MONDAY 26TH SEPTEMBER 2022 by THISDAY Newspapers Ltd

In Quest for Increased FDI, FG Sets Up Oil, Gas Investment Promotion Centre OPTS member-companies paid tens of billions of dollars to Nigeria in 60 years Peter Uzoho As part of its drive for increased Foreign Direct Investments (FDI) into the Nigerian oil and gas industry, the federal government has finally set up the Oil and Gas

Investment Promotion Centre at the Ministry of Petroleum Resources in Abuja. The investment promotion centre is to make it easy for prospective investors to make enquiry as well as to play in the sector.

On the other hand, oil and gas exploration and production companies affiliated to the Oil Producers Trade Section (OPTS), a group under the Lagos Chamber of Commerce and Industry (LCCI) said they have paid tens of billions

of dollars to Nigeria in the last 60 years of the group's existence in the country. The duo of the Minister of State for Petroleum Resources, Chief Timipre Sylva and the Chairman of OPTS, Mr. Rick

Kennedy made the disclosures at the 60th anniversary dinner of OPTS held in Lagos, recently. Delivering his goodwill message at the occasion, Sylva, who was represented by the Acting Permanent Secretary of his ministry,

Mr. Kamoru Busari, said setting up of the investment promotion centre was part of the government's effort to create an enabling environment and attract more investors into the Continued on page 5

NNPCL Spent 94.7% of August Oil, Gas Revenue on Petrol Subsidy...

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Diri: PDP Will Emerge Stronger, Victorious Despite Crisis Olusegun Samuel in Yenagoa Bayelsa State Governor Douye Diri says he is optimistic that the Peoples Democratic Party (PDP) would surmount its current challenges and emerge

victorious at all levels in the 2023 general election. Diri stated this at an interdenominational church service organised by the state government to mark Nigeria's 62nd independence and the 26th anniversary of the creation of

Bayelsa State. Diri was represented by the deputy governor, Senator Lawrence Ewhrudjakpo, at the service held at the King of Glory Chapel inside Government House, Yenagoa.

The governor described the post-convention crisis rocking PDP as "shaking of the water in the river that will not stop the boat from getting to its destination". He said by the grace of God and the support of Nigerians,

who had seen the difference between the All Progressives Congress (APC) and PDP, his party would reclaim power at the centre and in majority of the states. According to the governor,

"What is happening in our party is just shaking of water. The water has not poured and will not pour. For the fact that there is a storm in the river does not mean the Continued on page 5

152 Days to 2023 Polls, Obi Set to Disrupt, Deadlock Presidential Run THISDAY survey predicts inconclusive poll at first ballot if elections were held today To launch major poll in October with renowned global partner Chuks Okocha, Adedayo Akinwale and Emameh Gabriel in Abuja With 152 days to the 2023

•Atiku

general election, and less than 48 hours to the official commencement of political campaign, as indicated in the timetable and schedule of

•Tinubu

activities of the Independent National Electoral Commission (INEC), presidential candidate of the Labour Party, Mr. Peter Obi, is not just the issue in the

election, but he also appears set to disrupt and deadlock the February 25 presidential race. A recent THISDAY survey revealed that with the OBIdient

•Obi

Movement fast gaining traction not be a clear winner in the in many parts of the country, first ballot of the presidential especially, as new volunteers run, as the Obi factor might enlist on the Obi project almost Continued on page 5 on a daily basis, there might

•Kwankwaso

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Obasanjo, Okonjo-Iweala, Okadigbo Seek Increased Investment in Power Sector to Tackle Africa's Energy Poverty Peter Uzoho Former President Olusegun Obasanjo, the Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala and the Board Chairman of the Nigerian National Petroleum Company Limited (NNPCL), Dr. Margery Okadigbo have called for joint efforts by African leaders and their allies to boost investments in the continent's power sector. They said such investments in the power sector were necessary to tackle energy poverty and achieve industrialisation and social, economic development in Nigeria and other African countries. The three leaders made the call at the weekend, while speaking at the FIN International Trade and Investment Forum on the sidelines of the United Nations General Assembly (UNGA) in New York. Obasanjo, who was quoted to have spoken virtually, stated that without adequate electric power, all efforts to develop Africa economically and socially would not materialise. He said it was imperative that Africans, their friends and development partners work together to raise sufficient investment to get enough power to catalyse the continent's development, noting that he personally believed that the resources were available. Obasanjo said there was the need for African countries to create a conducive environment for investment to come into Africa for robust power generation, distribution and transmission. Obasanjo said, “Today, we have to think of grid system, off grid system and indeed individual domestic system to take care of what is required, particularly in the rural areas. “I will challenge this forum to really work out what should be the factors that our leaders should consider. What should be the factors that Africans in the private sector will consider; and what will be the factors that the foreign investors will need and consider to be able to power Africa in terms of our development economically and socially.” Contributing at the event, Okonjo-Iweala said Africa could not industrialise or have a solid continental manufacturing base without energy. The WTO boss added the green statistics of energy access on the continent was instructive, saying the International Energy Agency (IEA) had estimated a $28 billion annual investment gap in energy

for the continent, up to 2030. Okonjo-Iweala said African countries could not increase the continent's share of world trade without adding more value to its products through the manufacturing base. She warned that the future well-being of Africa was limited by improved energy access, adding, “At the same time, the world is being buffeted by numerous manmade and natural exogenous shocks that are difficult for policy makers to manage."

renewables, let us focus on mutually beneficial energy investments for Africa and the world by taking up the opportunities to harness the continent's gas and renewable energy resources.” Delivering her keynote address at the event, Okadigbo stated that sustainable, renewable energy was fundamental to Africa's future. According to her, the UN had disclosed that by 2050, the continent would be the home for two billion people, and two in five of the world’s children will be born there.

Owing to this, Okadigbo said “Meeting their needs with sustainable sources of modern energy – for consumption and production – will be essential to social welfare and economic development. “With a large population of over 200million, a growing middle class and a favourable investment climate, Nigeria’s Power Market offers numerous investment opportunities for Investors interested in power investments through Independent Power Projects (IPPs) such as the

Abuja, Kaduna, Kano, Agura and Obite IPPs.” Other African leaders and experts at the event also suggested the way forward in addressing the challenges of power in the continent. The Chairman of Hinduja Europe, Mr. Prakash Hinduja, said, “I would like to say, for the next 100 years, the world is going to keenly watch Asia and Africa. “It's an opportunity of a lifetime for investors and corporations in the United States to engage with Africa power is just the starting point.

to 50 per cent in the North-east. He is doing 30 per cent at the moment in North-central.

the election will be inconclusive and a run-off declared by the Independent National Electoral commission (INEC). According to THISDAY survey, based on findings from field reporters, which is not scientific but just trends, Obi is unlikely to win. But he would most certainly disrupt the presidential run for the two big guns. He is taking votes away from Atiku and Tinubu in the North-west and North-east. Meanwhile, THISDAY concluded plans to launch a major global opinion poll from October, with a major global partner and big time player in the polling world that would be announced soon, preparatory to next year’s elections. The exercise is an idea conceived to guide the active players, the voters and the observing world, and help them keep up to speed with trends as they unfold, just before the general election.

152 DAYS TO 2023 POLLS, OBI SET TO DISRUPT, DEADLOCK PRESIDENTIAL RUN cause a disruption, leading to an inconclusive exercise. THISDAY is launching a major opinion poll from October to study the trends in more depth, and local government by local government sample size, with a key global partner and big time player in the polling world. But what the current trends presuppose is that Obi is causing a major upset in the election that could disrupt and deadlock the presidential bout such that no winner would emerge, thereby forcing a run-off. Already, the 2023 presidential election is generally considered a three-horse race among the trio of Atiku Abubakar of Peoples Democratic Party (PDP), Bola Tinubu of All Progressives Congress (APC), and Obi. Rabi Kwankwaso of New Nigeria Peoples Party (NNPP) is coming closely behind and may contribute to who wins. Kwankwaso’s showing may take votes away from Tinubu and Atiku. Though many still hold the view that it would be a straight fight between Atiku and Tinubu, with Obi disrupting the emergence of a clear winner and eventually forcing a run-off. But with the changing political climate, largely leaning towards Obi, analysts hold the view that the crowds gradually coming together to advance the cause of his presidential bid can no longer be taken for granted. Many believe Obi has become a major force that would ultimately determine the direction of the presidential race come February next year. On Saturday, for instance, Obi supporters staged a peaceful rally in Abuja in stunning numbers. The march, which commenced from the Unity Fountain to the Moshood Abiola National Stadium, amid heavy security, was an intentional exercise to

DIRI: PDP WILL EMERGE STRONGER, VICTORIOUS DESPITE CRISIS ship or the boat will not sail to its destination. "The most important question is, is there a competent captain and a functional radar? The PDP ship will definitely get to its destination. By God's grace and the support of well-meaning people of our country, we are going to win convincingly." Diri urged Nigerians to be determined and courageous in their bid to rescue the country from total collapse. He maintained that the country would become stronger, more united, and prosperous after the forthcoming elections. Commenting on how the state had fared so far, Diri said though Bayelsa was not where it ought to be, the state had made remarkable progress from its inception in 1996. He reassured the people of the state of his administration's commitment towards completing all on-going landmark projects, including the Nembe-Brass Road, Angiama-Oporoma Bridge, and the Sagbama-Ekeremor Road to open up the state for sustainable prosperity.

Okonjo-Iweala further said, “These shocks hit a continent struggling to manage simultaneous health, debt and energy crisis with limited fiscal space. “But we must not lose sight of the opportunities of this crisis. Africa is abundantly endowed with energy resources from gas to renewables, all waiting for investment. “High global energy prices make new gas investments more evident, especially as a transition mechanism of will. “Even as we strive towards

The Bayelsa helmsman cautioned politicians to focus on issues, rather than engage in character assassination of political rivals, as the campaigns for the 2023 elections kick off this week. The governor equally warned the youth to be mindful of politicians, whose stock in trade was to throw around Greek gifts and promote violence during political seasons. He said, “We are not where we ought to be but, definitely, we are not where we used to be. And that is what is important. You see, when there is hope, then, you can muster every courage and determination to get to where you are going. So, clearly, we are convinced that we are on the right track, right steps are being taken in the right direction for our state, Bayelsa. “Even in Nigeria, we cannot say it is all failure. There are some improvements. But the most important thing is for us to believe and have faith and be determined, because a man without determination and courage cannot be successful.”

prove that Obi and his running mate, Datti Baba-Ahmed, had physical structures beyond the social media, as some often insinuated. Before the Abuja rally, the OBIdient movement had held similar exercises in places like Port Harcourt, Onitsha, Jos, and Enugu, among other cities in the country, where the crowd had indicated that Obi was fast becoming a force. While the planned Lagos leg of the rallies was put on hold, as it was already a subject of litigation, similar support rallies for Obi had been held in many parts of the world, where people had mobilised and organised themselves organically for the OBIdient movement. What this means, therefore, is that Obi is the issue at the moment, whose presidential bid seems to pose a major threat to other contenders, and may ultimately disrupt their chances.

Understanding the Trends in the Zones Peter Obi:

According to data available to THISDAY, Peter Obi is likely to win the entire South-east with an average of 60 per cent, and he is trending at 30 to 40 per cent in the South-south; 20 to 30 in South-west; and 30 per cent in North-central. But he is below five per cent in North-east and North-west. This means that Obi is picking winning votes from Tinubu and Atiku, and, at the same time, disrupting their calculations.

Atiku Abubakar:

From THISDAY findings, Atiku Abubakar is at the moment trending at 20 to 25 per cent in the South-east; 40 to 50 per cent in the South-south; 20 to 30 per cent in the South-west; 30 to 40 per cent in North-west; and 40

Bola Tinubu:

The former Lagos State governor is trending at 50 to 60 per cent in his base, South-west; 10 to 15 per cent in South-south; five per cent in South-east; 30 to 40 per cent in North-central; 40 per cent in North-west; and 30 to 40 per cent in the North-east.

Rabiu Kwankwaso:

The Kano-born strongman, Rabiu Kwankwaso, findings reveal, is doing well and trending 50 per cent in his Kano base, a critical state in the North-west; 30 percent in Tarab; about 10-15 per cent in the rest of the north; and below five per cent in the entire south Clearly, and from all indications, if the current trends subsist, no one may win or get the spread of 25 per cent in 24 states in the first ballot, meaning

IN QUEST FOR INCREASED FDI, FG SETS UP OIL, GAS INVESTMENT PROMOTION CENTRE oil and gas sector. The ministry had in August this year inaugurated a committee on the establishment of an oil and gas promotion office in Abuja to interface with businessmen interested in investing in the sector. Busari, who was at the time, the Director overseeing the Office of the Permanent Secretary of the ministry, had explained that having an investment promotion office in the ministry was a strategic milestone to get investors to put their money in Nigeria’s oil and gas sector. He had also stressed that the initiative would come in handy to businesses, given the country’s enormous oil and gas deposits, adding that the inauguration of the committee the was sequel to the approval granted by the Sylva on 22 June, 2022. But speaking at the OPTS 60th anniversary dinner, Sylva explained that as the government seeks to maximise the value from the nation's crude oil, gas, which had been declared as Nigeria's transition fuel would help in the government's drive to address the country's energy poverty status in power, transportation, agriculture and other critical sectors to fully industrialise to nation. According to him, achieving the goals would therefore require the creation of a conducive business environment to attract all the available FDI in the sector. He further explained that the investment promotion centre was initiated in collaboration with the industry regulators to create a culture of business enablement for would-be investors, adding that the ministry was also in the process of bringing up policy guidelines on all aspects of the Petroleum Industry Act (PIA) 2021, to guide the industry. Sylva said, "With formulation of deliberate policies that will encourage investments and enhance businesses in all streets. "In attracting this needed investments and as alluded in the Petroleum Industry Act, the ministry, in fulfilment of its mandate as enshrined in the PIA, to

promote an enabling environment for investment in the Nigerian petroleum industry, we have set up an oil and gas investments promotion office, which will act as a one-stop-shop for oil and gas investors. "This centre is being initiated in collaboration with the industry regulators to create a culture of business enablement for would-be investors. We are also in the process of bringing up policy guidelines on all aspects of the PIA 2021, to guide the industry and lead to this production growth. It is not an exaggeration to say that the ability of this industry to meet the world energy needs without damaging the environment will determine the trajectory of the 21st century." Decrying Nigeria's underperformance in oil production due to the escalating oil theft and vandalism of upstream assets, the minister said the country's oil production decline reached an all-time low at a time the price of the black gold also spiked to an all-time high in five years. Owing to the multiple challenges facing the country's oil sector, Sylva said the industry's situation could, "best be summarised as prospect good, unstable, unsuitable, with security, technical issues, reduced investment and assets litigation identified as the mitigating factors." He observed that Nigeria's upstream oil sector had never witnessed this scale of destruction of facilities before. He said with over 265 illegal refineries existing and being operated within the Shell Petroleum Development Company (SPDC) corridor alone, efforts to bring them down had only resulted to creating new ones. In managing this ugly menace and to restore the confidence of government's partners, Sylva noted that the federal government was taking a lead on the issue of security of the oil and gas industry using a wider approach to the matter. "All these efforts are being made to achieve the 2016 highs of oil production", he stated. He, however, reiterated that

Nigeria had committed to the net zero target by year 2060, saying there was therefore an urgent need to monetise the country's crude oil by increasing reserve to 40 billion barrels and taking production to over three million barrels per day. He said part of the need was to add value to the huge oil and gas resources by making the nation self-sufficient in white products and a refining hub for Africa, revealing that excessive work was ongoing to achieving this aim of making Nigeria a petroleum refining hub. Meanwhile, in his welcome address at the dinner, Kennedy, who was represented by the Vice Chairman of OPTS, Mr. Osagie Okunbor, disclosed that the group's member companies have made payments worth tens of billions of dollars to Nigerian government in taxes, royalties, rents, levies and license fees, in the last 60 years of the group's existence in the country. Kennedy, who is also the Managing Director of Chevron Nigeria Limited, said OPTS member companies accounted for about 90 per cent of Nigeria's oil production and contributes significantly to the domestic and export gas production and supply. He added that over the last decades, the companies under the group accounted for 40 to 60 per cent of government revenue and 80 to 95 per cent of export earnings. "Over the last decades, OPTS member companies account for 40 to 60 per cent of government revenue and 80 to 95 per cent of export earnings. OPTS member companies are also proud to have paid tens of billions of dollars in taxes, levies, royalties, rents, and license fees to the Nigerian government. "Through direct and indirect employment of people, local contractors, and services providers, OPTS member companies have continued to provide significant livelihood to Nigerians," Kennedy said. According to him, OPTS member companies have continued to invest in individual and group skill development to support exploration

and production activities and strengthen the supply chain, saying this was in addition to a strong social investment programmes that span Nigeria, with a focus on their host communities. He recounted that OPTS began modestly in 1962 with only three founding member companies -Chevron, ExxonMobil and Shell, explaining that the group was formed in response to the burgeoning oil and gas sector following the discovery of oil six years earlier in 1956. Kennedy said the history of OPTS was the story of Nigerian oil and gas exploration and production, adding that over the last 60 years, they have evolved as a group and have become partners with Nigeria in the development of a sector that is key to the nation's economic development. From an organisation initially dominated by international oil companies (IOCs) to an all-inclusive 29-member group, out of which 21 are indigenous and homegrown, he explained that OPTS member companies have made significant impact on the Nigerian economy. He pointed out that Nigeria's needs have grown over time just as the oil and gas industry, which he noted, has consistently responded positively. Kennedy maintained that the companies have demonstrated resilience and commitment in the face of economic, security, environmental, and funding challenges. He further said, "We have amassed many chapters in the OPTS scroll over the past 60 years, and today, we have the opportunity to celebrate 60 years of partnership, 60 years of working together, and 60 years of shared success. "Despite the challenges confronting the industry, there are opportunities for improvement and growth. This is what we see in OPTS. Working with the governments at all levels, we have the responsibility and the commitment as a group to get the right policies for our people and for the country."

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

NEWS

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

INDEPENDENCE ANNIVERSARY INTER-DENOMINATIONAL CHURCH SERVICE... L – R: Secretary to the Government of the Federation, Boss Mustapha; Vice President, Prof. Yemi Osinbajo; His Wife, Mrs. Dolapo Osinbajo; Head of Civil Service of the Federation. Dr. Folashade Yemi Esan, and Chief of Air Staﬀ, Air Marshal Isiaka Oladayo Amao, during the Independence Anniversary Inter- Denominational Church Service at the National Christian Centre in Abuja ...yesterday

NNPCL Spent 94.7% of August Oil, Gas Revenue on Petrol Subsidy

At N403.87/$ official rate, subsidy exceeded $1.22bn Police seize 123 oil tankers, 1,436 million litres of stolen crude, diesel 4,900 litres of petrol also confiscated Pipeline surveillance: Diri, INC resolve Tompolo, Asari, Ateke rift

Emmanuel Addeh, Kingsley Nwezeh in Abuja and Olusegun Samuel in Yenagoa The Nigerian National Petroleum Company Limited (NNPCL) spent 94.77 per cent of its revenue on petrol subsidy payment in August, latest data from the national oil company has affirmed. The development, which clearly signposts grim outlook for the economy, came the same weekend the police high command disclosed that the Police Special Task Force on Petroleum and Illegal Bunkering (IGP-STFPIB) seized 123 oil tankers deployed for the purpose of crude oil theft. That was as Bayelsa State Governor, Senator Douye Diri, alongside some leaders of the Ijaw National Congress (INC) and other stakeholders announced they had succeeded in calming frayed nerves arising from the pipeline surveillance contract awarded by the federal government to Government Ekpemupolo a.k.a Tompolo. The information from the national oil company’s monthly presentation to the Federation Account Allocation Committee (FAAC) meeting at the weekend showed that NNPCL generated N553.99 billion in revenue from oil and gas operations in August 2022. However, the subsidy payment or what the firm terms underrecovery, which was deducted for the month, was N525.71 billion, according to a THISDAY review. The revenue made by the national oil company was mainly from Joint Ventures (JVs) and Production Sharing Contract (PSC) arrangements. At the exchange rate of N403.87 per dollar, NNPCL got N527.13 billion from crude oil transactions under both arrangements, while it received N15.03 billion from its gas business under the agreements. Apart from oil and gas proceedings, other transactions, termed miscellaneous, fetched the company N11.82 billion under JV and PSC. In the same vein, NNPCL recorded N26.81 billion in outflow to National Petroleum Investment

Services (NAPIMS), the upstream unit of the national oil firm. The PSC Frontier Exploration Fund (FEF) was transferred to an escrow account, and the national oil company’s PSC management fee also gulped N708.06 million each. Hitherto, the fund now paid for the controversial subsidy was remitted into the federation account, comprising the federal, state and local governments. On Sunday, THISDAY reported that NNPCL continued its zero funding for the federation account in August, extending the national oil company’s prolonged nonremittance to the joint account to eight months. The development came against the backdrop of the company’s deduction of N525.71 billion as value shortfall or subsidy for the importation of petrol in the month under review. An analysis of the company’s monthly presentation to FAAC further showed that NNPCL had so far spent N2.565 trillion on the controversial subsidy this year. Information from the FAAC meeting revealed that the money available for distribution among the three tiers of government for the month slumped by N280.948 billion to N673.137 billion when compared to N954.085 shared in July. Of the amount, the federal government received N259.641 billion; the states received N222.949 billion; while the local government councils got N164.247 billion. In July, the firm also deducted N448.7 billion for the purpose, a record high at the time, since the re-emergence of subsidy payment early last year. It followed in a similar trend, which showed that in the first half of 2022, petrol subsidy claims surpassed oil and gas revenue by a whopping N210 billion, with NNPCL recording N2.39 trillion as gross revenues from oil and gas receipts, while subsidy claims amounted to N2.6 trillion. The amount deducted in August was about $1.22 billion, according to figures submitted to the government by the state oil company.

The ballooning costs of keeping petrol prices low in Africa's most populous country are straining the budget and draining revenue from the NNPCL. Since this year, NNPCL has not remitted any money to the federal government due largely to subsidy costs as daily supply of petrol rose to 71.8 million litres, up nearly 10 per cent from July. In August, Nigeria produced its least crude oil in decades, just about 972, 000 barrels per day, further worsening the country’s foreign exchange supply crisis. Nigeria imports all its petrol because it does not refine a drop of the product in the country. All the refineries have been non-functional for years. The country operates a swap oil-for-petrol regime, which is largely seen as opaque. It has blamed its inability to meet its production allocation on massive oil theft, deteriorating upstream infrastructure, lack of upstream investment, as well as outright sabotage of its assets.

Police Seize 123 Oil Tankers, 1,436, 020 Litres of Stolen Crude Oil, Diesel The Nigeria Police high command disclosed that the Police Special Task Force on Petroleum and Illegal Bunkering (IGP-STFPIB) seized 123 oil tankers deployed for the purpose of crude oil theft. The taskforce also intercepted 1,301,020 litres of Automotive Gas Oil (AGO), also known as diesel, 135,000 litres of crude oil, 4, 900 litres of premium motor spirit (PMS), and 45, 000 litres of engine oil. A statement issued by Force Headquarters stated that the development was in tandem with the commitment of the Inspector-General of Police, Usman Baba, to continuously develop and improve the capacity of its officers through practical training, acquiring top-notch investigative and operational assets to sustain the fight against oil theft and other crimes capable of sabotaging the

country's economy. It stated, “In one of the cases, operatives of the IGP-STFPIB successfully discovered and busted the operations of an illegal refinery on 21st September, 2022 in Jijoro Community Riverside, Delta State, a creek of about one-hour boat ride. "Suspected illegally refined AGO stuffed in 138 sacks, 10 empty surface tanks (ovens) used as cooking pots, 20 empty drums for storage one boat engine, two pumping machines were recovered. "Three suspects, Happy Gift Lawson, 18; Ejime Precious Lande 22, and John Jugu Fom, 25, were equally arrested." Similarly, on September 9, 2022, it disclosed that following intelligence received from the NNPCL Command and Control Centre Portal, operatives of the IGP-STFPIB proceeded to the Rumuekini Area of Port Harcourt, Rivers State, where they discovered a warehouse within a residential building, storing about 15,000 litres of petroleum products suspected to be illegally refined AGO stuffed

in sacks. Other products recovered included Mack Tanker, one plastic storage tank, one-barrel drum, and one pumping machine. The police revealed that one Franklin Osuagwu, 29, was arrested at the scene in connection with the offence. The statement said samples of the products were collected for laboratory analysis while the suspects will be charged to court on conclusion of investigations for effective prosecution in line with extant laws. It said, "The Inspector-General of Police restates emphatically that the Nigeria Police Force will not relent in enforcing all laws as it is statutorily empowered to do by effect of Section 4 (d) of the Police Act, 2020, and so charge all suspects arrested for oil theft and other related offences accordingly, without any prejudice. "Also, the IGP has called for increased support particularly Continued on page 50

Experts Blame Elites for Nigeria's Massive Crude Oil Theft Flay award of pipeline protection contract to non-state actors, say it's clear abdication of state’s responsibility Want involvement of oil producing communities in surveillance Deji Elumoye in Abuja Some public policy experts have lamented the quantum of financial losses the country incurs as a result of crude oil theft, saying the bigger culprits are political and economic elites They also posited that the incessant award of pipeline protection contracts to non-state actors was a clear case of abdication of state responsibility. The experts were, however, quick to advise that the federal government should not revoke the N48 billion annual pipelines surveillance contract awarded to a company where a former militant leader, Government Ekpemupolo popularly known as Tompolo has significant interest. These were the highlights of

recent research carried out by two scholars namely Dr. Iro Aghedo, an Associate Consultant at Nextier SPD, and senior lecturer, Department of Political Science, University of Benin, Edo State, and Dr. Ndu Nwokolo, a Managing Partner and Chief Executive at Nextier and an Honorary Research Fellow at the School Government and Society, University of Birmingham, UK. According to the experts, “The nine oil-producing states are critical to the political economy of Nigeria because of the enormous oil revenues generated from them.” They noted that in the mid-1990s to late 2000s, a revolt against the federal government and oil companies in the Niger Delta region reduced oil production from two million to 700,000 barrels.

“The deployment of state military power against the Niger Delta militants could not secure peace amid structural violence in the region. Hence President (Umaru) Yar’Adua had to grant amnesty to the fighters in 2009 to obviate the costly threat to oil production in the volatile region,” they said. The duo contended that despite the amnesty programme, oil theft has continued at an alarming rate in the region. “While there are different accounts of the volume of oil stolen every month, the industry regulator, the Nigerian National Petroleum Company Limited (NNPCL), confirms that the country loses about 470,000 BPD of crude oil, amounting to $700 million monthly as a result of oil theft.

“The Nigerian government has contracted pipeline protection to non-state actors in response to this haemorrhage. The latest award of a N48 billion-a-year contract to the former warlord of the Movement for the Emancipation of the Niger Delta (MEND), Government Ekpemupolo alias Tompolo, has generated both applause and opposition.” According to them, “the perpetrators of the horrendous oil theft are varied and contentious, including local gangs, communities, and even religious groups. “However, the bigger thieves are political and economic elites who use superior technology and experts to drain off about 80 per cent of crude oil. Continued on page 10

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

NEWS

WALKING DOWN THE AISLE… L-R: Prof. Charles Salami; his wife and Vice Chancellor, University of Benin, Prof. Lilian Salami, and Edo State Governor, Mr. Godwin Obaseki, during the wedding ceremony of Mr. Amen Salami and Onyekachukwu, in Warri, Delta State…recently

Illegal Oil Lifting: Neconde Denies Complicity, Alleges Blackmail Emmanuel Addeh in Abuja Neconde Energy Limited, one of the oil firms operating in the country yesterday denied complicity in the alleged illegal lifting of Nigeria’s crude oil at Ugo Ocha export terminal around Oil Mining Lease (OML) 42. In a statement debunking the contents of a purported petition by one Oluwatosin F. Emmanuel of O.F. Emmanuel & Co., the firm maintained that it was being pressured to purchase a low quality LACT unit - a measuring device used in the industry by the alleged blackmailers. The lawyer had alleged that Neconde had continued to operate the terminal in flagrant violation of the federal government’s mandate for accurate custody transfer measurement at all export terminals. But describing the allegations of improper accounting, unauthorised lifting of crude oil, amongst others as "extremely damaging," the firm noted that there had never been a time when all the representatives of the statutory bodies were not present during crude poduction. “We wish to categorically state that these allegations made against Neconde in the aforesaid publications are totally false, wicked, mischievous, baseless and are aimed at

blackmailing Neconde into making unreasonable payments and accepting the installation of an unsuitable LACT unit wrongly contracted by certain persons in the defunct Asset Management Team (AMT) of OML 42 Joint Venture without following due process. “Neconde had insisted that a fit-for-purpose, cost efficient and compliant LACT unit be procured and installed. “We wish to state that the contracting and procurement processes for the appropriate and compliant LACT unit have already been initiated by Neconde but it would appear that certain persons with selfish interest are bent on foisting the expensive, technically deficient and rejected LACT unit on the OML 42 Joint Venture,” the company stated. Furthermore, Neconde added that the "selfish personal interest'' in the matter was unacceptable, maintaining that the elements pressuring it to purchase the LACT unit were obviously behind the petitions and orchestrated media campaign. “This is with the sole aim of blackmailing our company into accepting the already rejected non-compliant LACT unit,” it stated. As part of its business principles, Neconde explained that it would never be hounded into accepting another LACT

unit that was unsuitable, saying its position remains unchanged. Furthermore, it stressed that the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) had in this month of September, acting in the interest of business continuity, allowed a three-month grace period within which the suitable compliant LACT unit would be installed. “We and our JV partners are working to meet this target. In the meantime, we need to place on record that Neconde has not mis-accounted for any barrel of crude oil and has never been in a position to wrongly account for any volume of crude oil. “The NUPRC representatives

are permanently positioned to monitor, certify and sign off on daily crude oil production records at Keremo loading platform and Ugo Ocha export terminal respectively to ensure that all barrels are accounted for. “During export operations, several other regulatory and security agencies are present at all times in addition to the representatives of NUPRC. These include the Nigerian Customs Services and the NNPC Crude Oil Marketing Division (COMD) which validate the volumes of crude oil . “Besides, NNPC COMD are always present at the disport location for confirmatory valuation; while the mandatory

Nigerian Navy clearance is required for the export vessel to depart the terminal with the confirmed cargo volume duly documented on the bill of lading . “Without these confirmations, approvals and Naval clearance, no single barrel can be exported or delivered to any buyer,” Neconde stated, insisting that the NNPC remains the lifting coordinator of OML 42 JV crude oil production at the Ugo Ocha terminal. The company reiterated that being a highly responsible corporate organisation, it would only support a procurement process governed by transparency and due

diligence that will result in the establishment of an engineered, functional, fit for purpose LACT unit for the export operations. “This process has commenced and all efforts directed to ensure timely closure. Again, Neconde stands firm in its principle that it will not tolerate any coercion whatsoever by any party attempting to circumvent a process that protects prudent application of resources,” it stressed. Neconde warned that it reserves all rights at law to seek appropriate redress, urging the general public to disregard as baseless, unfounded, spurious and mischievous the said publications.

$23m Abacha Loot: SERAP Sues Buhari, Malami over Failure to Publish Copy of Agreement with US Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over the failure to publish details of the agreement the federal government recently signed with the United States for the repatriation of $23 million stolen by the late Dictator Sani Abacha. Joined in the suit as respondent was the Attorney-General of the Federation and Minister

of Justice, Abubakar Malami. The United States government had in August signed an agreement with the federal government to repatriate the $23 million Abacha loot to Nigeria. The $23 million added to the $311.7 million Abacha loot repatriated from the US to Nigeria in 2020. In the suit number FHC/ABJ/ CS/1700/2022 filed recently at the Federal High Court, Abuja, SERAP asked the court to direct and compel Buhari and Malami

to release and widely published copy of the agreement on the return of the Abacha loot with the US. SERAP also asked the court to direct and compel the duo to publish details of the transparency and accountability mechanisms that have been put in place to ensure that the repatriated funds are not mismanaged, diverted or restolen. The suit filed on behalf of SERAP by its lawyers

Kolawole Oluwadare and Atinuke Adejuyigbe, read in part: “The Nigerian constitution, Freedom of Information Act, and the country’s international obligations rest on the principle that citizens should have access to information regarding their government's activities. It is in the public interest, and the interest of justice to grant this application. Nigerians are entitled to their constitutionally and internationally recognised human right to information.”

Oil Vandals Deceiving Nigerians with Job Offers in Modular Refineries, Alleges NNPCL Olawale Ajimotokan in Abuja The Nigerian National Petroleum Company Limited (NNPCL) at the weekend revealed that oil thieves were deceiving innocent artisanal Nigerians into taking jobs in illegal refineries by telling them that they were going to work in modular refineries. The General Manager National Investment Management Service (NAPIMS) a subsidiary of NNPC, Bala Wunti, made this startling revelation when he took the Minister of Information and Culture, Alhaji Lai Mohammed through the operation of the

NNPC Command Centre Control Room in Abuja, set up in March 2022, to conduct real-time monitoring and tracking of oil vessels in the nation’s exclusive zone as well as oil terminals and other infrastructure in the Niger Delta. He said they also discovered from routine investigations that some of the artisanal workers had employment letters. “The irony is that we discovered that some of them even have employment letters. They said they gave them letters to come and work in modular refineries and the people they

bring are people who don’t know what a refinery is. “They say this is modular and that is where they are working. And they get them from all over the place. There is federal character there. They deceive them that they are going to work legitimately in a legal refinery. The people don’t know the difference. “Almost 30 to 40 per cent of them are just coming for daily job. They think this people have the license to do what they are doing and they think this a normal thing they are doing,” Wunti said.

He said the country was losing an unprecedented 700,000 barrels per day of oil through pilfering, sabotage and production shut in causing the country huge loss of revenue and impacting on the host communities’ environment and causing job losses. Wunti also said significant improvements were being recorded through collaboration with government security agencies in the handling of the crisis. He said criminals who vandalise pipelines collect the crude and put them inside the

pits and boil the crude into small degree to extract diesels, which is subsequently bagged and sold off in improvised bags which are capable of floating on water rather than jerry cans. Wunti also told the minister that the criminals were threatening Niger Delta elders and community leaders attempting to caution them to desist from the criminal tendencies. He said the threat had also forced many such community leaders to leave their communities. He said the NNPC now has the capability and technology to

see live view, what goes on at the pipelines from the comfort of the control room, which is manned by young Nigerian software engineers. He added everyday everything detected in the control room was catalogued and reported to the security agencies. He said the security agencies have avoided carrying out aerial bombardment of the illegal sites or outright shooting of the vandals to mitigate casualties as a full scale military action was capable of igniting fire in the area.

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

NEWS

MARCELLE RUTH CANCER EDUCATIONAL PROGRAM ON PROSTATE CANCER… L-R: Chairman, Marcelle Ruth Friends Cancer Support Group, Engr. Godwin Ibe; CEO/Co Funder, Marcelle Ruth Cancer Center, Dr. Modupe Elebute Odunsi; and Director of Social, Mrs. SUNDAY ADIGUN Rachel Ajari at the Marcelle Ruth Cancer Educational Program on Prostate Cancer held in Lagos…recently

N29bn Ground Rents Debt: FCTA to Place Caveat on Debtors’ Property Olawale Ajimotokan in Abuja The FCT Administration has placed a caveat on properties whose cases are already in courts as a step towards recovering the N29 billion debt owed it by property owners in the Federal Capital Territory. The FCT Director of Information and Communication, Muhammad Hazat Sule said the caveat was to deny such titleholders access to the property and eventually forfeit same to the government.

He said the administration would continue with the prosecution of defaulters in courts preparatory to obtaining a court order for the forfeiture of the affected properties. The caveat would also safeguard such properties from being tampered with, through covert attempt to sell or transfer ownership, because the matter is being heard in court. He said the FCTA took these steps to drive home the point that

it was desirous of recovering the over N29 billion ground rents owed it by property owners. The implication is that a caveat when placed on any property, whether developed or undeveloped, and even if ground rent fully cleared, a written application must be submitted, and approval obtained before it can be lifted. He said the FCT Administration was determined to recover all ground rent debts owed it by property owners in Abuja, adding all necessary procedure will be followed to achieve this.

"Since the Administration has commenced prosecution of the defaulting titleholders in spite of several appeals from the FCT Administration, the only thing that can stop the progression of this action is for the affected property owners to clear their outstanding debts. "The government is in court to seek for an order to force debtors to clear their debts or forfeit the affected property, since they are recalcitrant in paying the debt, despite several warnings," Sule said. FCT Permanent Secretary,

Mr. Adesola Olusade recently inaugurated a debt recovery committee with the mandate to recover the outstanding debts owed the FCT Administration with particular interest in ground rents and other sundry fees in the land administration as well as other Land related departments. The government last month, announced its preparedness to prosecute about 413 defaulting property owners by the end of August 2022. The government insisted that since all entreaties had failed, it had no other option than to

commence the prosecution of the first batch of the defaulting property owners. The Coordinating Committee on the Recovery of Outstanding Ground Rent and Other Related Charges in the FCT under the Chairmanship of the FCT General Counsel/Secretary Legal Services Secretariat, Mohammed Babangida Umar, assured the public that there would be no sacred cows as the law would surely take its course, because the only language it would understand was for the debtors to clear their outstanding debt.

CJN Proposes Training of Judges on Road Crash Cases Edo Poly Attracts Multi-million Naira NCC’s Support Appeal Court president, others call for support for road accident victims Alex Enumah in Abuja The Acting Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola has proposed training for judges to enhance their adjudication on road crashes cases brought to their courts. The Acting CJN is proposing the training as part of efforts at tackling the recklessness of most Nigerian drivers as well as finding justice for victims of road crashes as well as their dependents. Justice Ariwoola spoke at the 11th edition of the Kwapda'as Samson Rangna'am Dongban (KRSD) Annual Road Safety press conference, which held over the weekend in Abuja. The conference was aimed at sensitising Nigerians on the need to adhere to safety policies and guidelines on Nigerian roads. "My concern here is the training of judicial officers on issues pertaining to road safety", he said, "bearing in mind the effect of road crashes cases and victims, especially on family and dependents.” The CJN disclosed that modalities would immediately be put in place for the National Judicial Institute (NJI) to commence the training which would be done in collaboration with the Federal Road Safety Corps (FRSC). While recalling how he lost an aide, the CJN advised the public to always come to the aid of road crash victims, stressing that, "if immediate care was provided many victims would not have died."

Earlier, the founder of KRSD Foundation and President, Court of Appeal, Justice Monica Dongban-mensem, while referring to a recent report stated that the socio-economic impacts of road crashes and related injuries were not only harming Africa's development but also affecting the livelihood of countless African families, especially in Nigeria. "It is estimated that in Nigeria, more than 6,000 people die from road traffic crashes and many sustain serious injuries. According to the statistics provided by the Nigeria Bureau of Statistics (NBS) and Federal Road Safety Commission (FRSC), every four hours, no fewer than two people die on Nigerian roads," she said. Dongban-mensem, who lost a son to road accident some years back, however, argued that road safety was not for the government alone to pursue and called for support from individuals and non-governmental organisations (NGOs). "The contributions of NGOs, private and corporate organsations towards achieving the goal of reducing road safety deaths and serious injuries is very important," she said. While she urged corporate organisations to channel their corporate social responsibilities (CSR) towards road safety advocacy, sensitisation and campaign, the Appeal Court President, advised Africa to look inwards and draw its peculiar plan for road safety.

Project for Campus-Wide Internet Connectivity Edo State Polytechnic under Prof. Abiodun Falodun has attracted a multi-million-naira project from the Nigerian Communications Commission (NCC) for campuswide internet connectivity. The project would deliver 20 megabytes per second (mbps) internet speed across the school’s campus in Usen, Ovia South West Local Government Area (LGA), which will enhance teaching and research in the polytechnic. The digital infrastructure being deployed at the institution would improve research and also help in deepening the Governor Godwin

Obaseki-led administration’s e-governance system. According to a statement, in a notice to the school, Director, Projects Department, NCC, A. I. Sholanke was quoted to have said: “We are pleased to inform you that your institution has been nominated from the Wireless Internet Cloud (WIC) Project implemented by the Nigerian Communications Commission under the Advance Digital Appreciation Programme for Tertiary Institutions (ADAPTI). “The main objective of the Wireless Internet Cloud project is to provide internet connectivity

in your institution for online teaching, learning, research and development.” The project provides for Internet CPE 20/20Mbps bandwidth via Fibre or Point-to-Point ISP radio; dual-radio PRO Access Point/DualBand MU-MIMO Wireless Access Point/Dual band Wi-Fi Gigabit Access point, 5.5 KVA generator, 5KVA network integrated UPS, among others. Falodun said the project was the actualisation of efforts to digitise teaching and research at the institution over the last five years, noting that lecturers have

been trained on implementing the Open Distance Flexible Learning system in the school. He added that the project would improve internet connectivity in Usen community and environs and position the school to collaborate seamlessly with partners and international grant-making organisations to improve research and teaching. Usen polytechnic which has witnessed over 500 per cent increase in student population has continued to introduce innovative programmes to attract students from across the country.

EXPERTS BLAME ELITES FOR NIGERIA'S MASSIVE CRUDE OIL THEFT “The alleged involvement of security operatives in criminal sabotage and illegal bunkering is more puzzling. In 2019, Governor Nyesom Wike of Rivers State had fingered even a General Officer Commanding in the scandalous theft of crude oil in Rivers State. “A few weeks ago, a 3-million capacity supertanker, MV Heroic Idun, illegally loaded crude oil in the Niger Delta and sneaked into the nation’s territorial waters, curiously escaping the efforts of the Nigerian Navy to stop it. The Navy of Equatorial Guinea later arrested the ship. “Oil theft engenders several implications for Nigeria. Besides those killed in the act of siphoning oil from active pipelines or the inferno that often accompanies the sabotage, the negative environmental impact of the crime is enormous. “The impact on the country’s

economy is scary. The 2018 oil and gas audit report revealed that 1,894 breaks were recorded on pipelines that year, resulting in a revenue loss of N27.551 billion. The loss increased to N851.84 billion in 2019 and reduced slightly to N159 billion in 2020. Between 2021 and June 2022, the Nigeria Upstream Petroleum Regulatory Commission reported that the nation’s oil output dropped by 12.5 per cent to 1.4 million barrels per day, including condensate, in the first half (January–June) of 2022, from 1.6 mb/d in the corresponding period of 2021. “Occasionally, members of the security agencies arrest some local vandals, but the big oil thieves often curiously escape their grips.” They noted that, “the recent award of a N4 billion-a-month pipelines surveillance contract by the NNPCL to a company where Government Ekpemupolo (alias

Tompolo) has dominant interests has generated both commendation and condemnation. "Those in support of the contract emphasise Tompolo’s familiarity with the terrain, his popularity in the Niger Delta and his experience from the initial pipelines surveillance contract awarded to him by President Jonathan’s administration. “As a former commander of MEND, the man (Tompolo) knows all the creeks and waterways inside out. So, he can police oil theft in the area” (key informant). “Besides, Tompolo’s performance stood out in the contract awarded to him between 2014 and 2015, leading to a tremendous increase in NIMASA’s revenues. “However, those opposing Tompolo argue that a contract of N4 billion a month is too much for a company where the former freedom fighter has enormous

shares. “Other dissenters argue that the geographical coverage of the contract is too extensive, including parts of Rivers, Bayelsa, Delta, Imo, Edo and Ondo states.” They noted that under former President Goodluck Jonathan’s administration, a similar contract was awarded to different groups of persons, including Tompolo, Emami Ayiri (Delta State), Boyloaf, Macaiver (Bayelsa State), Farah, Dokubo Asari and Ateke Tom (Rivers State). “Some of the critics of the award, such as the Amalgamated Arewa Youth Groups, Dokubo Asari and Rita-Lori Ogbebor, castigated the Buhari-led government for lack of fairness and sensitivity in awarding the pipeline contract. “Others, such as the Akwa Ibom youth group, have threatened that they would not allow the contract to be executed in their areas.

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

T H I S D AY ˾ DAY SEPTEMBER 26, 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

As 2023 Election Campaign Kicks Off...

With the campaign for 2023 poll oﬃcially kicking oﬀ Wednesday, all is now set for the political parties and gladiators to canvass for votes for their candidates from eligible Nigerians. Adedayo Akinwale writes

Yakubu

ollowing the unveiling of membership of the presidential campaign councils of the two dominant political parties - the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), all is now set for fireworks that will follow as the political campaigns commence on Wednesday, September 28, 2022 ahead of the 2023 general elections. With the Independent National Electoral Commission (INEC) officially lifting the ban on electioneering this Wednesday, all eyes will be on the candidates of APC, Asiwaju Bola Tinubu and his PDP counterpart, Atiku Abubakar. Worthy of note in this equation, however, is the increasing popularity of the presidential candidate of Labour Party (LP), Peter Obi, who has been able to resonate hope in the one sleeping and docile youth who desire

Tinubu

change having tasted life under PDP and APC. The army of youth that have taken over social media are passionately supporting him. And to make a statement that they are ready to walk the talk, they have embarked on a series of political tally across the country in support of Obi. It would be naive to dismiss Obi and his ‘’Obidients Movement” with a wave of hand as far as the next year’s election is concerned. Although this wouldn’t be the first time a politician would command cult supporters, General Muhammadu Buhari, as he was then known, had always had 12 million block votes from his supporters. This was however not

Atiku

Obi

enough to win him the presidency because he lacked the structure nationwide to win him the election. He faltered on three different occasions. He was only able to lay his hands on the plum job whe he aligned with other political parties, on whose structure he became the president in 2015. While Obi has made himself a force to reckon with in the 2023 elections, he would need a formidable structure to actualise his dream. All these are still in the realms of theory, only time will tell as political gladiators prepare for the February 28 presidential election. Nevertheless, with political campaigns off to a start on Wednesday, the two dominant parties are entering the fray with some teething problems which may make or mar their chances as the fireworks begin. While Tinubu has been able to win the support of other presidential aspirants that

contested against him, some have appeared indifferent to his presidential ambition and have stayed away tactically. Aside from this, there is no love lost between him and some members of the National Working Committee (NWC) of the party. The initial delay in unveiling the campaign list was as a result of disagreement between Tinubu’s camp and the NWC, with the latter insisting that the list submitted to the party was not all-inclusive. To further give credence that the ruling party is silently embroiled in crisis, prominent names of party members were conspicuously missing following the release of 422 members of the PCC. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Separating Lawmakers from Noisemakers

At a recent capacity building workshop organised for journalists by oﬃce of the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, resource persons aired their views on who a performing lawmaker is and tasked the media on projecting them. Udora Orizu reports

Gbajabiamila

here has been many misconceptions by the populace on who a good legislator is, since the inception of the fourth republic parliament in 1999. The legislature is defined as an assemblage of the representatives of the people elected under a legal framework to make laws for the good health of the society. The National Assembly, which, consists of the Senate and House of Representatives, is vested with the legislative powers of the Federation. Under the 1999 Constitution, legislative functions majorly include, law making and policy formulation; oversight;

Adeniyi

investigative; and representative or constituency responsibilities functions. Section 4(1) under Part II of the Constitution states, inter alia: “The Legislative powers of the Federal Republic of Nigeria shall be vested in a National Assembly for the Federation which shall consist of a Senate and a House of Representatives”. Section 4(2) states as follows: “The National Assembly shall have power to make laws for

Nwawuba

the peace, order and good government of the federation with respect to any matter included in the Exclusive Legislative List”. Though the legislature controls through legislation all economic, social and political activities of the nation and also scrutinizes the policies of the Executive and provides the framework for the judiciary to operate, Nigerian lawmakers are perceived by majority of the citizenry to be individuals who are serving only their own interests, and forsaking the electorate. The National Assembly since inception has had its own share of scandals including

contract scams and bribery sagas and so on. These scandals gave rise to the misconceptions by members of the public, who believe their expectations are not being met by those they elected to represent them. The citizens can be said to be right, because out of the 360 members in the House and 109 in the Senate, only a handful can be seen discharging their legislative duties diligently. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

T H I S D AY ˾ DAY Ͱʹ˜ ͰͮͰͰ

FEATURES

Group Features Editor: Chiemelie Ezeobi Email: chiemelie.ezeobi@thisdaylive.com, 07010510430

Ogoni Oil Spill: Floundering Clean-up Roadmap and Tales of Anguish of Oil Communities The Hydrocarbon Pollution Remediation Project, HYPREP, under the Federal Ministry of Environment was charged with the responsibility “to ensure full environmental recovery and restoration of Ogoni ecosystem for Ogoni people and other impacted communities. Six years down the line, Blessing Ibunge in Port Harcourt, reports that while the roadmap to that clean up is floundering, the communities are still reeling in pain and anguish over the damage done to their lives and ecosystem

he Ogonis are a people in the Rivers South-east senatorial district of Rivers State. With its over 2 million residents in the Niger Delta community, their running battles with oil spill and its attendant environmental consequences have negatively affected Ogoniland. According to records, four years before Nigerian Independence, Royal Dutch/Shell, in collaboration with the British government, found a commercially viable oil field on the Niger Delta and began oil production in 1958. In a 15-year period from 1976 to 1991 there were reportedly 2,976 oil spills of about 2.1 million barrels of oil in Ogoniland, accounting for about 40 per cent of the total oil spills of the Royal Dutch/Shell company worldwide. In Ogoni, virtually all the oil wells operated by multi-national companies commonly experience spillage. The oil wells, the pipelines and other facilities like manifold routinely spill crude petroleum substances in large scale and at disturbing frequencies. The ownership of these wells, pipelines and related facilities are generally spread among Shell Petroleum Development Company, (SPDC), the Petroleum Pipelines Marketing Company, (PPMC), the Nigeria National Petroleum Corporation, (NNPC) and the Department of Petroleum Resources, (DPR). Often, the incidents of spillage are traced to sabotage or equipment failure. Consequences Because of oil spills, oil flaring, and waste discharge, the soil is no longer viable for agriculture. Furthermore, in many areas that seemed to be unaffected, groundwater was found to have high levels of hydrocarbons or were contaminated with benzene, a carcinogen, at 900 levels above WHO guidelines. Fanfare about Cleanup So in 2016, when the federal government made a fanfare of its agenda for a cleanup of oil spillage in Ogoni, it bore the marks of a major media event. President Muhammadu Buhari promoted the planned event with uncharacteristic energy, promising that the project was a priority. The media was awash with commentaries that highlighted the event as a departure from previous government’s marking a milestone for the new administration. A date was set and communities across Ogoni were agog in anticipation. A few days to the scheduled date, President Buhari flew out of the country obliging Vice President Yemi Osinbajo to flag off the event. The locals turned up jubilant, offering praises to the government. In the euphoria of the moment, the federal government set up the Hydrocarbon Pollution Remediation Project, (HYPREP), under the Federal Ministry of Environment, charged with the responsibility “to ensure full environmental recovery and restoration of Ogoni ecosystem for Ogoni people and other impacted communities.” Initial Report Prior to the clean-up attempts the United Nation Environment Programme (UNEP) initiated the investigation and assessment of the situation in Ogoni. The exercise lasted about 18 months with its report released to the federal government on August 4, 2011. The report marked a watershed in charting a roadmap to addressing the perennial Ogoni environmental disasters. For instance, the report established that commercial oil activities in the manner and at the scale it was going presented an existential threat to indigenous communities particularly in respect to sustainable livelihoods from natural and environmental ecosystem. It pointed to stark environmental disasters on land, aquatic life and the mangroves. All these, according to the report, were polluted, completely destroyed or altogether blighted. Disconnected from the natural resources such

Gokana, the contractors; Centinnial Investment and Development Ltd and Navante Oil and Gas Company Ltd have all removed their equipment from sites and left. At lots 13 and 14 some of the makeshift (temporary houses) were seen but no personnel was at the supposedly remediated sites. Officials of government hold the position that the contractors had completed their job satisfactorily, but community dwellers and independent monitoring team have repeatedly challenged this position. According to a recent HYPREP report on the status of work done on phase 1 of remediation lots: “as at July, lots 9, 10 and 14 have been successfully completed with National Oil Spill Detection and Response Agency (NOSDRA) certification processes.” It stated that work had equally been completed on lots 11, 12 and 13, but NOSDRA closeout sampling was being awaited.

Polluted Goi community

Dr. Abraham Olungwe, a general medical practitioner at Omas Medical Centre and Maternity, Ogale Eleme as farmlands, fishing areas and agencies for production of herbal remedies, the indigenous people of oil bearing communities despaired and turned restive. The report recommended a restoration of the environment, remediation of the land, including the construction of integrated soil management centre for excavation and treatment of soil. It called for a comprehensive health audit on the indigenous people. It further recommended for alternative means of livelihood for the people as well as training for new skills for the youths. Several communities spanning four Local Government Areas, including Eleme, Gokana, Khana and Tai in Rivers state find themselves in this situation. Floundering Implementation Expectedly, HYPREP was called upon to implement the key recommendations of the UNEP report. The lingering, even cruel environmental neglects in the oil rich Niger Delta had given rise to the prolonged anti government militancy of the youths. At the onset of the project, over 21 contractors were selected for different levels of the clean up. But rather

than douse tension, the very presence of the contractors seems to have engineered a contrary emotion in Ogoni communities. Excitement and jubilation that heralded the flag off ceremony petered out so dramatically. Activities of contractors at the clean-up sites became subjects of renewed acrimony and agitation by the communities. For instance, across the Ogoni communities, many people do not seem to have any confidence in the technical competence of the contractors. Ostensibly, enormous funds had already been expended on the projects by government but the communities insist they have not seen any pronounced change in their condition. The air did not offer them a fresh breath, the blighted mangrove vegetation did not show new life, the water in the streams did not wash away the oil coating on its surface neither did the soil return offer any promise of fertility. THISDAY visited the clean-up sites in July, 2022 and was unable to meet any of the contractors on site. There were security personnel on the sites visited. At lot nine at Sanaako Mogho Gokana LGA, the contractor, Odun Environmental Ltd had evacuated from site. Also, at lots 10 and 11 Debon Mogho/Bodo Gokana, the contractors” Rey and Reina International Ltd and Mosvinny Nigeria Ltd have also left sites with their equipment, including the signpost indicating the contractors on sites. At lots 13 and 14, Nweekol Zorbuike K-Dere,

Many of us are already sick because of the contamination of the air and water. You see our houses are soaked with oil. We cannot cook inside the house so we have to go elsewhere and ﬁnd refuge... We are dying now. Our children and everybody in the community are not safe

Renewed Oil Spill in Bodo Community Aside growing dissatisfaction with the quality of work at the clean-up sites, new cases of oil spillage continue to be reported. There is the case of Deebon-Bodo community in Gokana LGA where residents woke up on August 31, to notice a very heavy oil spill within their surroundings. This latest incident, according to residents, is the fourth large scale occurrence of spillage in the community within a month’s interval. The burst was on the trans Niger pipelines located on Sugi, Deebon and Kol-naana river. THISDAY visited the affected areas early in September and observed a large expanse of land space covered in dark, greasy mass of sticky substance. Residential houses and farmlands were seen soaked in the sticky substance emitting from a heated pipeline. The air was thick with gaseous elements and this reporter choked and sweated under this heavy spell. Mr. Vikere Godfrey, an indigene of Debo-Bodo, who spoke with THISDAY lamented the people’s suffering pointing out that they had nowhere to run to. "It is unfortunate the way we are suffering, what is happening to us and the federal government is not giving us any listening ear as if we are not human beings. Many of us are already sick because of the contamination of the air and water. "You see our houses are soaked with oil. We cannot cook inside the house so we have to go elsewhere and find refuge." Mrs Charity Ghana, a native of Bodo also spoke with THISDAY, declaring that her people have been displaced from their ancestral land. “We are dying now. Our children and everybody in the community are not safe." Dr. Douglas Fabeke, President of Ogoni Liberation Initiative (OLI), said that the incident was a pointer to the displeasure of the communities with the whole exercise by government. He argued that what the communities desire was a “comprehensive clean-up of Ogoni land and the decommissioning of the decayed facilities of the SPDC.” Fabeke expressed indignation at the risks communities were being steadily exposed to as a result of these, including the risk of fire outbreak and community displacement to uncertain lives. He also expressed displeasure with the lack of compassion and proactive steps by SPDC and HYPREP in managing the disasters. "We state that if the spill of 2nd August, 2022 was immediately curtailed, the reoccurring spill of 24th August, 2022 would not have occurred". Worrisome Health Emergencies Were the communities expecting too much from the government and the contractors? Dr. Abraham Olungwe, a general medical practitioner at Omas Medical Centre and Maternity, Ogale Eleme shared his concerns on the escalating pattern of health emergencies in Ogoni communities. He Continued on page 21

T H I S D AY ˾ DAY Ͱʹ˜ ͰͮͰͰ

FEATURES

Ogoni Oil Spill: Floundering Clean-up Roadmap and Tales of Anguish of Oil Communities callee for urgent intervention. “Where you have crude and refined products leaking, polluting an area, it does not only end with the devastation in the localised environment, it heats up and evaporates into the atmosphere.” He attributed this condition to cases of surge in “respiratory health” challenges being experienced by the community people. “In most cases we have found cases of respiratory track (ailments) with patients, sometimes we do culture, sensitivity and you don't find one particular organism.” He did not discount the possibility that these hazardous environment was responsible for “widespread cases of respiratory track disorder” as well as related clinical cases “in the kidney, in the heart and the lungs.” “There is no system that is spared. There is no doubt that the cancer rate is on the increase. Cancer is an illness that is difficult to just define the pathology, because the normal tissue suddenly behaves abnormally, the cells now grow out of control of the body system. With all the pollution, you cannot rule out that some of them are the (direct outcome) of what is emitted into the air, responsible for the increase in cancer cases that are happening around here. He recalled that during the UNEP study tour in Ogoni area, they were actually getting fishes and they were testing them and finding out that things were not normal. He concluded that people were dying without any detailed data on the causes of the problem. He called on HYPREP to expedite action in bringing relief to the people, reminding that part of what they were expected to do was to assess the health status of the people. Independent Monitoring Team Expresses Worry with Clean-up An independent civil society monitoring team on the Ogoni clean-up, the Stakeholder Democracy Network (SDN), in conjunction with Centre for Environment and Human Rights Development (CEHRD) on August 31, 2022, issued a statement lamenting the likely subversion of UNEP’s recommendations, a situation it warned would worsen the pollution and put more lives at risk in Ogoni. The independent monitoring team acknowledged “some progress” but decried its “slow” pace, affirming nevertheless that it “found contaminants above set thresholds” at more than 25 percent of sites already certified by government agents as completed as at December 2021. It warned of the likelihood of “a significant risk of secondary contamination caused by poor practice among some contractors, such as the potential for leaching from contaminated soil exposed to rainfall over an extended period at bio cells. Furthermore, analysis for our upcoming report (covering January - June 2022), suggests the situation may be worse than we have reported so far.” The team, accordingly, offered a chilling sample. “To the end of 2021, we had only sent samples for analysis at local laboratories, none of which have the international ILAC accreditation. We recently sent 20 duplicate samples to an ILEC accredited laboratory in the UK; of the 16 samples which had Total Petroleum Hydrocarbon levels above detection limits, UK laboratory analysis reported TPH levels which were on average twice as high as that reported by local laboratory analysis.” Calvin Laing, Executive Director of SDN expressed shock that people could be putting other considerations above the lives of generations of Ogoni people. “People in Ogoniland have lived for decades with the health risks from extensive oil pollution and the loss of livelihoods from environmental damage, this should be the first and foremost concern of everyone involved in the clean-up.” He specifically called out HYPREP on this. “There are problems with the Ogoniland clean up and everyone involved should be interested in solving them. Reports that HYPREP’s budget has increased nearly nine-fold this year emphasise the urgent need for greater transparency, and to ensure the competency of contractors and the implementation of effective clean-up techniques. We are eagerly awaiting the HYPREP audit recently ordered by President Buhari, which is a step towards this.” Florence Kayemba, Programmes Director, SDN, in re-echoing similar concern stated that “from SDN’s perspective, UNEP has provided valuable technical assistance and oversight to the clean-up, and after decades of sub-standard response to oil spills in the Niger Delta region, their presence has helped build confidence in the potential for a credible clean-up. We are also

Concluded remediation sites in K-Dere and Bodo communities, Ogoniland deeply concerned that their departure at the end of 2022 will reduce the level of support to HYPREP and put the quality of the clean-up at risk.” SDN, accordingly, implored the Minister of Environment, Barr. Mohammed Abdullahi, and HYPREP to “work with Ogoni communities, UNEP and civil society, to agree to the reforms required to ensure we can all work together to ensure a timely, high-quality, effective clean-up of oil spill pollution in Ogoniland.” HYPREP's Reaction THISDAY sought to speak with the Coordinator of HYPREP, Dr. Ferdinand Giadom to explain the process of selection of the contractors as well as the awards given the complaints about their technical competency as well as the disparity in the assessment metrics of remediation results by government agents and independent monitors. However, HYPREP has insisted that all the awarded remediation sites to contractors were done based on provisions of the Public Procurement Act, that the contractors met the statutory requirements as provided by the law. The agency’s Head, Communications, Kpoobari Nafo, spoke to THISDAY in Port Harcourt, stating that HYPREP had engaged about 1000 community people in the clean-up exercise. He claimed that 15,000 Ogoni youths have equally been trained. "As of today, (Friday, September 9, 2022) HYPREP has trained, certified, and engaged over 1,000 community people in environmental remediation who with the certification that they have can work on similar project else to earn a living. In the area of our alternative livelihood programme, we have trained 15,000 youths in fabrication of cassava processing machines and also empowered them with welding kits. "We have trained 400 Ogoni women in various skills – poultry farming, feed formation, cropping, fish farming. They had been organised into cooperatives and are doing well in their businesses. We are right now about to start another round of training for 10,000 Ogoni people. We are also about to commence the training of 400 youths in the four high pay skill areas of seafaring, mechatronics, aviation, and entertainment". Nafo explained that following the delay in the implementation of the UNEP report which lasted for about 6 years, there was need to tackle the issue of emergency measures alongside remediation.

According to him: "the UNEP report was submitted to the Federal Government of Nigeria in 2011. It was however not until 2017 before the report was implemented. A time lapse of about six years. To regain lost time the emergency measures had to be implemented along remediation. Remediation and provision had to run concurrently since one was not the input for the implementation of the other. It has only hastened the pace of the project instead of waiting for water to be completed before going into remediation. So even the polluted sites had also become an emergency that had to be attended quickly." He responded to the reports that the contractors lacked the necessary technical capacity to handle such job. According to him: "HYPREP awards contracts based on the provisions of the Public Procurement Act. What that means is that companies that get HYPREP contracts must satisfy the regulatory and statutory requirements of the law and once that is met you cannot deprive them of the contract or else you will fall foul of the law. As for complaints against work done, the individual laying the complaint must be knowledgeable of environmental remediation. It is a specialized area and so the critic must have the skills and tools with which to assess the quality of work done". However, a recent publication by HYPREP Herald, an in-house journal of the agency, the account of the status of the clean-up as well as procedures followed by government in certifying a cleaned site: “The two batches of remediation contracts already awarded were a product of 20 of the 65 sites. “These 20 sites are divided into 50 Lots (21 for batch 1 and 29 for batch 2) for ease of contracting and remediation. …We have successfully completed the remediation of 48 of these 50 Lots and for which the (NOSDRA) has issued certificates of close-out for 21 of them. “The NOSDRA sampling procedures that led to the eventual certification of these 21 Lots were closely monitored by external and independent organizations like the Rivers State Ministry of Environment, Stakeholder Democracy Network (SDN), the Centre for Environment Human Rights and Development (CEHRD) among others.” It gave the details of the procedures to include sampling, testing and analysis for the soil, the and groundwater. It therefore contended that the issuance of certificates of close-out on the 21 Lots by NOSDRA was done in recognition of the satisfactory fulfilment by HYPREP and its contractors in regards to the requirements prescribed in the NOSDRA. The HYPREP publication confirms that nothing significant has been done in actualising the key recommendation point of health impact study “to determine the effect of hydrocarbon on the health of impacted communities.” It stated that “we are in talks with the Institute of Advanced Medical Research and Training of the University of Ibadan and the African Centre of Excellence for Public Health and Toxicological Research of the University of Port Harcourt in preparation for the take-off of the study. “At the last meeting with officials of the two

The whole clean-up exercise is a learning process. If anybody expects a perfect job right from day one, I think that will be extremely ambitious, so the issue if there are places that were not done properly, they should be done again

Institutes, modalities were put in place to merge them into one Study Team. Their terms of Reference will be to conduct the Ogoni Public Health Studies as well as develop a health registry in Ogoni. The group is expected to be officially engaged by the last quarter of the year for them to commence work early next year.” The condition of Ogoni, its environment and people has a history of neglect and anger. That history has accounted for decades of criminal environmental neglect, disease, displacement, anger, frustration, agitation, militancy and deaths. But it created the Ogoni Bill of Rights which demanded for political autonomy, adequate representation in government and the restoration of the Ogoni environment. It is a major concern to many that about five years since the flag off of the Ogoni clean-up, that the health emergency issues that was expected to be accorded a priority by HYPREP has not even taken off. HYPREP instead of going first with the emergency measures, started with remediation. The water they were supplying at Eleme, for instance, was not a sustainable. They were busy awarding contracts for clean-up whereas people were left in grave risk to health emergencies. Tales of Woe Dr. Patience Osaroejiji, an environmental advocate and resident of Eleme, told THISDAY that the environmental pollution in Ogoni has adversely impacted on the lives of women in the communities by disconnecting them from the land and water, rendering them unproductive, without support from any source. When indigenous community people are disconnected from their farms and the streams and are therefore unable to fish or engage in any productive enterprise, they generally become idle and steadily get inclined to criminal tendencies. Dr. Osaroejiji has indeed described the clean-up exercise as a scam not intended to address the livelihood of the communities. “There are a lot of dangers that are happening to us the Ogoni women in our land. There is so much hunger, there is poverty and the worst of it is that men do not have any livelihood here, our children finished school no job for them. So the women who take care of the home, they don’t have the livelihood again. She complained that women were not involved in whatever it was that was going on and accused the government of reneging on its promise to pay the youths N150, 000 monthly. She lamented the lack of access to potable water in the communities, particularly in Ogale and Alode. She said there was fear in the community due to high incidence of deaths among the women. In Goi community in Gokana, it may seem not captured in the UNEP report, but the community is already deserted as a result of heavy pollution both in their water and land. The Paramount ruler of the community, Mene Stephen Kobani told THISDAY that his community has been forgotten, that they have been living as refugees. “The Goi environment is still as polluted and as bad as when oil spill took place. All the chains of oil spill have taken place as far back as 2004, 2008, 2009 and so on. This place is still polluted. Nothing has happened, nobody has come to clean-up and we were aware of the UNEP report to clean-up all those areas and all that has to be done for us to return to our community. "At a time there was a billboard by HYPREP that the place is highly contaminated and unfit for human habitation and that we should now evacuate, we left quite right because nobody wants to die in that environment. “Till now no effort has been made to clean-up. When HYPREP started, we sent a delegation to HYPREP to come and clean-up the place. They said they want to start from the softer surface on the land and that when it is time for them to go to the seashore and offshore they will come. But till now we are still waiting for them. Life has been very difficult for us but we cannot kill ourselves. We had to find a way to survive. There is no effort done by anybody to make sure we feel comfortable where we are. No support, so we are on our own and that is the tragedy of the Niger Delta. "This report is supported by the John D. and Catherine T. MacArthur Foundation and the International Centre for Investigative Reporting (ICIR)". NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Hio Sola-Usidame: How OnePort365 Is Pioneering Digitalising Freight in Africa In this Interview with Nosa Alekhuogie, the founder of OnePort365, Hio Sola-Usidame, talks about the digitisation of the freight space, the company’s expansion plans and other issues. Excerpts: being able to open in Ghana and being able to work on transactions in terms of being able to set up a footprint in Kenya. It has also helped a lot in terms of international partnerships. We are focused on door-to-door delivery. So, cargo exported from Kano can be delivered to a warehouse in Hamburg. For us, we would not be in every country, but we need to have partners who can deliver at the location of origin or the location of a destination in the quote. So, that has really helped in that. It has also helped a lot in terms of technology deployment and in terms of our ability to digitise a lot of the processes. In terms of funding, we had a tech team of about three to four guys. Now we have a tech team of double digits who are working on various products, different market lines, and product lines based on the sort of products that we are talking about to solve issues around booking, payments, documentation, and visibility. It also helped us support what we call small and medium-sized enterprises (SME) commodity traders. Based on the funding, we were able to provide what we call a trade finance line to these guys. For so many of these guys, what simply happens is, say, they have N10, and in that N10, they use N6 as their custom dues, and they use N4 to finance their freight. What happens is that if you are making a booking via the platform, you can apply for trade finance. We are not going to fund the cost of goods, but if we do a credit check on them and they are successful with the credit check via OnePort365 or a third party because we have other guys who also provide trade finance on the platform, we can say; trader B, buy your commodities worth N10, we will finance the N4 and basically, your cargo is put on a vessel, we will finance everything. Once we hand over the documents to you, you can pay us in 14 to 28 days.

Tell us a bit about you and OnePort365. am the founder of Oneport365, and we are the first digital freight forwarder in Africa whereby you can book containerised cargo that moves across the borders in and out of Africa. You can make bookings instantly via our booking platform. It is the first of its kind. We started One port 365 about two years plus, and it has grown fantastically well over the last couple of years. We are now backed by Toyota and CFAO; we have grown from a small start-up having just five business-to-business (B2B) accounts to having fifty corporate accounts as of Q2 this year. So now, what we see ourselves doing is what we call a Pan African solution, so it is not just a Nigerian thing. We have expanded across the continent, we now have a physical presence in Nigeria, we are expanding into Kenya, we should be established in Q4, and before the end of the year, we should be in four countries in Africa in reality. So, it is a fantastic thing we are doing out there being able to streamline the cross-border trade process, and that is a major plus for us at One Port 365.

What other growth plans do you have for global expansion, especially in Africa? Like I said, it is a pan-African solution. We are solving the challenges for cross-border traders in Africa. When you look at the export and import process around other parts of the world, Africa has the biggest challenges. For example, in Nigeria, let us say you are talking about a mid-scale commercial trader who exports ginger from Kano, you deal with this guy, but first, you must deal with insecurity and then you have to deal with mobilisation and getting their cargo to a warehouse. A typical trade process in Nigeria is that you pay one year’s rent. This guy is in season for just four months in a year so why pay one year’s rent? That is what led us to launch things such as instant warehousing. You can book a warehouse for less than two weeks or, say, about a week via One Port 365. In every ten shipments that we do via our platform, we have about four requests for instant warehouse or short-term warehousing because it is a massive need. So, they have to get that into the warehouse, in most cases, they have to go through the packaging process to get this cargo ready to move. Then typically what they must do is that they reach out to trucking companies and in every ten trucking companies they reach out to, at best two turn up. In trying to do that, they have to get the cargo to the port of exit, which might be in Lagos, Onne or Port-Harcourt and in there, they have to get the shipping lines to send emails or get clearing agents to send emails to shipping lines to say they want to get a quote for this cargo that is leaving let’s say from the port of Lagos to the port of Qingdao in China. Now that process takes about five days just to get ocean rates across the different shipping lines and for cargo to move from, let us say, Kano, to get on a vessel, it can take up to three weeks. To make that booking can take as long as 10 to 14 days. We are building a platform like what you have in your travel experience, instant booking, and instant quotes across a wide variety of products involved in the freight forwarding space, which is a critical mission for us. Apart from the solution being pan-African, we are also very product driven, solving these challenges that exist for these guys. At One Port 365, we have been able to integrate payment solutions whereby with just twenty thousand dollars via the platform, whoever is involved in that transaction gets paid instantly. Also, there is a lot of theft in the system as cargoes just disappear in transit because these guys are poorly paid. These guys do not know the repercussions of what they are doing. The losses are large and there is a lot of criminality in the system. What we are saying is if you can buy an iPhone and track it until it gets delivered to you at your doorstep,

S o l a -U sid a m e why can’t a container carrying goods worth $100,000 be tracked? It is critical for us how we solve that challenge. Leveraging technology, what are you doing differently from others in freight management? When we say digital freight forwarding, it is critical that the word digital is emphasised. What we need to emphasise or what we need to highlight is the fact that what makes a digital experience? The digital experience needs to start from how the booking is being done for this cargo. So, what I tell people is that there is nothing digital about a process whereby a customer wants to make a booking currently and then he has to make a phone call or send an email to make that booking which is why the first thing we were keen to challenge was saying, when a customer wants to make a booking for cargo, to move from point A to point B, how does he make that booking which is very critical and that’s why we keep using the example of airlines. You do not go on a platform to want to make an enquiry about tickets from Lagos to New York, and they say send in a request, we would call you back in five-days-time then there is nothing digital about that. For us, the booking experience is critical.

We need to emphasise that instant quotes and instant booking are critical things that we must deliver to the market. That is our pioneer concept in Africa. There is no one else who has done it. The guy who is moving cargo cross border, who is based in Kano, we are saying he should be able to jump on the platform, make that booking and be able to say, hey, I’ve got 10 containers that are moving from Kano, and they are going to the port of Hamburg in Germany, I want to be able to see my price right now, compare between different shipping lines the same way you can drop on Expedia and compare five to ten shipping lines and say this one works for me because it takes a faster transit time and despite it being expensive, I would pay for it. So, we are very keen and critical to solve that challenge around the booking process, and that is why we said technology is the key driver, and then we said no one else delivers that currently in terms of competition, and that is critical for us. You landed a $5M seed funding to digitise freight management in Africa. How has the journey been so far? Since the fundraising, we have gone a long way. It has driven a lot of our expansion across Africa and Pan Africa in terms of

“We are very keen and critical to solve that challenge around the booking process, and that is why we said technology is the key driver, and then we said no one else delivers that currently in terms of competition, and that is critical for us.”

You launched a tracking technology recently. How efﬁcient has it been, and what is your biggest challenge? The tracking is for traders who book via Oneport365. There are also two aspects of tracking: inland container tracking and there’s port-port tracking. Visibility is a major challenge for us. What we do is deploy trackers to track the containers and not the trucks. Of the trucks, only about 20 per cent have trackers, and the truck owners are not big on them. Some will say they trust their drivers and all that stuff until things go wrong. For port-port tracking, irrespective of whether you book via our platform or not, you can track what is going on with your container right from it entering the terminal of the port down to when it arrives at the port of destination. In terms of what our biggest challenge is, it the Japa situation, and the reality is, talent is hard to come by in the market. Day by day, a lot of people in terms of fantastic talent are leaving the country, so recruiting capable hands is a challenge for us. Another one is the congestion at the port, but currently, it has calmed down a bit. The current Nigerian Ports Authority (NPA) team has done an excellent job so far. You said the future of freight is digitisation. Can you shed light on this? Digitisation makes a lot of issues and challenges simpler and easier to do. What we are saying is you do not need to make a phone call or send an email, you can just generate a quote straight away, and you can do it on our platform. I understand some people will still want to use the pen and paper method but what you realise is that the world is a global village, and that method has been eased out to a considerable extent. Everywhere in the world, there is what you call global standards in terms of expectations, so whether we like it or not, digitisation has come to stay and become a new norm. The ecosystem will build up to a point whereby that is what is going to be the norm, and that is why we are super excited about what we do.

T H I S D AY ˾ MONDAY, SEPTEMBER 26, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

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REPO

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

08056356325

S E P T E M B E R

S & P INDEX

2 3 , 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

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Fuelled by Investors’ Appetite for Higher Returns, Firms Raise N553.9bn CPs in 8 Months

Kayode Tokede As investors’ appetite for higher returns continues to swell following rising interest rates, listed/unlisted companies are taking advantage raising a whopping sum of N553.8 billion Commercial Papers (CP) in the last months. Companies such as Providus bank United Capital, Coleman Technical Industries Limited, FSDH Funding SPV Plc, FBNQuest Merchant Bank, FCMB Limited among others have raised CP on the FMDQ Exchange market in eight months under review. Commercial Papers are shortterm debt financing securities (no longer than 270 days in tenor)

consisting of unsecured and discounted promissory notes issued by large corporations with good credit ratings, which can be readily traded. However, other instruments, despite attractive interest rates are still gaining minimal attention as Etranzact Plc, Capital Hotels Plc, Neimeth International Pharmaceuticals Plc, Ardova Plc, Dangote Cement Plc among others have raised capital through corporate bond, right issue, private placement on the Nigeria Exchange Limited (NGX). At the start of 2022, FMDQ Exchange approved for quotation the MeCure Industries Limited

N490million Series 1 and N1.44 billion Series 2 CPs under its N20billion CP Issuance Programme on its platform. The chairman/CEO, MeCure Industries, Samir Udani in a statement said, “The issuance will help the company meet its short-term working capital and funding requirements. It will also strengthen our commitment to building and positively shaping the healthcare industry in Nigeria. Coming on the heels of the quotation of MeCure Industries CPs, the Exchange approved the registration of the Mixta Real Estate N25 billion CP Issuance Programme on its platform. In January, FMDQ Exchange

approved the registration of the Babban Gona Farmers Services Nigeria N15 billion CP Programme on its platform. Babban Gona is a social enterprise that seeks to sustainably improve the lives of smallholder farmers in Nigeria through the provision of comprehensive farming services. In March, the Exchange approved the quotation of the Coleman Technical Industries N2.40 billion Series 3 and N3.65 billion Series 4 CPs under its N20billion CP Issuance. Coleman Technical Industries Limited is a producer and distributor of electrical wires and cables. NECIT Nigeria got approval last month for the quotation of its

N2.17 billion Series 1 CP under its N20billion CP Issuance Programme. “With this support, our capacity to unlock value for all stakeholders has been further enhanced,” said Emmanuel Iheagwazi, MD/CEO of NECIT Nigeria, an indigenous company that deals in the manufacturing of car lubricants and engine oil, as well as the importation and sale of base oil. The Exchange also approved the registration of Skymark Partners Limited N5billion CP. “We expect funds raised under this CP programme to enable us to expand our investment opportunities,” Egie Akpata, the chairman of the company had said.

FBNQuest Merchant Bank Limited, Nigerian Breweries Plc, FCMB Limited and Providus bank are the leading companies with N100billion CP issuance programme on the FMDQ Exchange so far in eight months. Analysts blamed the dearth of Public Offer market on challenges of hostile and inconsistent macro-economic policies, regulatory, monetary environments and lack of strategic planning for national development. According to analysts, the CP option represents a capital mismatch for companies using it to finance Continued on page 25

Grover: Converting African Currencies into Dollars in Cross-border Business, Disincentive to Trade Emma Okonji The Chief Executive Officer of Cellulant, a Fintech company driving financial inclusion in Africa, Mr. Akshay Grover, has stressed the need for the growth of cross-border business among African countries, without trading in dollar denominated currency for payments.

According to him, cross-border business that encourages local currency, without dollar denominated currency, will be the game changer for Africa, adding that the idea to first convert African currencies into dollars to make payments for cross-border business is inefficient and a disincentive to trade. Grover, who spoke at a recent

media interactive session at the company’s Lagos office, said crossborder payments in Africa would grow bigger, better, and faster without the US Dollar in the middle. He explained that Cellulant remained a leading pan-African payments technology company founded on a deep belief in the power of building payments

ecosystem that create seamless interoperability across the continent. He said: “When I want to change Ghanaian Cedi to Naira, I first need to change Cedi to US dollar then US dollar to Naira. That’s the most inefficient way of converting our currencies. What we could do is enable trade without converting to the US dollar. This is a huge

opportunity for cross-border trade.” Grover added that getting rid of dollars for trade would also help tackle the ‘dollar liquidity’ problem. Why is there so much demand for dollars? Why do I need to convert to the dollar to do business?, Grover asked. He noted that though unfortunate, the ongoing Russia-Ukraine war has

led to the benefit of using local currencies for items previously traded in dollars. “People are now buying oil in local currencies, which never happened, but it is now happening because of the Russia-Ukraine war,” Grover explained. Continued on page 25

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 2 3 , 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

102.68

12.15

100.37

13.35

98.12

13.20

110.60

13.09

102.81

13.23

Change Updated Time (%) September -0.66 23, 2022 September 0.00 23, 2022 September 0.00 23, 2022 September 0.00 23, 2022 September 0.00 23, 2022

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

Discount

CPS

9.00

9.04

3.90

3.92

9.80

10.14

10.00

10.40

Change Updated Time (%) September 23, -0.01 2022 September 23, 0.00 2022 September 23, 0.00 2022 September 23, 0.00 2022

7.81

September 23, 0.00 2022

7.54

Yield

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 16.46 16.69 10.57 10.67 9.72

9.81

14.08 14.35 11.52 12.19

Change Updated Time (%) 23, 0.12 September 2022 23, 0.10 September 2022 23, 0.11 September 2022 23, 0.05 September 2022 23, 0.05 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 22, 1 2022 2022 September 22, NGUS OCT 26 2 441.81 2022 2022 NGUS NOV 30 444.01 September 22, 3 2022 2022 NGUS DEC 28 446.22 September 22, 4 2022 2022 NGUS JAN 25 448.43 September 22, 5 2023 2022

MONDAY, SEPTEMBER 26, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

FG Warns Against Turning Nigeria to Dumping Ground for Substandard Tomato Paste Oluchi Chibuzor The federal government through the National Agency for Food and Drug Administration and Control (NAFDAC) has warned nefarious businessmen who are bent on making Nigeria a dumping ground for tomato paste despite a ban on its importation to desist from such activities. NAFDAC noted that there has been an increase of imported and unregistered tomato pastes to the detriment of unsuspecting consumers or the general public. In view of this NAFDAC emphasised that it would not spare

anybody that wants to undermine FG’s bid to ensure the nation’s food safety is not compromised. Recently the agency recognising the rise of these pastes and the need to engage on a special operation within the Southwest region of the country, mopped up unregistered and foreign tomato pastes across some supermarkets in Lagos state. Speaking recently during such operations, the Director of Investigation and Enforcement Directorate, and Chairman of Federal Task Force, NAFDAC, Kingsley Ejiofor, revealed that extensive surveillance shows that some stores, open markets,

supermarkets and community provision shops across Lagos, stock and display for sale, banned, imported and unregistered canned tomato pastes. He said the agency has mopped up over 3, 000 cartons of imported and unregistered tomato paste in Lagos as well as its environs worth over N225 million in three weeks. “In an attempt to mop out foreign and registered products in the country after regular surveillance in some selected supermarkets, we found out that there was an increase of these products in the country, “he said.

Why PenCom, PFAs Prioritise Excellent Service Delivery

Sterling Bank Reiterates Importance of Developing Arts Nume Ekeghe Sterling Bank in aligning with its ‘HEART’ strategy which focuses on investments in five key sectors of the economy, namely: Health, Education, Agriculture, Renewable Energy, and Transportation has lent its support to the Kaduna Book and Arts Festival (KABAFEST) in its bid to promote literacy and education. In a statement, the Managing Director of Sterling Bank Plc, Mr Abubakar Suleiman, noted, “Sterling invests consistently in education as a tool for human capital development as education

is one of the keys that would drive prosperity in Nigeria. “There is no doubt that the arts enrich our lives, it gives us hope and enforces our desires. I congratulate you, His Excellency, Nasir El-Rufai, the Executive Governor of Kaduna State, on this year’s KABAFEST. This is our third year of sponsoring and we could not be prouder to be associated with such an excellent showing of creativity and the celebration of the arts,” Suleiman said.” Before officially opening the festival, Mallam Nasir El-Rufai, the governor of Kaduna State, praised Sterling Bank for its sponsorship of

the event. He also touched on the history of KabaFest: “I am pleased and honoured to stand here with you during the opening of the 4th edition of KABAFEST. On her part, Ms Lola Shoneyin, Director of Book Buzz Foundation, organisers of the KABAFEST, expressed her appreciation to the state government and the sponsors: “I want to say how grateful we are to you for being part of a project that has been truly life-changing. As of this moment, yours is still the only state government in Nigeria that is fully funding a book festival for the people of the state.”

Pension Operators Brainstorm on Addressing Emotions in Workplace Ebere Nwoji Issues bothering on What Emotions Got To Do With The Workplace in the ever changing and constantly evolving work environment was the thrust of discussions by over 300 pension professionals at a knowledge sharing session organised by the Pension Operators Association of Nigeria (PenOp) recently. The online session which was open to pension professionals, sought to answer questions such as: Can I learn how to be emotionally intelligent? How can I master and understand my emotions? Can I understand the emotions of my colleague? The session was facilitated by the People and Training Lead at PenOp, Yinka Akande who spoke about the critical components of emotional intelligence: self-awareness, selfregulation, motivation, empathy, and social skills. She was able to identify the various opportunities that come

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)

along with applying the values of Emotional Quotient for businesses. Talking about being selfawareness, Akande educated the participants on how they can improve on their individual selves and breach communication gaps amongst the DISC personality types. She further explained the STOPP regulation on how workers should manage their emotions as individuals. She stressed that for one to be motivated, he needs to be ready to challenge him or herself. She further spoke about the various ways social skills could be improved as well as

the steps to building empathy as an individual. She concluded that emotional quotient not only allows people to build good and long-lasting relationships, also improves organisational goals as she advised organisational heads to leverage on emotional intelligence, prioritise wellness and mental health Checkins with their staff. The knowledge sharing session according to PenOp Chief Executive officer, Oguche Agudah forms a forum that enables operators in the pension industry to network, share ideas and listen to subject matter as experts discuss topical and relative issues.

CSCS, Stakeholders to Harp on Policy Guidelines for Secured Cyber Environment Kayode Tokede With the growing global cyber threat, the Central Securities Clearing System (CSCS) and other stakeholders aimed to provide policy guidelines for a secured cyber environment. This was disclosed by the Managing Director and Chief Executive officer, CSCS, Mr. Haruna Jalo-Waziri, who was speaking at a press briefing ahead of October’s Cybersecurity Conference with, “Theme: The Future Of Cybersecurity Emerging Issues And Solutions.” The 2022 conference aims to raise awareness of current and emerging threats to the cybersecurity of stakeholders in Nigeria’s capital markets, entrenching organisational readiness against cybersecurity breaches and sundry. The conference also marks the 25th anniversary of CSCS. According to him, the conference is expected to bring together industry experts, players in the industry, policymakers as well as representatives of government agencies. He noted that, “Certainly,

because of what has happened the last year was one of the reasons we truly escalated this to a different level. We saw people asking questions around, why is it that we were doing a conference of stakeholders? “Why don’t we have policymakers there? Why don’t we have people who are involved in this on day to day basis to come and discuss it and so we decided to enhance it this year and take it to a bigger place in Abuja. On what the financial institutions are making from the conference, he said CSCS is looking forward to a standard competition in which the company would be bringing in experts, policy makers, the financial institute and stakeholders’ platform to dialogue on cyber security challenges and channeling a way forward. Speaking on the company’s efforts and mechanism against cyber-related security, he noted that CSCS was trying as much as possible to meet standard and build resilience and protection against all odds.

PENCOM DG, Aisha Dahir-Umar

One of the strategic focus areas of the National Pension Commission (PenCom) is to ensure excellence in Service Delivery to stakeholders. This partly informed the recent increase in the Minimum Regulatory Capital (Shareholders’ Fund) requirements of Pension Fund Administrators (PFAs) from N1 billion to N5 billion. Prioritisation of excellent service delivery by PFAs is expedient considering their functions. Section 55 of the PRA 2014 empowers PFAs to open Retirement Savings Account for all employees with Personal Identity Number (PIN) attached; invest and manage pension funds and assets and provide regular information on investment strategies, market returns and other performance indicators to PenCom and employees or beneficiaries of the RSAs. The Act also mandates PFAs to maintain books of account on all transactions relating to pension funds managed by them and provide customer service support to employees including access to employees account balances and statements on demand. In addition, PFAs pay retirement benefits to holders of Retirement Savings Accounts (RSAs), bear responsibility for all calculations in relation to retirement benefits and carry out other functions as may be directed by PenCom from time to time. It is imperative that RSA holders note some service delivery issues to be resolved by PFAs. For instance, PFAs are mandated by PenCom to issue RSA statements to contributors and retirees at least once every quarter. RSA holders are expected to update their contact details with their PFAs from time to time, to ensure that they receive the RSA Statements regularly. The RSA statement has some minimum information and disclosure requirements mandated by the Commission which includes amount contributed from inception to date; monthly employer and employee pension contributions; income earned (returns on Investment); and total RSA balance as at the reporting period. PFAs may also send RSA balances via text messages to RSA holders and the RSA holder also has the option of checking the performance of his/ her RSA online or by physically visiting the nearest branch of his/her PFA to obtain a hard copy of the RSA statement. In the event of a noted difference between the contributions credited into the RSA of an employee with the actual deductions made

from salary, the employee should approach his PFA and employer for reconciliation. Where it is established that there is an under payment of the monthly contributions, the employer must remit the difference into the RSA of the employee. It is important to note that the Contribution rates are a minimum of 10 percent by employer and 8 percent by employee, totalling 18 percent monthly. Employers are mandated to remit the monthly pension contributions of every worker on their payroll. For employees whose salaries are not classified into basic, transport and housing allowances, the pension contributions should be based on the gross salary payable. Employers should take note of this and be guided accordingly. Employees should monitor and report erring employers to the Commission for action. Regarding non-remittance for employees of treasury-funded Ministries, Departments and Agencies (MDAs), their remittances are done by the Commission or the Integrated Personnel and Payroll Information Systems (IPPIS) Division under the Office of the Accountant General of the Federation. Such employees should write a complaint to their PFA, inform the Pension Desk Officer of their MDAs and provide the necessary documents. Upon receipt and verification of the documents, remittance of the accumulated contributions would be made into respective RSAs. Where the employee is working for an FGN MDA that is already on the IPPIS Platform, such complaint should be forwarded to the Office of the Accountant General of the Federation for verification and remittance of all outstanding contributions. In conclusion, PFAs have a primary responsibility of providing efficient customer service to their clients. The RSA holders are therefore expected to seek a resolution of issues with their PFAs before escalating to PenCom when necessary. Some of these issues include non-remittance of pension contributions, payment of retirement benefits and administration, amongst others. With the conclusion of the recent recapitalisation exercise, stakeholders, particularly RSA holders, should expect increased effectiveness and efficiency as well as improvement in service delivery from PFAs.

T H I S D AY ˾ MONDAY, SEPTEMBER 26, 2022

BUSINESSWORLD

STATUS REPORT

UBA: Massive Income Drives Solid Profit Growth

Kayode Tokede

he pan-African bank in its half year (H1) ended June 30, 2022 reported profit before tax (PBT) growth of 12.6 per cent to N85.75billion from N76.19billion reported in half year ended June 30, 2021, while profit after tax (PAT) moved to N70.33 billion, representing an increase of 16.1per cent from N60.58 billion reported in H1 2021. Considering the challenging operating environment, this performance is considered to be a very healthy and commendable one. Double-digit growth in PBT was largely driven by 30.1per cent growth in income from fees and commission, and 15.5per cent growth in interest income. Accordingly, H1 2202 saw earnings per share (EPS) gaining 28.9 per cent to N1.98 in H1 2022 from N1.69 in H1 2021, as the board proposed an interim dividend of N0.20, the second time in two years. This implies a dividend yield of 2.74 per cent as of September 23, 2022. Findings from the group’s profit and loss figures revealed that net profits growth of 17.2 per cent to N70.33 billion in H1 2022 from N60.58 billion in H1 2021 and 23.1 per cent increase in non-interest income to N114.99billion in H1 2022 from N93.41billion in H1 2021. In the period under review, UBA reported 17.8 per cent increase in gross earnings N372.4 billion in H1 2022 from N316.04 billion in H1 2021, driven by double digit growth in interest and non-interest income. Interest income grew by 15.6 per cent in H1 2022 to N257.36 billion in H1 2022 from N222.63 billion in H1 2021 and was primarily driven by income from loans and advances while non-interest income was supported by electronic banking income. The rise in interest income also came as the group grew its investment securities portfolio by 24.5 per cent. Interest expense rose by 7.2 per cent to N79.9 billion in H1 2022 from N74.56 billion in H1 2021, driven by a 29.5 per cent increase in Interest paid on Customer deposits. The increase came as the group grew deposits by 10 per cent while the average interest rate paid on these deposits rose by 24 basis points.

DECLINING COST OF FUNDS

Despite the rise in interest expense, cost of funds declined by a marginal six basis points to 2.1 per cent as the group benefitted from cheaper interbank funding. Consequently, net interest income grew by 19.9 per cent, while the net interest margin (NIM) expanded by 39 basis points to 4.3 per cent, on our calculations. For non-interest income, UBA recorded strong growth in electronic banking income as the management

leveraged on state-of-the-art-technology to broaden and deepen payment solutions, and transaction volumes in the period under review. Non-interest income was driven by 77.6 per cent growth in trade transaction income, 109.2 per cent increase in credit-related fees and commissions, 21.5per cent growth in account maintenance fee and 22.7 per cent increase in electronic banking income. UBA’s electronic banking income (22.7 per cent growth) remains the largest non-interest income line, accounting for 37.7 per cent of total fees and commission income, and driven by its sustained gain in market share of digital banking business across the group. Elsewhere, Operating expenses (OPEX) grew 22 per cent to N161.9 billion in H1 2022 from N132.83 billion in H1 2021, primarily on personnel costs, in Q4 2021; staff salaries were reviewed upwards, as part of broad measures to retain talent. As a result, operating efficiency deteriorated slightly as the group’s cost-to-income ratio rose by 93 basis points to 63.2per cent in H1 2022 from 62.3 per cent in H1 2021. However, following the larger growth in net revenue than costs, Pre-provision operating profits rose by 17.8 per cent. Further down the P&L, loan loss provisions more than doubled, rising by 101.4 per cent (Cost of Risk rose by 29 basis points in H1 2022) despite weak loan growth. Nevertheless, UBA, historically, has had a very prudent risk management framework and we suspect the group increased provisioning to account for the increasingly challenging macro environment across its regions of operations

ROBUST BALANCE SHEET

The group’s balance sheet position remained stronger, driven largely by growth in investment securities, customer loans and placements. Total assets closed June 30, 2022 at N8.99 trillion, an increase of 5.4 per cent from N8.5 trillion reported in 2021 financial year. Similarly, net loans grew by 4.09 per cent growth to N2.95 trillion as of June 30, 2022 from N2.83 trillion in 2021, whilst customer deposits rose by 5.7 per cent to N6.73 trillion as of June 30, 2022 compared to N6.37 trillion in the corresponding period of 2021, reflecting increased customer confidence, enhanced customer experience, successes from the on-going business transformation programme and the deepening

of its retail banking franchise. The group maintains a well-diversified balance sheet, with about 40.2per cent of the assets in liquid, low-moderate risk instruments. Customer deposits continue to dominate the bank’s funding mix (82 per cent), even as CASA grew by three per cent in H1 2022 as the management deepen wallet share of corporates, commercial and retail customers. Overall, asset quality continued to show a positive trend, as the NPL (non-performing loan) ratio declined to 3.3 per cent in half year 2022 from 3.6 per cent in 2021 and was below the statutory limit of five per cent. Elsewhere, the group’s total capital adequacy ratio closed at 25.1per cent, significantly higher than the minimum regulatory requirement of 15per cent. Industry analysts believe the performance, which was achieved during the time of Mr. Kenny Uzoka, who retired recently, would be sustained given the sustainable strategy put in place and considering the pedigree of his successor, Mr. Oliver Alawuba. Some shareholders had recently commended the contributions of Uzoka to the growth of Uzoka during his tenure, which is being seen in the 2022 H1 results.

GMD’S COMMENTS

The Group Managing Director/ Chief Executive Officer, UBA, Mr. Oliver Alawuba, in a statement said, “Our performance in H1 of year 2022 is in line with our expectations as the group grew gross earnings by 17.8 per cent, largely from double-digit growth in both net interest and non-interest income. “We have continued to leverage our Customer -1st philosophy to pursue the mission of providing superior value to our stakeholders. This is evident in the increase in low-cost customer deposits, and strong growth of our payments and transaction banking. “The financial year 2022 showed initial signs of recovery of economies across the globe, despite continued COVID-induced supply-chain disruptions. However, geopolitical challenges including the Russia and Ukraine conflict resulted in escalation of global commodity prices, particularly those of grains and crude oil, which have taken a toll on several economies.” He added, “Notwithstanding these developments, our half-year numbers came out stronger than the prior year, with top and bottom-line reaching new record highs.

“The Group’s profitability increased by 12.6 per cent to N85.7 billion, with double-digit growth recorded across our key income line. We recorded a decent 20 per cent growth in our net interest income as we continued to moderate our cost of funds whilst improving yield on assets, thereby contributing to the strong 20 per cent growth in operating income. “Our investments in state-of-the-art technology continue to yield expected results, evident in the huge boost of our digital banking income, which grew 22.7per cent year-on-year to N36.3 billion. “These gains have enabled us to optimise net earnings amid the accelerating inflationary pressure, the currency devaluation, and increased regulatory induced cost.” “I am particularly delighted at the strides we are making in growing our market share across Africa. Our retail business has continued to grow, as we ride on our agency banking network, trusted brand, competitive product offerings and quality service delivery to deepen our retail penetration. “As the Group consolidates its Pan-African leadership in facilitating intra-Africa and international trade, cross-border payments and remittances, we are now a preferred partner for last-mile distribution of donor flows. Our newly launched operation in the United Arab Emirate (UAE) will no doubt contribute immensely to these objectives. “The Group Board of Directors recently appointed me as Group Managing Director/Chief Executive Officer as well as five other Group Executive Directors. Together, with our highly motivated workforce, we are poised to usher the business into a new era of growth that will deliver superior values to all stakeholders, ”he said.

ANALYSTS VIEW

According to analysts at Coronation Research, “The group’s pre-provision operating profits were in line with our expectations. However, net profits were lower than our and the market’s forecasts following higher-than-expected loan loss provisioning. Nonetheless, we are encouraged by the double-digit earnings growth, NIM expansion and the RoE uplift. “Looking ahead, the benefits of rising asset yields are likely to filter through to funded income and further support earnings in Q3. In addition, the stock has declined by 6.2per cent y-t-d, is trading at a deep discount to its peers and historical valuation, and has a 2022F dividend yield of 15.9 per cent. This presents an attractive entry opportunity for investors. Accordingly, we maintain our BUY recommendation on the stock.”

GROVER: CONVERTING AFRICAN CURRENCIES INTO DOLLARS IN CROSS-BORDER BUSINESS, DISINCENTIVE TO TRADE He said it was time financial regulators in Africa, particularly central banks, moved to resolve the problem of dollar dependence to boost cross-border payment on the continent. “For this, you need a little cooperation. Everyone needs to come to the table. And this has to happen at the Central Bank or the government level, not

Cellulant’s. Maybe it might not happen soon for all of Africa, but we can start building bridges. To some extent, Francophone African countries have tried to do that by trying to create one currency- the CFA - and it helped them quite a bit. So, I think the move has started, but how quickly we get onto that road will determine how big this could be in the next two

to three years, “Grover said. He explained that Cellulant was already playing in the cross-border payment space by hosting a lot of intra-Africa traffic through its self-built infrastructure. Speaking further on the business, which helps SMEs and large local enterprises to resolve their payment and collection issues by directly providing solutions that enable

them to collect payments or payout to their customers, Grover disclosed that Nigeria might overtake Kenya as the biggest revenue contributor for Cellulant in the next six months. Speaking on Cellulant’s plan for the future of trade and commerce in Nigeria, Grover said Cellulant would continue to expand its business in Nigeria, adding that the company is currently processing the

raising of $100m Series D Funding that will help it further expand its business in Nigeria and in other Africa countries. “The Series D financing will help Cellulant expand its business, improve on its technology and drive marketing across Africa. The Series D Funding will be concluded by December this year,” Grover said.

Founded in 2003, Cellulant has more than 18 years of experience providing locally relevant payment solutions for businesses and their consumers. Its evolution over the years, from a digital content business to mobile banking and now to payments, has allowed the company to build an expansive network, strong relationships, and partnerships, “he said.

FUELLED BY INVESTORS’ APPETITE FOR HIGHER RETURNS, FIRMS RAISE N553.9BN CPS IN 8 MONTHS long-term expansion projects. The analysts warned that CPs are short-term debt financing securities some of the companies are using the money to finance long term expansion projects, thus putting the stakeholders at disadvantage position in terms of low return on investment or even risk of default. Analyst and Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said, “Investors anywhere in the world want to make profit or good return on their investment with less risk.

“The unattractiveness of our market despite the rallying oil was as a result of unfriendly business environment, rising insecurity challenges, unclear economic policies and crisis in the nation foreign exchange market. The government and its economic managers should rethink and reformulate policies that will attract more companies to the capital market to boost economic recovery. “Companies are shunning equity funding due to fear of ownership dilution and high cost of raising

funds in stock market. This high cost has reflected on low primary market activities such as Initial Public Offerings, IPOs and others. ”The implication is that the market will lack depth as many sector of the economy are not fully represented on the exchange. This will allow few stocks to dominate the index and restrict investment access. It is not a good strategy for companies to go for CPs and use the proceeds for long-term projects. Even using it for short term funding is not even the best as it will also

affect the return on investment when profit is reduced.” On way forward, he said: “Regulators should review the cost of raising funds and listing requirements to attract more companies to source funds through equity and encourage listing.” The vice president, Highcap securities Limited, Mr, David Adnori said, “The increased appetite for Commercial Paper is largely driven by the perceived low interest rate environment. Companies believe they can raise capital at a very

decent rate which will not be toxic to their business operations and given the low level activities in the capital market, most companies may not want to take the risk of trying to raise equity which may or may not be successful. ”Until we are able to attract a significant portion of companies to the market and increase both domestic and foreign investors’ participation, volatility and market activities in the equities market will remain moderate at the most. He further explained that,

“Capital market regulators could attract more issues to the market with incentives such as reduction in transaction cost, the introduction of tax cuts and eliminating bottlenecks around application processes.” On why companies prefer CPs, he said: “Raising funds for project expansion and working capital through CP has become a faster and cheaper way for companies to get funding for their business when compared to the cost of raising such funds through the equities market.”

T H I S D AY ˾ MONDAY, SEPTEMBER 26, 2022

BUSINESSWORLD

NEWS

Airlines to Save Fuel Costs as Domestic Runway Gets Airfield Lighting Chinedu Eze Nigerian airlines will now save aviation fuel burnt taxing from international runway to the domestic terminals in the night, as the Federal Airports Authority of Nigeria (FAAN) has fully installed airfield lighting at the runway designated for local carriers, known as Runway 18L. Airlines burn fuel for over

20 minutes, cumulatively put at billions of naira per annum, when they land at international runway after 6:00 pm everyday to taxi to the domestic terminal, known as MMA2 or the General Aviation Terminal (GAT), which serve domestic flight services. This is because Runway 18L for several years did not have airfield lighting to guide flights to land in the night, but with the installation

of the equipment by FAAN, flights will now land and take off on the facility in the night, thus saving the operators cost of fuel and time. It will also reduce traffic on the international runway, as domestic airlines sometimes hover on arrival at Lagos airspace to wait for other flights before them to land before they do and also wait at the holding point for several minutes while taking off, thus causing delays.

Reacting to the completion of the project, the industry analyst and Director, Research, Zenith Travels, Mr. Olumide Ohunayo said the installation of airfield lighting at the domestic runway would be a relief to everyone. “It is going to relieve everyone not only the airlines even the Air Traffic Controllers (ATC), their stress would be reduced because they now have two

runways and can easily depart and give start up to aircraft and clear them for landing easily and more frequently. That is for ATCs. Again, you expect there is going to be savings from fuel for the airline from what they used to taxi from the international runway and wait before they get to park, such fuel is now saved,”Ohunayo said. Also reacting to the installation

of the airfield lights at the Runway 18L, industry stakeholder and the Chairman, Nelike Capital Partners Limited, Dr Alexander Nwuba said the fully functional facility would reduce the time spent on approach and landing, improve departure time both of which would reduce cost of operation, given the additional time spent on the ground waiting at the international terminal, Runway 18R.

L-R: Investment Officer, Nigerian Investment Promotion Commission, Joy Peter; General Manager, Courier and Logistics Regulatory Department, NIPOST, Mr Gideon Shonde; General Manager, Glovo Nigeria, Lorenzo Mayol; Head of Public Affairs, SSA for Glovo, Tokunbo Ibrahim; Ass. Dir. Drivers Training Institute, VIO, FCT, Mr. K. K. Iloduba Jnr, and Deputy Director, Nigerian Investment Promotion Commission, Mr. Joel Attah at Glovo Nigeria one-year anniversary stakeholder event... recently

Osinbajo, IoD Seek Increased Women Representation in Leadership Roles Gilbert Ekugbe Nigeria’s Vice President, Prof. Yemi Osinbajo has emphasised the need to have an increased participation of women in leadership roles to achieve an all inclusive economy. According to Osinbajo, women representation in government positions in the country is still stuck in the pod and must be reconsidered to drive economic growth and development. Osinbajo stated this at the Institute of Directors (IoD) 2022 Women Directors’ annual

conference tagged, “Facing Forward: The evolving nature of Boards in a rapidly changing world,” in Lagos. The Vice President said during his tenure as Attorney General, Lagos, a survey of 200 lawyers in 1999 revealed that 89 per cent of judges were notoriously corruption, maintaining that to check the anomaly, reforms began, including headhunting of judges leading to the appointment of 52 judges where 71 per cent were women. Earlier, the Chairman, Women Directors’ Development

Committee, IoD, Mrs Debola Osibogun, said the institute remained committed to promoting best corporate governance practices, including the need for increased female participation both in the private and public sectors of the Nigerian economy. She noted that the choice of the conference’s theme was carefully made in recognition of the global paradigm shift, which had placed huge expectations on the shoulders of company owners, boards and management. The Chairman, KPMG Africa, Mr Kunle Elebute, noted challenges

such as changes in technology, increased stakeholders’ expectations and impacts of the global economy was critical that focus of boards goes beyond traditional skill sets of commercial acumen and financial literacy. He said that with the changing times, boards must continually evolve all its engagements to remain relevant. The president, IoD Nigeria, Mrs. Ije Jidenma, noting the changes that had reshaped the world in the past four years, said the development had led to enhanced laws and codes of governance.

First Bank Expresses Commitment to Support Economic Growth Ugo Aliogo The Chief Risk Officer, First Bank Nigeria limited, Mr. Olusegun Alebiosu, has expressed the commitment of the bank to support federal government efforts to drive economic growth. Alebiosu, disclosed this recently in Lagos during the Financial Markets Dealers Association’s (FMDA) quarterly meeting with the themed: “Nigeria Macroeconomic Developments and Outlook: IMF View” He also stated that since the establishment of the bank in 1894, First bank has being supporting government even in difficult period, adding they

are optimistic that the economy would grow, and Nigerians are resilient, hardworking and smart people that would always coming up with innovation that will reflect on the economy. According to him, “For our contribution to the economy, we are expecting the Lagos rail to start and we are part of that financing. We also have the Lekki Port which would starting by next year and we are also part of the Lekki Port financing. The Dangote refinery will be coming up on stream soon and we are part of that financing. So you can see how fast First Bank is being woven into everything that is needed to make Nigeria great.”

CHINT Pledges to Explore More Sustainable Energy Solutions to Boost Power Sector Anchor Insurance Unveils Ugo Aliogo CHINT Nigeria has reinforced its commitment to empowering Nigeria and boosting the country’s energy sector, through the provision of top-grade electrical and energy solutions. The company, which currently has presence in over 140 countries stated that it would continue to explore and provide reliable and sustainable energy solutions that

will boost Nigeria’s renewable energy landscape. Speaking at the 9th Nigeria Energy and Exhibition Conference, in Lagos, the Country Manager, CHINT Nigeria, Gary stated that the opportunities in the Nigerian energy sector are innumerable. According to Gary, the unstable power supply in Nigeria is a major challenge, however, with increased access to energy, a lot

of socio-economic issues can be mitigated. He added that this is particularly an impetus for CHINT’s continued investment into Nigeria’s power and energy sector. “The instability of Nigeria’s power is a major challenge, and that is why CHINT has brought in more solutions to our customers in Nigeria. We have been investing more in Nigeria’s

power and energy sector for the past ten years, and I can assure you that we are here to make the country a better place when it comes to enabling more access to energy,” he said. Addressing the issues investors are faced with and how the Federal Government can attract investors for socio-economic growth and prosperity, Gary averred that the provision of incentives is a viable means.

FAAN Suspends Extension Time to Airlines Operating to Sunset Airports Across Nigeria Chinedu Eze The Managing Director, Federal Airport Authority of Nigeria (FAAN), Capt. Rabiu Yadudu has announced the suspension of extending time for flights that wish to land at the airports without airfield lighting or not approved to operate in the night due to safety and security considerations.

Many airports in the country do not have runway lights so flights do not land or take off from these airports after 6:00 or 6:30 pm, but sometimes airlines seek from the authorities the extension of the time beyond 6:00 pm so they can operate flight to some of these airports, known as sunset airports. But FAAN said it has stopped extending such time and has also

held meeting with sister agency, the Nigerian Airspace Management Agency (NAMA) and both have resolved to adopt the new operating standards policy by ending flight operation extension to sunset airports across the country Yadudu made this known in Lagos at the Airports, Airlines Business Summit and Expo (AABSE 2022) organised by NIGAV with the theme, ‘Fixing the Broken

Link’, stating that airlines must now work within their confines as no approvals for extension will be granted willy-nilly, except on special cases. He said that the decision would have to expose the airlines with poor Standard Operating Procedure (SOP), which have the knack to delay flights, but also noted that this decision could be reviewed anytime.

new Logo, TV Commercials Ebere Nwoji Anchor Insurance has kicked off a rebranding process targeted at expanding its market share of the competitive insurance market with the unveiling of a new business logo and television commercial. The Managing Director of the firm, Augustine Ebose, at the unveiling ceremony in Lagos, said to achieve the milestone, there was the need to be innovative like initiating an exciting logo identity that speaks into the brand’s journey to that future position. He said in 2018, the firm came up with a Television Commercial (TVC) themed “Who are We” to properly announce its presence to the world, stressing that today, the “Who Are We” slogan has fully achieved the purpose it was met to deliver for the Anchor Insurance brand and there is now the need to set another brand height for the Company, hence the new TVC, that was launched to the world by the company. Ebose said going forward, the new commercial would be on

popular international and local television stations, stressing that from inception, the firm had thrived in maintaining excellent claims payment administration. “We have raised our bar in speedy service delivery to our customers who are the reason we are strong in business. It is our desire to meet and satisfy your taste that we are going this extra mile of raising the brand standard today. I must thank you all for believing and trusting in what we are doing at Anchor Insurance, ”Ebose stated. Addressing the company’s numerous customers for their long years of support, Ebose said “We value your love, your business supports and loyalty to the brand. We will always deliver super customer experience to you as we journey together,” he posited. Speaking at the event, the Commissioner for Insurance, Sunday Olorundare Thomas, remarked that the National Insurance Commission (NAICOM) was proud of Anchor Insurance as it has done well as an underwriter.

MONDAY, SEPTEMBER 26, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

FBN Insurance Boss Targets Winning 600,000 New Customers in One Year Ebere Nwoji The new Managing Director/ Chief Operating Officer, FBN Insurance Limited, Tunde Mimiko, has said that he has mapped strategic plans to expand his company’s market

share through addition of 600,000 clients to the company’s books in the next one year. Speaking with Newsmen in Lagos on his plans to take FBN Insurance to a new level, Mimiko said with the aid of its agency platform, which according to him

are currently 3000 in number and digital transformation, the company would increase its client strength from 400,000 to 1million within the next one year. He said the company would recruit over 2000 agents to expand its agency platform to over 5000

before the end of the year to hit the company’s 1million clients target. According to him, the agents will aid in deepening insurance penetration especially in territories and areas that are underserved.

Charity Targets N75m Relief for Orphans, Special Needs Others Nume Ekeghe Worship4Change, a faith-centered non-profit organisation is slated to hold its fifth edition charity fundraising concert targeting N75 million for charities across Nigeria. The concert which is slated to hold on October 3, 2022, is tagged, “Green Worship 5.0” with an array of local and international artists including Nathaniel Bassey, Dunsin Oyekan, Panam Percy Paul, Bob Fitts, Moses Bliss and Victoria Orenze. Speaking at a media parley in Lagos, the Convener and Chief Responsibility Officer, Worship4Change, Pastor Wale Adenuga, noted that the beneficiaries of this year’s benefit concert include A.I.M. Special Children Centre, Kaduna; Puresouls Learning Foundation, RECDOT Foundation; The Leprosy Mission Nigeria, and The Let Cerebral Palsy Kids Learn Foundation. The concert is planned to promote awareness and support for impoverished children, orphans, and children with special needs and will hold a continuous fundraising throughout the month of October. He said: “We plan to

surpass what we raised last year by raising N75 million. This amount will go a long way in meeting the needs of the five selected beneficiaries for the Green Worship 5. One key additional feature to this year’s event is that we are not just focusing on the event day for donations, we are earmarking the entire

month to receive, solicit for and receive donations.” Also, the founders of two of the beneficiaries in attendance at the parley praised the efforts of Worship for Change. The founder of Puresouls Learning Foundation, Mrs. Dotun Akande, whose foundation supports children living with autism, appreciated the efforts

of Worship4Change and called for media support through enlightenment and highlighting the challenges faced by children with special needs. On her part, the Cerebral Palsy Kids Learn Foundation, Tobiloba Ajayi, shared how her foundation has engaged with over 500 families with children that have CP.

L-R: Chief Executive Officer, Richardson Oil & Gas Limited, Mr. Akin Osuntoki; Executive Director, Corporate Services, TotalEnergies EP Nig Ltd, Mr. Tunji Akinwumi; Manager, Corporate HSE, Nigeria LNG Limited, Mr. Akpabio Essien; Chief Executive Officer, Oil data Energy Group, Engr. Emeka Ene; General Manager, Safety and Environment, Shell Nigeria Exploration and Production Company(SNEPCO), Mrs. Elozino Olaniyan; Former Chief Executive Officer, Nigeria LNG Ltd, Engr. Tony Attah; General Manager, OE and HSE, Chevron Nigeria Ltd, Mr. Lateef Olajide; and Mrs. Titi Osuntoki at opening of the exhibition at the just concluded PSRG- RICHARDSON Health, Safety, Security and Environment (HSSE) Forum in Lagos...recently

“We are expanding our frontiers to quite a number of cities and towns that we are not presently, we believe that this will engender more penetration than what we have done.” Speaking on its vision, he iterated that the vision of the company was to be the leading insurance company in

the industry. “As you already know that we are one of the foremost if not the top retail life insurance provider, we want to remain foremost and we will continue to drive that ambition to be number one in the Nigeria insurance market not just in revenue but in profitability,” Mimiko said.

GoMed, Online Community Pharmacy Marketplace Launches in Lagos Emma Okonji GoMed, an online marketplace for community pharmacies has launched in Lagos to provide onthe-go access to safe medicines, health products and services for Nigerians. According to online marketplace, the launch is a strategic move to tap into the thriving Nigeria pharma market, which is estimated at $2.5 billion. GoMed partners with community pharmacies across Nigeria, providing them with the tools to showcase their inventory while exposing them to millions of potential customers within their communities. With GoMed, community pharmacies regardless of size are able to digitise their sales process to reach even more customers, while users can access an array of pharmaceutical products ranging from prescription drugs to personal care and supplements. Users are

also able to order medical equipment, speak with pharmacists or even consult a doctor. Speaking at the launch in Lagos, Partner and Co-founder of GoMed Nigeria, Dr. Aaron Grandy, said the solution was inspired by the need to provide the tools and resources that pharmacy businesses need to take their services online and scale their operations in the most efficient and profitable manner. “Most community pharmacies are so busy running their business that they don’t have spare time and resources to build up an online shop with 5,000 to 10,000+ products, manage branding, marketing and communications, plus coordinate deliveries all at the same time. “With all these challenges in mind, we asked pharmacy owners and managers if an online solution that they could tap into, enhance their brand and reach more customers would be of interest to them and of course, it was a resounding yes!” Grandy said.

28 T H I S D AY MONDAY SEPTEMBER 26, 2022 TR

UT H

& RE A S O

Monday September 26, 2022 Vol 27. No 10030

opinion@thisdaylive.com

www.thisdaylive.com

NGX GROUP: HEDGING AGAINST BLACK KNIGHTS The board and management of NGX Group have to do more on stakeholder engagement, writes SOLA ONI

See page 29

UNDERSTANDING LAGOS PARKING LEVY TAYO OGUNBIYI writes that LASPA does not levy on parking of vehicles inside one’s compound

See page 29

EDITORIAL AS POLITICAL CAMPAIGNS BEGIN…

See page 30

Any leadership that does not bring about better living conditions is no leadership, writes LINUS OKORIE

RESULTS, THE VOICE OF LEADERSHIP The world is tired of those who talk all day without results. There is a race of nations all competing to deliver progress to their citizens. Nations of the world are moving at jet speed, providing infrastructure that will continue to guarantee productivity and prosperity of their citizens. These leaders are driven by the pursuit of legacy and they achieve this goal with clear results. We must as a people move away from political opportunisms, propaganda, sycophancy and celebration of mediocrity to the business of quality governance that generates sustainable results. The Nigerian people are currently RYHUZKHOPLQJO\ GLVVDWLVÀHG ZLWK WKH results that are being generated by the GLͿHUHQW OHYHOV RI JRYHUQPHQW 7KH people are simply saying that they have not seen much progress in their lives. What the Nigerian people are reechoing is that they need to see more positive results in their daily living and environment. There is a renewed sense of urgency for total transformation in the quality of life of over one hundred and ninety million people. This transformation should be felt by the people in terms of huge improvement in their lives. The greatest test of leadership is results. If there is confusion in any organization and a leader emerges, there is calm. The responsibility of leadership is to take an organization from lack to plenty; to take the people from a disadvantaged position to a position of strength. Leadership can therefore be likened to a beautiful woman. If you see her, you know she exists. It is not possible for us to enjoy a leadership experience without physical transformation. Any leadership that does not bring about better living conditions is no leadership at all. Singapore had a condition that was similar to ours in the sixties. They came out of their state of poverty when somebody decided to provide great leadership that has since transformed WKHLU QDWLRQ IURP D WKLUG WR D ÀUVW ZRUOG QDWLRQ /HDGHUVKLS PDGH WKH GLͿHUHQFH First of all, the attitude was transformed then physical transformation followed. You simply would not imagine what has become of a small nation with little land space but great leadership capital skills. That is the way to go. Most of our leaders who occupy SXEOLF R΀FHV DQG DUH FUD]\ IRU UHVSHFW must know that the fastest way to gain honour is through problem solving. Throughout history great leaders have always emerged from crises situations WR EHFRPH YHU\ LQÁXHQWLDO EHFDXVH WKH\ solved problems.

I challenge every one that is in one leadership position or the other to spend time to review the quality of their results. When you begin to produce results as a leader, you inspire followership. A leadership that produces results has the capacity to inspire loyalty. Dr Myles 0XQURH GHÀQHG OHDGHUVKLS DV WKH DELOLW\ to persuade, motivate, move, a group of people towards a particular direction or goal via inspiration and not intimidation or manipulation. The people just follow because their needs are met, because they feel cared for. They follow because their hearts are touched by the very visible results they see. No wonder Robert Gleen Leef captured it in his famous statement, “the only test of leadership is that somebody follows.” When your results become sustainable, then your legacy becomes sure. When your leadership has got results, it shuts down opposition. I have always advised those who have the responsibility to lead not to bother themselves with the negative comments that follow the right decisions they make. They must refuse to be distracted because when leadership originates from a heart that is full of focus, it generates huge results that have a way of impacting society and at the same time shuts the mouth of negative critics. For everyone who has found a platform to make decisions on behalf of others, your watch word must be result. Leadership is not bestowed but rather earned. This goes a long way to reinforce that the price of greatness is responsibility to the people you are leading. Not a single person whose name is worth remembering lived a life of ease. They all had one thing in common - the quest for achievement and results. Men and women who desire to PDNH D GLͿHUHQFH SXW WKHLU OLYHV RQ WKH line to achieve results not for themselves but for the common good. There is a clear connection between quality leaders and great results. The more quality leaders emerge in all

If Nigeria must produce great results, we must produce leaders for our nation. We must create an electoral process that generates great results in terms of delivering transparent, free and fair elections

segment of society and all levels of governance, the better results we have. If Nigeria must produce great results, we must produce leaders for our nation. We must create an electoral process that generates great results in terms of delivering transparent, free and fair elections. We must organize all stakeholders who are part of the value chain in conducting elections to see their work as fundamental to rescuing our country from the path of decline. If this is achieved, we are half way gone in getting the results we need as a prosperous nation. The president of the Federal Republic of Nigeria, a few months ago, made a commitment during his democracy speech to Nigerians that he would ensure a free and fair election in 2023. The president again in his last address to the United Nations recommitted himself to leaving a legacy of a free and fair election in Nigeria come 2023. When that happens, President Muhammad Buhari would have left a legacy that would make him a great hero in Nigeria and across the world. This singular action will distinguish him as a leader that inspired huge WUDQVIRUPDWLRQ 7KDW HͿRUW DORQH ZLOO motivate good and quality Nigerians who have refused to participate in the electoral process because of the inherent dangers to become involved. This will also discourage the ‘business as usual politicians’ from taking Nigerians for granted. This will revive the spirit of hope amongst Nigerians who will be willing to go to the polls to choose leaders at all the levels of government. The moment we have men and women of principle become our principal leaders, Nigeria will join the league of nations that have PRYHG IURP WKLUG WR ÀUVW ZRUOG As I conclude, let me call on young Nigerians to stop wasting their time and resources on the mundane and vanities of this world. I implore them to deepen their knowledge on sound leadership skills so that they will be able to provide solutions to the challenges our nation is bogged with. This is the only way they can take responsibility to lead our great nation now and in the future. Nigeria is a great nation. Great people of Nigeria, you must remember that 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

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MONDAY SEPTEMBER 26, 2022

TAYO OGUNBIYI writes that LASPA does not levy on parking of vehicles inside one’s compound The board and management of NGX Group have to do more on stakeholder engagement, writes SOLA ONI

NGX GROUP: HEDGING AGAINST BLACK KNIGHTS I have been inundated with phone calls and text messages from highly respected professional colleagues in the media and ÀQDQFLDO PDUNHWV RQ P\ RSLQLRQ RQ WKH stories that have become the fallout of the UHFHQW ÀQDQFLDO SHUIRUPDQFH RI 1*; *URXS PLC., which demutualised in March, 2021. The spate of such requests is a burden on me that people of substance read my comments RQ WKH ÀQDQFLDO PDUNHWV Having reported the market for The Guardian in the 1990s during the Call-Over trading system, worked for The Nigerian 6WRFN ([FKDQJH QRZ 1*; *URXS 3/& for over one decade and reinforced my

upcoming Annual General Meeting (AGM) have elicited reactions. I have read some of the reactions. Analysts are at liberty to take position on any issue as long as they are armed with facts. It all depends on the perspective. , KDYH DOVR JRQH WKURXJK 1*; *URXS·V explanations on its portal, signed by the Group Company Secretary, Mojisola Adeola. The statement has sought to refute some inaccuracies and factual errors in those stories, touches on the proposed capital raise, explains that dividend was not proposed due to regulatory constraints, FXUUHQW %RDUG 0HPEHUV· MXVWLÀFDWLRQ IRU

SURIHVVLRQDOLVP ZLWK GLͿHUHQW FHUWLÀFDWLRQV in the Capital Market, I cannot take any LVVXH DERXW WKH ÀQDQFLDO PDUNHWV ZLWK D mere passing interest. The Demutualisation project was conceived and commenced by the former administration of Professor Ndi OkerekeOnyuike as far back as 2001 and I was then the Exchange’s Spokesman. I was later moved to Market Operations, which positioned me to have more insight how demutualisation of The Exchange would be structured. But one thing that we held sacrosanct through reports of some of us that visited some demutualised markets in other countries was that demutualisation would never be a silver bullet as some people wanted us to believe that time. All of us had high hopes that the project would be successful and we were planning to sensitize the entire masses to become shareholders after demutualisation and listing of The Exchange. Although our administration was abruptly truncated in 2010, it is commendable that the new administration did not dump the lofty project, instead it saw it to its fruition. Therefore, when the Securities and Exchange Commission (SEC) endorsed WKH FRQYHUVLRQ RI 7KH ([FKDQJH WR SURÀW making organisation in March, 2021, I was excited that our idea has come into reality. Thereafter, the bourse was listed by Introduction. The Demutualisation gave birth to 432 new shareholders, comprising 255 Dealing Members- the stockbroking ÀUPV DQG 2UGLQDU\ 0HPEHUV ZKR DUH individuals. In the last couple of days, there have been series of stories trending in the social media, RQ WKH PDWWHUV DULVLQJ IURP 1*; *URXS·V current audited accounts. By its audited report ended in December EXW DQQRXQFHG LQ 0DUFK 1*; *URXS 3/&·V 3URÀW DIWHU WD[ 3$7 LQFKHG up by 22.2 per cent to N2.3 billion from N1.84 billion recorded in the corresponding period of 2020. But some proposed resolutions ahead of the Company’s

seeking shareholders’ approval to defer their retirement and the Group’s initiatives to boost earnings in the future. Nonetheless, I have a brief comment on the implications of the current situation if not properly managed. Given the preeminent position of The Nigerian Stock Exchange prior to its demutualisation, VKDUHKROGHUV RI 1*; *URXS 3/& KDG KLJK expectation of quick return on investment. I believe that many Dealing Members have already taken advantage of the liquidity facilitated by the demtualisation and have cashed out and exited the market. This is normal and expected. The demutualised Exchange stands out as the cynosure of a beautiful bride in the market place. In the medium to long run, demutualisation enhances competition, access to economic and human capital and better corporate governance among others. Individual shareholders have invested their hard-earned income to purchase the shares while 255 Dealing Members and 177 Ordinary Members were allotted shares. They obviously expect sustainable long-term return on their capital. But it is debatable whether such expectation is achievable or realistic within a space of 18 months of transition from a Company OLPLWHG E\ JXDUDQWHH WR WKDW RI SURÀW PDNLQJ 1*; *URXS 3/& LV VWLOO RSHUDWLQJ a balance sheet of a Mutual Organisation, EXW FRPSHWLQJ IRU SURÀW LQ WKH HFRQRPLF space. No fewer than 58 stock exchanges had demutualised across the globe. But they all transited from their core areas, attract investors and adjusted to the opportunities and challenges of demutualisation. 7KH &KLHI ([HFXWLYH 2΀FHU RI 1*; Group PLC, Mr Oscar Onyema, knows from the outset that every listed company must undress in the public and face constant scrutiny of the shareholders. Oni, DQ ,QWHJUDWHG &RPPXQLFDWLRQV 6WUDWHJLVW &KDUWHUHG 6WRFNEURNHU DQG &RPPRGLWLHV %URNHU LV WKH &KLHI ([HFXWLYH 2΀FHU 6RIXQL[ ,QYHVWPHQW DQG &RPPXQLFDWLRQV

UNDERSTANDING LAGOS PARKING LEVY Contrary to claims and counter claims from GLͿHUHQW TXDUWHUV DQG ¶DXWKRULWLHV· LW QHHGV WR be stressed that the Lagos State Government has the power by law, through the Lagos State Park Authority (LASPA), to collect parking levies. Recall that a post that lately circulated on social media in which LASPA issued a letter signed by its General Manager, levying a Lekki-based company N290, 000 for the parking lot outside its premises generated lots of controversies. Expectedly, political jobbers and people with limited knowledge of the constitutional mandates of LASPA tried fruitlessly to exaggerate the issue by playing to the gallery.

The truth that the public did not imbibe concerning the incident is that LASPA or any RI LWV VWDͿHUV RU DJHQWV ZLOO QRW FKDUJH RQ FDUV parked in any compound. However, if anyone parks on the setback, such person, organization or group of persons will be charged accordingly. That is the law. A setback (for obvious reasons) is the space between your perimeter fencing and the walkway or the road, as the case may be. Whoever claims he/she owns a setback around his/her property will have to provide R΀FLDO GRFXPHQWDWLRQ IURP WKH DXWKRUL]HG MDA in Lagos State showing the legal RZQHUVKLS RI WKH VDLG VHWEDFN DQG WKH 7UD΀F ,PSDFW $VVHVVPHQW 7,$ FHUWLÀFDWH RI WKH property to LASPA. Setbacks are building restrictions imposed on property owners, private or commercial. The federal, state and local governments create setbacks through acts, laws, bye-laws, ordinances and building codes, usually for reasons of public policy such as safety, privacy and environmental protection. Setbacks prevent land or business premises owners from crowding the property of others, allow for the safe placement of pipelines and help to preserve wetlands. Setbacks from boundaries by establishing DQ H[DFW GLVWDQFH IURP D À[HG SRLQW VXFK DV D property line or an adjacent structure, within which building is prohibited. 6HWEDFNV FDQ VLJQLÀFDQWO\ DͿHFW D SURSHUW\ owner’s right to develop land or to modify existing structures on the land and violating setback provisions can lead to legal action against a property owner, and penalties can LQFOXGH ÀQHV DV ZHOO DV DQ RUGHU WR UHPRYH noncompliant structures. Property owners whose desire to build is stymied by setbacks have few remedies: they can petition their state or local government by applying for a variance-a special permission to depart from the requirements of state or zoning laws and ordinances but variances are generally granted only in cases of extreme hardship.

The Lagos State Physical Planning Permit Regulations, 2019, enacted under the Lagos State Urban and Regional Planning And Development Law, Cap U2, Laws of Lagos State 2015, provides for parking requirements and setback parking. Part 14 of the regulations provides for parking requirements for residential, commercial, industrial and other buildings in Lagos State. Part 14(1)(a) provides that: “Parking provisions shall be calculated at two car parking spaces per dwelling unit in DOO UHVLGHQWLDO DUHDV LQFOXGLQJ KRXVHV ÁDWV and duplex buildings, or two car parking spaces per 100m2 of the plot area.” It has, thus, become necessary for the public to be equipped with this important information going forward. LASPA does not levy on parking of vehicles inside peoples’ compounds. For the enlightenment and education of the public, the Lagos State Parking Authority Law, 2018 empowers the Local Governments (LGs) and Local Council Development Authorities (LCDAs) in Lagos State to assign their powers in respect of collection of fees relating to parking to the state government. Consequently, by a mutual agreement, the LGs and LCDAs in Lagos State have assigned their powers to the state government to collect fees on parking in the state. Therefore, contrary to what is being insinuated in some quarters, the issue of double taxation does not exist in this case. From the legal point of view, the Court of Appeal was called upon to interpret Section 7 and Fourth Schedule of the Constitution of the Federal Republic of Nigeria 1999 (as amended) with regard to the Land Use Charge Law of Lagos State, the Court of Appeal in Ola Animashaun Harimot Oluwabukola v. Attorney General RI /DJRV 6WDWH DQG ÀYH RU LQ $SSHDO 1R CA/L/1046 delivered on November 19, 2018 held as follows: “The intendment of Section 1(3) of the Land Use Charge Law of Lagos State is clearly not to take away the function constitutionally donated to the Local Government but to give powers to the Local Government to permit a contractual relationship between it and the state on the issue of collection of taxes, which is clearly within the responsibility of the Local Government without breaching any law or constitutional provision”. The constitution recognises that any person that has power can exercise such power through other persons or institutions. For example, the AttorneyGeneral can exercise its powers through other persons. From the foregoing legal perspective, it is therefore constitutional for the state government and by extension LASPA, to demand and collect fees in respect of parking in Lagos State. For the education of the uninformed, /$63$ ZDV FUHDWHG WR ÀQG ODVWLQJ VROXWLRQV to the issues of indiscriminate and illegal parking across the state. The ultimate goal is to aid in the prompt reduction of WUD΀F JULGORFN H[SHULHQFHG DFURVV WKH metropolis. Ogunbiyi is Deputy Director, Public $ͿDLUV 0LQLVWU\ RI ,QIRUPDWLRQ 6WUDWHJ\ 0LQLVWU\ RI ,QIRUPDWLRQ 6WUDWHJ\ $ODXVD ,NHMD

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T H I S D AY

MONDAY SEPTEMBER 26, 2022

EDITORIAL

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

AS POLITICAL CAMPAIGNS BEGIN… Candidates should speak to the issues that aﬀect the ordinary Nigerians

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MONDAY SEPTEMBER 26, 2022 • T H I S D AY

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

T H I S D AY ˾ MONDAY, SEPTEMBER 26, 2022

HOMES&DESIGN Ecobank’s The Waves To w e r s Redef i ni ng Skyscrapers in Nigeria

The Waves Towers are a set of four purpose-built highrise structures Ekobank designed and built as mix-use development. It is a game changer. Bennett Oghifo writes

ince The Waves emerged on Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the skyline of this skyscraper-rich high street has gone up some notch. The vision of Ekobank to resume the development of The Waves came alive in August 2019, after being on hold for up to nine whole years. Ecobank decided to complete one of the four towers in this mixed-use development to use it as their new head office. The promoters also call it the Pan African Centre, which is why they rendered it an intelligent building complex constructed

to the highest international standards and equipped with the latest energyefficient technology, in line with global sustainability best practices. The bank’s plan involved consolidating its footprint and relocating staff from various properties within Victoria Island (especially the EDC Building on Adeola Odeku Street and the existing head office on Ahmadu Bello Way) to put them all in this new property. Since construction started, however, the world and how work has evolved, likely a review of this strategy may be reviewed.

The average size of one tower is 11,000sqm, the main contractor: is ITB Nigeria Limited; the architect is Majoroh Partnership; the project manager is Comprehensive Project Management Services; the structural engineer is Morgan, Omonitan & Abe Limited; and the MEP Engineer is KOA Consultants. The main contractor, ITB Nigeria Limited, described the EcoBank development project as an 11-floor office building serving as the head office. The structure is based on post-

tension slabs laying on concrete vertical columns. The architectural masterpiece is remarked by its curtain wall façade, giving it a smooth curve which is an abstraction of the waves from where the name emanates. The tastefully finished building comprises a variety of functions distributed on various floors: experience and data centre, conference hall with double height to allow events and conferences in the building; a cafeteria glass structure on two floors; open office space, gym, sky lounge with an outdoor space overlooking the lagoon, that can host small events.

MONDAY, SEPTEMBER 26, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Promoting Financial Inclusion thr o ug h e N a i ra H a c ka t o n The launch of the eNaira Hackaton is expected to drive financial inclusion by onboarding a lot of the country’s unbanked population and underserved users leveraging offline channels, writes Obinna Chima

ntral bank digital currencies (CBDCs) have continued to attract the central banks, governments and businesses across the world. The rapid emergence of Bitcoin and other decentralised cryptocurrencies and stablecoins continue to fuel the global debate over digital money. And as more countries explore the promise of ‘programmable money,’ central banks are sharpening their focus on CBDCs, the Partner, KPMG in Germany, Sven Korschinowski noted in a report. According to Korschinowski, not to be underestimated as well is the impact of the global pandemic in accelerating the development of CBDCs for their potential advantages as a monetary policy tool, as governments currently address the need to transparently distribute and track economicstimulus programs emerging since early 2020. A CBDC is a digital version of a fiat currency and they vary significantly in their design. The technology behind each CBDC depends on the preferences of individual nations and central banks. In some cases, CBDCs rely on distributed ledger technology (DLT), a database that stores multiple copies of financial records across multiple entities that can be managed by a central bank. DLT use differs from the use of blockchain among popular decentralised cryptocurrencies like Bitcoin. While the rapid emergence of CBDCs inevitably includes questions regarding security and trust, it is worth noting that central banks may indeed hold an advantage regarding public trust in CBDCs as a digital currency. According to a global 2020 poll by the Official Monetary and Financial Institutions Forum (OMFIF), more than half of potential users surveyed in 13 countries stated that they would prefer a digital currency issued by their central bank, while private digital currencies issued by tech companies were deemed least-trusted. According to the KPMG report, CBDCs, depending on the geographies, present the opportunity to deliver significant benefits to individuals and businesses. Programmable money offers a broad range of new use cases that include spending restrictions, triggers and limits. It noted that the use of digital distribution channels and infrastructures can provide broad new levels of global access to central bank money and payment services. It also pointed out that potential benefits to corporates include the use of DLTs, smart contracts, M2M payments, pay-per-use models and more. CBDCs also help in meeting the need for greater financial inclusion amid the limitations, costs and insufficient reach of today’s existing payment systems.

“As noted, CBDCs are also showing their potential to enhance central banks’ transparency and efficiency in distributing capital based on monetary policy decisions. As climate-related disasters continue to rise, for example, CBDCs could enhance the ability of governments to provide broadly accessible public support as needed. “CBDCs have also been touted as more secure than decentralised cryptocurrencies like Bitcoin and their existing challenges related to consumer and investor protection, money laundering and enforcement of tax laws,” Korschinowski added. In Nigeria, on October 25, 2021, President Muhammadu Buhari launched the country’s CBDC known as eNaira. With that, Nigeria joined China, whose digital RMB was the first digital currency to be issued by a major economy; the Central Bank of The Bahamas (Sand Dollar); the Eastern Caribbean Central Bank (DCash), and the Bank of Jamaica (JamDex), to launch a CBDC. According to Buhari, with the launch of the digital currency, the country’s Gross Domestic Product (GDP) was projected to rise by $29 billion in the next 10 years. According to the CBN Governor, Mr. Godwin Emefiele, with growing interest in CBDC around the world, the CBN commenced extensive study, consultations, identification of use cases and the testing of the CBDC concept in a Sandbox environment as far back as 2017. He said the objective of the research was to establish a compelling case for the adoption of a digital currency in the country to enable a more prosperous and inclusive economy for all Nigerians. He added that following the completion of the preliminary work, the researchers and experts at the CBN were able to establish that a digital currency will drive a more cashless, inclusive, and digital economy as well as complement the gains of previous policy measures and the fast growing payment platforms. He said the CBN decided to implement its own CBDC and to name the digital currency eNaira, with the expectation that the innovation would make significant positive difference to Nigeria and Nigerians, he stated. However, in order to realise its objectives for the adoption of the CBDC, the apex bank had in June this year unveiled the eNaira hackathon, which is a computer programming conference geared towards ideating innovative solutions for the newly launched digital currency. The event, organised by Africa Fintech

Foundry, was an innovative hub established to identify and accelerate innovative startups in Africa in partnership with the central bank. The initiative was to drive financial inclusion, facilitate macroeconomic growth and integrate the Nigerian economy into the world’s leading economies through innovation and cutting-edge emerging technologies. The conference themed: “eNaira – Africa’s Gateway to a Digital Economy,” brought together teams of talented entrepreneurs, developers, designers, solution developers, problem-solvers, out-of-the-box thinkers, and code magicians from Africa to develop innovative solutions that would drive improved adoption of the eNaira. Commenting on the innovation in Nigeria’s payments system ecosystem, Emefiele said, “We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital. “We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.” He said, “We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook. Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA).” He revealed that the introduction of the CBDC has continued to attract patronage, with over 200,000 transactions valued at N4 billion recorded since the platform was launched. Presently, Nigerians, both banked and unbanked are able to open an eNaira wallet and conduct transactions by simply dialing the Unstructured Supplementary Service Data code (USSD) *997# from their phones. According to Emefiele, since the launch of the great initiative, the eNaira had reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets. He said both merchants and consumers with bank accounts can use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account, adding that this will further deepen the integration of the eNaira with the existing national payment infrastructure. Emefiele, however, pointed out the Hackathon marked another milestone in the journey toward building the future monetary system of the country in response

to the emerging trends and developments in the global digital space. If anything, the event created opportunities for Nigerian youth entrepreneurs who were hitherto starved of opportunities to showcase what they could offer and created an avenue for job creation and innovation. He said, “Therefore, today’s event is targeted at providing an engagement with critical stakeholders in the financial technology space to deepen the link between eNaira and Fintechs.” He added that the eNaira hackathon recorded a sizeable interest from young and innovative Nigerians with a total of 4,667 registrations, comprising 4,082 male and 582 female applicants. “This further corroborates the fact that Nigerians, both within and outside the country, possess innovative ideas and are willing and ready to leverage on exciting opportunities that the eNaira presents for enhancing digital financial services and contributing to national development,” he said. Emefiele said, “From the presentations made over the course of this eNaira Hackathon, I am confident that it will unravel a pool of talents that would fuel the transformation of Nigeria into a world-class digital economy and beyond. “From an initial cohort of over 105 groups that made the quarter-finals and 75 teams that progressed to the semi-finals, the hackathon has reached its climax today with 20 teams in the finals from which the top 10 teams would emerge as prize winners.” CBN Deputy Governor, Economic Policy Directorate, Dr. Kingsley Obiora, who said the value of e-business transactions had grown from N39.3billion in 2014 to currently about N2.4 trillion. Obiora said the use of cash, as a means of payment, was declining globally, hence the minting of currency by the central banks across the globe had reduced over the past few years. He said the CBN had blazed the trail with the launch of the eNaira, by responding to the yearnings of digital payment system, adding that other central banks were currently understudying Nigeria’s model of the digital currency. “This is the way the world is going. If you don’t jump into the train, it will leave you,” he noted. Also speaking, the Group head of African Fintech Foundry, technical partner to the Bank, Daniel Awe, commended the Bank for the transforming from a traditional regulator to a smart and innovative one. It is expected that the initiative would support a resilient payment ecosystem, encourage rapid financial inclusion and adoption of the eNaira, reduce the cost of processing cash as well as enable direct and transparent welfare intervention to citizens.

T H I S D AY ˾ MONDAY, SEPTEMBER 26, 2022

BUSINESS SPECIAL

ANALYSIS

Herbert Wigwe: Steering Access Corporation’s Sustainable Growth Obinna Chima writes on the recently released half year results of Access Corporation Plc

ccess Corporation Plc recently released its half year 2022 financial result and recorded gross earnings of N591.803 billion for the period under review. This represented a growth of 31.42 per cent year-on-year. Analysts have estimated that the holding company may be headed to a historic record as Nigeria’s first bank to hit the N1 trillion mark in gross earnings this year if the trend continues in the second half of the year. In its unaudited half-year financials submitted to the Nigeria Exchange Limited, Access Corporation, which is headed by Herbert Wigwe as its Group Managing Director, also made significant improvements across key performance indicators. Its profit before tax rose marginally by 0.42 per cent to N97.791 billion from N97.379 billion reported in 2021. Also, its profit after tax climbed by 2.21 per cent to N88.739 billion, from the N86.819 billion posted in 2021. Its total assets stood at N13.200 trillion in the period under review, compared with the N11.732 trillion recorded as at the end of 2021. Similarly, its loans and advances to customers was N4.619 trillion, higher than the N4.161 trillion garnered at the end of 2021, just as deposit from customers improved to N7.839 trillion in the review period, from N6.955 trillion as of December last year. During the period under review, the Board of Directors proposed interim Dividend of 20 kobo per ordinary share of 50 Kobo each on the 35,545,225,622 issued ordinary shares of 50k each payable to shareholders on the register of shareholding at the closure date. Withholding Tax will be deducted at the time of payment. Furthermore, its net interest income after impairment charges declined by 6.25 per cent to N160.639 billion in 2022 from N171.350 billion in 2021. Fees and commission income grew by 10.42 per cent to N81.100 billion in 2022, from N73.446 billion the previous year. Commenting on the 2022 half year results, Wigwe said the holding company’s inaugural financial results showed a strong performance, in the first half of the year despite the strong macroeconomic headwinds locally and internationally. In March, Access Holdings restructured into a holding company that allowed the company to own majority stake in subsidiary companies. The holding company became fully operational in May 2022 and the other verticals: Payment Company (PayCo), Asset Management Company (AmCo), Insurance Brokerage Company (InsureCo) are expected to be fully consolidated from the second half of the year. “These results reflect a sustainable business model coupled with an effective strategy execution from the banking group, amidst a challenging macroeconomic environment with significant headwinds. “This reflects deliberate steps to optimise our balance sheet and ensure the Group can support its customers across various markets, in addition to executing our expansion strategy. 2022 marks the final year of our five-year strategy to become Africa’s gateway to the world. “In the five-year period we have seen enormous growth in our value proposition and international presence as we have expanded our operations across Africa. As Access Corporation enters a new chapter, we are realigning our objectives to create a globally connected ecosystem, offering new interconnected services across customer needs,” Wigwe added. Access Bank is Nigeria’s largest banking group, accounting for 19 per cent of banking system assets at the end of the financial year 2021. With digitisation transforming business models and processes in new and greater ways,

Wigwe banks are innovating and adopting models that would enable them achieve competitive advantage. As part of its continued growth strategy, Access Corporation is focused on mainstreaming sustainable business practices into its operations. The institution under the leadership of Wigwe, strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant. In line with this, the holding company recently received approval from the Central Bank of Nigeria (CBN) to set up a payment subsidiary. According to the financial institution, the new wholly-owned subsidiary is named Hydrogen Payment Services Company Limited. The company explained that Hydrogen aspires to be “Africa’s most powerful business network” which would provide switching and payment processing services to financial service providers as well as other stakeholders. Speaking on the new subsidiary, Wigwe, who is also its Group Chief Executive Officer, explained, “the establishment of Hydrogen is a natural step in our aspiration to create a globally-connected community and ecosystem; inspired by Africa for the world and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.” Wigwe said Hydrogen would deploy cutting-edge technology infrastructure, strong risk management and governance standards to provide secure, cost efficient and convenient payment services to

individuals and businesses across the African continent. He added that this would in turn support the attainment of CBN’s financial inclusion strategy. Last month, Access Holdings received approval to acquire majority equity stake in First Guarantee Pension Limited. Speaking further on the holding company structure, Wigwe had explained, “So, what the Holdco strategy allows us to do is to begin to look at new markets and new opportunities that a traditional bank cannot offer. So for us, we are setting up a lending company. It must create its own customers outside of what exists in Access Bank to compete for market share. “So, there would be a lot more financial inclusion, a lot more lending to young people, a lot more ease in terms of opening accounts, among others. The traditional banks are very heavy in terms of cost and expectations, compliance, etc, but what this type of institution does is that it provides the opportunity to support the mass market already, whether it is a pay day loan, you want to fix your car or buy a car.” The payment company is one that would support the corporation’s Business-to-Business and Business-toCustomers relationship, customer-merchant acquisitions, etc. It is going to be settling payments across the continent. Wigwe explained that it is not just about Access Bank, but they are also going to create a global access payment gateway to ensure that payments are settled not just within Nigeria, but across the entire continent. “What the payment company does for us is that it would enable us have in-roads into businesses where didn’t

have capacity. I will give you an example, today if you use your Access Bank mobile phone, you can make payments to anybody and anywhere in the world. “So, what we are trying to do is to push and support payments, whether it is by way of trade, diaspora remittances across the entire continent,” he explained. Also, the insurance brokerage business is to help the holding company preserve monies that ought to be paid to other firm. “And the final one is our pension company. Obviously, because of our size and our platform and the opportunities, we are going to be playing big in the PFA market. “All of these things are complementary and the bank is going to build on all of these things to get the full benefits of the HoldCo and the different investments. Obviously, things around agility, taking advantage of the scale of the parent company which is Access Bank are important, managing talents are also very important. “If you take technology for instance, most of the talent in that market don’t want to work in traditional banks. So, what we have done is to create a structure where we can take them, train them and create a proper career path for them for the benefit of the entire group,” Wigwe explained. Wigwe, clearly understands that without embracing change and having foresights, banks would not be able to compete and would be left behind by their peers. This was why he continuously ensured that Access Bank under his watch grew to become one of Africa’s leading financial services groups. He has shown a relentless pursuit for growth, but in a measured and calculated manner. Wigwe has helped to develop some of Africa’s biggest companies in the construction, telecommunications, energy, oil and gas sectors through Access Bank. The CEO of the financial institution strongly believes in the vast opportunities across Africa, which was why he aggressively drove its expansion. According to Wigwe, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks. Access Corporation, which builds on Access Bank’s scale and ethical standards has portfolio companies with significant complementarities, allowing the ecosystem to walk with customers across their life cycle while delivering value to stakeholders. The institution had set its sights on how to deliver ambitious plans to transform the African financial services sector over the last 20 years. Looking ahead five years, Access Corporation is expected to be a leading financial and ecosystem player, with services spanning B2B and B2C marketplaces, B2B services, health, housing, digital, mobility content, mobility, core banking offerings, and other financial services such as insurance and wealth management. “We recognise and embrace the change that is currently happening and, as we have previously demonstrated, we will lead. Access Corporation will be a driving force in the ongoing digital revolution to the benefit of our stakeholders. “We will unlock more value for our customers by focusing on distinct business opportunities with high growth rates globally, such as payments and consumer lending,” Wigwe added. Indeed, the focus of Access Corporation is to become an aggregator in Africa and it is gradually building a global payment gateway and providing trade finance support and correspondent banking across the continent.

MONDAY SEPTEMBER 26, 2022 •T H I S D AY

MONDAY SEPTEMBER 26, 2022 • T H I S D AY

IMAGES

T H I S D AY ˾ DAY Ͱʹ˜ ͰͮͰͰ

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

The Chief of Air Staﬀ, Air Marshal Isiaka Oladayo Amao (right), welcoming the Director-General of the National Youths Service Corps (NYSC), Brigadier-General Muhammad Kaku Fadah (left), to his oﬃce when the latter visited the headquarters of the Nigerian Air Force in Abuja…recently

L-R Group Chairman, Oodua Investment Company Limited, Otunba Bimbo Ashiru; Chief Executive Oﬃcer, Nigerians in Diaspora Commission, Abike Dabiri-Erewa; Ekiti State Governor, Dr. Kayode Fayemi; and President of AXXESS, United States of America, Niyi Olajide, at the United Nations 77th General Assembly in New York, USA…recently

L-R: Kwara State Commissioner for Tertiary Education, Dr. Afeez Abolore Alabi; Commissioner for Youth, Hajia Jamila Bake Adamu; Senior Political Adviser, British High Commission in Nigeria, Wale Adebajo; Chevening Alumnus, Dr. Israel Adekunle Balogun; and Chevening Programme Oﬃcer, Oluwafunmilayo Ladepo, at Chevening Scholarship Workshop in Ilorin, Kwara State…recently

L-R: All Progressives Congress (APC) chieftain, Chief Babatunde Damazio; Deputy Speaker, Lagos State House of Assembly, Hon Wasiu Eshinlokun; Chairman Iru-Victoria Island LCDA, Rasheedat Adu; member, Governor Advisory Council, Alhaji Mutiu Are; former Lagos State Commissioner, Chief Mrs. Teju Phillips; and former Chairman, Surulere Local Government Area, Mr. Tajudeen Ajide, at the opening of the four-day Skills Acquisition Programme for residents of Lagos Central senatorial district facilitated by Senator Oluremi Tinubu on Lagos Island, Lagos...recently

Speaker of the House of Representatives, Hon. Femi Gbajabiamila (ﬁfth right); Deputy Speaker, Ahmed Idris Wase (fourth left); Director-General, NIPSS in Kuru, Prof. Ayo Omotayo (ﬁfth left); and others during a courtesy call on the Speaker by the NIPSS delegation at the National Assembly, Abuja…recently

L-R: Managing Director, Flover Consulting Limited, Mr. Jerry Onifade; Managing Director, Corner Stone Insurance Plc, Mr. Ganiyu Musa; organiser, Chinet’22 Aviation Cargo Conference, Mr. Ikechi Uko; Director, Policy Regulation, NAICOM, Mr. Leonard Akah; Executive Director, Operations, FBS Reinsurance, Mr. Sola Aiibade; and Managing Director/Chief Executive Oﬃcer, Custodian and Allied Insurance Limited, Mr. Edeki Isujeh, during the Chinet 2022 Second Aviation Cargo conference held in Ikeja, Lagos...recently PHOTO: KOLAWOLE ALLI

FRIDAY, SEPTEMBER 23, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Nuclear Attack Against Ukraine: US Warns Russia of ‘Catastrophic Consequences’ hemorrhagic fever whose symptoms include intense body weakness, muscle pain, headache and sore throat, vomiting, diarrhoea and rashes, among others. The current outbreak, attributed to the Ebola Sudan strain, appears to have started in a small village in Mubende district around the beginning of September, authorities have said. The first casualty was a 24-year-old man who died earlier this week. The World Health Organization says the Ebola Sudan strain is less transmissible and has shown a lower fatality rate in previous outbreaks than Ebola Zaire, a strain that killed nearly 2,300 people in the 2018-2020 epidemic in the neighbouring Democratic Republic of Congo.

The US has warned Russia of “catastrophic consequences” if it launches a nuclear attack on Ukraine, President Joe Biden’s national security adviser, Jake Sullivan, said Sunday. Sullivan, speaking on ABC’s ‘This Week’ show, said US officials had told Russian officials privately that Biden “will respond decisively” if Russian President Vladimir Putin orders a nuclear strike but did not say how the US would respond.Sullivan said the US would “not engage in a game of rhetorical tit-for-tat” with Russia. The US response came after Putin signalled the possibility of a nuclear attack last week as he called up 300,000 military reservists to help fight in its seven-month invasion of Ukraine. The troop augmentation came after Russian battlefield setbacks, with Kyiv’s forces recapturing large swaths of territory in northeast Ukraine that Russia had seized in the early weeks of the war. Widespread protests against Putin’s troop call-up have erupted in Russia, with police arresting hundreds of demonstrators participating in street protests in Moscow and elsewhere.

23 Dead After Boat Sinks in Bangladesh

Russia Cracks Down on AntiMobilisation Protesters, Arrests Hundreds

Nearly 800 people have been detained in Russia as protests against the country’s partial military mobilisation continue in cities across the country. As of Sunday, at least 796 people had been detained in 33 cities, with almost half of the total reported in the capital, Moscow, according to OVD-Info. The human rights group, which monitors political arrests and detentions in Russia, said that some of those detained in the crackdown on dissent following this week’s military call-up were minors. The demonstrations erupted within hours after President Vladimir Putin on September 21 announced the partial military mobilisation, which is intended to buttress Russian military forces fighting in Ukraine. Russian police have been mobilised in cities where protests were called for by the opposition group Vesna and supporters of opposition politician Alexey Navalny. Images on Russian media have shown scenes of police using force against demonstrators, and eyewitnesses have said the number of protesters had diminished since the first rallies. Many young men detained during the protests have reportedly been summoned to register for military service.

Iran Condemns UK, Norway for Interfering in Hijab Protests

Iran has rebuked Britain and Norway over what it claimed was interference and hostile news coverage of the extensive unrest in Iran triggered by the death of a young woman held in captivity by the country’s morality police for failing to wear a hijab properly, the semi-official IRNA news agency said Sunday. Iran’s Foreign Ministry summoned the British and Norwegian ambassadors Saturday to deliver the protests to the envoys.Tehran cited the “hostile character” of the London-based Persian language media while complaining to the Norwegian diplomat about the “interventionist stance” of the country’s parliamentary speaker, who has expressed support for the protesters on Twitter. Demonstrations erupted more than a week ago across Iran, with protesters angered by the death of a 22-year-old Kurdish woman, Mahsa Amini. It was the biggest wave of protests against the government in years. Jake Sullivan, US President Joe Biden’s national security adviser, told ABC’s ‘This Week’ show on Sunday that the Iranian protests “reflect a widespread belief that [the demonstrators] deserve their dignity and rights” and that the US supports them. He said the US supports people “who stand up for their rights.”

World Bank Pledges $2bn for Flood-ravaged Pakistan

The World Bank said it would provide about $2 billion in aid to Pakistan, ravaged by floods that have killed more than 1,600 people this year, the largest pledge of assistance so far. Unprecedented monsoon rains and flooding this year — which many experts attribute to climate change — have injured some 13,000 people across the country since mid-June. The floods have displaced millions and destroyed crops, half a million homes and thousands

of kilometres (miles) of roads. The World Bank’s vice president for South Asia, Martin Raiser, announced the pledge in an overnight statement after concluding his first official visit to the country Saturday. “We are deeply saddened by the loss of lives and livelihoods due to the devastating floods and we are working with the federal and provincial governments to provide immediate relief to those who are most affected,” he said. Raiser met with federal ministers and the chief minister of southern Sindh province, the most affected region, where he toured the badly hit Dadu district. Thousands of makeshift medical camps for flood survivors have been set up in the province, where the National Disaster Management Authority said outbreaks of typhoid, malaria and dengue fever had killed at least 300 people.

China Condemned for Undermining Taiwan’s Democracy, Sovereignty

President Tsai Ing-wen of Taiwan has condemned China’s authoritarian tactics to undermine Taiwan’s sovereignty and democracy just as she censured Russia’s “unprovoked” invasion of Ukraine. She stated this penultimate Monday while addressing the 2022 Concordia Annual Summit via video at the invitation of the non-profit organisation Concordia. Tsai told the gathering that Taiwan had been confronted by increasingly aggressive threats from China in recent years – including military intimidation, grey zone activities, and influence operations – in an attempt to erode the democratic way of life we have been working so hard to sustain. “In recent years, Taiwan has been confronted by increasingly aggressive threats from China, from military intimidation and grey zone activities to influence operations,” said the Taiwan president. “All for its attempt to corrode what we have been working so hard for – that is, our democratic way of life.” She added, added that Russia’s “unprovoked invasion of Ukraine and the daily threats Taiwan faces are all evidence that shows authoritarian regimes will do whatever it takes to achieve expansionism.” Tsai emphasised that democratic values are now integral to Taiwanese identity and that securing Taiwan’s democracy is imperative to ensuring freedom and human rights for our collective future.

Lebanon’s Banks to Reopen on Monday

Lebanon’s banks will reopen on Monday, the banking association said, after five days of closure following a wave of holdups in the country by depositors seeking access to their frozen savings.

The association said in a statement on Sunday that the decision to reopen “was taken after consideration of the current difficult security conditions and the need to maintain the safety of customers and employees alike, in the absence of adequate protection by the state.” It added each bank would determine its channels for banking operations with commercial and educational institutions and the health care sector, amongst others.A top Lebanese banker on Friday criticised politicians for failing to enact a capital control law, saying this was the way to avoid bank raids by savers demanding funds from frozen accounts and to stop banks’ “discretionary practices.” The holdups reflect savers’ desperation three years after Lebanon’s financial system collapsed due to decades of state corruption and waste and unsustainable financial policies.

Pope Tells Italians to Have More Children

Pope Francis travelled to southern Italy on Sunday to close out an Italian church congress that coincided with Italy’s national election and delivered a message that hit on key domestic campaign issues, including immigration. Neither Francis nor his hosts referred to the vote during the open-air Mass, though Italy’s bishops conference had earlier urged Italians to cast ballots in the eagerly watched election that could bring Italy its first far-right government since World War II. At the end of the outdoor Mass in Matera, Francis spoke off the cuff, asking Italians to have more children. “I’d like to ask Italy: More births, more children,” Francis said. Italy has one of the lowest birth rates in the world, and Francis has frequently lamented its “demographic winter.” Far-right leader Giorgia Meloni, who campaigned on a “God, family and homeland” mantra, has also called for Italy to reverse its demographic trends by proposing bigger financial incentives for couples to have children.

Ebola Infections Surge in Uganda

Uganda said on Sunday its Ebola caseload had jumped to 16 people while a further 18 people also likely had the disease, fueling fears of a spreading outbreak that involves a strain for which a vaccine has not yet been found. In a tweet, the Ministry of Health also said the death toll of confirmed cases remained four while 17 others classified as probable cases had also died. The outbreak had also now spread to three districts, all in central Uganda. Last week, the east African country announced the Ebola outbreak, a

At least 23 people were killed, and several dozen more were missing on Sunday after a boat capsized in a river in Bangladesh, police said. “We have recovered 23 bodies. Firefighters and divers are searching for more bodies,” local police official Shafiqul Islam told AFP. The boat was packed with up to 50 Hindu pilgrims, police said. They were travelling to a centuriesold temple when the vessel suddenly tipped over and sank in the middle of the Karotoa river near the town of Boda in northern Bangladesh. Another police officer said up to 25 people were still missing. Boat tragedies caused by poor maintenance and overcrowding are common in Bangladesh, a poor nation crisscrossed by rivers.

UN Warns of Growing Criminal Threat from Mekong Region Casinos, SEZs

The unchecked growth of freewheeling business enclaves and casinos in and around Laos is opening new money laundering and drug trafficking options for crime networks using the country to push spiralling volumes of narcotics across Asia, the United Nations warns. As China and Thailand tighten their borders with Myanmar, the UN Office on Drugs and Crime says transnational gangs based in the lawless corners of eastern Myanmar are funnelling ever more methamphetamine through Laos. In recent conversations with VOA, the UNODC said special economic zones — with eased regulations to attract foreign investors — and the casinos that often anchor them have also become major trafficking and money laundering hubs for the crime networks that make Southeast Asia’s Mekong River countries home. The agency counts over 140 casinos and 128 special economic zones across the region. Few trigger more alarm than the Golden Triangle Special Economic Zone, which draws its name from the crimeridden borderlands where Laos, Myanmar and Thailand meet. The 10,000-hectare swath of northwest Laos is effectively run by Chinese national Zhao Wei, who owns its centrepiece Kings Romans casino.

Canada Sends Troops to Clear Fiona’s Devastation

The Canadian military mobilized, and officials on Sunday tried to assess the scope of the devastation from former Hurricane Fiona, which swept away houses, stripped off roofs and knocked out power across the country’s Atlantic provinces. After surging north from the Caribbean, Fiona came ashore before dawn Saturday as a post-tropical cyclone, battering Nova Scotia, Prince Edward Island, Newfoundland and Quebec with hurricane-strength winds, heavy rains and huge waves. Defense Minister Anita Anand said Canadian troops would help remove fallen trees throughout Eastern Canada, restore transportation links and do whatever else is required for as long as it takes. She didn’t specify how many troops would be deployed.

MONDAY, SEPTEMBER 26, 2022 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

Glovo Marks One-year Anniversary, Commits to Growth of Nigerian Quick-commerce Sector Nume Ekeghe Glovo, one of the world’s leading multi-category delivery players, has commemorated its one year of operations in Nigeria with a pledge to continue to contribute to the growth of Nigerian quick commerce sector. The event, which was held in Abuja had the General Manager of the Courier and Logistics Regulatory Department of NIPOST, representatives of the Nigerian Investment Promotion Commission (NIPC) and the Drivers Training Institute of the Vehicle Inspection Office Abuja, as well as a host of key stakeholders within the Glovo ecosystem across Nigeria in attendance. The event presented an opportunity for Glovo to host and honour its partners and stakeholders for their contributions to the growth of the business in the past year.

“Through this partnership, Glovo aims to improve the technical and soft skills of at least 300 riders collaborating with the Glovoapp. We are excited and honored to celebrate the first year of Glovo in Nigeria, “said General Manager for Glovo Nigeria, Lorenzo Mayol. “We owe our success stories to our partners for their unwavering hard work and contributions, our users for their consistent loyalty, trust and support, and the couriers who collaborate with our platform. Nigeria is a key market for us due to its high and untapped potential and rapid growth, and the partnerships we have built so far have become a metaphor for endless possibilities. We remain committed to delivering value to our users, the community, and the country’s economy for years to come, ”he added. Also speaking, , Public Af-

fairs Manager, Sub-Saharan Africa for Glovo, Tokunbo Ibrahim said, “At Glovo, we are committed to our entire ecosystem of partners, couriers and users. Our success driver so far is our culture of accountability as a company and how we leverage the strengths and capabilities of our workforce and partners to ensure quality and timely service delivery. Since commencing operations in Nigeria, we have signed over 3,000 partners with over 97% being small and medium enterprises, onboarded and trained more than 2,000 couriers, and have invested in local talent that drives Glovo’s growth in this market. We will continue to work closely with our users and the wider community to ensure we deliver value by creating economic opportunities for all our stakeholders.”

Managing Director/CEO, Bank of Industry, Kayode Pitan and Chair, United States EXIM Bank, Reta Jo Lewis on the sidelines of the United Nations General Assembly in New York...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

RMRDC, UNILAG’s Conference on Additive Manufacturing to Hold Today Gilbert Ekugbe The University of Lagos (UNILAG) and Raw Materials Research and Development Council’s (RMRDC’s) conference on additive manufacturing will hold today at the University of Lagos. The conference which is the first international conference on additive manufacturing in Nigeria is expected to spotlight innovative and effective solutions on how additive manufacturing can bring down the cost of manufacturing operations by at least 30 per cent. The Director General and Chief Executive Officer, RMRDC, Hussaini Ibrahim, who was represented by the Director in Lagos Office Mr. Tokunbo Habeeb,

at a press briefing in Lagos to herald the conference scheduled to hold today and on the 29th September, 2022, explained that the summit is apt considering the harsh business terrain for manufacturing concerns to thrive. Indeed, manufacturers spend over 40 per cent of their running cost on power in the midst of myriad of challenges already plaguing the sector. “Manufacturers have been bedeviled with myriads of challenges hindering manufacturing activities, hence the conference would have not come at a better time where manufacturers are seeking innovative ways to boost their profit margins while also reducing their cost of operations.” The conference which is also

co-hosted by the University of Bayreuth, Germany and the Manufacturers Association of Nigeria (MAN) would also explore cost effective solutions to provide succor for the nation’s ailing manufacturing sector. Also speaking, a Professor with UNILAG who also doubles as a member of the Additive Manufacturing Group (AMG), Prof. Funsho Falade, said the conference which is being organised by the AMG, RMRDC, University of Lagos, Nigeria in partnership with the Campus Additive Innovation, University of Bayreuth, Germany, stated the need for partnership between Nigeria and Germany to advance the development of Additive Manufacturing in Nigeria.

Treepz Launches ‘Business Treepz’ Oluchi Chibuzor Africa’s leading shared-mobility startup, Treepz, has launched its new online services, ‘Business Treepz’, a new service aimed at providing structured, accessible, and predictable manner for corporate organisations. Speaking on the launch of the new service, the Chief Executive Officer & Co-Founder of Treepz, Onyeka Akumah said, “We are excited about launching Business Treepz today because of following up on the feedback from our

customers.” According to him, they can better fulfil the requirements of organisations looking to benefit from their high quality transportation service that also allows the use of technology through our app or websites in Africa. “We are focused on growing our partnerships with businesses and schools to make sure more Africans can move comfortably and safely to wherever they have to go, driven by our technology and data,” he stated. On the 3rd anniversary

celebration Onyeka said, “We continue to focus on how we build a world-class company thatAfricans will be proud of its accomplishments in making transportation better on the continent. To this end, I celebrate my team, co-founders, key stakeholders, partners, riders, heroes/drivers and everyone who has supported our growth to where we are today. It’s still day-one for us and we go back to the drawing board daily to figure out how we do this incredible work of making transportation better for Africans one country at a time.

‘Unlocking Entrepreneurship Critical to Reducing Inflation’ Kayode Tokede

Oluchi Chibuzor Endeavor Nigeria has emphasised that unlocking the power of entrepreneurship remains critically important towards reducing the nation’s rising inflation. Speaking at a press conference in Lagos to announce the appointment of Tokunboh Ishmael to its board of directors, the Managing Director/Chief Executive Officer of Endeavor Nigeria, Ms. Tosin Faniro-Dada, said supporting of entrepreneurs in various sectors

can be used a tool to tackle the rising inflation in Nigeria. She explained that Africa has always been a risky market and inflation has always been on a rise for the past few years even as entrepreneurs continue to rise. She noted that with the rising number of entrepreneurs in African countries, Endeavor Nigeria as a global organisation is always ready to, “unlock the transformational power of entrepreneurship by selecting, supporting, and investing in the world’s top founders,

especially the community of high-impact entrepreneurs. “Yes inflation is increasing but the products and services and the platforms that entrepreneurs are building for us is what would help us make things cheaper, it is what will help us create jobs so that people can afford things. Commenting on the appointment, the Chairman of the Board, Endeavor Nigeria, Atedo Peterside, said, “We are certain that she will bring tremendous value to the Endeavor network, drawing on very relevant practical experiences.”

(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).

MONDAY, SEPTEMBER 26, 2022 ˾ T H I S D AY

MARKET NEWS

Stock Market Depreciates by N241bn Amid Global Recession Fears

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) depreciated last week following global market decline performance as recession fear return and Central Bank of Nigeria (CBN) hike in Monetary Policy Rate (MPR). Global stocks nose-dived, government bond prices plummeted, the pound dipped against the dollar, oil prices slumped and cryptocurrencies wobbled

as investors, already worried about rising interest rates and stubbornly high inflation, started quaking at the growing likelihood of a recession. The World Bank in a comprehensive new study stated that as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging market and developing economies that

P R I C E S MAIN BOARD

F O R DEALS

would do them lasting harm, On the domestic economy, investors are worried that the CBN might increase its Monetary Policy Rate (MPR) by at least 50basis points as its 287th meeting of the Monetary Policy Committee (MPC) is scheduled for Monday. Findings on the NGX revealed that investors booked profits on bellwether stocks that led to market capitalisation dropping by N241billion to N26.445trillion

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

QUANTITY TRADED

VALUE TRADED ( N )

it closed for trading last week from N26.686 trillion the stock market opened for trading. Consequently, the NGX AllShare index shed 0.9per cent or -448.80 basis points to close at 49,026.62 basis points from 49,026.62 basis points. The downturn was impacted by losses in BUA Cement that dropped by 10.4per cent as Totalenergies Marketing Nigeria Plc declined by 10 per cent. Guinness Nigeria down by

T R A D E D MAIN BOARD

A S

5.6 per cent as Guaranty Trust Holding also shed 5.6 per cent. Consequently, the stock market in its Month-till-Date (MtD) loss increased to -1.6per cent, while the Year-till-Date (YtD) gain moderated to +14.8per cent. Sectoral performance was broadly negative following losses in the Oil & Gas (-4.7per cent), Industrial Goods (-3.9 per cent), Insurance (-2.1 per cent), and Consumer Goods (-0.2per cent) indices. The Banking (+2.1 per

O F

cent) index was the sole gainer of the week. Analysts at Cordros Research said, “In the week ahead, we believe investors will be focused on the outcome of the MPC meeting scheduled to hold next week to gain further clarity on the movement of yields in the fixed income market. “As a result, we envisage an extension of the cautious trading theme, especially from domestic investors.

2 3 / 0 9 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, SEPTEMBER 26, 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 22Sept-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 N/A N/A N/A AIICO Balanced Fund N/A N/A N/A 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 7.40% Anchoria Equity Fund 139.12 140.68 -0.90% Anchoria Fixed Income Fund 1.18 1.18 3.11% 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 21.00 21.63 3.53% ARM Discovery Balanced Fund 508.47 523.80 12.70% ARM Ethical Fund 42.43 43.71 8.91% ARM Eurobond Fund ($) 1.09 1.09 0.41% ARM Fixed Income Fund 1.06 1.06 4.45% ARM Money Market Fund 1.00 1.00 10.09% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 90.77 90.77 -6.12% AVA GAM Fixed Income Dollar Naira 1,091.64 1,091.64 9.16% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 2.52% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.27 2.32 5.42% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 6.15% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.27% Paramount Equity Fund 18.24 18.58 9.86% Women's Investment Fund 144.89 146.63 2.07% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.09% Cordros Milestone Fund 130.25 131.16 4.73% Cordros Dollar Fund ($) 111.30 111.30 5.03% 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 9.53% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 10.46% EDC Nigeria Fixed Income Fund 1,121.25 1,141.96 0.91% 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 9.10% Emerging Africa Bond Fund 1.04 1.04 8.61% Emerging Africa Balanced Diversity Fund 1.03 1.03 2.27% Emerging Africa Eurobond Fund 103.46 103.46 2.22% 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 1506.34 1506.34 11.50% FBN Balanced Fund 193.08 194.39 10.17% FBN Halal Fund 123.72 123.72 11.47% FBN Money Market Fund 100.00 100.00 10.38% FBN Dollar Fund (Retail) 126.33 126.33 6.06% FBN Nigeria Smart Beta Equity Fund 157.81 159.93 5.13% 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 8.62% Legacy Debt Fund 3.57 3.57 -10.83% Legacy Equity Fund 1.86 1.90 7.04% 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

4,043.92 3,626.63 100.00

4,093.71 3,626.63 100.00

5.21% 6.28% 11.27%

FSDH Dollar Fund 1.12 1.12 4.06% 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 9.24% Vantage Balanced Fund 2.92 2.96 4.76% Vantage Guaranteed Income Fund 1.00 1.00 6.00% Kedari Investment Fund (KIF) 143.02 143.02 5.82% Vantage Equity Income Fund (VEIF) - June Year End 1.22 1.26 2.55% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.44% 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 1.62 1.65 13.91% Lotus Halal Fixed Income Fund 1,171.66 1,171.66 6.69% 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 11.88 11.97 9.28% Meristem Money Market Fund 10.00 10.00 10.81% 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) 102.68 102.68 9.69% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.30% 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 122.52 125.04 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 3,513.65 3,547.15 3.73% Stanbic IBTC Bond Fund 241.93 241.93 2.70% Stanbic IBTC Ethical Fund 1.39 1.41 11.11% Stanbic IBTC Guaranteed Investment Fund 326.48 326.49 4.27% Stanbic IBTC Iman Fund 256.83 260.47 10.08% Stanbic IBTC Money Market Fund 1.00 1.00 10.28% Stanbic IBTC Nigerian Equity Fund 11,697.24 11,855.65 7.21% Stanbic IBTC Dollar Fund (USD) 1.34 1.34 3.78% Stanbic IBTC Shariah Fixed Income Fund 119.80 119.80 2.47% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 112.46 112.46 5.72% 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 7.12% United Capital Balanced Fund 1.34 1.36 2.84% United Capital Wealth for Women Fund 1.14 1.15 10.04% United Capital Sukuk Fund 1.08 1.08 7.21% United Capital Fixed Income Fund 1.92 1.92 6.30% United Capital Eurobond Fund 123.44 123.44 5.79% United Capital Money Market Fund 1.00 1.00 11.10% 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 13.59 13.71 3.01% Zenith ESG Impact Fund 15.52 15.67 6.17% Zenith Income Fund 23.12 23.12 5.32% Zenith Money Market Fund 1.00 1.00 10.16% 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 5.99 6.09 2.58% Vetiva Grifﬁn 30 Exchange Traded Fund 17.77 17.97 0.47% Vetiva Money Market Fund 1.00 1.00 8.72% Vetiva Industrial Goods Exchange Traded Fund 17.40 17.60 -12.88% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 137.86 139.86 -12.54%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

14.08 125.48 98.26 16.40 17.10

14.18 128.65 100.40 16.50 17.20

0.63% -1.29% -1.51% -3.06% 13.23%

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.

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

FOCUS

Peter Mbah: Seeking Enugu’s New Dawn Louis Achi

oday, Nigeria and Africa stand on the brink of substantial disruptions - and of considerable opportunity - as new political and economic models challenge traditional templates. This gripping scenario also applies to Enugu State, an entity whose governance trajectory will indisputably impact the old Eastern Nigeria - for good or ill. This is especially more so as the Covid-19 pandemic massively unsettled conventional political-economic playbooks and upended the global economy. Even as the recovery phase kicks in, only tested trailblazers with vision, knowledge and courage can provide the imperative cutting-edge leadership to ensure both stability and progression. And this is Dr. Peter Ndubuisi Mbah’s forte. Dr. Mbah, international maritime lawyer, business mogul-cum-key energy sector player, financial analyst, astute public administrator and philanthropist of note is the Peoples Democratic Party (PDP) governorship candidate for Enugu State, come the 2023 general election. Arguably powered by a quartet of forces - unique vision, an unrelenting drive to succeed, providence and careful planning, the ascendancy of the soft-spoken Dr. Mbah to the state, regional and national stages provide a study in the imperative of unswerving perseverance and a strong belief in the possibilities of focussed human striving. For Mbah, a powerful vision pulls in ideas, people and other resources. It creates the momentum and will to make change happen. It inspires individuals, complementary organizations and institutions to commit, to persist and to give their best. Enlisting this enduring philosophy, the unassuming Enugu State politician has also deployed impeccable professionalism, discipline and persistence to change the traditional narrative in the triple arenas of his impactful engagements, thus far. No less a child of providence who wields influence and authority with alluring humility and exemplary focus, the Pinnacle Oil and Gas Ltd boss has demonstrated with his life’s trajectory that law, business, public administrator, philanthropy and faith fundamentally address transformation of society and the human condition for good. To-date, he unabashedly maintains this unique footing. The enthralling odyssey of Dr. Mbah’s life further validates the enduring wisdom that difficult roads often lead to beautiful destinations. An unwavering sense of duty, rigorous training and firm professionalism, demonstrable integrity and almost a child-like faith in his beloved God form the navigational compass of his life story. Dr. Mbah certainly is not the kind of professional who stays tamely at the receiving end of received policy prescriptions. He covets knowledge-driven innovations, proactive engagement with stake-holders, policy makers, fluid operating environments and sure-footed action. These dimensions have been boldly mirrored in the nimble leadership of his several pace-setting entrepreneurial entities. His amiable, soft-spoken mien hides an inner steel that has enabled him create and grow an enviable entrepreneurial empire and rise to the top of his game. Up close, the vibrations of controlled energy are discernible and the sense of a man who has identified his life’s calling is palpable. But who really is this youthful politician who has been thrust on the biggest stage of his development-hungry state? Dr. Peter Ndubuisi Mbah, born March 17 1972, hails from Owo in Nkanu East Local Government Area of Enugu State. A product of the Army Children’s School, Bori Camp, Port Harcourt, Rivers State, where he passed his First School Leaving Certificate with distinction, he subsequently gained admission into Owode High School, Owode Egba, Ogun State, where he obtained

Mbah

his Senior Secondary School Certificate in 1992. Going forward, he left Africa for tertiary educational pursuits, graduating in Law at Uk’s University of East London (UEL), obtaining a Bachelor of Laws (LL.B) degree, in the Upper-Class Division in 2000. While at the University of East London, he was elected President of the Students Law Society between 1998 and 1999. From 1999 to 2000, Peter was Member, Students Representative Council of the UEL, as well as Member of the School of Law Board, where he represented the final year students. He won the first prize of the University of East London Mooting Competition and led the university’s team to the International Negotiation Competition. He was later called to the Nigerian Bar, having earned the Barrister-at-Law (BL) from the Nigerian Law School. For his postgraduate studies, Dr. Mbah acquired a Master’s degree in Maritime and Commercial Law from the Lagos State University in 2004 and a Master’s degree in Business Administration from the IESE Business School, Barcelona, University of Navarra, Spain. He attended the Chief Executive Programme at the Lagos Business School, Post Graduate Diploma programme in Strategy and Innovation at the Saïd Business School,

“These leaders tend to be servant leaders and therefore tend not to restrict the authority of leadership at the topmost level. By this willing delegation of powers, they therefore tend to be better at developing new leaders within their teams.”

University of Oxford. Always hungering after selfimprovement, he attended numerous other executive programmes in leading business schools across the world, including the Stanford Business School and Harvard Business School. Since graduation from the university, Dr. Mbah has distinguished himself in entrepreneurship and business innovation. Besides founding Pinnacle Oil and Gas Ltd., from an almost zero base-worth and nil reckoning in the corporate world, he sits atop the board and management of Pinnacle Pointers, a real estate and hospitality company. His business and professional interests traverse import trade, oil and gas sales and distributions, maritime logistics and public service. A Managing Director and Chief Executive Officer of numerous successful companies, he also sits on the boards of several establishments. Before Pinnacle Oil and Gas Ltd., he had earlier founded the Peter Mbah Investment Limited, a trading firm that served as the sole Nigerian representative to International Oil Corporation (IOC) based in Fresno, California, USA. He also founded GILPEL Industries Ltd., a trading company involved in the import and sales of domestic electrical appliances, as well as Focus International Schools, a world-class Primary and Secondary school based in Lagos. Pinnacle Oil and Gas Ltd. entered the Nigerian oil and gas industry in 2008 as a late entrant but has gained preeminence through revolutionizing petroleum product handling by significantly reducing costs and turn-around time of operations. The company’s ultra-modern Offshore Petroleum Products Intake and Off-take Facility in the Lekki Free Zone, Lagos, is the first of its kind in West Africa, boasting of one offshore mooring system and 300,000,000-ltr capacity of petroleum storage. Pinnacle Oil and Gas Ltd. also operates another storage facility and jetty in Warri, as well as a fleet of trucks and a network of retail petroleum service stations with branches across the country.

Dr. Mbah’s first foray into public service was between 2003 and 2007 when he served first as the Chief of Staff in the administration of His Excellency, Dr. Chimaroke Nnamani, and subsequently as the Enugu State Commissioner for Finance and Economic Development. As a testament to the uncommon innovation he made in the state’s fiscal operations, the NewsWatch magazine’s special edition of July 3rd, 2006, aptly described him as “a man ahead of his time”. He is also the founder of Peter Mbah Foundation (PMF), a non-profit, non-political, humanitarian-oriented organization aimed at improving healthcare and standards of living in rural communities. PMF has since developed a 40-bed hospital in Enugu State, built several kilometers of rural roads, defrayed hospital bills for countless patients in hospitals across the country and funded the education of numerous students through the Foundation’s scholarship programme. He is also a member of the Governing Council of Godfrey Okoye University, Enugu. Dr. Mbah, happily married in a union blessed with children, is a Fellow of the Certified Institute of Public Administration and Management, (CIPM), a member of the Nigerian Institute of International Affairs and the Nigerian Bar Association (NBA), and holds an honorary Doctorate degree in Political Science from the Godfrey Okoye University, Enugu. He is a member of the Lagos Yacht Club and the Enugu Sports Club. Dr. Mbah opens a chink into his thoughts on leadership in a recent paper he delivered on September 24, 2022 at the MEDRHUS Leadership Forum 2022, held at the Justice Mary Odili Moot Court, Faculty of Law, University of Nigeria, Enugu Campus (UNEC), Enugu State. He contrasts three types of leadership: transactional, transformational and transcendental leadership. On transactional leaders he stated that they “Engage with their followers strictly based on economic influence, relying on reward or punishment to motivate their team members. However, this style of leadership is generally unable to deliver any revolutionary growth or any performance outside what is contractually agreed.” According to him, transformational leaders tend to be more visionary and charismatic than the transactional leaders but noted that this style of leadership is prone to becoming selfish or narcissistic whereby the leader becomes carried away and builds the vision around himself. He however stressed that authentic transformational leadership would involve the leader being guided by ethics. Transcendental leadership, according to him, “involves leaders who go even further to motivate their team members with not only reward and punishment, professional learning and capacity development, but also with the promise of satisfying real needs of individuals, groups or societies in general. “These leaders tend to be servant leaders and therefore tend not to restrict the authority of leadership at the topmost level. By this willing delegation of powers, they therefore tend to be better at developing new leaders within their teams.” It’s anyone’s guess at his preferred leadership model from the distinctions he offered. Today, clearly aware of the challenges ahead, he heeded the call to serve the people of his home state of Enugu as governor come 2023. He was subsequently elected in a landslide as the governorship candidate of the ruling Peoples Democratic Party (PDP) in the primary election held in Enugu on May 25, 2022. To transform Enugu State and align it with the human development imperatives of the 21st Century certainly requires an organisational cultural transformation, especially in a milieu that has long been driven by traditional metrics. More, it requires bold, game-changing leadership. Dr. Mbah is ready and raring to go. Significantly, Dr. Mbah’s tasks have perhaps been made easier with the considerable development grounds Governor Ifeanyi Ugwuany has covered.

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

NEWS

ENGAGEMENT FORUM WITH STATE REVENUE BOARDS... L-R: Group Head, Government, Interswitch, Osasere Atohengbe; Chairman, IRS, Kano State, Abdurrazak Salihi; Chairman, Bauchi State IRS, Mr. Mu’azu Usman; Chairman Nasarawa State IRS, Mr. Ahmed Muhammad; and Regional Head, Abuja Interswitch, Thomas Ezeh, during the Engagement Forum with State Revenue Boards - Northern Region..recently KINGSLEY ADEBOYE

Sanwo-Olu at Chatham House, Charges World Leaders on Sustainable Healthcare System Says LASG has consistently increased budgetary allocation, efficiency in healthcare Lagos emerges ‘best state in digital infrastructure’ Segun James Lagos State Governor, Mr. Babajide Sanwo-Olu has appealed to world leaders, global think-tank and public office holders to work towards building a sustainable healthcare system for all and facilitate access for the poor and underserved. Speaking on, “Universal Health Coverage in Nigeria: Optimising Institutional Opportunities and Partnerships for Success,” at the weekend, at the Royal Institute of International Affairs, Chatham House, Sanwo-Olu charged global think-tank to optimise institutional opportunities and partnerships for the achievement of Universal Health Coverage (UHC). “To achieve UHC, developing countries must first focus on offering their residents a basic minimum set of healthcare services, provided free at the point of care using subsidy, controlled premiums or at a pre-set tariff system, within government-regulated facilities either public or affiliated private,” he said. Sanwo-Olu said Lagos State as the most populous city in

Africa, a financial hub and Africa’s fifth largest economy on the continent, has strategically strengthened the health system in pursuit of the UHC. He said Lagos State has been using policies to strengthen its health systems, pushing toward the achievement of UHC, which the state considers a journey and not a destination. “In Lagos State, we believe that policy is the most effective tool that governments can deploy in the pursuit of stronger health systems and eventually approaching UHC. “The right policies will lead to the development of robust health financing systems that will serve the needs of our huge and increasing population,” he said. Speaking on some of the policies of his administration to strengthen the health system, Sanwo-Olu said Lagos State government has consistently increased its budgetary allocation and efficiency to healthcare over the years, noting that the desire of his government is to eventually match the Abuja Declaration of 15 percent. He said his administration through its capital infrastructure blueprint agenda was upgrading and renovating its existing

primary and secondary health facilities in the short term and it has commenced building new designed fit-for-purpose primary, secondary and specialist health facilities for the future. “We recognise that the government cannot cover the funding gap in the health system without support from the private sector. In a bid to encourage public-private partnerships, we set up various institutions such as the Office of Public Private Partnerships (OPPPs) and IBILE Holdings a private company owned by Lagos State for the purpose of engaging with the private sector. These institutions are mandated to facilitate and fast-track PPP opportunities in Lagos State “We understand the need for proper governance within the administrative structure of the health system and so we inaugurated boards for all the agencies within the Lagos State Ministry of Health. This has gone a long way to strengthen the capacity of the hierarchical sub-agencies, keeping them focused on their mandates.” Meanwhile, Lagos State government has emerged as the best overall in ‘Digital Infrastructure for Development’

among states in Nigeria. The state won seven awards at the 6th edition of the annual Tech Innovation Awards formerly called Nigeria Tech Innovation and Telecom Awards (NTITA). The Commissioner for Science and Technology, Mr. Hakeem Fahm, who received the award on behalf of the state government, said the conferment of the awards on Lagos was a reflection of its buoyant tech ecosystem and the push to provide a world-class environment for Information and Communication Technology (ICT). He added that the award confirmed the state's commitment to leveraging ICT for service delivery to the citizens and developing the ICT ecosystem with world-class infrastructure. Fahm reiterated the commitment of Sanwo-Olu’s administration to provide a statewide fiber-optics infrastructure to support the huge demand for data centres, businesses and public use, maintaining that Lagos is determined to champion the sector's growth and sustainability by supporting tech companies,

Kachikwu States Reasons Nigerians Shouldn’t Vote APC, PDP Emameh Gabriel in Abuja Presidential candidate of the African Democratic Congress (ADC), Dimebi Kachwikwu, has called on Nigerians not to vote for the candidates of All Progressives Congress (APC) and the main opposition Peoples Democratic Party (PDP) in next year's general elections, saying both parties had turned citizens to paupers. Kachikwu, in a statement in Abuja, said the two parties had run the country aground in the last two decades of their stewardship, a situation he claimed has gravely impoverished Nigerians and make the country rank as the

“Poverty Capital of the World.” He said the two parties were synonymous with greed, avarice, corruption and cluelessness and therefore should no longer be entrusted with the task of managing the rich human and material resources of a potentially great country like Nigeria. Kachikwu accused both parties of ruining the economy and impoverishing Nigerians with living conditions, becoming unbearable and nosediving negatively on a daily basis. He insisted that it was shameful, inhuman, ungodly, wicked and anti-people for both PDP and APC to be jostling to renew their hold on power

during the 2023 general election, in spite of the fact that all indices of good governance anchored on the rule of law had remained negative since 1999 till date. “Today, inflation rate has rallied to a 17-year high of 20.5 per cent up from 8.06 per cent in 2014 before the APC took over the reins of power at the centre in 2015, notwithstanding the humongous debt the party has amassed for the country through reckless borrowing. “This rate of inflation simply means that the average Nigerian cannot afford their basic daily necessities like three square meals due to skyrocketing food prices and other essential

services like healthcare and education for their children. “While the cost of diesel and petrol are at all time high, thus leading to phenomenal increases in transportation cost with its concomitant negative effect on rising prices of goods and services, yet the minimum wage remains a paltry N30,000 per month, a far cry when compared with the jumbo pay of present political office holders. “The APC administration led by President Muhammadu Buhari, like its predecessor, has shown great incompetence and cluelessness in prosecuting its three-pronged agenda, namely, security, economy, and antiCorruption,” Kachikwu said.

ICT start-ups, and other industry members. Speaking further, the Commissioner expressed his pleasure in the recognition of Lagos State's efforts, stressing that the State will continue

to foster ICT growth, local partnerships, and collaborations to create opportunities for innovation and wealth by eradicating the digital divide and enhancing operational resilience.

Mortgage Bankers: 25% Pension Savings Good Move to Addressing Housing Deficits Canvass establishment of mortgage guaranty company Deji Elumoye in Abuja The Mortgage Bankers Association of Nigeria (MBAN) has welcomed federal government’s approval of guidelines which allows pension funds account holders to access 25 per cent of their balances for mortgage purposes, describing it as a major solution to the nation’s housing deficit. The association in a statement issued yesterday by its President, Mr. Ebilate Mac-Yoroki, and Executive Secretary, Mr. Kayode Omotoso, was reacting to the approval of guidelines by the National Pension Commission (PenCom), allowing Retirement Savings Account (RSA) holders to access 25 per cent of their savings for residential mortgage. PenCom had on Friday announced the approval of the guideline, which now allows eligible RSA holders to approach their Pension Fund Administrators (PFA) in order to gain access to 25 per cent of their pension savings, strictly for mortgage purposes. MBAN, however, charged the federal government to take the next step of firming up the effectiveness of the financing initiative by setting up and operationalising the Nigeria Mortgage Guarantee Company (NMGC), a credit enhancement platform, which it said is already being finalized by the FSS2020, a department of the Central Bank of Nigeria (CBN). The body also lauded

President Muhammadu Buhari and PenCom for taking a decision that would make it easier for working-Nigerians to become home owners. It commended the initiative that resulted in the approval, saying it is one of the landmark steps and decisions for which the Muhammadu Buhariled administration will be remembered, praising the Director-General of PenCom, Mrs. Aisha Dahir-Umar, for her role in the approval. According to the release, Mac-Yoroki described the approval as an elixir for the staggering housing deficit, as well as positively impact the economy generally. It expressed delight at the fruition of a move it claimed to have initiated as an advocacy issue with PenCom, and later further escalated by other stakeholders in the sector. “We are indeed glad and elated that this novel idea has finally become a reality. It commenced silently as an advocacy issue with PenCom that originated from MBAN, which thereafter was escalated to full advocacy issue by stakeholders on the platform of the former Nigerian Housing Finance Program (NHFP). “However, all the continuous efforts were in the last few months finally coordinated with PenCom by FSS2020 and MBAN, which culminated into the broad guidelines issued by PenCom on the idea.

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

NEWSXTRA

MBAH GETS AWARD FROM STUDENTS… R-L: Enugu State governorship candidate of the Peoples Democratic Party (PDP), Dr. Peter Mbah, receiving an award from the President of the Medical Research and Humanitarian Society (MEDRHUS), University of Nigeria Enugu Campus, Mr. Stephen Anigbo, after delivering the society’s 2022 Leadership Forum guest lecture in Enugu…recently

CAN Urges More Christians to Vote in 2023 Elections Osinbajo: Nigeria will be more peaceful than in past Olawale Ajimotokan in Abuja The President, Christian Association of Nigeria (CAN) Archbishop Daniel Okoh has urged Christians to take up their voters’ cards and go to the polls in next year’s general elections rather than resort to arms over the political course of the nation. Also, in his Independence Day remarks, the Vice President, Prof. Yemi Osinbajo expressed hope that the future of Nigeria would be far better and more peaceful than in the past. Okoh, made the appeal yesterday in his message titled, “The Righteous Shall Rule the Land,” at the 62nd Independence Day Anniversary Church Service held at the National Christian Centre, Abuja. Quoting several Biblical verses, he urged those who already have their valid voter’s card to ensure that they don’t misplace it or expose it to where it could be stolen or destroyed, while describing 2023

as the year that will test the sovereignty as a nation. “Those who have registered and have not received their PVCs should endeavour to get them and keep. If you have registered but found it difficult to get your PVC, report to your church leaders or better still to the office of Christian Association of Nigeria nearest to you in your state,” Okoh said. He said Christians must also resist any threat in whichever form to stop them from going out to vote, saying they should have learnt lessons that politicians who induce voters especially on the polling day are not interested in the welfare of the people. “We should look out for politicians who are genuine and who are sincere to provide the basics that will be the catalyst for economic growth and development. I do not believe that all Nigerian politicians are the same – there are still those that God had prepared for this time. Open your eyes and

listen, you will find them. “Our hardworking Nigerian youth should not reduce themselves to body shields to those politicians that have no interest in their future neither should they allow themselves to be used as pawns on the chessboard of reckless political game. “Let the youth realise that their life is too precious to be wasted or sacrificed for any individual or group. The Youth should not allow certain unscrupulous persons to use them to destroy their own future” he said. The Anglican cleric lamented that in spite of 23 years of uninterrupted democracy, Nigerians were grappling with so many issues of collective concern, insecurity, kidnapping, unnecessary killing and decapitation of innocent citizens, diminishing value of human life and social injustice that has put many in distress and has made many citizens angry. While saying that hope was

not lost in the midst of all the challenges, he appealed to Christians not to engage in acts capable of destroying the fortunes and the prospects of the nation, saying they must be guided by the scriptures in all situations and continue to speak up and stand up against injustice and work for peace in a constructive way so that they shall enjoy the pasture of the land. Although he quoted Ephesians 6:10 & 11, he said the vices in the passages were the devil’s schemes to provoke Nigerians to anger that will push many to ignite the fire of social crisis in order to destroy the nation. He rallied Church leaders, politicians, security agents, diplomats, community leaders, women leaders and youth leaders resolve that this was the battle that must be won “against the powers of darkness,” by engaging all sectors of the nation putting on all Christian virtues including

A'Ibom APC Senatorial Ticket: Ekpoudum to Appeal Judgement Favouring Akpabio Gideon Arinze in Enugu The Chief Executive Officer of Pinnacle Oil and Gas Ltd and Enugu State Peoples Democratic Party (PDP) governorship candidate, Dr. Peter Ndubuisi Mbah has said that the only way Nigeria could navigate out of its current multifaceted ordeals was through the right leadership in all the strata of the society. Mbah, who disclosed this at the weekend, while delivering a lecture as guest speaker at the University of Nigeria, Enugu Campus, bemoaned the state of the nation as discouraging to the youths. He stressed that security challenge, high crime rate and the ongoing industrial action by the Academic Staff Union of Nigerian University were products of bad leadership in the country. Speaking on the theme of the annual lecture series: “Leadership in Modern Times: Youths Bridging

the Gap,” organised by the Medical Research and Humanitarian Society (MEDRHUS), University of Nigeria, Mbah expressed confidence that only the right leadership would put Nigeria back to track by harnessing the huge potentials of the nation’s youths to build a country of their dream. “Good leadership should not only be about leadership traits, or visionary nature, but also about the ability of the leader to convey his vision and most of all, about his ability to carry his team through the motion of moving from their current state, to achieving their envisioned state. “The test of leadership is the management of the journey and the dynamics of carrying the team along to the final objective,” he noted. According to Mbah, Africa was still battling with the kind of leadership model its colonial masters bequeathed on it which

he described as - heroic leadership complex - where leaders wanted to be worshipped as heroes rather than seeing themselves as servants of the people they’re representing. This, he said, had led to the collapse of leadership in Nigeria where youths are now at the receiving end. “The collapse of leadership in Africa has had a reverberating effect on youths of the continent. Nigeria for example reflects this collapse in the different malaises suffered by the youths. “For instance, the level of nepotism that is currently in the country, the collapse of security, the menace of students staying at home for upwards of seven months simply due to the inability of government and the lecturers’ union to come to an accord on issues of funding of universities have a linkage to this collapse. “More significantly is the fear that the Nigerian economy can go bankrupt if no urgent steps

are taken to halt the decline,” he observed. While looking at the dire implication of the leadership failure on the country, the 2023 governorship hopeful said youths, the most valuable resources are leaving Nigeria in droves in search of greener pasture abroad which he said is termed as ‘japa’ often had such desperate youths journeying through the Mediterranean Sea to Europe and ending in disappointments and calamities. He however, maintained that the rush to escape the country by the youth was a colossal loss to Nigeria as the country had lost hundreds of her prime human assets with potentials to rescue the country’s future from the tragedy that lies ahead, noting that Nigerian youths had become so disillusioned that they would never bother considering the risk involved in embarking on illegal journey to Europe.

truthfulness, honesty, care for others, speaking the word of peace, trust in God, dependence on God’s word for guidance. Okoh warned the fateful against rumour mongering and hate speech, saying the time had come for Christians to show spiritual maturity, integrity and dignity in engagement. He also urged the speedy resolution of the grey areas with ASUU and the timely reopening of the universities to enable students be engaged with their studies. He tasked Nigerians to give INEC all the support to enable it succeed in its assignment and continue to pray for the safety and security of all the officials of the INEC, polling agents and security agents that will be involved in

the elections. In his remarks, Osinbajo also prayed for Nigerians, saying, “the future of Nigeria will be far more glorier, more peaceful than in the past. And so it shall be for you too. Every year, you will be happier, more glorious, more prosperous and peaceful. As your days so shall your strength be. “We stand at the gate of a new nation and we see its light shining bright, a nation of God’s promises, of opportunities, equity and justice, a secure and prosperous nation, a nation of laws and righteousness” Osinbajo said. He expressed optimism that although today may seems bleak, and dark, God who owns the heavens and the earth will fulfill His promises concerning the nation.

Obasanjo to Inaugurate 29km Etinan -Ndon Eyo Road in A'Ibom Today Okon Bassey in Uyo Former president Olusegun Obasanjo will today inaugurate a 29km Etinan -Ndon Eyo road constructed by the administration of Governor Udom Emmanuel as part of activities to mark the 35th anniversary of the state creation. The newly constructed road with two cable bridges and street lightening crisscrossing more than six communities was constructed by a Chinese firm, Wischino Engineering. Conducting Journalists round the road project yesterday, the Special Assistant on Research and Documentation to Governor Emmanuel, Mr. Essien Ndueso listed many challenges commuters faced on the road before the intervention of Emmanuel. "This six lane dual carriage way was a death trap especially the Ekpene Ukpa bridge before the governor's intervention. The quality of the cable bridges on the stretch of the road is such that the people who have seen the pictures thought it was photo shopping. "Today Journalists newsmen are here to testify to the good job our dear governor has done to enhance the well-being of the people," he added.

The governor's aide, accompanied by his colleagues, also recalled that the old Mkpok bridge was also at the verge of collapse before the intervention of the government officials who drove away illegal sand dredgers before the construction of the latest cable bridge. Ndueso said the road the represents the Modern Akwa Ibom State where government was doing everything possible to ensure the best for her citizens. "Today people can now travel home without fear as their nightmare is over. Before now, it is always news of one tragedy and another," he said. Speaking on the milestones recorded in the area of road construction in the state, the governor's aide said the incumbent administration had done more than 1000 kilometers of roads across the length and breadth of the state ensuring that every part of the state was included. "Government has ensured that the Udung uko local government area created since 1996 without a single asphalted road from previous administrations can boast of good network of roads today, the same applies to Obot Akara, Ini and Oruk Anam council areas of the state," he added.

MONDAY, SEPTEMBER 26, 2022 • T H I S D AY

NEWSXTRA

SPECIAL CHURCH SERVICE TO MARK THE 62ND NATIONAL DAY CELEBRATION… L-R: Ogun State Head of Service, Dr. Noﬁu Aigoro; the State Chief Judge, Mosunmola Dipeolu; Deputy Governor, Engr. Noimot Salako-Oyedele; Bishop of Egba Diocese, Rt. Rev'd Dr. Emmanuel Adekunle; Paramount Ruler of Remoland and the Chairman of the Council of Obas, Oba Babatunde Ajayi and the Secretary to the State Government; Tokunbo Talabi at the special church service to mark the 62nd National Day Celebration held at the Cathedral Church of St Peter, Ake, Abeokuta...yesterday

Obi: Youths Will Be Major Part of My Administration Emameh Gabriel in Abuja Presidential candidate of the Labour Party, Peter Obi, yesterday, in a statement, in Abuja, said his desire was to offer Nigeria and Nigerians purposeful leadership, drawing strength from the people in general and the youths in particular. Obi, who said this at the Success Conference 2022, held in Abakaliki, Ebonyi state Capital, Saturday, noted that the Nigerian people under his leadership would be involved significantly in policy formulation and administration. “The overall task of our leadership in 2023 is to streamline governance and ensure that it is responsive, transformative, and effective. We will demonstrate

that good governance is all about providing the needed services to the people. “If elected the next president of Nigeria, youths would be the main proponents of my main agenda to transform Nigeria from a consuming nation to a producing nation. The two main components of this agenda are human capital development and finance “Under my Leadership, the federal government will prioritise the ability of our educational system to produce the necessary skilled labour force that coincides with the 21st-century labour market demand, alongside providing entrepreneurial education at all levels,” he said. Obi also stressed the importance of health and

Oyo APC Berates Makinde over Growing Infrastructure Deficit, Worsening Insecurity Kemi Olaitan in Ibadan The All Progressives Congress (APC) in Oyo state, yesterday came hard on Governor Seyi Makinde, blaming him for the widening gap between the state and most of its counterparts in the country in terms of all-round development. This was just as the main opposition party in the state claimed the current administration of the Peoples Democratic Party (PDP) was only interested in siphoning public funds rather than developing infrastructure and offering good governance. The party in a statement issued yesterday by its Publicity Secretary, Olawale Sadare, decried the award of contract for the rehabilitation of 35 kilometres Iwo Road-Olodo-Lagun Road at a cost of N12.5 billion at a time its counterparts in Osun State awarded the reconstruction of the second stretch of the same road from Odo-Oba axis of Iwo to Osogbo, which measured 55 kilometres with more difficult terrain, for N11.3billion. He lamented the worsening security situation in the state, calling on Makinde, to act decisively on the menace of armed robbers, kidnappers and ritual killers, tormenting residents of Ibadan, Ogbomoso, Ibarapa and other parts of the state. According to him, "There are clear indications that the current administration of the PDP in Oyo state is here to misappropriate public funds which should have been utilised to better the lots of the people through improved social infrastructure, enviable

security architecture, policies and programmes capable of rejigging the economy among other things but with open display of cluelessness, misplaced priority and needless propaganda, no soothsayer is needed to determine how bleak is the future of the Pacesetter state if the current administration should continue in office beyond May 2023. "It is time we stopped Governor Makinde from forcing adulterated and fake dividends of democracy down the throat of the hapless citizenry. A state that was treated to quality delivery of road network construction under late Senator Abiola Ajimobi does not deserve the current experience of re-award and recommissioning. “It is worrisome to us in APC that Gov. Makinde has not initiated and completed a single road project since he assumed office almost three and a half years ago. "Without any infrastructure development plan, the PDP government has reduced Oyo state to a place where projects expected from Chairmen and Councillors are being celebrated by a governor. “This explains why none of President Muhammadu Buhari or his Vice, Prof. Yemi Osinbajo has not been made to visit Oyo for any project commissioning event since 2019. More so, there is no national figure who could have graced the inauguration of a substandard bus terminal, badly constructed Moniya-Iseyin road or the overhead bridge along GateAkobo road, which had had its original specification compromised and delivered as low quality.”

education for a country to develop, “given the role of health in reinforcing education in the measure of productivity. My leadership will pay serious attention to the health system by ensuring that at least 100 million poor Nigerians, have

access to free medical services through an integrated health insurance scheme. “If elected, we intend to create a professionally managed SME Equity Fund within the first year of office with the goal of promoting the development

of at least one value-added industry that will utilise the local raw material supply, be it agricultural or mineral, in every local government in Nigeria.” He, however, reiterated his earlier position that the 2023 election should be based on

competence, capacity and commitment to doing the right thing and not on ethnicity/tribe and religion since the high cost of living, insecurity and other problems facing the nation do not discriminate against ethnicity/ tribe and religion

Hajj 2022: Pilgrims Enjoyed $410 Accommodation Rebate, Others, Says NAHCON The National Hajj Commission of Nigeria (NAHCON) has disclosed that pilgrims enjoyed $410 reduction in accommodation fare in this year’s Hajj operation, among other services. The News Agency of Nigeria (NAN) quoted the Chairman of the commission, Alhaji Zikrullah Hassan, to have said this during an interactive session with newsmen in Lagos, yesterday. “We were able to reduce the cost of accommodation in Makkah from $930 to $520 per pilgrim during this year’s Hajj operation. “We were also able to reduce the number of days pilgrims spent in Saudi Arabia,’’ Hassan said in the first interaction he ever held with top media gatekeepers in the

Lagos axis since his assumption of office in 2020," he added. Other achievements recorded by the commission, according to him, included pegging Hajj fare to barest minimum, recording low mortality rate and achieving 95 percent travel despite challenges associated with the post-COVID operation. According to him, the commission was able to arrange the return journey of all pilgrims, “earlier than scheduled” in spite of the fact that it had less than one month to prepare for the entire exercise. “Normally, preparation for Hajj operations should take a minimum of six months, but we had less than one month to prepare for this

year’s Hajj, which came with many challenges,” the chairman said. He, however identified lack of a national carrier for transporting pilgrims to and from Saudi Arabia as a major challenge the commission is grappling with, among others. Hassan assured that the commission has started preparation for the 2023 Hajj in earnest in order to overcome some of the challenges faced this year. “We met with all officials of Hajj operators during Hajj 2022 for discussion on areas of service delivery to pilgrims. “We agreed to work collectively and to improve service delivery to pilgrims by setting standards for operation.

“Preparation has already started on due diligence for the appointment of Air Carriers for the Hajj 2023 operation.’’ The chairman also unfolded a plan to fine-tune the operations of the Hajj Saving Scheme (HSS) in order to assist intending pilgrims to save enough money to fulfil their desire for the spiritual journey. He said countries like Malaysia and Indonesia have operated similar schemes for many years and have enough returns on investment to significantly subsidise Hajj fare. The scheme has afforded those countries to “have enough funds in their kitty to quickly arrange for any emergent situation like Hajj 2022’’.

NNPCL SPENDS 94.7% OF TOTAL AUGUST OIL, GAS REVENUE ON PETROL SUBSIDY in expanding the scope of our courts and confer jurisdictional competence to hear petroleum and illegal bunkering matters, as well as provision of storage capacity for exhibits recovered during special operation pending the determination of a suit by the courts.”

Pipeline Surveillance: Diri, INC Resolve Tompolo, Asari, Ateke Rift Bayelsa State Governor, Senator Douye Diri, leaders of the Ijaw National Congress (INC), and other stakeholders resolved conflicts arising from the pipeline surveillance contract awarded by the federal government to Tompolo. Diri also said leaders of the Ijaw nation and other ethnic nationalities in the Niger Delta had decided to work together to protect federal government’s facilities in the region. The governor spoke at the weekend after a meeting of stakeholders of the Ijaw nation, led by the INC President, Professor Benjamin Okaba, at Government House, Yenagoa. Diri noted that the meeting examined the various issues that threatened the unity of the Ijaw nation following the award of the pipeline surveillance contract to Tompolo’s firm. He explained that the meeting was held to foster peace and unity within Ijaw land and that all parties agreed to sheathe

their swords. Tompolo, King Ateke Tom, and Chief Dokubo Asari had representatives at the meeting. Diri stated, “I am happy that the issue has been put behind us. Beyond building consensus, all hands must be on deck to protect the oil pipelines. "Today, we have seen the end of the matter. Before now, there was a deafening silence in the INC. But today, that voice is resonating and I thank all Ijaw leaders that took it upon themselves to ensure that the Ijaws do not fight themselves. "Tompolo and Asari are brothers. We have all come to a consensus to protect all federal presence, especially oil pipelines in the Niger Delta, as we sue for peace to attract development." Diri commended Okaba and others for demonstrating leadership. At the end of the meeting, INC issued a communiqué, titled, “We are stronger together,” which was read by Okaba. The communiqué said a fiveman reconciliatory committee was constituted to interface with the various groups and individuals on the pipeline surveillance issue. It noted that Ijaw people were irrevocably committed to the peace, unity and stability of the ethic group and other nationalities in the Niger Delta. The communiqué stressed the people's determination not to allow the pittance in the guise of oil

pipeline surveillance create an arena of in-fighting and bloodshed in Ijaw land before, during and after the execution of the job. The meeting also agreed that the Ijaw nation would collectively stand against oppressive issues and obnoxious legislations to safeguard the future of the people. Such issues include reintroduction of the National Water Resources Bill, the Petroleum Industry Act 2021, non-constitution of a substantive board for the Niger Delta Development Commission (NDDC), and the politicisation of the Nigerian National Petroleum Limited with a lopsided board. It called on the federal government to fast track the realisation of the proposal for the establishment of modular refineries to put an end to illegal refineries and pollution of the environment. It also agreed to maintain the people's position on the restructuring of Nigeria “to free it from the shackles of a faulty and fraudulently contrived foundation that perpetuates injustice, disunity and hegemonic tendencies.” The peace meeting, which was chaired by Diri, had in attendance Bayelsa Deputy Governor, Senator Lawrence Ewhrudjakpo; Commissioner for Ijaw National Affairs, Patrick Erasmus; INC President, Okaba; Acting Chief of Staff, Government House, Dr. Peter Akpe; former INC President, Chief Joshua

Fumudoh; and former Minister of Police Affairs, Alaowei Broderick Bozimo. Other stakeholders in attendance were Senator Emmanuel Diffa, Emeritus Professor Alabo Dagogo Fubara, Chief Kennedy Odiowei, as well as representatives of Farah Dagogo and ‘General’ Horsfall Olali, among others. Meanwhile, the Movement for the Survival of Ijaw Ethnic Nationality in the Niger Delta (MOSIEND) commended Okaba and his team for their efforts towards restoring peace among aggrieved leaders from Rivers Ijaw who had expressed misgivings over what they termed inequitable award of pipeline security and surveillance contract. In a statement signed by Chairman of MOSIEND Eastern Zone, Prince Prince Marley, and Secretary, Godwin Opiuyo, equally, commended Government Ekpemopolo alias Tompolo for engaging community leaders from Rivers State, where his company's surveillance operations cover, describing the move as a step in the right direction for peace to reign. "We appreciate the leaders from Rivers State for their maturity, understanding and cooperation with our brother, Tompolo, in ensuring that the security and surveillance of pipeline in Rivers State is effective, in order for our communities to be free from black soot and other illnesses resulting from the illegal bunkering activities,” the statement said.

MONDAY, SEPTEMBER 26, 2022 • T H I S D AY

NEWSXTRA

SANWO-OLU ON UNIVERSAL HEALTH COVERAGE... Lagos State Governor, Mr Babajide Sanwo-Olu (right), delivering his speech on “Universal Health Coverage in Nigeria: Optimizing Institutional Opportunities and Partnerships for Success” at the Royal Institute of International Aﬀairs, Chatham House, London, at the weekend.

Lagos to Institutionalise 'Car Free Day,' Educate Nigerians on Alternative Transportation Funmi Ogundare The Lagos State government at the weekend disclosed the administration's readiness to institutionalise the ‘car free day,’ aimed at educating Nigerians about alternative means of transportation. These alternative transportation means include cycling, walking and taking public transport in Lagos. The State Governor, Mr. Babajide Sanwo-Olu who made this known at the inauguration of the 'Car Free Day', in Lagos, affirmed that the state would ensure that the initiative they allow citizens embrace nonmotorised transportation would be encouraged. He disclosed that such would be done annually. Sanwo-Olu who was represented by the state Commissioner for Transportation, Mr. Frederic Oladehinde said, "no doubt, nonmotorised transportation is of immense benefit to a state like ours with huge vehicular activities which contributes significantly to environmental pollution with its attendant effect on the health and wellbeing of our citizens. "Although cars are of immense benefit, they also contribute a dangerous amount of pollution. So having a day-off comes highly recommended and we would see how we can institutionalise the car free day. It is something we will be doing every year.

"Nothing is impossible in Lagos; I can assure you that we would push for it. For us to understand why this day is important, it is vital to understand air pollution and how vehicles contribute to this." He said with climate change, the administration was already drafting the policy and the re-introducing the construction of walkways along Catholic Mission road, Tafawa Balewa Square (TBS), Lagos. "We have also begun a nonmotorised master plan where we work with the ministry of physical planning to see how we can bring back the pedestrian and walk-ways in most of our estates. We have mapped out some areas where we will do lane marking," he said. The Project Manager, Lagos Urban Development Initiative (LUDU), Mr. Yinka Jones, compared air pollution in Lagos to those of cities like Beijing, Cairo and Mumbai, adding that Lagos state government was making tremendous efforts to make transportation in the state more effective, efficient and sustainable through its several infrastructural, policy, and institutional reforms. "However, despite the efforts of the government, our roads and streets remain largely non inclusive, hence most of the transportation challenges persist resulting in an increasing number of vehicles on our inadequate, and already overstretched road infrastructure creating a nightmare

in our city." Also, the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Mrs. Abimbola Akinajo, who was represented by the Technical Adviser, Corporate and Investment Planning, Mr. Osa Konyeha, described the proposed car-free day in Lagos this year as significant, saying the governor’s vision was for Lagos to have a sustainable

integrated transport system that promotes the growth of the state. "Walking and cycling as forms of transport help promote a healthy environment free of carbon emission. One of our rail lines, the Blue Line, will be powered by electricity in our quest to cut down drastically tail pipe emission on the Lagos Badagry corridor." The Captain, Cycology Cycling Club, Mrs. Temitope George recalled

that during the lockdown in 2020, Nigerians used the opportunity to cycle or walk and cars were forced out of our roads. "It's good to remind people of safer means of transportation and promote carbon-free emission environment,” she added. She commended the efforts of LAMATA in implementing the non-motorised transport policy saying that her club was part of

the committee. She, however, expressed concern about the number of road crashes in 2021 alone, adding that many of those who sustained injury, were pedestrians and cyclists. "The road belongs to all of us, it is not just motorists that deserve to be on the road, we all deserve to be on the road, but proper infrastructure must be in place to ensure that," she said.

2023: 'Ayu Must Go' Protest Hits Katsina Protesters not Katsina PDP members, says party Francis Sardauna in Katsina The Coalition of the Northern Nigeria Peoples Democratic Party (PDP) Youth Movement, yesterday, protested at the Katsina City Gate, demanding the immediate resignation of National Chairman of the party, Senator Iyorchia Ayu. But the State chapter of the PDP has distanced itself from the protest, saying the protesters were not Katsina PDP members and the party would not support anything unconstitutional. The irate youths bore placards with different inscriptions such as 'Ayu Must Resign', 'PDP Is Not a Private Company', 'Fulfil Your Promise', Northern Youths: We are for justice and fairness’, insisting

Ayu must be removed from office before 2023 polls. Leader of the Coalition, Shehu Isa-Dan’Inna, who addressed journalists during the protest, said the PDP national chairman should resign and stop parading himself as the party's chairman to avert the current crisis rocking the party. He said Ayu should fulfil the promise he made that he would resign immediately after the party's primary if a northerner emerged as the party’s presidential standard bearer. He said: "We are calling on the national chairman to fulfil his promise. Ayu said immediately after the convention, when a northern Nigerian emerged as the PDP flag bearer he was going to

step down. "But for almost six months now, Ayu did not vacate the secretariat, that is why we are calling on Mr. Ayu, as a gentleman and responsible person to step down and stop calling himself as the PDP national chairman. "PDP is not a Northern Peoples Democratic Party or Southern Peoples Democratic Party, we have to be just and united, to enable us to win at various levels in the coming 2023 general elections." According to him, for the PDP to win the presidential election in 2023, the party's national chairman must resign from his position as he had promised to, and called on the PDP Board of Trustees, National Working Committee and the PDP caucus to do the needful, by being

just and fair in order to get the party to victory in 2023. However, distancing itself from the protest, chairman of Katsina PDP, Hon. Salisu Yusuf Majigiri, told journalists that the PDP national chairman could not be removed without recourse to the constitutional provisions of the party. He said the PDP leadership in the state was solidly behind the presidential candidate of the party, Alhaji Atiku Abubakar and Ayu. "They are not PDP members. We don't know them. May be they are sent from somewhere to come and bring issue that are not for Katsina State. They are not here at the PDP headquarters, they are not at the local government level," he said.

NAFDAC Moves Against Producers of Unauthorised Cosmetics Says such products cause cancer, liver, kidney damage Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control, (NAFDAC) has said it is out to arrest beauticians engaging in formulation of unauthorised chemicals with the intention of applying them on their unsuspecting clients. It said the Investigation and Enforcement Directorate of NAFDAC has been given the directive to apprehend merchants

of such dangerous products and bring them to book. NAFDAC Director General, Prof. Mojisola Adeyeye, who disclosed this at a two-day retreat by the agency’s Top Management Committee (TMC) in Lagos, warned that those who engage in abuse of bleaching agents, risk skin cancer, damaged internal organs, and even death. In a statement signed by the Resident Media Consultant to NAFDAC, Sayo Akintola,

in Lagos yesterday, Adeyeye, warned Nigerians to desist from using unauthorised cosmetics and dangerous chemicals for bleaching of the skin to enhance their beauty. She expressed shock over the proliferation of beauticians engaged in formulation of unauthorised chemicals with the intention of applying them on their unsuspecting clients. According to the NAFDAC boss, majority of Spa outlets in the nations cosmopolitan cities are culpable of

this unhealthy practice of mixing chemicals and natural products like pawpaw, carrot, etc, to make creams, for the clients’ usage. She added that these are thereafter packaged, labeled, and sold online to clients. She lamented that the Spa owners have gone further to influence some clinics with medical doctors joining to carry out these nefarious activities which has advanced to include injected substances vitamin C infusion and glutathione on clients.

Adeyeye stated that the challenge in the enforcement of the agency’s safety regulations on bleaching agents at spas and other beauty parlors was that the products are prepared extemporaneously and covertly for individual clients and therefore difficulty to track. "Rarely can you see the offending products on the shelves of these facilities,” she said. Notwithstanding, she warned that this practice must stop, saying anyone apprehended by the agency

would be prosecuted and jailed if convicted. The DG disclosed that most of the products used in the process were usually smuggled into the country and are unregistered, citing formulations containing Kojic Acid, and Hydroquinone that are above their permissible limits in the formulations and therefore at risk of causing harm. She pointed out that it was for the same safety reason that the use of mercury was banned in cosmetics.

MONDAY SEPTEMBER 26, 2022˾ T H I S D AY

NEWS

GLOVO NIGERIA MARKS FIRST ANNIVERSARY…

L-R: Investment Officer, Nigerian Investment Promotion Commission(NIPC), Joy Peter; General Manager, Courier and Logistics Regulatory Department, NIPOST, Mr Gideon Shonde; General Manager, Glovo Nigeria,Mr. Lorenzo Mayol; Head of Public Affairs, Glovo Nigeria, Tokunbo Ibrahim; Assistant Director, DriversTraining Institute, Federal CapitalTerritory, Mr. K. K. Iloduba (Jnr), and Deputy Director, NIPC, Mr. Joel Attah, at Glovo Nigeria’s one year anniversary stakeholder ‘s forum held in Abuja… recently

NDLEA Arrests 75-year-old Grandpa, 21 Others for Drugs Trafficking Michael OlugbodeinAbuja A 75-year-old grandpa, Usman Bajama is among 22 suspects arrested in operations across

seven states by operatives of the National Drug Law Enforcement Agency (NDLEA) in the last one week during which over a million bottles/capsules of banned new

Global Citizen Festival Attracts $2.4bn to End Poverty Global Citizen yesterday said the 2022 Global Citizen Festival campaign has culminated in over $2.4 billion in commitments to end extreme poverty. The six-week campaign concluded with a nine-hour festival across two stages, beginning in Black Star Square in Accra, Ghana, presented by Harith General Partners, and ending in New York City’s Central Park, presented by Citi and Cisco. The organization said in a statement that the 2022 campaign saw two million actions taken by global citizens as part of Global Citizen’s mission to end extreme poverty now, more than doubling the record previously set by the international advocacy

organisation. On the Global Citizen Festival, Accra stage, the governments of Ghana and South Africa announced the African Prosperity Fund, a joint initiative by the governments of Ghana and South Africa, which aims to deploy $1 billion to fund projects for economic inclusion and financial participation across the continent. The fund will focus on projects in the African Continental Free Trade Area, including infrastructure development, financial access for the participation of women and youth, education, healthcare, technology, and sustainability, all for the benefit of Africa’s 1.3 billion people.

psychoactive substance, Akuskura and tramadol as well as 2,536 kilogrammes of cannabis were seized. During the operations over 10 hectares of farms were destroyed in Edo and Adamawa states. The septuagenarian, whose alias is Clement, according to a statement yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi, was arrested in the early hours of last Tuesday at Anguwan Sate, Mararraban Tola, Mayo Belwa

Council Area of Adamawa State where he had a cannabis plantation from where 49 kilogrammes of the illicit substance was recovered. Babafemi said in Kwara state, at least 19,878 bottles of the banned new psychoactive substance, Akuskura were intercepted by NDLEA operatives along IlorinJebba highway last Wednesday and two suspects, Oladokun Oluwaseun, 49, and Ibrahim Jimoh,27, arrested. He said they both claimed the

consignment packed in 35 jumbo sacks was loaded in Ibadan, Oyo state, and meant for distribution in Jos, Plateau state. Earlier, two suspects, Ukoro Ifeanyi, 46, and Idowu Toyosi, 20, were arrested with 2,290 capsules of tramadol and 100 bottles of codeinebased syrup at Mararaba park, Ilorin. The drugs were brought in from Onitsha, Anambra State. He said in Lagos state, NDLEA operatives, acting on credible intelligence, intercepted

a Volvo truck loaded with 2,146 kilogrammes of cannabis at Sangotedo area of Ajah and three suspects: Abdulazeez Rasheed; Afeez Raheem and Moshood Suleiman were arrested, adding that at least, 979,119 capsules of expired pregabalin weighing 733 kilogrammes were recovered from Musbahu Ya’u, 28, and five others at Dansarai area of Kano state, while in Enugu state, 197.8 kilogrammes cannabis was recovered in a store at new market, Enugu last Tuesday

Strike: Varsity Don Appeals to FG, ASUU to Consider the Interest of Students, Parents Ibrahim OyewaleinLokoja

A varsity don and current Vice Chancellor of Salem University, Lokoja, Professor Alewo Johnson Atabor, has urged the federal government and the striking lecturers Academic Staff Union of Universities (ASUU) shift grounds in the interest of the future of students, parents and guardians, who have been at receiving end

in past seven months. He stated that Nigerian educational system was on life support ,adding that the federal government and other critical stakeholders must rise up to revive the dying sector now for benefit of future generation because if the situation persists it might cause a generational gab. Professor Alewo, who made passionate appeal while fielding

questions from journalists over the protracted FG/ASUU face-off on funding and other critical issues bordering university education system in Nigeria and the inability of the federal government to compromise in Lokoja at weekend . Alewo, who is a professor of sociology, also lamented that it is becoming more worrisome for the students to continue to stay at home while nothing concrete has

been achieved in the past seven months from the prolonged negotiations He, however, decried the lackadaisical attitude of the heads of Ministries and agencies saddled with responsibility to negotiate with ASUU with aims to resolving the grey area of the demand, accusing them of insincerity for allowing the situations to degenerate to this level.

2023: Imo PDP Strategises 2023: Civil Defence to Deploy 30,000 Operatives Nigeria Security and Civil A crowded field of 18 NSCDC, Dr.Ahmed Audi, security and safety for the on Winning Future Elections The Defence Corps (NSCDC) is political parties are expected to said the operatives would elections. to deploy 30,000 operatives

AmbyUnezeinOwerri

As part of the preparations for the commencement of campaigns for the 2023 general elections, stakeholders of the Peoples Democratic Party (PDP) in Imo State held a crucial meeting yesterday to strategise on the way forward and how to win elections. The meeting brought together the members of the State Working Committee (SWC), State Executive Committee (SEC), Elders Committee, candidates and leaders of the Party, as they brainstorm on matters affecting the party. In his remarks, the state chairman

of the party, Mr. Charles Ugwuh, unveiled the action plan which has been put in place to expand the democratic space within the party, energize its grassroots and record resounding victories across the state in the 2023 general elections. He also urged the candidates to keep working in sync with the electoral template of the party, which he described as the surest path to seamless victory. The National Secretary of the PDP, Senator Samuel Anyanwu, who was represented by his Principal Secretary, Dr. Bruno Ekwelem, lauded the SWC for their giant strides.

A’Ibom at 35: Jonathan Hails Achievement of Leaders

OkonBassey inUyo

Former President, Dr. Goodluck Jonathan, has showered encomium on Governor Udom Emmanuel of Akwa Ibom State and other leaders for the achievements recorded in the state by successive administrations since it was created 35 years ago. Jonathan, who was a Special Guest of Honour, spoke during the State Banquet that was organised by the Akwa Ibom State Government

during the weekend as part of the activities marking the 35th anniversary celebration of the state. The former President noted that there were visible improvements in the areas of physical infrastructure and other basic amenities across the state. He said: “I will say that Akwa Ibom State, which was carved out of the old Cross River State, is one of the states that has met the expectations of her people in fulfilling the reasons for her creation.

to ensure peace during the upcoming general elections in Nigeria. Nigeria, Africa’s most populous nation is billed for another general election, starting on Feb. 25 next year, when the president and vicepresident will be elected.

field candidates, in a landmark election, viewed by analysts to be a three-horse race of the Labour Party, Peoples Democratic Party and the ruling All Progressives Congress. Speaking at the flagship News Agency of Nigeria (NAN) Forum in Abuja yesterday the Commandant- General of the

be deployed nationwide to maintain peace. According to him, the NSCDC has perfected plans to deploy all resources needed to provide security during the election. “The corps is poised fairly, and ready to apply all the arsenals needed to provide

“We have an operations department of over 30,000 personnel but then we will also deploy others when the time comes. “Normally we have the bulk of our people in operations and those who are in operations partake in election processes,” he said.

Osun Tribunal: PDP Seeks Sanction against Oyetola, APC Yinka Kolawole in Osogbo The Osun State Chapter of the Peoples’ Democratic Party (PDP), has decried the alleged series of prejudicial media publications from the Governor of Osun State, Mr. Gboyega Oyetola, and the All Progressives Congress (APC) over the petition challenging the

election of Senator Ademola Adeleke as the governor of Osun state. A press release that was signed by the Osun State PDP Caretaker Chairman, Dr. Adekunle Akindele, and made available yesterday to THISDAY, said that the party has noticed with disappointment that the

intensity of the sponsored, subjudiced media trial increased soon after the President of Court of Appeal rejected Oyetola’s request to relocate the t’sribunal sitting from Osogbo to Abuja. However, the Chief Press Secretary to the governor, Mr. Ismail Omipidan, has said decision to challenge the outcome

of the July 16 Osun State’s governorship election should never be seen as an attempt to impugn on the integrity of the Independent National Electoral Commission (INEC). He said rather Oyetola’s decision should be commended as it was aimed at deepening the country’s democratic values.

NNPP Chieftain Escapes Assassination Attempt in Nasarawa Igbawase Ukumba in Laﬁa

A chieftain of the New Nigeria Peoples Party (NNPP) in Nasarawa State, Hon Musa Ibrahim Abubakar, last Wednesday escaped assassination attempt on him by suspected gunmen in Doma Local Government Area of the state.

Hon Abubakar, who recently defected from the All Progressives Congress (APC) to the NNPP, is the immediate past Nasarawa State Commissioner for Environment and Natural Resources, and is contesting the Nasarawa State House of Assembly seat of Doma South state constituency on the platform

of the NNPP in the forth coming general election. The NNPP state assembly candidate, who is receiving treatment in a private hospital in the state, told journalists yesterday on his sick bed that he was attacked while returning to Doma after donating relief materials and cash to victims of

a flood disaster in Rukubi town. “After the donation in Rukubi town, I was returning to the headquarters of Doma Local Government Area when about nine gunmen opened fire on me from different directions. They shot and hit me on my elbow and back. 46 bullet shots hit and penetrated my car.

MONDAY SEPTEMBER 26, 2022˾ T H I S D AY

NEWSXTRA

MUSLIM UMMAH LAUNCHES N10BILLION ENDOWMENT FUND…

L-R: Representative of the Chairman, Muslim Ummah of Southern West Nigeria (MUSWEN), Alhaji Abdul Lateef Temitayo Lawal; Lagos State Deputy Governor, Dr. Kadri Obafemi Hamzat; Sultan of Sokoto, His Eminence, Alhaji, Dr. Muhammad Sa’ad Abubakar III, and President, MUSWEN, Alhaji Rasaki Oladejo, at the launch of N10 billion Endowment Fund by the MUSWEN in Lagos...yesterday

Ekiti Justifies Failure to Pay Workers’N57bn Salaries, Gratuities Arrears Victor Ogunje in Ado Ekiti The Ekiti State Government has justified its failure to pay the N57 billion salaries, gratuities

Justifying that the current administration has performed creditably, the government said it has constructed a total of 139 kilometres of roads in the last four years, and also undertook some palliatives on the dilapidated federal roads to make them accessible for motorists. The state Commissioner for the crime. Information, Akin Omole, stated The operatives also recovered this at the press conference a Mercedes Benz GLK 350 Ash heralding the fourth anniversary Colour with Reg. No. GWA 740 and valedictory ceremonies FM, laptop computers, mobile phones, and other valuables stolen from the victims. It said preliminary investigations showed that members of the gang invaded residences along the Old Gwarinpa Road and Seriki Adinoyi in Jos robbed victims of their valuables including a Mercedes benz car, The Executive Chairman gadgets and other valuables. of Langtang North Local “On receipt of the distress call Government Area of Plateau at about 4am same date, police State, Hon. Joshua Ubandoma operatives from both Gwarinpa Laven, has alleged that the state and Life Camp Divisions were Governor, Mr. Simon Lalong, drafted to the area. The hoodlums, is desperate to rig the 2023 however, fled the scene on the elections in the state for the All arrival of the police teams.

and pensions arrears of workers and retirees as promised in 2018, hinging this on recurrent economic downturn being experienced by the state.

Police Nab Three Robbery Suspects, Launch Manhunt for Seven Others in Abuja Kingsley Nwezeh inAbuja

The Federal Capital Territory Police Command said its operatives arrested three suspected armed robbers, members of a 10-man robbery gang, who invaded residences along the Old Gwarinpa Road and robbed victims of their valuables including a Mercedes benz car, gadgets and other valuables. A statement issued by the command yesterday said following a distress call of criminal invasion and armed robbery, received in the early hours of Saturday, September 24, 2022, police operatives swung into action and arrested three members of the criminal gang, who perpetrated

of the Fayemi administration and the inauguration of Hon. Biodun Oyebanji, with the theme: ‘Finishing well’. Omole added that the current government had rehabilitated 14 general and state hospitals and had also initiated operation one primary healthcare per- ward in line with the design of the National Healthcare Policy. He said the parlous states of the federal roads in Ekiti State was due to increased traffic from adjoining states, especially

upsurge of haulage businesses and cross border trucks, which he said piled pressures on some of the highways to cave in. According to the commissioner, “As at 2018 when Governor Fayemi came on board, he said he had the intention of paying all these arrears. But budget support fund, Paris club, excess crude and other funds we were getting from the federal government stopped, and we were only collecting monthly allocation.

That’s what actually stopped us from fulfilling this promise. “We were still able to pay a part of it. We paid two out of the salary arrears. If our predecessor, who collected all these funds, could not pay, then we should ask questions. It is not our intention not to pay all these arrears. But we are glad that we have a government that is coming after us. If there are areas where we have not fulfilled our promises, the next government will start from there.”

‘Lalong Desperate to Rig Elections with Appointment as DG APC Campaign Body’ Progressives Congress (APC) “because of his appointment as the Director-General of campaign for the Tinubu/ Shettima ticket.” Laven described as very unfortunate, “the meeting of the governor with supporters in Southern Plateau where he was inciting them to violence.”

He made the disclosure while reacting to Lalong’s outburst in Shendam while addressing APC stakeholders saying: “We would do everything to win, and whoever feels disenfranchised should go to court and seek redress, after all, the APC is the federal government.” Laven said there was nothing

on the ground to support Lalong’s confidence and claim during the meeting that the APC will win the three senatorial seats, the eight Federal House of Representatives seats, and all the 24 seats in the state House of Assembly, adding that the governor is trusting only on rigging the elections.

PDP Chairman Denies Endorsing Party’s Guber Candidate had accompanied Ambassador But Nwaka told THISDAY that Representatives. Politicians Afraid of my Candidacy, Ex-Abia Emmanuel Ugwu-Nwogo in Okechukwu Phillips to visit he never endorsed the candidature He stated that he had no inkling Umuahia at his Abuja home only of the former Vice-chancellor of that Philips was coming with the Edo Female Speaker Alleges The quest by the governorship Nwaka for his media handlers to run to Abia State University, Uturu PDP governorship hopeful.

Adibe Emenyonu in Benin-city

The first female Speaker of the Edo State House of Assembly, Mrs. Elizabeth Ativie, has declared that many politicians in the state are jittery of her emergence as the candidate of the Labour Party (LP) for Orhionmwon/Uhunmwonde federal constituency, in view of her capacity to emerge victorious. Ativie, also a former Deputy Speaker of Edo Assembly, who recently resigned her membership of the All Progressives Congress (APC)

and joined the Labour Party (LP), stated this in Benincity, the state capital, during an interactive session with journalists at the weekend. She said: “There are processes to be nominated and elected. I passed through all the processes in LP. I do not want to join issues with anybody or some hired persons and non-members of LP, who are protesting my candidacy. I was reliably informed that most of the protesters are members of other political parties, who are frightened by my candidacy.

Kwara Warns School Principals against Illegal Fees

Hammed Shittu in Ilorin

Kwara State Government at the weekend warned principals of all secondary schools against illegal collections of fees from students in the public schools in the state. A statement issued in Ilorin and signed by the Permanent Secretary, Ministry of Education and Human Capital Development, Mrs. Mary Kemi Adeosun, said: “Any principal

caught collecting more than the approved PTA levies by the government will be sanctioned according to the civil service rule.” Adeosun, therefore, solicited the support of the school heads for the administration of Governor AbdulRahman AbdulRazaq, who she said is wholeheartedly committed to the welfare of teachers while also making huge investments in the education sector.

candidate of the ruling Peoples’ Democratic Party (PDP) in Abia State, Professor Uche Ikonne, to widen his support base suffered a setback during the weekend when a former Chairman of PDP, Senator Emma Nwaka, refuted claims that he has endorsed him. It was gathered that Ikonne

the social media space to scream that Nwaka has endorsed Ikonne. Endorsement by the former party chairman would have given a big boost to Ikonne’s candidacy given Senator Nwaka’s clout in the PDP and his role in championing power shift to Abia North zone.

(ASUU). The former senator said that his close friend, Ambassador Phillips, had visited him on Friday, September 23, 2022, and came along with Ikonne and Hon. Uko Nkole, who represented Arochukwu/Ohafia Federal Constituency in the House of

Nwaka said: “Ikonne made a pitch for my support but I emphatically said it’s beyond me because I am aware that the people of Isuikwuato/ Umunneochi District whose turn it is to produce the next governor of Abia State have not given up on their quest.”

2023: Amended Electoral Act Best for Free, Fair Polls, Says Peller Kemi Olaitan in Ibadan A member of the House of Representatives for Iseyin/ Itesiwaju/Kajola/ Iwajowa Federal Constituency, Hon. Shina Peller, yesterday, said the 2023 general elections would be historical with the coming into force of the amended new

Electoral Act, 2022. Peller said that Nigerians would experience the most peaceful election that would be free from rigging and electoral violence. The federal lawmaker who was speaking in Iseyin at two events to mark the 25th remembrance of his father,

Professor Moshood Peller, lecture/prayers and final of Peller Unity Cup, Season 2, noted that the amended electoral act that has been signed by President Muhammadu Buhari, would make it difficult for politicians to rig elections in 2023. Dignitaries at the event

included the Oni of Ife, Oba Enitan Ogunwusi who was represented by the Asoya of Isoya, Oba Muraina Adedini; the Oluwo of Iwo, Oba Abdulrasheed Akanbi; the Emir of Minna, Alhaji Umar Bahago who was represented by Mr. Farouk Musa, and Onigboho of Igboho, Oba John Bolarinwa.

YPP Raises the Alarm over Destruction of Guber Candidate’s Billboards

Okon Bassey in Uyo

The campaign organisation of the gubernatorial candidate of the Young Progressives Party (YPP), in Akwa Ibom State, Senator Bassey Albert Akpan, has raised the alarm over the increasing destruction of some billboards belonging to the governorship

candidate allegedly by opposition parties in the state. A statement issued at the weekend by the organisation, Akwa Ubok Abasi Campaign Movement, said despite tension generated in the state by the destruction, it would never reduce popularity of Senator Akpan in the governorship race.

The statement signed by its Director of Communications, Dr. Usoro I. Usoro, the group said in the last few weeks, campaign billboards belonging to the YPP gubernatorial candidate and his associates have been destroyed across the state “by disgruntled agents of unpopular politicians and pretenders struggling for a

place in the next election. “On a day the entire Akwa Ibom State was supposed to eschew divisiveness, political insensitivity and intolerance to celebrate the 35th anniversary of state creation, some violent agents went on a destructive spree of Obong Bassey Albert’s billboards across the state.”

T H I S D AY • MONDAY, SEPTEMBER 26, 2022

BACKPAGE CONTINUATION SKIP THE CAMPAIGN, MINDS ARE MADE UP hometowns before election day out of abundance of caution. Others will be frightened by the restriction on movement that police will clamp on election day. Most if not all registered voters have already made up their minds on who to vote for. On what grounds did they do that? Some voters have made up their minds on regional grounds. Region is a very powerful sentiment in Nigerian politics, only periodically overcome by other considerations. We have had 9 presidential elections in Nigeria since 1979. Candidates of Northern origin triumphed on five occasions [1979, 1983, 2007, 2015 and 2019] while candidates of Southern origin triumphed on four occasions [1993, 1999, 2003 and 2011], a rough parity. Nigeria is safest when both major candidates are from the same region, such as in 1999, 2007 and 2019, and most uneasy if one is from the North and one is from the South, as in 2011 and 2015. 2023 promises to be an interesting flip up because a party with majority support in the North has a candidate of Southern origin while another party with majority support in the South has a candidate of Northern origin. Some voters have made up their minds based on religion, a political factor sometimes more potent than region. It is a tricky proposition because three of the four major candidates, including the top two, are of the Muslim faith. Some voters then latched on to the religious faith of running mates in order to make an electoral decision, while other voters are having trouble balancing between regional and religious factors in their choice. Some voters decided based on age. The two top candidates are in their seventies and the two other important contenders

are in their sixties. I don’t know if that is a wide enough gap, but some voters are latching onto it. Still other voters have decided to remain faithful to their political parties. Especially if one is a practicing politician, party is the most important consideration in an election because that is the only way you can fulfill your personal ambition. What is the use of electing a president from your region or religion if he will not consider you when making appointments because you belong to a rival political party? To some voters, personal link trumps every other consideration. If you happen to know a candidate and could get access to him if he wins the election, that is more important than every other factor, in Nigeria. What is your own about his socalled policies, as long as you can land one major contract and alleviate your personal poverty? From the day that presidential, governorship and senatorial candidates of the major parties emerged, their family members, relatives, friends, girlfriends, classmates, former office colleagues, in-laws, servants, even some neighbours and market customers knew who they will vote for. Anyone who intends to one day run for election in Nigeria should learn to live peacefully and amicably with everyone he or she comes across. Journalists, researchers and other egg heads have decided based on some candidates’ record in office. Three of the four major candidates were state governors and one was a vice president, so it is easy to assess their record. The two top running mates were also state governors, complementing the records of the principals. This is important because there are some people in Nigeria who, after their gubernatorial tenures, cannot

raise their heads in public. Some even languished in prison. Look, there are voters in Nigeria who decided based on good looks. I am not accusing young women in this regard. During an NPP election rally in 1983, Mohammed Abubakar Rimi said most women will vote for the party because of the good looks of Jim Nwobodo and himself. Some Nigerian voters may not have evolved much from that stance. A large number of Nigerian voters have been prodded to make up their minds by structure. Structure is very important in Nigerian politics because it is party executives at state, local government and ward levels as well as election candidates at all levels that will paste posters, shout at street corners, knock at doors, mobilise at mosques and churches, distribute souvenirs and essential commodities, mobilise their in-laws and neighbours, deploy vehicles and okada to move voters to polling stations, and deploy agents to polling booths. Despite many failed promises over the years, some voters have made up their minds based on promises. The most potent promises are the personal ones, but there are at least a few voters who were taken in by the promise to maintain fuel subsidy, review salaries, create jobs or defeat bandits. Still other voters are moved by nostalgia. Chief MKO Abiola’s son, Kola, is on the ballot as PRP’s presidential candidate. We have not seen much of him campaigning on the stumps but since he is the closest biological thing to MKO, not a few June 12 diehards intend to vote for him. Some other Nigerian voters are fascinated by international connection. One of the major candidates is well connected to Dubai, where he has spent most of his time since

2007. Another major candidate is deeply rooted in Chicago, where he schooled and then worked as an accountant, before he lived in England as a political refugee. He was not in Chicago during the time of Al Capone and he had no links with Mayor Dick Daley. One other major candidate always quotes China, with a veiled promise to repeat the Chinese economic miracle. The fourth major candidate is not known for foreign travel but during his time as governor, he went to Holland to study a milk farm, and he sent many students to India and to Jordan to study piloting. Look, some Nigerian voters have made up their minds to vote on anarchistic grounds. They want a Nigerian Donald Trump who built a Mexican wall, annoyed Canada, infuriated NATO allies, embraced the Russian enemy and cuddled the Saudis. They have identified the presidential candidate who will dissolve the Nigeria Police due to brutality, quarantine the Federation Account until states prove their viability, hand over the Accountant General’s office to ASUU, appoint student unionists as Vice Chancellors of federal universities, fix naira exchange rate to the Russian rouble, push Boko Haram into Chad, reclaim Bakassi from Cameroun, close our borders with Niger Republic and Benin, rip up ECOWAS protocol until cross-border smuggling ends, stop paying our dues to AU until it admits Ukraine, stop all pilgrimage to Saudi Arabia and Israel, withdraw from OPEC and unilaterally set our own oil production quota, and suspend our membership of the UN until we are given a permanent Security Council seat with veto powers. They have already identified the right candidate. If not for lack of space, I would have mentioned his name.

HARVESTS FROM NIGERIA’S GLOBAL ECONOMIC SUMMIT IN NEW YORK we had the first plenary on Nigeria’s economic outlook and the second one on high level conversations about scaling up international partnerships for Nigeria on the development drive. Thereafter, eight breakout sessions convened simultaneously for the real business that brought everyone here. There was a thematic group seeking answers to important questions about growing Nigeria’s agriculture for food security and access to export market. It addressed questions of increased investment in fertilizer and urea, opportunities for Nigeria-EU partnerships in view of the Russia-Ukraine war and such issues as the need for technology support and innovative financing mechanisms for agriculture. Nigeria’s Oil and Gas sector came under discussion with a focus on “reforms, results and the road ahead,” where international interest was canvassed for the two pipeline projects taking Nigeria’s gas to Europe through Morocco and Algeria. Awareness was also raised by the NNPC Limited on the dangers of crude oil to Nigeria and the world at large. They called it “blood oil.” The investment climate in Nigeria including systemic risk issues and the vistas of the African Continental Trade Agreement were also brought under focus. Infrastructure opportunities in power, clean energy, transportation and water came under discussion, as did the ways and means of increasing capital flows into Nigeria, industrial financing, international development financing and the road to greater financial inclusion. Nigeria also brought for international discussion at this forum, the quest for scaling up international resources for financing education in the continent as well the need for innovative deal-making mechanisms to link government, deal sponsors and international pools capital in the health sector. There was also a very comprehensive discussion on the next steps for technology development: emerging technologies, satellite technology, digital communication, financing clean industries and the use of technology to combat insecurity. There have been some of criticisms about the size of the venue and the

Buhari

number of guests; it can only be said that those making those criticisms have never experienced New York during UNGA – one of the world’s busiest and most important international events attended yearly by world leaders from around the globe. The President himself pointed to the significance of the representation at the forum when he said “ the beauty of this forum is that the Ministers responsible for all of these sectors are here today, as are some of Nigeria’s premier business leaders who are already excelling in these spaces.”

There were some who criticized the quality of speakers at the Forum. With a lineup that included the President himself, the country’s most senior ministers and the most senior executives from those prominent companies already mentioned, these claims can only be described as inaccurate. As for those bandying around other names of supposed speakers who did not attend, they are merely misinformed, and taking their information from a dated, draft list of potential invitees – not from the final list. Sadly, there are those who will always seek to criticize Nigeria for their own

political gain and put her down even in moments of her greatest success. The resoundingly successful Nigeria International Economic Partnership Forum is a clear example. We look forward to an equally successful repeat next year. Nigeria has everyone to thank for this successful program, and not least in this category is the Chief of Staff to the President, Professor Ibrahim Gambari, a veteran of the UN and global systems who was the linchpin of the entire event. •Garba Shehu, SSAP, Media and Publicity, Abuja.

MONDAY, ͺ;˜ ͺ͸ͺͺ ˾ T H I S D AY

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

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Gusau Insists He’s Validly Elected AFN President Asks Federal High Court to decalare the election of Okowa, 11 others invalid

Duro Ikhazuagbe One year three months after Tonobok Okowa was elected as President of the Athletics Federation of Nigeria (AFN), a former chief of the track & field federation, Ibrahim Shehu Gusau, is asking the Federal High Court in Abuja to declare him the validly elected president of the federation when the case comes up for hearing today. Okowa and 12 Others were validly elected into office at an extraordinary and elective congress of the AFN held on the 13th and 14th of June, 2021 respectively in

Abuja. But Gusau now wants that election supervised by both the Federal Ministry of Youth and Sports and the Nigeria Olympic Committee to be declared as invalid, null and void. In a suit number: FHC/ABJ/ CS/270/2021, Gusau is seeking a declaration that the elections that ushered in the administration of Tonobok Okowa on June 14, 2021 be declared invalid, null and void. The embattled immediate past President of the AFN is therefore seeking an order setting aside the extraordinary congress held on June 13in Abuja as well as any

resolution/deliberations and decisions reached at the well attended congress which had the representatives of the FMY&SD and the NOC as illegal and of no consequence. The former member of the House of Representatives also wants an order of the court setting aside the elective congress held on the 14th of Junein Abuja as well

as removing Okowa and the rest of his elected board members as the executive board of the AFN. Gusau's plea to the Federal High Court is coming against his rejection by World Athletics, the world governing body for the sport who has endorsed the June 13extraordinary congress and June 14elective congress held in Abuja. World Athletics had specifically

told Gusau in a strongly worded letter it does not recognise the kangaroo congress of the federation purportedly held in December 2019 and the amendment of the 2017 constitution of the AFN carried out at the said congress. The world governing body also told the former AFN president the June 14elective congress must be held in accordance with the 2017

constitution which came into force in November 2017. A defiant Gusau ignored World Athletics' order and conducted a parallel election in Kebbi state on June 14.The election did not have represntatives of both the Federal Ministry of Youth and Sports Development and the Nigeria Olympic Committee in attendance.

Sports Minister to Meet with NFF Presidential Aspirants Tomorrow With the elective congress of the Nigeria Football Federation (NFF) fixed for this Friday in Benin City threatened by court restrains by a section of the country’s players’ union, Sports Minister, Sunday Dare has called for a meeting of all the 11 presidential aspirants. The meeting scheduled to hold in his office at the MKO Abiola Stadium in Abuja tomorrow, is to have all the aspirants in attendance. They include; Seyi Akinwunmi, Shehu Dikko, Ibrahim Gusau,

Musa Amadu, Christian Emeruwa, Idah Peterside, Adam Mouktar Mohammed, David Doherty, Suleiman Kwande, Amanze Uchegbulam and Abba Yola. At a robust presidential debate organised for all the aspirants by ARISE NEWS Television yesterday, only Amadu, Emeruwa, Peterside, Doherty and Mohammed showed up. Others who had given assurances that they were going to be present, backed out at the last minute.

Algeria Coach Promises Strong Team against Super Eagles INTERNATIONAL FRIENDLY Algeria Head Coach, Djamel Belmadi, has said he will line up a stronger team against the Super Eagles than the one who scraped a 1-0 win over Guinea Friday night. Veteran striker Islam Slimani scored the winner in the 78th minute against a very impressive Guinea with Riyad Mahrez providing the assist. Belmadi said that against Guinea he paraded several players like Touai, Bentaleb, Delort and Zegha

who are still trying to establish themselves in his team. He said against the Eagles, who were forced to a 2-2 draw by Algeria’s CHAN team also on Friday, he will list a more settled team. “We took a lot of positives from the Guinea game, but Nigeria is a different game,” he said. “I will play with players who are used to playing with each other.” Kick-off time Tuesday night is 8pm in Oran.

Lakowe Lakes Golf Classic Increases Winning Purse Nigeria’s most prestigious golf club, Lakowe Lakes Golf Club, Lagos will host golfers to the ninth edition of its flagship event this weekend with new tweaks for the Pro-Am. Speaking in Lagos, the Golf Manager of the facility, Femi Olagbenro, confirmed that for the first-time, the event will be played over three days for the golf professionals. According to him, “The Lakowe Lakes Golf Classic is our flagship event, and we go all length to use it to advance the game. Being a Pro-Am, it is a strategic tool to galvanise different levels of social interaction represented in the game. “So, expanding it to invite top professional players across the continent is our own way of raising the competitiveness of the event and increasing the number of events of this caliber on Nigeria’s golfing calendar.” The prize purse of the professionals has also been raised to N10million and they

are billed to tee-off the event on Friday September 30th for a 54 holes contest that runs into Sunday October 2nd. The Lakowe Lakes Academy Junior Golf Skill challenge for secondary schools in the vicinity is scheduled for the nine-hole par 3 course on Friday. The amateur players will join in the cue on Saturday with a round on the Par 3 course also. The Lakowe Lakes Golf Classic is part of the 18 different events under the second edition of “Escape to the Greens” an engagement and adoption project for non-golfing guests to the Lakowe Lakes Golf and Country Estate and to showcase its lifestyle offering. Onome Umukoro, of Mixta Africa the parent company for the golf facility said that “Escape to the Greens” was born out of necessity and was designed mostly to satiate the interest of the huge number of guests that has come to be associated with the weekend of golf at the estate.

Players of Kogi State University (KSU Steelers) Anyigba celebrating their ﬁrst Higher Institution Football League (HiFL) title... at the weekend in Lagos

HiFL 2022: KSU Steelers Crowned Champions UNN Lions retain third place bronze for the second year History was made on Saturday as KSU Steelers from Kogi State University Ayangba became the first state-owned university to win the prestigious Higher Institutions Football League (HiFL). In a thrilling match played at the Yaba College of Technology Sports Complex, KSU Steelers fought back from a goal down to defeat the FOUYE Dazzlers from the Federal University Oye Ekiti 3-1 in the final of the HiFL 2022 season. The match had barely started when a Dazzlers striker was hacked down by one of the Steelers defenders. Kolawole Oladapo converted the resulting penalty kick to put the Dazzlers ahead. However, geared on by the presence of their Vice-Chancellor Prof. Marietu Ohunene Tenube, KSU Steelers equalised through Samuel Odutola in the 3rd minute while the fans of the Dazzlers were still

celebrating their lead. The first half ended 1-1. The second half started on a fiery note as both teams cancelled themselves out until mid-way into the second half when Mohammed Suleiman, the captain of the Steelers and StanbicIBTC Man-of-the-match scored the second goal for the

1-0. The Lions’ goal was scored by Chukwu Echere Lawrence. Speaking after the match, the Chairman, Board of HiFL Dr Kachi Onubogu saluted the courage of the players while exalting the support from the authorities of the participating schools.

AICC: Egyptian Grandmasters Dominate Tourney Femi Solaja With just two rounds left to play, top Nigerian chess players have dropped out in the ranking at the on-going African Individual Chess Championship holding at the Orchid Hotel in Lekki, Lagos. Although Nigerian players showed shade of genius in the battle field as the tournament

Expected Rains Force Lagos Tennis Cup One-week Delay The 2022 Lagos Tennis Cup has been moved forward by a week due to anticipated rainfall this week. The Tennis Management Company Limited (TMCL), organisers of the event, say the tournament will now hold from October 4 to October 9. The Lagos Tennis Cup, in its second edition, is scheduled to be played at the prestigious Lagos Lawn Tennis Club, Onikan, and will feature the Top 8 men and women’s players in Nigeria based on the official rankings of the Nigerian Tennis Federation. TMCL apologised for the rescheduling, explaining that the weekend of September 30 which would have been the climax of the

Steelers. Anuba Ojochenemi finally put a stop to the quest of the Dazzlers when he scored the third goal. Earlier in the third-place match, UNN Lions from the University of Nigeria Nsukka secured the slot which they won last year by defeating the UNILORIN Warriors

tournament would suffer enough rainfall to disrupt the men and women’s finals. “Due to expected heavy rains especially on the weekend of the finals, we have made the difficult decision to postpone the 2022 Lagos Tennis Cup by a week,” the company tweeted on Sunday. “Being an outdoor event, we were concerned that the rains would seriously disrupt play and affect your overall experience. "The tournament will now begin on Tuesday 4th October and end on October 9 at the same venue – the Lagos Lawn Tennis Club, Onikan. " We regret the inconveniences to you, and to our sponsors and the players, " concludes the statement from the organisers last night.

reached its climax on Sunday night, the Egyptian who are higher rated players dominate play with Adly Ahmed (African number 2) and Woman Grandmaster Wafa Shahenda leading the pack of other players in both Open and Women sections. Both have consolidated their lead in the competition, as every win counts to games 4 and 5. WGM Wafa trounced her Angolan opponent, Woman International Master Esperanca Caxita, in a Sicilian opening with black mostly dominating the game right from the middle play. The Egyptian WGM is all but a massive one point ahead of the pack leading into the final rounds starting this morning. While the Egyptian masters are dominating play, credit also goes to some Nigerians raising their heads to be counted. Nigeria Youth Games product, Onoja Iyefu Joy continues to show resilience and determination to earn her first chess title and create a record while at it. She had on Saturday continued her fine run of form by scoring an entire point against Paulo Jemima to register the second position on the ranking table with 9 points. A win in the 7th round will help Joy secure a Woman International Master Title. WIM (elect) Ofowino

Toritsemuwa bettered her AICC Tunisia 2019 record, and she is bound to create a new one as she takes on WGM Wafa in the seventh round. Toritsemuwa currently shares second place with her compatriot, Iyefu Onoja, both holding 4.5 points, hence making the 7th game point as crucial for the player. In the Open section, 20-year-old Eyetonghan Denyefa Callistus is pulling his weight. He scored an outstanding 4.5 points after six games, but it is not about the score, somewhat the opponents; defeating 1 GM, 2 IMs, and three draws against two IMs and FM, the youngster will get his chance at GM Adly in the seventh round. With a half point behind the tournament leader, African Number 1–GM AminBassem landed his second consecutive win after the drawn game with compatriot GM Ahmed Adly, demonstrating he still stands a chance to catch up and maybe win the tournament. Bassem faces IM David Silva of Angola in the seventh round, who had to offer a draw to his opponent in the sixth round due to health issues. We hope he’s gotten his strength back for this crucial game. The tournament ends tomorrow with Maltina and Gulder are among the top sponsor of the event.

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MISSILE FG to Atiku Abubakar “Atiku Abubakar reeled out in his so-called economic blueprint, what we have been doing in the past seven years plus in infrastructure development, infrastructure ﬁnancing, poverty reduction, power reform, job creation, relationship with the private sector, debt management and the overall management of the economy. That’s what you get from someone who leaves the country after losing an election, only to parachute into town when another election is due!” – Minister of Information and Culture, Lai Mohammed, accusing Atiku of scaremongering.

MAHMUDJEGA VIEW FROM THE GALLERY

Skip the Campaign, Minds are Made Up

wo days from today, political parties in Nigeria will be free to flag off presidential, governorship, federal and state assembly campaigns by sticking posters on every wall, saturating the airwaves with campaign songs and noisy messages, holding mass rallies, knocking on everyone’s door, filling up buses and trucks with “supporters” shouting themselves hoarse, floating support groups of women, students and traders, hurrying to the palaces of traditional rulers that they had not visited since the last election, endlessly attending marriage and naming ceremonies, consulting babalawos, endless press releases and conferences, launch tirades and counter tirades on social media, generate an avalanche of fake news, dig up long forgotten personal and official secrets, unveil promises that they will most often forget about, produce election programs produced by egg head teams that the main candidates may not even have read, and cap it all with violent street brawls by marauding party “youth wings.” All to what end? The amended Electoral

Tinubu, Obi and Atiku

Act placed a N5billion spending limit on a presidential campaign, knowing full well that the national campaign launch of a major political party alone will cost more than that. Why should

we deliberately make all our major presidential candidates to break the law even before they enter the State House? In any case, I have this nagging feeling that most Nigerians have already made

up their minds on who to vote for next February. The campaigns are unlikely to change many minds. Some 95 million Nigerians have registered to vote in the 2023 elections. That still leaves millions of others over 18 years’ old who did not bother to register, either because they could not locate the registration station or perhaps because they were too busy looking for the day’s meal. Some Nigerians were so eager to vote that they registered more than once, partly because they did not believe the claim by IT experts that a master server could pick you out even if you registered in Bonny Island and registered again in Gamboru Ngala. Now INEC has picked out 1.1 million of them. Even though 82 million people registered for the 2019 election, only about 28 million turned up to vote. It could be higher in 2023 because of heightened interest in some quarters. There is also active disinterest and sabotage in other quarters. Many registered voters will relocate to their Continued on page 54

GARBASHEHU GUEST COLUMNIST

Harvests from Nigeria’s Global Economic Summit in New York

n Thursday last week, the Nigeria International Economic Partnership Forum was held in Manhattan, New York in the middle of the most important international event of the year: the United Nations General Assembly (UNGA). The Forum was enormously popular, attracting some 500 guests and delegates – almost double the expected number. While this resulted in a somewhat chaotic atmosphere at times, the Forum was a resounding success: a clear indication of investor confidence in Nigeria. Nigeria is the biggest economy in Africa and seeks to raise GDP to USD 965 billion-almost a trillion Dollars by 2027. Under President Muhammadu Buhari, the nation has recorded marked progress in highways construction, bridges, railway, power, electrification and capacity addition in airports and their modernization. As the President spoke, making the determination of his government to open more and more sectors of the economy to

the private sector, a particular participant stunned, not a few when he announced that he manages pension funds of USD 1.3 Trillion, money well in excess Nigeria’s current GDP, five times over. First, well over a billion dollars’ worth of deals benefitting Nigeria and her partners were signed at the Forum, including a $1.3 billion investment from Sun Africa for a new solar energy project; $70 million ring-fenced by Adryada and Noblesse Green Energy for a new biodiversity project; strategic financing support for a new refinery on the Niger Delta announced by Honeywell UOP; and a major philanthropic investment in data for Nigerian schools announced by Airtel Africa that would be setting up internet connection for 100 schools each year for five years running. A highlight of the event was the Presidential Luncheon, which saw Guest of Honour President Buhari joined by CEOs and Senior Executives from some of the largest and most prominent American and African companies, including GE, Chevron, Honeywell, Bell Flight, Sun

Africa, McGraw Hill, American Tower and many more. The full guest list of participants included the American Tower Corporation, Aveva, Big Sun Holdings, Citi, CrossBoundry Group, Cure Violence Global, Entrust, Educational Testing Service, ExxonMobil , GE Healthcare,Gilead Sciences and Hello Tractor. Also in attendance were Google, McLarty Associates,Medici Land Governance, NBA, Odum Capital, Oracle, Pearson,Rendeavour, Roche,Seed Global Health, Standard Bank,TIAA/Nuveen, UBA America, the AfDB, African EXIM Bank and its US equivalent, Export Import Bank of United States, headed by Reta Jo Lewis, the first ever African-American to lead the organization, and the Jeddahbased Islamic Development Bank, IDB. We had also in actual participation, the World Food Program, WFP, the Food and Agriculture Organization, FAO, the International Fund for Agriculture, IFAD and NEPAD agency for Africa. Of course no one could have overlooked

the overarching presence and actual participation of the Corporate Council of Africa whose current President, Florie Liser addressed the meeting, saying that the organization is pushing for a private sector roadmap to support investment in several sectors to aid economic growth in Nigeria. Some of the this country’s biggest corporations were also represented at the highest levels, including, but not limited to the great oil behemoth, the NNPC Limited, the Nigerian Ports Authority, the NIPC, NEXIM Bank, Ndimi’s Oriental Energy, First Bank, Airtel, Flour Mills Nigeria, the Fertilizer Producers Association of Nigeria, the Pharmaceutical Manufacturers Association of Nigeria and so many others. Interestingly, there were also in attendance, several young Nigerian entrepreneurs who are continually making their mark on the global business landscape. After breakfast and the opening session, Continued on page 54

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