 82 Nigerians

Michael Olugbode in Abuja

The British Government has awarded 82 Nigerians the prestigious Chevening and Commonwealth scholarships to study a wide range of master’s degrees and PhD programmes in the UK in 2024.

This year, 32 scholars received the Chevening scholarships, and 50 scholars have been awarded the Commonwealth scholarship so far.

A pre-departure ceremony was held in Abuja on Thursday for scholars based in Abuja and environs, while a similar ceremony will hold in Lagos next week, and will be hosted by the Deputy Head of Mission, Abby Bernard, for scholars in Lagos and nearby cities. At the Abuja pre-departure reception, the British Deputy High Commissioner, Mrs. Gill Lever, congratulated beneficiaries who

succeeded in securing a scholarship through the highly competitive application and interview process.

Speaking at the ceremony, Lever said: “The UK continues to support the educational development of Nigerians and remain transparent and inclusive in the selection process across board.

“I challenge each of you to aim for excellence in your studies, to be great ambassadors for Nigeria in the

UK, and to take advantage of every opportunity during your scholarship – through growing your knowledge, enriching cultural exchange, and confident networking – and then bringing those experiences back to Nigeria and doing great things for your country while creating a positive change in this country and the world.”

Also speaking at the reception, Director Operations, British Council

Nigeria, Idowu Akintade, said: “We hope the skills and knowledge you gain from this scholarship opportunity prepares you to make positive impact in the development priorities of Nigeria.

“I encourage you all to build a strong network and continue to be great ambassadors of the prestigious Commonwealth and Chevening Scholarships.”

and Commonwealth

Scholarships are awarded to individuals who demonstrate intellectual ability, leadership potential and a commitment to development of their home country. Nigeria has a huge alumni base with over 4,500 (3,000 Commonwealth and 1,500 Chevening) alumni across both scholarships with very prestigious people impacting and contributing to Nigeria’s development.

Chevening

Emmanuel

in Abuja with agency report

in Umuahia

L-R: Rana Energy Engineer, Mubarak Popoola; Director Huawei, Jim Zhang; Managing Director/CEO, Rana Energy, Abraham Mohammed; Manager Huawei, Song Jilin; during the inauguration of a 5MW Energy Solar at National Defense College in Abuja...recently KINGSLEY ADEBOYE

The issue of water supply to the people must be given adequate attention, writes Josef Omorotionmwan

Apparently, authorities in Nigeria have come to regard the life race between the lion and the antelope. Every day, the lion wakes up realising it must be able to outrun the fastest antelope lest it will starve to death. Every day, the antelope wakes up realising that it has to outrun the fastest lion, lest it will end up in the lion’s stomach.

Whichever side you look at; it is Run-Run-Run! Sometimes, you could be heading in the wrong direction as happens in Nigeria on the issue of water supply, where the authorities realise the importance and precarious situation of water supply; but they do nothing, even in the face of cholera epidemic and other water-borne diseases.

We shall attempt here to restate the importance of water, and to give it the priority it deserves instead of our current fire brigade approach.

We have observed elsewhere that we live in a wonderful world, a world so wonderfully made that all the essentials of life are freely given to us in abundance. These things are so free that all that is required of us is to do just a little value addition to adapt them to our very use wherever we live.

Look at the air we breathe. It is available everywhere; and if it were to be withheld for just one minute, the entire humanity would go into extinction.

Water is life. Water is readily available everywhere. For one thing, 75 percent of the earth’s surface is made up of water. For another, the entire hard surface of the earth which we call dry land hangs perilously over water. Put differently, the earth is merely a decking over water.

Water, water, water everywhere but we are dying of thirst. What is happening?

Women are the worse for it all. They must trek long distances with calabashes on their heads in search of water for house chores. There are many remote areas particularly in Northern Nigeria where even surface pond water is still a luxury today.

This problem of water supply to the people has been a serious concern to leaders, we remember the late Patrick Eguaseki-Ogida (NPN/Oredo). He was in my office on that fateful day with a motion calling on the federal government to make clean drinking water available in all federal constituencies throughout the country.

Hon. Sule Lamido (PRP/Kano) as he then was came in and wanted to be co-sponsor of the motion provided, however, that the word “clean” was deleted from the water supply. To Lamido, water is water and no one should introduce the luxury of cleanliness into the motion. Each person argued strongly in support of his position.

I later intervened to explain the true position to them, viz the issue of pipe-borne water to the people is not for the federal government but for the sub-nationals. Any item that is neither on the Exclusive Legislative nor Concurrent Legislative list is on the Residual list which belongs to the sub-nationals. The federal government is in-charge of water for agriculture and Irrigation purposes.

With our burgeoning populations, the issue of water supply to the people has become so capital-intensive that the sub-nationals are no longer able to cope with it. As it were, the important issue of water supply to the people has been rendered constructively fatherless. That’s one way of explaining the death of the Water Boards from State to State, including the Federal Capital Territory (FCT).

In every problem situation, the Nigerian must develop a Defence Mechanism to cope. In Nigeria today, particularly in the urban areas, every house has at least one water borehole. This is a direct way of resorting to self-help since government has abdicated its responsibility in the regard.

Remember the earth is sitting perilously on a decking set on top of water. With every borehole we sink, we are interfering with the original setting of the decking. There is a degree of interference that the earth can bear. In the fullness of time, gbam! Everything and everyone will go under! That is the making of an earthquake! The time to begin to plan to avoid that major catastrophe is NOW. In the much talked-about restructuring, the issue of water supply to the people must be given its due pride of place. This issue is too important to be left in the hands of those who can least afford it. While this permanent solution is being sort, the federal government must put its money where its mouth is. It must set aside, enough budgetary outlays as Grants-In-Aid of Sub-nationals for the purpose of providing life through the provision of clean water to the citizenry. Happily, there is now a conscious effort to lift this important issue to the highest political level. That’s exactly what Mr. Peter Obi, the Labour Party Presidential Candidate at the 2023 Elections tried to do when he said he had embarked on the provision of 5,000 boreholes annually in the North and called on others to join in this noble effort. This is good but we must quickly return to the old system of Consolidated Water Works instead of destabilizing the earth’s natural setting.

The way we were: In city after city, they had water boards and water works that worked. In our student days, once we discovered the water works at Enu-Onitsha, every free Saturday we were there. We had a guided tour of the facilities and at the end of the day, they allowed us to take away as much alum as we wanted, which we took home during holidays for washing the big snails of those days and purifying our drinking pond water.

On every street in Onitsha, there was a public tap which never went dry except on the few occasions when Chief Michael Imodu was on top of his elements and Nigerian Workers were called out on strike.

In the credo of civilization, Benin City, the public taps on every street corner at the time were perhaps as old as the city. During our annual pilgrimage of sorts, we are accompanied our parents to Agbado Market to sell their yams.

The public taps never went dry.

When we were returning to the village, we took some city water along and in just the same way as modern pilgrims bring home water from the River Jordan, we shared our city water to friends’ back home.

The Nigerian Sports Ministry needs to recalibrate. This is inevitable following the country’s disastrous outing in the just concluded France Olympics. Indeed, at the risk of prolonging the trauma of national ennui, Nigerian athletes did not win a medal, not even a calabash in the competition. I understand that billions of Naira went down the drain in the face of hunger, insecurity, and infrastructure decadence that daily assault families across the country. Even if our contingent had set out not to succeed, they could not have done worse than they did.

Expectedly, the matter has dominated public discourse since the end of the games. Nigerians, who by the way are overtly sports-loving, have blamed the performance on poor preparations as marshalled the supervising ministry of sports. They have been villified, reprimanded, and demonised. In fact, knee-jerk analysts have called not only for the sack of personnel but also the scrapping of the ministry, piling all the woes on their heads. An all encompassing recommendation that sounds like the proverbial throwing of the child away with the bath water.

There is, however, a rainbow of silver linings in the clearly dark horizon. For one, all the athletes presented by the country were rated fit and credible. None of them was indicted of substance

IN THE PAST, THE WATER WORKS WORKED. THE WATER BOARDS FUNCTIONED WELL. THE PEOPLE SAW THEIR GOVERNMENT AND FELT ITS PRESENCE. BUT TODAY, ALL THESE ARE NO MORE. WE ARE NOT QUITE SURE OF WHERE THE BOTTOM FELL OFF IN ALL THIS

abuse. They went, participated, and remained in their God-given natural endowments. Out of the motley 87 that featured in 12 events, not one was accused of taking performance enhancing substances or doping.

This is a major takeaway for a country generally perceived as corrupt and streetwise. Yes, our athletes may not have won medals, but they won integrity.

At another level, the games expanded the frontiers of delivery, responsibility, and accountability in public service. Unlike in the past, when people abdicated their duties and passed the buck when confronted, we saw a detour to the path of honour in Senator John Owan Enoh, Minister of Sports Development who accepted blame for the failures. He refused to pass the buck to his predecessor, Sunday Dare, whose job it was to kick-start preparations for the Paris 2024 Olympics, immediately after the Tokyo 2020 edition of the competition.

In an elaborate post on X, the minister admitted that the nation’s performance should have been a lot better, saying it obviously fell short of its objectives, expectations, and hopes of Nigerians. “I must apologize to our compatriots and reflect on what went wrong while looking forward to the Paralympic Games, Paris 2024,” he humbly submitted. Like someone determined to change the tide, he shed light on some errors,

In the past, the water works worked. The water boards functioned well. The people saw their government and felt its presence. But today, all these are no more. We are not quite sure of where the bottom fell off in all this.

The galvanized pipes used in distributing water to all the nooks and crannies of our ancient cities across Nigeria are still underground; destroying the soil; and constituting land mines of sorts. We must quickly free our soils of further environmental degradation by removing those dangers. The scrap collectors may find them useful now. Omorotionmwan writes from Canada

including late and poor preparations. “The concerned Federations obviously prioritized qualification over preparations for the Games. This seems to have always been the case. This has to change. “At the end of the qualification period, the selection of athletes and coaches was the absolute responsibility of each Federation. A few attempts to question selection after I got complaints, were strongly resisted and defended.” Nigerians may not have won medals for their country, but they made impacts in other areas.

For instance, the nation’s female basketball team *D’Tigress,* which lost to serial champions, USA, became the first African team ever to reach the quarter-finals in the Olympics. From the same team, Ezinne Kalu was named into the All-Season Team of the Women’s Paris 2024 Olympic Games Basketball Tournament. She averaged 18.5 points, 3.0 rebounds, 4.0 assists, and 2.5 steals per game. The peak of the positives is the emergence of Rena Wakama, D’Tigress coach, as the best team manager in the games. With these records, Nigeria has now moved four ranks up from 12 to 8 on the FIBA power ranking table. One can not also but notice the exploits of Nigerians who won medals for other countries. Shows our country does have abundance of talent even in diaspora. Nigeria must build on these encouraging signals to reverse the trajectories in the sports sector. As the minister indicated, early prepara-

tions hold the key to success. Not a few analysts have opined that Nigeria’s outing in Paris would have been more glorious if the immediate past administration had stepped up preparation since 2020 when the last Olympic held. Stakeholders must reinvent the “catch-them-young” culture to identify and groom sporting talents, with emphasis on merit over nepotism. There must also be massive infrastructure development across the country. This will allow for requisite familiarisation, exposure, and training with modern facilities. Schools and other grassroots based units will serve as pilot routes.

A situation where athletes go for competition unarmed with their kits or they are turned back at the point of competition for improper registration must no longer be heard among our representatives. The culture of sending large contingents of athletes and sometimes larger contingents of officials must change. It is time to prioritise our athletes with the requisite focus on where we have acquired comparative advantage over others. Nigeria does not have to take part in all the events lest we end up as a jack of all trades, master of none. God forbid.

For Minister Enoh, the Nigeria Olympic Committee, (NOC), the Federations, and other stakeholders, the time to begin another four-year journey is now.

Elesho is a Senior Editor with The News

Richard Elesho argues the need to focus on where we have acquired comparative advantage

COURTESY VISIT…

Company Secretary/Legal

Nigerian Breweries

Atiku, Obi Condemn Canadian-Nigerian for Threatening to Poison Yoruba, Benin People

Former vice president and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, as well as that of Labour Party, Peter Obi, have condemned the statement credited to a Canada-based woman, Amaka Sunnberger, who in a virtual meeting on TikTok, threatened to poison Yoruba and Benin people in Canada.

Atiku who condemned Sunnberger’s

statement in a series of tweets on X Platform, commended the prompt response of the House of Representatives and the Nigerians in the Diaspora Commission on the matter.

On her part, Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, confirmed the identity of the lady as Amaka Patience Sunnberger.

According to Atiku, “The contentious virtual chat room clip, wherein participants made threats of ethnic

cleansing against the Yorubas and Benin people, is unequivocally condemned in all aspects.

“I am informed that the identities of those involved have been disclosed and that calls have been made to the pertinent law enforcement agencies in Canada to prosecute the offenders.

“In this regard, I commend the House of Representatives and the Nigerians in Diaspora Commission for their prompt and decisive action in addressing this incendiary rhetoric and preempting

further escalation.

“This disconcerting episode underscores, once again, the imperative of uniting our people and our nation. Our rich diversity is our most cherished national asset and must be vigilantly protected”.

Similarly, Obi, yesterday, condemned “in strong terms” the anti-Yoruba and anti-Benin utterances of a Canadian-based lady, describing it as bigotry taken too far.

Obi said that such divisive comments should not find a place in the Nigerian

Obaseki to Present Staff of Office to Otuo Monarch September 6 Amidst Fanfare

Royal trumpets have begun to sound in Otuo Kingdom signalling the completion of arrangements for the coronation and presentation of Staff of Office to His Royal Highness, Godfrey Aigbogun Alabi, the Uzoyare II of Otuo Kingdom by Governor Godwin Obaseki of Edo State on Friday, September 6, 2024.

The National President of Otuo Union and Chairman Coronation Planning Committee, Mr. Charles Ojeabuo, stated this yesterday while briefing journalists on activities lined up for the event.

He said, "We are prepared and eagerly waiting to witness the official coronation and presentation of Staff of Office to His Royal Highness, Godfrey A. Alabi, the Uzoyare II of Otuo Kingdom by Governor Godwin Obaseki on September 6, 2024.

"The royal event is very unique because it is the first time a traditional ruler of the kingdom will be getting staff of office from government in an elaborate celebrations, " Ojeabuo said.

He explained that the ascension of His Royal Highness, Godfrey A Alabi, the Uzoyarr II of Otuo to the throne of his forefathers has been seamless and smooth with overwhelming support of all stakeholders and elders from the 12 quarters of Otuo land without contestation or crisis.

He said, "it is also important to point out the fact that the selection process of the Ovie of Otuo was done and gazetted within three months which is another unique aspect of this historic coronation of our royal father, HRH Godfrey A. Alabi."

The Otuo Union President described

the monarch as a highly exposed, educated and accomplished civil servant who retired as a director of finance in local government administration, adding that, "he is going to add value to the traditional rulership and development of Otuo Kingdom."

Over 71,000 People Missing in Africa, Says ICRC

Michael Olugbode in Abuja

Over 71,000 people across Africa are registered as missing with the International Committee of the Red Cross (ICRC), a 75 per cent rise from the number recorded in 2019.

society and should be rejected by everyone.

Writing on his X handle yesterday, Obi said: “I utterly condemn the reported hateful statement and actions attributed to a purported Igbo woman living in Canada against Yoruba or Benin people. Such divisive comments or behaviour have no place in our society. As Nigerians, we should unite and focus on addressing our shared challenges, rather than allowing tribalism and hatred to tear us apart.

“What does tribal bigotry achieve? Does it lift people out of poverty? Does it reduce the cost of bread, rice, garri or yam, in the market? Does it improve our transportation system or enhance the electricity supply? Does it ensure

good governance? The answer is a resounding NO!!

“Our priority should be to move Nigeria forward, regardless of tribe or ethnicity. We need leaders who have the competence and capability to move the country forward in the right direction, and better life for all citizens. We don’t care about the tribe of the plane’s pilot or the bus driver; all we need is competent leadership that delivers results.

“Let us focus on what truly matters: building a prosperous, united, and equitable Nigeria for all. We must reject tribalism and embrace our shared humanity, working together towards a new Nigeria that is POssible!” An X user had called the attention

UBA Spokesman, Ramon Nasir Mother's Funeral Ceremony Holds Sept. 7

Agnes Ekebuike

The Muslim burial ceremony for Musiliat Amoke Falade, the Iya Oba of Imasayi Kingdom, Yewa, Ogun State, who died at the age of 86 will hold on September 7.

Grammar School Ado-Odo, AdoOdo/Otta Local Government, Ogun State, by 12 noon.

The regional director for Africa, Patrick Youssef said: “The issue of missing persons, including those forcibly disappeared, remains one of the most damaging and long-

ICRC in a statement yesterday revealed that Africa is the continent with the highest missing persons caseload, the highest number of unaccompanied children, and the highest number of family reunifications, based on its registered cases as of the end of June.

lasting humanitarian consequences of armed conflicts and other situations of violence, for all loved ones, whether a waiting wife or a heartbroken son,” stressing that, “Behind every missing person, there are countless more suffering from the anguish and uncertainty. It’s a humanitarian tragedy for families, one that has consequences across all of society.”

Full Gospel Decries Food Insecurity, Banditry Nationwide

Olawale Ajimotokan in Abuja

The Full Gospel Business Men's Fellowship International-Nigeria (FGBMFI-NG) has expressed concern over the challenge of food insecurity engendered by the spate of kidnappings and banditry across the country.

The National President, Ifeanyi Odedo, expressed the worry yesterday while briefing journalists on the forthcoming National Convention of the body billed for MKO Abiola National

Stadium, Abuja from September 5-7.

He said that as a body of businessmen and professionals, FGBMFI-NG was concerned over the impact of the endemic corruption in the market place and public service which has severely impaired the growth and development of the country.

Odedo appealed to all leaders and the entire citizenry to have a change of heart in the way they conducted businesses and public affairs.

He urged political leaders to raise a generation of patriotic citizens, who will stand as agents of transformation and champion total war against the monster of corruption.

"We believe that a concerted action to curb these ugly menaces, as Mr. President is directing, would enable farmers to go back to their farms, thereby alleviate the present hardship, restore peace in the land and in no small measure revive our nation's economy," Odedo said.

Nigeria's Real Estate Market Gets Boost with GDL's HouseMoni Launch

In a groundbreaking move, Growth and Development Limited (GDL) has launched HouseMoni, a pioneering rent-to-own homeownership scheme designed to transform the Nigerian real estate market. This innovative initiative aims to address the long-standing challenge of homeownership financing in Nigeria, providing a financially sustainable path to owning a home for millions

of people. HouseMoni's key features include a fixed single-digit interest rate of 9.9%, a home finance option that triples the contribution of account holders, and a flexible repayment plan that spans 15 years. The scheme is specifically designed for Nigerians aged 25 and above with a steady income, offering two variants: HouseMoni Classic for individual homebuyers

and HouseMoni Community for group estate development.

According to GDL's Executive Vice Chairman, Mr. Kola Ayeye, "HouseMoni represents our commitment to creating a financial system that works for everyone. Our goal is to empower 1.5 million people to become new homeowners within 10 years, building stronger communities and a more vibrant economy."

A statement from Ramon Nasir, the Group Head, Media and External Relations of Africa’s Global Bank, United Bank for Africa (UBA) Plc., on behalf of the royal families of falade, Kuoye, Nasir and Rasaq, said the burial ceremony after 40 days Fidau will take place at Alamuwa

The deceased who died on Thursday morning, July 25 at Duchess International Hospital, Ikeja, Lagos, was buried on Friday, July 26 at her residence at 11 Oredola Estate, Okepadi, Ado-Odo, Ogun State, according Muslim rites. Late Falade, a.k.a Olowoletiasho, was installed as the Iya Oba of Imasayi in 2021 following the installation of Oba Olalekan Kuoye as the Olu of Imasayi Kingdom.

Edo Govt Attacks Akpata, Alleges LP Candidate Peddling Falsehood

The Special Adviser to the Edo State Governor on Media Project, Crusoe Osagie, has lambasted the Labour Party candidate in the September 21 Edo State governorship election, Olumide Akpata, alleging that the opposition candidate peddled falsehood on national television.

According to Osagie, such inglorious acts won’t get Akpata to Government House.

Osagie, in a statement, said Akpata, who participated in a show on a national television station on Thursday evening, was unable to answer questions on key areas of development, notably on electricity and agriculture.

According to him, “We watched the disgraceful outing of the Labour Party candidate in the September 21 Edo State governorship election, Olumide Akpata, where he fumbled with basic data on the developmental trends in Edo State, showcasing his unpreparedness for governance and leadership.

“Akpata, who participated in a show on a national television station on Thursday evening, was unable to answer questions on key areas of development, notably on electricity and agriculture.

“What stood out glaringly from his conversation was the fact that he maintained that he was ‘still working on the numbers’ and ‘still crunching the numbers’ when he was asked to provide data on how he intends to handle the development of the electricity and agriculture sectors of the State.

“Even when he went specific, he provided specious explanations on how he intends to fix electricity in the State. When compared against reality, it became obvious that Akpata is either not prepared for leadership or he is out to take the people of Edo State for a ride.

“His attempts to sound coherent were betrayed by the fact that his projects were far below the current level of development of the State’s electricity market. For instance, the State currently generates over 145MW of power through private power generating companies used in powering industries in the State. Some of the companies actively generating power include Ossiomo Power Company, Duport Energy Park and Dangote Cement. Aside from these, Azura generates over 500MW which is sent to the National Grid.”

Chuks Okocha in Abuja

L-R:

Director;

Plc, Mr. Uaboi Agbebaku; Director General, National Office for Technology Acquisition and Promotion (NOTAP), Dr. Obiageli Amadiobi; Managing Director; NB Plc, Mr. Hans Essaadi;

Director, NB Plc, Mrs. Sade Morgan and Director; Technology

Registration, NOTAP, Dr. Jonas Nzeagwu, during a courtesy visit of NOTAP’s delegation to NB’s corporate headquarter in Lagos ...recently

Anyim: Policy Inconsistency Scaring Investors from Nigeria

Chuks Okocha in Abuja

Former President of the Senate, Anyim Pius Anyim, has said policy inconsistency was the reason Nigeria finds it difficult to attract investors.

Anyim, spoke Thursday in Abuja, at the inaugural forum of the Secretaries to the Government

of the Federation (SGF) and Secretary to State Governments (SSGs). Anyim, also urged the Attorney General of the Federation (AGF) to create a repository for all government records and policies to ensure consistency and continuity.

He said there should be a legal framework to define and protect

these positions, adding that there was the need for clear roles and improved policy coordination among government entities to foster better governance.

On his part, the SGF, George Akume, said the forum was convened to tackle pressing challenges at the sub-national level.

Akume said since assuming office, President Bola Tinubu has taken bold decisions for the betterment of the country.

“It is important to recall that since the beginning of this administration, Mr. President has introduced bold policies and reform initiatives aimed at revitalising and repositioning

Bread Makers Reaffirm Commitment to Wholesome Products, Debunk Allegation of Applying Unhealthy Ingredients

Dike Onwuamaeze

Following the dissociation of National Agency for Food and Drug Administration and Control (NAFDAC) from the rumour that bread makers were using unwholesome additives, the Premium Breadmakers Association of Nigeria (PBAN) has reaffirmed its commitment to upholding the highest standards of bread production and assured that its members are adhering strictly to the highest standards of food safety

and quality in the production of bread.

The Director General of NAFDAC, Prof. Mojisola Adeyeye, had on Tuesday debunked the claim that the agency has raised concern on the use of saccharin in baking bread. Adeyeye said: “NAFDAC wishes to provide clarification that the content of the video on avoiding bread in Nigeria does not reflect the observation of the agency made during a stakeholders’ engagement held on Aug.16 in Ibadan.”

The PBAN’s assurances came

in the wake of a recent video that went viral on social media, which insinuated that all bread produced in Nigeria are laden with unwholesome baking ingredients and, therefore, unfit for consumption by Nigerians. In light of these unfounded rumours and disinformation, the PBAN reiterated strongly that no unwholesome or substandard materials are used in the production of bread by any of its member bakeries.

A statement signed by the President of PBAN, Mr. Emmanuel

Onuorah and the Public and Industrial Relations Officer of PBAN, Mr. Babalola Thomas, pointed out that, “as a reputable association, PBAN is deeply committed to upholding the integrity of the bread making industry in Nigeria.

“All our members strictly comply with the regulations and guidelines set forth by the NAFDAC and other relevant regulatory bodies.

“We ensure that every ingredient used in the baking process is safe, wholesome, and meets the highest quality standards.”

Insecurity Responsible for Mass Exodus of Doctors, Says Kogi NMA Chairman

Ibrahim Oyewale in Lokoja

The Nigerian Medical Association (NMA) has identified spate insecurity as a major factor responsible for the mass exodus of medical doctors out of the country.

The Kogi State Chairman of NMA, Dr. Abubakar Hassan, who disclosed this yesterday to journalists in Lokoja, lamented that the ongoing nationwide strike embarked upon by the Nigerian Association of Resident Doctors, (NARD) was because medical personnel had

become the prime targets for criminal elements despite their service to humanity.

Hassan, who revealed that the strike by NARD had crippled the health services across the country including Kogi State, asserted that there are many unreported cases of doctors who are being held in captivity by their abductors across the country.

"There are many others that are unreported. Some people have decided that they won't like kidnap of their colleagues to make the news for security

reasons.

"Maybe at this juncture, I should add that in a particular North-central state, at least two doctors are currently in captivity, one for an upward of one year now. The second one happened only recently, just a week ago. The story is the same across the entire Country.

"It has gotten to a state that doctors themselves, having been patient for too long despite the unfavorable situation in the country, are becoming patients, no thanks to their ordeals in the hands of these hoodlums.

"Doctors are becoming patients simply because they need the attention of other medical practitioners each time they fall victims of kidnapping. They suffer physical injuries and psychological trauma in the process.

"So, imagine a doctor going out in the morning to his practice to attend to patients but on his way also turning out to be a patient to be attended to by other colleagues in the aftermath of his ordeals in the hands of kidnappers?

This is the situation we have come to find ourselves in today in Nigeria.

American Hospital Dubai to Begin Operation Fully in Abuja

Blessing Ibunge in Port Harcourt

Management of the American Hospital Dubai has revealed that its representative office in Abuja will be fully opened for operation in December 2024. The management also disclosed that the Abuja office will serve as a key link between the Dubai-based hospital and Nigerian patients, providing easier access to advanced medical care in Dubai.

This followed the official launch of the hospital's first Nigerian office in Lagos on August 19, 2024. Board Member of American Hospital Dubai Nigeria Limited, Prince Tonye Princewill, highlighted the hospital's plans for further expansion within Nigeria. He said, "We considered setting up additional representative offices to ensure broader access to our services.

Just like the Lagos office, the Abuja office will also serve as another

healthcare 'embassy’, bridging the gap between enquiries and travel to the American Hospital Dubai for medical treatment. The hospital is quite popular with Nigerians, but we don’t want to take them for granted."

Princewill explained that the Abuja office, like its Lagos counterpart, will assist Nigerian patients with visas, flights, and accommodation, making it easier for them to receive world-class healthcare in Dubai if needed.

"This expansion reflects the first

phase of the American Hospital Dubai's commitment to investing in Nigeria and improving healthcare access for its people. The state of the art diagnostic centre comes next," Princewill added.

The Lagos office was inaugurated by the UAE Consulate General in Nigeria, Dr. Abdullah AlMandoos, alongside the Lagos State Commissioner for Health, Prof. Akin Abayomi, who represented Lagos State Governor, Babajide Sanwo-Olu.

our economy for the benefit of all Nigerians.”

“Naturally, such reforms come with their own set of challenges, as we continue the arduous but rewarding journey of nation-building.

“The theme of this meeting therefore, and the papers that will be presented, have been carefully chosen to address the specific challenges we face at the sub-national level.

“These sessions are designed

to highlight the critical roles and responsibilities of secretaries to state governments, equipping you with the knowledge and tools necessary to assist your principals in effectively governing your states.”

Also speaking, Minister of the Federal Capital Territory (FCT), Nyesom Wike, said it was important to have effective policy coordination and implementation in achieving the nation’s developmental goals.

Nbari Announces Plan to Reshape African Creative Landscape

Nbari, a pioneering community dedicated to advancing African creativity, has unveiled a series of initiatives aimed at redefining the continent's creative landscape.

The organisation, which emphasises collaboration and innovation, is setting the stage for African creatives to thrive on a global scale through its innovative programmes and unique communitydriven model.

Central to Nbari’s mission are its flagship initiatives: The Incubator Programme and the Campus Creativity Programme.

Following a successful launch event in Lagos on August 10th, Nbari is set to take its community-building efforts international, with an event in Kenya today.

In a move to expand its reach, Nbari is introducing online courses designed to offer immersive, storydriven learning experiences. These courses aim to provide creatives with the skills and knowledge they need to succeed in a fast-evolving industry.

The Incubator Programme is a rigorous three-month course targeting mid-level professionals looking to elevate their skills and connect with industry leaders.

With a curriculum spanning Brand and Strategy Experience, Product Design, and Brand and Information Design, the programme is helping participants develop groundbreaking apps and projects that promise to influence entrepreneurship across Africa.

The Campus Creativity Programme, launched at Nigeria's Obafemi Awolowo University, offers undergraduates a hands-on opportunity to fast-track their creative journeys. Participants engage in projects that not only build their skills but also prepare them for future career opportunities through robust portfolio development.

Founded by Ogunkunle, also known as Ferricool, Nbari draws on his extensive experience across various

creative disciplines, from architecture and design to marketing and growth strategy. Tunde's vision for Nbari is clear: to unlock Africa’s creative potential by fostering a community of innovators and leaders who will shape the future of the global creative industry.

"Our mission at Nbari is to unlock Africa's creative potential by empowering innovators, collaborators, and leaders who will shape the future of the global creative industry," Founder of Nbari, Tunde Ogunkunle said.

"We provide a supportive platform where creatives can not only learn and grow but also connect with industry leaders and collaborate on groundbreaking projects," he added. Nbari is also positioning itself as a Creativity-as-a-Service (CaaS) provider, offering financial investment, consultations, and creative research to support both emerging talents and established professionals. This approach is designed to empower individuals and organizations to make meaningful impacts through creative endeavors. At the heart of Nbari's strategy is the creation of a supportive community where creatives can share experiences and collaborate.

The Nbari Amphitheatre serves as a key venue for discussions that address the challenges and opportunities within the creative industry, helping to forge stronger connections between education and the broader creative world.

ESAMA OF BENIN VETERANS’ CUP…

L-R: Former Governor of Edo State, Chief Lucky Igbinedion; Edo State Governor, Mr. Godwin Obaseki; Esama of Benin, Chief Gabriel Igbinedion, with other guests, at the maiden edition of the Esama of Benin Veterans Cup, held in Benin City…yesterday

Founder of Nbari,Tunde Ogunkunle

Mrs. Nkechi Oluwabunmi Bello-Odofin, a senior official of the National Commission for Museums and Monuments, Abuja, who unexpectedly passed on after a brief illness, received the last respect from her husband, Commodore Ayo (rtd); children Wisdom, Blossom, Precious, Prosper; friends, family and colleagues, last weekend at the Brigade of Guards Cemetery, Abuja. The Service of Songs was held a few days earlier at Christ Embassy Church Karu Abuja. Guests were later entertained after the internment at a solemn ceremony at the Armed Forces Officers Mess, Asokoro Abuja.

PHOTOS: Julius Atoi

The family of the deceased from left: daughters, Precious; Blossom; daughter in-law, Judy; widower, Commodore Ayo Bello-Odofin (rtd); sons, Prosper; Wisdom; and grandson, Jude

L-R: Barr Charles Ude; Dr Agbai Eke Agbai; Engr Sadiq Abdul and Mallam Abdulmalik Aminu

L-R: Eniola Bello and wife, Ayobami

L-R: Femi Bello and Abraham Bolorunduro

L-R: Lady Josephine Nwaeze and Pastor Ukachi Orialu

L-R: Barr Ifeoma Oleru; Chief Chime Asonye; Chinyere Onuoha and Ateabor Mabe

L-R: Air Cdr Chris Abiagoru and Pastor Femi Obalemo

L-R: James Jock and Barr Segun Bello.

L-R: Esobe Chukwu; Harold Nwauruokeh and Uzoma Amadi

L-R: Ego Adejumo; Gloria Adamu and Sis Idongesit Jackson

L-R: Bidemi and Bimbo Agunbiade

Unical ‘86 graduating Class Allumini Association Abuja Branch

L-r, Bosede Balogun; Modupe Jemibewon and Bello Eunice

L-R: Mr Idowu Mohammed and Ayo Abimbola

L-R: Mrs Olabisi Olorunsogo and husband Samvictor

Hon Boye Bello and Hon Taofiq Isa

POLITY

NBS GDP Report and Unwarranted Attack on NNPC, Kyari, Tinubu

Tajudeen Suleiman

It was a pleasant shock for me to read the National Bureau of Statistics’ (NBS) report released last Monday that Nigeria’s economy grew by 3.19 percent in the second quarter of 2024. The growth rate was quicker than the 2.51 percent growth seen in the second quarter of 2023 and the 2.98% growth recorded in the first quarter of this year. But more importantly, it also surpassed the International Monetary Fund’s forecasts that Nigeria’s economy will grow 3.1 percent in 2024.

The NBS said the services sector grew by 3.79 percent in the second quarter, contributing 58.76 percent of gross domestic product. Industrial output rose 3.53 percent while the oil sector, where the country gets its largest revenue, also expanded by 10.15 percent.

In the last one year also, the Nigeria National Petroleum Company Limited (NNPCL) has raised crude oil output from an average of 1.22 million barrels per day (mbpd) to 1.41mbpd.

And in what amounts to an independent affirmation that the reforms are working, the United Capital Research, a firm of financial analysts, said on Wednesday that the oil sector is expected to record its first full-year growth since 2019, with a crude oil production target of two million barrels per day in 2024.

The analysts stated that they envisaged that the Nigerian economy will expand in 2024, driven by a rebound in the oil sector and slow but steady growth in the non-oil sector.

Anyone who has followed comments from Nigeria’s political opposition in the last four months will not fail to notice the energy being deployed to trash ongoing economic reforms of President Bola Tinubu’s administration, especially in the petroleum sector.

It is noteworthy that criticisms of Tinubu’s economic policies are only coming from the country’s opportunistic political opposition which, true to its character, is always seeking for political profits even if the country will suffer loss.

The NBS report, no doubt, is at variance with the acidic, almost sadistic attacks on the economic policies of the Tinubu administration by the political opposition. The so-called criticisms from the opposition, especially those coming from Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, have fallen far below the civilized standard of constructive criticism.

Atiku doesn’t seem interested in being an opposition leader who offers alternative policy direction to that of the ruling government. He’s more eager to put down the administration to advance his political interest.

There’s no doubt he’s fixated on becoming president of Nigeria, which to me is a legitimate aspiration. But Atiku has shown that he’s willing to sacrifice any ideal to achieve that ambition. And this is where he poses danger to Nigeria’s democracy.

At a time when the current administration is embarking

on unprecedented economic reforms aimed at repositioning the country, Atiku and the desperate political opposition are busy looking for how to derail those reforms so they could have a chance against the ruling party in 2027.

The Tinubu administration has initiated reforms to boost the economy, including slashing subsidies and devaluing the country’s naira currency which have understandably raised inflation and brought some hardship to most Nigerians.

But no one in the opposition is offering any practical alternatives to what the current administration is doing. Rather, they prey on public sentiments and the economic hardship being experienced by the people to push their ambitions. Tinubu has repeatedly said the reforms embarked upon by his administration will cause immediate pains but will usher in an era of prosperity in the medium and long term. This, I believe, is what we are now seeing from the NBS report. It is the beginning of the prosperity to come, which the opposition fruitlessly tries to deny. The opposition’s paranoia about bringing Tinubu down has turned the NNPCL and its CEO, Mele Kyari into vulnerable scapegoats since they regulate the sector that is regarded as the cash cow of the government.

In the last few months, Atiku has covertly and overtly waged a relentless war of attrition against the NNPCL, portraying the company as a fumbling oil giant lacking any motivation to increase crude oil output and make its processes transparent under Tinubu.

His attack on Oando’s acquisition of the ENI/AGIP onshore assets as due to Wale Tinubu, the CEO being the President’s nephew showed how desperate he is to rubbish

the administration and compromise reforms. The Oando CEO is not a new entrant into the oil industry, having been in the sector since 1999. Wale Tinubu is a corporate and petroleum law attorney who knows his onions and doesn’t need Tinubu to facilitate such deals for him.

In his desperation to prove his evil narrative that Tinubu had mortgaged the country to his family, he accused the president of refusing to approve similar deals involving SEPLAT and Renaissance.

But Atiku, in the same statement, admitted that “the attempt by SEPLAT to buy Mobil’s onshore assets has continued to stall for the last three years...”

Has Tinubu been president for three years? Did Atiku bother to find out why the deal had stalled? He, and others like him don’t care about the facts. Their aim is just to hang any negative thing they can find on the president and stop him from succeeding in the task of reforming governance.

A critical reading of all the press statements on the Tinubu administration will reveal how hollow and dishonest the political system in the country has become. They have no regard for verifiable data but rely on gossips and speculations to criticise the government. Their statements or criticism of the ruling government is devoid of intellectual rigour and holds no value beyond just painting the government in bad light. In more civilised societies, when parties and their candidates lose elections, they prepare for the next election but offer constructive criticism of the party in power as joint stakeholders. But our opposition politicians want the country to sink if they can’t realise their ambitions. There’s no respect for the country or leadership, and that’s why they will do anything to bring down the ruling government.

Atiku dishonestly accused the House of Representatives of failing to oversight the NNPCL properly, which is the reason it wants to “mortgage the country’s national oil assets to vested interests.” Although the House had replied to him, but if he had any shame, he ought to have apologised to the NNPCL because of recent events.

The NNPCL, a company Atiku described as opaque, last week released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year, which ended in December 2023. NNPCL said the amount represented an increase of over N700 billion or 28 per cent compared to the 2022 profit of N2.548 trillion.

The reforms embarked upon by Kyari turned the NNPCL into a more transparent and profitable company confident enough to publish its financial statements. Instead of the loss regularly posted in the past, NNPCL has been posting profits since 2020 when Kyari began the reforms.

From a loss position of N803 billion in 2018, the national oil company made a profit of N287 billion in 2020, and for the year ended 2021, declared a profit-after-tax (PAT) of N674 billion.

The Tinubu’s administration is undoubtedly focused on seeing through ongoing reforms and is not losing sleep over the opposition’s plot to derail it. This is commendable.

Suleiman writes from Abuja

L-R: Dangote Sugar Refinery Plc Numan Operations High School Principal, Mrs. Furode Amos;-

cial Controller, Mr. Ibrahim Thani during the Dangote Sugar Refinery Numan Operations Annual at the Primary and Secondary Schools to indigent students within its Sugar Backward in Tunga, Nasarawa State…reently

L-R; Finance Director; Nigerian Breweries Plc; Ben Wessels Boer; MD/CEO; Vetiva Capital Management Limited; Chuka Eseka; Managing Director/CEO; Nigerian Breweries Plc; Hans Essaadi during SUNDAY ADIGUN

Committee on Privatization and Commercialization, Engineer Hamisu Ibrahim Chidari; Managing Director, Ports and Cargo Handling Services Limited, John Jenkins; and Deputy Chairman, House Committee on Privatization and Commercialization Hon. Yinka Aluko,, during the committee’s oversight visit to Ports and Cargo tPIX 3erminal at Tin Can Island Port, Lagos ... yesterday

Board Member Rental Professional Society of Nigeria (RPSN), Mrs. Mopelola Alli; Event Coordinator, ‘RPSN’ Mrs. Patricia Osazuwa; CEO, Vision Company Ltd, Mrs. Tosin Odunlami; President, ‘RPSN’ Mrs. Taiwo Oderinlo; CEO, Stride EPR Ltd. Anita Bartimeus; and Treasurer RPSN, Mrs. Yinka Thomas during Inventory Management and Mentorship Program held in Lagos…recently

Kyari

One year of Aviation under Keyamo

Chinedu Eze

When the appointment of Festus Keyamo was announced as Minister of Aviation and Aerospace Development, many industry observers were circumspect because they said he was not an aviator; therefore, he would need some tutoring before he would start taking critical action to move the industry forward.

But some industry stakeholders who knew him well said that Keyamo was coming in with wealth of experience as a former Minister of State, Labour; as a lawyer, a Senior Advocate of Nigeria (SAN) and as a scholar who had developed an interest in aviation.

Keyamo got to work immediately and this was felt in different sub-sectors of the industry, but the critical area in which he had eliminated age-old gloom is in the commercial airline sub-sector.

There are key problems plaguing Nigerian airlines: paucity of operational aircraft, difficulty in aircraft acquisition due to blacklist on dry lease, and access to credit facility from financial institutions.

In addition to many things he has done in the industry, Keyamo went to work to reposition Nigeria’s image before the lessors so that Nigerian carriers could acquire aircraft on dry lease.

On Wednesday he reached a milestone with his endeavour, as Nigeria signed a memorandum of understanding (MOU) with Boeing in Seattle, Washington, United States to strengthen Nigeria’s aviation sector.

Keyamo in his reaction to the agreement said, “We are delighted to enter into this important, ‘working together’ agreement with Boeing which will benefit Nigerian airlines and enable the development of our country’s civil aviation ecosystem. As Africa’s largest economy and with the continent’s largest population, Nigeria has a lot to offer in driving the growth of aviation in Africa. The support to be provided through this agreement will help our local operators grow and succeed, which is a priority of the President Bola Ahmed Tinubu administration. We are keen to work assiduously with Boeing in the coming months and years to

Bayo Adams

In the face of an increasingly volatile global economy, Nigeria has seen increased investor interest due to its economic potential and growing market. Nigerian firms now face challenges such as economic uncertainty, regulatory hurdles, and intense competition. The impact of investor diversity on firms’ performance during economic uncertainty is still debated.

However, research indicates that investor diversity can significantly enhance firms’ performance. This article reports on the study of how a diverse investor base can improve decision-making, mitigate risk, and drive sustainable growth in publicly traded Nigerian companies.

Diversity isn’t just a trendy term; it’s a crucial element for better decisions and outcomes. When it comes to investors, diversity means having a mix of institutional investors, like banks, hedge funds, pension funds, and foreign direct investments, alongside individual retail investors—domestic and foreign. This mix brings in a variety of perspectives and resources, creating a strong financial foundation for companies.

A diverse mix of investors helps reduce the risk of investors selling off the securities of the company at any particular time. A company with different categories of investors is less susceptible to steep declines in market value than one which does not have such a mix of investors. Investors could influence corporate behaviour through activism or just their scrutiny of the actions of corporate managers. Institutional investors often bring in large capital and are more stable, while individual investors can add flexibility and responsiveness to market changes. This combination can be particularly beneficial during economic uncertainties, allowing companies to navigate tough times more easily.

With a GDP of over $370 billion, a population estimated at over 200 million, and an abundance of natural resources, Nigeria should be a magnet for foreign investments. However, Nigerian companies face significant challenges, including political and economic uncertainties around foreign exchange rate policies. This study looks at how these companies, listed on the Nigerian Stock Exchange (NSE), cope with these challenges, focusing on the influence of

make this a reality.”

Reacting to the support the Minister has given the airlines, spokesman of Airline Operators of Nigeria (AON) and the CEO of United Nigeria Airlines, Professor Obiora Okonkwo, described the Minister as a listening Minister and said that at the end of the reforms Keyamo has embarked upon, he will go down as the father of the modern aviation sector in Nigeria.

“When the Minister came on board, one thing we continue to notice is that he has a listening ear. On occasions we have met with him he will always say, policy, policy, policy. Remove the clogs so that the system will flow and when he started running, his pace was fantastic. When the Minister finishes what he is doing in the industry and bows out he will be recognized as the father of modern aviation sector in Nigeria.”

Improved airport infrastructure

The Minister of Aviation and Aeronautical Development was appointed at the time fire ravaged the baggage area of the international terminal of the Murtala Muhammed International Airport, Lagos. He ordered the

use of the newly completed international terminal and when rehabilitation work was completed at the E-wing of the old terminal, he directed it should be put into use.

A few months ago, Keyamo received the approval of the Federal Government for the procurement of modern scanners for use in the five international airports across Nigeria.

The airports are the Nnamdi Azikiwe International Airport (NAIA), Abuja, Murtala Muhammed International Airport (MMIA), Lagos, Mallam Aminu Kano International Airport (MAKIA), Kano, Port Harcourt International Airport (PHIA) and Enugu International Airport, Enugu.

The airport scanners intend to put an end to airport officials having to physically search the bags of passengers going through airports and the new equipment can detect explosive devices, contraband drugs, and others.

Achieving Results

The Managing Director, Flight and Logistics Solutions Limited, Amos Akpan, said the Minister has shown enthusiasm to achieve results, remarking that the Minister picked some problems, tackled them head-on and

achieved results.

“He wanted to conclude on Air Peace flying the London route, he pursued it to a conclusion. Now he is pursuing Air Peace getting slots at London Heathrow Airport, we pray he succeeds. He is pursuing the recommencement of operations on Nigeria - Dubai route. He has obtained an announcement of the date of resumption from Emirates, let’s hope the Air Peace resumption date follows in the interest of Nigeria.

“The Minister is currently going to aircraft manufacturers to press the case for them to lease aircraft to Nigerian airline operators. The Minister took bold decisions in the interest of the industry despite the resistance from political gladiators like the relocation of FAAN headquarters to Lagos, and the support for NCAA to clamp down on illegal private charter operators.

“The construction of the second runway in Abuja has begun in his one-year tenure.

Having had a year’s feel of the industry, the Minister will now press to inculcate his agenda in the industry programs and activities. The agencies, the operators, and the providers of ancillary services should know the Minister’s agenda for the industry so they can fit them into their programmes. I recommend MRO, a hub station with world-class transit facilities, should top his second-year agenda,” Akpan said.

Reviewing the one-year performance of Keyamo, the Secretary General of Aviation Round Table (ART), Olumide Ohunayo, said the Minister has shown commitment in the pursuit of policies that would promote investment in the sector and also enhance Nigerian carriers to play a major role in international flight service.

“Like the Americans would say ‘America first,’ Keyamo has been able to push Nigeria first in all he does; his push for the Nigerian airlines to be major players in the market. He has exhibited more of that movement of having Nigerian airlines participate and that is a positive energy for the airlines to begin to see that they are not alone and that for the first time, we have a Minister who when he designates a carrier on any route outside Nigeria, it becomes his responsibility to protect such a carrier. I give him kudos for that.”

The Minister in the last one year has given industry stakeholders hope and optimism; expectedly he will do more as he steps into his second year in office.

Power in Diversity: How Cocktail of Investors Drive Firms’ Performance

diverse investors.

Nigeria’s economic landscape is dynamic and often unpredictable. The country is rich in natural resources and has a large, youthful population, which presents vast opportunities for growth and development. However, political instability and fluctuating economic policies, especially concerning foreign exchange rates, create a challenging business environment. Companies need a robust and diverse investor base to ensure stability and sustained growth.

The study examined 52 of the companies listed on the Nigerian Stock Exchange (NSE) to see how investor diversity, economic uncertainty, and firm performance are connected. Here are the key takeaways:

While the benefits of institutional investors abound, the study revealed that having institutional investors alone did not significantly boost company performance during economic uncertainty. This indicates that while these investors bring considerable resources, their impact might be influenced by larger economic conditions.

Institutional investors, such as banks and pension funds, often significantly influence a company’s strategic decisions due to their substantial investments. However, their focus on long-term stability and lower risk tolerance might limit their ability to respond swiftly to economic changes. This could explain why their presence and influence alone does not necessarily translate into improved performance during uncertain times.

Companies run by their owners performed better during uncertain times. Owners who manage their businesses are more invested in their success, leading to more strategic and committed decision-making. Owner-managers have a personal stake in the business, which drives them to make decisions in the company’s best interest. Their deep understanding of the business and its market allows them to navigate challenges more effectively. During economic uncertainty, their ability to quickly adapt and implement strategic changes can be a significant advantage.

Diverse investors promote accountability and transparency, leading to stronger governance structures.

Stakeholder engagement in Nigerian enterprises shows that varied investor interests drive companies to adopt better governance practices. Investor diversity, especially institutional investors, shapes corporate governance frameworks.

Institutional investors can influence management decisions and policies, enhancing corporate governance. Multiple factors, including diverse investor interests, can push corporate governance systems towards more effective practices.

Based on the findings, there are several practical tips for Nigerian companies and their stakeholders to leverage on:

managers to take active roles in management, leveraging their expertise for better performance. Their investment in the business fosters accountability and drives decisions that enhance organisational success, especially in uncertain times.

and individual investors, including owner-managers, is essential. Institutional investors provide stability and capital, while individual investors offer flexibility. This diversity helps companies navigate economic uncertainties effectively.

media strategies to communicate company strengths and plans, boosting investor confidence during uncertain times. A strong information system for monitoring government policies allows for timely adjustments in response to changes.

a diverse board of directors to foster innovative solutions and improved decision-making. Clear policies outlining roles and responsibilities enhance accountability and help navigate challenges effectively.

to understand investor behaviour and market trends, informing strategic decisions. Utilise digital

tools like virtual meetings and online forums to enhance investor engagement and address concerns.

environmental, social, and governance (ESG) practices to meet the growing demand from investors for sustainable operations. Adopting these practices attracts a broader range of investors and supports long-term success.

In light of the study’s findings, firms, the organised private sector, and regulators in the Nigerian economy should take proactive steps to enhance the diversity of their investor base. This may apply to other emerging market countries, where firms can open up shareholding and management to accommodate various investors while leveraging the benefits of owner-managers with relevant expertise. This study lays the foundation for future research on how investor diversity impacts specific sectors, such as technology and manufacturing, and provides deeper insights into its influence on firm performance.

Conclusively, investor diversity is essential for enhancing company performance during uncertain times. For Nigerian publicly traded companies, a strategic mix of investor types and active owner-management fosters resilience and sustained success. Attracting diverse investors and encouraging owner-manager involvement can improve performance and enable firms to capitalise on opportunities. As the economic landscape evolves, these strategies will help businesses remain competitive and achieve long-term growth.

–Bayo is a Doctoral Candidate with the Hult International Business School and Lead Consultant at Periscope Consulting Ltd. He is a management consultant with over 15 years’ experience in Strategy, Management and Finance.

Keyamo

Oando’s NAOC Deal: New Era for Nigerian Oil Sector

Oando’s acquisition of NAOC, apart from the potential of boosting its production capacity, will add significant value by enhancing Nigeria’s energy production capabilities and advancing local content development, writes Festus Akanbi

Last week, Oando Plc completed the acquisition of 100 percent of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, for a total consideration of $783 million comprised of consideration for the asset and reimbursement.

The feat by the serial entrepreneur and Group Chief Executive Oando Group, Jubril Adewale Tinubu, according to some industry analysts, is a solid testament to his visionary contributions to Nigeria’s, nay Africa’s economy.

Speaking on the acquisition, an elated Tinubu said: “Today’s announcement is the culmination of 10yearsofhardwork,resilience,andanunwavering belief that we would realise our ambition. It is a win, not just for Oando, but for every indigenous energy player as we take our destiny in our hands.

“This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.

“Lookingtothefuture,wewillcontinuetopursue strategic opportunities that provide enhanced growth and value creation for our stakeholders, particularly in the clean energy, agri-feedstock sector, as well as infrastructure and mining.”

And in what looks like a clean bill of health, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Monday said the approval of the divestmentdealbetweenOandoandNigerianAgip Oil Company (NAOC) followed due process and was done in compliance with existing regulations.

Astatement by the Head, the PublicAffairs Unit of the upstream regulator, Olaide Shonola, stated that the explanation became necessary because of NUPRC’s avowed commitment to transparency and belief in the right of the public to know about its regulatory activities. Recall that former Vice President, Abubakar Atiku, had raised some posers over the $783 million acquisition, alleging that the deal was unduly accelerated as a result of the relationship between the Chief Executive Officer of the indigenous oil firm, Wale and President Bola Tinubu.

“The commission wishes the public to be aware that the approvals given to the NAOC-Oando andEquinor–Chappal divestments were following

the Petroleum Industry Act (PIA) 2021, defined regulatory framework, and standard consent approval process set by the Commission under the PIA,” the NUPRC stated.

Expectedly, analysts in the oil and gas sector have commended the latest addition of NAOC to Oando’s growing business. They also predicted that the acquisition would significantly reshape Nigeria’s oil and gas industry.

For long, stakeholders in the oil and gas industry waited with eagerness for the deal to be finalised.

Beginning from September 2023, when news filtered into the public space that the deal was being discussed, it became a daily topic of discussion among the who-is-who in the oil and gas industry across Africa.

Takeaways from the Acquisition

Speaking on the significance of the acquisition, a foremost oil and gas analyst, Ms. Taiwo Alegeh, expressedconfidencethatthislandmarkacquisition will double Oando’s oil equivalent output from 25,000 barrels per day to 50,000 barrels per day.

She commended the leadership style ofAdewale Tinubu and highlighted his ability to identify new business opportunities and create successful partnerships.

“His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with leading international companies. This not only speaks to his success but also showcases the immense potential within Nigeria’s business landscape,” Alegeh said.

Anotheranalyst,FemiOjo,emphasisedTinubu’s status as a world-class businessman, lauding his visionary leadership and strategic acquisitions.

In weighing the implications of the acquisition for both the company and the Nigerian oil and gas industry, analysts said Nigerians should look out for increased production capacity as one of the gains of the business transaction because the acquisition promises to increase Oando’s production capacity significantly. Given the fact that NAOC operates large oil and gas fields in Nigeria, the implication is that taking over these assets will boost Oando’s output, positioning it as a more prominent player in the Nigerian oil and gas sector.

The business transaction will also give Oando access to key infrastructure, bearing in mind that NAOC’s assets include vital infrastructure like pipelines and processing facilities, which will now be under Oando’s control. Analysts said this could lead to more efficient operations and

reduced costs. The acquisition not only doubles Oando’s participating interests in Oil Mining Leases 60, 61, 62, and 63 from 20 percent to 40 percent but also increases its stake in all NEPL/NAOC/OOL joint venture assets.

These assets include 40 oil and gas fields, 24 of which are currently producing, and an array of infrastructure, including 1,490km of pipelines, 12 productionstations,andthreegasprocessingplants.

ForOando,theacquisitionisanotheropportunity to diversify its portfolio, particularly in onshore and swamp operations, thereby reducing risks associated with offshore and deepwater assets.

Again, the fact is that NAOC has significant gas reserves, which aligns with Oando’s strategic focus on gas development as a growth area. Industry watchers said this could enhance Oando’s position in Nigeria’s growing gas market, especially with the push towards energy transition.

By acquiring NAOC, Oando strengthens its presence in the Niger Delta region, which is a critical area for Nigeria’s oil and gas production. The acquisition also gives Oando a competitive edge over other indigenous companies, potentially making it the largest indigenous oil producer in Nigeria.

OntheimplicationsontheNigerianeconomy,the deal aligns with the nation’s local content policies by transferring control of key oil and gas assets

to a Nigerian company. This could lead to more investment in local communities and enhanced local expertise in the oil and gas industry.

More importantly to the Nigerian economy, the reality is that increased production from Oando could result in higher revenue for the Nigerian government through taxes, royalties, and other levies. It also has the potential to create more jobs and stimulate economic growth.

Close watchers of the oil industry said the acquisition might lead to new strategic partnerships or collaborations with international oil companies (IOCs),especiallythoselookingtodivestfromonshore assets due to the global energy transition. On the other hand, while the acquisition itself may not directly impactglobaloilprices,Oando’sincreasedproduction capacity might contribute to market dynamics in the Nigerian context, affecting local pricing and export volumes.

Another dimension to the acquisition, however, is the operational risks, with analysts saying that managing and integrating NAOC’s assets could pose challenges, including operational risks related to the ageing infrastructure and community relations in the Niger Delta.

Russia in W’Africa: Why Nigeria’s Concerns and Perspective Should Be

Edgar Githua

Nigeria stands tall as a colossus on the Africa continent. It is not only the most populous country on the continent, but it also commands a lot of respect and wields undeniable influence. Its leaders command regional and global attention. It possesses one of the fasted growing economies on the continent with immense potential for investment opportunities. Militarily, it is respected regionally and has proven itself invaluable in West Africa’s regional security architecture. In sum, Nigeria is special, a power to recon within West Africa, a vanguard of the region, and to many countries in West Africa, a capable big brother. Nigeria is however worried about Russia’s intentions and motives within the region and on the continent. Several issues inform its’ apprehension.

Broken Promises

Nigeria and Russia enjoy cordial diplomatic relations that unfortunately have not realised the dividends that Nigeria expected from this long-standing relationship. Russia has always viewed Africa as a continent that enables it to keep an eye on Europe from the South, as it does the same in the East from Eastern Europe. This relationship, however, has been characterised by a string of broken promises that have spanned several years and needs re-examining.

Russia has always seen Nigeria as an ally that would allow it to get a foothold into the African continent. It begun cultivating its relationship with Nigeria during the 1960’s but did not make any inroads because Nigeria was careful not to strain its relations with the West. Russia was

only able to gain a foothold into Nigeria when it helped Nigeria during the civil war of 19671970. Russian weapons helped Nigeria defeat the Separatists who threatened the unity of the nation. Despite repeated supply of weapons to Nigeria over the years, western ideological orientation ingrained in Nigerian leadership, successfully kept Russian influence at bay. Nigeria is however sceptical about the varied promises that Russia has made to Nigeria over the years. Despite numerous bilateral agreements signed between the two countries, a lot of broken promises characterise the relations between these two nations. President Olusegun

Obasanjo attempted to re-kindle NigerianRusso relations when he visited Moscow in 2001. Numerous agreements were signed that touched on interstate cooperation. Numerous promises on various bilateral projects were made and never fulfilled.

Other promises made during the visit of President Dmitry Medvdev to Nigeria in June 2009 also never materialised. Talks surrounding the establishment of a petrochemical plant, nuclear energy collaboration, and oil exploration remained shrouded in mystery.

Another major project that Nigeria and Russia agreed to collaborate on was on nuclear energy.

In an agreement signed in 2017, Russia agreed to build and manage a nuclear power plant in Nigeria to produce electricity. This agreement however was never actualised as Moscow kept quiet and delayed in effecting the project. New negotiations on the same nuclear power plant project were undertaken by the Nigerian Foreign Minister Yusuf Tuggar in 2024 but have yet to be finalized showing that Russia is an unreliable development partner not only for Nigeria but other African countries.

Regional Influence of Russia in the Sahel Nigeria is also worried about the erosion of democratic ideals within the West Africa region specifically the Sahel. Russia’s influence in the Sahel has encouraged the entrenchment of undemocratic ideals as exemplified by the events in Mali, Niger, Burkina Faso, and the Central African Republic. The rise of Islamic fundamentalism and jihadists groups created a security challenge that Russia exploited. Using its Wagner Group now Afrika Corps, Russia supports military juntas that overthrew democratically elected governments. These

regimes have embraced Russia in a symbiotic relationship that sees Russia provide security in exchange for illegally acquired minerals.

These resources have been exploited by Russia to among other issues fund its war in Ukraine at the expense of the local populations. These local populations continue to suffer and languish in extreme poverty as leaders illegally propped up by Russia also further enrich themselves.

Diminishing influence of ECOWAS due to Russia’s influence on AES Nigeria is staring in dismay as the Economic Community of West African States (ECOWAS) loses influence in the West African region due to the rise of the newly formed Alliance of Sahel States (AES). Burkina Faso, Mali and Niger have charted a new course and broken away from ECOWAS. Russia’s influence over these three states has driven a wedge in the regional bloc that has overseen and managed the affairs on West Africa. Nigeria and the region is greatly concerned that gains achieved through ECOWAS will be eroded, setting the region back substantially. In essence Russia has proven that its presence is detrimental to regional integration in Africa. This continues to generate great concern and attempts at reconciling AES to ECOWAS have not been successful. Russia is happy to pull the AES cover in order to increase its anti-western influence in the region.

Dr. Githua is an

Group Chief Executive, Oando Plc, Wale Tinubu (left) and Chief Operating Officer, General Director of Natural Resources, ENI, Guido Brusco, at the signing ceremony for the acquisition of the Nigerian Agip Oil Company in London…recently

Githua

NEPL/Seplat JV: Pioneering Educational Change in Nigeria

Ferdinand Ekechukwu

In an era where quality education is essential for national development across the globe, Nigeria’s education system continues to face numerous challenges.

Despite the government’s annual budget allocations aimed at strengthening the sector and addressing its gaps, these challenges have become increasingly complex. President Bola Tinubu’s 2024 budget, though higher than in previous years, allocated only about 6.39 percent of the total budget to education—well below the 15 to 20 percent recommended by the United Nations Educational, Scientific and Cultural Organisation (UNESCO).

This underfunding exacerbates the many issues plaguing Nigeria’s education system, such as inadequate infrastructure, low-quality teaching, sectoral brain drain, and a significant disparity between urban and rural educational opportunities. As Africa’s most populous country, Nigeria’s education sector urgently needs intervention to equip its youth for the future and ensure they can compete on the global stage.

In this context, NEPL/Seplat Energy JV is offering a beacon of hope through its education-focused initiatives.

The just-concluded 13th edition of the NEPL/Seplat Energy JV PEARLs Quiz competition underscores the JV’s commitment to fostering academic excellence and capacity building in Delta and Edo States. This annual competition not only promotes scholarly achievement among students from both states but also strengthens the existing educational framework in these regions, serving as a prime example of corporate social responsibility in Nigeria.

Designed to stimulate academic competition among secondary schools, the PEARLs Quiz has profoundly impacted the educational landscape of Delta and Edo States.

This year’s quiz featured intense competition, with only 142 schools advancing to the competition stage after a rigorous qualifying test.

The final event, held on July 5th, 2024, showcased the intellectual prowess of the top 32 schools, culminating in the victory of Imaguero College from Benin, Edo State.

The winning school received a projectbased cash prize of N10 million and a scholarship of N100,000 for each of the three participating students.

Marble Hill School, Asaba, Delta State, secured second place, earning N5 million for a project and a N75,000 scholarship for each of the three participating students.

The third-place winner, Edo State’s Baptist High School, was awarded N3 million for a project and a N50,000 scholarship for each of the three participating students. All teachers of the schools that reached the competition stage were also given laptops as a token of appreciation for their hard work and dedication.

A student from Imaguero College, Joy Obonodi, expressed gratitude to NEPL/Seplat Energy JV for organising the competition.

She said: “There are no words to express how I feel, I am overwhelmed, we are overwhelmed. Like, is this possible? I don’t know because we were already losing. But the only thing I could think of was just to breathe and believe in God. This kind of opportunity is an encouragement to the minds of people because I’ve been seeing this competition since I entered Primary six.

“We have been doing it in my school. You are encouraging people. You are building the minds of individuals and we cannot thank you enough.”

Also, Edo State Commissioner for Education, Joan Osa Oviawe, lauded Imaguero College’s victory, saying, “I want to, on behalf of the Edo State Ministry of Education, appreciate Seplat Energy for this wonderful initiative. It is always a great thing when young people

have an opportunity to participate in academic contests.

“I also want to congratulate our State’s Secondary Education Board, the Principal, the Executive Principal of the school, the Teachers, and everybody who has had a role to play in what has happened today.

“It has been a long journey of reforming our education system through the governor, Governor Obaseki Edo Best 2 .0 Education Reform Agenda, and I am quite elated to see that our public schools have come out on top.”

NEPL/Seplat Energy JV’s efforts extend beyond leveraging competition as an organising principle.

The PEARLs Quiz has been instrumental in driving infrastructural development in schools, a crucial element in creating the right learning environment for students. Since the program’s inception 13 years ago, winning schools have undertaken projects such as constructing language laboratories, computer laboratories,

libraries, and classroom blocks, among other initiatives. These upgrades significantly improve study conditions and learning facilities, encouraging students to strive for excellence.

The impact of the PEARLs Quiz on students from the two states is undeniable. Over 57,875 students have benefited from the program, becoming more confident individuals with a strong sense of accomplishment. The initiative has also provided education grants to 108 students, with over 80 currently studying at various universities across Nigeria. Additionally, twenty-two students have benefited from the NEPL/Seplat Energy JV undergraduate scholarship scheme, and three have undergone industrial training with the company. This holistic approach ensures that students are not only academically proficient but also well-prepared for future career opportunities.

The PEARLs Quiz has significantly contributed to the educational development of Delta and Edo States. The program has played a crucial role in maintaining high pass rates in external examinations such as the West African Examinations Council (WAEC) exams. By promoting a culture of academic excellence, the PEARLs Quiz has reinforced the value of quality education and the importance of lifelong learning.

NEPL/Seplat Energy JV’s efforts have not gone unnoticed by state authorities.

have been instrumental in the success of the competition. Otokhine reiterated Seplat Energy’s commitment to supporting educational initiatives and investing in the future of Nigeria’s youth.

He said: “We are involved in the whole education value chain. The key goal of Seplat is to promote academic excellence, encourage scholarship, encourage students to be more and more interested in education, and help to improve the quality of teaching skills of the teachers. And that is also why we do the Teachers Empowerment Program and a number of other programs. We also build school infrastructure. So, the whole length of the education value chain, we are all involved in that. Of course, this underscores our social development programs across the region, particularly in the Edo Delta State.

In his congratulatory remarks, NNPC Exploration and Production Limited Representative, Owunari Tomikeimeye, highlighted the possibilities that arise when education is prioritized, especially in government-owned schools. Ezulu said: “I want to say a very big thank you to all the schools, the teachers, and the parents that have done so much for us to achieve this. There’s one thing I want everyone here to take home, whether public or private school.”

Even though over time, we have separated and become Edo and Delta, our children have been able to show us that they can compete, very favourably and very friendly. I am also so appreciative of the students who won, particularly coming from a public school. It’s, of course, an indication of the fact that governments can indeed put more money into public schools

During the grand finale of the competition, Charles Ehiedu Aniagwu, Delta State Commissioner for Works (Rural and Riverine), representing Governor Sheriff Oborevwori, praised the company’s contributions to the education sector. He affirmed that the state government’s policies align with the JV’s efforts in nurturing the talents of youths and fostering growth and development. His remarks emphasised the shared values and collaborative efforts between Seplat Energy and the state governments in driving sustainable development.

“Even though over time, we have separated and become Edo and Delta, our children have been able to show us that they can compete, very favourably and very friendly. I am also so appreciative of the students who won, particularly coming from a public school. It’s, of course, an indication of the fact that governments can indeed put more money into public schools,” he said.

Base Manager of Seplat Energy’s Western Asset, Emmanuel Otokhine, expressed gratitude to the participating schools, students, and teachers. He acknowledged their hard work and dedication, which

“This is a very big opportunity for all our public schools, being discouraged, and not doing well. So go back home and tell those public schools, the government schools, that they can do better than this. I congratulate all the winners today and all the competitors and thank you Seplat, thank you our wonderful teachers, thank you the government, and also this is an opportunity for the governments of both states to encourage the public sector school,” he added.

The NEPL/Seplat Energy JV PEARLs Quiz is a testament to the positive impact corporate entities can have on a nation’s education system. By investing in academic excellence and infrastructural development, NEPL/Seplat Energy JV is laying the foundation for a robust and quality education system in Nigeria. The company’s consistent efforts in promoting growth and development through education are truly commendable.

As Nigeria seeks lasting solutions to its education sector’s challenges, other corporate organisations can learn from the NEPL/Seplat Energy JV’s approach to corporate social investment. By adopting similar strategies, companies can make significant contributions to national development and help create a brighter future for Nigeria’s youth.

Some winners in the NEPL/Seplat Energy JV Pearls quiz

Tony Elumelu: You Cannot Create Legacy by Just Keeping Monies in Banks

Heirs Holdings marked its 14th  anniversary on Wednesday this week, and its founder, Mr. Tony  Elumelu discussed some critical developmental issues with journalists. Dike Onwuamaeze who was there brings the excerpts:

Heirs Holdings Operations and FX Challenges

The glass is always half full and one can see either the part that is empty or you see the filled side. I think that there are challenges but for us as a group, we say that we want to succeed despite the challenges. The ability to confront, mitigate, and navigate the challenges compelled us also to some advantages. We try to generate foreign exchange (FX) as a group. Every day we produce oil and we sell, we earn FX. We also sell energy to other parts of Africa. So, we also earn FX from that. But the kind of business we do to a large extent the FX component is not as much as it is for others. So, we understand the challenges some people are facing. There are deep challenges but what we do as a group is that we see challenges as present opportunities. So my message to entrepreneurs and everyone is that there are challenges but can we try and see how we can navigate these challenges?

Strategy Driving Heirs Holdings

You know that there is what they call corporate strategy and competitive strategy. I do not look at competitive strategy. The way we see it, we just see Africa as our operating theatre. We see Africa as our market. We do not just see Nigeria as our market. So the overarching driver in all of this is that we have a huge market in Africa because of the population and we have the demographic. So, why should we limit our access to one market in Nigeria? So let us see Africa as our total market. It is about what opportunity we see in our sector and how we play in that area to achieve our objective of improving lives and prosperity. There are so many opportunities even though there are lots of challenges. Yet no one but us Africans will develop Africa. You must also remember our philosophy of African capitalism that the private sector must do something as a way of galvanising others to come up. At the Tony Elumelu Foundation (TEF), we know that as a foundation we do not have solutions to all our continent’s challenges. And we know that we have millions of our young ones who are in need. But by supporting 20,000 and amplifying it and those 20,000 going on to create more impact, people are watching. Others who are even richer than us can do something to help Africa. In everything that we do we see Africa as our theatre and starting from somewhere we grow from that place to other areas.

Power Distribution Company

There is a consortium led by Transcorp that has acquired Abuja Electricity Distribution Company and I think it is the number three already in the country. So, we are in that space but it is a tough place, a very tough space but we are in that space and we will do what we know how to do. We turn around businesses and create value for all. We will do that definitely.

Investment opportunities and ongoing banking sector recapitalisation

The good thing about bank stocks or the equity market is that it is almost like an annuity that is there forever. The interest rate regime we have today is a result of the monetary policy. But for equity, if you invest in the right stock, it might not give you that upper band but it is consistent. Always be aware of the elementary investment advice that you should diversify your portfolios so that if there is a shock in this area the other areas will support you.

Challenge of Talent Retention Amid Youths Migration

I should ask you to read my interview with the Financial Times of London on my blog or social media handles. They asked me this question there. As a person, it affects all of us. When we are interviewing young people I do not know who is going to stay for 12 months or two years. But that will not stop you from interviewing, hiring and training them. At the UBA we train thousands almost every six months. At Heirs Holdings, last week we had our induction session here with some of our young new employees. We need people to execute our strategies and visions to make them come alive so you cannot stop hiring young people. At the same time, you cannot stop people from going if they believe that Canada holds better prospects for them.

You cannot stop them. All we can do is to make our environment attractive to stop them from going. There are some economies like India and others that remittance from their diaspora is huge every year. In Nigeria, I am sure we are crying now but there will come a time when it will be beneficial to us. When a lot of foreign exchange will start coming into the country from our people in diaspora. So, I support it. I am not against it.

Legacy to leave behind

If you had listened to what I had said you would know that it is all about legacy. The reason we do what we are doing today is not because we want to feed or train our children but to a large extent we want to keep on improving lives and giving hope to our society. What we do at the TEF is just a demonstration of our commitment to legacy. We are trying to help others, democratise prosperity and eradicate poverty. We are trying to ensure that we bring our women into mainstream economic activities. We are trying to see that we help humanity. We do all of this because we want to leave the world a better place and we believe we cannot achieve that by keeping money in our bank accounts. We will do so by touching lives.

Concern that Nigerian billionaires prefer to establish endowments in universities in America and Europe rather than Nigerian universities

Let me use this opportunity to comment on something. A week or two ago some guy wrote about Nigerian wealthy people not endowing local universities with funds. I want to use this opportunity to respond to him. My response is that there are a lot of problems in the world but you will just choose the ones you want to solve. If you look at the Gates Foundation, they focus on health; some focus on other areas of interest. Some are focused on conservation and climate issues. For us, we are focusing on economic empowerment. We are focusing on economically empowering our young people because we believe that the future of the African continent lies in the hands of our young ones. And we believe that by giving them economic hope, training them and empathising with them, giving them valuable seed capital, appointing mentors for them etc., and engaging in advocacy to create the right enabling environment that all these will help to first develop people and also communities, nations, and the continent. It will not be right to just sit down to pontificate and just label people unnecessarily. People are playing their roles. Let everyone come to the ring and play his or

her role. But for us, we have chosen entrepreneurship and economic empowerment. We have limited resources. I said earlier that what we do is not out of the abundance of wealth. But just the need to do what we believe is right: to share prosperity. And we have chosen to do our own through entrepreneurship. Having said that, one of our businesses, the United Bank for Africa has the UBA Foundation and they are strong on education, which is one of the three pillars of the UBA Foundation.

Insurance sector recapitalisation

I think I was the one who started the journey. I addressed the insurance association last year and there I made a call that we should recapitalise by up to N50 billion for composite: N20 billion for life and N30 billion for general insurance. We made that call because we deemed it important for the sector. And of course for the Heirs insurance we have prepared ourselves ahead of time. But it is the right thing. For any reason, we believe that is the right thing for the sector to be well adequately capitalised so that insurance will play the role it should be playing in this kind of economy.

Listing on the Nigerian Exchange Group

Yes, we will. But we need to make sure that the macro investment climate is right otherwise it can destroy value. But we will definitely. All our businesses in over 20 African countries that we are operating are privately owned and we like to democratise prosperity by listing them. People have benefitted significantly what we have listed. We will do some listing but it will be at the right time.

Why invest in fossil energy at this time

In the world we live in today there are some answers that you will give and it may be controversial. But the truth is what I say to people for us in Africa at a time like this we should set our priorities right. Access to electricity in Africa is almost zero. There are current conversations in the world about how to provide energy. But if you look at where we are in Nigeria and Africa we need all the energy combinations. There is hardly available capital or funds coming to the energy space, especially in developing countries. That is not good for us. We have so much of natural resources that we need to annex to enable us to deal with the energy deficit or insufficiency in the continent. So before we join certain conversations we need to assess properly and know where we are and what we need to develop. Everyone comes to the energy conversation table with their priorities and challenges. Yes, there is no more capital going into that space now, which is not good for us.

Elumelu

Dakore Egbuson-Akande:

At a Point, I Got Disillusioned with Movie Industry

Dakore Egbuson-Akande’s multifaceted career path has traversed music, modeling, dance, and her mainstay, acting, creating opportunities for her to project brands. A household name, Dakore’s craft is driven by sheer creative instinct, owing to her knack for the art since the early stage, and one she’s grateful for. The screen goddess speaks to Ferdinand Ekechukwu about her works, career, family, and more. Dakore specifically touched on some issues, putting them to rest. Excerpts...

What have you been up to lately?

I’ve been working on several projects actually.

My most recent movie, “One Too Many,” made its debut in February on Netflix to critical acclaim then I went on to star in a movie titled, “Finding Me” directed by my sister Funke Akindele which hits the cinemas in September 2024.

I also starred in two series “School of Hearts” fromOgidiStudiosalongsidemybrotherTiminiand a host of brilliant young new talents. The second series is ‘That Fateful Night,” co-starring Uche Jombo, Ini Edo and Carole King to mention a few. Alongside this, I run my natural beauty skincare line “DakoreBeauty” and shot two commercials for Amstel Malta for which I’ve been their brand ambassador for many years all while doing my utmost best to be a doting mom and devoted wife. It’s a lot to juggle but with God all things are possible.

You rested the brand DakoreBeauty at some point… How’s it going?

DakoreBeauty is doing great; we’re still growing and getting people of all walks of life to appreciate their natural, God-given skin tone naturally. We are making inroads into the US market as we speak and the orders are coming in. We sell online and in select stores and ship worldwide.

You started off singing, and writing songs; you danced, and then at some point you modeled. You seem to have chosen to focus more on acting, why?

From your question you can see there’s a common thread which is the creative arts. These are all ways of expression that come very naturally to me and it’s a gift from God and I’m blessed to have gravitated strongly towards acting as a career which God ordained.

How did acting come to you?

Acting came as a wonderful surprise to be very honest. In my youthful naiveté I was almost certain I would be a musician first then a journalist second, which was why I chose to study Mass Communication at University. But as the saying goes“manproposesbutGoddisposes’.Inhindsight it makes perfect sense because since childhood I had a knack for expression either through music or dance, school plays and public speaking. I’m grateful that I was a rebel enough to pursue this career

at a time when it wasn’t fashionable or deemed worthy to where we are today and that’s because I followed the opportunities as they presented themselves as long as it aligned with my sense of self and belief in God.

Was there some sort of resistance to your choice to pursue career in entertainment?

Ohyes,therewasalotofresistancefromsomeof my close family and acquaintances in general who felt entertainment was not a sustainable career path. In hindsight I understand why they felt that way but I felt very strongly that it was my path and I would follow it come what may. It’s incredibly vindicating now that I’ve become a household name but at the time it was heartbreaking. It’s been a joy to witness the transformation where entertainment is now a viable career option and I’m grateful to have been a part of changing that perception positively.

What childhood flair still evokes the best of memories in you?

My sheer fearlessness at birthday parties and various gatherings! I always won dance competitions, led the teenage choir at church, organised dance-offs with my friends, etc. I was incredibly outgoing and not shy at all as a child.

How would you describe your acting career with regards to your body of works?

I feel like I’m still finding that out in a way. At this point I’ve been in about 150 films not to mention series,stageplaysaswellbutthecommonthreadis thesassiness,resilience,vulnerabilityandimmense strength of the characters I’ve been blessed to have portrayed. I’m extremely grateful to have embodied such diverse worlds.

Talking about characters you have portrayed in films, there’s this notion that Dakore is elitist in roles. How do you view the characters you take, play?

First of all, I don’t dictate the roles I play. Most producers/directorshaveanideaofwhoacharacter is and which actor can most bring the story to life. If you want a certain mean-ness for instance, they knowwhotocall,ifyouwantacertainlookorquality it’s totally at their discretion. I accept all my roles based purely on creative instinct. If I feel drawn to a certain story/character and the production values and schedules align I’m good to go and if not that’s at my discretion as well.

Has there been a time you ever thought of

quitting or was asked to quit acting due to your marital status?

I almost did once. At a point, I grew disillusioned with the industry. It felt stagnant and I became restless because the work was not progressive (in my opinion). So, when I got married I decided to focus on nurturing my family which took me out of the spotlight for almost six years. When I’d had my children I started yearning to be back to my first love and so I slowly made my way back at God’s appointed time and it’s been awesome since then till now and beyond. I was never asked to quit due to marriage …that was society’s false expectation and I’m glad to say it failed woefully.

You hold this view that Nollywood does not needvalidationfromWesterncountriesbutfrom “yourselves”.HowsoandwhataboutNollywood fascinates you at the moment?

To clarify, I truly believe that we didn’t need permission from the West to become the force that we have become now so why do we suddenly need their validation especially because we are not operating in the same system? Let’s compare apples to apples and leave all sentiments aside. We don’t have the same access in terms of resources, funding, co-production treaties, infrastructure etc., and yet we have been able to make a huge impact so I believe we should keep the focus on bettering our movies, and eventually at the right time the west will come to us. In the meantime, we can partner with them to find viable areas of collaboration via co-production treaties etc. and work with platforms that will level the playing field because there’s so much we can learn from each other. What continues to fascinate me about Nollywoodisthefactthatitemployssomanytalented, creative people - the conservative estimate is about 1.5 million thereby contributing greatly to our country’s GDP and employment figures.

What other career path would you have taken outside of entertainment?

I’d say Law, Psychology or Medicine.

Why Law, Psychology, or Medicine as an alternative career path you would have taken outside entertainment?

When I was younger I wanted to be a Doctor, precisely a pediatrician because I love children and hate to see them suffer. A psychologist, because I’m utterly fascinated with the way people think and how that influences their behavior. A lawyer, because I strive for justice, fairness and equity in everything I do. So, I think I would have made a

fine lawyer. Plus, I got to play a brilliant lawyer in Castle & Castle as Remi Castle (SAN). I thoroughly enjoyed playing her.

What would you say are your low and high moments in life?

Life itself is a series of highs and lows so I don’t have any outstanding ones I can think of, it’s a daily walk so I take each day as it comes with immense gratitude to God.

What lessons have marriage and motherhood taught you?

Marriage has taught me that patience is a virtue, to always lead with love and great communication goes a long way while motherhood has taught me pure, unconditional love. By the grace of God, we’ve been married for 14 years and together for 18 years withforevertogoalongsideouramazingdaughters Zoia 13, and Zahra 10.

You seem to have remained consistent with your multiple brand ambassadorial deals, how has this worked out for you in this regard?

I’ve been very blessed and fortunate to work with various top brands throughout my career and I’m glad to say that every brand I’ve ever had the pleasure to work with has been consistent with my brand and values.

What would you attribute to as the might of your success?

The fear of God, my supportive family, the various producers and directors who believe in my talent, the brands that choose to align with me, and my super fans “The Dakorians” who support and validate my work.

How much do you think you have had to work to earn respect, staying out of scandal and controversy?

I’m much honored to enjoy that respect. I worked very hard for it while respecting those who came before me such as Madam Taiwo Ajayi-Lycett, Aunty Joke Silva, The late great Onyeka Onwenu and so many other wonderful people. Personally, as a firstborn, my mom especially instilled in me the value of being a good example to my younger siblings while my Dad always reminded me of the family I come from and to never do anything that would tarnish the family’s name and reputation so with those values in place I made a conscious decision that I wanted to be a positive force and by the grace of God so it has been and will continue to be.

Dakore

FOCUS

Nechi: Second Citizenship Offers Nigerians Passport to Global Opportunities

Franklin Nechi is the Chairman of Optiva Capital Partners, a leading Investment Immigration Wealth Management Company. He explains how second citizenship offers Nigerians a passport to global opportunities, empowering them to explore new horizons and achieve their personal and professional goals, writes Oluchi Chibuzor

Nigeria is undoubtedly one of the largest economies in Africa, and it is home to a vibrant and entrepreneurial population. However, despite our many strengths, the country faces significant development challenges, including limited access to quality education, healthcare, and economic opportunities. For many Nigerians, the desire to explore opportunities beyond our borders is strong, driven by a desire for personal growth, career advancement, and improved living standards.

In today’s increasingly interconnected world, having a second citizenship can be a powerful tool for Nigerians seeking to expand their personal and professional horizons. A second citizenship offers a passport to global opportunities, providing individuals with the freedom to travel, live, work, and invest in countries around the world. For Nigerians, who face unique challenges in terms of visa restrictions and limited international mobility, second citizenship can be a game-changer.

According to the Chairman of Optiva Capital Partners, Franklin Nechi, the nation’s foremost investment immigration wealth management company, “if the world were to be like a book and you operate in one country, you are reading only one page. People should begin to see the world as one because that is how it is configured especially in the business world. You have to see yourself as operating in all of them so that you will be able to take advantage of what exists in all the places.”

He also stated that investment savvy Nigerians should also look at life as a marathon and not a sprint, which means that, “if you are rich today you also have to be thinking about tomorrow by making plans for tomorrow so that there will be long term wealth. So, if you have visas, which are access to travel today, how do you make them permanent?

“There are people who thirty years ago could travel to where they wanted to but today they are denied visas, so it is important people think of second citizenship, so you can get your umbrella before it starts raining.”

Second citizenship, which Optiva Capital Partners assists Nigerians to acquire, offers numerous benefits such as Visa-free travel because a second citizenship can grant visa-free access to multiple countries, making it easier to travel for business, leisure, or education. There is also the added benefit of global career opportunities because through a second citizenship, Nigerians can work and live in countries with stronger economies and more robust job markets, in addition to access to top universities and research institutions worldwide. Investment immigration also opens doors to business and investment opportunities. A second citizenship can facilitate international business and investment, enabling Nigerians to tap into new markets and opportunities. Second citizenship also provides personal safety and security because in times of political instability or conflict, a second citizenship can provide a safe haven.

Several countries offer attractive second citizenship options for Nigerians, including Dominica, known for its affordable citizenship-by-investment program, and it also offers visa-free access to over 140 countries; the Caribbean Island nation, Saint Lucia which offers a citizenship-by-investment program with a range of investment options; and Grenada’s citizenship-by-investment program which offers visa-free access to the United States, China, and other countries.

Grenada boasts one of the most appealing and robust Citizenship-by-investment (CBI) programs globally. It maintains strong diplomatic ties with the US, the UK, and the EU. Gaining access to the USA is not the only benefit one gets from obtaining a Grenada passport, it also gives visa-free travel to 143 countries including all countries of the European Union, United Kingdom, Singapore, Russia, and China.

Grenada stands out as one of the Caribbean nations offering a citizenship program that grants its citizens the opportunity to obtain an E-2 visa. By acquiring an E-2 visa, holders of a Grenada passport can reside in the United States indefinitely. As a citizen of Grenada, you will enjoy the benefits of the USA Treaty with Grenada,

Nechi

enabling you to establish a business, reside, and work in the USA alongside your family. You can also live and work in Grenada as a second home with zero hassles on global income tax, wealth tax, or inheritance tax.

To get a Grenada passport, there are two options, invest $220,000 in a government-approved real estate project. The property must be held for a minimum of 5 years before it can be sold or you make a non-refundable minimum donation of $150,000 to the National Transformation Fund.

Optiva Capital Partners, the largest provider of second citizenship and residency services in Africa has assisted thousands of families in obtaining second citizenship and residency from Grenada and many other Caribbean countries, and also permanent residency programmes in USA, Canada, Portugal, and Greece.

The company has twenty-one branches across the country and provides excellent investment immigration, investment advisory, wealth management services, and international real estate for its esteemed clients who have trusted them with their investment immigration needs for over 14 years.

According to Nechi, “lastly think about the return on investment across generations because once you obtain citizenship or permanent residency, it is for you and generations to come, which translates to access to world class education opportunities, and trade opportunities.”

One of Optiva Capital Partners success stories is its ability to develop partnerships with strong and well recognized reputable institutions. One of them is Stuart Financial with headquarters in Montreal, Canada, a global company with offices in many countries. They are the financial intermediaries to the Quebec government, and they are members of the investment regulatory Council of Canada. A very strong institution, they have never had any African partner before now, and Optiva Capital is their only African partners. Optiva Capital is also engaged with them in Greece, Portugal, and of course here in Africa, for Federal Start-up programme in Canada. Nechi listed its other partnerships, which he stated includes “Green and Spiegel, which is Canada’s oldest and largest immigration law firm based in Toronto, specializing in corporate and personal immigration services. They have offices in five countries including the USA, and we are their only African partners.

Then you have the Heng Sheng Group, which is another global group with footprints in many countries like USA, China, Singapore, Grenada. They have the largest investment in the Caribbean right now, a $2.4 billion investment. They are building the Grenada National Resort.

We are equally their only African partner because prior to our relationship with them they had pockets of relationship but as soon as we came everything was subsumed into our relationship. Then we have Range Developments, an award-winning developer of luxury resorts offering Citizenship By Investment programmes in Grenada and the Caribbean. We are not exclusive because Range has other partners. We also have Anchor Capital, easily the largest trading investment banking group in South Africa with Asset Under Management of over Seven Billion US Dollars. We are their only partners right now. There is also AIL, an international insurance group, and also TIW Capital Group, a global asset management company in South East Asia with offices in Singapore, India, and UAE. Then we have CTP in Tampa, Florida, USA, which develops and manages over 760 old peoples’ homes. So we have a very strong and robust operation and we hope to grow it.”

Optiva Capital Partners, Africa’s leading investment immigration wealth management company has steadily, over the past fourteen years built a growing reputation amongst investment savvy Africans who seek quality service in investment immigration, investment advisory, and wealth management. In all of these bespoke services the company’s unwavering commitment is to provide clients with the opportunity to protect, grow, enhance and optimize their wealth, and ensure they get the benefits of secured Capital through Multi-asset funds, Global equities, Corporate funds; and also achieve Optimal Diversified Portfolio

As the world becomes increasingly interconnected, second citizenship is an investment in one’s future, providing a foundation for success and prosperity

Optiva Capital Partners longstanding purpose encapsulated in its core values of service, professionalism, collaboration, and excellence; premium product innovations; and elite global partnerships, have all added up to a winning formula.

Second citizenship offers Nigerians a passport to global opportunities, empowering them to explore new horizons and achieve their personal and professional goals. By investing in a second citizenship, Nigerians can unlock visa-free travel, global career opportunities, education and research opportunities, business and investment opportunities, and personal safety and security. As the world becomes increasingly interconnected, second citizenship is an investment in one’s future, providing a foundation for success and prosperity.

Optiva Capital Partners, Africa’s leading investment immigration wealth management company has steadily, over the past fourteen years built a growing reputation amongst investment savvy Africans who seek quality service in investment immigration, investment advisory, and wealth management.

Carloha Nigeria Showcases Cherry, Offers Discounts on Tiggo 2 Pro

Carloha, the authorized importer and assembler of Chery vehicles in Nigeria, has put the Chery Tiggo 2 on display at the Mega Plaza, Victoria Island, Lagos.

The display, which began yesterday, August 30 will end tomorrow, September 1, this special three-day event will showcase customers a unique opportunity to experience its exceptional features and value.

incredible price of N25 million. In addition to this competitive pricing, customers will

is ready to provide adequate automobile solutions and services for all Chery cusCarloha’s commitment to providing Nigerian customers with high-quality vehicles and exceptional after-sales support.”

The Chery Tiggo 2 Pro is a well-rounded compact SUV that combines style, comfort, and safety features, with modern technology, making it an ideal choice for

yet feature-rich vehicle that can handle the driving. Tiggo 2 Pro is powered by a 1.5 naturally aspirated petrol engine that delivers a balanced combination of power to a 9-speed CVT (continuously variable transmission) automatic transmission,

With its blend of performance, sleek design, spacious interior, innovative safety features, stands out as an attractive choice in the competitive compact SUV market.

potential buyers, and the general public to visit the Chery display at Mega Plaza from August 30 to September 1, 2024. to provide detailed information, answer visitors can fully experience the Chery Tiggo 2,” the company said.

Discovery Celebrates 35 Years of Ingenious Versatility

With Anniversary Edition, Powerful new Engine

T35 years of ingenious versatility with a new special edition version of its luxurious full-size seven-seat SUV.

tional family SUV that’s been setting the standard for versatility and all-round breadth of capability since its world premiere at the Frankfurt Motor Show in 1989.

In Nigeria, Coscharis Motors has the sole franchise for JLR house of brands with dealerships across the country, including Abuja, Lagos and Port Harcourt. These dealerships are equipped with extensive showrooms and aftersales facilities managed by well trained professionals and expert technicians.

the standard for family SUVs and we’re proud to family’s seven-seat flexibility, spacious cabin and unrivalled ingenuity make it the perfect partner for family adventures as it turns everyday activities into exceptional experiences.”

standard for seven-seat family SUVs, combining innovation with space and practicality. Its familyhallmark, creating a distinctive silhouette.

Safety and capability have been at the heart of

Cornering Enhancement (ACE) technology, using electronically controlled anti-roll bars to reduce body roll. A year later, it became the first SUV to introduce twin airbags for front seat passengers, and JLR’s Terrain Response technology made its Its reputation as an SUV that is both highly has proven itself in operations with the Austrian

Red Cross – which took delivery of a specially in 2018 to support search and rescue activities – and excels as a towing vehicle. Its effortless capability here was showcased when a production specification model pulled a 110-tonne road train

Celebratory edition

The exclusive new 35th Anniversary special

of adventure and ingenuity. It is identified by bespoke ‘XXXV’ badging and tread plates* that enjoyed since its launch in 1989.

The 35th Anniversary edition is inspired by the Metropolitan Edition and features Bright Atlas This is complemented by Hakuba Silver lower wheels with Gloss Grey detailing, black brake calipers, Privacy Glass and a Sliding Panoramic Roof.

Convenience and comfort features inside include wireless device charging, a front cooler compartment and four-zone climate control. The cabin is enhanced with Titanium Mesh trim detailing, as well as Light Oyster and Ebony upholstery with extended Windsor leather colourways.

Available in strictly limited numbers, this

line-up. You can contact Coscharis Motors for details.

Specification enhancements across the line-up by upgrades that increase comfort HSE, and Metropolitan Edition models now feature powered adjustable seats with driver memory function, plus an electrically adjustable steering column as standard.

versatile full-sized SUV, with all models featuring a 3,500kg towing capacity and Advanced Tow Assist technology, which takes the stress out of difficult reversing manoeuvres.

CNG: Lanre Shittu Seeks Govt Support for Local Auto Firms with Capacity

Lanre Shittu Motors has called on the Federal Government to support indigenous automobile companies that have the capacity to mass-produce compressed natural gas-powered vehicles in order to sustain the CNG campaign in Nigeria.

Mr. Taiwo Shittu, stated this in Lagos on Friday while speaking with journalists on the company’s readiness to flood the market with locally-assembled full CNG buses.

After fuel subsidy removal, President Bola Tinubu had launched the Presidential CNG Initiative (Pi-CNG) in October 2023 as a vehicle to deliver cheaper, safer and more climate-friendly automobiles.

The President said using natural gas to power the nation’s transportation industry would reduce costs, enhance productivity and save the Nigeria trillions of naira spent on petrol and diesel importation.

Lukman Shittu, on the features and benefits of the mass transit buses, said the vehicles are 100 per cent CNG and assembled in Nigeria.

built on CNG. It is better than a hybrid diesel engine and a converted diesel engine. Our engine will run over a million miles.

CNG project. We’re rolling out 100 units in the first phase. We are doing this with the support of our banks.

identify companies with the capacity to sustain the campaign.”

He specifically said the support could come through funding, grants and tax incentive.

Taiwo expressed the full support of Lanre Shittu Motors for the Federal Government’s to save the country now.”

Interior of Discovery

CNG-powered bus

Tiggo 2 Pro

PERSPECTIVE

Asue Ighodalo: Beacon of Hope for Edo State

Donatus Eleko

In the heart of Edo State, where tradition intertwines with modernity, a political figure has emerged, capturing the hearts and minds of many. Asue Ighodalo, a name synonymous with integrity, compassion, and visionary leadership, has positioned himself as a beacon of hope for Edo State. With his unwavering commitment to the welfare of his people, Ighodalo has become a formidable force in the political landscape as the date for the 2024 governorship election draws closer.

Ighodalo, is unarguably, the best man to succeed Governor Godwin Obaseki. He has no doubt contributed to the success story of the State in the past 16 years.

The candidate of the Peoples Democratic Party (PDP) in the September 21 election known for his expertise in corporate law, finance, and investment banking, is also a boardroom titan.

His work and boardroom experience clearly shows that when allowed to govern the state, he won’t be a liability to the South-south state, but would be focused on how to bring his global and national connections to help boost activities in the state and add value to the commonwealth of Edo State.

Ighodalo is the co-founder of Banwo & Ighodalo, one of the foremost corporate and commercial law firms in Nigeria, with 15 partners and over 100 lawyers. He obtained his first degree in Economics from the University of Ibadan, a law degree from the London School of Economics and Political Science, and was admitted into the Nigerian Bar in July 1985. His core areas of practice are corporate and project finance, securities and capital markets, energy & natural resources, and mergers & acquisitions.

Ighodalo is a member of the Nigerian Bar Association (past Chairman of the Section on Business Law 2014-2016), International Bar Association (Energy, Environment, Natural Resources and Infrastructure Law Section (SEERIL)), Association of International Petroleum Negotiators, Institute of Directors Nigeria, Commercial Law and Taxation Committee of the Lagos Chamber of Commerce and Industry, and the Chartered Institute of Taxation of Nigeria. Until he until ventured into politics, Ighodalo was the Chairman, Board of Directors of Sterling Bank Plc, Nigerian Breweries Plc, Levene Energy Group Limited, Edo State Investment Summit, DO II Designs Limited and Global Mix Limited.

He also sat on the boards of Mainstreet Technologies Limited (ownership company of MainOne Cable Limited), Cardinal Stone Partners, Okomu Oil Palm Plc, Christopher Kolade Foundation, Boff&Co. Insurance Brokers, Healthcare Federation of Nigeria (NGO focused on the development of healthcare practitioners) and Kashim Ibrahim Foundation, Kaduna (NGO focused on the leadership development of Nigerian youths).

He is the immediate past Chairman of the Nigeria Economic Summit Group (NESG) and he also served on the board of the Nigerian Sovereign Investment Authority (NSIA) from May 2017 to 2021 and was Chairman of Dangote Flour Mills Plc.

Ighodalo has been consistently ranked as a “Tier 1” or “Leading lawyer” in all of his areas of practice by the leading international legal directories.

“I stepped out by myself to run for election as a candidate of PDP, driven by my desire to make a positive impact on the lives of Edo State citizens. And that’s how it’s been from the day I first stepped out as an aspirant,” he said while sharing his aspiration to govern Edo State.

The PDP candidate recounted the arduous process of campaigning across the state, meeting with senior and junior politicians, as well as ordinary citizens, to garner support for his candidacy.

He said that demonstrated his commitment to grassroots engagement and his ability to build coalitions.

He promised to ensure the security and safety of lives and property in the State through his ‘The Pathway to Prosperity for All’ manifesto.

He has also said his government would continue the infrastructural drive of the Obaseki administration.

Ighodalo pledged to give incentives to farmers and scholarships to students in Edo State.

Ighodalo with supporters

He bemoaned the economic situation in the country, adding that Obaseki had been trying to shield the Edo people from the harsh situation created by the Federal Government.

He said, “We are ready to continue where our governor stopped. We will take Edo State to the next level. If a man wants to build a house, he has to start from the foundation. Governor Obaseki has started the foundation and we will continue from where he stopped. The work that has been done for the past eight years will soon begin to show.

“By the next one year, we will begin to miss the governor, but Ogie and I will do our best to maintain his good works. We all know the suffering on the ground and the problem in Nigeria.

“They said something in Abuja in January, and our lives have gone down since then but the governor has been trying to shield us from the harsh conditions created by the APC and that is what Ogie and I will continue

“Before you can leave your house by 2 am, but it became impossible due to insecurity until when Obaseki came and stopped it. Now you can go out and do your business, but that is what we will continue to improve on in Edo State.”

The PDP candidate said, if voted to power, his government would ensure that Edo State was monitored from the situation room, adding that his government would sustain and improve the EdoBEST.

He added, “The work that he has done in agriculture, we will continue from there; we will give incentives to cassava farmers, and oil palm producers. Edo has been the number one in oil palm since Obaseki came to power.”

Obaseki also made it clear that his choice for the position of governor of Edo State after him can “anchor the relay race successfully to victory.”

He said he had known Ighodalo for 40 years from his university days. He insisted that Ighodalo joined the race because of his love and compassion for the people of the state and not that he was looking for money or fame or name. “He has all of those,” he stated.

Obaseki further vouched that “he won’t disappoint you. Same with Osarodion Ogie. When I came into government, our first budget was less than N100 billion. But we moved it to N450 billion. Ighodalo and Osarodion will move it to N1 trillion to have enough money to do projects.”

He then encouraged all PDP members to canvass support for Ighodalo and also come out on election day and vote for the PDP.

A chieftain of the party in the State, Chief Tom Ikimi and other notable sons of the State have also thrown their support behind Ighodalo. Similarly, the Edo Youth Movement just like several other groups in and outside the State have also thrown its weight behind the dynamic duo of Ighodalo and his Deputy Governorship candidate, Osarodion Ogie.

During the PDP LGA gubernatorial campaign rally in Esan South East Local Government Area, the movement, comprising vibrant and forward-thinking young people, pledged to mobilise support for the candidates, citing their exceptional capacity, character, and competence as the catalyst for their endorsement.

With their capacity, character, and competence resonating deeply with the youth, Ighodalo and Ogie have emerged as the clear choice for a brighter future in Edo State.

The duo’s commitment to empowering young people, creating jobs, and driving sustainable development has struck a chord with the Edo Youth Movement, who are determined to work tirelessly to ensure their victory at the polls.

Speaker of the Edo State House of Assembly, Blessing Agbebaku, said Ighodalo is far more intelligent than the candidate of the opposition All Progressives Congress, Senator Monday Okpebholo.

Therefore, there is a need for voters in the election which comes up in about 22 days to know that they are today faced with an option to make progress by voting Ighodalo as their governor or be faced with a situation that may see the State reverse some of the modest achievements recorded over the years.

SBM Intelligence Got it wrong on NNPC Financial Performance

Ifeanyi Onuba

A few days ago, SBM Intelligence, in a report titled “NNPC Profit: Murky Waters” struggled hard to paint a mischievous narrative that there is nothing to celebrate about the N3.3tn Profit After Tax which the Nigerian National Petroleum Company Ltd declared in its Audited Financial Statement for 2023.

The consulting firm, in its report, drew a comparison between the $3.66bn profit that was declared by the NNPC Ltd and its other global peers such as Aramco of Saudi Arabia, Petrobas of Brazil, Petronas of Malaysia, Gazprom of Russia and Sonatrach of Algeria.

According to the report, while NNPC made a profit of $3.3 billion as of its Audited Financial Statement of 2023, other national oil companies such as Aramco of Saudi Arabia posted $100 billion, Petrobas of Brazil $25 billion, Petronas of Malaysia $19 billion, Gazprom of Russia $14 billion and Sonatrach of Algeria $5.5 billion.

But in their report, what analysts at SBM Intelligence failed to mention was that, unlike the NNPC Ltd which saw an increase of 28 percent in its profit during the period under review, most of its global peers referenced in the SBM analysis saw a sharp decline in profitability.

At a time when there is low investment arising from the onslaught in energy transition, the manage-

ment of the NNPC Ltd is sharply transforming the firm into a superpower with an eye-popping rise in assets by 322 percent to N246.8 trillion or an equivalent of $155.4 billion by the end of 2023 a feat major state-owned oil companies could not achieve in 2023.

The NNPCL also silenced naysayers when it released its 2022 and 2023 Audited Financial Accounts and declared a record pre-tax profit of N5.98 trillion ($ 3.77 and a net profit of N3.29 trillion ($2.07bn).

The state-owned oil firm also paid a tax valued at N2.69 trillion ($1.69bn) and declared a dividend of N2.1 trillion ($1.35bn).

Last year, Saudi Aramco declared a 15.4 percent rise in its assets from $576 billion in 2022 to $664.7 billion in 2023 which is far below the percentage growth of over 300 percent recorded by the NNPC Ltd year-on-year.

Unlike NNPC Ltd, which saw a 28 percent increase in profit, Aramco could not raise its profit margin as the company experienced a 24.7 percent decline in profit. Checks showed that Aramco’s net income dropped from $161.07 billion in 2022 to $121.25 billion in 2023.

“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” Aramco had said.

Meanwhile, another oil giant, PetroChina Co. Ltd. saw a dip in its assets from $392.6 billion in 2022 to

$384.6 billion in 2023 due to economic headwinds.

Similarly, the net profit posted by Petronas of Malaysia dropped by 21 percent to $17.2 billion in 2023, down from $21.65 billion in 2022 when oil prices hit a record high. Also, the revenue posted by the company during the period fell by eight percent to $73.23 billion in 2023, while operating cash flow dropped by 16 percent to $24.34 billion compared to $28.83 billion in 2023.

Petronas’ President and Chief Executive Office, Tengku Muhammad Taufik, said the 2023 financial period was a year defined by market volatility.

“Petronas delivered resilient performance in 2023 amid a volatile operating environment,” he added.

Another national oil company that the SBM Report compared its financial performance to that of NNPC Ltd is Brazilian state-run oil firm Petrobras. But what the analysts at the Intelligence firm failed to highlight is that unlike NNPC Ltd which posted a rise in profit of 28 percent, Petrobras reported a net income of $24.88 billion in 2023.

On its face value, while the profit of $24.88 billion declared by Petrobas looks high, the amount is indeed a decrease compared to the previous year, when the Brazilian state-owned entity reported $36.6 billion in net income due to decade-high oil and gas prices.

At a time when NNPC Ltd surpassed expectations by declaring a dividend payout of 80 percent out of its net profit to shareholders, Petrobas investors

were reported to have been disappointed as the company did not declare extraordinary dividends relating to the fourth quarter 2023 financial period.

While it is convenient for analysts to dissect NNPC’s Annual Financial Statements and debate the company’s performance, the real question is how many of the state-owned peers are facing the same operational challenges as NNPC Ltd. No major oil company in the world, whether private or state-owned, deals with the level of oil theft that NNPC faces. None of them also have to contend with oil thieves and willful vandalism of oil assets.

Additionally, none of these state-owned oil companies pay non-state actors to protect their assets from vandals. Given that these huge billions of dollars are not spent on securing oil assets in Nigeria, the profit that NNPC Ltd would have declared could have more than tripled what was posted in 2023.

Furthermore, in its report, the analysts at SBM Intelligence did not take into account the fact that none of these state-owned oil companies paid billions of dollars to the operating communities under the guise of trust funds to be shared among residents.

GLOBAL SOCCER

Bruno Labbadia Again, Wobbly NFF Bungles

Since the resignation of Finidi George as Super Eagles Coach, the Nigeria Football Federation, NFF’s egg heads had been in search of a new coach for the senior national team, and after failed attempt to secure the service of its number one target, two-time Africa Cup of Nations, AFCON, winner-Herve Renard and second man on the list of the football governing body, former Swedish Coach, Janne Andersson, the NFF eventually claimed to have settled for two-capped German international, Bruno Labbadia as the senior men’s 37thnational team coach but the German has snubbed the job.

Bruno Labbadia’s appointment was announced by the Nigeria Football Federation, NFF in the early hours of Tuesday, saying his appointment was “with immediate effect” but without giving any details of the contract duration.

NFF General Secretary, Dr. Mohammed Sanusi, said in the early hours of Tuesday: “The NFF Executive Committee has approved the recommendation of its Technical and Development Sub-Committee to appoint Mr. Bruno Labbadia as the Head Coach of the Super Eagles. The appointment is with immediate effect.”

Labbadia’s immediate task was to take charge of Super Eagles 2025 Africa Cup of Nations qualifying campaign with a Group D tie home match against Benin in Uyo on September 7 and away to Rwanda three days later. And was expected to spend the rest of the year focusing on qualifying the Super Eagles for the next Cup of Nations finals, which will be hosted in Morocco in late 2025.

However, the German tactician allegedly hired by the NFF has opted against becoming the new coach of the Super Eagles of Nigeria, according to German publication, Kicker, online reports said. This comes after the Nigeria Football had with certainty, Federation announced Labbadia as the new head coach.

According to the report, Labbadia and the NFF were not able to agree on

final details on salary and other entitlements.

Labbadia’s appointment was disclosed in an early morning tweet on Tuesday via the NFF’s X handle, tweeting as #thenff.

The statement read, “The Nigeria Football Federation has announced that it has reached an agreement with German tactician, Bruno Labbadia, to become the Head Coach of Nigeria’s senior men’s national team, the Super Eagles.”

“The NFF Executive Committee has approved the recommendation of its Technical and Development subcommittee to appoint Mr. Bruno Labbadia as the Head Coach of the Super Eagles,” according to the federation’s General Secretary, Dr. Mohammed Sanusi.

This situation echoes past instances where the NFF prematurely announced coaching appointments.

In 2016, the federation named Paul Le Guen as technical advisor, only for the Frenchman to reject the role, citing unmet terms and conditions.

Similarly, in 2017, Randy Waldrum was announced as the Super Falcons coach, but he too declined due to unresolved contractual matters, leading to the eventual appointment of Swede Thomas Dennerby.

Even Jose Peseiro, who led Nigeria to a second-place finish at this year’s AFCON, was initially announced without finalising his contract, leading to weeks of uncertainty before he officially took

on the role.

The NFF’s handling of coaching appointments has drawn criticism over the years, and the current situation with Labbadia only adds to the concerns.

Meanwhile, NFF has reacted to Labbadia’s snubbing of Super Eagles job, saying stringent regulations of German tax authorities conspired to abort the agreement between the Nigeria Football Federation and Coach Bruno Labbadia for the latter to mount the saddle as Head Coach of Nigeria’s Senior Men Team, Super Eagles.

“We have been on the tax issue for the past three days, and I told him clearly that there was no way the NFF will agree to offset the concomitant tax percentage on his salary that will be demanded by German tax authorities. It is not possible for us to shoulder the responsibility of shelling out another money, between 32% to 40% of his salary, after paying the agreed monthly wage.

“The NFF and Mr. Labbadia reached an agreement in principle before we made the announcement that he would become the Head Coach of the Super Eagles. The tax details were never part of our discussions, and he had personally agreed to all terms before the tax issue came up. We were doing our best to be flexible in the discussions but he was adamant that the NFF had to pay the full tax amount as well. We simply cannot do that,” President of NFF, Ibrahim Musa Gusau, said yesterday

evening.

In the event, Technical Director of Nigeria Football Federation, Coach Augustine Eguavoen will now take charge of the Super Eagles for the upcoming 2025 Africa Cup of Nations qualifying matches against Benin Republic in Uyo on September 7 and Rwanda in Kigali, September 10.

It will be Eguavoen’s fourth stint in charge of the three-time African champions, after earlier experience in 2005-2007, 2010 and 2022.

Labbadia: Search for Super Eagles coach continues

NFF President, Ibrahim Gusau

Slot Faces First Premier League Real Test as Liverpool Visit Old Foe, Man Utd

Two of the most successful teams in English football-Liverpool and Manchester United, will tomorrow lock horns at OldTrafford in what no doubt will be the Reds new gaffer,Arne Slot’s real Premier League test since taking over from Jurgen Klopp. The Dutch tactician is already warming himself into the hearts of the Kop after winning his first two matches and a win against Liverpool’s biggest rival tomorrow will actually warm him to Anfield faithful. However, after losing to a last-minute goal to Brighton last Saturday,Eric ten Hag and his men would not want to an early slip up of the title by dropping points to their number one‘enemy’.Therefore, an explosive encounter awaits soccer fans at theTheater of Dreams

The biggest rivalry in English football will take centre stage this weekend when Manchester United square up against Liverpool at Old Trafford tomorrow. Both teams are the most successful in English football history, with 20 and 19 league titles respectively.

For the first time in their 175 encounters, the rivals will have Dutch managers in their dugouts. Eric Ten Hag’s men knocked Liverpool out of the FA

Premier League

Today Arsenal v Brighton 12:30

Brentford v Southampton 15:00

Everton v Bournemouth 15:00

Ipswich Town v Fulham 15:00

Leicester v Aston Villa 15:00

Nott’m Forest v Wolves 15:00

West Ham v Man City 17:30

Sunday

Chelsea v Crystal Palace 13:30

Newcastle v Tottenham 13:30

Man Utd v Liverpool 16:00

Cup in the quarter-finals last season and completed the damage by denting their league title hopes with a 2-2 draw in April. The highly anticipated encounter will kick off at 4 pm on Sunday, live on DStv ch 203 and GOtv ch 66.

Manchester United lost to Brighton Hove Albion in their last match and will aim to end Arne Slot’s perfect start to his Liverpool managerial career. Slot, in his press conference yesterday said he fully understands the magnitude of the game.

“The atmosphere will be hostile. Every manager that comes to Liverpool knows the importance of the game against United. It is similar to the one between Feyenoord and Ajax. This will be my second time at Old Trafford. Many of these players have played in this

hostile environment before. I only need to prepare them for what to expect from United players because, in my opinion, United play a bit different from the last two seasons,” he said.

Also tomorrow, Chelsea will welcome Crystal Palace to Stamford Bridge, for a London derby, at 1:30 pm. Buoyed by their impressive 6-2 victory away at Wolves last weekend, The Blues will be out for their first home win in the League, against The Eagles, who lost their first two league matches of the season.

In the other Premier League fixtures, Arsenal will welcome Brighton to the Emirates today, live on DStv ch 203 and GOtv ch 66, at 12:30 pm, while Manchester City’s match away at West Ham, will broadcast on the same channel at 5:30 pm.

NYG 2024: Team Lagos Start Brightly as Zonal Elimination Gets Underway

Report from Osogbo, Osun state venue of the ongoing Southwest Zonal Elimination Ball Games for this year’s National Youth Games has it that Team Lagos are showing their supremacy in the team sports in contention in the tournament.

Early yesterday, Lagos basketball female team beat their counterparts from Osun State in a duel that ended 14-13 points.

The male team walk overed Team Ogun in the basketball contest.

Lagos State also took their Osun state opponents to the cleaner in the male volleyball event with a resounding 2-0 (25 - 7, 25 -5) victory.

In other result, Team Lagos also walkover Team Ogun in the Beach Volleyball male and female events, while they drew Ekiti state in the hockey male event.

With the zonal elimination for team sports just began ahead of the National Youth Games scheduled for Asaba, Delta State next month, Team Lagos are leaving nothing to chance to take most of the slots meant for the southwest region as they usually do in the last seven editions of the youth tournament.

More games are ongoing as at the time of going to press.

La Liga: Nigerian Duo Battle for Supremacy on StarTimes

This weekend’s La Liga fixtures promise excitement, with a standout match between Getafe and Real Sociedad at the Coliseum Stadium tomorrow. The encounter will feature a supremacy battle between Nigerian duo Chrisantus Uche and Umar Sadiq.

All La Liga matches will be broadcast live on StarTimes Sports Premium channel and also available for just N600 weekly on the StarTimes-ON app.

Uche’s Getafe team will aim to break their recent slump against Real Sociedad, having won only once in their last eight encounters.

Osimhen Rejects Chelsea’s Offer, Remains in Napoli

The long-running transfer saga involving Victor Osimhen has concluded with the Nigerian striker staying at Napoli, despite a late approach from Chelsea.

After months of speculation, Osimhen has reportedly communicated to Chelsea and Napoli’s hierarchy that he has decided to remain in Naples with the former Serie A champions.

The 25-year-old forward will now shift his focus to international duty with Nigeria, with no further talks allowed unless a substantial offer from Saudi Arabia materialises before Monday.

Osimhen, who had been heavily linked with both Chelsea and Al-Ahli of the Saudi Pro League, is reportedly frustrated with Napoli for their refusal to agree on transfer fees with either club.

Despite the turmoil, Osimhen turned down a lucrative €8 million per season offer from Chelsea, preferring to stay at Napoli, where he is under contract with a €130 million release clause.

Sources suggest that Chelsea’s offer fell short of Napoli’s reduced €80 million asking price, leading to the collapse of the deal. Earlier, Al-Ahli had an

agreement with Osimhen, but a last-minute price hike by Napoli led the Saudi club to pursue Brentford’s Ivan Toney instead.

According to reports from Italy, Osimhen is disappointed with the outcome, as he favoured a move to Stamford Bridge. The striker’s discontent has sparked tensions within the Napoli camp, with both sides unwilling to compromise on their demands.

Osimhen’s decision to stay will see him compete with new Napoli striker, Romelu Lukaku, for manager Antonio Conte’s attention.

Nottingham Forest Willing to Let Emmanuel Dennis Leave

Super Eagles striker, Emmanuel Dennis may bid farewell to wweee as Nottingham Forest are ready to allow the Nigerian leave to beat yesterday’s summer transfer window.

Since Dennis left Watford for Nottingham Forest two seasons ago, it has been topsy-turvy for him.

The 26-year-old forward impressed at Watford just a season before he joined the Tricky Trees, but he has not been able to reach those heights since then.

Due to his lack of game

7th Lagos

time, Dennis spent the first half of last season at Turkish club Basaksehir. However, it turned out to be a bad move, as he spent more time on the bench than on the pitch. He then moved to Watford in January this year. He was quite decent with the Hornets, as he produced four goals in 17 English Championship games.

Dennis returned to Nottingham Forest this summer, following the expiration of his loan deal at Watford. But since he returned, his future has been in the balance.

It seemed like he had gotten himself a place in Nuno Espirito Santo’s good books after he started in their first two pre-season games. However, it has gone south since then as he has not made the matchday squad in their last six games.

Now, according to Not- tingham Post, Dennis has to find a new club because he is not in Espirito Santo’s plans for the season. Nottingham Forest are also willing to let the Super Eagles star leave to create some space in the squad.

Individually , Uche and Sadiq have experienced contrasting fortunes. Uche has played in both of Getafe’s La Liga games this season, scoring one goal and accumulating two yellow cards.

Sadiq, on the other hand, has played only 47 minutes in two substitute appearances for Real Sociedad.

Despite his limited game time,

Getafe has also gone six home games without a win, a record they hope to change tomorrow. Real Sociedad, on the other hand, boasts an impressive away form, having won their last two away games without conceding a goal. However, they have had limited success in the Madrid region, winning only once in their last 14 visits.

Sadiq will be eager to make an impact and prove his worth to his team.

Meanwhile, Kelechi Iheanacho and Chidera Ejuke of Sevilla will continue their search for a first win in Spain as they face Girona, while Barcelona, the only club with a 100% win record this season, hosts Real Valladolid at Camp Nou.

Real Madri will seek to bounce back from their stuttering start against Real Betis.

For this weekend again, StarTimes is offering Nigerian football fans a front-row seat to La Liga excitement, featuring their favourite players and keeping them informed with realtime updates and in-depth coverage.

Over 137 players drawn from 18 countries across the world are featuring in the 7th edition of the Lagos International Badminton Classics ending today, at the Molade Okoya Thomas Memorial hall of the Teslim Balogun Stadium, Surulere, Lagos . President of the Badminton Federation of Nigeria, Mr Francis Orbih, who disclosed this yesterday, said the players are

from America, Asia, Europe and host continent of Africa among others, with specific metion of India that registered 22 players for the championship Orbih also informed that the number of participants is less this year when compared with that of last year that had close to 200 players from over 28 Countries in attendance due to the fact that it was an Olympic Qualifier where

Nigeria Premier Football League (NPFL), partner, GTI Asset Management & Trust Limited has assured teeming soccer fans across the globe that all arrangements are in place regarding the live-streaming of NPFL matches ahead of the 2024/2025 season.

GTI head of media and publicity, Andrew Ekejiuba, assured that soccer fans will watch the games on various devices globally.

Ahead of the NPFL 2024/2025 season’s opener in Enugu today, between defending champions Enugu Rangers and President Federation Cup winners, El Kanemi Warriors, he said the cracker will go on as scheduled by 4pm local time at the prestigious Nnamdi Azikiwe Stadium.

Ekejiuba further revealed that from today fans can watch NPFL Matches through the platforms

each player was fighting to grab an Olympic ticket. But despite the reduction in the number of participants, Orbih insists that the standard of tournament was never compromised based on the fact that the players who are battling it out are using the 4-day tournament to increase their points to better their position in world ranking.

provided by the broadcast partners (StarTimes and Propel Sports Africa). Fans are therefore encouraged to subscribe to the platforms of respective broadcast partners.

Meanwhile, only one NPFL match will be played this weekend in Enugu, while other matches will hold next weekend according to the schedule earlier made available to the media.

Osimhen

Egyptian King, Mo Salah celebrates his goal against Manchester United at Old Trafford

Saturday, August 31, 2024Price: N400

NCC to Mobile Network Operators

“The NCC has uncovered alarming cases where individuals possessed an unusually high number of SIM cards, some exceeding 100,000. The Commission also remains committed to working with security agencies and other stakeholders to crack down on the sale of pre-registered SIMs, thereby safeguarding national security and ensuring the integrity of Mobile numbers in Nigeria” – Director, Nigerian Communications Commission (NCC), Reuben Muoka, gives subscribers new deadline for NIN-SIM linkage.

INNOCENT OKWUOSA GUEST COLUMNIST

From Voluntary to Mandatory Sustainability Reporting in Nigeria

At present, sustainability reporting in Nigeria has been a voluntary initiative by companies engaging in such practice. Although, the premium board listed companies are required by the Stock Exchange to engage in sustainability reporting, it is not a mandatory requirement. The motivation for engaging in such reporting has been traced to philanthropy, Corporate Social Responsibility (CSR) and giving back to the society. It is seeking for good image and reputation. This is why such reporting has been criticised for its greenwashing.

A look at some of the published sustainability reports in the Nigerian capital market will show pictures of commissioning community projects such as water, roads, hospitals, schools or donations, scholarships etc. Greenwashing is the act of making inflated, bogus, exaggerated, or misleading statements in corporate reporting. Images of the pictures in sustainability reports may not be a true reflection of the reality on ground example oil spills of oil and gas companies, or health problems caused by cement companies or casual workers and financed emissions of banks. No pictures capture these.

The marketing, or good image making and enhancement motivation behind such sustainability reporting can also be seen in the claim that one company’s sustainability report complies with multiple sustainability reporting standards and guidelines example the GRI, SASB, IIRC, CDP, CDSB, TCFD, Sustainable Banking Principles, Equator Principles, UN Global Compact principles, UN SDGs among others. How? From the above, one can have a glimpse of the insanity and chaos pervading voluntary sustainability reporting in Nigeria at the moment. This calls for sanity restoration.

The starting point for restoring sanity in sustainability reporting can be traced to events at the global level which saw the merger between IIRC and US SASB to form the Value Reporting Foundation (VRF) in 2020. VRF was subsequently absorbed by ISSB along with CDSB after COP 26 in Glasgow. This was in response to IFAC calling on the IFRS Foundation to come and restore sanity

in the sustainability reporting landscape, in which accountants are expected to play a leading role. TCFD formed the foundation of the ISSB’s initial standards.

The ISSB’s Chairman, Mr Emmanuel Faber personally launched the Nigerian adoption roadmap in a ceremony organised by FRC and NGX RegCo at the NGX building in Lagos. Nigeria had earlier become the first country in Africa to adopt the ISSB’s standard. The roadmap was midwifed by the Adoption Readiness Working Group (ARWG) which FRC inaugurated on 6 June 2023.

Under the roadmap there are 4 categories of adopters with assigned adoption dates. These are (1) early adopters for accounting period ending on or before December 31, 2023 (2) voluntary adopters for accounting period ending or before December, 2026 (3) mandatory adopters for accounting period beginning on or after 1 January, 2027. This mandatory phase is categorized into three which includes (1) Significant Public Interest Entities (PIEs) (2027); (2) Other PIEs (2028) and finally (3) SMEs (2030). So, we are at the voluntary phase which will last till 2027 before it becomes mandatory.

The fourth category is public sector entities (2030), which date is to allow the International Public Sector Accounting

Standard (IPSASB) come up with public sector sustainability standard. Already the IPSASB has announced in June 2023 that it would begin developing a Climate-related Disclosures standard, a first for the public sector and is currently doing so with the support from the World Bank. The aim is to develop a global baseline for sustainability reporting in the public sector as ISSB has done for the private sector.

The FRC and Nigerian Integrated Reporting Committee (NIRC) have signed an MOU under which the NIRC supports FRC in the ISSB’s sustainability standards adoption, advocacy, capacity building and technical implementation works. As part of the capacity building effort, FRC-NIRC has conducted Sustainability Awareness capacity building for the financial sector in Abuja between 10th and 11th July, 2024 with Oil and Gas and Telecommunication scheduled to hold on 4th and 5th September, 2024 in Lagos. This will be followed by the manufacturing sector, the Regulators and assurance providers. A regulatory Round Table on implementation of the standards took place on July 15, 2024 in Abuja, where all the regulators agreed to work collaboratively to achieve the objective of the adoption.

Globally, over 20 jurisdictions have already adopted or are taking steps

to introduce ISSB Standards in their legal or regulatory frameworks. Together, these jurisdictions account for: (1) nearly 55% of global GDP; (2) more than 40% of global market capitalisation; and (3) more than half of global greenhouse gas emissions. Together, the 20 plus jurisdictions that have taken steps to adopt or otherwise use ISSB Standards account for around 75% of global market capitalisation excluding the United States. The IOSCO has already endorsed the ISSB’s sustainability standards Thus there is unprecedented move from voluntary to mandatory sustainability reporting both at the global and national level in Nigeria. Under the ISSB’s Sustainability Standards, verifiable metrics and targets which preparers and users can lean on to measure entities’ true performance on the sustainability topics will define sustainability reporting. It will no longer be pictures of commissioning CSR projects that will define sustainability reporting. Professional accountants will come in with their expert reporting skills, internal control over information system, assurance and professional scepticism, working with sustainability professionals to bring, authenticity and trust to sustainability reporting thereby exorcising the spirit of greenwashing and bringing sanity to the landscape. This sanity will be evidenced by professional accountants bringing the same level of rigour in financial reporting to sustainability reporting. Already IFRS S1 has stipulated the two fundamental qualitative characteristics that underpin financial reporting to also underpin sustainability reporting. These are relevance and faithful representation. Similarly, enhancing qualitative characteristics of financial reporting such as comparability, verifiability, timeliness and understandability also underpin sustainability reporting. Then with these, reasonable assurance will kick in and users can now trust sustainability information as they currently do for financial reporting. That is final sanity restored.

*Okwuosa PhD, FCA is the Chairman, Nigerian Integrated Reporting Committee and Immediate Past President, Institute of Chartered Accountants of Nigeria

TRUTH & REASON

Tinubu

Executive Secretary, FRC, Dr. Rabiu Olowo