MONDAY 3RD OCTOBER 2022 by THISDAY Newspapers Ltd

For First Time, Buhari Excludes Ex-Senate President, Saraki, from National Honours Nominates late Abba Kyari, Enahoro for posthumous awards Lawan, Gbajabiamila, CJN, service chiefs, Okonjo-Iweala, Amina Mohammed, THISDAY Staff, music stars among 435 others Olawale Ajimotokan in Abuja For the first time in Nigeria’s socio-political history, President Muhammadu Buhari, has ignored a

known convention and practice by excluding a former President of the Senate, Dr. Abubakar Bukola Saraki, who led the National Assembly from 2015 to 2019, from the national

honours awards, at an event billed to hold on October 11, at the State House, Abuja. However, listed for the national awards are some 437 Nigerians,

among them politicians, public officers, security officers, businessmen, traditional rulers, members of the academia, retired public officers, religious leaders

and musical artistes, who would receive the prestigious national honours for 2022. Indications that Saraki might have been excluded from the list

of awardees emerged last week after the names of nominees were released, prompting interventions Continued on page 5

Presidential Council to Facilitate States’ Access to $750m World Bank Facility...

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Atiku: 2023 is Choice Between New Direction and Those Who Want to Sustain Current Disaster In last minute move to keep ‘one house’, meets BoT members, N’East stakeholders next Wike, Ugwuanyi, Ikpeazu, Makinde, Ortom meet in Enugu Emmanuel: PDP’ll get it right in 2023, says it’s the only party in Nigeria

Chuks Okocha, Sunday Aborisade in Abuja and Okon Bassey in Uyo

The presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, has said the 2023 general election is a choice

between those who are prepared to lead change from day one and persons bent on continuation of the current disaster caused by the

ruling All Progressives Congress (APC). Atiku stated this yesterday in Abuja, as he engaged in a last minute push to reconcile aggrieved

members of the party. The PDP presidential candidate met with members of the party’s Board of Trustees (BoT), and was

scheduled to meet stakeholders from the North-east this week. Continued on page 5

Tinubu Roars Back, Says He’s Fit and Ready to Serve APC PCC holds inaugural meeting this week Adedayo Akinwale in Abuja The presidential candidate of All Progressives Congress (APC), Bola Tinubu, last night, denied speculations about his health and declared that he was not only hale and hearty, but also ready to serve Nigeria. The inaugural meeting of the party’s Presidential Campaign Council (PCC) was scheduled to hold on Tuesday. The rumour about Tinubu’s allegedly deteriorating health and even death started last week following his inability to attend the peace accord signing ceremony in Abuja. Tinubu was conspicuously absent at the exercise undertaken by all other presidential candidates. The vice presidential candidate of the ruling party and former governor of Borno State, Senator Kashim Shettima, represented Tinubu at the event. But Tinubu, who appeared in Continued on page 5

WORLD CHAMPION UNVEILED AS GLO AMBASSADOR... L-R: Globacom’s Director, Customer care, Catherine Bomett; Regional Manager, Lagos, Lawrence Odediran; new Glo Ambassador, Tobi Amusan, and Ag. Coordinator, Gloworld, Abdulrazaq Ande,at the unveiling of the World Champion, Tobi Amusan, as Glo Brand Ambassador in Lagos...recently

Strike: FG Warns ASUU against Disobeying Court Order...

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MONDAY OCTOBER 3, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 3, 2022

PAGE FIVE ATIKU: 2023 IS CHOICE BETWEEN TRANSFORMATION LEADERS AND THOSE DETERMINED TO SUSTAIN CURRENT DISASTER But five rebellious governors of the party, led by Rivers State Governor Nyesom Wike, met in Enugu yesterday to strategise and ponder the options open to them. Relatedly, Akwa Ibom State Governor and Chairman, PDP Presidential Campaign Council, Mr. Udom Emmanuel, said the party would get it right in the 2023 general election, because it was at the moment the only true party in the country. Emmanuel, who said he was confident of the party’s victory at the poll, said PDP had abundant human resources to win the 2023 election. Similarly, the senator for Adamawa South Senatorial District, Yaroe Binos, said the party's National Chairman, Dr. Iyorchia Ayu, could not resign until after the presidential election because it would require another national convention to make him step down him. However, a PDP pressure group, Coalition for Good Governance (CGG), demanded the immediate sack of five members of the National Working Committee (NWC), who recently accused the party of bribery, for anti-party activities. A leading political economist and PDP chieftain from Cross River

State, Dr. Evaristus Abang, also called on the South-south governors to remove representatives of the zone in the NWC, saying they have outlived their usefulness. Atiku, in a statement yesterday, maintained that the next general election was a contest between those who came prepared to lead and others who sought continuation of the current disastrous reality imposed by APC. "Or some might even say it’s a choice between fact and fiction; proven PDP leadership versus APC broken promises," he said. The statement quoted the former vice president as saying, "We are the team, who come prepared and fact is that none of the other candidates or political parties comes close. So it is my pleasure to say a big thank you for making our campaign the best this season. "But the race is just starting and our goal is to maintain our leading position. You and I are not in this campaign to make comments that would be a slur on other people. We are here to promote our Unity-SEED policy agenda. "Our policy agenda is about unifying the country, maintaining the security of lives and property of Nigerians, promoting sound economic policies that will lift our

people out of poverty to prosperity, promoting sustainable educational environment and making the people take ownership of government. "I believe that we can achieve all of these and more, when we work as ONE. Welcome to the month of October, the month of our liberty and freedom from the failures of the APC." Atiku, in his verified Tweeter handle, confirmed meeting BoT members and described the outing as successful. He wrote, “Earlier today, I had a fruitful meeting with some members of the PDP Board of Trustees led by the Acting Chairman of the BOT, Senator Adolphus Wabara." The vice presidential candidate of the party and Delta State Governor, Ifeanyi Okowa, had Saturday met with the BoT members, where he and Wabara assured party members that the crisis in PDP would soon be resolved. THISDAY learnt that Atiku would on October 5 meet the North-east stakeholders of the party as part of efforts to restore unity to PDP before the election. This followed his meeting last week with stakeholders in Enugu. Five governors of the party, including Enugu State Governor Ifeanyi Ugwuanyi; Benue State

FOR FIRST TIME, BUHARI EXCLUDES EX-SENATE PRESIDENT, SARAKI, FROM NATIONAL HONOURS by some prominent Nigerians, who said the president should not deviate from the convention, especially, when Saraki was worthy of the award. The convention and practice had always been for a vice president, senate president, and CJN to be given the title either on the assumption of office or when national awards were being generally bestowed on recipients. It was, however, believed that Saraki was not conferred with GCON, because Buhari had hitherto not confered the awards on anyone. But, with the full list out and a date of investiture announced, it became clear the president might have deliberately left out Saraki, perhaps, because of their political rivalry. Sources contended that ordinarily, the nomination process was a responsibility of the office of the Secretary to the Government of the Federation (SGF), but that, since the assignment was handed to different people this year, the deviation from convention, norm and practice became inevitable. According to a THISDAY source, this year’s nomination process was jointly handled by the Justice Sidi Bage Committee, and the Ministry of Special Duties and Intergovernmental Affairs, headed by Senator George Akume, a former governor and senator expected to know better. According to sources, Saraki’s case was a major debate among the committees, as some members reminded them of the importance of not jettisoning convention, but a few other “powerful members” were said to have brushed it aside and insisted he should be excluded, with the intention that the decision would please the president. A Senior Advocate of Nigeria (SAN), Mike Ozekhome, recently spoke on the development and urged Buhari to make right his obvious mistake before the date of the event. Ozekhome explained thus: “By protocols and convention, Vice President and Senate President are usually conferred with the national honour of GCON. I want to believe that the president’s attention was not drawn to it. He can still amend the situation by including his name before the date of the award because this is beyond politics.” Also, Nigeria’s former High Commissioner to Canada, Professor Iyorwuese Hagher, who believed Saraki deserved the award on merit, said, “I believe that in keeping with the hallowed tradition in the conferment of the honourable awards, all former senate presidents deserve the title of GCON, Dr.

Bukola Abubakar Saraki inclusive. “Buhari should convoke a ceremony for such awards quickly to redeem his image as the father of the nation and not a mere patron of political bias.” On his part, Executive Director of Adopt A Goal Initiative, AriyoDare Atoye, urged the federal government to jettison the plan to exclude deserving citizens from the awards as reported in the media. Atoye, in a statement, argued that the exclusion of Saraki from the awards could ridicule the Buhari administration as “petty, low and vindictive.” Meanwhile, the list of the awardees, which was seen by THISDAY, also showed that the former Chief of Staff to the president, the late Abba Kyari, is to receive posthumous honour of CFR award. Kyari died on April 17, 2020 from COVID-19 complications. Others listed for posthumous recognition include the late elder statesman, Chief Anthony Enahori, who would receive CON; the late former Chief of Army Staff, Lt Gen Ibrahim Attahiru, CFR; the late scholar, Bala Usman, OFR and; the late activist, Gambo Sawaba, MFR. Buhari further listed for conferment of the National Honours Awards, his nephew, Mamman Daura; his personal assistant, Sabiu Yusuf (Tunde); in-law, the Emir of Bichi, Alhaji Nasir Bayero, and the National President of the Nigeria Union of Journalists (NUJ), Comrade Chris Isiguzo, who is a staff of THISDAY. Others close to Buhari, who were nominated for the award, included State House Chief of Protocol, Lawal Kazaure; the president’s aide on domestic affairs, Sarki Abba; his spokesman, Femi Adesina; personal physician, Sanusi Rafindadi; and State House Administrative Officer, Abubakar Maikano. Daura would be decorated as Commander of the Order of the Niger (CON), while Bayero and Kazaure are to be awarded Officer of the Order of the Federal Republic (OFR). Yusuf (Tunde), Adesina, Rafindadi and Abba would be awarded Officer of the Order of the Niger (OON), while Maikano would receive MON. Others so recognised on the honours list also were Chief Justice of Nigeria (CJN), Justice Kayode Arowoola, and UN Deputy Secretary General, Amina Mohammed. The two were among the five nominees to be conferred with the second highest national award of Grand Commander of the Order of the Niger (GCON). The other recipients of the GCON

were Senate President, Ahmad Lawan; former Chief Justice of Nigeria, Tanko Muhammad; and former Minister of Finance and current Director General of the World Trade Organisation (WTO), Dr Ngozi Okonjo- Iweala. The Commander of the Order of the Federal Republic (CFR) had 54 nominees; Commander of the Order of the Niger (CFR), 67 nominees; Officer of the Order of the Federal Republic (OFR), 64; Officer of the Order of the Niger (OON) 101; Member of the Order of the Federal Republic (MFR), 75; Member of the Order of the Niger (MON), 56; and Federal Republic Medal had eight award recipients. Some of the prominent recipients for CFR included Speaker of the House of Representatives, Hon Femi Gbajabiamila; Chief of Defence Staff, Lt Gen Lucky Irabor; former Speaker, Hon Yakubu Dogara; President of Court of Appeal, Justice Monica Dongbam-Mensem; and former Chief of Army Staff, Lt Gen. Tukur Buratai. Others were Inspector General of Police, Usman Alkali, his predecessor, Mohammed Adamu, Emir of Lafia, Alhaji Sidi Bage, and Tor Tiv, James Ayatse, among others. Some serving state governors, including Mai Mala-Buni of Yobe State, Atiku Bagudu of Kebbi State, Simon Lalong (Plateau), Ifeanyi Okowa (Delta), Ifeanyi Ugwuanyi (Enugu), Dave Umahi (Ebonyi), Nasir El-Rufai (Kaduna), Babagana Zulum (Borno), and Kayode Fayemi (Ekiti) will receive the CON. Other nominees in this category included Deputy Speaker of the House of Representatives, Hon. Idris Wase; Minister of Works, Babatunde Raji Fashola; finance minister, Zainab Ahmed, and Registrar of the Joint Admissions and Matriculation Board (JAMB), Professor Ishaq Oloyede. Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; Catholic Archbishop of Abuja, Bishop Ignatius Kaigama; and a legal scholar, Dr. Muiz Banire, were shortlisted for OFR award. National Assembly members, including Hon. Alhassan Doguwa, Hon. Muktar Betara, Hon. Ndudi Elumelu, Hon. Nkiruka Onyejeocha, a former Permanent Secretary, Sunday Echono, and Nigerian Bar Association (NBA) President Yakubu Maikyau. Grammy winner, Burna Boy, and late DIG of Police, Joseph Egbunike (posthumous) were to receive MFR award while 2Face Idibia, Shehu Othman, and another entertainer, Teni, were in the category of those to receive MON.

Governor Samuel Ortom; Abia State Governor Okezie Ikpeazu; and Oyo State Governor Seyi Makinde, met in Enugu last night. The outcome of the meeting was not known at press time. Meanwhile, speaking on the prospects of PDP in 2023, Emmanuel stated that the inauguration of the campaign council of the party less than 24 hours after the Independent National Electoral Commission (INEC) lifted the embargo on electioneering activities made PDP the first to unveil its machinery for full-fledged campaigns. Insisting that PDP remained Nigeria's only party for everybody, Emmanuel said, "This is the only party we have in Nigeria, forget associations, forget unions, forget alliances. Also, PDP is the party for everybody but this time around, they decided to look at people like us, who still have the energy to run around and that means a whole lot. I think we are getting it right this time around." The governor explained that what was needed to execute the election was human resources, which he said the party had in abundance across the country. Emmanuel added, "We don't need more than one resource, which is human beings, because we are everywhere – all over the country. That's all we need for elections, the people, and we have people everywhere and I think we will win." The campaign chairman expressed appreciation to the NWC, BoT, the entire structure of PDP, as well as the presidential candidate of the party and his running mate for the confidence reposed in him and others. He acknowledged that the final victory was dependent on the will of God and the choice of the people, saying, "Our duty is to campaign to get Nigerians to vote, but victory comes from God. You only campaign with your power of persuasion, hoping that Nigerians will vote, then God gives victory."

Binos: Why Ayu Can't Resign Till After Election PDP Senator for Adamawa South Senatorial District, Yaroe Binos, said the party's National Chairman, Senator Iyorchia Ayu, could only resign after the 2023 general election and if Atiku won. Binos said anyone, who decided to cause crisis at this critical period, did not love the party. He spoke with journalists in Abuja, weekend, at an art exhibition organised by his son, Stephen. Binos said the aggrieved people knew that Ayu could only resign at a convention, which was not convenient at the moment. The senator, who is from the same senatorial district as Atiku, noted that the PDP presidential candidate, had done everything possible to persuade and pacify the aggrieved PDP members to no avail. Binos stated, "It is wrong for anyone to say the PDP presidential candidate, Alhaji Atiku Abubakar, has not done enough to resolve

the crisis in the party. After the presidential primary, in which he emerged as the party's flag bearer, he reached out to all aggrieved party members, especially, those who contested against him. "Alhaji Atiku has done enough. He has reached out to aggrieved members and he's still reaching out. But some people think that they can hold the party and the presidential candidate to ransom and blackmail him to do what is not right. "The argument of the aggrieved members is that why will the north produce both the party chairman and the presidential candidate. But this is not the first time it will happen in PDP." The senator recalled, "In 2017, when the late Umaru Musa Yar'adua was the presidential candidate of PDP, Ahmadu Ali was the party's chairman, both of them from the north. The need to move the chairmanship of the party from the north to the south did not arise until after the election and inauguration of Yar'adua. "This is what we are saying. For now, the best thing to do is for the party leaders and members to come together and face the elections before us. When we win the election, we can hold convention and re-zone the key positions in the National Working Committee. "Saying that Dr Ayu should step down now will be contrary to PDP's constitution. For those causing crisis, if they truly love the party, they won't be causing rift at this critical moment, when elections are coming."

Alleged Bribery: Group Demands Sack, Investigation of Five National Ofﬁcers The Coalition for Good Governance demanded the immediate sack of five members of the PDP NWC for alleged anti-party activities. Those in this category are Deputy National Chairman (South), Ambassador Taofeek Arapaja; National Vice Chairman (South-south), Chief Dan Orbih; National Vice Chairman (Southwest), Olasoji Adagunodo; National Vice Chairman (South-east), Chief Ali Odefa; and National Woman Leader, Professor Stella Affah-Attoe. The group, in a statement by its National Coordinator, Mallam Muhammad Suleiman; General Secretary, Owolabi Adebola; and National Publicity Secretary, Ephraim Obinna condemned the bribery allegation. It demanded a thorough investigation. According to the group, “In the bid to foist a negative storyline on the party, these apparently compromised national officers yielded to the enemies of the party by falsely presenting their housing allowances, their legitimate entitlement duly approved and paid to national officials and staff of the party to the public as bribe. “We have been reliably informed that this is part of the well-funded furtive scheme targeted not at the National Chairman, Sen. Dr. Iyorchia Ayu, but also to destabilise the PDP, derail its presidential campaign and

frustrate the deserving victory of our presidential candidate, His Excellency, Atiku Abubakar, in the 2023 general election. “We have also received information of how huge sums of money exchanged hands to bring the PDP to public opprobrium a day after the inauguration of the party’s Presidential Campaign Council. “The action of these national officers amounts to serious betrayal of trust, gross misconduct, abuse of office and unpardonable anti-party activity in violation of Section 58 (1) of the Constitution of the PDP, 2017 (as amended). “This is especially as these national officers are part of the National Working Committee, which approved the funds in line with the already established Terms and Conditions of Service of staff and principal officers of the party. “In this regard, we call for the immediate investigation into the financial activities of these officials following allegations that they were heavily bribed to execute such a despicable scheme against the party and our presidential candidate. “We call for a scrutiny of their bank records following findings that they received their Housing Allowances since September 14, 2022 and utilised it for the designated purpose. An investigation should ascertain who raises the funds they returned after spending their housing allowances. “This is especially, given allegations that these party officials disclaimed and returned the housing allowance after huge sums exceeding the housing allowances were reportedly paid into their accounts by agents of a particular state governor to work against the party. “Consequently, we call for immediate resignation, suspension and investigation of these national officers of our party for anti-party activity and attempt to scuttle our presidential campaign.” In a similar vein, Abang, who called for the removal of Southsouth representatives in the NWC, said their role in the party's housing allowance scandal was a huge embarrassment to the zone. In a statement yesterday, Abang urged the governors to remove Professor Stella Effa-Attoe (National Women Leader) from Cross River State and Chief Dan Orbih from Edo State, for their role in the alleged media debacle to paint a bellicose image of the party on an internal matter. The statement said, “It is only their removal that will protect the sanctity of South-south representation in the leadership of the party. The zone has been known for robust political activism and quality representation devoid of playing to the gallery to support a skewed narrative being peddled by a certain governor. “According to what we have read from the media, the housing allowance is just an entitlement of their office and the matter was approved by the NWC without any ulterior motive but what the four-backsliding southern NWC members have done is to expose other members to unnecessary pressure.

TINUBU ROARS BACK, SAYS HE’S FIT AND READY TO SERVE a video lasting just seven seconds yesterday, which was posted on his verified twitter handle and the Facebook of Tinubu Support Group (TSG), was seen riding a spinning bike. Tinubu tweeted, "Many have said I have died; others claimed I have withdrawn from the presidential race. Well…nope. This is the reality: I am strong, I am healthy and I am ready to serve Nigeria from day one." APC had initially scheduled a Peace Walk and Prayers for September 28, to officially kick off campaigns for the 2023 presidential election and other activities, but it was put off indefinitely. This was after Tinubu jetted out of the country to London, following the release

of the list of the 422-member campaign council, which plunged the ruling party into a crisis. Curiously, the campaign list was immediately disowned by members of the National Working Committee (NWC), who frowned on the release of the names without recourse to the leadership of the party. That was followed by a leaked letter purportedly written by the national chairman of the party, Senator Abdulahi Adamu, to Tinubu, demanding withdrawal of the 422-member campaign list. Adamu had in the letter warned that any sign of disarray in the party would undermine the spirit and ethos of the campaign and give undue alarm to members and followers of the

party across the country. But as the controversy continued, Adamu, in another statement by the national publicity secretary of the party, Mr. Felix Morka, said the letter for withdrawal of the campaign list did not emanate from him. Nevertheless, APC decided to expand membership of the council to over 2,000 to accommodate all interests and prevent the party from drifting as the February 28 presidential election approached. Sources told THISDAY that the inaugural PCC meeting, involving all directors and PCC leaders in all the states of the federation, had been scheduled to hold on Tuesday, barring any last minute changes.

T H I S D AY • MONDAY, OCTOBER 3, 2022

NEWS

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

THE REBELLIOUS FIVE... L-R: Oyo State Governor, Engr. Seyi Makinde; Abia State Governor, Dr. Okezie Ikpeazu; Rivers State Governor, Nyesom Wike; Enugu State Governor, Rt. Hon. Ifeanyi Ugwuanyi, and Benue State Governor, Dr. Samuel Ortom, when members of the rebellious Wike camp of governors elected on the platform of the Peoples Democratic Party (PDP) met in Enugu State Government House ...yesterday

Presidential Council to Facilitate States’ Access to $750m World Bank Facility Participating states to receive $52.5m within a three-year period

Emmanuel Addeh in Abuja The Presidential Enabling Business Environment Council (PEBEC) would facilitate access to the World Bank approved $750 million to enable states strengthen business environments, the council disclosed at the weekend. The three-year performancebased intervention which would be carried out through the State Action for Business Enabling Reforms (SABER) programme, the council stated, would allow for improvement in key areas affecting the ease of doing business in the country. Speaking on the sidelines of a demonstration programme on the achievements of PEBEC, Special Adviser to the President and Secretary of the Council,

Dr. Jumoke Oduwole, said the initiative it was jointly designed by the secretariat, the World Bank, ministry of finance, budget and national planning as well as the Nigeria Governors’ Forum (NGF). Oduwole listed the areas of concern to include: Improving land administration and land investment process; boosting business enabling infrastructure; increasing sustainable large-scale investments and enabling firm operations. "All participating states and the FCT could potentially receive a maximum of $52.5m during the three-year period,” she stressed. She explained that there had been extensive engagements with the states by the council to strengthen the programme

SERAP Urges Buhari to Declare Assets at End of His Tenure Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to recommit to transparency, and demonstrate leadership by publicly publishing his assets at the end of his tenure of office and encourage other members of his administration to do same. SERAP also urged him to direct the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, “to take immediate steps to expeditiously, diligently, effectively and fairly prosecute all outstanding highprofile corruption cases currently being handled by his office.” In an open letter dated October 1, 2022, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said contrary to Buhari's Independence Day address, “grand corruption has continued to deny millions of Nigerians equal opportunities.” SERAP said promoting transparency and combating corruption as well as ensuring full

and effective respect for the rule of law, “would send a strong signal of your commitment to leave behind a legacy of transparency and accountability.” The letter, read in part: “promoting transparency, combating corruption and obeying the rule of law is vital if your administration is not to leave behind a legacy of impunity and an assault against the rule of law. We hope that the next few months will show your administration’s commitment to consistently uphold transparency and accountability, in order to create a rule of lawfriendly environment that would make Nigerians safer. “Public officials still use political power to enrich themselves without considering the public good. In several states of the federation, and federal ministries, corruption is taking place every day and every hour. “Consistent with the principles of transparency and accountability, SERAP also urges you to encourage all presidential candidates to also publicly declare their assets ahead of the 2023 general elections.”

design and the states' capacity to deliver on the expected results. She stressed that the drama presentation was to showcase the reforms in the last six years, noting that though there are problems associated with doing business in Nigeria, there had been numerous reforms aimed at tackling the challenges. According to her there is now an automated business registration process which takes two days, while there is a visa-on-arrival programme which takes hours. She added that the idea was to make the people believe in the

process and use the infrastructure as the council continues to work on the speed of getting regulations on ease of doing business done faster, reduce cost, increase efficiency and transparency. “The World Bank just approved a $750 million facility for state government for business climate reforms. That is part of our work and that is a legally binding contract. “The legislations will be legally binding, so, it is not personal. Each ministry has a desk that champions this work and we are coordinators. It is really the work

of the public and civil servants,” she added. The Secretary explained that the access to the fund would begin in December, but that the programme would fully kick off in January, adding that all stakeholders were being carried along in the process. “We have been working with them from inception. We have been working on land administration, because when the private sector has their land properly documented, they can use it to access credit. “We are also working on a Public/Private Partnership

(PPP) framework, so that global investors can come, knowing that the country has a PPP framework. We are working on access to broadband, because technology is the way e-commerce and digitisation work. We are also tackling the right of way issues to lay fibre cables across the country,” she said. The PEBEC was established in July 2016 by President Muhammadu Buhari to remove critical bottlenecks and bureaucratic constraints to doing business in Nigeria under the chairmanship of the Vice President, Prof. Yemi Osinbajo.

Major Oil Marketers Hail NNPCL's Acquisition of Top Downstream Company, OVH Energy Marketing Peter Uzoho The Major Oil Marketers Association of Nigeria (MOMAN), an umbrella body of the largest downstream oil and gas companies in the country, has congratulated the Nigerian National Petroleum Company Limited (NNPCL) on the successful acquisition of OVH Energy Marketing (OVHEM) Limited, a major downstream operator. MOMAN in a statement issued yesterday by its Chairman and Managing Director of Ardova Plc, Mr. Olumide Adeosun, welcomed and encouraged the ongoing market consolidation geared towards bringing stability, cost and logistics optimisation in the downstream sector. OVH is the owner and operator of the Oando- branded retail service stations across the country, and the company and NNPCL are member companies of MOMAN. The Group Chief Executive Officer (GCEO) of NNPCL, Mallam Mele Kyari and the Chief Executive Executive Officer of OVH Energy Marketing Limited, Mr. Huub Stokman, had announced the acquisition transaction last weekend at an event held in Abuja.

However, commenting on the development, Adeosun said, "We send hearty congratulations to NNPC Retail Limited and OVH Energy Marketing Limited on the successful acquisition of OVH Energy Marketing Limited by NNPC Limited. "Both companies are active MOMAN members who are committed to our core values of health, safety, the protection of the environment, quality, customer service, innovation, technology and compliance with international corporate governance codes. "MOMAN welcomes and encourages the ongoing market consolidation which will bring stability, cost and logistics optimisation, enhanced competition and best practice sharing as we progress to a deregulated market." Kyari had said OVH Energy’s Oando- branded retail service stations would be rebranded into the NNPCL’s brand and merged with NNPC Retail Limited with full integration scheduled to take place by the end of 2023. Both Kyari and Stokman were, however, silent on the financial implication of the deal and what would be the fate of OVH Energy Marketing's employees when the

formal takeover takes place by 2023. The acquisition tagged by NNPCL as 'Acquisition for Growth', was expected to see the national oil company become the owner of entire assets of OVH Energy Marketing, licensee of the Oando retail brand and ASPM Limited, custodians of the Lagos Midstream Jetty, also known as West Africa’s first privately owned midstream jetty. OVH Energy boasts of distributing over one billion litres of refined petroleum products annually while ASPM Limited is focused on strengthening Nigeria’s downstream value chain through the Lagos jetty. In the short term, the acquisition would see the NNPCL receive a jetty (ASPM) with 240,000 metric tonnes monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots and 12 warehouses. The deal would also bring over 380 additional filling stations under NNPCL retail brand in Nigeria and Togo, on its journey to attaining 1,500 stations, making it the largest petroleum product retail network in Africa.

OVH’s expertise spans the provision of jetty services and the marketing and distribution of refined petroleum products for retail, commercial and industrial purposes. The NNPCL GCEO had explained that the strategic move was aimed to create the leading downstream energy company in Nigeria and West Africa, driven by operational efficiency, best-inclass management, and physical infrastructure while offering premium petroleum products and related services to customers, in line with global standards. Through this acquisition, he said the NNPC Retail Limited would build on the existing success of OVH Energy and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities. Kyari further stated that the NNPCL was bringing to the table, its 45 years of experience and strong capability to bear on the management of the facilities. He maintained that securing the country against energy poverty would mean access to petroleum products in addition to managing the energy transition, which he said has become a reality.

MONDAY OCTOBER 3, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 3, 2022

NEWS

WORKING TO RESOLVE CRISIS IN THE HOUSE… L-R: Board of Trustees (BoT) Members, Peoples Democratic Party (PDP), Chief Shaibu Oyedokun; Ibrahim Wada; Vice Presidential Candidate and Delta State Governor, Dr. Ifeanyi Okowa; Chairman, BoT, Adolphus Wabara, and Taminu Turaki (behind), addressing newsmen shortly after a closed-door meeting between BoT members and Okowa in Abuja…recently

NDIC: Bank Fraud, Forgeries Amounted to N120.79bn in 2020 James Emejo in Abuja The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the total amount resulting from bank fraud and forgery cases stood at N120.79 billion in 2020. This, however, represented a decline by 40.98 per cent when compared with the N204.65 billion recorded in 2019. Nonetheless, the number of fraud cases surged by 177.10 per cent to 146,183 in 2020 from 52,754 in 2019, according to the NDIC 2020 Annual Report, which was obtained from the corporation’s website. The surge in fraud cases particularly in digital and electronic payment systems remained a growing concern in the financial system. According to the NDIC, the total actual loss fell slightly from N5.46 billion in 2019, to N5.33 billion in the review period, adding that banks sustained the least actual loss of N325 million of the total amount involved during the second quarter of 2020. The third quarter of 2020 recorded the highest actual loss of N2.51 billion or 25.73 per cent of the total value involved in that period. According to the report, 10 out of 30 banks accounted for

N119.204 billion or 99.17 per cent of the total amount involved in frauds and forgeries cases during the year in review. The corporation also stated that the use of digital channels contributed to the rising cases of fraud and forgeries and stated that banks have continually improved their cyber-security platforms, in addition to continuous consumer education and sensitisation, to reduce the fraud and forgery success rate. According to the NDIC, ATM card-related fraud had the highest frequency, accounting for 39.81 per cent of fraud cases followed by mobile banking with 17.35 per cent. Also, fraudulent conversion of cheques contributed the least with 0.63 per cent, further indicating a shift to digital channels or instruments. The report noted that a total of 474 bank staff were involved in fraud and forgery cases in 2020, representing a significant reduction from 835 staff in 2019. In terms of asset quality in the banking industry, the report stated that the total risk assets of banks increased by 16.42 per cent from N17.50 trillion in 2019, to N20.37 trillion in 2020. The NDIC attributed the growth in risk assets largely to increases in the funding

available to banks from CBNsupport facilities and the Loan to Deposit Ratio (LDR) policy, as part of the apex bank's effort to spur economic growth amid the scourge of the COVID-19 pandemic. In the same vein, the industry non-performing loans (NPLs)

ratio as a percentage of total loans grew from 6.06 per cent in 2019, to 6.13 per cent in 2020, but remained slightly above the regulatory threshold of 5.0 per cent. Relatedly, the NPL to shareholders' fund ratio grew by 264 basis points from 32.97

Oil set for first quarterly drop since 2020 as uncertainty trails outlook Emmanuel Addeh in Abuja Nigeria’s job growth in the decentralised renewable energy is expected to exceed 76,000 in 2023, up from 32,000 in 2019 and overtaking the oil and gas sector, a new report has stated. The report by Power for All, the global campaign to end energy poverty, in collaboration with Clean Technology Hub Nigeria, showed that Nigeria has built a strong market position in the area and is poised to reap the benefits. According to the just-released document, the distributed renewables energy sector in Nigeria has been growing rapidly and delivering clean and affordable

energy, particularly to remote rural communities and is now also a major source of good and stable jobs, nearly matching those in the county’s oil and gas sector. It includes the deployment of Solar Home Systems (SHS), which the report said currently employs 50,000 people compared to 65,000 in Nigeria’s oil and gas sector. Furthermore, the demand for clean energy products in the country, it said, is expected to create more than 76,000 new jobs by 2023. “This is over twice the number of jobs created in 2019 as reported in the powering jobs census 2019,” it added. The sector is further expected to grow following the recently

Allege ombudsman chair blocked probe of N109bn Ex-accountant general's loot The Commissioners in the Code of Conduct Bureau (CCB) have asked the Senate to commence investigations into the corruption allegations they levelled against their Chairman, Prof. Mohammed Isah. The CCB is the Ombudsman set up to fight corruption within the public service system through scrutiny of assets declaration forms of civil and public service officers. But the commissioners in the federal agency, besieged the Senate last Friday and raised the alarm that the anti-graft body was enmeshed in what it was established to fight. The six federal commissioners in the anti - graft agency documented a petition full of corrupt allegations against their boss and submitted it to the Senate committee on Ethics

, Privileges and Public Petitions . Led by Dr. Emmanuel Attah, the commissioners alleged corrupt practices being perpetrated by the CCB Chairman. They specifically cited his alleged blocking of the probe of the former accountant general of the Federation, Ahmed Idris, who was accused of allegedly having assets worth over N109 billion. They said their colleagues in the petition they jointly signed had accused the embattled CCB Chairman of allegedly blocking necessary investigation into the assets declaration forms of some corrupt officials in the last four years. They further alleged that some of the affected officials have multibillion naira assets not stated in the forms they submitted to the CCB. The Senate Committee on Ethics,

per cent recorded as at December 31, 2019. The other 20 banks accounted for 25.95 per cent of the industry's total loans, indicating a high concentration that exhibits oligopolistic tendencies in the control of loans in the banking industry.

Report: Jobs in Renewables Sector to Double in 2023, Exceed Employment in Oil Industry

CCB Commissioners Urge Senate to Probe Corruption Allegations against Bureau’s Chairman Sunday Aborisade, Abuja

per cent in 2019 to 35.61 per cent in the review period. However, a breakdown of the total loans in the banking industry showed that eight out of 28 banks (excluding NIBs) had 74.05 per cent of total loans worth N20.37 trillion as at December 31, 2020, compared with 79.26

Privileges and Public Petitions led by Senator Ayo Akinyelure, has therefore, asked the CCB Chairman to appear before the panel on Thursday, 6th October , 2022 by 2:00pm prompt. Isah was absent at the panel sitting but five out of the six commissioners were present. The absence of the CCB Chairman made Akinyelure to, with consent of other panel members, directed the CCB Chairman to appear before the committee unfailingly on Thursday. He said, "The petition before this committee on allegations against the Chairman of Code of Conduct Bureau ( CCB) bordering on corrupt practices is worrisome and must be here to defend himself . "The seriousness of the matter lies on the fact that the petitioners are even the six federal commissioners appointed to be working with him

in the fight against corruption. "The Commissioners are here but the Chairman who is in the eye of the storm is not here. We have gone through all the issues raised in the jointly signed petition by the Commissioners and they are very disturbing if eventually proven. "Therefore for fair hearing, we are re-inviting the Chairman to appear before this committee on Thursday, 6th October, 2022 unfailingly by 2:00pm prompt for require response or responses from him on all allegations leveled against him in the petition," he said. While speaking with journalists after their engagement with the Senate panel, one of the commissioners, Hon Ehiozuwa Agbonayinma, said they petitioned the Chairman to save CCB from self - inflicted incapacitation slammed on it by the Chairman.

launched Nigeria Energy Transition Plan which outlines the country’s ambitions and plans to achieve net-zero emissions by 2060, while also ending energy poverty, the report said. “It demonstrates the health and viability of the distributed renewables energy sector to help not only accelerate the country’s energy access agenda but also to help alleviate unemployment, especially in rural areas,” said Power for All’s Director for Campaigns and Partnership, Suranjana Ghosh. The report, partly sponsored by the Rockefeller Foundation, is based on a survey of more than 350 companies across five countries: Ethiopia, India, Kenya, Nigeria, and Uganda. It provides a comprehensive picture of employment in the sector, including recruitment, the skill levels of the workforce, availability of and investment in training, compensation levels, women’s participation, and workforce retention. Of the countries analysed, it pointed out that Nigeria enjoyed the fastest post-pandemic recovery and growth in jobs in the sector. “ The country lost almost 2,000 decentralised renewable energy jobs in 2020 from short-term pandemic impacts. However, the sector bounced back strongly in 2021, registering approximately 50,000 jobs, nearly twice the number of jobs observed in 2020. “The demand for solar home systems products, which was already on a fast upward trajectory before the pandemic, was key to the rapid recovery and growth,” it added. The report indicated that the sector was maturing, with the percentage of formal and skilled workers comprising over half of the decentralised renewable energy workforce in the country, at more

than 56 per cent. “However, the renewable energy sector in Nigeria, similar to the other study countries, is still failing to adequately integrate women into the workforce, and this was only exacerbated by the pandemic. “ The share of women working in the decentralised renewable energy sector in Nigeria was 37 per cent behind Kenya’s 41 per cent which was also the highest. Notably, in the countries studied, female participation was higher in decentralised renewable energy than in the traditional energy sector at only 22 per cent, and in the broader renewable energy sector at 32 per cent. “This shows the role that decentralised renewable energy can play in bringing more women into more meaningful workforce positions,” it added. Despite the growth in the number of jobs, it noted that decentralised renewable energy companies surveyed as part of the study indicated that they struggle to fill critical roles due to a lack of qualified applicants. The shortage of skilled workers, the document pointed out, is expected to get worse as the sector grows and the world transitions away from fossil fuels. “This report is coming at a very auspicious time because with the very recent release of Nigeria’s Energy Transition Plan, the report provides a great opportunity for decision makers in government as well as industry actors to apply a job and economic growth lens in implementing the plan. “ This #PoweringJobs report makes this easier because it provides the data, and the numbers for what is possible when decentralised renewables is a core part of the transition,” noted the Chief Executive of Clean Technology Hub, Ifeoma Malo.

MONDAY OCTOBER 3, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 3, 2022

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THANKSGIVING SERVICE/SPECIAL PRAYER SESSION FOR STATE GOVERNORS AND THEIR DEPUTIES… L-R: Wife of the General Overseer, Redeemed Christian Church of God (RCCG) Worldwide, Pastor Foluke Adeboye; G.O., Pastor Enoch Adeboye; Lagos State Governor, Mr Babajide SanwoOlu and his wife, Dr. Ibijoke, during a thanksgiving service/special prayer session for State Governors and their Deputies at the RCCG Headquarters, Ebute- Metta... yesterday

Independence Anniversary: SanwoOlu, Adeboye Call for Peace in Nigeria Greater Lagos agenda on course, says Lagos Governor Segun James Lagos State Governor, Mr. Babajide Sanwo-Olu and the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, have called on Nigerians to continuously work and pray for peace in the nation. They made the call yesterday, at

the Redeemed Christians Church of God (RCCG) October Thanksgiving Service and Special Prayer Session for all State Governors and Deputy Governors tagged, "Perfect Peace in the Land," held at the church corporate headquarters in EbuteMetta, Lagos. Sanwo-Olu while addressing the large congregation at the

2023: Ex-Minister, Medical Expert Task Candidates on Healthcare Agenda Onyebuchi Ezigbo in Abuja Former Minister of Health, Prof. Onyebuchi Chukwu and the pioneer President of Nigeria Academy of Medicine, (NAMED), Prof. Samuel Ohaegbulam have urged presidential candidates and gubernatorial candidates contesting in the 2023 general election to tell Nigerians their plans to revamp the health sector. Ohaegbulem, said the parties and their presidential candidates should give Nigerians their plans for health and how to implement and make it successful. Speaking in an interview with THISDAY shortly after giving a lecture at an event organised by the medicine academy in Abuja at the weekend, Ohaegbulem said Nigerians should demand from the presidential candidates not just their plans for improving the healthcare system but how to better fund the sector if elected. " Days are gone when you just read nice proposals of what you want to do but will not be able tell us how to generate funds to implement it. The candidates must state how the funding is going to be done and then people will check to see if what they are saying makes sense or not," he said. He added that, "Hopefully with the elections coming and with the possibility of more committed leaders emerging. We hope we can dialogue with them and convince them to do something about the health sector because it is progressively deteriorating." Ohaegbulem said the over 50 associations in the health sector have been making effort to promote

the sector and yet the public is not feeling the impact due to poor funding. "We have worked over the years to make suggestions, a lot of mandates, a lot of documents in the Presidency and ministry but you will ask yourself what has come out those efforts,” he said. According to him, the reason there was no much progress the health sector was because the financing deficit is very outrageous. Ohaegbulem who is the proprietor of Memfys Hospital located at Trans-Ekulu in Enugu, lamented that the kind of budget approved at state and federal level for the health sector is absolutely ridiculous. For instance, he said one of the hospital equipment he negotiating to acquire is put at almost a billion Naira. "So how can you run health services with such poor budget that the government releases every year and that is announced budget most of which may not be backed up with cash releases in the end. “We pray that 2023 will bring on board people who are more committed, appreciate the problem and tackle them," he added. When asked to state in specific terms areas in the health sector he would like to see great improvement on, the expert said, "Health Insurance Scheme, that is the answer. Without a successful health insurance, we can never generate enough revenue to tackle all the health challenges, it is impossible. So there has to be compulsory health insurance and if people cannot afford to pay, then government can help them, family members can help them.

service urged Nigerians, including Lagosians to continue to pray for leaders in Nigeria and for peace to reign in the land with an assurance to believe that greater things are ahead. The governor, who attended the programme with his wife, Dr. Ibijoke Sanwo-Olu and other dignitaries which include the representatives of Governors Gboyega Oyetola (Osun) and Dapo Abiodun (Ogun), said the Greater Lagos agenda of his administration, which had brought about infrastructural development across Lagos State, is on course and more of it would be delivered. He said: “This service taking place a Sunday after the Independence Day anniversary is very important. And I think our GO (Pastor Adeboye) has said it all. “We need perfect peace in our country but for us to have that perfect peace; we also need to have peace from individuals. It is we the citizens that make the country. It is not just about a metaphorical country; it is the people on the ground that truly make a country.

“We need to have that perfect peace in how we live our lives mentally, physically, financially, morally and all of it, and it is only when that happens that it can affect the country. “He (Pastor Adeboye) has also encouraged all of us that we need to continually pray for our leaders. People are made up of the kind of leaders they have. So, it is really a partnership by ensuring that the citizens play their roles and leaders also play their roles. “For me, it is another clarion call that it might not be perfect but there is light at the end of the tunnel. And for us in Lagos, we are grateful because this is the most peaceful part of the country. We don’t want to take it for granted and that is why we have come here to thank God, to also appeal and pray to God for that peace to continue to reign.” Sanwo-Olu also assured the people of Lagos State that his administration would continue to do its best in delivering dividends of democracy and infrastructural development to ensure that Lagos

State remains home to all. He said: “The 62nd Independence anniversary is an important time for all of us to also come together as Lagosians. A lot of things are happening in our state; not just peace, there is infrastructural renewal every day. “Even while disruption is going on let us be patient with the government because the commitment to make Lagos a lot bigger for each and every one of us is on course and we all can see it. “For us in Lagos State is to continue to see the Greater Lagos in our lives. It is for us to pray that the peace and the infrastructural development that is taking place in our state will continue. I know around you, you can see that there are some bits of disruption. If you get to Apapa Road Junction, Yaba and Ikeja, there are bits of disruption there because of the train we are doing and the bridges we are constructing. “If you go to Ikorodu, Epe and other places, you will see some disruptions; it is because we want some positive things to happen.

The Greater Lagos is on course. The Greater Lagos will not be retarded; it will not be stopped. Don’t give up. “I want to assure you that greater things and bigger things are ahead of us. My prayer and my wish are that as I stand here as your governor today, October 2, 2022, I will also stand here as your governor in October 2023.” In his sermon, the General Overseer of the Redeemed Christians Church of God, who took his sermon from a Bible passage, 1 Corinthians 7:13-14, prayed for perfect peace in Nigeria as well as every home. Pastor Adeboye, who prayed that God would heal the land and intervene in various issues affecting the country negatively, urged the people to prepare to join him very soon for fasting and prayer for the country. He called on Nigerians to pray for their rulers and stop criticism so that God would continue to guide them aright if they want peace and to be able to overcome the storm.

12 Edo Communities Submerged by Flood Obaseki: Edo reforming power sector to boost production Stakeholders brainstorm on implementation of MSMEs policy in state Adibe Emenyonu in Benin City No fewer than 12 communities mostly in Etsako Central local government area of Edo State have been submerged by flood as a result of torrential rain in the last few days that has resulted in the River Niger overflowing its banks. Many of the residents had to flee because the water level in most of the communities have gone above the window level of their houses while those who managed to move around go in canoes as residents say this was the worst flood they have had since 2012. Churches, mosques, markets, schools have all been taken over by flood water. Some of the communities mostly hit are Udaba-Ekphei, Anegbette, Ukpeko

Orle, Ofukpo, Agbabu, Osomegbe, Udochi, Yelwa, Ake Island and Ifeku Islay. Agricultural produce like rice, cassava, vegetables, potatoes, ground nuts and others have been completely submerged by the devastating floods, prompting the people are calling on all governments at all levels to come to their aid before they start losing their lives due to the devastating effects of the flood. An indigene of the Udaba, Mr. Isaac Omoaka said “My village is completely submerged. Since I was born, I have never seen such a thing. This year's flood is ten times that of 2012. “We have a prominent son who built schools, a hospital complete with a mortuary, laboratory, x-ray and several amenities all of them

now are under the water.” When contacted, Edo State Commissioner for Special Duties, Osasere Evboumwan said: “We were in Etsako Central last Friday; myself, NEMA, SEMA, the Head of Local Government Administration, representatives of World Health Organisation (WHO) and others. "We are sending our report now to see how we can provide relief for them. Farms have been taken away by water, every year this flood comes and NEMA said the only solution to this is to dredge River Niger otherwise it will continue to occur. For the immediate solution, we are going to be supplying food for them, the IDP centre in Ogomeri is dry and there are facilities there but the people are reluctant to come there.”

Meanwhile, Edo State Governor, Mr. Godwin Obaseki, has said the government was paying critical attention to the power sector, encouraging investment in the sector to support production and grow the state’s economy. Obaseki, was quoted in a statement to have said this in Benin City, as part of the government’s efforts to reform the sector, the Edo State Assembly passed a law setting up the Edo State Electricity Commission to establish an independent electricity market in the state. According to him, “In order to grow the economy of our state and encourage manufacturers and producers to locate their industries and businesses in Edo State, we Continued on page 36

T H I S D AY • MONDAY, OCTOBER 3, 2022

NEWS

NEXT FRONTIER FOR INSURANCE... L-R: Rector, College of Insurance and Financial Management (CIFM), Dr. Yeside Oyetayo; Chairman, Vanguard Pharmacy Limited, Alhaji Taoﬁq Odukoya; Chief Operating Oﬃcer, Citiserve Limited, Dr. Jubril Salaudeen; Chief Imam of Oluyole Central Mosque, Alhaji Mudasir Bada and Managing Director, Noor Takaful Insurance Limited, Rilwan Sunmonu during the Takaful workshop themed” Takaful: Next Frontier for Insurance which was organised by Noor Takaful Insurance Limited and held in Ibadan, Oyo State… Friday

Strike: FG Warns ASUU against Disobeying Court Order Says varsity teachers risk contempt of court Nigerians facing internal colonialism, domination, says lecturers’ union Onyebuchi Ezigbo in Abuja and Kemi Olaitan in Ibadan The federal government has advised the Academic Staff Union of Universities (ASUU) to stop acting in defiance of the interlocutory injunction by the National Industrial Court (NICN) which restrained the union from further action. It said ASUU should cease taking laws into its hands by directing its members to continue with the 8-month old strike In a statement in Abuja, the Minister of Labour and Employment, Senator Chris Ngige said a new directive by ASUU, exhorting its members to continue with the industrial action was an unwarranted lawlessness, noting that, “the federal government strongly frowns at this.” But ASUU president, Prof. Emmanuel Osodeke had said its members were not bound by industrial Court order to resume work since the union had appealed against the ruling and was awaiting hearing on the request for stay of execution from the court. However, in its latest statement, the federal government accused the leadership of the union of misinforming and misleading its members and warned of consequences of contempt of court order. “The union is dishonest and misleading its members and the general public that it has filed an appeal as well has a stay of execution of the order of National

Industrial Court on September 21, 2022, though it has none of this. “Rather, ASUU only filed an application for a permission to appeal the order. It also attached to the application, a proposed notice of appeal which it intends to file if the leave to appeal is granted. The application for a stay of execution as of this moment has not even been listed for hearing. Where then is ASUU coming from? “It is therefore contemptuous, dishonest and misleading for the union to tell its members that it has not only appealed the interlocutory injunction by the National Industrial Court, directing it to call off strike and return to work, but that it also has a stay of execution.” The minister once again called on the union to respect the court order and return to work while negotiations are concluded on the remaining issues in contention. In the statement signed by the Deputy Director, Press and Public Relations, Olajide Oshundun, also denied reports that the minister walked out on the meeting between the House of Representatives and ASUU last Thursday, 29 September, 2022. It said the minister left the meeting to attend to other pressing matters with the permission of the Speaker of the House of Representatives, Hon. Femi Gbajabiamila after making his presentation. It stated that the Secretary to the Government of the Federation was earlier granted such permission by the Speaker. It further recalled that at that

meeting, Senator Ngige addressed the two major issues over which ASUU was still on strike. “On renegotiation of salaries and wages of lecturers, I sympathise with ASUU just like other Nigerian workers. The economy is bad and hard time, biting hard on everybody. ASUU deserves no blame. They know that many times during reconciliation, I said that left to me, this is what lecturers will get. I know the enormity of the work they do and have brothers who are also lecturers. “The Briggs Committee was the product of reconciliation of my ministry, which had to move to the ASUU’s direct employers - Ministry of Education for a Collective Bargaining Agreement, so we can arrive on what is good to be paid to ASUU, subject to approval by the President “The president has a Presidential Committee on Salaries and Wages chaired by the Minister of Finance, with myself as co-chair and other members – National Salaries Income and Wages Commission, Budget Office etc. “Every MDA whether drawing from the treasury or not, must pass through this committee on any issue concerning salaries for approval, before transmission to the president. The report of the Briggs Committee did not unfortunately pass this route.” The minister revealed that when the issue of payment platform - UTAS - came up on January 9, 2020, he was the one that persuaded the president to

give the platform a trial in the spirit of Executive Order 3 and 4. “The SGF supported me. That was how I took it upon myself to write to all the parties, Communication and Digital Economy, NITDA, ASUU and others. At a point, I had to spend three and half hours at the Office of the Accountant General, while UTAS was on demonstration because we must support this platform that promised to save us foreign exchange. “If the system is good, we adopt it for the whole country but meanwhile – the hardware is not there. How do you do it? The test- the three of them – IPPIS, UTAS, UPPPS - have failed the test. Do you recommend something that has failed a test? So, no matter how I love ASUU, I won’t support something that failed a test. “I had advised ASUU when the first result came, to have UTAS do a handshake with IPPIS so as to capture all the university system peculiarities. They accepted but while negotiation was going on, they went on strike.” The minister also narrated how the medical doctors once threatened to go on strike over IPPIS. “But their peculiarities have now been captured by IPPISS, even those teaching in the universities with special allowances. About a year ago, NARD wrote me that they would go on strike if we don’t put them on IPPIS. This is because all their peculiarities have captured and no one is losing anything."

Seadogs Donate Over N3.8m Medical Services to Rivers Community Blessing Ibunge in Port Harcourt In line with its corporate social responsibility, the Olympus Marino Deck of the National Association of Seadogs (NAS) yesterday, organised a one-day N3.8million worth of free medical outreach for indigent Isu community in Etche Local Government Area of Rivers State. The group organised the medical outreach to commemorate Nigeria’s Independence Day Celebration. The medical outreach which doubles as social advocacy was aimed at relieving the plight of indigent members of the community by making a far reaching statement to the ears of the government. Capoon of the Olympus Marino

Deck, Mr Iche Cecil-Wordu, who disclosed this year theme of the outreach as, "Sending Hope to Isu Etche," said the community was identified by their team of medical experts to be in need of medical attention. Wordu noted that although located in oil rich Rivers State, Isu community lacks basic amenities for good life, including electricity, portable water, health center and good roads. The NAS group leader explained: "In Olympus Marino Deck, we have institutionalised October 1, every year as the day to take free medical outreach programme to communities that lacks medical facilities. We have been doing this for the past four years. In my tenure as a Capoon, this is the second. "Last year we went to

Joinkrama in Ahoada which was sacked by flood, we visited them, gave them relieves materials, medicals and treated all sorts of ailments. This year we have chosen Isu Community in Etche because they lack basic amenities: there is no light, no pipe-borne water and no medical center. That is the criteria with which we choose the community. "As you can see, both the paramount ruler, the chiefs, elders and leadership of the community are very happy to receive us and many people have turned out en mass. "The women, children, young men and old people benefited from our free medical treatment for eye, diabetes, hypertension and sundry ailments. We have also come to distribute sanitary pads to the young girls and

insecticide treated mosquito net to the community". He revealed: "We are partnering with the Rotary Club of Port Harcourt to deliver this programme today. We are presently attending to about 1500 persons and I believe in the next couple of hours this place will be filled with quite alot of Indigenes of the community and from the neighbouring communities. We are spending about N3.8million today on the outreach." In his appreciative speech, the paramount ruler of the community, Ochimba Isu, Eze Nicholas Ordu, thanked the group for the gesture. He lamented that since existence of his community, they have not enjoyed basic amenities even though they contribute to growth of the nation's economy.

Meanwhile, ASUU yesterday said the country needs true national followers and leaders who could deliver good governance and pursue ultimate happiness of the generality of Nigerians. The Chairman, University of Ibadan chapter of the union, Prof. Ayoola Akinwole, in a statement yesterday, on the state of the nation and country’s 62nd national independence celebration, said Nigeria has been piloted by internal colonisers who promote domination of their people. According to him, "If the essence of government is to make life bearable for the governed, many people who witnessed colonial rule would be regretting the

current state of Nigeria. The way and manner in which the ruling class have piloted the affairs of the country since 1960 is nothing but internal colonialism and domination," he added. He maintained that there was nothing to roll out the drums for in Nigeria, stating that it was a shame for successive government to be unable to solve electricity challenge and make education in the country the driver of its development. "A cross-section of Nigerians will, no doubt, agree that there are no grounds for celebrations and fanfare, due to the deplorable state of affairs in the country," he said.

Fayemi: Ekiti Transition Law Designed to Stabilise, Standardise Governance Victor Ogunje in Ado Ekiti Ekiti State Governor, Dr Kayode Fayemi, has received the report of the 20-man Transition Committee, in line with the Transition Law, 2019 enacted to stabilise and standardise governance in the state. Fayemi said the comprehensive report capturing information about government's exploits across all the strata of public structures, would assist the incoming administration to have a seamless and smooth take-off in the overall interest of the people. Receiving the 332-page report from the Chairman of the committee, Mr Foluso Daramola, yesterday, Fayemi said the committee was set up in pursuance of the Ekiti Transition Law, 2019, as an enduring legacy aimed at setting the standard for the process of handing over power to succeeding administration in the State. He also noted that part of the responsibilities of the committee was to ensure adequate briefing of the incoming governor before he assumes office as well as provide avenues to ensure that salaries and retiring benefits of political office holders were paid without delay. Fayemi said he was glad the assignment of the committee significantly captured the activities, programmes, projects and achievements of the outgoing government in line with the agenda of the administration and hoped that the report would provide the needed starting point for the incoming administration to start on the right footing. “I must commend Ekiti people for electing Mr Abiodun Abayomi

Oyebanji, who had been part of the outgoing government in which he functioned as SSG, this singular commendable decision of Ekiti kete, has rightly resulted in the continuity of the good works of this administration. I am very confident that in view of this development, Ekiti will witness accelerated sustainable growth on all fronts of human endeavour. “Your committee was constituted in pursuance of the Transition Law 2019 which remains an enduring legacy of this administration, setting the standard for the process of handing over of power from one administration to the other in Ekiti state. This occasion, therefore, is strategic being a major event to the programme lined up for the inauguration of the incoming administration. “As a government that values due process, it is inevitable for us to prepare the ground for the incoming administration to have a seamless and smooth take-off in the overall interest of our people. “I’m aware that the committee receives returns from Ministries, Departments and Agencies of government through which the entirety of this government has been significantly x-rayed. I have no doubt that the report that has just been submitted would provide the needed starting point for the incoming administration to hit the ground running,” he added. Daramola, while submitting the report, hinted that the committee was set up to enhance a seamless transition to the incoming government in line with the provision of the transition law 2019.

MONDAY OCTOBER 3, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY OCTOBER 3, 2022

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

2023 Poll: Beyond Signing of Peace Accord Emameh Gabriel writes that with the recent signing of the peace accord by the 18 presidential candidates contesting the 2023 election much still needed to be done by all stakeholders including the judiciary to ensure the next general election is devoid of crisis

Abdulsalam

ast week, all the 18 political parties contesting next year’s presidential election gathered at the International Conference Center in Abuja, to sign a peace accord committing them to peaceful conduct before, during, and after the 2023 polls. Although presidential flag bearer of the ruling All Progressive Congress,Asiwaju Bola Ahmed Tinubu, was absent at the event, his running mate, Senator Kashim Shettima, including candidates of the main opposition PDP, Atiku Abubakar; Peter Obi of Labour Party and their New Nigerian Peoples Party’s counterpart, Rabiu Kwankwaso and others signed the agreement that commits them to the rules of engagement going into the campaigns and elections.

Atiku

The event was organised by the National Peace Committee headed by General Abdulsalam Abubakar as the first step towards peace building ahead of the elections, while a second peace pact is expected to be signed next year before the kick-off of the elections. The event came few days after members of the committee held a meeting in Minna, Niger State capital, where Abdulsalam disclosed that his committee would once again require top political leaders to sign an accord to maintain peace ahead of the 2023 general elections. In other words, the peace pact

Tinubu

Obi

should not only be limited to political parties and their candidates but to extend it to other critical stakeholders and institutions in the country who have major roles to play during and after the election. As already being witnessed from the frenzy and charged environment occasioned by disenchantments among citizens across the country, for those following Nigeria’s political development since the inception of the Fourth Republic in 1999, the ongoing mass movement mainly organized by Nigerian youths and enjoyed by the Labour Party, sends a strong signal that election could be one that might set the country in the right path or one to mar it. This is the first time since 1999 that three political parties will be going into a presidential election neck to neck, leaving political pundits

befulldled as to where the pendulum will swing. That the signing ceremony was attended by eminent Nigerians like the Sultan of Sokoto, Sa’ad Abubakar the II; Nigerian Business Moguls, Femi Otedola, Aliko Dangote, and Sam Amuka, John Cardinal Onayekan, Professor Ibrahim Gambari, and President of the Christian Association of Nigeria (CAN), Prescilla Kuye, among others, leaves the impression that leaders in the country are not only weary of what might become the country before or after the elections, they have also sensed the dangers lurked in the atmosphere. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Atiku and Choice of Saraki, Others as Campaign Advisers Udora Orizu x-rays the likely reasons that may have informed the decision of the Presidential Candidate of Peoples Democratic Party (PDP) Atiku Abubakar, to choose former Senate President, Dr. Bukola Saraki and six others as his campaign advisers

Saraki

ast week, former Vice-President and PDP presidential candidate, Atiku Abubakar, appointed former Senate President Bukola Saraki and six others as Special Advisers in his presidential campaign team. The PDP is currently engulfed in crisis, which seems to be taking a new turn everyday. The party has been in turmoil since Atiku Abubakar was elected as the standard bearer of the major opposition party. Atiku and the Governor of Rivers State, Nyesom Wike have been engaged in a feud over the need to remove the party’s national Chairman, Senator Iyorchia Ayu. Wike, who was a presidential aspirant, had

Anyim

vowed not to quit the PDP over his feud with the former Vice President and Ayu, insisting that he would remain in the party and fight for relevance. Recently some of Wike’s allies including Governors Samuel Ortom (Benue), Ifeanyi Ugwuanyi (Enugu), Okezie Ikpeazu (Abia) and Seyi Makinde (Oyo), had announced their withdrawal from the PDP Presidential Campaign Council pending the replacement of Ayu as Chairman. But Abubakar, while responding to the withdrawal of the Wike camp

Shekarau

from the PDP Presidential Campaign Council over Ayu’s retention, told the Governor’s allies that he cannot force Ayu to resign as national chairman, urging them to reconsider their stand. Thereafter, he announced the appointment of his campaign machinery. Abubakar, in a statement by his Media Adviser, Paul Ibe, said the appointments were aimed at strengthening the team. According to him: “Saraki is appointed as Special Envoy to the PDP presidential candidate, while Senator Anyim Pius Anyim is appointed as Special Adviser. Others appointed as Special Advisers are Senator Ibrahim Shekarau; former Governor Olagunsoye Oyinlola of

Osun and Senator Ehigie Uzamere. Former PDP National Chairman, Mr Uche Secondus has also been appointed as a Technical Adviser to the presidential candidate.” Saraki, speaking for the first time on the crisis, said he has been “working silently behind the scene”. In a tweet, the two-time former governor of Keara state said, “I just returned from my annual vacation and went straight to Akwa Ibom to join the celebration of the 35th anniversary of the state’s creation. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY OCTOBER 3, 2022 • T H I S D AY

T H I S D AY ˾ DAY ͱ˜ 2022

FEATURES

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

INDEPENDENCE ANNIVERSARY...INDEPENDENCE ANNIVERSARY...INDEPENDENCE ANNIVERSARY...

Nigeria @ 62: Broken Dreams, Disillusionment and Hope for the Future At 62, Nigeria should be standing tall above other African nations, but the reverse has been the case due to the increasing socioeconomic challenges. As such, Nigerians have a lot to complain about rather than celebrate this year's independence anniversary. Vanessa Obioha writes

Skaters displaying the Nigerian Flag

Nigerian Navy personnel at parade

President Buhari's last Independence Day Parade

sually, Independence Day celebrations draw a lot of fanfare. From parades to festivals, Nigerians come out in droves to mark the occasion. Recently, the mood that accompanies Nigeria's independence has been anything but celebratory. Despite pockets of events across the country and in the Diaspora to reignite hope in the country, the reality remains that Nigerians are not happy with the current state of the nation. Thus, it was no surprise that on Saturday, when the nation marked its 62nd independence anniversary, the streets were littered

with campaigns for better governance. The reason for this is not far-fetched. In the past few

years, Nigeria has been riddled with all manners of social and economic challenges. Insecurity, inflation, strikes, protests, corruption, bad governance,

Rising inﬂation rates and Naira depreciation rates have inadvertently aﬀected the standard of living in Nigeria. With the abundance of Nigeria's resources, it is expected that the country should be standing tall above other African nations but the reverse has been the case

and ethnic clashes are increasingly rampant, making the cost of living high for the common man. To be sure, since the pandemic, many countries across the world have experienced one form of economic hardships or the other. However, in Nigeria's case, the conundrums have multiplied, given the lacklustre approach by leaders in addressing the situations. Insecurity Takes Centrestage Insecurity remains a great challenge to Nigeria particularly since the rise Continued on page 19

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20 T H I S D AY MONDAY OCTOBER 3, 2022 TR

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& RE A S O

Monday October 3, 2022 Vol 27. No 10037

opinion@thisdaylive.com

www.thisdaylive.com

GERMANY, NIGERIA AND ILLS OF LOPSIDED DIPLOMACY As Germany marks its national day, PAUL OBI explores the geopolitics of the country and Nigeria’s diplomacy in a broader context

See page 21

NIGERIA AT 62: SECOND GUESSING OUR NATION’S GREATNESS The nation’s greatness exists as a promise, contends WEALTH DICKSON OMINABO

See page 21 EDITORIAL

STATES AND THE DEBT CRISIS

See page 22

Leaders must choose the part of service to others above self-interest, writes LINUS OKORIE

NIGERIA IN SEARCH OF SERVANT LEADERS The premise of servant leadership is that the leader is one who seeks to serve, and that this serving is a natural component of the leader (Greenleaf, 1977; Farling, Stone, & Winston, 1999). Somewhat paradoxical to the typical view of leadership where the purpose is leading, servant leaders seek to serve ÀUVW DV WKH SULPDU\ PHDQV RI OHDGLQJ These authors maintain the idea that VHUYDQW OHDGHUVKLS RͿHUV VRPHWKLQJ GLͿHUHQW WKDW PDNHV LW DWWUDFWLYH DV D leadership model that is well received in organizations and societies. The thrust of servant leadership is empowering others. Whenever leaders begin to care for others, understand the needs of others, pay attention to the welfare of others, they set the foundation to help others to become more than they have ever been. That is what true empowerment is all about. The more people you can help to become successful, the more successful you will become as a person. This is a concept that I believe so much in. Patterson (2003) asserts that, “empowerment is entrusting power to others, actually JLYLQJ LW DZD\ DQG LQYROYHV HͿHFWLYH OLVWHQLQJ PDNLQJ SHRSOH IHHO VLJQLÀFDQW putting an emphasis on teamwork, and valuing of love and equality.” This also centers on the fact the greatness comes to us only when we have inspired and served others through our work. Robert Greenleaf, who is considered the father of the Servant Leadership concept said, “The servant-leader is VHUYDQW ÀUVW« %HFRPLQJ D VHUYDQW leader begins with the natural feeling WKDW RQH ZDQWV WR VHUYH WR VHUYH ÀUVW Then conscious choice brings one to aspire to lead. That person is sharply GLͿHUHQW IURP RQH ZKR LV OHDGHU ÀUVW« 7KH GLͿHUHQFH PDQLIHVWV LWVHOI LQ WKH FDUH WDNHQ E\ WKH VHUYDQW ÀUVW WR PDNH VXUH that other people’s highest priority needs are being served. The best test, and the PRVW GL΀FXOW WR DGPLQLVWHU LV WKLV 'R WKRVH VHUYHG JURZ DV SHUVRQV" 'R WKH\ while being served, become healthier, wiser, freer, more autonomous, more likely themselves to become servants?” The role of a leader is to take care of the needs of the individual, the needs of the group and the needs of the task. If you take a critical look at this very role, you will see that no organization will be able to make any meaningful progress until the needs of these circles are met. What gives extraordinary success is empowering others to succeed by meeting their needs and some of the QHHGV DUH WKH QHHG WR IHHO UHFRJQL]HG the need to achieve results, the need to be motivated, the need to contribute to

the team and most importantly the need to be loved. It is time for us to grow, to become PRUH VHOÁHVV VR ZH FDQ VWUHWFK VDFULÀFH go the extra mile, put in the work and commitment needed to deliver service and achieve our bold visions, dreams and imaginations of a Nigeria that will attract the very best in the world. Whenever the word “servant leadership” is mentioned, I get so excited and a few names just run through my mind. I remember when Mother Theresa died, the whole world mourned her exit and world leaders attended her burial. I have always asked what made her so LQÁXHQWLDO HYHQ LQ GHDWK 7KH DQVZHU LV servant Leadership. She was a servant leader that brought value to our world. According to (Patterson, 2003), a servant OHDGHU LV RQH ZKR ´VHHNV WR VHUYH ÀUVW DV the primary means of leading.” Mother 7KHUHVD PDGH VXFK D KXJH GLͿHUHQFH that the world noticed that she lived her life for the happiness of others. Organizations that want to make a GLͿHUHQFH PXVW DV D PDWWHU RI IDFW VHOHFW leaders who truly are servant leaders to drive the progress of that organizations. Any organization that has leaders who understand the concept of putting RWKHUV ÀUVW DERYH WKHPVHOYHV ZLOO PDNH faster progress. The culture of love, care and inspiration will motivate people to work with each other to achieve great result. There will be the practice of agape love that makes it possible for people to love each other despite of their mistakes. People will focus on each other’s strength and deliberately ignore WKHLU ÁRZV $FFRUGLQJ WR :LQVWRQ the basis for agape “is to consider each employee/follower as a total person with needs, wants, and desires.” I like to share an experience I had in P\ ÀUVW \HDU LQ FROOHJH 2QH GD\ , ZDV on my way to meet with the President of the university then I noticed that there were series of accidents involving motor bikes conveying students in

The best way to develop servant leadership traits is for you to start seeing yourself as a servant whose primary goal is to help others rise. Become a person driven by love for others and nation

and out of the school as a result of a leaking fuel tanker conveying fuel. So many students were injured as they kept tripping over the slippery ground. 'DQJHU ZDV ORRPLQJ DV QLJKW ZDV fast approaching. I convinced a few students to join me and we decided to pour sand on the road covering the HQWLUH DUHD WKDW ZDV DͿHFWHG E\ WKH IXHO It took us three hours to complete this intervention. The service we provided ended the accidents and we went home happy. Two years later when I decided WR FRQWHVW IRU WKH R΀FH RI WKH 6WXGHQWV Union President, a group of female students came to see me to declare their support for my candidacy. They had witnessed the incident I shared about and were amazed at my dedication to serve even without a title. They gave me great support and I won. Leaders must choose the part of service to others above self-interest. Jesus said, “For even the Son of Man did not come to be served, but to serve, and to give His life a ransom for many.” 0DUN I was teaching a very senior level leadership class and mentioned Simon Sinek, a great global leadership expert, speaker and author who wrote a book and titled it “Leaders Eat Last.” The entire class burst out laughing. To the entire class, that was opposite of the type of culture that exists in our nation. According to the class, in Nigeria most OHDGHUV HDW ÀUVW DQG ZLOO HYHQ HDW WKH remaining food meant for the followers. I believe we can change that culture and leaders can truly begin to practice the art of putting others before themselves. The best way to develop servant leadership traits is for you to start seeing yourself as a servant whose primary goal LV WR KHOS RWKHUV ULVH %HFRPH D SHUVRQ driven by love for others and nation. When you make this decision, you will experience a transformation that gives \RX D VHQVH RI IXOÀOPHQW WKDW UHDVVXUHV you that we rise by lifting others. We are at a cross road as a nation and it is time for all Nigerians to ensure that we elect servant leaders across the nation for Nigeria is indeed in need of servant leaders. Great people of Nigeria you must remember, when 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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The nation’s greatness exists as a promise, contends WEALTH DICKSON OMINABO As Germany marks its national day, PAUL OBI explores the geopolitics of the country and Nigeria’s diplomacy in a broader context

GERMANY, NIGERIA AND ILLS OF LOPSIDED DIPLOMACY In a world of turbulence and uncertainty, Germany’s place in the global power FRQÀJXUDWLRQ LV DV PXFK D VWURQJ IRUFH and a critical global player. Holding on to Europe as the powerhouse and European 8QLRQ (8 ELJJHVW HFRQRP\ LQ WKH ODVW three decades, Germany has held on to this power, in a more audacious and remarkable ZD\ WKDQ H[SHFWHG 8QGHU $QJHOD 0HUNHO Germany became the centre piece of global power. Emboldened by former President Donald Trump’s America First Policy, Merkel reset the global power equation and repurposed Germany’s foreign policy, where it became the centrepiece of the JOREDO SXEOLF VSKHUH DQG ZRUOG DͿDLUV

8QWLO KHU H[LW IURP SRZHU DQG DV German Chancellor, Germany was the indisputable world power in many lights. )URP GHIHQFH (8·V HFRQRPLF SRZHUKRXVH manufacturing, aviation and other critical needs, Germany showed in more than one aspects of how to aggregate global power and economic scale. But as Germany and the rest of Europe grew in bounds and reach, its energy and the source was primarily, and regrettably outsourced to Russia and the Kremlin. A policy that has QRZ IRUWLÀHG WKH .UHPOLQ XQGHU 9ODGLPLU Putin, now weaponzing gas and energy VXSSO\ WR *HUPDQ\ DQG RWKHU (8 PHPEHUV IROORZLQJ WKH 5XVVLDQ 8NUDQLDQ ZDU :LWK winter fast approaching, the weaponization of gas and energy now appears imminent. A situation that policy wonks believed is the greatest diplomatic threat in the turn of the century for Europe as a continent. (8 'LUHFWRU *HQHUDO RQ 7UDGH 6DELQH Weyand, also a German argued that (8·V JUHDWHVW GLSORPDWLF ÁRS ZDV WKH centralization and dependency on Russia and China. A miscalculation Germany is culpable and guilty of, and it’s now having a a big toll on the rest of Europe. Speaking with London-based Financial Times, Weyand explained that “we found out that we are dependent on Russia not just for fossil fuel, but on a number of critical raw PDWHULDOV :H FDQ·W DͿRUG WKDW 7KHQ ZH realise that there are certain dependencies with respect to China, and there also we have to be careful: we never know when dependencies might get weaponised.” Why Germany was surrounding its energy sources to Russia, it left blank bilateral relations with Nigeria, Africa’s biggest economy. The bilateral trade between the two continental giants of Europe and Africa hovered around $3.5 billion; with oil accounting for about $1.77 billion in 2021. Though, there are points

of interactions and intersections on trade, there are no concrete or deliverable plans beyond the fringes on trade and what this writer will term curtail diplomacy in Lagos and Berlin spearheaded by chambers of commerce. For more than six decades now, Germany and Nigeria’s diplomatic relations never moved beyond those curtails or got consolidated. Conversely, there are many great areas the two giants can build and foster big time trade agreements which would in turn enrich their diplomatic relations. These are conversations that the German Ambassador to Nigeria, Brigitt Ory DQG &RQVXO *HQHUDO %HUQG 9RQ 0XQFKRZ Pohl should lead and shape in Berlin. Thus, there’s every need for German companies to explore Nigerian agricultural sector and move the needle to mechanized farming ZKHUH WKH WZR FRXQWULHV ZLOO GHÀQLWHO\ garner comparative advantages. With the Kremlin now threatening Germany and the rest of Europe by politicising gas supply, it is incumbent on the German government under the new Chancellor, Olaf Sholz, to rethink its approach to the abundant Nigerian gas reserves. A retooling and redirection of Germany’s energy policy, with Nigeria as a strategic partner will GHÀQLWHO\ UHVHW *HUPDQ\·V EDODQFH RI SRZHU in Europe and globally. But more troubling, and as Wolfgang Ishinger noted in his classic work, World in Danger: Germany and Europe in an 8QFHUWDLQ 7LPH *HUPDQ\·V IRUHLJQ SROLF\ has for too long resided in a passive stance, particularly, in Africa, that a more robust debate aboutAfrica and Germany now needs to take centre stage. Ishinger, for instance, argued that “debate on fundamental foreign policy questions of our time is avoided rather than sort” despite increasing “greater foreign policy challenges.” For example, in Africa, Germany has not pursued rigorous approaches in which Nigeria is a formidable partner. The move to locate Germany’s Information and Cultural Centre Africa outside Nigeria is a case in point. Despite Nigeria’s wobbly political leadership, the geopolitics of its strategic GHPRJUDSK\ ORFDWLRQ DQG WKH VLJQLÀFDQFH of its economic, human and natural resources makes Nigeria an indispensable JOREDO SDUWQHU LQ DOO UDPLÀFDWLRQV ,W LV therefore important that the German government led by Olaf Scholz considers a retooling of its foreign policy on Africa with 1LJHULD DV D JUHDW SDUWQHU 6LJQLÀFDQWO\ WKH paradox of the lopsided diplomacy that has existed between the two nations for more than 60 years now ought to give way for a more vibrant relationship that builds on the industrial advantages of Germany and Nigeria’s exceeding natural resources and economic fortunes. As the President Muhammadu Buhari’s administration heads to its exit, the German government VKRXOG UHVWUDWHJL]H LWV IRUHLJQ SROLF\ ÀUVW by considering Nigeria as a dependable partner in its energy sector and as a key global player. Obi LV D MRXUQDOLVW DQG D 5HVHDUFK )HOORZ DW WKH Abuja School of Social and Political Thought, LQWHUHVWHG LQ PHGLD HOHFWLRQV SROLWLFV DQG GHPRFUDF\

NIGERIA AT 62: SECOND GUESSING OUR NATION’S GREATNESS Celebrations of independence anniversary or national day are a global trend observed in many countries as a sign of thanksgiving and totem of faith, celebrating the valiant spirit of citizens and leaders who carried out various advocacy to guarantee their nation’s freedom and liberty. Across the world, days like this are often marked with fanfare amid commitment by leaders on how they will improve the fate of their nation. In Nigeria, independence anniversaries are mere jamboree of speeches and fanfare. They are moments characterised by monotonous speeches, sometimes full of lies and fake promises of hope by the political elite. As Nigeria celebrates its 62nd

LQGXVWULRXV 1LJHULDQV ZKR KDYH GHÀQHG our nation’s greatness and brought glory, honour, and pride to Nigeria and Africa through their creativity. Beyond these, where is Nigeria’s greatness that the politicians often talk about? Where are the promises of hope, justice, freedom, and equity birthed at independence? Where is the glory and honour that politicians swear always to uphold? Our nation’s greatness exists as a promise and not a reality. The ones who have made Nigeria great excelled through their striving and self-determination. Today, the dream of many citizens is to travel abroad and free themselves from the air of despair that permeates the land. Almost every youth wants to “jappa,” to hustle, and reroute their destines and seek a better life. This is so because Nigeria is becoming a sinking ground- where hopes and destines are crashed daily because of poor leadership and a laisser-faire approach to governance by the political elites. This moment reminds me of American Abolitionist activist Fredrick Douglass and his famous speech “What to the Slave is the Fourth of July?”. On July 5, 1852, during an event marking the independence day celebrations of America, Frederick Douglass delivered independence anniversary, politicians will this famous speech that continues to XVH GLͿHUHQW SODWIRUPV WR UHKDVK SROLWLFDO resonate in the hearts and minds of many promises and proclaim Nigeria’s greatness worldwide. Douglass spoke about the vanity of the independence day celebration since its independence. Leaders are messengers of hope; they are when many citizens of America were still to inspire citizens to greatness and set an subjected to the indignity of slavery and agenda for the progress of their country. So, dehumanization. In the absence of justice it is understandable when leaders seize the and equity, Douglass queried the essence moments of celebrations to encourage the of the independence anniversary. He citizenry to be optimistic about the boundless noted that the independence anniversary promises that exist for them in their land, only served the interest of a few as he and mobilizing citizens towards the national cause many other citizens could not substantiate QRU FRPSUHKHQG WKH VLJQLÀFDQFH RI WKH of unity, faith, peace, and progress. A national day shouldn’t be a day for anniversary. He said: “I am not included within self-adulations, political brinkmanship, and display of narcist political opinions and the pale of glorious anniversary! Your triumphalism. It should be moments of truth, high independence only reveals the reconciliation, and hope. National days should immeasurable distance between us. The be days of accountability, where leaders blessings in which you, this day, rejoice mount the rostrum to give an account of their are not enjoyed in common. The rich stewardship, acknowledge areas of challenge, inheritance of justice, liberty, prosperity and commit to their political promises and and independence, bequeathed by your fathers, is shared by you, not by me. The national aspirations. This year, we celebrate Nigeria’s sunlight that brought light and healing to independence anniversary amid numerous you, has brought stripes and death to me. challenges and questions about our unity and This Fourth July is yours, not mine. You nationhood. The country is overwhelmed with may rejoice, I must mourn.” As we celebrate the independence many problems: insecurity, unemployment, poverty, industrial crisis, ethnic agitations, anniversary of Nigeria at 62, there are corruption, climate change, and many more. millions of citizens who are mourning; We have celebrated our independence they mourn the death of their loved ones, anniversary for 62 years, rehashing tales of they mourn the loss of their peace, they Nigeria’s greatness and making new promises mourn their homelessness; how they have been displaced from their ancestral homes without commitment. Apart from the elites, many Nigerians and have become prisoners of fate living VHDUFK IRU ZKHUH WR ÀQG 1LJHULD·V JUHDWQHVV in refugee camps for years and cannot go beyond the pages of books where stories of back home. Many citizens are mourning our arts and cultures are written or in theatres the varying degrees of injustice in the where we watch acts and scenes about our land. Students mourn the loss of semester history, ancestry, and common heritage. Our and productive months wasted at home greatness is perhaps seen and felt mostly on because of the industrial action by the screen when we watch our national teams $FDGHPLF 6WDͿ 8QLRQ RI 8QLYHUVLWLHV compete at international events, displaying because of the Federal Government’s unity of purpose, blurring lines of tribes and inability to abide by agreements. religions, and winning laurels for the country. Ominabo The sound of Nigeria’s greatness is mainly LV WKH &RPPXQLFDWLRQV R΀FHU DW WKH heard in the rhythm of our poetry and music. Goodluck Jonathan Foundation. Kudos to our musicians and other talented and

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EDITORIAL

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

STATES AND THE DEBT CRISIS The states must trim the enormous costs of governance and free resources for development

he domestic debt outlook in many of the 36 states is increasingly darkening. From N3.03 trillion in 2015, their collective GHEW SURÀOH WRJHWKHU ZLWK WKDW RI WKH FCT has climbed to N5.28 trillion in the second quarter of 2022. According to WKH 'HEW 0DQDJHPHQW 2΀FH '02 /DJRV 6WDWH has the highest domestic debt stock of N797 billion, accounting for 15 per cent of the total sub-national GRPHVWLF GHEW IROORZHG E\ 'HOWD 6WDWH ZLWK 1 ELOOLRQ DQG 2JXQ 6WDWH ZLWK 1 ELOOLRQ DV RI -XQH -LJDZD (ERQ\L DQG .HEEL 6WDWHV KDYH WKH OHDVW domestic debt stock. What compounds the situation is that most of these debts being incurred for future generations of Nigerians are expended on projects that bring little or no returns on investment. <HW WKLQJV ZLOO OLNHO\ JHW ZRUVH ZLWK WKH HYHU declining oil revenue from Abuja. According to the World Bank, the VWDWHV ZRXOG ORVH DERXW 1 ELOOLRQ LQ RLO DQG JDV UHYHQXHV LQ DV ZRUVHQLQJ UHYHQXH UHPLWWDQFH from the Federation Account Allocation Committee )$$& LQFUHDVHV WKHLU EXGJHWDU\ SUHVVXUHV 7KH EDQN ZDUQHG WKDW PDQ\ VWDWHV ZRXOG EH XQDEOH WR PHHW XS ZLWK WKHLU H[SHQGLWXUHV JLYHQ DQ LQFUHDVH LQ WKHLU debt servicing expenditures. ,QGHHG WKH ULVLQJ GHEW SURÀOH UDLVHV VHULRXV concerns, as most of the states have feeble revenue EDVH WRR ZHDN WR VHUYLFH WKH PRXQWLQJ GHEWV ´,W invariably becomes a debt problem and possibly a GHEW FULVLV µ VDLG WKH &KLHI ([HFXWLYH 2΀FHU &HQWUH IRU WKH 3URPRWLRQ RI 3ULYDWH (QWHUSULVH 0XGD <XVXI ´7KH JRYHUQPHQW·V DFWXDO UHYHQXH FDQ KDUGO\ FRYHU WKH UHFXUUHQW EXGJHW ZKLFK LPSOLHV WKDW WKH HQWLUH capital budget and part of the recurrent expenditure DUH EHLQJ IXQGHG IURP ERUURZLQJ 7KLV LV VXUHO\ QRW sustainable.” For many of the states, the situation is so dreary that they cannot even take care of half their needs. The 1LJHULD *RYHUQRUV· )RUXP 1*) WKH XPEUHOOD ERG\

for the 36 states governors, admitted recently that PRVW VWDWHV ZHUH DOUHDG\ H[SHULHQFLQJ ÀVFDO VWUHVV and that continued decline in their revenue from the federal purse might cause crisis in meeting their UHFXUUHQW H[SHQGLWXUHV 6WDWHV OLNH =DPIDUD 7DUDED DQG PDQ\ RWKHUV DUH QRW RQO\ RZLQJ EDFNORJ RI ZRUNHUV· VDODULHV EXW WKH\ DUH DOVR \HW WR LPSOHPHQW WKH QDWLRQDO PLQLPXP ZDJH RI 1 VLJQHG LQWR ODZ VLQFH 7KLV LV LQ VSLWH RI WKH VWHDG\ ULVH LQ WKH FRVW RI JRRGV DQG VHUYLFHV )RRG LQÁDWLRQ LV R΀FLDOO\ put at more than 23 per cent, the highest rate in 17 years. Despite the misery in their doorstep, many of the states are still on a spending binge. The travel budget of a state governor is in most cases far bigger than the education budget RI WKHLU VWDWH HYHQ ZKHQ WKH VFKRROV ZLWKLQ WKHLU jurisdictions operate under trees or are at best rag-tag HQFORVXUHV ZLWK VTXDOLG infrastructure. Many of the state governments have scores of agencies and FRPPLVVLRQV ZKLFK DGG QR YDOXH WR JRYHUQDQFH Huge sums of money are expended annually on aides, ZLWK QR GHÀQHG MREV ZKDW ZLWK &URVV 5LYHUV· SHUVRQDO DVVLVWDQWV DQG =DPIDUD WKDW FDQ KDUGO\ SD\ its teachers holding on to more than 3000 advisers and assistants. Besides, public funds are diverted WR SROLWLFDO DFWLYLWLHV ZKLOH WKH EXULDO DQG ZHGGLQJ FHUHPRQLHV RI IDPLO\ PHPEHUV RI WRS SXEOLF R΀FHUV are turned into state carnivals at huge expense to the public. What the current challenge calls for is not to ERUURZ PRUH PRQH\ EXW UDWKHU WR KDYH D VHULRXV UH WKLQN RI WKH IXQGDPHQWDO DVVXPSWLRQ RI WKH ÀVFDO DUUDQJHPHQWV 7KH VWDWHV PXVW FXW GRZQ RQ WKH enormous costs of governance and free resources for development and payment of salaries. They must FUHDWH ZHDOWK WR UXQ WKHLU VWDWHV DV WKH WHPSODWH XQGHU ZKLFK VWDWH JRYHUQPHQWV H[LVW DV PHUH SD\ R΀FHV IRU redistributing the monthly proceeds of oil rent from Abuja is fast outliving its value.

States must create wealth as the template under which state governments exist as mere pay oﬃces for redistributing the monthly proceeds of oil rent from Abuja is fast outliving its value T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

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

LETTERS A COUNTRY ON THE CUSP OF GREATNESS 1LJHULDCV QG LQGHSHQGHQFH DQQLYHUVDU\ EULQJV ZLWK LW D UXVK RI PHPRU\ D FOHDU DQG GLVWLQFW VHQVH RI QRVWDOJLD RQ ZKDW could have been for the Giant of Africa; of a prodigious potential WKDW KDV QRW EHHQ IXOÀOOHG RI DQ LQFRPSDUDEOH RSSRUWXQLW\ JRQH begging; and of an indescribable sense of a loss. There appears WR EH TXLWH D ORW WR UXH ZKHQ RQH FRQVLGHUV WKDW $IULFDCV JUHDW KRSH KDV IDLOHG WR UHDOO\ NLFN RͿ DQG EHFRPH WKH VKLQLQJ OLJKW that many predicted at independence. 7HHWKLQJ SUREOHPV ZKLFK LQFOXGHG D EORRG\ FLYLO ZDU ZHUH H[SHFWHG WR EH WKH G\LQJ RI WKH VHHG ZKLFK QHFHVVDULO\ DQG QDWXUDOO\ SUHGLFWV LWV VSURXWLQJ DQG ÁRZHULQJ +RZHYHU LW LV ZLWK VLJKV RI GLVDSSRLQWPHQW WKDW 1LJHULDQV ZKR ZHUH DURXQG EHIRUH LQGHSHQGHQFH DQG WKRVH ERUQ LQWR WKH VXͿRFDWLQJ VWUXJJOH VLQFH then have continued to greet the passage of each mediocre year marked by stagnation. There has been frustration, desperation DQG GHVSDLU ,I 1LJHULD ZDV DQ DQLPDWH DQG DQLPDWHG VWRU\WHOOHU DEOH WR WHOO LWV VWRU\ E\ LWVHOI WKDW VWRU\ RI FRXUVH ZRXOG EH RQH IXOO RI WKH KLJKV DQG ORZV ,Q 1LJHULDCV FDVH LW ZLOO EH D VWRU\ UHSOHWH ZLWK WKH WUDJLF IDLOXUH RI OHDGHUVKLS WKDW KDV VHHQ D FRXQWU\ WKDW ZDV RQFH $IULFDCV JUHDW KRSH EHFRPH LWV JUHDW SDLQ ,W ZRXOG DOVR EH D VWRU\ IHDWXULQJ WKH PDQ\ LQVWDQFHV ZKHQ UREXVW IROORZ-

ership has failed to come alive in Nigeria to put a complacent leadership under enough pressure to force change. It remains a mammoth misfortune that every year especially in the last seven years under the All Progressives Congress, ZKHQHYHU 1LJHULDCV LQGHSHQGHQFH DQQLYHUVDU\ FRPHV DURXQG WKRVH ZKR XVH VXFK DQQXDO RSSRUWXQLWLHV WR UHÁHFW RQ WKH MRXUQH\ RI WKH FRXQWU\ VR IDU KDYH QRWKLQJ WR FRPSDUH EXW ZRXQGV and nothing to tell but old, painful tales rehashed until the ORQJ VXͿHULQJ FLWL]HQV RI 1LJHULD QHHG WR EH UHOLHYHG RI WKHP :KHQHYHU WKH FKURQLFOHV RI WKH FDQFHUV WKDW KDYH HDWHQ DZD\ DW 1LJHULD DUH RSHQHG WKH 1LJHULDQ PLOLWDU\ ZLOO ÀQG FRQVSLFXous chapters ascribed to it. That in the last seven years, Nigeria KDV KXͿHG DQG SXͿHG WR OLWWOH HͿHFW XQGHU VRPHRQH ZKR RQFH ruled Nigeria in a military capacity, has forced the country to rePHPEHU WKDW D FRXQWU\ WKDW ZDV VWLOO VWUXJJOLQJ WR ÀQG LWV IHHW E\ ZRXOG KDYH LQ DOO SUREDELOLW\ RYHUFRPH LWV WHHWKLQJ SUREOHPV DQG JRQH RQ WR IXOÀO LWV SURGLJLRXV SURPLVH ZHUH LW QRW IRU WKH HJUHJLRXV PLOLWDU\ FRXSV RI ZKLFK KDVWHQHG WKH 1LJHULDQ FLYLO ZDU DQG ODLG WKH IRXQGDWLRQV IRU WKH SUREOHPV WKDW DUH WRGD\ SHHOLQJ DZD\ WKH FRXQWU\ OD\HU E\ OD\HU That more than 20 years after his death the infamous Abacha

ORRW LV VWLOO EHLQJ UHSDWULDWHG WR WKH FRXQWU\ LQ WUDQFKHV UHÁHFWV 1LJHULDCV GLVWXUELQJ VWUXJJOH ZLWK PRQVWURXV FRUUXSWLRQ The signs of promise are still there. In 1999, months after a providential death forced the Nigerian military to go into labour ZLWK 1LJHULDCV GHPRFUDF\ GHPRFUDF\ UHWXUQHG WR WKH FRXQWU\ ,W survived that comically odious attempt at tenure elongation by 2OXVHJXQ 2EDVDQMR LQ ,I UHFHQW DFFRXQWV ZKLFK KLQWHG DW a military intervention are to be believed, Nigeria`s democracy VXUYLYHG PRUH WKDQ MXVW WKH WKLUG WHUP ÀDVFR ,W KDV FRQWLQXHG WR SURYLGH 1LJHULDQV ZLWK RSWLRQV ,Q LW RͿHUHG 1LJHULD DQ RSWLRQ ZKLFK LQ KLQGVLJKW WXUQHG RXW WR be a disaster. But an option nonetheless. Next year, democracy ZLOO JLYH 1LJHULDQV D FKDQFH RI FKDQJLQJ WKH GLUHFWLRQ RI WKHLU FRXQWU\ DW WKH SROOV ,W LV D FKDQFH 1LJHULDQV PXVW JUDE ZLWK both hands. If Nigerians have learned anything in the last seven years, it is that darkness can be multilayered. There is still light at the end of the tunnel. It could yet be that WKH SDLQV 1LJHULD DQG 1LJHULDQV KDYH NQRZQ DOO WKHVH \HDUV DUH of childbirth. Kene Obiezu, @kenobiezu

T H I S D AY ˾ MONDAY, OCTOBER 3, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

S E P T E M B E R

S & P INDEX

3 0 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

SLF: Banks, Others’ Borrowing From CBN Decline by 16.8% to N17.6trn

Kayode Tokede Deposit Money Banks (DMBs) and merchant banks borrowing from the Central Bank of Nigeria (CBN) discount window, known as the Standing Lending Facility (SLF) and Repurchase (Repo) arrangement., dropped by nearly 16.8 per cent Year-on-Year (YoY) to N17.6trillion in nine months of 2022 from N21.17trillion in corresponding nine months of 2021. The SLF window in 2022 has

witnessed contraction as banks and merchant banks shun the lending window of CBN over uncertainty surrounding the nation’s economy post 2023 elections. CBN has SLF and Repo for banks short-term lending windows at a single interest rate. As the CBN lends to banks through the SLF at an interest rate of 100 basis points above the 14 per cent (now 15.5 per cent) Monetary Policy Rate (MPR), it also lends to banks and merchant

banks through Repo agreement. According to the financial data by CBN, banks’ and merchant banks borrowing through the CBN’s SLF/Repo dropped by 57.2 per cent MoM to N1.19 trillion in September from N1.62 trillion in August 2022. The breakdown revealed that banks and merchant banks borrowing through the SLF was at N675.9billion in September, a decline of 43.06 per cent from N1.19 trillion in August, while borrowing through Repo also

dropped by 68 per cent to N522 billion in September from N1.62 trillion in August. Similarly, banks and merchant banks borrowing through SLF dropped by 19 per cent MoM to N1.19 trillion in August from N3.07 trillion in July, whilst banks’ borrowing through Repo arrangement also dropped significantly in August by 47 8 per cent MoM to N1.62 trillion from N3.07 trillion in July. The above development according to the analysts was due

to tight liquidity conditions in the banking system. With the World Bank projection of 3.4 per cent economy growth for Nigeria in 2022, analysts have expressed that without banks’ involvement in lending, the domestic economy, the domestic economy might not achieve the forecasted target by international agencies, coupled with other internal challenges. Analysts stated further that the improved business activities post-covid-19 paved the way for

banks and merchant banks to halt borrowing from the CBN. According to them, banks are taking caution to lend to real sector, as the country is preparing for 2023 general elections. Speaking with THISDAY, the Vice President, Highcap Securities Limited, Mr. David Adnori said uncertainty in the nation’s economy forced banks and merchant banks to shun borrowing from CBN. According to him: “Banks Continued on page 26

MPR: Investors Spurn Equities for Fixed Incomes Market Nume Ekeghe With the recent decision by the Central Bank of Nigeria (CVB) to raise the Monetary Policy Rate (MPR) by 150bps to 15.50 per cent from 14.00 per cent, the response of the market has seen a vast number of retail and corporate entities divesting from the equities market to the safety net of fixed incomes securities.

and 194bps to 7.07 per cent and 13.04 per cent as of the 27th of September with analysts forecasting that the recent MPR hike would be an increased uptick in this market. Analysts at Meristem noted in the coming months, the odds remain in favour of risk-free assets. They stated: “The fixed income market has been the

This was observed over the past four months as the equities market has been on a decline with the Nigerian All Share Index dropping by 1.63 per cent to close trading at 49,024.16 points on September 30, 2022, as the yield on investment securities has also risen over the period. The average Treasury Bills and Bond yields rose by 310bps

preferred investment destination for investors since the MPC adopted a hawkish stance in May 2022. Investors have continued to price in further rate hikes and market risk; thus, fixed income instruments have remained relatively attractive compared to the equities market. For context, the stop rates across the trio instruments at the primary market auction

(PMA) for treasury bills have been on an uptrend, increasing by an average of 437bps between the 25th of May and the 28th of September. “In the secondary market, the average T-Bills and FGN Bond yields also increased to 7.07 per cent and 13.04 per cent as of the 28th of September from 4.14 per cent and 11.09 per cent, respectively, on the

25th of May.” They noted that the gradual rotation of funds to the primary market was due to increased stop rates at auctions, which has been the major contributor to the increase in yields in the secondary market. On gains of the fixed incomes and outlook for the third quarter Continued on page 26

M A R K E T D ATA A S AT F R I D AY, S E P T E M B E R 3 0 , 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

12.12

99.60

13.72

96.84

13.70

110.60

13.07

100.82

13.07

Change Updated Time (%) September -0.01 30, 2022 September 0.47 30, 2022 September 0.50 30, 2022 September 0.00 30, 2022 September 0.52 30, 2022

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

Discount

CPS

5.69

5.70

5.91

5.95

6.51

6.65

6.62

6.78

Change Updated Time (%) September 30, 0.00 2022 September 30, 0.00 2022 September 30, 0.00 2022 September 30, 0.00 2022

7.05

September 30, 0.00 2022

6.84

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 17.25 17.45 11.11 11.20 10.26 10.34 13.61 13.82 12.64 13.42

Change Updated Time (%) 30, 0.00 September 2022 30, 0.00 September 2022 30, 0.00 September 2022 30, 0.00 September 2022 30, 0.00 September 2022

OTC F X F U T U R E S CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS OCT 26 449.69 September 30, 1 2022 2022 September 30, NGUS NOV 30 2 451.43 2022 2022 NGUS DEC 28 453.18 September 30, 3 2022 2022 NGUS JAN 25 454.92 September 30, 4 2023 2022 NGUS FEB 22 456.67 September 30, 5 2023 2022

MONDAY, OCTOBER 3, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NBC Targets 40% Net Zero Emission by 2040 Gilbert Ekugbe The Nigerian Bottling Company (NBC) Limited has announced plans to hit 40 per cent net zero emission in 2040, noting that the move is coming on the heels of the declaration made by the United Nations (UN) to bring global energy-related carbon dioxide emissions to net zero by 2050. The Managing Director NBC, Mr. Matthieu Seguin, stated that the company is investing massively into critical infrastructure to help achieve this target. Seguin stated this during the NBC Stakeholders’ forum 2022 in Lagos to intimate its stakeholders on the progress it has made so far as a company. According to him, the company’s commitment to the environment is total, adding that all of its stakeholders are on board to positively impact the environment in its bid to make a difference. He said the stakeholders’ forum provides another opportunity for the company to engage with its stakeholders on combating climate change through resource efficiency while also co creating solutions for business profitability. “This meeting will allow us for a deeper reflection on endless possibilities that exist in combating climate change as part of our efforts

to broaden climate mitigation options, initiatives beyond unseen energy efficiencies and accelerate the shift to renewables, which we have been driving all across our plants whether it is gas or solar panel,” he said. He said Coca Cola has recently unveiled a roadmap to renewable energy transition in its manufacturing operation, saying that the move is coming on the heels of series of investment made by the company to operate a sustainable role of manufacturing to achieve its 2040 target. “However, we recognize that those goals that we set for ourselves are by no means easy and all of our stakeholders are on board with us on the journey to make a change that will positively impact the environment and make a difference. Also speaking, the Minister of Environment, Mohammed Abdullahi, represented by the Director General, National Council on Climate Change, Salisu, said for Nigeria, the target for net zero is 2060 reason being that the nation lacks the right infrastructure to achieve the feat, calling on the private sector to invest massively into critical infrastructure in the country. He said the government has taken bold steps to addressing climate change by signing into law the Climate change act while also inaugurating the National Council

on Climate Change (NCCC) “This is the third in the series and this means that Coca Cola is not only committed to climate change discourse, but acting the climate in discourse and doing it in a very sustainable manner for climate change, the challenges enormous and require participation by every sector. We will continue to partner and increase our collaboration with Coca Cola and the private sector to combat climate change,” he added. On his part, the Managing Director, Coca-Cola, Nigeria, Mr. Alfred Olajide, said combating climate change is a collective action to make a transformational change, pointing out that no one company will be able achieve to address the issue of climate change. “It is complex, it is dynamic and requires dimensional mitigation and initiatives to properly address and as a Coca Cola system, climate change is a priority for us and we know and hold ourselves accountable, that we have the responsibility to reduce the carbon footprint across our value chain. We have the responsibility to foster partnerships that drive positive change, and improve business resilience by managing not just the short term risk but also impacts that change the climate for the long term,” he said.

What You Should Know About Use of Retirement Savings for Residential Mortgage (I)

FAO Hails Rice Revolution, Urges FG to Build Resilience for Farmers James Emejo in Abuja The Food and Agriculture Organisation (FAO) has commended Nigerian farmers for their resilience and contribution to food security particularly the revolution witnessed in local rice production. The organisation’s Assistant Director General/Regional Representative for Africa, Abebe Haile-Gabriel, said Nigerian smallholder farmers had been spectacular and had made remarkable in rice production amidst several obstacles. The United Nations institution, however, urged the federal government to build the resilience of Nigerian farmers to manage the various risk factors plaguing the agricultural sector rather than managing disasters Haile-Gabriel, alongside FAO Deputy Director of the Office of Emergencies and Resilience, Shukri Ahmed, is in Nigeria on a high-level mission to strengthen solidarity and amplify the voice of humanitarian actors in advocating support to stem food insecurity across the country. Speaking at a media briefing in Abuja, Haile-Gabriel said, a hitherto imported-depended

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)

country, Nigeria has been able to reverse the trend by boosting production and aiming toward self-sufficiency in rice cultivation. He said, “Nigeria used to be dependent on imported rice. But in the past few years, Nigeria has done a fantastic job in the production of rice locally, moving towards self-sufficiency. “So, Nigeria has done a lot, it may not be enough but that is why there is a need for partnership to support the efforts of the government.” Ahmed, however, emphasised the need to de-risk the sector for vulnerable farmers. He said, “These floods would come again, these droughts would come again, how can we prepare ourselves better to prevent the impact that they’re going to have on people?” He added that though managing

disasters had become fashionable in the continent, there was a need to embrace risk mitigation to build farmers’ resilience to shocks. The FAO noted that the disasters occasioned by displacement due to conflict, floods, droughts and several other climate-related occurrences have become regular features that require adequate preparation to deal with going forward. According to the FAO advisory, the visit reiterates the organisation’s commitment at the highest level to building the resilience of agriculture-based livelihoods to multiple shocks. The delegation will also meet with selected senior government officials in the Federal Ministry of Agriculture and Rural Development and the Federal Ministry of Humanitarian Affairs, UN Heads of Mission and development partners in Abuja.

How VAB Solutions Will Help SMEs to Digitise in Digital Era Emma Okonji VAB Solutions Limited, an indigenous IT firm located in Victoria Island, Lagos is bringing to the market, robust IT and cyber security solutions that is tailor-made for Nigerian firms, aimed at deepening the small business productivity and continuity. Speaking to the media about the solution, the Managing Consultant of VAB Solutions Limited, Voke Benjamin Agadagba, said: “VAB acronym was derived from Values Added Business. Our core areas of interest are IT infrastructure and IT Security. We advise our customers and potential customer on the benefits from an end to end solution of their pain points. We render solutions that will embed the customer’s systems for a long time. Many companies sell security solution, but the question is how long does it take for the customer to realise that the tool you have provided lacks some features or does not do the work as expected. In lieu of the above

we only partner with OEMs that have long lasting credibility in the market and solutions that embed itself with the customer.” According to Agadagba, “We sell security solutions for the Enterprise Market and Small medium organisations, we also factor the organisation budget in offering their security needs. Being an organisation that prefers to render value, we have strong relationships with our vendors and preach the needs to factor all organisations in our sales circle. So, we do not have a particular market we are focused in, we can work with the small firms and big conglomerates,” Data Breach can be prevented by taking certain security measures which includes but is not limited to; Ensuring the security application software are running and are up to date; Using multifactor authentication where necessary; and the need for up-dated system is critical. As criminals get more sophisticated, the need to have an updated system becomes important,” Agadagba further said.

PENCOM DG, Aisha Dahir-Umar The National Pension Commission (PenCom) recently issued Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders. This laudable development has actualised the provisions of Section 89 (2) of the Pension Reform Act (PRA 2014), which provides that “a Pension Fund Administrator may, subject to guidelines issued by the Commission, apply a percentage of the pension assets in the retirement savings account towards payment of equity contribution for payment of residential mortgage by a holder of Retirement Savings Account”. In line with its consultative approach, PenCom obtained input from stakeholders in the housing development and mortgage financing sectors and the Pension Industry to ensure more efficient utilisation of retirement savings for residential mortgage. Specifically, the Guidelines set eligibility criteria for RSA holders and established documentation standards and implementation modalities for Licensed Pension Fund Operators (LPFOs). Presented below are key highlights of the Guidelines:

contribution required by the Mortgage Lender. Where the value of 25% of the RSA is lower than the equity contribution required by the Mortgage Lender, the RSA holder is required to deposit the difference with the Mortgage Lender before 25% of the RSA balance can be applied as equity contribution. Meanwhile, where the value of 25% of the RSA balance is more than the required equity contribution, the RSA holder can only access an amount equivalent to the equity contribution required by the Mortgage Lender. Meanwhile, the Guidelines allow applicants to utilise the contingent portion of their Voluntary Contribution (VC) for equity contribution, in line with the Voluntary Contribution Guidelines under the CPS. Notwithstanding the above provision, NSITF and Pre-Scheme contributions in respect of an active RSA contributor may form part of the RSA balance in determining the 25% equity contribution subject to the applicant fulfilling all other requirements. If an RSA holder wishes to include the contingent portion of VC, NSITF and Pre-Scheme contributions to his equity contribution, the applicant must sign a consent form with the PFA to that effect.

COVERAGE

GENERAL RULES

The Guidelines cover salaried employees or self-employed persons in active service who are making monthly/periodic contributions to their RSAs. A Contributor under the Micro Pension Plan (MPP) is also covered.

ELIGIBILITY

The Guidelines provide that an interested RSA holder (applicant) must have an Offer Letter for the property duly signed by the property owner and verified by the Mortgage Lender. The RSA of the applicant must have both employer and employee’s mandatory contributions for a cumulative minimum period of 60 months (five years). Married couples, who are RSA holders, are eligible to make a joint application, subject to individually satisfying the eligibility requirements. If registered before 1 July 2019, RSA holders must have their records updated through the RSA data recapture exercise. Application for equity contribution for a residential mortgage must be done in person and not by proxy. It is imperative to note that RSA Holders with less than three years to retirement are not eligible.

LIMIT FOR EQUITY CONTRIBUTION

The Guidelines set the maximum amount that can be withdrawn as equity contribution for a residential mortgage at 25% of the total RSA balance as at the date of application, irrespective of the percentage of equity

An RSA holder can only access his RSA once for the purpose of equity contribution for a residential mortgage. Where an RSA holder had accessed the RSA balance for residential mortgage and 25% due to loss of job, the RSA holder is allowed to access lump sum at retirement provided that the RSA balance is sufficient to procure a programmed fund withdrawal or annuity for life in accordance with the extant guidelines issued by the Commission. It is noteworthy that when an RSA holder accesses the RSA balance for a residential mortgage, the RSA holder signs a consent form with the PFA before accessing 25% due to job loss. Similarly, where a pension contributor had accessed the RSA balance due to job loss, the RSA holder signs a consent form with the PFA before accessing his RSA balance for a residential mortgage. At this juncture, it is essential to state that this innovative development provides access to equity finance for RSA holders in the Contributory Pension Scheme (CPS), which will improve their living standards by facilitating their ownership of residential homes during their working life. The Commission is optimistic that this development will enhance enrolment in the CPS as an incentive for employees yet to open RSAs. In Part II, we will continue our presentation on the key highlights of the Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders.

MONDAY OCTOBER 3, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 3, 2022

BUSINESSWORLD

NEWS

MPR: INVESTORS SPURN EQUITIES FOR FIXED INCOMES MARKET of 2022, analysts at Parthians Partners added: “In the local fixed income market, we expect yields across the treasury bills and bond spaces to continue to trend upwards in tandem with the high yield environment, despite the expected N272bn coupon payment. “Going forward, we expect the hike in the MPR to fuel a further uptick in stop rates at the PMAs and keep yields elevated in the secondary market. This outlook is further bolstered by the expectation of tighter system liquidity, following the Committee’s

decision to increase the Cash Reserve Ratio (CRR). Other factors projected to contribute to an uptick in yields are the high cost of borrowing in the international market, which makes the domestic market a more viable option to fund the FGN’s budget deficit and the high demand for a positive real rate of return amid surging inflation. “Aside peculiar challenges to be resolved by individual economies, we expect the SSA Eurobond market to maintain the bearish trend in Q4 2022, as the end of the US Fed hawkish policy, and thus rate hikes, is

not within sight.” On their part, analysts at United Capital stated: “Looking ahead, the MPC pledged to continue to hike rates if persistent inflationary pressures persist. It remains to see how much the increased monetary policy will have on inflationary pressures, given that inflationary pressures have been largely cost-push. Following the hike, we expect significant disruptions across all asset classes. For the fixed income markets, we expect an uptick in the yield environment and an uptick in fixed income

SLF: BANKS, OTHERS’ BORROWING FROM CBN DECLINE BY 16.8% TO N17.6TRN and merchant banks have excess liquidity and might not need to borrow from CBN. Besides, economic uncertainty has started to surface following the 2023 general elections.” In his reaction, analysts at PAC Holdings, Mr. Wole Adeyeye maintained that banks and merchant banks in 2021 had borrowed enough funds from the CBN to meet their daily obligations. He stressed that the nation’s economy last year had normalized, giving room for banks and merchant banks to reduce borrowing from the CBN in 2022. Adeyeye explained that banks and merchant banks are maintaining effective risk management in a move to cutdown down Non-performing Loan (NPL) in the financial sector. He added that: “banks and merchant banks with increasing

deposit from customers prefer to lend from their books rather than accessing the CBN discount windows to borrowing needed funds to run daily operations.” According to the data seen by THISDAY, banks and merchant banks have borrowing from CBN has witnessed mix outcome in 2022 as analysts noted that scarcity of liquidity and inflation rate a times forced them to access the discount windows. Recently, the Governor, CBN, Mr. Godwin Emefiele expressed concern the continued aggressive movement in inflation, even after the rate hike at its last meeting, and expressed its unrelenting resolve to restore price stability while providing the necessary

support to strengthen the fragile recovery. According to him, “As regards the decision as to whether to tighten, loose or hold, Members were unanimous and so did not consider both loosening and retaining rates at existing levels at this meeting. “This is because on loosening, the MPC felt it could worsen the existing liquidity condition in the economy and further dampen money market rate, necessary to stimulate savings and investment. Members also felt that loosening would trigger the weakening of the exchange rate which could pass through to domestic prices.”

instruments. We expect this monetary tightening to hurt access to domestic credit

for the real sector. For the equities, we expect the twin hike to further fuel the bear

market as investors reallocate funds to the fixed income markets.”

T H I S D AY • MONDAY, OCTOBER 3, 2022

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Efayomi: Nigeria’s Budding Startup Ecosystem Among Biggest in Africa Seeing firsthand how startups catalyse innovation and unleash opportunity for communities, the Principal of Flourish Ventures, Efayomi Carr, talks about funding as a venture capitalist, the startup industry, and the Nigerian tech space as a whole. Nosa Alekhuogie brings the excerpts. which make them attractive investment destinations. According to the African Development Bank’s (AfDB) 2021 report, these four countries account for about a third of the continent’s startup incubators and accelerators and receive 80 per cent of foreign direct investment (FDI) into Africa. Nigeria leads these countries in terms of the value of investments received. However, Nigeria lags slightly behind South Africa and Kenya when other factors like economic potential, business climate, cost effectiveness, connectivity, and worker’s experience are brought into consideration. A report by Briter Bridges ranks South Africa and Kenya first and second respectively, with Nigeria further down in sixth. South Africa’s startup scene and VC networks are slightly more advanced and developed, which is what makes them the leader on the continent. Kenya has made major strides in recent years to become one of the forerunners in the fintech space and boasts the highest number of coding schools. Nigeria can climb even higher up if there are more favourable government policies are put in place, and infrastructural issues such as poor internet speed, access and connection are resolved.

As a venture capitalist, what’s your ﬁrm’s primary focus in terms of funding? ur end goal is a more inclusive global economy, and we believe that the way to achieve this is to create a robust ecosystem. That is why we seek out partners who are innovating to meet this purpose or have a role to play in developing beneficial policies and regulations. Beyond that, we assess the viability of the firms we invest in to ensure that their business models are in line with what we look for, as well as scalable.

Can you give us a background on yourself and your company? I joined Flourish Ventures in 2020 as a principal, prior to which I was head of strategic finance for Lori, a tech startup building cost-saving market infrastructure for the trucking industry in Africa. Eventually, I was appointed chief financial officer (CFO) Lori and helped guide the company financially through the COVID-19 crisis, helping to raise capital, renegotiate existing debt, and finalise key partnerships. Prior to Lori, I worked at Quona Capital, another fintech-focused venture capital fund, Jumia Nigeria, the Boston Consulting Group, and the Sierra Leonean government. Flourish is a venture firm investing in entrepreneurs whose innovations help people achieve financial health and prosperity. Our global team is growing the portfolio we built within Omidyar Network over the last decade backing bold ideas and new business models that responsibly harness the power of technology to build a fair and customer-centric financial sector. We seek out entrepreneurs, thought leaders, and innovators in policy and regulation to shape a more inclusive global economy.

What effects does Nigeria’s current foreign exchange policy have in investing in Nigeria? I think many investors are concerned about access to capital and inflation. The Central Bank of Nigeria recently raised interest rates to unprecedented levels to tamper inflation. Similarly, we are seeing many foreign companies that have difficulty repatriating funds due to strict currency controls. I think these risks can be mitigated by consistent transparent strategies from the federal government and CBN. As investors, we carefully monitor progress here to see how the macro landscape may affect our individual companies.

Since inception, how much has your firm invested in startups and can you name some standout firms? We have invested in dozens of startups globally. In Africa, our portfolio spans Nigeria, Kenya, Egypt, and beyond. We have invested across several verticals such as payments Flutterwave, credit (Lendable), neobanking Fairmoney, and agriculture (Apollo). Many of these companies have gone on to raise subsequent funding rounds after our investment and scale their businesses to reach millions of consumers and enterprises. How much funding is your firm looking to invest in the short and long term? Our fund invests from $500,000 to $5 million in a single investment. Generally, we look at companies in the Series Seed and Series A stage. We support our companies through the duration of their journey to exit. Globally, we make a dozen investments each year with a portion of that focused on Africa. With rising inflation, how do you ensure the value of investments are not eroded? Inflation has continued to rise globally, with inflation in Sub-Saharan Africa (5.33 per cent) much higher than the global average of 3.4 per cent, as indicated by the World Bank’s statistics for 2021. If you give that more context and look at the data for Nigeria, inflation for 2021 stood at 16.1 per cent. Therefore, when making investments, we need to be cognisant of the impact inflation would have and to an extent, legislate for profit and asset erosion. Profit erosion is the more pressing consideration as it directly affects cash flow for many businesses, creating a hinderance in the sustainability of their operations. Asset erosion is more long-term and critical as it affects the bottom-line of the company over an extended period. To make sure that these effects do not have a lasting impact on investments requires an end-to-end approach where we are able to identify how to future-proof businesses to an extent. If we can limit the impact of inflation by identifying patterns based

What should we expect from your ﬁrm going forward? Flourish is committed to maintaining a strong investment mandate. As one of the longest-running venture capital teams on the continent, we have waded through multiple boom and bust cycles. However, we believe the potential for the African ecosystem is brighter than it’s ever been. We will continue to deploy capital and work with entrepreneurs, partners, and governments to advance the ecosystem. We are also more aggressively targeting underserved entrepreneurs and markets that many other investors have shied away from.

E fa yom i on data, we can put into perspective where we need to protect against the different types of erosion. In the Nigerian tech space, do you see a bubble? In 2020 and 2021, we saw an influx of capital coming to the Nigerian tech ecosystem. This pushed up valuations which reached an unprecedented level, peaking in March 2021. After the most recent economic downturn, we have seen global price correction. This has been even more exacerbated in Nigeria where a lot of the funding came from international partners who scaled back their African investment tickets as the global economy slowed. Today, we see market prices return to fundamentals which we believe is a healthy sign. There is lots of value being created in the Nigerian tech space and we are optimistic that the funding will continue to flow. Do you see more room for expansion

and new entries in the tech space? The technology space in Nigeria still has room to grow. Startups in Africa have attracted investments of roughly $2 billion in the last two years, which is a large amount when looked at in a silo. However, if you look at it from the global lens, that number is still quite small. In comparison, US startups raised $156.2 billion in venture capital last year. Therefore, the tech space in Nigeria, and by extension the continent, still has significant room for growth. How would you rate Nigerian start-ups compared to counterparts in other climes? Nigeria has a budding startup ecosystem, being among the biggest startup scenes on the continent. Ninetytwo per cent of Africa’s investment in tech was won by four countries: Nigeria, Egypt, Kenya, and South Africa buoyed by their sizeable populations and large Gross Domestic Product (GDP),

“Our fund invests from $500,000 to $5 million in a single investment. Generally, we look at companies in the Series Seed and Series A stage. We support our companies through the duration of their journey to exit. Globally, we make a dozen investments each year with a portion of that focused on Africa.”

MONDAY, OCTOBER 3, 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 29Sept-2022, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.45% AIICO Balanced Fund 3.67 3.73 6.49% 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 7.55% Anchoria Equity Fund 136.90 138.41 -0.40% Anchoria Fixed Income Fund 1.18 1.18 3.05% 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 20.99 21.63 3.49% ARM Discovery Balanced Fund 505.10 520.33 11.95% ARM Ethical Fund 42.26 43.54 8.49% ARM Eurobond Fund ($) 1.09 1.09 0.51% ARM Fixed Income Fund 0.00 0.00 -100.00% ARM Money Market Fund 1.00 1.00 10.21% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 86.83 86.83 -9.99% AVA GAM Fixed Income Dollar Naira 1,093.95 1,093.95 9.40% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.10 2.10 2.97% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.26 2.31 5.03% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 6.31% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.23% Paramount Equity Fund 18.02 18.35 9.86% Women's Investment Fund 143.54 145.24 2.13% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.26% Cordros Milestone Fund 129.46 130.36 4.13% Cordros Dollar Fund ($) 103.01 103.01 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 N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 9.47% Emerging Africa Bond Fund 3.00 1.04 8.58% Emerging Africa Balanced Diversity Fund 1.02 1.02 1.91% Emerging Africa Eurobond Fund 103.56 103.56 2.28% 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 1509.58 1509.58 11.48% FBN Balanced Fund 192.82 194.11 10.02% FBN Halal Fund 123.99 123.99 11.47% FBN Money Market Fund 100.00 100.00 10.53% FBN Dollar Fund (Retail) 126.42 126.42 6.21% FBN Nigeria Smart Beta Equity Fund 156.59 158.70 4.31% 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 8.53% Legacy Debt Fund 3.57 3.57 -10.83% Legacy Equity Fund 1.85 1.88 6.19% 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

4,025.08 3,631.92 100.00

4,079.04 3,631.92 100.00

4.41% 6.33% 11.48%

FSDH Dollar Fund 1.12 1.12 4.07% 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 N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A 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 13.86% Lotus Halal Fixed Income Fund 1,173.50 1,173.50 6.85% 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 11.80 11.89 7.80% Meristem Money Market Fund 10.00 10.00 10.62% 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) 102.70 102.70 9.69% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.00% 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 123.83 126.39 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 3,494.01 3,527.09 3.14% Stanbic IBTC Bond Fund 242.22 242.22 2.82% Stanbic IBTC Ethical Fund 1.37 1.39 9.52% Stanbic IBTC Guaranteed Investment Fund 326.89 326.90 4.40% Stanbic IBTC Iman Fund 255.04 258.68 9.31% Stanbic IBTC Money Market Fund 1.00 1.00 10.16% Stanbic IBTC Nigerian Equity Fund 11,633.46 11,790.65 6.62% Stanbic IBTC Dollar Fund (USD) 1.34 1.34 3.89% Stanbic IBTC Shariah Fixed Income Fund 119.85 119.85 2.51% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 112.67 112.67 5.92% 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 0.97 0.95 6.95% United Capital Balanced Fund 1.34 1.36 2.98% United Capital Wealth for Women Fund 1.16 1.17 11.82% United Capital Sukuk Fund 1.08 1.08 7.19% United Capital Fixed Income Fund 1.92 1.92 6.32% United Capital Eurobond Fund 123.57 123.57 5.78% United Capital Money Market Fund 1.00 1.00 9.82% 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 13.48 13.60 2.21% Zenith ESG Impact Fund 15.48 15.62 5.85% Zenith Income Fund 23.15 23.15 5.44% Zenith Money Market Fund 1.00 1.00 10.23% 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 3.73 3.83 -7.00% Vetiva Consumer Goods Exchange Traded Fund 5.76 5.86 -1.34% Vetiva Grifﬁn 30 Exchange Traded Fund 17.67 17.87 -0.06% Vetiva Money Market Fund 1.00 1.00 10.03% Vetiva Industrial Goods Exchange Traded Fund 17.63 17.83 -11.71% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 140.14 142.14 -11.10%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

13.92 122.91 97.65 16.40 17.10

14.02 126.01 99.78 16.50 17.20

-0.50% -3.31% -2.12% -4.16% 10.42%

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, OCTOBER 3, 2022

HOMES&DESIGN

COCOA HOUSE:

West Africa’s First Skyscraper Cocoa House is one of the brilliant legacies of post-colonial times, bearing the symbols of good governance. The 26-storey building stands elegantly tall in Ibadan, a city described as a “running splash of rust and gold-ﬂung and scattered among seven hills like broken china in the sun” by renowned poet J.P. Clark, Bennett Oghifo writes ocoa House, completed in 1965, standing at 105 metres, was once the tallest building in Nigeria and the first skyscraper in West Africa. Cocoa House is situated at Dugbe, one of Ibadan’s major commercial hubs in Oyo state. It was built from the proceeds of agricultural commodities, including cocoa, rubber, and timber, of the then Western Region.

Initially, the 26-storey named ‘Ile Awon Agbe’ (‘House of Farmers’). It was later changed to ‘Cocoa House’ because it was built with proceeds from cocoa exportation and because a cocoa tree was planted beside a water fountain in front of the building. Cocoa House, owned by the Odua Investment Company Limited, became a source of joy and pride for the residents

of Ibadan and Nigeria. Western Region Premier Obafemi Awolowo proposed the 26-storey building with allocations from the proceeds of cocoa exportation. The contractors were Cappa and D’Alberto. The defunct Western Region inaugurated Cocoa House in August 1965 and the entire skyscraper gutted by an inferno on January 9, 1985, which

began on the top floors. A malfunctioning electrical equipment reportedly caused the fire outbreak. Following the fire, the building was closed to the public until its eventual renovation in August 1992 and reopened for commercial use. The building is managed by Wemabod Estates Limited, a subsidiary of the Odua group of companies. It is the property of Odua Investment Company Limited.

MONDAY, OCTOBER 3, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Isa: OPTS Must Drive Ethical Process in IOCs’ Divestments The Chairman of Independent Petroleum Producers Group (IPPG) and Waltersmith Petroman Limited, Mr. Abdulrazaq Isa, in this interview with THISDAY in commemoration of the 60th anniversary of the Oil Producers Trader Section, shared his thoughts on topical issues in the Nigerian oil and gas industry and the union’s contributions to the growth of the sector in the last six decades. Peter Uzoho presents the excerpts: collaboration between both organizations in engaging the regulators -the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on the draft industry regulations issued to guide the implementation of the PIA.

What are the major achievements of the Oil Producers Trade Section (OPTS) over the past 60 years of its existence as an advocacy group in the Nigerian oil and gas industry? And how effective has the organisation been in tackling some of your greatest challenges in the industry? PTS and its member companies have been in the forefront of some of the greatest achievements in the Nigerian oil and gas sector, including supporting the growth of independents, championing fiscal reforms that have led to a better structured PIA. It ensures human capital development of Nigerians across all areas of the industry and country, setting high standards of Health, Safety, Security and Environment (HSSE), corporate governance, professionalism and probity in our industry. The body makes sure there is improvement in critical Human Development indices in host communities, including, but not limited to, partnering with the communities in artisanal skills acquisition, micro-, small and medium enterprises, schools, hospitals, health care delivery, pipe borne water, electrification, roads, agricultural schemes. Through its member companies, OPTS generates billions of dollars in revenue for the Nigerian government and people through royalties, taxes, profit share and other attendant secondary benefits through revenues generated through contracts and contractors and supporting Nigerian Content Development.

Nigeria’s oil production cost is seen as being among the highest in the world. What kind of ﬁscal and regulatory incentives can help producers bring down cost and improve the operating environment? There are several areas of costs that are common to all producers in the Nigerian oil and gas industry. I would like to highlight some of these areas: the cost of security (and safety) is a significant part of the capital and operating costs in the Nigerian oil and gas industry. Security surveillance of wellheads, production facilities, pipelines etc., whether onshore, swamp or offshore, are cost prohibitive and make this environment uncompetitive for both operators and contractors. Government security agencies can help by understanding that this is part of their job (to ensure the security of assets and people in the country), without passing this on to operators. This will require a restructuring of the funding model for security in our industry. Crude oil losses on pipeline through either theft, vandalism or aging infrastructure are a major component of high unit operating costs especially on onshore and swamp assets. Alternative evacuation routes are cost prohibitive, adding more than $20/ bbl on direct unit operating costs. Again, the security agencies must rise to the task of securing these critical assets from vandalism and theft. The security architecture must also leverage on local knowledge through more effective surveillance and monitoring outside the pipeline Right of Ways. This clearly involves a partnership with the communities that harbor these criminals through a more effective, and incentives based -‘heart and minds’ approach. The immediate implementation of the Host Communities Development part of the PIA and a demonstrable impact of all HCDI for these communities will go a long way to address this. For the aging infrastructure, new pipeline networks must be built that enable sectional metering and monitoring, with in-built zonal redundancies (so crude oil gathering is as decentralized as possible). Modular refineries also provide a viable alternative evacuation route with a significant attendant impact on Gross Domestic Product (GDP). General and Administrative costs (Personnel costs, travel costs, International Head office costs, where applicable etc.) are also quite high in Nigeria. This requires concerted engagements between OPTS, IPPG and the industry trade unions -the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas workers (NUPENG) and identifying a different structure of remuneration that both delivers value and reduces costs. There should be more leverage on technology to reduce physical travels for meetings, training and interactions with

What is your assessment of the relationship between the IOCs and independents? OPTS has been supportive of independent, indigenous companies and Waltersmith Petroman has benefitted from its membership and relationships built with the IOCs and other independents through this trade section. The body provides a forum where issues that independents have with acquisition of divested assets by the IOCs, fiscal terms to enable commercial successes for such acquisitions, collaborative supply chain platforms (that enable lowering of capital and operational costs through economics of scale), advocacy on government policies, security, and creating a conducive business environment for the industry’s issues are discussed and addressed.

Isa government and regulatory bodies must be encouraged. Other costs – there is continued pressure on operating companies to support several government agencies through additional taxes leading to multiple industry-imposed levies. Specifically, for operating companies with commercial partnerships involving the NNPC (Production Sharing Contracts, Joint Ventures, Asset Management Teams etc.) requiring their involvement in the Supply Chain Management (SCM) process, there is a significant cost for bureaucracy and long contracting cycles (built in by prospective contractors). With the launching of the independent NNPC Limited, OPTS and IPPG must push to see that they no longer behave as a regulatory body for the SCM process. By speeding up the SCM process to within six months for major contracts (and significantly less for others), raising the ceiling on contract values requiring NNPC Limited Board approval and eliminating all bureaucratic interference in the process, significant costs savings will be achieved. What is your assessment of the PIA and how do you think bodies such as the OPTS and its member ﬁrms can beneﬁt from its implementation? After over two decades, the signing into law of the PIA in August 2021 is a welcome development. It is rather unfortunate that this delay led to significant loss of investments across the industry which is now manifesting in the stagnant national crude production and reserve level. With the enactment of the PIA, focus should now be placed on the effective implementation to ensure benefits from the PIA are not eroded. The implementation of the PIA has taken off at a reasonable pace and I must commend the federal government for this implementation drive. The timely set-up of the two industry regulators has facilitated the implementation of critical aspects of the PIA and is addressing grey areas in the Act. It is noteworthy that since IPPG’s establishment in 2015, the group and OPTS have worked closely and collaborated on various aspects of the PIA prior to its enactment in 2021. Following the enactment, there is an ongoing

How would you assess the role of OPTS in promoting Local Content development in the Nigerian oil and gas Industry? Do you see improvement opportunities and in which areas? Again, Waltersmith Petroman is one of the few indigenous independents granted marginal field licenses that have progressed them to development and production. This has been achieved with the support of OPTS and its member companies through collaboration in our Area of Operation -Shell Petroleum Development Company (SPDC) and Seplat Energies. Waltersmith has furthered its prime position as a champion of government’s efforts and policies by building one of the first modular oil refineries in the country, delivering much needed petroleum products, helping to reduce subsidies on imported petroleum products and generating more skilled and unskilled jobs from this downstream business. One of the key improvement opportunities is for OPTS to support indigenous independents that are interested in making a similar impact in downstream refining, petrochemicals, and pharmaceutical through improved advocacy on fiscal terms, regulatory overload, access to international capital, HSSE etc. You chair the Independent Petroleum Producers Group (IPPG). In what ways do the two bodies- IPPG and OPTS complement each other? The Independent Petroleum Producers Group has many members that are also member companies of OPTS (14 of our members are also members of OPTS) and IPPG uses its platform to ensure that the position of independents on all topical issues in the industry are well articulated and input into all policy and advocacy interventions by OPTS. On its side, OPTS has always carried IPPG along on all issues, with a clear understanding of the strength of advocacy of IPPG as an efficient vehicle of Nigerian entrepreneurs and technocrats in engagements with the Nigerian government. This partnership allows both international and local/ national perspectives to be brought to bear on all issues affecting the oil and gas industry for a more rounded and robust advocacy. The key difference is that while OPTS is a Trade section (and thus a member of the Lagos Chamber of Commerce and Industry (LCCI) and governed by all related acts to the operations of a trade section). IPPG on the other hand, is more of an interest group of indigenous independent companies. Both IPPG and OPTS complement each other in areas of advocacy to ensure that government policies in the oil and gas industry create an enabling business environment for investors. Energy transition is the buzz word in the

global energy industry today, with many saying it is an existential threat to the traditional oil and gas ﬁrms. What is your perspective on this development, especially as it applies to operators in your sub-sector of the industry? Firstly, we are fully aligned to the global decarbonisation initiatives and adoption of renewable energy and we commend the federal government on the recently launched Energy Transition Plan. However, it appears the energy transition has not been thought through properly as is clear from recent events occasioned by the conflict between Russia and Ukraine. Climate change advocates have driven the narrative on energy transition and ensured that government policies have been driven more by a strident minority without considering the advice of experts and technocrats that a more gradual transition is what needs to be achieved. Traditional funding parties initially started dropping fossil fuel investments from their portfolio but have come to the realization that excluding such fossil fuel investments is not possible in the short to medium term. Africa (and Nigeria) has a trilemma of issues to contend with, namely: We need to produce and consume more energy for our developmental needs. GDP growth is directly co-relatable to energy consumption. We need to ensure energy affordability and reliability before we can embark on a major transition. Even with the argument that the Levelised Cost of Energy (LCOE) for renewable energy is much lower than for fossil fuels, there is a huge capital hurdle to overcome in investing in renewable energy sources and the needed infrastructure. According to a recent United Nations Environmental Programme (UNEP) study, “while Africa has contributed negligibly to the changing climate, with just about two (2) to three (3) percent of global emissions, it stands out disproportionately as the most vulnerable region in the world. This vulnerability is driven by the prevailing low levels of socio-economic growth in the continent. While climate change is global, the poor are disproportionately vulnerable to its effects.” Operators in the oil and gas industry in Nigeria are also battling with this trilemma of issues and are devising strategies to address this: Gas as a ‘green’ transition fossil fuel has been strongly promoted by industry operators and governments in Africa and, notably, has now been accepted as part of the international narrative on the energy transition. Many operators are diversifying their portfolio to include renewable energy in the mix. Examples include TotalEnergies and Seplat Energy, which are promoting this through both a portfolio rationalization and a name change, and Waltersmith, through its active Sustainability projects and move towards gas as a transition fuel and solar energy as a renewable source (including early feasibility for manufacturing of Solar PV cells in a planned Eco Industrial and Innovation hub with UNIDO). Many African operators have mooted the idea of an African Energy Bank, like the African Development Bank (AfDB) structure but focused on funding energy projects. This will hopefully address any funding gaps that will result from the expected different speeds with which the West and Africa will transition to an energy mix with more renewable sources. We also applaud the federal government for the declaration of 2021 – 2030 as the ‘Decade of Gas’, to fully utilise and commercialise the nation’s abundant gas resources. Our members are also positioning to support the government in this effort of making gas a viable and scalable transition fuel for Nigeria. Looking forward, what priorities do you think, should shape OPTS’s future agenda? With the divestments of the onshore and shallow water assets by the IOC members of the OPTS, one key area of collaboration that the OPTS needs to drive is a transparent and ethical process for these divestments and acquisitions so as not to burden the independents with assets that are eventually found to be commercially unattractive. In addition, there is a need to support the independents to build world class Corporate Governance structures that ensure that these acquisitions are run at the same international standards as the IOCs have managed over the decades.

T H I S D AY ˾ MONDAY, OCTOBER 3, 2022

BUSINESS SPECIAL

ANALYSIS

Textile industry

CBN Policies and Future of the Economy Kelvin Gilbert

he Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, earlier in the year, during a visit to the Kaduna Trade Fair and visits to farms across the country used those opportunities to put some of his policies in perspective. Considering past policy failures with regard to the financing of Small and Medium Enterprises (SMEs) as well as the agricultural sector, to most ardent observers, his policies are obviously futuristic in content and will become a success reference point soon may be after he has done his bit and moved on. Those policies will remain significant strands of the Emefiele legacy as a central banker who dared to make a change many consider as positive. On a visit to one of those farms in Edo State benefitting from his intervention, Emefiele asserted that the bank’s infusion of fund in the agricultural sector saved the Nigerian economy at a critical moment and gave a boost to productivity in the sector in the last six years. At that Trade Fair, he used the opportunity of the business expo to inform Nigerians that farmers received N948 billion while Small and Medium Enterprises (SMEs) and households have so far received N368.79 billion within the period under review. A breakdown of these figures indicates that a total of 4,478,381 smallholder farmers who received N948 billion loans from the Central Bank of Nigeria (CBN) have cultivated 5.2 million hectares of farmland across the country and created 12.5 million direct and indirect jobs. Similarly, CBN has also disbursed N368.79 billion to over 778,000 beneficiaries comprising 648,052 households and about 130,000 Small and Medium Enterprises (SMEs). Experts analysing the trends in the agricultural sector from November 2015, when the Anchor Borrowers’ Programme (ABP), intended to create a linkage between anchor companies involved in the processing and small holder farmers (SHFs) of the required key agricultural commodities was launched, aver that there is no denying the fact that the level of interest in agriculture had grown exponentially with resounding positive effects on the economy generally. It is pertinent to note that coming up with

several initiatives aimed at repositioning the sector, the CBN proved that it can be done. There is evidence on ground to prove that many small holder farmers have been empowered, jobs have been created and invariably the sector has made vital contribution to the expansion and growth of the nation’s Gross Domestic Product (GDP). While formulating the agriculture policy in the early days of his tenure in office, Emefiele might have been driven by the passion to diversify the economy. But beyond that, he was also encouraged to follow that direction as a way to significantly grow the local economy through a combination of other policies such as Youth Entrepreneurship Development Programme (YEDP); Export Stimulation Facility (ESF); Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS), Paddy Aggregation Scheme (PAS); Accelerated Agricultural Development Scheme (AADS) which gave a boost to the income levels and financial capacity of local farmers. Furthermore, the Tertiary Institutions Entrepreneurship Scheme (TIES) is a policy designed to unleash the potential of graduate entrepreneurs (gradpreneurs) by providing re-orientation, training, and innovative financing model that will enhance entrepreneurship. The broad objective of the 100 for 100 policy on production and productivity (PPP) is to boost production and productivity, necessary to transform and jumpstart the productive base of the Nigerian economy. It is also expected that the initiative will reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right companies and projects with potentials to immediately transform and kick-start the productive base of the economy. About N23.20 billion has been disbursed to the first set of 28 beneficiaries comprising 14 in the manufacturing sector, 12 in the agricultural sector and two in the healthcare sector. The use of instruments such as the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL); Real Sector Support Facility (RSSF); The Nigeria Electricity Market Stabilization Facility

(NEMSF); Entrepreneurship Development Centres (EDCs) incentivized operators in the sectors in a significant way. The CBN, by consistently drawing attention to the effect of its policies on the economy, is trying to remind not just political actors but also operators in the business environment that with focus and commitment much can be achieved to the benefit of the nation in general. It is also appropriate to observe that the dedication brought to bear on the implementation of these policies helped in no small measure in revamping the economy with agriculture shifting from a way of life where people practice it for sustenance to a business enterprise that is generating employment opportunities in quantum not to mention economic empowerment to the local people who now see themselves as key players in the drive to add value to primary products. Also, the CBN had invested over N120 billion across the Cotton, Textile and Garment (CTG) value chain since the inception of its intervention programme in the industry. CBN’s Deputy Governor in charge of Corporate Services, Mr. Edward Adamu, had disclosed that over 320,000 farmers had been financed between 2018 to date, adding that expected output for seed cotton is projected to be over 300,000 metric tonnes in 2020. Adamu had stated that this was expected to enhance the production capacity of the ginneries in producing over 102,000 metric tonnes of cotton lint, which should meet and surpass the cotton lint requirement of the textile industry in the country. According to him, the domestic demand for cotton is currently met through local production, thereby halting the importation of cotton for the textile industry as well as increasing capacity utilisation of ginneries, which now operate throughout the year compared to months in the recent past. Also, a total of 19 ginneries had been resuscitated nationwide and more are expected to become operational this year. He said the apex bank’s enhanced drive toward anti-smuggling was already yielding positive result with over 15 textile smugglers’ accounts frozen.

“A lot of progress has been made, but at the same time more needs to be done to ensure that we build an inclusive economy that supports domestic production of goods and services, while offering job opportunities to teeming Nigerians. “This assignment has been bestowed upon us all by the President of the Federal Republic of Nigeria, Muhammadu Buhari, who remains extremely supportive of the agricultural sector revolution due to its role in ensuring food security, creating jobs and stabilising the Nigerian economy,” he added. Adamu said the revival of the textile sector remained vital to the country’s growth objectives, adding that the CBN’s interventions are designed to resuscitate and return the industries back to its glorious days of job creation, economic diversification and achieving self-sufficiency in cotton production as well as minimise and eradicate smuggling and dumping of textile goods and facilitation foreign reserves’ accretion. On his part, CBN Director, Development Finance Department, Mr. Yila Yusuf, had identified smuggling of textiles as the biggest challenge in the efforts to reposition the sector. “As you are aware a lot of them (smugglers) their accounts have been blocked. As restitution, we are telling them to go patronise the local textile factories,” he added. He said the CBN was also working with the uniform services to enhance patronage of locally-made fabrics which are of high quality. Also, before the policy shift of the Emefiele administration, Nigeria spent a huge sum on the importation of food items that could be produced locally. At the peak of that jamboree, N1 trillion was recorded as importation bill which obviously was not sustainable. His intervention through a well-designed financial support has helped to increase the contribution of the agriculture sector, in particular, to the nation’s Gross Domestic Product (GDP). According to data from the Nigeria Bureau of Statistics, NBS, agriculture sector’s contribution to GDP rose to 22.35 per cent in Q1’21, from 19.79 per cent in 20215. Most notable is the 2.2 per cent real growth recorded by the agriculture sector in 2020, when the economy as a whole contracted by 1.92 per cent. Significant in this regard is the 3.4 per cent real growth recorded by the sector in Q4’2020, the highest growth since 2017. t (JMCFSU JT BO "CVKB CBTFE FDPOPNJTU

MONDAY, OCTOBER 3, 2022 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

NPA Concludes Concession Agreement, to Submit to FG for Approval Tomorrow Gilbert Ekwugbe The Nigerian Ports Authority (NPA), has disclosed that the concession agreement with five terminal operators that have expired have been concluded and will be submitted to the Federal Ministry of Transportation for approval. Speaking over the weekend when the minister of Transportation, Mu’azu Sambo, conducted a familiarisation tour on the agency, the Managing Director, NPA, Mohammed Bello-Koko, said the agreement will be submitted before the close of work on Tuesday, October 4, 2022. He said discussion with some terminal operators’ are inconclusive while some operators are yet to give necessary feedback

to the NPA. Also, the NPA boss lamented the 100 per cent physical examination of cargoes at the nation’s seaports, stressing that the development is affecting efficient cargo inspection as manual cargo examination is cumbersome and inefficient. He, stated that the terminal operators have expressed desire to purchase, maintain scanners at the Nigerian seaports while the Nigeria Customs Service (NCS) will operate it. He said provision of scanners would make Nigerian seaports more competitive and preferred destinations for cargoes in West and Central Africa. “Manual examination of cargoes in our ports due to absence of scanners is inefficient,

not sustainable, cumbersome and can’t make our port competitive. Terminal operators have, however, expressed readiness to purchase and maintain the scanners but the equipment will be maintained by the service. This will make our port more efficient, competitive and efficient in the sub-region, “he said. The NPA MD in his presentation to the minister said the nation’s seaports needs to explore alternative source of power generation to the seaport because of the rising cost of power generation to the seaport. He, also called for the reconstruction of the collapsed quay apron at the Tin-Can Island port and collapsed jetty at Continental Shipyard.

Buhari to Confer National Honour on Rainoil Boss Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, and other 437 Nominees are to be conferred with the National Honours Award on October 11, 2022, by President Muhammadu Buhari at the International Conference Centre, Abuja. This was contained in a letter signed by the Minister of Special Duties and Inter-governmental Affairs, Sen. George Akume, which affirmed that five persons were listed for Grand Commander of the Order of the Niger (GCON), 54 for Commander of the Order of the Federal Republic (CFR) and 67 for the Commander of the Order of the Niger (CON). Others are 64 for Officer of the Order of the Federal Republic (OFR), 101 for Officer of the Order of the Niger (OON), 75 for Member of the Order of the

Federal Republic (MFR), 56 for Member of the Order of the Niger (MON) and eight for Federal Republic Medal (FRM). Ogbechie, who is to be conferred with the Officer of the Order of the Niger (OON) for his contribution to Nigeria oil and gas sector, has distinguished himself not only as a dynamic business administrator, innovative director and technocrat but also shown a high degree of integrity and transparency in both private, religious, and public affairs. According to the letter, the approval was in the exercise of President Muhammadu Buhari’s power as enshrined in the National Honours Act No 5 of 1964. The letter reads in part; “I have the honour to formally inform you that the President of the

Federal Republic of Nigeria, His Excellency, Muhammadu Buhari, GCFR, has approved the conferment of the National Honours on you, in the rank of OON (Officer of the Order of the Niger).” Also, Ogbechie seats on the board on a number of companies operating in the financial services, oil and gas, agro-allied and real estate sectors which include Norsworthy Agro Allied Company Limited, Fynefield Ltd, Eterna Plc etc As the founder and Group Managing Director Rainoil Limited. He has over three decades cognate experience in the Nigerian oil and gas industry and has also made a strong commitment in the development of sports in Nigeria, through sponsoring of annual Rainoil tennis tournament.

Osinbajo to Headline 2022 AACN Nigerian Investors Conference Investment in Africa’s largest economy, Nigeria, will come under the spotlight at the 10th edition of the annual Nigerian Investors Conference with Vice President Yemi Osinbajo headlining a high profile audience of public and private sector figures participating in the world class event. The conference, slated for Thursday, November 10, 2022, is an initiative of the Association of Asset Custodians of Nigeria (AACN), the umbrella body for Nigerian custodian banks, designed to showcase the Nigerian economy to the global audience. AACN President, Mr. Biodun Adebimpe, who confirmed the

development, said Osinbajo’s participation reflects the association’s conviction that despite the current global challenges, notably the Russia-Ukraine war, Nigeria still offers enormous opportunities for discerning investors to harness. He said, “The Federal Government’s drive to highlight Nigeria’s economic credentials is in sync with the cardinal objective of AACN’s flagship event, which is to set the agenda on unlocking opportunities in the Nigerian capital market and the economy in general. It is a goal we remain unwavering in advancing.”

Adebimpe said although a new normal has taken hold in the aftermath of the COVID-19 pandemic, it still remains imperative to cuddle any opportunity to unlock market reforms and economic activities that ensure sustainable stability and normalcy. He assured that the Association would maintain the reputation of the event as a veritable platform to promote the Nigerian economy by presenting a compelling case for the benefits of free market economics and develop strategies and insights that can be used as building blocks for robust economic development of the country.

Independence Day: Procold Advocates Use of Original, High-quality Medications Procold, Nigeria’s leading nondrowsy, fast-acting remedy for colds, flu, and catarrh partnered with the Pharmaceutical Society of Nigeria Lagos State Branch, to mark the year 2022 Scientific Week in Lagos. The Council of Merit Awards (COMAW) along with the Board of Fellows of PSN, planned the event to showcase the accomplishments of pharmacists in Lagos State. The Pharmaceutical Society of Nigeria’s prominent top industry expert, Kunle Oyelana, FPSN, delivered the lecture, which was themed, “Innovative approach towards ensuring medicine security: the place of local production of

active pharmaceutical ingredients in Nigeria.” Speaking, Head of Brand at Procold for West Africa, Marvin Lucky said, “As a brand, it is a great privilege to work closely with the Pharmaceutical Society of Nigeria to harness the potentials of drug administration for the right purposes. We are glad to be a part of the 2022 Scientific Week to engage the general public about how important their health should be to them. In line with this year theme, the understanding of the active pharmaceutical ingredients becomes a very critical step to cure a specific illness. In the spirit of Nigeria’s independence,

PSN admonished Nigerians to desist from indiscriminate use of fake drug and hope that Procold will continue to contribute to the better health of the nation.” FPSN Chairman of PSN Lagos State Branch, Gbolagade Iyiola said, “it is quite essential to honour Procold to join along with this program and I hope that the collaboration will remain times to come. Pharmaceutical Society of Nigeria wants to ensure that every Nigerian gets the best possible care when it comes to health. Moreover, we are offering health outreach to people as a way to further celebrate the Scientific Week 2022”, he added.

L-R: Representative of the Port Manager, Tin Can Island Port, Mrs. Victoria Medupin; President-General, Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju; Managing Director, Tincan Island Container Terminal (TICT), Mr. Etienne Rocher and Vice President General of MWUN, Comrade Abubakar Bello at the commissioning of the TICT Ultramodern Labour Building in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(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

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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

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OPEC DAILY BASKET PRICE AS AT 27 SEPTEMBER 2022

The price of OPEC basket of thirteen crudes stood at $89.50 a barrel on Monday, compared with $92.67 the previous Friday, according to OPEC Secretariat calculations. 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), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

MONDAY, OCTOBER 3, 2022 ˾ T H I S D AY

MARKET NEWS

Investment Expert Tasks Industry Players on Investing in ETFs Kayode Tokede Following a downward slide of the Nigerian equities market over the last few months, the Managing Director, Vetiva Fund Managers Limited, Mrs. Oyelade Eigbe has emphasised the need for investors to consider securities lending by asset managers in Nigeria as a means of driving their revenue growth. She made the call during the

concluded Securities Lending Forum Webinar organized by NGX, stressing the importance of Exchange Traded Funds (ETFs) and opportunities in securities lending and borrowing. According to her, “Securities Lending can assist investors with settlement coverage, directional investing, liquidity management and investment strategy deployment, with some key benefits being increased

P R I C E S MAIN BOARD

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revenue, diversification and investment returns for borrowers among others”. She emphasized the need to ensure thorough documentation because the securities are being loaned.” As Nigeria’s high-interest rate environment continues to make fixed-income securities more attractive at the expense of equities, she noted that it is important for players to deploy a mix of operational approaches to achieve desired

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results. Crunching the numbers, she stated that; “Based on Jun 2022 data from ISLA, globally, pension plans account for about 30 per cent of securities lending transactions, Collective Investment Schemes (CIS), 16 per cent and Government/Sovereign Wealth Fund accounting for about 30per cent.” She continued by saying; “Speaking of Collective Investment Schemes, Exchange Traded Funds (ETFs) are a good

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example. Most ETFs are openended funds that are listed and traded on an exchange. ETFs track an index or commodity or basket of securities, are passively managed and provides diversification benefits. Going by this, ETFs naturally hold a long positions i.e., buying and holding investments long term; hence the value in adopting securities lending with either the inside lending or outside lending approach.”

O F

She added that, “Each Fund is to be considered individually; its underlying assets, investment objectives, taxation, and other circumstances; and that not all funds engage or should engage in securities lending. “Where securities lending is possible, investors or beneficial owners should ensure a process that considers or introduces policies that safeguard the beneficial owners, borrowers and at large the market.

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MONDAY, OCTOBER 3, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Pope Begs Putin to Stop ‘Spiral of Violence, Death’ in Ukraine

Pope Francis has called on Russian President Vladimir Putin to stop “this spiral of violence and death” over the war in Ukraine. Francis’s remarks, made on Sunday in his weekly public prayer on St. Peter’s Square at the Vatican, were some of the strongest he has made since the February 24 invasion. “My appeal is addressed first of all to the president of the Russian Federation, begging him to stop, also for the love of his people, this spiral of violence and death,” Francis said. “On the other hand, saddened by the immense suffering of the Ukrainian population following the aggression suffered, I direct an equally confident appeal to the president of Ukraine to be open to serious peace proposals,” he said. The Roman Catholic leader also decried the growing risk of nuclear war, calling it “absurd.” The pope’s comments came two days after Putin gave a fiery Kremlin speech in which he announced Russia was annexing four regions of Ukraine partially occupied by Russian forces.

Ukraine Forces Recapture Lyman, Key Logistics Hub in Eastern Region Ukraine said Sunday it has taken full control of Lyman, the eastern logistics hub that was part of the territory Russian President Vladimir Putin had illegally claimed last week was now part of Russia. “Lyman is fully cleared,” Ukrainian President Volodymyr Zelenskyy declared in a short video clip on his Telegram channel. Russia did not comment Sunday on the fate of Lyman but said Saturday that its troops were retreating from the area because it feared Ukrainian forces were about to encircle them. Russia had captured Lyman in May and had used it as a logistics and transportation hub for its operations in the north of the Donetsk region. Russia’s loss of Lyman was its biggest battlefield defeat since Ukrainian forces last month swept through the Kharkiv region in northeastern Ukraine, pushing Russian forces back toward their border. David Petraeus, a former US Central Intelligence Agency director, told ABC’s ‘This Week’ show that Putin is “going to continue to lose on the battlefield.”

At Least 305 Casualties Recorded at Indonesian Football Stampede At least 125 people have died in a stampede at an East Java, Indonesia, football stadium Saturday night. Another 180 people were injured. East Java Police Chief Nico Afinta told reporters that two members of the police force are among the victims, most of whom were trampled to death. Police officials said the death toll had been revised to 125 from 174 after authorities found some victims were counted twice. Police chief Afinta said the Indonesia premier league game had ended with Persebaya beating Arema 3-2. He said Arema supporters — known as Aremania — were unhappy with the outcome and entered the field to chase the Arema players and team. He said, “Police officers tried to persuade the Aremania to return to the stands but were ignored. We do not know why the crowd became increasingly anarchic and finally attacked the police too. Finally, police fired tear gas at the crowd.” Hundreds of supporters of each team ran to exit gates to avoid the tear gas, but many were suffocated and trampled. The angry crowd also burned 13 police cars and trucks. Indonesian President Joko Widodo said in a televised speech he regretted the tragedy and had asked the minister of sports, the police chief and the head of the Football Association of Indonesia to evaluate football matches and their security procedures.

Burkina Faso Coupists Complain Citizens Easting Grass Due to Underdevelopment Burkina Faso’s new military leader, Captain Ibrahim Traore, told VOA in an interview he is not looking for a confrontation with Burkinabe forces that might be supporting the ousted junta. “The fight we are engaged in is not about power,” he said. Military officers Friday claimed to have ousted junta leader Paul-Henri Sandaogo Damiba, saying he had failed to quash a growing Islamist insurgency. “The fight we are leading is for Burkina Faso,” Traore said. “You have to go deep into the bush to understand

certain things. ... Can you imagine that we go into villages and see all the leaves on the trees have disappeared because people are eating those leaves. People even eat grass. We are proposing solutions that could allow us to produce and protect these people. We are not being heard. We proposed so many solutions, and I understood that in the end, we are playing politics,” he said. “We want to protect our people. We want to get our people out of this misery, this underdevelopment, this insecurity. That’s the fight.”

Turkey Airstrikes Kill 23 Kurdish Militants in Iraq Turkish warplanes “neutralised” 23 Kurdish militants in a raid 140 kilometres (90 miles) inside Iraq, the Turkish Defense Ministry said Sunday. The ministry usually refers to killed militants as “neutralised.” It said the number of casualties in the mission in the Asos region of northern Iraq, controlled by the autonomous Kurdistan Regional Government, was expected to rise. A video accompanying the ministry’s tweet showed F-16 fighters taking off and several explosions in a mountainous area. The ministry referred to a statement from Defense Minister Hulusi Akar on Thursday in which he said airstrikes had hit 16 targets in the Asos region. Turkey has been conducting a series of operations in northern Iraq since 2019, saying the military is targeting the Kurdistan Workers’ Party or PKK to prevent it from launching crossborder attacks on Turkey. In April, Operation Claw-Lock was launched, which involved ground and air forces. The PKK has waged an on-again, off-again insurgency against the Turkish state since 1984, a conflict that has killed tens of thousands of people. The group is listed as a terrorist organisation by Turkey, the United States and the European Union.

Hurricane Ian Death Toll Tops 40 The death toll from Hurricane Ian, one of the most powerful storms ever to hit the United States, soared above 40 Saturday, as President Joe Biden heads to Florida later in the week to survey the devastation. Shocked Florida communities were only just beginning to face the full scale of the destruction, with rescuers still searching for survivors in submerged neighbourhoods and along the state’s southwest coast. Homes, restaurants and businesses were ripped apart when Ian roared ashore as a powerful Category 4 hurricane on Wednesday. The confirmed number of storm-related deaths rose to 44 statewide, the Florida Medical Examiners Commission said late Saturday, but reports of additional fatalities were still emerging county by county -- pointing to a far higher final toll. Hard-hit Lee County alone recorded 35 deaths,

according to its sheriff, while US media, including NBC and CBS, tallied more than 70 deaths either directly or indirectly related to the storm. In the coastal state of North Carolina, the governor’s office confirmed four deaths related to Ian there.

Nobel Prize Season Arrives Amid War, Nuclear Fears, Hunger This year’s Nobel Prize season approaches as Russia’s invasion of Ukraine has shattered decades of almost uninterrupted peace in Europe and raised the risks of a nuclear disaster. The secretive Nobel committees never hint who will win the prizes in medicine, physics, chemistry, literature, economics or peace. It is anyone’s guess who might win the awards being announced starting Monday. Yet there’s no lack of urgent causes deserving the attention that comes with winning the world’s most prestigious prize: Wars in Ukraine and Ethiopia, disruptions to supplies of energy and food, rising inequality, the climate crisis, the ongoing fallout from the COVID-19 pandemic. The science prizes reward complex achievements beyond the understanding of most. But the recipients of the prizes in peace and literature are often known by a global audience, and the choices — or perceived omissions — have sometimes stirred emotional reactions. Members of the European Parliament have called for Ukrainian President Volodymyr Zelenskyy and the people of Ukraine to be recognised this year by the Nobel Peace Prize committee for their resistance to the Russian invasion. While that desire is understandable, that choice is unlikely because the Nobel committee has a history of honouring figures who end conflicts, not wartime leaders, said Dan Smith, director of the Stockholm International Peace Research Institute.

Greece Open to Talks, Asks Turkey to Cease Fire Greece wants to have a constructive dialogue with Turkey based on international law, but its Aegean neighbour must halt its unprecedented escalation of provocations, the Greek foreign minister said Sunday. The two countries — North Atlantic Treaty Organization (NATO) allies but historic foes — have been at odds for decades over a range of issues, including where their continental shelves start and end, overflights in the Aegean Sea and a divided Cyprus. “It is up to Turkey to choose if it will come to such a dialogue or not, but the basic ingredient must be a de-escalation,” Nikos Dendias told the Proto Thema newspaper in an interview. Last month, the European Union voiced concern over statements by Turkish President Recep Tayyip Erdoan accusing Greece, an EU member, of occupying demilitarised islands in

the Aegean and saying Turkey was ready to “do what is necessary” when the time came. “The one responsible for a de-escalation is the one causing the escalation, which is Turkey,” Dendias said. He blamed Ankara for increased provocations with rhetoric of false and legally baseless claims, “even personal insults.” Turkey has sharply increased its overflights and violations of Greek airspace, Dendias told the paper, adding that its behaviour seems to be serving a “revisionist narrative” that it promotes consistently.

Iran Parliament Speaker Says Protests Could Weaken Society Iran’s parliamentary speaker warned Sunday that protests over the death of a young woman in police custody could destabilise the country and urged security forces to deal harshly with those he claimed endanger public order. Mohammad Bagher Qalibaf told lawmakers that unlike the current protests, which he said aim to topple the government, previous demonstrations by teachers and retirees over pay were aimed at reforms, according to the legislative body’s website. “The important point of the [past] protests was that they were reform-seeking and not aimed at overthrowing” the system, said Qalibaf. “I ask all who have any [reasons to] protest not to allow their protest to turn into destabilising and toppling” of institutions. Thousands of Iranians have taken to the streets over the last two weeks to protest the death of Mahsa Amini, a 22-year-old woman who Iran’s morality police had detained in the capital of Tehran for allegedly not adhering to Iran’s strict Islamic dress code.

Latvia Prime Minister Wins Election The centre-right New Unity party of Latvian Prime Minister Krisjanis Karins won Saturday’s election, according to provisional results, with 19 per cent of the vote putting him in a position to head another coalition government. The results — with 91 per cent of districts counted — mean Latvia should remain a leading voice alongside its Baltic neighbours Lithuania and Estonia in pushing the European Union for a decisive stance against Russia. Karins’ party was again the party with the most support following the election. Members of the current coalition were on track to receive 42 seats in the 100-seat parliament, so Karins needs to draft additional allies to stay as a prime minister. As many as nine parties won sufficient votes to gain seats in parliament. After a campaign dominated by security concerns following Russia’s invasion of Ukraine, Karins told Reuters he would be working to craft a coalition of like-minded parties.

T H I S D AY • MONDAY, OCTOBER 3, 2022

NEWSXTRA

SEEKING COLLABORATION ON WORLD HEARTS DAY… L - R: Chief Jerry Onuokaibe; Nigerian football legend, Kanu Nwankwo; Enugu State Peoples Democratic Party Governorship Candidate, Dr. Peter Ndubuishi Mbah, and Hon. Okechukwu Chukwudike, when the soccer star visited Mbah at his residence in Enugu to seek collaboration on this year’s World Hearts Day...recently

Rearmament: FG Procures 37 Fighter Jets, Attack Helicopters from US, Italy, China To replace aging alpha jets Says 50 fighter aircraft ready for deployment NAF trains 200 pilots in US, UK, South Africa, Egypt Sustained 75% aircraft serviceability Military: No Nigerian territory under Boko Haram control Kingsley Nwezeh in Abuja The federal government has so far procured 37 fighter jets and attack helicopters from United States and Italy, in a renewed bid to boost the fighting capacity of the air component of the military establishment. Beyond the 12 A-29 Super Tucano fighter planes earlier procured from the United States last year, the State Department had in April, also approved the sale of 14 attack helicopters to replenish the arsenal of the Nigerian Air Force. This comes as military authorities said at the weekend that no Nigerian territory was under the control of terror group, Boko Haram or any other group for that matter. THISDAY gathered that talks between officials of the Ministry of Defence (MoD) and Italian officials have reached an advanced stage for the procurement and delivery of 24 fighter jets. The attack aircraft are expected to replace aging Alpha jets of the Nigerian Air Force which were involved in recent air mishaps.

THISDAY further learnt that Nigeria had taken delivery of 10 J-7 fighter planes procured from China. The fighter planes are presently being coupled at the Nigerian Air Force Base in Markurdi, Benue State, even as 200 pilots have so far undergone training in United States, United Kingdom, South Africa and Egypt, as part of the capacity building strategy of the Nigerian Air Force. Other aircraft purchased by government include L-39s, JF-17 and C-130. This comes as spokesman of the Nigerian Air Force, Air Commodore Edward Gabkwet, said the federal government between 2015 and 2022, procured over 40 brand new aircraft with more than 50 fighter aircraft in the arsenal of the air force and ready for deployment. He said the military was prepared for any eventuality. He stated that under the present administration, "the military has never had it so good," in terms of rearmament. He stated that under the Chief of Air Staff, Air Marshal

Oladayo Amao, the air force had sustained a 75 per cent serviceability status of the NAF air fleet. Gabkwet said the situation had greatly improved the joint operations of the armed forces led by the Chief of Defence Staff, Gen. Lucky Irabor as well as the response time in emergency calls for air support and air interdiction in the fight against insurgency and armed banditry. "There is great improvement in joint operations which is key to our operations. Reaction time in the case of ambush has greatly improved. "When there is an ambush from nowhere, the jet fighters will appear. This can be seen in the number of insurgents, who have surrendered," he said. The federal government had ordered the procurement of 24 M-346 Master aircraft from Italian aircraft maker, Leonardo. The attack aircraft was worth an estimated €1.2 billion and would see the Italian jets replacing the aging Dassault Alpha Jet A/E in use by the Nigerian Air Force.

Leonardo would provide aircraft, training, support, and munitions for Nigeria as part of a sole-source. As a partnership, the Italian Air Force would train the Nigerian Air Force pilots at the International Flight Training School of Galatina (Lecce) and Decimomannu airbase (Sardinia) in Italy. The United States government had in April approved the sale of advanced attack Bell AH-1Z Viper helicopters worth nearly $1 billion. The State Department had announced the approval of the $997 million sale of 24 Bell AH-1Z Viper helicopters and related equipment to Nigeria. The related equipment included guidance, night vision and targeting systems as well as engines and training support, the department had said in a notice to Congress. Meanwhile, military authorities said at the weekend that no Nigerian territory is under the control of terror group, Boko Haram or any other group for that matter. It said military firepower

was hitting the insurgents hard and forced the terrorists to seek refuge in the forests and other ungoverned spaces including the Lake Chad area. Speaking in an interview with BBC Hausa Service, the Theater Commander, Operation Hadin Kai, Major Gen. Christopher Musa, said the superior firepower of the military was unleashed on the insurgents resulting in the death of many of them. “Periodically, those, who managed to escape the firepower come out from hiding to operate and rush back to their base for refuge. Nevertheless, we are working with the police and other security forces to fish them out and soon we would do that. “However, we have, before now, extended an olive branch to them, to the insurgents that any one that surrenders willingly, we would accept and enlist them for rehabilitation and reintegration programmes but that would not be same experience for anyone we caught in the cause of our operations," he said.

Phyna Wins Big Brother Naija Season 7

NESREA Boss Lauds Buhari’s UN Speech on Climate Change

Vanessa Obioha

The Director-General/Chief Executive of the National Environmental Standards and Regulations Enforcement Agency(NESREA) Prof. Aliyu Jauro has applauded President Muhammadu Buhari’s speech at the just concluded United Nations General Assembly where the president had affirmed Nigeria’s strong commitment to Climate Change and the Paris Climate Change Agreement. “Government is highly committed and has thrown its weight behind measures to mitigate against climate change,” he was quoted to have said. Jauro made the disclosure while answering questions on Arise Television ‘Morning Show’ in Lagos, at the weekend. Hinting, that although Nigeria’s effort to cut down on Carbon Emission had reached 47 per cent, which was one way to combat

For the second time in the history of Big Brother Naija, a female housemate Phyna emerged as the winner of Big Brother Naija season 7. Twenty-five-year-old Phyna edged out Daniella, Bella, Chichi, Adekunle and Bryann after spending 72 days in the house. The show which started in July, with 24 housemates had only six housemates in the finale. Daniella was the first to be evicted followed by Chichi. Adekunle was the third housemate to leave the house. His eviction was shocking to fans and viewers who expected the young man to emerge in the top three. But what was more shocking was the jubilation that greeted Bella's eviction. Immediately she was announced as the next housemate to leave the house, a deafening shout filled the podium hall where

climate change, yet, according to him, a lot of measures still has to be put in place. “These problems are enormous and don’t respect any boundary and we can’t just wake up and solve issues like that,” he added. The Director-General explained that the federal government was going to embark on massive Tree Planting campaign, another effective way of mitigating against climate change. “We have mapped out a lot of sustainable programmes in this regard to switch to greener forms of energy and ensure cleaner environment for Nigerians,” he said. Speaking further, Jauro reeled out measures by government to protect the environment and ensure healthier environment for Nigerians. He said that environmental issues like drought desertification and flooding was

already being addressed and receiving the highest attention. “We are duty bound to deliver on best environmental practice and enforce compliance on International Laws, Protocols, Treaties and Conventions,” he said. Answering a question on the resurgent trade on endangered species such as Pangolins, Elephant Tusk and other animals, the Director-General vowed that under his watch, Nigeria would not be used as a transit hub and dumping ground for hazardous substances. “On this subject, we are sensitising Nigerians and collaborating with Nigeria Customs Service to ensure that our ecosystem is protected and biodiversity preserved.” However, reminding Nigerians that the illegal trading does not emanate from the country, he

assured that strategies were in place to tackle any development being signatory to the CITES Convention. And as part of that commitment, the CITES Endangered Species Act was domesticated and amended in 2016, stressing that the agency followed that up with a regulation titled: National Environmental on Trade and Endangered Species, 2014. He also cautioned against the activities of real estate operators which impact negatively on the environment especially in the area of flooding. He said there should be some kind of restrictions to ensure that development is carried out in sustainable manner. “We are closely monitoring the situation and looking forward to meeting with stakeholders in the construction sector to address the issues,” he revealed.

He affirmed that the heat of the firepower which led to death of thousands of the terrorists contributed to the increase in the return of abducted Chibok girls and other women and children held in captivity by Boko Haram. “This year alone, we have rescued nine of the remaining Chibok girls who were abducted on April 14, 2014. What helped us was that in addition to the sustained firepower unleashed on the Boko Haram fighters the rain has also played a significant role so far. It made their place of abode uncomfortable. “Before now, responses are always slowed down during the rainy season. But we refused to slow down this time. We have invaded their camps and killed as many as we could and that opened the window of opportunity for the women to escape because these women, originally, were not meant to be there, as they were forcefully abducted from their homes and schools and taken to the camps to serve the insurgents," he said.

some fans of the show watched the live show. The audience waited with bated breath as Ebuka ObiUchendu, the host, finally unveiled Phyna as the winner. Interestingly, two Level 2 housemates emerged as the winner and first runner-up. The season started with two levels which were later merged into one. However, a level 3 was created to house some of the evicted housemates for an extra week. From new levels to fake housemates and riders, Big Brother this season tried to keep housemates on their toes. The winner is rewarded with a N100 million grand prize consisting of N50 million and an SUV from Innoson motors. It is the highest on the show so far. Last year's winner WhiteMoney won N90 million. The finale was marked with music performances from MI, Falz and Pheelz.

MONDAY, OCTOBER 3, 2022 • T H I S D AY

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AWARENESS PROGRAMME ON FEDERAL GOVERNMENT SECURITIES ISSUANCE... L-R: Director, Organisational Resourcing Department, Debt Management Office (DMO), Mr. Joe Ugoala; Head, Retail Business, CSL Stockbrokers Limited, Mrs. Ifeoma Ukwunna; Team Lead, Contigency Liabilities Management, DMO, Mr. Bartholomew Aja and Corporate Affairs Officer, First City Monument Bank (FCMB), Mr. Rafiu Mohammed, during an Awareness Programme on Federal Government Securities Issuance organised by DMO and CSL Securities (a subsidiary of FCMB Group Plc) held in Umuahia, Abia State... recently

APC Loses in FCT as Court Upholds PDP Candidate AMAC Chair Olawale Ajimotokan in Abuja The FCT Area Council Election Appeal Tribunal, has upheld the election of the Peoples Democratic Party (PDP) candidate, Hon. Christopher Maikalangu, as Chairman of Abuja Municipal Area Council (AMAC). In a unanimous judgement, the three-man tribunal, comprising Hon. Justice S. B Belgore (Chairman), Hon. Justice Yusuf Halilu (member 1), Hon. Justice Jude O. Onwuegbuzie (member 2) dismissed the August 5 judgment of the FCT Area Council Election Tribunal, which declared Hon. Murtala Usman Karshi of the All Progressives Congress (APC) as winner of the election held on February 12. In their judgement, the justices noted that the ruling of the lower tribunal was not only evil, but negated all the achievements recorded in Nigeria's democracy. Justice Yusuf Halilu who read out the lead judgment in suit FCT/ACEAT/AP/01/22, said the lower tribunal erred by ignoring contradictory evidence before it and did a hatchet job by declaring Karshi winner of the election. “We have seen the evidences supplied by both the appellant and the respondents to the lower tribunal. The witnesses listed by the APC as supervisors in the

disputed polling units admitted that they were not polling unit agents. It has become critical for us to ask questions at this point on what the process of collating results connote. “Can collation be done without polling units results? It is indeed a process of an election that votes are cast at polling units, results collated by electoral officers and results announced to the hearing of all. If that is the case, who

then is the proper person to be called in the event that there is a complaint anchored on wrongful collation of results? Is it the ward supervisor or a polling unit agent? The answer is a polling unit agent," Justice Halilu said. He said the evidence of the supposed polling unit agents, who were not at the disputed units, fell within the evidence of hearsay or documentary hearsay, which arose, when someone who

was not privy to the origin of a document sought to prove its content by oral documentary. His words: “The petitioner failed woefully to prove its claim, arising from what was made at the lower tribunal. Elections are won at polling units and not at law courts. Our duty as court is to make judicial pronouncement. “The law cannot command an impossibility. The essence of justice is to do what is true and what is correct. INEC official

The Principal and Chief Executive Officer of the Petroleum Training Institute (PTI) Effurun, Delta State, Dr. Henry Adimula has tasked African leaders not to hasten to abandon fossil fuel, but strive to deepen research and development of local technologies that enable exploitation and beneficiation of oil and gas in environmentally friendly manners. He said the position of his institute was anchored on the fact that global demand for fossil fuel was expected to linger for the next 50 years even as the world grapples with energy transition from the exploitation and utilisation of fossil fuels to cleaner and friendly sources of energy.

heartless. The attitude of the lower tribunal is tantamount to unsettling the tenets of law and turning it on its head. This is not good for our democracy. We have not seen any reason or reasoning that led to the decision in issue." Addressing journalists after the judgement, AMAC Chairman, Maikalangu, said the judiciary was the last hope of the common man, and thanked the tribunal for defending democracy.

Radda: We're Not Running Ideological Politics in Nigeria Francis Sardauna in Katsina Katsina State Governorship Candidate of the All Progressives Congress Party (APC), Dr. Umar Dikko Radda, has lamented that politicians and their political parties were not running an ideological politics despite the existence of democratic system of governance in the country. He urged political parties to make their campaigns were issue-based and convince Nigerians to vote for their candidates based on sound proposals of alternative solutions to the issues that are of utmost concern to the country. Radda, who disclosed this yesterday in an interactive

session with members of the Correspondents' Chapel of the Nigeria Union of Journalists (NUJ), Katsina State Council, said what Nigeria needed was ideological politics and credible politicians that would tackle the nation's challenges in line with its democratic tenets. He explained that for the nation to nurture and sustain its democracy system of governance, political parties and their candidates should embark on issue-based campaigns devoid of calumny and character assassination, irrespective of their political differences. According to him, "Let us base our campaigns on issues: what can you do to stop the problem, not that this party

has brought this or has done that. We are not running an ideological politics in Nigeria. We have to, if we want to nurture our democracy. "We have to start from the credibility of the candidates, what they will offer and their capacity as long as we are able to achieve that, we will get to where we want to get in the political process of the country. And we are not doing electioneering based on purpose-driven campaigns but rather campaigns of calumny, character abuse and what have you." The APC governorship candidate noted that those who were planning to use insecurity and other challenges bedeviling the nation to campaign against

We Are Not in Hurry for Energy Transition, Says PTI Boss Sylvester Idowu in Warri

certified the forms used in the election, you can then ask where the petitioner got his own form. This is for another day. “The judgement of the lower tribunal is not only bad, but evil and a travesty of justice. Minority must always have their say, but majority must be allowed to have their way. Morality cannot be legislated, but behaviour can be regulated. “Law may not change the heart, but it can restrain the

Adimula, who said this at the weekend, during a press conference as part of activities marking PTI's 50th anniversary at the school's council chambers, disclosed that the Institute had taken a bold step in kick starting research and development effort that take cognisance of the peculiarity of the African situation. "As the world grapples with energy transition from the exploitation and utilisation of fossil fuels to cleaner and more environmentally friendly sources of energy, the PTI has taken a bold stride in kick starting research and development effort that take cognisance of the peculiarity of the African situation. "With estimated 125 billion barrels of crude reserves and

over 600 tcf of gas reserves in Africa, it is our considered opinion that Africa should not hasten to abandon fossil fuel but should strive to deepen research and development of local technologies that enables the exploitation and beneficiation of our oil and gas endorsement in a more environmentally friendly manner as the reality of global demand for fossil fuel is expected to linger for the next 50 years. "Today, we are confronted with grim reality that only few African countries have been able to master certain aspect of oil production technology but none can research, design and fabricate key machinery for the industry," he said. The Principal however assured that the PTI was poised

to focus research in the key areas to develop local content capacity in oil technology to enable the country achieve some independence in the design and production of technology for the oil industry. "This endeavour is more critical since the foreign expertise we solely rely on for our oil and gas potential have developed s sudden apathy for the exploitation of the hydrocarbons in the wake of the allurement of the energy transition. "This serve as a wakeup call for our indigenous Institutes to engage in in order to develop local production technology in the oil and gas industry to address Africa's perennial challenges of poverty and energy shortages," he added.

the ruling APC would not succeed "because people are quite aware that this insecurity started from the PDP administration". He, however, vowed to embark on issue-based campaigns and innovations

that could contribute towards solving the challenges afflicting Katsina State and its citizens, urging politicians in the state to embark on purpose-driven campaigns not the mere fact that they belong to APC, PDP or NNPP.

12 EDO COMMUNITIES SUBMERGED BY FLOOD are encouraging investments in the electricity sector. “Apart from our investment in the Azura 450MW and support for the 95MW Ossiomo Power projects, we have now passed a law setting up the Edo State Electricity Commission. The purpose of this law is to establish an independent Electricity market in Edo State. It is expected that this will attract investors to generate and distribute electricity within Edo State particularly to underserved communities.” “With a revamped public service, we intend to deliver more efficient services to Edo people. Civil and public servants are now receiving intensive training at the John Odigie Oyegun Public Service Academy to prepare them to deliver on their responsibilities,” the governor added. In a related development, stakeholders in the Micro, Small and Medium Scale Enterprises (MSMEs) sub sector at the weekend met to chart a path for implementation of the national MSMEs policy in Edo. The event was organised by SMEDAN in collaboration with the Edo State Ministry of Business, Trade and Cooperatives and the Edo State Skills Development Agency and supported by SEDIN, a programme under the German Agency for International Cooperation (GIZ). The one-day event which held in Benin City, was tagged:

“Stakeholders Dialogue on MSMEs Development and the Implementation of the National Policy on MSMEs in Edo." Speaking at the event, the Deputy Director Policy, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Onesi Lawani, said the meeting was to create awareness and ownership of the national MSME policy in Edo. Lawani said the implementation of the national policy was to facilitate as well as sustain a vibrant MSMEs sub sector that would be the major driver of the nation’s economic growth. Also speaking, Head of Programme, Pro-poor Growth and Promotion of Employment in Nigeria (SEDIN), Markus Wauschkuhn, said addressing issues facing MSMEs in Nigeria was the surest way to bridge the unemployment gap in the country. Wauschkuhn said the essence of the dialogue was, therefore, to strengthen coordination of activities done by the federal and states MDAs as well as donor organisations, geared toward the development of MSMEs in the country. Represented by Akinropo Omoware, Head of Policy, SEDIN, Wauschkuhn said, “we believe that the forum will provide opportunity for stakeholders in the MSMEs ecosystem in the state to interact on the key challenges, foster common understanding and proffer some solutions.”

MONDAY OCTOBER 3, 2022˾ T H I S D AY

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DISCUSSING ACCESS TO CAPITAL…

L-R: Executive Director, Large Enterprise, Bank of Industry (BOI), Simon Aranonu; Executive Director, CEEMEA/Debt Capital Markets, Sumitomo Mitsui Banking Corporation (SMBC) Group, Irina Sfeir; Executive Director/Head of Structured Export Finance, EMEA, SMBC Group, Mathilde Cottard; Managing Director/CEO, BOI, Olukayode Pitan; Managing Director/Head of Africa Group, SMBC Group, Nisrin Abouelezz; Chief Economist/Managing Director, Head of Country Research and Intelligence Desk, Strategic Planning Department, SMBC Group, Katsura Daikuhara, and Executive Director, Corporate Services, BOI, Usen Effiong, during a working visit of a delegation from the London office of the SMBC Group to BOI in Lagos…recently

Ex-Footballer, Brazil Returnee Arrested in Lagos for Cocaine Trafficking Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement

Agency (NDLEA), have arrested an ex-footballer, Okafor Emmanuel Junior at the Murtala Muhammed International

‘Water Transportation Huge Source of Revenue Not Tapped’ Okon Bassey in Uyo The Apostolic Church in Akwa Ibom State has suspended one of its pastors for hosting the thanksgiving and dedication service of the Young Progressives Party (YPP) in Onna Local Government Area of the state . Onna is the home town of the state Governor, Mr Udom Emmanuel. The suspended clergy, Pastor E.E. Henshaw, broke the news of his suspension just as the service was going on at Ndon Eyo Township assembly in Onna. The suspension shocked the congregation when the

pastor announced that he just received a message of suspension for opening the doors of the church for YPP. He also said the Field Superintendent, Dr U.S Ukpong, had ordered him to appear before the Disciplinary Council of the church the next day to explain why he should not be sacked for allowing YPP to dedicate its campaign and thank God in his assembly. Pastor Henshaw said the previous night, the police had invaded his church, harassing him and threatening to detain him should he allow YPP to attend the church.

Airport, Ikeja, Lagos, on his arrival from Sao Paulo, Brazil via Addis Ababa. Okafor was arrested last Monday on board an Ethiopian airlines flight had 1.40 crack cocaine concealed in his bags. According to a statement yesterday by the spokesman of the NDLEA, Femi Babafemi, the 33-year-old was arrested after

anti-narcotic officers discovered he concealed the illicit substance in the handles of his bags and padded the top edges of same with the class A drug. Babafemi said during preliminary interrogation, Okafor disclosed that he was an ex-footballer with the University of Nigeria Teaching Hospital (UNTH) Enugu FC, where he

played for four seasons before leaving for Sri Lanka in 2014. He further stated that he moved to Brazil from Sri Lanka after playing for two seasons but could not advance his football career in Brazil due to lack of official documents. The spokesman also revealed that another Brazil returnee, Ibeh Chinedu was arrested same day

upon his arrival at the Lagos airport from Sao Paulo, Brazil via Ethiopian airlines flight. Ibeh was found to have concealed 3.2 kilogrammes black cocaine popularly known as ‘Lucci’ in false bottoms of his two bags. According to Babafemi, Ibeh in his statement, said he was to be paid N3.1 million on successful delivery of the drug in Nigeria.

Suspected Kidnappers Kill Businessman in Kwara Abduct monarch, driver Hammed Shittu in Ilorin Suspected kidnappers have reportedly killed a businessman, one Mr. Aribidesi of Oja Tuntun Market, Ilorin, Kwara State, over the weekend. Aribidesi, according to THISDAY checks, was attacked at his residence at Alubarika Area, Gaa–Osibi, Alagbado area of Ilorin.

The incident, according to THISDAY checks, happened last Thursday night on September 29, 2022, when the victim was attacked with machete by his assailants who also went away with two of his children. A neighbour of the deceased who sought anonymity told journalists yesterday in Ilorin that “the attackers also went

away with the deceased’s mobile phone.” He said that the suspected kidnappers have since reportedly contacted his family to demand for N10 million as ransom to free the kidnapped children. He added that “nobody knew how they were able to gain access to the building, nobody knew if they had

scaled the fence or not. “But we learned that they killed him and took his two children away. He died from cutlass wounds.” Also, one of the residents of the Gaa Osibi, who also sought anonymity, stated that “people have continued to visit his residence to condole his wife. It was nothing but an unfortunate incident.”

Suspended for Hosting YPP’s Thanksgiving Service in A’Ibom Stakeholders Want Better Services Pastor E.E. Henshaw, broke the news the Disciplinary Council of the Two days earlier, while Okon Bassey in Uyo of his suspension just as the church the next day to explain the YPP officials were trying for Sickle Cell Patients The Apostolic Church in Akwa service was going on at Ndon why he should not be sacked to secure a church for the

Ugo Aliogo

Nirvana Initiative has called for better services for people living with Sickle cell disorder. The Initiative also charged governments at all levels in the country to invest more in medical interventions that could provide care for people with the disorder and other alignments. President of Eko Leo Club (ELC), Bamidele Oyewumi, in a statement, said the organisation was partnering with ELC on a Sickle Cell campaign to educate the public and caregivers on how to relate with sickle cell ‘warriors’. He noted that the project focuses on improving the

knowledge of community members and the public on what sickle cell is how to manage its crisis and how to be a good caregiver for sickle cell patients. “The sensitisation was done through door-to-door visit where Information, Education and Communication (IEC) materials were shared and a rally in the Ikorodu area of Lagos State,” he said. Oyewumi stated that there was a need to change the stigmatisation around sickle cell patients, equip people on the cause of action when a sickle cell crisis arises and what to do to prevent the production of sickle cell disorder.

Igbo Have Benefited from Govt, Says Anambra APC Chairman

Ugo Aliogo

a statement, said the organisation was partnering with ELC on a Sickle Cell campaign to educate the public and caregivers on how to relate with sickle cell ‘warriors’. He noted that the project focuses on improving the knowledge of community members and the public on what sickle cell is how to manage its crisis and how to be a good caregiver for sickle cell patients.

Ibom State has suspended one of its pastors for hosting the thanksgiving and dedication service of the Young Progressives Party (YPP) in Onna Local Government Area of the state . Onna is the home town of the state Governor, Mr Udom Emmanuel. The suspended clergy, Pastor

Eyo Township assembly in Onna. The suspension shocked the congregation when the pastor announced that he just received a message of suspension for opening the doors of the church for YPP. He also said the Field Superintendent, Dr U.S Ukpong, had ordered him to appear before

for allowing YPP to dedicate its campaign and thank God in his assembly. Pastor Henshaw said the previous night, the police had invaded his church, harassing him and threatening to detain him should he allow YPP to attend the church.

dedication of its national assembly campaigns due to start on October 3, 2022, the Apostolic Mount Olive Church in Awa Iman, the governor’s village, which was the initial venue, was sealed off by policemen from Ikot Akpan Abia, allegedly on the orders of the government.

2023: IG Approves Training of Police Pilots, Drones Squad Kingsley Nwezeh in Abuja Ahead of the 2023 general elections, the Inspector-General of Police, Usman Baba, at the weekend, approved the training of police air wing aircraft maintenance engineers comprising 17 officers, whose training was expected to improve the technical expertise of the aircraft maintenance unit of

the police air wing and prevent operational mishaps during aerial surveillance operations. Similarly, the IG approved the training of more pilots on maintenance of a fully operational Unmanned Aerial Vehicle (UAV) squad, training of more engineers on both fixed wing and rotary wing as well as training for other auxiliary aviation staff to streamline

operational inadequacies, improve human resourcefulness and ensure enhanced operational efficiency and cohesive operations. The training, which was held simultaneously, in partnership with foreign experts, came to an end with presentation of certificates of participation to the trainees by the Inspector-General of Police at the FHQ, Abuja.

A statement by Force Headquarters said the IG met with the leadership of the Police Mobile Force (PMF) and Squadron Commanders at the Force Headquarters, Abuja, where he, “appraised the internal security situation of the country and unraveled the possible ways of positioning the Nigeria Police Force for effective service delivery through strategic restructuring.

Labour Party Candidate Empowers 1,000 Youths in Oyo Kemi Olaitan in Ibadan A House of Representatives Candidate for Ibadan North Federal Constituency under the platform of Labour Party (LP), Pastor Femi Dexter Akin-Alamu, has expressed his determination to help in changing the current political

landscape by serving the people and not be their master if elected. This is just as Akin-Alumo has empowered about 1,000 youths in the constituency through his organisation, FELACO Entrepreneurship Development Initiative (EDI) Akin-Alamu while speaking

at the flagging off of his campaign and presentation of certificate and grants to the graduand of EDI, held at his campaign office in Ibadan, said he is out to change the narrative about politicians in the country, stating that he is in politics to serve his constituents which he has been doing before

joining politics as their interest is uppermost in his heart. He said he created the EDI initiative to ensure true empowerment of his people and equipped them with the needed skills for development, noting that all hands need to be on deck to reduce the level of poverty in the society.

MONDAY OCTOBER 3, 2022˾ T H I S D AY

NEWSXTRA

Independence Anniversary: TUC Decries Nigeria’s Soaring Unemployment Rate Onyebuchi Ezigbo in Abuja The National Executive Council of the Trade Union Congress of Nigeria (TUC) has expressed worry over the unemployment crisis hitting the country. Quoting the National Bureau of Statistics (NBS), TUC said that unemployment rate has hit 33.30 per cent and is now

one of the highest in the world. In a statement issued by TUC to mark the 62 years anniversary of Nigeria, it said that inflation rate has increased to 20.52 per cent in August 2022. The statement signed by TUC President, Comrade Festus Osifo said: “The misery index, has gone beyond the roof just as maternal mortality rate and

number of out of school children are freighting. One can safely conclude that these are some of the factors responsible for the Insecurity challenges that has paralyzed our economy and no positive and practical steps are being taken in addressing it.” The union regretted that the only thing to celebrate in the past 62 year is the grace of life which is magnanimously and freely given by our creator, adding that if the air we breathe

is in the hands of our politicians, perhaps more than half of the country’s population will not be alive today. “It is sad that at 62, Nigeria is still a toddler, and in the league of never-do-well. At independence in 1960 we had high hopes and a relatively functional system but today corruption, insecurity, high cost of living, decayed infrastructure, etc., has practically eroded the gains of our heroes past.

“Favouritism and nepotism have been enthroned as the driving factors in placing people into leadership positions instead of knowledge, character and Willpower; this is one amongst several factors that is responsible for where Nigeria find itself today. TUC said that Nigeria is among the top oil producing countries in the world, but disgracefully our country does not know the exact

quantum of barrels produced per day, neither can we refine our crude locally, which invariably frustrate foreign direct investment (FDI) and export Jobs. Similarly, it said that government has continued to lament over the spate of oil theft and pipeline vandalism which has affected the daily production and reduced it to less than a million barrel per day.

EmmanuelUgwu-Nwogo in Umuahia

(UNN) yesterday when he met with his constituents, who are members of the ASUU and Non-Academic Staff Union (NASU), to know how they were coping with the effects of the ongoing strike. The lawmaker, who represents Ezeagu state constituency in the Enugu State Assembly, donated N1 million palliative to the members of the two staff unions to enable them attend to their immediate

needs. He urged the federal government and ASUU to speedily resolve their differences and reach an agreeable resolution of the impasse without further delay, adding that the protracted strike was greatly hurting students, university workers, and destroying the university system. Obieze, therefore, urged all stakeholders in the education sector “to push for total reform

and overhaul of the sector,” adding that time was ripe to launch a holistic intervention to save the future of education and Nigerian youths. Nonetheless, the state lawmaker pointed out that the government alone cannot solve all the problems of the education sector, hence, the need for interventions of all well-meaning and patriotic Nigerians and individuals that value education like him.

Architects Tasked to Consider Health Quality, Human Safety in Designs Lawmaker Wants End to Varsity Strike, Donates Palliative to ASUU, NASU Members Sunday Okobi

As the world celebrates World Architecture Day and the United Nation’s World Habitat Day, the Nigerian Institute of Architects (NIA) has challenged all architects across the world to give high priority to the health quality, safety, and livability of the environment and spaces that they create while designing projects. The institute urged its members to be more circumspect in placing the health and wellbeing of the people on the front burner of issues in their designs with an emphasis on a preventive approach to healthcare as a means of reducing the curative aspects. The President, Nigerian Institute of Architects (NIA),

Enyi Ben-Eboh, who stated these in a statement made available to THISDAY yesterday, said the theme for this year’s celebration, ‘Design For Health’, was conceived on the heels of the recent global pandemic “that almost brought the world to a standstill and has certainly changed several world systems as well as our response to the use of spaces within the context of these new realities. “This new theme, therefore, challenges all architects to be more circumspect while designing with respect to the health quality and livability of the environment and spaces that they create in addition to placing health and wellbeing on the front burner of issues in their designs with an emphasis on a preventive approach to healthcare.”

As the ongoing strike of Nigerian public universities enters its eighth month, a member of Enugu State House of Assembly, Hon Chima Obieze, has made a passionate plea for an end to the protracted strike by the Academic Staff Union of Universities (ASUU). He made the call at the University of Nigeria Nsukka

Group Urges Muslim Clerics to Venture into Wealth Creation for Self-sufficiency Ibrahim OyewaleinLokoja As parts of efforts to ensure that Muslim clerics are self-reliant, a non- governmental organisation, Al-Habiyyah Islamic Society, has tasked the clerics in Nigeria to venture into wealth creation in

NUT: Kwara Not Deducting Teachers’ Salaries Hammed Shittu in Ilorin The Nigeria Union of Teachers (NUT), Kwara State chapter, at the weekend absolved the state government of a purported illegal deduction from teachers’ salary under the state Teaching Service Commission (TESCOM) for September 2022. A statement issued by the union and jointly signed by the state Chairman, Oyewo Bashiru, and state Secretary, Mr. Moni Mike Modesty, respectively, said: “The attention of the state leadership of NUT, Kwara State wing, has been drawn to complaints by

some public school teachers in the state of a purported illegal deduction as check-off dues in the month of September 2022 to the NUT from the salaries of teachers in the Kwara State Teaching Service Commission (TESCOM) which had been made from their salaries, and the negative insinuations. “The development is aimed at disparaging the images of the Kwara State Government and the union, as consequences from the alleged illegal deductions are now being circulated..” The statement revealed that the said check-off dues deduction was

in line with the Federal Ministry of Labour and Employment approved NUT constitution amendments in 2014, wherein the monthly payable check-off dues by members was increased from two percent to three percent of members monthly basic/ consolidated salaries. It further stated that this has been implemented across the federation and FCT since 2014 except in Kwara State, which has been maintaining a 1.39 percentage deduction that is at variance with the law, but unknown to the state government.

Poverty Reduction: 920 Rural Youths Get Agric Empowerment in Ondo

Fidelis David in Akure

As part of efforts to ensure poverty reduction, not less than 920 beneficiaries have been enrolled to be trained and empowered on cassava, cocoa, fishery and poultry production and management in Ondo State. The project, sponsored by the International Fund for Agricultural Development (IFAD), is an initiative of the International Fund for Agricultural Development

Livelihood Improvement Family Enterprises in Niger Delta (IFAD/Life-ND) project, meant to tackle food insecurity, create jobs and boost the economy of Nigeria. Speaking during a media roundtable meeting held in Akure, the state capital, at the weekend, the state Project Coordinator, Mr. Ademola Olawale, said the project was initiated and funded to create employment, income generation and to ensure the sufficiency

of food, stressing that it targets youths (18-35 years) and women (from women head-households with children under 15 years) as apprentices who will come out of the incubation system with their own profitable enterprises and decent jobs. He said the programme covers 10 local government areas with 10 communities per LGA in the state, who were selected based on ‘defined’ criteria in consultation with appropriate authorities.

Ogun Gov Wins Good Governance Award The Ogun State Governor, Dapo Abiodun, has again won a good governance award. The governor picked up the laurel at the Nigerian 62nd Independence Anniversary and Global Award Gala, held in London, the United Kingdom, on Saturday. A statement issued yesterday by the Chief Press Secretary to the Governor, Kunle Somorin, said the event was presided over by the Nigerian High Commissioner to the United Kingdom, Amb. Sarafa Tunji

Ishola and the President of National Trade Promotion Organisations (TPOs) in ECOWAS among other dignitaries. Speaking at the event, Abiodun reiterated that his administration would continue to collaborate with individuals and corporate bodies with genuine investment interest to drive its development plans aimed at improving the standard of living and well-being of the people. The governor, who was represented by his Special Adviser

on Basic Education, Mrs Ronke Soyombo, stated that the aim of his administration was to open up the state for genuine investors and leverage on public-private partnership for the betterment of the people. He noted that Ogun, because of its geographical location as closest to the busiest air and seaports in the country, busy road networks to other states and unlimited potentials for investors, holds the best atmosphere for investment in the country.

order to be self-sufficient in all ramifications. An Islam scholar, Immam Fuad Adeyemi, the national chief Immam of Al Haibiyyah Islamic Society and the executive director of the Just Foundation, made this call while speaking at the

commencement of two-day capacity and empowerment programme organised by Al Habibiyyah Islamic Society the Immams in Lokoja yesterday. He pointed out that the workshop became imperative to train Immams for wealth creation, stressing that it

exposed them to the importance of having something done. Adeyemi explained that as clerics, it’s incumbent on the Immams to have something doing to generate income on a daily basis rather than be waiting for peanuts from anyone.

MONDAY, ͻ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

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City Hammer United 6-3 in Manchester Derby

Ugo Aliogo withagencyreport Manchester City's Erling Haaland became the first player to score three successive Premier League home hat-tricks as Manchester United were humiliated 6-3 in the derby at Etihad Stadium. Haaland's rampant start to the season continued as he made it 17 goals in 11 starts - a goal every 54 minutes - since his move from

PREMIER LEAGUE Borussia Dortmund while Phil Foden scored his first treble for City as they closed the gap on pace-setters Arsenal to just one point on 20. Earlier on Saturday, Arsenal had defeated Tottenham Hotspur 3-1

to cling to the top of the Premier League on 21 points from 8 games. City’s defeat of the Red Devils was a brutal reality check for United after their recent improvement, as the reigning Premier League champions ran riot to illustrate the gulf in class between the teams. City's lightning start was rewarded when Foden swept home

Bernardo Silva's cross after eight minutes before Haaland inevitably joined the action with a header from a corner 11 minutes before half-time. As United subsided, Haaland slid in a third from Kevin de Bruyne's perfect pass then turned provider to set up a simple finish for Foden before the break.

United's new signing Antony replied with a superb goal from 25 yards to pull one back but it only provoked City to up the tempo again, Haaland thumping home his third from Sergio Gomez's cross then again showing he can be creator by setting up Foden for City's sixth. Haaland's third put him in the

record books following hat-tricks at home to Nottingham Forest and Crystal Palace. Anthony Martial's late goal for United was greeted in near silence, as was his added-time penalty, on a day of embarrassment for the visitors and their manager Erik ten Hag and one of elation for City and Pep Guardiola.

Ajibola, Pelomoh Lead Others to National Chess Championship Femi Solaja It will be another battle of wits on the chess board in the next seven days when the annual National Chess Champions’ tournament gets underway from today at the Orchid Hotels in Lekki, Lagos. The tournament which will determine the national champion in both Men and Women categories is coming few days after the Nigeria Chess Federation (NCF) staged the African Individual Chess Championship at same venue, will see 10 players in each section do battle over board in a round-robin tournament. In the Open section, Olanrewaju Ajibola leads the pack been the highest rated player in the section based on the last rating released in September. Other players in the section include; FIDE Master Abdulrahaman Akintoye; FIDE Master Adebayo Adegboyega; International Master Bunmi Olape; FIDE Master Bomo Kigigha who replaced FIDE Master Chukwunonso Oragwu;International Master Oluwafemi Balogun; International Master Odion Aikhoje; FIDE Master Abimbola Osunfuyi; FIDE Master Abiola Akinseye and Candidate Master Atabor who was given a wild card entry. In the Women’s Jessica Pelomoh, Emmanuella Enomah, Toritsemuwa Ofoniwo, Woman FIDE Master Perpetual Ogbiyoyo, Ayisha Suleiman, Obiamakachuchkwu Agabzue, Woman Candidate Master Sandra Aramude, Woman FIDE Master Deborah Akintoye, Rosemary Amadasun and Samson Peace who secured invitation via wild entry.

Manchester city’s Erling Haaland (centre) celebrating the 6-3 defeat of Manchester United with teammates ...yesterday

Nigeria Beat Botswana by 10 Wickets to Claim Second Win Nigeria continue to show dominance at the ongoing ICC U19 World Cup Africa Division Two Cricket Qualifiers in Abuja. The Daniel Gim-tutored side defeated Rwanda in the opening game on Friday as well as Botswana yesterday. The Nigerian team won both games by 10 wickets. The two victories have now inched Nigeria closer to another World Cup dream.

I C C U 1 9 W O R L D C U P Q UA L I F I E R S The game at the Cricket Pitch B of the MKO Abiola National Stadium yesterday saw Nigeria win the toss and elect to bowl. Elochukwu Ndububem and captain Ridwan Kareem did most damage against the Botswana side, jointly taking out 6 wickets in 11 overs.

The visiting side needed to rely on Karabo Makwatse and Leungo Mosalaesi to put up 36 runs in 25 balls collectively to see Botswana score 56 runs all out in 24.2 overs. A very disciplined Nigerian side came on to chase the target, relying more on the partnership between Pam Paul and Selim Salam to finish

the game with 58 runs, no loss of wickets in 10.5 overs. Nigeria will square up against Sierra Leone on Tuesday in their last final group B game.

A total of six teams are currently featuring in the qualifiers with the top three teams to progress to the next stage of the World Cup qualifiers.

Lookman Fires Atalanta to Second Behind Osimhen’s Napoli Nigerian international, Ademola Lookman, scored the match winner for Atalanta to climb to second place on the Italian Serie ‘A’ table after a 1-0 win over Fiorentina on Sunday. The former Leicester City player, Lookman, scored the winner in the 59th minute. It was a goal poacher’s goal as he got to the end of a through ball to register what proved to be the

SERIE ‘A’ winning goal. It is his second goal in eight appearances for Atalanta. He has also provided three assists thus far. Atalanta are now joint leaders with Napoli on 20 points in eight matches.

Ex Footballer Nabbed for Drug Trafficking

Team Nigeria’s Under19 cricket team celebrating their good run so far in the World Cup Division 2 qualiﬁers in Abuja stadium...yesterday

A former Nigerian footballer, Okafor Emmanuel Junior, has been arrested at the Murtala Muhammed International Airport, Ikeja, Lagos for alleged drug trafficking. According to the announcement made by the National Drug Law Enforcement Agency (NDLEA) on its’ official Twitter handle on Sunday, Okafor was arrested in September on his arrival from

Sao Paulo, Brazil via Addis Ababa, Ethiopia with 1.40kg of crack cocaine concealed in false bottom of his bags. NDLEA claimed Okafor disclosed that he was a former footballer with the University of Nigeria Teaching Hospital, Enugu FC, where he played for four seasons before leaving for Sri Lanka in 2014.

Monday, October 3, 2022

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MISSILE Atiku to Buhari, APC “Our experience of the past seven years plus shows that the government of the APC has made us doubt our strength as a people. In fact, it is safe to say that the greatest thing that the APC government will be remembered for is how it failed to maintain the integrity of our unity and how it has put a knife between the things that hitherto held us together” – PDP Presidential Candidate, Atiku Abubakar, blames President Muhammadu Buhari’s administration for the nation’s current disunity.

MAHMUDJEGA VIEW FROM THE GALLERY

Young Man, Go Back to 1970

ndependence Day, which we are marking with a public holiday today, is a usual day for lamentation in Nigeria. Newspaper and TV commentators monotonously say that this country stepped away from selfless political leaders, hardworking civil servants, efficient public services, decent societal values, a fast growing economy, good internal security and a respectable place among the comity of nations to a situation best described as a morass. Youngsters in this country, who believe they are not too young to rule, seem to believe that Nigeria has gone downhill with respect to all socio-economic and ethical parameters since independence. One young fellow once sent me a text message saying, “Nigeria is worse in all respects than it was 30 years ago.” Trouble is, he was less than 30 years old so it’s not like he knew how things were 30 years ago. He complained, for example, that Nigerian roads are full of potholes, “not like before.” Before when? In 1967, when General Yakubu Gowon divided Nigeria into 12 states, my family packed into my father’s Holden car and we left Ilorin for Jega. We departed at 7am on Saturday and, after driving non-stop all day and night, we arrived Jega at dusk the following day. Crossing the one-lane Jebba Bridge alone took five hours. There was not an inch of tarred road between Ilorin and Jega and our car got stuck in the mud several times. Villagers always came out and pushed it. Someone recently said “Nigerian roads today are not up to standard.” Which standard is he talking about? Up until 1974, the trip from Jega to Sokoto through Tambuwal and Shagari used to take a whole day on a very dusty untarred road. That was until the Gowon regime tarred it in 1974. Birnin Kebbi is only 32 kilometres away from Jega but in 1970, it took a lorry most of the day to cover the distance. Lorries struggled to reach each of the major landmarks, the three bridges at Ruwan Kanwa, Basaura and Langido. I was amazed to discover in later life that the Ruwan Kanwa bridge, which in those days took several hours to reach, is only three kilometres away from Jega. Sometime in 1970, a football match was organised between our primary school in Jega and the one at Kimba. I was selected to go as a cheer leader. We set out at dawn, marched through farmlands and bush, crossed what looked like a mighty river, and got to Kimba late in the afternoon. In 1993, the Chairman of Jega Local Government took me in his car to see a project he did at Kimba, my first

Gen. Yakubu Gowon

return there since 1970. I settled down in his car for what I imagined would be a long drive. We drove along a tarred road for a few minutes, drove across a culvert over a narrow stream, and he pulled up in front of a school and said we were at Kimba. I couldn’t believe it. These days, Nigerians daily complain about poor GSM and internet service and they condemn the mobile phone firms for “epileptic services.” Very good. Try getting a NITEL telephone land line, as I did in Kaduna in 2000 AD. Although I first applied in January, hired several touts and went to NITEL’s Kawo office at least 50 times in the next one year, I only got a number assigned to me in April, after which I paid the full fee. Three months later, I was told that even though I had paid for the phone box and the cable, none were available in NITEL’s store and I could hurry things up by buying them in the market. This I did. The cable was finally drawn to my house in September, but there was no dialing tone. It took another two months and the intervention of a General Manager at NITEL headquarters in Abuja before I got the dialing tone. Two months later I moved to another house and NITEL said the line was could not be transferred to another area. Before NITEL installed digital phones in some cities in the 1980s, we used analogue rotary phones and one could

dial many dozen times before the call got through, if he was lucky. NITEL’s analogue exchange itself was a major improvement over P&T’s phone exchange of the 1960s and early 1970s, which operated like the old office intercom. You must first dial the P&T operator and beg him to hook you up to another line. It was better in those days to just post a letter. In 1979, whenever my brother Ibrahim sent me a letter from Zaria, it arrived in Sokoto within two to three days. If the message was urgent, then one could send a telegram, which was more expensive because you paid per number of words sent. Even though we were generally happy with the Post Office in those days, it sometimes misfired big time. A letter was sent to my brother Abbas addressed to “Koko Secondary School, Koko,” and it went to the coastal town of Koko in Midwestern State. He finally received it six months later because one thoughtful postal clerk wrote on it with a red biro, “Try Koko in the North.” Another “fast” telecom method then was Police radio signal, which connected police signal stations. Even that was not failsafe. In August 1979, the Etsu Nupe sent a message to the Sultan of Sokoto through Police conveying news that the Ramadan moon was sighted in Bidda. Though the police radio room got it at 8pm, the Sultan received it at noon the following day. A Ministry of Information Land Rover then went round the town telling people to “catch their mouth” because the Ramadan fast had already started. These days people think it is late if the Sultan does not make an announcement by 9pm. The loudest complaint in Nigeria these days is that “the security situation has deteriorated.” It has, but it’s not like things were completely rosy back in colonial times. My late father once told me a story that when he entered Kaduna College in 1944, it was very difficult to go to the Friday market at Kawo. He said they first went to Unguwar Sarki and joined an ayari, an assembly of several dozen people, and moved with them to the Kawo market, protected by tough vigilantes. This was because the area presently occupied by Badarawa and General Hassan Katsina House was thickly forested in those days and robbers regularly accosted market goers. Today, a bus goes uneventfully from Unguwar Sarki to Kawo within minutes. Nigerians bitterly complain these days about the state of public hospitals. In 1971, during the morning assembly at our primary school, many pupils had smelly open sores aggravated by bacterial infection. Some were so smelly that we

had to cover our noses with handkerchiefs. Teachers assembled all of them each morning and marched them to the town’s Dispensary. It had no doctor or nurse, only a Dispenser, the very hardworking Malam Umaru Dispensa. It was this man who attended to all the patients, dressed all the sores, then sat down and listened to all the sick persons. He then dispensed either tablets or the extremely bitter quinine syrup of those days. The dosage for all the patients was the same. As he dispensed it, Malam Umaru would say, “Two in the morning, two in the afternoon, two in the evening. Drink a lot of water. May Allah bring relief.” Even the people who complained last week that “inflation rate in Nigeria is higher than it has ever been,” knew not what they were talking about. In early 1974, when the Gowon regime paid many months’ Udoji salary arrears to all civil servants, policemen and soldiers, prices of all items shot through the roof overnight. The day Udoji was paid in Sokoto, I entered the market to buy battery for my powerful palm-size torchlight. I had been buying it for 10 kobo for two years but that day, the trader brought it out and said, “One naira.” Even with respect to plain peace in neighbourhoods, Nigeria has come a long way. Soldiers returning from the Civil War in 1970 had no barracks. They were scattered all over communities, living in compounds with other tenants. That made for a lot of fights. It usually started at the communal water tap where a soldier’s wife quarreled with a civilian’s wife in the struggle to fill pails of water. The soldier’s wife will run home and call her soldier husband, who will arrive with a belt or a whip and severely beat up the civilian. Those fights only ended when government built military barracks all over the country. The gangs of restive youths these days who could start a riot if the reception failed during an English Premier League match between their favourite clubs, should count themselves lucky. In the early 1970s, there were television stations in only a few cities in Nigeria. There were no video players, not to talk of CD player, satellite dishes or DSTV. Our movie shows were mostly courtesy of Nigeria Tobacco Company [NTC] Land Rovers that toured villages to do film shows, what we called majigi. The films they showed mostly glorified cigarette smoking, which is prohibited these days. Any young Nigerian who is complaining today that Nigerian roads are too potholed, its communication services epileptic, its people too sick and its entertainment too boring should please enter a Time Machine and go back to 1970.

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