MONDAY 19TH SEPTEMBER 2022 by THISDAY Newspapers Ltd

Presidency: We Paid $311m Abacha Loot Directly to Contractors Says decision meant to prevent diversion by National Assembly, MDAs Adedayo Akinwale in Abuja The presidency yesterday revealed that the $311 million loot by the late former military Head of State, General Sani Abacha, which was repatriated to the country, had

been paid directly to contractors for various jobs executed for the government. It said the direct payment was to prevent the National Assembly and the Ministries, Departments and Agencies (MDAs) from diverting

the money. The federal government had in May received $311,797,866.11 as part of recovered assets of the former military dictator. The fund, which was repatriated from the United States and the Bailiwick

of Jersey, was committed to expediting the construction of the Lagos-Ibadan expressway, Abuja-Kano road, and the Second Niger Bridge, Senior Special Assistant to President Muhammadu Buhari

on Public Affairs, Ajuri Ngelale, explained during a virtual town hall meeting hosted on Twitter by the Asiwaju Bola Ahmed Tinubu Media Centre, how the presidency prevented the National Assembly from diverting the money.

While presenting the scorecard of the Buhari administration, especially, in the area of infrastructure, Ngelale said the country would not be able to Continued on page 5

Atiku: We’re Proud of Our Presidential Campaign Members...

Page 12

Monday 19 September, 2022 Vol 27. No 10023. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

Don't Use Tech to Rig 2023 Polls, Catholic Bishops Warn INEC...

Page 14

Rising Fiscal Headwinds, IMF Harps on Improved Domestic Revenue Mobilisation Reiterates need to end petrol subsidy NASS may amend Finance Act to address N11.03trn 2023 budget deficit, Senator reveals Sunday Aborisade in Abuja and Ugo Aliogo in Lagos The International Monetary Fund (IMF) has called on Nigeria’s policymakers to develop measures to drive domestic revenue

mobilisation in order to reduce fiscal vulnerabilities and create policy space. IMF Resident Representative for Nigeria, Mr. Ari Aisen, said this at the weekend in Lagos, in a keynote address at the Financial Markets Dealers

Association (FMDA) quarterly meeting. The forum, which had the theme, “Nigeria Macroeconomic Developments and Outlook: IMF View,” was hosted by First Bank of Nigeria Limited.

Aisen reiterated the need for Nigeria to permanently remove fuel subsidy in line with the Petroleum Industry Act, and in order to boost revenue. The IMF chief’s advice came amid indications that the

National Assembly might amend the Finance Act once more to address the N11.03 trillion deficit being proposed in the 2023 Appropriation Bill and the country’s increasing debt service cost over revenue. The total budget

size is N19.76 trillion. Chairman, Senate Committee on General Services, Senator Sani Musa (APC Niger East), hinted the possible amendment of the Continued on page 5

Osinbajo, Biden, Macron, Other World Leaders Gather in London for Queen Elizabeth's Funeral Today She was monarch for all seasons, says vice president King Charles issues thank you message to the world Deji Elumoye in Abuja Nigeria’s Vice President, Prof. Yemi Osinbajo yesterday joined world leaders which included United States President Joe Biden; President of France, Emmanuel Macron; Prime Minister of Canada, Justin Trudeau, among several others in London for the final funeral of Queen Elizabeth II which holds today.

The Queen would be laid to rest this morning at the end of an official 10-day period of mourning. Two thousand people including foreign royals, world leaders, presidents and prime ministers would flock to the gothic church for a day of pageantry, military processions and solemnity in honour of the late Queen. Continued on page 5

TRIBUTE TO THE QUEEN... Vice President Yemi Osinbajo signs the condolence register of Her Majesty Queen Elizabeth II at the Lancaster House, UK…yesterday

Tinubu AppointsYahaya Bello National Youth Coordinator of Presidential Campaign Council...

Page 11

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

PAGE FIVE

FG Begins Probe of MDAs Over ICPC Report on Ghost Workers Plans to establish job centres in 774 LGAs Onyebuchi Ezigbo in Abuja The federal government has said it has commenced investigations into a report by the Independent Corrupt Practices Commission (ICPC) indicting some Ministries, Departments and Agencies (MDAs) of harbouring ghost workers and ripping government huge resources in form of emoluments. This was just as the Federal Ministry of Labour and Employment said the administration was working towards establishing job centers in each of the 36 states and the Federal Capital Territory, as well as the 774 Local Government Areas. The ICPC in its recent report had disclosed that it uncovered N49.9 billion paid as salaries to ghost workers between January and June 2022. However, the Permanent Secretary at the Federal Ministry of Labour and Employment, Kachollom Daju, who's ministry was among those indicted by the ICPC said fresh investigations were ongoing on the issue. The Permanent Secretary who spoke during an interactive session with journalists in Abuja, said she

was at meeting with the Head of Service where she spoke about the ICPC Report. "Yes, investigations are ongoing, but I cannot tell you for certain what government will do at the end of it. All I can say is that the federal government is currently looking into it, not only the Federal Ministry of Labour and Employment but all other ministries, departments and agencies that have been alleged to be part of what happened," she said. Daju said in a bid to further ensure job creation and reduce the high rate of unemployment, the federal government was setting up job centres in the 774 local government areas of the country as well as improve the Nigerian Electronic Labour Exchange to match jobseekers with jobs. She said the decision of the federal government to exit 100 million Nigerians out of poverty line would be more feasible, if stakeholders recognised their roles and play it effectively. "Yes, I would say government policy to reduce poverty by 2030 is real, to cut down youth unemployment is real. " The statistics can speak for

themselves and this actually is multi sector and it cut across all MDAs," she said. According to Daju, the private sector was supposed to play a huge role in ensuring more job creation in the various of the economy. "The private sector has its own role to play. And that's why the federal government and showed that for the development plan, a certain percentage a huge percentage of what it takes to ensure that employment,

infrastructure and all that is carried out by the private sector. “I don't have the figure right away now. But I know that the private sector is going to play a huge role in achieving this," she said. When asked about the role of the Ministry of Labour and Employment, Daju said the ministry has different agencies and departments that have to do with employment skills, adding that the Labour Market Information

PRESIDENCY: WE PAID $311M ABACHA LOOT DIRECTLY TO CONTRACTORS expand its revenue base without putting the infrastructure on ground. According to Ngelale, “The cycle does not begin until you put the infrastructure on the ground. What we've been doing for the last 40-50 years before this administration was essentially living on borrowed time, where you have oil revenues coming in very effortlessly and all of that and we're simply sharing it across import purchase and other forms of misuse.” Ngelale explained that considering the infrastructure deficit in the country, the Buhari government devised innovative

ways to finance, to bridge 50 years of infrastructure neglect in the country. He said it was based on this that the Sukuk bond was issued in 2017, which he said was oversubscribed when it was floated. The presidential aide stated, "So, I think the country was shocked when there was an oversubscription to the tune of about 120 per cent. When we were asking for N100 billion and we came away with about N133 billion due to oversubscribed Sukuk from the private investors on the stock market." Ngelale explained that the Sukuk bond was oversubscribed

RISING FISCAL HEADWINDS, IMF HARPS ON IMPROVED DOMESTIC REVENUE MOBILISATION prepared for the legislators. He Finance Act yesterday in Abuja Finance Act 2021, and the Strategic Finance Act to Address lamented the huge deficit in the while speaking with journalists. Revenue Growth Initiative, there N11.03trn 2023 proposed 2023 budget estimates Nigeria is currently facing a would be positive growth in the and said it was not healthy for severe revenue crisis as it continues economy. He stated that in 2022, Budget Deﬁcit to underperform in terms of crude oil production, which is its main source of revenue. THISDAY had reported that with an estimated average oil price of $100 per barrel for the month, the country lost as much as $756 million to shut-ins in July, according to an analysis of data from the Nigerian National Petroleum Company Limited (NNPCL). Aside the Forcados terminal, which curtailed supply to the tune of 258,000 barrels as a result of the closure of the facility, following reports of a “sheen” in the vicinity of the facility, a number of other facilities had also been negatively impacted. The Nigerian oil sector continued its struggle in the month of August, even as Nigeria played second fiddle again to Angola as Africa’s largest crude producer. The country is also projecting to spend over N6 trillion of petrol subsidy next year, which had been widely described as a drain on the economy. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had said the government might borrow about N11.3 trillion to fund expenditure in the 2023 budget, as the deficit was projected to be, at most, over N12.41 trillion next year or at least N11.3 trillion, which is over 100 per cent of the N7.35trn deficit for the 2022 fiscal year. The minister had also sounded the alarm bells, as she revealed that the country’s debt service cost in the first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period. Owing to these fiscal challenges, Aisen advised the government to implement a stronger operational framework, adding that the Central Bank of Nigeria (CBN) should ensure price stability in order to combat inflation in Nigeria. He explained that there was need to broaden growth and ensure private sector recovery. The IMF chief revealed that Nigeria’s Purchasing Managers’ Index (PMI) stood at 52.3 in August, which was a slight moderation from the 53.2 recorded in July. This, he said, signalled expansion in business conditions in Nigeria's private sector. Aisen said with the planned commencement of operations of Dangote Refinery in 2023, the effective implementation of the

the economy suffered setbacks, such as high food and energy prices hikes, spending pressure within narrow fiscal space, persisting insecurity, particularly banditry and kidnapping, and monetary tightening in advanced economies. The IMF resident representative advised the CBN to establish a unified and market-clearing exchange rate to strengthen the country’s external position, saying, “There should be complementary macroeconomic and structural policies to preserve competitiveness gains from any exchange rate adjustment.” He noted that to safeguard financial stability, there was need for regulatory vigilance, timely actions against undercapitalised banks, and introduction of additional macro-prudential instruments. Aisen expressed concerns over the structural challenges in Nigeria, stating that more efforts are needed to reduce corruption vulnerabilities. He said there was need for an improvement in government efficiency, civil service reforms, and accountability of COVID-19 spending. He said developments in the country called for bold trade and agricultural reforms for inclusive recovery. Aisen added, “We are facing high inflation all over the world. Interest rates in the major economies have risen significantly. “The Federal Reserve in the United States has hiked interest rates; probably next week, we will see another hike of at least at 75 basis points. The market is expecting it because inflation came a little higher than expected in the beginning of the week. The stock market has been very volatile, not just in the US, but across the world. “The Chinese economy is not growing at very high rates. Europe is facing a difficult moment with the Russian/Ukraine war and with natural gas. “So the international environment has become much more difficult, risky and volatile. So accessing Eurobond for financing of debt is going to be challenging. It will require much higher interest rates and may not be even feasible.”

NASS May Amend

System was launched recently to improve job matching. She explained that the Nigerian Electronic Labour Exchange has been on, but has now been improved upon to match jobseekers with the job. "It has been going on, but apparently many Nigerians are not aware of that, so the ministry is upgrading that and ensuring that hopeful, I do not want to give a date but I know that we are improving more and actually

There were indications at the weekend that the National Assembly might amend the Finance Act again in order to address the N11.03 trillion deficit proposed for the 2023 national budget. Chairman of Senate Committee on General Services, Senator Sani Musa, said the amendment would focus on making the various revenue generating agencies to double or triple targets earlier given to them. Musa said doing so would reduce drastically the size of the proposed budget deficit. He also hinted that the renovation work going at the main chambers of the National Assembly might affect the resumption of plenary tomorrow. The senator said the resumption would depend on the extent of work done before Tuesday at the temporary chamber being

the economy. Musa said, "The budgets of this country have been in deficit and the only thing we can do is to amend so many things in the Finance Act, so that we would be able to generate more revenues from other sources rather than depending on oil alone and by extension, reduce the size of proposed budget deficit." He expressed doubt about the possible resumption of plenary on Tuesday. The legislator stated, "By now the temporary chambers should have been ready knowing that we are resuming. Initially, we were supposed to resume on the 20th of this month, but there are some little things that need to be done before then. "But I can assure the general public that this will be done in the shortest time possible and we are going to resume to receive

because investors had confidence due to the verifiable mechanisms put in place by the government for Sukuk fund application. He said the fund would go towards the construction of roads and the investors would get the money back through the utilisation of those roads The presidential aide added that the federal government also initiated the Presidential Infrastructure Development Fund (PIDF), which helped to provide a large sum for the construction of three major projects – the Second Niger Bridge, LagosShagamu-Ibadan Expressway, and Abuja-Kaduna-Zaria Expressway. Mr. President to present the 2023 budget. "You would recall that the 9th Senate has done very well, because this edifice, since it was built, has never been rehabilitated. We are refurbishing it, bringing it back to standard like any other parliament you see around the world. "The FCT that is doing this job has been up and doing, but we need to push, they need to do more so that we will be able to resume as quick as possible." Musa said the general renovation work going on at the National Assembly was overdue and necessary to make the National Assembly meet global standards. He said, "It is a great achievement for us that we are renovating the National Assembly complex that has been built over 20 years. "What we read from the newspapers that NASS leadership has not done anything on the licking roof, it is not true.

constructing more job centers across the nation. "We have around 16 now and we are going to that the 36 states and Abuja, all have job centers, not only in the cities centres, but also in the 744 Local Government Areas and we have started that in the 2022 Budget. "We want more job centres created in the 744 Local Government Areas and the states, that is how the government equally want to help," she said. Ngelale stated, "So you have three major projects under the PIDF that we have been able to fund directly to the contractor through the Nigerian Sovereign Investment Authority (NSIA). "And Nigerians have seen the truth of that, we don't have to boast about it or talk about it because they can see it. Whether it's a Second Niger Bridge, whether it's the Lagos-Ibadan Expressway or whether it's the Abuja-Kano, they know the work that is going on, it's not in dispute. "And because of the structure of the Presidential Infrastructure Development Fund conceived by President Muhammadu Buhari, nobody, no middleman can put his finger on a kobo of that money on $1 of that money. "And, of course, we've been able to further galvanise other funding inputs from, of course, the Abacha loot, signing deals with the with the US government and the Jersey authorities to ensure that $311 million was put back into those three projects, with each project taking about $103 million or 33.3 per cent of the total Abacha loot that was sent back. “So, that's another one where we've been able to mobilise private and public financing to be able to directly get this money into the hands of contractors straight without National Assembly diversion, without MDAs diversion, and all of that." Ngelale said the ApapaOworonsoki-Tollgate road would be completed by December 2022, just as Lagos-Sagamu-Ibadan Expressway and Second Nigeria Bridge. He said the Abuja-KadunaZaria-Kano Expressway would be completed in 2023, while the Lekki Deep Sea Port would be completed by December this year.

OSINBAJO, BIDEN, MACRON, OTHER WORLD LEADERS GATHER IN LONDON FOR QUEEN ELIZABETH'S FUNERAL TODAY Millions would be watching from home and around the world, as the funeral could become the most watched television broadcast in history. Osinbajo, who is representing President Muhammadu Buhari said the late Queen Elizabeth II was a monarch for all seasons who brought people together from all over the world. He stated this yesterday, in a short tribute at the Lancaster House. The vice president also joined other world leaders to pay their last respect to the late British monarch at the Queen's lying in state at different times. In the condolence register at Lancaster House, the vice president noted that, "Nigeria joins the government and people of the UK, the Commonwealth and rest of the world in expressing our sincere condolence to the royal family on the passing of a monarch for all seasons. May the Lord bless her memory." Later at a bilateral meeting between Osinbajo and the UK Foreign Secretary, they discussed how to improve trade ties between both countries especially expanding opportunities for Nigerian businesses and supporting the country's climate objectives. They also discussed the imperative of strengthening international coalition to tackle insecurity in the Sahel and the

horn of Africa region. The UK Foreign Secretary welcomed Nigeria’s participation in the funeral programme for Queen Elizabeth ll, expressing gratitude for Nigeria's solidarity and friendship with the UK on the mourning of the monarch, and also celebration of the life and times of the late Queen. By yesterday evening, King Charles III hosted the vice president and other visiting world leaders at a reception at the Buckingham Palace as part of activities for the State Funeral of the British monarch. This morning the vice president would also attend the Funeral Service for the Queen at Westminster Abbey. Biden described Queen Elizabeth II as, “decent, honorable and all about service” as he and first lady Jill Biden signed a condolence book yesterday ahead of her funeral. “To all the people of England, all the people of the United Kingdom – our hearts go out to you,” the Voice of America quoted the president to have said after he spent three minutes writing a message in a condolence book at Lancaster House, a royal property near Buckingham Palace in London. “And you were fortunate to have had her for over 70 years. We all were. The world's better for her.”

He added that the queen reminded him of his late mother, and that, when they met, “she kept offering me more, I kept eating everything she put in front of me.” On Sunday, as people milled around central London, world leaders made their way to Lancaster House to deliver condolences over the queen’s death on September 8 at the age of 96. "This is a time of grief, but also a time of deep gratitude,” said Australian Prime Minister Anthony Albanese, who leads one of the 56 countries in the Commonwealth of Nations, an organization of many former British colonies now led by Elizabeth’s eldest son, King Charles III. “Australians give thanks for the life of service of Queen Elizabeth II, a life defined by commitment to family, to country, to the Commonwealth." The British crown also extended a controversial funeral invitation to Saudi Arabia’s Crown Prince Mohammed bin Salman, who was alleged to be responsible for ordering the murder of journalist Jamal Khashoggi in 2018. But they did not invite the leaders of Russia, Belarus, Syria, Afghanistan and Venezuela. On Sunday, as the skies over London remained clear, thousands of people milled around Westminster, the center of the city. London police cheerfully

marshalled the heaving crowds of families, veterans carrying bouquets and children holding lollipops, as the Queen’s image beamed at them from shop windows. Meanwhile, On the eve of the monarch's funeral, King Charles offered his gratitude to, "all those countless people" who had offered "support and comfort" following his mother's death. He said in a written message issued by Buckingham Palace: "Over the last ten days, my wife and I have been so deeply touched by the many messages of condolence and support we have received from this country and across the world. "In London, Edinburgh, Hillsborough and Cardiff we were moved beyond measure by everyone who took the trouble to come and pay their respects to the lifelong service of my dear mother, the late Queen. "As we all prepare to say our last farewell, I wanted simply to take this opportunity to say thank you to all those countless people who have been such a support and comfort to my family and myself in this time of grief." According to Sky News, the King would lead the nation in mourning for its longest reigning monarch today as Westminster Abbey stages spectacular state funeral for Elizabeth II.

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

DEDICATION/HANDING OVER CEREMONY OF THE NEW CATHOLIC CHURCH... L-R: Former President, Chief Olusegun Obasanjo; Edo State Deputy Governor, Philip Shaibu; Governor, Mr. Godwin Obaseki, and Esama of Benin Kingdom, Chief Gabriel Igbinedion, during the dedication/handing over ceremony of the new Catholic Church in Okada, Ovia North East Local Government Area of Edo State built by Chief Igbinedion…yesterday

Fashola: N621bn NNPCL Tax Credit, Sukuk to Help Tackle Road Funding Challenges in 2023 Emmanuel Addeh in Abuja The Minister of Works and Housing, Mr Babatunde Fashola (SAN) at the weekend assured that with the N621 tax credit scheme made available by the Nigerian National Petroleum Company (NNPCL) as well as the Sukuk fund, many challenges of funding of roads projects will be mitigated

in 2023. Fashola spoke during an inspection of the ongoing rehabilitation of outstanding sections of major road projects in Oyo and Osun states, according to a statement by the Director of Press in the ministry, Blessing Lere-Adams. The NNPCL is financing the programme through the road

infrastructure tax credit scheme in collaboration with the federal ministry of works and housing and the Federal Inland Revenue Service (FIRS). The scheme is an initiative of that allows the private sector to get involved in road construction in exchange for a tax credit. The minister promised the local contractor handling one of the

UBA DMD Urges Exporters to Repatriate Proceeds to Ease Forex Pressure Obinna Chima The Deputy Managing Director of the United Bank for Africa (UBA) Plc, Mr. Muyiwa Akinyemi at the weekend advised exporters in the country to always repatriate their proceeds back to the country in order to ease pressure in the foreign exchange (forex) market, support the naira and boost the economy. Akinyemi, said this in a presentation titled: “Boosting Domestic Capacity for Sustainable Export Earnings - UBA Perspectives,” he delivered at the 2022 annual conference of the Finance Correspondents Association of Nigeria (FICAN), held in Lagos. “Most times exporters people complain that the Central Bank of Nigeria (CBN) does not give dollars, but then exporters must also do their part. A lot of export proceeds are not being repatriated to Nigeria today and that is a challenge. “With that, there is a limit to what the CBN can do. The CBN came up with various initiatives and even rebates for exporters who repatriate their proceeds, just to encourage them. If we don’t repatriate, how would the central bank have forex to give others? It also affects the market. So, as exporters, we must endeavor to repatriate our forex proceeds,” he said. In his presentation, Akinyemi, noted that 200 exporters accounted for 95 per cent of the $4.2 billion Nigeria earned from non-oil exports in the country in 2021. He explained that the $4.2 billion recorded in 2021, did not include informal exports largely in the wholesale trading in

some sectors such as information technology, entertainment and solid minerals. He added that the federal government had projected to increase forex earnings from non-oil to $200 billion within three to five years. “Major items of non-oil exports including cocoa, cashew, sesame seeds, hibiscus, fertilisers/ chemicals, tobacco, hides and skin accounted for 85 per cent of total export. UBA facilitated $1.34 billion (31 per cent) in non-oil export volume in 2021,” he added. Akinyemi pointed out that historically, the Nigerian economy was buoyant during the pre and post-independence years because of huge earnings from non-oil export like cocoa, cotton, groundnut, palm oil etc. The discovery of crude oil brought a shift that made the country to majorly depend on the oil sector to the neglect of other sectors, he said, adding that this made the economy susceptible to fluctuations in revenue, occasioned by the usual instability associated with the prices of crude oil in the international market. According to him, successive governments made differing efforts at diversifying the revenue sources of the economy by promoting non-oil export trade which cumulatively impacts on overall economic growth “Export trade is as a veritable means for sustainable economic growth. It provides forex earnings and strengthens the balance of payments; encourages development of manufacturing capacity by export-oriented industries; job creation, research & development and increased government revenue through

taxes, levies, and tariffs,” he added. He, however, listed some of the challenges being faced in the industry to include insecurity across the country as well as across commodity hubs, including industrial areas; dearth of skilled manpower and low export capacity of export focused entities; high cost of transportation due to the current state of road network; inadequate functional rail transportation network; high cost of electricity/power, among others.

roads, Messrs HMF Construction Ltd that when the 2023 budget and 2022 Sukuk are being considered, the government would be able to accommodate the N4 billion needed to complete the remaining part of the construction work on the road. Also, he charged Messrs Kopek Construction Company, the contractor on the reconstruction of Ibadan –Ife-Ilesha Dual Carriageway in Oyo /Osun states to make some sections of the road ‘motorable’ during the ember months. While inspecting the ‘dualization’ of the Oyo–Ogbomosho road, he remarked that there would soon be some opportunity to ramp up work when the rains begin to slow down. “Relief will soon come the way of the road users ,though the rainy season has slowed down the construction works on the project, the earthworks will improve as soon as the rains subside," he said. He added that dualization of the road was being funded through Sukuk and the NNPCL tax credit

scheme for roads, explaining that there wouldn’t be funding challenges in delivering the road at the time due. Fashola said the importance of road infrastructure could not be underestimated as it affects businesses, the time spent on the road, adding that everywhere roads are built, the land value appreciates. He enjoined commuters not to abuse the roads and maintain road speed limits when the roads are completed. In the same vein, Fashola said that local contractors in Nigeria needed to be given opportunities in federal highways and bridges construction. “If you don’t give local contractors the opportunities , they can’t acquire the experience and the equipment. I have pointed out some areas where I think the contractors can improve upon . “They are not structural but aesthetics. So far so good the standard has not been compromised but to have some equipment for smooth finishing on some concrete works, they just

have to improve. “However, Mr President is committed to engage local contractors. That is the purpose for Executive Order No.7, i.e. Local Content and Contractor participation on Road Infrastructure Development," he said. The Onjo of Okeho, Oba Rafiu Adeitan II , who approached the minister during the inspection visit within his jurisdiction, lauded the construction work on the Iseyin- Okeho road. The monarch pleaded with the minister to include the road that leads to Ayegun border from his domain in the project because of the economic importance of the border to his area. Fashola was accompanied on the inspection visit to the various projects in Oyo State by the Director of Highways, Construction and Rehabilitation , Ministry of Works and Housing Folorunsho Esan , the Zonal Director South West in the ministry, Ademola Kuti and Federal Controller of Works , Oyo State, Kayode Ibrahim.

80% of Children Diagnosed of Cancer Die in Nigeria, Says Zainab Bagudu Onyebuchi Ezigbo in Abuja About 40, 000 Nigerian children are diagnosed of different types of childhood cancers every year, out of which 80 per cent die due to poor detection and clinical treatment. This was disclosed by the founder of the Medicaid Cancer Foundation, and First Lady of Kebbi state, Dr. Zainab-Shinkafi Bagudu, in an interview with THISDAY in Abuja, shortly after a roundtable meeting organised by the foundation to mark this year’s childhood cancer month. She said about 80 per cent of the cases in Nigeria and other low income countries end up in deaths unlike the high income countries where the cure rate of cancer in children is now about 85 per cent. "In Nigeria, the prevalence is

under-documented, but about 40,000 children with cancer die every year and we have other undocumented numbers. Globally there are over 400,000 childhood cancer cases. “Again that is underdocumented because of the poor diagnosis that we are talking about and low index of cases from clinicians and parents. Usually when children have fever, they tend to treat malaria and other infections,” she said. According to her, the underdocumentation was because of poor diagnosis and low index of suspicion from clinicians and even parents some of whom are unaware that cancer exists in children. She said some clinicians tend to treat malaria when children have recurrent fever before thinking of cancer. She said the best ways to tackle

childhood cancer in Nigeria include, awareness creation, high index of suspicion by clinicians. She added that government needs to train more physicians in the field of cancer treatment. The First Lady said the roundtable was organised to bring key stakeholders such as civil society organisations, survivors, parents of survivors, those doing fund raising for childhood cancers , donor agencies, government officials , the academia, medical associations and doctors treating patients to together to listen to their challenges and also chart away forward. She lauded the federal government for including pediatric cancers in national programmes like the cancer health fund, and the chemotherapy access programme. While describing it as one of the major contributions of the federal

government to cancer , she said cancer advocates were successful in the advocacy for the inclusion of child hood cancer in the list of beneficiaries of these programmes. Also, Paediatric Oncologist at the National Hospital Abuja, Dr. Adewunmi Oyesakin, also said between 400, 000 to 500, 000 children are affected by childhood cancer annually globally with majority of them in developing countries and sub Saharan Africa. When asked about the situation at the National Hospital in Abuja, Oyesakan said that there were growing number of cases of cancer among children resulting from tests conducted at the facility. She said some contributory factors for early death and mortality from childhood cancers were challenges with early diagnosis, prompt treatment, and completing the treatment.

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

NEWS

AT THE COMMERCIAL LAUNCH OF 5G BY MTN… L-R: Director, MTN Nigeria, Muhammad Ahmad; Director, MTN Foundation, Dennis Okoro; Executive Vice-Chairman and Chief Executive Officer (EVC/CEO), Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta; Chairman, MTN Foundation, Prince Julius Adelusi Adeluyi and Chief Executive Officer, MTN Nigeria, Karl Toriola, at the commercial launch of 5G which held at the MTN Nigeria Head Office... yesterday

MTN Launches 5G in Lagos, Targets Six More Cities Emma Okonji MTN Nigeria Communications Plc yesterday launched its commercial 5G network in Lagos, with a promise to launch the network in six other cities. The cities are Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri. The Lagos 5G commercial launch came on the heels of its 5G pilot launch three weeks ago, as mandated by the telecoms industry regulator, the Nigerian Communications Commission (NCC). During the pilot launch, MTN had promised to carry out 5G commercial launch in six cities, beginning from Lagos. Speaking during the launch in Lagos yesterday, its Chief Executive Officer, Mr. Karl Toriola, said the event was in fulfillment of MTN’s earlier promise to begin 5G commercial launch in cities, within one

month of 5G rollout. The advanced 5G technology promises to extend the reach and capacity of MTN Nigeria's data network in Nigeria and enable much faster speeds and lower latency, giving customers near-instant access to the things they care about and downloads that take seconds, instead of minutes. According to MTN, to access the 5G network and enjoy its benefits, customers would need compatible devices, such as routers and mobile phones, which can be pre-ordered from designated MTN walk-in stores and online via the MTN Nigeria website and e-marketplace. The pre-ordered devices could be picked up or would be delivered to customers at designated location. MTN showed its readiness to offer Nigerians the best of service with 5G technology, when it became the first

telecom operator to roll out 5G technology services on its network on August 24, 2022. MTN Nigeria kicked off an open 5G pilot in the lead-up to its highly anticipated commercial launch. The spectrum issued to MTN

Nigeria as one of the two successful winners of the 5G license bid holds a promising future for technology in Nigeria, and is projected to contribute $2.2 trillion to the global economy by 2034, according to a recent GSMA Intelligence

More than two months after the federal government appointed an interim chief executives for three electricity distribution companies (Discos) considered 'non-performing', the Bureau of Public Enterprises (BPE) has expressed concern that non-state actors allegedly engaged by the former board and managing director to disrupt the affairs of the Benin Distribution Company (BEDC) could plunge four states into darkness, if left unchecked. The states which are Delta, Edo, Ekiti and Ondo are under the BEDC franchise. In what they described as Business 'Continuity Process', the BPE and the Nigerian Electricity Regulatory Commission (NERC) had in July appointed interim Managing Directors for the BEDC, Kano Distribution Company and Kaduna Distribution Company, after announcing the takeover of the

three 'non-performing' Discos by Fidelity Bank occasioned by, "the power investors’ poor financial performance." However, in a statement made available to THISDAY yesterday, the privatisation agency said it was monitoring events at BEDC, adding that it was aware that the Interim Board recognised that the NERC and the BPE had retaken operational control of the BEDC headquarters in Benin with the support of the authorities. The statement issued by the BPE Director, Industries & Services, Yunana Jackdell Malo on behalf of the Director General, Alex Okoh read: "The BPE is monitoring the events at BEDC and is aware that the Interim Board recognised by the NERC and the Bureau has retaken operational control of the Headquarters in Benin with the support of authorities. "The Interim Board already had financial control of the entity and the usage of nonstate actors by the former

policies designed to enhance Nigeria’s digital transformation. With the MTN commercial 5G launch, leveraging the largest spectrum dedicated to 5G in Africa, Nigeria will join a handful of African countries that have rolled out the 5G network.

Fitch Upgrades FBN Holdings, First Bank to 'B', Stable Outlook Fitch Ratings has upgraded FBN Holdings Plc's (FBNH) and First Bank of Nigeria Limited’s (FBN) long-term issuer default ratings (IDRs) to 'B' from 'B-'. The global rating agency in a statement at the weekend also assigned stable outlooks on the holding company and its subsidiary, just as it upgraded

their viability ratings (VR) to 'b' from 'b-'. The upgrade of the long-term IDRs followed that of the VRs, reflecting that corporate governance irregularities publicly raised by the Central Bank of Nigeria (CBN) in April 2021, including two longstanding related-party

BPE Fears Ownership Tussle over BEDC May Plunge Edo, Delta, Ekiti, Ondo into Darkness Ndubuisi Francis in Abuja

report –‘The Mobile Economy.’ The implementation of 5G was expected to accelerate the actualisation of the national targets in the Nigerian National Broadband Plan, the National Digital Economy Policy and Strategy, as well as other sectoral

Board and Managing Director to forcefully disrupt the affairs of the entity was unfortunate. "The actions, if left unchecked risked plunging the citizens of Delta, Edo, Ekiti and Ondo (under the BEDC franchise) into darkness." The BPE recalled that Vigeo Holding, having defaulted on its loan and having collaterised their controlling shares had lost ownership in the entity. It added that a restructuring action was announced on July 5, 2022, by it and the NERC for the Kano, Kaduna, Benin and Ibadan DiSCO franchises with Fidelity Bank stepping in to the Board and the appointment of an interim Management by BPE and NERC to stabilise the entities and avert any operational issues arising. "The entities are to be transitioned from the banks control to more financially and technically competent private investors under a structured process being monitored by the National

Council on Privitisation (NCP) (via the Bureau) and the Central Bank of Nigeria. While the restructuring action in Kano, Kaduna and Ibadan took place without issue, the Benin DiSCO restructuring had faced disruptions by the investors that were exited," the statement stressed. The BPE commended the professionalism and actions of the relevant security agencies that supported the operational takeover of the headquarters facility in Benin and the reinstatement of operational control of the same to the recognised interim board and management. It assured that it would, alongside the NERC continue to monitor the Disco and work with the Ministry of Power and relevant law enforcement agencies to ensure no disruptions to service occur and that the interim board and management are allowed to proceed with their work unimpeded

exposures, have largely been addressed and risks to capitalisation have receded, helped by strong internal capital generation since the irregularities were raised. “Fitch has withdrawn FBNH's and FBN's Support Ratings and Support Rating Floors as they are no longer relevant to the agency's coverage following the publication of its updated Bank Rating Criteria on November 12, 2021. “In line with the updated criteria, we have assigned Government Support Ratings (GSR) of 'no support' (ns) to both issuers. “FBNH is a non-operating bank holding company. Its VR is equalised with the group VR, derived from the consolidated risk assessment of the group, due to the absence of double leverage and high fungibility of capital and liquidity,” it added. Commenting on the governance irregularities that had been addressed in the institutions, it stated: “According to management, the two relatedparty exposures highlighted by the CBN, which included equity and credit exposures to two companies of whom FBNH's previous chairman was also chairman, have largely been disposed of and repaid. “Fitch understands from management that FBNH and FBN have not been subject to penalties in relation to irregularities raised by the CBN in April 2021 and no further irregularities have been raised. “FBN is the third-largest bank in Nigeria, representing 11 per cent of domestic bankingsystem assets at end-2021. A strong franchise supports a

stable funding profile and a low cost of funding. “Revenue diversification is strong, with non-interest income representing 48 per cent of operating income in 2021,” it added. In term of material credit concentrations, it noted that single-borrower credit concentration was material, with the 20-largest loans representing 157 per cent of Fitch Core Capital (FCC) at the end of the first half of 2022. “Oil and gas exposure (30% of net loans at end-2021) is higher than the banking-system average and weighted towards higherrisk upstream and services sub-segments. “Improved Asset Quality: FBN's impaired loans (Stage 3 loans under IFRS 9) ratio has declined significantly to 5.6 per cent at the end of the first half of 2022 from a peak of 25 per cent at end-2018 as a result of sizeable write-offs, successful restructurings and recoveries and, more recently, the flattering effect of strong loan growth.” Furthermore, it stated that FBNH delivers healthy profitability, as indicated by an operating return on risk-weighted assets (RWAs) averaging 2.6 per cent over the past four years (4% in 2021, underpinned by large recoveries on a previously written-off loan). Earnings benefit from a low cost of funding and strong non-interest income but were constrained by a high cost-to-income ratio (74% in 2021) and significant loan impairment charges (LICs) in recent years.

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

NEWS

TECH INNOVATION AWARD… L- R: Lagos State Commissioner for Science & Technology, Hon. Hakeem Popoola Fahm; CEO, Instinct Wave, Mr. Akin Naphtal; Deputy Director, Technical Standards, Nigerian Communications Commission (NCC), Engr. Edoyemi Ogoh, and Director, Public Aﬀairs, Mr. Reuben Muoka, at the Tech Innovation Awards held in Lagos…recently

NECA to Government: Don’t Tax Us Out of Existence Says organised businesses already burdened with over 50 taxes, levies, fees Dike Onwuamaeze A member of the organised private sector of Nigeria (OPSN) has called on the federal government to avoid increasing the burden on operators in the real sector of Nigerian economy with additional taxes and stringent regulatory environment. This call was made yesterday by the Director General of the Nigeria Employers’ Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde, in a statement titled, “Beyond Rhetoric: NECA Calls for Urgent Action to Save the Real Sector.” Oyerinde stated that while it was necessary and critical to for government to generate revenue to fund the 2023 national budget and liquidate interest accruing

on its debts, “government will do well not to further burden the real sector with additional taxes and stringent regulatory environment.” He argued that, “it is in the best interest of government to protect the real sector rather than tax it out of existence.” He further stated that even though, “debt and paucity of revenue are challenges that are acknowledged, organised businesses should not be made to suffer the lack of proper economic planning and political will that have pervaded successive administrations. “At the last count, organised businesses are presently faced with over 50 different taxes, levies and fees at all tiers of government, some of which are

duplicated. “Currently, at the National Assembly, there are over five different bills, which seek to impose various taxes and levies on organised businesses in addition to the notable taxes and levies, which are of general application, such as The National Information Technology Development Levy (NITDA Levy), Education Tax (or Tertiary Education Tax), National Social Insurance Trust Fund (NSITF), Company Income Tax (“CIT”), Television and Radio License Fee, Local Content Levy, Stamp duty, among others. “While taxes are global phenomenon, governments all over the world seek to protect their most productive sectors rather than tax them out of

Hunger in Nigeria, Other African Countries Soared by Almost a Third in Two Years, Says IMF Emmanuel Addeh in Abuja One in eight people in sub-Saharan Africa is expected to suffer from high malnutrition this year, an increase of almost a third since 2020, the International Monetary Fund (IMF) has said. The global organisation stated that this is mainly because of soaring food prices and depressed incomes. The IMF estimated that at least 123 million people—12 per cent of the region’s population — will be unable to meet their minimum food consumption needs, 28 million more than just two years ago. Severe drought across several countries has been exacerbated by Russia’s invasion of Ukraine, which has disrupted exports of foodstuffs such as wheat and pushed up prices. Severe climate incidents, which destroy crops and disrupt food transport, are disproportionately common in sub-Saharan Africa. The economic fallout from the Covid-19 pandemic is another factor. “These events are compounding mounting pressures from rapid population growth and a lack of resilience to climate change that have already contributed to food insecurity rising faster than in the rest of the world,” the IMF said in a report published at the weekend. Chad and Senegal have been severely affected by torrential rains and floods, while East Africa is in the grip of its worst drought in at

least four decades, a Bloomberg report said. This significantly increased food insecurity as agricultural productivity is in some cases already less than half the global average, the IMF said, citing studies. In Ethiopia, Malawi, Mali, Niger and Tanzania, each drought or flood raises food insecurity by five to 20 percentage points, according to the report. To help mitigate the building humanitarian crisis, the IMF proposed sub-Saharan African nations offer greater social assistance to the hungry. Targeted and far-reaching cash transfers are more effective than agricultural subsidies and help people buy food and rebuild after weather shocks, the lender said. The IMF is also looking to expand its own role, proposing to increase access to emergency financing to low-income countries that are most vulnerable to changes in the cost of food. Nations should invest more in infrastructure such as solar power that facilitates irrigation, water access and temperature control for food storage, the group said. Digitalisation is also crucial, as it enables farmers to access early warning systems, mobile banking and technology platforms to purchase fertilisers, seeds, or sell produce, helping to connect small producers to large vendors, it added.

In Nigeria, the inflation rate surged to 20.52 per cent in August, the highest since September 2005, also driven by food prices. The inflation figure rose from 19.64 per cent recorded in July, according to details of the inflation figures published by the National Bureau of Statistics (NBS). The Consumer Price Index (CPI) report by the NBS showed that Nigeria’s CPI rose by 1.77 per cent on a month-on-month basis, compared to the 1.82 per cent increase recorded in the previous month. The new inflation rate raises concerns in Africa’s biggest economy, placing pressure on the apex bank to increase interest rates. The NBS said that the urban inflation rate stood at 20.95 per cent, which is 3.36 per cent higher compared to the 17.59 per cent recorded in August 2021. The rural inflation rate in August 2022 was 20.12 per cent on a year-on-year basis, 3.69 per cent higher compared to the 16.43 per cent recorded in August 2021. The report added that food inflation rose to 23.12 per cent in August 2022 on a year-on-year basis, representing a 2.82 per cent increase when compared to 20.30 per cent in August 2021. “This rise in the food inflation was caused by increases in prices of bread and cereals, food products like potatoes, yam and other tubers, fish, meat, oil and fat,” the report said.

existence.” Ayorinde found it strange, “that at a time when government should do all that is necessary to protect businesses from total collapse and reduce the increasing unemployment rate, there are proposals to further increase excise tax on select products, including the spirits, alcoholic and non-alcoholic products.” According to the director general of NECA, “this action will not only reduce the competitiveness of the industries but will also increase the costs of doing businesses and further reduce their potential sustainability.” He stated unequivocally that, “it is in the best interest of government to protect the real sector rather than tax it out of existence. “As the AfCFTA comes into full swing, Nigeria cannot afford to become a dumping ground for cheap imported products because we have refused to

protect local businesses. “Over the years, we have urged government to expand the tax net, take a bold step towards stopping the oil-theft industry, take more than a cursory look at national assets that are laying waste and address the national embarrassment called the petrol subsidy regime. “There is no justification why the nation’s four refineries are still moribund after many TurnAround-Maintenances. “It will be counter-productive for government to continue tightening the noose on legitimate businesses that are contributing to national growth while there exist obvious wastages and inefficiency in government that are yet unattended to. “As a panacea to the ever reducing Foreign Direct Investments, rising unemployment and multi-facet revenue challenges, government and its agencies must protect local businesses and make the

operating environment more hospitable.” He added that it was no gainsaying that organised businesses have witnessed varied challenges in recent months, including shortage of foreign exchange and stringent regulatory environment to nonalignment of fiscal and monetary policies, which when combined makes doing business difficult in Nigeria. The NECA noted that it was obvious to all discerning stakeholders that the nation is faced with acute and self-inflicted revenue challenges and a rising debt profile, among many others. But added that, “even with the nation’s current level of indebtedness, the government is still poised to borrow over N11 trillion to finance the 2023 national budget. Currently, the government had made a cumulative expenditure proposal of over N19 trillion in the 2023 national budget, a 15.4 per cent increase over the 2022 estimate.”

Kogi Assembly Not Out to Witch-hunts Dangote, Other Mining Companies, Says State Speaker Ibrahim Oyewale, Lokoja Kogi State House of Assembly has assured mining companies in the state that it was not out to witch-hunt any of them, adding that it is currently investigating the internally generated revenue drive of the state. The Speaker, Kogi State House of Assembly, Matthew Kolawole disclosed this while speaking with journalists shortly after a special public hearing on ‘Investigation of Internally Generated Revenue accrued to Kogi State from the mining companies,’ at Kogi State House of Assembly on Saturday . Kolawole explained that following the not-too-impressive IGR generation in Kogi State, the State Assembly set up an Ad -hoc committee to investigate the state’s revenue drive. He stated that the House Ad-hoc Committee was expected to look into to the establishment of the mining companies in Kogi State, noting that this steps would enable the House to take position on the state’s internally generated revenue. Meanwhile no representatives of the invited companies were

present at the Kogi State House of Assembly, while all agencies invited were told to come back next week. He added that Kogi State cannot remain the same again, noting that this was because the House want to know how much revenue had been accrued to the state, from the mining companies. "If you look at what is moving out of Kogi State every day, I am sure you will agree with that the state should not be complaining of not having money. "I personally went on oversight function about 10 day ago. With what I saw, I almost shed tears for my dear state. If you know what we are missing. “But we blessed God for giving us the resources. If you are tapping our resources give what is due to us. We are not witch-hunting anyone. We are not saying you should not come to the state to invest. We want many investors as many as possible, but we must do the right thing at the right time. "For example Dangote Cement Company started as Obajana Cement Factory. Kogi State is interested to know at what

point the company transformed to Dangote Cement Company. We want to know the share capital of Kogi State in the company and what has been the benefits of the state in that company,” he added. The Speaker stressed that although this was not peculiar to Dangote alone, saying other registered mining companies such as Manga Yola and others in the industry the Kogi State, were also summoned. "If you go to Kogi East for example, you will see over 100 trailers loaded with coal moving out of Kogi State every day. On whose instructions? Are they paying their dues? What we are saying is that we are not against anybody coming to invest in the state. But let the right things be done at the right time. “Whatever belongs to Kogi give it to the state and continue your business," he posited. Kolawole ordered the Chairman of House Ad-hoc committee on IGR ,Umar Tanimu to write another letter re-inviting Dangote Cement Company and others within next one week as the committee reconvenes for meeting .

MONDAY, SEPTEMBER 19, 2022 • T H I S D AY

NEWS

FMDA QUARTERLY MEETING... L – R: Deputy Managing Director, FirstBank, Gbenga Shobo; , IMF Resident Representative for Nigeria, Ari Aisen, Vice President, Financial Markets Dealers Association (FMDA), Steve Amangbo, at the FMDA quarterly meeting, hosted by FirstBank in Lagos….recently

IPMAN Urges Military to Impound Trucks Conveying Illegal Petroleum Products Blessing Ibunge in Port Harcourt The Independent Petroleum Marketers Association of Nigeria (IPMAN) has frowned at the series of reported bunkering activities ongoing in the country. It noted that such actions by some persons sabotaging the nation's natural resources had led to the economic hardship being experienced in Nigerian. The group condemned a situation where a petroleum tanker was arrested for carrying illegally refined products and some personnel in the oil industry started soliciting for its release or even embarking

on strike action, insisting the released of the trucks impounded by security agencies or taskforce. The IPMAN made the call at the weekend, when some of its members marched to the Rivers State Government House, Port Harcourt, where they handed over a protest letter to Governor Nyesom Wike, through his Chief security officer. Speaking during the protest, IPMAN Secretary, Port Harcourt Deport Unit, Mr. Ozor Ejike Chibuike, said the union had never supported illegal activities around oil and gas industry. He said people should stop blackmailing the government with strike action anytime a

truck with illegal product was arrested. Chibuike recalled that the recent scarcity of petroleum products in Port Harcourt following a strike action by Petroleum Tanker Drivers (PTD) was because the group was evading payment of legal levies and wanted the military to release trucks arrested for carrying illegal products. He said "I want to repeat again, PTD did not go on strike because they arrested their trucks. Those ones were bunkering trucks and the arrest was in line with the Rivers State and federal government executing the law. "Once the military arrested

illegal trucks carrying illegal products why should the law not take its course, why do you want to blackmail the government with strike action that is not in existent, there is no scarcity, product is everywhere?" Chibuike explained that they embarked on the protest to tell the Rivers State Commissioner of Police, Mr. Eboka Friday and the Petroleum Tankers Drivers (PTD), to obey the Supreme Court judgement and directives of the Inspector General of Police on the collection of trip levies from the PTD, also to disassociate from illegal activities of the tanker drivers. He said instead of obeying

Medical Laboratory Scientists Warn FG against Privatising Healthcare Services Accuses govt of defaulting in 15% budget to health sector Victor Ogunje in Ado Ekiti The Association of Medical Laboratory Scientists of Nigeria has warned the federal government against privatising healthcare services in the country, saying such tendency would cripple the system and hinder poor Nigerians from accessing quality healthcare. The body, which called on the federal government to increase budgetary allocation to fortify the sector, pointedly accused the federal government of allegedly defaulting to comply with 15 per cent yearly financial proposal to fund healthcare services. The professional body stated this yesterday, in a communique issued at the end of its 58th annual conference and workshop held in Ekiti State and signed by its National President, Prof. James Garba Damen, Secretary, Prof Musa Abidemi Muhibi and National Publicity Secretary, Olusoji Billyrose. The resolutions, read by Damen stated that; "Conference

calls on the federal government to jettison its idea of outright privatisation of healthcare services, as this would mean commercialisation of social services, which citizens have rights to." Damen expressed concern over alleged gross abuse of public funds and brazen disregard for the rule of law by some Chief Medical Directors of public Teaching Hospitals, saying this was creating frictions that were affecting the system adversely . "Some of them(CMDs), who are using government's treasury to prosecute legal suits in favour of their professional groups up to appellate level while dishonouring court judgements that granted medical laboratory scientists autonomy of practice and headship of Medical Laboratory Service Department," he added. On poor funding of the health sector, Damen said: "Conference calls on the federal government to increase the budgetary allocations to the

health sector with special emphasis on laboratory infrastructure at the tertiary, secondary and primary levels of health care practice. "We noted with concern that Nigeria has never met the 15 per cent total budget benchmark for budgetary allocation to the health sector intended for health system's strengthening in line with Abuja Declaration," he added. As part of their resolutions, the Medical Laboratory Scientists, appealed to the Federal Ministry of Health to support the Medical Laboratory Science Council's accreditation drive for both private and public laboratories in the country for standardised professionalism. The professionals also called on Nigerians to key into the Health Insurance Scheme in order to reduce out-of-pocket expenditure, which results into financial catastrophe, and reduced National health coverage. Damen lamented the spate of brain drain in the health sector

due to poor remuneration and working conditions, saying the trend must be checked to save the sector from imminent collapse. He called on the National Assembly to speed up the passage of the enactment of the Teaching Hospitals Reconstitution Bill to fortify the system through well streamlined operational policies for hospital professionals for better efficiency. "The bill among other things, seeks to reduce inter-professional rivalry among various players in the healthcare team in the nation's Teaching Hospital by ensuring that all critical stakeholders are involved in the Constitution of boards. "Opponents of the bill are perpetrating that Nigerians should watch in silence and helpless docility as the country's health rating remains the lowest on the global scale, brazenly overlooking its potential in diversity of health professionals to change the narratives."

orders as enshrined in the court judgement, leadership of the Petroleum Tanker Drivers (PTD) of the National Union

of Petroleum and Natural Gas Workers (NUPENG) were the ones illegally collecting the levies.

Tinubu AppointsYahaya Bello National Youth Coordinator of Presidential Campaign Council Governor Yahaya Bello of Kogi State has been appointed as the National Youth Coordinator of the Tinubu-Shettima Presidential Campaign Council. The appointment was conveyed in a letter addressed to Bello, signed by the Presidential Candidate of the All Progressives Congress (APC), Bola Tinubu. Tinubu, in the letter, dated August 8, 2022, stressed that Bello, who was an aspirant in the party's presidential primaries, held in June 2022, deserved the appointment, owing to his impressive political achievements and the exemplary leadership he had demonstrated as governor of his state and as a party member. The former governor of Lagos State added that he was confident that the Kogi State governor would do his best in the new responsibility given him so that the party could run an effective, message-driven campaign, which would lead to victory in the 2023 presidential election. Multitudes of youths and women across the six geopolitical zones of Nigeria, had, during the build-up to the APC presidential primary election, demonstrated their support for the Kogi State Governor, owing to his youth- and womenfriendly policies, according to a statement yesterday. “Party members and analysts have described this appointment as a big boost for the campaign, considering the important place of youths in the 2023 elections and the impressive youth-targeted campaigns Bello conducted before the primary election,” the statement added. The letter, titled, "Appointment as National Youth Coordinator for Tinubu/Shettima Presidential

Campaign Council", read in part: "By way of this letter, we are pleased to formally convey your appointment as National Youth Coordinator of the Tinubu/Shettima Presidential Campaign Council. "This appointment is fitting and appropriate, given your impressive political achievements and the exemplary leadership you have demonstrated as governor of your state and as a party member. "We are grateful that you have joined our campaign team. We know you will do your utmost in this new responsibility so we conduct an effective, message -driven campaign leading us to victory in the 2023 presidential election. "Together, not only can we ensure victory for our party in the February 2023 election but we shall also move Nigeria along the path of national greatness by building on the achievements of our party and the President Muhammadu Buhari administration in providing progressive good governance to Nigerians. We wish you God's speed and guidance. "Congratulations. Please, accept the assurances of our highest respect and regards always." In his acceptance letter, Bello pledged to deploy all in his capacity, working alongside the presidential candidate, to ensure victory for APC. "Your Excellency is one great Nigerian I know, who not only exemplifies but abundantly demonstrates, through transformational leadership and good governance, my own aspirations for a Nigeria that is Secure, United and Prosperous," he stated.

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

NEWS

MORNING FRESH 30TH ANNIVERSARY PRESS CONFERENCE… L-R: Morning Fresh Ambassador, PZ Cussons, Chef Tolani (Diaryofakitchenlover); 30 Million Naira Gang Promo Host, Bimbo Ademoye; Regional Brand Manager, Chidinma Asomugha; HRBP Commercial/Category & Brands Africa, Adetutu Oriowo, and Head of Category – Africa (Personal Hygiene), Oluwakemi Longe, during the Morning Fresh at 30 Anniversary press SUNDAY ADIGUN conference and launch of its 30 Million Naira Gang Promo in Lagos… recently

Atiku: We’re Proud of Our Presidential Campaign Members PDP house candidates pledge support, five million votes Appeals to Wike to sheathe sword Party’s South-west publicity secretaries reject calls for Ayu’s resignation Chuks Okocha in Abuja Presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, yesterday, commended his party for the choice of members of the presidential campaign council. That was as PDP House of Representatives candidates in next year’s general election threw their weight behind Atiku’s presidential bid. They also pledged to deliver the 360 federal constituencies across the nation to the party. In a statement, Atiku said regarding the campaign council, "It’s a list of people that Governor Okowa and myself are most proud of. I am sure you know that the leadership of our great party, the Peoples Democratic Party, has released the names of esteemed party leaders, who are members of my Presidential Campaign Council. "In the next few days, these leaders will be the crew of the ship that will sail us to victory and deliver the country from the stranglehold of the APC. There couldn’t have been a better captain for this critical mission than Governor Emmanuel Udom. But the list is never complete without

you, dear friend. "So, let me personally invite you on board as a member of my campaign team. We are bringing the campaign to you, because we recognise the importance of the wards and polling units structures in our quest to mobilise Nigerians to vote massively for the PDP in next year’s general election, starting with the presidential election. "Mobilise your families, friends, colleagues, associates and neighbours at your polling units and always remember that as ONE, we shall get it right." PDP released the names of members of its presidential campaign council last week, with the Akwa Ibom State governor, Emmanuel Udom, as chairman of the 326-member committee. Meanwhile, the House candidates, who came together as a group, boasted, "At least we will deliver 50 votes in the 176974 polling units across the federation to our presidential candidate." The candidates appealed to Rivers State Governor Nyesom Wike to sheathe his sword and join hands with the party to support Atiku and the party to victory. Explaining the reasons for the

decision to back Atiku, leader of the group, Danjuma Mohammed, said at a press conference, "It is in consideration of the hopes and aspirations of our people that we decided to come together to form a formidable team, using our various support groups and recent political relevance in our respective constituencies across the country to queue behind our party and its presidential flag bearers, their Excellences, Atiku Abubakar and Ifeanyi Okowa, to ensure their success in the forthcoming 2023 general election. "Without stating the obvious, Nigeria is in its most difficult moment in history. The economy has gone down its lowest ebb, so also has the security of lives and properties. Citizens are stressed and depressed, thus, have lost hope and faith in government. “In all assessments, the very basis for the existence of government could be said to be totally absent in Nigeria, as reflected by the ever rising security challenges across all geopolitical zones, eroding existing government institutions, inefficiencies and demoralised workforce due to corruption, nepotism, brazen

abuse of established processes, norms and values. "Never in the history of our dear country have Nigerians been this challenged in all aspects of our lives, becoming refugees in our country, farmers cannot farm or engage in any meaningful economic activities, because of insecurity, people are abducted on daily basis not only in villages and forests, but on major roads and houses, places of worships within towns and cities – nobody and nowhere is safe. "We are losing investors every day, millions of Nigerians are pushed into poverty on daily basis, yet, the government keeps plunging the country deeper into local and international debt. The social fabric of the society has been destroyed. Ethnic and religious profiling has become the order of the day. The country is in fear of itself." The group called on Wike to end all confrontations with the party, saying a house divided against itself cannot stand. It stated, "Thus, we appeal to HE, Nyesom Wike, to accept the recent resolution of the National Executive Committee (NEC) of our

Back from Ethiopian Prison, Ex-convict Arrested with Cocaine at Airport NDLEA intercepts 26,600 bottles of Akuskura in Kano, arrests producer Seizes 18 pump action guns, 2,300 cartridges in Kogi Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested an ex-convict, Onyeka Charles Madukolu at the Murtala Muhammed International Airport, Ikeja, Lagos, for importing 5.90 kilograms of cocaine concealed in cans of deodorants and ladies’ lip gloss into Nigeria. Onyeka who was sentenced to seven years imprisonment in Ethiopia for drug trafficking offences and released from prison in 2020, was again arrested last Friday at the Lagos airport on his return from Sao Paulo, Brazil via Addis Ababa on an Ethiopian Airlines flight. According to a statement from the NDLEA yesterday, search of his luggage revealed he had concealed 5.90kg cocaine inside cans of deodorants and female lip gloss. During preliminary interview, he

claimed to have gone into the drug business to raise fresh capital to start a legitimate business after his release from Ethiopian prison in 2020. “The father of two kids, one each from a Nigerian woman and a Brazilian lady, said he was into motor spare parts business before going into the criminal trade. The 44-year-old indigene of Awka North Local Government Area of Anambra State said he was expecting to be paid N2 million on successful delivery of the illicit drug in Nigeria. “In the same vein, NDLEA operatives had on Tuesday September 13, intercepted another trafficker, Chukwu Kingsley on his way to Rome, Italy on an Asky Airline flight. A search of his luggage shows he had concealed among food condiments 11,460 tablets

of tramadol 225mg with a gross weight of 5.7kg and 39 bottles of codeine syrup. “The 49-year-old suspect is a known haulage agent who hails from Oru West Local Government Area of Imo State. “Also at the Lagos airport, a freight agent, Lawal Adeyemi was arrested same day for attempting to export some sachets of lexotan among other non-controlled drugs to Liberia, while operatives equally seized 593.90 kilograms of khat leaf at the NAHCO import shed of the airport on Thursday September 15, after a joint examination of the cargo by a combined team of security agencies,” the statement added. It also revealed that a notable producer of new psychoactive substance, popularly called Akuskura, Qasim Ademola was

arrested by anti-narcotic officers who intercepted 26, 600 bottles of the illicit substance meant for distribution across the northern states. The consignment was seized last Thursday, along Zaria-Kano road, Gadar Tamburawa, Kano while the 39-year-old proprietor from Akinyele LGA, Oyo state and three of his distributors were arrested in follow up operations. “In Kogi state, operatives on patrol along Okene-Abuja expressway on Saturday September 17, intercepted a J5 vehicle coming from Onitsha enroute Kaduna-Zaria with 18 pieces of pump action rifles and 1,300 cartridges, while the two suspects conveying the arms and ammunition, Chukwudi Aronu, 51, and Shuaibu Gambo, 23, were arrested.

great party reaffirming confidence in the national chairman of the party in good faith, no matter how he and his supporters may view the resolution to be at variance with their desires and aspirations. Democracy demands that we tolerate developments that may be personally disagreeable to us but popular with the majority." Similarly, national publicity secretary of the group, Jubril Sabo Keana, said, "With our numbers, we pledge at least 50 votes in all the 176974 polling units across the federation and this will give Atiku and Okowa between three and five million votes and this will go a long way to ensure victory." In a related development, PDP publicity secretaries in the South-west opposed the calls for the resignation of the national chairman of the party, Dr. Iyorchia Ayu. Spokespersons of the PDP in Ondo, Ogun, Ekiti and Lagos, after a meeting in Lagos, Saturday, said there was no “justification” for the calls for Ayu to step down from his position. The spokespersons were Hakeem Amode (Lagos), Asiwaju Akinloye

(Ogun), Kennedy Peretei (Ondo), and Raphael Adeyanju (Ekiti). In a statement issued after their meeting, the PDP South-west publicity secretaries said there was no prior meeting where stakeholders in the geopolitical zone agreed that Ayu should vacate office. They said in the statement, “We do not see any justification for the resignation of our National Chairman, especially at this very critical stage of preparation for elections. Dr Iyorchia Ayu was duly elected at a properly constituted National Convention with a four-year mandate and recently received a vote of confidence of the party’s National Executive Committee, at its 97th meeting in Abuja. “Our party has championed the sanctity of the PDP Constitution (2017 as amended). We must, therefore, do everything to maintain this sanctity. Any action that undermines the spirit of the party’s constitution at this crucial stage can only be considered a deliberate attempt to sabotage the party’s efforts at winning in the coming general election.

Jubilations at Yola Teaching Hospital Over Inauguration of MRI Scanner Daji Sani in Yola There were jubilations over the weekend at the new Modibbo Adama University Teaching Hospital in Yola, Adamawa State, over the inauguration of a Magnetic Resonance Imaging (MRI) scanner at the hospital by the State Minister for Petroleum Resources, Chief Timipre Sylva The MRI was part of the projects inaugurated by the Minister, funded by the oil and gas sector as intervention in the six states of north-eastern region bedeviled by the Boko Haram insurgency. Prior to the installation of the MRI scanner in the hospital, patients were being referred to the Jos University Teaching Hospital and the Maiduguri University Teaching Hospital due to lack of the equipment which produces detailed images of the organs and tissues of patients. One of the patients at the hospital, Mr. Freedom Absolom expressed joy, saying he was previously referred to Jos for scan, adding that he would have spent over a hundred thousand

naira including his transport fare and accommodation to successfully do the scanning using the MRI scanner before returning to Yola to determine what is wrong with him before he would be treated. Also, Sylva supervised some ongoing projects constructed by the defunct Petroleum Equalisation Fund’s management (PEF) and the Presidential Committee on North East Initiative (PCIN) in new teaching hospital. Some other projects inaugurated by the Minister were the Radiology Complex at the Modibbo Adama University Teaching Hospital, Yola and overhauling of Nana Asma'u Maternal Referral Centre Yola, and Ajiya Clinic. The minister also supervised some ongoing projects at the Modibbo Adama University Teaching Hospital such as the construction of intensive care unit, the Histopathology Laboratory Units and the Neonatal unit. He said the intervention was done to upgrade the Modibbo Adama University Teaching Hospital to its new status of a teaching hospital.

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

NEWS

46TH ANNUAL CONFERENCE AND DINNER/AWARDS… L-R: President/ Chairman of Governing Council, Chartered Secretaries and Administrators of Nigeria, Mr. Taiwo Owokalade; Ogun State Deputy Governor, Engr. (Mrs.) Noimot SalakoOyedele holding the Best Governor in Corporate Governance (Infrastructure) and chairman of the occasion, Prince Yemi Adefulu at the 46th Annual Conference and Dinner/ Awards of the Institute held at the Muson Centre, Onikan Lagos...weekend

Don't Use Tech to Rig 2023 Polls, Catholic Bishops Warn INEC Victor Ogunje in Ado Ekiti The Catholic Bishops' Conference of Nigeria (CBCN), has commended the Independent National Electoral

Commission (INEC), for injecting technological innovations into the conduct of elections, warning that the initiative should be deployed to add credibility, not to rig the 2023 polls.

2023: Kwankwaso in Warri, Solicits Support for Nesiama's Senate Bid Sylvester Idowu in Warri Presidential candidate of the New Nigerian People's Party (NNPP), Dr. Rabiu Kwankwaso, weekend, stormed Warri, Delta State, to solicit support for Commodore Omatseye Nesiama (Rtd), the party's Delta South Senatorial candidate. Kwankwaso, who used the opportunity of his visit to commission Delta South Senatorial candidate's campaign office in Warri, said the official campaign was yet to kick-off but expressed satisfaction with the popularity of Nesiama as well as the party as attested to by the large turnout of party faithful and supporters that received him at the oil rich city. Kwankwaso and his entourage were earlier received by Nesiama and other party faithful at the Osubi Airstrip in Okpe Local Government Area after his flight touched down at Osubi airport. Before Kwankwaso’s arrival, hundreds of members of the All Progressives Congress (APC), Peoples Democratic Party (PDP) and Labour Party (LP), had dumped their parties for NNPP during a "Hope Walk" organised as part of the activities lined up for Kwankwaso and commissioning of the Delta South Senatorial office of Commodore Nesiama. The decampees said they were tired of failed promises

and that their former parties were not carrying them along in the scheme of things." Nesiama urged the electorate especially, the people of Delta South to collect their Personal Voter Cards, noting that it is the only way they could elect candidates of their choice. "The movement this morning (yesterday) was to sensitise the people about the need for them, having registered to pick up their PVC's because without the PVC's, they cannot vote. We are just encouraging them to pick their PVCs with same zeal they used for registration during the last exercise," he said. While noting that the forthcoming election is not a "do-or -die" contest, Nesiama said, "The peoples interest is now rekindled by the presence of people like us in the race and that does not call for do-or-die. "Today (yesterday), the people of Delta South have moved out to show that they love the commodore of hope. That they love the New Nigerian People's Party coming with new possibilities for them. That's the joyful thing. “I am elated. I am overwhelmed. And I thank God for that opportunity and for the impetus to do more. It's obvious with with the turn out of people that nobody was rented. Nobody was bought. People came out en mass to support this movement," he added.

The Bishops said Nigerians were yearning for credible and reliable leaderships at all levels to redirect the nation to the path of greatness, saying flawless elections would be a good remedial step to combating some of the challenges shaking the nation. The CBCN stated this in a communiqué issued at the end of its Second Plenary Meeting of the the Sacred Heart Pastoral/ Retreat Centre, Orlu, Imo State on September 16, 2022 and signed by its President, Most Rev Lucius Iwejuru Ugorji, and Secretary, Most Rev. Donatus Aihmiosion Ogun. The resolutions, which applauded President Muhammadu Buhari, for assenting to the New Electoral Bill, added that it would be a great disservice to the citizens for the the technological initiatives to be deployed to thwart the 2023 elections after

rigorous amendment by the National Assembly and inputs from Nigerians. "Elections are fast approaching. We commend the National Assembly and the President of the Federal Republic of Nigeria for enacting and signing into law, the Electoral Bill 2022. "We acknowledge the President’s commitment to ensuring a level playing ground for all candidates in the elections. Furthermore, we commend the INEC for its innovations, especially, in the area of technology, to ensure free, fair and credible elections. "We, however, enjoin the commission to ensure that this technology is transparently deployed, in order to increase the confidence of the people in the electoral process. Politics is a noble vocation. "While it is not our responsibility as religious

leaders to dictate to political parties the choices of their presidential, vice presidential and other candidates, we have the duty to advise the citizenry to bear in mind the implications of these choices while electing the next set of leaders. "We, therefore, renew our call on all our faithful, laity and clergy alike, to come out en masse to vote for people of unassailable integrity, who have the good character, capacity and track record to lead our nation out of the present socio-political and economic doldrums, irrespective of party, religious and ethnic affiliations," they said. Asking Buhari to up the ante against insecurity, the bishops decried the worsening cases of killings and kidnapping in Nigeria, saying it was sad that armed robbery and cybercrimes had also continued unabated. They contended that, "Attacks

on travellers and worshippers in Churches and other places of worship have become too frequent. An instance is the recent mass shooting and bombing attacks on St Francis Catholic Church, Owo, Ondo State, in which 41 worshippers were killed and 70 grievously injured. "Regrettably, the government has not lived up to its duties with regard to security. We observe that even when suspects have been arrested, there was no even diligent prosecution of the culprits of these nefarious acts, thereby leaving the citizenry helpless and despairing." The Clergymen also advised the federal government and the Academic Staff Union of Universities (ASUU) to shift grounds to resolve the ongoing strike, saying, "We believe that a resort to courts may not be the best and fastest way to solve the problem."

Na'abba Accuses Govs of Destroying Parties, Democracy in Nigeria Ibrahim Shuaibu in Kano Former speaker, House of Representative, Alhaji Ghali Umar Na’abba, has said the crisis rocking the Nigerian politics and the hardship among the masses, was as a result of selfish interests of the governors, who think the parties belong to them only, not the citizens. Na’abba, who spoke at his residence, weekend in Kano, when he received a delegation of the Na’abba Youth Organisation, on a courtesy visit, said the citizens were already running away from politics as a result of what the governors were doing. He said the governors pocketed the political parties

and decided who would or not contest positions in elections, thereby crippling democracy and rotating power among themselves without considering competency. His words: “Since 1999, governors have been the problem of the country. They contributed to the death of democracy within the political parties. And when there is no elections within the parties, then, incompetent leaders will emerge and that will affect the whole political system and the country’s development too. The governors have caused all these. They will hardly hold primaries rather they will ask you to go for consensus which is wrong.

“If we really want to see changes in the country, we must change our democracy and give equal chances to all. Give chances for elections within parties so that the masses, and the rich will have roles to play, only that can bring changes. Not what they (governors) are doing. That will not lead us anywhere, rather, deteriorate the situation of the country,” he said. The former speaker explained that, people nowadays, particularly, the youth, no longer trust politicians and have lost confidence in them, adding that only just and truthful leadership could change their perceptions. On why he returned to the

opposition People Democratic Party (PDP), from the All Progressive Congress (APC), the former speaker said the APC was not doing the right thing and that was why he thought of going back to where he belonged. “When I realised that APC is not doing the right thing, I stepped aside. Later, I was contacted by some of my associates to go back to where I belong to, that is why I returned to PDP. No party has no crisis, but the commitments to solving the crisis is what matters. In PDP, we have a crisis but there are moves by the party to resolve the crisis and we will succeed in doing that,” he stated.

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY ˾ DAY SEPTEMBER 19, 2029

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E

Issues Before N’Assembly As It Returns from Vacation Tuesday Udora Orizu writes that with less than nine months to the end of the 9th National Assembly, crucial legislative work awaits Senators and members of the House of Representatives as they resume plenary Tuesday after a two-month long annual vacation

Lawan

awmakers in the 9th National Assembly who have been on a two-month annual vacation, will resume plenary on Tuesday, September 20, 2022 to commence the last lap of their legislative activities ending early June, 2023. As another legislative session is about to begin, expectations are high that the lawmakers will continue their legislative duties and attend to several unfinished business. Before emerging as the Senate President in 2019, Senator Ahmad Lawan had campaigned on the mantra of taking the legislature back to the people, towards a new Nigeria where active participation and inclusiveness in governance reign supreme. Lawan, had last week, while responding to questions from Senate correspondents after inspecting the renovation work at the temporary venue for the sitting, said that the confirmation of the appointment of the acting Chief Justice of Nigeria and the consideration of the budget proposals for 2023 will engage the immediate attention of the Senate on resumption. Speaker of the House of Representatives, Hon. Femi Gbajabiamila had also in 2019, unveiled the, ‘Nation Building, a joint task’ agenda, aimed to achieve a legislative harmony within the House where members can jettison partisanship in favour of national interest through unity of purpose. The Gbajabiamila-led House listed a number of key reforms, both for the lower chamber of the National Assembly and Nigeria as a country, some of which would require an amendment of the constitution. The areas of focus of the agenda include security, education, health, budget reform, economy and job creation and so on. At a recent capacity building workshop organized by the office of the Speaker of House of Representatives, the Chairman, House Committee on Legislative Agenda, Hon. Henry Nwawuba disclosed that the 9th House has achieved 60 percent of the areas of focus listed in its legislative agenda and will do more once they resume activities. Below are some key issues expected of them to tackle in the next few months. Worsening Insecurity Though security issues have been the crux of discussion on the floor of the two chambers, as several security-related motions were passed by the lawmakers with nothing much coming out of it, However as expected, the worsening security situation

Gbajabiamila

of the country is expected to be the main agenda of both Senate and House of Representatives upon resumption. As election campaigns start by end of this month, most lawmakers seeking reelection will be busy at their various constituencies politicking. However the available ones in the chambers as usual are expected to come up with motions, bills and suggestions for the executive arm of government on ways to tackle and curb the worsening insecurity. The lawmakers are also expected to interface with the Executive on the possible implementation of the recommendations from their national security summit which they submitted to the Executive last year. 2023 Budget The lawmakers are expected to ensure timely consideration and passage of the 2023 budget, which will be the last budget to be presented to them by President Muhammadu Buhari. Both chambers had in the last three years lived up to their promise to Nigerians, that they would normalize the budget cycle which had suffered disruptions years back due to delays in the budgetary process. Last week, House Speaker Gbajabiamila, disclosed that President Muhammadu Buhari will in the first week of October present and lay before the two chambers of the National

Omo-Agege

Wase

Assembly, the proposed N19.76 trillion budget for the 2023 financial year.

of assembly are yet to get back to the national assembly. Only about ten state legislatures have so far voted on the 44 bills. With election campaigns by the political parties commencing this month and the presidential election taking place in February, 2023, there are fears that the constitution review may not materialize after all. Unless something is done urgently, the 9th National Assembly may fail the nation again in making the dreams of many Nigerians to see the constitution amended a reality.

Pending Bills This current Assembly has achieved some laudable feat when it comes to passage of key legislations. Bills such as Electoral Act Amendment Bill, Petroleum Industry Bill, CAMA bill and some others which had suffered in the previous assemblies due to inability of the executive and legislature to work together and others passed by the National Assembly and were rejected by the president for different reasons, were passed by the 9th Assembly and signed into law by the President. There are other pending bills such as electoral offences commission bill which is awaiting third reading. Nigerians are also eager to see what the federal lawmakers will do about the controversial Water Resources Bill which was rejected by the 8th and current 9th National Assembly. The executive bill which was reintroduced in June, 2022 will be presented for second reading in the House upon resumption of plenary. Constitution Review The much-awaited constitution amendment embarked upon by the 9th national assembly maybe facing a setback despite the passage of 44 bills by the national assembly to State Assemblies for concurrence. For many years, over a billion naira is voted every legislative year for the amendment exercise. The Clerk to the National Assembly, Amos Ojo, had on March 29, 2022 transmitted 44 Constitution Review Bills to the Clerks of the State Houses of Assembly for concurrence. However months later, the state houses

There are other pending bills such as Electoral Oﬀences Commission Bill which is awaiting third reading. Nigerians are also eager to see what the federal lawmakers will do about the controversial Water Resources Bill which was rejected by the 8th and current 9th National Assembly. The executive bill which was reintroduced in June, 2022 will be presented for second reading in the House upon resumption of plenary

ASUU Strike Last week, the Chairman of the House of Representatives Committee on Legislative Agenda, Hon. Henry Nwawuba, assured that he, and his colleagues on resumption of plenary would discuss on how to address the seven-month old strike action embarked upon by the Academic Staff Union of Universities (ASUU). The lawmakers had in February intervened in the ongoing industrial action, following the adoption of a motion sponsored by Hon Dozie Nwankwo. The House had urged the federal ministry of labour and employment to adhere to the provisions of the previous memorandum of understanding. However nothing came out from their resolution. Speaking as a resource person at a two-day Capacity Building Workshop on the theme: ‘Deepening legislative knowledge through critical reporting’, Nwawuba while describing the lingering strike as ridiculous, said the House would not fold its arm and allow the situation to degenerate beyond redemption. According to him, the move to wade into the issue was in line with the priority placed on education by the legislative agenda of the Gbajabiamila-led House of Representatives. National Assembly Complex Renovation The much awaited National Assembly Complex Renovation finally commenced shortly before the lawmakers embarked on their annual vacation. Gbajabiamila had last week while inspecting the ongoing renovation work on the green chamber as well as the construction of the National Assembly Service Commission office, said the temporary chamber will be ready for use when the House resumes Tuesday. The Speaker tasked the project managers to complete the renovation before the inauguration of the 10th Assembly.

T H I S D AY ˾ DAY SEPTEMBER 19, 2022

MONDAY DISCOURSE

Will Ayu Survive the Onslaught against Him? Like others before him, embattled National Chairman of the People’s Democratic Party, Senator Iyorchia Ayu, may be another casualty of internal party power play if the push for his removal sails through, writes Emameh Gabriel

Ayu

ÓÕÏ

ËÕÓØÎÏ

George

his is indeed not the best of time for the main opposition Peoples Democratic Party, especially for its leadership at the national level, as calls for the resignation of its national chairman, Iyorchia Ayu, intensified, a situation that has placed a cog in the party’s wheel just days to the kick off to campaigns for next year’s general elections. Attempt by the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, to resolve the rift with some agrieved members of his party, especially members of Governor Nyesome Wike-led group again ran into a brick wall last week when some South West stakeholders of the party insisted on the resignation of Ayu in the interest of equity, justice and fair play. This came on the heels of the party’s last NEC meeting where stakeholders and decision making body of the party passed a vote of confidence on Ayu to continue as PDP National Chairman. But this did not live long. With few days to the kick off of the 2023 general elections campaigns, analysts believe that Atiku risks another defeat with complacency and hubris even when he knows that 2023 is his last chance. Next year’s presidential election will be his sixth attempt to become Nigeria’s president since 1993. “Atiku knew what he was up to and up against when he used Ayu to declare the PDP presidential ticket open to all zones despite his knowledge about the zoning arrangements between the South and the North. “We can now see the handwriting on the wall that we may not do well in the presidential election. Although is not my prayer for our party to lose, I doubt if we have chances of coming close to what we had in 2019”, said a party source. “You have Peter Obi who is already harvesting massively from votes in the South where we used to have our votes bank. This is worrisome, just for the greed of one man a few others who want to highjack the party even when they have contributed little or nothing to it, the source further said. By November, Atiku will clock 75 and if he loses the election next year, he will be remembered as a serial loser in Nigeria’s presidential politics. Atiku’s situation already seemed even worsened the moment he went against popular opinion, especially in the South and the Middle Belt, that another Northerner should not succeed President

Muhammadu Buhari. The newly appointed Chairman of the Board of Trustees of the Peoples Democratic Party and former Senate President, Chief Adolphus Wabara, had joined Atiku last week to begin crucial moves to save the party from imminent collapse after months of power play that has consumed the peace in the party. Wabara was to lead a delegation of the PDP BoT, comprising some former governors, ex-deputy governors, exministers and other top party chieftains to meet three of the aggrieved PDP governors within 48 hours. The move was meant to pacify the aggrieved governors and prepare grounds for further negotiations that will halt the moves by the ruling All Progressives Congress (APC) to poach further from the party’s ranks. The event was supposed to be one of Atiku’s latest moves not only to save his old political ally but also to gain control over the National Working Committee ( NWC) of the party with Ayu calling the shots for him in proxy. Last week, Governor Seyi Makinde of Oyo state had during an interactive session in Ibadan, renewed the calls for the resignation of Ayu as PDP national chairman. Makinde didn’t mince words when he also told Atiku that the issue of lopsidedness in the party’s elective positions and noncompliance with the constitution and

lay down principles guiding the party’s operation must be addressed. Makinde, a member of Governor Wike’s camp said to Atiku: “The truth is that we do not have any issue either with our party or our candidate. If there are challenges they must be tabled. We are supposed to give hope to our people. “Our party wants to rescue Nigeria and our candidate is a unifier. He wants to restructure Nigeria as eight years of the All Progressives Congress have left us sharply divided. The issue is we must practice what we preach. If we want to unify Nigeria, we must unify the PDP first. “If we want to restructure Nigeria, we must have the willingness to bring inclusivity to the PDP. Do we have the capacity? The answer is resounding yes. The message from the South-West PDP is the South-West is asking that the National Working Committee of the PDP should be restructured. We are asking the National Chairman to step down so that the South will be fully included. That is the message”. Although Atiku in his response insisted that Ayu can only removed by lay down principles and the constitution of the party haven been elected by a convention, he was diplomatic this time in his response to the South West demands. His words: “I have no problem with wherever any of the members of the party comes from but it must be done in accordance with our constitution, regulations and practices. “Therefore, what Governor Makinde is calling for is achievable under our constitution, rules, regulations and procedures. So, those institutions must serve as guides to whatever changes we make. That is why we cannot do anything outside the constitution, unless it is amended to reflect

Attempt by the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, to resolve the rift with some agrieved members of his party, especially ×Ï×ÌÏÜÝ ÙÐ ÙàÏÜØÙÜ ãÏÝÙ×Ï ÓÕÏ̋ÖÏÎ ÑÜÙßÚ ËÑËÓØ ÜËØ ÓØÞÙ Ë ÌÜÓÍÕ áËÖÖ ÖËÝÞ áÏÏÕ áÒÏØ ÝÙ×Ï ÙßÞÒ ÏÝÞ stakeholders of the party insisted on the resignation of Ayu in the interest of equity, justice and fair play

what we want them to be. “Of course, we don’t say people should not have different views, but all views must go through our constitution, rules and practices. Otherwise, we cannot give this country the kind of leadership they want. So, it is time for us to return the PDP back to power. Meanwhile, while the party chapters in Ogun, Osun and Ondo states at the weekend declared their support for the embattled National Chairman of the party and the presidential candidate, a former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, has warned that the party might lose the 2023 presidential election if equity, fairness, and internal democracy was not allowed to prevail, insisting that the National Chairman of the party, Ayu must go as the starting point. George also frowned at the arguments that Ayu is protected by the party’s constitution. The PDP chieftain also called on the opposition party to suspend its constitution to effect the removal of Ayu as its national chairman. The former PDP deputy chairman who spoke in a chat with Arise News TV at the weekend said: “what is good for the goose is good for the gander. “Our party constitution explicitly states that there would be zoning and rotation of elective offices and party offices. If we had stuck rigidly to that, there was no chance for Atiku to have emerged”. “When it suits you can refer to the constitution and when it does not then you back away from the constitution. “If we can call off zoning and accept the presidential candidate to come from any zone which is against our constitution, so what is good for the goose is good for the gander. Allow us for this period.” George expressed concern that two weeks to campaigns, “our party is at the precipice of a dangerous looming crisis if pending critical issues are not urgently addressed. “Party unity and inclusiveness of all members are ingredients to a viable strategy for our election victory. “Pitiably, some of our leaders are, directly or indirectly, responsible for the present crisis in the party because of their flawed personal interests, which are targeted at disrupting the unity of our great party,” he said.

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

This Week In Tech Tech Top 5 News 08097710984

REPORT: GLOBAL INTERNET BANDWIDTH ROSE BY 28% IN 2022

ew research has discovered a rise in global internet bandwidth by 28 per cent in 2022, with TeleGeography, a global telecommunications market research and consulting firm, saying it now stands at 997 Tbps with a four-year CAGR of 29 per cent. The research has also seen that demand quickly transcends terabyte measure this year compared to 2020. According to the report, Africa experienced the most rapid growth of international internet bandwidth, growing at a compound annual rate of 44 per cent between 2018 and 2022. Asia is right behind Africa, rising at a 35 per cent compound annual rate during the same period. Despite this slower growth rate, global internet bandwidth has almost tripled since 2018. The growth in international internet bandwidth and internet traffic remains similar. Following the COVID-19 traffic surge in 2020, a global return to more typical usage patterns meant a decline in average and peak utilisation rates. Average traffic growth dropped from 47 per cent between 2019-2020 to 29 per cent between 2021-2022, while peak traffic growth dropped from 46 per cent to 28 per cent over the same time. In a blog post, international internet bandwidth and traffic growth have been gradually slowing in recent years, but they remain ‘brisk’ said Paul Brodsky, Senior Research Manager at TeleGeography. “After a tumultuous 2020 with pandemic-induced volume surges and shifts in internet traffic patterns, network operators are back to adding bandwidth and engineering their traffic in a more measured manner,” said Brodsky. “Based on hard survey data gathered from dozens of regional and global network operators around the world, it’s clear that the COVID-related expansion of internet traffic and bandwidth was a one-off phenomenon.” Global average and peak utilisation rates were unchanged from last year, standing at 26 per cent and 45 per cent, respectively, in both 2021 and 2022. Regarding pricing, providers’ shift to 100 Gbps internet backbones continues to reduce the average cost of carrying traffic. Across seven major global hub cities, 10 GigE prices fell 16 per cent compounded annually from Q2 2019 to Q2 2022, while 100 GigE port prices fell 25 per cent.

NCC TO BRIDGE DIGITAL GENDER DIVIDE The Nigerian Communications Commission (NCC) has said it is committed to bridging the growing gender-oriented digital divide to accelerate inclusive economic prosperity for all Nigerian citizens. NCC Executive Vice-Chairman, Prof Umar Danbatta, who restated this commitment in Lagos at the 2022 Nigerian Women Entrepreneurs and Executives in Tech Summit (WEETS), where he was conferred with the ‘Icon of Digital Revolution Award’ for his role in stimulating digital connectivity in Nigeria, said promotion of gender equality is a major component of ICT development. He noted that the gender dimensions of ICT manifest in access and use; capacity-building opportunities; employment, and potential for empowerment, and that all these dimensions need to be explicitly identified and addressed to leverage technology and communication as powerful catalysts for political, economic, and social empowerment of women, and the promotion of gender equality. Speaking to the theme of the event, ‘Reskilling Women and Girls to Thrive in the Digital Economy’, Danbatta indicated that one of the ways through which the Commission strives to achieve inclusive growth is through increased digital connectivity to all, regardless of gender and other accidental circumstances, and that the Commission has continued to play a front-seat role in driving the implementation of the National Digital Economy Policy and Strategy (NDEPS), 2020-2030; the Nigerian National Broadband Plan (NNBP), 2020-2025; and related policies aimed at deepening connectivity for all citizens, thereby bridging digital gender disparity. “The NCC has put on the front burner the need to expose girls and young women to more opportunities in the digital ecosystem, in line with the International Telecommunications Union (ITU) resolution 70, which advocates gender mainstreaming and promotion of gender equality, as well as the empowerment of women through information and communications technology (ICT), and we are fully committed to this,” Danbatta said.

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Personality of The Week

ADERONKE AJOSE-ADEYEMI

his week’s tech personality is the founder and CEO of Losode, Aderonke Ajose-Adeyemi. Losode is a technology company building a digital infrastructure to enable trade and commerce across Africa and overcome long-standing barriers to economic development, starting with fashion. The start-up is an e-commerce marketplace which enables trade for four groups of people HEALTHTECH MPHARMA ACQUIRE HEALTHPLUS HealthPlus, a top drugstore chain in Nigeria, has been acquired by mPharma, Africa’s top patient-centred tech-driven healthcare enterprise. A contract between mPharma and the previous investor, Alta Semper, paves the way for the acquisition of most of the shares of the HealthPlus Group. Chief Executive Officer and Co-Founder, mPharma, Gregory Rockson, stated that the acquisition is consistent with the company’s goal of creating a healthy Africa by providing patients with life-altering medical treatments and medications. According to him, mPharma’s decision to purchase the HealthPlus Pharmacy chain is a natural extension of the company’s strong commitment to expanding patient access to high-quality, priced healthcare in Nigeria. “mPharma is strengthening its long-standing commitment to Africa by rethinking primary healthcare in some of the most disadvantaged communities in Africa,” stated Rockson. We keep converting neighbourhood pharmacies into primary care facilities to offer everyone who needs it affordable and convenient healthcare so they can live not just longer but also healthier lives.” He added, “We are optimistic for Nigerians’ access to healthcare in the future thanks to the purchase of HealthPlus.” The buyout is expected to give the company opportunities for growth within Nigeria and a base from which to expand its multi-pharmacy distribution network across the continent through its rapidly expanding QualityRx programme. HealthPlus, powered by mPharma’s exclusive Bloom software, will give patients access to affordable primary care services.

EBANX EXPANDS TO AFRICA EBANX, a global payments fintech company, is about to expand its operations and payments solutions in the African market. The startup

which are: people who want to sell in Nigeria and Africa, those who want to sell outside Africa, those who are outside but are looking to break into the African market, and people who want to buy from all of the above. It gives local access, global access, and two-way international access. Losode emerged in the top three positions on the leader board at a 2016 competition by the Richard Branson-led Virgin Media business pitch. Aderonke believes that women do not have to struggle so much to play in the tech space.

company now wants to expand its mobile money operations in Africa. EBANX says it has prioritised global expansion on the African continent, which it believes is the next big growth frontier for digital payments and the digital market during the 2020s. Speaking on the expansion, CEO, and cofounder of EBANX, Mr João Del Valle, said, “Africa’s fast-growing digital economy is only in its early days, and it’s projected to grow up and to the right for the next few decades. Together with local players, EBANX will be a catalyst to realize the many benefits of a digital economy even faster.” In Nigeria, EBANX solutions will offer USSD and bank transfer services. The former will be a session-based protocol that travels over the GSM signalling channel to query information, trigger services, and enable customers to pay for their e-commerce shopping. The latter will enable customers to pay for online purchases quickly and easily without needing a credit or debit card. EBANX had already commenced operations in Kenya and South Africa. On her part, President of Global Payments, EBANX, Ms Paula Bellizia, said, “Africa is now bursting with growth potential. Digital adoption and consumption of online goods and services have accelerated rapidly within its countries, and investment capital has been pouring into the region. She added, “After studying the region and building a deep understanding of its local players, entities, and challenges, we are diving into Africa to provide local payments solutions that will help build the digital economy at a rapid pace, drive broader financial inclusion for its population, and provide greater access to a variety of goods and services from global merchants interested in building their market share there.” Another service it will offer is bank transfers, enabling customers to pay for online purchases quickly and easily without needing a credit or debit card.

INSTAGRAM FINED $402M OVER TEEN’S INFORMATION Instagram has been slammed with a record fine of $402 million by Ireland’s data privacy regulator following an investigation into the social network’s handling of teenagers’ personal data. In a statement by a spokesperson for parent company Meta Platforms Inc., Instagram plans to appeal against the fine. The penalty is the second-biggest issued under the European Union’s stringent privacy rules after Luxembourg’s regulators fined Amazon V746 million last year. Meta said while it had engaged fully with regulators throughout the investigation, “we disagree with how this fine was calculated and intend to appeal it.” The investigation, which started in 2020, centred on how Instagram displayed the personal details of users ages 13 to 17, including email addresses and phone numbers. The minimum age for Instagram users is 13. The investigation began after a data scientist found that users, including those under 18, were switching to business accounts and had their contact information displayed on their profiles. Users were doing it to see statistics on how many likes their posts were getting after Instagram started removing the feature from personal accounts in some countries to help with mental health. “We adopted our final decision last Friday, and it does contain a fine of €405 million,” said the spokesperson for Ireland’s Data Protection Commissioner (DPC),” said the lead regulator of Meta. The Meta spokesperson stated that Instagram updated its settings over a year ago and has since released new features to keep teens safe and their information private. The spokesperson said Instagram disagreed with how the fine was calculated and would review the decision. The DPC regulates Facebook, Apple, Google, and other technology giants due to the location of their EU headquarters in Ireland. It has opened over a dozen investigations into Meta companies, including Facebook and WhatsApp.

T H I S D AY ˾ MONDAY, SEPTEMBER 19, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325

S E P T E M B E R

S & P INDEX

1 6 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

MPR Hike: 13 Banks Generate N2.04trn Interest f ro m C u s t o m e r s ’ L o a n s , I n v e s t m e n t s

Kayode Tokede A total of 13 banks generated N2.04trillion interest from customers loans, Securities investments, among others in first half year ended June 30, 2022 on the back of Central Bank of Nigeria (CBN) hike in the Monetary Policy Rate (MPR) to 13 per cent as at June from 11.5 per cent in January 2022. This represents an increase of 23 per cent from N1.66trillion generated by these 13 banks in the corresponding half year ended June 30, 2021. In response to happenings in major global economies, Central Bank of Nigeria (CBN) joined other African economies to raise their benchmark

rate to curb inflationary pressures. The MPR was moved to 14 per cent in July 2022. The World economy is experiencing increased levels of inflation due to rising energy and food prices. Global economy is projected to slow down to 2.9per cent in 2022 amidst heightening geopolitical tensions, attendant supply chain disruptions, and persistently high inflation. Analysts noted that major global economies remain fragile post-COVID-19 pandemic, stressing that the first half of 2022 saw a slew of Central Bank rate hikes adopting monetary tightening measures amidst heightened inflationary pressures. China has adopted a precautionary

stance against negative spillover from other Central Bank’s actions. THISDAY analysis revealed that the 13 banks generated N1.37trillion interest on loans & advances to customers in H1 2022 from N1.09trillion in H1 2021. The 13 banks are: United Bank for Africa Plc (UBA), Access Holdings Plc, Zenith Bank Plc, FBN Holdings, Guaranty Trust Holdings Plc (GTCO), and Ecobank Transnational Incorporated (ETI). Others are: Fidelity Bank Plc, Stanbic IBTC Holdings, FCMB Group Plc, Wema Bank Plc, Sterling Bank Plc, Union Bank of Nigeria Plc and Jaiz Bank Plc. Most of the Tier-1 banks benefitted

from interest hike in African countries where they operate. Specifically, ETI reported N317.23billion interest income in H1 2022 from N282.75billion in H1 2021, while its interest on loans & advances to customers increased to N168.72billion in H1 2022, representing an increase of 16.3 per cent from N145.08billion in H1 2021. Another pan-African bank, Access Holdings reported N372.3billiion interest income in H1 2022, representing an increase of 16.5per cent from N319.7billion in H1 2022. Access Holdings also grew interest on loans & advances to customers by 37 per cent to N238.9billion in H1 2022 from N174.43billion in H1 2021.

Also, Zenith Bank grew its interest income by 19 per cent to N241.73billion in H1 2022 from N203.9billion in H1 2021, while UBA’s interest income rose by 16 per cent to N257.36billion from N222.63billion in H1 2021. In addition, GTCO’s closed H1 2022 with N147.2billion interest income, representing an increase of 17 per cent from N126.09billion in H1 2021. The Holdings raked N103.3billion from loans to customers in H1 2022, representing an increase of 13.06 per cent from N91.37billion in H1 2021. GTCO in a presentation to investors/analysts attributed increase in interest income to 17per

cent growth in average volumes of Earning Assets. Further checks showed that the prime lending rate in the banking sector hit 12.29 per cent in June, the highest in 17-month, while the maximum lending rate dropped to 27.61 per cent in June 2022 from 27.65 per cent reported in January 2022. Prime lending rates are the interest rate that commercial banks charge their most creditworthy customers, generally large corporations as maximum lending rate refers to interest charged by banks for lending to customers with a low credit rating. Continued on page 26

On the Back of Macro Economic Challenges, Six Banks’ Impairment Charges Soar by 55.4% Kayode Tokede In a desperate move to tackle the negative impact of the macro economic challenges on risks assets, a total of six banks have significantly increased their impairment charges to N116.9billion in first half (H1) 2022 as against as against N75.24billion

impairment charges in first half (H1) 2021. This represents an increase of 55.4per cent An impairment charge usually reflects a fall in value or worse-thanexpected performance of the asset. Banks increased their lending partly due to the Central Bank of Nigeria (CBN) policy on loan-to-

deposit ratio (LDR), which is put at 65 per cent, the hike in inflation rate and post-COVID-19 pandemic challenges. These, among others, have disrupted economic activities, and it is expected to affect most risk assets. According to THISDAY findings, the six banks that increased their

impairment charges are: Access Holdings Plc, United Bank for Africa Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc and Ecobank Transnational Incorporated Plc. Access Holdings recorded a jump of 29 per cent in impairment charges, from N28.7 billion in H1 2021 to

N36.86 billion in H1 2022. UBA posted impairment charges of N11.8billion in H1 2022, showing a jump of 258.7per cent from N3.28billion in H1 2021. Ecobank posted impairment charges of N27.02billion in H1 2022, indicating an increase of 30.10per cent from N20.77billion in H1 2021, while

Zenith Bank made provisioning of N25.12billion in H1 2022, up 27 per cent from N19.8billion in H1 2021. In addition, FCMB Group’s impairment charges stood at N10.7 billion in H1 2022, indicating an increase of 166.9 per cent from Continued on page 26

M A R K E T D ATA A S AT F R I D AY, S E P T E M B E R 1 6 , 2 0 2 2 BILLS

BONDS DESCRIPTION Price ^14.20 14MAR-2024 13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028

Yield

104.23

11.05

101.11

13.00

99.25

12.77

111.56

12.83

103.73

13.00

Change Updated Time (%) September -0.01 16, 2022 September 0.00 16, 2022 September 0.00 16, 2022 September -0.09 16, 2022 September 0.00 16, 2022

MATURITY NTB 13-Oct22 NTB 10Nov-22 NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23

Discount 9.00

9.06

3.90

3.92

9.80

10.16

10.00

10.42

Change Updated Time (%) September 16, 0.00 2022 September 16, 0.00 2022 September 16, 0.00 2022 September 16, 0.00 2022

7.82

September 16, -2.74 2022

7.54

Yield

CPS MATURITY NENL CP I 24-OCT-22 FSDH CP VII 27-OCT-22 SIBP CP III 27-OCT-22 DLMG CP IV 11-NOV-22 FDHP CP III 17-MAR-23

Discount Yield 20.68 21.14 14.67 14.92 13.84 14.05 17.20 17.66 11.16 11.81

Change Updated Time (%) 16, 0.03 September 2022 16, 0.02 September 2022 16, 0.01 September 2022 16, -0.01 September 2022 16, -0.07 September 2022

OTC F X F U T U R E S CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS SEP 28 439.60 September 16, 1 2022 2022 September 16, NGUS OCT 26 2 441.81 2022 2022 NGUS NOV 30 444.01 September 16, 3 2022 2022 NGUS DEC 28 446.22 September 16, 4 2022 2022 NGUS JAN 25 448.43 September 16, 5 2023 2022

MONDAY, SEPTEMBER 19, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

FITC Charges Nigeria’s Insurance Regulator on Innovation In a steady and proven stride to lead proactive transformation and business growth within industries, FITC, the world-class, innovation-led, and technology-driven knowledge institution facilitated the National Insurance Commission (NAICOM) Board Retreat themed: “Strengthening Board Resilience and Agility for Success.” The board retreat was aimed at equipping the NAICOM board with the requisite knowledge needed to successfully navigate the increasingly complex and dynamic insurance landscape, the current and emerging business terrain, and its change dynamics, and provide an understanding of the global insurance industry trends and their implications for the board’s regulatory oversight role and supervisory practices. In her opening address, the MD/ CEO, FITC, Chizor Malize, asserted that globally, the insurance landscape is undergoing a paradigm shift. She stated that digital is no longer a nice to have but a critical part of business strategy and sustainability. Thus, for the insurance industry to succeed in maintaining economic and social relevance, key players need to partner in offering innovative solutions for new and emerging risks. Speaking further, Malize noted the

need for NAICOM to lead the drive for financial inclusion, leveraging Microinsurance, Takaful insurance, and so on, and to also drive industry innovation through tech-enabled insurance solutions, adaptable business models & products to provide insurance customers the opportunity to buy as they go. The Commissioner for Insurance, Mr. Sunday Olorundare Thomas, in setting the tone for the board retreat, stressed the need for acculturation of the board members into the public sector. The Chairman, of NAICOM, Dr. Abubakar Sani also expressed the board’s expectations from other Directors, the values of the different perspectives of the board, the need for NAICOM to be digitally driven, and the efforts that NAICOM is making internally and for the industry to be fully digitalized. He made these known in his opening remarks while reiterating that NAICOM is leading in digital transformation and driving insurtech. Speaking on the need for improved service delivery imperatives, Permanent Secretary, Service Policies & Strategies, Office of the Head of the Civil Service of the Federation, Dr. Emmanuel Meribole, emphasized the need for training and capacity development. He stated that the

revised Public Service Rule makes a case for standardized trainings, as training and capacity development will provide more opportunities for enhanced and adequate service delivery. Addressing the roles and responsibilities of the board in procurement, Director, Compliance, Certification & Monitoring, Bureau of Public Procurement, Ishaq Yahaya, revealed that procurement needs to be done with the expected level of compliance and appropriation. Director-General, Bureau of Public Service Reforms (BPSR), Dr. Dasuki Arabi buttressed the need for boards to keep themselves abreast with the Commission’s business and industry trends and to develop agility in their dealings. Managing Partner, De Hertz Consulting Mr. Aloy Igbojekwe acknowledged the need for agility in order for the governing board to stay ahead and be nimble towards the developments, evolving challenges, and opportunities shaping the growth and success of the industry. Managing Partner, Imperial Law Office Attorneys, Mrs. Afolake Abubakar-Lawal, emphasized the need for board members to be active in the affairs of the board and the commission.

What You Should Know About Non-Interest Fund VI Under CPS

NAICOM Moves to Reintroduce RBS Capital Increase Model Ebere Nwoji Concerned by the perennial low and ridiculous operating capital on which insurance firms in the country tightly sit on, the National Insurance Commission (NAICOM) has said that its next line of action in its journey towards full adoption and implementation of the Risk Based Supervision (RBS) model is the upward review of operators’ capital through the implementation of the Risk based capital (RBC) increase. The commission said it has already started working with the

FSD Africa on this and very soon, the framework would be unveiled. The commissioner for insurance Mr Olorundare Sunday Thomas who disclosed this at a recent bi -monthly meeting between insurance CEOs and NAICOM said the adoption and implementation of RBS in Nigeria has achieved appreciable level admitting that support got by the commission from operators has been encouraging and commendable. “Next level is now the Risk Based Capital. The Commission is working with the FSD Africa on this and

very soon, the framework will be unveiled, “Thomas said. The commission had on July 25 2018 announced the tier base capital increase in line with the Risk based supervision model. The model scaled insurance operating firms into three tiers of tier one which life operators were required to upgrade their capital from the current N2 billion to N6 billion. Tier two life operators were required to upgrade their capital from N2 billion to N3 billion while tier three life firms should retain the prevailing N2 billion.

NCC Assures Nigerians of Bridging Digital Gender Divide Emma Okonji The Nigerian Communications Commission (NCC) has reiterated its commitment to bridging growing gender-oriented digital divide in order to accelerate inclusive economic prosperity for all Nigerian citizens. Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, restated the commitment at the 2022 Nigerian Women Entrepreneurs and Executives in Tech Summit (WEETS), which held recently in Lagos. At the WEETS forum, Danbatta was conferred with the ‘Icon of Digital

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Revolution Award’ for his role in stimulating digital connectivity in Nigeria. Danbatta who was represented at the forum by NCC’s Head, Digital Media Management, Nafisa Usman Rugga, said promotion of gender equality remained a major component of ICT development. He noted that the gender dimensions of ICT would manifest in access and use; capacity-building opportunities; employment and potential for empowerment, and that all these dimensions needed to be explicitly identified and addressed, in order to leverage on technology and communication as powerful catalysts for political, economic, and social

empowerment of women. Speaking to the theme of the event, ‘Reskilling Women and Girls to Thrive in the Digital Economy’, Danbatta said: “The theme resonates deeply with the drive by the federal government to ensure an all-inclusive digital economy that drives the strategic vision plan of the Commission.” He expressed his appreciation to organizers, Techlife Media and Communications Limited, a Lagos-based media organisation, for the iconic recognition for his contribution to Nigeria’s digital progression, adding that it is an encouragement that he will dedicate to the entire NCC team of professionals that are dedicated to the digital revolution in the country.

ADVAN Cautions ARCON Over Ban on Foreign Models The Advertisers Association of Nigeria, (ADVAN), has disagreed with the Advertising Regulatory Council of Nigeria, (ARCON) over the ban of foreign models in Nigerian advertising. It also decried the manner in which the apex advertising regulatory body had handled Hayat Kimya and Mainsail Media Limited alleged indebtedness. In statement signed by the Executive Council Advertisers Association of Nigeria, the advertisers sectoral group said that, “It is ADVAN‘s standpoint that the recent ban on foreign models, was not well thought out. It is a poorly researched and ineffective attempt at seeking a solution for sustainable growth in the advertising industry. “Nigeria, as a country in the global economy, has an expatriate policy which allows for non-Nigerians to

be gainfully and legally employed by Nigerian organisations, in adherence to the stipulations of the law. “It is a widely known fact that Nigerian model, creatives, and voice-over artists are also beneficiaries of the friendly cross-border work/ trade interactions that currently exist. This ban puts a distinct demography of Nigerians of employable age – especially youths who make up the large number of those in this space, at a significant disadvantage with their global counterparts.” ADVAN said such a ban is not only harmful to Nigeria and Nigerians, but is also discriminatory, exclusionary. It does little to advance Nigeria’s commitment for instance, to the implementation of the African Continental Free Trade Agreement (AfCFTA), which Nigeria and Nigerian businesses stand to benefit from.

PENCOM DG, Aisha Dahir-Umar

The National Pension Commission (PenCom) introduced the Multi-Fund Investment Structure to align contributors’ risk appetite with their investment horizon at each stage of their life cycles. The structure also seeks to provide investment choices for contributors and enhance the safety of pension assets through adequate portfolio diversification. The Multi-Fund Investment Structure resulted in the segregation of the RSA Funds into six distinct fund types, thereby allowing pension contributors and retirees to make specific choices regarding the investment of their pension funds. Three of the Funds (Fund I, Fund II, Fund III) for active contributors and (Fund IV) for retired contributors are aligned with their age and risk profiles, while Fund V and Fund VI serve the needs of contributors to the Micro Pension Fund and the Non-Interest Fund respectively. The default assignment of Retirement Savings Account (RSA) holders to fund type is as follows. However, they may choose to switch funds, subject to eligibility. i. Fund I: For contributors that are 49 years and below (by choice); ii. Fund II: Default Fund for all active contributors that are 49 years and below; iii. Fund III: Default Fund for active contributors that are 50 years and above; iv. Fund IV: Retiree Fund only for retirees; v. Fund V: Micro Pension Fund for Micro Pension Contributors; and vi. Fund VI: Non-Interest Fund for RSA holders who prefer their retirement savings invested in ethical, non-interest-bearing instruments. In this write-up, the Non-Interest Fund (Fund VI) will be our focus, and we will explore some of the elements that make it different from other RSA funds.

THE NON-INTEREST FUND VI The Non-Interest Fund VI is a fund type whose assets are invested in instruments that are both ethical and non-interest-bearing, in line with Non-interest Principles as approved by the Financial Regulation Advisory Council of Experts (FRACE). The objectives of the Non-Interest Fund include, amongst others, assisting in expanding the coverage of the Contributory Pension Scheme (CPS) by attracting employees with reservations about investments in interest-bearing instruments and promoting financial inclusion within the Nigerian financial system.

The overall objectives of pension fund investments of safety and maintenance of fair returns on investments, in line with Section 85 of the PRA 2014 and regulations/ guidelines issued by the Commission, also apply to Fund VI. Furthermore, Fund VI assets shall not be invested in the production or trading of alcohol, pornography, weaponry, gambling/betting, speculation, interest-earning ventures, and other ventures of similar nature, contrary to non-interest finance principles and as may be determined by FRACE from time to time. It is important to remember that membership in Fund VI can only be at the instance of the RSA holder.

HOW TO TRANSFER PENSION SAVINGS TO THE NON-INTEREST FUND VI RSA holders in Funds I, II, and III and retirees in Fund IV can transfer their RSA contributions to the Non-Interest Fund by making a formal request to their Pension Fund Administrator (PFA). In line with section 7.6 of the Investment Regulation, which deals with transfers between fund types, the RSA holder is not required to pay any fee. Accordingly, eligible RSA holders are only required to visit their respective PFAs to request the transfer of their pension savings from their existing Fund to the Non-Interest Fund by completing and signing a consent form issued by their PFA. The presence of the RSA holder is necessary for authentication. After that, the PFA will move the pension savings to the Non-Interest Fund and notify the RSA holder. It is essential to highlight that implementing the Multi-Fund Structure is expected to facilitate pension investments towards the real sector, in line with the Commission’s vision of ensuring that pension funds make a measurable impact on the nation’s economy. The creation of the Non-Interest Fund will complement other financial sector regulators’ efforts to promote the issuance of structured products that comply with the applicable principles of non-interest finance to further provide viable investment outlets for pension funds. To this end, pension contributors and retirees should understand the NonInterest Fund and should not hesitate to enquire from their PFAs and look at the Operational Framework For NonInterest Fund on the Commission’s website www.pencom.gov.ng.

23 T H I S D AY MONDAY SEPTEMBER 19, 2022 TR

UT H

& RE A S O

Monday September 19, 2022 Vol 27. No 10023

opinion@thisdaylive.com

www.thisdaylive.com

TRANSFORMING EDUCATION SUMMIT – THE GLOBAL MOMENT OF TRUTH AMINA J. MOHAMMED and JUTTA URPILAINEN urge all countries and their partners to collectively fill the investment gap to tackle the global education crisis

See page 24 NIGERIA: THE TRAGIC TRUTH HIDDEN IN PLAIN SIGHT Nigeria lags in so many development measures because of weak governance capacity and practice, argues KANU CHIMERE OBIOHA

See page 24 EDITORIAL VANDALISM OF TELECOM INFRASTRUCTURE

See page 25

Electing men and women of vision, character, and competence is a good show of patriotism, writes LINUS OKORIE

EMERGING LEADERS AND THE SPIRIT OF PATRIOTISM At the moment, millions of Nigerians are living in abject poverty. The Nigerian condition has led to the frustration of millions of others. Listen to many Nigerians speak, you will hear, disappointment, depression and anger in their voices. All these negative feelings towards Nigeria are as a result of poor leadership made possible by the enthronement of so many men and women who lack the spirit of patriotism. It is up to our generation to simply as a matter of urgency stage a deliberate war against all forms of ideology that has taken us backwards. Nations of the world are making great progress and we must be at the center of that prosperity. We must show great commitment to jettison old ideas of self promotion, stealing of public funds and intolerance for one another and embrace the spirit of patriotism. According WR 0LFKDHO ,JQDWLHͿ ´3DWULRWLVP LV WKH secret resource of a successful society.” Our nation is looked upon by citizens of other nations as the greatest black nation on earth and which with proper leadership at all levels could be ranked among the leading world economies in the next couple of years. Nigerians are a hopeful, optimistic and happy people who have resiliently waded through tough and turbulent economic and political climates of past administration yet believe in a better tomorrow. This faith which has kept Nigeria from disintegrating is a seed of patriotism that needs to be pulled from the sub-consciousness of our minds and nurtured into greater awareness until it SHUPHDWHV RXU HQWLUH EHLQJ DQG UHÁHFWV LQ our attitudes and natural dispositions. 3DWULRWLVP LV D KDOOPDUN RI QDWLRQDO LGHQWLW\ 3DWULRWLVP LV D FXOWXUH WKDW displays one’s love for the society and nation where one is born. In a country like the United States of America, there is an unconscious integration into the system RIWHQ UHIHUUHG WR DV D ´0HOWLQJ 3RWµ that seamlessly blends and integrates foreigners from all racial demographics into the prevailing national ideology – ´/LEHUW\ DQG -XVWLFH IRU $OOµ PRVW RIWHQ called the American dream. Many people often ask the question, ´,V WKHUH DQ\ VXFK WKLQJ DV WKH 1LJHULDQ Dream?” My answer is yes! When one looks closely at the base of the Nigerian Coat of Arms, there is an inscription, ´8QLW\ DQG )DLWK 3HDFH DQG 3URJUHVV µ Our own case in Nigeria has been a total lack of understanding of our core values. We need to awaken and answer the questions: Who are we? Where are we now? Where should we be going? What do we believe in? What is worth dying IRU" /HDGHUV LQ DOO VSKHUHV RI LQÁXHQFH

whether teachers, business executives, SDUHQWV SXEOLF R΀FH KROGHUV HWF VKRXOG try to answer these questions. Only then can we embark on the journey of nationbuilding. We must build systems and campaigns that must drive our point home. We are Nigerians. You are Nigeria and Nigeria is you. Therefore, patriotism means carrying yourself as if you are Nigeria. Let us think of becoming the heroes of the present whom our children will sing about tomorrow. As emerging leaders, we must imbibe the VSLULW RI SDWULRWLVP ZKLFK LV ´, UHSUHVHQW Nigeria. I am Nigeria. Everything I do will either shame or be a pride to Nigeria.” If ZH SHUVRQDOL]H 1LJHULD ZH ZLOO ÀQG LW easy to obey an eleventh commandment, ´/RYH 1LJHULD DV \RX ORYH \RXUVHOI µ ,W LV an urgent message and the fact is that if we don’t act, our children will inherit the wind. We are the new generation that live for the future. When a man stops living for himself, then and only then has he started living. As emerging leaders on the world scene, one thing the whole world waits to applaud is our sense of collective purpose and our sense of national identity. It will show in the way we drive, keep our environment clean, respect other people’s rights, love each other, help orphans and destitute, treat our fellow citizens when in positions of power, and the way we speak about Nigeria. If we are to be taken seriously by other QDWLRQV RI WKH ZRUOG ZH PXVW ÀUVW RI DOO become serious with ourselves by seeking solutions and be willing to implement them. Every Nigerian must be a part of the problem-solving process by taking responsibility rather than apportioning blame. Nigeria has come of age and should therefore begin to create new systems and institutions that represent the Nigeria that we would love our children to live in. I watched a football world cup quarter ÀQDO PDWFK WKDW KDG 1LJHULDCV 8QGHU national team against that of Uruguay

Our own case in Nigeria has been a total lack of understanding of our core values. We need to awaken and answer the questions: Who are we? Where are we now? Where should we be going? What do we believe in? What is worth dying for?

RQ QG 1RYHPEHU ,W ZDV D YHU\ GL΀FXOW JDPH , VKRXOG DVVXPH WKDW ERWK teams had designed their strategic plans to win the competition. As the match was going on, I felt the energy that was on the pitch and saw the huge commitment from every player. The hunger to succeed drove the players to give their best for the sake of their countries. At the end of the match, the team with greater passion and commitment won. That was Nigeria. 7KH ELEOH VD\V LQ 3URYHUEV .-9 µ Seest thou a man diligent in his business? +H VKDOO VWDQG EHIRUH NLQJV KH VKDOO QRW stand before men of low estate.” If a team is not ready to commit to a strategic plan, nothing can be done. According to 'UXFNHU ´8QOHVV FRPPLWPHQW LV PDGH WKHUH DUH RQO\ SURPLVHV DQG KRSHV but no plans.” Strategic plans continue to fail because in selecting people in the execution team, the leadership have failed to choose competent men and women with a contribution mentality who are ready to stretch their minds without limit so as to create the pool of energy to get the job done. The commitment to act and act and continue to act and then review action is what makes strategy work. ,Q WKH ZRUGV RI 3UHVLGHQW %DUDFN 2EDPD ´,Q WKH IDFH RI LPSRVVLEOH RGGV WKRVH ZKR love their country can change it.” I am not talking about those who love their tribes. As a matter of fact, the elections are around the corner and all Nigerians must come out en masse to bring about a free and fair election. Good and quality men and women who have refused to step out WR VXSSRUW JRRG SHRSOH UXQQLQJ IRU R΀FH saying politics is a dirty game, must show SDWULRWLVP QRZ E\ VWHSSLQJ RXW WR RͿHU themselves for service. The opportunity to show patriotism is right before us. Let us elect men and women of vision, character, and competence with no consideration for tribe or religion. Let us practice what the great American president inspired WKH ZRUOG ZLWK ´'R QRW WKLQN RI ZKDW America can do for you but think of what you can do for America.” Let us as a nation think of the common good. That is the way to go and believe me Nigeria will work again. God bless Nigeria! Great people of Nigeria, you must remember, if a person does not have a purpose for waking up, sleeping becomes interesting. Okorie is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre

T H I S D AY

3 24

MONDAY SEPTEMBER 19, 2022

AMINA J. MOHAMMED and JUTTA URPILAINEN urge all countries and their partners to collectively fill the investment gap to tackle the global education crisis

TRANSFORMING EDUCATION SUMMIT – THE GLOBAL MOMENT OF TRUTH As parents, teachers and students got ready for a return to school this autumn, few were thinking of the fact that across the world, education is in deep crisis. This is a slow and often unseen crisis, but its LPSDFWV DͿHFW XV DOO $W WKH XSFRPLQJ UN Summit on Transforming Education, ZRUOG OHDGHUV KDYH D RQFH LQ D JHQHUDWLRQ opportunity to take decisive action. The United Nations and the European Union now call on all member states to deliver PXFK QHHGHG FRPPLWPHQWV WR HQVXUH that all girls and boys can access, enjoy DQG EHQHÀW IURP D PHDQLQJIXO PRGHUQ KLJK TXDOLW\ HGXFDWLRQ 7KHLU ULJKWV DQG our collective futures depend on it. Education is the most powerful and transformative tool we have to empower

girls and boys with hope, skills and opportunity for their future. It also paves WKH ZD\ IRU VROYLQJ PDQ\ RI WRGD\·V global challenges. However, in many

Education is the most powerful and transformative tool we have to empower girls and boys with hope, skills and opportunity for their future. It also paves the way for solving many of today’s global challenges

parts, poverty and inequality still have a PDMRU LQÁXHQFH RYHU VFKRRO DWWHQGDQFH and learning achievement. And right across the world, education systems are struggling to equip learners with the values, skills and knowledge needed to thrive in our rapidly changing world. 7KH &29,' SDQGHPLF KDV H[DFHUEDWHG D SUH H[LVWLQJ FULVLV DQG WKH global funding gap for education has LQFUHDVHG VLJQLÀFDQWO\ (YHQ EHIRUH WKH pandemic, governments were spending less than half of the needed sum on education. Since then, two in three governments have cut their education budgets while some international donors have announced their intention to reduce

aid to education. &ROOHFWLYH DFWLRQ RQ IXWXUH RULHQWHG OHDUQLQJ DQG HGXFDWLRQ ÀQDQFLQJ LV XUJHQW LI ZH ZDQW WR UHFRYHU SDQGHPLF related learning losses and ensure that children and young people everywhere are able to access their right to education as enshrined in Article 26 of the Universal Declaration of Human Rights. Investing in education has a transformative impact across the Sustainable Development Goals. It advances gender equality: educated girls are more likely to participate in the GHFLVLRQV WKDW PRVW DͿHFW WKHP WR OLYH longer, healthier lives, and to earn higher incomes. It makes a major contribution to national development: every euro spent

on education can generate 10–15 euros in economic growth. And by nurturing informed, empowered citizens, it can help countries to tackle major challenges such as climate change, social breakdown, FRQÁLFW JHQGHU EDVHG YLROHQFH DQG PRUH 7KH (XURSHDQ 8QLRQ LV VLJQLÀFDQWO\ increasing its investment in education in partner countries. The EU will dedicate more than 10% of its international partnerships budget, representing over six billion euros, towards global education. Now we need others to do likewise. 7KH 81 6HFUHWDU\ *HQHUDO LV FDOOLQJ RQ all government leaders and all actors, including private sector and civil society, as part of a global mobilisation, to make concrete commitments to increase funding for education, from all sources. At the Transforming Education Summit, the representatives of all countries and partners face a moment of WUXWK QRZ LV WKH WLPH WR FROOHFWLYHO\ ÀOO the investment gap to tackle the global education crisis. Now is the time to invest in learning recovering and help put the SDGs back on track, thereby sowing the seeds for transformation of our education systems, so that education better prepares learners to contribute to a more inclusive, peaceful, sustainable and just future, leaving no one behind. Mohammed is UN Deputy Secretary-General while Urpilainen is EU Commissioner for International Partnerships

Nigeria lags in so many development measures because of weak governance capacity and practice, argues KANU CHIMERE OBIOHA

NIGERIA: THE TRAGIC TRUTH HIDDEN IN PLAIN SIGHT $V RI 1LJHULD ZDV FODVVLÀHG DV $IULFD·V ODUJHVW HFRQRP\ DIWHU LW UHEDVHG LWV JURVV GRPHVWLF SURGXFW *'3 $IULFD·V PRVW SRSXORXV FRXQWU\ $IULFD·V ODUJHVW GHPRFUDF\ and a major exporter of oil and gas. But Nigeria is currently facing development FKDOOHQJHV ZKLFK LW PXVW RYHUFRPH WR IXOÀO LWV VLJQLÀFDQW SRWHQWLDO 7KH VWDWLVWLFV DUH however not very encouraging and it has become imperative that the people in control of the government and economy be told the truth. Today at least 33 percent of Nigerians live in extreme poverty. Between 2018 and

March 2022 Nigeria led the rest of the world, surpassing China and India with much higher populations, as the country with the highest number of people living in extreme poverty. Already, Nigeria has the highest QXPEHU RI RXW RI VFKRRO FKLOGUHQ DQG WKRVH Nigerian children who do attend school have learning outcomes that are among the worst in the world (ten and a half million Nigerian youngsters, mostly girls, are not in school. 98 SHUFHQW RI WKRVH RXW RI VFKRRO DUH LQ 1LJHULD·V poorer North region). Health statistics are equally not HQFRXUDJLQJ 1LJHULD KDV WKH ZRUOG·V VHFRQG highest number of persons living with HIV/ AIDS after South Africa. Maternal deaths during childbirth among Nigerian women are alarmingly high. While Nigerian women PDNH XS MXVW RQH SHUFHQW RI WKH ZRUOG·V population, they account for 13 percent of the ZRUOG·V PDWHUQDO PRUWDOLW\ RQO\ SHUFHQW of pregnant women are assisted by a slated birth attendant during delivery with just 12 SHUFHQW LQ 1RUWK :HVWHUQ 1LJHULD Similarly, Nigeria accounts for approximately 13 percent of global child GHDWKV DQG RQH WKLUG RI DOO PDODULD GHDWKV worldwide (42 percent of Nigerians have malaria). Nigeria has more tuberculosis cases than any country in Africa. Nigeria used to be the breadbasket of West $IULFD EXW KDV EHFRPH D QHW IRRG LPSRUWHU due to the neglect of the agriculture sector since the discovery of oil in the 1970s. Nigeria spends $11 billion annually to import wheat, ULFH VXJDU DQG ÀVK 8QGHULQYHVWPHQW LQ agriculture and rural development more generally has contributed to widespread chronic malnutrition. The story of decline in the agriculture sector is repeated across the economy where almost every productive sector has seen disinvestment and a loss of quality jobs. With the exceptions of telecommunications DQG WUDGH DQG ÀQDQFH HFRQRPLF JURZWK KDV also been highly variable regionally, with the coastal Southwest around Lagos being the primary target of international and Nigerian

investment, leaving the highly populated North falling further behind in almost all economic indicators. A critical restraint to economic growth has been the lack of reliable electrical SRZHU ,QVX΀FLHQW SRZHU IURP WKH QDWLRQDO JULG IRUFHV LQGLYLGXDOV DQG ÀUPV to invest in private power generation (i.e. generators) to meet electricity requirements, driving up costs, slowing economic activity, and worsening air pollution from generators and use of ÀUH ZRRG $QQXDO SHU FDSLWD HOHFWULFLW\ consumption in Nigeria is one of the poorest in the world – 106 kilowatts per hour compared to 245 kilowatts per hour in Ghana; 133 kilowatts per hour in Kenya; and 4,347 kilowatts per hour in South Africa. The minimal electricity that is available is again, disproportionally found in the South and Southwest, with Northern Nigeria almost unserved by the national grid. Turning around and improving the dismal statistics on Nigerian education, health, agriculture and electricity sectors ZLOO KDYH D VLJQLÀFDQW LPSDFW RQ 1LJHULD·V poverty rate. Nigeria has the assets to bring to this HͿRUW ,W LV D FRXQWU\ RI VLJQLÀFDQW KXPDQ and natural resources, with oil being the most prominent, generally about 75 percent of government revenue. The FRXQWU\·V IHGHUDO V\VWHP KDV SURYHQ WR EH resilient and stable, reliably transferring resources from the national level to the VWDWHV 1LJHULD KDV FOHDUO\ PDGH D ÀUP transition back to democracy and civilian government, and the military has retained respect since its withdrawal from politics. 8QGHU 1LJHULD·V IHGHUDO FRQVWLWXWLRQDO structure the majority of social services, including education and health care, are the responsibility of state and local governments. Unfortunately, weak institutional capacity has proven unable to ensure transparency and integrity in government operations, leading to VLJQLÀFDQW XQGHU IXQGLQJ RI NH\ VRFLDO services or misuse of public resources on highly visible projects, such as universities and tertiary hospitals, at the expense of primary care and basic education. The emergence of a civil society that is vocal, and as independent media outlets begin to evolve, these emerging voices of public RSLQLRQ RͿHU KRSH WKDW WKH LQJUHGLHQWV IRU D WXUQ DURXQG DUH LQ SODFH There is need to pinpoint that one of the major reasons Nigeria lags in so many development measures is weak governance capacity and practice, a weakness that is evident in nearly every sector and at all levels of government. Poor management of public resources and institutions manifests in several interrelated ways. First, the economy is overly dependent on income from petroleum, which accounts for the vast majority of the national budget, yet oil production is an economic sector that produces relatively few jobs. Obioha LV ([HFXWLYH 9LFH 3UHVLGHQW %OXHÀHOG Associates (USA) Inc. and President, Clear Essence Cosmetics (USA) Inc.

25 4

T H I S D AY

MONDAY SEPTEMBER 19, 2022

EDITORIAL

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

VANDALISM OF TELECOM INFRASTRUCTURE All stakeholders should ensure the protection of the basic telecom facilities

authorities took serious measures against these criminals. he Nigerian Communications Commission We recall that following the growing threat of vandalism (NCC) recently bemoaned the incessant of facilities in the sector, the NCC had in 2017 signed a destruction of telecommunication memorandum of understanding (MoU) with the Nigerian LQIUDVWUXFWXUH LQ WKH FRXQWU\ DQG WKH VLJQLÀFDQW Security and Civil Defence Corps (NSCDC). The objective negative impact it has on the quality of service was the protection of telecommunication facilities in the to the consumers. “The impact of vandalism of country. The regulator has also been in the vanguard of infrastructure is felt by all in the quality of services rendered advocacy against the menace of the destruction of the as it results in increasing drop calls, data and internet facilities, which includes theft of generators, batteries, and connectivity disruptions, aborted and undelivered short even fuel at Base Transceiver Stations (BTS) as well relentless messaging services (SMS), as well as countless failed calls,” ÀEUH FXWV E\ ERWK YDQGDOV DQG JRYHUQPHQW R΀FLDOV GXULQJ said the NCC executive vice chairman. Over 50,000 cases road constructions. Sadly, the problem persists. of major damage to telecom infrastructure and facilities There is no doubt that had been reported across the incidents of theft and WKH FRXQWU\ LQ WKH SDVW ÀYH equipment vandalism are years. really costing the nation This is, by all means, a We call on the host communities to provide assistance by way of real time huge sums of money. But major source of concern, intelligence and information to the security agencies whenever they notice more worrisome is that the especially for a country immediate consequence of that is striving to catch up the criminals at work this criminality is that life is with the rest of the world in PDGH PRUH GL΀FXOW IRU ODZ digitising its economy. The abiding citizens. The NCC National Digital Economy must continue to cultivate the buy-in of state governments T H I S D AY Policy and Strategy (NDEPS) of the federal government EDITOR SHAKA MOMODU IRU HͿHFWLYH FRRUGLQDWLRQ EHWZHHQ WKH YDULRXV VWDWHV· is aimed at repositioning and diversifying the economy DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA ministries of works and road contractors with Mobile by taking advantage of the opportunities that digital MANAGING DIRECTOR ENIOLA BELLO 1HWZRUN 2SHUDWRUV 012V WR SUHYHQW GDPDJH WR ÀEUH technologies provide. The policy is supposed to help DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI infrastructures during road construction, rehabilitation, curb our over-dependence on oil and gas as the fulcrum EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN and expansion. of the economy. And, going by the recently released MANAGING EDITOR BOLAJI ADEBIYI What is particularly worrying is that the security agencies data from the National Bureau of Statistics (NBS), the THE OMBUDSMAN KAYODE KOMOLAFE have a long history of tough words that have been of no telecommunications sector has shown potential to act as a HͿHFW DV WKH FULPLQDOO\ PLQGHG SHRSOH ZLWKLQ RXU VRFLHW\ FDWDO\VW IRU GLYHUVLÀFDWLRQ RI WKH HFRQRP\ get more and more emboldened. It is therefore incumbent The contribution of the Information and Communications T H I S D AY N E W S PA P E R S L I M I T E D on all the critical stakeholders to come up with a solution Technology (ICT) sector to Gross Domestic Product (GDP) EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA that will work. But the bottom line remains that we must in the second quarter of 2022 was 18.44 per cent of which GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI protect these vital assets of the nation from the grip of telecoms alone contributed 15 per cent. This is the more DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, FULPLQDOV ,W LV LQ HYHU\RQH·V RYHUDOO LQWHUHVW :H FDOO RQ reason why the goose that lays the golden egg must be ANTHONY OGEDENGBE the host communities to provide assistance by way of real SURWHFWHG WKURXJK D FRQFHUWHG HͿRUW RI DOO WKH VWDNHKROGHUV DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI time intelligence and information to the security agencies SNR. ASSOCIATE DIRECTOR ERIC OJEH It is indeed unfortunate that at a time the nation is facing ASSOCIATE DIRECTOR PATRICK EIMIUHI whenever they notice the criminals at work. They should serious economic challenges, there are unpatriotic elements ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI FRQVLGHU LW D SDWULRWLF GXW\ WR MRLQ LQ WKH ÀJKW DJDLQVW KHOO EHQW RQ VDERWDJLQJ JRYHUQPHQW HͿRUWV DQG WKURZLQJ CONTROLLERS DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO the vandalism of critical national assets like telecoms their fellow citizens into hardship. It is time that the TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com equipment.

Letters to the Editor Letters in response to speciﬁc publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS WHO ARE WE DECEIVING? Hypocrisy is the homage vice pays to virtue and I am shocked at how we deceive ourselves so much in the Nigerian society. We act like we are Saints but operate otherwise. We deliberately make laws to destroy the weak amongst us and the rich break the laws. I was shell shocked when , VDZ FDUV DXFWLRQHG RXW GXH WR WUD΀F R΀FH DQG , KHDUG some funny arguments that the law is the law, but I argue: ZKR ZULWHV WKH ODZ" ,VQ·W LW KXPDQ EHLQJV" %XW ZK\ LV LW WKDW RQFH \RX KDYH SROLFH HVFRUW RU \RX DUH DQ R΀FLDO LQ JRYHUQPHQW RU D SROLFH R΀FHU \RX FDQ GULYH RQH ZD\ DQG nothing will happen. , DOVR WKLQN LQ WKH WUD΀F ODZV WKH\ VKRXOG PDNH H[HPStions so we all know some people are above the law. If I am WR FROOHFW NRER IRU HYHU\ WLPH D JRYHUQPHQW R΀FLDO ZLWK police escort and blazing sirens causing noise pollution vioODWHV WKH WUD΀F ODZV , ZLOO EH D ELOOLRQDLUH E\ QRZ 7KH ÀUVW WLPH WKDW WKH RNDGD ODZV ZHUH PDGH LW ZDV ODZ HQIRUFHPHQW R΀FHUV WKDW ÀUVW EURNH WKH ODZ E\ VWDUWing commercial motorcycle business. The reason why laws GRQ·W ZRUN LQ 1LJHULD LV EHFDXVH WKH ODZPDNHUV DUH WKH lawbreakers.

I will be excited if they can make stronger laws against FRUUXSW R΀FLDOV DQG DQ\RQH WKDW VWHDOV RXU FRPPRQZHDOWK but in the song of African China “richman wey steal, they QR JR VHH KLP IDFH IRU FULPH ÀJKWHUV µ My argument has always been: make the laws quicker WR H[HFXWH 2QFH \RX FRPPLW DQ RͿHQVH DQG WKHUH LV D ÀQH PDNH LW HDVLHU WR SD\ WKH ÀQH , EHOLHYH WKH JRYHUQPHQW FDQ VHW XS D ÀQH SRUWDO ZKHUH SHRSOH FDQ SD\ RQ WKH VSRW IRU ÀQHV ,W ZLOO EULQJ LQ PRUH UHYHQXH IRU JRYHUQPHQW DQG those monies can be used judiciously, so people can move on with their lives. But when measures are punitively executed it brings about a societal disconnect. For those that deliberately break the law, I think it is incumbent to use other means of deterrents like behavioral SV\FKRORJ\ ZLWK VLPXODWLRQV E\ GLͿHUHQW SV\FKRORJLVWV %XW WKH DSSURDFK RI VHQGLQJ RͿHQGHUV WR SV\FKLDWULVW LV wrong as clearly stated by psychiatrists themselves as psychologists can make better societal simulations. The government can even start by using billboards to reiterate sociHWDO FDXVH DQG HͿHFW DQG PDNH DGHTXDWH URDG VLJQDJH , DVN how many of our roads are properly marked? How many

VWUHHW OLJKWV DUH ZRUNLQJ" +RZ PDQ\ WUD΀F OLJKWV DUH LQ JRRG FRQGLWLRQV" 2QFH D WUD΀F OLJKW EUHDNV GRZQ LW WDNHV PRQWKV WR À[ 'R ZH HYHQ KDYH GDWD RQ KRZ PDQ\ WUD΀F lights are in Lagos and their working conditions? There is a science to road management and are we employing the science? Who are our road planners? How many more cars are we projected to have in the next 10 years and how many new roads do we need to build? Society is truly cause and HͿHFW DQG ZH PXVW LQWHUURJDWH WKLV Laws are meant to be corrective, in fact at a point in America prisons had better services than some towns because they wanted people to be corrected not destroyed. I WKLQN LW·V WLPH WR EXLOG D ORYLQJ VRFLHW\ WKDW WUXO\ FDUHV IRU WKH ZHDN 2XU VRFLHW\ GHVWUR\V WKH ZHDN DQG WKDW·V ZK\ ZH KDYH DOO WKH SUREOHPV ,Q P\ 'DG·V G\LQJ GD\V WKH WKLQJV we talked about the most were lovely memories and not about status and all the achievements, somebody needs to tell people that the best things in life are free and with love we can build a loving society. Rufai Oseni, rufaioseni@gmail.com

T H I S D AY ˾ MONDAY, SEPTEMBER 19, 2022

BUSINESSWORLD

STATUS REPORT

Finance Cost, Others Plods Unilever’s Profit

Kayode Tokede

nilever Nigeria Plc unaudited half year (H1) ended June 30, 2022 showed a significant increase in finance cost, cost of sales, and operating expenses that weaken profit before tax to N2.98billion. The multinational consumer goods company had reported N434.12 million profit before tax in H1 2021 amid steady increase in revenue. The H1 2022 results showed N628.6million finance cost from N4.47million in H1 2021, driven by N122.5million interest on thirdparty bank loan and N430.35million exchange difference on bank accounts. Unilever closed the H1 2022 under review with 22.3 per cent increase in cost of sales to N29.61billion from N24.2billion reported in H1 2021, while total operating expenses rose by 36.4per cent to N11.17billion in H1 2022 from N8.19billion in H1 2021. The cost pressures is connected with the heightened inflationary pressures on key raw materials, logistics issues and foreign currency constraints faced by companies in that sector. However, the revenue performance that gained 35.11 per cent to N43.81 billion from N32.42 billion reported in H1 2021, was buoyed by sustained broad-based increase in the Home and Personal Care (HPC) (+31.7 per cent) and Food Segment (+39.5 per cent) respectively. Sales generated from Home and Personal Care moved to N23.93billion in H1 2022 from N18.18billion in H1 2021, while Food segment

sales moved from N14.24 billion in H1 2021 to N19.87 billion in H1 2022. Unilever’s H1 2022 PBT margin moved to 6.8 per cent from 1.34 per cent in H1 2021. The company had recovered in its 2021 financial as the global and domestic economy emerged from the Covid-19 pandemic. The company emerged from 2020 losses to impressive performance in 2021, driven by significant increase in revenue and dividend payout to shareholders but cost of sales and operating expenses remained a threat, calling for caution. The Directors recommend to the shareholders the payment of a dividend in respect of the year ended 31 December, 2021 of N2.87billion that is, 50 kobo gross per share. Unilever Nigeria grew its revenue by 35.07 per cent to N70.52billion in 2021 from N52.21billion in 2020, primarily driven by the company’s HPC that gained 47.1per cent, while the Food segment dropped by 10.6 per cent. Suitably, the HPC segment in 2021 contributed 56 per cent to revenue from 43.6 per cent, while that of the food segment contributed 44 per cent from 56 per cent in 2020. Unilever with 93 distributors in 2021 as against 102 in 2020, the company reported a domestic revenue (within Nigeria) growth of 37.1 per cent to N69.8billion in 2021

from N50.89billion in 2020, while Export (outside Nigeria) revenue dropped by 42.7per cent to N756.5million from N1.32 billion reported in 2020. The company’s revenue growth might be supported by higher volumes from its tier four products (launched in 2020), increased investment in its distribution network and marginal price increases in some products. With the growth in revenue, the company closed 2021 financial year with profit before tax of N1.88billion from N4.54billion loss before tax reported in 2020. Unilever Nigeria’s profit for the year migrated from a loss of N3.97billion to N3.41billion in 2021. As Unilever Nigeria grew total assets by 9.9 per cent to N118.99billion as of June 2022 from N108.3billion reported in full year ended December 31, 2021, as contribution from trade and other payables played a critical role. Although the company’s long-term assets dropped by 2.8per cent to N21.76billion inn H1 2022 from N22.4billion in 2021, short-term assets grew by 13 per cent to N97.24billion as of June 2022 from from N85.91billion in 2021. Trade and other receivables from short-term assets rose by 27 per cent from N18.99billion as of June 2022 from N14.99billion in 2021. Unilever Nigeria disposed of its tea business to Unilever Tea MSO Nigeria

Limited, a related party within the Unilever Group, for a considerable amount of N5.4 billion in 2021. The Unilever tea business was included in the discontinued operations segment of the financial statement, which revealed that the company had also disposed of property, plants and equipment as well as long service award obligations. Before the company’s business was discontinued in October 2021, it had a turnover of N9.05 billion from January – to September 2021, a 7.17per cent decline from what it generated in the corresponding period of 2020. However, the tea business moved from a loss position to rake in a profit of N2.72 billion in the nine-month period of 2021.

CONCLUSION

According to analysts at InvestmentOne research, “Going forward, we opine that the ability to further increase the prices of product offerings may be constrained due to the intense competition in that space and declining purchasing power of the consumer. “However, we think that some positivity may be reaped from election spending and volume growth due to management strategy to focus on the mass segment. “We are less optimistic about the bottom-line performance due to the increased cost pressures emanating from heightened commodity prices locally and globally, high finance cost and FX illiquidity and depreciation, thus, earnings should remain pressured in the near term.”

ON THE BACK OF MACRO ECONOMIC CHALLENGES, SIX BANKS’ IMPAIRMENT CHARGES SOAR BY 55.4% N4.01billion in H1 2021, while Stanbic IBTC Holdings, that had a write-back of N1.28 billion in H1 2021, made a provision of N5.47billion in H1 2022., Analysts stated that domestic and foreign macroeconomy challenges forced banks to make huge provisions for Non-Performing Loans (NPL). Although NPL in the banking sector according to Central Bank of Nigeria (CBN) dropped to 4.95 per cent at the end of June 2022 compared with 5.70 per cent at the end of June 2021. Commenting, the vice president, Highcap Securities Limited, Mr.

David Adnori stated that the rising cost of risk of banks, which is simply referred to as higher impairment charge observed in banks’ H1 2022 financial statements is a reflection of the weakening fundamentals of the economy. According to him, “Although we have seen NPL dropping, the relatively weak fundamentals of the economy exacerbated by the COVID-19 pandemic and global unrest due to war between Russia / Ukraine resulted into higher portfolio impairment charge on stage 1 loans, despite being performing assets.” He added that the percentage of stage two loans, which though

performing but had shown stress and likelihood of delinquency over the near term had increased across the industry, therefore deserving the conservative stance of banks and their auditors to proactively take a higher anticipatory impairment charge on such loans. “Hence, the rising cost of risk is a reflection of the lagged impact of the realities of the global economy and banks’ inherent credit risk. While the apex bank and banks are apparently seeking measures to stem this potential erosion to banks’ profitability going forward, I expect more credit losses in 2022 FY, as the full impact of the macro

weakness, takes toll on banks’ asset quality,” he added. However, he said the situation would not degenerate into a crisis as NPL ratio should possibly peak in the year and begin to moderate in 2022. Analyst at PAC Holdings, Mr. Wole Adeyeye, attributed the growth to increase in loan books, trigged by 65 per cent LDR policy of the CBN. He explained further that, “The more banks report growth in loan books, the more they make provisions for loans in case it goes bad.” On the increase in provision on bad loans and inflation rate impacting on banks profit in 2022

financial year, he explained that the increase in interest rate from 11.5 per cent to 13 per cent by Monetary Policy Committee (MPC) of CBN expected to enhance interest income on loans and advances to customers. “Some Tier-1 banks are prudential in managing cost of funds because of hike in interest rate and at the same time, the increase in interest rate is expected to have positive impact on loans & advances and drive total interest income.” Capital market analyst, Mr. Rotimi Fakeyejo attributed the higher impairment charge of banks to the lagged impact of the weaker economy and attendant

impact on borrowers’ ability to meet obligations. According to him, “I believe the market is already pricing this expectation in the valuation of banks’ stocks, as we look forward to a higher credit losses in 2022, a phenomenon that may aggravate the volatility risk of their treasury portfolios in the year, given the dynamics of the interest rate environment over the cycle. “Nonetheless, we are not at a systemic risk situation and I believe the rise in NPL ratio and impairment charge should be moderate, even so, it may constrain the return on equity and dividend growth

MPR HIKE: 13 BANKS GENERATE N2.04TRN INTEREST FROM CUSTOMERS’ LOANS, INVESTMENTS The breakdown of June’s 2022 general maximum interest rate include: Access Holdings, 28.50 per cent; Ecobank Nigeria, 30.00 per cent, First Bank of Nigeria Limited, 24.00 per cent; FCMB 42per cent; Fidelity bank, 24per cent and Guaranty Trust Bank, 28 per cent. Others are: Stanbic IBTC Bank, 1.3; Sterling Bank, 18; UBA, 19 per cent; Union Bank, 19.16 per cent; Unity Bank, 17 per cent; Wema

Bank 25 per cent and Zenith Bank, 13.33 per cent. Speaking with THISDAY, the vice president, Highcap Securities Limited, Mr. David Adnori, explained that, “Most customers are only able to obtain loans at a rate higher than the prime rate mostly because they are more likely to default on a loan. “An increase in the MPR by the MPC will result in an increase in the price (interest rate) you pay for borrowing and vice versa. Banks

responded to this hike by jacking up their lending rate as well. The consequence of this is that borrowers would have to pay more when they borrow from the bank.” He added that the recent decision by the MPC to hold MPR at 14per cent, implies that businesses looking to borrow to from banks to fund their operations would only be able to get loan facilities from banks at rates above 14per cent “That is, the cost of borrowing

would still remain on the high side. At MPR as high as 14per cent, businesses would continue to face high cost of borrowing and limited fund for local production,” he added. Analysts at Vetiva research explained that, “we expect cost pressures and FX liquidity issues to persist throughout the year and this may dampen the anticipated price stability as industry players may have to pass the increased

cost to consumers. “Also, the recent hike in interest rates by the CBN will make borrowings more expensive and may weigh on investments in the real estate sector. “Although the rising interest rate may affect demand, the ongoing construction activities by the public and private sectors would support cement demand through the remainder of the year.” Analysts at FSDH Capital in a

report titled, “Nigeria Macroeconomic Update 2022 Q2: Navigating through Bumpy Political Season and Tough Economic Headwinds,” explained that the aggressive inflationary pressure has necessitated the need for a higher interest rate in Nigeria and other countries. They noted that the increase on the backdrop of the threat to the fragile recovery of the economy from the COVID-19-induced recession.

MONDAY, SEPTEMBER 19, 2022 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Akin Ogunbiyi: Nigeria Insurance Industry Still at Infancy Stage Even though insurance is about 100 years old in Nigeria, penetration is still under 0.25 per cent. Founder/Group Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, explain why. He also spoke about his life history, how Mutual Benefits revolutionised the industry and other thorny economic issues. Eromosele Abiodun presents the excerpts You just turned 60 years. What does that mean to you? Share with us the story of your journey for the past 60 years. really don’t know what it means to be 60 because I don’t feel 60. I can’t see any difference between when I was 31 when I started Mutual Benefits Assurance and the way I’m feeling now. I’m full of energy and I thank God for His grace. My first degree was in Agricultural Economics. When I was in part three, the concept of Agricultural Insurance was introduced. I was interested in it. So, I went to my lecturer and told him that I would like to choose Agric Insurance as my project topic. But he said no. Other lecturers in the department also said no, that it was a new area and there would not be enough materials for the study. I went to the central library, Oluwasanmi Library. I searched all the book indexes for weeks to see if there could be anything. God so good, I found one book, about 1,015 pages with the title Agricultural Insurance authored by FAO (Food and Agriculture Organization). I took the book and wondered what kind of article it could be. Then, I went to my lecturer, showed him the book and I told him I would be writing my project on this. Then he said, “If you insist then, you should do an extract.” I wrote a 25-page extract and I was allowed to go ahead with the topic. But my lecturers said if I took up the project I must be willing to pursue it to PhD level. I agreed. After my NYSC, I returned to the campus to commence my post-graduate studies. But I stumbled on the pay slip of one of my lecturers, Professor Alimi, who was then Mr Alimi. He had finished his MPhil, was doing his PhD and he was given graduate assistantship. His salary was N600. And I said, “Oga, is this what you are earning? And you are doing your PhD.” He said ‘yes’. At that point, I resolved not to be an academic. By the time I finished, the government had set up the Nigerian Agric Insurance Company and I applied for a job there. But NICON Insurance later offered me employment because one of the panelists who interviewed me for the NAIC job felt I would be more useful at NICON. At that time, NAIC was a subsidiary of NICON. Within two years of joining NICON, I qualified as a chartered insurer. But contrary to NICON’s regulation that anyone who qualified as a chartered insurer must be promoted, I wasn’t promoted. So, though I loved the job, I became frustrated. As a result, I started looking for opportunities outside NICON. After I qualified as a chartered insurer, I decided to take the professional examination of the Institute of Chartered Accountants of Nigeria (ICAN) and I cleared the foundation at a sitting. I then registered for PE I but in the course of that I saw an advert stating that a company was looking for somebody that had a good first degree in any field, a chartered insurer, and a good working knowledge of accounting with four years experience to be the Managing Director. When I saw the advert, I told myself that the position was meant for me, so I applied for the job. I passed the interview but was told that they would not offer me the position of MD but Associate Director. The company, called Finance and Insurance Expert Limited, was owned by one of my bosses at NICON, Mr Remi Olowude. I initially refused to take up the offer but he persuaded me. While working with Mr Olowude, I had written the feasibility study for a new insurance broking firm. The company was VTL Brokers. When they were going to recruit the head of the firm, I was offered the position. The promoter of the business, Mr Akin Opeodu, did one thing for me. He said, “Look, It won’t be ideal for me to just treat you as an employee. If you’re going to run as chief executive, I will convince my board to take 51%, you take 49% for yourself but don’t own it all alone”. I have never come across anything like that in my life. So I look for some people to buy some of the shares allotted to me. But then from the first day, I called all the shareholders and told them my plan. I said I would run the company for four years. In the fifth year, I would prepare to start an insurance company. I would run that company for 10 years. And after 10 years, I would form a re-insurance company. I put down a beautiful plan ready for them and they all agreed. And just as I said, after four years, I left VTL to start Mutual Benefits.

Why is the insurance industry not able to do as well as the banking sector? Let me just say straight away that insurance, even though it is about 100 years old in Nigeria, is still at its infancy stage. If I’m not mistaken, insurance penetration in Nigeria today is still under 0.25 per cent.

Ogunbiyi Insurance has focused majorly on corporate sector and there hasn’t been any attempt whatsoever to penetrate the informal sector because if insurance is to develop, I will tell you, it has to focus on the informal sector. Every transaction that happens in Nigeria as of today is ratio one to nine; that is 1% for the formal sector and 9% for the informal sector and the informal sector is not captured. We are focused majorly on corporate insurance. And if you look at the big time players, where do you find them? You find them in the cities. In fact, there are companies whose marketing strategies only work on a regional basis. The top flight insurance companies don’t have branches everywhere. They have in Lagos, which serves as their head office, they have in Kaduna, Abuja and then in Port Harcourt. All the big time insurance companies, this is how they operate. They didn’t take time to develop the informal sector. But that was until I came into the scene because people call me ‘Apostle of Retail Insurance’. When we started, the big brokers controlled the market. They didn’t have trust in us. At that time, if you had not produced five year financial statements, you could not get business from them. The focus of the big time insurance brokers is mainly on the big corporations. But when we started, I said I couldn’t wait five years. So, we went into retail and our retail was fully developed in the tenth year when we moved to our head office on Ikorodu Road. And we did this so well that NAICOM had to come and copy what we were doing for the industry. Insurance practitioners need to open up the market; we have to patronize the informal sector, the trade associations, unions, remote villages and that means we need to have representation everywhere across Nigeria. For the ﬁrst time we saw NAICOM revoke the licence of some insurance companies. Looking at the challenges in the industry, are we going to see more of that because now there have been concerns about capitalization and the struggle for the industry to reform? I really wish we had a very powerful regulator. We’ve had companies on the brink for so long. But the boldness to sanitize the industry was not there. If you look at the companies disrupting the market today, it is still those big players. When you have the regulated dictating to the regulator, it’s a major issue. We’ve always had these challenges. Look, all the insurance companies that went down, they went on their own volition; they died a natural death, not because NAICOM was involved. You only hear about NAICOM when

it has to do with capitalization. I can tell you that the insurance industry is not well regulated. For instance, NAICOM officials were with us at Mutual Benefits about four, five weeks ago and they were with us for about two weeks. But before then when was the last time we saw them? Maybe about 15 years ago. So, the industry is weak because we have an extremely weak regulator in the industry. At a point when we had several local content policies, which were supposed to enable an industry like yours, we found out that the insurance plays at a very, very insigniﬁcant level. What do you think can be done? I’ll tell you straight away. It still boils down to NAICOM. The insurance industry today has the capacity to underwrite any risk in this market. We don’t even need to get to N10 billion and N8 billion capital base, but we are there now. I am not saying that because we have any difficulty in recapitalizing, Mutual Benefits has been fully capitalized. But even before then, we are saying we don’t need to do beyond N3 billion or N2 billion capital. What is the essence of reinsurance? The reinsurance that we have has given us multiples of capacity. With reinsurance, what type of risk can’t the insurance companies in Nigeria underwrite? So I say if NAICOM will rise up to its responsibility and support the industry, and ensure the right thing is done, we will exhaust the capacity. How do we address the unethical practices that are rife in the insurance industry? Unethical practice is the bane of this industry; it is still in operation till tomorrow. Look, I delivered a paper at a Chartered Insurance Institute of Nigeria (CIIN) conference on the development. The Insurance Commissioner at the time, Mr Fola Daniel, was also in attendance. In my paper, I said that there were two sets of people killing this industry; the big brokers and secondly the big underwriters. I said the big brokers compete on the basis of price, not on the basis of service. So, if something is N1billion, for them to get the account, it will be basically on pricing. They could price themselves as low as N50million. Something that is supposed to cost N1 billion premium, they would compete among themselves and bring it down to N50 million. Who loses? It is the industry. Can I do it? I cannot. The big brokers and the big underwriters are the ones that engage in this. I have a personal experience. I did a business. I quoted $1.4 million for NIMASA and I took the business out. It was P&I (protection and indemnity). We had only 18 clubs across the

world. We don’t have anyone in Africa because that was the time of apartheid; they had their own P&I and it was not available to anybody, it just took care of South Africa’s interests. So, the rest, we had 17. So, I quoted and I got the business. The following year one broking firm took the account and they got $500,000 for the account I got for $1.4m. And then, I went to see the MD and asked him who quoted the $500,000. He said it was Guardian Trust. Where is Guardian Trust today? I said, “Oga, this is an international policy, we don’t have it in Nigeria. So, why would anybody want to do it for $500,000?” He said, “Look, Akin I am a broker. I want this business. Whether I quoted it one Naira or two Naira, as long as I have my commission, when the thing happens, it is his problem.” So, you can see, when you talk of unethical practices, NAICOM has a lot of role to play in sanitizing the industry. About four or five years later, the brokers again invited me as a guest speaker on insurance development. I can’t remember the topic but I prepared my paper. The Commissioner for Insurance was scheduled to give the opening remark. He spoke for 30 minutes. When it was my turn to speak, I got up. I said, “Ladies and gentlemen, this is the topic that you gave to me. I have prepared it but I have taken five issues from the remark that the Commissioner has made. And that would take time, so, please, keep my paper, print for everybody, I won’t talk on the paper.” I picked up the Commissioner; what did I tell him? The Commissioner was talking of risk-based supervision. He took about five topics but the most important thing he said was that the industry could not get to the N1 trillion premium income mark because we chose to give unnecessary discounts. And he said, “You are giving as much as 95 per cent discount to people that are richer than you.” I said to him, “Mr Commissioner, who is to regulate this industry? If the banks say the MPR is 14 per cent and you can do five per cent above it. If the lending rate in the country is about 22 per cent and somebody says ‘I will give you 60 per cent return on your money’, would the Central Bank allow that bank to run?” I said, “Remember the wonder banks. So, what are you regulating if you say you are the industry regulator and you, Commissioner, are saying that the industry is giving much discount, 90 something per cent discount.” So, who are the companies that are involved? What have you done to them?” It was very embarrassing to the Commissioner that day. So, if there is going to be better ethical practice, it still has to do with the industry regulator. You built a multinational in less than two decades. How did that happen? One thing that is helping us is the fact that we do what I call strategic planning effectively. Every five years, we look at what we were doing and you know, the business cycle, they say, it goes in half cycle, once it gets to the peak, we don’t allow it to go down but we take it to another peak. In Mutual Benefits, we are 27 years old now, we have had about three, four, five peaks and when it gets to the peak we take it to another peak. So, we do strategic planning, we look at development, we look at the market, we look at the environment and we decide on what to do. But a major development that we had was when we had the “Wind of Change”, that strategy document, is actually what propelled us into these various things that we do. And the main reason why we went into it was we were looking at every investment and narrowing it down to insurance. When we went into transportation, our concern was how would insurance benefit from it? For that transportation, every drop carries a payment and we arranged it in such a way that once you pay your N100, N10 comes to insurance. Even if you take a ride from Ojota to Maryland, N10 out of the fare goes into insurance. So, everything was tailor-made towards boosting the insurance business. We went into banking to develop micro-insurance. We saw the need to establish a microfinance bank. We made a presentation to NAICOM about owning a microfinance bank and they approved it for us. And about two to three years after, we generated about 60,000 individual policies as a result of our owning a bank. That added a lot to the bottom line of Mutual Benefits. So, it was actually a strategic thinking, looking at the environment and creating the capacity to be able to solve identified problems. When we get into a new thing, we look for good people who we think can handle it and we give them the free hand to handle it under guidance. That’s how we develop.

T H I S D AY ˾ MONDAY, SEPTEMBER 19, 2022

BUSINESSWORLD

NEWS

PenCom Clarifies Controversial Monthly Staff Remuneration Package James Emejo in Abuja The National Pension Commission (PenCom) yesterday refuted allegations that the least paid employee of the commission earns a salary of N3 million per month. The commission noted that while the highest paid official of the commission earns less than N1 million a month, “It is therefore completely illogical and improbable that the least paid will earn a monthly salary of N3 million”.

In a statement issued by the management, PenCom, further pointed out that the clarification became necessary against the backdrop of the false and misleading information on the compensation package of the commission which was being circulated on traditional and social media. The commission, therefore, appealed to the public to ignore the false and mischievous information on the staff compensation package, adding that PenCom has nothing

to hide and will continue to run a transparent and accountable system. PenCom said, “We understand that there is an element of mischief and possible blackmail on the Commission’s compensation package. “From our understanding, it appears someone calculated all staff costs, including training, staff exit benefit scheme, and employer’s pension contribution, and divided the total by the number of the commission’s employees and

concluded that the least paid employee is on a monthly salary of N3 million. There is a clear difference between staff costs and staff salaries. “ While noting that the reports had fuelled all sorts of false allegations and unfair insinuations, the commission stressed that it was imperative to point out that right from the inception of the PenCom in 2004, the federal government mandated the board to adopt an employee compensation policy that favourably compares to comparator

government bodies in the financial services sector, such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and the Securities and Exchange Commission (SEC). It said Section 25(2)(b) of the Pension Reform Act 2014 also empowers the board of the commission to fix the remuneration, allowances, and benefits of the employees. The statement added, “More so, the Presidential Committee on the Consolidation of Emoluments

in the Public Sector headed by the late Chief Ernest Shonekan, former Head of the Interim National Government, made a number of recommendations which guide the PenCom Board in its compensation review exercises. “One of the recommendations is that the pay structure of self-funded agencies should be benchmarked with their private sector comparators so as to ensure relativity in such agencies and attract and retain high-caliber professionals.”

L-R: Head, Corporate Communications and Sustainability, Unilever Nigeria, Godfrey Adejumoh; Executive Secretary, Food and Beverage Recycling Alliance (FBRA), Agharese Onaghise; Corporate Affairs and Sustainable Business Director, Unilever West Africa, Soromidayo George; Chief Operating Officer, Wecyclers, Oluwayemisi Lawal: Customer Development HRBP, Unilever Nigeria, Maureen Ayodeji-Akinpelu; Senior Manager, Strategic Sourcing Procurement, Unilever, Nkechi Chinwike; and Brand Manager, OMO, Unilever Nigeria; Chinonyerem Opara, at the commemoration of World Clean Up Day cleaning exercise in Lagos Island by Unilever Nigeria, Wecyclers and FBRA.

NAHCO Acquires More Equipment ARM Set to Support to B o os t H a n d l i n g S e r v i c e s Startups, Holds Labs Chinedu Eze The Nigerian Aviation Handling Company Plc, (NAHCO) said it has taken delivery of new set of Ground Support Equipment (GSE), which includes four units of high capacity Mallaghan Mobile Steps with Chutes and a fourteen tons cargo maindeck Highloader. The company announced that the tier four Deutz engine capacity Mobile steps are installed with multi-functional Sensors, while the Angelo Bombelli/Airmarell Highloader, has a forward platform with three folding flaps and

automatic retractable rear stopper. It also comes with a dual row of ten powered rubber wheels controlled in two independent sections for longitudinal transfers. The battery-operated emergency pump Highloader comes with a double hydraulic braking on each front wheel to aid its performance. Also acquired are five units of Toyota Coaster buses and one Toyota HiAce bus, all for crew transportation. The Group Managing Director and Chief Executive Officer, Indranil Gupta, said at the unveiling of the GSE, ’’we are committed to

satisfying our clients/customers through excellent service delivery, using latest equipment and also confident that the Group’s equipment acquisition plan would bolster our resolve in making the NAHCO group a one-stop-shop for aviation logistics and travels. Along with the phased plan of GSE acquisition, we also plan to invest in cutting-edge technology to delight our customers/clients in a more effective, efficient, and seamless manner’’. NAHCO Plc is a Nigerian diversified enterprise with interests in aviation cargo, aircraft

handling, passenger facilitation, crew transportation and aviation training and logistics. The company currently offers its services to several airlines across the major functional airports within Nigeria, and handles the larger market share of domestic, foreign and cargo airlines. NAHCO was privatized in 2005 and listed on the Nigerian Stock Exchange in 2006 and has remained the fastest growing stock in the industry. The Company is now owned by over 80, 000 shareholders, as well as local and institutional investors.

LFZ Appoints Bolatito Ajibode Deputy Managing Director The Lekki Free Zone Development Company has announced the appointment of Bolatito Ajibode as its new Deputy Managing Director to focus on strengthening and expanding its core business. “Following a comprehensive assessment of her training and track record as a banker with over 30 years of corporate banking experience across three banks and functions, the Board unanimously agreed she is the best person for the job, “the company said

in a statement. “Ajibode comes highly recommended as a strategic thinker and business development expert who will build on Governor Babajide Sanwo-Olu’s foundation of facilitating growth and creating employment in Lagos State. “She joins the Lekki Free Zone Development Company from Stanbic IBTC Bank Plc, where she was a General Manager, Head of Client Coverage (Corporate & Investment

Banking), responsible for supporting large conglomerates and industrial companies across six major sectors of the Nigerian economy. “She holds a first degree in Economics (ed) from Lagos State University and an MBA from the Obafemi Awolowo University, Ile-Ife. She has extensive leadership and business strategy training from notable global universities including Columbia Business School, Kellogg North Western University, and Harvard

Business School, “it stated. Head of Corporate Strategy for the Lekki Free Zone Development Company, Tomiwa Idowu, commented: “We are delighted to have Mrs Bolatito Ajibode join the team, she brings to bear her experience and knowledge as a proven Strategy expert with extensive experience in the Nigerian banking sector. I believe she will take decisive measures to further strengthen the benefits of the Zone to new and existing investors.”

Pandagric Seeks to Redefine Agriculture, Boost Food Security James Emejo in Abuja Integrated feed and food manufacturing company, Pandagric Novum, has reiterated its vision to contribute to complementing Nigeria’s food security objectives and strengthening the agriculture value chain through an integrated approach. The company’s Managing Director, Mr. Bruce Spain, at a joint media briefing alongside the Nigerian Sovereign Investment Authority (NSIA) in Abuja, said it would deploy its innovative

farming practices, which have been developed to guarantee increased yields and food sufficiency. Essentially, Pandagric is the flagship project under the NSIA and Signature Agri Investments Joint Venture signed in 2018 to establish an agriculture-focused fund for the development of large-scale integrated projects across Nigeria. The project had also been developed as a platform for diversification and a path to enhancing the country’s protein consumption per capita. Spain, however, said, “As a

company, we have developed crop cultivation and management protocols for achieving the highest yields. We have invested heavily in testing and trials over the years and have discovered improved crop nutrition practices to get the best growth and yield results.” The briefing is a prelude to the company’s official inauguration in Nasarawa State. The commissioning is in conjunction with the NSIA which is the premier investment institution of the federation, and Signature Agri Investment, an investment portfolio agency based

in The Netherlands. The Managing Director/ Chief Executive, NSIA, Mr. Uche Orji, said agriculture remained a key focus sector for the authority and an important sector for the Nigerian economy with high potential for employment generation, poverty alleviation, and ultimately food security. He said though the sector has largely been dominated by subsistence farming in the past, “the NSIA strongly believes that with improved modern methods, seedlings, and better weather forecasting methods, agricultural yields can continue to grow.”

Innovation Demo Day Emma Okonji ARM Group in partnership with Greentec Capital Partners, is set to hold the Demo Day for the ARM Labs Innovation programme, designed to support Fintech startups. Formerly known as LABS by ARM Accelerator Programme, the initiative seeks to fund compelling Nigerian Fintech startups in the incubation stage. The programme holds virtually on Thursday, September 22, 2022, Following a robust accelerator programme, which includes working with a Silicon Valley mentor within their specific domain expertise, the selected startups are ready to pitch their business models to investors.

Selected startups for the ARM Labs Innovation Demo Day include: Toju: a record management platform for thrift collectors, Microfinance Institutions, and Cooperative societies; Regxta: a digital credit platform that provides quick and easy access to financial services for unbanked people and micro-business owners in Africa. With just a smartphone, a community agent can offer financial products to clients. Others are Crediometer: A Fintech created to build banking for startups and growing businesses of all sizes. They aim to power the next generation of companies shaping the industries.

Mastercard Foundation Celebrates Decade of Developing Young Leaders The Mastercard Foundation celebrates the decennial anniversary of the Mastercard Foundation Scholars Program. Launched in 2012, the Program began as a $500 million initiative to develop the next generation of leaders who would drive social and economic transformation. The Program identifies talented young people from economically disadvantaged and hard-to-reach communities, primarily in Africa, and supports their secondary and higher education as well as leadership development. Initially, the Program aimed to support 15,000 young people. Over the last decade, the Mastercard Foundation has deployed $1.7 billion through the initiative to benefit nearly 40,000 young people, over 72 percent of whom are young women. To date, 18,544 young people have graduated from secondary and higher education. “Through a network of extraordinary

partners, the Mastercard Foundation Scholars Program is enabling thousands of bright and deserving young people to access quality education and develop as leaders who give back to their communities and help to improve the lives of others. Mastercard Foundation Scholars and Alumni are leaders and innovators; activists and entrepreneurs; tackling everything from climate change to health inequity. Their collective impact will be felt for generations to come, “said Reeta Roy, President and CEO of the Mastercard Foundation. “Throughout my journey as a Mastercard Foundation Scholar, it has always been about being a better version of yourself so that you can go back to your community and help others, ”said Joanna Gunab, who is now a medical doctor practicing in Northern Ghana. Joanna, a young woman living with a disability, also runs an initiative to support students with basic school necessities.

MONDAY, SEPTEMBER 19, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Firms Partner to Provide Advertising Support to SMEs James Emejo in Abuja A leading digital out-of-home advertising company, Nimbus Media Limited, has partnered with the Lagos State Employment Trust Fund (LSETF), digital publisher TechCabal, and marketing and advertising magazine, Marketing Edge to drive its Nimbus Aid Project which seeks to provide advertising support to Nigerian SMEs. The Managing Director/Chief Executive, Nimbus Media, Mr. Wale Adegoke, said the firm is expanding its scope in this year’s edition and will provide over N2 million in marketing support to 10 women-led SMEs and pre-seed start-ups across several sectors. Launch in 2016, the project, formerly known as Nominate a Charity, has supported eligible organisations committed to educating, enabling, and empowering their communities

by offering advertising support on its digital screens across the country. Adegoke, explained that beneficiaries will be selected through a public call for entries and in collaboration with its partners, adding that it hopes to boost the advantages accruing to the eventual beneficiaries of the project through the collaborations. He also said that some partners had committed to providing training, media, and other business support to the project winners. He said, “By working with such established partners, we are confident that the project will gain from the expertise of our partners. We are also excited about the amplification opportunities that come with this, as it will help our finalists and eventual winners increase awareness about their businesses.”

He further explained that the project was focusing on SMEs and Tech start-ups this year to basically provide businesses with the requisite coverage and exposure to raise awareness for their company since they often cannot afford marketing expenses. However, commenting on the project’s impact on their businesses, a 2018 beneficiary of the Nimbus Aid Project, Siddiqah Foundation, affirmed that “We found that we got more brand awareness and visibility for our projects. The Nimbus Media Aid helped more people support us as they became more aware of our work.” Also, another beneficiary, Strap and Safe Child Foundation, noted that “The support we got from Nimbus Media gave us exposure, a wider platform and informed the populace of what we do at Strap and Safe Child Foundation.”

Youths’ Emigration Will Benefit Economy, Says ITF DG James Emejo in Abuja As concerns mount over the growing numbers of Nigerians leaving the country to seek greener pastures abroad, the Director-General, Industrial Training Fund (ITF), Mr. Joseph Ari, has said the development could as well be of benefit to the country. He said though Nigerians have the obligation to make the country better by addressing unemployment, it is, however, not out of place for youths to leverage opportunities that abound around the world to earn a living ad improve their living conditions. Speaking at a meeting with the newly appointed DirectorGeneral, Nigerian Employees Consultative Association (NECA), Mr. Wale-Smatt Oyerinde in Abuja, the ITF boss, pointed out that emigration could, in turn, benefit the economy in terms of increased diaspora remittance to the country as well as attracting Foreign Direct Investment (FDI).

Ari, said, “It is not bad for our people to also leverage on the opportunities that abound globally because our population is young and vibrant and they would be needed in many climes of the world where their population is aged and now not very productive. “So, when the young Nigerians get to those countries, they would add value and in turn, when they send a few things back home, it would increase the direct foreign investment that would be needed for our country.” He, however, noted that the intention and desire of both ITF and NECA were to ensure that those “young men and women who leave the shores of this country for other climes should first and foremost be equipped with the needed skills. “So, when you go with the needed skills and you are empowered, you are not going in for cheap labour; you will be exposed to high flying jobs in blue-chip companies and then

it is better for you to rise but when you go without the skills, you are going to be engaged in cheap labour which will not be too good for our country.” He insisted any emigrant should acquire relevant skills in order to explore his or her potential to limitless levels, and expressed optimism that NECA under the leadership of Oyerinde will work with the fund to address the rising unemployment in the country. He said the renewed vision of the ITF is centered around a national apprenticeship training system. Ari said, “We need to change the education system of Nigeria to integrate Technical Vocational Education and Training in our curriculum. Nigerians should embrace TVET as a unique measure to address unemployment in the nation. “Unemployment is rising daily and we want more Nigerians to embrace skills acquisition because white collar jobs are becoming almost non-existent.”

Pharmaceutical Coy Wants FG to Pay for Destroyed Drugs James Emejo in Abuja The Managing Director/Chief Operating Officer, May and Baker Nigeria, Mr. Patrick Ajah, has appealed to the federal government to provide financial compensation to pharmaceutical firms whose drugs including codeine and tramadol were seized and trashed by regulatory agencies to reduce the increasing rate of drug abuse by youths in the country. The drugs were said to be trashed in line with the federal government’s agreement with pharmaceutical companies to pay the cost of the trashed drugs. Speaking at a recently held webinar organised by the National Chamber Policy Centre (NCPC) of Abuja Chamber of Commerce and Industry (ACCI)

themed, “Effect of Illicit Drugs on Nigeria”, Ajah further urged the government to fulfill its own end of the bargain while also commending it for supporting pharmaceutical companies in the country. He said pharmaceutical companies had incurred lots of losses by trashing the identified drugs in line with the directions of the federal government, adding that the agreement had to be fulfilled to keep them in business. He noted that since the conclusion of the agreement, most pharmaceutical companies have trashed the identified drugs or locked them up while many had expired. The MD also said the drugs are normal medical items that only become dangerous when used in excess and in contravention of medical prescription.

In a statement issued by ACCI Media/Strategy Officer, Olayemi John-Mensah, Ajah however, lamented the negative impact of the drugs on the economy, stressing that the trend had increased the cost of doing business, scared away investors, and is negatively affecting the balance sheet of producing companies. He added that the industry is fully committed to tackling the drug addiction crisis but urged the government to fulfill its pledges to the pharmaceutical industries to save them from imminent collapse or bankruptcy. He said, “These are drugs meant for the treatment of ailments but when taken in excess or without prescription it becomes dangerous to the body. We don’t know how our youth came into knowledge of abusing these drugs.”

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

DGGUHVV 7KH /HWWHUKHDG 3DSHU PXVW EHDU WKH 1DPHV DQG 1DWLRQDOLWLHV RI WKH 'LUHFWRUV RI WKH &RPSDQ\ DW WKH ERWWRP RI WKH SDJH GXO\ VLJQHG E\ WKH DXWKRULVHG RIILFHU RI WKH ILUP 68%0,66,21 2) (;35(66,21 2) ,17(5(67 D ,QWHUHVWHG &RPSDQLHV DUH WR VXEPLW WZR ERXQG ([SUHVVLRQ RI ,QWHUHVW (R, VHSDUDWHG E\ GLYLGHUV DQG DUUDQJHG DV LQGLFDWHG DERYH 7KH GRFXPHQWV VKRXOG EH VXEPLWWHG LQ D VHDOHG HQYHORSH DW WKH DGGUHVV EHORZ DQG FOHDUO\ PDUNHG ZLWK WKH ³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

6LJQHG ([HFXWLYH 6HFUHWDU\ )HGHUDO *RYHUQPHQW 6WDII +RXVLQJ /RDQV %RDUG )*6+/%

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, SEPTEMBER 19, 2022

HOMES&DESIGN

LEADWAY MARBLE HOUSE

The Marvel at Falomo Roundabout Leadway Marble House (formerly Union Marble House) is an office development strategically located by Falomo Roundabout in Ikoyi, Lagos. It is arguably the first purpose-built office high-rise clad in all marble. It is getting even trendier with its new owners. Bennett Oghifo writes

he high-rise, which used to be called Union Marble House, was developed by Union Bank, but now that its current owner is Leadway Pensure PFA Limited, it is now known as Leadway Marble House. This exquisite building clad in polished white marble is situated on Alfred Rewane Road (former Kingsway Road), next to the Falomo roundabout. The building has all the trimmings of a future building, showing no signs that it was constructed in the 1960s. It has remained a distinctive landmark in the Ikoyi area, among other equally

sturdy facilities. The building has nine floors and a gross leasable area of 10,000sqm, and with the change in ownership, the building is presently being given a facelift, complete with futuristic finishing. Marble has represented excellence since time immemorial. It is not by chance that the buildings of the Acropolis of Athens, the Roman Coliseum, Michelangelo’s David or the Taj Mahal are made of marble. That which man has wanted to ennoble, he has covered with marble. Today, architects and interior

designers apply marble cladding to luxury villas, premium hotels, institutional buildings, or buildings seeking distinction. Marble is a stone appreciated for its resistance, ability to reflect light and because it does not lose its beauty over time. According to industry experts, it increases the property’s value due to its characteristic combination of the beautiful, the natural and the imperishable. Moreover, in the event of damage or bad condition of the stone due to improper use or an accident, it is possible to carry out a large number

of restorations or renovations on site without the need for relocation. For this reason, it is an excellent decision to cover new spaces with this material and recover the marble from those spaces that are being remodelled. This natural stone is so versatile that it works in both exteriors and interiors. There are spectacular ventilated facades in exteriors like the Leadway Marble House’s, delivering significant energy saving and optimal thermal isolation to the building. The builders can also cover the terrace, garden areas, and swimming pool, among others.

MONDAY, SEPTEMBER 19, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Navigating the Inflation Headache

Surging inflation is forcing many Nigerians to cut spending and poses as threat to companies’ performance, writes Obinna Chima

nflation in Nigeria has been on a steady rise since last year. Latest figures from the National Bureau of Statistics (NBS) showed that the Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities rose to 20.52 per cent year-on-year in August, compared to 17.01 per cent in the corresponding period in 2021, the National Bureau of Statistics (NBS) disclosed last week. The CPI had risen to 19.64 per cent in July 2022. The latest inflation figure was the highest inflation rate the country has recorded in 17 years. The statistical agency stated that the 3.52 per cent rise indicated that the headline inflation rate increased in August 2022, when compared to the same month in the preceding year. According to the CPI report for August 2022, food inflation stood at 23.12 per cent on a yearon-year basis in the period under review, which was 2.82 per cent higher than the 20.30 per cent recorded in August 2021. However, core inflation, which excludes the prices of volatile agricultural produce stood at 17.20 per cent year on year in August, up by 3.79 per cent when compared to 13.41 per cent recorded in August 2021. The NBS pointed out that the rise in food inflation was caused by increases in prices of bread and cereals, food product, potatoes, yam, and other tubers, fish, meat, oil, and fat. Also, month-on-month, food inflation stood at 1.98 per cent in August, representing 0.07 per cent decline compared to the 2.04 per cent recorded in July. On the other hand, the core index recorded the highest increases in prices of gas, liquid fuel, solid fuel, passenger transport by road, passenger transport by air, fuel and lubricants for personal transport equipment, cleaning, repair, and hire of clothing. On a month-on-month basis, core inflation stood at 1.59 per cent in August, down by 0.17 per cent when compared to 1.75 per cent recorded in the preceding month. Also, year-on-year, the urban inflation rate stood at 20.95 per cent, which was 3.36 per cent higher compared to 17.59 per cent recorded in August 2021. Interestingly, at the state level, the inflation rate on a year-on-year basis was highest in Ebonyi 25.33 per cent, Rivers 23.70 per cent, Bayelsa 23.01 per cent. Indeed, central banks the worlds over are obsessed about inflation and, therefore, devote a significant amount of resources at their disposal to fight inflation. Hence, the primary objective of monetary policy is to ensure price stability. The focus on price stability derives from the

overwhelming empirical evidence that it is only in the midst of price stability that sustainable growth can be achieved. High inflation distorts consumer behaviour. It can also destabilise markets by creating unnecessary shortages. Similarly, high inflation, which is not the desire of any economy, leads to income redistribution and brings about weak purchasing power. Likewise, rising prices neutralise the money that one earns from investments. That is, inflation is effectively the reverse of compound interest. That is why central banks globally, are never comfortable with a rising inflation rates usually seen by them as ‘evil.’ Also, during inflation, most prices rise, but the rate of increase of individual prices differ. For instance, prices of some goods and services rise faster than others while some may even remain unchanged. The poor and the middle classes suffer because their wages and salaries are more or less fixed but the prices of commodities continue to rise. On the other hand, the businessmen, industrialists, traders, real estate holders, speculators and others with variable incomes gain during rising prices. The latter category of persons becomes rich at the cost of the former group. With that, there is transfer of income and wealth from the poor to the rich. No doubt, many countries across the world are grappling with galloping inflation, driven primarily by higher food and energy prices. In response, central banks have ratcheted up their policy interest rates to try to quell demand. In Nigeria, the Central Bank of Nigeria (CBN) increased key benchmark rate by 250 basis points to 14 per cent. In South Africa the policy rate has risen by 175 basis points since the end of 2021 to 5.50 per cent while Egypt has increased its rate by 300 bps so far to 11.75 per cent as well as Kenya which raised its policy rate by 50 basis points to 7.50 per cent. According to a report by Moody’s, one of the global rating agencies, higher inflation and interest rates tend to discourage investments and economic activity, coupled with slower real growth which would in turn weaken banks’ business generation and loan quality. The report noted that since the outbreak of the Russian/Ukraine conflict, inflation had risen sharply in several countries globally, far exceeding most expectations. Moody’s stated however, that interest rate increases have so far not kept pace with inflation, adding that in South Africa, Egypt, Nigeria and Morocco, real interest

rates (excluding inflation) remained negative as in many parts of the world. The report added, “Some central banks may tighten monetary policy further to keep inflation under control and to forestall local currency depreciation - particularly as interest rates in US rise, drawing capital away from riskier African economies.” The report also predicted loan-loss provisions to rise across the board, adding that banks that lend heavily to households and small businesses would be more vulnerable to loan defaults than those that focus on large companies. “Nigerian banks will fare better. They have wide exposure to corporates, with a significant number linked to the oil and gas sector, a beneficiary of the current crisis,” Moody’s added. A former Deputy Governor of the CBN, Prof. Kingsley Moghalu, described the level of inflation in the country as, “very troubling,” saying it signposts much-more difficult times ahead for the country. “I do not see an immediate prospect of a reduction in inflation. It is driven by a lot of factors – increases in the price of goods, what we call cost-push inflation. When the prices of raw materials rise and producers have to raise their prices in order to maintain some profit. “We also have structural issues which is aided by lack of infrastructure, forex scarcity. Inflation is a phenomenon that you will expect to happen anywhere over time. But what worries economists is when the price increase are not gradual and very slow and steady. When they are spike, then it becomes a problem,” Moghalu added. He pointed out that higher inflation was going to lead to increased poverty in the country, lead to malnutrition because many families won’t be able to afford basic meals and weakness in the GDP and GDP per capita. “Inflation is referred to as the most regressive tax on the poor,” he added. In order to tame the tides of high inflation in the country, analysts have urged the federal government to step up efforts at combating insecurity. They called on the federal government to declare a state of emergency on insecurity in the country in order to reverse the trend before it escalated beyond the reach of managers of the economy. The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, described the current inflationary trend as a troubling phenomenon.

Yusuf identified currency depreciation, acute illiquidity in the foreign exchange market, rising transportation costs, agricultural output disruptions caused by growing insecurity, logistics challenges, hike in energy prices, climate change and structural bottlenecks to production as the key drivers of inflation. He said: “The solution, therefore, would have to be situated in the context of these causal factors. Rising inflationary pressure weakens purchasing power of citizens as real incomes collapse; it accentuates pressure on production costs, negatively impacts profitability and undermines investors’ confidence. “It is not in all cases that high production and operating costs can be passed on to the consumers. The implication is that producers are also taking a hit. This is more severe where a product or service is faced with high demand elasticity. These are products that consumers can readily do without.” Yusuf also advised the government to introduce interventions to address the challenges bedeviling the supply side of the economy. “There is also a need to worry about the growing fiscal deficit, especially the CBN financing of the deficit. It is characterised as inflation tax by a school of thought in economic literature,” he said. CBN Governor, Mr. Godwin Emefiele, had warned that the Monetary Policy Committee (MPC) would continue to raise the benchmark interest rate as long as inflationary pressure continued. He had said at the last meeting: “MPC noted with concern the continued aggressive movement in inflation even after the rate hike in the last meeting and expressed its unrelenting resolve to restore price stability while providing the necessary support to strengthen our fragile economy. Emefiele explained, “Essentially, with what we are doing in terms of development finance, we need to do a lot more work to rein in inflation. “Some analysts say we should not continue to increase rates because we have increased cost of borrowing for the borrowers and that it may also weaken manufacturing output. We agree with that postulation “The important thing is that, as long as we see inflation at the level that can retard growth, it must be dealt with while at the same time we are looking at how to use our development finance tools to continue to push towards improved output growth. “That is what we’re doing. The MPC is very determined that if inflation continues at this rate, particularly aggressively, we will continue to tighten because that is the only thing that I can say at this time.”

T H I S D AY ˾ MONDAY, SEPTEMBER 19, 2022

BUSINESS SPECIAL

ANALYSIS

SMEs: Assessing Related Policies Kelvin Gilbert

ctivities in the start-ups and Small and Medium Enterprises (SMEs) sub sector of the nation’s economy received an enhanced attention in the development finance policy of the current administration of the Central Bank of Nigeria (CBN). Those interventions have proved to be well tailored as they are implemented in recognition of the essential role that sector plays in the economy not just in Nigeria but elsewhere in other climes. The policy is based on the understanding that an increased access to finance for start-ups and SMEs is highly essential for the nation’s quest for accelerated economic growth. Under it, special consideration was and is still being given to information and communication technology (ICT) infrastructure envisaged as a requisite to enable SMEs perform more efficiently and become globally competitive. It has been a deliberate policy under the administration of Godwin Emefiele to advance knowledge and innovation through various initiatives targeted at promoting youth’s entrepreneurship, research and development. Specifically, as users of new technology, the CBN initiated this policy directed at incentivising the adoption of innovations that will improve SMEs competitiveness and productivity. This is what is going on around the world as operators in the sector continue to harness the benefits of the knowledge economy to accelerate economic growth and development. Under this policy also, the CBN, in demonstration of its commitment to a new impetus to SMEs in Nigeria, rolled out massive developmental interventions in some critical sectors of the Nigerian economy, especially in agriculture, manufacturing and SMEs. In agriculture for instance, so much attention was given to SMEs through the Anchor Borrowers’ Scheme, a policy that cut across the broad spectrum of the agricultural value chain. To deepen the opportunities available to intended beneficiaries, the bank put in place financial intervention schemes directly aimed at supporting SMEs such as the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); Youth Entrepreneurship Development Programme (YEDP); Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF). Explaining the thinking behind the decision to give priority attention to youths who form the bulk of start-ups and other businesses in that category, Emefiele has remained consistent in his position that despite the hues, cries and complaints about this country, Nigeria remains the land of indescribable opportunities, the land where finding a simple

Emeﬁele solution to a common problem can lead to unimaginable financial prosperity. Such is his belief in the potentials inherent in the sector often referred to as the unorganised private sector that he made the participation of the operators in the sector and by extension, in the nation’s economic activity the pivot of his development finance policy. It is also a reflection of his people-focused policy drive which is redefining the perception of central banking in the country hitherto hinged more on financial system stability. There is no gainsaying it that the policy is driving development finance in a measurable positive way while at the same building a resilient financial system that can serve the growth and development needs of the Nigeria economy as a whole. The totality of the policy in this direction is youth engagement geared towards job creation and fostering inclusive growth through massive support to the micro, small and medium enterprises (MSMEs). A recent report of the World Bank noted that, ‘‘before COVID-19, about 40 percent of Nigerians

were living below the national poverty line, and millions more were vulnerable to falling into poverty.” The report went further to state that, “Simulations suggest that the crisis could push more than 10 million Nigerians below the poverty line unless adequate mitigation measures are implemented.’’ The creation of the N75 billion NYIF to provide opportunities for the youths to engage in the Micro, Small and Medium Enterprises (MSME), is novel in its intention targeted at creating employment, alleviating poverty and increasing the level of economic activities that will translate into economic growth and development. NYIF is a youth-focused programme in which each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at three years, with a single-digit interest rate of five per cent. This is designed to introduce self-employment to ease the pressure on the youth in the face of disappearing white-collar job opportunities

while fast-tracking development. It also served the purpose of hydrating the thirst of many Nigerian youth willing to go into businesses of their choice, be their own bosses while at the same time nudging their destinies in the desired direction. In the first quarter of this year, 447,671 beneficiaries were supported under the apex bank’s targeted credit facility across the country, with 58,229 businesses and 389,442 households affected by COVID-19 pandemic stimulated job retention across the real sector. With particular reference to the MSMEDF segment of its intervention, CBN financed 488 MSME projects nationwide, comprising 120 state projects and 368 private sector projects in agriculture, manufacturing, services, renewable energy and trading with 216,706 direct and indirect jobs created across the country. There were also 55,422 budding entrepreneurs trained under the Entrepreneurship Development Centres (EDC) established under the intervention. Available data indicate that 28,961 agri-business and artisanal projects were financed across the country, while 107,932 direct and indirect jobs were created under its Agri-business Small and Medium Enterprises Investment Scheme (AgSMEIS). Similarly, CBN financed 395 youth-owned projects in various sectors of the economy in line with its resolve to support entrepreneurial aspirations of youth MSMEs. It needs to be emphasised that the objective of the Fund is to channel low-cost funds to the MSME sub-sector of the Nigerian economy through Participating Financial Institutions (PFIs) to enhance access by MSMEs to financial services; increase productivity and output of micro-enterprises; create jobs; and engender inclusive growth. Before this time, many a youth dream had crumbled due to lack of capital. The eligible enterprises under the Fund include: enterprises in the agricultural value chain, cottage industries, artisans, services, renewable energy/ energy efficient product and technologies, as well as trade and general commerce. However, given the limited fiscal space due to the significant drop in government revenue, the CBN has had to intervene with other development finance tools and some monetary policy innovations to aid recovery without jeopardising price stability. It goes to show the level of commitment to the success of the policy specifically developed to turn the youth sector into an economic entrepreneurial base. It is important to note that these policies of the Emefiele administration have, in no small way, aided, in an accelerated manner, the impressive economic activity in that sector of the economy on a perceptibly sustainable basis. t (JMCFSU JT BO FDPOPNJTU CBTFE JO "CVKB

Clean Energy: FCMB Lights Up 3,000 Homes, Businesses in Six Months Oluchi Chibuzor

ecarbonisation and scaling clean energy are top on the agenda of Nigeria’s FCMB Group in an environment overwhelmingly reliant on fossil fuel. Although the Group has much ground to cover, it has cut its carbon footprint considerably and scaled its financial commitment to businesses committed to clean energy. First City Monument Bank, a subsidiary of the FCMB Group, has moved 150 (73%) of its pan-Nigeria branch network from grid/diesel generators to solar power. As a result, it is ahead of industry peers in the race toward a low-carbon future where clean energy takes centre stage. The same applies to its strides in financing renewable energy resources to support global decarbonisation efforts. The lender is backing clean off-grid energy solutions to bridge the supply gap in Africa’s most populous nation as the demand for household and commercial energy rises exponentially. A radical departure from the country’s predominant energy source - fossil fuels. Energy guarantees basic comfort and quality of life. It is an essential element of contemporary life that fuels productive activities such as commerce, manufacturing, agriculture, education, healthcare and more. For example, life without electricity, one of the many forms of energy, is tortuous and described as living in the dark. FCMB Group Chief Executive and contributing expert at the University of Oxford (Leading Sustainable Corporations Programme), Ladi Balogun, said access to energy drives economic growth and

Balogun development. He urged more commitment to clean energy finance to improve the quality of life and accelerate growth and development in developing and underdeveloped economies. Indeed, Nigeria, a developing economy with the lowest access to electricity globally, according to the Energy Progress Report 2022 by Tracking SDG 7, will benefit significantly from targeted off-grid interventions. It would ensure access to electricity for about 92 million persons out of the country’s 200 million population lacking access to power.

To bridge this gap, First City Monument Bank partnered with development finance institutions to provide targeted financing to improve Nigeria’s energy access through mini-grids and energy-efficient projects. The partner institutions include African Development Bank, Proparco and International Finance Corporation. In addition, there were project collaborations with the Nigerian Electrification Programme (NEP) and Nigeria Energy Support Programme (NESP) under the Rural Electrification Agency, Solar Naija Programme and the Central Bank of Nigeria.

Also, the Managing Director of the bank, Yemisi Edun, described FCMB’s bold intervention in the renewable energy sector as the solution to the energy shortfall challenge facing individuals and businesses in Nigeria. She believes it will unlock the sector’s potential and pave the way for more private sector investments in renewable energy projects. Remarkably, the FCMB Group subsidiary has executed credit enhancement agreements worth over N21 billion to improve energy supply, enhance cost efficiency and access to clean energy. Its financing proposition allows value chain players in the renewable energy sector to access loans of up to 70 per cent of their project cost without collateral under the World Bank/Rural Electrification Agency (REA) of Nigeria scheme. Between June and July this year, the lender provided credit lines worth about N1.7 billion to firms operating in the renewable energy sector. Out of the funds, over N265m went into mini-grid projects, with a total PV capacity of 392KWp, in Rivers, Niger, Ebonyi state and Ondo States. It also financed three hybrid energy efficiency projects in Lagos and Abuja with about N330 million. These projects increased access to sustainable energy sources for about 3,000 households and Small and Medium Scale Enterprises (SMEs) across the country. They now enjoy a constant electricity supply from clean and environmentally friendly solar, hydro and biomass sources. A purpose beyond profit corporation, FCMB Group is building and driving an ecosystem that fosters inclusive and sustainable growth across Nigerian communities.

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

T H I S D AY ˾ DAY ͯͷ˜ 2022

CITYSTRINGS

Group Features Editor: Chiemelie Ezeobi ×ËÓÖ ÍÒÓÏ×ÏÖÓÏ˛ÏäÏÙÌÓ̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×˜ ͖͕͔͑͑͒͑͒͑͑͘

How Media Framing of Sexual Violence Leads to Victim Blaming and Reinforces Rape Myths In this article, Soyem Osakwe, who highlights how media coverage can lead to victim blaming and propagation of negative stereotypes, proffers solution on the imperative of balancing news coverage by using thematic frames which could help the audience understand the enormity of the crime, the systemic factors that allow rape thrive and why deterrents are important to curbing the spate

Image credit: David Ayankoso

ictims and survivors of rape face a lot of scrutiny and their credibility is constantly debated by society. While some empathise with survivors; there are others who quickly begin to interrogate the actions and behaviour of the survivor, with the aim of finding a reason or an excuse to justify the crime of rape and why it has happened. Female survivors face more scrutiny in this regard and are often subjected to further abuse and victimisation. For years, activists have criticised the media for propagating narratives that lead to victim blaming and harm survivors even further. In this piece, I provide a concise description of how the media reflects the culture of the society in which it functions. A recent analysis of how Nigerian newspapers reported the spate of sexual violence between 2020 and early 2022 indicates trends in news coverage that raise questions about the agenda and frames employed (Osakwe, 2022). The study found that by using episodic frames to report rape, the media focused on cases as though they were independent events occurring without a central problem of inequality, misogyny and harmful stereotypes. Political communications scholar, Iyengar propounded episodic and thematic frames, indicating that different framings of news issues have varied implications on how the public assigns blame for both the origin of societal problems and their remedy. A thematic frame emphasises how to solve the circumstances that lead to the problem, whereas episodic frames focus on how to fix the individual who is having a problem. The analysis of news stories on rape in Nigeria revealed that the attributes of victims or survivors most highlighted in the reports are age, educational status, location, and sexual behaviour. For example, some reports referenced victims as virgins, and in other instances, commercial

sex workers. Activists and researchers acknowledge that reporting on sexual behaviours of victims leads to the audience analysing who is more deserving of justice. Thus, coverage which highlights specific aspects of the victim’s life could result in the audience being distracted from the crime committed and focusing on the type of victim and if they are deserving of justice. Another noticeable trend is the amount of media coverage given to perpetrators via interviews. In some cases, the journalist posed questions to the suspects on why they committed the crime; and a common response noted in the referenced study was that the victim had received monetary gifts from the perpetrator or a friend as such the perpetrator felt he was within his rights to rape the victim. The offenders' comments quoted in news reports also show that, the media presented harassment and catcalling by the perpetrator as “rebuffing the advances of an admirer” thereby, minimising and understating the impact of the perpetrator’s actions. By giving offenders a platform to repeat

the atrocities they had committed and providing a rationale for why the crime was committed, the media inadvertently blamed victims and reinforced negative stereotypes. A study published in 2018 by Buam et al., found that when victim blaming is common in news reports, more sexual violence occurs in society. This study and others have found a connection between media coverage of sexual assault and the ability of victims to disclose the crime, society's perception of the crime, law enforcement's investigation of the crime, and the lack of accountability that aids offenders in avoiding punishment. Yet another stereotype reinforced in the news reports gives the impression that boys and men are not victims of sexual violence. An interesting finding from the study shows that male victims of sexual violence were seldom reported about in the media. This could lead the audience to question if boys and men could be victims of rape and for male survivors, this could impact their decision to report or stay silent.

In order for the audience to get a complete grasp of the issue, the media has a responsibility to present factual information on sexual violence. Research on media framing shows that reporting sexual violence as independent occurrences, leaves out context, making it more diﬃcult for the audience to understand how certain aspects of the culture and practices may be contributing to the rape crises

Data shows that while girls and women are more vulnerable to sexual assault, boys and men can also be victims. According to data from UNICEF, one in ten boys and one in four girls have experienced sexual assault in Nigeria. The Nana Khadija Centre, Sokoto reveals that 40 per cent of survivors treated at the centre from March 2020 till date are boys. Thus, sexual violence is multifaceted with a wide range of victims, perpetrators, and circumstances. If the media focus too much on a type of sexual violence, it can give a distorted sense of how often sexual violence occurs and who is at risk. This can divert attention away from cases that do not fit the stereotype of sexual violence portrayed in the media. Global studies on sexual violence (SV) show that the fear of victim-blaming and stigmatisation are the most common reasons why survivors do not report. Survivors of SV face tremendous difficulty as they seek healing and justice. In order for the audience to get a complete grasp of the issue, the media has a responsibility to present factual information on SV. Research on media framing shows that reporting sexual violence as independent occurrences, leaves out context, making it more difficult for the audience to understand how certain aspects of the culture and practices may be contributing to the rape crises. It is therefore imperative that the media balances news coverage by using thematic frames which could help the audience understand the enormity of the crime, the systemic factors that allow rape thrive and why deterrents are important to curbing the spate. -Osakwe is a global communications advisor. She works with non-profits to deliver social impact communications that effectively address social issues. You can connect with her on LinkedIn

T H I S D AY ˾ DAY ͯͷ˜ 2022

CITYSTRINGS

Sales Rep Bags Four-year Sentence for Stealing Boss' N4.590m Rebecca Ejifoma

sales representative, Mr Kehinde Ajani has been sentenced to four and a half years in prison with hard labour for stealing his boss' N4.590million. Ajani was convicted and sentenced four years by Chief Magistrate Victor Ugoji of a Rivers State Chief Magistrate's Court after he was found guilty of committing the said crime. In 2018, the offender was said to have diverted 30,000 litres of Automotive Gas Oil (AGO) valued at N4,590,000 belonging to his employer, Hyde Energy Limited. Ajani, who was employed in 2008, was to oversee about eight stations across the country where products were loaded and dispatched. He was, however, accused of diverting the products after loading sometime in 2018 which he sold for personal use. When asked, Ajani had told his employer that he was yet to load the product due to delays by the tank farm. Not convinced by his claims, the company's management was said to have instructed another employee to confirm after Ajani had left the company. It was then discovered that Ajani had since loaded the product, sold it and fled Port Harcourt, the Rivers State capital. Upon this discovery, the company

contacted the law firm of Adeniji Kazeem & Co, who petitioned the State Criminal Investigation Department (SCID), Port Harcourt and the police started tracking him. The convict was said to have been trailed to his hideout in Ogun State, arrested and later charged to court for stealing. His trial, however, suffered some setbacks following the elevation of the Magistrate who was presiding over the case. The case was subsequently transferred to Chief Magistrate Ugoji in September last year and the matter started afresh. On September 6, Chief Magistrate Ugoji held that Ajani had the sole responsibility of ensuring delivery of the product, which belonged to the complainant after remit payment was sent to him for such purpose. "The defendant kept deceiving the complainant that the product was not loaded by giving several reasons which the complainant relied on not until when he was no longer on the employment of the complainant before the truth became known," the court held. It established the case of stealing against Ajani, found him guilty and convicted him accordingly. The court ruled: "There was heavy and unchallenged evidence against the defendant which must be relied on. The case falls squarely on the betrayal of trust which the complainant had reposed on the defendant and he should

serve as a deterrent to others. "On the offence of conspiracy, the defendant is hereby sentenced to 18 months imprisonment with hard labour with an option of a fine of N50,000. On the offence of stealing, the defendant is hereby sentenced to three years imprisonment with hard labour with an option of a fine of N100,000. Chief Magistrate Ugoji added: "The defendant is to pay the sum of N4 million to the complainant as compensation for his product. The defendant is also to pay the sum of N100,000 to the complainant as the cost of litigation. The payment should be immediate.”

Ajani

Youth Leader Alleges Threat to Life, Seeks Police Protection Uzoma Mba

gochukwu Valentine Asikwo, a youth leader in Eziowelle community in Idemili North Local Government Area of Anambra State has sought police protection over alleged threat to life. The 42 years old also claimed some youths, prominent indigenes of the community have been targets of ceaseless attacks, indiscriminate arrests and assassination attempts on trumped up charges by leaders of their community over land matters. Pointing accusing fingers at some security agents, a land developer, and the civilian security outfit, Ebubeagu in the area, he said he escaped death last month. He said: “I was sleeping in my parlour when I heard some sound outside. I looked through window and saw people jumping through the fence. They were all dressed in dark clothes and they wore masks on their faces. They were more than 40, fully armed with pump action rifles. They broke the iron doors. “Four of them that entered through the gate were carrying AK47 rifles which showed that they were government officials. Their four Hilux vans and a shuttle bus were seen in front of my gate. Those who carried pump action were operatives of Ebubeagu. They surrounded the whole compound. “They met one of my boys washing clothes early that morning outside. They were asking him, ‘where is the owner of this house. Where is the shrine located’? When he told them that he did not understand what they were saying, they started beating him.” Regaling how the armed men reportedIy forced their way into his apartment after destroying the doors of all his tenants, he added “they dragged them out of their rooms and were stepping

them on their heads asking them ‘who is Ugochukwu.’ "They went upstairs and broke the iron door leading to my younger brother’s room. He is a pastor. They dragged him out of his apartment to where they gathered all the tenants outside, downstairs. “There was a young man I helped secure his release at Zone 13 police station in Ukpo. I met him inside the cell during one of the days I was dragged there on trumped up charges. So, he came to my house for the very first time to say thank you. He came late so, I asked him to sleep over till the next day. He was in my visitor’s room. They dragged him out and asked him who he was. He said he is a friend to me. "They beat the living daylight out of the young man. They kept torturing him to reveal where I was, shouting that there is an allegation that we kill people here, and that we deal on hard drugs and gun running, and that we are terrorizing the Igwe and his people. That he should speak, that I am a killer. "They asked him if he eats human flesh with me. The young man said he was not aware of these things stating that it was the first time of his coming to Eziowelle.” According to Asikwo, while the armed men were ransacking his house, he hid out of their sight. “They were in my house till 7am from that 5am they came in. “They collected my car key, which was on the television stand and my handsets, entered my private room, and took two of my power banks, and my necklace. They also took six phones belonging to youths whose parents seized and reported for being stubborn. They also collected the phone of my visitor. They took every cash they found in the house. "The same thing was what they did in my younger brother’s apartment.

They took about N30, 000 kept at his bedside. But when they realized who he was, they apologized and returned his money on the excuse that they took the money because they did not want someone else to take the money.” He disclosed how the security agents threatened to kill his wife and children since they could not see him until “my brother protested that they were innocent. “They used the butt of the gun to hit his head, threatened to kill him if he uttered another word. After they finished and left with that my visitor, I came out from hiding, went to where my car was parked and discovered they took it with them. The balance of the N1.5 million I withdrew the previous day was inside my car that they took. My ATM card, everything. “Two days later, my visitor that was abducted and taken away came back and narrated what happened to him. He said they took him to their cell and continued to torture him. He said they blindfolded him until they threw him inside a cell and removed the blind. So, he saw so many helpless innocent people inside the cell. "He said they continued to torture him, they tied his hands backward, and he was in that position for four hours till his hands were numb from lack of circulation of blood. They were insisting that he must say where I was. He said he saw another prominent indigene of the town abducted same day, inside the cell. When they wanted to take them out of that place, they blindfolded their eyes again till they found themselves in Awka.” On what brought about the raid, he said said four years ago people in the community came together and said they wanted an election to be conducted for the position of the chairmanship of youths. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

CRIME SITUATION REPORTS

INSECURITY CHALLENGES IN NIGERIA: WAY OUT OF SEEMING DESPONDENCY (10) Gbolahan Samuel Moronfolu EFFECTS OF INSECURITY IN NIGERIA Insecurity in any economy is very devastating and always disastrous. The effects include the followings: Close Down and Low Operation of Existing Companies Some of the companies operating in Nigeria especially the foreign companies have closed down and moved back to their countries and other West African countries while the existing ones are operating at low capacity rate thereby leading to retrenchment of employed youths under their pay role. This has further compounded the problem of unemployment among the youth in the country which may result to further violence. This scenario has not only deepened the existing unemployment rate in the country but has also increased the rate of poverty. Close Down and Reduction of Admission to Educational Institutions in Some Parts of the Country Education institutions which are seen as pivot of national development have become a place of fears and threats in many parts of the country. Most educational institutions especially in the Northern part of the country have been closed down for the fears of militant attacks, while some universities in the country have reduced their admission policy because of the fears of the insurgency. University education according is a pace-setter for human resource development but insecurity has led to depreciating value of education in many part of the country. Usually, security threat may result to close down of many educational institutions or some operating at low capacity thereby reducing the production of human resource needed for structural development in the country. Reduction of Direct Foreign Investment in Tourism The growth of foreign direct investment in tourism sector which was one of the major sources of revenue to the government has drastically reduced. Some immigration departments of countries in Europe and America have issued warnings to their citizens who wish to visit Nigeria to be aware of the security problem in the country. The issue does not only affect foreign direct investment in the country, but also business confidence as many foreign and domestic companies may have lost confidence in establishing businesses in the country. It Discourages Entrepreneurial Development in Many Part of the Country So many entrepreneurs especially the non - indigenes of the North have vertically vacated their businesses in fear of insurgence in some Northern part of the country to different cities and towns in Nigeria. Likewise it has been reported that many business men and women have equality left the areas in fear of the threat and violence to their places of abode. This type mass movement has negative implications on entrepreneurial development in the country. Loss of the Respect of Nigeria in the Eyes of the International Community Due to insecurity and violence in the country, the respect and prestige of Nigerians in the eyes of international community have been damped. This is because many countries now look at Nigeria and Nigerians as rebellious criminals and may disassociate themselves from them in terms of bilateral relations and

business partners because of the fear of being duped. Its continuity may also have negative affect all the indices of development and the quest for millennium development goals, and vision 2030 may turn out to be a mirage. Solutions to the Menace of Cultism Over the past two decades, various attempts have been made to deal with the problem of cultism. The various measures taken to address the spate of cultism in Nigerian tertiary institutions include the enactment of Decree 47 of 1989 that pronounced a number of year jail term for any cultist found guilty. Rivers State government made a law stipulating a ten-year jail term sentence without an option of fine for culprits of cultism. Also, the Federal Republic of Nigeria under Chief Olusegun Obasanjo in 2000 issued a three-month ultimatum to all vice-chancellors to eradicate cultism from the campuses. Some higher institutions also set up anticult groups consisting of the student body itself and some security agents to monitor and check the activities of cultists on campus. Despite the various measures, it appears the proliferation of cult groups and their dastard acts continue unabated as there are allegations that some vice-chancellors were sponsoring cult activities in their universities to silence the voice of dissent. This appears not to augur well for a citadel of Learning. Considering its metropolitan status, Lagos State has its own fair share of the nuisance of cultism. However, the government has been investing heavily in the beefing up of the State’s security architecture, just to ensure that cultists and other such reprehensible groups do not have a field day of terror on the society. Toward this end, the Governor, Mr. Babajide Sanwo-Olu administration has rebranded and repositioned the State’s special crime-bursting outfit, the Rapid Response Squad (RRS). Not only this, the administration donated security equipment worth N8.7b to the State Police Command. Similarly, the governor has signed the bill for the Prohibition of Unlawful Societies and Cultism of 2021 into law, which stipulates a 21-year jail term for convicted cultists in the State. The State’s House of Assembly, in February 2021, passed the anticultism bill, which also stipulates 15-year jail term for anyone found guilty of abetting cultists and residents who willfully allow their property to be used as meeting points by cultists. The anti-cultism law repeals the Cultism (Prohibition) Law of 2007 (now Cap. C18, Laws of Lagos State of Nigeria, 2015) and provides for more stringent punitive measures, as well as makes its application all-encompassing and applicable to the general public, as against the restriction of the previous law to students of tertiary. According to the governor, the State had suffered the negative effects of unlawful societies and cultism. He, thus, stressed that the new law sought to make parents more responsible and show more interest in the upbringing of their children and wards to ensure that they do not become a burden to society. It must, however, be stressed that all the efforts of the government might not really achieve many results except every stakeholder in the society join hands with the government in the war against cultism. -Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

T H I S D AY ˾ ˜ SEPTEMBER 19, 2022

BUSINESS/MONEYGUIDE

Report Blames Food Safety Concerns, Gaps in Best Practices for Agro-export Reject James Emejo ÓØ ÌßÔË The Technical Committee on Nigeria Agro Export Reject set up recently by the federal government to investigate the rejection of the country’s agro-exports in the international market has submitted its findings with recommendations. The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, had earlier in May, inaugurated the body which was headed by the Director, Commodities and Export Department of the ministry, Mr. Suleiman Audu, to look into the issue of rejection of Nigeria’s agro produce in the global market. However, submitting the report to the minister over the weekend, the committee noted major concerns including food

safety, technical barrier, nonadherence to best practices, and disregard for basic requirements as “largely responsible for the rejection of our agro-exports abroad”. The committee, accordingly, proffered appropriate recommendations to reverse the trend. Among other things, it urged the trade ministry to embark on a sensitisation and awareness programme on the need for farmers and operators in the agricultural value chain to secure and adopt Global Good Agricultural Practices (GAP) certifications in collaboration with the private sector. The report also urged the Minister of Industry, Trade and Investment and the Federal Ministry of Agriculture

and Rural Development to float a dedicated budget to fund the Global GAP training, traceability, and certification of all their farmers, to enable their products to qualify for exports, under the federal government initiative. It further stated that the Nigeria Export Promotion Council (NEPC), in collaboration with the trade ministry’s Commodities and Export Department (CED) should produce documents, jingles, and offline promotional campaigns (prints, electronic, and billboards) in major Nigerian languages. This, it said, is to enlighten stakeholders in the agricultural value chain on the need to be Global GAP certified, in order to produce safe and healthy agro produce and avoid rejections.

L-R: Portfolio Manager, Nigeria Sovereign Investment Authority (NSIA), Mr. Pius Osiriamhe Anyiador; Chief Executive Officer, Pandagric Novum Ltd, Mr. Bruce Spain; Managing Director & Chief Executive Officer NSIA, Mr. Uche Orji; and Executive Director NSIA, Malam Aminu Umar-Sadiq; at the Media Briefing announcing the Official Commissioning of Pandagric Novum Ltd in Abuja on Friday. ǄǉǂǎǇǀǔ ƿǀƽǊǔǀ

Promo: Access Bank to Reward Customers With All-expense Trip to Dubai

MARKET INDICATORS

Nume Ekeghe

MONEY AND CREDIT STATISTICS

In its bid to encourage customers to use its AccessMore banking application, Access Bank Plc has said it will be rewarding a customer with his or her guest with an all-expense trip to Dubai this December. The bank also noted that they plan to reward customers with smartphones, cash prizes, and other amazing prizes. Speaking at the maiden prize presentation for rewarding AccessMore customers in Lagos, the Head, Marketing and Communications, Access Bank, Chioma Afe, said the app was launched in 2020 as a way to encourage customers to use the app to make transactions due to the lockdown. Afe noted that the bank saw increased patronage of the app and decided to reward its

customers by introducing the reward initiative in 2022 She said: “We kept it simple. We kept it in the app and we said, if you make N100 Naira on the rewards, you can just quickly redeem it or we keep reminding you because it is available for you for a period of time. “You can use it to offset bills such as light bills, Cable bills and so we saw customers do it consistently from 2020. So in 2022, we decided to do something to reward our customers so that more people can tap into the rewards and see the benefits for them, especially to refer other customers and to give them something more.” Also, Senior Banking Adviser, Retail Banking at Access Bank, Rob Giles, said that the first phase involved the bank rewarding about five customers

with N100,000 and N1 million while adding that the grand prize winners will go to Dubai at the end of the year for a five day trip. Giles said, “The steps to take to enjoy rewards on the app are quite easy. Simply download the AccessMore app, register (signup) and opt into Access Rewards & Referrals on the app to get 100points. Each complete referral you make earns you additional 100 points. Once you onboard 20 – 30 new people onto the AccessMore app, you get 2000 – 3000 points, respectively and this qualifies you for a chance to win cash prizes of up to N1million. Customers can also stand a chance to win iPhone 13 phones, and other cash prizes of N100,000 and N50,000 and other amazing rewards.”

FSDH Merchant Bank Unveils Solutions for Healthcare Sector Nume Ekeghe FSDH has unveiled in a bid to support healthcare sector in Nigeria, they have developed an array of products and financing to boost the sector. The bank noted that they have come up with key collaborations the private and public sectors including the Lagos State Government to help bridge the corrosion in the healthcare sector.

The bank in a statement noted that the Managing Director of FSDH Merchant Bank Limited, Mrs. Bukola Smith said the bank has for set up a health desk manned experienced doctors and practitioners and is financing healthcare projects, supporting several hospitals and HMOs. The Group Head of Corporate Banking & Branches, Stella-Marie Omogbai also stated: “FSDH identified the healthcare industry as an area of interest,

and we put together a team of doctors and professionals who understand the business of healthcare finance. We set up a health desk manned by some of the most experienced doctors and practitioners and since then, we have gone ahead to finance healthcare projects, support several hospitals, HMOs as well as partnerships with the private and public sectors including the Lagos State Government”

CSCS Joins ISSA Board as CEO Jalo-Waziri Becomes Board Member Kayode Tokede The Central Securities Clearing System Plc (CSCS) from September 2022 becomes a member organization of the Board of Directors of the International Securities Services Association (ISSA) as Haruna Jalo-Waziri, CEO of CSCS appointed to the Board of ISSA. The ISSA Board has set themselves the ambition of ensuring the Association is diverse and fit for the 21st Century, composed of a wide spectrum of firms involved in the Securities Services value chain globally. The Chairman, ISSA, Phil Brown in a statement said, “CSCS is a great addition to the

ISSA Board, bringing not only in-depth knowledge of Africa, but also a forward-thinking and technologically advanced perspective. “ISSA is committed to building its brand on the continent and ensuring the relevance of its products to all market segments – and the presence of CSCS on the Board will ensure that ISSA delivers on this commitment. Haruna is a known quantity at ISSA, having served and actively contributed on the Operating Committee. He will undoubtedly bring his skills and personality to the Board, and I am delighted that he will be joining us.” On accepting the nomination, Chief Executive of CSCS, Haruna

Jalo-Waziri in a statement also said, “I am delighted to have the opportunity to contribute towards global capital market development. “I look forward to deepening my engagement with ISSA towards advancing its crucial role in the global securities services industry for the mutual interest of all members and more importantly the integrity and efficiency of the market. Since becoming an Operating Committee Member, I have more than ever appreciated the real value that ISSA brings to the market and the potentials of its coordination of securities services stakeholders across the ecosystem.

(MILLION NAIRA)

JUNE 2022 Money Supply (M3)

48,865,823.53

-- CBN Bills Held by Money Holding Sectors

167,956.2

Money Supply (M2)

48,797,867.32

-- Quasi Money

28,405,330.1

-- Narrow Money (M1)

20,392,537.22

---- Currency Outside Banks

2,722,785.91

---- Demand Deposits

17,669,751.32

Net Foreign Assets (NFA)

6,242,394.29

Net Domestic Assets(NDA)

42,623,429.24

-- Net Domestic Credit (NDC)

57,267,178.05

---- Credit to Government (Net)

17,996,690.06

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

39,270,488

--Other Assets Net

5,566,430

Reserve Money (Base Money

11,320,304

--Currency in Circulation

3,259,269.15

--Banks Reserves --Special Intervention Reserves

11,320,303.72 384,377.56

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

June 2022

Inter-Bank Call Rate

11.10

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

13.00

Treasury Bill Rate

2.45

Savings Deposit Rate

1.38

1 Month Deposit Rate

3.48

3 Months Deposit Rate

4.55

6 Months Deposit Rate

4.97

12 Months Deposit Rate

5.30

Prime Lending rate

12.29

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, MAY 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ ˜ ͯͷ˜ ͰͮͰͰ

Yuguda: SEC Committed to Developing Commodities Ecosystem Kayode Tokede The Director General, Securities and Exchange Commission (SEC), Lamido Yuguda has stated that the commission is committed to developing the commodities ecosystem as potent way forward in Nigeria’s quest for sustainable foreign exchange earnings and economic development. The DG was represented by

Lagos Zonal Director of the commission, Hafsat Rufia at the 2022 Finance Correspondents Association of Nigeria (FICAN) conference with the theme – “Boosting Domestic Capacity for Sustainable Export Earnings” in Lagos during the weekend. The DG who was speaking on, “Sustainable Foreign Exchange Earnings: The Regulatory perspective,” he said Nigeria has experienced a significant decline

P R I C E S MAIN BOARD

F O R DEALS

in foreign exchange earnings as well as revenues accruable to the federation, mainly due to volatility in international crude oil prices. According to him, “In the past few months, this has been exacerbated by low oil production and oil theft in the country. This has often resulted in foreign exchange shortages and balanceof-payment problems. “These recent developments have again brought to the fore

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

the important issue of sustainable foreign exchange earnings. Foreign exchange is a scarce resource that needs to be efficiently managed with a view to achieving macroeconomic stability, as well as avoiding balance of payments and external reserve problems. “Sustainable levels of foreign exchange earnings and external reserves are the backbone of any nation’s exchange rate.

T R A D E D MAIN BOARD

A S

They ensure stability of the rate and low levels weaken a nation’s currency. “To this end, the Federal Government of Nigeria is intensifying efforts towards diversifying the economy and reducing overdependence on crude oil.” He noted that the Nigerian capital market has a significant role to play in contributing to sustainable foreign exchange earnings.

O F

He explained the capita market can attract more foreign portfolio and direct investments which is expected to help stabilize the value of the naira. To do this, the market must be more competitive, as other markets also seek the same foreign capital inflows. The 10-year Nigerian Capital Market Master Plan (2015-2025) is built around four strategic themes one of which is competitiveness.

1 6 / 0 9 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

Monday, September 19, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ĞĂƌƐ ŽŵŝŶĂƚĞ WƌŽĐĞĞĚŝŶŐƐ͙ ^/ ĚŝƉƐ Ϭ͘ϰй

THISDAY AFRINVEST 40 INDEX

This week, the local bourse closed in the red as

ƐĞůůŽīƐ ŝŶ & E, (-5.7%) and E'^h' Z (-3.0%) dragged the benchmark index lower by 0.4% to

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Current Price

Ticker

print at 49,475.42 points. Consequently, YTD return moderated to 15.8% from 16.2% the prior

THISDAY AFRINVEST 40

Price Previous Price Current Change Price Change Weighting Index to Change YTD Date

2460.33

-0.22%

ROE

32.7% 146.0%

26.0%

ROA

P/E

4.9%

4.7x

Divindend Earnings Yield Yield

P/BV

0.8x

6.6%

14.7%

ǁĞĞŬ͕ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ േ118.5bn to േϮϲ͘ϳƚŶ͘ ĐƟǀŝƚǇ ůĞǀĞů ǁĞĂŬĞŶĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů Ϯϱ͘ϲй ĂŶĚ ϭϰ͘ϰй ǁͬǁ ƚŽ 141.2m units and േϭ͘ϲďŶ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ǁĞƌĞ KhZds/>> (150.7m units), E/d, (59.5 units), and 'd K (40.9m units) while E ^d> (േ1.6bn), E/d,

(േ1.2bn), and 'd K (േϬ͘ϴďŶͿ ůĞĚ ƚƌĂĚĞ ďǇ ǀĂůƵĞ ͘

Performance was bearish across sectors within ŽƵƌ ƉƵƌǀŝĞǁ ĂƐ ϱ ŝŶĚŝĐĞƐ ůŽƐƚ ǁŚŝůĞ ƚŚĞ &Z-/ d

ŝŶĚĞǆ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ ĂŶŬŝŶŐ index led laggards, ĚŽǁŶ ϯ͘ϯй ǁͬǁ ĚƵĞ ƚŽ ƐĞůůŽīƐ ŝŶ &/ >/dz ;-6.6%) and UBA (-6.0%). Trailing, the /ŶƐƵƌĂŶĐĞ and ŽŶƐƵŵĞƌ 'ŽŽĚƐ indices dipped 2.6% and 0.3% ǁͬǁ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĚĞĐůŝŶĞ ŝŶ KZE Z^d ;-6.2%), t W/ ;-ϱ͘ϯйͿ͕ s/d &K D ;-ϱ͘ϵйͿ͕ ĂŶĚ /Ed Z t (-ϯ͘ϬйͿ͘ ^ŝŵŝůĂƌůǇ͕ ůŽƐƐĞƐ ŝŶ d '> ^ ;-10.0%), dZ/WW> ' ;-ϲ͘ϵйͿ͕ ĂŶĚ K E K ;-ϭ͘ϬйͿ ƐŚĂǀĞĚ Žī 0.2% apiece from the /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ and Kŝů Θ 'ĂƐ indices.

T o p 10 G a i n e r s T ic k er

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ breadth, weakened to -Ϭ͘Ϯǆ ;ƉƌĞǀŝŽƵƐůǇ͗ -0.1x) as

P ric e

T o p 10 T r a d e s b y V o lu m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

N EM

5.65

7.6%

ST ER LN B A N K

173.8

0.0%

CHA M S

0.31

6.9%

UB A

54.1

3.4%

FCM B

3.50

6.1%

Z EN IT H B A N K

14.0

0.0%

UB A

7.55

3.4%

CHA M S

14.0

6.9%

30.30

3.4%

T R A N SC OR P

6.4

-2.7%

8.85

2.3%

FCM B

5.6

6.1% -0.5%

13 stocks gained, 36 lost while 103 were

F LOUR M ILL

unchanged. The top outperforming stocks for the

WA P C O

24.90

1.8%

GT C O

5.2

ET ER N A

6.30

1.6%

F ID ELIT YB K

4.8

1.4%

C UT IX

2.15

1.4%

OA N D O

4.1

-1.2%

F ID ELIT YB K

3.65

1.4%

FB NH

3.8

0.0%

week were Dh>d/s Z^ (18.6%), dZ E^ (7.1%), and ,KEz&>KhZ (5.8%) while Z ^d Z y

A C C ESSC OR P

T o p 10 L o s e r s

(-12.6%), d '> ^ (-10.0%), and > ZE &Z (T ic k er

8.4%) were the top underperforming stocks. We project a muted performance in the local bourse ŶĞǆƚ ǁĞĞŬ ďĂƌƌŝŶŐ ĂŶǇ ƉŽƐŝƟǀĞ ĐĂƚĂůǇƐƚ͘

T o p 10 T r a d e s b y V a lu e

P ric e

P ric e C hg %

H ON YF LOUR

2.25

-10.0%

T ic k er

Value

P ric e C hg %

UB A

400.6

LEA R N A F R C A

2.25

3.4%

-8.9%

M TNN

289.5

LIN KA SSUR E

0.0%

0.48

-7.7%

Z EN IT H B A N K

281.4

0.0%

WA P IC

0.38

-7.3%

ST ER LN B A N K

252.1

0.0%

J A IZ B A N K

0.85

-4.5%

N EST LE

119.2

0.0%

C OUR T VILLE

0.48

-4.0%

GT C O

103.8

-0.5%

UA C N

11.00

-3.5%

WA P C O

63.9

1.8%

A B CTRA NS

0.28

-3.4%

FB NH

40.3

0.0%

J A P A ULGOLD

0.29

-3.3%

GUIN N ESS

34.1

0.0%

T R A N SC OR P

1.07

-2.7%

P R ESC O

21.1

0.0%

MONDAY, SEPTEMBER 19, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 15Sept-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 10.89% AIICO Balanced Fund 3.69 3.75 8.48% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.31% Anchoria Equity Fund 138.61 140.17 -0.46% Anchoria Fixed Income Fund 1.18 1.18 2.74% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 21.19 21.83 4.48% ARM Discovery Balanced Fund 510.59 525.99 13.17% ARM Ethical Fund 42.50 43.78 9.09% ARM Eurobond Fund ($) 1.09 1.09 0.31% ARM Fixed Income Fund 1.06 1.06 4.37% ARM Money Market Fund 1.00 1.00 10.09% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 91.63 91.63 -5.27% AVA GAM Fixed Income Dollar Naira 1,082.46 1,082.46 8.25% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.10 2.10 3.26% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.33 2.38 9.53% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 5.99% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.10% Paramount Equity Fund 18.42 18.75 9.86% Women's Investment Fund 145.99 147.76 3.24% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.68% Cordros Milestone Fund 130.97 131.89 5.27% Cordros Dollar Fund ($) 111.19 111.19 5.02% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 8.77% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 9.76% EDC Nigeria Fixed Income Fund 1,119.51 1,139.61 0.74% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 9.36% Emerging Africa Bond Fund 1.04 1.04 8.68% Emerging Africa Balanced Diversity Fund 1.04 1.04 3.69% Emerging Africa Eurobond Fund 103.37 103.37 2.16% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1503.13 1503.13 11.47% FBN Balanced Fund 0.00 0.00 10.66% FBN Halal Fund 123.48 123.48 10.92% FBN Money Market Fund 100.00 100.00 10.20% FBN Dollar Fund (Retail) 125.89 125.89 6.02% FBN Nigeria Smart Beta Equity Fund 158.51 160.64 5.59% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.60% Legacy Debt Fund 3.57 3.57 -10.83% Legacy Equity Fund 1.88 1.92 8.18% Legacy USD Bond Fund 1.24 1.24 2.79% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

4,059.54 3,621.36 100.00

4,113.91 3,621.36 100.00

5.90% 6.24% 11.17%

FSDH Dollar Fund 1.12 1.12 4.05% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 10.20% Vantage Balanced Fund 2.92 2.97 4.76% Vantage Guaranteed Income Fund 1.00 1.00 6.00% Kedari Investment Fund (KIF) 142.84 142.84 5.65% Vantage Equity Income Fund (VEIF) - June Year End 1.23 1.27 3.46% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.35% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.61 1.64 13.72% Lotus Halal Fixed Income Fund 1,169.96 1,169.96 6.54% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.57 102.57 9.68% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.44% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 125.10 127.65 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,534.22 3,567.96 4.34% Stanbic IBTC Bond Fund 241.75 241.75 2.62% Stanbic IBTC Ethical Fund 1.39 1.41 11.11% Stanbic IBTC Guaranteed Investment Fund 326.10 326.11 4.14% Stanbic IBTC Iman Fund 257.47 261.19 10.36% Stanbic IBTC Money Market Fund 1.00 1.00 10.31% Stanbic IBTC Nigerian Equity Fund 11,704.15 11,862.32 7.27% Stanbic IBTC Dollar Fund (USD) 1.34 1.34 3.66% Stanbic IBTC Shariah Fixed Income Fund 119.71 119.71 2.40% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 112.26 112.26 5.53% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.95 0.97 7.47% United Capital Balanced Fund 1.34 1.36 2.78% United Capital Wealth for Women Fund 1.12 1.14 8.90% United Capital Sukuk Fund 1.08 1.08 5.05% United Capital Fixed Income Fund 1.91 1.91 4.43% United Capital Eurobond Fund 123.31 123.31 4.06% United Capital Money Market Fund 1.00 1.00 11.23% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.58 13.71 2.99% Zenith ESG Impact Fund 15.55 15.69 6.32% Zenith Income Fund 23.12 23.12 5.32% Zenith Money Market Fund 1.00 1.00 9.73% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.74 3.84 -6.57% Vetiva Consumer Goods Exchange Traded Fund 6.01 6.11 2.83% Vetiva Grifﬁn 30 Exchange Traded Fund 17.91 18.11 1.28% Vetiva Money Market Fund 1.00 1.00 9.73% Vetiva Industrial Goods Exchange Traded Fund 17.82 18.02 -10.79% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 139.47 141.47 -11.52%

REITS NAV Per Share

Yield / T-Rtn

119.15 52.07

5.15% 2.37%

Bid Price

Offer Price

Yield / T-Rtn

14.17 126.24 98.80 16.40 17.10

14.27 129.43 100.96 16.50 17.20

1.32% -0.69% -0.96% -3.65% 14.54%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

Fund Name SFS REIT Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

MONDAY SEPTEMBER 19, 2022 • T H I S D AY

MONDAY, SEPTEMBER 19, 2022 • T H I S D AY

NEWSXTRA

DINNER/AWARD CEREMONY... L-E: Mrs Ebun Omotosho; Ekiti State Governor-elect, Mr Biodun Abayomi Oyebanji; Ekiti State Governor, Dr Kayode Fayemi; and former Health Minister/Chairman Ekiti State COVID-19 Response Resource Mobilisation Committee, Prince Julius Adelusi-Adeluyi; during the dinner/award ceremony in honour of members of the committee in Lagos…on Saturday

Obaseki Seeks Collaboration to Deepen Health Sector Reforms Hails Igbinedion's contributions to Edo's devt Edo State Governor, Mr. Godwin Obaseki, has called for collaboration with the World Medical Association to strengthen delivery of quality and affordable healthcare to Edo people across the state. Obaseki made the call during a courtesy visit by a delegation of the World Medical Association led by its President-elect, Dr. Osahon Enabulele, at the Government House in Benin City. He said, “Your positive acknowledgement of our modest contribution in the state has gone a long way in helping our government in terms of reforms in the medical space.” “As you know, we are undertaking reforms in the healthcare sector. The amount of resistance we have faced might be quite discouraging but when we hear voices like yours, we know we are on the right track. That is quite encouraging and l want to thank you immensely for the support. “Except people like you lend your voice to support the decentralisation of the health care system in this country and strengthen it from the foundation, particularly the emphasis on primary healthcare, we may be heading towards catastrophe going by the wave of epidemic outbreak in the world today. The foundation of our healthcare system in the country is just too weak. It is not about infrastructure

or the building. It is about the people.” The governor noted, “Edo State is particularly concerned in putting together new agencies, procedures and processes in ensuring that there is a scheme in place to pay for healthcare,”Obaseki added. Enabulele commended the state government on its massive infrastructural development in the healthcare sector. Meanwhile, Obaseki, has praised the Esama of Benin Kingdom, Chief Gabriel Igbinedion for his contributions to the development of the state. Obaseki gave the commendation during the dedication/handing over ceremony of the new Catholic Church at Okada, built by Chief Igbinedion for the Archdiocese of Benin. The church was blessed by Most Rev. Dr. Augustine Obiora Akubeze and named Archangel Gabriel Catholic Church, Okada, after the Esama of Benin. Other dignitaries present at the occasion include former President, Chief Olusegun Obasanjo; former governor of Edo State, Lucky Igbinedion; the Esogban of Benin Kingdom, Chief Edibiri and the Iyase of Benin Kingdom, Chief Sam Igbe. Also present were the Edo State Deputy Governor, Rt. Hon. Comrade Philip Shaibu; his wife, Maryann; Chief Judge of Edo State,Hon. Justice Joe

Acha and senior palace chiefs representing the Oba of Benin Kingdom, amongst others. The governor who commended the philanthropic nature of Chief Igbinedion, said his government will ensure the completion of the Okada Road dualisation project. He said, “We all know

that the role of government is to enable all-round development of the society and when you find a person like Chief Igbinedion who, in the last 40 years, decided to bring development into this axis of the state, I believe that the government has a responsibility to support and enable what he is doing in

Okada. “As part of what we are doing as a government, we are putting together a 30-year development plan for Edo State so that future governments that come will not say they don't know what to do. “Part of this plan involves the master planning of several

towns and cities in Edo because we need to move the population out of the main cities of Benin, Ekpoma and Auchi. One of the areas we will be focusing on since the Chief has done so much here in the last 40 years is Okada in Ovia North East Local Government Area of Edo State.”

NEPC: Only Dried Beans Banned in UK, EU James Emejo in Abuja Facts have emerged that contrary to speculations, only dried beans was prohibited from being taken to the United Kingdom and European Union. Over the past few years, Nigerian exporters had complained about the UK and EU's rejection of several agricultural produce from Africa's biggest economy, an action that had often resulted in huge financial losses to the merchants. However, worried by the development, the Nigerian Export Promotion Council (NEPC) last week, led an Inter-Agency team to the UK as part of a strategic effort to address the issue which constitutes a major constraint to the growth of the non-oil export sector. Among the agencies which participated in the fact-finding mission were the National Food, Drug and Administration Control

(NAFDAC), Nigerian Agricultural Quarantine Service (NAQS), Nigerian Customs Service (NCS), National Aviation Handling Company (NAHCO) Skypower Aviation Handling Company Limited (SAHCOL) Federal Produce Inspection Service (FPIS) and Federation of Agricultural Commodities Association of Nigeria (FACAN). In a chat with THISDAY, the Executive Director/Chief Executive of NEPC, Dr. Ezra Yakusak, who led the team on the mission, explained that apart from the cowpea ban, sesame and melon seeds are also under tight scrutiny due to the presence of contaminants but are allowed for import. Prior to the trip, the NEPC boss had lamented that the cases of rejections had resulted in a stricter inspection regime on Nigerian exports in the importing countries and in some cases led to the suspension or ban of some products.

However, he said the team's meeting with the UK's Food Standards Agency (FSA), revealed that contrary to the popular belief that a majority of Nigeria's agro exports were not allowed in the UK, there had been only a few exceptions. Nevertheless, Yakusak, said the session provided a clear insight into the real causes of export rejects from Nigeria. He said the mission provided the commission and other regulatory/ facilitating agencies the opportunity to observe first hand, the processes of agricultural commodities import procedures which also enabled them to interact with Port Health and Food Import Regulatory Agencies at the Border Control Posts (BCPs) in the UK. He said apart from identifying the causes of rejection of imported commodities from Nigeria, the mission also served as a platform to interact with

Nigerians in the UK and avail them of the export opportunities in Nigeria. The mission also had an interactive session with Nigerian food importers based in the UK as the session provided a platform to interface with the importers where they aired the challenges encountered in importing food items from Nigeria to the UK. NEPC and the supporting agencies responded to the questions and mentioned new initiatives like DEW, ETH, and collaboration with NAHCO to ease export of fruit vegetable logistics constraints among others. The Nigerian delegation was also made to understand among other things that Products of Animal and Animal Origins (POAOs) like smoked fish can be exported to the UK although this must be from approved facilities and accompanied by necessary competent authority health certificates and other supporting documents.

MONDAY SEPTEMBER 19, 2022˾ T H I S D AY

NEWS

PARTNERING ON ELECTRONIC LAW PUBLICATION…

L-R: Managing Director, Law Pavilion, Mr. Ope Olusaga;Attorney General and Commissioner for Justice, Lagos State, Mr. Moyosore Onigbanjo, (SAN);Solicitor General and Permanent Secretary, Ms. Titilayo Shitta- Bey, and Executive Secretary, Law Reform Commission (LARCOM), Mrs. Umul-Kulthum Bashar, at the press conference on partnership between Lagos State Ministry of Justice and Law Pavilion on E-Publishing Laws of Lagos State in Alausa, Lagos… recently ETOP UKUTT

Ortom Urges Benue Volunteer Guards to Protect Communities George Okoh InMakurdi Benue State Governor, Samuel Ortom, has charged the second batch of trainees of the State Community Volunteer Guards to be ready to protect communities of the state from external invaders. The governor gave the charge yesterday when he visited the training camp of the volunteer guards trainees at the military

shooting range, near Ikpayongo, Gwer East Local Government Area. Ortom, who was accompanied by the Senator representing Benue North-east Senatorial District, Senator Gabriel Suswam and other top government officials participated in the shooting training. Addressing the trainees, who were in high spirits, Ortom

‘Palm Oil Certification Programme ‘ll Impoverish Host Communities in Edo’ However, during a Civil Society Adibe Emenyonu in Benin-city The Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) has described as deceptive the Roundtable on Sustainable Palm Oil (RSPO) certification, adding that it is not transparent enough to be trusted because it impoverished host communities. Roundtable on Sustainable Palm Oil (RSPO) was established in 2004 with the objective of promoting the growth and use of sustainable palm oil products through global standards and multi-stakeholder governance.

and Community Engagement on RSPO certification, ERA/FoEN, said RSPO had lost it its relevance hence it promotes communities rights violations; forest destruction; land grabbing by oil palm companies and impoverishing the host communities. The engagement on RSPO certification event held in Benin-city, capital of Edo State, at the weekend, was tagged: ‘Strengthening CSOs Capacity to Challenge Voluntary Certification Scheme that Destroys Forests, Degrade Environment and Fuel Community Rights Violations’.

Boat Accidents Claim 22 in Jigawa The Jigawa State Police Command recorded six cases of boat mishaps which claimed 22 lives and injured many in the state in the last one month. The Command’s Public Relations Officer, DSP Lawan Adam, gave the update in a statement made available to newsmen in Dutse yesterday. Adam, however, identified the incidents according to affected local government areas, with two incidents in Miga, five in Gwaram, five also in Guri, eight in Ringim, and two in Auyo. Only Kafin Hausa LGA had no case recorded so far. Adam enjoined residents of the state to desist from carrying much loading while boarding

canoes or boats. He also called on the public to always allow security and medical personnel to perform their duty on death incidences. He further said: “Parents are to warn their wards against swimming in rivers, streams and ponds to avoid future occurrences,” and urged people of the state, especially rural dwellers, to avoid night journeys in view of the risks involved. The PPRO also stressed the significance of being security conscious by reporting any suspected criminals or suspicious movements, especially in the various Internally Displaced Persons Camps across the state.

Supremacy Concert Holds in Lagos After a COVID-19 induced two-year break, the Supremacy concert is back with a bang. According to the organizers, scheduled to hold on Friday 23rd of September 2022, this edition boasts of the biggest names in the Nigerian entertainment industry. “Davido, Tiwa Savage, Zinoleesky, Wande Coal, Niniola, Naeto C & Praiz are some of the arists we can confirm will be performing at the concert,” the organisers said. At a recently held press briefing, the organizers mentioned the importance of amplifying activities in the

entertainment industry as the spotlight on Afrobeats continues to shake the global music scene. Commenting, Chairman, Main Promotions, Prince Adesegun Oniru said: “With partners like Lagos Lotteries and Gaming Authority, Nigerian Breweries, Pepsi and Pernord Ricard, it is clear that the government and the big brands see the level of importance in our project which is five editions and seven years old. We will continue to showcase the best in entertainment and champion its export globally and to Nigerians in Diaspora.”

commended them for exhibiting a high level of enthusiasm and commitment which he noted shows their readiness to defend and protect Benue communities against invasion. He charged the trainees not to use the training they have acquired and the legal weapons that would be provided for them after their

inauguration to engage in criminal acts, warning that anyone who does so would be prosecuted. The governor told the trainees that their recruitment, training and eventual inauguration were properly backed by a law that was enacted by previous administrations, stating that the Benue State Government, under

his leadership, only amended the law to make it more effective in line with present challenges. Ortom further stated that due to the rising insecurity in the country, the 19 Northern Governors recently met and resolved to strongly advocate for the establishment of State Police, saying once it was approved, the

Volunteer Guards would be the first to be recruited in Benue State. Senator Suswam on his part, enjoined the volunteer guards trainees to abide by their rules of engagement, saying their good conduct was important to convince people that seem to have misgivings about the establishment of the security formation.

Police Confirm Killing of Two Suspected Kidnappers in C/River The Police operatives in Cross River have confirmed the killing of two out of the three suspected kidnappers involved in the abduction of four clerics sometime in August. The Commissioner of Police in the state, Aminu Alhassan, gave the confirmation in Calabar yesterday. He said that the two suspects were neuturalised by SP Awodi Abdulhameed-led Anti Cultism and Kidnapping Squad that carried out a covert operation

based on credible intelligence. According to him, “It is true that we neutralised two kidnap kingpins involved in the kidnap of some pastors who went to Church planting at Creek Town, Odukpani Local Government Area of the state. ”The two couldn’t make it alive, while the third who is now at large, was severely injured during a gun duel.” The Commissioner appealed to the locals to be on the lookout for anyone with gun wounds

in their community. “Remember we had earlier warned that we will no longer wait for them (criminals) to commit crime, we shall keep smoking them out from their various camps, hideouts. “Especially as we have entered Ember months, we want to urge law abiding citizens to be more vigilant and shouldn’t take security for granted because it’s everybody’s business. “But as a command we will keep pressing for the mark, we

will keep giving our best,” he stated. He said that the trio had been terrorising inhabitants of the area for long until they were busted by the anti Cultism and Kidnapping Unit. The four abducted clerics of the Apostolic Church and three others, had gone for Church planting when they were abducted. They were released by their abductors after payment of N10 million ransom.

Osun Tribunal: Adeleke Clarifies Alleged Admission of Over-voting Yinka Kolawole in Osogbo The Osun State Governor-elect, Senator Ademola Adeleke, has condemned ‘sponsored’ posts on his alleged admission of over-voting, accusing the state Governor, Gboyega Oyetola, and the All Progressive Congress (APC) of criminal misrepresentation of facts before the tribunal. In a statement issued yesterday and signed by Mallam Olawale Rasheed, spokesperson to the governor-elect, he explained

that his defence at the tribunal disproved Oyetola’s claim of over-voting in 750 polling units as it was created by the incomplete data of BVAS based on the unsynchronised BVAS report that was used by the petitioners. The statement further affirmed that the ‘false over-voting’ does not represent what is on the BVAS machine itself and the Forms EC8A, explaining that full statement of the governor-elect filed on oath at the tribunal was explicit and detailed.

For the benefit of members of the public, there are two aspects to the defence with respect to APC’s claim of over-voting. “The first aspect is that the over-voting in 750 polling units as claimed by Oyetola/APC in their petition is false over-voting created by the incomplete data of BVAS based on the unsynchronised BVAS report. This does not represent what is on the BVAS machine itself and the Forms EC8A. The correct result is as captured in the synchronised BVAS report

which tallies with the data on the BVAS machine itself,” he stated. The defence also affirmed further that even if the false over-voting in the unsynchronised BVAS report is unlikely admitted, the PDP will still be leading if votes from the affected six polling units are removed, adding however that “such admission is impossible because the tribunal will never rely on the unsynchronised BVAS report because it’s at variance with what is contained on the BVAS machine itself.”

Otti’s ‘Abia Weep No More’ Campaign Message Unsettles Govt Emmanuel Ugwu-Nwogo in Umuahia The campaign message of Abia State governorship candidate of Labour Party (LP), Mr. Alex Otti, appealing to the people of Abia to “Weep No More, Help is on the Way” is said to be unsettling the government of Governor Okezie Ikpeazu because he considered it as “derogatory and inciting.” The contentious message was initially displayed on a billboard mounted at Umuikaa junction

in Isiala Ngwa South local government along the EnuguPort Harcourt expressway. But it was promptly pulled down by the Abia State Signage and Advertising Agency(ABSAA). Director General of the Alex Otti Campaign Council, Hon Acho Obioma told a press conference in Umuahia that the Peoeples Democratic Party (PDP)- controlled state government “is plunging the state into crisis (through) violent attacks, intimidation of our members and destruction

of our campaign billboards.” Describing the removal of the campaign billboard as provocative, Obioma brandished a certificate of approval to display campaign materials issued by ABSAA dated June 30, 2022 after payment of N10 million fee by Otti. The campaign DG also displayed a certificate of approval issued by the Advertising Practitioners Council of Nigeria (APCON) dated July 28, 2022. The certificate of approval, signed by APCON Registrar/Chief

Executive, Dr Olalekan Fadolapo, authorised Otti to display “Ndi Abia Weep No More, Help is on the Way” and “Let’s Rebuild Abia” with display period spanning July 28, 2022 to July 28, 2023. But the General, Manager of ABSAA, Anthony Otuonye, explained in a radio programme monitored in Umuahia that government took exception to the Weep No More message because “it is derogatory to government and inciting the people against government”.

Olojo: I’ll Dedicate Seven Days Seclusion for ASUU Strike, 2023 Elections, Says Ooni The Ooni of Ife, Oba Adeyeye this known to newsmen on his Almighty toward resolving all one can blame them for that. Ogunwusi, Ojaja II, has said he will dedicate the annual seven days seclusion marking the beginning of Olojo festival to end the lingering strike by the Academic Staff Union of Universities (ASUU), which has paralysed academic activities in the nation’s universities. Ooni, who appeared in his usual white traditional attire lace with colorful ancient beads, made

way out of the Ile Oodua Palace of Ife yesterday. Olojo festival connotes a strong indication of God’s creation and the day of the first dawn on earth. It is celebrated annually in Ile-Ife by all descendants of Oduduwa globally. The traditional ruler said he would also use the highly spiritual moment of seclusion as “a point of contact to God

issues in Nigeria, as the country gears up for next year’s general election”. Ogunwusi, also the Cochairman, National Council of Traditional Rulers of Nigeria (NCTRN), said that government must, as a matter of urgency, end the ASUU’s strike to avert the looming anger of Nigerian youths. “Youths are angry and no

Just imagine the number of months they have been kept out of schools. “ASUU and government must unite and end this, because we cannot handle the anger of youths, if they go out of control. “They have started blocking highways and even, threatening to lock airports, that is an indication that they have been pushed to the wall.

MONDAY SEPTEMBER 19, 2022˾ T H I S D AY

NEWSXTRA

REWARDING INNOVATION…

L-R: Convener of Unusual Fest, Alex Unusual; General Manager, Toyota Nigeria Limited, Bunmi Onafowokan; winner of Own-the-Dream Competition, Lawrence Lasisi Yskid, and Head of Services, Toyota Nigeria Limited, Mr. Sylvester Enwerem, when Toyota Nigeria unveiled winners of Own The Dream Car Making competition at the Unusual Fest in Lagos… recently

Provide Authentic Figures of Nigeria’s Registered Voters, Group Tasks INEC Hammed ShittuinIlorin A non-governmental organisation based in Kwara State, Brain Builders Youth Development Initiative, at the weekend urged the Independent National Electoral Commission (INEC) to provide authentic and audited figures of registered Nigerian voters ahead of the 2023 general election.

The group also stated that a steady update of Permanent Voters’ Cards (PVCs) should be available in the public space for all Nigerians to enhance the credibility and transparency of the forthcoming general election in the country. The state Executive Director of the organisation, Abidden Olasupo, who stated this in a statement

on the state of the nation in Ilorin yesterday, also said the INEC should deploy more technological innovations like the Bimodal Voter Accreditation System (BVAS) and Results Viewing Portal in order to boost the election management process. According to the statement, “It’s not yet time for complacency

for the 2023 election, which is considered one of the biggest elections on the African continent is upon us. “The challenges ahead of cannot be underestimated in order to avoid any window that could be harnessed by politicians to discredit the process.” The statement said: “Nigeria’s

voter register must be accurately audited to provide the authentic figures of registered voter while a steady update of PVCs should be available in the public space. “Thus, before elections, the data for PVCs collected can further promote transparency and be used to determine the percentage of voter turnout.

“Also, there is need to intensify the training of ad-hoc staff to enable effective handling of technological devices. “This will avert situations where wrong forms and, in some cases, unstamped forms were uploaded on the IREV during the Ekiti and Osun States governorship elections as 2023 poll beckons.”

Prophius, Mastercard Unveil Ex-militant Leaders, Stakeholders Warn against Alleged Plan to End Amnesty Programme Phone Payments Tech for SMEs Julius determine the life-span of the make recommendations to the They warned that the Osahon inYenagoa Adeline Okoronkwo

Prophius has unveiled its PayContactless solution certified by Mastercard, enabling small businesses to accept contactless payments using their near field communication (NFC)-enabled Android phones. The move is expected to boost digital payment acceptance at small and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets in Sub-SaharanAfrica, while supporting consumers’ preference for safe and seamless digital payment. PayContactless leverages Mastercard Tap on Phone, a simple and cost-effective digital payment technology developed for micro and small businesses and traders, who tend to operate in a cash economy due to the costs and complexity of obtaining traditional point of sale devices.The solution turns Android smartphones into secure payment acceptance devices for contactless

cards, mobile wallets and even smart watches with no additional equipment or set-up costs. Small businesses will benefit from a faster checkout in-store, as well as be able to easily accept card payment on delivery, a milestone that makes Prophius the first Fintech in West Africa to be certified by Mastercard for Tap on Phone and furthers its mission to boost commerce and create seamless payment experiences at the storefront. Commenting, Founder and Chief Executive Officer (CEO) of Prophius, Olugbenga Adams said: “This is the next phase for us in our quest to enable commerce at the storefront in a simple, cheap and effective way. “This is especially important for small businesses, which need to accept payments without the associated hardware cost and partners including financial institutions and Fintech companies that want to enrich their existing products with contactless payments acceptance.”

Gombe Governor’s Son, Misbahu, Weds Ameera

SegunAwofadejiinGombe

Gombe State Governor, Alhaji Muhammadu Inuwa Yahaya, has played host to an array of dignitaries from across the country who were in Gombe to witness the wedding of his son, Misbahu Yahaya, to his heartthrob, Amina (Ameera) Babayo. The wedding Fatiha between Misbahu and Amina was presided over by the Chief Imam of Gombe Central Mosque, SheikhAli Hammari at the weekend. His Royal Highness, the Emir of Gombe, Dr. Abubakar Shehu Abubakar III, stood as the groom’s representative, while Alhaji Kawu Adamu served as the bride’s guardian. The bride’s Waliy, Alhaji Kawu Adamu, gave out Ameera’s hand in marriage to Misbahu through his Wakil, the Emir of Gombe represented by the Senior District Head of Gombe, Alhaji AbdulKadir Abubakar Umar, following the wedding rituals and pronouncement of N100,000 as dowry. The wedding Fatiha conducted

at the Gombe Central Mosque was witnessed by high profile personalities and well-wishers. President Muhammadu Buhari was represented the Secretary to the Government of the Federation (SGF), Boss Mustapha, and other notable guests who graced the occasion, including the All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu; his running mate, Kashim Shettima; President of the Senate, Ahmad Lawan; APC National Chairman, Abdullahi Adamu, who led a retinue of party’s National Working Committee members; Chairman of Nigerian Governors’ Forum and Governor of Ekiti State, Dr. Kayode Fayemi; Progressives Governors Forum Chairman, Sen. Atiku Bagudu; Governors of the North East States ofAdamawa, Rt Hon Ahmadu Umaru Fintiri; Borno, Professor Babagana Umara Zulum; Bauchi,Abdulkadir Bala Mohammed, and Yobe, Hon Mai Mala Buni, as well as Nasarawa State Governor, Abdullahi Sule, among many others.

Traditional rulers, stakeholders and ex-Militant leaders from the Niger Delta region have called on President Muhammadu Buhari and the National Security Adviser, Major General Babagana Monguno (rtd.) to allow the incoming administration to

Presidential Amnesty Programme (PAP). They also urged the president and the NSA to allow the newly appointed Interim Administrator, Maj. Gen. Barry Tariye Ndiomu (rtd.) to use the remaining eight months of his administration to review the amnesty program and

incoming administration by 29th May 2023. The stakeholders made up of traditional rulers, youth leaders and former militant leaders alleged that the Presidency had reportedly handed the new administrator, a six months timeline to shut-down the program by February, 2023.

presidency should be cautious and tread careful and consider the several implications on the nation’s security, the possible disruption of economic activities, drastic decline in foreign exchange earnings from oil and gas production and sales, loss of oil revenues for payments of the nation’s recurrent expenditures.

Ogun Gov: 2.4km Imeko Road Will Boost Business Activities with Oyo

JamesSowoleinAbeokuta

The recent inauguration of a 2.4-kilometre Oke-Ola Road in ImekoAfon Local GovernmentArea of Ogun State by Governor Dapo Abiodun has been described as the needed tonic to boost commercial and farming activities in the area. The road, which connects with neighbouring communities

in Oke-Ogun area of Oyo State, was constructed by the Ogun State Government to ease movement of farm produce, goods and services from farmlands to urban centres in the two states. Major communities that make up Imeko-Afon Local Government include, Imeko, Afon, Ilara, Okeagbede, Moriwi, Owode, Obada, Iwoye-Ketu, Okuta, Atapele, Idofa

and a host of others. At the inauguration ceremony, Abiodun, noted that the newly constructed road was a departure from the past as it leads and connects Oyo State which was aimed at boosting business activities in the area with consequent increase in revenue generation into the coffers of the government. Abiodun said Imeko-Afon Local

Government Area was endowed with abundant and vast land that was more suitable for growing farm produce and also with potential forest. Prided as an agriculture zone, it was learnt that the construction of the road would boost cotton production in the area, which has been described as the best in the country in terms of quality.

A’Ibom Gov Orders Probe of Collapsed Building in Uyo Iman Street off Aka Road in Uyo Yesterday, at the site of the trapped and eventually died Okon Bassey in Uyo The Akwa Ibom State government yesterday ordered a probe into the collapse of a four-storey building barely a day after the incident occurred in Uyo, the state capital. Last Saturday, a four storey building under construction on

collapsed with many people trapped inside the building while scores were reportedly killed. Victims in the collapsed building which reportedly occurred at about 6 p.m. that fateful Saturday were mainly construction workers and food vendors.

incident, rescue services were still rendered as the state Governor, Mr. Udom Emmanuel, directed the state Commissioner for Health to immediately take over the management of the survivors. Emmanuel expressed his deepest condolences to the families whose relatives were

in the collapsed building, and wished the survivors a quick recovery. Accordingly, the governor has directed the state Commissioner for Works and Fire Service to immediately set up a Panel of Inquiry to investigate the unfortunate incident.

AA Guber Candidate Decries Insecurity in Rivers Community

Blessing Ibunge in Port Harcourt

Governorship candidate of the Action Alliance (AA) in Rivers State, Dr. Dawari Ibietela George, has decried the incessant attack on commuters and residents of Rivers State by armed robbers and kidnappers along the Emohua-

Buguma road in the state. The gubernatorial hopeful said, the crime has direct negative impact on Emohua and the neighbouring three Kalabari local government areas of the state. In a statement, yesterday, by his spokesperson, Bekee Anyalewechi, George expressed sadness that the activities of the

criminals had led to loss of lives and revenue. He lamented that, rather than abate, insecurity was on the rise with daily reports of fresh assaults on human and vehicular travellers on the route. George condemned the criminality and its perpetrators even as he noted that it was a

huge setback to the immediate communities and their economic prospects. “There is no reason or excuse to justify the criminality along that important and busy route. That route connects critical Rivers’ communities and major ethnic groups, and so, is economical as well as historical.”

Court Stops Demolition of Ikoyi Cancer Treatment Centre WaleIgbintade The Federal High Court sitting in Lagos has restrained all parties in the suit pertaining to the Ikoyi Cancer Treatment Center from demolishing, destroying or tampering with the building located at No.16, Alexander Road, Ikoyi, Lagos, pending the determination of all the cases

pending in court over the land. Justice Daniel Osiagor granted the order after hearing arguments from the applicant’s counsel and human rights activist and legal luminary, Mr. Ebun-Olu Adegboruwa. Justice Osiagor also granted an order transferring the case to the High Court of Lagos State, for it to be consolidated with

the other pending cases on the subject matter. The Applicant, Kings County Property Development Company and its directors, Alhaji Hameed Kasumu and Mr. Abdul-Jamaal Kasumu, had approached the Federal High Court in Lagos on August 8, 2022, with an application for an order of injunction to restrain

the Inspector-General of Police, the Assistant Inspector-General of Police, the Commissioner of Police, Lagos State Command and Mr. Muhammadu Wada, from arresting or detaining the directors and also from taking any steps that may jeopardise or compromise the buildings housing the Cancer Treatment Center.

T H I S D AY • MONDAY, SEPTEMBER 19, 2022

BACKPAGE CONTINUATION MAHDI’S STORY GET AS E BE Nigeria, so I believe that communication was not as frequent as it is these days. Trouble begins from what Mahdi said happened next. After a few weeks, he said Hanks went to Kaduna’s Arewa Hotel Annex, asked Mahdi to see him there, unceremoniously offered him half a million naira [worth more than ten million today], gave him a small parcel which he declared was a bomb, told him to go and place it in the bookshop of Durbar Hotel, less than a kilometer away, and then come back and collect another half a million naira. If Hanks did that and if he was a CIA agent, then he must be the sloppiest and most incompetent CIA agent in the whole world! In my 32 years in journalism, I have met dozens of Western, African, Arab, Asian, even Communist diplomats, at seminars, at dinners, and I received many in my office. I have always known that the dividing line between any diplomat and a spy is very thin, so one must watch what he says. Not one of them ever tried to recruit me for a clandestine activity. It could well be because they sized me up and concluded that I will make a lousy double agent. I am not saying that they don’t recruit other Nigerians. I however believe they do it much more competently than Mahdi Shehu made it to look like. The closest I ever got inside the CIA was when the late Ahmadu Abubakar, who was hosting me in Washington DC, drove with me past the CIA Headquarters at Langley in a cab, for a brief look. But from everything I read about it and from innumerable spy films we watched as youngsters, I have the impression that CIA does it things with great skill. To summon a man who you barely know, whom you met at a seminar, whose speech at the

seminar was anything but revolutionary, who had no skill as a security or intelligence officer but as a health care worker, and proceed to ask him to plant a bomb in a hotel, will require the least trained, the least sensible and the most incompetent spy in this world. Who in his right mind will accept a bomb parcel from a stranger and drive with it for a kilometer? What if it goes off prematurely? Even drug couriers are often deceived about the nature of the parcels they are made to carry, not to mention bombs. Ok, it was well known that Abacha regime’s relations with Western governments was very frosty. Still, what was the strategic value of bombing Durbar Hotel? It was not even government owned; it was already privatized. Jarman Kano Alhaji Adamu Dankabo was posing as the owner, even though some people said he was fronting for the Abacha family. I was sitting in my office in June 1995 when NTA Kaduna flashed a story that a bomb had gone off at Durbar Hotel, killing one man who was thought to have planted it. Soon afterwards, activists began to shout that The News reporter Bagauda Kaltho was missing, suspected to have been abducted by the SSS. The police soon said Kaltho was the bomber, that his corpse was recovered at the bombing scene, and that he even bought a book at the hotel bookshop before he proceeded to plant the bomb. If I remember right, the then head of police Anti-Terrorism Squad ACP Zakari Biu appeared at the scene and buttressed the police story. Since the Abacha regime had no credibility with the media and with civil society activists, to put it mildly, the police story was roundly derided and Kaltho was promoted as a hero of the struggle

against dictatorship. Lagos Government House press center was even named after him. The matter was indeed raised at the Oputa panel in 2001. The police lawyer then, Nuhu Ribadu, mounted a spirited defence of the force and called several witnesses, if I remember right. I don’t think the matter was resolved there, but there was no firm evidence that government agents killed Kaltho. Now, with Mahdi’s story last week, he is the first person who is directly linking Bagauda Kaltho to the bomb. Mahdi said as he left Hanks’ room, Kaltho walked in and not long afterwards, the bomb went off in Durbar Hotel. Kaltho was known to hate the Abacha regime with passion. I did not know him personally but on the day government accused him, several of my reporters told me he often spoke with venom against the Abacha regime

at the Kaduna press centre. I read a story at the weekend saying both Russell Hanks and the US Embassy in Nigeria refused to comment on Mahdi’s story. If so, that kind of lent credence to it, because governments often refuse to comment on botched intelligence operations. No wonder that a civil society group is demanding a fresh probe into Bagauda Kaltho’s death, saying he was “gruesomely murdered in 1995 by the junta of General Sani Abacha.” Why did Mahdi Shehu tell this sensational story at this time? Simply to support what he said he told Tukur Mamu, to be careful, because a security officer once told him that spy agencies are envious and don’t want anyone to venture into their field. But his story get as e be. Mahdi Shehu may be in for more drama than the one he staged in Katsina.

RE: SQUANDAMANIA NIGERIA UNLIMITED identified site to undertake preparatory processes such as the bathymetric and topographic survey of the site; We are also carrying out the installation of the mooring piles required for the successful relocation of the Floating Dock to site while the Floating Dock itself is being prepared for mooring via underwater inspections and procurement of required supplies. While acknowledging the unfortunate loss of accruable revenue occasioned by the delay in the deployment of the floating dock, the Agency wishes to emphasize that this is mainly a collateral impact of our effort to follow due process, instill transparency by adopting a PPP model rather than attempting to manage the FD by itself and leverage on the efficiency and capacity of the preferred business

partner. In closing, NIMASA, as a Government Agency, recognizes that it should be capable and indeed willing to accept a measure of constructive criticism. We however feel constrained to offer a response to the publication, which in our respectful opinion, had innuendoes suggesting corruption and criminality and an unwillingness to undertake some basic research, which would have cleared some of the misconceptions under which the writer so obviously laboured. We thank you for giving us this right of reply and anticipate that you will accord it equal prominence as that accorded the original article. •OSAGIE EDWARD, Head, Public Relations, NIMASA

NEWSXTRA

Fighter Jets Hit Terrorist’s Enclave in Zamfara, Kill Scores 29 terrorists die in ISWAP, Boko Haram clash Kingsley Nwezeh in Abuja Military fighter jets, weekend, bombarded an enclave of notorious bandit, Bello Turji, in Zamfara State, killing scores of bandits. The bombing raid came as fighters of the Islamic State of West African Province (ISWAP) attacked its rival terror group, Boko Haram in Bama Local Government of Borno State, killing some 29 fighters. The bandits were killed during a “surprise raid” by the air component of Operation Forest Sanity in Zamfara State. A military update issued at the weekend said the fighter jets bombed the hideout of the bandits upon receiving credible intelligence. It said the fighter planes fired missiles at Fakai area, believed to be the residence of the dreaded Turji, as part of the military counter-offensive operation currently going on in Shinkafi axis of the state. In a related development, it was gathered that a group of the ISWAP terrorists led by a certain Ba’ana Chigori, invaded the Boko Haram positions in Gaizuwa otherwise known as Gabchari, Mantari and Mallum Masari in the operations, which lasted for three hours. Intelligence sources said the attack triggered a fierce gun battle between the terror groups. “The ISWAP overpowered the rival groups, who were taken unawares and killed scores of them while the surviving terrorists retreated. Women and children were spared. The dead fighters were buried around the home of Abu Iklilima in Gabchari at about 8:30am on Saturday September 17,” the source said. It was further gathered that terror group, Boko Haram declared a reprisal attack afterwards. “The Boko Haram Leadership held a meeting at about 11 a.m. to declare a

major reprisal offensive against ISWAP terrorists, with fighters mobilised from the axis of Mafa, Karkut, Shiwai, Lawe Kanuriye, Kirwa and Amtifur. The group carried out the attack on

Saturday. ISWAP had eliminated eight Boko Haram insurgents including the commander identified as “Kundu” on Thursday September 15 around

Bama-Dikwa axis of Borno State. Another 23 fighters were reportedly killed in the camp of the Bula Shaitan and Kolori located between Bama and Konduga.

Falana Gives Police PRO 24hours to Withdraw Statement against Civilians Says action attracts 25yrs imprisonment Wale Igbintade Human rights lawyer, Mr. Femi Falana, SAN, has given the Police Force Public Relations Officer (PPRO), CSP Olumuyiwa Adejobi, 24 hours to withdraw the statement he made that ‘no Nigerian has the right to confront policemen or retaliate even if the policeman slaps him/her. Speaking through his Twitter account, the Force PRO, had advised any such victim of Police brutality to rather file a complaint with the law enforcement agency. In a statement titled: ‘Assaulting a Civilian by a Police Officer Attracts 25 Years Imprisonment’ Falana last night stated that, “If the statement is not withdrawn within the next 24 hours, the Inspector General of Police, Mr. Usman Alkali Baba, should not hesitate to replace Mr. Adejobi with another police officer, who has unqualified respect for the fundamental rights of the Nigerian people.” According to Falana, while civilians are required to respect police officers, who are discharging their lawful duties, section 34 of the Nigerian Constitution, states that every citizen is entitled to the fundamental right to the dignity of

their person, arguing that the penalty for assaulting a civilian is 25 years under the Anti Torture Act of 2017. “The spokesperson of the Nigeria Police Force, Mr. Olumuyiwa Adejobi has said that if a policeman should slap a ‘civilian’, the person has no right to retaliate. Even if a policeman on uniform slaps a civilian, the civilian has no right to retaliate. More so, if he’s on uniform, it’s an act of disrespect to Nigeria to beat an officer on uniform. The disrespect is not to the policeman but to our nation and it’s a crime as enshrined in our criminal laws. “By virtue of section 34 of the Nigerian Constitution, every citizen is entitled to the fundamental right to the dignity of their person. Accordingly, no citizen shall be subjected to any mental, physical or psychological torture. Both the Administrators of Criminal Justice Act, 2015 and Police Establishment Act 2020 have prohibited police officers and other law enforcement personnel from subjecting Nigerian people, including criminal suspects to degrading, humiliating or inhumane treatment. “Civilians are required to respect police officers, who are discharging their lawful duties. The penalty for assaulting or slapping a police officer is three years’

imprisonment under the Criminal Code. In the same vein, police officers are equally mandated to respect civilians. “Indeed, section (2)(b) of the Anti Torture Act, 2017 states that torture is deemed committed, when an act by which pain and suffering, whether physical or mental, is intentionally inflicted on a person to punish him for an act he or a third person has committed or suspected of having committed. The penalty for assaulting a civilian is 25 years under the Anti Torture Act of 2017. “In addition, the victim may sue for monetary compensation under the Anti Torture Act and the Constitution. In view of the foregoing, Mr. Olumiyiwa Adejobi should withdraw his highly inciting and provocative statement, which has given the misleading impression that the Nigeria Police Force, has authorised its officers to slap citizens and subject them to other forms of torture without any challenge whatsoever. “If the statement is not withdrawn within the next 24 hours, the Inspector General of Police, Mr. Usman Alkali Baba should not hesitate to replace Mr. Adejobi with another police officer, who has unqualified respect for the fundamental rights of the Nigerian people.”

MONDAY, ͹΁˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Nwaneri Makes History as Arsenal Beat Brentford to Go Top Fifteen-year-old Ethan Nwaneri became the youngest player in Premier League history in Arsenal's 3-0 win over Brentford yesterday. The English attacking midfielder with Nigerian ancestry, was born in March 2007. He replaced Fabio Vieira for the Gunners in stoppage time at Brentford Community Stadium on Sunday afternoon. Aged 15 years and 181 days, Nwaneri beat the record held by

P R E M I E R L E AG U E Harvey Elliott. Liverpool midfielder Elliott was 16 years and 30 daysold when he played for Fulham in 2019. Nwaneri replaced Vieira, who had scored the third goal, after 91 minutes and two seconds. He was involved for three minutes and 42 seconds before the game ended after 94 minutes and 44

Iwobi Salutes Lampard for Incredible Form

Following another brilliant outing last night for his Everton side, Super Eagles midfielder, Alex Iwobi, has credited teams manager, Frank Lampard for his current form. Everton had beaten West Ham with brilliant assist from the Nigerian that gave Neal Maupay the vital win for the side as they continued against the tide of the ongoing season. While speaking after the game, Iwobi said the team played well and the coach is the reason for his form. “We have been playing well. The performances were good, it was just about getting the result

and getting the win. It’s a great way to go into the international break. “I didn’t get off to a great start (at Everton). I always have the mindset to prove people wrong. The manager has given me faith to do so, and he allows me to express myself as I do in training, and I have been able to do that in matches to repay the faith. “Ever since I came through as an (Arsenal) academy player, I have always liked to move the ball forward on a half turn. Now I’m taking the full turn and trying to get up the pitch", he told the club media channel yesterday.

seconds. He is the first player under the age of 16 to play in the Premier League. Nwaneri was born on 21 March 2007 after Emirates Stadium, the home Arsenal moved into after leaving Highbury, was opened in 2006. "We have the opportunities to bring young players on," said Arsenal manager Mikel Arteta before the game. "We are pretty short and opportunities come when issues arise." Nwaneri has made several appearances for Arsenal Under-18s and played for England Under-16s when he was 14. Arsenal's win over Brentford took them back to the top of the table on 18 points from seven matches following victories for Manchester City and Tottenham on Saturday. Manchester City and Tottenham Hotspur are tied on 17 points but separated by goals difference. Last week Northern Irish schoolboy Christopher Atherton became the youngest senior footballerin the United Kingdom aged 13 years and 329 days when he played for Glenavon.

Ethan Nwaneri...youngest Premier League player

Rivers Utd, Plateau Utd, Kwara Utd Through, Remo Stars Knocked out Monsuru’s howler causes heartaches in Ikenne Femi Solaja Three of Nigeria’s four teams in continental campaigns pulled through to the next round yesterday with the exception of Remo Stars of Ikenne. Champions of the Nigeria

CA F C L & C O N F E D E R AT I O N C U P Professional Football League, Rivers United FC of Port Harcourt qualified for the next round of the CAF Champions despite going down 0-1 against Liberia’s Watanga

FC away. Farsedu Logan scored the only goal of the match from the spot as the Pride of Rivers people qualified 3-1 on aggregate. Rivers United are to face African

champions Wydad Athletics Club of Casablanca, Morocco for a place in the Group Stage of the CAF Champions League. Nigeria’s other representative in the competition, Plateau United, also pulled through to the next after a 1-0 win against Stade Mandji of Gabon at the Moshood Abiola Stadium, Abuja. Haggai Katoh netted the winning goal for the Jos team to qualify 3-2 on aggregate. Plateau are listed to battle Tunisia’s Esperance in the first round. In the CAF Confederation Cup, Kwara United zoomed into next

round after they were held goalless by Niger Republic’s AS Douanes at the Stade Seyni Kountche, Niamey on Sunday night. The Harmony Warriors of Ilorin won the first leg 3-0 last weekend to also booked their place in the next round on 3-0 aggregate. It was however sad tales in Ikenne as continental debutants, Remo Stars, failed in their bid to move into the next round of the CAF Confederation Club. Remo Stars lost at their home ground in Ikenne 1-0 to Morocco’s AS FAR Playing before a large home crowd, the Remo Stars who

recorded a soul lifting 1-1 draw away in Casablanca penultimate weekend, failed to find their rhythm. They thus lost out 2-1 on aggregate to the Moroccans. Victory however did not come easy for the visitors who profited from the howler committed by Bashiru Monsuru in the 55th minute. His poor handling of the ball deflected to a Moroccan attacker who blasted past Kayode Bankole for the only goal of the game. Remo Stars became the fifth Nigerian club-side to ever crash out to the ‘military’ tactics of the Royal Moroccan Army football club.

Ridwan Named Nigeria’s U19 Cricket Captain Ahead WCQ in Abuja

Remo Stars’ Isha battled in vain to make progress to the next round of the CAF Confederation Cup, crashing out in the ﬁrst round to Morocco’s AS FAR...yesterday

The Nigeria’s Under-19 Men’s Cricket team Coach, Daniel Gim, has announced teen-star, Abdulkareem Ridwan, as the captain of the side as Nigeria wraps up preparation for the eighth-nation Africa Division 2 World Cup Qualifier scheduled to hold from September 30th to October 9th in Abuja. Gim, a former national player himself and now International Cricket Council (ICC) certified level 2 coach, said that Nigeria in the last couple of years has made statements with her youth side. Gim remains confident his

team will justify the Federation’s investment in them. “We are hosts and that on its own comes with some level of expectations, but with the level of skill and management in place, I am sure the team will eke out respectable performance for the country when the game starts. Ridwan and his teammates are a major part of the cricket evolution and he has shown leadership,” he said. Also speaking on the team, Technical Director of the Federation, Joseph Eshua, revealed that the board has made arrangements for

the home team to be well prepared. He stressed that as host country, NCF has put in place plans to ensuring that Nigeria play the role of a good host to all the other seven countries that will be taking part in the event. “Our focus is to give the best possible preparation to our team, and I am presently with the team in Benin to give technical support to the team. I can assure you that the team is turning out well. However, as the host we also have a task to project the country through our now international facilities and the hosting, which is being done too.”

Monday, September 19, 2022

UT H

& RE A SO

Price: N250

MISSILE Reno Omokri to Men

“Look for prosperity and the right woman will come naturally. And until you have a salary or income, you should learn to control your libido. Most of the world’s challenges are caused by adult males who increase the population when they have no remuneration. Be productive in the boardroom before being reproductive in the bedroom!” – Former Presidential Spokesman, and Social Critic, Reno Omokri, advising men.

MAHMUDJEGA VIEW FROM THE GALLERY

Mahdi’s Story Get As E Be T

he elaborately sensational story that Kaduna-based businessman and activist Mahdi Shehu told in an Arise TV interview last week raised many questions that are begging for answers. The first problem had to do with Mahdi’s credibility after the elaborate medical scam he perpetrated last year in order to deceive a court. He had been arraigned in a Katsina court for making corruption allegations against Governor Aminu Bello Masari’s government. The activist pleaded ill health but when the court insisted on his personal appearance, he arrived in court posing as an invalid, with crutches, held by aides, clad in medical foot, body, neck and head gears that he apparently took from his well-stocked Dialogue Pharmacy in Kaduna. According to the video recording, it took Mahdi nearly half an hour to walk the short distance from the entrance to the court room, moving with great difficulty and sat down with great pain. Unknown to him, while he was in the court room, government agents sneaked into his cell at the Katsina Prison and installed a camera. Mahdi Shehu returned to prison with the same elaborately staged difficulty and pain. As the camera recorded however, as soon as he entered the cell, he put aside the crutches, removed all

Mahdi Shehu

the other medical accoutrements, put them aside, immediately became his normal self and proceeded to lead the congregational prayer in the cell, with several of his mates behind him. Since

that video went viral, Mahdi Shehu’s standing as an accomplished dramatist was enhanced but his credibility as an anti-corruption crusader suffered an image blow. Last week, he was asked what he thought about the detention of Kaduna-based, self-appointed train hostage negotiator Tukur Mamu. Mahdi went about answering the simple question by telling a long and sensational story from the 1990s. He said he spoke at the seminar tagged Not In Our Character, which took place in Kaduna in 1995. That was true because I also attended that seminar, organized by Kaduna State Government under the Military Administrator Colonel [later Brig General] Lawal Jafaru Isa. Print and video recordings of the seminar were compiled and sold and the proceeds formed the kernel for the Sani Abacha Foundation that was established later that year, with Lt General Jerry Useni as chairman. Mahdi’s contribution was interrupted by the chairman because it was long and rambling. I was Editor of the Kaduna-based Sentinel magazine that year. A few days after the seminar, Mahdi went to see me in my office and asked me to publish a paper that he wrote. It contained the things he wanted to say at the seminar but was interrupted. The paper was nearly 100 pages long. I pleaded that I could

not publish it in a weekly magazine. Mahdi asked that it be serialized; it would take months to do that! The paper had a section on every problem of Nigeria, from education to health to power supply to industry. I politely told him that no one in Nigeria knows the solution to all the problems but that since he was in the health care field, it will be more beneficial to readers if he wrote only on that sector. He took his paper and went away. Back to the story he told last week. Mahdi said he met an American diplomat called Russell Hanks at the seminar. That was believable because Western, African and other diplomats frequent workshops and seminars in this country. It is an important part of their duties, to make contacts and to glean information. Even though he said Hanks was a Political Counsellor at the American Embassy in Nigeria, Mahdi implied that he was an undercover CIA agent. That was entirely possible; in every embassy in this world, intelligence agents operate under cover as political, consular, cultural or other officers. Mahdi said he spoke to Hanks only once or twice afterwards. Now, in 1995, we had as yet no mobile phone service in Continued on page 46

Re: Squandamania Nigeria Unlimited Osagie Edward

e thank you for giving us the right to reply to Mr Olusegun Adeniyi’s article in This Day publication of the 15th September 2022 titled ‘Squandermania Nigeria Unlimited’ and will proceed to present a concise but graphic depiction of relevant facts concerning the Modular Floating Dock (MFD NIMASA). It is now a notorious fact that the Floating Dock was acquired to bridge the capacity gap in Nigeria’s ship repairs, shipbuilding and the training of student Marine Engineers during the Administration of President Goodluck Jonathan. As a result of its multi-fold objectives, there were some misunderstandings and apprehension about the custody, location and application of the Dock from conception. Pursuant to the preceding, NIMASA established a gentleman’s understanding with the Nigerian Ports Authority to permanently berth and operate the shipyard upon arrival at NPA’s former Continental Shipyards, where a now-

defunct floating dock belonging to a subsidiary of the NPA used to work. Upon the arrival of the Floating Dock in Nigeria, a series of unexpected complications occurred. Firstly, the proposed berthing at the Continental Dockyard was no longer possible due to some technical challenges which did not manifest initially, forcing the Agency to approach the Nigerian Navy for temporary mooring of the marine equipment at the Naval Dockyard in Lagos. Additionally, as various Government Agencies operated under their different enabling Laws, the Agency was confronted with a massive custom duty demand due to an increase in duty after the project had been planned and executed. This compelled NIMASA to approach the Federal Ministry of Finance for a duty waiver with the time-consuming process as we awaited approval from the highest authorities. In the meantime, the Agency had to grapple with the most efficient modality for deploying the MFD. Recognizing as Mr Adeniyi did in his article that Government may not be the best manager of commercial operations,

DG NIMASA, Bashir Jamoh

the Agency settled on a Public Private Partnership (PPP) model, which of course can only be implemented under the supervision of the Infrastructure

Concession and Regulatory Commission (ICRC). The process for executing a PPP, as laid out in the ICRC Act of 2005, is detailed, rigorous and comprehensive. It is layered with stages of due diligence designed to protect the sanctity of public assets with a significant series of milestones and timelines. In line with the ICRC Act, the Agency has, in the past two years, worked assiduously to achieve benchmarked stages of the process, which include: obtaining the Federal Government’s approval to deploy the FD under a PPP arrangement, preparation of Outline Business Case, technical assessment of available sites to determine the optimal location, identification of a competent Business Partner under a competitive process governed by the Procurement Act, negotiation under the auspices of the ICRC, evaluation of the technical and managerial capacities of the Business Partner, and issuance of Full Business Case in preparation for the final approval of the Federal Executive Council. Similarly, the Agency has moved to the Continued on page 46

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com